Category: Business

MIL-OSI New Zealand: Federated Farmers Statement: Members’ Bill puts woke banks on notice

Source: Federated Farmers

Federated Farmers say Andy Foster’s Members’ Bill, drawn from the ballot earlier this afternoon, will stop lenders from unfairly de-banking legitimate businesses and industries.

“Banks have been under huge pressure recently for some of their more unpalatable lending practices,” Federated Farmers banking spokesperson Richard McIntyre says.

“This Bill is only going to add to that scrutiny and will shine a white-hot light on big banks that have been forcing their ideological views down the throats of everyday New Zealanders.”

Federated Farmers have been vocal critics of the banking sector in recent years and were instrumental in securing the select committee inquiry currently underway.

They have also played a significant role in exposing discrepancies between the different targets big Australian banks are setting for Kiwi farmers compared to their Australian clients.

Late last year the organisation blew the whistle on the Bank of New Zealand’s outrageous decision to effectively de-bank legitimate businesses like petrol stations from 2030.

“Federated Farmers support this Bill and will be encouraging all Government parties to throw their support in behind it,” McIntyre says.

“Lending decisions should be based on financial drivers, not ideological or political considerations.

“Legitimate New Zealand businesses, like farms and petrol stations, should not be unfairly targeted by banks because of the industry we operate in.

“It’s important we can continue to access banking services and the capital we need to keep growing our businesses, creating jobs, and contributing to the economy.

“Provided we’re following the laws set by our democratically elected Government, we should be able to go about our business without our bank becoming the moral police.”

MIL OSI New Zealand News –

February 20, 2025
MIL-OSI New Zealand: Universities – With a little help from their friends: school challenges – UoA

Source: University of Auckland (UoA)

School friendships and social connections are vital to positive student experiences so need to be actively fostered, according to findings from the Our Voices project at the University of Auckland.

Peer friendships and caring social connections with teachers and other school community members are central to students’ experiences of school, according to two recently published reports from the Our Voices project at Waipapa Taumata Rau University of Auckland.

The reports analysed responses to a range of general wellbeing questions from 1,000 13-year-olds in theGrowing Up in New Zealand (GUiNZ) longitudinal study.

One of the reports’ authors, Dr Emma Marks, a research fellow in Social and Community Health, says the latest research shows how important it is for schools and other groups to create a range of opportunities for social connection, both in and out of school.

“Respondents felt that increasing school engagement should focus not only on learning and achievement, but also on offering students’ good experiences to make school more attractive; for example, teachers who care about a young person in their entirety, not just as a learner, and extracurricular activities that help them ‘find their people’,” she says.

Young people mostly felt a sense of belonging with friends and whānau through talking, having fun together and positive emotional engagement. However, they believed strengthening those things takes time and opportunity, says Marks.

“They need to be given a range of opportunities to develop meaningful social connections, particularly during school transitions, like moving from intermediate to high school, when they can get separated from friends.”

She says a sense of belonging can be created in different contexts and groups, including between peers, family, sports teams and cultural groups, and on social media, although that comes with pitfalls.

“The ease of communicating on social media provides opportunities for friendships and connections beyond the school environment but also comes with risks our respondents were well aware of; in particular cyberbullying.”

However, she says it is clear social media is an important part of many young people’s social lives, and that they use it to feel connected to “friends, family, others, everyone, and the world.”

Marks says bullying remains a significant concern, especially for anyone who is seen as ‘different’ or not ‘fitting in’, but friendships can create a ballast.

“Having friends is important across all life stages, but particularly during adolescence, when young people are more likely to spend time with peers in and out of school than with their family.”

The reports note that challenges for young people, both in school and out, vary in type and who’s most affected, depending on things like home environment, learning abilities, individual differences and peer pressure.

“So having a better understanding of these particular challenges can help target support to those who need it most,” says Marks.

Respondents viewed friends as being similar to themselves, with shared qualities and interests, and as worthy of being cherished and valued, the reports note.

“However, the data clearly shows not all young people have friends, and some feel like they don’t belong anywhere,” says Marks.

She says young people have good ideas about how to make school a more inclusive place, but recognise they need support from school staff and leadership to make this happen.

“Some of their ideas included more effective antibullying programmes, more teacher intervention and clearer disciplinary action.”

“Other suggestions included greater efforts to support students’ mental health, smaller classes, and removing ability groupings (that put students in the same year in different groups for subjects like Maths and English, depending on perceived ability).

The Our Voices project aims to understand what young people in Aotearoa need to thrive to inform policies and services focused on supporting their wellbeing.

A further two reports will focus on the influence of teachers and how young people seek help to solve problems.

The project was funded by the Ministry for Business, Innovation and Employment and involves a multidisciplinary team of national and international experts.

Visit the Our Voices website for the full reports: https://ourvoices.auckland.ac.nz/

‘School Experiences: Overcoming Challenges’ by Dawson-Bruce, R., Rudd, G., Peterson, E. R., Marks, E., Walker, C., & Meissel, K. (2025).
‘Social Connections: In-person and online’ by Fan, J., Ogden S. E., Rudd, G., Marks E., Peterson, E. R., Walker, C. G. & Meissel, K. (2025).

Tō Mātou Rerenga – Our Journey app and Growing Up in New Zealand

Data was collected within Tō Mātou Rerenga – Our Journey, an app co-designed by University of Auckland researchers alongside young people from the Growing Up in New Zealand longitudinal study (GUiNZ).

GUiNZ recruited over 6,000 New Zealand children born between 2009 and 2010, with the aim of creating an in-depth summary of what life is like for them and what factors affect their happiness, health and development.

MIL OSI New Zealand News –

February 20, 2025
MIL-Evening Report: A new play about Julian Assange, Truth is an intelligent, thoughtful and unsettling work

Source: The Conversation (Au and NZ) – By Kate Hunter, Senior Lecturer in Art and Performance, Deakin University

Pia Johnson/Malthouse Theatre

Truth, the new play from writer-director pair Patricia Cornelius and Susie Dee, dives headfirst into the contentious world of Julian Assange. It offers us a nuanced portrait of the WikiLeaks founder who transformed from hacker wunderkind to global lightning rod.

An apt celebration of the significant body of work from the acclaimed duo, Truth opens nearly 40 years after the pair created and performed their first collaboration, Lilly and May.

Assange rose to global prominence by publishing classified documents that exposed government secrets and surveillance programs. He became both a celebrated whistleblower and a controversial figure in debates about transparency and national security.

Truth unravels the threads of his story.

Truth reveals the complex legacy of a man whose actions have both championed and challenged modern democracy.
Pia Johnson/Malthouse Theatre

A complex legacy

The work is set in a spare, black-box space, characterised by Matilda Woodroofe’s bureaucratic brutalist design.

A backdrop of hard mesh enclosures and scaffolded structures evokes a monotonous line of outdoor exercise yards or prison cells. This is flanked by colourless filing cabinets, 80s-style laminated brown desks and office chairs on wheels. A giant LED screen crowns the structure.

The ensemble (Emily Havea, Tomàš Kantor, James O’Connell, Eva Rees and Eva Seymour) weaves together key moments in Assange’s life, revealing the complex legacy of a man whose actions have both championed and challenged modern democracy.

Speaking in chorus at times, the actors perform multiple versions of Assange and other characters. They are journalists, whistleblowers, narrators, and include the key figures of Edward Snowden and Chelsea Manning.

A terrific and youthful ensemble cast delivers sensitive and energised performances.
Pia Johnson/Malthouse Theatre

Characterised by Cornelius’ trademark rapid-fire dialogue, the text is tightly calibrated with smart, sparse, dry comments that, at times, comically undercut our Australian sensibilities. As one character says, “the worst thing to be in this country is too smart”.

The ensemble is physically dynamic and vocally strong. They have a particular choreographic fluidity. A spaciousness and attention to timing allows each performance to land. This is a testament both to Dee’s sharp, contained direction, and a terrific and youthful ensemble cast who deliver sensitive and energised performances.

From geek to advocate

The play moves chronologically through Assange’s life. We begin with the rocky early years marked by the dissonance between his sharp intelligence and reputation as computer nerd. We witness his arrests for hacking. We follow his evolution from awkward geek to outspoken advocate for free speech.

The play offers us a nuanced portrait of the WikiLeaks founder who transformed from hacker wunderkind to global lightning rod.
Pia Johnson/Malthouse Theatre

The play is grounded in comprehensive research, and solo moments featuring Snowden and Manning serve as poignant interludes to the fast-paced narrative of Assange’s life events.

I am struck by the way the work unsettles my preconceptions. The small, stark image of a naked Private Manning in her isolated cell is particularly raw and affecting – but is juxtaposed on stage against Assange’s dubious behaviour towards two young women in Sweden.

The show clips along, all the while unfolding a nuanced consideration of the complexities of reported narratives and the myriad ways in which journalistic narratives are influenced – and controlled.

The delivery to the audience is largely direct-address. This risks becoming tedious, but Cornelius’ intelligent style and the ensemble’s strong performance carries through.

The LED screen is used to great effect. The video design (Meri Blazevski) shifts through rainstorms of binary digits, to list of early Assange manifestos or leaked stories, to pixellated images of actors’ faces as teenage gamers.

The work is set in a spare, black-box space, characterised by Matilda Woodroofe’s bureaucratic brutalist design.
Pia Johnson/Malthouse Theatre

In a long and shocking sequence, we witness drone footage from the Afghanistan war logs accompanied by the chillingly dispassionate commentary of the operators.

Often, the screen becomes a surface for live video feeds which work to personalise or disembody characters, functioning variously as narrator, witness, and surveillance device. Transitions between closeups, documentation and stark data both drive and complicate the storytelling.

Kelly Ryall’s composition and sound design – often paired with the pulsing or flashing giant texts on the screen – is a retro-electronic tapestry of victory chimes, synthetic bleeps and Pac Man pings. It is all underscored by deep digital tones and rapid analogue tapping of keyboards.

