Category: Asia

MIL-OSI: Valeura Energy Inc.: Record Reserves and Resources at Year-End 2024: 2P Reserves Replacement Ratio of 245%

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Feb. 13, 2025 (GLOBE NEWSWIRE) — Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) is pleased to announce the results of its third-party independent reserves and resources assessment as at year-end 2024.

Highlights

Record high year-end reserves: 32 MMbbl proved (1P), 50 MMbbl proved plus probable (2P) and 60 MMbbl proved plus probable plus possible (3P) reserves;
2P reserves replacement ratio of 245% even after annual production increase of 12%;
2P reserves and end of field life (“EOFL”) increased at every field;
2P reserves net present value before tax of US$934 million and US$752 million after tax⁽¹⁾;
Considering year-end 2024 cash position of US$259 million, Company net asset value (“NAV”) is US$1,012 million, equating C$13.6 per common share⁽²⁾;
Contingent resources⁽³⁾ of 48 MMbbl, more than double the total at end 2023; and
Decommissioning costs significantly reduced through engineering studies and increased EOFL to beyond 2030.

⁽¹⁾	^{Discounted at 10% (NPV₁₀)}
⁽²⁾	^{Proved plus probable (2P) NPV₁₀after tax plus cash of US$259.4 million (no debt), using US$/C$ exchange rate of 1.435, and 106.65 million common shares outstanding, as at December 31, 2024}
⁽³⁾	^{Unrisked 2C (best estimate) contingent resources}

Dr. Sean Guest, President and CEO commented:

“I am pleased to announce the results of our end 2024 reserves and resources evaluation, which shows again that our aggressive work programme can increase the ultimate potential of our fields and add value to our Company. In our second full year of operations we have again added more than double the reserves we produced, achieving a 2P reserves replacement ratio of 245%. This is a significant feat, considering we also increased production by 12% relative to 2023.

We also added to the ultimate potential of our portfolio, with all Thailand fields now having an economic field life lasting beyond 2030. Since taking over these assets, we have added at least four additional years of production life to each field. This means more years of future cash flow and is therefore a prime example of one key element of our strategy in action – driving further organic growth.

The net asset value of our business is now over US$1 billion – a record high, equating to more than C$13.6 per common share. This is based on our 2P after tax NPV₁₀increasing by 76% year-on-year, coupled with a new record year-end cash position.

In addition to discovering volumes through the drill bit and aggressively working to build our understanding of the intricate subsurface environment, various other financial and engineering studies have also added value. Our field abandonment costs have been reduced further through updated engineering studies which are benchmarked to actual abandonment operations in the Gulf of Thailand. The effect of this, combined with extended field life across the portfolio, is expected to reduce our Asset Retirement Obligation (“ARO”) on our balance sheet by more than 50% since we first assumed operatorship of these assets.

We are relentless in our pursuit of value and we remain focussed on allocating capital efficiently. Moreover, we see exciting reserves-adding opportunities ahead through the potential Wassana field redevelopment, as well as through ongoing infill development and appraisal drilling across the portfolio, and the selective exploration targets we will pursue this year.

At the same time, inorganic growth remains a key part of our strategy, and we are actively evaluating several opportunities to assess fit with our strict screening criteria.”

Valeura commissioned Netherland, Sewell & Associates, Inc. (“NSAI”) to assess reserves and resources for all of its Thailand assets as of December 31, 2024. NSAI’s evaluation is presented in a report dated February 13, 2025 (the “NSAI 2024 Report”). This follows previous evaluations conducted by the same firm for December 31, 2023 (the “NSAI 2023 Report”) and December 31, 2022 (the “NSAI 2022 Report”).

Oil and Gas Reserves by Field Based on Forecast Prices and Costs

		Gross (Before Royalties) Reserves, Working Interest Share (Mbbl)
Reserves by Field		Jasmine (Light/Medium)	Manora (Light/Medium)	Nong Yao (Light/Medium)	Wassana (Heavy)	Total
Proved	Producing Developed	5,268	1,370	6,541	2,894	16,073
	Non-Producing Developed	703	433	153	242	1,531
	Undeveloped	4,713	705	3,742	5,490	14,650
Total Proved (1P)		10,684	2,509	10,436	8,626	32,255
Total Probable (P2)		6,108	848	6,500	4,297	17,753
Total Proved + Probable (2P)		16,792	3,357	16,936	12,923	50,008
Total Possible (P3)		3,647	718	4,297	1,027	9,689
Total Proved + Probable + Possible (3P)		20,440	4,075	21,233	13,950	59,697

Summary of Reserves Replacement, Value, and Field Life

As compared to the NSAI 2023 Report, the NSAI 2024 Report indicates an addition of 2.4 MMbbl of proved (1P) reserves and 12.1 MMbbl of proved plus probable (2P) reserves, after having produced 8.4 MMbbl of oil in 2024. This reflects a 1P reserves replacement ratio of 128% and a 2P reserves replacement ratio of 245%.

Based on the mid-point of the Company’s 2025 production guidance of 23.0 – 25.5 Mbbl/d (24.25 Mbbl/d), on a 2P reserves basis as of December 31, 2024, the Company estimates its reserves life index (“RLI”) to be approximately 5.6 years. Using the same 2025 production estimate and 2P reserves as of December 31, 2023 and December 31, 2022, the RLI was approximately 4.3, and 3.3 years, respectively.

The net present value of estimated future revenue after income taxes, based on a 10% discount rate has increased between the NSAI 2023 Report and the NSAI 2024 Report from US$193.9 million to US$358.6 million on a 1P basis, an increase of 85%. On a 2P basis, the net present value of estimated future revenue after income taxes, based on a 10% discount rate has increased from US$428.5 million to US$752.2 million, an increase of 76%.

The Company estimates that, based on the 2P net present value of estimated future revenue after income taxes in the NSAI 2024 Report, based on a 10% discount rate, plus the Company’s 2024 year-end cash position of US$259.4 million, as disclosed on January 8, 2025, the Company has a 2P net asset value (“NAV”) of US$1,011.6 million. Using the year-end count of common shares outstanding (being 106.65 million) and foreign exchange rates, Valeura’s NAV equates to approximately C$13.6/share.

	1P NPV₁₀		2P NPV₁₀		3P NPV₁₀
	Before Tax	After Tax	Before Tax	After Tax	Before Tax	After Tax
NPV₁₀(US$ million)	360.7	358.6	933.9	752.2	1,339.1	990.2
Cash at December 31, 2024 (US$ million)⁽¹⁾	259.4	259.4	259.4	259.4	259.4	259.4
Net Asset Value (US$ million)	620.1	618.0	1,193.3	1,011.6	1,598.5	1,249.6
Common shares (million)⁽²⁾	106.65	106.65	106.65	106.65	106.65	106.65
Estimated NAV per basic share (C$ per share)⁽³⁾	8.3	8.3	16.1	13.6	21.5	16.8

⁽¹⁾	^{Cash at December 31, 2024 of US$259.4 million, debt nil}
⁽²⁾	^{Issued and outstanding common shares as of December 31, 2024}
⁽³⁾	^{US$/C$ exchange rate of 1.435 as at December 31, 2024}

The NSAI 2024 Report indicates a further extension in the anticipated end of field life for all assets in Valeura’s Thailand portfolio, as compared to the NSAI 2023 Report.

	Gross (Before Royalties) 2P Reserves, Working Interest Share							End of Field Life		2P NPV₁₀After Tax (US$ million)
Fields	December 31, 2023 (MMbbl)	2024 Production (MMbbl)		Additions (MMbbl)	December 31, 2024 (MMbbl)	Reserves Replacement Ratio (%)		NSAI 2023 Report	NSAI 2024 Report	December 31, 2023	December 31, 2024
Jasmine	10.4	(2.9	)	9.2	16.8	324	%	Dec 2028	Aug 2031	81.8	163.9
Manora	2.2	(0.9	)	2.1	3.4	223	%	Jul 2027	Apr 2030	21.2	45.7
Nong Yao	12.4	(3.1	)	7.7	16.9	245	%	Dec 2028	Dec 2033	185.6	416.1
Wassana	12.9	(1.4	)	1.5	12.9	102	%	Jun 2032	Dec 2035	139.9	126.6
Total	37.9	(8.4	)	20.5	50.0	245	%			428.5	752.2

Valeura has demonstrated two consecutive years of growth in both aggregate 2P reserves and the associated after-tax 2P NPV₁₀ value.

	Gross (Before Royalties) 2P Reserves, Working Interest Share (MMbbl)			2P NPV₁₀After Tax (US$ million)
Fields	December 31, 2022	December 31, 2023	December 31, 2024	December 31, 2022	December 31, 2023	December 31, 2024
Jasmine	10.0	10.4	16.8	37.1	81.8	163.9
Manora	1.8	2.2	3.4	12.1	21.2	45.7
Nong Yao	11.2	12.4	16.9	145.5	185.6	416.1
Wassana	6.1	12.9	12.9	66.3	139.9	126.6
Total	29.1	37.9	50.0	261.0	428.5	752.2

The NSAI 2024 Report does not assume a new redevelopment concept for the Wassana field and therefore does not include potential upside volumes associated with the Company’s contemplated redevelopment. Valeura is targeting readiness for a final investment decision (“FID”) in early Q2 2025. Should the Company opt to proceed with the redevelopment, management anticipates a higher production profile, with longer field life than is currently reflected in the NSAI 2024 Report.

Net Present Values of Future Net Revenue Based on Forecast Prices and Costs

Net present values of future net revenue from oil reserves are based on cost estimates as of the date of the NSAI 2024 Report, and forecast Brent crude oil reference prices of US$75.58, US$78.51, US$79.89, US$81.82, and US$83.46 per bbl for the years ending December 31, 2025, 2026, 2027, 2028, and 2029, respectively, with 2% escalation thereafter. NSAI assumes cost inflation of 2% per annum. Price realisation forecasts for each field are based on the Brent crude oil reference prices above, and adjusted for oil quality, and market differentials.

Based on Valeura’s revised corporate structure, as modified by the reorganisation completed in November 2024, values estimated by NSAI assume a combined, single tax filing for all of the Company’s Thai III fiscal concessions, covering the Wassana, Nong Yao, and Manora fields. The Jasmine field, being a Thai I fiscal concession, is outside this scope.

All estimated costs associated with the eventual decommissioning of the Company’s fields are included as part of the calculation of future net revenue, specifically within the Proved Producing Developed category.

		Before Tax NPV₁₀(US$ million)
Future Net Revenue by Field		Jasmine	Manora	Nong Yao	Wassana	Total
Proved	Producing Developed	(124.7)	(27.6)	146.2	(160.7)	(166.8)
	Non-Producing Developed	35.3	27.9	7.0	16.2	86.4
	Undeveloped	93.6	7.9	108.1	231.5	441.0
Total Proved (1P)		4.2	8.2	261.3	87.0	360.7
Total Probable (P2)		217.4	39.1	204.5	112.3	573.3
Total Proved + Probable (2P)		221.5	47.3	465.8	199.3	933.9
Total Possible (P3)		168.8	29.6	150.7	56.1	405.1
Total Proved + Probable + Possible (3P)		390.3	76.9	616.5	255.4	1,339.1

		After Tax NPV₁₀(US$ million)
Future Net Revenue by Field		Jasmine	Manora	Nong Yao	Wassana	Total
Proved	Producing Developed	(131.4)	(27.6)	146.2	(160.7)	(173.4)
	Non-Producing Developed	33.9	27.9	7.0	16.2	85.1
	Undeveloped	99.6	7.9	108.1	231.5	447.0
Total Proved (1P)		2.1	8.2	261.3	87.0	358.6
Total Probable (P2)		161.8	37.4	154.8	39.6	393.6
Total Proved + Probable (2P)		163.9	45.7	416.1	126.6	752.2
Total Possible (P3)		96.7	20.4	93.3	27.6	238.0
Total Proved + Probable + Possible (3P)		260.6	66.1	509.3	154.2	990.2

Asset Retirement Obligations

During 2024, the Company conducted extensive engineering studies into the eventual decommissioning of its fields. These studies utilised costs benchmarked to current decommissioning activities underway elsewhere within the Gulf of Thailand. Valeura’s work since acquiring the assets in early 2023 has resulted in a reduction of 32% in the anticipated cost to decommission the assets (US$ real basis).

In addition, the significant extensions to the economic life of all of the Company’s fields means the timing for decommissioning expenditure has shifted further into the future. The combined effect is estimated to be a material reduction in the ARO liability to be shown on the Company’s balance sheet. While the final ARO is still to be reviewed by the Company’s auditor, management estimates that the ARO as at December 31, 2024 will have been reduced by approximately 35% from year-end 2023 and more than 50% relative to the Company’s first estimate upon assuming operatorship of the Thai portfolio in Q1 2023.

Resources

NSAI assessed the Company’s contingent resources of its Thailand assets for additional reservoir accumulations and reported estimates in the NSAI 2024 Report, the NSAI 2023 Report, and the NSAI 2022 Report. Contingent resources are heavy crude oil and light/medium crude oil, and are further divided into two subcategories, being Development Unclarified and Development Not Viable (see oil and gas advisories). Each subcategory is assigned a percentage risk, reflecting the estimated chance of development. Aggregate totals are provided below.

Contingent Resources	NSAI 2022 Report Gross (Before Royalties) Working Interest Share		NSAI 2023 Report Gross (Before Royalties) Working Interest Share		NSAI 2024 Report Gross (Before Royalties) Working Interest Share
Contingent Resources	Unrisked (MMbbl)	Risked (MMbbl)	Unrisked (MMbbl)	Risked (MMbbl)	Unrisked (MMbbl)	Risked (MMbbl)
Low Estimate (1C)	10.4	1.8	15.2	6.5	29.4	9.2
Best Estimate (2C)	14.1	2.5	19.9	8.9	48.4	13.5
High Estimate (3C)	22.1	3.9	27.9	11.6	72.1	18.0

Comparing the NSAI 2023 Report to the NSAI 2024 Report, the Company has recorded an increase in the best estimate (2C) unrisked contingent resources of 143%.

The Company last completed an independent assessment of its prospective resources in Türkiye, effective December 31, 2018, which is available under Valeura’s issuer profile on SEDAR+ at www.sedarplus.com. Valeura has no reserves or contingent resources associated with its properties in Türkiye.

Further Disclosure and Webcast
Valeura intends to disclose a summary of the NSAI 2024 Report to Thailand’s upstream regulator later in February 2025. Thereafter, the Company will publish its estimates of reserves and resources in accordance with the requirements of National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities along with its annual information form for the year ended December 31, 2025, on approximately March 26, 2025.

Valeura’s management team will host an investor and analyst webcast at 08:00 Calgary / 15:00 London / 22:00 Bangkok / 23:00 Singapore on Thursday, February 13, 2025 to discuss its reserves and contingent resources. Please register in advance via the link below.

Registration link: https://events.teams.microsoft.com/event/a527dbad-61ff-47b1-8330-a10c28cfd2ee@a196a1a0-4579-4a0c-b3a3-855f4db8f64b

As an alternative, an audio only feed of the event is available by phone using the Conference ID and dial-in numbers below.

Thailand: +66 2 026 9035,,817613646#
Singapore: +65 6450 6302,,817613646#
Canada: (833) 845-9589,,817613646#
Türkiye: 0800 142 034779,,817613646#
United States: (833) 846-5630,,817613646#
United Kingdom: 0800 640 3933,,817613646#

Phone conference ID: 817 613 646#

For further information, please contact:

Valeura Energy Inc. (General Corporate Enquiries) +65 6373 6940
Sean Guest, President and CEO
Yacine Ben-Meriem, CFO
Contact@valeuraenergy.com

Valeura Energy Inc. (Investor and Media Enquiries) +1 403 975 6752 / +44 7392 940495
Robin James Martin, Vice President, Communications and Investor Relations
IR@valeuraenergy.com

Contact details for the Company’s advisors, covering research analysts and joint brokers, including Auctus Advisors LLP, Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital Corporation, and Stifel Nicolaus Europe Limited, are listed on the Company’s website at www.valeuraenergy.com/investor-information/analysts/.

About the Company

Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye. The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia. Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility.

Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.

Oil and Gas Advisories

Reserves and contingent resources disclosed in this news release are based on an independent evaluation conducted by the incumbent independent petroleum engineering firm, NSAI with an effective date of December 31, 2024. The NSAI estimates of reserves and resources were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. The reserves and contingent resources estimates disclosed in this news release are estimates only and there is no guarantee that the estimated reserves and contingent resources will be recovered.

This news release contains a number of oil and gas metrics, including “NAV”, “reserves replacement ratio”, “RLI”, and “end of field life” which do not have standardised meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics are commonly used in the oil and gas industry and have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

“NAV” is calculated by adding the estimated future net revenues based on a 10% discount rate to net cash, (which is comprised of cash less debt) as of December 31, 2024. NAV is expressed on a per share basis by dividing the total by basic common shares outstanding. NAV per share is not predictive and may not be reflective of current or future market prices for Valeura.

“Reserves replacement ratio” for 2024 is calculated by dividing the difference in reserves between the NSAI 2024 Report and the NSAI 2023 Report, plus actual 2024 production, by the assets’ total production before royalties for the calendar year 2024.

“RLI” is calculated by dividing reserves by management’s estimated total production before royalties for 2025.

