NewzIntel.com

    • Checkout Page
    • Contact Us
    • Default Redirect Page
    • Frontpage
    • Home-2
    • Home-3
    • Lost Password
    • Member Login
    • Member LogOut
    • Member TOS Page
    • My Account
    • NewzIntel Alert Control-Panel
    • NewzIntel Latest Reports
    • Post Views Counter
    • Privacy Policy
    • Public Individual Page
    • Register
    • Subscription Plan
    • Thank You Page

Category: Asia

  • MIL-OSI China: China completes drilling of Asia’s deepest vertical well

    Source: People’s Republic of China – State Council News

    Staff members pose for a group photo as they celebrate the completion of the drilling of “Shenditake 1,” an ultra-deep borehole reaching 10,910 meters, in the hinterland of the Taklimakan Desert in the Tarim Basin, northwest China’s Xinjiang Uygur Autonomous Region, Feb. 20, 2025. [Photo/Xinhua]

    BEIJING, Feb. 20 — China National Petroleum Corporation announced Thursday that it has completed the drilling of the deepest vertical well in Asia, as a borehole reached a depth of 10,910 meters in China’s northwestern desert.

    An aerial drone photo taken on Feb. 19, 2025 shows a view of the “Shenditake 1,” an ultra-deep borehole, in the hinterland of the Taklimakan Desert in the Tarim Basin, northwest China’s Xinjiang Uygur Autonomous Region. [Photo/Xinhua]
    An aerial drone photo taken on Feb. 20, 2025 shows a view of the “Shenditake 1,” an ultra-deep borehole, in the hinterland of the Taklimakan Desert in the Tarim Basin, northwest China’s Xinjiang Uygur Autonomous Region. [Photo/Xinhua]
    This undated picture provided by the Tarim Oilfield shows the microscopic image of a rock slice obtained at a depth of 10,000 meters underground. [Photo/Xinhua]
    An aerial drone photo taken on Feb. 20, 2025 shows a view of the “Shenditake 1,” an ultra-deep borehole, in the hinterland of the Taklimakan Desert in the Tarim Basin, northwest China’s Xinjiang Uygur Autonomous Region. [Photo/Xinhua]
    An aerial drone photo taken on Feb. 18, 2025 shows a view of the “Shenditake 1,” an ultra-deep borehole, at sunset in the hinterland of the Taklimakan Desert in the Tarim Basin, northwest China’s Xinjiang Uygur Autonomous Region. [Photo/Xinhua]
    An aerial drone photo taken on Feb. 20, 2025 shows a view of the “Shenditake 1,” an ultra-deep borehole, in the hinterland of the Taklimakan Desert in the Tarim Basin, northwest China’s Xinjiang Uygur Autonomous Region. [Photo/Xinhua]
    Staff members pose for a group photo as they celebrate the completion of the drilling of “Shenditake 1,” an ultra-deep borehole reaching 10,910 meters, in the hinterland of the Taklimakan Desert in the Tarim Basin, northwest China’s Xinjiang Uygur Autonomous Region, Feb. 20, 2025. [Photo/Xinhua]
    A staff member checks the casing pipes at the drilling site of “Shenditake 1,” an ultra-deep borehole, in the hinterland of the Taklimakan Desert in the Tarim Basin, northwest China’s Xinjiang Uygur Autonomous Region, Feb. 20, 2025. [Photo/Xinhua]
    Staff members work at “Shenditake 1,” an ultra-deep borehole, in the hinterland of the Taklimakan Desert in the Tarim Basin, northwest China’s Xinjiang Uygur Autonomous Region, Feb. 19, 2025. [Photo/Xinhua]
    This photo taken on Feb. 19, 2025 shows a view of “Shenditake 1,” an ultra-deep borehole, in the hinterland of the Taklimakan Desert in the Tarim Basin, northwest China’s Xinjiang Uygur Autonomous Region, Feb. 19, 2025. [Photo/Xinhua]
    Yin Da, a senior expert of the Tarim Oilfield, shows the ultra-high-temperature drilling fluid used in the drilling of “Shenditake 1,” an ultra-deep borehole, in the hinterland of the Taklimakan Desert in the Tarim Basin, northwest China’s Xinjiang Uygur Autonomous Region, Feb. 19, 2025. [Photo/Xinhua]
    Staff members check the operation status of the drilling equipment via a remote platform in downtown Korla, northwest China’s Xinjiang Uygur Autonomous Region, Feb. 18, 2025. [Photo/Xinhua]
    A staff member works at “Shenditake 1,” an ultra-deep borehole, in the hinterland of the Taklimakan Desert in the Tarim Basin, northwest China’s Xinjiang Uygur Autonomous Region, Feb. 19, 2025. [Photo/Xinhua]
    This undated picture provided by the Tarim Oilfield shows the microscopic image of a rock slice obtained at a depth of 10,000 meters underground. [Photo/Xinhua]

    MIL OSI China News –

    February 21, 2025
  • MIL-OSI Security: B-1s train with US, ROKAF fighter aircraft

    Source: United States INDO PACIFIC COMMAND

    Three U.S. Air Force F-16 Fighting Falcons from the 51st Fighter Wing, Osan Air Base, ROK, four ROK Air Force F-35A Lighting IIs from the 17th Fighter Wing, Cheongju Air Base, ROK, and four U.S. Marine F-35B Lightning IIs from the 1st Marine Aircraft Wing, Marine Corps Air Station Iwakuni, Japan, joined the bombers for simulated precision strike and air interdiction training, validating the two nations’ combined ability to conduct strikes and operated together in a contested environment.

    “Advanced training like today’s event ensures we’re able to maintain the high levels of readiness necessary for our combined defense posture,” said Lt. Gen. David Iverson, Seventh Air Force commander. “Each time our aircrew plan, execute and debrief together, we build proficiency in our tactics, techniques and procedures to defend the Alliance, if required.”

    The bombers, assigned to the 34th Expeditionary Bomb Squadron, are currently deployed to Andersen Air Force Base, Guam, in support of Bomber Task Force 25-1. They were escorted into the Korean theater of operations by ROK Air Force F-15K Slam Eagles from the 11th Fighter Wing, Daegu Air Base, ROK.

    MIL Security OSI –

    February 21, 2025
  • MIL-OSI Economics: Improving Lives in the US with Comfortable, Healthy, and Energy-Efficient Air Conditioning: Miki Okiebisu

    Source: Panasonic

    Headline: Improving Lives in the US with Comfortable, Healthy, and Energy-Efficient Air Conditioning: Miki Okiebisu

    Launching New Whole-home Air Conditioning System OASYS
    Miki Okiebisu
    Panasonic Eco Systems North America (PESNA)
    Okiebisu joined the company in 2015. She began her career in sales to domestic housing manufacturers at Panasonic Ecology Systems Co., Ltd. In 2022, she transitioned to product planning and new business development for large overseas markets, focusing mainly on Asia. After relocating to the US in March 2023, she is now leading the launch of the OASYS whole-home air conditioning system, unveiled at CES 2025.

    The Key to Expansion in the US: Adaptation to Market Conditions, Housing Structures, and Business Practices

    In the US, whole-home HVAC systems that heat and cool an entire building with a single unit are the norm. However, transitioning to more efficient heat pumps and inverter-based air conditioning is essential for advancing a decarbonized society. To address this, we developed OASYS, the first whole-home air conditioning system in the US to seamlessly integrate*1 Mini Split AC, Energy Recovery Ventilator (ERV), and transfer fans using DC motor-driven ventilation fans.
    *1: According to research by Heating & Ventilation A/C Company, Panasonic Corporation, as of January 8, 2025.
    As one of North America’s leading providers of ventilation fans, Panasonic launched the OASYS project in 2020 to establish a new whole-home air conditioning business. By leveraging our existing high-performance HVAC*2 products, we strive to deliver comfort, health, and energy efficiency in a single solution.
    *2: Stands for Heating, Ventilation, and Air Conditioning, a collective term for air conditioning systems.
    OASYS is more than just an air conditioning system. Its key feature is that it delivers value by integrating seamlessly with the overall home design. That is why the Concept Home, which allows builders and other B2B stakeholders in home construction to experience the OASYS concept firsthand, plays a key role in advancing the business. Since moving to the US, I have been closely involved in this initiative, which also serves as a testing ground for future products and services.

    The OASYS Concept Home in Houston, Texas. We eagerly anticipate a positive response from visitors wishing to experience it firsthand, even before its grand opening event.

    At the same time, OASYS is based on a system developed by a Japanese startup for the domestic market. Expanding it to the US requires adapting to local market conditions, housing structures, and business practices. As such, one of my crucial missions was to define component specifications, establish design guidelines, and build a solid business framework.

    Encouraged by the Belief That There Is Not Just One Correct Answer for New Challenges: Thorough Discussions on Roles, Responsibilities, and Collaboration

    Clearly explaining the key features of the OASYS system to partner companies

    The biggest challenge was overcoming the differences in business practices between Japan and the US. Although OASYS is a superior whole-home air conditioning system, in order to enhance the home’s overall performance holistically, close coordination with home construction is essential, from HVAC and energy planning to determining the placement of the mechanical room. In Japan, construction firms oversee the entire process, but in the US, tasks such as HVAC system design, energy planning, and home design are handled separately by different specialists. For that reason, not only did we have to coordinate with a wide range of partner companies, but there were also many tasks where it was unclear who was responsible for ensuring the performance of OASYS and the overall home.
    To address this, I carefully explained the OASYS system to partner companies, ensuring that all necessary steps for its implementation and installation were executed correctly. We established a solid business framework through ongoing discussions on roles, responsibilities, and collaboration. Despite the challenges, colleagues and local team members were always willing to offer support, emphasizing that there is not a single correct answer for new challenges. Their openness to discussion, along with close communication and collaboration, helped keep the project on track.

    Expanding OASYS to More Regions: Integrating with Energy Solutions
    We spend more than half our lives at home. Through OASYS, I find fulfillment in helping people enjoy both energy efficiency and comfort in their homes without compromise, enhancing their quality of life. OASYS received a great response at CES, but its true value can only be fully understood through firsthand experience. I look forward to welcoming many customers to the Concept Home to experience OASYS firsthand.

    In the US, climate, housing specifications, regulations, and industry structures vary by region. Moving forward, we will continue evaluations and discussions with local teams to deliver systems tailored to each region’s specific needs. Another key strength of the Panasonic Group is our ability to offer not just air conditioning solutions but also integrated systems that combine hot water heating and energy generation and storage. I will continue promoting collaboration across PESNA to further expand OASYS.

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI Economics: Episode 03: Starting All Over Again

    Source: Panasonic

    Headline: Episode 03: Starting All Over Again

    With the aim of promoting friendship and goodwill between Japan and the US through electronics, in May 1981, the Matsushita Group (currently the Panasonic Group) held an exhibition titled “Matsushita Technology Today” at Chicago’s McCormick Place*1 (May 31–June 3). It was the first comprehensive technology exhibition in the US for the Group, and it was held at the same time and place as Summer CES.*2 Approximately 190 items, including new products and technologies, were displayed, attracting about 20,000 visitors over the four-day period. However, Konosuke was nowhere to be seen at this great exhibition, which left an imprint on the history of the Group’s overseas business.
    *1: The largest convention center in North America, which annually hosts conferences and large-scale trade shows, including auto shows.*2: The world’s largest technology trade show, held every January in Las Vegas. From 1978 to 1994, it was held twice a year: Winter CES in Las Vegas (January) and Summer CES in Chicago (June).
    About five months prior to this exhibition, during the Annual Management Policy Meeting in January 1981, Konosuke expressed his strong determination and unwavering resolve to go to the US. “Shortly after the May 5 ceremony to mark the 50th year of Meichi,*3 I would like to relocate to the US and work there for one year. I am not sure if I can make genuine contributions; however, I want to give it a try. I would like to find out whether we can build a stronger global presence with a focus on the US. I made this decision on New Year’s Day and visited Ise Jingu Shrine on January 4 to pray for the success of my new endeavor. I want to bring back my youthful enthusiasm, revisit our founding philosophy, and start from square one in the US.” Thus, at the age of 86, Konosuke announced his plan to relocate to the US.
    *3: On May 5, 1932, Konosuke gathered all executives at the Central Electric Club in Osaka and stated, “Matsushita Electric’s true mission is to produce an inexhaustible supply of goods, thus creating peace and prosperity throughout society.” He designated May 5 as the company’s foundation day and 1932 as the first year of Meichi, the revelation of the corporate mission.

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI USA News: Press Briefing by Press Secretary Karoline Leavitt, Deputy Chief of Staff Stephen Miller, National Economic Council Director Kevin Hassett, and National Security Advisor Mike Waltz

    Source: The White House

    class=”has-text-align-left”>
    1:05 P.M. EST
     
         MS. LEAVITT:  Hello.  Good afternoon, everybody.  I brought some heavy hitters in here with me today. 
     
    Today marks one month of President Trump’s return to the Oval Office, and there is no denying this administration is off to a historic start.  The President has already signed 73 executive orders.  That is more than double the number signed by Joe Biden and more than quadruple the number signed by Barack Obama over the same period.
     
    These executive orders have ended burdensome regulations; sealed the border; unleashed our domestic energy sector; eliminated divisive DEI from our federal government; stopped the weaponization of government; cut waste, fraud, and abuse; reinstituted “America First” trade and foreign policies; and ultimately restored common sense. 
     
    The President also signed the Laken Riley Act into law, which ensures ICE will detain illegal aliens arrested or charged with theft or violence. 
     
    As of today, the Senate has already confirmed 18 Cabinet-level nominees, which is more than at this point under the Obama administration in 2009 and more than double the pace of the Biden administration in 2021. 
     
    And today, we expect Kash Patel to be confirmed as the next director of the FBI. 
     
    We are proud to announce that the president will host his first official Cabinet meeting here at the White House next Wednesday, February 26th. 
     
    In just four weeks, President Trump has already hosted the leaders of Israel, Japan, Jordan, and India.  And next Monday, the President will host France’s President, Emmanuel Macron, and on Thursday, the UK Prime Minister, Keir Starmer, will visit the White House as well. 
     
    As you all know, over the past month, the President has taken questions from the press — all of you — nearly every single day, sometimes on multiple different occasions in the same day, on any topic any of you wish to talk about. 
     
    President Trump set the tone on this approach immediately when he took more than 12 times the questions in his first few hours in office as Joe Biden did in his entire first week. 
     
    Yesterday, we hosted a local media row here at the White House with television and radio stations from across the country that reached up to 60 million viewers and listeners. 
     
    In our ongoing pursuit of transparency, on this one-month celebration, I am thrilled to bring three of my colleagues and our policy experts here at the White House to further recap this incredible first month of accomplishments in greater detail.
     
    We have Deputy Chief of Staff for Policy and Homeland Security Advisor Stephen Miller; the Director of the National Economic Council, Kevin Hassett; and our National Security Advisor, Mike Waltz. 
     
    I will hand it over to them.  They will deliver brief remarks on the accomplishments of this administration in the first month, and then we will open it up to Q and A.  When we open up the Q and A portion, I do ask, for the sake of efficiency in this room, that you direct your question to the principal you seek an answer from.  And I will call on you in this room.
     
    But first I will let them roll through their remarks.  And first up, I’ll turn it over to Stephen Miller.
     
    MR. MILLER:  Thank you.  It’s great to be back.
     
    And I want to just thank you all for joining today our one-month celebration of the most historic opening to a presidency in American history.  No president comes close to what Donald Trump has achieved over just the last 30 days.
     
    He has packed eight years of transformative action restoring this nation, restoring our laws, restoring fairness, restoring economic opportunity, restoring national security in just one month.  No one in this country has ever seen anything like it. 
     
    And when you look at the consequentiality and the significance and the transformative nature of the actions he’s taking, it truly defies description.  For example, in just one area, this nation has been plagued and crippled by illegal discrimination: diversity, equity, and inclusion policies.  It strangled our economy.  It has undermined public safety.  It has made every aspect of life more difficult, more painful, and less safe. 
     
    He has ended all DEI across the federal government.  He has terminated all federal workers involved in promulgating these unlawful policies.  He has ended diversity, equity, and inclusion in all federal contracting.  He has restored merit as the cornerstone of all federal policy; restored the full, fair, impartial enforcement of our federal civil rights laws for the first time in generations; and he has cracked down on individuals across this government and nonprofits who have engaged in illegal racial discrimination against the American people. 
     
    This includes making clear to every educational institution in this country that ending diversity, equity, and inclusion, ending unlawful race discrimination is a precondition of receiving federal funds. 
     
    He has also saved women’s sports by ending the participation of men in women’s sports.  He has ended radical gender ideology across the entire federal government, and he’s pressured the private sector to also end and combat radical gender ideology.  He’s reestablished the scientific and biological truth that there are only two sexes in this country — male and female — that those are biologically based determinations.  They are not based and can never be based on gender identity. 
     
    That includes rooting out of the Department of Defense all DEI policies, all critical race theory, all gender madness, and once again having a military that is focused solely and exclusively on readiness, preparedness, and lethality.
     
    As I’m sure Kevin will talk about more, of course, he has undertaken a historic cost-cutting effort across the federal government, launching the first-ever Department of Government Efficiency, uncovering corruption on a scale that we never thought imaginable, terminating every single federal worker that we — that we have found to be engaged in the corruption and theft and the waste of taxpayer dollars, and already saving $50 billion in a single year, which over a 10-year period would be $500 billion.  Just think about how vast and enormous that sum is. 
     
    Of course, as you all know, he has renamed the Gulf of Mexico to its correct and proper name: the Gulf of America.  He has renamed Mount Denali into Mount McKinley, part of a historic effort to restore patriotism and national pride all across this land. 
     
    He has ended the weaponization of the federal government, restored the Department of Justice to its true mission of combating threats to this nation and keeping the American people safe. 
     
    He has ended all federal censorship of free speech.  This has been one of the greatest crises that has plagued this nation.  Years and years and years, the federal government violating the First Amendment to take away Americans’ right of free speech — President Trump has ended that.  And he has demanded that all federal workers, all law enforcement cease any effort to intimidate the rights of Americans or to police their speech. 
     
    He has also restored the death penalty at the Department of Justice, including for illegal aliens who commit murder, including for those who murder cops, and including for all of those who threaten Americans with heinous acts of violence.  The death penalty is back.  Law and order is back.  The streets are being made safe once again. 
     
    On the public health front, he has launched the nation’s first-ever commission — the MAHA Commission — Make America Healthy Again, following the historic confirmation of RFK Jr., to finally uncover the true root causes of the public health crisis in this country, the childhood disease epidemic in this country, the spiraling rates of pediatric cancer and devastating childhood sickness. 
     
    He has finally created a situation where the federal heal- — health agencies in this country will be focused on preventing disease, on keeping children from getting sick in the first place, not sentencing them to a lifetime in and out of hospitals, suffering needlessly, when we can find ways to prevent this epidemic of illness. 
     
    Then, of course, on homeland security.  Today, it is officially the law of the land at the conclusion of the congressional notification process that six Mexican cartels and two transnational gangs — Tren de Aragua, or TDA, and MS-13 — so eight organizations in total — are now formally designated as foreign terrorist organizations, which means that every single member of those organizations who operates on U.S. soil is now, as a legal matter, a terrorist, and they will be treated as terrorists. 
     
    This is a sea change in U.S. policy.  And this means the Department of Justice and the Department of Homeland Security, along with the rest of U.S. law enforcement and the Department of Defense, are now operating in a legal reality where these cartels are recognized as terrorists, and there will be a whole-of-government effort to remove these terrorists from our soil and to degrade their ability to threaten or undermine any American security or sovereignty interests.
     
    Border crossings since the day he took office are down 95 percent.  I think it’s almost impossible to even describe the scale and scope of that achievement.  President Trump, within days of taking office, cut border crossings 95 percent. 
     
    And those few who have dared to cross are being either prosecuted or deported.  They’re either facing significant jail time for trafficking, smuggling, harboring, aiding, impeding, or they’re being immediately removed from our soil.  Either way, at the end of the process, they are going home. 
     
    He has reimplemented Remain in Mexico, and he has obtained historic cooperation from foreign countries all around the world in accepting their deportees back. 
     
    And he has used the United States military to fully seal the southern border with a historic deployment of both active duty and National Guard troops, resumed the building of infrastructure.  He has opened up Guantanamo Bay, and he’s using military aircraft to carry out deportations all across this country. 
     
    And ICE is joining with ATF, DEA, and FBI to carry out the largest deportation operation in American history.  The criminals are going home.  The border is sealed shut.  America is safe, sovereign, proud, and free.  We are a nation that everyone in the world understands all across this planet: You do not come here illegally.  You will not get in.  You will go to jail.  You will go home.  You will not succeed. 
     
    This is the biggest and most successful change in any area of law enforcement that this nation has ever seen, and he did it in under one month. 
     
    Thank you.
     
    MR. HASSETT:  Should I go?
     
    MS. LEAVITT:  Yes, yes.
     
    MR. HASSETT:  Well, thank you, Karoline.  Thank you, Stephen. 
     
    You know, one of the things that President Trump cares most about is job creation.  And it was about seven years ago I had the honor of joining you in this room for the first time, and it looks like we’ve created a lot more jobs in the last month.  Look at how many people are here.  I — my estimate is about 180 but — but I didn’t count. 
     
    So, thank you.  It’s really an honor to be back here.  I think that I just want to go over a few things and then hand it off to Mike. 
     
    The first thing is that the President has told us to prioritize fighting inflation, and he had to do that because, as you know, President Biden let inflation get completely out of control.  And he did it with policies that made no sense.  They made no sense. 
     
    You know, a lot of times, you people say to us — our friends, the journalists — you know, “Why are you doing that?”  But — but, you know, I like to think, “Why did they do that?  Why did they spend so much money and then — why did the Fed print so much money so that we had inflation as high as we’ve ever seen since Jimmy Carter?  So, why did they do that?”
     
    So, we’re addressing inflation.  We didn’t have to address it in the first term, because it was always in the 1s, almost always.  But we’re going to get it back there. 
     
    And how are we doing it?  Well, we’re doing it with a plan that President Trump and I and others have talked about in the Oval that involves, like, every level of fighting inflation. 
     
    First, the macroeconomic level.  We’re cutting spending.  We’re cutting spending in negotiations with people on the Hill.  We’re cutting spending with the advice of our IT consultant, Elon Musk.  And then we’re also looking into supply-side things, like restoring Trump’s tax cuts, maybe even expensing new factories so that there is an explosion of supply.  If you have an explosion of supply and a reduction in government demand, then inflation goes way down. 
     
    And then, one of the things that you want to say is “Well, when are you going to see it?”  Well, the first thing that you’ll see when the markets believe that we’re going to get inflation under control is that the 10-year Treasury rate goes down, because that’s how they think about future expected inflation. 
     
    And so, we’re still going to see some memory of Biden’s inflation.  It’s not going to go away in a month.  But the 10-year Treasury before the last Consumer Price Index had dropped about 40 basis points.  Forty basis points because markets were optimistic about our ability to fight inflation. 
     
    Forty basis points is kind of not a fun thing to say.  I — economists talk that way.  I apologize.  But the way to think about it is, for a typical mortgage, if that affects the mortgage rate, then it’s going to save a typical family buying a house about a thousand bucks a year, and that’s just in our first month. 
     
    Okay.  The second thing we’ve done is we’ve had a lot of trade talks.  In fact, I was just meeting a minister from Mexico with Howard Lutnick just a couple of hours ago.  And we’re talking about reciprocal trade, and we’re also talking about the fentanyl crisis. 
     
    And so, reciprocal trade is about our government treating other governments the way they treat us.  We want trade to be fair.  It turns out that Americans have been disadvantaged by foreign governments over and over, and President Trump wants it to stop.  And the fact that struck me as most noticeable, when I started to look at what President Trump was asking us to do, is that last year — last year — we have data — U.S. companies paid $370 billion in taxes to foreign governments — $370 billion.  Last year, foreign multinationals paid us $57 billion in taxes. 
     
    We have one quarter of world GDP.  They have three quarters of world GDP.  And we’re paying $370.  They’re paying $57.  This is not reciprocal.  We’re going to try — or we’re going to fix it. 
     
    The other thing that we’ve done is we’ve had an all-of-the-above energy approach that’s led by Doug Burgum and Chris and a really large team — EPA — and we’ve already made so many actions that are going to affect the price of energy and lower inflation. 
     
    We’ve opened up 625 million acres to energy exploration.  We’ve cut 50 years of red tape that makes it so you can’t have permits.  And we’ve even made it so that when you go home, if you get a new one, then you can take a shower or flush a toilet or read under a light bulb.  We’re doing that too. 
     
    So — so, finally, let’s just think about, like, the facts that we can see right now that we think are awesome.  So, guess what?  Small-business optimism is — has go- — gone up by the most ever since President Trump came in.  ISM, which is the measure of what’s going on in manufacturing, it’s expanding again for the first time in years.  CEO confidence is the highest it’s been in years.  And the reason — the reason people are thinking this is that our policies give people cause for optimism. 
     
    And then I want to reiterate what Stephen Miller said, because it’s so important — and it’s so important for financial markets to start to digest this — that if, say, the Treasury secretary or the — any Cabinet secretary, with Elon Musk, is able to find some savings — say, $100 billion — well, in CBO land, that’s actually, like, about 10 times that or maybe 12 times that over a 10-year window. 
     
    And so, when you’re thinking about the negotiations right now over reconciliation and thinking about, well, $4 trillion, $5 trillion, well, those numbers, in terms of the savings, are going to end up being small because of all the waste that we’re finding. 
     
    And so, we’re incredibly optimistic about the future of inflation and the future of our economy.  And we’re optimistic because we’re making so much progress so far, and we already see it in market prices. 
     
    And, with that, I’ll hand it off to Mike. 
     
    MR. WALTZ:  All right.  Thanks, Kevin. 
     
    Well, good afternoon.  What a month and what a sea change in our — in our foreign policy.  In addition to what we’re doing on the border and restoring American sovereignty, in addition to what we’re doing in our economy and the job creation and the inflation reduction, we are bringing the world back to where it was at the end of President Trump’s first term, which is a world of peace, prosperity, and — and looking forward and getting us out of the chaos that we’ve just seen over the last four years. 
     
    So, over the last month, just to name a few, I had the honor of sitting in the Oval Office as President Trump spoke with President Putin and then immediately spoke with President Zelenskyy, and both of them said only President Trump could bring both sides to the table, and only President Trump could stop the horrific fighting that has been going on now for the better part of four years and that only President Trump could drive the world back to peace.  Both of those leaders said that in back-to-back calls.
     
    And, of course, we just had our historic talks mediated by our — our good friends and partners, Saudi Arabia — we give great thanks to Crown Prince Mohammed bin Salman for hosting — and sat down for the first time in years with the Russians and talked about a path forward with peace.
     
