Category: Australia

MIL-OSI: Virtu Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 23, 2025 (GLOBE NEWSWIRE) — Virtu Financial, Inc. (NASDAQ: VIRT), a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its clients and liquidity to the global markets, today reported results for the first quarter ended March 31, 2025.

First Quarter 2025:

Net income of $189.6 million; Normalized Adjusted Net Income¹ of $208.3 million
Basic and diluted earnings per share of $1.09 and $1.08, respectively; Normalized Adjusted EPS¹ of $1.30
Total revenues of $837.9 million; Trading income, net, of $590.0 million; Net income Margin of 22.6%²
- Adjusted Net Trading Income¹ of $497.1 million
Adjusted EBITDA¹ of $319.9 million; Adjusted EBITDA Margin¹ of 64.4%
Share buybacks of $48.1 million, or 1.3 million shares, under the Share Repurchase Program³

The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on June 16, 2025 to shareholders of record as of May 30, 2025.

_{Note 1: Non-GAAP financial measures. Please see “Non-GAAP Financial Measures and Other Items” for more information.}
_{Note 2: Calculated by dividing Net income by Total revenue}
_{Note 3: Shares repurchased calculated on a settlement date basis.}

Financial Results

First Quarter 2025:

Total revenues increased 30.3% to $837.9 million for this quarter, compared to $642.8 million for the same period in 2024. Trading income, net, increased 44.6% to $590.0 million for the quarter compared to $408.1 million for the same period in 2024. Net income totaled $189.6 million for this quarter, compared to net income of $111.3 million in the prior year quarter.

Basic and diluted earnings per share for this quarter were $1.09 and $1.08, respectively, compared to basic and diluted earnings per share of $0.59 for the same period in 2024.

Adjusted Net Trading Income increased 35.5% to $497.1 million for this quarter, compared to $366.9 million for the same period in 2024. Adjusted EBITDA increased 57.7% to $319.9 million for this quarter, compared to $202.8 million for the same period in 2024. Normalized Adjusted Net Income, removing one-time and non-cash items, increased 67.6% to $208.3 million for this quarter, compared to $124.3 million for the same period in 2024.

Assuming all non-controlling interests had been exchanged for common stock, and the Company’s Normalized Adjusted Net Income before income taxes was subject to corporation taxes, Normalized Adjusted EPS was $1.30 for this quarter, compared to $0.76 for the same period in 2024.

Operating Segment Information

The Company has two operating segments: Market Making and Execution Services; and one non-operating segment: Corporate.

Market Making principally consists of market making in the cash, futures and options markets across global equities, fixed income, currencies, cryptocurrencies, and commodities. As a market maker, the Company commits capital on a principal basis by offering to buy securities from, or sell securities to, broker dealers, banks and institutions.

Execution Services comprises agency-based trading and trading venues, offering execution services in global equities, options, futures and fixed income on behalf of institutions, banks and broker dealers. The Company also provides proprietary technology and infrastructure, workflow technology, and trading analytics services to select third parties. The segment also includes the results of the Company’s capital markets business, in which the Company acts as an agent for issuers in connection with at-the-market offerings and buyback programs.

Corporate contains the Company’s investments, principally in strategic trading-related opportunities, and maintains corporate overhead expenses.

The following tables show the trading income, net, total revenues and Adjusted Net Trading Income by segment for the three months ended March 31, 2025 and 2024.

Total revenues by segment
(in thousands, unaudited)

	Three Months Ended March 31, 2025											Three Months Ended March 31, 2024
	Market Making			Execution Services			Corporate		Total			Market Making		Execution Services			Corporate		Total
Trading income, net	$	582,622		$	7,361		$	—	$	589,983		$	403,698	$	4,397		$	—	$	408,095
Commissions, net and technology services		17,312			133,995			—		151,307			7,202		111,409			—		118,611
Interest and dividends income		106,438			2,615			—		109,053			103,802		2,190			—		105,992
Other, net		(15,200	)		(2,963	)		5,689		(12,474	)		6,306		(208	)		4,043		10,141
Total Revenues	$	691,172		$	141,008		$	5,689	$	837,869		$	521,008	$	117,788		$	4,043	$	642,839

Reconciliation of trading income, net to Adjusted Net Trading Income by operating segment
(in thousands, unaudited)

	Three Months Ended March 31, 2025											Three Months Ended March 31, 2024
	Market Making			Execution Services			Corporate		Total			Market Making			Execution Services			Corporate		Total
Trading income, net	$	582,622		$	7,361		$	—	$	589,983		$	403,698		$	4,397		$	—	$	408,095
Commissions, net and technology services		17,312			133,995			—		151,307			7,202			111,409			—		118,611
Interest and dividends income		106,438			2,615			—		109,053			103,802			2,190			—		105,992
Brokerage, exchange, clearance fees and payments for order flow, net		(194,303	)		(27,572	)		—		(221,875	)		(115,866	)		(23,933	)		—		(139,799	)
Interest and dividends expense		(130,051	)		(1,277	)		—		(131,328	)		(125,158	)		(870	)		—		(126,028	)
Adjusted Net Trading Income	$	382,018		$	115,122		$	—	$	497,140		$	273,678		$	93,193		$	—	$	366,871

Financial Condition

As of March 31, 2025, Virtu had $771.0 million in cash, cash equivalents and restricted cash, and total long-term debt outstanding in an aggregate principal amount of $1,768.3 million.

Share Repurchase Program

Since inception of the program in November 2020 through settlement date April 17, 2025, the Company repurchased approximately 52.1 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,346.2 million. The Company has approximately $373.8 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.

Earnings Conference Call Information

Virtu Financial will host a conference call to review its first quarter 2025 financial performance today, April 23rd, at 8:00 a.m. ET. Members of the public may listen to the conference call through an audio webcast through the Investor Relations section of the firm’s website ir.virtu.com/investor-relations.

Website Information

We routinely post important information for investors on the Investor Relations section of our website, ir.virtu.com/investor-relations and also from time to time may use social media channels, including our X account (x.com/virtufinancial) and our LinkedIn account (linkedin.com/company/virtu-financial), as an additional means of disclosing public information to investors, the media and others interested in us. It is possible that certain information we post on our website and on social media could be deemed to be material information, and we encourage investors, the media and others interested in us to review the business and financial information we post on our website and on the social media channels identified above, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website and our social media channels is not incorporated by reference into, and is not a part of, this document.

Non-GAAP Financial Measures and Other Items

To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), we use the following non-GAAP measures of financial performance:

“Adjusted Net Trading Income”, which is the amount of revenue we generate from our market making activities, or trading income, net, plus commissions, net and technology services, plus interest and dividends income and expense, net, less direct costs associated with those revenues, including brokerage, exchange, clearance fees and payments for order flow, net. Management believes that this measurement is useful for comparing general operating performance from period to period. Although we use Adjusted Net Trading Income as a financial measure to assess the performance of our business, the use of Adjusted Net Trading Income is limited because it does not include certain material costs that are necessary to operate our business. Our presentation of Adjusted Net Trading Income should not be construed as an indication that our future results will be unaffected by revenues or expenses that are not directly associated with our core business activities.
“EBITDA”, which measures our operating performance by adjusting Net Income to exclude Financing interest expense on long-term borrowings, Debt issue cost related to debt refinancing, prepayment, and commitment fees, Depreciation and amortization, Amortization of purchased intangibles and acquired capitalized software, and Income tax expense, and “Adjusted EBITDA”, which measures our operating performance by further adjusting EBITDA to exclude severance, transaction advisory fees and expenses, termination of office leases, charges related to share-based compensation and other expenses, which includes reserves for legal matters, and Other, net, which includes gains and losses from strategic investments and the sales of businesses.
“Normalized Adjusted Net Income”, “Normalized Adjusted Net Income before income taxes”, “Normalized provision for income taxes”, and “Normalized Adjusted EPS”, which we calculate by adjusting Net Income to exclude certain items, and other non-cash items, assuming that all vested and unvested Virtu Financial Units have been exchanged for Class A Common Stock, and applying an effective tax rate, which was approximately 24%.
“Adjusted Operating Expenses”, which we calculate by adjusting total operating expenses to exclude severance, share based compensation, reserves for legal matters, termination of office leases, connectivity early termination and write-down of assets.

Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, and Normalized Adjusted EPS and Adjusted Operating Expenses are non-GAAP financial measures used by management in evaluating operating performance and in making strategic decisions. Additional information provided regarding the breakdown of Total Adjusted Net Trading Income by category is also a non-GAAP financial measure but is not used by the Company in evaluating operating performance and in making strategic decisions. In addition, these non-GAAP financial measures or similar non-GAAP measures are used by research analysts, investment bankers and lenders to assess our operating performance. Management believes that the presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide useful information to investors regarding our results of operations because they assist both investors and management in analyzing and benchmarking the performance and value of our business. Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide indicators of general economic performance that are not affected by fluctuations in certain costs or other items. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period. Furthermore, our credit agreement contains tests based on metrics similar to Adjusted EBITDA. Other companies may define Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS differently, and as a result our measures of Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS may not be directly comparable to those of other companies. Although we use these non-GAAP financial measures as financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business.

Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS should be considered in addition to, and not as a substitute for, Net Income in accordance with U.S. GAAP as a measure of performance. Our presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Adjusted Net Trading Income, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted EPS and our EBITDA-based measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments;
our EBITDA-based measures do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt;
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and our EBITDA-based measures do not reflect any cash requirement for such replacements or improvements;
they are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;
they do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; and
they do not reflect limitations on our costs related to transferring earnings from our subsidiaries to us.

Because of these limitations, Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS are not intended as alternatives to Net Income as indicators of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. These U.S. GAAP measurements include Net Income, cash flows from operations and cash flow data. See below a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure.

Virtu Financial, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (Unaudited)
	Three Months Ended March 31,
(in thousands, except share and per share data)		2025			2024

Revenues:
Trading income, net	$	589,983		$	408,095
Interest and dividends income		109,053			105,992
Commissions, net and technology services		151,307			118,611
Other, net		(12,474	)		10,141
Total revenues		837,869			642,839

Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net		221,875			139,799
Communication and data processing		59,803			58,182
Employee compensation and payroll taxes		119,356			100,823
Interest and dividends expense		131,328			126,028
Operations and administrative		22,136			22,346
Depreciation and amortization		15,932			16,076
Amortization of purchased intangibles and acquired capitalized software		11,783			14,687
Termination of office leases		10			17
Debt issue cost related to debt refinancing, prepayment and commitment fees		1,681			1,694
Transaction advisory fees and expenses		338			135
Financing interest expense on long-term borrowings		29,891			23,232
Total operating expenses		614,133			503,019

Income before income taxes and noncontrolling interest		223,736			139,820
Provision for income taxes		34,101			28,512
Net income	$	189,635		$	111,308

Noncontrolling interest		(89,954	)		(55,491	)

Net income available for common stockholders	$	99,681		$	55,817

Earnings per share:
Basic	$	1.09		$	0.59
Diluted	$	1.08		$	0.59

Weighted average common shares outstanding
Basic		85,681,015			88,999,122
Diluted		86,047,558			88,999,122

Comprehensive income:
Net income	$	189,635		$	111,308
Other comprehensive income
Foreign exchange translation adjustment, net of taxes		4,740			(3,526	)
Net change in unrealized cash flow hedges gain (loss), net of taxes		(2,110	)		1,547
Comprehensive income	$	192,265		$	109,329
Less: Comprehensive income attributable to noncontrolling interest		(91,075	)		(54,655	)
Comprehensive income available for common stockholders	$	101,190		$	54,674

Virtu Financial, Inc. and Subsidiaries
Reconciliation to Non-GAAP Operating Data (Unaudited)

The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, and selected Operating Margins.

	Three Months Ended March 31,
(in thousands, except percentages)		2025			2024

Reconciliation of Trading income, net to Adjusted Net Trading Income
Trading income, net	$	589,983		$	408,095
Commissions, net and technology services		151,307			118,611
Interest and dividends income		109,053			105,992
Brokerage, exchange, clearance fees and payments for order flow, net		(221,875	)		(139,799	)
Interest and dividends expense		(131,328	)		(126,028	)
Adjusted Net Trading Income	$	497,140		$	366,871

Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income		189,635			111,308
Financing interest expense on long-term borrowings		29,891			23,232
Debt issue cost related to debt refinancing, prepayment and commitment fees		1,681			1,694
Depreciation and amortization		15,932			16,076
Amortization of purchased intangibles and acquired capitalized software		11,783			14,687
Provision for income taxes		34,101			28,512
EBITDA	$	283,023		$	195,509
Severance		2,179			1,485
Transaction advisory fees and expenses		338			135
Termination of office leases		10			17
Other		12,501			(9,347	)
Share based compensation		21,888			15,033
Adjusted EBITDA	$	319,939		$	202,832

Selected Operating Margins
GAAP Net income Margin (1)		22.6	%		17.3	%
Non-GAAP Net income Margin (2)		38.1	%		30.3	%
EBITDA Margin (3)		56.9	%		53.3	%
Adjusted EBITDA Margin (4)		64.4	%		55.3	%

1 Calculated by dividing Net income by Total revenue.
2 Calculated by dividing Net income by Adjusted Net Trading Income.
3 Calculated by dividing EBITDA by Adjusted Net Trading Income.
4 Calculated by dividing Adjusted EBITDA by Adjusted Net Trading Income.