“End of field life” is calculated by NSAI as the date at which the monthly net revenue generated by the field is equal to or less than the asset’s operating cost.

Reserves

Reserves are estimated remaining quantities of commercially recoverable oil, natural gas, and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical, and engineering data, the use of established technology, and specified economic conditions, which are generally accepted as being reasonable. Reserves are further categorised according to the level of certainty associated with the estimates and may be sub-classified based on development and production status.

Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

Developed reserves are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (e.g., when compared to the cost of drilling a well) to put the reserves on production.

Developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

Developed non-producing reserves are those reserves that either have not been on production, or have previously been on production, but are shut in, and the date of resumption of production is unknown.

Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves classification (proved, probable, possible) to which they are assigned.

Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable plus possible reserves.

The estimated future net revenues disclosed in this news release do not necessarily represent the fair market value of the reserves associated therewith.

The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

Contingent Resources

Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies are conditions that must be satisfied for a portion of contingent resources to be classified as reserves that are: (a) specific to the project being evaluated; and (b) expected to be resolved within a reasonable timeframe.

Contingent resources are further categorised according to the level of certainty associated with the estimates and may be sub‐classified based on a project maturity and/or characterised by their economic status. There are three classifications of contingent resources: low estimate, best estimate and high estimate. Best estimate is a classification of estimated resources described in the Canadian Oil and Gas Evaluation Handbook as the best estimate of the quantity that will be actually recovered; it is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the best estimate.

The project maturity subclasses include development pending, development on hold, development unclarified and development not viable. The contingent resources disclosed in this news release are classified as either development unclarified or development not viable.

Development unclarified is defined as a contingent resource that requires further appraisal to clarify the potential for development and has been assigned a lower chance of development until commercial considerations can be clearly defined. Chance of development is the likelihood that an accumulation will be commercially developed.

Conversion of the development unclarified resources referred to in this news release is dependent upon (1) the expected timetable for development; (2) the economics of the project; (3) the marketability of the oil and gas production; (4) the availability of infrastructure and technology; (5) the political, regulatory, and environmental conditions; (6) the project maturity and definition; (7) the availability of capital; and, ultimately, (8) the decision of joint venture partners to undertake development.

The major positive factor relevant to the estimate of the contingent development unclarified resources referred to in this news release is the successful discovery of resources encountered in appraisal and development wells within the existing fields. The major negative factors relevant to the estimate of the contingent development unclarified resources referred to in this news release are: (1) the outstanding requirement for a definitive development plan; (2) current economic conditions do not support the resource development; (3) limited field economic life to develop the resources; and (4) the outstanding requirement for a final investment decision and commitment of all joint venture partners.

Development not viable is defined as a contingent resource where no further data acquisition or evaluation is currently planned and hence there is a low chance of development, there is usually less than a reasonable chance of economics of development being positive in the foreseeable future. The major negative factors relevant to the estimate of development not viable referred to in this news release are: (1) current economic conditions do not support the resource development; and (2) availability of technical knowledge and technology within the industry to economically support resource development.

If these contingencies are successfully addressed, some portion of these contingent resources may be reclassified as reserves.

Of the best estimate 2C contingent resources estimated in the NSAI 2024 Report, on a risked basis: 74% of the estimated volumes are light/medium crude oil, with the remainder being heavy oil; 77% are categorised as Development Unclarified, with the remainder being Development Not Viable. Development Unclarified 2C resources have been assigned an average chance of development for the four fields ranging from 30% to 50% depending on oil type, while 2C Development Not Viable resources have been assigned an average chance of development ranging from 16% to 17%.

Resources Project Maturity Subclass	Light and Medium Crude Oil (Development Unclarified)				Chance of Development (%)
	Unrisked		Risked
	Gross (Mbbl)	Net (Mbbl)	Gross (Mbbl)	Net (Mbbl)
Contingent Low Estimate (1C) Development Unclarified	8,267	7,334	3,108	2,742	38	%
Contingent Best Estimate (2C) Development Unclarified	14,178	12,538	4,227	3,728	30	%
Contingent High Estimate (3C) Development Unclarified	21,072	18,644	5,289	4,673	25	%

Resources Project Maturity Subclass	Heavy Crude Oil (Development Unclarified)				Chance of Development (%)
	Unrisked		Risked
	Gross (Mbbl)	Net (Mbbl)	Gross (Mbbl)	Net (Mbbl)
Contingent Low Estimate (1C) Development Unclarified	7,807	7,358	4,045	3,813	52	%
Contingent Best Estimate (2C) Development Unclarified	10,641	10,029	5,325	5,018	50	%
Contingent High Estimate (3C) Development Unclarified	14,524	13,689	6,560	6,182	45	%

Resources Project Maturity Subclass	Light and Medium Crude Oil (Development Not Viable)				Chance of Development (%)
	Unrisked		Risked
	Gross (Mbbl)	Net (Mbbl)	Gross (Mbbl)	Net (Mbbl)
Contingent Low Estimate (1C) Development Not Viable	11,294	10,502	1,694	1,575	15	%
Contingent Best Estimate (2C) Development Not Viable	21,539	19,965	3,652	3,319	17	%
Contingent High Estimate (3C) Development Not Viable	33,503	30,964	5,363	4,802	16	%

Resources Project Maturity Subclass	Heavy Crude Oil (Development Not Viable)				Chance of Development (%)
	Unrisked		Risked
	Gross (Mbbl)	Net (Mbbl)	Gross (Mbbl)	Net (Mbbl)
Contingent Low Estimate (1C) Development Not Viable	2,069	1,950	310	293	15	%
Contingent Best Estimate (2C) Development Not Viable	2,091	1,971	341	321	16	%
Contingent High Estimate (3C) Development Not Viable	3,003	2,830	815	768	27	%

The NSAI estimates have been risked, using the chance of development, to account for the possibility that the contingencies are not successfully addressed. Due to the early stage of development for the development unclarified resources, NSAI did not perform an economic analysis of these resources; as such, the economic status of these resources is undetermined and there is uncertainty that any portion of the contingent resources disclosed in this new release will be commercially viable to produce.

Glossary

bbl barrels of oil
Mbbl thousand barrels of oil
MMbbl million barrels of oil

Advisory and Caution Regarding Forward-Looking Information

Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “target” or similar words suggesting future outcomes or statements regarding an outlook.

Forward-looking information in this news release includes, but is not limited to, the Company’s belief that it has added to the ultimate potential of its portfolio; the anticipated economic life of its portfolio; expectations regarding future cash flow; the expectation that ARO on its December 31, 2024 balance sheet will indicate a reduction of approximately 35% versus December 31, 2023 and more than 50% since first assuming operatorship of its assets; business objectives and targets; organic and inorganic growth opportunities; the anticipated end of life for Valeura’s Thailand assets; the potential for adding reserves through the Wassana field redevelopment as well as through ongoing infill development, appraisal drilling, and exploration targets; statements related to the Company’s 2025 production guidance of 23.0 – 25.5 Mbbl/d; estimates of the Company’s RLI; timing for FID readiness on the potential Wassana field redevelopment; management’s anticipation of a higher production profile with longer field life from the Wassana field, should it opt to proceed with the redevelopment; forecast Brent crude oil reference prices; assumption of a single tax filing; estimated costs for the eventual decommissioning of its fields; the intention to disclose a summary of the NSAI 2024 Report to Thailand’s upstream regulator; the anticipated filing date of the Company’s annual information form along with its estimates of reserves and resources; and the timing of the investor and analyst webcast.

In addition, statements related to “reserves” and “resources” are deemed to be forward-looking information

as they involve the implied assessment, based on certain estimates and assumptions, that the resources can

be discovered and profitably produced in the future.

Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

Forward-looking information is based on management’s current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; ability to achieve extensions to licences in Thailand and Türkiye to support attractive development and resource recovery; future drilling activity on the required/expected timelines; the prospectivity of the Company’s lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the Russian invasion of Ukraine; the impact of conflicts in the Middle East; royalty rates and taxes; management’s estimate of cumulative tax losses being correct; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to funds its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company’s reserves and contingent resources; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the availability and identification of mergers and acquisition opportunities; the ability to successfully negotiate and complete any mergers and acquisition opportunities; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; international trade policies; future debt levels; and the Company’s continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. In addition, the Company’s work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners’ plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company’s ability to manage growth; the Company’s ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; the risk that the Company’s tax advisors’ and/or auditors’ assessment of the Company’s cumulative tax losses varies significantly from management’s expectations of the same; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, including international treaties and trade policies; the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; and the risk associated with international activity. See the most recent annual information form and management’s discussion and analysis of the Company for a detailed discussion of the risk factors.

Certain forward-looking information in this news release may also constitute “financial outlook” within the meaning of applicable securities legislation. Financial outlook involves statements about Valeura’s prospective financial performance or position and is based on and subject to the assumptions and risk factors described above in respect of forward-looking information generally as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this news release. Such assumptions are based on management’s assessment of the relevant information currently available, and any financial outlook included in this news release is made as of the date hereof and provided for the purpose of helping readers understand Valeura’s current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook.

The forward-looking information contained in this news release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This news release is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

The MIL Network –

February 13, 2025

MIL-OSI Economics: Secretary-General of ASEAN delivers Keynote Address during the Opening Session of the ASEAN Outlook on the Indo-Pacific (AOIP) Seminar Series: Submarine Cables

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today delivered the keynote address at the ASEAN Outlook on the Indo-Pacific (AOIP) Seminar Series: Submarine Cables, held at the Sheraton Grand Jakarta Gandaria City Hotel. Dr. Kao highlighted the positive progress in the implementation of the AOIP and also emphasised how the AOIP fosters cooperation between ASEAN and its partners in an inclusive manner. He expressed confidence that the seminar would serve as an effective platform to generate concrete recommendations to advance the implementation of the AOIP, including through practical cooperation with partners across the Indo-Pacific region.

Download the full keynote address here.

The post Secretary-General of ASEAN delivers Keynote Address during the Opening Session of the ASEAN Outlook on the Indo-Pacific (AOIP) Seminar Series: Submarine Cables appeared first on ASEAN Main Portal.

MIL OSI Economics –

February 13, 2025
MIL-OSI China: Pact inked to share Chinese pop icon’s music with the world

Source: China State Council Information Office 3

Liu Huan, a legendary pop artist and music educator, and the Universal Music Greater China, a division of the world-leading music company, Universal Music Group, announced an exclusive global agreement on Feb 11.

It is the first time that a major part of Liu’s body of work — both recording and publishing rights — will be united under one umbrella. The deal aims to further promote and preserve Liu’s musical legacy, while amplifying the cultural impact of Chinese music globally.

A prolific singer-songwriter and dedicated music educator, Liu has made significant contributions to the evolution of Chinese pop music scene. His enduring hits have defined each era since the 1980s, including Wan Wan De Yue Liang (The Crescent Moon) and Shao Nian Zhuang Zhi Bu Yan Chou (Young Aspiration Knows No Sorrow), making him a beloved household name in China. In the 1990s, Liu cemented his status as a national icon through his songs and compositions for the hit television series Beijingers in New York, including the beloved hit Qian Wan Ci De Wen (Time and Time Again). Later in the decade, his performance of Hao Han Ge (The Song of Heroes), the theme song for the TV adaptation of Water Margin, one of China’s Four Great Classical Novels, became a cultural phenomenon. In the 2010s, Liu composed and performed the entire soundtrack for award-winning TV series Empresses in the Palace, which shattered viewership records and evoked nationwide acclaim.

Liu’s status as a cultural icon is reflected in performances that have defined pivotal moments in China’s modern history. In 1990, he collaborated with female singer Wei Wei to perform Ya Zhou Xiong Feng (Mighty Winds of Asia), a song dedicated to the 11th Beijing Asian Games, capturing the spirit of optimism and ambition of the era. In 2008, Liu took center stage at the Beijing Olympics Game opening ceremony, performing You and Me alongside British soprano Sarah Brightman in a duet watched by billions around the world.

Beyond his career as an artist, Liu Huan has dedicated himself to nurturing new talent and promoting original music. In 2012, he joined the inaugural season of The Voice of China, helping launch the careers of many of his students. In 2014, Liu spearheaded the critically acclaimed reality show Sing My Song, which spotlighted original music and introduced a new generation of singer-songwriters, producing a wealth of widely celebrated original songs. Furthering his commitment to musical originality, Liu established the Liu Huan Original Music Fund in 2019, a philanthropic initiative to support Chinese singer-songwriters, promoting the development and innovation of China’s music industry.

“We are deeply honored to stand alongside Liu Huan as his chosen partner, supporting him in this exciting new chapter of his illustrious career. His ability to create music that speaks to the soul of a nation is unparalleled, and his enduring artistic vitality makes him truly one of a kind. With his trust, we are committed to celebrating his musical legacy, and together, we aim to promote the development of Chinese music industry, continuing to elevate the global impact of Chinese culture,” says Timothy Xu, Chairman and Chief Executive Officer of Universal Music Greater China.

“We are committed to championing local artistry as part of our vision for a diversified global music culture. Liu Huan is a towering figure in contemporary Chinese music history, and we are proud to support his journey in sharing his extraordinary music with the world,” says Adam Granite, Executive Vice-President, Market Development of Universal Music Group.

MIL OSI China News –

February 13, 2025
MIL-OSI China: Harry Potter attraction to be launched in Shanghai in 2027

Source: China State Council Information Office 3

A Harry Potter studio tour will open in Shanghai in 2027, which will be the third such attraction globally and the first in China, its developers announced on Wednesday.

Officially named Warner Bros Studio Tour Shanghai — The Making of Harry Potter, it will be located in the renovated Shanghai Jinjiang Action Park, according to Jin Jiang International Holdings Co and Warner Bros Discovery Global Experiences.

Jinjiang Action Park, in the city’s Minhang district, closed on Jan 26 for renovations. The new 53,000-square-meter attraction is still in the regulatory approval stage.

It will offer visitors an immersive behind-the-scenes look at how the Harry Potter franchise brought British author JK Rowling’s seven-volume fantasy novel series to life. Visitors will be able to explore the iconic film sets that were designed by the creators of the films, according to Warner Bros Discovery Global Experiences. It will also feature authentic costumes and props, alongside interactive features.

The tour will include internal and external spaces that will take around half a day to walk through. A landscaped park area will be created in front of the tour for both visitors and the general public.

The redevelopment project extends beyond the tour itself, Zheng Bei, chairwoman of Shanghai Jinjiang Action Park Co, told Radio Shanghai. The site will feature three main components, including the Harry Potter attraction, a themed hotel and the iconic Ferris wheel ride, which will be upgraded to be around 118 meters tall.

The Shanghai location will integrate digital interactive elements with distinctive Chinese elements, Zheng said.

To manage visitor flow, the attraction will implement a reservation system requiring advance booking for both dates and specific time slots, said Zheng, noting that the park anticipates welcoming approximately 2 million visitors in the first year.

“Harry Potter’s multigenerational appeal means the Shanghai tour should draw a wide range of fans from teenagers all the way up to adults in their 50s,” Zheng said. “We envision visitors coming from across China and even Southeast Asia.”

The original Jinjiang Action Park opened in 1984 as Shanghai’s first major theme park.

“Jinjiang Action Park was a beloved childhood memory for many locals growing up in Shanghai,” said Lu Ping, a local born in the 1980s. “Although the park has experienced several revamps, it was less attractive than before. Bringing a Harry Potter attraction here is a way to rejuvenate this space.”

Lin Huanjie, director of the Shanghai-based Institute for Theme Park Studies in China, said that introducing an international brand like Harry Potter is a smart move, which will activate Jinjiang Action Park’s brand value and release new consumer vitality.

“Shanghai is an ideal landing spot given its status as a global city with a booming tourism market and appetite for high-quality themed entertainment,” he added.

Lin said that the Shanghai tour differentiates itself from Universal Beijing Resort’s Harry Potter-themed land by providing an immersive studio experience focused on the filmmaking process.

And, he said he expects that it would include Chinese cultural elements.

“For international branded attractions to truly resonate in China, there needs to be localization that allows Chinese guests to experience and understand the Western stories through an Eastern cultural lens,” he said. “The Harry Potter storylines should remain pure, but other facilities can fuse Chinese philosophy and storytelling traditions.”

Once officially opened, the studio tour will not just fulfill the dreams of Chinese fans of Harry Potter, but is also expected to attract tourists from South Korea, Southeast Asia and other regions to Shanghai, further boosting the inbound tourism market, he added.

