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Category: Business

  • MIL-OSI Submissions: Energy Sector – Congo Energy & Investment Forum (CEIF) 2025 Ministerial Panel: Republic of Congo to Promote Onshore Acreage in Upcoming Bid Round

    SOURCE: Energy Capital & Power

    A ministerial panel at the inaugural Congo Energy & Investment Forum explored Congo’s strategy for regional collaboration, resource monetization and hydrocarbon development

    BRAZZAVILLE, Republic of Congo, March 26, 2025/ — The Republic of Congo’s Ministry of Hydrocarbons announced that the upcoming 2025 licensing round will focus on onshore blocks in the country’s continental basin.

    The announcement was made on March 25 by Bruno Jean-Richard Itoua, Minister of Hydrocarbons of the Republic of Congo, during a ministerial panel discussion at the inaugural Congo Energy & investment Forum in Brazzaville.

    “Our national development plan [aims to] develop the economy, but we cannot start without the development of hydrocarbons. We have no choice but to take care of hydrocarbons to give the country the capacity to develop,” Minister Itoua stated.

    During the panel session, Minister Itoua also highlighted the Ministry’s plans to collaborate with oil and gas company Trident Energy to valorize associated gas from the country’s N’Kossa oil field. The Minister announced it will launch an entity to monetize associated gas not used by international oil companies operating in the country as part of a strategy to reach zero flaring by 2030.

    Meanwhile, Aimé Sakombi Molendo, Minister of Hydrocarbons of the Democratic Republic of Congo (DRC), announced that the country will hold discussions with the Republic of Congo on March 26 to explore bilateral cooperation and the possibility of co-developing hydrocarbon resources in cross-border basins. This comes as the DRC and Angola are set to kick off discussions with energy major Chevron for the joint development of the common interest zone between the two countries, with a governance agreement having been ratified in December last year.

    “We will be discussing with the Republic of Congo bilaterally to see to what extent the two countries can benefit from co-development of our abundant hydrocarbon resources,” Minister Molendo stated.

    José Barroso, Secretary of State for Mineral Resources, Petroleum and Gas for Angola, indicated the potential for developing joint projects in the energy sector with both the Republic of Congo and the DRC. Barroso highlighted the need to create the requisite technical conditions to incentivize national companies to participate in their respective markets in the three countries.

    “In the pipeline, we have projects that we are discussing amongst ourselves, and in the short future, we will be able to communicate more on this,” Barroso stated.

    Meanwhile, Dr. Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organization (APPO), discussed the role the upcoming African Energy Bank will have on resource monetization and development in Africa. Spearheaded by APPO and the African Export-Import Bank, the bank aims to facilitate, promote and finance the development of Africa’s oil, gas and energy industries. According to Dr. Farouk, both the bank and the private sector will have an important role to play in ensuring that regional markets move forward and drive cross-border development.

    “None of our countries have what it takes to address the challenges of energy by themselves. The African Energy Bank is an example of how Africa wants to be independent and be in control of its resources,” Dr. Farouk stated.

    An outline of the Republic of Congo’s 2025 licensing round will be presented during the Congo Energy & Investment Forum.

    About the Congo Energy & Investment Forum:
    The inaugural Congo Energy & Investment Forum, set for March 24-26, 2025, in Brazzaville, under the highest patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo, brings together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities.

    MIL OSI – Submitted News –

  • MIL-OSI United Nations: Despite Diplomatic Progress, Security Council Told Continuing Attacks, Funding Cuts Worsening Humanitarian Situation in Ukraine

    Source: United Nations General Assembly and Security Council

    The humanitarian crisis in Ukraine is worsening, a senior United Nations official told the Security Council today, as she both welcomed diplomatic progress and expressed deep alarm over rising attacks on civilians and severe cuts to global humanitarian funding.

    “Since 1 March, not a day has passed without an attack harming civilians,” Joyce Msuya, Assistant Secretary-General for Humanitarian Affairs and Deputy Emergency Relief Coordinator, told the 15-member Council. The regions of Sumy, Odesa, Dnipro, Donetsk and Kharkiv have been hit especially hard in recent weeks, with extensive damage to homes, shops, warehouses and vehicles.

    Meanwhile, global funding cuts for humanitarian operations — including for Ukraine — are further reducing the UN’s capacity to provide life-saving aid.  While the announcement of a ceasefire on energy infrastructure and discussions regarding safe navigation in the Black Sea are positive steps, she noted that the impact of past attacks continue to undermine civilians’ access to electricity, gas, heating and water as the harsh winter persists.

    “We are deeply concerned by the human cost of continued fighting,” she said, noting that, as of 24 February 2022, at least 12,881 civilians — including 681 children — have been killed in Ukraine.  The true toll is likely much higher.  She reiterated that the protection of infrastructure critical to civilian survival is imperative, and that indiscriminate attacks are unequivocally prohibited under international law.

    And with almost 13 million people in Ukraine in need of humanitarian aid, she warned against funding cuts that could threaten vital services — including gender-based-violence support and safe spaces for 640,000 affected women and girls.  Thus far, only 17 per cent of the $2.6 billion needed for Ukraine’s 2025 Humanitarian Response Plan has been received.  Against that backdrop, she urged the international community to enforce compliance with international law, secure funding to save lives and push for an end to the war — all while ensuring that humanitarian needs remain central to peace talks.

    Speakers Express Concern over Increasing Attacks on Civilians, Urge Moscow to Demonstrate Commitment to Peace

    During the discussion that ensued, many speakers expressed concern over growing attacks on civilians in Ukraine.  “The death and destruction caused by this war are tremendous,” said Slovenia’s delegate, noting the over 42,000 verified casualties and reconstruction costs exceeding $500 billion.  Three years on, and the fighting does not seem to be diminishing — in February 2025, civilian casualties increased by 35 per cent compared to February 2024.  “Every human life matters and is not merely a number,” added Pakistan’s delegate, welcoming deals reached between Ukraine and the Russian Federation banning the targeting of energy sites and ensuring safe navigation in the Black Sea.

    While also noting progress on those fronts, other speakers continued to call on the Russian Federation to demonstrate its commitment to peace, with France’s delegate highlighting “the gaping disconnect between [the Russian Federation’s] actions and words”.  Romania’s delegate pointed out that “the dialogue efforts and the proposals in the last weeks are yet to be met by deeds”, spotlighting new attacks by the Russian Federation since the night of 21 March.

    “It is now for Russia to show its willingness to achieve peace,” said the representative of the European Union, in its capacity as observer, adding:  “There can be no negotiations on Ukraine without Ukraine, and no negotiations that affect European security without Europe.”  Finland’s delegate, speaking also for Denmark, Iceland, Norway and Sweden, echoed that, also expressing concern that limited humanitarian access makes it hard for humanitarian workers to deliver life-saving aid — especially in front-line areas.

    “A ceasefire seems not to be enough,” observed Greece’s delegate, adding that peace should only be possible “with credible and robust security guarantees, which will deter and prevent the recurrence of war in the future”.  Any peace must be more than a mere pause that allows the aggressor to rearm and strike again — as it has done before — Poland’s delegate underscored.  “We must have enduring peace in Ukraine,” stressed the representative of the United Kingdom, adding that, until Moscow’s forces withdraw from Ukraine, “the United Kingdom will continue to work with Kyiv to achieve a just and lasting peace”.

    Meanwhile, the representative of the Republic of Korea said that interviews with soldiers from the Democratic People’s Republic of Korea captured in Kursk show men deceived and told they were being sent to Moscow for training.  “Pyongyang must stop sacrificing its own people to sustain the regime in exchange for military, political and economic support from Moscow,” he stressed.

    The representative of Denmark, Council President for March, spoke in her national capacity to describe the latest report by the UN’s Independent International Commission of Inquiry on Ukraine as a “grim catalogue of crimes against humanity” perpetrated by the Russian Federation’s forces against civilians.  Lithuania’s delegate, also speaking for Estonia and Latvia, drew attention to the 4,000 cases against the Russian Federation in the European Court of Human Rights, all related to events in Crimea, Donbas and the wider war against Ukraine.

    Russian Federation, Ukraine Acknowledge Limited Ceasefire Agreements while Expressing Reservations

    For his part, the representative of the Russian Federation said that the European Union and the United Kingdom are trying to thwart efforts by his country and the United States to settle the Ukrainian crisis.  He went on to say that Moscow’s air forces target only military sites, and that civilian casualties in Ukraine occur because Kyiv stores ammunition in residential areas.  He also stated that Ukraine’s European supporters ignore the crimes committed by Kyiv, reiterating that Moscow’s military operation started three years ago to end the war being waged on fellow Russians.

    Regarding the agreement concerning the Black Sea, he said that this will go into effect only after a series of measures are adopted — including the lifting of sanctions against some Russian Federation banks.  And while agreement has been reached to ban strikes on energy sites both in Ukraine and in the Russian Federation, Kyiv continues to violate that agreement.  “The Russian Federation reserves the right to respond should the Kyiv regime continue on this destructive course,” he emphasized.

    Further, he asked those present if they would prefer to either continue providing weapons to “private-military-company Ukraine”, or to join the Russian Federation and the United States to “find a long-term solution that would address the root causes of the Ukraine crisis and strengthen security in Europe and the world over”.

    “Moscow speaks of peace while launching brutal strikes almost daily on densely populated residential areas” in her country, Ukraine’s delegate said, adding that the Russian Federation launched — in the first half of March alone — hundreds of strikes against her people, using approximately 2,800 guided aerial bombs, nearly 2,000 attack drones and over 100 missiles of various types.  Moscow has also sought to block Ukrainian ports on the Black Sea, forcibly transferred Ukrainian children to its territory and that of Belarus, and made use of munitions containing hazardous chemicals.

    While welcoming the United States’ mediation and Saudi Arabia’s hospitality, and reaffirming her country’s commitment to peace, she underscored:  “We won’t accept peace at any price.”  Ukraine will not recognize any of its temporarily occupied territories as belonging to the Russian Federation, and Kyiv will not agree to any foreign diktat regarding the structure or other characteristics of its defence forces.

    While Ukraine has agreed to a ceasefire regarding energy facilities and in the Black Sea, she warned that this does not extend to Russian Federation warships that enter Ukraine’s territorial waters.  “Everyone should focus on Russian actions, not their statements,” she urged, noting that the coming days will be critical in determining “whether Russia is serious about peace or intends to deceive the United States and the world”.

    Nevertheless, Speakers Point to Path towards Peace

    “The war must end now,” the representative of the United States stressed, as she commended both the Russian Federation and Ukraine for taking the first steps towards a ceasefire.  If fully implemented, the agreements concerning energy infrastructure and the Black Sea will open a path towards peace.  “We call on both sides to abide by these agreements and expand on them,” she said.

    Some speakers expressed optimism about the talks under way in Riyadh.  “A window of peace is opening,” said China’s delegate, welcoming recent negotiations that the Russian Federation and Ukraine have had bilaterally with the United States.  Positive progress was made on numerous issues, he said.  Algeria’s delegate, welcoming progress, as well, added that a lasting peace must consider the legitimate concerns of both parties.  The representative of Panama, noting that maritime security is fundamental to his country, expressed optimism about the steps towards a cessation of hostilities in the Black Sea.

    Similarly, the representative of Somalia said that the agreement to ensure safe navigation in the Black Sea represents a practical step towards reducing tensions and protecting vital economic infrastructure.  The recent breakthrough is “creating tangible momentum towards de-escalation”, he said.  “Even as we celebrate the modest breakthroughs,” Guyana’s delegate warned that the slightest misstep could doom millions of civilians to even more bombardment and displacement.  Sierra Leone’s representative observed that “cautious hope has begun to emerge”, but highlighted the severe impact already had on children — trauma from constant shelling, loss of loved ones, displacement and abduction.

    “Even when bombings subside, the scars of war remain,” said the Permanent Observer for the Sovereign Order of Malta, pointing to the need for psychological support for those affected by war-related trauma.  Ukraine’s health system will need restoring, he said, adding that it is also crucial to facilitate the safe and dignified return of displaced families.  “The land must be restored and made habitable,” he added, as the detritus of war is cleared away.

    Quoting Pope Francis, he asked those present:  “Can we get out of this spiral of sorrow and death?  Can we once more walk and live in the ways of peace?  I would like for each one of us — from the least to the greatest, including those who are called to govern nations — to respond in one voice: ‘Yes, we want peace.’”

    MIL OSI United Nations News –

  • MIL-OSI Canada: Saskatchewan Commercial Innovation Incentive Extended to 2027

    Source: Government of Canada regional news

    Released on March 26, 2025

    Incentive Improvements Expand Eligibility Ensuring Saskatchewan Businesses Succeed

    Today, the Government of Saskatchewan introduced legislation that will extend the Saskatchewan Commercial Innovation Incentive (SCII). 

    “By extending the SCII, we are reaffirming Saskatchewan’s commitment to innovation and ensuring our province remains one of the best places in Canada to invest and do business,” Trade and Export Development Minister Warren Kaeding said. “All of this means more opportunities, jobs and services the people of Saskatchewan need and deserve.”

    The SCII is a growth-focused tax incentive designed to support businesses commercializing innovation by reducing the provincial Corporate Income Tax (CIT) rate to 6 per cent for a period of 10 consecutive years. Eligible companies can extend the CIT benefit period to 15 years, if 50 per cent or greater of the related research and development has been conducted in Saskatchewan.

    Last year, the Government of Saskatchewan began an external review aimed at improving the program’s eligibility requirements and simplifying the application process. Based on this review, the SCII will be eliminating the economic eligibility criteria to further improve eligibility. These improvements will encourage commercialization and innovation in the province.

    The new sunset date for SCII is June 30, 2027.

    The SCII is also highlighted in Securing the Next Decade of Growth: Saskatchewan’s Investment Attraction Strategy, reinforcing the province’s dedication to fostering a thriving business environment.

    Investment in the province continues to rise. Private capital investment in Saskatchewan increased last year by 17.3 per cent to $14.7 billion, ranking first among provinces for growth. Private capital investment is projected to reach $16.2 billion in 2025, an increase of 10.1 per cent over 2024. This is the second highest anticipated percentage increase among the provinces.

    For more information on the SCII, please visit: saskatchewan.ca. 

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Security: Newburyport Man Pleads Guilty to Scheme to Defraud Home Repair Insurance Provider

    Source: Office of United States Attorneys

    BOSTON – A Newburyport man pleaded guilty yesterday in federal court in Boston to defrauding a home repair insurance provider by billing for purported repair jobs that never were performed.

    Christian Decristofaro, 40, pleaded guilty to an Information charging him with wire fraud. U.S. District Court Judge Indira Talwani scheduled sentencing for June 23, 2025. In October 2024, Decristofaro was arrested and charged by criminal complaint.

    According to the charging documents, Decristofaro caused NE Premier Home Services LLC (NE Premier) – a purported home repair company he controlled – to enroll as a contractor with a home repair insurance provider (the victim). Decristofaro used false identities to enroll non-existent homeowners in insurance plans with the victim insurance provider. Decristofaro then reported fictitious home emergencies to the victim on behalf of the purported homeowners and requested that NE Premier be assigned to perform the repairs. He then caused NE Premier to bill the victim insurance provider for the repair jobs, even though there was no repair work done. As a result of these fraudulent billings, between approximately October 2020 and June 2023, the victim insurance provider paid NE Premier approximately $2,196,323 for services that NE Premier had not rendered.

    The charge of wire fraud provides for a sentence of up to 20 years in prison, up to three years of supervised release, a fine of up to $250,000, or twice the gross gain or loss from the offense, restitution and forfeiture. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley and Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement today. Assistant U.S. Attorneys Meghan C. Cleary and Leslie A. Wright of the Criminal Division are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI: Carlyle Secured Lending, Inc. Announces Shareholder Approval of Merger with Carlyle Secured Lending III

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 26, 2025 (GLOBE NEWSWIRE) — Carlyle Secured Lending, Inc. (“CGBD”) (NASDAQ: CGBD) announced today that CGBD shareholders voted overwhelmingly in favor of the previously announced merger with Carlyle Secured Lending III (“CSL III”) at the special meeting held on March 26, 2025.

