Category: Business

MIL-OSI Economics: Burkhard Balz: Unlocking the potential of cross-border payments – challenges and opportunities

Source: Bank for International Settlements

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1 Introduction

Ladies and Gentlemen,

Thank you very much for the opportunity to speak to you today in a city that has a long history of being a hub for cross-border payments. Not far from here, in the arrondissement that still bears the name of their religious order, the Knights Templar had their headquarters. Founded as a knightly order, they increasingly focussed on their banking business in later years. This included offering services for cross-border payments: pilgrims could deposit their funds at the Templar commandery, receive a letter of credit, and could exchange that letter for cash at their destination. You could say that the Templars were the first European money transfer operator.¹

However, conducting banking business in the Middle Ages could be risky and could – amongst other factors – lead to an inglorious end. A short distance from here, the last Templars were burned at the stake on what is now the Île de la Cité.

2 Current challenges in cross-border payments

While money transfer operators today do not have to fear vengeful monarchs, they face their own challenges when they offer cross-border payments. Although unbelievably fast and cheap compared to medieval standards, today’s cross-border payments lag behind domestic payments when it comes to speed, cost, access and transparency. And when we look at the root causes, images of medieval transport routes come to mind.

The reasons for the discrepancy between domestic and cross-border payments are manifold: first of all, high barriers for market entry result in a lack of competition and long transaction chains. These market entry barriers include high liquidity costs, high regulatory standards as well as the need to build a sufficiently large network to achieve economies of scale. As a result, the long transaction chains with multiple parties involved negatively affect costs, speed and transparency. While the situation has been improving in the last few years, thanks to initiatives like SWIFT gpi, substantial obstacles still remain.

Second, the lack of harmonisation of regulatory standards hinders smooth payment flows across borders. As different countries have different regimes for sanction screening and fighting money laundering and financial crime, payments need to be checked multiple times along the payment chain. Often the chain is interrupted because the relevant information to fulfil regulatory compliance is missing. Sometimes even manual intervention is necessary, which in turn hinders automated end-to-end processing of payments. Of course, this problem is multiplying with longer transaction chains.

Third, there are technical impediments. Insufficiently harmonised standards for message formats, varying opening hours of payment systems and differing technical system specifications can further exacerbate the frictions in cross-border payments.

Last but not least, I would like to address one aspect which is a very specific concern for me. Increased geopolitical tensions could have the potential to hamper efforts to improve cross-border payments by eroding the basis for international coordination: mutual trust. Moving forward, we have to find ways to rebuild that trust again in order to negotiate on fair and equal terms.

3 Towards a multilateral world in payments?

So, bearing in mind that the current infrastructure for global payments is not the optimum: what would be the ideal solution? A truly global system for cross-border payments? This is, in my view, rather unrealistic because it would not only require fully eliminating all current barriers, but also solving emerging issues, such as finding an appropriate governance framework. In order to take a step forward, we might need to grab the opportunities right ahead of us. Regional initiatives and interlinked systems could be the first steps towards a more interconnected global payments ecosystem.

In the Eurosystem, we have already taken a step in this direction. The platforms T2, for wholesale, and TIPS, for real-time retail payments in Europe, enable not only payments in euro, but also in Swedish krona and will also soon support payments in Danish krona. Other examples of successful regional multi-currency solutions are Buna in the Arab region, and the Pan-African Payment and Settlement system (PAPPS).

Thus, while a global payment system may seem like an ideal solution, different regional systems have their advantages as well. They can cater for the specific needs of their region, and it is always easier to coordinate a smaller number of players than a global project.

However, in a payments landscape with a stronger regional focus, the risk of global fragmentation remains. This means there are two paths we have to embark on: on the one hand, we have to make sure that such a multilateral structure ensures the safety, resilience and integrity of the global payment system. On the other hand, different regional parts need to become interoperable with each other. Otherwise, there is the risk that fragmentation will exacerbate the current problems in cross-border payments, as previous harmonisation and standardisation efforts could become obsolete – not only in technical terms, but also with regard to market practices, regulations and strategies.

4 How can central banks address the challenges?

Now, the question that we have to ask ourselves as central bankers is: what can we do? And what better place to ask this question than at the Central Bank Payments Conference?

In 2020, the G20 developed a concrete roadmap to enhance cross-border payments. As part of this process, 19 building blocks with specific action points were developed and quantitative targets were set.

After almost five years, we can already see some improvements in the global payments landscape: together with the market, we have harmonised the ISO 20022 standard further, reducing frictions in the transmission of messages.

Furthermore, central banks around the world have expanded their operating hours, thus reducing delays when sending and settling payments across time zones. Whether that is the first step towards 24/7 operations for real-time gross settlement (RTGS) systems remains to be seen, as this would come with a number of additional challenges. However, I believe it is not a question of “if”, but more “how” because the world of payments has already moved towards 24/7 operations with regard to the new instant payment rails. This will also have an impact on liquidity management in central bank money, which is usually conducted via RTGS systems.

Additionally, there are ongoing initiatives to open up access to central bank payment systems, which could increase competition and thus enhance the efficiency of cross-border payments. Within the Eurosystem, we have already taken a key decision² in this regard and are currently exploring the detailed specifications under which such access can be granted.

Looking ahead, there are a couple of options for central banks to further enhance the efficiency of cross-border payments. For the last couple of years, instant payment systems have been built across the globe. When we interlink these systems, we could enable payment institutions worldwide to quickly expand their payment network. Assuming that we would also find more efficient ways for the currency conversion still needed in this context, we could also lower liquidity costs: this would address two of the main market entry barriers, thus increasing competition.

First trials in that direction have already been completed and interlinking with foreign payment infrastructures is one of the key components of the Eurosystem’s strategy for the coming years.³ If we interlink regional payment infrastructures, we can quickly tackle a number of the frictions we face in cross-border payments today.

In the future, central bank digital currencies (CBDCs) could offer another opportunity, but we have to make sure that they combat fragmentation, rather than increase it. To guarantee this, we have to ensure that they are interoperable with each other and with traditional payment systems. Regarding the digital euro, the ECB and the national central banks of the Eurosystem are in close contact with market players and other central banks outside the euro area. However, while CBDCs might also be a very promising candidate in the cross-border space, in particular given that they are expected to penetrate the relevant markets strongly, it will take time for them to become established. This is because we are still at a nascent phase globally and, very often, priority needs to be given to ensuring a market roll-out in domestic markets, as is our aim for the digital euro.

Instant payment systems may not be “traditional” in terms of age, but they are still an evolution of the “classic” payment rails. Nevertheless, and given the rather diverging global situation, they could be a prime candidate for interlinking with emerging retail CBDCs in other areas: first, both systems are able to operate around the clock in real-time. Second, instant payment systems give instant feedback on whether the payment was successful or not. Third, messages could be tokenised and used to settle smart contracts in more technically innovative infrastructures.

This idea is not only applicable in the retail space. It could also benefit the wholesale area, where innovative solutions could help to address foreign exchange liquidity management, thereby complementing the linkage of RTGS systems, for instance. We at the Bundesbank have trialled those interconnections in the wholesale payments world with our trigger solution, which was one of three interoperability solutions tested as part of the Eurosystem’s exploratory work. The trigger solution links distributed ledger technology (DLT) platforms operated by the market with the “traditional” Eurosystem payment system (TARGET), thus enabling the direct settlement of DLT-based wholesale transactions on participants’ existing RTGS accounts in central bank money.

When we look at past and current efforts, we see that much has been done to harmonise technical standards and to supply innovative solutions. However, in order to truly be successful in enhancing cross-border payments, we should not only look at what the market could do: we must also address the fragmented regulatory landscape as well. Harmonising regulatory standards across borders would remove one of the largest frictions in cross-border payments.

5 Outlook

When we take a look at what we have achieved already and what we still have to achieve by 2027, we could say that reaching the G20 targets will be a very ambitious climb. However, we should not downplay what we have achieved so far. We have made significant progress when it comes to global harmonisation of technical standards and updating payment infrastructures.

Momentum for the interlinking of payment systems has never been as great as it is today and new technologies like DLT, and maybe even AI, can help to further reduce the frictions affecting cross-border payments at present.

Despite the current geopolitical situation, central banks can help alleviate the challenges we face today by supplying policymakers and regulators with a range of options.

As you can see, improving cross-border payments is not as mysterious as a Dan Brown novel, and solving the problems that we face is not as hard as cracking the Da Vinci Code that Tom Hanks tries to crack in the films with the same name. And there are no longer Knights Templar defending the holy grail of efficient cross-border payments.

So, let us continue improving the global payments landscape.

Ladies and gentlemen, thank you for your attention.

MIL OSI Economics –

February 21, 2025
MIL-OSI Economics: Philip N Jefferson: How healthy are US households’ balance sheets?

Source: Bank for International Settlements

Figures accompanying the speech

Thank you, Professor Ho for that kind introduction and for the opportunity to talk to the Vassar community. I am happy to be back on campus. As a teenager in Washington, D.C., I had the very good fortune that a high school counselor pushed me to apply to Vassar College. I was accepted, and I earned my bachelor’s degree here. Attending Vassar opened a wider variety of opportunities to me than I would have otherwise had available. But I encountered one problem: Vassar did not offer any banking or business courses, which is what I wanted to study. So, I enrolled in an economics class, figuring it was the next best thing. I was hooked, and I have been studying economics ever since.

My time here as a student was transformative, and I was honored to have served on Vassar’s board from 2002 to 2022. Vassar is a vibrant intellectual community.

To motivate the topic of today’s speech, let me begin by sharing with you briefly my assessment of the current state of the U.S. economy. The performance of the U.S. economy has been quite strong overall. Last year, gross domestic product grew at a solid pace of 2.5 percent. I see the labor market as being in a solid position, with job creation steady and the unemployment rate at 4 percent in January. Inflation has come down a great deal over the past two and a half years but remains somewhat elevated relative to our 2 percent target. Based on recently released data, it is estimated that the 12-month change in the personal consumption expenditures price index was 2.4 percent in January. Progress toward our 2 percent objective has been slow in the past year. I expect the path of inflation to continue to be bumpy. While a cumulative cut in the policy rate by 100 basis points last year has brought the stance of monetary policy closer to a neutral setting, monetary policy continues to be restrictive. I believe that, with a strong economy and a solid labor market, we can take our time to assess the incoming data to make any further adjustments to our policy rate.

MIL OSI Economics –

February 21, 2025
MIL-OSI Economics: Hajime Takata: Economic activity, prices and monetary policy in Japan

Source: Bank for International Settlements

I. Economic Activity and Prices

I will begin by talking about developments in economic activity and prices. Overseas economies have grown moderately on the whole (Chart 1). Having faced concerns of an economic slowdown around summer 2024, the U.S. economy has since grown firmly, mainly led by private consumption. The projected growth in the U.S. economy for 2025 was revised upward to 2.7 percent in the January 2025 World Economic Outlook (WEO) Update released by the International Monetary Fund (IMF). Recent economic indicators suggest a solid U.S. economy, especially the possibility that the labor market, which triggered the concerns of an economic slowdown, has bottomed out. The Federal Reserve kept its policy interest rate unchanged at the January 2025 Federal Open Market Committee (FOMC) meeting, following three consecutive rate cuts at the previous meetings in the latter half of 2024 (Chart 2). The Summary of Economic Projections of the December 2024 FOMC meeting indicates future rate cuts. Some market participants, however, anticipate a pause in the reductions, partly because of firmness of the U.S. economy and speculation over the new administration. Based on the resilience of the economy, I believe it is more likely that the economy will accelerate again in the near future, making a “touch-and-go landing,” so to speak, rather than a soft landing, although attention continues to be warranted on uncertainties surrounding policy conduct under the new administration. What is more, the U.S. economy has continued to grow for four years at a pace close to 3 percent, a pace above its potential growth rate of around 2 percent, and a relatively high growth rate is also projected for 2025. In this situation, it is necessary to bear in mind the possibility that growth in employment and inflation in the country will accelerate further and to consider how such developments will affect global financial markets.

Japan’s economy has recovered moderately, although some weakness has been seen in part (Chart 3). With regard to the outlook, the economy is likely to keep growing at a pace above its potential growth rate, with overseas economies continuing to grow moderately and as a virtuous cycle from income to spending gradually intensifies against the background of factors such as accommodative financial conditions. Furthermore, I think that momentum for economic recovery could strengthen if overseas economies, particularly the U.S. economy, turn out better than expected.

MIL OSI Economics –

February 21, 2025
MIL-OSI Economics: Michael S Barr: Artificial intelligence – hypothetical scenarios for the future

Source: Bank for International Settlements

Advances in artificial intelligence (AI) have accelerated rapidly over the past few years. It is now commonplace to see autonomous vehicles navigating city streets, and generative AI tools are available on phones and other devices wherever we go. AI innovations make headlines and play a big role in financial markets, and generative AI has the potential to change how we think about productivity, labor markets and the macroeconomy. Today, I will address that question by outlining two hypothetical scenarios for AI’s impact and the implications for businesses, regulators, and society. I will focus my comments on Generative AI, or GenAI, a subset of AI that has seen significant growth and integration into economic activity in just a few short years.

