Category: Asia

MIL-OSI: cBrain reports EBT of 32% and raises payout ratio to 20%

Source: GlobeNewswire (MIL-OSI)

Company Announcement no. 03/2025

cBrain reports EBT of 32% and raises payout ratio to 20%

Copenhagen, February 20, 2025

cBrain (NASDAQ: CBRAIN) reports revenue grew by +12% to DKK 268m in 2024, up from DKK 239m in 2023, aligning with the expected revenue growth range of 12-13%.

Software revenue is 78% of total revenue, while implementation and support services account for 22% of total revenue. Software subscriptions, the majority based on long-term contracts with Danish government customers, account for more than 50 % of the total revenue.

Earnings before tax (EBT) grew to DKK 86m in 2024, up from DKK 81m in 2023, thereby reaching an EBT margin of 32%. EBT is therefore at the expected EBT margin of 30-32%.

Due to faster-than-expected global industry changes as well as market uncertainties in the US and Germany, cBrain has held back some of the planned market investments in 2024. This has resulted in costs being lower than expected.

The results show a strong positive cash flow from operating activities. This enables an increase in dividends and investments in the growth of the company and at the same time reduces long-term loans on cBrain-owned buildings.

cBrain does not have a share buyback program. However, due to solid earnings, cBrain proposes to raise dividends to DKK 0,64 per share (2023: DKK 0,28 per share) corresponding to a payout ratio of approx. 20% of profit for the year.

Executing the growth plan
In 2022, cBrain announced its 2023-2025 growth plan with the goal of consolidating the business model and preparing for long-term growth by positioning itself as a supplier of climate software for government and developing a partner model.

During the past two years, cBrain has executed this plan and during 2023 and 2024, cBrain has grown, initiated partnerships, and delivered solid results, growing revenue by +42% and growing EBT by +76%.

The growth plan assumes that government organizations over time will switch from relying on custom-built solutions and best-of-breed architectures to using standard software. The government IT industry is massive and dominated by large suppliers who benefit from consultancy fees and billable hours. This creates significant entry barriers as the classic vendors defend their business, and the growth plan therefore anticipates a long and slow transition to standard software.

The COTS for government seem to emerge faster than anticipated
Contrary to these assumptions, cBrain now sees indications that industry shifts toward standard software and platforms are occurring faster than anticipated. Fueled by a lack of skilled IT resources and a growing demand for fast delivery, cBrain sees a rapidly emerging IT industry, referred to as Commercial Off-The-Shelf (COTS) for government. For cBrain, this presents new strategic opportunities.

COTS for government, leveraging new technologies and platforms such as the F2 Digital Platform, enables digital transformation at higher speed and lower costs that outperform traditional IT modernization.

For example, cBrain delivered a complete end-to-end digital platform for two new Danish ministries within just three weeks during the autumn of 2024, and in 2025 cBrain has just announced a third new Danish ministry, following a similar fast-track implementation schedule. Traditionally, projects of this nature take years and often fail. The Danish ministerial cases thereby exemplify the power of the COTS for government approach.

cBrain has a first-mover advantage
The long-term cBrain growth strategy is founded on a vision and a business case to provide standard software for government. Over the past 15 years, cBrain has invested more than 450,000 hours in developing the F2 platform. Danish ministries and a total of more than 75 Danish authorities use F2 as their digital platform. Internationally cBrain has delivered F2 for government organizations across five continents.

With a solid first-mover advantage and a strong customer base, cBrain is well-positioned to become a leading international software provider of COTS for government solutions.

During the year 2024, the accelerated market shift and the power of the COTS for government approaches have opened new opportunities for cBrain. This is exemplified by the recent collaboration between cBrain and UNDP in Africa to support the UNDP Digital Offer for Africa strategy, and larger orders in Romania helping to modernize traditional mainframe-type solutions.

Reiterating the international growth strategy
The faster-than-expected market shift, with government looking toward IT modernization and digitization based on the alternative COTS for government approach, clearly represents an incredibly positive development for cBrain.

cBrain wants to fully take advantage of this, and a solid business with strong cash flow and earnings offer strategic flexibility. Consequently, cBrain is now reiterating and potentially adjusting its international growth strategy.

This includes evaluating organizational readiness, as well as market and product development strategies, to leverage and maximize the benefits of accelerated industry changes. With the goal of being an internationally leading vendor in the emerging COTS for government industry, cBrain will execute several changes to the growth plan during the spring of 2025.

Driving international expansion
With the current Danish customer base, cBrain has a strong home market position. Internationally this is an important reference position, and cBrain intends to maintain and develop a strong position on the Danish market.

However, to be a leader in the COTS for government industry and fully deploy the potential of the new emerging industry, cBrain will direct more resources into its international business.

cBrain has built its international business based on organic growth, building the business by addressing international customers directly or in collaboration with local partners. This strategy is maintained, but with an increased focus on working with international partners.

As of today, over one-third of the total revenue is export. cBrain is currently reiterating and potentially adjusting its international growth strategy with a goal, that within a few years, the international revenue will be significantly larger than the Danish revenue.

Lifting the business
During the past two years, cBrain has built a pipeline of potential customers, which are significantly larger than the average Danish customer. This includes projects in Germany and the US, as well as projects in the Emirates, India, Kenya, and Romania.

For cBrain to be a leader in the COTS for government industry, it is key to building an international business. Backed by a solid financial position, cBrain is therefore shifting a focus to international opportunities. This shift involves changes across the cBrain internal organization, from marketing and sales to delivery and R&D.

cBrain announced the growth plan in 2022 with an ambition to reach a revenue of 350 million in the year 2025. cBrain continues to execute its growth plan. However, reaching the revenue ambition requires winning and delivering some of the large international contracts cBrain is currently working on.

cBrain guides continued growth in revenue and solid earnings for 2025
With limited visibility, cBrain forecasts expected revenue growth in 2025 of 10-15% and earnings before tax (EBT) of 18-23%.

The earnings forecast is based on solid market development investments into international growth, across the African region, USA, Germany, and India, as well as investments into developing the F2-for-Partners concept.

Best regards

Per Tejs Knudsen, CEO

Inquiries regarding this Company Announcement may be directed to

Ejvind Jørgensen, CFO & Head of Investor Relations, cBrain A/S, ir@cbrain.com, +45 2594 4973

Attachments

The MIL Network –

February 20, 2025

MIL-OSI: BE Semiconductor Industries N.V. Announces Q4-24 and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Q4-24 Revenue of € 153.4 Million and Net Income of € 59.3 Million. Operating Results Within Prior Guidance

FY-24 Revenue of € 607.5 Million and Net Income of € 182.0 Million Up 4.9% and 2.8%, Respectively, vs. FY-23. Orders of € 586.7 Million Up 7.0% vs. FY-23

Proposed Dividend of € 2.18 per Share for Fiscal 2024. 95% Pay-Out Ratio

DUIVEN, the Netherlands, Feb. 20, 2025 (GLOBE NEWSWIRE) — BE Semiconductor Industries N.V. (the “Company” or “Besi”) (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the fourth quarter and year ended December 31, 2024.

Key Highlights Q4-24

Revenue of € 153.4 million down 2.0% vs. Q3-24 and 3.9% vs. Q4-23 primarily due to lower demand for automotive applications partially offset by increased hybrid bonding shipments
Orders of € 121.9 million down 19.7% vs. Q3-24 and 26.7% vs. Q4-23 due primarily to decreased bookings for high performance computing and mainstream assembly applications
Gross margin of 64.0% decreased by 0.7 points vs. Q3-24 and 1.1 points vs. Q4-23 primarily due to adverse net forex influences
Net income of € 59.3 million increased 26.7% vs. Q3-24 and 8.0% vs. Q4-23 due to € 18.2 million of net tax benefits realized. As a result, net margin rose to 38.6% vs. 29.9% in Q3-24 and 34.4% in Q4-23
Cash and deposits of € 672.3 million at year-end increased 62.6% versus year-end 2023. Net cash of € 143.8 million increased € 33.1 million (29.9%) vs. Q3-24 and € 30.8 million (27.3%) vs. Q4-23

Key Highlights FY 2024

Revenue of € 607.5 million increased 4.9% vs. 2023 principally due to higher demand by computing end-user markets, particularly for hybrid bonding and photonics applications, partially offset by weakness in mobile, automotive and Chinese end-user markets
Orders of € 586.7 million rose 7.0% due to strength in 2.5D and 3D AI-related applications
Gross margin of 65.2% rose by 0.3 points due to more favorable advanced packaging product mix
Net income of € 182.0 million grew 2.8% as higher revenue, gross margin and net tax benefits were partially offset by higher R&D spending and share-based compensation expense. Besi’s net margin decreased slightly to 30.0% vs. 30.6% in 2023
Proposed dividend of € 2.18 per share. Represents pay-out ratio of 95%

Q1-25 Outlook

Revenue expected to decrease 0-10% vs. the € 153.4 million reported in Q4-24
Gross margin expected to range between 63-65% vs. the 64.0% realized in Q4-24
Operating expenses expected to grow 10-20% vs. the € 47.6 million reported in Q4-24

(€ millions, except EPS)	Q4-2024	Q3-2024	Δ		Q4-2023	Δ		FY-2024	FY-2023	Δ
Revenue	153.4	156.6	-2.0	%	159.6	-3.9	%	607.5	578.9	+4.9	%
Orders	121.9	151.8	-19.7	%	166.4	-26.7	%	586.7	548.3	+7.0	%
Gross Margin	64.0%	64.7%	-0.7		65.1%	-1.1		65.2%	64.9%	+0.3
Operating Income	50.6	55.1	-8.2	%	66.1	-23.4	%	195.6	213.4	-8.3	%
EBITDA	58.0	62.4	-7.1	%	72.7	-20.2	%	224.2	239.1	-6.2	%
Net Income*	59.3	46.8	+26.7	%	54.9	+8.0	%	182.0	177.1	+2.8	%
Net Margin*	38.6%	29.9%	+8.7		34.4%	+4.2		30.0%	30.6%	-0.6
EPS (basic)	0.75	0.59	+27.1	%	0.71	+5.6	%	2.31	2.28	+1.3	%
EPS (diluted)	0.74	0.59	+25.4	%	0.68	+8.8	%	2.30	2.23	+3.1	%
Net Cash and Deposits	143.8	110.7	+29.9	%	113.0	+27.3	%	143.8	113.0	+27.3	%

* Includes net tax benefit of € 18.2 million in Q4-24 versus a tax charge of € 2.3 million in Q4-23.

Richard W. Blickman, President and Chief Executive Officer of Besi, commented:

“Besi’s business development in 2024 reflected contrasting growth trends for AI and mainstream assembly equipment markets. For the year, revenue grew by approximately 5% to reach € 607.5 million due to significantly higher demand by computing end-user markets, particularly for AI-related hybrid bonding and photonics applications. Similarly, orders of € 586.7 million increased by 7.0%. As a result, orders for AI applications grew to represent approximately 50% of our total orders in 2024. Strong order growth from computing end-user markets this year was partly offset by unfavorable market conditions for mainstream applications related to an industry downturn more than two years in duration.

“We continue to navigate an extended downturn at industry leading levels of profitability. Besi achieved gross, operating and net margins of 65.2%, 32.2% and 30.0%, respectively, in 2024. Gross margins increased slightly versus 2023 due to a more favorable advanced packaging product mix which were partially offset by unfavorable net forex effects, particularly in the second half of the year. Net income rose 2.8% versus 2023 primarily due to higher revenue and gross margins realized and a net tax benefit of € 18.2 million. Such favorable influences were partially offset by a significant increase in development spending and higher share-based compensation expense. Given profits earned in 2024 and our solid liquidity position, we will propose a cash dividend of € 2.18 per share for approval at Besi’s 2025 AGM which represents a pay-out ratio relative to net income of 95%.

“Investments in Besi’s future growth continued in 2024 as reflected in higher development spending and a planned expansion of our advanced packaging production capacity in 2025. We increased R&D spending by 31.7% this year to offer customers leading edge assembly solutions for next generation 2.5D and 3D architectures. In addition, progress continued on our hybrid bonding agenda as revenue approximately tripled versus 2023 and orders more than doubled. In addition, adoption increased from nine to fifteen customers. During Q4-24, some notable hybrid bonding bookings included a first order from a Japanese semiconductor producer focused on 2nm advanced logic semiconductors and from a Korean IDM for advanced logic applications.

“Besi’s fourth quarter results were adversely affected by ongoing weakness in mainstream assembly markets, seasonal influences and lower demand for hybrid bonding and photonics applications as customers digested capacity added in 2024. Revenue of € 153.4 million was down 2.0% vs. Q3-24 and 3.9% vs. Q4-23 primarily due to lower demand for automotive applications partially offset by increased hybrid bonding shipments. Orders of € 121.9 million decreased by 19.7% vs. Q3-24 and 26.7% vs. Q4-23 due to lower bookings for hybrid bonding, photonics and mainstream assembly applications. Hybrid bonding and photonics orders have fluctuated on a quarterly basis due to the timing by customers of new device introductions and related capacity additions for these emerging applications. Our operating income in Q4-24 decreased by 8.2% versus Q3-24 primarily due to lower revenue and a 0.7 point gross margin decrease from adverse forex movements. Q4-24 net income of € 59.3 million increased 26.7% vs. Q3-24 and 8.0% vs. Q4-23 due to net tax benefits realized from an upward revaluation of deferred tax assets.

“We enter the year 2025 with cautious optimism based on strong momentum in our advanced die placement solutions for AI applications partially offset by ongoing weakness in mainstream automotive, smart phone, industrial and Chinese end-user markets. We believe that the pace of innovation is increasing as the pandemic and generative AI have accelerated society’s move to a digital world with AI technology adoption increasing significantly in our daily lives. We believe that the commercial viability of hybrid bonding process technology has now been confirmed by some of the industry’s leading players and research institutes. Significant incremental adoption is anticipated to occur over the next three years as the technology is increasingly used in HBM 4/5 memory stacks, ASIC logic devices, silicon photonics, co-packaged optics and consumer mobile/computing applications. As such, we estimate that hybrid bonding adoption and deployment is still in its very early stages.

“The timing and trajectory of a new mainstream assembly upturn is difficult to predict at present. The assembly market still suffers from post-pandemic excess capacity which has taken more than two years to approach equilibrium levels. Semiconductor unit growth and capacity utilization rates have improved since 2022 but at a less rapid rate than previously anticipated by analysts. That being said, we believe it likely that a mainstream assembly recovery will begin in the second half of 2025. Its trajectory will depend on demand trends in each of our end markets and the ultimate course of global trade restrictions. For Q1-25, we forecast that revenue will decrease by 0-10% versus Q4-24 and for gross margins to remain in a range of 63-65% based on our projected product mix. Aggregate operating expenses are forecast to rise 10-20% versus Q4-24 primarily due to higher strategic consulting costs.”

Share Repurchase Activity

During the quarter, Besi repurchased approximately 0.2 million of its ordinary shares at an average price of € 112.84 per share or a total of € 22.4 million. For the year, Besi repurchased approximately 0.6 million shares at an average price of € 125.53 per share for a total of € 79.8 million. At year end, Besi held approximately 1.8 million shares in treasury equal to 2.3% of its shares outstanding.

Investor and media conference call
A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EST). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com.

Important Dates

Publication Annual Report 2024

Publication Q1 results

Annual General Meeting of Shareholders

Publication Q2/semi-annual results

Publication Q3/nine-month results

Publication Q4/full year results

February 28, 2025

April 23, 2025

July 24, 2025

October 23, 2025

February 2026

Dividend Information*

Proposed ex-dividend date

Proposed record date

Proposed payment of 2024 dividend

April 25, 2025

April 28, 2025

Starting May 2, 2025

* Subject to approval at Besi’s AGM on April 23, 2025

Basis of Presentation

The accompanying Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2024 Annual Report, which will be available on www.besi.com as of February 28, 2025.

