Category: Business

MIL-Evening Report: Adelaide Festival gives a hopeful vision for the future of Australian contemporary dance

Source: The Conversation (Au and NZ) – By Erin Brannigan, Associate Professor Theatre and Performance, UNSW Sydney

Mass Movement. Morgan Sette/Adelaide Festival

I arrived at Stephanie Lake’s premiere of Mass Movement a little late on my first day at Adelaide Festival.

Walking down the hill from King William road towards Elder Park, the Torrens River was lit up in oranges and golds by the setting sun. A river of people came into view, winding from a thin spread on the hillside nearest me to a thick block of settled-in picnicers, back up the opposite hill to the bank of institutional buildings along the river.

In the centre of this river, a stage crowded with performers in black and white waved and flowed: movements that passed along individuals juxtaposed with sharper unison actions, vocalisations and free-for-alls.

I missed the solo performance that opened this outdoor performance, and the procession of dancers winding down onto the stage. But what I saw left an impression of an excellent community activation with many performers of all ages and training backgrounds, and an audience of family, friends and strangers here to see this part-human part-natural spectacle.

Mass Movement featured 1,000 dancers, the most Stephanie Lake has ever worked with.
Morgan Sette/Adelaide Festival

This work sits within Lake’s body of spectacle-scale works that have become a signature for this important new-generation Australian choreographer. With 1,000 performers, the most she has ever worked with, whether bigger is better may be neither here nor there when the emphasis is on spectacle and community.

One Single Action in an Ocean of Everything

Established Melbourne-based choreographer Lucy Guerin’s mastery of the duet, her use of unison and tight spatial delineations, gestural detail and intensely demanding timing are all there in her most recent work, One Single Action in an Ocean of Everything.

Dancers and choreographic collaborators Amber McCartney and Geoffrey Watson are up to the task and perfectly matched. McCartney is compact, precise but playful. Watson is more measured yet somehow looser and more sensual.

The first half of the piece works intricate movements along a diagonal across the stage to downstage right, where a moon-like sphere hangs at head height.

Lucy Guerin plays with themes of destruction, orthodoxy, disobedience, care and empathy.
Gregory Lorenzutti/Adelaide Festival

The dancers’ trajectory, and often their gaze, are locked on this object. In the upper corner on the floor are mallets. Taken up by the dancers, they become part of a percussive choreography. The spectacle of the dancers making their mark on time within the complex choreography locks us all into a ride that we anticipate will end with a smashed sphere.

Guerin’s experience is evident in how she shapes a work. The opening sections with their tightrope-like structure are physically, temporally and spatially smashed as the material from the sphere flies across the stage.

A broom is introduced by Watson. This precipitates a new relationship between the two dancers. Experiential chaos versus spatial order replaces the teamwork of the first half, as the two become constantly at odds with each other.

Themes of destruction, orthodoxy, disobedience, care and empathy are not hard to draw out of this microcosm. The sound, by CS + Kreme, does great support work with its mechanical complexities, pounding meter and a high synthetic sound like a tap running in the next hotel room. The lighting design by Paul Lim is also a star.

A Quiet Language

A Quiet Language asks a tall order of Daniel Riley and co-director Brianna Kell: to create a performance work that spoke to the 60th anniversary of Australian Dance Theatre (ADT).

Riley, a Wiradjuri man from Western New South Wales, took on the directorship of ADT in 2022 following Garry Stewart’s 20-year plus tenure, with Kell as artistic associate. The introduction of Indigenous leadership for the company is welcome. There is a history of cultural appropriation across many Australian dance artists, from Beth Dean and Rex Reid in the 1950s, to the complex case of Jiri Kylian’s Stamping Ground (1983) later performed by Bangarra Dance Theatre in 2019.

It is well overdue that the rich and deep choreographic practices of our First Nations people are now being represented by leadership in a major dance company outside Bangarra.

In A Quiet Language, the names of artists associated with the company flicker as the years scroll past on the horizontal screens at either end of the space. But the real homage might be in the tone and style of this work.

Tie-dyed costumes by Ailsa Paterson, featuring an occasional headband, speak to the genesis of the company under the direction of Elizabeth Cameron Dalman across 1965–75.

A Quiet Language is a homage to the choreographic history of ADT.
Morgan Sette/ADT

Dalman is credited as collaborator, and the company spent four weeks of development with this extraordinary artist now in her 90s.

A Quiet Language begins with two female dancers, Yilin Kong and Zoe Wozniak, walking from one bank of audience to the other, directing their bold and curious gaze at us. They are accompanied by composer and musician Adam Page who remains on stage throughout.

Sebastian Geilings, Zachary Lopez and Patrick O’Luanaigh join them with more playful provocations for the audience, making the school group in the bank opposite me squirm.

We have met the dancers first as individuals, and the full cavalcade of ADT’s historical casts rests, virtually, behind the five young artists.

This breaking of the fourth wall speaks to the radical new approach that Dalman’s work represented in the 1960s when contemporary approaches to dance were still emerging locally.

The dancers move into group work that dominates the many phases of the piece, memorably a stormy section representing protest in theatre dance around the world in the 1960s.

This is followed by a dark solo by Wozniak that heaves itself off the floor in tense, cramping movements, resonating with the suffering behind current international headlines.

The dancers are credited with choreographic collaboration and it shows in their commitment to, and comfort within, the movement. This is delivered at an intense and unrelenting pitch throughout, recalling Stewart’s signature high-impact work. But the way the choreography is drawn to the floor – through tenacious connection or a giving-in that slides joyfully across its surface – feels fresh.

The Walking Track

I end my time in Adelaide with Karul Projects’ The Walking Track, presented by Vitalstatistix in Port Adelaide, where six performance pieces were commissioned by local First Nations dance and performance artists.

These are dispersed on site along a walk hosted by Karul Projects’ artistic director, Thomas E.S. Kelly, a Minjungbal, Wiradjuri and Ni-Vanuatu man.

Kelly established Karul Projects alongside Taree Sansbury, a local Kaurna, Narungga and Ngarrindjeri woman, in 2017 in Queensland, making this a rare First Nations dance company existing outside Bangarra Dance Theatre.

The Walking Track shows the future of Australian contemporary dance is bright.
Heath Britton/Vitalstatistix

The all-female cast of artists – Adrianne Semmens, Alexis West, Caleena Sansbury, Janelle Egan, Kirsty Williams, Lilla Berry, Mel Koolmatrie and Pearl Berry – offered works-in-development that told stories of family, loss, displacement and environmental destruction.

Their careful framing by Kelly on Country gave assurance that the future of Australian contemporary dance is bright.

Walking with the small audience around Port Adelaide, I kept an eye out for the dolphins Kelly informed us were just below the surface and imagined the local Kaurna people who had gathered on the banks there before being moved on. I could feel a slowly turning tide that will, no doubt, inspire fresh creative and critical gains for Australian contemporary dance.

Erin Brannigan 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. Adelaide Festival gives a hopeful vision for the future of Australian contemporary dance – https://theconversation.com/adelaide-festival-gives-a-hopeful-vision-for-the-future-of-australian-contemporary-dance-252300

MIL OSI Analysis – EveningReport.nz –

March 20, 2025
MIL-OSI China: China’s e-bike trade-ins hit 2M

Source: China State Council Information Office

Customers apply for trade-in subsidy from the government at a cashier in Fuyang, Hangzhou, east China’s Zhejiang Province, Oct. 31, 2024. [Photo/Xinhua]

China has seen more than 2.04 million new e-bikes sold under its consumer good trade-in program as of Tuesday, generating 5.61 billion yuan (about 783 million U.S. dollars) in new sales of such bikes, according to the Ministry of Commerce on Wednesday.

Since the start of this year, the daily sales volume of e-bikes under this program has averaged 27,000 units — 2.5 times the figure recorded the previous year, the ministry said.

During the period, over 2 million consumers have benefited from the program, with total subsidy applications involving over 1.2 billion yuan, averaging 610 yuan per person, the ministry added.

The program has also benefited about 50,000 sales outlets since the start of 2025, with an average per-store sales increase of 107,000 yuan. The majority of these outlets are individual businesses and small-to-micro-sized enterprises.

Since the launch of the program in September 2024, a total of 3.42 million new e-bikes have been sold nationwide, the ministry revealed.

MIL OSI China News –

March 20, 2025
MIL-OSI China: China to issue RMB-denominated green sovereign bond in London

Source: China State Council Information Office

China is set to debut an RMB-denominated sovereign green bond in London, the Ministry of Finance said on Wednesday.

The value will not exceed 6 billion yuan (833 million U.S. dollars) and specifics will be announced prior to the issuance, the ministry said.

In February, the ministry released a framework for sovereign green bonds, paving the foundation for the country to issue offshore sovereign green bonds and global capital to invest in its green development.

The funds raised by green bonds under the framework will be allocated to eligible green projects included in the central fiscal budget. The funds are expected to contribute to achieving environmental goals such as climate change mitigation and adaptation, natural resource protection, pollution control, and biodiversity preservation.

This initiative aims to diversify the range of high-quality green bond products in the global market and attract international capital to support domestic green and low-carbon development.

MIL OSI China News –

March 20, 2025
MIL-OSI China: Stable China-US economic, trade relations will benefit firms worldwide

Source: China State Council Information Office

Stable, healthy and sustainable China-U.S. economic and trade relations align with both nations’ fundamental interests and will benefit enterprises worldwide, Vice Commerce Minister Wang Shouwen said during a meeting with the head of U.S. company PepsiCo.

Wang, also the China international trade representative, emphasized that China-U.S. economic and trade relations are mutually beneficial and win-win in nature, during the Tuesday meeting with Ramon Laguarta, PepsiCo’s chairman and CEO.

They exchanged views on topics such as China-U.S. economic and trade ties, as well as the firm’s business operations in China, according to the Ministry of Commerce.

Highlighting China’s confidence in achieving its economic growth target for 2025 proposed in the government work report, Wang said that a series of policy measures introduced by the country to expand domestic demand and promote consumption will provide more opportunities for foreign-invested enterprises, including PepsiCo.

The vice minister also elaborated on China’s stance on issues such as the U.S. unilateral tariff hikes imposed on China.

Laguarta said that thanks to China’s pro-consumption policies, PepsiCo is reporting rapid growth in its food and beverage businesses in the country.

Pledging increased investment in local operations and a deepening engagement in the China market, he said that PepsiCo is committed to playing a constructive role in advancing healthy and stable U.S.-China relations as a member of U.S. business circles.

MIL OSI China News –

March 20, 2025
MIL-OSI: Enerflex Ltd. Announces Leadership Transition
Source: GlobeNewswire (MIL-OSI)

MARC ROSSITER STEPS DOWN AS PRESIDENT, CEO, AND DIRECTOR

PREET DHINDSA NAMED INTERIM CEO

REAFFIRMS 2025 OUTLOOK AND CONCURRENTLY ANNOUNCES EXPANSION OF DIRECT SHAREHOLDER RETURNS

CALGARY, Alberta, March 19, 2025 (GLOBE NEWSWIRE) — Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (“Enerflex” or the “Company”) today announced that Marc Rossiter has stepped down as President, CEO, and Director, effective immediately.

Preet Dhindsa, Enerflex’s current Senior Vice President and CFO, will serve as Interim Chief Executive Officer. Mr. Dhindsa joined Enerflex in October 2023 and is a seasoned executive with more than 25 years of experience, primarily in the energy and financial services industries.

Joe Ladouceur, Vice President Treasury, Tax & Insurance, will serve as Interim CFO.

The Board is undertaking a comprehensive search to identify the Company’s next CEO and has retained a leading executive search firm to assist with this process.

Kevin Reinhart, Chair of the Board of Directors, stated, “As we look to the future and position Enerflex to create shareholder value over the long-term, the Board decided that now is the right time to undertake a leadership transition. We thank Marc for his more than 25 years of dedicated service and commitment to Enerflex, including the last six years as CEO, and wish him the best in his future endeavors.”

Mr. Rossiter said, “Leading Enerflex has been a true privilege, and I’m incredibly proud of all that we’ve accomplished together to propel the business forward over the past six years. Thanks to the dedication of a talented team, Enerflex is well-positioned to build on its positive momentum and I believe the Company has a bright future.”

Mr. Reinhart added, “Preet has been instrumental in Enerflex’s efforts to “Simplify, Optimize, and Grow” and we are fortunate to have him serve as Interim Chief Executive Officer. With the support and collaboration of a deep bench of executive talent, we are confident in Preet’s ability to lead Enerflex in this interim period as we complete our search for a permanent CEO.

Enerflex’s near-term priorities remain unchanged and include: (1) enhancing the profitability of core operations; (2) leveraging the Company’s leading position in core operating countries to capitalize on expected increases in natural gas and produced water volumes; and (3) maximizing free cash flow to further strengthen Enerflex’s financial position, provide direct shareholder returns, and invest in selective customer supported growth opportunities.”

Mr. Dhindsa commented, “I am excited to continue working closely with the Board, management, and our colleagues across the Company. Our focus remains on generating sustainable free cash flow, further improving balance sheet health, and positioning the Company for long-term growth and value creation. With the Company operating within its target leverage range, Enerflex is positioned to increase direct shareholder returns, as reflected by (1) the previously announced 50% increase of the Company’s quarterly dividend and (2) today’s concurrent announcement of the Company’s intention to implement a normal course issuer bid.”

OUTLOOK

All amounts presented are in U.S. Dollars (“USD”) unless otherwise stated.

Enerflex is reaffirming its outlook for 2025, which reflects:
1. Steady demand across the Company’s business lines and geographic regions, although Enerflex continues to closely monitor geopolitical tensions across North America, including the potential impact of tariffs. Based on currently available information, the direct impact of tariffs on Enerflex’s business is expected to be mitigated by the Company’s diversified operations and proactive risk management.
2. Approximately 65% of the Company’s gross margin before depreciation and amortization is generated by the highly contracted Energy Infrastructure product line and the recurring nature of its After-Market Services business.
3. The expectation that Engineered Systems’ gross margin before depreciation and amortization will be more consistent with the historical long-term average for this business line and that near-term revenue is expected to remain steady.
4. A disciplined capital program in 2025, with total capital expenditures of $110 million to $130 million. Growth capital spending of $40 million to $60 million will focus on customer supported opportunities in the US and Middle East.
About Preet Dhindsa

Since joining Enerflex, Preet has spearheaded several corporate initiatives including improving balance sheet health and enhancing the global finance function. Prior to joining Enerflex, Preet served as Executive Vice President and Chief Financial Officer at ENMAX Corporation, a regulated utility with energy generation and retail lines of business. Prior thereto, Preet was Senior Vice President and Chief Financial Officer, Global Banking & Markets (GBM), at Scotiabank, leading international finance teams. Preet began his career as a professional accountant with KPMG and holds a Bachelor of Science degree in Mathematics & Statistics from Western University and a Graduate Diploma in Accounting from Wilfrid Laurier University. Preet is a Chartered Professional Accountant and Chartered Director.

About Joe Ladouceur

Prior to joining Enerflex, Joe served as President and CEO of Platinum Energy Services Ltd. until he successfully managed its sale in 2022. With over 30 years of experience in the finance and energy industries, Joe has held numerous executive leadership roles with Canadian E&P, energy services, and equipment fabrication companies. He began his career with Royal Bank of Canada and RBC Dominion Securities, where he was involved in corporate banking and global energy projects. Joe holds an Honors Business Administration degree with a major in finance from the Ivey Business School in London, Ontario, a Master of Business Administration from KU Leuven in Belgium, and an Honorary Fellowship from St. Mary’s University in Calgary.

ADVISORY REGARDING FORWARD-LOOKING INFORMATION

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with “forward-looking information”, “FLI”) within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are FLI. The use of any of the words “anticipate”, “believe”, “could”, “estimate”, “expect”, “future”, “intend”, “may”, “plan”, “potential”, “predict”, “should”, “will” and similar expressions, (including negatives thereof) are intended to identify FLI.

In particular, this news release includes (without limitation) forward-looking information and statements pertaining to:
- the Company’s near-term priorities and its positioning for long-term growth and value creation;
- the CEO transition and the CEO search, including with respect to the time it will take to complete the CEO search and the impact the CEO search and the CEO transition may have on the Company and its operations;
- the Company’s intention to implement a normal course issuer bid, the terms and conditions of such bid, the anticipated receipt of all required regulatory approvals, and the timing associated therewith;
- disclosures under the heading “Outlook” including:
  - expectations for steady demand across the Company’s business lines and geographic regions;
  - the potential impact of tariffs and the expectation that such impact will be mitigated by the Company’s diversified operations and proactive risk management;
  - the highly contracted Energy Infrastructure product line and the recurring nature of After-Market Services will, together, account for approximately 65% of Enerflex’s gross margin before depreciation and amortization;
  - the expectation that Engineered Systems gross margin before depreciation and amortization will be more consistent with the historical long-term average for this business line and that near term revenue will remain steady;
  - total capital expenditures in 2025 being $110 million to $130 million with growth capital spending of $40 million to $60 million focused on customer supported opportunities in the US and Middle East; and
- the ability of Enerflex to continue to pay a sustainable quarterly cash dividend.
FLI reflects management’s current beliefs and assumptions with respect to such things as the impact of general economic conditions; commodity prices; the markets in which Enerflex’s products and services are used; general industry conditions, forecasts, and trends; changes to, and introduction of new, governmental regulations, laws, and income taxes; increased competition; availability of qualified personnel; political unrest and geopolitical conditions; and other factors, many of which are beyond the control of Enerflex. More specifically, Enerflex’s expectations in respect of its FLI are based on a number of assumptions, estimates and projections developed based on past experience and anticipated trends, including but not limited to:
- Enerflex has the financial capacity, regulatory compliance, and board approval necessary to pursue a normal course issuer bid and that market conditions will support such a buyback program within the anticipated timeframe;
- any tariffs imposed will have a manageable impact on our operations and cost structure and increased domestic energy production will offset any negative effects of such tariffs;
- market dynamics, including increased energy demand, infrastructure development, and production activity, will drive growth in natural gas and produced water volumes across Enerflex’s core operating countries;
- market conditions, customer activity, and industry fundamentals will support stable demand across our business lines and geographic regions throughout 2025;
- the high level of contractual commitments within the Energy Infrastructure product line and the predictable, recurring revenue from After-Market Services will continue;
- existing customer contracts within the Energy Infrastructure product line will remain in effect and with no material cancellations or renegotiations over their remaining terms;
- Enerflex will maintain sufficient cash flow, profitability, and financial flexibility to support the ongoing payment of a sustainable quarterly cash dividend, subject to market conditions, operational performance, and board approval.
As a result of the foregoing, actual results, performance, or achievements of Enerflex could differ and such differences could be material from those expressed in, or implied by, the FLI. The principal risks, uncertainties and other factors affecting Enerflex and its business are identified under the heading “Risk Factors” in: (i) Enerflex’s Annual Information Form for the year ended December 31, 2024, dated February 27, 2025; and (ii) Enerflex’s Annual Report dated February 26, 2025, copies of which are available under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

The FLI included in this news release are made as of the date of this news release and are based on the information available to the Company at such time and, other than as required by law, Enerflex disclaims any intention or obligation to update or revise any FLI, whether as a result of new information, future events, or otherwise. This news release and its contents should not be construed, under any circumstances, as investment, tax, or legal advice.

The outlook provided in this news release is based on assumptions about future events, including economic conditions and proposed courses of action, based on Management’s assessment of the relevant information currently available. The outlook is based on the same assumptions and risk factors set forth above and is based on the Company’s historical results of operations. The outlook set forth in this news release was approved by Management and the Board of Directors. Management believes that the prospective financial information set forth in this news release has been prepared on a reasonable basis, reflecting Management’s best estimates and judgments, and represents the Company’s expected course of action in developing and executing its business strategy relating to its business operations. The prospective financial information set forth in this news release should not be relied on as necessarily indicative of future results. Actual results may vary, and such variance may be material.

