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Category: Business

  • MIL-OSI: Origin Bancorp, Inc. Provides Update on Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    RUSTON, La., March 03, 2025 (GLOBE NEWSWIRE) — Origin Bancorp, Inc. (NYSE: OBK) (“Origin”), the holding company for Origin Bank, today announced that five members of its Board of Directors will not stand for reelection at the 2025 Annual Meeting of Stockholders, decreasing the size of the Board from 16 to 11 directors. The Nominating and Corporate Governance Committee of the Board, including Origin’s lead independent director, has extensively studied the optimal Board size and composition in relation to the Company’s continued growth. Today’s announcement reflects the Board’s strategic initiative to reduce its size to better align with governance best practices. The five directors not standing for election are Jay Dyer, Farrell Malone, Lori Sirman, Elizabeth Solender and Steve Taylor.

    “Each of these directors has made invaluable contributions to our Company and we are grateful for their service,” said Drake Mills, Chairman, President and CEO of Origin Bancorp, Inc. “Their expertise helped Origin through periods of significant transformation and growth. It is a credit to their stewardship that these directors each recognize that right-sizing the Board is in the Company’s best interests moving forward. On behalf of the entire organization, I’d like to thank them for their service to Origin and their guidance to our Board and management.”

    Based on the recommendation of the Board’s Nominating and Corporate Governance Committee, the incumbent directors to be nominated for election at the 2025 Annual Meeting will be: Daniel Chu, James D’Agostino, Jr., James Davison, Jr., A. La’Verne Edney, Meryl Farr, Richard Gallot, Jr., Stacey Goff, Cecil Jones, Michael Jones, Gary Luffey and Drake Mills. The Company expects to hold its 2025 Annual Meeting on April 23, 2025.

    Michael Jones, Chair of the Board’s Nominating and Corporate Governance Committee, added, “With these changes, we will have a smaller, more efficient Board of Directors, consistent with our commitment to best-in-class corporate governance. We have been intentional in the composition of a Board that will continue to be made up of highly qualified directors who each bring relevant backgrounds and skills to support management in driving the Company’s strategy and future growth, including experience in the banking and financial services industries as well as in executive leadership, strategic and financial planning, and risk management.”

    The changes to the Board composition are not being made as a result of any disagreement between the departing directors and the Company.

    About Origin

    Origin Bancorp, Inc. is a financial holding company headquartered in Ruston, Louisiana. Origin’s wholly owned bank subsidiary, Origin Bank, was founded in 1912 in Choudrant, Louisiana. Deeply rooted in Origin’s history is a culture committed to providing personalized relationship banking to businesses, municipalities, and personal clients to enrich the lives of the people in the communities it serves. Origin provides a broad range of financial services and currently operates more than 55 locations in Dallas/Fort Worth, East Texas, Houston, North Louisiana, Mississippi, South Alabama and the Florida Panhandle. For more information, visit www.origin.bank.

    Contact Information

    Investor Relations
    Chris Reigelman
    318-497-3177
    chris@origin.bank

    Media Contact
    Ryan Kilpatrick
    318-232-7472
    rkilpatrick@origin.bank

    The MIL Network –

  • MIL-OSI USA: Another Historic Investment Secured Under President Trump

    US Senate News:

    Source: The White House
    Today, President Donald J. Trump joined Taiwan Semiconductor Manufacturing Company (TSMC) CEO C.C. Wei to announce a historic $100 billion investment by TSMC in its Arizona-based semiconductor chips manufacturing operation — the largest foreign direct investment in U.S. history.
    President Trump: “This $100 billion in new investment will go into building five cutting-edge fabrication facilities in the great state that we just discussed, Arizona, and will create thousands of jobs — many thousands of jobs, and they’re high-paying jobs. In total, today’s announcement brings Taiwan Semiconductor’s investment to about $165 billion.”
    TSMC CEO C.C. Wei: “It’s going to create thousands of high-paying jobs … We are going to produce many chips to support AI’s progress and to support the smartphone’s progress. I want to thank President Trump again for his support.”
    Secretary of Commerce Howard Lutnick: “President Trump has made it a fundamental objective to bring semiconductor chip manufacturing home to America … You’re seeing the power of Donald Trump’s presidency because TSMC, the greatest manufacturer of chips in the world, is coming to America with a $100 billion investment.”
    Since taking office, President Trump has secured nearly $2 trillion in U.S.-based investment — and the best is yet to come.

    MIL OSI USA News –

  • MIL-OSI United Nations: Gaza Ceasefire Must Hold, Secretary-General Urges at Launch of Berlin Initiative

    Source: United Nations General Assembly and Security Council

    Following is UN Secretary-General António Guterres’ message on the launch of The Berlin Initiative today:

    I commend the launch of The Berlin Initiative and its commitment to a diplomatic resolution of the Israeli-Palestinian conflict.

    Since the horrific terror attacks by Hamas on 7 October, the ensuing Israeli military operations have unleashed an unprecedented level of death and destruction in Gaza. Meanwhile, the deteriorating situation in the West Bank is fueling further instability and suffering.

    The ceasefire in Gaza must hold and be implemented in full.  All hostages must be released immediately, unconditionally, and in a dignified manner. And humanitarian aid must be maintained, funded, protected, and reach people in dire need without restrictions. 

    But beyond ending this terrible war, we must lay the foundations for lasting peace — one that ensures security for Israel, dignity and self-determination for the Palestinian people, and stability for the entire region. 

    That requires a clear political framework for Gaza’s recovery and reconstruction.  It requires immediate and irreversible steps towards a two-State solution — with Gaza and the West Bank, including East Jerusalem, unified under a legitimate Palestinian authority, accepted and supported by the Palestinian people.  And it requires putting an end to occupation, settlement expansion and threats of annexation.

    Efforts like The Berlin Initiative help forge a diplomatic path.  I urge everyone to seize this moment to build a future where Israel and Palestine live side by side, in peace and security, in line with international law and UN resolutions.  It is the only way. 

    MIL OSI United Nations News –

  • MIL-OSI Security: Lab Operator Convicted of $4 Million Medicare Fraud Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    A federal jury in Detroit convicted a California man today for his role in defrauding Medicare of over $4 million in fraudulent claims for medically unnecessary urine drug testing for patients receiving pain management treatment.

    According to court documents and evidence presented at trial, Sherif Khalil, 50, of Redondo Beach, conspired with others to submit claims to Medicare for the highest-reimbursing urine drug testing panels, which doctors did not want or order.

    Sherif Khalil operated Spectra Clinical Labs, a toxicology lab located in Gardena, California. As the owner of Spectra, Khalil implemented a scheme to pay marketers a percentage of Medicare reimbursements and incentivize them to obtain doctors’ orders for expensive drug testing panels. Khalil concealed Spectra’s payments to marketers by routing the payments through nominally independent marketing companies that Khalil secretly controlled. To maximize Spectra’s profits and their own commission payments, Spectra’s marketers then trained staff members at doctors’ offices to send Spectra orders for medically unnecessary urine drug tests that doctors did not actually want or authorize. Khalil also knew that orders Spectra received from physician practices were not supported by documentation of medical necessity.

    The medically unnecessary laboratory tests ordered in exchange for illegal kickbacks to marketers caused Medicare to pay more than $4 million to the Spectra Clinical Labs.

    Khalil was found guilty of one count of conspiracy to commit health care fraud and wire fraud and one count of conspiracy to defraud the United States and to pay, offer, receive, and solicit health care kickbacks. Khalil is scheduled to be sentenced on Aug. 7 and faces a maximum penalty of 20 years in prison on the conspiracy to commit health care fraud and wire fraud count and five years in prison on the count for conspiracy to defraud the United States and to pay, offer, receive, and solicit health care kickbacks. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Special Agent in Charge Cheyvoryea Gibson of the FBI Detroit Field Office, and Special Agent in Charge Mario Pinto of the Department of Health and Human Services Office of Inspector General (HHS-OIG) made the announcement.

    The FBI Detroit Field Office and HHS-OIG investigated the case.

    Trial Attorneys S. Babu Kaza, Jeffrey A. Crapko, and Kelly Warner and Assistant Chief Shankar Ramamurthy of the Criminal Division’s Fraud Section prosecuted the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    MIL Security OSI –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Malaysia

    Source: IMF – News in Russian

    March 3, 2025

    Washington, DC: On February 25, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Malaysia and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2]

    Malaysia’s economic performance has improved significantly in 2024. The economy grew by 5.2 percent (y/y) in the first three quarters of 2024, supported by strong private consumption, buoyant investment, improvements in external demand for electrical and electronic products, and a recovery in tourism. Labor market conditions have been strong, with the unemployment rate low at 3.2 percent in 2024Q3. Meanwhile, inflation has been stable around 2 percent, and the ringgit appreciated against the U.S. dollar by 2.6 percent in 2024.

    Current policies are focused on rebuilding fiscal buffers, augmenting growth potential, and strengthening social protection while preserving macroeconomic and financial stability. The landmark Public Finance and Fiscal Responsibility Act (FRA), enacted in 2023, aims to strengthen fiscal management and governance. Fiscal consolidation continued in 2024, with the overall fiscal deficit estimated to have declined from 5.0 percent of GDP in 2023 to the budget target of 4.3 percent of GDP in 2024, supported by subsidy reforms and strengthening of the sales and service tax. Bank Negara Malaysia (BNM) has kept the Overnight Policy Rate (OPR) unchanged at 3.0 percent since May 2023. Under the Economy MADANI Framework, the authorities have developed a set of concerted policy frameworks that focus on increasing incomes, addressing climate change, promoting digitalization, and enhancing governance.

    Executive Board Assessment

    In concluding the Article IV consultation with Malaysia, Executive Directors endorsed the staff’s appraisal as follows:

    Malaysia’s favorable economic conditions provide a window of opportunity to build macroeconomic policy buffers and accelerate structural reforms. Malaysia’s strong growth momentum is expected to be sustained in the near term, with growth projected at 4.7 percent in 2025. Inflation, which eased to 1.8 percent in 2024, is projected to increase to 2.6 percent in 2025 on account of the anticipated implementation of gasoline subsidy reforms, before moderating to 2.3 percent in 2026. Malaysia’s external position in 2024 is preliminarily assessed to be stronger than the level implied by medium-term fundamentals and desirable policies.

    Risks to growth, mostly external, are tilted to the downside, while inflation risks are tilted to the upside. Downside external risks include deepening geoeconomic fragmentation, a growth slowdown in major trading partners, and intensification of geopolitical conflicts, while upside growth risks include faster implementation of investment projects. The upside risks to the inflation outlook stem from global commodity price shocks and potential wage pressures from increases in minimum wage and civil servants’ pay.

    Fiscal consolidation should continue to rebuild buffers and achieve the medium-term targets set under the FRA. Staff recommends achieving a small structural primary balance by 2027. Building on successful subsidy reforms, including for electricity and diesel, staff recommends gradually phasing out remaining fuel subsidies. Revenue mobilization efforts toward a more broad-based and efficient tax system are warranted. Reintroducing the GST could help achieve this goal. The associated impact of fiscal reforms on vulnerable households should be mitigated by well-targeted cash transfers. Staff welcomes the historic enactment of the FRA and recommends its swift and thorough implementation.

    The current neutral monetary policy stance is appropriate. Going forward, monetary policy should remain data dependent. BNM should stand ready to tighten monetary policy if upside inflation risks materialize. Maintaining exchange rate flexibility is essential.

    Financial systemic risks appear contained, and the financial sector remains sound. Banks’ capital and liquidity positions are robust. Credit growth, corporate and household balance sheets, and real estate markets do not pose systemic risks at this juncture. Continued vigilance is warranted against pockets of more highly leveraged borrowers, interlinkages between banks and non-bank financial institutions, and climate and cyber risks—although spillover risks from these areas remain contained. Given the strong growth and accommodative financial conditions, pre-emptive broadening of the macroprudential policy toolkit could be considered.

    Staff encourages swift implementation of the structural reform initiatives to enhance productivity and inclusive growth. The ongoing development of the PADU digital registry can help strengthen social safety nets and public service delivery. Investment incentives to promote high-growth and high-value industries should be well-targeted and ring-fenced. Further efforts are warranted toward Malaysia’s transition to net-zero emissions and readiness for Artificial Intelligence. Staff welcomes the authorities’ efforts to strengthen governance and the anti-corruption framework.

    Selected Economic and Financial Indicators, 2020–30

    Nominal GDP (2023): US$399.7 billion

    		      

     Population (2023): 33.4 million

    		            

    GDP per capita (2023, current prices): US$11,967

    		      

     Poverty rate (2019, national poverty line): 0.2 percent

    		        

    Unemployment rate (2023, period average):  3.4 percent

    		      

     Adult literacy rate (2019): 95.0 percent

    		          
                             

    Main domestic goods exports (share of total domestic exports, 2023): Machinery and Transport Equipment (45.6 percent), Manufactured Goods and Miscellaneous Manufactured Articles (19.0 percent), and Mineral Fuels, Lubricants etc. (16.5 percent).
                 
           
               

    Proj.
       

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    1/
                             

    Real GDP (percent change)

    		  

    -5.5

    3.3

    8.9

    3.6

    5.0

    4.7

    4.4

    4.0

    4.0

    4.0

    4.0

    Total domestic demand

    		  

    -4.8

    3.8

    9.5

    4.7

    6.1

    4.7

    4.0

    3.6

    3.6

    3.6

    3.4

    Private consumption

    		  

    -3.9

    1.8

    11.3

    4.7

    5.3

    4.5

    3.9

    3.4

    3.9

    3.8

    3.7

    Public consumption

    		  

    4.1

    5.8

    5.1

    3.3

    4.3

    3.5

    2.7

    2.4

    2.3

    2.3

    2.3

    Private investment

    		  

    -11.9

    2.8

    7.2

    4.6

    12.0

    6.0

    5.1

    4.0

    4.0

    4.0

    4.0

    Public gross fixed capital formation

    		  

    -21.2

    -11.0

    5.3

    8.6

    11.2

    4.0

    2.8

    2.3

    2.1

    2.0

    2.1

    Net exports (contribution to growth, percentage points)

    		  

    -1.0

    -0.3

    -0.1

    -0.9

    -0.8

    0.2

    0.5

    0.6

    0.5

    0.6

    0.7
                             

    Output gap (in percent)

    		  

    -4.0

    -1.1

    2.5

    1.3

    1.1

    0.7

    0.4

    0.0

    0.0

    0.0

    0.0
                             

    Saving and investment (in percent of GDP)

    		                        

    Gross domestic investment

    		  

    19.7

    22.1

    23.6

    22.5

    22.5

    22.5

    22.6

    22.6

    22.5

    22.5

    22.5

    Gross national saving

    		  

    23.8

    26.0

    26.8

    24.0

    24.5

    24.7

    25.0

    25.3

    25.4

    25.5

    25.5
                             

    Fiscal sector (in percent of GDP) 2/

    		                        

    Federal government overall balance

    		  

    -6.2

    -6.4

    -5.5

    -5.0

    -4.3

    -3.8

    -3.8

    -3.8

    -3.8

    -3.8

    -3.8

    Revenue

    		  

    15.9

    15.1

    16.4

    17.3

    16.5

    16.2

    15.4

    15.1

    14.8

    14.6

    14.4

    Expenditure and net lending

    		  

    22.0

    21.5

    22.0

    22.3

    20.8

    20.0

    19.2

    18.9

    18.6

    18.4

    18.2

    Federal government non-oil primary balance

    		  

    -7.5

    -6.7

    -7.8

    -6.6

    -4.9

    -4.1

    -3.7

    -3.4

    -3.0

    -2.8

    -2.6

    Consolidated public sector overall balance 3/

    		  

    -7.3

    -8.3

    -6.0

    -5.9

    -8.4

    -6.7

    -6.8

    -6.9

    -6.8

    -6.9

    -6.9

    General government debt 3/

    		  

    67.7

    69.2

    65.5

    69.7

    69.6

    68.9

    68.7

    69.1

    69.3

    69.6

    69.8

    Of which: federal government debt

    		  

    62.0

    63.3

    60.2

    64.3

    64.4

    63.7

    63.5

    63.8

    64.1

    64.3

    64.5
                             
                             

    Inflation and unemployment (in percent)

    		                        

    CPI inflation, annual average

    		  

    -1.2

    2.5

    3.4

    2.5

    1.8

    2.6

    2.3

    2.0

    2.0

    2.0

    2.0

    CPI inflation, end of period

    		  

    -1.4

    3.2

    3.8

    1.5

    1.7

    3.8

    2.0

    2.0

    2.0

    2.0

    2.0

    CPI inflation (excluding food and energy), annual average

    		  

    1.1

    0.7

    3.0

    3.0

    1.8

    2.4

    2.2

    2.0

    2.0

    2.0

    2.0

    CPI inflation (excluding food and energy), end of period

    		  

