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  • MIL-Evening Report: Woolly mice are cute and impressive – but they won’t bring back mammoths or save endangered species

    Source: The Conversation (Au and NZ) – By Emily Roycroft, Research Group Leader & ARC DECRA Fellow, Monash University

    Colossal Biosciences

    US company Colossal Biosciences has announced the creation of a “woolly mouse” — a laboratory mouse with a series of genetic modifications that lead to a woolly coat. The company claims this is the first step toward “de-extincting” the woolly mammoth.

    The successful genetic modification of a laboratory mouse is a testament to the progress science has made in understanding gene function, developmental biology and genome editing. But does a woolly mouse really teach us anything about the woolly mammoth?

    What has been genetically modified?

    Woolly mammoths were cold-adapted members of the elephant family, which disappeared from mainland Siberia at the end of the last Ice Age around 10,000 years ago. The last surviving population, on Wrangel Island in the Arctic Ocean, went extinct about 4,000 years ago.

    The house mouse (Mus musculus) is a far more familiar creature, which most of us know as a kitchen pest. It is also one of the most studied organisms in biology and medical research. We know more about this laboratory mouse than perhaps any other mammal besides humans.

    Colossal details its new research in a pre-print paper, which has not yet been peer-reviewed. According to the paper, the researchers disrupted the normal function of seven different genes in laboratory mice via gene editing.

    By tinkering with different genes, researchers produced mice with different kinds of fur.
    Colossal Biosciences

    Six of these genes were targeted because a large body of existing research on the mouse model had already demonstrated their roles in hair-related traits, such as coat colour, texture and thickness.

    The modifications in a seventh gene — FABP2 — was based on evidence from the woolly mammoth genome. The gene is involved in the transport of fats in the body.

    Woolly mammoths had a slightly shorter version of the gene, which the researchers believe may have contributed to its adaptation to life in cold climates. However, the “woolly mice” with the mammoth-style variant of FABP2 did not show significant differences in body mass compared to regular lab mice.

    What would it mean to de-extinct a species?

    This work shows the promise of targeted editing of genes of known function in mice. After further testing, this technology may have a future place in conservation efforts. But it’s a long way from holding promise for de-extinction.

    Colossal Biosciences claims it is on track to produce a genetically modified “mammoth-like” elephant by 2028, but what makes a mammoth unique is more than skin-deep.

    De-extinction would need to go beyond modifying an existing species to show superficial traits from an extinct relative. Many aspects of an extinct species’ biology remain unknown. A woolly coat is one thing. Recreating the entire suite of adaptations, including genetic, epigenetic and behavioural traits that allowed mammoths to thrive in ice age environments, is another.

    Prehistoric drawings of an ibex (left) and a mammoth (right) found at Rouffignac cave in France.
    Cave Painter / Wikimedia

    Unlike the thylacine (or Tasmanian tiger) — another species Colossal aims to resurrect — the mammoth has a close living relative in the modern Asian elephant. The closer connections between the genomes of these two species may make mammoth de-extinction more technically feasible than that of the thylacine.

    But whether or not a woolly mouse brings us any closer to that prospect, this story forces us to consider some important ethical questions. Even if we could bring back the woolly mammoth, should we? Is the motivation behind this effort conservation, or entertainment? Is it ethical to bring a species back into an environment that may no longer sustain it?

    Focus on conserving what remains

    In Australia alone, we’ve lost at least 100 species to extinction since European colonisation in 1788, largely due the introduction of feral predators and land clearing.

    The idea of reversing extinction is understandably appealing. We might like to think we could undo the past.

    According to Colossal’s website,

    Extinction is a colossal problem facing the world. And Colossal is the company that’s going to fix it.

    It’s hard to argue with the first part of that. But focusing on bringing back extinct species distracts from a more urgent reality: species are going extinct right now, and we are not doing enough to save them.

    We should first focus on promises to save surviving species, rather than promises to bring back the dead.

    With more investment in threatened species monitoring, new pest control methods, and conservation genetic management, we can turn the tide of extinction and secure the future for species that remain.

    There’s a long list of threatened species that are still alive now. With the right funding and conservation attention, we can do something to save them before it’s too late.

    Emily Roycroft receives funding from the Australian Research Council, the L’Oréal-UNESCO For Women in Science Programme, and the Australian Academy of Science.

    – ref. Woolly mice are cute and impressive – but they won’t bring back mammoths or save endangered species – https://theconversation.com/woolly-mice-are-cute-and-impressive-but-they-wont-bring-back-mammoths-or-save-endangered-species-251595

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Active transport boost for Western Australia

    Source: Australian Ministers 1

    Cyclists and pedestrians across Western Australia will have more opportunities to walk, cycle and actively move through their communities thanks to support from the Albanese Government.  

    More than $15 million will be invested under the Active Transport Fund in 12 new projects across the state to build or upgrade existing bicycle and walking paths. 

    City of Canning will receive more than $1.1 million, for a new path and another upgraded path to increase active connectivity between METRONET’s Elevated Rail Project and the Canning River Regional Park through the Canning City Centre. 

    The improved facilities will benefit local students at Cannington Community College, Sevenoaks College and St Norbert College as well as people visiting Cannington Leisureplex.

    More than $4.8 million will be provide to the City of Mandurah to build the 3.9km Falcon Coastal Shared Path project stretching along the entire Falcon Coast, linking existing coastal paths in Wannanup to the south and Halls Head to the north.

    The Town of Cottesloe, on Perth’s southern beaches, will receive more than $4.1 million to widen and upgrade four kilometres of the pathway along Marine Parade between Curtin Avenue and North Street.

    Other projects receiving funding include:

    • The Shire of Cunderdin, north east of Perth, which will have more than $852,000 to design and build new footpaths along Togo Avenue, Watts Avenue, Hodgson Street and Yilgarn Avenue, about 3.25 kilometres long and 1.8 metres wide.
    • The City of Karratha, up north in the Pilbara, to receive $774,000 to build 1.3 kilometres of path linking Bathgate and Dampier Road to connect to the shopping centre.
    • The Shire of Nannup, on the south west tip of WA, will have more than $611,000 to build two 2.5-metre-wide shared paths, separated by Vasse Highway, known as the Southern Bridges Shared Path.

    Safe and accessible active transport options promote net zero-emissions travel, social connection and healthy choices, making our cities and regions more vibrant.

    This program supports the government’s commitment to invest in infrastructure planning, design and construction that improves safety outcomes for vulnerable road users under the National Road and Safety Strategy 2021-2030.

    For more information visit Active Transport Fund | Infrastructure Investment Program.  

    Quotes attributable to Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:

    “Whether you’re on a motor scooter, pushing a pram, walking or cycling, we’re making it easier for people to get to school, work or local services, without having to jump in the car. 

    “This is about so much more than bike lanes and footpaths, it’s about reshaping our cities and regional centres, connecting our everyday places, and making our towns better to live in and easier to visit.”

    Quotes attributable to Member for Perth Patrick Gorman: 

    “I love cycling and my kids love their scooters. I am proud to be part of an Albanese Government that is making our communities healthier and more liveable. 

    “There are so many benefits that come from people traveling by using physical activity.

    “Perth is an active city, and I welcome this national investment in our local our communities.”

    Quotes attributable to Member for Swan Zaneta Mascarenhas: 

    “By linking METRONET’s with the Canning River Regional Park, we’re creating a safe and convenient pathway for walking, cycling, and enjoying our local environment.

    “This $1.1 million investment is about making it easier for our community to stay active and connected. It will be safer for kids getting to school, for commuters, and people accessing Cannington Leisureplex.” 

    MIL OSI News –

  • MIL-OSI Economics: Money Market Operations as on March 05, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,33,909.03 5.94 5.00-6.87
         I. Call Money 13,251.02 6.23 5.25-6.40
         II. Triparty Repo 3,43,188.10 5.90 5.65-6.87
         III. Market Repo 1,75,708.01 6.00 5.00-6.25
         IV. Repo in Corporate Bond 1,761.90 6.24 6.15-6.35
    B. Term Segment      
         I. Notice Money** 145.75 6.16 5.95-6.25
         II. Term Money@@ 247.00 – 6.25-7.25
         III. Triparty Repo 1,035.50 6.02 5.90-6.20
         IV. Market Repo 1,055.00 6.60 6.60-6.60
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Wed, 05/03/2025 1 Thu, 06/03/2025 5,089.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Wed, 05/03/2025 1 Thu, 06/03/2025 189.00 6.50
    4. SDFΔ# Wed, 05/03/2025 1 Thu, 06/03/2025 1,83,358.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,78,080.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 21/02/2025 14 Fri, 07/03/2025 41,046.00 6.26
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Fri, 21/02/2025 45 Mon, 07/04/2025 57,951.00 6.26
      Fri, 14/02/2025 49 Fri, 04/04/2025 75,003.00 6.28
      Fri, 07/02/2025 56 Fri, 04/04/2025 50,010.00 6.31
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,546.88  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     2,32,556.88  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     54,476.88  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on March 05, 2025 9,04,929.46  
         (ii) Average daily cash reserve requirement for the fortnight ending March 07, 2025 9,22,740.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ March 05, 2025 5,089.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on February 07, 2025 -1,973.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2024-2025/2013 dated January 27, 2025, Press Release No. 2024-2025/2138 dated February 12, 2025, and Press Release No. 2024-2025/2209 dated February 20, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2307

    MIL OSI Economics –

  • MIL-OSI Economics: Payments System Board Update: March 2025 Meeting

    Source: Reserve Bank of Australia

    At its meeting today, the Payments System Board discussed a number of issues, including:

    • CHESS batch failure incident. Members discussed the issues that contributed to the CHESS batch failure incident on 20 December 2024. The Board viewed the disruption this caused to clearing and settlement of cash equities as a major operational incident. As the RBA had highlighted for some time that ASX’s aging assets, including CHESS, were raising the risk of operational disruptions to critical financial infrastructure, members viewed the incident as deeply disappointing and resolved to take regulatory interventions to provide assurance that the ASX addresses related risks as a matter of priority. Further details on the RBA’s regulatory response to the incident will be published by the end of March.
    • Developments in the account-to-account payments system. The Board discussed the risks associated with the Australian payments industry’s intended decommissioning of the Bulk Electronic Clearing System (BECS) by a target date of 2030. BECS is currently Australia’s primary system for account-to-account payments – Australians rely on BECS for a wide range of critical payments including welfare, pension, salary and bill payments. The Board endorsed a set of recommendations designed to address the significant risks and challenges identified by the RBA.

      • Members agreed that the foundational next steps for industry should include: defining a vision for the target future state and strategic objectives for account-to-account payments in Australia, in collaboration with the Government and the RBA; comprehensive consideration of options for achieving that target future state; and establishing appropriate mechanisms for coordination and stakeholder engagement. A report detailing the findings and recommendations of the RBA’s risk assessment will be published later in March. Members requested an update on industry’s progress in implementing the recommendations in a year’s time.

      Members also discussed end-user costs for account-to-account payments in Australia, which highlighted potential impediments that end-users would face if they had to migrate away from BECS. Members agreed that greater pricing transparency was required from providers of these services to end-users. They expressed support for the RBA establishing a robust pricing data collection to support future policy deliberations.

    • Review of Retail Payments Regulation. The Board considered the arguments for and against various policy options on merchant card payment costs and surcharging, informed by a wide range of views from stakeholder submissions. The Board is actively exploring options to promote the public interest by supporting safety, competition and efficiency in the payments system. Members agreed to release a consultation paper in mid-2025 that will outline the Board’s preferred policy options and seek further feedback.
    • International and domestic work on central bank digital currencies. Members discussed the ongoing program of international and domestic research on CBDCs. Domestically, the RBA has a collaborative research project underway, Project Acacia, which is investigating how innovations in wholesale digital money could support tokenised asset settlement. The project team is currently reviewing expressions of interest from industry participants wanting to collaborate in the testing of settlement models as part of the applied research phase taking place this year. An Industry Advisory Group has also recently been launched to support the project. Members also discussed the Bank’s plans to use focus groups to explore whether there are unmet payment needs that could be satisfied with a retail CBDC in Australia. This work is expected to take place in the second half of the year.

    MIL OSI Economics –

  • MIL-OSI China: World’s tallest bridge in Guizhou nearing completion

    Source: China State Council Information Office 2

    An aerial panoramic drone photo shows a view of the Huajiang Grand Canyon Bridge in southwest China’s Guizhou, Jan. 14, 2025. [Photo/Xinhua]
    The Huajiang Grand Canyon Bridge in Guizhou province, set to become the world’s tallest bridge, is 95 percent complete, with installation of the bridge deck panels expected to finish by mid-March, a deputy to China’s top legislature said during the ongoing two sessions.
    Zhang Shenglin, a deputy to the 14th National People’s Congress, said the bridge’s main structure was completed in January, and engineers have overcome key technical challenges. The focus has now shifted to installing the deck, followed by anti-corrosion work on the main cables and infrastructure projects such as mechanical and electrical equipment.
    “When the bridge opens in the second half of 2025, this super project spanning the ‘Earth’s crack’ will showcase China’s engineering capabilities and boost Guizhou’s goal of becoming a world-class tourist destination,” said Zhang, who is also chief engineer of Guizhou Highway Engineering Group Co.
    The bridge’s main span stretches 1,420 meters, with a height of 625 meters from deck to water — comparable to a 200-story building — surpassing the 565-meter-high Beipanjiang Bridge as the world’s tallest.
    It is also the world’s longest span bridge to be built in a mountainous area.
    “Its steel trusses weigh about 22,000 metric tons — the equivalent of three Eiffel Towers — and were installed in just two months,” said Zhang.
    The bridge connects Liuzhi to Anlong and is a key link in southwestern China’s highway network. Once operational, it will cut cross-river travel time from about two hours to just two minutes.
    Beyond transportation benefits, Zhang said the bridge is expected to boost the local economy by promoting sales of agricultural products and ethnic handicrafts, as well as encouraging development of homestays and restaurants. At a nearby village, more than 100 young people have returned to their hometown to invest in tourism projects such as cliff hotels and camping sites, she said.
    The Guizhou Transportation Investment Group, responsible for the bridge’s “integrated development of bridge and tourism” program, said it is seeking investment from companies and individuals.
    The project includes the Yundu service center, a commercial complex spanning 21,100 square meters with dining, shopping, entertainment and tourism facilities. The development plan features 13 subcategories, including sightseeing suspension bridges, canyon cable cars, rock climbing, food markets, cultural products, resort hotels, holiday campsites and sky cafes, the company said.

    MIL OSI China News –

  • MIL-OSI China: Announcement on Government Bond Transactions No.2 [2025]

    Source: Peoples Bank of China

    Announcement on Government Bond Transactions No.2 [2025]

    (Open Market Operations Office, February 28, 2025)

    The People’s Bank of China (PBOC) did not purchase or sell government bonds on the open market in February 2025.

    Date of last update Nov. 29 2018

    2025年03月06日

    MIL OSI China News –

  • MIL-OSI Russia: NSU Graduates Create a “Smart Mirror”

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    The Telegram bot “Smart Mirror” appeared a month ago. The application is available to any user of this messenger. The author of the product is a specialist of the NSU Startup Studio and deputy director of the company “Save Technologies” Ksenia Ivanova. Now students of the Institute of Intelligent Robotics of NSU have joined the development as part of their course on project activities.

    This TG application can also be used as a regular mirror if you don’t have one at hand, but need to fix your hair or refresh your makeup. However, its capabilities are not limited to this, because this is not a simple mirror, but a “smart” one.

    So far, the Telegram bot can identify several skin conditions. It estimates the percentage of how healthy your skin is and can recognize signs of several problems. Such as acne, psoriasis, eczema, warts, ringworm. If it determines the skin is healthy, it will advise you to continue your current care and use sunscreen. If the Smart Mirror suspects any abnormalities in your skin condition, it will advise you to see a specialist for a more detailed diagnosis or problem determination, and then for treatment.

    — During the joint work of the NSU Startup Studio with a company producing non-medical skin care products on another project, we came up with the idea of such an application, but we did not intend to sell it, since the problem solved by the mirror has great social significance. We are developing it for two reasons: we see a serious problem in the market, when women cannot decide which products to use, which of them are effective and whether they help over time.

    We found a suitable dataset and models of skin conditions in the public domain, on the basis of which we trained our application to recognize skin conditions. We used the open model yolo8 as a basis for recognition and mediapipe as an auxiliary library. It is important that the model is trained on a dataset of diseases, for us this is a good social start, but then we will enrich it with those problems that everyone may have, – said Ksenia Ivanova.

    The “Smart Mirror” works simply: the user opens the application in Telegram, grants it access to the camera of their smartphone, slowly turns their face in front of the display, on which the answer appears after a few minutes. You can also use the application via a computer, but due to the quality of the camera, a smartphone is still preferable. It is important that there is sufficient lighting, it is best to sit opposite the light source.

    The developers recommend using the Smart Mirror in the morning – after using your daily skin care products, but before applying makeup – through it, the Smart Mirror will not see the real state of your skin and can determine it as healthy with a high degree of probability, without noticing any problematic conditions, if they exist, but are hidden under a layer of foundation and powder.

    The Smart Mirror launched a month ago, but its creators have already received a lot of positive feedback about their application. Many found it interesting and useful. But the developers are not going to stop there.

    — So far, we have presented the beta version of our application to users so that they can get to know it and learn how it works. We want our Smart Mirror to be in demand, so we have developed a plan for the further development of our project and want to teach our application a lot more. For example, to remind about the need to remove makeup before skin monitoring. We will also expand the list of unhealthy skin conditions that the Smart Mirror will be able to recognize, for example, we will definitely include such a skin problem as rosacea. We will also introduce recommendations for skin care – both healthy and problematic. Since we are not going to commercialize our project, our chatbot will not recommend any specific brands of skin care products, but will indicate the active ingredients that should be paid attention to when choosing a cream or lotion. We also plan to teach the Smart Mirror to offer users instructions for self-massage of the face and exercises for the elasticity of the skin and facial muscles, — said Ksenia Ivanova.

    According to the developers, the “Smart Mirror” should become a faithful assistant for its users and a guide on the path to maintaining the beauty and health of the skin. To do this, they plan to teach the application to make a high-quality analysis of its condition so that users can evaluate how effective their actions were aimed at skin care and overcoming existing problems.

    — Many women are concerned about such a problem as bags under the eyes. We want to teach our “Smart Mirror” to help solve this problem. The user looks into it in the morning, the application measures the volume of bags under the eyes and gives its recommendations regarding the drinking regime, duration of sleep and other important points in this case. If they are followed, the user can return to the application in the evening, as well as after a few days, to find out whether changes have occurred and how noticeable they were, — explained Ksenia Ivanova.

    The TG application “Smart Mirror” is available at the link: HTTPS: //t. TA/ARMIRRORBOT

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

    MIL OSI Russia News –

  • MIL-OSI USA: Cramer Questions Nominees at EPW Hearing on American Excellence Compared to Global Polluters

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)
    Click here for audio. Click here for video
    WASHINGTON, D.C. – The Senate Environment and Public Works (EPW) Committee held a hearing today to consider the nominations of David Fotouhi to serve as Deputy Administrator of the Environmental Protection Agency (EPA) and Aaron Szabo to serve as Assistant Administrator for the Office of Air and Radiation of the EPA.
    Fotouhi served in the EPA as Acting General Counsel during the first Trump administration. Szabo previously served on the Nuclear Regulatory Commission and the Council on Environmental Quality. 
    U.S. Senator Kevin Cramer (R-ND) questioned the witnesses on the difference between the United States’ leadership in emissions compared to the rest of the world. Even as the U.S. grows its economy, manufacturing base, and energy sector, emissions have been reduced. In particular, emissions from the energy sector over the last 20 years have sharply decreased. As Szabo explained in his opening statement, since the enactment of Clean Air Act in 1970, “the United States has made remarkable progress in reducing air pollution. We have seen significant decreases in carbon monoxide, sulfur dioxide, lead, ground level, ozone, particulate matter, and other hazardous air pollutants.”
    [embedded content]
    Cramer asked Szabo and Fotohui about why companies would invest in the U.S. if there is a noncompetitive regulatory environment and how the United States measures up.
    “This isn’t going to be shocking anyone, but we have significantly decreased, both our greenhouse gas and traditional air pollution emissions tremendously, especially over the past 20 years,” said Szabo. “Other countries, such as China, have significantly increased their greenhouse gas emissions as well as their traditionally air pollution emissions over the years. What we are seeing now actually is that international emissions, […] traditional air pollution from China impacts states like California, due to the transport from the Pacific. Generally, if we shut off all greenhouse gas emissions in this country tomorrow, that would not have any real impact with the increases that we’ve seen from other countries around the world, specifically China.”
    “American greenhouse gas emissions have decreased by something like a million tons per year while China’s have increased by something like six to seven million tons per year, completely swamping our hard-earned reductions in greenhouse gas emissions,” responded Fotohui. “So I think, to the extent there needs to be work to be done to address that issue, it needs to be done both domestically and globally.”

