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Category: Asia

  • MIL-OSI Asia-Pac: Talk on Xi Jinping Thought held

    Source: Hong Kong Information Services

    The Civil Service College today held a talk on the topic of  “Xi Jinping Thought on Culture”, delivered by Vice President of the National Academy of Governance Li Wentang.

    Addressing the talk, Secretary for the Civil Service Ingrid Yeung said that Xi Jinping Thought on Culture serves as the theoretical guidance for the development of a socialist culture with Chinese Characteristics for a new era.

    Mrs Yeung noted that it emphasises strengthening cultural confidence, upholding openness and inclusiveness, and adhering to fundamental principles and breaking new ground.

    The significance of Xi Jinping Thought on Culture lies not only in the inheritance and development of traditional Chinese culture, but also in providing spiritual strength for achieving the great rejuvenation of the Chinese nation through the promotion of building a strong cultural nation.

    She pointed out that Hong Kong possesses a unique advantage in the integration of Chinese and Western cultures.

    Hong Kong should leverage its role as a platform for cultural exchange between China and the West to promote the inheritance and innovation of the fine traditional Chinese culture, and facilitate the exchange and mutual learning between Chinese and other cultures. Hong Kong should tell the international community the story of the successful implementation of “one country, two systems” in China to attract more talent from across the world for enhancing its international competitiveness and influence, and make greater contributions to the high-level opening up of the country, Mrs Yeung added.

    About 160 senior officials and civil servants in the directorate, senior and middle ranks attended the talk.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: CE meets Guangdong Governor

    Source: Hong Kong Information Services

    Chief Executive John Lee today met Governor of Guangdong Province Wang Weizhong at Government House to discuss strengthening Hong Kong’s co-operation with Guangdong and promoting high-quality development in the Greater Bay Area (GBA).

    Welcoming Mr Wang and his delegation, Mr Lee said the Hong Kong Special Administrative Region Government attaches importance to the work on Hong Kong’s integration into the overall national development.

    He noted that shortly after the establishment of the current-term Government, the Steering Group on Integration into National Development was set up to take forward and provide a steer from the top level on the work of serving the GBA development.

    Mr Lee said Guangdong and Hong Kong are adjacent to each other and interdependent, and have shared an all-round, deep and multidisciplinary co-operative relationship for many years.

    With the strong support from the central authorities, the two places have worked with one mind to promote co-operation in finance, innovation and technology, logistics, healthcare and other fields to achieve fruitful results.

    Mr Lee highlighted Guangdong’s issuance of offshore renminbi local government bonds in Hong Kong for the first time in September last year.

    He said the initiative not only further strengthened Hong Kong’s position as a global offshore RMB business hub, but also promoted the GBA in better serving as the driving force for high-quality development.

    Welcoming more Mainland local governments to issue offshore RMB bonds and green bonds in Hong Kong, Mr Lee stressed that the city will continue to leverage its advantages in connecting with the international financial system and providing professional services, contributing to the country’s promotion of high-level financial opening up.

    The Chief Executive said the Hong Kong SAR Government will continue to actively maintain close co-operation with the Guangdong People’s Government, with a view to enhancing the innovation capabilities and influence of the GBA as a region with economic development advantages, as well as achieving complementarity and collaborative development among Guangdong, Hong Kong and Macau.

    It also aims to align with national development strategies and leverage Hong Kong’s unique advantages of being backed by the motherland and connected to the world under the “one country, two systems” principle to deepen international exchanges and co-operation, and better integrate into the overall national development.

    Chief Secretary Chan Kwok-ki, Secretary for Constitutional & Mainland Affairs Erick Tsang, Director of the Chief Executive’s Office Carol Yip and Commissioner for the Development of the Greater Bay Area Maisie Chan also attended the meeting.

    MIL OSI Asia Pacific News –

  • MIL-OSI Banking: Chang Yong Rhee: Sustainability challenges in Korea

    Source: Bank for International Settlements

    I. Introduction

    Ladies and gentlemen, distinguished guests, I am Rhee Changyong, Governor of the Bank of Korea.

    It is an honor to join the Global Engagement & Empowerment Forum (GEEF) to discuss building a sustainable future. I sincerely thank Yonsei University President Yun Dongseob, former U.N. Secretary-General Ban Ki-moon, and everyone who made this event possible. I am also pleased to reconnect with former World Bank President Jim Yong Kim after my time in Washington, D.C.

    Over the years, the GEEF has brought together global leaders, international organizations, businesses, and stakeholders to explore solutions for achieving the United Nations’ Sustainable Development Goals (SDGs). I hope this forum continues driving practical solutions to today’s sustainability challenges.

    I am here to share Korea’s perspective on these issues. Some people say, “The Governor of the Bank of Korea is overstepping his bounds,” because I speak on social issues beyond monetary policy. Discussing the SDGs today may reinforce that perception. While central bankers debate their role in such discussions, sustainability challenges directly impact our economy and daily lives. For this reason, I cannot remain indifferent-not just as a central bank governor, but also as a citizen.

    Sustainability takes many forms, but today I will focus on two urgent challenges for Korea’s economy. The first is climate change, a global crisis affecting everyone. The second is our declining birth rate and aging population, a challenge that is especially severe in Korea.

    II. Climate Change

    There is global and domestic consensus that human activities drive global warming and reducing carbon emissions is essential. However, Korea faces significant resistance to accelerating carbon reduction due to its heavily export-oriented economy dominated by high-carbon manufacturing industries. Strengthening emission reduction policies and environmental regulations raises concerns about export companies losing competitiveness. Thus, balancing urgent carbon reduction with sustaining industrial competitiveness has become a central issue.

    However, climate change should not be viewed solely from the perspective of export industries. It is a crisis directly affecting our daily lives and quality of life. We are already experiencing more extreme heat waves, frequent flooding, and the gradual disappearance of familiar fruits and vegetables. Our summer rainfalls used to be predictable, but not anymore. If Los Angeles can experience massive wildfires, what is stopping Korea from experiencing similar disasters? Climate change is not distant-it is occurring now, and its impacts are unavoidable.

    Air quality is a clear example. Last week, I visited Cape Town, South Africa, for a BIS meeting. While it was winter in Korea, it was summer there, with warm weather, a refreshing sea breeze, and remarkably clean air. Within days, I realized, “This is truly clean air.” Upon returning to Incheon Airport, I immediately felt a headache-not just from the flood of emails about economic and political concerns, but also from the noticeably poorer air quality. Korea’s air quality has improved recently, but after experiencing cleaner air in Washington, D.C., I can clearly sense the difference. As someone sensitive to lung health after experiencing long COVID, this difference is especially noticeable. Although conditions have improved, fine dust remains a serious issue.

    Statistically, the cost of deteriorating air quality is undeniable. Over the past 15 years, diagnoses of atopic dermatitis and allergic rhinitis have doubled, and cases of heat exhaustion have quadrupled, now totaling 4,000. Climate change directly threatens our health, making the challenges of protecting public health increasingly severe as temperatures rise and pollution worsens.

    Another example is the increased frequency of sudden downpours, repeatedly flooding Seoul’s Gangnam Station area, one of Korea’s wealthiest neighborhoods, submerging numerous luxury vehicles over the past several years. Beyond property damage, the human toll has been devastating. Just two years ago, 14 people tragically lost their lives when an underpass collapsed after 500mm of rain fell in thirteen days. Observing these intense summer storms reminds me of tropical squalls typically seen in Thailand or South America.

    The Korea Meteorological Administration now classifies rainfall exceeding 50mm per hour or 90mm over three hours as “extreme heavy rain,” conditions responsible for 80% of flood damage. These extreme events have more than doubled since the 1970s. Given these dramatic changes, it is unclear whether our current flood prevention infrastructure-such as dams, embankments, and drainage systems-can handle the intensifying conditions. About 20% of national river embankments are already rated as “inadequate” or “poor,” and projections suggest half of Korea’s dams may fail to prevent flooding by 2040. We must proactively strengthen infrastructure now to withstand growing climate challenges.

    Third, climate change is disrupting our food supply. Last year, I faced criticism from agricultural stakeholders after suggesting apple imports due to soaring prices (Im et al., 2024). Initially, I anticipated resistance primarily from traditional apple-growing regions like Daegu and North Gyeongsang Province. However, apple production areas are gradually shifting northward. Apple cultivation in Daegu-Gyeongbuk has decreased by nearly half compared to 30 years ago. Once grown nationwide, except for the southern coast and Jeju Island, projections suggest high-quality apples will only be viable in Gangwon Province’s mountainous areas by the 2030s, due to rapid climate change (Rural Development Administration, 2022). Within a decade, importing apples will likely become a necessity rather than controversial.

    The fishing industry faces similar disruptions. Pollack, once a staple in Korea, has nearly vanished from local waters, with catches below one ton since 2019. Traditional species like croaker and anchovies are declining, while warmer-water species like yellowtail and mackerel are increasing. Korea’s fishing industry must rapidly adapt by modernizing vessels, gear, and aquaculture techniques to match the changing marine ecosystem.

    While countless examples exist, the core message is clear. Climate change is not just a challenge for export industries-it already deeply impacts our daily lives and various domestic sectors. Thus, addressing climate change and reducing carbon emissions is not a matter of choice-it is an urgent necessity.

    Although the government has initiated policy efforts, substantial progress remains necessary. First, Korea’s Green Taxonomy (K-Taxonomy) must align with international standards to clearly define “environmentally friendly” activities, signaling strong support for carbon reduction. Second, carbon pricing must be more realistic. Last April, the global average carbon price was approximately $30 per ton, reaching $60 per ton in the EU, compared to only $6 per ton in Korea. At this price, companies find it more economical to buy emission credits than reduce emissions, undermining carbon reduction targets. Third, structural improvements to Korea’s Emissions Trading System (K-ETS) are needed. Gradually reducing the 90% free allocation rate and tightening the emissions cap will create stronger market incentives for effective emissions trading.

    The Bank of Korea is also increasing its efforts by conducting financial stress tests on climate-related risks. Financial institutions traditionally manage risks like loan defaults and real estate fluctuations, but climate-driven risks introduce unexpected tail risks not yet fully considered. Events like Los Angeles’ wildfires or Australia’s six-month wildfire crisis in 2019 are not distant threats. They serve as warnings for Korea. Severe localized climate damage could cause significant financial losses for households and businesses, destabilizing financial institutions and spreading shocks throughout the economy.

    Thus, the Bank of Korea actively researches climate risks’ impacts on our industries and financial system, conducting stress tests with financial institutions under various scenarios. Next Tuesday, we will present these climate stress test results at a joint conference with the Financial Supervisory Service.

    Bank of Korea employees are also committed to reducing carbon emissions through research (Kim et al., 2024) and daily practices. Believing even small actions matter, we have adopted eco-friendly measures such as using recycled-paper business cards, reducing plastic use, turning off unused lights, and implementing license plate-based driving restrictions.

    III. Ultra Low Fertility and an Aging Population

    Beyond climate change, one of the most pressing sustainability challenges is our demographic crisis-an aging population combined with extremely low fertility rates. Korea’s total fertility rate slightly rose to 0.75 in 2024 from 0.72 in 2023. Although this small uptick is welcome, a fertility rate of 0.75 remains a national emergency. If this trend continues, Korea faces an irreversible population crisis that threatens economic stability and social cohesion.

    Some people suggest that population decline might have benefits, such as reduced pollution, lower energy consumption, and higher GDP per capita, possibly enhancing quality of life. However, this view dangerously oversimplifies the issue. A fertility rate of 0.75 leads not to gradual decline but rapid demographic collapse, undermining economic and social stability. By contrast, the OECD average fertility rate of 1.4 results in a more manageable and sustainable population decline.

    The difference between fertility rates of 0.75 and 1.4 significantly impacts economic growth prospects. At 0.75, Korea’s population would shrink from 51.7 million to 30 million in 50 years, just 58% of today’s figure, declining annually by 1.1%. In contrast, at a rate of 1.4, the population decline is less severe, reaching 43 million-83% of today’s level-with an annual drop of 0.4%. From a purely demographic standpoint, the difference in GDP growth between these two scenarios would amount to 0.4 percentage points annually. But the true cost goes beyond this simple calculation. A declining youth population, crucial for innovation, entrepreneurship, and economic dynamism, would severely undermine Korea’s long-term growth potential. According to a recent Bank of Korea study, Korea’s potential growth rate, currently around 2%, may approach near 0% by the late 2040s (Lee et al., 2024). If the fertility rate remains at 0.75, Korea will inevitably face prolonged negative economic growth after 2050. Conversely, at 1.4, Korea could maintain positive economic growth well into the future.

    Beyond GDP, persistently low fertility will create substantial fiscal strain, increasing the burden on younger generations. As the elderly population surges, spending on pensions, healthcare, and elder care will rise significantly. According to the National Assembly Budget Office (2025), Korea’s national debt-to-GDP ratio, currently 46.9%, is projected to reach 182% within 50 years if fertility remains at 0.75. If fertility improves to 1.4, the ratio would increase more slowly, reaching 163%. The burden on young Koreans will become particularly overwhelming. Currently, four working-age individuals support each elderly person. At a fertility rate of 0.75, this ratio will decline to one-to-one within 50 years. At 1.4, however, it remains more manageable, easing strain on future generations.

    Moreover, economic instability from demographic shifts increases society’s vulnerability to populism. Stagnant growth exacerbates income inequality, deepens generational and class divides, and fuels political polarization. Politicians and governments may resort to populist fiscal policies, such as direct cash handouts and temporary welfare measures, providing short-term relief without addressing underlying issues. Such policies risk creating a cycle of fiscal inefficiency and mounting national debt, exacerbating rather than resolving the core problems.

    To preserve economic sustainability, decisive action must be taken urgently. If Korea’s fertility rate remains critically low without significant expansion of the workforce through foreign labor, the country risks chronic negative growth, soaring debt, and escalating social tensions. Avoiding this scenario requires raising the fertility rate to a more viable level. Completely reversing population decline may be unrealistic since many advanced economies face similar demographic challenges, but Korea cannot afford to remain passive. At a minimum, we must strive to reach the OECD average fertility rate of 1.4.

    Why has Korea’s fertility rate fallen so drastically? The answer lies in structural barriers discouraging young people from marriage and parenthood. Bank of Korea studies indicate young Koreans delay or forgo marriage and childbirth due to intense competition and anxieties over employment, housing, and childcare. Young people today face fierce competition for scarce, high-quality jobs, making career stability difficult. Simultaneously, soaring housing prices make homeownership seem unattainable. Under these pressures, raising children is more than challenging-it is an overwhelming financial and emotional burden.

    A major driver of this crisis is the extreme concentration of population and economic activity in the Seoul metropolitan area. A recent Bank of Korea study analyzing fertility trends in 35 OECD countries identified Korea’s urban concentration as among the highest globally, pinpointing it as a key factor behind the country’s ultra-low fertility (Hwang et al., 2023). Over 50% of Korea’s GDP, population, and jobs are concentrated in the Seoul metropolitan area-much higher than 5% in the U.S. and Germany, 10-20% in the U.K. and Italy, 20-30% in France, and 30% in Japan. While Korea’s rapid economic development-the “Miracle on the Han River”-transformed the country into an economic powerhouse, it also centralized infrastructure, talent, and opportunities in Seoul. Consequently, young people continue migrating to the capital for career prospects, draining vitality from regional economies and pushing many toward demographic extinction.

    Korea’s highly competitive university entrance system further reinforces the population concentration in the Seoul metropolitan area. Admission to prestigious universities is considered essential-not only for stable employment but also for social status and marriage prospects. This fuels intense competition for limited spots at elite universities, overwhelmingly located in Seoul. Private education has become critical, prompting families to relocate to Seoul’s affluent areas like Gangnam-gu, known for high-quality private educational infrastructure. Many parents unable to afford homeownership instead rely on costly rental housing to secure educational advantages. This strategy appears justified, as students from Seoul account for 32% of admissions to Seoul National University (SNU), despite representing only 16% of school-age population. More strikingly, students from Gangnam-gu alone constitute 12% of SNU admissions, three times the district’s 4% share of school-age residents (Chung et al., 2024). Relocating to Gangnam-gu is thus seen as essential for top university admission, intensifying Seoul’s population density, raising housing prices, and worsening the fertility crisis.

    Korea’s university admission system is excessively competitive by any standard. Parents sacrifice their quality of life and retirement savings, investing considerable resources to secure their children’s admission to elite universities. Paradoxically, this intense pursuit of academic success imposes a heavy cost on both parents and children. From as early as kindergarten, students experience relentless pressure and burnout, depriving them of childhood joys and a healthy adolescence.

    Korea’s critically low fertility rate (0.75), extreme population concentration in the Seoul metropolitan area, and overheated university competition seem like separate issues but are deeply interconnected. Left unresolved, these challenges-drastic population decline, persistent negative economic growth, escalating social tensions, and diminishing opportunities for youth-will push Korea toward an unsustainable tipping point. Addressing these structural issues simultaneously is challenging, yet the urgency demands bold action. Recognizing this, the Bank of Korea recently proposed two policy suggestions: foster a limited number of regional hub cities and implement a “regional proportional admission system” for universities.

    First, to effectively reduce the extreme population concentration in the Seoul metropolitan area, we must strategically develop a small number of regional hub cities. Over the past two decades, regional development policies have been introduced to address this imbalance. However, due to political challenges and efforts to evenly distribute resources nationwide, these initiatives have been too fragmented to meaningfully curb Seoul’s dominance.

    According to Bank of Korea research, the optimal approach-given Korea’s land area and population-is to concentrate substantial investments in two to six carefully selected regional hub cities. Targeted, large-scale investment in critical infrastructure, such as healthcare, education, and cultural amenities, is essential to providing a quality of life comparable to Seoul, thus effectively attracting and retaining residents (Chung et al., 2023, 2024). Pursuing this focused strategy will rebalance population distribution, revitalize regional economies-including surrounding smaller cities-and achieve sustainable national development.

    In parallel, bold reforms to Korea’s college admissions system are essential. The Bank of Korea has proposed a “regional proportional admission system,” where universities voluntarily allocate admissions based on each region’s proportion of high school seniors (Chung et al., 2024). Despite multiple revisions to university entrance system, excessive competition in university admissions remains unresolved. BOK’s new proposal seeks to enhance universities’ autonomy in admissions while strongly requiring balanced regional representation-a crucial step to address extreme competition. Adopting this system offers several benefits. First, it reduces the disproportionate influence of socioeconomic factors such as parental wealth and private education, thus significantly enhancing social mobility. Second, dispersing admissions competition from Seoul would ease demographic pressures, stabilize housing prices, and improve fertility rates. Third, attracting students from diverse regions promotes mutual understanding, social cohesion, and reduces regional disparities.

    This proposal does not require government intervention or legal amendments, relying instead on the willingness and initiative of leading universities. In Korea, there remains a strong belief that selecting students based solely on academic scores is the fairest, leading resistance to this proposal. Some universities argue they already implement regional proportional admissions for roughly 15% of their freshmen. However, such limited quotas can stigmatize these students and have insufficient impact on demographic or housing pressures in Seoul. To be effective, regional proportional admissions must be applied to most incoming students’ admissions. In many advanced nations, regional diversity in admissions is widely accepted and encouraged. I believe Dr. Jim Yong Kim, joining us today and a former president of Dartmouth College, understands this issue well. He could highlight how Korea’s test score-based admissions approach is an exception globally, and how this reform could realistically occur through proactive leadership at major universities.

    In my view, allowing universities greater flexibility in evaluating applicants-under regional proportional requirements-would better acknowledge and fairly recognize diverse talents. Human talent is far too diverse to be measured by academic tests alone. Yet, Korea’s current admissions system prioritizes a narrow skillset: memorization, quick mathematical calculations, and rapid text summarization under time pressure. These skills, overly rewarded by standardized exams, limit the range of recognized talents. I happen to possess these particular skills and was a major beneficiary of Korea’s college admission system. However, if asked to write a creative essay over a week, I might not have excelled. Today, elite university students often share certain defining characteristics such as a personality that diligently follows instructions without rebellion, a willingness to endure 15 years of repetitive study from kindergarten, an IQ high enough to handle the academic workload, but not so high as to question or challenge its purpose.

    When Korea’s primary goal was catching up with more advanced nations, the current educational system was beneficial in developing individuals who excelled at following orders and carrying out assigned tasks. However, with Korea now at the forefront of global technological competition, we need people unafraid to explore new frontiers, bringing diverse backgrounds and innovative thinking. Additionally, we must foster an environment that encourages collaboration, creativity, and meaningful interaction. It is time for universities to broaden their evaluation criteria and nurture diverse talents by implementing regional proportional admissions.

    The challenges highlighted today-climate change and demographic crisis-pose critical threats and require urgent action. Korea has achieved remarkable economic progress, joining the ranks of advanced nations. Now we must focus on enhancing individual well-being, ensuring prosperity and happiness for all citizens. Through bold decisions, we can develop vibrant, youth-friendly, green regional hubs that combat climate change and support marriage and childbirth. The Bank of Korea remains fully committed to securing a sustainable, prosperous future for upcoming generations.

    Thank you for your time and attention.

    This speech was prepared with the assistance of Sanghun Park and Joonki Min from the Office of Sustainable Growth, and Inro Lee and Inkyung Yoo from the Economic Research Institute.

    References

    Kim J. Y., Ryu G. B., Hwang J. H., Kim H. J., Kim H. N., Lee H. A., and Sim S. B. 2024. “The Impact of Climate Change Risks on the Real Economy: Analysis by Climate Response Scenarios.” BOK Issue Note No. 2024-30, Bank of Korea.

    Rural Development Administration. 2022. “Prediction of Changes in Cultivation Areas for Six Major Fruits Considering Climate Change Scenarios.” Press Release.
    Lim W. J., Lee D. J., Lee Y. S., and Park C. H. 2024. “Characteristics and Implications of Korea’s Price Levels: A Comparison with Major Countries.” BOK Issue Note No. 2024-14, Bank of Korea.

    Chung M. S., Kim E. J., Lee H. S., Hong S. J., and Lee D. R. 2023. “Interregional Population Migration and Regional Economy.” BOK Issue Note No. 2023-29, Bank of Korea.

    Chung M. S., Lee Y. H., Yoo J. S., and Kim E. J. 2024. “Analysis of Regional Economic Growth Factors and Balanced Development Focused on Hub Cities.” BOK Issue Note No. 2024-15, Bank of Korea.

    Chung J. W., Lee D. W., and Kim H. J. 2024. “Adressing Social Issues Steming from Excessive Competition in College Admissions.” BOK Issue Note No. 2024-26, Bank of Korea.

    Hwang I. D., Nam Y. M., Sund W., Shim S. R., Yeom J., Lee B. J., Lee H. R., Chung J. W., Cho T. H., Choi Y. J., Hwang S. W., and Son M. K. 2023. “Lowest-low Fertility and Super-aged Society: Causes and Impacts of the Extreme Population Structure, and Policy Options.” In-Depth Analysis, Korea Economy Outlook, Bank of Korea.