ABOUT ENERFLEX

Enerflex is a premier integrated global provider of energy infrastructure and energy transition solutions, deploying natural gas, low-carbon, and treated water solutions – from individual, modularized products and services to integrated custom solutions. With over 4,600 engineers, manufacturers, technicians, and innovators, Enerflex is bound together by a shared vision: Transforming Energy for a Sustainable Future. The Company remains committed to the future of natural gas and the critical role it plays, while focused on sustainability offerings to support the energy transition and growing decarbonization efforts.

Enerflex’s common shares trade on the Toronto Stock Exchange under the symbol “EFX” and on the New York Stock Exchange under the symbol “EFXT”. For more information about Enerflex, visit www.enerflex.com.

For investor and media enquiries, contact:

Preet S. Dhindsa
Interim Chief Executive Officer
E-mail: PDhindsa@enerflex.com

Jeff Fetterly
Vice President, Corporate Development and Capital Markets
E-mail: JFetterly@enerflex.com

The MIL Network –
March 20, 2025
MIL-OSI: Enerflex Ltd. Announces Normal Course Issuer Bid

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, March 19, 2025 (GLOBE NEWSWIRE) — Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (“Enerflex” or the “Company”) today announced Board approval to implement a Normal Course Issuer Bid (“NCIB”).

The Company intends to make an application to the Toronto Stock Exchange (“TSX”) to implement a NCIB that would permit the Company to purchase for cancellation, through the facilities of the TSX, alternative Canadian trading systems or the New York Stock Exchange, common shares representing up to 5% of the public float over a period of twelve months. The NCIB is subject to acceptance by the TSX and will be conducted in accordance with the rules and policies of the TSX and applicable securities laws.

Preet Dhindsa, Enerflex’s Interim CEO stated, “With the Company operating within its target leverage range, Enerflex is positioned to increase direct shareholder returns. This is reflected through: (1) the previously announced 50% increase of the Company’s quarterly dividend; and (2) today’s announcement of the Company’s intention to implement a NCIB.”

Enerflex believes that: (1) the repurchase of common shares would be an effective use of its cash resources and in the best interests of Enerflex and its shareholders; and (2) the current market price of its common shares does not fully reflect their underlying value.

Further details regarding the NCIB will be provided following TSX approval.

ADVISORY REGARDING FORWARD-LOOKING INFORMATION

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with “forward-looking information”, “FLI”) within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are FLI. The use of any of the words “intend”, “will”, “may”, and similar expressions, are intended to identify FLI. In particular, this news release includes (without limitation) FLI and statements pertaining to the Company’s intention to implement a NCIB, the terms and conditions of such bid, the anticipated receipt of all regulatory approvals including the approval of the TSX, and the timing associated therewith and the Company’s positioning to increase direct shareholder returns.

FLI reflects management’s current beliefs and assumptions with respect to such things as the impact of general economic conditions; commodity prices; the markets in which Enerflex’s products and services are used; general industry conditions, forecasts, and trends; changes to, and introduction of new, governmental regulations, laws, and income taxes; increased competition; availability of qualified personnel; political unrest and geopolitical conditions; and other factors, many of which are beyond the control of Enerflex. More specifically, Enerflex’s expectations in respect of its FLI are based on a number of assumptions, estimates and projections developed based on past experience and anticipated trends, including that Enerflex has the financial capacity, regulatory compliance, and board approval necessary to pursue a NCIB and that market conditions will support such a buyback program within the anticipated timeframe. As a result of the foregoing, actual results, performance, or achievements of Enerflex could differ and such differences could be material from those expressed in, or implied by, the FLI. The principal risks, uncertainties and other factors affecting Enerflex and its business are identified under the heading “Risk Factors” in: (i) Enerflex’s Annual Information Form for the year ended December 31, 2024, dated February 27, 2025; and (ii) Enerflex’s Annual Report dated February 26, 2025, copies of which are available under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

Readers are cautioned that the foregoing list of assumptions and risk factors should not be construed as exhaustive. The FLI included in this news release are made as of the date of this news release and are based on the information available to the Company at such time and, other than as required by law, Enerflex disclaims any intention or obligation to update or revise any FLI, whether as a result of new information, future events, or otherwise. This news release and its contents should not be construed, under any circumstances, as investment, tax, or legal advice.

ABOUT ENERFLEX

Enerflex is a premier integrated global provider of energy infrastructure and energy transition solutions, deploying natural gas, low-carbon, and treated water solutions – from individual, modularized products and services to integrated custom solutions. With over 4,600 engineers, manufacturers, technicians, and innovators, Enerflex is bound together by a shared vision: Transforming Energy for a Sustainable Future. The Company remains committed to the future of natural gas and the critical role it plays, while focused on sustainability offerings to support the energy transition and growing decarbonization efforts.

Enerflex’s common shares trade on the Toronto Stock Exchange under the symbol “EFX” and on the New York Stock Exchange under the symbol “EFXT”. For more information about Enerflex, visit www.enerflex.com.

For investor and media enquiries, contact:

Preet S. Dhindsa
Interim Chief Executive Officer
E-mail: PDhindsa@enerflex.com

Jeff Fetterly
Vice President, Corporate Development and Capital Markets
E-mail: JFetterly@enerflex.com

The MIL Network –

March 20, 2025
MIL-Evening Report: If NZ wants to decarbonise energy, we need to know which renewables deliver the best payback
Source: The Conversation (Au and NZ) – By Alan Brent, Professor and Chair in Sustainable Energy Systems, Te Herenga Waka — Victoria University of Wellington

Getty Images

A national energy strategy for Aotearoa New Zealand was meant to be ready at the end of last year. As it stands, we’re still waiting for a cohesive, all-encompassing plan to meet the country’s energy demand today and in the future.

One would expect such a plan to first focus on reducing energy demand through improved energy efficiency across all sectors.

The next step should be greater renewable electrification of all sectors. However, questions remain about the cradle-to-grave implications of investments in these renewable resources.

We have conducted life-cycle assessments of several renewable electricity generation technologies, including wind and solar, that the country is investing in now. We found the carbon and energy footprints are quite small and favourably complement our current portfolio of renewable electricity generation assets.

Meeting future demand

The latest assessments provided by the Ministry of Business, Employment and Innovation echo earlier work by the grid operator Transpower. Both indicate that overall demand for electricity could nearly double by 2050.

Many researchers believe these scenarios are an underestimate. One study suggests the power generation capacity will potentially need to increase threefold over this period. Other modelling efforts project current capacity will need to increase 13 times, especially if we want to decarbonise all sectors and export energy carriers such as hydrogen.

This is, of course, because we want all new generation to come from renewable resources, with much lower capacity factors (the percentage of the year they deliver power) associated with their variability.

Additional storage requirements will also be enormous. Following the termination of work on a proposed pumped hydro project, other options need investigating.

Wind and solar are becoming the primary renewable technologies.
Shutterstock/Kyohei Miyazaki

Building renewable generation

The latest World Energy Outlook published by the International Energy Agency (IEA) shows that wind and solar, primarily photovoltaic panels, are quickly taking over as the primary renewable technologies.

This is also true in Aotearoa New Zealand. An updated version of the generation investment survey, commissioned by the Electricity Authority, shows most of the committed and actively pursued projects (to be commissioned by 2030) are solar photovoltaic and onshore wind farms.

Offshore wind projects are on the horizon, too, but have been facing challenges such as proposed seabed mining in the same area and a lack of price stabilisation measures typical in other jurisdictions. New legislation aims to address some of these challenges.

Distributed solar power (small-scale systems to power homes, buildings and communities) has seen near-exponential growth. Our analysis indicates wind (onshore and offshore) and distributed solar will make an almost equal contribution to power generation by 2050, with a slightly larger share by utility-scale solar.

Cradle-to-grave analyses

The main goal is to maintain a stable grid with secure and affordable electricity supply. But there are other sustainability considerations associated with what happens at the end of renewable technologies’ use and where their components come from.

The IEA’s Global Critical Minerals Outlook shows the fast-growing global demand for a suite of materials with complex supply chains. We have also investigated the materials intensity of taking up these technologies in Aotearoa New Zealand, and discussed the greater dependence on those supply chains.

The challenges in securing these metals in a sustainable manner include environmental and social impacts associated with the mining and processing of the materials and the manufacturing of different components that need to be transported for implementation here. There are also operating and maintenance requirements, including the replacement of components, and the dismantling of the assets in a responsible manner.

We have undertaken comprehensive life-cycle assessments, based on international standards, of the recently commissioned onshore Harapaki wind farm, a proposed offshore wind farm in the South Taranaki Bight, a utility-scale solar farm in Waikato and distributed solar photovoltaic systems, with and without batteries, across the country.

The usual metrics are energy inputs and carbon emissions because they describe the efficiency of these technologies. They are considered a first proxy of whether a technology is appropriate for a given context.

Beyond that, we used the following specific metrics, as summarised in the table below:
- GWP: global warming potential (carbon emissions during a technology’s life cycle per energy unit delivered).
- CPBT: carbon payback time (how long a technology needs to be operational before its life cycle emissions equal the avoided emissions, either using the grid and its associated emissions or conventional natural gas turbines).
- CED: cumulative energy demand over the life cycle of a technology.
- EPBT: energy payback time (how long a technology needs to be operational before the electricity it generates equals the CED).
- EROI: energy return on investment (the amount of usable energy delivered from an energy source compared to the energy required to extract, process and distribute that source, essentially quantifying the “profit” from energy production).
There is much debate about the minimum energy return on investment that makes an energy source acceptable. A value of more than ten is generally viewed as positive.

Life cycle assessment metrics of wind and solar power in Aotearoa New Zealand.
Te Herenga Waka Victoria University of Wellington, CC BY-SA

For all technologies we assessed, the overall greenhouse gas emissions are lower than the grid emissions factor. Because of New Zealand’s already low-emissions grid, the carbon payback time is around three to seven years for utility-scale generation. But for small-scale, distributed generation it can be up to 13 years. If the displacement of gas turbines is considered, the payback is halved.

Energy return on investment is above ten for all technologies, but utility-scale generation is better than distributed solar, with values of between 30 and 75.

To put this into perspective, the energy return on investment for hydropower, if operated for 100 years, is reported to be 110. Utility-scale wind and solar being commissioned now have an operational life of 30 years but are typically expected to be refurbished.

This means their energy return on investment is becoming comparable to hydropower.

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

– ref. If NZ wants to decarbonise energy, we need to know which renewables deliver the best payback – https://theconversation.com/if-nz-wants-to-decarbonise-energy-we-need-to-know-which-renewables-deliver-the-best-payback-251819
MIL OSI Analysis – EveningReport.nz –
March 20, 2025
MIL-Evening Report: You can catch the ‘nocebo’ effect from family, friends – even social media. But what is it, actually?

Source: The Conversation (Au and NZ) – By Cosette Saunders, PhD candidate, Sydney Placebo Lab, University of Sydney

Pixel-Shot/Shutterstock

In 1998, shortly after arriving for work, a Tennessee high-school teacher reported a “gasoline-like smell” and feeling dizzy. Soon after, many students and staff began reporting symptoms of chemical poisoning. Some 38 people had such extreme symptoms they were kept in hospital overnight.

Yet investigators didn’t find any evidence the school had been contaminated.

How could staff and students of this United States high school have had such extreme reactions without being exposed to a toxic agent?

The answer is the “nocebo effect”.

What is the nocebo effect?

Most people have heard of the placebo effect, where a fake treatment can improve someone’s health because they believe it will help them.

The nocebo effect is the opposite. It occurs when someone expects a negative outcome from a harmless treatment or situation, and this triggers worse health.

The staff and students at the Tennessee high school believed they had been exposed to a toxic gas leak and expected symptoms. These negative expectations caused them to feel sick even though there was no gas leak.

How is this relevant today?

When a doctor prescribes you a new medicine, they need to warn about possible side effects, as part of you giving your informed consent.

But knowing the side effects can cause you to expect them, and therefore lead you to experience more side effects.

A large-scale review found nearly 73% of people in drug trials given a placebo and told about possible side-effects reported side effects despite taking no active treatment – an example of the nocebo effect.

Placebo and nocebo effects can also affect the efficacy of real medical treatments.

For example, in one study, participants who were led to expect a powerful painkiller would give them
strong pain relief reported roughly twice as much pain relief compared to those who received the same drug without being told it was a painkiller. However, when participants were led to expect the same painkiller would worsen their pain, they had no pain relief – as if they hadn’t received the drug at all.

Knowing the side effects can cause you to expect side effects and therefore experience more side effects.
SpeedKingz/Shutterstock

How do nocebo effects develop?

We already know that simply warning people about possible side effects can make them more likely. We also know that past experiences with treatments shape what we expect and experience. If we have experienced pain from a treatment in the past, this can cause us to expect and experience more pain when we receive that treatment again.

Now there’s growing evidence nocebo effects can also be transmitted socially between peers. In other words, we can “catch” them from other people like a cold, except the transmission happens simply by observing others.

Negative expectations can spread from person to person, as shown in one experiment. Observing someone experience more pain in response to a treatment made the observer feel more pain in response to the same treatment when it was their turn, even though the treatment the observer experienced was fake.

Social media amplifies this, carrying personal tales of woe much further than once possible, regardless of the accuracy.

For example, a tweet by singer Nicki Minaj in 2021 claimed “the vaccine” (presumably the COVID vaccine) gave her cousin’s friend swollen testicles and made him “impotent”. This went out to her millions of followers, and generated more than 100,000 likes. It was debunked days later.

One study found that negative stories about COVID vaccine side effects – especially from friends or social media – were linked to stronger expectations of having those same symptoms. These expectations, in turn, predicted the actual side effects people reported after vaccination.

An Australian study found this effect was amplified among individuals who already worried a lot about side effects, felt anxious or stressed, or looked primarily to social media (instead of mainstream sources) for health information.

If you hear about COVID vaccine side effects on social media, you’re more likely to expect side effects and report you have them.
Jo Panuwat D/Shutterstock

The effects can be serious

For individuals, nocebo effects can lead to unnecessary suffering with genuine pain and discomfort. Unpleasant side effects can also contribute to people not continuing their treatment as prescribed or abandoning it altogether.

On a broader public health level, the nocebo effect can make it hard to evaluate the safety of new technologies and public health interventions. For example, health concerns have surfaced around the safety of electromagnetic fields from wireless signals and 5G towers, supposedly causing a range of physical symptoms like headache and insomnia.

In the laboratory, these symptoms have been attributed to nocebo responses rather than properties of the technology itself.

When unfounded negative information takes hold, people suffer genuine health effects, businesses face pushback, and the wider community may grow suspicious of technologies that are generally considered safe based on available evidence.

What can we do about it?

Individuals can reduce their likelihood of experiencing nocebo-driven symptoms by seeking reliable information from credible medical sources or reputable health organisations instead of relying on social media.

But even the way side effect information is communicated contributes to the nocebo effect. So health professionals may be able to help by framing discussions of potential side effects in a more positive way and – when appropriate – emphasising that most patients experience no problems.

Negative expectations can physically hurt us, and thanks to social media, they can spread widely, fast. However, by staying informed, being mindful of our own beliefs, and insisting on thoughtful communication from health professionals and public health campaigns, we can keep the nocebo effect in check.

Ben Colagiuri receives funding from the Australian Research Council.

Cosette Saunders 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. You can catch the ‘nocebo’ effect from family, friends – even social media. But what is it, actually? – https://theconversation.com/you-can-catch-the-nocebo-effect-from-family-friends-even-social-media-but-what-is-it-actually-249844

MIL OSI Analysis – EveningReport.nz –

March 20, 2025
MIL-OSI Economics: From Sydney Harbour to the Oscars: How the Galaxy S25 Series Launched Around the World

Source: Samsung

To introduce the Galaxy S25 series to the world, Samsung Electronics launched a series of bold and immersive marketing campaigns across key markets — each designed to showcase the flagship lineup’s AI-powered next-generation capabilities. From an interactive watercraft experience in Australia and a metro station rebrand in Chile to a laser show in Malaysia and an esports tournament in India, these activations brought the Galaxy S25 experience directly to consumers through dynamic and engaging events.

Samsung Newsroom explores some of the standout campaigns that marked the arrival of the Galaxy S25 series worldwide.

[Australia] Elevating Morning Commutes With the Galaxy Go Fleet

In Australia, Samsung launched the Galaxy Go Fleet — a fleet of custom-branded watercraft that transformed daily commutes across Sydney Harbour and the Brisbane River into an interactive Galaxy S25 experience. Passengers on board had the opportunity to test key Galaxy AI features, including Now Brief and Audio Eraser, and experienced firsthand how the Galaxy S25 series helps them start and navigate their day with ease.

[Peru] Introducing the Galaxy AI Train on Lima Metro’s Line 1

View this post on Instagram

A post shared by Samsung Perú (@samsungpe)

Samsung Peru became the first tech company in Peru to rebrand a metro train by introducing the Galaxy AI Train on Lima Metro’s Line 1, a key transportation route serving over 500,000 passengers daily. In celebration of the Galaxy S25 series launch, passengers received exclusive metro cards and promotional goods — further enriching their unique transportation experience.

[Chile] Transforming Tobalaba Metro Station and Illuminating Santiago’s Night Sky

Samsung Chile made its mark in Santiago with two high-profile activations to celebrate the launch of the Galaxy S25 series. Tobalaba Metro Station, one of the city’s busiest transit hubs, was officially renamed “Galaxy AI” — immersing daily commuters in the Galaxy S25 experience.

The celebrations continued with a spectacular drone light show where over 300 drones illuminated Santiago’s night sky with stunning visual arrangements alluding to Galaxy AI and the Galaxy S25 series. The synchronized performance mesmerized spectators, turning the city skyline into a dazzling tribute to Samsung’s latest mobile innovations.

[United States] Bringing Stunt Action to the Oscars With Galaxy AI

In the U.S., Samsung celebrated the Galaxy S25 Ultra during the 2025 Oscars with two high-energy ads featuring stunt performers — developed in collaboration with Disney Advertising, ArtClass Content, Empire Stunts, Kimmelot, Maximum Effort, More Media and Really Original. The campaign highlighted the Galaxy S25 Ultra’s advanced AI-powered video-editing capabilities such as Audio Eraser, a feature that removes unwanted background noise. By demonstrating how Galaxy AI enhances both professional filmmaking and everyday content creation, the initiative put stunt professionals in the spotlight — recognizing their contributions to the industry while showcasing Samsung’s state-of-the-art mobile technology.

[United Kingdom] Celebrating Everyday Moments With a Personal Touch

View this post on Instagram

A post shared by Samsung UK (@samsunguk)

Samsung U.K. embraced a more personal approach by highlighting how the Galaxy S25 Ultra enhances daily life. Through engaging social media content created in collaboration with Anaïs Gallagher and Molly Moorish-Gallagher, Samsung demonstrated the Auto Trim feature, which allows users to effortlessly edit their favorite video clips and even generate highlight reels. Additionally, the campaign illustrated how the Galaxy S25 Ultra, through the Now Brief feature, integrates itself into users’ bedtime routines by providing personalized updates and content — thereby helping them wind down more easily after a busy evening.

[Malaysia] Lighting Up Kuala Lumpur With Fireworks and Laser Beams

Samsung Malaysia celebrated the arrival of the Galaxy S25 series with spectacular fireworks and a laser show over the Merdeka 118 tower. In addition, Samsung hosted the Edit & Win contest — inviting participants to creatively edit a fireworks image using Galaxy AI’s many tools for a chance to win a Galaxy S25 Ultra.

[Brazil] Capturing São Paulo From the Sky With the Galaxy S25 Ultra

In Brazil, Samsung launched a unique experience at Sampa Sky, São Paulo’s highest observation deck accessible to the public. Suspended 150 meters above ground level, visitors had the opportunity to capture breathtaking views of the city skyline with unparalleled clarity and detail using the Galaxy S25 Ultra’s 200MP main camera and AI-enhanced 100x space zoom. The campaign also showcased Galaxy AI’s advanced editing tools, demonstrating how users can seamlessly refine and enhance their shots.