MIL OSI China News –

February 13, 2025
MIL-OSI China: Beijing’s sub-center resumes work on 2 major projects

Source: China State Council Information Office 2

Construction resumed this week on two major projects in Beijing’s sub-center after the Spring Festival, marking a strong start to 2025. These projects, the integrated transportation hub and the “Wanli” micro-vacation town, are key components of the sub-center’s development.
The integrated transportation hub at the Beijing Sub-center Station in Tongzhou district, set to become Asia’s largest underground facility of its kind, is in its final decoration phase. Workers have completed the railway platform structure, with thousands now installing electromechanical equipment throughout the underground complex.
The railway platforms are ready for track laying and will eventually serve the Beijing-Tangshan Intercity Railway, Beijing-Binhai Intercity Railway and Intercity Railway Connecting Line. The hub, scheduled to open in late 2025, will connect two intercity railways, four subway lines, one suburban railway and 15 bus lines. The facility will provide 15-minute access to Beijing Capital International Airport, 35-minute access to Beijing Daxing International Airport and Tangshan, and one-hour access to both Xiong’an New Area and Tianjin Binhai New Area.
The “Wanli” micro-vacation town project, adjacent to Universal Beijing Resort, is accelerating construction after completing its main structure before the Spring Festival. Construction teams are now focusing on interior and exterior decoration and equipment installation.
“Wanli,” situated next to Huazhuang subway station, comprises the Wangfujing Outlets, Tingyun Town and Nuolan Hotel. Tingyun Town, built above a subway depot, is designed to be a model of “station-city integration” in the sub-center.
The distinctive architectural complex, including the outlet mall, town and five-star hotel, is taking shape, with some glass curtain walls already installed. The outlet mall, set to be the largest in Beijing in terms of building area, features a 30-meter-high dome with a waterfall centerpiece.
The “Wanli” complex is scheduled to open in the second half of 2025, aiming to attract Beijing residents and tourists with its convenient transportation links and diverse offerings.

MIL OSI China News –

February 13, 2025

MIL-OSI: Flow Traders 4Q and FY 2024 Results

Source: GlobeNewswire (MIL-OSI)

Flow Traders 4Q and FY 2024 Results

Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 4Q and FY 2024 results.

Flow Traders posts record fourth quarter results and the second-best fiscal year results in its 20-year history with €159.0m and €479.3m in Total Income, respectively. The company also ends 2024 with record levels of Trading Capital and Shareholders’ Equity at €775m and €766m, respectively.

Financial Highlights

4Q 2024

Flow Traders recorded Net Trading Income of €153.8m and Total Income of €159.0m in 4Q24, increases of 112% and 114% when compared to the €72.7m and €74.3m in 4Q23, respectively.
Flow Traders’ ETP Value Traded increased by 13% in 4Q24 to €424m from €376m in 4Q23.
Fixed Operating Expenses were €45.3m in the quarter, an increase of 12% when compared to the €40.4m in 4Q23, due mostly to increased employee and technology expenses and an abnormally low 4Q23 given timing of expenses.
Total Operating Expenses were €76.8m in 4Q24, an increase of 23% when compared to the €62.5m in 4Q23, due mostly to higher variable employee compensation expenses.
EBITDA was €82.1m in the quarter, an almost seven-fold increase when compared to the €11.8m in 4Q23. EBITDA margin was 52% in 4Q24 vs. 16% in 4Q23.
Net Profit came in at €63.2m in 4Q24, yielding a basic EPS of €1.47 and diluted EPS of €1.42, an almost ten-fold increase compared to a Net Profit of €6.4m, basic EPS of €0.15, and diluted EPS of €0.14 in 4Q23.
Flow Traders employed 609 FTEs at the end of 4Q24, compared to 605 at the end of 3Q24 and 613 at the end of 4Q23 (see note 1).

FY 2024

For full year 2024, Net Trading Income totaled €467.8m and Total Income was €479.3m, increases of 56% and 58% when compared to €300.3m and €303.9m in FY 2023, respectively.
Flow Traders’ ETP Value Traded increased by 5% in FY 2024 to €1,545b from €1,465b in FY 2023.
Fixed Operating Expenses for the year totaled €179.1m, an increase of 3% from €174.1m in FY 2023, which is in-line with guidance.
Total Operating Expenses for the year was €264.4m, an increase of 12% from €236.3m in FY 2023, due mostly to higher variable employee compensation expenses.
EBITDA for the year was €214.9m, up 218% compared to €67.5m in FY2023. EBITDA margin was 45% in FY 2024 vs. 22% in FY 2023.
Total Net Profit for the year totaled €159.5m with basic EPS of €3.69 and diluted EPS of €3.56, a more than four-fold increase compared to €36.2m, €0.84 and €0.81 in FY 2023, respectively.

Trading Capital and Shareholders’ Equity

Trading capital stood at €775m at the end of 4Q24 and FY 2024, an increase of 16% compared to €668m at the end of 3Q24 and 33% compared to €584m at the end of 4Q23 and FY 2023.
Return on average trading capital² was 69% in 4Q24 and FY 2024, compared to 49% in 4Q23 and FY 2023. With the accelerating growth of trading capital following the Capital Expansion Plan announced in July 2024, trading returns will be calculated as LTM NTI / Average Trading Capital going forward.
Shareholders’ equity was €766m at the end of 4Q24 and FY 2024, an increase of 15% compared to €666m at the end of 3Q24 and 31% compared to €586m at the end of 4Q23 and FY 2023.
Flow Traders generated a Return on Equity of 24% in FY 2024, compared to 6% in FY 2023.

Financial Overview

€million	4Q24	4Q23	Change	FY2024	FY2023	Change
Net trading income	153.8	72.7	112%	467.8	300.3	56%
Other income	5.1	1.6		11.5	3.6
Total income	159.0	74.3	114%	479.3	303.9	58%
Revenue by region³
Europe	86.9	42.6	104%	274.1	167.8	63%
Americas	18.2	18.1	1%	93.6	82.1	14%
Asia	53.8	13.6	295%	111.5	53.9	107%
Employee expenses
Fixed employee expenses	20.2	17.5	15%	81.6	76.0	7%
Variable employee expenses	31.5	22.1	43%	85.3	57.9	47%
Technology expenses	16.9	15.3	10%	66.6	64.4	3%
Other expenses	8.2	7.6	8%	30.9	33.7	(8%)
One-off expenses⁴	–	–		0.0	4.3	(100%)
Total operating expenses	76.8	62.5	23%	264.4	236.3	12%
EBITDA	82.1	11.8	597%	214.9	67.5	218%
Interest Expense	0.5	–		1.1	0.0
Depreciation & amortisation	4.6	4.2	9%	17.4	18.4	(5%)
Profit/(loss) on equity-accounted investments	(0.1)	(0.1)	5%	(2.0)	(4.5)	(55%)
Profit before tax	76.9	7.4	935%	194.4	44.7	335%
Tax expense	13.7	1.0	1230%	34.8	8.5	310%
Net profit	63.2	6.4	888%	159.5	36.2	341%
Basic EPS⁵ (€)	1.47	0.15		3.69	0.84
Fully diluted EPS⁶ (€)	1.42	0.14		3.56	0.81
EBITDA margin	52%	16%		45%	22%

Revenue by Region

€million	1Q23	2Q23	3Q23	4Q23	1Q24	2Q24	3Q24	4Q24
Europe	58.5	33.1	33.6	42.6	68.4	48.6	70.2	86.9
Americas	32.8	9.3	22.0	18.1	41.3	13.4	20.8	18.2
Asia	19.2	9.0	12.1	13.6	19.9	14.2	23.6	53.8

Value Traded Overview

€billion	4Q24	4Q23	Change	FY2024	FY2023	Change
Flow Traders ETP Value Traded	424	376	13%	1,545	1,465	5%
Europe	195	151	29%	655	619	6%
Americas	193	203	(5%)	776	754	3%
Asia	36	22	65%	114	93	22%
Flow Traders non-ETP Value Traded	1,233	1,074	15%	4,703	4,115	14%
Flow Traders Value Traded	1,657	1,450	14%	6,248	5,580	12%
Equity	809	762	6%	3,217	3,009	7%
FICC	783	641	22%	2,817	2,396	18%
Other	64	48	33%	214	176	22%
Market ETP Value Traded⁷	13,192	11,714	13%	47,933	43,081	11%
Europe	728	557	31%	2,518	2,039	24%
Americas	9,954	9,877	1%	38,545	35,874	7%
Asia	2,510	1,280	96%	6,871	5,168	33%
Asia ex China	582	383	52%	2,020	1,578	28%

Trading Capital

	1Q23	2Q23	3Q23	4Q23	1Q24	2Q24	3Q24	4Q24
Trading Capital (€m)	647	574	585	584	609	624	668	775
Return on Avg Trading Capital²	67%	65%	56%	49%	50%	58%	62%	69%
Average VIX⁸	21.0	16.7	15.1	15.4	13.9	14.2	17.1	17.3

Market Environment

Europe

Equity trading volumes in the quarter across major exchanges saw double-digit percentage point improvements when compared to the same period a year ago and single-digit improvements when compared to last quarter. Market volatility increased by single-digits compared to both the same period a year ago and last quarter.

Fixed Income trading volumes on MTFs saw low double-digit percentage point improvements compared to the same period a year ago and single-digit improvements compared to last quarter.

Americas

Equity trading volumes in the U.S. saw single-digit percentage point improvements when compared to both the same period a year ago and last quarter. Market volatility increased slightly when compared to the same period a year ago and was flat compared to last quarter.

Fixed Income trading volumes in the U.S. were mixed across the various trading venues but were in general better when compared to the same period a year ago but weaker compared to last quarter. Volatility declined when compared to the same period a year ago and was relatively flat when compared to last quarter.

Asia

Equity trading volumes in Asia were mixed as Hong Kong and China saw significant increases while Japan experienced declines both when compared to the same period a year ago as well as last quarter. Market volatility, for the most part, increased across all the regions both year-on-year and quarter-on-quarter, with the exception being Japan, where it declined compared to last quarter.

Digital Assets

Within Digital Assets, which trades across regions on a 24/7 basis, trading volumes increased significantly both compared to the same period a year ago and last quarter. Volatility increased slightly both year-on-year and quarter-on-quarter.

Trading Capital Expansion Plan

In recent years, Flow Traders has successfully diversified its core trading model across different asset classes and geographies, which resulted in increased optionality for the business. The company sees a range of emerging opportunities to accelerate growth by systematically expanding its trading capital base.

With the 2Q 2024 results, the company announced the suspension of the dividend and bank term loan as the initial steps in boosting the firm’s trading capital. The bank loan and strong net profit generation boosted trading capital by €191m over the course of the year and immediately helped increase the capacity of the firm to capture more of the opportunities that arose during the year given the increased volatility and dislocations across different asset classes and regions around the world. Given the success of the Trading Capital Expansion Plan thus far, the firm will continue to pursue the most strategic debt financing options to further support its growth.

Treasury Shares

As a result of the second-best year in company history, portions of the previously repurchased shares from the €25m share buyback program conducted in July 2022 will be reallocated to employee incentive plans.

Outlook

Fixed operating expenses for FY 2025 are expected to be in the range of €190-210m given additional technology investments and targeted additions of subject matter experts in growth areas, partially offset by expected operational efficiency gains.

CEO Statement

Mike Kuehnel, CEO
“Flow Traders closed out 2024 with a record fourth quarter and the second-best year in the company’s 20-year history. Following the strategic decision to accelerate the expansion of our trading capital base last July, the additional capital has enabled us to capture additional opportunities and leverage dislocations in the market during a period of heightened volatility across different regions and asset classes. Following one of the calmest markets in recent memory in 2023, we were able to achieve a 69% return on average trading capital in 2024. This demonstrates the robustness and coverage of our trading strategies and is a result of the company’s growth and diversification strategy.

In the fourth quarter, market trading volumes and volatility increased meaningfully across Europe and Asia, and within equity and digital assets. We were able to capitalize on this increased activity given the significant multi-year investments in talent and technology that we made in Asia and digital assets. Additionally, our partnerships with emerging financial infrastructure providers, such as the Börse Stuttgart Digital and Wormhole partnerships in the digital assets space and OpenYield in the fixed income space, will allow the company to further participate in and shape the future of financial markets.

As digital assets continue to gain acceptance by governments and institutions around the world, we believe Flow Traders has a pivotal role to play given our strong capabilities in both traditional finance and digital assets ecosystems. With our unique distribution network, technology and pricing capabilities, we aim to be an important bridge by connecting various stakeholders to bring the 24/7 trading currently available in digital assets to the traditional financial landscape. Our partnership with DWS and Galaxy in AllUnity is one example of a platform which we believe could be pivotal in achieving this transition.

Looking forward to 2025, we will continue to invest in the expansion of our trading capabilities and increasing sophistication, with tailored investments in technology and additional talent given the attractive opportunities in front of us. Opportunities which would otherwise not be possible without the accelerated growth of our trading capital base as a result of our trading capital expansion plan. To offset some of the additional investments, we stay fully committed to the streamlining and automation work to systematically improve efficiency and strengthen our core operations as the firm continues to grow and scale.”

Preliminary Financial Calendar

24 April 2025 1Q25 Trading Update

Analyst Conference Call and Webcast

The 4Q24 results analyst conference call will be held at 10:00 am CET on Thursday 13 February 2025. The presentation can be downloaded at https://www.flowtraders.com/investors/results-centre and the conference call can be followed via a listen-only audio webcast. A replay of the conference call will be available on the company website for at least 90 days.

Contact Details

Flow Traders Ltd.

Investors
Eric Pan
Phone: +31 20 7996799
Email: investor.relations@flowtraders.com

Media
Laura Peijs
Phone: +31 20 7996799
Email: press@flowtraders.com

About Flow Traders

Flow Traders is a leading trading firm providing liquidity in multiple asset classes, covering all major exchanges. Founded in 2004, Flow Traders is a leading global ETP market marker and has leveraged its expertise in trading ETPs to expand into fixed income, commodities, digital assets and FX. Flow Traders’ role in financial markets is to ensure the availability of liquidity and enabling investors to continue to buy or sell financial instruments under all market circumstances, thereby ensuring markets remain resilient and continue to function in an orderly manner. In addition to its trading activities, Flow Traders has established a strategic investment unit focused on fostering market innovation and aligned with our mission to bring greater transparency and efficiency to the financial ecosystem. With nearly two decades of experience, we have built a team of over 600 talented professionals, located globally, contributing to the firm’s entrepreneurial culture and delivering the company’s mission.

Notes

Figures restated to include only active employees and exclude those on garden leave per CSRD definition.
Return on trading capital defined as LTM NTI divided by the average of the prior and current end of period trading capital.
Revenue by region includes NTI, Other Income, and inter-company revenue.
One-off expenses related to the completed corporate holding structure update and capital structure review work.
Weighted average shares outstanding: 4Q24 – 43,066,302; 3Q24 – 43,095,744; 4Q23 – 43,166,257.
Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
Source – Flow Traders analysis.
Starting in 3Q24, average VIX is calculated as the average of VIX daily closing prices.

Important Legal Information

This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

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Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.

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Market Abuse Regulation

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Attachment

4Q24 Results Press Release

The MIL Network –

February 13, 2025

MIL-OSI Economics: Underwriting Auction for sale of Government Securities for ₹39,000 crore on February 14, 2025

Source: Reserve Bank of India

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on February 14, 2025 (Friday).

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

(₹ crore)
Security	Notified Amount	MUC amount per PD	Minimum bidding commitment per PD under ACU auction
6.64% GS 2027	7,000	167	167
6.79% GS 2034	22,000	524	524
7.09% GS 2074	10,000	239	239

The underwriting auction will be conducted through multiple price-based method on February 14, 2025 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.

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

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2024-2025/2143

MIL OSI Economics –

February 13, 2025

MIL-OSI NGOs: Loving The Earth Through Food: Eco-friendly Lifestyle Recipes

Source: Greenpeace Statement –

The Earth gives us fresh and healthy food that keeps us strong. Consequently, when we take care of our planet, we help keep the environment balanced and protect our natural food supply.

Choosing local fruits and vegetables instead of imported ones, eating organic food, or even growing your own herbs and veggies are simple ways to help the planet. These choices can fight climate change, keep forests and water clean, and make us healthier and happier.

The way we eat connects us to nature, and it all starts in our own kitchens! Here’s an easy guide to help you begin your healthy and eco-friendly journey. Check out our cookbook (originally published by Greenpeace Indonesia) featuring “green” recipes you can do at home.

MIL OSI NGO –

February 13, 2025
MIL-OSI Security: Breaking the Ice, Breaking up Ground: III MSB Marines conduct joint training event with Army 11th Engineer Battalion Soldiers

Source: United States INDO PACIFIC COMMAND

DAGMAR NORTH TRAINING AREA, South Korea –

Early on the morning of February 6, 2025, the Marines of III Marine Expeditionary Force Support Battalion, III MEF Information Group joined Soldiers from 63rd Clearance Company, 11th Engineer Battalion, 2nd Infantry Division Sustainment Brigade, 2nd Infantry Division at the frozen grounds of Dagmar North Training Area, South Korea to conduct a joint training event.

This joint training event took place during III MSB’s preparation for their Marine Corps Combat Readiness Evaluation, which is scheduled to take place this week. The MCCRE is designed to test Marines and Sailors within the unit on how well they can perform their mission essential skills, and the preparation for it has spurred III MSB leaders to continuously seek and initiate opportunities to maximize the success of the MCCRE. Sgt. Wyatt Miller, platoon sergeant of III MSB’s engineer platoon, contacted the Army’s engineer unit to request heavy equipment operations at Dagmar North prior to the evaluation.

“There will be times where there’s interservice training, interservice operations or interservice communication, where something’s got to get done and it can only get done with help from both sides,” explained Sgt. Miller.

Miller noted that this was his first experience engaging in joint training during his time at III MSB, and that it certainly reinforced the idea that continuous training in a joint environment fosters better teamwork. “I think that’s a very valuable experience from both sides,” Miller added.

In the days leading up to the event, internal coordination and reconnaissance of the designated site for the event would help to set the stage and establish lateral limits for both units involved. Marines and Soldiers could be seen shoulder-to-shoulder in the freezing cold, planning and crafting a training event to fulfill both unit’s missions while increasing their interoperability.