A long artistic relationship

This is an intelligent and thoughtful show that manages to be both complex and entertaining. The play is particularly salient given current global events, challenging us to consider the scale of what we’re up against, how long we should remain silent, and what power – if any – we have to effect change.

In an era of heated debate about transparency and fake news, Truth emerges as a vital and edgy work in the capable hands of two highly respected theatre makers.

The work is testament to the longevity of an artistic relationship between two older women that carries decades of embodied knowledge.

Despite the persistent ageism in Australian theatre that often equates “urgency” exclusively with youth, this work reminds us older artists can and do challenge and disrupt – and bring a special and necessary currency to our cultural life.

Truth is at Malthouse Theatre, Melbourne, until March 8.

Kate Hunter 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. A new play about Julian Assange, Truth is an intelligent, thoughtful and unsettling work – https://theconversation.com/a-new-play-about-julian-assange-truth-is-an-intelligent-thoughtful-and-unsettling-work-247909

MIL OSI Analysis – EveningReport.nz –

February 20, 2025
MIL-OSI Banking: Deputy Secretary-General for ASEAN Economic Community meets with Ambassador of Norway to ASEAN

Source: ASEAN

Deputy Secretary-General for ASEAN Economic Community, H.E. Satvinder Singh, met with Ambassador of Norway to ASEAN, H.E. Kjell Tormod Pettersen. They discussed ways to further substantiate the ASEAN-Norway Sectoral Dialogue Partnership, implementation of the ASEAN-EFTA Joint Declaration on Cooperation and exchanged views on the negotiations of the Practical Cooperation Areas 2026-2030. This year marks the 10th anniversary of ASEAN and Norway Sectoral Dialogue Partnership.

The post Deputy Secretary-General for ASEAN Economic Community meets with Ambassador of Norway to ASEAN appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

February 20, 2025
MIL-OSI Banking: Secretary-General of ASEAN emphasises the importance of youth at the Japan-ASEAN Youth Summit 2025

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today attended the Opening of the Japan-ASEAN Youth Summit 2025, held at the Mission of Japan to ASEAN, where he delivered a keynote speech highlighting the importance of harnessing the talent, innovation, and dynamism of the youth in addressing societal challenges, particularly in the areas of public health and environmental sustainability. Dr. Kao also encouraged the promotion of youth-led initiatives and closer collaboration to drive positive change and contribute to ASEAN community-building efforts.

Download the full remarks here.

The post Secretary-General of ASEAN emphasises the importance of youth at the Japan-ASEAN Youth Summit 2025 appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

February 20, 2025

MIL-OSI: SBM Offshore Full Year 2024 Earnings

Source: GlobeNewswire (MIL-OSI)

Amsterdam, February 20, 2025

Record-level results, increasing total shareholder returns

Highlights

Record Directional¹ Revenue of US$6.1 billion (+35%), in line with guidance
Record Directional EBITDA of US$1.9 billion (+44%), in line with guidance
Record US$35.1 billion Directional backlog; US$9.5 billion or EUR51.6/share² Directional net cash backlog³
30% increase in cash return to US$1.59 per share⁴: US$155 million dividend⁵; US$150 million share repurchase⁶
US$1.7 billion cash return to shareholders over the coming 6 years
2025 Directional Revenue guidance of above US$4.9 billion
2025 Directional EBITDA guidance of around US$1.55 billion
Completion of FPSO Prosperity and Liza Destiny sales in Q4 2024
FPSO Almirante Tamandaré achieved first oil on February 15, 2025

SBM Offshore’s 2024 Annual Report can be found on its website under: Annual Reports – SBM Offshore

Øivind Tangen, CEO of SBM Offshore, commented:

“SBM Offshore has delivered excellent results in 2024 with a record-level directional revenue of US$6.1 billion and record-level directional EBITDA of US$1.9 billion, reflecting three new awards and the purchases of FPSOs Prosperity and Liza Destiny by ExxonMobil Guyana. Thanks to the addition of three new awards, we ended the year with a record US$35.1 billion backlog. From this we expect to generate US$9.5 billion net cash, equivalent to almost 52 euro per share². Based on this strong performance, we are increasing our fixed cash return by 30% to US$1.59 per share⁴ through a proposed US$155 million dividend⁵ and US$150 million share repurchase⁶ program. At this level we will deliver a minimum US$1.7 billion cash return to shareholders over the next 6 years.

Our Fast4Ward^® program is setting the pace for deepwater developments. FPSO Almirante Tamandaré achieved first oil on February 15, 2025. This vessel, which benefits from emission reduction technologies, is the largest operating unit in Brazil. Two additional units are on track to achieve first oil in 2025. First, FPSO Alexandre de Gusmão which sailed-away at the end of 2024, followed by FPSO ONE GUYANA. These three units have a combined capacity of 655,000 barrels of oil per day. With these achievements, we are further de-risking our construction portfolio.

We strive for excellence both in terms of project execution and asset management. Our lifecycle approach in the FPSO market is unique and the focus on continuous improvement is setting a strong foundation for success. The outlook for new deepwater projects is strong given their low break-even prices and low emission intensity. In the next three years, we see 16 projects in the
Company’s core market of large and complex FPSOs, driven by the promising prospects in Brazil, Guyana, Suriname and Namibia. We have ordered our 10^th MPF hull giving us two hulls to support tendering activities. We will remain disciplined in selecting the highest quality projects.

As the world’s ocean-infrastructure expert we are using our experience to further diversify and decarbonize the solutions we offer. In 2024, we created a joint venture, Ekwil, with Technip Energies to enhance our floating offshore wind product offering, and in early 2025 we completed a minority equity investment in Ocean-Power to offer lower-emission power solutions. We are now able to offer a market ready near-zero emission FPSO and were recently awarded a contract by Petrobras to qualify SBM’s Carbon Capture Module technology for FPSOs.”

Financial Overview⁷

	Directional			IFRS

in US$ million	FY 2024	FY 2023	% Change	FY 2024	FY 2023	% Change
Revenue	6,111	4,532	35%	4,784	4,963	-4%
Lease and Operate	2,369	1,954	21%	2,074	1,563	33%
Turnkey	3,743	2,578	45%	2,710	3,400	-20%
EBITDA	1,896	1,319	44%	1,041	1,239	-16%
Lease and Operate	1,261	1,124	12%	842	695	21%
Turnkey	724	296	145%	287	646	-56%
Other	(89)	(101)	-12%	(88)	(101)	-13%
Profit attributable to Shareholders	907	524	73%	150	491	-69%
Earnings per share (US$ per share)	5.08	2.92	74%	0.84	2.74	-69%

in US$ billion	FY 2024	FY 2023	% Change	FY 2024	FY 2023	% Change
Pro-forma Backlog	35.1	30.3	16%	–	–	–
Net Debt	5.7	6.7	-15%	8.1	8.7	-7%

Directional revenue increased by 35% to US$6,111 million compared with US$4,532 million in 2023. This increase is driven by the Directional Turnkey revenue which rose to US$3,743 million in 2024 compared with US$2,578 million in 2023. This 45% increase stems from (i) the sale of FPSOs Prosperity and Liza Destiny completed respectively in November and December 2024, (ii) the progress on awarded contracts for the FPSOs Jaguar and GranMorgu, (iii) the 13.5% divestment to CMFL completed in October 2024, and (iv) the increased support to the fleet through brownfield projects. This increase was partly offset by a reduction in charter revenues following (i) the sale of FPSO Liza Unity in November 2023, (ii) the completion of FPSO Prosperity during the last quarter of 2023 as well as a delay in the start-up of FPSO Sepetiba early 2024, and (iii) a comparatively lower level of progress on both FPSOs Almirante Tamandaré and Alexandre de Gusmão as those projects approached completion in 2024.

Directional Lease and Operate revenue stood at US$2,369 million compared with US$1,954 million in the year-ago period. This 21% increase mainly reflects (i) FPSO Prosperity joining the fleet during the last quarter of 2023 and Sepetiba joining the fleet in January 2024, (ii) a higher contribution of FPSOs N’Goma, Saxi Batuque and Mondo following the acquisition of interests held by Sonangol mid-2024, and (iii) an increase in reimbursable scope. This was partly offset by FPSO Liza Unity only contributing in 2024 as an operating contract following the purchase of the unit by ExxonMobil Guyana at the end of 2023.

Directional EBITDA amounted to US$1,896 million, which is a 44% year-on-year increase compared with US$1,319 million in 2023. This was mostly attributable to the Turnkey segment which increased by over US$400 million to US$724 million in 2024. Directional Turnkey EBITDA was mainly impacted by (i) the same drivers as for Directional Turnkey revenue (except that being at relative early stages of completion, FPSO Jaguar only contributed marginally to Turnkey EBITDA and FPSO GranMorgu not at all), and (ii) a reduced investment on Floating Offshore Wind projects following the implementation of Ekwil Joint Venture in partnership with Technip Energies.

Directional Lease and Operate EBITDA stood at US$1,261 million for the year-ended 2024 compared with US$1,124 million in the previous year. The 12% increase reflects (i) the same key factors as for Directional Lease and Operate revenue, (ii) the net gain on the acquisition of interests held by Sonangol in 3 FPSOs and the divestment in the parent company of the Paenal shipyard in Angola, and (iii) the dividends related to FPSO N’Goma partially offset by (iv) additional non-recurring maintenance costs for the fleet under operation.

The other non-allocated costs charged to EBITDA amounted to US$(89) million in 2024, a US$(12) million improvement compared with the previous period mainly due to the one-off impact of US$11 million of restructuring costs in 2023.

During the last quarter of 2024, the Company performed a review of revised estimates of cash flow, maintenance and repair costs. Based on this analysis, actual values and future cash flows related to FPSO Cidade de Anchieta were re-estimated leading to an impairment charge of US$(39) million, accounted for in the 2024 results.

