NewzIntel.com

Category: Business

  • MIL-OSI China: China’s commerce ministry urges US to stop wielding tariffs as coercive tool

    Source: China State Council Information Office

    The United States should refrain from wielding the big stick of tariffs and using them as a coercive tool, China’s Ministry of Commerce said on Thursday.

    Ministry spokesperson He Yadong made the remarks in response to a media inquiry about the Unites States’ recent announcement that it will impose “reciprocal tariffs” on its trading partners. “China is deeply concerned about the move,” He said.

    The spokesperson noted that international trade is based on each country’s resource endowments and comparative advantages, and aims to promote global economic growth and enhance the welfare of people worldwide.

    The U.S.-proposed “reciprocal tariffs” violate World Trade Organization rules and disregard the balance of interests established through nearly 80 years of multilateral trade negotiations. The U.S. approach also ignores the significant benefits of international trade that the country has long enjoyed, exemplifying unilateralism and protectionism, he said.

    It will severely damage the multilateral trading system, which relies on principles such as the most-favored-nation principle, and will disrupt global supply chains, he said.

    It will also introduce tremendous uncertainty to normal international economic and trade activities, the spokesperson said, stressing that many countries have explicitly voiced opposition to the U.S. approach.

    “A trade war offers no way out and produces no winners,” he said. “The United States should correct its erroneous practices and work with all countries to find solutions through equal consultation.” 

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Vaccination error being probed

    Source: Hong Kong Information Services

    The Department of Health today said that it is investigating and following up on an incident in which the pneumococcal vaccine was mistakenly administered to two children who were originally scheduled to receive the hepatitis B vaccine at the Tin Shui Wai Maternal & Child Health Centre (MCHC).

    The department has explained and apologised to the parents of the affected children.

    So far, there has been no adverse reaction in the children, and pediatricians have assessed that the incident would not pose a health risk to them.

    In accordance with the regular monitoring mechanism, the Tin Shui Wai MCHC reviewed the vaccination records at the end of the service session on February 17 and found that the number of vaccines administered during the session between 4pm and 5.30pm that day did not correspond to the number of vaccines that should have been administered.

    Seven children should have received the hepatitis B vaccine during the said period.

    Upon review of the number of vaccines administered, it was found that there were two doses of the hepatitis B vaccine left unused and two extra doses of the 15-valent Pneumococcal Conjugate Vaccine (PCV15) that were used. After double-checking the vaccine stock, it was found that two children had been incorrectly immunised with PCV15 during that period.

    A preliminary investigation revealed that the children vaccinated during that period were between one month and seven months old.

    Under the Hong Kong Childhood Immunisation Programme (HKCIP), children receive the first hepatitis B vaccine dose within 24 hours of birth, followed by the second and third doses at one month and six months of age respectively; for PCV15, the first two doses should be administered at two months and four months of age, and a booster dose should be given at 12 months of age.

    The department’s healthcare staff contacted the parents of the seven children to apologise and explain the follow-up action.

    Arrangements have also been made for paediatricians to conduct detailed examinations of the children as soon as possible, to provide them with an additional dose of hepatitis B vaccine at an appropriate time, and to complete three doses of PCV15 vaccinations in accordance with the HKCIP.

    The investigation is ongoing. A preliminary probe indicated that the incident was caused by human error.

    The department has instructed all MCHCs to strengthen the training of frontline staff to ensure that they strictly follow the internal guidelines on checking vaccine and patient information before administering vaccines, and verifying the information with the person accompanying the child for vaccination to prevent the recurrence of similar incidents.

    The department reiterated its sincere apology to those affected. The nursing staff involved in the incident have been suspended from vaccination duties. If any staff misconduct is confirmed, the case will be dealt with in accordance with the established procedures.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Residential energy expenditures have increased with colder weather and higher prices

    Source: US Energy Information Administration

    In-brief analysis

    February 20, 2025

    Residential energy expenditures for homes heating with natural gas and propane for the current winter (November through March) have grown, and now we expect them to total 10% more than last winter. In our initial Winter Fuels Outlook forecasts published in October 2024, we had expected that homes mainly heating with natural gas would spend between 2% less or 7% more this winter than last, depending on weather conditions. As the winter has progressed and energy prices and consumption have increased beyond our initial expectations, we have revised these forecasts upward.

    Each October, we publish a Winter Fuels Outlook with forecasts for energy consumption, prices, and expenditures for U.S. households. We categorize homes based on their main heating fuel: natural gas, electricity, propane, or heating oil. Almost all U.S. homes (96% in 2023) use one of those four fuels as their main heating source.

    In each month from November through March, we update these forecasts based on actual weather and prices and the most recent Short-Term Energy Outlook forecasts for future weather and prices.

    Weather outcomes are a key source of uncertainty in our forecasts, so we provide three sets with different weather assumptions. Retail energy prices—especially for propane and heating oil—are sensitive to actual weather and the resulting effects on energy demand, supply, and wholesale prices.

    Residential propane and heating oil expenditures tend to have wider ranges of uncertainty in our forecasts. By comparison, natural gas and electricity prices tend to lag changes in wholesale prices because of the nature of utility regulation.

    Last month’s cold weather increased energy prices and consumption, both of which increased residential energy expenditures. We use population-weighted heating degree days (HDDs) as an indicator of heating demand, with more HDDs indicating colder weather. A typical January in the United States has 831 HDDs, based on the average of the previous 10 Januarys. However, January 2025 was much colder, with 927 HDDs.

    January’s cold weather increased natural gas consumption and resulted in near-record withdrawals of natural gas from storage. Similarly, U.S. propane inventories—which had been relatively full at the beginning of winter—were drawn down as consumption increased and are now near their previous five-year average. U.S. propane exports are also at record highs, which can also elevate domestic propane prices.

    Wholesale natural gas and propane prices increased in late 2024 and continued to increase in January. In our October 2024 forecast, we had expected wholesale natural gas and propane prices to increase during the winter, but the timing and magnitude of actual price increases were faster and greater than initially forecast.

    We will continue to update our Winter Fuels Outlook forecasts for residential energy consumption concurrently with each monthly update of our Short-Term Energy Outlook.

    Principal contributor: Office of Energy Analysis Staff

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom announces appointments 2.19.25

    Source: US State of California 2

    Feb 19, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Andrew “Andy” Nakahata, of San Francisco, has been appointed Chief Deputy Executive Director and Chief Operating Officer at the California Infrastructure and Economic Development Bank. Nakahata has been Director and Western Region Head of Public Finance at TD Securities LLC since 2024. He was Managing Director and Regional Head of Public Finance for the West Region at UBS Financial Services Inc. from 2017 to 2024. Nakahata was Managing Director and Head of the West Region at the National Public Finance Guarantee Corporation from 2015 to 2017. He was Director and Co-Head of the Higher Education Group at Citigroup from 2010 to 2015. Nakahata was an Executive Director at J.P. Morgan from 2009 to 2010. He was Vice President of Public Sector and Infrastructure Banking at Goldman Sachs & Co. from 1994 to 2010. Nakahata is Treasurer of the Board of Trustees at San Francisco University High School and member of the Board of Directors of Asian Americans in Public Finance. He earned a Master of Business Administration degree from Yale University and a Bachelor of Arts degree in History from Wesleyan University. This position does not require Senate confirmation, and the compensation is $186,876. Nakahata is a Democrat.

    Diane Lydon, of Sacramento, has been appointed Assistant Deputy Director and Northern California Regional Advisor at the Office of the Small Business Advocate. Lydon has been a Business Outreach Manager for the Office of Small Business and Disabled Veteran Business Enterprise Services at the Department of General Services since 2023, where she was previously a Business Outreach Liaison from 2022 to 2023. She was Education and Training Manager at World Trade Center Northern California from 2019 to 2022. Lydon was a Sales and Business Development Manager at Heart Zones Inc. from 2015 to 2019. She was a Marketing Program Manager at Skopre from 2013 to 2015. Lydon was an Olympic Program Manager at Sportsworks Events LTD from 2004 to 2012. She is a member of the Department of General Services Toastmasters. This position does not require Senate confirmation, and the compensation is $123,600. Lydon is a Democrat.

    Brian Lin Walsh, of Rocklin, has been appointed Principal Labor Relations Officer at the California Department of Human Resources. Lin Walsh has been Director of the Administrative Services Division at the California Commission on Teacher Credentialing since 2024. He was Senior Labor Relations Officer at the California Department of Human Resources from 2022 to 2024, and Labor Relations Officer from 2020 to 2022. Lin Walsh was Labor Relations Manager II at the California Department of Motor Vehicles from 2014 to 2020. He earned a Bachelor of Arts degree in Business Administration from the University of Phoenix. The position does not require Senate confirmation, and the compensation is $153,492. Lin Walsh is a Democrat.

    Joseph Tuggle, of Placerville, has been appointed Warden of Folsom State Prison, where he has been serving as Acting Warden since 2024 and was Chief Deputy Administrator from 2023 to 2024. Tuggle was Acting Chief Deputy Administrator at California Medical Facility from 2022 to 2023. He held several positions at Folsom State Prison from 2000 to 2022, including Correctional Administrator, Correctional Captain, Correctional Lieutenant, Correctional Sergeant, and Correctional Officer. Tuggle was a Correctional Officer at Pelican Bay State Prison from 1998 to 2000. This position does not require Senate confirmation, and the compensation is $193,524. Tuggle is a Republican.

    Kelly DeRoss, of Sacramento, has been appointed Labor Relations Officer at the California Department of Human Resources. DeRoss has been Labor Relations Manager II at the California Employment Development Department since 2019. She was Labor Relations Manager I at the California Department of Healthcare Services from 2015 to 2019, where she was previously Labor Relations Specialist from 2013 to 2014. DeRoss held several roles at the California Department of Public Health, including Labor Relations Analyst from 2012 to 2013, Associate Personnel Analyst from 2009 to 2012, and Staff Services Analyst from 2008 to 2009. She earned a Bachelor of Science degree in Anthropology from the University of California, Davis. The position does not require Senate confirmation, and the compensation is $141,144. DeRoss is a Democrat.

    Jennifer Haley, of Rancho Palos Verdes, has been appointed to the California Workforce Development Board. Haley has been President and Chief Executive Officer at Kern Energy since 2018, where she was previously Vice President and General Counsel from 2012 to 2018. She was an Associate at Best Best & Krieger LLP from 2007 to 2012. Haley is the Chair of the California Foundation for Commerce and Education and is a member of the Board of Trustees of the California Science Center Foundation and Board of Directors of the California Chamber of Commerce. She earned a Juris Doctor degree and a Bachelor of Arts degree in History from the University of San Diego. This position does not require Senate confirmation, and the compensation is $100 per diem. Haley is registered with no party preference.

    Amelia Tyagi, of Los Angeles, has been appointed to the California Workforce Development Board. Tyagi has been a Managing Director at Sellside Group since 2024, and an Author since 2003. She was Co-Founder, Chief Executive Officer, and President of Business Talent Group from 2005 to 2023. Tyagi was Vice President and Co-Founder of HealthAllies from 1999 to 2001. She was a Consultant at McKinsey & Co. from 1996 to 1999. Tyagi is the Chairperson of her local chapter of Young Presidents Organization, a member of the Board of Directors of Planned Parenthood of Los Angeles, Fuse Corps, and WildAid and Chairperson Emeritus at Dēmos. She earned a Master of Business Administration degree from University of Pennsylvania and a Bachelor of Arts degree in History from Brown University. This position does not require Senate confirmation, and the compensation is $100 per diem. Tyagi is a Democrat. 

    Press Releases, Recent News

    Recent news

    Feb 19, 2025

    News What you need to know: A court has denied the city of Norwalk’s request to dismiss the state’s lawsuit against the city for its unlawful ban on homeless shelters.  NORWALK — Governor Gavin Newsom issued the following statement in response to a court decision…

    Feb 19, 2025

    News What you need to know: Steve Jobs, a visionary of global scale, has been nominated to represent California on the American Innovation Coin. The coin, which will be minted by the U.S. Mint, highlights U.S. innovations and innovators, including California’s legacy…

    Feb 19, 2025

    News What you need to know: Over the next three years, California will host the NBA All-Star Weekend, X Games, FIFA World Cup, Super Bowl LX & LXI, and the LA28 Olympics & Paralympics in select regions across the state. SACRAMENTO – As the Bay Area wraps up…

    MIL OSI USA News –

  • MIL-OSI USA: California nominates Steve Jobs for its American Innovation Coin, $1 coin to be produced by U.S. Mint

    Source: US State of California 2

    Feb 19, 2025

    What you need to know: Steve Jobs, a visionary of global scale, has been nominated to represent California on the American Innovation Coin. The coin, which will be minted by the U.S. Mint, highlights U.S. innovations and innovators, including California’s legacy as a global hub of innovation.

    Sacramento, California – For California’s American Innovation Coin, Governor Gavin Newsom has recommended world-renowned innovator Steve Jobs. The coin, which will be minted by the U.S. Mint, highlights California’s legacy as a global hub of innovation.

    The American Innovation $1 Coin Program, launched in 2018 by the U.S. Mint, celebrates the spirit of ingenuity that defines America. Each state, territory, and the District of Columbia is honored with creating a unique coin recognizing an innovation or innovator from their region.

    Innovation and California are synonymous, and Steve Jobs encapsulates the unique brand of innovation that California runs on: innovation not driven by business alone, but as a vehicle to forever change the world.

    Governor Gavin Newsom

    This week, Governor’s Office of Business and Economic Development (GO-Biz) Director Dee Dee Myers presented the state’s nomination of Jobs and his legacy to the Citizens Coinage Advisory Committee (CCAC), which will take design recommendations to the Treasury Secretary for final approval. This project is led and facilitated by the U.S. Mint. California’s coin will be produced and made available in 2026.

    Steve Jobs’ legacy of innovation

    Jobs’ legacy spans industries and products: Jobs was the co-founder and CEO of Pixar Animation Studios, bringing to life the world’s first fully computer-animated feature: “Toy Story.” But even that legacy-defining achievement is surpassed by his work as co-founder and two-time CEO of Apple, launching several revolutionary computers, including Apple II – the first mass-produced microcomputer – and Macintosh – the first mass-market personal computer that included a graphic display, so users could see what they were working on. 

    The goal, according to Jobs, was to “bridge the gap between sophisticated technology and ‘the rest of us’ who make up most of humanity…to make complex technology easy to use and fun to use.” That approach led to the iPod, iPhone, and iPad, devices that refined existing technology to make it more precise, more intuitive, and more functional.

    By focusing on who he was innovating for – other people – Jobs was able to use technology to connect people to each other and to the broader world, bringing people onto the same level by providing them with equal access. And that approach was built on a willingness to try new ideas and push the boundaries of what was possible – an approach that embodies the California spirit.

    California has a sense of experimentation about it, and a sense of openness about it—openness and new possibility—that I really didn’t appreciate till I went to other places.

