Category: Business

  • MIL-OSI Global: Flowers at London’s Saatchi Gallery: this exploration of flora in history and contemporary culture smells as good as it looks

    Source: The Conversation – UK – By Judith Brocklehurst, Visiting Lecturer, BA Fine Art Mixed Media, University of Westminster

    On entering the Saatchi Gallery’s latest exhibition, which is simply titled Flowers, you might think that you have just walked into a supersized florist’s shop, surrounded by bunches and bunches of blooms.

    The aroma of dried flowers comes from Rebecca Louise Law’s monumental arrangement La Fleur Morte (2025), which was created through workshops with people from the local community. As in a flower shop, the viewer is overwhelmed by a heady mix of colour, shape and smell.

    Flowers offers an overview of flora not only in contemporary art but in their wider cultural significance. Rooms are loosely organised by theme and medium, with an occasional nod to more serious subjects, such as eroticism, death, danger or decay.


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    The first room, Roots, offers historical context for the show, from Van Gogh to William Morris’s floral designs. Dutch 17th-century paintings are recreated for the digital age in Bob and Nick Carter’s video work Transforming Flowers in a Vase (2016).

    The irreality of their digitally revived bunch of flowers, presented in a heavy wooden frame, reminds us that those masterly paintings were themselves a construct.

    Painters have often arranged flowers that bloomed at different times of the year together in one image. As Bart Cornelis, curator at London’s National Gallery, explained when discussing Dutch flower paintings in 2017, these arrangements are “not realism [but] “a construct … In a sense, that’s what makes it art”.

    In the next space, In Bloom, Jim Dine’s black-and-white lithograph Sunflowers (2011) stands out amid the profusion of bright yellows, reds, greens and pinks. With the colour stripped away, the eye is drawn to the flowers’ structure and their dark-seeded heart.

    Speaking about the connection between plants and people, artist and subject, Dine has said that “if my personality is revealed in a plant drawing … it would be just the emotion and the way I felt when I depicted it at that moment, that day – or as the days go on, the building up of layers like the unconscious”. This work feels deeply connected to those early Dutch paintings and their small, often-missed memento mori.

    In the same room, a whole wall is dedicated to an image of Jeff Koons’ two-storey sculpture Puppy (1992), a dog covered in bedding plants.

    Koons’ notorious overt commercialism leads the viewer back to the sense of being in a shop – this time offering high-end floral fashion and jewellery. In one corner, glass display cases hold jewelled brooches by “curatorial partners” Buccellati. Next to them are Marimekko prints in an oversized poster display rack.

    Beauty and danger

    Stepping into the next room, the viewer moves from shopping arcade back into a gallery to look at flowers in photography and sculpture. Here are more decadent arrays, where visitors are drawn like pollinators to William Darrell’s trippy kinetic sculpture The Machinery of Enchantment (2025).

    By the nature of its subject, this show is full of colour and form. It is a reminder that, as art writer Patrick J. Reed explained in relation to photographer and painter Edward Steichen’s 1936 exhibition of freshly cut bouquets of Delphiniums:

    The significance of flowers, then as now, is linked to traditions, tastes and class distinctions. To appreciate fine vegetation means to understand, if not possess, ‘well-bred’ decorum; to understand when and how to navigate manicured botanical refreshment.

    With Flowers, the Saatchi Gallery offers visitors this opportunity in abundance.

    Upstairs, the exhibition is more conceptually curated. The true symbolic power and pervasiveness of flower imagery comes to the fore in a room full of film posters, album sleeves and book covers.

    Among them are the disturbingly beautiful posters for Jonathan Glazer’s film Zone of Interest by Neil Kellerhouse. Images from the film spring to mind: the garden next to the concentration camp; the profusion of flowers fertilised by ashes from the ovens. Monstrous actions are shielded by nature.




    Read more:
    The Zone of Interest: new Holocaust film powerfully lays bare the mechanisms of genocide


    The relationship between beauty and danger becomes more overt in one of the final rooms, Science: Life or Death. Suddenly, we are amid less decorative fare. Here, under glass domes, are Emma Witter’s exquisitely intricate sculptures of flowers – chillingly, all made of tiny bones.

    These sculptures sit in stark visual juxtaposition to Banita Mistry’s minimal line paintings, which recall modernism yet are hand-drawn with Henna. These contrasting approaches to similar themes sit opposite historically laden botanical illustrations. Darker themes re-emerge and open up thoughts of the importance of contemporary artists engaging in debates around decolonisation.

    So, among the seductive splendour of form and colour lurks the reality of depictions of flowers in the contemporary art world. A construct balanced between the need to reflect on human frailty through the relationship with delicate mutable blooms and the harsh edge of producing seductive profitable goods.

    Flowers – Flora in Contemporary Art and Culture is on display at London’s Saatchi Gallery until May 5 2025.

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

    ref. Flowers at London’s Saatchi Gallery: this exploration of flora in history and contemporary culture smells as good as it looks – https://theconversation.com/flowers-at-londons-saatchi-gallery-this-exploration-of-flora-in-history-and-contemporary-culture-smells-as-good-as-it-looks-250094

    MIL OSI – Global Reports

  • MIL-OSI Global: German election: why most political parties aren’t talking about the climate crisis

    Source: The Conversation – UK – By Vera Trappmann, Professor in Comparative Employment Relations, University of Leeds

    MDV Edwards/Shutterstock

    After months of wrangling over public debt and spending decisions, the German government collapsed in November 2024. Among the many disagreements between the parties which made up the governing coalition was how to pay for measures to combat climate change.

    Seeking to take advantage of disillusioned voters (who in recent years showed record support for the Greens), populist parties have since cast doubt on the idea of tackling environmental issues at all.

    Alternative für Deutschland (AfD), for example, the rightwing party which denies the existence of man-made climate change, has raised concerns about energy security and the economic cost of green alternatives.

    If the AfD’s broader aim was to take green issues off the political agenda, the plan appears to be working. In the run-up to the general election on February 23 2025, migration and the economy are the most important issues for voters (each on 34%), with climate change lagging far behind (13%).

    Nor has the environment been a priority in the parties’ election campaigns. In the first TV debate between the chancellor, the social democrat Olaf Scholz, and his most likely successor, the conservative Friedrich Merz, the topic was ignored almost entirely. A lack of political will and fear of losing voters appear to have relegated environmental policies to the sidelines.

    Others want it back at the top of the agenda. Germany’s foreign intelligence service, for example, describes the climate crisis as one of the major risks facing the country, alongside terrorism and war.

    Business associations have urged the next government to address climate change mitigation for the sake of German jobs. The Federation of German Industries has demanded an increase in public spending on climate change of as much as €70 billion (£58 billion). Younger voters have called for a nationwide protest to bring the subject back into politicians’ minds.

    So have German voters really become sceptical about dealing with climate change?
    In a recent study, we found that people who planned to vote for the AfD and the leftwing populist BSW party are indeed sceptical of the need for far-reaching climate policies.

    Among voters of these two parties, only 23% (AfD) and 41% (BSW) think that an energy transition is necessary to achieve national climate goals. For Green party voters that figure is 93%, and for SDP supporters it’s 83%.

    Voters across the political spectrum have different priorities when it comes to energy supply. For populist party supporters, energy costs trump everything, with only 12% of AfD and 20% of BSW voters considering low emissions important.

    These voters are also less likely to assume the energy transition would have positive effects on jobs, and are more likely to fear rising energy costs and security of supply. In short, they are afraid of the social and economic consequences of the energy transition. It is this fear that the far right appears to have been able to mobilise.

    Climate costs

    Our results are backed up by other research which shows that poorer voters are concerned about the potential costs associated with net zero ambitions.

    There is also uncertainty about the possible effects on employment. Many people in Germany believe there will be job losses in their local community as a result of the transition to green energy, and 25% worry they will lose their job.

    Climate change protest in Berlin in 2024.
    D Busquets/Shutterstock

    While these results may seem gloomy, we also found majority support – even among AfD voters – for climate change policies where communities benefit financially from local renewable energy projects, and where citizens feel they have more of a voice in how the energy transition comes into effect.

    People want to be heard and participate in a potential transformation. Previous research in psychology has shown that participating in processes and a perception of fairness can increase acceptance.

    Research also shows that people fear the effects of climate policies on their personal finances, and that these perceived costs inhibit environmentally friendly behaviour.

    But the climate crisis won’t go away, no matter who governs Germany in the coming years. More “once-in-a-century” floods and droughts will hit the nation and bring the climate crisis back to the top of the political agenda.

    When this happens, politicians need to ensure they have a positive and credible vision of the future ready to present to voters – where the costs are shared fairly. This will make it harder for populist parties to play on economic worries, and easier to persuade German voters to prioritise the climate crisis.

    Vera Trappmann receives funding from Hans Böckler Foundation

    Felix Schulz receives funding from the Hans-Böckler-Foundation.

    ref. German election: why most political parties aren’t talking about the climate crisis – https://theconversation.com/german-election-why-most-political-parties-arent-talking-about-the-climate-crisis-249731

    MIL OSI – Global Reports

  • MIL-OSI Global: The US has a long history of meddling in Latin America. What’s different about Donald Trump’s approach?

    Source: The Conversation – UK – By Natasha Lindstaedt, Professor in the Department of Government, University of Essex

    Jimmy Carter, who was president from 1977 to 1981, considered the treaties signed in 1977 to cede control of the Panama Canal to Panama, ending over a century of strained relations, one of the crowning achievements of his administration.

    Today, Panamanians are uncertain whether Donald Trump will abide by these treaties – and are nervous about what could happen next. Panamanian journalists that I have spoken with are increasingly concerned that the US will invade.

    Trump has repeatedly refused to rule out using the US military to seize the Panama Canal, if necessary, despite boasting that he had an impeccable record of not starting any new wars.

    While this appears to be a huge departure in US foreign policy towards Latin America, the US has had a long history of invading, meddling, supporting coups and offering clandestine support to violent non-state actors in the region.

    One historian has noted that the US participated (directly and indirectly) in regime change in Latin America more than 40 times in the last century. This figure does not even take into account failed missions that didn’t result in regime change, such as the US’s orchestrated invasion of the Bay of Pigs in Cuba in 1961.

    When the US is not intervening, its approach to the region has been described as “benign neglect”. During these interludes, Latin America was mostly ignored while the US prioritised other geopolitical interests.

    Return to the old ways?

    But Trump’s latest threats to Panama are a return to the paternalistic era of US foreign policy towards Latin America. This arguably started with the Monroe Doctrine in 1823 — a framework that aimed to protect US interests in the region from European aggression. Latin America essentially became the US’s backyard. At the time, the Monroe Doctrine received some support from Latin American countries that were hoping for independence from Europe and republican forms of government.




    Read more:
    US pressure has forced Panama to quit China’s Belt and Road Initiative – it could set the pattern for further superpower clashes


    But this would change with the increasingly interventionist posture of US president Theodore Roosevelt during his two terms from 1901 to 1909. On November 18 1903, when Panama was just 15 days old, Roosevelt signed the Hay–Bunau-Varilla Treaty , in which the US promised to support Panamanian independence from Colombia in exchange for rights to build and operate the Panama Canal. Reportedly the deal was engineered by a Frenchman, Philippe Bunau-Varilla, and no Panamanians were involved. This was the era of “big stick diplomacy” where the US would muscle its way into getting what it wanted with a series of credible threats.

    During the cold war, Washington’s stance in Latin America became even more interventionist. The US backed authoritarian rule by right-wing military dictatorships in Argentina, Brazil, Chile, El Salvador, Guatemala, Paraguay, Bolivia, Uruguary and Honduras.

    The US government provided organisation, financial and technical support for military regimes that were disappearing, kidnapping, torturing and murdering their political opponents, during Operation Condor in the 1970s. Democratically elected leaders Jacobo Árbenz and Salvador Allende were removed from power with the help of US covert action in Guatemala in 1954, and Chile in 1973, respectively.




    Read more:
    Operation Condor: why victims of the oppression that swept 1970s South America are still fighting for justice


    The US was also responsible for funding and training violent non-state groups such as the Contras, a rebel force which was set up in Nicaragua to oppose the Sandinista government. The US also supported the right-wing Arena government which was accused of setting up death squads during the bloody civil war in El Salvador) in which thousands of civilians were killed.

    With the Carter administration’s human rights-focused foreign policy, the US finally did the right thing when it came to returning the Panama Canal to the Panamanians. To accomplish this, Carter had to work hard to build bipartisan support to see the long-term benefits of improving US-Panamanian relations and improving US relations with Latin America more generally.

    From the US standpoint, the canal was no longer economically important. At the same time, the canal had become an issue of national pride in Panama, with mass student-led protests breaking out on January 9 1964 when Panamanians were barred from flying their national flag in the US-controlled canal zone. The day became known as Martyr’s Day after 21 Panamanians were killed by US troops.

    Relations improved after the Carter-Torrijos treaties were signed. But the US returned to an interventionist strategy when it send nearly 26,000 troops to invade Panama during Operation Just Cause in 1989 – the largest US deployment since the Vietnam war.

    Though the goal to remove Panamanian dictator Manuel Noriega (who had formerly been on the CIA payroll) was achieved, more than 500 Panamanians were reportedly killed. Unofficial estimates suggest there may have been as many as 2,000-3,000 deaths.

    Six months after the 1989 invasion, I went to Panama for the summer, and saw first-hand the destruction caused. Looting had been rampant, with millions of dollars worth of goods stolen. There were concerns that the economy in Colón (Panama’s second largest city) wouldn’t be able to recover.

    The impoverished neighbourhood of El Chorillo in Panama City was overwhelmed by a massive use of firepower, including F-117 stealth bombers, Blackhawk helicopters, Apache and Cobra helicopters, 2,000-pound bombs and Hellfire missiles.

    In spite of the devastation, the US could, at least, argue that it invaded in order to restore democracy in Panama. But fast forward to today and Trump has made it clear that he doesn’t care about democracy and human rights. He does care, however, about increasing Chinese economic influence in Latin America – and this high-profile pushback is actually about bullying the Panamanian government to stop doing deals with Beijing.

    And while the seizure of the Panama Canal would probably make very little difference to the US economy, it would make a huge impact to the economy of Panama. The Panamanian government astutely made important investments to enlarge the canal from 2007-2016, and today the canal’s revenues are worth US$5 billion (£3.9 billion), or about 4% of Panama’s GDP.

    The “America first” agenda fails to understand how long-term alliances work, how soft power works, and the importance of having credibility and a vision. In the past, the US has often been aggressive, assertive and interventionist in Latin America, with Trump it looks like all these qualities are back.

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

    ref. The US has a long history of meddling in Latin America. What’s different about Donald Trump’s approach? – https://theconversation.com/the-us-has-a-long-history-of-meddling-in-latin-america-whats-different-about-donald-trumps-approach-249678

    MIL OSI – Global Reports

  • MIL-OSI Global: Canada, Greenland, Panama, Gaza and now Ukraine: Wake up, world, Donald Trump is coming for you

    Source: The Conversation – Canada – By Jeffrey B. Meyers, Instructor, Legal Studies and Criminology, Kwantlen Polytechnic University

    It’s no longer speculative to ask how the post-Second World War world order, led by the United States, will end. It’s apparently already ended.

    The U.S. has snubbed its NATO partners and Ukraine itself from purported “peace talks” to end the three-year-old war in Europe in favour of direct bilateral talks between American and Russian officials hosted by Saudi Arabia.

    President Donald Trump has actually described Ukraine’s widely admired wartime President Volodymyr Zelenskyy as “a dictator” and falsely claimed he started the war.

    These lies came directly after Vice President JD Vance’s recent broadside against NATO partners at the Munich Security Conference in which he downplayed the threat of Russia and China to the western alliance and suggested instead that liberal centrism was the real threat.

    His remarks were widely regarded as an intervention on behalf of the European far right, particularly far-right political parties in Germany ahead of upcoming elections in that country.

    Dreaming of a Gaza takeover

    Eighty years after the liberation of Auschwitz and 36 years after the fall of the Berlin Wall, we are in the midst of new crimes against humanity, new forms of ethnic cleansing and even, potentially, genocide.

    In a news conference with Israeli Prime Minister Benjamin Netanyahu, Trump mused about an American takeover of the Gaza Strip by removing its occupants to neighbouring countries and developing the region as a seaside resort. This would very likely constitute a war crime.

    Snubbing international law

    Trump’s return to the American presidency marks a normalization of this type of threat.

    Instead of embracing the international rule of law in the post-Second World War spirit of avoiding another devastating global conflict, the U.S. is building new walls rather than tearing them down while at the same time threatening to annex other sovereign nations and amass new territory.

    Trump is obviously unsentimental about America’s longtime allies, including the innermost circle of English-speaking democracies — the U.S., Canada, the United Kingdom, Australian and New Zealand — that make up the Five Eyes intelligence-sharing alliance.

    A group of countries that wouldn’t normally be fussed about the transition from one American president to another is now very nervous about how far Trump is going to go.




    Read more:
    Allies or enemies? Trump’s threats against Canada and Greenland put NATO in a tough spot


    Anarchy, colonialism

    During the first angry weeks of Trump’s second presidency, the U.S. appears to be signalling a return to an anarchic and explicitly colonial imagining of the world. In this regard, Trump’s disdain for the rule of law at home tracks a potentially even greater disdain for the international legal order, one that’s existed since 1945.

    The only real connection between the past and contemporary times predates the American-led post-war order of the past eight decades and harkens further back to America’s imperialist and expansionist past and ideas like Manifest Destiny from more than a century ago.




    Read more:
    How the U.S. could in fact make Canada an American territory


    Trump, not historically much of an imperialist in his rhetoric, has now doubled down on classical imperialist threats as he repeatedly proposes expanding the physical map of the U.S., musing in particular about Greenland, Panama, Canada and now Gaza.

    Greenland holds a strategic interest for the U.S. — there’s already an American airbase on the island — since its location is increasingly important as the Arctic ice melts and amid greater competition from Russia and China.