    Shareholders voted in favor of the issuance of common stock in connection with the merger of CGBD and CSL III, with 96% of voting CGBD shareholders supporting the proposal. The transaction is expected to close on or about March 27, 2025, subject to satisfaction or waiver of customary closing conditions.

    Justin Plouffe, Chief Executive Officer of CGBD and CSL III, said, “We thank shareholders for their approval and strong support of the transaction. We have conviction in the strategic benefits and value of the merger for both sets of shareholders, and we expect the combined company to create long-term value through increased portfolio scale and efficiency.”

    About Carlyle Secured Lending, Inc.    

    Carlyle Secured Lending, Inc. is a publicly traded (NASDAQ: CGBD) business development company (“BDC”) which began investing in 2013. The Company focuses on providing directly originated, financing solutions across the capital structure, with a focus on senior secured lending to middle-market companies primarily located in the United States. Carlyle Secured Lending is externally managed by Carlyle Global Credit Investment Management L.L.C., an SEC-registered investment adviser and wholly owned subsidiary of Carlyle. Further information is available at carlylesecuredlending.com.

    About Carlyle Secured Lending III

    CSL III is an externally-managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. CSL III’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through assembling a portfolio of secured debt investments with favorable risk-adjusted returns. CSL III’s investment activities are managed by its investment adviser, CSL III Advisor, LLC, an affiliate of Carlyle.

    About Carlyle   

    Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $441 billion of assets under management as of December 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

    Forward-Looking Statements

    This press release may contain forward-looking statements that involve substantial risks and uncertainties. Some of the statements in this press release constitute forward-looking statements because they are not historical facts, but instead relate to future events, future performance or financial condition or the merger of CSL III with and into CGBD (collectively, the “Mergers” ). The forward-looking statements may include statements as to: future operating results of CGBD and CSL III and distribution projections; business prospects of CGBD and CSL III and the prospects of their portfolio companies; and the impact of the investments that CGBD and CSL III expect to make. You can identify these statements by the use of forward-looking terminology such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may,” “plans,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the expected synergies and savings associated with the Mergers; (ii) the ability to realize the anticipated benefits of the Mergers, including the expected elimination of certain expenses and costs due to the Mergers; (iii) the risk that stockholder litigation in connection with the Mergers may result in significant costs of defense and liability; (iv) changes in the economy, financial markets and political environment, including the impacts of inflation and rising interest rates; (v) risks associated with possible disruption in the operations of CGBD or the economy generally due to terrorism, war or other geopolitical conflict (including the uncertainty surrounding Russia’s military invasion of Ukraine and the impact of geopolitical tensions in other regions such as the Middle East, and developing tensions between China and the United States); (vi) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (vii) conditions in CGBD’s operating areas, particularly with respect to business development companies or regulated investment companies; and (viii) other considerations that may be disclosed from time to time in CGBD’s publicly disseminated documents and filings. CGBD and CSL III have based the forward-looking statements included in this press release on information available to them on the date hereof, and they assume no obligation to update any such forward-looking statements. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. There may be events in the future, however, that we are not able to predict accurately or control. You should not place undue reliance on these forward-looking statements, which speak only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. Although CGBD and CSL III undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that CGBD and CSL III have filed or in the future may file with the Securities and Exchange Commission (“SEC”), including the annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

    Contacts:

    The MIL Network –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 26.03.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    26 March 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 26.03.2025

    Espoo, Finland – On 26 March 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:                

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,567,439 4.96
    CEUX 985,274 4.97
    BATE – –
    AQEU 96,142 4.96
    TQEX 169,350 4.97
    Total 2,818,205 4.96

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 26 March 2025 was EUR 13,991,824. After the disclosed transactions, Nokia Corporation holds 200,047,080 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

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

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

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

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI: Plains Announces Retirement of President Harry Pefanis and Assignment Updates to Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 26, 2025 (GLOBE NEWSWIRE) — Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) announced today that Harry Pefanis will retire as President of Plains effective June 1, 2025. Willie Chiang, Chairman of the Board and CEO, will assume the role of President effective upon the retirement of Mr. Pefanis. In addition, Plains announced updates to the lead director position and certain committee assignments for its Board of Directors that will also be effective June 1, 2025.

    In line with Plains’ long-term succession plan, Mr. Pefanis will retire as President after 27+ years of service to the company he co-founded. Including his time with Plains prior to its initial public offering in 1998, Mr. Pefanis has been with the organization for over four decades. Mr. Pefanis will continue to serve on the Board of Directors and as a Senior Advisor to Plains.

    “Harry is a world class energy executive who played a key role in the founding of the Company almost three decades ago, and who has been instrumental to the growth of Plains into the modern energy transportation company it is today. His time at Plains has been marked by a relentless focus on customer service, developing lasting relationships, operational excellence, and financial strength, together with an unwavering commitment to integrity, accountability and teamwork,” said Willie Chiang. “Harry lives our core values every day and has been an exceptional role model for our employees and an outstanding representative for our company and our industry. I want to thank him for his many contributions and I am very pleased that we will continue to benefit from his knowledge, experience and insights through his continued service as a Director and his new role as a Senior Advisor.”

    “It has been an incredible experience to be part of Plains during such a dynamic period. I have had the privilege of working with exceptionally talented teammates that have always been committed to developing lasting relationships, delivering value, driving results, and meeting the needs of our customers and stakeholders. I strongly believe that we will continue to see growth in crude oil production and that Plains is better positioned than ever to capitalize on the growing demand for our integrated asset base,” said Harry Pefanis.

    As part of the Board’s ongoing succession planning process, Plains also announced the following changes to its Board of Directors effective June 1, 2025. Bobby Shackouls will be succeeded in his roles as Lead Director and Chair of the Governance Committee by John Raymond. Mr. Shackouls will succeed Mr. Raymond as Chair of the Compensation Committee. In order to ensure continuity and a smooth transition, Mr. Raymond will remain a member of the Compensation Committee and Mr. Shackouls will remain a member of the Governance Committee.  

    About Plains
    PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (NGL). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles approximately eight million barrels per day of crude oil and NGL. 

    PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America. 

    PAA and PAGP are headquartered in Houston, Texas. More information is available at www.plains.com.

    Investor Relations Contacts:

    Blake Fernandez
    Michael Gladstein
    PlainsIR@plains.com
    (866) 809-1291

    The MIL Network –

  • MIL-OSI United Kingdom: Do you feel £1,400 better off every year since 2014?

    Source: Scottish National Party

    In the 2014 independence referendum Westminster politicians said “every Scot will be £1,400 better off every year” if people voted ‘No’.

    It’s therefore painfully ironic that, just a decade later, people in Scotland see headlines saying “UK families to be ‘£1,400-a-year poorer by 2030’.”

    New analysis by the Joseph Rowntree Foundation (JRF) – using forecast models from the Bank of England – shows that the austerity policies of Keir Starmer’s government will leave people worse off in the next five years.

    The JRF also said that if living standards haven’t improved by 2030, Labour will not only have failed to meet their own election pledge but will have become the first government in nearly 75 years to have seen a fall in living standards across a full parliament.

    They concluded that the worse effects of these policies will fall on the poorest third of the population.

    The pledge that “every Scot will be £1,400 better off every year” is not only looking threadbare, it’s been ripped into rags by the very people who promised it.

    And, this is no joke, the same Westminster politicians seriously argued that this £1,400 meant people would be able to enjoy ‘scoffing 280 hot dogs’ or drinking ’636 cappuccinos’. Instead we’ve seen food banks rise year on year.

    But those aren’t the only promises Westminster politicians made to persuade people to vote ‘No’.

    In the run-up to the 2014 referendum people were also promised “lower shopping bills” and that Westminster would “keep energy costs down for families in Scotland“.

    Better Together on X: “Lower shopping bills than if we left the United Kingdom say supermarkets. Read more: http://t.co/hcmC81lu9q #indyref http://t.co/MmDmHF6nrt” / X

    Better Together on X: “Being part of the UK keeps energy costs down for families in Scotland http://t.co/VkNwzmQ4kq #indyref” / X

    They highlighted Gordon Brown urging people in Scotland to vote ‘No’ “to create a more socially just country“; and that a Westminster-run social security system “offers better protection for pensioners, disabled and the unemployed“.

    Better Together on X: “Gordon Brown urges people in Scotland to stay in the UK to create a more socially just country http://t.co/0s9ZggfkZN #indyref” / X

    Better Together on X: “Gordon Brown in Dundee: “Our UK welfare state offers better protection for pensioners, disabled and the unemployed.” http://t.co/AYzvqu9EBH” / X

    With Scots facing yet more energy bill increases – despite Labour promises to cut them by £300 – and Keir Starmer’s government cutting winter fuel payments for pensioners and support for the disabled.

    This situation not only makes a bad joke of the Westminster politicians’ promises in the 2014 independence referendum, but it also exposes the duplicity of Labour’s promise of “Change”.

    Even before the 2024 election the signs of the direction of the UK were obvious.

    Reports revealed that UK workers were missing out on over £10,000 a year, with living standards falling behind other G7 nations, as well as Australia and the Netherlands.

    Other analysis showed that, compared to neighbouring countries in north west Europe, the UK in the 21st century has had the least wealth per person, the most poverty, and the greatest gap between rich and poor. It also shows that countries similar in size or smaller than Scotland are wealthier and more equal than the north west European average.

    But it could be so much different, and better, for Scotland.

    With a huge offshore energy potential, a food and drink sector worth billions and one of the best educated populations in Europe and can even be asked: Why is Scotland in a UK trailing its neighbours so badly?

    The reason is that those countries don’t have government from Westminster obsessed with cutting public spending again and again.

    Those other countries get government’s they voted for with policies they want, and the results can be seen in how they are wealthier, fairer and happier than the UK.

    Despite the ‘No’ campaigns 2014 promises, Westminster isn’t working for Scotland, but independence works for those countries.

    So why shouldn’t it work for Scotland too?

    MIL OSI United Kingdom –

  • MIL-OSI: QCI’s Andrew Cardno to Speak on “The Next Era of Tribal Gaming: The 7 Forces Shaping Its Future” at the Indian Gaming Association Trade Show

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, March 26, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI) is pleased to announce that Andrew Cardno, Chief Technology Officer of QCI, will be delivering a featured session at the 2025 Indian Gaming Trade Show & Convention in San Diego, CA. The session, titled “The Seven Forces Transforming Our Industry (Whether We Like It or Not),” will take place on April 1, 2025, from 3:00 pm to 4:00 pm.

    Tribal gaming stands at the forefront of an unprecedented era of transformation. Both internal dynamics and external pressures are driving change at a pace never seen before. In this timely session, Mr. Cardno will provide an in-depth exploration of seven powerful forces reshaping the future of tribal gaming. From the rapid rise of Artificial Intelligence (AI) and robotics to shifting consumer expectations and evolving market forces, attendees will gain valuable insights into the technologies and trends defining the next era of the industry.

    “Tribal gaming has always been a leader in innovation, but the convergence of AI, robotics, and rapid technological advancement presents new challenges and exciting opportunities,” said Andrew Cardno, CTO of QCI. “This session is about equipping tribal operators with the knowledge and tools to embrace these changes while protecting the core traditions that make tribal gaming unique. By understanding these forces, we can ensure that team members are empowered, operations are optimized, and tribal enterprises continue to thrive.”

    Victor Rocha, Conference Chairman of the Indian Gaming Trade Show & Convention, added, “We are excited to feature Andrew Cardno in this important session. Tribal gaming is facing a critical moment, and understanding these seven forces is essential for our industry’s future. This conversation goes beyond technology — it’s about how we protect our sovereignty, strengthen our communities, and continue leading the gaming industry into the future.”

    Attendees will leave with practical strategies to integrate emerging technologies in ways that reinforce the unique strengths of tribal gaming enterprises. The session will focus on how these tools can enhance operational efficiency, improve customer experiences, and create new opportunities for team member growth — all while honoring the cultural and economic significance of tribal gaming.

    ABOUT The 2025 Indian Gaming Tradeshow and Convention
    As the premier events for the tribal gaming community, the Indian Gaming Tradeshow & Convention and Mid-Year Conference & Expo deliver the insight and strategies you need to rise to the top of the competitive gaming industry landscape. There’s no better opportunity to meet industry leaders, access cutting-edge trends and celebrate a proud tradition of success. For more information visit: www.indiangamingtradeshow.com.

    ABOUT QCI
    Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI Enterprise Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and Europe. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.

    ABOUT Andrew Cardno
    Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavors.

    ABOUT Victor Rocha
    Victor Rocha holds the distinguished position of Conference Chairman for the Indian Gaming Association, while also leading Victor-Strategies as its president. As the owner and publisher of Pechanga.net, he has been deeply engaged in the political landscape of U.S. tribal gaming since 1998. Rocha’s outstanding contributions to the industry have been recognized through numerous accolades, such as AGEM’s 2023 Peter Mead Memorial Award Honoring Excellence in Gaming Media & Communication, the National Center for American Indian Enterprise Development’s 2015 Tribal Gaming Visionary Award, the American Gaming Association’s 2013 Lifetime Achievement Award for Gaming Communications, Raving’s 2012 Casino Marketing Lifetime Achievement Award, the National Indian Gaming Association’s 2002 Outstanding Contribution to Indian Country, VCAT’s 2001 Catalyst Award, and Global Gaming Business Magazine’s 2000 “40 Under 40” list.

    Contact:
    Laurel Kay, Quick Custom Intelligence
    Phone: 858-349-8354

    The MIL Network –

  • MIL-OSI: Volunteer State Bank Rebrands as Volunteer Bank, Emphasizing Its Commitment to Middle Tennessee

    Source: GlobeNewswire (MIL-OSI)

    NASHVILLE, Tenn., March 26, 2025 (GLOBE NEWSWIRE) — Volunteer State Bank has rebranded as Volunteer Bank. A locally owned and headquartered financial provider since 1977, the evolution reflects a new look for the future of banking— while embracing the bank’s continued dedication to its customers and expanding footprint in Middle Tennessee.

    The rebrand is not the result of a merger or change in ownership, but rather a reflection of the bank’s commitment to the next 50 years—ensuring it remains a strong, independent, and community-focused financial partner for generations to come. The updated logo pays homage to Tennessee, with one of the arms of the “V” symbolizing the state’s shape, reinforcing Volunteer Bank’s pride in serving the region.

    “For nearly 50 years, we have built relationships rooted in trust, service, and local decision-making,” said Tony Gregory, chairman, president, and chief executive officer of Volunteer Bank. “As we evolve into Volunteer Bank, we do so with great respect for our history and an even greater vision for the future. We are thrilled to share our refreshed look with our Middle Tennessee neighbors.”

    Over the coming weeks, customers and communities will soon see the new Volunteer Bank identity come to life across the bank’s branch locations, digital platforms, and in the cities served throughout Davidson, Williamson, Rutherford, Sumner, Robertson and Wilson counties.

    “Middle Tennessee deserves a financial partner who leads with local expertise, serves with purpose and remains genuinely dedicated to giving back to the communities we call home,” Gregory added. “We are passionate about empowering our neighbors to succeed—a commitment we call ‘The Home State Advantage’.”

    About Volunteer State Bank

    Volunteer Bank is a privately owned, Tennessee-based community bank with over $1.5 billion in assets. Founded in 1977, Volunteer State Bank operates 18 full-service branches throughout Middle Tennessee in Davidson, Robertson, Rutherford, Sumner, Williamson and Wilson counties. Volunteer Bank offers a full suite of financial solutions designed to empower individuals and businesses at every stage of their financial journey. For more information on products, locations, and hours of operation, please visit Volunteer.Bank.