[Italy] Pushing the Galaxy S25 Ultra to the Limit in the Dolomites

Samsung Italy hosted the Galaxy Wintercamp in the Dolomites where nine athletes and creators spent three days pushing the Galaxy S25 Ultra to its limits in extreme alpine conditions. Participants used Now Brief to optimize their planning and employed the device’s 200MP camera and AI-enhanced photography tools to capture breathtaking ski descents, tricks and ice performances.

[India] Taking Center Stage at the #PlayGalaxy Cup

In India, Samsung hosted the third edition of the #PlayGalaxy Cup — one of the biggest esports events in the country. The tournament saw India’s top gamers compete against one another using the Galaxy S25 Ultra, allowing them to experience the device’s advanced display, next-level processing power and AI-driven gaming enhancements firsthand. Streamed live, the competition demonstrated how the Galaxy S25 series is designed to meet the demands of high-intensity gameplay while delivering a smooth, immersive experience.

[Thailand] Bringing Star Power to the Launch in Bangkok

Samsung Thailand celebrated the Galaxy S25 series launch with the Galaxy S25 | Here AI am Music Fest, a high-energy event featuring celebrities, influencers and fan activities. Attendees enjoyed interactive games with #TeamGalaxy stars and tested the latest Galaxy AI features. The night culminated in a blue carpet walk and an AI-powered concert where Galaxy AI helped curate the show with a blend of music, technology and entertainment.

MIL OSI Economics –

March 20, 2025
MIL-OSI China: New policy to ensure food quality and safety

Source: China State Council Information Office 3

A citizen enjoys food at a restaurant in Xixiu District of Anshun, southwest China’s Guizhou province, Jan. 24, 2023. [Photo/Xinhua]

China has announced a new comprehensive guideline aimed at strengthening oversight across the entire food supply chain, from farms to consumer tables.

The policy, jointly issued by the general offices of the Communist Party of China Central Committee and the State Council, China’s Cabinet, outlines stricter controls and enforcement measures to enhance public health protection and ensure food quality.

The new guideline emphasizes greater coordination between regulatory bodies and a focus on improving food safety at every stage of production, distribution and sale. A key component of the reforms includes the establishment of a traceability system for agricultural products, enabling better monitoring from farms to markets. This is intended to prevent unsafe products from entering the food supply while allowing authorities to respond quickly to any safety issues that might arise.

The policy also tightens regulations surrounding food production and business licensing. Producers and distributors will now face more stringent checks before receiving licenses, and compliance will be rigorously enforced at both the provincial and local levels.

Traditional food producers will be required to meet modern safety standards while preserving cultural practices.

In addition to improving food production standards, the policy addresses food storage and transportation. New safety protocols for warehouses and logistics companies aim to ensure that food is stored and transported under controlled conditions, preventing contamination or spoilage.

As online food sales continue to grow, the document emphasizes the responsibilities of e-commerce platforms and livestreaming hosts in selling food products online. It calls for “ensuring the accountability of online food sales entities and strengthening the collaborative governance of food safety issues in online sales” to improve regulation of the emerging sector. Furthermore, it requires the establishment of a comprehensive regulatory mechanism for food service.

For imported food products, the policy introduces a risk management framework to ensure that all foreign foods entering China meet domestic safety standards. This includes additional oversight of food sold through cross-border e-commerce channels.

In January, data from the Ministry of Public Security showed that 12,000 cases of food safety crimes were solved last year.

Last week, a reporter from The Beijing News conducted undercover visits to several Yangmingyu Braised Chicken and Rice franchise stores in Henan province. They observed kitchens using spoiled mushrooms and processing overnight darkened beef with coloring agents for reuse. They also witnessed leftover food from customers being recycled and reprocessed.

This year’s CCTV 3.15 Gala also exposed the issue of excessive phosphate levels in water-injected shrimp sold on various online platforms though advertisements for these shrimp frequently featured claims of “zero additives” and “zero moisture retention agents”.

MIL OSI China News –

March 20, 2025
MIL-OSI China: China cracks down on fake, inferior agricultural supplies

Source: China State Council Information Office 3

A farmer participates in a ceremony marking the start of spring farming in Codoi Township, Lhunzhub County of Lhasa, southwest China’s Xizang Autonomous Region, March 16, 2025. [Photo/Xinhua]

As the spring farming season approaches, China’s public security authorities will launch a crackdown on the manufacturing and sale of fake or substandard agricultural supplies to protect farmers’ interests, according to the Ministry of Public Security on Wednesday.

The plowing season usually sees peak demand for agricultural supplies, which include seeds, fertilizer, pesticide and farming equipment.

The ministry requires authorities at all levels to deal a targeted blow to sources of fake or inferior agricultural supplies, such as unlicensed workshops or companies that engage in such offenses, and crack down on illegal online sales.

The protection of intellectual property rights in the seed industry should be strengthened, the ministry said.

In 2024, public security organs nationwide investigated and handled more than 500 criminal cases involving fake or substandard agricultural supplies, which effectively ensured grain production and security, it said.

MIL OSI China News –

March 20, 2025
MIL-OSI China: Tough action taken against data theft

Source: China State Council Information Office 3

Participants walk out of the venue for the first Cyber Security Summit (Tianjin) in north China’s Tianjin, Aug. 28, 2023. [Photo/Xinhua]

Chinese police cracked more than 7,000 cases involving personal information security violations last year, the Ministry of Public Security said on Tuesday, urging strict legal compliance in handling such data.

Authorities took tough measures against such crimes last year, dismantling multiple platforms that traded personal data, the ministry said in a statement. It also disclosed 10 typical cases police solved in 2024, in which suspects obtained personal data through technical means, fraud or other methods.

In one case, a suspected criminal organization led by a person surnamed Liu allegedly developed Trojan malware to steal data, according to the ministry. Members of the group would take jobs at companies offering training services and implant the malware in company computers to access client information, the ministry said.

In September, the police of Beijing’s Haidian district arrested eight suspects and helped 17 companies remove the malware from their computers.

In another case, police in Changchun, Jilin province, dismantled a suspected criminal organization led by an individual surnamed Wang that allegedly faked business licenses to trick jobseekers into sending resumes, which were then sold to telecommunications fraud gangs. In June, police arrested 27 suspects and seized more than 1,000 fake business licenses.

A separate case involved collusion between an alleged criminal group and employees in the courier industry. The organization has been accused of stealing personal information from delivery orders and selling it. Police in Zhangye, Gansu province, arrested 18 suspects.

The ministry urged companies and individuals handling personal information to comply with the law and enhance security measures. It also advised the public to store and use their personal data carefully and report suspected leaks to authorities.

MIL OSI China News –

March 20, 2025
MIL-Evening Report: More young people are caring for a loved one with dementia. It takes a unique toll

Source: The Conversation (Au and NZ) – By Katya Numbers, Postdoctoral Research Fellow & Lecturer, Centre for Healthy Brain Ageing, UNSW Sydney

Miljan Zivkovic/Shutterstock

Dementia is a growing health problem, affecting more than 55 million people around the world.

In Australia, an estimated 433,300 people are living with dementia. This figure is projected to rise to 812,500 by 2054.

Dementia refers to brain disorders that are not a normal part of ageing. These disorders, including Alzheimer’s disease, cause a decline in cognitive function and changes in mood, memory, thinking and behaviour. Ultimately they affect a person’s ability to carry out everyday tasks.

In Australia, around 75% of people with dementia live at home.

While dementia care at home has traditionally been associated with older spouses or middle-aged children, it seems an increasing number of young adults in their 20s and 30s, and even teenagers, are stepping into this role to care for grandparents, parents or other loved ones.

In Australia, 3 million people (11.9% of the population) are carers. This includes 391,300 under 25 – a sharp rise from 235,300 in 2018.

How many young carers are specifically caring for a loved one with dementia is unclear, and something we need more data on. Young dementia carers remain largely invisible, with minimal recognition or support.

Unique challenges and the burden of responsibility

Unlike older carers, who may have more financial stability and free time, young carers often must balance caregiving with university, early-career pressures, and personal development, including maintaining social relationships, pursuing hobbies, and prioritising mental welling.

In Australia, where 51% of men and 43% of women aged 20–24 still live with their parents, many young carers will have limited experience in managing a household independently.

They’re often thrust into complex responsibilities such as cooking, housework, managing the family budget, coordinating medical appointments and administering medications.

Beyond that, they may need to provide physical care such as lifting or helping their loved one move around, and personal care such as dressing, washing, and helping with toileting.

Young carers often must balance caregiving with other responsibilities.
Iris Wang/Unsplash

All this can leave young carers feeling unprepared, overwhelmed and isolated.

While general support groups exist for dementia carers and young carers more broadly, few cater specifically to young adults caring for someone with dementia.

This lack of targeted support is likely to heighten feelings of isolation, as the young person’s friends struggle to relate to the emotional and practical burdens young carers face.

The demanding nature of caregiving, combined with the difficulty of sharing these experiences with peers, means young dementia carers can become disconnected socially.

The psychological toll

These challenges take a profound psychological toll on young carers.

Research shows young carers are 35% more likely to report mental health issues than their non-caregiving peers. These can include depression, anxiety and burnout.

Again, we don’t have data on mental health outcomes among young dementia carers specifically. But in Australia, 75% of dementia carers reported being affected physically or emotionally by their caring role. Some 41% felt weary or lacked energy, and 31% felt worried or depressed.

Also, there are negative stereotypes about ageing – that people turn forgetful, frail, and need constant care. For young carers whose loved ones have dementia, these stereotypes can be reinforced by their experience. This could shape young carers’ perceptions of their own future health and wellbeing and increase anxiety about ageing.

Caregiving may also affect physical health. Research suggests carers often sacrifice healthy habits such as exercise and a balanced diet. What’s more, carers report symptoms including poor sleep, fatigue, headaches and back pain due to the physical demands of caregiving.

Caring for a parent – a role reversal

This emotional burden is particularly acute for those caring for a parent. These young carers are likely to experience the progressive loss of parental support, while simultaneously assuming the demanding role of caregiver.

A significant portion of young dementia carers support parents with young-onset dementia, a form of dementia diagnosed before age 65. These young carers face the shock of a diagnosis that defies typical expectations of ageing.

The burden may be compounded by fears of genetic inheritance. Young onset dementia often has a hereditary component.

This means young carers may have a higher risk of developing the condition themselves – a concern spousal carers don’t have. This fear can fuel health anxiety, alter life planning, and create a pervasive sense of vulnerability.

A significant portion of young dementia carers support parents with young-onset dementia.
VisualProduction/Shutterstock

How we can better support young dementia carers

Despite their growing numbers, young dementia carers remain largely overlooked in research, policy and support services. This is partly due to the challenges in engaging this demographic in research, as these young people juggle busy lives balancing caregiving with education and work.

Many young carers also don’t self-identify as carers, hindering their access to support and resources. This could be because of the stigmatising label, or a feeling they’re not doing enough to qualify as a carer. It could even be because of cultural norms which can frame caregiving as a family obligation, rather than a distinct role.

Nonetheless, young dementia carers require targeted support beyond generic caregiving resources.

This support might include specialised peer networks, educational programs, and practical skills training. Tailored programs and resources should ideally be co-designed with young dementia carers to ensure they meet their unique needs and preferences.

With dementia cases in Australia and elsewhere projected to increase, the demand for informal carers – including young adults – will continue to grow.

Without intervention, these young carers risk burnout, social isolation, and long-term health consequences. We must ensure flexible, age-appropriate support for this often invisible group. Investing in young dementia carers is not just a moral imperative – it’s a crucial step toward a sustainable, compassionate care system for the future.

Dementia Australia offers a national helpline, information sessions, and a peer-to-peer connection platform for carers.

The Young Carers Network, run by Carers Australia, offers mental health resources, financial guidance, and respite care information, plus bursaries young carers can apply for to reduce financial pressure.

Katya is a co-founder of Y-Care of Dementia, a support network for Australians in their 20s and 30s who are caring for someone living with dementia.

Serena Sabatini 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. More young people are caring for a loved one with dementia. It takes a unique toll – https://theconversation.com/more-young-people-are-caring-for-a-loved-one-with-dementia-it-takes-a-unique-toll-249361

MIL OSI Analysis – EveningReport.nz –

March 20, 2025
MIL-Evening Report: Trump is ignoring the power of nationalism at his own peril

Source: The Conversation (Au and NZ) – By David Smith, Associate Professor in American Politics and Foreign Policy, US Studies Centre, University of Sydney

US President Donald Trump has exploited American nationalism as effectively as anyone in living memory. What sets him apart is his use of national humiliation as a political emotion. Any presidential candidate can talk their country up, but Trump knows how to talk his country down.

Trump’s consistent message has been that American problems – trade deficits, job losses, illegal immigration, crime and even drug addiction – are the result of deliberate acts by other countries. The really humiliating part is that American politicians let it happen.

Many Americans have welcomed Trump’s message that their country’s problems can be solved by reestablishing international dominance. They see this nationalist approach as an overdue corrective to the “globalist” foreign policies of the post-second world war era.

But people in other countries also have feelings of national pride and aspire to be free from foreign domination. This should be obvious, but so far Trump is ignoring the power of nationalism in other countries even as he harnesses it in his own. This makes his foreign policy job a lot harder.

How Canadians have rallied against Trump

Take the example of Canada.

When Trump was elected to his second term in November 2024, it seemed certain there would soon be a Canadian prime minister who was more aligned with him than Justin Trudeau. Trudeau’s unpopularity had dragged the Liberal Party down, and the populist Conservative leader Pierre Poilievre looked set to win the this year’s election.

As he prepared for a trade war with Canada, Trump could have concentrated his fire on his enemies in the doomed Liberal government. Instead, he spent months insulting Canada’s national identity. He repeatedly said Canada should be the “51st state of the US”, calling Trudeau “governor”.

Trump says ‘Canada was meant to be our 51st state’ in a Fox News interview.

Americans can dismiss Trump’s talk of annexing Canada as a joke, but Canadians can’t. Regardless of whether Trump would ever follow through with attempting an annexation, his language is an attack on Canadian sovereignty. No one with any sense of national pride would tolerate it.

An Angus Reid poll found the number of people saying they had a “deep emotional attachment” to Canada rose from 49% to 59% from December 2024 to February 2025. That emotional attachment is visible in everything from “buy Canadian” campaigns to Canadians booing the US national anthem at hockey games.

The Liberals, under new leader Mark Carney, are also experiencing a remarkable bounce-back in the polls.

Another Angus Reid poll shows that voting intention for the Liberals has surged from 16% in December to 42% now. They are now leading the Conservatives, who have 37% support. Some are now anticipating a snap election could be called in days.

Ontario Premier Doug Ford, who has sometimes been likened to Trump, has also led a ferocious pro-Canadian resistance to American tariffs, getting his own re-election boost.

Trump’s defenders often claim his chaotic bluster is simply a negotiating tactic, a way of spooking others into accepting terms more favourable to him. If so, this tactic is backfiring in Canada.

Trade wars require sacrifices. Citizens must pay more for the sake of protecting their countries’ industries. Canadians seem a lot more willing to make that sacrifice than Americans, who are mostly confused that their friendly neighbour has suddenly been recast as an enemy.

The importance of national identity

Other countries have shown they will not cave easily, either, as Trump puts their national identity at stake.

Demanding to buy another country’s territory, as Trump keeps doing with Greenland, a self-governing territory under Danish control, may be even more insulting than threatening to take it, as he keeps doing with Panama. Each time Greenlanders, Danes and Panamanians refuse Trump, his credibility erodes further.

Trump talks about the territory of other countries in terms of “real estate”, even suggesting the United States should “redevelop” Gaza after evicting the Palestinians.

But sovereign land is not real estate. In a world of nation-states defined by territory, even sparsely inhabited territory has “sacred value”. This is particularly true for peoples seeking statehood on their land.

“Sacred values” are things people see as non-negotiable because they are linked to their sense of identity and moral order in the world. Researchers warn that offering money in exchange for sacred values is deeply offensive, and likely to harm, rather than help, negotiations.

There is a reason why governments hardly ever sell their territory to other countries anymore. Empires may have done in this in the past, but not nations. They view their lands, and the people who live on them, as inalienable from the nation.

Trump clearly doesn’t understand this concept. He has shown no empathy for Ukraine, a country whose territory actually has been invaded. He accused Ukrainian President Volodomyr Zelenskyy of wanting to prolong the war so he could “keep the gravy train going”, as if harvesting US aid dollars was the real reason Ukrainians were fighting for their country’s existence.

Trump’s contempt for Ukraine, Canada, Greenland, Gaza, Denmark and Panama has reverberations far beyond these places. It signals that his brand of American nationalism has no place for anyone else’s national aspirations or sovereignty.

This will not promote the deal-making Trump wants because no one trusts an unstable, imperial power to stick to its agreements. It would be painful for many countries to reduce their dependence on the United States, but it would be more painful to give away their national dignity.

David Smith 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. Trump is ignoring the power of nationalism at his own peril – https://theconversation.com/trump-is-ignoring-the-power-of-nationalism-at-his-own-peril-252299

MIL OSI Analysis – EveningReport.nz –

March 20, 2025
MIL-OSI USA: Warner, Colleagues Push to Save Task Force Combating Threats to Election Officials

US Senate News:

Source: United States Senator for Commonwealth of Virginia Mark R Warner
WASHINGTON—U.S. Sen. Mark R. Warner (D-VA), Vice Chairman of the Senate Select Committee on Intelligence, joined Sens. Alex Padilla (D-CA), Dick Durbin (D-IL) and 28 Democratic colleagues in urging Attorney General Pam Bondi to continue the essential work of the Department of Justice’s (DOJ) Election Threats Task Force, which directs the Department’s efforts to protect election officials from rising threats and acts of violence.
The senators’ letter comes as the Trump administration has significantly rolled back the federal government’s capacity to fight against foreign and domestic election security threats. On Attorney General Bondi’s first day in office, she disbanded the Federal Bureau of Investigation’s (FBI) Foreign Influence Task Force, hindering efforts to address secret influence campaigns waged by China, Russia, and other foreign adversaries. Additionally, the administration has fired or put on leave dozens of officials responsible for combating foreign election interference at the Cybersecurity and Infrastructure Security Agency (CISA) and has reportedly frozen all of CISA’s ongoing election security work. The administration has also defunded CISA’s nationwide program to train local officials and monitor threats through the Elections Infrastructure Information Sharing and Analysis Center.
“Given the recent disturbing personnel and policy decisions at the Department and the lack of transparency about the future of the Task Force, we request an immediate update on the status and activities of the Task Force, as well as what resources will be provided to ensure its important work continues so that election officials of both parties can safely administer our elections,” wrote the senators.
“Recent surveys have found that one in three election officials reported facing threats, harassment, and abuse. Similarly, 48 percent of local election officials know of someone who has left their job because of fear for their safety—a troubling loss of institutional knowledge needed for the smooth running of elections. Election workers continue to fear for their safety, so it is critical that the work of the Task Force continues to deter and counter these threats. In this challenging environment for election officials, it is essential to our democracy that they can continue to rely on the Department to uphold the law,” they continued.
In addition to Sens. Warner, Padilla, and Durbin, the letter was also signed by Sens. Amy Klobuchar (D-MN), Chuck Schumer (D-NY), Angela Alsobrooks (D-MD), Michael Bennet (D-CO), Richard Blumenthal (D-CT), Lisa Blunt Rochester (D-DE), Cory Booker (D-NJ), Maria Cantwell (D-WA), Chris Coons (D-DE), Ruben Gallego (D-AZ), Mazie Hirono (D-HI), Mark Kelly (D-AZ), Andy Kim (D-NJ), Angus King (I-ME), Ben Ray Luján (D-NM), Edward Markey (D-MA), Jeff Merkley (D-OR), Jon Ossoff (D-GA), Bernie Sanders (I-VT), Brian Schatz (D-HI), Adam Schiff (D-CA), Jeanne Shaheen (D-NH), Chris Van Hollen (D-MD), Raphael Warnock (D-GA), Elizabeth Warren (D-MA), Peter Welch (D-VT), Sheldon Whitehouse (D-RI), and Ron Wyden (D-OR).
In 2023, Sen. Warner joined his colleagues in sponsoring the Election Worker Protection Act, legislation that would provide states with proper resources to ensure the safety of these workers. Leading up to the 2024 elections, Sen. Warner also repeatedly raised the alarm about the elevated threat environment. As Chairman of the Intelligence Committee, he hosted open hearings to call on representatives from both the U.S. government and large tech companies to testify about their knowledge of and efforts to crack down on foreign malign influence online. He also warned of Russia and Iran’s attempts to influence the 2024 election. Sen. Warner sent a letter to CISA to push for more robust efforts to get ahead of these threats.
Full text of the letter is available here and below:
Dear Attorney General Bondi:
We write to strongly urge you to continue the critical law enforcement work of the Department of Justice’s Election Threats Task Force, which protects election officials from ongoing threats and acts of violence. Given the recent disturbing personnel and policy decisions at the Department and the lack of transparency about the future of the Task Force, we request an immediate update on the status and activities of the Task Force, as well as what resources will be provided to ensure its important work continues so that election officials of both parties can safely administer our elections.
The Task Force was established in the wake of the 2020 election cycle when election officials across the political spectrum began facing unprecedented threats of violence intended to thwart the peaceful transfer of power that is the hallmark of our democracy. In close collaboration with state and local law enforcement, the Task Force has assessed thousands of complaints of suspected threats of violence and investigated and prosecuted violent offenders. Over the years, these threats have not only continued but escalated. The Task Force has investigated fentanyl-laced letters, bomb threats, and swatting incidents—serving as a legacy of the 2020 election and impacting the ways election officials interact with voters in their communities.
Recent surveys have found that one in three election officials reported facing threats, harassment, and abuse. Similarly, 48 percent of local election officials know of someone who has left their job because of fear for their safety—a troubling loss of institutional knowledge needed for the smooth running of elections. Election workers continue to fear for their safety, so it is critical that the work of the Task Force continues to deter and counter these threats. In this challenging environment for election officials, it is essential to our democracy that they can continue to rely on the Department to uphold the law.
Moreover, the federal government’s ability to fight election interference has been greatly hampered in the early weeks of this Administration. Dozens of officials at the Cybersecurity and Infrastructure Security Agency (CISA), who are responsible for combatting foreign election interference, have been fired or put on leave. CISA has also reportedly frozen all of its ongoing election security work, including defunding its nationwide program to train local officials and monitor threats through the “Elections Infrastructure Information Sharing and Analysis Center.” Additionally, on your first day in office, you signed a directive disbanding the FBI’s Foreign Influence Task Force, which was aimed at responding to secret influence campaigns waged by China, Russia, and other foreign adversaries.
We request a response on the status and future plans of the Election Threats Task Force, the extent of resources and personnel dedicated to its work, and how it plans to incorporate related work previously led by CISA and the Foreign Influence Task Force by March 31, 2025.
Sincerely,

MIL OSI USA News –

March 20, 2025
MIL-OSI New Zealand: 20 March 2025 Ripeka, 71, is a real-life fitness influencer Whaea Ripeka doesn’t need social media to gain a following, her mana is such that young people follow her wherever she goes.