    Lee E. K., Chun D. M., Kim J. W., and Lee D. J. 2024. “Potential Growth Rate of the Korean Economy and Future Outlook.” BOK Issue Note No. 2024-33, Bank of Korea.

    Lim W. J., Lee D. J., Lee Y. S., and Park C. H. 2024. “Characteristics and Implications of Korea’s Price Levels: A Comparison with Major Countries.” BOK Issue Note No. 2024-14, Bank of Korea.

    National Assembly Budget Office. 2025. “2025-2072 NABO Long-Term Fiscal Outlook.”

    MIL OSI Global Banks –

  • MIL-OSI: ibex Kicks Off Global Employee-Driven Charitable Initiative for 2025

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, March 19, 2025 (GLOBE NEWSWIRE) — ibex (NASDAQ: IBEX), a leading global provider of business process outsourcing (BPO) and AI-powered customer engagement technology solutions, today announced the official launch of its 2025 ibex Cares™ campaign, which empowers employees to select and support local charities in their communities, fostering meaningful connections, and creating lasting positive impact where they live and work.

    In its eighth year, ibex Cares™ spans multiple countries and supports a diverse range of causes, from healthcare and environmental conservation to animal welfare and youth development.

    “Thanks to the exceptional generosity of our global workforce, ibex Cares™ has a meaningful impact in our communities and reflects our company’s unwavering commitment to social responsibility,” said Paul Inson, Chief People Officer at ibex. “What makes this program truly special is that it’s driven by our employees, who choose causes close to their hearts and actively work to improve the lives of their neighbors, colleagues, and communities. This grassroots approach to charitable giving has created a powerful ripple effect of positive change across our global footprint.”

    The 2025 ibex Cares™ campaign kicked off recently in the U.S. with a fundraiser that helped raise $25,000 for the Wounded Warrior Project®. ibex volunteer efforts to support veterans nationwide are ongoing.

    In Jamaica, more than 320 ibex employees came together on Sunday, February 16th, to participate in the Sigma Run 2025, organized by Sagicor Foundation. According to Sagicor, the Sigma Run had a record turnout of more than 30,000 registrants and raised more than JAM $128 million for the Kingston Public Hospital, Father Ho Lung and Friends Foundation, and Sir John Golding Rehabilitation Centre.  

    Other ibex Cares™ initiatives around the globe include:

    • Nicaragua: Establishing a merchandise program selling ibex-branded items to benefit MoviCancer, a non-governmental organization (NGO) fighting cancer in Central and Latin America.
    • Honduras: Coordinating in-kind donations for Asociación Rescate Animal Independiente, an animal rescue network that works to improve the lives of abused and abandoned animals.
    • Jamaica: Raising funds for the Jamaica Cancer Society through the sale of ibex Cares™ merchandise.
    • Philippines: Supporting numerous charitable organizations including the Philippines Eagle Foundation, a non-profit organization dedicated to saving the endangered Philippine Eagle and its rainforest habitat, as well as the Albert Schweitzer Familienwerk Foundation Philippines, which assists vulnerable populations including children, women, and disabled individuals.
    • Pakistan: Engaging in various charitable initiatives by providing volunteer hours, donating items like wheelchairs and organizing blood drives. The supported organizations include the Sundas Foundation, an NGO assisting patients with thalassemia and other blood disorders, and Dar-ul-Sukun, which works to empower abandoned children and marginalized individuals with disabilities.

    As ibex continues to grow, the company remains dedicated to expanding its charitable impact and fostering a culture of giving back across its global operations.

    About ibex
    ibex delivers innovative business process outsourcing (BPO), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage and retain valuable customers. Today, ibex operates a global CX delivery center model consisting of approximately 30 operations facilities around the world, while deploying next generation technology to drive superior customer experiences for many of the world’s leading companies across retail, e-commerce, healthcare, fintech, utilities and logistics.

    ibex leverages its diverse global team of over 30,000 employees together with industry-leading technology, including the AI-powered ibex Wave iX solutions suite, to manage nearly 175 million critical customer interactions, adding over $2.2B in lifetime customer revenue each year and driving a truly differentiated customer experience. To learn more, visit our website at ibex.co and connect with us on LinkedIn.

    Media Contact:
    Dan Burris
    Daniel.Burris@ibex.co

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/74f20cc6-52b6-42c8-a483-a7d1499bc0f3

    The MIL Network –

  • MIL-OSI: Global Interest in Nickel Mining Booming as Demand Skyrockets Around the World

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., March 19, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – According to a report from Grand View Research, the global nickel mining market size was estimated at USD 50.40 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of 6.6% from 2023 to 2030. Growth in end-use industries such as construction, consumer durables, and machinery & equipment are propelling the growth of the stainless steel industry. Nickel is one of the key raw materials of stainless steel. Hence, development in the stainless steel industry is contributing to the growth of the market. According to the Nickel Institute, over two-thirds of the world’s nickel is utilized in the production of stainless steel. It acts as an alloying agent, enhancing essential properties such as formability, ductility, and weldability while also increasing corrosion resistance for specific applications. The report said: “The nickel mining industry is highly competitive and to gain an edge, major players are acquiring their competitors.   The batteries segment is anticipated to register the fastest CAGR of 7.2% in terms of revenue, over the forecast period (2030). Nickel batteries offer a cost-effective solution for achieving higher energy density and storage capabilities.” Active Companies in the markets today include: First Atlantic Nickel Corp. (OTCQB: FANCF) (TSX-V: FAN), Vale S.A. (NYSE: VALE), Chevron Corporation (NYSE: CVX), Glencore plc (OTCPK: GLNCY) (OTCPK: GLCNF), Quebec Innovative Materials Corp. (OTCQB: QIMCF) (CSE: QIMC).

    Grand View Research continued: “Based on region, Asia Pacific held the largest revenue share of over 57.0% in 2022. The growth in various industries, such as battery manufacturing, automotive & defense, and petrochemicals, is increasing the demand for nickel, which is positively influencing its mining activity. The Russia-Ukraine war has benefitted the Philippines’ nickel industry, as Russia’s output has been declining in the past few years coupled with the aversion it is receiving in trade.   Europe is anticipated to register a CAGR of 7.8% in terms of revenue over the forecast period (2030). The EU has recognized the importance of nickel in the energy transition and has added it to the list of critical minerals. To ensure a diversified supply chain, the EU has set benchmarks for the extraction of at least 10% of the annual consumption of nickel within the boundary of Europe. This move is expected to have a positive impact on the mining activity in the region.   North America is anticipated to register the fastest CAGR of 8.1% over the forecast period (2030). The increasing demand for nickel-based products in aerospace and defense industries has raised its significance as a critical mineral.   In addition, the growing emphasis on accomplishing a domestic supply chain for the EV battery segment is anticipated to boost production in the region.”

    First Atlantic Nickel Corp. (OTCQB: FANCF) (TSX-V: FAN) AND COLORADO SCHOOL OF MINES LAUNCH RESEARCH PARTNERSHIP TO EXPLORE GEOLOGIC HYDROGEN POTENTIAL IN NEWFOUNDLAND OPHIOLITES – First Atlantic Nickel Corp. (FSE: P21) (“First Atlantic” or the “Company”) is pleased to announce a strategic research partnership with Colorado School of Mines to explore geologic hydrogen as an energy source. This collaboration will focus on two significant ophiolite complexes in Newfoundland, Canada: the St. Anthony Ophiolite Complex (Atlantis Project, 103 km²) and the Pipestone Ophiolite Complex (Atlantic Nickel Project, 71 km²). Both projects are 100% owned by First Atlantic and encompass extensive ultramafic rock formations, characterized by awaruite-bearing serpentinized peridotites, which are key indicators of geologic hydrogen.

    First Atlantic Nickel is primarily focused on exploring awaruite nickel-iron alloy mineralization. Additionally, it is partnering with Colorado School of Mines to conduct secondary research on geological hydrogen produced during serpentinization. This collaborative research will leverage data collected by First Atlantic during its ongoing exploration for awaruite nickel deposits. Notably, awaruite serves as an indicator mineral of geologic hydrogen within serpentinized peridotites found in ophiolites. Colorado School of Mines will carry out this hydrogen research component, enhancing the overall exploration program while leveraging First Atlantic’s extensive geological assets and expertise.

    Geologic Hydrogen: Ophiolites and Peridotite

    Ophiolites—sections of oceanic crust and upper mantle thrust onto continental crust—are globally recognized as prime sources of geologic hydrogen, often referred to as “white hydrogen” or “gold hydrogen.” These formations are dominated by ultramafic rocks, notably peridotite, which consists primarily of olivine and pyroxene minerals rich in nickel, chromium, magnesium, and iron. When peridotite interacts with water, it triggers serpentinization—a hydrothermal reaction in which iron oxidizes and water is reduced, releasing molecular hydrogen gas (H₂). This natural process can be represented by the equation:

    3FeO (in olivine) + H₂O → Fe₃O₄ (magnetite) + H₂ – During serpentinization, awaruite (Ni₃Fe) forms as a secondary mineral when liberated nickel (Ni2+) and iron (Fe2+) from the olivine, pyroxene, and chromite minerals react with the abundant hydrogen (H2) present. This natural process can be represented by the equation:

    3(Ni²⁺) + (Fe²⁺) + 4(H₂) → (Ni₃Fe) + 8(H⁺) – The formation of awaruite could not happen without the presence of hydrogen. This process occurs readily in ophiolitic peridotites at depth, where water saturated rocks in oxygen-poor, reducing conditions produce this exothermic reaction, generating heat that sustains further reactions. According to the Geological Survey of Finland, “In Europe and in regions outside the crystal shield, only ophiolites are often referred to as a source of geological hydrogen.” Within these ophiolite settings, serpentinized peridotites are the most promising targets, with peridotites producing significantly more hydrogen than other rocks, up to 4 kg per cubic meter. Ophiolites represent large potential sources of geologic hydrogen, with some of the most significant global geologic hydrogen discoveries occurring in ophiolites.

    “Geologic hydrogen systems are a combination of mineral systems and natural gas systems. In our group, we have the unique combination of expertise from both the mining industry and oil and gas industry to advance geologic hydrogen exploration and stimulated hydrogen monitoring” said Dr. Yaoguo Li from Colorado School of Mines. CONTINUED… Read this and more news for First Atlantic Nickel at:   https://www.fanickel.com/archive

    In other market news of interest:

    Vale S.A. (NYSE: VALE) noted the Company leads the production of nickel metal that is considered one of the most versatile. Hard but also malleable, it is corrosion resistant and retains its properties even when subjected to extreme temperatures. It is part of everyday life: it is used in the production of batteries and items ranging from coins to cars.

    Highlights: The ore obtained from our mines contains more than just nickel. Therefore, by extracting and processing it, we also produce cobalt, copper and precious metals. Where we operate: Brazil, Canada and Indonesia.

    Chevron Corporation (NYSE: CVX) recently announced senior leadership changes as part of the company’s efforts to simplify its organizational structure, execute faster and more effectively, and be positioned for stronger long-term competitiveness.   The company’s Oil, Products & Gas organization will be consolidated into two segments: Upstream and Downstream, Midstream & Chemicals. Mark Nelson will continue to lead this organization as vice chairman and executive vice president, Oil, Products & Gas.

    The Upstream organizational model will drive value through greater standardization across Shale & Tight, Base Assets & Emerging Countries, Offshore, Eurasia and Australia.

    Ceibo, a clean copper extraction technology company, and Glencore plc‘s (OTCPK: GLNCY) (OTCPK: GLCNF) Lomas Bayas Mining Company have recently entered into a partnership to deploy Ceibo’s proprietary leaching technologies that enable a more effective extraction of copper from low-grade sulfides at one of Chile’s leading mines. Lomas Bayas has validated Ceibo’s technology and is moving toward scaling up to assess this as an alternative to extend the life of their mining operations. This partnership follows two years of testing by Glencore, an important contributor to Chile’s position as the world’s largest copper producer.

    Under the terms of the memorandum of understanding, Ceibo’s technology will scale up with on-site testing through the Lomas Lab, a Glencore world-scale test site, and the company’s research and development branch. This agreement opens a significant commercial avenue for Ceibo, demonstrating its unique approach with a major mining company and affirming the value that Ceibo’s advanced leaching technologies bring to copper assets globally.

    Quebec Innovative Materials Corp. (OTCQB: QIMCF) (CSE: QIMC) recently announced the signing of a Memorandum of Understanding (MOU) with Black Tree Energy Group Sàrl (BTEG), a Swiss-based energy infrastructure and project development firm. This partnership reinforces QIMC’s strategic expansion into the U.S., a key market for accelerating the commercialization of natural hydrogen. Together, QIMC and BTEG will drive large-scale hydrogen projects by integrating technical expertise with financial strategy, project development, and execution capabilities.

    With strong support for clean natural hydrogen initiatives, the United States presents a substantial opportunity for natural hydrogen development. Through this Memorandum of Understanding (MOU), QIMC intends to capitalize on its established expertise in natural renewable hydrogen—encompassing geological and geophysical analyses, project evaluation, and hydrogen fieldwork and drilling—to identify high-potential U.S. sites and accelerate the path to commercial production.

    About FN Media Group:

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    The MIL Network –

  • MIL-OSI United Kingdom: Latest update on Clade Ib mpox

    Source: United Kingdom – Executive Government & Departments

    News story

    Latest update on Clade Ib mpox

    The UK Health Security Agency (UKHSA) latest updates on Clade Ib mpox.

    Updates on clade Ib mpox case numbers are published on the UKHSA data dashboard

    Latest update

    Clade I mpox no longer considered a high consequence infectious disease

    Clade Ia and Ib mpox will no longer be classified as a high consequence infectious disease (HCID) following a review of available evidence by the Advisory Committee on Dangerous Pathogens, the UK Health Security Agency has confirmed today.

    This decision has been taken because the evidence related to this clade no longer meets the criteria for an HCID, which includes having a high mortality rate and a lack of available interventions.

    However, the decision should not be interpreted as clade I mpox no longer being of any public health consequence. The disease is still a public health emergency of international concern as defined by the WHO.

    Sexual and close physical contact is the main way that mpox spreads.

    There have been no reported deaths from mpox in the UK to date, and vaccination is available for higher risk contacts, healthcare workers, and those who are most at risk.

    Emma Richards, Incident Director at the UK Health Security Agency, said:

    There is now firm evidence of vaccine effectiveness and a low mortality rate for cases of clade I mpox, alongside heightened clinical awareness of symptoms, and access to rapid diagnostic testing and safe therapies with emerging evidence of efficacy.

    This change does not alter our overall public health response and we remain committed to preventing the spread of clade I mpox within the UK.

    While mpox infection is mild for many, it can cause severe symptoms including unusual rashes and blisters, a fever and headache.

    The majority of people who have presented with symptoms report close physical contact, including massages, or sex prior to developing symptoms. It’s important people who have travelled to affected countries in Africa remain alert to the risks and seek medical advice if necessary.

    All 4 UK Chief Medical Officers have agreed to accept the recommendation.

    There have been no cases of clade Ia mpox in the UK, and only a small number of cases of clade Ib mpox. Most of these cases have appeared in returning travellers from affected areas in Africa with the others being household contacts of a case.

    There has been no community transmission of clade I mpox within the UK and the risk to the population remains low.

    In the context of the outbreak in parts of Africa, we expect to see the occasional imported case of clade Ib mpox in the UK.

    Previous

    13 February 2025

    A new case of clade Ib mpox has been detected in England, the UK Health Security Agency (UKHSA) can confirm. 

    The case was detected in London and the individual is now under specialist care at the Royal Free Hospital High Consequence Infectious Diseases unit. They had recently returned from Uganda, where there is currently community transmission of clade Ib mpox. The UKHSA and NHS will not be disclosing any further details about the individual.

    The risk to the UK population remains low. In the context of the outbreak in parts of Africa, we expect to see the occasional imported case of clade Ib mpox in the UK.

    This is the eighth case of clade Ib mpox confirmed in England since October 2024. This case has no links to the previous cases identified in England.

    Close contacts of the case are being followed up by UKHSA and partner organisations. Contacts will be offered testing and vaccination where needed to prevent further infections and they will be advised on any necessary further care if they have symptoms or test positive.

    Dr Merav Kliner, Incident Director at UKHSA, said:

    The risk to the UK population remains low. Close contacts have been identified and offered appropriate advice in order to reduce the chance of further spread.

    Clade Ib mpox has been circulating in several countries in Africa in recent months. Imported cases have been detected in a number of countries including Belgium, Canada, France, Germany, Sweden and the United States.

    There has been extensive planning undertaken to ensure healthcare professionals are equipped and prepared to respond to confirmed cases.

    Further updates on clade Ib mpox case numbers will be published on the following page: Confirmed cases of mpox clade Ib in United Kingdom.

    Previous

    27 January 2025

    Another case of clade Ib mpox has been detected, bringing the total number of confirmed cases since October 2024 to 7, the UK Health Security Agency (UKHSA) can confirm.

    The individual had recently travelled to Uganda. The risk to the UK population remains low.

    The UKHSA and NHS will not be disclosing any further details about the individual.

    Professor Susan Hopkins, Chief Medical Adviser at UKHSA, said:

    The risk to the UK population remains low. Close contacts have been identified and offered appropriate advice in order to reduce the chance of further spread.

    20 January 2025

    A new case of clade Ib mpox has been detected in England, the UK Health Security Agency (UKHSA) can confirm.  

    The case was detected in East Sussex and the individual is now under specialist care at Guy’s and St Thomas’ NHS Foundation Trust. They had recently returned from Uganda, where there is currently community transmission of clade Ib mpox. The UKHSA and NHS will not be disclosing any further details about the individual. 

    The risk to the UK population remains low. In the context of the outbreak in parts of Africa, we expect to see the occasional imported case of clade Ib mpox in the UK. 

    This is the sixth case of clade Ib mpox confirmed in England since October 2024. This case has no links to the previous cases identified in England.

    Close contacts of the case are being followed up by UKHSA and partner organisations. Contacts will be offered testing and vaccination where needed to prevent further infections and they will be advised on any necessary further care if they have symptoms or test positive. 

    Dr Meera Chand, Deputy Director at UKHSA, said: 

    It is thanks to clinicians rapidly recognising the symptoms and the work of our specialist laboratory that we have been able to detect this new case.

    The risk to the UK population remains low following this sixth case, and we are working rapidly to trace close contacts and reduce the risk of any potential spread.

    Clade Ib mpox has been circulating in several countries in Africa in recent months. Imported cases have been detected in a number of countries including Belgium, Canada, France, Germany, Sweden and the United States. 

    There has been extensive planning undertaken to ensure healthcare professionals are equipped and prepared to respond to any further confirmed cases.

    29 November 2024

    A new case of clade Ib mpox has been detected in England, the UK Health Security Agency (UKHSA) can confirm.  

    The case was detected in Leeds and the individual is now under specialist care at Sheffield Teaching Hospitals NHS Foundation Trust. They had recently returned from Uganda, which is seeing community transmission of clade Ib mpox. The UKHSA and NHS will not be disclosing any further details about the individual. 

    The risk to the UK population remains low. We expect to see the occasional imported case of clade Ib mpox in the UK. 

    This is the fifth case of clade Ib mpox confirmed in England in recent weeks. This case has no links to the previous cases identified. All 4 previous cases were from the same household and all have now fully recovered.  

    Close contacts of the case are being followed up by UKHSA and partner organisations. Any contacts will be offered testing and vaccination as needed and advised on any necessary further care if they have symptoms or test positive. 

    Professor Susan Hopkins, Chief Medical Adviser at UKHSA, said: 

    It is thanks to clinicians rapidly recognising the symptoms and our diagnostics tests that we have been able to detect this new case. 

    The risk to the UK population remains low following this fifth case, and we are working rapidly to trace close contacts and reduce the risk of any potential spread. In accordance with established protocols, investigations are underway to learn how the individual acquired the infection and to assess whether there are any further associated cases. 

    Clade Ib mpox has been widely circulating in the Democratic Republic of Congo (DRC), Burundi, Rwanda, Uganda and Kenya in recent months. Imported cases have been detected in Canada, Sweden, India, Thailand and Germany. 

    There has been extensive planning underway to ensure healthcare professionals are equipped and prepared to respond to any further confirmed cases.

    6 November 2024

    One further case of clade Ib mpox has been detected in a household contact of the first case, the UK Health Security Agency (UKSHA) can confirm.  

    This brings the total number of confirmed cases to 4, all of which belong to the same household. 

    The patient is currently under specialist care at Guy’s and St Thomas’ NHS Foundation Trust in London. The risk to the UK population remains low. 

    The patient has been isolating since identified as a contact of the first case and no additional contact tracing is required. 

    Professor Susan Hopkins, Chief Medical Adviser at UKHSA, said: 

    Mpox is very infectious in households with close contact and so it is not unexpected to see further cases within the same household. 

    The overall risk to the UK population remains low. We are working with partners to make sure all contacts of the cases are identified and contacted to reduce the risk of further spread.

    Contacts of cases are being followed up by UKHSA and partner organisations. All contacts will be offered testing and vaccination as needed and advised on any necessary further care if they have symptoms or test positive. 

    There has been extensive planning underway to ensure healthcare professionals are equipped and prepared to respond to any further confirmed cases.

    4 November 2024

    Two cases of clade Ib mpox have been detected in household contacts of the first case, the UK Health Security Agency (UKSHA) can confirm. This brings the total number of confirmed cases to 3.

    The 2 patients are currently under specialist care at Guy’s and St Thomas’ NHS Foundation Trust in London. The risk to the UK population remains low.

    There has been extensive planning underway to ensure healthcare professionals are equipped and prepared to respond to any further confirmed cases.

    Professor Susan Hopkins, Chief Medical Adviser at UKHSA, said:

    Mpox is very infectious in households with close contact and so it is not unexpected to see further cases within the same household.

    The overall risk to the UK population remains low. We are working with partners to make sure all contacts of the cases are identified and contacted to reduce the risk of further spread.

    Contacts of all 3 cases are being followed up by UKHSA and partner organisations. All contacts will be offered testing and vaccination as needed and advised on any necessary further care if they have symptoms or test positive.

    30 October 2024

    The UK Health Security Agency (UKHSA) has detected a single confirmed human case of clade Ib mpox. The risk to the UK population remains low.

    This is the first detection of this clade of mpox in the UK. It is different from mpox clade II that has been circulating at low levels in the UK since 2022, primarily among gay, bisexual and other men-who-have-sex-with-men (GBMSM).

    UKHSA, the NHS and partner organisations have well tested capabilities to detect, contain and treat novel infectious diseases, and while this is the first confirmed case of mpox clade Ib in the UK, there has been extensive planning underway to ensure healthcare professionals are equipped and prepared to respond to any confirmed cases.

