Category: Asia

MIL-OSI: Golar LNG Limited Preliminary fourth quarter and financial year 2024 results

Source: GlobeNewswire (MIL-OSI)

Highlights and subsequent events

Golar LNG Limited (“Golar” or “the Company”) reports Q4 2024 net income attributable to Golar of $3 million inclusive of $29 million of non-cash items¹, and Adjusted EBITDA¹ of $59 million.

Full year 2024 net income attributable to Golar of $50 million inclusive of $131 million of non-cash items¹, and Adjusted EBITDA¹ of $241 million.

Total Golar Cash¹ of $699 million.

Acquired all remaining minority interests in FLNG Hilli.

FLNG Hilli maintained market-leading operational track record and exceeded 2024 production target.

Pampa Energia S.A., Harbour Energy plc and YPF joined Southern Energy S.A. (“SESA”), creating a consortium of leading Argentinian gas producers planning to use FLNG Hilli under definitive agreements announced in July 2024.

FLNG Gimi commissioning commenced and first LNG produced, after receiving first gas from the GTA field.

MKII FLNG conversion project on schedule (9% complete) and Fuji LNG arrived at the shipyard for conversion works.

Sold shareholding in Avenir LNG Limited (“Avenir”) for net proceeds of $39 million.

Completed exit from LNG shipping with sale of the LNG carrier, Golar Arctic for $24 million.

Declared dividend of $0.25 per share for the quarter.

FLNG Hilli: Maintained her market leading operational track record and exceeded her contracted 2024 production volume resulting in the recognition of $0.5 million of 2024 over production accrued revenue. Q4 2024 Distributable Adjusted EBITDA¹ was $68 million excluding overproduction revenue. FLNG Hilli has offloaded 128 cargoes to date.

In December 2024, Golar acquired all remaining third party minority ownership interests in FLNG Hilli for $60 million in cash and a $30 million increase in Golar’s share of contractual debt. The acquisitions included a total of 5.45% common units, 10.9% Series A shares and 10.9% Series B shares. The transaction was equivalent to ~8% of the full FLNG capacity. Following this, Golar has a 100% economic interest in FLNG Hilli.

The acquisition is immediately accretive to Golar’s cash flow. Annual Adjusted EBITDA¹ from the base tolling fee is expected to increase by approximately $7 million. The Brent oil linked commodity element of the current FLNG Hilli charter will increase from $2.7 million to $3.1 million in annual Adjusted EBITDA¹ attributable to Golar per dollar for Brent oil prices between $60/bbl and the contractual ceiling. The TTF linked component of the current tariff will similarly increase annual Adjusted EBITDA¹ generation attributable to Golar from $3.2 million to $3.7 million per $/MMBtu of European TTF gas prices above a floor price that delivers a base annual TTF fee of $5 million. The acquisition of the minority ownership interests is also accretive to Golar’s Adjusted EBITDA backlog¹, with an ~8% shareholding of the 20-year charter in Argentina starting in 2027^* increasing the backlog by approximately $0.5 billion, before commodity exposure.

Golar expects to release significant capital from a contemplated refinancing of FLNG Hilli following completion of the conditions precedent in the SESA 20-year charter.

FLNG Gimi: Following the commercial reset with bp announced in August 2024, accelerated commissioning commenced in October 2024 using gas from a LNG carrier. In January 2025, gas from the carrier was replaced by feedgas from the bp operated FPSO which allowed full commissioning to commence. This milestone triggered the final upward adjustment to the Commissioning Rate under the commercial reset. LNG is now being produced, and subject to receipt of sufficient feed gas, the first LNG export cargo is expected within Q1 2025. Assuming all conditions are met, the Commercial Operations Date (“COD”) is expected within Q2 2025. COD will trigger the start of the 20-year Lease and Operate Agreement that unlocks the equivalent of around $3 billion of Adjusted EBITDA backlog¹ (Golar’s share) and recognition of contractual payments comprised of capital and operating elements in both the balance sheet and income statement.

A debt facility to refinance FLNG Gimi is in an advanced stage, with credit approvals now received. The transaction is subject to customary closing conditions and third party stakeholder approvals.

MKII FLNG 3.5MTPA conversion: Conversion work on the $2.2 billion MK II FLNG (“MK II”) is proceeding to schedule. After discharging her final cargo as an LNG carrier in January 2025, the conversion vessel Fuji LNG entered CIMC’s Yantai yard in February 2025. Golar has spent $0.6 billion to date, all of which is equity funded. The MK II is expected to be delivered in Q4 2027 and be the first available FLNG capacity globally.

As part of the EPC agreement, Golar also has an option for a second MK II conversion slot at CIMC for delivery within 2028.

FLNG business development: In July 2024, Golar announced that it had entered into definitive agreements for the deployment of an FLNG in Argentina. In October 2024, Golar received a notice reserving FLNG Hilli for the 20-year charter. During November 2024, Pampa Energia joined the SESA project with a 20% equity stake, in December 2024 Harbour Energy joined with a 15% equity stake and in February 2025 YPF joined with a 15% equity stake. Pan American Energy (“PAE”) remains with a 40% equity stake and Golar with its 10% equity stake. SESA will be responsible for sourcing Argentine natural gas to the FLNG, chartering and operating FLNG Hilli and marketing and selling LNG globally. The addition of leading natural gas and oil producers in Argentina further strengthens both the project and Golar’s charter counterparty.

Following the end of FLNG Hilli’s current charter in July 2026 offshore Cameroon, FLNG Hilli will undergo vessel upgrades to maintain 20-years of continuous operations offshore. Operations in Argentina are expected to commence in 2027. FLNG Hilli is expected to generate an annual Adjusted EBITDA¹ of approximately $300 million, plus a commodity linked element in the FLNG tariff and commodity exposure through Golar’s 10% equity stake in SESA.

The project remains subject to defined conditions precedent (“CP”), including an export license, environmental assessment and Final Investment Decision (“FID”) by SESA. Workstreams for each CP are advancing according to schedule and are expected to be concluded within Q2 2025.

Golar’s position as the only proven service provider of FLNG globally, our market leading capex/ton and operational uptime continues to drive interest in our FLNG solutions. The MKII under construction is now the focus of multiple commercial discussions. Advanced discussions are taking place in the Americas, West Africa, Southeast Asia and the Middle East. Once a charter is secured for the MKII under construction, we aim to FID our 4^th FLNG unit. In addition to the option for a second MKII at CIMC Raffles shipyard, we are now in discussions with other capable shipyards for this potential 4^th unit, focused on design, liquefaction capacity, capex/ton and delivery.

Other/shipping: Operating revenues and costs under corporate and other items are comprised of two FSRU operate and maintain agreements in respect of the LNG Croatia and Italis LNG. The non-core shipping segment was comprised of the LNGC Golar Arctic, and Fuji LNG. During February 2025, Fuji LNG entered CIMC’s yard for her FLNG conversion and Golar Arctic was sold for $24 million. This concludes Golar’s 50-year presence in the LNG shipping business.

In January 2025, Golar also agreed to sell its non-core 23.4% interest in Avenir. The transaction closed in February 2025 upon receipt of $39 million of net proceeds.

Shares and dividends: As of December 31, 2024, 104.5 million shares are issued and outstanding. Golar’s Board of Directors approved a total Q4 2024 dividend of $0.25 per share to be paid on or around March 18, 2025. The record date will be March 11, 2025.

Financial Summary

(in thousands of $)	Q4 2024	Q4 2023	% Change	YTD 2024	YTD 2023	% Change
Net income/(loss) attributable to Golar LNG Ltd	3,349	(32,847)	(110)%	49,694	(46,793)	(206)%
Total operating revenues	65,917	79,679	(17)%	260,372	298,429	(13)%
Adjusted EBITDA ¹	59,168	114,249	(48)%	240,500	355,771	(32)%
Golar’s share of contractual debt ¹	1,515,357	1,221,190	24%	1,515,357	1,221,190	24%

Financial Review

Business Performance:

	2024		2023
	Oct-Dec	Jul-Sep	Oct-Dec
(in thousands of $)	Total	Total	Total
Net income/(loss)	15,037	(35,969)	(31,071)
Income taxes	(504)	208	332
Income/(loss) before income taxes	14,533	(35,761)	(30,739)
Depreciation and amortization	13,642	13,628	12,794
Impairment of long-term assets	22,933	—	—
Unrealized loss on oil and gas derivative instruments	14,269	73,691	126,909
Other non-operating loss	7,000	—	—
Interest income	(9,866)	(8,902)	(11,234)
Interest expense, net	—	—	(1,107)
(Gains)/losses on derivative instruments	(8,711)	14,955	16,542
Other financial items, net	1,153	470	(157)
Net income from equity method investments	4,215	948	1,241
Adjusted EBITDA ⁽¹⁾	59,168	59,029	114,249

	2024
	Oct-Dec				Jul-Sep
(in thousands of $)	FLNG	Corporate and other	Shipping	Total	FLNG	Corporate and other	Shipping	Total
Total operating revenues	56,396	6,025	3,496	65,917	56,075	6,212	2,520	64,807
Vessel operating expenses	(19,788)	(5,048)	(3,073)	(27,909)	(20,947)	(7,403)	(3,373)	(31,723)
Voyage, charterhire & commission expenses	—	—	(446)	(446)	—	—	(888)	(888)
Administrative expenses	(264)	(7,240)	(1)	(7,505)	(568)	(6,498)	(7)	(7,073)
Project expenses	(3,624)	(1,236)	—	(4,860)	(1,249)	(1,894)	—	(3,143)
Realized gains on oil derivative instrument ⁽²⁾	33,502	—	—	33,502	37,049	—	—	37,049
Other operating income	469	—	—	469	—	—	—	—
Adjusted EBITDA ⁽¹⁾	66,691	(7,499)	(24)	59,168	70,360	(9,583)	(1,748)	59,029

(2) The line item “Realized and unrealized (loss)/gain on oil and gas derivative instruments” in the Unaudited Consolidated Statements of Operations relates to income from the Hilli Liquefaction Tolling Agreement (“LTA”) and the natural gas derivative which is split into: “Realized gains on oil and gas derivative instruments” and “Unrealized (loss)/gain on oil and gas derivative instruments”.

	2023
	Oct-Dec
(in thousands of $)	FLNG	Corporate and other	Shipping	Total
Total operating revenues	72,433	5,510	1,736	79,679
Vessel operating expenses	(16,510)	(4,765)	(2,005)	(23,280)
Voyage, charterhire & commission (expenses)/income	(133)	—	(900)	(1,033)
Administrative income/(expenses)	29	(7,031)	(1)	(7,003)
Project development expenses	(958)	380	(99)	(677)
Realized gains on oil derivative instrument	53,520	—	—	53,520
Other operating income	13,043	—	—	13,043
Adjusted EBITDA ⁽¹⁾	121,424	(5,906)	(1,269)	114,249

Golar reports today Q4 2024 net income of $3 million, before non-controlling interests, inclusive of $29 million of non-cash items¹, comprised of:

A $23 million impairment of LNG carrier, Golar Arctic;

TTF and Brent oil unrealized mark-to-market (“MTM”) losses of $14 million; and

A $8 million MTM gain on interest rate swaps.

The Brent oil linked component of FLNG Hilli’s fees generates additional annual cash of approximately $3.1 million for every dollar increase in Brent Crude prices between $60 per barrel and the contractual ceiling. Billing of this component is based on a three-month look-back at average Brent Crude prices. During Q4, we recognized a total of $34 million of realized gains on FLNG Hilli’s oil and gas derivative instruments, comprised of a:

$14 million realized gain on the Brent oil linked derivative instrument;

$12 million realized gain on the hedged component of the quarter’s TTF linked fees; and

$8 million realized gain in respect of fees for the TTF linked production.

Further, we recognized a total of $14 million of non-cash losses in relation to FLNG Hilli’s oil and gas derivative assets, with corresponding changes in fair value in its constituent parts recognized on our unaudited consolidated statement of operations as follows:

$12 million loss on the economically hedged portion of the Q4 TTF linked FLNG production; and

$2 million loss on the Brent oil linked derivative asset.

Balance Sheet and Liquidity:

As of December 31, 2024, Total Golar Cash¹ was $699 million, comprised of $566 million of cash and cash equivalents and $133 million of restricted cash.

Golar’s share of Contractual Debt¹ as of December 31, 2024 is $1,515 million. Deducting Total Golar Cash¹ of $699 million from Golar’s share of Contractual Debt¹ leaves a debt position net of Total Golar Cash of $816 million.

Assets under development amounts to $2.2 billion, comprised of $1.7 billion in respect of FLNG Gimi and $0.5 billion in respect of the MKII. The carrying value of LNG carrier Fuji LNG, currently included under Vessels and equipment, net will be transferred to Assets under development in Q1, 2025.

Following agreement by the consortium of lenders who provide the current $700 million FLNG Gimi facility, Golar drew down the final $70 million tranche of this facility in November 2024. Of the $1.7 billion FLNG Gimi investment as of December 31, 2024, inclusive of $297 million of capitalized financing costs, $700 million was funded by the current debt facility. Both the FLNG Gimi investment and outstanding Gimi debt are reported on a 100% basis. All capital expenditure in connection with the 100% owned MK II is equity funded.

Non-GAAP measures

In addition to disclosing financial results in accordance with U.S. generally accepted accounting principles (US GAAP), this earnings release and the associated investor presentation contains references to the non-GAAP financial measures which are included in the table below. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.

This report also contains certain forward-looking non-GAAP measures for which we are unable to provide a reconciliation to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside of our control, such as oil and gas prices and exchange rates, as such items may be significant. Non-GAAP measures in respect of future events which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied to Golar’s unaudited consolidated financial statements.

These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures and financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures used by other companies. The reconciliations as at December 31, 2024 and for the year ended December 31, 2024, from these results should be carefully evaluated.

Non-GAAP measure	Closest equivalent US GAAP measure	Adjustments to reconcile to primary financial statements prepared under US GAAP	Rationale for adjustments
Performance measures
*Adjusted EBITDA*	Net income/(loss)	+/- Income taxes + Depreciation and amortization + Impairment of long-lived assets +/- Unrealized (gain)/loss on oil and gas derivative instruments +/- Other non-operating (income)/losses +/- Net financial (income)/expense +/- Net (income)/losses from equity method investments +/- Net loss/(income) from discontinued operations	Increases the comparability of total business performance from period to period and against the performance of other companies by excluding the results of our equity investments, removing the impact of unrealized movements on embedded derivatives, depreciation, impairment charge, financing costs, tax items and discontinued operations.
*Distributable Adjusted EBITDA*	Net income/(loss)	+/- Income taxes + Depreciation and amortization + Impairment of long-lived assets +/- Unrealized (gain)/loss on oil and gas derivative instruments +/- Other non-operating (income)/losses +/- Net financial (income)/expense +/- Net (income)/losses from equity method investments +/- Net loss/(income) from discontinued operations – Amortization of deferred commissioning period revenue – Amortization of Day 1 gains – Accrued overproduction revenue + Overproduction revenue received – Accrued underutilization adjustment	Increases the comparability of our operational FLNG Hilli from period to period and against the performance of other companies by removing the non-distributable income of FLNG Hilli, project development costs, the operating costs of the Gandria (prior to her disposal) and FLNG Gimi.
Liquidity measures
*Contractual debt ¹*	Total debt (current and non-current), net of deferred finance charges	+/-Variable Interest Entity (“VIE”) consolidation adjustments +/-Deferred finance charges	During the year, we consolidate a lessor VIE for our Hilli sale and leaseback facility. This means that on consolidation, our contractual debt is eliminated and replaced with the lessor VIE debt. Contractual debt represents our debt obligations under our various financing arrangements before consolidating the lessor VIE. The measure enables investors and users of our financial statements to assess our liquidity, identify the split of our debt (current and non-current) based on our underlying contractual obligations and aid comparability with our competitors.
*Adjusted net debt*	Adjusted net debt based on GAAP measures: -Total debt (current and non-current), net of deferred finance charges – Cash and cash equivalents – Restricted cash and short-term deposits (current and non-current) – Other current assets (Receivable from TTF linked commodity swap derivatives)	Total debt (current and non-current), net of: +Deferred finance charges +Cash and cash equivalents +Restricted cash and short-term deposits (current and non-current) +/-VIE consolidation adjustments +Receivable from TTF linked commodity swap derivatives	The measure enables investors and users of our financial statements to assess our liquidity based on our underlying contractual obligations and aids comparability with our competitors.
*Total Golar Cash*	Golar cash based on GAAP measures: + Cash and cash equivalents + Restricted cash and short-term deposits (current and non-current)	-VIE restricted cash and short-term deposits	We consolidate a lessor VIE for our sale and leaseback facility. This means that on consolidation, we include restricted cash held by the lessor VIE. Total Golar Cash represents our cash and cash equivalents and restricted cash and short-term deposits (current and non-current) before consolidating the lessor VIE. Management believe that this measure enables investors and users of our financial statements to assess our liquidity and aids comparability with our competitors.