    Media Contacts:

    Lindsey Hammons, VP, Marketing, Engagement and Communications
    Volunteer Bank
    Lindsey.Hammons@Volunteer.Bank

    The MIL Network –

  • MIL-OSI: 3D Systems Reports Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    ROCK HILL, S.C., March 26, 2025 (GLOBE NEWSWIRE) — 3D Systems Corporation (NYSE:DDD) announced today its financial results for the fourth quarter and full year ended December 31, 2024.

    • Full-year 2024 revenue of $440 million, above lower end of guidance range, inclusive of a $9 million revenue reduction in Q4 driven by a change in accounting estimates for Regenerative Medicine program milestone recognition. This change in estimate is related to the now anticipated use of pre-clinical human decedent testing, successfully demonstrated by our partner, United Therapeutics, which led to refinement of the milestone technical criteria.
    • Continued reduction in operating expenses in Q4 reflecting the company’s focus on cost savings and efficiency improvements.
    • Announcement of a new cost reduction initiative expected to deliver over $50 million in incremental annualized savings related to actions taken throughout 2025 and the first-half 2026.
    • All regulatory approvals have been obtained for sale of Geomagic software platform, with a sale price of $123 million and targeted close in early April.
    • Balance sheet cash and cash equivalents of $171 million as of December 31, 2024. Proceeds from Geomagic sale to further strengthen balance sheet in Q2.
    • Normalizing for divestiture, 2025 full-year forecast reflects return to flat to modest top line organic growth with progressive cost reductions strengthening EBITDA performance throughout the year. Target is to exit 2025 at positive adjusted-EBITDA levels, with continuing momentum in 2026.
        Three Months Ended
    December 31,    		   Year Ended
    December 31,
          2024       2023       2024       2023  
    (in millions, expect per share data)   (unaudited)   (unaudited)        
    Revenue   $ 111.0     $ 114.8     $ 440.1     $ 488.1  
    Gross profit   $ 34.4     $ 44.0     $ 164.2     $ 196.4  
    Gross profit margin     31.0 %     38.3 %     37.3 %     40.2 %
    Operating expense   $ 64.8     $ 371.3     $ 441.6     $ 602.4  
    Operating loss   $ (30.4 )   $ (327.3 )   $ (277.4 )   $ (406.0 )
    Net loss attributable to 3D Systems Corporation   $ (33.7 )   $ (292.7 )   $ (255.6 )   $ (362.7 )
    Diluted loss per share   $ (0.25 )   $ (2.25 )   $ (1.94 )   $ (2.79 )
                     
    Non-GAAP measures for year-over-year comparisons (1)            
    Non-GAAP gross profit margin     31.3 %     39.8 %     37.4 %     40.6 %
    Non-GAAP operating expense   $ 58.4     $ 65.4     $ 250.3     $ 246.0  
    Adjusted EBITDA   $ (19.1 )   $ (14.0 )   $ (66.4 )   $ (26.3 )
    Non-GAAP diluted loss per share   $ (0.19 )   $ (0.13 )   $ (0.62 )   $ (0.28 )
                                     
    (1) See “Presentation of Information in this Press Release” below for a description, and the Appendix for the reconciliation of non-GAAP measurements to the most closely comparable GAAP measure.
     

    Summary Comments on Results

    “While 2024 was a challenging year for sales, reflecting weak customer capex spending on new manufacturing plant capacity through the first three quarters, we were pleased to see a healthy uptick in the sale of new industrial printer systems and global services in the fourth quarter,” said Dr. Jeffrey Graves, president & CEO of 3D Systems. “In addition, with the largest installed base in the additive manufacturing industry, we were pleased to see a return to healthy consumable sales across most markets, reflecting higher utilization rates for existing machines. These positive changes in our core business units were unfortunately masked by the impact of an accounting estimate change in our Regenerative Medicine program related to refinement of technical acceptance criteria associated with a potential change in testing methodology for printed human lungs, which are the focus of this program. This estimate change relates to the incorporation of in vivo human decedent testing protocols, which have recently been successfully demonstrated by our partner, United Therapeutics. While this accounting estimate change was not originally contemplated in our 2024 guidance, I am pleased that our core businesses still delivered within the full-year revenue range communicated in our prior forecast, and that the market showed signs of strengthening in the fourth quarter.”

    Dr. Graves continued, “While sales were weak across our industry for the last year, for 3D Systems 2024 will be remembered as a historic year of innovation, one in which dozens of new products were launched in both our Healthcare and Industrial markets. This strength in new products was a direct reflection of the continuity in R&D investment that we maintained over this challenging period. Naming just a few key milestones, early in the year we announced the largest contract in the Company’s history, securing our leadership in the dental market for the straightening of teeth, while simultaneously building critical momentum in the even larger adjacent market for teeth replacement, culminating in the announcement of our jetted denture solution which was granted clearance by the FDA in September. In our Industrial business, our collaboration with Daimler Truck demonstrated the exceptional savings potential for integrating digital rights management with on-demand localized print capabilities using Oqton work-flow management for critical spare parts, a market that is expected to reach $8 billion for trucks by 2027. With the broadest range of metal and polymer additive manufacturing technology in the entire industry, and our application-first mindset, we believe our organic growth prospects will be a key differentiator in the path ahead.”

    Dr. Graves concluded, “With our new products now gaining traction in the market, our focus is increasingly centered on driving gross margin expansion and operating expense improvements in the face of continuing uncertainty in the global markets. Given this potential demand profile, we believe it is prudent to undertake further significant actions to reduce costs and improve operating efficiencies to support our long-term mission of delivering growth with sustainable profitability. Our latest cost initiative, which began in Q1 of 2025, is targeted at delivering over $50 million of incremental annualized savings based on actions taken over the next six quarters. Importantly, while these efforts will not be fully completed until the middle of 2026, we anticipate significant improvements associated with them, in conjunction with those taken previously, leading us to expect break-even-or-better adjusted-EBITDA performance by the fourth quarter of 2025, despite essentially flat-to-modest revenue growth. From a balance sheet perspective, having previously retired over 50% of our Convertible Notes due November 2026, the remainder of which reaches maturity in Q4 of 2026, our cash balance at 2024 year-end of $171 million, supplemented by proceeds from the sale of our Geomagic software platform for $123 million in the coming weeks, positions us well to continue reducing our leverage while supporting the investments needed to deliver long-term growth and profitability.”

    Summary of Fourth Quarter Results

    Revenue for the fourth quarter of 2024 decreased 3% to $111.0 million compared to the same period last year and includes an $8.7 million reduction due to a change in accounting estimate related to refinement of milestone recognition criteria within our Regenerative Medicine program.

    Healthcare Solutions revenue, which includes revenues from our Regenerative Medicine program, decreased 21% to $40.4 million compared to the prior year period.

    Industrial Solutions revenue increased 11% to $70.7 million compared to the prior year period.

    Gross profit margin for the fourth quarter of 2024 was 31.0% compared to 38.3% in the same period last year. Non-GAAP gross profit margin was 31.3% compared to 39.8% in the same period last year and decreased primarily due to the accounting estimate changes previously described for our Regenerative Medicine program. Excluding the impact of these accounting estimate changes, non-GAAP gross profit margins were 36.3% for Q4 and 38.7% for the full year 2024, offering a perspective on our core Healthcare and Industrial business performance.

    Net loss attributable to 3D Systems Corporation improved by $259.0 million to a loss of $33.7 million in the fourth quarter of 2024 compared to the same period in the prior year. The improvement in net loss primarily reflects the year-over-year change in impairment of goodwill and other intangible assets taken during the prior year period.

    Adjusted EBITDA decreased by $5.1 million to a loss of $19.1 million in the fourth quarter of 2024 compared to the same period last year primarily driven by lower revenue and margin due to a change in accounting estimate related to refinement of milestone recognition criteria in our Regenerative Medicine program.

    Summary of Full-Year 2024 Results

    Revenue for 2024 of $440.1 million decreased 10% compared to the prior year. The decline in revenue primarily reflects lower hardware systems sales due to macroeconomic factors that are negatively impacting demand.

    Healthcare Solutions revenue decreased 11% to $189.7 million compared to the prior year.

    Industrial Solutions revenue decreased 9% to $250.4 million compared to the prior year.

    Gross profit margin for the full year 2024 was 37.3% compared to 40.2% in the prior year. Non-GAAP gross profit margin was 37.4% for the full year 2024 compared to 40.6% in the prior year. Gross profit margin decreased primarily due to the change in accounting estimate related to refinement of milestone recognition criteria within our Regenerative Medicine program and unfavorable manufacturing variances.

    Net loss for the full year 2024 improved by $107.1 million to a loss of $255.6 million compared to the prior year. The improvement in net loss primarily reflects the year-over-year change in impairment of goodwill and other intangible assets taken during 2023.

    Adjusted EBITDA decreased by $40.1 million to a loss of $66.4 million in 2024 compared to prior year primarily driven by lower revenues and increases in consulting and outside services expenses.

    2025 Outlook

    Assuming no material change in current macroeconomic conditions and the expected divestiture of the Geomagic business in early Q2 of 2025, the Company is providing the following for its full year 2025 outlook:

    • Revenue within the range of $420 million to $435 million, representing essentially flat to modest growth when excluding Geomagic revenue for the same periods in FY’24
    • Non-GAAP Gross Profit Margin within the range of 37% to 39%
    • Non-GAAP Operating Expense within the range of $200 million to $220 million
    • Adjusted EBITDA to be break even or better in Q4 2025

    Financial Liquidity

    At December 31, 2024, cash and cash equivalents totaled $171.3 million and decreased $160.2 million since December 31, 2023. This decrease resulted primarily from the repurchase of our Convertible Notes due November 2026 of $87.2 million, cash used in operations of $44.9 million, and capital expenditures of $16.1 million. At December 31, 2024, the company had total debt, net of deferred financing costs of $212.0 million.

    Q4 and FY 2024 Conference Call and Webcast

    The Company will host a conference call and simultaneous webcast to discuss these results on March 27 2025, which may be accessed as follows:

    Date: Thursday, March 27, 2025
    Time: 8:30 a.m. Eastern Time
    Listen via webcast: www.3dsystems.com/investor
    Participate via telephone: 201-689-8345

    A replay of the webcast will be available approximately two hours after the live presentation at www.3dsystems.com/investor.

    Forward-Looking Statements

    Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In many cases, forward looking statements can be identified by terms such as “believes,” “belief,” “expects,” “may,” “will,” “estimates,” “intends,” “anticipates” or “plans” or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management’s beliefs, assumptions and current expectations and may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings “Forward-Looking Statements” and “Risk Factors” in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as the date of the statement. 3D Systems undertakes no obligation to update or revise any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise, except as required by law.

    Presentation of Information in this Press Release

    3D Systems reports its financial results in accordance with GAAP. Management also reviews and reports certain Non-GAAP measures, including: Non-GAAP gross profit, Non-GAAP gross profit margin, Non-GAAP diluted income (loss) per share, Non-GAAP operating expense and Adjusted EBITDA. These Non-GAAP measures exclude certain items that management does not view as part of 3D Systems’ core results as they may be highly variable, may be unusual or infrequent, are difficult to predict and can distort underlying business trends and results. Management believes that the Non-GAAP measures provide useful additional insight into underlying business trends and results and provide meaningful information regarding the comparison of period-over-period results. Additionally, management uses the Non-GAAP measures for planning, forecasting and evaluating business and financial performance, including allocating resources and evaluating results relative to employee compensation targets. 3D Systems’ Non-GAAP measures are not calculated in accordance with or as required by GAAP and may not be calculated in the same manner as similarly titled measures used by other companies. These Non-GAAP measures should thus be considered as supplemental in nature and not considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP.

    To calculate the Non-GAAP measures, 3D Systems excludes the impact of the following items:

    • amortization of intangible assets, a non-cash expense, as 3D Systems’ intangible assets were primarily acquired in connection with business combinations;
    • costs incurred in connection with acquisitions and divestitures, such as legal, consulting and advisory fees;
    • stock-based compensation expenses, a non-cash expense;
    • charges related to restructuring and cost optimization plans, impairment charges, including goodwill, and divestiture gains or losses;
    • certain compensation expense related to the 2021 Volumetric acquisition; and
    • costs, including legal fees, related to significant or unusual litigation matters.

    Amortization of intangibles and acquisition and divestiture-related costs are excluded from Non-GAAP measures as the timing and magnitude of business combination transactions are not predictable, can vary significantly from period to period and the purchase price allocated to amortizable intangible assets and the related amortization period are unique to each acquisition. Amortization of intangible assets will recur in future periods until such intangible assets have been fully amortized. While intangible assets contribute to the company’s revenue generation, the amortization of intangible assets does not directly relate to the sale of the company’s products or services. Additionally, intangible assets amortization expense typically fluctuates based on the size and timing of the company’s acquisition activity. Accordingly, the company believes excluding the amortization of intangible assets enhances the company’s and investors’ ability to compare the company’s past financial performance with its current performance and to analyze underlying business performance and trends. Although stock-based compensation is a key incentive offered to certain of our employees, the expense is non-cash in nature, and we continue to evaluate our business performance excluding stock-based compensation; therefore, it is excluded from Non-GAAP measures. Stock-based compensation expenses will recur in future periods. Charges related to restructuring and cost optimization plans, impairment charges, including goodwill, divestiture gains or losses, and the costs, including legal fees, related to significant or unusual litigation matters are excluded from Non-GAAP measures as the frequency and magnitude of these activities may vary widely from period to period. Additionally, impairment charges, including goodwill, are non-cash. Furthermore, the company believes the costs, including legal fees, related to significant or unusual litigation matters are not indicative of our core business’ operations. Finally, 3D Systems excludes contingent consideration recorded as compensation expense related to the 2021 Volumetric acquisition from Non-GAAP measures as management evaluates financial performance excluding this expense, which is viewed by management as similar to acquisition consideration.

    The matters discussed above are tax effected, as applicable, in calculating Non-GAAP diluted income (loss) per share.

    Adjusted EBITDA, defined as net income, plus income tax (provision) benefit, interest and other income (expense), net, stock-based compensation expense, amortization of intangible assets, depreciation expense, and other Non-GAAP adjustments, all as described above, is used by management to evaluate performance and helps measure financial performance period-over-period.

    A reconciliation of GAAP to Non-GAAP financial measures is provided in the accompanying schedules.

    3D Systems does not provide forward-looking guidance for certain measures on a GAAP basis. The company is unable to provide a quantitative reconciliation of forward-looking Non-GAAP gross profit margin, Adjusted EBITDA, and Non-GAAP operating expense to the most directly comparable forward-looking GAAP measures without unreasonable effort because certain items, including litigation costs, acquisition expenses, stock-based compensation expense, intangible assets amortization expense, restructuring expenses, and goodwill impairment charges are difficult to predict and estimate. These items are inherently uncertain and depend on various factors, many of which are beyond the company’s control, and as such, any associated estimate and its impact on GAAP performance could vary materially.

    About 3D Systems

    More than 35 years ago, Chuck Hull’s curiosity and desire to improve the way products were designed and manufactured gave birth to 3D printing, 3D Systems, and the additive manufacturing industry. Since then, that same spark continues to ignite the 3D Systems team as we work side-by-side with our customers to change the way industries innovate. As a full-service solutions partner, we deliver industry-leading 3D printing technologies, materials and software to high-value markets such as medical and dental; aerospace, space and defense; transportation and motorsports; AI infrastructure; and durable goods. Each application-specific solution is powered by the expertise and passion of our employees who endeavor to achieve our shared goal of Transforming Manufacturing for a Better Future. More information on the company is available at www.3dsystems.com.