Soldiers from 4th platoon were tasked with creating berms as fixed fighting positions for the Marines. At the same time, the Marines were tasked with supporting the Soldiers by providing security in the area and conducting patrol maneuvers, a form of training that provided insight on how to better prepare for their upcoming MCCRE. Following a convoy insert that preceded the dawn, the servicemembers began to set in and take their positions.

“This is exactly what we are here to do,” stated 2nd Lt. Melissa Wences, 4th Platoon leader of the Army engineers, emphasizing the value of the training event. “Getting my platoon of horizontal construction engineers out here and guiding them onto the construction of fighting positions in different terrain and difficult weather conditions is a reality check of where they are and what it’s going to be like for future exercises.”

As a support asset to the unit, the company’s primary focus is to dig vehicle positions and individual fighting positions to strengthen security around the area of operation. In light of the unit’s upcoming schedule, Wences saw this as an ideal opportunity to further her Soldiers’ training.

“This will lead into our battalion’s field training exercise next month,” said Wences. “Most of the Soldiers currently in the platoon are new to the Korean Peninsula, and it’s necessary for them to be familiarized with overcoming the challenges of a different terrain.”

The intent of this training was for the Marines of III MSB to establish a dynamic security posture, effecting a protective perimeter around a site designated for the Army’s excavation operations. The soldiers would operate and guide heavy construction equipment for vertical and horizontal engineer operations. Joint training events such as this one serve to hone the interoperability and integration capabilities of the joint force.

III MSB provides and coordinates direct combat service support, security, and administrative services to III MEF, 3d Marine Expeditionary Brigade, and III MEF Information Group Command Elements to enable III MEF to win in competition and conflict.

MIL Security OSI –

February 13, 2025
MIL-OSI Asia-Pac: Starting February 15, 2025, the Presidential Office will temporarily suspend its monthly Designated Holiday Tours due to operational reasons. Further information regarding the reopening will be announced at a later date. Weekday Tours will remain open as usual. We welcome you to visit.

Source: Republic of China Taiwan

News & activities

News releases

2025-02-12
Starting February 15, 2025, the Presidential Office will temporarily suspend its monthly Designated Holiday Tours due to operational reasons. Further information regarding the reopening will be announced at a later date. Weekday Tours will remain open as usual. We welcome you to visit.

Starting February 15, 2025, the Presidential Office will temporarily suspend its monthly Designated Holiday Tours due to operational reasons. Further information regarding the reopening will be announced at a later date. Weekday Tours will remain open as usual. We welcome you to visit.

MIL OSI Asia Pacific News –

February 13, 2025

MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on February 13, 2025

Source: Reserve Bank of India

Tenor	1-day
Notified Amount (in ₹ crore)	2,75,000
Total amount of bids received (in ₹ crore)	2,35,619
Amount allotted (in ₹ crore)	2,35,619
Cut off Rate (%)	6.26
Weighted Average Rate (%)	6.26
Partial Allotment Percentage of bids received at cut off rate (%)	N.A.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2024-2025/2142

MIL OSI Economics –

February 13, 2025

MIL-Evening Report: Short-term politics keeps stalling long-term fixes. This bill offers a way forward

Source: The Conversation (Au and NZ) – By Susan Harris Rimmer, Professor, Griffith Law School, Griffith University

Two federal politicians from opposing camps reached across the aisle this week to promote a valuable cause – the wellbeing of future Australian generations.

Independent MP Sophie Scamps tabled the Wellbeing of Future Generations Bill 2025, which was seconded by Liberal backbencher Bridget Archer.

In an election year no less, this was a highly unusual moment of bipartisan collaboration.

It is extremely rare for private members bills to be passed into law. But the ideas in the Scamps bill have merit – especially its central recommendation that all decision makers properly consider the needs of young people when drafting government policy.

The bill was a direct response to a diverse civil society campaign in Australia and overseas to prioritise long term solutions to deliver a fairer, more sustainable future.

We support those efforts through our involvement in the youth-driven non-profit Foundations for Tomorrow, which worked closely with Scamps on her bill.

What is in the bill?

The bill would introduce a range of measures to try and apply a future focus to decision making across the policy spectrum. This includes housing, environment, climate change, mental health and job security, all of which are pressing issues for young people.

An independent Commissioner for Future Generations would be appointed to advocate for better policies and sustainable practices, while the government would have a public duty to always consider the best interests of future generations.

Importantly, a national conversation would be launched to engage Australians in a public consultation to help shape the nation’s vision for the future.

What is future governance?

Globally, we are in a state of polycrisis.

We are confronting cascading climate disasters, intense regional conflicts and geo-strategic competition. In response to this, a growing international movement representing the interests of future generations has emerged.

The concept incorporates an approach to decision making that overcomes the trappings of short-term, inadequate solutions. Instead, the emphasis is on planning for the future, not just the here and now.

Here in Australia, it aspires to future-proof the country by managing extreme, long-term risks that are damaging current and future prosperity.

Growing inequality is showing up in many policy areas, none more so than in the housing wealth gap between people in their 30s and 50s, which has widened to an extraordinary 234%.

By improving governance, it is hoped that intergenerational justice will be achieved. This ethical lens is compatible with the Australian Public Service value of good stewardship.

A global movement

Many countries, including Scotland, Finland, the United Arab Emirates and Singapore, are exploring ways to reorient their policy making towards a better understanding of long-term impacts of decisions taken now. It has also been taken up by the United Nations and the European Union.

The Australian bill is based on the experience in Wales, where similar legislation was introduced in 2015.

The Welsh model has delivered significant practical benefits by including community involvement in planning, and protecting essential services from election cycles. For instance, environmental protection has been given higher status in decision making about transport.

The Australian landscape

Australia has undertaken other efforts to think long term. The Intergenerational Report was launched by former treasurer Peter Costello in 2002 to build consensus around the big issues facing Australia over the next 40 years.

The most recent report, in 2023, identified five major areas needing future generations policy. These were population and ageing, technological and digital transformation, climate change and the net zero transformation, rising demand for care and support services, and geopolitical risk and fragmentation.

The ideas in the Wellbeing of Future Generations bill could help guide policy in these critical areas. It would be an improvement on our current approach of recognising issues, but constantly kicking the can down the road.

There have been other excellent future generations measures at all levels of government. One of these is the Albanese government’s commitment to the Measuring What Matters framework.

And there is merit in independent Senator David Pocock’s Duty of Care Bill and the establishment of the Parliamentary Group for Future Generations at the Commonwealth level.

An increasing number of leaders and policy makers are recognising the power and potential of expanding our definitions of policy success.

Young voters and the 2025 election

However, much more needs to be done to overcome intergenerational inequities. Policy-making continues to be driven by short-term political objectives, which is eroding trust and optimism in Australia’s future.

In a 2021 survey for Foundations for Tomorrow, 71% of young Australians said said that they “do not feel secure”. Young people are also drifting away from supporting the major parties, especially the Coalition.

Tabling her bill, Scamps correctly pointed out that today’s young Australians are the first generation in modern history to be worse off than their parents.

Australians want politicians to start thinking beyond their own re-election prospects. They want long term solutions, they want vision, they want hope. We owe them that much.

A recent survey by EveryGen (a network convened by Griffith University’s Policy Innovation Hub) found that 81% of Australians feel that politicians focus too much on short-term priorities. An overwhelming 97% of people believe that current policies must consider the interests of future generations.

Genuine futures thinking is not always easy. But it does add an important ethical dimension to decision making, that of real attention to political legacy.

Susan Harris Rimmer receives funding from the Australian Research Council. She is affiliated with Foundations for Tomorrow as a board member who are running the For the Future campaign, and is founder of the EveryGen network. EveryGen is a member of the Intergenerational Fairness Coalition.

Elise Stephenson receives funding from the Australian Research Council. She is a founding member of the EveryGen network and supporter of Foundations for Tomorrow. EveryGen is a member of the Intergenerational Fairness Coalition.

– ref. Short-term politics keeps stalling long-term fixes. This bill offers a way forward – https://theconversation.com/short-term-politics-keeps-stalling-long-term-fixes-this-bill-offers-a-way-forward-249598

MIL OSI Analysis – EveningReport.nz –

February 13, 2025
MIL-OSI Economics: Export-Import Bank of India’s GOI-supported Line of Credit of USD 180 mn to the Government of the Socialist Republic of Vietnam for procurement of 4 Offshore Patrol Vessels (OPV) in the Borrower’s Country

Source: Reserve Bank of India

RBI//2024-2025/113
A.P. (DIR Series) Circular No. 20

February 13, 2025

All Category – I Authorised Dealer Banks

Madam/Sir

Export-Import Bank of India’s GOI-supported Line of Credit of USD 180 mn to the
Government of the Socialist Republic of Vietnam for procurement of 4 Offshore Patrol
Vessels (OPV) in the Borrower’s Country

Export-Import Bank of India (Exim Bank) has entered into an agreement dated July 31, 2024, with the Government of the Socialist Republic of Vietnam (GO-VNM), for making available to the latter, Government of India supported Line of Credit (LoC) of USD 180 mn (USD One Hundred Eighty Million Only) for procurement of 4 Offshore Patrol Vessels (OPV) in the Borrower’s Country. The export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their eligibility under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement.

2. The Agreement under the LoC is effective from January 20, 2025. Under the LoC, the last date for disbursement will be 60 months after scheduled completion date of the project.

3. Shipments under the LoC shall be declared in Export Declaration Form/Shipping Bill as per instructions issued by the Reserve Bank from time to time.

4. No agency commission is payable for export under the above LoC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners’ Foreign Currency Account for payment of commission in free foreign exchange. Authorised Dealer (AD) Category- I banks may allow such remittance after realization of full eligible value of export subject to compliance with the extant instructions for payment of agency commission.

5. AD Category – I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain complete details of the LoC from the Exim Bank’s office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005 or from their website www.eximbankindia.in.

6. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.

Yours faithfully

(N Senthil Kumar)
Chief General Manager

MIL OSI Economics –

February 13, 2025
MIL-OSI China: CATL aiming to raise over $5B from HK listing

Source: China State Council Information Office

Contemporary Amperex Technology Co Ltd, the world’s largest electric vehicle battery maker, has filed for a Hong Kong listing that is expected to be the city’s biggest initial public offering in four years.

The long-awaited CATL listing aims to raise more than $5 billion, which the company said will fund overseas production capacity and international business expansion, supporting its long-term global strategy.

Already an A-share listed company, CATL’s Hong Kong listing will attract more international capital, further diversifying its financing channels, said analysts.

According to public disclosures, as of June 2024, CATL had foreign currency balances of $6.74 billion and 3.86 billion euros ($4 billion), which were challenging to cover the hefty investments in Europe and other regions, as well as the ongoing need for overseas strategic expansion that often amount to billions of euros.

Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, said CATL’s Hong Kong listing is poised to assist the company in garnering funds on a global scale to support its endeavors in overseas research and development, production capacity expansion and market outreach. Additionally, the Hong Kong listing is expected to enhance CATL’s brand influence in international markets, strengthening its global competitiveness.

“This listing opens avenues for financing. Given CATL’s expansive global reach, substantial financial support is imperative, a need that can be met through a successful IPO. In addition, CATL’s global expansion necessitates collaboration from diverse stakeholders. By opting for a Hong Kong listing, CATL can also engage with a broad spectrum of international investors. This move is pivotal in enhancing CATL’s global standing,” Zhou said.

In recent years, CATL has accelerated its overseas expansion efforts, establishing battery factories in European countries including Germany and Hungary. In December, CATL signed a joint venture agreement with Dutch automotive group Stellantis that will build a large-scale lithium iron phosphate battery plant in Zaragoza, Spain.

According to SNE Research — a South Korean company providing global market research and consulting services for rechargeable battery industries — CATL maintained its top position globally in terms of battery usage for electric vehicles from January to November 2024, witnessing a 28.6 percent year-on-year growth. Following CATL are BYD and LG Energy Solution.

Many major Chinese original equipment manufacturers such as Zeekr, Aito and Li Auto, operating in the world’s largest EV market of China, have integrated CATL’s batteries into their products.

Furthermore, prominent global OEMs including Tesla, BMW, Mercedes-Benz and Volkswagen have also chosen CATL’s batteries for their EV models.

MIL OSI China News –

February 13, 2025
MIL-OSI Asia-Pac: MOEA Minister Confers Medal on Japan’s Former Vice Minister for International Affairs at METI

Source: Republic Of China Taiwan 2

On January 17, 2025, Minister Kuo conferred the Medal of Economic Contribution upon Mr. Hirohide Hirai, the former Vice Minister for International Affairs at Japan’s Ministry of Economy, Trade and Industry (METI). The honor was in recognition of his pivotal role in strengthening semiconductor cooperation and industrial investment between Taiwan and Japan.

During Mr. Hirai’s tenure at METI, he played a crucial role in facilitating TSMC’s investment in Japan, particularly in garnering government backing for TSMC’s Kumamoto fab, and thus establishing a landmark in Taiwan-Japan economic collaboration. Minister Kuo noted that this investment has catalyzed increasing demand for and cooperation on semiconductors, AI, and digital transformation, and further strengthened bilateral industrial ties.

Mr. Hirai, currently serving as an executive director at Hitachi, Ltd., shared his endeavors between 2020 and 2021 in securing Japanese government subsidies and support to attract TSMC’s investment. He also expressed support for Minister Kuo’s proposal to strengthen bilateral cooperation on semiconductor supply chain in Kyushu.

The award acknowledges Mr. Hirai’s contributions to strengthening industrial partnerships between Taiwan and Japan, thereby paving the way for deeper cooperation in next-generation technologies and global supply chain resilience.

MIL OSI Asia Pacific News –

February 13, 2025
MIL-OSI Asia-Pac: The National Credit Guarantee Mechanism Invigorates Offshore Wind Power Financing Mechanisms and Strengthens Market

Source: Republic Of China Taiwan 2

According to Ministry of Economic Affairs (MOEA), domestic enterprises have a large and competitive demand for green electricity (such as RE100) to enhance international competitiveness, and advanced manufacturing processes require higher proportions of green electricity. Thus, increasing the share of green electricity in products made in Taiwan by 2030 has become an urgent priority. The National Credit Guarantee Mechanism aims to encourage investments from banks and insurance funds to support offshore wind farms and accelerate offshore wind power construction, thus ensuring sufficient green electricity for domestic high-tech industry to enhance export competitiveness and achieve the 2050 net-zero target.

Amid public skepticism over the National Credit Guarantee Mechanism, the Energy Administration (EA) of the MOEA explained that the development of offshore wind power has progressed to the Zonal Development phase, with an estimated financing demand of NT$1.08 trillion between 2026 and 2031. The National Development Council (NDC), the Ministry of Finance, and the MOEA have jointly launched initiatives involving the National Development Fund and eight major state-owned banks to provide financing guarantees, with a total capacity of NT$90 billion. This mechanism assists offshore wind farms in obtaining financing and also offers guarantees to eliminate barriers for general enterprises seeking to purchase green electricity. The government remains committed to fostering a benign investment environment for offshore wind power development.

The EA further stated that the MOEA and the NDC have recently collaborated to raise the national credit guarantee ratio from 60% to 80% for green energy construction projects by project financing developers, enhancing the full credit guarantees for banks to participate in wind farm projects, incentivizing state-owned banks and other financial institutions to finance offshore wind farms, and supports the sustainable development of offshore wind power market in Taiwan.

Furthermore, the EA noted that offshore wind power financing operations require the long-term and stable financial capacity for electricity procurement. Therefore, the National Credit Guarantee Mechanism can provide any single general business up to 80% of credit guarantees for procurement of green electricity, which provides additional credit protection for domestic electricity-purchasing enterprises without long-term international credit ratings, and, at the same time, boosts the banks’ confidence when reviewing Corporate Power Purchase Agreements (CPPA), improving the financial structure of wind farms.

Spokesperson for Energy Administration, Ministry of Economic Affairs:
Deputy Director General, Chun-Li Lee
Phone: 02-2775-7700, 0936-250-838
Email: chunlee@moeaea.gov.tw

Business Contact: Director, Chung-Hsien Chen
Phone: 02-2775-7770, 0919-998-339
Email: ctchen2@moeaea.gov.tw

MIL OSI Asia Pacific News –

February 13, 2025

MIL-OSI: Euronet Reports Record Results Across All Financial Metrics For The Fourth Quarter And Full Year 2024

Source: GlobeNewswire (MIL-OSI)

LEAWOOD, Kan., Feb. 12, 2025 (GLOBE NEWSWIRE) — Euronet (or the “Company”) (NASDAQ: EEFT), a global leader in payments processing and cross-border transactions, today announced fourth quarter and full year 2024 financial results.

Euronet reports the following consolidated results for the fourth quarter 2024 compared with the same period of 2023:

Revenues of $1,047.3 million, a 9% increase from $957.7 million (10% increase on a constant currency1 basis).
Operating income of $122.7 million, a 26% increase from $97.4 million (27% increase on a constant currency basis).
Adjusted operating income² of $122.7 million, a 23% increase from $99.9 million (24% increase on a constant currency basis).
Adjusted EBITDA³ of $165.8 million, a 12% increase from $147.6 million (13% increase on a constant currency basis).
Net income attributable to Euronet of $45.2 million, or $0.98 diluted earnings per share, compared with $69.3 million, or $1.43 diluted earnings per share.
Adjusted earnings per share⁴ of $2.08, a 10% increase from $1.88.
Euronet’s cash and cash equivalents were $1,278.8 million and ATM cash was $643.8 million, totaling $1,922.6 million as of December 31, 2024, and availability under its revolving credit facilities was approximately $1,335 million.