(1) Please refer to reconciliation below for Golar’s share of Contractual Debt

Adjusted EBITDA backlog: This is a non-GAAP financial measure and represents the share of contracted fee income for executed contracts or definitive agreements less forecasted operating expenses for these contracts/agreements. Adjusted EBITDA backlog should not be considered as an alternative to net income / (loss) or any other measure of our financial performance calculated in accordance with U.S. GAAP.

Non-cash items: Non-cash items comprised of impairment of long-lived assets, release of prior year contract underutilization liability, mark-to-market (“MTM”) movements on our TTF and Brent oil linked derivatives, listed equity securities and interest rate swaps (“IRS”) which relate to the unrealized component of the gains/(losses) on oil and gas derivative instruments, unrealized MTM (losses)/gains on investment in listed equity securities and gains on derivative instruments, net, in our unaudited consolidated statement of operations.

Abbreviations used:

FLNG: Floating Liquefaction Natural Gas vessel
FSRU: Floating Storage and Regasification Unit
MKII FLNG: Mark II FLNG
FPSO: Floating Production, Storage and Offloading unit

MMBtu: Million British Thermal Units
mtpa: Million Tons Per Annum

Reconciliations – Liquidity Measures

Total Golar Cash

(in thousands of $)	December 31, 2024	September 30, 2024	December 31, 2023
Cash and cash equivalents	566,384	732,062	679,225
Restricted cash and short-term deposits (current and non-current)	150,198	92,025	92,245
Less: VIE restricted cash and short-term deposits	(17,472)	(17,463)	(18,085)
Total Golar Cash	699,110	806,624	753,385

Contractual Debt and Adjusted Net Debt

(in thousands of $)	December 31, 2024	September 30, 2024	December 31, 2023
Total debt (current and non-current) net of deferred finance charges	1,451,110	1,422,399	1,216,730
VIE consolidation adjustments	242,811	233,964	202,219
Deferred finance charges	22,686	24,480	23,851
Total Contractual Debt	1,716,607	1,680,843	1,442,800
Less: Keppel’s and B&V’s share of the FLNG Hilli contractual debt	—	(30,884)	(32,610)
Less: Keppel’s share of the Gimi debt	(201,250)	(184,625)	(189,000)
Golar’s share of Contractual Debt	1,515,357	1,465,334	1,221,190
Less: Total Golar Cash	(699,110)	(806,625)	(753,385)
Less: Receivables from the remaining unwinding of TTF hedges	—	(12,360)	(57,020)
Golar’s Adjusted Net Debt	816,247	646,349	410,785

Please see Appendix A for a capital repayment profile for Golar’s contractual debt.

Forward Looking Statements

This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflects management’s current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as “if,” “subject to,” “believe,” “assuming,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “could,” “would,” “predict,” “propose,” “continue,” or the negative of these terms and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Golar undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. Other important factors that could cause actual results to differ materially from those in the forward-looking statements include but are not limited to:

our ability and that of our counterparty to meet our respective obligations under the 20-year lease and operate agreement (the “LOA”) with BP Mauritania Investments Limited, a subsidiary of BP p.l.c (“bp”), entered into in connection with the Greater Tortue Ahmeyim Project (the “GTA Project”), including the commissioning and start-up of various project infrastructure. Delays could result in incremental costs to both parties to the LOA, delay floating liquefaction natural gas vessel (“FLNG”) commissioning works and the start of operations for our FLNG Gimi (“FLNG Gimi”);

our ability to meet our obligations under our commercial agreements, including the liquefaction tolling agreement (the “LTA”) entered into in connection with the FLNG Hilli Episeyo (“FLNG Hilli”);

our ability to meet our obligations with Southern Energy S.A. SESA in connection with the recently signed agreement on FLNG deployment in Argentina, and SESAs ability to meet its obligations with us;

the ability to secure a suitable contract for the MK II within the expected timeframe, including the impact of project capital expenditures, foreign exchange fluctuations, and commodity price volatility on investment returns and potential changes in market conditions affecting deployment opportunities;

changes in our ability to obtain additional financing or refinance existing debts on acceptable terms or at all, or to secure a listing for our 2024 Unsecured Bonds;

Global economic trends, competition, and geopolitical risks, including U.S. government actions, trade tensions or conflicts such as between the U.S. and China, related sanctions, a potential Russia-Ukraine peace settlement and its potential impact on LNG supply and demand;

a material decline or prolonged weakness in tolling rates for FLNGs;

failure of shipyards to comply with schedules, performance specifications or agreed prices;

failure of our contract counterparties to comply with their agreements with us or other key project stakeholders;

increased tax liabilities in the jurisdictions where we are currently operating or expect to operate;

continuing volatility in the global financial markets, including but not limited to commodity prices, foreign exchange rates and interest rates;

changes in general domestic and international political conditions, particularly where we operate, or where we seek to operate;

changes in our ability to retrofit vessels as FLNGs, including the availability of vessels to purchase and in the time it takes to build new vessels or convert existing vessels;

continuing uncertainty resulting from potential future claims from our counterparties of purported force majeure (“FM”) under contractual arrangements, including but not limited to our future projects and other contracts to which we are a party;

our ability to close potential future transactions in relation to equity interests in our vessels or to monetize our remaining equity method investments on a timely basis or at all;

increases in operating costs as a result of inflation, including but not limited to salaries and wages, insurance, crew provisions, repairs and maintenance, spares and redeployment related modification costs;

claims made or losses incurred in connection with our continuing obligations with regard to New Fortress Energy Inc. (“NFE”), Energos Infrastructure Holdings Finance LLC (“Energos”), Cool Company Ltd (“CoolCo”) and Snam S.p.A. (“Snam”);

the ability of Energos, CoolCo and Snam to meet their respective obligations to us, including indemnification obligations;

changes to rules and regulations applicable to FLNGs or other parts of the natural gas and LNG supply chain;

changes to rules on climate-related disclosures as required by the European Union or the U.S. Securities and Exchange Commission (the “Commission”), including but not limited to disclosure of certain climate-related risks and financial impacts, as well as greenhouse gas emissions;

actions taken by regulatory authorities that may prohibit the access of FLNGs to various ports and locations; and

other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Commission, including our annual report on Form 20-F for the year ended December 31, 2023, filed with the Commission on March 28, 2024 (the “2023 Annual Report”).

As a result, you are cautioned not to rely on any forward-looking statements. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.

Responsibility Statement

We confirm that, to the best of our knowledge, the unaudited consolidated financial statements for the year ended December 31, 2024, which have been prepared in accordance with accounting principles generally accepted in the United States give a true and fair view of Golar’s unaudited consolidated assets, liabilities, financial position and results of operations. To the best of our knowledge, the report for the year ended December 31, 2024, includes a fair review of important events that have occurred during the period and their impact on the unaudited consolidated financial statements, the principal risks and uncertainties and major related party transactions.

Our actual results for the quarter and year ended December 31, 2024 will not be available until after this press release is furnished and may differ from these estimates. The preliminary financial information presented herein should not be considered a substitute for the financial information to be filed with the SEC in our Annual Report on Form 20-F for the year ended December 31, 2024 once it becomes available. Accordingly, you should not place undue reliance upon these preliminary financial results.

February 27, 2025
The Board of Directors
Golar LNG Limited
Hamilton, Bermuda
Investor Questions: +44 207 063 7900
Karl Fredrik Staubo – CEO
Eduardo Maranhão – CFO

Stuart Buchanan – Head of Investor Relations

Tor Olav Trøim (Chairman of the Board)
Dan Rabun (Director)
Thorleif Egeli (Director)
Carl Steen (Director)
Niels Stolt-Nielsen (Director)
Lori Wheeler Naess (Director)
Georgina Sousa (Director)

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

The MIL Network –

February 28, 2025

MIL-OSI: POET Wins Lightwave Award for Its Outstanding AI Hardware Technology
Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company“) (TSX Venture: PTK; NASDAQ: POET), a leader in the design and implementation of highly integrated optical engines and light sources for Artificial Intelligence networks, today announced that it was the recipient of another prestigious award. Lightwave+BTR Innovation Reviews, a recognized authority in the optoelectronics industry, named POET as an Elite Score recipient for its 2025 awards.

The publication, which recognizes excellence in a product or technology applicable to optical networks, singled out the POET Optical Interposer™ for the honor. A panel of judges, comprised of experts from the optical communications and broadband communities, awarded POET in the Optical Transceiver and Transponder category.

“On behalf of the Lightwave+BTR Innovation Reviews, I would like to congratulate POET on achieving a well-deserved level honoree status. This competitive program enables Lightwave+BTR to showcase and applaud the most innovative products, projects, technologies, and programs that significantly impact the industry,” commented Lightwave+BTR Editor-in-Chief Sean Buckley.

Lightwave+BTR will present POET with the award statue during the 2025 OFC Conference in San Francisco (March 31-April 3).

“The Lightwave+BTR honor is another in a growing list of indicators that our platform technology and the innovation it brings is gaining more attention from within our industry,” stated POET Chairman and Chief Executive Officer Dr. Suresh Venkatesan. “We are seeing strong interest from new and existing customers precisely because of the reasons that the Lightwave+BTR panelists identify. The POET Optical Interposer provides costs savings, power efficiency, and superior performance as the industry rapidly moves toward speeds of 1.6Tbps and higher.”

The accolade is the fourth award that POET has received in the past eight months. The others include the AI Breakthrough Award for “Best Optical AI Solution”, Global Tech’s “Best in Artificial Intelligence” award and the Gold Medal from the Merit Awards as “AI Innovator of the Year”.

Lightwave+BTR judges reviewed entries based on the following criteria:
- Originality
- Innovation
- Positive impact on the customer
- How well it addresses a new or existing requirement
- Novelty of approach
- Cost-effectiveness.
The POET Optical Interposer is the foundation for the Company’s highly integrated silicon-based optical engines and light sources that are designed to power AI hardware applications and data center hyperscalers to the next level of speed and performance.

Along with the Lightwave+BTR recognition, POET has also been featured in a number of other industry outlets since the beginning of 2025, including:

About POET Technologies Inc.
POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers. POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained “Edge” computing applications and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. More information about POET is available on our website at www.poet-technologies.com.

About Lightwave+BTR
Bringing over 36 years of trusted technical insights to today’s optical communications professionals. Through our integrated media portfolio, Lightwave delivers content focused on fiber optics and optoelectronics, the technologies that enable the growth, integration and improved performance of voice, data and video communications networks and services. Our experienced editorial team provides trusted technology, application and market insights to corporate executives, department heads, project managers, network engineers and technical managers at equipment suppliers, service providers and major end-user organizations. Our unique ability to inform our audience’s business-critical decisions is based in our 35+ year relationship with the entire optical community—technology vendors, communications carriers and major enterprises—and our recognition of the interplay among its members. Lightwave’s media portfolio includes the Lightwave Direct email newsletter and LightwaveOnline magazine.

Forward-Looking Statements
This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to the success of the Company’s product development efforts, the performance of its products, operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products and expectations regarding its successful development of high speed transceiver solutions and its penetration of the Artificial Intelligence hardware markets.

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, the completion of its development efforts with its customers, the ability to build working prototypes to the customer’s specifications, and the size, future growth and needs of Artificial Intelligence network suppliers. Actual results could differ materially due to a number of factors, including, without limitation, the failure to produce optical engines on time and within budget, the failure of Artificial Intelligence networks to continue to grow as expected, the failure of the Company’s products to meet performance requirements for AI and datacom networks, operational risks in the completion of the Company’s projects, the ability of the Company to generate sales for its products, and the ability of its customers to deploy systems that incorporate the Company’s products. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2 – Tel: 416-368-9411 – Fax: 416-322-5075

The MIL Network –
February 28, 2025

MIL-OSI Economics: Release of Handbook on “Regulations at a Glance”

Source: Reserve Bank of India

The Reserve Bank had constituted the Regulations Review Authority 2.0 (RRA 2.0) in 2021 to review the regulatory prescriptions with a view to their simplification and ease of implementation. Based on detailed deliberation, RRA 2.0 finalized its report on June 10, 2022. One of the important recommendations of the RRA 2.0 report was:

“Creation of Regulatory Handbook(s) containing regulations applicable to a set of Regulated Entities (REs) or on a particular subject may be explored by the regulatory departments. This would serve as a quick reference guide for the REs”.

2. Accordingly, the Department of Regulation (DoR) has compiled its regulatory instructions in an easily accessible handbook titled ‘Regulations at a Glance’ to provide a broad overview of the regulatory landscape across multiple dimensions of activities and entities. This handbook provides tabular summary of all major regulations issued by DoR and it has been organised in six chapters.

3. The handbook is intended primarily for ease of reference and to provide a high-level overview of the regulations for general understanding. For specific details of the concerned regulations, readers are advised to refer to the respective regulations issued through circulars/Master Circulars/Master Directions from time to time.

4. The handbook will be updated periodically.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2264

MIL OSI Economics –

February 28, 2025

MIL-OSI Economics: All-India House Price Index (HPI) for Q3:2024-25

Source: Reserve Bank of India

Today, the Reserve Bank released its quarterly house price index (HPI)¹ (base: 2010-11=100) for Q3:2024-25, based on transaction-level data received from the registration authorities in ten major cities². Time series data on all-India and city-wise HPIs are available at the Bank’s database on Indian economy (DBIE) portal (https://data.rbi.org.in/DBIE/#/dbie/home> Statistics > Real Sector > Prices & Wages).

Highlights:

All-India HPI increased by 3.1 per cent (y-o-y) in Q3:2024-25 as compared with 4.3 per cent growth in the previous quarter and 3.8 per cent growth a year ago; annual HPI growth varied widely across the cities – ranging from a high growth of 8.1 per cent (Kolkata) to 0.1 per cent (Kanpur).
On a sequential (q-o-q) basis, all-India HPI increased by 0.4 per cent in Q3:2024-25; Mumbai, Bengaluru, Ahmedabad, Lucknow, Kolkata, Chennai, Jaipur and Kochi recorded a sequential rise in house prices during the latest quarter.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2024-2025/2265

MIL OSI Economics –

February 28, 2025

MIL-OSI United Kingdom: UK launches visa fraud awareness campaign ‘Visa Fraud Ton Bacho’
Source: United Kingdom – Executive Government & Departments

World news story

UK launches visa fraud awareness campaign ‘Visa Fraud Ton Bacho’

The UK has launched the ‘Visa Fraud Ton Bacho’ campaign to help protect Indian citizens from the physical, financial, and emotional risks of visa fraud and irregular migrations.
Campaign will raise awareness of visa scam tactics in Punjab, helping protect people from exploitation, financial loss, and emotional distress.

It encourages those traveling to the UK to check facts and stay safe. Visa application guidance is freely available on gov.uk, and via a new WhatsApp support line.