    Investor Contact: investor.relations@3dsystems.com
    Media Contact: press@3dsystems.com
       

    Tables Follow

     
    3D Systems Corporation
    Consolidated Balance Sheets
    (in thousands, except par value)
     
      December 31,
    2024    		   December 31,
    2023
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 171,324     $ 331,525  
    Accounts receivable, net of reserves — $2,433 and $3,389   101,471       101,497  
    Inventories   118,530       152,188  
    Prepaid expenses and other current assets   34,329       42,612  
    Assets held for sale   3,176       —  
    Total current assets   428,830       627,822  
    Property and equipment, net   51,044       64,461  
    Intangible assets, net   18,020       62,724  
    Goodwill   14,879       116,082  
    Operating lease right-of-use assets   50,715       58,406  
    Finance lease right-of-use assets   8,726       12,174  
    Long-term deferred income tax assets   2,063       4,230  
    Other assets   34,569       44,761  
    Total assets $ 608,846     $ 990,660  
    LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND EQUITY      
    Current liabilities:      
    Current operating lease liabilities $ 9,514     $ 9,924  
    Accounts payable   41,833       49,757  
    Accrued and other liabilities   45,488       49,460  
    Customer deposits   4,712       7,599  
    Deferred revenue   27,298       30,448  
    Liabilities held for sale   10,251       —  
    Total current liabilities   139,096       147,188  
    Long-term debt, net of deferred financing costs   211,995       319,356  
    Long-term operating lease liabilities   52,527       56,795  
    Long-term deferred income tax liabilities   2,076       5,162  
    Other liabilities   25,001       33,400  
    Total liabilities   430,695       561,901  
    Commitments and contingencies      
    Redeemable non-controlling interest   1,958       2,006  
    Stockholders’ equity:      
    Common stock, $0.001 par value, authorized 220,000 shares; shares issued 135,510 and 133,619 as of December 31, 2024 and 2023, respectively   136       134  
    Additional paid-in capital   1,593,366       1,577,519  
    Accumulated deficit   (1,362,243 )     (1,106,650 )
    Accumulated other comprehensive loss   (55,066 )     (44,250 )
    Total stockholders’ equity   176,193       426,753  
    Total liabilities, redeemable non-controlling interest and stockholders’ equity $ 608,846     $ 990,660  
     
    3D Systems Corporation
    Consolidated Statements of Operations
    (in thousands, except per share amounts)
     
      Three Months Ended   Year Ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Revenue: (unaudited)   (unaudited)        
    Products $ 70,426     $ 74,763     $ 279,178     $ 328,731  
    Services   40,598       40,085       160,943       159,338  
    Total revenue   111,024       114,848       440,121       488,069  
    Cost of sales:              
    Products   46,288       49,816       175,859       203,258  
    Services   30,291       21,075       100,084       88,390  
    Total cost of sales   76,579       70,891       275,943       291,648  
    Gross profit   34,445       43,957       164,178       196,421  
    Operating expenses:              
    Selling, general and administrative   43,360       59,549       210,132       210,172  
    Research and development   20,219       22,513       86,479       89,466  
    Asset impairment charges   1,234       289,190       144,967       302,787  
    Total operating expenses   64,813       371,252       441,578       602,425  
    Loss from operations   (30,368 )     (327,295 )     (277,400 )     (406,004 )
    Non-operating income (loss):              
    Foreign exchange gain (loss), net   3,226       (978 )     2,452       (4,825 )
    Interest income   1,502       3,781       7,302       19,511  
    Interest expense   (620 )     (689 )     (2,564 )     (3,301 )
    Other income (loss), net   (1,505 )     31,887       20,214       32,307  
    Total non-operating income (loss)   2,603       34,001       27,404       43,692  
    Loss before income taxes   (27,765 )     (293,294 )     (249,996 )     (362,312 )
    (Provision) benefit for income taxes   (4,689 )     1,045       (2,193 )     641  
    Loss on equity method investment, net of income taxes   (1,001 )     (535 )     (3,404 )     (1,282 )
    Net loss before redeemable non-controlling interest   (33,455 )     (292,784 )     (255,593 )     (362,953 )
    Less: net loss attributable to redeemable non-controlling interest   252       (116 )     —       (265 )
    Net loss attributable to 3D Systems Corporation $ (33,707 )   $ (292,668 )   $ (255,593 )   $ (362,688 )
                   
    Net loss per common share:              
    Basic $ (0.25 )   $ (2.25 )   $ (1.94 )   $ (2.79 )
    Diluted $ (0.25 )   $ (2.25 )   $ (1.94 )   $ (2.79 )
                   
    Weighted average shares outstanding:              
    Basic   132,576       130,431       131,861       129,944  
    Diluted   132,576       130,431       131,861       129,944  
     
    3D Systems Corporation
    Consolidated Statements of Cash Flows
    (in thousands)
     
      Year Ended December 31,
        2024       2023  
    Cash flows from operating activities:      
    Net loss before redeemable non-controlling interest $ (255,593 )   $ (362,953 )
    Adjustments to reconcile loss income to net cash used in operating activities:      
    Depreciation and amortization   33,310       33,413  
    Accretion of debt discount   1,378       2,640  
    Stock-based compensation   18,457       23,504  
    Loss on short-term investments   —       6  
    Non-cash operating lease expense   9,871       9,267  
    Provision for inventory obsolescence and revaluation   12,360       6,350  
    Provision for bad debts   506       595  
    Loss on the disposition of businesses, property, equipment and other assets   2,795       6  
    Gain on debt extinguishment   (21,518 )     (32,181 )
    Benefit for deferred income taxes and reserve adjustments   (952 )     (2,412 )
    Loss on equity method investment   3,404       1,282  
    Impairments of assets   144,967       304,698  
    Changes in operating accounts:      
    Accounts receivable   (6,376 )     (6,186 )
    Inventories   15,766       (20,555 )
    Prepaid expenses and other current assets   7,049       (7,961 )
    Accounts payable   (5,812 )     (5,526 )
    Deferred revenue and customer deposits   3,602       1,245  
    Accrued and other liabilities   (6,187 )     (12,933 )
    All other operating activities   (1,914 )     (12,994 )
    Net cash used in operating activities   (44,887 )     (80,695 )
    Cash flows from investing activities:      
    Purchases of property and equipment   (16,121 )     (27,183 )
    Purchases of short-term investments   —       —  
    Sales and maturities of short-term investments   —       180,925  
    Proceeds from sale of assets and businesses, net of cash sold   96       194  
    Acquisitions and other investments, net of cash acquired   (3,000 )     (29,152 )
    Net cash (used in) provided by investing activities   (19,025 )     124,784  
    Cash flows from financing activities:      
    Repayment of borrowings/long-term debt   (87,218 )     (100,614 )
    Purchase of non-controlling interests   —       —  
    Taxes paid related to net-share settlement of equity awards   (2,662 )     (5,211 )
    Other financing activities   (1,385 )     (644 )
    Net cash used in financing activities   (91,265 )     (106,469 )
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   (5,053 )     3,516  
    Net decrease in cash, cash equivalents and restricted cash   (160,230 )     (58,864 )
    Cash, cash equivalents and restricted cash at the beginning of the year a   333,111       391,975  
    Cash, cash equivalents and restricted cash at the end of the year a $ 172,881     $ 333,111  
     
    (a)  The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the total of such amounts reported in the condensed consolidated statements of cash flows.
     
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2022
    Cash and cash equivalents $ 171,324     $ 331,525     $ 388,134  
    Restricted cash included in prepaid expenses and other current assets   123       119       114  
    Restricted cash included in other assets   1,434       1,467       3,727  
    Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 172,881     $ 333,111     $ 391,975  
     
    Amounts included in restricted cash as of December 31, 2024 and December 31, 2023 primarily relate to guarantees in the form of a standby letter of credit as security for a long-term real estate lease. Amounts included in restricted cash as of December 31, 2022 primarily relate to $3,435 deposited into and held in an escrow account prior to its use as part of our initial investment in the National Additive Manufacturing Innovation (“NAMI”) joint venture. The remaining amounts in restricted cash in all periods presented relate to collateral for letters of credit and bank guarantees.
     
    Appendix
    3D Systems Corporation
    Unaudited Reconciliations of GAAP to Non-GAAP Measures
     
    Segment Revenue (1)
     
      Three Months Ended December 31,
    (in millions)   2024       2023     $ Change   % Change
    Healthcare Solutions $ 40.4     $ 51.2     $ (10.8 )     (21.1) %
    Industrial Solutions   70.7       63.7       7.0       11.0 %
    Total revenue $ 111.0     $ 114.8     $ (3.8 )     (3.3) %
     
    (1) Amounts in table may not foot due to rounding
      Year Ended December 31,
    (in millions)   2024       2023     $ Change     % Change  
    Healthcare Solutions $ 189.7     $ 213.2     $ (23.5 )     (11.0) %
    Industrial Solutions   250.4       274.9       (24.5 )     (8.9) %
    Total revenue $ 440.1     $ 488.1     $ (47.9 )     (9.8) %
     
    (1) Amounts in table may not foot due to rounding
     

    Gross Profit and Gross Profit Margin (1)

      Three Months Ended December 31,
    (in millions)   2024       2023  
      Gross Profit   Gross Profit Margin   Gross Profit   Gross Profit Margin
    GAAP $ 34.4       31.0 %   $ 44.0       38.3 %
    Amortization expense included in Cost of sales   0.2           0.4      
    Severance accrual adjustment   0.1           1.4      
    Non-GAAP (2) $ 34.7       31.3 %   $ 45.8       39.8 %
     
    (1) Amounts in table may not foot due to rounding
    (2) Calculated as non-GAAP gross profit as a percentage of total revenue.
       
      Year Ended December 31,
    (in millions)   2024       2023  
      Gross Profit   Gross Profit Margin   Gross Profit   Gross Profit Margin
    GAAP $ 164.2       37.3 %   $ 196.4       40.2 %
    Amortization expense included in Cost of sales   1.0           0.5      
    Severance accrual adjustment   (0.4 )         1.4      
    Non-GAAP (2) $ 164.8       37.4 %   $ 198.4       40.6 %
     
    (1)Amounts in table may not foot due to rounding
    (2) Calculated as non-GAAP gross profit as a percentage of total revenue.
     

    Non-GAAP Operating Expense(1)

      Three Months Ended December 31,   Year Ended December 31,
    (in millions)   2024       2023       2024       2023  
    Operating expense $ 64.8     $ 371.3     $ 441.6     $ 602.4  
    Amortization expense   (0.8 )     (2.0 )     (13.3 )     (11.6 )
    Stock-based compensation expense   (1.1 )     (8.4 )     (18.4 )     (23.5 )
    Acquisition and divestiture-related expense   (1.4 )     1.2       (2.2 )     1.1  
    Legal and other expense   (1.8 )     (3.2 )     (11.0 )     (8.1 )
    Restructuring expense   (0.1 )     (3.3 )     (1.4 )     (10.1 )
    Asset impairment charges   (1.2 )     (290.1 )     (145.0 )     (304.4 )
    Non-GAAP operating expense $ 58.4     $ 65.4     $ 250.3     $ 246.0  
     
    (1) Amounts in table may not foot due to rounding
     
    Appendix
    3D Systems Corporation
    Unaudited Reconciliations of GAAP to Non-GAAP Measures
     
    Net Loss to Adjusted EBITDA (1)
     
      Three Months Ended December 31,   Year Ended December 31,
    (in millions)   2024       2023       2024       2023  
    Net loss attributable to 3D Systems Corporation $ (33.7 )   $ (292.7 )   $ (255.6 )   $ (362.7 )
    Interest (income) expense, net   (0.9 )     (3.1 )     (4.7 )     (16.2 )
    Provision (benefit) for income taxes   4.7       (1.0 )     2.2       (0.6 )
    Depreciation expense   4.5       5.7       19.0       21.3  
    Amortization expense   1.0       2.4       14.3       12.1  
    EBITDA   (24.4 )     (288.8 )     (224.8 )     (346.1 )
    Stock-based compensation expense   1.1       8.4       18.4       23.5  
    Acquisition and divestiture-related expense   1.4       (1.2 )     2.2       (1.1 )
    Legal and other related costs   2.2       3.2       11.4       8.1  
    Restructuring expense   (0.2 )     4.8       0.7       11.5  
    Net loss attributable to redeemable non-controlling interest   0.3       (0.1 )     0.1       (0.3 )
    Loss on equity method investment, net of tax   1.0       0.5       3.4       1.3  
    Asset impairment charges   1.2       290.1       145.0       304.4  
    Gain on repurchase of debt   —       (32.2 )     (21.5 )     (32.2 )
    Other non-operating (income) expense   (1.7 )     1.3       (1.2 )     4.7  
    Adjusted EBITDA $ (19.1 )   $ (14.0 )   $ (66.4 )   $ (26.3 )
     
    (1) Amounts in table may not foot due to rounding
     
    Appendix
    3D Systems Corporation
    Unaudited Reconciliations of GAAP to Non-GAAP Measures
     
    Diluted Loss per Share (1)
     
      Three Months Ended December 31,   Year Ended December 31,
    (in dollars)   2024       2023       2024       2023  
    Diluted loss per share $ (0.25 )   $ (2.25 )   $ (1.94 )   $ (2.79 )
    Amortization expense   0.01       0.02       0.11       0.09  
    Stock-based compensation expense   0.01       0.06       0.14       0.18  
    Acquisition and divestiture-related expense   0.01       (0.01 )     0.02       (0.01 )
    Legal expense   0.02       0.03       0.09       0.06  
    Restructuring expense   —       0.04       0.01       0.09  
    Asset impairment charges   0.01       2.23       1.10       2.35  
    Gain on repurchase of debt   —       (0.25 )     (0.16 )     (0.25 )
    Loss on equity method investment and other   0.01       —       0.03       —  
    Non-GAAP diluted loss per share $ (0.19 )   $ (0.13 )   $ (0.62 )   $ (0.28 )
     
    (1) Amounts in table may not foot due to rounding

    The MIL Network –

  • MIL-OSI: Firsthand Technology Value Fund Announces Fiscal Year Financial Results, NAV of $0.15 Per Share

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., March 26, 2025 (GLOBE NEWSWIRE) — Firsthand Technology Value Fund, Inc. (OTCQB: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, announced today its financial results for the year ended December 31, 2024.

    As of December 31, 2024, the Fund’s net assets were approximately $1.1 million, or $0.15 per share, compared with net assets of approximately $1.5 million, or $0.22 per share as of September 30, 2024. As of December 31, 2024, the Fund’s portfolio included public and private securities valued at approximately $1.1 million, or $0.15 per share, which includes approximately $0.11 per share in cash and cash equivalents.

    Portfolio Summary (as of 12/31/24)

    Investment   Fair Value1, Fair Value
    per Share1,2
    Equity/Debt Investments $ 0.32 million   $ 0.05
    Cash/Cash Equivalents $ 0.75 million   $ 0.11
    Other Assets $ 0.74 million   $ 0.11
    Total Assets $ 1.80 million   $ 0.26
    Total Liabilities $ 0.73 million   $ 0.11
    Net Assets $ 1.06 million   $ 0.15
               
    1 Numbers may not sum due to rounding.
    2 Total shares outstanding: 6,893,056.
     

    During the fourth quarter of 2024, the Valuation Committee, which was composed of two independent directors, adjusted the fair values of the private companies in our portfolio. In arriving at these determinations and consistent with the Fund’s valuation procedures, and ASC 820, the Valuation Committee took into account information from an independent valuation firm and considered many factors, including the performance of the portfolio companies, recent transactions in the companies’ securities, as well as the impact of changes in market multiples within certain sectors.

    For the year ended December 31, 2024, the Fund reported total investment income of approximately $110 thousand. After fees and expenses, the Fund reported net investment income of approximately $2.0 million, due to the waiving of certain accrued management fees during the year. The Fund reported net realized and unrealized losses on investments of approximately $2.1 million for the year.

    Throughout the year, the Fund continued its efforts to manage its portfolio prudently, including working with its portfolio companies and their management teams to seek to enhance performance and uncover potential exit opportunities.