    Panama has been in America’s imperialistic sights more often than Greenland, and was even invaded by U.S. forces in 1989.

    Canada as a 51st state

    But Canada? At least Trump agreed at a news conference before taking office that military force was off the table. Instead, Canada only had to worry about “economic force” being used to annex it.

    Prime Minister Justin Trudeau has told business leaders that Trump’s talk about annexing Canada is “the real thing,” aimed at obtaining Canada’s critical minerals.

    Trump’s interactions with Denmark, Canada and Panama all demonstrate a disdain for basic principles of the rule of law at the international level, which is underpinned by the sovereignty of states.

    His musings on Gaza, which led United Nations Secretary General António Guterres to warn him specifically against endorsing ethnic cleansing, demonstrate a willingness to break completely with international legal norms.

    He’s not only peacocking on the global stage, he is also telegraphing that he holds international legal norms in even lower esteem than the norms of his own country, where he is a convicted felon. This situation is as alarming as it unprecedented.




    Read more:
    Despite the U.S. Supreme Court’s gift to Donald Trump, he could be barred from Canada as a convicted felon


    America now a threat

    Right now, cognitive dissonance in the form of status quo bias poses a real danger in terms of Trump’s dismissal of the rule of law. This means that folks are somehow convincing themselves that the undoing of the global rules-based order in real time is just a blip; things will somehow ramp down and return to normal.

    But the evidence is glaringly to the contrary.

    Trump is plainly communicating his wishes: a new age of American imperialism. At first few took him seriously. Now we all are. Canada, due to its proximity to and reliance on the U.S., must especially face a new reality in which an American president casually and repeatedly threatens its sovereignty.

    Canada, America’s closest ally in terms of shared language, culture and geography, should be the first and not the last to start believing Trump’s threats to annex it.




    Read more:
    Allies or enemies? Trump’s threats against Canada and Greenland put NATO in a tough spot


    Even when Trump is no longer in office, neither Canadians nor any of America’s other allies can be certain someone just like him will not be returned to power by the U.S. voters. That means America’s western allies, like Canada and Denmark, must learn the lessons Latin American and Middle Eastern countries learned along time ago: America is a threat.

    The Democratic Party must also figure out how it’s going to effectively resist Trump over the next four years.

    Only an American concern?

    Some might ask: Aren’t these American problems for the American people? As Canadians can attest, no. Trump poses grave dangers to the rest of the world due to the unique place the U.S. occupies in the geopolitical system.

    Nothing about Trump’s second presidency bodes well for America’s allies and friends, including Canada.

    A kleptocrat who regards friends and allies as transactional customers and for whom everything is “just business,” including national security, Trump poses an existential threat not only to America, but to the international world order.

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

    ref. Canada, Greenland, Panama, Gaza and now Ukraine: Wake up, world, Donald Trump is coming for you – https://theconversation.com/canada-greenland-panama-gaza-and-now-ukraine-wake-up-world-donald-trump-is-coming-for-you-248737

    MIL OSI – Global Reports

  • MIL-OSI Global: Ukraine’s natural resources are at centre stage in the ongoing war, and will likely remain there

    Source: The Conversation – Canada – By Nino Antadze, Associate Professor, Environmental Studies, University of Prince Edward Island

    Three years after Russia’s invasion of Ukraine, the world now knows the exact price for American military support of Ukraine. During a recent interview with Fox News, United States President Donald Trump put a $500 billion price tag on American aid to the war-torn country.

    But there was a catch: the exchange should be made in the form of Ukraine’s valuable natural resources, including rare earth minerals. “We have to get something. We can’t continue to pay this money,” Trump said in the interview.

    Ukrainian President Volodymyr Zelenskyy has since told his aides to reject the proposal.

    Given the dizzying pace of events that have unfolded since the Trump interview, it’s unclear now whether any deal with Ukraine on its rare earth minerals will ever come to pass. This is especially true given Trump’s subsequent surprise phone conversation with Russian leader Vladimir Putin and ongoing peace talks between the U.S. and Russia that have excluded Ukrainian and European Union officials.

    But there’s little doubt Ukraine’s natural resources will be an important element in future diplomatic negotiations.

    Always a strategic factor

    Ukraine’s rich natural resources have always been a strategic factor in the war. To some extent, Russia’s invasion of Ukraine was driven by the interest to capture and control these resources — including critical minerals, fertile farmland and energy reserves.

    Ukraine’s previous attempts to develop its mineral deposits and energy reserves — such as oil and gas privatization in 2013 and later attracting investments for the development of its mineral resource extraction in 2021 — were cut short first by Russia’s annexation of Crimea in 2014 and then by the full-scale Russian invasion in 2022.

    In 2021, the European Union signed a strategic partnership with Ukraine to include “activities along the entire value chain of both primary and secondary critical raw materials and batteries.

    The timing of the military campaign against Ukraine may not have been determined solely by the country’s attempts to develop its natural resources, but they have certainly been a factor. Most of these deposits, including oil and gas fields, are located in the eastern and southern regions of Ukraine, which are currently either under Russian occupation or near the front line.

    Ukraine’s mineral wealth

    Ukraine’s mineral wealth amounts to about 20,000 mineral deposits and 116 types of minerals. Most of these deposits are unexplored, with only 15 per cent of all the deposits active prior to the Russian invasion.

    Rare earth minerals are among this mineral wealth as demand for them has skyrocketed in the past several years.

    According to recent estimates, Ukraine has the largest titanium reserves in Europe and seven per cent of the world’s reserves, as well as the largest lithium reserves in Europe. It also has significant production capacity when it comes to rare earth minerals.

    Ukraine also has confirmed deposits of beryllium, uranium and manganese. Before the war, Ukraine was the world’s fifth-largest producer of gallium and is a major producer of neon gas.

    In addition, Ukraine also has large reserves of nonferrous metals, including copper, zinc, silver, lead, nickel, cobalt, as well as one of the largest global reserves of graphite.

    Estimates vary, but Ukrainian critical mineral deposits could be worth trillions of dollars.

    These resources are important from a geopolitical perspective: China has become the major supplier of rare earth minerals on the global market. Not only has China led in the extraction of these minerals, but it also has the largest production and refinement capacity.

    As reliance on Chinese supply has increased, China used it as leverage during the U.S.-China trade dispute in 2019 and stopped rare earth exports to Japan in 2010.

    China’s dominance in this sector means diversifying the supply of rare earth minerals has geopolitical importance, especially for the U.S. and the EU. They want to ensure the supply comes from a strategic partner — Ukraine.

    Ukraine’s natural wealth

    Ukraine’s natural riches go beyond critical minerals and include large deposits of hydrocarbons, particularly natural gas. Ukraine ranks second for natural gas reserves in Europe and fourth in terms of natural gas production.

    Ukraine’s fertile soil — or chernozem, humus-rich grassland soils used extensively for growing cereals and raising livestock — is also economically and strategically important, making the country one of the largest exporters of food globally.

    In 2021, Ukrainian wheat exports accounted for 12 per cent of the global wheat supply, 16 per cent of the global corn supply, 18 per cent of the global barley supply and almost half of the global supply of sunflower seeds, mainly to developing countries.

    Last but not least, Ukraine’s biodiversity, landscapes and ecosystems — some of which have been severely damaged due to the war — are invaluable to the country’s natural environment and essential for the health and well-being of Ukrainians.

    The country’s nuclear facilities and radioactive sites are also at risk of being compromised, which would result in severe environmental and health ramifications in the region. In fact, a recent Russian drone attack reportedly damaged part of the Chernobyl nuclear facility.

    What’s next for Ukraine’s natural resources

    The fate of Ukraine’s mineral riches will largely depend on how the conflict and post-conflict processes unfold.

    But their existence has already proven to be of strategic importance in the war — first, to Russia, and now to the U.S. as well.

    Ukraine’s natural wealth and how it features in current conversations about the future of the conflict reminds us about the central role resource politics can play in shaping war and peace.

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

    ref. Ukraine’s natural resources are at centre stage in the ongoing war, and will likely remain there – https://theconversation.com/ukraines-natural-resources-are-at-centre-stage-in-the-ongoing-war-and-will-likely-remain-there-249254

    MIL OSI – Global Reports

  • MIL-OSI Global: How to handle difficult conversations in your early career, from salary negotiation to solving conflict

    Source: The Conversation – Canada – By Leda Stawnychko, Assistant Professor of Strategy and Organizational Theory, Mount Royal University

    When approached thoughtfully, difficult conversations can provide greater control over your career and workplace interactions. (Shutterstock)

    Many professionals struggle with difficult conversations in the workplace, particularly when emotions run high. Your first performance review, for example, was probably uncomfortable. Here’s why.

    What makes these conversations challenging isn’t just the subject matter, but the discomfort, tension or uncertainty about how the other person will react.

    Neuroscience research shows that when conflict is anticipated, the amygdala — the emotional centre of the brain — activates, flooding the body with stress hormones and making it harder to think clearly and respond calmly.

    For some, past negative experiences can amplify this response, making conflict feel even more distressing. As a result, people react differently: some freeze, others become defensive and some avoid interacting altogether.

    While avoidance often feels like the easier path in the short term, it can lead to reduced trust, strained workplace dynamics and even missed career opportunities.

    However, with awareness and preparation, you can learn to manage this stress response and approach difficult conversations with confidence.


    This six-week newsletter course from The Conversation will bring you research-backed advice and tools to help improve your relationships, your career, your free time and your mental health – no supplements or skincare required. Sign up here to start your glow-up at any time.


    Preparing yourself for these conversations

    Conflict is a significant source of stress in the workplace. Employees who cite conflict as their primary source of stress lose about 55 days of productivity per year. This issue is particularly critical for early-career supervisors, for whom conflict resolution is an essential leadership skill.

    Understanding why these conversations feel difficult — and learning how to approach them effectively — can help you build stronger workplace relationships, enhance your credibility as a manager and create a more positive professional environment.

    One strategy for reducing stress around these conversations is to reframe them as opportunities to strengthen professional relationships. When handled well, these difficult conversations can help you feel more in control of your career and workplace interactions.

    Here are three difficult conversations you’ll likely face early in your career, along with strategies for how to navigate them effectively.

    For early-career supervisors, developing conflict resolution skills is especially critical, as effective leadership depends on the ability to navigate tough discussions.
    (Shutterstock)

    1. The salary negotiation

    Many new professionals hesitate to negotiate their salary, fearing they’ll be seen as ungrateful or too demanding. Others worry about damaging their relationship with their employer.




    Read more:
    Negotiating a new salary or a pay rise? Here’s what you need to know to succeed


    However, advocating for fair compensation is not just about money — it’s about recognizing your value and setting the foundation for your career growth. To navigate this conversation effectively:

    2. Setting boundaries at work

    Feeling the pressure to prove yourself by agreeing to every request is natural, particularly when you are trying to get established in your field. While a strong work ethic is valuable, consistently overextending yourself can lead to burnout.

    Learning how to communicate your limits can help you maintain long-term productivity and professionalism. To address this conversation:

    • Know your priorities: before setting boundaries, understand what’s reasonable for you. Do you perform best with structured work-life balance, or do you prefer a flexible work-life integration approach? Does your work require uninterrupted, focused work?

    • Focus on organizational success: instead of framing boundaries as personal limitations, explain how they contribute to overall team efficiency. For instance: “If I can schedule deep-focus time in the morning, I’ll be able to deliver higher-quality work more efficiently.”

    3. Addressing workplace conflict

    Disagreements and miscommunications are inevitable in any workplace. Addressing workplace conflicts with emotional intelligence and professionalism is key to maintaining strong relationships and credibility. Instead of avoiding the conversation, approach it with curiosity and a focus on problem-solving:

    • Seek first to understand: before jumping to conclusions, gather all relevant information and reflect on possible perspectives. Could there have been a miscommunication? Was there an external factor at play?

    • Use future-focused language: avoid accusatory statements and keep the conversation future-orientated toward solutions. You could say, for example: “Let’s establish a process so we’re aligned moving forward.”

    By handling these conversations directly and professionally, you demonstrate leadership skill. Addressing misunderstandings openly and respectfully also contributes to a healthier and more collaborative workplace for everyone’s benefit.

    Mastering the art of conversation early in your career can set you apart as a thoughtful, capable professional.
    (Shutterstock)

    Why these conversations matter

    Successfully navigating difficult workplace conversations requires preparation, self-awareness and emotional intelligence.

    Rather than allowing unresolved tensions to escalate — or pushing you to consider leaving a job — remind yourself that discomfort is temporary. Being able to cope with feeling uncomfortable is an important career skill to develop.

    Whether it’s negotiating your salary, setting boundaries or resolving misunderstandings, these discussions can influence your professional reputation and how colleagues and managers treat you in the workplace.

    Taking proactive steps to engage in these conversations with confidence can set the foundation for sustained career success. Start practising these conversations now; the sooner you start, the more skilled you’ll become, and your future self will thank you.

    Leda Stawnychko has received funding from the Social Sciences and Humanities Research Council of Canada.

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

    ref. How to handle difficult conversations in your early career, from salary negotiation to solving conflict – https://theconversation.com/how-to-handle-difficult-conversations-in-your-early-career-from-salary-negotiation-to-solving-conflict-245340

    MIL OSI – Global Reports

  • MIL-OSI United Kingdom: Jennie Lee lecture – Arts for Everyone

    Source: United Kingdom – Executive Government & Departments

    Culture Secretary Lisa Nandy has today (Thursday 20 February 2025) made an inaugural lecture marking the 60th anniversary of the first ever arts white paper.

    In 2019, as Britain tore itself apart over Brexit, against a backdrop of growing nationalism, anger and despair I sat down with the film director Danny Boyle to talk about the London 2012 Olympics Opening Ceremony. 

    That moment was perhaps the only time in my lifetime that most of the nation united around an honest assessment of our history in all its light and dark, a celebration of the messy, complex, diverse nation we’ve become and a hopeful vision of the future. 

    Where did that country go? I asked him. He replied: it’s still there, it’s just waiting for someone to give voice to it.

    13 years later and we have waited long enough. In that time our country has found multiple ways to divide ourselves from one another. 

    We are a fractured nation where too many people are forced to grind for a living rather than strive for a better life. 

    Recent governments have shown violent indifference to the social fabric – the local, regional and national institutions that connect us to one another, from the Oldham Coliseum to Northern Rock, whose foundation sustained the economic and cultural life of the people of the North East for generations. 

    But this is not just an economic and social crisis, it is cultural too.

    We have lost the ability to understand one another. 

    A crisis of trust and faith in government and each other has destroyed the consensus about what is truthfully and scientifically valid. 

    Where is the common ground to be found on which a cohesive future can be forged? How can individuals make themselves heard and find self expression? Where is the connection to a sense of belonging to something larger than ourselves? 

    I thought about that conversation with Danny Boyle last summer when we glimpsed one version of our future. As violent thugs set our streets ablaze, a silent majority repelled by the racism and violence still felt a deep sense of unrest. In a country where too many people have been written off and written out of our national story. Where imagination, creation and contribution is not seen or heard and has no outlet, only anger, anxiety and disorder on our streets.

    There is that future. 

    Or there is us.

    That is why this country must always resist the temptation to see the arts as a luxury. The visual arts, music, film, theatre, opera, spoken word, poetry, literature and dance – are the building blocks of our cultural life, indispensable to the life of a nation, always, but especially now. 

    So much has been taken from us in this dark divisive decade but above all our sense of self-confidence as a nation. 

    But we are good at the arts. We export music, film and literature all over the world. We attract investment to every part of the UK from every part of the globe. We are the interpreters and the storytellers, with so many stories to tell that must be heard. 

    And despite everything that has been thrown at us, wherever I go in Britain I feel as much ambition for family, community and country as ever before. In the end, for all the fracture, the truth remains that our best hope… is each other.

    This is the country that George Orwell said “lies beneath the surface”. 

    And it must be heard. It is our intention that when we turn to face the nation again in four years time it will be one that is more self-confident and hopeful, not just comfortable in our diversity but a country that knows it is enriched by it, where everybody’s contribution is seen and valued and every single person can see themselves reflected in our national story. 

    You might wonder, when so much is broken, when nothing is certain, so much is at stake, why I am asking more of you now.

    John F Kennedy once said we choose to go to the moon in this decade not because it is easy but because it is hard.

    That is I think what animated the leaders of the post war period who, in the hardest of circumstances knew they had to forge a new nation from the upheaval of war. 

    And they reached for the stars.

    The Festival of Britain – which was literally built out of the devastation of war – on a bombed site on the South Bank, took its message to every town, city and village in the land and prioritised exhibitions that explored the possibilities of space and technology and allowed a devastated nation to gaze at the possibilities of the future. 

    So many of our treasured cultural institutions that still endure to this day emerged from the devastation of that war.

    The first Edinburgh Festival took place just a year after the war when – deliberately – a Jewish conductor led the Vienna Philharmonic, a visible symbol of the power of arts to heal and unite. 

    From the BBC to the British Film Institute, the arts have always helped us to understand the present and shape the future. 

    People balked when John Maynard Keynes demanded that a portion of the funding for the reconstruction of blitzed towns and cities must be spent on theatres and galleries. But he persisted, arguing there could be “no better memorial of a war to save the freedom of spirit of an individual”.

    Yes it took visionary political leaders. 

    But it also demanded artists and supporters of the arts who refused to be deterred by the economic woes of the country and funding in scarce supply, and without hesitation cast aside those many voices who believed the arts to be an indulgence.

    This was an extraordinary generation of artists and visionaries who understood their role was not to preserve the arts but to help interpret, shape and light the path to the future.

    Together they powered a truly national renaissance which paved the way for the woman we honour today – Jennie Lee – whose seminal arts white paper, the first Britain had ever had, was published 60 years ago this year. 

    It stated unequivocally the Wilson government’s belief in the power of the arts to transform society and to transform lives.