    On top of that and one of the things that led to that was a tremendous co- — confidence-building measure that we had with the release of Marc Fogel.  I’ll remind everyone, the last time that we had an American released from the Russians, either we gave up a deadly spy; pressured our allies to give up a lethal killer; or we released, under the Biden administration, the world’s most notorious arms dealer, Viktor Bout, who, by the way, had one of his main clients for arms the cartels in — in Mexico and Central America. 
     
    We gave up none of that.  This was released as a confidence-building measure, working with our great Middle East Envoy, Steve Witkoff, and our secretary of State as a first step towards opening these talks and then moving forward towards peace. 
     
    On top of that, we’ve secured, just in a month, the return of a dozen — 12 — American hostages from Russia, from Bulgaria, from Venezuela, the Taliban, and Hamas.  Excuse me, that’s from Belarus, not Bulgaria. 
     
    We also had — for the first time in quite some time, we took out a senior leader of ISIS, an international financier and recruiter that the military had been trying to take out for quite some time and — and wasn’t able to do so, frankly, because of a bureaucratic approval process.  President Trump said, “Take him out.”  And that ISIS financier and leader is no longer on this Earth. 
     
    We’ve also taken action to eliminate other terrorist organizations in the Middle East.  We drove — before the President was even in office, he started talking consequences for people that would hold Americans. 
     
    Heretofore, there’s been nothing but upside.  You take an American, you get some better deal.  You take another one, maybe you get a better deal.  No more.  There is now nothing but downside for taking Americans illegally, either as hostages or illegal detainees. 
     
    And when President Trump sent a very clear message across the Middle East, but particularly to Hamas, that there would be all hell to pay, we suddenly saw a breakthrough.  And now we just saw the release of yet another group of hostages.  There have been dozens now, including two Americans that we’ve seen once again reunited with their families. 
     
    As part of the talks with King Abdullah, he offered — and — and I think the entire world has graciously accepted — to take 2,000 sick children, cancer patients, and others out of Gaza.  As a humanitarian — as a humanitarian gesture, 2,000 Gazans will come out of that hellhole that it is, that wasteland that Gaza is right now, with unexploded ordnance, with debris everywhere, with no sewage, with no water.  And — and President Trump has — has put forward a plan to deal with the practical reality that is 1.8 million Gazans now — now truly suffering.
     
    And then, you know, just to bring it back to our own hemisphere, we’ve seen literally, in the last month — after years of national security experts, the generals in charge, and others testifying and ringing the alarm bells about — about the Chinese Communist Party’s presence in our own hemisphere, particularly in the Panama Canal, we’re seeing the leadership of Panama step away from the Belt and Road program, move away from China and back towards the United States, and even enter into talks and — and other negotiations about addressing the ports on either side of the canal. 
     
    And then, finally, last but not least, we’ve had four world leaders in the White House, in the Oval Office.  We’ve had the prime minister of Japan, the prime minister of India, the king of — of Jordan, and, of course, the prime minister of Israel just in the last four weeks.  And next week, we’ll have the Prime Minister of the United Kingdom and we’ll have the president of France, Macron. 
     
    So, President Trump is on what we call Trump warp speed.  We are all — we are all honored to be really serving under — under his leadership and his vision.  And truly, you know, when we all say — and the President himself say — says, he is a president of peace.  He is a president focused on restoring stability.  I think the entire world saw what the world would look like without strong American leadership in the last four years.
     
    And it’s truly been an honor to get us back to where we were and back on track under President Trump’s leadership. 
     
    MS. LEAVITT:  Thank you, Mike. 
     
    MR. WALTZ:  Mm-hmm.
     
    MS. LEAVITT:  Thank you.  Thank you, everybody.  I’m sure you’re very eager to ask questions of these very smart people working very hard on behalf of the president. 
     
    We do have somebody in our new media seat today.  We have John Stoll, who is the head of news at X.  As you all know — you’re all on X — it’s home to hundreds of millions of users, a large contingent of independent journalists and news organizations across geographies and political spectrums.  And at the same time, X remains the go-to platform for many legacy news outlets.  And I know, as I mentioned, many of the reporters in this room use X to attract eyeballs to your work. 
     
    Prior to joining X, John spent two decades in journalism, including several years as an editor at The Wall Street Journal.  We are excited to have him in the briefing room today.
     
    John, we’ll let you kick it off.  And as I said at the top, please direct your question to the individual up here who you’d like an answer from. 
     
    John, why don’t you begin.
     
    Q    All right.  Thank you very much.  I am sitting in for a thriving ecosystem of journalists, independent and — and emerging news organizations who do depend on X for publicity, for a business model.  And so, I look forward to seeing many of them in this seat in months and years to come. 
     
    I also thank you, Karoline, for opening this seat up to new media.  It — it really is a testament not only to your open-mindedness but also to innovation that you’d actually think about, you know, folks that are not traditionally credentialed to be in this room to be in this room and to not only have a question but also to witness — you know, this is at a very important intersection of power and the free press.
     
    And so, just the ability to witness this and — and be part of it, it brings everybody’s game up.  So, thank you for that. 
     
    I think this is for Mike Waltz.  My question is about Ukraine.
     
    MR. WALTZ:  Sure.
     
    Q    For about more than 10 years, I’ve been fascinated, like all — like many, with what’s going on.  I was in Northern Europe working out of the Baltics when Crimea was annexed and was — a lot — a lot of this came on Twitter.  The platform used to be known as Twitter.  Was — a lot of European leaders would — would talk about their disappointment and — and solidarity with Ukraine, but when it came to actually doing something, it felt like they were passing a hot potato and sent it over the Atlantic. 
     
    I wonder how much of what we’re seeing right now out of the administration and President Trump is a call to Europe and the European leaders and allies that we’ve traditionally had to pick up that hot potato and — and start doing something a little bit more concrete to win and preserve the peace in Ukraine. 
     
    The second question I have is — it — it’s related — is there’s been some — a lot of speculation that President Trump and the administration might be manipulated by Pre- — by Vladimir Putin.  I wonder if you can just talk a little bit about the administration’s posture —
     
    MR. WALTZ:  Yeah.
     
    Q    — and your confidence in the competence of this administration to d- — go toe to toe with Vladimir Putin. 
     
    MR. WALTZ:  Well, if there’s an- — I’ll take the l- — second question first.  If there’s anybody in this world that can go toe to toe with Putin, that could go toe to toe with Xi, that could go toe to toe with Kim Jong Un — and we could keep going down the list — it’s Donald J. Trump.  He is the dealmaker in chief.  There is no question that he is the commander in chief. 
     
    And I, for one — and I think all Americans and around the world should have no doubt about his ability to not only handle Putin but to handle the complexity of driving this war to an end. 
     
    And then on your first piece on Europe, I’ll take you back to 2014.  You’re right.  There was a lot of hand-wringing in Europe and not a lot of action.  There was also a lot of hand-wringing here in Washington under the Obama administration and not a lot of action.  They literally threw blankets at the problem. 
     
    And so, I’ll remind everyone that Putin had, you know, some type of conflict, invasion, or issue with their neighbor under President Bush, with Georgia; under President Obama, with Ukraine in 2014; not under President Trump, 45; and again with President Biden in 2022.  The war should have been deterred.  The war should have never happened, and I have no doubt it would not have happened under President Trump and will stop under President — President Trump again. 
     
    But I just want to push back on this notion of our European allies not being consulted as we’ve entered into this process.  I already mentioned the immediate phone call President Trump made to President Zelenskyy.  He has talked to President Macron of France repeatedly last week.  President Macron convened European leaders and then is coming here on Monday.  Prime Minister Starmer is coming next Thursday. 
     
    We’ve also — I’ve talked to every one of my national security — national security advisor counterparts across — across the spectrum in Europe.  I’ve talked to Secretary-General Rutte, the — the leader of NATO, the secretary-general of NATO.  We have repeatedly — oh, by the way, we had half our Cabinet — seven Cabinet officials, including the vice president, at the Munich Security Conference, all engaging, all listening, and all making sure our allies were heard. 
     
    However, we’ve also made it clear for years — decades, even — that it is unacceptable that the United States and the United States taxpayer continues to bear the burden not only of the cost of the war in Ukraine but of the defense of — of Europe.  We fully support our NATO Allies.  We fully support the Article 5 commitment.  But it’s time for our European allies to step up. 
     
    And one of the things that Secretary-General Rutte said on our call was this last couple of weeks have been a real wake-up call.  And I asked him, “What have you been missing the last couple of years?” 
     
    The fact that we are going to enter into a NATO summit this June with a third of our NATO Allies still not meeting the 2 percent minimum, a commitment they made a decade ago — literally a decade ago — with a war on their doorstep — the largest war that they’re all extremely concerned about — but yet it’s “Well, somebody else needs to pay.  We’ve got other domestic priorities.”  It’s unacceptable.  President Trump has made that clear. 
     
    And the minimum needs to be met.  We need to be at 100 percent in — this June at the NATO summit.  And then let’s talk about exceeding it, which what — is what President Trump has been talking about, with 5 percent of GDP. 
     
    Europe needs to step up for their own defense as a partner.  And we can be friends and allies and have those tough conversations. 
     
    MS. LEAVITT:  Great.  Peter.
     
    Q    Thank you, Karoline.  I have a Ukraine one and a DOGE one.  Who can talk DOGE?
     
    MS. LEAVITT:  Stephen, go ahead.
     
    Q    Well, so — so, Stephen, we’re hearing about these DOGE dividend checks that would be 20 percent back to taxpayers, 20 percent to pay down the debt.  Sixty percent is left.  Who gets that?
     
    MR. MILLER:  Well, the way that it works is when you achieve savings, you can either return it to taxpayers, you can return it to our debtors, or it can be cycled into next year’s budget, and then it just lowers the overall baseline for next year.  So, in other words, you can just transfer it into the next fiscal window and then lower the overall spending level.  And that means that you can achieve a permanent savings that way, and that reduces the deficit. 
     
    Q    And when is it that people might see those checks?
     
    MR. MILLER:  Well, this is all going to be worked on through the reconciliation process with Congress that’s going underway right now, as you’ve seen.  The Senate is moving a bill.  The House is moving a bill.  The president has great confidence in both chambers to deliver on his priorities. 
     
    I would just take this opportunity to note that President Trump has made a historic commitment to the working class of this country to fight for a major tax relief and major price relief.  And cutting spending, as DOGE is doing, and cutting taxes is the key to delivering on both of those promises.  And President Trump is resolutely committed to doing both. 
     
    Q    Thank you.  And on Ukraine.  I guess, this is for Mike.
     
    MR. WALTZ:  Sure. 
     
    Q    After the president’s post on Truth Social yesterday, need to know: Who does he think is more responsible for the Russian invasion of Ukraine, Putin or Zelenskyy?
     
    MR. WALTZ:  Well, look, his — his goal, Peter, is to bring this war to an end, period.  And there has been ongoing fighting on both sides.  It is World War I-style trench warfare. 
     
    His frustration with President Zelenskyy is — that you’ve heard — is multifold.  One, there needs to be a deep appreciation for what the American people, what the American taxpayer, what President Trump did in — in his first term, and what we’ve done since.  So, some of the rhetoric coming out of Kyiv, frankly, and — and insults to President Trump were unacceptable.  Number one. 
     
    Number two, our own secretary of Treasury personally made the trip to offer the Ukrainians what is — can only be described as a historic opportunity — that is for America to coinvest with Ukraine in their minerals, in their resources, to truly grow the pie. 
     
    So, case in point, there’s a foundry that processes aluminum in Ukraine.  It’s — it’s been damaged.  It’s not at its current capacity.  If that is restored, it would account for America’s entire imports of aluminum for an entire year — that one foundry.
     
    There are tremendous resources there.  Not only is that long-term security for Ukraine, not only do we help them grow the pie with investments, but, you know, we do have an obligation to the American taxpayer in helping them recoup the hundreds of billions that ha- — that have occurred. 
     
    So, you know, rather than enter — enter into some constructive conversations about what that deal should be going forward, we got a lot of rhetoric in the media that was — that was incredibly unfortunate. 
     
    And I could just tell you, Peter, you know, as a veteran, as somebody who’s been in combat, this war is horrific.  And I think we’ve lost sight of that, of the literally thousands of people that are dying a day, families that are going without the next generation. 
     
    And I find it kind of, you know, frankly, ridiculous.  So many people in Washington that were just demanding, pounding the table for a ceasefire in Gaza are suddenly aghast that the president would demand one and both sides come to the table when it talks to — when it comes to Ukraine, a war that has been arguably far greater in — in scope and scale and far more dangerous in terms of global escalation to U.S. security.
     
    Q    And I do have one for Karoline.
     
    MS. LEAVITT:  Sure.
     
    Q    Does President Trump have a bet with Trudeau about this USA-Canada hockey game tonight?  (Laughter.)  And when there is a big hockey game on, is the president watching for the goals or for the fights?
     
    MS. LEAVITT:  (Laughs.)  Probably both.  I think he’s watching for the United States to win tonight.  I know he talked to the USA hockey team this morning.  He talked to the players after their morning practice, around 10 o’clock.  And I also spoke to some folks from that team after.  They were jubilant over President Trump’s comments to the team.  I believe they’re going to put out a video of that call. 
     
    So, he looks forward to watching the game tonight, and we look forward to the United States beating our soon-to-be 51st state, Canada.  (Laughter.)
     
    Bloomberg, go ahead. 
     
    Q    My question is for Mike Waltz.  Can you give us a readout of Kellogg’s meeting with Zelenskyy that just wrapped up?  And, in particular, Zelenskyy publicly rejected this deal about the rare earth minerals.  Where — where does that stand?
     
    MR. WALTZ:  Well, we’re going to continue to have — he needs to come back to the table, and we’re going to continue to have discussions about where that deal is going. 
     
    Again, we have an obligation to the taxpayer.  I think this is an opportunity.  The president thinks this is an opportunity for Ukraine going forward.  There can be, in my view, nothing better for Ukraine’s future and for their security than — than to have the United States invested in their prosperity long-term.  And then a key piece of this has also been security guarantees. 
     
    Look, the — the reality that we’re talking about here is: Is it in Ukraine’s interest?  Is it in Europe’s interest?  It certainly isn’t in Russia’s interest or in the American people’s interest for this war to grind on forever and ever and ever. 
     
    So, a key part of his conversation was helping President Zelenskyy understand this war needs to come to an end.  This kind of open-ended mantra that we’ve had under the Biden administration, that’s over.  And I think a lot of people are having a hard time accepting that.
     
    And then the other piece is there’s been discussions from Prime Minister Starmer and also President Macron about European-led security guarantees.  We welcome that.  We’ve been asking Europe to step up and secure its own prosperity, safety, and security.  So, we certainly welcome that. 
     
    And we certainly welcome more European assistance.  As I told my counterparts, “Come to the table with more, if — if you want a bigger seat at the table.”  And we’ve been asking for that for quite some time. 
     
    Q    And has Russia pushed for sanctions in your talks with them?  And have you consulted with international partners and allies about potentially rolling back sanctions in these negotiations to end the war?
     
    MR. WALTZ:  Those — the talks with — with our Russian counterparts — both with my counterpart, the national security advisor; Secretary Rubio’s counterpart, the Foreign Minister, Foreign Minister Lavrov — you know, it — it really were — was quite broad, focused on what is the goals for our broader relationship, but very clear that the fighting has to stop to get to any of those brighter goals. 
     
    And as a first step, we’re just going to do some commonsense things, like restore the — the ability of both of our embassies to function. 
     
    And, again, you know, this is — this was common sense.  In — in foreign policy world, they call it “shuttle diplomacy.”  We have to talk to both sides in order to get to both sides to the table, and both sides have said only President Trump could do that. 
     
    MS. LEAVITT:  Diana.
     
    Q    Thank you.  And my question is for Mike Waltz.  (Laughter.)
     
    MR. WALTZ:  All right.
     
    Q    The president has called Zelenskyy a dictator.  Does he view Putin as a dictator? 
     
    And does he want Zelenskyy out of power?  I know he’s called for elections. 
     
    And then, thirdly, the head of the Defense Committee in Ukraine’s parliament just has claimed that the U.S. has stopped selling weapons to Ukraine.  Is that true?
     
    MR. WALTZ:  Well, most of our weapons that have gone to Ukraine have been part of a drawdown authority, where we’ve literally taken them out of our stocks and then, eventually, through appropriations, started buying them again to refill our stocks. 
     
    I’ll, you know, just state that there has been a lag in a lot of that process.  So, many of our stocks, as we look at our operations around the world, are becoming more depleted.  That’s one of the reasons many people have had a lot of concern about: When does this end?  How much is it going to take?  How many lives will be lost?  How much will we be — how much will we spend? 
     
    As a member of Congress, we repeatedly asked the Biden administration those questions, and we never got a satisfactory answer. 
     
    Look, President Trump is obviously very frustrated right now with President Zelenskyy — the fact that — that he hasn’t come to the table, that he hasn’t been willing to take this opportunity that we have offered.  I think he eventually will get to that point, and I hope so very quickly.
     
    But President Trump is — as we made clear to our Russian counterparts, and I want to make clear today — he’s focused on stopping the fighting and moving forward.  And we could argue all day long about what’s happened in the past. 
     
    MS. LEAVITT:  Reagan.
     
    Q    Thanks.  I have a question for Stephen —
     
    (Cross-talk.)
     
    Q    — and a question for Mike.
     
    MS. LEAVITT:  Excuse me, I just called on Reagan.  Reagan, go ahead. 
     
    Q    I have a question for Stephen and a question for Mike. 
     
    MS. LEAVITT:  Sure.
     
    Q    Stephen, I can start with you.  There have been reports —
     
    MR. MILLER:  Thank you.
     
    Q    — that Trump is unhappy with the rate of deportations and he wants them to be higher.  Is the president happy with the rate of deportations, and are there any plans to speed up the process?
     
    MR. MILLER:  Well, first of all, we all appreciate the encouragement from the media to deport as many illegal aliens as humanly possible.  So, thank you. 
     
    And I will promise you that the full might of the Department of Homeland Security, the Department of Justice, the Department of Defense, and every element and instrument of national power will be used to remove, with speed, all criminal illegals from the soil of the United States of America, to enforce final removal orders, and to ensure that this country is for American citizens and those who legally belong in this country.
     
    We inherited an ICE that was completely shuttered.  We inherited a Department of Homeland Security whose sole mission was to resettle illegal aliens within the United States of America. 
     
    In 30 days, the president sealed the border shut, declared the cartels to be terrorist organizations, has increased ICE deportations to levels not seen in decades, and we are shortly on the verge of achieving a pace and speed of deportations this country has never before seen. 
     
    Thank you. 
     
    Q    And Mike.
     
    MR. WALTZ:  Mm-hmm.
     
    Q    There have been reports that there’s some underground opposition to Trump’s pick for Undersecretary of Defense for Policy, Elbridge Colby.  Have you or anyone from the administration been personally lobbying senators to support Elbridge Colby? 
     
    MR. WALTZ:  Look, I’ve worked with Bridge Co- — Colby in the past.  He has the president’s full support to be the Undersecretary of policy, which will be a critical policy arm for Secretary Hegseth going forward that will implement a lot of these policies. 
     
    And — and really, that’s — that’s been the extent of it.  I think there’s been a lot of kind of, you know, breathless — I don’t know — back-and-forth in the — in the press, but we’re full speed ahead to get the president’s team in place so we can implement his America First policy. 
     
    MS. LEAVITT:  Thank you.  Mike has spoken pretty extensively.  Does anybody have questions for Stephen or for Mr. Hassett?
     
    Q    I do.
     
    MS. LEAVITT:  Nobody wants to talk about the economy?  (Laughter.)
     
    (Cross-talk.)
     
    MS. LEAVITT:  Sure. 
     
    Q    IRS.
     
    MS. LEAVITT:  IRS.  Okay.  Go ahead.
     
    Q    And this would be for either one of you.  So, we have reported, several other outlets have reported that about 3,500 people are due to be — lose their jobs at the IRS by the end of the week.  If the goal of these spending cuts across the federal government has been to reduce the debt, why impose some of the deepest cuts we’ve seen so far at the agency responsible for raising revenue for the federal government?
     
    MR. HASSETT:  Well, I think our objective is to make sure that the employees that we pay are being productive and effective.  And there are many, many — more than 100,000 people working to collect taxes, and not all of them are fully occupied.  And the Treasury secretary is studying the matter and feels like 3,500 is a small number and probably can get bigger, especially as we improve the IT at the IRS.
     
    And so — so, I think that it’s absolutely something that is on the table for good reasons.  And the point is that — don’t just talk about the IRS.  Talk about all of government, that there are so many places — I live in D.C.; you maybe live in D.C. — where you never — there — nobody — nobody is going into the buildings.  People aren’t commuting because nobody is doing their job.  We look back and we see that there are all these people doing two jobs while they’re getting a government payroll — on the payroll. 
     
    So, the point is, we’re fixing that, and the IRS is a small part of that picture. 
     
    Q    So, you’re saying that everybody who’s being let go was doing a bad job?
    MR. HASSETT:  I’m saying that we’re studying every agency and deciding who to let go and why, and we’re doing so very rationally with a lot of support from analysis. 
     
    Q    Because we’re being told by a lot of people who have been let go at other agencies that they were told they were being dismissed because of poor performance, when, in some cases, they haven’t even had a performance review yet because they’ve only been on the job a couple of months. 
     
    MR. HASSETT:  Yeah, I’ve never seen a person who was laid off for poor performance say that they were performing poorly.  (Laughter.)  Okay?
    Q    Karoline.
     
    MS. LEAVITT:  Good point.  Sure, Kaitlan.
     
    Q    I have a question.  I’ll start with you, Kevin Hassett.  Thank you for being here.  And then I’ve got a question for Mr. Waltz.
     
    On these potential checks that you might send out from DOGE, is there a concern, as you’re thinking through this, that they could be inflationary?
     
    MR. HASSETT:  Oh, absolutely not, because imagine if we don’t spend government money and we give it back to people, then the — you know, if they spend it all, then you’re even.  But they’re probably going to save a lot of it, in which case, you’re reducing inflation. 
     
    Q    Okay.  So, you’re not —
     
    MR. HASSETT:  And also, when the government spends a lot, that’s what creates inflation.  We learned that from Joe Biden.  And so, if we reduce government spending, then that’s — you know, reduces inflation.  And if you give people money, then they’re going to save a bunch of it.  And — and when they save it, then that also reduces demand and reduces inflation. 
     
    Q    Okay.  So, you’re not worried about it. 
     
    MR. HASSETT:  No, I’m not.
     
    Q    And, Mr. Waltz, to follow up on Peter’s question, you wrote in an op-ed in the fall of 2023 that, quote, “Putin is to blame, certainly, like al Qaeda was to blame for 9/11.”
     
    MR. WALTZ:  Mm-hmm.
     
    Q    Do you still feel that way now, or do you share the president’s assessment, as he says Ukraine is to blame for the start of this war?
     
    MR. WALTZ:  Well, it shouldn’t surprise you that I share the president’s assessment on all kinds of issues.  What I wrote as a Member of Congress is — was as a former Member of Congress. 
     
    Look, what I share the president’s assessment on is that the war has to end.  And what comes with that?  What comes with that should be, at some point, elections.  What comes with that should be peace.  What comes with that is prosperity that we’ve just offered in this natural resources and economic partnership arrangement: an end to the killing and European security and security for the world.  The President is not only determined to do that in Europe, he’s determined to do it in the Middle East. 
     
    And just a few months ago, we had an administration that had tried for 15 months, week after week, sitting with you here, and couldn’t get us to a ceasefire, couldn’t get our hostages out.  Now we’re at that point.  We’re back to the maximum pressure on Iran.
     
    And we will — we have just begun, and we will drive towards a ceasefire and all of those other steps.  I’m not going to pre-negotiate or get ahead of the sequencing of all of that.  It’s a very delicate situation. 
     
    But this is a president of peace.  And who here would argue against peace?
     
    Q    Okay.  So, you do share that assessment. 
     
    And can I follow up.  In 2017 —
     
    MS. LEAVITT:  No.  Go ahead, Jordan.
     
    Q    — then-President Trump —
     
    MS. LEAVITT:  Go ahead, Jordan. 
     
    Q    Can I just follow up really quickly?
     
    Q    Thank you.  So —
     
    MS. LEAVITT:  You just had two questions, Kaitlan.
     
    Q    May I — can I just —
     
    MS. LEAVITT:  Jordan, go ahead. 
     
    Q    Mr. — Mr. Hassett —
     
    MS. LEAVITT:  Thank you.
     
    Q    I have an important follow-up for Mike Waltz.
     
    MS. LEAVITT:  Jordan, go ahead.  Go ahead.
     
    Q    So, Mr. Hassett, you were speaking about tariff revenue, and you also addressed a question about the R- — IRS.  President Trump has spoken about replacing income tax with tariff revenue, especially with all this waste, fraud, and abuse that we’re seeing cut.  Is that a possibility?
     
    MR. HASSETT:  Absolutely.  And, in fact, if you think about the China tariff revenue that we’re estimating is coming in from the 10 percent that we just added, plus the de minimis thing, that it’s between $500 billion and a trillion dollars over 10 years, is our estimate.  And that’s something that is outside of the reductions that markets are seeing through the negotiations up on the Hill.
     
    And so, we expect that the tariff revenue is actually going to make it much easier for Republicans to pass a bill, and that was the President’s plan all along. 
     
    Thank you.
     
    Q    And I — I have a question for Stephen Miller about DOGE.  So, you — you spoke about DOGE.  You said roughly $50 billion is set to be cut in a year of waste, fraud, and abuse by unelected bureaucrats.  We’re hearing this ironic narrative from the President’s critics and the left-wing media that Elon Musk is an unelected bureaucrat, and he’s doing all this terrible stuff.  Isn’t one of DOGE’s objectives to get — get rid of the federal bureaucracy, the — the deep state?  And also, who was running the White House when Joe Biden was in office —
     
    MR. MILLER:  (Laughs.)
     
    Q    — because I don’t know a single person who believes it was Joe Biden? 
     
    MR. MILLER:  Yes.  You’re — you’re tempting me to say — (laughs) — some very harsh things about some of our media friends.  The — yes, it is true that many of the people in this room, for four years, failed to cover the fact that Joe Biden was mentally incompetent and was not running the country. 
     
    It is also true that many people in this room who have used this talking point that Elon is not elected fail to understand how government works.  So, I’m glad for the opportunity for a brief civics lesson. 
     
    A president is elected by the whole American people.  He’s the only official in the entire government that is elected by the entire nation.  Right?  Judges are appointed.  Members of Congress are elected at the district or state level.  Just one man. 
     