Virtu Financial, Inc. and Subsidiaries
Reconciliation to Non-GAAP Operating Data (Unaudited)
(Continued)

The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS.

	Three Months Ended March 31,
(in thousands, except share and per share data)		2025		2024

Reconciliation of Net Income to Normalized Adjusted Net Income
Net income	$	189,635	$	111,308
Provision for income taxes		34,101		28,512
Income before income taxes and noncontrolling interest	$	223,736	$	139,820
Amortization of purchased intangibles and acquired capitalized software		11,783		14,687
Debt issue cost related to debt refinancing, prepayment and commitment fees		1,681		1,694
Severance		2,179		1,485
Transaction advisory fees and expenses		338		135
Termination of office leases		10		17
Other		12,501		(9,347	)
Share based compensation		21,888		15,033
Normalized Adjusted Net Income before income taxes	$	274,116	$	163,524
Normalized provision for income taxes (1)		65,787		39,246
Normalized Adjusted Net Income	$	208,329	$	124,278

Weighted Average Adjusted shares outstanding (2)		160,301,753		162,842,086

Normalized Adjusted EPS	$	1.30	$	0.76

(1) Reflects U.S. federal, state, and local income tax rate applicable to corporations of approximately 24% for all periods presented.
(2) Assumes that (1) holders of all vested and unvested non-vesting Virtu Financial Units (together with corresponding shares of the Company’s Class C common stock, par value $0.00001 per share (the “Class C Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of Class A Common Stock on a one-for-one basis, (2) holders of all Virtu Financial Units (together with corresponding shares of the Company’s Class D common stock, par value $0.00001 per share (the “Class D Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of the Company’s Class B common stock, par value $0.00001 per share (the “Class B Common Stock”) on a one-for-one basis, and subsequently exercised their right to convert the shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis. Includes additional shares from the dilutive impact of options, restricted stock units and restricted stock awards outstanding under the Amended and Restated 2015 Management Incentive Plan during the three months ended March 31, 2025 and 2024.

Virtu Financial, Inc. and Subsidiaries Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands, except share data)	March 31, 2025		December 31, 2024

Assets
Cash and cash equivalents	$	723,650	$	872,513
Cash and securities segregated under regulations and other		47,364		41,478
Securities borrowed		2,780,405		2,294,529
Securities purchased under agreements to resell		1,153,090		983,941
Receivables from broker-dealers and clearing organizations		1,857,854		1,100,850
Receivables from customers		189,382		149,804
Trading assets, at fair value		8,720,981		7,802,652
Property, equipment and capitalized software, net		92,815		91,415
Operating lease right-of-use assets		163,230		175,046
Goodwill		1,148,926		1,148,926
Intangibles (net of accumulated amortization)		190,280		203,188
Deferred taxes		125,762		135,046
Assets of business held for sale		4,573		4,615
Other assets		349,902		357,740
Total assets		17,548,214		15,361,743

Liabilities and equity
Liabilities
Short-term borrowings, net		112,149		38,541
Securities loaned		2,827,025		2,431,878
Securities sold under agreements to repurchase		1,461,415		1,271,788
Payables to broker-dealers and clearing organizations		774,809		918,566
Payables to customers		66,732		46,112
Trading liabilities, at fair value		8,116,856		6,440,971
Tax receivable agreement obligations		175,819		196,592
Accounts payable and accrued expenses and other liabilities		492,892		558,100
Operating lease liabilities		216,314		229,825
Long-term borrowings, net		1,741,092		1,740,467
Liabilities of business held for sale		1,455		1,526
Total liabilities		15,986,558		13,874,366

Total equity		1,561,656		1,487,377

Total liabilities and equity	$	17,548,214	$	15,361,743

	As of March 31, 2025
Ownership of Virtu Financial LLC Interests:	Interests		%
Virtu Financial, Inc. – Class A Common Stock and Restricted Stock Units		91,932,822		57.4	%
Non-controlling Interests (Virtu Financial LLC)		68,286,587		42.6	%
Total Virtu Financial LLC Interests		160,219,409		100.0	%

About Virtu Financial, Inc.

Virtu is a leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding Virtu Financial, Inc.’s (“Virtu’s”, the “Company’s” or “our”) business that are not historical facts are forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, and if the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. Forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within Virtu’s control, that could cause actual performance or results to differ materially from those expressed in the statements. Those risks and uncertainties include, without limitation: risks relating to fluctuations in trading volume and volatilities in the markets in which we operate; the ability of our trading counterparties, clients, and various clearing houses to perform their obligations to us; the performance and reliability of our customized trading platform; the risk of material trading losses from our market making activities; swings in valuations in securities or other instruments in which we hold positions; increasing competition and consolidation in our industry; the risk that cash flow from our operations and other available sources of liquidity will not be sufficient to fund our various ongoing obligations, including operating expenses, short-term funding requirements, margin requirements, capital expenditures, debt service and dividend payments; potential consequences of pending SEC proposals by the prior administration focused on equity markets which may, if adopted, result in reduced overall and off-exchange trading volumes and market making opportunities, impose additional or heightened regulatory obligations on market makers and other market participants, and generally increase the implicit and explicit cost as well as the complexity of the U.S. equities eco-system for all participants; regulatory and legal uncertainties and potential changes associated with our industry, particularly in light of increased attention from media, regulators and lawmakers to market structure and related issues including but not limited to the retail trading environment, wholesale market making and off exchange trading more generally and payment for order flow arrangements; potential adverse results from legal or regulatory proceedings; our ability to remain technologically competitive and to ensure that the technology we utilize is not vulnerable to security risks, hacking and cyber-attacks; risks associated with third party software and technology infrastructure. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in forward-looking statements, see Virtu’s Securities and Exchange Commission filings, including but not limited to Virtu’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.

CONTACT

Investor & Media Relations
Andrew Smith
investor_relations@virtu.com
media@virtu.com

The MIL Network –

April 23, 2025

MIL-OSI Australia: Arrest – Domestic violence – Nhulunbuy

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force has arrested a 42-year-old male in relation to a domestic violence incident that occurred in Nhulunbuy on Saturday evening.

Around 8:45pm, police received a report that a male had assaulted another male family member causing the 70-year-old victim to fall and hit his head.

Police and St John Ambulance attended the scene, and the victim was stabilised before being conveyed to Gove District Hospital with a severe head injury.

The 70-year-old was later transported to Royal Darwin Hospital where he remains in a critical condition.

A 42-year-old male has since been arrested and charged with Unlawfully cause serious harm and Aggravated assault.

He is due to appear in court on Thursday 24 April 2025.

If you or anyone you know is experiencing domestic or family violence, please reach out on 131 444 or in an emergency call 000. You can also anonymously report through Crime Stoppers on 1800 333 000.

MIL OSI News –

April 23, 2025
MIL-OSI Australia: Call for information – Death – Nightcliff

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force are investigating after a death in Nightcliff this afternoon.

Around 5:15pm, it is alleged that an unknown male was stealing items from a supermarket on Progress Drive, Nightcliff.

A 71-year-old owner of the store allegedly confronted the male and asked him to return the items before the male allegedly stabbed him with an edged weapon and fled the scene on a bicycle.

Patrons inside the shop provided initial first aid and immediately contacted police.

Emergency Services responded immediately and attended the scene where CPR was commenced, and the 71-year-old man was pronounced deceased.

At this stage, police believe they have identified the offender, and efforts are currently underway to locate him.

Detectives are urging anyone who has information to make contact on 131 444 or make an anonymous report to Crime Stoppers on 1800 333 000, and quote reference P25111518.

MIL OSI News –

April 23, 2025
MIL-OSI Australia: Police Officer served with a Notice to Appear

Source: Northern Territory Police and Fire Services

Today, a member of the Northern Territory Police Force was served a Notice to Appear in relation to an incident that occurred in March 2025.

The 33-year-old Constable is scheduled to appear in Darwin Local Court on 28 June 2025 on a single charge of Aggravated Assault contrary to section 188 of the Northern Territory Criminal Code Act 1983.

The member is currently suspended with pay and was off duty at the time of the incident.

Please be aware that the matter is currently under investigation. Due to the case being before the courts, no additional information will be provided at this time.

This update is in accordance with the NT Police Transparency Guidelines.

MIL OSI News –

April 23, 2025
MIL-OSI Australia: Call for witnesses – Assault – Katherine

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force is calling for witnesses in relation to an assault that occurred in Katherine on Monday evening.

About 8.15pm, a female was allegedly assaulted by an unknown person whilst walking along the footpath beside the Stuart Highway, within the vicinity of Byers Road, rendering her unconscious. At around 9.30pm, the female regained consciousness and walked to her home address, where she sought assistance from a friend and was transported to Katherine Regional Hospital.

Police are appealing for witnesses in relation to this incident, particularly anyone with dash cam footage from the area at around the same time to make contact on 131 444 and reference job number NTP2500041721.

MIL OSI News –

April 23, 2025
MIL-OSI Australia: Call for information – Aggravated robbery – Coconut Grove

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force is calling for information in relation to an aggravated robbery that occurred in Coconut Grove early this morning.

Around 12:20am, police received reports that a male youth had allegedly assaulted a 14-year-old female with a fridge shelf in the yard of her residence on Progress Drive.

The victim then retreated inside her 57-year-old grandmother’s unit, where the male forced himself inside the residence and stole a handbag.

The 57-year-old occupant attempted to hold onto the bag, before the male allegedly threatened to stab her with scissors if she did not let go. The woman released the handbag, and the offender fled the scene on foot.

Police attended and 14-year-old female victim was assessed for minor injuries and did not require medical treatment.

The offender remains outstanding, and investigations are ongoing.

Police urge anyone with information about the incident to make contact on 131 444. Please quote reference number P25110967. Anonymous reports can be made through Crime Stoppers on 1800 333 000 or via https://crimestoppersnt.com.au/.

MIL OSI News –

April 23, 2025
MIL-OSI Australia: Arrest – Property offences – Alice Springs

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force has recovered three stolen motor vehicles and arrested an 18-year-old male in relation to property offences in Alice Springs last Thursday.

About 6am, police were notified that an unknown number of offenders allegedly unlawfully entered a Government facility in Ciccone and stole three vehicles from the premises.

Strike Force Viper members took carriage of the investigation and identified that one of the vehicles, a white Toyota Hilux, was allegedly used in a ram raid at a grocery store.

Later that day at 3:30pm, the vehicle was recovered abandoned in scrubland behind Hidden Valley Camp and about 10:40pm at night, police apprehended an 18-year-old male in relation to the two incidents. He has since been charged with Burglary, Damage to property, Ram raid and Theft and was remanded to appear in Alice Springs Local Court tomorrow.

A short time later, about 11:25pm, police received reports of one of the stolen vehicles allegedly driving erratically in Alice Springs CBD. A short time later, the vehicle was located bogged in the Charles Creek riverbed and police coordinated a response with members from Territory Safety Division and Strike Force Viper with the use of a drone and located and apprehended 3 male youths, two aged 13-years-old and a 17-year-old nearby. They were conveyed into the care of a responsible adult.

The final vehicle, a white Toyota Troop Carrier, was recovered abandoned on Undoolya Road.

MIL OSI News –

April 23, 2025
MIL-OSI NGOs: Meet three female Indigenous anti-war activists from Russia

Source: Amnesty International –

During Russia’s escalating repression following its full-scale invasion of Ukraine, 172 indigenous and decolonial organisations have been designated as “terrorist” by the Russian authorities.

Amnesty International spoke to three female Indigenous rights activists from Russia, currently in exile, to discuss the impact of Russia’s war in Ukraine on their activism, their communities and women’s leadership.

Zarema Gasanova is an Avar indigenous rights and feminist activist from Dagestan, Victoria Maladaeva is a Buryat-Mongolian activist and co-founder of the Indigenous of Russia Foundation, while Viliuia Choinova is an environmental engineer and Sakha activist from the Republic of Sakha, currently studying in Berlin.

Amnesty: How did Russia’s full-scale invasion of Ukraine affect indigenous women in Russia?

Victoria: Even before the war, women in Russia lacked protection from domestic violence. In the republics with a significant Indigenous population, such as Yakutia, Buryatia or the republics of the North Caucasus, men have been disproportionately affected by the military draft.

In one village in Buryatia, local women raised the alarm as all the men from the village were drafted to be sent to fight in Ukraine. Now, as the drafted troops return home, there are reports of rising rates of domestic abuse and femicide.

The Free Yakutia Foundation reported numerous cases of violence against women at the hands of men returning from the war. This is just the beginning; there will likely be even more cases when tens of thousands of soldiers return home.

Viliuia: Many Indigenous families in the north, including those in my native Republic of Sakha, rely on traditional subsistence activities such as reindeer herding, fishing, and farming. With men drafted en masse to fight Ukraine, women are left to take on physically demanding tasks that were traditionally shared or primarily carried out by men. This has significantly increased their workload and made survival more difficult, especially in regions with poor infrastructure and harsh climates.