    Perhaps because of her belief in the arts in and of itself, which led to her fierce insistence that arts must be for everyone, everywhere – and her willingness to both champion and challenge the arts – she was – as her biographer Patricia Hollis puts it  – the first, the best known and the most loved of all Britain’s Ministers for the Arts.

    When she was appointed so many people sneered at her insistence on arts for everyone everywhere..

    And yet she held firm.

    That is why we are not only determined – but impassioned – to celebrate her legacy and consider how her insistence that culture was at the centre of a flourishing nation can help us today. 

    This is the first in what will be an annual lecture that gives a much needed platform to those voices who are willing to think and do differently and rise to this moment, to forge the future, written – as Benjamin Zephaniah said – in verses of fire.

    Because governments cannot do this alone. It takes a nation.

    And in that spirit, her spirit. I want to talk to you about why we need you now. What you can expect from us. And what we need from you. 

    George Bernard Shaw once wrote:

     “Imagination is the beginning of creation. 

    “you imagine what you desire,

    “you will what you imagine – 

    “and at last you create what you will.”

    That belief that arts matter in and of themselves, central to the chance to live richer, larger lives, has animated every Labour Government in history and animates us still. 

    As the Prime Minister said in September last year: “Everyone deserves the chance to be touched by art. Everyone deserves access to moments that light up their lives.

    “And every child deserves the chance to study the creative subjects that widen their horizons, provide skills employers do value, and prepares them for the future, the jobs and the world that they will inherit.”

    This was I think Jennie Lee’s central driving passion, that “all of our children should be given the kind of education that was the monopoly of the privileged few” – to the arts, sport, music and culture which help us grow as people and grow as a nation. 

    But who now in Britain can claim that this is the case? Whether it is the running down of arts subjects, the narrowing of the curriculum and the labelling of arts subjects as mickey mouse –  enrichment funding in schools eroded at the stroke of the pen or the closure of much-needed community spaces as council funding has been slashed. 

    Culture and creativity has been erased, from our classrooms and our communities. 

    Is it any wonder that the number of students taking arts GSCEs has dropped by almost half since 2010? 

    This is madness. At a time when the creative industries offer such potential for growth, good jobs and self expression in every part of our country  And a lack of skills acts as the single biggest brake on them…bar none, we have had politicians who use them as a tool in their ongoing, exhausting culture wars. 

    Our Cabinet, the first entirely state educated Cabinet in British history, have never accepted the chance to live richer, larger lives belongs only to some of us and I promise you that we never ever will. 

    That is why we wasted no time in launching a review of the curriculum, as part of our Plan for Change. 

    To put arts, music and creativity back at the heart of the education system.

    Where they belong. 

    And today I am delighted to announce the Arts Everywhere fund as a fitting legacy for Jennie Lee’s vision – over £270 million investment that will begin to fix the foundations of our arts venues, museums, libraries and heritage sector in communities across the country.

     We believe in them. And we will back them.

    Because as Abraham Lincoln once said, the dogmas of a quiet past are inadequate to the stormy present. 

    Jennie Lee lived by this mantra. So will we. 

    We are determined to escape the deadening debate about access or excellence which has haunted the arts ever since the formation of the early Arts Council. 

    The arts is an ecosystem, which thrives when we support the excellence that exists and use it to level up. 

    Like the RSC’s s “First Encounters” programme. Or the incredible Shakespeare North Playhouse in Knowsley where young people are first meeting with spoken word.

    When I watched young people from Knowsley growing in confidence, and dexterity, reimagining Shakespeare for this age and so, so at home in this amazing space it reminded me of my childhood.

    Because in so many ways I grew up in the theatre. My dad was on the board of the National, and as a child my sister and I would travel to London on the weekends we had with our dad to see some of the greatest actors and directors on earth – Helen Mirren, Alan Rickman, Tom Baker, Trevor Nunn and Sam Mendes. We saw Chekhov, Arthur Miller and Brecht reimagined by the National, the Donmar and the Royal Court.

    It was never, in our house, a zero-sum game. The thriving London scene was what inspired my parents and others to set up what was then the Corner House in Manchester, which is now known as HOME. 

    It inspired my sister to go on to work at the Royal Exchange in Manchester where she and I spent some of the happiest years of our lives watching tragedy and farce, comedy and social protest. 

    Because of this I love all of it – the sound, smell and feel of a theatre. I love how it makes me think differently about the world. And most of all I love the gift that our parents gave us, that we always believed these are places and spaces for us.

    I want every child in the country to have that feeling. Because Britain’s excellence in film, literature, theatre, TV, art, collections and exhibitions is a gift, it is part of our civic inheritance, that belongs to us all and as its custodians it is up to us to hand it down through the generations. 

    Not to remain static, but to create a living breathing bridge between the present, the past and the future.

    My dad, an English literature professor, once told me that the most common mistakes students make – including me – he meant me actually – was to have your eye on the question, not on the text. 

    So, with some considerable backchat in hand, I had a second go at an essay on Hamlet – why did Hamlet delay? – and came to the firm conclusion that he didn’t. That this is the wrong question. I say this not to start a debate on Hamlet, especially in this crowd, but to ask us to consider this:

    If the question is – how do we preserve and protect our arts institutions? Then access against excellence could perhaps make sense. I understand the argument, that to disperse excellence is somehow to diffuse it. 

    But If the question is – how to give a fractured nation back its self confidence? Then this choice becomes a nonsense. So it is time to turn the exam question on its head and reject this false choice. 

    Every person in this country matters. But while talent is everywhere, opportunity is not. This cannot continue. That is why our vision is not access or excellence but access to excellence. We will accept nothing less. This country needs nothing less. And thanks to organisations like the RSC we know it can be achieved.

    I was reflecting while I wrote this speech how at every moment of great upheaval it has been the arts that have helped us to understand the world, and shape the future. 

    From fashion, which as Eric Hobsbawm once remarked, was so much better at anticipating the shape of things to come than historians or politicians, to the angry young men and women in the 1950s and 60s – that gave us plays like Look Back in Anger – to the quiet northern working class rebellion of films like Saturday Night Sunday Morning, This Sporting Life and Loneliness of the Long Distance Runner. 

    Without the idea that excellence belongs to us all – this could never have happened. What was once considered working class, ethnic minority or regional – worse, in Jennie Lee’s time, it was called “the provinces” which she banned – thank God. These have become a central part of our national story.

    ….

    I think the arts is a political space. But the idea that politicians should impose a version of culture on the nation is utterly chilling.

    When we took office I said that the era of culture wars were over. It was taken to mean, in some circles, that I could order somehow magically from Whitehall that they would end. 

    But I meant something else. I meant an end to the “mind forged manacles” that William Blake raged against and the “mind without fear” that Rabindranath Tagore dreamt of.

    [political content removed]

    Would this include the rich cultural heritage from the American South that the Beatles drew inspiration from, in a city that has been shaped by its role in welcoming visitors and immigrants from across the world? Would it accommodate Northern Soul, which my town in Wigan led the world in?  

    We believe the proper role of government is not to impose culture, but to enable artists to hold a mirror up to society and to us. To help us understand the world we’re in and shape and define the nation. 

    Who know that is the value that you alone can bring. 

    I recently watched an astonishing performance of The Merchant of Venice, set in the East End of London in the 1930s. In it, Shylock has been transformed from villain to  victim at the hands of the Merchant, who has echoes of Oswald Mosely. I don’t want to spoil it – not least because my mum is watching it at the Lowry next week and would not forgive me- but it ends with a powerful depiction of the battle of Cable Street. 

    Nobody could see that production and fail to understand the parallels with the modern day. No political speech I have heard in recent times has had the power, that power to challenge, interpret and provoke that sort of response. To remind us of the obligations we owe to one another.

    Other art forms can have – and have had – a similar impact. Just look at the ITV drama Mr Bates vs The Post Office. It told a story with far more emotional punch than any number of political speeches or newspaper columns. 

    You could say the same of the harrowing paintings by the Scottish artist Peter Howson. His depiction of rape when he was the official war artist during the Bosnian War seared itself into people’s understanding of that conflict. It reminds me of the first time I saw a Caravaggio painting. The insistence that it becomes part of your narrative is one you never ever forget.

    That is why Jennie Lee believed her role was a permissive one. She repeated this mantra many times telling reporters that she wanted simply to make living room for artists to work in. The greatest art, she said, comes from the torment of the human spirit – adding – and you can’t legislate for that. 

    I think if she were alive today she would look at the farce that is the moral puritanism which is killing off our arts and culture – for the regions and the artistic talent all over the country where the reach of funding and donors is not long enough – the protests against any or every sponsor of the arts, I believe, would have made her both angered and ashamed.  

    In every social protest  – and I have taken part in plenty – you have to ask, who is your target? The idea that boycotting the sponsor of the Hay Festival harms the sponsor, not the festival is for the birds. 

    And I have spent enough time at Hay, Glastonbury and elsewhere to know that these are the spaces – the only spaces – where precisely the moral voice and protest comes from. Boycotting sponsors, and killing these events off,  is the equivalent of gagging society. This self defeating virtue signalling is a feature of our times and we will stand against it with everything that we’ve got.

    Because I think we are the only [political context removed] force, right now, that believes that it is not for the government to dictate what should be heard.

    But there is one area where we will never be neutral and that is on who should be heard.

    Too much of our rich inheritance, heritage and culture is not seen. And when it is not, not only is the whole nation poorer but the country suffers. 

    It is our firm belief that at the heart of Britain’s current malaise is the fact that too many people have been written off and written out of our national story. And, to borrow a line from my favourite George Eliot novel, Middlemarch, it means we cannot hear that ‘roar that lies on the other side of silence’.  What we need – to completely misquote George Elliot – is a keen vision and feeling of all ordinary human life.’ We’ve got to be able to hear it.

    And this is personal for me.

    I still remember how groundbreaking it was to watch Bend it Like Beckham – the first time I had seen a family like ours depicted on screen not for being Asian (or in my case mixed race) but because of a young girl’s love of football. 

    And I was reminded of this year’s later when Maxine Peake starred in Queens of the Coal Age, her play about the women of the miners’ strike, which she put on at the Royal Exchange in Manchester. 

    The trains were not running – as usual – but on one of my council estates the women who had lived and breathed this chapter of our history clubbed together, hired a coach and went off to see it. It was magical to see the reaction when they saw a story that had been so many times about their lives, finally with them in it.

    We are determined that this entire nation must see themselves at the centre of their own and our national story. That’s a challenge for our broadcasters and our film-makers. 

    Show us the full panoply of the world we live in, including the many communities far distant from the commissioning room which is still far too often based in London. 

    But it’s also a challenge for every branch of the arts, including the theatre, dance, music, painting and sculpture. Let’s show working-class communities too in the work that we do – and not just featuring in murder and gangland series. 

    Part of how we discover that new national story is by breathing fresh life into local heritage and reviving culture in places where it is disappearing.

    Which is why we’re freeing up almost £5 million worth of funding for community organisations – groups who know their own area and what it needs far better than Whitehall. Groups determined to bring derelict and neglected old buildings back into good use. These are buildings that stand at the centre of our communities. They are visible symbols of pride, purpose and their contribution and their neglect provokes a strong emotional response to toxicity, decline and decay. We’re determined to put those communities back in charge of their own destiny again. 

    And another important part of the construction is the review of the arts council, led by Baroness Margaret Hodge, who is with us today. When Jennie Lee set up regional arts associations the arts council welcomed their creation as good for the promotion of regional cultures and in the hope they would “create a rod for the arts council’s back”. 

    They responded to local clamour, not culture imposed from London. Working with communities so they could tell their own story. That is my vision. And it’s the vision behind the Arts Everywhere Fund that we announced this morning.

    The Arts Council Review will be critical to fulfilling that vision and today we’re setting out two important parts of that work – publishing both the Terms of Reference and the members of the Advisory Group who will be working with Baroness Hodge, many of whom have made the effort to join us here today.

    We have found the Jennie Lee’s of our age, who will deliver a review that is shaped around communities and local areas, and will make sure that arts are for everyone, wherever they live and whatever their background. With excellence and access.

    But we need more from you. We need you to step up.

    Across the sporting world from Boxing to Rugby League clubs, they’re throwing their doors open to communities, especially young people, to help grip the challenges facing a nation. Opening up opportunities. Building new audiences. Creating the champions of the future. Lots done, but much more still to do.

    Every child and adult should also have the opportunity to access live theatre, dance and music – to believe that these spaces belong to them and are for them. We need you to throw open your doors. So many of you already deliver this against the odds. But the community spaces needed – whether community centres, theatres, libraries are too often closed to those who need them most. 

    Too often we fall short of reflecting the full and varied history of the communities which support us. That’s why we have targeted the funding today to bring hope flickering back to life in community-led culture and arts – supported by us, your government, but driven by you and your communities.

    It’s one of the reasons we are tackling the secondary ticket market, which has priced too many fans out of live music gigs. It’s also why we are pushing for a voluntary levy on arena tickets to fund a sustainable grassroots music sector, including smaller music venues. 

    But I also want new audiences to pour in through the doors – and I want theatres across the country to flourish as much as theatres in the West End. 

    I also want everyone to be able to see some of our outstanding art, from Lowry and Constable to Anthony Gormley and Tracey Emin. 

    Too much of the nation’s art is sitting in basements not out in the country where it belongs. I want all of our national and civic galleries to find new ways of getting that art out into communities.

    There are other challenges. There is too much fighting others to retain a grip on small pots of funding and too little asking “what do we owe to one another” and what can I do. Jennie Lee encouraged writers and actors into schools and poets into pubs. 

    She set up subsidies so people, like the women from my council estate in Wigan, could travel to see great art and theatre. She persuaded Henry Moore to go and speak to children in a school in Castleford, in Yorkshire who were astonished when he turned up not with a lecture, but with lumps of clay. 

    There are people who are doing this now. The brilliant fashion designer Paul Smith told me about a recent visit to his old primary school in Nottingham where he went armed with the material to design a new school tie with the kids. These are the most fashionable kids on the block.

    I know it’s been a tough decade. Funding for the arts has been slashed. Buildings are crumbling. And the pandemic hit the arts and heritage world hard. 

    And I really believe that the Government has a role to play in helping free you up to do what you do best – enriching people’s lives and bringing communities together – so with targeted support like the new £85m Creative Foundations Fund that we’re launching today with the Arts Council we hope that we’ll be able to help you with what you do best.

    SOLT’s own research showed that, without support, 4 in 10 theatres they surveyed were at risk of closing or being too unsafe to use in five years’ time. So today we are answering that call. This fund is going to help theatres, galleries, and arts centres restore buildings in dire need of repairs. 

    And on top of that support, we’re also getting behind our critical local, civic museums – places which are often cultural anchors in their village, town or city. They’re facing acute financial pressures and they need our backing. So our new Museum Renewal Fund will invest £20 million in these local assets – preserving them and ensuring they remain part of local identities, to keep benefitting local people of all ages. In my town of Wigan we have the fantastic Museum of Wigan Life and it tells the story of the contribution that the ordinary, extraordinary people in Wigan made to our country, powering us through the last century through dangerous, difficult, dirty work in the coal mines.  That story, that understanding of the contribution that Wigan made, I consider to be a part of the birthright and inheritance of my little boy growing up in that town today and we want every child growing up in a community to understand the history and heritage and contribution that their parents and grandparents made to this country and a belief that that future stretches ahead of them as well. Not to reopen the coal mines, but to make a contribution to this country and to see themselves reflected in our story.  

    But for us to succeed we need more from you. This is not a moment for despair. This is our moment to ensure the arts remain central to the life of this nation for decades to come and in turn that this nation flourishes. 

    If we get this right we can unlock funding that will allow the arts to flourish in every part of Britain, especially those that have been neglected for far too long, by creating good jobs and growth, and giving children everywhere the chance to get them. 

    Our vision is not just to grow the economy, but to make sure it benefits people in our communities. So often where i’ve seen investments in the last decade and good jobs created, I go down the road to a local school and I see children who can see those jobs from the school playground, but could no more dream of getting to the moon than they could of getting those jobs. And we are determined that that’s going to change. 

    This is what we’ve been doing with our creative education programmes (like the Museums and Schools Programme, the Heritage Schools Programme, Art & Design National Saturday Clubs and the BFI Film Academy.) These are programmes we are proud to support and ones I’m personally proud that my Department will be funding these programmes next year.

    Be in no doubt, we are determined to back the creative industries in a way no other government has done. I’m delighted that we have committed to the audiovisual, video games, theatre, orchestra and museums and galleries tax reliefs, as well as introducing the new independent film and VFX tax reliefs as well.

    You won’t hear any speeches from us denigrating the creative industries or lectures about ballerinas being forced to retrain.

    Yes, these are proper jobs. And yes, artists should be properly remunerated for their work. 

    We know these industries are vital to our economic growth. They employ 1 in 14 people in the UK and are worth more than £125 billion a year to our economy.  We want them to grow. That is why they are a central plank of our industrial strategy.

    But I want to be equally clear that these industries only thrive if they are part of a great artistic ecosystem. Matilda, War Horse and Les Miserables are commercial successes, but they sprang from the public investment in theatre. 

    James Graham has written outstanding screenplays for television including Sherwood, but his first major play was the outstanding This House at the National and his other National Theatre play Dear England is now set to be a TV series. 

    You don’t get a successful commercial film sector without a successful subsidised theatre sector. Or a successful video games sector without artists, designers, creative techies, musicians and voiceover artists.  

    So it’s the whole ecosystem that we have to strengthen and enhance. It’s all connected.

    The woman in whose name we’ve launched this lecture series would have relished that challenge. She used to say she had the best job in government

     “All the others deal with people’s sorrows… but I have been called the Minister of the Future.”

    That is why I relish this challenge and why working with those of you who will rise to meet this moment will be the privilege of my life.

    I wanted to leave with you with a moment that has stayed with me.