    About Firsthand Technology Value Fund
    Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund that invests in technology and cleantech companies. More information about the Fund and its holdings can be found online at www.firsthandtvf.com.

    The Fund is a non-diversified, closed-end investment company that elected to be treated as a business development company under the Investment Company Act of 1940. The Fund’s investment objective is to seek long-term growth of capital. Under normal circumstances, the Fund will invest at least 80% of its total assets for investment purposes in technology and cleantech companies. An investment in the Fund involves substantial risks, some of which are highlighted below. Please see the Fund’s public filings for more information about fees, expenses and risk. Past investment results do not provide any assurances about future results.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains “forward-looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Fund’s historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions, regulatory and legal changes, technology and cleantech industry risk, valuation risk, non-diversification risk, interest rate risk, tax risk, and other risks discussed in the Fund’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objectives will be attained. We acknowledge that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply to investment companies such as us.

    Contact:

    Phil Mosakowski
    Firsthand Capital Management, Inc.
    (408) 624-9526
    vc@firsthandtvf.com

    The MIL Network –

  • MIL-OSI Africa: Congo Energy & Investment Forum (CEIF) 2025 Ministerial Panel: Republic of Congo to Promote Onshore Acreage in Upcoming Bid Round

    Source: Africa Press Organisation – English (2) – Report:

    BRAZZAVILLE, Republic of Congo, March 26, 2025/APO Group/ —

    The Republic of Congo’s Ministry of Hydrocarbons announced that the upcoming 2025 licensing round will focus on onshore blocks in the country’s continental basin.

    The announcement was made on March 25 by Bruno Jean-Richard Itoua, Minister of Hydrocarbons of the Republic of Congo, during a ministerial panel discussion at the inaugural Congo Energy & investment Forum in Brazzaville.

    “Our national development plan [aims to] develop the economy, but we cannot start without the development of hydrocarbons. We have no choice but to take care of hydrocarbons to give the country the capacity to develop,” Minister Itoua stated.

    During the panel session, Minister Itoua also highlighted the Ministry’s plans to collaborate with oil and gas company Trident Energy to valorize associated gas from the country’s N’Kossa oil field. The Minister announced it will launch an entity to monetize associated gas not used by international oil companies operating in the country as part of a strategy to reach zero flaring by 2030.

    Meanwhile, Aimé Sakombi Molendo, Minister of Hydrocarbons of the Democratic Republic of Congo (DRC), announced that the country will hold discussions with the Republic of Congo on March 26 to explore bilateral cooperation and the possibility of co-developing hydrocarbon resources in cross-border basins. This comes as the DRC and Angola are set to kick off discussions with energy major Chevron for the joint development of the common interest zone between the two countries, with a governance agreement having been ratified in December last year.

    “We will be discussing with the Republic of Congo bilaterally to see to what extent the two countries can benefit from co-development of our abundant hydrocarbon resources,” Minister Molendo stated.

    José Barroso, Secretary of State for Mineral Resources, Petroleum and Gas for Angola, indicated the potential for developing joint projects in the energy sector with both the Republic of Congo and the DRC. Barroso highlighted the need to create the requisite technical conditions to incentivize national companies to participate in their respective markets in the three countries.

    “In the pipeline, we have projects that we are discussing amongst ourselves, and in the short future, we will be able to communicate more on this,” Barroso stated.

    Meanwhile, Dr. Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organization (APPO), discussed the role the upcoming African Energy Bank will have on resource monetization and development in Africa. Spearheaded by APPO and the African Export-Import Bank, the bank aims to facilitate, promote and finance the development of Africa’s oil, gas and energy industries. According to Dr. Farouk, both the bank and the private sector will have an important role to play in ensuring that regional markets move forward and drive cross-border development.

    “None of our countries have what it takes to address the challenges of energy by themselves. The African Energy Bank is an example of how Africa wants to be independent and be in control of its resources,” Dr. Farouk stated.

    An outline of the Republic of Congo’s 2025 licensing round will be presented during the Congo Energy & Investment Forum.

    MIL OSI Africa –

  • MIL-OSI Africa: Congo’s Société Nationale des Pétroles du Congo (SNPC) Explores Regional Market Bond for Hydrocarbon Development

    Source: Africa Press Organisation – English (2) – Report:

    BRAZZAVILLE, Congo (Republic of the), March 26, 2025/APO Group/ —

    The Republic of Congo’s national oil company (NOC) Société Nationale des Pétroles du Congo (SNPC) is seeking to raise $300 million through regional markets to finance hydrocarbon development.

    In December 2024, SNPC launched a public bond offering titled “SNPC 6.5% Net 2024-2029”  as part of an innovative financing strategy. The proceeds will support drilling projects in the Nanga, Kouakouala and Le Mayombe oil fields. By tapping into subregional resources, SNPC aims to boost production, increase tax revenues and create employment opportunities within the Republic of Congo.​

    Speaking at the Congo Energy & Investment Forum, SNPC’s Director of Finance and Accounting, Vianney Ebenga, underscored the challenges of securing international funding for fossil energy projects, noting that “the paradigm of financial institutions at an international level has shifted to clean energy,” making it increasingly difficult to raise funds for hydrocarbon development.

    To navigate this shift, Aymor Ebiou, Advisor to the Director General in charge of Finance and Mandate at SNPC, highlighted the NOC’s response: “Funding at the international level is scarce; therefore, we have to innovate. SNPC is raising funds through the subregion so that we can develop our permits together.”​

    Supporting this approach, Fernand Gaboumba Moukengue, Director General of LCB Capital, the lead arranger for the bond issue, praised SNPC’s strategy and emphasized the strength of the domestic market: “We are considering quickly programming the second tranche of the domestic loan. You can safely raise funds through the domestic market. Today, we are more than 20 stock exchange companies to support companies seeking financing.”​

    MIL OSI Africa –

  • MIL-OSI Africa: Congo’s Minister of Hydrocarbons Confirms Congo Energy & Investment Forum (CEIF) 2026 at Gala Dinner

    Source: Africa Press Organisation – English (2) – Report:

    BRAZZAVILLE, Republic of Congo, March 26, 2025/APO Group/ —

    Bruno Jean-Richard Itoua, the Minister of Hydrocarbons of the Republic of Congo, opened the Congo Energy & Investment Forum’s (CEIF) Gala Dinner announcing the premier event will take place for a second edition in 2026.

    “We commend the excellent organization of CEIF and are pleased to confirm its second edition in 2026. We also aim to host similar events, including one in Pointe-Noire, to further strengthen industry collaboration,” said Minister Itoua.

    The Gala Dinner, a gathering of high-level energy stakeholders sponsored by Imperatus Energy, including African Ministers and global energy leaders, took center stage as the winners of the prestigious CEIF in Brazzaville were unveiled.

    Denis Sassou Nguesso, President, Republic of Congo was awarded the Lifetime Achievement to the African Energy Industry Award at the opening of the main event. President Denis Sassou Nguesso is not only the President of the Republic of Congo; he is a visionary leader whose transformative impact is shaping the very future of the nation. By making the oil and gas sector the backbone of the economy, President Nguesso has sparked industrialization, expanded electrification and driven unprecedented job creation. Under his leadership, the Republic of Congo achieved the milestone of becoming an LNG producer in 2024 and witnessed an impressive surge in oil and gas discoveries, while new players entered the market. International companies have committed millions to hydrocarbon projects, and local firms have significantly scaled up their operations across the entire value chain.

    Sockaht Charles, Former Chief of Cabinet at the Ministry of Hydrocarbons & Former General Director for Upstream at SNPC was given the Lifetime Achievement Award. Sockaht Charles has been an instrumental force behind the Republic of Congo’s remarkable oil and gas success, with his visionary leadership shaping policies that have unlocked unparalleled investment and growth. As former Chief of Cabinet at the Hydrocarbons Ministry and former General Director for Upstream at SNPC, he has been at the helm of driving crucial industry reforms that have reinforced the sector’s foundation. His exceptional leadership has been pivotal in advancing the Republic of Congo’s upstream sector, championing regulatory transformations and paving the way for major developments throughout the country. Through his unwavering dedication and foresight, Sockaht Charles has not only positioned the Republic of Congo as a dominant oil and gas powerhouse, but has also fueled progress, prosperity, and a brighter, more sustainable energy future for the nation.

    Eni was named Game Changer of the Year. Eni is revolutionizing the Republic of Congo’s energy landscape with its groundbreaking Congo LNG project. As the country’s first natural gas liquefaction initiative, Congo LNG has set a benchmark for offshore gas development in the Republic of Congo. Through the deployment of the Tango FLNG unit and the upcoming Nguya FLNG planned to start operations in 2025, Congo LNG is redefining a new era of energy production in the Republic of Congo.

    TotalEnergies took home the Explorer of the Year award. TotalEnergies has taken exploration to new heights in the Republic of Congo. Despite facing geological and operational challenges in the Moho-Bilondo offshore block, the company remained resilient, bringing the project online in 2015 and now producing 140,000 barrels per day. In the face of challenging drilling conditions in the pre-salt, TotalEnergies demonstrated that through innovative drilling and a commitment to offshore production, companies can unlock the potential of the Republic of Congo’s deep-offshore acreage.

    AMMAT Global Resources won the Local Content Champion of the Year Award. Independent hydrocarbon producer Ammat Global Resources is revolutionizing the Republic of Congo’s energy sector, but its impact goes beyond exploration and production. The company has not only promoted local content but cemented it across its operations through a commitment to local inclusion, a drive for capacity building and efforts to promote community outreach. With 85% of the company’s workforce local, Ammat is setting a strong benchmark for international companies operating in the Republic of Congo.

    SLB received the Service Company of the Year Award. SLB is a driving force behind deepwater development and production efficiency in the Republic of Congo. From optimizing offshore operations to enhancing well performance to maximizing recovery rates and increasing efficiency, the company has emerged as a driving force behind the country’s production goals. Going forward, SLB’s commitment to ongoing projects and its dedication to long-term industry growth will not only bolster energy security but support sustainable operations for years to come.

    These awards recognize the outstanding achievements and contributions of individuals and companies in the Republic of Congo’s energy sector.

    MIL OSI Africa –

  • MIL-OSI Africa: Congo Energy & Investment Forum (CEIF) 2025: Reviving Mature Fields Key to Congo’s Hydrocarbon Future

    Source: Africa Press Organisation – English (2) – Report:

    BRAZZAVILLE, Congo (Republic of the), March 26, 2025/APO Group/ —

    Industry leaders at the Congo Energy & Investment Forum (CEIF) 2025 emphasized that revitalizing the Republic of Congo’s mature oil fields is key to sustaining production and attracting new investment during the Entering The Next Era Of Oil And Gas Production In Congo session.

    The country aims to increase crude production to 500,000 barrels per day (bpd) and is seeking new investment across its diverse portfolio of oil and gas assets.

    “Congo offers opportunities in both oil and gas. We are actively developing offshore and shallow-water fields in partnership with SNPC and Bomoko Oil & Gas,” stated Yachtze Luchin, President & CEO of Unite Oil & Gas – a Silver Sponsor of CEIF 2025. He added that, “Through strategic partnerships, technological innovation and a comprehensive approach, we can maximize efficiency of mature assets.”

    Echoing Luchin’s comments, Miguel Baptista, Managing Director for Central, East & Southern Africa at SLB, said, “Mature fields remain a critical component of Congo’s hydrocarbon industry. The vast majority of production comes from these fields, and maintaining output requires a collaborative perspective, knowledge-sharing, digital tools to harness data and advanced technology deployment.”

    Service providers have a key role to play in supporting the revitalization of Congo’s mature fields. According to James Richardson, Weatherford’s Europe, Africa & Caspian Sales Director, “We need to collaborate with other service providers to optimize recovery and extend field life.”  

    Meanwhile, Massimiliano Mignacca, Managing Director of Ammat Global Resources – a Platinum Sponsor of CEIF 2025 -, underscored the necessity of modernizing operations. “Many offshore fields have been in production since the late 1970s and 1980s. To sustain efficiency, we need to remove outdated infrastructure and introduce new technology while ensuring minimal environmental impact.”

    The session also highlighted Congo’s emergence as a gas exporter and the need for continued investment in onshore projects. “Projects like Wing Wah’s onshore development are providing a significant boost to hydrocarbon expansion,” Baptista noted. “The key is to ensure that production is maintained through a holistic strategy.”

    MIL OSI Africa –

  • MIL-OSI Africa: Secretary-General’s remarks to the Virtual High-Level Segment of the 16th Petersberg Climate Dialogue [as delivered]

    Source: United Nations – English

    hank you for this opportunity — and for your focus today on collective climate action and acceleration of implementation. 

    This could not be more timely. 

    There is much uncertainty and instability in our world.

    But today we meet in the wake of some good news.

    Just this morning, the International Renewable Energy Agency officially confirmed that 2024 was a record year for renewables additions to global power capacity. 

    Renewables represented more than 92 per cent of all new electricity generation capacity installed last year.
     
    The amount of renewables added represents more than the total electricity capacity of Brazil and Japan combined.

    Europe’s capacity grew by 9 per cent – with Germany contributing more than one-quarter of that growth. Africa’s capacity grew by almost 7 per cent.

    All of this is another reminder of a 21st century truth:

    Renewables are renewing economies. 

    They are powering growth, creating jobs, lowering energy bills, and cleaning our air. 
     
    And every day, they become an even smarter investment. 

    Since 2010, the average cost of wind power has plunged 60%.  Solar is 90% cheaper. 

    In 2023, clean energy sectors accounted for five per cent of economic growth in India and six in the US. It accounted for a fifth of China’s GDP growth, and a third of the EU’s.

    The economic case for – and opportunities of – climate action have become ever clearer – particularly for those who choose to lead. 

    And leadership is what we need – as today’s IRENA report shows:

    To accelerate the shift to renewables…

    And to correct the imbalances in the transition, which is still starving developing countries – outside China – of the investment needed to fully embrace clean energy. 

    Excellencies, dear friends,

    As the title of this session puts it so well: we are indeed at a turning point to the future.

    In the ten years since Paris, we have seen other important progress.

    Ninety percent of global emissions are now covered by net-zero targets. 

    A decade ago, the planet was on course for a global temperature rise of over four degrees Celsius.

    Today, countries’ national climate plans – or NDCs – if fully delivered – will take us closer to a 2.6-degree rise.

    At the same time, climate challenges are piling up.  

    It seems records are shattered at every turn — the hottest day of the hottest month of the hottest year of the hottest decade ever. 

    All of this is hitting the vulnerable hardest, and everyday people in their pockets – with higher living costs, higher insurance premiums, and higher food prices.

    Just last week, the World Meteorological Organization confirmed that 2024 was another alarming year:

    Almost every climate indicator reached new and increasingly dangerous heights – inflaming displacement and food insecurity and inflicting huge economic losses.

    And, for the first time, the annual global temperature was 1.5 degrees Celsius hotter than pre-industrial times.

    Scientists are clear – it is still possible to meet the long-term 1.5 degree limit.

    But it requires urgent action. And it requires leadership.

    Excellencies, dear friends,

    I see two critical fronts to drive action. 

    First, new national climate plans – or NDCs – due by September.

    Investors need certainty and predictability.

    These new plans are a unique opportunity to deliver – and lay out a coherent vision for a just green transition.

    They must align with the 1.5-degree limit, as agreed at COP28. And cover all emissions and the whole economy.

    Together, they must reduce global emissions 60% by 2035 – compared to 2019…

    And contribute to the COP28 global energy transition goals.

    All this must be achieved in line with the principle of common but differentiated responsibilities and respective capabilities, in the light of national circumstances but everybody, everybody must do more.

    The G20 – the largest emitters and economies – must lead.

    Every country must step up and play their part.

    The United Nations is with you all.