Contacts
Richard W. Blickman, President & CEO
Andrea Kopp-Battaglia, Senior Vice President Finance
Claudia Vissers, Executive Secretary/IR coordinator
Edmond Franco, VP Corporate Development/US IR coordinator
Tel. (31) 26 319 4500
investor.relations@besi.com

About Besi
Besi is a leading manufacturer of assembly equipment supplying a broad portfolio of advanced packaging solutions to the semiconductor and electronics industries. We offer customers high levels of accuracy, reliability and throughput at a lower cost of ownership with a principal focus on wafer level and substrate assembly solutions. Customers are primarily leading semiconductor manufacturers, foundries, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

Statement of Compliance
The accounting policies applied in the condensed consolidated financial statements included in this press release are the same as those applied in the Annual Report 2024 and were authorized for issuance by the Board of Management and Supervisory Board on February 19, 2025. In accordance with Article 393, Title 9, Book 2 of the Netherlands Civil Code, EY Accountants BV has issued an unqualified auditor’s opinion on the Annual Report 2024. The Annual Report 2024 will be published on our website on February 28, 2025 and proposed for adoption by the Annual General Meeting on April 23, 2025. The condensed financial statements included in this press release have been prepared in accordance with IFRS Accounting Standards, as adopted by the European Union but do not include all of the information required for a complete set of IFRS financial statements.

Caution Concerning Forward-Looking Statements

This press release contains statements about management’s future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward-looking statements. While these forward-looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward-looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 and other global pandemics and the associated adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers; those additional risk factors set forth in Besi’s annual report for the year ended December 31, 2024 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

Consolidated Statements of Operations
(€ thousands, except share and per share data)	Three Months Ended December 31, (unaudited)			Year Ended December 31, (audited)
	2024		2023	2024	2023

Revenue	153,413		159,635	607,473	578,862
Cost of sales	55,253		55,700	211,529	203,074

Gross profit	98,160		103,935	395,944	375,788

Selling, general and administrative expenses	28,575		24,277	126,048	105,956
Research and development expenses	19,009		13,533	74,305	56,440

Total operating expenses	47,584		37,810	200,353	162,396

Operating income	50,576		66,125	195,591	213,392

Financial expense, net	3,877		729	7,071	5,703

Income before taxes	46,699		65,396	188,520	207,689

Income tax expense (benefit)	(12,595	)	10,501	6,528	30,605

Net income	59,294		54,895	181,992	177,084

Net income per share – basic	0.75		0.71	2.31	2.28
Net income per share – diluted	0.74		0.68	2.30	2.23

Number of shares used in computing per share amounts: – basic – diluted ¹	79,402,192 81,628,947		77,070,082 82,091,299	78,877,471 81,889,907	77,508,722 82,800,279
¹⁾ The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of all Convertible Notes outstanding

Consolidated Balance Sheets
(€ thousands)	December 31, 2024 (audited)	September 30, 2024 (unaudited)	June 30, 2024 (unaudited)	March 31, 2024 (unaudited)	December 31, 2023 (audited)
ASSETS

Cash and cash equivalents	342,319	307,448	127,234	232,053	188,477
Deposits	330,000	330,000	130,000	215,000	225,000
Trade receivables	181,862	169,266	174,601	150,192	143,218
Inventories	103,285	104,103	99,291	99,384	92,505
Other current assets	40,927	44,731	36,346	34,756	39,092

Total current assets	998,393	955,548	567,472	731,385	688,292

Property, plant and equipment	44,773	44,220	43,571	41,328	37,516
Right of use assets	15,726	16,419	16,821	16,901	18,242
Goodwill	46,010	45,278	45,710	45,613	45,402
Other intangible assets	96,677	94,855	92,627	90,241	93,668
Deferred tax assets	31,567	8,610	9,517	11,444	12,217
Other non-current assets	1,330	1,316	1,239	1,252	1,216

Total non-current assets	236,083	210,698	209,485	206,779	208,261

Total assets	1,234,476	1,166,246	776,957	938,164	896,553



Bank overdraft	776	–	–	–	–
Current portion of long-term debt	2,042	2,241	3,033	984	3,144
Trade payables	52,630	49,211	51,620	52,382	46,889
Other current liabilities	111,531	87,739	73,023	100,606	87,200

Total current liabilities	166,979	139,191	127,676	153,972	137,233

Long-term debt	525,653	524,527	179,801	265,142	297,353
Lease liabilities	12,350	13,033	13,448	13,625	14,924
Deferred tax liabilities	10,320	11,619	10,396	12,136	12,959
Other non-current liabilities	17,910	12,449	11,352	12,914	12,671

Total non-current liabilities	566,233	561,628	214,997	303,817	337,907

Total equity	501,264	465,427	434,284	480,375	421,413

Total liabilities and equity	1,234,476	1,166,246	776,957	938,164	896,553

Consolidated Cash Flow Statements
(€ thousands)	Three Months Ended December 31, (unaudited)				Year Ended December 31, (audited)
	2024		2023		2024		2023

Cash flows from operating activities:
Income before income tax	46,699		65,396		188,520		207,689

Depreciation and amortization	7,420		6,577		28,601		25,732
Share based payment expense	2,851		2,807		30,067		19,107
Financial expense, net	3,877		729		7,071		5,703

Changes in working capital	4,819		(24,238	)	(39,095	)	(26,819	)
Interest (paid) received	1,965		1,647		9,183		4,722
Income tax (paid) received	(3,751	)	386		(23,264	)	(27,562	)

Net cash provided by operating activities	63,880		53,304		201,083		208,572

Cash flows from investing activities:
Capital expenditures	(1,074	)	(1,451	)	(12,039	)	(6,899	)
Capitalized development expenses	(5,447	)	(5,780	)	(19,437	)	(21,121	)
Repayments of (investments in) deposits	–		(39,659	)	(105,000	)	(44,927	)

Net cash provided by (used in) investing activities	(6,521	)	(46,890	)	(136,476	)	(72,947	)

Cash flows from financing activities:
Proceeds from bank lines of credit	776		–		776		–
Proceeds from notes	–		–		350,000		–
Transaction costs related to notes	(29	)	–		(6,424	)	–
Payments of lease liabilities	(1,128	)	(1,100	)	(4,314	)	(4,307	)
Purchase of treasury shares	(22,415	)	(23,123	)	(79,833	)	(213,387	)
Dividends paid to shareholders	–		–		(171,534	)	(222,109	)

Net cash used in financing activities	(22,796	)	(24,223	)	88,671		(439,803	)

Net increase (decrease) in cash and cash equivalents	34,563		(17,809	)	153,278		(304,178	)
Effect of changes in exchange rates on cash and cash equivalents	308		1,261		564		969
Cash and cash equivalents at beginning of the period	307,448		205,025		188,477		491,686

Cash and cash equivalents at end of the period	342,319		188,477		342,319		188,477

Supplemental Information (unaudited) (€ millions, unless stated otherwise)

REVENUE	Q4-2024				Q3-2024				Q2-2024				Q1-2024				Q4-2023				Q3-2023				Q2-2023				Q1-2023

Per geography:
China	42.8		28	%	45.5		29	%	57.5		38	%	58.5		40	%	62.0		39	%	40.8		33	%	64.9		40	%	37.6		28	%
Asia Pacific (excl. China)	53.5		35	%	51.6		33	%	54.1		36	%	43.6		30	%	57.9		36	%	42.3		34	%	59.2		36	%	58.2		44	%
EU / USA / Other	57.1		37	%	59.5		38	%	39.6		26	%	44.2		30	%	39.7		25	%	40.2		33	%	38.4		24	%	37.6		28	%

Total	153.4		100	%	156.6		100	%	151.2		100	%	146.3		100	%	159.6		100	%	123.3		100	%	162.5		100	%	133.4		100	%

ORDERS	Q4-2024				Q3-2024				Q2-2024				Q1-2024				Q4-2023				Q3-2023				Q2-2023				Q1-2023

Per geography:
China	40.4		33	%	45.4		30	%	43.3		23	%	51.1		40	%	71.1		43	%	46.0		36	%	51.4		46	%	35.5		25	%
Asia Pacific (excl. China)	38.8		32	%	69.3		46	%	72.0		39	%	45.0		35	%	36.6		22	%	40.9		32	%	33.2		29	%	71.3		50	%
EU / USA / Other	42.7		35	%	37.1		24	%	69.9		38	%	31.6		25	%	58.7		35	%	40.4		32	%	28.0		25	%	35.2		25	%

Total	121.9		100	%	151.8		100	%	185.2		100	%	127.7		100	%	166.4		100	%	127.3		100	%	112.6		100	%	142.0		100	%

Per customer type:
IDM	61.2		50	%	84.5		56	%	122.4		66	%	53.5		42	%	82.7		50	%	70.5		55	%	60.5		54	%	74.0		52	%
Foundries/Subcontractors*	60.7		50	%	67.3		44	%	62.8		34	%	74.2		58	%	83.7		50	%	56.8		45	%	52.1		46	%	68.0		48	%

Total	121.9		100	%	151.8		100	%	185.2		100	%	127.7		100	%	166.4		100	%	127.3		100	%	112.6		100	%	142.0		100	%
* Includes foundries as of financial year 2024

HEADCOUNT	Dec 31, 2024				Sep 30, 2024				Jun 30, 2024				Mar 31, 2024				Dec 31, 2023				Sep 30, 2023				Jun 30, 2023				Mar 31, 2023

Fixed staff (FTE)	1,812		93	%	1,807		87	%	1,783		86	%	1,760		88	%	1,736		93	%	1,725		87	%	1,689		86	%	1,682		84	%
Temporary staff (FTE)	134		7	%	271		13	%	279		14	%	236		12	%	134		7	%	248		13	%	279		14	%	312		16	%

Total	1,946		100	%	2,078		100	%	2,062		100	%	1,996		100	%	1,870		100	%	1,973		100	%	1,968		100	%	1,994		100	%

OTHER FINANCIAL DATA	Q4-2024				Q3-2024				Q2-2024				Q1-2024				Q4-2023				Q3-2023				Q2-2023				Q1-2023

Gross profit	98.2		64.0	%	101.2		64.7	%	98.3		65.0	%	98.3		67.2	%	103.9		65.1	%	79.6		64.6	%	106.6		65.6	%	85.7		64.2	%


Selling, general and admin expenses:
As reported	28.6		18.6	%	27.3		17.4	%	30.5		20.2	%	39.6		27.1	%	24.3		15.2	%	23.3		18.9	%	29.4		18.1	%	29.0		21.7	%
Share-based compensation expense	-2.9		-1.8	%	(3.4	)	-2.1	%	(6.9	)	-4.6	%	(16.9	)	-11.6	%	(2.8	)	-1.7	%	(1.6	)	-1.3	%	(5.5	)	-3.4	%	(9.3	)	-7.0	%

SG&A expenses as adjusted	25.7		16.8	%	23.9		15.3	%	23.6		15.6	%	22.7		15.5	%	21.5		13.5	%	21.7		17.6	%	23.9		14.7	%	19.7		14.8	%


Research and development expenses:
As reported	19.0		12.4	%	18.9		12.1	%	18.5		12.2	%	17.9		12.2	%	13.5		8.5	%	13.6		11.0	%	14.3		8.8	%	15.0		11.2	%
Capitalization of R&D charges	5.4		3.5	%	4.4		2.8	%	4.9		3.2	%	4.7		3.2	%	5.7		3.6	%	4.7		3.8	%	5.3		3.3	%	5.4		4.0	%
Amortization of intangibles	-3.9		-2.5	%	(3.9	)	-2.5	%	(3.6	)	-2.3	%	(3.6	)	-2.4	%	(3.3	)	-2.1	%	(3.3	)	-2.6	%	(3.5	)	-2.2	%	(3.5	)	-2.6	%

R&D expenses as adjusted	20.5		13.4	%	19.4		12.4	%	19.8		13.1	%	19.0		13.0	%	15.9		10.0	%	15.0		12.2	%	16.1		9.9	%	16.9		12.7	%


Financial expense (income), net:
Interest income	-5.1				(5.2	)			(3.0	)			(4.0	)			(3.6	)			(2.9	)			(3.1	)			(2.6	)
Interest expense	6.1				5.7				2.1				2.8				3.0				2.8				2.9				2.9
Net cost of hedging	2.0				1.9				1.4				1.6				1.7				1.7				2.0				1.6
Foreign exchange effects, net	0.9				(0.8	)			0.5				0.2				(0.4	)			0.2				(0.1	)			(0.4	)

Total	3.9				1.6				1.0				0.6				0.7				1.8				1.7				1.5

Gross cash	672.3				637.4				257.2				447.1				413.5				391.2				378.3				644.9


Operating income (as % of net sales)	50.6		33.0	%	55.1		35.2	%	49.3		32.6	%	40.7		27.8	%	66.1		41.4	%	42.7		34.6	%	62.9		38.7	%	41.7		31.3	%

EBITDA (as % of net sales)	58.0		37.8	%	62.4		39.8	%	56.2		37.2	%	47.5		32.5	%	72.7		45.6	%	48.9		39.7	%	69.3		42.6	%	48.2		36.1	%

Net income (as % of net sales)	59.3		38.6	%	46.8		29.9	%	41.9		27.7	%	34.0		23.2	%	54.9		34.4	%	35.0		28.4	%	52.6		32.4	%	34.5		25.9	%

Effective tax rate	-27.0	%			12.6	%			13.0	%			15.3	%			16.1	%			14.4	%			14.0	%			14.0	%


Income per share
Basic	0.75				0.59				0.53				0.44				0.71				0.45				0.68				0.44
Diluted	0.74				0.59				0.53				0.44				0.68				0.45				0.66				0.44

Average shares outstanding (basic)	79,402,192				79,630,787				79,281,533				77,181,326				77,070,082				77,374,933				77,634,197				77,946,873

Shares repurchased
Amount	22.4				27.8				14.8				14.8				23.1				45.5				66.9				77.7
Number of shares	198,450				230,807				105,042				101,049				226,572				447,829				761,937				1,120,327

The MIL Network –

February 20, 2025

MIL-OSI Asia-Pac: Way paved for reduced tunnel tolls

Source: Hong Kong Information Services

The Government today welcomed the passage of the Road Tunnels (Government) (Amendment) Bill 2024 by the Legislative Council.

The bill lays the foundation for the Government’s takeover of Tai Lam Tunnel (TLT) and the implementation of new tolls at a suitably reduced level starting May 31, it explained.

Secretary for Transport & Logistics Mable Chan said: “The new tolls, which are devised based on scientific and traffic data, will enable the flow of people and freight between the Northwest New Territories and the urban area. The new tolls are a comprehensive proposal that takes into account both public opinion and holistic policy considerations.”

Under a time-varying toll, private cars will be charged between $18 and $45, while motorcycles will pay between $7.2 and $18.

The toll for taxis will be at an all-day fixed rate of $28. Other commercial vehicles including goods vehicles and buses will be charged an all-day fixed toll of $43.

The Government noted that the reduced tolls can ensure that the TLT remains smooth and its spare capacity is utilised to alleviate heavy traffic on Tuen Mun Road and Tolo Highway, while also ensuring smooth public transport services through the tunnel, thereby enabling the public’s commute.

The updated toll scheme also adheres to the principles of “user-pay” and “cost-recovery”, while embodying the principle of “efficiency first” to attract commercial vehicles, it added.

MIL OSI Asia Pacific News –

February 20, 2025
MIL-OSI Asia-Pac: 4 care homes added to GD scheme

Source: Hong Kong Information Services

The Social Welfare Department announced today that four additional residential care homes for the elderly will become Recognised Service Providers under the Residential Care Services Scheme in Guangdong from March 1 to provide subsidised care and attention places for seniors joining the scheme.

These care homes are located in Jiangmen, Foshan and Shenzhen.

Together with the existing 11 care homes, the number of care homes registered under the scheme will increase to 15 in six Mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area to provide more choice for seniors with an interest in retiring in Mainland cities in the GBA.

Click here for details of the scheme.

MIL OSI Asia Pacific News –

February 20, 2025
MIL-OSI: Cactus Custody Achieves SOC 1 Type 1 Certification with Deloitte’s Audit, Strengthening Trust in Digital Asset Custody

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Feb. 20, 2025 (GLOBE NEWSWIRE) — Cactus Custody, a leading institutional digital asset custody provider, has earned SOC 1 Type 1 certification through an independent audit by Deloitte. This certification highlights Cactus Custody’s commitment to high operational control standards and secure, compliant custody solutions.