    A few weeks ago I was with Andy Burnham, the Mayor of Greater Manchester, who has become a great friend. We were in his old constituency of Leigh, a town that borders Wigan. And we were talking about the flashes, which in our towns used to be open cast coalmines. 

    They were regenerated by the last Labour government and they’ve now become these incredible spaces, with wildlife and green spaces with incredible lakes that are well used by local children. 

    We had a lot to talk about and a lot to do. But as we looked out at the transformed landscape wondering how in one generation we had gone from scars on the landscape to this, he said, the lesson I’ve taken from this is that nature recovers more quickly than people. 

    While this government, through our Plan for Change, has made it our mission to support a growing economy, so we can have a safe, healthy nation where people have opportunities not currently on offer – the recovery of our nation cannot be all bread and no roses. Our shared future depends critically on every one of us in this room rising to this moment. 

    To give voice to the nation we are, and can be. 

    To let hope and history rhyme.

    So let no one say it falls to anyone else. It falls to us.

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom

  • MIL-OSI USA: TCU/IAM Lorton Amtrak Auto Train Workers Rally for Fair Wages

    Source: US GOIAM Union

    More than a year after voting to organize into the Transportation Communications Union (TCU/IAM), the largest union on Amtrak, union representatives for Drummac employees who work on the Amtrak Auto Train Property in Lorton, Va., held an informational picket on Feb. 19, 2025, to highlight Drummac management’s stall tactics during negotiations.

    SEE PHOTOS FROM THE INFORMATIONAL PICKET

    The informational picket took place in two shifts in the morning and afternoon, aligning with the arrival and departure of the Auto Train, one of Amtrak’s highest revenue-producing routes. The picket drew attention from Virginia commuters and Amtrak customers as the union representatives handed out informational cards about the workers’ frustrations over stalled contract negotiations.

    “These dedicated workers in Lorton brave weather conditions throughout the year to keep these trains running on schedule,” said TCU/IAM Organizing Director Sal Rodriguez. “Drummac’s continued delays in fair negotiations do not give our members the respect and dignity they deserve. Now is the time for the company to show their appreciation and negotiate a fair contract.”

    While Drummac workers were busy working, loading and unloading cars in the below-freezing temperature, TCU/IAM representatives held signs calling for fair and competitive wages that match industry standards, reasonable scheduling and pay for all required work, and improved benefits and working conditions.

    “Their offers on wages have not been fair,” said Matt Hollis, TCU/IAM’s Lead Negotiator. “All these workers are asking for is a fair wage – something most Americans have recently won. It’s time Drummac recognizes their worth with a contract that provides the wages they deserve.”

    Drummac employees are currently paid half the industry standard and have gone over a year without a raise.

    With strong participation and community support, Drummac workers will not give up until they secure the fair contract they deserve.

    Share and Follow:

    MIL OSI USA News

  • MIL-OSI Security: West Hartford Man Sentenced to Federal Prison for Participating in Catalytic Converter Theft Ring

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that YANQUEE RODRIGUEZ, also known as “Yankster Rodriguez,” 28, of West Hartford, was sentenced today by U.S. District Judge Sarala V. Nagala in Hartford to 15 months of imprisonment, followed by three years of supervised release, for participating in a catalytic converter theft conspiracy.

    According to court documents and statements made in court, law enforcement has been investigating the theft of catalytic converters from motor vehicles across Connecticut.  A catalytic converter contains precious metals, can easily be removed from its vehicle, and is difficult to trace, making it a desirable target for thieves.  The average scrap price for catalytic converters currently varies between $300 and $1,500, depending on the model and type of precious metal component.

    The investigation revealed that Alexander Kolitsas owned and operated Downpipe Depot & Recycling LLC (“Downpipe Depot”), which had a warehouse on Park Avenue in East Hartford.  Kolitsas and Downpipe Depot purchased stolen catalytic converters from a network of thieves, including Rodriguez, and then transported and sold the catalytic converters to recycling businesses in New York and New Jersey.  Kolitsas instructed his suppliers on the types of converters that would obtain the most profit upon resale, and he would often meet with them and transact business at his home in Wolcott late at night or behind a family member’s restaurant in Middlebury after hours.

    Business records seized during the investigation revealed that Rodriguez was one of Downpipe Depot’s largest suppliers of stolen catalytic converters.  Between January 2021 and May 2022, Downpipe Depot paid Rodriguez $411,845 for catalytic converters.  Kolitsas paid Rodriguez and his other catalytic converter suppliers a total of more than $3.3 million during that time.

    Rodriguez was arrested on November 15, 2023.  On June 26, 2024, he pleaded guilty to one count of conspiracy to commit interstate transportation of stolen property and one count of interstate transportation of stolen property.

    Rodriguez, who is released on a $100,000 bond, is required to report to prison on May 19.

    Kolitsas pleaded guilty to related charges and awaits sentencing.

    This investigation is being led by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), the Internal Revenue Service – Criminal Investigation Division (IRS-CI), and the East Hartford Police Department.  The case is being prosecuted by Assistant U.S. Attorneys Lauren C. Clark and A. Reed Durham.

    MIL Security OSI

  • MIL-OSI: Breker RISC-V SystemVIP Deployed across 15 Commercial RISC-V Projects for Advanced Core and SoC Verification

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., Feb. 20, 2025 (GLOBE NEWSWIRE) — Breker Verification Systems today confirmed its RISC-V SystemVIP library components and test suite synthesis product portfolio is deployed in more than 15 commercial RISC-V semiconductor design projects, while its RISC-V products are used in several large-scale academic projects.

    Large, complex application processor projects that range from data center, automotive and AI accelerator to consumer device applications rely on Breker’s RISC-V CoreAssurance™, SoCReady™ and Cache Coherency SystemVIPs across the RISC-V core and SoC verification stack. Breker executives are heading working groups in the evolving RISC-V International certification program.

    “Breker Verification Systems’ products provide significant advantages on top of standard verification solutions, especially for the most challenging verification problems,” affirms Ty Garibay, President of Condor Computing. “Applying these approaches to RISC-V processor design was a natural extension, and leveraging this technology in the development of our high-performance CPU IP is already paying dividends.”

    Breker’s test suite synthesis solution and SystemVIP library allow for enhanced verification coverage while significantly reducing test development time for complex scenarios. The verification of processor cores that leverage the RISC-V Open Instruction Set Architecture (ISA) requires testing specialized, unique scenarios. Breker’s RISC-V synthesized SystemVIPs make use of AI Planning Algorithms, cross-test multiplication and concurrent, multi-threaded scheduling provide rigorous testing from randomized instructions to unique coherency, paging and other complex system integration validation.

    “MIPS RISC-V cores represent the state-of-the-art in advanced application processor solutions,” notes Steve Mullinnix, Senior Director, Design Verification, MIPS. “Working with Breker, we are able to verify complex, compounded scenarios unique to these devices quickly and efficiently.”

    Breker is cooperating with academic institutions including Harvey Mudd College in Claremont, Calif., and Oklahoma University, developers of the Wally open-source processor core, and ETH Zurich in Zurich, Switzerland, that produced the Ariane processor core. Breker has provided application-level tests for these institutions while collaborating on next-generation verification environments.

    “Breker is at the forefront of RISC-V verification,” comments David Harris, the Harvey S. Mudd Professor of Engineering Design. “It’s first-rate SystemVIP synthesis platform is a breakthrough verification tool and an effective problem-solver for our RISC-V programs.”

    Additionally, executives from Breker are leading two working groups within RISC-V International’s Certification Steering Committee to develop a program to provide a quality stamp based on extensive, independent architectural testing.

    “The rate of adoption of our tools is remarkable and supports our belief that test suite synthesis is a must have tool for every RISC-V design project,” says David Kelf, Breker’s Chief Executive Officer. “Our efforts to build more features will continue as will our willingness to partner with leading project groups and industry organizations helping to cement the RISC-V ISA place across the semiconductor industry.”

    Breker’s RISC-V CoreAssurance, SoCReady and SystemVIP
    Breker unveiled RISC-V CoreAssurance, SoCReady and SystemVIP in June 2024, along with a complete range of tests for the entire RISC-V core verification stack. Starting with randomized instruction generation and microarchitectural scenarios, SystemVIP includes unique tests that check all integrity levels ensuring the smooth application of the core into an SoC, regardless of architecture, and the evaluation of possible performance and power bottlenecks and functional issues.

    The SystemVIP can be extended for custom RISC-V instructions to be fully incorporated into the complete test suite crossed with other tests. It is self-checking and incorporates debug and coverage analysis solutions and can be ported across simulation, emulation, prototyping, post-silicon and virtual platform environments.

    Breker’s SystemVIP is used for a variety of complex RISC-V core designs, including system coherency in a multicore SoC integrity test sets, high-coverage core test, power domain switching, hardware security access rules and automated packet generation

    Breker at DVCon U.S. February 24-27 in San Jose
    Breker will exhibit and demonstrate its RISC-V CoreAssurance and SoCReady SystemVIP and Trek Test Suite Synthesis solutions at DVCon U.S. February 24-26 at the DoubleTree Hotel in San Jose, Calif.

    It will present a workshop titled “Complex Verification Example: RISC-V MMU Verification of Virtualization and Hypervisor Operation for CPU and SOC platforms” Monday, February 24, from 3:30 p.m. until 5 p.m. in the Oak Room.

    To arrange a demonstration or private meeting, send email to info@brekersystems.com.

    About Breker Verification Systems
    Breker Verification Systems solves complex semiconductor challenges across the functional verification process from streamlining UVM-based testbench composition to execution for IP block verification, significantly enhancing SoC integration and firmware verification with automated solutions that provide test content portability and reuse. Breker solutions easily layer into existing environments and operate across simulation, emulation and prototyping, and post-silicon execution platforms. Its Trek family is production-proven at leading semiconductor companies worldwide and enables design managers and verification engineers to realize measurable productivity gains, speed coverage closure and easy verification knowledge reuse. As a leader in the development of the Accellera Portable Stimulus Standard (PSS), privately held Breker has a reputation for dramatically reducing verification schedules in advanced development environments. Case studies that feature Altera (now Intel), Analog Devices, Broadcom, IBM and other companies leveraging Breker’s solutions are available on the Breker website.

    Engage with Breker at:
    Website: www.brekersystems.com
    Twitter: @BrekerSystems
    LinkedIn: https://www.linkedin.com/company/breker-verification-systems/
    Facebook: https://www.facebook.com/BrekerSystems/

    TrekSoC, TrekSoC-Si, TrekBox and SoC Scenario Modeling are registered trademark of Breker Verification Systems. Breker Verification Systems acknowledges trademarks or registered trademarks of other organizations for their respective products.

    For more information, contact:
    Nanette Collins
    Public Relations for Breker Verification Systems
    nanette@nvc.com

    The MIL Network

  • MIL-OSI USA: Graham, Colleagues Urge ATF To Strengthen Second Amendment Protections And Rescind Unconstitutional Biden Rules

    US Senate News:

    Source: United States Senator for South Carolina Lindsey Graham

    WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) joined U.S. Senator John Cornyn (R-Texas) and 28 of their Senate Republican colleagues today to send a letter to the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) Deputy Director Marvin Richardson urging him to align the agency with President Trump’s Second Amendment priorities as laid out in his recent Executive Order.

    Graham and his colleagues called on Director Richardson to identify and rescind former President Biden’s unlawful firearms regulations, including the “Engaged in the Business” rule, pistol brace rule, so-called “ghost gun” rule, and “zero tolerance” policy under which ATF has revoked the licenses of federal firearm licensees (FFLs) over minor bookkeeping violations.

    The Senators wrote, “On Friday, February 7, 2025, President Donald J. Trump took decisive action to reaffirm law-abiding Americans’ Second Amendment rights in issuing his Executive Order, Protecting Second Amendment Rights.  We urge you to immediately align ATF’s rules and policies with the President’s strong support for the Second Amendment.”

    “Under former President Joe Biden, ATF adopted numerous policies and rules that infringed upon Americans’ Second Amendment protections. President Trump’s Executive Order directs Attorney General Pam Bondi to review and develop a plan of action regarding President Biden’s unlawful firearms regulations. We ask that you work with the Attorney General to quickly identify and rescind these policies.”

    Along with Graham and Cornyn, the letter was signed by Senate Majority Leader John Thune (R-South Dakota) and U.S. Senators Thom Tillis (R-North Carolina), John Barrasso (R-Wyoming), Cindy Hyde-Smith (R-Mississippi), Shelley Moore Capito (R-West Virginia), Jim Justice (R-W Virginia), Jim Risch (R-Idaho), Cynthia Lummis (R-Wyoming), Steve Daines (R-Montana), Ted Cruz (R-Texas), Kevin Cramer (R-North Dakota), Mike Crapo (R-Idaho), James Lankford (R-Oklahoma), John Hoeven (R-North Dakota), Roger Marshall (R-Kansas), Rick Scott (R-Florida), Ted Budd (R-North Carolina), Bill Hagerty (R-Tennessee) Tim Sheehy (R-Montana), Pete Ricketts (R-Nebraska), Bill Cassidy (R-Louisiana), Joni Ernst (R-Iowa), Marsha Blackburn (R-Tennessee), Todd Young (R-Indiana), Markwayne Mullin (R-Oklahoma), Deb Fischer (R-Nebraska), Jim Banks (R-Indiana) and Jerry Moran (R-Kansas).

    The full text of the letter is available here.

    MIL OSI USA News

  • MIL-OSI USA: Welch on Republicans’ Plans to Slash Medicaid to Pay for Their Tax Bill: “It is an absolute disgrace that there is any discussion that we would be taking that away. Shame on Trump.”

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    Welch slams Trump for taking a “sledgehammer” to Vermonters’ health care 
    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, spoke on the Senate Floor Wednesday evening and slammed President Trump and Republicans’ cruel budget which would slash Medicaid and increase health care costs for millions of seniors, children, veterans, people with disabilities, and people with chronic diseases like cancer in order to give tax handouts to the ultra-wealthy.  
    “It’s really, really a problem everywhere, but I think in rural communities it’s even more severe. Because we’ve got rural hospitals, and we’ve got rural community health centers, that play a major role in rural life. They’re all on thin ice financially. They have overworked staff, but who are committed to the people in that community. And the only reimbursement they get is through Medicaid. And, as we all know, the Medicaid reimbursement is much lower than Medicare and it’s certainly way lower than private insurance. But they pull it together and somehow keep the lights on, keep the doors open, and provide the health care that the folks in that community need…. 
    “I want to save money, but I want to save money by stopping the rip-offs. I don’t want to save money by dumping people who make $21,000 a year off of the health care that they absolutely need. And that’s what Musk is doing. That’s what Trump is doing. That is wrong, and we have to stop it. We have to stand up for the hardworking people of West Virginia. The hardworking people of New Hampshire. The hardworking people of Wisconsin. And the hardworking people of Vermont. So, no—we have got to say ‘No’ and acknowledge the rip off that Donald Trump is trying to inflict on hardworking people in our states so that he can pay for the tax cuts for his billionaire friends,” said Senator Welch. 
    Watch Senator Welch’s speech below: 
    Key quotes from Senator Welch’s speech: 
    “But a lot of folks making $20,782—there’s no no way they can afford health care. There’s no way. And that’s another absolute requirement: that each of us level with one another. Let’s not pretend that there’s some fictional health care out there that a person who’s working 40 hours a week making $10.39 an hour can pay for health care. It doesn’t exist.  
    “And the major responsibility that we have is to make certain that we have a health care system where people who work hard, who love their kids, who have an elderly parent, can have some security that the health care they need, they’ll get…. 
    “[President Trump is] taking a sledgehammer to it. And he’s taking a sledgehammer that’s cutting off folks in West Virginia, folks in Vermont, who are working hard, who struggle every week to pay their bills, and who could get some peace of mind that the child that they love, that the grandparent that they’re caring for, can have decency and access to health care or a nursing home. 
    “It is an absolute disgrace that there is any discussion—that there’s any discussion—that we would be taking that away. Shame on Trump. Shame. On. Trump.”  
    ■■■
    On Wednesday, Senator Welch joined Senate Finance Committee Democrats for a press conference on Capitol Hill to highlight how drastic cuts to Medicaid and the Affordable Care Act (ACA) included in Republicans’ Trump-endorsed budget blueprint would kick tens of millions of people off of their health coverage and increase costs for the more than 100 million people across the country who rely on these programs.   

    MIL OSI USA News

  • MIL-OSI United Kingdom: Great British Energy interim CEO appointed

    Source: United Kingdom – Government Statements

    Dan McGrail has been appointed as the interim Chief Executive Officer of Great British Energy.

    • Dan McGrail appointed as interim CEO of Great British Energy, working from the Aberdeen HQ 
    • Follows recent appointment of five non-executive directors to the start-up board 
    • New leadership will help the company drive forward the government’s Plan for Change and clean energy superpower mission 

    Dan McGrail has been appointed as the interim Chief Executive Officer of Great British Energy, to help drive forward the government’s Plan for Change and clean energy superpower mission.  

    Great British Energy is owned by the British people, for the British people, and will own and invest in clean energy projects across the UK to create good, skilled jobs and growth.   

    Dan McGrail is currently the Chief Executive of RenewableUK, the trade association for businesses developing wind, wave, tidal, storage and green hydrogen projects in the UK, and their supply chain companies. He currently sits on the board for WindEurope and was also previously CEO of Siemens Engines and Managing Director of Siemens Power Generation.  

    He will draw on his wealth of experience in clean energy including wind and thermal power to provide strong leadership and help rapidly scale up the new company so it can start delivering as quickly as possible. 

    This follows the appointment in January of five new non-executive directors to join Chair Juergen Maier on the company’s start-up board, bringing a wide range of experience across different sectors, with knowledge on workplace rights, building UK supply chains and driving investment in clean energy. 

    Energy Secretary Ed Miliband said: 

    With the appointment of Dan McGrail as interim CEO we now have a fantastic team in place to lead Great British Energy and start delivering on our Plan for Change.  