    President Lula and I are working to secure the highest ambition from the largest economies.

    The United Nations Climate Promise is supporting a hundred countries to prepare their new climate plans.

    And we will convene a special event in September to take stock of the plans of all countries, push for action to keep 1.5 within reach, and deliver climate justice.

    Second, we must drive finance to developing countries.

    The COP29 finance agreement must be implemented in full.

    I count on the leadership of the COP29 and COP30 Presidencies to deliver a credible roadmap to mobilize $1.3 trillion a year by 2035.

    We need new and innovative sources of financing, and credible carbon pricing.

    Developed countries must honour their promise to double adaptation finance to at least $40 billion a year, by this year.

    And we need serious contributions to the fund for responding to Loss and Damage, and to get it up and running.
    Excellencies,

    We can only meet these goals with stronger collaboration – between governments, and across society and sectors.

    Those that will lag behind need to be not a reason for us to be discouraged but an increase in our commitment to move forward.

    The rewards are there for the taking, for all those ready and willing to lead the world through these troubled times.

    We are at a turning point.  I urge you to seize this moment; and seize the prize.

    Thank you.
     

    MIL OSI Africa –

  • MIL-OSI Africa: Secretary-General’s remarks to the Informal Interactive Dialogue on the Implementation of the Pact for the Future [bilingual, as delivered; scroll down for all-English version]

    Source: United Nations – English

    r. President of the General Assembly, Excellencies, Ladies and Gentlemen,

    I thank the President of the General Assembly for convening this important dialogue — the first of three in the coming months. 

    From day one of the Pact for the Future’s adoption, the President has been its active champion.

    I deeply appreciate your efforts, Mr. President, and your leadership.

    Excellencies,

    Adopting the Pact was the beginning of the process, not the end. 

    Today I want to focus on what we have done over the last six months — and what we need to do.

    We face a long list of challenges.  

    Conflicts and climate disasters are intensifying.  

    The Sustainable Development Goals are far off-track — as is the funding required to achieve them.

    Geopolitical divisions and mistrust are blocking effective action, with some actively questioning the value of international cooperation and the multilateral system itself.

    But let me be very clear.  It is exactly because of these divides and these mistrusts that the Pact for the Future and the two parallel documents are more important than ever.  And the bigger the obstacle, the bigger will be my determination to make things move forward in line with the will expressed by Member States in the Summit of the Future.

    Meanwhile, critical funding is being drastically cut for people in desperate need — with more reductions to come.

    Resources are shrinking across the board — and they have been for a long time. 

    From day one of my mandate, we embarked on an ambitious agenda to become more effective and cost-effective across our organization.

    Earlier this month, I announced the “UN80” initiative to continue this work and intensify it.

    We’re reviewing efficiencies and improvements to current arrangements, the implementation of mandates handed down by Member States, and structural changes and programme realignment.

    All these will contribute for a more effective implementation of the Pact for the Future.

    Excellencies,

    We’ve wasted no time moving into the implementation phase of the Pact.

    From an operational perspective, we established a principal-level steering committee — which I chair — overseeing six working groups focused on action and reforms in key areas:

    Sustainable Development Goals acceleration…peace and security… international financial architecture…digital technologies…UN governance…and youth.

    We’ve created two task teams focusing on future generations and the need to look beyond GDP as a measure of progress and guide to policy-making. 

    And we’re establishing an internal tracking system to monitor our progress on Pact implementation.

    Today, I’d like to report on our efforts since the Pact was adopted, and outline the work ahead in four areas.

    First — peace and security.

    United Nations peace operations help safeguard people and communities in some of the most desperate corners of the world. 

    The Pact represents a commitment to strengthen tools to prevent and address conflict, to ensure that our peace efforts respond to new and emerging threats.

    In November, I issued a report on peacebuilding which included concrete suggestions to strengthen the Peacebuilding Commission and Fund. 

    We’re actively working on the second independent progress study on the positive contribution of young people to peace processes.  

    And we’re progressing on a review of all forms of Peace Operations — as requested in the Pact. 

    Our recent proposals to the Security Council regarding Haiti are a case in point where new approaches can be developed to complex security challenges.

    The review will be an opportunity to help adapt peace operations to today’s realities, and ensure they’re guided by clear and sequenced mandates that are realistic and achievable — with viable exit strategies and transition plans.

    It will also recognize the limitations of our operations where there is little or no peace to keep.

    We will also continue pushing forward on other peace-related priorities of the Pact — including disarmament commitments around nuclear, biological and chemical weapons, lethal autonomous weapons and the growing weaponization of outer space.

    And we will continue advocating — including through the intergovernmental negotiations process — for the Pact’s call to make the Security Council more representative of today’s world and more effective in the capacity to promote peace in the world.

    Second — finance for development.

    Since the Pact’s adoption, we’ve taken action on several fronts.

    For example, our Resident Coordinators and Country Teams are now mapping out how we can accelerate progress at the national levels in close cooperation with the Governments.

    We’ve begun analyzing the impact of military expenditure on the achievement of the SDGs and on our own work at the UN — with a final report out by September.

    The Expert Group called for in the Pact to develop measures of progress that go beyond Gross Domestic Product will soon be announced, and will work throughout the year before an inter-governmental process takes over in 2026.

    And we’ve been working closely with the World Bank and the IMF to follow-up on the Pact’s action points addressing improvements to the international financial system.

    Developing countries must be represented fairly in the governance of the very institutions they depend on.

    We know the environment is not favourable.

    But we must not give up.

    Since the Pact’s adoption, I have also established an expert group to identify practical steps for action on debt.

    In the coming weeks, they will propose a list of achievable outcomes — and release a full report in June in advance of the Financing for Development Conference in Spain.

    Debt relief is a central issue if we want the implementation and the Pact for the Future a reality.

    At the same time, we will continue advocating to increase the lending capacity of Multilateral Development Banks, to make them bigger and bolder.

    This includes both stretching their balance sheets and recapitalization.

    And we must ensure that concessional finance is deployed where it is most needed.

    Many of these actions depend on decisions of other multilateral institutions and of Member States, but we will not relent in our constant advocacy for what the Pact for the Future has clearly indicated as the way to pursue.

    Three — youth and future generations 

    Our efforts must deliver for young people and the generations to come. 

    The Pact’s central promise to young people is to listen to their concerns and ideas, and including them at the decision-making table.

    Following the establishment of a UN Youth Office in 2022, young people played a key role in shaping the Pact’s priorities.

    With the Pact’s adoption, we’re now progressing towards establishing a Youth Investment Platform to ensure that national funding mechanisms and investment platforms are focused on the needs of young people.

    And we’re developing core principles to strengthen youth engagement across our work at the United Nations — including by broadening the representation of younger colleagues within our organizational structures.

    Through the Declaration on Future Generations, we’re also looking to the generations yet to be born.

    We’ve established a Strategic Foresight Network and Community of Practice, to ensure our policies, programmes and field operations are based on long-term thinking.

    And later this year, I will appoint a Special Envoy for Future Generations to scale up these efforts.

    Quatrièmement : la technologie.

    Nous mettons en œuvre les appels du Pacte mondial pour le numérique pour combler toutes les fractures numériques et veiller à ce que tout le monde puisse bénéficier d’un espace numérique sûr et sécurisé.

    L’intelligence artificielle fait l’objet d’une attention particulière.

    Nous élaborons un rapport sur les options novatrices de financement volontaire qui permettraient de renforcer les capacités en matière d’intelligence artificielle afin d’aider les pays du Sud à exploiter cette technologie au service de l’intérêt général – en tenant compte des recommandations formulées par mon Organe consultatif de haut niveau. 

    Un avant-projet de résolution visant à établir le Groupe scientifique international indépendant sur l’IA et à organiser un Dialogue mondial sur la gouvernance de l’IA a été distribué la semaine dernière – grâce au travail des co-facilitateurs, l’Espagne et le Costa Rica.

    J’invite l’Assemblée générale à agir rapidement pour mettre sur pied ce Groupe et veiller à ce que le savoir-faire et les connaissances en matière d’IA soient mis à la disposition de tous les pays – tout en soutenant le Dialogue mondial.

    L’ensemble du système de l’ONU se tient prêt à soutenir ces travaux.

    Excellences,

    Tout en défendant ces priorités, nous nous attelons par ailleurs à améliorer l’efficience et l’efficacité de nos opérations – comme l’exige le Pacte.

    L’automne dernier, nous avons entrepris une évaluation complète dans l’ensemble des entités de l’ONU afin d’exploiter le potentiel de l’innovation, de l’analyse des données, de la transformation numérique et de la prospective dans l’ensemble de nos travaux – conformément à l’initiative ONU 2.0.

    Les résultats sont déjà au rendez-vous : nous avons par exemple été capable de constater une accélération de l’évaluation des catastrophes dans la région Asie-Pacifique, un renforcement des programmes de sécurité sociale au Malawi, ou encore une consolidation des fonctions relatives à l’informatique dans l’ensemble du système des Nations Unies.

    Ces efforts, où les données sont une question essentielle pour que nous puissions faire une bien meilleure gestion de ces données – ces efforts doivent se poursuivre, en particulier au regard des problèmes de financement auxquels nous devons faire face.

    Nous comptons sur votre soutien pour mener ce travail à bien.

    Excellences,

    Alors que nous œuvrons pour remodeler le système multilatéral et ainsi relever les défis du monde d’aujourd’hui, le Pacte pour l’avenir est un rouage essentiel de ce processus de renouvellement constant.

    Nous ne pouvons pas diluer nos efforts.

    Gardons intact l’esprit et la détermination qui ont permis de forger et d’adopter le Pacte.

    Nous comptons sur vous pour éclairer, inspirer et guider le travail de mise en œuvre à venir.

    Une fois encore, merci pour vos idées et votre engagement.

    ***
    [All-English]

    Mr. President of the General Assembly, Excellencies, Ladies and Gentlemen,

    I thank the President of the General Assembly for convening this important dialogue — the first of three in the coming months. 

    From day one of the Pact for the Future’s adoption, the President has been its active champion.

    I deeply appreciate your efforts, Mr. President, and your leadership.

    Excellencies,

    Adopting the Pact was the beginning of the process, not the end. 

    Today I want to focus on what we have done over the last six months — and what we need to do.

    We face a long list of challenges.  

    Conflicts and climate disasters are intensifying.  

    The Sustainable Development Goals are far off-track — as is the funding required to achieve them.

    Geopolitical divisions and mistrust are blocking effective action, with some actively questioning the value of international cooperation and the multilateral system itself.

    But let me be very clear.  It is exactly because of these divides and these mistrusts that the Pact for the Future and the two parallel documents are more important than ever.  And the bigger the obstacle, the bigger will be my determination to make things move forward in line with the will expressed by Member States in the Summit of the Future.

    Meanwhile, critical funding is being drastically cut for people in desperate need — with more reductions to come.

    Resources are shrinking across the board — and they have been for a long time. 

    From day one of my mandate, we embarked on an ambitious agenda to become more effective and cost-effective across our organization.

    Earlier this month, I announced the “UN80” initiative to continue this work and intensify it.

    We’re reviewing efficiencies and improvements to current arrangements, the implementation of mandates handed down by Member States, and structural changes and programme realignment.

    All these will contribute for a more effective implementation of the Pact for the Future.

    Excellencies,

    We’ve wasted no time moving into the implementation phase of the Pact.

    From an operational perspective, we established a principal-level steering committee — which I chair — overseeing six working groups focused on action and reforms in key areas:

    Sustainable Development Goals acceleration…peace and security… international financial architecture…digital technologies…UN governance…and youth.

    We’ve created two task teams focusing on future generations and the need to look beyond GDP as a measure of progress and guide to policy-making. 

    And we’re establishing an internal tracking system to monitor our progress on Pact implementation.

    Today, I’d like to report on our efforts since the Pact was adopted, and outline the work ahead in four areas.

    First — peace and security.

    United Nations peace operations help safeguard people and communities in some of the most desperate corners of the world. 

    The Pact represents a commitment to strengthen tools to prevent and address conflict, to ensure that our peace efforts respond to new and emerging threats.

    In November, I issued a report on peacebuilding which included concrete suggestions to strengthen the Peacebuilding Commission and Fund. 

    We’re actively working on the second independent progress study on the positive contribution of young people to peace processes.  

    And we’re progressing on a review of all forms of Peace Operations — as requested in the Pact. 

    Our recent proposals to the Security Council regarding Haiti are a case in point where new approaches can be developed to complex security challenges.

    The review will be an opportunity to help adapt peace operations to today’s realities, and ensure they’re guided by clear and sequenced mandates that are realistic and achievable — with viable exit strategies and transition plans.

    It will also recognize the limitations of our operations where there is little or no peace to keep.

    We will also continue pushing forward on other peace-related priorities of the Pact — including disarmament commitments around nuclear, biological and chemical weapons, lethal autonomous weapons and the growing weaponization of outer space.

    And we will continue advocating — including through the intergovernmental negotiations process — for the Pact’s call to make the Security Council more representative of today’s world and more effective in the capacity to promote peace in the world.

    Second — finance for development.

    Since the Pact’s adoption, we’ve taken action on several fronts.

    For example, our Resident Coordinators and Country Teams are now mapping out how we can accelerate progress at the national levels in close cooperation with the Governments.

    We’ve begun analyzing the impact of military expenditure on the achievement of the SDGs and on our own work at the UN — with a final report out by September.

    The Expert Group called for in the Pact to develop measures of progress that go beyond Gross Domestic Product will soon be announced, and will work throughout the year before an inter-governmental process takes over in 2026.

    And we’ve been working closely with the World Bank and the IMF to follow-up on the Pact’s action points addressing improvements to the international financial system.

    Developing countries must be represented fairly in the governance of the very institutions they depend on.

    We know the environment is not favourable.

    But we must not give up.

    Since the Pact’s adoption, I have also established an expert group to identify practical steps for action on debt.

    In the coming weeks, they will propose a list of achievable outcomes — and release a full report in June in advance of the Financing for Development Conference in Spain.

    Debt relief is a central issue if we want the implementation and the Pact for the Future a reality.

    At the same time, we will continue advocating to increase the lending capacity of Multilateral Development Banks, to make them bigger and bolder.

    This includes both stretching their balance sheets and recapitalization.

    And we must ensure that concessional finance is deployed where it is most needed.

    Many of these actions depend on decisions of other multilateral institutions and of Member States, but we will not relent in our constant advocacy for what the Pact for the Future has clearly indicated as the way to pursue.

    Three — youth and future generations 

    Our efforts must deliver for young people and the generations to come. 

    The Pact’s central promise to young people is to listen to their concerns and ideas, and including them at the decision-making table.

    Following the establishment of a UN Youth Office in 2022, young people played a key role in shaping the Pact’s priorities.

    With the Pact’s adoption, we’re now progressing towards establishing a Youth Investment Platform to ensure that national funding mechanisms and investment platforms are focused on the needs of young people.

    And we’re developing core principles to strengthen youth engagement across our work at the United Nations — including by broadening the representation of younger colleagues within our organizational structures.

    Through the Declaration on Future Generations, we’re also looking to the generations yet to be born.

    We’ve established a Strategic Foresight Network and Community of Practice, to ensure our policies, programmes and field operations are based on long-term thinking.

    And later this year, I will appoint a Special Envoy for Future Generations to scale up these efforts.

    Fourth — technology.

    We’re implementing the Global Digital Compact’s calls to close all digital divides and ensure all people benefit from a safe and secure digital space.

    Artificial Intelligence is a particular focus.

    We’re developing a report on innovative voluntary financing options for AI capacity-building to help the Global South harness AI for the greater good, taking into account the recommendations of my High-Level Advisory Body. 

    The zero draft resolution to establish the International Independent Scientific Panel on AI and convene a Global Dialogue on AI Governance was also circulated last week — thanks to the work of the co-facilitators, Spain and Costa Rica.