Source: New Zealand Government Kainga Ora

Undeterred by a painful back injury and the wait for a second hip replacement, she’s the face of fitness at her Kāinga Ora apartment complex in central Auckland. In the year since she moved in, Ripeka has established a fitness routine averaging three hours a day – and her neighbours are following her lead.

As well as leading weekly Boxfit sessions, Ripeka invites other tenants to join her for fitness classes and weight training at the gym next door, and to accompany her to the city pool where she swims four days a week.

“I take the young ones under my wing,” says Ripeka. “I see potential in them, and I want to encourage them to enjoy a healthy life. There’s no pressure though, I just let them know that they’re welcome to join me when they feel ready.

“I’ve always been into fitness, it’s so good for your wellbeing. And a bit of support and encouragement can help people to make big changes. One of the young people was having issues with alcohol when he arrived, and he’s quit drinking now.”

Te Mātāwai is the first and largest single site supported housing complex built by Kāinga Ora. Tenants have access to 24/7 onsite support and are empowered to build connections and to participate in their community.

Ripeka moved into Te Mātāwai, after a stay in emergency housing nearby. She’d become homeless during the pandemic when her husband William had become unwell with dementia, and she was on crutches after injuring her hip.

“I was so grateful to be able to move in here. When I was offered a place, I said, ‘Wherever you put me, I’ll be happy’ – and I am. The apartments are beautiful, and I love being so close to the gym and the pool and the bus stops. I can take a bus to visit my husband at his rest home.”

One of Ripeka’s favourite times is the weekly hikoi/walk to a mystery location. Tenants join the hikoi leader to explore destinations such as maunga/mountains and museums.

“We go to beautiful places and learn about the history.”

Ripeka also likes to join working crews to host special events such as Matariki, cooking for 200 people over two days.

“There was a lot of planning and preparation involved, and it felt great to be part of a team giving back.”

Community Development Manager Dayne Smith says Whaea Ripeka is a “massive” asset to the Te Mātāwai community.

“She’s a leader and a role model. She encourages and inspires others to make healthier choices through physical fitness, a healthy diet and making social connections. She joins most of the activities on offer, leads a Breakfast Club and Boxfit sessions, and she’s helped us plan and deliver Matariki and Christmas events. We’re so lucky to have her in our community.”

Page updated: 20 March 2025

MIL OSI New Zealand News –

March 20, 2025
MIL-OSI: Crédit Mutuel Alliance Fédérale expands in Germany with the acquisition of OLB, making TARGOBANK a universal bancassurer
Source: GlobeNewswire (MIL-OSI)

Strasbourg and Düsseldorf, March 20, 2025

Crédit Mutuel Alliance Fédérale expands in Germany with the acquisition of OLB, making TARGOBANK a universal bancassurer

Crédit Mutuel Alliance Fédérale has reached a major milestone in the development of its banking and insurance model in Europe with the signature of an agreement to acquire 100% of German bank Oldenburgische Landesbank (OLB) via its subsidiary TARGO Deutschland GmbH (TARGOBANK).

This transaction, on a scale not seen since the acquisition of Citibank in Germany in 2008 (renamed TARGOBANK), demonstrates the solidity and ambitions of Crédit Mutuel Alliance Fédérale. Already present in Germany, the mutual banking group is strengthening its foothold in Europe’s largest economy.

This move accelerates TARGOBANK’s path to becoming a universal bancassurance player in Germany, following the model of its parent company. The consolidated group will become the tenth largest bank in Germany in terms of assets, with a comprehensive offering in corporate financing serving Mittelstand companies and in retail banking.

The estimated impact of the transaction is -115 basis points on Crédit Mutuel Alliance Fédérale’s CET1. This transaction is subject to the approval of the regulatory authorities, in particular the European Central Bank (ECB) and the competition authorities.

Germany, the mutual banking group’s second-largest domestic market

Crédit Mutuel Alliance Fédérale aims to become a leading bancassurer in Europe. While it was the fifth largest banking group and tenth largest insurer in France in 2024, the group already generated 20% of its revenues internationally.

Germany is the group’s second-largest domestic market, where it operates through several of its subsidiaries, in particular TARGOBANK, ACM Deutschland, and CIC. Thanks to its financial solidity, operating performance and technological edge, the group has major advantages to enable it to succeed in this consolidating market.

OLB, a leading bank in Germany

Founded in Lower Saxony, one of Germany’s largest states, where it has a strong foothold, OLB is a universal bank with operations throughout Germany. Thanks to an effective strategy of sustained growth over the past ten years, it serves one million customers. With more than €30 billion in assets, it is one of the leading financial institutions in Germany.

OLB is active in two buoyant markets. It offers strong expertise in private banking and wealth management, providing a full range of banking and insurance services to individuals and professionals. It also stands out for its expertise in corporate financing (corporate, commercial real estate) and business acquisitions (LBO and acquisition finance).

Togetherness Performance Solidarity: a successfully launched plan in its second year

After the first year of the Togetherness, Performance, Solidarity strategic plan which closed with very high 2024 results for Crédit Mutuel Alliance Fédérale, 2025 marks a major turning point for the mutual banking group.

TARGOBANK’s acquisition of OLB will enable it to significantly amplify its transformation as a universal bancassurer in Germany, complementing the launch of ACM Deutschland’s commercial activities in the second half of 2025. In addition to offering rapid growth prospects for its retail mortgage lending business, TARGOBANK will be able to strengthen its position in the SME and mid-cap markets (Mittelstand companies), in wealth management and specialized financing, with the potential for synergies in revenue and cost efficiency for the medium term.

With this transaction, TARGOBANK becomes the tenth largest bank in Germany. The consolidated group serves 4.8 million customers with total balance sheet of €79 billion.

“The acquisition of OLB, marks a major milestone for Crédit Mutuel Alliance Fédérale, fully aligned with its strategic plan Togetherness Performance Solidarity. We have the ambition to expand our activities in Europe, and specifically in Germany, largest European economy. With our subsidiaries TARGOBANK, which will integrate OLB, and ACM Deutschland, we are committed to become a bancassurer across the Rhine” said Daniel Baal, Chairman of Crédit Mutuel Alliance Fédérale:

“Our group’s history shows that it has the ability to successfully complete external growth transactions, in particular those of CIC, and, more recently, TARGOBANK and Cofidis. This strategic investment reflects our determination to become a leading bancassurer in Europe by integrating the resources and values of OLB into TARGOBANK. We are building for the long run.” added Éric Petitgand, Chief Executive Officer of Crédit Mutuel Alliance Fédérale.

“This acquisition marks a decisive step in Crédit Mutuel Alliance Fédérale’s development in Germany. The respective and complementary expertise of TARGOBANK and OLB’s employees will enable us to significantly speed up our transformation as a universal bancassurer in the strategic German market. There is significant business and customer growth potential among individuals, professionals and businesses,” adds Isabelle Chevelard, Chairwoman of the Executive Board of TARGOBANK and Head of the German market for Crédit Mutuel Alliance Fédérale.

Stefan Barth, CEO of OLB, welcomes the transaction: “Over the past few years, OLB has pursued a dynamic growth strategy with remarkable results. We are proud to join Crédit Mutuel Alliance Fédérale, with which we share common values, to build together a stronger banking group.”

Acquisition by Crédit Mutuel Alliance Fédérale,
via TARGO Deutschland GmbH,of Oldenburgische Landesbank AG (OLB)

The Crédit Mutuel Alliance Fédérale and TARGOBANK teams, in accordance with the applicable competition laws, will work closely with the OLB teams to facilitate completion of the transaction in the interest of customers, members, elected representatives and employees.

This project is subject to the usual conditions precedent and in particular the approval of the competent regulatory and competition authorities. The transaction is expected to be completed in the first half of 2026.

About OLB

OLB is a universal bank that operates nationwide in Germany, and has over 150 years of experience in Lower Saxony. Under the OLB and Bankhaus Neelmeyer brands, the bank advises more than a million customers, in the retail, business, corporate and diversified lending segments. OLB has a network of 80 branches and nearly 1,700 employees.

Thanks to a solid acquisition strategy over the last ten years (private banking operator Bankhaus Neelmeyer in 2017; Bremer Kreditbank, formerly KBC Bank Deutschland, in 2018; Wüstenrot Bank AG Pfandbriefbank in 2019 and more recently Degussa Bank in 2024), OLB has diversified its activities (retail banking, corporate banking serving Mittelstand companies, private banking, project finance, Pfandbrief refinancing, etc.) to become a universal bank.

At December 31, 2024, OLB had net banking income of nearly €750 million, a cost/income ratio of less than 43%, and net income after tax of €270 million. OLB also saw its balance sheet assets surpass the €30 billion threshold, enabling it to become, in early 2025, a major financial institution supervised as such by the European Central Bank.

Press contacts
Crédit Mutuel Alliance Fédérale: Aziz Ridouan – +33 (0)6 01 10 31 69 – aziz.ridouan@creditmutuel.fr
Corporate Communication Department: +33 (0)3 88 14 84 00 – com-alliancefederale@creditmutuel.fr
TARGOBANK: pressestelle@TARGOBANK.de
OLB: presse@olb.de

About Crédit Mutuel Alliance Fédérale

One of France’s leading bancassurers with 77,000 employees serving 31 million customers, Crédit Mutuel Alliance Fédérale has 4,200 branches which offer a diversified range of services to private individuals, local professionals and companies of all sizes.

As the first French banking group to adopt the status of a mission-driven company, Crédit Mutuel Alliance Fédérale is made up of the following Crédit Mutuel federations: Centre Est Europe (Strasbourg), Sud-Est (Lyon), Ile-de-France (Paris), Savoie-Mont Blanc (Annecy), Midi-Atlantique (Toulouse), Loire-Atlantique et Centre-Ouest (Nantes), Centre (Orléans), Normandie (Caen), Dauphiné-Vivarais (Valence), Méditerranéen (Marseille), Anjou (Angers), Massif Central (Clermont-Ferrand), Antilles-Guyane (Fort-de-France) and Nord Europe (Lille).

Crédit Mutuel Alliance Fédérale also includes Caisse Fédérale de Crédit Mutuel, Banque Fédérative du Crédit Mutuel (BFCM) and all its subsidiaries, in particular CIC, Euro-Information, Assurances du Crédit Mutuel (ACM), TARGOBANK, Cofidis, Beobank in Belgium, Banque Européenne du Crédit Mutuel (BECM), Banque Transatlantique, Banque de Luxembourg and Homiris.

Find out more at creditmutuelalliancefederale.fr

About TARGOBANK

TARGOBANK has almost 100 years of experience in the German banking market. It serves 3.8 million private, business and corporate customers.

TARGOBANK offers simple and attractive banking products with high quality service so as to build a long term relationship with its customers. With a network of 340 branches spread in more than 250 cities in Germany aswell as a service accessible online and by telephone around the clock, TARGOBANK combines the benefits of a digital bank as well as local support whether in the local branch or at the customer’s home.

TARGOBANK is headquartered in Düsseldorf. It employs 7,400 people throughout Germany, including 2,000 working for its customer center in Germany. There are also administrative buildings in Mainz (Factoring), Düsseldorf (Leasing & Investment Finance) and Frankfurt (Corporate & Institutional Banking).

As a subsidiary of Crédit Mutuel Alliance Fédérale, one of the strongest banks in Europe, TARGOBANK is a reliable partner for its customers.

Further information: www.TARGOBANK.de

Strasbourg and Düsseldorf, March 20, 2025

Crédit Mutuel Alliance Fédérale expands in Germany with the acquisition of OLB, making TARGOBANK a universal bancassurer

Crédit Mutuel Alliance Fédérale has reached a major milestone in the development of its banking and insurance model in Europe with the signature of an agreement to acquire 100% of German bank Oldenburgische Landesbank (OLB) via its subsidiary TARGO Deutschland GmbH (TARGOBANK).

This transaction, on a scale not seen since the acquisition of Citibank in Germany in 2008 (renamed TARGOBANK), demonstrates the solidity and ambitions of Crédit Mutuel Alliance Fédérale. Already present in Germany, the mutual banking group is strengthening its foothold in Europe’s largest economy.

This move accelerates TARGOBANK’s path to becoming a universal bancassurance player in Germany, following the model of its parent company. The consolidated group will become the tenth largest bank in Germany in terms of assets, with a comprehensive offering in corporate financing serving Mittelstand companies and in retail banking.

The estimated impact of the transaction is -115 basis points on Crédit Mutuel Alliance Fédérale’s CET1. This transaction is subject to the approval of the regulatory authorities, in particular the European Central Bank (ECB) and the competition authorities.

Germany, the mutual banking group’s second-largest domestic market

Crédit Mutuel Alliance Fédérale aims to become a leading bancassurer in Europe. While it was the fifth largest banking group and tenth largest insurer in France in 2024, the group already generated 20% of its revenues internationally.

Germany is the group’s second-largest domestic market, where it operates through several of its subsidiaries, in particular TARGOBANK, ACM Deutschland, and CIC. Thanks to its financial solidity, operating performance and technological edge, the group has major advantages to enable it to succeed in this consolidating market.

OLB, a leading bank in Germany

Founded in Lower Saxony, one of Germany’s largest states, where it has a strong foothold, OLB is a universal bank with operations throughout Germany. Thanks to an effective strategy of sustained growth over the past ten years, it serves one million customers. With more than €30 billion in assets, it is one of the leading financial institutions in Germany.

OLB is active in two buoyant markets. It offers strong expertise in private banking and wealth management, providing a full range of banking and insurance services to individuals and professionals. It also stands out for its expertise in corporate financing (corporate, commercial real estate) and business acquisitions (LBO and acquisition finance).

Togetherness Performance Solidarity: a successfully launched plan in its second year

After the first year of the Togetherness, Performance, Solidarity strategic plan which closed with very high 2024 results for Crédit Mutuel Alliance Fédérale, 2025 marks a major turning point for the mutual banking group.

TARGOBANK’s acquisition of OLB will enable it to significantly amplify its transformation as a universal bancassurer in Germany, complementing the launch of ACM Deutschland’s commercial activities in the second half of 2025. In addition to offering rapid growth prospects for its retail mortgage lending business, TARGOBANK will be able to strengthen its position in the SME and mid-cap markets (Mittelstand companies), in wealth management and specialized financing, with the potential for synergies in revenue and cost efficiency for the medium term.

With this transaction, TARGOBANK becomes the tenth largest bank in Germany. The consolidated group serves 4.8 million customers with total balance sheet of €79 billion.

“The acquisition of OLB, marks a major milestone for Crédit Mutuel Alliance Fédérale, fully aligned with its strategic plan Togetherness Performance Solidarity. We have the ambition to expand our activities in Europe, and specifically in Germany, largest European economy. With our subsidiaries TARGOBANK, which will integrate OLB, and ACM Deutschland, we are committed to become a bancassurer across the Rhine” said Daniel Baal, Chairman of Crédit Mutuel Alliance Fédérale:

“Our group’s history shows that it has the ability to successfully complete external growth transactions, in particular those of CIC, and, more recently, TARGOBANK and Cofidis. This strategic investment reflects our determination to become a leading bancassurer in Europe by integrating the resources and values of OLB into TARGOBANK. We are building for the long run.” added Éric Petitgand, Chief Executive Officer of Crédit Mutuel Alliance Fédérale.

“This acquisition marks a decisive step in Crédit Mutuel Alliance Fédérale’s development in Germany. The respective and complementary expertise of TARGOBANK and OLB’s employees will enable us to significantly speed up our transformation as a universal bancassurer in the strategic German market. There is significant business and customer growth potential among individuals, professionals and businesses,” adds Isabelle Chevelard, Chairwoman of the Executive Board of TARGOBANK and Head of the German market for Crédit Mutuel Alliance Fédérale.

Stefan Barth, CEO of OLB, welcomes the transaction: “Over the past few years, OLB has pursued a dynamic growth strategy with remarkable results. We are proud to join Crédit Mutuel Alliance Fédérale, with which we share common values, to build together a stronger banking group.”

Acquisition by Crédit Mutuel Alliance Fédérale,
via TARGO Deutschland GmbH,of Oldenburgische Landesbank AG (OLB)

The Crédit Mutuel Alliance Fédérale and TARGOBANK teams, in accordance with the applicable competition laws, will work closely with the OLB teams to facilitate completion of the transaction in the interest of customers, members, elected representatives and employees.

This project is subject to the usual conditions precedent and in particular the approval of the competent regulatory and competition authorities. The transaction is expected to be completed in the first half of 2026.

About OLB

OLB is a universal bank that operates nationwide in Germany, and has over 150 years of experience in Lower Saxony. Under the OLB and Bankhaus Neelmeyer brands, the bank advises more than a million customers, in the retail, business, corporate and diversified lending segments. OLB has a network of 80 branches and nearly 1,700 employees.

Thanks to a solid acquisition strategy over the last ten years (private banking operator Bankhaus Neelmeyer in 2017; Bremer Kreditbank, formerly KBC Bank Deutschland, in 2018; Wüstenrot Bank AG Pfandbriefbank in 2019 and more recently Degussa Bank in 2024), OLB has diversified its activities (retail banking, corporate banking serving Mittelstand companies, private banking, project finance, Pfandbrief refinancing, etc.) to become a universal bank.