The UK Government has today [27 February] launched the ‘Visa Fraud Ton Bacho’ campaign to help protect Indian citizens from the physical, financial, and emotional risks of visa fraud and irregular migration.

The campaign includes a new dedicated WhatsApp support line (+91 70652 51380) in English and Punjabi, helping to identify common visa scam tactics and providing access to official guidance for those seeking legal routes to travel to the UK.

The campaign was launched at the Lovely Professional University (LPU) in Jalandhar in the presence of LPU Chancellor and Member of Parliament from Rajya Sabha, Dr Ashok Kumar Mittal.

Alongside the WhatsApp line, the campaign will highlight the warning signs of visa scams. People will be advised to look out for the common spurious claims such as the promise of jobs in the UK, no requirement for English-language tests (IELTS), and exorbitant fees.

Visa fraud leads to unacceptable and unnecessary levels of debt and puts people at risk of physical harm and exploitation. A person found committing visa fraud could receive a 10-year ban on travel to the UK. Under the Mobility and Migration Partnership Agreement, the UK and India have a shared commitment to tackling irregular migration. The campaign represents a further element of joint efforts to step up the fight against irregular migration and visa fraud.

Christina Scott, British Deputy High Commissioner to India, said:

The opportunity to visit, study, and work in the UK has never been greater and Indian nationals continue to receive the largest share of UK visit and work visas. However, young peoples’ dreams are being exploited, and too many are becoming victims of visa fraud. That’s why we are launching the Visa Fraud Ton Bacho campaign. The campaign seeks to raise awareness of the risks and help people to check the facts on safe and legal routes to the UK.

Caroline Rowett, British Deputy High Commissioner Chandigarh, said:

Punjab is known for its hardworking and ambitious people who have made significant contributions both in the UK and globally. We want to ensure that these dreams are fulfilled safely and legally. We urge people to spread the ‘Visa Fraud Ton Bacho’ message and help protect individuals from falling victim to fraudulent agents.

Further information

The WhatsApp support line is available in English and Punjabi language on +91 70652 51380.

Under the Visa Fraud Ton Bacho campaign, outreach activities will be conducted in and around Amritsar, Ludhiana, Jalandhar and Chandigarh to make people aware of potential scams while applying for visas.

Indian nationals now receive almost a quarter of all UK visas worldwide and the UK is expected to issue approximately 1 million visas this year.

February has also marked the third year of the UK-India Young Professionals Scheme, which has increased opportunities for internships and cultural exchanges in both the countries.

Media

For media queries, please contact:

David Russell, Communications Counsellor and Spokesperson,
British High Commission,Chanakyapuri,
New Delhi 110021. Tel: 24192100

Media queries: BHCMediaDelhi@fco.gov.uk

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Updates to this page

Published 27 February 2025
MIL OSI United Kingdom –
February 28, 2025

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

Source: GlobeNewswire (MIL-OSI)

Reports another quarter of accelerated growth and profitability, achieved Q4 guidance on Ex TAC gross profit and Adjusted EBITDA, and generated strong cash flow

Closed acquisition of Teads in February 2025; Combined company operating under the name Teads

NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — Outbrain Inc. (Nasdaq: OB), which is operating under the new Teads brand, announced today financial results for the quarter and full year ended December 31, 2024.

Fourth Quarter and Full Year 2024 Key Financial Metrics:

	Three Months Ended December 31,								Twelve Months Ended December 31,
(in millions USD)		2024			2023	% Change				2024			2023		% Change
Revenue	$	234.6		$	248.2		(5	)%	$	889.9		$	935.8			(5	)%
Gross profit		56.1			53.2		5	%		192.1			184.8			4	%
Net (loss) income		(0.2	)		4.1		(104	)%		(0.7	)		10.2			(107	)%
Net cash provided by operating activities		42.7			25.5		67	%		68.6			13.7			399	%

Non-GAAP Financial Data*
Ex-TAC gross profit		68.3			63.8		7	%		236.1			227.4			4	%
Adjusted EBITDA		17.0			14.0		21	%		37.3			28.5			31	%
Adjusted net income (loss)		3.5			4.3		(20	)%		4.1			(3.9	)		205	%
Free cash flow		37.6			21.0		79	%		51.3			(6.5	)	NM

_____________________________

NM Not meaningful

* See non-GAAP reconciliations below

“Continued momentum in our growth areas helped drive accelerated growth and profitability, with a record level of cash flow” said David Kostman, CEO of Outbrain.

“A few weeks post closing of our merger with Teads, I am even more excited about combining the category-leading branding and performance capabilities of Outbrain and Teads into one of the largest Open Internet platforms. We believe the new Teads will better serve enterprise brands and agencies, as well as mid-market and direct response advertisers, by delivering elevated outcomes from branding to performance across curated, quality media environments from digital to CTV,” added Kostman.

Recent Developments

On February 3, 2025, we completed the acquisition of Teads, for total value of approximately $900 million, comprised of $625 million in cash and 43.75 million shares of Outbrain common stock. The combined company will operate under the name Teads.

In connection with the acquisition:

On February 3, 2025, entered into a credit agreement with Goldman Sachs Bank, U.S. Bank Trust Company, and certain other lenders, which provided, among other things, for a new $100.0 million super senior secured revolving credit facility maturing on February 3, 2030, which may be used for working capital and other general corporate purposes.
On February 11, 2025, completed the private offering of $637.5 million in aggregate principal amount of 10.0% senior secured notes due 2030 at an issue price of 98.087% of the principal amount in a transaction exempt from registration. The proceeds were used, together with cash on hand, to repay in full and cancel a bridge credit facility used to finance the cash consideration paid at closing.
Terminated the existing revolving credit facility with the Silicon Valley Bank, a division of First Citizens Bank & Trust Company, dated as of November 2, 2021.
We expect to realize approximately $65 million to $75 million of annual synergies in 2026 with further opportunities for expanded synergies. Of this amount, approximately $60 million relates to cost synergies, including approximately $45 million of compensation-related expenses, with approximately 70% of the estimated compensation-related synergies already actioned in February.

Fourth Quarter 2024 Business Highlights:

Continued acceleration of year-over-year growth of Ex-TAC gross profit, improvement in Ex-TAC gross margin, and growth in Adjusted EBITDA.
Fifth consecutive quarter of year-over-year RPM growth.
Strong initial reception of our Moments offering, launched in Q3 and live on over 40 publishers, including New York Post, NewsCorp Australia, RTL and Rolling Stone.
Continued growth in advertiser spend on Outbrain DSP (previously known as Zemanta), by approximately 45% in FY 2024, as compared to the prior year.
Continued supply expansion outside of traditional feed product representing approximately 30% of our revenue in Q4 2024, versus 26% in Q4 2023.
Premium supply competitive wins include Penske Media (US) and Prensa Ibérica (Spain), and renewals including Spiegel (Germany), Il Messaggero (Italy), and Grape (Japan).

Fourth Quarter 2024 Financial Highlights:

Revenue of $234.6 million, a decrease of $13.6 million, or 5%, compared to $248.2 million in the prior year period, including net unfavorable foreign currency effects of approximately $1.8 million.
Gross profit of $56.1 million, an increase of $2.9 million, or 5%, compared to $53.2 million in the prior year period. Gross margin increased 250 basis points to 23.9%, compared to 21.4% in the prior year period.
Ex-TAC gross profit of $68.3 million, an increase of $4.5 million, or 7%, compared to $63.8 million in the prior year period, as lower revenue was more than offset by our Ex-TAC gross margin improvement of approximately 340 basis points to 29.1%, compared to 25.7% in the prior year period.
Net loss of $0.2 million, compared to net income of $4.1 million in the prior year period. Net loss in the current period includes acquisition-related costs of $3.6 million, net of taxes.
Adjusted net income of $3.5 million, compared to adjusted net income of $4.3 million in the prior year period.
Adjusted EBITDA of $17.0 million, compared to Adjusted EBITDA of $14.0 million in the prior year period. Adjusted EBITDA included net unfavorable foreign currency effects of approximately $0.8 million.
Generated net cash provided by operating activities of $42.7 million, compared to $25.5 million in the prior year period. Free cash flow was $37.6 million, as compared to $21.0 million in the prior year period.
Cash, cash equivalents and investments in marketable securities were $166.1 million, comprised of cash and cash equivalents of $89.1 million and short-term investments in marketable securities of $77.0 million as of December 31, 2024.

Full Year 2024 Financial Results:

Revenue of $889.9 million, a decrease of $45.9 million, or 5%, compared to $935.8 million in the prior year period, including net unfavorable foreign currency effects of approximately $2.4 million.
Gross profit of $192.1 million, an increase of $7.3 million, or 4%, compared to $184.8 million in the prior year period, including net unfavorable foreign currency effects of approximately $1.3 million. Gross margin increased 190 basis points to 21.6% in 2024, compared to 19.7% in 2023.
Ex-TAC gross profit of $236.1 million, an increase of $8.7 million, or 4%, compared to $227.4 million in the prior year period, including net unfavorable foreign currency effects of approximately $1.3 million.
Net loss of $0.7 million, including net one-time expenses of $4.8 million, compared to net income of $10.2 million, including net one-time benefits of $14.1 million in the prior year. See non-GAAP reconciliations below for details of one-time items.
Adjusted net income of $4.1 million, compared to adjusted net loss of $3.9 million in the prior year.
Adjusted EBITDA of $37.3 million, compared to $28.5 million in the prior year. Adjusted EBITDA included net unfavorable foreign currency effects of approximately $1.2 million.
Generated net cash provided by operating activities of $68.6 million, compared to net cash provided $13.7 million in the prior year. Free cash flow was $51.3 million, compared to a use of cash of $6.5 million in the prior year.

Share Repurchases:

There were no share repurchases during the three months ended December 31, 2024. During the twelve months ended December 31, 2024, we repurchased 1,410,001 shares for $5.8 million, including related costs, under our $30 million stock repurchase program authorized in December 2022. The remaining availability under the repurchase program was $6.6 million as of December 31, 2024.

2025 Full Year and First Quarter Guidance

The following forward-looking statements reflect our expectations for 2025, including the contribution from Teads.

For the first quarter ending March 31, 2025, which includes the results for the legacy Outbrain business plus the addition of operating results for legacy Teads beginning on February 3, 2025, we expect:

Ex-TAC gross profit of $100 million to $105 million
Adjusted EBITDA of $8 million to $12 million

For the full year ending December 31, 2025, we expect:

Adjusted EBITDA of at least $180 million

The above measures are forward-looking non-GAAP financial measures for which a reconciliation to the most directly comparable GAAP financial measure is not available without unreasonable efforts. See “Non-GAAP Financial Measures” below. In addition, our guidance is subject to risks and uncertainties, as outlined below in this release.

Conference Call and Webcast Information

Outbrain will host an investor conference call this morning, Thursday, February 27 at 8:30 am ET. Interested parties are invited to listen to the conference call which can be accessed live by phone by dialing 1-877-497-9071 or for international callers, 1-201-689-8727. A replay will be available two hours after the call and can be accessed by dialing 1-877-660-6853, or for international callers, 1-201-612-7415. The passcode for the live call and the replay is 13750872. The replay will be available until March 13, 2025. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investors Relations section of the Company’s website at https://investors.outbrain.com. The online replay will be available for a limited time shortly following the call.

Non-GAAP Financial Measures

In addition to GAAP performance measures, we use the following supplemental non-GAAP financial measures to evaluate our business, measure our performance, identify trends, and allocate our resources: Ex-TAC gross profit, Ex-TAC gross margin, Adjusted EBITDA, free cash flow, adjusted net income (loss), and adjusted diluted EPS. These non-GAAP financial measures are defined and reconciled to the corresponding GAAP measures below. These non-GAAP financial measures are subject to significant limitations, including those we identify below. In addition, other companies in our industry may define these measures differently, which may reduce their usefulness as comparative measures. As a result, this information should be considered as supplemental in nature and is not meant as a substitute for revenue, gross profit, net income (loss), diluted EPS, or cash flows from operating activities presented in accordance with U.S. GAAP.

Because we are a global company, the comparability of our operating results is affected by foreign exchange fluctuations. We calculate certain constant currency measures and foreign currency impacts by translating the current year’s reported amounts into comparable amounts using the prior year’s exchange rates. All constant currency financial information that may be presented is non-GAAP and should be used as a supplement to our reported operating results. We believe that this information is helpful to our management and investors to assess our operating performance on a comparable basis. However, these measures are not intended to replace amounts presented in accordance with GAAP and may be different from similar measures calculated by other companies.

The Company is also providing fourth quarter and full year guidance. These forward-looking non-GAAP financial measures are calculated based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. The Company has not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures because it is unable, without unreasonable effort, to predict with reasonable certainty the occurrence or amount of all excluded items that may arise during the forward-looking period, which can be dependent on future events that may not be reliably predicted. Such excluded items could be material to the reported results individually or in the aggregate.

Ex-TAC Gross Profit

Ex-TAC gross profit is a non-GAAP financial measure. Gross profit is the most comparable GAAP measure. In calculating Ex-TAC gross profit, we add back other cost of revenue to gross profit. Ex-TAC gross profit may fluctuate in the future due to various factors, including, but not limited to, seasonality and changes in the number of media partners and advertisers, advertiser demand or user engagements.

We present Ex-TAC gross profit, Ex-TAC gross margin (calculated as Ex-TAC gross profit as a percentage of revenue), and Adjusted EBITDA as a percentage of Ex-TAC gross profit, because they are key profitability measures used by our management and board of directors to understand and evaluate our operating performance and trends, develop short-term and long-term operational plans, and make strategic decisions regarding the allocation of capital. Accordingly, we believe that these measures provide information to investors and the market in understanding and evaluating our operating results in the same manner as our management and board of directors. There are limitations on the use of Ex-TAC gross profit in that traffic acquisition cost is a significant component of our total cost of revenue but not the only component and, by definition, Ex-TAC gross profit presented for any period will be higher than gross profit for that period. A potential limitation of this non-GAAP financial measure is that other companies, including companies in our industry, which have a similar business, may define Ex-TAC gross profit differently, which may make comparisons difficult. As a result, this information should be considered as supplemental in nature and is not meant as a substitute for revenue or gross profit presented in accordance with U.S. GAAP.

Adjusted EBITDA

We define Adjusted EBITDA as net income (loss) before gain on convertible debt; interest expense; interest income and other income (expense), net; provision for income taxes; depreciation and amortization; stock-based compensation; and other income or expenses that we do not consider indicative of our core operating performance, including but not limited to, merger and acquisition costs, regulatory matter costs, and severance costs related to our cost saving initiatives. We present Adjusted EBITDA as a supplemental performance measure because it is a key profitability measure used by our management and board of directors to understand and evaluate our operating performance and trends, develop short-term and long-term operational plans and make strategic decisions regarding the allocation of capital, and we believe it facilitates operating performance comparisons from period to period.

We believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. However, our calculation of Adjusted EBITDA is not necessarily comparable to non-GAAP information of other companies. Adjusted EBITDA should be considered as a supplemental measure and should not be considered in isolation or as a substitute for any measures of our financial performance that are calculated and reported in accordance with U.S. GAAP.

Adjusted Net Income (Loss) and Adjusted Diluted EPS

Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss) excluding items that we do not consider indicative of our core operating performance, including but not limited to gain on convertible debt, merger and acquisition costs, regulatory matter costs, and severance costs related to our cost saving initiatives. Adjusted net income (loss), as defined above, is also presented on a per diluted share basis. We present adjusted net income (loss) and adjusted diluted EPS as supplemental performance measures because we believe they facilitate performance comparisons from period to period. However, adjusted net income (loss) or adjusted diluted EPS should not be considered in isolation or as a substitute for net income (loss) or diluted earnings per share reported in accordance with U.S. GAAP.