The war has also disrupted the ability to maintain traditional cultural practices, which require generational knowledge often carried by men, risking the loss of cultural continuity. With Indigenous populations already declining due to high mortality rates and low birth rates, the disproportionate drafting of Indigenous men further exacerbates this issue, threatening the long-term survival of Indigenous peoples.

Zarema: While men are disproportionately drafted to the army, women are left to bear the brunt of resistance. When Vladimir Putin announced military mobilization in September 2022, large numbers of women in Dagestan came out to the streets to protest it. They confronted officials, reminding them that it’s not Ukraine that invaded Russia, formed barricades to block police cars and tried to liberate those arrested by the police. During the protest dispersals, police were particularly violent towards women – they pushed, beat, dragged and verbally abused them.

Victoria: Indeed, it is women who hide their husbands and relatives from mobilization. Almost all requests for help I receive are from women searching for ways to keep their sons, husbands, or fathers from being sent to war. It is Indigenous women who write letters, reach out to human rights organizations, and fight for their loved ones.

Amnesty: How did the full-scale invasion affect your activism?

Viliuia: Speaking out against Russia’s war in Ukraine and its colonial policies has become increasingly dangerous, with Indigenous activists facing imprisonment, exile, or violence. The recent designation of 172 Indigenous and ethnic organizations as “terrorist” has criminalized Indigenous activism, making legal operations nearly impossible and forcing many into exile or underground work.

Despite the challenges, the conflict has also created new opportunities for collaboration, as international organizations are now paying greater attention to Indigenous issues in Russia and strengthening global solidarity with other decolonial movements.

Zarema: I had to leave Russia due to the risk of persecution for my anti-war position. Now in exile, my activism has shifted towards raising awareness internationally, supporting Indigenous communities in resisting militarization, as well as creating networks of solidarity among Indigenous peoples facing similar struggles.

The full-scale invasion has made Indigenous activism more dangerous, especially in the North Caucasus. Russia’s colonial narratives have long portrayed the Caucasus as aggressive and marginalized. The government frames any activism in the region as a threat to the state and labels Indigenous activists as societal dangers, making their dissent appear more menacing.

Despite these challenges, Indigenous activists continue to speak out, drawing attention to systemic injustices and advocating for their communities.

Victoria: Since the start of the war in Ukraine, my activism became more visible, and now I frequently receive threats. Although I don’t live in Russia, I have to take safety precautions, as there are threats to get to me even here in the United States. My social media accounts are constantly under attack, and at one point, I was receiving 3-5 hacking attempt notifications on my Instagram per day.

Despite that, activism has also introduced me to courageous and honest people from different regions. We are all united by a common struggle – the fight for the survival of our peoples. We are building networks of solidarity and working on joint projects. Together, we are strong, and we are each other’s support.

Amnesty: In a country like Russia, where most influential politicians are men, many Indigenous rights groups from Russia are led by women. What is the reason for this?

Viliuia: The female leadership of the Indigenous rights movements reflects both Indigenous social structures and the colonial system. In the Republic of Sakha, societal roles between men and women have traditionally been more equal, with women often serving as matriarchs and playing central roles in decision-making, economic activities, and cultural preservation. This strong presence in both domestic and public life has translated into leadership in activism.

In my family, women have been ambitious, pursuing university degrees, owning small businesses, and even becoming auto mechanics. Meanwhile, men have continued traditional ways of life or taken on practical jobs in housing, communal services, driving, and mining. This contrast mirrors a broader reality in Indigenous communities, where women often lead in education, business, and activism, while men are drawn to physically demanding labour that keeps them away from home for long periods.

Zarema: Indigenous women have a strong tradition of resistance, driven by their responsibility to preserve language, culture, and traditions under colonial oppression. Grassroots movements like Feminist Anti-War Resistance intersect feminist and decolonial agendas, providing a space for Indigenous women to combat both gender-based and colonial oppression. The authoritarian nature of the Russian government leaves no room for Indigenous political participation, forcing women to turn to grassroots activism.

Zarema: There are multiple ways to support us. People from outside Russia can help amplify our voices by sharing our stories and perspectives. International media can help us challenge Russian propaganda and the Kremlin’s narratives that use Indigenous peoples as symbols of loyalty to the state. International organisations can help us advocate for Indigenous rights at international institutions like the UN, ensuring that Indigenous voices from Russia are included in discussions about human rights and decolonization. They can also help us establish connections between Indigenous activists from Russia and those from other colonized regions. Shared experiences and strategies can strengthen resistance efforts.

By supporting Indigenous women in Russia, the international community contributes to both anti-war efforts and the broader fight for Indigenous rights and decolonization.

Victoria: One of the biggest challenges we face is the lack of financial support for our projects. Indigenous organizations are not only marginalized but often have to operate on a volunteer basis. Having support in accessing funding would help us to step up our efforts.

Viliuia: Despite the importance of our presence in global advocacy spaces, it remains difficult for Indigenous peoples to access these platforms, due to financial constraints, bureaucratic visa processes and exclusionary institutional structures. Addressing these challenges is essential to ensuring Indigenous perspectives are not just included, but prioritized in global decision-making processes.

The war in Ukraine has exposed Russia’s colonial nature more clearly than ever before. Indigenous women from Russia are not just victims of this war – we are frontline defenders of our peoples, cultures, and lands. The international community must recognize our struggles, amplify our voices, and support our right to self-determination. Decolonization is not just a theoretical concept; it is a necessary process for justice and long-lasting peace.

MIL OSI NGO –

April 23, 2025
MIL-OSI Global: Brown rice contains more arsenic than white rice – but here’s why you shouldn’t worry

Source: The Conversation – UK – By Iain Brownlee, Associate Professor, Nutrition, Northumbria University, Newcastle

nesavinov/Shutterstock

Brown rice contains more arsenic than white rice, according to a recent study from the US. Understandably, that might sound alarming. After all, arsenic is a well-known toxin. But the levels found in brown rice are not a health risk. And brown rice, like other whole grains, is still an important part of a healthy diet.

To understand the issue, it helps to remember an old principle from toxicology: the dose makes the poison. In other words, harmful substances can be harmless – or even beneficial – at low enough doses.

Arsenic, while dangerous in high amounts, is naturally found in soil and water and can show up in many foods, including rice.

The new study makes this very clear: the amount of arsenic in brown rice is far below any level considered risky for human health. What matters is both how much is present and how often it is consumed.

For most people, the exposure from eating brown rice is minimal and not something to worry about.

Despite the study’s reassuring conclusion, some news outlets ran with scary headlines. Such as: Toxic metal linked to cancer, autism found in brown rice as scientists say it’s time to rethink healthy option. And: Think brown rice is healthier than white rice? Study finds high level of carcinogen in brown rice in the US.

Pesticides, preservatives, trace metals – all can sound scary out of context. But for most people, the health risks don’t come from what’s in our food in tiny amounts – they come from our everyday choices.

What we should be worried about

In countries like the UK, less than one in 1,000 people follow all aspects of national dietary guidelines. That means most people aren’t eating enough fruit, vegetables and whole grains – and that’s a much bigger problem.

In fact, poor diet is a bigger cause of illness and early death worldwide than smoking or alcohol. Two of the top dietary risk factors? Eating too much salt and not enough whole grains.

Cardiovascular disease, the world’s leading cause of death for decades, kills around 20 million people each year. During the COVID pandemic, it remained deadlier than the virus itself. One of the simplest ways to reduce your risk of cardiovascular disease is to eat more whole grains.

A poor diet kills more people than smoking or alcohol.
Rimma Bondarenko/Shutterstock

So while it’s true that brown rice has more arsenic than white rice, not eating brown rice (or other whole grains) may pose a greater health risk. (Other whole grains options to choose from include: oats, quinoa, barley and whole wheat pasta and bread.)

If you’re fortunate enough to have choices about what to eat, take a moment to reflect on how your habits align with national dietary guidelines. If you’re already eating well, great – keep it up. If not, start small: swap in a few whole grains and reduce your salt intake.

And if you’re still not convinced about brown rice, that’s OK. Choose another whole grain that works for you. Just don’t let a misunderstood detail about arsenic scare you away from one of the most positive foods choices you can make.

Iain Brownlee currently receives funding from the European Research Agency/Medical Research Council and the National Institute of National Institute of Health and Care Research. He has previously received funding from multiple government organisations in the UK, Singapore and Australia, as well as multiple industry funders including Nestlé/Cereal Partners Worldwide.

– ref. Brown rice contains more arsenic than white rice – but here’s why you shouldn’t worry – https://theconversation.com/brown-rice-contains-more-arsenic-than-white-rice-but-heres-why-you-shouldnt-worry-254668

MIL OSI – Global Reports –

April 23, 2025
MIL-OSI Asia-Pac: DELIVERY OF 10th AMMUNITION CUM TORPEDO CUM MISSILE (ACTCM) BARGE, LSAM 24 (YARD 134)

Source: Government of India

Posted On: 23 APR 2025 9:00AM by PIB Delhi

Induction ceremony of 10th ACTCM Barge, LSAM 24 (Yard 134) was held on 22 Apr 25 at Naval Dockyard, Mumbai. Chief Guest for Induction Ceremony was Cmde AKK Reddy, AGM(PR), ND(Mbi).

The contract for construction and delivery of eleven (11) Ammunition Cum Torpedo Cum Missile (ACTCM) Barges was concluded with M/s Suryadipta Projects Pvt Ltd, Thane on 05 Mar 21, an MSME Shipyard. The Shipyard has indigenously designed these Barges in collaboration with an Indian Ship Design firm and subsequently model tested at Naval Science and Technological Laboratory, Visakhapatnam successfully to ensure seaworthiness. These barges are built in accordance with relevant Naval Rules and Regulations of Indian Register of Shipping (IRS). These Barges are proud flag bearers of “Make in India” and “Aatmanirbhar Bharat” initiatives of Government of India. Nine ACTCM Barges have already been delivered and the shipyard has also been awarded a contract for construction and delivery of four Sullage Barges to the Indian Navy thereby highlighting the Indian Navy’s commitment towards encouraging MSMEs.

Induction of these Barges would provide impetus to operational commitments of Indian Navy by facilitating Transportation, Embarkation and Disembarkation of articles/ ammunition to Indian Navy platforms both alongside jetties and at outer harbours.

*****

VM/SKS

(Release ID: 2123750) Visitor Counter : 84

MIL OSI Asia Pacific News –

April 23, 2025
MIL-OSI Asia-Pac: SAMOANS TRIUMPH AT STRONGMAN COMPETITION IN AUSTRALIA

Source:

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[PRESS RELEASE 5 April 2025] – Samoa delivered a strong performance at the Battle in the Bay strongman competition in Melbourne over the weekend, with five athletes from Strongman Samoa finishing on or near the podium across multiple divisions.

The Battle in the Bay, hosted by Australia’s Strongest and Strong Geelong at the Melbourne Exhibition Centre as part of the Fitness Expo, featured competitors from across the region.

Samoa’s athletes arrived well-prepared and delivered steady, disciplined performances across all events.

Evangeline Taylor-Pati dominated the Open Women’s division, taking out first place with consistent lifts and confident execution across all events. Her approach was methodical, and the result left no doubt.

“These events reward control and preparation,” she said. “We’ve been training for this level of pressure. Once I got through the first event clean, I knew I could settle in and keep the pace.”

Teammate Elsie Pesamino followed with a strong second-place finish, while Annette Punivalu battled through a tight field to place fourth just off the podium. The combined results marked a standout day for Samoa’s women, who led the team effort with calm, focused performances.

In the Under 105kg Men’s division, Ryan Walker earned third place. In the Open Men’s category, Misa Peter Anae finished second after a solid showing across all disciplines.

“We came here to compete properly, not just participate,” said Misa. “The whole team stayed switched on. No one panicked, no one rushed.”

Strongman Samoa acknowledged the support of BearWell, who supplied the team’s kit and backed the campaign from the outset. Their support has helped lift the sport’s profile in Samoa and enabled athletes to train and compete at higher levels.

The team now shifts focus to the “Pacific Strongest”, set for 7 June in Apia. It will be the first international strongman event hosted in Samoa, bringing together visiting and local athletes for a full day of heavy events.

END

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April 23, 2025

MIL OSI Asia Pacific News –

April 23, 2025
MIL-OSI Security: Appeal after London hotel worker jailed for rape and sexual assaults

Source: United Kingdom London Metropolitan Police

A hotel manager who raped a woman and sexually assaulted three others has been sentenced as part of an investigation by Metropolitan Police Service detectives.

The Met is now appealing for any other potential victim-survivors who have not yet come forward.

Ahmed Fahmy, 46 (17.01.79), of West Heath Drive, Barnet, was sentenced to 13 years’ imprisonment at Harrow Crown Court, sitting at Hendon Magistrates’ Court, on Wednesday, 23 April for a total of four offences committed while working in hotels across London.

He was also placed on the sex offenders’ register and was prohibited from being employed in the hospitality industry.

It follows Fahmy being found guilty of one count of rape and three counts of sexual assault by a jury on Thursday, 25 July 2024 after a two-week trial at the same court.