Deloitte thoroughly assessed Cactus Custody, reviewing client account onboarding, fiat and crypto transactions, and internal system operations. The audit also validated its financial processing capabilities, including settlement, reconciliation, account management, fee processing, asset valuation, reporting, and securing cryptographic keys throughout their lifecycle across various custody storage methods.

Wendy Jiang, General Manager of Cactus Custody, stated: “Achieving SOC 1 Type 1 certification underscores our commitment to robust governance, precise financial management, and secure custody. We prioritize the security of our clients’ assets and maintain strict internal controls to deliver top-tier service. Moving forward, we will promote compliance and transparency, striving to set higher benchmarks in the evolving crypto asset space to enhance trust and satisfaction among our clients.”

Cactus Custody previously achieved SOC 2 Type 1 certification with Deloitte and is progressing toward SOC 1 Type 2 reporting this year. Through regular audits, the company continues to enhance custody standards, drive industry compliance, and provide transparent, secure custodial services.

About Cactus Custody

A trusted institutional digital asset custodian, Cactus Custody is ISO-certified, holds a Hong Kong license (TC006789), and has received a temporary exemption from the Monetary Authority of Singapore (MAS). It adheres to strict capital reserve requirements and AML and CTF regulations. Committed to “Security First, Integrity Always,” Cactus Custody simplifies crypto asset management professionally and confidently.

Visit the official Cactus Custody website for more details.

Media Contact: press@mycactus.com

Cactus Custody PR Team

Disclaimer: This content is provided by Cactus Custody. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before investing in or trading cryptocurrency and securities .Please conduct your own research and invest at your own risk.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/31c3118b-8922-4820-ba03-d9578673f3ad

The MIL Network –

February 20, 2025
MIL-OSI: cBrain intends to take lead in COTS for government industry
Source: GlobeNewswire (MIL-OSI)

Company Announcement no. 02/2025

cBrain intends to take lead in COTS for government industry

Copenhagen, February 20, 2025

cBrain (NASDAQ: CBRAIN) revenue grew by +12% to DKK 268m in 2024, up from DKK 239m in 2023. Earnings before tax (EBT) grew to DKK 86m in 2024, up from DKK 81m in 2023, thereby reaching an EBT margin of 32%.

Results are in line with expectations, forecasting a revenue growth range of 12-13% and EBT margin of 30-32%.

Strong positive cash flow from operating activities enables an increase in dividends, investments in the growth of the company, and it reduces long-term loans on cBrain-owned buildings.

cBrain does not have a share buyback program. However, due to solid earnings, cBrain proposes to raise dividends to DKK 0,64 per share (2023: DKK 0,28 per share) corresponding to a payout ratio of approx. 20% of profit for the year.

Fueled by a lack of skilled IT resources and a growing demand for fast delivery, cBrain sees a rapidly emerging IT industry, referred to as Commercial Off-The-Shelf (COTS) for government. COTS for government, leveraging new technologies and platforms such as the F2 Digital Platform, enables digital transformation at higher speed and lower costs that outperform traditional IT modernization.

For cBrain the accelerated market shift represents new strategic opportunities. cBrain wants to fully take advantage of this, and cBrain is therefore currently in the process of evaluating and potentially adjusting its international growth strategy.

With the goal of being an internationally leading vendor in the emerging COTS for government industry, the strategy process includes evaluating organizational readiness, market and product development strategies.

As a result of the strategy process, cBrain expects to implement a number of changes to the growth plan during the spring of 2025. Consequently, cBrain forecasts expected revenue growth in 2025 of 10-15% and earnings before tax (EBT) of 18-23%.

The revenue forecast takes into account that e.g. developing new channel strategies may shortly delay revenue. The earnings forecast is based on significantly increased investments into international growth, across the African region, USA, Germany, and India, as well as increased investments into developing the F2-for-Partners concept.

Best regards

Per Tejs Knudsen, CEO

Inquiries regarding this Company Announcement may be directed to

Ejvind Jørgensen, CFO & Head of Investor Relations, cBrain A/S, ir@cbrain.com, +45 2594 4973

Attachment
- Company Announcement no. 2025-02 (Årsregnskab – Guidance, dividende, justering af plan)
The MIL Network –
February 20, 2025
MIL-OSI Banking: Secretary-General of ASEAN receives the Ambassador for the Promotion of the Asia Zero Emission Community

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today received a courtesy call from Ambassador for the Promotion of the Asia Zero Emission Community (AZEC) and Special Assistant to the Foreign Minister of Japan, H.E. Takio Yamada, at the ASEAN Headquarters/ASEAN Secretariat. They exchanged views on enhancing ASEAN-Japan cooperation, particularly in advancing energy transition initiatives as well as in promoting sustainable and low-carbon solutions to support regional targets.

The post Secretary-General of ASEAN receives the Ambassador for the Promotion of the Asia Zero Emission Community appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

February 20, 2025
MIL-OSI Europe: Netherlands to return looted Benin Bronzes to Nigeria

Source: Government of the Netherlands

News item | 19-02-2025 | 00:05

At the request of Nigeria, the Netherlands is returning 113 Benin Bronzes from the Dutch State Collection. This decision was taken by the Minister of Education, Culture and Science Eppo Bruins. In 1897 British soldiers looted these objects from the Kingdom of Benin (now part of modern-day Nigeria) and sold them. They eventually ended up in the Dutch State Collection. The Benin Bronzes are an important record of the history of the Kingdom of Benin and, thus, of great significance to Nigeria. The Bronzes, consisting of plaques, personal ornaments and figures, are currently housed in the collection of Wereldmuseum Leiden. The return of these objects is the result of intensive cooperation between experts and representatives of both countries.

Minister Bruins: “This restitution contributes to redressing a historical injustice that is still being felt today. Cultural heritage is essential for telling and living the history of a country and a community. The Benin Bronzes are indispensable to Nigeria. It is good that they are going back.”

The transfer agreement will be signed in Leiden on 19 February by Mr Bruins and Olugible Holloway, Director-General of the Nigerian National Commission for Museums and Monuments.

DG Holloway: ‘The return from the Netherlands will represent the single largest return of Benin antiquities directly linked to the 1897 British punitive expedition. We thank the Netherlands for their cooperation and hope this will set a good example for other nations of the world in terms of repatriation of lost or looted antiquities.’

The return follows the publication of an advisory report by the Colonial Collections Committee, chaired by Lilian Gonçalves-Ho Kang You. The objects will be returned to the Nigerian government, which will then decide how and where they will be displayed. The Wereldmuseum hopes that the return of the objects will not mark the end of the process, but rather serve as a starting point for further cooperation between museums in Nigeria and the Netherlands.

Return of objects by the municipality of Rotterdam

In addition to the return of 113 objects from the Dutch State Collection, on 19 February the municipality of Rotterdam will also be returning a further six objects that fall under the Benin Bronzes collection. These objects – a bell, three relief plaques, a coconut casing and a staff – were also looted in 1897.

Said Kasmi, a member of the Rotterdam municipal executive: ‘Art and heritage should be where they belong. These objects belong in Nigeria. By returning them, we’re taking an important step towards recognising the past and respecting the value these objects hold for Nigeria.’

Advisory report published by the Colonial Collections Committee

On the basis of a provenance investigation conducted by the Wereldmuseum and the municipality of Rotterdam, the Colonial Collections Committee advised the minister to return these objects in line with the Netherlands’ colonial collections policy. This advisory report resulted from close consultation and collaboration with the Nigerian National Commission for Museums and Monuments. The Committee published the report on its website. This is the fifth time that the Netherlands is returning objects as a direct result of an advisory report by the Committee. The Committee is currently drawing up advisory reports in response to requests submitted by Sri Lanka, India and Indonesia.

MIL OSI Europe News –

February 20, 2025
MIL-OSI Economics: Air India and Lufthansa Group announce significant expansion of codeshare partnership: ~60 additional routes across 12 Indian and 26 European cities

Source: Lufthansa Group

Air India and Lufthansa Group have agreed to build on their longstanding codeshare partnership, which sees Air India enter into a new codeshare agreement with Austrian Airlines, as well as expand the existing codeshare agreements between Air India, Lufthansa, and Swiss International Air Lines (SWISS).

The expanded partnership significantly boosts flight options and connectivity for travellers between the Indian Subcontinent and Europe with the addition of close to 60 codeshare routes operated by the four airlines across 12 Indian and 26 European cities.

The expanded agreements increase the total number of codeshare routes between Air India, Lufthansa and SWISS from 55 to nearly 100. Additionally, the new agreement between Air India and Austrian Airlines adds 26 codeshare routes. This provides greater choice, convenience, and seamless experiences to travellers from both regions.

Customers of Lufthansa Group will now be able to connect to Air India’s domestic services to or from 15 points within India, namely Ahmedabad, Amritsar, Bengaluru, Bhubaneswar, Chennai, Delhi, Goa Mopa, Goa Dabolim, Hyderabad, Indore, Kochi, Kolkata, Mumbai, Pune, and Thiruvananthapuram. Additionally, Lufthansa Group carriers will add their respective designator codes to Air India’s international services to 3 destinations from Delhi and Mumbai: Kathmandu, Melbourne, and Sydney.

Additionally, flights currently operated by Air India and Lufthansa Group carriers between India and Germany or Switzerland will be covered under the expanded codeshare partnership. For example, customers who wish to fly between Delhi and Frankfurt will now have three daily flight options each way with ‘LH’ flight numbers, including two flights operated by Air India and one flight operated by Lufthansa.

Reciprocally, Air India will now offer its customers a total of 26 destinations across Europe and 3 destinations in the Americas beyond its gateways in Europe (Frankfurt, Vienna, and Zurich), with the ‘AI’ designator code placed on the following services operated by airlines in the Lufthansa Group, including Austrian Airlines for the first time:

Lufthansa
Between Frankfurt and: Amsterdam, Barcelona, Berlin, Bremen, Brussels, Copenhagen, Dresden, Düsseldorf, Dublin, Geneva, Hamburg, Hannover, Luxembourg, Lyon, Manchester, Marseille, Munich, Nice, Nuremberg, Oslo, Prague, Riga, Rio de Janeiro, São Paulo, Stockholm, Stuttgart, Toulouse, Valencia, Washington D.C.

SWISS
Between Zurich and: Amsterdam, Barcelona, Berlin, Bremen, Brussels, Copenhagen, Dresden, Düsseldorf, Dublin, Geneva, Hamburg, Hannover, Luxembourg, Manchester, Marseille, Munich, Nice, Oslo, Prague, Stockholm, Stuttgart, Valencia.

Austrian Airlines
Between Vienna and: Amsterdam, Barcelona, Berlin, Bremen, Brussels, Copenhagen, Düsseldorf, Geneva, Hamburg, Hannover, Lyon, Manchester, Marseille, Munich, Nice, Oslo, Prague, Stockholm, Stuttgart, Valencia.

Both airlines plan to progressively include other destinations in their network to the codeshare arrangements.

Air India and the three Lufthansa Group carriers are members of Star Alliance. Frequent flyers will continue to earn and redeem points/miles on all four airlines, while elite status holders of Air India’s Maharaja Club and Lufthansa Group’s Miles & More programmes will benefit from Star Alliance Gold benefits including priority services, extra baggage allowance, and airport lounge access across the world.

According to Lufthansa Group Chief Commercial Officer, Dieter Vranckx: “We are thrilled to strengthen our partnership with Air India and elevate the travel experience for our joint customers. By further enhancing our cooperation, we will increase the travel options between Europe and India and offer our passengers improved access to additional destinations. Lufthansa Group remains committed to India, and we are excited about the possibilities and potential the country and Air India as a partner have to offer”.

Nipun Aggarwal, Chief Commercial Officer, Air India, said: “Our goal is to enable our customers to travel from any corner of the world to another via Air India and its partner airlines. The expansion of our partnership with Lufthansa Group is a step in that direction, and we are pleased to take this long-standing relationship to the next level. With this renewed partnership, our customers will have access to more destinations and greater flexibility to travel across Europe on Lufthansa Group carriers. It also gives us the opportunity to serve Lufthansa Group customers, with warmth and quintessential Indian hospitality, aboard Air India flights. We look forward to continue working closely with our Star Alliance partners in making the world feel like a smaller place.”

Subject to regulatory approvals, the codeshare flights will be progressively made available for sale through the airlines’ respective booking channels.

ABOUT LUFTHANSA GROUP:

The Lufthansa Group is an aviation group with operations worldwide. With 100,000+ employees, Lufthansa Group generated revenue of €35.4bn in the financial year 2023. Our largest business segment is Passenger Airlines while other key business segments include Logistics and Maintenance, Repair and Overhaul (MRO). Other companies and Group functions such as IT companies and Lufthansa Aviation Training form complimentary components of the Group. All airlines and business segments play leading roles in their respective markets.

ABOUT AIR INDIA GROUP:

The Air India group – comprising of full-service global airline Air India and low-cost regional carrier Air India Express – is spearheading a new era of Indian aviation. The Air India story began in 1932 when JRD Tata piloted the airline’s inaugural flight and opened the skies for aviation in India. Today, Air India group employs more than 30,000 people, operates over 300 aircraft and carries customers to 55 domestic and 48 international destinations across five continents.

Returning to the Tata Sons in 2022 following 70 years under Government ownership, Air India group is in the midst of a five-year transformation program, Vihaan.AI. As part of the transformation, Air India placed the then largest-ever order for 470 new aircraft in 2023. In 2024, sister airlines Air Asia India and Vistara were successfully merged into Air India Express and Air India respectively, and the Airline opened South Asia’s largest aviation training academy.

A new flying school is scheduled to open in 2025, and construction of a greenfield maintenance base, to be operational in 2026, is underway. In addition to receiving new aircraft, all existing aircraft are progressively undergoing a full interior refit.

With transformation underway across all facets of the business and India’s rich legacy of hospitality, Air India is committed to being a world class global airline with an Indian heart.

MIL OSI Economics –

February 20, 2025
MIL-OSI NGOs: Job Opening: EXECUTIVE DIRECTOR
Source: Greenpeace Statement –
This is a permanent role based in Bangkok, Kuala Lumpur, Jakarta, or Manila.

Greenpeace activists and volunteers gather at a wind farm at Baru beach during Buru Baru festival to hold letters forming a banner reading: ‘#ActionForClimate.’ Part of a Global Day of Action in Bantul, Yogyakarta, Indonesia. © Ulet Ifansasti / Greenpeace

About the Role

The Executive Director will provide visionary leadership, ensuring alignment with Greenpeace’s core values. This includes overseeing operations in four countries, the Philippines, Malaysia, Indonesia, and Thailand, driving international collaboration, and maintaining accountability across governance, human resources, and financial management. The role requires a proactive approach to campaign contributions within Greenpeace’s global objectives.

The job holder will have the following key responsibilities:

Strategic Leadership

Develop and communicate a clear vision and strategic objectives aligned with Greenpeace’s mission.

Empower staff and volunteers to foster a shared sense of purpose and organisational culture.

Monitor external developments and implement responsive strategies as needed.

Operation, Finance, and Fundraising

Oversee all organisational functions, ensuring strategies and policies align with core values.

Maintain financial discipline and ensure adherence to auditing practices.

Collaborate with the Fundraising Director to explore alternative funding streams and improve grassroots contributions from individual donors across the region.

Recruit, train, and develop staff with a focus on accountability and high performance.

Change Management

Drive organisational transformation through strategic planning, operational efficiency, and transparent decision-making.

Align global objectives with mission-focused strategies to enhance morale, inclusivity, and overall effectiveness.

Determine and implement effective management structures and systems to achieve organisational objectives.

Foster cross-country collaboration to enhance efficiency and inclusivity.

Communications and Network

Enhance internal communication and information flow across departments, countries and hierarchy levels.

Build and maintain productive relationships with NGOs, media, government, and relevant stakeholders.

Governance and Relationship to The Board

Create and adapt annual, mid-term and long-term strategies in partnership with the Board and Greenpeace International.