Free Cash Flow

Free cash flow is defined as cash flow provided by (used in) operating activities less capital expenditures and capitalized software development costs. Free cash flow is a supplementary measure used by our management and board of directors to evaluate our ability to generate cash and we believe it allows for a more complete analysis of our available cash flows. Free cash flow should be considered as a supplemental measure and should not be considered in isolation or as a substitute for any measures of our financial performance that are calculated and reported in accordance with U.S. GAAP.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements may include, without limitation, statements generally relating to possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives, and statements relating to our recently completed acquisition of Teads S.A., a public limited liability company(société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg (“Teads”). You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “guidance,” “outlook,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “foresee,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions or are not statements of historical fact. We have based these forward- looking statements largely on our expectations and projections regarding future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors including, but not limited to: the ability of Outbrain to successfully integrate Teads or manage the combined business effectively; our ability to realize anticipated benefits and synergies of the acquisition, including, among other things, operating efficiencies, revenue synergies and other cost savings; our due diligence investigation of Teads may be inadequate or risks related to Teads’ business may materialize; unexpected costs, charges or expenses resulting from the acquisition; the outcome of any securities litigation, stockholder derivative or other litigation related to the acquisition; our ability to raise additional financing in the future to fund our operations, which may not be available to us on favorable terms or at all; the volatility of the market price of our common stock and any drop in the market price of our common stock following the acquisition; our ability to attract and retain customers, management and other key personnel; overall advertising demand and traffic generated by our media partners; factors that affect advertising demand and spending, such as the continuation or worsening of unfavorable economic or business conditions or downturns, instability or volatility in financial markets, and other events or factors outside of our control, such as U.S. and global recession concerns, geopolitical concerns, including the ongoing war between Ukraine-Russia and conditions in Israel and the Middle East, tariffs and trade wars, supply chain issues, inflationary pressures, labor market volatility, bank closures or disruptions, the impact of challenging economic conditions, political and policy changes or uncertainties in connection with the new U.S. presidential administration, and other factors that have and may further impact advertisers’ ability to pay; our ability to continue to innovate, and adoption by our advertisers and media partners of our expanding solutions; the success of our sales and marketing investments, which may require significant investments and may involve long sales cycles; our ability to grow our business and manage growth effectively; our ability to compete effectively against current and future competitors; the loss or decline of one or more of our large media partners, and our ability to expand our advertiser and media partner relationships; conditions in Israel, including the sustainability of the recent cease-fire between Israel and Hamas and any conflicts with other terrorist organizations; our ability to maintain our revenues or profitability despite quarterly fluctuations in our results, whether due to seasonality, large cyclical events, or other causes; the risk that our research and development efforts may not meet the demands of a rapidly evolving technology market; any failure of our recommendation engine to accurately predict attention or engagement, any deterioration in the quality of our recommendations or failure to present interesting content to users or other factors which may cause us to experience a decline in user engagement or loss of media partners; limits on our ability to collect, use and disclose data to deliver advertisements; our ability to extend our reach into evolving digital media platforms; our ability to maintain and scale our technology platform; our ability to meet demands on our infrastructure and resources due to future growth or otherwise; our failure or the failure of third parties to protect our sites, networks and systems against security breaches, or otherwise to protect the confidential information of us or our partners; outages or disruptions that impact us or our service providers, resulting from cyber incidents, or failures or loss of our infrastructure; significant fluctuations in currency exchange rates; political and regulatory risks in the various markets in which we operate; the challenges of compliance with differing and changing regulatory requirements; the timing and execution of any cost-saving measures and the impact on our business or strategy; and the risks described in the section entitled “Risk Factors” and elsewhere in the Annual Report on Form 10-K filed for the year ended December 31, 2023, in our definitive proxy statement filed with the SEC on October 31, 2024 and in subsequent reports filed with the SEC. Accordingly, you should not rely upon forward-looking statements as an indication of future performance. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or will occur, and actual results, events, or circumstances could differ materially from those projected in the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation and do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events or otherwise, except as required by law.

About The Combined Company

Outbrain Inc. (Nasdaq: OB) and Teads combined on February 3, 2025 and are operating under the new Teads brand. The new Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes, the combined company ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, the new Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, with a global team of nearly 1,800 people in 36 countries.

Media Contact

press@outbrain.com

Investor Relations Contact

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OUTBRAIN INC. Condensed Consolidated Statements of Operations *(In thousands, except for share and per share data)*

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
	(Unaudited)
Revenue	$	234,586		$	248,229		$	889,875		$	935,818
Cost of revenue:
Traffic acquisition costs		166,247			184,425			653,731			708,449
Other cost of revenue		12,277			10,572			44,042			42,571
Total cost of revenue		178,524			194,997			697,773			751,020
Gross profit		56,062			53,232			192,102			184,798
Operating expenses:
Research and development		9,434			8,369			37,080			36,402
Sales and marketing		25,736			25,254			97,498			98,370
General and administrative		18,357			13,899			70,162			58,665
Total operating expenses		53,527			47,522			204,740			193,437
Income (loss) from operations		2,535			5,710			(12,638	)		(8,639	)
Other income (expense), net:
Gain on convertible debt		—			—			8,782			22,594
Interest expense		(699	)		(965	)		(3,649	)		(5,393	)
Interest income and other income, net		1,522			2,060			9,209			7,793
Total other income, net		823			1,095			14,342			24,994
Income before income taxes		3,358			6,805			1,704			16,355
Provision for income taxes		3,525			2,748			2,415			6,113
Net (loss) income	$	(167	)	$	4,057		$	(711	)	$	10,242

Weighted average shares outstanding:
Basic		49,767,704			50,076,364			49,321,301			50,900,422
Diluted		49,767,704			50,108,460			52,709,356			56,965,299

Net income (loss) per common share:
Basic	$	0.00		$	0.08		$	(0.01	)	$	0.20
Diluted	$	0.00		$	0.08		$	(0.11	)	$	(0.06	)

OUTBRAIN INC. Condensed Consolidated Balance Sheets *(In thousands, except for number of shares and par value)*

	December 31, 2024			December 31, 2023
	(Unaudited)
ASSETS:
Current assets:
Cash and cash equivalents	$	89,094		$	70,889
Short-term investments in marketable securities		77,035			94,313
Accounts receivable, net of allowances		149,167			189,334
Prepaid expenses and other current assets		27,835			47,240
Total current assets		343,131			401,776
Non-current assets:
Long-term investments in marketable securities		—			65,767
Property, equipment and capitalized software, net		45,250			42,461
Operating lease right-of-use assets, net		15,047			12,145
Intangible assets, net		16,928			20,396
Goodwill		63,063			63,063
Deferred tax assets		40,825			38,360
Other assets		24,969			20,669
TOTAL ASSETS	$	549,213		$	664,637

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities:
Accounts payable	$	149,479		$	150,812
Accrued compensation and benefits		19,430			18,620
Accrued and other current liabilities		113,630			119,703
Deferred revenue		6,932			8,486
Total current liabilities		289,471			297,621
Non-current liabilities:
Long-term debt		—			118,000
Operating lease liabilities, non-current		11,783			9,217
Other liabilities		16,616			16,735
TOTAL LIABILITIES	$	317,870		$	441,573

STOCKHOLDERS’ EQUITY:
Common stock, par value of $0.001 per share − one billion shares authorized; 63,503,274 shares issued and 50,090,114 shares outstanding as of December 31, 2024; 61,567,520 shares issued and 49,726,518 shares outstanding as of December 31, 2023		64			62
Preferred stock, par value of $0.001 per share − 100,000,000 shares authorized, none issued and outstanding as of December 31, 2024 and December 31, 2023		—			—
Additional paid-in capital		484,541			468,525
Treasury stock, at cost − 13,413,160 shares as of December 31, 2024 and 11,841,002 shares as of December 31, 2023		(74,289	)		(67,689	)
Accumulated other comprehensive loss		(9,480	)		(9,052	)
Accumulated deficit		(169,493	)		(168,782	)
TOTAL STOCKHOLDERS’ EQUITY		231,343			223,064
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	549,213		$	664,637

OUTBRAIN INC. Condensed Consolidated Statements of Cash Flows *(In thousands)*

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
	(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$	(167	)	$	4,057		$	(711	)	$	10,242
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Gain on convertible debt		—			—			(8,782	)		(22,594	)
Stock-based compensation		3,974			2,988			15,461			12,141
Depreciation and amortization of property and equipment		1,658			1,720			6,312			6,915
Amortization of capitalized software development costs		2,477			2,372			9,758			9,633
Amortization of intangible assets		850			853			3,409			4,154
Provision for credit losses		55			1,931			3,006			8,008
Non-cash operating lease expense		1,305			1,092			5,130			4,453
Deferred income taxes		(664	)		(1,478	)		(5,095	)		(4,312	)
Amortization of discount on marketable securities		(396	)		(729	)		(2,235	)		(3,604	)
Other		665			(483	)		47			(717	)
Changes in operating assets and liabilities:
Accounts receivable		4,471			(16,939	)		35,905			(12,946	)
Prepaid expenses and other current assets		9,291			2,409			18,412			843
Accounts payable and other current liabilities		18,867			27,127			(11,696	)		(1,228	)
Operating lease liabilities		(1,223	)		(1,018	)		(5,092	)		(4,297	)
Deferred revenue		555			1,524			(1,496	)		1,621
Other non-current assets and liabilities		945			51			6,228			5,434
Net cash provided by operating activities		42,663			25,477			68,561			13,746

CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of a business, net of cash acquired		—			(77	)		(181	)		(389	)
Purchases of property and equipment		(2,712	)		(2,257	)		(7,380	)		(10,127	)
Capitalized software development costs		(2,321	)		(2,243	)		(9,913	)		(10,107	)
Purchases of marketable securities		(34,436	)		(44,658	)		(90,602	)		(131,543	)
Proceeds from sales and maturities of marketable securities		31,068			35,228			175,325			221,878
Other		(15	)		(63	)		(96	)		(72	)
Net cash (used in) provided by investing activities		(8,416	)		(14,070	)		67,153			69,640

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long-term debt obligations		—			—			(109,740	)		(96,170	)
Payment of deferred financing costs		(598	)		—			(1,099	)		—
Treasury stock repurchases and share withholdings on vested awards		(210	)		(5,270	)		(6,600	)		(18,521	)
Principal payments on finance lease obligations		—			(353	)		(263	)		(1,830	)
Payment of contingent consideration liability up to acquisition-date fair value		—			—			—			(547	)
Net cash used in financing activities		(808	)		(5,623	)		(117,702	)		(117,068	)

Effect of exchange rate changes		(1,400	)		564			634			(1,004	)

Net increase (decrease) in cash, cash equivalents and restricted cash	$	32,039		$	6,348		$	18,646		$	(34,686	)
Cash, cash equivalents and restricted cash — Beginning		57,686			64,731			71,079			105,765
Cash, cash equivalents and restricted cash — Ending	$	89,725		$	71,079		$	89,725		$	71,079

OUTBRAIN INC.
Non-GAAP Reconciliations
(In thousands)
(Unaudited)

The following table presents the reconciliation of Gross profit to Ex-TAC gross profit and Ex-TAC gross margin, for the periods presented:

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
Revenue	$	234,586		$	248,229		$	889,875		$	935,818
Traffic acquisition costs		(166,247	)		(184,425	)		(653,731	)		(708,449	)
Other cost of revenue		(12,277	)		(10,572	)		(44,042	)		(42,571	)
Gross profit		56,062			53,232			192,102			184,798
Other cost of revenue		12,277			10,572			44,042			42,571
Ex-TAC gross profit	$	68,339		$	63,804		$	236,144		$	227,369

Gross margin (gross profit as % of revenue)		23.9	%		21.4	%		21.6	%		19.7	%
Ex-TAC gross margin (Ex-TAC gross profit as % of revenue)		29.1	%		25.7	%		26.5	%		24.3	%

The following table presents the reconciliation of net income (loss) to Adjusted EBITDA, for the periods presented:

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
Net (loss) income	$	(167	)	$	4,057		$	(711	)	$	10,242
Interest expense		699			965			3,649			5,393
Interest income and other income, net		(1,522	)		(2,060	)		(9,209	)		(7,793	)
Gain on convertible debt		—			—			(8,782	)		(22,594	)
Provision for income taxes		3,525			2,748			2,415			6,113
Depreciation and amortization		4,985			4,945			19,479			20,702
Stock-based compensation		3,974			2,988			15,461			12,141
Regulatory matter costs		—			—			—			742
Acquisition-related costs		5,469			—			14,256			—
Severance and related costs		—			361			742			3,509
Adjusted EBITDA	$	16,963		$	14,004		$	37,300		$	28,455

Net (loss) income as % of gross profit		(0.3	)%		7.6	%		(0.4	)%		5.5	%
Adjusted EBITDA as % of Ex-TAC Gross Profit		24.8	%		21.9	%		15.8	%		12.5	%

The following table presents the reconciliation of net income (loss) and diluted EPS to adjusted net income (loss) and adjusted diluted EPS, respectively, for the periods presented:

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
Net loss (income)	$	(167	)	$	4,057		$	(711	)	$	10,242
Adjustments:
Gain on convertible debt		—			—			(8,782	)		(22,594	)
Regulatory matter costs		—			—			—			742
Acquisition-related costs		5,469			—			14,256			—
Severance and related costs		—			361			742			3,509
Total adjustments, before tax		5,469			361			6,216			(18,343	)
Income tax effect		(1,844	)		(97	)		(1,438	)		4,234
Total adjustments, after tax		3,625			264			4,778			(14,109	)
Adjusted net income (loss)	$	3,458		$	4,321		$	4,067		$	(3,867	)

Basic weighted-average shares, as reported		49,767,704			50,076,364			49,321,301			50,900,422
Restricted stock units		793,713			32,096			519,729			—
Adjusted diluted weighted average shares		50,561,417			50,108,460			49,841,030			50,900,422

Diluted net income (loss) per share – reported	$	—		$	0.08		$	(0.11	)	$	(0.06	)
Adjustments, after tax		0.07			0.01			0.19			(0.02	)
Diluted net income (loss) per share – adjusted	$	0.07		$	0.09		$	0.08		$	(0.08	)

The following table presents the reconciliation of net cash provided by (used in) operating activities to free cash flow, for the periods presented:

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
Net cash provided by operating activities	$	42,663		$	25,477		$	68,561		$	13,746
Purchases of property and equipment		(2,712	)		(2,257	)		(7,380	)		(10,127	)
Capitalized software development costs		(2,321	)		(2,243	)		(9,913	)		(10,107	)
Free cash flow	$	37,630		$	20,977		$	51,268		$	(6,488	)

Teads
Non-IFRS Reconciliations
(In thousands)
(Unaudited)

The below information is presented for informational purposes only. The acquisition of Teads closed in February 2025. Therefore, its results are not included in Outbrain Inc.’s consolidated results of operations for any periods in 2024. The following is a summary of Teads’ non-IFRS financial measures, as calculated based on Teads’ historical financial statements, which we may publicly present from time to time, and which differ from US GAAP. Non-IFRS financial measures should be viewed in addition to, and not as an alternative for, Teads’ historical financial results prepared in accordance with IFRS. The financial information set forth below for the three months and twelve months ended December 31, 2024 is preliminary and is subject to change. Actual financial results may differ from these preliminary estimates due to the completion of Teads’ annual audit and are subject to adjustments and other developments that may arise before such results are finalized.