At December 31, 2024, OLB had net banking income of nearly €750 million, a cost/income ratio of less than 43%, and net income after tax of €270 million. OLB also saw its balance sheet assets surpass the €30 billion threshold, enabling it to become, in early 2025, a major financial institution supervised as such by the European Central Bank.

Press contacts
Crédit Mutuel Alliance Fédérale: Aziz Ridouan – +33 (0)6 01 10 31 69 – aziz.ridouan@creditmutuel.fr
Corporate Communication Department: +33 (0)3 88 14 84 00 – com-alliancefederale@creditmutuel.fr
TARGOBANK: pressestelle@TARGOBANK.de
OLB: presse@olb.de

About Crédit Mutuel Alliance Fédérale

One of France’s leading bancassurers with 77,000 employees serving 31 million customers, Crédit Mutuel Alliance Fédérale has 4,200 branches which offer a diversified range of services to private individuals, local professionals and companies of all sizes.

As the first French banking group to adopt the status of a mission-driven company, Crédit Mutuel Alliance Fédérale is made up of the following Crédit Mutuel federations: Centre Est Europe (Strasbourg), Sud-Est (Lyon), Ile-de-France (Paris), Savoie-Mont Blanc (Annecy), Midi-Atlantique (Toulouse), Loire-Atlantique et Centre-Ouest (Nantes), Centre (Orléans), Normandie (Caen), Dauphiné-Vivarais (Valence), Méditerranéen (Marseille), Anjou (Angers), Massif Central (Clermont-Ferrand), Antilles-Guyane (Fort-de-France) and Nord Europe (Lille).

Crédit Mutuel Alliance Fédérale also includes Caisse Fédérale de Crédit Mutuel, Banque Fédérative du Crédit Mutuel (BFCM) and all its subsidiaries, in particular CIC, Euro-Information, Assurances du Crédit Mutuel (ACM), TARGOBANK, Cofidis, Beobank in Belgium, Banque Européenne du Crédit Mutuel (BECM), Banque Transatlantique, Banque de Luxembourg and Homiris.

Find out more at creditmutuelalliancefederale.fr

About TARGOBANK

TARGOBANK has almost 100 years of experience in the German banking market. It serves 3.8 million private, business and corporate customers.

TARGOBANK offers simple and attractive banking products with high quality service so as to build a long term relationship with its customers. With a network of 340 branches spread in more than 250 cities in Germany aswell as a service accessible online and by telephone around the clock, TARGOBANK combines the benefits of a digital bank as well as local support whether in the local branch or at the customer’s home.

TARGOBANK is headquartered in Düsseldorf. It employs 7,400 people throughout Germany, including 2,000 working for its customer center in Germany. There are also administrative buildings in Mainz (Factoring), Düsseldorf (Leasing & Investment Finance) and Frankfurt (Corporate & Institutional Banking).

As a subsidiary of Crédit Mutuel Alliance Fédérale, one of the strongest banks in Europe, TARGOBANK is a reliable partner for its customers.

Further information: www.TARGOBANK.de

Attachments
- Crédit Mutuel Alliance Fédérale expands in Germany with the acquisition of OLB, making TARGOBANK a universal bancassurer
- Crédit Mutuel Alliance Fédérale expands in Germany with the acquisition of OLB, making TARGOBANK a universal bancassurer
The MIL Network –
March 20, 2025
MIL-OSI United Kingdom: UK Tech Secretary to bang the drum for closer AI partnership with the US
Source: United Kingdom – Executive Government & Departments 2

Press release

UK Tech Secretary to bang the drum for closer AI partnership with the US

Technology Secretary Peter Kyle will set out Britain’s credentials as the global hub for AI investment on a visit to the United States this week (18th-25th March).
Strengthening UK-US ties to boost AI investment.

UK Technology Secretary Peter Kyle will set out Britain’s credentials as the global hub for AI investment during his visit to the United States this week (18 to 25 March), highlighting how both countries can evolve their special relationship in the age of AI as the UK government puts the technology at the heart of its Plan for Change.

Speaking at Nvidia’s annual conference in San Jose (20th March), Peter Kyle will outline how the government is “rewiring” Britain’s economy to run on AI, paving the way for communities across the country to seize on the transformative opportunities presented by the technology and moving wealth creation away from just Silicon Valley and London.

Addressing business leaders, developers and innovators, the Technology Secretary will lay out his vision for how AI and advanced technologies are being put to work to help solve some of our most complex shared challenges, as Britain becomes a by-word for innovation.

The technology is already being harnessed in the UK to improve public services and spark fresh economic growth – a central pillar of the government’s Plan for Change. Peter Kyle will now outline how the UK’s AI sector – valued at over $92 billion and projected to surpass $1 trillion by 2035 – will position Britain as the second leading AI nation in the democratic world, with a wealth of investment opportunities now being opened to US companies and financial backers alike.

Central to his message will be Britain’s readiness for AI investment, with a particular focus on how ‘the relics of economic eras past will be transformed into the UK’s innovative AI Growth Zones’.

A key component of the AI Opportunities Action Plan, these are strategically designated areas designed to rapidly attract large-scale AI investment through streamlined regulations and dedicated infrastructure.

These hotbeds of AI development represent a pipeline of new opportunities for companies to scale up and innovate, with the Technology Secretary to call for investors to step forward and participate in a new kind of partnership.

Speaking at Nvidia’s annual conference, the Technology Secretary is expected to set out how these Growth Zones, with access to large power connections, and a planning system designed to cut the time it takes to start up construction, will help to build a compute infrastructure which the UK ‘has never seen before’.

The government has already received hundreds of proposals from local leaders nationwide and industry, underscoring Britain’s readiness to leverage artificial intelligence to rejuvenate communities and drive economic growth across the country.

This will drive higher living standards across the UK – a primary focus for the government over the next four years – with AI Growth Zones poised to deliver the jobs, investment, and the thriving business environment which will put more money in people’s pockets and realise its Plan for Change.

At the Nvidia conference, the Technology Secretary is expected to say:

In empty factories and abandoned mines, in derelict sites and unused power supplies, I see the places where we can begin to build a new economic model.

A model completely rewired around the immense power of artificial intelligence.

Where, faced with that power, the state is neither a blocker nor a shirker – but an agile, proactive partner.

In Britain, we want to turn the relics of economic eras past into AI Growth Zones.

As part of the visit, Peter Kyle will also meet with key companies in the US tech sector including Open AI, Anthropic, Nvidia, and Vantage – banging the drum for more companies to set up shop in the UK as their Silicon Valley home from home.

Additionally, the Technology Secretary is expected to say:

There is a real hunger for investment in Britain, and people who are optimistic about the future, and hopeful for the opportunities which AI will bring for them and their families.

States owe it to their citizens to support it. Not through diktat or directive, but through partnership.

The Prime Minister and the President of the United States have placed AI at the heart of the trans-Atlantic relationship. Visiting the White House last month, the Prime Minister confirmed both nations are setting to work on a new economic deal which will put advanced technologies at its heart.

Since laying out its new vision for AI at the start of the year and giving the technology a frontline role in delivering the government’s Plan for Change, the UK has already seen a wealth of backing from American investors who are looking to set up a home from home on British shores.

Major recent investments include a £12 billion commitment from Vantage Data Centers to significantly expand Britain’s data infrastructure, creating approximately 11,500 jobs. Last month, the UK Government also formalised a partnership with Anthropic to enhance collaboration on leveraging AI to improve public services nationwide.

By deepening these partnerships with leading US tech firms and investors, the UK’s AI sector is poised for sustained growth as it continues removing barriers to innovation.

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 20 March 2025
MIL OSI United Kingdom –
March 20, 2025
MIL-OSI Australia: New pilot program to strengthen regional manufacturing

Source: New South Wales Premiere

Published: 20 March 2025

Released by: Minister for Industry and Trade, Minister for Regional NSW, Minister for Western New South Wales

The NSW Government is continuing its commitment to rebuild the state’s manufacturing industry with the launch of an $800,000 pilot program aimed at boosting productivity, reducing costs and increasing competitiveness.

The Lean Manufacturing Pilot Program will provide small-to-medium-sized manufacturers across regional NSW with funding to undertake audits by professional consultants that will identify ways to re-organise their manufacturing operations.

Lean manufacturing is an internationally recognised business management process that revolves around the principles of continuous improvement, waste elimination, and a customer-centric approach.

It focuses on creating products more efficiently by eliminating unnecessary steps, saving time and using fewer materials in the production process. This approach helps businesses produce goods with fewer resources, without compromising on quality.

More efficient processes mean production lines manufacture fewer products with defects, which in turn reduces operating costs related to providing returns and waste disposal.

For example, a regional food manufacturer might reorganise production lines to improve efficiency, implement preventative maintenance to reduce equipment breakdowns and implement just-in-time inventory management to reduce excess stock and waste.

The audits, undertaken as part of the program, will offer tailored recommendations to help businesses identify inefficiencies, streamline operations, reduce waste and increase productivity, while also highlighting training opportunities for staff.

Several major companies have successfully implemented lean manufacturing to improve efficiency, reduce waste, and enhance productivity over the past decades including Toyota, Ford Motor Company, Boeing, General Electric and Nike.

Many regional NSW companies such as the Bega Group in Bega, Donaldson Australia on the Central Coast, Belmore Engineering at Tamworth, Flavourtech in Griffith and Tyree Transformers at Braemar have also successfully used lean manufacturing principles.

Manufacturing is a key driver of the NSW economy, contributing nearly 30 per cent of Australia’s total manufacturing output.

In regional NSW, the sector generates $32 billion in sales and employs 84,000 workers, reinforcing the need for continued support to strengthen and future-proof the industry.

Industry research by Binder Dijker Otte (BDO) suggests that adopting lean manufacturing can boost small-to-medium-sized businesses’ profit margins by up to three times, depending on their size and turnover.

The NSW Department of Primary Industries and Regional Development designed the pilot program following in-depth industry consultation, which highlighted the need for more support in adopting lean manufacturing principles to ensure regional manufacturers remain globally competitive.

The Lean Manufacturing Pilot Program is part of the NSW Government’s ongoing commitment to supporting manufacturing industries across the state as they navigate rising costs and market challenges.

Expressions of interest for the audits are now open to eligible manufacturers and will close at 4pm on Monday 31 March 2025, with funding allocated on a first-come, first-served basis.

For more information about the program, including guidelines and Expression of Interest details, go to www.nsw.gov.au/LMPP or email economic.programs@dpird.nsw.gov.au.

Minister for Regional NSW and Western NSW Tara Moriarty, said:

“The Lean Manufacturing Pilot Program is an important part of our ongoing support for regional manufacturers across the state, helping them overcome the challenges posed by rising supply chain, energy and labour costs.

“This program is an important step towards ensuring the long-term success of our regional manufacturers.

“We know that by supporting regional businesses to improve their operations, we’re strengthening the entire economy of regional NSW, creating more local jobs and enhancing the long-term sustainability of our regions.”

Minister for Industry and Trade, Anoulack Chanthivong said:

“NSW manufacturing fell in nine out of 12 years under the previous Liberal-National Government, and the Lean Manufacturing Pilot Program is a prime example of how the Minns Labor Government is working to rebuild local manufacturing right across the state.

“Support for local manufacturing is also an integral part of the Minns Labor Government’s recently released Industry Policy.

“Central to the Industry Policy are three new local manufacturing targets, which demonstrate a real commitment to supporting local manufacturing to promote a dynamic, sustainable, and diversified economy.”

HunterNet Chief Executive Officer Ivan Waterfield said:

“Lean manufacturing plays a crucial role in the future of the NSW manufacturing sector. By focusing on eliminating waste and improving efficiency, it helps manufacturers reduce costs and enhance productivity.

“In a time of scarce resources, a strong Lean culture helps manufacturing companies improve their efficiency and their P&L.

“The Lean Manufacturing Pilot Program by the NSW Government is a significant step towards supporting regional manufacturers in becoming more competitive on a global scale and is something that HunterNet fully supports and endorses.”

MIL OSI News –

March 20, 2025
MIL-OSI New Zealand: CCO Reform reaches first major milestone
Source: Auckland Council

Auckland Council’s Chief Executive Phil Wilson has today opened consultation with staff on a proposal to integrate the functions of Eke Panuku Development Auckland and the economic development functions within Tātaki Auckland Unlimited into the organisation and consideration of events delivery.

Staff at all three organisations will have two weeks to provide their feedback on the proposal, which follows decisions made by the council’s Governing Body on 12 December 2024 on the Mayor’s proposed CCO reform.

Mr Wilson says the aim of the proposal is to strengthen the Auckland Council Group by determining how services are best delivered for Aucklanders.

“This is not about changing service levels. The proposed changes reflect the council’s commitment to delivering on the aspirations of Aucklanders and the commitments it made through the Long-term Plan.”

The proposal includes:
- Creation of an Auckland Development Office within Auckland Council – responsible for driving integrated implementation and delivery of quality urban development in the council group’s identified growth priority areas and large-scale projects. It will be commercially focused and would provide the council with commercial development expertise. The proposed Auckland Development Office would include urban regeneration, commercial property management, council place leadership on agreed large-scale projects and property optimisation support for local boards
- Creation of an Innovation and Investment department within Auckland Council – focused on economic development for the council group and responsible for business attraction, economic transformation and industry/sector development coordination and local economic development with a vision of inclusive, innovative resilient economic growth for a prosperous Auckland.
- Improvement to the programming and delivery of events, placemaking and activations across the group – a unified group approach with clearer areas of responsibility for teams. The proposal clarifies that Tātaki Auckland Unlimited would lead a shared regional events calendar for all council events, with a single Auckland Council brand for delivery of council events.
- Grouping enabling functions – grouping most core support services into council functional teams or Group Shared Services in alignment with the organisational design principles of the council.
Mr Wilson says the changes being proposed are not about diminishing the great work done in areas like urban regeneration, economic development, property management and events.

“Rather, by focusing our collective efforts in these important areas, we will have greater impact and show Aucklanders what we’re capable of achieving when we are set up for success,” he says.

“There has been a great deal of collaboration across the council group to feed into the ideas supporting the change proposal and we thank those staff for participating in the workshops. A key principle is to retain talent and maintain our focus on delivering for Aucklanders while we work through the next phases, including post decision-making implementation. The opening of staff consultation on the proposed changes marks a significant milestone in the process.”

The proposal will be open for consultation with staff for a two-week period. Final decisions are likely to be made in early May, with the new structure due to be in place by 30 June 2025.

MIL OSI New Zealand News –
March 20, 2025

MIL-OSI New Zealand: Q&A: What is a blue-green network?

Source: Auckland Council

A blue-green network is a system of waterways (blue) and parks (green) that give stormwater space to flow and help reduce flooding where people live.

After severe weather events in 2023, Auckland Council prioritised blue-green projects to better protect our communities from flooding.

As part of our Making Space for Water 10-year flood resilience programme, we identified 12 focus areas around the region that could benefit the most from a blue-green project.

What has the council been doing to reduce flood risk in Auckland?

We have been working hard to assess all the potential project areas to decide if there is an infrastructure solution that can deliver significant flood reduction to the community and that is affordable for ratepayers.

These assessments are very complex, they involve multiple stages of research, analysis and decision making before a feasible solution can be presented to the council’s Governing Body and central government funding partners for approval. If approved, further stages of design, consenting and engagement are undertaken before a project is ready to construct. This process before construction generally takes 2-3 years.

Why has the amount of funding allocated to these projects changed?

Following major 2023 storms, a co-funding package with the Government has given us the opportunity to ‘retreat’ high-risk homes and deliver some key resilience projects sooner than expected.

Within this funding package, buy-outs have been the first priority to get high-risk homeowners out of harm’s way. Now that we understand more which high-risk areas still need mitigations, and how much funding we have remaining from the package, we can start prioritising flood resilience projects.

What is the process for delivering the blue green projects?

While we are working as quickly as possible, we can’t progress all projects at the same time, so they’ll be developed and delivered across several years.

Central and local government representatives will work together to guide each project through a five-stage process. At each stage decisions will need to be made which will determine whether the project can proceed to the next stage.

Our staged approach is crucial due to the scale of these projects – they’re expensive and can be disruptive. We want to ensure value for Aucklanders.

As these projects are made up of a number of connected works and they will make a huge difference to those that live in the area, we will be working together with iwi and the community in prioritised project areas and setting up opportunities in the coming months to meet and start to gather their input to help shape the designs.

What stage is each project at?

Two projects in Māngere have already been prioritised, with construction starting soon, because they could be delivered in a reasonable timeframe to reduce the risk to life for local homes.

Feasibility assessments have been completed for all 12 areas originally identified in the blue-green networks initiative.

In Ōpoutūkeha / Cox’s Creek, Grey Lynn and Meola-Epsom, much of the flood risk has been managed through the voluntary buy-out programme. Removing these houses will give sufficient space for water to flow.

Finding a suitable solution to reduce flooding for the Kumeū River catchment has been challenging. The council, with engineering experts, has thoroughly explored several options including building stop banks, extending a flood way, diverting the river, and creating detention ponds upstream.

Although a lot of work has gone into these ideas, none are feasible due to high costs, environmental impacts, and the high level of residual flood risk faced by the community. We are now working with other council teams and the government to find the best solutions for the community.

The remaining blue-green projects will take longer to develop as they will need to be funded by the council through the Long-term Plan process. We will aim to deliver these projects over the following 10 years. In areas where larger scale projects cannot be funded right now, we will look for ways to accelerate smaller works that may help to reduce the impacts of lower-level flooding.

Blue-Green project status

Project area funding source status	Project area funding source status	Project area funding source status
· Harania Creek, Māngere · Te Ararata Stream, Māngere.	Crown / Auckland Council	Funding approved, community engagement underway. Construction expected to start April/ May 2025.
· Rānui / Clover Drive	Crown / Auckland Council	Council funding approved, pending crown business case approval.
· Wairau Valley	Crown / Auckland Council	Community engagement underway. Business case being developed.
· Whangapouri (Pukekohe) · Te Auaunga (Mt Roskill)	TBC (currently unfunded)	Early design and modelling underway.
· Whau Stream (Blockhouse Bay / Lynfield) · Opanuku Stream (Henderson) · Porter’s Stream	TBC (currently unfunded)	Potential options identified.
· Cox’s Creek · Epsom · Kumeū	N/A	Not progressing through blue-green networks initiative. Alternative projects may be scoped in future if required.

What are the current priorities for development?

Projects in Harania Creek and Te Ararata Stream are underway and expected to start construction later this year.

A detailed prioritisation analysis has determined that Clover Drive in Rānui is the next area proposed to progress. Auckland Council’s Transport, Resilience and Infrastructure Committee approved funding in February 2025.

This area was identified as the next priority based on several criteria due to its potential for reducing risk to life, improving community health and wellbeing, and delivering economic benefits to residents and businesses. Addressing flooding risks in this area also stands to lead to improved water quality and broader environmental benefits. Approval to progress is also required from Crown, with a decision expected in March.

How does Wairau Valley fit into the overall plan?

Given the Wairau Valley’s size and the complexity of required mitigations, addressing flooding issues requires a phased approach. This will involve significant long-term investment, community input, and collaboration. The council will be promoting opportunities for the community to participate and provide input into early designs to maximise local benefits before submitting a detailed business case in the coming months. A catchment-wide approach will ensure optimal outcomes for the community.

This flood resilience work will bring many additional benefits to the community, including better water quality, more open space, improved biodiversity, and better connectivity. We look forward to working together to develop and deliver these improvements.

What else is being done to reduce flooding in blue-green areas in the meantime?

We understand that residents may feel anxious about more storms and heavy rain, especially if they were seriously affected in the 2023 storms.

For those areas that have not been prioritised in this phase but are still included in the blue-green programme, early design and modelling is underway so that projects are ready to progress as soon as funding can be allocated.

Maintenance and monitoring of critical waterways and infrastructure has been increased to help to improve water flow during smaller storms. We are also looking at other opportunities such as flood intelligence and flood warning systems that will help to reduce risks from severe weather events. Alongside this we continue to update our flood modelling data so that we can base our decisions and recommendations on the most up-to-date information and better prepare and support Aucklanders when future weather events occur.