Ensure compliance with legal, statutory, and regulatory responsibilities.

Identify and mitigate organisational risks while maintaining operational effectiveness.

Provide regular reports to the Board, ensuring informed decision-making.

Campaign Advocacy and Representation

Create and adapt annual, mid-term and long-term strategies in partnership with the Board and Greenpeace International.

Ensure compliance with legal, statutory, and regulatory responsibilities.

Identify and mitigate organisational risks while maintaining operational effectiveness.

Provide regular reports to the Board, ensuring informed decision-making.

Personnel, Health, and Safety

Lead and implement impactful campaigns on rainforest conservation, climate justice, ocean, plastic and coal reduction.

Drive grassroots mobilisation, engage key stakeholders, and amplify GPSEA’s successes through strategic advocacy efforts.

Represent GPSEA at international meetings and in public forums.

Act as a spokesperson for the organisation.

Personnel, Health, and Safety

Ensure adherence to best practices in all operational areas, balancing ambition with available resources.

Skills and Experience

Environment movement background.

Proven leadership in a complex organisation, with a focus on effective management and accountability.

Deep understanding of global environmental issues and sustainability principles.

Strong systems thinking, strategic planning, and horizon-scanning skills.

Ability to inspire and unite diverse stakeholders around a compelling vision.

Commitment to Non-Violent Direct Action (NVDA) and grassroots campaigning.

Financial literacy and a positive attitude toward digital innovation.

Fluency in English; additional language skills are an asset.

Personal Attributes

Responsive and adaptive.

Highly emotionally intelligent with strong interpersonal skills.

Courageous, empathetic, and humble leadership style.

Committed to social and environmental justice.

Activist spirit with a passion for Greenpeace’s mission.

Understanding of Southeast Asia’s cultural and operational dynamics.

Greenpeace’s Commitment to Diversity and Inclusion

Greenpeace values diversity as essential to its mission and success. The organisation fosters an inclusive environment that respects varied cultural experiences and perspectives, promoting solutions rooted in social and environmental justice.

Deadline for applications: March 20, 2025

Jobs

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MIL OSI NGO –
February 20, 2025
MIL-OSI China: Alibaba Cloud launches first data center in Mexico

Source: China State Council Information Office

Alibaba Cloud, the cloud computing arm of Chinese tech giant Alibaba Group, announced the launch of its first data center in Mexico on Wednesday, as the company aims to expand its reach in the global cloud market.

The new digital infrastructure will provide cloud computing services to businesses and developers across Latin America, underscoring Alibaba Cloud’s commitment to accelerating Mexico’s digital transformation and fostering innovation throughout the region.

With the addition of this new data center, Alibaba Cloud’s global infrastructure now spans 87 availability zones across 29 regions.

Selina Yuan, president of international business at Alibaba Cloud Intelligence said, “We are not only bringing cloud technology to support local businesses, but also building an inclusive and thriving ecosystem in Mexico together with local partners, developers and customers to foster innovation, collaboration and sustainable growth across Latin America.”

Yuan added that by leveraging Alibaba Cloud’s global network, Mexican companies can tap into other markets, especially those in Asia.

The Mexico facility was launched six days after Alibaba Cloud announced that it will commence operations at its second data center in Thailand to meet the country’s growing demand for cloud services and support generative artificial intelligence applications.

MIL OSI China News –

February 20, 2025
MIL-OSI New Zealand: Foreign Affairs – New report highlights untapped potential in New Zealand-Viet Nam relationship
Source: Asia New Zealand Foundation

The Asia New Zealand Foundation Te Whītau Tūhono is thrilled to launch its latest report Viet Nam and New Zealand at 50: The next chapter. This report explores the growing potential of the bilateral relationship as the two nations celebrate 50 years of formal diplomatic ties.

Commissioned by the Foundation and authored by Haike Manning, the report builds on the 2020 publication, Viet Nam & New Zealand: Let’s Go, offering fresh insights into Viet Nam’s dynamic environment and celebrating the people who have contributed to the New Zealand – Viet Nam relationship over the last 50 years.

“This report is timely, especially with the Prime Minister’s upcoming delegation to Viet Nam. Its insights will be a valuable resource for those who want to learn more about our bilateral relationship,” says Suzannah Jessep, CE of the Foundation.

“Viet Nam is already our 14th biggest trading partner, with bilateral trade worth NZ$2.68 billion in 2024. Given Viet Nam’s booming economy, the potential for New Zealand businesses, from fashion and food to tech and the arts is huge. We do have a bit of a trade deficit at the moment, but that just means there’s room to grow.”

The report’s author Haike Manning describes the pace of change in Viet Nam as “remarkable”.

“It is expected to see some of the fastest income growth in the world over the next decade,” he says.

“Viet Nam’s increasingly wealthy consumers trust our high quality, safe food, which has underpinned significant growth in our exports to Viet Nam over the past 10 years.”

Beyond trade, the report also celebrates long-standing ties between the two countries, especially in areas like healthcare, education and diplomacy.

People-to-people connections are flourishing, with 8,000 Vietnamese visiting New Zealand in 2023 and 40,000 New Zealanders visiting Viet Nam in 2024. New Zealand and Viet Nam also share a commitment to a stable international environment and are actively collaborating on defence and security matters.

The full report is a great read for anyone looking to understand the incredible opportunities in Viet Nam, from businesses to policymakers, academics and anyone curious about understanding and engaging with this dynamic market.

Download the full report (PDF – 14 MB): https://www.datocms-assets.com/125706/1739755386-viet-nam-report-2025.pdf

Additional Information:

About the Author

Haike Manning is the former New Zealand Ambassador to Viet Nam (2012-2016). Haike’s 20-year career as a New Zealand diplomat spanned key global economies (India, Brazil, China, as well as Viet Nam), with a strong focus on supporting trade, business and education outcomes for New Zealand.

Since 2017, Haike has been based in Ho Chi Minh City, where he founded LightPath Consulting Group, a consulting business supporting international education providers to engage effectively in Viet Nam. In 2021, LightPath was acquired by Acumen, another international education consulting business. Haike subsequently joined Acumen to spearhead their expansion throughout Southeast Asia.

About the Asia New Zealand Foundation Te Whītau Tūhono

Established in 1994, the Asia New Zealand Foundation Te Whītau Tūhono is New Zealand’s leading authority on Asia. Its mission is to equip New Zealanders to thrive in Asia, by providing experiences and resources to build knowledge, skills and confidence. The Foundation’s activities cover more than 20 countries in Asia and are delivered through eight core programmes: arts, business, entrepreneurship, leadership, media, research, Track II diplomacy and sports.
MIL OSI New Zealand News –
February 20, 2025
MIL-OSI Asia-Pac: PRH flat recovery efforts recognised

Source: Hong Kong Information Services

The Housing Department today thanked the Ombudsman for appreciating its initiative in recovering public rental housing (PRH) flats and proactively taking enhanced measures to expedite the early intake of PRH by prospective tenants.

The department made the statement in response to a report released by the Office of the Ombudsman on its direct investigation into “Arrangements for Recovering Public Rental Housing Flats by Authorities”.

It stressed that together with the Housing Authority, it attaches great importance to the procedures and arrangements for the recovery of PRH flats, as well as the refurbishment and allocation processes, so as to expedite the allocation process and the turnover of PRH units.

In this regard, a series of reviews were launched to explore and implement optimisation measures, including making advance allocation of vacant flats undergoing refurbishment to eligible PRH applicants simultaneously, so that the applicants can immediately move in once the refurbishment works are completed.

The scope of the Vacant Flat Refurbishment Allowance was also expanded in November 2024 to vacant flats of all building ages. Prospective tenants participating in the scheme will receive an allowance equivalent to a standard three-month rent and can use the allowance flexibly to make arrangements that better suit their families’ needs.

Noting that the number of hearing cases has increased as the Housing Authority intensified its efforts to combat the abuse of PRH flats, the department said the Appeal Panel (Housing) has streamlined the handling procedures and increased the number of hearings since mid-2022.

Such efforts include simplifying the process of verifying the identity of the appellant and increasing the number of hearing sessions on weekday evenings and Saturday mornings. Starting from 2023-24, the number of appeal panel members has also increased from about 100 to 120.

The average time from receipt of an appeal to reaching a decision was sharply shortened from four months in 2022 to 2.5 months in 2023, and was further reduced to less than two months in the first half of 2024.

Apart from expressing that it appreciates the Ombudsman’s valuable views on its current mechanisms and measures, the department emphasised that it will study the recommendations in detail and seriously handle and review the recovery of PRH units, refurbishment and allocation processes of PRH, and allocate the units to those in need as soon as possible.

MIL OSI Asia Pacific News –

February 20, 2025
MIL-OSI Banking: Deputy Secretary-General for ASEAN Economic Community meets with Ambassador of Norway to ASEAN

Source: ASEAN

Deputy Secretary-General for ASEAN Economic Community, H.E. Satvinder Singh, met with Ambassador of Norway to ASEAN, H.E. Kjell Tormod Pettersen. They discussed ways to further substantiate the ASEAN-Norway Sectoral Dialogue Partnership, implementation of the ASEAN-EFTA Joint Declaration on Cooperation and exchanged views on the negotiations of the Practical Cooperation Areas 2026-2030. This year marks the 10th anniversary of ASEAN and Norway Sectoral Dialogue Partnership.

The post Deputy Secretary-General for ASEAN Economic Community meets with Ambassador of Norway to ASEAN appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

February 20, 2025
MIL-OSI Banking: Secretary-General of ASEAN emphasises the importance of youth at the Japan-ASEAN Youth Summit 2025

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today attended the Opening of the Japan-ASEAN Youth Summit 2025, held at the Mission of Japan to ASEAN, where he delivered a keynote speech highlighting the importance of harnessing the talent, innovation, and dynamism of the youth in addressing societal challenges, particularly in the areas of public health and environmental sustainability. Dr. Kao also encouraged the promotion of youth-led initiatives and closer collaboration to drive positive change and contribute to ASEAN community-building efforts.

Download the full remarks here.

The post Secretary-General of ASEAN emphasises the importance of youth at the Japan-ASEAN Youth Summit 2025 appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

February 20, 2025

MIL-OSI: SBM Offshore Full Year 2024 Earnings

Source: GlobeNewswire (MIL-OSI)

Amsterdam, February 20, 2025

Record-level results, increasing total shareholder returns

Highlights

Record Directional¹ Revenue of US$6.1 billion (+35%), in line with guidance
Record Directional EBITDA of US$1.9 billion (+44%), in line with guidance
Record US$35.1 billion Directional backlog; US$9.5 billion or EUR51.6/share² Directional net cash backlog³
30% increase in cash return to US$1.59 per share⁴: US$155 million dividend⁵; US$150 million share repurchase⁶
US$1.7 billion cash return to shareholders over the coming 6 years
2025 Directional Revenue guidance of above US$4.9 billion
2025 Directional EBITDA guidance of around US$1.55 billion
Completion of FPSO Prosperity and Liza Destiny sales in Q4 2024
FPSO Almirante Tamandaré achieved first oil on February 15, 2025

SBM Offshore’s 2024 Annual Report can be found on its website under: Annual Reports – SBM Offshore

Øivind Tangen, CEO of SBM Offshore, commented:

“SBM Offshore has delivered excellent results in 2024 with a record-level directional revenue of US$6.1 billion and record-level directional EBITDA of US$1.9 billion, reflecting three new awards and the purchases of FPSOs Prosperity and Liza Destiny by ExxonMobil Guyana. Thanks to the addition of three new awards, we ended the year with a record US$35.1 billion backlog. From this we expect to generate US$9.5 billion net cash, equivalent to almost 52 euro per share². Based on this strong performance, we are increasing our fixed cash return by 30% to US$1.59 per share⁴ through a proposed US$155 million dividend⁵ and US$150 million share repurchase⁶ program. At this level we will deliver a minimum US$1.7 billion cash return to shareholders over the next 6 years.

Our Fast4Ward^® program is setting the pace for deepwater developments. FPSO Almirante Tamandaré achieved first oil on February 15, 2025. This vessel, which benefits from emission reduction technologies, is the largest operating unit in Brazil. Two additional units are on track to achieve first oil in 2025. First, FPSO Alexandre de Gusmão which sailed-away at the end of 2024, followed by FPSO ONE GUYANA. These three units have a combined capacity of 655,000 barrels of oil per day. With these achievements, we are further de-risking our construction portfolio.

We strive for excellence both in terms of project execution and asset management. Our lifecycle approach in the FPSO market is unique and the focus on continuous improvement is setting a strong foundation for success. The outlook for new deepwater projects is strong given their low break-even prices and low emission intensity. In the next three years, we see 16 projects in the
Company’s core market of large and complex FPSOs, driven by the promising prospects in Brazil, Guyana, Suriname and Namibia. We have ordered our 10^th MPF hull giving us two hulls to support tendering activities. We will remain disciplined in selecting the highest quality projects.

As the world’s ocean-infrastructure expert we are using our experience to further diversify and decarbonize the solutions we offer. In 2024, we created a joint venture, Ekwil, with Technip Energies to enhance our floating offshore wind product offering, and in early 2025 we completed a minority equity investment in Ocean-Power to offer lower-emission power solutions. We are now able to offer a market ready near-zero emission FPSO and were recently awarded a contract by Petrobras to qualify SBM’s Carbon Capture Module technology for FPSOs.”

Financial Overview⁷

	Directional			IFRS

in US$ million	FY 2024	FY 2023	% Change	FY 2024	FY 2023	% Change
Revenue	6,111	4,532	35%	4,784	4,963	-4%
Lease and Operate	2,369	1,954	21%	2,074	1,563	33%
Turnkey	3,743	2,578	45%	2,710	3,400	-20%
EBITDA	1,896	1,319	44%	1,041	1,239	-16%
Lease and Operate	1,261	1,124	12%	842	695	21%
Turnkey	724	296	145%	287	646	-56%
Other	(89)	(101)	-12%	(88)	(101)	-13%
Profit attributable to Shareholders	907	524	73%	150	491	-69%
Earnings per share (US$ per share)	5.08	2.92	74%	0.84	2.74	-69%

in US$ billion	FY 2024	FY 2023	% Change	FY 2024	FY 2023	% Change
Pro-forma Backlog	35.1	30.3	16%	–	–	–
Net Debt	5.7	6.7	-15%	8.1	8.7	-7%

Directional revenue increased by 35% to US$6,111 million compared with US$4,532 million in 2023. This increase is driven by the Directional Turnkey revenue which rose to US$3,743 million in 2024 compared with US$2,578 million in 2023. This 45% increase stems from (i) the sale of FPSOs Prosperity and Liza Destiny completed respectively in November and December 2024, (ii) the progress on awarded contracts for the FPSOs Jaguar and GranMorgu, (iii) the 13.5% divestment to CMFL completed in October 2024, and (iv) the increased support to the fleet through brownfield projects. This increase was partly offset by a reduction in charter revenues following (i) the sale of FPSO Liza Unity in November 2023, (ii) the completion of FPSO Prosperity during the last quarter of 2023 as well as a delay in the start-up of FPSO Sepetiba early 2024, and (iii) a comparatively lower level of progress on both FPSOs Almirante Tamandaré and Alexandre de Gusmão as those projects approached completion in 2024.

Directional Lease and Operate revenue stood at US$2,369 million compared with US$1,954 million in the year-ago period. This 21% increase mainly reflects (i) FPSO Prosperity joining the fleet during the last quarter of 2023 and Sepetiba joining the fleet in January 2024, (ii) a higher contribution of FPSOs N’Goma, Saxi Batuque and Mondo following the acquisition of interests held by Sonangol mid-2024, and (iii) an increase in reimbursable scope. This was partly offset by FPSO Liza Unity only contributing in 2024 as an operating contract following the purchase of the unit by ExxonMobil Guyana at the end of 2023.

Directional EBITDA amounted to US$1,896 million, which is a 44% year-on-year increase compared with US$1,319 million in 2023. This was mostly attributable to the Turnkey segment which increased by over US$400 million to US$724 million in 2024. Directional Turnkey EBITDA was mainly impacted by (i) the same drivers as for Directional Turnkey revenue (except that being at relative early stages of completion, FPSO Jaguar only contributed marginally to Turnkey EBITDA and FPSO GranMorgu not at all), and (ii) a reduced investment on Floating Offshore Wind projects following the implementation of Ekwil Joint Venture in partnership with Technip Energies.