Ex-TAC Gross Profit is defined as gross profit plus other cost of revenue. The following table presents the reconciliation of Ex-TAC Gross Profit to gross profit for the periods presented:

	Three Months Ended March 31, 2024			Three Months Ended June 30, 2024			Three Months Ended September 30, 2024			Three Months Ended December 31, 2024			Twelve Months Ended December 31, 2024
	(in thousands)
Revenue	$	125,372		$	153,734		$	149,376		$	188,953		$	617,435
Traffic acquisition costs		(46,939	)		(55,716	)		(59,085	)		(69,091	)		(230,831	)
Other cost of revenue^(a)		(26,387	)		(26,721	)		(26,865	)		(26,441	)		(106,414	)
Gross profit		52,046			71,297			63,426			93,421			280,190
Other cost of revenue^(a)		26,387			26,721			26,865			26,441			106,414
Ex-TAC Gross Profit	$	78,433		$	98,018		$	90,291		$	119,862		$	386,604

^{__________________________________}
^(a) Other cost of revenue for Teads is subject to accounting policy alignment with Outbrain, with no impact to Ex-TAC Gross Profit included in the above table.

Teads defines Adjusted EBITDA as profit (loss) for the year/period before income tax expense, finance costs, other financial income and expenses, depreciation and amortization, other expenses and income (capital gains, non-recurring litigation, restructuring costs) and share-based compensation. This may not be comparable to similarly titled measures used by other companies. Further, this measure should not be considered as an alternative for net income as the effects of income tax expense, finance costs, other financial income and expenses, depreciation and amortization, other expenses and income (such as severance costs, and merger and acquisition costs) and share-based compensation excluded from Adjusted EBITDA do affect the operating results. Teads believes that Adjusted EBITDA is a useful supplementary measure for evaluating the operating performance of Teads’ business. The following table provides a reconciliation of profit (loss) for the period to Adjusted EBITDA, the most directly comparable IFRS measure, for the periods presented:

	Three Months Ended March 31, 2024			Three Months Ended June 30, 2024			Three Months Ended September 30, 2024			Three Months Ended December 31, 2024			Twelve Months Ended December 31, 2024
	(in thousands)
(Loss) profit for the period		(36,551	)		23,323			32,933		$	46,158		$	65,863
Finance Costs		250			277			532			117			1,176
Other financial (income) and expenses		20,531			(12,432	)		(20,529	)		(19,967	)		(32,397	)
Provision for income taxes		716			10,800			10,597			17,637			39,750
Depreciation and amortization		3,180			3,350			3,277			3,027			12,834
Share-based compensation		25,612			5,760			(3,284	)		(134	)		27,954
Severance costs		281			520			398			394			1,593
Merger and acquisition costs		323			763			(125	)		4,929			5,890
Adjusted EBITDA	$	14,342		$	32,361		$	23,799		$	52,161		$	122,663

The MIL Network –

February 28, 2025

MIL-OSI Economics: Samsung Launches Galaxy M16 5G and Galaxy M06 5G in India with Refreshed Design and Monster Performance

Source: Samsung

Samsung, India’s largest consumer electronics brand, today announced the launch of two monster devices, Galaxy M16 5G and Galaxy M06 5G, with several segment-leading features. The latest additions to the immensely popular Galaxy M series offer an impressive combination of style and cutting-edge innovations, ensuring newer possibilities for every consumer.

“Galaxy M16 5G and Galaxy M06 5G come with monster innovations and performance, the twin legacies of M series. With a refreshed design, these devices are built to enhance both style and performance, featuring MediaTek Dimensity 6300 processor and full 5G support across operators. The Galaxy M16 5G also sets a new benchmark with a segment-leading FHD+ Super AMOLED display, six generations of OS upgrades, and the introduction of Samsung Wallet with Tap & Pay functionality,” said Akshay S Rao, General Manager, MX Business, Samsung India.

Monster Display
Galaxy M16 5G features segment-leading 6.7” Full HD+ Super AMOLED display that provides higher quality colour contrast, giving an immersive viewing experience. Galaxy M16 5G comes with adaptive high brightness mode ensuring that users can enjoy their favourite content even under bright sunlight. Galaxy M06 5G features a 6.7” HD+ display, which makes scrolling through social media feeds, even in outdoor settings, a breeze for the tech-savvy Gen Z and millennial customers.

Monster Design
Both Galaxy M16 5G and Galaxy M06 5G feature an all-new design with new linear grouped camera module, a bold yet balanced colour palette, and an enhanced finish, making them visually appealing and trendy. Both devices are sleek and incredibly ergonomic. The Galaxy M16 5G is just 7.9 mm slim, while the Galaxy M06 5G measures 8 mm. The Galaxy M16 5G will be available in three bold and refreshing colours – Blush Pink, Mint Green, and Thunder Black – while the Galaxy M06 5G will elevate your style with Sage Green and Blazing Black.

Monster Performance and Connectivity
Galaxy M16 5G and Galaxy M06 5G are powered by the MediaTek Dimensity 6300 processor, making them fast and power-efficient for smooth multitasking. With ultimate speed and connectivity, supported by the segment’s leading 5G bands, users can stay fully connected wherever they go—experiencing faster download and upload speeds, smoother streaming, and uninterrupted browsing.

Monster Camera
Galaxy M16 5G and Galaxy M06 5G feature a striking new camera module. The Galaxy M16 5G boasts a segment-leading 50MP main camera for enhanced clarity, complemented by a 5MP ultra-wide lens and a 2MP macro camera. With its 13MP front camera, you can capture crisp and clear selfies. Galaxy M06 5G features a high-resolution 50MP wide-angle lens with an F1.8 aperture, capturing vibrant and detailed photos, while the 2MP depth camera delivers sharper images. Additionally, Galaxy M06 5G comes with an 8MP front camera for taking selfies.’

Monster Battery
Both Galaxy M16 5G and Galaxy M06 5G packs 5000 mAh battery that enables long sessions of browsing, gaming and binge watching. Both smartphones support 25W fast charging, giving users more power in lesser time.

Monster Galaxy Experiences
Samsung is reaffirming its commitment to customer satisfaction by providing best-in-segment 6 generations of OS upgrades and 6 years of security updates with Galaxy M16 5G and 4 generations of OS upgrades and 4 years of security updates with Galaxy M06 5G, ensuring users can enjoy the latest features and enhanced security for years to come.

In our continuous endeavour to enhance the consumer experience, Samsung is introducing its innovative Tap & Pay feature with Samsung Wallet for the first time in this segment with the Galaxy M16 5G, allowing consumers to make secure payments effortlessly.

Both devices will feature Samsung’s most advanced security innovations: Samsung Knox Vault. This hardware-based security system provides comprehensive protection against both hardware and software attacks. Galaxy M16 5G and Galaxy M06 5G also include features like Voice Focus, which reduces ambient noise for an enhanced calling experience.

Product
Variant
Introductory Price
Offers

Galaxy M16 5G
4GB+128GB
INR 11499
Inclusive of INR 1000 Bank Cashback offer
6GB+128GB
INR 12999
8GB+128GB
INR 14499
Galaxy M06 5G
4GB+128GB
INR 9499
Inclusive of INR 500 Bank Cashback offer
6GB+128GB
INR 10999

MIL OSI Economics –

February 28, 2025
MIL-OSI Video: EU-India, Commission Visit for a Strategic Partnership and a Resilient Future

Source: European Commission (video statements)

Europe and India are deepening their partnership through a new strategic agenda, focused on key areas such as trade, investment, economic security, resilient supply chains, tech innovation, and reinforced defense cooperation. The Commissioners’ upcoming visit to New Delhi aims to shape a stronger, more interconnected future between the two largest democracies. Together, they are forging a path toward greater collaboration, security, and mutual growth.

Find our more about European Commission’s visit to India at the following link: https://europa.eu/!xkJ7C7

https://www.youtube.com/watch?v=PhhcGuvPgRA

MIL OSI Video –

February 28, 2025
MIL-OSI United Kingdom: £230m DHL investment in Coventry to create hundreds of local jobs
Source: United Kingdom – Executive Government & Departments

Press release

£230m DHL investment in Coventry to create hundreds of local jobs

DHL Group has announced a £230 million e-commerce hub investment in Coventry creating up to 600 local jobs.
Major £230m investment in new state-of-the-art e-commerce hub in Coventry will create up to 600 local jobs.

New hub near Coventry Airport can handle up to 1 million parcels a day and is part of DHL e-Commerce’s wider £482m investment into the UK.

Minister Justin Madders will open the hub today, celebrating the latest in a series of job-boosting investments across the country.

Logistics giant DHL has invested £230 million in a new state-of-the-art e-commerce hub in Coventry which will create up to 600 local jobs, in the latest in a series of job-boosting investments across the UK.

Today (27 February), Business Minister Justin Madders will formally open the new hub which covers 25,000 m² of space and can handle up to a million parcels a day, speeding up delivery times for UK consumers in a major win to the Coventry and wider West Midlands economy.

During his visit, the Minister will meet with DHL Group’s senior leadership, including CEO of DHL eCommerce Pablo Ciano, tour the new site to see the latest e-commerce technologies in action, and learn about how the new hub will benefit not only Coventry but the wider West Midlands.

This announcement comes as the latest research shows the UK is expected to reach a turnover in e-commerce of £176 billion by 2029, leading all European economies. The latest figures from the Department for Business & Trade also show the West Midlands region landed 133 foreign direct investments in 2023/24, generating 7,581 new jobs.

Securing investment is central to the Government’s mission to deliver economic growth which will create jobs, improve living standards, and make communities and families across the country better off as part of our Plan for Change.

Since entering office, the Government has been focused on restoring economic stability – which is the foundation of growth – to give businesses the confidence to invest and expand in the UK, and today’s announcement from DHL is a major vote of confidence in the UK’s investment environment.

Business Minister Justin Madders said:

The West Midlands is a powerhouse for investment, and this state-of-the-art hub in Coventry will not only create hundreds of local jobs but give a major boost to our logistics sector and speed up delivery times for consumers.

The UK is open for business, and DHL’s investment is the latest vote of confidence in the country which will deliver economic growth and raise living standards, showing our Plan for Change is working.

Stuart Hill, CEO of DHL eCommerce UK said:

As e-commerce continues to shape the way we live and work, this expansion will enable us to meet growing demand. The investment reflects our confidence in British business and our dedication to helping our customers thrive in the digital marketplace through innovation and best-in-class service delivery.

By increasing our capacity with a state-of-the-art operation, we’re creating long-term jobs, growth opportunities for our customers and a blueprint for more sustainable logistics.

DHL’s cutting-edge new site will help to grow UK e-commerce businesses and improve delivery to consumers across the UK, as well as improving export logistics for businesses in the region. The hub features secure bonded storage and customs capabilities to support international e-commerce, making it quicker and easier to dispatch parcels internationally.

The hub also provides EV charging points and 7,000m² of solar panels along with LED lighting. This minimises the site’s environmental impact and preserves the area’s natural biodiversity – supporting the government’s ambitions to make the UK a clean energy superpower.

Economic growth is the foundation of our Plan for Change, and DHL’s vote of confidence will play a vital role in not only unlocking further investment but turbocharging the UK’s logistics sector.

DHL’s announcement today is the latest in a series of recent investment wins for the UK, including:

Creating nearly 38,000 jobs across the UK following our record-breaking International Investment Summit last October, with £63 billion worth of investment secured by companies such as Amazon Web Services, Iberdrola and Octopus Energy.

Car manufacturer Nissan, and the Japan Automatic Transmission Company (JATCO) securing a £50 million investment deal in partnership with the government to create a new manufacturing plant in Sunderland.

US company Knighthead’s £3 billion regeneration project in East Birmingham, creating 8,400 new jobs annually, paving the way for a new 60,000-seater stadium alongside a sports campus of training facilities, a new academy, and community pitches.

Rolls Royce investing £300m in the expansion of their Goodwood facility to meet the growing demand for bespoke upgrades.

JLR investing £500 million in its Halewood facility to enable the production of electric vehicles, alongside existing combustion and hybrid models.

Blackstone’s £10 billion investment to create the biggest AI data centre in Europe, creating 4000 jobs.

Eren Holding investing £1 billion in the redevelopment of Shotton Mill in North Wales, safeguarding 147 jobs and creating a further 220 jobs.

Heathrow Airport announcing a multibillion-pound investment programme to expand the airport, including new terminal buildings, aircraft stands, passenger infrastructure and work towards its third runway.

Background:

The hub has BREEAM ‘Excellent’ status – the assessment rating used to specify and measure the sustainability performance of buildings, ensuring that projects meet sustainability goals and continue to perform optimally over time: https://breeam.com/about/how-breeam-works

For full details of inward investment into the West Midlands in 2023-24 are available here: https://www.gov.uk/government/statistics/dbt-inward-investment-results-2023-to-2024

Research firm Forrester published its 2024 to 2029 Europe e-commerce forecast last month, indicating that the UK will dominate European e-commerce and reach a turnover of £176 billion by 2029: https://www.forrester.com/report/europe-5-online-retail-forecast-2024-to-2029/RES182011

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Published 27 February 2025
MIL OSI United Kingdom –
February 28, 2025
MIL-OSI: Cenovus Energy announces redemption of Series 5 Preferred Shares

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 27, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (“Cenovus” or the “Company”) (TSX: CVE) (NYSE: CVE) announced today it will exercise its right to redeem the Company’s 4.591% Series 5 Preferred Shares (the “Series 5 Preferred Shares”) on March 31, 2025 (the “Redemption”). All 8 million Series 5 Preferred Shares outstanding will be redeemed at the price of $25.00 per share, for an aggregate amount payable to holders of $200 million, less required withholdings, if any, funded primarily from cash on hand.

As previously announced, the Company’s Board of Directors has declared a quarterly dividend of $0.28694 per Series 5 Preferred Share payable on March 31, 2025, to shareholders of record as of March 14, 2025. This will be the final dividend paid on the Series 5 Preferred Shares.

Inquiries from registered holders of Series 5 Preferred Shares should be directed to Cenovus’s Registrar and Transfer Agent, Computershare Investor Services Inc. at 1-866-332-8898 or (514) 982-8717 outside North America. Beneficial holders, who are not directly registered holders of Series 5 Preferred Shares, should contact the financial institution, broker, or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds.

Advisory

This news release contains certain forward-looking statements and forward-looking information (collectively referred to as “forward-looking information”), within the meaning of applicable securities legislation, about Cenovus’s current expectations, estimates and projections about the future, based on certain assumptions made in light of the Company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information in this news release is identified by words such as “anticipate”, “continue”, “expect”, “intend”, “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: the completion of the Redemption, including the timing and funding thereof and the dividend payments with respect to the Series 5 Preferred Shares.

Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally.

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

Cenovus Energy Inc.

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

Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

Cenovus contacts

Investors Media

Investor Relations general line Media Relations general line

403-766-7711 403-766-7751

The MIL Network –

February 28, 2025
MIL-OSI: Axi Recognised With ‘Best Workplace 2025’ Award by Xref Engage

Source: GlobeNewswire (MIL-OSI)

SYDNEY, Feb. 27, 2025 (GLOBE NEWSWIRE) — Leading online FX and CFD broker Axi announced that it has been recognised with the Best Workplace 2025 award by Xref Engage. The latest award builds on the broker’s previous recognition by Voice Project, where Axi won the ‘Best Workplace’ award for two consecutive years in 2020 and 2021.

Rajesh Yohannan, CEO at Axi, shared his excitement for the company’s newest recognition: “This award is a testament to the strong culture we’ve built together—one grounded in innovation, collaboration, and a shared commitment to excellence. At Axi, we continually invest in creating a safe and respectful environment where everyone can express their opinion and be heard, and thrive and succeed, and we’re incredibly proud to see our efforts reaffirmed.”

Founded in 2007, the Australian-based broker has grown from a two-person startup to a highly respected global group of companies, with over 400 staff members from 45+ nationalities across nine offices worldwide: Australia, Singapore, United Kingdom, Cyprus, Dubai, Philippines, Malaysia, India, and Vanuatu.

The latest accolade follows a series of other notable achievements for Axi. In 2024, the broker was recognised with the ‘Innovator of the Year’ award at the 2024 Dubai Forex Expo and was recently named ‘Most Innovative Proprietary Trading Firm’ by Finance Feeds. Additionally, the broker was also named Best Broker (MENA), Most Trusted Broker (LatAm), Most Reliable Broker (Europe), and Best Introducing Broker Programme (Asia) for 2024 by Global Forex Awards.