Directional net profit increased by over 70% standing at US$907 million in 2024, or US$5.08 per share, mainly reflecting the increase in Directional EBITDA.

Liquidity, Funding and Directional Net Debt

The Company’s financial position has remained strong as a result of the cash flow generated by the fleet, as well as the positive contribution of the Turnkey activities.

Directional Net debt decreased by US$(936) million to US$5,719 million at year-end 2024. This was driven by the repayment of the FPSOs Prosperity and Liza Destiny financings, the proceeds from the sale of the vessels and the Lease and Operate segment’s strong operating cash flow. This was partially offset by drawings on project financing facilities to fund the construction portfolio. The Company drew on the project finance facilities for FPSO ONE GUYANA, FPSO Almirante Tamandaré and FPSO Alexandre de Gusmão; additionally, the US$1.5 billion construction financing for FPSO Jaguar was signed and partly drawn in November 2024.

More than a third of the Company’s Directional debt for the year-ended 2024 consisted of non-recourse project financing (US$2.2 billion) in special purpose investees. The remainder (US$4 billion) consisted mainly of borrowings to support the ongoing construction of 3 FPSOs which will become non-recourse following achievement of first oil. The project loan for FPSO Jaguar will be repaid following completion of construction. The Company’s RCF was drawn for US$500 million as at December 31, 2024 and the Revolving Credit Facility for MPF hull financing was drawn for US$89 million.

Directional cash and cash equivalents amounted to US$606 million and lease liabilities totaled US$93 million at December 31, 2024.

Cash and undrawn committed credit facilities amount to US$2,639 million at December 31, 2024.

Directional Pro-Forma Backlog

Change in ownership scenarios and lease contract duration have the potential to significantly impact the Company’s future cash flows, net debt balance as well as the profit and loss statement. The Company therefore provides a pro-forma Directional backlog based on the best available information regarding ownership scenarios and lease contract duration for the various projects.

The pro-forma Directional backlog at the end of December 2024 increased by US$4.8 billion to a total of US$35.1 billion. This was mainly the result of (i) the FPSO Jaguar contract awarded in April 2024, (ii) the FSO Trion contract awarded in August 2024, and (iii) the FPSO GranMorgu contract awarded in November 2024, partially offset by (iv) turnover for the period which consumed approximately US$6.1 billion of backlog (including the sale of FPSO Prosperity completed in November 2024 and the sale of FPSO Liza Destiny completed in December 2024, in advance of the initial lease terms which were respectively in November 2025 and in December 2029), and (v) the 13.5% divestment to CMFL completed in October 2024, which was not reflected in the pro-forma Directional backlog end of 2023. The Company’s backlog provides cash flow visibility up to 2050.

in US$ billion	Turnkey	Lease & Operate	Total
2025	2.6	2.3	4.9
2026	1.6	2.6	4.2
2027	3.3	2.1	5.4
Beyond 2028	0.2	20.3	20.5
Total pro-forma Directional backlog	7.7	27.3	35.1

The pro-forma Directional backlog at the end of 2024 reflects the following key assumptions:

The FPSO ONE GUYANA contract covers a maximum lease period of 2 years, within which the ownership of the FPSO will transfer to the client. The impact of the subsequent sale is reflected in the Turnkey backlog.
The FPSO Jaguar contract awarded to the Company in April 2024 covers the construction period within which the FPSO ownership will transfer to the client and is reported in the Turnkey backlog.
10 years of operations and maintenance are considered for FPSOs Liza Destiny, Liza Unity, Prosperity and ONE GUYANA following signature of the Operations & Maintenance Enabling Agreement in 2023. Regarding FPSO Jaguar, the pro-forma Directional backlog includes the operating and maintenance scope for 10 years as it has been agreed in principle, pending a final work order. This is consistent with prior years.
The FPSO GranMorgu contract awarded to the Company in November 2024 covers the construction period within which the FPSO ownership will transfer to the client and is reported in the Turnkey backlog.
The FSO Trion contract awarded to the Company in August 2024 is considered for 20 years in lease and operate contracts at the Company ownership share at year-end (100%).
The transaction with MISC Berhad related to the FPSO Espírito Santo and FPSO Kikeh announced on September 6, 2024, and completed on January 31, 2025, has been reflected in the pro-forma Directional backlog.

Project Review and Fleet Operational Update

Project	Client/Country	Contract	SBM Share	Capacity, Size	Percentage of Completion	Project delivery
FPSO *Alexandre de Gusmão*	Petrobras Brazil	22.5-year L&O	55%	180,000 bpd	>75%	2025
FPSO *ONE GUYANA*	ExxonMobil Guyana	2-year BOT	100%	250,000 bpd	>75%	2025
FPSO *Jaguar*	ExxonMobil Guyana	Sale & Operate	100%	250,000 bpd	>25% <50%	2027
FSO Trion	Woodside	20-year Lease	100%	n/a	<25%	n/a⁸
FPSO *GranMorgu*	TotalEnergies	Sale & Operate	52%	220,000 bpd	<25%	2028

Projects are on track with one major delivery achieved in early 2025. After successful completion of the offshore commissioning activities, FPSO Almirante Tamandaré achieved first oil on February 15, 2025. An update on the individual ongoing projects is provided below considering the latest known circumstances.

FPSO Alexandre de Gusmão – In December 2024, the vessel safely departed from the yard in China after successful completion of the onshore topsides’ integration and commissioning phase. The FPSO is on its way to Brazil. First oil is expected mid-2025.

FPSO ONE GUYANA – Integration activities are completed and project teams are finalizing commissioning activities. First oil is expected in the second half of 2025.

FPSO Jaguar – The Fast4Ward^® MPF hull has been safely delivered and arrived in Singapore in preparation for the remaining vessel activities. The topside modules fabrication in Singapore continues as planned. First oil is expected in 2027.

FSO Trion – Engineering and procurement are progressing in line with project schedule.

FPSO GranMorgu – The Fast4Ward^® MPF hull has been safely delivered. Engineering and procurement are progressing in line with project schedule.

Fast4Ward^®MPF hulls – Under the Company’s successful Fast4Ward^® program, the 10^th MPF hull has been ordered. 4 Fast4Ward^® MPF hulls are in operation, another 4 allocated to projects and 2 reserved as part of tendering activities driven by the strong FPSO market outlook.

Contract extension – The Company has agreed a contract extension related to the lease and operation of FPSO Saxi Batuque up to June 2026.

Fleet Uptime – The fleet’s uptime was 95.9% in 2024.

Safety and Sustainability

Safety – The Total Recordable Injury Frequency Rate (“TRIFR”) year-to-date was 0.10, 17% below the yearly target of below 0.12⁹, notwithstanding the high level of activity.

Fleet emissions – For 2024, the Company set a target to further optimize operational excellence on the FPSOs for which it provides operations and maintenance services amounting to a maximum absolute volume of gas flared below 1.57 mmscft/d as an overall FPSO fleet average during the year. As of December 31, 2024, SBM Offshore outperformed this target with the actual being 1.33 mmscft/d, a 15% improvement compared with 2024 target and mainly driven by a continued focus on reducing the number of unplanned events in its operated fleet.

Sustain-2 Notation – FPSO Liza Unity is the 1^st FPSO which has received a Sustain-2 Notation by American Bureau of Shipping. This sustainability certificate recognizes the Company’s efforts in minimizing environmental impacts over the lifecycle of the FPSO including the use of low carbon technologies as well as the focus on workers’ wellbeing.

ESG ratings – In recognition of the Company’s continued focus on sustainability, MSCI has improved SBM Offshore’s rating from AA in 2023 to AAA in 2024 and Sustainalytics included the Company in its 2024 ESG Industry Top Rated, with the Company ranking 2^nd out of 106 industry peers.

Sustainable recycling – The Deep Panuke Production Field Center recycling project reached completion in Nova Scotia, Canada, in early 2024 with 97% of the waste materials were sold, recycled or reused and the remainder 3% was safely disposed of. As for the FPSO Capixaba project, following the handover to M.A.R.S., the Company continues to monitor the safe execution of the decommissioning which is expected to reach completion in 2026.

Blue Economy

SBM Offshore is a blue economy company aiming to manage ocean resources for economic growth while preserving ecosystems. Using its deepwater expertise, the Company is advancing technologies focusing on decarbonizing and diversifying its ocean infrastructure solutions. Ranging from floating offshore wind to offshore hydrogen and ammonia, SBM Offshore remains selective and disciplined in developing innovative solutions and investing in new ocean infrastructure solutions.

Provence Grand Large – The three floating offshore wind turbines that were installed by SBM Offshore at the end of 2023 for the Provence Grand Large project, jointly owned by EDF Renewables and Maple Power, were fully commissioned and started production in 2024.

Floventis Energy Ltd – In December 2024, SBM Offshore reached an agreement with Cierco Energy to sell its shares in the joint venture company Floventis Energy Ltd, thus transferring the ownership of both Cademo and Llŷr Floating Wind projects to Cierco Energy. As planned, following the advancement of these pioneering projects and acquiring valuable knowledge in the offshore wind market, the Company will continue to concentrate its efforts on the remaining two larger scale projects in its portfolio.

emissionZERO^®program – SBM Offshore continues to address FPSO emissions reduction through its emissionZERO^® program and is offering a market-ready near zero emission FPSO for 2025, featuring advanced technologies such as carbon capture, combined cycle gas turbines and deepwater intake risers.

Carbon Capture Module – SBM Offshore has been awarded a contract by Petrobras to qualify SBM’s Carbon Capture Module technology for FPSOs. The Carbon Capture Module for post combustion removal of CO₂ from gas turbine exhaust gasses on FPSO’s has been developed in partnership with Mitsubishi Heavy Industries, Ltd.