    Steve Jobs

    Press Releases, Recent News

    Recent news

    Feb 19, 2025

    News What you need to know: Over the next three years, California will host the NBA All-Star Weekend, X Games, FIFA World Cup, Super Bowl LX & LXI, and the LA28 Olympics & Paralympics in select regions across the state. SACRAMENTO – As the Bay Area wraps up…

    Feb 19, 2025

    News Survivors of the Park Fire, Franklin Fire, and the recent Palisades and Eaton fires would be eligible for direct mortgage relief What you need to know: Governor Newsom is proposing an over $125 million package that includes disaster mortgage relief for homeowners…

    Feb 19, 2025

    News State continues raising awareness of dangerous drug  What you need to know: California is using a multifaceted approach to tackle illicit fentanyl, including seizing nearly $300 million of illicit fentanyl since 2023 and increasing public education in schools…

    MIL OSI USA News –

  • MIL-OSI: XBP Europe Selected for AGIRC-ARRCO’s Digital Transformation Framework

    Source: GlobeNewswire (MIL-OSI)

    PARIS, Feb. 20, 2025 (GLOBE NEWSWIRE) — XBP Europe Holdings, Inc. (“XBP Europe” or “the Company”) (NASDAQ: XBP), a pan-European integrator of bills, payments, and related solutions and services seeking to enable the digital transformation of its clients, announced today that its French subsidiary has been selected as a supplier on a large-scale framework for sourcing data processing and payments services. The AGIRC-ARRCO framework is estimated to be in excess of a cumulative total of €25 million for all suppliers.

    AGIRC-ARRCO manages a compulsory supplementary pension scheme for private-sector employees in France. This is achieved via a confederation structure involving multiple member pension funds. The fund collects contributions from 27 million employees and 1.8 million companies, paying out €90 billion each year, making AGIRC-ARRCO a crucial service provider in the French pension system.

    AGIRC-ARRCO has selected XBP Europe France, along with three other suppliers, to support pension applications and administrative services relating to pension contributions. XBP Europe intends to compete for multiple projects within the framework, aiming to deploy its state-of-the-art IDP/TTY, workflow solutions, and Digital Mailroom platforms.

    “Our participation in the AGIRC-ARRCO framework reinforces XBP Europe’s position as a trusted partner for digital transformations. We are proud to support AGIRC-ARRCO and its members with our expertise in data digitisation and workflow automation, ensuring efficiency, accuracy, and operational excellence,” said Vitalie Robu, President at XBP Europe.

    About XBP Europe

    XBP Europe is a pan-European integrator of bills, payments and related solutions and services seeking to enable digital transformation of its more than 2,000 clients. The Company’s name – ‘XBP’ – stands for ‘exchange for bills and payments’ and reflects the Company’s strategy to connect buyers and suppliers, across industries, including banking, healthcare, insurance, utilities and the public sector, to optimize clients’ bills and payments and related digitization processes. The Company provides business process management solutions with proprietary software suites and deep domain expertise, serving as a technology and services partner for its clients. Its cloud-based structure enables it to deploy its solutions across the European market, along with the Middle East and Africa. The physical footprint of XBP Europe spans 15 countries and 32 locations and a team of approximately 1,500 individuals. XBP Europe believes its business ultimately advances digital transformation, improves market wide liquidity by expediting payments, and encourages sustainable business practices. For more information, please visit: www.xbpeurope.com.

    Forward-Looking Statements
    This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act, including certain financial forecasts and projections. All statements other than statements of historical fact contained in this press release, including statements as to future results of operations and financial position, revenue and other metrics planned products and services, business strategy and plans, objectives of management for future operations of XBP Europe, market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by XBP Europe and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against XBP Europe or others and any definitive agreements with respect thereto; (2) the inability to meet the continued listing standards of Nasdaq or another securities exchange; (3) the risk that the business combination disrupts current plans and operations of XBP Europe and its subsidiaries; (4) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of XBP Europe and its subsidiaries to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (5) costs related to the business combination; (6) changes in applicable laws or regulations; (7) the possibility that XBP Europe or any of its subsidiaries may be adversely affected by other economic, business and/or competitive factors; (8) risks related to XBP Europe’s potential inability to achieve or maintain profitability and generate cash; (9) the impact of the COVID-19 pandemic, including any mutations or variants thereof, and its effect on business and financial conditions; (10) volatility in the markets caused by geopolitical and economic factors; (11) the ability of XBP Europe to retain existing clients; (12) the potential inability of XBP Europe to manage growth effectively; (13) the ability to recruit, train and retain qualified personnel, and (14) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Annual Reports on Form 10-K filed on April 1, 2024 and, our subsequent quarterly reports on Form 10-Q and our current reports on Form 8-K as filed with the Securities and Exchange Commission (the “SEC”). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. Readers should not place undue reliance on forward-looking statements, which speak only as of the date they are made. XBP Europe gives no assurance that either XBP Europe or any of its subsidiaries will achieve its expected results. XBP Europe undertakes no duty to update these forward-looking statements, except as otherwise required by law.

    For more XBP Europe news, commentary, and industry perspectives, visit: https://www.xbpeurope.com/
    And please follow us on social:
    X: https://X.com/XBPEurope
    LinkedIn: https://www.linkedin.com/company/xbp-europe/

    The information posted on XBP Europe’s website and/or via its social media accounts may be deemed material to investors. Accordingly, investors, media and others interested in XBP Europe should monitor XBP Europe’s website and its social media accounts in addition to XBP Europe’s press releases, SEC filings and public conference calls and webcasts.

    Investor and/or Media Contacts:
    investors@xbpeurope.com

    The MIL Network –

  • MIL-OSI: FLYR Appoints Steven Berns as Chief Financial and Administrative Officer

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Feb. 20, 2025 (GLOBE NEWSWIRE) — FLYR, the technology company that unlocks freedom to innovate for the travel industry, today announced the appointment of Steven Berns as its new Chief Financial and Administrative Officer. Steven joins FLYR with extensive experience as a finance and operating executive driving profitable growth at companies across multiple sectors.

    Steven comes to FLYR with proven capabilities in leading transformative financial and operational initiatives including as CFO & COO at TripleLift and Shutterstock. His prior experience includes executive leadership roles at Revlon, Tribune Publishing and Tribune Media, each of which he led through successful IPOs. Steven currently serves on the Board of Directors of Tradeweb Markets Inc. (NASDAQ: TW), where he is the Chair of the Audit Committee. At FLYR, Steven will bring his wealth of experience to support FLYR’s mission to free airlines from legacy technology and bring more innovation into the travel industry.

    “We’re thrilled to have Steven join the team,” said Alex Mans, Founder and CEO of FLYR. “His extensive cross-industry expertise will be instrumental in accelerating our growth trajectory. Steven’s proven track record in improving operational efficiency and effectiveness comes at a pivotal moment, as we work to revolutionize how airlines and travelers interact with technology.”

    “The travel industry is at a pivotal moment of transformation, and FLYR is uniquely positioned to lead this change,” said Steven Berns, CFO and CAO of FLYR. “I’m proud to join a team of innovators combining cutting-edge technology with a clear vision for revolutionizing how airlines operate. I look forward to building upon FLYR’s strong financial foundation so we can continue to unlock the freedom to innovate within the travel industry.”

    At FLYR, Steven will oversee FLYR’s operational growth and enhance internal efficiencies as the company scales. For more information on FLYR, please visit FLYR.com.

    About FLYR
    FLYR is a technology company that unlocks freedom to innovate for the travel industry – eliminating legacy constraints to enable real-time decision making and create the experiences travelers seek. Cloud native, FLYR leverages technologies including deep learning, an advanced form of AI. FLYR is helping airlines and hospitality businesses around the globe improve revenue performance, reduce cost, and modernize their e-commerce experience. Learn more at flyr.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3842ef41-925a-4e29-8bbe-d4b4aaef077c

    The MIL Network –

  • MIL-OSI China: China doubles down on boosting appeal to foreign investment

    Source: People’s Republic of China – State Council News

    A policy briefing on expanding high-standard opening up and ensuring foreign investment stability in 2025 is held by the State Council Information Office in Beijing, capital of China, Feb. 20, 2025. [Photo/Xinhua]

    BEIJING, Feb. 20 — Amid simmering global trade tensions and a surge in protectionism, China is ramping up efforts to expand high-standard opening up and reinforce its appeal to foreign investment, providing the much-needed certainty and opportunity to global businesses.

    From unveiling a comprehensive action plan to attract foreign investment to further easing market access restrictions for investment, China is leveraging its vast domestic market, dynamic innovation and long-term economic resilience to cement its status as a magnet for foreign investment.

    GREATER APPEAL

    “Foreign investment has been a witness and contributor to, as well as beneficiary of China’s reform and opening up,” Ling Ji, vice minister of commerce and deputy China international trade representative, said Thursday at a press conference.

    According to Ling, foreign-invested enterprises now contribute nearly 7 percent of China’s employment, one-seventh of tax revenue and about one-third of its imports and exports.

    Multinationals are optimistic about the long-term prospects of investing in China and have a strong willingness to expand their presence in the country, Zhu Bing, an official with the Ministry of Commerce, said at the press conference.

    Although the foreign direct investment (FDI) in the Chinese mainland remained subdued amid a global downturn, signs of improvement have started to emerge. FDI in the Chinese mainland in actual use totaled 97.59 billion yuan (about 13.61 billion U.S. dollars) in January, up 27.5 percent from the previous month.

    In terms of source countries, FDI from the United Kingdom, the Republic of Korea, the Netherlands and Japan surged 324.4 percent, 104.3 percent, 76.1 percent and 40.7 percent, respectively, last month.

    With vast business opportunities and dynamic innovation, the Chinese market has always been a top priority for multinationals, Zhu said, adding that China, as always, welcomes businesses from all countries to continue increasing investment in China and sharing its development opportunities.

    STRONGER SUPPORT

    Despite rising trade protectionism and geopolitical tensions, China has stayed committed to expanding high-standard opening up and fostering a business environment that is market-oriented, law-based and internationalized.

    Amid the country’s latest efforts to encourage foreign investment, a new action plan was unveiled Wednesday to stabilize foreign investment, with 20 specific measures in four aspects, including further expanding market access in various sectors and increasing efforts to promote investment.

    Among the measures, the plan will encourage foreign equity investment in China to attract more high-quality FDI in the country’s listed companies.

    The country will continue expanding its pilot programs to open up fields such as telecommunication and medical services in a timely manner. It will also lift restrictions on domestic loans for foreign-invested enterprises, allowing these firms to use domestic financing for equity investments, according to the plan.

    Since 2024, the country has introduced measures to expand opening up in sectors such as value-added telecommunications and healthcare, completely removed foreign investment access restrictions in manufacturing, and reduced nationwide foreign investment access restrictions from 31 to 29 items.

    Looking forward, Hua Zhong, an official with the National Development and Reform Commission, said the country would align with high-standard international economic and trade rules in areas including property rights protection, industrial subsidies, environmental standards and government procurement.

    The country is working on expanding the catalog of encouraged industries for foreign investment, and will release the 2025 edition as soon as possible, Hua said. He noted that the new catalog will include sectors such as advanced manufacturing, modern services, high-tech as well as energy saving and environmental protection.

    Zhu said China would further broaden market access by shortening the negative list for investment this year, a move set to benefit all market entities, including foreign companies.

    “With these newly-introduced foreign investment policies taking effect, the ‘magnetic appeal’ of the Chinese market to foreign investment will only grow stronger,” he said.

    MIL OSI China News –

  • MIL-OSI Economics: RBI to conduct 45-day Variable Rate Repo (VRR) auction under LAF on February 21, 2025

    Source: Reserve Bank of India

    On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on February 21, 2025, Friday, as under:

    2. Standalone Primary Dealers will be allowed to participate in this auction, along with other eligible participants.

    Sl. No. Notified Amount
    (₹ crore)    		 Tenor (day) Window Timing Date of Reversal
    1 75,000 45 12:00 Noon to 12:30 PM April 07, 2025
    (Monday)

    3. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2209

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Museum secures funding for repairs to iconic Winter Gardens

    Source: City of Sunderland

    Sunderland Museum & Winter Gardens has secured £488,000 grant funding towards vital repairs to its iconic Winter Gardens.

    The MEND4 funding from the Arts Council England Cultural Investment Fund – Museum Estates and Investment Fund will be used to address issues with corrosion, glazing failure and mechanical systems within the Winter Gardens, protecting its tropical plant collections.

    Sunderland City Council is planning to match fund this latest Arts Council funding with £171,000 from its own funds, bringing the total investment in repairs to the Winter Gardens to £660,000.

    The much-loved Winter Gardens houses more than 2,000 species of plants below its glazed dome, with a curving staircase leading up to its treetop walkway. It also features a pond with Koi Carp and an impressive water sculpture.

    Welcoming the funding, Councillor Beth Jones, Cabinet Member for Communities, Culture and Tourism at Sunderland City Council, said: “We’re delighted to have secured £488,000 funding from the Arts Council England to carry out repairs to this very special part of our much-loved museum. 

    “The funding will help safeguard the future of this immensely popular green/tropical oasis in the heart of our city centre, which plays a major role in helping make Sunderland Museum and Winter Gardens one of the most popular tourist attractions in the North East.

    “It’s all about ensuring the vitality of one of our most loved venues for future generations to enjoy at the same time as retaining and enhancing its significance as a landmark building within the city. So it’s brilliant to see it supported using funding by Arts Council England.”

    Today’s funding announcement comes as work nears completion on repairs to the roof and masonry of the original Grade II listed 1879 Museum & Winter Gardens. This was carried out with the support of a £349,000 MEND2 grant from an earlier round of Arts Council funding in 2023, with the remaining £151,000 coming from the City Council. 

    This latest funding forms part of a package of funding that Sunderland City Council is pulling together for the museum, including plans to submit a bid to the National Lottery Heritage Fund in May 2025 for a multi-million pound redevelopment of Sunderland Museum & Winter Gardens.  The project will transform and rejuvenate the museum, better connecting it with Mowbray Park and introducing new ground floor galleries to take advantage of the space vacated by the library once it moves to the new Culture House currently under development in Keel Square.

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: TRIFED enters into MOUs with Reliance Retail, HCL Foundation, and Torajamelo Indonesia for entrepreneurship development of tribals

    Source: Government of India (2)

    Posted On: 20 FEB 2025 5:02PM by PIB Delhi

    TRIFED has been taking various visionary steps towards tribal empowerment and to bring the tribal population towards mainstream empowerment. One such initiative in this direction is partnerships of TRIFED with Reliance Retail, HCL Foundation, and Torajamelo Indonesia to facilitate tribal businesses for elevating lakhs of tribals from the rural India to a mainstream National level.

    Memoranda of Understanding (MoUs) were signed on 19th February during the ongoing flagship event ‘Aadi Mahotsav,’ held at Major Dhyan Chand National Stadium in the National Capital from 16 to 24 February 2025, marking a pivotal step in ensuring the implementation of the B2B approach and augmentation of the tribal product market.