About Axi

Axi is a global online FX and CFD trading company, with thousands of customers in 100+ countries worldwide. Axi offers CFDs for several asset classes including Forex, Shares, Gold, Oil, Coffee, and more.

For more information or additional comments from Axi, please contact: mediaenquiries@axi.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cccccb40-307b-4f21-bcf2-1af3f88de766

The MIL Network –

February 27, 2025
MIL-OSI: Threats, political repatriations and kidnap dominate the crisis management landscape, according to Willis
Source: GlobeNewswire (MIL-OSI)

LONDON, Feb. 27, 2025 (GLOBE NEWSWIRE) — 26% of all incidents reported by clients last year to Alert:24 – the in-house risk advisory and crisis support service provided by Willis, a WTW business – were related to threats against individuals or client assets. Closely following, at 21% each, were emergency political repatriations of employees or family members and kidnaps for ransom, according to its latest Crisis Management Annual Review.

In a record year for the number of elections in 2024, incumbents in many of the world’s leading democracies faced significant declines in vote share, with nearly 80% losing ground compared to previous elections. The trend was driven by poor economic performance, with high inflation being a major concern for voters. While some incumbents formed minority coalitions to stay in power, many were ousted. The year saw significant protests and political turmoil in both free and authoritarian countries.

Looking ahead to 2025, rising populism, divisive rhetoric, and socio-economic tensions will drive continued violence and unrest in Europe, but the security agenda will remain dominated by terrorism threats and geopolitical challenges. Acts of violence directed against European officials surged in 2024, a trend which is expected to continue in 2025. Terrorism in North America and Europe will highly likely continue to stem from lone-wolf actors inspired by radical ideologies and involve low sophistication tactics and techniques.

Civil unrest and political violence are also a possibility amid growing social tensions in the US.

In Asia-Pacific, the threat of active assailant incidents has come to the fore over the past year and will remain a trend to watch.

Other key takeaways include:
- Persistent trends: In the US, the number of active assailant attacks remains higher than the pre-COVID-19 average, with a continued prevalence of workplace violence and mass shootings. The threat of lone-wolf terrorism also persists, with radicalization taking place online. In Latin America, organized crime continues to be pervasive, with highly operational criminal enterprises often intertwining with political structures to advance their interests and destabilize democratic institutions. Consequently, there has been a surge in kidnapping, in particular express kidnappings, with notifications to the Crisis Support Team for this type of incident originating in Brazil, Colombia, and Mexico.
- Sustained level of conflict: Overall, client incident notifications reduced by 21% in 2024 in comparison to the prior year, reflecting a 2023 characterized by a sustained level of conflict and catastrophes. While major events, such as the conflict between Israel and Hamas and the Sudanese Civil War, continue to fuel demand for risk mitigation services to protect operations, assets and personnel in affected areas, no new crises of a similar scale have emerged in 2024.
- Regional distribution of incidents: Africa led the tally with 27% of total incidents reported to Alert:24 by clients, all of them in Sub-Saharan Africa, with no single country accounting for a disproportionate share. Latin America was not far behind, more than doubling its share of incidents from 13% to 24%. Haiti was particularly notable as it accounted for approximately 20% of the events in Latin America, after not having registered any incidents during the previous year. Europe saw a reduction of total incidents from 14% to 8%.
Overall, the past few years have seen instances of political unrest that have significantly impacted the shape of global commerce. Much uncertainty lies ahead across the world, as even just one event could have resounding global trade repercussions. Those organizations able to quickly identify and rapidly respond to changes in political risks to their global supply chains are likely to have a competitive advantage over their peers.

Jo Holliday, global head of crisis management, said: “We continue to see clients impacted by a wide range of incident types across a broad geographical footprint, impacting both their people and physical assets. Looking ahead, political instability and the consequences of it are likely to continue and those clients that accurately assess, manage and then act on it are likely to navigate the volatile risk environment more effectively. Combining relevant insight and research, risk identification and quantification analytics as well as proactive crisis management is crucial for companies looking to ensure stability and resilience and are key to navigating these challenging times effectively.”

The report can be downloaded here.

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.

Learn more at wtwco.com.

Media contact

Sarah Booker:
Sarah.Booker@wtwco.com / +44 7917 722040

The MIL Network –
February 27, 2025
MIL-Evening Report: Eugene Doyle: Yellow Peril! Red Peril! ‘We cannot hide anymore’. Chinese warships in the Tasman Sea.

Report by Dr David Robie – Café Pacific. –

COMMENTARY: By Eugene Doyle

The Western media went into overdrive this week to work the laconic Kiwis into a mild frenzy over three Chinese naval vessels conducting exercises in the Tasman Sea a few thousand kilometres off our shores.

What was really behind this orchestrated campaign?

The New Zealand government led the rhetorical charge over the Hengyang, the Zunyi and the Weishanhu in mare nostrum (“Our Sea”, as the Romans liked to call the Mediterranean).

“We cannot hide at this end of the world anymore,” Defence Minister Judith Collins said in light of three Chinese boats in the Tasman.

Warrior academics were next . “We need to go to the cutting edge, and we need to do that really, really fast,” the ever-reliable China hawk Anne-Marie Brady of Canterbury University said, telling 1 News the message of the live-firing exercises was that China wants to rule the waves.

The British Financial Times chimed in with a warning that “A confronting strategic future is arriving fast”.

Could this have anything to do with the fact we are fast approaching the New Zealand government’s 2025 budget and that they — and their Australian, US and UK allies — are intent on a major increase in Kiwi defence funding, moving from around 1.2 percent of GDP to possibly two percent? A long-anticipated Defence Capability Review is also around the corner and is likely to come with quite a shopping list of expensive gear.

The New Zealand government led the rhetorical charge over the Hengyang, the Zunyi and the Weishanhu in mare nostrum (“Our Sea”, as the Romans liked to call the Mediterranean). Image: www.solidarity.co.nz

What’s good for the goose . . .
It is worth pointing out that New Zealand and Australian warships sailed through the contested Taiwan Strait and elsewhere in the South China Sea as recently as September 2024. What’s good for the goose is good for the Panda.

And, of course, at any one time about 20 US nuclear submarines are prowling in the deep waters of the Pacific Ocean and South China Sea. Each can carry missiles the equivalent of over 1000 Hiroshima bombs — truly apocalyptic.

Veteran New Zealand peace campaigner Mike Smith (a friend) was not in total disagreement with the hawks when it came to the argy-bargy in the Tasman.

“The emergence apparently from nowhere of a Chinese naval expedition in our waters I think may be intended to demonstrate that they have a large and very capable blue water navy now and won’t be penned in by AUKUS submarines when and if they arrive off their coast.

“I think the main message is to the Australians: if you want to homebase nuclear-capable B-52s we have more than one way to come at you. That was also the message of the ICBM they sent into the Pacific: Australia is no longer an unsinkable aircraft carrier.”

According to the Asia Times, China fired the ICBM — the first such shot into the Pacific by China — just days after HMNZS Aotearoa sailed through the Taiwan Strait with Australian vessel HMAS Sydney.

Smith says our focus should be on building positive relationships in the Pacific on our terms. “Buying expensive popguns will not save us.”

China Scare a page out of Australia’s Red Scare playbook
For people good at pattern recognition this week’s China Scare was obviously a page or two out of the same playbook that duped a majority of Australians into believing China was going to invade Australia. They were lulled into a false sense of insecurity back in 2021 — the mediascape flooded with Red Alert, China panic stories about imminent war with the rising Asian power.

As a sign of how successful the mainstream media can be in generating fear that precedes major policy shifts: research by Australia’s Institute of International & Security Affairs showed that more Australians thought that China would soon attack Australia than Taiwanese believed China would attack Taiwan!

Once the population was conditioned, they woke one morning in September 2021 with the momentous news that Australia had ditched a $90 billion submarine defence deal with France and the country was now part of a new anti-Chinese military alliance called AUKUS. This was the playbook that came to mind last week.

There are strong, rational arguments that could be made to increase our spending at this time. But I loathe and decry this kind of manipulation, this manufacturing of consent.

I also fear what those billions of dollars will be used for. Defending our coastlines is one thing; joining an anti-Chinese military alliance to please the US is quite another.

Prime Minister Luxon has called China — our biggest trading partner — a strategic competitor. He has also suggested, somewhat ludicrously, that our military could be a “force multiplier” for Team AUKUS.

We are hitching ourselves to the US at the very time they have proven they treat allies as vassals, threatened to annex Greenland and the Panama Canal, continue to commit genocide in Gaza, and are now imposing an unequal treaty on Ukraine.

[embedded content]
Australia’s ABC News on Foreign Minister Winston Peter’s talks in China. Video: ABC

Whose side – or calmer independence?
Whose side should we be on? Or should we return to a calmer, more independent posture?

And then there’s the question of priorities. The hawks may convince the New Zealand population that the China threat is serious enough that we should forgo spending money on child poverty, fixing our ageing infrastructure, investing in health and education and instead, as per pressure from our AUKUS partners, spend some serious coin — billions of dollars more — on defence.

Climate change is one battle that is being fought and lost. Will climate funding get the bullet so we can spend on military hardware? That would certainly get a frosty reaction from Pacific nations at the front edge of sea rise.

The government in New Zealand is literally taking the food out of children’s mouths to fund weapons systems. The Ka Ora, Ka Ako programme provides nutritious lunches every day to a quarter of a million of New Zealand’s most needy children.

Its funding has recently been slashed by over $100 million by the government despite its own advisors telling it that such programmes have profound long-term wellbeing benefits and contribute significantly to equity. In the next breath we are told we need to boost funding for our military.

The US appears determined to set itself on a collision course with China but we don’t have to be crash test dummies sitting alongside them. Prudence, preparedness, vigilance and risk-management are all to be devoutly wished for; hitching our fate to a hostile US containment strategy is bad policy both in economic and defence terms.

In the absence of a functioning media — one that showcases diverse perspectives and challenges power rather than works hand-in-glove with it — populations have been enlisted in the most abhorrent and idiotic campaigns: the Red Peril, the Jewish Peril and the Black Peril (in South Africa and the southern states of the USA), to name three.

Our media-political-military complex is at it again with this one — a kind of Yellow Peril Redux.

New Zealand trails behind both Australia and China in development assistance to the Pacific. If we wish to “counter” China, supporting our neighbours would be a better investment than encouraging an unwinnable arms race.

In tandem, I would advocate for a far deeper diplomatic and cultural push to understand and engage with China; that would do more to keep the region peaceful and may arrest the slow move in China towards seeking other markets for the high-quality primary produce that an increasingly bellicose New Zealand still wishes to sell them.

Let’s be friends to all, enemies of none. Keep the Pacific peaceful, neutral and nuclear-free.

Eugene Doyle is a community organiser and activist in Wellington, New Zealand. He received an Absolutely Positively Wellingtonian award in 2023 for community service. His first demonstration was at the age of 12 against the Vietnam War. This article was first published at his public policy website Solidarity and he is a regular contributor to Asia Pacific Report and Café Pacific.

This article was first published on Café Pacific.

MIL OSI Analysis – EveningReport.nz –

February 27, 2025
MIL-OSI Economics: Secretary-General of ASEAN meets with the Minister of Investment, Trade and Industry of Malaysia

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with Minister of Investment, Trade and Industry of Malaysia and the Chair of the ASEAN Economic Ministers’ Meeting Tengku Zafrul Tengku Abdul Aziz, in Johor, Malaysia. They discussed the work and priorities under Malaysia’s ASEAN Chairmanship in 2025, including the ongoing ASEAN-India Trade in Goods Agreement (AITIGA) review, the ASEAN Economic Community (AEC) Strategic Plan 2026-2030, and Timor-Leste’s Accession to ASEAN Economic Agreements.

The post Secretary-General of ASEAN meets with the Minister of Investment, Trade and Industry of Malaysia appeared first on ASEAN Main Portal.

MIL OSI Economics –

February 27, 2025
MIL-OSI Submissions: Thailand: ‘Deportation of Uyghurs’ to China would be ‘unimaginably cruel’

Source: Amnesty International

Responding to reports that a group of about 40 Uyghurs who have been detained in Thailand since 2014 were today deported to China, Amnesty International’s China Director Sarah Brooks said:

“The forcible return of these men, or indeed any Uyghurs, to China would place them at risk of serious human rights violations. We urge the government of Thailand to clarify their status.

“Their ordeal is already chilling: they fled repression in China, only to find themselves arbitrarily detained in Thailand for more than a decade. The fact that they now may be forcibly returned to a country where Uyghur and other non-Han ethnic groups in Xinjiang have faced torture and ill-treatment, arbitrary detention and enforced disappearance is unimaginably cruel.

“The Thai government should have protected these men, but instead it has wilfully exposed them to these grave risks. In doing so it has ignored pleas from Amnesty International and United Nations experts who urged it not to violate the internationally and domestically recognized principle of non-refoulement. And this just as Thailand has been elected to the United Nations Human Rights Council.

“We now call on the governments of Thailand and China to disclose the whereabouts of these individuals, and – if they continue to be in custody – to ensure that the full spectrum of their rights is respected, including their right to be free from torture and other forms of ill-treatment.

“Many of these men are in extremely poor health after enduring years in detention. They must have access to appropriate and adequate medical care. We call for an end to their ordeal, and urge authorities to uphold their right to freedom of movement. It is past time that they are allowed to safely rejoin their families.”

Background

The men reportedly deported today are among about 300 Uyghurs who were apprehended by the Thai authorities on 13 March 2014 after they had fled persecution and discrimination in China’s Xinjiang Uyghur Autonomous Region. A total of 109 people from the group were deported to China in July 2015.

Amnesty International has documented massive and systematic abuses by the Chinese government against Uyghurs in Xinjiang – including in internment camps, where over a million people have been arbitrarily detained.

In a 2021 report, Amnesty found that the Chinese government has committed at least the crimes against humanity of imprisonment, torture and persecution against Uyghurs, Kazakhs and other predominantly Muslim ethnic groups in Xinjiang.

In a letter to the Thai government in January 2025, a group of UN experts said 23 of 48 men remaining in detention were reportedly suffering from serious health conditions including “diabetes, kidney dysfunction, paralysis of the lower body, skin diseases, gastrointestinal illnesses and heart and lung conditions”.

Thailand is bound by the principle of non-refoulement, which prohibits the transfer of persons to any country or jurisdiction where they would face a real risk of serious human rights violations.

MIL OSI – Submitted News –

February 27, 2025
MIL-OSI China: MND Comment on China-Cambodia Relations: Unbreakable Military Relations and Rock-Solid Brotherhood 2025-02-27 Trust is like a tree rooted in the soil of mutual support. China-Cambodia relations have withstood the tests of changing international landscape. No attempt to malign the bilateral ties will ever succeed.
Source: People’s Republic of China – Ministry of National Defense 2
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MIL OSI China News –
February 27, 2025
MIL-OSI Asia-Pac: Public finance measures pragmatic

Source: Hong Kong Information Services

Chief Executive John Lee today commented that the 2025-26 Budget proposes pragmatic measures to improve public finances and stressed that he has full confidence in Hong Kong’s development and future.

In a statement, Mr Lee said Financial Secretary Paul Chan put forward a series of practical and effective measures on Hong Kong’s economic development and public fiscal consolidation, adding that the Budget will reinforce the Government’s financial strength, and create new momentum and new advantages for the city’s economic development.

As part of its course of action, the Budget proposes nurturing new quality productive forces to strengthen the development of innovation and technology and artificial intelligence; speeding up the development of the Northern Metropolis and the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science & Technology Innovation Co-operation Zone, fully leveraging the strategic position of “three centres and a hub”, further nurturing and attracting talent, upgrading industries with advantages, and accelerating the development of Hong Kong’s economy.