GenAI and Its Adoption

Compared to earlier iterations of AI, GenAI is able to generate content, which allows it to significantly enhance productivity across a range of knowledge-based activities and be used by people without coding skills. GenAI will likely become a “general purpose technology,” with widespread adoption, continuous improvement, and productivity enhancements to a wide range of sectors across the economy. We are already seeing GenAI improve the productivity of its own R&D. There is widespread enthusiasm for GenAI, and survey evidence shows much faster rates of consumer adoption of GenAI already than were seen for the personal computer or the internet. While actual deployment of GenAI is limited to some business functions, and there have been pitfalls along the way, businesses in almost every sector are experimenting with or considering how to make use of the technology.

Firms are also exploring Agentic AI-Gen AI systems that not only produce new content, but are also able to proactively pursue goals by generating innovative solutions and acting upon them at speed and scale. Imagining Agentic AI’s ultimate application, some speculate that we could experience a “country of geniuses in a data center”-a collective intelligence that surpasses human capabilities in problem-solving and collaboration. Some believe Agentic AI has the potential to connect ideas in disparate domains, potentially transforming research and development and society more broadly.

MIL OSI Economics –

February 21, 2025
MIL-OSI Economics: Piero Cipollone: Striking the right balance – the European Central Bank’s balance sheet and its implications for monetary policy

Source: Bank for International Settlements

Slides accompanying the speech

Today I would like to discuss the ECB’s balance sheet and its implications for our monetary policy.

In recent years, the monetary policy debate has mainly focused on our interest rate decisions. This is for good reason. In response to the biggest inflation shock in a generation, we embarked on the fastest tightening of monetary policy in the ECB’s history through rate hikes.

During this tightening phase, we used policy rates as the primary tool for setting our monetary policy stance, while normalising our balance sheet in a measured and predictable way. We initiated the gradual unwinding of our asset purchase programmes and recalibrated our targeted longer-term refinancing operations (TLTROs). As a result, the size of our balance sheet has fallen by more than a quarter from its peak.

Policy rates remain our primary instrument and will therefore continue to attract the most attention. But we should not underestimate the important role that our balance sheet policies have played over time as a component of our overall monetary policy stance and in ensuring the smooth transmission of our monetary policy to the real economy. This still holds true today as we make our monetary policy less restrictive.

Inflation has now fallen substantially to levels close to 2%. Our latest projections foresee it converging towards our target over the medium term, and the risks to the inflation outlook – once sharply skewed to the upside – have now become more balanced.

At the same time, the euro area’s economic recovery remains weak – especially in the near term. The risks to the growth outlook are tilted to the downside and, if they materialise, may derail the recovery, with implications for the inflation outlook.

MIL OSI Economics –

February 21, 2025
MIL-OSI USA: Congressman Raja Krishnamoorthi Joins OSF HealthCare Leaders in Peoria to Discuss Strengthening Illinois’ Healthcare Workforce Pipeline

Source: United States House of Representatives – Congressman Raja Krishnamoorthi (8th District of Illinois)

Peoria, IL – On Tuesday, Congressman Raja Krishnamoorthi joined OSF HealthCare leadership, regional career and technical education leaders, and representatives from organized labor for a facility tour and roundtable discussion at the Jump Trading Simulation & Education Center, located on the campus of OSF Saint Francis Medical Center. A collaboration between the University of Illinois College of Medicine and OSF HealthCare, Jump Simulation is a leader in innovation and the preparation of Illinois’ healthcare workforce. During the roundtable, Congressman Krishnamoorthi and other participants discussed the state of Illinois’ healthcare workforce, how federal dollars can most effectively be leveraged to increase the utility of career and technical programs throughout the state, and the path forward to ensure a robust talent pipeline from our Illinois schools to critical sectors like healthcare.

“The strength of our health care system depends on the skill of our medical workforce. I was grateful for the opportunity to meet with leaders from OSF Health Care and the Peoria Community, including Mayor Ali, to discuss the investments we need to make in our education and workforce development programs to prepare today’s students for the health care careers of tomorrow.”

MIL OSI USA News –

February 21, 2025
MIL-OSI USA: Pallone Warns of Devastating Health Care Cuts in Republicans’ Scheme to Fund Billionaire Tax Breaks

Source: United States House of Representatives – Congressman Frank Pallone (6th District of New Jersey)

Energy & Commerce Committee’s Top Democrat Visits Central Jersey Medical Center, Highlights Risks to Medicaid Patients and Community Health Centers

PERTH AMBOY, NJ – Congressman Frank Pallone, Jr. (NJ-06), the Ranking Member of the House Energy and Commerce Committee, visited Central Jersey Medical Center today to sound the alarm on President Trump’s and House Republicans’ plan to slash Medicaid funding—jeopardizing the health care of 1.7 million New Jerseyans and Community Health Centers (CHCs), hospitals, and nursing homes across New Jersey in order to bankroll massive tax cuts for billionaires and big corporations.

“I saw up close today how Central Jersey Medical Center provides essential care—whether it’s preventive services, dental care, or managing chronic conditions—and I know what’s at stake if these cuts go through,” Pallone said. “House Republicans want to gut Medicaid to hand billionaires and corporations another tax break, and the consequences will be devastating. This isn’t about ‘fiscal responsibility’—it’s about ripping health care away from seniors in nursing homes, children, and people with disabilities. Slashing Medicaid would shut down health centers like this one, gut hospitals, and overwhelm emergency rooms. It’s immoral, and I’ll fight it every step of the way. New Jerseyans deserve better—I won’t let them rip away your health care just so Elon Musk can buy another rocket.”

Last week, the House Budget Committee approved a budget resolution including at least $880 billion in Medicaid cuts over the next ten years. These cuts would gut health care coverage for millions while handing giveaways to the ultra-rich. They would also cripple facilities like Central Jersey Medical Center, which provides essential primary, dental, and preventive care to thousands of working-class and low-income people in Perth Amboy and surrounding communities.

House Republicans are hoping to bring the budget resolution up for a vote of the full House as early as next week.

What’s at Stake for New Jersey?

New Jersey’s 24 Community Health Centers provide care at 136 locations statewide, ensuring that nearly two million residents—including Medicaid patients, the uninsured, and underserved communities—have access to doctors, nurses, and preventive care. Medicaid currently covers 1.7 million New Jerseyans, including children, pregnant women, seniors in long-term care, and individuals with disabilities.

Republicans’ proposed Medicaid cuts would destabilize New Jersey’s health care system, pushing more patients into already-strained emergency rooms, increasing uncompensated care costs, and driving up insurance premiums for everyone. Republican proposals, such as so-called “per capita caps” would shift costs onto states – forcing New Jersey to slash services, limit eligibility, and cut provider payments.

The drastic cuts to CHC funding would threaten the viability of health centers like Central Jersey Medical Center, which could be forced to close or severely limit services.

Pallone’s visit to Central Jersey Medical Center was attended by doctors, patients, and local leaders, all of whom echoed Pallone’s concerns about the devastating impact of the new Republicans’ tax scheme.

“The Arc of New Jersey is grateful for Congressman Pallone’s unwavering commitment to protecting the Medicaid program. And that is exactly what we need from all members of Congress. Medicaid is the lifeline program for thousands of individuals with intellectual and developmental disabilities (IDD) living in New Jersey. Any cuts to funding or changes to benefits will absolutely mean a reduction in services, longer wait times for support and a diminished quality of life for those with IDD. We cannot allow a dismantling of Medicaid as it will have a devastating and crushing impact on the state’s most vulnerable,” Sharon Levine, Senior Director, The Arc of NJ

“Advocates for Children of New Jersey has been a longtime advocate for NJ FamilyCare, which now covers nearly 20% of all residents living in the Garden State. This includes more than 820,000 children, ages from birth to 18-years-old and covers about a third of all births annually. Children from poor and low-income families, youth aging out of foster care, and individuals with complex and long-term medical needs rely on this critical health insurance. Any cuts or changes to federal Medicaid funding will have a substantial impact on their health and well-being,” Mary Coogan, President and CEO, Advocates for Children of NJ

“CJMC delivers evidence-based, high-quality care to all New Jersey residents, regardless of their insurance status or their ability to pay. By providing high quality primary care and behavioral health services, CJMC will improve health outcomes and reduced healthcare costs,” Dr. Cynthia Vuittonet.

“Too many New Jerseyans are already struggling to pay for groceries, housing, and medical bills,” said Maura Collinsgru, Director of Policy and Advocacy for New Jersey Citizen Action. “Gutting Medicaid funding will cut essential health services for millions, including pregnant women, people with disabilities, low-income families with children, and seniors in nursing homes. It’s inhumane to consider making these cuts so that billionaires and huge corporations can get another tax break. We urge all our Representatives to stand with Congressman Pallone against any efforts to defund Medicaid.”

Pallone’s Role in Defending Health Care

As Ranking Member of the House Energy and Commerce Committee, which oversees Medicaid and CHC funding, Pallone is a critical last line of defense against Republican attacks on health care access. He has led efforts to protect Medicaid funding, defend Americans’ health care coverage, and expand support for Community Health Centers.

The House Energy and Commerce Committee is expected to soon take up elements of the Republican reconciliation plan, including deep Medicaid cuts. Pallone has vowed to lead the fight against these attacks. He is committed to protecting the 70 million Americans on Medicaid and ensuring that Community Health Centers and hospitals are not sacrificed for tax breaks for Trump’s billionaire friends.

MIL OSI USA News –

February 21, 2025
MIL-OSI USA: Case Reintroduces Measures To Halt Potentially Destructive Deep-Seabed Mining

Source: United States House of Representatives – Congressman Ed Case (Hawai‘i – District 1)

(Washington, DC) – U.S. Congressman Ed Case (HI-01) has reintroduced two measures in the 119^th Congress (2025-2027) calling for moratoria on the mining of our world’s deep seabed unless and until its potentially destructive consequences are fully understood and an appropriate international protective regulatory regime is established.

“Our deep oceans and seabed are the last unexplored regions of our world, yet what we do know of them is that they are among our most intricate and fragile,” said Congressman Case.

“Over half of all known coral species are found in the deep sea, and as many as 10 million marine species may inhabit the deep sea, a massive and interrelated biodiversity seen nearly nowhere else on the planet.”

Joining Case as co-sponsors of the measures are Members of Congress Jared Huffman (D-CA-02), the ranking member (senior Democrat) of the House Natural Resources Committee, Suzanne Bonamici (D-OR-01), Chellie Pingree (D-ME-1), Rashida Tlaib (D-MI-12), and Eleanor Holmes Norton (D-DC).

“Mining in pristine, fragile ecosystems like the seabed could open a Pandora’s box of unintended consequences, ranging from decimating fish and marine mammal populations to destroying ecosystems and inhibiting carbon sequestration,” said Congressman Huffman.

“Extracting industries should not have carte blanche access to what are some of the last untouched places on our planet. I’m glad to join Rep. Case in these bills to prevent the exploitation of seabeds before the proper research and regulations can be established.”

“Deep sea mining poses significant risks. It has the potential to disrupt delicate ocean chemistry, harm deep sea life, and increase ocean acidification,” said Congresswoman Bonamici. “I’m grateful to partner with Congressman Case on this moratorium to protect the ocean ecosystem from exploitation.”

“Deep sea mining can devastate our marine habitats and the species that live there, as well as negatively impact our climate,” said Congresswoman Norton. “I’m proud to join Congressman Case in supporting legislation to pause our deep-sea mining activity pending further study and ensure we do not sign off on any harmful deep sea mining activities abroad.”

Case continued: “Some of these species have had surprising benefits to humanity, including enzymes from one microbe found in deep-sea hydrothermal vents being used to develop COVID-19 tests. In addition, the deep ocean is one of our planet’s largest and most important stores of carbon and could play a critical role in the fight against climate change.”

Among the deep-seabed mining areas most sought after by the industry for immediate unregulated mining is the Clarion-Clipperton Zone, an abyssal plain as wide as the continental United States punctuated by seamounts which extends to just hundreds of miles southeast of Hawai‘i Island. Yet little if anything material is known about the marine ecosystem of this area or its connection to Hawaii’s own unique marine and related ecosystem.

“The marine life and natural processes not only of this zone but of our world’s oceans, and their relationships to our international ecosystems in terms of biodiversity, weather and other macro-environmental interdependencies, are in all likelihood imperiled by the imminent commencement of large-scale unregulated commercial seabed mining operations,” said Case. “Seabed mining could take a number of destructive forms, including methods which would shear off seamounts on the ocean floor, the functional equivalent of strip mining.”

Case said the American Seabed Protection Act will place a moratorium on deep-sea mining activities in American waters or by American companies on the high seas. It also tasks the National Oceanic and Atmospheric Administration and the National Academies of Science with conducting a comprehensive assessment of how mining activities could affect ocean species, carbon sequestration processes and communities that rely on the ocean.

The International Seabed Protection Act will require the United States to oppose international and other national seabed mining efforts until the President certifies that the International Seabed Authority has adopted a suitable regulatory framework which will guarantee protection for these unique ecosystems and the communities that rely on them.

The introduction of the measures comes as the International Seabed Authority considers regulations that could open the international seabed for mining. While both companies and countries are lining up to secure mining permits, many are concerned about the impact on marine ecosystems, habitats and communities.