Euronet reports the following consolidated results for the full year 2024 compared with the same period of 2023:

Revenues of $3,989.8 million, an 8% increase from $3,688.0 million (9% increase on a constant currency basis).
Operating income of $503.2 million, a 16% increase from $432.6 million (18% increase on a constant currency basis).
Adjusted operating income of $502.8 million, a 16% increase from $432.1 million (18% increase on a constant currency basis).
Adjusted EBITDA of $678.5 million, a 10% increase from $618.7 million (11% increase on a constant currency basis).
Net income attributable to Euronet of $306.0 million, or $6.45 diluted earnings per share, compared with $279.7 million, or $5.50 diluted earnings per share.
Adjusted earnings per share of $8.61, a 15% increase from $7.46.

See the reconciliation of non-GAAP items in the attached financial schedules.

“I am pleased we delivered 15% growth in Adjusted EPS for the full year — at the top end of our range, driven by strong performance in all three segments. As we entered 2024, we told shareholders that we expected our Adjusted EPS to grow between 10% and 15%, and we would be driving to go through the range. Throughout the year our results increasingly demonstrated that it was likely we would perform at the upper end of that range. Now with these very good fourth quarter results, you can see we performed at the top of the range and even ahead of our historical 10- and 20-year CAGR rates. I would like to also point out that our 2024 adjusted EPS of $8.61 was adversely impacted by significant increases in interest and tax expense, but also benefited from share repurchases. With interest, taxes and share repurchases netting each other, you can see that the 15% increase in adjusted EPS was driven by the 16% increase in operating income made possible by strong revenue growth, scale and cost management. For the fourth quarter we delivered record adjusted EPS of $2.08, a 10% year-over-year increase as well as double-digit growth in operating income and adjusted EBITDA,” stated Michael J. Brown, Euronet’s Chairman and Chief Executive Officer. “EFT delivered double-digit growth across all metrics driven by international travel, growth in merchant acquiring business, fee increase opportunities, and expansion into new markets. Money Transfer produced strong fourth quarter results across all metrics including a 33% growth in digital transactions. In epay, our core business delivered strong results from continued digital branded payments and mobile growth.”

Adjusted operating income and adjusted EBITDA were adjusted for non-cash purchase accounting adjustments in the EFT Segment during the fourth quarter and full-year of 2023 and the full year of 2024 and a non-cash gain in the full year 2023.

Taking into consideration recent trends in the business and the global economy, the Company anticipates its 2025 adjusted EPS will grow 12% to 16% year-over-year, consistent with its 10 and 20 year compounded annualized growth rates. This outlook does not include any changes that may develop in foreign exchange rates, interest rates or other unforeseen factors.

Segment and Other Results

The EFT Processing Segment reports the following results for the fourth quarter 2024 compared with the same period or date in 2023:

Revenues of $265.6 million, a 12% increase from $237.9 million (13% increase on a constant currency basis).
Operating income of $37.3 million, a 46% increase from $25.5 million (48% increase on a constant currency basis).
Adjusted operating income of $37.3 million, a 33% increase from $28.0 million (35% increase on a constant currency basis).
Adjusted EBITDA of $61.7 million, an 18% increase from $52.2 million (19% increase on a constant currency basis).
Transactions of 3,203 million, a 35% increase from 2,369 million.
Total of 55,248 installed ATMs as of December 31, 2024, a 5% increase from 52,652 at December 31, 2023. Operated 49,945 active ATMs as of December 31, 2024, a 6% increase from 47,303 as of December 31, 2023.

The EFT Processing Segment reports the following results for the full year 2024 compared with the same period in 2023:

Revenues of $1,161.2 million, a 10% increase from $1,058.3 million (10% increase on a constant currency basis).
Operating income of $256.0 million, a 24% increase from $206.3 million (25% increase on a constant currency basis).
Adjusted operating income of $255.6 million, a 24% increase from $205.8 million (25% increase on a constant currency basis).
Adjusted EBITDA of $353.5 million, an 18% increase from $300.4 million (19% increase on a constant currency basis).
Transactions of 11,424 million, a 35% increase from 8,473 million.

Revenue, operating income, and adjusted EBITDA growth for both the fourth quarter and full year 2024 was driven by continued growth in transactions in nearly all markets, new market expansion, fee increase opportunities, cost management and growth in the merchant acquiring business with adjusted EBITDA doubling in the last two years.

The EFT Segment’s total installed ATMs at December 31, 2024 grew 5% over December 31, 2023 ATMs due to the net addition of 1,729 Euronet-owned ATMs, 773 new outsourcing ATMs and the addition of 94 low-margin ATMs in India. The difference between installed and active ATMs relates to ATMs that have been seasonally deactivated.

The epay Segment reports the following results for the fourth quarter 2024 compared with the same period or date in 2023:

Revenues of $342.2 million, an 8% increase from $316.7 million (10% increase on a constant currency basis).
Operating income of $48.0 million, a 10% increase from $43.6 million (12% increase on a constant currency basis).
Adjusted EBITDA of $49.9 million, a 10% increase from $45.4 million (12% increase on a constant currency basis).
Transactions of 1,185 million, a 31% increase from 906 million.
POS terminals of approximately 777,000 as of December 31, 2024, a 5% decrease from approximately 821,000.
Retailer locations of approximately 362,000 as of December 31, 2024, a 3% increase from approximately 352,000.

The epay Segment reports the following results for the full year 2024 compared with the same period in 2023:

Revenues of $1,150.5 million, a 6% increase from $1,082.4 million (7% increase on a constant currency basis).
Operating income of $129.9 million, a 3% increase from $126.2 million (4% increase on a constant currency basis).
Adjusted EBITDA of $137.2 million, a 3% increase from $133.1 million (4% increase on a constant currency basis).
Transactions of 4,374 million, a 15% increase from 3,789 million.

Fourth quarter and full year 2024 constant currency revenue, operating income and adjusted EBITDA growth was driven by continued expansion of digital branded payment and mobile sales.

The Money Transfer Segment reports the following results for the fourth quarter 2024 compared with the same period or date in 2023:

Revenues of $441.9 million, a 9% increase from $405.1 million (9% increase on a constant currency basis).
Operating income of $58.4 million, a 13% increase from $51.9 million (12% increase on a constant currency basis).
Adjusted EBITDA of $64.4 million, a 9% increase from $59.3 million (9% increase on a constant currency basis).
Total transactions of 46.9 million, an 11% increase from 42.4 million.
Network locations of approximately 607,000 as of December 31, 2024, a 5% increase from approximately 580,000.

The Money Transfer Segment reports the following results for the full year 2024 compared with the same period in 2023:

Revenues of $1,686.5 million, an 8% increase from $1,555.2 million (9% increase on a constant currency basis).
Operating income of $201.0 million, an 8% increase from $185.4 million (9% increase on a constant currency basis).
Adjusted EBITDA of $227.0 million, a 5% increase from $216.4 million (5% increase on a constant currency basis).
Total transactions of 176.9 million, a 9% increase from 161.7 million.

Fourth quarter constant currency revenue, operating income and adjusted EBITDA growth was the result of 14% growth in U.S.-outbound transactions, 11% growth in international-originated money transfers and 8% growth in xe transactions, partially offset by a 14% decline in the intra-U.S. business. These transaction growth rates include 33% growth in direct-to-consumer digital transactions.

Full year 2024 constant currency revenue, operating income, and adjusted EBITDA growth was the result of 12% growth in U.S.-outbound transactions, 11% growth in international-originated money transfers and 16% growth in xe transactions, partially offset by a 14% decline in the intra-U.S. business. These transaction growth rates include 28% growth in direct-to-consumer digital transactions.

Corporate and Other reports $21.0 million of expense for the fourth quarter 2024 compared with $23.6 million for the fourth quarter 2023. For the full year 2024, Corporate and Other reports $83.7 million of expense compared with $85.3 million for the full year 2023. The decrease in corporate expenses for both the fourth quarter and full year 2024 is largely the result of a decrease in long-term compensation expenses based on lower share value.

Balance Sheet and Financial Position
Unrestricted cash and cash equivalents on hand were $1,278.8 million as of December 31, 2024, compared to $1,524.1 million as of September 30, 2024. The net decrease in unrestricted cash and cash equivalents during the quarter is mainly due to working capital fluctuations, repayment of short-term borrowings, $50 million in share repurchases, partially offset by cash generated from operations. Total indebtedness was $1,949.8 million as of December 31, 2024, compared to $2,278.8 million as of September 30, 2024. The decrease in debt was largely due to repayment of short-term borrowings. Availability under the Company’s revolving credit facility was approximately $1,335 million as of December 31, 2024. The increase in availability of the revolving credit facility was primarily the result of an increase and extension of our credit facility in December 2024 from $1.25 billion to $1.90 billion.

Non-GAAP Measures
In addition to the results presented in accordance with U.S. GAAP, the Company presents non-GAAP financial measures, such as constant currency financial measures, adjusted operating income, adjusted EBITDA, and adjusted earnings per share. These measures should be used in addition to, and not a substitute for, revenues, net income and earnings per share computed in accordance with U.S. GAAP. We believe that these non-GAAP measures provide useful information to investors regarding the Company’s performance and overall results of operations. These non-GAAP measures are also an integral part of the Company’s internal reporting and performance assessment for executives and senior management. The non-GAAP measures used by the Company may not be comparable to similarly titled non-GAAP measures used by other companies. The attached schedules provide a full reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measure.

The Company does not provide a reconciliation of its forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for GAAP and the related GAAP and non-GAAP reconciliation, including adjustments that would be necessary for foreign currency exchange rate fluctuations and other charges reflected in the Company’s reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.

⁽¹⁾ Constant currency financial measures are computed as if foreign currency exchange rates did not change from the prior period. This information is provided to illustrate the impact of changes in foreign currency exchange rates on the Company’s results when compared to the prior period.

⁽²⁾ Adjusted operating income is defined as operating income excluding, to the extent incurred in the period, non-cash gains and non-cash purchase accounting adjustments. Adjusted operating income represents a performance measure and is not intended to represent a liquidity measure.

⁽³⁾ Adjusted EBITDA is defined as net income excluding, to the extent incurred in the period, interest expense, income tax expense, depreciation, amortization, share-based compensation, non-cash gains, non-cash purchase accounting adjustments and other non-operating or non-recurring items that are considered expenses or income under U.S. GAAP. Adjusted EBITDA represents a performance measure and is not intended to represent a liquidity measure.

⁽⁴⁾Adjusted earnings per share is defined as diluted U.S. GAAP earnings per share excluding, to the extent incurred in the period, the tax-effected impacts of: a) foreign currency exchange gains or losses, b) share-based compensation, c) acquired intangible asset amortization, d) non-cash income tax expense, e) non-cash gains and non-cash purchase accounting adjustments, f) other non-operating or non-recurring items and g) dilutive shares relate to the Company’s convertible bonds. Adjusted earnings per share represents a performance measure and is not intended to represent a liquidity measure.

Conference Call and Slide Presentation
Euronet Worldwide will host an analyst conference call on February 13, 2025, at 9:00 a.m. Eastern Time to discuss these results. The call may also include discussion of Company developments on the Company’s operations, forward-looking information, and other material information about business and financial matters. To listen to the call via telephone please register at Euronet Worldwide Fourth Quarter 2024 Earnings Call. The conference call will also be available via webcast at http://ir.euronetworldwide.com. Participants should register at least five minutes prior to the scheduled start time of the event. A slideshow will be included in the webcast.

A webcast replay will be available beginning approximately one hour after the event at http://ir.euronetworldwide.com and will remain available for one year.

About Euronet Worldwide, Inc.
A global leader in payments processing and cross-border transactions, Euronet moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit processing, ATMs, point-of-sale services, branded payments, currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone.

Starting in Central Europe in 1994, Euronet now supports an extensive global real-time digital and cash payments network that includes 55,248 installed ATMs, approximately 1,160,000 EFT point-of-sale terminals and a growing portfolio of outsourced debit and credit card services which are under management in 67 countries; card software solutions; a prepaid processing network of approximately 777,000 point-of-sale terminals at approximately 362,000 retailer locations in 64 countries; and a global money transfer network of approximately 607,000 locations serving 197 countries and territories with digital connections to 4.1 billion bank accounts and 3.1 billion digital wallet accounts. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices. For more information, please visit the Company’s website at www.euronetworldwide.com.

Statements contained in this news release that concern Euronet’s or its management’s intentions, expectations, or predictions of future performance, are forward-looking statements. Euronet’s actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including: conditions in world financial markets and general economic conditions, including impacts from the COVID-19 or other pandemics; inflation; military conflicts in the Ukraine and the Middle East, and the related economic sanctions; our ability to successfully integrate any acquired operations; economic conditions in specific countries and regions; technological developments affecting the market for our products and services; our ability to successfully introduce new products and services; foreign currency exchange rate fluctuations; the effects of any breach of our computer systems or those of our customers or vendors, including our financial processing networks or those of other third parties; interruptions in any of our systems or those of our vendors or other third parties; our ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, consumer and data protection and privacy; changes in laws and regulations affecting our business, including tax and immigration laws and any laws regulating payments, including dynamic currency conversion transactions; changes in our relationships with, or in fees charged by, our business partners; competition; the outcome of claims and other loss contingencies affecting Euronet; the cost of borrowing (including fluctuations in interest rates), availability of credit and terms of and compliance with debt covenants; and renewal of sources of funding as they expire and the availability of replacement funding. These risks and other risks are described in the Company’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings may be obtained via the SEC’s Edgar website or by contacting the Company. Any forward-looking statements made in this release speak only as of the date of this release. Except as may be required by law, Euronet does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances. The Company regularly posts important information to the investor relations section of its website.

EURONET WORLDWIDE, INC.
Condensed Consolidated Balance Sheets
(in millions)

	As of
	December 31,		As of
	2024		December 31,
	(unaudited)		2023
ASSETS
Current assets:
Cash and cash equivalents	$	1,278.8	$	1,254.2
ATM cash	643.8		525.2
Restricted cash	9.2		15.2
Settlement assets	1,522.7		1,681.5
Trade accounts receivable, net	284.9		370.6
Prepaid expenses and other current assets	297.1		316.0
Total current assets	4,036.5		4,162.7

Property and equipment, net	329.7		332.1
Right of use lease asset, net	132.1		142.6
Goodwill and acquired intangible assets, net	1,048.1		1,015.1
Other assets, net	288.1		241.9

Total assets	$	5,834.5	$	5,894.4

LIABILITIES AND EQUITY
Current liabilities:
Settlement obligations	$	1,522.7	$	1,681.5
Accounts payable and other current liabilities	841.0		816.9
Current portion of operating lease liabilities	48.3		50.3
Short-term debt obligations	814.0		151.9
Total current liabilities	3,226.0		2,700.6

Debt obligations, net of current portion	1,134.4		1,715.4
Operating lease liabilities, net of current portion	87.4		95.8
Capital lease obligations, net of current portion	1.4		2.3
Deferred income taxes	71.8		47.0
Other long-term liabilities	84.3		83.6
Total liabilities	4,605.3		4,644.7
Equity	1,229.2		1,249.7

Total liabilities and equity	$	5,834.5	$	5,894.4


EURONET WORLDWIDE, INC.
Consolidated Statements of Operations
(unaudited – in millions, except share and per share data)

		Year Ended					Three Months Ended
		December 31,					December 31,
		2024			2023		2024			2023

Revenues	$	3,989.8		$	3,688.0		$	1,047.3		$	957.7

Operating expenses:
Direct operating costs		2,389.3			2,222.8		640.8			596.4
Salaries and benefits		650.2			602.9		167.9			158.0
Selling, general and administrative		315.3			296.8		83.4			72.4
Depreciation and amortization		131.8			132.9		32.5			33.5
Total operating expenses		3,486.6			3,255.4		924.6			860.3
Operating income		503.2			432.6		122.7			97.4

Other income (expense):
Interest income		23.8			15.2		5.7			5.1
Interest expense		(80.5	)		(55.6	)	(21.3		)	(16.5		)
Foreign currency exchange (loss) gain		(19.1	)		8.0		(35.5		)	11.6
Other income		21.5			0.2		4.3			0.3
Total other (expense) income, net		(54.3	)		(32.2	)	(46.8		)	0.5
Income before income taxes		448.9			400.4		75.9			97.9

Income tax expense		(142.6	)		(120.9	)	(30.6		)	(28.4		)

Net income		306.3			279.5		45.3			69.5
Net (income) loss attributable to non-controlling interests		(0.3	)		0.2		(0.1		)	(0.2		)
Net income attributable to Euronet Worldwide, Inc.	$	306.0		$	279.7		$	45.2		$	69.3
Add: Interest expense from assumed conversion of convertible notes, net of tax		4.2			4.2			0.9			1.0
Net income for diluted earnings per share calculation	$	310.2		$	283.9		$	46.1		$	70.3
Earnings per share attributable to Euronet
Worldwide, Inc. stockholders – diluted	$	6.45		$	5.50		$	0.98		$	1.43

Diluted weighted average shares outstanding		48,082,766			51,599,633		47,050,602			49,066,284

EURONET WORLDWIDE, INC.
Reconciliation of Net Income to Operating Income (Expense), Adjusted Operating Income (Expense) and Adjusted EBITDA
(unaudited – in millions)

	Three months ended December 31, 2024

	EFT Processing		epay		Money Transfer		Corporate Services				Consolidated

Net income											$	45.3

Add: Income tax expense											30.6
Add: Total other expense, net											46.8

Operating income (expense)	$	37.3	$	48.0	$	58.4	$	(21.0	)		$	122.7

Add: Depreciation and amortization	24.4		1.9		6.0		0.2				32.5
Add: Share-based compensation	—		—		—		10.6				10.6

Earnings before interest, taxes, depreciation, amortization, share-based compensation (Adjusted EBITDA) ⁽¹⁾	$	61.7	$	49.9	$	64.4	$	(10.2	)		$	165.8

	Three months ended December 31, 2023

	EFT Processing		epay		Money Transfer		Corporate Services				Consolidated

Net income											$	69.5

Add: Income tax expense											28.4
Less: Total other income, net											(0.5		)

Operating income (expense)	$	25.5	$	43.6	$	51.9	$	(23.6		)	$	97.4
Add: non-cash purchase accounting expense adjustment		2.5		—		—		—				2.5
Adjusted operating income (expense) ⁽¹⁾		28.0		43.6		51.9		(23.6		)		99.9

Add: Depreciation and amortization	24.2		1.8		7.4		0.1				33.5
Add: Share-based compensation	—		—		—		14.2				14.2

Earnings before interest, taxes, depreciation, amortization, non-cash purchase accounting expense adjustment and share-based compensation (Adjusted EBITDA) ⁽¹⁾	$	52.2	$	45.4	$	59.3	$	(9.3		)	$	147.6

⁽¹⁾ Adjusted operating income (expense) and Adjusted EBITDA are non-GAAP measures that should be considered in addition to, and not a substitute for, net income computed in accordance with U.S. GAAP.