Blue Power Hub – With the aim to decarbonize the offshore power generation sector, SBM Offshore signed in December 2024 an investment agreement with the Norwegian company Ocean-Power AS to develop and commercialize offshore power generation units with CO₂ capture and storage. This investment has been completed in early 2025.

Capital allocation and Shareholder Returns

The Company’s shareholder returns policy is to maintain a stable annual cash return to shareholders which grows over time, with flexibility for the Company to make such cash return in the form of a cash dividend and the repurchase of shares. Determination of the annual cash return is based on the Company’s assessment of its underlying cash flow position. The Company prioritizes a stable cash distribution to shareholders and funding of growth projects, with the option to apply surplus capital towards incremental cash returns to shareholders.

As a result, following review of its cash flow position and forecast, the Company intends to pay US$1.59 per share through a proposed US$155m dividend⁵ (EUR150 million equivalent or US$0.88 per share⁴) and US$150 million (EUR141 million equivalent) share repurchase program⁶. This represents an increase of 30% compared with 2024. The objective of the share buyback program would be to reduce share capital and provide shares for regular management and employee share programs (maximum US$25 million). Shares repurchased as part of the cash return will be cancelled.

The share repurchase program will be launched after the current share repurchase program has ended. The dividend will be proposed at the Annual General Meeting on April 9, 2025.

Guidance

The Company’s 2025 Directional revenue guidance is above US$4.9 billion of which above US$2.2 billion is expected from the Lease and Operate segment and around US$2.7 billion from the Turnkey segment.

2025 Directional EBITDA guidance is around US$1.55 billion for the Company.

Conference Call

SBM Offshore has scheduled a conference call together with a webcast, which will be followed by a Q&A session, to discuss the Full Year 2024 Earnings release.

The event is scheduled for Thursday February 20, 2025, at 10.00 AM (CET) and will be hosted by Øivind Tangen (CEO) and Douglas Wood (CFO).

Interested parties are invited to register prior the call using the link: Full Year 2024 Earnings Conference Call

Please note that the conference call can only be accessed with a personal identification code, which is sent to you by email after completion of the registration.

The live webcast will be available at: Full Year 2024 Earnings Webcast

A replay of the webcast, which is available shortly after the call, can be accessed using the same link.

Corporate Profile

SBM Offshore is the world’s deepwater ocean-infrastructure expert. Through the design, construction, installation, and operation of offshore floating facilities, we play a pivotal role in a just transition. By advancing our core, we deliver cleaner, more efficient energy production. By pioneering more, we unlock new markets within the blue economy.

More than 7,800 SBMers collaborate worldwide to deliver innovative solutions as a responsible partner towards a sustainable future, balancing ocean protection with progress.

For further information, please visit our website at www.sbmoffshore.com.

Financial Calendar	Date	Year
Annual General Meeting	April 9	2025
First Quarter 2025 Trading Update	May 15	2025
Half Year 2025 Earnings	August 7	2025
Third Quarter 2025 Trading Update	November 13	2025
Full Year 2025 Earnings	February 26	2026

For further information, please contact:

Investor Relations

Wouter Holties
Corporate Finance & Investor Relations Manager

Media Relations

Giampaolo Arghittu
Head of External Relations

Market Abuse Regulation

This press release may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Disclaimer

Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. These statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’ and / or similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the ‘Impacts, Risks and Opportunities’ section of the 2024 Annual Report.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company’s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this release to reflect new information, subsequent events or otherwise.

This release contains certain alternative performance measures (APMs) as defined by the ESMA guidelines which are not defined under IFRS. Further information on these APMs is included in the 2024 Annual Report, available on our website Annual Reports – SBM Offshore.

Nothing in this release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this release “SBM Offshore” and “SBM” are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

“SBM Offshore^®“, the SBM logomark, “Fast4Ward^®”, “emissionZERO^®” and “F4W^®” are proprietary marks owned by SBM Offshore.

¹ Directional reporting, presented in the Financial Statements under section 4.3.2 Operating Segments and Directional Reporting, represents a pro-forma accounting policy, which treats all lease contracts as operating leases and consolidates all co-owned investees related to lease contracts on a proportional basis based on percentage of ownership. This explanatory note relates to all Directional reporting in this document.
² Based on the number of shares outstanding and exchange rate EUR/US$ of 1.039 at December 31, 2024.

³ Reflects a pro-forma view of the Company’s Directional backlog and expected net cash from Turnkey, Lease and Operate and Build Operate Transfer sales after tax and debt service.
⁴ Based on the number of shares outstanding at December 31, 2024. Dividend amount per share depends on number of shares entitled to dividend.
⁵ Equivalent of EUR150 million based on the EUR/US$ exchange rate on February 11, 2025. Dividends will be paid in Euro provided that the minimum Euro dividend shall amount to EUR150 million.
⁶ Including maximum US$25 million for management and employee share plans.

⁷ Numbers may not add up due to rounding.
⁸ Project delivery not disclosed by the client.

⁹ Measured per 200,000 work hours.

Attachment

SBM Offshore Full Year 2024 Earnings

The MIL Network –

February 20, 2025

MIL-OSI: TGS announces Q4 2024 results
Source: GlobeNewswire (MIL-OSI)

OSLO, Norway (20 February 2025) – TGS today reports interim financial results for Q4 2024.

Financial highlights:
- Strong contract sales with high OBN activity and an overweight of active streamer vessel capacity allocated to contract work
- Solid multi-client sales driven by high pre-commitments to ongoing multi-client projects and seasonal uptick in sales from the multi-client library
- Order inflow of USD 489 million during Q4 2024 – total produced order backlog of USD 749 million
- Successfully completed a full refinancing of the legacy PGS debt, reduced interest rate of the Senior Secured Notes from 13.5% to 8.5% and realized synergies of approximately USD 35 million
- Cash flow negatively impacted by non-recurring refinancing items and working capital development
- Full-year pro-forma organic multi-client investments for 2024 of USD 425 million – 2025 is expected to be approximately USD 425 to 475 million with robust pre-funding.
- Solid balance sheet allows for increased dividend payment – USD 0.155 per share to be paid in Q1 2025
“I am pleased with our strong financial performance in Q4 and for the full year of 2024. Our multi-client business performed well, achieving a sales-to-investment ratio of 2.2x for the year. The OBN segment continued its strong momentum, and our NES activities experienced significant growth. With several contract awards in the latter part of the year, we successfully built a robust vessel backlog going into 2025. We refinanced the balance sheet at attractive terms in Q4, providing us with a solid capital structure and allowing us to increase the dividend by 11%. 2024 has been a transformational year for TGS, and we are well positioned for the future,” says Kristian Johansen, CEO of TGS.

Management presentation
CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 a.m. CET at House of Oslo, Ruseløkkveien 34 in Oslo, Norway. The presentation is open to the public and will be webcasted live.

Access and registration for webcast attendees are available by copying and pasting the link below into your browser, or use the link on the front page of www.tgs.com:
https://channel.royalcast.com/landingpage/hegnarmedia/20250220_3/

A recorded version of the entire presentation will be available on TGS.com
(http://www.tgs.com) after the live event.

For more information, visit TGS.com (http://www.tgs.com) or contact:

Bård Stenberg
Vice President IR & Communication
Tel: +47 992 45 235
E-mail: investor@tgs.com

About TGS
TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

Forward Looking Statement
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward- looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

Attachments
- Q4 2024 Earnings Release
- Q4 2024 Presentation
The MIL Network –
February 20, 2025
MIL-OSI: Establishment of a subsidiary and purchase of the property at Hiiu 42 in Tallinn for the construction of the Südamekodu nursing home

Source: GlobeNewswire (MIL-OSI)

Establishment of a subsidiary and purchase of the property at Hiiu 42 in Tallinn for the construction of the Südamekodu nursing home.
A 100% subsidiary of EfTEN Real Estate Fund AS has entered into a contract under the law of obligations, with the aim of establishing a nursing home there together with Südamekodud AS.
The fund’s 100% subsidiary EfTEN Hiiu OÜ has entered into a contract under the law of obligations with Südamekodud AS for the acquisition of the property located at Hiiu 42 in the Nõmme district of Tallinn. The fund plans to partially rebuild the property into a general nursing home “Nõmme Südamekodu”, which could accommodate up to 170 Südamekodu clients in the future.
The sale price of the property is four million euros, which will be paid upon conclusion of the real rights agreement, and the buyer will additionally invest up to two point five million euros in the reconstruction of the building. Currently, the design of the building’s reconstruction has begun. The expected return of the investment excluding bank leverage is 8%.
The North Estonia Medical Centre will continue to use the property under a valid lease agreement. After the conclusion of the real rights agreement, the property will also be rented under a long-term lease agreement to Südamekodud AS, whose vision is to be the best local care service provider in Estonia. Südamekodud AS offers its services in nursing homes located across Estonia, including the Valkla Südamekodu, Tartu Südamekodu and Pirita Südamekodu properties owned by other subsidiaries of the fund. The purchase of the property and investments will be financed from the fund’s equity capital raised from the SPO and a bank loan. The prerequisite for completing the transaction is the consent of the Estonian Competition Authority, after which a real rights agreement will be concluded for the transfer of ownership of the property.
EfTEN Hiiu OÜ is a 100% subsidiary of the fund established in the Republic of Estonia, with a share capital of 2,500 euros. The members of the management board of the limited liability company are Viljar Arakas and Tõnu Uustalu. The limited liability company does not have a supervisory board. The establishment of a subsidiary is not considered an acquisition of a qualifying holding within the meaning of the rules and regulations of the Tallinn Stock Exchange. The members of the Fund’s supervisory board and management board have no other personal interest in the transaction.

Viljar Arakas
Member of the Management Board
Tel 655 9515
E-post: viljar.arakas@eften.ee

The MIL Network –

February 20, 2025
MIL-OSI: Aegon reports second half year 2024 results
Source: GlobeNewswire (MIL-OSI)

The Hague – February 20, 2025. Please click here to access all 2H 2024 results related documents.