    0.7

    1.1

    4.1

    1.9

    1.6

    3.8

    2.0

    2.0

    2.0

    2.0

    2.0

    Unemployment rate

    		  

    4.5

    4.6

    3.9

    3.4

    3.2

    3.2

    3.2

    3.2

    3.2

    3.2

    3.2
                             
                             

    Macrofinancial variables (end of period)

    		                        

    Broad money (percentage change) 4/

    		  

    4.9

    5.6

    4.0

    5.8

    7.1

    7.6

    6.7

    5.9

    5.9

    5.9

    5.9

    Credit to private sector (percentage change) 4/

    		  

    4.0

    3.8

    3.0

    5.2

    6.2

    6.1

    6.0

    5.9

    5.9

    5.9

    5.9

    Credit-to-GDP ratio (in percent) 5/ 6/

    		  

    144.8

    137.7

    122.4

    126.7

    125.7

    123.9

    123.1

    123.1

    123.1

    123.1

    123.1

    Overnight policy rate (in percent)

    		  

    1.75

    1.75

    2.75

    3.00

    …

    …

    …

    …

    …

    …

    …

    Three-month interbank rate (in percent)

    		  

    1.9

    2.0

    3.6

    3.7

    …

    …

    …

    …

    …

    …

    …

    Nonfinancial corporate sector debt (in percent of GDP) 7/

    		  

    109.7

    109.0

    97.5

    101.2

    …

    …

    …

    …

    …

    …

    …

    Nonfinancial corporate sector debt issuance (in percent of GDP)

    		  

    2.3

    2.6

    2.4

    2.5

    …

    …

    …

    …

    …

    …

    …

    Household debt (in percent of GDP) 7/

    		  

    93.1

    88.9

    80.9

    84.2

    …

    …

    …

    …

    …

    …

    …

    Household financial assets (in percent of GDP) 7/

    		  

    204.5

    191.9

    167.3

    174.3

    …

    …

    …

    …

    …

    …

    …

    House prices (percentage change)

    		  

    1.2

    1.9

    3.9

    3.8

    …

    …

    …

    …

    …

    …

    …
                             
                             

    Exchange rates (period average)

    		                        

    Malaysian ringgit/U.S. dollar

    		  

    4.19

    4.14

    4.40

    4.56

    …

    …

    …

    …

    …

    …

    …

    Real effective exchange rate (percentage change)

    		  

    -3.5

    -1.3

    -1.4

    -2.5

    …

    …

    …

    …

    …

    …

    …
                             
                             

    Balance of payments (in billions of U.S. dollars) 5/

    		                        

    Current account balance

    		  

    14.1

    14.5

    13.0

    6.2

    8.7

    10.2

    12.0

    14.3

    16.1

    17.6

    19.4

    (In percent of GDP)

    		  

    4.2

    3.9

    3.2

    1.5

    2.0

    2.2

    2.4

    2.7

    2.9

    3.0

    3.1

    Goods balance

    		  

    32.7

    42.9

    42.6

    29.9

    26.3

    29.3

    31.8

    33.9

    36.5

    39.2

    43.7

    Services balance

    		  

    -11.2

    -15.8

    -13.2

    -9.5

    -4.4

    -4.1

    -3.1

    -1.7

    -1.3

    -1.0

    -1.5

    Income balance

    		  

    -7.4

    -12.5

    -16.3

    -14.2

    -13.2

    -14.9

    -16.7

    -17.9

    -19.2

    -20.6

    -22.8

    Capital and financial account balance

    		  

    -18.5

    3.8

    1.8

    -3.4

    -6.0

    0.2

    -3.0

    -5.0

    -6.2

    -7.1

    -8.2

    Of which: Direct investment

    		  

    0.7

    7.5

    2.9

    0.0

    -1.3

    2.0

    2.1

    2.2

    2.4

    2.5

    2.6

    Errors and omissions

    		  

    -0.1

    -7.3

    -2.7

    -7.2

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Overall balance

    		  

    -4.6

    11.0

    12.1

    -4.5

    2.7

    10.4

    9.0

    9.3

    9.9

    10.6

    11.2
                             

    Gross official reserves (US$ billions) 5/

    		  

    107.6

    116.9

    114.7

    113.5

    116.2

    126.6

    135.6

    144.9

    154.8

    165.4

    176.6

    (In months of following year’s imports of goods and nonfactor services)

    		  

    5.5

    4.9

    5.4

    4.6

    4.4

    4.6

    4.7

    4.8

    4.9

    4.9

    5.0

    (In percent of short-term debt by original maturity)

    		  

    117.6

    120.8

    104.9

    100.3

    99.4

    98.3

    97.2

    97.0

    97.3

    97.9

    98.9

    (In percent of short-term debt by remaining maturity)

    		  

    91.9

    93.5

    84.6

    80.7

    78.7

    79.4

    79.0

    79.2

    79.7

    80.5

    81.5

    Total external debt (in billions of U.S. dollars) 5/

    		  

    238.8

    258.7

    259.6

    270.6

    284.6

    305.1

    324.4

    342.8

    361.1

    379.2

    397.2

    (In percent of GDP)

    		  

    70.8

    69.3

    63.8

    67.8

    65.1

    65.3

    65.1

    64.9

    64.4

    63.8

    63.0

    Of which: short-term (in percent of total, original maturity)

    		  

    38.3

    37.4

    42.1

    41.8

    41.1

    42.2

    43.0

    43.6

    44.1

    44.6

    44.9

      short-term (in percent of total, remaining maturity)

    		  

    49.1

    48.3

    52.2

    51.9

    51.9

    52.3

    52.9

    53.4

    53.8

    54.2

    54.5

    Debt service ratio 5/

    		                        

    (In percent of exports of goods and services) 8/

    		  

    13.6

    10.5

    9.7

    11.8

    12.1

    12.1

    10.1

    9.8

    9.7

    9.6

    9.5

    (In percent of exports of goods and nonfactor services)

    		  

    14.4

    11.4

    10.3

    12.7

    12.9

    12.9

    10.7

    10.4

    10.3

    10.2

    10.0
                             
                             

    Memorandum items:

    		                        

    Nominal GDP (in billions of ringgit)

    		  

    1,418

    1,549

    1,794

    1,823

    1,952

    2,099

    2,241

    2,373

    2,512

    2,660

    2,817
                             

    Sources: Data provided by the authorities; CEIC Data; World Bank; UNESCO; and IMF, Integrated Monetary Database, and staff estimates.
                             

    1/ Data used in this report for staff analyses are as of January 29, 2025, unless otherwise noted.
    2/ Cash basis.
    3/ Consolidated public sector includes general government and nonfinancial public enterprises (NFPEs). General government includes federal government, state and local governments, and statutory bodies.
    4/ Based on data provided by the authorities, but follows compilation methodology used in IMF’s Integrated Monetary Database. Credit to private sector in 2018 onwards includes data for a newly licensed commercial bank from April 2018. The impact of this bank is excluded in the calculation of credit gap.
    5/ IMF staff estimates. U.S. dollar values are estimated using official data published in national currency.                                                                                                                         
    6/ Based on a broader measure of liquidity. Credit gap is estimated on quarterly data from 2000, using one-sided Hodrick-Prescott filter with a large parameter.
    7/ Revisions in historical data reflect the change in base year for nominal GDP (from 2010=100 to 2015=100).
    8/ Includes receipts under the primary income account.
                               

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

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

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

    https://www.imf.org/en/News/Articles/2025/03/02/pr25050-malaysia-imf-executive-board-concludes-2025-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Press Release: FDIC Board of Directors Approves Delay of Compliance Date For Certain Provisions in Sign and Advertising Rule

    Source: US Federal Deposit Insurance Corporation FDIC

    CategoriesBusiness, Commerce, MIL-OSI, United States Federal Government, United States Government, United States of America, US Commerce, US Federal Deposit Insurance Corporation FDIC, US Federal Government, US Insurance Sector, USA

    MIL OSI USA News –

  • MIL-OSI Security: Florida Woman Sentenced to 10 Months in Prison for Defrauding Massachusetts Housing Agency

    Source: Office of United States Attorneys

    BOSTON – A Florida woman was sentenced today in federal court in Boston for defrauding a Massachusetts housing agency where she worked in 2022, along with defrauding the U.S. Small Business Administration (SBA) in connection with the pandemic Paycheck Protection Program (PPP).

    Alihea Jones, 51, of Brandon, Fla., was sentenced by U.S. District Court Judge Patti B. Saris to 10 months in prison, to be followed by three years of supervised release. Jones was also ordered to pay $222,074 in restitution and to forfeit $222,074. In September 2024, Jones pleaded guilty to five counts of wire fraud.

    In 2022, Jones worked remotely for the Massachusetts Department of Housing and Community Development (DHCD) for six months where she worked with the Residential Aid to Families in Transition (RAFT) program, which provides funds to assist low-income Massachusetts residents facing eviction and other housing emergencies. Immediately after she was terminated, Jones, who was still logged into the RAFT database, accessed the files of four RAFT program participants and authorized electronic payments to their landlords in the amounts of $7,500, $8,800, $6,925 and $10,000. However, Jones changed the routing and bank account numbers from the landlords’ accounts to four unauthorized accounts in Georgia: an account in the name of Jones’s business, Beauty Concepts by Alihea, LLC (Beauty Concepts); Jones’s personal account; and the accounts of persons identified in the charging document as “Friend A” and “Friend B” – all without knowledge or permission from DHCD. After these transfers went through, Friend A and Friend B each paid Jones a $2,000 kickback.

    Earlier, in 2021, Jones also fraudulently obtained a $187,000 PPP loan from a Massachusetts lender, which the SBA later forgave. Jones spent most of the money on personal expenses, including clothing and restaurants.

    Under the PPP, authorized lenders issued SBA-guaranteed loans to small businesses during the COVID pandemic to help keep workers employed. If a business spent the money on payroll and other permissible business expenses, the SBA forgave the loan.

    Jones submitted a PPP loan application to a Massachusetts lender falsely stating that Beauty Concepts had 17 employees and an average monthly payroll expense of $74,800. In fact, Beauty Concepts did not employ anyone. Unaware that Jones’s information was false, the SBA agreed to guarantee a $187,000 loan to Beauty Concepts. The lender transmitted the loan proceeds to the Beauty Concepts account in Georgia. Jones later applied to have her loan forgiven. Again, she included false employee count and payroll information. Unaware that Jones’s representations were false, the SBA forgave the loan principal and accrued interest.

    In total, Jones caused a loss of $222,074, with $33,225 payable to the DHCD and $188,849 payable to the SBA.

    United States Attorney Leah B. Foley; Massachusetts Inspector General Jeffrey S. Shapiro; and Ketty Larco-Ward, Inspector in Charge of the U.S. Postal Inspection Service’s Boston Division made the announcement today. Assistant U.S. Attorney Christine Wichers of the Public Corruption Unit prosecuted the case.
     

    MIL Security OSI –

  • MIL-OSI: Dave Reports Fourth Quarter & Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Record Q4 Revenue up 38% Y/Y to $100.9 Million; FY24 Revenue up 34% to $347.1 Million

    Q4 Net Income Increases $16.6 Million Y/Y to $16.8 Million; Adj. EBITDA increases 234% Y/Y to $33.4 Million, Significantly Exceeding High-End of Guidance

    Establishes Strong 2025 Revenue and Adjusted EBITDA Outlook

    LOS ANGELES, March 03, 2025 (GLOBE NEWSWIRE) — Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today announced fourth quarter and full year results for the period ended December 31, 2024.

    “We closed out the year with record-setting results, delivering another quarter of exceptional growth and profitability,” said Jason Wilk, Founder and CEO of Dave.

    “Our performance was underpinned by strong member demand and continued strength in our team’s execution. ExtraCash originations were up 44% year-over-year supported by increased member growth and average origination per member. Our CashAI-powered underwriting continued to drive improvements in credit performance which contributed to another record quarter of non-GAAP variable margin. These results, combined with our fixed cost discipline and efficient marketing spend, allowed us to deliver 35% sequential growth in Adjusted EBITDA and more than 200% annually, which we believe underscores the inherent operating leverage in our business model.

    “In mid-Q1 of 2025, we fully transitioned to our new fee structure which we expect to result in even greater ExtraCash limits, monetization, and member lifetime value going forward. With this strong momentum heading into 2025, we believe we are well positioned to drive another record year as we execute our strategic roadmap and deliver long-term value for both our members and shareholders.”

    Quarterly Financial Highlights ($ in millions, unaudited)

      4Q23 1Q24 2Q24 3Q24 4Q24
    GAAP Operating Revenues, Net $73.2 $73.6 $80.1 $92.5 $100.9
    % Change vs. prior year period 23% 25% 31% 41% 38%
    Non-GAAP Variable Profit* $45.9 $49.9 $51.8 $64.2 $72.6
    % Change vs. prior year period 80% 47% 57% 72% 58%
    Non-GAAP Variable Profit Margin* 63% 68% 65% 69% 72%
    GAAP Net Income $0.2 $34.2 $6.4 $0.5 $16.8
    Adjusted Net Income* $6.6 $8.1 $13.7 $21.1 $29.6
    Adjusted EBITDA* $10.0 $13.2 $15.2 $24.7 $33.4

    *Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.

    Fourth Quarter 2024 Operating Highlights (vs. Fourth Quarter 2023)

    • New Members increased 12% to 766,000 while customer acquisition costs remained highly efficient at $16
    • Monthly Transacting Members (“MTMs”) increased 17% to 2.5 million
    • ExtraCash originations increased 44% to $1.5 billion, while the average 28-Day delinquency rate improved 53 basis points to 1.66%
    • Dave Debit Card spend increased 24% to $457 million
    • For a full review of the Company’s key performance indicators, please refer to the Company’s Fourth Quarter & Full Year 2024 Earnings Presentation which can be found on the Investor Relations page of Dave’s website

    Annual Financial Highlights ($ in millions, unaudited)

      FY 2023 FY 2024
    GAAP Operating Revenues, Net $259.1 $347.1
    % Change vs. prior year 26% 34%
    Non-GAAP Variable Profit* $150.1 $238.5
    % Change vs. prior year 74% 59%
    Non-GAAP Variable Profit Margin* 58% 69%
    GAAP Net (Loss) Income ($48.5) $57.9
    Adjusted Net (Loss) Income* ($22.1) $72.5
    Adjusted EBITDA (Loss)* ($10.1) $86.5

    *Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.

    Liquidity Summary

    The Company had $91.9 million of cash and cash equivalents, marketable securities, investments and restricted cash as of December 31, 2024, compared to $76.7 million as of September 30, 2024. The increase was primarily attributable to free cash flow generation offset by an increase in the ExtraCash receivables balance. The Company did not increase utilization of its credit facility during the quarter.

    2025 Financial Guidance ($ in millions)

      FY 2025
    GAAP Operating Revenues, Net $415 – $435
    Year-Over-Year Growth 20% – 25%
    Adjusted EBITDA* $110 – $120
    Year-Over-Year Growth 27% – 39%

    *Non-GAAP measure. The Company does not provide a quantitative reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.

    Dave’s CFO, Kyle Beilman, commented: “Our 2025 guidance reflects the tailwind created by our new fee structure as well as our ongoing commitment to driving sustainable and profitable growth. As we progress through the first quarter, we anticipate the typical seasonal softness in demand for ExtraCash as tax refunds provide important liquidity to our members. Our focus remains on expanding ARPU, leaning into our banking offering, further strengthening member retention and expanding member lifetime value. Given our growth trajectory, strong variable margins and the scalability of our business model, we expect to drive another record year of performance in 2025.”

    Beilman added, “Yesterday we announced the completion of our strategic partnership with Coastal Community Bank to serve as Dave’s sponsor bank for its ExtraCash and banking products. We selected Coastal based on their customer-first mission, deep knowledge across both credit and banking products, strong risk management, and our shared ambition to drive innovation and continue leveling the financial playing field for everyday Americans.”

    Conference Call 

    Dave management will host a conference call on Tuesday, March 4th, 2025, at 8:30 a.m. Eastern time to discuss its full financial results for the fourth quarter and full year ended December 31, 2024, followed by a question-and-answer period. The conference call details are as follows:

    Date: Tuesday, March 4th, 2025
    Time: 8:30 a.m. Eastern time
    Dial-in registration link: here
    Live webcast registration link: here

    The conference call will also be available for replay in the Events section of the Company’s website, along with the transcript, at https://investors.dave.com.

    If you have any difficulty registering for or connecting to the conference call, please contact Elevate IR at DAVE@elevate-ir.com.

    About Dave

    Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. For more information about the company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.