He pointed out that such measures are consistent with the directions of the Policy Address.

Mr Lee also indicated that the Budget puts forward realistic measures to enhance public finances, focusing primarily on strictly controlling government expenditures, supplemented by suitably increasing revenue, to steadily restore fiscal balance while taking into account the actual social situation and Hong Kong’s competitiveness.

In addition to emphasising that the Budget aims to leverage market forces to promote infrastructure projects through innovative and diversified development models, he made it clear that government bonds will be issued to finance related projects.

Despite a complicated and volatile external environment, the Chief Executive expressed his confidence that Hong Kong will be able to seize opportunities and continue to give full play to its unique advantages under the “one country, two systems” principle of having the strong support of the country while maintaining unparalleled connectivity with the world, and further strengthening its connection with both the Mainland and the world.

“We will proactively integrate into and align with the country’s national development strategies, foster accelerated economic growth and improve people’s livelihood.

“Like the Financial Secretary, I have full confidence in Hong Kong’s development and future.”

Mr Lee called on all sectors of the community to support this Budget.

MIL OSI Asia Pacific News –

February 27, 2025
MIL-OSI: Mercurity Fintech Holding Inc. Highlights Growing Institutional Ownership, Reinforcing Growth Strategy

Source: GlobeNewswire (MIL-OSI)

New York, Feb. 27, 2025 (GLOBE NEWSWIRE) — Mercurity Fintech Holding Inc. (the “Company,” “we,” “us,” “our company,” or “MFH”) (Nasdaq: MFH), a digital fintech group, today announced an increase in institutional ownership, as reflected in recent SEC 13F filings, reinforcing MFH’s position as a vertically integrated innovator at the intersection of finance and technology.

The latest ownership reports reveal a diverse group of institutional investors that have acquired stakes in MFH, including asset managers and financial services firms: BlackRock, Inc., Millennium Management LLC, Qube Research & Technologies Ltd, Goldman Sachs Group Inc., Point 72 Asia, UBS Group AG and more. These filings do not specify investment intent or future trading activity.

“We are encouraged by the institutional community’s interest in MFH’s strategic priorities,” said Shi Qiu, CEO of Mercurity Fintech Holding Inc. “As financial institutions and enterprises prioritize regulatory-compliant blockchain integration, and licensed financial services— offers a balanced platform for scalable growth. With continued engagement from institutional investors demonstrating engagement, MFH is well-positioned to continue executing its growth strategy, strengthening our market position, and advancing commitment to financial technology innovation.”

About Mercurity Fintech Holding Inc.
Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries specializing in distributed computing, business consulting and financial brokerage business. Our dedication to compliance, innovation, and operational excellence ensures that we remain a trusted partner in the rapidly transforming digital financial landscape. For more information, please visit the Company’s website at https://mercurityfintech.com.

Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

For more information, please contact:
International Elite Capital Inc.
Vicky Chueng
Tel: +1(646) 866-7989
Email: mfhfintech@iecapitalusa.com

The MIL Network –

February 27, 2025
MIL-OSI: Bybit Receives In-Principle Approval to Establish Virtual Asset Platform in the United Arab Emirates

Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, Feb. 27, 2025 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is proud to announce that it has received its In-Principle Approval (IPA) to set up as a Virtual Asset Platform Operator in UAE from the Securities & Commodities Authority (SCA) of the United Arab Emirates (UAE), dated on Feb 18, 2025. Bybit is also in the final steps to receive its fully operational license soon. This milestone marks a significant step in Bybit’s ongoing mission to provide a secure, stable, and compliant platform for crypto traders in the region.

This IPA underscores Bybit’s commitment to upholding the highest regulatory and compliance standards as it works toward full operational approval from the SCA. This authorization moves Bybit closer to offering a broad range of digital asset services to both retail and institutional clients in the UAE. Bybit’s progress in UAE follows its existing regulatory approvals in the Middle East, further solidifying its commitment to compliance in key financial hubs.

Ben Zhou, Co-founder and CEO of Bybit, commented on this milestone:

“We are honored to have received the IPA from SCA. This approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions. Bybit remains dedicated to working hand-in-hand with regulators to foster a compliant and innovative digital asset ecosystem to both retail and institutional investors in the UAE.”

The UAE has emerged as a leading global hub for cryptocurrency and blockchain innovation, supported by progressive regulatory frameworks that align with Bybit’s vision of bridging traditional finance with digital assets. Bybit remains committed to adhering to global compliance standards, including Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) protocols, ensuring a safe and trusted trading environment.

Beyond UAE, Bybit continues to secure regulatory approvals worldwide, expanding its presence in key jurisdictions such as India, Georgia, Kazakhstan, Turkey, etc, further reinforcing its regulatory commitment. These licenses enable Bybit to expand its reach while maintaining the highest security and compliance standards for its users worldwide.

#Bybit / #TheCryptoArk /

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press

For media inquiries, please contact: media@bybit.com

For updates, please follow: Bybit’s Communities and Social Media

Contact
Head of PR
Tony Au
Bybit
tony.au@bybit.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d1e76bf0-610d-49d7-96b0-205a12a6828d

The MIL Network –

February 27, 2025
MIL-OSI Economics: IndiGo YouTube ads reflect seamless travel, workplace inclusivity and authentic experiences, reveals GlobalData

Source: GlobalData

IndiGo YouTube ads reflect seamless travel, workplace inclusivity and authentic experiences, reveals GlobalData

Posted in Business Fundamentals

Interglobe Aviation Ltd’s (IndiGo) YouTube advertising campaign from November 2024 to January 2025 emphasize diverse destinations, employee well-being, and passenger-centric amenities to attract travelers and job seekers. IndiGo highlights authentic experiences, career growth, and innovative seating through scenic visuals, employee testimonials, and product demos. Emphasizing pilot mentorship, a supportive workplace, and seamless travel, it reinforces customer satisfaction and inclusivity, reveals Global Ads Platform of GlobalData, a leading data and analytics company.

Sagar Kishor, Ads Analyst at GlobalData, comments: “IndiGo’s campaigns establish strong engagement with both travelers and employees through aspects such as the joy of travel, commitment to employee growth, and enhanced comfort. These advertisements highlight IndiGo’s strategies, including showcasing authentic Indian travel experiences and celebrating employee diversity, while also introducing new product offerings like IndiGoStretch. The company’s initiatives in expanding destinations, pilot mentoring, and inclusivity emphasize seamless travel and personalized support.”

Below are the key focus areas of IndiGo’s advertisements, revealed by GlobalData’s Global Ads Platform:

Destination awareness: IndiGo’s promotion of new flight routes to Malaysia, especially Kuala Lumpur, Langkawi, and Penang, emphasized the country’s diverse landscapes and cultural attractions. By linking these captivating locations to IndiGo flights, the campaign subtly promotes ease of access, positioning the airline as a gateway to new experiences and adventures.

Authentic engagement: The #nofilter campaign for IndiGo Season 2 on National Geographic highlighted the natural beauty and cultural richness of India. The campaign encouraged viewers to experience India in its true essence, promoting IndiGo as the airline to facilitate those experiences.

Travel experience and comfort: The IndiGoStretch advertisement highlights the additional legroom and comfort of its premium seating, targeting travellers seeking a more spacious and relaxing journey. The campaign emphasizes enhanced passenger experience, positioning the offering as a value-driven choice for improved in-flight comfort.

Holiday spirit and connection: The “Captain Santa Ready For Take Off Merry Christmas” ad uses humour and holiday themes to create a joyful connection with viewers. It portrays IndiGo as a fun, customer-focused airline, reinforcing its brand image during the festive travel season.

Pilot mentorship and support: The “IndiGo Pilot Mentoring Program” highlights the airline’s approach to pilot development and workplace support. By focusing on mentorship, inclusivity, and career growth, the initiative reflects industry efforts to enhance professional training and foster a structured aviation workforce.

Kishor concludes: “IndiGo’s advertising strategy effectively balances brand storytelling with targeted engagement. By integrating authentic experiences and innovative offerings, IndiGo not only enhances its market positioning but also strengthens its brand loyalty among travelers and aviation professionals alike.”

MIL OSI Economics –

February 27, 2025
MIL-OSI Submissions: Indonesia: Flogging of gay men a horrifying act of discrimination

Source: Amnesty International

Responding to the flogging of two university students in Indonesia’s Aceh province for having consensual same-sex sexual relations, Amnesty International Deputy Regional Director Montse Ferrer said:

“Indonesia’s flogging of two gay men is a horrifying act of discrimination. Intimate sexual relations between consenting adults should never be criminalized, and no one should be punished because of their real or perceived sexual orientation.

“Having already had their privacy brutally invaded when they were ambushed by members of the public while having sex, these men were then humiliated in public today and physically harmed.

“These flogging punishments are cruel, inhuman and degrading, and may amount to torture. Aceh and Indonesian central government authorities must take immediate action to halt these practices and revoke the bylaws that allow them to take place.

“Such laws must be brought in line with international human rights law and standards, and with Indonesia’s obligations under its own Constitution. Aceh’s regional autonomy, which is its basis to apply Sharia law, must not come at the expense of human rights.”

Background

Two university students were publicly flogged in the city of Banda Aceh for having consensual same-sex relations. One of the men was flogged 77 times while his partner received a slightly higher punishment of 82 lashes for providing a place for their consensual sexual activities.

According to media reports, the two were seized on 7 November 2024 by locals who forcefully entered their rented room in Banda Aceh and later took them to the Sharia police for investigation.

Citizen’s arrests are common in Aceh due to the implementation of Sharia law, which allows locals to turn people over to the Sharia police for investigation.Aceh is the only province in Indonesia that criminalizes consensual same-sex acts due to the special autonomy status that has allowed it to apply the Islamic Criminal Code since 2015.

Sharia bylaws have been in force in Aceh since the enactment of the province’s Special Autonomy Law in 2001 and are enforced by Islamic courts.

These laws in some cases provide for up to 200 lashes as punishment for offences including consensual intimacy or sexual activity for unmarried couples, consensual sex outside marriage, same-sex sexual relations, the consumption and sale of alcohol, and gambling.

Under international human rights law all forms of corporal punishment are prohibited as they constitute cruel, inhuman or degrading punishment and often torture.

This year so far, 15 people have been sentenced to flogging in Aceh for various violations under Sharia law, in addition to a total 135 individuals receiving similar punishments in 2024.

In a separate case, on 4 February 2025, Sharia police in the city of Lhokseumawe, Aceh, raided a house and arrested four men who they claimed were engaged in same-sex relations after receiving a tip-off from locals. After the arrest, local officials in Aceh said that they would patrol the province to monitor “LGBTI activities”, including in beauty salons where many transwomen make a living in Aceh. Subsequently, on 15 February, locals raided a rented room in Banda Aceh, turning one transwoman and a man over to Sharia police for investigation.

MIL OSI – Submitted News –

February 27, 2025
MIL-OSI China: AI at core of developing new quality productive forces in Hong Kong: financial secretary

Source: China State Council Information Office

Hong Kong will endeavor to develop Artificial Intelligence (AI) as a core industry and empower traditional industries in their upgrading and transformation, the financial secretary of the Hong Kong Special Administrative Region (HKSAR) government said on Wednesday.

While delivering the 2025-26 budget at the HKSAR’s Legislative Council, Paul Chan said that AI is at the core of developing new quality productive forces. Hong Kong will leverage the edge of “one country, two systems” and its internationalized characteristic to develop the city into an international exchange and cooperation hub for the AI industry.

Chan said that to spearhead and support Hong Kong’s innovative R&D as well as industrial application of AI, he has set aside HK$1 billion (about $128.69 million) for the establishment of the Hong Kong AI Research and Development Institute.

To bring together top talents in the industry to study the development and application of AI, the Hong Kong Investment Corporation Limited will host the first International Young Scientist Forum on Artificial Intelligence and the first International Conference on Embodied AI Robot, Chan added.

Furthermore, the HKSAR government has established the Hong Kong Space Robotics and Energy Center under the InnoHK Research Clusters, with the aim of developing a multi-functional lunar surface operation robot, which will contribute to the country’s Chang’e 8 mission, Chan said.

MIL OSI China News –

February 27, 2025

MIL-OSI Economics: Underwriting Auction for sale of Government Securities for ₹32,000 crore on February 28, 2025

Source: Reserve Bank of India

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on February 28, 2025 (Friday).

As per the extant scheme of underwriting commitment notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD), are as under:

(₹ crore)
Security	Notified Amount	MUC amount per PD	Minimum bidding commitment per PD under ACU auction
6.79% GS 2031	10,000	239	239
6.92% GS 2039	12,000	286	286
7.09% GS 2054	10,000	239	239

The underwriting auction will be conducted through multiple price-based method on February 28, 2025 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.

The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2024-2025/2258

MIL OSI Economics –

February 27, 2025

MIL-OSI China: 40 Chinese nationals repatriated from Thailand in joint crackdown on illegal immigration

Source: China State Council Information Office 2

Forty Chinese nationals involved in illegal immigration were repatriated from Thailand on Thursday in a coordinated effort to combat cross-border crime and safeguard the legitimate rights of Chinese citizens, according to China’s Ministry of Public Security (MPS).
The operation, conducted in accordance with Chinese and Thai laws, international regulations and established practices, is one example of ongoing collaboration between the two nations to address transnational criminal activities.

MIL OSI China News –

February 27, 2025
MIL-OSI Asia-Pac: Director General David Cheng-Wei Wu Attended Tzu Chi Australia’s 2025 Lunar New Year Blessing Ceremony

Source: Republic Of China Taiwan 2

Director General David Cheng-Wei Wu and Director Thomas Lee were delighted to attend the Lunar New Year Blessing Ceremony 2025 hosted by Tzu Chi Australia. Alongside guests including Mayor Trenton Brown, Jordon Lane MP, and Clr. Justin Li and Lyndal Howison. DG Wu witnessed the footprints of Tzu Chi volunteers’ great love around the world and across Australia in 2024.
DG Wu acknowledged the long-standing charitable efforts promoted by Tzu Chi, which not only contribute to Australia’s medical, educational, and environmental sectors but also extend their great love internationally. This aligns with Taiwan’s global promotion of the concept of “Circulation of Goodness.” He also thanked Tzu Chi Australia for providing emergency aid to fellow nationals in Australia.
At the beginning of the Lunar New Year, DG Wu extended his heartfelt wishes to all the guests for a prosperous and successful Year of the Snake.

MIL OSI Asia Pacific News –

February 27, 2025
MIL-OSI China: New air route links China’s Dali, Bangkok

Source: China State Council Information Office

A new air route connecting Dali, southwest China’s Yunnan Province, with Bangkok of Thailand, was launched on Tuesday.

Spanning over 1,300 kilometers, the flight route allows passengers to travel directly between the two cities without the need for transfers.

Operated by West Air, the maiden flight departed from Dali at 9:00 a.m. Tuesday and arrived in Bangkok at 10:20 a.m. local time. The return flight left Bangkok at 11:20 a.m. local time and touched down in Dali at 2:35 p.m.

The launch of the new air route offers passengers a more convenient travel option, and is expected to help boost tourism, cultural and people-to-people exchanges between China and Thailand.