2H 2024 IFRS results
- Net profit of EUR 741 million as operating result and benefit from the a.s.r. stake are partly offset by restructuring charges and net impairments in the US
- Operating result of EUR 776 million, up 14% compared with the second half of 2023, reflecting improved experience variance in the US and business growth in the US and asset management
- Shareholders’ equity per share of EUR 4.53, increases by 13% compared with June 30, 2024, while contractual service margin per share after estimated tax adjustment increases by 5% to EUR 4.38. Valuation equity per share – the sum of these components – grew by 9% to EUR 8.91
2H 2024 capital generation, cash and capital management
- Operating capital generation before holding funding and operating expenses remained broadly stable at EUR 658 million compared with the second half of 2023. Aegon meets its increased guidance of EUR 1.2 billion for 2024
- Capital ratios of Aegon’s main units remain above their respective operating levels and Cash Capital at Holding at EUR 1.7 billion per year-end 2024. EUR 200 million share buyback completed in December
- Free cash flow of EUR 385 million, which includes capital distributions from a.s.r. Full-year free cash flow of EUR 759 million meets guidance of more than EUR 700 million
- 2024 final dividend of EUR 0.19 per common share proposed, an increase of 19% compared with 2023 final dividend
Lard Friese, Aegon CEO, commented:
In 2024, we continued to make good progress with our transformation and are on track to meet the 2025 targets we laid out at our 2023 Capital Markets Day (CMD). We will provide an update on our strategy and new group targets at our next CMD on December 10, 2025, in London. Looking back on the year, I am proud of what the teams achieved, and I am grateful for their hard work.

We have delivered on both our increased guidance for operating capital generation (OCG) of EUR 1.2 billion, and on our free cash flow guidance of more than EUR 700 million for 2024. Our main business units remained well capitalized, and we have generated a full year IFRS operating result of EUR 1.5 billion. Our valuation equity per share, which is a measure of shareholder value, increased by 12% to EUR 8.91.

We continued to execute our strategy to grow our businesses and improve the service we offer to customers. This included the roll-out of a new brand identity across our fully owned units that facilitates improved digital customer experiences. Taking a closer look at our commercial performance in 2024: in the Americas, we strengthened our distribution capabilities as World Financial Group (WFG) grew its number of licensed agents to over 86,000, up 17% compared with the prior year. This contributed to the 22% increase in the operating result of Transamerica’s distribution segment, which reached USD 191 million. Transamerica generated Individual Life sales of USD 473 million, slightly down compared with 2023. The Retirement Plans business experienced outflows but the mid-sized Retirement Plans business continued to grow with strong written plan sales and USD 557 million of net deposits. Throughout the year, we also continued to implement management actions to reduce our exposure to Financial Assets. This included achieving the goals of our program to purchase universal life policies from institutional owners earlier than anticipated.

In the United Kingdom, we are executing the strategy we presented at our June 2024 Teach-In. Our UK Workplace platform performed strongly, with net deposits amounting to GBP 3.7 billion in 2024, due to the onboarding of new schemes and higher regular contributions from existing schemes. While outflows continued in our UK Adviser platform, we are executing our strategy to return the platform to growth by 2028 that includes targeting the top 500 financial adviser firms.

2024 saw our Asset Management business return to growth, with third-party net deposits in Global Platforms and net deposits in Strategic Partnerships combined totaling around EUR 14 billion. This was driven by consecutive net deposits at both businesses during each quarter of 2024.

Our International business saw 15% lower new life sales, mainly driven by pricing actions in China to reflect lower interest rates. At the same time, its value of new business grew by 18%, driven by Brazil and Spain & Portugal, underscoring our focus on profitable growth.

Over the year, we remained disciplined in our management of capital. During the first half of 2024, we completed the EUR 1.535 billion share buyback program. In the second half, we completed a EUR 200 million share buyback program and announced a new EUR 150 million share buyback program, which began in January 2025.

On the basis of our 2024 performance, we today propose a final dividend of 19 eurocents per share. This will result in a total dividend paid for the full-year 2024 of 35 eurocents, up 17% compared with 2023, and means we are on our way to achieve our target of around 40 eurocents per share over 2025.

Additional information
Presentation
The conference call presentation is available on aegon.com.

Supplements
Aegon’s second half 2024 Financial Supplement and other supplementary documents are available on aegon.com.

Webcast and conference call including Q&A
The webcast and conference call starts at 9:00 am CET. The audio webcast can be followed on aegon.com. To join the conference call and/or participate in the Q&A, you will need to register via the following registration link. Directly after registration you will see your personal pin on the confirmation screen, and you will also receive an email with the call details and your personal pin to enter the conference call. The link becomes active 15 minutes prior to the scheduled start time. To avoid any unforeseen connection issues, it is recommended to make use of the “Call me” option. Approximately two hours after the conference call, a replay will be available on aegon.com.

Click to join
With “Call me”, there’s no need to dial-in. Simply click the following registration link and select the option “Call me”.
Enter your information and you will be called back to directly join the conference. The link becomes active 15 minutes prior to the scheduled start time. Should you wish not to use the “Click to join” function, dial-in numbers are also available. For passcode: you will receive a personal pin upon registration.

Dial-in numbers for conference call:
United States: +1 864 991 4103 (local)
United Kingdom: +44 808 175 1536 (toll-free)
The Netherlands: +31 800 745 8377 (toll-free); or +31 970 102 86838 (toll)

Financial calendar 2025
First quarter 2025 trading update – May 16, 2025
Annual General Meeting – June 12, 2025
Second half 2025 results – August 21, 2025
Third quarter 2025 trading update – November 13, 2025
Capital Markets Day – December 10, 2025

About Aegon
Aegon is an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon’s portfolio of businesses includes fully owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company.

Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, domiciled in Bermuda, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com. More information can be found at aegon.com.

Contacts

Media relations Investor relations

Richard Mackillican Yves Cormier

+31(0) 6 27411546 +31(0) 70 344 8028

richard.mackillican@aegon.com yves.cormier@aegon.com

Local currencies and constant currency exchange rates
This document contains certain information about Aegon’s results, financial condition and revenue generating investments presented in USD for the Americas and in GBP for the United Kingdom, because those businesses operate and are managed primarily in those currencies. Certain comparative information presented on a constant currency basis eliminates the effects of changes in currency exchange rates. None of this information is a substitute for or superior to financial information about Aegon presented in EUR, which is the currency of Aegon’s primary financial statements.

Forward-looking statements
The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. In addition, any statements that refer to sustainability, environmental and social targets, commitments, goals, efforts and expectations and other events or circumstances that are partially dependent on future events are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation, and expressly disclaims any duty, to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially and adversely from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:
- Unexpected delays, difficulties, and expenses in executing against Aegon’s environmental, climate, diversity and inclusion or other “ESG” targets, goals and commitments, and changes in laws or regulations affecting us, such as changes in data privacy, environmental, health and safety laws;
- Changes in general economic and/or governmental conditions, particularly in Bermuda, the United States, the Netherlands and the United Kingdom;
- Civil unrest, (geo-) political tensions, military action or other instability in a country or geographic region;
- Changes in the performance of financial markets, including emerging markets, such as with regard to:
  - The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios;
  - The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities Aegon holds;
  - The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of government exposure that Aegon holds;
  - The impact from volatility in credit, equity, and interest rates;
- Changes in the performance of Aegon’s investment portfolio and decline in ratings of Aegon’s counterparties;
- Lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition;
- Lowering of one or more of insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse impact such action may have on the written premium, policy retention, profitability and liquidity of its insurance subsidiaries;
- The effect of applicable Bermuda solvency requirements, the European Union’s Solvency II requirements, and applicable equivalent solvency requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain;
- Changes in the European Commissions’ or European regulator’s position on the equivalence of the supervisory regime for insurance and reinsurance undertakings in force in Bermuda;
- Changes affecting interest rate levels and low or rapidly changing interest rate levels;
- Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;
- Changes affecting inflation levels, particularly in the United States, the Netherlands and the United Kingdom;
- Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets funding, as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;
- Increasing levels of competition, particularly in the United States, the Netherlands, the United Kingdom and emerging markets;
- Catastrophic events, either manmade or by nature, including by way of example acts of God, acts of terrorism, acts of war and pandemics, could result in material losses and significantly interrupt Aegon’s business;
- The frequency and severity of insured loss events;
- Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon’s insurance products and management of derivatives;
- Aegon’s projected results are highly sensitive to complex mathematical models of financial markets, mortality, longevity, and other dynamic systems subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect, or should errors in those models escape the controls in place to detect them, future performance will vary from projected results;
- Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations;
- Changes in customer behavior and public opinion in general related to, among other things, the type of products Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations;
- Customer responsiveness to both new products and distribution channels;
- Third-party information used by us may prove to be inaccurate and change over time as methodologies and data availability and quality continue to evolve impacting our results and disclosures;
- As Aegon’s operations support complex transactions and are highly dependent on the proper functioning of information technology, operational risks such as system disruptions or failures, security or data privacy breaches, cyberattacks, human error, failure to safeguard personally identifiable information, changes in operational practices or inadequate controls including with respect to third parties with which Aegon does business, may disrupt Aegon’s business, damage its reputation and adversely affect its results of operations, financial condition and cash flows, and Aegon may be unable to adopt to and apply new technologies;
- The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon’s ability to complete, or obtain regulatory approval for, acquisitions and divestitures, integrate acquisitions, and realize anticipated results, and its ability to separate businesses as part of divestitures;
- Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies, as well as other management initiatives related to cost savings, Cash Capital at Holding, gross financial leverage and free cash flow;
- Changes in the policies of central banks and/or governments;
- Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business;
- Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon’s products;
- Consequences of an actual or potential break-up of the European Monetary Union in whole or in part, or further consequences of the exit of the United Kingdom from the European Union and potential consequences if other European Union countries leave the European Union;
- Changes in laws and regulations, or the interpretation thereof by regulators and courts, including as a result of comprehensive reform or shifts away from multilateral approaches to regulation of global or national operations, particularly regarding those laws and regulations related to ESG matters, those affecting Aegon’s operations’ ability to hire and retain key personnel, taxation of Aegon companies, the products Aegon sells, the attractiveness of certain products to its consumers and Aegon’s intellectual property;
- Regulatory changes relating to the pensions, investment, insurance industries and enforcing adjustments in the jurisdictions in which Aegon operates;
- Standard setting initiatives of supranational standard setting bodies such as the Financial Stability Board and the International Association of Insurance Supervisors or changes to such standards that may have an impact on regional (such as EU), national or US federal or state level financial regulation or the application thereof to Aegon, including the designation of Aegon by the Financial Stability Board as a Global Systemically Important Insurer (G-SII);
- Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, which may affect Aegon’s reported results, shareholders’ equity or regulatory capital adequacy levels;
- Changes in ESG standards and requirements, including assumptions, methodology and materiality, or a change by Aegon in applying such standards and requirements, voluntarily or otherwise, may affect Aegon’s ability to meet evolving standards and requirements, or Aegon’s ability to meet its sustainability and ESG-related goals, or related public expectations, which may also negatively affect Aegon’s reputation or the reputation of its board of directors or its management; and
- Other risks and uncertainties identified in the Form 20-F and in other documents filed or to be filed by Aegon with the SEC.
- Reliance on third-party information in certain of Aegon’s disclosures, which may change over time as methodologies and data availability and quality continue to evolve. These factors, as well as any inaccuracies in third-party information used by Aegon, including in estimates or assumptions, may cause results to differ materially and adversely from statements, estimates, and beliefs made by Aegon or third-parties. Moreover, Aegon’s disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in its business or applicable governmental policies, or other factors, some of which may be beyond Aegon’s control. Additionally, Aegon’s discussion of various ESG and other sustainability issues in this document or in other locations, including on our corporate website, may be informed by the interests of various stakeholders, as well as various ESG standards, frameworks, and regulations (including for the measurement and assessment of underlying data). As such, our disclosures on such issues, including climate-related disclosures, may include information that is not necessarily “material” under US securities laws for SEC reporting purposes, even if we use words such as “material” or “materiality” in relation to those statements. ESG expectations continue to evolve, often quickly, including for matters outside of our control; our disclosures are inherently dependent on the methodology (including any related assumptions or estimates) and data used, and there can be no guarantee that such disclosures will necessarily reflect or be consistent with the preferred practices or interpretations of particular stakeholders, either currently or in future.
This document contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (596/2014). Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the 2023 Integrated Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