    Great British Energy is at the heart of our clean power mission, and will support thousands of well-paid jobs, drive growth and investment into our communities and deliver energy security for the British people. 

    I look forward to working with Dan as we unlock the benefits of a new era of clean electricity for the British people.

    RenewableUK’s Chief Executive Dan McGrail said:  

    Homegrown, affordable clean power has never been more important and it’s a privilege to take up the role of interim CEO of Great British Energy at such a pivotal moment. 

    Together with the talented leadership team, I’m excited to hit the ground running to scale up the company and work with industry to unleash billions of investment in clean energy, helping to grow new industries at scale with job opportunities for hundreds of thousands of people, as well as helping the government achieve its clean power targets.

    Start-up Great British Energy Chair Juergen Maier said: 

    Dan brings invaluable experience from a long career in clean energy and joins Great British Energy at a critical time to help spearhead our work to help make Britain energy independent.  

    I look forward to working with him to back innovation, create sustainable jobs, and grow our supply chains.

    The Chair of RenewableUK’s Board of Directors Paul Cooley, Director of Offshore Wind at SSE Renewables, said:  

    I am delighted to support Dan in taking on the role of Interim CEO. He has the right combination of leadership skills and energy industry experience to take Great British Energy to its next stage of maturity and he has been an important driving force throughout his career in the sector. He has transformed RenewableUK into a leading voice in the industry and his appointment is a great vote of confidence in the work of the organisation. I am sure that he will establish a strategy at Great British Energy which enables our country to deliver on the amazing opportunities for economic growth and job creation which the clean power transition offers.

    Dan will be based in Scotland, working from the Aberdeen headquarters, and will take up his post in March, on an initial 6-month contract, on secondment from RenewableUK. Recruitment for the permanent CEO will also begin shortly.   

    The government has already announced an unprecedented partnership between Great British Energy and The Crown Estate to unlock investment in clean energy, confirmed Aberdeen will host Great British Energy’s headquarters, and struck a deal with the Scottish Government for the company to work with Scottish public bodies to support clean energy supply chains. The government is also legislating through the Great British Energy Bill to give the company the powers it needs to rapidly deliver.  

    Great British Energy will support the government’s mission for clean power by 2030, with an action plan published in December to get more homegrown clean power to people and provide the foundation for the UK to build an energy system that can bring down bills for households and businesses for good.  

    Background 

    • Dan McGrail took up his post as Chief Executive at RenewableUK in May 2021, and was previously CEO of Siemens Engines. He joined Siemens UK in 2004 and worked in a variety of roles across the energy industry, becoming CEO in 2017.  
    • More information on the non-executive directors: https://www.gov.uk/government/news/great-british-energys-start-up-board-appointed  
    • The Great British Energy Bill is currently going through the House of Lords and is at the Committee Stage.

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom

  • MIL-OSI Global: Five ways to have more constructive climate conversations

    Source: The Conversation – UK – By Anastasia Denisova, Senior Lecturer in Journalism, University of Westminster

    ShotPrime Studio/Shutterstock

    Talking about climate change is never easy. The issue is complex and upsetting. Headlines bring bad news way more often than good ones.

    Techniques based on the extensive analysis of theories and research from social psychology, sociology, environmental and media studies can pave the way for a consistent approach to climate action commitment and citizen empowerment.

    Here are five ways to communicate climate stories in a way that keeps people engaged and motivated to take positive action.

    1. Give people agency

    According to the seminal research published in 1974 by the Canadian-American social psychologist Albert Bandura, humans are capable creatures who can overcome fears and lead happier, motivated lives when led correctly. He conducted a famous experiment with people who were afraid of snakes.

    In one scenario, an assistant was holding a snake in their hands or keeping it in a cage, while the scared person was watching. In another scenario, the person was given a snake to hold, in a controlled environment, with the assistants eager to take the snake back at any signs of the person’s discomfort. Bandura discovered that looking at someone holding a glossy, hissy reptile did not improve one’s sense of empowerment much.

    However, actually handling the scary creature allowed people to feel more in control – and more likely to overcome their fear. This approach is known for boosting people’s sense of agency. By tackling the problem with one modest action at a time, a person is likely to become more reassured in their capacity to challenge larger issues.

    In terms of climate communication, we need to be able to control at least small bits of the situation in order to be psychologically equipped to tackle bigger challenges. Climate communicators can give practical suggestions on lifestyle amendments, feasible activism techniques, political involvement – to nourish the sense of empowerment in the audience.

    2. Localise the issue

    While researching for my new book, Effective Climate Communication, I discovered that many countries with fewer resources struggle to present local stories related to climate change. They tend to rely on the western agenda of UN climate summits or global reports.

    The shortage of correspondents on the ground (see studies on Sub-Saharan Africa, Nigeria and South Africa, countries in South America and Asia), makes many media in the developing countries ignore the very local consequences of the global heating. When people are less prepared for extreme weather, they’ll be less empowered to demand change from their governments or invest in weather-resilient crops and other prevention techniques.

    By capturing perspectives from the local businesses and scientists, people can talk more easily about the direct effects of climate change on the local environment.

    For instance, Greenpeace Indonesia focused on three themes on their Instagram page: the imagery of floods and humans affected, the call to switch to renewable energy, and the argument against the “omnibus” bill, which allows coal companies renew their licenses easily every ten years.

    Connecting the local impact of climate change with the possible solution – reducing coal mining – brought a considerable number of clicks and comments to the stories. Although the link between Instagram and public opinion is hard to prove, the omnibus bill is still widely contested by Indonesian society.

    3. Make stories relatable

    Unless you’re called Elon Musk, Bill Gates (the co-founder of Microsoft) or Ursula von der Leyen (president of the European Commission), you don’t have a direct control over the management of climate change at a global level. Yet, it would be amazing to hear more stories of people who may be giving up long-haul flights, rejecting meat and divesting their pension from the fossil fuel funds. There are so many stories that can be told to inspire feelings of connection and hope.

    Stories must be made relatable to engage a wider audience in positive climate conversations.
    fizkes/Shutterstock

    According to classic “social proof” theory, if we can be sure that any new behaviour is the social norm, then we’ll be more eager to change. The moment people consider that refraining from eating meat, flying and buying unnecessary stuff are common patterns in their social circles, they will find it easier to follow suit, as shown by this study on the flying intentions of Germans, or research on the effect of social communities on pro-climate decisions in Europe.

    4. Avoid ‘doomism’

    Watching thrillers about the end of the world on the TV screen can be escapist and weirdly soothing. But witnessing the apocalypse unfold in front of us, through multiple news notifications and social media posts, is less gratifying. The narratives that compare climate change to the end of the humanity are supposed to incite action – but more often than not they lead to freeze or withdrawal reactions.

    In some newsrooms, the practice of “the three Ds” flourishes in the face of the planetary problem – denial, delay-ism and dismissal. Doomist storytelling opens the doors for fake prophets and self-proclaimed superheroes who promise to fix the problem but end up in populism and scapegoating.

    Avoiding doomism allows for “stubborn optimism”, a concept endorsed by Christiana Figueres, the ex-head of the UN climate change convention from 2010 to 2016. It is the dual approach of acknowledging the severity of the issue and the cost of the delays to action, but looking at the present state of affairs as an opportunity to avoid bigger damage and focus on the near-term solutions.

    5. Create a new normal

    Having a special climate change section within a media publication is a nice sign that the organisation cares about the problem. But how likely are people to click on it just to discover another ambush of negative stories? Including climate references in the majority of stories, from fashion to travel, helps normalise climate change as a backdrop to all aspects of our lives.

    There’s no need for preaching. Nobody wants to be patronised for their decision to take a flight to see the family that lives far away. But subtle travel listicles about local destinations, creative meat-free recipes or an imaginative reinvention of fashion advice as restyling, not buying, can offer up alternatives in creative ways.

    It should not be a taboo topic at dinner parties or social events. Avoid “othering” the climate change issue and help people stay aware and committed to tackling the elements of it.

    Being aware of climate change as a new norm is healthier than trying to push it away and deny it’s happening. Engagement with the biggest story of our time is the best catalyst for change that we have.


    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.


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

    ref. Five ways to have more constructive climate conversations – https://theconversation.com/five-ways-to-have-more-constructive-climate-conversations-249417

    MIL OSI – Global Reports

  • MIL-OSI Global: German election: a triple crisis looms large at the heart of the economy

    Source: The Conversation – UK – By Ralph Luetticke, Professor of Economics, School of Business and Economics, University of Tübingen

    Oleg Senkov/Shutterstock

    Ahead of the election on February 23, many German voters are deeply concerned about the economy – and for good reason. The German economy is in a recession and has been shrinking for two consecutive years. In fact, it is now about the same size as it was in 2019, even as some of its peers among the world’s advanced economies have experienced solid growth (on the left of the chart below).

    This matters for voters, who have experienced stagnating real incomes and remain pessimistic – expecting real incomes to decline further.

    GDP and productivity growth of Germany, UK and US:

    There could be several reasons for Germany’s economic malaise. First, fiscal policy in Germany is tighter than in other countries, meaning higher taxes and lower public spending. Due to the “debt brake” enshrined in its constitution, Germany is severely restricted in running budget deficits, except when the government declares an emergency, as it did due to COVID.

    The last coalition government collapsed over a dispute about whether to declare another emergency over the war in Ukraine in order to increase borrowing capacity. This did not happen, and as a result Germany’s fiscal deficit has remained relatively moderate. The argument goes that a larger deficit might have boosted economic growth.

    Second, for decades, Germany has relied on foreign demand to sustain economic growth at home. During the first two decades of the 21st century, it benefited greatly from China’s integration into the world economy.

    To build up its productive capacity, China relied heavily on machinery produced in Germany and it purchased a significant number of German cars. However, this is no longer the case. As China has moved to the technology frontier, it no longer depends as much on German cars or machinery.

    However, both factors only go so far in accounting for the stagnating German economy. For if demand – domestic or foreign – is too weak to sustain growth, this should be reflected in falling prices.

    Yet prices have been rising strongly. Inflation in Germany has been running high over the last couple of years.

    And it has not been systematically lower than in, say, the US or the rest of the euro area. Over the next 12 months, households expect inflation to be above 3% – well above the European Central Bank’s 2% target.

    Another relevant indicator also suggests that lack of demand is unlikely to be the main reason for Germany’s stagnation. Unemployment is low in Germany, lower than in most European countries and hardly higher than in 2019.

    Instead, adverse supply conditions are key, as reflected in households’ expectations of falling incomes and higher inflation.

    Overall, supply is simply the combination of labour and capital inputs (for example, the size of the workforce and the machinery or premises available to them) along with productivity or technology, which tells us how much output we get from the labour and capital inputs. Germany is facing a triple crisis in this regard – expensive energy, weak labour supply and low productivity growth.

    First, there are energy prices, which have been pushed up everywhere by the Russian invasion of Ukraine. However, the effect has been particularly strong in Germany due to its direct dependency on Russian gas.

    The outgoing government, in which the Greens have been a key player, is widely credited with trying to accelerate Germany’s green transition. This raised the costs of the transition above those caused by the European Emissions Trading System, whereby polluters pay for their emissions.

    While it is difficult to determine the exact contributions of the war and the green transition to the rise in energy prices, both clearly act as a drag on growth, particularly on the supply side (that is to say, production potential).

    The productivity problem

    But Germany faces more fundamental supply-side challenges. The second issue becomes apparent when comparing GDP per hour worked (a measure of a country’s productivity, as seen on the right of the chart above).

    Here, the trends in Germany and the UK are quite similar, implying that Germany’s lower economic growth relative to the UK is primarily due to people working fewer hours. This, in turn, may reflect demographic changes, migration that does not contribute to the labour force or shifting preferences in the wake of COVID.

    The third issue is productivity growth. Consider the increase in GDP per hour worked in the US, which has risen by more than 10% as shown in the chart above, dwarfing the developments in both Germany and the UK. Common causes of weak productivity growth include ageing infrastructure, low private sector investment, a lack of start-ups and fewer new companies growing into multinational leaders.

    A turnaround requires far-reaching improvements in supply conditions. In terms of energy, Germany should avoid measures such as introducing more regulation on the heating or insulation of new and existing homes, and instead rely on the EU-wide emissions trading scheme to curb emissions.

    In the labour market, increased participation or skilled migration is needed, supported by policies that encourage people to retire later and entice more women into the workforce.

    Increasing defence spending could be a way to boost German productivity.
    Ryan Nash Photography/Shutterstock

    Productivity growth remains the most challenging issue. A good start would be increased funding for universities and reduced regulation, particularly for AI technology.

    Deepening the EU’s single market, for example by removing restrictions on cross-border energy trade to allow firms to access cheaper electricity, would enhance competition and drive productivity growth. This way, companies could expand and create well-paying jobs.

    Finally, an additional boost may come from higher defence spending, not only to address the much-needed improvement of Germany’s external security but also because it has been shown to increase productivity.

    While immigration may be a major talking point for the German electorate in the coming vote, the economy – as ever – will be an important factor in measuring the mood of the country.

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

    ref. German election: a triple crisis looms large at the heart of the economy – https://theconversation.com/german-election-a-triple-crisis-looms-large-at-the-heart-of-the-economy-250320

    MIL OSI – Global Reports

  • MIL-OSI USA: Following Dangerous Cuts to Transportation Workforce, Markey, Leader Schumer, Colleagues Demand Secretary Duffy Prioritize Safety

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Letter Text (PDF)

    ?Washington (February 20, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Senate Commerce, Science, and Transportation Committee, today led 12 colleagues in a letter to Department of Transportation (DOT) Secretary Sean Duffy urging the agency to stop the mass layoffs and firing of essential transportation safety employees and instead focus on prioritizing safety. The lawmakers demand information regarding DOT plans to protect passengers and prevent future crashes.

    In the letter the lawmakers write, “At the Department of Transportation, safety must come first, but that commitment appears in doubt as the Trump administration promotes cost-cutting over protecting the public. By offering to buy out federal employees, ordering government agencies to prepare for mass layoffs, firing employees with critical safety functions, giving Elon Musk and the Department of Government Efficiency (DOGE) free reign to cut the federal workforce, and turning Musk, DOGE, and their unqualified staff loose on the air traffic control system, the Trump administration risks undermining decades of safety improvements. We urge you to cease this dangerous approach to governing and request important information on how the Department of Transportation (DOT) plans to prioritize safety in this environment.”

    The lawmakers requested responses by March 3 to questions that include:

    • How many DOT employees were offered the buyout? How many accepted? How many declined or did not respond?
    • How many DOT employees were ineligible to take the buyout offer?
    • How many DOT employees have lost their jobs since January 20, 2025?
    • What is Musk’s and DOGE’s role in reviewing DOT personnel and program information? What steps is the Department is taking to ensure that Musk and the DOGE do not compromise public safety?
    • What is Musk’s and DOGE’s involvement with the ATC system?

    The letter was co-signed by Senate Democratic Leader Chuck Schumer (D-N.Y.), and Senators Richard Blumenthal (D-Conn.), Chris Van Hollen (D-Md.), Peter Welch (D-Vt.), Jacky Rosen (D-Nev.), Michael Bennet (D-Colo.), Bernie Sanders (I-Vt.), Alex Padilla (D-Calif.), Elizabeth Warren (D-Mass.), Raphael Warnock (D-Ga.), Ron Wyden (D-Ore.), and Jeff Merkley (D-Ore.).

    MIL OSI USA News

  • MIL-OSI USA: Cornyn Votes to Confirm Kelly Loeffler for SBA Administrator

    US Senate News:

    Source: United States Senator for Texas John Cornyn

    WASHINGTON – U.S. Senator John Cornyn (R-TX) released the following statement after former U.S. Senator Kelly Loeffler (R-GA) was confirmed as Administrator of the U.S. Small Business Administration (SBA):

    “Kelly Loeffler’s business experience and time in public service make her eminently qualified to lead the SBA and help enact President Trump’s agenda to boost small businesses, which are the backbone of our economy. I was pleased to support my former colleague’s nomination and look forward to working with her in her new role.”

    MIL OSI USA News

  • MIL-OSI: C&F Financial Corporation Announces Increase in Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    TOANO, Va., Feb. 20, 2025 (GLOBE NEWSWIRE) — The board of directors of C&F Financial Corporation (NASDAQ:CFFI) (the Corporation) has declared a regular cash dividend of 46 cents per share, which is payable April 1, 2025 to shareholders of record on March 14, 2025. This dividend represents a 5 percent increase over the prior quarter’s dividend amount of 44 cents per share.

    The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital requirements, and expected future earnings.  

    About C&F

    C&F Bank operates 31 banking offices and four commercial loan offices located throughout eastern and central Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia and the surrounding states. C&F Finance Company is a regional finance company purchasing automobile, marine and recreational vehicle loans primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.

    Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission, are available on the Corporation’s website at http://www.cffc.com.

    Contact:     Jason Long
    Chief Financial Officer and Secretary
    (804) 843-2360
         

    The MIL Network

  • MIL-OSI USA: During Black History Month, Scott Pushes Investment in Underserved Communities

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott
    Senator Scott announced his goal to unleash $1 trillion into communities like the one he grew up in.
    WASHINGTON — As part of Black History Month, U.S. Senator Tim Scott (R-S.C.) is building on his commitment to increase economic opportunity across the United States. In his role as Chairman of the Senate Banking Committee, and as a senior member of the Senate Finance Committee, Scott is pushing solutions with a goal of unleashing up to $1 trillion of investment into underserved communities.
    Scott joined Walter Davis, founding member of Peachtree Providence Partners, as part of his Opportunity Summit series in celebration of Black History Month to discuss his efforts and their shared goal of helping all Americans achieve their version of the American Dream.