    Forward-Looking Statements

    This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feels,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “remains,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and Chief Financial Officer relating to Dave’s future performance and growth, statements relating to fiscal year 2025 guidance, projected financial results for future periods, and other statements about future events. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability of Dave to compete in its highly competitive industry; the ability of Dave to keep pace with the rapid technological developments in its industry and the larger financial services industry; the ability of Dave to manage risks associated with providing ExtraCash; the ability of Dave to retain its current Members, acquire new Members and sell additional functionality and services to its Members; the ability of Dave to protect intellectual property and trade secrets; the ability of Dave to maintain the integrity of its confidential information and information systems or comply with applicable privacy and data security requirements and regulations; the reliance by Dave on a single bank partner; the ability of Dave to maintain or secure current and future key banking relationships and other third-party service providers, including its ability to comply with applicable requirements of such third parties; the ability of Dave to comply with extensive and evolving laws and regulations applicable to its business; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business; the ability to attract or maintain a qualified workforce; the level of product service failures that could lead Members to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings, including the Department of Justice’s lawsuit against Dave; the ability to maintain the listing of Dave Class A Common Stock on The Nasdaq Stock Market; the possibility that Dave may be adversely affected by other economic factors, including fluctuating interest rates, and business, and/or competitive factors; and other risks and uncertainties discussed in Dave’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2024 and subsequent Quarterly Reports on Form 10-Q under the heading “Risk Factors,” filed with the SEC and other reports and documents Dave files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Dave undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

    Non-GAAP Financial Information

    This press release contains references to Adjusted EBITDA (loss), which is a non-GAAP financial measure that is adjusted from results based on generally accepted accounting principles in the United States (“GAAP”) and excludes certain expenses, gains and losses. The Company defines and calculates Adjusted EBITDA (loss) as GAAP net income (loss) attributable to Dave before the impact of interest income or expense, provision for income taxes, and depreciation and amortization, and adjusted to exclude non-recurring legal settlement and litigation expenses, gain on extinguishment of convertible debt, stock-based compensation expense and certain other non-core items. The Company defines and calculates non-GAAP variable operating expenses as operating expenses excluding non-variable operating expenses. The Company defines non-variable operating expenses as all advertising and marketing operating expenses, compensation and benefits operating expenses, and certain operating expenses (legal, rent, technology/infrastructure, depreciation, amortization, charitable contributions, other operating expenses, upfront Member account activation costs and upfront Dave Banking expenses). The Company defines and calculates non-GAAP variable profit as GAAP Operating Revenues, Net less non-GAAP variable operating expenses. The Company defines and calculates non-GAAP variable profit margin as non-GAAP variable profit as a percent of GAAP Operating Revenues, Net. The Company defines and calculates adjusted net income (loss) as GAAP net income (loss) adjusted to exclude stock-based compensation, the gain on extinguishment of convertible debt, non-recurring legal settlement and litigation expenses, and certain other non-core items. The Company defines and calculates non-GAAP adjusted basic EPS and non-GAAP adjusted diluted EPS as adjusted net income (loss) divided by weighted average shares of common stock-basic and weighted average shares of common stock-diluted, respectively.

    These non-GAAP financial measures may be helpful to the user in assessing our operating performance and facilitate an alternative comparison among fiscal periods. The Company’s management team uses these non-GAAP financial measures in assessing performance, as well as in planning and forecasting future periods. The methods the Company uses to compute these non-GAAP financial measures may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

    Refer to the section further below for a reconciliation of Adjusted EBITDA (loss) to its most directly comparable GAAP measure for the three and twelve months ended December 31, 2024, and 2023.

    Investor Relations Contact

    Sean Mansouri, CFA
    Elevate IR
    DAVE@elevate-ir.com

    Media Contact

    Dan Ury
    press@dave.com

    DAVE INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in millions, except per share data)
    (unaudited)
                     
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Operating revenues:                
    Service based revenue, net   $ 90.8     $ 65.4     $ 311.4     $ 232.2  
    Transaction based revenue, net     10.1       7.8       35.7       26.9  
    Total operating revenues, net     100.9       73.2       347.1       259.1  
    Operating expenses:                
    Provision for credit losses     16.6       14.5       54.6       58.4  
    Processing and servicing costs     6.3       7.5       30.4       28.9  
    Advertising and marketing     12.6       10.0       44.9       48.4  
    Compensation and benefits     27.2       23.5       107.0       94.9  
    Other operating expenses     17.2       15.8       75.5       70.7  
    Total operating expenses     79.9       71.3       312.4       301.3  
    Other (income) expenses:                
    Interest expense, net     1.3       1.8       5.0       6.5  
    Gain on extinguishment of convertible debt     —       —       (33.4 )     —  
    Changes in fair value of earnout liabilities     0.9       —       1.0       —  
    Changes in fair value of public and private warrant liabilities     1.3       (0.2 )     1.7       (0.3 )
    Total other (income) expense, net     3.5       1.6       (25.7 )     6.2  
    Net income (loss) before provision for income taxes     17.5       0.3       60.4       (48.4 )
    Provision for income taxes     0.7       0.1       2.5       0.1  
    Net income (loss)   $ 16.8     $ 0.2     $ 57.9     $ (48.5 )
                     
    Net income (loss) per share:                
    Basic   $ 1.31     $ 0.01     $ 4.62     $ (4.07 )
    Diluted   $ 1.16     $ 0.01     $ 4.19     $ (4.07 )
                     
                     
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP VARIABLE OPERATING EXPENSES
    (in millions)
    (unaudited)
                     
             
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Operating expenses   $ 79.9     $ 71.3     $ 312.4     $ 301.3  
    Non-variable operating expenses     (51.6 )     (44.0 )     (203.8 )     (192.3 )
    Non-GAAP variable operating expenses   $ 28.3     $ 27.3     $ 108.6     $ 109.0  
                     
                     
    CALCULATION OF NON-GAAP VARIABLE PROFIT
    (in millions)
    (unaudited)
             
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    GAAP operating revenues, net   $ 100.9     $ 73.2     $ 347.1     $ 259.1  
    Non-GAAP variable operating expenses     (28.3 )     (27.3 )     (108.6 )     (109.0 )
    Non-GAAP variable profit   $ 72.6     $ 45.9     $ 238.5     $ 150.1  
    Non-GAAP variable profit margin     72 %     63 %     69 %     58 %
                     
                     
    DAVE INC.
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (LOSS)
    (in millions)
    (unaudited)
             
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Net income (loss)   $ 16.8     $ 0.2     $ 57.9     $ (48.5 )
    Interest expense, net     1.3       1.8       5.0       6.5  
    Provision for income taxes     0.7       0.1       2.5       0.1  
    Depreciation and amortization     2.3       1.5       7.5       5.4  
    Stock-based compensation     10.1       6.6       37.3       26.7  
    Legal settlement and litigation accrual     —       —       7.0       —  
    Gain on extinguishment of convertible debt     —       —       (33.4 )     —  
    Changes in fair value of earnout liabilities     0.9       —       1.0       —  
    Changes in fair value of public and private warrant liabilities     1.3       (0.2 )     1.7       (0.3 )
    Adjusted EBITDA (loss)   $ 33.4     $ 10.0     $ 86.5     $ (10.1 )
                     
                     
    DAVE INC.
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (LOSS)
    (in millions, except per share data)
    (unaudited)
             
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Net income (loss)   $ 16.8     $ 0.2     $ 57.9     $ (48.5 )
    Stock-based compensation     10.1       6.6       37.3       26.7  
    Gain on extinguishment of convertible debt     —       —       (33.4 )     —  
    Legal settlement and litigation accrual     —       —       7.0       —  
    Changes in fair value of earnout liabilities     0.9       —       1.0       —  
    Changes in fair value of public and private warrant liabilities     1.3       (0.2 )     1.7       (0.3 )
    Income tax expense related to gain on extinguishment of convertible debt     0.5       —       1.0       —  
    Adjusted net income (loss)   $ 29.6     $ 6.6     $ 72.5     $ (22.1 )
                     
    Adjusted net income (loss) per share:                
    Basic   $ 2.31     $ 0.55     $ 5.79     $ (1.85 )
    Diluted   $ 2.04     $ 0.54     $ 5.24     $ (1.85 )
                     
                     
    DAVE INC.
    LIQUIDITY AND CAPITAL RESOURCES
    (in millions)
    (unaudited)
                     
        December 31,   December 31,        
          2024       2023          
                     
    Cash, cash equivalents and restricted cash   $ 51.4     $ 43.1          
    Marketable securities     0.1       1.0          
    Investments     40.5       113.2          
    Working capital     247.2       251.3          
    Total stockholders’ equity     183.1       87.1          

    The MIL Network –

  • MIL-OSI: Fifth Era Acquisition Corp I Completes $230,000,000 Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Each Unit Includes One Class A Ordinary Share and
    One Share Right to Receive 1/10th of a Class A Ordinary Share

    New York, NY, March 03, 2025 (GLOBE NEWSWIRE) — Fifth Era Acquisition Corp. I (the “Company”) announced today the closing of its initial public offering of 23,000,000 units, which includes 3,000,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full, at a price of $10.00 per unit, resulting in gross proceeds of $230,000,000. The units began trading on the Nasdaq Global Market (“Nasdaq”) on February 28, 2025 under the ticker symbol “FERAU.” Each unit consists of one Class A ordinary share and one right (the “Share Right”) to receive one tenth (1/10) of one Class A ordinary share upon the consummation of an initial business combination. An amount equal to $10.00 per unit was deposited into a trust account upon the closing of the offering. Once the securities constituting the units begin separate trading, the Class A ordinary shares and Share Rights are expected to be listed on Nasdaq under the symbols “FERA” and “FERAR,” respectively.

    The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution but will focus on technology enabled businesses in a diverse range of areas including internet, enterprise technology, software, including artificial intelligence, fintech and blockchain.

    The Company’s management team is led by Mitchell Mechigian, its Chief Executive Officer and Director, Alison Davis, its managing director, Chris Linn, its Chief Financial Officer, and Matthew Le Merle, its Managing Director and Chairman of the Board of Directors (the “Board”). In addition, the Board includes Colin Wiel, Gary Cookhorn, and Rebecca Macieira-Kaufmann.

    Cantor Fitzgerald & Co. acted as sole book-running manager for the offering.

    A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on February 27, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds will be used as indicated.

    Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Company Contact:

    Fifth Era Acquisition Corp I
    Mitchell Mechigian 
    spac@fifthera.com

    The MIL Network –

  • MIL-OSI: Jamf announces intent to acquire Identity Automation to bring identity and device management together in one powerful, secure platform

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, March 03, 2025 (GLOBE NEWSWIRE) — Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced it signed a definitive agreement to acquire Identity Automation. Identity Automation is a dynamic identity and access management (IAM) platform for industries that are defined by frequent role adjustments, such as education and healthcare. Identity Automation’s comprehensive and advanced IAM platform automates identity and access management workflows to significantly reduce IT burden and enhance the user experience. With Identity Automation, Jamf will combine identity with device access in one unique solution, helping ensure secure devices and application access.

    A dynamic identity is defined as a role that frequently changes and therefore requires adjustments to access. One such industry where dynamic identity management is a key challenge is in K-12 education. Educators and their students have dynamic identities where their roles and access frequently change based on class, grade, school, and district. Identity Automation’s platform continuously adjusts access, device, and security policies based on real-time factors like schedules, shift changes, rosters, location, role and grade changes. By integrating dynamic identity management, Jamf can deliver one comprehensive security solution to benefit schools and other industries that rely on mobile-centric and deskless workflows, such as healthcare, retail, aviation, and field services.

    “We’re excited to bring Identity Automation’s identity and access capabilities into the Jamf platform,” said John Strosahl, CEO at Jamf. “By bringing our security solutions together, we’re creating a more streamlined and user-friendly experience that enables fast, dynamic access to all the resources users need to be productive. We see the huge potential to help organizations that have a shared-device model, deskless workers, temporary staff, or contractors. By removing cumbersome onboarding and off-boarding processes, users can be productive as soon as they pick up a device.”

    Identity Automation’s key product capabilities are delivered through its cloud-based IAM platform, RapidIdentity, and include:

    • Identity Lifecycle Management – end-to-end lifecycle management automates provisioning, role assignments, and de-provisioning with real-time updates from HR and Student Information Systems, reducing IT workload.
    • Access Governance – policy-driven configurations control who has access to systems and data, ensuring only the right people can access sensitive information at the right time.
    • Authentication – customizable multi-factor authentication policies with role-based access, Single Sign-On (SSO), and rostering capabilities to provide frictionless access to digital learning materials.

    “The Jamf team not only shares our passion for digital learning, but they also understand the challenges that come with it,” said Jim Harold, CEO at Identity Automation. “As technology becomes more integral to the learning experience, safeguarding student data, securing access, and preventing cyber threats are more important than ever. But security shouldn’t add friction. An intuitive user experience is essential to ensuring technology enhances rather than hinders the classroom experience. With Jamf, we will take great strides in further protecting and nurturing digital learning and expanding our joint capability to more industries that can benefit from dynamic identity.”

    Identity Automation’s dynamic role-based access offers unique workflows tailored to its core audiences in Education and Healthcare. These market segments encompass various role types that differ based on specific requirements. By implementing a flexible system that adapts to these role variations, customers can dynamically manage, synchronize, and authenticate appropriate access to the necessary systems, ensuring that access aligns with the individual’s current role and preference.

    While Identity Automation operates as a standalone solution, it also has the flexibility to integrate with other identity and SSO solutions. It can support SSO, user provisioning, and authentication with solutions like Okta, Clever, and ClassLink, integrate with Microsoft Active Directory (AD) for authentication and MFA, and enable federation and SSO access for Google’s cloud-based applications.

    Details Regarding the Proposed Acquisition

    Under the terms of the purchase agreement, Jamf will acquire Identity Automation for approximately $215.0 million in cash consideration, subject to customary adjustments as set forth in the purchase agreement. The deal is expected to close by the end of the second quarter of fiscal year 2025, and is subject to customary closing conditions.

    Kirkland & Ellis LLP served as legal adviser to Jamf. Macquarie Capital served as exclusive financial adviser to Identity Automation and McDermott Will & Emery LLP served as legal adviser to Identity Automation. Identity Automation was previously a portfolio company of Spotlight Equity Partners, a private equity firm investing in and helping scale growth software companies.

    About Jamf

    Jamf’s purpose is to simplify work by helping organizations manage and secure an Apple experience that end users love and organizations trust. Jamf is the only company in the world that provides a complete management and security solution for an Apple-first environment that is enterprise secure, consumer simple and protects personal privacy. To learn more, visit jamf.com.

    About Identity Automation

    Identity Automation provides identity and access management (IAM) solutions for K-12 and higher education. Its flagship platform safeguards learning environments, maximizes instructional time, and minimizes the load on Information & Educational Technology teams. Technology leaders turn to Identity Automation for its best-in-class security capabilities, time-saving automation, and flexible approach to managing digital identities. Headquartered in Houston, Texas, Identity Automation is trusted by Chicago Public Schools, Public Schools of North Carolina, Houston Community College, and hundreds of other institutions. To learn more visit: identityautomation.com.

    Forward-Looking Statements

    This release relates to a pending acquisition of Identity Automation, Inc. (“Identity Automation”) by Jamf Holding Corp. (“Jamf”, “we”, our” or “us”). This release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, regarding the anticipated benefits of the acquisition, and the anticipated impacts of the acquisition on our business, products, financial results, and other aspects of our and Identity Automation’s operations. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These risks, uncertainties, assumptions, and other factors include, but are not limited to: the effect of the announcement of the acquisition on the ability of Jamf or Identity Automation to retain key personnel or maintain relationships with customers, vendors, developers, community members, and other business partners; risks that the acquisition disrupts current plans and operations; the ability of the parties to consummate the acquisition on a timely basis or at all; the satisfaction of the conditions precedent to consummation of the acquisition; our ability to successfully integrate Identity Automation’s operations; our and Identity Automation’s ability to execute on our business strategies relating to the acquisition and realize expected benefits and synergies; and our ability to compete effectively, including in response to actions our competitors may take following announcement of the acquisition. Further information on additional risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this release are included under the caption “Forward-Looking Statements” and elsewhere in our Form 10-K for the year ended December 31, 2024, and the other filings and reports we make with the Securities and Exchange Commission from time to time. Moreover, both we and Identity Automation operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the acquisition, or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or our management’s good faith belief as of that time with respect to future events. Except as required by law, we undertake no obligation, and do not intend, to update these forward-looking statements.

    Media Contact:

    Liarna La Porta | media@jamf.com

    Investor Contact:

    Jennifer Gaumond | ir@jamf.com

    The MIL Network –

  • MIL-OSI: Astera Labs Appoints Dr. Craig Barratt to Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., March 03, 2025 (GLOBE NEWSWIRE) — Astera Labs, Inc. (Nasdaq: ALAB), a global leader in semiconductor-based connectivity solutions for AI and cloud infrastructure, today announced the appointment of Dr. Craig Barratt to its Board of Directors. Dr. Barratt is a seasoned technology industry veteran with decades of experience as an impactful leader and board member at networking, semiconductor, and medical device companies.