WORLD FINANCIAL GROUP (WFG):
WFG CONSISTS OF:
IN THE UNITED STATES, WORLD FINANCIAL GROUP INSURANCE AGENCY, LLC (IN CALIFORNIA, DOING BUSINESS AS WORLD FINANCIAL INSURANCE AGENCY, LLC), WORLD FINANCIAL GROUP INSURANCE AGENCY OF HAWAII, INC., WORLD FINANCIAL GROUP INSURANCE AGENCY OF MASSACHUSETTS, INC., AND / OR WFG INSURANCE AGENCY OF PUERTO RICO, INC. (COLLECTIVELY WFGIA), WHICH OFFER INSURANCE AND ANNUITY PRODUCTS.
IN THE UNITED STATES, TRANSAMERICA FINANCIAL ADVISORS, INC. IS A FULL-SERVICE, FULLY LICENSED, INDEPENDENT BROKER-DEALER AND REGISTERED INVESTMENT ADVISOR. TRANSAMERICA FINANCIAL ADVISORS, INC. (TFA), MEMBER FINRA, MSRB, SIPC , AND REGISTERED INVESTMENT ADVISOR, OFFERS SECURITIES AND INVESTMENT ADVISORY SERVICES.
IN CANADA, WORLD FINANCIAL GROUP INSURANCE AGENCY OF CANADA INC. (WFGIAC), WHICH OFFERS LIFE INSURANCE AND SEGREGATED FUNDS. WFG SECURITIES INC. (WFGS), WHICH OFFERS MUTUAL FUNDS.
WFGIAC AND WFGS ARE AFFILIATED COMPANIES.

Attachment
- 20250220_PR_Aegon reports second half year 2024 results
The MIL Network –
February 20, 2025
MIL-OSI Economics: Growing concerns over phthalates in plastic packaging highlight importance of alternative packaging solutions, says GlobalData

Source: GlobalData

Growing concerns over phthalates in plastic packaging highlight importance of alternative packaging solutions, says GlobalData

Posted in Packaging

Environmental organizations are increasingly highlighting the numerous health risks associated with phthalates, leading to a rise in consumer awareness and concern over the use of plastic packaging in processed food and beverage products.

The use of phthalates in plastic packaging is facing increased scrutiny due to a growing body of research that underscores significant health risks linked to these chemicals, observers GlobalData, a leading data and analytics company. This concern has led to legal action by environmental organizations such as Earthjustice and the Environmental Defense Fund against the FDA over its alleged refusal to address regulation concerning the issue.

One notable health risk associated with plastics is their propensity to absorb flavors, colors, and odors, which consequently raises concerns about the potential leaching of harmful chemicals into food and beverage products packaged with this material.

Chris Rowland, Packaging Consultant and Analyst at GlobalData, comments: “The European Union has implemented a ban or imposed restrictions on certain phthalate compounds that come into contact with food, a regulatory move adopted by other nations such as the United Kingdom and Canada. To future-proof their packaging capabilities, FMCG companies could explore innovative alternatives, including paper or plant-based materials, regardless of lagging regulation in the US. While initially this shift may entail higher costs, the growing consumer awareness of health risks associated with plastic packaging, coupled with a rising preference for sustainable packaging solutions and the tightening of global regulations on plastic packaging use, suggests that a failure to adapt could lead to a long-term competitive disadvantage.”

Physical health and fitness concerns could be impacting packaging choices

According to the latest consumer survey by GlobalData for Q4 2024, nearly half of global consumers (47%) are “extremely” or “quite” concerned about their physical fitness and health.

The same survey also highlights that over 50% of consumers are “extremely” or “quite concerned” about the amount of processed food they eat or give to others in the “meat”, “pre-packaged meals”, and “food/drinks for children” categories.

Rowland continues: “Consumers who are concerned about their physical fitness and dietary intake of processed foods tend to be more open to alternatives to plastic packaging. Consequently, an opportunity may arise for consumer packaged goods manufacturers to respond to these concerns, by providing packaging free from phthalates, prominently displaying this feature on the packaging, and working with their packaging suppliers to pioneer innovations in paper and biodegradable packaging for processed foods.”

“Phthalate-Free” claims associated with personal care products

At present, “Phthalate-Free” claims are predominantly associated with products within the personal care category, including soaps, cosmetics, and skincare products. Brands that provide phthalate-free options, such as Ecover, MyPure, and Natural Beauty, are at the forefront of this initiative. Additionally, certain niche food producers are making strides by advocating for packaging that is plastic-free, biodegradable, and recyclable. A case in point is Pheasants Hill Farm in the UK, which markets a range of food products, including steaks, mince, and burgers—in plastic-free pouches. These pouches are constructed from plant-based materials, which are claimed to be biodegradable, compostable, and ocean-friendly.

Alternative packaging formats are increasing in both variety and popularity.

Numerous packaging formats are now being presented as safer and more environmentally friendly alternatives to phthalate-containing plastic packaging. For example, mushroom packaging employs mycelium—the root structure of mushrooms—to bind agricultural waste into biodegradable packaging materials. This method is not only more sustainable but also provides natural insulation and protection for fragile goods. Seaweed is another material gaining popularity in the packaging industry because of its biodegradable properties and its ability to decompose without leaving harmful residues.

Rowland adds: “The health and environmental concerns associated with plastic packaging are significant and complex. Addressing these issues necessitates a collaborative effort from consumers, businesses, and regulators to adopt sustainable practices and alternative materials. By adopting paper-based packaging and other alternative materials, brands can align with consumer preferences, comply with regulations, and demonstrate their commitment to health, well-being, and sustainability.”

GlobalData Consumer Custom Solutions

GlobalData Consumer Custom Solutions offers sector-level expertise in the Consumer Packaged Goods, Food, Beverages, Foodservice, Retail, Apparel, Packaging, Agribusiness and Automotive industries. We use our unique data, expert insights, and analytics to answer your bespoke questions with a tailored approach and deliverables. To learn more or have a chat, just drop us an email at consulting@globaldata.com or contact us here, and we’ll get in touch! CCS0210

MIL OSI Economics –

February 20, 2025
MIL-OSI Economics: BD intent to separate business could allow competitors to rise in IVD test markets, says GlobalData

Source: GlobalData

BD intent to separate business could allow competitors to rise in IVD test markets, says GlobalData

Posted in Medical Devices

Becton Dickinson (BD) has recently announced its intent to separate its biosciences and diagnostic solutions business. The biosciences segment includes research instruments and reagents, and single-cell multiomics, while the diagnostic solutions segment consists of microbiology and infectious disease diagnostics. According to the company, the two segments earned over $3 billion in revenue in fiscal 2024. BD’s move could allow competitors to rise in in-vitro diagnostic (IVD) test markets, says GlobalData, a leading data and analytics company.

According to GlobalData’s US Healthcare Facility Invoicing Database, BD has market-leading products in the IVD space, holding just under 20% of the sexual health tests market, with strong products BD ProbeTec and BD MAX, which will be part of the split from BD. With Hologic holding the majority of market share for sexual health tests, it will be interesting to see if BD’s segments can be grown in this market.