    MIL OSI USA News –

  • MIL-OSI USA: Kaine, Britt, Carbajal, Lawler Lead Introduction of Bipartisan, Bicameral Proposal to Make Child Care More Affordable

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine

    WASHINGTON, D.C. – Yesterday, U.S. Senators Tim Kaine (D-VA) and Katie Britt (R-AL) and U.S. Representatives Salud Carbajal (D-CA-24) and Mike Lawler (R-NY-17) introduced the Child Care Availability and Affordability Act and the Child Care Workforce Act—bipartisan, bicameral legislation that form a bold proposal to make child care more affordable and accessible by strengthening existing tax credits to lower child care costs and increase the supply of child care providers. Over the last few decades, the cost of child care has increased by 263%, forcing families to make impossible choices. More than half of all families live in child care deserts. Meanwhile, child care workers are struggling to make ends meet on the poverty-level wages they are paid and child care providers are struggling to simply stay afloat. The crisis—which was exacerbated by the pandemic—is costing our economy, resulting in $122 billion in economic losses each year.

    “The child care crisis is holding our families and economy back. I hear from Virginia parents all the time about how hard it is to find affordable child care, from child care providers who are forced to leave their jobs because of low wages, and from businesses who are having trouble finding the employees they need,” said Kaine. “I’m proud to join my colleagues in introducing this bipartisan legislation, and I hope more of my colleagues will join us in passing this comprehensive proposal to support child care providers, make it easier for families to access the care they need, and boost economic growth by providing parents with the opportunity to get back into the workforce.”

    “We applaud Sens. Britt and Kaine and Reps. Lawler and Carbajal for their bipartisan, bicameral efforts to identify innovative and impactful policy solutions that will increase access to quality child care for America’s working families, bolstering the workforce and economy. These two bills mark a major milestone to begin addressing employer and employee needs, as well as supply-side issues that impact the availability of care,” says Bipartisan Policy Center Action President Michele Stockwell.

    “The Child Care Availability and Affordability Act and the Child Care Workforce Act is forward-thinking legislation that will tackle the child care challenges plaguing too many working parents, employers, and providers,” said First Five Years Fund Executive Director Sarah Rittling. “By refining tax credits and expanding access, this plan will deliver real relief to countless families. We’re grateful to Senators Britt, Kaine, Ernst, and Shaheen for their leadership in finding bipartisan and practical solutions that put working families first.”

    Kaine has long been pushing to expand access to child care. In 2023, he introduced the Child Care Stabilization Act to expand vital child care funding to help providers keep their doors open, and has championed the Child Care for Working Families Act to expand access to child care, raise wages for providers, and lower costs for families by ensuring no family pays more than 7% of their income on child care. He has also introduced bipartisan legislation to develop, administer, and evaluate early childhood education apprenticeships.

    The proposal contains two bills because one proposes changes to existing tax credits, falling under the jurisdiction of the Senate Finance Committee, and the other authorizes a new pilot program, falling under the jurisdiction of the Senate HELP Committee.

    Child Care Availability and Affordability Act

    The Child Care Availability and Affordability Act would make child care more affordable by:

    • Increasing the size of the Child and Dependent Care Tax Credit (CDCTC) and making it refundable, allowing lower income working families with out-of-pocket child care expenses to benefit from the credit for the first time. The proposal substantially expands the maximum CDCTC to $2,500 for families with one child and $4,000 for families with two or more children.
    • Strengthening the Dependent Care Assistance Program (DCAP) to allow families to deduct 50% more in expenses (up to $7,500).
    • Allowing eligible families to benefit from both the DCAP and the CDCTC when their child care expenses exceed the DCAP threshold. This will have big benefits for middle income families who currently do not access the CDCTC but have particularly high child care costs.
    • Radically bolstering the underutilized Employer-Provided Child Care Tax Credit—commonly referred to as 45F—to encourage businesses to provide child care to their employees. The Kaine-Britt plan would increase the maximum credit from $150,000 to $500,000, and the percentage of expenses covered from 25% to 50%. The legislation also includes a larger incentive for small businesses—a maximum credit of $600,000—and allows for joint applications for groups of small businesses who want to pool resources.

    The Child Care Availability and Affordability Act is cosponsored by Senators Joni Ernst (R-IO), Jeanne Shaheen (D-NH), John Curtis (R-UT), Angus King (I-ME), Shelley Moore Capito (R-WV), Kirsten Gillibrand (D-NY), and Susan Collins (R-ME).

    The Child Care Availability and Affordability Act is endorsed by A+ Education Partnership, Abriendo Puertas/Opening Doors, Alabama Arise, Alabama School Readiness Alliance, American Hotel & Lodging Association (AHLA), Arizona Early Childhood Education Association, Big Blue Marble Academy, Bipartisan Policy Center Action (BPCA), Bright Horizons, Business Council of Alabama, Busy Bees North America, Care.com, Chamber of Progress, Chamber RVA, Child Care Aware of America (CCAoA), Child Care Aware of Virginia, Child Development Schools, Children’s Institute, Cincinnati Regional Chamber, Council for Professional Recognition, Early Care & Education Consortium (ECEC), Early Learning Policy Group, LLC, Eastern Shore Chamber of Commerce, Educare Learning Network, First Five Years Fund (FFYF), Gingerbread Kids Academy, Hampton Roads Chamber, Healthy Families America, Healthy Kids Alabama, Independent Restaurant Coalition, Jesuit Conference of the United States, Kaplan Early Learning Company, Kiddie Academy, KinderCare Learning Companies, Learning Care Group, Lightbright Academy, Low Income Investment Fund (LIIF), Manufacture Alabama, Metrix IQ, Mobile Area Education Foundation, Moms First, National Association of Women Business Owners (NAWBO), National Child Care Association (NCCA), North Carolina Licensed Child Care Association, Northern Virginia Chamber of Commerce (NVC), Ohio Association of Child Care Providers, Parents as Teachers National Center, Prevent Child Abuse America, Primrose Schools, Santa Barbara South Cost Chamber of Commerce, Small Business Majority, Small Business Majority, Start Early, Solvang Chamber of Commerce, Teaching Strategies, Texas Licensed Child Care Association, The Nest Schools, Third Way, U.S. Chamber of Commerce, Ventura Chamber of Commerce, Virginia Beach Vision, Virginia Chamber of Commerce, Virginia Early Childhood Foundation (VECF), VOICES for Alabama’s Children, Voices for Virginia’s Kids, and YMCA of the USA.

    Full text of the Child Care Availability and Affordability Act is available here.

    Child Care Workforce Act

    Because many child care providers are forced out of the industry by low wages—which makes it even harder for families to find affordable child care—the Child Care Workforce Act would make it easier to access child care, by establishing a competitive grant program for states, localities, Tribes, and Tribal organizations that are interested in adopting or expanding pay supplement programs for child care workers to increase supply and reduce turnover. Within that program:

    • Grantees would provide supplements, paid out at least quarterly, directly to both home-based and center-based licensed child care providers licensed by the state.
    • There would be a required evaluation of impacts on turnover, quality of child care, availability of affordable childcare, and alleviating the financial burden on child care providers. Model programs exist in Virginia, Nebraska, Oklahoma, Maine, and the District of Columbia, with evaluations demonstrating large effects on the supply of workers, educator turnover, and worker well-being and satisfaction.

    The Child Care Workforce Act is cosponsored by Senators Jeanne Shaheen (D-NH), Angus King (I-ME), and Kirsten Gillibrand (D-NY).

    The Child Care Workforce Act is endorsed by A+ Education Partnership, Abriendo Puertas/Opening Doors, Alabama Arise, Alabama School Readiness Alliance, Arizona Early Childhood Education Association, Big Blue Marble Academy, Bipartisan Policy Center Action (BPCA), Bright Horizons, Business Council of Alabama, Busy Bees North America, Care.com, Chamber of Progress, Chamber RVA, Child Care Aware of America (CCAoA), Child Care Aware of Virginia, Child Development Schools, Children’s Institute, Cincinnati Regional Chamber, Council for Professional Recognition, Early Care & Education Consortium (ECEC), Early Learning Policy Group, LLC, Eastern Shore Chamber of Commerce, Educare Learning Network, First Five Years Fund (FFYF), First Focus Campaign for Children, Gingerbread Kids Academy, Hampton Roads Chamber, Healthy Families America, Healthy Kids Alabama, Independent Restaurant Coalition, Jesuit Conference of the United States, Kaplan Early Learning Company, Kiddie Academy, KinderCare Learning Companies, Learning Care Group, Lightbright Academy, Low Income Investment Fund (LIIF), Manufacture Alabama, Metrix IQ, Mobile Area Education Foundation, Moms First, National Association for Family Child Care (NAFCC), National Association for the Education of Young Children (NAEYC), National Association of Women Business Owners (NAWBO), National Child Care Association (NCCA), National Council of Jewish Women, National Women’s Law Center (NWLC), North Carolina Licensed Child Care Association, Northern Virginia Chamber of Commerce (NVC), Ohio Association of Child Care Providers, Parents as Teachers National Center, Prevent Child Abuse America, Primrose Schools, Santa Barbara South Cost Chamber of Commerce, Small Business Majority, Small Business Majority, Start Early, Teaching Strategies, Texas Licensed Child Care Association, The Nest Schools, Third Way, UVentura Chamber of Commerce, Virginia Beach Vision, Virginia Chamber of Commerce, Virginia Early Childhood Foundation (VECF), VOICES for Alabama’s Children, Voices for Virginia’s Kids, YMCA of the USA, and ZERO TO THREE.

    Full text of the Child Care Workforce Act are available here.

    MIL OSI USA News –

  • MIL-OSI China: China to facilitate private firm financing

    Source: China State Council Information Office

    Li Yunze, head of the National Financial Regulatory Administration of China, gives an interview after the opening meeting of the third session of the 14th National People’s Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 5, 2025. [Photo/Xinhua]

    China will step up efforts to facilitate financing for private enterprises and micro and small enterprises, Li Yunze, head of the National Financial Regulatory Administration, said Wednesday.

    China will increase the supply of credit to private enterprises, and reduce overall financing costs to deliver more benefits to businesses, Li said on the sidelines of the ongoing session of the national legislature.

    Private enterprises account for over 92 percent of all companies in China, and their share in micro and small enterprises is even higher, Li noted.

    In a government work report unveiled Wednesday, China has pledged to refine and develop new structural monetary policy instruments to provide stronger support for private businesses and micro and small enterprises.

    Half a month before the annual sessions of China’s top legislature and political advisory body, China held a high-level symposium on private enterprises, sending a signal of strong support for private businesses.

    As part of its latest efforts to ramp up the growth of the private sector, the country is also advancing the private economy promotion law, in a move to dismantle barriers, unlock the sector’s full potential and create a fairer and more dynamic business environment. 

    MIL OSI China News –

  • MIL-OSI China: US pauses intel sharing with Ukraine: CIA chief

    Source: China State Council Information Office

    U.S. President Donald Trump (2nd L) welcomes Ukrainian President Volodymyr Zelensky (2nd R) at the White House in Washington, D.C., the United States, on Feb. 28, 2025. [Photo/Xinhua]

    The director of the U.S. Central Intelligence Agency said Wednesday that the United States has paused intelligence support to Ukraine, on top of halting weapons shipments to the country that’s still at war with Russia.

    John Ratcliffe, the CIA chief, said in an interview with Fox Business’ Maria Bartiromo that “(U.S. President) Trump had a real question about whether President Zelensky was committed to the peace process, and he said let’s pause.”

    The decision came after a clash between Trump and Ukrainian President Volodymyr Zelensky at the White House on Friday, where Trump demanded gratitude from Zelensky for the aid Washington provided to Kiev. The Ukrainian leader was asked to leave the White House without signing a minerals deal with Trump as originally planned.

    Zelensky has since been trying to mend the relationship with the U.S. administration by efforts including sending a letter to Trump expressing his willingness “to come to the negotiating table as soon as possible to bring lasting peace closer,” Trump said in his address to a joint session of Congress on Tuesday night.

    “I want to give a chance to think about that and you saw the response that President Zelensky put out,” Ratcliffe told Bartiromo on Wednesday. “So I think on the military front and the intelligence front, the pause that allowed that to happen, I think will go away.”

    “And I think we’ll work shoulder to shoulder with Ukraine,” Ratcliffe said in an expression of optimism, adding that Washington and Kiev would work together to “put the world in a better place for these peace negotiations to move forward.”

    MIL OSI China News –

  • MIL-OSI China: Trump grants one-month exemption to 3 automakers from Mexico, Canada tariffs

    Source: China State Council Information Office 3

    The White House said on Wednesday that U.S. President Donald Trump is granting a one-month exemption to three major automakers from the newly imposed 25-percent tariffs on Mexico and Canada.

    “We spoke with the big three auto dealers (makers), we are going to give a one-month exemption on any autos coming through USMCA. Reciprocal tariffs will still go into effect on April 2,” White House Press Secretary Karoline Leavitt told reporters at a press briefing.

    Levitt said Trump has spoken with three companies — Ford, General Motors, and Stellantis — and they made this request. The president agreed to grant them a one-month tariff exemption.

    Bloomberg News reported earlier Wednesday that Trump is exempting automakers from newly imposed tariffs on Mexico and Canada for one month, “as a temporary reprieve following pleas from industry leaders.”

    The United States-Mexico-Canada Agreement (USMCA) is a trade agreement negotiated, signed, and ultimately enacted during Trump’s first term, aimed at replacing the former North American Free Trade Agreement (NAFTA).

    Under the USMCA, auto parts procurement must meet specific rules to qualify for duty-free treatment. These rules are designed to encourage regional production and sourcing within North America. For passenger vehicles and light trucks, at least 75 percent of the vehicle’s value must originate in North America, while the minimum requirement for heavy trucks is 70 percent.

    On Feb. 1, Trump signed an executive order imposing a 25-percent tariff on products imported from Mexico and Canada, with a 10 percent tariff increase on Canadian energy products. On Feb. 3, Trump announced a 30-day delay in implementing the tariffs on both countries and continued negotiations. According to this decision, the relevant tariff measures took effect on March 4.

    Trump on Tuesday night defended his tariff strategy when delivering an address to a joint session of Congress, but acknowledged that such policies will cause “a little disturbance.”

    Nevertheless, economists and observers have expressed deep concerns about the potential impact of tariffs on the U.S. economy.

    The Tax Foundation estimated that, without considering retaliatory measures, Trump’s 25 percent tariffs on Canada and Mexico, which went into effect Tuesday, will reduce long-term GDP by 0.2 percent, reduce hours worked by 223,000 full-time equivalent jobs, and reduce after-tax incomes by an average of 0.6 percent. 

    MIL OSI China News –

  • MIL-OSI Economics: The IMF at Eighty

    Source: International Monetary Fund

    Keynote Speech by Deputy Managing Director Nigel Clarke
    at a Symposium on the Future of International Cooperation on the 80th Anniversary of the End of World War II
    Tokyo, Japan, March 6, 2025 

    March 5, 2025

    (As Prepared for Delivery)

    A very good morning to you all. Kudo-san: thank you so much for those kind words. It is a great pleasure to be here in Japan.

    Dear colleagues, let me begin by relaying Managing Director Kristalina Georgieva’s regret for not being able to be with us today. She was very much looking forward to her trip to Tokyo, and has asked me to share with you her best wishes.

    I would like to start with a deep note of appreciation for our host country: a pillar of regional and global stability, a tireless advocate of trade, a technology leader and innovator, and a nation proudly on the move. For the IMF, Japan is a true partner, always generous in its support for our work. To the people of Japan the IMF says: arigatō goza‑i‑mas—thank you.

    As this conference reflects on the state of the world 80 years after the end of World War Two, let me also salute the post-war rebirth of Japan. Who in 1945 could have imagined the economic miracle that would come—and the transformation of former foes into friends and allies? Living proof that prosperity and friendship can triumph.

    So much of the global progress of the post-war decades was the result of a grand experiment in economic cooperation whose roots traced back to a conference of forty nations at Bretton Woods, New Hampshire in July 1944. The core idea at Bretton Woods was both bold and simple: a system where interests would be secured not only by geopolitical heft, but by mutually beneficial cooperation. This is the core principle behind the creation of the IMF. It is the principle we still serve today.

    After the war, reconstruction progressed rapidly, giving rise to new structures, new jobs, new trade, and new members. In 1952, Japan and West Germany were welcomed into the IMF’s family of nations.

    The Fund played its designated part not so much by financing global reconstruction and development—that was the World Bank’s job—but by supporting financial stability. A system of regular peer review of national economic prospects and policies was transformed from the black ink of Article IV of our founding Treaty to a familiar and appreciated reality.

    And thus were established the three core functions of the IMF:

    • First, our macroeconomic surveillance, which would bring in many newly independent nations starting in the late 1950s, followed by the Russian Federation and all the nations of the former Soviet bloc in the 1990s, such that today it spans almost all countries—a global perspective unique to the Fund.
    • Second, our support for macroeconomic programs to restore economic and financial stability to countries rich and poor alike when in distress, combining agreed policy actions to remedy underlying economic weaknesses with IMF lending and reserve creation—the latter again being a unique capacity bestowed upon the Fund.
    • And third, our support for capacity development, most generously financed from the start by Japan, alongside others.

    Through the many post-war episodes of mistrust and confrontation, the IMF has always remained a place where governance works; where information and knowledge are freely exchanged; where policy lessons from one country are shared for the benefit of many others; where efficiency meets effectiveness; and where members at odds with each other sit at one table and discuss matters calmly. This is the tangible, everyday reality of the Fund.

    Over the years we have, of course, had both successes and failures, but I would argue that the former outnumber the latter. I think for instance of our programs with the UK in 1977, India in 1991, or Brazil in 2002, and indeed of the examples being set today by the former program countries of East Asia and the euro area. Successes, yet each difficult in its own way when crisis raged.

    As finance minister of Jamaica during difficult times, I had the opportunity to see the Fund in action from the other side of the table. It was obvious to me then—as it is now—that the IMF teams had the knowledge, the experience, and the systems. They knew what they were doing.

    At the Fund, one foundational reality is well understood: countries are not companies, and in hard times the hardships of the people must always be addressed. It is the IMF that provides the closest thing sovereign states have to a framework to secure a fresh start. It is a unique and vital function for the world.

    And rarely does the IMF see a quiet moment. Today, as we confront a world of low growth, high prices, and high debt, we are warning countries that there is no room for complacency on inflation; advising them on how best to rebuild their macroeconomic buffers for the new shocks that will inevitably come; and getting more granular in our engagement on policies to lift productivity and create better jobs.

    Colleagues, we are at a new time of great flux for the world economy, with many countries reassessing their approaches, including in the face of structural transformations related to technology, demographics, and energy. Across the globe, voters have voiced anger at high prices and, in some cases, mistrust for an internationalist system they perceive as elitist and exclusionary. A chasm has opened between aspiration and reality—and that, in part, is fueling a challenge to the old system, with all the attendant uncertainty.

    So let me conclude by sharing a few forward-looking thoughts on how, as the world navigates these choppy waters, the Fund can help steady the ship.