    The case was detected in London and the individual has been transferred to the Royal Free Hospital High Consequence Infectious Diseases unit. They had recently travelled to countries in Africa that are seeing community cases of clade Ib mpox. The UKHSA and NHS will not be disclosing any further details about the individual.

    Close contacts of the case are being followed up by UKHSA and partner organisations. Any contacts will be offered testing and vaccination as needed and advised on any necessary further care if they have symptoms or test positive.

    UKHSA is working closely with the NHS and academic partners to determine the characteristics of the pathogen and further assess the risk to human health. While the existing evidence suggests mpox clade Ib causes more severe disease than clade II, we will continue to monitor and learn more about the severity, transmission and control measures. We will initially manage clade Ib as a high consequence infectious disease (HCID) whilst we are learning more about the virus.

    Professor Susan Hopkins, Chief Medical Adviser at UKHSA, said:

    It is thanks to our surveillance that we have been able to detect this virus. This is the first time we have detected this clade of mpox in the UK, though other cases have been confirmed abroad.

    The risk to the UK population remains low, and we are working rapidly to trace close contacts and reduce the risk of any potential spread. In accordance with established protocols, investigations are underway to learn how the individual acquired the infection and to assess whether there are any further associated cases.

    Health and Social Care Secretary Wes Streeting, said:

    I am extremely grateful to the healthcare professionals who are carrying out incredible work to support and care for the patient affected.

    The overall risk to the UK population currently remains low and the government is working alongside UKHSA and the NHS to protect the public and prevent transmission.

    This includes securing vaccines and equipping healthcare professionals with the guidance and tools they need to respond to cases safely.

    We are also working with our international partners to support affected countries to prevent further outbreaks.

    Steve Russell, NHS national director for vaccination and screening, said:

    The NHS is fully prepared to respond to the first confirmed case of this clade of mpox.

    Since mpox first became present in England, local services have pulled out all the stops to vaccinate those eligible, with tens of thousands in priority groups having already come forward to get protected, and while the risk of catching mpox in the UK remains low, if required the NHS has plans in place to expand the roll out of vaccines quickly in line with supply.

    Clade Ib mpox has been widely circulating in the Democratic Republic of Congo (DRC) in recent months and there have been cases reported in Burundi, Rwanda, Uganda, Kenya, Sweden, India and Germany.

    Clade Ib mpox was detected by UKHSA using polymerase chain reaction (PCR) testing.

    Common symptoms of mpox include a skin rash or pus-filled lesions which can last 2 to 4 weeks. It can also cause fever, headaches, muscle aches, back pain, low energy and swollen lymph nodes.

    The infection can be passed on through close person-to-person contact with someone who has the infection or with infected animals and through contact with contaminated materials. Anyone with symptoms should continue to avoid contact with other people while symptoms persist.

    The UK has an existing stock of mpox vaccines and last month announced further vaccines are being procured to support a routine immunisation programme to provide additional resilience in the UK. This is in line with more recent independent JCVI advice.

    Working alongside international partners, UKHSA has been monitoring clade Ib mpox closely since the outbreak in DRC first emerged, publishing regular risk assessment updates.

    The wider risk to the UK population remains low.

    UKHSA has published its first technical briefing on clade I mpox which provides further information on the current situation and UK preparedness and response.

    MIL OSI United Kingdom –

  • MIL-OSI: Realty Executives See Opportunity to Drive Revenue with Lofty

    Source: GlobeNewswire (MIL-OSI)

    PHOENIX, March 19, 2025 (GLOBE NEWSWIRE) — Award-winning technology innovator Lofty today announced that Realty Executives International has engaged with the company to offer to their extensive network of franchisees, teams, and agents the Lofty AI-powered platform. To learn more about how Lofty empowers everyone from the agent to the enterprise to make more money, visit https://lofty.com/.

    With over 150 brokerages across North America, Realty Executives is always looking for unique ways to help its franchisees accelerate profitable growth, support the unique needs of the brokerage business, and enable real estate professionals at all levels to increase production while maintaining the privacy of their leads and database. With Lofty, Realty Executives brokerages, agents, and teams can leverage a flexible org structure with needed permissions and controls, as well as innovative reporting capabilities to track agent performance and ROI from advertising spend. Coupled with the platform’s lead generation programs such as Lofty Blast, and empowered by innovative tools like Lofty Present and Social Studio, Realty Executives users will be able to increase their productivity while streamlining the home buying and selling experience for their clients, from search to settlement.

    “Real estate professionals at every level need to leverage technology, particularly a strong CRM, if they want to compete and grow in this market,” said Patrick van den Bossche, President of Realty Executives International. “Presenting Lofty as a tech option provides our network with an additional opportunity to drive revenue from their existing databases. Through our strategic relationship, those in our network who opt in to the Lofty service offerings can benefit from a competitive cost model.”

    “As a Realty Executives franchise owner, I am excited to offer our teams and agents easy-to-use technology that can help them start making money quickly,” said Mike Tezak, Broker/Owner of Realty Executives Premier in Valparaiso, Indiana. “Lofty’s practical applications are not just technology for technology’s sake but mapped to how our agents actually work. Plus, these proven innovations will help us to recruit and retain high producing agents and deliver a real return.”

    Unlike other technology applications that are too rigid and too cumbersome for brokerages and agents alike, Lofty’s AI-powered enterprise platform is custom-built for how real estate professionals operate – from the agent to the enterprise and everything in between. With proven innovations that are designed to close deals faster and generate revenue, Lofty enhances agent workflows and eliminates the need to toggle between multiple applications, saving everyone time and money. As an enterprise platform with enhanced reporting capabilities and extensive custom branding options, Lofty provides the technological foundation needed to gain a competitive edge in the real estate market.

    “Modern real estate brands like Realty Executives understand that technology can serve as a true catalyst for business growth. But to be effective, the applications must be seamlessly woven into the fabric of how real estate brokerages operate their firms and how their teams of agents execute day-to-day activities,” noted Brian Hoialmen, Chief Strategy Officer, Lofty. “With the comprehensive Lofty platform and our AI-powered tools, we can empower everyone at every level of real estate operations with the proven innovations needed to close more deals and make more money.”   

    To learn more about how Lofty can help your enterprise meet business growth goals, visit www.lofty.com.

    About Lofty Inc.
    Lofty Inc. (formerly Chime Technologies) provides an AI-powered platform that helps real estate professionals increase their productivity and accelerate business growth. Featuring award-winning technology, the Lofty platform is designed to optimize every step of the real estate journey, from search to settlement. By leveraging one unified hub, customers can automate marketing programs, streamline the sales process, and maximize collaboration between agents empowering them to spend more time building relationships and their business. Headquartered in Phoenix, Arizona, Lofty operates as a US subsidiary of Moatable, Inc. (OTCPK: MTBLY). For more information, visit lofty.com.

    About Realty Executives International
    Founded in 1965, Realty Executives is one of the largest and most established real estate systems with over 5,000 members working across the globe. As the only brand named after its people, their Executives, the company operates with the philosophy that the network and the people that represent it come first. Creator of the first ever 100% commission concept, Realty Executives attracts and retains the most productive, efficient, and successful real estate professionals in the industry through our unparalleled brand, technology, training, and concierge services. For more information, visit RealtyExecutives.com.

    For More Information:
    Julie Crotty
    Attune Communications
    julie@attunecommunications.com

     

    The MIL Network –

  • MIL-OSI Global: Trump’s phone call with Putin fails to deliver ceasefire – here’s what could happen next

    Source: The Conversation – UK – By Stefan Wolff, Professor of International Security, University of Birmingham

    After more than two hours on the phone on Tuesday, March 17, the US president, Donald Trump, and his Russian counterpart, Vladimir Putin, agreed agreed only to confidence-building measures, not a ceasefire between Ukraine and Russia. The two leaders came away from the call having agreed on a limited prisoner exchange, a suspension of attacks on energy infrastructure, and the creation of working groups to explore further steps towards a ceasefire and ultimately a peace agreement.

    A less charitable way of looking at the outcome of the second call between the two presidents since Trump returned to the White House would be that the ball is now back in America’s court. Putin made it crystal clear to Trump that he is not (yet) in the mood for any compromise.

    This is hardly surprising given recent events.

    The US has pressured Ukraine mercilessly into accepting a proposal for a 30-day ceasefire, which Trump hoped Russia would also agree to. But apart from a vague statement by Trump that he might consider sanctions against Russia, he has so far seemed unwilling to contemplate putting any meaningful equivalent pressure on Putin.

    Sign up to receive our weekly World Affairs Briefing newsletter from The Conversation UK. Every Thursday we’ll bring you expert analysis of the big stories in international relations.

    On the ground, Russia has gained the upper hand in the Kursk region where Ukrainian troops have ceded most of the territory they captured after a surprise offensive last summer. Once Putin’s forces, assisted by thousands of North Korean soldiers, have succeeded in driving the Ukrainians out of Russia, Kyiv will have lost its most valuable bargaining chip in negotiations with Moscow.

    Meanwhile, Russia has also made further gains on the frontlines inside Ukraine especially in parts of Kherson and Zaporizhzhia. These are two of the four regions (the other two are Donetsk and Luhansk) that Putin has claimed for Russia in their entirety since sham referendums in September 2022, despite not yet having full control of them.

    If Russia were to capture yet more Ukrainian territory, Putin would probably find it even easier to convince Trump that his demands are reasonable. The fact that Trump already hinted at a “dividing of assets”, including the nuclear power plant at Zaporizhzhia – Europe’s largest before its forced shutdown in September 2022 – is a worrying indication of how far the Russian president has already pushed the envelope.

    Ukraine war: territory occupied by Russia as at March 18 2025.
    Institute for the Study of War

    But a deal solely between Russia and the US is not going to work. In that sense, time is not only on Putin’s side but also on Zelensky’s.

    The Russian readout of the call between the two presidents claimed that they had discussed “the complete cessation of foreign military assistance and the provision of intelligence information to Kyiv” as a key condition for moving forward – something that Trump subsequently denied in an interview with Fox. This means that, for now, Kyiv is likely to continue to receive US aid.

    Europe at the ready

    Perhaps more importantly in the long term, Europe is also doubling down on support for Ukraine. While Trump and Putin were discussing a carve-up of Ukraine over the phone, the president of the European Commission, Ursula von der Leyen, left no doubt on where the EU stands.

    In a speech at the Royal Danish Military Academy foreshadowing the publication of the commission’s Readiness 2030 white paper on bolstering European defences, she recommitted to developing European “capabilities to have credible deterrence” against a hostile Russia.

    A few hours later, the German parliament passed a multi-billion Euro package that loosens the country’s tight borrowing rules to enable massive investments in defence. This follows announcements of increased defence elsewhere on the continent, including in the UK, Poland, and by the EU itself.

    Meanwhile, the UK and France are leading efforts to assemble a coalition of the willing to help Ukraine. Representatives of the 30-member group gathered in London on March 15 for further talks.

    Afterwards, the UK prime minister, Keir Starmer, released a statement saying that Ukraine’s western partners “will keep increasing the pressure on Russia, keep the military aid flowing to Ukraine and keep tightening the restrictions on Russia’s economy”.

    Undoubtedly, these measures would be more effective if they had Washington’s full buy-in – but they send a strong signal to both the Kremlin and the White House that Ukraine is not alone in its fight against Russia’s continuing aggression.

    Putin’s options

    Putin, meanwhile, may have time on his side in the short term – but he should take note of this. Russian manpower and firepower may dwarf that of Ukraine, but it would be no match for a Ukraine backed by such a coalition of the willing.

    Putin’s apparent plan to drag Trump into the minutiae of negotiating a comprehensive deal may eventually backfire in more ways than one. For a start, really detailed discussions will test the US president’s notoriously short attention span.

    But this will also buy time for Ukraine and its supporters to strengthen Kyiv’s position in future negotiations. And it will continue to strain – but not immediately break – Russia’s economy.

    For now, Trump’s efforts to end the war in Ukraine have stalled. He is attempting to broker a complex ceasefire deal that involves separate agreements with Kyiv and Moscow, pressure on Nato allies, and an attempt to drive a wedge between Russia and China. It’s not clear how this will succeed or indeed where it will end.

    The only certainty is that they are not bringing a just and stable peace for Ukraine any closer.

    Stefan Wolff is a past recipient of grant funding from the Natural Environment Research Council of the UK, the United States Institute of Peace, the Economic and Social Research Council of the UK, the British Academy, the NATO Science for Peace Programme, the EU Framework Programmes 6 and 7 and Horizon 2020, as well as the EU’s Jean Monnet Programme. He is a Trustee and Honorary Treasurer of the Political Studies Association of the UK and a Senior Research Fellow at the Foreign Policy Centre in London.

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

    – ref. Trump’s phone call with Putin fails to deliver ceasefire – here’s what could happen next – https://theconversation.com/trumps-phone-call-with-putin-fails-to-deliver-ceasefire-heres-what-could-happen-next-252417

    MIL OSI – Global Reports –

  • MIL-OSI Economics: RBI Bulletin – March 2025

    Source: Reserve Bank of India

    Today, the Reserve Bank released the March 2025 issue of its monthly Bulletin. The Bulletin includes four speeches, five articles and current statistics.

    The five articles are: I. State of the Economy; II. Spatial Distribution of Monsoon and Agricultural Production; III. Changing Dynamics of India’s Remittances – Insights from the Sixth Round of India’s Remittances Survey; IV. Decoupling Economic Growth from Emissions: A LMDI Decomposition Analysis; and V. Market Access and IMF Arrangements: Evidence from Across the Globe.

    I. State of the Economy

    The resilience of the global economy is being tested by escalating trade tensions and a heightened wave of uncertainty around the scope, timing, and intensity of tariffs. While engendering heightened volatility in global financial markets, these have also caused apprehensions about the slowdown in global growth. Amidst these challenges, the Indian economy continues to demonstrate resilience as evident in the robust performance of the agriculture sector and improving consumption. The reverberations of a tumultuous external environment, however, are being reflected in sustained foreign portfolio outflows. India’s macroeconomic strength to face these challenges is bolstered by a decline in headline CPI inflation to a seven-month low of 3.6 per cent in February 2025 on account of a further correction in food prices.

    II. Spatial Distribution of Monsoon and Agricultural Production

    By Abhinav Narayanan and Harendra Kumar Behera

    This article analyses the impact of spatial variation of rainfall across districts on production of Kharif crops. It also examines how deficient or excess rainfall during specific periods impact the production of specific crops.

    Highlights:

    • Extreme weather events such as excessive or insufficient rainfall cause significant crop damages leading to disruptions in production resulting in reduced yields or lower quality of produce.

    • The timing of extreme weather events is crucial, as crop production cycles vary.

    • Insufficient rainfall in the months of June and July negatively impacts cereal and pulses production, while oilseeds are particularly vulnerable to excessive rainfall during the harvesting period (August-September).

    III. Changing Dynamics of India’s Remittances – Insights from the Sixth Round of India’s Remittances Survey

    By Dhirendra Gajbhiye, Sujata Kundu, Alisha George, Omkar Vinherkar, Yusra Anees, Jithin Baby

    This article analyses the results of the sixth round of India’s remittances survey conducted for 2023-24. It captures various dimensions of inward remittances to India – country-wise source of remittances, state-wise destination of remittances, transaction-wise size of remittances, prevalent mode of transmission, cost of sending remittances and share of remittances transmitted through the digital modes vis-à-vis cash.

    Highlights:

    • India’s inward remittances have more than doubled during 2010-11 to 2023-24 and have been a stable source of external financing during this period. Following a pandemic-led contraction during 2020-21, remittances to India in the post pandemic period recorded a significant surge.

    • The survey results indicate that the share of inward remittances from advanced economies has risen, surpassing the share of Gulf economies in 2023-24, reflecting a shift in migration pattern towards skilled Indian diaspora.

    • Maharashtra, followed by Kerala and Tamil Nadu, continue to be the dominant recipient of remittances.

    • The cost of sending remittances to India has moderated significantly, driven by digitalisation, but remains higher than the SDG target of 3 per cent.

    • Additionally, on an average, 73.5 per cent of total remittances received by the money transfer operators in 2023-24 were through digital mode.

    • Furthermore, fintech companies offer affordable cross-border remittance services, fostering competition among different remittance service providers.

    IV. Decoupling Economic Growth from Emissions: A LMDI Decomposition Analysis

    By Madhuresh Kumar, Shobhit Goel, Manu Sharma, Muskan Garg

    This article examines the drivers behind India’s CO₂ emissions growth from 2012 to 2022 using the Logarithmic Mean Divisia Index (LMDI) decomposition method. It breaks down total emissions into key contributing factors, including the impact of GDP growth (activity effect), improvements in energy efficiency (energy intensity effect), shifts in the economic structure (structural effect), changes in the composition of fuel (fuel mix effect), and the growing share of renewable energy in electricity generation, which reduces the carbon intensity of electricity (emission factor effect).

    Highlights:

    • During 2012-22, energy-related CO2 emissions increased by 706 million tons. The main contributor was economic growth (+1073 Mt), with a smaller impact from the change in fuel mix of the economy (+78 Mt). However, gains in energy efficiency (-399 Mt), structural changes (-15 Mt), and improvements in emission intensity of electricity due to increased use of renewables (-30 Mt) helped curb emissions.

    • India’s energy efficiency improved by 1.9 per cent annually, exceeding the global average.

    • India’s growth decoupled from emissions, with a decoupling elasticity of 0.59, comparable to other lower-middle-income countries.

    • Renewables have had a small but significant impact on emission reduction over the past decade, with solar and wind accounting for 2.1 percent of total primary energy in 2022-23.

    • Going ahead, the emission factor effect is expected to play a more prominent role as renewables increasingly replace fossil fuels and green hydrogen usage expands in industries.

    V. Market Access and IMF Arrangements: Evidence from Across the Globe

    By Shruti Joshi and PSS Vidyasagar

    The article analyses loans availed by various countries from the International Monetary Fund (IMF) during 2000-2023 and finds a negative relation between market access and dependence on IMF’s loan for those countries which resorted to IMF loans.

    Highlights:

    • During 2000-2023, dependence of Emerging Market and Developing Economies (EMDEs) on IMF resources increased on account of their limited access to international financial markets and alternate sources of funding. Several fast growing large EMDEs, including India and China, however, did not have to take recourse to the IMF loans.

    • During the crisis periods, especially the Global Financial Crisis and Euro-Zone Crisis, some Advanced Economies also resorted to IMF loans due to their reduced market access on account of sovereign rating downgrades.

    • Among countries that resorted to IMF loans, those which faced a larger country risk premium availed larger funding.

    • Access to alternative sources of funding such as Regional Financing Arrangements (RFAs) and swap lines reduces the dependence on IMF loans.

    The views expressed in the Bulletin articles are of the authors and do not represent the views of the Reserve Bank of India.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2418

    MIL OSI Economics –

  • MIL-OSI Africa: Deputy President stresses importance of coordinated approach to challenges

    Source: South Africa News Agency

    Deputy President Paul Mashatile has stressed the need for a coordinated approach to peacebuilding and economic resilience.

    This as he highlighted that the conflicts between Russia and Ukraine and conflicts in the eastern Democratic Republic of Congo, Sudan, in the Sahel, and in Gaza, continue to exert a heavy human toll while heightening global insecurity. 

    The Deputy President was speaking at the United Nations University (UNU) in Tokyo, Japan on Tuesday. 

    The UNU, in partnership with the Embassy of South Africa in Japan, is co-hosting a symposium exploring South Africa’s G20 Presidency and steps to ensure solidarity, equality and sustainability for all. 

    Touching on the deepening conflict and instability across Africa and the world, the Deputy President said this requires coordinated preventive action including dedicated intervention on peace building that is programmatic in nature.

    “We are encouraged by the partnership between the United Nations University and the University of South Africa (UNISA) in cooperation with other relevant partner organisations to co-design and co-deliver required capacity building programmes for African leaders and mediators for resolving conflicts and blazing a path towards achieving peace, security and prosperity, “the Deputy President explained.

    He further emphasised the urgent need for comprehensive, African-centred peace-building research and training programmes that span throughout Africa to address the urgent demand for capacity for conflict management and resolution, as well as society reconstruction.

    G20 Presidency

    “In our G20 Presidency, South Africa will continue to advocate for diplomatic solutions. Inclusive dialogue is the foremost guarantor of sustainable peace.
    “South Africa has shown a firm resolve in its foreign policy by promoting principles of justice, solidarity, equality, peace, and respect, underpinned by its commitment to human dignity and leaving no one behind,” he said. 

    This was the reason South Africa has placed solidarity, equality, sustainability at the centre of its G20 Presidency.

    As part of South Africa’s G20 intention to place Africa’s development at the top of the agenda, Mashatile outlined four key priorities which are strengthening disaster resilience, ensuring debt sustainability for developing economies, mobilising finance for a just energy transition, and harnessing critical minerals for sustainable growth. 

    “Our hosting of the G20 Finance Ministers and Central Bank Governors Meeting, and the Business 20 provided an opportunity for us to promote South Africa and Africa as a business and investment destination and for the country to take the lead on providing solutions to global economic challenges,” he said. 

    He emphasised the country’s commitment to driving economic reforms, increasing investor confidence, and enhancing structural efficiencies in energy, water, and transport sectors.

    “We believe that addressing structural concerns is essential to maintaining investor confidence and ensuring long-term economic stability. It is only by accelerating structural reforms and harnessing the power of the private sector that the country can sustain economic momentum and attract further foreign investment.

    “As the South African government, we are implementing extensive structural, policy, and regulatory reforms to enhance the economy’s performance,” he said. 

    AI role in shaping Africa’s economic future

    The Deputy President also emphasised the role of artificial intelligence (AI) and digital transformation in shaping Africa’s economic future, calling for greater collaboration between African institutions and international organisations. 

    Quoting Professor Tshilidzi Marwala, he noted the need for South Africa to embrace AI while also ensuring ethical considerations remain central to its deployment. 

    He urged institutions like UNU to partner with African universities to foster digital skills development and AI-driven innovation.

    As the G20 Presidency has shifted to South Africa, the Deputy President said that AI has emerged as a key area of focus.

    Through the G20 Presidency, he said the country aims to harness AI to advance the Sustainable Development Goals agenda and address global challenges.

    “We encourage the United Nations University to work alongside Africa in the development of AI, which has the potential to considerably boost the continent’s economies. You must cooperate with additional universities in South Africa and throughout Africa to help overcome digital barriers, promote equality, and support inclusive sustainable development,” he said. 

    Mashatile added that African governments are also recognising the importance of the digital economy, which is heavily influenced by artificial intelligence. He noted that the digital economy and AI are becoming more important drivers of economic and social value creation throughout the world. 

