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Category: Business

  • MIL-OSI United Kingdom: Manchester tech companies shut down for suspected monthly direct debit scam

    Source: United Kingdom – Executive Government & Departments

    Press release

    Manchester tech companies shut down for suspected monthly direct debit scam

    Consumers appeared to be signed up for monthly payments without their consent

    • Concerns were raised that tech companies Affinity Technology Solutions Limited and RCSR Tech Limited were operating a direct debit scam 

    • Monthly payments of around £30 were made without customers’ knowledge or permission, complainants said 

    • Both companies have now been shut down in court following investigations by the Insolvency Service 

    Two connected tech companies which claimed to protect people online and enhance their social media image have been shut down following concerns they were running a direct debit scam.  

    Manchester-based companies Affinity Technology Solutions Limited and RCSR Tech Limited were both wound-up at the High Court in Manchester on Tuesday 18 March. 

    Affinity claimed to offer a service called IDSafeGuard which protected their customers’ online identity.  

    RCSR claimed to provide a service called ReportCurve which it said boosted a person’s online and social media footprint, making them more attractive to would-be employers and improving their eligibility for financial products. 

    However, individuals reported that they had monthly subscription fees of around £29.99 removed from their bank accounts for services they had never subscribed to. 

    The unwanted subscription services appeared to have been set up as part of an online loan application through an affiliated marketing company’s website. 

    Complaints were also made that the two companies would not cancel the unwanted subscriptions or offer refunds to customers. 

    David Usher, Chief Investigator at the Insolvency Service, said: 

    Numerous complaints were made that Affinity and RCSR were tricking consumers into monthly subscriptions for products they did not want or were entirely unaware of. 

    Indeed, from our investigations, it is not clear that either company provided any of the services to their unwitting customers. 

    Both Affinity and RSCR completely failed to co-operate with our investigations, leaving us with no option but to take this robust action to stop the companies from trading in the future and protect the public from further financial harm.

    Affinity and RCSR were incorporated within two days of each other in February 2020. Both were described on Companies House as providing business and domestic software development. 

    Insolvency Service investigations concluded that the companies were linked through the same controlling force who was not listed as the official director. The registered office for both companies was also the same address on Wilmslow Road in south Manchester. 

    Investigators contacted the official directors of both Affinity and RSCR as well as the individual believed to be in actual control of the companies. All of them failed to comply with the investigation. 

    Both companies also failed to file accounts at Companies House as they were required to do. 

    The Official Receiver has been appointed as liquidator of Affinity Technology Solutions Limited and RCSR Tech Limited. 

    All enquiries concerning the affairs of both companies should be made to the Official Receiver of the Public Interest Unit: 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ. Email: piu.or@insolvency.gov.uk. 

    Affinity is not linked to a number of companies with similar names. 

    Further information 

    Updates to this page

    Published 20 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Global: Islamic State in Somalia: the terrorist group’s origins, rise and recent battlefield defeats

    Source: The Conversation – Africa – By Stig Jarle Hansen, Professor of International Relations, Norwegian University of Life Sciences

    The Islamic State in Somalia is an affiliate of the transnational jihadist group Islamic State, known in short as ISIS. Based in the semi-autonomous northern Somalia territory of Puntland, the terrorist group was the target of the first foreign combat operation of the Trump administration in February 2025. Previously, the group has been linked to planned terror attacks on the Vatican and on the Israeli embassy in Stockholm. Stig Jarle Hansen, a researcher and author of several books on jihadism in Africa, examines its origins, rise and recent battlefield defeats in the mountains of Puntland.

    1. The rise of the Islamic State

    Before the establishment of the Islamic State in Somalia in 2015, the Somali jihadist group al-Shabaab had established itself in the north. The small group had extensive connections to smuggling networks. It later split into two and the future leader of the Islamic State in Somalia, Sheikh Abdulqader Muumin, emerged from one of the splinter groups.

    In Somalia, clans define the relationship between people and all actors in the society. The connections of the new group to the Ali Suleiban sub-clan enabled it to profit from the clan’s links to smuggling and maritime piracy groups.

    Puntland is the hub of communication and maritime trade between Somalia and Yemen, as well as the wider Middle East. Smuggling has gone on in the region for centuries. The rugged terrain is ideal for piracy, illegal smuggling and insurgents.

    Puntland has been more or less autonomous from the rest of Somalia for more than three decades, and the Somali government has little influence there today.

    2. The jihadist behind the Islamic State in Somalia

    Muumin lived in Sweden through the 1990s and early 2000s and later moved to the UK. Back in Somalia, he joined al-Shabaab and became a prominent figure in the group’s jihadist videos. Such videos aim to maintain morals, attract new recruits and create sympathy for the group.

    In 2015, Muumin defected to lead the Islamic State in Somalia. His second-in-command was another Ali Suleiban clansman, Mahad Moalim. In 2016, the first video of the group was circulated through Islamic State media outlets.

    A milestone for the group followed its 2017 suicide bombing of the Juba Hotel in Bosaso, Puntland’s commercial capital and sea port. This enabled the Islamic State in Somalia to pressure Bossaso-based businesses to pay it protection money, the single most important source of income. In 2017-2018, the group is believed to have been behind as many as 50 assassinations in central Somalia. The killings were a forceful tool to generate protection money.

    On 27 July 2018, the Somali group was officially designated as a full province by the Islamic State, also known as ISIS. The Maktab al-Karrar regional office was based in the small Puntland chapter, giving it global responsibilities.

    The Somali group was made responsible for the central African and the Mozambique provinces of the Islamic State. Money flowed to the group from the Islamic State, as did extortion money from Bossaso, other northern Puntland cities and more infrequently from Mogadishu.

    In the first half of 2022, the US Treasury claimed that the organisation generated US$2.3 million from extortion payments, related imports, livestock and agriculture. The regional office and Muumin emerged as key financial players in east Africa, and even outside it, from their base in Buur Dexhtaal in Bari Puntland. Indeed, unnamed US officials claimed in 2023 that Muumim had been made the transnational leader of the Islamic State.

    3. An overblown reputation

    The Islamic State’s reputation in Somalia is often overstated. The group has never captured or held large territories. Its numbers in 2024 were estimated to be between 600 and 1,600. That pales in comparison to al-Shabaab in the south of Somalia.

    Its links to a planned attack on the Israeli embassy in Stockholm 2024 were probably weak and failed to hold up in court. And the jihadist linked to a planned attack in the Vatican 2018 seems to have left Islamic State prior to the planning.

    It is also doubtful that Muumin is the global leader of the Islamic State as claimed by some. That’s for two main reasons. First, an Islamic State leader has to be drawn from a tribe related to the prophet (Qureshi). Muumin is not. Second, the Islamic State in Somalia is the smallest of the Islamic State provinces in Africa. It is likely that a leader of a stronger province would have ranked higher.

    Although the income-gathering capacities of the Puntland-based group give it prominence in the Islamic State media, the Islamic State in Somalia does not rank higher than the Islamic State in the Sahara and Mozambique.

    4. Down but not out

    The Puntland authorities launched a relatively successful counter-offensive against the Islamic State in January 2025. This was combined with air support by the US and the United Arab Emirates.

    Puntland won important battles in January and February, including an attack in which it killed 70 Islamic State fighters.

    By late February, the morale of the Islamic State fighters seemed to break. With the fall of Buur Dexhtaal, the main base, in March, all the larger known bases had fallen. Many of the fleeing foreign fighters were captured.

    But the Islamic State is not defeated. The terrain enabled some of the fighters to hide. Neither Muumin, who is in his 70s, nor his second-in-command Abdirahman Fahiye have been reported killed. There are at least several hundred fighters left.

    If the Islamic State is still able to extort money from the northern business community, it could recruit from the large numbers of Oromo Ethiopian refugees in and around Bosaso, as well as locals who need jobs.

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

    – ref. Islamic State in Somalia: the terrorist group’s origins, rise and recent battlefield defeats – https://theconversation.com/islamic-state-in-somalia-the-terrorist-groups-origins-rise-and-recent-battlefield-defeats-252303

    MIL OSI – Global Reports –

  • MIL-OSI: RYVYL Secures Major Payments-as-a-Service Contracts, Set to Onboard Nearly One Million New Accounts in the next 12 Months

    Source: GlobeNewswire (MIL-OSI)

    First contract has onboarded over 1,000 accounts with 50,000+ more accounts expected in 2025

    Second contract to onboard over 900,000 accounts over a 12-month period beginning Q2 2025

    These new contracts reinforce 2025 revenue outlook of $80 million to $90 million

    SAN DIEGO, CA, March 20, 2025 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading provider of cutting-edge payment solutions, announced that its subsidiary RYVYL EU has secured two Payments-as-a-Service (PaaS) contracts, which are expected to onboard nearly one million new accounts over the next 12 months. These agreements significantly expand RYVYL’s footprint in Europe and strengthen its long-term growth trajectory.

    Fredi Nisan, CEO of RYVYL, said: “Following the successful launch of our first digital Payments-as-a-Service (PaaS) contract, we have now secured a second, larger partnership with a fully digital bank serving tens of millions of customers across 180 countries. With over 80% of its transactions involving cross-border payments, this partner chose RYVYL PaaS for our extensive presence in Europe and North America, robust security infrastructure, and seamless multi-currency settlement capabilities.”

    “These agreements further validate our ability to serve high-growth financial platforms and support their global expansion. Our advanced payment solutions provide seamless onboarding, compliance expertise, and the operational scale required to power modern digital banking ecosystems.”

    • The first contract, with a leading international money service provider, offers both virtual and physical payment cards managed through RYVYL’s payments platform and mobile app. RYVYL has already successfully onboarded 1,000 client accounts, with over 50,000 more accounts expected in 2025.
    • The second contract, with one of the world’s largest fully digital banking platforms, is projected to onboard 900,000 new customer accounts over a 12-month period, starting in Q2 2025. API integrations and testing have already started, and initial onboarding is set to begin in the coming months.

    “These contracts reinforce our 2025 revenue guidance of $80 million to $90 million and are also expected to contribute operational efficiencies and increasing gross margin that will drive positive annual adjusted EBITDA and positive operating cash flow in the second half of 2025,” added Nisan.

    The foregoing guidance is based on the Company’s continuation of the business, as currently conducted. On January 24, 2025, the Company entered into an agreement with a financing source that was structured as a pre-funded asset sale with a 90-day closing period, which ends on April 23, 2025 and may be extended an additional 30 days to May 23, 2025, if the Company pays $500,000 for such extension. Shares in the Company’s RYVYL EU subsidiary were placed in escrow during the closing period. Although there are no guarantees, the Company intends to terminate the asset sale within the closing period by paying $16.5 million in consideration of such termination. The Company’s financial guidance for 2025 is based on fully retaining its RYVYL EU subsidiary.

    About RYVYL

    RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com

    Cautionary Note Regarding Forward-Looking Statements

    This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements regarding timely payment of the second tranche, the benefit to stockholders from the repayment of the Note and repurchase of the Preferred Stock, and the timing and expectation of revenues from the license described herein and are charactered by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the licensee understands and complies with various banking laws and regulations that may impact the licensee’s ability to process transactions. For example, federal money laundering statutes and Bank Secrecy Act regulations discourage financial institutions from working with operators of certain industries – particularly industries with heightened cash reporting obligations and restrictions – as a result of which, banks may refuse to process certain payments and/or require onerous reporting obligations by payment processors to avoid compliance risk. These statements are also subject to any damages the Company could suffer as the result of previously announced litigation or actions of any governmental agencies. These and other risk factors affecting the Company are discussed in detail in the Company’s periodic filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether because of the latest information, future events or otherwise, except to the extent required by applicable laws.

    Disclaimer Regarding Financial Information

    The financial information presented in this press release, for the year ended December 31, 2024, is based on preliminary financial statements prepared by management, for the year ended December 31, 2024. Accordingly, such financial information may be subject to change. All such information contained in this press release will be qualified with reference to the audited financial results for the year ended December 31, 2024, which the Company intends to release on or before March 27, 2025, and in any event by March 31, 2025, and will be posted on www.sec.gov. While the Company does not expect there to be any material changes to the financial information provided in this press release, any variation between the Company’s actual results and the preliminary financial information set forth herein may be material.

    IR Contact:
    David Barnard, Alliance Advisors Investor Relations, 415-433-3777, ryvylinvestor@allianceadvisors.com

    The MIL Network –

  • MIL-OSI: Baker Hughes to Provide Fully Integrated Completions for Petrobras’ Offshore Fields

    Source: GlobeNewswire (MIL-OSI)

    • New solutions will support remote operations in deepwater fields
    • Technology allows real-time response to evolving well conditions across multiple zones

    HOUSTON and LONDON, March 20, 2025 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy technology company, announced Thursday a major, multi-year fully integrated completions systems contract with Petrobras. The award followed an open tender and will leverage Baker Hughes’ innovative completions technology portfolio and extensive experience in Brazil to optimize production across multiple deepwater fields.

    A range of technologies from Baker Hughes has been specifically tailored to meet the needs of Petrobras’ offshore developments. The intelligent completions technologies, combined with conventional upper and lower completions solutions, will provide remote operations capabilities and multizone control, limiting water and gas breakthroughs and reducing the risk of any costly interventions.

    “Deepwater, high pressure wells require an unmatched level of reliability, and our completion technologies have proven themselves in these harsh environments,” said Amerino Gatti, executive vice president, Oilfield Services & Equipment at Baker Hughes. “Through continual innovation, improvement and testing, and in close collaboration with Petrobras, the Baker Hughes team has pioneered new ways to help develop Brazil’s natural resources safely and efficiently for decades to come.”

    Through this agreement, Petrobras will utilize Baker Hughes’ new SureCONTROL Premium interval control valve (ICV), which provides enhanced reliability in the high flowrates of Petrobras’ offshore fields. This technology was developed to meet Petrobras’ industry-leading standards and allows operators to respond remotely to evolving well conditions across multiple zones in real time.

    Petrobras will deploy a number of additional Baker Hughes completions technologies, including SureSENS QPT ELITE downhole gauges, SureSENS B-Annulus monitoring system, SureTREAT chemical injection system, Sur-Set flow control system, Orbit Premium barrier valves, a gas lift system, REACH subsurface safety valves, DeepShield subsurface safety valves, Premier packers, screens and gravel pack system.

    Baker Hughes has played a key role in the development of Brazil’s offshore oil and gas fields for decades, and the company’s localization strategy contributes to the nation’s economy while strengthening its energy supply chain.

    Delivery will begin in late 2025.

    About Baker Hughes
    Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

    For more information, please contact:

    Media Relations

    Brian Reynolds
    +1 346-315-6663
    brian.reynolds@bakerhughes.com

    Investor Relations

    Chase Mulvehill
    +1-346-297-2561
    investor.relations@bakerhughes.com

    The MIL Network –

  • MIL-OSI: Intermap’s Insurance Business Starts 2025 With Strong Growth

    Source: GlobeNewswire (MIL-OSI)

    Year-to-date insurance awards surpass $1.1 million

    Two new strategic partnerships with major insurance customers

    DENVER, March 20, 2025 (GLOBE NEWSWIRE) — Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced that its global insurance business is off to a strong start in 2025 with awards surpassing $1.1 million from new client subscriptions and multiple renewals.

    Intermap is pleased to announce a new, large multiyear subscription with a major bank-insurance group operating in five European countries. Serving retail, private banking, SME and mid-cap clients, the group has adopted the latest generation of Intermap’s Aquarius RMA solution for natural hazards and climate change risk quantification. Using AI-powered modeling and continually updated 3D terrain data, the solution delivers precise risk assessments throughout the policy lifecycle—from underwriting to claims adjustment—empowering the group to deploy innovative, data-driven strategies for climate and sustainability challenges.

    Intermap also recently secured a major partnership with PREMIUM Insurance Company Limited, which adopted Intermap’s next-generation Aquarius RMA natural hazard solution. This collaboration marks a significant step forward for flood risk management in Europe, ensuring that homeowners and businesses in these markets benefit from more informed and reliable insurance decisions.

    “Providing property insurance in the Czech Republic and Slovakia without high-quality flood maps and robust risk assessment would be increasingly time and labor-intensive,” said Marek Benko, Member of the Board of Directors at PREMIUM Insurance. “By integrating Intermap’s advanced mapping solutions, we are enhancing our underwriting precision, building greater trust with our reinsurers, and ensuring our clients receive the most sustainable coverage possible.”

    “We are seeing increased demand for our applications and solutions in our insurance vertical, driving record revenue early in the year,” said Patrick A. Blott, Intermap Chairman and CEO. “Our data products are one of a kind, making our subscriber base sticky with de-minimis churn.” Mr. Blott continued, “Insurance companies are increasingly leveraging 3D geospatial data to enhance risk assessment and evaluate property vulnerabilities such as flood or wildfire exposure with greater precision. Building upon our 3D foundation data, Intermap incorporates artificial intelligence and machine learning techniques into our NEXTMap solution to create globally available digital elevation models at resolutions as fine as a single meter, offering our insurance clients and other verticals the ability to make unparalleled, data-driven decisions. We look forward to updating the market as we build upon these new wins and execute against our current pipeline of insurance industry opportunities.”