Directional Lease and Operate EBITDA stood at US$1,261 million for the year-ended 2024 compared with US$1,124 million in the previous year. The 12% increase reflects (i) the same key factors as for Directional Lease and Operate revenue, (ii) the net gain on the acquisition of interests held by Sonangol in 3 FPSOs and the divestment in the parent company of the Paenal shipyard in Angola, and (iii) the dividends related to FPSO N’Goma partially offset by (iv) additional non-recurring maintenance costs for the fleet under operation.

The other non-allocated costs charged to EBITDA amounted to US$(89) million in 2024, a US$(12) million improvement compared with the previous period mainly due to the one-off impact of US$11 million of restructuring costs in 2023.

During the last quarter of 2024, the Company performed a review of revised estimates of cash flow, maintenance and repair costs. Based on this analysis, actual values and future cash flows related to FPSO Cidade de Anchieta were re-estimated leading to an impairment charge of US$(39) million, accounted for in the 2024 results.

Directional net profit increased by over 70% standing at US$907 million in 2024, or US$5.08 per share, mainly reflecting the increase in Directional EBITDA.

Liquidity, Funding and Directional Net Debt

The Company’s financial position has remained strong as a result of the cash flow generated by the fleet, as well as the positive contribution of the Turnkey activities.

Directional Net debt decreased by US$(936) million to US$5,719 million at year-end 2024. This was driven by the repayment of the FPSOs Prosperity and Liza Destiny financings, the proceeds from the sale of the vessels and the Lease and Operate segment’s strong operating cash flow. This was partially offset by drawings on project financing facilities to fund the construction portfolio. The Company drew on the project finance facilities for FPSO ONE GUYANA, FPSO Almirante Tamandaré and FPSO Alexandre de Gusmão; additionally, the US$1.5 billion construction financing for FPSO Jaguar was signed and partly drawn in November 2024.

More than a third of the Company’s Directional debt for the year-ended 2024 consisted of non-recourse project financing (US$2.2 billion) in special purpose investees. The remainder (US$4 billion) consisted mainly of borrowings to support the ongoing construction of 3 FPSOs which will become non-recourse following achievement of first oil. The project loan for FPSO Jaguar will be repaid following completion of construction. The Company’s RCF was drawn for US$500 million as at December 31, 2024 and the Revolving Credit Facility for MPF hull financing was drawn for US$89 million.

Directional cash and cash equivalents amounted to US$606 million and lease liabilities totaled US$93 million at December 31, 2024.

Cash and undrawn committed credit facilities amount to US$2,639 million at December 31, 2024.

Directional Pro-Forma Backlog

Change in ownership scenarios and lease contract duration have the potential to significantly impact the Company’s future cash flows, net debt balance as well as the profit and loss statement. The Company therefore provides a pro-forma Directional backlog based on the best available information regarding ownership scenarios and lease contract duration for the various projects.

The pro-forma Directional backlog at the end of December 2024 increased by US$4.8 billion to a total of US$35.1 billion. This was mainly the result of (i) the FPSO Jaguar contract awarded in April 2024, (ii) the FSO Trion contract awarded in August 2024, and (iii) the FPSO GranMorgu contract awarded in November 2024, partially offset by (iv) turnover for the period which consumed approximately US$6.1 billion of backlog (including the sale of FPSO Prosperity completed in November 2024 and the sale of FPSO Liza Destiny completed in December 2024, in advance of the initial lease terms which were respectively in November 2025 and in December 2029), and (v) the 13.5% divestment to CMFL completed in October 2024, which was not reflected in the pro-forma Directional backlog end of 2023. The Company’s backlog provides cash flow visibility up to 2050.

in US$ billion	Turnkey	Lease & Operate	Total
2025	2.6	2.3	4.9
2026	1.6	2.6	4.2
2027	3.3	2.1	5.4
Beyond 2028	0.2	20.3	20.5
Total pro-forma Directional backlog	7.7	27.3	35.1

The pro-forma Directional backlog at the end of 2024 reflects the following key assumptions:

The FPSO ONE GUYANA contract covers a maximum lease period of 2 years, within which the ownership of the FPSO will transfer to the client. The impact of the subsequent sale is reflected in the Turnkey backlog.
The FPSO Jaguar contract awarded to the Company in April 2024 covers the construction period within which the FPSO ownership will transfer to the client and is reported in the Turnkey backlog.
10 years of operations and maintenance are considered for FPSOs Liza Destiny, Liza Unity, Prosperity and ONE GUYANA following signature of the Operations & Maintenance Enabling Agreement in 2023. Regarding FPSO Jaguar, the pro-forma Directional backlog includes the operating and maintenance scope for 10 years as it has been agreed in principle, pending a final work order. This is consistent with prior years.
The FPSO GranMorgu contract awarded to the Company in November 2024 covers the construction period within which the FPSO ownership will transfer to the client and is reported in the Turnkey backlog.
The FSO Trion contract awarded to the Company in August 2024 is considered for 20 years in lease and operate contracts at the Company ownership share at year-end (100%).
The transaction with MISC Berhad related to the FPSO Espírito Santo and FPSO Kikeh announced on September 6, 2024, and completed on January 31, 2025, has been reflected in the pro-forma Directional backlog.

Project Review and Fleet Operational Update

Project	Client/Country	Contract	SBM Share	Capacity, Size	Percentage of Completion	Project delivery
FPSO *Alexandre de Gusmão*	Petrobras Brazil	22.5-year L&O	55%	180,000 bpd	>75%	2025
FPSO *ONE GUYANA*	ExxonMobil Guyana	2-year BOT	100%	250,000 bpd	>75%	2025
FPSO *Jaguar*	ExxonMobil Guyana	Sale & Operate	100%	250,000 bpd	>25% <50%	2027
FSO Trion	Woodside	20-year Lease	100%	n/a	<25%	n/a⁸
FPSO *GranMorgu*	TotalEnergies	Sale & Operate	52%	220,000 bpd	<25%	2028

Projects are on track with one major delivery achieved in early 2025. After successful completion of the offshore commissioning activities, FPSO Almirante Tamandaré achieved first oil on February 15, 2025. An update on the individual ongoing projects is provided below considering the latest known circumstances.

FPSO Alexandre de Gusmão – In December 2024, the vessel safely departed from the yard in China after successful completion of the onshore topsides’ integration and commissioning phase. The FPSO is on its way to Brazil. First oil is expected mid-2025.

FPSO ONE GUYANA – Integration activities are completed and project teams are finalizing commissioning activities. First oil is expected in the second half of 2025.

FPSO Jaguar – The Fast4Ward^® MPF hull has been safely delivered and arrived in Singapore in preparation for the remaining vessel activities. The topside modules fabrication in Singapore continues as planned. First oil is expected in 2027.

FSO Trion – Engineering and procurement are progressing in line with project schedule.

FPSO GranMorgu – The Fast4Ward^® MPF hull has been safely delivered. Engineering and procurement are progressing in line with project schedule.

Fast4Ward^®MPF hulls – Under the Company’s successful Fast4Ward^® program, the 10^th MPF hull has been ordered. 4 Fast4Ward^® MPF hulls are in operation, another 4 allocated to projects and 2 reserved as part of tendering activities driven by the strong FPSO market outlook.

Contract extension – The Company has agreed a contract extension related to the lease and operation of FPSO Saxi Batuque up to June 2026.

Fleet Uptime – The fleet’s uptime was 95.9% in 2024.

Safety and Sustainability

Safety – The Total Recordable Injury Frequency Rate (“TRIFR”) year-to-date was 0.10, 17% below the yearly target of below 0.12⁹, notwithstanding the high level of activity.

Fleet emissions – For 2024, the Company set a target to further optimize operational excellence on the FPSOs for which it provides operations and maintenance services amounting to a maximum absolute volume of gas flared below 1.57 mmscft/d as an overall FPSO fleet average during the year. As of December 31, 2024, SBM Offshore outperformed this target with the actual being 1.33 mmscft/d, a 15% improvement compared with 2024 target and mainly driven by a continued focus on reducing the number of unplanned events in its operated fleet.

Sustain-2 Notation – FPSO Liza Unity is the 1^st FPSO which has received a Sustain-2 Notation by American Bureau of Shipping. This sustainability certificate recognizes the Company’s efforts in minimizing environmental impacts over the lifecycle of the FPSO including the use of low carbon technologies as well as the focus on workers’ wellbeing.

ESG ratings – In recognition of the Company’s continued focus on sustainability, MSCI has improved SBM Offshore’s rating from AA in 2023 to AAA in 2024 and Sustainalytics included the Company in its 2024 ESG Industry Top Rated, with the Company ranking 2^nd out of 106 industry peers.

Sustainable recycling – The Deep Panuke Production Field Center recycling project reached completion in Nova Scotia, Canada, in early 2024 with 97% of the waste materials were sold, recycled or reused and the remainder 3% was safely disposed of. As for the FPSO Capixaba project, following the handover to M.A.R.S., the Company continues to monitor the safe execution of the decommissioning which is expected to reach completion in 2026.

Blue Economy

SBM Offshore is a blue economy company aiming to manage ocean resources for economic growth while preserving ecosystems. Using its deepwater expertise, the Company is advancing technologies focusing on decarbonizing and diversifying its ocean infrastructure solutions. Ranging from floating offshore wind to offshore hydrogen and ammonia, SBM Offshore remains selective and disciplined in developing innovative solutions and investing in new ocean infrastructure solutions.

Provence Grand Large – The three floating offshore wind turbines that were installed by SBM Offshore at the end of 2023 for the Provence Grand Large project, jointly owned by EDF Renewables and Maple Power, were fully commissioned and started production in 2024.

Floventis Energy Ltd – In December 2024, SBM Offshore reached an agreement with Cierco Energy to sell its shares in the joint venture company Floventis Energy Ltd, thus transferring the ownership of both Cademo and Llŷr Floating Wind projects to Cierco Energy. As planned, following the advancement of these pioneering projects and acquiring valuable knowledge in the offshore wind market, the Company will continue to concentrate its efforts on the remaining two larger scale projects in its portfolio.

emissionZERO^®program – SBM Offshore continues to address FPSO emissions reduction through its emissionZERO^® program and is offering a market-ready near zero emission FPSO for 2025, featuring advanced technologies such as carbon capture, combined cycle gas turbines and deepwater intake risers.

Carbon Capture Module – SBM Offshore has been awarded a contract by Petrobras to qualify SBM’s Carbon Capture Module technology for FPSOs. The Carbon Capture Module for post combustion removal of CO₂ from gas turbine exhaust gasses on FPSO’s has been developed in partnership with Mitsubishi Heavy Industries, Ltd.

Blue Power Hub – With the aim to decarbonize the offshore power generation sector, SBM Offshore signed in December 2024 an investment agreement with the Norwegian company Ocean-Power AS to develop and commercialize offshore power generation units with CO₂ capture and storage. This investment has been completed in early 2025.

Capital allocation and Shareholder Returns

The Company’s shareholder returns policy is to maintain a stable annual cash return to shareholders which grows over time, with flexibility for the Company to make such cash return in the form of a cash dividend and the repurchase of shares. Determination of the annual cash return is based on the Company’s assessment of its underlying cash flow position. The Company prioritizes a stable cash distribution to shareholders and funding of growth projects, with the option to apply surplus capital towards incremental cash returns to shareholders.

As a result, following review of its cash flow position and forecast, the Company intends to pay US$1.59 per share through a proposed US$155m dividend⁵ (EUR150 million equivalent or US$0.88 per share⁴) and US$150 million (EUR141 million equivalent) share repurchase program⁶. This represents an increase of 30% compared with 2024. The objective of the share buyback program would be to reduce share capital and provide shares for regular management and employee share programs (maximum US$25 million). Shares repurchased as part of the cash return will be cancelled.

The share repurchase program will be launched after the current share repurchase program has ended. The dividend will be proposed at the Annual General Meeting on April 9, 2025.

Guidance

The Company’s 2025 Directional revenue guidance is above US$4.9 billion of which above US$2.2 billion is expected from the Lease and Operate segment and around US$2.7 billion from the Turnkey segment.

2025 Directional EBITDA guidance is around US$1.55 billion for the Company.

Conference Call

SBM Offshore has scheduled a conference call together with a webcast, which will be followed by a Q&A session, to discuss the Full Year 2024 Earnings release.

The event is scheduled for Thursday February 20, 2025, at 10.00 AM (CET) and will be hosted by Øivind Tangen (CEO) and Douglas Wood (CFO).

Interested parties are invited to register prior the call using the link: Full Year 2024 Earnings Conference Call

Please note that the conference call can only be accessed with a personal identification code, which is sent to you by email after completion of the registration.

The live webcast will be available at: Full Year 2024 Earnings Webcast

A replay of the webcast, which is available shortly after the call, can be accessed using the same link.

Corporate Profile

SBM Offshore is the world’s deepwater ocean-infrastructure expert. Through the design, construction, installation, and operation of offshore floating facilities, we play a pivotal role in a just transition. By advancing our core, we deliver cleaner, more efficient energy production. By pioneering more, we unlock new markets within the blue economy.

More than 7,800 SBMers collaborate worldwide to deliver innovative solutions as a responsible partner towards a sustainable future, balancing ocean protection with progress.

For further information, please visit our website at www.sbmoffshore.com.

Financial Calendar	Date	Year
Annual General Meeting	April 9	2025
First Quarter 2025 Trading Update	May 15	2025
Half Year 2025 Earnings	August 7	2025
Third Quarter 2025 Trading Update	November 13	2025
Full Year 2025 Earnings	February 26	2026

For further information, please contact:

Investor Relations

Wouter Holties
Corporate Finance & Investor Relations Manager

Media Relations

Giampaolo Arghittu
Head of External Relations

Market Abuse Regulation

This press release may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Disclaimer

Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. These statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’ and / or similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the ‘Impacts, Risks and Opportunities’ section of the 2024 Annual Report.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company’s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this release to reflect new information, subsequent events or otherwise.

This release contains certain alternative performance measures (APMs) as defined by the ESMA guidelines which are not defined under IFRS. Further information on these APMs is included in the 2024 Annual Report, available on our website Annual Reports – SBM Offshore.

Nothing in this release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this release “SBM Offshore” and “SBM” are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

“SBM Offshore^®“, the SBM logomark, “Fast4Ward^®”, “emissionZERO^®” and “F4W^®” are proprietary marks owned by SBM Offshore.

¹ Directional reporting, presented in the Financial Statements under section 4.3.2 Operating Segments and Directional Reporting, represents a pro-forma accounting policy, which treats all lease contracts as operating leases and consolidates all co-owned investees related to lease contracts on a proportional basis based on percentage of ownership. This explanatory note relates to all Directional reporting in this document.
² Based on the number of shares outstanding and exchange rate EUR/US$ of 1.039 at December 31, 2024.

³ Reflects a pro-forma view of the Company’s Directional backlog and expected net cash from Turnkey, Lease and Operate and Build Operate Transfer sales after tax and debt service.
⁴ Based on the number of shares outstanding at December 31, 2024. Dividend amount per share depends on number of shares entitled to dividend.
⁵ Equivalent of EUR150 million based on the EUR/US$ exchange rate on February 11, 2025. Dividends will be paid in Euro provided that the minimum Euro dividend shall amount to EUR150 million.
⁶ Including maximum US$25 million for management and employee share plans.

⁷ Numbers may not add up due to rounding.
⁸ Project delivery not disclosed by the client.

⁹ Measured per 200,000 work hours.

Attachment

SBM Offshore Full Year 2024 Earnings

The MIL Network –

February 20, 2025

MIL-Evening Report: A defence treaty with PNG might seem like a ‘win’ for Australia. But there are 4 crucial questions to answer

Source: The Conversation (Au and NZ) – By Joanne Wallis, Professor of International Security, University of Adelaide

Today, Australian Defence Minister Richard Marles began negotiations with his Papua New Guinean counterpart, Billy Joseph, on a defence treaty. This builds on the bilateral security agreement signed between the countries in 2023.