    “We are investing in digital infrastructure, skills development, and entrepreneurship to assist Africa’s digital economy to expand,” he said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI: Magnite’s ClearLine Equips Cross Screen Media with the Tools to Maximize Voter Reach

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, March 19, 2025 (GLOBE NEWSWIRE) — Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, announced an expanded partnership with Cross Screen Media following a successful 2024 election cycle. The adoption of ClearLine, Magnite’s self-service buying solution, helped Cross Screen Media bypass middlemen, put more spend toward working media, and drive incremental voter reach.

    In a 2024 statewide race, ClearLine was used in parallel with two DSPs and a linear TV schedule. Cross Screen Media’s measurement solution found that over a two-week period in October, ClearLine drove 4% incremental reach beyond the other digital and TV components, and 8% incremental reach beyond the DSPs alone.

    “It’s the job of every political advertiser to identify the voters that will swing an election and ensure your message is reaching them,” said Chauncey Southworth, CEO of Cross Screen Media. “Adding ClearLine removes intermediaries, creates a more direct line between campaign ad dollars and voters, and in combination with our cross-screen measurement solution, drives incremental reach that can be the difference in an election.”

    Founded in 2017, Cross Screen Media offers advertising technology built for politics, empowering agencies and their campaigns to win elections through data-driven media planning, activation, and measurement. With 40% of swing voters nationwide unreachable via linear TV, and elections often decided by fractions of a percent, direct avenues to CTV inventory are crucial to ensuring advertisers can maximize reach amongst likely voters. The fast-paced nature of politics means buyers need a responsive platform that makes it easy to adjust budgets, creatives, and targeting in an instant. Magnite’s ClearLine delivers on this by streamlining the buying process, establishing a more direct and efficient route to premium inventory, and significantly increasing spend allocated toward working media.

    “The savviest political advertisers are always seeking innovative, highly efficient, and measurable ways to connect with voters,” said Erik Brydges, Head of Political Demand at Magnite. “ClearLine helps Cross Screen Media and their agency customers accomplish this goal, and represents the future of how we believe CTV will be transacted. As CTV’s share of spend continues to grow, executing budgets directly within the supply side tech ecosystem provides immediate advantages to political campaigns.”

    About Magnite
    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    About Cross Screen Media
    Cross Screen Media is a leading CTV activation managed service for political and public affairs agencies, built on a proprietary technology platform that enables advertisers to plan and measure local advertising across Connected TV and audience-driven Linear TV. We seamlessly fit into existing workflows to help agencies scale, differentiate and deliver high-impact campaigns for their clients.

    Media Contact:
    Megan Hughes
    mhughes@magnite.com

    The MIL Network –

  • MIL-OSI United Kingdom: Chancellor’s National Wealth Fund to deliver growth and boost security

    Source: United Kingdom – Executive Government & Departments

    News story

    Chancellor’s National Wealth Fund to deliver growth and boost security

    Chancellor sets new strategy for National Wealth Fund to reflect our Plan for Change, unlocking billions of pounds of private investment into the UK.

    • New strategic steer will see National Wealth Fund take on higher risk projects as government goes further and faster to kickstart economic growth, make Britain a clean energy superpower and boost security.
    • Government also launches recruitment for a new National Wealth Fund CEO to build on the £1.8 billion unlocked in private investment since July.

    The National Wealth Fund will unlock over £70 billion in private investment to help deliver economic growth, make Britain a clean energy superpower, and strengthen the defence sector, the Chancellor has confirmed today [19 March]. 

    The new strategic direction sets clean energy, advanced manufacturing, digital technologies, and transport as new priority sectors for the National Wealth Fund. Money will be invested across the United Kingdom in projects like carbon capture, green hydrogen, gigafactories, green steel, and ports.  

    Crucially, the Chancellor’s steer will help direct investment to the industries our defence sector relies on – advanced manufacturing and digital and dual-use technologies – working with industry to keep Britain safe and building on the Government’s commitment to increase spending on defence and national security to 2.5% of GDP from April 2027.   

    The National Wealth Fund’s economic capital limit will also be increased from £4.5 billion to £7 billion, allowing it take on greater risk. This means it has more flexibility over its investments and can support more projects that struggle to access private finance.

    Chancellor of the Exchequer, Rt Hon Rachel Reeves MP, said:

    My number one mission is kickstarting economic growth through our Plan for Change to make Great Britain a stronger, more resilient country and put more money into the pockets of working people.

    I am determined to go further and faster to get our economy growing. By directing tens of billions of pounds into the UK’s industrial strengths, we’ll deliver the high-skilled, high-paid jobs of the future in every corner of the country.

    Since July last year, the National Wealth Fund has unlocked 9,900 jobs and nearly £1.8 billion of private investment in growth-driving industries like green energy and technology. 

    Investment has already started flowing into priority sectors including £55 million for Connected Kerb to increase coverage of EV charging networks and a £28.6 million investment into Cornish Metals. 

    The Chancellor’s strategic steer comes as a new £9.6 million National Wealth Fund investment was announced today for Solihull Council to improve the area’s heating infrastructure and reduce bills, providing low carbon heating, hot water and power to town centre buildings. 

    To lead this new chapter for the UK’s flagship public investor, the Government has also launched a recruitment campaign for the National Wealth Fund’s next CEO. 

    John Flint will step down from the role of CEO in the summer after successfully seeing through the National Wealth Fund’s transition from the UK Infrastructure Bank. 

    The Chancellor will also establish a new UK Strategic Public Investment Forum joining up the UK’s leading policymakers and public financial institutions including the CEOs of the National Wealth Fund, British Business Bank, UK Export Finance, Homes England, Innovate UK, and Great British Energy and The Crown Estate. 

    The forum – the first of its kind – will cooperate on delivering investments to the priority areas set out by the Chancellor and will be tasked with ensuring the Government is getting maximum impact for its investments.  

    Stemming from this, the National Wealth Fund will work closely with Great British Energy to support its quick establishment as a publicly owned clean energy company that will boost Britain’s energy security making it a clean energy superpower, lower bills, create jobs, and grow the economy.

    Investing in homegrown clean energy industries is an essential part of the government’s drive to replace the UK’s dependency on fossil fuel markets controlled by petrostates and dictators with clean, homegrown power.

    Secretary of State for Energy Security and Net Zero, Rt Hon Ed Miliband MP, said:

    Clean power is the economic opportunity of the 21st century – and through the National Wealth Fund we will seize this opportunity to invest in British industries and workers.

    We are delivering our clean energy superpower mission to make our country energy secure and deliver the good jobs that the British people deserve.

    More details on Great British Energy’s developer mandate have also been released today.

    The partnership between Great British Energy and the National Wealth Fund will see the former bringing project development expertise as well as investment, and the latter providing finance, a model already being deployed in Japan and Denmark. 

    Harnessing private investment via the National Wealth Fund is part of the Government’s wider efforts to kickstart economic growth and deliver a new era of security and renewal through our Plan for Change. 

    Cutting red tape so major infrastructure projects can progress, removing unnecessary hurdles in the planning system so more homes can be built, and progressing new economic partnerships with international partners like Japan and India is part of the work being undertaken to grow the economy and put more money in people’s pockets.

    More information

    Updates to this page

    Published 19 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Medical bill set for LegCo

    Source: Hong Kong Information Services

    A bill allowing patients to accept physiotherapy and occupational therapy without a doctor’s referral under specified circumstances and enabling allied health professionals to accept referrals from Chinese medicine practitioners will be published in the Gazette on March 21.

    Announcing the move today, the Government said the Medical Professions (Amendment) Bill 2025 is scheduled for the first reading at the Legislative Council on March 26 following its gazettal.

    Noting that “supplementary medical professions” has been used for over 40 years since the enactment of the Supplementary Medical Professions Ordinance in 1980, the Government said the bill will rename the term as “allied health professions” in view of the increasingly important and specialised roles of five professions in Hong Kong’s healthcare system.

    To address the challenges to the healthcare system posed by an ageing population and the increasing prevalence of chronic diseases, the Government also encouraged citizens to seek early medical intervention for common illnesses, noting that allowing patients to access physiotherapy and occupational therapy direct is one of the key elements.

    The bill sets out three circumstances under which patients may seek these therapy services directly without a doctor’s referral.

    People may seek services directly from physiotherapists (PTs) and occupational therapists (OTs) for health conditions covered by recognised clinical protocols, and the PTs and OTs must adhere to the recognised clinical protocols at all times.

    Patients may also seek direct physiotherapy or occupational therapy services for health conditions diagnosed by a registered doctor or Chinese medicine practitioners (CMP) within the past 12 months without obtaining a new referral letter each time.

    Alternatively, PTs and OTs may provide direct services to patients without a doctor’s referral in emergency or other situations and community services approved by the Medical Professions Council, which will be renamed as the Allied Health Professions Council. Details of the designated situations will be set out in the two professional codes of practice issued by the council.

    To further Chinese medicine as a constituent part of the healthcare system, the bill provides a legal framework for allied health professionals to accept referrals from CMPs under suitable conditions.

    The Chinese medicine profession and allied health professions must reach a consensus on professional standards regarding knowledge, skills, professional competencies and conduct to formulate implementation details and update the relevant codes of practice.

    In view of the practical clinical and operational needs of the Chinese Medicine Hospital of Hong Kong, the bill also allows relevant allied health professionals to accept referrals from CMPs within the hospital, supporting its phased commencement of services from the end of this year.

    Additionally, a new limited registration pathway is proposed to admit qualified non-locally trained allied health professionals to practise in designated institutions within their specialised fields on the premise of not compromising professional standards.

    Applications will be subject to approval by the Allied Health Professions Council. The designated institutions include Department of Health, Hospital Authority, Primary Healthcare Commission, Chinese Medicine Hospital and institutions offering allied health profession training programmes.

    The council may impose conditions on an applicant’s practice to confine them to a specific scope of practice. Allied health professionals under limited registration will not be eligible for migration to full registration.

    Meanwhile, the Government has proposed a new temporary registration pathway to enable non-locally trained allied health professionals to come to Hong Kong for academic exchanges and clinical demonstrations. A temporary registration will be valid for no more than 14 days and is not renewable.

    The bill’s other amendments include the introduction of continuing professional development as a mandatory requirement for allied health professionals and changes to the composition and structure of the aforesaid council and its five constituent boards to better regulate the professions and promote cross-disciplinary collaboration.

    Also included are technical amendments, such as extending the validity of the existing practising certificates to three years and adjusting various fees under the Supplementary Medical Professions Ordinance.

    MIL OSI Asia Pacific News –

  • MIL-OSI: GDS Holdings Limited Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, China, March 19, 2025 (GLOBE NEWSWIRE) — GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

    DayOne Data Centers Limited (“DayOne”), previously known as GDS International or GDSI, completed and closed its Series B equity raise on December 31, 2024. At closing, GDS’s equity interest in DayOne was diluted from 52.7% to 35.6%. Accordingly, GDS deconsolidated DayOne as a subsidiary and recognized DayOne as an equity investee. In the consolidated financial statements for the quarter and year ended December 31, 2024, DayOne’s operational results and cash flows have been excluded from the Company’s financial results from continuing operations and have been separately itemized under discontinued operations. Retrospective adjustments to the historical statements of operations and cash flows have also been made to provide a consistent basis of comparison for the financial results. Furthermore, retrospective adjustments were made to categorize and label DayOne’s assets and liabilities as “assets or liabilities of discontinued operations” on balance sheets for the comparative periods. Additionally, DayOne’s operating metrics have also been excluded from the Company’s operating metrics and have been separately itemized under discontinued operations.

    Fourth Quarter 2024 Financial Highlights For Continuing Operations

    • Net revenue increased by 9.1% year-over-year (“Y-o-Y”) to RMB2,690.7 million (US$368.6 million) in the fourth quarter of 2024 (4Q2023: RMB2,465.3 million).
    • Net loss from continuing operations was RMB173.4 million (US$23.8 million) in the fourth quarter of 2024 (4Q2023: RMB3,074.6 million).
    • Adjusted EBITDA (non-GAAP) increased by 13.9% Y-o-Y to RMB1,297.7 million (US$177.8 million) in the fourth quarter of 2024 (4Q2023: RMB1,139.2 million). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.
    • Adjusted EBITDA margin (non-GAAP) was 48.2% in the fourth quarter of 2024 (4Q2023: 46.2%).

    Full Year 2024 Financial Highlights For Continuing Operations

    • Net revenue increased by 5.5% Y-o-Y to RMB10,322.1 million (US$1,414.1 million) in 2024 (2023: RMB9,782.4 million).
    • Net loss from continuing operations was RMB770.9 million (US$105.6 million) in 2024 (2023: RMB3,926.0 million).
    • Adjusted EBITDA (non-GAAP) increased by 3.0% Y-o-Y to RMB4,876.4 million (US$668.1 million) in 2024 (2023: RMB4,733.0 million). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.
    • Adjusted EBITDA margin (non-GAAP) was 47.2% in 2024 (2023: 48.4%).

    Fourth Quarter and Full Year 2024 Operating Highlights For Continuing Operations

    • Total area committed and pre-committed increased by 1.8% Y-o-Y to 629,997 sqm as of December 31, 2024 (December 31, 2023: 618,942 sqm).
    • Area utilized increased by 11.8% Y-o-Y to 453,094 sqm as of December 31, 2024 (December 31, 2023: 405,302 sqm).
    • Utilization rate for area in service was 73.8% as of December 31, 2024 (December 31, 2023: 73.9%).

    “In 2024, we executed our business strategy in a disciplined way,” stated Mr. William Huang, Chairman and CEO of GDS. “We focused on backlog delivery while being selective on new commitments. At the same time, we made significant progress with our asset monetisation program with first ever data center ABS issue in China. Looking forward, we are well positioned strategically and financially to capture new business opportunities arising from AI.”

    Fourth Quarter 2024 Financial Results For Continuing Operations

    Net revenue in the fourth quarter of 2024 was RMB2,690.7 million (US$368.6 million), a 9.1% increase over the same period last year of RMB2,465.3 million. The Y-o-Y increase was mainly due to continued ramp-up of our data centers.

    Cost of revenue in the fourth quarter of 2024 was RMB2,112.5 million (US$289.4 million), a 3.9% increase over the same period last year of RMB2,032.4 million. The Y-o-Y increase was in line with the continued growth of our business.

    Gross profit was RMB578.1 million (US$79.2 million) in the fourth quarter of 2024, a 33.5% increase over the same period last year of RMB432.9 million.

    Gross profit margin was 21.5% in the fourth quarter of 2024, compared with 17.6% in the same period last year. The Y-o-Y increase was mainly due to a lower level of depreciation and amortization costs as percentage of net revenue as the data centers continue to ramp up.

    Adjusted Gross Profit (“Adjusted GP”) (non-GAAP) is defined as gross profit excluding depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and share-based compensation expenses allocated to cost of revenue. Adjusted GP was RMB1,396.7 million (US$191.3 million) in the fourth quarter of 2024, an 11.8% increase over the same period last year of RMB1,249.3 million. See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.

    Adjusted GP margin (non-GAAP) was 51.9% in the fourth quarter of 2024, compared with 50.7% in the same period last year. The Y-o-Y increase was mainly due to a lower level of cash cost components as percentage of net revenue.

    Selling and marketing expenses, excluding share-based compensation expenses of RMB6.9 million (US$0.9 million), were RMB23.7 million (US$3.2 million) in the fourth quarter of 2024, a 4.1% decrease over the same period last year of RMB24.7 million (excluding share-based compensation of RMB9.3 million). The Y-o-Y decrease was mainly due to less marketing activities.

    General and administrative expenses, excluding share-based compensation expenses of RMB55.9 million (US$7.7 million), depreciation and amortization expenses of RMB79.0 million (US$10.8 million) and operating lease cost relating to prepaid land use rights of RMB15.6 million (US$2.1 million), were RMB108.5 million (US$14.9 million) in the fourth quarter of 2024, a 3.3% increase over the same period last year of RMB105.1 million (excluding share-based compensation expenses of RMB35.8 million, depreciation and amortization expenses of RMB88.9 million and operating lease cost relating to prepaid land use rights of RMB16.6 million). The Y-o-Y increase was due to an increase in corporate activities as business continues to grow.

    Research and development costs were RMB6.9 million (US$0.9 million) in the fourth quarter of 2024, compared with RMB12.8 million in the same period last year.

    Impairment losses of long-lived assets was zero in the fourth quarter of 2024, compared with RMB3,013.4 million in the same period last year.

    Net interest expenses for the fourth quarter of 2024 were RMB458.7 million (US$62.8 million), a 1.8% increase over the same period last year of RMB450.7 million. The Y-o-Y increase was mainly due to a higher level of total borrowings.

    Foreign currency exchange gain for the fourth quarter of 2024 was RMB8.1 million (US$1.1 million), compared with a loss of RMB6.0 million in the same period last year.

    Others, net for the fourth quarter of 2024 was RMB29.7 million (US$4.1 million), compared with RMB30.3 million in the same period last year.

    Income tax expenses for the fourth quarter of 2024 were RMB34.1 million (US$4.7 million), compared with income tax benefits of RMB225.3 million in the same period last year.

    Net loss from continuing operations in the fourth quarter of 2024 was RMB173.4 million (US$23.8 million), compared with RMB3,074.6 million in the same period last year.

    Adjusted EBITDA (non-GAAP) is defined as net income (loss) excluding income (loss) from discontinued operations, net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, gain from purchase price adjustment and impairment losses of long-lived assets. Adjusted EBITDA was RMB1,297.7 million (US$177.8 million) in the fourth quarter of 2024, a 13.9% increase over the same period last year of RMB1,139.2 million.

    Adjusted EBITDA margin (non-GAAP) was 48.2% in the fourth quarter of 2024, compared with 46.2% in the same period last year. The Y-o-Y increase was mainly due to a lower level of cash cost components as percentage of net revenue and a decrease in corporate expenses as percentage of net revenue.

    Full Year 2024 Financial Results For Continuing Operations

    Net revenue in 2024 was RMB10,322.1 million (US$1,414.1 million), a 5.5% increase from RMB9,782.4 million in 2023, or a 6.3% increase excluding previously disclosed one-time items in 2023.

    Cost of revenue in 2024 was RMB8,099.4 million (US$1,109.6 million), a 3.4% increase from RMB7,831.2 million in 2023.

    Gross profit was RMB2,222.6 million (US$304.5 million) in 2024, a 13.9% increase from RMB1,951.2 million in 2023. Gross profit margin was 21.5% in 2024, compared with 19.9% in 2023.

    Selling and marketing expenses, excluding share-based compensation expenses of RMB25.0 million (US$3.4 million), were RMB91.4 million (US$12.5 million) in 2024, a 5.9% decrease from RMB97.1 million (excluding share-based compensation of RMB43.8 million) in 2023.

    General and administrative expenses, excluding share-based compensation expenses of RMB165.6 million (US$22.7 million), depreciation and amortization expenses of RMB291.7 million (US$40.0 million) and operating lease cost relating to prepaid land use rights of RMB65.3 million (US$8.9 million), were RMB395.3 million (US$54.2 million) in 2024, a 13.9% increase from RMB347.1 million (excluding share-based compensation expenses of RMB162.9 million, depreciation and amortization expenses of RMB387.8 million and operating lease cost relating to prepaid land use rights of RMB68.2 million) in 2023.

    Research and development costs were RMB36.3 million (US$5.0 million) in 2024, compared with RMB38.2 million in 2023.

    Impairment losses of long-lived assets was zero in 2024, compared with RMB3,013.4 million in 2023.

    Net interest expenses were RMB1,834.9 million (US$251.4 million) in 2024, a 0.4% decrease from RMB1,842.5 million in 2023.

    Others, net was RMB49.1 million (US$6.7 million) in 2024, compared with RMB109.7 million in 2023.

    Net loss from continuing operations was RMB770.9 million (US$105.6 million) in 2024, compared with RMB3,926.0 million in 2023.

    Adjusted EBITDA (non-GAAP) was RMB4,876.4 million (US$668.1 million) in 2024, a 3.0% increase from RMB4,733.0 million in 2023, or a 5.1% increase excluding previously disclosed one-time items in 2023.

    Adjusted EBITDA margin (non-GAAP) was 47.2% in 2024, compared with 48.4% in 2023, or 47.8% excluding previously disclosed one-time items in 2023.

    Fourth Quarter and Full Year 2024 Financial Results for Discontinued Operations

    Net revenue was RMB443.4 million (US$60.7 million) in the fourth quarter of 2024, a 331.1% increase from RMB102.9 million in the same period last year. For the full year 2024, net revenue was RMB1,262.1 million (US$172.9 million), a 618.2% increase from RMB175.7 million in 2023.

    Loss from operations of discontinued operations, net of income taxes in the fourth quarter of 2024 was RMB190.5 million (US$26.1 million), compared with RMB90.0 million in the same period last year. Loss from operations of discontinued operations, net of income taxes in 2024 was RMB400.8 million (US$54.9 million), compared with RMB359.4 million in 2023.

    Adjusted EBITDA (non-GAAP) for discontinued operations is defined as loss from operations of discontinued operations, net of income taxes excluding net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs. Adjusted EBITDA (non-GAAP) was RMB109.7 million (US$15.0 million) in the fourth quarter of 2024, compared with RMB3.8 million in the same period last year. For the full year 2024, Adjusted EBITDA (non-GAAP) was RMB332.3 million (US$45.5 million), compared with negative RMB98.5 million in 2023.

    Adjusted EBITDA margin (non-GAAP) was 24.7% in the fourth quarter of 2024, compared with 3.7% in the same period last year. For the full year 2024, adjusted EBITDA margin (non-GAAP) was 26.3% compared with negative 56.1% in 2023.

    Gain on Deconsolidation of Subsidiaries

    Gain on deconsolidation of subsidiaries in the fourth quarter of 2024 and full year of 2024 was RMB4,475.5 million (US$613.1 million), arising from the difference between the aggregate of the fair value of retained non-controlling equity interest and the carrying amount of equity interest owned by other investors in former subsidiaries at the date of deconsolidation, and the carrying amount of the deconsolidated subsidiaries’ assets and liabilities.

    Net Income

    Net income in the fourth quarter of 2024 was RMB4,111.6 million (US$563.3 million), compared with a net loss of RMB3,164.6 million in the same period last year.

    Net income was RMB3,303.8 million (US$452.6 million) in 2024, compared with a net loss of RMB4,285.4 million in 2023.

    Basic and diluted income per ordinary share in the fourth quarter of 2024 was RMB2.81 (US$0.39), compared with loss of RMB2.16 in the same period last year.

    Basic and diluted income per American Depositary Share (“ADS”) in the fourth quarter of 2024 was RMB22.51 (US$3.08), compared with loss of RMB17.30 in the same period last year.

    Basic and diluted income per ordinary share was RMB2.29 (US$0.31) in 2024, compared with loss of RMB2.96 in 2023.

    Basic and diluted income per ADS was RMB18.28 (US$2.50) in 2024, compared with loss of RMB23.67 in 2023.

    Liquidity for GDS Excluding DayOne

    GDS deconsolidated DayOne as a subsidiary on December 31, 2024. As a result, the following financial information excludes DayOne’s assets and liabilities.