    Four points:

    • First, in a tightly interconnected world, stability matters to everybody. Our mandate to promote international monetary cooperation sits at the heart of what we do, and has never mattered more than now, after 80 years of ever-closer integration. Like a fireman who douses a fire in one house and thus saves the neighborhood, when the IMF helps stabilize one country, it helps all others—we know how easily something small can become something big. The Fund is a seasoned repository of knowledge on how to do this, and so we shall remain. Whether it be crisis prevention through surveillance, crisis management through policy advice and lending, or resilience through capacity development, stability will remain our core mission. This means helping countries to design well phased and well communicated plans for budget consolidation; to maintain effective monetary policies to contain inflation; to safeguard external stability; to ensure financial systems are robust; and much more. This is our bread and butter.
    • Second, growth requires stability and stability requires growth. Ultimately, the way to ensure that economies can create jobs for their people and shoulder debt is through robust trend growth. And here I mean growth built on productivity gains and efficient resource allocation, not temporary stimulus. At the IMF, helped by our new Advisory Council on Entrepreneurship and Growth, we intend to identify positive lessons wheresoever they may be, and share them across our membership—while also helping countries harness technological advancement, notably in AI. Smaller government footprints will help in some cases, as will smarter tax regimes, more efficient public spending and better infrastructure, stronger bankruptcy frameworks, simpler and better regulations, more flexible labor markets with strong social safety nets, and deeper, more liquid capital markets, including venture capital. It is a broad and ambitious agenda.
    • Third, stability requires global macroeconomic balance. The IMF’s purposes include not only facilitating the expansion of international trade to contribute to the promotion and maintenance of high levels of employment and real income, but helping ensure that trade growth is balanced. Yet we live in an imbalanced world, with excessive external surpluses for some countries and excessive deficits for others, potentially sowing the seeds of future instability. At the Fund we understand that external imbalances reflect domestic imbalances, with some countries consuming or investing too much and others too little: a challenge calling out for the concerted deployment of the full macroeconomic policy toolkit. These are deep-seated problems, reflecting policy-induced distortions, exchange rates, institutional depth, reserve currencies, demographics, wealth and income levels, technology, culture, history, and more. We will continue to work with our members to lessen the degree of disequilibrium in their international balances of payments.
    • Fourth and last, as the global system reconfigures, agility will be key. Already in recent years, as geoeconomic fragmentation set in, many countries coalesced into groupings of common interest. Now, the trend continues, with an increasing emphasis on regional trade and regional financing arrangements. In a variable-geometry world, the IMF will respond as needed, flexibly, including to serve regional needs and explore ways to strengthen the global financial safety net for the good of all. For 80 years, from the gold standard to flexible exchange rates, from engaging with advanced economies to rescuing emerging markets to supporting low-income countries, the Fund has responded to changing circumstances and evolved with the times. We will preserve this tradition.

    In these four points I am offering a vision of an IMF that will remain faithful to, and be guided by, its core purposes as laid out in our 191‑nation Articles of Agreement—yet will be nimble, responding to the changing environment as necessary so that we can continue to serve our membership to good effect. So without further ado, let me leave you to reflect, perhaps, on my four themes—stability, growth, balance, and agility—and how they can fit together to shape a Fund for our changing times.

    I look forward to hearing your discussions today—and will be particularly interested in hearing your thoughts on Japan’s role in this new world as a champion of regional and global economic cooperation.

    Thank you

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER:

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

    MIL OSI Economics –

  • MIL-OSI Russia: The IMF at Eighty

    Source: IMF – News in Russian

    Keynote Speech by Deputy Managing Director Nigel Clarke
    at a Symposium on the Future of International Cooperation on the 80th Anniversary of the End of World War II
    Tokyo, Japan, March 6, 2025 

    March 5, 2025

    (As Prepared for Delivery)

    A very good morning to you all. Kudo-san: thank you so much for those kind words. It is a great pleasure to be here in Japan.

    Dear colleagues, let me begin by relaying Managing Director Kristalina Georgieva’s regret for not being able to be with us today. She was very much looking forward to her trip to Tokyo, and has asked me to share with you her best wishes.

    I would like to start with a deep note of appreciation for our host country: a pillar of regional and global stability, a tireless advocate of trade, a technology leader and innovator, and a nation proudly on the move. For the IMF, Japan is a true partner, always generous in its support for our work. To the people of Japan the IMF says: arigatō goza‑i‑mas—thank you.

    As this conference reflects on the state of the world 80 years after the end of World War Two, let me also salute the post-war rebirth of Japan. Who in 1945 could have imagined the economic miracle that would come—and the transformation of former foes into friends and allies? Living proof that prosperity and friendship can triumph.

    So much of the global progress of the post-war decades was the result of a grand experiment in economic cooperation whose roots traced back to a conference of forty nations at Bretton Woods, New Hampshire in July 1944. The core idea at Bretton Woods was both bold and simple: a system where interests would be secured not only by geopolitical heft, but by mutually beneficial cooperation. This is the core principle behind the creation of the IMF. It is the principle we still serve today.

    After the war, reconstruction progressed rapidly, giving rise to new structures, new jobs, new trade, and new members. In 1952, Japan and West Germany were welcomed into the IMF’s family of nations.

    The Fund played its designated part not so much by financing global reconstruction and development—that was the World Bank’s job—but by supporting financial stability. A system of regular peer review of national economic prospects and policies was transformed from the black ink of Article IV of our founding Treaty to a familiar and appreciated reality.

    And thus were established the three core functions of the IMF:

    • First, our macroeconomic surveillance, which would bring in many newly independent nations starting in the late 1950s, followed by the Russian Federation and all the nations of the former Soviet bloc in the 1990s, such that today it spans almost all countries—a global perspective unique to the Fund.
    • Second, our support for macroeconomic programs to restore economic and financial stability to countries rich and poor alike when in distress, combining agreed policy actions to remedy underlying economic weaknesses with IMF lending and reserve creation—the latter again being a unique capacity bestowed upon the Fund.
    • And third, our support for capacity development, most generously financed from the start by Japan, alongside others.

    Through the many post-war episodes of mistrust and confrontation, the IMF has always remained a place where governance works; where information and knowledge are freely exchanged; where policy lessons from one country are shared for the benefit of many others; where efficiency meets effectiveness; and where members at odds with each other sit at one table and discuss matters calmly. This is the tangible, everyday reality of the Fund.

    Over the years we have, of course, had both successes and failures, but I would argue that the former outnumber the latter. I think for instance of our programs with the UK in 1977, India in 1991, or Brazil in 2002, and indeed of the examples being set today by the former program countries of East Asia and the euro area. Successes, yet each difficult in its own way when crisis raged.

    As finance minister of Jamaica during difficult times, I had the opportunity to see the Fund in action from the other side of the table. It was obvious to me then—as it is now—that the IMF teams had the knowledge, the experience, and the systems. They knew what they were doing.

    At the Fund, one foundational reality is well understood: countries are not companies, and in hard times the hardships of the people must always be addressed. It is the IMF that provides the closest thing sovereign states have to a framework to secure a fresh start. It is a unique and vital function for the world.

    And rarely does the IMF see a quiet moment. Today, as we confront a world of low growth, high prices, and high debt, we are warning countries that there is no room for complacency on inflation; advising them on how best to rebuild their macroeconomic buffers for the new shocks that will inevitably come; and getting more granular in our engagement on policies to lift productivity and create better jobs.

    Colleagues, we are at a new time of great flux for the world economy, with many countries reassessing their approaches, including in the face of structural transformations related to technology, demographics, and energy. Across the globe, voters have voiced anger at high prices and, in some cases, mistrust for an internationalist system they perceive as elitist and exclusionary. A chasm has opened between aspiration and reality—and that, in part, is fueling a challenge to the old system, with all the attendant uncertainty.

    So let me conclude by sharing a few forward-looking thoughts on how, as the world navigates these choppy waters, the Fund can help steady the ship.

    Four points:

    • First, in a tightly interconnected world, stability matters to everybody. Our mandate to promote international monetary cooperation sits at the heart of what we do, and has never mattered more than now, after 80 years of ever-closer integration. Like a fireman who douses a fire in one house and thus saves the neighborhood, when the IMF helps stabilize one country, it helps all others—we know how easily something small can become something big. The Fund is a seasoned repository of knowledge on how to do this, and so we shall remain. Whether it be crisis prevention through surveillance, crisis management through policy advice and lending, or resilience through capacity development, stability will remain our core mission. This means helping countries to design well phased and well communicated plans for budget consolidation; to maintain effective monetary policies to contain inflation; to safeguard external stability; to ensure financial systems are robust; and much more. This is our bread and butter.
    • Second, growth requires stability and stability requires growth. Ultimately, the way to ensure that economies can create jobs for their people and shoulder debt is through robust trend growth. And here I mean growth built on productivity gains and efficient resource allocation, not temporary stimulus. At the IMF, helped by our new Advisory Council on Entrepreneurship and Growth, we intend to identify positive lessons wheresoever they may be, and share them across our membership—while also helping countries harness technological advancement, notably in AI. Smaller government footprints will help in some cases, as will smarter tax regimes, more efficient public spending and better infrastructure, stronger bankruptcy frameworks, simpler and better regulations, more flexible labor markets with strong social safety nets, and deeper, more liquid capital markets, including venture capital. It is a broad and ambitious agenda.
    • Third, stability requires global macroeconomic balance. The IMF’s purposes include not only facilitating the expansion of international trade to contribute to the promotion and maintenance of high levels of employment and real income, but helping ensure that trade growth is balanced. Yet we live in an imbalanced world, with excessive external surpluses for some countries and excessive deficits for others, potentially sowing the seeds of future instability. At the Fund we understand that external imbalances reflect domestic imbalances, with some countries consuming or investing too much and others too little: a challenge calling out for the concerted deployment of the full macroeconomic policy toolkit. These are deep-seated problems, reflecting policy-induced distortions, exchange rates, institutional depth, reserve currencies, demographics, wealth and income levels, technology, culture, history, and more. We will continue to work with our members to lessen the degree of disequilibrium in their international balances of payments.
    • Fourth and last, as the global system reconfigures, agility will be key. Already in recent years, as geoeconomic fragmentation set in, many countries coalesced into groupings of common interest. Now, the trend continues, with an increasing emphasis on regional trade and regional financing arrangements. In a variable-geometry world, the IMF will respond as needed, flexibly, including to serve regional needs and explore ways to strengthen the global financial safety net for the good of all. For 80 years, from the gold standard to flexible exchange rates, from engaging with advanced economies to rescuing emerging markets to supporting low-income countries, the Fund has responded to changing circumstances and evolved with the times. We will preserve this tradition.

    In these four points I am offering a vision of an IMF that will remain faithful to, and be guided by, its core purposes as laid out in our 191‑nation Articles of Agreement—yet will be nimble, responding to the changing environment as necessary so that we can continue to serve our membership to good effect. So without further ado, let me leave you to reflect, perhaps, on my four themes—stability, growth, balance, and agility—and how they can fit together to shape a Fund for our changing times.

    I look forward to hearing your discussions today—and will be particularly interested in hearing your thoughts on Japan’s role in this new world as a champion of regional and global economic cooperation.

    Thank you

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER:

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

    https://www.imf.org/en/News/Articles/2025/03/05/sp030625-dmd-imfat80

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Australia: Australian Deputy PM: Press Conference – Melton

    Source: Minister of Infrastructure

    SAM RAE [FEDERAL MEMBER FOR HAWKE]: …We’re here in the seat of Hawk. I am Sam Rae, the Federal member for Hawke. I’m very happy to be here today. I’m joined by two wonderful ministers, the Federal Minister for Infrastructure, Minister Catherine King and the state minister, Minister Gabrielle Williams. And as you can see, I have a whole host of colleagues from both local government, state government and federal Labor with us here as well. And I’m going to run through – I’m going to look over my shoulder while I do it so I don’t miss anybody. We’ve got the Member for Melton, Steve McGhie here. We have Melton Mayor Steve Abboushi. We have Dr Phillip Zader from LeadWest. We have Brendan O’Connor, the Member for Gorton, a long standing member for Gorton. We have Alice Jordan-Baird, our fantastic new candidate for Gorton. And as I said, the two ministers who are here with us today, we’ve got a very exciting announcement about the Western Freeway. We stood here on the Western Freeway just before the last election. I stood here with Minister King, and we announced that the Labor government, state and federal, would work together to get a business case done to upgrade the Western freeway. And today is a very exciting announcement, building upon that, the delivery of that business case just before Christmas. So hand over to Minister King, great. Thanks so much.

    CATHERINE KING [MINISTER]: Thanks so much, Sam. And it’s terrific to be here with state and local government colleagues, because really, this is a partnership about how we actually get good infrastructure in place for our growing suburbs, and this is a terrific announcement today that we’re making alongside the Victorian Government. This is one of the busiest highways in the state. It is an incredibly important freight route. I live down the other end, down Ballarat end, and used to represent the people of Stawell. Sam and Alice and Brendan and Steve all live around this part of the world, and they know we’ve seen significant growth. There are thousands of people traveling on this road every single day, and the road hasn’t quite kept up with the amount of housing development that we’ve seen in this area. So today, we’re announcing $1.1 billion from the federal government, a decision of government to invest in the Western Highway, in particular, the billion dollars will go towards the Melton and Caroline Springs area, where we know there has been significant growth and there needs to be upgrades in order to keep up with the amount of housing than the amount of people using this road, that work has been underway. As Sam said, the business case has been completed. We needed to make sure we had a good understanding of what are the things that you can do to improve this corridor. $100 million is to go down to the other end of the highway, down to Brewery Tap Road, and there’s also work to be done on additional bridges. This brings the Commonwealth’s total investment in the Western Freeway, Western Highway, to just over $2 billion. We know how important this road is from a freight and logistics point of view, but we also know how important it is to be able to get people to work. I think all of us here use this road on a regular basis. We know what happens from 6am to 9:30am in the morning and when people are trying to get home, that tail back, getting back into Melton in particular, but the Rock Bank area, this is a significant and serious investment from the Albanese Labor Government to make sure we improve these corridors. I do want to particularly welcome both LeadWest and the Melton Council here today, who have been advocating alongside our state and federal members, Sam, Brendan and Steve as well, to advocate for this road project. And I’ll hand over to Gab for a minute, and then I think the mayor will say a few words, and then we’ll take some questions. Thanks, Gab.

    GABRIELLE WILLIAMS [STATE MINISTER FOR TRANSPORT INFRASTRUCTURE]: Thank you. Thanks, minister, and thank you for being here to make what is a wonderful announcement. And can I say how great it is for us as the Allan Labor government to have a partner in Canberra that has been something that has been missing in Victoria for the best part of 10 years. Victorians have been short changed to the tune of billions by successive Liberal National Coalition Governments, and finally, with the Albanese Government, we have a partner, a partner willing to work with us, willing to invest with us on the projects that matter most to Victorians. So, the $1.1 billion announced today is a very welcome investment in one of Melbourne’s fastest growing areas. People love living in the west, that’s the reality, and the population growth shows that. But as Minister King has outlined, we need to make sure that the surrounding infrastructure also keeps pace with that growth, and that we’re investing where it’s most needed, in our community, and out here in the west is a perfect example of that. Minister King also outlined that this has been a partnership with the state government for some time in doing that essential planning work to make sure that we understand where the priorities and the needs are along what is a very long stretch of road in the Western Highway all the way to Adelaide, and making sure that we can deliver the greatest value where it’s needed most. That work has allowed us now, with a funding commitment from the Commonwealth, to then fine tune and determine exactly what that will look like. Now that we’ve got the dollars attached, we can go back to that business case and look at the options that have been put forward in that and start to select our solutions and get moving, most importantly, on the project to deliver the congestion busting solutions that we know this project will deliver, making life easier for people in Melbourne’s west making that commute much easier, and basically catering to the growth that we know is taking place out here in Melbourne’s western suburbs. Can I also thank the many representatives we have here across local and state and federal governments, as well as LeadWest, we have an incredible team of advocates here in Melbourne’s west, those who live in their suburbs, they know their suburbs, and they know and understand the needs. And again, can I say a big thank you to the federal government for partnering with us, for being a part of the solution to being able to meet the growth in Melbourne’s outer suburbs, and for finally giving Victoria its fair share of infrastructure funding. Steve 

    STEVE ABBOUSHI [MAYOR OF MELTON]: Council is very thankful for the recent announcement for the $1.1 billion upgrade. We – it’s been – formed part of our main advocacy priorities for more than nine to 10 years. And finally, we’re seeing, you know, a western upgrade highway going to mean so much for our community. I’d like to thank the state and federal government for partnering with council. We would – we just had a meeting with residents last week around providing a voice for our community on their concerns to the Western Highway. Last year, we had the business case, and now we’ve got an announcement. So, this is what it means to partner, and this is what happens when you partner. It means that our community will see delivery, we’ll see safety. And we’re very, very thankful for this announcement, and we look forward to hearing more about what it means for our community. Thanks very much. 

    JOURNALIST: I’ve got some questions for Minister Catherine King, please. Can you provide us with a breakdown of the $1.1 billion? 

    CATHERINE KING: …So $1 billion is going on the Melton Caroline Springs area. And Minister Williams might talk a little bit more about the business case. There’s been a number of options put forward as part of the business case, and we’ll now go back and fine tune those, to select the projects, but to do a little bit of work to get there, but we’re not far off. And then there’s $100 million for Brewery Tap Road just as you head into Ballarat. And then there’s also $6.1 million to fix two bridges, one around Dadswell Creek and Dimboola is the other one. Those projects have been in planning for a while. They’re not they’re ready to go. They’ll start this year. And then, obviously, there is also money that is already in the Western Highway corridor. And so there’s a number of projects that will continue. There’s one down at Pykes Creek, and there’s further ones further down along Stawell. And those projects will continue as well. 

    JOURNALIST: And what will it actually improve? Is it like a few barriers or?

    CATHERINE KING: So, there’s a range of things. So obviously there’s some safety work that can be done fairly quickly. So that’s, you know, widening shoulders, looking at the road resurfacing where that needs to happen. But when you’re looking at things like as part of the project, when you’re looking at like, you know, more interchanges, they are a bit more complex and take a bit more time to do. But I might ask Minister Williams to talk about more of the data, sure.

    GABRIELLE WILLIAMS: and look in part, it’s a bit of a process question. So what we do when we partner with the Commonwealth to do the planning for this project is look at where, if you like, the biggest choking points were across the Western Highway, where population growth was, meaning that there was particularly acute points of congestion, and then therefore working out where the priorities were. What engineers tend to do is never come to the table with just one option, but come to the table with multiple different options for each priority site. What we can now do, though, that we have a financial commitment money on the table, is go back and start working through the options that we’ve been provided and ensuring that we’re choosing the best possible ones within our funding envelope, and making sure that we’ve got those priorities right now. So this cash injection of $1.1 billion and now allows us to get going and get shovels in the ground and make sure we’re choosing from those options, the best possible ones to meet the priorities that have been identified through that through that process. So Minister King has outlined where some of those, some of the other funding will go, in terms of Dimboola and Dadswell Bridge, and we will now be hard at work in partnership with the Commonwealth Government to go back to that, that planning that business case and then working out from the options that we’ve been provided, which ones will deliver the best outcomes for our communities out here in Melbourne’s west. 

    JOURNALIST: Sure, about the Brewery Tap Road. 

    GABRIELLE WILLIAMS: Yep, there’s some upgrades going there. 

    JOURNALIST: Can you go into more detail? 

    GABRIELLE WILLIAMS: I’ll tell you what I reckon Minister King is the expert on Brewery Tap Road.

    CATHERINE KING: So when, when, when the Western highway, it’s years ago now. So I’ve been driving this road for a long, long time. So there was always meant to be some treatment down at that Warrenheip section. And we know now that what’s happened there, you’ve got a service station. You’ve got a very old hotel on one side that’s now been closed but still utilised at certain times. You’ve got a school up in Warrenheip as well. You’ve got an industrial precinct. And what’s happening is, increasingly, we’ve got truck traffic using that intersection, crossing over the highway, and it’s really become quite a significant safety concern. We’ll have to work with the Victorian Government about this. Again, engineers have come up with a range of solutions for the particular site, but what we’re committing to as part of the $1.1 billion is $100 million to do both the planning, the early services work, and to really start to get moving, to try and deal with that intersection, which, again, has been, you know, really, one of the projects along the highway that has been needed for quite some time, but hasn’t had, but hasn’t had the funding to actually deliver an upgrade there. And that’s what we’re doing today. 

    JOURNALIST: just on the federal election coming up. Is this an attempt to sort of show up support for the government? 