“The more we learn about the deep ocean, the more we understand its essential connections to the health of the entire ocean and to the climate,” said Addie Haughey, Earthjustice Legislative Director for Lands, Wildlife and Oceans.

“Some mining industry interests would unleash unproven technology in sensitive and still unknown deep ocean ecosystems that belong to all of us. This gamble with the ocean, with a dubious rate of return economically, is not worth it. We support this legislation and appreciate Rep. Case’s vital leadership on this important effort.”

The bills are also endorsed by the Benioff Ocean Science Lab, the Deep Sea Conservation Coalition, Earthworks, Marine Conservation Institute, Blue Climate Initiative – Tetiaroa Society and the Natural Resources Defense Council.

Case summarized: “Paired together, these bills will establish the United States as an international leader in protecting our precious oceans through a responsible process to address the potentially devastating effects of

Attachments:

·         Text for the American Seabed Protection Act is here.

·         Text for the International Seabed Protection Act is here.

·         Text of Case remarks on the measures is here.

###

MIL OSI USA News –

February 21, 2025
MIL-OSI USA: Reschenthaler, Titus Reintroduce Bipartisan Bill to Repeal Excise Tax on Legal Sports Bets

Source: United States House of Representatives – Congressman Guy Reschenthaler (PA-14)

February 19, 2025

WASHINGTON, D.C. – Chief Deputy Whip Guy Reschenthaler (R-PA) and Representative Dina Titus (D-NV), co-chairs of the bipartisan Congressional Gaming Caucus, reintroduced the Discriminatory Gaming Tax Repeal Act of 2025, legislation to repeal the 0.25% excise tax placed on all legal sports bets, known as the “handle tax.”

“The U.S. gaming industry provides over one million jobs, including over 33,000 jobs in Pennsylvania, and generates more than 70 billion dollars for state and local governments throughout the country,” said Reschenthaler. “Unfortunately, outdated tax codes and burdensome regulations penalize legal operators and incentivize illegal activity. The Discriminatory Gaming Tax Repeal Act of 2025 will ensure the gaming industry can support good-paying jobs and promote economic growth in southwestern Pennsylvania and across the nation. I’m proud to join Gaming Caucus Co-Chair Titus in reintroducing this bipartisan legislation, and I urge our colleagues in the House to support it.”

“The Discriminatory Gaming Tax Repeal Act of 2025 repeals a tax that does nothing except penalize legal gaming operators for creating thousands of jobs in Nevada and 37 other states around the nation,” said Titus. “Illegal sportsbooks do not pay the .25% sports handle tax and the accompanying $50 per head tax on sportsbook employees, giving them an unfair advantage. I once asked the IRS where the revenue from the handle tax went in the federal budget and they didn’t even know. It makes no sense to give the illegal market an edge over legal sports books with a tax the federal government does not even track.”

Pennsylvania ranks second in the nation for total gaming revenue generated, grossing $5.86 billion in 2023. The state also brought in $2.3 billion in direct gaming tax revenue in 2023, the highest amount in the nation.

The Congressional Gaming Caucus comprises a broad representation of more than 20 members of Congress from across the country. It serves as a platform to discuss federal policy issues related to the U.S. gaming industry and educate congressional colleagues on related regulatory and legislative matters.

Reschenthaler and Titus also introduced this legislation in the 117th and 118th Congress.

View the full bill here.

MIL OSI USA News –

February 21, 2025
MIL-OSI USA: Chairmen Guthrie and Palmer Announce Oversight & Investigations Subcommittee Hearing Probing the Biden Administration’s Energy and Environment Spending

Source: United States House of Representatives – Congressman Gary Palmer (R-AL)

WASHINGTON, D.C. – Today, Congressman Brett Guthrie (KY-02), Chairman of the House Committee on Energy and Commerce, and Congressman Gary Palmer (AL-06), Chairman of the Subcommittee on Oversight & Investigations, announced the first hearing of the 119th Congress for the Subcommittee on Oversight & Investigations titled Examining the Biden Administration’s Energy and Environment Spending Push.

“In its final months, the Biden-Harris Administration handed out billions of dollars in energy and environment grants and loans at an unprecedented pace, exacerbating concerns that appropriate vetting and due diligence reviews may not have occurred for some of these awards,” said Chairmen Guthrie and Palmer. “This hearing will provide an opportunity for the Committee to examine this surge in spending and help identify potential misuse of federal funds.”

Subcommittee on Oversight and Investigations hearing titled Examining the Biden Administration’s Energy and Environment Spending Push.

WHAT: Subcommittee on Oversight and Investigations hearing examining Biden-Harris Administration energy and environment spending.

DATE: Wednesday, February 26, 2025

TIME: 10:30 AM ET

LOCATION: 2322 Rayburn House Office Building

This notice is at the direction of the Chairman. The hearing will be open to the public and press and will be livestreamed online at energycommerce.house.gov. If you have any questions concerning this hearing, please contact Calvin Huggins at Calvin.Huggins1@mail.house.gov. If you have any press-related questions, please contact Zach Bannon at Zach.Bannon@mail.house.gov.

MIL OSI USA News –

February 21, 2025
MIL-OSI USA: Allen Commends U.S. Senate for Confirming Kelly Loeffler as SBA Administrator

Source: United States House of Representatives – Congressman Rick Allen (R-GA-12)

Allen Commends U.S. Senate for Confirming Kelly Loeffler as SBA Administrator

Washington, February 19, 2025

Today, by a vote of 52-46, the United States Senate confirmed Kelly Loeffler as Administrator of the U.S. Small Business Administration (SBA). Following the Senate vote, Congressman Allen issued the statement below:

“With Kelly Loeffler at the helm of the SBA, small business owners throughout the state of Georgia and nationwide have a tireless advocate by their side. With her years of experience and success as a business leader, Kelly is well-equipped to assume this role in President Trump’s Administration. I look forward to working alongside her and President Trump to ensure our small businesses thrive as we usher in the Golden Age of America.”

MIL OSI USA News –

February 21, 2025
MIL-OSI USA: Casten Statement on Trump’s Power Grab Over FERC, SEC, Independent Agencies

Source: United States House of Representatives – Representative Sean Casten (IL-06)

February 19, 2025

Washington, D.C. — U.S. Congressman Sean Casten (IL-06) released the following statement regarding President Donald Trump’s executive order to strip federal agencies, such as the Federal Energy Regulatory Commission (FERC) and the Securities and Exchange Commission (SEC), of their independence:

“The president’s latest unlawful and unconstitutional executive order is a move straight out of the Project 2025 playbook that serves no other purpose than to bend independent agencies to his personal will, setting aside over a century of precedent that these agencies rise above politics and put the needs of the American people first.

“Stripping an agency like FERC of its independence is a gift to fossil fuel companies that know they cannot financially compete with clean energy on their merits. The president has made exceedingly clear that he prioritizes the wants of energy producers over the needs of energy consumers. His actions will directly lead to higher energy costs for the American people while simultaneously driving up profits for his puppeteers in the oil and gas industry.

“The SEC and other financial institutions have operated independently for decades, ensuring they are focused on safeguarding American investors, consumers, and our financial system. Forcing these agencies to gain approval from the White House before issuing rulemakings does nothing but protect the president’s personal interests while putting American’s hard-earned dollars at risk.”

###

MIL OSI USA News –

February 21, 2025
MIL-OSI USA: Pallone Slams Trump’s Layoffs to 9/11 First Responder Health Care Program Workers, Calls It a Betrayal of Heroes

Source: United States House of Representatives – Congressman Frank Pallone (6th District of New Jersey)

PISCATAWAY, NJ – Congressman Frank Pallone, Jr., Ranking Member of the House Energy and Commerce Committee, is calling out the Trump Administration’s reckless decision to gut the World Trade Center Health Program (WTCHP), a move that puts the health of 9/11 first responders and survivors at risk. The Administration has already laid off up to 20% of program staff—jeopardizing the program’s ability to provide life-saving care, including at Rutgers’ Environmental & Occupational Health Sciences Institute (EOHSI) in Piscataway, which has treated thousands of responders and survivors over the years.

Pallone has already heard from constituents who are alarmed by the cuts, including Frank Granger from Piscataway, a 9/11 responder who developed terminal cancer due to his exposure at Ground Zero. In a message submitted through Pallone’s website, Granger wrote:

“Hello sir. Thank God we are fighting back. I am a 9/11 responder who developed terminal cancer as a result of my time spent at Ground Zero and I’m concerned among other things that my 9/11 health care will be taken away. Please fight this tyrant, sir. Americans like myself are behind you 100%.”

“These latest DOGE purges are an absolute disgrace,” said Pallone. “Thousands of responders and survivors depend on the care they receive through the World Trade Center Health Program, including many treated right here in New Jersey at Rutgers’ EOHSI clinic. Trump’s decision to allow his lackey Elon Musk to eliminate these critical jobs isn’t just cruel, it’s a betrayal of the heroes who risked everything to protect our country after 9/11. First responders shouldn’t have to beg for the care they earned. I fought to create this program, and I will fight like hell to protect it.”

Pallone has been a longtime champion for 9/11 first responders. He helped negotiate the House passage of the bipartisan James Zadroga 9/11 Health and Compensation Act of 2010, which established the WTCHP and the Nationwide Provider Network. The law also created the Rutgers clinic, which continues to provide critical medical care to responders across the region.

MIL OSI USA News –

February 21, 2025
MIL-OSI: Elite Capital & Co. Limited Reinforces Financial Integrity with International Standards

Source: GlobeNewswire (MIL-OSI)

LONDON, Feb. 20, 2025 (GLOBE NEWSWIRE) — Mr. George Matharu, President and CEO of Elite Capital & Co. Limited, announced today that Elite Capital & Co. continues its financial integrity and operational excellence, through adherence to a suite of internationally recognised certifications, including ISO 37001 (Anti-Bribery Management Systems), ISO 27001 (Information Security Management), ISO 9001 (Quality Management Systems), AML Certification (Anti-Money Laundering), and an LEI Number (Legal Entity Identifier). These certifications are not merely accolades but a testament to Elite Capital’s unwavering commitment to fostering transparency, security, and ethical practices in the financial sector.

“At Elite Capital, we understand that trust is the foundation of every successful financial partnership. By embracing these globally recognised standards, we are not only setting a new benchmark for excellence but also empowering governments and institutions to operate with unparalleled confidence and credibility,” Mr. George Matharu said.

The significance of these certifications extends far beyond Elite Capital’s operations. For governments and their affiliated bodies, both locally and internationally, these standards represent a transformative step towards enhancing financial integrity and combating corruption. By partnering with Elite Capital, governments gain access to a financial management partner that prioritises transparency, accountability, and ethical practices, ensuring that public funds are managed with the utmost care and precision.

Dr. Faisal Khazaal, Chairman of Elite Capital & Co. Limited and the Head of Government Future Financing 2030 Program, added, “In today’s interconnected world, financial integrity is not just a regulatory requirement—it is a cornerstone of sustainable development. Elite Capital’s commitment to these global standards reflects our vision of fostering trust and collaboration on both a local and international scale. We are proud to lead by example and support governments and institutions in building resilient financial systems that drive sustainable growth and public trust.”

Elite Capital & Co. Limited is a Financial Management company that provides project-related services, including Management, Consultancy, and Funding, particularly for large infrastructure and mega commercial projects.

Elite Capital & Co. Limited offers a wealth of experience in Banking and Financial transactions and has a range of specialised advisory services for private clients, medium and large corporations as well as governments. It is also the exclusive manager of the Government Future Financing 2030 Program®.

Dr. Faisal Khazaal concluded his statement by saying: “Our mission is to redefine the future of financial management by combining innovation with integrity. As we move forward, we remain committed to delivering exceptional value to our clients, fostering trust, and setting new standards of excellence in the global financial landscape.”

Key Highlights for Governments and Institutions:

1. Enhanced Transparency and Accountability:

Elite Capital’s certifications, particularly ISO 37001 and AML Certification, ensure that all financial operations are conducted with the highest levels of transparency. This is critical for governments seeking to build public trust and demonstrate accountability in managing public funds.

2. Strengthened Financial Systems:

By adhering to ISO 9001 and ISO 27001 standards, Elite Capital helps governments and institutions strengthen their financial systems, ensuring efficiency, security, and resilience against emerging threats.

3. Global Compliance and Collaboration:

The LEI Number and AML Certification facilitate seamless compliance with international regulations, enabling governments to engage in cross-border transactions with confidence and ease.

4. Combating Corruption:

Elite Capital’s Anti-Bribery Management System (ISO 37001) provides governments with a robust framework to combat corruption, ensuring that financial operations are free from unethical practices.

5. Building Public Trust:

By aligning with Elite Capital, governments can reinforce their commitment to ethical practices, fostering trust among citizens, investors, and international partners.

Mr. George Matharu concluded his statement by saying: “This announcement underscores Elite Capital & Co. Limited’s pivotal role in shaping a more transparent, secure, and ethical financial future for governments and institutions worldwide. By setting new standards of excellence, Elite Capital continues to lead the way in redefining global financial integrity.”