EURONET WORLDWIDE, INC.
Reconciliation of Net Income to Operating Income (Expense), Adjusted Operating Income (Expense) and Adjusted EBITDA
(unaudited – in millions)

	Twelve months ended December 31, 2024

	EFT Processing			epay		Money Transfer		Corporate Services			Consolidated

Net income											$	306.3

Add: Income tax expense											142.6
Add: Total other expense, net											54.3

Operating income (expense)	$	256.0		$	129.9	$	201.0	$	(83.7	)	$	503.2

Less: Non-cash purchase accounting income adjustment	(0.4		)	—		—		—			(0.4		)
Adjusted operating income (expense) ⁽¹⁾	255.6			129.9		201.0		(83.7		)	502.8

Add: Depreciation and amortization	97.9			7.3		26.0		0.6			131.8
Add: Share-based compensation	—			—		—		43.9			43.9

Earnings before interest, taxes, depreciation, amortization, non-cash purchase accounting income adjustment and share-based compensation (Adjusted EBITDA)⁽¹⁾	$	353.5		$	137.2	$	227.0	$	(39.2	)	$	678.5

	Twelve months ended December 31, 2023

	EFT Processing			epay		Money Transfer		Corporate Services			Consolidated

Net income											$	279.5

Add: Income tax expense											120.9
Add: Total other expense, net											32.2

Operating income (expense)	$	206.3		$	126.2	$	185.4	$	(85.3	)	$	432.6

Add: Non-cash purchase accounting expense adjustment	2.5			—		—		—			2.5
Less: Non-cash gain	(3.0		)	—		—		—			(3.0		)
Adjusted operating income (expense) ⁽¹⁾	205.8			126.2		185.4		(85.3		)	432.1

Add: Depreciation and amortization	94.6			6.9		31.0		0.4			132.9
Add: Share-based compensation	—			—		—		53.7			53.7

Earnings before interest, taxes, depreciation, amortization, non-cash purchase accounting expense adjustment, non-cash gain and share-based compensation (Adjusted EBITDA)⁽¹⁾	$	300.4		$	133.1	$	216.4	$	(31.2	)	$	618.7

EURONET WORLDWIDE, INC.
Reconciliation of Adjusted Earnings per Share
(unaudited – in millions, except share and per share data)

	Year Ended						Three Months Ended
	December 31,						December 31,
		2024			2023			2024			2023

Net income attributable to Euronet Worldwide, Inc.	$	306.0		$	279.7		$	45.2		$	69.3

Foreign currency exchange loss (gain)		19.1			(8.0	)		35.5			(11.6	)
Intangible asset amortization⁽¹⁾		21.7			24.4			4.7			5.4
Share-based compensation⁽²⁾		43.9			53.7			10.6			14.2
Non-cash gain⁽³⁾		—			(3.0	)		—			—
Non-cash purchase accounting (income) expense adjustment⁽⁴⁾		(0.4	)		2.5			—			2.5
Income tax effect of above adjustments⁽⁵⁾		13.2			(3.0	)		3.2			1.2
Non-cash investment gain⁽⁶⁾		(20.3	)		—			(3.5	)		—
Non-cash GAAP tax expense (benefit)⁽⁷⁾		9.9			19.7			(3.1	)		6.4

Adjusted earnings⁽⁸⁾	$	393.1		$	366.0		$	92.6		$	87.4

Adjusted earnings per share – diluted⁽⁸⁾	$	8.61		$	7.46		$	2.08		$	1.88

Diluted weighted average shares outstanding (GAAP)		48,082,766			51,599,633			47,050,602			49,066,284
Effect of adjusted EPS dilution of convertible notes		(2,781,818	)		(2,781,818	)		(2,781,818	)		(2,781,818	)
Effect of unrecognized share-based compensation on diluted shares outstanding		369,573			230,000			295,559			158,030
Adjusted diluted weighted average shares outstanding		45,670,521			49,047,815			44,564,343			46,442,496

⁽¹⁾ Intangible asset amortization of $4.7 million and $5.4 million are included in depreciation and amortization expense of $32.5 million and $ 33.5 million for both the three months ended December 31, 2024 and December 31, 2023, in the consolidated statements of operations. Intangible asset amortization of $21.7 million and $24.4 million are included in depreciation and amortization expense of $131.8 million and $132.9 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively, in the consolidated statements of operations.

⁽²⁾ Share-based compensation of $10.6 million and $14.2 million are included in salaries and benefits expense of $167.9 million and $158.0 million for the three months ended December 31, 2024 and December 31, 2023, respectively, in the consolidated statements of operations. Share-based compensation of $43.9 million and $53.7 million are included in salaries and benefits expense of $650.2 million and $602.9 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively, in the consolidated statements of operations.

⁽³⁾ A non-cash gain of $3.0 million is included in operating income for the twelve months ended December 31, 2023, in the consolidated statements of operations.

⁽⁴⁾ Non-cash purchase accounting (income)/expense adjustment of respectively ($0.4) million and $2.5 million is included in operating income for the twelve months ended December 31, 2024 and December 31, 2023 in the consolidated statement of operations.

⁽⁵⁾ Adjustment is the aggregate U.S. GAAP income tax effect on the preceding adjustments determined by applying the applicable statutory U.S. federal, state and/or foreign income tax rates.

⁽⁶⁾ Non-cash investment gain of respectively $3.5 million and $20.3 million for the three and twelve months ended December 31, 2024 is included in other income in the consolidated statement of operations.

⁽⁷⁾ Adjustment is the non-cash GAAP tax impact recognized on certain items such as the utilization of certain material net deferred tax assets and amortization of indefinite-lived intangible assets.

⁽⁸⁾ Adjusted earnings and adjusted earnings per share are non-GAAP measures that should be considered in addition to, and not as a substitute for, net income and earnings per share computed in accordance with U.S. GAAP.

The MIL Network –

February 13, 2025

MIL-OSI China: Nation’s rail network continued to break records in 2024

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

Remarkable progress was made in China’s railway sector in 2024, with the improvement of the nation’s transportation infrastructure contributing to economic growth and improving lives.

As of the end of last year, China’s railway network had stretched to 162,000 kilometers, with 48,000 km dedicated to high-speed rail, further pressing its advantage as the global leader in high-speed rail. The network also expanded into more remote and mountainous areas, where constructing railways was once considered impossible.

Freight train services linking China and Europe saw steady growth in 2024. Launched in 2011, the total number of China-Europe freight train services surpassed 100,000 last year.

One of the highlights of the year was the debut of the CR450 prototypes, the next generation of high-speed trains that are faster, greener and more comfortable than those in current operation. Once they enter commercial operation, speeds will be increased to 400 km/h from the current 350 km/h. This development underscores China’s commitment to advancing transportation technology and improving efficiency.

China’s railway freight and passenger volumes both reached record highs last year, playing a key role in supporting socioeconomic development. According to China State Railway Group, the national railway operator, in 2024, China’s national railway handled a record 4.08 billion passenger trips, with daily traffic reaching a high of nearly 21.45 million. The network also moved 3.99 billion metric tons of cargo, marking the eighth consecutive year of growth.

Expansion milestones

On a crisp September morning during China’s Mid-Autumn Festival, Luo Wei and her family stood at Chengdu East Railway Station, excited but unsure. They were embarking on a last-minute trip to Jiuzhaigou, a picturesque UNESCO World Heritage Site nestled in the mountains of western Sichuan province. In the past, such a journey would have been an exhausting multi-day ordeal. The eight-hour road trip from Chengdu to Jiuzhaigou is notorious for its winding roads through the mountains and steep drop-offs below. But this time, they were about to board a new train service that would transform the experience.

In 1 hour and 39 minutes, they reached their destination, smoothly gliding through the mountains aboard a cutting-edge bullet train. Although a two-hour bus ride linking the railway station and the scenic area still awaits, it was much better than the previous eight-hour journey from Chengdu. No more hours spent cramped in a car on winding roads. It was a glimpse into the future of transportation in China, where high-speed rail has turned what once felt like an impossible journey into a comfortable, efficient reality.

“We thought it might be different to see Jiuzhaigou by train, especially with our 10-year-old son,” Luo said, reminiscing about the challenging, fun-filled backpacking and self-driving trips she and her husband had taken several times during their school years.

“It (the train journey) was certainly easier, and the trip was far more comfortable — much more suitable for a family outing, especially with a child,” she said.

“Before, a round trip to Jiuzhaigou would take at least three days. Now we can do it in just a day.”

The 69-km newly opened railway from Zhengjiangguan to Huangshengguan links this remote yet breathtaking region to China’s extensive railway network for the first time.

Over a century ago, Sun Yat-sen, a pioneering Chinese revolutionary leader, envisioned a modernized China in his book The International Development of China. His plan included the construction of 1.6 million km of roads and approximately 160,000 km of railways. Last year, while Sun’s vision for railways became a reality, the development of China’s high-speed rail has in all likelihood exceeded his expectations.

Last year, more than 3,100 km of new rail was built, including 2,457 km of high-speed rail, linking key cities and regions.

Since 2012, the total length of China’s rail network has grown by more than 65 percent, while high-speed rail has expanded over fourfold.

Compared to 2012, when China’s total railway length was 98,000 km with 9,356 km of high-speed rail, the country’s rail infrastructure has undergone an impressive transformation.

Li Jingwei, deputy head of the development and reform department of China State Railway Group, highlighted the accelerated pace of construction.

“Since 2012, the expansion of China’s high-speed rail has intensified, with an average of over 3,000 km of new high-speed rail lines put into operation annually,” Li said.

Notably, China is the only country to achieve commercial operation of high-speed rail at 350 km/h, showcasing technological prowess, he said.

“From snowy forests in the northern part of China to the water towns in the eastern region, and from the desert to the sea, China’s high-speed rail traverses major rivers and rugged mountains, and connects all regions,” Li said.

He added that the high-speed railway network covers more than 96 percent of cities with populations over 500,000, including the Hong Kong Special Administrative Region.

By 2030, China aims to have built a world-class modern railway network covering about 180,000 km, including around 60,000 km of high-speed rail. This expansion will create a more efficient and interconnected transportation system, allowing passengers to travel between major cities in just one to three hours and ensuring the swift movement of cargo across the country.

The expansion of the network has not only reduced travel times but also increased connectivity between major cities and more isolated areas, including regions with challenging terrain, where building roads is already difficult, let alone railways. This is particularly true in the rugged mountains of Sichuan and the Xizang autonomous region, where new rail lines have brought services to remote locations, boosting regional development and tourism.

Greater access

The improvement of China’s railway network has had a transformative effect on the tourism industry.

Yin Wei, head of a travel agency in Jiuzhaigou, with 12 years of experience in the industry, has witnessed dramatic changes in travel patterns over the years. He said the new rail line has had an enormous impact on tourism.

“The travel time from Chengdu to Jiuzhaigou has been greatly shortened,” he said.

“Tourists have eagerly awaited this rail line, and we received a lot of inquiries,” he said. “In the past, our tours typically lasted five days, but now, visitors can experience it in just one or two days.”

The agency has already started developing tailored weekend getaway packages for tourists.

“Visitors can arrive on Friday and spend two days exploring Jiuzhaigou and Huanglong, or even come for a one-day trip to enjoy the snowy scenery in the morning and return by evening. It’s incredibly appealing to tourists,” he said.

Yin believes the easy access will benefit not only Jiuzhaigou but also the surrounding attractions, leading to an overall increase in tourism revenue for the region.

Ferrying freight

While passenger services have seen dramatic improvements, China’s railway network is also revolutionizing global trade. A notable milestone was achieved on Dec 3 when freight train X8083 — carrying goods such as electronics, home appliances, auto parts and daily necessities — arrived in Duisburg, Germany, marking the 100,000th journey between China and Europe. The train, which departed from Chongqing on Nov 15, took 18 days to reach the German city.

As a cornerstone of the Belt and Road Initiative, the China-Europe freight train has evolved into a critical link for trade and connectivity, fostering open cooperation, mutual benefit and economic integration among the countries along the route.

In 2024, the service hit a significant benchmark with 19,000 China-Europe freight trains operated, transporting 2.07 million containers — an increase of 10 percent and 9 percent, respectively, compared to the previous year.

Since launching in 2011, the service has transformed global trade by enhancing connectivity between China and Europe. It has maintained a strong track record for safety, stability and efficiency, making it an indispensable component of the international logistics network.

Li Chao, deputy director of the Policy Research Office of China’s National Development and Reform Commission, said: “The China-Europe freight train service is a vital carrier of open cooperation, fostering mutual benefit and supporting the Belt and Road Initiative. It provides a new, all-weather, high-capacity, green and low-carbon transport route that has become a valuable international public good.”

The service is notably less affected by natural environmental factors, offering higher reliability compared to other forms of transportation. With costs just one-fifth of air freight and transit times a quarter of sea transport, the freight train has become a preferred choice for many businesses. In 2023, it accounted for over 7 percent of the total trade between China and Europe.

Over the past 13 years, the network has expanded rapidly, growing from a handful of routes into a comprehensive service covering most of the Eurasian region. Today, it connects 227 cities in 25 European countries, 100 cities in 11 Asian countries, and is continually expanding. This broadening network has significantly transformed the logistics landscape between China and Europe, offering businesses more efficient options across diverse regions.

The range of goods transported via the China-Europe freight train is also diversifying. It now handles over 50,000 types of goods across 53 categories, including automobiles, machinery, electronics and epidemic prevention materials, according to China State Railway Group, the service’s operator.

The rail service has benefited both Chinese and international consumers and businesses. For example, Zhejiang Mundiver Import & Export, a company engaged in trade with Spain, has seen significant improvements in its logistics operations. Since 2014, when the China-Europe freight train began operating from Yiwu, Zhejiang province, the company has been using the service to import goods from Europe.

Kong Zhijian, the company’s marketing manager, said: “Before the rail service, we relied on sea transport, which took about 45 days and required a secondary transfer at Ningbo Port. Now, goods can be delivered directly to Yiwu from Europe in less than 20 days.”

The faster transit time has helped streamline their business operations, particularly with products like wine. “This shorter shipping cycle helps us manage cash flow more effectively, which is crucial for our business,” Kong added.

The impact of the rail service extends beyond China. It has also brought significant economic benefits to cities along the route. For instance, Duisburg Port has become a major logistics hub, attracting over 100 logistics companies and creating more than 20,000 jobs.

The progress of railways has always been driven by technology and innovation. In this regard, China also made remarkable strides in 2024, with faster trains now on track.

Next generation

On Dec 29, China unveiled two CR450 high-speed train prototypes, which are capable of reaching a test speed of 450 km/h and an operational speed of 400 km/h. They will be the fastest high-speed trains in the world once they enter commercial service, surpassing China’s current CR400, which operates at 350 km/h.

It was one of the most exciting developments in the railway sector in 2024. This leap in speed and comfort reflects China’s ongoing leadership in high-speed rail technology.

The two prototypes, with their futuristic design, have reduced weight by 10 percent to improve fuel efficiency. To decrease rolling resistance, the development team wrapped the trains’ running gear — such as the wheels, axles and suspension system — partly, marking a breakthrough in railway engineering.

The interiors of the prototypes are also cutting-edge. In business class, the seats can be adjusted to a meeting mode, allowing them to be arranged face-to-face, transforming the compartment into a conference room at any time.