    CATHERINE KING: Well, can I just remind people what’s happened here is that three years ago, both Labor federally and at the state, we weren’t in government, then came together and said, we know we’ve got a problem here. This isn’t a problem the previous LNP government had identified at all. They completely neglected the west, and in fact, neglected Victoria. When we came, and I’ll just remind people, when we came to office,  I think the investment from the federal government in Victoria was around about $17 billion. This announcement today brings it up to $24 billion. We’ve done that in a term of government. And so what we had three years ago was no one other than the Victorian Government, saying we got some problems here. Can you come and partner with us? So what we’ve done is do the business case, which we want to make sure we understand. How do you fix these problems? These are not new, but they are complex problems when you’ve got a highway of this nature that now is reaching capacity. And so we’ve started this work three years ago. This today, we’re making an announcement as a decision of government. We’re not in an election campaign yet that we are putting $1.1 billion now in to actually get this work progress. That’s what this is about, and a billion dollars will go a long way to addressing many of the problems along the highway that we’ve been working together on for some time now. 

    JOURNALIST: And just one more question for me, how concerned is the government about losing Labor votes in the Melbourne south and west? 

    CATHERINE KING: Well, can I just say that every seat matters. Every seat, whether it’s west, whether it’s in the east, whether it’s in Victoria or right the way across the country. We are very determined that the work that we have done as a country together to get the economy back on track, to make sure that we’re actually getting inflation down. We’re keeping people employed. We’re actually investing in the future. Every single seat matters. Every seat matters. The west matters. The east matters. But I know we have got the best member in Sam Rae. We’ve got the best candidate in Alice. She’s going to make an amazing member for Gorton, following, of course, in the footsteps of the fabulous – my fabulous friend and colleague, Brendan O’Connor, who I will miss dearly, but know is going to go on to wonderful things. We have got terrific advocates here in this community. And the only reason, the only reason this announcement is being made today is because the people behind me care about their communities. They care about the west, and we care about it, too.

    MIL OSI News –

  • MIL-OSI Australia: Press Conference – Melton

    Source: Australian Ministers for Regional Development

    SAM RAE [FEDERAL MEMBER FOR HAWKE]: …We’re here in the seat of Hawk. I am Sam Rae, the Federal member for Hawke. I’m very happy to be here today. I’m joined by two wonderful ministers, the Federal Minister for Infrastructure, Minister Catherine King and the state minister, Minister Gabrielle Williams. And as you can see, I have a whole host of colleagues from both local government, state government and federal Labor with us here as well. And I’m going to run through – I’m going to look over my shoulder while I do it so I don’t miss anybody. We’ve got the Member for Melton, Steve McGhie here. We have Melton Mayor Steve Abboushi. We have Dr Phillip Zader from LeadWest. We have Brendan O’Connor, the Member for Gorton, a long standing member for Gorton. We have Alice Jordan-Baird, our fantastic new candidate for Gorton. And as I said, the two ministers who are here with us today, we’ve got a very exciting announcement about the Western Freeway. We stood here on the Western Freeway just before the last election. I stood here with Minister King, and we announced that the Labor government, state and federal, would work together to get a business case done to upgrade the Western freeway. And today is a very exciting announcement, building upon that, the delivery of that business case just before Christmas. So hand over to Minister King, great. Thanks so much.

    CATHERINE KING [MINISTER]: Thanks so much, Sam. And it’s terrific to be here with state and local government colleagues, because really, this is a partnership about how we actually get good infrastructure in place for our growing suburbs, and this is a terrific announcement today that we’re making alongside the Victorian Government. This is one of the busiest highways in the state. It is an incredibly important freight route. I live down the other end, down Ballarat end, and used to represent the people of Stawell. Sam and Alice and Brendan and Steve all live around this part of the world, and they know we’ve seen significant growth. There are thousands of people traveling on this road every single day, and the road hasn’t quite kept up with the amount of housing development that we’ve seen in this area. So today, we’re announcing $1.1 billion from the federal government, a decision of government to invest in the Western Highway, in particular, the billion dollars will go towards the Melton and Caroline Springs area, where we know there has been significant growth and there needs to be upgrades in order to keep up with the amount of housing than the amount of people using this road, that work has been underway. As Sam said, the business case has been completed. We needed to make sure we had a good understanding of what are the things that you can do to improve this corridor. $100 million is to go down to the other end of the highway, down to Brewery Tap Road, and there’s also work to be done on additional bridges. This brings the Commonwealth’s total investment in the Western Freeway, Western Highway, to just over $2 billion. We know how important this road is from a freight and logistics point of view, but we also know how important it is to be able to get people to work. I think all of us here use this road on a regular basis. We know what happens from 6am to 9:30am in the morning and when people are trying to get home, that tail back, getting back into Melton in particular, but the Rock Bank area, this is a significant and serious investment from the Albanese Labor Government to make sure we improve these corridors. I do want to particularly welcome both LeadWest and the Melton Council here today, who have been advocating alongside our state and federal members, Sam, Brendan and Steve as well, to advocate for this road project. And I’ll hand over to Gab for a minute, and then I think the mayor will say a few words, and then we’ll take some questions. Thanks, Gab.

    GABRIELLE WILLIAMS [STATE MINISTER FOR TRANSPORT INFRASTRUCTURE]: Thank you. Thanks, minister, and thank you for being here to make what is a wonderful announcement. And can I say how great it is for us as the Allan Labor government to have a partner in Canberra that has been something that has been missing in Victoria for the best part of 10 years. Victorians have been short changed to the tune of billions by successive Liberal National Coalition Governments, and finally, with the Albanese Government, we have a partner, a partner willing to work with us, willing to invest with us on the projects that matter most to Victorians. So, the $1.1 billion announced today is a very welcome investment in one of Melbourne’s fastest growing areas. People love living in the west, that’s the reality, and the population growth shows that. But as Minister King has outlined, we need to make sure that the surrounding infrastructure also keeps pace with that growth, and that we’re investing where it’s most needed, in our community, and out here in the west is a perfect example of that. Minister King also outlined that this has been a partnership with the state government for some time in doing that essential planning work to make sure that we understand where the priorities and the needs are along what is a very long stretch of road in the Western Highway all the way to Adelaide, and making sure that we can deliver the greatest value where it’s needed most. That work has allowed us now, with a funding commitment from the Commonwealth, to then fine tune and determine exactly what that will look like. Now that we’ve got the dollars attached, we can go back to that business case and look at the options that have been put forward in that and start to select our solutions and get moving, most importantly, on the project to deliver the congestion busting solutions that we know this project will deliver, making life easier for people in Melbourne’s west making that commute much easier, and basically catering to the growth that we know is taking place out here in Melbourne’s western suburbs. Can I also thank the many representatives we have here across local and state and federal governments, as well as LeadWest, we have an incredible team of advocates here in Melbourne’s west, those who live in their suburbs, they know their suburbs, and they know and understand the needs. And again, can I say a big thank you to the federal government for partnering with us, for being a part of the solution to being able to meet the growth in Melbourne’s outer suburbs, and for finally giving Victoria its fair share of infrastructure funding. Steve 

    STEVE ABBOUSHI [MAYOR OF MELTON]: Council is very thankful for the recent announcement for the $1.1 billion upgrade. We – it’s been – formed part of our main advocacy priorities for more than nine to 10 years. And finally, we’re seeing, you know, a western upgrade highway going to mean so much for our community. I’d like to thank the state and federal government for partnering with council. We would – we just had a meeting with residents last week around providing a voice for our community on their concerns to the Western Highway. Last year, we had the business case, and now we’ve got an announcement. So, this is what it means to partner, and this is what happens when you partner. It means that our community will see delivery, we’ll see safety. And we’re very, very thankful for this announcement, and we look forward to hearing more about what it means for our community. Thanks very much. 

    JOURNALIST: I’ve got some questions for Minister Catherine King, please. Can you provide us with a breakdown of the $1.1 billion? 

    CATHERINE KING: …So $1 billion is going on the Melton Caroline Springs area. And Minister Williams might talk a little bit more about the business case. There’s been a number of options put forward as part of the business case, and we’ll now go back and fine tune those, to select the projects, but to do a little bit of work to get there, but we’re not far off. And then there’s $100 million for Brewery Tap Road just as you head into Ballarat. And then there’s also $6.1 million to fix two bridges, one around Dadswell Creek and Dimboola is the other one. Those projects have been in planning for a while. They’re not they’re ready to go. They’ll start this year. And then, obviously, there is also money that is already in the Western Highway corridor. And so there’s a number of projects that will continue. There’s one down at Pykes Creek, and there’s further ones further down along Stawell. And those projects will continue as well. 

    JOURNALIST: And what will it actually improve? Is it like a few barriers or?

    CATHERINE KING: So, there’s a range of things. So obviously there’s some safety work that can be done fairly quickly. So that’s, you know, widening shoulders, looking at the road resurfacing where that needs to happen. But when you’re looking at things like as part of the project, when you’re looking at like, you know, more interchanges, they are a bit more complex and take a bit more time to do. But I might ask Minister Williams to talk about more of the data, sure.

    GABRIELLE WILLIAMS: and look in part, it’s a bit of a process question. So what we do when we partner with the Commonwealth to do the planning for this project is look at where, if you like, the biggest choking points were across the Western Highway, where population growth was, meaning that there was particularly acute points of congestion, and then therefore working out where the priorities were. What engineers tend to do is never come to the table with just one option, but come to the table with multiple different options for each priority site. What we can now do, though, that we have a financial commitment money on the table, is go back and start working through the options that we’ve been provided and ensuring that we’re choosing the best possible ones within our funding envelope, and making sure that we’ve got those priorities right now. So this cash injection of $1.1 billion and now allows us to get going and get shovels in the ground and make sure we’re choosing from those options, the best possible ones to meet the priorities that have been identified through that through that process. So Minister King has outlined where some of those, some of the other funding will go, in terms of Dimboola and Dadswell Bridge, and we will now be hard at work in partnership with the Commonwealth Government to go back to that, that planning that business case and then working out from the options that we’ve been provided, which ones will deliver the best outcomes for our communities out here in Melbourne’s west. 

    JOURNALIST: Sure, about the Brewery Tap Road. 

    GABRIELLE WILLIAMS: Yep, there’s some upgrades going there. 

    JOURNALIST: Can you go into more detail? 

    GABRIELLE WILLIAMS: I’ll tell you what I reckon Minister King is the expert on Brewery Tap Road.

    CATHERINE KING: So when, when, when the Western highway, it’s years ago now. So I’ve been driving this road for a long, long time. So there was always meant to be some treatment down at that Warrenheip section. And we know now that what’s happened there, you’ve got a service station. You’ve got a very old hotel on one side that’s now been closed but still utilised at certain times. You’ve got a school up in Warrenheip as well. You’ve got an industrial precinct. And what’s happening is, increasingly, we’ve got truck traffic using that intersection, crossing over the highway, and it’s really become quite a significant safety concern. We’ll have to work with the Victorian Government about this. Again, engineers have come up with a range of solutions for the particular site, but what we’re committing to as part of the $1.1 billion is $100 million to do both the planning, the early services work, and to really start to get moving, to try and deal with that intersection, which, again, has been, you know, really, one of the projects along the highway that has been needed for quite some time, but hasn’t had, but hasn’t had the funding to actually deliver an upgrade there. And that’s what we’re doing today. 

    JOURNALIST: just on the federal election coming up. Is this an attempt to sort of show up support for the government? 

    CATHERINE KING: Well, can I just remind people what’s happened here is that three years ago, both Labor federally and at the state, we weren’t in government, then came together and said, we know we’ve got a problem here. This isn’t a problem the previous LNP government had identified at all. They completely neglected the west, and in fact, neglected Victoria. When we came, and I’ll just remind people, when we came to office,  I think the investment from the federal government in Victoria was around about $17 billion. This announcement today brings it up to $24 billion. We’ve done that in a term of government. And so what we had three years ago was no one other than the Victorian Government, saying we got some problems here. Can you come and partner with us? So what we’ve done is do the business case, which we want to make sure we understand. How do you fix these problems? These are not new, but they are complex problems when you’ve got a highway of this nature that now is reaching capacity. And so we’ve started this work three years ago. This today, we’re making an announcement as a decision of government. We’re not in an election campaign yet that we are putting $1.1 billion now in to actually get this work progress. That’s what this is about, and a billion dollars will go a long way to addressing many of the problems along the highway that we’ve been working together on for some time now. 

    JOURNALIST: And just one more question for me, how concerned is the government about losing Labor votes in the Melbourne south and west? 

    CATHERINE KING: Well, can I just say that every seat matters. Every seat, whether it’s west, whether it’s in the east, whether it’s in Victoria or right the way across the country. We are very determined that the work that we have done as a country together to get the economy back on track, to make sure that we’re actually getting inflation down. We’re keeping people employed. We’re actually investing in the future. Every single seat matters. Every seat matters. The west matters. The east matters. But I know we have got the best member in Sam Rae. We’ve got the best candidate in Alice. She’s going to make an amazing member for Gorton, following, of course, in the footsteps of the fabulous – my fabulous friend and colleague, Brendan O’Connor, who I will miss dearly, but know is going to go on to wonderful things. We have got terrific advocates here in this community. And the only reason, the only reason this announcement is being made today is because the people behind me care about their communities. They care about the west, and we care about it, too.

    MIL OSI News –

  • MIL-OSI Australia: Boost for health services on the South Coast

    Source: New South Wales Government 2

    Headline: Boost for health services on the South Coast

    Published: 6 March 2025

    Released by: Minister for Regional Health

    The Minns Labor Government has today announced Nowra will benefit from a $21 million investment in health worker housing, as the site of the $438 million Shoalhaven Hospital Redevelopment reached a major milestone.

    These investments will provide a significant boost to healthcare on the South Coast of NSW, a rapidly growing region which deserves the best access to world class healthcare.

    $21 million Key Health Worker Investment

    Nowra will receive new key health worker accommodation which will support staff and the community across the broader Shoalhaven region.

    The Minns Labor Government will invest $21 million as part of the broader $200.1 million Key Health Worker Accommodation program.

    Now funding has been allocated, planning for the health worker accommodation works is underway.

    This planning will determine the best delivery model for Nowra and how many healthcare workers will be accommodated. This will include consultation with health workers and other local stakeholders.

    $438 million Shoalhaven Hospital Redevelopment

    The $438 million Shoalhaven Hospital Redevelopment has reached its highest point, with a topping out of the new seven-storey acute services building.

    As part of the traditional ceremony, a tree was lifted onto the roof, with messages tied to its branches from staff, construction workers, and project team members, sharing their excitement and well wishes for the future redeveloped hospital.

    The new acute services building is a key feature of the redevelopment and will enable the delivery of contemporary health services and facilities for the local community. The Shoalhaven Hospital Redevelopment will become a health hub for the region, providing the majority of emergency, critical care, acute, sub-acute and non-admitted health services locally, reducing the need to transfer patients to Wollongong and Sydney.

    The new acute services building will deliver a range of new and expanded health services including:

    • a new emergency department and emergency short-stay unit
    • new intensive care unit
    • medical wards
    • dedicated acute mental health unit
    • double the number of operating theatres, endoscopy and procedure rooms
    • a dedicated cardiology inpatient unit, coronary care unit and cardiac catheterisation laboratory
    • a new rooftop helipad.

    Consultation with staff, patients and the community has been a key part of planning and design for the redevelopment, ensuring the new hospital meets the unique health needs of the Shoalhaven region.

    The new hospital building is on track for completion in 2026.

    Quotes attributable to Minister for Regional Health, Ryan Park:

    “Today’s topping out ceremony marks a major achievement for the $438 million Shoalhaven Hospital Redevelopment project.

    “The redevelopment will transform healthcare delivery for local residents, and ensure they continue to have access to quality care closer to home without needing to travel to Wollongong or Sydney.

    “Our government is committed to investing in modern, sustainable accommodation options for key health workers who are the backbone of our regional, rural and remote communities.

    “Strengthening our regional health workforce is a key priority for our government and this $21 million investment in accommodation will support attraction of key healthcare workers to Nowra.”

    Quotes attributable to Member for the South Coast, Liza Butler:

    “Funding for Key Health Worker Accommodation in Nowra will enhance the Local Health District’s ability to attract and retain essential healthcare professionals to Shoalhaven Hospital.

    “As work continues on the $438 million Shoalhaven Hospital Redevelopment this will be particularly important, with the project set to transform healthcare services across the region, delivering modern health facilities and expanded health services for communities across the South Coast.

    “Not only is this redevelopment great for healthcare in the region, but it has also been great for local jobs and I am really proud that more than 70 per cent of the construction workforce is based locally.”

    MIL OSI News –

  • MIL-OSI USA: Dr. Rand Paul Reintroduces Bipartisan Risky Research Review Act to Oversee Gain-of-Function Research

    US Senate News:

    Source: United States Senator for Kentucky Rand Paul

     FOR IMMEDIATE RELEASE:

    March 5, 2025

     Contact: Press_Paul@paul.senate.gov, 202-224-4343

    WASHINGTON, D.C. – Today, U.S. Senator Rand Paul (R-KY), Chairman of the Senate Homeland Security and Governmental Affairs Committee, reintroduced the bipartisan Risky Research Review Act, a first-of-its-kind proposal to establish a Life Sciences Research Security Board within the Executive Branch. This independent board will oversee the funding of gain-of-function research and other high-risk life sciences research that potentially poses a threat to public health, safety, or national security.

    “We must demand accountability for the grave oversights that were revealed by the COVID-19 pandemic. The safety of our nation and the trust in its institutions depend on it. My bill not only strengthens transparency but also ensures that public health decisions are made in the best interest of the American people, free from financial motives and prioritizing national security,” said Dr. Paul. 

    U.S. Senator Gary Peters (D-MI), Ranking Member of the Senate Homeland Security and Governmental Affairs Committee, is an original cosponsor of the legislation in the Senate. 

    “Life science research can yield breakthroughs that help protect the health of Americans, but it must be done with proper safeguards in place,” said Sen. Peters. “By creating an independent oversight agency, this bill will help maintain control of high-risk research, to ensure it’s effective, innovative, and safe.”

    U.S. Representative Morgan Griffith (R-VA-09), Chairman of the Energy and Commerce Committee’s Subcommittee on Environment, introduced the bill in the U.S. House of Representatives.

    “Gain-of-function research is reported to be a potential target of a future President Trump Executive Order. As someone who has extensively investigated COVID-19 origins and biosafety concerns in foreign labs, it is clear to me that greater oversight measures are needed to review gain-of-function research of concern and risky experiments that involve virus transmission in humans. The National Institutes of Health has proven they are not capable of properly reviewing risky research applications, as in the case of EcoHealth Alliance. I believe the Risky Research Review Act establishes crucial oversight measures to alleviate the legitimate and significant concerns of the American people, thus reestablishing trust in our public health agencies,” said Rep. Griffith.  

    The Life Sciences Research Security Board will serve as an independent body responsible for thoroughly evaluating gain-of-function research and other potentially harmful studies involving high-consequence pathogens. Currently, the funding and study of life sciences research lack sufficient government oversight, allowing American taxpayer dollars to be spent without proper safeguards. Dr. Paul’s legislation establishes a much-needed stringent review process for the board to assess high-risk research and decide whether tax dollars should support specific research proposals, ensuring accountability and strengthening transparency.

    The Risky Research Review Act will:

    1. Establish an Independent Oversight Board: Form a Life Sciences Research Security Board dedicated to protecting public health, safety, and national security by evaluating and issuing binding determinations on high-risk life sciences research proposals seeking federal funding.
    2. Define High-Risk Research: Specify high-risk life sciences research as studies with potential dangerous uses, or dual-use research of concern involving a high-consequence pathogen, or gain-of-function research.
    3. Ensure Board Independence: Position the board as an independent agency within the Executive Branch, consisting of one executive director, five non-governmental scientists, two national security experts, and one non-governmental biosafety expert, each serving up to two four-year terms.
    4. Restrict Funding Without Approval: Prohibit federal agencies from awarding funding for high-risk life sciences research without board approval.
    5. Mandate Majority Vote: Require a majority vote of board members to approve high-risk life sciences research.
    6. Empower the Board: Authorize the board to compel agencies to turn over necessary information and records, including classified information.
    7. Demand Full Disclosure: Require life sciences research grant applicants to declare if their research falls under high-risk life sciences categories or involves select agents or toxins.
    8. Automatic Referral: Mandate that all positive attestations are automatically referred to the board.
    9. Continuous Subcontract Disclosure: Require grant recipients to continuously disclose subcontracts or subawards to agencies, with agencies required to submit these disclosures to the board.
    10. Annual Reporting: The board will submit an annual report to the appropriate congressional committees and publish it online, summarizing determinations, findings, and information about entities and sub-awardees involved in high-risk life sciences research.