Analysts have been quick to link the new defence treaty with Australia’s anxiety about China’s increasingly visible presence in the Pacific region.

This reflects Australia’s longstanding anxiety about powers with potentially hostile interests establishing a foothold here.

Because it’s only three kilometres from Australian territory, PNG has always been a particular concern. TB Millar, one of the architects of modern Australian strategic policy, went so far as to observe in 1965 that:

if the whole island [of Papua New Guinea] were to sink under the sea, the net result for Australia in terms of military strategy would be a gain. It is an exposed and vulnerable front door.

So, the possibility of a defence treaty seems like a “win” for an Australian government keen to bolster its security credentials in the frantic months before the federal election.

But the government needs to have good answers to four questions before it signs on the dotted line.

1. How will Australia enforce the treaty?

Although treaties are theoretically legally binding, there are very few practical enforcement mechanisms.

The constant agonising in Australia about whether the United States will meet its obligations under the Australia, New Zealand and United States Security Treaty (ANZUS) exemplifies this.

The Trump administration’s actions also illustrate how quickly a change of government can switch foreign and strategic policy directions, including obligations under longstanding treaties. Like ANZUS, the risk of unenforceability of the PNG treaty is higher for Australia. Australia’s anxieties about China mean that it needs the treaty more than PNG does.

Sanctions are the most likely way Australia could try to enforce the treaty if, say, PNG breached it by striking a security deal with China. But sanctions can be ineffective.

Alternatively, Australia could threaten to withdraw its support if PNG breached the treaty. But this is also unlikely because Australia knows China is likely to step into any gap.

This has been demonstrated in Solomon Islands. Even though Australia has a security treaty with Solomon Islands and invested A$3 billion in the 2003–17 Regional Assistance Mission, Solomon Islands still signed a security agreement with China in 2022.

2. Has Australia mitigated any risks?

No previous Australian government has offered PNG a binding security guarantee.

In 1977, Australia and PNG adopted a formal defence relationship. Australia, however, was cautious about instability in PNG and the risk of being drawn into a conflict along its land border with Indonesia. As such, it didn’t provide a commitment to defend PNG.

In the mid-1980s, PNG requested a defence commitment from Australia. Again, Australia was reluctant. As then-Defence Minister Kim Beazley recalled, PNG was “right in the frame of our relationship with Indonesia”, due to the shared border with Indonesia and the challenge of West Papuan independence activists crossing it.

As a compromise, the two countries made a Joint Declaration of Principles in 1987 that only provided the two governments “will consult … about matters affecting their common security interests”.

As the self-determination struggle in West Papua continues, PNG currently has defence units posted on its border with Indonesia.

Under what circumstances, if any, would Australia provide military support to PNG if violence on the border worsened? And what impact would this have on our relationship with Indonesia?

Not responding to a call for support from PNG could damage Australia’s reputation in the region. But if Australia did become involved in a conflict, it may be criticised for supporting activities that breach human rights.

The risk of Australia being unable to respond to a PNG request for military assistance is high because Australia does not have the defence (or policing) capacity to defend or stabilise a sprawling country like PNG.

Australia’s reliance on US assistance to stabilise Timor-Leste after its 1999 independence referendum illustrates the logistical challenges it faces when making large deployments, even in the region.

While Australia’s defence capabilities have improved since then, it would still likely only have the capacity to secure key cities in PNG and evacuate Australian citizens if there was serious unrest.

3. Can Australia justify the cost at home?

Australian taxpayers – already experiencing cost-of-living pressures – need to be told what funding commitments the government is willing to make to facilitate the treaty negotiations.

Australia’s promise of A$600 million to fund a PNG team in the National Rugby League is already attracting opposition at home.

4. What are the long-term defence plans?

PNG’s strategic location means Australia and the US have long had designs on establishing a permanent military base there.

Manus Island, for example, has been identified as an ideal submarine base. With Australia developing nuclear-powered submarines under the AUKUS partnership, are there plans to eventually base – or at least resupply – Australian submarines there?

This could have an impact on Australia’s relationships in the broader Pacific Islands region. There are already concerns in the region about whether the nuclear-powered submarines will comply with Australia’s obligations under the South Pacific Nuclear Free Zone Treaty.

Australia has legitimate strategic interests in PNG. As such, it’s understandable why a defence treaty is tempting.

But for 50 years, Australian governments have resisted this temptation because they decided that the risks outweighed the rewards. The current government will need to provide a good justification for its change of course.

Joanne Wallis receives funding from the Australian Research Council and the Australian Department of Defence. She is a Nonresident Senior Fellow of the Brookings Institution, a nonprofit public policy organisation.

– ref. A defence treaty with PNG might seem like a ‘win’ for Australia. But there are 4 crucial questions to answer – https://theconversation.com/a-defence-treaty-with-png-might-seem-like-a-win-for-australia-but-there-are-4-crucial-questions-to-answer-250396

MIL OSI Analysis – EveningReport.nz –

February 20, 2025
MIL-OSI United Kingdom: By land and by sea: UK supports US-led military exercises improving African security and stability
Source: United Kingdom – Government Statements

The UK Armed Forces are working with allies to deliver joint exercises with African partners to protect our people, prosperity and shared values.
UK advisors guide partner forces in urban operations drills at Justified Accord, Kenya (Credit: U.S. Army Southern European Task Force, Africa)

Thursday 20 February 2025 – The UK Armed Forces have been one of the biggest contributors to two large-scale military exercises that are reaching their climax this week across the land and sea of East Africa. The United States is leading both exercises and has brought together over 2,000 personnel from the armed forces of 29 countries, including 22 African nations.

The UK is responsible for delivering component parts of these multinational training exercises, under United States stewardship. The UK has been one of the biggest contributors to the Exercise Justified Accord ‘Field Training Exercise (FTX)’ which sees B Company 3 RIFLES exercise alongside a company from the US 173rd Airborne Brigade, a company of Kenya Army infantry, a troop of Kenyan Marines, Kenya Airforce fixed wing and rotary wing assets and, one infantry platoon each from Tanzania and Somalia.

Exercise Justified Accord is a land multinational exercise being delivered between 10 – 21 February hosted by Djibouti, Kenya and Tanzania. It began with table-top exercises that have laid the foundation for full-scale live activity, which are now underway. The action-packed drills involve coordinating and executing ground attacks, calling in air-support, urban warfare, using drones, and breaching and clearing buildings, as well as medical evacuations.

Cutlass Express is being conducted simultaneously, mostly in Mauritius, Seychelles and Tanzania. It is a naval warfare exercise which focuses on boarding various types of vessels at high speed to take command and control. The exercise challenges teams to complete scenarios which become increasingly harder and involve different types of vessels – from boarding small boats and dhows, to gaining control of larger vessels whilst under fire.

In another example of the United Kingdom and the United States being long-term partners for long-term stability and security, Exercise Cutlass Express is taking place for the 15th time, whilst Exercise Justified Accord has been conducted in various forms since 1998. Further joint exercises with African partners are planned for 2025.

Both exercises will ensure that the different forces involved work together to achieve combat objectives and prepare for real-life scenarios where they may have to collaborate quickly and effectively to counter threats in the region.

Falling just after the election of the new African Union Chairperson, the exercises also support the African Union’s security objectives by preparing partners for United Nations and African Union missions in Africa.

It serves as another example of the UK’s support for improved security not just in East Africa, but across the whole of Africa. These include the creation of the history-making, first-ever Kenyan marines and joint-training with the special forces of Nigeria and Ghana.

Olly Bryant, Defence Attaché at the British High Commission Nairobi, said:

The UK is a long-term partner, helping to deliver long-term stability and security across East Africa, and we are proud to be working with our allies on delivering high-capacity and high-quality activity. We are also proud of our security partnerships with our partners across Africa, which protect our people, prosperity and shared interests – we go far when we go together.

EDITOR’S NOTES

Video and photo content

Please find free-to-access video and photo content for Justified Accord here: https://www.dvidshub.net/feature/JustifiedAccord

Please find free-to-access photo and video content for Cutlass Express here: https://www.dvidshub.net/feature/CutlassExpress2025

Here is a link to a small selection of photos on Google Drive taken from the sites above: https://drive.google.com/drive/folders/1DOz2ajnRjFK4vAMN7KxajL57RgXO-9aJ?usp=sharing

Background on Exercise Justified Accord

You can find more information here, via U.S. Army Southern European Task Force, Africa.

Background on Exercise Cutlass Express

You can find more information here, via U.S. Naval Forces Europe-Africa/U.S. Sixth Fleet.

List of participating nations

Exercise Justified Accord

Angola

Botswana

Djibouti

DRC

Ghana

Kenya

Madagascar

Malawi

Mozambique

Nigeria

Republic of the Congo

Somalia

Tanzania

Tunisia

Uganda

Zambia

France (Observer)

India (Observer)

Italy

Netherlands

United Kingdom

United States

Exercise Cutlass Express

Comoros

Djibouti

Kenya

Madagascar

Malawi

Mauritius

Morocco

Mozambique

Senegal

Seychelles

Somalia

Tanzania

Tunisia

France

Georgia

India (Observer)

United Kingdom

United States

CONTACT

For media enquiries, please contact Tom Walker at the British High Commission Nairobi on tom.walker2@fcdo.gov.uk.

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Published 20 February 2025
MIL OSI United Kingdom –
February 20, 2025
MIL-OSI China: China’s Xizang opens first flight linking Hong Kong

Source: China State Council Information Office 2

The first commercial flight linking southwest China’s Xizang Autonomous Region and the Hong Kong Special Administrative Region started operation Wednesday morning.
The flight, operated by Tibet Airlines and using an Airbus A319, runs twice a week on Wednesdays and Sundays. It departs Lhasa at 8:10 a.m., stops over in Chengdu City of southwest China’s Sichuan Province, and arrives in Hong Kong at 2:35 p.m.
The new route supports Xizang’s openness, boosts its cultural and tourism industries, and strengthens ties with the Guangdong-Hong Kong-Macao Greater Bay Area, according to the regional administration of the Civil Aviation Administration of China.
Previously, Xizang had two international routes: one from Lhasa to Kathmandu, Nepal, and another from Lhasa via southwest China’s Chongqing Municipality to Singapore.

MIL OSI China News –

February 20, 2025
MIL-OSI New Zealand: Biosecurity New Zealand investigating and boosting trapping after new Auckland fruit fly find
Source: Ministry for Primary Industries

A biosecurity operation is under way and extra field teams are today in the suburb of Birkdale, on Auckland’s North Shore, after the discovery of a single male Oriental fruit fly in a surveillance trap in a suburban backyard, says Biosecurity New Zealand Commissioner North Mike Inglis.

“This is the same species of fruit fly that we responded to in Papatoetoe recently, but it is too early to say whether the two finds are linked. Our lab will do further DNA analysis of the fly over the coming days.”

With this latest detection, Biosecurity New Zealand is moving quickly to look for any others and eradicate them.

“We will be ramping up trapping and inspection, with daily checks in a 200-metre zone from the original find and checks every three days in a second zone out to 1500m,” Mr Inglis says.

“The capture of a single male does not mean we have an outbreak. However, while we do our checks for any other fruit flies, we need community help to prevent any possible spread.

“As a precautionary measure, we’ll be putting legal restrictions in place on the movement of fruit and vegetables out of the area where the fruit fly was found.

“Instructions about these controls and the exact area affected will be issued tomorrow (Friday) once we have completed an initial investigation. In the meantime, we ask that people who live and work in the suburb not take any whole fresh fruit and vegetables out of your property.”

Mr Inglis says biosecurity staff will be out tomorrow providing people with information.

“You may notice increased activity in the neighbourhood as we go about inspections and trapping. Our field officers may ask to look at fruit trees on your property. They will always show you a form of official

identification and will only enter your property with your permission.”

In addition to the field work, Biosecurity New Zealand is working closely with international trading partners and Government Industry Agreement (GIA) partners in the horticultural industry to minimise the risk to New Zealand growers and exporters.

“There have been 13 incursions of different fruit fly in Auckland and Northland since 1996 and all have been successfully eradicated thanks to the work of Biosecurity New Zealand, our horticulture partners, and local communities who have stepped up to help.

“Back in 2019, we responded to the detection of fruit flies in three separate suburbs over a period of several months, so this is not unusual. We traced and tracked in all three suburbs and continued until we were confident we had eliminated the pest.”

Mr Inglis says the latest find demonstrates the benefit and effectiveness of MPI’s lure-based fruit fly surveillance trapping network and the biosecurity system.

“Our trapping network involves nearly 8000 traps set nationwide, and these are checked regularly.

“By setting traps for these pest insects, we are able to find them early, know exactly where the problem is, and respond quickly and effectively.”

The fruit fly poses no human health risk, but there would be an economic cost to the horticulture industry if it were allowed to establish here.

Mr Inglis says Biosecurity New Zealand has among the strictest controls in the world for the importation of fruit and checks at the border. The most likely way that fruit flies can arrive in New Zealand is on fresh fruit and vegetables.

Biosecurity New Zealand will provide a further update to media tomorrow afternoon.

To report suspected finds of fruit fly, call MPI’s Pest and Diseases Hotline on 0800 80 99 66.

Background

The Oriental fruit fly is native to Asia but has now spread to many warmer countries, especially as the climate warms. Adult flies lay eggs into fruit. The young stages (maggots) feed inside the fruit, causing it to rot and become unmarketable.

The Oriental fruit fly maggots can feed on 300 different fruit and vegetables. The fly’s favourite hosts are apple, guava, mango, peach, and pear.

How to identify the fly

Adult flies:
- are a little larger than a housefly (6mm to 8mm long)
- have a dark “T” shaped marking on the abdomen (the part behind the waist)
- usually have a bright yellow and orange abdomen (but can vary)
- have clear wings.
The female fly has a pointed “sting” to lay eggs inside fruit (but she can’t sting or bite people). The male fruit fly is a similar size but is reddish-brown.

If you think you’ve found the fruit fly

For media queries, call 029 894 0328 or email media@mpi.govt.nz

For further information on the oriental fruit fly detection

MIL OSI New Zealand News –
February 20, 2025
MIL-OSI Economics: The 37th ASEAN-Australia Forum convenes in Jakarta

Source: ASEAN

The 37th ASEAN-Australia Forum was held today in the ASEAN Secretariat/ASEAN Headquarters Jakarta. The Forum provides a platform for Senior Officials of ASEAN and Australia to review the ASEAN-Australia Comprehensive Strategic Partnership and discuss future direction of ASEAN-Australia cooperation, as well as to exchange views on regional and international issues.

The post The 37th ASEAN-Australia Forum convenes in Jakarta appeared first on ASEAN Main Portal.

MIL OSI Economics –

February 20, 2025
MIL-Evening Report: Households are burning plastic waste as fuel for cooking and heating in slums the world over
Source: The Conversation (Au and NZ) – By Bishal Bharadwaj, Adjunct Research Fellow, Curtin Institute for Energy Transition, Curtin University

Poor people in vast city slums across the Global South are burning plastic to cook their food, warm their homes and boil water for hot showers.

Waste plastic is plentiful and highly flammable. So it’s not surprising people in developing countries, mainly in Africa, Asia and Latin America, are putting it to use – especially as wood is increasingly scarce.

But burning plastic is hazardous, as it releases toxins into the surrounding air – and possibly into the food on the stove.

We wanted to draw attention to this growing problem, which has received little attention to date despite the many potential harms.

In our new “perspective” paper, published in Nature Cities, we explain why so many communities are using plastic as an energy source.

We then explore further research needed and recommend ways for policymakers to tackle the issue.

Mountains of plastic waste

The world has produced more plastic in the past 20 years than the total previously produced since commercial production began in 1950. Roughly half a billion tonnes of plastic is now produced every year.

Plastic production is still accelerating. Global plastic use is predicted to almost triple by 2060 due to soaring demand from a growing population with rising incomes.

Unfortunately, most plastic is not recycled. Instead, it is discarded and ultimately ends up polluting marginal land such as flooded areas and open dumping grounds before making its way into the ocean.