    And the Constitution, Article Two, has a clause, known as the vesting clause, and it says, “The executive power shall be vested in a president,” singular.  The whole will of democracy is imbued into the elected president.  That president then appoints staff to then impose that democratic will onto the government. 
     
    The threat to democracy — indeed, the existential threat to democracy — is the unelected bureaucracy of lifetime, tenured civil servants who believe they answer to no one, who believe they can do whatever they want without consequence, who believe they can set their own agenda no matter what Americans vote for. 
     
    So, Americans vote for radical FBI reform, and FBI agents say they don’t want to change.  Or Americans vote for radical reform in our energy policies, but EPA bureaucrats say they don’t want to change.  Or Americans vote to end DEI — racist DEI policies, and lawyers in the Department of Justice say they don’t want to change. 
     
    What President Trump is doing is he is removing federal bureaucrats who are defying democracy by failing to implement his lawful orders, which are the will of the whole American people. 
     
    Thank you. 
     
    Q    Thanks, Stephen.  Can I follow up?
     
    Q    Karoline.
     
    MS. LEAVITT:  Thank you very much, everybody.  I’m looking at the clock.  We’ve almost had an hour of time. 
     
    (Cross-talk.)

    LEAVITT:  I know a couple of these individuals have a meeting to get to at 2:00 p.m.  So, you’re welcome to follow up with my team for further questions.  We’re going to let these guys get back to running the United States government.
     
    And we will see you all later.  President Trump will be speaking at 3 o’clock at the Black History Month reception.
     
    So, thank you.  It’s good to see you.  We’ll see you in a bit.  Thanks.
     
    Q    Are you going to the Black History Month reception, Mr. Miller?
     
    Q    Stephen, on the fraud.  Should we expect indictments?
     
    Q    What is your reaction to Mitch McConnell’s retirement?
     
    Q    Are there indictments coming for all the fraud we’ve found?
     
         MR. MILLER:  I’d love to follow up with you.  Just set up a time with Karoline.
     
         Q    Okay.  Thank you. 
     
    END                   1:56 P.M. EST

    MIL OSI USA News –

    February 21, 2025
  • MIL-OSI USA: Grassley, Klobuchar Seek to Increase Access to Affordable Prescription Drugs

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Sen. Chuck Grassley (R-Iowa), a senior member and former chairman of the Senate Finance Committee, joined Sen. Amy Klobuchar (D-Minn.) in reintroducing the Safe and Affordable Drugs from Canada Act. The bipartisan bill would allow Americans to safely import prescription drugs from Canada – lowering costs, increasing access and strengthening competition in the pharmaceutical market. 

    “Congress must take an all-of-the-above approach to lowering the price of prescription drugs. Our commonsense, bipartisan bill would provide Americans increased access to safe, affordable prescription drugs available in Canada, while boosting much-needed competition in the pharmaceutical industry,” Grassley said. 

    “Americans pay the highest prices in the world for prescription drugs,” Klobuchar said. “Our bipartisan legislation would save Americans money by allowing them to import their medications from pharmacies in Canada. Brand-name prescription drugs that we invent here in America cost more than twice as much in the United States as in Canada. Americans deserve better. Building on my legislation to allow Medicare to negotiate lower prescription drug costs, I will continue to work to increase competition in the pharmaceutical market so Americans no longer get ripped off by Big Pharma.” 

    Find bill text HERE. 

    Background:

    Lowering the cost of prescription drugs and increasing transparency in the pharmaceutical industry are among Grassley’s top priorities. This Congress, he introduced two bipartisan bills to shine light on the shady practices of pharmacy benefit managers (PBMs), as well as legislation to boost price transparency in prescription drug advertisements.  

    In 2017, Grassley urged the Department of Health and Human Services (HHS) to use its statutory authority under the Medicare Prescription Drug Improvement and Modernization Act of 2003 to fast-track the importation of prescription drugs from Canada under certain circumstances. In 2020, the first Trump administration finalized regulations and issued guidance allowing states and Indian Tribes to import prescription drugs from Canada under certain circumstances and with the U.S. Food and Drug Administration’s approval. Additionally, Grassley in 2021 sent a bipartisan letter to HHS highlighting his commitment to securing the importation of certain prescription drugs from Canada. 

    -30-

    MIL OSI USA News –

    February 21, 2025
  • MIL-OSI USA: Wyden Blasts Musk and Trump for Hurting Tribal Communities by Cutting Health Staff

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    February 20, 2025

    Washington, D.C. — U.S. Senator Ron Wyden said today he has joined Senate colleagues in condemning Elon Musk and Donald Trump’s efforts to lay off Indian Health Service staff at a time when a significant health care workforce shortage already exists for Tribal communities in Oregon and nationwide. 

    “Tribal Nations have a legal and political relationship with the United States, and the federal government has a fundamental obligation to fulfill its treaty and trust responsibilities to Tribal Nations – an obligation that includes providing services such as health care to Native communities,” wrote Wyden along with nine other senators. 

    Recent reports show more than 850 IHS employees, who provide critical medical care for Tribal communities, are at risk of being immediately laid off.

    “Not only will this lead to worse health outcomes, but overall costs will also rise. With less health care services at existing IHS facilities, there will be increased Purchased Referred Care referrals. This will increase costs for the Federal government and require increased travel, accommodations, and expenses, creating increased hardships and barriers for patients and families seeking care far from where they live on Tribal lands.,” the senators continued. 

    The letter was led by U.S. Senator Ben Ray Luján D-N.M. In addition to Wyden, the letter was signed by U.S. Senators Alex Padilla, D-Calif., Tina Smith, D-Minn., Kirsten Gillibrand, D-N.Y., Martin Heinrich, D-N.M., Ruben Gallego, D-Ariz., Elizabeth Warren, D-Mass., Mark Kelly, D-Ariz., and Catherine Cortez Masto, D-Nev.

    Full text of the letter is here.

    MIL OSI USA News –

    February 21, 2025
  • MIL-OSI China: 200 fraud suspects repatriated from Myanmar to China

    Source: China State Council Information Office 2

    A group of 200 Chinese citizens suspected of involvement in fraud returned to China under the escort of Chinese police on Thursday after being repatriated from Myawaddy in Myanmar. [Photo/Xinhua]
    A group of 200 Chinese citizens suspected of involvement in fraud returned to China under the escort of Chinese police on Thursday after being repatriated from Myawaddy in Myanmar.
    The suspects were first sent to Thailand’s Mae Sot, which shares a border with Myawaddy, on Thursday, before being flown back to China on several chartered flights. They arrived at an airport in Nanjing, the capital of eastern Jiangsu Province.
    The 200 Chinese citizens are the first group of telecom fraud suspects repatriated from Myanmar to China, according to the Ministry of Public Security (MPS).
    It added that more than 800 other Chinese fraud suspects are expected to be repatriated in the coming period.
    The repatriation of these suspects marks a significant achievement of law enforcement cooperation between China, Myanmar and Thailand against telecom fraud, the ministry said.
    According to the ministry, law enforcement authorities from the three countries recently launched a joint operation against telecom fraud in Myawaddy.
    In coordination with this effort, Thailand has cut off electricity, internet and fuel supplies to Myawaddy, and strengthened patrols to prevent illegal border crossings by individuals involved in fraud.
    Myanmar has deployed forces to raid telecom fraud compounds in Myawaddy, arrested fraud suspects, and rescued Chinese nationals trapped in scam operations.
    An official with the ministry said the three countries would institutionalize joint operations to combat telecom fraud and other transnational crimes on a regular basis. The ministry also vowed to continue to dismantle telecom fraud compounds and effectively safeguard the lives and property of Chinese citizens.
    Over recent years, Chinese authorities have made coordinated efforts to fight these rampant crimes.
    Last month, law enforcement authorities of China, Myanmar and Thailand reached a consensus to further strengthen trilateral law enforcement cooperation, establish a joint anti-crime mechanism, and jointly tackling wire and cyber fraud, human trafficking and other cross-border crimes.
    “Fighting online gambling and telecom fraud is a must choice to safeguard the common interests of China and other regional countries, and is what people of all countries want,” said Chinese foreign ministry spokesperson Guo Jiakun at a daily news briefing on Thursday.
    Resolutely cracking down on crimes of online gambling and telecom fraud also demonstrates the countries’ commitment to the people-centered development philosophy, said Guo.
    Earlier this month, a Chinese court in Zhejiang Province tried 23 defendants including key members of several major telecom fraud groups based in northern Myanmar. They were charged with 11 counts of criminal offences including fraud, intentional homicide, intentional injury, illegal detention, operating casinos, drug trafficking, and organizing prostitution.
    A prior official statement emphasized that the handling of the case reflects China’s dedication to protecting the legitimate rights and interests of the nation and its citizens.
    According to the Supreme People’s Procuratorate, between January and November 2024, China’s procuratorial authorities nationwide charged over 67,000 individuals with telecom and online fraud, up 58.5 percent year-on-year.
    Since the launch of a special campaign in July 2023, police have apprehended over 53,000 Chinese suspects involved in telecom and internet fraud operating from northern Myanmar.
    In an exclusive interview with Xinhua, Benedikt Hofmann, acting regional representative of the United Nations Office on Drugs and Crime (UNODC) for Southeast Asia and the Pacific, noted that telecom fraud has expanded rapidly in terms of the number of victims, geographical reach, and financial losses. The UNODC estimates that annual economic losses from such scams in East and Southeast Asia range between 20 billion and 40 billion U.S. dollars.
    Noting the recent cooperation between China and members of the Association of Southeast Asian Nations (ASEAN), including Thailand and Myanmar, Hofmann said this has created “a significant sense of momentum” for international efforts to tackle the issue.
    China has provided crucial support to other countries in combating both drug-related crimes and telecom fraud schemes, Hofmann said, suggesting that China’s approach to tackling telecom fraud, including active prevention measures, could provide invaluable experience for other countries. 

    MIL OSI China News –

    February 21, 2025
  • MIL-OSI China: China releases first standards for mangrove restoration

    Source: China State Council Information Office 2

    China’s first technical group standards for the precise ecological restoration of mangroves have been released and implemented, according to the Chinese Academy of Sciences’ South China Sea Institute of Oceanology.
    The standards, led by the institute, are the country’s first technical guidelines in the field, addressing the lack of standardized procedures for precise mangrove restoration and evaluation. They are expected to promote the protection and sustainable development of mangroves further in China.
    Mangrove ecosystems, located at the dynamic interface between land and sea in intertidal zones periodically submerged by seawater, are unique coastal ecosystems with high ecological, social and economic value. They play a critical role in supporting offshore fisheries, purifying the environment, and enhancing carbon sequestration.
    However, challenges resulting from global climate change and human activities, such as rising sea levels, abnormal temperatures and increasing pollution, have led to significant environmental changes that threaten these vital ecosystems.
    According to the State of the World’s Mangroves 2024 report released by the Global Mangrove Alliance, the world’s total mangrove area currently stands at approximately 14.7 million hectares, a decrease of 2.3 million hectares compared to the 17 million reported by the United Nations Food and Agriculture Organization in 2005. Alarmingly, 50 percent of the world’s mangroves are at risk of collapse.
    As a result, accelerating the restoration of damaged mangrove ecosystems has become an urgent priority for international marine science, making mangrove ecological restoration and protection a key focus in global marine research.
    China has 27,100 hectares of mangroves. To better protect these ecosystems, the Chinese government launched the Mangrove Protection and Restoration Action Plan (2020-2025) in 2020, aiming to expand the country’s mangrove area to 36,000 hectares by 2025, thereby supporting the national “dual carbon” strategy.
    At that time, there was no standardized technical protocol for the precise ecological restoration of mangroves, either domestically or internationally.
    The development of such guidelines is crucial to standardizing restoration and evaluation techniques across different habitats, to guiding practical applications, and to promoting the sustainable development of mangrove ecosystems and biological resources in China, South Asia and Southeast Asia.
    The new standards establish principles and technical processes for the precise ecological restoration of mangroves in various habitats, including species selection, screening and configuration, and microbial community configuration. They also provide methods for evaluating the efficacy of mangrove restoration.
    The technical specifications proposed in the standards are designed to be practical, easy to implement, and compliant with relevant national laws and regulations.
    By filling the gap in this field, the standards ensure that mangrove restoration and assessment efforts are guided by clear criteria, enhancing the ecological health and functions of mangroves, and promoting the development of precise restoration and evaluation practices. 

    MIL OSI China News –

    February 21, 2025
  • MIL-OSI: Hundreds of Customers LLC Launches Habanero Social Platform, Revolutionizing AI-Powered Google Business Profile Management

    Source: GlobeNewswire (MIL-OSI)

    OVERLAND PARK, Kan., Feb. 20, 2025 (GLOBE NEWSWIRE) — Hundreds of Customers LLC is excited to announce the launch of HabaneroSocial.com, a state-of-the-art platform designed to transform the management of Google Business Profiles (GBP). Powered by artificial intelligence (AI) and the innovative AI assistant “Samwise,” Habanero Social offers businesses an automated solution to optimize their GBP, improve local SEO, and streamline reputation management—allowing them to focus on growth while boosting their online presence.

    Habanero Social AI-Driven Google Business Profile Automation Platform from Hundreds of Customers LLC

    In today’s digital-first world, businesses must maintain an optimized Google Business Profile to stay competitive. Traditional methods of managing a GBP can be time-consuming and inefficient. Habanero Social solves this problem by automating crucial tasks like content publishing, review management, and local SEO optimization, using Samwise to keep businesses ahead of the competition.

    In addition to Habanero Social, Hundreds of Customers LLC also offers Rank With News, a guaranteed SEO service designed to improve website rankings through strategic media placements. By combining Rank With News with Habanero Social, businesses now have a complete, integrated solution to enhance both their local search visibility and global online authority.

    Key Features of the Habanero Social Platform:

    • Automated Google Business Profile Optimization: Samwise, the platform’s AI assistant, updates and optimizes business descriptions, services, and attributes for better search engine visibility and local rankings.
    • AI-Driven Reputation Management: Automate review requests, responses, and reputation monitoring to maintain a strong, professional online presence.
    • Content Automation: Schedule and automate posts, images, and videos to keep your Google Business Profile fresh and engaging, without manual effort.
    • Enhanced Local SEO: Samwise ensures your Google Business Profile is optimized for local search terms, geotagging images and videos for maximum visibility.
    • Seamless Integration: Integrate with platforms like Zapier and CompanyCam to automate review requests, image management, and more.

    “Habanero Social is the perfect solution for businesses that want to improve their Google Business Profile and boost their local SEO without the hassle,” said Justin West, founder of Hundreds of Customers LLC. “With the added power of our Rank With News SEO service, businesses can not only dominate local search results but also enhance their brand authority through guaranteed media placements.”

    “As a business owner, you understand the importance of being visible to potential customers on platforms like Google My Business and Google Maps. With the right SEO strategy in place, your SEO efforts can help your business stand out, but managing everything manually can be overwhelming. Fortunately, using advanced SEO tools like Habanero Social allows you to automate business listings, optimize Google My Business profiles, and stay on top of important business updates—all while reducing repetitive tasks that can drain your time. Whether you’re managing multi-location businesses or working to improve customer satisfaction, our platform provides actionable insights to enhance SEO performance and boost your online visibility.

    “By automating social media posts and gathering positive reviews,” West continued, “you can improve your online reputation and drive organic traffic to your site. The platform offers real-time rank tracking, allowing you to monitor your SEO rankings and search performance as it evolves. From keyword optimization to content writers creating SEO- optimized content, you’ll gain valuable insights into your keyword rankings and see improvements in organic search results. Stay ahead of the curve with real-time updates on your social media platforms and search engine optimization, all while tracking your organic traffic and ensuring your customer interactions are optimized for success.”

    The Habanero Social platform offers businesses a comprehensive understanding of their Google Business Profile and optimizes it through AI-driven optimizations. By automating the post creation process and providing AI-generated Google Business posts, businesses can ensure relevant, high-quality content is consistently published, addressing content gaps that may hinder their visibility. The AI-powered platform streamlines data-heavy, repetitive tasks, allowing businesses to focus on growth while AI-driven summaries and data-driven insights guide their SEO efforts. 1-click publishing enables quick and easy updates, ensuring regular updates to the Google Business Profile, even for businesses with a physical location. Additionally, businesses can use this automation tool to address SEO obstacles, such as responding to negative reviews and consistently publishing high-quality content across their profiles, all without needing an SEO agency.

    With the growing importance of maintaining an active and optimized Google My Business Management profile, businesses are turning to AI-powered solutions for efficient and streamlined operations. Effective content creation, including the publishing of relevant content and regular updates, is crucial to keeping a Google Business Profile engaging and up- to-date. By automating the process of posting fresh content, businesses can ensure their profiles remain active, improving search engine rankings and increasing visibility on Google Search and Maps. These systems also help businesses monitor their customer reviews and facilitate timely review replies, which are key for fostering customer engagement and driving foot traffic. Additionally, AI tools provide comprehensive insights into search volume and customer feedback, enabling businesses to target relevant keywords that improve their visibility in local search results.

    A complete digital footprint includes not only optimized content but also accurate business details and business citations across trusted platforms. With proprietary citation management tools, businesses can easily ensure that their essential details—such as location, contact information, and services—are consistent across the web, further boosting their SEO efforts. The use of an AI-powered content editor can help businesses create content tailored to effective keywords, making it easier to address SEO obstacles and stay competitive. As businesses see progress over time through increased search visibility, these platforms provide valuable data on performance, including tracking key metrics like customer engagement and search engine rankings. By utilizing these tools, businesses can gain deeper insights into their online presence and leverage the data to optimize their approach to local SEO and increase relevant content output consistently.

    Rank With News offers businesses a guaranteed SEO solution that places them on the first page of Google through high-quality media coverage. These media placements drive traffic to their websites, strengthen their online authority, and improve search rankings, creating the perfect complement to Habanero Social’s automated GBP management and local SEO capabilities.

    Hundreds of Customers LLC on Google Maps

    Habanero Social AI-Driven Google Business Profile Automation Platform from Hundreds of Customers LLC

    About Hundreds of Customers LLC

    Hundreds of Customers LLC is a digital marketing firm focused on providing innovative solutions for businesses looking to grow their online presence. With the launch of Habanero Social, the company continues to lead the way in AI-powered marketing, offering businesses powerful tools for optimizing their Google Business Profiles. Additionally, through its Rank With News service, Hundreds of Customers LLC helps businesses achieve guaranteed SEO results through media placements that enhance their authority and search rankings.

    Press Inquiries

    Hundreds of Customers LLC / Rank With News
    https://rankwith.news
    Justin West
    justin@rankwith.news
    913 203 4252
    9200 Indian Creek Pkwy
    STE #047b
    Overland Park, KS 66210

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/db9f5012-89f3-4c07-bd8a-59eef0d95118
    https://www.globenewswire.com/NewsRoom/AttachmentNg/a655bea2-9f69-4f8b-abbc-cc921d39c72c
    https://www.globenewswire.com/NewsRoom/AttachmentNg/551959bd-9f31-4ed7-8c8a-c0ea74b232d5

    A video accompanying this announcement is available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/b12912c9-9328-4de4-a8ea-20f110e7e8ed

    The MIL Network –

    February 21, 2025
  • MIL-OSI New Zealand: Tech and Security – New Zealand’s digital wellbeing ranking declines with the biggest setback in internet affordability

    Source: SurfShark

    The Digital Quality of Life Index is an annual study that ranks 121 countries by their digital wellbeing based on 5 core pillars: internet quality, internet affordability, e-security, e-infrastructure, and e-government                                

    Surfshark’s Digital Quality of Life Index (DQL) 2024 ranks New Zealand 32nd in the world. The study indicates how well the country is performing in terms of overall digital wellbeing compared to other nations. New Zealand dropped by five places from last year, which suggests the commitment to develop the digital landscape and position the country as a leader in leveraging technological advancements to improve citizens’ quality of life has slowed down. (ref. https://surfshark.com/research/dql )

    “In an election year like 2024, where the digital realm shaped political discourse and societal values, prioritizing digital quality of life proved to be more important than ever. It helps to ensure informed citizens, protects democratic processes, and fosters innovation. Our annual project helps to better understand where each county stands in terms of digital divide, highlighting where a nation’s digital quality of life excels and where further focus is required,” says x, Surfshark’s spokesperson.

    Out of the Index’s five pillars, New Zealand performed best in e-infrastructure, claiming 19th place, but faced challenges in e-security, ranking 36th. The nation ranks 23rd in e-government, 30th in internet affordability, and 35th in internet quality. In the overall Index, New Zealand surpasses Australia (37th) but lags behind the UK (9th). In Oceania, New Zealand takes 1st place and leads the region.    

    New Zealand ranks higher in e-government than 81% of the countries analyzed, with 98 countries falling below it.       

    E-government determines how advanced and digitized a country’s government services are. A well-developed e-government helps minimize bureaucracy, reduce corruption, and increase transparency within the public sector. This pillar also shows the level of Artificial Intelligence (AI) readiness a country demonstrates. Countries with the highest readiness to adopt AI technology are also ready to counter national cyberthreats. New Zealand ranks 23rd in the world in e-government — nine places lower than last year.

    New Zealand is 36th in the world in e-security — same as last year.  

    The e-security pillar measures how well a country is prepared to counter cybercrime and how advanced a country’s data protection laws are. New Zealand outperforms Australia, which ranks 42nd, but lags behind the UK, which takes 23rd place in the e-security pillar. New Zealand is prepared to fight against cybercrime; the country has good data protection laws.     

    “New Zealand has robust data protection laws, with its Privacy Acts sharing key similarities with the GDPR — one of the world’s strictest data protection frameworks. Both regulate data collection, usage, and transfers; however, unlike the GDPR, New Zealand’s Privacy Acts do not emphasize consent or address rights such as data erasure, objection, portability, or DPIAs. On the other hand, they provide more detailed guidelines for information sharing with public agencies. Despite strong data protection laws, improving New Zealand’s ability to combat cybercrime remains an important area for growth. A 2024 study by telecommunications company Kordia highlighted vulnerabilities affecting businesses, including third-party vendor failures, cloud misconfigurations, and security lapses. Strengthening e-security will be key to enhancing New Zealand’s digital quality of life in the future,” says x, Surfshark’s representative.

    New Zealand’s internet quality is 17% higher than the global average.                                              

    New Zealand’s fixed internet averages 240Mbps. To put that into perspective, the world’s fastest fixed internet — Singapore’s — is 347Mbps. Meanwhile, the slowest fixed internet in the world — Tunisia’s — is 14Mbps.

    New Zealand’s mobile internet averages 152Mbps. The fastest mobile internet — the UAE’s — is 430Mbps, while the world’s slowest mobile internet — Yemen’s — is 12Mbps.

    Compared to Australia, New Zealand’s mobile internet is 5% slower, while fixed broadband is 115% faster. Since last year, mobile internet speed in New Zealand has improved by 19%, while fixed broadband speed has grown by 9%.  

    Despite the setback, the internet is affordable in New Zealand compared to other countries.        

    New Zealanders have to work 1 hour 15 minutes a month to afford fixed broadband internet. While this is less than average, it is 5 times more than in Bulgaria, which has the world’s most affordable fixed internet (Bulgarians have to work 14 minutes a month to afford it). 

     
    New Zealanders have to work 51 minutes 19 seconds a month to afford mobile internet. This is 4 times more than in Angola, which has the world’s most affordable mobile internet (Angolans have to work 9 minutes a month to afford it).              

    “This year’s Digital Quality of Life (DQL) ranking revealed a decline in New Zealand’s internet affordability. And DQL is not the only research that highlights this — recent research from Cable.co.uk placed New Zealand 128th globally for broadband affordability. The average monthly broadband cost in New Zealand was reported at NZD 82 — a staggering twenty times higher than Sudan, which topped the list as the most affordable. An expert from Cable.co.uk also noted that the high cost of broadband in developed nations like New Zealand is not necessarily due to the expense of deploying advanced infrastructure but is often influenced by higher earnings and market conditions. To improve its overall digital quality of life, New Zealand may need to look deeper into enhancing its internet affordability,” says x, Surfshark’s representative.

    New Zealand is 19th in e-infrastructure.  

    Advanced e-infrastructure makes it easy for people to use the internet for various daily activities, such as working, studying, shopping, etc. This pillar evaluates how high internet penetration is in a given country, as well as its network readiness (readiness to take advantage of Information and Communication Technologies). New Zealand’s internet penetration is high (96% — 14th in the world), and the country ranks 23rd in network readiness.

    On a global scale, investing in e-government and e-infrastructure improves digital wellbeing the most.                                      

    Among the five pillars, e-government has the strongest correlation with the DQL Index (0.92), followed by e-infrastructure (0.91); internet affordability shows the weakest correlation at 0.65.        

    METHODOLOGY

    The DQL Index 2024 examines 121 nations based on five core pillars that consist of 14 indicators. The study is based on the United Nations’ open-source information, the World Bank, and other sources. New Zealand’s full profile in the 2024 Digital Quality of Life report and an interactive country comparison tool can be found here: https://surfshark.com/research/dql/country/NZ

    NOTES

    Surfshark is a cybersecurity company focused on developing humanized privacy and security solutions. The Surfshark One suite includes one of the very few VPNs audited by independent security experts, an officially certified antivirus, a private search tool, and a data leak alert system. Surfshark is recognized as the Tech Advisor’s Editor’s Choice for 2024. For more research projects, visit our research hub at: surfshark.com/research

    MIL OSI New Zealand News –

    February 21, 2025
  • MIL-OSI Submissions: OPEC Fund and Indonesian AID strengthen development cooperation

    Source: OPEC Fund

    February 19, 2025: The OPEC Fund for International Development (OPEC Fund) and the Indonesian Agency for International Development (Indonesian AID) have signed a Memorandum of Understanding (MoU) that provides the basis for enhanced collaboration in key development areas such as climate action, food security, renewable energy, health and technical capacity building.

    The OPEC Fund and Indonesian AID will join forces on project co-financing as well as the identification and preparation of infrastructure, health and sustainable development projects, particularly in least developed countries and Small Island Developing States.

    The MoU was signed in Jakarta by OPEC Fund Vice President of Strategy Musab Alomar, on behalf of OPEC Fund President Abdulhamid Alkhalifa, and Indonesian AID Chief Executive Officer Tormarbulang Lumbantobing.

    OPEC Fund President Abdulhamid Alkhalifa said: “Indonesia is a founding member of the OPEC Fund and a dedicated supporter of the 2030 Agenda for Sustainable Development. Strengthening ties with OPEC Fund member country development agencies enhances our ability to deliver impactful solutions in food security, renewable energy and health in partner countries. Through our shared goals and collaboration we will increase impact and improve livelihoods, while driving progress toward the delivery of the Sustainable Development Goals.”