Detectives are now appealing to further victim-survivors, as they believe Fahmy’s offending was more widespread.

Detective Constable James Gomm from the Metropolitan Police, who led the investigation, said: “Fahmy used manipulation to abuse his position as a hotel worker and get close to his victims. He demonstrated a clear pattern of offending and abuse.

“I would also like to commend the victim-survivors who have shared their experience to date for the bravery they have shown throughout the investigation and the court proceedings.

“We believe there may be other victims and I would encourage anyone affected to get in contact with us – you will be listened to and receive specialist support and guidance, not only from the police but independent charities and services.”

The offending

The Met’s investigation was launched in January 2024 after officers received reports of rape and sexual assault by two women who had been staying at the hotel in West Heath Drive, Barnet where Fahmy was working at the time.

Fahmy was a hotel worker in many hotels across London. He abused his position to enter guest rooms without permission, where he made sexual advances.

The investigation unearthed allegations against Fahmy which date back to 2008 and as recent as 2024.

Fahmy was arrested and an investigation launched on 21 January 2024 after officers received reports of rape and sexual assault by two women who had been staying with friends at the hotel Fahmy was employed at.

After the group of friends had become separated on a night out, three women had returned to the hotel in Barnet without a room key. After paying Fahmy £80 for another room , the women went to bed, but one woke up to find Fahmy licking her feet.

Later, two of the group returned from the night out and also misplaced their room key. Instead of offering her a new room, Fahmy coerced one woman into sharing his room, where he raped her.

During the investigation detectives uncovered and linked him to two other non-recent sexual assaults, which largely centred on Fahmy touching women’s feet. These offences took place in a hotel on Western Gateway, E16, and at a residential address in Alliance Close, Wembley.

The appeal

Following Fahmy’s sentencing, detectives are appealing for any other potential victim-survivors to come forward.

They are particularly keen to speak to anyone who may have met Fahmy while he was working at various hotels across London. As part of his modus operandi, detectives know that Fahmy abused the trust of his employers and hotel guests to manipulate and gain access to the guest rooms where women were staying, even encouraging some to stay in his room.

Fahmy is confirmed to have worked in five hotels across the city, though detectives believe there could have been more. The hotels did not belong to the same brand and were all situated in different locations across London.

These were –

• West Heath Drive in Barnet,
• Royal Victoria Dock in E16,
• Alliance Close in Wembley,
• South Way in Wembley,
• Bridge in Marlow.

Detectives are sharing this information in the hope that it may prompt other potential victim-survivors to come forward.

Support for victim-survivors

All of the victim-survivors in this case were given specialist support and guidance by officers and independent charities and services throughout the investigation and court process.

Due to some victim-survivors being guests who were visiting London at the time of the offences, it is believed that further victim- survivors may be from outside of London, or even from other countries. They are equally encouraged to make contact and seek support from the Metropolitan Police.

Survivors can contact the police by reporting online, or by emailing
NWMailbox.Sapphire@met.police.uk who will arrange contact with them.

They can call 0208 733 6311 (0700-2300hrs Mon-Fri) as well.

MIL Security OSI –

April 23, 2025
MIL-OSI Africa: Flooding incidents in Ghana’s capital are on the rise. Researchers chase the cause
Source: The Conversation – Africa – By Stephen Appiah Takyi, Senior Lecturer, Department of Planning, Kwame Nkrumah University of Science and Technology (KNUST)

Urban flooding is a major problem in the global south. In west and central Africa, more than 4 million people were affected by flooding in 2024. In Ghana, cities suffer damage from flooding every year.

Ghana’s president, John Dramani Mahama, has established a task force to find ways of improving flood resilience in the country. This is partly driven by an increase in flooding incidents in cities such as Accra and Kumasi in the last decade.

We are urban planning and sustainability scholars. In a recent paper we analysed whether flooding in Accra, Ghana’s capital, was caused by climate change or poor land use planning.

We conclude from our analysis that flooding is caused by poor and uncoordinated land use planning rather than climate change. We recommend that the physical planning department and other regulatory agencies are equipped to ensure the effective enforcement the relevant land use regulations.

Mixed push factors

The Accra metropolitan area is one of the 29 administrative units of Ghana’s Greater Accra region. It is the most populous region in Ghana, with over five million residents, according to the 2021 Housing and Population Census.

We interviewed 100 households living in areas such as Kaneshie, Adabraka and Kwame Nkrumah Circle. These areas experience a high incidence of floods. Representatives of agencies such as the Physical Planning Department of the Accra Metropolitan Assembly, the National Disaster Management Organisation and the Environmental Protection Agency were interviewed too, about:
- the nature and areas most prone to flooding in the study area
- the frequency of flooding
- land use planning and regulations and their influence on flooding.
About 40% of the people we interviewed attributed flooding to both weak enforcement of land use regulation and changes in rainfall patterns. Most of the households (52%) said floods in Accra were the result of weak enforcement of land use regulations, while 8% blamed changes in land use regulations.

We also analysed recorded data on flood incidence and rainfall. We found no correlation between increased rainfall and flooding. For example in 2017 there was a decrease in rainfall, but an increase in flooding.

This finding points to the fact that rainfall isn’t the only factor contributing to flooding in the city.

The agencies and city residents reported that between 2008 and 2018, they could see that more people were encroaching on the city’s wetlands by building homes and commercial infrastructure. This has changed the natural flow of water bodies. The Greater Accra Metropolitan and its environs has major wetlands such as Densu Delta, Sakumo Lagoon and Songor Lagoon.

Interview respondents noted that the siting of unauthorised buildings and the encroachment on buﬀer zones of water bodies in the city could have been averted. They blamed political interference in the enforcement of land use regulation. The government makes the situation worse in two ways, they said:
- planning standards and regulations are neglected in the development process. The processes involved in acquiring development permits are cumbersome and expensive, so people go ahead and develop without permits.
- regulatory institutions and authorities are ineffective. This is clear from the fact that planning happens chaotically. No attention is given to the ecological infrastructure that’s needed.
The way forward

We conclude that land use malpractices remain the dominant causes of flooding in Accra. They include:
- poor disposal of solid waste, which eventually blocks drains and results in water overflow during heavy rains
- building on wetlands as a result of non-compliance or non-enforcement of land use regulations.
There is an urgent need for Ghana’s cities to adopt best practices in waste management. These include recycling of plastic waste and composting for urban agriculture. An environmental excise tax was introduced in 2011 to fund plastic waste recycling and support waste management agencies.

The increasing encroachment on wetlands should be addressed through the strict enforcement of buffer regulations. Planning authorities and the judiciary can collaborate on this. The city must also encourage green infrastructure, like rain gardens, green roofs, permeable pavement, street trees and rain harvesting systems. Research has shown these to be environmentally sustainable and cost-eﬀective approaches to managing storm water.

Another suggested approach is the introduction of the polluter pays principle in city management. This is a system where city residents who are involved in the pollution of the environment are made to pay for the cost of mitigating the impact. Residents who dispose of waste indiscriminately and encroach on wetlands would be made to pay for the cost of the environmental degradation. Cities such as Barcelona and Helsinki have applied this principle in the management of their industrial discharge and contaminated waste.

Finally, there should be incentives for city residents to promote environmental sustainability. For example, a deposit refund system has been introduced in several states in the US and Australia. In this system, consumers are made to pay a deposit after purchasing items that can be recycled, such as plastic bottles, and the deposit is reimbursed to the consumer after the return of the empty bottles to a retail store.

– Flooding incidents in Ghana’s capital are on the rise. Researchers chase the cause
– https://theconversation.com/flooding-incidents-in-ghanas-capital-are-on-the-rise-researchers-chase-the-cause-254000

MIL OSI Africa –
April 23, 2025
MIL-OSI Global: ‘Energy security’ is being used to justify more fossil fuels – but this will only make us less secure

Source: The Conversation – UK – By Freddie Daley, Research Associate, Centre for Global Political Economy, University of Sussex

corlaffra / shutterstock

The UK government is about to host a summit with the International Energy Agency (IEA) on the future of energy security. It does so as the world grapples with war, geopolitical realignments and trade barriers, against a backdrop of accelerating climate upheavals. One of the expected outcomes of this summit is a new, agreed definition of what constitutes energy security in the 21st century.

Common understandings of energy security have focused on making supplies reliable and affordable, with less attention paid to ensuring sources of energy are sustainable and less volatile over the medium- and long-term. This neglect compromises our collective security.

The IEA’s 31 member countries and 13 associates include most of the world’s most powerful states. Its influence means that this new definition of energy security will be used to inform government policies and investment decisions around the world. Given the cost of energy infrastructure, and the lengthy time it takes to build these projects, this definition is set to shape our future, economically and climatically.

But there is a very real risk that this definition will open the door to further investments into fossil fuel production under the guise of energy security.

International Energy Agency (IEA) member and ‘association member’ countries.
IEA, CC BY-SA

After Russia invaded Ukraine, governments rushed to cut their reliance on Russian fossil fuels. This caused major disruptions as prices spiked and millions were pushed into energy poverty.

Europe alone spent an extra €517–€831 billion (£444–£713 billion) on energy in 2021 and 2022, even though some imports from Russia continued through so-called “shadow fleets”. Some argued that high fossil fuel prices only embolden leaders like Putin and help fund their conflicts.

Governments responded with “energy nativism”, as they sought to secure as much energy as possible for their citizens at whatever cost. This typically meant boosting renewables and bulk buying oil and gas. In the UK’s case, it also meant the previous government issuing hundreds of new licenses to drill for oil and gas to “increase energy security” – licenses the current government says it will honour).

Shipments of liquified natural gas (LNG) were also redirected from poorer countries like Pakistan and Bangladesh towards the highest bidders in Europe and Asia. This raises the question of who exactly is becoming more energy secure and at what cost.

Meanwhile, large fossil fuel exporters like Qatar, the US and Australia ramped up production. A US official even referred to its gas exports as “molecules of freedom”. Australia has exported so much natural gas it may have to buy its own gas back from Japan at market price.

The sheer volume of investment in new oil and gas infrastructure like offshore rigs or LNG terminals, combined with long build times, has locked in higher fossil fuel production and pushed emissions to record levels. This poses significant risks for both exporters and importers, especially as future demand is uncertain and energy markets remain volatile.

Fossil fuels remain dominant

More fundamentally, continued reliance on fossil fuels is making humanity less secure. The vast majority of emissions still come from burning coal, oil or gas. Preventing climate catastrophe therefore requires us to phase out fossil fuels as fast as possible – with wealthy nations leading the charge. In their place, we’ll have to generate energy from renewable sources that do not replicate the volatility of globally traded fossil fuels.

Yet despite some progressive policies, fossil fuels remain dominant across the global economy. Investment in oil and gas today is almost double the level it must fall below if the world is to reach net zero by 2050, according to the IEA’s own modelling.

The pursuit of energy security has boosted renewables, but adding additional clean energy isn’t enough – it must ultimately displace fossil fuels entirely. This will require a whole-economy shift. That means cutting production of fossil fuels while also reducing demand, stabilising prices and building out clean energy fast enough to support the electrification of transport, industry and heating.

But supply chains for batteries, solar panels and other key technologies are vulnerable. Delays and shortages could mean electricity prices spike, sparking social unrest. This is yet another risk of getting energy security wrong: if inflationary pressures drive the immiseration of the general public, governments and their energy plans will be short lived.

The definition of energy security that comes out of the IEA summit should reflect the fact we’re now in a world of constant crises. True energy security means charting a path towards a world that is more socially, economically and environmentally secure. This means developing a well-managed global plan to phase out fossil fuels.

Peter Newell receives research funding from UKRI for work on energy transitions.

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

– ref. ‘Energy security’ is being used to justify more fossil fuels – but this will only make us less secure – https://theconversation.com/energy-security-is-being-used-to-justify-more-fossil-fuels-but-this-will-only-make-us-less-secure-254094

MIL OSI – Global Reports –

April 23, 2025
MIL-OSI United Kingdom: First prisoners arrive at new 1,500-place jail
Source: United Kingdom – Executive Government & Departments

Press release

First prisoners arrive at new 1,500-place jail

The first prisoners have been locked up at a new jail that will create nearly 1,500 prison places, helping to cut crime and make streets safer today as part of the Government’s Plan for Change (23 April).
New prison built to cut crime and keep dangerous offenders locked up

Part of Government’s Plan for Change to make streets safer

2,400 prison places already delivered since July

HMP Millsike in Yorkshire is now operational, making it the first of four new jails to be opened as part of the pledge to create 14,000 extra prison places by 2031, keeping dangerous offenders locked up.

This extra capacity will help keep the public safe by making sure the country never runs out of space again.

As a Category C “resettlement” prison, HMP Millsike has been designed with a clear aim – cutting crime and reducing reoffending. It includes 24 workshops and training facilities aimed at getting offenders into work on release and away from crime for good, so fewer people become victims in the future.

Minister for Prisons, Probation and Reducing Reoffending, James Timpson, said:

HMP Millsike is a vital part of our Plan for Change, building 14,000 new prison places by 2031.