    “Craig’s proven track record of scaling high-growth technology companies and driving breakthrough innovations at industry leaders like Atheros, Google, and Qualcomm makes him an invaluable addition to Astera Labs’ Board of Directors,” said Jitendra Mohan, CEO and Co-founder, Astera Labs. “His strategic insight and deep technical expertise will provide critical guidance as we continue to expand our leadership in connectivity solutions for AI and cloud infrastructure.”

    Dr. Barratt served as President, CEO, and a Director of Atheros Communications, Inc., a fabless semiconductor company and Silicon Valley success story that developed wireless and wired communication technologies. During his tenure, he led the company through an IPO until its acquisition by Qualcomm, when he then took up the position of President at Qualcomm Atheros, the networking and connectivity subsidiary of Qualcomm.

    Dr. Barratt is also the former Senior Vice President and General Manager of the Connectivity Group at Intel Corporation, since its acquisition of Barefoot Networks, Inc., where he led the computer networking company as President and CEO. Prior to Barefoot Networks, he held several roles at Google, Inc., including Senior Vice President, Access and Energy.

    Dr. Barratt currently chairs the board of Intuitive Surgical, Inc. (Nasdaq: ISRG) – a medical device technology market leader – and previously served on the board of IonQ Inc. He holds doctorate and Master of Science degrees in electrical engineering from Stanford University, as well as undergraduate degrees in electrical engineering and in pure mathematics and physics from the University of Sydney.

    “Craig is a highly accomplished leader with deep expertise in scaling innovative technology companies and shaping transformative products in the semiconductor and networking industries,” said Manuel Alba, Chairman of the Board, Astera Labs. “His extensive board and executive experience, combined with his strategic vision, will be instrumental in helping to steer Astera Labs as we continue our rapid growth and innovation in AI connectivity.”

    “Astera Labs is at the forefront of enabling the next generation of AI and cloud infrastructure with its unmatched execution in addressing the industry’s most critical connectivity bottlenecks,” said Dr. Craig Barratt. “I am excited to join the Board and collaborate with the team to support the company’s strong momentum and strengthen its industry leadership.”

    About Astera Labs
    Astera Labs is a global leader in purpose-built connectivity solutions that unlock the full potential of AI and cloud infrastructure. Our Intelligent Connectivity Platform integrates PCIe®, CXL®, and Ethernet semiconductor-based solutions and the COSMOS software suite of system management and optimization tools to deliver a software-defined architecture that is both scalable and customizable. Inspired by trusted relationships with hyperscalers and the data center ecosystem, we are an innovation leader delivering products that are flexible and interoperable. Discover how we are transforming modern data-driven applications at www.asteralabs.com.

    © Astera Labs, Inc. Astera Labs, and its stylized logo, are trademarks of Astera Labs, Inc. or its affiliates. Other names and brands may be claimed as the property of others.

    CONTACT: Joe Balich
    Joe.balich@asteralabs.com

    INVESTOR CONTACT: Leslie Green
    ir@asteralabs.com

    The MIL Network –

  • MIL-OSI: GigaCloud Technology Inc Announces Fourth Quarter and Year Ended December 31, 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    EL MONTE, Calif., March 03, 2025 (GLOBE NEWSWIRE) — GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise, today announced financial results for the fourth quarter and fiscal year ended December 31, 2024, including a milestone achievement of surpassing $1 billion in total annual revenues for the first time in 2024, and continued robust growth in GigaCloud Marketplace GMV.

    Fourth Quarter 2024 Financial Highlights

    • Total revenues of $295.8 million, increased 20.9% year-over-year.
    • Gross profit of $65.0 million, decreased 6.9% year-over-year.
      Gross margin was 22.0%, compared to 28.5% in the fourth quarter of 2023.
    • Net income of $31.0 million, decreased 12.9% year-over-year.         
      Net income margin was 10.5%, compared to 14.5% in the fourth quarter of 2023.
      Diluted EPS decreased 12.6% year-over-year to $0.76.   
    • Adjusted EBITDA1 decreased 29.5% year-over-year to $30.9 million.
      Adjusted EPS – diluted2 decreased 29.9% year-over-year to $0.75.
    • Cash, Cash Equivalents, Restricted Cash, and Investments totaled $303.1 million as of December 31, 2024, a 64.5% increase year-over-year.

    Full Year 2024 Financial Highlights

    • Total revenues of $1,161.0 million, increased 65.0% year-over-year.
    • Gross profit of $285.2 million, increased 51.2% year-over-year.
      Gross margin was 24.6%, compared to 26.8% in 2023.
    • Net income of $125.8 million, increased 33.7% year-over-year.
      Net income margin was 10.8%, compared to 13.4% in 2023.
      Diluted EPS increased 32.6% year-over-year to $3.05.        
    • Adjusted EBITDA1 increased 32.6% year-over-year to $156.9 million.
      Adjusted EPS – diluted2 increased 31.8% year-over-year to $3.81.

    Operational Highlights

    • GigaCloud Marketplace GMV3 increased 68.9% year-over-year to $1,341.4 million for the 12 months ended December 31, 2024.
    • 3P seller GigaCloud Marketplace GMV4 increased 62.8% year-over-year to $693.9 million for the 12 months ended December 31, 2024. 3P seller GigaCloud Marketplace GMV represented 51.7% of total GigaCloud Marketplace GMV for the 12 months ended December 31, 2024.
    • Active 3P sellers5 increased 36.3% year-over-year to 1,111 for the 12 months ended December 31, 2024.
    • Active buyers6 increased 85.7% year-over-year to 9,306 for the 12 months ended December 31, 2024.
    • Spend per active buyer7 was $144,142 for the 12 months ended December 31, 2024.

    “2024 was a landmark year for GigaCloud as we surpassed $1 billion in total revenues for the first time, a milestone that underscores the strength and resilience of our B2B Marketplace amid a challenging macroeconomic environment,” said Larry Wu, Founder, Chairman, and Chief Executive Officer. “This achievement reflects the growing recognition for our Supplier Fulfilled Retail (SFR) model and our continued success in expanding our platform, driving robust GMV performance. Our global diversification has been a key strength, with standout progress in Europe, which has experienced 155% GMV growth year over year, further validating the broad appeal for our solutions across diverse markets. Our expanding global footprint, deepening partnerships, and relentless focus on innovation continue to fuel our momentum and position us well for the long term. We remain confident in our ability to adapt and maintain our positive trajectory.

    In addition, our Board has approved the appointment of Erica Wei as Chief Financial Officer after serving as Interim CFO since August 2024. She has played a key role in strengthening the Company’s financial strategy, leading compliance efforts, and enhancing financial reporting quality, which will be reflected in the upcoming 10-K. Her leadership will be essential as we continue to scale our business and drive long-term growth.”

    “Our results reflect robust top-line performance and the strategic investments we are making to scale operations and position GigaCloud for long-term success,” said Erica Wei, Chief Financial Officer. “Despite a challenging macro environment, our ability to adapt and execute has kept us on a path of sustained, stable growth. At the same time, we are committed to enhancing shareholder value. Since our $46 million share repurchase authorization in September, we have executed approximately $29 million in share repurchases under a Rule 10b5-1 plan as of today. Our strong financial position of over $300 million in cash and cash equivalents, restricted cash, and short-term investments, while remaining debt-free, gives us the financial flexibility to continue investing in our platform, expanding globally, and driving sustained value for our shareholders.”

    Business Outlook

    The Company expects its total revenues to be between $250 million and $265 million in the first quarter of 2025. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

    Share Repurchase Program

    In June 2023, we announced that our board of directors approved a share repurchase program to repurchase up to US$25.0 million of our Class A ordinary shares over the next 12 months, which expired in June 2024. On September 3, 2024, we announced that our board of directors approved a new share repurchase program under which we may purchase up to $46.0 million of our Class A ordinary shares, par value $0.05, over a 12-month period. Under the share repurchase program, we may purchase our ordinary shares through various means, including open market transactions, privately negotiated transactions, block trades, any combination thereof or other legally permissible means. We may effect repurchase transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The number of shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with our working capital requirements, general business conditions and other factors. Our board of directors will review the share repurchase program periodically, and may modify, suspend or terminate the share repurchase program at any time. We plan to fund repurchases from our existing cash balance.

    During the fourth quarter of 2024, we have repurchased 1,033,292 of our Class A ordinary shares at a total consideration of approximately $23 million. Subsequent to the fourth quarter of 2024, the Company has repurchased an aggregate of 283,889 Class A ordinary shares in the open market at a total consideration of approximately $6 million pursuant to a repurchase plan under Rule 10b5-1 of the Exchange Act.

    Conference Call

    The Company will host a conference call to discuss its financial results at 5:30 pm U.S. Eastern Time on March 3, 2025 (6:30 am Hong Kong Time on March 4, 2025). Participants who wish to join the call should pre-register here at https://s1.c-conf.com/diamondpass/10045735-6sh8hd.html. Upon registration, participants will receive the dial-in number and a unique PIN, which can be used to join the conference call. If participants register and forget their PIN or lose their registration confirmation email, they may re-register to receive a new PIN. All participants are encouraged to dial in 15 minutes prior to the start time.

    A live and archived webcast of the conference call will be accessible on the Company’s investor relations website at: https://investors.gigacloudtech.com/.

    About GigaCloud Technology Inc

    GigaCloud Technology Inc is a pioneer of global end-to-end B2B technology solutions for large parcel merchandise. The Company’s B2B ecommerce platform, the “GigaCloud Marketplace,” integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company’s global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency. GigaCloud offers a comprehensive solution that transports products from the manufacturer’s warehouse to the end customer’s doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories, including home appliances and fitness equipment. For more information, please visit the Company’s website: https://investors.gigacloudtech.com/

    Non-GAAP Financial Measures

    The Company uses certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EPS – diluted, to understand and evaluate its core operating performance. Adjusted EBITDA is net income excluding interest, income taxes and depreciation, further adjusted to exclude share-based compensation expense and non-recurring items. Adjusted EPS – diluted is a financial measure defined as our Adjusted EBITDA divided by our diluted weighted-average shares outstanding, respectively. Management uses Adjusted EBITDA and Adjusted EPS – diluted as measures of operating performance, for planning purposes, to allocate resources to enhance the financial performance of our business, to evaluate the effectiveness of our business strategies and in communications with our Board of Directors and investors concerning our financial performance. Non-GAAP financial measures, which may differ from similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP.

    For more information on the non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliation of Adjusted EBITDA” and “Unaudited Reconciliation of Adjusted EPS – diluted” set forth at the end of this press release.

    Forward-Looking Statements

    This press release contains “forward-looking statements”. Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    For investor and media inquiries, please contact:

    GigaCloud Technology Inc

    Investor Relations

    Email: ir@gigacloudtech.com

    PondelWilkinson, Inc.

    Laurie Berman (Investors) – lberman@pondel.com

    George Medici (Media) – gmedici@pondel.com

     
    GigaCloud Technology Inc
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands except for share data and per share data)
         
        December 31,
        2024   2023
    ASSETS        
    Current assets        
    Cash and cash equivalents   $ 259,759     $ 183,283  
    Restricted cash     685       885  
    Investments     42,674       —  
    Accounts receivable, net     57,313       58,876  
    Inventories     172,489       132,247  
    Prepayments and other current assets     14,672       17,516  
    Total current assets     547,592       392,807  
    Non-current assets        
    Operating lease right-of-use assets     451,930       398,922  
    Property and equipment, net     29,498       24,614  
    Intangible assets, net     6,198       8,367  
    Goodwill     12,586       12,586  
    Deferred tax assets     10,026       1,440  
    Other non-current assets     12,645       8,173  
    Total non-current assets     522,883       454,102  
    Total assets   $ 1,070,475     $ 846,909  
             
             
             
        2024   2023
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    Current liabilities        
    Accounts payable (including accounts payable of VIEs without recourse to the Company of $nil and $11,563 as of December 31, 2024 and 2023, respectively)   $ 78,163     $ 69,757  
    Contract liabilities (including contract liabilities of VIEs without recourse to the Company of $nil and $736 as of December 31, 2024 and 2023, respectively)     4,486       5,537  
    Current operating lease liabilities (including current operating lease liabilities of VIEs without recourse to the Company of $nil and $1,305 as of December 31, 2024 and 2023, respectively)     88,521       57,949  
    Income tax payable (including income tax payable of VIEs without recourse to the Company of $nil and $3,644 as of December 31, 2024 and 2023, respectively)     13,615       15,212  
    Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIEs without recourse to the Company of $nil and $2,774 as of December 31, 2024 and 2023, respectively)     79,594       57,319  
    Total current liabilities     264,379       205,774  
    Non-current liabilities        
    Operating lease liabilities, non-current (including operating lease liabilities, non-current of VIEs without recourse to the Company of $nil and $553 as of December 31, 2024 and 2023, respectively)     395,235       343,511  
    Deferred tax liabilities     941       3,795  
    Finance lease obligations, non-current     382       111  
    Non-current income tax payable     4,321       3,302  
    Total non-current liabilities     400,879       350,719  
    Total liabilities   $ 665,258     $ 556,493  
    Commitments and contingencies        
             
             
             
        2024   2023
    Shareholders’ equity        
    Treasury shares, at cost (609,390 and 294,029 shares held as of December 31, 2024 and 2023, respectively)   $ (11,816 )   $ (1,594 )
    Class A ordinary shares ($0.05 par value, 50,673,268 shares authorized, 32,878,735 and 31,738,632 shares issued as of December 31, 2024 and 2023, respectively, 32,269,345 and 31,455,148 shares outstanding as of December 31, 2024 and 2023, respectively)     1,643       1,584  
    Class B ordinary shares ($0.05 par value, 9,326,732 shares authorized, 8,076,732 and 9,326,732 shares issued and outstanding as of December 31, 2024 and 2023)     403       466  
    Additional paid-in capital     120,262       111,736  
    Accumulated other comprehensive income (loss)     (4,136 )     526  
    Retained earnings     298,861       177,698  
    Total shareholders’ equity     405,217       290,416  
    Total liabilities and shareholders’ equity   $ 1,070,475     $ 846,909  
             
     
    GigaCloud Technology Inc
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
    (In thousands except for share data and per share data)
           
      Three Months Ended
    December 31,    		   Year Ended
    December 31,
      2024   2023   2024   2023
    Revenues              
    Service revenues $ 97,107     $ 69,336     $ 350,273     $ 199,184  
    Product revenues   198,675       175,401       810,769       504,647  
    Total revenues   295,782       244,737       1,161,042       703,831  
    Cost of revenues              
    Services   78,188       57,291       284,951       161,215  
    Product sales   152,604       117,609       590,855       353,983  
    Total cost of revenues   230,792       174,900       875,806       515,198  
    Gross profit   64,990       69,837       285,236       188,633  
    Operating expenses              
    Selling and marketing expenses   18,041       14,004       70,686       41,386  
    General and administrative expenses   16,979       13,130       73,944       30,008  
    Research and development expenses   2,356       2,344       9,791       3,925  
    Gains (losses) on disposal of property and equipment   (20 )     3,236       193       3,236  
    Total operating expenses   37,356       32,714       154,614       78,555  
    Operating income   27,634       37,123       130,622       110,078  
    Interest expense   (29 )     (108 )     (256 )     (1,240 )
    Interest income   2,849       1,293       9,405       3,304  
    Foreign currency exchange gains (losses), net   (754 )     4,239       (1,233 )     2,086  
    Government grants   8       438       37       911  
    Others, net   678       (137 )     2,039       (144 )
    Income before income taxes   30,386       42,848       140,614       114,995  
    Income tax expense   573       (7,273 )     (14,806 )     (20,887 )
    Net income $ 30,959     $ 35,575     $ 125,808     $ 94,108  
    Net income attributable to ordinary shareholders   30,959       35,575       125,808       94,108  
    Foreign currency translation adjustment, net of nil income taxes   (715 )     232       (1,266 )     (278 )
    Net unrealized gains (losses) on available-for-sale investments   (12 )     —       7       —  
    Intra-entity foreign currency transactions gain (loss)   (2,565 )     —       (2,565 )     —  
    Release of foreign currency translation reserve related to liquidation of subsidiaries   (838 )     —       (838 )     —  
    Total other comprehensive income (loss)   (4,130 )     232       (4,662 )     (278 )
    Comprehensive Income $ 26,829     $ 35,807     $ 121,146     $ 93,830  
    Net income per ordinary share              
    —Basic $ 0.76     $ 0.87     $ 3.06     $ 2.31  
    —Diluted $ 0.76     $ 0.87     $ 3.05     $ 2.30  
    Weighted average number of ordinary shares outstanding used in computing net income per ordinary share              
    —Basic   40,869,106       40,770,882       41,079,672       40,788,448  
    —Diluted   40,944,311       40,901,772       41,201,026       40,922,590  
                                   