    Fourth Quarter and Full Year 2024 Results and Conference call

    As a reminder, Intermap will report its fourth quarter and full year 2024 results on Thursday, March 27, 2025 at 5:00 pm ET. The Company’s CEO Patrick Blott, CFO Jennifer Bakken and COO Jack Schneider will host a live webinar to review the results, provide Company updates and answer investor questions following the presentation.

    CONFERENCE CALL DETAILS

    Date Thursday, March 27, 2025
    Time 5:00 pm ET
    Link Register
       

    Learn more about Intermap’s global insurance solutions at intermap.com/insurance.

    Intermap Reader Advisory 
    Certain information provided in this news release, including reference to revenue growth, constitutes forward-looking statements. The words “anticipate”, “expect”, “project”, “estimate”, “forecast”, “will be”, “will consider”, “intends” and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap’s forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap’s Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

    About Intermap Technologies 
    Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation. 

    For more information, please visit www.intermap.com or contact:
    Jennifer Bakken
    Executive Vice President and CFO
    CFO@intermap.com
    +1 (303) 708-0955

    Sean Peasgood
    Investor Relations
    Sean@SophicCapital.com
    +1 (647) 260-9266

    The MIL Network –

  • MIL-OSI: OTC Markets Group Welcomes QNB Corp. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 20, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced QNB Corp. (OTCQX: QNBC), the holding company for QNB Bank, has qualified to trade on the OTCQX® Best Market. QNB Corp. upgraded to OTCQX from the Pink® market.

    QNB Corp. begins trading today on OTCQX under the symbol “QNBC.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Graduating to the OTCQX Market marks an important milestone for community banks in the U.S. public markets. The OTCQX Market enables banks to maximize the value of being a public company by providing transparent trading and easy access to company information for shareholders. To qualify for OTCQX, community banks must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

    David W. Freeman, QNB Corp. Officer, and QNB Bank President and CEO, stated, “As we approach our 150-year anniversary of providing exceptional Community Banking services in Pennsylvania, QNB Corp. is pleased to bring our incredible story to the national OTCQX trading stage. We are confident this move will assist in generating broad investor interest and enhance value for all shareholders.”

    Janney Montgomery acted as the company’s corporate broker.

    About QNB Corp.
    QNB Corp. is the holding company for QNB Bank, which is headquartered in Quakertown, Pennsylvania. QNB Bank currently operates twelve branches in Bucks, Montgomery and Lehigh Counties and offers commercial and retail banking services in the communities it serves.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: MEXC Introduces Bedrock (BR) Listing with Spot & Futures Trading, Offering 150,000 USDT to Power Next-Gen DeFi Restaking

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, March 20, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, announced the listing of Bedrock (BR) on both spot and futures markets, scheduled for March 20, 2025, 12:05 (UTC), subject to sufficient liquidity. To celebrate the launch, MEXC is introducing an Airdrop+ rewards pool totaling 150,000 USDT, strengthening its support for innovative multi-asset liquid restaking solutions in the DeFi ecosystem.

    Revolutionizing DeFi: MEXC Lists Bedrock (BR) to Drive Multi-Asset Restaking Adoption

    Bedrock (BR) is an innovative blockchain project offering a multi-asset liquid restaking protocol, enabling users to earn enhanced yields on Ethereum, Bitcoin, and DePIN rewards while retaining liquidity. By integrating with DeFi ecosystems such as EigenLayer, Babylon, and the Bedrock Diamonds rewards system, Bedrock helps users maximize asset efficiency and compound returns. With 278,627 token holders, $441.77M total restaked, and 4,628.28 BTC in reserves, it delivers a robust suite of solutions that seamlessly integrate staking and restaking functionalities. The BR token serves as a key utility and governance component, driving growth and adoption across multiple blockchain networks. Learn more about Bedrock (BR) here.

    By listing Bedrock (BR), MEXC underscores its dedication to championing transformative DeFi protocols. Leveraging its robust trading environment, deep liquidity, and expansive global reach, MEXC provides Bedrock with a powerful launchpad to scale the adoption of its multi-asset liquid restaking technology. Through strategic marketing initiatives, trading events, and ecosystem collaborations, MEXC amplifies Bedrock’s visibility, showcasing its pioneering contributions to yield optimization, governance, and cross-chain synergy. This approach allows MEXC to bridge cutting-edge innovations with global markets, empowering participants across the DeFi spectrum.

    Celebrate the BR Listing with a 150,000 USDT Prize Pool

    MEXC continues its mission to support innovative blockchain projects by listing Bedrock (BR) in the Innovation Zone on March 20, 2025(UTC). The BR/USDT spot market will be available first, followed by the BR USDT perpetual futures launch , offering up to 50x leverage in both cross and isolated margin modes.

    To mark the occasion, a 150,000 USDT prize pool will be available through a series of exclusive events from March 18, 2025, at 11:00 (UTC) to April 1, 2025, at 11:00 (UTC).

    Event 1: Airdrop+ Rewards

    • Deposit and share 90,000 USDT (New user exclusive).
    • Futures Challenge — Trade to share 50,000 USDT in futures bonuses (Open to all users).
    • Invite friends and share 10,000 USDT (Open to all users).

    Your Easiest Way to Trending Tokens

    MEXC aims to become the go-to platform offering the widest range of valuable crypto assets. The platform has grown its user base to 34 million by offering a diverse selection of tokens, high-frequency airdrops, competitive fees, and comprehensive liquidity. In 2024, MEXC launched a total of 2,376 new tokens, including 1,716 initial listings and 605 memecoins, with total airdrop rewards exceeding $136 million.

    About MEXC

    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 34 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

    MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

    Contact:
    Lucia Hu
    PR Manager
    lucia.hu@mexc.com

    Disclaimer: This press release is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/12e5bc85-cc42-49ed-8284-6cd27fb0f6c6

    The MIL Network –

  • MIL-OSI Banking: Airbus Canada déploie le carburant d’aviation durable permettant 100 % de la capacité SAF dans tous les centres de livraison du monde

    Source: Airbus

    Headline: Airbus Canada déploie le carburant d’aviation durable permettant 100 % de la capacité SAF dans tous les centres de livraison du monde

    La première livraison de carburant aviation durable (CAD ou SAF en anglais) a récemment eu lieu sur le site A220 d’Airbus Canada, permettant aux équipes de Mirabel d’utiliser le SAF pour les vols de production, d’acceptation par les clients et d’essai.

    MIL OSI Global Banks –

  • MIL-OSI Africa: R10 billion to eThekwini Municipality infrastructure

    Source: South Africa News Agency

    The eThekwini Municipality has allocated about R10 billion to rebuild its water, electricity, and solid waste management infrastructure.

    This comes as Minister of Finance Enoch Godongwana announced a R3.33 billion grant allocation to eThekwini for trading services reforms over the next three years.

    The municipality said the performance grant will be used to upgrade water and sanitation, electricity, and solid waste management so as to ensure that trading services are self-sufficient.

    The city said the reforms for trading services will initially affect water and electricity for the first year, starting in the 2025/26 financial year.

    “With respect to eThekwini Water and Sanitation (EWS) Unit, the city has adopted a Water and Sanitation Turnaround Strategy (TAS) and further developed the Business and Investment plan, and an Institutional and Governance Reform Road map.

    “The latter has the six strategic pillars that underpin the reform of EWS into a ring-fenced commercial business unit, as echoed by Minister Godongwana in the recent budget speech,” the city located in KwaZulu-Natal said.

    The strategic pillars included institutionalisation of single point of accountability; acquisition of management, technical and change leadership capabilities; improvement of the governance model and the financial ring-fencing of the Water and Sanitation Business Unit, among others.

    Pursuant to the implementation of this strategy, the city said it intends to increase investment into priority capital and operational programmes that will help realise the envisaged financial turnaround, as well as stabilise the water and sanitation services to meet customer needs.

    “The turnaround strategy, as adopted by Council, is in progress with 22% of the goals achieved to date. As the city aligns its budget priorities, the additional funds will be directed to the EWS TAS programmes that seek to reduce water losses, improve customer call centre systems, water metering, as well as intermittent water supply while reducing inefficiencies in all operations,” the municipality said.

    The city through the Mayor’s Office will continue to engage all stakeholders on the EWS TAS, to ensure that the performance and outcome required are achieved.

    “The R3.33bn incentive grant will therefore help the city gear up its existing resources to accelerate the reforms required and reposition the trading services to attract the required investments to improve the business, as per the business and investment plans that have been developed for the next five years,” the municipality said.

    Additionally, the municipality has commended the indicative allocations, as provided in the budget, and commited to align them to its budget for approval in May 2025. – SAnews.gov.za
     

    MIL OSI Africa –

  • MIL-OSI Africa: EThekwini Municipality commits to building houses for flood victims

    Source: South Africa News Agency

    EThekwini Municipality Mayor Cyril Xaba says the city remains committed to ensuring that permanent houses are built for the families affected by the recent floods.

    Speaking at during an Executive Council (Exco) meeting held this week, Xaba reported that between 19 February and 15 March 2025, the recurring floods have claimed the lives of 15 people and caused extensive damage to infrastructure.

    Xaba said the report received from the Joint Operations Centre indicated that 1 452 houses and 5 939 people were affected. The worst affected areas include Inanda, Ntuzuma, KwaMashu, Pinetown, KwaDabeka and Lamontville.

    Xaba conveyed the council’s heartfelt condolences to the families of the deceased, saying that the city is working with the bereaved families to ensure that their loved ones receive a dignified burial. 

    “Together with the Premier [Thamsanqa Ntuli] and the Chairperson of Trading Services, Mduduzi Nkosi, we visited the affected families in Inanda and Lamontville, including those who have been relocated to family-friendly accommodation in the inner-city. As… [the three spheres of] government, we are committed to ensuring that permanent houses are built for these families,” Xaba said.

    However, Xaba noted the challenges encountered in building permanent houses in identified sites.

    He said the existing community members are not cooperating, either because they themselves are flood victims who have not been allocated houses, or they do not want low-cost houses in their neighbourhood.

    “As the rains persist, we will continue to face the shortage of land to resettle flood victims, considering that the city has 603 informal settlements and some of them are located in flood-prone areas. Working together, we must intensify public awareness campaigns urging people not to settle in flood plains because the frequency and intensity of floods, due to climate change, poses a huge risk to human lives and infrastructure,” Xaba said.

    Since 2017, the city has been experiencing recurring floods, and this has put a huge strain on the city’s water drainage system.

    In eThekwini, stormwater systems are designed to handle a “1-in-10-year” storm event, Xaba said.

    “Our large canals and river protection works are built to withstand 1-in-50 or 1-in-100-year storm events. In the last two months, we have been experiencing heavy downpours that we would ordinarily receive in every 20 – 40 years.

    “It is in this context that we must continue to urge members of the community to dispose of waste in designated places so that during heavy rains, the same waste does not clog our drainage system and flood our homes,” Xaba said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Video: UK Lords marks 75th anniversary of the European Convention on Human Rights

    Source: United Kingdom UK House of Lords (video statements)

    Find out more and see who’s taking part https://www.parliament.uk/business/news/2025/march/75th-anniversary-of-the-european-convention-on-human-rights-in-the-spotlight/

    Catch-up on House of Lords business:

    Watch live events: https://parliamentlive.tv/Lords
    Read the latest news: https://www.parliament.uk/lords/

    Stay up to date with the House of Lords on social media:

    • X: https://twitter.com/UKHouseofLords
    • Bluesky: https://bsky.app/profile/houseoflords.parliament.uk
    • Instagram: https://www.instagram.com/UKHouseofLords/
    • Facebook: https://www.facebook.com/UKHouseofLords
    • Flickr: https://flickr.com/photos/ukhouseoflords/albums
    • LinkedIn: https://www.linkedin.com/company/the-house-of-lords
    • Threads: https://www.threads.net/@UKHouseOfLords

    #HouseOfLords #UKParliament

    https://www.youtube.com/watch?v=PCgqK5H3Hvw

    MIL OSI Video –

  • MIL-OSI USA: New Bridge Ready to Serve NASA, America’s Space Interests

    Source: NASA

    The high-rise bridge that serves as the primary access point for employees and visitors to NASA’s Kennedy Space Center in Florida is fully operational. In the late hours of March 18, 2025, the Florida Department of Transportation (FDOT) opened the westbound portion of the NASA Causeway Bridge, which spans the Indian River Lagoon and connects NASA Kennedy and Cape Canaveral Space Force Station to the mainland.
    This new bridge span (right side of photo) sits alongside its twin on the eastbound side, which has accommodated traffic in both directions since FDOT opened it on June 9, 2023. The new structure replaces the old two-lane drawbridge which operated at that location for nearly 60 years.
    “The old drawbridge served us well, witnessing decades of spaceflights since the Apollo era and supporting Kennedy’s transition to a multi-user spaceport,” said Kennedy’s Acting Director Kelvin Manning. “The new bridge will see NASA send American astronauts back to the Moon and on to Mars, and it will support the continued rapid growth of America’s commercial space industry here at Earth’s premier spaceport.”
    At 4,025 feet long, the new NASA Causeway Bridge is about 35% longer than its predecessor, featuring a 65-foot waterway clearance and a channel wide enough to handle larger vessels carrying cargo necessary for Kennedy to continue launching humanity’s future.
    The bridge sits on over 1,000 concrete pilings which total more than 22 miles in length. Nearly 270 concrete I-beams, each weighing hundreds of thousands of pounds, support the bridge, along with over 40,000 cubic yards of concrete and over 8.7 million pounds of steel. All 110 spans of the old drawbridge were demolished during the construction, with much of the material recycled for future projects.
    A $90 million federal infrastructure grant secured in July 2019 by Space Florida via the U.S. Department of Transportation funded nearly 50% of the drawbridge replacement as well the widening of nearby Space Commerce Way. NASA and the state of Florida provided the remaining funding for the upgrades.
    Photo credit: NASA/Glenn Benson

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom announces appointments 3.19.25

    Source: US State of California 2

    Mar 19, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Emily Warren, of Orinda, has been appointed Deputy Secretary for Innovative Mobility Solutions at the California State Transportation Agency. Warren has been an Advisory Venture Parter at Fontinalis Partners, LLC since 2019. She was Head of Public Policy at EverCharge from 2023 to 2024. Warren was Head of Public Policy at Embark Trucks from 2022 to 2023. Warren was Senior Manager of Public Policy at Amazon from 2021 to 2022. She was Senior Policy Advisor at NelsonNygaard Consulting Associates from 2020 to 2021. Warren was Senior Director of Policy and Public Affairs at Lime from 2018 to 2019. She held several roles at Lyft from 2012 to 2019, including Senior Director of Transportation Policy, Director of Transportation Policy, Director of Community Relations, Director of Community Engagement, and Community Manager. Warren was a Municipal Financial Consultant at Public Financial Management from 2011 to 2012. She was Assistant Director of External Affairs for the University of Pennsylvania from 2009 to 2010. Warren is a member of the National Center of Sustainable Transportation Leadership Council and the University of California, Los Angeles Institute of Transportation Studies Advisory Board. She earned a Master of Public Administration degree in Public Finance from the University of Pennsylvania, and a Bachelor of Arts degree in Political Science and Critical Gender Studies from the University of California, San Diego. This position does not require Senate confirmation, and the compensation is $176,004. Warren is a Democrat.

    Eva Spiegel, of Davis, has been appointed Deputy Director of Communications at the California Department of Motor Vehicles. Spiegel was Senior Communications Specialist at Kearns & West from 2021 to 2025. She was Founder and Principal of Spiegel Communications from 2019 to 2021. Spiegel was Director of Communications for the League of California Cities from 2007 to 2019. She was Director of Broadcast Operations and Special Projects at the American Communications Foundation from 1995 to 2006. Spiegel earned a Master of Arts degree in Broadcast and Electronic Communication Arts from California State University, San Francisco, and a Bachelor of Arts degree in Political Science for the University of California, Davis. This position does not require Senate confirmation, and the compensation is $150,000. Spiegel is a Democrat.

    Suzy Shuster, of Beverly Hills, has been appointed to the California Film Commission. Shuster has been Co-Host and Executive Producer of Women’s Sports Now on RokuChannel since 2025, Co-Host of the What the Football Podcast since 2023, and Guest Host on The Rich Eisen Show since 2014. Shuster was a Host/Reporter for University of Southern California Trojans Pregame Show on ESPN 710 from 2003 to 2009. Shuster was a reporter for ABC Sports from 2003 to 2006. She was a Reporter for the NBA on TNT from 2004 to 2006. Shuster was a Reporter/Host of Fox Sports Net and Fox Sports West from 2000 to 2002. She was a Producer for Real Sports with Bryant Gumbel from 1988 to 1999. Shuster was a Producer for ESPN’s SportsCenter from 1997 to 1999. She is a member of the Board of Hillel at Columbia. Shuster earned a Bachelor of Arts degree in History and Art History from Columbia University. This position does not require Senate confirmation, and there is no compensation. Shuster is a Democrat.