    Indonesian AID Chief Executive Officer, Tormarbulang Lumbantobing said: “As a newly developing organization, we are very pleased to collaborate with the OPEC Fund. We can learn a lot from the best practices of the OPEC Fund, especially in terms of project management. Collaboration in certain projects with the OPEC Fund will also further enhance the role of Indonesia AID in development in OPEC Fund partner countries.”

    The partnership builds on the OPEC Fund’s commitment to international cooperation and Indonesian AID’s dedication to global development.

    About the OPEC Fund

    The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$29 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.

    About Indonesian AID

    The Indonesian Agency for International Development (Indonesian AID) is committed to strengthening global alliances and delivering impactful development programs that address critical challenges and promote sustainable solutions. As an institution dedicated to international cooperation, Indonesian AID plays a crucial role in advancing the Sustainable Development Goals (SDGs).

    MIL OSI – Submitted News –

    February 21, 2025
  • MIL-OSI Submissions: Africa – Arab Fund and United Nations Economic and Social Commission for Western Asia (UN-ESCWA) Join Forces to Upgrade Data Portal for Sustainable Development in the Arab Region

    SOURCE: Islamic Development Bank Group (IsDB Group)

    The three-year partnership will include hands-on workshops, the creation of knowledge sharing resources, and the development of innovative strategies to improve development indicators

    KUWAIT CITY, Kuwait, February 20, 2025/ — The Arab Fund for Economic and Social Development and the United Nations Economic and Social Commission for Western Asia (UN-ESCWA) signed a Memorandum of Understanding (MoU) to enhance the Arab Development Portal (https://apo-opa.co/4h645gR), a key online data resource for Arab countries. This collaboration aims to speed up Arab countries’ progress towards achieving the Sustainable Development Goals (SDGs).

    The portal is a regional knowledge and data platform providing access to reliable development data from various credible sources. The upgraded version will include tools powered by artificial intelligence tools, user-friendly dashboards and predictive analytics, offering valuable insights into economic trends, global benchmarks, and SDG indicators.

    “This collaboration with the Arab Fund, representing ACG institutions, marks a pivotal step in strengthening data-driven, evidence-based decision-making across the Arab region. By enhancing data dissemination and accessibility, we empower policymakers and researchers with the insights needed to address critical challenges in economic development, public health, unemployment, climate resilience, and other key areas aligned with the Sustainable Development Goals,” said Rola Dashti, Under-Secretary-General and Executive Secretary of UN-ESCWA.

    The Arab Development Portal (https://apo-opa.co/4h645gR) was established by the Arab Coordination Group (ACG) (https://apo-opa.co/41ouIJ4), an alliance of 10 Arab development institutions including the Arab Fund.

    “Partnership is at the core of our new strategy to maximize our impact on social and economic development across member countries,” said Bader Alsaad, Arab Fund’s Director General and Chairman of the Board of Directors. “Together with UN-ESCWA we will use our expertise and resources to create a data-driven approach that helps policymakers make informed decisions.”

    The three-year partnership will include hands-on workshops, the creation of knowledge sharing resources, and the development of innovative strategies to improve development indicators. It will also strengthen connection between the portal and its sources and will offer specialized training on AI tools to boost skills in data management and analysis.

    MIL OSI – Submitted News –

    February 21, 2025
  • MIL-OSI New Zealand: Speech to Committee for Auckland

    Source: New Zealand Government

    Good afternoon. Can I acknowledge Ngāti Whātua for their warm welcome, Simpson Grierson for hosting us here today, and of course the Committee for Auckland for putting on today’s event.
    I suspect some of you are sitting there wondering what a boy from the Hutt would know about Auckland, our largest city.
    Well, let me reassure you that I know and love this city. I lived here for two years, many of my friends live here, and I am here almost every week.
    Auckland is critical to New Zealand’s future and today I want to talk about how we create that future, with central government working alongside the Auckland Council and Auckland communities.
    Growth 
    Let me start with the economic picture.
    We are in challenging economic times. The government came to office with New Zealand in the midst of a prolonged cost of living crisis, with high inflation, high interest rates, and after years of profligate debt-fuelled government spending.
    Turning that around is not going to be easy and it is not going to happen immediately.
    We have made good progress. Budget 2024 started the repair job. Business and consumer confidence is returning. The OCR was cut by another 50 basis points on Wednesday, meaning mortgage rate relief for households. The latest Federated Farmers Farm Confidence Survey shows confidence surging by 68 points since July 2024 – the largest one-off improvement in sentiment since the question was introduced.
    But there is a lot to do, and we need to be honest with ourselves. We have been slipping for years. 
    Our challenge as a country isn’t just about the last few years, or even the last decade.
    We have low productivity growth, low capital intensity in our firms, low levels of competition in many sectors, challenges in attracting and retaining skills and talent, low uptake of innovation, unaffordable housing and a growing tail of New Zealanders leaving school without basic skills. 
    But stagnation and mediocrity is not our destiny.
    Not if we make the right choices and not if we have courage.
    Going for economic growth means saying “yes” to things when we’ve said “no” in the past.
    It means taking on some tough political debates that we’ve previously shied away from. I’m going to talk about one today.
    It means bold decisions which may look difficult at the time but which in hindsight will be regarded incontrovertibly as the right thing to do.
    Managed decline is only inevitable if we let it be.
    Auckland Growth 
    So today I want to talk to you about Auckland and how important it is to our plans.
    Auckland is New Zealand’s capital city of growth. It is home to one third of New Zealand’s population and contributes nearly 40% to our national GDP. It has higher labour productivity than the rest of New Zealand, and is home to some of New Zealand’s most exciting growth-industries, with 116 of our country’s top 200 tech firms calling Auckland home. 
    We are not going to be successful in growing our economy if we don’t think carefully about how we enable Auckland, as our largest and most important city, to thrive. 
    I have the enormous privilege of being the Minister of Housing, Infrastructure, RMA Reform and now Transport.
    I am determined to help build an Auckland that is a world-class, international city.
    I make no apologies for being an urbanist. Well-functioning urban environments with abundant housing, transport that gets people where they need to go quickly and efficiently, and functional infrastructure, will do more to create a brighter future for Kiwis than just about anything else government can do. 
    Next year is shaping up as an exciting one. The first trains will run on the City Rail Link and the NZ International Convention Centre will finally open its doors.
    The government is investing heavily into transport in Auckland, through new Roads of National Significance, new busways, and commuter rail.
    These investments build on the significant progress made in recent years, particularly by National-led governments – think of Waterview, the Victoria Park Tunnel, and the starting of the City Rail Link.
    A couple of weeks ago it was my pleasure to mark the start of the extension of the Auckland commuter network to Pukekohe, with the completion of the electrification of the line from Papakura to Pukekohe.
    Later this year the Third Main line rail project will conclude, helping ease congestion and enabling faster train journeys. 
    The growth of the Auckland commuter rail network since the early 2000s has been remarkable and the government is keen to encourage that growth.
    Because the reality is that congestion is choking Auckland.
    The average Auckland commuter spends over 5 days in traffic each year. In fact, in 2024 the Auckland metro area had the highest congestion levels in Oceania. This means Auckland is less productive, less accessible, and less liveable that it should be. 
    Congestion stifles economic growth in Auckland, with studies showing that it costs between $900 million to $1.3 billion per year.
    Congestion is essentially a tax on time, productivity, and growth. And like most taxes, I’m keen to reduce it.
    The government will be progressing legislation this year to allow the introduction of Time of Use pricing on our roads.
    We will send that Bill off to a select committee before the end of March and the public will be able to have their say on it.
    There has been study after study into time of use pricing in New Zealand. It’s time to get on with it.
    The framework we have agreed to will enable local councils to propose time of use schemes on their networks.
    All schemes will be focused on increasing productivity and improving the efficiency of traffic flow in cities. Local councils will propose schemes in their region, with NZTA leading the design of the schemes in partnership with councils to provide strong oversight and to ensure motorists benefit from these schemes. 
    All schemes will require approval from the Government.
    Any money collected through time of use charging will be required to be invested back into transport infrastructure that benefits Kiwis and businesses living and working in the region where the money was raised. Councils will not be able to spend this money on other priorities.
    The Government will prioritise working with Auckland Council on designing a Time of Use pricing scheme that increases productivity and reduces congestion.
    Modelling has shown that successful congestion charging could reduce congestion by up to 8 to 12 percent at peak times, improving travel times and efficiency significantly.
    Auckland Housing 
    That brings me to housing. 
    One of the things I’ve been trying to emphasise since I became a Minister is that housing has a critical role to play in addressing our economic woes.
    There is now a mountain of economic evidence that cities are unparalleled engines of productivity, and the evidence shows bigger is better.
    New Zealand can raise our productivity simply by allowing our towns and cities to grow up and out. We need bigger cities and, to facilitate that, we need more houses. As our biggest city, Auckland has to be a leader in this mission.
    As Housing Minister I am focused on getting the fundamentals of the housing market sorted. 
    The Government’s Going for Housing Growth agenda involves freeing up land for development and removing unnecessary planning barriers, improving infrastructure funding and financing, and providing incentives for communities and councils to support growth.
    Report after report and inquiry after inquiry has found that our planning system, particularly restrictions on the supply of urban land, are at the heart of our housing affordability challenge.
    We are not a small country by land mass, but our planning system has made it difficult for our cities to grow. As a result, we have excessively high land prices driven by market expectations of an ongoing shortage of developable urban land to meet demand. 
    Last year Cabinet agreed to a number of specific actions it would take to free up land for development, which we’ve called Pillar One of our Going for Housing Growth Plan.
    These include new housing growth targets for the country’s largest councils, new rules to make it easier for cities to expand outwards at the urban fringe, such as the abolishment of the rural-urban boundary in Auckland, a strengthening of the intensification provisions in the National Policy Statement on Urban Development including requiring more mixed-use zoning, the abolishment of minimum floor areas and balcony requirements, and making the MDRS optional for councils. 
    These changes build on the existing Auckland Unitary Plan, which evidence shows has made a real difference in Auckland. 
    It also builds on the National Policy Statement on Urban Development brought in by the last government, which we support.
    I am focusing on the fundamentals because ultimately that is what drives price.
    Very soon I will announce Cabinet decisions around better infrastructure funding and financing tools, so growth can be properly funded.
    And I’ll also soon announce decisions on how we will replace the Resource Management Act, the giant millstone on the neck of the New Zealand economy. 
    City Rail Link 
    Speaking of infrastructure, let’s talk about the City Rail Link.
    Without a doubt, the most transformative and ambitious project in recent memory in Auckland is the City Rail Link. 
    Under the feet of Auckland for the better part of a decade has been the most ambitious, and one of the most expensive, projects in the city’s history. Thousands of workers building 3.5 kms of tunnel to bring Auckland’s transportation system into the 21st century.
    When I was made Transport Minister by the Prime Minister earlier this year, I said to my team that I wanted my first visit to be to see City Rail Link. To me, this project epitomises the opportunities in New Zealand’s transport future.    
    Once open next year, CRL will double Auckland’s rail capacity and reduce congestion across the city, enabling Aucklanders to get to where they want to go faster.
    This will be huge for the city. The privilege of not having to worry about missing a train because another one is only minutes away is something, up until now, Aucklanders have only been able to experience in cities like London or Tokyo. But now it’s almost Auckland’s turn.
    I’ve been down to the new stations. Aucklanders are going to be blown away. My prediction is that people will say what they always do once a big new project eventually finishes: why didn’t we do this decades ago?
    It is critical for the city’s future that we take advantage of CRL and ensure that the maximum benefits are felt by Aucklanders. That’s why today I am pleased to announce a number of steps the Government is taking to fully harness the true benefits of City Rail Link.
    Level Crossings
    The first step is removing level crossings. 
    CRL will only achieve its true potential capacity by the removal of level crossings – locations where roads and rail tracks intersect.
    Frankly, every motorist under the sun hates them, me included. They require the direct trading-off between road-user efficiency and rail-user efficiency. 
    Separating our train and roading systems by grade-separating level crossings greatly reduces traffic delays for motorists, while at the same time enables more frequent and reliable trains. It means that, in future, we can run many more trains on the Auckland network, without having to worry about disrupting the road network.
    Crucially, it will also make our railways safer. In the decade between 2013 and 2023, Auckland saw almost 70 crashes – some of these serious, as well as more than 250 pedestrian near-misses and 100 vehicle near misses at level crossings across the city. That’s almost one incident a week. 
    Investment in Auckland’s level crossings delivers a faster, safer, and more reliable transport system. It’s a win, win, win.
    Sorting level crossings in Auckland will take many years and cost a lot – but it is imperative we crack on with the job of doing the most important ones first.
    I am announcing today that, subject to final approval by the NZTA board, the Government will be allocating funding for its share of the cost of accelerating the grade-separation of 7 level crossings in Takāanini and Glen Innes. 
    The work will involve building three new grade-separated road bridges at Manuia Road, Taka Street, and Walters Road; constructing new station access bridges at Glen Innes, Te Mahia and Takāanini Stations, and closing two unsafe crossings at Spartan Road and Manuroa Road.
    Auckland Council has previously indicated that it is willing to fund its share of the cost, so this announcement will provide Aucklanders with confidence that the work will go ahead.
    Removing these level crossings now also enables us to take advantage of already planned network closures and will hopefully avoid the need for disruptions to the rail network in the future to make these much-needed changes.
    We are committed to the most efficient transport system in Auckland for everyone – no matter how you get around. For us, it’s never only about trains, or only about cars, or only about buses, or only about bikes. It must be all of the above – which is exactly why we are prioritising the removal of these level crossings 
    Transit oriented development
    As I’ve said, there are a number of actions being taken across the Auckland Rail network with a focus on transforming connectivity throughout the city. City Rail Link is just one part of it.
    This ambitious programme of work will open up job opportunities, new investment opportunities, and new places to live and work.
    It should also, in theory, result in a significant increase in development density in and around Auckland’s railway stations, especially those benefiting from City Rail Link.
    We have to ask ourselves: are we doing all we can to fully take advantage of this multi-billion-dollar transport investment? 
    I believe that in order to properly unlock economic growth in Auckland, we must embrace the concept of transit-oriented development adopted by the world’s best and most liveable cities.
    This approach promotes compact, mixed-use, pedestrian friendly cities, with development clustered around, and integrated with, mass transit. The idea is to have as many jobs, houses, services and amenities as possible around public transport stations. 
    This is not an untested theory: transit-oriented development has been adopted across the world in cities like Stockholm, Copenhagen, Hong Kong, Tokyo, and Singapore.
    Cities that embrace this approach consistently outperform those that don’t across multiple metrics: they experience increases in productivity, lower unemployment, higher population growth, increased availability of homes, and more stable rents.
    A floor filled with smart people working next to each other, in a building filled with floors of smart people working next to each other, unsurprisingly, enables greater economic opportunities for productive growth. Proximity encourages collaboration and innovation.
    Transit-oriented development creates exactly these kinds of possible agglomeration effects – for example, it has been shown that doubling job density increases productivity by 5 – 10%. 
    The evidence speaks for itself. 
    Let’s look at Stockholm, where development has generally followed the city’s main public transport corridors. There, the gross value added per capita grew 41% between 1993 and 2010. In fact, both Stockholm and Copenhagen rank as among the world’s top cities in terms of per capita GDP.  
    Across the ditch in Sydney, they have just opened their brand-new Sydney Metro development, which has been widely recognised for its successful integration of high-density housing and mixed-use developments. This project is expected to contribute around AUD $5 billion annually to the New South Wales economy.
    To answer the question: are we doing all we can to fully take advantage of City Rail Link? The answer is clearly no.
    So, today I am announcing that the Government will be kicking off a work programme to properly take advantage of the opportunities that transit-oriented development could have on Auckland, and what actions we can take in the short-term to better enable development clusters around City Rail Link stations.
    Right now, Auckland Council is only required to zone 6 stories around rapid transit stops. We are going to need to go much, much higher than that around the CRL stations if we truly want to feel the benefits of transit-oriented development.  
    My aspiration is that in 10-20 years’ time, we have 10-20 storey apartment blocks dotting the rail line as far west as Swanson and Ranui. But for right now, we need to look at how to increase development opportunities around the inner core of stations.
    Take Kingsland, for example.
    Once CRL open Kingslanders will have a 20 minute travel time saving to Aotea station from the project. But Kingsland’s population actually declined by 4.7% between 2019 and 2023; and while Auckland averaged 15,375 annual new builds over the last 5 years, Kingsland built just 22.
    Compare that to Paramatta in Sydney. It too benefits by circa 20 minute time savings from the Sydney Metro project and has upzoned from a few stories to more than 60 in some cases.
    Kingsland is still predominantly made up of single story dwelling zones.
    How about if our aim is to make the special character of suburbs be that they are thriving, liveable, affordable communities with access to regular and reliable public transport?
    For many families, the dream of home ownership looks a little different today. Many young families are now choosing to swap the station wagon for the train station, and the corner dairy for the cafe.
    There will always be a place in New Zealand for the quarter-acre section and the large family home. But we have to be honest with ourselves: that place isn’t within a stones-throw of a transformational piece of transport infrastructure with the ability to shuttle tens of thousands of passengers each day. 
    We must allow Kiwis to make the choice that’s best for them. Permitting more development close to train stations and rapid bus routes supports those who want to live nearer to their work and their friends, just like the significant investment the Government is making in new highways and roads support those who want to live in our world-class towns and suburbs. 
    Change is inevitable. My job as a Minister it to make sure that change is shaped by the lives Kiwis want to live and the homes they want to live in.
    Viewshafts 
    One barrier to proper high-density in Auckland, including around City Rail Link stations, is undoubtedly the current settings of the 73 viewshafts that have restricted the height of the city since the early 1970s. 
    In 2016, the Independent Hearing Panel for the Auckland Unitary Plan recommended further work on the viewshafts, including refining them to improve their efficiency and reduce opportunity costs. In the almost-decade since, this work has not been progressed.
    Some of these viewshafts don’t make a lot of sense. The Unitary Plan protects the view from the tolling booths on the North Shore, so that those people sitting in their cars getting ready to pay their toll for the Harbour Bridge have a nice view of Mt Eden. Of course there hasn’t been tolling booths on the North Shore since the mid-1980s. 
    Forty years later, we are still protecting a view that would be considered dangerous-driving to admire. A study done in 2018, looking at this one view shaft – the E10 – showed that its cost was roughly $1.4 billion in lost development opportunities. This is just the impact of one of the 73 viewshafts. 
    It is worth stressing that the cost is almost certainly much greater than $1.4 billion. It only includes costs to the city centre, and about half the land under E10 falls outside the city centre. So add that on.
    It doesn’t look at the positive externalities of intensification, such as agglomeration and other wider economic benefits. So add that on too.
    It doesn’t look at public land, just private. Add that on. 
    And it’s based on 2014 land values.
    And this is just one viewshaft.
    I hope you’ll agree with me that the cost is immense.
    Aucklanders and local mana whenua have always had a special relationship with the Māunga and Volcanic cones that their city is nestled between. It is right that we acknowledge and protect this special relationship. 
    But even just minor tweaks to existing viewshafts could materially lift development opportunities. The 2018 study showed that rotating the E10 viewshaft just 4.5 degrees to the left maintains the view of Mt Eden for a similar amount of time, whilst saving the city 43% of the lost development opportunity cost.
    Today I can tell you that Mayor Brown and I have had discussions on this issue, and he said he is open to a fresh look at Auckland’s viewshaft settings in its Unitary Plan. We agree that the time is right to start the conversation. This is particularly relevant where the viewshafts impact the CBD and major transit corridors.
    We are committed to trying to find a way though – alongside mana whenua – to get the balance right between economic growth, and the special role these Māunga play in the unique identity of Auckland. 
    We are not proposing to remove these viewshafts. Rather, we are recognising that as the city changes, and there will be areas where the viewshafts should change with it.
    The tollgate viewshaft example above proves that it is possible to eat our cake and have it too. We can both preserve views and enable more development. That is the kind of change that a dynamic city requires to be the best for all its people.
    Conclusion
    Auckland has a bright future. 
    You have the country’s premier convention centre opening early next year. 
    You have City Rail Link opening later next year. 
    You have what are essentially new cities being built to your west, and to your south.
    New roads are opening.
    Congestion pricing is on the way.
    And more housing is being built. 
    Whenever I come here, I get a palpable sense of opportunity knocking.
    This city isn’t waiting: it’s getting on with the mission of growth. 
    It is bursting at the seams with opportunities – now, it is the responsibility of all of us to help make it happen. 
    Thank you.

    MIL OSI New Zealand News –

    February 21, 2025
  • MIL-OSI Economics: Thailand: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Thailand

    Source: International Monetary Fund

    Summary

    Thailand’s cyclical recovery is underway, though it has yet to become broad-based. Growth is projected to accelerate moderately, reaching 2.7 percent in 2024 and 2.9 percent in 2025, supported by the rebound of tourism-related activities and fiscal stimulus. The slow recovery, weaker than in ASEAN peers, is rooted in Thailand’s longstanding structural weaknesses and emerging headwinds that also contribute to a muted inflation trajectory. Significant uncertainty in the external environment and downside risks cloud the outlook.

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI Economics: IMF Executive Board Concludes 2024 Article IV Consultation with Thailand

    Source: International Monetary Fund

    February 20, 2025

    Washington, DC: On February 11, The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Thailand and endorsed the staff appraisal without a meeting on a lapse-of-time basis.

    Thailand’s economy is gradually recovering, but at a slower pace than peers. Economic activity expanded modestly by 1.9 percent in 2023 and 2.3 percent in the first three quarters of 2024, driven by private consumption growth and a rebound in tourism. Inflation remained subdued, averaging 0.4 percent (y/y) annually in 2024, well below the Bank of Thailand’s target range of 1 to 3 percent. External factors such as the decline in global energy and food prices, lower import prices have played a role, but domestic factors such as energy subsidies, price controls, and the unwinding of pandemic-related fiscal support have also contributed to the lower inflation. The current account balance strengthened to 1.4 percent of GDP in 2023, from -3.5 percent of GDP in 2022, and continues to register a moderate surplus as of November 2024, supported by the continued recovery in tourism and higher exports.

    A gradual cyclical recovery is expected to continue. Real GDP is projected to grow by 2.7 percent in 2024 and to increase to 2.9 percent in 2025. This is underpinned by the expansionary fiscal stance envisaged under the 2025 budget, which includes additional cash transfers of 1.0 percent of GDP and a rebound in public investment. Tourism-related sectors are expected to continue to support growth, as well as private consumption that will be further boosted by the authorities’ cash transfers. As growth continues to firm up, inflation is expected to pick up but remain in the bottom half of the target range in 2025. The current account balance is expected to improve further in 2024 and 2025, driven by the ongoing recovery in tourist arrivals.

    Risks to Thailand’s economic outlook are tilted to the downside. On the external front, an escalation of global trade tensions or deepening geoeconomic fragmentation could disrupt Thailand’s export recovery and dampen FDI inflows, while increased commodity price volatility could affect growth and lead to inflation spikes, and potentially tighter-for-longer global financial conditions. The intensification of regional conflicts could disrupt trade and travel flows while more frequent extreme climate events would adversely impact growth prospects. On the domestic front, the private sector debt overhang could impair financial institutions’ balance sheets and further decrease credit supply, negatively affecting growth. Renewed political uncertainty could hinder policy implementation and undermine confidence.

    Executive Board Assessment[2]

    In concluding the 2024 Article IV consultation with Thailand, Executive Directors endorsed the staff’s appraisal, as follows:

    Thailand’s economic recovery is ongoing, but it has been relatively slow and uneven. Economic activity expanded modestly in 2024, driven by private consumption and a rebound in tourism-related activities, while delayed budget implementation slowed the pace of public investment. The slow recovery, compared to ASEAN peers, is also rooted in Thailand’s longstanding structural weaknesses, while emerging external and domestic headwinds have also contributed to subdued inflation. The outlook remains highly uncertain with significant downside risks.

    As economic slack narrows, the focus should shift to rebuilding fiscal space. A less expansionary fiscal stance than envisaged under the FY25 budget would still provide impulse to support the recovery while helping to preserve policy space. Alternatively, reallocating part of the planned cash transfers toward productivity-enhancing investments or social protection would enable stronger inclusive growth and help reduce the public debt-to-GDP ratio. Starting in FY26, a revenue-based medium-term fiscal consolidation is needed to bring down public debt and rebuild buffers.

    Thailand’s fiscal framework can be further strengthened. This would require strengthening fiscal rules to better support the debt anchor by introducing a risk-based rules approach. Costs associated with quasi-fiscal operations such as energy price caps should be adequately accounted for, and fiscal risks closely monitored. Improving data provision for government finance statistics and SOEs is important.

    Staff welcomes the BOT’s decision to cut the policy rate in October and recommends a further reduction in the policy rate to support inflation and also translate into improvements in borrowers’ debt-servicing capacity with limited risk of additional leverage amid tight lending. Given remaining high uncertainty in the outlook, the authorities should stand ready to adjust their monetary policy stance in a data and outlook-dependent manner. Central bank independence with clear communication of policy moves is key to maintaining the credibility and effectiveness of monetary policy in anchoring inflation expectations.

    Effective coordination across policy tools, underpinned by adequate buffers, is essential for managing adverse scenarios. While the flexible exchange rate should continue to act as a shock absorber, the complementary use of FXI might alleviate policy trade-offs by smoothing destabilizing premia when large non-fundamental shocks render the FX market dysfunctional. Further liberalization of the FX ecosystem and phasing out of remaining capital flow management measures would help deepen the FX market and limit the need for FXI over time.

    A comprehensive package of prudential and legal measures needs to be deployed to facilitate an orderly private deleveraging. Staff welcomes the measures already implemented to address both the existing household debt stock and the buildup of new leverage. However, simultaneous and forceful implementation of personal debt workouts via more effective bankruptcy proceedings is essential to lower the existing household debt stock.

    The external position in 2024 was moderately stronger than warranted by fundamentals and desirable policy settings. Policies aimed at promoting investment, enhancing social safety nets, liberalizing the services sector, and minimizing tax incentives and subsidies that distort competition would facilitate external rebalancing.

    Resolute structural reforms are needed to boost productivity and competitiveness. Reform priorities include facilitating competition and openness, upgrading physical and ICT infrastructure, upskilling/reskilling the labor force, increasing export sophistication by leveraging digitalization, and strengthening governance. Providing an adequate social protection floor to vulnerable households could help enhance their resilience to shocks and address structural drivers of household debt accumulation.