Guides offering property level advice to reduce the impacts of flooding in multiple languages can be found on Flood Viewer and in libraries across the region.

What are the plans for the vacant land once Category 3 houses are cleared?

More than 1,200 high-risk Auckland properties are expected to be purchased by Auckland Council before the end of 2025 – making it one of the largest land acquisition programmes undertaken in New Zealand.

We are carefully deciding what to do with this storm-affected land, with decisions expected to take years.

We want to ensure Auckland’s land is used effectively to provide homes and maintain strong communities, while managing risk and reducing the financial impact to ratepayers.

If we keep the land, options for use could include:

flood resilience and stream management
adding it to neighbouring parkland or bush
managing it as high-hazard land.

If we don’t keep the land, options could include:

sale for safe redevelopment
sale with conditions to manage the risk (such as converting ground floor units to storage)
sale to neighbours for extra backyard space.

MIL OSI New Zealand News –

March 20, 2025

MIL-OSI United Kingdom: expert reaction to platform trial looking at the efficacy of anti-amyloid drugs to delay the onset of Alzheimer’s related dementia

Source: United Kingdom – Executive Government & Departments

March 19, 2025

A platform trial published in The Lancet Neurology looks at the efficacy of anti-amyloid drugs that could delay the onset of Alzheimer’s disease.

Prof Robert Howard, Professor of Old Age Psychiatry, UCL, said:

“The press release claims that gantenerumab treatment can delay or prevent the appearance of dementia, but this is not supported by the data and could give false hope to patients and their families about what treatments for Alzheimer’s disease are able to do.

“Anyone who understands how to look at the results of a clinical trial will recognise that this paper reports the failure of gantenerumab to show treatment efficacy on any prespecified clinical outcomes in randomised controlled comparisons between drug and placebo. And, sadly, because of this and other negative trials, development of gantenerumab has been abandoned.

“However, the authors carried out many further analyses from a small number of participants who chose to continue treatment in an open-label extension to the randomised controlled trial. Because this was an open-label extension, there was no randomly allocated placebo group to compare the effects of treatment to. Instead, the results from an “extended control” group were used for comparison and a large number of differently defined treatment groups were run through the analyses, increasing the risk that any apparent differences with treatment would be due to chance. For these reasons, no responsible clinical trialist should claim on the basis of these data to have shown a 50% lowering of the risk of developing dementia symptoms. If you look at the wording of the Summary of the published paper, you will see that such a claim does not appear, as presumably the scientific peer reviewers and editorial staff would not have permitted such a misleading overstatement to be published in the Journal.

“I hope that journalists will question why the conclusions of the peer reviewed article are so different from the headline content of the press release and won’t disseminate what is unhelpful misinformation about the potential of a drug to prevent Alzheimer’s disease.

Dr Richard Oakley, Associate Director of Research and Innovation, Alzheimer’s Society, said:

“As with all antiamyloid trials, this study stemmed from research funded by Alzheimer’s Society, shedding light on the role of amyloid in Alzheimer’s disease.

“These exciting early-stage results hint that long-term antiamyloid treatments, started before Alzheimer’s disease symptoms appear, could potentially delay symptom onset.

“However, these results need to be treated with caution; this trial focuses on a very small group of individuals with genetic forms of Alzheimer’s disease. Longer-term follow up of this group and larger studies will tell us more about the effect of these drugs in these types of Alzheimer’s.

“Ultimately, the field hopes to see similar progress in preventative trials of antiamyloid treatments in people at risk of Alzheimer’s disease later in life, which affects the majority of people with dementia.

“This is a hugely exciting time in dementia research and there is hope on the horizon for all affected by this condition – research will beat dementia.”

Prof Charles Marshall, Professor of Clinical Neurology, Queen Mary University of London, said:

“This study focusses on a rare group of people with genetic mutations that cause Alzheimer’s disease that runs in famiilies. These people are of particular interest because we know for certain that they will develop Alzheimer’s disease, and can estimate when they are likely to develop it, making them an ideal group to evaluate preventive treatments.

“It seems from these results that if treated for long enough with a drug that reduces amyloid beta protein in the brain we can delay the development of symptoms in those who will go on to develop Alzheimer’s disease, and this is very exciting. There are two major limitations of the study. The first is that it was a secondary evaluation of a relatively small number of people who were treated for a long time, and therefore the results are not as certain as they would have been if they were the main trial result. The other limitation is that gantenerumab is not nearly as effective as some of the other amyloid reducing treatments that are now available, suggesting that we may be able to do even better than these results suggest.

“I look forward to seeing more results from the other treatments that are now being given in this trial. It is giving tremendous hope to the families that have these rare genetic mutations, and these results suggest that in years to come we may have preventive treatments to offer them.”

Prof Tara Spires-Jones, Director of the Centre for Discovery Brain Sciences at the University of Edinburgh, Group Leader in the UK Dementia Research Institute, and President of the British Neuroscience Association said:

“This study by Bateman and colleagues shows promising preliminary results of an experimental treatment in people with rare inherited forms of Alzheimer’s disease. People who inherited a gene that causes early onset Alzheimer’s disease received the drug gantenerumab to remove sticky amyloid pathology before they developed symptoms. Scientists observed that the 22 people who took the drug for the longest (an average of 8 years) had delayed progression of cognitive symptoms. While this study is important scientifically as evidence that amyloid-lowering drugs may potentially be able to delay symptom onset, there are several important limitations to consider. As the authors acknowledge, the delay in symptom onset with treatment was only found in people who were treated for an average of 8 years, probably because amyloid pathology accumulates in the brain for at least 10 years before symptom onset. This study also did not include a control group receiving placebo alongside the drug which is a very important control. Further, the drug used in this study, gantenerumab, has been discontinued by the company that developed it because it did not slow symptoms of the more common non-genetic forms of Alzheimer’s disease in a trial with over 1,900 participants. While this study does not conclusively prove that Alzheimer’s disease onset can be delayed and uses a drug that will not likely be available, the results are scientifically promising.”

‘Safety and efficacy of long-term gantenerumab treatment in dominantly inherited Alzheimer’s disease: an open label extension of the phase 2/3 multicentre, randomised, double-blind, placebo-controlled platform DIAN-TU Trial’ by Bateman et al. was published in Lancet Neurology at 23:30 UK time on Wednesday 19th March.

Declared interests:

Prof Robert Howard “No COIs”

Dr Richard Oakley “this study stemmed from research funded by Alzheimer’s Society” as this is factually accurate.”

Prof Charles Marshall “I have no relevant conflicts”

Prof Tara Spires-Jones “I have no conflicts with this study but have received payments for consulting, scientific talks, or collaborative research over the past 10 years from AbbVie, Sanofi, Merck, Scottish Brain Sciences, Jay Therapeutics, Cognition Therapeutics, Ono, and Eisai. I am also Charity trustee for the British Neuroscience Association and the Guarantors of Brain and serve as scientific advisor to several charities and non-profit institutions.”

MIL OSI United Kingdom –

March 20, 2025

MIL-OSI: North American Construction Group Ltd. Announces Results for the Fourth Quarter and Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

ACHESON, Alberta, March 19, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG”) (TSX:NOA/NYSE:NOA) today announced results for the fourth quarter and year ended December 31, 2024. Unless otherwise indicated, figures are expressed in Canadian dollars with comparisons to prior periods ended December 31, 2023.

Fourth Quarter 2024 Highlights:

Combined revenue of $372.7 million, compared to $405.4 million in the same period last year. Reported revenue of $305.6 million, compared to $328.3 million in the same period last year, was generated by our wholly owned subsidiaries as incremental scopes and strong equipment utilization of 82% in Australia were more than offset by lower demand for our Canadian heavy equipment fleet when comparing to 2023 Q4.
Our net share of revenue from equity consolidated joint ventures was $67.1 million in 2024 Q4 and compared to $77.1 million in the same period last year as the consistency in the Fargo and MNALP joint ventures were offset by lower scopes being completed within the Nuna Group of Companies.
Adjusted EBITDA of $103.7 million and margin of 27.8% compared favorably to the prior period operating metrics of $101.1 million and 24.9%, respectively, as operational excellence in both Australia and Canada drove margin improvements.
Combined gross profit for the quarter was $54.3 million and a margin of 14.6%. When adjusting for $10.1 million of integration costs incurred and $8.9 million of claims extinguished to secure long-term contracts, the resulting 19.7% reflects operational performance and compares favorably to 18.3% posted in the same period last year.
Cash flows generated from operating activities of $97.0 million were lower than the $168.6 million generated in the prior period as higher cash generation from the strong EBITDA was offset by the temporary impact of changes to working capital in the quarter.
Free cash flow generated in the quarter was $50.5 million as operational earnings were offset by routine capital maintenance and cash interest expenses with working capital and capital work in process balances generating positive cash in the quarter.
Net debt was $856.2 million at December 31, 2024, a decrease of $26.3 million from September 30, 2024, as free cash flow generation and the impact of a stronger CAD/AUD exchange rate were offset by growth spending, the NCIB program, and the dividend payment .
Additional highlights include: i) in November, we were awarded a $125 million heavy civil construction project primarily to construct diversion channels; ii) in December, we announced an extended and amended regional services contract, valued at $500 million, with a major producer in the oil sands region; iii) also in December, we were awarded a $100 million early works contract by a copper producer in the Australian state of New South Wales; iv) by the end of the year, we surpassed the 60% completion mark at the Fargo-Moorhead flood diversion project; and v) completed go-live activities for the ERP system in Australia during the quarter.

Joe Lambert, President and CEO, stated, “Once again, I would like to thank our operations team for their safe and efficient performance this quarter. The recent contract awards in Australia and Canada speak for themselves but are a testament to the quality and reputation of our operating teams. We’re off to a fast and robust start this year, and we couldn’t be more excited about completing the work our customers have awarded us. We see opportunities and tailwinds in the heavy civil infrastructure and mining industries in Australia and North America and are diligently advancing efforts to win scopes based on the reputation we have in the respective regions.”

Consolidated Financial Highlights
	Three months ended						Year ended
	December 31,						December 31,
(dollars in thousands, except per share amounts)		2024			2023			2024			2023
Revenue	$	305,590		$	328,282		$	1,165,787		$	964,680
Cost of sales		218,834			220,672			789,056			678,528
Depreciation		44,765			41,990			166,683			131,319
Gross profit	$	41,991		$	65,620		$	210,048		$	154,833
Gross profit margin		13.7	%		20.0	%		18.0	%		16.1	%
General and administrative expenses (excluding stock-based compensation)⁽ⁱ⁾		13,696			18,702			47,245			41,016
Stock-based compensation expense		5,625			(496	)		8,706			15,828
Operating income		22,544			45,944			153,330			96,330
Interest expense, net		14,401			14,007			59,340			36,948
Net income		4,808			17,646			44,085			63,141

Adjusted EBITDA⁽ⁱ⁾		103,714			101,136			390,258			296,963
Adjusted EBITDA margin^(i)(ii)		27.8	%		24.9	%		27.6	%		23.2	%

Per share information
Basic net income per share	$	0.18		$	0.66		$	1.65		$	2.38
Diluted net income per share	$	0.19		$	0.58		$	1.52		$	2.09
Adjusted EPS⁽ⁱ⁾	$	1.00		$	0.87		$	3.73		$	2.83

⁽ⁱ⁾ See “Non-GAAP Financial Measures”.
⁽ⁱⁱ⁾Adjusted EBITDA margin is calculated using adjusted EBITDA over total combined revenue.

	Three months ended						Year ended
	December 31,						December 31,
(dollars in thousands)		2024			2023			2024			2023
Consolidated Statements of Cash Flows
Cash provided by operating activities	$	96,989		$	168,569		$	217,607		$	278,090
Cash used in investing activities		(75,764	)		(137,756	)		(274,683	)		(244,879	)
Effect of exchange rate on changes in cash		1,400			(4,532	)		353			(5,994	)
Add back of growth and non-cash items included in the above figures:
Acquisition of MacKellar⁽ⁱ⁾		—			51,671			—			51,671
Acquisition costs		—			5,934			—			7,095
Buyout of BNA Remanufacturing LP		4,210			—			4,210			—
Growth capital additions⁽ⁱⁱ⁾		23,646			35,941			84,633			40,416
Capital additions financed by leases⁽ⁱⁱ⁾		—			(931	)		(14,157	)		(28,159	)
Free cash flow⁽ⁱⁱ⁾	$	50,481		$	118,896		$	17,963		$	98,240

⁽ⁱ⁾Acquisition of MacKellar is the purchase price less cash acquired.
⁽ⁱⁱ⁾See “Non-GAAP Financial Measures”.

Results for the Three Months Ended December 31, 2024

Revenue from wholly-owned entities was $305.6 million, down from $328.3 million in the same period last year. The quarter-over-quarter reduction reflects a reduction in overall work scopes in the Heavy Equipment – Canada segment due to a reduction in equipment utilization to 54%, compared to 65% in 2023 Q4, largely offset by improved performance in the Heavy Equipment – Australia segment. Revenue generated in that segment of $160.3 million includes a strong contribution from MacKellar of $155.4 million, up from $122.5 million in Q4 of last year, as the group commences work on new contracts and increases equipment utilization at existing sites. Eliminations in the quarter largely relate to equipment maintenance performed by the Heavy Equipment – Canada segment on MacKellar equipment.

Gross profit was $42.0 million, representing 13.7% of revenue, compared to $65.6 million and a 20.0% gross margin in the same period last year. The decline was primarily driven by lower contributions from the Heavy Equipment – Canada segment. Cost of sales for the quarter totaled $218.8 million, down from $220.7 million in the prior-period, reflecting lower overall revenue levels. Gross profit in the Heavy Equipment – Canada segment was impacted by the $8.9 million customer claim extinguishment as part of a four-year $500 million contract extension executed in December 2024. Gross profit in the Heavy Equipment – Australia segment was impacted by $10.1 million of integration costs, primarily transportation of haul trucks from North America to Australia.

General and administrative expenses (excluding stock-based compensation expense) were $13.7 million, or 4.5% of revenue, for the three months ended December 31, 2024, down from $18.7 million, or 5.7% of revenue, in the same period last year. The current year decrease is due to the inclusion of non-recurring MacKellar acquisition costs totaling $5.9 million in the prior year, offset by spend related to increased activity levels in the Heavy Equipment – Australia segment.

Cash related interest expense of $13.7 million represents an average cost of debt of 6.7% (compared to $13.2 million and 8.8%, respectively, for the three months ended December 31, 2023). The increase in interest expense is primarily attributed to a higher balance on the Credit Facility, along with greater equipment financing—mainly from the addition of MacKellar—partially offset by the elimination of our customer supply chain financing arrangement late in Q3.

Net income of $4.8 million in Q4 2024, compared to $17.6 million in the same period last year, was lower due to the lower gross profit factors discussed above, partially offset by lower general and administrative expenses and improved results from the equity joint ventures.

Free cash flow in the quarter was $50.5 million, driven primarily by adjusted EBITDA of $103.7 million less sustaining capital spending of $47.7 million and cash interest paid of $13.7 million.

Liquidity

Including equipment financing availability and factoring in the amended Credit Facility agreement, total available capital liquidity of $275.3 million includes total liquidity of $170.6 million, $86.7 million of unused finance lease borrowing availability, and $17.9 million of unused other borrowing availability as at December 31, 2024. Liquidity is primarily provided by the terms of our $522.6 million credit facility which allows for funds availability based on a trailing twelve-month EBITDA as defined in the agreement, and is now scheduled to expire in October 2027.

Business Updates

Strategic Focus Areas for 2025

Safety – maintain our uncompromising commitment to health and safety while elevating the standard of excellence in the field, particularly with regards to front-line leadership training;
Operational excellence – put into action practical and experienced-based protocols to ensure predictable high-quality project execution in Australia;
Execution – enhance equipment availability in Canada through improved fleet maintenance, equipment telematics and reliability programs, technical improvements and management systems;
Integration – utilize recently implemented ERP at MacKellar Group to optimize business processes to lower overall costs and improve working capital management;
Organic growth – based on strong site operating performance, leverage customer satisfaction to earn contract extensions and expansions;
Diversification – pursue diversification of customers and resources through strategic partnerships, industry expertise and investment in Indigenous joint ventures; and
Sustainability – further develop and deliver into our environmental, social and governance goals.

Outlook for 2025

The following table provides projected key measures for 2025 and actual results of 2024 and 2023. The measures for 2025 are predicated on contracts currently in place, including expected renewals and the heavy equipment fleet that we own and operate.

Key measures	2023 Actual	2024 Actual	2025 Outlook
Combined revenue⁽ⁱ⁾	$1.3B	$1.4B	$1.4 – $1.6B
Adjusted EBITDA⁽ⁱ⁾	$297M	$390M	$415 – $445M
Sustaining capital⁽ⁱ⁾	$169M	$166M	$180 – $200M
Adjusted EPS⁽ⁱ⁾	$2.83	$3.73	$3.70 – $4.00
Free cash flow⁽ⁱ⁾	$90M	$18M	$130 – $150M

Capital allocation
Growth spending⁽ⁱ⁾	$40M	$85M	$65 – $75M
Net debt leverage⁽ⁱ⁾	1.7x	2.2x	Targeting 1.7x

⁽ⁱ⁾See “Non-GAAP Financial Measures”.

Conference Call and Webcast

Management will hold a conference call and webcast to discuss our financial results for the three months and year ended December 31, 2024, tomorrow, Thursday, March 20, 2025, at 9:00 am Eastern Time (7:00 am Mountain Time).

The call can be accessed by dialing:

Toll free: 1-800-717-1738
Conference ID: 71653

A replay will be available through April 20, 2025, by dialing:

Toll Free: 1-888-660-6264
Conference ID: 71653
Playback Passcode: 71653

A slide deck for the webcast will be available for download the evening prior to the call and will be found on the company’s website at www.nacg.ca/presentations/

The live presentation and webcast can be accessed at:

https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=70DEA77D-C2B3-4C4B-80EF-A1303C5C95BF

A replay will be available until April 20, 2025, using the link provided.

Basis of Presentation

We have prepared our consolidated financial statements in conformity with accounting principles generally accepted in the United States (“US GAAP”). Unless otherwise specified, all dollar amounts discussed are in Canadian dollars. Please see the Management’s Discussion and Analysis (“MD&A”) for the three months and year ended December 31, 2024, for further detail on the matters discussed in this release. In addition to the MD&A, please reference the dedicated 2024 Q4 Results Presentation for more information on our results and projections which can be found on our website under Investors – Presentations.

Change in significant accounting policy – Basis of presentation

During the first quarter of 2024, we changed our accounting policy for the elimination of its proportionate share of profit from downstream sales to affiliates and joint ventures to record through equity earnings in affiliates and joint ventures on the Consolidated Statements of Operations and Comprehensive Income. Prior to this change, we eliminated our proportionate share of profit on downstream sales to affiliates and joint ventures through revenue and cost of sales. The change in accounting policy simplifies the presentation for downstream profit eliminations and has no cumulative impact on retained earnings. We have accounted for the change retrospectively in accordance with the requirements of US GAAP Accounting Standards Codification (“ASC”) 250 by restating the comparative period. For details of retrospective changes, refer to note 25 in the consolidated financial statements.

Accounting pronouncements recently adopted

Segment reporting

The Company adopted the new standard for segment reporting that is effective for the fiscal year beginning January 1, 2024. In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures. This accounting standard update was issued to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company has updated its disclosures to reflect the additional requirements.

Recent accounting pronouncements not yet adopted

Joint venture formations

In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations. This accounting standard update was issued to create new requirements for valuing contributions made to a joint venture upon formation. This standard is effective January 1, 2025, with early adoption permitted. We are assessing the impact the adoption of this standard may have on its consolidated financial statements.

Income taxes

In December 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures. This accounting standard update was issued to increase transparency by improving income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard is effective for the fiscal year beginning January 1, 2025, with early adoption permitted. We are assessing the impact the adoption of this standard may have on its consolidated financial statements.