    Thomas “Tom” Huntington, of San Francisco, has been appointed to the State Park and Recreation Commission. Huntington has been a Consultant in Non-Profit Organization and Foundation Management since 2013. He was the Western Regional Development Director for the Environmental Defense Fund from 1985 to 2013. Huntington was a River Protection Campaign Coordinator and the Executive Director for the Friends of the River Foundation from 1977 to 1984. He was the Regional Manager and River Guide at OARS Inc. Adventure Travel from 1974 to 1984. Huntington earned a Bachelor of Arts degree in Communications and Teaching from the University of Oregon. This position requires Senate confirmation, and the compensation is $100 per diem. Huntington is a Democrat.

    Press Releases, Recent News

    Recent news

    Mar 19, 2025

    News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring March 2025, as Developmental Disabilities Awareness Month.The text of the proclamation and a copy can be found below: PROCLAMATIONCalifornia is proud to join states around the…

    Mar 19, 2025

    News What you need to know: In the first two months of 2025, California National Guard’s Counter Drug Task Force has seized 1,045 pounds of illicit fentanyl with a street valuation of $6.8 million. SACRAMENTO – Continuing an enhanced focus in 2025 to combat the…

    Mar 19, 2025

    News What you need to know: 51 projects — including 46 independent features — will generate nearly $580 million in economic activity and employ over 6,490 cast and crew thanks to California’s Film & Television Tax Credit Program. HOLLYWOOD — Governor Newsom today…

    MIL OSI USA News –

  • MIL-OSI Russia: Rosneft Conducted 40-Stage Hydraulic Fracturing at Samotlor Field in Record 24 Hours

    Translartion. Region: Russians Fedetion –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    Samotlorneftegaz, one of Rosneft’s largest production assets, has carried out 40-stage hydraulic fracturing (HF) for the first time. The operation at the Samotlor field on a horizontal well was completed in 24 hours, which is a record in the industry. Its productivity coefficient exceeds the average indicators of neighboring wells by up to four times.

    The wellbore depth was 3,469 meters, the horizontal section length was about 1,200 meters. During the operation, 2,100 m3 of reservoir pressure maintenance system water were pumped in, and new generation domestic couplings were used.

    The unique operation was carried out by specialists from Samotlorneftegaz and the corporate service company RN-GRP, which carries out all hydraulic fracturing work at the Samotlor field. Currently, the share of wells with multi-stage hydraulic fracturing in the total volume of drilling of the enterprise exceeds 86%.

    Over the course of several years, Samotlorneftegaz specialists have adapted and selected the most effective methods for conducting multi-stage hydraulic fracturing to the conditions of the Samotlor field. The company’s specialists have conducted pilot industrial work on 20-stage multi-stage hydraulic fracturing. The positive results of this work have allowed us to quickly reach a new milestone, increasing the number of stages to 29, and now to 40 stages.

    Systematic work to improve production efficiency is one of the key elements of Rosneft’s strategy. The company carries out large-scale work aimed at introducing advanced technologies and reducing operating costs. Developments of corporate scientific institutes and equipment from domestic manufacturing plants are actively implemented at production sites.

    Reference:

    JSC Samotlorneftegaz, one of the key production enterprises of NK Rosneft, conducting production activities in the Nizhnevartovsk region of the Khanty-Mansi Autonomous Okrug – Yugra.

    Develops the largest Samotlor field in Russia, the industrial exploitation of which began in 1969. The total area of the enterprise’s licensed sites exceeds 2.9 thousand square kilometers.

    Department of Information and Advertising of PJSC NK Rosneft March 20, 2025

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI: Orezone Gold Reports Record Revenue and Net Income for 2024

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 20, 2025 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) is pleased to report its operational and financial results for the fourth quarter and full year ended December 31, 2024, and its 2025 guidance.   All dollar amounts are in USD unless otherwise indicated and abbreviation “M” means million.

    Highlights

    • Q4-2024 gold production of 36,502 oz, a 37% increase from the previous quarter.  
    • 2024 gold production of 118,746 oz, exceeding the mid-point of guidance.
    • AISC per oz sold of $1,273 for Q4-2024 and $1,447 for 2024.
    • Record revenue of $283.5M from the sale of 118,697 gold oz at an average realized price of $2,384 per oz in 2024. Gold sales remain unhedged to rising gold prices.
    • 2024 Adjusted EBITDA of $117.2M, Net Income attributable to Orezone shareholders of $55.7M and Earnings per Share attributable to Orezone shareholders of $0.14 and $0.13 on a basic and diluted basis, respectively.
    • Liquidity of $103.2M at year-end with cash of $74.0M and undrawn debt of $29.2M available to finance 2025 growth plans.
    • Stage 1 of hard rock expansion progress continues with first gold on track for Q4-2025.
    • Advancing work towards a secondary listing on the Australian Securities Exchange in mid-2025.

    Patrick Downey, President and CEO, commented “Strong Q4-2024 gold production of 36,502 oz helped deliver another record year for revenue of $283.5 million and net income of $64.1 million while meeting annual production guidance for a second consecutive year. Importantly, Orezone commenced construction of its hard rock expansion in the second half of 2024, a main step towards sustained production growth and setting the foundation for a transformational 2025 where we expect to pour first gold on this brownfield expansion in Q4-2025. First stage of the hard rock expansion is expected to increase the Company’s annual gold production to 170,000 – 185,000 oz in 2026.

    With continued strong gold prices and the closing of recent financings, the Company is well-placed to make further strategic investments in its Bomboré Mine by undertaking additional discovery-focused exploration on high potential targets and evaluating an accelerated start to the second stage of the hard rock expansion which would further increase annual gold production to 220,000 – 250,000 oz.

    The accomplishments achieved in 2024 is a testament to the strength of our team underpinned by the support of our community and government partners, and new and existing shareholders. We remain steadfast in our goal of creating lasting value for all stakeholders.”

    Highlights for Fourth Quarter and Year Ended December 31, 2024 and Significant Subsequent Events

    (All mine site figures on a 100% basis)   Q4-2024 Q4-2023 FY2024 FY2023
    Operating Performance          
    Gold production oz 36,502 33,916 118,746 141,425
    Gold sales oz 34,833 33,782 118,697 139,696
    Average realized gold price $/oz 2,632 1,986 2,384 1,940
    Cash costs per gold ounce sold1 $/oz 1,077 1,083 1,233 972
    All-in sustaining costs1 (“AISC”) per gold ounce sold $/oz 1,273 1,246 1,447 1,127
    Financial Performance          
    Revenue $000s 91,837 67,580 283,517 271,491
    Earnings from mine operations $000s 45,321 16,108 117,710 97,150
    Net income attributable to shareholders of Orezone1 $000s 30,091 4,012 55,711 43,146
    Net income per common share attributable to shareholders of Orezone          
    Basic $ 0.06 0.01 0.14 0.12
    Diluted $ 0.06 0.01 0.13 0.12
    EBITDA1 $000s 48,139 15,308 128,307 108,418
    Adjusted EBITDA1 $000s 45,058 26,702 117,233 120,036
    Adjusted earnings attributable to shareholders of Orezone1 $000s 27,550 14,267 45,977 53,665
    Adjusted earnings per share attributable to shareholders of Orezone1 $ 0.06 0.04 0.11 0.15
    Cash and Cash Flow Data          
    Operating cash flow before changes in working capital $000s 52,520 28,167 98,444 123,029
    Operating cash flow $000s 28,020 13,891 57,697 79,950
    Free cash flow1 $000s 12,543 682 11,725 36,172
    Cash, end of period $000s 74,021 19,483 74,021 19,483

    1 Cash costs, AISC, EBITDA, Adjusted EBITDA, Adjusted earnings, Adjusted earnings per share, and Free cash flow are non-IFRS measures. See “Non-IFRS Measures” section below for additional information.

    Full Year 2024 Highlights

    • Outstanding Safety Performance: 5.4M hours worked without a lost-time injury and a low total recordable injury frequency rate of 0.75.
    • Strong Liquidity: Available liquidity of $103.2M at year-end with $74.0M in cash and XOF 17.5 billion ($29.2M) available to be drawn on the Phase II debt facility with Coris Bank International (“Coris Bank”). The Company is well-funded to carry out its 2025 growth plans including the completion of stage 1 of the Phase II hard rock expansion and a minimum 20,000 m diamond drilling exploration program.    
    • Gold Production Guidance Achieved: Gold production of 118,746 oz which exceeded the mid-point of guidance, marking the second consecutive year that the Bomboré Mine has met production guidance since the start up of operations.
    • AISC Per Oz Within Updated Guidance: AISC per oz of $1,447 was within the updated guidance range with operating costs impacted by higher-than-anticipated government royalties and power costs. Relative to original guidance, government royalties were $31 per oz higher due to a better realized gold price and power costs were $57 per oz higher from lower-than-normal grid availability due to regional power issues in the H1-2024. These two cost overrun contributors were both out of the Company’s control and if their cost impacts were removed, original AISC guidance of $1,300 per oz to $1,375 per oz would have been met.
    • Record Annual Revenue: Revenue of $283.5M from the sale of 118,697 gold oz at a realized gold price of $2,384 per oz. The Company’s gold sales remain unhedged to rising gold prices.
    • Record EBITDA, Net Income, and Earnings Per Share: Reported record EBITDA of $128.3M and net income attributable to Orezone shareholders of $55.7M, primarily driven by a 23% increase in the realized gold price from the prior year. Net income per share attributable to Orezone shareholders was a record $0.14 per share on a basic basis and $0.13 per share on a diluted basis.
    • Continued Free Cash Flow Generation: Generated free cash flow of $11.7M with cash flow from operating activities totalling $98.4M after deducting taxes paid of $26.2M but before changes in non-cash working capital. Non-cash working capital increased by $40.7M primarily from the build-up of VAT receivables and long-term ore stockpiles. Cash flow used in investing activities totalled $46.0M as capital expenditures remained elevated as the Company executes on its growth initiatives including the Phase II hard rock expansion.
    • Phase II Hard Rock Expansion on Track for First Gold in 2025: The Company’s Board approved a positive construction decision on stage 1 of the Phase II hard rock expansion on July 10, 2024 after the Company had secured $105M in binding debt and equity commitments described below for the construction. Under stage 1, a 2.5M tonnes per annum (“tpa”) process plant will be built to recover gold from hard rock mineral reserves which is expected to increase future production levels by 50% to over 170,000 oz per annum. First gold for stage 1 of the Phase II expansion remains on track for Q4-2025 with commercial production expected shortly thereafter in early 2026.
    • Phase I Debt Reduced, Bridge Loan Repaid, and Phase II Expansion Financing Secured: Principal repayments totalling XOF 24.0 billion ($39.3M) were made on the Company’s senior borrowings with Coris Bank, including the extinguishment of the XOF 12.0 billion ($19.8M) bridge loan. On August 8, 2024, the Company completed a non-brokered private placement for net proceeds of C$64.8M ($47.3M) with a new cornerstone investor, Nioko Resources Corporation (“Nioko”), a leading West African investment group. On December 19, 2024, the Company successfully upsized its senior debt facility with Coris Bank through a new term loan for XOF 35.0 billion ($58.3M) (“Phase II Term Loan”) to be drawn in multiple tranches as construction progresses. The Company made its first drawdown of XOF 17.5 billion ($27.9M) on the Phase II Term Loan in December 2024.
    • Multi-year Exploration Drill Program Initiated: In August 2024, the Company initiated a multi-year discovery focused drill program with an initial 30,000 m of drilling designed to test the broader size and scale of the Bomboré mineralized system. Initial results from drilling at the North Zone intercepted mineralization 240 m below the current reserve pit limit, including 1.67 g/t gold over 46.00 m, demonstrating the continuity and robustness of the mineralized system at depth, both in terms of grade and overall width (see October 10, 2024 news release).

    Q4-2024 Highlights

    • Gold Production: Quarterly gold production of 36,502 oz increased 37% from Q3-2024 as a result of record plant throughput and improved head grades. Mining extended to Siga East and Siga South pits for a full quarter which contributed a greater blend of soft oxide ore at higher grades to the mill feed.
    • AISC Per Oz: AISC per oz sold was $1,273 per oz, a 23% decrease from Q3-2024, driven mainly by improved gold production as a result of higher grades and better plant throughput.
    • EBITDA, Net Income, and Earnings Per Share: Reported EBITDA of $48.1M and net income attributable to Orezone shareholders of $30.1M. Net income per share attributable to Orezone shareholders was $0.06 per share on both a basic and diluted basis.
    • Free Cash Flow: Generated free cash flow of $12.5M with cash flow from operating activities totalling $52.5M after deducting taxes paid of $6.3M but before changes in non-cash working capital. Cash flow used in investing activities totalled $15.5M as expenditures for the Phase II hard rock expansion began to ramp up.

    Events Subsequent to 2024 Year-End

    • Bought Deal Offering: On March 13, 2025, the Company closed on a public offering of common shares on a bought deal basis with Canaccord Genuity Corp. (“Canaccord”) pursuant to which the Company agreed to sell 42,683,000 common shares at a price of C$0.82 per share for aggregate gross proceeds of C$35,000,060. Net proceeds from the offering will be used to conduct early works for stage 2 of the Phase II hard rock expansion and for additional exploration. Under stage 2, processing capacity of the hard rock plant will double from the 2.5Mtpa design in stage 1 to 5.0Mtpa after completion of stage 2.
    • Over-allotment Exercise: Canaccord has exercised its over-allotment in full on the bought deal offering and has agreed to purchase an additional 6,402,450 common shares at a price of C$0.82 per share for aggregate gross proceeds of C$5,250,009. The purchase of shares from the over-allotment closed on March 19, 2025.
    • Private Placement with Nioko: The Company has announced that Nioko intends to acquire, on a non-brokered private placement basis, for 10,719,659 additional common shares at a price of C$0.82 per share for aggregate gross proceeds of C$8,790,121 to maintain its 19.9% share ownership (before the over-allotment exercise). Closing of this private placement is subject to approval of the TSX and is anticipated to occur in late March 2025.
    • Intention to List on the Australian Securities Exchange (“ASX”): The Company intends to pursue a secondary listing on the ASX by mid-2025, subject to market conditions and the satisfaction of ASX listing requirements as announced in its February 23, 2025 press release. The Company believes a dual listing on the ASX will increase trading liquidity and allow it to access a deeper pool of investors, including specialist mining focused funds.

    2024 Performance and 2025 Guidance

    2024 Performance Compared Against Guidance

    Bomboré Mine (100% basis) Unit Original
    FY2024 Guidance    		 Revised
    FY2024 Guidance4    		 FY2024
    Actuals
    Gold production Au oz 110,000 – 125,000 Unchanged  118,746
    All-In Sustaining Costs123 $/oz Au sold $1,300 – $1,375 $1,400 – $1,475 $1,447
    Sustaining capital12 $M $14 – $15 Unchanged $16.0
    Growth capital – non Phase II Expansion12 $M $16 – $17 Unchanged $17.6
    Growth capital – Phase II Expansion early works12 $M No guidance provided $3.6 $3.6
    Growth capital – Phase II Expansion12 $M No guidance provided $15.0 – $18.0 $15.3
    1. Non-IFRS measures. See “Non-IFRS Measures” section below for additional information.
    2. Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.30.
    3. Government royalties of $160/oz included in original AISC guidance based on an assumed gold price of $2,000 per oz. Government royalties of $200/oz were estimated in the revised AISC guidance from a better gold price realized.
    4. Revised guidance details presented in Q3-2024 MD&A.

    2025 Guidance

    Bomboré Mine (100% basis) Unit FY2025 Guidance
    Gold production Au oz 115,000 – 130,000
    All-In Sustaining Costs123 $/oz Au sold $1,400 – $1,500
    Sustaining capital12 $M $9 – $10
    Growth capital (excluding Phase II Expansion)12 $M $44 – $51
    Growth capital – Stage 1 of Phase II Expansion12 $M $75 – $80
    1. Non-IFRS measure. See “Non-IFRS Measures” section below for additional information.
    2. Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.35.
    3. Government royalties included in AISC guidance based on an assumed gold price of $2,600 per oz.

    Gold production in 2025 is forecasted to range between 115,000 to 130,000 oz, with the highest production expected in the fourth quarter from the scheduled start-up of the Phase II hard rock plant. Projected gold production from hard rock reserves is between 5,000 to 10,000 oz with actual production dependent on the timing and ramp-up of the new hard rock circuit. Gold production from the existing Phase I oxide plant is guided between 110,000 to 120,000 oz, similar to that achieved in 2024.

    Mining will be concentrated within three main pits delivering most of the direct feed ore with the H pit in the North Zone, and the Siga East and Siga South pits in the South Zone. The 2025 mine plan calls for 22.4M tonnes to be mined by the mining contractor at a strip ratio of approximately 1.8.   The mining contractor placed new excavators, dump trucks, and support equipment into service in November 2024 and is organizing to mobilize additional equipment to site later this year in preparation for the start-up of hard rock mining.

    AISC in 2025 is expected to range between $1,400 to $1,500 per oz sold. AISC per oz is expected to be comparable to 2024 with a small decrease in head grades, an increased strip ratio, and greater government royalties from a higher assumed gold price offset by lower sustaining capital, higher grid utilization, and higher plant throughput from fewer power interruptions and enhanced maintenance practices.