In economy class, the seats are ergonomically designed for greater comfort, with curves that better suit the body. In response to passenger smartphone use, small tables in economy class now feature a rack that enables passengers to prop up their phones to watch videos.

Inside the train, lighting adjusts automatically in response to the brightness outside, enhancing passenger comfort. The luggage storage areas have also been made more spacious, reducing congestion. The interior has been redesigned for greater comfort and convenience, increasing cabin space by 4 percent. Adjustable luggage racks and versatile storage areas can accommodate passengers’ needs, including bicycles, wheelchairs and other large items. These upgrades anticipate potential regulatory changes in passenger transport.

Sui Fusheng, a researcher at the Institute of Acoustics at the Chinese Academy of Sciences, highlighted the challenge of balancing weight reduction with noise control. He led a team dedicated to optimizing the noise management for the prototypes.

“To reduce weight is detrimental to noise control, and increasing speed also exacerbates noise, so we have to overcome these two critical factors to ensure a comfortable passenger experience,” he said.

“The results have been good; the ride experience is similar to that of the current CR400 running at 350 km/h,” he added.

To balance noise control and weight reduction, the team developed integrated composite materials that offer both thermal insulation and soundproofing. These innovations not only reduce material costs and complexity but also enhance passenger comfort by effectively managing temperature and noise levels.

The team’s solutions have laid the groundwork for quieter, more efficient high-speed rail travel, Sui added.

“China’s high-speed rail system has made a historic leap, evolving from a follower to a global leader. Its high-speed rail technology has now set an international benchmark,” said Li Yongheng, an official from China State Railway Group, referring to the development of the CR450.

“To further strengthen and expand China’s leadership in high-speed rail technology, and to better support Chinese modernization, our company, together with relevant ministries, organizations, research institutes, universities and enterprises, has formed an innovative team to tackle critical technological challenges,” he added.

The CR450 represents the culmination of years of innovation in high-speed rail, making it a fitting symbol of China’s railway sector in 2024 — a year marked by groundbreaking achievements, record-breaking passenger and freight volumes, and a continually expanding network that links China to the rest of the world.

Looking ahead

These breakthroughs in railway technology are not just abstract concepts — they’re transforming the way people experience travel. On that September morning, Luo Wei and her family were not just passengers on a train — they were part of a story of transformation that is reshaping the future of travel, trade and global connectivity. The ease and efficiency of their journey to Jiuzhaigou were a microcosm of the larger changes sweeping across China.

As China looks ahead, its railway sector remains a symbol of the country’s ambition to lead the world in technological innovation and sustainable development. With the CR450 on the horizon and a growing railway network connecting regions far and wide, China is poised to continue pushing the boundaries of what’s possible in transportation. And with it, the world will continue to move faster, more efficiently and more sustainably.

For Luo Wei and countless others, the high-speed rail of 2024 is a journey into tomorrow — one that is already well underway.

MIL OSI China News –

February 13, 2025

MIL-OSI Economics: Money Market Operations as on February 12, 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)	5,77,339.01	6.27	5.15-6.60
I. Call Money	13,411.47	6.29	5.15-6.40
II. Triparty Repo	4,03,454.35	6.26	6.20-6.51
III. Market Repo	1,58,648.59	6.30	5.75-6.60
IV. Repo in Corporate Bond	1,824.60	6.44	6.40-6.49
B. Term Segment
I. Notice Money**	249.11	6.26	5.75-6.40
II. Term Money^@@	272.00	–	6.40-7.00
III. Triparty Repo	465.70	6.27	6.25-6.35
IV. Market Repo	1,331.46	6.35	6.35-6.35
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	Wed, 12/02/2025	1	Thu, 13/02/2025	1,93,865.00	6.26
(b) Reverse Repo
(III) Long Term Operations^
(a) Repo
(b) Reverse Repo
3. MSF^#	Wed, 12/02/2025	1	Thu, 13/02/2025	2,561.00	6.50
4. SDF^Δ#	Wed, 12/02/2025	1	Thu, 13/02/2025	48,110.00	6.00
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				1,48,316.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
(III) Long Term Operations^
(a) Repo	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^$				8,756.81
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				58,766.81
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				2,07,082.81
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		February 12, 2025		9,14,470.49
(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 12, 2025		1,23,688.00
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. 2024-2025/2013 dated January 27, 2025.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2024-2025/2140

MIL OSI Economics –

February 13, 2025

MIL-OSI Economics: Secretary-General of ASEAN delivers video remarks at the ASEAN-Japan Young Women Entrepreneurs’ Summit

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, delivered a video message at the ASEAN-Japan Young Women Entrepreneurs’ Summit, held in Kuala Lumpur, Malaysia, on 13 February 2025. Dr. Kao encouraged women entrepreneurs to embrace innovation, digitalisation and sustainable business practices in their entrepreneurial journey. Dr. Kao welcomed the sustained partnership between the ASEAN-Japan Centre and the ASEAN Coordinating Committee on Micro, Small and Medium Enterprises. He added they have been key drivers in facilitating MSMEs’ integration into the ASEAN Economic Community, especially in ensuring women’s participation in economic activities. The ASEAN-Japan Young Women Entrepreneurs’ Summit contributes to the ASEAN-Japan Economic Co-Creation Vision and aligns with Malaysia’s ASEAN Chairmanship this year, under the theme “Inclusivity and Sustainability.

The post Secretary-General of ASEAN delivers video remarks at the ASEAN-Japan Young Women Entrepreneurs’ Summit appeared first on ASEAN Main Portal.

MIL OSI Economics –

February 13, 2025
MIL-OSI: Nokia and Cellcard upgrade residential fiber broadband network in Cambodia
Source: GlobeNewswire (MIL-OSI)

Press Release

Nokia and Cellcard upgrade residential fiber broadband network in Cambodia
- Cellcard deploys Nokia’s next-generation XGS-PON solution, providing multi-gigabit broadband access to homes and businesses across Cambodia.
- Cellcard uses Nokia’s Lightspan and Altiplano solutions to automate and increase the performance of its residential fiber broadband network.
- The upgraded network will enable Cellcard to provide enhanced broadband services and support new high-speed, low-latency applications such as Augmented Reality (AR) and Virtual Reality (VR).
13 February 2025
Phnom Penh, Cambodia – Nokia today announced that CAMGSM PLC, commercially known as Cellcard, will migrate its fiber network from GPON to XGS-PON using Nokia’s Lightspan and Altiplano broadband solutions. The modernized network will improve end-user experiences and provide up to 10Gb/s internet speeds to customers. It will also help Cellcard increase competitive advantage and enhance the reliability, flexibility, and scale of its fiber network to better support evolving customer demands.

Under the agreement, Cellcard will deploy Nokia’s Lightspan Optical Line Terminals (OLTs) and its Altiplano Access Controller in the capital city of Phnom Penh, Siem Reap, and other major cities across the region. Nokia’s Altiplano Access Controller provides a cloud-native platform with a complete suite of network management and SDN control functions that will enable Cellcard to better visualize, automate and optimize the broadband access services it offers. Using Nokia’s Lightspan access nodes, Cellcard will also be able to establish a future-ready network that can seamlessly evolve to 25G PON and immediately address the growing demand for more capacity.

Asitha De Costa, ICT Division CIO at Cellcard, said: “We are dedicated to delivering a best-in-class network experience to our customers, especially as data consumption continues to rise and individuals rely more on digital infrastructure for their professional and personal activities. We are delighted to collaborate with Nokia for the first time in our fiber networks domain to enhance the residential broadband experience of our subscribers. The new network will enable our users to enjoy high-bandwidth-consuming applications like gaming while enhancing network efficiency through automation.”

Ajay Sharma, Head of South-East Asia North Sales, Network Infrastructure at Nokia, said: “We remain committed to helping service providers across the world transition to XGS-PON and automation to better support the growing demand for 10Gb/s services and need for improved network utilization and operational efficiencies. Our field-proven Lightspan and Altiplano solutions will help Cellcard modernize its fiber broadband network and enable them to reduce its power expenditure and lower its carbon emissions. This significant project reinforces our longstanding partnership with Cellcard.”

Resources and additional information
Product page: Altiplano Access Controller
Product page: Lightspan FX fiber access nodes

About Nokia
At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

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Email: cordia.so@nokia.com

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Email: Press.Services@nokia.com

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The MIL Network –
February 13, 2025
MIL-OSI Economics: Q&A: Transforming ADB’s Gender Mainstreaming Approaches
Source: Asia Development Bank

Article | 13 February 2025

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ADB’s exceptional performance on corporate gender targets provides an opportunity to raise its ambition in deepening the bank’s impact on gender equality in Asia and the Pacific.

With the gender updates to its corporate results framework, ADB is ensuring that its public and private sector operations focus on closing gender gaps and supporting women’s empowerment.

ADB’s updated gender mainstreaming approach brings a stronger focus on addressing challenges within developing member countries, with ADB prioritizing transformative gender actions aligned with SDG 5.

Since 1 January 2025, ADB started to apply an updated approach to its corporate gender targets and project gender categorization system. This is part of the bank’s recently approved Corporate Results Framework (CRF) 2025-2030. Given that ADB has significantly surpassed Strategy 2030’s gender mainstreaming targets, the bank is raising its ambition to further accelerate progress and promote more transformative approaches to gender equality. This is aligned with ADB’s thematic evaluation on gender which highlighted the need to revise its gender mainstreaming categorization system and its application.

Samantha Hung, Director, Gender Equality Division, ADB

Why is ADB updating its gender mainstreaming approaches?

ADB significantly surpassed the corporate gender mainstreaming targets set in 2019 under Strategy 2030. These changes are intended to further strengthen ADB’s efforts to proactively design projects that advance progress in gender equality and women’s empowerment. It also aims to promote gender transformative approaches in line with Sustainable Development Goal 5 (SDG 5).

In addition, ADB is enhancing its efforts to address evolving and emerging gender challenges. The COVID-19 pandemic, along with the resulting socioeconomic instability and polycrises, has intensified gender inequalities. Women have faced disproportionate job losses, increased rates of gender-based violence, and a greater burden of unpaid care work within households.

What are the key changes in ADB’s corporate gender targets and project gender categorization system?

In ADB’s new corporate results framework, key gender updates include the following:

Updated definition of a gender performance indicator that contributes towards a project gender mainstreaming category. Under the previous project gender mainstreaming categorization system, a gender performance indicator includes a wide range of direct and indirect gender equality measures. Starting in 2025, ADB is streamlining its definition of a gender performance indicator considering only those that directly contribute to closing gender gaps and inequalities and/or support women’s empowerment. This goes beyond indicators that focus on participation and inclusion (e.g. participation of women and girls in training workshops) and universal infrastructure designs (e.g. street lighting, sidewalks). The indicator should be specific, measurable, achievable, relevant, and time-bound (SMART), with explicitly stated quantitative baselines and targets.

Renaming of gender mainstreaming categories. Depending on the gender performance indicators included in the project design and monitoring framework, ADB assigns its projects into one of four categories, namely Gender Equity Theme (GEN), Effective Gender Mainstreaming (EGM), Some Gender Elements (SGE), and No Gender Elements (NGE). Starting in 2025, ADB is renaming GEN to Gender Equality Objective. This transition from “gender equity” to “gender equality” shifts the emphasis from the process of reducing gender disparities to ADB’s primary objective of achieving equal outcomes for all. NGE is also now renamed to Indirect Gender Benefits (IGB). While there are no gender performance indicators in an IGB project, this shift reflects how all ADB projects and programs address gender equality concerns, albeit indirectly or as part of safeguarding measures. There are no changes to the EGM and SGE categories.

New corporate target of 60% of committed operations classified as GEN or EGM. Considering the updated definition of gender performance indicator, ADB aims for 60% of its operations to be classified as GEN or EGM by 2030. This target aims to be both ambitious and realistic as ADB adjusts to the revised criteria. The target is also 5 percentage points higher than the original forecasted target of 55% originally set in 2019 under the previous CRF.

What is the importance of these updates to ADB projects and partners?

This approach raises ADB’s ambitions for gender equality in its public and private sector operations, guiding the bank to focus on more meaningful and transformative project designs. While addressing gendered challenges in developing member countries, this initiative also enhances the bank’s capacity to deliver impactful results, contribute to the achievement of SDG 5 in the region, and support partners to deliver greater gender outcomes.

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MIL OSI Economics –
February 13, 2025
MIL-OSI Asia-Pac: InvestHK backs supply chain drive

Source: Hong Kong Information Services

With the Government committed to establishing Hong Kong as a multinational supply chain management centre, Invest Hong Kong (InvestHK) believes that the city’s unique advantages can attract more businesses to establish multinational supply chain management centres here.

Supply chain management encompasses the administration of all processes from the procurement of raw materials and the production of goods to their delivery to customers.

“Currently and globally, all the enterprises are undergoing major transformation of diversifying their sourcing bases, diversifying their end market, so there is cause for elevating their supply chain management to a multinational level,” stated Associate Director-General of Investment Promotion Arnold Lau.

“For companies who want to set up these supply chain management centres in Hong Kong, their physical goods do not necessarily need to go through Hong Kong.”

As an international financial, shipping and trade hub, Hong Kong has a strong trade foundation supported by comprehensive infrastructure. Mr Lau stressed that the city’s robust financial system and deep market offer various financing options for enterprises. Additionally, its large talent pool and advantageous geographical location are also attractive to businesses seeking to establish multinational supply chain management centres.

Sany Group, a Mainland engineering machinery company ranked among the top 500 firms on the Forbes Global 2000 list, has established a settlement platform in Hong Kong for its global import and export orders, taking full advantage of the city’s world-class financial and professional services.

Sany Hong Kong Group Board Member and General Manager Jacky Chen reflected on the city’s advantages, saying: “Hong Kong’s advanced banking system and capital market offer enterprises diverse services, including international settlement, cross-boundary financing, and risk management. In light of exchange rate fluctuations, these advantages offered by Hong Kong are particularly dominant.”

He added: “We chose to set up a settlement platform here for three reasons: a well-structured taxation system, relatively low financing costs, and the absence of foreign exchange controls on funds.”

For its part, China Brilliant Group, a Mainland supply chain service provider, acquired and rented warehouses in Hong Kong a decade ago to leverage the city’s cross-boundary logistics network and geographical advantages, with a view to enhancing the group’s international trade efficiency.

Vice President Wayne Yu stated that Hong Kong’s first-rate ports and airport, its overall transportation efficiency and its excellent logistics infrastructure combine to significantly reduce cargo shipping times and logistics costs.

He added: “Hong Kong boasts a long-standing foundation in foreign trade, high-quality professional services, airport and other infrastructure, as well as reliable trade financing channels, making it an ideal location for establishing a multinational supply chain management centre.”

InvestHK has 34 global offices, including five in the Mainland, offering free support services to local companies interested in establishing, or expanding, operations in Hong Kong.

InvestHK and the Hong Kong Trade Development Council are stepping up collaborative efforts to help businesses make the most of Hong Kong as a platform. InvestHK is striving to attract more Mainland enterprises to establish international or regional headquarters in Hong Kong and provides one-stop, diversified professional advisory services to assist them in doing so.

Complementing these efforts, the Hong Kong Trade Development Council assists such firms to go global, partly through organising exhibitions and trade fairs.

MIL OSI Asia Pacific News –

February 13, 2025
MIL-OSI Asia-Pac: BIP ensures continuous services during Lunar New Year with four key support measures.

Source: Republic Of China Taiwan 2

To support businesses during the 2024 Lunar New Year holiday (January 25 – February 2), the Bureau of Industrial Parks (BIP) of the Ministry of Economic Affairs (MOEA) will continue providing four essential services: import/export certification, emergency rescue assistance, security patrols, and sanitation services. These measures are designed to create a smooth and supportive operating environment, help businesses seize international opportunities, and ensure a worry-free holiday for all enterprises in the industrial parks.
Recognizing the technology industry’s need for uninterrupted import and export operations, the BIP will arrange for dedicated staff to process export/import permit applications during the holiday period. Enterprises are encouraged to apply in advance, and the BIP will coordinate with customs to facilitate smooth clearance procedures, ensuring trade operations remain seamless throughout the year.
To maintain park cleanliness, industrial parks with sanitation teams-including Nanzih, Cianjhen, Linkuang Technology Industrial Parks, and Kaohsiung Software Park-will provide garbage collection services on January 27 (Lunar New Year’s Eve) and January 31 (the third day of the Lunar New Year) from 8:00 AM, following designated collection routes. Taichung Tanzi Technology Industrial Park will offer garbage collection services on January 28 (Lunar New Year’s Eve) and January 31 (the third day of the Lunar New Year).
Additionally, throughout the holiday period, all industrial park service centers will continue to operate 24/7, with the BIP’s Emergency Response Center on standby to strengthen security, rescue, and patrol efforts. If enterprises or individuals notice any safety hazards or suspicious activities, they can contact their respective service center or reach the BIP Emergency Response Center at (07) 361-2054. BIP personnel will remain fully dedicated to ensuring a safe and stable business environment.
The BIP extends our warmest wishes for a prosperous and successful Year of the Snake to all enterprises in the industrial parks.