Contact Details –

Elite Capital & Co. Limited

33 St. James Square

London, SW1Y4JS

United Kingdom

Telephone: +44 (0) 203 709 5060

SWIFT Code: ELCTGB21

LEI Code: 254900NNN237BBHG7S26

Website: ec.uk.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ce9aba72-2c21-4cb1-a4f9-f7303987e0a5

The MIL Network –

February 21, 2025
MIL-OSI: Bitget’s Liquidity Depth Analysis Highlights Competitive Edge in Crypto Trading

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Feb. 20, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has collaborated with CryptoRank to conduct an in-depth comparative analysis of liquidity depth among the top five global centralized cryptocurrency exchanges (CEXs): Binance, Bitget, Bybit, MEXC, and OKX. The research offers valuable insights into each platform’s ability to handle large market orders with minimal price impact, a critical factor for traders seeking efficient trade execution.

Top key findings of the report highlight Spot and Futures market liquidity. Bitget secured a second position among the top five global exchanges, showing substantial liquidity depth in major trading pairs such as BTC/USDT and ETH/USDT. This positions Bitget as a competitive choice for traders seeking efficient trade execution in high-volume markets.

In the futures market, Bitget ranked fourth with strong liquidity across key pairs, reflecting its growing presence and capability in the derivatives trading sector.

The analysis evaluated liquidity depth at around 2% price range from the mid-market price, a critical metric for assessing an exchange’s ability to handle large market orders with minimal slippage. Bitget’s performance in this area highlights its dedication to maintaining a liquid and stable trading environment for its users.

The study reveals significant variations in liquidity depth across major centralized crypto exchanges in both spot and futures markets. Binance’s dominance in the spot market and MEXC’s leadership in the futures market highlight the diverse strengths of these platforms. Bitget’s strong performance in both markets aligns with the exchange’s market performance, which has made it the fastest-growing CEX in the top 10. These insights assist investors in selecting the most suitable exchange for their trading activities, considering factors such as liquidity depth and market focus.

Recently, Forbes listed Bitget as one of the top most trusted crypto exchanges worldwide. In 2024, Bitget expanded its user base by 400%, from 20M in January to 100M in December. Spot trading surged from $160B in Q1 to $600B in Q4; daily volumes doubled to $20B. The high-paced updates and top performance amongst CEXs has pushed Bitget to the top #3 exchanges in derivatives trading while strengthening its positioning amongst the top #5 on Spot. Keeping the momentum going, Bitget continues to expand its offerings and improve platform features, maintaining high liquidity to support seamless trading for its vast user base.

For more information, please find the Cryptorank report here.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, please contact: media@bitget.com

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ad78461a-18f9-42bb-8720-fab1af7d2f47

The MIL Network –

February 21, 2025
MIL-OSI Global: Why the US return to tariffs and protectionism ‘reeks of hypocrisy’ – podcast

Source: The Conversation – UK – By Gemma Ware, Host, The Conversation Weekly Podcast, The Conversation

Amani A/Shutterstock

When Donald Trump imposed sweeping tariffs during his first term as US president, it sparked a trade war with China. As the Trump administration ratchets up its threat to tax imports from its allies and economic rivals alike, the world is bracing for another wave of costly economic disruption.

This protectionist shift is all the more remarkable given how the US championed trade liberalisation for decades.

So what does it actually take for a country to use protectionism to grow its economy? Some developing countries have successfully used tariffs to do so, while others have struggled. In this episode of The Conversation Weekly podcast, we talk to Jostein Hauge, a development economist at the University of Cambridge, about who wins and who loses from tariffs and protectionism.

The main argument against taxing imports through tariffs is that the higher costs of imported goods will be passed onto consumers. The main argument in favour is that tariffs can help to protect a country’s domestic economy, explains Hauge:

By using tariffs, you can, if they are used effectively, and if they’re successful, help domestic firms become better at producing what they’re producing and eventually become competitive in the world economy. Sometimes that’s successful, other times that’s not successful. It can also be an effective way of raising taxes, especially for countries that don’t have a lot of tax revenue, especially developing countries.

A number of developing countries successfully used tariffs and other forms of protectionism to grow their economies in the 1950s and 1960s, as Hauge explains:

South Korea gradually went from being a low-income, low-tech economy towards becoming extremely important players in global industries like electronics, automotive and steel.

The US has also used tariffs throughout its history, with varying degrees of success. It was the most protectionist country in the world in the 1800s, using tariffs to grow its economy. But the Smoot-Hawley Act in 1930, which introduced a range of taxes on imports to the US, actually contributed to worsening the Great Depression.

From the 1970s, however, the US aggressively pushed for trade liberalisation and backed the creation of the World Trade Organization in the 1990s. That’s why Hauge says the current return to US protectionism, which began during the first Trump administration and continued under Biden, “reeks of hypocrisy”.

When rich countries were ahead in the 1970s, 1980s and 1990s, it made sense for them to preach the virtues of free trade to the rest of the world. That is also why we’re seeing this protectionist turn right now, especially in the United States, but also to some degree in Europe, because now certain countries are starting to become competitive once again. In particular, China is now challenging the economic power of the United States, especially within a lot of manufactured goods, so the United States is now turning away from this doctrine of free trade, saying actually protectionism is useful.

Listen to the conversation with Jostein Hauge on The Conversation Weekly podcast, which also includes an introduction from Tracy Walsh, economy and business editor at The Conversation US.

This episode of The Conversation Weekly was written and produced by Mend Mariwany with assistance from Katie Flood and Gemma Ware, Sound design was by Michelle Macklem, and theme music by Neeta Sarl.

Clips in this episode from CN N, Bloomberg Television, BBC News, CBS News and NBC News.

Listen to The Conversation Weekly via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here.

Jostein Hauge 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. Why the US return to tariffs and protectionism ‘reeks of hypocrisy’ – podcast – https://theconversation.com/why-the-us-return-to-tariffs-and-protectionism-reeks-of-hypocrisy-podcast-250329

MIL OSI – Global Reports –

February 21, 2025
MIL-OSI Russia: Polytech expands cooperation with industrial partners

Translartion. Region: Russians Fedetion –

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

A discussion of cooperation prospects with a representative of the management of JSC Shvabe of the Rostec State Corporation took place at Peter the Great St. Petersburg Polytechnic University.

The working visit to SPbPU of the Director for Development of Medical Projects at Shvabe, Valeria Tonkoshkurova, organized with the assistance of the Head of Science and Business Cooperation at Rostec, Pavel Platonov, began with a visit to the laboratories.

Director of the Scientific and Educational Center “Nanotechnologies and Coatings” Alexander Semencha spoke about patented innovative technologies and devices, about the possibilities of expanding research and existing developments. In particular, about the technology and equipment for the production of optical devices with thermoplastic infrared optics, about the technology of automatic formation of microlenses by hot pressing, about an innovative microspectrometer.

At the meeting with the Vice-Rector for Digital Transformation of SPbPU, the head of the Advanced Engineering School “Digital Engineering” Alexey Borovkov, projects that could be of interest to Shvabe were also discussed in detail. Alexey Ivanovich spoke about the promising research of the PIS, and Valeria Tonkoshkurova outlined the priority tasks in her area.

Valeria Vasilievna, who has a medical education and experience in cardiovascular surgery, professionally assessed the potential for using certain developments in medical production. She was interested in the developments in the field of optical coherence tomography of the Fiber Optics laboratory. The leading researcher of the laboratory, Nikolay Ushakov, spoke about the laboratory’s project, “Optical coherence tomography/elastography system with improved spatial resolution.”

Valeria Tonkoshkurova discussed the prospects of a joint project to create such equipment, replacing imported analogues, at a meeting with SPbPU Vice-Rector for Research Yuri Fomin. The partners also discussed targeted training of personnel for Shvabe and the implementation of educational programs in the medical engineer/architect track.

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

MIL OSI Russia News –

February 20, 2025

MIL-OSI Economics: Open Market Operation (OMO) – Purchase of Government of India Securities held on February 20, 2025: Cut-Offs

Source: Reserve Bank of India

Security	7.17% GS 2030	7.18% GS 2033	7.10% GS 2034	6.79% GS 2034	7.41% GS 2036	7.18% GS 2037
Total amount notified	Aggregate amount of ₹40,000 crore (no security-wise notified amount)
Total amount (face value) accepted by RBI (₹ in crore)	9,918	4,585	4,340	4,091	10,005	7,061
Cut off yield (%)	6.7386	6.8103	6.7640	6.6859	6.8932	6.9040
Cut off price (₹)	101.84	102.35	102.25	100.72	104.12	102.27
Detailed results will be issued shortly.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2024-2025/2204

MIL OSI Economics –

February 20, 2025

MIL-OSI: MEXC Launches PAIN (PAIN) Airdrop+ with Spot and Futures Trading, Offering 270,000 USDT in Bonuses
Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Feb. 20, 2025 (GLOBE NEWSWIRE) — MEXC, the world’s leading cryptocurrency trading platform, announced the listing of the PAIN (PAIN) on both spot and futures markets, scheduled for February 20, 2025, at 01:05 (UTC). The launch on MEXC will be accompanied by Airdrop+ rewards of 270,000 USDT.

Unleashes the Power of PAIN: The Meme That Took Over the Internet Goes Crypto

Inspired by the legendary “Hide the Pain Harold” meme, which has entertained the internet for over 14 years, PAIN represents more than just a token—it embodies resilience, humor, and the idea that what doesn’t kill you makes you stronger. PAIN’s meme identity is rooted in the viral images of András István Arató, a retired Hungarian electrical engineer whose iconic awkward yet polite smile became a universal symbol of concealed struggle. Over the years, Arató has embraced his internet fame, securing brand deals with Coca-Cola, starring in TV shows, and even hosting Hungary’s annual sports awards. Now, PAIN makes its mark in the crypto world, connecting its long-standing internet legacy with the rapidly growing meme coin sector.

As a global leader in digital asset trading, MEXC’s listing of PAIN highlights the growing influence of meme culture in Web3 and the expanding role of community-driven tokens. By offering strong liquidity, broad market access, and dedicated trading support, MEXC provides the perfect environment for PAIN to thrive.

To celebrate the listing, MEXC is also launching a $270,000 reward pool across two major activities, allowing users to engage with PAIN, explore the meme-powered economy, and be part of one of the most entertaining narratives in the digital asset space.

Celebrate the PAIN Launch with a prize pool of 270,000 USDT

In a significant show of support for PAIN and its expansive ecosystem, MEXC is set to list the new PAIN token. This move not only underscores MEXC’s commitment to pioneering blockchain projects but also connects users with a dynamic network that fuels cutting-edge initiatives.

MEXC, known for quickly listing trending tokens, expands its offerings with PAIN (PAIN). The PAIN/USDT trading market officially launched in the Innovation Zone on February 20, 2025, at 01:05 (UTC), followed by the introduction of the PAIN USDT perpetual futures at 01:23 (UTC), offering adjustable leverage from 1x to 50x with both cross and isolated margin modes.

To celebrate the listing of PAIN (PAIN) on MEXC Spot and Futures on February 20, MEXC is launching a series of exclusive activities starting on February 20, 2025, at 07:00 (UTC). Participants will have the chance to win USDT bonuses, and other exciting rewards, with opportunities available for both new and experienced users.

These activities include:
- Event 1: Airdrop+
Benefit 1: Deposit and share 200,000 USDT in Futures bonus (New user exclusive).
Benefit 2: Futures Challenge — Trade to share 50,000 USDT in Futures bonus (Open all users).
Benefit 3: Invite new users and share 20,000 USDT in Futures bonus (Open to all users).
- Event 2: Spread the Word and Win 1,000 USDT in Bonus.
Your Easiest Way to Trending Tokens

MEXC aims to become the go-to platform offering the widest range of valuable crypto assets. The platform has grown its user base to 30 million by providing a diverse selection of tokens, high-frequency airdrops, and simple participation processes. In 2024, MEXC launched a total of 2,376 new tokens, including 1,716 initial listings and 605 memecoins, with total airdrop rewards exceeding $136 million.

About MEXC

Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 30 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

Contact:
Lucia Hu
PR Manager
lucia.hu@mexc.com

Disclaimer: This content is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7a0aa8f2-bfba-4145-9b11-4629db3d330c

The MIL Network –
February 20, 2025

MIL-OSI: Bilibili Inc. Announces Fourth Quarter and Fiscal Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

SHANGHAI, China, Feb. 20, 2025 (GLOBE NEWSWIRE) — Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.

Fourth Quarter and Fiscal Year 2024 Highlights:

Total net revenues were RMB7.73 billion (US$1,059.6 million) in the fourth quarter and RMB26.83 billion (US$3,675.9 million) in 2024, representing increases of 22% and 19% year over year, respectively.
- Advertising revenues were RMB2.39 billion (US$327.2 million) in the fourth quarter and RMB8.19 billion (US$1,121.9 million) in 2024, representing increases of 24% and 28% year over year, respectively.
- Mobile games revenues were RMB1.80 billion (US$246.3 million) in the fourth quarter and RMB5.61 billion (US$768.6 million) in 2024, representing increases of 79% and 40% year over year, respectively.
Gross profit was RMB2.79 billion (US$382.0 million) in the fourth quarter and RMB8.77 billion (US$1,202.0 million) in 2024, representing increases of 68% and 61% year over year, respectively. Gross profit margin reached 36.1% in the fourth quarter and 32.7% in 2024, improving from 26.1% in the fourth quarter of 2023 and 24.2% in the year of 2023, respectively.
Net profit was RMB88.9 million (US$12.2 million) for the fourth quarter, compared with net loss of RMB1.30 billion in the same period last year. For 2024, net loss was RMB1.36 billion (US$186.8 million), narrowing by 72% year over year.
Adjusted net profit¹ was RMB452.0 million (US$61.9 million) for the fourth quarter, compared with an adjusted net loss of RMB555.8 million in the same period last year. For 2024, adjusted net loss was RMB39.0 million (US$5.3 million), narrowing by 99% year over year.
Operating cash flow was RMB1.40 billion (US$191.9 million) for the fourth quarter and RMB6.01 billion (US$824.0 million) for 2024, compared with RMB640.4 million in the fourth quarter of 2023 and RMB266.6 million in the year of 2023, respectively.
Average daily active users (DAUs) were 103.0 million in the fourth quarter, compared with 100.1 million in the same period last year.