    Sustaining capital is budgeted to fall within the range of $9M to $10M with expenditures directed towards the completion of tailings storage facility (“TSF”) stage 4 lift, extension of the main haul road and perimeter fencing at the southern end of the mining permit, and other capital improvements to the process plant, camp, and mine support equipment and facilities.

    Growth capital is expected to range between $119M to $131M on four major growth projects:

    No. Growth Capital Description Unit FY2025 Guidance
    I. Phase II Hard Rock Expansion – Stage 1 $M $75 – $80
    II. Permanent Back-up Diesel Power Plant $M $22 – $24
    III. TSF Footprint Expansion – Cell 2 $M $11 – $13
    IV. Resettlement Action Plan (“RAP”) $M $11 – $14
      Growth Capital Total $M $119 – $131
           
      Phase II Hard Rock Expansion – Stage 2 $M No guidance provided

    The Company has reserved guidance on 2025 expenditures for stage 2 of the Phase II hard rock expansion until the Company’s Board of Directors has issued a final investment decision to proceed with stage 2 expected later this year. Stage 2 would increase annual gold production to 220,000 – 250,000 oz.  

    I.      Phase II Hard Rock Expansion – Stage 1

    A new 2.5Mtpa hard rock plant to process fresh and lower transition ore is currently under construction and once completed, will operate in tandem with the existing Phase I oxide plant. The current flowsheet for stage 1 of this brownfield expansion consists of a primary jaw crusher, an 18-hour crushed ore stockpile, a single stage 9MW SAG mill, hydrocyclones, and a carbon-in-leach (“CIL”) circuit consisting of five 15.8 m diameter leach tanks. Loaded carbon will be treated in the shared gold recovery circuit, producing gold doré bars from the existing gold room. Tailings from the CIL circuit will be pumped into the expanded tailings facility.

    The Company completed a comprehensive review of the construction progress and costing as part of its annual budgeting exercise for 2025. From this review, schedule to first gold remains in Q4-2025 with a project budget of $90M – $95M with $75M – $80M forecasted in 2025.

    II.      Permanent Back-Up Diesel Power Plant

    A new diesel power plant will be installed to provide continuous power to both the Phase I oxide plant and Phase II hard rock plant when the national grid is unavailable or unable to provide stable power.

    Following a competitive tender, the Company awarded the engineering, supply, installation, and commissioning of this new power plant to Africa Power Services (“APS”). APS will supply 18 Caterpillar diesel gensets with 1.8MW rated capacity each that will function as back-up units to the grid to meet the 18MW to 20MW load demand of both processing circuits. This new power plant is scheduled for final commissioning in October 2025 and will replace the APS genset rentals that are currently providing power on a back-up basis.

    III.      TSF Footprint Expansion – Cell 2

    The TSF starter dam over the Cell 1 footprint was completed prior to the start of processing operations in 2022. Lifts of the Cell 1 embankment walls have been completed each year to add storage to hold the volume of tailings expected to be generated by the mine for the upcoming year. The stage 4 lift is currently in progress and is slated for completion in June 2025 with costs captured under sustaining capital.

    To optimize costs of future tailings lifts and to meet the higher annual storage requirements from the Phase II hard rock expansion, work to expand the TSF footprint southwards into Cell 2 will begin in 2025 and continue into 2026, and include the HDPE lining of the Cell 2 basin and installation of underdrainage to improve water recovery and dam stability. Cell 2 will cover the ultimate TSF footprint and is designed to ensure that future annual lifts will provide sufficient storage of tailings generated each year by the combined oxide and expanded stage 2 (5Mtpa) hard rock operations.

    IV.      Resettlement Action Plan – Phases II, III, and IV

    RAP Phases II and III commenced in 2023 and will see the construction of three new resettlement communities (MV3, MV2, and BV2) to help relocate households occupying areas within the southern half of the Bomboré mining permit. Both MV3 and MV2 were successfully completed in 2024 followed by the start of BV2 construction in late 2024.

    RAP Phase IV was presented as part of the Environment Social Impact Assessment (“ESIA”) submitted by the Company in 2024 to expand the current mining permit by an additional 5.56 km2.

    Construction costs of $8.0M to $10.0M are forecasted in 2025 to complete the remaining construction of BV2 by October 2025 and for the anticipated start of RAP Phase IV construction in Q4-2025. RAP costs of $3.0M to $4.0M are estimated for compensation, consultants, relocation allowances, and livelihood restoration programs.

    Revenue Protection Program for 2025

    The Company has implemented a low-cost revenue protection program for approximately half of its forecasted gold production in 2025 by purchasing 60,000 oz of put options with a strike price of $2,300 per oz at a cost of $0.8M. These options were acquired in November 2024 from a leading Canadian chartered bank and are structured as a monthly program of 5,000 oz options with option expiries at each month-end.

    The purchase of put options allows the Company to secure margin on its gold sales should gold prices fall significantly while retaining full upside to rising gold prices. The Company invested in these put options due to the large capital programs planned for 2025.

    Bomboré Gold Mine, Burkina Faso (100% Basis)

    Operating Highlights   Q4-2024   Q4-2023   FY2024 FY2023  
    Safety          
    Lost-time injuries frequency rate per 1M hrs 0.00   0.00   0.00 0.00  
    Personnel-hours worked 000s hours 1,326   1,301   5,366 4,394  
    Mining Physicals          
    Ore tonnes mined tonnes 2,063,262   2,883,006   7,889,973 9,247,175  
    Waste tonnes mined tonnes 2,655,783   3,048,669   11,921,398 11,237,079  
    Total tonnes mined tonnes 4,719,045   5,931,675   19,811,370 20,484,254  
    Strip ratio waste:ore 1.29   1.06   1.51 1.22  
    Processing Physicals          
    Ore tonnes milled tonnes 1,652,844   1,449,769   5,928,599 5,749,163  
    Head grade milled Au g/t 0.77   0.82   0.71 0.85  
    Recovery rate % 89.1   88.9   88.2 90.4  
    Gold produced Au oz 36,502   33,916   118,746 141,425  
    Unit Cash Cost          
    Mining cost per tonne $/tonne 3.50   3.05   3.49 3.01  
    Mining cost per ore tonne processed $/tonne 7.37   6.31   8.44 6.77  
    Processing cost $/tonne 7.00   10.84   8.27 10.14  
    Site general and admin (“G&A”) cost $/tonne 4.07   4.85   3.90 3.95  
    Cash cost per ore1tonne processed $/tonne 18.44   22.00   20.61 20.86  
    Cash Costs and AISC Details          
    Mining cost (net of stockpile movements) $000s 12,174   9,146   50,008 38,932  
    Processing cost $000s 11,563   15,719   49,049 58,285  
    Site G&A cost $000s 6,719   7,036   23,124 22,707  
    Refining and transport cost $000s 193   141   497 519  
    Government royalty cost $000s 7,512   5,163   22,739 17,508  
    Gold inventory movements $000s (647 ) (606 ) 892 (2,190 )
    Cash costs on a sales basis $000s 37,514   36,599   146,309 135,761  
    Sustaining capital $000s 4,245   3,558   15,997 14,002  
    Sustaining leases $000s 73   73   292 301  
    Corporate G&A cost $000s 2,511   1,874   9,154 7,325  
    All-In Sustaining Costs1on a sales basis $000s 44,343   42,104   171,752 157,389  
    Gold sold Au oz 34,833   33,782   118,697 139,696  
    Cash costs per gold ounce sold1 $/oz 1,077   1,083   1,233 972  
    All-In Sustaining Costs per gold ounce sold1 $/oz 1,273   1,246   1,447 1,127  

    1 Non-IFRS measure. See “Non-IFRS Measures” section below for additional details.

    Bomboré Production Results

    Q4-2024 vs Q4-2023

    Gold production in Q4-2024 was 36,502 oz, an increase of 8% from the 33,916 oz produced in Q4-2023. The higher gold production is attributable to a 14% increase in plant throughput offset by a 6% decrease in head grades.

    The better head grades in Q4-2023 were from the sequencing of higher-grade pits in earlier periods of the mine plan and greater ore release from more tonnes mined allowing for the stockpiling of lower-grade ore. More tonnes were mined in Q4-2023 as a second mining contractor was utilized to assist with mining volumes.

    Plant throughput of 1.65M tonnes in Q4-2024 hit a new quarterly record as processing operations benefitted from higher hourly throughput, greater blend of soft oxide ore, and less maintenance. Improvements to hourly plant throughput were successfully instituted in July 2024 by increasing the mill power and reducing residence time in the CIL circuit with only a minor effect to recovery rates. Mining at the new Siga East and Siga South pits for a full quarter in Q4-2024 resulted in the release of more tonnes of softer oxide ore while completion of all scheduled major plant maintenance in earlier quarters of the year combined with high grid availability resulted in less plant downtime.

    2024 vs 2023

    Gold production in 2024 was 118,746 oz, a decline of 16% from the 141,425 oz produced in 2023. The lower gold production is attributable to a 16% decrease in head grades and a 2% decrease in plant recoveries, partially offset by a 3% increase in plant throughput.

    Head grades in 2023 were higher from the sequencing of higher-grade pits in earlier periods of the mine plan and the processing of high-grade stockpiles accumulated during the Phase I construction, with such stockpiles being fully depleted by June 2023.

    Plant recoveries were lower in 2024 as a direct result of lower head grades, a greater blend of transition ore, and less residence in the CIL circuit.

    Plant throughput was higher in 2024 from the operating procedures followed in the H2-2024 to maximize hourly plant throughput.

    Bomboré Operating Costs

    Q4-2024 vs Q4-2023

    AISC per gold oz sold in Q4-2024 was $1,273, a 2% increase from $1,246 per oz sold in Q4-2023. The higher AISC is the result of: (a) lower head grades; (b) greater per oz royalty costs from a 33% increase in the realized gold price ($2,632/oz vs $1,986/oz) coupled with higher royalty rates that took effect in October 2023; and (c) increased mining costs attributable to deeper pits, drill-and-blast associated with harder transition ore, and higher strip ratio. This cost increase was partially offset by a reduction in power costs from the switch to lower-cost grid power in February 2024 (92% grid utilization in Q4-2024) and from a 14% jump in plant throughput resulting in economies for fixed costs.

    Cash cost per ore tonne processed in Q4-2024 was $18.44 per tonne, a decrease of 16% from $22.00 per tonne in Q4-2023, as a result of the use of lower-cost grid power and a 14% increase in plant throughput positively impacting unit cost for processing ($7.00/tonne vs $10.84/tonne) and site G&A ($4.07/tonne vs $4.85/tonne), partially offset by a 17% increase in mining costs per ore tonne processed ($7.37/tonne vs $6.31/tonne) attributable to higher strip ratio and unit mining cost.

    Mining cost per tonne has increased in Q4-2024 when compared to Q4-2023 ($3.50/tonne vs $3.05/tonne) as lower benches in the pits in the Northern Zone are mined resulting in longer hauls and more transition material that requires some drill-and-blast prior to excavation and greater rehandle prior to feeding into the dump pocket on the ROM pad combined with more grade control drilling for the new Siga pits.

    Processing costs per ore tonne decreased in Q4-2024 when compared to Q4-2023 ($7.00/tonne vs $10.84/tonne) mainly from the continuing cost benefit of utilizing grid power which has lowered power cost from $5.57/tonne in Q4-2023 to $2.39/tonne in Q4-2024, a drop of $3.18/tonne. Grid performance remained reliable and steady in Q4-2024 with 92% utilization, consistent with utilization in Q3-2024, and a significant improvement from Q2-2024 when grid utilization was 34% as issues with the supply system in Ghana and Côte D’Ivoire temporarily reduced power export into Burkina Faso.

    2024 vs 2023

    AISC per gold oz sold in 2024 was $1,447, a 28% increase from $1,127 per oz sold in 2023. The higher AISC is primarily the result of a 16% decline in head grades, higher government royalties from a better realized gold price and higher royalty rates, higher strip ratio and unit cost for mining, and moderate increases in sustaining capital and corporate G&A, partially offset by a reduction in processing costs from the switch to grid power as the primary power source in February 2024.

    Bomboré Growth Capital Projects

    Grid Power Connection

    The powerline to connect Bomboré to Burkina Faso’s national energy grid was successfully energized in February 2024. As of December 31, 2024, the Company has incurred costs of $19.9M, of which $0.2M was incurred in Q4-2024 and $1.6M in 2024. The Company plans to make minor upgrades to the grid connection in 2025 by installing equipment and software that will reduce the quantity of reactive power and hence, surcharges imposed by SONABEL, the state-owned electricity company of Burkina Faso.

    RAP Phases II and III

    Construction of MV3 and MV2 resettlement sites and the relocation of families to their new homes at these sites were completed in 2024. Construction on the BV2 resettlement site commenced in Q4-2024. Compensation payments to affected residents for loss of land, crops, trees, and private structures were also made in the year.

    As of December 31, 2024, the Company has incurred project-to-date costs of $26.5M for RAP Phases II and III, of which $4.3M was incurred in Q4-2024 and $16.0M in 2024.

    Phase II Hard Rock Expansion

    First gold remains on schedule and costs are trending in line with the most recent control budget. The concentrated scope of this expansion when compared to a greenfield project significantly reduces schedule and budget risks with start-up to benefit from the well-established mining, processing, and maintenance teams already on site.

    Construction of stage 1 of Phase II hard rock expansion was officially approved by the Company’s Board in early July 2024. To maintain first gold by Q4-2025, the Company undertook early work activities in H1-2024 which included front-end engineering and design, geotechnical investigations, additional office and camp accommodations, 18MW SAG mill order placement (subsequently cancelled), and bulk earthworks on the new plant layout.

    Lycopodium Minerals Canada (“Lycopodium”) was awarded the engineering and procurement contract and was chosen for their successful track record of designing and constructing numerous gold plants in West Africa, including the Company’s oxide plant that is currently in operations and exceeding nameplate design.

    Progress and milestones achieved on the expansion in 2024 include:

    • Engineering and drafting progress stood at 52% and ahead of plan. All bulk quantities, including concrete, structural steel, and platework, remain in line with budget.
    • Procurement was at 82% of total supply value with all long lead equipment ordered, including a 9MW SAG mill.
    • Early mobilization of concrete contractor with first concrete pour completed in November, three months ahead of schedule.
    • Tender of the structural, mechanical, and piping (“SMP”) contract with contract awarded shortly after year-end.

    All major site installation contracts (concrete, SMP, electrical and instrumentation, and mill installation) have been awarded to the same contractors that successfully delivered on the Phase I oxide construction.

    As of December 31, 2024, the Company has incurred $15.3M in costs for the Phase II hard rock expansion exclusive of the $3.6M spent on early work activities in 2024.

    NON-IFRS MEASURES

    The Company has included certain terms or performance measures commonly used in the mining industry that is not defined under IFRS, including “cash costs”, “AISC”, “EBITDA”, “adjusted EBITDA”, “adjusted earnings”, “adjusted earnings per share”, and “free cash flow”. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures presented by other companies. The Company uses such measures to provide additional information and they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and reconciliation of certain measures to IFRS terms, refer to “Non-IFRS Measures” in the Management’s Discussion and Analysis for the year ended December 31, 2024 which is incorporated by reference herein.

    CONFERENCE CALL AND WEBCAST

    The consolidated financial statements and Management’s Discussion and Analysis are available at www.orezone.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca. Orezone will host a conference call and audio webcast to discuss its fourth quarter and full year 2024 results on March 20, 2025:

    Webcast
    Date:    Thursday, March 20, 2025
    Time:    8:00 am Pacific time (11:00 am Eastern time)
    Please register for the webcast here:  Orezone 2024 Year-End Results and 2025 Guidance

    Conference Call 
    Toll-free in U.S. and Canada: 1-800-715-9871
    International callers: +646-307-1963
    Event ID: 9731374

    QUALIFIED PERSONS

    The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical Services and Mr. Dale Tweed, P. Eng., Vice-President of Engineering, both of whom are Qualified Persons as defined under NI 43-101 Standards of Disclosure for Mineral Projects.

    ABOUT OREZONE GOLD CORPORATION

    Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its 90%-owned flagship Bomboré Gold Mine in Burkina Faso. The Company completed construction of its oxide only process plant in August 2022 and achieved commercial production on its oxide operations on December 1, 2022. The Company is expanding operations and gold production by constructing stage 1 of a Phase II hard rock plant that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves.   Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets, and M&A.   

    The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

    Patrick Downey
    President and Chief Executive Officer

    Kevin MacKenzie
    Vice President, Corporate Development and Investor Relations

    Tel: 1 778 945 8977
    info@orezone.com / www.orezone.com

    For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

    The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains certain information that constitutes “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur, and include, amongst other statements, the Phase II hard rock expansion will increase annual gold production and is expected to pour first gold in Q4-2025.

    All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel, the spread of diseases, epidemics and pandemics diseases, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management’s discussion and analysis filed on SEDAR+ on www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking statements.

    Forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company’s ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

    Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

    The MIL Network –

  • MIL-OSI: FactSet Reports Results for Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    • Q2 GAAP revenues of $570.7 million, up 4.5% from Q2 2024.
    • Organic Q2 ASV of $2,276.2 million, up 4.1% year over year.
    • Q2 GAAP operating margin of 32.5%, down approximately 80 bps year over year, and adjusted operating margin of 37.3%, down 100 bps year over year.
    • Q2 GAAP diluted EPS of $3.76, up 3.0% from the prior year, and adjusted diluted EPS of $4.28, up 1.4% year over year.
    • Fiscal 2025 guidance updated. Expected organic ASV growth of $100 million to $130 million (approximately 4.4% to 5.8%), GAAP revenues in the range of $2,305 million to $2,325 million, adjusted operating margin in the range of 36% to 37%, and adjusted diluted EPS in the range of $16.80 to $17.40.

    NORWALK, Conn., March 20, 2025 (GLOBE NEWSWIRE) — FactSet (“FactSet” or the “Company”) (NYSE:FDS) (NASDAQ:FDS), a global financial digital platform and enterprise solutions provider, today announced results for its second quarter fiscal 2025 ended February 28, 2025.

    Second Quarter Fiscal 2025 Highlights

    • GAAP revenues increased 4.5%, or $24.8 million, to $570.7 million for the second quarter of fiscal 2025 compared with $545.9 million in the prior year period. Organic(1) revenues grew 4.0% year over year to $568.0 million during the second quarter of fiscal 2025. Growth in GAAP and Organic revenues this quarter was driven by wealth and institutional buy-side clients.
    • Annual Subscription Value (“ASV”) was $2,306.1 million at February 28, 2025, compared with $2,185.6 million at February 29, 2024. Organic ASV was $2,276.2 million at February 28, 2025, up 4.1% or $90.7 million year over year(2).
    • Organic ASV increased $19.6 million over the last three months. Please see the “ASV” section of this press release for details.
    • GAAP operating margin decreased to 32.5% compared with 33.3% for the prior year period, mainly due to an increase in acquisition-related professional fees and technology-related expenses, partially offset by growth in revenues and a decrease in employee compensation costs. Adjusted operating margin decreased to 37.3% compared with 38.3% in the prior year period, mainly due to higher technology related expenses offset by lapping of the prior year’s lower bonus accrual.
    • GAAP diluted earnings per share (“EPS”) increased 3.0% to $3.76 compared with $3.65 for the same period in fiscal 2024, primarily due to growth in revenues, partially offset by an increase in acquisition-related professional fees and technology-related expenses. Adjusted diluted EPS increased 1.4% to $4.28 compared with $4.22 in the prior year period, driven by growth in revenues, offset by higher operating expenses and a higher tax rate on an adjusted basis.
    • Net cash provided by operating activities was $174.0 million for the second quarter of fiscal 2025. Free cash flow increased to $150.2 million for the second quarter of fiscal 2025, compared with $121.9 million for the prior year period, an increase of 23.3%, primarily due to higher net cash provided by operating activities.
    • GAAP effective tax rate for the second quarter of fiscal 2025 decreased to 15.9% compared with 16.4% for the second quarter of fiscal 2024. The decrease was primarily due to lower U.S. tax on foreign earnings, partially offset by certain discrete items, mainly lower excess tax benefits related to stock-based compensation.

    (1) References to “organic” figures in this press release exclude the current year impact of acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency.

    (2) Beginning in fiscal 2025, FactSet is reporting Organic ASV, rather than Organic ASV plus Professional Services, to focus on the recurring nature of its revenues. This underscores the shift of FactSet’s offerings toward providing more managed services and less project-based services.

    “With increased visibility into the remainder of the fiscal year, we are reaffirming the 5% midpoint of our organic ASV growth guidance and narrowing the range of anticipated top-line outcomes,” said Phil Snow, CEO of FactSet. “The strength of our full-year pipeline and constructive dialogue with our clients position our business positively for growth acceleration in the second half of the year.”

    Key Financial Measures*

    (Condensed and Unaudited) Three Months Ended  
      February 28, February 29,  
    (In thousands, except per share data)   2025     2024   Change
    Revenues $ 570,660   $ 545,945   4.5 %
    Organic revenues $ 567,985   $ 545,945   4.0 %
    Operating income $ 185,492   $ 181,942   2.0 %
    Adjusted operating income $ 212,669   $ 209,326   1.6 %
    Operating margin   32.5 %   33.3 %  
    Adjusted operating margin   37.3 %   38.3 %  
    Net income $ 144,860   $ 140,940   2.8 %
    Adjusted net income $ 164,976   $ 163,067   1.2 %
    EBITDA $ 224,646   $ 216,826   3.6 %
    Diluted EPS $ 3.76   $ 3.65   3.0 %
    Adjusted diluted EPS $ 4.28   $ 4.22   1.4 %

    * See reconciliation of U.S. GAAP to adjusted key financial measures in the back of this press release.

    “We achieved solid financial performance in the first half of the fiscal year by maintaining our focus on cost discipline and increased efficiency, while continuing to invest in our strategic priorities,” said Helen Shan, FactSet’s CFO. “We are reaffirming our guidance range for adjusted operating margin and adjusted diluted EPS, despite modest dilution from our recent acquisitions.”

    Annual Subscription Value (ASV)

    ASV at any given point in time represents the forward-looking revenues for the next 12 months from all subscription services currently supplied to clients.

    ASV was $2,306.1 million at February 28, 2025, compared with $2,185.6 million at February 29, 2024. Organic ASV was $2,276.2 million at February 28, 2025, up $90.7 million from the prior year, for a growth rate of 4.1%. Organic ASV increased $19.6 million over the last three months.

    The buy-side and sell-side organic ASV annual growth rates as of February 28, 2025 were 4.1% and 2.2%, respectively. Buy-side clients, including institutional asset managers, wealth managers, asset owners, partners, hedge funds and corporate clients, accounted for 82% of organic ASV. The remaining organic ASV came from sell-side firms, including broker-dealers, banking and advisory firms, and private equity and venture capital firms. Supplementary tables covering organic buy-side and sell-side ASV growth rates may be found on the last page of this press release.

    Segment Revenues and ASV

    ASV from the Americas was $1,501.1 million compared with ASV in the prior year period of $1,413.6 million. Organic ASV from the Americas increased 4.4% to $1,474.9 million. Americas revenues for the quarter increased to $369.7 million compared with $352.6 million in the second quarter of last year. The Americas quarterly organic revenues growth rate was 4.0% over the prior year period.

    ASV from EMEA was $571.3 million compared with ASV in the prior year period of $556.5 million. Organic ASV from EMEA increased 2.6% to $571.4 million. EMEA revenues were $143.4 million compared with $139.2 million in the second quarter of fiscal 2024. The EMEA quarterly organic revenues growth rate was 3.1% over the prior year period.

    ASV from Asia Pacific was $233.7 million compared with ASV in the prior year period of $215.5 million. Organic ASV from Asia Pacific increased 6.8% to $229.9 million. Asia Pacific revenues were $57.6 million compared with $54.1 million in the second quarter of fiscal 2024. The Asia Pacific quarterly organic revenues growth rate was 6.8% over the prior year period.

    Operational Highlights – Second Quarter Fiscal 2025

    • Client count as of February 28, 2025 was 8,645, a net increase of 396 clients in the past three months, mainly due to corporates, which now includes clients from the Irwin acquisition. The count includes clients with ASV of $10,000 and more and does not reflect the LiquidityBook acquisition.
    • User count was 219,141 as of February 28, 2025, a net increase of 874 users in the past three months, mainly driven by an increase in wealth management users. The user count does not reflect the Irwin and LiquidityBook acquisitions.
    • Annual ASV retention was greater than 95%. When expressed as a percentage of clients, annual retention was 91%.
    • Employee headcount was 12,598 as of February 28, 2025, up 2.6% over the last 12 months, with the increase primarily in the sales and technology groups, mainly from the Irwin and LiquidityBook acquisitions. FactSet’s Centers of Excellence account for approximately 67% of the Company’s employees.
    • A quarterly dividend of $39.5 million, or $1.04 per share, is being paid on March 20, 2025, to holders of record of FactSet’s common stock at the close of business on February 28, 2025.
    • FactSet acquired LiquidityBook, a provider of cloud-native trading solutions. The acquisition adds technology-forward order management (OMS) and investment book of record (IBOR) capabilities to the FactSet Workstation to seamlessly link adjacent steps in the front office trade workflow and enhance FactSet’s ability to serve the integrated workflow needs of clients across the entire portfolio lifecycle.
    • FactSet launched Pitch Creator, an AI-powered tool that streamlines pitchbook creation for investment banks. By automating the time-consuming tasks of model analysis and presentation building, FactSet Pitch Creator can reduce hours of manual work into minutes, creating the productivity gains necessary for junior bankers to prioritize high-value, strategic initiatives.
    • After the quarter end, FactSet acquired LogoIntern, a productivity solution that helps financial services professionals create well formatted logo outputs for presentations faster. This acquisition reinforces FactSet’s commitment to improving junior banker productivity and complements Pitch Creator to bring automation to another time-consuming, manual aspect of a junior banker’s daily workflow.
    • FactSet appointed Kevin Toomey as Head of Investor Relations. Toomey is replacing Yet He, who was acting as Interim Head of Investor Relations and now will continue in his role as FactSet’s Treasurer and Head of Financial Planning & Analysis.

    Share Repurchase Program

    FactSet repurchased 136,714 shares of its common stock for $64.4 million at an average price of $470.70 during the second quarter of fiscal 2025 under the Company’s share repurchase program. As of February 28, 2025, $186.9 million remained available for share repurchases under this program.    

    Annual Business Outlook

    FactSet is updating its outlook for fiscal 2025. The following forward-looking statements reflect FactSet’s expectations as of today’s date. Given the risk factors, uncertainties, and assumptions discussed below, actual results may differ materially. FactSet does not intend to update its forward-looking statements prior to its next quarterly results announcement.

    Fiscal 2025 Expectations (with reference to most recent previous guidance):

    • Organic ASV is expected to grow in the range of $100 million to $130 million during fiscal 2025 (narrowing from $90 million to $140 million).
    • GAAP revenues are expected to be in the range of $2,305 million to $2,325 million (up from $2,285 million to $2,305 million).
    • GAAP operating margin is expected to be in the range of 32.0% to 33.0% (down from 32.5% to 33.5%).
    • Adjusted operating margin is expected to be in the range of 36.0% to 37.0% (unchanged).
    • FactSet’s annual effective tax rate is expected to be in the range of 17% to 18% (unchanged).
    • GAAP diluted EPS is expected to be in the range of $14.80 to $15.40 (down from $15.10 to $15.70).
    • Adjusted diluted EPS is expected to be in the range of $16.80 to $17.40 (unchanged).

    Adjusted operating margin and adjusted diluted EPS guidance do not include certain effects of any non-recurring benefits or charges that may arise in fiscal 2025. Please see the back of this press release for a reconciliation of GAAP to adjusted metrics.

    Conference Call

    Second Quarter 2025 Conference Call Details

    Please register for the conference call using the above link before the call start time. The conference call platform will register your name and organization and provide dial-in numbers and a unique access pin. The conference call will have a live Q&A session.

    A replay will be available on the Company’s investor relations website after 11:00 a.m. Eastern Time on March 20, 2025, through March 20, 2026. The earnings call transcript will be available via FactSet CallStreet.

    Forward-looking Statements

    This news release contains forward-looking statements based on management’s current expectations, estimates, forecasts and projections about industries in which FactSet operates and the beliefs and assumptions of management. All statements that address expectations, guidance, outlook or projections about the future, including statements about the Company’s strategy for growth, product development, revenues, future financial results, anticipated growth, market position, subscriptions, expected expenditures, trends in FactSet’s business and financial results, are forward-looking statements. Forward-looking statements may be identified by words like “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “intends,” “projects,” “indicates,” “predicts,” “potential,” or “continue,” and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in FactSet’s filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K and quarterly reports on Form 10-Q, as well as others, could cause results to differ materially from those stated. Forward-looking statements speak only as of the date they are made, and FactSet assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

    About Non-GAAP Financial Measures

    Financial measures in accordance with U.S. GAAP, including revenues, operating income and margin, net income, diluted earnings per share and cash provided by operating activities, have been adjusted.

    FactSet uses these adjusted financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these adjusted financial measures and the information they provide are useful to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Investors may benefit from referring to these adjusted financial measures in assessing the Company’s performance and when planning, forecasting and analyzing future periods, and may also facilitate comparisons to its historical performance. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

    Organic revenues excludes the current year impact of revenues from acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency. Adjusted operating income and margin, adjusted net income, and adjusted diluted earnings per share exclude acquisition-related intangible asset amortization and non-recurring items. EBITDA represents earnings before interest expense, provision for income taxes and depreciation and amortization expense, while adjusted EBITDA further excludes non-recurring non-cash expenses. The Company believes that these adjusted financial measures help to fully reflect the underlying economic performance of FactSet.

    Cash flows provided by operating activities have been reduced by purchases of property, equipment, leasehold improvements and capitalized internal-use software to report non-GAAP free cash flow. FactSet uses this financial measure both in presenting its results to stockholders and the investment community and in the Company’s internal evaluation and management of the business. Management believes that this financial measure is useful to investors because it is an indication of cash flow that may be available to fund further investments in future growth initiatives.

    About FactSet

    FactSet (NYSE:FDS | NASDAQ:FDS) helps the financial community to see more, think bigger, and work better. Our digital platform and enterprise solutions deliver financial data, analytics, and open technology to more than 8,600 global clients, including over 219,000 individual users. Clients across the buy-side and sell-side as well as wealth managers, private equity firms, and corporations achieve more every day with our comprehensive and connected content, flexible next-generation workflow solutions, and client-centric specialized support. As a member of the S&P 500, we are committed to sustainable growth and have been recognized amongst the Best Places to Work in 2023 by Glassdoor as a Glassdoor Employees’ Choice Award winner. Learn more at www.factset.com and follow us on X and LinkedIn.

    FactSet
    Investor Relations Contact:                         
    Yet He                                
    +1.212.973.5701
    yet.he@factset.com

    Media Contact:
    Megan Kovach
    +1.512.736.2795
    megan.kovach@factset.com   

    Consolidated Statements of Income (Unaudited)            
      Three Months Ended   Six Months Ended
      February 28,   February 29,   February 28,   February 29,
    (In thousands, except per share data)   2025       2024       2025       2024  
    Revenues $ 570,660     $ 545,945     $ 1,139,327     $ 1,088,161  
    Operating expenses              
    Cost of services   269,604       255,142       528,383       506,763  
    Selling, general and administrative   115,564       108,861       234,117       210,416  
    Total operating expenses   385,168       364,003       762,500       717,179  
                   
    Operating income   185,492       181,942       376,827       370,982  
                   
    Other income (expense), net              
    Interest income   273       2,847       2,974       5,859  
    Interest expense   (13,916 )     (16,599 )     (28,316 )     (33,337 )
    Other income (expense), net   471       455       574       337  
    Total other income (expense), net   (13,172 )     (13,297 )     (24,768 )     (27,141 )
                   
    Income before income taxes   172,320       168,645       352,059       343,841  
                   
    Provision for income taxes   27,460       27,705       57,177       54,346  
    Net income $ 144,860     $ 140,940     $ 294,882     $ 289,495  
                   
    Basic earnings per common share $ 3.81     $ 3.70     $ 7.76     $ 7.61  
    Diluted earnings per common share $ 3.76     $ 3.65     $ 7.66     $ 7.49  
                   
    Basic weighted average common shares   38,015       38,103       38,010       38,059  
    Diluted weighted average common shares   38,510       38,650       38,513       38,646  

    Certain prior year figures have been conformed to the current year’s presentation.