    Table 1. Thailand: Selected Economic Indicators, 2019–30

    Per capita GDP (2023): US$7,338

    Exchange Rate (2023): 34.8 Baht/USD

    Unemployment rate (2023): 1 percent

    Poverty headcount ratio at national poverty line (2021): 6.3 percent

    Net FDI (2023): US$ -7.16 billion

    Population (2023): 70.18 million

                       

    Actual

    Projections

    2019

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    Real GDP growth (y/y percent change) 1/

    2.1

    -6.1

    1.6

    2.5

    1.9

    2.7

    2.9

    2.6

    2.7

    2.7

    2.7

    2.7

    Consumption

    3.4

    -0.3

    1.3

    4.8

    4.6

    4.3

    4.0

    2.9

    2.1

    2.3

    2.6

    2.6

    Gross fixed investment

    2.0

    -4.8

    3.1

    2.3

    1.2

    0.1

    4.1

    2.1

    1.8

    2.3

    2.4

    2.5

    Inflation (y/y percent change)

                           

    Headline CPI (end of period)

    0.9

    -0.3

    2.2

    5.9

    -0.8

    1.2

    1.3

    1.5

    1.5

    1.7

    1.7

    1.8

    Headline CPI (period average)

    0.7

    -0.8

    1.2

    6.1

    1.2

    0.4

    1.0

    1.3

    1.5

    1.6

    1.7

    1.8

    Core CPI (end of period)

    0.5

    0.2

    0.3

    3.2

    0.6

    0.8

    1.3

    1.0

    1.2

    1.4

    1.4

    1.6

    Core CPI (period average)

    0.5

    0.3

    0.2

    2.5

    1.3

    0.6

    1.1

    1.2

    1.1

    1.3

    1.4

    1.5

    Saving and investment (percent of GDP)

                           

    Gross domestic investment

    23.8

    23.8

    28.6

    27.8

    22.5

    20.8

    21.9

    22.2

    22.0

    21.8

    21.8

    21.6

    Private

    16.9

    16.8

    16.9

    17.3

    17.3

    16.7

    16.6

    16.4

    16.3

    16.1

    16.1

    16.0

    Public

    5.7

    6.4

    6.5

    6.1

    5.6

    5.6

    5.9

    5.8

    5.7

    5.7

    5.7

    5.7

    Change in stocks

    1.2

    0.5

    5.1

    4.5

    -0.4

    -1.5

    -0.6

    0.0

    0.0

    0.0

    0.0

    0.0

    Gross national saving

    30.8

    27.9

    26.5

    24.4

    24.0

    22.6

    24.0

    24.5

    24.4

    24.4

    24.5

    24.4

    Private, including statistical discrepancy

    25.8

    26.2

    26.8

    22.6

    21.0

    19.8

    21.8

    21.9

    21.7

    21.7

    21.8

    21.6

    Public

    5.0

    1.8

    -0.3

    1.7

    3.0

    2.8

    2.2

    2.5

    2.7

    2.7

    2.7

    2.8

    Foreign saving

    -7.0

    -4.2

    2.1

    3.5

    -1.4

    -1.8

    -2.2

    -2.3

    -2.4

    -2.6

    -2.7

    -2.8

    Fiscal accounts (percent of GDP) 2/

                           

    General government balance 3/

    0.4

    -4.5

    -6.7

    -4.5

    -2.0

    -2.2

    -3.6

    -3.2

    -2.9

    -2.8

    -2.8

    -2.8

      SOEs balance

    0.4

    0.6

    -0.3

    -0.6

    -0.7

    -0.1

    -0.2

    -0.1

    -0.1

    -0.1

    -0.1

    0.0

    Public sector balance 4/

    0.8

    -3.9

    -7.1

    -5.1

    -2.7

    -2.3

    -3.8

    -3.3

    -3.0

    -2.9

    -2.9

    -2.8

    Public sector debt (end of period) 4/

    41.1

    49.4

    58.3

    60.5

    62.4

    63.3

    64.7

    65.4

    66.0

    66.1

    66.4

    66.4

    Monetary accounts (end of period, y/y percent change)

               

    Broad money growth

    3.6

    10.2

    4.8

    3.9

    1.9

    2.3

    3.7

    3.5

    3.2

    3.8

    3.2

    3.7

    Narrow money growth

    5.7

    14.2

    14.0

    3.1

    4.2

    5.9

    3.2

    4.7

    4.2

    5.1

    4.3

    4.9

    Credit to the private sector (by other depository corporations)

    2.4

    4.5

    4.5

    2.5

    1.5

    0.1

    1.0

    1.6

    1.8

    2.1

    2.3

    2.5

    Balance of payments (billions of U.S. dollars)

                           

    Current account balance

    38.3

    20.9

    -10.7

    -17.2

    7.4

    9.5

    11.9

    13.2

    14.6

    16.5

    18.2

    19.4

    (In percent of GDP)

    7.0

    4.2

    -2.1

    -3.5

    1.4

    1.8

    2.2

    2.3

    2.4

    2.6

    2.7

    2.8

    Exports of goods, f.o.b.

    242.7

    227.0

    270.6

    285.2

    280.7

    293.6

    301.8

    312.5

    327.2

    343.1

    359.0

    375.5

    Growth rate (dollar terms)

    -3.3

    -6.5

    19.2

    5.4

    -1.5

    4.6

    2.8

    3.6

    4.7

    4.9

    4.6

    4.6

            Growth rate (volume terms)

    -3.7

    -5.8

    15.4

    1.2

    -2.7

    2.1

    1.9

    2.7

    3.5

    3.6

    3.2

    3.2

    Imports of goods, f.o.b.

    216.0

    186.6

    238.6

    271.6

    261.4

    274.9

    284.6

    295.1

    309.1

    324.1

    339.1

    354.9

    Growth rate (dollar terms)

    -5.6

    -13.6

    27.9

    13.8

    -3.8

    5.2

    3.5

    3.7

    4.7

    4.9

    4.6

    4.7

            Growth rate (volume terms)

    -5.8

    -10.4

    18.0

    1.0

    -4.1

    3.7

    3.5

    3.3

    3.4

    3.3

    3.3

    3.3

    Capital and financial account balance 5/

    -24.7

    -2.6

    3.6

    6.9

    -4.9

    -9.5

    -11.9

    -13.2

    -14.6

    -16.5

    -18.2

    -19.4

    Overall balance

    13.6

    18.4

    -7.1

    -10.2

    2.6

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Gross official reserves (including net forward position, end of period) (billions of U.S. dollars)

    259.0

    286.5

    279.2

    245.8

    254.6

    262.5

    262.5

    262.5

    262.5

    262.5

    262.5

    262.5

    (Months of following year’s imports)

    16.7

    14.4

    12.3

    11.3

    11.1

    11.1

    10.7

    10.2

    9.7

    9.3

    8.9

    8.5

    (Percent of short-term debt) 6/

    338.0

    315.3

    291.2

    236.3

    242.7

    239.6

    231.7

    222.5

    213.7

    206.2

    199.6

    252.3

    (Percent of ARA metric)

    252.5

    278.3

    263.3

    222.3

    233.2

    231.8

    226.4

    219.2

    212.3

    205.4

    199.3

    200.0

    Exchange rate (baht/U.S. dollar)

    31.0

    31.3

    32.0

    35.1

    34.8

    35.3

    …

    …

    …

    …

    …

    …

    NEER appreciation (annual average)

    7.2

    -0.3

    -4.5

    -1.8

    3.9

    …

    …

    …

    …

    …

    …

    …

    REER appreciation (annual average)

    5.8

    -2.6

    -5.7

    -1.1

    1.2

    …

    …

    …

    …

    …

    …

    …

    External debt

                           

    (In percent of GDP)

    31.7

    38.0

    38.9

    40.6

    38.2

    38.4

    38.5

    38.6

    38.7

    38.7

    38.8

    38.8

    (In billions of U.S. dollars)

    172.7

    190.1

    196.9

    201.4

    196.5

    202.4

    213.1

    223.8

    233.8

    245.9

    257.0

    270.0

    Public sector 7/

    38.0

    37.2

    41.5

    41.2

    35.8

    38.4

    40.8

    43.3

    45.6

    48.1

    50.8

    53.7

    Private sector

    134.0

    152.9

    155.4

    160.3

    160.7

    164.5

    172.9

    181.1

    188.8

    198.3

    206.8

    217.0

    Medium- and long-term

    74.6

    79.4

    82.3

    82.3

    80.3

    80.7

    86.5

    91.1

    95.3

    101.5

    107.1

    114.0

    Short-term (including portfolio flows)

    59.4

    73.5

    73.1

    78.0

    80.4

    83.8

    86.4

    90.0

    93.5

    96.8

    99.7

    103.0

    Debt service ratio 8/

    7.8

    7.5

    6.3

    7.3

    7.9

    7.8

    7.8

    7.3

    8.3

    9.3

    10.3

    10.3

    Memorandum items:

                           

    Nominal GDP (billions of baht)

    16889.2

    15661.3

    16188.6

    17378.0

    17922.0

    18603.0

    19371.2

    20282.2

    21143.0

    22211.7

    23164.5

    24307.8

    (In billions of U.S. dollars)

    544.0

    500.5

    506.3

    495.6

    515.0

    527.1

    553.9

    580.2

    604.8

    635.4

    662.7

    695.4

    Output Gap (in percent of potential output)

    0.2

    -4.2

    -4.1

    -2.0

    -1.5

    -0.7

    0.0

    0.1

    0.0

    0.0

    0.0

    0.0

    Sources: Thai authorities; CEIC Data Co. Ltd.; and IMF staff estimates and projections.

    1/ This series reflects the new GDP data based on the chain volume measure methodology, introduced by the Thai authorities in May 2015.

    2/ On a fiscal year basis. The fiscal year ends on September 30.

    3/ Includes budgetary central government, extrabudgetary funds, and local governments.

    4/ Includes general government and SOEs.

    5/ Includes errors and omissions.

    6/ With remaining maturity of one year or less.

    7/ Excludes debt of state enterprises.

    8/ Percent of exports of goods and services.

                                                             

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI China: China’s central bank to promote cross-border RMB use

    Source: People’s Republic of China – State Council News

    BEIJING, Feb. 20 — The People’s Bank of China (PBOC) will promote the use of renminbi (RMB) in cross-border payments, pricing, investment and financing, with an aim to facilitate international trade, investment and financing, according to a statement published Thursday.

    The central bank said it would develop the offshore RMB market, leverage the roles of currency swaps and RMB clearing banks, and pledged to accelerate the construction of Shanghai’s status as an international financial center and enhancing Hong Kong’s status as an international financial center.

    By the end of 2024, the RMB’s share in global payments ranked fourth, while its share in global trade financing stood at third, indicating a steady rise in the internationalization of the RMB, according to data released at a conference held by the central bank from Monday to Tuesday.

    In 2025, efforts will be made to expand the functions of the central bank in macro-prudential management and financial stability, improve the macro-prudential policy framework, and innovate relevant tools, the PBOC said during the meeting.

    The PBOC will also improve financial management in the real estate sector to help reverse the market downturn and stabilize the sector.

    MIL OSI China News –

    February 21, 2025
  • MIL-OSI USA: Senators Marshall, Cornyn, and GOP Colleagues Urge ATF to Rescind Biden’s Unconstitutional 2A Rules and Align with Trump Agenda

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall
    Washington, DC – U.S. Senators Roger Marshall, M.D. (R-Kansas), John Cornyn (R-Texas), and 28 of their Senate GOP colleagues today sent a letter to the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) Deputy Director Marvin Richardson, urging him to align the agency with President Donald Trump’s Second Amendment priorities laid out in his recent Executive Order. 
    They also called on Deputy Director Richardson to identify and rescind former President Joe Biden’s unlawful firearms regulations, including the “Engaged in the Business” rule, pistol brace rule, so-called “ghost gun” rule, and “zero tolerance” policy under which the ATF has revoked the licenses of federal firearm licensees (FFLs) over minor bookkeeping violations.
    The Senators wrote: “On Friday, February 7, 2025, President Donald J. Trump took decisive action to reaffirm law-abiding Americans’ Second Amendment rights in issuing his Executive Order, Protecting Second Amendment Rights.  We urge you to immediately align the ATF’s rules and policies with the President’s strong support for the Second Amendment.”
    “Under former President Joe Biden, the ATF adopted numerous policies and rules that infringed upon Americans’ Second Amendment protections. President Trump’s Executive Order directs Attorney General Pam Bondi to review and develop a plan of action regarding President Biden’s unlawful firearms regulations. We ask that you work with the Attorney General to quickly identify and rescind these policies.”
    Joining Senator Marshall, Senator Cornyn, and Senate Majority Leader John Thune (R-South Dakota) are Senators Thom Tillis (R-North Carolina), John Barrasso (R-Wyoming), Cindy Hyde-Smith (R-Mississippi), Shelley Moore Capito (R-West Virginia), Jim Justice (R-West Virginia), Jim Risch (R-Idaho), Cynthia Lummis (R-Wyoming), Steve Daines (R-Montana), Ted Cruz (R-Texas), Kevin Cramer (R-North Dakota), Mike Crapo (R-Idaho), James Lankford (R-Oklahoma), John Hoeven (R-North Dakota), Rick Scott (R-Florida), Lindsey Graham (R-South Carolina), Ted Budd (R-North Carolina), Bill Hagerty (R-Tennessee), Tim Sheehy (R-Montana), Pete Ricketts (R-Nebraska), Bill Cassidy (R-Louisiana), Joni Ernst (R-Iowa), Marsha Blackburn (R-Tennessee), Todd Young (R-Indiana), Markwayne Mullin (R-Oklahoma), Deb Fischer (R-Nebraska), Jim Banks (R-Indiana), and Jerry Moran (R-Kansas).
    The full text of the letter is available HERE.

    MIL OSI USA News –

    February 21, 2025
  • MIL-OSI Australia: NT Fire and Rescue Chief Officer announced

    Source: Northern Territory Police and Fire Services

    The Northern Territory Fire and Emergency Services (NTFES) is pleased to announce the permanent appointment of Mr Stephen Sewell AFSM as Chief Fire Officer (CFO).

    Following an extensive merit-based selection process, Mr Sewell, who has been acting in the CFO role for the past 12 months, has officially been appointed to the position.

    This appointment brings stability to the NT Fire and Rescue Service (NTFRS) and allows for the continued recruitment of Deputy Fire Officers, which is set to begin this month.

    Before stepping into the role of Chief Fire Officer, Mr Sewell served as the Deputy Chief Fire Officer for Territory Operations. He has been with the NTFRS since 2009 and has held an executive position since 2020.

    In addition to his extensive experience with NTFRS, Mr Sewell has served in various regiments of the Australian Army since 1989 and remains an active member of the Australian Army Reserve.

    He has been recognised for his service with several prestigious awards, including the Australian Fire Service Medal (AFSM), and medals for his deployments, such as the International Force East Timor Medal, the Afghanistan Medal, and the Iraq Medal.

    NTFES Commissioner, Andrew Warton congratulated Mr Sewell on his appointment, acknowledging his significant contributions over the past 16 years.

    “Stephen brings a wealth of strategic and leadership experience to this role, along with an unwavering commitment to protecting the lives, property, and environment of the Northern Territory,” said Commissioner Warton.

    “Over the past 16 years, Stephen has made significant contributions to our operations, firefighting preparedness, training and development, fire safety initiatives, recruitment, and community engagement.”

    In addition to his operational expertise, Mr Sewell holds qualifications in human resource management, public safety, training and assessment, and occupational health and safety.
     

    Quotes attributed to Mr Stephen Sewell AFSM:

    “It is a tremendous honour to be appointed permanently as Chief Fire Officer, and I am committed to ensuring that the NT Fire and Rescue Service continues to serve the community with the highest standards of professionalism, preparedness and safety.”

    “My focus will be on maintaining the safety of our communities, supporting our dedicated firefighters, and further strengthening our operational capabilities to respond to emergencies across the Territory.”

    “The role of Chief Fire Officer is both challenging and rewarding, and I am excited to continue the work of enhancing community resilience while working closely with all stakeholders to ensure a safer Northern Territory.”

    “I want to thank the dedicated men and women of NTFRS for their commitment and service. Together, we will continue to advance the agency’s mission to serve and protect.”

    With the recent formation of the NT Fire and Emergency Services, which merges the NT Fire and Rescue Service, NT Emergency Service, and Bushfires NT into a single agency, Mr Sewell’s leadership will be vital in further enhancing the agency’s ability to respond to emergencies while prioritising community resilience.

    Media contact
    Rickie Abraham

    MIL OSI News –

    February 21, 2025
  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Thailand

    Source: IMF – News in Russian

    February 20, 2025

    Washington, DC: On February 11, The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Thailand and endorsed the staff appraisal without a meeting on a lapse-of-time basis.

    Thailand’s economy is gradually recovering, but at a slower pace than peers. Economic activity expanded modestly by 1.9 percent in 2023 and 2.3 percent in the first three quarters of 2024, driven by private consumption growth and a rebound in tourism. Inflation remained subdued, averaging 0.4 percent (y/y) annually in 2024, well below the Bank of Thailand’s target range of 1 to 3 percent. External factors such as the decline in global energy and food prices, lower import prices have played a role, but domestic factors such as energy subsidies, price controls, and the unwinding of pandemic-related fiscal support have also contributed to the lower inflation. The current account balance strengthened to 1.4 percent of GDP in 2023, from -3.5 percent of GDP in 2022, and continues to register a moderate surplus as of November 2024, supported by the continued recovery in tourism and higher exports.

    A gradual cyclical recovery is expected to continue. Real GDP is projected to grow by 2.7 percent in 2024 and to increase to 2.9 percent in 2025. This is underpinned by the expansionary fiscal stance envisaged under the 2025 budget, which includes additional cash transfers of 1.0 percent of GDP and a rebound in public investment. Tourism-related sectors are expected to continue to support growth, as well as private consumption that will be further boosted by the authorities’ cash transfers. As growth continues to firm up, inflation is expected to pick up but remain in the bottom half of the target range in 2025. The current account balance is expected to improve further in 2024 and 2025, driven by the ongoing recovery in tourist arrivals.

    Risks to Thailand’s economic outlook are tilted to the downside. On the external front, an escalation of global trade tensions or deepening geoeconomic fragmentation could disrupt Thailand’s export recovery and dampen FDI inflows, while increased commodity price volatility could affect growth and lead to inflation spikes, and potentially tighter-for-longer global financial conditions. The intensification of regional conflicts could disrupt trade and travel flows while more frequent extreme climate events would adversely impact growth prospects. On the domestic front, the private sector debt overhang could impair financial institutions’ balance sheets and further decrease credit supply, negatively affecting growth. Renewed political uncertainty could hinder policy implementation and undermine confidence.

    Executive Board Assessment[2]

    In concluding the 2024 Article IV consultation with Thailand, Executive Directors endorsed the staff’s appraisal, as follows:

    Thailand’s economic recovery is ongoing, but it has been relatively slow and uneven. Economic activity expanded modestly in 2024, driven by private consumption and a rebound in tourism-related activities, while delayed budget implementation slowed the pace of public investment. The slow recovery, compared to ASEAN peers, is also rooted in Thailand’s longstanding structural weaknesses, while emerging external and domestic headwinds have also contributed to subdued inflation. The outlook remains highly uncertain with significant downside risks.

    As economic slack narrows, the focus should shift to rebuilding fiscal space. A less expansionary fiscal stance than envisaged under the FY25 budget would still provide impulse to support the recovery while helping to preserve policy space. Alternatively, reallocating part of the planned cash transfers toward productivity-enhancing investments or social protection would enable stronger inclusive growth and help reduce the public debt-to-GDP ratio. Starting in FY26, a revenue-based medium-term fiscal consolidation is needed to bring down public debt and rebuild buffers.

    Thailand’s fiscal framework can be further strengthened. This would require strengthening fiscal rules to better support the debt anchor by introducing a risk-based rules approach. Costs associated with quasi-fiscal operations such as energy price caps should be adequately accounted for, and fiscal risks closely monitored. Improving data provision for government finance statistics and SOEs is important.

    Staff welcomes the BOT’s decision to cut the policy rate in October and recommends a further reduction in the policy rate to support inflation and also translate into improvements in borrowers’ debt-servicing capacity with limited risk of additional leverage amid tight lending. Given remaining high uncertainty in the outlook, the authorities should stand ready to adjust their monetary policy stance in a data and outlook-dependent manner. Central bank independence with clear communication of policy moves is key to maintaining the credibility and effectiveness of monetary policy in anchoring inflation expectations.

    Effective coordination across policy tools, underpinned by adequate buffers, is essential for managing adverse scenarios. While the flexible exchange rate should continue to act as a shock absorber, the complementary use of FXI might alleviate policy trade-offs by smoothing destabilizing premia when large non-fundamental shocks render the FX market dysfunctional. Further liberalization of the FX ecosystem and phasing out of remaining capital flow management measures would help deepen the FX market and limit the need for FXI over time.

    A comprehensive package of prudential and legal measures needs to be deployed to facilitate an orderly private deleveraging. Staff welcomes the measures already implemented to address both the existing household debt stock and the buildup of new leverage. However, simultaneous and forceful implementation of personal debt workouts via more effective bankruptcy proceedings is essential to lower the existing household debt stock.

    The external position in 2024 was moderately stronger than warranted by fundamentals and desirable policy settings. Policies aimed at promoting investment, enhancing social safety nets, liberalizing the services sector, and minimizing tax incentives and subsidies that distort competition would facilitate external rebalancing.

    Resolute structural reforms are needed to boost productivity and competitiveness. Reform priorities include facilitating competition and openness, upgrading physical and ICT infrastructure, upskilling/reskilling the labor force, increasing export sophistication by leveraging digitalization, and strengthening governance. Providing an adequate social protection floor to vulnerable households could help enhance their resilience to shocks and address structural drivers of household debt accumulation.

    Table 1. Thailand: Selected Economic Indicators, 2019–30

    Per capita GDP (2023): US$7,338

    Exchange Rate (2023): 34.8 Baht/USD

    Unemployment rate (2023): 1 percent

    Poverty headcount ratio at national poverty line (2021): 6.3 percent

    Net FDI (2023): US$ -7.16 billion

    Population (2023): 70.18 million

                       

    Actual

    Projections

    2019

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    Real GDP growth (y/y percent change) 1/

    2.1

    -6.1

    1.6

    2.5

    1.9

    2.7

    2.9

    2.6

    2.7

    2.7

    2.7

    2.7

    Consumption

    3.4

    -0.3

    1.3

    4.8

    4.6

    4.3

    4.0

    2.9

    2.1

    2.3

    2.6

    2.6

    Gross fixed investment

    2.0

    -4.8

    3.1

    2.3

    1.2

    0.1

    4.1

    2.1

    1.8

    2.3

    2.4

    2.5

    Inflation (y/y percent change)

                           

    Headline CPI (end of period)

    0.9

    -0.3

    2.2

    5.9

    -0.8

    1.2

    1.3

    1.5

    1.5

    1.7

    1.7

    1.8

    Headline CPI (period average)

    0.7

    -0.8

    1.2

    6.1

    1.2

    0.4

    1.0

    1.3

    1.5

    1.6

    1.7

    1.8

    Core CPI (end of period)

    0.5

    0.2

    0.3

    3.2

    0.6

    0.8

    1.3

    1.0

    1.2

    1.4

    1.4

    1.6

    Core CPI (period average)

    0.5

    0.3

    0.2

    2.5

    1.3

    0.6

    1.1

    1.2

    1.1

    1.3

    1.4

    1.5

    Saving and investment (percent of GDP)

                           

    Gross domestic investment

    23.8

    23.8

    28.6

    27.8

    22.5

    20.8

    21.9

    22.2

    22.0

    21.8

    21.8

    21.6

    Private

    16.9

    16.8

    16.9

    17.3

    17.3

    16.7

    16.6

    16.4

    16.3

    16.1

    16.1

    16.0

    Public

    5.7

    6.4

    6.5

    6.1

    5.6

    5.6

    5.9

    5.8

    5.7

    5.7

    5.7

    5.7

    Change in stocks

    1.2

    0.5

    5.1

    4.5

    -0.4

    -1.5

    -0.6

    0.0

    0.0

    0.0

    0.0

    0.0

    Gross national saving

    30.8

    27.9

    26.5

    24.4

    24.0

    22.6

    24.0

    24.5

    24.4

    24.4

    24.5

    24.4

    Private, including statistical discrepancy

    25.8

    26.2

    26.8

    22.6

    21.0

    19.8

    21.8

    21.9

    21.7

    21.7

    21.8

    21.6

    Public

    5.0

    1.8

    -0.3

    1.7

    3.0

    2.8

    2.2

    2.5

    2.7

    2.7

    2.7

    2.8

    Foreign saving

    -7.0

    -4.2

    2.1

    3.5

    -1.4

    -1.8

    -2.2

    -2.3

    -2.4

    -2.6

    -2.7

    -2.8

    Fiscal accounts (percent of GDP) 2/

                           

    General government balance 3/

    0.4

    -4.5

    -6.7

    -4.5

    -2.0

    -2.2

    -3.6

    -3.2

    -2.9

    -2.8

    -2.8

    -2.8

      SOEs balance

    0.4

    0.6

    -0.3

    -0.6

    -0.7

    -0.1

    -0.2

    -0.1

    -0.1

    -0.1

    -0.1

    0.0

    Public sector balance 4/

    0.8

    -3.9

    -7.1

    -5.1

    -2.7

    -2.3

    -3.8

    -3.3

    -3.0

    -2.9

    -2.9

    -2.8

    Public sector debt (end of period) 4/

    41.1

    49.4

    58.3

    60.5

    62.4

    63.3

    64.7

    65.4

    66.0

    66.1

    66.4

    66.4

    Monetary accounts (end of period, y/y percent change)

               

    Broad money growth

    3.6

    10.2

    4.8

    3.9

    1.9

    2.3

    3.7

    3.5

    3.2

    3.8

    3.2

    3.7

    Narrow money growth

    5.7

    14.2

    14.0

    3.1

    4.2

    5.9

    3.2

    4.7

    4.2

    5.1

    4.3

    4.9

    Credit to the private sector (by other depository corporations)

    2.4

    4.5

    4.5

    2.5

    1.5

    0.1

    1.0

    1.6

    1.8

    2.1

    2.3

    2.5

    Balance of payments (billions of U.S. dollars)

                           

    Current account balance

    38.3

    20.9

    -10.7

    -17.2

    7.4

    9.5

    11.9

    13.2

    14.6

    16.5

    18.2

    19.4

    (In percent of GDP)

    7.0

    4.2

    -2.1

    -3.5

    1.4

    1.8

    2.2

    2.3

    2.4

    2.6

    2.7

    2.8

    Exports of goods, f.o.b.