    Click here to watch the panel.
    “I think it’s incredibly important for us to figure out how to unlock capital for disadvantaged communities. My goal is to set the kind of parameters that allows for $1 trillion of capital to be set free in disadvantaged communities in the next 10 years… My goal is to make sure that everyone who is struggling…has an opportunity to access more resources. That’s called the American way, or at least it’s supposed to be the American way. And I aim to make sure that, from a banking perspective, we have the flexibility with our regulators, so that small business owners with a good plan – with decent credit – have access to the capital to start hiring people from their own communities. Because when I started my business, it’s exactly what I did. I took an Allstate Insurance Agency and I crafted three other Allstate agencies out of my one Allstate agency, with two of them being African Americans. How do you do that? You just do the right thing. But it starts at home in your community, and if you want to see higher employment numbers in your community, you probably have to start a business and make it happen,” said Senator Scott.
    BACKGROUND: By focusing on affordable housing, quality education, small business growth, financial inclusion, keeping tax rates low for families and expanding Opportunity Zones, as well as leveraging digital assets, Senator Scott is working to pave the way for transformative economic development across the country. 
    Boosting Affordable Housing Senator Scott’s ROAD to Housing Act will facilitate investment in quality and affordable housing, providing the opportunity to create generational wealth for so many historically ignored communities. The ROAD to Housing Act will change outdated caps on private investment in public housing, open the door to small-dollar mortgages, and help boost the supply of manufactured housing.
    Small Business Growth Small business owners – particularly Black and other minority-owned businesses – face significant challenges accessing capital, including through our capital markets system. Senator Scott’s Empowering Main Street in America Act will fuel economic growth by giving local entrepreneurs – not elites in New York or Silicon Valley – the power to direct capital to historically overlooked communities.
    Increasing Financial Inclusion Senator Scott has consistently prioritized increasing financial inclusion and incentivizing growth in local communities and historically overlooked neighborhoods. Senator Scott will continue to push efforts to streamline and modernize the rules governing financial institutions, prioritizing changes that support access to capital and investment in underserved communities across the country.
    Protecting Taxpayer Dollars Senator Scott’s Opportunity Zones initiative has driven $85 billion to underserved communities, unlocking economic opportunities that had never before been available. With the Tax Cuts and Jobs Act set to expire this year, Senator Scott will work to ensure middle class families and small businesses are not hit with a massive, $4.1 trillion tax hike, and to broaden and extend Opportunity Zones to continue driving economic development in the communities that need it most.
    Leveraging Digital Assets Senator Scott will prioritize establishing a clear, tailored regulatory framework for digital assets through legislation on stablecoins and crypto market structure, aiming to empower families, small businesses, and underserved communities to build wealth and participate more fully in the digital economy. 
    Expanding Quality Education Education is a catalyst to driving long-term economic growth and labor market participation. Americans with a bachelor’s degree face less than half the unemployment rate and earn more than double the income of those who dropout of high school. Unlocking the power of education starts with K-12 education, which is why Senator Scott is helping lead the Education Choice for Children Act (ECCA) to provide up to $10 billion in federal tax credits for charitable contributions to K-12 scholarships for middle- and low-income students, benefitting nearly 2 million students.

    MIL OSI USA News

  • MIL-OSI United Kingdom: Councils to receive exceptional support

    Source: United Kingdom – Executive Government & Departments

    Additional support confirmed for councils in exceptional difficulty to set balanced budgets. Long-term reform underway to fix foundations of local government.

    Councils in exceptional need of help will today receive letters confirming government support to help balance their budgets. 

    30 councils in exceptional circumstances have been confirmed to receive support for the coming financial year to ensure delivery of vital public services, protecting vital community assets and promoting economic stability as committed to in the Plan for Change.  

    As part of this support package, for the first time additional expectations have been set out to protect treasured community assets, culture and identity, with councils using capitalisation instructed not to dispose of community and heritage assets.  

    Recognising the financial hardships facing the sector, earlier in the month, the government announced more than £69 billion for local government, a 6.8% cash terms increase in councils’ Core Spending Power on 2024-25 in the Final Local Government Finance Settlement. This included a new targeted £600 million Recovery Grant to help councils with greater need and demand for services.  

    Minister of State for Local Government and English Devolution, Jim McMahon OBE said:    

    We are under no illusion of the state of council finances and have been clear from the outset on our commitment to get councils back on their feet and rebuild the foundation of local government. 

    We are working with local leaders, encouraging councils to come in confidence where needed to seek help and be assured we will offer a relationship of partnership – not punishment – in our joint mission to improve public services for communities and create economic stability as set out in our Plan for Change.” 

    Our long-term commitment is to fix the foundations of local government, including reforming the outdated and inefficient funding model by bringing forward the first multi-year settlements in a decade, creating an updated and fit-for-purpose assessment of need and reforming the local audit system to provide transparency, security and stability to council finances.  

    However, there are councils in financial difficulty in need of immediate help, and a record number of councils have reached out to the government asking for Exceptional Financial Support (EFS) to help them balance their budgets this year.  

    The Exceptional Financial Support process has existed since 2020 to support councils facing unmanageable financial pressures. In line with the previous government’s approach, support is provided through a financial flexibility, known as capitalisation, where the government permits councils to treat revenue costs as capital costs and means councils can meet those costs using their existing borrowing powers or via capital receipts.  

    However, unlike previous years, where local leaders deem it necessary to borrow to support recovery, the government has removed the condition that made borrowing more expensive through a 1% premium. The government will instead work with councils on improvement and actions they can take to help manage their position to ensure value for taxpayer money.  

    To ensure financial stability and better outcomes for residents the government has consulted on how to best streamline the outdated funding model and distribute taxpayer’s money more fairly, based on an updated assessment of need, enabling every council to deliver high quality services to their communities.  

    As part of handing local leaders more power and control of their funding, the government will end outdated processes and bureaucracy of bidding for different funding pots and bring forward the first multi-year settlement in a decade in 2026-27 to provide certainty and economic security to councils setting budgets.

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Chancellor backs Britain’s financial services to drive development and kickstart economic growth

    Source: United Kingdom – Executive Government & Departments

    Rachel Reeves urges financial industry leaders to seize growth opportunities in emerging markets, creating new business for British firms and boosting trade links with fast-growing economies, delivering on the government’s Plan for Change.

    • Chancellor launches coalition to improve sustainable sovereign debt financing to developing economies, shoring up London’s position as development finance leader amid growing global uncertainty

    • Reeves aims to boost private capital mobilisation for development ahead of her attendance of the European Bank for Reconstruction and Development’s annual meeting on 13-15 May in London

    In Canary Wharf today (20 February) the Chancellor met with some of the UK’s biggest financial services firms such as Aviva, HSBC and Schroders and urged them to work with development institutions including the European Bank for Reconstruction and Development (EBRD) and British International Investment. To go further and faster in delivering the government’s Plan for Change and put more money in people’s pockets, the Chancellor encouraged firms to seize investment opportunities in emerging markets for Britain’s brightest and best companies.

    Co-hosting a roundtable with Odile Renaud-Basso, president of the EBRD, the Chancellor launched the “London Coalition on Sustainable Sovereign Debt”. This will be co-chaired by the Economic Secretary to the Treasury, Emma Reynolds.

    The Coalition will bring together government and private sector stakeholders to find innovative solutions to more sustainable sovereign debt financing in developing economies.

    Promoting orderly and transparent debt restructuring and more resilient borrowing will mean that emerging economies can make progress meeting their climate and development targets. The Coalition capitalises on London’s financial services expertise and will help cement its position as a global leader in development finance, in turn supporting economic activity and financing investment across the country. Investing in emerging markets themselves can boost UK growth by creating new opportunities for British businesses in areas such as financial services, and boost trade ties with fast-growing economies amid an increasingly uncertain global environment.

    Chancellor of the Exchequer, Rachel Reeves said:

    Business and government must work together to seize opportunities in emerging markets and kickstart economic growth as part of our Plan for Change.

    Today’s roundtable shows how the UK’s world-leading financial centre can help countries unlock new opportunities for our brightest and best British companies to create wealth and drive growth.

    President of the European Bank for Reconstruction and Development Odile Renaud-Basso said:

    Mobilising private capital is key to meeting global development needs. I’m delighted to co-host UK business leaders with the Chancellor to discuss how multilateral banks like the EBRD can help channel further financing to emerging markets. By joining forces, we aim to deliver the much-needed impact for developing countries while creating new opportunities for businesses from developed economies.

    The Chancellor and Renaud-Basso also signed a Memorandum of Understanding setting out cooperation on the EBRD annual meeting and business forum in London, which will be held from 13 to 15 May this year.

    The Chancellor will attend the bank’s first annual meeting in London since 2016 where it will see governors approve the bank’s next 5-year strategy and highlight opportunities for UK businesses to work with the EBRD in its key markets such as Ukraine, Poland and Turkey.

    Reeves and Renaud-Basso discussed with business leaders how to create the right environment for investment. This is being done at home, for example through reforms to the pensions system which could unlock around £80 billion in productive investment and the launch of the Transition Finance Council led by Lord Alok Sharma. It is also key to work overseas, where British International Investment and UK-backed programmes including MOBILIST and the Private Infrastructure Development Group have unlocked billions in private investment for climate and development around the world. A new Institutional Investor Taskforce will advise government and institutional investors on how they can work together to open up even more of this much-needed investment and establish London as the world’s leading climate and development finance hub.

    Reeves outlined the UK’s growth priorities, both at home and abroad, and highlighted the financing tools and instruments to help achieve this such as the National Wealth Fund, which is expected to mobilise over £70 billion in private investment into the high-growth industries of the future. Reeves also underscored the importance of multilateral development banks in helping to mobilise private capital, through working together more effectively as a system and with the private sector.

    As the largest institutional investor in Ukraine, the EBRD has also been working with the UK government to support Ukraine’s resilience and recovery. In December, the UK confirmed its participation in a EUR 4bn capital increase which will unlock billions each year to support critical sectors of Ukraine’s economy. The EBRD and Aon also launched an innovative $110m war insurance facility with UK support in the same month to rebuild the country’s insurance market.

    Elsewhere, the EBRD invests in 36 economies across three continents including in Central, Eastern and Southern Europe, Central Asia and North Africa. This year it will also begin operations in sub-Saharan Africa.

    The roundtable comes ahead of the Chancellor’s visit to Cape Town, South Africa, next week to attend the G20 Finance Ministers and Central Bank Governors meeting. She will be advocating for the UK’s Growth Mission on the global stage and championing how private capital and the role of the City will kickstart economic growth and raise living standards around the world.


    Baroness Shriti Vadera, Chair of Prudential PLC and Co-Chair of the World Bank Private Sector Investment Lab, said:

    It is critical for governments, international financial institutions, and the private sector to work together to mobilise, at scale and pace, greater levels of finance for climate and development where it is most needed – in emerging and developing markets. I particularly welcome the focus today on practical steps to develop and deploy risk-sharing and blended financial instruments.

    Dame Elizabeth Corley, Chair of Schroders PLC, said:

    I firmly believe asset managers play a key role in crowding in private capital and unlocking it at scale in emerging markets. Schroders, with its impact pioneer BlueOrchard, is eager to share our expertise in blended finance and impact investing to overcome barriers to private sector investment, redressing some of the world’s biggest challenges like climate change and inequality.

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom

  • MIL-OSI USA: CWA to FCC: Stop AT&T’s Plans to Abandon Rural America

    Source: Communications Workers of America

    WASHINGTON, D.C. – The Communications Workers of America (CWA) union has filed comments with the Federal Communications Commission opposing AT&T’s application to discontinue landline telephone service in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Michigan, Missouri, Mississippi, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas, and Wisconsin. CWA is calling on the FCC to counterbalance the company’s focus on maximizing profits over the public interest.

    AT&T’s proposal would enable the telecommunications provider to exit 250,000 square miles of rural communities across 18 states, or fifty percent of AT&T’s historic footprint. While AT&T would continue to provide service to more populated, profitable areas, the “mobile first” proposal would put rural communities last, with lower quality and less reliable connectivity options.

    “While AT&T’s corporate executives and investors are insulated from the impact of these cuts on the communities they serve, frontline workers bear the brunt of customers’ frustration with poor service quality, long wait times, and other harms from understaffing and outsourcing of critical functions,” wrote CWA President Claude Cummings Jr. in his comments filed with the FCC.

    Ending service over AT&T’s copper network without upgrading to fiber will leave communities with limited and inferior options. Fiber is sustainable, scalable, and renewable. It offers greater capacity, predictable performance, lower maintenance costs, and a longer technological lifetime than coaxial cable, satellite, and fixed wireless technologies. An engineering analysis of fixed wireless technologies by consulting firm CTC Technology and Energy concludes that “fiber represents the most fiscally prudent expenditure of public funds in most circumstances because of its longevity and technical advantages.”

    AT&T’s abandonment of rural America leaves the government to shoulder the burden of providing affordable service to all residents. The industry-driven deregulation of communications services has allowed telecommunications companies to select their own service areas. In recent years, AT&T has allowed its rural network to deteriorate, focusing on deploying fiber in densely populated areas that can yield a high profit margin.

    AT&T has prioritized shareholder returns over investment in its network and workforce. On the same day the company announced plans to retire the “large majority” of its copper-based network by 2029, it also said that it expects to return over $40 billion to shareholders over the next three years through stock buybacks and dividends. To fulfill its universal service mandate, CWA urged the FCC to push AT&T to invest in fiber deployment beyond what the company might otherwise choose to pursue.

    CWA represents workers in telecommunications, media, technology, public service, manufacturing, airlines, video games, and other fields, including tens of thousands of workers at AT&T.

    ###

    About CWA: The Communications Workers of America represents working people in telecommunications, customer service, media, airlines, health care, public service and education, manufacturing, tech, and other fields.

    cwa-union.org @cwaunion

    MIL OSI USA News

  • MIL-OSI: Saudi Arabia Clinical Trials Market Report Insight On Active Clinical Trials By Indication Phase

    Source: GlobeNewswire (MIL-OSI)

    Delhi, Feb. 20, 2025 (GLOBE NEWSWIRE) — Saudi Arabia Clinical Trials Market, Ongoing Clinical Trials By Company, Indication, Phase & Regulations Insight 2025 Report Highlights:

    • Saudi Arabia Clinical Trials Market Opportunity: US$ 200 Million
    • Comprehensive Insight On Clinical Trials Studies In Saudi Arabia : > 400 Studies
    • Clinical Trials Studies By Indication, Phase & Sponsor
    • Regulatory Framework & Clinical Trials Guidelines
    • Insight On Domestic CRO Operating In Saudi Arabia: 15 CRO
    • Overview On Existing Healthcare Infrastructure & Medical Professionals Like Doctors, Dentist, Nurses

    Download Report: https://www.kuickresearch.com/report-saudi-arabia-clinical-trials-market

    Saudi Arabia’s clinical trial landscape is rapidly evolving, positioning the country as an emerging hub for research and development in the Middle East. With a strong regulatory framework, expanding healthcare infrastructure, and an increasing focus on innovation, Saudi Arabia is determined to play a more significant role in the global clinical trials ecosystem. The country is making concerted efforts to attract pharmaceutical companies, researchers, and investors to establish a robust presence in the global clinical trial landscape, capitalizing on the opportunities presented by a well-regulated and high-potential healthcare market.

    One of the driving forces behind this ambition is the growing recognition of Saudi Arabia’s strategic position as a gateway to the region’s emerging healthcare markets. With a highly centralized healthcare system, the country provides easy access to a well-established network of hospitals and research centers, such as the King Abdullah International Medical Research Center (KAIMRC), King Faisal Specialist Hospital & Research Centre, King Fahad Medical City, and King Khalid University Hospital. These institutions are at the forefront of clinical research and play a pivotal role in conducting trials. Their state-of-the-art facilities and research capabilities make them attractive partners for international pharmaceutical companies looking to expand their clinical trial operations in the Middle East.

    Saudi Arabia is increasingly becoming a key player in various therapeutic areas, particularly oncology, endocrinology/metabolism, cardiology, and infectious diseases. These areas are among the most studied in the country, driven by both local healthcare needs and global demand for innovative treatments. Oncology, in particular, has seen substantial research efforts due to the rising incidence of cancer in the region, prompting pharmaceutical companies to sponsor a significant number of studies. The focus on endocrinology/metabolism and cardiology aligns with the country’s efforts to tackle the growing prevalence of chronic diseases, such as diabetes and cardiovascular conditions. Additionally, Saudi Arabia’s strategic location in the Middle East allows it to be a key player in research related to infectious diseases, which are particularly relevant in the context of global public health crises.

    The Saudi government’s continued investment in healthcare infrastructure and the presence of world-class research facilities have fueled an impressive surge in clinical trials. The Ministry of National Guard-Health Affairs (MNG-HA), which oversees some of the country’s most advanced hospitals and research centers, is leading the charge in facilitating clinical research. MNG-HA hospitals are equipped with extensive patient databases, providing an invaluable resource for clinical trial recruitment. The country’s ongoing national initiative to consolidate patient databases and streamline access to these resources is positioning Saudi Arabia as an attractive destination for clinical trials. In particular, KAIMRC’s stem cell registry and biobank are noteworthy, offering a comprehensive repository of biological samples that could prove to be a goldmine for pharmaceutical companies interested in conducting trials with diverse and high-quality participant pools.

    Despite the country’s rapid progress in clinical trials, there are still challenges to overcome, particularly in terms of commercialization and patenting. While academic research and clinical studies are thriving, the translation of these efforts into patents and commercialized products remains limited. Saudi Arabia has made strides in strengthening intellectual property laws and fostering innovation, but the process of patenting and bringing research to market has been slower than anticipated. However, efforts are underway to address this gap, with the government prioritizing initiatives that support the commercialization of research and the growth of the biopharmaceutical sector.

    Overall, Saudi Arabia’s clinical trial landscape is full of promise. The country’s strategic investments in healthcare infrastructure, research, and patient databases make it an attractive destination for global pharmaceutical companies. As the regulatory framework continues to evolve and the nation’s commitment to clinical research grows, Saudi Arabia is on track to become a key player in the global clinical trials market. With a focus on expanding clinical research in areas such as oncology, cardiology, and infectious diseases, the country has the potential to significantly contribute to global healthcare advancements in the coming years.