    Consolidated Balance Sheets (Unaudited)  
    (In thousands) February 28, 2025 August 31, 2024
    ASSETS    
    Cash and cash equivalents $ 278,548   $ 422,979  
    Investments   8,471     69,619  
    Accounts receivable, net of reserves of $14,998 at February 28, 2025 and $14,581 at August 31, 2024   277,636     228,054  
    Prepaid taxes   75,931     55,103  
    Prepaid expenses and other current assets   67,055     60,093  
    Total current assets   707,641     835,848  
         
    Property, equipment and leasehold improvements, net   79,739     82,513  
    Goodwill   1,245,315     1,011,129  
    Intangible assets, net   1,935,488     1,844,141  
    Deferred taxes   53,546     61,337  
    Lease right-of-use assets, net   118,129     130,494  
    Other assets   101,584     89,578  
    TOTAL ASSETS $ 4,241,442   $ 4,055,040  
         
    LIABILITIES    
    Accounts payable and accrued expenses $ 131,103   $ 178,250  
    Current debt   —     124,842  
    Current lease liabilities   32,560     31,073  
    Accrued compensation   70,846     93,279  
    Deferred revenues   177,325     159,761  
    Current taxes payable   30,483     40,391  
    Dividends payable   39,511     39,470  
    Total current liabilities   481,828     667,066  
         
    Long-term debt   1,472,162     1,241,131  
    Deferred taxes   14,772     8,452  
    Deferred revenues, non-current   446     1,344  
    Taxes payable   46,313     40,452  
    Long-term lease liabilities   158,419     177,521  
    Other liabilities   10,585     6,614  
    TOTAL LIABILITIES $ 2,184,525   $ 2,142,580  
         
    STOCKHOLDERS’ EQUITY    
    TOTAL STOCKHOLDERS’ EQUITY $ 2,056,917   $ 1,912,460  
         
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 4,241,442   $ 4,055,040  

    Consolidated Statements of Cash Flows (Unaudited)    		  
      Six Months Ended
      February 28, February 29,
    (In thousands)   2025     2024  
    CASH FLOWS FROM OPERATING ACTIVITIES    
    Net income $ 294,882   $ 289,495  
    Adjustments to reconcile net income to net cash provided by operating activities    
    Depreciation and amortization   74,127     58,650  
    Amortization of lease right-of-use assets   15,177     15,263  
    Stock-based compensation expense   30,139     30,962  
    Deferred income taxes   8,763     5,632  
    Other, net   3,268     7,034  
    Changes in assets and liabilities, net of effects of acquisitions    
    Accounts receivable   (46,225 )   (39,468 )
    Prepaid expenses and other assets   (3,889 )   (14,690 )
    Accounts payable and accrued expenses   (61,915 )   10,377  
    Accrued compensation   (21,470 )   (40,456 )
    Deferred revenues   11,934     22,133  
    Taxes payable, net of prepaid taxes   (24,810 )   (26,150 )
    Lease liabilities, net   (19,654 )   (19,840 )
    Net cash provided by operating activities   260,327     298,942  
         
    CASH FLOWS FROM INVESTING ACTIVITIES    
    Purchases of property, equipment, leasehold improvements and capitalized internal-use software   (49,610 )   (38,383 )
    Acquisition of businesses, net of cash and cash equivalents acquired   (342,461 )   —  
    Purchases of investments   (4,208 )   (44,936 )
    Proceeds from maturity or sale of investments   58,155     —  
    Net cash provided by (used in) investing activities   (338,124 )   (83,319 )
         
    CASH FLOWS FROM FINANCING ACTIVITIES    
    Proceeds from debt   305,000     —  
    Repayments of debt   (200,000 )   (125,000 )
    Dividend payments   (78,817 )   (74,141 )
    Proceeds from employee stock plans   60,344     66,544  
    Repurchases of common stock   (113,142 )   (112,165 )
    Deferred acquisition consideration   (4,699 )   —  
    Other financing activities   (14,228 )   (14,465 )
    Net cash provided by (used in) financing activities   (45,542 )   (259,227 )
         
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   (8,048 )   (132 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   (131,387 )   (43,736 )
    Cash and cash equivalents at beginning of period   422,979     425,444  
    Cash, cash equivalents and restricted cash at end of period $ 291,592   $ 381,708  
         
    Reconciliation of total cash, cash equivalents and restricted cash:    
    Cash and cash equivalents $ 278,548   $ 381,708  
    Restricted cash included in Prepaid expenses and other current assets   6,522     —  
    Restricted cash included in Other assets   6,522     —  
    Total cash, cash equivalents and restricted cash $ 291,592   $ 381,708  

    Certain prior year figures have been conformed to the current year’s presentation.

    Reconciliation of U.S. GAAP Results to Adjusted Financial Measures

    Financial measures in accordance with U.S. GAAP, including revenues, operating income and margin, net income, diluted EPS and cash provided by operating activities, have been adjusted below. FactSet uses these adjusted financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these adjusted financial measures and the information they provide are useful to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Adjusted measures may also facilitate comparisons to FactSet’s historical performance.

    Organic Revenues

    Organic revenues exclude the current year impact of revenues from acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency. The table below provides a reconciliation of revenues to organic revenues:

    (Unaudited) Three Months Ended  
      February 28, February 29,  
    (In thousands)   2025     2024 Change
    Revenues $ 570,660   $ 545,945 4.5 %
    Acquisition revenues   (3,793 )   —  
    Currency impact   1,118     —  
    Organic revenues $ 567,985   $ 545,945 4.0 %


    Non-GAAP Financial Measures

    The table below provides a reconciliation of operating income, operating margin, net income and diluted EPS to adjusted operating income, adjusted operating margin, adjusted net income, EBITDA, adjusted EBITDA and adjusted diluted EPS.

      Three Months Ended  
      February 28, February 29,  
    (in thousands, except per share data)   2025     2024   % Change
    Operating income $ 185,492   $ 181,942   2.0 %
    Intangible asset amortization   18,137     16,674    
    Business acquisitions and related costs(1)   9,040     —    
    Restructuring/severance   —     10,710    
    Adjusted operating income $ 212,669   $ 209,326   1.6 %
    Operating margin   32.5 %   33.3 %  
    Adjusted operating margin(2)   37.3 %   38.3 %  
    Net income $ 144,860   $ 140,940   2.8 %
    Intangible asset amortization   13,425     12,579    
    Business acquisitions and related costs(1)   6,691     —    
    Restructuring/severance   —     8,080    
    Income tax items   —     1,468    
    Adjusted net income(3) $ 164,976   $ 163,067   1.2 %
    Net income   144,860     140,940   2.8 %
    Interest expense   13,916     16,599    
    Income taxes   27,460     27,705    
    Depreciation and amortization expense   38,410     31,582    
    EBITDA $ 224,646   $ 216,826   3.6 %
    Non-recurring non-cash expenses   —     1,285    
    Adjusted EBITDA $ 224,646   $ 218,111   3.0 %
    Diluted EPS $ 3.76   $ 3.65   3.0 %
    Intangible asset amortization   0.35     0.32    
    Business acquisitions and related costs(1)   0.17     —    
    Restructuring/severance   —     0.21    
    Income tax items   —     0.04    
    Adjusted diluted EPS(3) $ 4.28   $ 4.22   1.4 %
    Weighted average common shares (diluted)   38,510     38,650    

    (1)   Primarily related to the acquisition of LiquidityBook.
    (2)   Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.
    (3)   For purposes of calculating Adjusted net income and Adjusted diluted EPS, all adjustments for the three months ended February 28, 2025 and February 29, 2024 were taxed at an adjusted tax rate of 26.0% and 24.6%, respectively.


    Business Outlook Operating Margin, Net Income and Diluted EPS

    (Unaudited)    
    Figures may not foot due to rounding Annual Fiscal 2025 Guidance
    (In millions, except per share data) Low end of range High end of range
    Revenues $ 2,305   $ 2,325  
    Operating income $ 761   $ 744  
    Operating margin   33.0 %   32.0 %
         
    Intangible asset amortization   80     81  
    Other adjustments (net)   12     12  
    Adjusted operating income $ 853   $ 837  
    Adjusted operating margin (a)   37.0 %   36.0 %
         
    Net income $ 588   $ 567  
    Intangible asset amortization   66     66  
    Other adjustments (net)   10     10  
    Discrete tax items   (4 )   (4 )
    Adjusted net income $ 660   $ 640  
         
    Diluted earnings per common share $ 15.40   $ 14.80  
    Intangible asset amortization   1.73     1.73  
    Other adjustments (net)   0.30     0.30  
    Discrete tax items   (0.03 )   (0.03 )
    Adjusted diluted earnings per common share $ 17.40   $ 16.80  

    (a)   Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.

    Free Cash Flow

    (Unaudited) Three Months Ended  
      February 28, February 29,  
    (In thousands)   2025     2024   Change
    Net Cash Provided for Operating Activities $ 173,955   $ 143,798    
    Less: purchases of property, equipment, leasehold improvements and capitalized internal-use software   (23,736 )   (21,917 )  
    Free Cash Flow $ 150,219   $ 121,881   23.3 %

    Supplementary Schedules of Historical ASV by Client Type

    The following table presents the percentages and growth rates of organic ASV by client type, excluding the impact of currency movements, and may be useful to facilitate historical comparisons. Organic ASV excludes acquisitions and dispositions completed within the last 12 months and the effects of foreign currency movements.

    The numbers below do not include professional services or issuer fees.

      Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 Q4’23 Q3’23
    % of ASV from buy-side clients 82.3%   82.1%   82.0%   82.3%   82.0%   82.0%   81.8%   82.1%  
    % of ASV from sell-side clients 17.7%   17.9%   18.0%   17.7%   18.0%   18.0%   18.2%   17.9%  
                     
    ASV Growth rate from buy-side clients 4.1%   4.3%   4.9%   5.3%   5.6%   7.2%   6.9%   7.3%  
    ASV Growth rate from sell-side clients 2.2%   3.5%   3.8%   3.7%   5.5%   7.6%   9.3%   12.3%  

    The following table presents the calculation of organic ASV.

    (In millions) As of February 28, 2025
    As reported ASV $ 2,306.1  
    Currency impact (a)   1.9  
    Acquisition ASV (b)   (31.8 )
    Organic ASV $ 2,276.2  
    Organic ASV annual growth rate   4.1 %

    (a)   The impact from foreign currency movements.
    (b)   Acquired ASV from acquisitions completed within the last 12 months.

    The MIL Network –

  • MIL-OSI: PropTech Investor Oparo Strengthens its Leadership with Graham Martin joining as CEO

    Source: GlobeNewswire (MIL-OSI)

    London, March 20, 2025 (GLOBE NEWSWIRE) — In a strategic move to bolster its impact in the UK real estate technology and investment sector, Oparo Group has appointed Graham Martin as Chief Executive Officer. Graham takes over from Babak Gharbi, who will now serve as Non-Executive Chairman, continuing to guide the company’s strategic vision since its inception in 2018.

    Graham brings over 30 years of international expertise in restructuring, corporate turnaround, and financial advisory, with notable stints at big four accountants KPMG and PwC. His rich experience in real estate, banking, and investment has involved managing complex transactions and advising on £100bn worth of loan portfolio sales. His leadership will be pivotal in driving the growth and adoption of Oparo Group’s investment capacity through its digital platforms, Oparo REACT (Real Estate Asset Curated Targeting) and Oparo RAM (Remote Asset Management).

    “I am thrilled to lead Oparo Group in its mission to transform the real estate and  social housing industry through innovative technology”, said Graham Martin. “My aim is to enhance our access to purpose driven capital,  our profitability, and digital offerings, whilst, staying true to our social mission which is at the core of our business.”

    Babak Gharbi’s transition to Chairman follows his significant contributions helping the team setting industry benchmarks with Oparo’s unwavering commitment to the direct Real Estate investment model and its impact-driven social mission through technology.

    “Graham’s deep-rooted knowledge and proven track record in real estate investment and expansion strategies make him the perfect fit to steer Oparo Group into a new era of growth,” said Babak Gharbi. “His expertise will be vital in broadening our market influence and solidifying our position.”

    Oparo Group’s innovative approach combines real estate investment with technology innovation, addressing social housing challenges through its Oparo RAM platform that uses IoT for sophisticated asset management. Oparo Social 1, a collaborative project to deliver a lease-based social housing portfolio with a real estate focussed hedge fund. Oparo is currently expanding its capital partnerships to deliver more high quality social housing, backed by long term leases. 

    The MIL Network –

  • MIL-OSI United Kingdom: Aberdeen among knowledge exchange award winners The University of Aberdeen were among the winners at the 10th Scottish Knowledge Exchange Awards on 19 March.

    Source: University of Aberdeen

    Winners at the 10th Scottish Knowledge Exchange AwardsThe University of Aberdeen were among the winners at the 10th Scottish Knowledge Exchange Awards on 19 March.
    The University, along with partners Vertebrate Antibodies-EpitogenX Ltd, picked up the Powerful Partnership award for their work developing AI-powered diagnostics using Epitogen® technology to detect autoimmune and infectious diseases.
    The internationally recognised collaboration was praised by organisers for yielding “world-first solutions, fostering global recognition, creating skilled talent, and driving economic and health advancements.”
    Read more about this collaborative project
    The event held at the Edinburgh Futures Institute brought together Scotland’s rich ecosystem of talent to celebrate transformational collaborations between businesses, communities, universities, colleges, and research institutes which are solving industry challenges, improving productivity, advancing research and supporting Scotland’s ambition to be one of the most innovative small nations in the world.
    Developments in renewable energy, mental health, medicine and food and drink scooped awards across 10 categories.
    Business Minister Richard Lochhead said: “It was good to see the full breadth of academic and business-led innovation on show at Interface’s annual awards.
    “It demonstrated why our expertise in so many sectors is revered around the world, from renewable energy and health technology, to food and drink.
    “Scotland has been at the forefront of many of the world’s most impactful innovations, from the MRI Scanner and penicillin to televisions and telephones. Yet, by combining research and business, so many new and exciting Scottish breakthroughs are just on the horizon and that is something we should all champion.”
    Amelia Whitelaw, Director of Interface, which organises the Awards, said: “The Scottish Knowledge Exchange Awards celebrate successful partnerships where knowledge is shared to create new solutions. The nominees and winners we are celebrating exemplify how collaboration drives valuable advancements. These partnerships have led to the development of new technologies, products, and services that contribute to economic progress and societal benefit. Their innovations are not only transforming Scotland but also have the potential to make a global impact.”
    The in full:
    Innovation of the Year – sponsored by HGF Ltd
    SolarSub Ltd, in collaboration with the National Manufacturing Institute Scotland (NMIS) at the University of Strathclyde, for refining the design of a solar panel cooling system, optimising it for manufacturing and scalability. Additionally, in partnership with Heriot-Watt University, the technology underwent rigorous field trials to evaluate its performance under extreme heat conditions, ensuring its robustness and efficacy.
    Innovator of the Future – sponsored by Highlands and Islands Enterprise
    Joint winners: Dr Dayi Zhang and Matthew Gibson
    Dr Dayi Zhang, Knowledge Transfer Partnership (KTP) Associate working with the University of Strathclyde and Inspectahire Instrument Co. Ltd for developing a portable, non-invasive ultrasonic device that revolutionises whisky cask monitoring. Designed for Scotland’s iconic whisky industry, the device enhances safety, reduces costs, and minimises carbon emissions, aligning with net zero goals. This innovation preserves cultural heritage while driving environmental progress and local economic growth.
    Matthew Gibson, KTP Associate working with the University of Strathclyde and Ailsa Reliability Solutions Ltd, is creating the next generation of data-driven condition monitoring solutions for the oil and gas sector. This project is developing the Vision© reliability platform and has demonstrated reduced machine downtime and energy waste, in pursuit of net zero and sustainable engineering processes.
    Inward Investment Impact – sponsored by International Social Enterprise Observatory

    Canon Medical Research Europe and the University of Edinburgh for bringing new AI Innovation and thinking to the heart of the business. The relationship contributed to increased inward investment and headcount in Canon Edinburgh as well as new collaborative research funding opportunities in the research and translation of Causal AI.
    Knowledge Exchange Champion – sponsored by Knowledge Exchange UK
    Winner: Professor John Bachtler
    Professor John Bachtler has transformed Scotland’s regional policy knowledge exchange through 40 years of leadership at the European Policies Research Centre at the University of Strathclyde. He advanced policy innovation via networks such as EoRPA and IQ-Net, linking Scotland with European policy frameworks. His strategic insights, mentoring, and impactful KE collaborations strengthened regional development policy, inspired future leaders, and enhanced Scotland’s European policy influence.
    Highly Commended: Dr Andrea Rodriguez and Dr Bryan McCann
    Dr Andrea Rodriguez, the University of Dundee, for sustaining engagement and impact on non-academic audiences by co-designing an international knowledge exchange programme on youth homelessness. Helping Young People Feel at Home took a multi-agency approach, involving critical thinking and dialogue with young people in Scotland and Brazil to improve service provision and professional practices.
    Dr Bryan McCann, Glasgow Caledonian University, has championed knowledge exchange throughout his academic career, establishing several strategic partnerships within the physical activity and mental health sectors. These partnerships have facilitated innovative and high-quality student placements, generated income for impactful knowledge exchange programmes, and contributed to health and wellbeing across Scotland.
    Knowledge Exchange Heroes – team and individual – sponsored by Azets Ltd
    Individual
    Susan Armstrong, KE Lead at Glasgow Caledonian University, has been instrumental in transforming the knowledge exchange landscape at the university through her strategic and collaborative approach. Her efforts, dedication, and unwavering support have significantly advanced the university’s KE initiatives, benefiting both the academic community and industry partners.
    Team
    The Scottish Centre for Food Development and Innovation (SCFDI) at Queen Margaret University has for 10 years championed KE in the food and drink sector in Scotland. They have developed progressive models for industry/academia KE career pathways, supported an impressive SME client portfolio and attracted increasing attention from global food companies and retailers.
    Making a Social Difference
    Scottish Action for Mental Health (SAMH) and Glasgow Caledonian University are collaborating to review, redesign and deliver SAMH’s Psychological Wellbeing services. Through partnership SAMH and GCU have developed the Time for You service, supporting mental health of thousands of members of the public via immediate access to free mental health support, delivered by GCU Trainee Psychologists.
    Making an Environmental Difference
    Renewable Parts Ltd and the University of Strathclyde’s collaboration applies circular economy principles within the wind turbine decommissioning process, promoting the refurbishment and remanufacturing of high-integrity, high-value parts within the wind energy sector, instead of being recycled and returned to raw materials or, worse still, landfill. This circularity approach will have a significant impact on the UK economy and net-zero targets.
    Multiparty Collaboration
    Winner:
    Medical Device Manufacturing Centre (MDMC) – Heriot-Watt University, the University of Edinburgh, the University of Glasgow, the University of Dundee, Robert Gordon University and over 170 medical device companies, to develop and commercialise innovative medical devices.
    Highly Commended:
    The Underwater Intervention for Offshore Renewable Energies (UNITE) project, a partnership between The National Robotarium, Heriot-Watt University, Imperial College London, Frontier Robotics and Fugro, is developing advanced AI and autonomous systems for undertaking remote inspections of offshore wind farms to offer a safe, efficient and sustainable solution for global energy providers.
    Place-based Impact sponsored by Business Gateway
    Winner:
    Digital Dairy Chain – Scotland’s Rural College (SRUC), the University of Strathclyde, the University of the West of Scotland, First Milk, Lactalis, NMR, SmartSTEMs, Kendal Nutricare, CENSIS and Cows & Co, is transforming the dairy sector across the South and West of Scotland and Cumbria. This partnership is driving innovation, enhancing productivity, and stimulating job creation, contributing to sustained economic growth in the region.
    Highly Commended:
    Control of Sheep Scab – Moredun Research Institute, Lewis and Harris Sheep Producers Association, The Old Mill Veterinary Practice, Scottish Government, The Crofters of Lewis & Harris, Lewis Crofters, Neil Fell Mobile Dipping Ltd, Zoetis Animal Health Ltd and Bimeda Ltd has developed a community-led approach to prevent and control sheep scab. This project demonstrates how a coordinated, collaborative effort can effectively prevent disease, improve sheep welfare and productivity, and rekindle a strong sense of community.
    Powerful Partnership sponsored by Skillfluence
    Vertebrate Antibodies-EpitogenX Ltd and the University of Aberdeen have developed transformative AI-powered diagnostics leveraging the innovative Epitogen® recombinant technology for diagnosing autoimmune and infectious diseases. This long-term collaboration has yielded world-first solutions, fostering global recognition, creating skilled talent, and driving economic and health advancements.
    Join the conversation on X at #SKEAwards and LinkedIn at @Interface.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Liverpool City Council set to extend contract for crisis household scheme

    Source: City of Liverpool

    A scheme which provides furniture and domestic appliances to people in crisis in Liverpool is set to be extended.