“We closed 2024 on a strong note, achieving our first quarter of GAAP profitability—a milestone reflecting the value of our community and our relentless effort to enhance our commercialization efficiency,” said Mr. Rui Chen, chairman and chief executive officer of Bilibili. “In the fourth quarter, our DAUs and MAUs reached 103 million and 340 million, respectively, with users spending an average of 99 minutes daily on our platform. Throughout the year, we advanced our commercialization strategy and improved our products to meet users’ evolving content and consumption needs. For 2024, our total net revenues grew 19% year-over-year to RMB26.83 billion, driven by strong advertising and mobile games businesses, which saw revenue increases of 28% and 40%, both on year-over-year basis, respectively. We are also very encouraged by the emergence of new open-source AI models, making AI solutions accessible and cost-effective. Leveraging our high-quality and exclusive data assets, we expect to benefit even more from this remarkable revolution, unleashing greater value from our unique community.”

Mr. Sam Fan, chief financial officer of Bilibili, said, “Strong growth in our high-margin advertising and mobile games businesses drove total net revenues up by 22% year over year in the fourth quarter. Gross profit surged by 68% year-over-year in the fourth quarter, leading to a 10 percentage-point increase in our gross profit margin to 36.1%. Meanwhile, we generated RMB6.01 billion in operating cash flow for the full year 2024. We also enhanced shareholder returns by repurchasing outstanding ADSs and convertible senior notes totaling US$864.8 million during the year. Looking ahead, we are determined to further unlock the value embedded within our community with more efficient commercialization products and services to drive sustainable profitability over the long run.”

Fourth Quarter 2024 Financial Results

Total net revenues. Total net revenues were RMB7.73 billion (US$1,059.6 million), representing an increase of 22% from the same period of 2023.

Advertising. Revenues from advertising were RMB2.39 billion (US$327.2 million), representing an increase of 24% from the same period of 2023, mainly attributable to the Company’s improved advertising product offerings and enhanced advertising efficiency.

Mobile games. Revenues from mobile games were RMB1.80 billion (US$246.3 million), representing an increase of 79% from the same period of 2023, mainly attributable to the strong performance of the Company’s exclusively licensed game, San Guo: Mou Ding Tian Xia launched in 2024.

Value-added services (VAS). Revenues from VAS were RMB3.08 billion (US$422.4 million), representing an increase of 8% from the same period of 2023, led by increases in revenues from other value-added services and premium membership.

IP derivatives and others. Revenues from IP derivatives and others were RMB464.9 million (US$63.7 million), representing a decrease of 16% from the same period of 2023.

Cost of revenues. Cost of revenues was RMB4.95 billion (US$677.6 million), representing an increase of 5% from the same period of 2023. The increase was mainly due to higher revenue-sharing costs and was partially offset by lower content costs. Revenue-sharing costs, a key component of cost of revenues, were RMB3.17 billion (US$434.2 million), representing an increase of 12% from the same period of 2023, mainly due to the increase of mobile games-related revenue-sharing costs.

Gross profit. Gross profit was RMB2.79 billion (US$382.0 million), representing an increase of 68% from the same period of 2023, mainly attributable to the growth in total net revenues and the decrease in costs related to platform operations, as the Company enhanced its monetization efficiency.

Total operating expenses. Total operating expenses were RMB2.66 billion (US$364.7 million), representing a decrease of 10% from the same period of 2023.

Sales and marketing expenses. Sales and marketing expenses were RMB1.24 billion (US$169.4 million), representing a 10% increase from the same period of 2023. The increase was primarily attributable to increased marketing expenses for the Company’s exclusively licensed games.

General and administrative expenses. General and administrative expenses were RMB505.9 million (US$69.3 million), remaining flat compared with the same period of 2023.

Research and development expenses. Research and development expenses were RMB919.3 million (US$125.9 million), representing a 31% decrease from the same period of 2023. The decrease was mainly attributable to the one-off termination expenses of certain game projects that occurred in the fourth quarter of 2023.

Profit/(loss) from operations. Profit from operations was RMB126.4 million (US$17.3 million), compared with a loss of RMB1.30 billion from the same period of 2023.

Adjusted profit/(loss) from operations¹. Adjusted profit from operations was RMB463.1 million (US$63.4 million), compared with an adjusted loss from operations of RMB635.1 million from the same period of 2023.

Total other (expenses)/income, net. Total other expenses were RMB61.0 million (US$8.4 million), compared with total other income of RMB13.1 million in the same period of 2023.

Income tax benefit/(expense). Income tax benefit was RMB23.5 million (US$3.2 million), compared with income tax expense of RMB5.1 million in the same period of 2023.

Net profit/(loss). Net profit was RMB88.9 million (US$12.2 million), compared with net loss of RMB1.30 billion from the same period of 2023.

Adjusted net profit/(loss)¹. Adjusted net profit was RMB452.0 million (US$61.9 million), compared with an adjusted net loss of RMB555.8 million in the same period of 2023.

Basic and diluted EPS and adjusted basic and diluted EPS¹. Basic and diluted net profit per share were RMB0.22 (US$0.03) and RMB0.21 (US$0.03) each, compared with basic and diluted net loss per share of RMB3.13 each in the same period of 2023. Adjusted basic and diluted net profit per share were RMB1.08 (US$0.15) and RMB1.07 (US$0.15) each, compared with an adjusted basic and diluted net loss per share of RMB1.34 each in the same period of 2023.

Net cash provided by operating activities. Net cash provided by operating activities was RMB1.40 billion (US$191.9 million), compared with net cash provided by operating activities of RMB640.4 million in the same period of 2023.

Fiscal Year 2024 Financial Results

Total net revenues. Total net revenues were RMB26.83 billion (US$3.68 billion), representing an increase of 19% from 2023.

Advertising. Revenues from advertising were RMB8.19 billion (US$1,121.9 million), representing an increase of 28% from 2023, mainly attributable to the Company’s improved advertising product offerings and enhanced advertising efficiency.

Mobile games. Revenues from mobile games were RMB5.61 billion (US$768.6 million), representing an increase of 40% from 2023. The increase was mainly attributable to the strong performance of the Company’s exclusively licensed game, San Guo: Mou Ding Tian Xia.

Value-added services (VAS). Revenues from VAS were RMB11.00 billion (US$1.51 billion), representing an increase of 11% from 2023, led by an increase in revenues from live broadcasting and other value-added services.

IP derivatives and others. Revenues from IP derivatives and others were RMB2.03 billion (US$278.5 million), representing a decrease of 7% from 2023.

Cost of revenues. Cost of revenues was RMB18.06 billion (US$2.47 billion), representing an increase of 6% from 2023. The increase was mainly due to increased revenue sharing costs and server and bandwidth costs. Revenue-sharing costs, a key component of cost of revenues, were RMB10.80 billion (US$1.48 billion), representing an increase of 14% from 2023.

Gross profit. Gross profit was RMB8.77 billion (US$1,202.0 million), representing an increase of 61% from 2023, primarily as a result of the growth in total net revenues and the decrease in costs related to platform operations, as the Company enhanced its monetization efficiency.

Total operating expenses. Total operating expenses were RMB10.12 billion (US$1.39 billion), representing a decrease of 4% from 2023.

Sales and marketing expenses. Sales and marketing expenses were RMB4.40 billion (US$603.0 million), representing a 12% increase from 2023. The increase was primarily attributable to increased marketing expenses for the Company’s exclusively licensed games.

General and administrative expenses. General and administrative expenses were RMB2.03 billion (US$278.3 million), representing a 4% decrease from 2023. The decrease was primarily attributable to a decrease in general and administrative personnel headcount in 2024.

Research and development expenses. Research and development expenses were RMB3.69 billion (US$504.9 million), representing an 18% decrease from 2023. The decrease was mainly attributable to a decrease in research and development personnel headcount in 2024 and the one-off termination expenses of certain game projects that occurred in the fourth quarter of 2023.

Loss from operations. Loss from operations was RMB1.34 billion (US$184.1 million), narrowing by 73% from 2023.

Adjusted loss from operations¹. Adjusted loss from operations was RMB60.8 million (US$8.3 million), narrowing by 98% from 2023.

Total other (expenses)/income, net. Total other expenses were RMB56.2 million (US$7.7 million), compared with total other income of RMB331.2 million in 2023. The change was primarily attributable to losses of RMB38.6 million from the repurchase of convertible senior notes in 2024, compared with gains of RMB292.2 million in 2023.

Income tax benefit/(expense). Income tax benefit was RMB36.5 million (US$5.0 million), compared with income tax expense of RMB78.7 million in 2023.

Net loss. Net loss was RMB1.36 billion (US$186.8 million), narrowing by 72% from 2023.

Adjusted net loss¹. Adjusted net loss was RMB39.0 million (US$5.3 million), narrowing by 99% from 2023.

Basic and diluted EPS and adjusted basic and diluted EPS¹. Basic and diluted net loss per share were RMB3.23 (US$0.44) each, compared with RMB11.67 each in 2023. Adjusted basic and diluted net loss per share were RMB0.05 (US$0.01) each, compared with RMB8.29 each in 2023.

Net cash provided by operating activities. Net cash provided by operating activities was RMB6.01 billion (US$824.0 million), compared with net cash provided by operating activities of RMB266.6 million for 2023.

Cash and cash equivalents, time deposits and short-term investments. As of December 31, 2024, the Company had cash and cash equivalents, time deposits and short-term investments of RMB16.54 billion (US$2.27 billion).

Share Repurchase Program

On November 14, 2024, the Company announced that its board of directors had approved a share repurchase program of up to US$200 million of its publicly traded securities over a 24-month period. As of December 31, 2024, the Company had repurchased a total of approximately 0.84 million ADSs under this authorized program for a total cost of US$16.4 million.

Repurchase of Convertible Senior Notes

In November 2024, the Company completed the repurchase right offer for its 0.50% Convertible Senior Notes due 2026 (the “December 2026 Notes”). An aggregate principal amount of US$419.1 million (RMB3.01 billion) of the December 2026 Notes was validly surrendered and repurchased with an aggregate cash consideration of US$419.1 million (RMB3.01 billion). After completion of this transaction, the aggregate outstanding principal amount of the April 2026 Notes, the 2027 Notes and the December 2026 Notes was US$13.4 million (RMB96.4 million).

_¹ _{Adjusted profit/(loss) from operations, adjusted net profit/(loss), and adjusted basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.”}

Conference Call

The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on February 20, 2025 (8:00 PM Beijing/Hong Kong Time on February 20, 2025). Details for the conference call are as follows:

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN, which will be used to join the conference call.

Additionally, a live webcast of the conference call will be available on the Company’s investor relations website at http://ir.bilibili.com, and a replay of the webcast will be available following the session.

About Bilibili Inc.

Bilibili is an iconic brand and a leading video community with a mission to enrich the everyday lives of young generations in China. Bilibili offers a wide array of video-based content with All the Videos You Like as its value proposition. Bilibili builds its community around aspiring users, high-quality content, talented content creators and the strong emotional bonds among them. Bilibili pioneered the “bullet chatting” feature, a live comment function that has transformed our users’ viewing experience by displaying the thoughts and feelings of audience members viewing the same video. The Company has now become the welcoming home of diverse interests among young generations in China and the frontier for promoting Chinese culture across the world.

For more information, please visit: http://ir.bilibili.com.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as adjusted profit/(loss) from operations, adjusted net profit/(loss), adjusted net profit/(loss) per share and per ADS, basic and diluted and adjusted net profit/(loss) attributable to the Bilibili Inc.’s shareholders in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions, income tax related to intangible assets acquired through business acquisitions, gain/loss on fair value change in investments in publicly traded companies, gain/loss on repurchase of convertible senior notes, and termination expenses of certain game projects. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP and therefore may not be comparable to similar measures presented by other companies. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.”