Stock compensation

In March 2024, the FASB issued ASU 2024-01, Compensation – Stock Compensation. This accounting standard update was issued to reduce complexity in determining if profit interest awards are subject to Topic 718 and to reduce diversity in practice. This standard is effective for annual statements for the fiscal year beginning January 1, 2025. The Company is assessing the impact the adoption of this standard may have on its consolidated financial statements.

Debt with conversion options

In November 2024, the FASB issued ASU 2024-04, Debt – Debt with Conversion and Other Options. This accounting standard update was issued to improve the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20. This standard is effective for annual statements for the fiscal year beginning January 1, 2026. The Company is assessing the impact the adoption of this standard may have on its consolidated financial statements.

Expense disaggregation

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures. This accounting standard update was issued to require public entities to disclose additional information about specific expense categories in the notes to financial statements. This standard is effective for annual statements for the fiscal year beginning January 1, 2027. We are assessing the impact the adoption of this standard may have on its consolidated financial statements.

Forward-Looking Information

The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “anticipate”, “believe”, “expect”, “should” or similar expressions and include guidance with respect to financial metrics provided in our outlook for 2025.

The material factors or assumptions used to develop the above forward-looking statements include, and the risks and uncertainties to which such forward-looking statements are subject, are highlighted in the MD&A for the three months and year ended December 31, 2024. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. Undue reliance should not be placed upon forward-looking statements and NACG undertakes no obligation, other than those required by applicable law, to update or revise those statements. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.ca and on our company website at www.nacg.ca.

Non-GAAP Financial Measures

This press release presents certain non-GAAP financial measures, non-GAAP ratios, and supplementary financial measures that may be useful to investors in analyzing our business performance, leverage, and liquidity. A non-GAAP financial measure is defined by relevant regulatory authorities as a numerical measure of an issuer’s historical or future financial performance, financial position or cash flow that is not specified, defined or determined under the issuer’s GAAP and that is not presented in an issuer’s financial statements. A “non-GAAP ratio” is a ratio, fraction, percentage or similar expression that has a non-GAAP financial measure as one or more of its components. Non-GAAP financial measures and ratios do not have standardized meanings under GAAP and therefore may not be comparable to similar measures presented by other issuers. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. A “supplementary financial measure” is a financial measure disclosed, or intended to be disclosed, on a periodic basis to depict historical or future financial performance, financial position or cash flows that does not fall within the definition of a non-GAAP financial measure or non-GAAP ratio. The non-GAAP financial measures and ratios we present include, “adjusted EBIT”, “adjusted EBITDA”, “adjusted EBITDA margin” “adjusted EPS”, “adjusted net earnings”, “backlog”, “capital additions”, “capital expenditures, net”, “capital inventory”, “capital work in progress”, “cash liquidity”, “cash related interest expense”, “cash provided by operating activities prior to change in working capital”, “combined backlog”, “combined gross profit”, “combined gross profit margin”, “equity investment depreciation and amortization”, “equity investment EBIT”, “equity method investment backlog”, “free cash flow”, “general and administrative expenses (excluding stock-based compensation)”, “growth capital”, “growth spending”, “invested capital”, “margin”, “net debt”, “net debt leverage”, “share of affiliate and joint venture capital additions”, “sustaining capital”, “total capital liquidity”, “total combined revenue”, and “total debt”. We also use supplementary financial measures such as “gross profit margin” and “total net working capital (excluding cash and current portion of long-term debt)” in our MD&A. Each non-GAAP financial measure used in this press release is defined under “Financial Measures” in our Management’s Discussion and Analysis filed on EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.ca and on our company website at www.nacg.ca.

Reconciliation of total reported revenue to total combined revenue
	Three months ended						Year ended
	December 31,						December 31,
(dollars in thousands)		2024		2023⁽ⁱⁱ⁾				2024			2023⁽ⁱⁱ⁾
Revenue from wholly-owned entities per financial statements	$	305,590		$	328,282		$	1,165,787		$	964,680
Share of revenue from investments in affiliates and joint ventures		134,348			169,662			517,137			686,299
Elimination of joint venture subcontract revenue		(67,200	)		(92,522	)		(267,595	)		(369,891	)
Total combined revenue⁽ⁱ⁾	$	372,738		$	405,422		$	1,415,329		$	1,281,088

⁽ⁱ⁾ See “Non-GAAP Financial Measures”.
⁽ⁱⁱ⁾The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

Reconciliation of reported gross profit to combined gross profit
	Three months ended				Year ended
	December 31,				December 31,
(dollars in thousands)		2024	2023⁽ⁱⁱ⁾			2024	2023⁽ⁱⁱ⁾
Gross profit from wholly-owned entities per financial statements	$	41,991	$	65,620	$	210,048	$	154,833
Share of gross profit from investments in affiliates and joint ventures		12,283		8,670		49,455		49,638
Combined gross profit⁽ⁱ⁾	$	54,274	$	74,290	$	259,503	$	204,471

⁽ⁱ⁾ See “Non-GAAP Financial Measures”.
⁽ⁱⁱ⁾The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

Reconciliation of net income to adjusted net earnings, adjusted EBIT and adjusted EBITDA
	Three months ended						Year ended
	December 31,						December 31,
(dollars in thousands)		2024			2023			2024			2023
Net income	$	4,808		$	17,646		$	44,085		$	63,141
Adjustments:
Stock-based compensation expense (benefit)		5,625			(496	)		8,706			15,828
Loss on disposal of property, plant and equipment		126			1,470			767			1,659
Write-down on assets held for sale		—			—			4,181			—
Change in fair value of contingent obligation from adjustments to estimates		9,464			—			36,049			—
(Gain) loss on derivative financial instruments		(4,797	)		916			(3,952	)		(6,063	)
Equity investment (gain) loss on derivative financial instruments		(201	)		(713	)		2,633			(1,362	)
Equity investment restructuring costs		—			—			4,517			—
Loss on equity investment customer bankruptcy claim settlement		—			—			—			759
Loss on extinguishment of customer claim		8,866			—			8,866			—
Post-acquisition asset relocation and integration costs		10,111			—			10,111			—
Acquisition costs		—			5,934			—			7,095
Tax effect of the above items		(7,197	)		(1,589	)		(16,169	)		(5,829	)
Adjusted net earnings⁽ⁱ⁾	$	26,805		$	23,168		$	99,794		$	75,228
Adjustments:
Tax effect of the above items		7,197			1,589			16,169			5,829
Interest expense, net		14,401			14,007			59,340			36,948
Equity investment EBIT^(i)(iii)		5,076			1,622			12,228			24,929
Equity earnings in affiliates and joint ventures⁽ⁱⁱⁱ⁾		(5,754	)		(2,236	)		(15,299	)		(25,199	)
Change in fair value of contingent obligations		4,797			4,681			17,157			4,681
Income tax expense		(375	)		10,930			15,950			22,822
Adjusted EBIT⁽ⁱ⁾	$	52,147		$	53,761		$	205,339		$	145,238
Adjustments:
Depreciation and amortization		45,093			42,277			167,937			132,516
Write-down on assets held for sale		—			—			(4,181	)		—
Equity investment depreciation and amortization⁽ⁱ⁾		6,474			5,098			21,163			19,209
Adjusted EBITDA⁽ⁱ⁾	$	103,714		$	101,136		$	390,258		$	296,963
Adjusted EBITDA margin^(i)(ii)		27.8	%		24.9	%		27.6	%		23.2	%

⁽ⁱ⁾ See “Non-GAAP Financial Measures”.
⁽ⁱⁱ⁾Adjusted EBITDA margin is calculated using adjusted EBITDA over total combined revenue.
⁽ⁱⁱⁱ⁾The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

Reconciliation of equity earnings in affiliates and joint ventures to equity investment EBIT
	Three months ended						Year ended
	December 31,						December 31,
(dollars in thousands)		2024		2023⁽ⁱⁱ⁾				2024			2023⁽ⁱⁱ⁾
Equity earnings in affiliates and joint ventures	$	5,754		$	2,236		$	15,299		$	25,199
Adjustments:
Gain on disposal of property, plant and equipment		(237	)		(22	)		(595	)		(57	)
Interest expense (income), net		460			(268	)		(877	)		(1,183	)
Income tax (recovery) expense		(901	)		(324	)		(1,599	)		970
Equity investment EBIT⁽ⁱ⁾	$	5,076		$	1,622		$	12,228		$	24,929

⁽ⁱ⁾ See “Non-GAAP Financial Measures”
⁽ⁱⁱ⁾The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

About the Company

North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Australia, Canada, and the U.S. For over 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.

For further information contact:

Jason Veenstra, CPA, CA
Chief Financial Officer
North American Construction Group Ltd.
(780) 960.7171
ir@nacg.ca
www.nacg.ca

Consolidated Balance SheetsAs at December 31 (Expressed in thousands of Canadian Dollars)
		2024			2023
Assets
Current assets
Cash	$	77,875		$	88,614
Accounts receivable		166,070			97,855
Contract assets		4,135			35,027
Inventories		74,081			64,962
Prepaid expenses and deposits		7,676			7,402
Assets held for sale		683			1,340
		330,520			295,200
Property, plant and equipment		1,246,584			1,142,946
Operating lease right-of-use assets		12,722			12,782
Investments in affiliates and joint ventures		84,692			81,435
Intangible assets		9,901			6,971
Other assets		9,845			7,144
Total assets	$	1,694,264		$	1,546,478
Liabilities and shareholders’ equity
Current liabilities
Accounts payable	$	110,750		$	146,190
Accrued liabilities		77,908			72,225
Contract liabilities		1,944			59
Current portion of long-term debt		84,194			81,306
Current portion of contingent obligations		39,290			22,501
Current portion of operating lease liabilities		1,771			1,742
		315,857			324,023
Long-term debt		719,399			611,313
Contingent obligations		88,576			93,356
Operating lease liabilities		11,441			11,307
Other long-term obligations		44,711			41,001
Deferred tax liabilities		125,378			108,824
		1,305,362			1,189,824
Shareholders’ equity
Common shares (authorized – unlimited number of voting common shares; issued and outstanding – December 31, 2024 – 27,704,450 (December 31, 2023 – 27,827,282))		228,961			229,455
Treasury shares (December 31, 2024 – 1,000,328 (December 31, 2023 – 1,090,187))		(15,913	)		(16,165	)
Additional paid-in capital		20,819			20,739
Retained earnings		156,125			123,032
Accumulated other comprehensive loss		(1,090	)		(407	)
Shareholders’ equity		388,902			356,654
Total liabilities and shareholders’ equity	$	1,694,264		$	1,546,478

Consolidated Statements of Operations and Comprehensive IncomeFor the years ended December 31 (Expressed in thousands of Canadian Dollars, except per share amounts)
		2024			2023⁽ⁱ⁾
Revenue	$	1,165,787		$	964,680
Cost of sales		789,056			678,528
Depreciation		166,683			131,319
Gross profit		210,048			154,833
General and administrative expenses		55,951			56,844
Loss on disposal of property, plant and equipment		767			1,659
Operating income		153,330			96,330
Equity earnings in affiliates and joint ventures		(15,299	)		(25,199	)
Interest expense, net		59,340			36,948
Change in fair value of contingent obligations		53,206			4,681
Gain on derivative financial instruments		(3,952	)		(6,063	)
Income before income taxes		60,035			85,963
Current income tax (benefit) expense		(3,280	)		6,841
Deferred income tax expense		19,230			15,981
Net income		44,085			63,141
Other comprehensive income
Unrealized foreign currency translation loss		683			713
Comprehensive income	$	43,402		$	62,428

Per share information
Basic net income per share	$	1.65		$	2.38
Diluted net income per share	$	1.52		$	2.09

⁽ⁱ⁾The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

The MIL Network –

March 20, 2025

MIL-OSI Australia: Vocus’ proposed acquisition of TPG enterprise, government and wholesale business not opposed
Source: Australian Competition and Consumer Commission

The ACCC will not oppose Vocus Group Limited’s proposed acquisition of TPG Telecom Limited’s (ASX: TPG) fixed line business, enterprise, government, and wholesale customer base as well as its fibre and transmission networks.

Vocus supplies fibre and network services to government, enterprise and wholesale customers. It also supplies communications and technology services to small and medium sized businesses, and retail telecommunications services to consumers.

Vocus also owns a fibre network, which includes domestic inter-capital transmission and metropolitan fibre infrastructure serving business premises.

TPG is a major telecommunications company which supplies fixed broadband services to consumers, business and government customers. It also supplies wholesale telecommunication services.

The ACCC’s review focused on how closely Vocus and TPG compete in the supply of data network and connectivity services, including fixed-line internet services, to large enterprise and government customers.

“Our investigation found that Vocus concentrates on supplying large enterprise and government customers, whereas TPG focuses on the small and medium enterprise segment of the market,” ACCC Commissioner Dr Philip Williams said.

The ACCC notes the introduction of NBN Co’s wholesale Enterprise Ethernet product in 2018 has significantly reduced barriers to entry and expansion to supplying large customers. This product has enabled providers with no or a small fibre footprint to compete for larger customers.

“After the acquisition, Vocus will continue to face strong competitors including Telstra, Optus, Aussie Broadband, Superloop and managed service providers in supplying government, large enterprise, and SME customers,” Dr Williams said.

As part of the review, the ACCC also considered the impact of the acquisition in the supply of fixed line voice services, NBN wholesale aggregation services, and data centre, cloud and security services.

“Overall, we did not find that the acquisition would likely result in substantially lessening competition in any market,” Dr Williams said.

More information can be found on the ACCC’s website at Vocus Group Limited – TPG Telecom Limited.

Note to editors

In considering the proposed merger, the ACCC applies the legal test set out in section 50 of the Competition and Consumer Act.

In general terms, section 50 prohibits acquisitions that would have the effect, or be likely to have the effect, of substantially lessening competition in any market.

Background

The assets that Vocus is proposing to acquire from TPG include the following:
- Network assets: TPG’s fibre network, including metropolitan, domestic, inter-capital and international subsea cable systems, and data centres that are primarily used for business, enterprise, government, wholesale and SME.
- Vision Network: a wholly-owned subsidiary of TPG, Vision Network is a fixed line broadband network that provides residential broadband access services in selected areas of Sydney, Canberra, Perth, Adelaide, Brisbane, Melbourne, as well as Geelong, Ballarat and Mildura.
- Wholesale, government and enterprise products and services: TPG provides fixed line fibre and fixed line network services to wholesale, enterprise and government customers under the TPG Telecom and AAPT brands.
TPG also operates a mobile network, which includes the Vodafone brand in Australia. However, this is not part of the proposed acquisition.

TPG’s consumer, business, enterprise, government, and wholesale mobile customers as well as its consumer and “small office home office” retail fixed line customers and business unit will also be excluded from the proposed acquisition.

MIL OSI News –
March 20, 2025
MIL-OSI USA: Commerce Committee Passes Two Bipartisan Bills Led by Peters to Bolster Domestic Semiconductor Supply Chains and Strengthen U.S. Manufacturing Policy

US Senate News:

Source: United States Senator for Michigan Gary Peters
WASHINGTON, DC – The Senate Commerce, Science, and Transportation Committee passed two bipartisan bills authored by U.S. Senator Gary Peters (MI) that aim to bolster domestic semiconductor supply chains and strengthen U.S. manufacturing policy.
“To support manufacturers in Michigan and throughout the United States, we need our industry partners, economic developers, and lawmakers reading from the same playbook,” said Senator Peters. “These bipartisan bills would help build a coordinated effort to attract new investments in our manufacturing sector, create good-paying jobs, and reduce our reliance on foreign adversaries for the semiconductor technologies that help power our economy.”
Peters’ Securing Semiconductor Supply Chains Act – which he introduced with U.S. Senators Marsha Blackburn (R-TN) and Rick Scott (R-FL) – would help to strengthen federal efforts to expand domestic manufacturing of semiconductor chips. The bill would direct the U.S. Department of Commerce’s SelectUSA program, in collaboration with other federal agencies and state economic development organizations, to develop strategies that would attract investment in U.S. semiconductor manufacturers and supply chains. Peters’ bill – which previously passed the Senate with unanimous support – would help address the ongoing global shortage of semiconductor technologies that has disrupted a range of industries in recent years including manufacturers and automakers in Michigan.
“We appreciate Senator Peters’ continued commitment to strengthening our national security and economic resilience by building up the semiconductor industry and supply chain here in America,” said Quentin Messer, Jr., CEO of the Michigan Economic Development Corporation. “As technology evolves and integrates further into every aspect of our lives, this industry remains poised for growth. Senator Peters’ understands that it is imperative we continue to collaborate in a bipartisan manner at the state, regional, and federal level on behalf of American workers, and especially future generations of innovative Michiganders.”
“American Automakers are grateful to Senator Peters for his leadership on this bipartisan legislation, which will boost domestic semiconductor manufacturing and strengthen our nation’s supply chains,” said Governor Matt Blunt, President of the American Automotive Policy Council. “This legislation is vital for U.S. automakers and their supplier partners, helping to foster economic growth throughout the U.S. auto sector.”
The committee also passed Peters’ National Manufacturing Advisory Council for the 21st Century Act, which would establish a National Manufacturing Advisory Council within the U.S. Department of Commerce. The Advisory Council would bring together leaders in manufacturing, labor, and education to advise both Congress and the Secretary of Commerce on how best to ensure the United States remains the top destination globally for investment in manufacturing. It would serve as a bridge between the manufacturing sector and federal government to improve communication and collaboration, and better support the industry and its workforce. The bill – which he introduced with U.S. Senator Marsha Blackburn (R-TN) – passed the Senate with unanimous support last Congress.
“This initiative, the National Manufacturing Advisory Council Act, is designed to improve the resources and support for our nation’s small and medium-size manufacturers, which are a truly vital driver of our economy. I applaud Senator Peters for his steadfast, unwavering commitment to American manufacturing,” said Ingrid Tighe, President of the Michigan Manufacturing Technology Center, the Michigan representative of the Hollings Manufacturing Extension Partnership (MEP) program, part of the National Institute of Standards and Technology (NIST).
“We applaud Senator Gary Peters for introducing this bill to improve the federal government’s planning and coordination of efforts to strengthen domestic manufacturing,” said Scott Paul, President of the Alliance for American Manufacturing. “Recent supply chain disruptions have made clear that it is time for the United States to shore up its critical manufacturing capabilities, which will not only better prepare us for the next crisis but also create jobs and boost the economy. This increased coordination between the many programs designed to support our manufacturers and their workers is an important step towards rebuilding our industrial base. We are grateful to Senator Peters for his efforts to bolster American manufacturing.”
“The Association of Equipment Manufacturers applauds Senator Gary Peters and Senator Marsha Blackburn for their continued leadership on behalf of the manufacturing sector and for introducing legislation that will prioritize a national strategy focused on ensuring American manufacturing policy can rapidly respond to changes in the global marketplace,” said Kip Eideberg, AEM Senior Vice President of Government and Industry Relations. “Our economic prosperity and national security depend on a strong manufacturing sector, and establishing a National Manufacturing Advisory Council will help unleash innovation and mobilize a comprehensive, coordinated, and competent national effort in support of the manufacturing sector and its workforce.”
“We commend Senator Gary Peters (D-MI) and Senator Marsha Blackburn (R-TN) for introducing legislation to establish a National Manufacturing Advisory Council,” said Ana Meuwissen, Senior Vice President of Government Affairs for MEMA, The Vehicle Suppliers Association. “This council will be a forum for manufacturers and other key stakeholders to provide input to the Department of Commerce (DOC) on important long-range issues such as workforce, supply chain, technology, and defense industrial base. The NMAC legislation would also foster better coordination of federal manufacturing policy in the DOC and across the federal government. When this legislation is enacted, it will be an asset to assist in retaining U.S. competitiveness in critical manufacturing sectors like motor vehicle parts.”
Peters has made expanding domestic manufacturing and strengthening U.S. supply chains a top priority. Peters helped craft and pass into law the CHIPS and Science Act, which includes a provision Peters secured funding to support the domestic production of mature semiconductor technologies and ensure that projects supporting critical manufacturing industries, such as the auto industry, are given priority status. This funding was in addition to $50 billion already in the bill to incentivize the production of semiconductors of all kinds in the U.S. – for a total of $52 billion.
The CHIPS and Science Act also included Peters’ bipartisan Investing in Domestic Semiconductor Manufacturing Act, which ensures federal incentives to boost domestic semiconductor manufacturing include U.S. suppliers that produce the materials and manufacturing equipment that enable semiconductor manufacturing. Peters’ provision directly supports Michigan manufacturers like Hemlock Semiconductor (HSC) in Hemlock, Michigan which was recently awarded up to $325 million in CHIPS and Science Act funding to build a new, state-of-the-art manufacturing facility. The project will allow the company to expand production of hyper-pure polysilicon needed to manufacture semiconductor chips and is expected to create 180 good-paying manufacturing jobs, as well as thousands of construction jobs, in Michigan.
Peters additionally supported and helped pass the Inflation Reduction Act, which will strengthen domestic manufacturing, onshore our supply chains, combat the climate crisis and create millions of American jobs.