    You can read the Risky Research Review Act HERE. 

    MIL OSI USA News –

  • MIL-OSI USA: Dr. Paul Reintroduces Transparency Bill on Royalties Paid to Government Officials

    US Senate News:

    Source: United States Senator for Kentucky Rand Paul

     FOR IMMEDIATE RELEASE:

    March 5, 2025

     Contact: Press_Paul@paul.senate.gov, 202-224-4343

     

    WASHINGTON, D.C. –Today, U.S. Senator Rand Paul (R-KY), Chairman of the Senate Homeland Security and Governmental Affairs Committee, reintroduced his Royalty Transparency Act. This legislation increases transparency on royalty payments paid to Executive Branch officials and makes the financial disclosure forms public for federal advisory committee members such as the Advisory Committee on Immunization Practices. Under current law, federal employees are not required to publicly disclose the source or amount of royalty payments received in service of their official duties. Additionally, the financial disclosures of members of federal advisory committees are not available to the public, despite the fact that these committees make recommendations to federal agencies that have a significant impact on the day-to-day lives of Americans. This lack of transparency prevents taxpayers from holding individuals accountable within the federal government for conflicts of interest and other abuses.

    Dr. Paul’s legislation introduces long-overdue accountability by requiring Executive Branch employees to publicly disclose royalty payments for inventions developed during their employment with the federal government on their financial disclosure reports.

    “Distrust in public health officials is at an all-time high. One way to restore trust is to make sure that public policy isn’t influenced by personal gain,” said Dr. Paul. “The Royalty Transparency Act will allow more information to be seen by the public to ensure federal decision makers, and the policies they write, aren’t being influenced by the royalty payments they receive.”

    U.S. Senator Rick Scott (R-FL) is an original cosponsor of the legislation in the Senate. 

    “I am proud to support the Royalty Transparency Act, ensuring federal employees’ transparency and accountability to the American people,” said Sen. Rick Scott. “Under current law, bureaucrats like Anthony Fauci and NIH employees were able to receive millions in royalty payments from companies outside the federal government without requirements for reporting, raising serious questions about potential conflicts of interest and fueling distrust in the federal government. Our bill will bring much-needed transparency to these payments by requiring they be publicly reported, helping to hold bureaucrats accountable to the American people and restoring trust in the federal government.” 

    U.S. Representative Morgan Griffith (R-VA-09), Chairman of the Energy and Commerce Committee’s Subcommittee on Environment, introduced the bill in the U.S. House of Representatives.

    “For too long, federal bureaucrats concealed the royalties they received, who they were paid by, what they were compensated for and how much they were paid,” said Rep. Griffith. “As the Trump Administration ushers in a new era of transparency in our federal government, the Royalty Transparency Act will foster greater government transparency and accountability by requiring government officials in federal agencies to disclose the royalties that they receive as a result of their government service. I am excited to work with Senator Paul so we can shine a light on these royalties and hold federal bureaucrats to a greater standard of accountability.”

    For years, Dr. Paul has been working to expose the potential conflicts of interest that may arise when millions of dollars in royalties are paid to federal employees serving their official duties. In 2022, Dr. Paul spearheaded a letter with four other members of the Senate Homeland Security and Governmental Affairs Committee to the National Institutes of Health (NIH) requesting information on disclosures of royalty payments made by third-party providers to NIH employees. However, federal agencies, including NIH, have refused to release the information. Through litigation, Open the Books obtained redacted documents and uncovered that approximately 2,400 NIH scientists have been awarded over $300 million in royalties in the last decade, which translates to an average payment of $135,000 per scientist. Since NIH claims that it is not required to disclose this information, it’s still unknown how much each payment amounted to, or why a payment was made. Dr. Paul’s legislation aims to ensure that federal agencies, including NIH, cannot evade scrutiny from Congress and the public, holding federal employees to a higher standard of accountability.

    The Royalty Transparency Act mandates that royalty payments received by federal employees from the U.S. Government be disclosed in their financial reports. It also requires members of advisory committees, particularly those at risk of conflicts of interest due to royalties or other financial connections, to adhere to the same standards of financial disclosure as are prevalent across the government. Furthermore, the bill requires that public financial disclosures be made available online, increasing transparency for American taxpayers. The bill introduces greater congressional oversight over the financial disclosure process for executive branch employees and strengthens measures to prevent conflicts of interest in federal procurement.

    You can read the Royalty Transparency Act HERE.   

    MIL OSI USA News –

  • MIL-OSI China: Shanxi’s millennium-old porcelain gets modern makeover

    Source: China State Council Information Office 3

    A millennium-old porcelain craft in north China’s Shanxi Province has been pulled back from the brink of extinction and is now poised for a modern renaissance.

    The techniques for making Honglyucai (Red and Green Color) Porcelain of the Bayi kiln, one of China’s earliest producers of the distinctive porcelain, was listed as a national intangible cultural heritage in 2021. The kiln is located in Bayi township, Shangdang district, Changzhi city of Shanxi.

    Archaeological excavations reveal that during the Song Dynasty (960–1279) over 1,000 years ago, the kiln was the largest porcelain production hub in southeastern Shanxi. Porcelain from the kiln became the gold standard of Honglyucai porcelain in China.

    Today, visitors to Honglyucai village, 2 kilometers from the Bayi kiln, can explore a Honglyucai porcelain museum housing over 600 ancient porcelain treasures from the kiln and over 10,000 modern pieces of Honglyucai porcelain.

    Honglyucai porcelain features a signature white base and is adorned with vibrant red, green, and yellow designs depicting auspicious flowers, birds, and figures, according to Li Yamin, a municipal-level representative inheritor of the techniques for making Honglyucai porcelain of the Bayi kiln.

    Li Yamin said more than 100 ancient kiln sites were unearthed in Shangdang district, which is nestled in the Taihang Mountains and characterized by rolling ridges and deep ravines, confirming that Bayi township was a thriving commercial hub as early as the Song Dynasty. The region boasts abundant high-quality kaolin, coal, and water resources essential for porcelain production.

    “Red is one of the most iconic colors in Chinese culture, yet achieving a vibrant red glaze on porcelain was a significant challenge. It wasn’t until the Song Dynasty when the Bayi kiln pioneered the use of iron-red pigment that Honglyucai porcelain products were successfully produced,” Li Yamin noted.

    But the road to revival wasn’t exactly a cakewalk. The Honglyucai porcelain industry was in decline over the past decades due to high production costs and complex craftsmanship.

    Li Yamin’s father Li Jianping grew up hearing stories about Honglyucai porcelain. His grandfather was a kiln worker at the Bayi kiln, and from a young age, Li Jianping learned pottery and painting techniques. After high school, he worked as a farmer and miner, but always dreamed of reviving Bayi kiln porcelain.

    In 2012, as part of an industrial transformation initiative, the local government launched a cultural heritage project for the Bayi kiln. Seeing an opportunity, Li Jianping decided to reignite the kiln fires and restore Honglyucai porcelain production.

    To make a Honglyucai porcelain item, 72 procedures must be followed, including a twice-firing technique.

    The procedures are so complicated that the techniques were lost for decades. Many people told Li Jianping not to waste his time, but he couldn’t bear to see this ancient craft disappear.

    Li Jianping collaborated with Honglyucai village to establish a company and construct a cultural expo center, the Honglyucai porcelain museum, and a production base of Honglyucai porcelain. Meanwhile, he visited local elderly artisans and technical experts to rebuild lost knowledge.

    After years of trial and error, the techniques for making Honglyucai porcelain were recovered by Li Jianping, who became a provincial-level representative inheritor of the craft.

    The father-son duo have adopted a strategy of integrating tradition with innovation to promote the development of Honglyucai porcelain. In recent years, they’ve inked partnerships with prestigious institutions like the Central Academy of Fine Arts and the Academy of Arts & Design under Tsinghua University to tackle everything from material research and color matching to painting skills and product design.

    After years of dedicated efforts, the issues of rough bodies and dull colors of Honglyucai porcelain items were overcome. As a result, these items have gained greater popularity in the market.

    “Thanks to our independently developed new materials that withstand temperatures above 1,300 degrees Celsius without warping, our everyday-use porcelain items are thinner, lighter and more lustrous than traditional ones and are easy to clean,” said Li Yamin.

    In recent years, local rural tourism has thrived thanks to measures including the establishment of organizations aiming at passing on the intangible cultural heritage. The Honglyucai porcelain museum receives over 10,000 tourist visits annually.

    So far, the company has developed over 300 kinds of Honglyucai porcelain products, which have caught the eye of porcelain enthusiasts both at home and abroad, Li Yamin said.

    MIL OSI China News –

  • MIL-OSI USA: Capito Statement on Commerce Secretary Announcement on BEAD Funding

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    WASHINGTON, D.C. – U.S. Senator Shelley Moore Capito (R-W.Va.), a member of the Senate Commerce, Science, and Transportation Committee, released the below statement following Commerce Secretary Howard Lutnick’s statement that the department will be pausing and reviewing the BEAD program. The purpose of the pause is to make it more efficient and easier to deploy broadband.
    “I appreciate Secretary Lutnick wanting to improve the BEAD program after learning the Biden administration added many unnecessary mandates that led to delays in getting broadband deployed in West Virginia. It has been nearly three and a half years since BEAD was signed into law and it hasn’t connected a single person in my state,” Senator Capito said. “West Virginia has jumped through every hoop to deploy the $1.2 billion in broadband funding, which is sure to be a game changer for our state’s connectivity goals. While I am all for improving the program, I do not want to see West Virginia wait longer than is necessary or have to redo their proposals and application. I will continue to push to get the more than 97,000 unserved locations and nearly 15,000 underserved locations across West Virginia connected through the BEAD program as quickly as possible.”

    MIL OSI USA News –

  • MIL-OSI USA: Chairman Capito Opening Statement at Hearing on Nominations of Fotouhi, Szabo to Leadership Roles at the Environmental Protection Agency

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    To watch Chairman Capito’s opening statement, click here or the image above.
    WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, led ahearing on the nominations of David Fotouhi to be Deputy Administrator of the Environmental Protection Agency (EPA) and Aaron Szabo to be Assistant Administrator for the Office of Air and Radiation of the EPA.
    In her opening remarks, Chairman Capito recognized the deep environmental experience that both nominees have gained through roles in both the public and private sectors. Additionally, Chairman Capito highlighted the importance of the nominees’ roles in returning the EPA to its core mission of protecting our nation’s air, land, and water, without inhibiting economic development in accordance with laws established by Congress.
    Below is the opening statement of Chairman Shelley Moore Capito (R-W.Va.) as delivered.
    “Today we will receive testimony from David Fotouhi, the nominee to serve as the Environmental Protection Agency’s Deputy Administrator and from Aaron Szabo, to serve as the EPA Assistant Administrator for Air and Radiation. These are two very important positions in the Agency.
    “So, I’m looking forward to this productive conversation about how Mr. Fotouhi and Mr. Szabo will ensure President Trump’s agenda to get the Agency back to its core mission and reestablish American energy dominance.
    “Mr. Fotouhi currently is a partner at Gibson Dunn and Crutcher, where he has represented clients on matters relating to environmental law. He previously served as the Acting General Counsel and Principal Deputy General Counsel at the EPA. He is no stranger to EPA. Mr. Fotouhi has been recognized by multiple national law publications for his work in environmental and energy law, and as a leader on those issues.
    “Mr. Fotouhi’s previous experience at the EPA provides him a wealth of perspective on the Agency’s critical role in protecting our nation’s air, land, and water while doing so within the boundaries of the legal authority that Congress has established.
    “The EPA Deputy Administrator is generally tasked with overseeing the day-to-day operations of the Agency. In this role, Mr. Fotouhi will coordinate the work of the EPA’s important air, water, and chemicals offices, in addition to the EPA’s Regional offices research, enforcement, and General Counsel teams. Effectively integrating the Agency’s work will be at the top of Mr. Fotouhi’s list of responsibilities.
    “Facilitating economic growth while protecting public health and the environment requires the Agency to establish consistent and legally defensible regulations, fairly and clearly enforce those rules, and communicate with the states, communities, and entities impacted by these regulations.
    “Mr. Szabo, President Trump’s nominee to serve as the Assistant Administrator for the Office of Air and Radiation, is currently serving as a Senior Advisor to the EPA Administrator after representing a wide variety of clients in the private sector on energy and environmental matters. For more than ten years, Mr. Szabo worked as a career civil servant, first for the Nuclear Regulatory Commission, then the Office of Information and Regulatory Affairs, known as OIRA, and then the Council on Environmental Quality.
    “As an NRC career staff member, Mr. Szabo was repeatedly recognized with awards for his excellent performance in the Office of Nuclear Reactor Regulation. In June of 2016, during Mr. Szabo’s tenure working for the Obama Administration’s OIRA, he received the Special Achievement Award. Mr. Szabo’s nomination to lead the Office of Air and Radiation will place him in a central role to roll back the Biden administration’s extreme attack on reliable, baseload energy sources. 
    “Under the Biden EPA, American energy producers were subject to a barrage of legally suspect regulations that were intended to bankrupt oil, gas, and coal companies. These attacks led to increased energy costs on American families, reduced electric reliability, and undermined our energy security.
    “In contrast to the Biden administration’s agenda, President Trump’s agenda will right size our environmental regulations within the bounds of the laws passed by this Congress and past Congresses, while in turn increase energy production, enable innovation, and unleash economic growth while protecting the environment. As Administrator Zeldin stated during his confirmation hearing, the EPA has far too often exceeded the legal authority Congress has provided in law.
    “This pattern, repeated during the Obama and then Biden Administrations, forced American businesses to pay for costly compliance requirements, even though the underlying regulation was ultimately struck down by the courts. Today’s nominees understand the impact of the Obama-Biden regulatory strategy.
    “Mr. Fotouhi and Mr. Szabo have represented a wide range of energy and environmental clients in legal and regulatory proceedings, as well as counseled clients on environmental compliance and due diligence. While some might suggest that representing regulated entities, particularly ones they don’t like or agree with in private practice, should bar attorneys like Mr. Fotouhi and Mr. Szabo from serving in these roles. But I believe that view misses the extensive value of both of the nominees’ public and private experiences. 
    “It is important for all of the EPA’s staff, especially senior leadership, to understand how the Agency’s use of statutory authority and enforcement tools affect states and regulated entities, as well as how that regulatory action can best achieve compliance and maximize positive environmental outcomes.
    “I am confident our witnesses’ legal training, previous government experience, and professional experience will serve them well in the positions for which they have been nominated.
    “The EPA must get back to what it does best, facilitating cleanup of polluted sites in communities across America, establishing scientific sound and achievable regulations, and fulfilling the ‘cooperative federalism’ model of working with states to meet national environmental standards.
    “I look forward to exploring these issues in more detail with our witnesses.”

    MIL OSI USA News –

  • MIL-OSI USA: Trump Touts Alaska LNG as a Top Priority of New Administration

    US Senate News:

    Source: United States Senator for Alaska Dan Sullivan
    03.05.25
    WASHINGTON—U.S. Senator Dan Sullivan (R-Alaska) today celebrated President Donald Trump’s endorsement of the Alaska Liquefied Natural Gas (LNG) Project as a top priority of his new administration in the President’s joint address to Congress last night.
    Sen. Sullivan has been a relentless advocate for the Alaska LNG Project as an opportunity to provide abundant, clean-burning, low-cost energy to Alaskans, promote American energy security, and deepen America’s alliances with its Indo-Pacific partners, particularly Japan and South Korea. Following Russia’s invasion of Ukraine, Sen. Sullivan has taken four trips to Japan and South Korea to promote the project, talking to numerous potential investors and the senior-most government and private sector officials in each country. More recently, he has spoken directly with President Trump on several occasions about the project and gave him the comprehensive document called, “America’s Gasline.” The senator has also had extensive conversations with nearly all of President Trump’s cabinet officials about the Alaska LNG Project, garnering their support.
    “My administration is also working on a gigantic natural gas pipeline in Alaska, among the largest in the world, where Japan, South Korea and other nations want to be our partner with investments of trillions of dollars each,” President Trump said. “There’s never been anything like that one. It will be truly spectacular. It’s all set to go. The permitting is gotten.”
    [embedded content]
    “The fact that the President of the United States was highlighting the Alaska LNG Project as one of the biggest things he wants to get done for America was huge for our state and huge for our country,” Sullivan said in an interview following the address. “It’s not going to happen overnight, but the fact that we have the President and his entire cabinet fully putting their shoulder into this was quite remarkable…Governor Dunleavy and I pitched the Trump administration on having the President mention this in his State of the Union…I hope a lot of Alaskans saw that we have been working this really hard, because we have a great opportunity—the private sector elements of this are coming together, the foreign government elements of this giant project are coming together. But when you get the President and his entire cabinet saying, we’re going to get this done, and he tells the American people that, I don’t think that’s ever happened before for Alaska…It was a big night for us, and I’m really excited.”
    The Alaska LNG Project will be capable of providing more than three billion cubic feet of low-cost, low-emission natural gas to Alaskans, Americans, and to allied nations around the world each day. It is also projected to create up to 10,000 construction and 1,000 operations jobs.
    Below is a timeline of Sen. Sullivan’s recent work on advancing the Alaska LNG Project and deepening the energy security ties between the U.S. and America’s Japanese and Korean allies.
    On February 24, 2025, Sen. Sullivan had an Alaska LNG focused meeting with Interior Secretary Doug Burgum at the Department of the Interior.
    On February 7, 2025, President Trump announced a “joint venture” on Alaska oil and gas between the United States and Japan.
    On January 8, 2025, Sen. Sullivan personally pitched President Trump on the Alaska LNG Project.
    On December 17, 2024, Sen. Sullivan focused on the Alaska LNG Project in his meeting with now-Secretary of Energy Chris Wright.
    In August of 2024, Sen. Sullivan participated in a bipartisan Senate delegation visit to Japan and South Korea, and discussed the Alaska LNG Project with numerous senior government and business leaders in both countries.
    In February 2024, Sen. Sullivan and seven of his Senate colleagues introduced a Senate resolution recognizing the importance of trilateral cooperation among the United States, Japan, and South Korea.
    On October 8, 2023, Sen. Sullivan penned an op-ed in the Anchorage Daily News urging Alaskans to unite in advancing the Alaska LNG Project as a critical solution to Alaska’s energy needs.
    In June 2023, Sen. Sullivan visited South Korea and Japan, where he met with senior government and private sector officials about the Alaska LNG Project. Similar to his October 2022 visit to Tokyo, Sen. Sullivan convened an Alaska LNG Summit of U.S. and Korean energy and policy leaders with the U.S. Embassy in Seoul. Following the visit, the U.S. Embassy in Seoul established an Alaska LNG Task Force.
    On May 18, 2023, Sen. Sullivan introduced the Indo-Pacific Strategic Energy Initiative Act, legislation to promote the financing and development of new energy infrastructure projects in the Indo-Pacific region—with a focus on natural gas—in order to end U.S. allies’ dependance on Russian natural gas in the wake of Russia’s invasion of Ukraine.
    In May 2023, Sen. Sullivan spoke at the Alaska Sustainable Energy Conference about the Alaska LNG Project and opportunities to deliver clean-burning, low-cost gas to Alaskans and to America’s Indo-Pacific allies.
    In May 2023, Sen. Sullivan, Sen. Lisa Murkowski (R-Alaska), and Rep. Mary Peltola (D-Alaska) welcomed a ruling from the U.S. Court of Appeals for the D.C. Circuit upholding the Federal Energy Regulatory Commission’s (FERC) approval of the Alaska LNG Project.
    On March 6, 2023, Sen. Sullivan led a letter with his Senate colleagues to U.S. Ambassador to Japan Rahm Emanuel urging the Biden administration to publicly support the export of abundant U.S. natural gas to America’s allies in Europe and Asia, particularly Japan, which has prioritized energy security in its term leading the G7.
    On December 16, 2022, Sen. Sullivan welcomed a new national security strategy and related documents released by Japanese Prime Minister Fumio Kishida that focuses on deepening Japan and the U.S.’s national security cooperation.
    In October 2022, Sen. Sullivan visited Japan and South Korea to advocate for the Alaska LNG Project. In Tokyo, Sen. Sullivan and Ambassador Emanuel convened an Alaska LNG Summit of U.S. and Japanese energy and policy leaders. Prior to the summit, the U.S. Embassy in Tokyo established an Alaska LNG Task Force.
    In June 2022, Sen. Sullivan and Gov. Mike Dunleavy (R-Alaska) visited Japan to meet with Japanese companies, utilities, and government ministries about the Alaska LNG Project.
    In August 2021, Sens. Murkowski and Sullivan secured a provision in the Infrastructure Investment and Jobs Act making the Alaska LNG Project eligible for a federal loan guarantee of roughly $30 billion that is indexed to inflation.
    In August 2020, the Department of Energy (DOE) issued a final, unconditional order authorizing the Alaska LNG Project to export LNG.
    In May 2020, FERC granted the Alaska Gasline Development Corporation (AGDC) authorization to construct and operate the Alaska LNG Project.
    Between 2014 and 2022, the Alaska LNG Project secured all of its necessary federal permits and authorizations.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Recycling Sector – Widespread support to start a Container Return Scheme in NZ

    Source: Zero Waste Network


    A coalition of 84 companies, councils and not for profit organisations have written to the NZ Government asking them to modernise how we handle waste and litter in New Zealand by starting a Container Return Scheme.