    As of December 31, 2024, cash was RMB7,867.7 million (US$1,077.9 million).

    Total short-term debt was RMB4,978.4 million (US$682.0 million), comprised of short-term borrowings and the current portion of long-term borrowings of RMB4,341.6 million (US$594.8 million), the current portion of convertible bonds payable of RMB575 thousand (US$79 thousand) and the current portion of finance lease and other financing obligations of RMB636.2 million (US$87.2 million). Total long-term debt was RMB38,084.2 million (US$5,217.5 million), comprised of long-term borrowings (excluding current portion) of RMB21,906.0 million (US$3,001.1 million), the non-current portion of convertible bonds payable of RMB8,576.6 million (US$1,175.0 million) and the non-current portion of finance lease and other financing obligations of RMB7,601.7 million (US$1,041.4 million).

    During the fourth quarter of 2024, the Company obtained new debt financing and refinancing facilities of RMB960.0 million (US$131.5 million) for continuing operations.

    During the full year of 2024, the Company obtained new debt financing and refinancing facilities of RMB5,734.0 million (US$785.5 million) for continuing operations.

    Liquidity For DayOne

    As of December 31, 2024, upon deconsolidation, cash was RMB9,930.9 million (US$1,360.5 million). Total gross debt, including borrowings and finance lease and other financing obligations, was RMB10,417.6 million (US$1,427.2 million).

    Fourth Quarter and Full Year 2024 Operating Results For Continuing Operations

    Sales

    Total area committed and pre-committed at the end of the fourth quarter of 2024 was 629,997 sqm, compared with 618,942 sqm at the end of the fourth quarter of 2023 and 626,783 sqm at the end of the third quarter of 2024, an increase of 1.8% Y-o-Y and 0.5% quarter-over-quarter (“Q-o-Q”), respectively. In the fourth quarter of 2024, gross additional total area committed was 9,387 sqm, mainly contributed by data centers in Shanghai. Net additional total area committed was 3,214 sqm. In the full year of 2024, gross additional total area committed was 49,452 sqm, and net additional total area committed was 11,055 sqm.

    Data Center Resources

    Area in service at the end of the fourth quarter of 2024 was 613,583 sqm, compared with 548,352 sqm at the end of the fourth quarter of 2023 and 595,606 sqm at the end of the third quarter of 2024, an increase of 11.9% Y-o-Y and 3.0% Q-o-Q. In the fourth quarter of 2024, net additional area in service for China was 17,977 sqm, mainly from data centers in Changshu, Langfang and Huizhou.

    Area under construction at the end of the fourth quarter of 2024 was 102,691 sqm, compared with 151,602 sqm at the end of the fourth quarter of 2023 and 120,422 sqm at the end of the third quarter of 2024, a decrease of 32.3% Y-o-Y and 14.7% Q-o-Q, respectively.

    Commitment rate for area in service was 91.9% at the end of the fourth quarter of 2024, compared with 92.5% at the end of the fourth quarter of 2023 and 92.1% at the end of the third quarter of 2024. Pre-commitment rate for area under construction was 64.1% at the end of the fourth quarter of 2024, compared with 73.8% at the end of the fourth quarter of 2023 and 65.1% at the end of the third quarter of 2024.

    Move-In

    Area utilized at the end of the fourth quarter of 2024 was 453,094 sqm, compared with 405,302 sqm at the end of the fourth quarter of 2023 and 438,654 sqm at the end of the third quarter of 2024, an increase of 11.8% Y-o-Y and 3.3% Q-o-Q. In the fourth quarter of 2024, gross additional area utilized was 16,390 sqm, mainly contributed by data centers in Langfang, Huizhou and Shanghai. Net additional area utilized was 14,440 sqm. In the full year of 2024, gross additional area utilized was 79,431 sqm, and net additional area utilized was 47,792 sqm.

    Utilization rate for area in service was 73.8% at the end of the fourth quarter of 2024, compared with 73.9% at the end of the fourth quarter of 2023 and 73.6% at the end of the third quarter of 2024.

    Fourth Quarter and Full Year 2024 Operating Results for Discontinued Operations

    Total power committed was 469 MW as of December 31, 2024, an increase from 433 MW as of September 30, 2024. The contribution was mainly from the two sites in Johor, Malaysia.

    Power Capacity in Service was 132 MW as of December 31, 2024, compared to 131 MW as of September 30, 2024. Power Capacity Under Construction was 369 MW as of December 31, 2024, an increase from 320 MW as of September 30, 2024. This increase was primarily driven by the progress of two new data centers under construction in Johor sites.

    Power utilized was 123 MW as of December 31, 2024, an increase from 105 MW as of September 30, 2024. Utilization Rate was 93.6% as of December 31, 2024.

    Recent Development

    Reference is made to the Company’s press release on March 10, 2025 where it announced that it has entered into definitive agreements to monetize, on a net basis, a 70% equity interest in certain of its data centers, at an implied enterprise value (“EV”) to EBITDA multiple of around 13 times. In such transaction, GDS is selling a 100% equity interest in certain data center project companies to a purchaser which is special purpose vehicle involving the issue of an Asset Backed Security (“ABS”). The ABS is 70% subscribed by top tier institutional investors in China, led by China Life Insurance Company Limited (“China Life”), whilst GDS subscribes for the remaining 30% and retains the rights for on-going operation of the underlying data centers. The ABS will be registered on the Shanghai Stock Exchange as a privately-held standardized security product. The ABS is specifically designed to facilitate an eventual injection into a public REIT vehicle (commonly referred to as “C-REIT”) for public offering and listing in the future, when certain qualification requirements under the ABS scheme are satisfied. Notwithstanding the above, such potential injection remains subject to, among other things, the satisfaction of relevant regulatory and disclosure requirements (including but not limited to the Hong Kong Listing Rules requirement on spin-off listing) and there is currently no concrete or definitive plan in this regard.

    Business Outlook For Continuing Operations

    For the full year of 2025, the Company expects its total revenues to be between RMB11,290 million to RMB11,590 million, implying a year-on-year increase of between approximately 9.4% to 12.3%; and its Adjusted EBITDA to be between RMB5,190 million to RMB5,390 million, implying a year-on-year increase of between approximately 6.4% to 10.5%. In addition, the Company expects capex to be around RMB4,300 million for the full year of 2025.

    This forecast assumes completion of the ABS transaction and deconsolidation of the underlying data center project companies. However, the gain on sale is not included in Adjusted EBITDA.

    This forecast reflects the Company’s preliminary view on the current business situation and market conditions, which are subject to change.

    Conference Call

    Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on March 19, 2025 (8:00 p.m. Beijing Time on March 19, 2025) to discuss financial results and answer questions from investors and analysts.

    Participants should complete online registration using the link provided below at least 15 minutes before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.

    Participant Online Registration:
    https://register-conf.media-server.com/register/BI4cc739e1f3c748ffa22f7df4125e5079

    A live and archived webcast of the conference call will be available on the Company’s investor relations website at investors.gds-services.com.

    Non-GAAP Disclosure

    Our management and board of directors use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP and Adjusted GP margin, which are non-GAAP financial measures, to evaluate our operating performance, establish budgets and develop operational goals for managing our business. We believe that the exclusion of the income and expenses eliminated in calculating Adjusted EBITDA and Adjusted GP can provide useful and supplemental measures of our core operating performance. In particular, we believe that the use of Adjusted EBITDA as a supplemental performance measure captures the trend in our operating performance by excluding from our operating results the impact of our capital structure (primarily interest expense), asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and impairment losses of long-lived assets), other non-cash expenses (primarily share-based compensation expenses), and other income and expenses which we believe are not reflective of our operating performance, whereas the use of adjusted gross profit as a supplemental performance measure captures the trend in gross profit performance of our data centers in service by excluding from our gross profit the impact of asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs) and other non-cash expenses (primarily share-based compensation expenses) included in cost of revenue. In addition, we exclude the income (loss) from discontinued operation from our Adjusted EBITDA and Adjusted EBITDA margin to measure our financial performance from continuing operations, which will be consistent with our future financial performance disclosure.

    We note that depreciation and amortization is a fixed cost which commences as soon as each data center enters service. However, it usually takes several years for new data centers to reach high levels of utilization and profitability. The Company incurs significant depreciation and amortization costs for its early stage data center assets. Accordingly, gross profit, which is a measure of profitability after taking into account depreciation and amortization, does not accurately reflect the Company’s core operating performance.

    We also present these non-GAAP measures because we believe these non-GAAP measures are frequently used by securities analysts, investors and other interested parties as measures of the financial performance of companies in our industry.

    These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operations and cash flow data prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures instead of their nearest GAAP equivalent. First, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP, and Adjusted GP margin are not substitutes for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. Second, other companies may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of these non-GAAP financial measures as tools for comparison. Finally, these non-GAAP financial measures do not reflect the impact of income (loss) from discontinued operations, net interest expenses, incomes tax benefits (expenses), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, gain from purchase price adjustment and impairment losses of long-lived assets, each of which have been and may continue to be incurred in our business.

    We mitigate these limitations by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We do not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, share-based compensation and net income (loss); the impact of such data and related adjustments can be significant. As a result, we are not able to provide a reconciliation of forward-looking U.S. GAAP to forward-looking non-GAAP financial measures without unreasonable effort. Such forward-looking non-GAAP financial measures include the forecast for Adjusted EBITDA in the section captioned “Business Outlook For Continuing Operations” set forth in this press release.

    For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this press release.

    Exchange Rate

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

    Statement Regarding Preliminary Unaudited Financial Information

    The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information.

    About GDS Holdings Limited

    GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) is a leading developer and operator of high-performance data centers in China. The Company’s facilities are strategically located in and around primary economic hubs where demand for high-performance data center services is concentrated. The Company’s data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. GDS is carrier and cloud-neutral, which enables its customers to access the major telecommunications networks, as well as the largest PRC and global public clouds, which are hosted in many of its facilities. The Company offers co-location and a suite of value-added services, including managed hybrid cloud services through direct private connection to leading public clouds, managed network services, and, where required, the resale of public cloud services. The Company has a 24-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company’s customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations. The Company also holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited which develops and operates data centers in International markets.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “guidance,” “intend,” “is/are likely to,” “may,” “ongoing,” “plan,” “potential,” “target,” “will,” and similar statements. Among other things, statements that are not historical facts, including statements about GDS Holdings’ beliefs and expectations regarding the growth of its businesses and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement, as well as GDS Holdings’ strategic and operational plans, are or contain forward-looking statements. GDS Holdings may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) on Forms 20-F and 6-K, in its current, interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause GDS Holdings’ actual results or financial performance to differ materially from those contained in any forward-looking statement, including but not limited to the following: GDS Holdings’ goals and strategies; GDS Holdings’ future business development, financial condition and results of operations; the expected growth of the market for high-performance data centers, data center solutions and related services in China and regions in which GDS’ major equity investees operate, such as South East Asia; GDS Holdings’ expectations regarding demand for and market acceptance of its high-performance data centers, data center solutions and related services; GDS Holdings’ expectations regarding building, strengthening and maintaining its relationships with new and existing customers; the results of operations, growth prospects, financial condition, regulatory environment, competitive landscape and other uncertainties associated with the business and operations of our significant equity investee DayOne; the continued adoption of cloud computing and cloud service providers in China and other major markets that may impact the results of our equity investees, such as South East Asia; risks and uncertainties associated with increased investments in GDS Holdings’ business and new data center initiatives; risks and uncertainties associated with strategic acquisitions and investments; GDS Holdings’ ability to maintain or grow its revenue or business; fluctuations in GDS Holdings’ operating results; changes in laws, regulations and regulatory environment that affect GDS Holdings’ business operations and those of its major equity investees; competition in GDS Holdings’ industry in China and in markets that affect the business of our major equity investees, such as South East Asia; security breaches; power outages; and fluctuations in general economic and business conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in GDS Holdings’ filings with the SEC, including its annual report on Form 20-F, and with the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release and are based on assumptions that GDS Holdings believes to be reasonable as of such date, and GDS Holdings does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For investor and media inquiries, please contact:

    GDS Holdings Limited
    Laura Chen
    Phone: +86 (21) 2029-2203
    Email: ir@gds-services.com

    Piacente Financial Communications
    Ross Warner
    Phone: +86 (10) 6508-0677
    Email: GDS@tpg-ir.com

    Brandi Piacente
    Phone: +1 (212) 481-2050
    Email: GDS@tpg-ir.com

    GDS Holdings Limited

    GDS HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
     
        As of December 31, 2023 As of December 31, 2024
        RMB RMB US$
             
      Assets      
    Current assets      
      Cash 7,354,809   7,867,659   1,077,865  
      Accounts receivable, net of allowance for credit losses 2,493,059   3,021,956   414,006  
      Value-added-tax (“VAT”) recoverable 214,385   240,506   32,949  
      Prepaid expenses and other current assets 483,833   482,950   66,164  
      Current assets of discontinued operations 437,567   0   0  
      Total current assets 10,983,653   11,613,071   1,590,984  
             
    Non-current assets      
      Long-term investments in equity investees 7,298   7,544,555   1,033,600  
      Property and equipment, net 40,098,423   40,204,133   5,507,944  
      Prepaid land use rights, net 22,388   21,774   2,983  
      Operating lease right-of-use assets 5,310,723   5,193,408   711,494  
      Goodwill and intangible assets, net 6,574,669   6,367,493   872,343  
      Other non-current assets 2,538,542   2,704,194   370,473  
      Non-current assets of discontinued operations 8,910,994   0   0  
      Total non-current assets 63,463,037   62,035,557   8,498,837  
      Total assets 74,446,690   73,648,628   10,089,821  
             
      Liabilities, Mezzanine Equity and Equity      
    Current liabilities      
      Short-term borrowings and current portion of long-term borrowings 2,582,350   4,341,649   594,803  
      Convertible bonds payable, current 0   575   79  
      Accounts payable 2,749,896   2,593,305   355,281  
      Accrued expenses and other payables 1,265,259   1,389,072   190,302  
      Operating lease liabilities, current 132,811   117,345   16,076  
      Finance lease and other financing obligations, current 547,847   636,152   87,152  
      Current liabilities of discontinued operations 1,027,313   0   0  
      Total current liabilities 8,305,476   9,078,098   1,243,693  
             
    Non-current liabilities      
      Long-term borrowings, excluding current portion 23,088,055   21,905,985   3,001,108  
      Convertible bonds payable, non-current 8,434,766   8,576,583   1,174,987  
      Operating lease liabilities, non-current 1,344,264   1,279,726   175,322  
      Finance lease and other financing obligations, non-current 7,894,185   7,601,651   1,041,422  
      Other long-term liabilities 1,586,012   1,537,952   210,699  
      Non-current liabilities of discontinued operations 3,670,129   0   0  
      Total non-current liabilities 46,017,411   40,901,897   5,603,538  
      Total liabilities 54,322,887   49,979,995   6,847,231  
             
    Mezzanine equity      
      Redeemable preferred shares 1,064,766   1,080,656   148,049  
      Total mezzanine equity 1,064,766   1,080,656   148,049  
             
    GDS Holdings Limited shareholders’ equity      
      Ordinary shares 516   527   72  
      Additional paid-in capital 29,337,095   29,596,268   4,054,672  
      Accumulated other comprehensive loss (974,393 ) (1,094,377 ) (149,929 )
      Accumulated deficit (9,469,758 ) (6,044,372 ) (828,075 )
      Total GDS Holdings Limited shareholders’ equity 18,893,460   22,458,046   3,076,740  
    Non-controlling interests 165,577   129,931   17,801  
      Total equity 19,059,037   22,587,977   3,094,541  
             
      Total liabilities, mezzanine equity and equity 74,446,690   73,648,628   10,089,821  
                   
    GDS HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
    except for number of shares and per share data)
     
        Three months ended   Year ended  
        December 31, 2023 September 30, 2024 December 31, 2024   December 31, 2023 December 31, 2024
        RMB RMB RMB US$   RMB RMB US$
                       
    Net revenue                
    Service revenue 2,465,283   2,619,578   2,690,482   368,595     9,781,884   10,321,888   1,414,093  
    Equipment sales 0   0   180   25     564   180   25  
    Total net revenue 2,465,283   2,619,578   2,690,662   368,620     9,782,448   10,322,068   1,414,118  
    Cost of revenue (2,032,352 ) (2,061,995 ) (2,112,545 ) (289,417 )   (7,831,222 ) (8,099,439 ) (1,109,619 )
    Gross profit 432,931   557,583   578,117   79,203     1,951,226   2,222,629   304,499  
                       
    Operating expenses                
      Selling and marketing expenses (34,050 ) (32,356 ) (30,571 ) (4,188 )   (140,890 ) (116,440 ) (15,952 )
      General and administrative expenses (246,274 ) (211,392 ) (259,048 ) (35,490 )   (965,982 ) (917,877 ) (125,748 )
      Research and development expenses (12,800 ) (8,588 ) (6,862 ) (940 )   (38,159 ) (36,319 ) (4,976 )
      Impairment losses of long-lived assets (3,013,416 ) 0   0   0     (3,013,416 ) 0   0  
    (Loss) income from continuing operations (2,873,609 ) 305,247   281,636   38,585     (2,207,221 ) 1,151,993   157,823  
    Other income (expenses):              
      Net interest expenses (450,700 ) (463,327 ) (458,745 ) (62,848 )   (1,842,529 ) (1,834,851 ) (251,374 )
      Foreign currency exchange (loss) gain, net (5,991 ) 586   8,117   1,112     (1,573 ) 18,942   2,595  
      Others, net 30,347   5,001   29,727   4,072     109,729   49,057   6,721  
    Loss from continuing operations before income taxes (3,299,953 ) (152,493 ) (139,265 ) (19,079 )   (3,941,594 ) (614,859 ) (84,235 )
    Income tax benefits (expenses) 225,342   347   (34,144 ) (4,678 )   15,577   (156,053 ) (21,379 )
    Net loss from continuing operations (3,074,611 ) (152,146 ) (173,409 ) (23,757 )   (3,926,017 ) (770,912 ) (105,614 )
                       
    Discontinued operations                
      Loss from operations of discontinued operations, net of income taxes (90,033 ) (78,963 ) (190,491 ) (26,097 )   (359,376 ) (400,796 ) (54,909 )
      Gain on deconsolidation of subsidiaries 0   0   4,475,539   613,146     0   4,475,539   613,146  
    (Loss) income from discontinued operations (90,033 ) (78,963 ) 4,285,048   587,049     (359,376 ) 4,074,743   558,237  
                       
    Net (loss) income (3,164,644 ) (231,109 ) 4,111,639   563,292     (4,285,393 ) 3,303,831   452,623  
                       
    Net loss from continuing operations (3,074,611 ) (152,146 ) (173,409 ) (23,757 )   (3,926,017 ) (770,912 ) (105,614 )
    Net income from continuing operations attributable to non-controlling interests (1,676 ) (1,755 ) (1,268 ) (174 )   (5,026 ) (6,209 ) (851 )
    Net loss from continuing operations attributable to GDS Holdings Limited shareholders (3,076,287 ) (153,901 ) (174,677 ) (23,931 )   (3,931,043 ) (777,121 ) (106,465 )
                       
    (Loss) income from discontinued operations (90,033 ) (78,963 ) 4,285,048   587,049     (359,376 ) 4,074,743   558,237  
    Net loss from discontinued operations attributable to non-controlling interests 366   5,092   3,373   462     366   7,317   1,003  
    Net loss from discontinued operations attributable to redeemable non-controlling interests 0   35,432   75,550   10,350     0   120,447   16,501  
    Net (loss) income from discontinued operations attributable to GDS Holdings Limited shareholders (89,667 ) (38,439 ) 4,363,971   597,861     (359,010 ) 4,202,507   575,741  
                       
    Net (loss) income attributable to GDS Holdings Limited shareholders (3,165,954 ) (192,340 ) 4,189,294   573,930     (4,290,053 ) 3,425,386   469,276  
    Cumulative dividend on redeemable preferred shares (13,679 ) (13,618 ) (13,679 ) (1,874 )   (53,625 ) (54,232 ) (7,430 )
    Net (loss) income available to GDS Holdings Limited ordinary shareholders (3,179,633 ) (205,958 ) 4,175,615   572,056     (4,343,678 ) 3,371,154   461,846  
                       
    (Loss) income per ordinary share              
    Basic and diluted (2.16 ) (0.14 ) 2.81   0.39     (2.96 ) 2.29   0.31  
                       
    Weighted average number of ordinary share outstanding              
    Basic and diluted 1,469,982,015   1,476,130,132   1,484,083,188   1,484,083,188     1,468,187,956   1,475,079,754   1,475,079,754  
                                   
    GDS HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
     
      Three months ended   Year ended
      December 31, 2023 September 30, 2024 December 31, 2024   December 31, 2023 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Net (loss) income (3,164,644 ) (231,109 ) 4,111,639   563,292     (4,285,393 ) 3,303,831   452,623  
    Foreign currency translation adjustments, net of nil tax 117,674   538,739   (391,639 ) (53,654 )   (125,118 ) 74,741   10,239  
    Defined benefit plan, net of nil tax 0   0   (41 ) (6 )   0   (41 ) (6 )
    Amounts reclassified from accumulated other comprehensive loss 0   0   (96,957 ) (13,283 )   0   (96,957 ) (13,283 )
    Comprehensive (loss) income (3,046,970 ) 307,630   3,623,002   496,349     (4,410,511 ) 3,281,574   449,573  
    Comprehensive (income) loss attributable to non-controlling interests (1,678 ) (5,287 ) 6,631   908     (5,575 ) (1,076 ) (147 )
    Comprehensive (income) loss attributable to redeemable non-controlling interests 0   (107,365 ) 126,721   17,361     0   24,904   3,412  
    Comprehensive (loss) income attributable to GDS Holdings Limited shareholders (3,048,648 ) 194,978   3,756,354   514,618     (4,416,086 ) 3,305,402   452,838  
                                   
    GDS HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
     
      Three months ended   Year ended
      December
    31, 2023    		 September
    30, 2024    		 December 31, 2024   December 31,
    2023    		 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Net (loss) income (3,164,644 ) (231,109 ) 4,111,639   563,292     (4,285,393 ) 3,303,831   452,623  
    Net loss (income) from discontinued operations 90,033   78,963   (4,285,048 ) (587,049 )   359,376   (4,074,743 ) (558,237 )
    Depreciation and amortization 865,485   803,535   865,896   118,627     3,368,474   3,243,004   444,290  
    Amortization of debt issuance cost and debt discount 34,010   33,467   18,290   2,506     140,625   110,724   15,169  
    Share-based compensation expense 80,765   61,194   82,965   11,366     336,616   296,487   40,619  
    Impairment losses of long-lived assets 3,013,416   0   0   0     3,013,416   0   0  
    Others (202,637 ) (63,810 ) (29,703 ) (4,069 )   (187,844 ) (115,941 ) (15,884 )
    Changes in operating assets and liabilities 326,171   (42,362 ) 315,821   43,267     (385,994 ) (543,700 ) (74,487 )
    Net cash provided by operating activities from continuing operations 1,042,599   639,878   1,079,860   147,940     2,359,276   2,219,662   304,093  
    Net cash (used in) provided by operating activities from discontinued operations (93,209 ) 1,636   (150,554 ) (20,626 )   (294,019 ) (281,297 ) (38,538 )
    Net cash provided by operating activities 949,390   641,514   929,306   127,314     2,065,257   1,938,365   265,555  
                     