    The MIL Network

  • MIL-OSI: Net Asset Value(s) as at 31 January 2025

    Source: GlobeNewswire (MIL-OSI)

    Volta Finance Limited (VTA / VTAS)
    January 2025 monthly report

    NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES

    Guernsey, February 20th, 2025

    AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for January 2025. The full report is attached to this release and will be available on Volta’s website shortly (www.voltafinance.com).

    Performance and Portfolio Activity

    Dear Investors,

    Volta Finance started 2025 on a positive note as net performance reached +1.7% in January while Financial Half Year net performance for Volta settled at 11.4%. Both our investments in CLO Debt and CLO Equity performed positively over the course of the month, benefiting from positive market conditions for risky assets.

    In broader economic news, the Federal Reserve decided to keep interest rates unchanged for the first time since it started cutting rates last September. This has led markets to expect that the easing cycle might resume in 2026. In Europe, the eurozone economy showed no growth despite anticipations of a +0.1pp expansion, and Christine Lagarde announced a 25 basis points cut in key European Central Bank interest rates. Although largely backed by the data divergence with the US, it is interesting to note the striking difference in terms of monetary path between the US and the European Union as we anticipate further cuts in Europe.

    Credit markets tightened significantly this month, although we noted heightened volatility in line with broader macro headlines around mid-month. In Europe, High Yield indices were roughly 20bps tighter while US CDX High-Yield tightened by 11bps. On the Loan side, Euro Loans prices increased by about 40cts up to 98.41% (Morningstar European Leveraged Loan Index), while US Loans rose by 28cts to 97.61%.

    The primary CLO markets started strong this year, especially in Europe with New Issue volumes up 120% vs. Jan 24 (down 21% in the US vs. Jan 24). In terms of performance, CLO markets performed in line with US High Yield at +1.4% over the month and better than Global Loans +0.9%. In line with all major rating agencies that expect Loan default rates to go down in 2025 we remain constructive on the CLO asset class and the performance of the underlying loan portfolios this year.

    CLO Equity distributions remained healthy in January, although as expressed earlier, the spread compression in the Loan market has slightly lowered these distributions. Over the last 6 month period, the cashflow generation was c. €27m equivalent of interests and coupons, representing c.19% of January’s NAV on an annualized basis, compared to c. €30m equivalent of interest and coupons received 6 months ago. Refinancing or Resetting CLO liabilities will continue to be a key focus for us in 2025.

    Regarding our portfolio activities, we took profits on a US Mezzanine position as the market was risk-on (c. USD 7mm nominal) while another USD 3mm of US CLO mezzanine debt redeemed at face value.

    Over the month, Volta’s CLO Equity tranches returned a 3% performance** while CLO Debt tranches returned +1.6% performance**, cash representing c.9.0% of NAV. The fund being c.21% exposed to USD, the recent currency moves had a negative impact of -0.1% on the overall performance.

    As of end of January 2025, Volta’s NAV was €279.0m, i.e. €7.63 per share.

    *It should be noted that approximately 0.16% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.05% as at 31 December 2024, 0.11% as at 30 September 2024.

    ** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.

    CONTACTS

    For the Investment Manager
    AXA Investment Managers Paris
    François Touati
    francois.touati@axa-im.com
    +33 (0) 1 44 45 80 22

    Olivier Pons
    Olivier.pons@axa-im.com
    +33 (0) 1 44 45 87 30

    Company Secretary and Administrator
    BNP Paribas S.A, Guernsey Branch
    guernsey.bp2s.volta.cosec@bnpparibas.com 
    +44 (0) 1481 750 853

    Corporate Broker
    Cavendish Securities plc
    Andrew Worne
    Daniel Balabanoff
    +44 (0) 20 7397 8900

    *****
    ABOUT VOLTA FINANCE LIMITED

    Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

    Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

    *****

    ABOUT AXA INVESTMENT MANAGERS
    AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management as of the end of December 2023.  

    *****

    This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

    This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

    *****

    This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

    *****
    This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

    Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

    The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

    The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

    Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

    *****

    Attachment

    The MIL Network

  • MIL-OSI Video: Adam Grant introduces the Reskilling Revolution #Davos2025 #WorldEconomicForum #AdamGrant

    Source: World Economic Forum (video statements)

    The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

    This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/
    X ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    #Davos2025 #WorldEconomicForum #wef25

    https://www.youtube.com/watch?v=7xrFLZtAxRo

    MIL OSI Video

  • MIL-OSI: Haffner Energy and ATOBA Energy collaborate to unlock the SAF value chain and scale the market

    Source: GlobeNewswire (MIL-OSI)

    This strategic partnership secures long-term offtake agreements, unlocking financing and accelerating the scale-up of SAF production.               

     

    Vitry-le-François, France / Lyon, France (February 20, 2025, 6:00pm CEST)

    Haffner Energy, a leading solid biomass-to-clean fuels solutions provider, and ATOBA Energy, a SAF aggregator committed to unlocking the Sustainable Aviation Fuel (SAF) value chain by solving the financial dilemma between producers and final offtakers, are joining forces to accelerate the development of SAF projects and facilitate their financing, they announced today.

    France-based Haffner Energy relies on its 31-year experience to design, manufacture, supply, license, and operate proprietary disruptive clean fuels solutions, including critical technology for SAF production, using all types of biomass residues wet or dry, such as agricultural and municipal waste. The company has already announced the development of a couple of SAF projects, notably Paris-Vatry SAF in France, where full scale production is expected to be reached by 2030 when the next stage of the European SAF mandate kicks in. Partnering with SAF aggregator ATOBA will significantly enhance SAF offtake then.

    “We are particularly excited about this partnership with ATOBA, as it will facilitate the financing of our SAF projects, starting with Paris-Vatry. One of the most crucial challenges in securing financing for SAF production facilities is the ability to obtain offtake contracts that guarantee the purchase of SAF at a stable, price for periods exceeding five years. The key advantage provided by ATOBA is that it offers this guarantee while significantly reducing risks and commitments for airline clients. This will facilitate and accelerate their engagement in SAF procurement. As such, it is a win-win model for all stakeholders and we are extremely pleased that ATOBA has identified us as a strategic and unique player in the SAF ecosystem”, said Haffner Energy co-founder and CEO Philippe Haffner.

    Indeed, the SAF market is facing challenges in expanding at the rate demanded by environmental needs and regulatory mandates. While producers need long-term, stable pricing contracts to amortize their investments, airlines seek assurance of optimum market prices in the context of a still-immature industry with diverse competing technologies. This conflict of expectations currently hinders the development of SAF production projects, and ATOBA’s unique business model brings the solution.

    We are delighted to launch an offtake agreement with Haffner Energy, a company that has demonstrated for decades the quality and robustness of its biomass transformation technological and industrial solutions. Haffner Energy plays a key role in unlocking second-generation feedstocks, which are essential for both Alcohol-to-Jet and Gas Fischer-Tropsch SAF pathways. At ATOBA, we strongly believe that a variety of technologies and pathways are required to meet our aviation decarbonization targets, as the best production route and feedstock depend on the specific regional characteristics. Having Haffner Energy in our portfolio of SAF producers is an essential brick in our aggregation strategy, reinforcing our ability to provide diversified, reliable, and scalable SAF solutions to the market”, highlighted ATOBA Energy co-founder and CEO Arnaud Namer.

    Also based in France, ATOBA uniquely unlocks the SAF financial stalemate through its upstream and downstream SAF offtake portfolio management. By offtaking from diversified producers and technologies like Haffner Energy, ATOBA mitigates technological and pricing risks associated with the various SAF production pathways, and enables the closing of long-term offtake agreements among airlines, jet-fuel distributors, SAF producers, and financial institutions, which are essential for scaling the industry.

     

    About Haffner Energy

    Haffner Energy designs, manufactures, supplies, and operates biofuel and hydrogen solutions using biomass residues. Its innovative, patented thermolysis technology produces Logo Blue ATOBA Energy – small Sustainable Aviation Fuel, as well as renewable gas, hydrogen, and methanol. The company also contributes to regenerating the planet through the co-production of biogenic CO2 and biochar. A family-owned company co-founded 32 years ago by Marc and Philippe Haffner, Haffner Energy has been working from the outset to decarbonize industry and all forms of mobility, as well as governments and local communities. Further information is available at www.haffner-energy.com.

     

    About ATOBA Energy

    ATOBA is the midstream Sustainable Aviation Fuel (SAF) aggregator focused on accelerating the aviation industry’s energy transition through solving the financial dilemma between airlines and producers. ATOBA provides long-term SAF contracts to airlines and jet-fuel resellers at optimized market SAF pricing indexes. The company brings high security and competitiveness to the SAF supply chain for its airline partners via offtake from diversified producers and technologies, as well as best-in-class sector expertise. Simultaneously, ATOBA’s aggregation strategy allows the SAF industry to scale by providing producers with long-term offtake agreements that support their Final Investment Decisions for their  SAF production plants. Further information is available at www.atoba.energy

     

    Media relations

    Haffner Energy laetitia.mailhes@haffner-energy.com  tel. +33 (0)6 07 12 96 76

     ATOBA Energy press@atoba.energy  tel. +33 (0)6 11 65 92 74

    Investor relations

    Haffner Energy investisseurs@haffner-energy.com 

    ATOBA Energy investors@atoba.energy tel. +1 310 874 7871    

     

    Attachment

    The MIL Network

  • MIL-OSI Economics: ACP Announces 2025 Board of Directors

    Source: American Clean Power Association (ACP)

    Headline: ACP Announces 2025 Board of Directors

    WASHINGTON, D.C., February 20, 2025 — The American Clean Power Association (ACP), the clean energy industry’s leading trade organization, has announced its new 2025 Officers, Board of Directors, and Executive Committee.  
    ACP’s new Board features executives from diverse industries investing in America, including leaders across solar, storage, offshore and land-based wind, clean hydrogen, and transmission, as well as manufacturers, financial firms, utilities, construction companies, and developers. 
    “After many years with the organization, I am honored to now serve as ACP Board Chair and eager to tackle the challenges facing the renewable energy industry,” said Laura Beane, ACP Board Chair and President of Vestas North America. “Our nation requires an all-of-the-above energy approach to drive development, strengthen U.S. energy dominance, and create generational jobs for Americans across the country. I believe this Board is well-equipped to deliver solutions that will advance our priorities and accelerate domestic energy growth to meet the surge in demand.”   
    The new Board and Officers were approved at ACP’s February Board meeting and will serve a one-year term. They include:   
    Chair: Laura Beane, President, Vestas North America    
    Chair-Elect: David Carroll, Chief Renewables Officer, ENGIE North America 
    Treasurer: Brian Van Abel, Executive Vice President and Chief Financial Officer, Xcel Energy  
    Secretary: David Hardy, Global Chief Commercial Officer, GE Vernova Wind 
    “During a period of rapid demand growth and a push for American energy dominance, leadership in the energy industry has never been more consequential. The 2025 ACP Board represents a wide-ranging group of strong leaders who are meeting the moment,” said ACP CEO Jason Grumet. “Harnessing America’s diverse energy resources is essential to our national security and global power. The ACP Board encourages collaboration across all energy sectors and will drive the policies and innovations needed to contribute to an all-of-the-above energy strategy, strengthen our economy, and secure America’s energy future.” 
    The ACP Board has also selected a new Executive Committee. Along with the Officers, the committee will include executives from these clean energy-focused companies: 
    AES Clean Energy: Kleber Costa, Chief Commercial Officer 
    Array Technologies: Kevin Hostetler, Chief Executive Officer 
    Avangrid Renewables: Puneet Verma, Vice President, Federal Government Affairs 
    BHE Renewables: Alicia R. Knapp, President and CEO 
    Dominion Energy: Mark Mitchell, SVP of Project Construction 
    ENGIE North America: David Carroll, Chief Renewables Officer 
    Fluence: John Zahurancik, President Americas 
    Form Energy: Mateo Jaramillo, CEO and Co‐Founder 
    GE Vernova Wind: David Hardy, Global Chief Commercial Officer 
    Grid United: Alistair Vickers, Chief Operating Officer 
    Intersect Power: Sheldon Kimber, CEO, Founder 
    Invenergy: Jim Murphy, President & Co-Founder 
    ITC Holdings Corp.: Krista Tanner, President 
    LS Power: Paul Segal, Chief Executive Officer 
    NextEra Energy Resources, LLC: Philip A. Musser, Vice President – Head of Government Affairs 
    Southern Power: John L. Pemberton, Senior Vice President, Chief Compliance Officer & General Counsel 
    Vestas North America: Laura Beane, President 
    Xcel Energy: Brian Van Abel, EVP & CFO 
    Ex Officio Roles 
    HASI: Susan D. Nickey, Executive Vice President & Chief Client Officer 
    Ørsted Wind Power North America LLC: Amanda Dasch, CEO Region Americas 
    The 2025 ACP Board of Directors also includes:  
    American Electric Power: Greg Hall, Executive Vice President & Chief Commercial Officer 
    Apex Clean Energy Inc.: Ken Young, President and Chief Executive Officer 
    Clearway Energy Group: Craig Cornelius, President and CEO 
    Cypress Creek Renewables LLC: Sarah Slusser, CEO 
    EDF Renewables North America: Tristan Grimbert, President & Chief Executive Officer 
    EDP Renewables North America LLC: Sandhya Ganapathy, CEO 
    energyRe: Miguel Prado, Chief Executive Officer 
    Eolian: Stephanie Smith, COO 
    Equinor: Molly Morris, President, Renewables Americas 
    Leeward Renewable Energy, LLC: Jason Allen, Chief Executive Officer 
    LG Vertech: Jaehong Park, President and CEO 
    MasTec Inc.: Jose Mas, CEO 
    Mortenson: Mark Donahue, Executive Vice President 
    Nextracker: Dan Shugar, Founder and CEO 
    Nordex Group: Manav Sharma, Chief Executive Officer – North America 
    Pattern Energy Group Services, LP: Hunter Armistead, Chief Executive Officer 
    Pine Gate Renewables: Ben Catt, CEO 
    Quanta Services: B.J. Ducey, President of Strategic Operations 
    RWE Clean Energy: Andrew Flanagan, CEO 
    Shell New Energies US LLC: Nick Lincon, VP Onshore Renewables North America & President, Savion 
    SOLV Energy: George Hershman, Chief Executive Officer 
    TPI Composites, Inc.: Bill Siwek, President and CEO 
    WECS Renewables: Theresa Eaton, CEO, Chair & Owner 
    Xcel Energy: Brian Van Abel, EVP & CFO 

    MIL OSI Economics

  • MIL-OSI Security: Houston Resident Pleads Guilty to Laundering Proceeds From $40 Million Fraud Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime News

    HOUSTON – A 43-year-old man has admitted to laundering proceeds from a large-scale bank fraud scheme, announced U.S. Attorney Nicholas J. Ganjei.

    Bun Khath admitted that from 2016 to 2021, he conspired with others in a bank fraud scheme involving dozens of loans totaling at least $40 million in fraudulent loan proceeds.  

    As part of the plea, Khath acknowledged opening and maintaining shell companies and bank accounts to collect money from the scheme and then laundering the fraud proceeds by wiring them to bank accounts other co-conspirators controlled.

    Khath and others accomplished the bank fraud by preparing loan applications that contained false and fraudulent information and documents, including fake equipment sales invoices, income tax returns and financial and bank statements.

    U.S. District Keith Ellison will impose sentencing April 29. At that time, Khath faces up to 10 years in federal prison and a $250,000 possible fine or twice the amount involved in the transaction.  

    He was permitted to remain on bond pending that hearing.

    Another Houston resident charged in the case – Hugo Villanueva, 70, – is considered a fugitive, and a warrant remains outstanding for his arrest. Anyone with information about his whereabouts is asked to contact the FBI at 713-693-5000.

    The Federal Housing Finance Agency-Office of Inspector General (OIG), IRS-Criminal Investigation, FBI and Federal Deposit Insurance Corporation-OIG conducted the investigation. Assistant U.S. Attorney Belinda Beek is prosecuting the case.

    MIL Security OSI

  • MIL-OSI: Coface : 2024 results: net income at €261.1m, up 8.6%, and proposed dividend at €1.40

    Source: GlobeNewswire (MIL-OSI)

    2024 results: net income at €261.1m, up 8.6%, and proposed dividend at €1.40

    Paris, 20 February 2025 – 17.35

    • Turnover: €1,845m, down -0.6% at constant FX and perimeter and down -1.3% on a reported basis
      • Trade credit insurance revenue decreased by -2.2% at constant exchange rates, with slightly positive customer activity in Q4-24
      • Client retention is still high at 92.3% but down slightly from 2023 records; pricing remained negative at -1.4%, in line with historical trends
      • Business information once again recorded double-digit growth (+16.3% at constant FX); factoring stabilised at +0.3% with solid growth in Q4-24
    • Net loss ratio at 35.2%, improved by 2.5 ppts; net combined ratio at 65.5%, up 1.2 ppt
      • Gross loss ratio at 33.4%, improved by 2.4 ppts with still high opening year reserving and high reserve releases
      • Net cost ratio increased by 3.6 ppts to 30.2%, reflecting slightly lower revenues and continued investment, in line with our strategy
      • Net combined ratio in Q4-24 at 68.7%, up 9.7 ppts due to a higher net cost ratio and a very low combined ratio in Q4-23 (59.0%)
    • Net income (group share) of €261.1m, up +8.6%, of which €53.4m in Q4-24, the highest annual figure since the adoption of IFRS 17. Annualised RoATE1at 13.9%
    • Coface continues to be backed by a solid balance sheet:
      • Estimated solvency ratio at ~196%2, above the upper end of target range (155% to 175%)
      • Proposal to distribute3 a dividend per share of €1.40 representing an 80% pay-out ratio
      • Earnings per share reached €1.75
    • Coface signed the acquisition of Cedar Rose, strengthening its capabilities in information services in the Middle East and Africa
    • Gonzague Noël has been appointed as Group Chief Operating Officer (COO)

    Unless otherwise indicated, change comparisons refer to the results as at 31 December 2023

    Xavier Durand, Coface’s Chief Executive Officer, commented:
    “2024 was marked by the launch of our Power the Core strategic plan which is deliberately focused on innovation.
    In an environment characterised by weak economic growth, a decrease of our clients’ activity and an increase in the number of bankruptcies, the discipline of our underwriting enabled us to contain the increase in the combined ratio, which rose moderately to 65.5%. Finally, we benefited from the repositioning of our investment portfolio to achieve a return on average tangible equity of 13.9%, above our mid-cycle targets. The net income of €261m marked the highest level since the transition to IFRS 17.
    All these achievements would not have been possible without the engagement of our employees.
    These good results and solid solvency ratio of 196% allow us to propose the payment of a dividend of €1.40 per share to the Shareholders’ meeting.”