    These MoUs were exchanged by General Managers of TRIFED with Mr. Pradeep Ramachandran, Senior Vice President of Reliance Retail, Dr. Nidhi Pundhir, Global CSR Head of HCL Foundation and Ms Aparna Saxena Bhatnagar, CEO of Torajamelo, Indonesia respectively in the presence of Shri Ashish Chatterjee, Managing Director, TRIFED on various aspects leading to the socio-economic development of tribal communities across the country.

    The principal objective of the MoU with Reliance Retail is to supply tribal products in bulk to Reliance Retail; this collaboration will also help to provide sustainable sourcing initiatives, branding, and promotions of tribal products.

     

    The HCL Foundation will assist in establishing long-term collaborations with tribal artisans to provide capacity building and new training to enhance the product portfolio and promotion of existing products through their various platforms.

    The collaboration with Torajamelo will assist in expanding international marketing and sales channels for Indian tribal products in Indonesia. This will not only open up new markets for Indian tribal artisans but also foster a unique cultural exchange between artisans.

    TRIFED has been organizing “Aadi Mahotsav – National Tribal Festival” to provide direct market access to the tribal master craftsmen and women in large metros and State capitals. The theme of the festival is “A Celebration of the Spirit of Entrepreneurship, Tribal Craft, Culture, Cuisine, and Commerce,” which represents the basic ethos of tribal life.

    Smt. Droupadi Murmu, Hon’ble President of India, has inaugurated the festival in the August presence of Shri Jual Oram, Union Minister for Tribal Affairs, Shri Durga Das Uikey, Union Minister of State for Tribal Affairs Ms. Bansuri Swaraj, Hon’ble Member of Parliament, New Delhi and other dignitaries on 16th February 2025.

    With this and several other ventures, TRIFED continues further with its efforts to enable the economic welfare of these communities and bring them closer to mainstream development.

    About TRIFED:

    * TRIFED is an organization under the Ministry of Tribal Affairs, Government of India, dedicated to the socio-economic development of tribal communities through the marketing development of tribal products.

    About Reliance Retail:

    *Reliance Retail is an Indian retail company and a subsidiary of Reliance Industries. Founded in 2006, it is the largest retailer in India regarding revenue. Its retail outlets offer foods, groceries, apparel, footwear, toys, home improvement products, electronic goods, and farm implements and inputs. As of 2023, it has over 245,000 employees at 18,000 store locations in 7,000 towns

    About HCL Foundation:

    *HCL Foundation (HCLF) was established in 2011 as the corporate social responsibility arm of HCL Tech in India. It is a value-driven, not-for-profit organization that thrives in contributing toward national and international development goals, impacting the lives of people and communities through long-term sustainable programs.

    About Torajamelo:

    *TORAJAMELO aims to alleviate poverty by creating a sustainable eco-system focused on women in indigenous rural communities. TORAJAMELO is an ethical fashion lifestyle brand that showcases Indonesia’s stories to the world while catering to both B2B and B2C customers. AHANA by TORAJAMELO was established in 2023 as a movement dedicated to driving the widespread adoption of responsible consumption, enabled by locally curated sustainable brands and products.

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    Pawan Singh Faujdar/Divyanshu Kumar

    (Release ID: 2105016) Visitor Counter : 28

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Civil Aviation Minister Ram Mohan Naidu launches Digital License for Pilots

    Source: Government of India (2)

    Civil Aviation Minister Ram Mohan Naidu launches Digital License for Pilots

    India becomes Second Country to Launch Electronic Personnel License (EPL) in Civil Aviation

    Posted On: 20 FEB 2025 3:57PM by PIB Delhi

    Union Minister for Civil Aviation, Sh. Ram Mohan Naidu today launched the Electronic Personnel License (EPL) for Pilots, a ground-breaking initiative set to modernize and enhance the safety, security and efficiency of India’s civil aviation sector. With this advancement, India becomes the second country globally to implement this advanced system, following approval from the International Civil Aviation Organization (ICAO).

    The EPL is a digital version of a personnel license that will replace traditional physical licenses for pilots. It will be securely accessible via the eGCA Mobile Application, ensuring a seamless and transparent process in alignment with the Government of India’s “Ease of Doing Business” and “Digital India” initiatives.

    The introduction of EPL follows ICAO’s Amendment 178 to Annex 1 – Personnel Licensing, which encourages Member States to adopt electronic licenses for improved security and efficiency. While major global aviation leaders, are still in the process of implementing similar systems, India has successfully taken the lead in digital aviation solutions.

    The Union Minister remarked, “With the unprecedented growth of India’s aviation sector, we will need approximately 20,000 pilots in the near future. Pilots are the backbone of civil aviation, and with eGCA and EPL, we are leveraging innovative, tech-driven solutions to enhance their comfort and employability globally, while providing real-time access to their credentials to support security operations.”

    Prior to this implementation, DGCA was issuing licenses to the Pilots in the smart card format and had issued 62000 card licenses till date. The total licenses issued in the year 2024 requiring printed cards stand at approximately 20,000 which is average of 1,667 cards per month. With the launch of EPL, the need for printed cards will be reduced in a phased manner, significantly streamlining the licensing process. Additionally, this shift will have a positive impact on environmental sustainability by reducing paper and plastic usage.

    The Minister, also highlighted other transformative initiatives for reshaping Indian aviation through digital innovation and making operations more efficient. Key advancements include the eGCA platform for streamlined licensing, the Digital Sky Platform for drones, and the Electronic Flight Folder (EFF) for airline operations.

    The introduction of the Electronic Personnel License (EPL) for pilots represents a significant milestone in establishing a globally recognized regulatory framework. It strengthens India’s position as a global leader in aviation innovation and ensuring a more robust and tamper-proof licensing system.

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    Pawan Singh Faujdar/Divyanshu Kumar

    (Release ID: 2104977) Visitor Counter : 53

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Hong Kong Customs combats unfair trade practices by travel agency

    Source: Hong Kong Government special administrative region

    Hong Kong Customs combats unfair trade practices by travel agency
    Hong Kong Customs combats unfair trade practices by travel agency
    *****************************************************************

         Hong Kong Customs today (February 20) arrested a male director and a female staff member of a travel agency who were suspected of having applied a false trade description in the course of providing air ticket pre-order services, in contravention of the Trade Descriptions Ordinance (TDO).     Customs earlier received information from members of the public that, after ordering air tickets through a travel agency, they were informed that the tickets could not be provided. A female staff member advised them to purchase the air tickets themselves, assuring them that the agency would cover the costs. However, the complainants failed to retrieve the costs, and the total amount involved was approximately $250,000.     After an investigation, Customs officers conducted an enforcement operation and arrested a 75-year-old male director and a 62-year-old female staff member of the company.      The investigation is ongoing, and the two arrested persons were held for questioning.     Customs reminded traders to comply with the requirements of the TDO and consumers to purchase services from reputable shops.      Under the TDO, any trader who applies a false trade description to a service supplied or offered to be supplied to a consumer commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.     Members of the public may report any suspected violations of the TDO to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

     
    Ends/Thursday, February 20, 2025Issued at HKT 17:05

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: CE meets President of Xinhua News Agency (with photo)

    Source: Hong Kong Government special administrative region

    CE meets President of Xinhua News Agency (with photo)
    CE meets President of Xinhua News Agency (with photo)
    *****************************************************

         The Chief Executive, Mr John Lee, met with the President of the Xinhua News Agency, Mr Fu Hua, at Government House today (February 20) to exchange views on enhancing co-operation between the Hong Kong Special Administrative Region (SAR) Government and the Xinhua News Agency. Also attending the meeting were the Director of the Chief Executive’s Office, Ms Carol Yip, and the Director of Information Services, Mrs Apollonia Liu.           Mr Lee welcomed Mr Fu and his delegation to Hong Kong. Mr Lee said that the Xinhua News Agency, the country’s national news agency, is an influential world-class media organisation with a global network for news and information collection. He expressed gratitude to the Xinhua News Agency for its comprehensive coverage of Hong Kong news over the years, including major policies and measures of the Hong Kong SAR Government, and for disseminating the latest and most accurate information about Hong Kong to the world promptly and professionally, enabling overseas companies, investors, talent, and tourists to understand the actual developments in Hong Kong and to accurately recognise the city’s real and positive image.           Noting that a series of major events will be held in Hong Kong this year, Mr Lee said that the Hong Kong SAR Government will continue to leverage Hong Kong’s unique advantages under the “one country, two systems” principle, reinforce the city’s connectivity with both the Mainland and the world, and actively explore new economic growth points. The Hong Kong SAR Government will also continue to work with the Xinhua News Agency to tell the good stories of China and Hong Kong and enhance co-operation in publicity.      

     
    Ends/Thursday, February 20, 2025Issued at HKT 17:00

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Software Technology Parks of India (STPI), under the Ministry of Electronics and Information Technology (MeitY) launches new incubation facility at Salt Lake, Kolkata to promote entrepreneurship and IT exports from West Bengal

    Source: Government of India (2)

    Software Technology Parks of India (STPI), under the Ministry of Electronics and Information Technology (MeitY) launches new incubation facility at Salt Lake, Kolkata to promote entrepreneurship and IT exports from West Bengal

    STPI has played a key role in creating a robust tech ecosystem by offering state-of-the-art infrastructure and incubation support for budding entrepreneurs: Shri. Jatin Prasada

    From Few to 67: STPI’s rapid growth powers India’s tech revolution

    Posted On: 20 FEB 2025 2:09PM by PIB Delhi

    The Software Technology Parks of India (STPI), under the Ministry of Electronics and Information Technology (MeitY), Government of India, has inaugurated a state-of-the-art incubation facility at Salt Lake, Kolkata. The facility was inaugurated by Shri Jitin Prasada, Hon’ble Minister of State for Commerce & Industry and Electronics and Information Technology, Government of India. This initiative aims to foster innovation-led entrepreneurship, boost IT exports, and strengthen the IT/ITeS/ESDM industry in West Bengal.

    Speaking on the occasion, Shri. Jitin Prasada, said, “India is on a transformative journey to become the global hub of technology and innovation. The inauguration of the new STPI incubation facility in Kolkata is a testament to our unwavering commitment to fostering innovation, nurturing startups and promoting inclusive growth across regions. STPI has been instrumental in creating a robust tech ecosystem by providing state-of-the-art infrastructure, incubation support, and a platform for budding entrepreneurs to thrive. As we stride forward in the era of Artificial Intelligence and data-driven innovation, India is focused on developing its own AI models and GPUs, ensuring equitable access for researchers, students and startups. With vast data resources and the government’s commitment to expanding technology access beyond metropolitan cities, we are bridging the digital divide and unlocking opportunities in Tier-2 and Tier-3 cities. Together, let us build a future where India leads the world in technology and empowers every citizen in the journey towards a digitally advanced nation.”

     

    Shri Arvind Kumar, Director General, STPI, emphasized the significance of the newly inaugurated facility, stating, “This incubation center will provide world-class infrastructure, mentorship, and market access for startups, enabling them to drive innovation in frontier technologies such as AI, IoT, Blockchain, and FinTech. With Kolkata’s rich intellectual and creative legacy, the city has immense potential to become a hub for emerging technologies. The Indian government is taking decisive steps to strengthen AI capabilities and enhance computing infrastructure to position India as a leader in the global technology landscape.”

    As part of its larger mission, STPI operates 67 centers across India, with 59 located in Tier-2 and Tier-3 cities, ensuring inclusive growth and fostering entrepreneurship beyond metro hubs. The organization has also established 24 domain-specific Centres of Entrepreneurship (CoEs) focused on HealthTech, MedTech, Blockchain, IoT, and Agritech, among others. Unlike traditional centers of excellence, these CoEs prioritize entrepreneurship and industry collaboration, helping startups scale their innovations for global markets. STPI is committed to providing 360-degree support—including mentorship, infrastructure, market access and global networking opportunities”.

    Key Highlights of the STPI Incubation Facility in Kolkata

    • Expansive Infrastructure: Spanning 200,000 sq. ft., the facility offers plug-and-play office spaces and 75,000 sq. ft. of raw incubation space.
    • Cutting-Edge Technology: Equipped with high-speed data communication and state-of-the-art facilities to support IT/ITeS startups and SMEs.
    • Incubation & Mentorship: Startups will receive comprehensive support, including mentorship, industry collaboration, and global networking opportunities.
    • Employment Generation: The initiative is expected to create substantial direct and indirect employment opportunities in the region.

    STPI’s Role in Strengthening India’s IT Sector

    Since its inception in 1991, STPI has played a pivotal role in supporting India’s IT/ITeS industry by providing single-window services, high-speed data communication infrastructure, and incubation facilities for startups and young entrepreneurs. With a strong commitment to fostering India’s startup ecosystem, STPI has established 67 centers across the country, including those in Kolkata, Kharagpur, Siliguri, Haldia, and Durgapur.

    In addition, STPI has launched 24 domain-specific Centres of Entrepreneurship (CoEs) focusing on HealthTech, MedTech, Blockchain, IoT, and Agritech, among others. Through its Next Generation Incubation Scheme (NGIS) and other startup initiatives, STPI has already supported over 1,300 startups, providing them with end-to-end assistance, including mentorship, industry collaboration, and global market access.

    Advancing the Digital India Vision

    Starting with few centres, STPI has grown all over the country with 67 centres including Kolkata, Kharagpur, Siliguri, Haldia, and Durgapur in West Bengal. The inauguration of this new incubation facility in Kolkata is a significant step in advancing the Digital India vision and aligns with the government’s mission of ‘Viksit Bharat’ by promoting entrepreneurship, innovation, and inclusive technological growth across the country.

    The inauguration event was attended by esteemed dignitaries from the IT industry

    Shri Manjit Nayak, Director, STPI Kolkata, along with other dignitaries from IT industries such as Shri. Manojit Sengupta, Delivery Center Head, M/s Tata Consultancy Services, Shri. Ujjwal Mukherjee, Zonal Head (East), M/s Concentrix Daksh Services India Pvt. Ltd. and Shri Jitendra Chaddah, Managing Director and Country Head, M/s GlobalFoundries Engineering Pvt. Ltd. 

    Dharmendra Tewari/ Shatrunjay Kumar

    (Release ID: 2104933) Visitor Counter : 65

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Prime Minister Internship scheme (PMIS) once again open for applications with the launch of Round 2 of Pilot Phase

    Source: Government of India

    Posted On: 20 FEB 2025 1:44PM by PIB Delhi

    The Prime Minister Internship Scheme(PMIS) is once again open for applications with the launch of Round 2 of the pilot phase.  After more than 6 lakh applications in Round 1, Round 2 offers more than 1 lakh+ internship opportunities in top companies across more than 730 districts in India.

    More than 300 top companies across sectors including Oil, Gas & Energy; Banking and Financial Services, Travel & Hospitality, Automotive, Metals & Mining Manufacturing & Industrial, Fast-Moving Consumer Goods (FMCG) and many more have offered internship opportunities to Indian youth to gain real-world experience, network with professionals and enhance their employability.