    The ‘homes needs’ element of the Citizens Support Scheme supports residents who can’t afford to buy essential goods including a fridge, oven, sofa or bed.

    Last year the £1.4 million scheme, which is delivered by Liverpool-based social enterprise The Furniture Resource Centre, made 12,000 awards.

    A report to the Cabinet meeting on Tuesday 25 March is recommending the ‘home needs’ element of the contract is extended for a further 12 months. A fresh procurement process to award a new long-term contract will take place later in the year.

    Separately, the Citizens Support Scheme also helps people with ‘urgent needs’ including food and fuel costs and last year made 11,000 awards worth £800,000.

    Examples of other support provided by the Council to low-income households includes:

    • The Council Tax Support Scheme – which is one of the most generous among big ‘core’ cities and in the Liverpool City Region. It has recently been changed to give eligible households a 12 month award to provide certainty and help them budget
    • In the 2025/26 budget, the Council committed to increasing the size of the Benefits Maximisation Service team by 50 per cent. Over the last year, they increased income for the most vulnerable households by £7,643,529 – up £433,583 compared to January 2024

    Deputy Council Leader and Cabinet Member for Finance, Resources and Transformation, Cllr Ruth Bennett, said: “The Citizens Support Scheme is a lifeline for thousands of low-income households in Liverpool.

    “This is a scheme that is discretionary but that we choose to provide because it is absolutely vital that residents – whatever their background – have access to basic household appliances and furniture.

    “It is an integral part of our work to support vulnerable households which also includes the Council Tax Support Scheme and our hugely successful Benefits Maximisation Service which ensures residents are claiming all the support they are entitled to.”

    Shaun Doran, CEO of FRC Group, said: “Liverpool City Council’s Home Needs Scheme is a vital lifeline for residents across Liverpool who would otherwise be unable to access essential furniture and appliances, lifting them out of Furniture Poverty.

    “We are delighted to be continuing to work with the council on this scheme as it aligns perfectly with FRC Group’s core mission to end furniture poverty.

    “We know from the work of our national End Furniture Poverty campaign that Liverpool’s scheme is one of the best in England, playing a crucial role in improving living standards for households across the city, and we congratulate the council on continuing to provide this support.”

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: PARLIAMENT QUESTION: ENCOURAGING PRIVATE PARTICIPATION IN SPACE SECTOR

    Source: Government of India (2)

    Posted On: 20 MAR 2025 2:52PM by PIB Delhi

     The Government is encouraging private-sector participation in space domain by taking following steps: –

    1. Liberalized the space sector to allow Non-Government Entities (NGEs) to engage in full space activities.
    2. The Indian National Space Promotion and Authorization Centre (IN-SPACE) is established to promote, enable, authorize, and supervise NGEs activities.
    3. Established the Indian Space Policy – 2023, Norms, Guidelines & Procedures (NGP) and FDI policy to ensure regulatory clarity and foster a thriving space ecosystem.
    4. Various schemes like Technology Adoption Fund (TAF), Seed Fund, Pricing Support, Mentorship, and Technical Labs to support startups and NGEs in space are being implemented, signed 78 MoUs with NGEs and issued 72 authorizations as on 31.12.2024.
    5. IN-SPACE is working towards establishing an Earth Observation (EO) System through PPP.
    6. Technology transfer of Small Satellite Launch Vehicle (SSLV) to Indian companies is in progress.
    7. Opportunities are being created for Indian entities to access orbital resources.
    8. To encourage the start-ups, Govt has proposed to set up ₹1000 Crores Venture Capital Fund in the ensuing Financial Year.

    A total of approximately 330 industries/startup/MSME are associated with IN-SPACe for enablement of their activities viz. authorization for space activities, Data dissemination, technology transfer, promotional activity, access to IN-SPACe Technical Centre and ISRO test facilities etc.

    This information was given by Union Minister of State (Independent Charge) for Science and Technology, Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Dr. Jitendra Singh in a written reply in the Rajya Sabha today.

    ***

    NKR/PSM

    (Release ID: 2113214) Visitor Counter : 82

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: DEPARTMENT OF PENSION & PENSIONERS’ WELFARE (DOPPW) SUCCESSFULLY CONDUCTS PENSIONERS’ AWARENESS PROGRAM & 8th BANKERS’ AWARENESS PROGRAM AT JAIPUR ON 18th MARCH, 2025

    Source: Government of India

    DEPARTMENT OF PENSION & PENSIONERS’ WELFARE (DOPPW) SUCCESSFULLY CONDUCTS PENSIONERS’ AWARENESS PROGRAM & 8th BANKERS’ AWARENESS PROGRAM AT JAIPUR ON 18th MARCH, 2025

    CENTRAL GOVERNMENT PENSIONERS SENSITIZED ON GOVERNMENT INITIATIVES FOR IMPROVING PENSIONERS WELFARE

    PUNJAB NATIONAL BANK OFFICIALS FROM CENTRAL PENSION PROCESSING CENTRES PARTICIPATED IN THE 8th BANKERS’ AWARENESS PROGRAM WITH FOCUS ON TIMELY REDRESSAL OF PENSIONER GRIEVANCES

    Posted On: 20 MAR 2025 11:41AM by PIB Delhi

    Department of Pension and Pensioners’ Welfare (DoPPW) conducted the Pensioners’ Awareness Program at Jaipur on 18th March, 2025. The program was held in collaboration with Central Government Pensioners Welfare Association, Jaipur during which pensioners were sensitized on government initiatives for improving pensioners welfare. The areas discussed included, Bhavishya, Integrated Pensioners Portal, CPENGRAMS, Pension Adalat, DPPW Call Center operations 1-800-11-1960, Anubhav, Anubhav Awardees Speak webinar series, Digital Life Certificate Campaign, Face Authentication, CGHS related issues, health care for pensioners and Pension Policy Related issues. The focus was on quality redressal of pensioner grievances and digital empowerment of pensioners. The objective of the program is to spread awareness of the various rules and procedures regarding pension entitlements and processes to Central Government pensioners and bankers as well as to update them about the changes that take place from time to time through various amendments in the policy and procedures.

    Along with the Pensioner Awareness Program, the 8th Banker’s Awareness Program was also held at Jaipur on 18th March, 2025 in which officers Punjab National Bank’s CPPCs handling pension related work participated. Senior officials of the Department interacted with the Bankers on improved coordination for redressal of Pensioner Grievances, conduct of the Digital Life Certificate Campaign and the use of Face authentication technology. This Workshop was the eighth in a series of Awareness Programs for Central Pension Processing Centers and field functionaries handling pension related work in various Banks.

    Senior officials from the Department of Pension and Pensioners Welfare Punjab National Bank, and office bearers of the Central Government Pensioner Welfare Association participated in the deliberations.

    *****

    NKR/PSM

    (Release ID: 2113153) Visitor Counter : 48

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: CE meets Secretary of CPC Heilongjiang Provincial Committee (with photo)

    Source: Hong Kong Government special administrative region

    CE meets Secretary of CPC Heilongjiang Provincial Committee (with photo) 
    Mr Lee welcomed Mr Xu and his delegation to Hong Kong for the Heilongjiang-Hong Kong Investment Cooperation Conference. Mr Lee said he is pleased to meet Mr Xu again since they last met during his visit to Harbin in February. Noting that Hong Kong and Heilongjiang maintain close economic and trade relations, Mr Lee said Hong Kong has been the largest source of external investment in Heilongjiang, with total investments exceeding US$ 34 billion as of last year. Hong Kong will continue to leverage its advantage as a bridge between the Mainland and the world under the “one country, two systems” principle to serve Mainland enterprises in going global while attracting more foreign investment to the country.
     
    Mr Lee highlighted that Heilongjiang’s successful hosting of the 9th Asian Winter Games Harbin 2025 sets an excellent example for the 15th National Games to be jointly held by Hong Kong, Guangdong, and Macao in November this year. Heilongjiang’s integration of winter sports with cultural tourism development, along with its full promotion of the ice and snow economy, provides inspiration for Hong Kong’s cultural tourism development.
     
    Noting that the Individual Visit Scheme has been extended to include Harbin in Heilongjiang Province, while direct flights between Harbin and Hong Kong have been launched, Mr Lee said that these developments will further foster economic, trade, and cultural exchanges between Heilongjiang and Hong Kong. He welcomed more enterprises and talent from Heilongjiang to organise and participate in various activities in Hong Kong, and he also encouraged more tourists from Heilongjiang to visit Hong Kong to experience its unique charm as a metropolis where East meets West.
     
    Mr Lee said that the Beijing Office and Liaoning Liaison Unit of the Hong Kong Special Administrative Region Government will continue to serve as a bridge to promote deeper co-operation between Hong Kong and Heilongjiang in various areas such as sports, economic and trade investment, tourism, education, and youth exchanges, jointly making new and greater contributions to the country’s high-quality development.
    Issued at HKT 14:15

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Hong Kong Customs arrests director of wedding rings design company

    Source: Hong Kong Government special administrative region

    Hong Kong Customs arrests director of wedding rings design company???
    Under the TDO, any trader commits an offence if, at the time of acceptance of payment, the trader intends not to supply the product or intends to supply a materially different product, or there are no reasonable grounds for believing that the trader will be able to supply the product within a specified or reasonable period. The maximum penalty upon conviction is a fine of $500,000 and imprisonment of five years.
     
    Customs reminds traders to comply with the requirements of the TDO and refrain from engaging in unfair trade practices when supplying goods.
     
    Members of the public may report any suspected violations of the TDO to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hkIssued at HKT 11:57

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Hong Kong maintains third place globally with higher rating in Global Financial Centres Index

    Source: Hong Kong Government special administrative region

    Hong Kong maintains third place globally with higher rating in Global Financial Centres Index 
         A Government spokesman said, “The report fully recognises Hong Kong’s leading status and strengths as an international financial centre. Hong Kong’s rankings in the areas of ‘human capital’, ‘infrastructure’, and ‘financial sector development’ rose to second in the world, while rankings in ‘business environment’ and ‘reputational and general’ rose to third globally.”
     
         Hong Kong also ranked among the top in various financial industry sectors. Among these, Hong Kong ranked first globally in “investment management”, “insurance” and “finance”, and ranked third globally in “banking”. In addition, the report assessed the financial centres’ fintech offering, and Hong Kong’s ranking leapt further by five places to fourth in the world.
     
         The spokesman added, “With the staunch support of our country, Hong Kong will continue to leverage the advantages under ‘one country, two systems’, actively integrate into national development, and deepen international exchanges and co-operation, with a view to fulfilling our roles as a ‘super connector’ and a ‘super value-adder’. Finance is an important tool to support the development of the real economy. A series of policy initiatives have been announced in the 2025-26 Budget, pressing ahead with the high-quality development of Hong Kong’s international financial market to create more new growth areas.
     
         “On the stock market, various institutional reforms, including enhancing the timeframe for the listing application process and listing requirements for specialist technology companies, coupled with the Government’s active efforts to attract new capital from the Mainland and overseas and expand new markets, have injected new impetus into the Hong Kong market and improved its liquidity. We also endeavour to deepen financial mutual access between the Mainland and Hong Kong and have implemented a number of measures to enrich and support offshore Renminbi (RMB) business, such as enhancing the settlement arrangements of Bond Connect and launching offshore RMB bond repurchase business using Northbound Bond Connect bonds as collateral, further strengthening Hong Kong’s role in connecting the Mainland and international capital markets.
     
         “On asset and wealth management business, the Government has implemented measures to continuously promote its development over the past year, including enhancements to the Cross-boundary Wealth Management Connect Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area, Exchange-traded Fund Connect, and the Mainland-Hong Kong Mutual Recognition of Funds arrangement. On green finance, we launched in December last year a roadmap on sustainability disclosure in Hong Kong, which provides a well-defined pathway for large publicly accountable entities to fully adopt the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards) no later than 2028, leading Hong Kong to be among the first jurisdictions to align its local requirements with the ISSB Standards. On fintech, we will soon promulgate a second policy statement on the development of virtual assets to explore the integration of traditional finance and virtual assets. We will also continue to explore new growth areas, including promoting gold market development and creating a commodity trading ecosystem in Hong Kong.”
     
         The GFCI Report has been released every March and September since 2007. In GFCI 37, 119 financial centres were assessed, and Hong Kong ranked third globally with an overall rating of 760.
    Issued at HKT 17:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI China: China’s installed power generation capacity up 14.5%

    Source: China State Council Information Office

    China’s cumulative installed power generation capacity reached 3.4 billion kilowatts by the end of February, marking a year-on-year increase of 14.5 percent, official data showed on Thursday.

    Solar power generation capacity amounted to 930 million kilowatts by the end of last month, surging 42.9 percent compared to the same period last year. Wind power generation capacity stood at 530 million kilowatts, rising 17.6 percent year on year, according to the National Energy Administration.

    In the first two months of 2025, China’s major power generation companies invested 75.3 billion yuan (about 10.5 billion U.S. dollars) in power generation projects, marking a year-on-year growth of 0.2 percent.

    During the same period, investments in power grid projects reached 43.6 billion yuan, up 33.5 percent year on year.

    MIL OSI China News –

  • MIL-OSI Video: Commission President Ursula von der Leyen doorstep during the European Council Meeting

    Source: European Commission (video statements)

    On the 20th of March at 11.00 CET Commission President Ursula von der Leyen shares her remarks at the European Council Meeting.

    Follow us on:
    -X: https://twitter.com/EU_Commission
    -Instagram: https://www.instagram.com/europeancommission/
    -Facebook: https://www.facebook.com/EuropeanCommission
    -LinkedIn: https://www.linkedin.com/company/european-commission/
    -Medium: https://medium.com/@EuropeanCommission

    Visit our website: http://ec.europa.eu

    https://www.youtube.com/watch?v=o5kc8Hbqkn0

    MIL OSI Video –

  • MIL-OSI Europe: Press release – European Parliament Press Kit for the European Council of 20 March 2025

    Source: European Parliament

    European Parliament President Roberta Metsola will represent the European Parliament at the summit, where she will address the heads of state or government at 11.00 and hold a press conference after her speech.

    When: Press conference at around 11.45 on 20 March

    Where: European Council press room and via Parliament’s webstreaming or EbS.

    At their meeting in Brussels, the heads of state or government will focus on ways to bolster the EU’s competitiveness. They will also discuss how the EU can continue supporting Kyiv against Russia’s aggression – with Ukrainian President Volodymyr Zelenskyy, how to strengthen the EU’s defence capabilities, and the EU’s response to the situation in the Middle East. Leaders will also have a first exchange of views on the EU’s next long-term budget (multiannual financial framework – MFF) and discuss migration.

    Competitiveness

    On 12 March, MEPs adopted two resolutions outlining their priorities for the next cycle of economic and social coordination between member states.

    On economic policy coordination, MEPs focus on the need to increase public and private investment, to address the investment gap, improve competitiveness and entrepreneurship, and continue fiscal consolidation. They say the EU should pursue these objectives while ensuring social cohesion and a high standard of living. MEPs are worried about slow growth and that more turbulent economic times are on the horizon. They call on member states to reduce excessive government deficits. They also warn about rising house prices.