    Organisations as diverse and significant as Woolworths, Foodstuffs NZ, Coca Cola, BP, The Warehouse, The University of Auckland, the NZ Beverage Council, the Zero Waste Network and 24 councils, spanning from the Far North to Dunedin, have signed the request and offered to help the Government set up a successful scheme.

    “It is great to see retailers, drink producers, councils, recyclers and community organisations coming together to ask the government to start a Container Return Scheme in New Zealand.” said Zero Waste Network Spokesperson Sue Coutts. “We have a common interest in increasing recycling rates and reducing litter and pollution.”

    The 84 signatories are asking the Government to prioritise a Container Return Scheme because they are proven to increase recycling rates, create new jobs, and provide fundraising mechanisms for community groups, and the charity sector. A Container Return Scheme lines up with the government’s waste objectives and climate goals, as well as being supported by more than 80% of New Zealanders. (Reloop 2022; Kantar, 2023)

    “A 2023 survey showed that 89% New Zealanders like the idea of a Container Return Scheme. Paying a deposit when you buy a drink and getting it back when you drop off the empty bottle or can makes sense to people.” said Sue Coutts. “Communities, clubs and charities could use the scheme to raise funds for sports gear, local projects, school trips and other activities. I know a lot of organisations who would love to be able to do that.”

    2.6 billion drink bottles, cans and cartons get sold in New Zealand each year. Less than half of these are collected for recycling, but overseas Container Return Schemes achieve 90% recycling rates.

    “We know from the international evidence that Container Return Schemes work. A well-designed scheme would double the return rate for drink bottles and cans from 45% to 90%. These schemes are working well in 57 countries and states around the world from Canada to Europe. It’s time for New Zealand to start a Container Return Scheme so we can create good jobs in the recycling industry and in our regions, and feel proud of our clean green reputation.”


    A copy of the full letter to the Minister can be found here: https://44104809.fs1.hubspotusercontent-na1.net/hubfs/44104809/Documents/Advocacy%20documents/2422025%20CRS%20-%20Broad%20Advocacy%20Letter_FINAL.pdf?utm_medium=email&_hsmi=350289176&utm_content=350289176&utm_source=hs_email

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Ensuring a Just Transition: African Development Bank Calls for Inclusive Climate Action at FICS 2025

    Source: African Development Bank Group
    The Just Transition was central to discussions during the just concluded Finance in Common Summit 2025. At the core of the concept is ensuring that Africa’s shift to a greener economy is not only environmentally responsible, but also socially and economically inclusive, accelerating solutions for sustainable…

    MIL OSI Economics –

  • MIL-OSI USA: CWA Defends High-Speed Internet Program as House Republicans Propose Delays and Elon Musk Seeks to Divert Public Money for Private Profit

    Source: Communications Workers of America

    WASHINGTON, D.C. – Today the Communications Workers of America (CWA) union stood up for efforts to bring affordable, high-speed internet to all Americans while creating quality jobs as members of the House Committee on Energy and Commerce held a contentious debate over the future of the Bipartisan Infrastructure Law’s $42 billion program to build high-speed internet connections to all Americans.

     

    With funding for the program, known as BEAD, ready to be deployed to the states, House Republicans today announced new legislation that could delay implementation. The Commerce Department announced they will be conducting a “rigorous review” of the BEAD program and is reported to be considering an overhaul of the program that could enable Elon Musk’s satellite company Starlink to profit from public money intended for high-quality rural broadband.

     

    In a statement submitted to the House Committee on Energy and Commerce, Subcommittee on Communications and Technology hearing today, CWA Director of Research Nell Geiser defended the BEAD program and spoke to the urgent need to build the quality networks that communities are waiting for. “Residents in rural and unserved areas have waited long enough,” Geiser wrote. “Many states are ready to award the funds and build networks and should not be slowed down with revised standards, new mandates or requirements. If NTIA wants to offer additional flexibility, it can do so through waivers for particular states, and not delay states that are ready to move forward today.”

     

    Fiber is the best performing technology of today and tomorrow. CWA members know from on-the-job training and experience that fiber-optic broadband is superior to other technologies. We can’t allow public dollars to go towards expensive and unreliable satellite companies where fiber is the responsible choice. 

     

    A well-trained workforce and quality networks go hand-in-hand. We cannot expect to have the workforce needed to build and maintain our networks if we do not create good jobs that will attract and retain a well-trained workforce. The BEAD program recognizes this problem and gives states the flexibility to support labor standards and training.

     

    States have put significant time and resources into BEAD and are now ready to make awards. There is broad bipartisan support against any pause or overhaul of the BEAD program. States are now on the cusp of getting shovels in the ground. Pressing pause on the program now would be a tremendous waste of resources.

     

    CWA members are broadband technicians and support representatives at many of the nation’s large and small broadband providers who hear from customers daily about the problems of limited bandwidth over outdated or inadequate technologies. Through their union, CWA members advocate in support of public investment and oversight to support universal access to high quality internet access for all Americans. CWA advocated for robust broadband deployment funding in the Bipartisan Infrastructure Law to definitively address the digital divide and find common ground across partisan divides.

     

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    MIL OSI USA News –

  • MIL-OSI: Athabasca Oil Announces 2024 Year-end Results including Record Cash Flow, Strong Return of Capital and Significant Reserves Growth

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to report its audited 2024 year-end results and reserves. Athabasca provides investors unique positioning to top tier liquids weighted assets (Thermal Oil and Duvernay) with a focus on maximizing cash flow per share growth by investing in competitive projects alongside a return of capital framework that will continue to direct 100% of Free Cash Flow to share buybacks in 2025.

    Year-end 2024 Consolidated Corporate Results

    • Production: Annual production of 36,815 boe/d (98% Liquids), representing 7% (14% per share) growth year over year. Strong production performance across all assets supported the Company achieving its upwardly revised annual guidance of 36,000 – 37,000 boe/d (July 2024).
    • Record Cash Flow: Adjusted Funds Flow of $561 million ($1.02 per share), representing 102% per share growth year over year. Cash Flow from Operating Activities of $558 million. Free Cash Flow of $322 million from Athabasca (Thermal Oil).
    • Capital Program: $268 million, within annual guidance of $270 million, highlighted by $164 million invested at Leismer for completing the 28,000 bbl/d expansion and advancing the 40,000 bbl/d expansion project and $73 million in Duvernay development.
    • Pristine Balance Sheet: Net Cash position of $123 million; Liquidity of $481 million ($345 million of cash). Athabasca has $2.3 billion of tax pools (~80% high-value and immediately deductible).

    Return of Capital Strategy

    • Achieved Return of Capital Commitment in 2024: Athabasca (Thermal Oil) allocated ~100% of its Free Cash Flow (“FCF”) to return of capital in 2024 completing $317 million in share repurchases.
    • Cumulative Return of Capital of ~$900 million: Since 2021, the Company has delivered a deliberate return of capital strategy, prioritizing ~$400 million of debt reduction followed by share buybacks of ~$500 million to date. The Company has reduced its fully diluted share count by ~18% since Q1 2023.
    • Continued 100% of Free Cash Flow (Thermal Oil) Return to Shareholders through buybacks in 2025: The Company expects to utilize ~100% of its Normal Course Issuer Bid (“NCIB”) for the second straight year. Following the expiry of its current NCIB on March 17, 2025 the Company will renew a third annual NCIB with the Toronto Stock Exchange.

    2024 Year-end Consolidated Reserves1

    • Differentiated Long-life Reserves: Athabasca holds 1.3 billion boe of Proved Plus Probable (“2P”) reserves and ~1 billion barrels of Contingent Resource (Best Estimate). This represents $6.4 billion2 NPV10 of 2P reserves ($12.44 per share), an increase of 35% per share from 2023, and includes $3.8 billion2 of Total Proved (“1P”) reserves ($7.28 per share), an increase of 34% per share from 2023.
    • Thermal Oil Underpins Deep Value: An $813 million increase in 2P NPV102 to $5.8 billion is supported by well design driving improved capital efficiencies, lower operating costs at both producing projects and constructive heavy oil pricing. These reserves represent a ~30 year 1P and ~90 year 2P reserve life.
    • Duvernay Value Capture: Duvernay Energy Corporation (“DEC”) 2P reserves increased by 170% to 73 mmboe, representing a NPV102 value of $614 million. Strong growth is attributed to establishing development on the newly operated lands and accelerated development on previous land positions. DEC has an estimated 444 gross drilling locations (204 net) across its ~200,000 acre (gross) land base.

    2025 Guidance Maintained

    • Athabasca (Thermal Oil): The Thermal Oil division underpins the Company’s strong Free Cash Flow outlook, with unchanged production guidance of 33,500 – 35,500 bbl/d and an unchanged ~$250 million capital budget. The program at Leismer includes the tie-in of six redrills and four new sustaining well pairs on Pad 10 early in 2025, along with continued pad and facility expansion work for the progressive expansion to 40,000 bbl/d. At Hangingstone two extended reach sustaining well pairs (~1,400 meter average laterals) that were drilled in 2024 will be placed on production in March.
    • Duvernay Energy Corporation: The 2025 capital program of ~$85 million includes the completion of a 100% working interest (“WI”) three-well pad that was drilled in 2024 and the drilling and completion of a 30% WI four-well pad. Activity will also include spudding two additional multi-well pads in H2 2025 (one operated 100% WI pad and one 30% WI pad) with completions to follow in 2026. DEC is constructing gathering system infrastructure on its operated assets that will support exit production of ~5,500 boe/d this year and momentum into 2026.
    • Significant Free Cash Flow: The Company forecasts consolidated Adjusted Funds Flow between $525 – $550 million3, including $475 – $500 million from its Thermal Oil assets. Every +US$1/bbl move in West Texas Intermediate (“WTI”) and Western Canadian Select (“WCS”) heavy oil impacts annual Adjusted Funds Flow by ~$10 million and ~$17 million, respectively. Athabasca forecasts generating ~$1.8 billion of Free Cash Flow3 from its Thermal Oil assets over five years (2025-29), representing ~70% of its current equity market capitalization.
    • Competitive and Resilient Break-evens. Thermal Oil is competitively positioned with sustaining capital to hold production flat funded within cash flow at ~US$50/bbl WTI1 and growth initiatives fully funded within cash flow below US$60/bbl WTI1. The Company’s operating break-even is estimated at ~US$40/bbl WTI3. Every $0.01 change in the Canada/US exchange rate is ~$10 million in annual Adjusted Funds Flow, and a weakened Canadian dollar would help cushion the impact that any potential US tariffs may have on commodity pricing.
    • Steadfast Focus on Cash Flow Per Share Growth: The Company forecasts ~20% compounded annual cash flow per share3 growth between 2025 – 2029 driven by investing in attractive capital projects and prioritizing share buybacks with Free Cash Flow.

    Footnote: Refer to the “Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measures (e.g. Adjusted Funds Flow, Free Cash Flow, Net Cash, Liquidity) and production disclosure.

    1Consolidated reserves reflect gross reserves and financial metrics before taking into account Athabasca’s 70% equity interest in Duvernay Energy.
    2Net present value of future net revenue before tax at a 10% discount rate (NPV 10 before tax) for 2024 is based on an average of McDaniel, Sproule and GLJ pricing as at January 1, 2025.
    3Pricing Assumptions: 2025 US$70 WTI, US$12.50 WCS heavy differential, C$2 AECO, and 0.725 C$/US$ FX; 2026-29 US$70 WTI, US$12.50 WCS heavy differential, C$3 AECO, and 0.725 C$/US$ FX.

    Financial and Operational Highlights

      Three months ended
    December 31,    		   Year ended
    December 31,    		  
    ($ Thousands, unless otherwise noted) 2024   2023   2024     2023  
    CORPORATE CONSOLIDATED(1)                  
    Petroleum and natural gas production (boe/d)(2)   37,236       33,127       36,815       34,490  
    Petroleum, natural gas and midstream sales $ 352,456     $ 315,929     $ 1,442,091     $ 1,268,525  
    Operating Income(2) $ 155,022     $ 96,960     $ 620,092     $ 417,023  
    Operating Income Net of Realized Hedging(2)(3) $ 153,119     $ 91,443     $ 613,630     $ 381,088  
    Operating Netback ($/boe)(2) $ 45.53     $ 30.44     $ 46.14     $ 32.57  
    Operating Netback Net of Realized Hedging ($/boe)(2)(3) $ 44.97     $ 28.71     $ 45.66     $ 29.76  
    Capital expenditures $ 92,944     $ 38,752     $ 268,042     $ 139,832  
    Cash flow from operating activities $ 158,677     $ 103,196     $ 557,541     $ 305,526  
    per share – basic $ 0.30     $ 0.18     $ 1.02     $ 0.52  
    Adjusted Funds Flow(2) $ 143,737     $ 81,830     $ 560,935     $ 295,236  
    per share – basic $ 0.27     $ 0.14     $ 1.02     $ 0.51  
    ATHABASCA (THERMAL OIL)                  
    Bitumen production (bbl/d)(2)   33,849       31,059       33,505       30,246  
    Petroleum, natural gas and midstream sales $ 346,716     $ 309,078     $ 1,419,670     $ 1,204,245  
    Operating Income(2) $ 143,246     $ 92,199     $ 569,083     $ 370,732  
    Operating Netback ($/bbl)(2) $ 46.30     $ 30.78     $ 46.54     $ 32.93  
    Capital expenditures $ 74,268     $ 29,371     $ 194,902     $ 118,975  
    Adjusted Funds Flow(2) $ 133,398         $ 516,612        
    Free Cash Flow(2) $ 59,130         $ 321,710        
    DUVERNAY ENERGY(1)                  
    Petroleum and natural gas production (boe/d)(2)   3,387       2,068       3,310       4,244  
    Percentage Liquids (%)(2) 75 %   71 %   76 %   58 %
    Petroleum, natural gas and midstream sales $ 20,179     $ 12,659     $ 83,194     $ 91,062  
    Operating Income(2) $ 11,776     $ 4,761     $ 51,009     $ 46,291  
    Operating Netback ($/boe)(2) $ 37.79     $ 25.02     $ 42.10     $ 29.89  
    Capital expenditures $ 18,676     $ 9,381     $ 73,140     $ 20,857  
    Adjusted Funds Flow(2) $ 10,339         $ 44,323        
    Free Cash Flow(2) $ (8,337 )       $ (28,817 )      
    NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)                  
    Net income (loss) and comprehensive income (loss)(4) $ 264,336     $ 27,506     $ 467,743     $ (51,220 )
    per share – basic(4) $ 0.50     $ 0.05     $ 0.85     $ (0.09 )
    per share – diluted(4) $ 0.50     $ 0.03     $ 0.85     $ (0.09 )
    COMMON SHARES OUTSTANDING                  
    Weighted average shares outstanding – basic   526,233,362       574,412,564       547,795,407       583,757,575  
    Weighted average shares outstanding – diluted   530,796,068       588,498,448       553,382,675       583,757,575  
          December 31,   December 31,  
    As at ($ Thousands)     2024   2023  
    LIQUIDITY AND BALANCE SHEET            
    Cash and cash equivalents     $ 344,836     $ 343,309  
    Available credit facilities(5)     $ 136,324     $ 85,488  
    Face value of term debt(6)     $ 200,000     $ 207,648  

    (1)    Corporate Consolidated and Duvernay Energy reflect gross production and financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.
    (2)    Refer to the “Advisories and Other Guidance” section within this News Release for additional information on Non-GAAP Financial Measures and production disclosure.
    (3)   Includes realized commodity risk management loss of $1.9 million and $6.5 million for the three months and year ended December 31, 2024 (three months and year ended December 31, 2023 – loss of $5.5 million and $35.9 million).
    (4)    Net income (loss) and comprehensive income (loss) per share amounts are based on net income (loss) and comprehensive income (loss) attributable to shareholders of the Parent Company. In the calculation of diluted earnings per share for the three months ended December 31, 2023 earnings were reduced by $11.3 million to account for the impact to net income had the outstanding warrants been converted to equity.
    (5)    Includes available credit under Athabasca’s and Duvernay Energy’s Credit Facilities and Athabasca’s Unsecured Letter of Credit Facility.
    (6)    The face value of the term debt at December 31, 2023 was US$157.0 million translated into Canadian dollars at the December 31, 2023 exchange rate of US$1.00 = C$1.3226.

    Athabasca (Thermal Oil) Year-end 2024 Highlights and Operations Update

    • Production: Bitumen production averaged 33,505 bbl/d in 2024 representing 11% growth year over year (18% per share) supported by the Leismer facility expansion mid-year and Hangingstone’s resilient production base.
    • Record Cash Flow: Adjusted Funds Flow of $517 million with an Operating Netback of $46.54/bbl. Operating Income of $569 million.
    • Capital Program: $195 million of capital expenditures in 2024 focused on expansion projects at Leismer and sustaining operations at Hangingstone.
    • Free Cash Flow: $322 million of Free Cash Flow supporting 100% return of capital commitment.

    Leismer

    Bitumen production for 2024 averaged 26,103 bbl/d, up 16% year over year (18% per share).

    In Q4 2024, the Company completed drilling six extended redrills on Pad L1 and four well pairs at Pad L10. The redrills were placed onstream in February and support production of ~28,000 bbl/d. Steaming of the Pad L10 well pairs is expected to start in April with first production mid-year. Another six well pairs will be drilled in H2 2025.

    Activity at Leismer continues to be focused on advancing progressive growth to 40,000 bbl/d by the end of 2027. The project cost is estimated at $300 million generating a capital efficiency of approximately $25,000/bbl/d. The $300 million includes an estimated $190 million for facility capital (majority spread over 2025 and 2026) and an estimated $110 million for growth wells. To date the Company has procured ~80% of the project and remains on budget and on schedule with the original sanction plans announced in July 2024. This winter the Company completed regional infrastructure to Pad L10 and L11 including lease site construction, delineation drilling and pipeline looping. Major facility equipment has been purchased and the Company is preparing to install two previously acquired steam generators in 2027.

    Leismer is forecasted to remain pre-payout from a crown royalty perspective until late 20273.

    Hangingstone

    Bitumen production for 2024 averaged 7,402 bbl/d and experienced no decline during the year. Non-condensable gas co-injection has aided in pressure support and reduced energy usage. Hangingstone’s steam oil ratio averaged 3.4 for 2024.

    At Hangingstone two extended reach sustaining well pairs (~1,400 meter average laterals) were drilled in 2024. These wells commenced steaming in December and will be placed on production in March. These well pairs are expected to enhance the current production level and support base production long term.