    Purchase of property and equipment and land use rights (282,591 ) (788,123 ) (381,382 ) (52,249 )   (3,175,406 ) (2,965,384 ) (406,256 )
    (Payments) receipts related to acquisitions and investments (396,051 ) 0   27,000   3,699     (1,339,639 ) 1,125,023   154,128  
    Net cash used in investing activities from continuing operations (678,642 ) (788,123 ) (354,382 ) (48,550 )   (4,515,045 ) (1,840,361 ) (252,128 )
    Net cash used in investing activities from discontinued operations (784,990 ) (2,110,682 ) (3,011,040 ) (412,511 )   (2,827,863 ) (6,920,177 ) (948,060 )
    Net cash used in investing activities (1,463,632 ) (2,898,805 ) (3,365,422 ) (461,061 )   (7,342,908 ) (8,760,538 ) (1,200,188 )
                     
    Net cash (used in) provided by financing activities from continuing operations (271,778 ) (392,325 ) (612,447 ) (83,905 )   1,266,936   174,295   23,878  
    Net cash provided by financing activities from discontinued operations 958,799   2,334,112   11,441,448   1,567,472     2,892,824   16,883,042   2,312,967  
    Net cash provided by financing activities 687,021   1,941,787   10,829,001   1,483,567     4,159,760   17,057,337   2,336,845  
    Effect of exchange rate changes on cash and restricted cash 4,705   (28,109 ) (6,457 ) (885 )   154,302   (13,592 ) (1,862 )
                     
    Net increase (decrease) of cash and restricted cash 177,484   (343,613 ) 8,386,428   1,148,935     (963,589 ) 10,221,572   1,400,350  
    Cash and restricted cash at beginning of period 7,740,395   10,096,689   9,753,076   1,336,166     8,882,066   7,917,932   1,084,752  
    Reclassification as assets of disposal group classified as held for sale 53   0   0   0     (545 ) 0   0  
    Cash and restricted cash at end of period 7,917,932   9,753,076   18,139,504   2,485,101     7,917,932   18,139,504   2,485,102  
    Less: Cash and restricted cash of discontinued operations at end of period or deconsolidation date (420,610 ) (1,760,719 ) (10,045,974 ) (1,376,293 )   (420,610 ) (10,045,974 ) (1,376,293 )
    Cash and restricted cash of continuing operations at end of period 7,497,322   7,992,357   8,093,530   1,108,808     7,497,322   8,093,530   1,108,809  
                                   
    GDS HOLDINGS LIMITED
    RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
    except for percentage data)
     
      Three months ended   Year ended
      December 31,
    2023    		 September 30,
    2024    		 December 31, 2024   December 31, 2023 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Gross profit 432,931   557,583   578,117   79,203     1,951,226   2,222,629   304,499  
    Depreciation and amortization 775,122   731,630   786,869   107,801     2,974,546   2,947,444   403,798  
    Operating lease cost relating to prepaid land use rights 10,615   11,536   11,996   1,643     38,792   44,872   6,147  
    Accretion expenses for asset retirement costs 1,588   1,730   1,709   234     6,599   6,827   935  
    Share-based compensation expenses 29,066   20,549   18,002   2,466     116,467   92,402   12,659  
    Adjusted GP 1,249,322   1,323,028   1,396,693   191,347     5,087,630   5,314,174   728,038  
    Adjusted GP margin 50.7%   50.5%   51.9%   51.9%     52.0%   51.5%   51.5%  
                                   
    GDS HOLDINGS LIMITED
    RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
    except for percentage data)
     
      Three months ended   Year ended
      December 31, 2023 September 30, 2024 December 31, 2024   December 31, 2023 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Net (loss) income (3,164,644 ) (231,109 ) 4,111,639   563,292     (4,285,393 ) 3,303,831   452,623  
    Loss (income) from discontinued operations 90,033   78,963   (4,285,048 ) (587,049 )   359,376   (4,074,743 ) (558,237 )
    Net loss from continuing operations (3,074,611 ) (152,146 ) (173,409 ) (23,757 )   (3,926,017 ) (770,912 ) (105,614 )
    Net interest expenses 450,700   463,327   458,745   62,848     1,842,529   1,834,851   251,374  
    Income tax (benefits) expenses (225,342 ) (347 ) 34,144   4,678     (15,577 ) 156,053   21,379  
    Depreciation and amortization 865,485   803,535   865,896   118,627     3,368,474   3,243,004   444,290  
    Operating lease cost relating to prepaid land use rights 27,199   27,602   27,609   3,782     106,964   110,126   15,087  
    Accretion expenses for asset retirement costs 1,588   1,730   1,709   234     6,599   6,827   935  
    Share-based compensation expenses 80,765   61,194   82,965   11,366     336,616   296,487   40,619  
    Impairment losses of long-lived assets 3,013,416   0   0   0     3,013,416   0   0  
    Adjusted EBITDA 1,139,200   1,204,895   1,297,659   177,778     4,733,004   4,876,436   668,070  
    Adjusted EBITDA margin 46.2%   46.0%   48.2%   48.2%     48.4%   47.2%   47.2%  
    Additional Information for Discontinued Operations
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
     
      As of December
    31, 2023    		 As of December 31, 2024
      RMB RMB US$
    Property and equipment, net 7,401,071 16,646,191 2,280,519
    Cash 355,902 9,930,915 1,360,530
    Gross debt 5,169,734 (1) 10,417,647 1,427,212

    Note:

    1. Including amounts due to GDSH.
    Additional Information for Discontinued Operations Cont’d
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
    except for percentage data)
     
      Three months ended   Year ended
      December 31, 2023 September 30, 2024 December 31, 2024   December 31, 2023 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Net revenue 102,853   363,209   443,413   60,747     175,737   1,262,063   172,902  
    Cost of revenue (90,862)   (252,211)   (290,131)   (39,748)     (194,570)   (859,254)   (117,717)  
    Operating expenses (66,214)   (88,776)   (150,543)   (20,624)     (233,249)   (400,336)   (54,846)  
    (Loss) income from operations (54,223)   22,222   2,739   375     (252,082)   2,473   339  
    Other expenses, net (35,020)   (110,846)   (126,457)   (17,324)     (106,494)   (346,145)   (47,422)  
    Loss from operations of discontinued operations before income taxes (89,243)   (88,624)   (123,718)   (16,949)     (358,576)   (343,672)   (47,083)  
    Income tax (expenses) benefits (790)   9,661   (66,773)   (9,148)     (800)   (57,124)   (7,826)  
    Loss from operations of discontinued operations, net of income taxes (90,033)   (78,963)   (190,491)   (26,097)     (359,376)   (400,796)   (54,909)  
    Net interest expenses 42,060   76,069   102,991   14,110     107,286   280,652   38,449  
    Income tax expenses (benefits) 790   (9,661)   66,773   9,148     800   57,124   7,826  
    Depreciation and amortization 50,650   107,739   128,662   17,627     151,271   393,735   53,941  
    Operating lease cost relating to prepaid land use rights 295   0   1,778   244     1,290   1,782   244  
    Accretion expenses for asset retirement costs 52   0   (1)   0     206   (211)   (29)  
    Adjusted EBITDA 3,814   95,184   109,712   15,032     (98,523)   332,286   45,522  
    Adjusted EBITDA margin 3.7%   26.2%   24.7%   24.7%     (56.1)%   26.3%   26.3%  
                     
    Net cash (used in) provided by operating activities (93,209)   1,636   (150,554)   (20,626)     (294,019)   (281,297)   (38,538)  
    Net cash used in investing activities (784,990)   (2,110,682)   (3,011,040)   (412,511)     (2,827,863)   (6,920,177)   (948,060)  
    Net cash provided by financing activities 958,799   2,334,112   11,441,448   1,567,472     2,892,824   16,883,042   2,312,967  
                                   

    The MIL Network –

  • MIL-OSI: InitVerse 2nd Anniversary Celebration — Full Breakdown of 500,000 $INI, Limited NFTs, and Exclusive Benefits

    Source: GlobeNewswire (MIL-OSI)

    TORTOLA, British Virgin Islands, March 19, 2025 (GLOBE NEWSWIRE) — InitVerse, the next-generation Web3 SaaS platform, has rapidly expanded its footprint across nine countries, including Japan, Vietnam, France, Eastern Europe, the Middle East, Turkey, the Philippines, Indonesia, and Thailand. With over 20 localized Telegram and Discord communities, InitVerse now boasts a global user base exceeding 400,000 users.

    On March 17th, InitVerse celebrates its 2nd anniversary, marking an exciting Web3 carnival where technology, profitability, and exclusivity converge. To express gratitude to the global community, InitVerse is generously distributing 500,000 $INI tokens through various activities, including NFT minting, on-chain tasks, staking and mining, and community KOL recruitment. Each activity incorporates limited-edition elements and high-reward mechanisms, creating a thrilling event that blends innovation with financial rewards.

    This article will dive deep into the anniversary celebration, focusing on technological empowerment, revenue strategies, and effective participation methods, helping you seize this golden opportunity to achieve high returns at zero cost.

    Tech at the Core: How INIChain Redefines Blockchain with Privacy Computing and Dynamic Block Partitioning

    From its inception to the upcoming 2025 mainnet launch, INIChain has established a foundational privacy computing infrastructure. Coupled with the InitVerse SaaS platform, which provides streamlined developer tools, the ecosystem covers the entire lifecycle of blockchain application development—from core privacy infrastructure to rapid dApp deployment. Together, INIChain and InitVerse have built a comprehensive ecosystem catering to miners, developers, and blockchain builders. At the core of this vibrant InitVerse ecosystem lies INIChain’s innovative technology, transforming traditional Proof-of-Work (PoW) from an “energy-intensive competition” into a collaborative privacy-computing infrastructure. The recent 2nd-anniversary event prominently showcased these groundbreaking technical capabilities:

    1. TfhEVM: The “Invisibility Cloak” for Private Smart Contracts
      • Technology Overview: TfhEVM integrates Fully Homomorphic Encryption (TFHE) with Ethereum’s EVM, enabling real-time computations on encrypted data. Input data is transformed into randomized polynomial ciphertexts, ensuring results are verifiable without decrypting sensitive information.
      • Developer Advantages: Through the InitVerse SaaS platform, Ethereum developers can easily deploy or migrate dApps with just one click, significantly reducing costs while providing robust privacy protection.
    2. DDA Mechanism: The “Hash Power Regulator” for Miners
      • Dynamic Block Partitioning: Blocks are segmented into high-privacy blocks (requiring TFHE computation) and standard blocks (traditional PoW). High-privacy blocks offer higher rewards but have a higher computational barrier, whereas standard blocks enable participation from regular CPU miners.
      • VersaHash Algorithm: A more equitable mining approach that dynamically adjusts computational difficulty, ensuring balanced earnings across miners of varying capabilities.
      • Miner Rewards Model:
        • Base Reward: Each block consistently yields 727.39 $INI, distributed proportionally based on mining contributions.
        • Privacy Computing Bonus: Miners participating in high-privacy block validation receive an additional 15% reward boost.

    Earn 500,000 $INI Risk-Free: Events You Shouldn’t Miss!

    The anniversary event offers a series of mini-challenges that caters to users of all levels, allowing you to get high returns and unique rewards. Participate via the official event page.

    Event 1: Limited NFT Minting – Guaranteed 5 $INI for First 10,000 Participants + Exclusive Epic Cards!

    • Total Rewards: 50,000 $INI + Limited Edition INIBoo NFTs
    • Event Period: From March 17th to April 13th. Split into 4 batches, each batch lasting 7 days (the first batch ends on March 13th).
    • Participation Steps: Log in to the Candy platform → Complete verification → Select the batch → Pay 0.5 $INI → Mint NFT and claim $INI.

    How It Works:

    • Step-by-Step Participation:
      • Follow InitVerse on X, join the Telegram and Discord groups—this grants eligibility for a free NFT mint.
      • $INI back immediately — even after deducting the 0.5 $INI mint cost, yielding a net profit of 4.5 $INI per mint.
    • Guaranteed Earnings:
      Each mint directly returns rewards—every user will profit at least 4.5 $INI per NFT minted.
    • Scarcity and Benefits:
      • The NFT collection “INIBoo” is limited, featuring epic cards whose availability decreases daily.
      • NFT holders get perks such as merchandise, early testing access, whitelist airdrops, exclusive event tickets, VIP privileges, and governance rights, with benefits expanding alongside ecosystem growth.

    Event 2: Earn 10 $INI + Mining Rewards in 4 Easy Steps!

    • Prize Pool: 100,000 $INI
    • Event Window: March 28 – April 16 (UTC), limited to the first 10,000 participants.

    Step-by-Step Guide:

    1. Follow the InitVerse X account and retweet the pinned tweet.
    2. Join the Telegram and Discord communities.
    3. Perform 10 mainnet transactions (e.g., token transfers between your addresses).
    4. Mine on C-Mining Pool via provided tutorials (only 5 hours required).

    After completing these tasks, claim your guaranteed 10 $INI reward.

    Extra Benefits: Double your earnings by stacking mining rewards and the 10 $INI task reward.

    Event 3: High-Yield Staking—Earn up to 50% APR!

    • Total Prize Pool: 300,000 $INI
    • Event Duration: March 28–April 16 (UTC). The staking period is fixed at 20 days, after which participation closes.
    • Eligibility: Must first complete Event 2.

    Participation Details:

    • Stake at least 10 $INI on the event page.
    • Rewards released after completing a 20-day staking period.
    • Open to all, making it accessible even to small token holders.

    Dynamic Reward:

    • If ≥50,000 participants join, staking rewards increase to 50%, encouraging collective community participation.
    • Guaranteed Minimum: Even if fewer than 20,000 users join, participants will still earn a guaranteed 10% return, far exceeding typical DeFi standards.
    • Low Barrier to Entry: Participation starts from just 10 $INI, with straightforward staking rules, ensuring inclusivity for small-scale holders.

    Ideal for: Long-term holders, community governance participants, and those seeking to maximize returns.

    Event 4: 50,000 $INI Partnership Program

    Details:
    Seeking partnerships and influencers who can bring additional traffic and collaborate with InitVerse.

    • Application:
      Directly message on Telegram: @samylmz

    Final Thoughts:

    InitVerse’s 2nd anniversary emphasizes universal community engagement, attractive rewards, and unique privileges, distributing 450,000 $INI directly to participants, with an additional 50,000 $INI allocated to strategic partnerships. This celebration isn’t just about rewards—it’s a decentralized initiative showcasing the power of community-driven innovation, paving the way for blockchain’s future.

    About InitVerse:

    InitVerse is an automated Web3 SaaS platform designed for streamlined DApp development and deployment, backed by INIChain and INICloud. It simplifies blockchain app creation, enhancing development efficiency through comprehensive, user-friendly tools.

    Contact:
    Sami Yilmaz
    support@inichain.com

    Disclaimer: This press release is provided by INIChain. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a50c8380-529d-4650-97e4-fed7f10f3ace

    The MIL Network –

  • MIL-OSI Economics: Members consider trade agreements involving Australia, Cambodia, China, India, Nicaragua

    Source: World Trade Organization

    The India-Australia Economic Cooperation and Trade Agreement , covering trade in goods and services, came into force on 29 December 2022. Australia will eliminate customs duties on 98.3% of its tariff lines by the end of the implementation period in 2026, while India will do so for 69.8% by 2031. For trade in services, both parties have enhanced sectoral commitments beyond those under the WTO General Agreement on Trade in Services (GATS), including the movement of natural persons.

    Australia said the landmark Agreement represents a significant development in the economic relationship between Australia and India and supports both countries’ deeper integration into the global economy. Australia added that the Agreement includes provisions on strengthening investment certainty, promoting regulatory cooperation and enhancing mobility for skilled professionals.

    India said the Agreement has driven mutual growth and showcases the complementarity of both economies. The Agreement has significantly advanced trade ties and created new opportunities for business and employment. India added that both countries are committed to building on the momentum to deepen economic integration.

    The Free Trade Agreement between China and Nicaragua,  goods and services, entered into force on 1 January 2024. At the end of the transition period in 2038, 95.2% of tariff lines of China and 94.8% of tariff lines of Nicaragua will be duty-free under the Agreement. Each party will retain tariffs on approximately 5% of tariff lines after full implementation.  On trade in services, the Agreement follows a negative list approach and adds new or improved commitments compared to the parties’commitments under the GATS in a number of areas including business services and health services. Moreover, the Agreement includes, among other things, provisions on the environment, competition, dispute settlement, small and medium enterprises, and e-commerce.

    China said the Agreement establishes a high level of openness between both economies in terms of trade in goods and services and for investment. China noted that both economies are highly complementary and that there is a great potential for trade and investment cooperation.

    Nicaragua said the Agreement, which builds upon the July 2022 Early Harvest Agreement, will produce mutual benefits for both countries. Nicaragua added that the Agreement provides an opportunity to transform the country’s structure of production, trading and investment.

    The Free Trade Agreement between China and Cambodia, covering trade in goods and services, came into force on 1 January 2022. Under the Agreement, China has committed to eliminating customs duties on 97.3% of its tariffs by 2041, while Cambodia has committed to eliminating 90% of its tariffs during the same period. Much of the tariff elimination has been “front loaded” by both parties, with most tariff reductions already applied since 2022. For trade in services, Cambodia’s sectoral commitments remain the same as in its GATS commitments, except for a limited number of sectors, while China’s existing GATS commitments are further enhanced for a number of sectors under the Agreement. The Agreement also contains provisions on cooperation under the Belt and Road Initiative (BRI).

    China said the Agreement is its first bilateral free trade agreement (FTA) signed with a least-developed country (LDC), noting that this sets a good example of cooperation with LDCs. China said it is also the first FTA that sets an independent chapter on cooperation under the BRI and that it will enhance value chains between the two countries.

    Cambodia said the Agreement is consistent with WTO commitments as it eliminates duties on a substantial amount of trade between the two countries. Cambodia noted the Agreement provides benefits beyond the economic aspect as it also contributes to Cambodia’s broader development strategies.

    Implementation of the RTA Transparency Mechanism

    The Committee also took note of one new notification of an RTA, as well as five notifications of changes since its last session in November 2024. The signature of one Agreement was also the subject of an early announcement.

    The outgoing chair, Ambassador Salomon Eheth (Cameroon), noted that there are 30 RTAs involving only WTO members and 38 involving non-members for which a factual presentation has to be prepared, counting goods and services separately. In addition, there are at least 58 RTAs currently in force that have not been notified to the WTO, with an updated list of these circulated prior to the Committee meeting and available on the RTA database. A number of delegations encouraged members to notify these agreements as soon as possible, while noting that delays may be due to constrained capacities of small delegations.

    The Committee took note of the updated schedule for the submissions of  implementation reports on RTAs. It noted that as of 1 March 2025, such reports were due for 223 RTAs with an additional 15 becoming due in 2025.

    Election of new Chair

    Members elected Ambassador José Valencia of Ecuador as the new Committee Chair. He replaces Ambassador Eheth.

    Next meeting

    The next Committee meetings for 2025 are scheduled for 17 June and 10 November.

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    MIL OSI Economics –

  • MIL-OSI NGOs: Hong Kong: Article 23 law used to ‘normalize’ repression one year since enactment

    Source: Amnesty International –

    Just one year after its passage, Hong Kong’s Article 23 law has further squeezed people’s freedoms and enabled authorities to intensify their crackdown on peaceful activism in the city and beyond, Amnesty International said.

    “Over the past year, Article 23 has been used to entrench a ‘new normal’ of systematic repression of dissent, criminalizing peaceful acts in increasingly absurd ways,” said Amnesty International’s China Director Sarah Brooks.

    “People have been targeted and harshly punished for the clothes they wear as well as the things they say and write, or for minor acts of protest, intensifying the climate of fear that already pervaded Hong Kong. Freedom of expression has never been under greater attack.”

    MIL OSI NGO –

  • MIL-OSI Economics: Samsung Members Connect 2025: A Galaxy AI-Powered Experience at SRI-Noida

    Source: Samsung

     
    The 2025 edition of Samsung Members Connect at Samsung R&D Institute India, Noida (SRI-Noida) brought together 74 passionate Galaxy users for an immersive journey into the world of Galaxy AI and the Galaxy S25 Series. This exclusive event offered a deep dive into AI-driven personalization, seamless productivity, enhanced gaming, and next-gen camera experiences, making it an unforgettable day for Samsung Members.
     
    A Day of Learning, Fun & Innovation
    The day kicked off with a welcome address by Samsung leaders, setting the stage for an insightful exploration of Samsung’s latest innovations. Participants got an exclusive first look at One UI 7.x, learning how it enhances personalization, convenience, and security across devices.
     
    “Samsung Members Connect is more than just an event—it’s a unique platform where our engineers and passionate users come together, exchange ideas, and experience the future of technology firsthand. Their feedback drives us to keep pushing boundaries,” said Kyungyun Roo, Managing Director, SRI-Noida.
     

     
    To keep the energy high, engaging energizer sessions were woven throughout the event, creating an interactive and exciting atmosphere.
     
    “Being part of Samsung Members Connect is always special, but this time, the focus on AI-powered personalization and seamless device integration truly blew my mind!” shared Ashutosh Singhal, a thrilled participant.
     
    The Multi-Device Experience segment showcased Samsung’s connected ecosystem, emphasizing seamless transitions between the Galaxy S25 series, Galaxy Watch, and Galaxy Buds for an effortless productivity and entertainment experience.
     

     
    Next-Gen Gaming & Creative Camera Innovations
    For gaming enthusiasts, the Enhanced Game Performance session provided insights into how AI optimizations in the Galaxy S25 series are delivering smoother gameplay, faster response times, and immersive visuals.
     
    “As a mobile gamer, I was amazed to see the AI-powered improvements in gaming performance. The live demos truly showcased how the S25 series is redefining mobile gaming,” said Ravi Joshi, another Samsung Member.
     
    Samsung’s Creative Camera Experience was a major highlight, featuring hands-on photography workshops where users explored advanced AI-powered editing tools and pro-grade photography features on the Galaxy S25 Ultra. The event also included a contest, challenging participants to capture the best creative shots using their devices.
     