     
    GigaCloud Technology Inc
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
       
      Year Ended
    December 31,
      2024   2023
    Cash flows from operating activities:      
    Net income $ 125,808     $ 94,108  
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation and amortization   8,524       2,873  
    Share-based compensation   16,825       2,503  
    Operating lease   29,282       2,485  
    Changes in accounts receivables, net   (234 )     (5,058 )
    Changes in inventories   (46,875 )     (16,514 )
    Changes in prepayments and other assets   (1,665 )     (9,249 )
    Changes in accounts payable, accrued expenses and other current liabilities   38,188       46,258  
    Changes in contract liabilities   (992 )     1,473  
    Changes in income tax payable   (1,023 )     10,977  
    Changes in deferred income taxes   (11,462 )     398  
    Other operating activities   1,702       3,198  
    Net cash provided by operating activities   158,078       133,452  
    Cash flows from investing activities:      
    Cash paid for purchase of property and equipment   (15,536 )     (4,380 )
    Cash received from disposal of property and equipment   2,103       462  
    Acquisitions, net of cash acquired   —       (86,629 )
    Purchases of investments   (73,831 )     —  
    Sale and maturities of investments   31,845       —  
    Net cash used in investing activities   (55,419 )     (90,547 )
    Cash flows from financing activities:      
    Repayment of finance lease obligations   (1,726 )     (2,212 )
    Repayment of bank loans   —       (197 )
    Repurchases of ordinary shares   (23,243 )     (1,594 )
    Net cash used in financing activities   (24,969 )     (4,003 )
    Effect of foreign currency exchange rate changes on cash and restricted cash   (1,414 )     190  
    Net increase in cash and restricted cash   76,276       39,092  
    Cash and restricted cash at the beginning of the year   184,168       145,076  
    Cash and restricted cash at the end of the year $ 260,444     $ 184,168  
    Supplemental disclosure of cash flow information      
    Cash paid for interest expense   256       1,240  
    Cash paid for income taxes   26,301       9,512  
    Non-cash investing and financing activities:      
    Purchase of property and equipment under finance leases   767       —  
    Reversal of subscription receivable from ordinary shares   —       312  
    Fair value of assets acquired by acquisition   —       273,086  
    Cash paid for business combinations and asset purchases   —       87,568  
    Liabilities assumed by acquisition   —       (185,518 )
                   
     
    GigaCloud Technology Inc
    UNAUDITED RECONCILIATION OF ADJUSTED EBITDA
    (In thousands, except for per share data)
           
      Three Months Ended
    December 31,    		   Year Ended
    December 31,
      2024   2023   2024   2023
      (In thousands)
    Net income $ 30,959     $ 35,575     $ 125,808     $ 94,108  
    Add: Income tax expense   (573 )     7,273       14,806       20,887  
    Add: Interest expense   29       108       256       1,240  
    Less: Interest income   (2,849 )     (1,293 )     (9,405 )     (3,304 )
    Add: Depreciation and amortization   2,271       1,723       8,524       2,873  
    Add: Share-based compensation expense   1,245       429       16,825       2,503  
    Add: Non-recurring items(1)   (180 )     —       128       —  
    Adjusted EBITDA $ 30,902     $ 43,815     $ 156,942     $ 118,307  

    _____________________
    (1)  One of our fulfillment centers in Japan experienced a fire in March 2024. The fire destroyed our inventories located within the fulfillment center. We recognized losses of $2.0 million as a result of the fire in 2024. Based on the provisions of our insurance policies, the gross losses were reduced by the insurance proceeds received $1.9 million from our insurance carrier for the claim. We do not believe such losses to be recurring or frequent in nature.

     
    UNAUDITED RECONCILIATION OF ADJUSTED EPS – DILUTED
           
      Three Months Ended
    December 31,    		   Year Ended
    December 31,
      2024   2023   2024   2023
    Net income per ordinary share – diluted $ 0.76     $ 0.87     $ 3.05     $ 2.30  
    Adjustments, per ordinary share:              
    Add: Income tax expense   (0.01 )     0.18       0.36       0.51  
    Add: Interest expense   —       —       0.01       0.03  
    Less: Interest income   (0.07 )     (0.03 )     (0.23 )     (0.08 )
    Add: Depreciation and amortization   0.05       0.04       0.21       0.07  
    Add: Share-based compensation expenses   0.02       0.01       0.41       0.06  
    Add: Non-recurring items(1)   —       —       —       —  
    Adjusted EPS – diluted $ 0.75     $ 1.07     $ 3.81     $ 2.89  
                   
    Weighted average number of ordinary shares outstanding – diluted   40,944,311       40,901,772       41,201,026       40,922,590  

    _____________________
    (1)  One of our fulfillment centers in Japan experienced a fire in March 2024. The fire destroyed our inventories located within the fulfillment center. We recognized losses of $2.0 million as a result of the fire in 2024. Based on the provisions of our insurance policies, the gross losses were reduced by the insurance proceeds received $1.9 million from our insurance carrier for the claim. We do not believe such losses to be recurring or frequent in nature.

    _____________________

    1 Adjusted EBITDA is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of Adjusted EBITDA” set forth at the end of this press release.

    2 Adjusted EPS – diluted is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of Adjusted EPS – diluted” set forth at the end of this press release.

    3 GigaCloud Marketplace GMV means the total gross merchandise value of transactions ordered through our GigaCloud Marketplace including GigaCloud 3P and GigaCloud 1P, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds.

    4 3P seller GigaCloud Marketplace GMV means the total gross merchandise value of transactions sold through our GigaCloud Marketplace by 3P sellers, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds.

    5 Active 3P sellers means sellers who have sold a product in GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns.

    6 Active buyers means buyers who have purchased a product in the GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns.

    7 Spend per active buyer is calculated by dividing the total GigaCloud Marketplace GMV within the last 12-month period by the number of active buyers as of such date.

    The MIL Network –

  • MIL-OSI: Rigetti Computing to Participate in Fireside Chat at Cantor Global Technology Conference

    Source: GlobeNewswire (MIL-OSI)

    BERKELEY, Calif., March 03, 2025 (GLOBE NEWSWIRE) — Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, announced today that Rigetti CEO, Dr. Subodh Kulkarni, will be participating in a fireside chat at the Cantor Global Technology Conference on March 12, 2025.

    Information for the event is as follows:

    Webcast registration link: https://sqps.onstreamsecure.com/origin/enliven/players/EnlivenPlayer.html?customerId=22&eventId=59290576&checkCompany=1&checkEmail=1&checkName=1
    Presentation date: Wednesday, March 12, 2025
    Time: 8:40 AM – 9:15 AM ET

    Investors can view a live webcast of the event by visiting the “Events” section of Rigetti’s Investor Relations website at https://investors.rigetti.com. A replay will be available at the same location for 180 days following the conclusion of the event.

    About Rigetti
    Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, supporting national laboratories and quantum computing centers. Rigetti’s 9-qubit Novera™ QPU was introduced in 2023 supporting a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer’s existing cryogenic and control systems. The Company’s proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at www.rigetti.com.

    Rigetti Computing Media Contact:
    press@rigetti.com

    The MIL Network –

  • MIL-OSI: Employers Holdings, Inc. Appoints Marvin Pestcoe to Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., March 03, 2025 (GLOBE NEWSWIRE) — Employers Holdings, Inc. (NYSE: EIG), today announced the appointment of Marvin Pestcoe to the Board of Directors, effective March 3, 2025.

    “We are very excited to welcome Marvin Pestcoe to the Employers Holdings, Inc. Board,” said Katherine H. Antonello, President and Chief Executive Officer of Employers Holdings, Inc. “Marvin brings a wealth of knowledge and expertise with over 40 years of experience in insurance, reinsurance and investments, including a range of executive roles and leadership positions where he focused on profit center management, investments, corporate strategy, data analytics and risk management. We will benefit greatly from Marvin’s insights and look forward to his contributions to our Board.”

    Marvin Pestcoe retired from Langhorne Re, a global reinsurer of life and annuity portfolios, after serving as its Executive Chair and Chief Executive Officer from January 2019 to April 2021. Mr. Pestcoe continued to serve on the board of Langhorne Re until March 2023. Prior to joining Langhorne Re, Mr. Pestcoe held a variety of executive positions at Partner Re from 2001 to 2017, and at Swiss Re New Markets from 1997 to 2001. Mr. Pestcoe is a Fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries.

    Mr. Pestcoe has served on several boards of directors of private and public companies. Mr. Pestcoe currently serves on the board of Hamilton Insurance Group, Ltd., where he is the chair of the Underwriting Committee, a member of the Audit Committee and a member of the Investment Committee. Mr. Pestcoe also currently serves on the board of Catalina Holdings (Bermuda) Ltd.

    © 2025 EMPLOYERS. All rights reserved.

    Employers Holdings, Inc. (NYSE: EIG), is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services (collectively “EMPLOYERS®”) focused on small and mid-sized businesses engaged in low-to-medium hazard industries. EMPLOYERS leverages over a century of experience to deliver comprehensive coverage solutions that meet the unique needs of its customers. Drawing from its long history and extensive knowledge, EMPLOYERS empowers businesses by protecting their most valuable asset – their employees – through exceptional claims management, loss control, and risk management services, creating safer work environments.

    EMPLOYERS is also proud to offer Cerity®, which is focused on providing digital-first, direct-to-consumer workers’ compensation insurance solutions with fast, and affordable coverage options through a user-friendly online platform.

    EMPLOYERS operates throughout the United States, apart from four states that are served exclusively by their state funds. Insurance is offered through Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, Employers Assurance Company and Cerity Insurance Company, all rated A (Excellent) by AM Best. Not all companies do business in all jurisdictions. EIG Services, Inc., and Cerity Services, Inc., are subsidiaries of Employers Holdings, Inc. EMPLOYERS® is a registered trademark of EIG Services, Inc., and Cerity® is a registered trademark of Cerity Services, Inc. For more information, please visit www.employers.com and www.cerity.com.

    Contact:

    Mike Paquette (775) 327-2562 or mpaquette@employers.com

    The MIL Network –

  • MIL-OSI: XAI Madison Equity Premium Income Fund Declares its Quarterly Distribution of $0.18 per Share – Fund to Change Distribution Frequency

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, March 03, 2025 (GLOBE NEWSWIRE) — XAI Madison Equity Premium Income Fund (the “Fund” or “MCN”) has declared its regular quarterly distribution of $0.18 per share on the Fund’s common shares, payable on April 1, 2025, to shareholders of record as of March 17, 2025, as noted below. The amount of the distribution represents no change from the previous quarter’s distribution amount of $0.18 per common share.

    In addition, the Fund announced that it will change its distribution frequency from quarterly to monthly. The first monthly declaration will be made on April 1, 2025, and the first monthly distribution will be made on May 1, 2025. Kimberly Flynn, President of XA Investments, said, “MCN has a long history of making consistent periodic payments to shareholders. We believe the change to monthly distributions will enable investors to better manage their cashflow needs.”

    The following dates apply to the declaration:

         
    Ex-Dividend Date    March 17, 2025
       
    Record Date    March 17, 2025
       
    Payable Date    April 1, 2025
       
    Amount    $0.18 per common share
       
    Change from Previous Quarter                No change
         

    Common share distributions may be paid from net investment income (regular interest and dividends), capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Fund’s common shareholders on Form 1099 after the end of the 2025 calendar year. Shareholders should not assume that the source of a distribution from the Fund is net income or profit. For further information regarding the Fund’s distributions, please visit www.xainvestments.com.

    * * *

    The Fund’s net investment income and capital gain can vary significantly over time; however, the Fund seeks to maintain more stable common share quarterly distributions over time. The Fund’s final taxable income for the current fiscal year will not be known until the Fund’s tax returns are filed.

    As a registered investment company, the Fund is subject to a 4% excise tax that is imposed if the Fund does not distribute to common shareholders by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on December 31 of the calendar year (unless an election is made to use the Fund’s fiscal year). In certain circumstances, the Fund may elect to retain income or capital gain to the extent that the Board of Trustees, in consultation with Fund management, determines it to be in the interest of shareholders to do so.

    The common share distributions paid by the Fund for any particular period may be more than the amount of net investment income from that period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a common shareholder invested in the Fund, up to the amount of the common shareholder’s tax basis in their common shares, which would reduce such tax basis. Although a return of capital may not be taxable, it will generally increase the common shareholder’s potential gain, or reduce the common shareholder’s potential loss, on any subsequent sale or other disposition of common shares.

    Future common share distributions will be made if and when declared by the Fund’s Board of Trustees, based on a consideration of number of factors, including the Fund’s net investment income, financial performance and available cash. There can be no assurance that the amount or timing of common share distributions in the future will be equal or similar to that described herein or that the Board of Trustees will not decide to suspend or discontinue the payment of common share distributions in the future.

    * * *

    The Fund’s objective is to achieve a high level of current income and gains, with a secondary objective of capital appreciation. The Fund intends to pursue its objective by investing in a portfolio of common stocks and utilizing an option strategy, primarily by writing (selling) covered call options on a substantial portion of the common stocks in the portfolio in order to generate current income and gains from option writing premiums and, to a lesser extent, from dividends. Market action can impact dividend issuance as the Fund’s total assets affect the Fund’s future dividend prospects. The Fund provides additional information on its website at www.xainvestments.com.

    About XA Investments

    XA Investments LLC (“XAI”) serves as the Trust’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund. The listed closed-end funds, the XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT) and XAI Madison Equity Premium Income Fund (NYSE: MCN) both trade on the New York Stock Exchange. The interval closed-end fund, Octagon XAI CLO Income Fund (OCTIX), is newly launched and has been made widely available to investors.

    In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing, fund management.

    XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

    About XMS Capital Partners
    XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

    About Madison Investments
    Madison Investments is an independent investment management firm based in Madison, WI. The firm was founded in 1974, has approximately $28 billion in assets under management as of December 31, 2024, and is recognized as one of the nation’s top investment firms. Madison offers domestic fixed income, U.S. and international equity, covered call, multi-asset, insurance and credit union investment management strategies. For more information, please visit www.madisoninvestments.com.
    Madison and/or Madison Investments is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC, and Madison Investment Advisors, LLC. Madison Funds are distributed by MFD Distributor, LLC. Madison is registered as an investment adviser with the U.S. Securities and Exchange Commission. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority www.finra.org.

    * * *

    XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Fund carefully before investing. For more information on the Fund, please visit the Fund’s webpage at www.xainvestments.com.

    This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

             
    NOT FDIC INSURED        NO BANK GUARANTEE    MAY LOSE VALUE

    * * *

    Media Contact:

    Kimberly Flynn, President
    XA Investments LLC
    Phone: 888-903-3358
    Email: KFlynn@XAInvestments.com
    www.xainvestments.com

    The MIL Network –

  • MIL-OSI: Microchip Technology to Present at the Raymond James 46th Annual Investors Conference

    Source: GlobeNewswire (MIL-OSI)

    CHANDLER, Ariz., March 03, 2025 (GLOBE NEWSWIRE) — Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today announced that the Company will present at the Raymond James 46th Annual Investors Conference on Wednesday, March 6, 2025 at 9:50 a.m. (Eastern Time). Presenting for the Company will be Mr. Eric Bjornholt, Senior Vice President and Chief Financial Officer, and Mr. Sajid Daudi, Head of Investor Relations. A live webcast of the presentation will be made available by Raymond James, and can be accessed on the Microchip website at www.microchip.com.

    Any forward looking statements made during the presentation are qualified in their entirety by the discussion of risks set forth in the Company’s Securities and Exchange Commission filings. Copies of SEC filings can be obtained for free at the SEC’s website (www.sec.gov) or from commercial document retrieval services.

    Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. The company’s solutions serve approximately 112,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

    Note: The Microchip name and logo are registered trademarks of Microchip Technology Inc. in the USA and other countries.

    INVESTOR RELATIONS CONTACT:

    Deborah Wussler ……… (480) 792-7373

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Greenlight Capital Re, Ltd. Schedules Fourth Quarter and Full Year 2024 Financial Results and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    GRAND CAYMAN, Cayman Islands, March 03, 2025 (GLOBE NEWSWIRE) — Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (the “Company” or “Greenlight Re”), a multiline property and casualty insurer and reinsurer, today announced that it expects to release financial results for the fourth quarter and full year ended December 31, 2024, after the market closes on Monday, March 10, 2025. A live conference call to discuss the financial results will be held on Tuesday, March 11, 2025, at 9:00 a.m. Eastern Time.