This modern prison has been designed to cut crime. This prison will force offenders to turn their backs on crime, delivering safer streets and ensuring there are fewer victims in the future.”

The prison is the size of 39 football pitches and comes fitted with security technology to combat the drugs, drones and phones that have plagued prisons in recent years and risked the safety of frontline officers.

This includes reinforced barless windows to deter drone activity, hundreds of CCTV cameras, and X-ray body scanners to spot and stop contraband entering the prison.

The prison will be operated by Mitie Care and Custody. Education and workplace training provider PeoplePlus will give offenders the tools they need to find work on release and stay on the straight and narrow.

Russell Trent, Managing Director, Immigration and Justice, Mitie Care & Custody said:

As the first prisoners arrive at HMP Millsike, our focus is on building safer communities by creating an environment that promotes problem solving and self-determination to help the rehabilitation process enabling prisoners to break the cycle of reoffending.

As a resettlement prison, every element including the design, facilities and technology is purposfully structured so that prisoners leave HMP Millsike qualified, employable and ready to integrate and contribute to society.”

With the country still using many of its Victorian prisons, HMP Millsike has been built to also stand the test of time. Its use of modern materials and fittings will keep running and repairs costs to a minimum for taxpayers.

Its opening is a major milestone in the government’s 10-year prison capacity strategy published in December. This plan includes 6,400 places through new houseblocks and 6,500 places via new prisons. One thousand rapid deployment cells will be rolled out across the estate while more than 1,000 existing cells will be refurbished.

It follows a £2.3 billion investment to deliver these prison builds, with a further £500 million going towards vital building maintenance across prisons and the probation service by the end of March 2026. The strategy will work alongside the Independent Sentencing Review to ensure the most serious offenders can always be sent to prison to protect the public.

Background information

The first prisoners arrived today, and the population will steadily increase each week to ensure a safe and stable ramp-up process.

Ramp up will be strictly monitored and can be adjusted or paused should the safety or stability of the prison require it.

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Published 23 April 2025
MIL OSI United Kingdom –
April 23, 2025
MIL-OSI Australia: Serious crash on Horrocks Highway, Templers

Source: New South Wales – News

Emergency services are at the scene of a serious crash at Templers.

The collision occurred on the Horrocks Highway, Templers, just before 6pm on Wednesday 23 April.

The highway is closed to all traffic in both directions between Roseworthy Road and Templers Road.

Motorists are asked to find an alternate route.

MIL OSI News –

April 23, 2025
MIL-OSI Australia: Scaling up innovative Queensland businesses

Source: Tasmania Police

Issued: 22 Apr 2025

Several of Queensland’s most promising enterprises can now accelerate their scale up journey through a new pilot program.

Ten innovative businesses have been selected to take part in the next stage of Advance Queensland and Deloitte’s Ignite+ Scale program, following a successful three-day workshop with 29 of Queensland’s leading scaleups.

The initiative will provide tailored, flexible and expert support to the selected enterprises, to help speed up their business growth.

Through one-on-one capability development, online workshops, scaleup masterclasses and specialist deep dive coaching sessions, the businesses will gain the tools and guidance needed to expand their operations and market presence, while increasing revenue.

The other businesses that attended the three-day workshop will also receive coaching sessions and ecosystem events to support their continued growth.

The businesses encompass industries including advanced manufacturing, financial technology (FinTech), service, e-commerce, technology, waste management and renewable energy.

The 10 enterprises currently operate in 16 different regions globally, with a focus on expanding into the United Kingdom, United States, Europe and the Middle East.

During the three-day workshop, businesses heard from expert presenters and guest speakers who offered compelling insights and practical resources on strategy development, financial management and team culture.

Acting Deputy Director-General of Innovation Tony King said these ambitious businesses made a great impression at the three-day intensive workshop and the ongoing capability development will make a big difference.

“The Ignite+ Scale program equips businesses with the strategies, guidance and resources needed to accelerate and maximise their scaleup journey,” he said.

“I’m excited to see these promising enterprises expand their operations, enter more overseas markets and showcase what Queensland innovators have to offer on the world stage.”

Program participant Alistair Hart, founder of geospatial technology company Mangoesmapping said this opportunity to access industry knowledge will be important to help expand his innovative business interstate and internationally.

“We learnt a lot from the three-day workshop and are really enthusiastic about the journey ahead with this program. I want to express my gratitude to the Queensland Government for supporting innovative businesses and am grateful that we have been selected among the 10 companies,” he said.

“Being able to build a strategy and proactively plan for increased customer demand as we grow will be so valuable.

“Knowing how to proactively and effectively manage business growth will ensure Mangoesmapping is sustainable into the future.”

View more information about the Ignite+ Scale Program.

MIL OSI News –

April 23, 2025
MIL-OSI Australia: New QWildlife marine stranding app launched

Source: Tasmania Police

Issued: 23 Apr 2025

The Queensland Government has added a new function to the QWildlife app, allowing marine strandings across the state to be reported in real time to the Department of the Environment, Tourism, Science and Innovation (DETSI).

Launched in 2020, the highly popular and successful QWildlife app that allows people to report crocodile sightings and koala sightings to DETSI has been expanded to include marine strandings.

People can now report stranding incidents along Queensland’s vast coastline and include the time and date along with photographs of stranded marine animals, such as turtles, sharks and marine mammals.

This citizen science information will help DETSI to better understand marine strandings across the state and will ensure the Queensland Parks and Wildlife Service (QPWS) and local wildlife carer groups can be activated quickly to respond to stranded marine life.

QPWS Assistant Director-General Andrew Buckley said marine animals strand for several reasons, including illness or disease, predation and human intervention such as boat strike or entanglement in fishing equipment.

“This new function of the QWildlife app demonstrates the Queensland Government’s commitment to protecting and conserving our extraordinary marine animals,” he said.

“I encourage all residents and visitors to our coastal areas to download and use the QWildlife app to report sightings of stranded marine animals.

“Your contributions are essential in understanding and enhancing the conservation and welfare of marine life across our coastline.

“The Marine Stranding functionality of the QWildlife app promotes community involvement and also represents a crucial step in marine conservation.

“Its ability to collect real-time data will be invaluable in guiding our conservation strategies, marine life rescues and to mitigate human intervention.”

Chief Technology Officer Peter Reyne from software development firm GP One said the new function would add a vital element to the QWildlife app.

“The crocodile and koala functions of the QWildlife app have provided critical information about those species and extending that for marine life conservation was the next step,” Mr Reyne said.

“We anticipate that the addition of Marine Strandings to the QWildlife app will significantly improve the Queensland Government’s ability to respond to our treasured sea creatures when they strand.”

The QWildlife app can be downloaded by visiting the app store or Google Play.

View more information on downloading the QWildlife app to report a marine animal stranding, Marine wildlife strandings including strandings data.

MIL OSI News –

April 23, 2025
MIL-Evening Report: Flooding incidents in Ghana’s capital are on the rise. Researchers chase the cause
Source: The Conversation (Au and NZ) – By Stephen Appiah Takyi, Senior Lecturer, Department of Planning, Kwame Nkrumah University of Science and Technology (KNUST)

Urban flooding is a major problem in the global south. In west and central Africa, more than 4 million people were affected by flooding in 2024. In Ghana, cities suffer damage from flooding every year.

Ghana’s president, John Dramani Mahama, has established a task force to find ways of improving flood resilience in the country. This is partly driven by an increase in flooding incidents in cities such as Accra and Kumasi in the last decade.

We are urban planning and sustainability scholars. In a recent paper we analysed whether flooding in Accra, Ghana’s capital, was caused by climate change or poor land use planning.

We conclude from our analysis that flooding is caused by poor and uncoordinated land use planning rather than climate change. We recommend that the physical planning department and other regulatory agencies are equipped to ensure the effective enforcement the relevant land use regulations.

Mixed push factors

The Accra metropolitan area is one of the 29 administrative units of Ghana’s Greater Accra region. It is the most populous region in Ghana, with over five million residents, according to the 2021 Housing and Population Census.

We interviewed 100 households living in areas such as Kaneshie, Adabraka and Kwame Nkrumah Circle. These areas experience a high incidence of floods. Representatives of agencies such as the Physical Planning Department of the Accra Metropolitan Assembly, the National Disaster Management Organisation and the Environmental Protection Agency were interviewed too, about:
- the nature and areas most prone to flooding in the study area
- the frequency of flooding
- land use planning and regulations and their influence on flooding.
About 40% of the people we interviewed attributed flooding to both weak enforcement of land use regulation and changes in rainfall patterns. Most of the households (52%) said floods in Accra were the result of weak enforcement of land use regulations, while 8% blamed changes in land use regulations.

We also analysed recorded data on flood incidence and rainfall. We found no correlation between increased rainfall and flooding. For example in 2017 there was a decrease in rainfall, but an increase in flooding.

This finding points to the fact that rainfall isn’t the only factor contributing to flooding in the city.

The agencies and city residents reported that between 2008 and 2018, they could see that more people were encroaching on the city’s wetlands by building homes and commercial infrastructure. This has changed the natural flow of water bodies. The Greater Accra Metropolitan and its environs has major wetlands such as Densu Delta, Sakumo Lagoon and Songor Lagoon.

Interview respondents noted that the siting of unauthorised buildings and the encroachment on buﬀer zones of water bodies in the city could have been averted. They blamed political interference in the enforcement of land use regulation. The government makes the situation worse in two ways, they said:
- planning standards and regulations are neglected in the development process. The processes involved in acquiring development permits are cumbersome and expensive, so people go ahead and develop without permits.
- regulatory institutions and authorities are ineffective. This is clear from the fact that planning happens chaotically. No attention is given to the ecological infrastructure that’s needed.
The way forward

We conclude that land use malpractices remain the dominant causes of flooding in Accra. They include:
- poor disposal of solid waste, which eventually blocks drains and results in water overflow during heavy rains
- building on wetlands as a result of non-compliance or non-enforcement of land use regulations.
There is an urgent need for Ghana’s cities to adopt best practices in waste management. These include recycling of plastic waste and composting for urban agriculture. An environmental excise tax was introduced in 2011 to fund plastic waste recycling and support waste management agencies.

The increasing encroachment on wetlands should be addressed through the strict enforcement of buffer regulations. Planning authorities and the judiciary can collaborate on this. The city must also encourage green infrastructure, like rain gardens, green roofs, permeable pavement, street trees and rain harvesting systems.
Research has shown these to be environmentally sustainable and cost-eﬀective approaches to managing storm water.

Another suggested approach is the introduction of the polluter pays principle in city management. This is a system where city residents who are involved in the pollution of the environment are made to pay for the cost of mitigating the impact. Residents who dispose of waste indiscriminately and encroach on wetlands would be made to pay for the cost of the environmental degradation. Cities such as Barcelona and Helsinki have applied this principle in the management of their industrial discharge and contaminated waste.

Finally, there should be incentives for city residents to promote environmental sustainability. For example, a deposit refund system has been introduced in several states in the US and Australia. In this system, consumers are made to pay a deposit after purchasing items that can be recycled, such as plastic bottles, and the deposit is reimbursed to the consumer after the return of the empty bottles to a retail store.

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

– ref. Flooding incidents in Ghana’s capital are on the rise. Researchers chase the cause – https://theconversation.com/flooding-incidents-in-ghanas-capital-are-on-the-rise-researchers-chase-the-cause-254000
MIL OSI Analysis – EveningReport.nz –
April 23, 2025
MIL-Evening Report: Australia needs bold ideas on defence. The Coalition’s increased spending plan falls disappointingly short
Source: The Conversation (Au and NZ) – By Peter Layton, Visiting Fellow, Strategic Studies, Griffith University

Just as voting has begun in this year’s federal election, the Coalition has released its long-awaited defence policy platform. The main focus, as expected, is a boost in defence spending to 3% of Australia’s GDP within the next decade.

If elected, Opposition Leader Peter Dutton says a Coalition government will spend A$21 billion over the next five years to bring defence spending to 2.5% of GDP. It would aim to reach 3% five years after that.

This sounds impressive, but as shadow Defence Minister Andrew Hastie notes, this isn’t a huge increase, given it’s over many years.

In dry fiscal planning terms, Labor’s defence spending plan would amount to 2.23% of GDP in budget year 2028–29, while the Coalition’s plan would be expected to reach around 2.4% by that time.

While the Coalition’s costings are yet to come, its plan is arguably affordable – if need be through deficit financing.

What’s in the Coalition plan?

The Coalition’s extra money would go to numerous capabilities:
- purchasing 28 extra F-35 joint strike fighter jets from the United States
- accelerating the infrastructure and shipyard building capacity in Western Australia (some in Hastie’s electorate) to support the AUKUS submarine plan
- improving Australian Defence Force (ADF) recruitment and retention
- and boosting “sustainment” (that is, maintenance of military equipment, weaponry and systems and personnel training).
Hastie is particularly enthusiastic about improving the Australian defence industrial base, which he says involves ramping up purchases of defence equipment from small and medium-size enterprises.

There is some logic to this. In the past few years, some spending on new acquisitions has been shifted to sustainment. This was necessary, as the long-term defence plan when Labor came to power in 2022 did not accurately estimate how much money would be needed for the new equipment then entering service.