    A Celebration of Innovation & Community
    Beyond the tech, Samsung Members Connect was filled with fun activities, a facility tour, contests, and a lucky draw. The day concluded with a cake-cutting ceremony, group photo, and hi-tea, celebrating the shared passion for innovation.
     
    With an outstanding 95% positive feedback, the event was a resounding success, reaffirming Samsung’s commitment to delivering meaningful innovation and building a thriving community of Galaxy enthusiasts.
     
    Until next time, keep exploring the endless possibilities with Galaxy AI!

    MIL OSI Economics –

  • MIL-OSI Economics: Toyota Automobile Museum to Hold the 35th Classic Car Festival

    Source: Toyota

    Headline: Toyota Automobile Museum to Hold the 35th Classic Car Festival

    The Toyota Automobile Museum, a cultural facility of Toyota, will host the 35th Toyota Museum Classic Car Festival on Sunday, April 20, at Expo 2005 Aichi Commemorative Park. The event aims to foster and preserve automobile culture in the community. Under the theme “The Evolution of Japanese Automobile Culture,” the festival will feature vehicle displays and demonstration runs, with support from domestic automakers, transcending brand boundaries.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: PARLIAMENT QUESTION: ISROs PROGRAMMES FOR STUDENTS

    Source: Government of India (2)

    Posted On: 19 MAR 2025 4:06PM by PIB Delhi

    The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today approved the ‘Incentive Scheme for promotion of low-value BHIM-UPI transactions Person to Merchant (P2M)’ for the financial year 2024-25 in the following manner:

                 i.        The incentive scheme for promotion of low-value BHIM-UPI transactions (P2M) will be implemented at an estimated outlay of 1,500 crore, from 01.04.2024 to 31.03.2025.

                ii.        Only the UPI (P2M) transactions upto 2,000/- for Small Merchants are covered under the scheme.

     

    Category

    Small Merchant

    Large Merchant

    Up to Rs. 2k

    Zero MDR / Incentive (@0.15%)

    Zero MDR / No Incentive

    Over Rs. 2k

    Zero MDR / No Incentive

    Zero MDR / No Incentive

     

               iii.        Incentive at the rate of 0.15% per transaction value will be provided for transactions upto Rs.2,000 pertaining to category of small merchants.

              iv.        For all the quarters of the scheme, 80% of the admitted claim amount by the acquiring banks will be disbursed without any conditions.

                v.        The reimbursement of the remaining 20% of the admitted claim amount for each quarter will be contingent upon fulfilment of the following conditions:

    a)    10% of the admitted claim will be provided only when the technical decline of the acquiring bank will be less than 0.75%; and

    b)    The remaining 10% of the admitted claim will be provided only when the system uptime of the acquiring bank will be greater than 99.5%.

     

    Benefits:

    i.      Convenient, secure, faster cash flow, and enhanced access to credit through digital footprints.

    ii.     Common citizens will benefit from seamless payment facilities with no additional charges.

    iii.    Enable small merchants to avail of UPI services at no additional cost. As small merchants are price-sensitive, incentives would encourage them to accept UPI payment.

    iv.    Supports the Government’s vision of a less-cash economy through formalizing and accounting the transaction in digital form.

    v.     Efficiency gain- 20% incentive is contingent upon banks maintaining high system uptime and low technical decline. This will ensure round-the-clock availability of payment services to citizens.

    vi.    Judicious balance of both the growth of UPI transactions and the minimum financial burden on the Government exchequer.

     

    Objective:

    ·        Promotion of indigenous BHIM-UPI platform. Achieving the target of 20,000 crore total transaction volume in FY 2024-25.

    ·        Supporting the payment system participants in building a robust and secure digital payments infrastructure.

    ·        Penetration of UPI in tier 3 to 6 cities, especially in rural & remote areas by promoting innovative products such as feature phone based (UPI 123PAY) & offline (UPI Lite/UPI LiteX) payment solutions.

    ·     Maintain a high system uptime & minimize technical declines.

    Background:

    Promotion of digital payments is an integral part of the Government’s strategy for financial inclusion and provide wide-ranging payment options to the common man. The expenditure incurred by the digital payment industry while providing services to its customers / merchant is recovered through the charge of Merchant Discount Rate (MDR).

    As per RBI, MDR upto 0.90% of transaction value is applicable across all card networks. (for Debit cards). As per NPCI, MDR upto 0.30% of transaction value is applicable for UPI P2M transaction. Since January 2020, to promote digital transactions, MDR was made zero for RuPay Debit Cards and BHIM-UPI transactions through amendments in section 10A in the Payments and Settlement Systems Act, 2007 and section 269SU of the Income-tax Act, 1961.

    In order to support the payment ecosystem participants in effective delivery of services, “Incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M)” has been implemented with due approval by the Cabinet. Year-wise incentive payout by the Government (in Rs. crore) during the last three financial years:

    Financial Year

    Gol Payout

    RuPay Debit Card

    BHIM-UPI

    FY2021-22

    1,389

    432

    957

    FY2022-23

    2,210

    408

    1,802

    FY2023-24

    3,631

    363

    3,268

    The incentive is paid by the Government to the Acquiring bank (Merchant’s bank) and  thereafter shared among other stakeholders: Issuer Bank (Customer’s Bank), Payment Service Provider Bank (facilitates onboarding of customer on UPI app / API integrations) and App Providers (TPAPs).

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  • MIL-OSI Asia-Pac: Cabinet approves Incentive scheme for promotion of low-value BHIM-UPI transactions (P2M)

    Source: Government of India (2)

    Posted On: 19 MAR 2025 4:05PM by PIB Delhi

    The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today approved the ‘Incentive Scheme for promotion of low-value BHIM-UPI transactions Person to Merchant (P2M)’ for the financial year 2024-25 in the following manner:

                 i.        The incentive scheme for promotion of low-value BHIM-UPI transactions (P2M) will be implemented at an estimated outlay of 1,500 crore, from 01.04.2024 to 31.03.2025.

                ii.        Only the UPI (P2M) transactions upto 2,000/- for Small Merchants are covered under the scheme.

     

    Category

    Small Merchant

    Large Merchant

    Up to Rs. 2k

    Zero MDR / Incentive (@0.15%)

    Zero MDR / No Incentive

    Over Rs. 2k

    Zero MDR / No Incentive

    Zero MDR / No Incentive

     

               iii.        Incentive at the rate of 0.15% per transaction value will be provided for transactions upto Rs.2,000 pertaining to category of small merchants.

              iv.        For all the quarters of the scheme, 80% of the admitted claim amount by the acquiring banks will be disbursed without any conditions.

                v.        The reimbursement of the remaining 20% of the admitted claim amount for each quarter will be contingent upon fulfilment of the following conditions:

    a)    10% of the admitted claim will be provided only when the technical decline of the acquiring bank will be less than 0.75%; and

    b)    The remaining 10% of the admitted claim will be provided only when the system uptime of the acquiring bank will be greater than 99.5%.

     

    Benefits:

    i.      Convenient, secure, faster cash flow, and enhanced access to credit through digital footprints.

    ii.     Common citizens will benefit from seamless payment facilities with no additional charges.

    iii.    Enable small merchants to avail of UPI services at no additional cost. As small merchants are price-sensitive, incentives would encourage them to accept UPI payment.

    iv.    Supports the Government’s vision of a less-cash economy through formalizing and accounting the transaction in digital form.

    v.     Efficiency gain- 20% incentive is contingent upon banks maintaining high system uptime and low technical decline. This will ensure round-the-clock availability of payment services to citizens.

    vi.    Judicious balance of both the growth of UPI transactions and the minimum financial burden on the Government exchequer.

     

    Objective:

    ·        Promotion of indigenous BHIM-UPI platform. Achieving the target of 20,000 crore total transaction volume in FY 2024-25.

    ·        Supporting the payment system participants in building a robust and secure digital payments infrastructure.

    ·        Penetration of UPI in tier 3 to 6 cities, especially in rural & remote areas by promoting innovative products such as feature phone based (UPI 123PAY) & offline (UPI Lite/UPI LiteX) payment solutions.

    ·     Maintain a high system uptime & minimize technical declines.

    Background:

    Promotion of digital payments is an integral part of the Government’s strategy for financial inclusion and provide wide-ranging payment options to the common man. The expenditure incurred by the digital payment industry while providing services to its customers / merchant is recovered through the charge of Merchant Discount Rate (MDR).

    As per RBI, MDR upto 0.90% of transaction value is applicable across all card networks. (for Debit cards). As per NPCI, MDR upto 0.30% of transaction value is applicable for UPI P2M transaction. Since January 2020, to promote digital transactions, MDR was made zero for RuPay Debit Cards and BHIM-UPI transactions through amendments in section 10A in the Payments and Settlement Systems Act, 2007 and section 269SU of the Income-tax Act, 1961.

    In order to support the payment ecosystem participants in effective delivery of services, “Incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M)” has been implemented with due approval by the Cabinet. Year-wise incentive payout by the Government (in Rs. crore) during the last three financial years:

    Financial Year

    Gol Payout

    RuPay Debit Card

    BHIM-UPI

    FY2021-22

    1,389

    432

    957

    FY2022-23

    2,210

    408

    1,802

    FY2023-24

    3,631

    363

    3,268

    The incentive is paid by the Government to the Acquiring bank (Merchant’s bank) and  thereafter shared among other stakeholders: Issuer Bank (Customer’s Bank), Payment Service Provider Bank (facilitates onboarding of customer on UPI app / API integrations) and App Providers (TPAPs).

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  • MIL-OSI Asia-Pac: NIDAAN PORTAL

    Source: Government of India (2)

    Posted On: 19 MAR 2025 4:03PM by PIB Delhi

    Government has taken various information technology driven initiatives in the field of Drug Law Enforcement. Some of the initiatives are as under: –

    1. Narco Coordination (NCORD) Portal accessible at https://narcoordindia.in/ is a gateway for all drugs and Narcotics Control Bureau (NCB) related information for all four tiers of stakeholders starting from district level to state level and Central Ministries including all Drug Law Enforcement Agencies (DLEAs).
      1. To assist all DLEAs/other investigation agencies for investigation and proactive policing, National Integrated Database on Arrested Narco-Offenders (NIDAAN) portal is developed. It provides data of narcotics offenders involved in narcotics offences under Narcotic Drugs & Psychotropic Substances (NDPS) Act, 1985.
      1. CCTNS (Crime & Criminal Tracking Network System) is aimed to inter-link all police stations under a common application software for the purpose of investigation, data analytics, research, policy making and providing Citizen Services such as reporting & tracking of complaints, request for antecedent verifications, etc.
      1. A task force on Darknet and Crypto-Currency has been set up under the Multi Agency Centre (MAC) mechanism with a focus on monitoring all platforms facilitating Narco-trafficking, sharing of inputs on drug trafficking amongst Agencies/MAC members, interception of drug networks, continuous capturing of trends, modus operandi & nodes with regular database updates and review of related rules & laws.
    1. The Government has launched MANAS Helpline No. 1933 designed as a unified platform for citizens to report the drug-related issues via multiple communication.

    NIDAAN portal is exclusively meant for use of Drugs Law Enforcement Agencies. The portal has emerged as an effective tool for the Drug Law Enforcement Agencies. It has helped them in connecting dots, previous involvements, fingerprint search, working inter-linkages, busting the network, monitoring habitual offenders, financial investigation and making proposals for detention under Prevention of Illicit Traffic in Narcotic Drugs & Psychotropic Substances (PITNDPS), 1988. It also helps in monitoring status of current cases, bail, parole, handlers, etc.

    This was stated by the Minister of State in the Ministry of Home Affairs Shri Nityanand Rai in a written reply to a question in the Rajya Sabha.

    *****

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  • MIL-OSI Asia-Pac: Government engages services of National Institute of Mental Health and Neuro Sciences to enhance Psycho-Social Support for Distressed Women

    Source: Government of India (2)

    Government engages services of National Institute of Mental Health and Neuro Sciences to enhance Psycho-Social Support for Distressed Women

    Govt launches ‘Mission Shakti Portal’ to empower women, enhance accessibility to services and to build capacity of functionaries and duty holders under various scheme and legislations

    Posted On: 19 MAR 2025 3:57PM by PIB Delhi

    The Protection of Women From Domestic Violence Act (PWDVA), 2005 has been enacted keeping in view the rights guaranteed under Article 14, 15 and 21 of the Constitution of India to provide for a remedy under the civil law which is intended to protect the women from being victims of domestic violence and to prevent the occurrence of domestic violence in the society.

    In India domestic violence is governed by the Protection of Women From Domestic Violence Act (PWDVA), 2005 and it is defined under Section 3, which states that any act, omission or commission or conduct of a person harms or injures or endangers the health or safety of a women, whether mentally or physically, it amounts to domestic violence. It further includes any harm, harassment or injury caused to any women or any person related to her to meet any unlawful demand would also amount to domestic violence.

    The said Act covers those women who are or has been in a relationship with any person, where both parties have lived together in a shared household and are related by consanguinity, marriage or through a relationship in the nature of marriage or adoption.

    The National Crime Records Bureau (NCRB) compiles and publishes data on crimes, including crimes against women, in its publication titled “Crime in India,” which is available on the NCRB’s official website (https://ncrb.gov.in). This report is available up to the year 2022. As per the data of NCRB, the number of cases registered under the PWDVA, was 507 in 2021 and 468 in 2022.

    The latest report of National Family Health Survey (NFHS-5 ), provides data for the period 2019-2021, which reveals that the percentage of ever-married women aged 18-49 years who have ever experienced spousal violence (physical and/ or sexual violence) has reduced to 29.3% as compared to 31.2% reported in NFHS-4 for the period 2015-2016.

    “Police‟ and “Public Order‟ are State subjects under the Seventh Schedule to the Constitution of India. The responsibility to maintain law and order, protection of life and property of the citizens including investigation and prosecution in crimes against women and children rests primarily with the respective State Governments and they are competent to deal with it. Section 8 of the Protection of Women from Domestic Violence Act (PWDVA), 2005 mandates the States/ UTs to appoint such number of Protection Officers in each district as it may consider necessary and also to notify the area or areas within which a Protection Officer shall exercise the powers and perform the duties conferred. It is the duty of the Protection Officer to report the cases of domestic violence to the Magistrate upon receipt of complaints and to assist the Magistrate in the discharge of his functions. However, conviction of an accused person is done by the competent court after careful consideration of factual positions, evidence and all related legal aspects as per the provisions of law. The PWDVA provides to women remedies such as protection order, residence order etc. under it.

    Nevertheless, the Central Government gives highest priority to ensuring safety and security of women and has undertaken various legislative and schematic interventions in this regard. These include legislations such as “Bharatiya Nyaya Sanhita“, “Bharatiya Nagrik Suraksha Sanhita“, “The Protection of Women from Domestic Violence Act, 2005‟, “The Dowry Prohibition Act, 1961‟ etc. Besides these legal provisions there are multiple schemes and projects implemented by the Government which include One Stop Centres (OSCs); Universalisation of Women Helplines (WHL), Emergency Response Support System (ERSS) which is a pan-India single number (112)/ mobile app based system for emergencies; capacity building in community through awareness programmes, setting up/ strengthening of Women Help Desks (WHDs) at Police Stations etc.

    One Stop Centre (OSC) component of Mission Shakti Umbrella Scheme, which is fully funded by the central government is implemented across the country since 1st April, 2015. It provides integrated support and assistance under one roof to women affected by violence and those in distress, both in private and public spaces. It also provides an integrated range of services including medical aid, legal aid and advice, temporary shelter, police assistance, psycho-social counselling to needy women. 802 OSCs are operational across the country and over 10.80 lakh women have been assisted upto 31st January, 2025.

    To ensure that the Police Stations are more women friendly and approachable, as they would be the first and single point of contact for any woman walking into a police station, 14,658 Women Help Desks (WHDs) have been set up, of which 13,743 are headed by women police officers. To provide help and support to needy women and women in distress, Emergency Response Support System (ERSS-112) has been established in all 36 States and UTs for various emergencies, with computer aided dispatch of field/ police resources. Since its launch, over 43 crore calls have been handled so far. In addition to ERSS, a fully functional dedicated Women helpline (WHL-181) is operational in 35 States/ UTs except West Bengal. The WHL has also been integrated with ERSS. So far, Women Helplines have handled over 2.10 crore calls and assisted over 84.43 lakh women.

    A National dashboard has been developed by the Centre for Development of Advanced Computing (C-DAC) for monitoring calls across all States/UTs implementing the Women Helpline. This dashboard enables real-time monitoring of calls received and women assisted. Through this system, the Central Government is able to maintain centralized data on violence faced by women across India, categorized by types of cases, including instances of domestic violence.

    Recognizing the need for psycho-social counseling to women affected by violence and those in distress, the Ministry of Women and Child Development has engaged the services of National Institute of Mental Health and Neuro Sciences (NIMHANS) for providing basic and advanced training under the project named “Stree Manoraksha‟ to the staff of One Stop Centres (OSCs) across the country on handling psycho-social and mental health care needs to support to such women. The Ministry also undertakes awareness exercise for safety and security of women and children from time to time. Further, the Government, through institutions like the National Commission for Women (NCW) have been spreading awareness through seminars, workshops, audio- visual, print and electronic media etc. to sensitize the people about the safety and security of women and children and also about various provisions of law. In addition, Ministry of Women and Child Development and Ministry of Home Affairs have issued advisories to States/ UTs from time to time on various issues pertaining to safety and security of women and children.

    Under Nirbhaya Fund, Bureau of Police Research and Development (BPR&D) has also undertaken several initiatives, which, inter-alia include training and skill development programs for Investigation Officers, Prosecution Officers and Medical Officers. BPR&D has also prepared Standard Operating Procedures (SoPs) for “Women Help Desk at Police Stations‟ to ensure their smooth functioning by focusing on four critical components, viz. infrastructure, training, human resource development and response mechanism. A book titled “Women’s Safety and Security- a Handbook for First Responders and Investigators in the Police‟ has also been prepared for the purpose of prevention and investigation of crime against women with specific reference to the crime of sexual assault, which includes investigation, victim compensation and rehabilitation. Emphasis has been laid upon inculcating appropriate behavioural and attitudinal skills in the police force for prevention and detection of crimes against women and children and for proper interaction with the victims of crime. Webinars on women safety with sensitivity, gender sensitization of police personnel etc. have also been organized by BPR&D.

    The Ministry has launched the ‘Mission Shakti Portal’ with all functional features on January 22, 2025. This portal aims to enhance accessibility of various government services for women, establish quality mechanisms for rescue, protection, and rehabilitation, and build the capacity of functionaries and duty holders under various schemes and legislations.

    This information was given by the Minister of State for Women and Child Development Smt. Savitri Thakur in Rajya Sabha in reply to a question today.

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  • MIL-OSI Asia-Pac: Cabinet approves implementation of revised Rashtriya Gokul Mission with enhanced allocation for the years 2024-25 and 2025-26

    Source: Government of India (2)

    Posted On: 19 MAR 2025 4:19PM by PIB Delhi

    The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has today approved the Revised Rashtriya Gokul Mission (RGM) to boost growth in livestock sector.  Implementation of revised RGM, as Central Sector component of Development Programmes scheme is being done with an additional outlay of Rs.1000 crore that is total outlay of Rs.3400 crore during 15th Finance Commission cycle from 2021-22 to 2025-26.

    Two New activities added are: (i) One-time assistance of 35% of the capital cost for establishment of Heifer Rearing Centres to Implementing Agencies for creation of 30 housing facilities having total 15000 heifers and (ii) To encourage farmers to purchase High genetic merit (HGM) IVF heifers to provide 3% interest subvention on loan taken by the farmer from milk unions / financial institutions/ banks for such purchase.  This will help in systemic induction of high yielding breeds.

    The revised Rashtriya Gokul Mission is approved with an allocation Rs.3400 crore during 15th Finance Commission cycle (2021-22 to 2025-26).

    The scheme is for continuation of ongoing activities of Rashtriya Gokul Mission- strengthening of semen stations, Artificial Insemination network, implementation of bull production programme, accelerated breed improvement programme using sex sorted semen, skill development, farmer awareness, support for innovative activities including establishment of Centre of Excellence, strengthening of Central Cattle Breeding Farms and strengthening of Central Cattle Breeding Farms without any change in the pattern of assistance in any of these activities.

    With the implementation of the Rashtriya Gokul Mission and other efforts of the Government, milk production has increased by 63.55% in the last ten years, along with the availability of milk per person, which was 307 grams per day in 2013-14, has increased to 471 grams per day in 2023-24. Productivity has also increased by 26.34% in the last ten years.

    The Nationwide Artificial Insemination Programme (NAIP) under the RGM provides free of cost Artificial Insemination (AI) at the farmer’s doorstep in 605 districts across the country where the baseline AI coverage was below 50%. Till date, over 8.39 crores animals have been covered and 5.21crores farmers have been benefitted. RGM has also been at the forefront in bringing the latest technological interventions in breeding to the farmer’s doorstep. A total of 22 in vitro fertilization (IVF) labs have been set up across the country under the State Livestock Boards (SLBs) or in Universities and over 2541 HGM calves have been born. Two path breaking steps in Atmanirbhar technology are the Gau Chip and Mahish Chip, genomic chips for indigenous bovines developed by National Dairy Development Board (NDDB) and ICAR National Bureau of Animal Genetic Resources (NBAGR) and Gau Sort indigenously developed sex sorted semen production technology developed by NDDB.

    The scheme is set to significantly boost milk production and productivity, ultimately increasing farmers’ incomes. It focuses on the protection and preservation of India’s indigenous bovine breeds through systematic and scientific efforts in bull production and the development of indigenous bovine genomic chips. Additionally, in Vitro Fertilization (IVF) has become an established technology, due to the initiatives taken under the scheme. This initiative will not only enhance productivity but also improves livelihoods of 8.5 crores farmers engaged in Dairying.

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  • MIL-OSI Asia-Pac: Redefining energy storage with photo-assisted, self-charging energy storage devices

    Source: Government of India (2)

    Posted On: 19 MAR 2025 4:14PM by PIB Delhi

    Researchers have unveiled a novel air-chargeable battery for a sustainable power solution. This technology traps the oxygen from the environment to drive the charging process for energy storage and is a step towards a carbon-neutral future.

    In a world racing toward renewable energy solutions, a photo-assisted battery offers great promise as they combine the best of two worlds– the light-capturing capability of solar cells and the robust energy storage of conventional batteries. Generally, solar panels convert sunlight into electricity, but they rely on separate battery systems to store the energy for later use. In contrast, photo-assisted batteries merge these functions into a single device, creating a seamless synergy between solar energy conversion and storage.

    Photo-assisted batteries enhance the capacity of the batteries in the presence of light. However, it needs an external power supply to charge the battery.  To overcome this limitation, there is an urgent requirement to develop energy storage devices with self-rechargeability.

    Recent research has explored the “air-assisted self-charging” concept of aqueous ZIBs, aiming to utilize oxygen from the air to replenish the charge of the battery.