    Hangingstone continues to deliver meaningful cash flow contributions with minimal capital to the Company and also has a pre-payout crown royalty structure to beyond 20303.

    Corner

    The Company’s Corner asset is a large de-risked top-tier oil sands asset adjacent to Leismer with 351 million barrels of 2P reserves and 520 million barrels of Contingent Resource (Best Estimate Unrisked). There are over 300 delineation wells and ~80% seismic coverage with reservoir qualities similar or better than Leismer. The asset has a 40,000 bbl/d regulatory approval for development with the existing pipeline corridor passing through the Corner lease. The Company is updating its development plans and is finalizing facility cost estimates, including modular optionality. Athabasca intends to explore external funding options and does not plan to fund an expansion utilizing existing cash flow or balance sheet resources.

    Duvernay Energy Corporation Year-end 2024 Highlights and Operations Update

    • Production: Production averaged 3,310 boe/d (76% Liquids) in 2024, supported by two pads (5 gross, 2.9 net wells) placed on production.
    • Cash Flow: Adjusted Funds Flow of $44 million in 2024 with an Operating Netback of $42.10/boe. Operating Income was $51 million in 2024. DEC has no long-term debt and ended the year with a cash position of $26 million.
    • Capital Program: $73 million of capital, fully funded within cash flow and cash on hand in DEC.

    Production from wells drilled in 2024 continue to validate DEC’s type curve expectations. The five new wells placed on production have average IP30’s of ~1,200 boe/d per well (86% liquids) and IP90s of ~940 boe/d (86% Liquids) per well.

    DEC drilled a three-well 100% working interest pad at 4-18-64-16W5 in Q4 2024. The wells were cased with average laterals of ~4,100 meters per well. This operated pad of wells is expected to be completed post-breakup in 2025. Winter activity has been focused on strategic gathering system investments connecting its newly operated assets with its existing operated infrastructure on the joint venture acreage supporting near-term development plans. DEC has secured a regional term water license and is commencing water sourcing in advance of the completion activities this summer.

    Marketing Access Strategy and Resilience to United States (“US”) Trade Tariffs

    • Long Term Market Access: Athabasca has diversified its long term end market access which includes ~7,200 bbl/d of capacity on the Keystone pipeline by 2028, providing direct exposure to the US Gulf Coast. The Company has recently contracted, through an intermediary, 10,000 bbl/d of capacity on the Enbridge Express system, providing capacity to PADD II with no associated balance sheet commitments. The start-up of the Trans Mountain pipeline expansion has provided excess egress capacity out of Canada, driving tighter and less volatile WCS heavy differentials. Industry market access is expected to be further supported by expansions on the Enbridge and Trans Mountain Pipeline systems along with the possible revival of new pipeline projects.
    • Athabasca is Resilient: The Company is well positioned to withstand macro volatility including proposed US Trade Tariffs with operational flexibility, financial durability and a robust cash flow outlook. Athabasca’s capital program is designed to provide flexible growth at Leismer and DEC has no near-term land expiries with flexible development plans. The Company’s balance sheet is in a $123 million Net Cash position with tenure on Canadian denominated term debt until 2029. Every $0.01 change in the Canada/US exchange rate is ~$10 million in annual Adjusted Funds Flow, and a weakened Canadian dollar would help cushion the impact that any potential US tariffs may have on commodity pricing.

    Differentiated Long-life Reserves1

    • Strong Reserve Growth: 22% increase year over year in 2P reserve value to $6.4 billion NPV102 ($12.44 per share, 35% increase) and 21% increase in 1P reserves to $3.8 billion2 ($7.28 per share, 34% increase). Athabasca maintains a deep inventory with a ~30 year 1P and ~90 year 2P reserve life.
    • Massive Resource Base: 1.3 billion boe of 2P reserves, anchored by 1.2 billion barrels of 2P Thermal Reserves, plus an additional ~1 billion barrels of Contingent Resources (best estimate).
    • Duvernay Energy: Significant reserve additions from ~46,000 acres of 100% working interest land, driving a 128% year over year increase in 2P reserve value to $614 million NPV102.

    Athabasca’s independent reserves evaluator, McDaniel & Associates Consultants Ltd. (“McDaniel”), prepared the year-end reserves evaluation effective December 31, 2024. Reserves are reported on a consolidated basis and reflecting gross reserves and financial metrics before taking into account Athabasca’s 70% equity interest in Duvernay Energy.

      Duvernay Energy1 Thermal Oil Corporate
      2023   2024       2023       2024       2023       2024  
    Reserves (mmboe)            
    Proved Developed Producing   4       6       77       74       82       80  
    Total Proved   11       41       404       404       415       445  
    Proved Plus Probable   27       73       1,216       1,209       1,243       1,282  
                     
    NPV10 BT ($million)2                
    Proved Developed Producing $58     $81     $1,713     $1,749     $1,771     $1,830  
    Total Proved $142     $345     $2,969     $3,421     $3,111     $3,766  
    Proved Plus Probable $269     $614     $5,011     $5,824     $5,280     $6,438  
                   

    Numbers in the table may not add precisely due to rounding.

    For additional information regarding Athabasca’s reserves and resources estimates, please see “Independent Reserve and Resource Evaluations” in the Company’s 2024 Annual Information Form which is available on the Company’s website or on SEDAR at www.sedarplus.ca.  

    1Consolidated reserves reflect gross reserves and financial metrics before taking into account Athabasca’s 70% equity interest in Duvernay Energy.
    2Net present value of future net revenue before tax at a 10% discount rate (NPV 10 before tax) for 2024 is based on an average of McDaniel, Sproule and GLJ pricing as at January 1, 2025.

    About Athabasca Oil Corporation

    Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca’s light oil assets are held in a private subsidiary (Duvernay Energy Corporation) in which Athabasca owns a 70% equity interest. Athabasca’s common shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com.

    For more information, please contact:

    Reader Advisory:

    This News Release contains forward-looking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forward-looking information. The use of any of the words “anticipate”, “plan”, “project”, “continue”, “maintain”, “may”, “estimate”, “expect”, “will”, “target”, “forecast”, “could”, “intend”, “potential”, “guidance”, “outlook” and similar expressions suggesting future outcome are intended to identify forward-looking information. The forward-looking information is not historical fact, but rather is based on the Company’s current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company’s industry, business and future operating and financial results. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release. In particular, this News Release contains forward-looking information pertaining to, but not limited to, the following: our strategic plans; the allocation of future capital; timing and quantum for shareholder returns including share buybacks; the terms of our NCIB program; our drilling plans and capital efficiencies; production growth to expected production rates and estimated sustaining capital amounts; timing of Leismer’s and Hangingstone’s pre-payout royalty status; applicability of tax pools and the timing of tax payments; Adjusted Funds Flow and Free Cash Flow over various periods; type well economic metrics; number of drilling locations; forecasted daily production and the composition of production; our outlook in respect of the Company’s business environment, including in respect of commodity pricing; and other matters.

    In addition, information and statements in this News Release relating to “Reserves” and “Resources” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and that the reserves and resources described can be profitably produced in the future. With respect to forward-looking information contained in this News Release, assumptions have been made regarding, among other things: commodity prices; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct business and the effects that such regulatory framework will have on the Company, including on the Company’s financial condition and results of operations; the Company’s financial and operational flexibility; the Company’s financial sustainability; Athabasca’s cash flow break-even commodity price; the Company’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the applicability of technologies for the recovery and production of the Company’s reserves and resources; future capital expenditures to be made by the Company; future sources of funding for the Company’s capital programs; the Company’s future debt levels; future production levels; the Company’s ability to obtain financing and/or enter into joint venture arrangements, on acceptable terms; operating costs; compliance of counterparties with the terms of contractual arrangements; impact of increasing competition globally; collection risk of outstanding accounts receivable from third parties; geological and engineering estimates in respect of the Company’s reserves and resources; recoverability of reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities and the quality of its assets. Certain other assumptions related to the Company’s Reserves and Resources are contained in the report of McDaniel & Associates Consultants Ltd. (“McDaniel”) evaluating Athabasca’s Proved Reserves, Probable Reserves and Contingent Resources as at December 31, 2024 (which is respectively referred to herein as the “McDaniel Report”).

    Actual results could differ materially from those anticipated in this forward-looking information as a result of the risk factors set forth in the Company’s Annual Information Form (“AIF”) dated March 5, 2025 available on SEDAR at www.sedarplus.ca, including, but not limited to: weakness in the oil and gas industry; exploration, development and production risks; prices, markets and marketing; market conditions; trade relations and tariffs; climate change and carbon pricing risk; statutes and regulations regarding the environment including deceptive marketing provisions; regulatory environment and changes in applicable law; gathering and processing facilities, pipeline systems and rail; reputation and public perception of the oil and gas sector; environment, social and governance goals; political uncertainty; state of capital markets; ability to finance capital requirements; access to capital and insurance; abandonment and reclamation costs; changing demand for oil and natural gas products; anticipated benefits of acquisitions and dispositions; royalty regimes; foreign exchange rates and interest rates; reserves; hedging; operational dependence; operating costs; project risks; supply chain disruption; financial assurances; diluent supply; third party credit risk; indigenous claims; reliance on key personnel and operators; income tax; cybersecurity; advanced technologies; hydraulic fracturing; liability management; seasonality and weather conditions; unexpected events; internal controls; limitations and insurance; litigation; natural gas overlying bitumen resources; competition; chain of title and expiration of licenses and leases; breaches of confidentiality; new industry related activities or new geographical areas; water use restrictions and/or limited access to water; relationship with Duvernay Energy Corporation; management estimates and assumptions; third-party claims; conflicts of interest; inflation and cost management; credit ratings; growth management; impact of pandemics; ability of investors resident in the United States to enforce civil remedies in Canada; and risks related to our debt and securities. All subsequent forward-looking information, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

    Also included in this News Release are estimates of Athabasca’s 2025 outlook which are based on the various assumptions as to production levels, commodity prices, currency exchange rates and other assumptions disclosed in this News Release. To the extent any such estimate constitutes a financial outlook, it was approved by management and the Board of Directors of Athabasca and is included to provide readers with an understanding of the Company’s outlook. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The outlook and forward-looking information contained in this New Release was made as of the date of this News release and the Company disclaims any intention or obligations to update or revise such outlook and/or forward-looking information, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.

    Oil and Gas Information

    “BOEs” may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

    Initial Production Rates 

    Test Results and Initial Production Rates: The well test results and initial production rates provided herein should be considered to be preliminary, except as otherwise indicated. Test results and initial production rates disclosed herein may not necessarily be indicative of long-term performance or of ultimate recovery.

    Reserves Information

    The McDaniel Report was prepared using the assumptions and methodology guidelines outlined in the COGE Handbook and in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, effective December 31, 2024. There are numerous uncertainties inherent in estimating quantities of bitumen, light crude oil and medium crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For those reasons, estimates of the economically recoverable reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. The Company’s actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. Reserves figures described herein have been rounded to the nearest MMbbl or MMboe. For additional information regarding the consolidated reserves and information concerning the resources of the Company as evaluated by McDaniel in the McDaniel Report, please refer to the Company’s AIF.

    Reserve Values (i.e. Net Asset Value) is calculated using the estimated net present value of all future net revenue from our reserves, before income taxes discounted at 10%, as estimated by McDaniel effective December 31, 2024 and based on average pricing of McDaniel, Sproule and GLJ as of January 1, 2025.

    The 444 gross Duvernay drilling locations referenced include: 87 proved undeveloped locations and 85 probable undeveloped locations for a total of 172 booked locations with the balance being unbooked locations. Proved undeveloped locations and probable undeveloped locations are booked and derived from the Company’s most recent independent reserves evaluation as prepared by McDaniel as of December 31, 2024 and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal management estimates. Unbooked locations do not have attributed reserves or resources (including contingent or prospective). Unbooked locations have been identified by management as an estimation of Athabasca’s multi-year drilling activities expected to occur over the next two decades based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which the Company will actually drill wells, including the number and timing thereof is ultimately dependent upon the availability of funding, commodity prices, provincial fiscal and royalty policies, costs, actual drilling results, additional reservoir information that is obtained and other factors.

    Non-GAAP and Other Financial Measures, and Production Disclosure

    The “Corporate Consolidated Adjusted Funds Flow”, “Corporate Consolidated Adjusted Funds Flow per Share”, “Athabasca (Thermal Oil) Adjusted Funds Flow”, “Duvernay Energy Adjusted Funds Flow”, “Corporate Consolidated Free Cash Flow”, “Athabasca (Thermal Oil) Free Cash Flow”, “Duvernay Energy Free Cash Flow”, “Corporate Consolidated Operating Income”, “Corporate Consolidated Operating Income Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Income”, “Duvernay Energy Operating Income”, “Corporate Consolidated Operating Netback”, “Corporate Consolidated Operating Netback Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Netback”, “Duvernay Energy Operating Netback” and “Cash Transportation and Marketing Expense” financial measures contained in this News Release do not have standardized meanings which are prescribed by IFRS and they are considered to be non-GAAP financial measures or ratios. These measures may not be comparable to similar measures presented by other issuers and should not be considered in isolation with measures that are prepared in accordance with IFRS. Net Cash and Liquidity are supplementary financial measures. The Leismer and Hangingstone operating results are supplementary financial measures that when aggregated, combine to the Athabasca (Thermal Oil) segment results.

    Adjusted Funds Flow, Adjusted Funds Flow Per Share and Free Cash Flow

    Adjusted Funds Flow and Free Cash Flow are non-GAAP financial measures and are not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. The Adjusted Funds Flow and Free Cash Flow measures allow management and others to evaluate the Company’s ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. Adjusted Funds Flow per share is a non-GAAP financial ratio calculated as Adjusted Funds Flow divided by the applicable number of weighted average shares outstanding. Adjusted Funds Flow and Free Cash Flow are calculated as follows:

      Three months ended
    December 31, 2024    		   Three months ended
    December 31, 2023    		  
    ($ Thousands) Athabasca
    (Thermal Oil)    		   Duvernay
    Energy    (1)    		   Corporate Consolidated(1)   Corporate
    Consolidated    		  
    Cash flow from operating activities $ 144,810     $ 13,867     $ 158,677     $ 103,196  
    Changes in non-cash working capital   (11,504 )     (3,675 )     (15,179 )     (21,973 )
    Settlement of provisions   92       147       239       607  
    ADJUSTED FUNDS FLOW   133,398       10,339       143,737       81,830  
    Capital expenditures   (74,268 )     (18,676 )     (92,944 )     (38,752 )
    FREE CASH FLOW $ 59,130     $ (8,337 )   $ 50,793     $ 43,078  

    (1)  Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.

      Year ended
    December 31, 2024    		   Year ended
    December 31, 2023    		  
    ($ Thousands) Athabasca
    (Thermal Oil)    		   Duvernay
    Energy    (1)    		   Corporate
    Consolidated    (1)    		   Corporate
    Consolidated    		  
    Cash flow from operating activities $ 511,828     $ 45,713     $ 557,541     $ 305,526  
    Changes in non-cash working capital   3,056       (1,541 )     1,515       525  
    Settlement of provisions   1,728       151       1,879       1,762  
    Long-term deposit   —       —       —       (12,577 )
    ADJUSTED FUNDS FLOW   516,612       44,323       560,935       295,236  
    Capital expenditures   (194,902 )     (73,140 )     (268,042 )     (139,832 )
    FREE CASH FLOW $ 321,710     $ (28,817 )   $ 292,893     $ 155,404  

    (1)  Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.

    Duvernay Energy Operating Income and Operating Netback

    The non-GAAP measure Duvernay Energy Operating Income in this News Release is calculated by subtracting the Duvernay Energy royalties, operating expenses and transportation & marketing expenses from petroleum and natural gas sales which is the most directly comparable GAAP measure. The Duvernay Energy Operating Netback per boe is a non-GAAP financial ratio calculated by dividing the Duvernay Energy Operating Income by the Duvernay Energy production. The Duvernay Energy Operating Income and the Duvernay Energy Operating Netback measures allow management and others to evaluate the production results from the Company’s Duvernay Energy assets.

    The Duvernay Energy Operating Income is calculated using the Duvernay Energy Segments GAAP results, as follows:

      Three months ended
    December 31,    		     Year ended
    December 31,    		  
    ($ Thousands, unless otherwise noted) 2024     2023     2024     2023  
    Petroleum and natural gas sales $ 20,179     $ 12,659     $ 83,194     $ 91,062  
    Royalties   (2,753 )     (2,180 )     (11,035 )     (12,583 )
    Operating expenses   (4,729 )     (5,009 )     (17,116 )     (24,997 )
    Transportation and marketing   (921 )     (709 )     (4,034 )     (7,191 )
    DUVERNAY ENERGY OPERATING INCOME $ 11,776     $ 4,761     $ 51,009     $ 46,291  

    Athabasca (Thermal Oil) Operating Income and Operating Netback

    The non-GAAP measure Athabasca (Thermal Oil) Operating Income in this News Release is calculated by subtracting the Athabasca (Thermal Oil) segments cost of diluent blending, royalties, operating expenses and cash transportation & marketing expenses from heavy oil (blended bitumen) and midstream sales which is the most directly comparable GAAP measure. The Athabasca (Thermal Oil) Operating Netback per bbl is a non-GAAP financial ratio calculated by dividing the respective projects Operating Income by its respective bitumen sales volumes. The Athabasca (Thermal Oil) Operating Income and the Athabasca (Thermal Oil) Operating Netback measures allow management and others to evaluate the production results from the Athabasca (Thermal Oil) assets. The Athabasca (Thermal Oil) Operating Income is calculated using the Athabasca (Thermal Oil) Segments GAAP results, as follows:

      Three months ended
    December 31,    		     Year ended
    December 31,    		  
    ($ Thousands, unless otherwise noted) 2024     2023     2024     2023  
    Heavy oil (blended bitumen) and midstream sales $ 346,716     $ 309,078     $ 1,419,670     $ 1,204,245  
    Cost of diluent   (137,817 )     (137,438 )     (549,808 )     (518,219 )
    Total bitumen and midstream sales   208,899       171,640       869,862       686,026  
    Royalties   (12,413 )     (15,695 )     (75,064 )     (60,865 )
    Operating expenses – non-energy   (20,699 )     (23,767 )     (93,144 )     (87,116 )
    Operating expenses – energy   (11,526 )     (17,651 )     (49,713 )     (81,769 )
    Transportation and marketing(1)   (21,015 )     (22,328 )     (82,858 )     (85,544 )
    ATHABASCA (THERMAL OIL) OPERATING INCOME $ 143,246     $ 92,199     $ 569,083     $ 370,732  

    (1)   Transportation and marketing excludes non-cash costs of $0.6 million and $2.2 million for the three months and year ended December 31, 2024 (three months and year ended December 31, 2023 – $0.6 million and $2.2 million).

    Corporate Consolidated Operating Income and Corporate Consolidated Operating Income Net of Realized Hedging and Operating Netbacks

    The non-GAAP measures of Corporate Consolidated Operating Income including or excluding realized hedging in this News Release are calculated by adding or subtracting realized gains (losses) on commodity risk management contracts (as applicable), royalties, the cost of diluent blending, operating expenses and cash transportation & marketing expenses from petroleum, natural gas and midstream sales which is the most directly comparable GAAP measure. The Corporate Consolidated Operating Netbacks including or excluding realized hedging per boe are non-GAAP ratios calculated by dividing Corporate Consolidated Operating Income including or excluding hedging by the total sales volumes and are presented on a per boe basis. The Corporate Consolidated Operating Income and Corporate Consolidated Operating Netbacks including or excluding realized hedging measures allow management and others to evaluate the production results from the Company’s Duvernay Energy and Athabasca (Thermal Oil) assets combined together including the impact of realized commodity risk management gains or losses (as applicable).