Spokesman: Mr. Liu Chi-Chuan (Acting Director-General, BIP)
Contact Number: 886-7-3613349, 0911363680
Email: lcc12@bip.gov.tw

Contact Person: Liao, Xuan-Min (Management Guidance and Consulting Section of Investment Services Division)
Contact Number: 886-7-361-1212 ext 323
Email: mina18@bip.gov.tw

MIL OSI Asia Pacific News –

February 13, 2025
MIL-Evening Report: Civicus Monitor criticises PNG use of cybercrime law to curb free speech

Pacific Media Watch

Papua New Guinea’s civic space has been rated as “obstructed” by the Civicus Monitor and the country has been criticised for pushing forward with a controversial media law in spite of strong opposition.

Among concerns previously documented by the civil rights watchdog are harassment and threats against human rights defenders, particularly those working on land and environmental rights, use of the cybercrime law to criminalise online expression, intimidation and restrictions against journalists, and excessive force during protests.

In recent months, the authorities have used the cybercrime law to target a human rights defender for raising questions online on forest enforcement, while a journalist and gender-based violence survivor is also facing charges under the law, said the Civicus Monitor in its latest report.

The court halted a logging company’s lawsuit against a civil society group while the government is pushing forward with the controversial National Media Development law.

Human rights defender charged under cybercrime law
On 9 December 2024, human rights defender and ACT NOW! campaign manager Eddie Tanago was arrested and charged by police under section 21(2) of the Cybercrime Act 2016 for allegedly publishing defamatory remarks on social media about the managing director of the PNG Forest Authority.

Tanago was taken to the Boroko Police Station Holding cell and released on bail the same afternoon. If convicted he could face a maximum sentence of 15 years’ imprisonment.

ACT NOW is a prominent human rights organisation seeking to halt illegal logging and related human rights violations in Papua New Guinea (PNG).

According to reports, ACT NOW had reshared a Facebook post from a radio station advertising an interview with PNG Forest Authority (PNGFA) staff members, which included a photo of the managing director.

The repost included a comment raising questions about PNGFA forest enforcement.

Following Tanago’s arrest, ACT NOW said: “it believes that the arrest and charging of Tanago is a massive overreach and is a blatant and unwarranted attempt to intimidate and silence public debate on a critical issue of national and international importance.”

It added that “there was nothing defamatory in the social media post it shared and there is nothing remotely criminal in republishing a poster which includes the image of a public figure which can be found all over the internet.”

On 24 January 2025, when Tanago appeared at the Waigani Committal Court, he was instead charged under section 15, subparagraph (b) of the Cybercrime Act for “identity theft”. The next hearing has been scheduled for February 25.

The 2016 Cybercrime Act has been used to silence criticism and creates a chilling effect, said Civicus Monitor.

The law has been criticised by the opposition, journalists and activists for its impact on freedom of expression and political discourse.

JOURNO ARRAIGNED ON CYBER HARASSMENT
Journalist Hennah Joku appeared before Magistrate Paul Nii at the Waigani Committal Court on charges of cyber defamation following a Facebook post made on 4th September 2024.
Read more:https://t.co/LEIDEcTZv6 #EMTVNews #EMTVOnline pic.twitter.com/zHqm353Cst

— EMTV (@EMTVOnline) December 5, 2024

Journalist and gender activist charged with defamation
Journalist and gender activist Hennah Joku was detained and charged under the Cybercrime Act on 23 November 2024, following defamation complaints filed by her former partner Robert Agen.

Joku was charged with two counts of breaching the Cybercrimes Act 2016 and detained in Boroko Prison. She was freed on the same day after bail was posted.

Joku, a survivor of a 2018 assault by Agen, had documented and shared her six-year journey through the PNG justice system, which had resulted in his conviction and jailing in 2023.

On 2 September 2024, the PNG Supreme Court overturned two of three criminal convictions, and Agen was released from prison.

On 4 and 15 September 2024, Joku shared her reactions with more than 9000 followers on her Meta social media account. Those two posts, one of which featured the injuries suffered from her 2018 assault, now form the basis for the current defamation charges against her.

Section 21(2) of the Cybercrimes Act 2016, which has an electronic defamation clause, carries a maximum penalty of up to 25 years’ imprisonment or a fine of up to one million kina (NZ$442,000).

The Pacific Freedom Forum (PFF) expressed “grave concerns” over the charges, saying: “We encourage the government and judiciary to review the use of defamation legislation to silence and gag the universal right to freedom of speech.

“Citizens must be informed. They must be protected.”

Court stays logging company lawsuit against civil society group
In January 2025, an injunction issued against community advocacy group ACT NOW! to prevent publication of reports on illegal logging has been stayed by the National Court.

In July 2024, two Malaysian owned logging companies obtained an order from the District Court in Vanimo preventing ACT NOW! from issuing publications about their activities and from contacting their clients and service providers.

That order has now been effectively lifted after the National Court agreed to stay the whole District court proceedings while it considers an application from ACT NOW! to have the case permanently stayed and transferred to the National Court.

ACT NOW! said the action by Global Elite Limited and Wewak Agriculture Development Limited, which are part of the Giant Kingdom group, is an example of Strategic Litigation Against Public Participation (SLAPP).

“SLAPPs are illegitimate and abusive lawsuits designed to intimidate, harass and silence legitimate criticism and close down public scrutiny of the logging industry,” said Civicus Monitor.

SLAPP lawsuits have been outlawed in many countries and lawyers involved in supporting them can be sanctioned, but those protections do not yet exist in PNG.

The District Court action is not the first time the Malaysian-owned Giant Kingdom group has tried to use the legal system in an attempt to silence ACT NOW!

In March 2024, the court rejected a similar SLAPP style application by the Global Elite for an injunction against ACT NOW! As a result, the company discontinued its legal action and the court ordered it to pay ACT NOW!’s legal costs.

Government pushes forward with controversial media legislation
The government is reportedly ready to pass legislation to regulate its media, which journalism advocates have said could have serious implications for democracy and freedom of speech in the country.

National Broadcasting Corporation (NBC) of PNG reported in January 2025 that the policy has received the “green light” from cabinet to be presented in Parliament.

The state broadcaster reported that Communications Minister Timothy Masiu said: “This policy will address the ongoing concerns about sensationalism, ethical standards, and the portrayal of violence in the media.”

In July 2024, it was reported that the proposed media policy was now in its fifth draft but it is unclear if this version has been updated.

As previously documented, journalists have raised concerns that the media development policy could lead to more government control over the country’s relatively free media.

The bill includes sections that give the government the “power to investigate complaints against media outlets, issue guidelines for ethical reporting, and enforce sanctions or penalties for violations of professional standards”.

There are also concerns that the law will punish journalists who create content that is against the country’s development objectives.

Organisations such as Transparency International PNG, Media Council of PNG, Pacific Freedom Forum, and Pacific Media Watch/Asia Pacific Media Network among others, have asked for the policy to be dropped.

The press freedom ranking for PNG dropped from 59th place to 91st in the most recent index published by Reporters without Borders (RSF) in May 2024.

Civicus Monitor.

MIL OSI Analysis – EveningReport.nz –

February 13, 2025
MIL-OSI Russia: Building Resilience and Boosting Growth in Asia

Source: IMF – News in Russian

Opening Remarks by Deputy Managing Director Kenji Okamura at the 7th IMF-JICA Conference, Tokyo, Japan

February 13, 2025

Honorable Ministers and Governors, President Tanaka, Vice Minister Mimura, and Ladies and Gentlemen:

Welcome to the 7^th IMF-JICA Conference. I am so pleased to be here. Let me first express my gratitude to our co-organizer, JICA, and to the Japanese authorities for their generous support. My thanks also to the JICA and IMF staff who have been working for months to organize this event.

Let me start with the good news. Despite the shocks of recent years, the global economy has remained surprisingly resilient. Our global projections released in January suggest global growth will hold steady at 3.3 percent this year and next.

Having said that, divergences across countries are widening. The U.S. is outperforming its advanced economy peers with stronger growth than projected. By contrast, growth in the Euro area will increase only modestly due to weak momentum and high energy prices.

For emerging market economies, growth projections remain at 4.2 percent and 4.3 percent this year and next. We revised up our growth forecast for China slightly for this year and next. But growth remains slower than in past years and is now more like that of other emerging market economies.

These forecasts could easily change. There is tremendous uncertainty. The world is changing rapidly: global trade and capital flows are shifting; AI is fast advancing.

Policymakers will need to be agile and focused on building resilience and lifting growth, which is key to raising living standards and creating jobs. We will discuss how to do that in some of the topics covered today but let me focus on three priorities.

First, implementing reforms to lift productivity. There is no one-size-fits-all approach, but measures that improve the business environment and encourage entrepreneurship, like cutting red tape and deepening capital markets are important. And through our surveillance, we will work with you to identify the right approach with granular and tailored policy advice.

The second priority is to rebuild fiscal buffers. Public debt and debt servicing ratios in Asia are well above pre-pandemic levels, especially in many Pacific Island countries and emerging markets. Well-designed and growth-friendly fiscal consolidation can reduce debt risks, and create the fiscal space needed to deal with shocks and challenges like ageing or climate change. The Fund can provide useful capacity development in this area, including through peer-to-peer learning.

Finally, strengthening cooperation. By working together, Asian countries can leverage their collective strengths. In a changing world, this can help buffer against shocks and heightened uncertainty.

Among Asian countries, cooperation in the areas of AI, digital connectivity, and cross-border digital payments is moving fast, and could be a big boost to growth.

Let me add one more point as an important message from my end. The IMF continues to play its part at the center of the Global Financial Safety Net (GFSN). My goal—as the Deputy Managing Director that oversees the Fund’s finances—is to ensure that the IMF remains financially strong and sound well into the future. We are also committed to helping Regional Financing Arrangements (RFAs) in Asia be important elements of the GFSN.

In conclusion, I hope that today’s sessions can contribute to strengthening our ties, as we all navigate these uncertain times together.

Thank you.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER:

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

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/02/13/sp021325-building-resilience-and-boosting-growth-in-asia

MIL OSI

MIL OSI Russia News –

February 13, 2025
MIL-OSI China: Chinese military conducts routine patrols in South China Sea

Source: China State Council Information Office 2

The Chinese People’s Liberation Army (PLA) Southern Theater Command conducted routine patrols in the South China Sea on Wednesday, according to a military spokesperson.
Tian Junli, spokesperson for the Southern Theater Command, noted that recently, the Philippines has repeatedly invited countries outside the region to organize so-called “joint patrols.”
He pointed out that the attempt of the Philippines is to cover up, through military provocations and media hype, its illegal infringement on China’s maritime rights and its deliberate undermining of peace and stability in the South China Sea.
Tian emphasized that China’s territorial sovereignty and maritime interests in the South China Sea, which have ample historical and legal backing, are indisputable and cannot be violated.
The PLA Southern Theater Command remains on high alert and fully committed to defending China’s territorial sovereignty and maritime rights, ensuring that any disruptive military actions in the South China Sea are under control, said the spokesperson.

MIL OSI China News –

February 13, 2025
MIL-OSI Security: Backbone University 2025

Source: United States INDO PACIFIC COMMAND

CAMP HUMPHREYS, South Korea –

A joint force of 89 Republic of Korea and U.S. senior Noncommissioned Officers came together from across the Korean Peninsula to attend the 2025 iteration of Backbone University, February 3-7, on Camp Humphreys.

Backbone University is a one-week developmental course focused on providing NCOs of the E-7 pay-grade with an understanding of the joint operations environment while instilling valuable lessons on leadership that they can take with them to improve their organizations and the military as whole.

“This week was impressive. The strength of the Alliance and the future of our services and countries were in safe and capable hands with these outstanding senior NCOs and chief petty officers leading in our formations,” said Sgt. Maj. Joseph Gaskin, Operations Sergeant Major of United States Forces Korea and Backbone University Director. “For the first time, participants worked together on capstone projects which focused on learning from examples of Republic of Korea and U.S. Medal of Honor recipients from the Korean War. To see all these senior noncommissioned officers and chief petty officers from the joint and combined multinational force come together this week, overcome language barriers, work together in a mission command centric environment, intent based leadership, solve problems, face a very restrictive timeline, it was very inspiring to me.”

The curriculum allowed participants to engage with senior leaders such as Gen. Xavier T. Brunson, Maj. Gen. William H. Taylor, and Command Sgt. Maj. Jack H. Love, who were more than keen to share their insights and experiences with leadership, an NCOs purpose and function in a senior commander’s staff, and core lessons they learned along their journey.

“Some of the things that really stuck with me were the 15 Secrets of Leadership from Command Sgt. Maj. Love. I’m going to take those lessons back and give it to my junior leaders and senior leaders so we can get moving on the right direction,” said Sgt. 1st. Class Daltyn Phelps, battery operations NCO, 210th Field Artillery Brigade.

“One of the 15 secrets to leadership was inspect what you expect, and that really struck a chord with me coming from the airborne community. A lot of things get overlooked, like hands in pockets, things not being buttoned down or not having the right tools on you. That really struck me because I feel like that’s one thing that we can improve on as senior NCOs.”

Participants started and ended each training day with teambuilding focused events such as: PT sessions led by Marine Forces Korea, Special Operations Command Korea, and Combined Forces Command; dodgeball tournaments and traditional Korean field day events such as three legged races; and the ‘Culminator’, which saw platoons fight through a six-mile-long slog of ice and snow all the while tackling obstacles, and carrying supplies such as water cans and simulated casualties.

“Being in this training is beneficial for me personally, because I have never really worked with different branches before,” said Chief Petty Officer Voss, logistics specialist, Command Navy Forces Korea. “I’m grateful for this opportunity to work with Army, Marines, Air Force, and also ROK forces, because we have exercises where we have to brainstorm and learn about how the other branches approach problems, and we come up with different solutions that we wouldn’t normally think of, and as a group we produce better products.”

“We had many branches from Korea, the U.S., and even New Zealand working together,” said Master Sgt. Joo-Won Hong, Republic of Korea Air Force, 19th Fighter Wing. “There were a lot of opportunities for me to integrate with our Alliance partners and learn different ways to tackle the challenges.”

Ultimately, Backbone University is about building strong, joint teams, reaffirming the strength of the ROK-U.S. Alliance, and preparing a stronger NCO Corps capable of dominating the battlefield.

“You know, as you watch these NCOs come together, overcome all the barriers of communication, and draw upon lessons from the past to drive us into the future, the way they engage with the senior mentors who came to visit each day, the tough questions that they proposed, all of them really inspired me,” said Gaskin. “This easily fits the purpose of our core of NCOs and chief petty officers; we’re fighting and war winning. The grit these NCOs displayed this week tells me that our Alliance is strong, and our future is solid. We’re in capable hands with each one of these people who are leading our formations.”

MIL Security OSI –

February 13, 2025
MIL-OSI China: Chinese space firm showcases mobile-to-satellite communication tech

Source: China State Council Information Office 2

Chinese space firm GalaxySpace successfully demonstrated mobile-to-satellite communication technology based on the country’s first low-Earth orbit broadband communication test constellation at a commercial space conference held in Beijing on Wednesday.
At 10:28 a.m., a satellite from the constellation passed over the conference venue in the Beijing Economic-Technological Development Area. On-site staff used their mobile phones to connect to the satellite via a terminal device installed on the rooftop. Through a gateway station in Beijing, they established a connection with personnel in Beijing and Thailand.
During the video call with the Thai team, Liu Chang, co-founder and vice president of GalaxySpace, noted that the company signed a Memorandum of Understanding (MoU) with True Corporation, a major Thai telecommunications operator on Monday.
Under the MoU, the two parties will collaborate in areas such as low-orbit satellite communication technology, integrated space-ground network solutions and direct satellite-to-mobile communication technology.
“Low-orbit satellite internet represents a significant leap forward in global communications, poised to drive transformative changes in socio-economic development both in Thailand and worldwide,” said Manat Manavutiveth, CEO of True Corporation. “We are thrilled that this collaboration will bring cutting-edge innovative technologies to Thai consumers.”
Established in 2018, GalaxySpace is a leading satellite internet solution provider and satellite manufacturer in China. It was also crowned as the first unicorn company in commercial aerospace in the country.

MIL OSI China News –

February 13, 2025
MIL-OSI China: China urges Philippines to withdraw US missile system

Source: China State Council Information Office

China on Wednesday urged the Philippines to deliver on its promise to withdraw the U.S. Typhon missile system from its territory, warning that failing to do so would put its own security and national defense at the mercy of others, and would bring risks of geopolitical confrontation and an arms race to the region.

Guo Jiakun, spokesperson for China’s foreign ministry, made the comments at a regular news briefing in response to a related question.

The U.S. installed the Typhon missile system in the northern Philippines in April 2024 as part of joint U.S.-Philippines military drills. The Philippines promised that the deployment would be “temporary,” and that the system would be withdrawn following the conclusion of the military exercises.

However, the Philippines has repeatedly reneged on its commitment and even plans to “procure” the system to increase its deterrence capabilities. It has also linked the South China Sea with the missile system in a move that is both “ridiculous and dangerous,” Guo said.

He noted that Typhon is a strategic, offensive weapon with a range that covers most Southeast Asian nations, and said that the U.S. deployment in the Philippines seriously undermines regional peace and stability and harms the legitimate security interests of other countries.

China will never sit idly by as its own security interests are jeopardized or threatened, and other countries in the region will not accept such a perverse move, Guo said.

He urged the Philippines to make a strategic choice that genuinely serves the fundamental interests of the Philippines and its people.

MIL OSI China News –

February 13, 2025

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IMF Communications Department

MEDIA RELATIONS