    I urge the General Assembly to act swiftly to establish this Panel, and ensure that AI expertise and knowledge are available to all countries, while supporting the Global Dialogue.

    The UN system stands ready to support this work.

    Excellencies,

    As we push for these priorities, we’re also improving the efficiency and effectiveness of our operations, as called for by the Pact.

    Last fall, we undertook a comprehensive assessment across UN entities to harness the potential of innovation, data analytics, digital transformation and foresight across our work — as called for in the UN 2.0 initiative.

    We’re already seeing results: from speeding-up disaster assessments in the Asia-Pacific, to strengthening social security programmes in Malawi, to consolidating Information Technology functions across the UN System.

    This work must continue — especially in light of the funding challenges we face.

    We’re counting on your support as we move forward.

    Excellencies,

    The Pact for the Future is an essential part of this process of constant renewal, as we re-shape the multilateral system for the challenges of today’s world.

    We cannot dilute our efforts.

    We need to sustain the same spirit and determination in which the Pact was forged and adopted.

    We count on you to inform, inspire and guide the implementation work ahead.

    Once again, thank you for your ideas and commitment. 

    MIL OSI Africa –

  • MIL-OSI Europe: Written question – Ageism in service provision – E-001159/2025

    Source: European Parliament

    Question for written answer  E-001159/2025
    to the Commission
    Rule 144
    Giorgos Georgiou (The Left)

    Article 25 of the Charter of Fundamental Rights of the EU emphasises that the Union recognises and respects the right of the elderly to lead a life of dignity and independence and to participate in social and cultural life. However, data recently discussed in the Cypriot Parliament confirm that older adults are subjected to ageism and unreasonable actions by insurance companies.

    Specifically, there have been a large number of complaints about arbitrary insurance premium increases for older adults. This means that low-income pensioners stay stuck at home because they are not in a position to pay the excessively high car insurance rates. Also, in many cases, insurance companies refuse to insure older adults, exploiting the legal vacuum that exists.

    In light of the above:

    • 1.Does the Commission intend to put forward a European strategy to regulate this issue and help eradicate ageism?
    • 2.What is the Commission’s position concerning the need to push for a European directive on addressing ageism in service provision?

    Submitted: 19.3.2025

    Last updated: 26 March 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Türkiye’s entry into the European Defence Industry must be prevented – E-001014/2025

    Source: European Parliament

    Question for written answer  E-001014/2025
    to the Council
    Rule 144
    Geadis Geadi (ECR)

    Since December 2024, there have been reports that the Turkish company Baykar, a drone manufacturer, has agreed to purchase the Italian company Piaggio Aerospace. The Turkish company itself made an announcement, stating that the Italian Ministry of Enterprises and Made in Italy has approved the sale. Daily Sabah even adds that ‘the closing of the transaction is expected in spring once a series of conditions have been met, including authorisation from the Italian Presidency of the Council of Ministers.’ Baykar, in its announcement, states that with this acquisition it is ready to expand its influence in the European aviation market. At the same time, Baykar also seems to be heading towards a cooperation agreement with the defence and aerospace company Leonardo, which is also Italian.

    With regard to the above:

    • 1.What is the Council’s view of the matter, given that this constitutes Türkiye’s entry into the European Defence Industry?
    • 2.How does the Council comment on this at a time when voices within the European Union are calling on the European institutions to impose an embargo on the sale of European arms to Türkiye?

    Submitted: 10.3.2025

    Last updated: 26 March 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Chinese companies suspected of corruption carrying out European Global Gateway projects – E-001172/2025

    Source: European Parliament

    Question for written answer  E-001172/2025
    to the Commission
    Rule 144
    Mariusz Kamiński (ECR)

    China’s economic expansion, particularly in Africa, is a strategic challenge. Chinese companies are active stakeholders in 78 ports in 32 African countries, acting as builders, investors and operators.

    However, many Chinese investments lead to over-indebtedness and financial dependence of African countries on Beijing. Experts warn that Chinese companies are being awarded contracts thanks to corruption and government support, and implementing them with minimal involvement of local communities, most of the work being done by Chinese workers using Chinese materials. In addition, the speed of project implementation is coming at the expense of quality. At the same time, China is exploiting African natural resources on a massive scale, leaving no substantial benefits for the local economies. All this while African countries are encouraged to embrace China’s development model and support Beijing on the international stage.

    Europe’s response to China’s Belt and Road Initiative was to be the Global Gateway project, which would provide an alternative in the form of transparent and sustainable investments.

    China’s expansion in Africa and Latin America was extensively discussed at the latest meeting of the Delegation for Relations with China. However, the experts were unable to answer the following question, which I refer to the Commission:

    • 1.Is it true that contractors for Global Gateway investments include Chinese companies?
    • 2.Given the arguments set out above, does the Commission not consider that Chinese companies which engage in corrupt practices and which benefit from unfair government support should be excluded from tenders funded by European taxpayers?

    Submitted: 19.3.2025

    Last updated: 26 March 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Equal pay for equal work or work of equal value – E-000370/2025(ASW)

    Source: European Parliament

    Directive 2006/54/EC[1] prohibits sex-based discrimination in employment and occupation including in pay, translating the equal pay principle of Article 157 of the Treaty on the Functioning of the EU into detailed legislation that EU Member States have to follow.

    An evaluation of the directive found that the application of the principle is hindered by a lack of transparency in pay systems, a lack of legal clarity and awareness on the concept of work of equal value, and by procedural obstacles faced by victims of discrimination[2].

    To remedy these shortcomings and following an impact assessment[3], Directive (EU) 2023/970[4] aims to strengthen the implementation of the equal pay principle through pay transparency and supports the elimination of gender bias in pay mechanisms.

    The directive requires Member States to ensure that analytical tools are made available to employers which support the assessment and comparison of the value of work.

    It also strengthens enforcement mechanisms by providing for better compensation, more effective sanctions (fines) and better support of victims of pay discrimination through equality bodies and workers’ representatives.

    The directive entered into force in June 2023 and Member States have to transpose it by June 2026.

    The Commission has also made funds available to Member States under the 2024 Citizens, Equality, Rights and Values programme[5] on gender equality to develop guidance and/or tools for gender-sensitive job evaluation and classification systems to help employers assess work of equal value in compliance with the principle of equal pay[6].

    Moreover, the European Institute for Gender Equality is preparing a step-by-step toolkit on gender-neutral job evaluation and classification systems building on the existing Commission and International Labour Organisation guidance[7].

    • [1] Directive 2006/54/EC of the European Parliament and of the Council of 5 July 2006, OJ L 204, 26.7.2006, p. 23-36.
    • [2] Evaluation of the relevant provisions in the directive 2006/54/EC implementing the Treaty principle on ‘equal pay for equal work or work of equal value’, SWD(2020) 50 final, 5.3.2020.
    • [3] Impact assessment accompanying the document Proposal for a directive of the European Parliament and of the Council to strengthen the application of the principle of equal pay for equal work or work of equal value between men and women through pay transparency and enforcement mechanisms, SWD/2021/41 final, 4.3.2021.
    • [4] Directive (EU) 2023/970 of the European Parliament and of the Council of 10 May 2023, OJ L 132, 17.5.2023, p. 21-44.
    • [5] Citizens, Equality, Rights and Values programme overview available at: https://commission.europa.eu/funding-tenders/find-funding/eu-funding-programmes/citizens-equality-rights-and-values-programme/citizens-equality-rights-and-values-programme-overview_en
    • [6] https://ec.europa.eu/info/funding-tenders/opportunities/portal/screen/opportunities/projects-results?isExactMatch=true&programmePeriod=2021%20-%202027&frameworkProgramme=43251589&topicAbbreviation=CERV-2024-GE&order=DESC&pageNumber=1&pageSize=50&sortBy=title
    • [7] International Labour Organisation, Promoting Equity: gender-neutral job evaluation for equal pay, A step-by-step guide, 2009, available at https://www.ilo.org/publications/promoting-equity-gender-neutral-job-evaluation-equal-pay-step-step-guide; Commission Staff Working Document SWD/2013/0512 final available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52013SC0512
    Last updated: 26 March 2025

    MIL OSI Europe News –

  • MIL-OSI Canada: Investing in Alberta just got easier

    When it comes to setting up shop, any good business owner knows the key to success is location, location, location. Alberta offers thousands of acres of prime real estate in top locations, providing unmatched opportunities for prosperity for businesses and entrepreneurs.

    In the face of a changing geopolitical landscape, Alberta’s government remains committed to maintaining a strong business environment that attracts investment, while supporting economic growth and prosperity for Albertans. Alberta’s government is investing in cutting-edge tools and technology to help businesses thrive and attract large-scale investments to the province.

    Alberta’s Site Selector Tool is a free online service that helps connect businesses and investors to the best locations in Alberta. It combines real-time property listings with key data on infrastructure and socio-economic insights on communities, making it easy to choose where to expand or invest. With almost 7,000 available properties already featured on the tool, Alberta’s business community is empowered with access to free, easy-to-use data and a platform to pinpoint local opportunities.

    “When it comes to innovative solutions for investment attraction, the Alberta Site Selector Tool is best in class and has the potential to help us attract high-quality jobs and billions of dollars in investment.”

    Matt Jones, Minister of Jobs, Economy and Trade

    With the launch of new features on the tool, Alberta’s government is helping investors take their research to the next level and make their data-driven business decisions even more seamless with enhanced access to information supporting a range of sectors including agriculture, energy, data centres, manufacturing and more.

    “Time is money – and Alberta’s improved Site Selector Tool gives businesses the gift of both. By using technology to simplify investment decisions, we’re making Alberta the most attractive and straightforward place to do business in Canada.”

    Nate Glubish, Minister of Technology and Innovation

    Investors can now activate new layers of data that capture a property’s proximity to infrastructure such as high-load corridors, mainline railways and international airports as well as high-capacity powerlines, substations, power generation, natural gas service areas and fibre internet. Investors can also access regional statistics on labour force availability, including labour force by occupation and industry, unemployment rates and graduate rates by degree program.

    The tool also boasts new functionality that saves investors and regional economic developers time, including the ability to:

    • Drop a pin on a map to generate location-specific data.
    • Save a custom view of the site that captures preferred filters and data layers.
    • Share and add properties to a list of favourites that can be downloaded to a spreadsheet or PDF to view later.

    This suite of enhancements was rolled out based on ongoing feedback from users, including municipalities and economic development organizations.

    “As the investment attraction agency for the Edmonton Metro Region, Edmonton Global uses the site selector tool regularly to answer questions from prospective investors, partners and team members. This information, along with insights from other data tools, helps us guide investors to make well-informed decisions for their businesses.”

    Jeff Bell, director of research & business intelligence, Edmonton Global 

    Since its launch in April 2024, the Alberta Site Selector Tool has been providing innovative ways for investors to find opportunities in Alberta while enabling economic development partners to promote their communities as a destination of choice to potential investors.

    Alberta remains the best place in Canada to invest due to its low tax environment, red tape reduction efforts and business-friendly policies. The Alberta government’s policies are attracting record investment, creating thousands of jobs and further diversifying the economy. Through investments like the Site Selector Tool, Alberta is building on its reputation as a province with unlimited opportunity.

    Related information

    • Alberta Regional Dashboard & Site Selector

    Related news

    • New tool making investing even easier in Alberta (April 2, 2024)

    MIL OSI Canada News –

  • MIL-OSI USA: Federal Support for Wildfire Survivors Tops $2 Billion

    Source: US Federal Emergency Management Agency

    Headline: Federal Support for Wildfire Survivors Tops $2 Billion

    Federal Support for Wildfire Survivors Tops $2 Billion

    LOS ANGELES – As of March 25, just over two months since the Los Angeles County wildfires were declared a major disaster by the president, FEMA and its federal partners have made more than $2 billion available to disaster survivors

    Federal assistance to eligible homeowners, renters, and businesses, in the form of FEMA grants and low-interest SBA Disaster Loans, has topped $2 billion

    That number includes:$101 million in FEMA housing and other needs assistance

    $2 billion in home and business loan offers from the SBA, the largest source of federal disaster recovery funds for homeowners, renters, businesses, and certain nonprofits

    31,941 household have been approved for FEMA funds, including: $24,316,400 in housing assistance for short-term rental assistance and home repair costs$76,431,025 in other essential disaster-related needs, such as expenses related to medical, dental, and lost personal possessions

    Two Disaster Recovery Centers remain open at UCLA Research Park and Altadena Recovery Center

    In total, the centers have logged 32,511 survivor visits

    At the centers, residents may speak in person to representatives from federal and state programs, the American Red Cross and various nongovernmental nonprofits and community groups

    In partnership with the State of California, Los Angeles County, and local officials, FEMA will continue helping California’s individuals and families get back on their feet and jumpstart their recovery

    The deadline to apply for both FEMA and SBA disaster assistance is March 31, 2025

    How To Apply for FEMA Individual Assistance:Online at DisasterAssistance

    gov

    On the FEMA App

    By calling the FEMA Helpline at 1-800-621-3362

    If you use a relay service, give FEMA your number for that service

    Assistance is available in multiple languages

    Lines are open Sunday–Saturday, from 4 a

    m

    – 10 p

    m

    Pacific Time

    At a Disaster Recovery Center (DRC)

    To locate a DRC near you, visit the DRC Locator

    For an American Sign Language video on how to apply, visit FEMA Accessible: Three Ways to Register for FEMA Disaster AssistanceApply for SBA Low-Interest Disaster Loans:Online at sba

    gov/disaster By calling SBA’s Customer Service Center hotline at 800-659-2955

     People who are deaf, hard of hearing or have a speech disability may dial 711 to access relay services

    By emailingDisasterCustomerService@sba

    govAt a Disaster Recovery Center or Business Recovery Center, where you can submit a completed application or SBA representatives can help you apply

    To find a BRC near you, go to Appointment

    sba

    gov

    Applications for disaster loans may be submitted online using the MySBA Loan Portal at https://lending

    sba

    gov or other locally announced locations

    Follow FEMA online, on X @FEMA or @FEMAEspanol, on FEMA’s Facebook page or Espanol page and at FEMA’s YouTube account

    For preparedness information follow the Ready Campaign on X at @Ready

    gov, on Instagram @Ready

    gov or on the Ready Facebook page

    California is committed to supporting residents impacted by the Los Angeles Hurricane-Force Firestorm as they navigate the recovery process

    Visit CA

    gov/LAFires for up-to-date information on disaster recovery programs, important deadlines, and how to apply for assistance

    alberto

    pillot
    Wed, 03/26/2025 – 17:29

    MIL OSI USA News –

  • MIL-OSI USA: FEMA May Contact You by Phone

    Source: US Federal Emergency Management Agency

    Headline: FEMA May Contact You by Phone

    FEMA May Contact You by Phone

    FEMA Representatives Calling Kentucky Storm SurvivorsFEMA representatives are reaching out to survivors of the February severe storms that have applied for disaster assistance

    Representatives may call for a variety of reasons such as issues with applications (missing documents, insurance settlement paperwork, etc

    ), follow-up on access and functional needs and/or to schedule inspections at the address where the damage was reported

    Representatives may also be calling eligible survivors for the Direct Temporary Housing Program

    In these instances, phone calls may come from unknown phone numbers or unfamiliar area codes

    If you receive a phone call from FEMA, don’t share your personal information unless you are sure the person you are talking to is a legitimate FEMA representative

    If you receive a call from someone stating they are a FEMA representative, but you are skeptical, do not give out any information

    Call 800-621-3362 to verify the call is legitimate

    If you suspect fraud, please send an email to StopFEMAFraud@fema

    dhs

    govWhen an applicant calls the Helpline to speak with a FEMA representative, they may be asked to share personal information to verify identity

    How to Apply for FEMA AssistanceIf you live in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson, or Woodford county, and haven’t yet applied for FEMA assistance, you may still complete an application