      Three months ended
    December 31,    		     Year ended
    December 31,    		  
    ($ Thousands, unless otherwise noted) 2024     2023     2024     2023  
    Petroleum, natural gas and midstream sales(1) $ 366,895     $ 321,737     $ 1,502,864     $ 1,295,307  
    Royalties   (15,166 )     (17,875 )     (86,099 )     (73,448 )
    Cost of diluent(1)   (137,817 )     (137,438 )     (549,808 )     (518,219 )
    Operating expenses   (36,954 )     (46,427 )     (159,973 )     (193,882 )
    Transportation and marketing(2)   (21,936 )     (23,037 )     (86,892 )     (92,735 )
    Operating Income   155,022       96,960       620,092       417,023  
    Realized loss on commodity risk mgmt. contracts   (1,903 )     (5,517 )     (6,462 )     (35,935 )
    OPERATING INCOME NET OF REALIZED HEDGING $ 153,119     $ 91,443     $ 613,630     $ 381,088  

    (1)   Non-GAAP measure includes intercompany NGLs (i.e. condensate) sold by the Duvernay Energy segment to the Athabasca (Thermal Oil) segment for use as diluent that is eliminated on consolidation.
    (2)   Transportation and marketing excludes non-cash costs of $0.6 million and $2.2 million for the three months and year ended December 31, 2024 (three months and year ended December 31, 2023 – $0.6 million and $2.2 million).

    Cash Transportation and Marketing Expense

    The Cash Transportation and Marketing Expense financial measures contained in this News Release are calculated by subtracting the non-cash transportation and marketing expense as reported in the Consolidated Statement of Cash Flows from the transportation and marketing expense as reported in the Consolidated Statement of Income (Loss) and are considered to be non-GAAP financial measures.

    Net Cash

    Net Cash is defined as the face value of term debt, plus accounts payable and accrued liabilities, plus current portion of provisions and other liabilities plus income tax payable less current assets, excluding risk management contracts.

    Liquidity

    Liquidity is defined as cash and cash equivalents plus available credit capacity.

    Production volumes details

        Three months ended
    December 31,    		     Year ended
    December 31,    		  
    Production   2024     2023     2024     2023  
    Duvernay Energy:                        
    Oil(1) bbl/d   2,103       1,208       2,202       1,396  
    Condensate NGLs bbl/d   —       —       —       528  
    Oil and condensate NGLs bbl/d   2,103       1,208       2,202       1,924  
    Other NGLs bbl/d   422       258       329       525  
    Natural gas(2) mcf/d   5,172       3,612       4,677       10,769  
    Total Duvernay Energy boe/d   3,387       2,068       3,310       4,244  
    Total Thermal Oil bitumen bbl/d   33,849       31,059       33,505       30,246  
    Total Company production boe/d   37,236       33,127       36,815       34,490  

    (1)   Comprised of 99% or greater of tight oil, with the remaining being light and medium crude oil.
    (2)   Comprised of 99% or greater of shale gas, with the remaining being conventional natural gas.

    This News Release also makes reference to Athabasca’s forecasted average daily Thermal Oil production of 33,500 ‐ 35,500 bbl/d for 2025. Athabasca expects that 100% of that production will be comprised of bitumen. Duvernay Energy’s forecasted total average daily production of ~4,000 boe/d for 2025 is expected to be comprised of approximately 68% tight oil, 23% shale gas and 9% NGLs.

    Liquids is defined as bitumen, light crude oil, medium crude oil and natural gas liquids.

    Reserve Life Index is calculated as year-end reserves divided by Q4 2024 production.

    Break Even is an operating metric that calculates the US$WTI oil price required to fund operating costs (Operating Break-even), sustaining capital (Sustaining Break-even), or growth capital (Total Capital) within Adjusted Funds Flow.

    The MIL Network –

  • MIL-OSI: Australian Traders Are Winning Big with UCFXMarkets High-Precision Trading AI

    Source: GlobeNewswire (MIL-OSI)

    London, UK, March 05, 2025 (GLOBE NEWSWIRE) — Next-Generation AI Trading Technology Helps Australian Investors Stay Ahead of the Market

    UCFXMarkets is transforming the way Australian traders approach the financial markets with its high-precision AI trading technology. Designed to optimize market predictions, enhance trade execution, and minimize risks, this next-generation AI-driven trading platform is helping investors achieve consistent success in today’s fast-moving financial landscape.

    With market volatility at an all-time high, traders can no longer afford to rely on outdated strategies. UCFXMarkets delivers real-time market intelligence, predictive analytics, and automated execution tools that give Australian investors the competitive advantage they need.

    Cutting-Edge AI Trading for Australian Investors

    The UCFXMarkets AI system continuously scans global financial markets, identifying high-probability opportunities across forex, equities, and commodities. By leveraging advanced machine learning models, the platform adapts to changing market conditions, ensuring traders maximize profitability while mitigating risk.

    What Makes UCFXMarkets AI Trading So Powerful?

    • Real-Time Market Scanning – AI-powered analysis detects profitable trends before price movements happen.
    • Precision Trade Execution – The AI system executes trades with exact timing, reducing slippage and improving entry points.
    • Advanced Risk Management – Built-in tools automatically adjust trading strategies to minimize potential losses.
    • Multi-Asset Trading – Compatible with forex, stocks, commodities, and indices, allowing for diversified investment opportunities.
    • AI-Powered Learning – Constantly adapts to market trends, refining its predictive models for increased accuracy over time.

    “Trading is no longer just about experience—it’s about having the right technology,” said a UCFXMarkets spokesperson. “Our AI system gives Australian traders an advanced edge, ensuring they capitalize on market trends before the competition.”

    Australian Traders Are Seeing Real Results

    The AI-powered trading system from UCFXMarkets is already delivering exceptional results for Australian investors. Traders report higher accuracy in trade predictions, increased profitability, and reduced emotional decision-making.

    Testimonials from UCFXMarkets Traders in Australia:

    Mark S. – Sydney, NSW
    “I’ve been trading for years, but nothing comes close to the accuracy of UCFXMarkets. The AI spots patterns instantly, and my win rate has never been higher.”

    Emma R. – Melbourne, VIC
    “This system is a game-changer! I used to stress over charts for hours—now the AI does it for me, and my results have improved dramatically.”

    Liam D. – Brisbane, QLD
    “What I love about UCFXMarkets is the built-in risk management. The AI adjusts my strategy in real-time, helping me avoid bad trades and protect my capital.”

    Sophie M. – Perth, WA
    “I’ve tried multiple trading tools, but nothing compares to this. The AI adapts to market shifts in real time, keeping me ahead of every move.”

    The Future of Trading in Australia Is Here

    With financial markets becoming increasingly unpredictable, UCFXMarkets is providing Australian traders with the tools they need to navigate volatility and maximize their returns. Whether you’re a seasoned investor or just starting out, AI-powered trading is the future—and it’s available now.

    Are You Ready to Trade Smarter?

    UCFXMarkets is now offering its high-precision AI trading system to Australian traders who want to gain a strategic edge in the financial markets. With real-time data analysis, automated trade execution, and dynamic risk management, traders can now win bigger, trade smarter, and stay ahead of the competition.

    Disclaimer:

    This press release is for informational purposes only and does not constitute financial advice, investment recommendations, or an offer to buy or sell any financial instruments. Trading involves risk, and past performance is not indicative of future results. Investors should conduct their own research and consult with a licensed financial advisor before making any investment decisions.

    The MIL Network –

  • MIL-OSI: Prairie Provident Announces Closing of Final Tranche of Equity Financing and Basal Quartz Operational Update

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

    CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. (“Prairie Provident” or the “Company“) (TSX:PPR) is pleased to announce the closing of the second and final tranche of its previously announced equity financing, for additional gross proceeds of $3.87 million. Together with the $4.8 million of gross proceeds from the first tranche closing completed on February 19, 2025, the Company raised $8.67 million in aggregate gross proceeds from the financing, through the issuance of, in aggregate:

    (i)   86,267,672 units (“Units“) at a price of $0.0425 per Unit, for gross proceeds of $3,666,376, in an offering made pursuant to the ‘listed issuer financing exemption’ (LIFE) under applicable Canadian securities laws (the “LIFE Offering“), with each Unit consisting of one common share (“Common Share“) and one Common Share purchase warrant (“Warrant“), and each Warrant exercisable for one Common Share at price of $0.05 per share until March 5, 2028; and
         
    (ii)   117,647,059 Common Shares at a price of $0.0425 per Common Share, for gross proceeds of $5,000,000, in a private placement pursuant to exemptions from the prospectus requirements of applicable Canadian securities laws (the “Private Placement” and, together with the LIFE Offering, the “Offerings“).
         

    The Offerings were led by Research Capital Corporation as the lead agent and sole bookrunner, on behalf of a syndicate of agents including Haywood Securities Inc. (collectively, the “Agents“).

    Prairie Provident intends to use the net proceeds from the Offerings to drill two additional Basal Quartz horizontal wells in the first quarter of 2025 and for working capital and general corporate purposes, including expenses related to the Offerings.

    The Common Shares issued under the Private Placement are subject to a restricted 4-month hold period under applicable Canadian securities laws, and cannot be traded before July 6, 2025 unless otherwise permitted under securities legislation. The Common Shares and Warrants comprising the Units sold under the LIFE Offering are not subject to the same hold period restriction.

    In connection with the Offerings, the Company paid to the Agents total cash compensation of $180,247 and issued to the Agents a total of 2,508,704 non-transferable broker warrants (the “Broker Warrants“). Each Broker Warrant entitles the holder thereof to acquire one Unit at a price of $0.0425 per Unit until March 5, 2028.

    Insider Participation

    The Company’s principal shareholder, PCEP Canadian Holdco, LLC (“PCEP“), and certain directors and officers of the Company, participated in the Offerings for a final aggregate investment of $7.32 million after converting USD-denominated commitments to Canadian dollars, of which $5.0 million was completed under the Private Placement (acquiring 117,647,029 Common Shares in total, for 100% of the Private Placement) and $2.32 million was completed under the LIFE Offering (acquiring 54,508,872 million Units in total, for 63.2% of the LIFE Offering) (collectively, the “Insider Participation“).

    Basal Quartz Operational Update

    The Company is pleased to announce rig release at the Basal Quartz horizontal well 100/14-32-29-18W4M on March 3, 2025. The drilling rig was moved to the Basal Quartz horizontal well 102/13-32-29-18W4M which was spud on March 4, 2025. Completion operations for both wells are expected to commence in the next two weeks.

    Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions

    The Insider Participation constitutes ‘related party transactions’ for the Company within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), which are exempt from the formal valuation and minority approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(a) thereof on the basis that neither the fair market value of the subject matter of the transactions, nor the fair market value of the consideration for the transactions, insofar as they involve interested parties, exceeds 25% of the Company’s market capitalization as calculated for purposes of MI 61-101. Prairie Provident did not file a material change report 21 days before completion of the initial closing under the Offering completed on February 19, 2025, which was less than 21 days from commencement and it was commercially impracticable to delay the process.

    This news release does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of, any securities in the United States or to or for the account or benefit of U.S. persons or persons in the United States, or in any other jurisdiction in which, or to or for the account or benefit of any other person to whom, any such offer, solicitation or sale would be unlawful. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons or persons in the United States except in compliance with, or pursuant to an available exemption from, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. “United States” and “U.S. person” have the meanings ascribed to them in Regulation S under the U.S. Securities Act.

    ABOUT PRAIRIE PROVIDENT

    Prairie Provident is a Calgary-based company engaged in the exploration and development of oil and natural gas properties in Alberta, including a position in the emerging Basal Quartz trend in the Michichi area of Central Alberta.

    For further information, please contact:

    Dale Miller, Executive Chairman
    Phone: (403) 292-8150
    Email:  info@ppr.ca

    Forward-Looking Information

    This news release contains certain statements (“forward-looking statements”) that constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future performance, events or circumstances, are based upon internal assumptions, plans, intentions, expectations and beliefs, and are subject to risks and uncertainties that may cause actual results or events to differ materially from those indicated or suggested therein. All statements other than statements of current or historical fact constitute forward-looking statements. Forward-looking statements are typically, but not always, identified by words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “budget”, “forecast”, “target”, “estimate”, “propose”, “potential”, “project”, “seek”, “continue”, “may”, “will”, “should” or similar words suggesting future outcomes or events or statements regarding an outlook.

    Without limiting the foregoing, this news release contains forward-looking statements pertaining to: the intended use of proceeds from the Offerings; the intended number of Basal Quartz wells that are anticipated to be drilled by the Company in the first quarter of 2025 and the intended timing of drilling and completion of the Basal Quartz wells.

    Forward-looking statements are based on a number of material factors, expectations or assumptions of Prairie Provident which have been used to develop such statements, but which may prove to be incorrect. Although the Company believes that the expectations and assumptions reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements, which are inherently uncertain and depend upon the accuracy of such expectations and assumptions. Prairie Provident can give no assurance that the forward-looking statements contained herein will prove to be correct or that the expectations and assumptions upon which they are based will occur or be realized. Actual results or events will differ, and the differences may be material and adverse to the Company. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from drilling and development activities; consistency with past operations; the quality of the reservoirs in which Prairie Provident operates and continued performance from existing wells (including with respect to production profile, decline rate and product type mix); the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Prairie Provident’s reserves volumes; future commodity prices; future operating and other costs; future USD/CAD exchange rates; future interest rates; continued availability of external financing and internally generated cash flow to fund Prairie Provident’s current and future plans and expenditures, with external financing on acceptable terms; the impact of competition; the general stability of the economic and political environment in which Prairie Provident operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Prairie Provident to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Prairie Provident has an interest in to operate the field in a safe, efficient and effective manner; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Prairie Provident to secure adequate product transportation; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Prairie Provident operates; and the ability of Prairie Provident to successfully market its oil and natural gas production.

    The forward-looking statements included in this news release are not guarantees of future performance or promises of future outcomes and should not be relied upon. Such statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward- looking statements including, without limitation: reduced access to external debt financing; higher interest costs or other restrictive terms of debt financing; changes in realized commodity prices; changes in the demand for or supply of Prairie Provident’s products; the early stage of development of some of the evaluated areas and zones; the potential for variation in the quality of the geologic formations targeted by Prairie Provident’s operations; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; the imposition of any tariffs or other restrictive trade measures or countermeasures affecting trade between Canada and the United States; changes in development plans of Prairie Provident or by third party operators; increased debt levels or debt service requirements; inaccurate estimation of Prairie Provident’s oil and reserves volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and such other risks as may be detailed from time-to-time in Prairie Provident’s public disclosure documents (including, without limitation, those risks identified in this news release and Prairie Provident’s current Annual Information Form dated April 1, 2024 as filed with Canadian securities regulators and available from the SEDAR+ website (www.sedarplus.ca) under Prairie Provident’s issuer profile).

    The forward-looking statements contained in this news release speak only as of the date of this news release, and Prairie Provident assumes no obligation to publicly update or revise them to reflect new events or circumstances, or otherwise, except as may be required pursuant to applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

    The MIL Network –

  • MIL-OSI Economics: [MWC 2025] Samsung’s Mobile Technology Leadership Shines Through Camera and AI Innovations

    Source: Samsung

    At Mobile World Congress (MWC) 2025 in Barcelona, Samsung Electronics led in-depth discussions on the innovative camera capabilities and human-centric AI experiences of the Galaxy S25 series.
     
    Samsung Newsroom attended the S25 Camera Briefing and the Galaxy AI Tech Forum to learn how Samsung remains at the forefront of mobile technology.
     
     
    S25 Camera Briefing: Pushing the Boundaries of Mobile Photography to the Next Level
    As MWC 2025 kicked off, Samsung hosted the S25 Camera Briefing on March 3. The session showcased the powerful camera capabilities and AI-powered editing features of the Galaxy S25 series that enable users to capture perfect photos anytime, anywhere.
     
    “The Galaxy S25 series will redefine the paradigm of mobile photography,” said Joshua Cho, Executive Vice President and Head of Visual Solution Team, Mobile eXperience (MX) Business at Samsung Electronics. “By integrating AI-powered image processing technology with the latest camera advancements, anyone can effortlessly create high-quality visual content.”
     
    ▲ Joshua Cho from Samsung Electronics
     
    The Galaxy S25 Ultra features a 50MP ultra-wide camera sensor and AI remosaic technology, allowing users to capture high-resolution photos from any distance. AI-based multi-frame processing (MFP) automatically optimizes image quality based on the shooting environment and distance while precisely distinguishing between moving and static subjects — delivering a more dynamic and detailed photography experience. Additionally, AI filters and generative editing tools make it easy to create high-quality, visually striking content.
     
    ▲ S25 Camera Briefing
     
     
    Galaxy AI Tech Forum: The Future of Human-Centric AI
    On March 4, panelists explored the future of mobile AI during a Galaxy AI Tech Forum session titled “Human-Centric AI for a True AI Companion: Overcoming Barriers and What’s Next.”
     
    Patrick Chomet, Executive Vice President at Samsung Electronics; Christopher Patrick, Senior Vice President and General Manager of Mobile Handsets at Qualcomm; Dr. Chris Brauer, Director of Innovation in the Institute of Management Studies at Goldsmiths, University of London, and Chief Innovation Officer at Symmetry; and moderator Ben Wood, Chief Analyst and Chief Marketing Officer at CCS Insight, discussed human-centric AI, the role of mobile technology in shaping consumers’ daily lives and key barriers to AI adoption.
     
    ▲ Galaxy AI Tech Forum
     
    “Millions of users are already experiencing Galaxy AI on their devices,” said Wood, opening the conversation on consumer sentiment toward AI evolution and the industry’s efforts to deliver meaningful experiences. “The launch of the Galaxy S25 series introduced even more ways to integrate AI into daily life.”
     
    ▲ Ben Wood from CCS Insight
     
    The Galaxy S25 series harnesses multimodal AI-based agent experiences to elevate personalization to new heights. However, there is still work to be done to understand what consumers need from AI to make it a truly meaningful part of their everyday lives.
     
    “While AI technology becomes faster, more powerful and more capable, we’re evolving too — as people and as consumers,” said Chomet. “Neither exists in a vacuum, and our role is to ensure that Galaxy AI evolves alongside our users to empower them without overwhelming or leaving them behind.”
     
    ▲ Patrick Chomet from Samsung Electronics
     
    The panelists shared personal anecdotes about how Galaxy AI and the Galaxy S25 series are redefining everyday life before shifting focus to the barriers to AI adoption. “Despite the rise in AI adoption, we identified three key global barriers — lack of confidence in using AI, privacy concerns and doubts about its practical benefits,” explained Dr. Brauer, citing findings from a global study conducted in partnership with Samsung and Symmetry.
     
    While barriers to AI adoption undeniably exist, there are also clear drivers motivating those who use or are willing to use AI. Nearly half of users cite productivity as a key factor, recognizing AI’s potential to streamline tasks and boost efficiency. Additionally, 40% are drawn to AI for creative pursuits, while about a quarter of users believe it will foster new social connections. Building trust and confidence in these benefits will be essential to helping users view AI as a tool for empowerment.
     
    ▲ Dr. Chris Brauer from Goldsmiths, University of London, and Symmetry
     
    “AI experiences developed in collaboration with Samsung allow for more powerful, seamless interactions,” said Patrick, emphasizing Qualcomm’s close collaboration with Samsung. “This is how we continue to introduce AI in a way that feels accessible to consumers who may be more hesitant.”
     
    “From my perspective, on-device AI and powerful performance — driven by partnership between Samsung and Qualcomm — are central to truly optimized AI,” he continued. “Data privacy remains a top priority in our ongoing collaboration with Samsung, and we’ve made significant advancements in enabling advanced AI processing entirely on the device.”
     
    ▲ Christopher Patrick from Qualcomm
     
    The discussion concluded with insights into the development of the Galaxy S25 series and the future of mobile AI.
     
    “Human-centric AI is the cornerstone of Galaxy AI. At the center of every new feature or experience is one thing — the user,” said Chomet, reaffirming Samsung’s commitment to a user-centric approach. “Our goal is to create an experience that feels second nature to users. They shouldn’t need to be technical experts to access all Galaxy AI has to offer.”
     
    ▲ (From left to right) Dr. Chris Brauer, Christopher Patrick, Patrick Chomet and Ben Wood
     
    The S25 Camera Briefing and Galaxy AI Tech Forum at MWC 2025 provided a glimpse into the next-generation mobile experiences powered by the Galaxy S25 series. Samsung is shaping a future where mobile devices transcend functionality, becoming intelligent companions that enhance how users create, connect and engage with the world.

    MIL OSI Economics –