    Eligible youth can explore and select internships based on their preferred district, state, sector, area and filter internships within a customisable radius from their specified current address. In round 2, each applicant can apply to up to 3 internships until the application deadline.

    For round 2, more than 70 IEC events are being conducted across India in districts with maximum number of internship opportunities in colleges, universities ITIs, Rozgar melas etc., based on the kind of qualifications required for these internships. Furthermore, national level digital campaigns are underway through multiple platforms as well as influencers based on concentration of opportunities and relevance to youth.

    Eligible youth can apply here: https://pminternship.mca.gov.in/

    The Prime Minister Internship Scheme – spearheaded by the Ministry of Corporate Affairs – is designed to harness the potential of India’s youth population by providing them with 12 month paid internships in top companies of India.

    The scheme targets individuals aged 21 to 24 who are currently not enrolled in any full-time academic program or employment, offering them a unique chance to kick-start their careers.

    Each intern will be supported with monthly financial assistance of ₹5,000, supplemented by one-time financial assistance of ₹6,000. Each internship will be a combination of relevant training and professional experience (at least six months) to ensure that candidates learn and can also apply their skills in real-world settings.

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    NB/AD

    (Release ID: 2104914) Visitor Counter : 88

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  • MIL-OSI Asia-Pac: National Consumer Helpline (NCH) witnesses’ remarkable growth in North-Eastern States

    Source: Government of India

    National Consumer Helpline (NCH) witnesses’ remarkable growth in North-Eastern States

    15,860 consumer grievances registered in Arunachal Pradesh in 2024

    Posted On: 20 FEB 2025 1:36PM by PIB Delhi

    The National Consumer Helpline (NCH), an initiative of the Department of Consumer Affairs, has achieved unprecedented success in the North – Eastern region of India.

    Among the states in the region, Arunachal Pradesh has emerged as a standout performer, recording a significant surge in consumer grievance registrations and resolutions. With 318 grievances in 2020, the state witnessed an exponential rise in number of consumers reaching out to NCH through various channels leading to 15,860 consumer grievances being registered in 2024. Arunachal’s progress highlights growing consumer awareness and trust in the NCH platform, driven by innovative outreach initiatives and technological interventions.

    This success reflects the collective outcome of multiple initiatives undertaken by the Department to promote consumer awareness and deliver effective grievance redressal mechanisms in some of the most geographically challenging areas of the country.

    The Northeastern states, with their unique demographics and socio-economic challenges, have traditionally faced barriers in accessing consumer grievance redressal mechanisms. The NCH’s concerted efforts in these states have led to an impressive increase of 300%, escalating from a modest 9162 grievances in 2020 to 36,609 grievances in 2024. Arunachal Pradesh, in particular, has witness a outstanding growth in this movement, with a significant share of the complaints pertaining to issues in sectors such as e-commerce, telecom services, digital payments, and faulty goods and services.

    The remarkable performance of Arunachal Pradesh can be attributed to several key factors:

    Localized Outreach Programs: Department has prioritized reaching consumers in remote and tribal areas of the state through localized workshops, community events, and collaboration with self-help groups and local NGOs. Consumer grievances witnessed a tenfold increase from rural areas i.e. 03 grievances in 2020 to 381 grievances in 2024. By addressing consumers in their own language and cultural context, the helpline has made consumer protection rights more relatable and accessible.

    Multilingual Support for Greater Inclusivity: Recognizing the linguistic diversity of the North- East, NCH has expanded its language support to include several regional dialects, enabling more people to file complaints and seek help in their native tongue. This has been particularly impactful in Arunachal Pradesh, where linguistic barriers previously hindered consumer participation.

    Empowered Participation of Women: There has been a marked increase in the participation of women in lodging consumer grievances, signing an encouraging trend toward gender equality in the realm of consumer rights. The rising involvement of women in this domain is indicative of the broader societal shift towards greater empowerment and autonomy, particularly in the context of accessing justice and accountability.

    Digital Awareness Campaigns: In line with India’s digital transformation, the majority of grievances have been registered through the NCH web portal, marking a definitive shift towards digital engagement. The number of consumer grievances has exponentially increased, from 98 in 2020 to 384 in 2021, 855 in 2022, 2,941 in 2023, and 15,230 in 2024. It is important to note that consumer grievances rose by 517% last year. This transition underscores the growing adoption of technology by consumers, facilitating quicker, more efficient processes and contributing to the larger goal of digital empowerment.

    The Department of Consumer Affairs has been generating consumer awareness by undertaking country-wide multimedia awareness campaigns under the aegis of “Jago Grahak Jago” and utilizing ‘Jagriti Mascot’ to reach out to consumers across the country including North East region. Traditional media like All India Radio, Doordarshan, fairs & festivals, etc. as well as digital media like social media, Youtube, cinema theatres, etc. are utilized to generate awareness amongst consumers. Through simple messages and jingles, consumers are made aware about the consumer rights, unfair trade practices, consumer issues and the mechanism to seek redressal.

    In 2024-25, the department has run following campaigns for awareness generation in NER

    – AIR campaign during T20 World Cup in June month.

    – IVRS campaign through NFDC with consumer oriented messages in NER.

    – Releasing grant-in-aid to Sikkim and Arunachal Pradesh for generating consumer awareness at local level.

    – As a part of the Capacity Building Programme of Panchayats on consumer-centric rights and issues, the Department in collaboration with the Ministry of Panchayati Raj is organizing virtual interactive sessions with representatives of Panchayats in States/UTs to aware them about consumer issues. The first session was held with State of Assam on 20th December 2024.

    Building on the success in Arunachal Pradesh, the Department of Consumer Affairs is now focusing on further enhancing NCH’s reach in other North-Eastern states, including Assam, Meghalaya, Manipur, Nagaland, Tripura, Mizoram, and Sikkim.

    The next phase will emphasize:

    • Integration with State Government Agencies: Closer coordination with local authorities to streamline grievance redressal.
    • Technological Upgrades: Expansion of the NCH platform with AI-driven features to prioritize and resolve complaints faster.
    • Youth Engagement Programs: special campaigns to engage the younger population, who are the primary users of digital services and e-commerce.
    • Feedback and Monitoring Systems: Strengthened feedback mechanisms to ensure continuous improvement of services.

    This strategic approach has led to tangible results in Arunachal Pradesh. Consumers now feel more empowered to voice their concerns, knowing that their complaints will be addressed promptly. Moreover, the awareness campaigns have helped rural communities better understand their rights, particularly in relation to evolving challenges such as online scams, misleading advertisements, and substandard services.

    The significant advances in Arunachal Pradesh and the broader North-Eastern region underscore the department’s commitment to creating an ecosystem where consumers are aware of their rights, have access to reliable grievance redressal mechanisms, and feel empowered to hold businesses accountable.

    The National Consumer Helpline (NCH), under the Department of Consumer Affairs, is taking an innovative step forward in its mission to serve consumers across India. As part of its ongoing project, NCH is working towards integrating a chatbot feature that supports regional languages, making consumer assistance more accessible to people in every corner of the nation. By introducing this chatbot, the Department aims to break down language barriers, ensuring that consumers from diverse linguistic backgrounds can easily access information, register complaints, and resolve issues without facing communication challenges. This initiative not only aligns with the government’s commitment to enhancing digital accessibility but also empowers individuals in rural and remote areas who may have limited exposure to English or Hindi. By offering real-time assistance in multiple languages, the National Consumer Helpline is poised to strengthen consumer rights protection and foster greater awareness, leading to a more inclusive and responsive system for all.

    Positive Outcomes in Grievance Redressal: The Impact on Arunachal Pradesh

    • A consumer from Papum Pare raised an issue regarding the refund for the product received from an online retailer. Following the intervention of the National Consumer Helpline (NCH), the refund was facilitated within 3 days of registration of the grievance, enhancing the consumer’s trust in e-commerce platforms. Furthermore, the consumer’s positive feedback, reflect their increased trust in NCH.
    • A consumer from Lower Subansiri raised his grievance that his product i.e. Scrambler seat amounting Eleven Thousand Eighty-Nine had not been dispatched from 41 days. With the intervention of National Consumer Helpline (NCH), the product dispatched within 4 days. Moreover, the consumer shared his experience as “Thank you so much Team Consumer helpline. They Dispatch my Scrambler seat on 4 May 2022”
    • A consumer from West Kameng raised an issue about a delayed refund for a flight that was canceled, despite the airline’s guarantee of a full refund. The refund was not initiated, but with the intervention of NCH, the refund was processed within 6 days. The consumer expressed appreciation, stating, “You guys did an excellent job.”
    • A consumer from East Siang filed a grievance regarding receiving a fake toner cartridge. Although the product was returned, the company did not initiate the refund. With NCH’s intervention, the refund was processed within 4 days. The consumer expressed gratitude, stating, “Thank you, I have received the refund.”

     

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    Abhishek Dayal/Nihi Sharma

    (Release ID: 2104912) Visitor Counter : 97

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Residential Care Services Scheme in Guangdong to expand

    Source: Hong Kong Government special administrative region

    Residential Care Services Scheme in Guangdong to expand
    Residential Care Services Scheme in Guangdong to expand
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         The Social Welfare Department (SWD) announced today (February 20) that starting from March 1, four additional residential care homes for the elderly (RCHEs) located in Jiangmen, Foshan and Shenzhen will become Recognised Service Providers under the Residential Care Services Scheme in Guangdong (the Scheme) to provide subsidised care and attention places for participating elderly persons.       The information of the additional RCHEs is as follows: 

    Name of RCHEs
    Location of RCHEs

    Jiangmen

    1.
    Jiangmen Xinhui Elderly Care Center
    68 Nanan Road Lane 3, Huicheng Street, Xinhui District, Jiangmen

    Foshan

    2.
    Foshan Nanhai Taoyuan Welfare Centre Co., Ltd(Operated under the partnership formed by Sing Yan Nursing Home Limited and a Mainland elderly service operator)
    1 Zhuangyuan Road, Luocun Village, Shishan Town, Nanhai District, Foshan

    Shenzhen

    3.
    Shenzhen Foresea Life Insurance Warm Home(Operated under the partnership formed by Beijing Elder Centre Limited and a Mainland elderly service operator)
    1099 Xinan Sixth Road, Haibin Community, Xinan Street, Baoan District, Shenzhen

    4.
    Shenzhen Expressway Shengao Lekang Health Service (Shenzhen) Co., Ltd (Guangming Social Welfare Institute)(Operated under the partnership formed by E.T. Investment Limited and a Mainland elderly service operator)
    101 Guangming Social Welfare Institute, Biming Road, Guangming Street, Guangming District, Shenzhen

         Together with the existing 11 RCHEs, the total number of RCHEs registered under the Scheme will increase to 15, located in six Mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) (i.e. Shenzhen, Guangzhou, Foshan, Zhaoqing, Zhongshan and Jiangmen), providing more choices for elderly persons who are interested in retiring in the Mainland cities in the GBA.     Details of the Scheme are available at the SWD website (www.swd.gov.hk/en/pubsvc/elderly/cat_residentcare/subrcheplace/guangdong/index.html).

     
    Ends/Thursday, February 20, 2025Issued at HKT 14:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: 6th Edition of the Delhi International Leather Expo begins at IICC,Yashobhoomi

    Source: Government of India (2)

    Posted On: 20 FEB 2025 11:59AM by PIB Delhi

    The Council for Leather Exports (CLE) is organising the 6th Edition of the Delhi International Leather Expo (DILEX) – Reverse Buyer Seller Meet (RBSM) during 20th and 21st February 2025 at the India International Convention & Expo Centre (IICC), Yashobhoomi, Dwarka, New Delhi, with funding support from the Government of India under the Market Access Initiative (MAI) Scheme. This landmark event is poised to strengthen India’s position in the global leather and footwear industry.

    The 6th edition boasts expanded participation with approximately 225 Indian exhibitors showcasing their latest collections across an 8,000-square-meter exhibition area, a significant increase from the previous edition. Its global reach has also grown, with over 200 foreign buyers from nearly 52 countries, including key markets in Europe and the U.S., compared to just 130+ last time. The event will take place in Hall 1B at IICC, offering a world-class venue, while robust domestic engagement is ensured with over 500 representatives from Indian buying houses, retailers, and trade buyers, fostering extensive networking opportunities.

    During the inauguration of the 6th Edition of the Delhi International Leather Expo (DILEX), organized by the Council for Leather Exports (CLE), Shri Vimal Anand, Joint Secretary of the Department of Commerce, remarked that the event marked a significant milestone in India’s global trade journey. He noted that in the post-COVID recovery phase, India’s leather and footwear industry had demonstrated exceptional resilience by expanding exports and positioning the country to achieve its ambitious targets, including a goal of USD 7 billion for FY 2025-26.

    Shri Anand, also shared that with favorable policies, such as import duty exemptions on wet blue leather and enhanced credit guarantees for MSMEs, India is well-positioned to capitalize on emerging global shifts—particularly in light of geopolitical changes and new market access opportunities, including tariff adjustments and the “China Plus One” demand.

    Shri RK Jalan, Chairman, Council for Leather Exports at the inauguration of DILEX 2025 said, “The 6th Edition of the Delhi International Leather Expo (DILEX) 2025 opens doors for the global leather and footwear sector amidst an evolving geopolitical landscape. As the world recovers from the pandemic and contends with disruptions like the Russia-Ukraine conflict, Trump Tariff era and China’s aggressive trade policies, India’s leather industry has shown resilience, achieving consecutive months of growth. With a positive trajectory, we aim to reach the Department of Commerce’s USD 7bn export target and position India among the top 5 global exporters by FY 2025-26.

    As India continues to expand its footprint in the global footwear and leather market, DILEX 2025 provides a critical platform for fostering international trade and collaboration. The event facilitates one-on-one business meetings, allowing manufacturers and exporters to engage directly with international buyers, thereby exploring viable sourcing alternatives. At a time when India is increasingly recognized as a “China Plus One” sourcing option, DILEX 2025 reaffirms the country’s commitment to innovation, sustainable growth, and excellence in the leather and footwear sectors.                                              

    ***

    Abhishek Dayal/Abhijith Narayanan

    (Release ID: 2104883) Visitor Counter : 63

    MIL OSI Asia Pacific News –

  • MIL-OSI: Fairfax India Completes Acquisition of an Additional 10% Interest in Bangalore International Airport Limited

    Source: GlobeNewswire (MIL-OSI)

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

    (Note: All dollar amounts in this news release are expressed in U.S. dollars, except as otherwise noted).

    TORONTO, Feb. 20, 2025 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (“Fairfax India” or the “Company”) (TSX: FIH.U) announces that, through its wholly-owned subsidiary, it has completed the acquisition of an additional 10% equity interest in Bangalore International Airport Limited (“BIAL”) from Siemens Project Ventures GmbH, part of Siemens Financial Services for, in aggregate, $255.0 million (the “Purchase Price”). As previously announced, the Purchase Price is payable in three installments, with the initial installment paid on closing of the transaction and the balance to be paid on August 31, 2025 and July 31, 2026.