MIL OSI China News –

February 27, 2025
MIL-OSI USA: February 26th, 2025 Heinrich, Stansbury Lead Colleagues to Demand Reversal of Trump Attacks on Programs Serving Tribes and Tribal Members

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich
WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) and U.S. Representative Melanie Stansbury (D-N.M.) led 109 of their colleagues in a bicameral letter to President Donald Trump, U.S. Department of the Interior Secretary Doug Burgum, and U.S. Department of Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr. in demanding that efforts to fire employees and defund programs that serve Tribes and Tribal members be stopped and reversed.
The lawmakers demanded that the President, Secretary Burgum, and Secretary Kennedy, “take immediate action to halt, exempt, and reverse the impacts to federal employees and funding serving Indian Country, as those positions and programs are essential for the administration of legally mandated Tribal programs and services.”
Outlining the impact of the Trump administration’s actions to-date, the lawmakers wrote, “Your administration’s recent executive actions undermine Tribal sovereignty, existing federal law, and the federal-Tribal government-to-government relationship” The lawmakers continued, “In the past month, your administration has taken aim at thousands of federal workers across various government agencies. Reports indicate that this includes more than 2,600 federal employees at the Department of Interior, including more than 100 Bureau of Indian Affairs (BIA) employees, more than 40 Bureau of Indian Education (BIE) employees, several employees at the Office of Indian Affairs, as well as social workers, firefighters, and police that work on behalf of Indian Country, plus some 950 Indian Health Service (IHS) employees at the Department of Health and Human Services.”
The lawmakers further reminded the President and Secretary Burgum that “Tribal Nations are sovereign governments with a unique legal and political relationship to the United States. The inherent sovereignty of Tribes is recognized in the U.S. Constitution, in treaties, and across many federal laws and policies, and it has been consistently upheld by the U.S. Supreme Court.” The lawmakers continued, “These trust and treaty obligations in some cases predate both the establishment of all of the agencies in question as well as the United States itself. Pursuant to those legal obligations, we must adequately fund and staff agencies that provide these essential services and programs, including at BIA, BIE, and IHS.”
In the Senate, the letter was led by Senate Energy and Natural Resources Ranking Member Martin Heinrich (D-N.M.). The letter was signed by U.S. Senate Minority Leader Chuck Schumer (D-N.Y.) and U.S. Senators Ben Ray Lujan (D-N.M.), Michael Bennet (D-Colo.), Catherine Cortez Masto (D-Nev.), Ruben Gallego (D-Ariz.), John Hickenlooper (D-Colo.), Mark Kelly (D-Ariz.), Amy Klobuchar (D-Minn.), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Alex Padilla (D-Calif.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Adam Schiff (D-Calif.), Tina Smith (D-Minn.), and Ron Wyden (D-Ore.).
In the House, the letter was led by U.S. Representative Melanie Stansbury (D-N.M.). The letter was signed by 93 House members, including U.S. Representatives Gabe Vasquez (D-N.M.) and Teresa Leger Fernandez (D-N.M.).
The full text of the letter is available here and below.
Dear President Trump, Secretary Burgum, and Secretary Kennedy:
We write to you today to urge you to take immediate action to halt, exempt, and reverse from existing or future executive actions any federal offices, services, or funding that serve Indian Country, as these positions and programs are essential to the administration of legally mandated Tribal programs and services.
We are gravely concerned about the implementation of recent Executive Orders (EO), including EO 14210 entitled “Implementing the President’s “Department of Government Efficiency” Workforce Optimization Initiative,” and the implications of reductions in the federal workforce and funding for Indian Country. As you know, the U.S. government has both trust and treaty responsibilities to Tribal Nations. These responsibilities are implemented by agencies including the Bureau of Indian Affairs (BIA), Bureau of Indian Education (BIE), Indian Health Service (IHS), and others, providing critical healthcare, education, and social services to Tribal communities. Your administration’s recent executive actions undermine legally required commitments to sovereign Tribal Nations, existing federal law, and the federal-Tribal government-to-government relationship.
In the past month, your administration has taken aim at thousands of federal workers across various government agencies. Reports indicate that this includes more than 2,600 federal employees at the Department of the Interior, including more than 100 Bureau of Indian Affairs employees, more than 40 Bureau of Indian Education employees, several employees at the Office of Indian Affairs, as well as social workers, firefighters, and police that work on behalf of Indian Country, plus some 950 Indian Health Service employees at the Department of Health and Human Services. There have also been reports of layoffs at Tribal Colleges and Universities, including dozens of educators at both Haskell Indian Nations University and Southwestern Indian Polytechnic Institute which are operated by the Bureau of Indian Education.
Independent federal oversight entities, such as the Office of the Special Counsel, have already deemed some of these firings to be unlawful. Beyond the legal questions surrounding the ability to fire employees without specifying performance or conduct issues, any unilateral attempts to disrupt existing services administered or funded by the BIA, BIE, IHS, or other Tribal-serving entities would directly violate the trust and treaty obligations of the United States to Tribal Nations.
Tribal Nations are sovereign governments with a unique legal and political relationship to the United States. The inherent sovereignty of Tribes is recognized in the U.S. Constitution, in treaties, and across many federal laws and policies, and it has been consistently upheld by the U.S. Supreme Court. These trust and treaty obligations in some cases predate both the establishment of all of the agencies in question as well as the United States itself. Pursuant to those legal obligations, the U.S. must adequately fund and staff agencies that provide these essential services and programs, including at BIA, BIE, and IHS.
We have many concerns about the legality of the administration’s recent actions and, importantly, the ways in which those actions impact the sovereignty, self-determination, and trust and treaty obligations for Indian Country. The implementation of these obligations is a vital, non-discretionary part of federal law and the federal budget. This is not a partisan issue. We urge your administration to immediately halt, exempt, and reverse any federal workforce or federal funding reductions for Tribal programs or services and to engage in formal consultation with affected Tribal Nations at the government-to-government level. Any attempts to unilaterally dismantle or undermine these programs violates trust and treaty obligations, the U.S. Constitution, and centuries of legal precedent.
Sincerely,

MIL OSI USA News –

February 27, 2025
MIL-OSI: IDEX Biometrics interim report for the fourth quarter and preliminary result for 2024
Source: GlobeNewswire (MIL-OSI)

Oslo, Norway: IDEX Biometrics ASA’s interim report for the fourth quarter and preliminary result 2024 is attached to this notice, including the fourth quarter 2024 presentation.

The report and presentation are available on the IDEX Biometrics website:

www.idexbiometrics.com/investors

Recent highlights
- Certification of IDEX PAY platform allowing manufacturers to certify and launch Biometric Payment Card programs with both Visa and Mastercard globally.
- Reaching scale manufacturing quality among key partners, enabling them and us to go beyond pilot volumes.
- IDEX Biometrics partner KONA I becomes first manufacturer certified by Mastercard for both PVC and metal biometric cards.
- Access: Received an order from DigAware to deliver a biometric sensor solution to enhance their smart badges. DigAware’s new biometric ID badge incorporates RFID radios for emergency situations in environments such as schools, hospitals, and enterprises.
- Payments: First commercial launch in Japan together with Life Card, subsidiary to AIFUL Japan’s third largest consumer finance company. Life Card’s commercial roll-out is targeted for the first half of 2025.
- Streamlined global operations and progressed on cost efficiencies, aligning resources with key market priorities and further optimized our workforce.
- Completed rights issue in November, allowing retail investors to participate at the same terms as shareholders participating in the September capital raise.
Financial results Q4 2024
- No product revenues in the fourth quarter.
- Operating expenses excluding cost of products sold and bad debt provisions amounted to $2.4 million in the fourth quarter, below target at $2.5 million.
- An accrual for loss on receivables from Zwipe AS amounting to $0.6 million has been included in the fourth quarter of 2024.
- Net loss in the fourth quarter of 2024 was $2.1 million. The result includes net financial gain amounting to $2.4 million caused by value change of warrants and the derivative related to the convertible debt. Adjusted for these items, the result would have been a net loss of $4.6 million.
- A non-cash impairment of goodwill amounting to $968 thousand was recorded in the fourth quarter.
- Cash balance per 31 December 2024 at $2.0 million
For further information contact:
Marianne Bøe, Head of Investor Relations, +47 91800186
Kristian Flaten, CFO + 47 95092322
E-mail: ir@idexbiometrics.com

About IDEX Biometrics

IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

For more information, visit www.idexbiometrics.com (http://www.idexbiometrics.com)

Trademark Statement

IDEX, TrustedBio, IDEX Biometrics and the IDEX logo are trademarks owned by IDEX Biometrics ASA. All other brands or product names are the property of their respective holders.

About this notice

This notice was issued by Marianne Bøe, Head of Investor Relations, on 27 February 2025 at 08:00 CET on behalf of IDEX Biometrics ASA. The information shall be disclosed according to section 5‑6 of the Norwegian Securities Trading Act (STA) and published in accordance with section 5‑12 of the STA.

Attachments
- IDEX BIOMETRICS Q4 2024 REPORT
- IDEX BIOMETRICS Q4 2024 PRESENTATION
The MIL Network –
February 27, 2025
MIL-OSI Economics: Development Asia: Enhancing Vaccine Regulation for Pandemic Preparedness
Source: Asia Development Bank

Strengthening regulatory frameworks is critical in ensuring that vaccines are quickly approved and distributed. Using a systematic approach, gaps in key areas of the regulatory system can be identified, prioritized, and effectively addressed through regulatory capacity building and education of regulatory professionals.

The World Health Organization Global Benchmarking Tool was developed to evaluate regulatory systems objectively and systematically, identify strengths and areas for improvement, guide interventions, and monitor progress in strengthening the regulatory system. Consistent and regular training of national regulators can also complement regulatory systems strengthening efforts by focusing on the identified gaps.

The diverse and fragmented regulatory environment in Asia and the Pacific calls for regulatory convergence[1] and cooperation to facilitate timely and equitable access in the region. Stable, well-functioning national regulatory authorities in the region listed as WHO Maturity Level 3 and 4 and WHO Listed Authorities, such as those in the People’s Republic of China, India, Indonesia, Republic of Korea, Singapore, Thailand, and Viet Nam, could foster regional regulatory cooperation and serve as reference agencies for lower-resourced regulatory agencies.

Such cooperation could be facilitated by formalized processes and relationships such as memoranda of understanding. For example, Singapore’s Health Sciences Authority has adopted a confidence-based regulatory approach that leverages the decisions of established and trusted regulatory agencies through formal recognition mechanisms and has expedited reviews without compromising the robustness of regulatory decisions. This has reduced approval timelines to 90 working days from 270 working days for the Health Sciences Authority’s full evaluation route under its verification evaluation system.

Confidence-based approaches can be adopted in various stages of the vaccine life cycle. The ASEAN Mutual Recognition Arrangement on Good Manufacturing Practice Inspection enables member states to leverage on the regulatory inspections performed by other member states. It is legally binding for member states to recognize one another’s good manufacturing practice certificates, benchmarked against the international Pharmaceutical Inspection Cooperation Scheme.

Regulatory cooperation can range from legally-binding mechanisms in the form of mutual recognition agreements and reliance mechanisms to other forms of cooperation such as joint collaborative assessments, report sharing and work sharing. Work sharing can promote mutual learning and the sharing of best practices among participating national regulatory authorities and can encourage regulatory convergence. For industry, the work-sharing model can be commercially attractive, providing simultaneous access to multiple countries and shorten timelines with the consolidation of questions.

While cooperation on vaccine regulation is still nascent, there are other examples of regulatory cooperative mechanisms. Work sharing is practiced by Access Consortium, comprising the national regulatory authorities of Australia, Canada, Singapore, Switzerland and the United Kingdom. A similar coalition is the Opening Procedures at EMA to Non-EU authorities (OPEN) initiative, led by the EMA, which partners Australia, Brazil, Canada, Japan, Switzerland and WHO in joint assessments. In Asia and the Pacific, the Indo-Pacific Regulatory Strengthening Program, comprising Cambodia, Indonesia, Laos, Myanmar, Papua New Guinea, Thailand, and Viet Nam, and supported by Australia, successfully expedited approval of the antimalarial tafenoquine in Thailand in 2019 in its joint review.

While the work-sharing model has its advantages, the following points also need to be considered:

Participating national regulatory authorities may have different priority drug lists and approval timelines.

Participating national regulatory authorities may have different technical requirements.

Lack of clarity in regulatory decisions could impact company filing strategies.

Convergence of regulatory requirements can further contribute to successful work-sharing collaborations. One way to incentivize the alignment of key regulatory requirements is the creation of a consensus on indicators that measure overall efficiency of the work-sharing pathway, which participating countries can jointly work towards. Regional regulatory convergence efforts include the APEC Action Plan on Vaccination Across the Life-Course, which sets key policy targets to achieve by 2030. Priorities for alignment include post-approval change management, labeling, and packaging.
MIL OSI Economics –
February 27, 2025
MIL-OSI Economics: Development Asia: Building Sustainable Vaccine Manufacturing Practices in Lower-Resourced Settings

Source: Asia Development Bank

Vaccines are inherently labile biologicals that require complex manufacturing and handling processes. Vaccine manufacturing requires multiple considerations, such as technical expertise, production capabilities, market demand, and stringent regulatory requirements. Underpinning these considerations is the need for sustainable funding. Vaccine manufacturing is a capital-intensive endeavor with facilities and equipment costing up to $700 million. This excludes the costs of product development, licensing, regulatory, and overhead costs, clubbed with a significant risk of development failure and unprofitability. Because of the high investments needed, there are often conflicting interests between commercial drivers and public health needs. The COVAX manufacturing task force highlighted key prerequisites for vaccine manufacturing to address future pandemic responses. These include a wide range of efforts, including upgrading manufacturing facilities to international standards, expanding the vaccine manufacturing workforce and regulatory capabilities, and enabling technology transfer.

Maintaining quality throughout the process of vaccine production to delivery is paramount. As it involves many upstream and downstream processes, vaccine manufacturing demands a robust quality management system to ensure an uninterrupted supply of raw materials, consumables, current Good Manufacturing Practice-compliant facilities, and state-of-the-art equipment. Optimizing the scale-up of production, validation, and prompt resolution of technical issues are important to address when expanding the production capacity. The complexity of production is further constrained by vaccine lability, with many vaccines requiring cold chain maintenance during transportation and storage, some at very low temperatures. In addition, supply chain networks for manufacturing and packaging processes spread across different countries add to the complexity of producing consistently good quality batches of these susceptible biological products.

From an economic perspective, investing in or scaling up vaccine manufacturing capacity has limited utility without sustainable demand. Overall vaccine demand depends on several factors: i) private, public, and donor market demands; ii) disease prevalence; iii) vaccine effectiveness and safety; iv) trust in the government and health system; and v) social norms, such as social influence, vaccination decisions of peers and vaccine free-riding behavior. For example, Gavi, the Global Vaccine Alliance, provides data on forecasting vaccine demand to assist stakeholders in understanding the vaccine market needs. On the supply side, health systems must also have adequate facility readiness to effectively deliver the vaccines.

During the COVID-19 pandemic, expedited regulatory approvals were crucial for the rapid development, manufacturing, and delivery of vaccines. However, prior to the pandemic, fragmented regulatory requirements, complex quality control standards, and the lack of a central monitoring and coordinating system to manage capacity had hampered vaccine manufacturing efforts.

Setting up sustainable vaccine manufacturing capabilities also depends on issues around intellectual property rights of the vaccines. The current Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) established by the World Trade Organization grants disproportionate market power to the bigger developers and manufacturers and leads to market oligopoly, further increasing the barrier of entry for smaller manufacturers. While technology transfer as a method of collaboration is proposed to improve efficiency in manufacturing, it requires extensive and transparent knowledge sharing and active support from the original manufacturers to reproduce the original vaccines with acceptable variations. This entire technology transfer process may take from 18 months up to 30 months as it involves a wide range of activities and expertise, including specialized skills, documentation, laboratory technicians, and regulation registration. In public health emergencies where it is essential to ramp up vaccine production, this timeline delays access to life-saving vaccines.

Vaccine manufacturing also has a profound impact on the environment. Vaccine packaging material, which is essential for transport and storage, can raise costs including disposal expenses. There is a significant increase in glass, plastic, and rubber residues from vaccine containers as well. Combined with the added waste from the process of vaccination, such as needles and syringes that are often non-biodegradable, vaccine manufacturing greatly affects the environment.

MIL OSI Economics –

February 27, 2025

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Category: Asia

UK launches visa fraud awareness campaign ‘Visa Fraud Ton Bacho’

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£230m DHL investment in Coventry to create hundreds of local jobs

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