    In the resolution on the EU’s employment and social priorities, MEPs emphasise the importance of reducing the administrative burden for companies, whilst safeguarding labour and social standards. They believe better support for small and medium-sized enterprises can foster innovation and better-quality jobs, and that stronger social economy enterprises can promote quality employment opportunities and the circular economy. The resolution states that fiscal policies under the European Semester must ensure investments align with sustainable growth and the European Pillar of Social Rights, in particular on affordable housing, healthcare, and education.

    During the 10-13 March plenary session, MEPs held debates on three recent Commission proposals on the clean industrial deal, the action plan for affordable energy and the automotive industry action plan.

    The clean industrial deal, announced by the Commission on 26 February 2025, is about enhancing EU competitiveness and decarbonisation by addressing high energy costs and fostering global cooperation. It includes measures to boost demand for clean products, mobilise funding for clean manufacturing, secure critical raw materials, and strengthen global partnerships. It also focuses on developing skills for a low-carbon economy, creating quality jobs, cutting red tape, and improving EU policy coordination. You can watch the debate here.

    The recently proposed automotive industry action plan, announced on 5 March 2025, is intended to support the European automotive sector as it deals with high manufacturing costs, the low-carbon transition, and increased competition from China. A resolution will be put to a vote during the April plenary session. You can watch the debate here.

    The action plan for affordable energy, which addresses high energy costs experienced by EU citizens and businesses, seeks to make electricity bills more affordable by reducing network charges and taxes, promoting energy efficiency, and improving the functioning of gas markets. You can watch the debate here.

    On 10 March, MEPs reviewed the Commission’s recent proposals to cut red tape and simplify legislation for EU businesses and citizens. The Commission is proposing to ease the administrative burden for all EU businesses, in particular for small and medium-sized companies. The main focus of compliance with EU rules will shift to the EU’s largest companies – those more likely to have a disproportionate impact on the climate and environment – while all businesses will continue to have access to sustainable finance for their clean transition. Areas covered under these ‘omnibus’ proposals include sustainability reporting, due diligence rules, the carbon border adjustment mechanism (CBAM), and InvestEU. You can watch the debate here.

    Further reading

    MEPs call for a more competitive EU that respects social and labour standards

    Russia’s war of aggression against Ukraine

    In a resolution adopted on 12 March, Parliament says the EU is now Ukraine’s primary strategic ally and must help the country uphold its right to self-defence.

    Following an “apparent shift” in the US position on Russia’s war of aggression, “which has included openly blaming Ukraine for the ongoing war”, the EU and its member states are now Ukraine’s primary strategic allies and must maintain their role as its largest donor, according to MEPs. To uphold Ukraine’s right to self-defence, the EU and its member states must ramp up their much-needed assistance to the country.

    The resolution also states there can be no negotiations on European security without the presence of the EU, and MEPs welcome the launch of a ‘coalition of the willing’ for the potential Europe-led enforcement of an eventual peace agreement. MEPs are dismayed by the US administration’s appeasement of Russia and targeting of its allies.

    On 24 February 2025, the President of the European Parliament, the President of the European Council and the President of the European Commission issued a joint statement, saying “Russia and its leadership bear sole responsibility for this war and the atrocities committed against the Ukrainian population. We continue to call for accountability for all war crimes and crimes against humanity committed. We welcome the recent steps made towards the establishment of a Special Tribunal for the Crime of Aggression against Ukraine.”

    The three presidents stressed that “Ukraine is part of our European family” and that “the future of Ukraine and its citizens lies within the European Union.” They emphasised “the need to ensure the international community’s continued focus on supporting Ukraine in achieving a comprehensive, just, and lasting peace based on the Ukrainian peace formula. We stand firm with Ukraine, reaffirming that peace, security, and justice will prevail.”

    Further reading

    The EU must contribute to robust security guarantees for Ukraine

    Joint statement on the third anniversary of Russia’s invasion of Ukraine

    EP Conference of Presidents’ statement on EU support for Ukraine

    How the EU is supporting Ukraine

    EU stands with Ukraine

    European defence and security

    In a resolution adopted on 12 March, Parliament calls on the EU to act urgently and ensure its own security. This will mean, MEPs say, strengthening relationships with like-minded partners, and strongly diminishing reliance on non-EU countries.

    The EU needs “truly ground-breaking efforts” and actions “close to those of wartime”, say MEPs, also welcoming the recently tabled ReArm plan.

    To achieve peace and stability in Europe, the EU must support Ukraine and become more resilient itself, MEPs argue. The resolution states, “Europe is today facing the most profound military threat to its territorial integrity since the end of the Cold War”. It calls on member states, international partners, and NATO allies to lift all restrictions on the use of Western weapons systems delivered to Ukraine against military targets on Russian territory.

    The text says the EU must enable its administration to “move much faster through the procedures”, in the event of war or other large-scale security crises. While stressing the importance of EU-NATO cooperation, MEPs also call for the development of a fully capable European pillar in NATO that is able to act autonomously whenever necessary.

    At the special European Council meeting on 6 March, European Parliament President Roberta Metsola reassured leaders that the EP can move quickly and efficiently to meet today’s unprecedented security challenges. She called on the EU to invest more in defence: “Our ambition must match the unprecedented threat, the boldness of our proposals, and the speed at which they are put into action.” She reassured leaders that the European Parliament can adjust to demanding circumstances by moving quickly, efficiently and effectively. President Metsola highlighted that “our ambition must match the unprecedented threat, the boldness of our proposals, and the speed at which they are put into action.”

    During the 31 March to 3 April plenary session, MEPs will discuss with High Representative Kaja Kallas the EU’s common foreign, defence, and security policy objectives for 2025. MEPs are set to urge the EU to invest more in its defence sector, including an increase of military and political support for Ukraine. They are also expected to call on the EU to expand its presence in the Middle East, foster closer ties with like-minded partners, and support enlargement countries in their efforts to advance towards EU membership. The draft texts on the EU Common Foreign and Security Policy and on EU Common Security and Defence Policy will be voted on by MEPs on 2 April.

    Further reading

    MEPs urge the EU to ensure its own security

    “We cannot afford to depend on others to keep us safe”, Metsola tells EU leaders

    “Europe must be responsible for its own security”, Metsola tells EU leaders

    MEPs call on Europe to strengthen its defence capacity

    Rutte to MEPs: “We are safe now, we might not be safe in five years”

    The EU’s long-term budget and new own resources

    Parliament is working on a draft report outlining its priorities for the next long-term EU budget post-2027, also known as the Multiannual Financial Framework (MFF). The Committee on Budgets is expected to vote on this draft report at a meeting on 23-24 April, and plenary is set to vote on it during the 5-8 May plenary session.

    Parliament’s consent is needed (with an absolute majority) for the adoption of the MFF. MEPs may approve or reject the Council’s position (which is adopted by unanimity) but they may not make amendments to it. Parliament’s two co-rapporteurs, Siegfried Mureşan (EPP, Romania) and Carla Tavares (S&D, Portugal), expect MEPs to be involved from the start of the process, that during the negotiations, in its adoption, and in the implementation phase of the long-term EU budget.

    So-called EU own resources are the main sources of revenue for the EU budget. During the previous long-term budget negotiations, EU institutions agreed on a legally binding roadmap for the introduction of new sources of EU revenue. In 2023, the Commission proposed three new sources, linked to greenhouse gas emissions, company profits, and money generated by the EU’s carbon border adjustment mechanism. However, their adoption has stalled due to the reluctance of EU governments – right when new revenue streams are more important than ever, as debts accrued through the Next Generation EU (NGEU) recovery instrument will have to be repaid by 2058. The total costs for capital and interest repayments of the NGEU are projected to reach around €20-30 billion a year from 2028. The co-rapporteurs have argued that their repayment should come at the expense of existing EU policies.

    The own resources decision also requires a unanimous decision in Council, an opinion of Parliament, and ratification by every member state before it enters into force.

    Further reading

    Parliament’s draft report on the long-term EU budget

    Recording of the presentation of the draft report in the Budgets Committee (19.02.2025.)

    Recording of a press conference by the MFF co-rapporteurs (18.12.2024.)

    EPRS Briefing: Future of EU long-term financing (February 2025)

    Press release: “Own Resources”: Parliament’s position on new EU revenue

    Migration

    On 11 March, MEPs and the Commission debated changes to EU rules on the return of people who have no legal right to remain in Europe. The proposal for a new legal framework on “returns”, announced by President Ursula von der Leyen in July 2024, was formally unveiled by the European Commission on 11 March.

    During the plenary debate, MEPs scrutinised the proposal, which is intended to increase the return rate of third-country nationals not entitled to stay in the EU. Parliament emphasised the importance of cooperation with third countries, including on the readmission of their own nationals, as well innovative measures such as the establishment of return hubs in third countries. You can watch the debate here.

    Middle East

    In a resolution adopted on 12 March, Parliament urges the EU and members states to support Syria’s transitional forces and calls on Damascus to end historical alliances with Tehran and Moscow. Concerned about stability in Syria and in the Middle East, MEPs want the EU to “seize this historic opportunity to support a Syrian-led political transition in order to unite and rebuild the country”. They call on the EU and member states to help Syria’s authorities in the country’s reconstruction. MEPs also want the EU to explore the use of frozen assets of the Assad regime to fund reconstruction, rehabilitation, and the compensation of victims.

    MEPs want Syria’s new authorities in Damascus “to break free from its notorious long-standing alliances with Tehran and Moscow, which “have brought suffering to the Syrian people and destabilisation to the Middle East and beyond”. They appeal to the Syrian authorities to revoke Russia’s military presence in Syria and condemn Moscow for hosting Bashar al-Assad and his family, shielding them from justice.

    Further reading

    The EU must support the political transition and reconstruction of Syria

    MIL OSI Europe News –

  • MIL-OSI Europe: Poland: Electricity grid to get further upgrades with EIB loan payment of over €400 million to Orlen Group

    Source: European Investment Bank

    • EIB set for loan of 1.7 billion Polish zlotys (€405 million) for Orlen to finance investment programme of its electricity supplier Energa Operator and improve and expand Poland’s electricity network
    • Loan to make Polish power grid more reliable and green, bolstering customer service, climate action and energy independence
    • Loan marks third and final tranche of 3.5-billion-zloty EIB loan to Orlen for upgrades to Poland’s power infrastructure

    The European Investment Bank (EIB) signed 1.7 billion Polish zlotys (€405 million) to electricity supplier Energa to improve and expand Poland’s electricity network. This is the third and final tranche of a 3.5- billion-zloty loan to Orlen for upgrades to power distribution grid in northern and central Poland.

    With the latest EIB loan tranche, Orlen subsidiary Energa Operator will upgrade over 4,600 kilometres of existing grid infrastructure, build a further 2,300 km of power lines in Poland to accommodate around 25,000 new customers. Energa Operator will also be able to modernize its electricity network’s metering systems.

    “Our support to Orlen is a strategic investment in the sustainable and long-term growth of the Polish economy,” said EIB Vice-President Teresa Czerwinska. “This underlines our strong commitment to a genuine and fair green transition, development of modern energy infrastructure and energy security for Poland and the European Union.”

    The operation advances EU goals to expand clean power such as wind and solar, become climate neutral by mid-century and reduce reliance on energy imports, outlined in RePowerEU initiative of the European Commission. It also strengthens a Polish aim of accelerating the shift to a net-zero-emissions power grid.

    “This record-high financing from the European Investment Bank is a strong vote of confidence in our growth strategy. We have an ambitious yet well-structured plan that will not only create value for our shareholders but also contribute to the broader economy. The EIB funding will be directed toward investments in our electricity distribution network, such as building new power lines and connecting new customers, including prosumers with their own renewable energy sources. These projects will be carried out by Energa Operator, which, thanks to the financing secured by ORLEN, is well-positioned to reinforce its leadership in Poland’s energy transition,” said Magdalena Bartoś, Vice President of the Management Board and Chief Financial Officer at ORLEN.

    The EIB loan supports Energa Operator long-term plans to expand the Polish national grid by 11,000 kilometres of new power lines and 7,000 kilometres of underground cables, while upgrading nearly 10,000 kilometres of existing infrastructure by the end of 2035. These investments will enable the connection of 350,000 new customers and integration of 9 GW of renewable energy sources, increasing the installed capacity of the national grid by more that 16 percent, and add energy storage facilities to further stabilise the power system.

    Background information

    EIB 

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union. The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

    In 2024, the EIB Group financing in Poland grew to €5.7 billion. This bolstered sustainable development of cities and regions, energy transition and included the group’s largest security defence project last year.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    ORLEN Group is an integrated multi-utility energy company listed in the prestigious global Fortune Global 500. It was the first company in the region to declare achieving total emission neutrality in 2050. Thanks to the recent acquisitions and mergers, it became one of the 150 largest companies in the world. The company operates on 10 home markets: Poland, Czech Republic, Germany, Lithuania, Slovakia, Hungary, Austria, Canada, Norway and Pakistan. Retail sales are carried out using the largest network of 3,500 fuel stations in the region. The ORLEN Group’s offer reaches over 100 countries on 6 continents.

    By the end of this decade, ORLEN will have invested over PLN 320 billion to implement strategic projects, of which approximately 40% will be allocated to green investments, including wind energy at sea and on land, photovoltaics, biogas and biomethane, biofuels, electromobility, green hydrogen and synthetic fuels.

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Europe’s energy independence strategy and making use of Greek deposits – E-000777/2025

    Source: European Parliament

    Question for written answer  E-000777/2025/rev.1
    to the Commission
    Rule 144
    Afroditi Latinopoulou (PfE)

    Greece has unexploited gas and oil deposits that can contribute to its energy independence and to the phasing out of the European Union’s dependence on third-party energy sources/supplies. However, the Greek Government is hampering investment, mainly through lengthy procedures, bureaucratic stumbling blocks/obstacles and delays in judicial proceedings, leading to partial withdrawals by large companies and seriously harming European energy interests in the long run.

    Europe cannot ignore the chaotic changes in the global energy system. It must help create a resilient institutional and legal framework for rapidly exploiting and shaping the energy mix, under which states and their industrial infrastructure operate.

    In view of the above, can the Commission answer the following:

    • 1.What initiatives can it take to accelerate the path towards making use of Greek hydrocarbons in the interests of European and Greek energy security?
    • 2.How does it intend to prompt the Greek Government to adopt speedier and more effective licensing and judicial reforms to make it easier to invest in the energy sector?
    • 3.Given the progress made by neighbouring countries such as Cyprus, Israel and Egypt, how could the Commission support Greece so that it is not left off the Eastern Mediterranean energy map?

    Submitted: 20.2.2025

    Last updated: 20 March 2025

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Oxford City Council Approves Redevelopment Plans for 38-40 George Street for New Wilde Aparthotel and Community Space

    Source: City of Oxford

    Thursday, 20 March 2025

    PRESS RELEASE ON BEHALF OF MARICK REAL ESTATE: Oxford City Council Approves Redevelopment Plans for 38-40 George Street for New Wilde Aparthotel and Community Space

    Marick Real Estate is thrilled to announce that Oxford City Council has approved plans to redevelop 38-40 George Street into a stunning 145-room aparthotel operated by Staycity Group under their lifestyle Wilde brand. This major development will not only enhance the city’s hospitality offerings but also bring vital community benefits, making it a landmark project for the Gloucester Green area. 

    In addition to the aparthotel, the development will include a 400m² community space, developed in partnership with Makespace Oxford. This versatile space will serve as a hub for a wide variety of community activities, further enriching the local area and providing a welcoming environment for residents and visitors alike. 

    The project, designed with sustainability at its core, will be awarded a BREEAM “Excellent” rating. It will contribute to Oxford’s green agenda by achieving a 60% Biodiversity Net Gain, enrolling into the City’s “Safe Places” scheme, and reducing carbon emissions by over 40%. This scheme promises to set a new standard for environmentally responsible development in Oxford. 

    Councillor Ed Turner, Cabinet Member for Finance and Asset Management, commented: “This is an exciting milestone for the project and I look forward to seeing more detailed plans emerge as the team moves forward. This regeneration will revitalise the area, provide much-needed accommodation relieving pressure on family homes, and create a dedicated community space. It will also support local jobs, with workers being paid at least the Oxford Living Wage. We look forward to seeing it take shape.”  

    Andrew Heselton, of Marick Real Estate, expressed his enthusiasm for the project: “We are pleased to achieve this important milestone and look forward to developing the design, securing third-party agreements, and procuring our construction partner for this scheme prior to commencing the works in early 2026.” 

    The regeneration of 38-40 George Street promises to be a significant step forward in enhancing Oxford’s urban landscape, supporting its local economy, and improving the overall quality of life for residents. Staycity’s Wilde aparthotel will offer a unique, premium experience, while the new community space will become a valuable asset for people of all ages. 

    Construction is set to begin in early 2026, marking the start of an exciting new chapter for the city’s vibrant Gloucester Green area. 

    For any further information please visit the project website: www.george-street.co.uk 

    MIL OSI United Kingdom –