Amy Paterson, Medical Analyst at GlobalData, comments: “BD’s intent to split two segments off from their company provides other companies in the IVD space with a unique opportunity to strengthen their own product offerings. For example, in the sexual health tests market, an IVD competitor could acquire the BD segments to compete against Hologic. Alternatively, Hologic could use BD’s segments to strengthen its position in the market and ensure they face no competition.”

In the respiratory disease tests market, no company is making up more than 50% of the market revenue. By acquiring and strengthening the point-of-care infectious disease tests, for example, a company in this space could potentially gain enough market share to dominate the respiratory disease tests space.

Paterson continues: “IVD competitors who are at the top of their market could acquire these segments from BD to secure more of the market and keep competition down. As well, smaller players in the market could use these segments to grow their market share and compete with the larger players.”

Paterson concludes: “Companies with IVD products in the sexual health test and respiratory disease test spaces should look at BD’s announcement as an opportunity to strengthen their presence and should consider how BD’s established products could help strengthen their sales and grow their market share.”

MIL OSI Economics –

February 20, 2025
MIL-OSI Economics: Getinge surgical perfusion exit opens opportunities for LivaNova in CPBE market, says GlobalData

Source: GlobalData

Getinge surgical perfusion exit opens opportunities for LivaNova in CPBE market, says GlobalData

Posted in Medical Devices

Swedish medtech company Getinge’s decision to exit the surgical perfusion business signals a strategic shift toward higher-growth areas like extracorporeal membrane oxygenation (ECMO). This move is set to benefit dominant players like LivaNova, which is well-positioned to capture the market share in the cardiopulmonary bypass equipment (CBPE) sector, which continues to show steady growth driven by technological advancements and the aging population, says GlobalData, a leading data and analytics company.

GlobalData’s latest report, “Cardiopulmonary Bypass Equipment Market Size by Segments, Share, Regulatory, Reimbursement, Installed Base and Forecast to 2036,” reveals that the global CBPE market is expected to grow at a compound annual growth rate (CAGR) of 1.2% from $508.2 million in 2024 to $583.5 million in 2034.

Aidan Robertson, Medical Analyst at GlobalData, comments: “Getinge’s decision to reallocate resources and focus on more lucrative areas like ECMO is unlikely to significantly impact the CPBE market. However, it may prove to be a beneficial strategy for the company, considering its struggles and low market share in this sector.”

However, the move is likely to favor major companies in the CPBE market such as LivaNova, which accounted for an estimated 50.3% of the market share in 2024 and continue to make gains with Essenz heart lung machine. On the other hand, Getinge accounted for only 1.9% of the CBPE market.

The demand for cardiopulmonary bypass products is likely to increase, driven by the growing aging population and the resulting increase in cardiovascular diseases, alongside ongoing technological advancements in these devices. Some barriers to this growth may be the high cost of these procedures along with potential healthcare cost cutting and reimbursement cuts. Despite these challenges the CPBE market is expected to sustain stable growth.

Robertson concludes: “While Getinge’s decision to let go of the CPBE market appears to be the proper choice based on its past performance, GlobalData expects LivaNova to maintain its dominance in the steadily expanding CPBE market and take advantage of the opportunity created by Getinge’s exit.”

MIL OSI Economics –

February 20, 2025
MIL-OSI Economics: iPhone 16e is a testbed for Apple’s new modem C1, says GlobalData

Source: GlobalData

iPhone 16e is a testbed for Apple’s new modem C1, says GlobalData

Posted in Technology

Following the news that Apple has launched iPhone 16e phone with its first cellular modem C1;

Anisha Bhatia, Senior Technology Analyst at GlobalData, a leading data and analytics company, offers her view:

“The launch of iPhone 16e with cellular modem ‘C1’ culminates years of research and more than $1 billion in acquisitions. The proprietary 5G modem will reduce Apple’s reliance on Qualcomm and integrate cellular connectivity within its larger device ecosystem. The move will lead to improved device performance, design innovations, and cost savings.

“The $599 iPhone 16e serves as a testbed for Apple’s modem, allowing the company to evaluate its performance at scale before potentially integrating it into the higher-end models. This move will enable Apple to gather extensive data and user feedback, ensuring that any potential issues are addressed before a wider rollout. But Qualcomm’s modems are the current gold standard in the industry, and Apple’s transition to in-house modem technology will be gradual.

“Qualcomm modems are expected to remain in use in select Apple devices until at least 2027. As Qualcomm diversifies its focus to the automotive segment, PCs and IoT, the importance of the smartphone modem market to the company may wane, allowing Apple to carve out a new niche for itself.

“Apple’s transition to self-designed modems is a calculated long-term play that may not immediately alter the user experience but could result in significant future benefits in terms of better processing efficiency, optimized battery design and tighter vertical integration of all Apple components.”

MIL OSI Economics –

February 20, 2025
MIL-OSI United Kingdom: By land and by sea: UK supports US-led military exercises improving African security and stability
Source: United Kingdom – Government Statements

The UK Armed Forces are working with allies to deliver joint exercises with African partners to protect our people, prosperity and shared values.
UK advisors guide partner forces in urban operations drills at Justified Accord, Kenya (Credit: U.S. Army Southern European Task Force, Africa)

Thursday 20 February 2025 – The UK Armed Forces have been one of the biggest contributors to two large-scale military exercises that are reaching their climax this week across the land and sea of East Africa. The United States is leading both exercises and has brought together over 2,000 personnel from the armed forces of 29 countries, including 22 African nations.

The UK is responsible for delivering component parts of these multinational training exercises, under United States stewardship. The UK has been one of the biggest contributors to the Exercise Justified Accord ‘Field Training Exercise (FTX)’ which sees B Company 3 RIFLES exercise alongside a company from the US 173rd Airborne Brigade, a company of Kenya Army infantry, a troop of Kenyan Marines, Kenya Airforce fixed wing and rotary wing assets and, one infantry platoon each from Tanzania and Somalia.

Exercise Justified Accord is a land multinational exercise being delivered between 10 – 21 February hosted by Djibouti, Kenya and Tanzania. It began with table-top exercises that have laid the foundation for full-scale live activity, which are now underway. The action-packed drills involve coordinating and executing ground attacks, calling in air-support, urban warfare, using drones, and breaching and clearing buildings, as well as medical evacuations.

Cutlass Express is being conducted simultaneously, mostly in Mauritius, Seychelles and Tanzania. It is a naval warfare exercise which focuses on boarding various types of vessels at high speed to take command and control. The exercise challenges teams to complete scenarios which become increasingly harder and involve different types of vessels – from boarding small boats and dhows, to gaining control of larger vessels whilst under fire.

In another example of the United Kingdom and the United States being long-term partners for long-term stability and security, Exercise Cutlass Express is taking place for the 15th time, whilst Exercise Justified Accord has been conducted in various forms since 1998. Further joint exercises with African partners are planned for 2025.

Both exercises will ensure that the different forces involved work together to achieve combat objectives and prepare for real-life scenarios where they may have to collaborate quickly and effectively to counter threats in the region.

Falling just after the election of the new African Union Chairperson, the exercises also support the African Union’s security objectives by preparing partners for United Nations and African Union missions in Africa.

It serves as another example of the UK’s support for improved security not just in East Africa, but across the whole of Africa. These include the creation of the history-making, first-ever Kenyan marines and joint-training with the special forces of Nigeria and Ghana.

Olly Bryant, Defence Attaché at the British High Commission Nairobi, said:

The UK is a long-term partner, helping to deliver long-term stability and security across East Africa, and we are proud to be working with our allies on delivering high-capacity and high-quality activity. We are also proud of our security partnerships with our partners across Africa, which protect our people, prosperity and shared interests – we go far when we go together.

EDITOR’S NOTES

Video and photo content

Please find free-to-access video and photo content for Justified Accord here: https://www.dvidshub.net/feature/JustifiedAccord

Please find free-to-access photo and video content for Cutlass Express here: https://www.dvidshub.net/feature/CutlassExpress2025

Here is a link to a small selection of photos on Google Drive taken from the sites above: https://drive.google.com/drive/folders/1DOz2ajnRjFK4vAMN7KxajL57RgXO-9aJ?usp=sharing

Background on Exercise Justified Accord

You can find more information here, via U.S. Army Southern European Task Force, Africa.

Background on Exercise Cutlass Express

You can find more information here, via U.S. Naval Forces Europe-Africa/U.S. Sixth Fleet.

List of participating nations

Exercise Justified Accord

Angola

Botswana

Djibouti

DRC

Ghana

Kenya

Madagascar

Malawi

Mozambique

Nigeria

Republic of the Congo

Somalia

Tanzania

Tunisia

Uganda

Zambia

France (Observer)

India (Observer)

Italy

Netherlands

United Kingdom

United States

Exercise Cutlass Express

Comoros

Djibouti

Kenya

Madagascar

Malawi

Mauritius

Morocco

Mozambique

Senegal

Seychelles

Somalia

Tanzania

Tunisia

France

Georgia

India (Observer)

United Kingdom

United States

CONTACT

For media enquiries, please contact Tom Walker at the British High Commission Nairobi on tom.walker2@fcdo.gov.uk.

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Published 20 February 2025
MIL OSI United Kingdom –
February 20, 2025
MIL-Evening Report: Microsoft just claimed a quantum breakthrough. A quantum physicist explains what it means

Source: The Conversation (Au and NZ) – By Stephan Rachel, Professor, School of Physics, The University of Melbourne

Microsoft says the Majorana 1 processor is a ‘transformative leap toward practical quantum computing’. Microsoft

Researchers at Microsoft have announced the creation of the first “topological qubits” in a device that stores information in an exotic state of matter, in what may be a significant breakthrough for quantum computing.

At the same time, the researchers also published a paper in Nature and a “roadmap” for further work. The design of the Majorana 1 processor is supposed to fit up to a million qubits, which may be enough to realise many significant goals of quantum computing – such as cracking cryptographic codes and designing new drugs and materials faster.