This is not unusual. There is always optimism within the Department of Defence that new equipment will be cheaper to operate than it actually turns out to be.

Given significant money has already been moved to sustainment under Labor defence budgets over the past few years, it’s plausible we don’t actually need as much money for this as the Coalition asserts.

This might be fortunate as the F-35 purchase is likely to be considerably more than the $3 billion the Coalition touted last month, given inflation and issues with the program in the US.

Problems with the plan

The biggest problem with Dutton’s plan is the same one faced by both the Morrison and Albanese governments. Strong rhetoric is consistently at odds with slow progress on defence force modernisation. The Coalition policy continues this bipartisan tradition.

Hastie repeated several times at his news conference with Dutton in Perth that the country faces the “most dangerous strategic circumstances since the second world war”.

Yet, this sense of urgency is not reflected in the extra $21 billion in spending the Coalition is proposing. The F-35 fighter jets, the major centrepiece of the plan, are unlikely to be in service until the first half of the 2030s.

Similarly, the naval shipbuilding (which is necessary and already in train) also won’t begin to deliver greater capacity until well into the next decade.

The only high-priority item outlined by the Coalition appears to be accelerating spending on the infrastructure needed to base US and UK nuclear attack submarines in Western Australia from 2027.

Hastie said on Radio National Breakfast that a drive through the area where this infrastructure is being built would reveal few signs of any progress, particularly when it comes to housing.

This comment highlights a policy incoherence problem for both parties. Accelerating the construction of defence infrastructure will drag tradies away from building homes for other Australians – and contribute to construction cost increases.

The Coalition’s planned cuts in skilled worker migration will further exacerbate this problem.

This throws up another issue. The Coalition has criticised Labor for cutting or delaying defence equipment projects costing some $80 billion while in government, yet it has offered no plans to return these specific projects to the defence budget.

As Hastie observed, these cuts and delays were, in part, to land-force capabilities, such as the infantry fighting vehicle program. A shift to a more maritime focus and away from equipment better suited to wars in the Middle East is reasonable, given the stress both parties have placed on China’s naval buildup.

Little to feel inspired about

Interestingly, Hastie said on Radio National Breakfast that AUKUS is “a structural imposition” the current defence budget can’t meet.

This suggests that when the AUKUS deal was agreed to under former Prime Minster Scott Morrison, there was inadequate funding for the program and it is now consuming other defence acquisition plans.

Given this, the Coalition’s plans to grow defence spending to 3% of GDP in ten years may be prudent – and necessary – mainly to meet the looming AUKUS funding shortfalls. This again may be problem for both parties, given their strident support for AUKUS at seemingly any cost.

Hastie is keen to increase Australian self-reliance, in part, through building up the Australian defence industry.

However, the Coalition plan doesn’t offer many specifics on how Australian industry will benefit. Instead of buying yet more American-built F-35s, for instance, the Coalition could have given thought to buying the innovative Ghost Bat uncrewed air vehicles made in Queensland.

This shortcoming highlights the biggest disappointment with the Coalition plan. It is “steady as she goes” approach in a world of increasing volatility.

There really needs to be some fresh thinking on defence, particularly given the growing doubts about the Trump administration’s stance on its security alliances. Australia may need to be more self-reliant as Hastie claims, but this policy platform – as well as Labor’s – won’t achieve this possibility.

The reason the Coalition is emphasising the 3% of GDP figure is that there are no new ideas. A great opportunity for an imaginative recasting of Australian defence has been missed.

This piece is part of a series on the future of defence in Australia. Read the other stories here.

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

– ref. Australia needs bold ideas on defence. The Coalition’s increased spending plan falls disappointingly short – https://theconversation.com/australia-needs-bold-ideas-on-defence-the-coalitions-increased-spending-plan-falls-disappointingly-short-255106
MIL OSI Analysis – EveningReport.nz –
April 23, 2025
MIL-OSI Global: Flooding incidents in Ghana’s capital are on the rise. Researchers chase the cause
Source: The Conversation – Africa – By Stephen Appiah Takyi, Senior Lecturer, Department of Planning, Kwame Nkrumah University of Science and Technology (KNUST)

Urban flooding is a major problem in the global south. In west and central Africa, more than 4 million people were affected by flooding in 2024. In Ghana, cities suffer damage from flooding every year.

Ghana’s president, John Dramani Mahama, has established a task force to find ways of improving flood resilience in the country. This is partly driven by an increase in flooding incidents in cities such as Accra and Kumasi in the last decade.

We are urban planning and sustainability scholars. In a recent paper we analysed whether flooding in Accra, Ghana’s capital, was caused by climate change or poor land use planning.

We conclude from our analysis that flooding is caused by poor and uncoordinated land use planning rather than climate change. We recommend that the physical planning department and other regulatory agencies are equipped to ensure the effective enforcement the relevant land use regulations.

Mixed push factors

The Accra metropolitan area is one of the 29 administrative units of Ghana’s Greater Accra region. It is the most populous region in Ghana, with over five million residents, according to the 2021 Housing and Population Census.

We interviewed 100 households living in areas such as Kaneshie, Adabraka and Kwame Nkrumah Circle. These areas experience a high incidence of floods. Representatives of agencies such as the Physical Planning Department of the Accra Metropolitan Assembly, the National Disaster Management Organisation and the Environmental Protection Agency were interviewed too, about:
- the nature and areas most prone to flooding in the study area
- the frequency of flooding
- land use planning and regulations and their influence on flooding.
About 40% of the people we interviewed attributed flooding to both weak enforcement of land use regulation and changes in rainfall patterns. Most of the households (52%) said floods in Accra were the result of weak enforcement of land use regulations, while 8% blamed changes in land use regulations.

We also analysed recorded data on flood incidence and rainfall. We found no correlation between increased rainfall and flooding. For example in 2017 there was a decrease in rainfall, but an increase in flooding.

This finding points to the fact that rainfall isn’t the only factor contributing to flooding in the city.

The agencies and city residents reported that between 2008 and 2018, they could see that more people were encroaching on the city’s wetlands by building homes and commercial infrastructure. This has changed the natural flow of water bodies. The Greater Accra Metropolitan and its environs has major wetlands such as Densu Delta, Sakumo Lagoon and Songor Lagoon.

Interview respondents noted that the siting of unauthorised buildings and the encroachment on buﬀer zones of water bodies in the city could have been averted. They blamed political interference in the enforcement of land use regulation. The government makes the situation worse in two ways, they said:
- planning standards and regulations are neglected in the development process. The processes involved in acquiring development permits are cumbersome and expensive, so people go ahead and develop without permits.
- regulatory institutions and authorities are ineffective. This is clear from the fact that planning happens chaotically. No attention is given to the ecological infrastructure that’s needed.
The way forward

We conclude that land use malpractices remain the dominant causes of flooding in Accra. They include:
- poor disposal of solid waste, which eventually blocks drains and results in water overflow during heavy rains
- building on wetlands as a result of non-compliance or non-enforcement of land use regulations.
There is an urgent need for Ghana’s cities to adopt best practices in waste management. These include recycling of plastic waste and composting for urban agriculture. An environmental excise tax was introduced in 2011 to fund plastic waste recycling and support waste management agencies.

The increasing encroachment on wetlands should be addressed through the strict enforcement of buffer regulations. Planning authorities and the judiciary can collaborate on this. The city must also encourage green infrastructure, like rain gardens, green roofs, permeable pavement, street trees and rain harvesting systems.
Research has shown these to be environmentally sustainable and cost-eﬀective approaches to managing storm water.

Another suggested approach is the introduction of the polluter pays principle in city management. This is a system where city residents who are involved in the pollution of the environment are made to pay for the cost of mitigating the impact. Residents who dispose of waste indiscriminately and encroach on wetlands would be made to pay for the cost of the environmental degradation. Cities such as Barcelona and Helsinki have applied this principle in the management of their industrial discharge and contaminated waste.

Finally, there should be incentives for city residents to promote environmental sustainability. For example, a deposit refund system has been introduced in several states in the US and Australia. In this system, consumers are made to pay a deposit after purchasing items that can be recycled, such as plastic bottles, and the deposit is reimbursed to the consumer after the return of the empty bottles to a retail store.

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

– ref. Flooding incidents in Ghana’s capital are on the rise. Researchers chase the cause – https://theconversation.com/flooding-incidents-in-ghanas-capital-are-on-the-rise-researchers-chase-the-cause-254000
MIL OSI – Global Reports –
April 23, 2025
MIL-OSI Australia: Saudi Arabia

Source:

We continue to advise exercise a high degree of caution in Saudi Arabia. Higher levels apply in some areas.

For the 2025 Hajj season, local authorities have introduced additional arrangements and restrictions for foreign travellers. This includes not entering or staying in Makkah between 29 April and 10 June and the requirement that all Umrah pilgrims must depart Saudi Arabia by 29 April 2025 (see ’Travel’ for more information). There are vaccination requirements for visitors travelling to Saudi Arabia to perform Umrah or visit Holy Mosques (see ‘Health’).

Demonstrations and protests are illegal in Saudi Arabia, and there may be severe penalties for participation. Avoid all demonstrations and protests should they occur (see ‘Safety’).

MIL OSI News –

April 23, 2025
MIL-OSI Australia: Man charged over stalking and assault

Source: New South Wales – News

A man will face court tomorrow charged with stalking and indecent assault.

Following investigations, today, Wednesday 23 April, police officers from SAPOL’s Public Protection Branch arrested a 41-year-old Evanston man and charged him with four counts of stalking and seven counts of indecent assault.

The incidents allegedly occurred in the northern suburbs of Adelaide.

The man’s vehicle, which was allegedly used in the commission of the offences, has been seized by police.

The arrested man was refused police bail and will appear in the Elizabeth Magistrates Court on Thursday 24 April.

Detective Acting Chief Inspector Luke Smith reminds the public to be aware of their surroundings and trust their instincts.

“If you see any suspicious behaviour or vehicles, report it as soon as possible on the police assistance line on 131 444, or Triple Zero in an emergency.”

MIL OSI News –

April 23, 2025
MIL-OSI: Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 May 2025 – Nykredit Realkredit A/S
Source: GlobeNewswire (MIL-OSI)

THIS ANNOUNCEMENT IS PUBLISHED PURSUANT TO SECTIONS 9(3)-(5) AND SECTION 21(3) OF EXECUTIVE ORDER NO. 636 OF 15 MAY 2020

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

Publication of supplement concerning extension of offer period for Nykredit’s recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 May 2025

23 April 2025

Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 May 2025

In accordance with section 4(1) of the Danish Takeover Order¹, Nykredit Realkredit A/S (“Nykredit”) announced on 10 December 2024 that Nykredit intended to submit a voluntary public tender offer (the “Offer”) to acquire all shares in Spar Nord Bank A/S (“Spar Nord Bank”), with the exception of Spar Nord Bank’s treasury shares, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion. As stated in the supplement dated April 2, 2025, the offer price has subsequently been increased to DKK 210.50 per share.

On 8 January 2025, Nykredit published the offer document regarding the Offer (the “Offer Document”), as approved by the Danish FSA in accordance with section 11 of the Danish Takeover Order. In the Offer Document, the offer period was set to expire on 19 February 2025 at 23:59 (CET) (the “Initial Offer Period”). The Initial Offer Period was subsequently extended in supplements dated 18 February, 19 March and, most recently, 2 April 2025, where the offer period was extended to 24 April 2025 at 23:59 (CEST).

Today, Nykredit published a supplement (the “Supplement”) to the Offer Document, which further extends the offer period for the Offer. The Supplement has been approved by the Danish FSA on 23 April 2025 in accordance with section 9(3)-(5) of the Danish Takeover Order. The Supplement should be read in conjunction with the Offer Document and the previous supplements.

With this Supplement, Nykredit further extends the offer period, such that the Offer will expire on 20 May 2025 at 23:59 (CEST). Subsequently, any reference to the “Offer Period” in the Offer Document or other documents relating to the Offer will refer to the period commencing on the day of publication of the Offer Document on 8 January 2025 and ending on 20 May 2025 at 23:59 (CEST) (the “Extended Offer Period”).

Nykredit has been informed by the Danish Competition and Consumer Authority that Nykredit’s merger notification regarding the Nykredit’s acquisition of sole control over Spar Nord Bank is considered complete as of 31 March 2025. Nykredit awaits the Danish Competition and Consumer Authority’s decision.

The purpose of the extension is to provide Nykredit with time to obtain the approval from the Danish Competition and Consumer Authority required to complete the Offer. If the approval from the Danish Competition and Consumer Authority has not been granted by the expiry of the Extended Offer Period, Nykredit expects to extend the offer period further.

The extension of the offer period entails that the expected completion of the Offer and settlement of the offer price to the Spar Nord Bank shareholders who have accepted the Offer will be extended correspondingly. Completion is subsequently expected to take place on 28 May 2025 (provided that the offer period is not extended further).

At the time of this announcement, Nykredit holds 32.79 per cent of the shares in Spar Nord Bank.