    Conference Call Details

    To participate in the Greenlight Re Fourth Quarter and Full Year 2024 Earnings Call, please dial in to the conference call at: 

    U.S. toll free         1-877-407-9753
    International        1-201-493-6739

    The conference call can also be accessed via webcast at:

    https://event.webcasts.com/starthere.jsp?ei=1703379&tp_key=8d103d18f7

    A telephone replay will be available following the call through March 18, 2025. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13750849. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.

    About Greenlight Capital Re, Ltd.
    Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

    Investor Relations Contact
    Karin Daly
    Vice President, The Equity Group Inc.
    (212) 836-9623
    IR@greenlightre.ky

    The MIL Network –

  • MIL-OSI: Exodus Reports Fourth Quarter and Full Year 2024 Results, Provides Preliminary First Quarter 2025 Highlights

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., March 03, 2025 (GLOBE NEWSWIRE) — Exodus Movement, Inc. (NYSE American: EXOD) (“Exodus”), a leading self-custodial cryptocurrency platform, today announced its preliminary results for the fourth quarter and full year ended December 31, 2024. The Company reported preliminary full year revenue of $116.3 million for fiscal 2024, an increase of 107% compared to fiscal 2023.

    Preliminary Fourth Quarter and Full Year 2024 Financial Highlights (Unaudited)

                           
    In USD millions, except percentages Q4 2024   Q4 2023   % Change   2024   2023   % Change
    Revenue $ 44.8   $ 18.5   143%   $ 116.3   $ 56.2   107%
    Gain on digital assets, net   56.9     1.1   4,866%     96.1     1.4   6,616%
                                   

    “In the fourth quarter, in addition to record revenue we achieved milestones that significantly advanced our product innovation and strengthened our market position,” said JP Richardson, CEO and co-founder of Exodus.

    “The expansion of our partnership ecosystem and the continued momentum of XO Swap reinforce our commitment to making digital asset ownership seamless and secure. We believe XO Swap’s increasing industry adoption highlights demand for self-custody solutions that offer transparency and efficiency. Meanwhile, Passkeys Wallet removes onboarding friction with an intuitive, self-custody experience that is designed to eliminate the need for traditional passwords and recovery phrases. Simplified access to digital assets should empower more users to participate in the evolving Web3 ecosystem.”

    Fourth Quarter and Full Year Operational and Other Financial Highlights (Unaudited)

    • Exchange provider processed volume – $2.33 billion in Q4 2024, up 172% from Q4 2023. Bitcoin, Tether (ETH Network), and Tether (TRX Network) were the top assets traded in Q4 2024, at 37%, 25%, and 24% of volume, respectively.
    • Exodus monthly active users1– 2.3 million as of end of Q4 2024, up 64% from 1.4 million as of end of Q4 2023.
    • Digital assets and cash – $264.7 million, including $190.1 million in bitcoin and ether and $68.4 million in cash and cash equivalents, USD Coin (USDC), and Treasury bills as of December 31, 2024.
    • Full-time equivalent team members – approximately 210 at 2024 year-end, an increase of approximately 20 from the prior year.
    • Customer response time – average response time of less than 60 minutes in Q4.

    “In Q4, we delivered improved profitability, demonstrating the operating leverage of our business model and the increasing adoption of our ecosystem,” said James Gernetzke, CFO of Exodus. “We are further encouraged by the early success of XO Swap, which contributed 12% of revenue in Q4. We believe our ability to drive higher transaction volumes through both product innovation and strategic initiatives positions Exodus for continued momentum in 2025.”

    Preliminary First Quarter 2025 Highlights (Unaudited):

    We are providing preliminary first quarter 2025 highlights. These selected preliminary metrics have not been reviewed by Deloitte & Touche LLP, our independent registered public accounting firm, do not reflect our 2025 first quarter end results, are subject to completion of our fiscal quarter and our financial reporting processes, are based on information known by management as of the date of this press release, and do not represent a comprehensive statement of our financial results for the quarter ending March 31, 2025.

    • Digital assets held as of February 28, 2025 consisted of over 2,000 bitcoin and over 2,660 ether (in units).
    • Exchange provider processed volume was $1.45 billion for the two-month period from January 1, 2025 through February 28, 2025. This amount exceeds the $1.35B volume recorded in the full prior year quarter, Q1 2024, a record-setting quarter at the time.

    Q4 2024 Webcast

    Exodus will host a webcast of its fourth quarter and full year ended December 31, 2024 results beginning at 4:30PM (Eastern Time) on March 3, 2025. To access the webcast, please use this link. It will also be available on the Company’s Investor Relations website exodus.com/investors. Supplementary materials will also be made available prior to the webcast on the “Investor Relations” portion of the Company website, and a replay of the video webcast will be available following the live event for at least 90 days thereafter.

    Upcoming Conferences

    Exodus plans to attend the following conferences:

    Investor Contact
    investors@exodus.com

    Disclosure Information

    Exodus may use its website and the following social media outlets as distribution channels of material nonpublic information about the Company. Financial and other important information regarding the Company is routinely accessible through and posted on the following: websites exodus.com/investors and exodus.com/blog, and social media: X (@exodus and JP Richardson’s feed @jprichardson), Facebook, LinkedIn, and YouTube.

    Information Regarding Preliminary Metrics

    Because the 2025 first quarter is ongoing, our results for the 2025 first quarter are not complete. Actual results following the completion of the fiscal quarter end may differ materially from the express selected preliminary metrics herein and any implied preliminary results because of the completion of the fiscal quarter end, our financial reporting processes and closing procedures, final adjustments and other developments after the date of this press release. In addition, these selected preliminary metrics should not be viewed as a substitute for our financial statements for the quarter ended March 31, 2025 that will be prepared in accordance with GAAP. Accordingly, you should not place undue reliance upon these preliminary metrics.

    Forward-Looking Statements

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  • MIL-OSI Economics: IMF Executive Board Concludes 2025 Article IV Consultation with Malaysia

    Source: International Monetary Fund

    March 3, 2025

    Washington, DC: On February 25, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Malaysia and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2]

    Malaysia’s economic performance has improved significantly in 2024. The economy grew by 5.2 percent (y/y) in the first three quarters of 2024, supported by strong private consumption, buoyant investment, improvements in external demand for electrical and electronic products, and a recovery in tourism. Labor market conditions have been strong, with the unemployment rate low at 3.2 percent in 2024Q3. Meanwhile, inflation has been stable around 2 percent, and the ringgit appreciated against the U.S. dollar by 2.6 percent in 2024.

    Current policies are focused on rebuilding fiscal buffers, augmenting growth potential, and strengthening social protection while preserving macroeconomic and financial stability. The landmark Public Finance and Fiscal Responsibility Act (FRA), enacted in 2023, aims to strengthen fiscal management and governance. Fiscal consolidation continued in 2024, with the overall fiscal deficit estimated to have declined from 5.0 percent of GDP in 2023 to the budget target of 4.3 percent of GDP in 2024, supported by subsidy reforms and strengthening of the sales and service tax. Bank Negara Malaysia (BNM) has kept the Overnight Policy Rate (OPR) unchanged at 3.0 percent since May 2023. Under the Economy MADANI Framework, the authorities have developed a set of concerted policy frameworks that focus on increasing incomes, addressing climate change, promoting digitalization, and enhancing governance.

    Executive Board Assessment

    In concluding the Article IV consultation with Malaysia, Executive Directors endorsed the staff’s appraisal as follows:

    Malaysia’s favorable economic conditions provide a window of opportunity to build macroeconomic policy buffers and accelerate structural reforms. Malaysia’s strong growth momentum is expected to be sustained in the near term, with growth projected at 4.7 percent in 2025. Inflation, which eased to 1.8 percent in 2024, is projected to increase to 2.6 percent in 2025 on account of the anticipated implementation of gasoline subsidy reforms, before moderating to 2.3 percent in 2026. Malaysia’s external position in 2024 is preliminarily assessed to be stronger than the level implied by medium-term fundamentals and desirable policies.

    Risks to growth, mostly external, are tilted to the downside, while inflation risks are tilted to the upside. Downside external risks include deepening geoeconomic fragmentation, a growth slowdown in major trading partners, and intensification of geopolitical conflicts, while upside growth risks include faster implementation of investment projects. The upside risks to the inflation outlook stem from global commodity price shocks and potential wage pressures from increases in minimum wage and civil servants’ pay.

    Fiscal consolidation should continue to rebuild buffers and achieve the medium-term targets set under the FRA. Staff recommends achieving a small structural primary balance by 2027. Building on successful subsidy reforms, including for electricity and diesel, staff recommends gradually phasing out remaining fuel subsidies. Revenue mobilization efforts toward a more broad-based and efficient tax system are warranted. Reintroducing the GST could help achieve this goal. The associated impact of fiscal reforms on vulnerable households should be mitigated by well-targeted cash transfers. Staff welcomes the historic enactment of the FRA and recommends its swift and thorough implementation.

    The current neutral monetary policy stance is appropriate. Going forward, monetary policy should remain data dependent. BNM should stand ready to tighten monetary policy if upside inflation risks materialize. Maintaining exchange rate flexibility is essential.

    Financial systemic risks appear contained, and the financial sector remains sound. Banks’ capital and liquidity positions are robust. Credit growth, corporate and household balance sheets, and real estate markets do not pose systemic risks at this juncture. Continued vigilance is warranted against pockets of more highly leveraged borrowers, interlinkages between banks and non-bank financial institutions, and climate and cyber risks—although spillover risks from these areas remain contained. Given the strong growth and accommodative financial conditions, pre-emptive broadening of the macroprudential policy toolkit could be considered.

    Staff encourages swift implementation of the structural reform initiatives to enhance productivity and inclusive growth. The ongoing development of the PADU digital registry can help strengthen social safety nets and public service delivery. Investment incentives to promote high-growth and high-value industries should be well-targeted and ring-fenced. Further efforts are warranted toward Malaysia’s transition to net-zero emissions and readiness for Artificial Intelligence. Staff welcomes the authorities’ efforts to strengthen governance and the anti-corruption framework.

    Selected Economic and Financial Indicators, 2020–30

    Nominal GDP (2023): US$399.7 billion

    		      

     Population (2023): 33.4 million

    		            

    GDP per capita (2023, current prices): US$11,967

    		      

     Poverty rate (2019, national poverty line): 0.2 percent

    		        

    Unemployment rate (2023, period average):  3.4 percent

    		      

     Adult literacy rate (2019): 95.0 percent

    		          
                             

    Main domestic goods exports (share of total domestic exports, 2023): Machinery and Transport Equipment (45.6 percent), Manufactured Goods and Miscellaneous Manufactured Articles (19.0 percent), and Mineral Fuels, Lubricants etc. (16.5 percent).
                 
           
               

    Proj.
       

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    1/
                             

    Real GDP (percent change)

    		  

    -5.5

    3.3

    8.9

    3.6

    5.0

    4.7

    4.4

    4.0

    4.0

    4.0

    4.0

    Total domestic demand

    		  

    -4.8

    3.8

    9.5

    4.7

    6.1

    4.7

    4.0

    3.6

    3.6

    3.6

    3.4

    Private consumption

    		  

    -3.9

    1.8

    11.3

    4.7

    5.3

    4.5

    3.9

    3.4

    3.9

    3.8

    3.7

    Public consumption

    		  

    4.1

    5.8

    5.1

    3.3

    4.3

    3.5

    2.7

    2.4

    2.3

    2.3

    2.3

    Private investment

    		  

    -11.9

    2.8

    7.2

    4.6

    12.0

    6.0

    5.1

    4.0

    4.0

    4.0

    4.0

    Public gross fixed capital formation

    		  

    -21.2

    -11.0

    5.3

    8.6

    11.2

    4.0

    2.8

    2.3

    2.1

    2.0

    2.1

    Net exports (contribution to growth, percentage points)

    		  

    -1.0

    -0.3

    -0.1

    -0.9

    -0.8

    0.2

    0.5

    0.6

    0.5

    0.6

    0.7
                             

    Output gap (in percent)

    		  

    -4.0

    -1.1

    2.5

    1.3

    1.1

    0.7

    0.4

    0.0

    0.0

    0.0

    0.0
                             

    Saving and investment (in percent of GDP)

    		                        

    Gross domestic investment

    		  

    19.7

    22.1

    23.6

    22.5

    22.5

    22.5

    22.6

    22.6

    22.5

    22.5

    22.5

    Gross national saving

    		  

    23.8

    26.0

    26.8

    24.0

    24.5

    24.7

    25.0

    25.3

    25.4

    25.5

    25.5
                             

    Fiscal sector (in percent of GDP) 2/

    		                        

    Federal government overall balance

    		  

    -6.2

    -6.4

    -5.5

    -5.0

    -4.3

    -3.8

    -3.8

    -3.8

    -3.8

    -3.8

    -3.8

    Revenue

    		  

    15.9

    15.1

    16.4

    17.3

    16.5

    16.2

    15.4

    15.1

    14.8

    14.6

    14.4

    Expenditure and net lending

    		  

    22.0

    21.5

    22.0

    22.3

    20.8

    20.0

    19.2

    18.9

    18.6

    18.4

    18.2

    Federal government non-oil primary balance

    		  

    -7.5

    -6.7

    -7.8

    -6.6

    -4.9

    -4.1

    -3.7

    -3.4

    -3.0

    -2.8

    -2.6

    Consolidated public sector overall balance 3/

    		  

    -7.3

    -8.3

    -6.0

    -5.9

    -8.4

    -6.7

    -6.8

    -6.9

    -6.8

    -6.9

    -6.9

    General government debt 3/

    		  

    67.7

    69.2

    65.5

    69.7

    69.6

    68.9

    68.7

    69.1

    69.3

    69.6

    69.8

    Of which: federal government debt

    		  

    62.0

    63.3

    60.2

    64.3

    64.4

    63.7

    63.5

    63.8

    64.1

    64.3

    64.5
                             
                             

    Inflation and unemployment (in percent)

    		                        

    CPI inflation, annual average

    		  

    -1.2

    2.5

    3.4

    2.5

    1.8

    2.6

    2.3

    2.0

    2.0

    2.0

    2.0

    CPI inflation, end of period

    		  

    -1.4

    3.2

    3.8

    1.5

    1.7

    3.8

    2.0

    2.0

    2.0

    2.0

    2.0

    CPI inflation (excluding food and energy), annual average

    		  

    1.1

    0.7

    3.0

    3.0

    1.8

    2.4

    2.2

    2.0

    2.0

    2.0

    2.0

    CPI inflation (excluding food and energy), end of period

    		  

    0.7

    1.1

    4.1

    1.9

    1.6

    3.8

    2.0

    2.0

    2.0

    2.0

    2.0

    Unemployment rate

    		  

    4.5

    4.6

    3.9

    3.4

    3.2

    3.2

    3.2

    3.2

    3.2

    3.2

    3.2
                             
                             

    Macrofinancial variables (end of period)

    		                        

    Broad money (percentage change) 4/

    		  

    4.9

    5.6

    4.0

    5.8

    7.1

    7.6

    6.7

    5.9

    5.9

    5.9

    5.9

    Credit to private sector (percentage change) 4/

    		  

    4.0

    3.8

    3.0

    5.2

    6.2

    6.1

    6.0

    5.9

    5.9

    5.9

    5.9

    Credit-to-GDP ratio (in percent) 5/ 6/

    		  

    144.8

    137.7

    122.4

    126.7

    125.7

    123.9

    123.1

    123.1

    123.1

    123.1

    123.1

    Overnight policy rate (in percent)

    		  

    1.75

    1.75

    2.75

    3.00

    …

    …

    …

    …

    …

    …

    …

    Three-month interbank rate (in percent)

    		  

    1.9

    2.0

    3.6

    3.7

    …

    …

    …

    …

    …

    …

    …

    Nonfinancial corporate sector debt (in percent of GDP) 7/

    		  

    109.7

    109.0

    97.5

    101.2

    …

    …

    …

    …

    …

    …

    …

    Nonfinancial corporate sector debt issuance (in percent of GDP)

    		  

    2.3

    2.6

    2.4

    2.5

    …

    …

    …

    …

    …

    …

    …

    Household debt (in percent of GDP) 7/

    		  

    93.1

    88.9

    80.9

    84.2

    …

    …

    …

    …

    …

    …

    …

    Household financial assets (in percent of GDP) 7/

    		  

    204.5

    191.9

    167.3

    174.3

    …

    …

    …

    …

    …

    …

    …

    House prices (percentage change)

    		  

    1.2

    1.9

    3.9

    3.8

    …

    …

    …

    …

    …

    …

    …
                             
                             

    Exchange rates (period average)

    		                        

    Malaysian ringgit/U.S. dollar

    		  

    4.19

    4.14

    4.40

    4.56

    …

    …

    …

    …

    …

    …

    …

    Real effective exchange rate (percentage change)

    		  

    -3.5

    -1.3

    -1.4

    -2.5

    …

    …

    …

    …

    …

    …

    …
                             
                             