    As a result of the closing of the transaction, Fairfax India’s aggregate share ownership in BIAL has increased to 74.0% (30.4% held by its wholly-owned subsidiary and 43.6% held by its indirect subsidiary, Anchorage Infrastructure Investments Holdings Limited) from 64.0% last year. The equity interest in BIAL owned by the Indian state promoters, Airports Authority of India and Karnataka State Industrial and Infrastructure Development Corporation Limited remains unchanged at 13% each.

    BIAL is a private company located in Bengaluru, India. BIAL, under a concession agreement with the Government of India until the year 2068, has the exclusive rights to carry out the development, design, financing, construction, commissioning, maintenance, operation and management of the Kempegowda International Airport Bengaluru (“KIAB”) through a public-private partnership. KIAB is the first greenfield airport in India built through a public-private partnership.

    About Fairfax India

    Fairfax India is an investment holding company whose objective is to achieve long-term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.

    For further information, contact: John Varnell, Vice President, Corporate Affairs
    (416) 367-475

    The MIL Network –

  • MIL-OSI Economics: Financial statements of the ECB for 2024

    Source: European Central Bank

    20 February 2025

    • ECB reports loss of €7.9 billion (2023: loss of €1.3 billion)
    • Losses will be offset against future profits

    The European Central Bank’s (ECB’s) financial statements for 2024 show a loss of €7,944 million, which is comparable to the loss of €7,886 million reported in 2023 before the transfer from risk provisions. In 2023 the full release of the provision for financial risks of €6,620 million reduced the loss for that year to €1,266 million, while in 2024 no losses could be covered by this provision as its balance stood at zero. The 2024 loss, like the loss from the previous year, will remain on the ECB’s balance sheet to be offset against future profits. As a result of the loss, there will be no profit distribution to euro area national central banks for 2024.

    The losses come after many years of substantial profits and are the result of policy actions taken by the Eurosystem that were necessary to fulfil its primary mandate of maintaining price stability. These policies required the ECB to expand its balance sheet by purchasing financial assets, mostly with fixed interest rates and long maturities. This was accompanied by a corresponding increase in liabilities, on which the ECB pays interest at variable rates. Thus, increases in the ECB’s key interest rates in 2022 and 2023, which were aimed at combating high inflation in the euro area, resulted in immediate increases in interest expenses on these liabilities, while interest income on the ECB’s assets, in particular on securities purchased under the asset purchase programme (APP) and the pandemic emergency purchase programme (PEPP), did not increase to the same extent.

    The ECB may still incur losses in the coming years. Should this be the case, any such losses are expected to be lower than those incurred in 2023 and 2024. Thereafter, the ECB is expected to return to making profits. In any case, the ECB can operate effectively and fulfil its primary mandate of maintaining price stability regardless of any losses. Its financial strength is further underlined by its capital and its substantial revaluation accounts, which together amounted to €59 billion at the end of 2024, €13 billion higher than at the end of 2023.

    The ECB’s interest income and expenses in 2024 were as follows:

    In 2024, as in 2023, the fact that interest expenses were higher than interest income was mainly driven by the significant interest expense on the ECB’s net TARGET liability. Since this liability was remunerated at the interest rate on the main refinancing operations (MRO rate), the higher average MRO rate of 4.1% in 2024 (2023: 3.8%) resulted in an increase in this expense. The higher average MRO rate also led to increases in the interest income on claims related to the allocation of euro banknotes in circulation and the interest expense payable to the NCBs as remuneration of their claims in respect of foreign reserves transferred to the ECB. The interest income on securities held for monetary policy purposes also increased, mainly on government securities held under the PEPP. The interest income on foreign reserves was higher, largely coming from securities denominated in US dollars.

    Write-downs amounted to €269 million (2023: €38 million) and resulted mainly from the decline in the market value of a number of securities held in the US dollar portfolio and the depreciation of the Japanese yen, which led to a reduction in the value of the related currency holding.

    Total staff costs increased to €844 million (2023: €676 million), mainly owing to the higher costs of post-employment benefits arising from an amendment to the rules governing the ECB’s pension plans in 2024. Other administrative expenses increased to €626 million (2023: €596 million), mainly owing to higher IT spending in relation to the digital transformation, while also reflecting the impact of inflation.

    Supervisory fee income (fees charged to supervised banks to recover expenses incurred by the ECB in the performance of its supervisory tasks) amounted to €681 million (2023: €654 million).

    The total size of the ECB’s balance sheet decreased by €33 billion to €641 billion (2023: €673 billion), mainly reflecting the gradual decline in APP holdings owing to redemptions.

    Consolidated balance sheet of the Eurosystem

    At the end of 2024 the size of the balance sheet of the Eurosystem, which comprises assets and liabilities of the euro area NCBs and the ECB vis-à-vis third parties, stood at €6,428 billion (2023: €6,887 billion). The reduction compared to 2023 was due to the decline in securities held for monetary policy purposes to €4,283 billion (2023: €4,694 billion), mainly owing to redemptions. APP holdings decreased by €353 billion to €2,673 billion, as reinvestment of maturing assets ceased in July 2023, while PEPP holdings decreased by €57 billion to €1,609 billion, with maturing assets being only partially reinvested in the second half of 2024. Furthermore, Eurosystem lending operations decreased to €34 billion (2023: €410 billion), largely as a result of the maturing of the third series of targeted longer-term refinancing operations (TLTRO III). The resulting decline was partially offset by the increase in the euro-equivalent value of the Eurosystem’s holdings of gold to €872 billion (2023: €649 billion) owing to the rise in the market price of gold in euro terms.

    For media queries, please contact William Lelieveldt, tel.: +49 69 1344 7316.

    Notes

    MIL OSI Economics –

  • MIL-OSI Global: Tomb of Egyptian pharaoh is first found in Luxor since Tutankhamun – here’s how we know who lay inside

    Source: The Conversation – UK – By Claire Isabella Gilmour, PhD Candidate, Anthropology and Archaeology, University of Bristol

    Thutmose II was the fourth ruler of the illustrious ancient Egyptian 18th dynasty, which included Tutankhamun. Now, the location of his long-lost tomb, one of the last missing royal tombs, has been confirmed by the New Kingdom Research Foundation, a British-Egyptian archaeological team led by Piers Litherland. It’s the first pharaoh’s tomb to be discovered in Luxor for over a century.

    Thutmose II had a relatively short and uneventful reign, but his enduring legacy is his family. He was husband and half-brother of the female pharaoh Hatshepsut, and father of Thutmose III, arguably ancient Egypt’s greatest military leader.

    Thutmose was himself of royal blood as a biological son of Thutmose I. But as his mother was only a minor wife, his marriage to Hatshepsut (also a daughter of Thutmose I, by his principal wife Ahmose) cemented his position in line to the throne.

    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

    Around 500 years after Thutmose II’s death, ancient Egyptian officials of the 21st dynasty realised that his tomb (and that of other royals from the New Kingdom) had become vulnerable to damage from flooding and the attentions of tomb robbers. They chose a secret place in the Theban cliffs to relocate the royal remains to.

    The mummified bodies of kings, queens and other significant people were interred in their new resting place near Hatshepsut’s temple. The entrance was well disguised by sand and rocks, and was inaccessible by foot. There they lay there until the late 19th century.



    Read more:
    The scent of the ancient Egyptian afterlife has been recreated – here’s what it smelled like

    When the area became known to Egyptologists in 1881, the cache was found to contain the bodies of, among others, Ramesses II, Seti I, Thutmose III and, of course, Thutmose II.

    They were moved from the Egyptian Museum in Tahrir Square, Cairo, in a spectacular, globally broadcast parade to the newly opened National Museum of Egyptian Civilization in 2021. But the search for Thutmose II’s original tomb continued.

    Stone block relief showing Thutmose II, found at Karnak Temple in Luxor.
    WikiCommons, CC BY

    This tomb, designated C4, is located in a relatively inaccessible position. It is next to the magnificent mortuary temple of Hatshepsut, Thutmose’s principal wife and later pharaoh in her own right, at the site of Deir el-Bahri on the west bank of the Nile at Luxor.

    Discovered in 2022, the site is some 1.2 miles away from the Valley of the Kings, where tombs for Thutmose I and III and Hatshepsut were planned. Women of the royal family had been found there, so the initial theory was that this newly found tomb belonged to one of Thutmose’s lesser wives.

    The tomb was also blocked by flood debris. The excavation team had to work through a deep entrance staircase, collapsed ceilings, corridors filled with flooding debris, and tonnes of limestone fragments.

    What was in the tomb?

    Further exploration by the excavation team has now brought to light evidence that confirms the tomb is that of Thutmose II himself.

    Initial observations showed that the form of the entrance bore a strong resemblance to that of Hatshepsut’s KV20 tomb in the Valley of the Kings. It features a wide staircase, doorway and descending corridor, and therefore a significant space lay beyond.

    As the ceilings and walls were cleared, beautiful decoration of a starred sky and extracts from a funerary text known as the Amduat emerged, strongly suggesting that this was a king’s burial. Sifting through the limestone fragments revealed broken alabaster vessels bearing the king’s name and – crucially – that of Hatshepsut, reducing the list of potential candidates to just one.

    Even though C4 has otherwise been emptied of funerary goods such as sarcophagi, this is actually good news. It indicates that the tomb contents were moved elsewhere, perhaps due to the flooding. These items were not found with Thutmose II’s relocated body, so the search is still on to find them.

    Hatshepsut’s original tomb has not yet been found.
    Metropolitan Museum of Art, CC BY-SA

    Contrary to many reports, C4 is not the first royal tomb to be found since that of Tutankhamun in 1922 by Howard Carter. Pierre Montet’s excavations at the third intermediate period (1069–664BC) capital city of Tanis in the 1930s revealed the royal necropolis of the 21st and 22nd dynasties, with some undisturbed. However, C4 is the first since Tutankhamun in Luxor, and it is the last missing king’s tomb of the 18th dynasty.

    Still up for discovery are a handful of tombs belonging to other rulers of Egypt: Nefertiti; Ramesses XIII; the 21st-dynasty high priest of Amun, Herihor; Cleopatra VII; and Alexander the Great. Other significant tombs which may yet come to light are Ankhesenamun, wife of Tutankhamun, and the great architect Imhotep.

    Some of these tombs may never be found. But the New Kingdom Research Foundation are now looking to find the next stage in Thutmose II’s postmortem journey – where was he taken after C4, but before the royal cache in the Theban cliffs?

    Claire Isabella Gilmour 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. Tomb of Egyptian pharaoh is first found in Luxor since Tutankhamun – here’s how we know who lay inside – https://theconversation.com/tomb-of-egyptian-pharaoh-is-first-found-in-luxor-since-tutankhamun-heres-how-we-know-who-lay-inside-250433

    MIL OSI – Global Reports –

  • MIL-OSI Video: Adding Trillions with Gender Parity | World Economic Forum Annual Meeting 2025

    Source: World Economic Forum (video statements)

    The World Bank calculates that by closing the gender gap in employment and entrepreneurship, global GDP could increase by 20%.

    What workforce and capital strategies have the greatest potential to advance gender parity as an engine for new,
    high-quality growth?

    This session is part of the Forum’s Global Gender Parity Sprint.

    This session was developed in collaboration with Reuters.

    Speakers: Silja Baller, Katherine Garrett-Cox, Michael Ensser, Anna Bjerde, Lutfey Siddiqi, Leela de Kretser

    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=KbeQ2pDM4fU

    MIL OSI Video –

  • MIL-OSI United Nations: ARISE Japan Public Symposium 2025: breakthroughs via collaboration: how various forms of DRR partnerships address resilience challenges

    Source: UNISDR Disaster Risk Reduction

    Time

    10:00 a.m. – 12:20 p.m. (GMT+9)

    About

    This year marks ten years from the adoption of the Sendai Framework for Disaster Risk Reduction on March 2015. While a certain amount of progress has been made, we chase an elusive and moving high bar that is a disaster resilient society, through pandemics, extreme weather, and a changing climate. With less than five years remaining until 2030, the target year, what more can be done to resolve difficult challenges?

    In this symposium, we will re-focus on “collaboration” as emphasized in “V. Roles of Stakeholders” of the Sendai Framework, and learn and discuss examples of collaboration across sectors, including business, government, and academia, and between businesses in different industries. Through such discussions we aim to accelerate and expand collaboration in the next five years to dramatically strengthen resilience and reach the goal of the Sendai Framework. 

    Tentative programme

    Note: The event will be in Japanese 

    10:00 Welcome Remarks 

    Mr. Masato Takamatsu, ARISE Japan Lead; President, Tourism Resilience Japan

    Ms. Yuki Matsuoka, Head, UNDRR Kobe Office

    10:20 Keynote 

    Importance of collaboration for DRR and resilience |Mr. Nishiguchi, CEO, Japan Innovation Network

    11:00 Panel discussion: the many forms of collaboration for disaster resilience 

    Moderator: Mr. Shigeki Honda, Adviser, Minerva Veritas Co., Ltd. 

    • Collaboration in the Philippines | Engr. Liza B. Silerio, Co-Chair, ARISE Philippines
    • Public-private-academia collaboration towards international standardization and better DRR | Dr. Takahiro Ono, General Manager Business Design, Tokio Marine Holdings, Inc.
    • Private-private collaboration and knowledge-sharing for realistic training materials| Ms. Yoshiko Abe, DRR Working Group, Global Compact Network Japan 
    • Collaboration towards better communication during disasters | Mr. Hirokazu Akiba, CEO, Sonae Co., Ltd. and Mr. Ryuta Taniguchi, CXCC Communication Director, Dentsu Inc.
    • Collaborations in satellite remote sensing | Ms. Yoriko Arai, Manager Business Strategy, Remote Sensing Technology Center of Japan (RESTEC) 

    12:20 Closing remarks

    Ms. Sandra Wu, Former ARISE Board member, Chairperson and CEO, Kokusai Kogyo Co., Ltd. 

    Event supported by

    Global Compact Network Japan (GCNJ)

    Association for Resilience Japan (ARJ)

    Japan Bosai Platform (JBP)

    Sponsored by

    Kokusai Kogyo Co., Ltd. 

    MIL OSI United Nations News –

  • MIL-OSI: CoreCard Corporation Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NORCROSS, Ga., Feb. 20, 2025 (GLOBE NEWSWIRE) — CoreCard Corporation (NYSE: CCRD) (“CoreCard” or “the Company”), the leading provider of innovative credit technology solutions and processing services to the financial technology and services market, announced today its financial results for the quarter and full year ended December 31, 2024.

    “Overall revenue of $14.8 million in the fourth quarter was above our expectations due to unexpected license revenue in the quarter and in-line with our expectations excluding the license revenue. Services revenue during the quarter was in-line with our expectations, reflecting continued year-over-year growth in processing and maintenance revenue of 11%. Additionally, our full year processing and maintenance revenue grew by 7% compared to full year 2023,” said Leland Strange, CEO of CoreCard Corporation. “We continue to invest in our platform and processing capabilities, which are showing encouraging results. CoreCard is a best-in-class platform that is extremely well positioned to capture the growing demand for next-generation card management platforms by large and complex modern card issuers.”