    Researchers from the Centre for Nano and Soft Matter Sciences (CeNS), an autonomous institution under the Department of Science and Technology (DST) in Bengaluru, India, have developed a photo-assisted self-chargeable energy storage device that enhances the charge storage capacity in the presence of light. It can charge by its own in the presence of oxygen from the atmosphere.

    A team led by Dr. Ashutosh Kumar Singh presented their study on these smart energy storage devices, titled “Photo-assisted self-chargeable aqueous Zn-ion energy storage device.” This work published in the Chemical Engineering Journal explores the integration of photo-assisted and self-chargeable features into zinc-ion batteries (ZIBs), utilizing vanadium oxide (VO2) and tungsten trioxide (WO3) as the primary cathode material.

    This work introduces a novel approach utilizing VO2 as an active material, blended with WO3 as a charge-separating layer, to design a photoelectrode for air-photo-assisted self-charged zinc ion energy storage. In addition, this work reports the utilization of WO3 as a charge-separating layer in photo-assisted self-chargeable energy storage device for the first-time. The device shows a significant increment in the charge storage capacity (170%) at a constant current density of 0.02 mA/cm2. Additionally, the VO2 layer works as an air cathode electrode that can help air-assisted self-charging. It demonstrates an open circuit potential (OCP) of 1 V. This shows the superiority of photo-assisted self-charged energy storage performance.

    The findings pave the way for integrating these devices into self-reliable electronics, potentially powered by renewable energy sources. This marks a major step forward in the pursuit of sustainable energy solutions and demostrates the practical utility of energy storage devices in modern technology.

     

    Figure: Schematic representation of the combination of photo-assisted (left) and air-assisted (right) energy storage devices. Schematic configuration of the device (left), a visual representation of the device in a charged state and which is powering an LCD device (right).

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  • MIL-OSI Asia-Pac: PALIAMENT QUESTION: INCLINATION OF GIRLS TOWARDS SCIENCE

    Source: Government of India (2)

    Posted On: 19 MAR 2025 4:13PM by PIB Delhi

    The Department of Science and Technology (DST) is implementing Vigyan Jyoti programme to encourage meritorious girls to pursue higher education and careers in STEM (Science, Technology, Engineering, and Mathematics) fields since 2019-20. The program aims to promote gender parity in STEM by sustaining the talent pool in science and technology through various year-round activities like hands-on experiential learning sessions, interactions with scientific role models, visits to R&D and industrial labs, career guidance workshops and student-parent counselling sessions that provide exposure to increase the interest and inclination of girls towards science. Since its inception, Vigyan Jyoti programme has benefitted over 80,000 high-achieving girls from 300 districts across 35 States/UTs. To strengthen its impact, the Department of Science and Technology (DST) has engaged with over 250 premiers national institutions, including universities, science and technology institutes, CSIR labs, and other reputed organizations, which serve as knowledge partners, contributing significantly to the program’s mission of fostering more girls participation in STEM.

    The details of girl students encouraged to pursue science during the last three years, state-wise is given below:

     

    State/UTs

    2022-23

    2023-24

    2024-25

    Total

    Andaman and Nicobar

    100

    100

    115

    315

    Andhra Pradesh

    692

    880

    889

    2461

    Arunachal Pradesh

    277

    233

    347

    857

    Assam

    925

    970

    1276

    3171

    Bihar

    694

    912

    1243

    2849

    Chandigarh

    100

    100

    103

    303

    Chhattisgarh

    739

    1066

    1397

    3202

    Dadar, Nagar Haveli, Daman & Diu

    200

    200

    188

    588

    Delhi

    197

    195

    200

    592

    Goa

    93

    98

    100

    291

    Gujarat

    785

    1703

    1567

    4055

    Haryana

    583

    891

    1580

    3054

    Himachal Pradesh

    711

    856

    972

    2539

    Jammu and Kashmir

    366

    589

    939

    1894

    Jharkhand

    713

    1017

    1265

    2995

    Karnataka

    846

    1030

    1278

    3154

    Kerala

    686

    810

    975

    2471

    Ladakh

    88

    99

    200

    387

    Madhya Pradesh

    961

    1273

    1385

    3619

    Maharashtra

    1001

    1496

    1709

    4206

    Manipur

    291

    289

    463

    1043

    Meghalaya

    222

    300

    394

    916

    Mizoram

    47

    90

    87

    224

    Nagaland

    82

    104

    97

    283

    Odisha

    776

    1082

    1280

    3138

    Puducherry

    341

    399

    396

    1136

    Punjab

    653

    1091

    1480

    3224

    Rajasthan

    920

    1263

    1712

    3895

    Sikkim

    199

    167

    187

    553

    Telangana

    491

    745

    771

    2007

    Tripura

    213

    233

    299

    745

    Uttarakhand

    664

    861

    900

    2425

    Uttar Pradesh

    1285

    1502

    2566

    5353

    West Bengal

    925

    998

    1083

    3006

     

    This information was given by Union Minister of State (Independent Charge) for Science and Technology, Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Dr. Jitendra Singh in a written reply in the Lok Sabha today.

     

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  • MIL-OSI Asia-Pac: Cabinet approves construction of 6- lane access controlled Greenfield Highway starting from JNPA Port (Pagote) to Chowk (29.219 km) in Maharashtra on BOT (Toll) mode

    Source: Government of India (2)

    Posted On: 19 MAR 2025 4:13PM by PIB Delhi

    The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi, has approved the construction of 6- lane access controlled Greenfield High Speed National Highway starting from JNPA Port (Pagote) to Chowk (29.219 km) in Maharashtra. The project will be developed on Build, Operate and Transfer (BOT) mode at a total capital cost of Rs. 4500.62 Crore.

    Development of road connecting infrastructure to major and minor ports in India is one of the main focus areas of integrated infrastructure planning under PM Gatishakti National Master Plan principles. With increasing container volume in JNPA port and the development of the Navi Mumbai International Airport, a need was identified for augmenting National highway connectivity in the region.

    Currently, it takes 2-3 hours for vehicles to move from JNPA Port to the arterial Golden Quadrilateral (GQ) section of NH-48 and Mumbai – Pune Expressway due to heavy congestion in urban areas like Palaspe Phata, D-Point, Kalamboli junction, Panvel with traffic ~1.8 Lakh PCU/day. After the operationalization of Navi Mumbai airport in 2025, the need for direct connectivity is expected to increase further.

    Accordingly, this project is designed to address these connectivity requirements and for improving the logistic efficiency of connecting JNPA port and Navi Mumbai International Airport.

    The project alignment starts at JNPA port (NH 348) (Pagote village) and ends at Mumbai-Pune Highway (NH-48) while also linking Mumbai Pune Expressway and Mumbai Goa National highway (NH-66).

    Two tunnels passing through Sahayadri are provided for ease of movement for commercial vehicles instead of ghat section in hilly terrain ensuring high speed and ease in movement for large container trucks.

    The new 6 lane green field project corridor will lead to better port connectivity help in safe and efficient freight movement. The project will open new avenues of growth, development and prosperity in developing regions in and around Mumbai and Pune.

    Map of Corridor

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  • MIL-OSI Asia-Pac: PALIAMENT QUESTION: RESEARCH AND INNOVATION IN S &T

    Source: Government of India (2)

    Posted On: 19 MAR 2025 4:12PM by PIB Delhi

    The Research and Development (R&D) measures increased the exposure of the students in academic institutions to real-world problems and created opportunities for working on the state-of-the-art R&D infrastructure created in the Country. These measures cultivated critical thinking and innovation skills, bridged the gap between theoretical knowledge and practical applications and helped in building a very strong academia-industry ecosystem wherein research lead to technology transfer. R&D in academic institutions thus increased the exposure of students beyond the confines of traditional education and propelled them to the forefront of global competitiveness, positioning them for cutting-edge research, interdisciplinary collaboration, intellectual contributions and preparing them for the demands of a knowledge-driven society.

    The impact of R&D measures taken by the Government in increasing exposure of students in academic institutions is given below:

    The total Ph.D. enrolment in India has increased to 81.2% in 2021-2022 (2.13 lakh) from 2015-2016 (1.17 lakh). In 2021-22, female enrolment in PhD programs in India doubled to 99,000 (0.99 lakh) from 48,000 (0.48 lakh) in 2014-15, representing a significant increase in women’s participation in higher education, especially at the PhD level. In the year 2021-22, Gross Enrolment Ratio (GER) in higher education for the age group 18-23 years is estimated as 28.4, as compared to 23.7 in 2014-15. Female GER has increased to 28.5 in 2021-22 from 22.9 in 2014-15. Of the total enrolment in 2021-22, the number of Student enrolment in STEM for UG, PG, Ph.D. and M.Phil. levels is 98,49,488 (25.6%).

    The details of various measures taken by the Government to collaborate with academic institutions to foster research and innovation in science and technology, thereby increasing exposure of students in academic institutions to Research and Development is given in Annexure – I.

     

    ANNEXURE – I

    1. Department of Biotechnology (DBT)

    (a) Fellowship Programmes: DBT has taken significant steps to collaborate with academic institutions to foster research and innovation in science and technology. The Department has established several fellowship programs and initiatives that enhance collaboration between researchers and academic institutions. The DBT – Junior Research Fellowship Programme, DBT-RA Program in Biotechnology and Life Sciences, Ramalingaswami Re-entry Fellowship, Biotechnology Career Advancement and Re-orientation (BioCARe) Fellowship, and M K Bhan Fellowship programs represent significant initiatives by the Department to foster collaboration with academic institutions. These programs enhance exposure to research environments by creating pathways for researchers to engage with academic institutions, establish research groups, mentor students, and contribute to India’s scientific advancement.

    (b) R&D Infrastructure: DBT has been supporting the development of research infrastructure at universities and research institutes across the country under Research Resource, Service Facility and Platform (abbreviated as RRSFP) Programme through the following components

    • DBT- Boost to University Interdisciplinary Life Science Departments for Education and Research Programme (DBT-BUILDER) which focuses on upgrading the post-graduate teaching and training laboratories by enabling interdisciplinary advanced research and teaching capacity emphasizing discovery and innovation in proposed research areas, addressing emerging technologies with inter-disciplinary cross talk. In the DBT-BUILDER programme a total of 45 Universities and Institutes were supported, comprising 9 Central University, 14 State University, and 22 Private Universities or Postgraduate Colleges. Across these institutions, 177 departments received support, with 34 in central universities, 56 in state universities, and 87 in private institutions.
    • DBT – Scientific Infrastructure Access for Harnessing Academia University Research Joint Collaboration (DBT-SAHAJ) aims at creating “national” service facility/research resource/platform to provide access to resources that could not be provided by any single researcher’s laboratory or scientific department. The Unified Online Booking Portal under the DBT-SAHAJ lists available equipment, user charges, and availability, allowing users to book facilities in advance.

    (c) Star College Programme: The Star College Programme was initiated by DBT in 2008 to support colleges and universities offering undergraduate education to improve science teaching across the country. This Programme was launched for improving critical thinking and encouraging ‘hands on’ experimental science at undergraduate level in basic science subjects. On a larger perspective, the programme was initiated envisioning that it shall encourage more students to take up higher education in science. Through this programme the Department identifies colleges with potential for excellence and provides support for developing infrastructure for academics and laboratory activities. This support is in turn expected to invigorate teaching and provide unique exposure of students to experimental science.

    (d) DBT-BIRAC Amrit Team Grant: is a new program of Department of Biotechnology (DBT) to support new and innovative collaborative research programs involving academia, the clinic and start-ups.

     

    2. Department of Scientific & Industrial Research (DSIR)

     

    1. and Postdoctoral fellowships: The Council of Scientific and Industrial Research (CSIR) under the Department of Scientific & Industrial Research (DSIR), Ministry of Science and Technology through its “Capacity Building and Human Resource Development Scheme” carried out by National S&T Human Resource Development Group (HRDG) has been providing doctoral and postdoctoral fellowships to young budding researchers through its various fellowship programmes. These young researchers are basically involved in science and technology development. The main objective of the programme is to nurture the budding scientific talent and to nourish the objective of pursuit of scientific research. The CSIR supported research fellows are working in more than 650 academic and R&D institutions. Apart from doctoral and postdoctoral fellowships, CSIR provides financial assistance to academic and R&D institution to carry out basic and applied research in the frontier and emerging areas of science and technology. These research projects of CSIR awarded to academic and R&D institutions are also a source of S&T human resource development as the principal investigators of these research projects are a guiding force and train young researchers in recent trends of science and technology research. These researchers contribute in the scientific publications, patents, technology, processes and overall development of S&T in the country. It is an established fact that the number of research articles published from an academic institute are proportional to the number of research scholars. This is the pool of young researchers being utilised by universities and R&D institutions for their research and development work/activities and is a precious S&T asset of the country. The research activities such as doctoral and postdoctoral fellowships and research grants are contributing in the scientific development of the country as India has attained 3rd position in terms of publishing the Science and Engineering research articles, contributed in increase in researchers per million populations from India which has now reached to 260 in 2020 compared to 215 in 2015.

     

    3. Department of Science and Technology (DST)

     

    DST is making several efforts through its various schemes and programmes to collaborate with academic institutions to foster research and innovation in science and technology, thereby increasing exposure of students in academic institutions to Research and Development. Details of significant initiatives are given below.

     

    (a) Innovation in Science Pursuit for Inspired Research (INSPIRE): The Scheme aims at attracting young talent toward pursuing research as a career by leveraging the existing educational structure for talent identification, without conducting any competitive exams. Covering meritorious youth from school to university levels, the scheme supports those interested in studying science and choosing scientific research as a career. It facilitates human capacity building through scholarships, fellowships, and research exposure, enabling students to develop their skills and pursue opportunities in scientific research. The Scheme has the following components to create a robust ecosystem for cultivating future leaders in scientific research:

    • INSPIRE Internship: Provides exposure to the top 1% of students at the Class X Board level by organizing Science Camps during summer or winter. These camps allow students to interact with renowned scientists, including Nobel Laureates, fostering curiosity and inspiring them to pursue science at an early age (16-17 years).
    • Scholarship for Higher Education (SHE): Offers 12,000 scholarships annually to meritorious students aged 17-22 years, encouraging them to study basic and natural sciences at the undergraduate level with additional scholarship and mentorship support.
    • INSPIRE Fellowship: Awards 1,000 fellowships annually to students aged 22-27 years for pursuing Ph.D. in basic and applied sciences, including engineering, medicine, agriculture, and veterinary sciences.
    • INSPIRE Faculty Fellowship: Provides 100 fellowships annually to young researchers aged 27-32 years with a Ph.D. qualification, offering them the opportunity to carry out research in both basic and applied science areas for a duration of 5 years, helping them establish themselves as independent researchers.

     

    (b) Fund for Improvement of S&T Infrastructure (FIST): The Schemes supports basic infrastructure and enabling facilities for promoting R&D activities in new and emerging areas and attracting fresh talents in universities & other educational institutions. It is considered as complimentary support for enabling Departments/ Centres/ Schools/ Colleges to pursue research activities more effectively and efficiently It was launched in 2000 under the Department of Science & Technology (DST). The duration of support for each FIST Project will be 5 years and will have 4 levels – Level-0, Level-1, Level-2, and Level-3. The programme has played a crucial role in fostering academic and research growth by providing financial support to a vast network of 3072 departments and PG colleges with an allocated budget of approximately Rs 3130.82 crores. This consistent support has significantly contributed to the advancement of scientific and technological endeavours across various universities and colleges, fuelling innovation and progress in India’s educational landscape.

     

    (c) Sophisticated Analytical and Technical Help Institutes (SATHI) Centres: These Centres organizes training program for researchers, MSME and start-ups for sensitization and utilization of high-end equipment and provides appropriate level platform for networking and to explore possibilities for collaborative research and sharing of data, among the participants.

     

    (d) Promotion of University Research and Scientific Excellence” (PURSE): The Scheme aims to bolster the Research and Development (R&D) foundation of universities nationwide. The primary objective is to enhance the research capabilities of Indian universities, fostering a robust research ecosystem and strengthening their R&D bases.

     

    (e) Women in Science and Engineering-KIRAN (WISE-KIRAN): ensures the participation of women in the field of Science and Technology (S&T) through various gender-enabling programmes. The various components of the Scheme for improving the exposure of women to Research and Development are given below.

    • The WISE Fellowship Programme aims to provide support to women who want to pursue a Ph.D and Post Doctorate
    • Women’s Instinct for Developing and Ushering in Scientific Heights & Innovations (WIDUSHI): WIDUSHI Programme aims to encourage and support senior women scientists to conduct research in interdisciplinary areas of Science & Technology
    • WISE Internship in Intellectual Property Rights (WISE-IPR) – WISE-IPR programme provides one-year training to women in the area of Intellectual Property Rights in order to develop a core professional skill in this domain
    • Women International Grant Support (WINGS): WINGS Programme provides opportunities to Indian Women scientists to undertake research in the International research labs and academic institutions
    • Consolidation of University Research for Innovation and Excellence (CURIE): CURIE Programme provides support to women institutions for establishing State-of-the art research infrastructure to enhance research facilities and improving R&D activities in order to create excellence in Science & Technology (S&T) domain
    • VigyanJyoti programme aims to encourage girls to pursue higher education and career in STEM (Science, Technology, Engineering and Mathematics) especially in the areas where women participation is low in order to balance gender ratio across the streams

     

    (f) The Anusandhan National Research Foundation (ANRF), erstwhile Science and Engineering Research Board (SERB) provides a wide range of fellowship which had increased the exposure of students to foster research and innovation in science and technology.

     

    4. Department of Higher Education:

     

    (a) The Prime Minister’s Research Fellowship (PMRF) Scheme: PMRF was introduced in 2018, with the objective to attract top talent to doctoral research in India, particularly in Science and Technology, by offering attractive fellowships at institutions like IITs, IISc, and IISERs. The PMRF scheme aims to improve the quality of research in higher educational institutions and foster innovation. The scheme is offered at all IITs, IISERs, Indian Institute of Science (IISc) Bangalore, and some top Central Universities/NITs that offer science and/or technology degrees. The fellowship covers a research grant of Rs. 2 lakhs per year (up to Rs. 10 lakhs for five years). A new version of the PMRF scheme, PMRF 2.0, was announced in the current budget with the introduction of 10,000 fellowships over the next 5 years to boost R&D and provide enhanced PhD fellowships. Industry participation in the PMRF program is explored through CSR funding or otherwise to enable industry to sponsor Fellows.

     

    (b) University Grants Commission (UGC): The UGC supports research and innovation in educational institutions through schemes like “Teaching and Research in Interdisciplinary and Emerging Areas,” encouraging innovative proposals and specialized courses, and promoting Research Development Cells (RDCs) to foster a strong research ecosystem.

     

    (c) All India Council for Technical Education (AICTE): AICTE supports research and innovation in technical education through various schemes, including the AICTE-Research Promotion Scheme (RPS), AICTE AURA, and by promoting infrastructure development, faculty development, and industry-institute interaction.

     

    This information was given by Union Minister of State (Independent Charge) for Science and Technology, Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Dr. Jitendra Singh in a written reply in the Lok Sabha today.

     

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  • MIL-OSI Asia-Pac: PALIAMENT QUESTION: INDIAN BIOLOGICAL DATA CENTRE (IBDC)

    Source: Government of India (2)

    Posted On: 19 MAR 2025 4:11PM by PIB Delhi

    Department of Biotechnology has created the national resource data of whole genome sequencing of 10,074 healthy individuals from 83 heterogeneous populations from 99 different sites, under the “Genome India” project, to create a library of genetic variations. This data aims to serving both scientific and medical community, fostering genomic research. Hence, the data has been archived at the Indian Biological Data Center (IBDC), a National Repository set up by this Department. The data can be used for developing indigenous chips, diagnostics and therapeutics, benefiting healthcare system of the country and thus will contribute to the bioeconomy of the country. The Department has planned to fund translational research in which this dataset will serve as a template, thus maximizing the benefits of the data generated under ‘Genome India’ project. This data will be disseminated to the researchers under the provisions of the Biotech-PRIDE (Promotion of Research and Innovation through Data Exchange) Guidelines and ‘Framework for Exchange of Data (FeED) Protocols.

    Under the ‘Genome India’ project, the study has been carried out throughout the length and breadth of the country and ensured equitable sampling across linguistic, social, and regional groups in India. Approximately, 36.7% of the samples were collected from rural, 32.2 % from urban and 31.1 % from the tribal populations. It is imperative that maximum benefit should be accrued from the large data base already created. Hence the Department initially focuses on translational research using the already available dataset, for which proposals are being sought throughout the country and the process is still on; hence state wise data in this regard is not available. 

    This information was given by Union Minister of State (Independent Charge) for Science and Technology, Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Dr. Jitendra Singh in a written reply in the Lok Sabha today.

     

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  • MIL-OSI Asia-Pac: Cabinet approves setting up of a new Brownfield Ammonia-Urea Complex Namrup IV Fertilizer Plant within the existing premises of Brahmaputra Valley Fertilizer Corporation Limited (BVFCL), Namrup, Assam

    Source: Government of India (2)

    Posted On: 19 MAR 2025 4:09PM by PIB Delhi

    The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has today approved the proposal for setting up of a new Brownfield Ammonia-Urea Complex of 12.7 Lakh Metric Tonnes (LMT) annual capacity of Urea production within the existing premises of Brahmaputra Valley Fertilizer Corporation Limited (BVFCL), Namrup Assam, with an estimated total project cost of Rs.10,601.40 Crore with Debt Equity ratio of 70:30 through a Joint Venture (JV), under the New Investment Policy, 2012 read with its amendments on 7th October, 2014. The tentative overall time schedule for commissioning of Namrup-IV Project is 48 months.

    Additionally, the Cabinet also approved the National Fertilizers Limited (NFL)’s equity participation of 18% in relaxation to the limits prescribed in Department of Public Enterprises (DPE) guidelines; and constitution of an Inter-Ministerial Committee (IMC) to oversee the process of setting up of Namrup-IV Fertilizer Plant.

    In the proposed JV, equity pattern will be as under:

    (i)     Government of Assam:                                                            40%

    (ii)    Brahmaputra Valley Fertilizer Corporation Limited (BVFCL):    11%

    (iii)   Hindustan Urvarak & Rasayan Limited (HURL):                       13%

    (iv)  National Fertilizers Limited (NFL):                                           18%

    (v)    Oil India Limited (OIL):                                                             18%

    BVFCL’s share of equity shall be in lieu of tangible assets.

    The project will increase the domestic Urea production capacity in the country especially in the North-Eastern region. It will meet the growing demand of Urea fertilizers of North East, Bihar, West Bengal, Eastern Uttar Pradesh, and Jharkhand. The establishment of Namrup-IV unit will be more energy efficient. It will also open avenues for additional direct and indirect employment opportunity to the people of the area. It shall help achieve the vision of self-reliance in Urea in the country.

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