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2993 to US$1.00, the exchange rate on December 31, 2024 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred to could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions. Among other things, outlook and quotations from management in this announcement, as well as Bilibili’s strategic and operational plans, contain forward-looking statements. Bilibili may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Bilibili’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: results of operations, financial condition, and stock price; Bilibili’s strategies; Bilibili’s future business development, financial condition and results of operations; Bilibili’s ability to retain and increase the number of users, members and advertising customers, provide quality content, products and services, and expand its product and service offerings; competition in the online entertainment industry; Bilibili’s ability to maintain its culture and brand image within its addressable user communities; Bilibili’s ability to manage its costs and expenses; PRC governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Bilibili Inc.
Juliet Yang
Tel: +86-21-2509-9255 Ext. 8523
E-mail: ir@bilibili.com

Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: bilibili@tpg-ir.com

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: bilibili@tpg-ir.com

BILIBILI INC. Unaudited Condensed Consolidated Statements of Operations (All amounts in thousands, except for share and per share data)

	For the Three Months Ended						For the Year Ended
	December 31,		September 30,		December 31,		December 31,		December 31,
	2023		2024		2024		2023		2024
	RMB		RMB		RMB		RMB		RMB

Net revenues:
Value-added services (VAS)	2,857,079		2,821,269		3,083,071		9,910,080		10,999,137
Advertising	1,929,164		2,094,427		2,388,673		6,412,040		8,189,175
Mobile games	1,006,858		1,822,609		1,797,537		4,021,137		5,610,323
IP derivatives and others	555,995		567,315		464,880		2,184,730		2,032,890
Total net revenues	6,349,096		7,305,620		7,734,161		22,527,987		26,831,525
Cost of revenues	(4,689,114	)	(4,758,434	)	(4,945,945	)	(17,086,122	)	(18,057,562	)
Gross profit	1,659,982		2,547,186		2,788,216		5,441,865		8,773,963

Operating expenses:
Sales and marketing expenses	(1,125,464	)	(1,202,407	)	(1,236,593	)	(3,916,150	)	(4,401,655	)
General and administrative expenses	(511,906	)	(505,386	)	(505,861	)	(2,122,432	)	(2,031,063	)
Research and development expenses	(1,327,282	)	(906,072	)	(919,321	)	(4,467,470	)	(3,685,214	)
Total operating expenses	(2,964,652	)	(2,613,865	)	(2,661,775	)	(10,506,052	)	(10,117,932	)
(Loss)/profit from operations	(1,304,670	)	(66,679	)	126,441		(5,064,187	)	(1,343,969	)

Other income/(expenses):
Investment loss, net (including impairments)	(199,004	)	(70,957	)	(283,191	)	(435,644	)	(470,081	)
Interest income	126,450		91,279		110,150		542,472		434,980
Interest expense	(29,181	)	(17,824	)	(19,986	)	(164,927	)	(89,193	)
Exchange gains/(losses)	4,848		(5,909	)	10,529		(35,575	)	(68,715	)
Debt extinguishment (loss)/gain	–		–		(17,649	)	292,213		(38,629	)
Others, net	110,007		(18,134	)	139,107		132,640		175,412
Total other income/(expenses), net	13,120		(21,545	)	(61,040	)	331,179		(56,226	)
(Loss)/profit before income tax	(1,291,550	)	(88,224	)	65,401		(4,733,008	)	(1,400,195	)
Income tax (expense)/benefit	(5,140	)	8,419		23,533		(78,705	)	36,544
Net (loss)/profit	(1,296,690	)	(79,805	)	88,934		(4,811,713	)	(1,363,651	)
Net loss/(profit) attributable to noncontrolling interests	206		290		1,026		(10,608	)	16,851
Net (loss)/profit attributable to the Bilibili Inc.’s shareholders	(1,296,484	)	(79,515	)	89,960		(4,822,321	)	(1,346,800	)
Net (loss)/profit per share, basic	(3.13	)	(0.19	)	0.22		(11.67	)	(3.23	)
Net (loss)/profit per ADS, basic	(3.13	)	(0.19	)	0.22		(11.67	)	(3.23	)
Net (loss)/profit per share, diluted	(3.13	)	(0.19	)	0.21		(11.67	)	(3.23	)
Net (loss)/profit per ADS, diluted	(3.13	)	(0.19	)	0.21		(11.67	)	(3.23	)
Weighted average number of ordinary shares, basic	414,793,013		417,849,446		417,829,038		413,210,271		416,470,256
Weighted average number of ADS, basic	414,793,013		417,849,446		417,829,038		413,210,271		416,470,256
Weighted average number of ordinary shares, diluted	414,793,013		417,849,446		424,208,294		413,210,271		416,470,256
Weighted average number of ADS, diluted	414,793,013		417,849,446		424,208,294		413,210,271		416,470,256

The accompanying notes are an integral part of this press release.

BILIBILI INC. Notes to Unaudited Condensed Financial Information (All amounts in thousands, except for share and per share data)

	For the Three Months Ended			For the Year Ended
	December 31,	September 30,	December 31,		December 31,	December 31,
	2023	2024	2024		2023	2024
	RMB	RMB	RMB		RMB	RMB


Share-based compensation expenses included in:
Cost of revenues	15,014	26,781	25,350		63,724	84,178
Sales and marketing expenses	13,960	16,015	18,524		56,649	60,460
General and administrative expenses	150,226	133,825	137,513		596,950	568,194
Research and development expenses	87,859	120,490	113,649		415,321	403,380
Total	267,059	297,111	295,036		1,132,644	1,116,212

BILIBILI INC. Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except for share and per share data)
	December 31,	December 31,
	2023	2024
	RMB	RMB

Assets
Current assets:
Cash and cash equivalents	7,191,821	10,249,382
Time deposits	5,194,891	3,588,475
Restricted cash	50,000	50,000
Accounts receivable, net	1,573,900	1,226,875
Prepayments and other current assets	2,063,362	1,934,788
Short-term investments	2,653,065	2,706,535
Total current assets	18,727,039	19,756,055
Non-current assets:
Property and equipment, net	714,734	589,227
Production cost, net	2,066,066	1,851,207
Intangible assets, net	3,627,533	3,201,012
Goodwill	2,725,130	2,725,130
Long-term investments, net	4,366,632	3,911,592
Other long-term assets	931,933	664,277
Total non-current assets	14,432,028	12,942,445
Total assets	33,159,067	32,698,500
Liabilities
Current liabilities:
Accounts payable	4,333,730	4,801,416
Salary and welfare payables	1,219,355	1,599,482
Taxes payable	345,250	428,932
Short-term loan and current portion of long-term debt	7,455,753	1,571,836
Deferred revenue	2,954,088	3,802,307
Accrued liabilities and other payables	1,795,519	2,558,830
Total current liabilities	18,103,695	14,762,803
Non-current liabilities:
Long-term debt	646	3,264,153
Other long-term liabilities	650,459	567,631
Total non-current liabilities	651,105	3,831,784
Total liabilities	18,754,800	18,594,587

Total Bilibili Inc.’s shareholders’ equity	14,391,900	14,108,397
Noncontrolling interests	12,367	(4,484	)
Total shareholders’ equity	14,404,267	14,103,913

Total liabilities and shareholders’ equity	33,159,067	32,698,500

BILIBILI INC. Unaudited Selected Condensed Consolidated Cash Flows Data (All amounts in thousands, except for share and per share data)

	For the Three Months Ended			For the Year Ended
	December 31,	September 30,	December 31,	December 31,	December 31,
	2023	2024	2024	2023	2024
	RMB	RMB	RMB	RMB	RMB

Net cash provided by operating activities	640,396	2,225,629	1,400,988	266,622	6,014,854

BILIBILI INC. Unaudited Reconciliations of GAAP and Non-GAAP Results (All amounts in thousands, except for share and per share data)

	For the Three Months Ended									For the Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2023			2024			2024			2023			2024
	RMB			RMB			RMB			RMB			RMB

(Loss)/Profit from operations		(1,304,670	)		(66,679	)		126,441			(5,064,187	)		(1,343,969	)
Add:
Share-based compensation expenses		267,059			297,111			295,036			1,132,644			1,116,212
Amortization expense related to intangible assets acquired through business acquisitions		47,734			41,776			41,581			191,770			166,909
Termination expenses of certain game projects		354,811			–			–			354,811			–
Adjusted (loss)/profit from operations		(635,066	)		272,208			463,058			(3,384,962	)		(60,848	)

Net (loss)/profit		(1,296,690	)		(79,805	)		88,934			(4,811,713	)		(1,363,651	)
Add:
Share-based compensation expenses		267,059			297,111			295,036			1,132,644			1,116,212
Amortization expense related to intangible assets acquired through business acquisitions		47,734			41,776			41,581			191,770			166,909
Income tax related to intangible assets acquired through business acquisitions		(5,563	)		(5,406	)		(5,358	)		(22,376	)		(21,578	)
Loss/(Gain) on fair value change in investments in publicly traded companies		76,839			(17,778	)		14,177			32,964			24,524
Loss/(Gain) on repurchase of convertible senior notes		–			–			17,649			(292,213	)		38,629
Termination expenses of certain game projects		354,811			–			–			354,811			–
Adjusted net (loss)/profit		(555,810	)		235,898			452,019			(3,414,113	)		(38,955	)
Net loss/(profit) attributable to noncontrolling interests		206			290			1,026			(10,608	)		16,851
Adjusted net (loss)/profit attributable to the Bilibili Inc.’s shareholders		(555,604	)		236,188			453,045			(3,424,721	)		(22,104	)
Adjusted net (loss)/profit per share, basic		(1.34	)		0.57			1.08			(8.29	)		(0.05	)
Adjusted net (loss)/profit per ADS, basic		(1.34	)		0.57			1.08			(8.29	)		(0.05	)
Adjusted net (loss)/profit per share, diluted		(1.34	)		0.57			1.07			(8.29	)		(0.05	)
Adjusted net (loss)/profit per ADS, diluted		(1.34	)		0.57			1.07			(8.29	)		(0.05	)
Weighted average number of ordinary shares, basic		414,793,013			417,849,446			417,829,038			413,210,271			416,470,256
Weighted average number of ADS, basic		414,793,013			417,849,446			417,829,038			413,210,271			416,470,256
Weighted average number of ordinary shares, diluted		414,793,013			417,849,446			424,208,294			413,210,271			416,470,256
Weighted average number of ADS, diluted		414,793,013			417,849,446			424,208,294			413,210,271			416,470,256

The MIL Network –

February 20, 2025

MIL-OSI: Aurora Mobile Integrates DeepSeek into Adpub to Redefine App Monetization
Source: GlobeNewswire (MIL-OSI)

SHENZHEN, China, Feb. 20, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that it has integrated DeepSeek, an advanced large language model (LLM), into its Adpub platform. This strategic enhancement aims to revolutionize app monetization by leveraging DeepSeek’s lightweight architecture and domain-specific optimizations, delivering unmatched efficiency, scalability, and precision.

Smarter Monetization Tools for Developers

Adpub, Aurora Mobile’s app monetization platform, has already established itself as a trusted solution for developers to maximize advertising revenue. By aggregating SDKs from over ten major advertising platforms, Adpub simplifies access to multiple networks through a single integration. Its advanced real-time bidding system ensures that the highest-paying ads are displayed, boosting overall revenue by an average of 20%.

The integration of DeepSeek elevates Adpub’s capabilities further. With its cutting-edge natural language processing and data analysis features, DeepSeek enables Adpub to better understand user behavior and preferences. This empowers the platform to deliver highly relevant ads to the right audiences, significantly improving click-through rates (CTR) and overall ad performance.

Transformative Benefits with DeepSeek

The addition of DeepSeek unlocks a range of new possibilities for Adpub users, including:
- Enhanced Ad Targeting: DeepSeek analyzes vast amounts of user data to deliver personalized ad experiences, ensuring “the right ads reach the right people.”
- Improved Efficiency: Its lightweight architecture reduces computational overhead, enabling faster and more efficient data processing.
- Scalable Monetization: DeepSeek’s domain-specific optimizations make it easier for developers to scale monetization across diverse app categories and user demographics.
Developer-Centric Experience

Adpub remains committed to developer convenience by offering a comprehensive suite of tools, including head bidding, waterfall ad layering, traffic segmentation, and A/B testing. With DeepSeek’s integration, these features are further enhanced through deeper insights and more precise analytics, all accessible via a unified dashboard.

Pioneering Innovation in App Monetization

“We are thrilled to integrate DeepSeek into Adpub, marking a pivotal step in empowering developers with smarter monetization tools,” said Chris Lo, CEO of Aurora Mobile. “This integration not only strengthens Adpub’s leadership in app monetization but also sets a new benchmark for innovation in the industry.”

By focusing on scalable, efficient, and user-centric solutions, Aurora Mobile continues to lead the app monetization and developer services space. The integration of DeepSeek underscores the company’s commitment to leveraging cutting-edge technology to create value for its users.

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

For more information, please visit https://ir.jiguang.cn/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:

Aurora Mobile Limited
E-mail: ir@jiguang.cn

Christensen

In China
Ms. Xiaoyan Su
Phone: +86-10-5900-1548
E-mail: Xiaoyan.Su@christensencomms.com

In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

The MIL Network –
February 20, 2025
MIL-OSI: Šiaulių Bankas Invitation to Q4 and FY 2024 Investor Webinar

Source: GlobeNewswire (MIL-OSI)

AB Šiaulių Bankas invites shareholders, investors, analysts and other stakeholders to join the Investor Webinar on 27 February, 2025 at 8:30 am (EET). The webinar will cover Q4 and FY2024 earnings results and key business highlights. The presentation will be held online in English.

Vytautas Sinius (CEO), Tomas Varenbergas (Head of Investment Management Division), and Tautvydas Mėdžius (Strategy Partner) will host the event. They will present the financial results, discuss recent developments, and address participant questions.