    “For the first quarter of 2025, we expect total revenue between $14.4 and $15.0 million and earnings per share between $0.15 and $0.19. For fiscal year 2025, we reaffirm the guidance set forth last quarter and continue to expect total revenue between $60 million and $64 million and earnings per share between $0.88 and $0.94. We expect full-year 2025 revenue growth, excluding our largest customer, to be 30-40%,” said Matt White, CFO of CoreCard Corporation.

    Financial Highlights for the three and twelve months ended December 31, 2024

    Total revenue in the three-month period ended December 31, 2024, was $14.8 million which represents an increase of 22% compared to the comparable period in 2023. Revenue of $57.4 million for full year 2024 was up 2% from full year 2023.

    In the following table, revenue is disaggregated by type of revenue for the three and twelve months ended December 31, 2024 and 2023:

        Three Months Ended   Twelve Months Ended
        December 31,   December 31,
    (in thousands)   2024
    		 2023
    		   2024
    		 2023
    License   $ 1,420   $ —     $ 2,840   $ 1,794  
    Professional services     6,210     6,111       26,015     28,237  
    Processing and maintenance     6,122     5,506       24,034     22,439  
    Third party     1,071     540       4,510     3,534  
    Total   $ 14,823   $ 12,157     $ 57,399   $ 56,004  

    Income from operations was $2.1 million for the fourth quarter of 2024 compared to income from operations of $0.4 million for the comparable period in 2023. Full year 2024 income from operations was $6.5 million compared to $5.3 million in the comparable prior year.

    Net income was $1.9 million for the fourth quarter compared to net income of $0.5 million in the comparable prior year quarter. Full year 2024 net income was $5.4 million compared to $3.4 million in the comparable prior year.

    Earnings per diluted share was $0.24 for the fourth quarter compared to $0.06 in the comparable prior year quarter. Full year 2024 earnings per diluted share was $0.67 compared to $0.40 in the comparable prior year.

    Adjusted earnings per diluted share was $0.28 for the fourth quarter compared to $0.06 in the comparable prior year quarter. Full year adjusted earnings per diluted share was $0.79 compared to $0.53 in the comparable prior year.

    Adjusted EBITDA was $3.3 million for the fourth quarter compared to $1.6 million in the comparable prior year quarter. Full year adjusted EBITDA was $11.4 million compared to $11.7 million in the comparable prior year.

    Use of Non-GAAP Financial Measures

    Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled “Information Regarding Non-GAAP Financial Measures”.

    Investor Conference Call

    The company is holding an investor conference call today, February 20, 2025, at 11 A.M. Eastern Time. Interested investors are invited to attend the conference call by accessing the webcast at https://www.webcast-eqs.com/register/corecard022025/en or by dialing 1-877-407-0890. As part of the conference call CoreCard will be conducting a question-and-answer session where participants are invited to email their questions to questions@corecard.com prior to the call. A transcript of the call will be posted on the company’s website at investors.corecard.com as soon as available after the call.

    The company will file its Form 10-K for the period ended December 31, 2024, with the Securities and Exchange Commission in early March. For additional information about reported results, investors will be able to access the Form 10-K on the company’s website at investors.corecard.com or on the SEC website, www.sec.gov.

    Use of Non-GAAP Financial Measures

    Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section below titled “Information Regarding Non-GAAP Financial Measures”.

    About CoreCard Corporation

    CoreCard Corporation (NYSE: CCRD) provides the gold standard card issuing platform built for the future of global transactions in an embedded digital world. Dedicated to continual technological innovation in the ever-evolving payments industry backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement, and manage all aspects of their issuing card programs. Keenly focused on steady, sustainable growth, CoreCard has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions via their proven, reliable platform operating on private on-premise and leading cloud technology infrastructure.

    Forward-Looking Statements

    The forward-looking statements in this press release are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including those listed in Item 1A of the Company’s Annual Report on Form 10-K and in the Company’s other filings and reports with the Securities and Exchange Commission. All of the risks and uncertainties are beyond the ability of the Company to control, and in many cases, the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this press release, the words “believes,” “plans,” “expects,” “will,” “intends,” “continue,” “outlook,” “progressing,” and “anticipates” and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

    CoreCard Corporation
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited, in thousands, except share and per share amounts)
     
      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
        2024     2023       2024     2023  
    Revenue                          
    Services $ 13,403   $ 12,157     $ 54,559   $ 54,210  
    Products   1,420     —       2,840     1,794  
    Total net revenue   14,823     12,157       57,399     56,004  
    Cost of revenue        
    Services   8,182     8,191       35,770     36,571  
    Products   —     —       —     —  
    Total cost of revenue   8,182     8,191       35,770     36,571  
    Expenses                          
    Marketing   98     73       407     310  
    General and administrative   1,513     1,114       5,769     5,334  
    Development   2,953     2,384       8,914     8,478  
    Income from operations   2,077     395       6,539     5,311  
    Investment loss   (12 )   (38 )     (427 )   (1,579 )
    Other income   147     272       792     765  
    Income before income taxes   2,212     629       6,904     4,497  
    Income taxes   286     143       1,456     1,102  
    Net income $ 1,926   $ 486     $ 5,448   $ 3,395  
    Earnings per share:                          
    Basic $ 0.25   $ 0.06     $ 0.68   $ 0.40  
    Diluted $ 0.24   $ 0.06     $ 0.67   $ 0.40  
    Basic weighted average common shares outstanding   7,830,266     8,374,606       8,027,077     8,457,714  
    Diluted weighted average common shares outstanding   8,035,936     8,388,927       8,146,394     8,474,123  
    CoreCard Corporation
    CONSOLIDATED BALANCE SHEETS
    (in thousands, except share and per share amounts)
     
    As of December 31,   2024     2023  
    ASSETS    
    Current assets:    
    Cash and cash equivalents $ 19,481   $ 26,918  
    Marketable securities   5,410     5,230  
    Accounts receivable, net   10,235     7,536  
    Other current assets   5,048     4,805  
    Total current assets   40,174     44,489  
    Investments   3,776     4,062  
    Property and equipment, at cost less accumulated depreciation   12,282     11,319  
    Other long-term assets   6,106     3,956  
    Total assets $ 62,338   $ 63,826  

    LIABILITIES AND STOCKHOLDERS’ EQUITY

    		        
    Current liabilities:        
    Accounts payable $ 823   $ 1,557  
    Deferred revenue, current portion   2,033     2,310  
    Accrued payroll   2,856     2,172  
    Accrued expenses   723     971  
    Other current liabilities   2,017     2,530  
    Total current liabilities   8,452     9,540  
    Deferred revenue, net of current portion   118     265  
    Other long-term liabilities   255     196  
    Long-term lease obligation   1,816     1,121  
    Total noncurrent liabilities   2,189     1,582  
    Stockholders’ equity:        
    Common stock, $0.01 par value: Authorized shares – 20,000,000;        
    Issued shares – 9,026,940 and 9,016,140 at December 31, 2024 and 2023, respectively;        
    Outstanding shares – 7,786,679 and 8,295,408 at December 31, 2024 and 2023, respectively   91     90  
    Additional paid-in capital   17,928     16,621  
    Treasury stock, 1,240,261 and 720,732 shares as of December 31, 2024 and 2023, respectively, at cost   (27,997 )   (20,359 )
    Accumulated other comprehensive income (loss)   (93 )   32  
    Accumulated income   61,768     56,320  
    Total stockholders’ equity   51,697     52,704  
    Total liabilities and stockholders’ equity $ 62,338   $ 63,826  

    For further information, call
    Matt White, 770-564-5504 or
    email to matt@corecard.com

    Reconciliation of GAAP to NON-GAAP Measures

    Information Regarding Non-GAAP Measures

    In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), this press release contains certain non-GAAP financial measures. CoreCard considers Adjusted EBITDA and Adjusted earnings per diluted share (“Adjusted EPS”) as supplemental measures of the company’s performance that is not required by, nor presented in accordance with GAAP.

    We define Adjusted EBITDA as net income adjusted to exclude depreciation and amortization; share-based compensation expense; income tax expense (benefit); investment income (loss); and other income (expense), net. We believe that Adjusted EBITDA is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results from period to period.

    We define Adjusted EPS as diluted earnings per share adjusted to exclude the impact of share-based compensation expense and non-operating investment gains or losses. We believe that Adjusted EPS is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results from period to period.

    Adjusted EPS and Adjusted EBITDA should not be considered in isolation, or construed as an alternative to net income, or any other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of the company’s liquidity. In addition, other companies may calculate Adjusted EPS and Adjusted EBITDA differently than CoreCard, which limits its usefulness in comparing CoreCard’s financial results with those of other companies.

    The following table shows CoreCard’s GAAP results reconciled to non-GAAP results included in this release:

        Three Months Ended
    		   Twelve Months Ended
        December 31,
    		   December 31,
    (in thousands)   2024
    		   2023
    		   2024
    		     2023
    GAAP net income   $ 1,926     $ 486     $ 5,448     $ 3,395  
    Investment loss     —       —       —       1,000  
    Share-based compensation     449       —       1,308       150  
    Income tax benefit     (112 )     —       (327 )     (38 )
    Adjusted net income   $ 2,263     $ 486     $ 6,429     $ 4,507  
    Adjusted Diluted EPS   $ 0.28     $ 0.06     $ 0.79       0.53  
    Weighted-average shares     8,036       8,389       8,146       8,474  
        Three Months Ended
    		   Twelve Months Ended
        December 31,
    		   December 31,
    (in thousands)   2024
    		   2023
    		   2024
    		   2023
    GAAP net income   $ 1,926     $ 486     $ 5,448     $ 3,395  
    Depreciation and amortization     790       1,245       3,566       6,256  
    Share-based compensation     449       —       1,308       150  
    Investment loss     12       38       427       1,579  
    Other income, net     (147 )     (272 )     (792 )     (765 )
    Income tax expense     286       143       1,456       1,102  
    Adjusted EBITDA   $ 3,316     $ 1,640     $ 11,413     $ 11,717  
    Total Revenue   $ 14,823     $ 12,157     $  57,399     $ 56,004  
    Adjusted EBITDA Margin     22.4 %     13.5 %     19.9 %     20.9 %

    The MIL Network –

  • MIL-OSI: NowVertical Completes Debt-to-Equity Conversions

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 20, 2025 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSXV: NOW) (“NOW” or the “Company”) announces that the Company has settled an aggregate of CAD$3.025 million in respect of certain historical obligations of the Company through the issuance of 9,168,418 Class A subordinate voting shares in the capital of the Company (the “Subordinate Voting Shares”) at a deemed issuance price of $0.33 per Subordinate Voting Share.

    CoreBI Settlement

    Further to the Company’s press release dated December 23, 2024, the Company settled an aggregate of US$1,250,000 (CAD$1,792,875.00) through the issuance of 5,432,954 Subordinate Voting Shares to the former owners of CoreBI S.A. and CoreBI S.A.S (the “CoreBI Vendors”) in settlement of certain deferred payments obligations owing to such persons. The Subordinate Voting Shares issuable to the CoreBI Vendors are subject to a contractual lock-up for thirty-six (36) months from the issuance date, with 20% of the Subordinate Voting Shares issued to the CoreBI Vendors being released after twelve (12) months, and 20% released every six (6) months thereafter. Notwithstanding the foregoing, if a CoreBI Vendor is terminated by the Company during the lock-up period, the lock-up will expire six (6) months from the termination date for any remaining Subordinate Voting Shares. In addition, the CoreBI Vendors have agreed to vote in favour of board recommendations for director elections until January 1, 2027 but retain the right to abstain from voting during this period.

    Acrotrend and Andre Garber Settlement

    Further to the Company’s press release dated January 2, 2025, the Company has settled an aggregate of US$815,000 (CAD$1,172,703.50) through the issuance of 3,553,646 Subordinate Voting Shares to the former owners of Acrotrend Solutions Ltd. (the “Acrotrend Vendors”) The Acrotrend Vendors include Sandeep Mendiratta, NowVertical’s CEO and Shailesh Mallya, Executive Vice President – Solutions and Services, both of whom are key parts of the Company’s core leadership team.

    Further, the Company has settled an aggregate of CAD$60,000 through the issuance of 181,818 Subordinate Voting Shares to Andre Garber, NowVertical’s Chief Development Officer, in respect of an outstanding debt of US$151,200 related to a 2021 cash bonus payable to Mr. Garber. Subject to receipt of TSX Venture Exchange and disinterested shareholder approval which will be sought at the Company’s next annual meeting, the remainder of the outstanding debt owing to Mr. Garber is intended to be settled on the same terms.

    In addition, the Acrotrend Vendors and Andre Garber have agreed to a contractual lock-up for twelve (12) months from the issuance date.

    All of the Subordinate Voting Shares issued to the CoreBI Vendors, the Acrotrend Vendors and Andre Garber are subject to a statutory four month hold period.

    Early Warning Disclosure

    Prior to completion of the debt settlement transactions described in this press release, Sandeep Mendiratta beneficially owned or had control or direction over, directly or indirectly, 8,734,742 Subordinate Voting Shares, representing approximately 10.3% of the currently issued and outstanding Subordinate Voting Shares. Following completion of the debt settlement transactions contemplated in this press release, Sandeep Mendiratta will own or have control or direction over, directly or indirectly, 10,511,565 Subordinate Voting Shares which will represent approximately 11.8% of the issued and outstanding Subordinate Voting Shares.

    The acquisition of the Subordinate Voting Shares by Sandeep Mendiratta was completed by way of issuance from treasury for investment purposes in connection with the debt settlement. Depending on market conditions, Sandeep Mendiratta may, from time to time, acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the securities of the NowVertical.

    This press release is being issued pursuant to the requirements of National Instrument 62-104 – Take-Over Bids and Issuer Bids, which also requires an early warning report to be filed containing additional information with respect to the foregoing matters. A copy of the early warning report will be made available on SEDAR+ under NowVertical’s issuer profile at www.sedarplus.com. For further information and to obtain a copy of the early warning report.

    To obtain a copy of the early warning report, please contact Andre Garber, Corporate Secretary of NowVertical via email at IR@nowvertical.com or at its head office of 545 King Street West, Toronto, Ontario, M5V 1M1.

    The completion of this debt-to-equity conversion reinforces NowVertical’s commitment to leadership alignment and financial discipline, ensuring management remains invested in the company’s growth while enhancing cash flow flexibility to drive future opportunities.

    About NowVertical Group Inc.