    242.7

    227.0

    270.6

    285.2

    280.7

    293.6

    301.8

    312.5

    327.2

    343.1

    359.0

    375.5

    Growth rate (dollar terms)

    -3.3

    -6.5

    19.2

    5.4

    -1.5

    4.6

    2.8

    3.6

    4.7

    4.9

    4.6

    4.6

            Growth rate (volume terms)

    -3.7

    -5.8

    15.4

    1.2

    -2.7

    2.1

    1.9

    2.7

    3.5

    3.6

    3.2

    3.2

    Imports of goods, f.o.b.

    216.0

    186.6

    238.6

    271.6

    261.4

    274.9

    284.6

    295.1

    309.1

    324.1

    339.1

    354.9

    Growth rate (dollar terms)

    -5.6

    -13.6

    27.9

    13.8

    -3.8

    5.2

    3.5

    3.7

    4.7

    4.9

    4.6

    4.7

            Growth rate (volume terms)

    -5.8

    -10.4

    18.0

    1.0

    -4.1

    3.7

    3.5

    3.3

    3.4

    3.3

    3.3

    3.3

    Capital and financial account balance 5/

    -24.7

    -2.6

    3.6

    6.9

    -4.9

    -9.5

    -11.9

    -13.2

    -14.6

    -16.5

    -18.2

    -19.4

    Overall balance

    13.6

    18.4

    -7.1

    -10.2

    2.6

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Gross official reserves (including net forward position, end of period) (billions of U.S. dollars)

    259.0

    286.5

    279.2

    245.8

    254.6

    262.5

    262.5

    262.5

    262.5

    262.5

    262.5

    262.5

    (Months of following year’s imports)

    16.7

    14.4

    12.3

    11.3

    11.1

    11.1

    10.7

    10.2

    9.7

    9.3

    8.9

    8.5

    (Percent of short-term debt) 6/

    338.0

    315.3

    291.2

    236.3

    242.7

    239.6

    231.7

    222.5

    213.7

    206.2

    199.6

    252.3

    (Percent of ARA metric)

    252.5

    278.3

    263.3

    222.3

    233.2

    231.8

    226.4

    219.2

    212.3

    205.4

    199.3

    200.0

    Exchange rate (baht/U.S. dollar)

    31.0

    31.3

    32.0

    35.1

    34.8

    35.3

    …

    …

    …

    …

    …

    …

    NEER appreciation (annual average)

    7.2

    -0.3

    -4.5

    -1.8

    3.9

    …

    …

    …

    …

    …

    …

    …

    REER appreciation (annual average)

    5.8

    -2.6

    -5.7

    -1.1

    1.2

    …

    …

    …

    …

    …

    …

    …

    External debt

                           

    (In percent of GDP)

    31.7

    38.0

    38.9

    40.6

    38.2

    38.4

    38.5

    38.6

    38.7

    38.7

    38.8

    38.8

    (In billions of U.S. dollars)

    172.7

    190.1

    196.9

    201.4

    196.5

    202.4

    213.1

    223.8

    233.8

    245.9

    257.0

    270.0

    Public sector 7/

    38.0

    37.2

    41.5

    41.2

    35.8

    38.4

    40.8

    43.3

    45.6

    48.1

    50.8

    53.7

    Private sector

    134.0

    152.9

    155.4

    160.3

    160.7

    164.5

    172.9

    181.1

    188.8

    198.3

    206.8

    217.0

    Medium- and long-term

    74.6

    79.4

    82.3

    82.3

    80.3

    80.7

    86.5

    91.1

    95.3

    101.5

    107.1

    114.0

    Short-term (including portfolio flows)

    59.4

    73.5

    73.1

    78.0

    80.4

    83.8

    86.4

    90.0

    93.5

    96.8

    99.7

    103.0

    Debt service ratio 8/

    7.8

    7.5

    6.3

    7.3

    7.9

    7.8

    7.8

    7.3

    8.3

    9.3

    10.3

    10.3

    Memorandum items:

                           

    Nominal GDP (billions of baht)

    16889.2

    15661.3

    16188.6

    17378.0

    17922.0

    18603.0

    19371.2

    20282.2

    21143.0

    22211.7

    23164.5

    24307.8

    (In billions of U.S. dollars)

    544.0

    500.5

    506.3

    495.6

    515.0

    527.1

    553.9

    580.2

    604.8

    635.4

    662.7

    695.4

    Output Gap (in percent of potential output)

    0.2

    -4.2

    -4.1

    -2.0

    -1.5

    -0.7

    0.0

    0.1

    0.0

    0.0

    0.0

    0.0

    Sources: Thai authorities; CEIC Data Co. Ltd.; and IMF staff estimates and projections.

    1/ This series reflects the new GDP data based on the chain volume measure methodology, introduced by the Thai authorities in May 2015.

    2/ On a fiscal year basis. The fiscal year ends on September 30.

    3/ Includes budgetary central government, extrabudgetary funds, and local governments.

    4/ Includes general government and SOEs.

    5/ Includes errors and omissions.

    6/ With remaining maturity of one year or less.

    7/ Excludes debt of state enterprises.

    8/ Percent of exports of goods and services.

                                                             

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2025/02/20/pr25040-thailand-imf-executive-board-concludes-2024-article-iv-consultation-with-thailand

    MIL OSI

    MIL OSI Russia News –

    February 21, 2025
  • MIL-OSI USA: Warner Files Amendments to Republican Budget Plan

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON –  As the Senate prepares for an all-night vote-a-rama on the Republican reconciliation budget bill agenda that will cut taxes for the ultra-wealthy at the expense of Virginia families, Sen. Mark R. Warner (D-VA), a member of the Senate Budget Committee, filed 21 amendments to the GOP budget proposal to address the needs of working Americans and taking aim at the Trump administration’s lawlessness.
    “As President Trump and Senate Republicans try to move a budget resolution clearing the way to cut taxes for the richest Americans at the expense of the programs working families depend on, it’s important to understand what we’re talking about here: the GOP plans to provide tax breaks for billionaires while slashing health care, education and public safety and doing nothing about the really big problems most Americans are facing, like the rising costs of housing and child care,” said Sen. Warner. “I hope some of my Republican friends will think twice about supporting a budget plan that cuts taxes for the richest and doubles down on the chaos of the Trump-Musk administration.”
    Specifically, Warner’s amendments would:
    Put senators on the record for raising costs, gutting programs American families rely on
    Create a point of order against any reconciliation bill that would not decrease the cost of housing for American families. Text
    Establish a deficit-neutral reserve fund relating to providing benefits to survivors of miners who died due to pneumoconiosis. Text
    Create a point of order against reconciliation legislation that would increase monthly student loan costs for borrowers of Federal student loans. Text
    Establish a deficit-neutral reserve fund relating to preserving funding and current staffing levels at the Department of Education. Text
    Establish a deficit-neutral reserve fund relating to providing affordable health care for American families, which may include making permanent the extended and expanded advance premium tax credits. Text
    Create a point of order against reconciliation legislation that would increase the cost of child care for United State families. Text
    Create a point of order against any reconciliation legislation that would increase health care costs for children receiving Medicaid. Text
    Establish a deficit-neutral reserve fund relating to prohibiting cuts to critical health programs, which may include preventing the institution of a Medicaid per capita cap policy. Text
    Put senators on the record on combating Trump-Musk lawlessness and corruption
    Establish a deficit-neutral fund relating to protecting the American people from the People’s Republic of China, Russia, Iran, North Korea, transnational organized crime, and terrorism by prohibiting the mass termination of critical employees in the intelligence community. Text
    Create a point of order against reconciliation legislation if certain Federal civil service laws are being violated. Text
    Establish a deficit-neutral reserve fund relating to ensuring that employees of the Department of Justice, the Federal Bureau of Investigation, and elements of the intelligence community are not subject to retaliation and firing due to political preferences of any Presidential administration. Text
    Create a point of order against consideration of reconciliation legislation until the Congressional Budget Office certifies that health, education, research, law enforcement, and foreign aid funding authorized by Congress is not subject to programmatic funding delays, deferrals, or rescissions. Text
    Create a point of order against considering funding legislation for the Office of the President while there is pending litigation alleging a violation of the Take Care Clause. Text
    Create a point of order against reconciliation legislation that would rescind obligated or awarded amount made available under the Inflation Reduction Act of 2022. Text
    Create a point of order against considering reconciliation legislation during a period during which there is an ongoing violation of the Congressional Budget and Impoundment Act of 1974, as determined by the Comptroller General of the United States. Text
    Create a point of order against consideration of spending or revenue legislation during any period during which there is an ongoing violation of the Congressional Budget and Impoundment Control Act of 1974, as determined by the Comptroller General of the United States. Text
    Establish a deficit-neutral reserve fund relating to protecting duly-enacted appropriations from unconstitutional cancellation by the President. Text
    Create a point of order against reconciliation legislation during any year in which an employee has been placed in administrative leave for more than a total of 10 work days. Text
    Create a point of order against reconciliation legislation during any period in which there is litigation pending against the President or another Federal officer alleging a violation of certain provisions of title 5, United States Code. Text
    Establish a deficit-neutral reserve fund relating to protecting classified and sensitive information on programs and individuals of the United States from being accessed by DOGE employees. Text
    Establish a deficit-neutral reserve fund relating to prohibiting the closure or relocation of Federal agencies without congressional authorization. Text

    MIL OSI USA News –

    February 21, 2025
  • MIL-OSI Security: Indian National Sentenced to 8 Years in Federal Prison for Defrauding Elderly Victims of Nearly $6 Million

    Source: Office of United States Attorneys

    AUSTIN, Texas – An Indian national was sentenced in a federal court in Austin today to 97 months in prison for conspiracy to commit money laundering.

    According to court documents, Moinuddin Mohammed, 34, engaged in a conspiracy to launder proceeds of a scheme to defraud elderly victims out of hundreds of thousands of dollars in cash and gold. Mohammed was a courier who picked up the cash and gold from vulnerable elderly people. The international conspiracy originated from India and involved the impersonation of government officials in order to convince the victims to turn over millions of dollars from their retirement and savings accounts.

    Multiple victims were contacted by a person claiming to be the United States Attorney for the Southern District of Texas, who told the victims that they were under investigation or at risk of financial loss. The victims were told that they would need to deposit cash, gold or other items of financial value in order to resolve the investigation or prevent the loss. One victim was defrauded of more than $300,000, another was defrauded of approximately $151,500, and a third victim lost a total of approximately $470,000 to the fraud scheme. Nationwide, investigators identified 21 victims who lost a total of nearly $6 million to the scheme.

    In addition to his imprisonment, Mohamed will pay full restitution in the approximate amount of $960,000, forfeits $20,000 in cash that was seized by investigators, and forfeits a money judgement in the amount of $16,000.

    “The significant sentence of this courier for an international fraud scheme sends a strong message that we will investigate and prosecute those at every level of the organization,” said Acting U.S. Attorney Margaret Leachman for the Western District of Texas. “Mohammed illegally used the likeness of government officials to prey on and victimize the vulnerable, elderly people in our community, and fraudsters like him will be held accountable.”

    “Mohammed targeted some of our most vulnerable elderly citizens in an effort to line his own pockets and the pockets of foreign fraudsters,” said Special Agent in Charge Aaron Tapp for the FBI’s San Antonio Field Office.  “The FBI continues to see an uptick in financial scams targeting our elderly population and we work every day to bring awareness to our victims and justice to those who perpetuate these devastating schemes. We want to thank our U.S. Attorney’s Office for aggressively pursuing justice for those who fell victim to this scammer. Cases like this are a priority for the FBI and we encourage anyone who has been a victim of a financial scam to contact your local FBI office or go to www.IC3.gov. We also encourage the public to review the FBI’s last report on Elder Fraud to educate yourselves and protect those you love.”

    The FBI investigated the case.

    Assistant U.S. Attorney Keith Henneke prosecuted the case.

    ###

    MIL Security OSI –

    February 21, 2025
  • MIL-OSI United Kingdom: UK Government kickstarts work with Scottish Government to boost broadband in rural Scotland, powering Prime Minister’s Plan for Change

    Source: United Kingdom – Executive Government & Departments

    Around 11,000 Scottish homes and businesses to gain access to lightning-fast broadband.

    • First Project Gigabit contract signed to bring fastest broadband networks on the market to rural Scotland 

    • Around 11,000 homes and businesses in the Scottish Borders and East Lothian will be the first to benefit from the Scotland-wide rollout, with further contracts planned for other parts of Scotland this year

    • Supports UK Government plans to raise living standards and grow the economy across the country, including in isolated rural areas, as part of the Plan for Change

    Around 11,000 Scottish homes and businesses will gain access to lightning-fast broadband, as joint efforts by the UK and Scottish governments to supercharge internet access in rural areas across the nation get underway and power the UK Government’s Plan for Change.  

    Rural areas in the Scottish Borders and East Lothian will benefit from gigabit-capable internet upgrades, allowing residents to fulfil day-to-day tasks, from rapid access to health advice through remote hospital consultations to interviewing for jobs and working more flexibly.    

    The upgrades will benefit some of the most remote areas of Scotland and the UK, including Athelstaneford and Innerwick in East Lothian and St Abbs, Broughton and Ettrickbridge in the Scottish Borders.  

    These areas will be among the first in Scotland to benefit from a £26 million contract awarded under Project Gigabit – the UK Government-funded rollout to areas unlikely to receive upgrades through commercial plans due to their challenging location. The contract was awarded to independent Scottish provider GoFibre by the Scottish Government.  

    UK Government Minister for Telecoms and Data Chris Bryant said:

    As technological advancements race ahead and revolutionise our day-to-day lives, we cannot afford to leave anyone behind.

    It is fantastic to see this UK Government-funded gigabit investment being delivered in Scotland for the first time, not only bringing thousands of people the fastest broadband networks on the market and levelling the playing field but also helping us realise our mission to boost economic growth and improve living standards across the whole country, under the PM’s Plan for Change.

    Scottish Government Business Minister Richard Lochhead said:

    Reliable internet connectivity is a vital part of everyday life – allowing people to work flexibly, engage in education and stay connected with loved ones.

    The Scottish Government has successfully implemented digital infrastructure programmes across Scotland to increase broadband speeds and help grow the economy.

    Expanding upon the achievements of the Digital Scotland Superfast Broadband and Reaching 100% programmes, we will deliver Project Gigabit in Scotland to provide resilient connections that meet the needs of people and businesses now and into the future.

    One of Scotland’s leading amateur rugby clubs, Melrose Rugby Club, based in the Scottish Borders, has previously been connected to full fibre network by provider GoFibre.  

    Having reliable and fast connection meant the club could stream across the world their annual tournament, the Melrose Sevens. The event, which is held every April in Melrose, is the oldest rugby sevens competition in the world and is watched by tens of thousands of fans across the globe, with teams coming from as far afield as Japan, Hong Kong, Uruguay and South Africa. 

    Malcolm Changleng, Melrose Rugby Club Director, said:

    Getting full fibre connection has been a game changer for our club.

    As well as the 10,000 fans attending the event on the day of the tournament, we got about 60,000 people watching games on YouTube and other online platforms, which is why it’s so important to have good WiFi.

    It’s not just rugby fans watching, but people that have left the Borders to go all over the world. Lots of families from the Borders connect back to the area through the Melrose Rugby Sevens, and we’re proud that we allow people to get a little taste of the Borders on an annual basis.

    This weekend, rugby fans in Melrose will be able to support their national team in the Six Nations, with the club streaming Scotland taking on England at Twickenham on Saturday.  

    Local restaurant, The Hoebridge, is set to grow as a business thanks to the programme – contributing to plans to kickstart economic growth. 

    Kyle Tidd, Co-Owner of The Hoebridge said: 

    This investment in faster broadband would improve our operations. It would enable us to streamline our ordering, payment and online booking systems, enhancing efficiency and customer satisfaction.

    Now the £26 million contract is signed, detailed planning and surveying work will begin immediately with the first connections expected in the Autumn.  

    Further contracts to be signed this year will see faster broadband delivered to tens of thousands more premises across Scotland, including Aberdeenshire and the Morayshire Coast, Fife, Perth and Kinross, Orkney and Shetland.    

    For households, gigabit-capable broadband delivers faster speeds and fewer dropouts, providing a gateway to remote working and online education. Unlike traditional copper-based networks, gigabit connections won’t slow down at peak times, meaning no more battling for bandwidth with neighbours. Gigabit networks can easily handle over a hundred devices all at once with no buffering, meaning the whole family can seamlessly surf, stream and download at the same time.       

    Project Gigabit will support the UK Government’s plans to kickstart economic growth, creating and supporting thousands of high-paid, high-skilled jobs, empowering industries of all kinds to innovate and increasing productivity by taking up digital technology.    

    It will also ensure people can access vital services they need now and, in the future, from giving patients improved access to healthcare through virtual appointments and remote health monitoring to helping pensioners combat loneliness by catching up with loved ones over higher quality video calls.    

    Scotland Office Minister, Kirsty McNeill, said: 

    This landmark contract marks a crucial step forward in our mission to end digital inequality across Scotland. By bringing the fastest possible broadband to our rural communities, we’re not just laying cables – we’re opening up new opportunities for local businesses, improving access to education and healthcare. The UK Government, through our Plan for Change, is working to ensure Scotland’s rural communities can benefit from the digital economy and economic growth is seen across the country.

    Neil Conaghan, CEO of GoFibre, said:

    As a Scottish company, born in the Borders, GoFibre is proud to be named as the delivery partner for the first Project Gigabit contract in Scotland, bringing transformative full fibre connectivity to thousands more homes and businesses across the region. This contract award marks a step-change in our ambition and footprint as a major Scottish telecommunications company.

    We have a sterling track record of connecting communities across Scotland to our ultra-fast broadband network. Delivering this project will build on our successful delivery of Project Gigabit contracts in North Northumberland and Teesdale where we are delivering much-needed broadband in rural areas, ahead of schedule. We will bring all that expertise and GoFibre experience to this essential project for people in the Borders and East Lothian.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 300

    Share this page

    The following links open in a new tab

    • Share on Facebook (opens in new tab)
    • Share on Twitter (opens in new tab)

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom –

    February 21, 2025
  • MIL-OSI: Logansport Financial Corp. Announces First Quarter Dividend

    Source: GlobeNewswire (MIL-OSI)

    LOGANSPORT, Ind., Feb. 20, 2025 (GLOBE NEWSWIRE) — Logansport Financial Corp. (OTCBB – Symbol “LOGN”), an Indiana corporation which is the holding company for Logansport Savings Bank, a State Commercial bank located in Logansport, Indiana, announces that Logansport Financial Corp. has declared a quarterly cash dividend of $.45 on each share of its common stock for the first quarter of 2025. The dividend is payable on April 14, 2025 to the holders of record on March 13, 2025.

    Contact: Kristie Richey
    Chief Financial Officer
    Phone 574-722-3855
    Fax 574-722-3857

    The MIL Network –

    February 21, 2025
  • MIL-OSI: Altus Group Reports Q4 and Fiscal 2024 Financial Results; Announces Quarterly Dividend and Renewal of Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    Delivers robust recurring revenue growth, margin expansion and cashflow improvement in FY 2024

    Altus Group remains strongly positioned to sustain revenue growth and margin expansion in FY 2025

    TORONTO, Feb. 20, 2025 (GLOBE NEWSWIRE) — Altus Group Limited (ʺAltus Group” or “the Company”) (TSX: AIF), a leading provider of asset and fund intelligence for commercial real estate (“CRE”), announced today its financial and operating results for the fourth quarter and year ended December 31, 2024. The Company also announced the approval by its Board of Directors (“Board”) of the payment of a cash dividend of $0.15 per common share for the first quarter ending March 31, 2025, and that the Toronto Stock Exchange (“TSX”) has approved its notice of intention to renew its normal course issuer bid (“NCIB”).

    The 2024 results from the Property Tax segment have been classified as Discontinued Operations. Accordingly, all amounts except for Free Cash Flow and net cash provided by operating activities represent results from Continuing Operations. Unless otherwise indicated, all amounts are in Canadian dollars and percentages are on an as reported basis in comparison to Q4 2023 and FY 2023 (which have been restated to exclude results from Property Tax).

    Q4 2024 Summary

    • Consolidated revenues were $135.5 million, up 3.4% (1.0% on a Constant Currency* basis).
    • Profit (loss) from continuing operations was $22.9 million, compared to $(8.3) million.  
    • Earnings per share (“EPS”) from continuing operations were $0.50 basic and $0.48 diluted, compared to $(0.18) basic diluted.
    • Consolidated Adjusted EBITDA* was $32.4 million, up 55.4% (51.8% on a Constant Currency basis).
    • Adjusted EPS* was $0.85, compared to $0.26.
    • Analytics Recurring Revenue* was $101.1 million, up 8.7% (5.8% on a Constant Currency basis).
    • Analytics Adjusted EBITDA was $36.4 million, up 29.4% (25.2% on a Constant Currency basis).
    • Analytics Adjusted EBITDA margin* improved to 33.8%, up 650 bps (630 bps on a Constant Currency basis).
    • Analytics Recurring New Bookings* were $21.1 million, up 15.6% (10.9% on a Constant Currency basis).

    FY 2024 Summary

    • Consolidated revenues were $519.7 million, up 2.0% (0.6% on a Constant Currency* basis).
    • Profit (loss) from continuing operations was $(0.8) million, compared to $(33.5) million.  
    • Earnings per share (“EPS”) from continuing operations were $(0.02) basic and diluted, compared to $(0.74) basic and diluted.
    • Consolidated Adjusted EBITDA* was $82.9 million, up 26.0% (23.7% on a Constant Currency basis).
    • Adjusted EPS* was $1.17, compared to $0.48.
    • Analytics Recurring Revenue* was $383.4 million, up 8.1% (6.4% on a Constant Currency basis).
    • Analytics Adjusted EBITDA was $117.2 million, up 22.7% (20.0% on a Constant Currency basis).
    • Analytics Adjusted EBITDA margin* improved to 28.5%, up 420 bps (400 bps on a Constant Currency basis).
    • Net cash provided by operating activities was $79.9 million, up 11.9% and Free Cash Flow* was $72.5 million, up 23.0%.
    • In 2024, the Company repurchased 203,400 common shares under the NCIB for total cash consideration of approximately $11.0 million, at a weighted average price per share of $54.29. (An additional 115,300 common shares were purchased in January 2025 for total cash consideration of $6.3 million at a weighted average price per share of $54.49.)

    *Altus Group uses certain non-GAAP financial measures such as Adjusted Earnings (Loss), and Constant Currency; non-GAAP ratios such as Adjusted EPS; total of segments measures such as Adjusted EBITDA; capital management measures such as Free Cash Flow; and supplementary financial and other measures such as Adjusted EBITDA margin, New Bookings, Recurring New Bookings, Non-Recurring New Bookings, Organic Revenue, Recurring Revenue, Non-Recurring Revenue, Organic Recurring Revenue, and Cloud Adoption Rate.   Refer to the “Non-GAAP and Other Measures” section for more information on each measure and a reconciliation of Adjusted EBITDA and Adjusted Earnings (Loss) to Profit (Loss) and Free Cash Flow to Net cash provided by (used in) operating activities.

    “I’m incredibly proud of our team for finishing the year on such a strong note,” said Jim Hannon, Chief Executive Officer. “In 2024, we achieved record performance at Analytics – $411 million in revenue and $117 million in Adjusted EBITDA, with an Adjusted EBITDA margin of 28.5%, our highest in a decade.

    Throughout the year, we delivered significant product enhancements, streamlined our portfolio, won outstanding new customers, and deepened relationships across our expanding client base. This success fuelled cash flow growth and reinforced our momentum, even as the industry navigated a challenging cycle.

    As we celebrate our 20-year anniversary this year, I’m more excited than ever about the road ahead. With a strengthened operating foundation in place, we’re poised to redefine how the CRE industry leverages data to drive performance – empowering our clients with unparalleled insights to make faster, more informed decisions and seize opportunities as the market continues to recover.”

    Summary of Operating and Financial Performance by Reportable Segment:

    “CC” in the tables indicates “Constant Currency”.  

    Consolidated
    Quarter ended December 31, Year ended December 31,
    In thousands of dollars   2024   2023   % Change   Constant Currency % Change   2024   2023   % Change   Constant Currency % Change
    Revenues $ 135,501 $ 131,050   3.4%   1.0% $ 519,727 $ 509,732   2.0%   0.6%
    Profit (loss) from continuing operations, net of tax $ 22,872 $ (8,319)   374.9%     $ (793) $ (33,493)   97.6%    
    Adjusted EBITDA* $ 32,420 $ 20,858   55.4%   51.8% $ 82,895 $ 65,763   26.1%   23.7%
    Adjusted EBITDA margin*   23.9%   15.9%   800 bps   800 bps   15.9%   12.9%   305 bps   300 bps
    Net cash provided by operating activities $ 24,708 $ 44,693   (44.7%)     $ 79,920 $ 71,429   11.9%    
    Free Cash Flow* $ 24,599 $ 40,141   (38.7%)     $ 72,465 $ 58,938   23.0%    
    Analytics
      Quarter ended December 31, Year ended December 31,
    In thousands of dollars   2024   2023   % Change   Constant Currency % Change   2024   2023   % Change   Constant Currency % Change
    Revenues $ 107,721 $ 103,190   4.4%   1.6% $ 411,282 $ 392,913   4.7%   3.0%
    Adjusted EBITDA $ 36,409 $ 28,145   29.4%   25.2% $ 117,162 $ 95,469   22.7%   20.0%
    Adjusted EBITDA margin   33.8%   27.3%   650 bps   630 bps   28.5%   24.3%   420 bps   400 bps
                                     
    Other Measures                                
    Recurring Revenue* $ 101,060 $ 93,010   8.7%   5.8% $ 383,366 $ 354,563   8.1%   6.4%
    New Bookings* $ 25,845 $ 26,254   (1.6%)   (5.3%) $ 86,306 $ 94,493   (8.7%)   (10.2%)
    Recurring New Bookings* $ 21,074 $ 18,236   15.6%   10.9% $ 67,780 $ 64,507   5.1%   3.3%
    Non-Recurring New Bookings* $ 4,771 $ 8,017   (40.5%)   (42.2%) $ 18,526 $ 29,986   (38.2%)   (39.2%)
    Geographical revenue split                                
    North America   77%   77%           76%   77%        
    International   23%   23%           24%   23%        
    Cloud Adoption Rate* (as at end of period)   –   –           82%   74%        
    Appraisals and Development Advisory
      Quarter ended December 31, Year ended December 31,
    In thousands of dollars   2024   2023   % Change   Constant Currency % Change   2024   2023   % Change   Constant Currency % Change
    Revenues $ 27,964 $ 28,046   (0.3%)   (1.0%) $ 109,208 $ 117,577   (7.1%)   (7.3%)
    Adjusted EBITDA $ 4,401 $ 2,254   95.3%   93.4% $ 9,909 $ 11,540   (14.1%)   (15.0%)
    Adjusted EBITDA margin   15.7%   8.0%   770 bps   770 bps   9.1%   9.8%   70 bps   80 bps


    Q4 2024 Financial Review

    On a consolidated basis, revenues were $135.5 million, up 3.4% (1.0% on a Constant Currency basis) and Adjusted EBITDA was $32.4 million, up 55.4% (51.8% on a Constant Currency basis). Adjusted EPS was $0.85, compared to $0.26 in the fourth quarter of 2023.