MIL OSI USA News –

March 20, 2025
MIL-OSI USA: Shaheen Tours Furniture Manufacturer in Lisbon to Discuss Energy Efficiency Upgrades, Visits Mount Cabot Maple in Lancaster During Maple Month

US Senate News:

Source: United States Senator for New Hampshire Jeanne Shaheen

(Lancaster, NH) – U.S. Senator Jeanne Shaheen (D-NH), Ranking Member of the U.S. Senate Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration and Related Agencies, toured DCI Furniture in Lisbon to learn more about how the business is using federal funding to make energy efficiency upgrades. Later, Shaheen visited Mount Cabot Maple in Lancaster to celebrate Maple Month and hear about the challenges facing the Granite State’s maple industry. Photos from today’s events can be found here.

In Lisbon, Shaheen visited DCI Furniture, a family-owned furniture manufacturing company, to learn more about how the business is using federal funding to install a new combined heat and power system that uses wood waste for fuel. The project will improve energy efficiency, decrease costs and reduce emissions at the facility.

“Efficiency is the cheapest, fastest way to meet our energy needs, and DCI Furniture is a poster child for thinking about energy in a smart way,” said Senator Shaheen. “I was pleased to see firsthand how DCI is using federal funding that I’ve championed to make energy efficiency upgrades that will save money, reduce emissions and benefit the local forest-based economy—it’s just the kind of made-in-New Hampshire project we need to see more of.”

The project has been awarded funding through programs Shaheen champions, including the U.S. Department of Agriculture’s (USDA) Rural Energy for America Program, the U.S. Forest Service’s Community Wood Grant program and Bipartisan Infrastructure Law funding from the U.S. Department of Energy. Shaheen was a lead negotiator of the Bipartisan Infrastructure Law, which made huge investments in energy efficiency, including $550 million for Industrial Research and Assessment Centers and assistance for small- and medium-sized manufacturers to implement efficiency upgrades based upon her longstanding bipartisan legislation with former U.S. Senator Rob Portman. Shaheen also helped introduce legislation to enhance the Forest Service’s Community Wood Grant program that is providing funding for this project.

Later in Lancaster, Shaheen visited Mount Cabot Maple to hear more about how the farm has benefitted from federal funding from USDA Natural Resources Conservation Service and underscore the challenges facing the Granite State’s maple industry in the wake of the Trump Administration’s tariffs on Canada and Mexico and federal funding freeze.

“Our maple syrup producers are an integral and delicious part of New Hampshire’s identity,” said Senator Shaheen. “It was great to visit Mount Cabot Maple today during Maple Month to tour the farm and learn more about how this North Country staple is weathering the impacts of Trump’s funding chaos and tariffs on Canada.”

Shaheen co-leads the Market Access, Promotion and Landowner Education Support for Your Regionally Underserved Producers (MAPLE SYRUP) Act with Senator Chris Murphy (D-CT) to extend and expand the federal maple support program, which supports the U.S. maple syrup industry through research and education, natural resource sustainability and the marketing of maple syrup and maple-sap products.

Shaheen has also been outspoken against the Trump Administration’s reckless tariffs on Canada and Mexico and chaotic funding freeze and cuts. Recently, Shaheen forced a vote in the Senate on her Protecting Americans from Tax Hikes on Imported Goods Act to limit the President’s ability to levy sweeping tariffs that increase costs for American consumers and families. Shaheen has also hosted a series of roundtables and discussions with Granite Staters to better understand and highlight the direct consequences of the Trump administration’s funding chaos and uncertainty. Following the Trump administration’s decision to freeze grants and loans disbursed by the federal government in January, Shaheen immediately condemned the move and spoke on the Senate floor against the decision to freeze federal grants and loans that families, seniors and small businesses rely on for critical, often life-saving services.

MIL OSI USA News –

March 20, 2025
MIL-OSI Security: Michigan Man Pleads Guilty to Drug Distribution and Loan Fraud

Source: Office of United States Attorneys

BOSTON – A Michigan man pleaded guilty in federal court in Boston to a conspiracy to import and sell illegal pharmaceuticals, including opioids, and to fund the operation of the scheme by fraudulently obtaining a COVID-19 pandemic relief loan.

Donald Nchamukong, 37, pleaded guilty to conspiracy to smuggle goods into the United States, to commit loan fraud and to distribute controlled substances. U.S. District Court Judge Nathaniel M. Gorton scheduled sentencing for June 25, 2025.

Starting in 2019 and continuing to 2022, Nchamukong and a co-conspirator, Doyal Kalita, conspired to distribute drugs to persons in the United States over the internet and using call centers in India. Nchamukong used shell companies, including a purported dietary supplements company and an auto parts supplier, and associated bank and merchant accounts to process sales of illegal foreign drugs, including the Schedule IV opioid, tramadol. Nchamukong and Kalita also received shipments of tramadol from India and reshipped the drug to customers across the United States, including in Massachusetts. When the COVID-19 pandemic hit, Nchamukong and Kalita fraudulently obtained a $200,000 Economic Injury Disaster Loan to fund their illegal drug scheme.

Kalita was convicted in 2024 and sentenced to 10 years in prison for orchestrating the online drug distribution scheme and a technical support fraud scheme and related money laundering.

The charge of conspiracy provides for a sentence of up to five years in prison, three years of supervised release and a fine of up to $250,000, or twice the monetary gain or loss, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

United States Attorney Leah B. Foley; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office; and Fernando P. McMillan, Special Agent in Charge of the New York Field Office of the U.S. Food and Drug Administration, Office of Criminal Investigations made the announcement today. Valuable assistance was provided by Homeland Security Investigations in New York, Small Business Administration and the United States Attorney’s Office for the Eastern District of New York. Assistant U.S. Attorney Kriss Basil, Deputy Chief of the Securities, Financial, and Cyber Fraud Unit, is prosecuting the case.

On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus and https://www.justice.gov/coronavirus/combatingfraud.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline via the NCDF Web Complaint Form.

MIL Security OSI –

March 20, 2025
MIL-OSI Security: Court Sentences Hino Motors Ltd., a Toyota Subsidiary, and Imposes Over $1.6B in Penalties for Emissions Fraud Scheme

Source: United States Attorneys General 7

Note: View plea agreement here. View criminal information here.

Today, U.S. District Court Judge Mark A. Goldsmith for the Eastern District of Michigan accepted Hino Motors, Ltd.’s guilty plea to a one-count criminal information charging it with having engaged in a multi-year criminal conspiracy to defraud both the U.S. government and American consumers and illicitly smuggle goods into the country. Judge Goldsmith also sentenced Hino, a Toyota subsidiary, to pay a criminal fine of $521.76 million, serve a five-year term of probation — during which it is prohibited from importing any diesel engines it has manufactured into the United States — and implement a comprehensive compliance and ethics program and reporting structure. The court also entered a $1.087 billion forfeiture money judgment against the company.

According to court records, between 2010 and 2019, Hino Motors, Ltd. engineers submitted and caused to be submitted false applications for engine certification approvals in violation of the federal Clean Air Act. Hino Motors, Ltd. engineers regularly altered emission test data, conducted tests improperly and fabricated data without conducting any underlying tests. The engineers also submitted fraudulent carbon dioxide emissions test data, which resulted in false fuel consumption values being calculated for its engines, and failed to disclose software functions that could adversely affect engines’ emission control systems. As a result of the fraud, Hino Motors, Ltd. imported and sold over 105,000 non-conforming engines between 2010 and 2022. These engines were primarily installed in heavy-duty trucks manufactured and sold by Hino nationwide.

“Hino unlawfully imported over 105,000 engines that did not comply with U.S. emissions standards and lied about what it was doing. Hino’s criminal conduct gave it an unfair business advantage over other law-abiding companies, including American companies, and generated over $1 billion in gross proceeds,” said Acting Assistant Attorney General Adam Gustafson of the Justice Department’s Environment and Natural Resources Division (ENRD). “We are committed to upholding the rule of law by prosecuting fraud and enforcing our Clean Air Act emissions standards.”

“Our office is steadfast in its commitment to holding corporate actors accountable when they lie to government regulators, illicitly smuggle goods into our county, and then fraudulently sell those goods to American consumers,” said Acting U.S. Attorney Julie Beck for the Eastern District of Michigan.

“Hino falsely certified compliance with the Clean Air Act so that it could profit off Americans by sending illegal, polluting engines into the United States,” said Acting Assistant Administrator Jeffrey Hall for EPA’s Office of Enforcement and Compliance Assurance. “Today’s plea and sentencing demonstrates that companies who intentionally evade our nation’s environmental laws, including by fabricating data to feign compliance with those laws, deserve punishment and will be held criminally accountable.”

“By pleading guilty, Hino Motors, Ltd. has admitted to orchestrating a deliberate and years-long fraud scheme that put profit over principle,” said Acting Assistant Director James C. Barnacle Jr. of the FBI’s Criminal Investigative Division “It doesn’t matter how complex the scheme is, the FBI is committed to holding individuals and organizations responsible for their actions.”

Special agents of EPA’s Criminal Investigation Division and FBI’s Detroit Field Office investigated the criminal case.

Senior Trial Attorney Banumathi Rangarajan of ENRD’s Environmental Crimes Section and Assistant U.S. Attorney Andrew J. Yahkind for the Eastern District of Michigan handled the criminal prosecution. Assistant U.S. Attorney Gjon Juncaj handled the criminal forfeiture matters.

MIL Security OSI –

March 20, 2025

MIL-OSI Russia: IMF Executive Board Concludes 2023 Article IV Consultation with El Salvador

Source: IMF – News in Russian

March 19, 2025

Washington, DC: On March 20, 2023, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation^{^[1]} with El Salvador.

Despite a series of adverse external shocks, the Salvadoran economy has fared relatively well to date, and is estimated to have grown by 2.8 percent in 2022. Annual inflation jumped to 7¼ percent, mainly due to high global food prices while fuel price inflation was moderated by large subsidies. Vulnerabilities mounted, with international reserves falling below 2 months of imports. In the context of limited financing options, the fiscal deficit narrowed to 2½ percent of GDP, but fiscal policy is expected to turn expansionary in 2023. Under current policies, public debt is on an unsustainable path.

The economy is expected to grow by 2.4 percent in 2023, but the outlook is fragile, given the macroeconomic imbalances and a less favorable international environment. A comprehensive and credible policy package is urgently needed to put public debt on a firmly declining path and strengthen macroeconomic and financial stability.

Over a year after the adoption of Bitcoin as legal tender, its use has been minimal but risks for financial and market integrity, financial stability, and consumer protection remain and need to be addressed.

Executive Board Assessment^[2]

Executive Directors noted the strong post‑pandemic recovery supported by the authorities’ timely responses to shocks and the improved security situation. Pointing to the fragile outlook amid rising risks and vulnerabilities, Directors urged the authorities to adopt a comprehensive plan to address macroeconomic imbalances, including unsustainable public debt and limited reserve coverage, along with structural reforms to support stronger, inclusive growth.

Directors welcomed recent fiscal efforts but underscored the urgent need for an ambitious fiscal consolidation plan, based on greater revenue mobilization and efficiency of spending, including better targeting energy subsidies and social safety nets and rightsizing the wage bill. This is critical to put public debt on a firm downward trajectory and allow a gradual return to international capital markets. Restoring and upgrading the Fiscal Responsibility Law would also improve the transparency and credibility of fiscal policy. Directors stressed the importance of ensuring the sustainability of the pension system to limit contingent liabilities.

Directors noted that the banking system remains healthy but cautioned against rising exposures to the sovereign and the erosion of liquidity buffers. They called for raising banks’ reserve requirements, enacting promptly the Financial Stability Bill, closing regulatory gaps, and continuing to implement the 2020 Safeguards Assessment recommendations.

Directors underscored the importance of narrowing the scope of the Bitcoin law and removing Bitcoin’s legal tender status. They noted that while Bitcoin has had a minimal impact on financial inclusion, high risks to financial integrity and stability, fiscal sustainability, and consumer protection persist. Directors urged that Bitcoin transactions be transparently disclosed, together with the financial statements of public companies operating in the Bitcoin ecosystem. They also called on the authorities to carefully weigh the implications of the new crypto assets legislation and avoid expanding government exposure to Bitcoin.

Directors stressed the importance of structural reforms to strengthen governance, the investment climate and productivity. They called for continued efforts to strengthen fiscal transparency, public procurement, AML/CFT legislation, and the independence of the judicial system. Directors also stressed the importance of enhancing human capital, infrastructure, and climate resilience, as well as continuing to upgrade the statistical framework.

El Salvador: Selected Economic Indicators

I. Social Indicators
Per capita income (U.S. dollars, 2021)	4,408		Population (million, 2021)				6.5
Percent of pop. below poverty line (2021)	24.6		Gini index (2019)				39

II. Economic Indicators (percent of GDP, unless otherwise indicated)

						Proj.
	2018	2019	2020	2021	2022	2023	2024

Income and Prices
Real GDP growth (percent)	2.4	2.4	-8.2	10.3	2.8	2.4	1.9
Consumer price inflation (average, percent)	1.1	0.1	-0.4	3.5	7.2	4.1	2.1
Terms of trade (percent change)	-3.9	1.7	4.8	-7.6	-1.6	5.0	0.7
Sovereign bond spread (basis points)	424	453	760	837	1,485	…	…

Money and Credit
Credit to the private sector	57.3	59.1	66.3	61.8	63.1	61.2	60.0
Broad money	54.8	59.1	70.4	61.5	58.5	58.5	60.5
Interest rate (time deposits, percent)	4.2	4.3	4.1	3.9	…	…	…

External Sector
Current account balance	-3.3	-0.4	0.8	-5.1	-8.3	-5.4	-5.3
Trade balance	-21.7	-21.2	-21.0	-28.6	-31.4	-27.5	-27.4
Transfers (net)	20.6	21.0	24.4	25.9	24.0	22.9	22.4
Foreign direct investment	-3.2	-2.4	-1.1	-1.1	-0.2	-1.6	-2.2
Gross international reserves (mill. of US$)	3,569	4,446	3,083	3,426	2,440	2,798	3,382

Nonfinancial Public Sector
Overall balance	-2.7	-3.1	-8.2	-5.6	-2.5	-3.4	-3.4
Primary balance	0.9	0.6	-3.8	-1.1	2.2	0.3	0.4
Of which: tax revenue	18.0	17.7	18.5	20.1	20.3	19.0	19.0
Public sector debt 1/	70.4	71.3	89.4	82.4	77.2	76.1	78.3

National Savings and Investment
Gross domestic investment	18.4	18.3	18.9	22.2	20.7	19.8	19.4
Private sector 2/	15.7	15.9	16.9	19.6	18.8	17.4	17.1
National savings	15.1	17.9	19.8	17.1	12.4	14.5	14.2
Private sector	14.7	18.0	25.4	19.5	12.8	14.9	14.9

Net Foreign Assets of the Financial System
Millions of U.S. dollars	2,655	3,372	3,618	3,022	1,114	1,227	1,400

Memorandum Items
Nominal GDP (billions of US$)	26.0	26.9	24.6	28.7	31.6	33.7	35.1

Sources: Central Reserve Bank of El Salvador, Ministry of Finance, and IMF staff estimates.
1/ Gross debt of the nonfinancial public sector.
2/ Includes inventories.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Meera Louis

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

https://www.imf.org/en/News/Articles/2025/03/19/pr25069-el-salvador-imf-executive-board-concludes-2023-article-iv-consultation-with-el-salvador

MIL OSI

MIL OSI Russia News –

March 20, 2025

MIL-OSI: Stack Capital Group Inc. Announces Supplemental Listing of Warrants

Source: GlobeNewswire (MIL-OSI)

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

TORONTO, March 19, 2025 (GLOBE NEWSWIRE) — Stack Capital Group Inc. (“Stack Capital” or the “Company”) (TSX: STCK) is pleased to announce that the Toronto Stock Exchange (the “TSX”) has accepted for listing 757,948 common share purchase warrants of the Company (the “Warrants”). The Warrants were previously issued on a private placement basis, in two tranches, as part of the issuance of a total of 1,515,908 units of Stack Capital, each unit consisting of one common share and one-half of one Warrant, which closed on October 30, 2024, and November 22, 2024.

The TSX has advised that the Warrants (CUSIP 85236X153; ISIN CA85236X1539) will be listed for trading on the TSX under the symbol “STCK.WT.A” effective at market open on Monday, March 24, 2025. Each Warrant is exercisable to acquire one common share of Stack Capital (a “Warrant Share”) at any time prior to 4:00 p.m. (Toronto, Ontario time) on October 30, 2027, at an exercise price of $11.00 per Warrant Share, subject to adjustment in certain events. The Warrants were issued pursuant to a warrant indenture dated October 30, 2024, between Stack Capital and Computershare Trust Company of Canada, as warrant agent (the “Warrant Indenture”). A copy of the Warrant Indenture can be found on Stack Capital’s profile on www.sedarplus.ca.

No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of Stack Capital in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered, sold or delivered, directly or indirectly, within the United States, its possessions and other areas subject to its jurisdiction or for the account or for the benefit of U.S. Persons (as defined under applicable securities laws) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

About Stack Capital

Stack Capital is an investment holding company and its business objective is to invest in equity, debt and/or other securities of growth-to-late-stage private businesses. Through Stack Capital, shareholders have the opportunity to gain exposure to the diversified private investment portfolio; participate in the private market; and have liquidity due to the listing of the Common Shares on the TSX. At the same time, the public structure also allows Stack Capital to focus its efforts on maximizing long-term performance through a portfolio of high growth businesses, which are not widely available to most Canadian investors. SC Partners Ltd. has taken the initiative in creating Stack Capital and acts as Stack Capital’s administrator and is responsible to source and advise with respect to all investments for Stack Capital.

For more information, please visit our website at www.stackcapitalgroup.com or contact:
Brian Viveiros
VP, Corporate Development, and Investor Relations
647.280.3307
brian@stackcapitalgroup.com

The MIL Network –

March 20, 2025

Category: Business

One Single Action in an Ocean of Everything

A Quiet Language

The Walking Track

Meeting future demand

Building renewable generation

Cradle-to-grave analyses

What is the nocebo effect?

How is this relevant today?

How do nocebo effects develop?

The effects can be serious

What can we do about it?

Unique challenges and the burden of responsibility

The psychological toll

Caring for a parent – a role reversal

How we can better support young dementia carers

How Canadians have rallied against Trump

The importance of national identity

UK Tech Secretary to bang the drum for closer AI partnership with the US

Share this page

Updates to this page

What has the council been doing to reduce flood risk in Auckland?

Why has the amount of funding allocated to these projects changed?

What is the process for delivering the blue green projects?

What stage is each project at?

What are the current priorities for development?

How does Wairau Valley fit into the overall plan?

What else is being done to reduce flooding in blue-green areas in the meantime?

What are the plans for the vacant land once Category 3 houses are cleared?

March 19, 2025

Note to editors

Background

IMF Communications Department

MEDIA RELATIONS