    Balance of payments (in billions of U.S. dollars) 5/

    		                        

    Current account balance

    		  

    14.1

    14.5

    13.0

    6.2

    8.7

    10.2

    12.0

    14.3

    16.1

    17.6

    19.4

    (In percent of GDP)

    		  

    4.2

    3.9

    3.2

    1.5

    2.0

    2.2

    2.4

    2.7

    2.9

    3.0

    3.1

    Goods balance

    		  

    32.7

    42.9

    42.6

    29.9

    26.3

    29.3

    31.8

    33.9

    36.5

    39.2

    43.7

    Services balance

    		  

    -11.2

    -15.8

    -13.2

    -9.5

    -4.4

    -4.1

    -3.1

    -1.7

    -1.3

    -1.0

    -1.5

    Income balance

    		  

    -7.4

    -12.5

    -16.3

    -14.2

    -13.2

    -14.9

    -16.7

    -17.9

    -19.2

    -20.6

    -22.8

    Capital and financial account balance

    		  

    -18.5

    3.8

    1.8

    -3.4

    -6.0

    0.2

    -3.0

    -5.0

    -6.2

    -7.1

    -8.2

    Of which: Direct investment

    		  

    0.7

    7.5

    2.9

    0.0

    -1.3

    2.0

    2.1

    2.2

    2.4

    2.5

    2.6

    Errors and omissions

    		  

    -0.1

    -7.3

    -2.7

    -7.2

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Overall balance

    		  

    -4.6

    11.0

    12.1

    -4.5

    2.7

    10.4

    9.0

    9.3

    9.9

    10.6

    11.2
                             

    Gross official reserves (US$ billions) 5/

    		  

    107.6

    116.9

    114.7

    113.5

    116.2

    126.6

    135.6

    144.9

    154.8

    165.4

    176.6

    (In months of following year’s imports of goods and nonfactor services)

    		  

    5.5

    4.9

    5.4

    4.6

    4.4

    4.6

    4.7

    4.8

    4.9

    4.9

    5.0

    (In percent of short-term debt by original maturity)

    		  

    117.6

    120.8

    104.9

    100.3

    99.4

    98.3

    97.2

    97.0

    97.3

    97.9

    98.9

    (In percent of short-term debt by remaining maturity)

    		  

    91.9

    93.5

    84.6

    80.7

    78.7

    79.4

    79.0

    79.2

    79.7

    80.5

    81.5

    Total external debt (in billions of U.S. dollars) 5/

    		  

    238.8

    258.7

    259.6

    270.6

    284.6

    305.1

    324.4

    342.8

    361.1

    379.2

    397.2

    (In percent of GDP)

    		  

    70.8

    69.3

    63.8

    67.8

    65.1

    65.3

    65.1

    64.9

    64.4

    63.8

    63.0

    Of which: short-term (in percent of total, original maturity)

    		  

    38.3

    37.4

    42.1

    41.8

    41.1

    42.2

    43.0

    43.6

    44.1

    44.6

    44.9

      short-term (in percent of total, remaining maturity)

    		  

    49.1

    48.3

    52.2

    51.9

    51.9

    52.3

    52.9

    53.4

    53.8

    54.2

    54.5

    Debt service ratio 5/

    		                        

    (In percent of exports of goods and services) 8/

    		  

    13.6

    10.5

    9.7

    11.8

    12.1

    12.1

    10.1

    9.8

    9.7

    9.6

    9.5

    (In percent of exports of goods and nonfactor services)

    		  

    14.4

    11.4

    10.3

    12.7

    12.9

    12.9

    10.7

    10.4

    10.3

    10.2

    10.0
                             
                             

    Memorandum items:

    		                        

    Nominal GDP (in billions of ringgit)

    		  

    1,418

    1,549

    1,794

    1,823

    1,952

    2,099

    2,241

    2,373

    2,512

    2,660

    2,817
                             

    Sources: Data provided by the authorities; CEIC Data; World Bank; UNESCO; and IMF, Integrated Monetary Database, and staff estimates.
                             

    1/ Data used in this report for staff analyses are as of January 29, 2025, unless otherwise noted.
    2/ Cash basis.
    3/ Consolidated public sector includes general government and nonfinancial public enterprises (NFPEs). General government includes federal government, state and local governments, and statutory bodies.
    4/ Based on data provided by the authorities, but follows compilation methodology used in IMF’s Integrated Monetary Database. Credit to private sector in 2018 onwards includes data for a newly licensed commercial bank from April 2018. The impact of this bank is excluded in the calculation of credit gap.
    5/ IMF staff estimates. U.S. dollar values are estimated using official data published in national currency.                                                                                                                         
    6/ Based on a broader measure of liquidity. Credit gap is estimated on quarterly data from 2000, using one-sided Hodrick-Prescott filter with a large parameter.
    7/ Revisions in historical data reflect the change in base year for nominal GDP (from 2010=100 to 2015=100).
    8/ Includes receipts under the primary income account.
                               

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

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

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

    MIL OSI Economics –

  • MIL-OSI Submissions: Africa Women Innovation and Entrepreneurship Forum (AWIEF) launches Call for Applications for its Growth Accelerator programme with support from African Guarantee Fund and FSDH Merchant Bank Limited

    SOURCE: Africa Women Innovation and Entrepreneurship Forum (AWIEF)

    The tri-party collaboration between AWIEF, AGF, and FSDH Merchant Bank Limited was created with the aim to increase access to finance for WSMEs who are driving solutions in different catalytic sectors in Nigeria

    LAGOS, Nigeria, March 3, 2025/ — The Africa Women Innovation and Entrepreneurship Forum (AWIEF) (www.AWIEForum.org/home-awief/) has partnered with African Guarantee Fund (AGF) and FSDH Merchant Bank Limited to implement its flagship AWIEF Growth Accelerator programme in Nigeria and is excited to announce the call for applications.

    Background

    Limited access to finance remains a significant barrier for women entrepreneurs in Africa, with a staggering financing gap estimated at USD 49 billion. To address this challenge, the Growth Accelerator Programme leverages the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative, which aims to unlock up to USD 3 billion in financing for women-owned/led Small and Medium-Sized Enterprises (WSMEs) across the continent.

    AGF, a leading non-bank financial institution whose objective is to promote economic development, increase employment and reduce poverty in Africa, serves as the implementing partner for AFAWA. AGF’s commitment extends into providing technical assistance to partner financial institutions, enhancing their capacity to serve women-owned businesses effectively. By addressing both supply and demand-side constraints, AGF and AFAWA work in tandem to create a more equitable landscape for women entrepreneurs in Africa.

    FSDH Merchant Bank Limited partnership with AGF is backed by AFAWA to enable the Partner Financial Institution (PFI) provide loans to WSMEs in Nigeria. FSDH Merchant Bank Limited is dedicated to empowering women in business across Nigeria and drives its gender strategy through its Women in Business Initiative (WIBI).

    The tri-party collaboration between AWIEF, AGF, and FSDH Merchant Bank Limited was created with the aim to increase access to finance for WSMEs who are driving solutions in different catalytic sectors in Nigeria. This will be achieved by making the WSMEs credit and investment-ready and eligible to access business loans and financing from FSDH Merchant Bank Limited. The programme will provide a stream of businesses that are adequately prepared to meet the FSDH Merchant Bank’s credit requirements.

    Call for Applications

    Applications are open to qualifying businesses. The programme will attract and select a cohort of 100 beneficiaries, comprising women entrepreneurs and founders with businesses registered and operating in Nigeria who will participate in the 12-month Growth Accelerator and will benefit from a wide range of tailored and refined business development mentorship, training, and advisory services.

    Eligibility Criteria

    Businesses must meet ONE of the following criteria:

    Entrepreneurship & Ownership:

    51% share of women ownership OR Business founded by a woman.

    OR

    Leadership:

    At least 20% share of women in senior management or 10% share of women on the Board.

    OR

    Products & Services:

    Product(s) or service(s) enhance(s) well-being of women/girls and/or drive(s) gender equity.

    Additionally, businesses must be:

    Based and operating in Nigeria.
    In post-revenue stage.
    Highly innovative and scalable ventures.
    In operation for not less than three years.
    Owned and/or led by ambitious and committed entrepreneurs.
    Seeking for investment, credit or financing to scale and expand.

    What Are the Benefits for Participants?

    Access to high-level training, mentorship, and business advisory.
    Improved technical, managerial, leadership, and interpersonal skills aligned with the priority needs of their businesses.
    Increased creditworthiness and capacity to meet the AGF PFI’s financing requirements.
    Post-capacity building and loan application support.
    Enhanced access to other financing opportunities.
    Effective integration of the WSMEs into the financial ecosystem.
    Expanded peer networks in Nigeria and across the African continent.

    Applications Open Now!

    Applications are officially open for qualifying candidates for the AWIEF Growth Accelerator, in partnership with AGF and FSDH Merchant Bank Limited.

    To submit your application and for more programme details, please follow this link: https://apo-opa.co/3DgIuo0

    The deadline for submission is Monday, 31 March 2025 at 11:59pm West Africa Time (WAT).

    MIL OSI – Submitted News –

  • MIL-OSI United Nations: Food prices soar as Israel blocks aid into Gaza

    Source: United Nations 2

    Humanitarian Aid

    Israel’s move to prevent all aid from entering the Gaza Strip after Hamas reportedly refused to accept a plan to continue with phase one of the fragile ceasefire has had an immediate impact, including a 100-fold increase in the price of flour and vegetables.

    That’s according to the UN aid coordination office, OCHA, which said on Monday that the Kerem Shalom, Erez and Zikim crossing closures means that vital humanitarian assistance, including thousands of tents, can’t be delivered to civilians in need.

    Phase one of the ceasefire mediated by Egypt, Qatar and the US expired on Saturday, with Hamas calling on Israel to move on to the next agreed phase – but Israel is calling instead for a continuation of phase one through the end of the Holy Month of Ramadan in line with a proposal from the top US envoy to the region.

    January’s ceasefire deal has seen the release of 33 Israeli hostages who’ve been held captive since the 7 October terror attacks, with around 1,900 Palestinian prisoners exchanged.

    “The ceasefire has provided the opportunity to distribute food, to distribute water, as well as shelter assistance and medical aid, allowing nearly everyone in Gaza to receive food parcels,” said UN Spokesperson Stéphane Dujarric, briefing reporters in New York.

    “Our humanitarian partners tell us that following the closure of the crossings into Gaza yesterday, flour and vegetable prices increased more than 100-fold. Partners are currently assessing the stocks that are currently available,” he added.

    Ceasefire, ‘a critical lifeline’: UNICEF    

    The UN children’s agency, UNICEF, warned that the stoppage of aid deliveries into Gaza will quickly lead to devastating consequences for children and families who are simply struggling to survive.

    “The aid restrictions announced yesterday will severely compromise lifesaving operations for civilians,” said Edouard Beigbeder, UNICEF Regional Director for the Middle East. “It is imperative that the ceasefire – a critical lifeline for children – remains in place, and that aid is allowed to flow freely so we can continue to scale up the humanitarian response.”

    The agency said that between 19 January and last Friday, almost 1,000 UNICEF trucks had crossed into the enclave carrying clean water, medical supplies, vaccines, therapeutic food and other materials.

    Since the start of the ceasefire on 19 January, UNICEF and partners have provided warm clothing to 150,000 children in Gaza and increased daily water distribution for nearly half a million people living in more remote areas, Mr. Dujarric said.

    Nearly 250,000 children and thousands of pregnant and breast-feeding mothers have received nutritional supplements since the ceasefire took effect.

    Over the past two weeks, in Rafah, Khan Younis and Deir al Balah, aid partners have distributed vegetable seed kits for gardening to try and encourage more diverse diets.

    Around 1,500 water distribution points are now operating across Gaza – double the number operational at the start of the ceasefire. “However, partners tell us that pipes and spare parts for maintenance are urgently needed,” said Mr. Dujarric.

    Classrooms open

    Across Gaza, more than 100 public schools have reopened, allowing around 100,000 students back into the classroom.

    In Gaza City and North Gaza, UN partners will use tents to ensure children can continue learning, with some wood pallets recycled into school furniture.

    OCHA teams visited a displacement site in Khan Younis on Monday where around 1,200 people are staying. These communities have not been allowed to return to their homes, which are located in the buffer zone.

    OCHA is working to mobilise assistance to meet their needs.

    Meanwhile in the occupied West Bank, OCHA reports that ongoing operation by Israeli forces continues to drive humanitarian needs in northern areas. Humanitarian partners continue to face movement restrictions.

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: Science – Seafloor of New Zealand’s most important fishing grounds shows resilience – NIWA

    Source: NIWA

    Sea life in the seafloor of New Zealand’s most productive and important commercial fishing ground shows resilience to disturbance, according to a new study published in the New Zealand Journal of Marine and Freshwater Research.
    The research found that some aspects of seafloor ecosystems on the Chatham Rise showed an ability to recover relatively quickly from physical disturbances, such as those caused by seafloor mining and trawling.
    The research suggests that the seafloor ecosystem of the Chatham Rise may be more resilient to disturbances than previously thought, says NIWA marine ecologist Dr Rachel Hale, lead author for the study. “This resilience may be due to the region’s history of natural and human disturbances, which has led to the dominance of opportunistic species. While our results are encouraging, it’s important to note that there were some post-disturbance changes in the environmental characteristics that were measured. These changes, particularly in the composition of seafloor communities, may have longer-term repercussions for ecosystem processes.”
    Researchers disturbed an area of seafloor on the Chatham Rise and monitored the impacts on sediment, seafloor-dwelling aquatic animals, and took measurements of oxygen and nutrient fluxes, and bacterial abundance. They found disturbance changed the sediment composition, reducing food quality, and initially reducing the diversity of seafloor-dwelling aquatic life, though after a year some of the aquatic life had bounced back. Contrary to expectation, the disturbance didn’t result in significant changes to the nutrient levels, and the rapid recolonization of the seabed saw bacteria levels recover.
    The study revealed the resilience of the sea floor to disturbance, but also highlights potential long-term changes that need more investigation, says Dr Hale. “Expansion of extractive industries to deep-sea environments will lead to increased stresses on seafloor ecosystems. Further long-term studies are required to fully understand the potential impacts of disturbance on sediment processes, nutrient cycling, and the overall health of the Chatham Rise ecosystem.”
    The Chatham Rise is a large area of ocean floor around 1,400km east of New Zealand which stretches some 1,000 km long. The underwater plateau, accessible to trawling, provides about 60% of New Zealand’s fish catch, including hoki, hake, ling, warehou, squid, orange roughy and deep-sea dory. Data from research has enriched models and enabled long-term monitoring, with NIWA undertaking surveys since 1992 on fisheries and ecosystems.
    The research was a NIWA collaboration with Victoria University of Wellington and Waikato University.
    This research was undertaken as part of the Resilience of benthic communities to the effects of sedimentation (ROBES) programme funded by the New Zealand Ministry of Business, Innovation and Employment (contract CO1X1614).

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Drug Detection – TDDA Adds Tramadol and Fentanyl Testing Amid Rising Workplace Detections

    Source: Botica Butler Raudon Partners

    AUCKLAND – 3 March 2025 – The Drug Detection Agency (TDDA), New Zealand’s largest workplace drug testing provider, is announcing new drug testing capabilities for New Zealand workplaces.

    Beginning in March, TDDA will make it easier for New Zealand workplaces to screen for tramadol and fentanyl, two high-risk opioids that pose significant safety concerns in workplaces worldwide. This is the first time in New Zealand that these tests will be incorporated into enhanced oral fluid and urine screening devices instead of needing independent testing strips or other costly devices.

    This industry-leading innovation expands TDDA’s screening panel from seven to nine drug types without any additional cost. The updated devices, independently verified by an AS/NZS 4760:2019 & AS/NZS 4308:2008 accredited laboratory, will help businesses proactively mitigate risks associated with these potent, and widely abused, substances.

    A rise in opioid detections

    Globally, the use of opioids like tramadol and fentanyl poses a serious safety risk and New Zealand is now seeing an uptick in workplace detections. The 2024 New Zealand Drugs Trends Survey found that 27 percent of respondents reported non-medical use of pharmaceuticals in the previous six months.

    While the opioid issue was shown affects all regions, the survey found that non-medical use of prescription opioids was highest in Southland and West Coast, signaling that employers may need to take action.

    Additionally, TDDA’s latest Imperans Report highlighted that during October – December 2024, opioid use in workplaces in New Zealand accounted for 12.1 percent of positive workplace drug tests, up from 11.9 percent in the same quarter of 2023.

    “Any increase in detection rates represents a significant workplace threat, regardless of opioids being used while legally prescribed or in a non-medical setting. The emerging trend of abusing pharmaceuticals like tramadol and fentanyl is what keeps me up at night,” says Glenn Dobson, CEO, TDDA.