    The deadline to apply for FEMA assistance is Friday, April 25

    You can visit a Disaster Recovery Center (DRC) to meet face to face with specialists from FEMA to get assistance filling out your application

    The Small Business Administration (SBA) and other state and local agencies are also in DRCs to answer questions about disaster assistance and other recovery resources

    You may also upload any documents needed for applications at the centers

    If you are unable to visit a DRC, there are other ways to apply: online at DisasterAssistance

    gov, use the FEMA App for mobile devices or call 800-621-3362

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

    When you apply, you will need to provide:A current phone number where you can be contacted

    Your address at the time of the disaster and the address where you are now staying

    Your Social Security Number

    A general list of damage and losses

    Banking information if you choose direct deposit

    If insured, the policy number or the agent and/or the company name

    For an accessible video on how to apply for FEMA assistance, go to youtube

    com/watch?v=WZGpWI2RCNw

    For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4860

    Follow the FEMA Region 4 X account at x

    com/femaregion4

    martyce

    allenjr
    Wed, 03/26/2025 – 16:57

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Centers in North Carolina Will Transition to Locally Operated Resource Centers March 31

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Centers in North Carolina Will Transition to Locally Operated Resource Centers March 31

    Disaster Recovery Centers in North Carolina Will Transition to Locally Operated Resource Centers March 31

    HICKORY, N

    C

    – FEMA Disaster Recovery Centers in Western North Carolina will transition to locally operated Resource Centers March 31 and will cease operation as FEMA centers at 2 p

    m

    on March 29

    The centers will operate Monday-Friday 8 a

    m

    to 5 p

    m

    and FEMA will have specialists to help people apply for FEMA assistance and update application status

    The U

    S

    Small Business Administration (SBA) also will have specialists to help people apply for disaster loans

    The centers will be locally operated, state and federally supported

    After Tropical Storm Helene, FEMA, North Carolina Emergency Management and the U

    S

    Small Business Administration (SBA) coordinated with local communities to open 33 centers where residents could meet face to face with specialists to get help with FEMA assistance, SBA disaster loans and state recovery resources

    Since October, these centers have received more than 78,500 visits

    This week, to find the nearest Disaster Recovery Center visit fema

    gov/drc or text “DRC” and a ZIP code to 43362

    It is not necessary to visit a center to apply for FEMA assistance: Go online to DisasterAssistance

    gov, use the FEMA App, or call 800-621-3362

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone service or other, give FEMA your number for that service

    Deadline for FEMA applications is April 7

    joseph

    arbid
    Wed, 03/26/2025 – 17:06

    MIL OSI USA News –

  • MIL-OSI USA: The Sky’s Not the Limit: Testing Precision Landing Tech for Future Space Missions

    Source: NASA

    Nestled in a pod under an F/A-18 Hornet aircraft wing, flying above California, and traveling up to the speed of sound, NASA put a commercial sensor technology to the test. The flight tests demonstrated the sensor accuracy and navigation precision in challenging conditions, helping prepare the technology to land robots and astronauts on the Moon and Mars. 
    The Psionic Space Navigation Doppler Lidar (PSNDL) system is rooted in NASA technology that Psionic, Inc. of Hampton, Virginia, licensed and further developed. They miniaturized the NASA technology, added further functionality, and incorporated component redundancies that make it more rugged for spaceflight. The PSNDL navigation system also includes cameras and an inertial measurement unit to make it a complete navigation system capable of accurately determining a vehicle’s position and velocity for precision landing and other spaceflight applications. 

    The aircraft departed from NASA’s Armstrong Flight Research Center in Edwards, California, and conducted a variety of flight paths over several days in February 2025. It flew a large figure-8 loop and conducted several highly dynamic maneuvers over Death Valley, California, to collect navigation data at various altitudes, velocities, and orientations relevant for lunar and Mars entry and descent. Refurbished for these tests, the NASA F/A-18 pod can support critical data collection for other technologies and users at a low cost. 
    Doppler Lidar sensors provide a highly accurate measurement of speed by measuring the frequency shift between laser light emitted from the sensor reflected from the ground. Lidar are extremely useful in sunlight-challenged areas that may have long shadows and stark contrasts, such as the lunar South Pole. Pairing PSNDL with cameras adds the ability to visually compare pictures with surface reconnaissance maps of rocky terrain and navigate to landing at interesting locations on Mars. All the data is fed into a computer to make quick, real-time decisions to enable precise touchdowns at safe locations. 

    Since licensing NDL in 2016, Psionic has received funding and development support from NASA’s Space Technology Mission Directorate through its Small Business Innovative Research program and Tipping Point initiative. The company has also tested PSNDL prototypes on suborbital vehicles via the Flight Opportunities program. In 2024, onboard a commercial lunar lander, NASA successfully demonstrated the predecessor NDL system developed by the agency’s Langley Research Center in Hampton, Virginia. 

    MIL OSI USA News –

  • MIL-OSI USA: NASA Starling and SpaceX Starlink Improve Space Traffic Coordination

    Source: NASA

    As missions to low Earth orbit become more frequent, space traffic coordination remains a key element to efficiently operating in space. Different satellite operators using autonomous systems need to operate together and manage increasing workloads. NASA’s Starling spacecraft swarm recently tested a coordination with SpaceX’s Starlink constellation, demonstrating a potential solution to enhance space traffic coordination.
    Led by the Small Spacecraft Technology program at NASA’s Ames Research Center in California’s Silicon Valley, Starling originally set out to demonstrate autonomous planning and execution of orbital maneuvers with the mission’s four small spacecraft. After achieving its primary objectives, the Starling mission expanded to become Starling 1.5, an experiment to demonstrate maneuvers between the Starling swarm and SpaceX’s Starlink satellites, which also maneuver autonomously.
    Coordination in Low Earth Orbit
    Current space traffic coordination systems screen trajectories of spacecraft and objects in space and alert operators on the ground of potential conjunctions, which occur when two objects exceed an operator’s tolerance for a close approach along their orbital paths. Spacecraft operators can request notification at a range of probabilities, often anywhere from a 1 in 10,000 likelihood of a collision to 1 in 1,000,000 or lower.
    Conjunction mitigation between satellite operators requires manual coordination through calls or emails on the ground. An operator may receive a notification for a number of reasons including recently maneuvering their satellite, nearby space debris, or if another satellite adjusts its orbit.
    Once an operator is aware of a potential conjunction, they must work together with other operators to reduce the probability of a collision. This can result in time-consuming calls or emails between ground operations teams with different approaches to safe operations. It also means maneuvers may require several days to plan and implement. This timeline can be challenging for missions that require quick adjustments to capture important data.
    “Occasionally, we’ll do a maneuver that we find out wasn’t necessary if we could have waited before making a decision. Sometimes you can’t wait three days to reposition and observe. Being able to react within a few hours can make new satellite observations possible,” said Nathan Benz, project manager of Starling 1.5 at NASA Ames.
    Improving Coordination for Autonomous Maneuvering
    The first step in improving coordination was to develop a reliable way to signal maneuver responsibility between operators. “Usually, SpaceX takes the responsibility to move out of the way when another operator shares their predicted trajectory information,” said Benz.
    SpaceX and NASA collaborated to design a conjunction screening service, which SpaceX then implemented. Satellite operators can submit trajectories and receive conjunction data quickly, then accept responsibility to maneuver away from a potential conjunction.
    “For this experiment, NASA’s Starling accepted responsibility to move using the screening service, successfully tested our system’s performance, then autonomously planned and executed the maneuver for the NASA Starling satellite, resolving a close approach with a Starlink satellite,” said Benz.
    Through NASA’s Starling 1.5 experiment, the agency helped validate SpaceX’s Starlink screening service. The Office of Space Commerce within the U.S. Department of Commerce also worked with SpaceX to understand and assess the Starlink screening service.
    Quicker Response to Changes on Earth
    The time it takes to plan maneuvers in today’s orbital traffic environment limits the number of satellites a human operator can manage and their ability to collect data or serve customers.
    “A fully automated system that is flexible and adaptable between satellite constellations is ideal for an environment of multiple satellite operators, all of whom have differing criteria for mitigating collision risks,” said Lauri Newman, program officer for NASA’s Conjunction Assessment Risk Analysis program at the agency’s headquarters in Washington.
    Reducing the time necessary to plan maneuvers could open up a new class of missions, where quick responses to changes in space or on Earth’s surface are possible. Satellites capable of making quicker movements could adjust their orbital position to capture a natural disaster from above, or respond to one swarm member’s interesting observations, moving to provide a more thorough look.
    “With improved access and use of low Earth orbit and the necessity to provide a more advanced space traffic coordination system, Starling 1.5 is providing critical data.  Starling 1.5 is the result of a successful partnership between NASA, the Department of Commerce, and SpaceX, maturing technology to solve such challenges,” said Roger Hunter, program manager of the Small Spacecraft Technology program. “We look forward to the sustained impact of the Starling technologies as they continue demonstrating advancements in spacecraft coordination, cooperation, and autonomy.”    
    NASA Ames leads the Starling projects. NASA’s Small Spacecraft Technology program within the Space Technology Mission Directorate funds and manages the Starling mission. 

    MIL OSI USA News –

  • MIL-OSI Australia: ABC South East Breakfast with Eddie Williams

    Source: Workplace Gender Equality Agency

    EDDIE WILLIAMS: Well, tax cuts for all workers. Energy Bill Relief. But Budget deficits as far as the eye can see. They are some of the takeaways from the Federal Budget, with a closer look at what it might mean closer to home. Kristy McBain is the Member for Eden-Monaro and the Minister for Regional Development and Local Government. Good morning. 

    KRISTY MCBAIN: Good morning, Eddie. 

    WILLIAMS: What practical difference will this Budget make in the South East? 

    MCBAIN: As you said, there are two new rounds of tax cuts. They’re modest tax cuts, but when they’re combined with the tax cuts that are already in the system, on average by 2026-27, Eden-Monaro taxpayers will be getting an average tax cut of $2,169. Modest changes for the next two years as those two rounds come in, but when we look at the cumulative total, that is good news for workers right across our communities. Obviously, the new round of Urgent Care Clinics, another 50 to the 87 that are already out there in our communities. One of those areas is going to be in the Bega Valley.

    WILLIAMS: Whether it’s health or whether it’s housing, the challenges that regional and rural Australia face play out a bit differently to those in the city. The National Rural Health Alliance says there’s a lack of a targeted strategy to address those unique health challenges in rural communities. Is the Government taking any specific steps to address those specific issues in regional Australia? 

    MCBAIN: We’ve obviously made an announcement about $8.5 billion to strengthen Medicare. There’s a huge amount of money in there, which is all about the health workforce. $662.6 million, which is about growing our health workforce. There’ll be hundreds more GP and rural generalist training places. There are 100 more Commonwealth supported university places for medical students from next year. There are hundreds of scholarships for nurses and midwives to continue to grow their skill set. There are more incentives for our doctors to work in regional and rural Australia, and that builds on our previous announcement to wipe HECS for doctors and nurse practitioners to work in rural and remote Australia. We know it’s really important to deal with the health workforce side of things. It’s not a quick fix to grow our doctor numbers and make sure that they’re trained up and ready to go in our regions, which is why we’re investing really heavily in it. It’s something that should have been happening for decades and unfortunately wasn’t. We’ve seen the freezing of Medicare rebates, which has significantly hampered GP numbers, but we are seeing more students go through and enter our GP training courses now than we have seen in a number of years. 

    WILLIAMS: The Budget is forecast to remain in structural deficit for the next decade. Net debt is rising. Is the Government making any effort at all to pay down Australia’s debt? 

    MCBAIN: We’ve made some significant inroads into that. We’ve reduced the overall national debt by over $170 billion. It will mean that as taxpayers, we’re paying $70 billion less in interest on that debt. Even in this Budget, there’s been $2 billion worth of savings found. Over the four budgets we’ve done there’s been $90 billion of savings made through cutting wastage and rorts, and making sure our departments are working efficiently and effectively. We’ve seen the fruits of that labour by making sure we’ve got Government departments working well. During Cyclone Alfred, where NEMA did such a fantastic job of coordinating response and recovery efforts. Where Services Australia were out on the ground making sure payments were rolled out to people directly impacted. The national emergency stockpile delivering out sandbags, pre-placing generators, and making sure we had a heavy lift helicopters pre-placed in Queensland and New South Wales. You can see the fruits of better, more effective coordination when it comes to those real time disasters. 

    WILLIAMS: 7:15 on ABC South East. If you want to have your say on the Budget, you can call or text 0467 902 684. Joe raises the issue of Ex-tropical Cyclone Alfred, and she says she’s disappointed that the Budget doesn’t seem to have anything new on climate adaptation or emissions reduction. Is that an area where the Government’s dropped the ball? 

    MCBAIN: We’ve been the only Government to really take forward climate action for decades. A legislated emissions reduction target. There’s been significant work on pre-preparing places by having the National Emergency Management Agency set up, which came into effect after we took Government. We’ve had the Disaster Ready fund, which is all about resilience and mitigation in our communities. Something that local governments and insurance companies were calling for to make sure our infrastructure was ready to go. We’ve seen that with the Watergums Bridge in Womboin, a significant investment by the three levels of government to ensure that a community doesn’t get cut off every time it rains and there is a flood. So there’s been some heavy work in that space and that will continue. 

    WILLIAMS: Phil at Bombala asks why Australia can’t build manufacturing again to survive a changing world. The Government’s spoken a lot about its Future Made in Australia policies. How realistic is a manufacturing industry future in Australia? 

    MCBAIN: We’ve said from day one that we need to invest heavily in a Future Made in Australia, and in our last Budget we committed $22 billion towards that very thing. We’ve seen with our National Reconstruction Fund, equity stakes taken in manufacturing mining equipment in Toowoomba, working with some of our defence primes to manufacture more things in this country. There is a significant commitment to making sure we manufacture more in Australia, including the stake that we’ve taken now in South Australian steel manufacturing. It is really important as a country that is a little bit further away from the rest of the world, that we do learn the lessons of COVID, that we are more self-sustainable, and we’re a Government that’s committed to that and putting money into it. 

    WILLIAMS: Will you match the funding commitment that the coalition has made to help upgrade the bigger pool? 

    MCBAIN: I’ll have more to say in the coming days and weeks on my election commitments for the Bega Valley and for Eden-Monaro as a whole, but I’m incredibly proud to have secured tens of millions of dollars in funding for local roads, for community infrastructure, and for other critical projects to date. The way I work is working with our local communities to make sure projects that are funded are key priorities. 

    WILLIAMS: Kristy McBain, appreciate your time this morning. Thank you. 

    MCBAIN: Good to be with you.

    MIL OSI News –

  • MIL-OSI: Oxford Lane Capital Corp. Announces Declaration of Distributions on Common Stock for the Months Ending July 31, August 31, and September 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., March 26, 2025 (GLOBE NEWSWIRE) — Oxford Lane Capital Corp. (NasdaqGS: OXLC) (NasdaqGS: OXLCP) (NasdaqGS: OXLCL) (NasdaqGS: OXLCO) (NasdaqGS: OXLCZ) (NasdaqGS: OXLCN) (NasdaqGS: OXLCI) (NasdaqGS: OXLCG) (the “Company”) today announced that its Board of Directors has declared the following distributions on the Company’s common stock as follows:

    Month Ending Record Date Payment Date Amount Per Share
    July 31, 2025 July 17, 2025 July 31, 2025 $0.09
    August 31, 2025 August 15, 2025 August 29, 2025 $0.09
    September 30, 2025 September 16, 2025 September 30, 2025 $0.09
           

    About Oxford Lane Capital Corp.

    Oxford Lane Capital Corp. is a publicly-traded registered closed-end management investment company principally investing in debt and equity tranches of collateralized loan obligation (“CLO”) vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

    Forward-Looking Statements

    This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.

    Contact:

    Bruce Rubin
    203-983-5280

    The MIL Network –