    In early 2024, the Company initiated a global restructuring program as part of an ongoing effort to optimize its operating model. Restructuring costs were $2.9 million in the fourth quarter, totalling $12.1 million for the year. The restructuring costs primarily related to employee severance impacting both the Analytics and Appraisals and Development Advisory business segments, as well as corporate functions.

    Profit (loss) from continuing operations was $22.9 million and $0.50 per share basic and $0.48 diluted, compared to $(8.3) million and $(0.18) per share basic and diluted, in the same period in 2023. Profit (loss) from continuing operations benefitted from higher revenues, offset by acquisition and related costs and the restructuring program.

    Analytics revenues increased to $107.7 million, up 4.4% (1.6% on a Constant Currency basis). Organic Revenue* growth was 3.2% (0.4% on a Constant Currency basis). Adjusted EBITDA was $36.4 million, up 29.4% (25.2% on a Constant Currency basis), driving an Adjusted EBITDA margin of 33.8%, up 650 basis points (630 basis points on a Constant Currency basis).

    • Revenue growth was driven by resilient Recurring Revenue performance benefitting from higher software and Valuation Management Solutions (“VMS”) sales and contribution from Forbury.   
    • Recurring Revenue was $101.1 million, up 8.7% (5.8% on a Constant Currency basis). Organic Recurring Revenue* was $99.3 million, up 7.3% (4.5% on a Constant Currency Basis) from $92.5 million in the same period in 2023.
    • New Bookings totalled $25.8 million, down 1.6% (5.3% on a Constant Currency basis). Recurring New Bookings were $21.1 million, up 15.6% (10.9% on a Constant Currency basis), and Non-Recurring New Bookings were $4.8 million, down 40.5% (42.2% on a Constant Currency basis).
    • Adjusted EBITDA growth and margin expansion benefitted from higher revenues, operating efficiencies, ongoing cost optimization efforts, and foreign exchange fluctuations.

    Appraisals and Development Advisory revenues were $28.0 million, down 0.3% (1.0% on a Constant Currency basis) and Adjusted EBITDA was $4.4 million, up 95.3% (93.4% on a Constant Currency basis). The revenue performance reflects muted market activity in the current economic environment. The improvement in Adjusted EBITDA reflects ongoing cost optimization efforts.

    Corporate costs were $8.4 million for the quarter ended December 31, 2024, compared to $9.5 million in the same period in 2023. The decrease in corporate costs in the fourth quarter primarily reflects the settlement of certain balances in preparation for the sale of the Property Tax business resulting in favourable foreign exchange fluctuations for the period.

    Cash generation (which reflects both continuing and discontinued operations) was down in the fourth quarter reflecting a tough compare. Net cash provided by operating activities was $24.7 million and Free Cash Flow was $24.6 million, down 44.7% and 38.7% respectively. On a year-over-year view, the fourth quarter of 2023 benefitted from a catch up on billings related to the implementation of a new enterprise resource planning (“ERP”) system. For full year 2024, net cash provided by operating activities was up 11.9% and Free Cash Flow was up 23.0%.

    As at December 31, 2024, bank debt was $282.9 million and cash and cash equivalents were $41.9 million, representing a Funded debt to EBITDA ratio as defined in the Company’s credit facility agreement of 2.01 times, well below the Company’s 4.5x maximum capacity limit under its credit facilities. At the end of the year, the Company had approximately $309.0 million of total liquidity as measured by the sum of cash and cash equivalents and bank credit facilities available. Including approximately $600.0 million of net proceeds from the sale of the Property Tax business, completed on January 1, 2025, total liquidity would be approximately $909.0 million.

    2025 Business Outlook

    The Company remains strongly positioned to sustain revenue and Adjusted EBITDA growth at a higher Adjusted EBITDA margin in 2025. Management expects CRE market conditions to gradually improve throughout 2025 with a stronger second half of the year. The business outlook for 2025 by reportable segment is as follows: 

    FY 2025 Q1 2025
    Analytics        
    • 4 – 7% total Analytics revenue growth • 0 – 2% total Analytics revenue growth
    • 6 – 9% Recurring Revenue growth • 2 – 3% Recurring Revenue growth
    • 250 – 350 bps of Adjusted EBITDA margin expansion • 50– 150 bps of Adjusted EBITDA margin expansion
           
    Appraisals and Development Advisory        
    • Low single digit revenue growth • 4 – 6% revenue decline
    • Adjusted EBITDA margin expansion • $1 – 2M Adjusted EBITDA improvement
           
    Consolidated        
    • 3 – 5% revenue growth • Flat revenue growth
    • 300 – 400 bps of Adjusted EBITDA margin expansion • 150 – 250 bps of Adjusted EBITDA margin expansion
           


    Note: Business Outlook presented on a Constant Currency basis over 
    the corresponding period in 2024.  Future acquisitions are not factored into this outlook.

    Forecasting future results or trends is inherently difficult for any business and actual results or trends may vary significantly. The business outlook is forward-looking information that is based upon the assumptions and subject to the material risks discussed under the “Forward-Looking Information Disclaimer” section.

    Key assumptions for the business outlook by segment:  Analytics: consistency and growth in number of assets on the Valuation Management Solutions platform, continued ARGUS cloud conversions, new sales (including New Bookings converting to revenue within Management’s expected timeline and uptake on new product functionality), client and software retention consistent with 2024 levels, pricing action, improved operating leverage, as well as consistent and gradually improving economic conditions in financial and CRE markets.  Appraisal & Development Advisory: improved client profitability and improved operating leverage. The Consolidated outlook assumes that corporate costs will remain elevated throughout 2025 consistent with 2024 levels.  

    Q1 2025 Dividend

    Altus Group’s Board approved the payment of a cash dividend of $0.15 per common share for the first quarter ending March 31, 2025, with payment to be made on April 15, 2025 to common shareholders of record as at March 31, 2024.

    Altus Group’s Dividend Reinvestment Plan (“DRIP”) permits eligible shareholders to direct their cash dividends to be reinvested in additional common shares of the Company. For shareholders who wish to reinvest their dividends under the DRIP, Altus Group intends to issue common shares from treasury at a price equal to 96% of the weighted average closing price of the shares for the five trading days preceding the dividend payment date. Full details of the DRIP program are available on the Company’s website.

    Altus Group confirms that all dividends paid or deemed to be paid to its common shareholders qualify as ʺeligible dividendsʺ for purposes of subsection 89(14) of the Income Tax Act (Canada) and similar provincial and territorial legislation, unless indicated otherwise.

    Renewal of Normal Course Issuer Bid

    The Toronto Stock Exchange (“TSX”) has approved the Company’s notice of intention to renew its normal course issuer bid (“NCIB”) for its common shares. Altus’ NCIB will be made in accordance with the policies of the TSX. Altus may purchase its common shares during the period from February 25, 2025 to February 24, 2026.

    Under the NCIB and subject to the market price of its common shares and other considerations, over the next 12 months Altus may purchase for cancellation up to 3,219,967 common shares, representing approximately 10% of its public float as at February 11, 2025. There were 46,190,841 common shares outstanding as at February 11, 2025. The average daily trading volume through the facilities of the TSX during the 26-week period ending January 31, 2025 was 70,585 common shares. Daily purchases will be limited to 17,646 common shares, representing 25% of the average daily trading volume, other than block purchase exemptions. Purchases may be made on the open market through the facilities of the TSX and/or alternative Canadian trading systems at the market price at the time of acquisition, as well as by other means as may be permitted by TSX rules and applicable securities laws. Any tendered shares taken up and paid for by Altus will be cancelled. The Company plans to fund the NCIB purchases from its existing cash balance.

    Under its previous NCIB which commenced on February 8, 2024 and expired on February 7, 2025, Altus obtained approval from the TSX to purchase up to 1,376,034 common shares. As of February 11, 2025, Altus had purchased an aggregate of 318,700 common shares for cancellation under an NCIB in the past 12 months at a weighted average price of approximately $54.36 per common share. All repurchases under an NCIB within the past 12 months were conducted through the facilities of the TSX and/or alternative Canadian trading systems.

    The Company intends to enter into an automatic share purchase plan with a designated broker in relation to the NCIB that would allow for the purchase of its common shares, subject to certain trading parameters, at times when Altus ordinarily would not be active in the market due to its own internal trading black-out period, insider trading rules or otherwise. Any such plan entered into with a broker will be adopted in accordance with applicable Canadian securities law. Outside of these periods, common shares will be repurchased in accordance with management’s discretion and in compliance with applicable law.

    The Company is renewing the NCIB because it believes that it provides flexibility around its capital allocation investments, particularly during periods when its common shares may trade in a price range that does not adequately reflect their underlying value based on the Company’s business and strong financial position. As a result, to maximize shareholder value, Altus believes that an investment in its outstanding common shares may represent an attractive use of available funds while continuing to balance other growth investments, including investing in operations and in potential M&A. Decisions regarding the amount and timing of future purchases of common shares will be based on market conditions, share price and other factors and will be at management’s discretion. The Company’s Board of Directors will regularly review the NCIB in connection with a balanced capital allocation strategy focused primarily on funding growth.


    About Altus Group

    Altus Group is a leading provider of asset and fund intelligence for commercial real estate. We deliver intelligence as a service to our global client base through a connected platform of industry-leading technology, advanced analytics, and advisory services. Trusted by the largest CRE leaders, our capabilities help commercial real estate investors, developers, lenders, and advisors manage risks and improve performance returns throughout the asset and fund lifecycle. Altus Group is a global company headquartered in Toronto with approximately 1,900 employees across North America, EMEA and Asia Pacific. For more information about Altus (TSX: AIF) please visit www.altusgroup.com.

    Non-GAAP and Other Measures

    Altus Group uses certain non-GAAP financial measures, non-GAAP ratios, total of segments measures, capital management measures, and supplementary and other financial measures as defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”). Management believes that these measures may assist investors in assessing an investment in the Company’s shares as they provide additional insight into the Company’s performance. Readers are cautioned that they are not defined performance measures, and do not have any standardized meaning under IFRS and may differ from similar computations as reported by other similar entities and, accordingly, may not be comparable to financial measures as reported by those entities. These measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS.

    Adjusted Earnings (Loss): Altus Group uses Adjusted Earnings (Loss) to facilitate the calculation of Adjusted EPS. How it’s calculated: Profit (loss) added or (deducted) by: profit (loss) from discontinued operations, net of tax; occupancy costs calculated on a similar basis prior to the adoption of IFRS 16; depreciation of right‐of‐use assets; amortization of intangibles of acquired businesses; acquisition and related transition costs (income); unrealized foreign exchange losses (gains); (gains) losses on disposal of right‐of‐use assets, property, plant and equipment and intangibles; share of (profit) loss of joint venture; non‐cash share‐based compensation costs; (gains) losses on equity derivatives net of mark‐to‐market adjustments on related RSUs and DSUs; (gains) losses on derivatives; interest accretion on contingent consideration payables; restructuring costs (recovery); impairment charges; (gains) losses on investments; (gains) losses on hedging transactions and interest expense (income) on swaps; other costs or income of a non‐operating and/or non‐recurring nature; finance costs (income), net ‐ leases; and the tax impact of these items.

    Constant Currency: Altus Group uses Constant Currency to allow current financial and operational performance to be understood against comparative periods without the impact of fluctuations in foreign currency exchange rates against the Canadian dollar. How it’s calculated: The financial results and non-GAAP and other measures presented at Constant Currency within this document are obtained by translating monthly results denominated in local currency (U.S. dollars, British pound, Euro, Australian dollars, and other foreign currencies) to Canadian dollars at the foreign exchange rates of the comparable month in the previous year.

    Adjusted EPS: Altus Group uses Adjusted EPS to assess the performance of the business, on a per share basis, before the effects of the noted items because they affect the comparability of the Company’s financial results and could potentially distort the analysis of trends in business performance. How it’s calculated: Adjusted Earnings (Loss) divided by basic weighted average number of shares, adjusted for the effects of the weighted average number of restricted shares.

    Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”): Altus Group uses Adjusted EBITDA to evaluate the performance of the business, as well as when making decisions about the ongoing operations of the business and the Company’s ability to generate cash flows. This measure represents Adjusted EBITDA determined on a consolidated entity-basis as a total of the various segments. All other Adjusted EBITDA references are disclosed in the financial statements and are not considered to be non-GAAP financial measures pursuant to NI 52-112. How it’s calculated: Profit (loss) added or (deducted) by: profit (loss) from discontinued operations, net of tax; occupancy costs calculated on a similar basis prior to the adoption of IFRS 16; depreciation of right‐of‐use assets; depreciation of property, plant and equipment and amortization of intangibles; acquisition and related transition costs (income); unrealized foreign exchange (gains) losses; (gains) losses on disposal of right‐of-use assets, property, plant and equipment and intangibles; share of (profit) loss of joint venture; non‐cash share‐based compensation costs; (gains) losses on equity derivatives net of mark‐to market adjustments on related restricted share units (“RSUs”) and deferred share units (“DSUs”); (gains) losses on derivatives, restructuring costs (recovery); impairment charges; (gains) losses on investments; other costs or income of a non‐operating and/or non‐recurring nature; finance costs (income), net ‐ leases; finance costs (income), net ‐ other; and income tax expense (recovery).

    Free Cash Flow: Altus Group uses Free Cash Flow to understand how much of the cash generated from operating activities is available to repay borrowings and to reinvest in the Company. How it’s calculated: Net cash provided by (used in) operating activities deducted by capital expenditures.

    Adjusted EBITDA Margin: Altus Group uses Adjusted EBITDA margin to evaluate the performance of the business, as well as when making decisions about the ongoing operations of the business and its ability to generate cash flows. How it’s calculated: Adjusted EBITDA divided by revenue.

    New Bookings, Recurring New Bookings and Non-Recurring New Bookings: For its Analytics reportable segment, Altus Group uses New Bookings, Recurring New Bookings and Non-Recurring New Bookings as measures to track the performance and success of sales initiatives, and as an indicator of future revenue growth. How it’s calculated: New Bookings: The total of annual contract values for new sales of the Company’s recurring solutions and services (software subscriptions, Valuation Management Solutions and data subscriptions) plus the total of contract values for one-time engagements (consulting, training, and due diligence). The value of contract renewals is excluded from this metric with the exception of additional capacity or products purchased at the time of renewal. The total annual contract values for VMS are based on an estimated number of assets at the end of the first year of the contract term. New Bookings is inclusive of any new signed contracts as well as any additional solutions and services added by existing customers within the Analytics reportable segment. Recurring New Bookings: The total of annual contract values for new sales of the recurring solutions and services. Non-Recurring New Bookings: The total of contract values for one-time engagements.

    Organic Revenue: Altus Group uses Organic Revenue to evaluate and assess revenue trends in the business on a comparable basis versus the prior year, and as an indicator of future revenue growth. How it’s calculated: Revenue deducted by revenues from business acquisitions that are not fully integrated (up to the first anniversary of the acquisition).

    Recurring Revenue, Non-Recurring Revenue, Organic Recurring Revenue: For its Analytics reportable segment, Altus Group uses Recurring Revenue and Non-Recurring Revenue, and Organic Recurring Revenue as measures to assess revenue trends in the business, and as indicators of future revenue growth. How it’s calculated: Recurring Revenue: Revenue from software subscriptions recognized on an over time basis in accordance with IFRS 15, software maintenance revenue associated with the Company’s legacy licenses sold on perpetual terms, Valuation Management Solutions, and data subscriptions. Non-Recurring Revenue: Total Revenue deducted by Recurring Revenue. Organic Recurring Revenue: Recurring Revenue deducted by Recurring Revenue from business acquisitions that are not fully integrated (up to the first anniversary of the acquisition).

    Cloud Adoption Rate: For its Analytics reportable segment, Altus Group uses the Cloud Adoption Rate as a measure of its progress in transitioning the AE user base to its cloud-based platform, a key component of its overall product strategy. How it’s calculated: Percentage of the total AE user base contracted on the ARGUS Cloud platform.

    Forward-looking Information

    Certain information in this press release may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes, but is not limited to, statements relating to expected financial and other benefits of acquisitions and the closing of acquisitions (including the expected timing of closing), as well as the discussion of our business, strategies and leverage (including the commitment to increase borrowing capacity), expectations of future performance, including any guidance on financial expectations, and our expectations with respect to cash flows and liquidity. Generally, forward-looking information can be identified by use of words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate”, “intend”, “plan”, “would”, “could”, “should”, “continue”, “goal”, “objective”, “remain” and other similar terminology. 

    Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may not be known and may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that we identified and applied in drawing conclusions or making forecasts or projections set out in the forward-looking information (including sections entitled “Business Outlook”) include, but are not limited to: engagement and product pipeline opportunities in Analytics will result in associated definitive agreements; continued adoption of cloud subscriptions by our customers; retention of material clients and bookings; sustaining our software and subscription renewals; successful execution of our business strategies; consistent and stable economic conditions or conditions in the financial markets including stable interest rates and credit availability for CRE; consistent and stable legislation in the various countries in which we operate; consistent and stable foreign exchange conditions; no disruptive changes in the technology environment; opportunity to acquire accretive businesses and the absence of negative financial and other impacts resulting from strategic investments or acquisitions on short term results; successful integration of acquired businesses; and continued availability of qualified professionals.  

    Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks include, but are not limited to: the CRE market conditions; the general state of the economy; our financial performance; our financial targets; our international operations; acquisitions, joint ventures and strategic investments; business interruption events; third party information and data; cybersecurity; industry competition; professional talent; our subscription renewals; our sales pipeline; client concentration and loss of material clients; product enhancements and new product introductions; technology strategy; our use of technology; intellectual property; compliance with laws and regulations; privacy and data protection; artificial intelligence; our leverage and financial covenants; interest rates; inflation; our brand and reputation; our cloud transition; fixed price engagements; currency fluctuations; credit; tax matters; our contractual obligations; legal proceedings; regulatory review; health and safety hazards; our insurance limits; dividend payments; our share price; share repurchase programs; our capital investments; equity and debt financings; our internal and disclosure controls; and environmental, social and governance (“ESG”) matters and climate change, as well as those described in our annual publicly filed documents, including the Annual Information Form for the year ended December 31, 2024 (which are available on SEDAR+ at www.sedarplus.ca).  

    Investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects management’s current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although we have attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, we do not undertake to update or revise it to reflect new events or circumstances. Additionally, we undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, our financial or operating results, or our securities. 

    Certain information in this press release, including sections entitled “2025 Business Outlook”, may be considered as “financial outlook” within the meaning of applicable securities legislation. The purpose of this financial outlook is to provide readers with disclosure regarding Altus Group’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes. 

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Camilla Bartosiewicz
    Chief Communications Officer, Altus Group
    (416) 641-9773
    camilla.bartosiewicz@altusgroup.com  

    Martin Miasko
    Investor Relations Director, Altus Group
    (416) 204-5136
    martin.miasko@altusgroup.com


    Interim Condensed Consolidated Statements of Comprehensive Income (Loss)

    For the Years Ended December 31, 2024 and 2023
    (Unaudited)
    (Expressed in Thousands of Canadian Dollars, Except for Per Share Amounts)

        For the year ended December 31, 2024   For the year ended December 31, 2023 (1)
    Revenues $ 519,727 $ 509,732
    Expenses        
    Employee compensation   336,327   340,525
    Occupancy   5,398   5,359
    Other operating   100,464   124,075
    Depreciation of right-of-use assets   8,271   8,047
    Depreciation of property, plant and equipment   3,706   4,629
    Amortization of intangibles   32,039   32,753
    Acquisition and related transition costs (income)   8,914   3,950
    Share of (profit) loss of joint venture   (2,950)   (3,146)
    Restructuring costs (recovery)   12,052   313
    (Gain) loss on investments   (446)   301
    Impairment charge   7,000   –
    Finance costs (income), net – leases   938   771
    Finance costs (income), net – other   18,457   23,836
    Profit (loss) before income taxes from continuing operations   (10,443)   (31,681)
    Income tax expense (recovery)   (9,650)   1,812
    Profit (loss) from continuing operations, net of tax $ (793) $ (33,493)
    Profit (loss) from discontinued operations, net of tax   14,216   43,725
    Profit (loss) for the year $ 13,423 $ 10,232
    Other comprehensive income (loss):        
    Items that may be reclassified to profit or loss in subsequent periods:        
    Currency translation differences   30,553   (2,055)
    Items that are not reclassified to profit or loss in subsequent periods:        
    Changes in investments measured at fair value through other comprehensive income, net of tax   (1,646)   (1,144)
    Other comprehensive income (loss), net of tax   28,907   (3,199)
    Total comprehensive income (loss) for the year, net of tax $ 42,330 $ 7,033
             
    Earnings (loss) per share attributable to the shareholders of the Company during the year        
    Basic earnings (loss) per share:        
    Continuing operations   $(0.02)   $(0.74)
    Discontinued operations   $0.31   $0.97
    Diluted earnings (loss) per share:        
    Continuing operations   $(0.02)   $(0.74)
    Discontinued operations   $0.30   $0.95
    (1) Comparative figures have been restated to reflect discontinued operations


    Interim Condensed Consolidated Balance Sheets

    As at December 31, 2024 and December 31, 2023
    (Unaudited)

    (Expressed in Thousands of Canadian Dollars)

        December 31, 2024   December 31, 2023
    Assets        
    Current assets        
    Cash and cash equivalents $ 41,876 $ 41,892
    Trade receivables and other   144,812   250,462
    Income taxes recoverable   5,099   9,532
    Derivative financial instruments   8,928   677
        200,715   302,563
    Assets held for sale   282,233   –
    Total current assets   482,948   302,563
    Non-current assets        
    Trade receivables and other   9,620   10,511
    Derivative financial instruments   9,984   8,134
    Investments   14,580   14,509
    Investment in joint venture   25,605   22,655
    Deferred tax assets   56,797   30,650
    Right-of-use assets   19,420   25,282
    Property, plant and equipment   13,217   19,768
    Intangibles   214,614   270,641
    Goodwill   404,176   509,980
    Total non-current assets   768,013   912,130
    Total assets $ 1,250,961 $ 1,214,693
    Liabilities        
    Current liabilities        
    Trade payables and other $ 216,390 $ 199,220
    Income taxes payable   3,017   4,710
    Lease liabilities   11,009   14,346
        230,416   218,276
    Liabilities directly associated with assets held for sale   57,680   –
    Total current liabilities   288,096   218,276
    Non-current liabilities        
    Trade payables and other   19,828   22,530
    Lease liabilities   26,751   33,755
    Borrowings   281,887   307,451
    Deferred tax liabilities   17,179   30,144
    Total non-current liabilities   345,645   393,880
    Total liabilities   633,741   612,156
    Shareholders’ equity        
    Share capital   798,087   769,296
    Contributed surplus   21,394   50,143
    Accumulated other comprehensive income (loss)   56,243   42,434
    Retained earnings (deficit)   (275,935)   (259,336)
    Reserves of assets held for sale   17,431   –
    Total shareholders’ equity   617,220   602,537
    Total liabilities and shareholders’ equity $ 1,250,961 $ 1,214,693


    Interim Condensed Consolidated Statements of Cash Flows

    For the Years Ended December 31, 2024 and 2023
    (Unaudited)
    (Expressed in Thousands of Canadian Dollars)

        For the year ended December 31, 2024   For the year ended December 31, 2023
    Cash flows from operating activities        
    Profit (loss) before income taxes from continuing operations  $  (10,443)  $ (31,681)
    Profit (loss) before income taxes from discontinued operations   19,200   54,011
    Profit (loss) before income taxes $ 8,757 $ 22,330
    Adjustments for:        
    Depreciation of right-of-use assets   9,945   11,121
    Depreciation of property, plant and equipment   4,554   6,102
    Amortization of intangibles   35,916   40,717
    Finance costs (income), net – leases   1,189   1,222
    Finance costs (income), net – other   17,979   23,877
    Share-based compensation   23,669   23,068
    Unrealized foreign exchange (gain) loss   (337)   1,622
    (Gain) loss on investments   (446)   301
    (Gain) loss on disposal of right-of-use assets, property, plant and equipment and intangibles   (2,025)   454
    (Gain) loss on equity derivatives   (9,942)   8,599
    Share of (profit) loss of joint venture   (2,950)   (3,146)
    Impairment of non-financial assets   7,000   –
    Impairment of right-of-use assets, net of (gain) loss on sub-leases   (322)   (565)
    Net changes in:        
    Operating working capital   11,703   (24,117)
    Liabilities for cash-settled share-based compensation   19,246   591
    Deferred consideration payables   (1,674)   (1,610)
    Contingent consideration payables   (200)   (2,989)
    Net cash generated by (used in) operations   122,062   107,577
    Less: interest paid on borrowings   (18,064)   (20,273)
    Less: interest paid on leases   (1,189)   (1,222)
    Less: income taxes paid   (23,588)   (14,889)
    Add: income taxes refunded   699   236
    Net cash provided by (used in) operating activities   79,920   71,429
    Cash flows from financing activities        
    Proceeds from exercise of options   17,678   10,417
    Financing fees paid   (170)   (8)
    Proceeds from borrowings   34,426   72,154
    Repayment of borrowings   (72,360)   (83,599)
    Payments of principal on lease liabilities   (15,944)   (15,094)
    Proceeds from right-of-use asset lease inducements   –   525
    Dividends paid   (24,726)   (26,579)
    Treasury shares purchased for share-based compensation   (3,483)   (4,817)
    Cancellation of shares   (11,043)   (4,780)
    Net cash provided by (used in) financing activities   (75,622)   (51,781)
    Cash flows from investing activities        
    Purchase of investments   (882)   (841)
    Purchase of intangibles   (6,063)   (7,664)
    Purchase of property, plant and equipment   (1,392)   (4,827)
    Proceeds from investments   93   28
    Proceeds from disposal of investments   –   3,471
    Proceeds from sale of disposal group   11,016   –
    Acquisitions, net of cash acquired   –   (25,090)
    Net cash provided by (used in) investing activities   2,772   (34,923)
    Effect of foreign currency translation   1,630   1,900
    Net increase (decrease) in cash and cash equivalents   8,700   (13,375)
    Cash and cash equivalents, beginning of year   41,892   55,267
    Cash and cash equivalents, end of year (1)  $ 50,592 $ 41,892
    (1) Included in cash and cash equivalents as at December 31, 2024 is $8,716 related to discontinued operations


    Reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings (Loss)

    The following table provides a reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings (Loss):

      Quarter ended December 31, Year ended December 31,
    In thousands of dollars, except for per share amounts   2024   2023 (1)   2024   2023 (1)
    Profit (loss) for the period $ 10,638 $ (140) $ 13,423 $ 10,232
    (Profit) loss from discontinued operations, net of tax   12,234   (8,179)   (14,216)   (43,725)
    Occupancy costs calculated on a similar basis prior to the adoption of IFRS 16 (2)   (1,618)   (1,289)   (9,157)   (8,431)
    Depreciation of right-of-use assets   1,595   2,078   8,271   8,047
    Depreciation of property, plant and equipment and amortization of intangibles (8)   8,752   9,560   35,745   37,382
    Acquisition and related transition costs (income)   20   3,759   8,914   3,950
    Unrealized foreign exchange (gain) loss (3)   543   970   760   3,622
    (Gain) loss on disposal of right-of-use assets, property, plant and equipment and intangibles (3)   (4,074)   (3)   (2,496)   16
    Share of (profit) loss of joint venture   (937)   (810)   (2,950)   (3,146)
    Non-cash share-based compensation costs (4)   3,231   3,041   13,285   11,178
    (Gain) loss on equity derivatives net of mark-to-market adjustments on related RSUs and DSUs (4)   24   1,512   (2,891)   5,531
    Restructuring costs (recovery)   2,939   311   12,052   313
    (Gain) loss on investments (5)   194   659   (446)   301
    Impairment charge   7,000   –   7,000   –
    Other non-operating and/or non-recurring (income) costs (6)   2,951   2,528   5,856   14,074
    Finance costs (income), net – leases   301   131   938   771
    Finance costs (income), net – other (9)   3,781   8,816   18,457   23,836
    Income tax expense (recovery) (10)   (15,154)   (2,086)   (9,650)   1,812
    Adjusted EBITDA $ 32,420 $ 20,858 $ 82,895 $ 65,763
    Depreciation of property, plant and equipment and amortization of intangibles of non-acquired businesses (8)   (1,836)   (2,322)   (6,797)   (8,955)
    Finance (costs) income, net – other (9)   (3,781)   (8,816)   (18,457)   (23,836)
    (Gain) loss on hedging transactions, including currency forward contracts and interest expense (income) on swaps (9)   (502)   3,762   202   3,057
    Tax effect of adjusted earnings (loss) adjustments (10)   13,055   (1,664)   (3,830)   (13,958)
    Adjusted earnings (loss)* $ 39,356 $ 11,818 $ 54,013 $ 22,071
    Weighted average number of shares – basic   45,904,069   45,421,165   45,787,374   45,302,194
    Weighted average number of restricted shares   233,275   433,123   308,353   485,530
    Weighted average number of shares – adjusted   46,137,344   45,854,288   46,095,727   45,787,724
    Adjusted earnings (loss) per share (7)   $0.85   $0.26   $1.17   $0.48
    (1) Comparative figures have been restated to reflect discontinued operations. Refer to Note 11 of the financial statements.
    (2) Management uses the non-GAAP occupancy costs calculated on a similar basis prior to the adoption of IFRS 16 when analyzing financial and operating performance.
    (3) Included in other operating expenses in the consolidated statements of comprehensive income (loss).
    (4) Included in employee compensation expenses in the consolidated statements of comprehensive income (loss).
    (5) (Gain) loss on investments relates to changes in the fair value of investments in partnerships.
    (6) Other non-operating and/or non-recurring (income) costs for the quarters and years ended December 31, 2024 and 2023 relate to legal, advisory, consulting, and other professional fees related to organizational and strategic initiatives. These are included in other operating expenses in the consolidated statements of comprehensive income (loss).
    (7) Refer to page 4 of the MD&A for the definition of Adjusted EPS.
    (8) For the purposes of reconciling to Adjusted Earnings (Loss), the amortization of intangibles of acquired businesses is adjusted from Profit (loss) for the period. Per the quantitative reconciliation above, we have added back depreciation of property, plant and equipment and amortization of intangibles and then deducted the depreciation of property, plant and equipment and amortization of intangibles of non-acquired businesses to arrive at the amortization of intangibles of acquired businesses.
    (9) For the purposes of reconciling to Adjusted Earnings (Loss), the interest accretion on contingent consideration payables and (gains) losses on hedging transactions and interest expense (income) on swaps is adjusted from Profit (loss) for the period. Per the quantitative reconciliation above, we have added back finance costs (income), net – other and then deducted finance costs (income), net – other prior to adjusting for interest accretion on contingent consideration payables and (gains) losses on hedging transactions and interest expense (income) on swaps.
    (10) For the purposes of reconciling to Adjusted Earnings (Loss), only the tax impacts for the reconciling items noted in the definition of Adjusted Earnings (Loss) is adjusted from profit (loss) for the period.


    Reconciliation of Free Cash Flow

    The Company proactively manages and optimizes Free Cash Flow available for reinvestment in the business. Free Cash Flow is reconciled as follows:

    Free Cash Flow Quarter ended December 31, Year ended December 31,
    In thousands of dollars   2024   2023   2024   2023
    Net cash provided by (used in) operating activities $ 24,708 $ 44,693 $ 79,920 $ 71,429
    Less: Capital Expenditures   (109)   (4,552)   (7,455)   (12,491)
    Free Cash Flow $ 24,599 $ 40,141 $ 72,465 $ 58,938


    Constant Currency

    The following tables provide a summarization of the foreign exchange rates used as presented based on the average monthly rates, and the foreign exchange rates used for Constant Currency for currencies in which the Company primarily transacts in:

      Quarter ended December 31, 2024 Year ended December 31, 2024
        As presented   For Constant Currency   As presented   For Constant Currency
    Canadian Dollar   1.000   1.000   1.000   1.000
    United States Dollar   1.399   1.361   1.370   1.349
    Pound Sterling   1.792   1.689   1.750   1.677
    Euro   1.492   1.464   1.482   1.459
    Australian Dollar   0.912   0.886   0.903   0.896
      Quarter ended December 31, 2023 Year ended December 31, 2023
        As presented   For Constant Currency   As presented   For Constant Currency
    Canadian Dollar   1.000   1.000   1.000   1.000
    United States Dollar   1.361   1.357   1.349   1.301
    Pound Sterling   1.689   1.593   1.677   1.608
    Euro   1.464   1.386   1.459   1.370
    Australian Dollar   0.886   0.892   0.896   0.903

    The MIL Network –

    February 21, 2025
  • MIL-OSI: Wintrust Financial Corporation to Present at Raymond James 46th Annual Institutional Investors Conference

    Source: GlobeNewswire (MIL-OSI)

    ROSEMONT, Ill., Feb. 20, 2025 (GLOBE NEWSWIRE) — Wintrust Financial Corporation (“Wintrust”) (Nasdaq: WTFC) will present at the Raymond James 46th Annual Institutional Investors Conference to be held on March 2 – 5, 2025. Wintrust management will participate in a question and answer session that is scheduled to begin at 10:25 AM, Eastern Time, on March 3, 2025.

    This event will be webcast and may be accessed at https://wsw.com/webcast/rj131/wtfc/1602900 or at Wintrust’s website at www.wintrust.com, Investor Relations, Investor News and Events, Presentations and Conference Calls. Listeners should go to the website at least fifteen minutes before the presentation to download and install any necessary audio software. There is no charge to access the event. For those unable to attend the live broadcast, a replay will be available for 90 days after the conference.

    About Wintrust

    Wintrust is a financial holding company with approximately $65 billion in assets whose common stock is traded on the NASDAQ Global Select Market. Guided by its “Different Approach, Better Results” philosophy, Wintrust offers the sophisticated resources of a large bank while providing a community banking experience to each customer. Wintrust operates more than 200 retail banking locations through 16 community bank subsidiaries in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. In addition, Wintrust operates various non-bank business units, providing residential mortgage origination, wealth management, commercial and life insurance premium financing, short-term accounts receivable financing/outsourced administrative services to the temporary staffing services industry, and qualified intermediary services for tax-deferred exchanges.

    FOR MORE INFORMATION CONTACT:
    Timothy S. Crane, President & Chief Executive Officer
    David A. Dykstra, Vice Chairman & Chief Operating Officer
    (847) 939-9000
    Website address: www.wintrust.com

    The MIL Network –

    February 21, 2025
  • MIL-OSI: Diginex Limited Announces Secondary Listing on the Frankfurt Stock Exchange and Tradegate Exchange and the Engagement of German-based Kirchhoff Consult GmbH to Broaden Investor Base Across Europe

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Feb. 20, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex Limited” or the “Company”) (Nasdaq: DGNX), a Cayman Islands-based impact technology company specializing in environmental, social, and governance (ESG) issues, announced today that its shares currently traded on The Nasdaq Capital Market (“Nasdaq”), are now cross-listed on the Frankfurt Stock Exchange (Open Market) and the Tradegate Exchange under the symbol “I0Q” effective February 20, 2025. We expect this cross-listing to expand the Company’s global investor reach, and enhance liquidity and accessibility to European investors while reinforcing its presence in key international financial markets.

    In conjunction with the Frankfurt and Tradegate listings, Diginex Limited has engaged Kirchhoff Consult GmbH, a European affiliate of Lambert by LLYC (Lambert), and a leading German investor relations firm, to spearhead an aggressive European investor engagement effort. This initiative aims to expand and diversify Diginex Limited’s investor base across Europe, which the Company hopes to lead to increased liquidity and resilience in stock trading, solidifying the company’s corporate brand value in these regions, and providing greater access to European capital markets.

    “Our cross-listing on the Frankfurt Stock Exchange and the Tradegate Exchange, coupled with our strategic engagement with Kirchhoff Consult, represents a further step in Diginex Limited’s global growth strategy,” said Miles Pelham, Chairman of Diginex Limited. “Europe is a critical market for us, and we remain committed to deepening our relationships with European investors and partners. By increasing visibility and accessibility, we expect to enhance stock liquidity, strengthen brand awareness, support the growth of our European business operations, and drive long-term value creation for all shareholders.”

    The cross-listing follows Diginex Limited’s successful initial public offering (IPO) on Nasdaq, which closed on January 23, 2025. The Frankfurt Stock Exchange is the largest exchange in Germany and the third largest in Europe based on market capitalization. The Tradegate Exchange is a German Stock Exchange that specializes in the execution of private investor orders. With its shares now trading in both the U.S. and Europe, Diginex Limited believes that it is well-positioned to attract a broader range of institutional and retail investors, fostering sustainable growth and financial strength for the Company in global capital markets.

    The engagement with Kirchhoff Consult GmbH builds on the Company’s recent partnership with Lambert and its Hong Kong partner, Strategic Public Relations Group Ltd, reinforcing Diginex Limited’s strategic focus on enhancing visibility and bolstering investor engagement across key global markets.

    About Diginex Limited

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

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

    Forward-Looking Statements

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

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email:ir@diginex.com

    European IR Contract
    Jens Hecht
    Phone: +49.40.609186.82
    Email: jens.hecht@kirchhoff.de

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

    The MIL Network –

    February 21, 2025
  • MIL-OSI United Nations: Signs of ‘Historic Progress’ towards Peace Emerge, Central African Republic’s Delegate Tells Security Council, Requesting Donor Support for 2025 Elections

    Source: United Nations General Assembly and Security Council

    UN Official Notes Fragility in Border Areas despite Overall Security Improvement

    The Central African Republic has made significant progress towards the 2025 elections, the head of the United Nations peacekeeping mission in the country told the Security Council today, while also noting overall security improvements and persistent fragility in border areas.

    Valentine Rugwabiza, Secretary-General’s Special Representative and Head of the United Nations Multidimensional Integrated Stabilization Mission in the Central African Republic (MINUSCA), emphasized that the upcoming electoral cycle represents a historic opportunity to lay the foundation for decentralized governance.  Recently, national authorities along with MINUSCA’s support were able to register 570,000 new voters and had opened the first-ever multiservice post at the country’s border with Chad.

    However, despite this important progress, serious pockets of insecurity persist, particularly in areas where armed groups try to control mining sites and transhumance corridors, she continued.  Implementation of the national border-management policy requires additional support as the conflict in Sudan also threatens to spill over.  While welcoming the dissolution of 9 out of 14 armed groups who signed the Political Agreement for Peace and Reconciliation six years ago, she also said that more needs to be done — in collaboration with regional partners — to facilitate the return of armed group leaders and ensure their disarmament.

    On the human rights front, she urged the Government to launch the Truth, Justice, Reparation and Reconciliation Commission, through the appointment of its new commissioners.  “If left unaddressed, [human rights] crimes could undermine the hard-earned security gains and further erode social cohesion,” she warned. Paying tribute to a 29-year-old Tunisian peacekeeper recently killed in an ambush in Bamingui-Bangoran, she urged the authorities to bring the perpetrators to justice.

    “We need your support to build a stronger and more inclusive economy in the Central African Republic,” said Portia Deya Abazene, President of the Federation of Women Entrepreneurs of the Central African Republic, via video link.  Despite the adoption of international conventions and a constitution guaranteeing equal rights, “harmful practices continue to hinder the progress of women in [Central African Republic]”, she said, highlighting the low representation of women in leadership positions.  Women represent only 15.52 per cent of business owners in certain sectors and face constraints in accessing land, means of production, education, financing, markets and decent employment.

    Women Key to Economic Development

    Ms. Abazene’s organization provides a space for experience-sharing among women entrepreneurs at the local level, as well as training programmes in leadership, management, financial education and digital marketing.  “The achievements of Central African women in entrepreneurship are the result of their determination and political will,” she underscored, calling for policies promoting female entrepreneurship and easier access to financing.  “The Central African Republic will not reach its potential as long as more than 51 per cent of its population” —  women —  continue to be marginalized, she said. 

    Council members emphasized the need to address human rights violations in the country, urged its authorities to seize the opportunity to hold credible elections, and highlighted MINUSCA’s vital role in helping to expand State authority.  Several speakers, however, offered differing views on the root causes of Bangui’s instability.

    United States, United Kingdom, Russian Federation Trade Barbs 

    “It is clear that Kremlin-backed actors, purporting to be security partners, are undercutting Central African Republic’s authorities and undermining peace with the primary goal of stealing [Central African Republic] resources without contributing to its development,” said the representative of the United States. . “It is unacceptable that a member of this Council continues to disseminate disinformation that diminishes the credibility and effectiveness of MINUSCA,” he added, expressing serious concern over the violation of the Status of Forces Agreement, namely the blocking of MINUSCA fuel trucks.

    The United Kingdom’s delegate said his country has information “that proxies directed by the Russian State have plans to interfere with [Central African Republic] elections, including through suppressing political voices and conducting disinformation campaigns to interfere in political debate”.  They are acting without regard for the country’s sovereignty and jeopardizing the dedicated UN role, he said.  Also highlighting reports of Wagner Ti Azande and other armed groups committing atrocities against civilians, he called on all actors to the conflict to uphold their obligations under international law.

    The representative of the Russian Federation said that, given the considerable security improvements in the Central African Republic, it is “surprising” that the United States and United Kingdom continue “whipping the dead horse of their campaign to smear” her country.  This campaign has run out of steam.  Moscow remains committed to cooperating with Bangui to achieve lasting peace and security.  As far as the security situation, she expressed concerns for the area bordering Sudan, which has become an “additional burden” of human rights concerns.  Successful municipal elections in July will be a “milestone on the road to peaceful life” in the Central African Republic.

    The representative of China, Council President for February, speaking in his national capacity, said the situation in the country “is good, in general”, with progress in enhancing governance capacity and consolidating political gains.  MINUSCA must prioritize support for election preparations, he said, adding that the international community should avoid undue external interference.

    Democratic, Inclusive, Fair Elections

    The representative of Somalia, also speaking for Algeria, Guyana and Sierra Leone, welcomed the inauguration of “the first-ever multiservice border post in the Central African Republic” built with MINUSCA’s support. Despite security, logistical and financial challenges — preparations towards local, legislative and presidential elections are progressing.  Emphasizing the need for open and constructive dialogue between the Government and opposition parties, he also called for “concerted” efforts to ensure that all eligible citizens are registered to vote.  “We wish to underline that the success of the local election process is essential for the strengthening of direct democracy, legitimacy, local development and the extension of State authority throughout the national territory,” he added.

    Other speakers also said that the upcoming elections were a unique opportunity for the Central African Republic, with Panama’s delegate emphasizing that 2025 is a “pivotal year” for Bangui.  “These will be the first local elections in more than three decades,” he said, urging the Government to guarantee that “these elections will be carried out in a peaceful environment”.  Slovenia’s delegate said that, while local elections can signify a major step in the further decentralization of the country, they “will only be considered credible and democratic, if all eligible voters are able to register and cast their vote, including women, youth, minorities, internally displaced persons, returnees and refugees”.

    Fear of Sudan Conflict Spillover

    Joining others in expressing concern over the spillover of the conflict in Sudan, the representative of the Republic of Korea said that the presence of the Rapid Support Forces — a paramilitary group in Sudan — in the Central African Republic “only brings more risk to the already-fragile landscape”.  Similarly, Greece’s representative said that recent gains in border-management policy “are undermined by the transiting of armed groups across the porous north-eastern region”.

    Pakistan’s delegate noted that his country had contributed 1,300 troops to MINUSCA and expressed concern over the shortfall in funding.  “As of 4 February, unpaid assessed contributions to the Special Account for MINUSCA amounted to $570.7 million,” he said.  Other Council members also stressed the need to provide financial and material support for the Central African Republic, with France’s delegate noting that Paris has allocated €2 million to the United Nations Development Programme (UNDP) for Bangui’s upcoming elections, and €200,000 to enable the country’s Special Criminal Court to function.  Peacebuilding “depends on progress achieved in combating impunity”, he stressed.

    The representative of the Central African Republic, detailing his country’s “considerable progress in pursuing peace” since the signing of the 2019 peace agreement, reported that 9 of 14 armed groups have dissolved, 7,000 combatants have disarmed and demobilized, and 20,000 weapons of various calibres have been collected.  “This is a sign of historic progress,” he stressed, while noting the “one major challenge” remaining — “the complete eradication of isolated armed groups, which continue to carry out atrocities against civilians”.  To the armed groups that remain, he underscored:  “The door for dialogue remains wide open.”

    He went on to stress:  “Insecurity directly threatens the democratic process that we intend to consolidate.” Noting that the crisis is Sudan is seriously impacting his own, he called on the international community to support Bangui’s forces; provide training, logistical and intelligence support; and strengthen MINUSCA’s mandate so the Mission can be more proactive in addressing security threats.  And for the ongoing electoral process — “a fundamental pillar for stability and lasting peace” — he appealed for financial support amounting to $7 million. “By supporting this process, the international community will be directly contributing to peace and development in our country,” he said.

    MIL OSI United Nations News –

    February 21, 2025
  • MIL-OSI USA: Governor Lamont Heads Delegation of Connecticut Officials and Business Leaders on Economic Mission in India

    Source: US State of Connecticut

    (HARTFORD, CT) – Governor Ned Lamont today announced that from Sunday, February 23, to Saturday, March 1, 2025, he will head a delegation of state officials and business leaders from Connecticut on an economic development mission in India, where they will meet with executives of companies and key government officials to discuss strategies that will build stronger economic ties between Connecticut and India.

    The delegation includes Connecticut Economic and Community Development Commissioner Daniel O’Keefe; former PepsiCo CEO Indra Nooyi; UConn President Radenka Maric; Yale University Vice Provost for Research Michael Crair; Connecticut Innovations CEO Matthew McCooe; and executives from Advance Connecticut, a business-driven nonprofit organization that works to engage, retain, and recruit businesses to Connecticut. Infosys CEO Salil Parekh, who is a board member of Advance Connecticut and resides in India, will host the group during the visit. The delegation will be traveling to Chennai, Bangalore, and Mumbai.

    “There are several notable Indian companies that have expressed interest in expanding their operations to North America, and we plan on meeting with them to let them know why Connecticut is an excellent place for them to select as their base of operations,” Governor Lamont said. “We will also meet with executives from several Indian companies that are already operating in our state, such as Infosys and Tata Consultancy Services. Connecticut and India have many unique connections, and we want to strengthen that bond and increase it to its full economic potential.”

    In addition to one-on-one meetings with corporate decision makers representing Indian companies, the delegation will be participating in events such as Venture Clash, a roundtable discussion on quantum computing, and an MOU signing, which will be announced during the visit.

    The socio-economic ties between Connecticut and India are strong. Indians make up the second-largest foreign-born population in the state, and Connecticut has the seventh highest population of Indian residents proportionally in the United States, with numerous Indian cultural groups operating in every corner of the state. As a result of this, Connecticut receives the ninth most tourism dollars spent by Indian travelers per capita in the United States.

    India-born residents in Connecticut make up 14% (38,000) of the state’s foreign-born population. Of the19,990 international students studying in Connecticut, 7,200 are from India, making it the top country of origin of international students in the state. Approximately 36.5% of international students in Connecticut are from India, compared to 29.4% nationally.

    “Connecticut has been successful at attracting Indian technology companies, especially fintech and insurtech companies that have clients in Hartford and Stamford,” Commissioner O’Keefe said. “We also have the advantage of an excellent location from which these companies can easily access their clients in the large metro areas of Montreal, Toronto, New York, and Boston from a Connecticut-based headquarters location.”

    “We have a number of Indian companies operating in Connecticut,” John Bourdeaux, president and CEO of Advance Connecticut, said. “Equally, there are several Connecticut-headquartered companies with operations in India, including Amphenol and Stanley Black & Decker, among others. Creating stronger connections with Indian business leaders will be a win-win for the state and for the companies. Indian companies integrate successfully into the Connecticut business ecosystem and the Connecticut economy benefits greatly from their growing businesses.”

    Governor Lamont may adjust his schedule and return to Connecticut earlier than currently planned if it is determined to be necessary.

     

    MIL OSI USA News –

    February 21, 2025
  • MIL-OSI: Bishop Street Underwriters Closes Acquisition of Landmark Underwriting

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK and LONDON, Feb. 20, 2025 (GLOBE NEWSWIRE) — Bishop Street Underwriters (“Bishop Street”), a RedBird Capital Partners portfolio company, today announced that it has completed its acquisition of Landmark Underwriting (“Landmark”), a specialty-focused managing general agent (“MGA”) based in London. This deal continues Bishop Street’s rapid expansion, growing its investment footprint outside of North America for the first time, and further strengthening the capabilities of its platform. Financial terms of the deal were not disclosed. 

    As a well-positioned high-growth MGA with an established panel of rated capacity partners, this deal brings Landmark’s specialized and dynamic team to the Bishop Street platform, in support of building a truly integrated global underwriting business. Landmark’s leadership team will remain intact with Sitki Gelmen as Group CEO, David Ratledge as Group MD and Deepti Janak as Group CFO, facilitating a seamless transition and incorporating the teams’ vision into the future growth of the platform across the UK, Europe and Asia Pacific.

    Landmark has served clients in the specialty (re)insurance market since 2017, offering a range of bespoke insurance solutions across various classes including Professional Indemnity, Property, Directors and Officers and General Liability. With the acquisition now complete, Landmark will build upon it’s established market presence and recent expansions into Marine and Political Risk products, with expansion planned across new classes and geographies.

    “We’re thrilled to officially welcome Landmark Underwriting to the Bishop Street family,” said Chad Levine, CEO of Bishop Street. “We look forward to leveraging the team’s experience and strong industry relationships to enable the next chapter of international development for our platform. Landmark’s ability to adapt to client needs and attract the best underwriting talent will continue to fuel its growth, positioning the company as a leading MGA of choice in the global market and a complementary fit for the Bishop Street portfolio.”

    Sitki Gelmen, Landmark Underwriting Group CEO and Co-Founder, said: “This is an exciting next phase for Landmark. We are focused on bringing specialty underwriting solutions to our partners, and through this partnership, we will amplify our ability to provide leading risk solutions to top broking houses worldwide. The combination of Bishop Street’s resources and our niche expertise will allow us to accelerate growth, expand our product offerings into complementary lines of business and deepen our presence in key markets.”

    Mike Zabik, Partner of RedBird Capital, added, “Bishop Street’s growth strategy is predicated on leveraging a multi-jurisdictional footprint. Landmark’s strong presence in London and its expanding global presence are key levers for future growth, both organically and through strategic acquisitions across key international markets.”

    This addition marks the latest strategic move for Bishop Street, following recent key investments and acquisitions including Ethos Specialty’s Transactional Liability unit, Verve Services, Conifer Insurance Services and Ahoy!, as well as partnerships with companies like Skyward Specialty Insurance and Topsail Re.

    About Bishop Street
    Bishop Street Underwriters, a RedBird Capital portfolio company, seeks to partner with Managing General Agents (“MGAs”) as well as niche underwriting teams. Bishop Street aims to combine their best-in-class (re)insurance executive team’s vision with RedBird’s strong track record, expertise and network in the financial services sector to build a differentiated platform that is uniquely positioned to capitalize on secular growth tailwinds in the industry. For more information, please go to www.bishopstreetuw.com.

    About Landmark Underwriting
    Landmark Underwriting is a specialist, UK based MGA providing (re)insurance solutions to complex risks globally. Since 2017, Landmark has maintained relationships with all of the significant Insurance Broker markets. From its centre of operations in London, Landmark currently provides risk solutions across Professional Indemnity, General Liability, Directors and Officers, Property and Marine. The company continues to expand its underwriting and operational bandwidth in key territories, driving rapid growth.

    About RedBird Capital Partners
    RedBird Capital Partners is a private investment firm that builds high-growth companies with strategic capital solutions to founders and entrepreneurs. The firm currently manages $10 billion in assets on behalf of a global group of blue chip institutional and family office investors. Founded in 2014 by Gerry Cardinale, RedBird integrates sophisticated private equity investing with a hands-on business building mandate that focuses on three core industry verticals – Financial Services, Sports and Media & Entertainment. Over his 30-year investment career, Cardinale has partnered with founders and entrepreneurs to build some of the most iconic growth companies in their respective industries. For more information, please go to www.redbirdcap.com.

    Media Contacts
    Bishop Street 
    Dan Gagnier
    Gagnier Communications
    redbird@gagnierfc.com
    646.569.5897

    The MIL Network –

    February 21, 2025
←Previous Page
1 … 818 819 820 821 822 … 1,154
Next Page→
NewzIntel.com

NewzIntel.com

MIL Open Source Intelligence

  • Blog
  • About
  • FAQs
  • Authors
  • Events
  • Shop
  • Patterns
  • Themes

Twenty Twenty-Five

Designed with WordPress