In the supplement dated 19 March 2025 to the Offer Document, Nykredit announced that a preliminary compilation of the acceptances that Nykredit had information about showed that, including the irrevocable undertakings, acceptances corresponding to more than 46 per cent of the share capital of Spar Nord Bank had been submitted, and that Nykredit’s ownership interest in Spar Nord Bank, together with the irrevocable undertakings and the binding acceptances submitted that Nykredit had information about, totalled more than 80 per cent of the total share capital (excluding treasury shares) of Spar Nord Bank, indicating that the 67 per cent acceptance limit stated in the Offer has been reached. The final result of the Offer will be determined on expiry of the offer period and published in accordance with section 21(3) of the Danish Takeover Order.

Nykredit intends to delist Spar Nord Bank from trading on Nasdaq Copenhagen and complete a compulsory acquisition of the remaining Spar Nord Bank shareholders, provided that Nykredit has obtained the necessary ownership interest, and the Offer has been completed. Spar Nord Bank shareholders who have opted not to accept the Offer, should expect that Nykredit, provided that the Offer is completed, will take steps to combine Nykredit Bank A/S and Spar Nord Bank, which will result in a further increase in Nykredit’s ownership interest in Spar Nord Bank. Not later than in continuation of the combination, Nykredit thus expects to hold a sufficient ownership interest to be able to delist Spar Nord Bank from trading on Nasdaq Copenhagen and complete a compulsory acquisition of the remaining Spar Nord Bank shareholders.

The full terms and conditions of the Offer are contained in the Offer Document as amended by the Supplement. The Offer Document and the Supplement are published in the Danish FSA’s OAM database: https://oam.finanstilsynet.dk/ and can also, with certain restrictions, be accessed at https://www.nykredit.com/kobstilbud-spar-nord/ and https://www.sparnord.dk/investor-relations/overtagelsestilbud.

About Spar Nord Bank

Spar Nord Bank was founded in 1824 and is now a nationwide bank with 58 branches. Spar Nord Bank offers all types of financial services, consultancy and products, focusing its business on retail customers and primarily small and medium-sized enterprises (SMEs) in the local areas in which the bank is represented. The bank is also focused on leasing operations and large corporate customers, which are both business areas handled by the head offices.

Spar Nord Bank has historically been rooted in northern Jutland and continues to be a market leader in this region. However, in the period from 2002 to 2024, Spar Nord Bank has established and acquired branches outside northern Jutland. Over the course of the years, the bank has adjusted its branch network in an ongoing process and now has a nationwide distribution network comprising 58 branches. These 58 branches are distributed on 32 banking areas, each of which is headed by a manager reporting directly to the bank’s executive board.

The Spar Nord Bank Group consists of two earnings entities: Spar Nord Bank’s branches and the Trading Division. As an entity, the Trading Division serves customers from Spar Nord Bank’s branches as well as large retail customers and institutional clients in the field of equities, bonds, fixed income and forex products, asset management and international transactions. Finally, under the concept Sparxpres, the bank offers consumer loans to personal customers through Sparxpres’ platform as well as debt consolidation loans and consumer financing via retail stores and gift voucher solutions via shopping centres and city associations.

About Nykredit

Nykredit Realkredit A/S (“Nykredit”) is a public limited company incorporated under the laws of Denmark, company reg. (CVR) no. 12 71 92 80, having its registered office at Sundkrogsgade 25, 2150 Nordhavn, Denmark. Nykredit is a mortgage credit institution and, together with its wholly-owned subsidiary Totalkredit A/S, is a market leader of the Danish mortgage credit market with a market share of some 45.2 per cent. Nykredit offers mortgage financing for private individuals and businesses.

Nykredit is part of the Nykredit Group, which historically dates back to 1851. In addition to carrying on mortgage credit business, the Group carries on banking business through Nykredit Bank – including banking and wealth management operations – and has a total of around 4,000 employees in Denmark.

Nykredit is owned by an association of the Nykredit Group’s customers, Forenet Kredit. Forenet Kredit owns close to 80 per cent of Nykredit’s shares. Other major shareholders are five Danish pension funds: Akademikernes Pension AP Pension, PensionDanmark, PFA and PKA.

Nykredit is known for the advantages offered through the association. Forenet Kredit makes capital contributions to the Nykredit Group when times are good, and Nykredit has decided to pass these on to its customers.

Since, 2017, Forenet Kredit has paid over DKK 8 billion in capital contributions to the Nykredit Group, and in the period to 2027, Forenet Kredit has provided a further DKK 7 billion.

Questions and further information

Any questions concerning the Offer may be directed to:

Nykredit Bank A/S

Company reg. (CVR) no.: 10 51 96 08

Sundkrogsgade 25

2150 Nordhavn
Denmark

Telephone: +45 7010 9000

and

Carnegie Investment Bank

Filial af Carnegie Investment Bank AB (publ), Sverige

Company reg. (CVR) no. 35 52 12 67

Overgaden Neden Vandet 9B

1414 Copenhagen K
Denmark

E-mail: annette.hansen@carnegie.dk

For further information about the Offer, please see: https://www.nykredit.com/kobstilbud-spar-nord/.

This announcement and the Offer Document (with supplements) are not directed at shareholders of Spar Nord Bank A/S whose participation in the Offer would require the issuance of an offer document, registration or activities other than what is required under Danish law (and, in the case of shareholders in the United States of America, Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the US Securities Exchange Act of 1934, as amended). The Offer is not made and will not be made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer or acceptance thereof would be in contravention of the laws of such jurisdiction. Any person coming into possession of this announcement, the Offer Document or any other document containing a reference to the Offer is expected and assumed to independently obtain all necessary information about any applicable restrictions and to observe these.

This announcement does not constitute an offer or an invitation to purchase securities or a solicitation of an offer to purchase securities in accordance with the Offer or otherwise. The Offer will be submitted only in the form of the Offer Document (with supplements) approved by the FSA, which sets out the full terms and conditions of the Offer, including information on how to accept the Offer. The shareholders of Spar Nord Bank are advised to read the Offer Document and any related documents as they contain important information.

Restricted jurisdictions

The Offer is not made, and acceptance of the Offer to tender Spar Nord Bank shares is not accepted, neither directly nor indirectly, in or from any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction or would require any registration, approval or any other measures with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). Neither the United States nor the United Kingdom is a Restricted Jurisdiction.

Restricted Jurisdictions include, but are not limited to: Australia, Canada, Hong Kong, Japan, New Zealand and South Africa.

Persons obtaining documents or information relating to the Offer (including custodians, account holding institutions, nominees, trustees, representatives, fiduciaries or other intermediaries) should not distribute, communicate, transfer or send these in or into a Restricted Jurisdiction or use mail or any other means of communication in or into a Restricted Jurisdiction in connection with the Offer. Persons (including, but not limited to, custodians, custodian banks, nominees, trustees, representatives, fiduciaries or other intermediaries) intending to communicate this announcement, the Supplement, the Offer Document or any related document to any jurisdiction outside Denmark or the United States should inform themselves about these restrictions before taking any action. Any failure to comply with these restrictions may constitute a violation of the laws of such jurisdiction, including securities laws. It is the responsibility of all Persons obtaining this announcement, the Supplement, the Offer Document, earlier supplements, an acceptance form and/or other documents relating to the Offer, or into whose possession such documents otherwise come, to inform themselves about and observe all such restrictions.

Nykredit is not responsible for ensuring that the distribution, dissemination or communication of this announcement, the Supplement or the Offer Document to shareholders outside Denmark, the United States and the United Kingdom is consistent with applicable law in any jurisdiction other than Denmark, the United States and the United Kingdom.

Important Information for Shareholders in the United States

The Offer concerns the shares in Spar Nord Bank, a public limited liability company incorporated and admitted to trading on a regulated market in Denmark, and is subject to the disclosure and procedural requirements of Danish law, including the Danish capital markets act and the Danish takeover order.

The Offer is being made to shareholders in Spar Nord Bank in the United States in compliance with the applicable US tender offer rules under the U.S. Securities Exchange Act of 1934, as amended, (the “U.S. Exchange Act”), including Regulation 14E promulgated thereunder, subject to the relief available for a “Tier II” tender offer, and otherwise in accordance with the requirements of Danish law and practice

Accordingly, US Spar Nord Bank shareholders should be aware that this announcement and any other documents regarding the Offer have been prepared in accordance with, and will be subject to, the disclosure and other procedural requirements, including with respect to withdrawal rights, the Offer timetable, settlement procedures and timing of payments of Danish law and practice, which may differ materially from those applicable under US domestic tender offer law and practice. In addition, the financial information contained in this announcement or the Offer Document has not been prepared in accordance with generally accepted accounting principles in the United States, or derived therefrom, and may therefore differ from, or not be comparable with, financial information of US companies.

In accordance with the laws of, and practice in, Denmark and to the extent permitted by applicable law, including Rule 14e-5 under the U.S. Exchange Act, Nykredit, Nykredit’s affiliates or any nominees or brokers of the foregoing (acting as agents, or in a similar capacity, for Nykredit or any of its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase, outside of the United States, shares in Spar Nord Bank or any securities that are convertible into, exchangeable for or exercisable for such shares in Spar Nord Bank before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be announced via Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law. To the extent information about such purchases or arrangements to purchase is made public in Denmark, such information will be disclosed by means of a press release or other means reasonably calculated to inform US shareholders of Spar Nord Bank of such information.

In addition, subject to the applicable laws of Denmark and US securities laws, including Rule 14e-5 under the U.S. Exchange Act, the financial advisers to Nykredit or their respective affiliates may also engage in ordinary course trading activities in securities of Spar Nord Bank, which may include purchases or arrangements to purchase such securities.

It may not be possible for US shareholders to effect service of process within the United States upon Spar Nord Bank, Nykredit or any of their respective affiliates, or their respective officers or directors, some or all of which may reside outside the United States, or to enforce against any of them judgments of the United States courts predicated upon the civil liability provisions of the federal securities laws of the United States or other US law. It may not be possible to bring an action against Nykredit, Spar Nord Bank and/or their respective officers or directors (as applicable) in a non-US court for violations of US laws. Further, it may not be possible to compel Nykredit and Spar Nord Bank or their respective affiliates, as applicable, to subject themselves to the judgment of a US court. In addition, it may be difficult to enforce in Denmark original actions, or actions for the enforcement of judgments of US courts, based on the civil liability provisions of the US federal securities laws.

The Offer, if completed, may have consequences under US federal income tax and under applicable US state and local, as well as non-US, tax laws. Each shareholder of Spar Nord Bank is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer.

NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS ANNOUNCEMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR ANY OFFER DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

1 Executive Order no. 636 of 15 May 2020

Attachments
- Announcement of extension of the Offer Period 23 April 2025
- Supplement to the Offer Document 23 April 2025
The MIL Network –
April 23, 2025
MIL-OSI Economics: Danmarks Nationalbank has moved krone payments to the pan-european payment system

Source: Danmarks Nationalbank

23 April 2025

This Easter, Danmarks Nationalbank successfully moved payments in Danish kroner from the Danish payment system Kronos2 to the pan-European system, TARGET Services.

By joining TARGET Services, Danmarks Nationalbank is united with the central banks of the Eurosystem in protecting payment processing against persistent cyber threats.

“We strengthen security by working together with other European central banks in the payments area. This is especially important at a time when the cyber threat is high and increasing,” says Governor Ulrik Nødgaard.

Danes will not experience any changes on a day-to-day basis, but going forward their payments will be handled via a more robust and future-proof platform. Over time, the vision is that citizens will more directly experience benefits such as easier and cheaper access to instant payments across currencies.

“Economically it’s also advantageous to share payments infrastructure across countries. The economies of scale in a centralised system will provide savings on the ongoing costs of operation, maintenance and further development,” says Ulrik Nødgaard.

The Danish krone will be the first currency outside the euro to handle both payments and securities transactions on TARGET Services. Over time, more currencies are expected to join.

Danmarks Nationalbank has been working towards the migration since 2020. The schedule has been met and the total costs, shared between Danmarks Nationalbank and the banking sector, are lower than originally anticipated.

“The project has been realised in close collaboration with the Danish banking sector, the European Central Bank and other relevant parties. Throughout the process, the collaboration has been positive and purposeful, with a common focus and clear goals. The good dialogue and the sector’s support have helped ensure that the project has been completed within the agreed framework – in terms of both cost and time. I would like to thank everyone for that,” says Ulrik Nødgaard.

The press can contact Communications and Press Officer Teis Hald Jensen on tel. +45 3363 6066 or

FACTS:

Since 2018, Danish securities transactions in Danish kroner have taken place in the European system for securities transactions. The system is called T2S and it is also part of TARGET Services.

With the migration of the Danish krone to T2 and TIPS, the execution of payments and securities transactions in Danish kroner has been centralised on TARGET Services. Denmark is the first non-euro country to use T2, TIPS and T2S.

Sveriges Riksbank is already on the instant payments system, TIPS, and decided in June 2024 to begin the process with the European Central Bank, ECB, for participation in the T2 liquidity management and payments system and the T2S securities transactions system.

Norges Bank signed an agreement with the ECB in November 2024 to participate in TIPS and is also in discussions with the ECB about possible participation in T2.