Burning plastic waste for cooking and heating is becoming increasingly common in city slums. a–f, Photographs showing the use of plastic to start a fire in Koshi Province in Nepal (a), a household heating milk by burning plastic in Madhesh province of Nepal (b) and the burning of plastic in Guwahati, India (c), in Enugu, Nigeria (d,e) and in the slums of Lahore, Pakistan (f). Credits for photographs: a, Srijana Baniya; b, Pramesh Dhungana; c, Monjit Borthakur; d,e, Chizoba Obianuju Oranu; f, Sobia Rose.
Bharadwaj, B., Gates, T., Borthakur, M. et al. The use of plastic as a household fuel among the urban poor in the Global South. Nat Cities (2025).

A product of energy poverty in city slums

Increasing urbanisation is reducing access to traditional fuels such as wood and crop residue from farmland.

But plastic is readily available. Low-income households with little or no access to gas or electricity often find themselves living alongside mountains of rubbish.

This plastic, made from fossil fuels, represents a cheap and convenient fuel. It’s lightweight, easy to transport, and a nuisance material that people want to be rid of. Plastic is also relatively easy to dry and store, but can burn even when wet. It’s also flexible and pliable, so it can be used easily in traditional cooking arrangements such as basic stoves.

Burning plastic releases toxins such as dioxins, furans and heavy metals into the air. These chemicals are known to cause cancer, heart disease and lung diseases.

The more vulnerable people in the household – including women and children and those who spend more time indoors – tend to be most exposed to the fumes. But the problem also affects people in the neighbourhood and the wider community.

Burning plastic is likely to also contaminate food. For example, eggs from farms near plastic waste incinerators in Indonesia contained hazardous chemicals from burned plastic. However, more evidence is needed around food contamination.

Furthermore, when households burn plastic bottles and other containers, some of the original contents also burn. Given chemicals are poorly regulated, the consequences of burning plastic could be greater still.

Overcoming the problem

A first step to overcoming the problem is understanding the reality of those living in slums. Policy-makers need to recognise these people’s needs and the challenges they face.

Extensive research is needed to design the most effective and inclusive policy interventions. This needs to be addressed if we are to reduce the associated health and environmental impacts on such large populations across the world.

We have gathered a collaborative, multidisciplinary team of researchers from around 35 countries – mostly in the Global South – to better understand the problem. We recently completed a survey of people exposed to the issue such as local government employees, teachers and community workers in more than 100 cities in 26 countries.

We are also examining the emissions from waste plastic during food preparation to determine the extent of contamination in variety of stoves.

Nobody wants to burn plastic waste to cook food, so policies like ban on burning plastic with out contextual intervention will not work. There is a need to design inclusive policy interventions that provide equitable benefits to the wider community. For example, encouraging people to:
- wash any plastic before it is burned, to remove chemical residues
- use improved cookstoves that vent the fumes outside
- expand basic urban amenities like waste management to low income settlements
- provide support to help lift households out of poverty.
Each approach will depend on the specific requirements of the slum settlement. But by implementing multiple approaches in parallel, we can tackle the problem more effectively.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Households are burning plastic waste as fuel for cooking and heating in slums the world over – https://theconversation.com/households-are-burning-plastic-waste-as-fuel-for-cooking-and-heating-in-slums-the-world-over-250265
MIL OSI Analysis – EveningReport.nz –
February 20, 2025
MIL-OSI New Zealand: Economic growth the focus of PM’s visit to Viet Nam

Source: New Zealand Government

Prime Minister Christopher Luxon will travel to Viet Nam next week, visiting both Ha Noi and Ho Chi Minh City, accompanied by a delegation of senior New Zealand business leaders.
“Viet Nam is a rising star of Southeast Asia with one of the fastest growing economies in the region. This year our two countries celebrate 50 years of diplomatic relations. My visit will further energise our relationships, strengthen existing trade, and open the door to more opportunities for New Zealand businesses, to grow incomes and create jobs here at home,” Mr Luxon says.
While in Viet Nam Mr Luxon will meet with His Excellency Prime Minister Pham Minh Chinh. He will also call on Viet Nam’s other principal leaders to strengthen the Strategic Partnership and discuss ways of collaboration with Viet Nam. Mr Luxon will also deliver a keynote speech at the ASEAN Future Forum in Ha Noi.
“Our trade with Viet Nam has grown by 40 per cent in the past five years, but we know there is room for more and I am committed to reaching our ambitious two-way trade goal of US$3 billion in 2026. With over two decades of 5 per cent-plus annual economic growth and a population of more than 100 million people, Viet Nam is a market with huge opportunity for New Zealand, particularly in the areas of international education and high-quality food and beverage offerings.”
Mr Luxon’s speech in Ha Noi comes as New Zealand also marks 50 years of dialogue relations with ASEAN.
“New Zealand’s future security and prosperity is linked to the success of ASEAN and its members. We are working hard to lift our cooperation and deepen the relationship with ASEAN, as we strengthen our international partnerships and leverage the opportunities they generate for Kiwi businesses.”
Along with the business delegation, the Prime Minister will be joined by Minister of State for Trade and Investment Nicola Grigg.

MIL OSI New Zealand News –

February 20, 2025
MIL-OSI Australia: Boosting First Nations trade and investment
Source: Minister for Trade

The Albanese Labor Government is backing First Nations people, businesses and communities to take up new trade and investment opportunities through a new First Nations Trade and Investment Advisory Group.

Growing trade and investment links for First Nations people delivers well paying, secure jobs in communities across Australia. We know that First Nations businesses who export generated over $670 million in revenue in 2022-23 and typically employed over seven times more workers than other First Nations businesses.

The group will help First Nations businesses tap into a wide array of trade and economic opportunities, including our recently signed free trade agreement with United Arab Emirates, so that First Nations businesses can reap more of the benefits from international trade.

By establishing this pilot Advisory Group we are delivering on our commitment to share the benefits of trade widely across our community.

The membership includes a range of First Nations business leaders, industry groups and experts in international trade including:
- Mr Bevan Mailman, Desert Springs Octopus
- Mr Joshua Gilbert, Gilbert Consulting
- Mr Cameron Costello, Costello Consultancy
- Mr Brian Bero, First Nations Clean Energy Network
- Ms Sharon Brindley, First Nations Bushfood and Botanical Alliance Australia
- Mr Michael Dickerson, Gambarra Kaha
- Ms Shannon McGuire, Kirrikin Foundation
- Ms Leah Armstrong, First Nations Representative on the Indigenous Peoples Economic Trade and Cooperation Agreement (IPETCA)
- Mr Leslie Delaforce, Dreamspark
- Ms Jenny Wardrop, Supply Nation Representative
- Ms Michelle Deshong, Deshong Consulting
More information, including terms of reference, will be available at Advisory Group webpage.

Quotes attributable to the Minister for Trade and Tourism Don Farrell:

“Our First Nations people were our first traders, exchanging goods with Makassan seafarers from Indonesia.

“These days First Nations businesses export a range of goods including native botanicals, art, design, cyber and clean energy solutions to the world markets.

“We know First Nations business involved in trade create more jobs and grow faster.

“That’s why our government is focussed on helping more First Nations businesses tap into the many opportunities provided by exporting to the world.”

Quotes attributable to the Minister for Indigenous Australians Malarndirri McCarthy:

“First Nations Australians are the holders of traditional knowledge and culture, and these perspectives can only benefit Australia’s international trade and investment agenda.

“Initiatives like the First Nations Trade and Investment Advisory Group ensure First Nations perspectives, experiences and interests are embedded in our international economic agenda.

“Working in partnership demonstrates the value of knowledge sharing and can deliver real, long-term economic empowerment and self-determination for First Nations Australians.”

MIL OSI News –
February 20, 2025
MIL-OSI China: Youngsters take a shine to gold phone stickers

Source: China State Council Information Office

Customers view gold jewelry at a gold shop in Jinan, capital of East China’s Shandong province, Jan 27, 2024. [Photo/Xinhua]

As gold prices rally, driven by market volatility and central bank purchases, younger Chinese consumers are finding a new way to get in on the action — through the purchase of trendy and low-cost gold phone stickers.

These lightweight accessories, ranging from 0.01 to 0.2 grams in weight and priced anywhere from 40 yuan ($5.5) to over 100 yuan, come in a wide variety of auspicious designs and motifs, from depictions of the God of Wealth to emblems bearing lucky phrases such as “Peace and Happiness” and “Get Rich”.

“By simply peeling off the adhesive and affixing the charm to the back of their smartphones, young consumers can instantly transform their devices into portable talismans of wealth and success,” said Wu Ming, a business owner in Shuibei, a gold jewelry manufacturing and trading hub in Shenzhen, Guangdong province.

It’s a small investment, but the impact is quite powerful, Wu said, adding that the charms allow young people to feel like they’re partaking in the gold rush, while also serving as a daily reminder of their aspirations for prosperity.

The gold phone sticker trend has taken on a strong social media dimension, with users actively engaging with and inspiring one another. This has created a powerful viral effect, attracting more people to participate in this fashion craze.

A search for “gold phone stickers” on the popular social media platform Xiaohongshu, also known as Rednote, yielded over 5.98 million related posts, as of mid-February.

While gold phone stickers have been around for years, it wasn’t until the end of 2024 that they turned highly popular. The key driver behind this surge is advances in manufacturing that have allowed producers to create thinner, lighter charms with a wider array of stylish designs, Wu said.

Collaborations with popular IP and the integration of viral social media catchphrases have proved to be highly effective strategies, Wu added.

Chinese jeweler CHJ Industry has joined forces with the iconic Japanese anime character Doraemon and popular Chinese TV drama Empresses in the Palace, to break out of their traditional mold and tap into the cultural zeitgeist driving the gold phone sticker trend.

“The posts on Xiaohongshu all talk about how wearing these gold charms can bring you luck and prosperity,” said Yang Hongyi, a 26-year-old resident in Beijing.

“I’m not buying them to hold as an investment — I just want a touch of gold on my phone to bring a little auspiciousness, and maybe even give one to a friend as a fun gift for the new year,” Yang said.

Take, for example, a gold phone sticker weighing just 0.1 gram, which is being sold for about 100 yuan at least. This translates to a unit price of over 1,000 yuan per gram, while a gram of pure gold in the open market generally sells for around 700 yuan, including both the cost of the gold and a processing fee of 15 to 35 yuan.

In the past, the primary driver for gold purchases was the metal’s perceived ability to maintain and grow in value over time, but the trend of gold phone stickers has ushered in a new era where the aspirational appeal of these accessories has taken center stage, said Li Yang, an associate professor at Cheung Kong Graduate School of Business.

It’s no longer just about the intrinsic value of the gold, but the social currency and cultural cachet these accessories represent, Li said.

“A gold phone charm is just a decorative item, it has nothing to do with whether it maintains its value or not,” Yang said. “It’s like a phone case — if you don’t like it, you can just change it, and you don’t feel bad about it.”

MIL OSI China News –

February 20, 2025

MIL-OSI Economics: Money Market Operations as on February 18, 2025

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	5,78,950.11	6.26	5.25-6.60
I. Call Money	14,414.61	6.35	5.25-6.50
II. Triparty Repo	4,01,857.25	6.25	6.15-6.60
III. Market Repo	1,60,689.05	6.28	5.75-6.45
IV. Repo in Corporate Bond	1,989.20	6.47	6.42-6.55
B. Term Segment
I. Notice Money**	276.00	6.36	5.80-6.40
II. Term Money^@@	216.00	–	6.45-6.70
III. Triparty Repo	705.00	6.30	6.25-6.40
IV. Market Repo	1,045.78	5.88	5.75-6.70
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo	Tue, 18/02/2025	2	Thu, 20/02/2025	71,773.00	6.26
(b) Reverse Repo
(III) Long Term Operations^
(a) Repo
(b) Reverse Repo
3. MSF^#	Tue, 18/02/2025	1	Wed, 19/02/2025	1,359.00	6.50
	Tue, 18/02/2025	2	Thu, 20/02/2025	0.00	6.50
4. SDF^Δ#	Tue, 18/02/2025	1	Wed, 19/02/2025	89,800.00	6.00
	Tue, 18/02/2025	2	Thu, 20/02/2025	7,559.00	6.00
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-24,227.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo	Mon, 17/02/2025	4	Fri, 21/02/2025	57,413.00	6.26
(b) Reverse Repo
(III) Long Term Operations^
(a) Repo	Fri, 14/02/2025	49	Fri, 04/04/2025	75,003.00	6.28
	Fri, 07/02/2025	56	Fri, 04/04/2025	50,010.00	6.31
(b) Reverse Repo
3. MSF^#
4. SDF^Δ#
D. Standing Liquidity Facility (SLF) Availed from RBI^$				9,095.71
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				1,91,521.71
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				1,67,294.71
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		February 18, 2025		8,97,439.46
(ii) Average daily cash reserve requirement for the fortnight ending		February 21, 2025		9,12,240.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		February 18, 2025		71,773.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		January 24, 2025		-34,103.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
^Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
^ As per the Press Release No. 2024-2025/2138 dated February 12, 2025 and Press Release No. 2024-2025/2013 dated January 27, 2025.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2024-2025/2195

MIL OSI Economics –

February 20, 2025

MIL-OSI USA News: 80th Anniversary of the Battle of Iwo Jima

Source: The White House

class=”has-text-align-center”>By the President of the United States of America

A Proclamation

On the morning of February 19, 1945, the first wave of United States Marines landed on the island of Iwo Jima — commencing 36 long, perilous days of gruesome warfare, and one of the most consequential campaigns of the Second World War. With ruthless fervor, the Japanese struck our forces with mortars, heavy artillery, and a steady barrage of small arms fire, but they could not shake the spirit of the Marines, and American forces did not retreat.

Five days into the conflict, six Marines ascended the island’s highest peak and hoisted Old Glory into the summit of Mount Suribachi — a triumphant moment that has stood the test of time as a lasting symbol of the grit, resolve, and unflinching courage of Marines and all of those who serve our Nation in uniform.

After five weeks of unrelenting warfare, the island was declared secure, and our victory advanced America’s cause in the Pacific Theater — but at a staggering cost. Of the 70,000 men assembled for the campaign, nearly 7,000 Marines and Sailors died, and 20,000 more were wounded.

The battle was defined by massive casualties, but also acts of gallantry — 27 Marines and Sailors received the Medal of Honor for their valor during Iwo Jima. No other single battle in our Nation’s history bears this distinction. Eighty years later, we proudly continue to honor their heroism.

American liberty was secured, in part, by young men who stormed the black sand shores of Iwo Jima and defeated the Japanese Imperial Army eight decades ago. In spite of a brutal war, the United States–Japan Alliance represents the cornerstone of peace and prosperity in the Indo-Pacific.

Nonetheless, our victory at Iwo Jima stands as a legendary display of American might and an eternal testament to the unending love, nobility, and fortitude of America’s Greatest Generation. To every Patriot who selflessly rose to the occasion, left behind his family and his home, and gallantly shed his blood for freedom on the battlefields at Iwo Jima, we vow to never forget your intrepid devotion — and we pledge to build a country, a culture, and a future worthy of your sacrifice.

NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim February 19, 2025, as the 80th Anniversary of the Battle of Iwo Jima. I encourage all Americans to remember the selfless patriots of the Greatest Generation.

IN WITNESS WHEREOF, I have hereunto set my hand this nineteenth day of February, in the year of our Lord two thousand twenty-five, and of the Independence of the United States of America the two hundred and forty-ninth.

MIL OSI USA News –

February 20, 2025
MIL-OSI Australia: Building climate resilience into food systems in the Eastern Gangetic Plains

Source: Australian Centre for International Agricultural Research

The world’s highest concentration of rural poverty occurs in the Eastern Gangetic Plains of Bangladesh, India and Nepal – a region that is home to 450 million people.

Livelihoods in this part of the world rely greatly on agriculture. Opportunities to work with smallholder farmers can lay the foundations for a more productive, sustainable and diversified agricultural economy.

Among the research-for-development professionals on the ground is a team working on the Rupantar project, an ACIAR-supported initiative led by Dr Tamara Jackson of the University of Adelaide.