Please feel free to submit your questions in advance to investors@sb.lt

How to join the webinar?

To join the webinar, please register via following link https://sb.zoomtv.lt. After successful registration You will be provided with the webinar link.

Additional information:
Tomas Varenbergas
Head of Investment Management & Treasury
tomas.varenbergas@sb.lt

The MIL Network –

February 20, 2025
MIL-OSI: JD.com to Report Fourth Quarter and Full Year 2024 Financial Results on March 6, 2025

Source: GlobeNewswire (MIL-OSI)

BEIJING, Feb. 20, 2025 (GLOBE NEWSWIRE) — JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it plans to release its unaudited fourth quarter and full year 2024 financial results on Thursday, March 6, 2025, before the U.S. market opens.

JD.com’s management will hold a conference call at 7:00 am, Eastern Time on March 6, 2025, (8:00 pm, Beijing/Hong Kong Time on March 6, 2025) to discuss the fourth quarter and full year 2024 financial results.

Please register in advance of the conference using the link provided below and dial in 15 minutes prior to the call, using participant dial-in numbers, the Passcode and unique access PIN which would be provided upon registering. You will be automatically linked to the live call after completion of this process, unless required to provide the conference ID below due to regional restrictions.

PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10044957-x2nu4z.html

CONFERENCE ID: 10044957

A telephone replay will be available for one week until March 13, 2025. The dial-in details are as follows:

US: +1-855-883-1031

International:
Hong Kong:
Mainland China:
Passcode: +61-7-3107-6325
800-930-639
400-120-9216
10044957

Additionally, a live and archived webcast of the conference call will also be available on JD.com’s investor relations website at http://ir.jd.com.

About JD.com, Inc.

JD.com is a leading supply chain-based technology and service provider. The Company’s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.

For investor and media inquiries, please contact:

Investor Relations
Sean Zhang
+86 (10) 8912-6804
IR@JD.com

Media Relations
+86 (10) 8911-6155
Press@JD.com

The MIL Network –

February 20, 2025
MIL-OSI Economics: New dishes in Lufthansa Business Class on short and medium-haul routes

Source: Lufthansa Group

Lufthansa is improving the travel experience of its passengers with new meals on short and medium-haul flights in Business Class from February 26. The new catering concept offers travelers even more choice of hot and cold dishes and passengers can look forward to new delicious starters, main courses and desserts. It combines local cuisine and European influences. Great importance is attached to selected, high-quality ingredients from all over Europe. The new meals were created jointly by celebrity chef Johann Lafer, Lufthansa’s culinary teams and catering partner Gate Gourmet.

Greater variety: On routes with a flight time of around two hours, Lufthansa passengers will in future be able to choose from a wider range of vegetarian and non-vegetarian cold dishes. On long routes with a flight time of three hours or more, travelers will be able to choose between three hot dishes instead of the previous two.

Anyone who wants to put together their menu before the flight can do so free of charge and conveniently from home with “Pre-Select” – pre-ordering from a selection of up to nine hot dishes is possible for flights lasting more than two hours. This allows guests to enjoy a wider choice of meals and at the same time supports optimized planning, which promotes a more sustainable use of food. The more targeted loading reduces overstocking and thus the disposal of food.

“The introduction of ‘Pre-Select’ on Lufthansa’s short and medium-haul routes underlines our ongoing efforts to offer our guests a consistently high-quality and uniform travel experience,” says Caroline Drischel, Senior Vice President Customer Journey Lufthansa Group. “The option of pre-ordering meals is already offered on SWISS flights and is also planned for Austrian Airlines.”

“When developing the meals, we attached great importance to regional origin and sustainability,” says Heiko Reitz, Chief Customer Officer Lufthansa Airlines. “We made a conscious decision to use local and selected European products. Lufthansa guests can look forward to a new treat for the palate.”

MIL OSI Economics –

February 20, 2025
MIL-OSI United Kingdom: Regional growth to be boosted by £67 million for culture projects
Source: United Kingdom – Government Statements

Growth in jobs, tourism and regional regeneration to be ushered in by funding for major cultural projects across the UK
Regional growth and regeneration will get a much-needed boost as 10 major culture projects across the UK will receive more than £67 million, the government confirmed this week.

Funding will be ‘critical’ in showcasing the UK as a world-leader in culture and bring in visitors from across the globe.  

Just as importantly this will help drive growth in all parts of the country – a key element of the government’s Plan for Change – by creating jobs and in some cases building new homes.  

 Projects receiving funding are:   

£15 million for the National Railway Museum in York, will go towards the construction of a new building, Central Hall, which will include a new entrance to the museum, a new gallery, retail, café, flexible event space and new visitor facilities. The museum is part of a wider mixed-use regeneration scheme in York to transform underused railway land into a new city quarter which could create more than 3,000 new homes, new office, retail and hospitality space, contributing to more than 6,000 new jobs and £1.6 billion in economic value to the region.  

£10 million to start the process of revamping ‘Temple Works’ in Leeds a derelict Grade 1 building, bringing it into public ownership; paving the way for it to house the British Library North in the future and unlock further regeneration of new housing and commercial development on surrounding sites. 

£10 million for the International Slavery Museum and the Maritime Museum in Liverpool, to expand and maintain the museums which play a crucial role in the wider reimagining of the Liverpool Waterfront.  

£5 million for the National Poetry Centre in Leeds that will renovate a redundant Grade 2 Listed building to create a national headquarters for poetry and bolster Leeds’ reputation as a regional centre for culture and creativity.   

£5 million for City Centre Cultural Gateway in Coventry, that will support the repurposing of the former IKEA building in Coventry city centre to become a new cultural and visitor attraction.   

£2.3 million to three cultural projects in Worcester, these three projects will deliver new cultural and public spaces around the Scala arts venue:  

A new Scala Co-Working Space will be created to provide an onsite office and studio space for artistic companies to create work.   

Two mezzanine floors of the Corn Exchange building will be brought back into use through the creation of Next Level Food which will provide a new space for more events and exhibitions and modern catering facilities will be   

A new welcoming social space for younger generations will be created through the Angel Place is Your Space hub  

£10 million for Venue Cymru in Conwy, Wales, will upgrade the largest Welsh arts centre outside Cardiff and deliver a step-change in the use of the building, including the relocation of the existing library and Tourist Information Centre to create a modern and innovative cultural hub.  

£5 million for Newport Transporter Bridge, Wales, that will fund vital repair and maintenance works to Newport Transporter Bridge, which plays a crucial role in the tourism economy as a visitor attraction in South Wales.  

£2.6 million for the Victoria and Albert Museum in Dundee, Scotland, that will expand and recurate the existing Scottish Design Galleries telling the story of Scottish design to create an improved destination and visitor experience.   

£2.2 million for Shore Road Skills Centre in Belfast, Northern Ireland, that will see the redevelopment of the South Stand at the Crusaders FC into a unique state of the art community education, event and skills centre 

Deputy Prime Minister Angela Rayner said:   

Every corner of the UK has something unique to offer, and our rich creative capital must not be underestimated.   

Our Plan for Change promises growth for every region and I’ve seen first-hand how these projects are igniting growth in their communities.  

Through investing in these critical cultural projects we can empower both local leaders and people to really tap into their potential and celebrate everything their home town has to offer. This means more tourism, more growth and more money in people’s pockets.”  

Alex Norris, Minster for Local Growth, said:   

The benefits of these fantastic projects go far beyond community and county borders, they are key to unlocking a regional and nationwide celebration of UK culture and creativity as well as driving growth and regeneration.   

This investment marks a huge step forward in our decade of national renewal as committed to in our Plan for Change – creating jobs and boosting tourism and regeneration in our regions is the type of long-term, sustainable growth the government is prioritising to ultimately put more money in people’s pockets.”  

Culture Secretary, Lisa Nandy said:  

Everyone across the country should be able to access arts and culture in the place they call home. This support will empower our cultural organisations to continue playing an essential role in developing skills, talent and high-quality careers in every corner of the UK.” 

These projects will celebrate and raise awareness of the unique social value and cultural history of the UK while also supporting crucial economic growth through creating local jobs and attracting tourism on a national scale.   

Projects that are most advanced and will see benefits spread beyond regional borders and attract investment have been prioritised to maximise public spending and deliver long-term growth.

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Published 20 February 2025
MIL OSI United Kingdom –
February 20, 2025
MIL-OSI Russia: Dmitry Patrushev and Deputy Prime Minister of the UAE discussed cooperation in agriculture

Translartion. Region: Russians Fedetion –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Dmitry Patrushev met with Deputy Prime Minister, Minister of Finance of the United Arab Emirates, First Deputy Ruler of the Emirate of Dubai Maktoum bin Mohammed Al Maktoum

February 20, 2025

Dmitry Patrushev met with Deputy Prime Minister, Minister of Finance of the United Arab Emirates, First Deputy Ruler of the Emirate of Dubai Maktoum bin Mohammed Al Maktoum

February 20, 2025

Previous news Next news

Dmitry Patrushev met with Deputy Prime Minister, Minister of Finance of the United Arab Emirates, First Deputy Ruler of the Emirate of Dubai Maktoum bin Mohammed Al Maktoum

Deputy Prime Minister of the Russian Federation Dmitry Patrushev met with Deputy Prime Minister, Minister of Finance of the United Arab Emirates, First Deputy Ruler of the Emirate of Dubai Maktoum bin Mohammed Al Maktoum. The main topics of the talks were cooperation in the field of agriculture and the financial and banking sector.

“The relations between our countries are developing dynamically. We sincerely appreciate the constructive dialogue that has been built in many areas. One of the key areas is the agro-industrial complex. Over the past year, the turnover of agricultural products and food between the countries has grown by almost a third. We expect that this positive trend will continue this year,” said Dmitry Patrushev.

The Russian Deputy Prime Minister added that our country is ready to increase supplies of grain, meat and confectionery products to the United Arab Emirates. Russia is actively developing the production and export of halal products that meet all the standards applied in the UAE.

The meeting also considered the possibility of intensifying dialogue between financial institutions of the two countries.

The discussion of bilateral issues was attended by the Minister of State for Financial Affairs Mohammed bin Hadi Al Husseini, the Minister of State for International Cooperation Reem bint Ibrahim Al Hashemy, the UAE Minister of Climate Change and Environment Amna bint Abdullah Al Dahak Al Shamsi, the Director of the Department of Economy and Tourism of the Emirate of Dubai Hilal Saeed Khalfan Al Marri and the UAE Ambassador Extraordinary and Plenipotentiary to Russia Mohammed Ahmed Sultan Essa Al Jaber.

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

MIL OSI Russia News –

February 20, 2025
MIL-Evening Report: Grattan on Friday: Dutton doesn’t pull his punches on Trump while Albanese plays it safe

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

Treasurer Jim Chalmers will not be organising a bucks’ night ahead of the coming nuptials of Prime Minister Anthony Albanese and Jodie Haydon.

How do we know this morsel of trivia? The treasurer, appearing on Wednesday breakfast TV to talk up Tuesday’s interest rate cut, was asked about being in charge of arranging the PM’s bucks’ party.

“I’m more of a cup of tea and an early night kind of guy these days. And so I’m sure you can find someone more appropriate to plan the bucks,” Chalmers said, laughing off whatever impatience he may have felt at being taken down this path.

To the dismay of more than a few in Labor circles, a Women’s Weekly interview with the PM and his fiancee dropped into the news cycle just as the government needed all attention on the rate cut.

Given the army of prime ministerial spinners, there was some wonder at this publicity collision.

All leaders do these soft photogenic sessions. But, leaving aside the unfortunate clash, it might be argued this is not the time for the prime ministerial couple to be inviting attention to their post-election marriage. Albanese is not thinking of retiring, but some voters might see a subtle hint of that. As they did when he bought his clifftop house on the central NSW coast.

Chalmers, when asked about the Women’s Weekly piece, was anxious to get across the message that, wedding or not, “I can assure all of your viewers, whether it’s the prime minister or the rest of his government, the main focus is on the cost of living”.

More disappointing for the government than the Women’s Weekly blip was the mixed reception the long-anticipated rate cut received in much of the media.

Reserve Bank Governor Michele Bullock indicated the bank’s decision to cut was a close call. She hosed down expectations of further cuts, which effectively rules out a pre-election move on April Fools’ Day.

It wasn’t an entirely happy week for Bullock, with critics of the cut suggesting she had responded to political pressure. Out in mortgage land, people will be relieved at the slight help, but it only takes away a fraction of their repayment pain.

Meanwhile the work of the cabinet expenditure review committee and the treasury continues apace on what could be a “ghost” March 25 budget – if Albanese aborts it with an April election.

The government insists there is nothing strange about this. If the budget doesn’t eventuate, the measures will be rolled out as election policy, it says. The argument is unconvincing. Preparing a budget and putting together election policy may have some things in common, but they are not the same. A budget is a close-woven tapestry; election policy is open-stitch cloth.

The uncertainty about the election date, while full campaigning is underway, is disruptive for business and the economy (even if, as Chalmers says, it’s now only a matter of weeks either way). It reinforces the argument for fixed federal terms, which work well in the states. But the obstacles are such that that’s not even worth talking about, unfortunately.