    Key figures at 31 December 2024

    The Board of Directors of COFACE SA approved the consolidated financial statements at 31 December 2024 at its meeting of 20 February 2025. The Audit Committee at its meeting on 18 February 2025 also previously reviewed them. Accounts are non-audited, certification is in progress.

    Income statements items in €m 2023 2024 Variation % ex. FX*
    Insurance revenue 1,559.1 1,512.9 (3.0)% (2.2)%
    Services revenue 309.2 331.9 +7.4% +7.4%
    REVENUE 1,868.2 1,844.8 (1.3)% (0.6)%
    UNDERWRITING INCOME/LOSS AFTER REINSURANCE 395.4 368.7 (6.8)% (5.3)%
    Investment income, net of management expenses, excluding finance costs 12.4 91.7 638.0% 595.7%
    Insurance Finance Expenses (40.0) (42.5) 6.4% 12.9%
    CURRENT OPERATING INCOME 367.9 417.9 +13.6% +12.8%
    Other operating income / expenses (5.0) (8.6) 74.5% 74.2%
    OPERATING INCOME 362.9 409.2 +12.8% +12.0%
    NET INCOME (GROUP SHARE) 240.5 261.1 +8.6% +6.3%
             
    Key ratios 2023 2024 Variation
    Loss ratio net of reinsurance 37.7% 35.2% (2.5)% ppts
    Cost ratio net of reinsurance 26.6% 30.2% 3.6% ppts
    COMBINED RATIO NET OF REINSURANCE 64.3% 65.5% 1.2% ppt
             
    Balance sheet items in €m 2023 2024 Variation
    Total equity (group share) 2,050.8 2,193.6 +7.0%
    Solvency ratio 199% 196%1         -3 ppt

    * Also excludes scope impact

    1This estimated solvency ratio constitutes a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.

    1.   Turnover

    In 2024, Coface recorded a consolidated turnover of €1,844.8 million, down by -0.6% at constant FX and perimeter compared to 2023. As reported (at current FX and perimeter), turnover was down -1.3%.

    Revenue from insurance activities (including bonding and Single Risk) fell -2.2% at constant FX and perimeter, although the year ended on a slightly more positive note (Q4-24 revenue from insurance activities rose +3.7% and total revenue increased +4.3%). Client retention remains high at 92.3% (but down from the record level in 2023), in a competitive market where Coface implemented risk mitigation plans that impacted renewals at the beginning of the year. New business rose to €126m, up €9m compared to 2023 driven by an increase in demand and the positive effects of investments for growth, mainly in the mid-market segment.

    Client activity grew modestly at 0.5%, below the historical average with an improvement in Q4-24 (+0.4%). Over the year, the decline in activity in the metals sector, with lower prices, partially offset the positive trend in the agri-food sector. The price effect remained negative at -1.4% in 2024 (vs. -1.9% in 2023), in line with long-term trends.

    Turnover from non-insurance activities was up +8.2% compared to 2023. Factoring turnover stabilised at +0.3% with a positive Q4-24 that reversed the full-year trend. Information services turnover rose +16.3%. Fee and commission income (debt collection commissions) increased by +19.6%, from a low base, due to the increase in claims to be collected and investments made in third-party debt collection. Commissions were up +6.6%.

    Total revenue – in €m
    (by country of invoicing)
    2023 2024 Variation % ex. FX4
    Northern Europe 379.6 362.2 (4.6)% (4.6)%
    Western Europe 380.1 391.8 +3.1% +0.4%
    Central & Eastern Europe 177.1 173.8 (1.9)% (3.2)%
    Mediterranean & Africa 526.3 538.5 +2.3% +5.6%
    North America 171.8 176.6 +2.7% (6.4)%
    Latin America 100.3 77.7 (22.5)% +4.0%
    Asia-Pacific 133.1 124.3 (6.6)% (7.1)%
    Total Group 1,868.2 1,844.8 (1.3)% (0.6)%

    In Northern Europe, turnover was down by -4.6% at constant and current FX, due to the selective non-renewal of some loss-making policies at the beginning of the year, despite the stabilisation of client activity in Q4-24.

    In Western Europe, turnover increased by +0.4% at constant FX (+3.1% at current FX and perimeter following the integration of certain African countries in the first half of the year) thanks to a sharp increase in information services sales (+30.3%) combined with a better Q4-24 in credit insurance under the effect of significant business catch-up.

    In Central and Eastern Europe, turnover fell -3.2% at constant FX (-1.9% at current FX) due to the decline in client activity, which weighed on credit insurance, despite a high client retention rate. Factoring was down -1.0% at constant exchange rates.

    In the Mediterranean and Africa region, which is driven by Italy and Spain, turnover rose +5.6% at constant FX and +2.3% at current FX driven by robust sales in credit insurance and services and a stronger economic environment.

    In North America, turnover was down -6.4% at constant FX but increased by +2.7% at current FX due to the integration of Mexico in this scope. The region saw a slowdown in client activity despite higher retention and a fairly strong economic environment.

    In Latin America, turnover rose +4.0% at constant FX but fell -22.5% at current FX. The region is benefiting from a recovery in client activity after 2023 was dominated by risk prevention actions. However, the transfer of Mexico to the North America region had a negative impact.

    In Asia-Pacific, turnover decreased by -7.1% at constant FX and -6.6% at current FX. This lower turnover was due to a slowdown in client activity that robust sales were unable to offset and selective non-renewal of certain policies.

    2.   Result

    • Combined ratio

    The annual combined ratio net of reinsurance was 65.5% in 2024, up 1.2 ppt year on year.

    (i)  Loss ratio

    The gross loss ratio stood at 33.4%, a 2.4 ppts improvement on the previous year. This improvement reflects both the gradual normalisation of the loss experience, offset by rising reserve releases. The amount of claims recorded is now higher than in 2019. The total number of claims decreased, offset by an increase in the number of mid-sized claims.

    The Group’s provisioning policy remained unchanged. The amount of provisions related to the underwriting year, although discounted, reflects the increase in the claims frequency. Strict management of past claims enabled the Group to record 51.9 ppts of recoveries.

    The net loss ratio improved to 35.2%, down 2.5 ppts compared to 2023.

    (ii)  Cost ratio

    Coface is pursuing a strict cost management policy and is continuing to invest, in line with its Power the Core strategic plan. As a result, over the full year 2024, costs rose by +5.5% at constant FX and perimeter, and by +5.3% at current FX.

    The cost ratio before reinsurance was 33.7%, up 2.2 ppts year on year. This rise was mainly due to the decline in revenues (1.0 ppt), embedded cost inflation (1.5 ppt) and ongoing investments (1.5 ppt). In contrast, the improved product mix (information services, debt collection and fee and commission income) had a positive effect. High reinsurance commissions explain the remainder of the variation.

    • Financial result

    Net financial income for 2024 was €91.7m, up sharply compared to 2023. This figure includes capital gains of +€11.4m, which more than offset negative market value adjustments on investments of -€2.9m. The FX effect remained slightly negative at -€2.7m but improved significantly compared to 2023, which was marked by the accounting effect of IAS 29 (hyperinflation) in Turkey and Argentina as well as the sharp devaluation of the Argentine peso.

    The portfolio’s current yield (i.e. excluding capital gains, depreciation and FX impact) was €96.6m, of which €25.7m in Q4-24. The accounting yield5, excluding capital gains and fair value effect, was 2.9% for 2024. The yield on new investments made year-to-date was 4.1% and fell in Q4-24 in line with the trend in market rates.

    Insurance Finance Expenses (IFE) stood at €42.5m (€40.0m in 2023).

    • Operating income and net income

    Operating income amounted to €409.2m in 2024, up +12.0% at constant FX.

    The effective tax rate was 29% for the year (vs. 27% in 2023), including the impact of Pillar 2 (global minimum tax).

    In total, net income (group share) was €261.1m, up +8.6% compared to 2023.

    3.   Shareholders’ equity

    At 31 December 2024, Group shareholders’ equity stood at €2,193.6m, up €142.8m or +7.0% (€2,050.8m at 31 December 2023).

    These changes are mainly due to the positive net income of €261.1m and the dividend payment of -€194.3m. Other items include changes in unrealised capital gains for €72.0m.

    The annualised return on average tangible equity (RoATE) was 13.9%, up 0.5 ppt mainly due to the improvement in financial income, which more than offset the decrease in underwriting income (decline in net premiums and slight increase in the combined ratio).

    The solvency ratio reached 196%6, representing a decrease of 3 ppts compared to FY-23. It remains well above the upper end of the target range (155%-175%).

    Coface will propose €1.40 dividend per share at the Shareholders’ meeting, corresponding to a payout ratio of 80%7, in line with its capital management policy.

    4.   Outlook

    Once again, the global economy experienced modest growth in 2024 (2.7%), in line with Coface’s forecasts and still driven being by the United States. The electoral calendar, which involved an unprecedented number of countries, delivered generally unsurprising outcomes, with some exceptions.

    For 2025, Coface is forecasting growth identical to that of 2024 at 2.7%. Further downgrades to European growth are likely to be offset by the good performance of the United States, while political risk remains. Donald Trump’s return to power seems to have been welcomed by economic circles so far, raising hopes of deregulation, which is stimulating in the short term but often carries longer-term risks. The announced introduction of tariffs for many countries is also a destabilising factor for global trade.

    Against this backdrop, Coface is anticipating a continued rise in bankruptcies, as businesses are caught between depleted levels of cheap financing and sluggish growth. Coface and its teams will continue to support their clients in this still uncertain environment.

    At the end of 2024, client activity finally posted a slightly positive performance after several quarters of decline. This slight rebound may give hope that the post-Covid decline in client activity has come to an end. In 2025, Coface will continue to implement its Power the Core strategic plan, which aims to develop a leading global ecosystem in credit risk management.

    5.   Governance evolution

    In the Executive Committee:

    • As of February 1st, 2025, Carole Lytton leads the Specialties Businesses, in addition to her role as General Secretary. She takes over from Antonio Marchitelli who decided to leave and take another appointment outside Coface after many years of dedication to the Group.
    • As of February 3rd, Gonzague Noël has been appointed as Group Chief Operating Officer (COO). He takes over Declan Daly, joins the Group executive committee and reports to Xavier Durand, Coface CEO.

    Conference call for financial analysts

    Coface’s results for FY-2024 will be discussed with financial analysts during the conference call on Thursday, 20 February 2025 at 18.00 (Paris time). Dial one of the following numbers:

    The presentation will be available (in English only) at the following address:
    http://www.coface.com/Investors/financial-results-and-reports

    Income statements items in €m
    Quarterly figures
    Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24   % %
    ex. FX*
    Insurance revenue 395.3 407.8 384.7 371.3 378.6 375.6 375.9 382.7   +3.1% +3.7%
    Other revenue 79.8 76.8 73.4 79.2 85.0 83.4 78.0 85.5   +8.0% +7.6%
    REVENUE 475.1 484.5 458.1 450.4 463.7 459.1 453.8 468.3   +4.0% +4.3%
    UNDERWRITING INCOME (LOSS)
    AFTER REINSURANCE
    95.3 103.5 91.2 105.4 100.3 94.7 88.8 84.9   (19.5)% (17.9)%
    Investment income, net of management expenses, excluding finance costs (2.6) 4.0 13.0 (2.0) 17.9 22.8 19.0 31.9   (1667)% (1568)%
    Insurance Finance Expenses (2.4) (12.3) (15.4) (9.9) (11.4) (6.7) (7.3) (17.1)   +73.3% +77.9%
    CURRENT OPERATING INCOME 90.4 95.2 88.9 93.5 106.8 110.9 100.5 99.7   +6.7% +7.9%
    Other operating income / expenses (0.3) (0.4) (0.2) (4.0) (0.1) (0.5) (2.6) (5.5)   +38.3% +36.4%
    OPERATING INCOME 90.0 94.8 88.6 89.5 106.8 110.4 97.9 94.2   +5.2% +6.6%
    NET INCOME (GROUP SHARE) 61.2 67.7 60.9 50.8 68.4 73.8 65.4 53.4   +5.1% +4.9%
    Income tax rate 25.5% 21.9% 24.2% 36.0% 27.2% 26.8% 25.5% 36.2%   +0.2 ppt

    Appendices

    Quarterly results

    Cumulated results*

    Income statements items in €m
    Cumulated figures
    Q1-23 H1-23 9M-23 2023 Q1-24 H1-24 9M-24 2024   % %
    ex. FX*
    Insurance revenue 395.3 803.1 1,187.8 1,559.1 378.6 754.3 1,130.2 1,512.9   (3.0)% (2.2)%
    Other revenue 79.8 156.6 230.0 309.2 85.0 168.5 246.4 331.9   +7.4% +7.4%
    REVENUE 475.1 959.7 1,417.8 1,868.2 463.7 922.7 1,376.6 1,844.8   (1.3)% (0.6)%
    UNDERWRITING INCOME (LOSS)
    AFTER REINSURANCE
    95.3 198.8 290.0 395.4 100.3 195.0 283.8 368.7   (6.8)% (5.3)%
    Investment income, net of management expenses, excluding finance costs (2.6) 1.4 14.5 12.4 17.9 40.8 59.8 91.7   +638.0% +595.7%
    Insurance Finance Expenses (2.4) (14.7) (30.1) (40.0) (11.4) (18.1) (25.4) (42.5)   +6.4% +12.9%
    CURRENT OPERATING INCOME 90.4 185.5 274.4 367.9 106.8 217.7 318.2 417.9   +13.6% +12.8%
    Other operating income / expenses (0.3) (0.7) (0.9) (5.0) (0.1) (0.5) (3.1) (8.6)   +74.5% +74.2%
    OPERATING INCOME 90.0 184.8 273.4 362.9 106.8 217.2 315.1 409.2   +12.8% +12.0%
    NET INCOME (GROUP SHARE) 61.2 128.8 189.7 240.5 68.4 142.3 207.7 261.1   +8.6% +6.3%
    Income tax rate 25.5% 23.7% 23.8% 26.8% 27.2% 27.0% 26.5% 28.7%   +1.9 ppt  

    * Also excludes scope impact

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)

    Q1-2025 results: 5 May 2025 (after market close)
    Annual General Shareholders’ Meeting: 14 May 2025
    H1-2025 results: 31 July 2025 (after market close)
    9M-2025 results: 3 November 2025 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2023 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

      Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

    www.coface.com

    COFACE SA is listed in Compartment A of Euronext Paris
    ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2023 Universal Registration Document filed with AMF on 5 April 2024 under the number D.24-0242 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.


    1RoATE = Return on average tangible equity
    2This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.
    3The distribution proposal will be submitted to the Shareholders’ Meeting to be held on 14 May 2025.
    4 Also excludes scope impact
    5 Book yield calculated on the average of the investment portfolio excluding non-consolidated subsidiaries.
    6 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.
    7 The distribution proposal will be submitted to the Shareholders’ Meeting to be held on 14 May 2025.

    Attachment

    The MIL Network

  • MIL-OSI: Coface appoints Gonzague Noël as Group Chief Operating Officer

    Source: GlobeNewswire (MIL-OSI)

    Coface appoints Gonzague Noël as Group Chief Operating Officer

    Paris, 20 February 2024 – 17.35

    Coface announces the appointment of Gonzague Noël as Group Chief Operating Officer. This change is effective as of 3 February 2025. Based in Paris, Gonzague reports to Xavier Durand, Chief Executive Officer of Coface. He replaces Declan Daly, who is pursuing his career outside the Group.

    Previously, Gonzague was Head of Global Business Administration & Strategic Initiatives at HSBC CIB, where he was responsible for optimizing resources and improving efficiency.

    He began his career at GE Healthcare in 2001 before holding various management positions within GE Corporate and GE Capital, overseeing strategic projects, M&A operations and operational transformations in Europe, Asia and America.

    With more than 20 years of international experience, Gonzague brings to Coface solid strategic and operational expertise in the management of large-scale transformation projects.
    Gonzague holds a Master of science (MSc) from Emlyon Business School.

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)

    Q1-2025 results: 5 May 2025 (after market close)
    Annual General Shareholders’ Meeting: 14 May 2025
    H1-2025 results: 31 July 2025 (after market close)
    9M-2025 results: 3 November 2025 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2023 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

      Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    With over 75 years of experience and the most extensive international network, Coface is a leader in Trade Credit Insurance & risk management, and a recognized provider of Factoring, Debt Collection, Single Risk insurance, Bonding, and Information Services. Coface’s experts work to the beat of the global economy, helping ~100,000 clients in 100 countries build successful, growing, and dynamic businesses. With Coface’s insight and advice, these companies can make informed decisions. The Group’ solutions strengthen their ability to sell by providing them with reliable information on their commercial partners and protecting them against non-payment risks, both domestically and for export. In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

    www.coface.com

    COFACE SA is listed in Compartment A of Euronext Paris
    ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2023 Universal Registration Document filed with AMF on 5 April 2024 under the number D.24-0242 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

    Attachment

    The MIL Network