The Rupantar project operates at a whole-of-system level. It spans both social and farming practices and extends all the way through to policy settings, market opportunities and other agrifood system barriers holding smallholders back. It also builds on prior investments by ACIAR and the Australian Department of Foreign Affairs and Trade (DFAT).

Included in this integrated approach are considerations for climate impacts.

This concern saw 15 team members from the Rupantar project visit the University of Adelaide and regional South Australia and Victoria in October 2024. Funded as part of a DFAT Australia Awards Fellowship program, the study tour focused on climate resilience and adaptation.

The Rupantar project

‘Rupantar’ has a common meaning in Bangla, Hindi and Nepali. It means change on a level so profound that it is transformative. Launched in 2021, the Rupantar project is identifying opportunities for inclusive and diversified food production innovation.

Given the partnership model typical of ACIAR projects, these opportunities need to be priorities for local communities. They also need to be sustainable and to fit with longer-term climate, nutrition and available water resource projections.

Achieving this level of integration requires working on multiple levels at the same time. There is ground-up innovation – from personal to organisational. Then there are high-level policies that work down and can make important change on the ground.

Our hypothesis is that an integrated approach to livelihood change – coupled with inclusive and collaborative approaches – will result in more effective and sustainable development pathways.

Dr Tamara Jackson,
University of Adelaide

‘So, our goal is to understand the processes and practices needed to diversify food production in ways that improve farm livelihoods and reduce inequity, production risk and unsustainable resource use.’

The on-the-ground work with smallholders is implemented at sites in West Bengal (India), Rangpur (Bangladesh) and Koshi Province (Nepal). Implementation involves actioning ‘diversification pathways’ that were co-developed collaboratively with local partners.

Diversification pathways

The aim of these pathways is twofold. The first is to test diversification options and select the most appropriate crop and livestock options that are priorities for local communities. These are then implemented within existing networks and are aligned with institutional settings.

The second aim is to monitor the changes associated with the pathways, including long-term sustainability.

The project is also mindful that diversification can look very different to different members within households and can include off-farm income from seasonal male migration and greater reliance on women household members.

In all, three types of diversified systems are being explored:

• plant-based production, including crops and horticulture
• livestock-based, including chickens, goats and dairy that are especially important to women’s income
• irrigation-constrained systems.

‘The project is working on strengthening what already works about a farming system in the Eastern Gangetic Plain and building on innovations from prior projects, such as ACIAR’s introduction of conservation agriculture cropping practices,’ said Dr Jackson.

Long-running ACIAR initiatives in the Eastern Gangetic Plains worked with smallholder farmers across Bangladesh, India, and Nepal to introduce sustainable practices and innovations to intensify production.

The project team has spent the first 2 years on the ground running baseline surveys and mapping villages to better understand the system.

Implementation started in 2023 once it became clear what would work best in different settings. The visit to Australia in 2024 provided project partners with opportunities to observe what diversified and climate-resilient Australian farms look like.

Participants included Rupantar project partners from provincial government, cooperatives, farmer producer companies, NGOs, local university partners and the International Maize and Wheat Improvement Center.

Climate-smart innovation

Dr Jay Cummins from International Agriculture for Development hosted the study tour group and developed the course that focused on addressing the climate realities in collaboration with the Rupantar project.

The 20-day study tour was entitled ‘Supporting climate-smart, resilient food production networks in the Indo-Gangetic Plains’.

Key experts shared their experiences responding to climate change and on-farm visits examined how Australian agriculture builds climate resilience into its practices in different environmental and socioeconomic settings.

‘Included were visits to more rainfed, dryland cropping systems in the Mallee and, in addition, to irrigated production systems in the Murray–Darling Basin,’ said Dr Cummins.

The Australia Awards program provided a valuable mechanism to connect the participants with a whole range of Australian organisations and professionals, which in turn will help build international networks and collaboration.

Dr Jay Cummins
International Agriculture for Development

In the Eastern Gangetic Plain, food production can be heavily focused on wet season rice crops. In Australia, the visitors were able to explore dry season opportunities for diversified production of crops and livestock, including in mixed farming systems. They saw how Australian farmers manage risks around water scarcity and drought. At South Australian Riverland sites, discussions included irrigation and water management that present different diversification options.

Participant perspectives

Loxton farmer Brycen Rudiger (left)discusses the challenges of growing wheat in the Mallee region with Nepali participant Gautam Bhupal (right).

Among the participants were Dr Deepa Roy from India, Ms Bimala Pokhrel from Nepal and Dr Mamunur Rashid from Bangladesh.

Dr Roy is an agricultural extension expert based at Uttar Banga Krishi Viswavidyalaya, India. She told ACIAR that smallholder farmers in the Eastern Gangetic Plains face numerous challenges that can lock them into poverty.

These range from small and fragmented landholdings that make mechanisation difficult, to a lack of agronomic knowledge, limited agricultural support services, limited market access, financial constraints and climatic hazards.

‘Through the course several key insights and learnings emerged that may help our farmers in understanding and adopting climate resilient technologies,’ said Dr Roy.

Key insights for participants included:

• assessing the carbon footprint of farming and taking action to reduce it
• introducing efficient soil moisture management strategies such as mulching
• adopting agronomic practices such as crop rotations and climate-resilient crops
• building soil fertility
• advocating for improved climate forecasting
• adopting grower-led research and extension
• developing digital tools to monitor the adoption of innovation
• providing financial management training to smallholder farmers
• using podcasts and radio to provide farm advisory services.

Overall, Dr Roy said that the course equipped attendees with a holistic understanding of climate-smart practices. ‘It helped us not only to strengthen technical knowledge but also to develop critical soft skill and a deeper understanding of sustainable climate resilient farming.’

It’s a point of view shared by Ms Pokhrel, who works with the Ministry of Industry Agriculture and Cooperatives in Koshi Province, Nepal. She said the course enriched efforts to both help farmers and policymakers with future planning. And it worked by enhancing both her professional and personal capacity.

‘What stood out was the extent that Australian farmers have already adopted technology to mitigate against climate change,’ said Ms Pokhrel. ‘This was particularly stark when it came to soil health and sustainable soil management practices. One of the key learnings is that we can tailor these practices for our context in the Koshi Province and, in that way, improve crop productivity by improving soil health.’

Mr Rashid agreed. He is a research fellow at Hajee Mohammad Danesh Science and Technology University in Dinajpur, Bangladesh. He noted that while ACIAR is helping to introduce conservation agriculture to Bangladesh, South Australian farmers have already adopted these soil and soil-moisture conserving practices.

They are also growing more legume crops for soil health and fertiliser benefits, adopting risk-aversion strategies amid climate variability, and introducing carbon farming to adapt to climate change.

Improved water management

Both Ms Pokhrel and Mr Rashid were especially impressed by Australian water management systems in drought-prone landscapes. They think these kinds of Australian practices have a role to play at the project sites.

While the cost and expertise required to adopt and maintain technologies such as drip irrigation systems used in Australia may be beyond the capacity of many smallholder farmers, the study tour has already inspired a new water conservation pilot project.

The Bangladesh team will launch ‘Conserving soil moisture through mulching technique in chili farming’ in the Rupantar project areas, focusing on farmers in northern Bangladesh, who experience frequent floods and droughts.

The Rupantar project delegation on tour in the northern Mallee of South Australia.

‘This initiative aims to use soil moisture and reduce irrigation in chilli farming, aided by Chameleon soil water sensors that can support decision-making for the farmers of the Rupantar project,’ said Mr Rashid.

Ms Pokhrel was greatly impressed by the grower-centric research, development and extension infrastructure built around farmers’ needs in Australia. For her, this was typified by organisations such as the Grains Research and Development Corporation and the Almond Board.

She thinks there are opportunities to ‘sensitise’ the different boards in Nepal to this approach.

Surprises for the project partners included the large size of farms given the small number of people working in agriculture.

What also surprised us is the rate of technology adoption by farmers, along with their dedication and the satisfaction they receive from the agricultural profession.

Ms Bimala Pokhrel
Nepal

‘Mallee Sustainable Farming System was impressive and working with farmers groups and developing the communication material in local languages are the things that we can develop for our smallholder farmers too.’

Finally, they praised the networking opportunities provided by the course, including with farmers, and opportunities to understand the people, country and culture.

ACIAR Project WAC/2020/148: ‘Transforming smallholder food systems in the Eastern Gangetic Plain’

MIL OSI News –

February 20, 2025
MIL-OSI Economics: Secretary-General of ASEAN delivers pre-recorded remarks at the ASEAN-UK Symposium on the Development of the ASEAN Creative Economy Sustainability Framework

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today delivered pre-recorded remarks at the launching of the ASEAN-UK Symposium on the Development of the ASEAN Creative Economy (ACE) Sustainability Framework, being held in Kuala Lumpur, Malaysia. In his remarks, Dr. Kao emphasised the vital role of cultural and creative industries in driving economic growth and job creation. He welcomed ASEAN’s creative potential and underscored the symposium’s importance in supporting the development of the ACE Sustainability Framework as a roadmap to guide cross-sectoral collaboration towards achieving meaningful social, cultural, economic, and environmental outcomes in fostering the creative economy.

The post Secretary-General of ASEAN delivers pre-recorded remarks at the ASEAN-UK Symposium on the Development of the ASEAN Creative Economy Sustainability Framework appeared first on ASEAN Main Portal.

MIL OSI Economics –

February 20, 2025
MIL-Evening Report: With Whyalla steelworks forced into administration, Australia has crucial decisions to make on the future of its steel industry

Source: The Conversation (Au and NZ) – By Geoffrey Brooks, Professor of Engineering, Swinburne University of Technology

Alex Cimbal/Shutterstock

Whyalla is a proud steel town. The steelworks physically dominates the townscape, and most jobs in the town are either directly at the steelworks or heavily reliant on it.

In recent months, however, the steelworks have lurched from one setback to another, from serious technical problems that forced shutdowns to rising debts owed to suppliers and the state government.

On Wednesday, the South Australian government forced Whyalla steelworks into administration. To do so, it quickly passed amendments to the Whyalla Steelworks Act. Current owner GFG Alliance will no longer operate the site.

For me, someone intimately involved in the steel industry, the news that the steelworks has been put into administration is not a shock. This has been coming for some time.

On Thursday, Prime Minister Anthony Albanese unveiled a A$2.4 billion rescue package.

A portion of this money will be used to address immediate debt issues and keep the plant afloat. But $1.9 billion has been earmarked for major, long-term infrastructure upgrades under a new owner.

The next steps will be crucial if this vital component of Australia’s manufacturing infrastructure – and heart of the town of Whyalla – is to survive.

How we got here

Whyalla’s steelworks was founded by BHP and opened in 1941, originally concentrating on ship building. It later transitioned to producing structural and rail products during the 1970s and ‘80s.

After the steel division was spun out of BHP in 2000, the steelworks operated under the OneSteel banner, which was renamed Arrium in 2012.

The plant has been in decline for a couple of decades. Its products have had difficulty competing against overseas imports and there have been issues with the scale of production and costs.

GFG Alliance took over Whyalla’s struggling steelworks in 2017, to great fanfare and optimism.

GFG is led by Indian-born British billionaire Sanjeev Gupta, who owns steel plants across the world. Until recently, he was a relatively unknown figure in the steel industry, but rapidly built up a steel empire after buying his first major steel plant in the UK in 2013.

Gupta’s business practices have recently drawn close scrutiny from regulators in the UK, particularly the financing arrangements for several of his businesses. GFG’s largest lender, Greensill Capital, collapsed in 2021.

A failure to turn things around

Upon purchasing the plant in 2017, GFG promised to invest in upgrading the equipment and move the steelworks towards “green” steel production.

But these investments never materialised, and the operations have continued to lose money. There have also been significant operational issues over the past year, resulting in months of no production.

These challenges have been compounded by what appears to be poor management of key equipment in the plant, particularly the blast furnace.

The steelworks has been beset by technical issues over the past year.
Adwo/Shutterstock

Keeping blast furnaces running smoothly is one most important technical issues facing any steelmaker.

A string of recent breakdowns, resulting in major production shutdowns in 2024, does not reflect well on GFG.

On Wednesday, SA Premier Peter Malinauskas said the state government had been forced to step in, given debts of more than $300 million owed by GFG and reports workers weren’t being paid.

Still a valuable asset

The town of Whyalla will be watching the outcome of the state and federal governments’ rescue plan with bated breath. If it’s not to be GFG, who should be trusted with taking over and running the steelworks?

In such times, it is worth pointing out some of the key advantages of the plant that could make it an attractive asset to prospective owners.

Whyalla has good port facilities, a major iron ore deposit (Middleback Range) nearby, and abundant renewable energy.

It also has an experienced and trained workforce, with established product lines that are in demand (particularly rail steel).

Bluescope has been touted as one potential new owner. But there is also likely to be foreign interest, given the potential for linking steel production to renewable energy in Whyalla.

Taking Whyalla into the future

The current scale of the Whyalla steelworks, about 1.2 million tonnes of raw steel per year, is simply too small to be competitive. It is operating in a market where plants producing more than 3 million tonnes per year are common.

The plant’s product range could be broadened and raised in value by investing in key steelmaking equipment.

The general shift towards green production routes also presents opportunities for Whyalla. The local abundance of solar energy is likely to be a significant advantage for the plant’s future.

However, converting from the plant from its current coal-based technology to non-coal based technology (such as hydrogen ironmaking) will take significant investment and technical skill.

Whyalla is close to iron ore deposits in the Middleback Range.
Adwo/Shutterstock

Opportunities for Australia

Could Australia simply let the steelworks shut down and import its rail steel instead?

That would draw parallels with Australia’s car manufacturing sector, which the government ultimately allowed to collapse. But I believe this position is unlikely to attract much support.

For one, there would be an enormous human cost to the people of Whyalla. The town of 20,000 people would be economically devastated by the plant’s closure.

There’s also a fear such a move would further weaken Australia’s ability to generate long-term wealth. Historically, the steel industry has been an important generator of long-term jobs and national wealth.

And it would certainly be demoralising for our manufacturing sector. Australia has plentiful ore, energy and a huge railway network. We should be able to run a sustainable steel plant specialising in rail and structural steel.

All these challenges need investment and strong technical leadership. The decisions taken by the state and federal government in the next few months will be vital for Whyalla’s future.

Geoffrey Brooks receives funding from the HILT CRC, ARC Steel Innovation Hub and Victorian Hydrogen Hub for fundamental research into steelmaking. The Liberty GFG company and other steel companies financially invest into these research bodies and directly support some of his steelmaking research. He is also the Chairman of the Association of Iron and Steel Technology Australian and New Zealand Chapter. This organisation organises conferences and seminars on steelmaking topics. His activity in this Chapter is on a voluntary basis.

– ref. With Whyalla steelworks forced into administration, Australia has crucial decisions to make on the future of its steel industry – https://theconversation.com/with-whyalla-steelworks-forced-into-administration-australia-has-crucial-decisions-to-make-on-the-future-of-its-steel-industry-250317

MIL OSI Analysis – EveningReport.nz –

February 20, 2025

Category: Asia

Return of objects by the municipality of Rotterdam

Advisory report published by the Colonial Collections Committee

About the Role

Strategic Leadership

Operation, Finance, and Fundraising

Change Management

Communications and Network

Governance and Relationship to The Board

Campaign Advocacy and Representation

Personnel, Health, and Safety

Personnel, Health, and Safety

Skills and Experience

Personal Attributes

Greenpeace’s Commitment to Diversity and Inclusion

Deadline for applications: March 20, 2025

Source: Asia New Zealand Foundation

1. How will Australia enforce the treaty?

2. Has Australia mitigated any risks?

3. Can Australia justify the cost at home?

4. What are the long-term defence plans?

Olly Bryant, Defence Attaché at the British High Commission Nairobi, said:

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Background on Exercise Justified Accord

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Exercise Justified Accord

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Mountains of plastic waste

A product of energy poverty in city slums

Overcoming the problem

The Rupantar project

Diversification pathways

Climate-smart innovation

Participant perspectives

Improved water management

How we got here

A failure to turn things around

Still a valuable asset

Taking Whyalla into the future

Opportunities for Australia