    The Company is a global data and analytics company which helps clients transform data into tangible business value with AI, fast. Offering a comprehensive suite of solutions and services the Company enables clients to quickly harness the full potential of their data, driving measurable outcomes and accelerating potential return on investment. Enterprises optimize decision-making, improve operational efficiency, and unlock long-term value from their data using the Company’s AI-Infused first party and third-party technologies. NowVertical is growing organically and through strategic acquisitions. For further details about NowVertical, please visit www.nowvertical.com.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    For further information, please contact:
    Andre Garber, CDO
    IR@nowvertical.com
    T: +1(647)947-0223

    Forward-Looking Statements

    This news release contains forward-looking information and forward-looking information within the meaning of applicable Canadian securities laws (together “forward-looking statements“), including, the alignment of the Company’s leadership and shareholders, and the associated results of the transactions contemplated in this press release on NowVertical’s business, finances and operations. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies, certain of which are unknown. Forward-looking statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions; risks inherent in the data analytics and artificial intelligence sectors in general; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions or dispositions; that market competition may affect the business, results and financial condition of the Company and other risk factors identified in documents filed by the Company under its profile at www.sedarplus.com, including the Company’s management’s discussion and analysis for the year ended December 31, 2023. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    The MIL Network –

  • MIL-OSI: Purpose Investments Expands Yield Shares Lineup with Seven New ETFs, Offering Enhanced Income Opportunities

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 20, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is excited to announce the addition of seven new ETFs to its industry-leading Yield Shares Suite – the world’s first yield-focused single-stock ETFs designed to provide investors with the long-term growth potential and enhanced* monthly yield from their favourite stock. Among the new additions is the Tech Innovators Yield Shares Purpose ETF (Ticker: YMAG), which brings together all the Mag7 companies along with Broadcom in a one-ticket solution. These new ETFs (described in the table below) begin trading on Cboe Canada today.

    Yield Shares ETF Ticker Underlying Company
    Costco (COST) Yield Shares Purpose ETF YCST Costco
    Palantir (PLTR) Yield Shares Purpose ETF YPLT Palantir
    UnitedHealth (UNH) Yield Shares Purpose ETF YUNH UnitedHealth Group
    Coinbase (COIN) Yield Shares Purpose ETF YCON Coinbase
    Netflix (NFLX) Yield Shares Purpose ETF YNET Netflix
    Broadcom (AVGO) Yield Shares Purpose ETF YAVG Broadcom
    Tech Innovators Yield Shares Purpose ETF YMAG Broadcom, Alphabet, Tesla, Meta, Microsoft, Amazon, Apple, and NVIDIA


    A Smarter Approach to Income and Growth

    Since launching in 2022, Purpose Yield Shares has established itself as a leading solution for investors seeking monthly income while maintaining exposure to leading global companies. These innovative ETFs generate tax-efficient, enhanced monthly distributions by investing directly in the underlying stock and employing a covered call strategy with moderate leverage – delivering a unique balance of income and growth.

    “The Yield Shares lineup is committed to giving investors access to high-quality companies with strong fundamentals and long-term growth potential. With these new ETFs, investors can tap into market leaders at the forefront of innovation and economic progress – all while earning enhanced monthly income,” said Nick Mersch, Yield Shares portfolio manager. “From technology and consumer staples to financial services and healthcare, our Yield Shares suite offers a powerful combination of income and growth, allowing investors to participate in the success of industry leaders.”

    Key Benefits

    • Monthly Income: Investors receive an enhanced monthly distribution while maintaining exposure to the growth of the underlying stock.
    • Growth Potential: Participate in the long-term growth of companies like Costco or Netflix, two powerhouse brands redefining consumer spending and media consumption.
    • Lower Volatility: A built-in options strategy helps cushion against stock price declines.
    • Tax Efficiency: The covered call strategy aims to generate tax-efficient income.

    “These new offerings are more than just investment products – they reinforce our belief that Yield Shares represent a distinct asset class, uniquely designed to help investors achieve their financial goals while complementing their existing portfolios,” said Yuan Gao, Vice President, Product. “This expansion reflects Purpose’s commitment to evolving with investor needs and navigating an ever-changing market landscape.”

    Not Your Typical Yield Shares ETF: A Bold New Offering

    The Tech Innovators Yield Shares Purpose ETF (Ticker: YMAG) offers investors a one-ticket solution for exposure to a powerhouse group of technology and innovation leaders while generating monthly income. Known as “BATMMAAN,” this elite group – Broadcom, Alphabet, Tesla, Meta, Microsoft, Amazon, Apple, and NVIDIA – represents the Nasdaq’s trillion-dollar market cap club, shaping the future of AI, cloud computing, digital services, and next-generation infrastructure.

    “The Tech Innovators Yield Shares is an exciting evolution of our suite, bringing together industry giants with a sophisticated strategy that allows investors to participate in their growth while generating enhanced, diversified income. This powerful blend of innovation and yield is designed to meet the needs of today’s investors,” said Mersch.

    To view the full suite of Yield Shares ETFs, please visit our suite page.

    About Purpose Investments

    Purpose Investments is an asset management company with over $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information, please email us at info@purposeinvest.com

    Media inquiries:
    Keera Hart
    keera.hart@kaiserpartners.com
    905-580-1257

    *Yield Shares funds provide “enhanced” or higher yields in the form of additional monthly distributions compared with the underlying common stock, which pays a relatively lower or no distribution yield.

    Commissions, trailing commissions, management fees, and expenses may all be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated. Fund distribution levels and frequencies are not guaranteed and may vary at the Purpose Investment’s sole discretion.

    Certain statements in this document may be forward-looking. Forward-looking statements (“FLS”) are statements that are predictive in nature, depend on or refer to future events or conditions, or include words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate” or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future performance and are, by their nature, based on numerous assumptions. Although the FLS contained in this document are based upon what Purpose Investments believes to be reasonable assumptions, Purpose Investments cannot assure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on the FLS. Unless required by applicable law, it is not undertaken, and specifically disclaimed, that there is any intention or obligation to update or revise FLS, whether as a result of new information, future events or otherwise.

    The MIL Network –

  • MIL-OSI: Codere Online Reports Financial Results for the Fourth Quarter and Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    • Total revenue was €50.0 mm in Q4 2024, while net gaming revenue1 was €52.6 mm in the period, 5% above Q4 2023.
    • Net income excluding the non-cash variation in fair value of public warrants2 was €6.8 mm in 2024 versus a net loss of €4.0 mm in 2023.
    • Total cash position of €40.5 mm as of December 31, 2024.
    • Providing full year 2025 net gaming revenue outlook of €220-230 mm and Adj. EBITDA3 outlook of €10-15 mm.
    • The Company’s Board of Directors has authorized a share buyback plan of up to $5.0 mm, subject to shareholder approval.

    Madrid, Spain and Tel Aviv, Israel, February 20, 2025 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited4 financial results for the quarter and year ended December 31, 2024.

    Below are the main financial and operating metrics of the period.

      Quarter ended December 31   Year ended December 31
      2023 2024 Chg. %   2023 2024 Chg. %
                   
    Net Gaming Revenue (EUR mm)1              
    Spain 20.8 22.8 10%   75.7 87.7 16%
    Mexico 25.1 25.1 –   81.7 106.6 30%
    Other 4.2 4.6 10%   14.5 17.3 19%
    Total 50.1 52.6 5%   171.9 211.6 23%
                   
    Avg. Monthly Active Players (000s)5              
    Spain 47.4 48.7 3%   42.3 49.7 17%
    Mexico 59.1 68.9 17%   52.5 64.4 23%
    Other 32.6 29.8 (9%)   33.5 30.8 (8%)
    Total 139.2 147.5 6%   128.3 144.9 13%

    Aviv Sher, CEO of Codere Online, stated, “We delivered another solid quarter, with net gaming revenue reaching €52.6 million, a 5% increase compared to the fourth quarter of 2023. In Mexico, net gaming revenue was flat at €25.1 million, driven by the significant devaluation of the Mexican peso. On a constant currency basis, our growth in Mexico would have been 14%. Meanwhile, Spain continued to perform well, with net gaming revenue rising 10% to €22.8 million.”

    Oscar Iglesias, CFO of Codere Online, commented, “Our strong fourth-quarter performance brought our full-year net gaming revenue to nearly €212 million, 10% above the midpoint of our initial €185-200 million outlook from early 2024. More importantly, we delivered a fourth consecutive quarter of positive Adjusted EBITDA, allowing us to reach €6.4 million for the full year, at the higher end of our outlook of €2.5-7.5 million.”

    Mr. Iglesias added, “We are very encouraged by our 2024 results and our ability to meet our commitment to investors despite the headwinds faced, mostly on the currency front. For 2025, we anticipate net gaming revenue of €220-230 million and Adj. EBITDA of €10-15 million. Also, we are pleased to announce an up to $5.0 million share buyback plan, subject to shareholder approval, which reflects our confidence in the business and future cash flow generation.”

    Recent Events

    Listing Extension from Nasdaq

    • Following a hearing on January 16, 2025, at which the Company presented its plan to regain compliance, the Nasdaq Hearings Panel granted the Company’s request to continue its listing on Nasdaq on February 12, 2025;
    • The extension is subject to the Company filing its 2023 annual report on or before May 12, 2025;
    • The Company continues to work diligently to complete and file its 2023 annual report as soon as possible and expects to do so within the extension period it has been granted.

    Implementation of a Share Buyback Plan

    • The Board of Directors of the Company has authorized (subject to obtaining shareholder approval) the repurchase of up to $5.0 million of the Company’s ordinary shares over a one-year period;
    • A general meeting of shareholders will be convened today and held on March 3, 2025 to approve the plan and the conditions under which it may be executed;
    • The share buyback plan does not require the Company to acquire any specific number of shares and may be terminated at any time. Repurchases of shares pursuant to the share buyback plan will be conducted in accordance with applicable law, including U.S. securities laws.

    New Tax in Colombia

    • On February 14, 2025, Colombia’s Ministry of Finance introduced, through executive decree, a value added (i.e. indirect) tax of 19% on all online deposits;
    • The tax will be effective on February 21, 2025, and will remain in effect through December 31, 2025, though we expect legal challenges from the industry with respect to its constitutionality;
    • The Company is currently assessing how it will respond from a legal and operating perspective to this tax and potential impacts on its business in Colombia.

    Conference Call Information

    Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, February 20, 2025. Dial-in details as well as the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.

    Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)

      Quarter ended December 31   Year ended December 31
    Figures in EUR mm 2023 2024 Chg. %   2023 2024 Chg. %
                   
    Total              
                   
    Revenue 46.9 50.0 7%   162.6 201.4 24%
    (+) Accounting Adjustments6 3.1 2.6 (16%)   9.2 10.2 11%
    Net Gaming Revenue 50.1 52.6 5%   171.9 211.6 23%
                   
    Spain              
                   
    Revenue 20.8 22.8 10%   75.7 87.7 16%
    (+) Accounting Adjustments6 – – n.m.   – – n.m.
    Net Gaming Revenue 20.8 22.8 10%   75.7 87.7 16%
                   
    Mexico              
                   
    Revenue 22.6 22.3 (1%)   73.3 95.7 31%
    (+) Accounting Adjustments6 2.5 2.8 12%   8.4 10.9 30%
    Net Gaming Revenue 25.1 25.1 –   81.7 106.6 30%
                   
    Other              
                   
    Revenue 3.6 4.9 36%   13.7 17.9 31%
    (+) Accounting Adjustments6 0.6 (0.2) (133%)   0.8 (0.7) n.m.
    Net Gaming Revenue 4.2 4.6 10%   14.5 17.3 19%

    Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)7

      Quarter ended December 31   Year ended December 31
    Figures in EUR mm 2023 2024 Chg.   2023 2024 Chg.
                   
    Net Income (Loss) (1.0) 6.7 7.7   (3.1) 3.7 6.8
    (+/-) Provision for Corporate Income Tax (4.5) (1.0) 3.5   (7.2) 2.0 9.2
    (+/-) Interest Expense / (Income) 5.0 (1.6) (6.6)   (4.9) (4.4) 0.5
    (+/-) Var. In Fair Value of Public Warrants (0.2) (2.7) (2.5)   (0.9) 3.1 4.0
    (+) D&A 0.0 0.3 0.2   0.1 0.4 0.3
    EBITDA (0.7) 1.7 2.4   (16.0) 4.8 20.8
    (+) Employee LTIP Expense 0.9 0.1 (0.8)   3.5 1.7 (1.8)
    (+/-) Other Accounting Adjustments (4.3) 0.0 4.4   0.4 (0.1) (0.4)
    Adj. EBITDA (Pre Non-Recurring Items) (4.1) 1.9 6.0   (12.2) 6.4 18.6
    (+) Non-Recurring Items 0.0 0.0 0.0   0.5 0.0 (0.5)
    Adj. EBITDA (4.1) 1.9 6.0   (11.7) 6.4 18.1

    About Codere Online

    Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online, launched in 2014 as part of the renowned casino operator Codere Group, offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere Online currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina; this online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

    About Codere Group
    Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).

    Note on Rounding. Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely reflect the absolute figures.

    Forward-Looking Statements
    Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans as well as he Company’s expectations about the timing of completion and filing of the Form 20-F for the year ended December 31, 2023 (the “2023 Annual Report”), and statements related to the Company’s plan, timing and actions taken to regain compliance with the Listing Rule 5250(c)(1).

    These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

    As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, (xii) the risk that Codere Online’s securities may be delisted from Nasdaq and (xiii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

    Financial Information and Non-GAAP Financial Measures
    Codere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respects from generally accepted accounting principles in the United States of America (“U.S. GAAP”).

    This document includes certain financial measures not presented in accordance with U.S. GAAP or IFRS (“non-GAAP”), such as, without limitation, net gaming revenue, Adjusted EBITDA and constant currency information. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the audit of Codere Online’s financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material.

    Codere Online believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of non-GAAP financial measures to their most directly comparable measure under IFRS are included herein.

    This document may include certain projections of non-GAAP financial measures. Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS financial measures without unreasonable effort, due to the inherent difficulty and variability of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such comparable measures or such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, ascertained or assessed, which could have a material impact on its future IFRS financial results. Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.

    Use of Projections
    This document contains financial forecasts with respect to Codere Online’s business and projected financial results, including net gaming revenue and adjusted EBITDA. Codere Online’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this document, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this document. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this document should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.

    For further information on the limitations and assumptions underlying these projections, please refer to Codere Online’s filings with the SEC.

    Preliminary Information
    This document contains figures, financial metrics, statistics and other information that is preliminary and subject to change (the “Preliminary Information”). The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting firm. This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online’s independent auditors. Accordingly, no independent registered public accounting firm has expressed an opinion or any other form of assurance with respect to the Preliminary Information. During the course of finalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identified, which may be material. Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this document as a result of new information, future events or otherwise, except as otherwise required by law. The Preliminary Information may differ from actual results. Therefore, you should not place undue reliance upon this Preliminary Information. The Preliminary Information is not a comprehensive statement of financial results, and should not be viewed as a substitute for full financial statements prepared in accordance with IFRS. In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period.

    No Offer or Solicitation
    This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

    Trademarks
    This document may contain trademarks, service marks, trade names and copyrights of Codere Online or other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this document may be listed without the TM, SM, © or ® symbols, but Codere Online will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.