In September 2024, the Central Bank of Iceland announced that it has initiated an assessment of whether the Icelandic krona should join TARGET Services.

Danish monetary policy will not be affected by the migration to TARGET Services. The existing monetary policy instruments used in the exercise of monetary policy by Danmarks Nationalbank are supported in the new infrastructure. These instruments are handled by Danmarks Nationalbank’s own system for monetary policy instruments and collateral.

MIL OSI Economics –

April 23, 2025
MIL-Evening Report: Sniping koalas from helicopters: here’s what’s wrong with Victoria’s unprecedented cull

Source: The Conversation (Au and NZ) – By Liz Hicks, Lecturer in Law, The University of Melbourne

Roberto La Rosa/Shutterstock

Snipers in helicopters have shot more than 700 koalas in the Budj Bim National Park in western Victoria in recent weeks. It’s believed to be the first time koalas have been culled in this way.

The cull became public on Good Friday after local wildlife carers were reportedly tipped off.

A fire burned about 20% of the park in mid-March. The government said the cull was urgent because koalas had been left starving or burned.

Wildlife groups have expressed serious concern about how individual koalas had been chosen for culling, because the animals are assessed from a distance. It’s not clear how shooting from a helicopter complies with the state government’s own animal welfare and response plans for wildlife in disasters.

The Victorian government must explain why it is undertaking aerial culling and why it did so without announcing it publicly. The incident points to ongoing failures in managing these iconic marsupials, which are already threatened in other states.

Hundreds of koalas were left starving or injured after bushfires in Budj Bim National Park a month ago.
Vincent_Nguyen/Shutterstock

Why did this happen?

Koalas live in eucalypt forests in Australia’s eastern and southern states. The species faces a double threat from habitat destruction and bushfire risk. They are considered endangered in New South Wales, Queensland and the Australian Capital Territory.

In Victoria, koala population levels are currently secure. But they are densely concentrated, often in fragments of bush known as “habitat islands” in the state’s southwest. Budj Bim National Park is one of these islands.

Over time, this concentration becomes a problem. When the koalas are too abundant, they can strip leaves from their favourite gums, killing the trees. The koalas must then move or risk starvation.

If fire or drought make these habitat islands impossible to live in, koalas in dense concentrations often have nowhere to go.

In Budj Bim, Victoria’s Department of Energy, Environment and Climate Action and Parks Victoria have tackled koala overpopulation alongside Traditional Owners by moving koalas to new locations or sterilising them.

But Budj Bim is also surrounded by commercial blue gum plantations. Koalas spread out through the plantations to graze on the leaves. Their populations grow. But when the plantations are logged, some koalas have to return to the national park, where food may be in short supply.

Plantations of blue gums are located near Budj Bim. Animal welfare groups claim logging has driven koala overpopulation in the national park.
Anna Carolina Negri/Shutterstock

Animal welfare groups say logging is one reason Budj Bim had so many koalas.

It’s hard to say definitively whether this is the case, because the state environment department hasn’t shared much information. But researchers have found habitat islands lead to overabundance by preventing the natural dispersal of individuals.

So why was the culling done? Department officials have described the program as “primarily” motivated by animal welfare. After the bushfire last month, koalas have been left starving or injured.

Why shooters in helicopters? Here, the justification given is that the national park is difficult to access due to rocky terrain and fire damage, ruling out other methods.

Euthanising wildlife has to be done carefully

Under Victoria’s plan for animal welfare during disasters, the environment department is responsible for examining and, where necessary, euthanising wildlife during an emergency.

For human intervention to be justified, euthanasia must be necessary on welfare grounds. Victoria’s response plan for fire-affected wildlife says culling is permitted when an animal’s health is “significantly” compromised, invasive treatment is required, or survival is unlikely.

For koalas, this could mean loss of digits or hands, burns to more than 15% of the body, pneumonia from smoke inhalation, or blindness or injuries requiring surgery. Euthanised females must also be promptly examined for young in their pouches.

The problem is that while aerial shooting can be accurate in some cases for larger animals, the method has questionable efficacy for smaller animals – especially in denser habitats.

It’s likely a number of koalas were seriously injured but not killed. But the shooters employed by the department were not able to thoroughly verify injuries or whether there were joeys in pouches, because they were in the air and reportedly 30 or more metres away from their targets.

While the department cited concerns about food resources as a reason for the cull, the state’s wildlife fire plan lays out another option: delivery of supplementary feed. Delivering fresh gum leaves could potentially have prevented starvation while the forest regenerates.

What should the government learn from this?

The state government should take steps to avoid tragic incidents like this from happening again.

Preserving remaining habitat across the state is a vital step, as is reconnecting isolated areas with habitat corridors. This would not only reduce the concentration of koalas in small pockets but increase viable refuges and give koalas safe paths to new food sources after a fire.

Future policies should be developed in consultation with Traditional Owners, who have detailed knowledge of species distributions and landscapes.

We need better ways to help wildlife in disasters. One step would be bringing wildlife rescue organisations into emergency management more broadly, as emphasised in the 2009 Victorian Bushfires Royal Commission and the more recent Royal Commission into National Natural Disaster Arrangements.

This latter report pointed to South Australia’s specialised emergency animal rescue and relief organisation – SAVEM – as an effective model. Under SA’s emergency management plan, the organisation is able to rapidly access burned areas after the fire has passed through.

Victoria’s dense communities of koalas would be well served by a similar organisation able to work alongside existing skilled firefighting services.

The goal would be to make it possible for rescuers to get to injured wildlife earlier and avoid any more mass aerial culls.

Liz Hicks has previously received a Commonwealth Research Training Program stipend. She is a member of the Australian Greens Victoria, although her views do not reflect a party position or party policy.

Dr Ashleigh Best previously received a Commonwealth Research Training Program scholarship, which supported some of the research in this article. She is an inactive member of the Animal Justice Party, and previously volunteered with Wildlife Victoria.

– ref. Sniping koalas from helicopters: here’s what’s wrong with Victoria’s unprecedented cull – https://theconversation.com/sniping-koalas-from-helicopters-heres-whats-wrong-with-victorias-unprecedented-cull-254996

MIL OSI Analysis – EveningReport.nz –

April 23, 2025
MIL-OSI Australia: 130-2025: Virtual information sessions for upcoming changes to khapra beetle treatments for imports to Australia

Source: New South Wales Government 2

23 April 2025

Who does this notice affect?

This notice affects importers, freight forwarders, biosecurity industry participants, accredited persons operating under the department’s approved arrangement class 19, National Plant Protection Organisations (NPPOs) and pre-border biosecurity treatment providers.

What is changing?

As advised in…

MIL OSI News –

April 23, 2025
MIL-OSI USA: SPC Severe Thunderstorm Watch 161

Source: US National Oceanic and Atmospheric Administration

Note: The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
SEL1

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 161
NWS Storm Prediction Center Norman OK
1200 AM CDT Wed Apr 23 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
North-Central and Central Texas

* Effective this Wednesday morning from Midnight until 700 AM
CDT.

* Primary threats include…
Scattered damaging wind gusts to 70 mph possible
Isolated very large hail events to 2 inches in diameter possible

SUMMARY…A pair of convective lines will continue to progress
eastward/southeastward over the next few hours. Some cellular
development is possible between these two lines. Strong gusts will
be the primary severe risk with these storms tonight, but some large
hail is possible as well.

The severe thunderstorm watch area is approximately along and 45
statute miles east and west of a line from 125 miles south of
Brownwood TX to 65 miles north northwest of Fort Worth TX. For a
complete depiction of the watch see the associated watch outline
update (WOUS64 KWNS WOU1).

PRECAUTIONARY/PREPAREDNESS ACTIONS…

REMEMBER…A Severe Thunderstorm Watch means conditions are
favorable for severe thunderstorms in and close to the watch area.
Persons in these areas should be on the lookout for threatening
weather conditions and listen for later statements and possible
warnings. Severe thunderstorms can and occasionally do produce
tornadoes.

&&

OTHER WATCH INFORMATION…CONTINUE…WW 160…

AVIATION…A few severe thunderstorms with hail surface and aloft to
2 inches. Extreme turbulence and surface wind gusts to 60 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
24035.

…Mosier

SEL1

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 161
NWS Storm Prediction Center Norman OK
1200 AM CDT Wed Apr 23 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
North-Central and Central Texas

* Effective this Wednesday morning from Midnight until 700 AM
CDT.

* Primary threats include…
Scattered damaging wind gusts to 70 mph possible
Isolated very large hail events to 2 inches in diameter possible

SUMMARY…A pair of convective lines will continue to progress
eastward/southeastward over the next few hours. Some cellular
development is possible between these two lines. Strong gusts will
be the primary severe risk with these storms tonight, but some large
hail is possible as well.

The severe thunderstorm watch area is approximately along and 45
statute miles east and west of a line from 125 miles south of
Brownwood TX to 65 miles north northwest of Fort Worth TX. For a
complete depiction of the watch see the associated watch outline
update (WOUS64 KWNS WOU1).

PRECAUTIONARY/PREPAREDNESS ACTIONS…

REMEMBER…A Severe Thunderstorm Watch means conditions are
favorable for severe thunderstorms in and close to the watch area.
Persons in these areas should be on the lookout for threatening
weather conditions and listen for later statements and possible
warnings. Severe thunderstorms can and occasionally do produce
tornadoes.

&&

OTHER WATCH INFORMATION…CONTINUE…WW 160…

AVIATION…A few severe thunderstorms with hail surface and aloft to
2 inches. Extreme turbulence and surface wind gusts to 60 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
24035.

…Mosier

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW1
WW 161 SEVERE TSTM TX 230500Z – 231200Z
AXIS..45 STATUTE MILES EAST AND WEST OF LINE..
125S BWD/BROWNWOOD TX/ – 65NNW FTW/FORT WORTH TX/
..AVIATION COORDS.. 40NM E/W /33NW SAT – 43ESE SPS/
HAIL SURFACE AND ALOFT..2 INCHES. WIND GUSTS..60 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 24035.

LAT…LON 29999970 33689859 33689702 29999820

THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
FOR WOU1.

Watch 161 Status Report Message has not been issued yet.

Note: Click for Complete Product Text.Tornadoes

Probability of 2 or more tornadoes

Low ( 2 inches

Mod (30%)

Combined Severe Hail/Wind

Probability of 6 or more combined severe hail/wind events

High (70%)

For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

MIL OSI USA News –

April 23, 2025
MIL-OSI Australia: Five people charged with burglary and stealing

Source: New South Wales Community and Justice

Five people charged with burglary and stealing

Wednesday, 23 April 2025 – 3:05 pm.

As part of the ongoing investigation into a burglary at a supermarket in Brighton this morning, police have charged five people with burglary and stealing.
A 24-year-old woman from New Town, a 20-year-old man from Herdsmans Cove, a 25-year-old man from Bridgewater and a 22-year-old man of no fixed address, were charged and detained to appear in the Hobart Magistrates Court today.
A 46-year-old man from New Town was charged and bailed to appear in court at a later date.
With investigations ongoing, police would like to speak to anyone who saw a silver Nissan X-Trail in the area around the time this morning.
Information can be provided to Bridgewater Police on 131 444 or anonymously through Crime Stoppers Tasmania at crimestopperstas.com.au or on 1800 333 000 – quote OR773066.

MIL OSI News –

April 23, 2025
MIL-OSI Australia: Operation Safe Arrival: Easter Road Safety results

Source: New South Wales Community and Justice

Operation Safe Arrival: Easter Road Safety results

Wednesday, 23 April 2025 – 3:14 pm.

Tasmania Police has concluded its Easter road safety blitz, Operation Safe Arrival.
Assistant Commissioner Adrian Bodnar thanked the community for its cooperation.
“It was a busy time on Tasmanian roads and our officers were out there, working hard to keep people safe,” he said.
“Sadly, during the Easter period we had three deaths on our roads.”
“So far this year we have had 19 deaths from crashes, compared to eight at this time last year.”
“It’s devastating, and we need all motorists to realise the reality of taking risks on our roads.”
Assistant Commissioner Bodnar said Operation Safe Arrival might be over, but police would continue to enforce the road rules to keep people safe.
“Keeping Tasmania’s roads safe is a mission for the whole community, not just police.”
“By working together, obeying road rules, and reporting dangerous driving, we can prevent crashes and save lives.”
Key enforcement results

Drink and drug driving: Tasmania Police conducted 7596 random alcohol tests and 135 drug tests, resulting in 27 drink driving offences and 47 positive drug tests.
Speeding: 591 people were caught speeding.
Mobile phone use: Officers issued 21 fines for illegal mobile phone use while driving.
Seatbelts: 12 offences were detected for failing to wear a seatbelt correctly.

MIL OSI News –

April 23, 2025

Category: Australia

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What we should be worried about

Mixed push factors

The way forward

Fossil fuels remain dominant

First prisoners arrive at new 1,500-place jail

Background information

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Updates to this page

Mixed push factors

The way forward

What’s in the Coalition plan?

Problems with the plan

Little to feel inspired about

Mixed push factors

The way forward

Why did this happen?

Euthanising wildlife has to be done carefully

What should the government learn from this?

Who does this notice affect?

What is changing?