In a “no show without Punch” moment this week, Clive Palmer entered the election race with his Trumpet of Patriots party and a promise to spend “whatever is required to be spent”. There’s talk of $90 million being splashed on a “Make Australia Great Again” platform.

It’s hard to get a fix on what impact Palmer will have. He’s competing with Pauline Hanson for votes on the right. Labor fears his advertising on the cost of living will crowd out its messages. He is also targeting Opposition Leader Peter Dutton for not being Trumpian enough. He told Nine media, “As Dutton said, he’s no Donald Trump. I say, what’s wrong with being Donald Trump?”

The answer is, a very great deal. As Trump’s presidency unfolds, its dangers are becoming more obvious than even his harshest critics feared.

Inevitably, the shadow of Trump is hanging increasingly over our election.

With Trump’s win, the Liberals would have thought the latest manifestation of a widespread international swing to the right would put wind in their sails. But the counter-argument has grown – an erratic and autocratic Trump is making some Australian voters feel more unsettled and inclined to stick with the status quo.

Dutton is not a mini-me Trump but shares some of his views on issues such as government spending, bureaucracy and identity politics. Former Prime Minister Scott Morrison told the Australian Financial Review this week that Dutton would sympathise with some of Trump’s objectives but the opposition leader was “not trying to ape” what was going on in the United States.

Trump’s push to end the Russia-Ukraine war has taken Trumpism to a fresh, alarming level, and could inject strains into the Australia-US relationship.

Trump has sidelined Ukraine and is clearly favouring Russia in pursuing a settlement. Now he has launched an extraordinary personal attack on Ukrainian President Volodymyr Zelensky.

On his social media platform Trump lashed Zelensky as a “modestly successful comedian” who had gone “into a war that couldn’t be won, that never had to start”. Zelensky was a “dictator” who refused to have elections, had done “a terrible job” and was very low in the opinion polls, Trump said.

Ukraine’s cause has been bipartisan in Australia, which has given the country more than $1.5 billion in assistance and now has (belatedly) reopened its embassy there.

To his credit, Dutton immediately condemned Trump’s stand in very forthright terms.

“President Trump has got it wrong in relation to some of the public commentary that I’ve seen him make in relation to President Zelensky and the situation in Ukraine,” he told Sydney radio.

“I think very, very careful thought needs to be given about the steps because if we make Europe less safe, or we provide some sort of support to [Russian president] Putin, deliberately or inadvertently, that is a terrible, terrible outcome.”

Albanese’s initial response was to repeat firmly Australia backing for Ukraine, condemning Russia. He did not comment directly on Trump’s attack. He repeated he was not going to give “ongoing commentary on everything that Donald Trump says”.

The government finds itself caught between the need to strongly reject Trump’s handling of Ukraine, and a desire to tread softly with an administration from whom it desperately wants to win a concession on tariffs.

Michelle Grattan 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. Grattan on Friday: Dutton doesn’t pull his punches on Trump while Albanese plays it safe – https://theconversation.com/grattan-on-friday-dutton-doesnt-pull-his-punches-on-trump-while-albanese-plays-it-safe-250386

MIL OSI Analysis – EveningReport.nz –

February 20, 2025
MIL-OSI United Kingdom: Local Plan steps closer to development and growth ambitions
Source: City of York

City of York Council is set to consider the adoption of its Local Plan following the findings of the Inspector’s Report on the Examination of City of York’s Local Plan.
The Local Plan will be presented for consideration at Full Council on Thursday 27 February.

City of York Council is set to consider the adoption of its Local Plan following the findings of the Inspector’s Report on the Examination of City of York’s Local Plan, which will be presented for consideration at Full Council on Thursday 27 February.

Once adopted, this Plan will be the city’s first comprehensive development framework since 1956 and will guide York’s growth for the next decade, marking a pivotal milestone in the city’s future development and growth ambitions, whilst establishing the city’s green belt and historic setting for the first time.

The Local Plan outlines the vision for sustainable housing, economic development, and infrastructure in York. It addresses key priorities such as affordable housing, environmental sustainability, and the protection of York’s historic character. The Plan provides a policy framework for decisions on development, shaping the city’s future spatial development until 2038.

As part of the adoption process, the Council will review the Inspector’s recommendations and the main modifications to housing allocations, green belt boundaries, and transport infrastructure planning. The final decision on whether to formally adopt the Local Plan will be made at the Full Council meeting on Thursday 27 February.

Cllr Claire Douglas, Leader of the Council, said:

The Local Plan is an historic step in shaping York’s bright future, and we’re excited about what it means for our city. We welcome the Inspector’s findings and are confident that their modifications will strengthen the Plan, ensuring it supports York’s vision for a sustainable, inclusive city for all. The Plan provides us with a clear roadmap for how our city will develop and grow over the next decade – meeting the needs of our residents and businesses.

“A huge thank you to everyone who has worked so hard to bring this Plan to life. We truly appreciate your dedication and commitment to York’s future.”

Cllr Katie Lomas, Executive Member for Finance, Performance, Major Projects, Human Rights, Equality, and Inclusion, added:

This Local Plan is designed to support the growth of York while promoting equality, accessibility, and sustainability. We are particularly focused on ensuring that affordable housing remains a central component of this Plan, along with infrastructure that meets the needs of all residents, including those from the most disadvantaged groups. This is a long-term investment in creating a fairer, greener York for future generations.

Cllr. Michael Pavlovic, Executive Member for Housing, Planning and Safer Communities, commented:

The Local Plan represents the outcome of 7 years extensive consultation, public hearings, and thorough examination. The Plan outlines significant investments in housing, transport, and employment opportunities, which will help drive York’s economy and provide much-needed infrastructure. For York to prosper we need to be ambitious, and this Plan unlocks the potential to make those ambitions a reality.

Inspector’s Report and Next Steps

The Inspector’s Report, published following extensive independent examination, recognised that the Local Plan meets all statutory duties to cooperate and aligns with national planning policies. However, the Report also identified certain areas requiring modifications to ensure the Plan’s soundness, particularly regarding the housing supply, green belt boundaries, and infrastructure delivery.

The Council has already responded to the Inspector’s recommendations, requesting main modifications that will address these deficiencies. Full Council will be asked to adopt the plan with the Inspectors’ modifications.

The Local Plan in Brief

The Local Plan will provide a comprehensive strategy for:

Delivering 20,000 new homes over the duration of the plan, including a significant proportion of affordable housing

Allocating sites for economic growth, including areas for employment and retail expansion

Investing in sustainable transport infrastructure, including improved bus routes, cycling paths, and EV charging stations

Mitigating and adapting to climate change with enhanced green infrastructure, flood defences, and energy-efficient building standards.

Safeguarding York’s historic and cultural heritage while ensuring new development respects the city’s unique character.

Setting the city’s green belt and protecting the historic setting for the first time.

The adoption of the Local Plan represents a turning point in York’s growth, ensuring that development is sustainable, well-planned, and consistent with local priorities.

For more details on the Inspector’s Report and the upcoming Full Council meeting, visit the our Local Plan Inspectors Report.

Full Council takes place on Thursday 27 February, the agenda is available to view online at our Democracy website and the meeting will be available to view live or on demand at our webcasts page.
MIL OSI United Kingdom –
February 20, 2025
MIL-OSI United Nations: IOM-FMM Capacity Building with SMEs on Fair and Ethical Recruitment and Employment of Migrant Workers in Malaysia
Source: International Organization for Migration (IOM)

Selangor, Malaysia– IOM Malaysia in collaboration with the Federation of Malaysian Manufacturers (FMM) has kicked off the capacity building sessions on Fair and Ethical Recruitment and Employment of Migrant Workers with Small and Media Enterprises (SMEs) representatives in Malaysia on 13th February 2025 in Kuala Lumpur.

SME Representatives deepened their understanding in the implementation of fair and ethical recruitment and employment of migrant workers including human rights due diligence. Throughout the interactive discussion, SME representatives shared their experiences and challenges, identified areas for support in implementing practices.

“IOM is pleased to continue our partnership with the Federation of Malaysian Manufacturers (FMM). This is an effort to provide adequate support, especially to SMEs involved in the manufacturing supply chain that employs migrant workers, who constitute 31% of the workforce in this sector in Malaysia. Most importantly, this series of workshops aims to capacitate SMEs to adhere to human rights and labour standards in their operations and throughout their supply chains” Amanda Ng Seang Wei, National Programme Officer.

SMEs are invited to attend the upcoming free capacity-building sessions this year. The sessions equip participants with the knowledge and tools necessary to:
- Identify and mitigate risks associated with migrant labour and human rights violations, thereby safeguarding their operations and reputation.
- Understand the international standards and best practices in business ethics, migration policies and human rights protection of migrant workers.
- Understand the importance of promoting fair and ethical recruitment and employment of migrant workers to reduce exploitative recruitment and labour practices in their operations and supply chain.
- IOM together with FMM will continue to conduct these sessions throughout Malaysia in Melaka, Sarawak, Sabah, Pahang, Kedah, Perak, Penang, and Johor. Any SMEs who are interested in participating in this free training are encouraged to contact FMM through:
  For more information, please contact Amanda Ng Seang Wei at sng@iom.int.
  
  The Migration, Business and Human Rights Programme in Asia (MBHR Asia) is a five-year regional programme and is funded by the European Union and Government of Sweden. The programme will run from 2024-2028 across Cambodia, Malaysia, Nepal, Indonesia, the Philippines, Thailand and Viet Nam.
MIL OSI United Nations News –
February 20, 2025
MIL-OSI China: Dubai International Financial Center marks 20 years, strengthens ties with China

Source: China State Council Information Office

Dubai International Financial Center (DIFC), located in the United Arab Emirates (UAE), has strengthened its position as the leading financial hub in the Middle East, Africa and South Asia region after 20 years of growth, with a strong focus on deepening economic ties with China.

In recent years, the center has witnessed a notable rise in the number of Chinese companies joining its ecosystem, further establishing Dubai as a key gateway for Chinese financial institutions seeking access to the Middle East and the Belt and Road Initiative partner countries, according to press releases issued recently by Dubai authorities.

In 2024, DIFC reported a 25% year-on-year increase in active companies, reaching a total of 6,920 firms, with a significant surge in the number of Chinese financial institutions and multinational corporations establishing a presence. Notably, China’s Bank of Communications inaugurated its regional headquarters in DIFC in November 2024, following in the footsteps of other Chinese financial giants such as the Agricultural Bank of China and the Bank of China. Collectively, these Chinese institutions now account for over 30% of DIFC’s total banking and capital markets assets, solidifying Dubai’s reputation as the UAE’s largest hub for Chinese financial firms.

“DIFC has become the financial center of choice for Chinese entities within the finance sector as well as multinational companies,” said Arif Amiri, chief executive officer of DIFC Authority. “We remain committed to providing Chinese businesses with the best-in-class platform that will help shape their growth and expansion within the Middle East, Africa and South Asia region.”

The growing role of Chinese financial institutions in Dubai is also evident in their active participation in the bond market. Chinese banks have been issuing bonds on Nasdaq Dubai, including green bonds that fund renewable energy, clean transportation and water desalination projects across the UAE and beyond. Most recently, in November 2024, bonds worth $2 billion were listed on Nasdaq Dubai by China’s Ministry of Finance.

In 2024, DIFC achieved impressive performances across multiple sectors. The center’s combined revenues reached $484 million, a 37% increase from the previous year, with operating profit soaring 55% to $363 million. The technology and innovation sector was a standout performer, growing by 38% to 1,245 companies in 2024.

Looking ahead, DIFC remains committed to expanding its financial and technology sectors, with major initiatives such as the Dubai AI Campus, and the upcoming DIFC Funds Center, which is set to open in 2025. These efforts, combined with Dubai’s ambition to become the top global financial center, further highlight DIFC’s role in attracting Chinese businesses and fostering long-term growth across the region, according to press releases from the center.

MIL OSI China News –

February 20, 2025

US:	+1-855-883-1031
International: Hong Kong: Mainland China: Passcode:	+61-7-3107-6325 800-930-639 400-120-9216 10044957

Category: Business

1 Introduction

2 Current challenges in cross-border payments

3 Towards a multilateral world in payments?

4 How can central banks address the challenges?

5 Outlook

I. Economic Activity and Prices

GenAI and Its Adoption

Energy & Commerce Committee’s Top Democrat Visits Central Jersey Medical Center, Highlights Risks to Medicaid Patients and Community Health Centers

Allen Commends U.S. Senate for Confirming Kelly Loeffler as SBA Administrator

Deputy Prime Minister Angela Rayner said:

Alex Norris, Minster for Local Growth, said:

Culture Secretary, Lisa Nandy said:

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Updates to this page

Dmitry Patrushev met with Deputy Prime Minister, Minister of Finance of the United Arab Emirates, First Deputy Ruler of the Emirate of Dubai Maktoum bin Mohammed Al Maktoum

Dmitry Patrushev met with Deputy Prime Minister, Minister of Finance of the United Arab Emirates, First Deputy Ruler of the Emirate of Dubai Maktoum bin Mohammed Al Maktoum

Inspector’s Report and Next Steps

The Local Plan in Brief

Deputy Prime Minister Angela Rayner said:   

Alex Norris, Minster for Local Growth, said:   

Culture Secretary, Lisa Nandy said:  