    Industry and Market Data
    In this document, Codere Online relies on and refers to certain information and statistics obtained from publicly available information and third-party sources, which it believes to be reliable. Codere Online has not independently verified the accuracy or completeness of any such publicly-available and third-party information, does not make any representation as to the accuracy or completeness of such data and does not undertake any obligation to update such data after the date of this document. You are cautioned not to give undue weight to such industry and market data.

    Contacts:

    Investors and Media
    Guillermo Lancha
    Director, Investor Relations and Communications
    Guillermo.Lancha@codere.com
    (+34) 628.928.152

    1 Net Gaming Revenue is a non-IFRS measure; please see reconciliation of Net Gaming Revenue to Revenue at the end of the report.

    2 Net income excluding the non-cash variation in fair value of public warrants is a non-IFRS measure and reflects a net income of €3.7 mm (€3.1 mm net loss in 2023) excluding a €3.1 mm loss (€0.9 mm gain in 2023) from the variation in fair value of public warrants. Figures presented for illustrative purposes and do not include any potential impacts on the provision for corporate income taxes.

    3 Adjusted EBITDA is a non-IFRS measure; please see reconciliation of Adjusted EBITDA to Net Income at the end of the report. Net gaming revenue and Adjusted EBITDA outlooks are forward-looking non-IFRS measures; please see important disclaimers at the end of the report.

    4 See “Preliminary Information” below.        

    5 Average Monthly Active Players include real money (i.e. exclude free bets) sports betting and casino actives.

    6 Figures primarily reflect differences in recognition of revenue related to certain partner and affiliate agreements in place in Colombia, VAT impact from entry fees in Mexico and the impact from the application of inflation accounting (IAS 29) in Argentina.

    7 Please refer to page 26 of our Q4 2024 Earnings Presentation for further details regarding this reconciliation.

    The MIL Network –

  • MIL-OSI Europe: Opening remarks by Commissioner Jørgensen at the ITRE Committee Structured Dialogue

    Source: EuroStat – European Statistics

    European Commission Statement Brussels, 20 Feb 2025 Thank you Mr Chairman!
    This is the first time I am back in a big Plenary room since the hearing. Thank you for being nice to me! People ask me if I could sleep at night in the preparation phase, and I always answered, ‘yes I sleep like a baby’. I sleep for a few hours, I wake up and cry a little bit, then I sleep for a few more hours and then I wake up and cry a little bit.

    Thank you so much and thank you for the collaboration, both before and after the hearing.

    Now of course, we have started the actual work and I really cherish, both the bilateral collaboration I have with many of you, but also with the groups and with the Committee.

    I am looking forward for the exchange of views today. Obviously, it’s also a possibility for me to highlight some of the things that are coming up and that we are presenting from the Commission’s side in the weeks and months to come, just as it is an opportunity for you to ask me questions, but obviously also give me some input.

    A lot has happened since December, there is an old, I think it’s a Chinese curse, that goes ‘may you live in interesting times’. I think it’s pretty fair to say we are living in interesting times.

    I think it’s also fair to say that this is for me a very, very clear sign that we should all be happy that we have the European Union. No country, not even the biggest ones of us, have a chance of solving the challenges that we face right now alone.

    We need to really stand by each other’s shoulders and we need to work with each other closer, together. And therefore, I think it is also extremely important that we send a very clear signal to our own citizens, our own companies but also of course to the world, that in the European Union, the way that we face challenges like the ones we face right now, is not by polarising but standing together.

    This certainly also goes for the energy part of our collaboration. We  already working very closely together on this, compared to any other region of the planet, we are better interconnected and more rational and greener than any other region.

    This is obviously not to say that we don’t have many challenges, we have a lot. But I just think it’s worth reminding each other, when standing in challenging times, it’s also necessary to remember what are our strengths and to build on our strengths. And when facing challenges you have to be very careful, when you find the solutions, that you don’t undermine the position of strength that you actually have, by choosing to go in completely different directions.

    For me that means, looking at our Energy Union, we need to make that stronger.

    It really is a little bit of a paradox, when walking around this building and looking at all the historic photos, the buildings and rooms named after great personalities that helped shape the European Union, that it all started as a Coal and Steel Community. So coal, basically energy.

    Yet today, there is many other issues we are much more integrated than we are on the energy side.

    So, we have a lot of potential. I will also say that we need to do better in that part of our integration.

    Now, if we look at our electricity infrastructure and how it is connected in Europe. Again, I would find it difficult to point to any other places in the world that are doing as well as we are. But at the same time, we are not at all where we need to be and we are not even exploiting the possibilities that we have of doing better right now.

    An analogy that you could use, if you thought about our more traditional physical transport infrastructure and, let’s just take an arbitrary number, say that what we needed was 100 big highways to connect Europe and we would be perfectly connected, it’s just an arbitrary number but let’s say it’s 100. Then say, that those highways are energy, electricity, then right now we are at a stage where we have 100 highways but we need 200. What makes it even more challenging, but also gives us possibilities, is that out of the 100 we are only using 50. So out of the infrastructure that we already have, the interconnectedness and maintenance that we already have, we are only utilising a part of it. And we have a lot of potential for utilising it better. And even if we did that 100 per cent, that still would not be enough.

    So, what does that mean? It means we need to be better connected, both physically, so physical infrastructure, but also in a more regulatory sense.

    Countries need to implement better legislation that we already have, this means exploiting the possibilities of having the benefits of having neighbours that produce energy at certain times and also being solidaire, providing them the energy to them, when they don’t.

    If all countries fulfilled our obligation of the 70% transmission  target, then already there, we would be much better off that we are today.

    If we were better at exploiting the grid we have, and we can be, via digitalization and AI, and better planning and better coordination of maintenance, small things they might seem like, but they can really make a difference. Then we could avoid a lot of curtailment. In Germany alone, the curtailment every year equals the lost revenue of 4 billion euros.

    When we have the big crisis last Summer, in many of the Southern European countries because of the heat wave, one of the reasons why the crisis became so big was because there was a lot of maintenance going on and it wasn’t being coordinated. This is not to blame anybody, because there were probably good reasons why it had to happen there, but had we coordinated better, we could have avoided these things.

    So this is just to say there are actually quite a few low hanging fruits, quite a few things that can work, even in the short term. But I will also be honest with you and say there are also some fruits at the top of the tree, that we need to pick. There is also a lot of things that we need to do that are more structural, long-term decisions.

    Something that lies in between there, I would say, is our ability to move swiftly with the deployment of more renewables.

    We need to, in my opinion, take a good and hard look at our rules for permitting. Now, during the crisis we had some change in the rules that we have and emergency measures, that were also implemented and that meant that in some countries things were actually speeding up.

    But still, as a general rule, it is going way too slow and I think that is probably the message that I am getting most often from industry, from local communities, from green NGOs from people that are more concerned about prices. It’s not going fast enough.

    And this is even in a period of time when we are actually deploying more renewables faster than ever, so last year it was 78 new Gw of renewables, this is a huge number. Last year for the first time ever, we produced more electricity by solar than by coal. This is fantastic, it’s going in the right direction, it’s going fast. But not fast enough.

    This will be at the core also of the Affordable Energy Action Plan that I will be presenting, the Commission will be presenting, next week as a part of the Clean Industrial Deal.

    We will look at every issue separately, that is right now hindering  us from becoming more independent of fossil fuels and thereby also Russian energy imports, decarbonising our economy and of course first and foremost, which the title also reflects, bringing down the prices.

    Renewable energy is not something that is making our competitiveness worse as some will have you believe. I am sure probably not many in this room but sometimes outside of this room you will hear this.

    It is the opposite. From 2021 to 2023, the International Energy Agency, [IEA Executive Director] doctor Fatih Birol, has calculated that we in Europe saved 100 billion euro because of the deployment of new renewable energy.  100 billion euro that we would have bad to pay more, had we not been on the transition path that we are in.

    We are working hard to rectify where there is barriers, and the plan that I will be presenting will not be a plan with one big silver bullet that will solve all the problems. But it will be a lot of very targeted things, of course interconnected, but targeted things that we can do, that when you add them all up, will make a lot of difference both on the short term and on longer and more structural term.

    I will also say that the question of Russian energy, in my opinion, has not become smaller, I think you will agree.

    When the war escalated and Russia attacked Ukraine in 2022 we were at 45% of our gas coming from Russia. Last year we brought that down to 15%, but then the LNG imports went up, so we ended up at 19%. Now we are at approximately 13% because the transit via Ukraine ended the 1 January.  

    So on the one hand, I guess you can argue that this is a huge success of Europe. I would like you to point to any other region of the world that could that fast, fundamentally change such as important part of the energy system. It is actually a tremendous accomplishment on one hand. On the other hand, we are still importing 13% from our gas from Russia. This is billions of euros  filling up Putin’s war chest. So, we need to do more.

    Some of the things that I have already talked about, that will be a part of the Action Plan on Affordable Energy will obviously also help us in that regard. But we will need to, in my opinion, take even further steps and, therefore, next month, the Commission will propose a Roadmap for independence on Russian fuel.

    Obviously we have a lot of other things planned, but my time is already more than up, so I hope I’ll get an opportunity to speak about them in connection with your questions. They are all  interrelated obviously, so the Electrification Action Plan is also connected to the Affordable Energy Action Plan and so forth.

    On housing, which I know is also important for many in this Committee, we will be presenting the Affordable Housing Action Plan next year. The reason why I decided and we decided in the Commission to not do it before, was also to make sure that we have a process that is parallel to yours, here in the Parliament, the Committee on Housing. I would not feel comfortable putting forward my plan without having also taken into account the result of your work and your recommendations.

    But this does not mean that I will not act before that. We are already acting. So you could put it all together in one fine plan in a year, but since it’s probably wiser to wait with that plan, I will start doing some of the things already now. That is probably not the way we normally or actually often work, but I think it’s the smart way of doing it so.

    On the State aid rules, we are working on them, [Executive Vice President for a Clean, Just and Competitive Transition] Teresa Ribera and myself, on making, creating a pan-European investment platform, I am working with the EiB on that. On making sure we spend more money from the cohesion funds on housing, going from 7.5 billion euros to 15 billion euro, I am working with Vice-President [for Cohesion and Reforms, Raffaele], Fitto on that and of course also on other issues.

    But I would be interested to hear your comments and answer any questions also!

    Thank you!

    MIL OSI Europe News –

  • MIL-OSI Europe: Financial statements of the ECB for 2024

    Source: European Central Bank

    20 February 2025

    • ECB reports loss of €7.9 billion (2023: loss of €1.3 billion)
    • Losses will be offset against future profits

    The European Central Bank’s (ECB’s) financial statements for 2024 show a loss of €7,944 million, which is comparable to the loss of €7,886 million reported in 2023 before the transfer from risk provisions. In 2023 the full release of the provision for financial risks of €6,620 million reduced the loss for that year to €1,266 million, while in 2024 no losses could be covered by this provision as its balance stood at zero. The 2024 loss, like the loss from the previous year, will remain on the ECB’s balance sheet to be offset against future profits. As a result of the loss, there will be no profit distribution to euro area national central banks for 2024.

    The losses come after many years of substantial profits and are the result of policy actions taken by the Eurosystem that were necessary to fulfil its primary mandate of maintaining price stability. These policies required the ECB to expand its balance sheet by purchasing financial assets, mostly with fixed interest rates and long maturities. This was accompanied by a corresponding increase in liabilities, on which the ECB pays interest at variable rates. Thus, increases in the ECB’s key interest rates in 2022 and 2023, which were aimed at combating high inflation in the euro area, resulted in immediate increases in interest expenses on these liabilities, while interest income on the ECB’s assets, in particular on securities purchased under the asset purchase programme (APP) and the pandemic emergency purchase programme (PEPP), did not increase to the same extent.

    The ECB may still incur losses in the coming years. Should this be the case, any such losses are expected to be lower than those incurred in 2023 and 2024. Thereafter, the ECB is expected to return to making profits. In any case, the ECB can operate effectively and fulfil its primary mandate of maintaining price stability regardless of any losses. Its financial strength is further underlined by its capital and its substantial revaluation accounts, which together amounted to €59 billion at the end of 2024, €13 billion higher than at the end of 2023.

    The ECB’s interest income and expenses in 2024 were as follows:

    In 2024, as in 2023, the fact that interest expenses were higher than interest income was mainly driven by the significant interest expense on the ECB’s net TARGET liability. Since this liability was remunerated at the interest rate on the main refinancing operations (MRO rate), the higher average MRO rate of 4.1% in 2024 (2023: 3.8%) resulted in an increase in this expense. The higher average MRO rate also led to increases in the interest income on claims related to the allocation of euro banknotes in circulation and the interest expense payable to the NCBs as remuneration of their claims in respect of foreign reserves transferred to the ECB. The interest income on securities held for monetary policy purposes also increased, mainly on government securities held under the PEPP. The interest income on foreign reserves was higher, largely coming from securities denominated in US dollars.

    Write-downs amounted to €269 million (2023: €38 million) and resulted mainly from the decline in the market value of a number of securities held in the US dollar portfolio and the depreciation of the Japanese yen, which led to a reduction in the value of the related currency holding.

    Total staff costs increased to €844 million (2023: €676 million), mainly owing to the higher costs of post-employment benefits arising from an amendment to the rules governing the ECB’s pension plans in 2024. Other administrative expenses increased to €626 million (2023: €596 million), mainly owing to higher IT spending in relation to the digital transformation, while also reflecting the impact of inflation.

    Supervisory fee income (fees charged to supervised banks to recover expenses incurred by the ECB in the performance of its supervisory tasks) amounted to €681 million (2023: €654 million).

    The total size of the ECB’s balance sheet decreased by €33 billion to €641 billion (2023: €673 billion), mainly reflecting the gradual decline in APP holdings owing to redemptions.

    Consolidated balance sheet of the Eurosystem

    At the end of 2024 the size of the balance sheet of the Eurosystem, which comprises assets and liabilities of the euro area NCBs and the ECB vis-à-vis third parties, stood at €6,428 billion (2023: €6,887 billion). The reduction compared to 2023 was due to the decline in securities held for monetary policy purposes to €4,283 billion (2023: €4,694 billion), mainly owing to redemptions. APP holdings decreased by €353 billion to €2,673 billion, as reinvestment of maturing assets ceased in July 2023, while PEPP holdings decreased by €57 billion to €1,609 billion, with maturing assets being only partially reinvested in the second half of 2024. Furthermore, Eurosystem lending operations decreased to €34 billion (2023: €410 billion), largely as a result of the maturing of the third series of targeted longer-term refinancing operations (TLTRO III). The resulting decline was partially offset by the increase in the euro-equivalent value of the Eurosystem’s holdings of gold to €872 billion (2023: €649 billion) owing to the rise in the market price of gold in euro terms.

    For media queries, please contact William Lelieveldt, tel.: +49 69 1344 7316.

    Notes

    MIL OSI Europe News –