    “Until now, New Zealand largely avoided the opioid epidemic seen overseas, but there are indicators now saying otherwise. Any rise in detection rates is worth examination. As a workplace risk, opioids are at the top. Legally prescribed or illegally procured, they can cause workplace accidents, long-term addiction and lead to the loss of life in more way than one.”

    TDDA’s 9-panel testing device rollout

    TDDA is reinforcing its commitment to workplace safety with the addition of tramadol and fentanyl to its screening capabilities. These newly introduced screening strips are part of TDDA’s ongoing innovation, ensuring businesses have access to the most advanced substance detection tools available. TDDA is helping workplaces mitigate health and safety risks by incorporating these substances into standard testing, and in doing so, helping businesses achieve workplace health and safety compliance.

    “TDDA follows and acts on global drug trends to provide cutting-edge solutions for workplace safety. As New Zealand faces evolving drug trends, including the rising threat of opioids, no industry or region is immune. We have been carefully tracking the issues that both tramadol and fentanyl have created globally and have developed these new screening devices to help our clients manage business risks,” says Dobson.

    “By integrating tramadol and fentanyl into our screening devices, we’re helping businesses stay ahead of the curve and protect their people. These will now become our standard devices, ensuring companies can take decisive action to protect their workforce.”

    To provide flexibility, TDDA has implemented an opt-in/opt-out process, allowing businesses to determine whether these new drug tests align with their workplace policies and risk assessments.

    TDDA recommends that businesses take a proactive approach to workplace safety by implementing comprehensive drug testing programmes, including pre-employment, reasonable cause, and random drug and alcohol testing. Every worker has a right to a safe environment, and business owners, managers, and supervisors have a legal duty to ensure they’ve created a drug and alcohol-free culture of safety.

    Failing to act not only risks legal consequences but can also erode workplace culture. As a leader in workplace drug detection, TDDA is committed to helping businesses stay ahead of these challenges, fostering safer and more productive workplaces.

    About The Drug Detection Agency
    The Drug Detection Agency (TDDA) is a leader in workplace substance testing with more than 300 staff, 90 mobile health clinics, 65 locations throughout Australasia, and processing more than 250,000 tests annually. TDDA was established in 2005 to provide New Zealand and Australian businesses with end-to-end workplace substance testing, education and policy services. TDDA holds ISO17025 accreditation for workplace substance testing in both AU and NZ. Refer to the IANZ and NATA websites for TDDA’s full accreditation details. Learn more about TDDA at https://tdda.com/.  

    MIL OSI New Zealand News –

  • MIL-OSI USA: Press Release: FDIC Board of Directors Approves Proposal to Rescind 2024 Bank Merger Policy Statement

    Source: US Federal Deposit Insurance Corporation FDIC

    CategoriesBusiness, Commerce, MIL-OSI, United States Federal Government, United States Government, United States of America, US Commerce, US Federal Deposit Insurance Corporation FDIC, US Federal Government, US Insurance Sector, USA

    MIL OSI USA News –

  • MIL-OSI USA: Solving the Education Workforce Shortage: Governor Shapiro Visits Farmersville Elementary School to Highlight Investments in Student Teachers Stipends to Grow Pennsylvania’s Education Workforce

    Source: US State of Pennsylvania

    March 03, 2025 – Bethlehem Township, PA

    Solving the Education Workforce Shortage: Governor Shapiro Visits Farmersville Elementary School to Highlight Investments in Student Teachers Stipends to Grow Pennsylvania’s Education Workforce

    Governor Josh Shapiro visited Farmersville Elementary School in Bethlehem Township, Northampton County, to highlight how his 2025-26 proposed budget makes strategic investments to solve Pennsylvania’s education workforce challenges. With nearly 5,500 teacher vacancies statewide, the Governor’s budget proposal doubles funding for the successful PA Student Teacher Support Program, from $20 million to $40 million annually, ensuring more aspiring educators can complete their training and enter the profession, further strengthening the Commonwealth’s educator pipeline.

    “My budget puts a special emphasis on workforce development – especially our education workforce – because we need more great teachers in our classrooms,” said Governor Shapiro. “Right now, we have thousands of teacher vacancies across Pennsylvania, but we can solve that by increasing our support for student teacher stipends. Aspiring educators are required to student teach to complete their training, but they’re often not paid for their work. There’s real demand for these stipends – last year, they were all taken in the first few hours after the application opened – so let’s double the amount of funding going to this initiative and solve this problem.”

    During his visit, Governor Shapiro was joined by Pennsylvania Department of Education Acting Secretary Dr. Carrie Rowe, Bethlehem Area School District Superintendent Dr. Jack Silva, Pennsylvania Higher Education Assistance Agency (PHEAA) Senior Vice President Nathan Hench, Pennsylvania State Education Association (PSEA) Vice President Jeff Ney, Senator Lisa Boscola, Senator Nick Miller, House Majority Education Committee Chairman Representative Peter Schweyer, Representative Steve Samuelson, and student teacher Giavanna DeMarco, along with students, teachers, and school administrators. They discussed Pennsylvania’s teacher shortage and the Governor’s proposal to strengthen the educator pipeline.

    List of Speakers:
    Dr. Jack Silva, Bethlehem Area School District Superintendent
    Nathan Hench, Pennsylvania Higher Education Assistance Agency (PHEAA) Senior Vice President
    Senator Lisa Boscola
    Senator Nick Miller
    Peter Schweyer, House Majority Education Committee Chairman Representative
    Representative Steve Samuelson
    Jeff Ney, Pennsylvania State Education Association (PSEA) Vice President
    Giavanna DeMarco, student teacher
    Governor Shapiro

    MIL OSI USA News –

  • MIL-OSI Security: Shelton Man Admits Fraudulently Obtaining COVID-19 Relief Funds

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, today announced that on February 28, 2025, VINCENZO MINUTOLO, 38, of Shelton, waived his right to be indicted and pleaded guilty before U.S. District Judge Kari A. Dooley in Bridgeport to offenses related to his fraudulent receipt of COVID-19 relief funds.

    According to court documents and statements made in court, on March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act provided emergency financial assistance to Americans suffering the economic effects caused by the COVID-19 pandemic.  One source of relief provided by the CARES Act was the authorization of forgivable loans to small businesses for job retention and certain other expenses through the Paycheck Protection Program (PPP).  In April 2020, Congress authorized more than $300 billion in additional PPP funding.  The PPP allowed qualifying small businesses and other organizations to receive unsecured loans at an interest rate of 1%.  PPP loan proceeds were to be used by businesses on payroll costs, interest on mortgages, rent and utilities. The PPP allowed the interest and principal to be forgiven if businesses spent the proceeds on these expenses within a certain period of time of receipt and used at least a certain percentage of the amount to be forgiven for payroll.

    The PPP was overseen by the Small Business Administration, which has authority over all PPP loans.  Individual PPP loans, however, were issued by private approved lenders, which received and processed PPP applications and supporting documentation, and then made loans using the lenders’ own funds, which were guaranteed by the SBA.

    Minutolo claimed an ownership interest or representative relationship with City Sounds Productions LLC (“City Sounds”).  Between March and September 2021, Minutolo defrauded the PPP loan program of more than $145,000 by providing false information on loan applications for City Sounds, including overstating the yearly gross income for City Sounds; misrepresenting that similar PPP loans had not been or would not be sought when he had, in fact, sought and obtained, and intended to seek and obtain, such loans; and providing fraudulent IRS tax filings and tax payment vouchers for City Sounds that had, in fact, never been filed with the IRS.  Similarly, on the forgiveness applications he submitted, Minutolo materially misrepresented having complied with all the requirements of the PPP rules.

    In addition, the CARES Act created a new temporary federal unemployment insurance program for pandemic unemployment assistance (“Pandemic Unemployment Assistance”).  Pandemic Unemployment Assistance provided unemployment insurance (“UI”) benefits for employed individuals who are not eligible for other types of UI due to their employment status.  The CARES Act also created a new temporary federal program called Federal Pandemic Unemployment Compensation (“FPUC”) that provided additional weekly benefits to those eligible for Pandemic Unemployment Assistance or regular UI.  The Connecticut Department of Labor (CT-DOL) administers UI benefits for residents of Connecticut.

    Between March 2020 and April 2021, Minutolo defrauded the CT-DOL of at least $86,000, and as much as approximately $273,000, by providing the CT-DOL with fraudulent Pandemic Unemployment Assistance applications seeking unemployment insurance payments in others’ names, including individuals who had died, and individuals who did not know that their name and sometimes other personal information was being used.  One fraudulent application was for Minutolo’s grandfather, who died in 2014, and included a telephone number associated with Minutolo.  Minutolo continued to make online weekly certifications to the CT-DOL attesting that the information contained in his grandfather’s application, and other applications, were true in order to receive continued unemployment insurance benefits.

    Minutolo pleaded guilty to two counts of wire fraud, an offense that carries a maximum term of imprisonment of 20 years on each count.  Judge Dooley scheduled sentencing for May 23.  Minutolo is released on a $50,000 bond pending sentencing.

    This matter is being investigated by Homeland Security Investigations (HIS) and the U.S. Department of Labor Office of the Inspector General.  The case is being prosecuted by Assistant U.S. Attorney Christopher W. Schmeisser.

    Individuals with information about allegations of fraud involving COVID-19 are encouraged to report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721, or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    MIL Security OSI –

  • MIL-OSI USA: Cassidy, Barrasso, Colleagues Introduce Bill to Repeal Biden Tax on American Energy, Manufacturing

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), John Barrasso (R-WY), and colleagues introduced legislation to repeal the largest tax hike from the Democrats’ 2022 reckless tax and spending bill that makes it harder to invest, produce, and manufacture in the United States.
    “The American dream is becoming out of reach for many Americans. We should be investing in American energy, manufacturing, and jobs,” said Dr. Cassidy. “This bill is pro-American worker and pro-Louisiana.”
    “Reckless and complicated taxes like the book minimum tax undermine our nation’s supply chain, threaten our energy security, and send jobs and investments overseas,” said Senator Barrasso. “Companies that want to invest in our country, create more American jobs, and unleash American energy don’t need more punishing taxes. They especially don’t need unelected bureaucrats gaining more control of U.S. tax policy. We need to repeal this reckless and failed tax once and for all.”
    The book minimum tax is an arcane tax on U.S. job creators investing in America. The tax removes longstanding provisions to help promote economic growth and investments while creating loopholes for special interest groups. The Book Minimum Tax Repeal Act will end this harmful provision and stop unelected bureaucrats from manipulating tax policy to benefit their favorite industries.
    The legislation is supported by the National Association of Manufacturers, American Petroleum Institute, American Institute of Certified Public Accountants, National Mining Association, Independent Petroleum Association of America, Energy Infrastructure Council, U.S. Chamber of Commerce, Interstate Natural Gas Association of America, and the Western Energy Alliance.
    Cassidy and Barrasso were joined by U.S. Senators Mike Crapo (R-ID), James Lankford (R-OK), Jim Risch (R-ID), Cynthia Lummis (R-WY), Steve Daines (R-MT), Marsha Blackburn (R-TN), and Pete Ricketts (R-NE) in cosponsoring the legislation. 

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Allister welcomes Thales deal as O’Neill’s hypocritically attacks it

    Source: Traditional Unionist Voice – Northern Ireland

    Statement by TUV leader Jim Allister MP:

    “I was very happy to welcome the Thales missile factory deal which will see an investment of £1.6bn in a Northern Ireland company when responding to a statement on Ukraine by the Prime Minister in the Commons earlier today.

    “By way of contrast, Michelle O’Neill claims to be “incredulous” that the UK should be providing weapons to a country under attack from Putin.

    “O’Neill feigns concern for money which she alleges should be spent on public services while defending an IRA campaign which cost the health service alone countless millions.

    “With the approach of the new administration in Washington increasingly moving towards disengagement in Europe, it is more important than ever that Europe steps up to the plate when it comes to spending on defence – something it frankly hasn’t done in many decades.

    “I am proud to be part of a nation which makes a difference on the world stage – in stark contrast to the Irish Republic which continues to shirk their responsibilities and free load on other nations when it comes to both air and naval defence.”

    MIL OSI United Kingdom –

  • MIL-OSI New Zealand: Buy NZ Made – Financial hardship at its highest level since 2020

    Source: Buy NZ Made

    New Zealand businesses and consumers continue to face significant economic challenges in 2025, with data from Centrix revealing a 38% year-on-year increase in company liquidations.
    The services sector including advertising, accounting, and management consulting have all seen a rapid increase in company insolvencies in recent months.
    Meanwhile, insights collected from Buy NZ Made’s 1400 small businesses reveals a third say their main focus for 2025 will be staying afloat.
    Executive Director Dane Ambler says the news underscores the urgent need for a collective effort to support local industries and strengthen the nation’s economic resilience.
    “The escalating liquidation figures paint a clear picture of the pressures facing New Zealand businesses.
    “Rising costs, supply chain disruptions, and shifting consumer spending habits are contributing to a challenging environment, impacting businesses across various sectors.”
    Ambler says the pain continues to hit consumers too.
    “Mortgage arrears are at an eight-year high, with personal loans, buy now pay later, retail energy and telco arrears all up across the board. Financial hardship cases have also reached the highest level since 2020.
    “In times of economic uncertainty, supporting local businesses becomes more crucial than ever.
    “By choosing New Zealand-made products and services, we are directly contributing to the survival and growth of our communities, safeguarding jobs, and fostering a more robust and sustainable economy.”

    MIL OSI New Zealand News –

  • MIL-OSI Australia: MEDIA RELEASE: WGEA publishes new employer gender pay gaps

    Source: Workplace Gender Equality Agency

    WGEA publishes new employer gender pay gaps

    — 56% of employers improved their gender pay gap in the last 12 months —

    — 79% of employers still have a gender pay gap outside the target range of +/-5% —

    Just 1 in 5 (21%) Australian employers have an average gender pay gap in the target range of -5% and +5%, according to new results released today by the Workplace Gender Equality Agency (WGEA).

    But progress to end the gender pay gap is happening.

    The second publication of employer gender pay gaps provides new, more detailed insights into workplace gender equality for more than 5.3 million Australians.

    This year WGEA has published the results for 7,800 individual employers and 1,700 corporate groups. This expansion means that Australians working for a company that’s part of a bigger corporate group can access both the group and individual employer’s gender pay gap for the first time.

    This enhances the understanding of women and men’s experience in Australian workplaces and provides employers with deeper insights to enable more targeted, evidence-informed action to address and correct differences.

    WGEA has also published an analysis of the results in the Employer Gender Pay Gaps Report.

    In the 2023-24 gender pay gap results, nearly 3 in 4 (72%) of all employers have a gender pay gap in favour of men. High-paying employers are the most likely to have a gender pay gap in favour of men and a larger gender pay gap.

    WGEA has published employer’s average gender pay gaps, as well as results for the median. These measures can provide important indications of the different drivers of an employer’s gender pay gap.

    WGEA CEO Mary Wooldridge said it was encouraging that an analysis of both indicators shows that more than 1,100 employers (15%) are already in the target range of +/-5% for both measures.

    “Each employer has a unique set of circumstances that impacts the size of their gender pay gap,” Ms Wooldridge said.

    “Where an employer’s gender pay gap is beyond the target range of +/-5%, it indicates one gender is more likely to be over-represented in higher paying roles compared to the other. This can be a sign of structural or cultural differences for one gender within an occupation, organisation, or broader industry.

    “For employers that haven’t made progress, it’s time to ask why – dig into the data to find out what’s causing any gender differences and use evidence-based solutions to address them.

    “The new results, which use information reported by employers covering the time period immediately leading up to WGEA’s first release of gender pay gaps, suggests anticipation of publication generated positive flow on effects.”

    WGEA’s analysis shows 56% of employers reduced their gender pay gap in the last year.

    There was also a significant increase in employers conducting a gender pay gap analysis on their pay and composition to find out what’s driving their gaps and consultation with employees rose significantly.

    “It’s promising to see the big increase in the number of employers working to understand what is driving their gender pay gap, beyond unequal pay,” Ms Wooldridge said.

    “Over the past year, employers have told us that publication of employer gender pay gaps is a catalyst to assess gender-based differences in all areas of their workplace.

    “For men, a more equal experience could mean their employer is providing access to paid parental leave, paying superannuation on that leave and actively supporting a flexible return to work from parental leave.  

    “For women, it could mean their employer is redesigning manager roles that will enable those roles to be undertaken on a part-time basis or as a job share. This action can create new pathways to career progression for employees with caring or other responsibilities outside of work, or by actively broadening the pipeline of talent across occupations and job roles.

    “What is common to each is purposeful action that breaks down traditional notions of what it means to be a worker and carer in the contemporary workplace.”

    The gender pay gap is different to equal pay for equal or comparable work – which has been a legal requirement for employers since 1969.

    MIL OSI News –