If Microsoft’s claims pan out, the company may have leapfrogged competitors such as IBM and Google, who currently appear to be leading the race to build a quantum computer.

However, the peer-reviewed Nature paper only shows part of what the researchers have claimed, and the roadmap still includes many hurdles to be overcome. While the Microsoft press release shows off something that is supposed to be quantum computing hardware, we don’t have any independent confirmation of what it can do. Nevertheless, the news from Microsoft is very promising.

By now you probably have some questions. What’s a topological qubit? What’s a qubit at all, for that matter? And why do people want quantum computers in the first place?

Quantum bits are hard to build

Quantum computers were first dreamed up in the 1980s. Where an ordinary computer stores information in bits, a quantum computer stores information in quantum bits – or qubits.

An ordinary bit can have a value of 0 or 1, but a quantum bit (thanks to the laws of quantum mechanics, which govern very small particles) can have a combination of both. If you imagine an ordinary bit as an arrow that can point either up or down, a qubit is an arrow that can point in any direction (or what is called a “superposition” of up and down).

This means a quantum computer would be much faster than an ordinary computer for certain kinds of calculations – particularly some to do with unpicking codes and simulating natural systems.

So far, so good. But it turns out that building real qubits and getting information in and out of them is extremely difficult, because interactions with the outside world can destroy the delicate quantum states inside.

Researchers have tried a lot of different technologies to make qubits, using things like atoms trapped in electric fields or eddies of current swirling in superconductors.

Tiny wires and exotic particles

Microsoft has taken a very different approach to build its “topological qubits”. They have used what are called Majorana particles, first theorised in 1937 by Italian physicist Ettore Majorana.

Majoranas are not naturally occurring particles like electrons or protons. Instead, they only exist inside a rare kind of material called a topological superconductor (which requires advanced material design and must be cooled down to extremely low temperatures).

Indeed, Majorana particles are so exotic they are usually only studied in universities – not used in practical applications.

The Microsoft team say they have used a pair of tiny wires, each with a Majorana particle trapped at either end, to act as a qubit. They measure the value of the qubit – expressed by means of whether an electron is in one wire or the other – using microwaves.

Braided bits

Why has Microsoft put in all this effort? Because by swapping the positions of Majorana particles (or measuring them in a certain way), they can be “braided” so they can be measured without error and are resistant to outside interference. (This is the “topological” part of “topological qubits”.)

In theory, a quantum computer made using Majorana particles can be completely free of the qubit errors that plague other designs.

This is why Microsoft has chosen such a seemingly laborious approach. Other technologies are more prone to errors, and hundreds of physical qubits may need to be combined together to produce a single reliable “logical qubit”.

Microsoft has instead put its time and resources into developing Majorana-based qubits. While they are late to the big quantum party, they hope they will be able to catch up quickly.

There’s always a catch

As always, if something sounds too good to be true, there is a catch. Even for a Majorana-based quantum computer, such as the one announced by Microsoft, one operation – known as T-gate – won’t be achievable without errors.

So the Majorana-based quantum chip is only “almost error-free”. However, correcting for T-gate errors is much simpler than the general error correction of other quantum platforms.

Microsoft plans to scale up by grouping together more and more qubits.
Microsoft

What now? Microsoft will try to move ahead with its roadmap, steadily building larger and larger collections of qubits.

The scientific community will closely watch how Microsoft’s quantum computing processors operate, and how they perform in comparison to the other already established quantum computing processors.

At the same time, research into the exotic and obscure behaviour of Majorana particles will continue at universities around the globe.

Stephan Rachel receives funding from Australian Research Council (ARC).

– ref. Microsoft just claimed a quantum breakthrough. A quantum physicist explains what it means – https://theconversation.com/microsoft-just-claimed-a-quantum-breakthrough-a-quantum-physicist-explains-what-it-means-250388

MIL OSI Analysis – EveningReport.nz –

February 20, 2025
MIL-OSI New Zealand: ACT welcomes further debate on banking wokery

Source: ACT Party

In response to the draw of the Financial Markets (Conduct of Institutions) Amendment (Duty to Provide) Amendment Bill from Parliament’s ballot:

“When I first raised the problem of climate ideology in banking, it was an issue only grumbled about across the farm fence. Now it’s a mainstream concern, challenged in New Zealand’s highest chambers of power,” says ACT Rural Communities spokesperson Mark Cameron, who is also leading a select committee inquiry into rural banking practices.

“The ACT team will be looking at the detail of this bill before forming a position.

“In the meantime, ACT will continue to make the case for tackling woke banking practices at the cause. That includes the Net Zero Banking Alliance, which major banks in the United States, Canada, and Australia are rightly fleeing. We’ve also challenged the stupid climate commitments placed on banks by the Financial Markets Authority.”

MIL OSI New Zealand News –

February 20, 2025
MIL-Evening Report: Households are burning plastic waste as fuel for cooking and heating in slums the world over
Source: The Conversation (Au and NZ) – By Bishal Bharadwaj, Adjunct Research Fellow, Curtin Institute for Energy Transition, Curtin University

Poor people in vast city slums across the Global South are burning plastic to cook their food, warm their homes and boil water for hot showers.

Waste plastic is plentiful and highly flammable. So it’s not surprising people in developing countries, mainly in Africa, Asia and Latin America, are putting it to use – especially as wood is increasingly scarce.

But burning plastic is hazardous, as it releases toxins into the surrounding air – and possibly into the food on the stove.

We wanted to draw attention to this growing problem, which has received little attention to date despite the many potential harms.

In our new “perspective” paper, published in Nature Cities, we explain why so many communities are using plastic as an energy source.

We then explore further research needed and recommend ways for policymakers to tackle the issue.

Mountains of plastic waste

The world has produced more plastic in the past 20 years than the total previously produced since commercial production began in 1950. Roughly half a billion tonnes of plastic is now produced every year.

Plastic production is still accelerating. Global plastic use is predicted to almost triple by 2060 due to soaring demand from a growing population with rising incomes.

Unfortunately, most plastic is not recycled. Instead, it is discarded and ultimately ends up polluting marginal land such as flooded areas and open dumping grounds before making its way into the ocean.

Burning plastic waste for cooking and heating is becoming increasingly common in city slums. a–f, Photographs showing the use of plastic to start a fire in Koshi Province in Nepal (a), a household heating milk by burning plastic in Madhesh province of Nepal (b) and the burning of plastic in Guwahati, India (c), in Enugu, Nigeria (d,e) and in the slums of Lahore, Pakistan (f). Credits for photographs: a, Srijana Baniya; b, Pramesh Dhungana; c, Monjit Borthakur; d,e, Chizoba Obianuju Oranu; f, Sobia Rose.
Bharadwaj, B., Gates, T., Borthakur, M. et al. The use of plastic as a household fuel among the urban poor in the Global South. Nat Cities (2025).

A product of energy poverty in city slums

Increasing urbanisation is reducing access to traditional fuels such as wood and crop residue from farmland.

But plastic is readily available. Low-income households with little or no access to gas or electricity often find themselves living alongside mountains of rubbish.

This plastic, made from fossil fuels, represents a cheap and convenient fuel. It’s lightweight, easy to transport, and a nuisance material that people want to be rid of. Plastic is also relatively easy to dry and store, but can burn even when wet. It’s also flexible and pliable, so it can be used easily in traditional cooking arrangements such as basic stoves.

Burning plastic releases toxins such as dioxins, furans and heavy metals into the air. These chemicals are known to cause cancer, heart disease and lung diseases.

The more vulnerable people in the household – including women and children and those who spend more time indoors – tend to be most exposed to the fumes. But the problem also affects people in the neighbourhood and the wider community.

Burning plastic is likely to also contaminate food. For example, eggs from farms near plastic waste incinerators in Indonesia contained hazardous chemicals from burned plastic. However, more evidence is needed around food contamination.

Furthermore, when households burn plastic bottles and other containers, some of the original contents also burn. Given chemicals are poorly regulated, the consequences of burning plastic could be greater still.

Overcoming the problem

A first step to overcoming the problem is understanding the reality of those living in slums. Policy-makers need to recognise these people’s needs and the challenges they face.

Extensive research is needed to design the most effective and inclusive policy interventions. This needs to be addressed if we are to reduce the associated health and environmental impacts on such large populations across the world.

We have gathered a collaborative, multidisciplinary team of researchers from around 35 countries – mostly in the Global South – to better understand the problem. We recently completed a survey of people exposed to the issue such as local government employees, teachers and community workers in more than 100 cities in 26 countries.

We are also examining the emissions from waste plastic during food preparation to determine the extent of contamination in variety of stoves.

Nobody wants to burn plastic waste to cook food, so policies like ban on burning plastic with out contextual intervention will not work. There is a need to design inclusive policy interventions that provide equitable benefits to the wider community. For example, encouraging people to:
- wash any plastic before it is burned, to remove chemical residues
- use improved cookstoves that vent the fumes outside
- expand basic urban amenities like waste management to low income settlements
- provide support to help lift households out of poverty.
Each approach will depend on the specific requirements of the slum settlement. But by implementing multiple approaches in parallel, we can tackle the problem more effectively.

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

– ref. Households are burning plastic waste as fuel for cooking and heating in slums the world over – https://theconversation.com/households-are-burning-plastic-waste-as-fuel-for-cooking-and-heating-in-slums-the-world-over-250265
MIL OSI Analysis – EveningReport.nz –
February 20, 2025
MIL-OSI New Zealand: Economic growth the focus of PM’s visit to Viet Nam

Source: New Zealand Government

Prime Minister Christopher Luxon will travel to Viet Nam next week, visiting both Ha Noi and Ho Chi Minh City, accompanied by a delegation of senior New Zealand business leaders.
“Viet Nam is a rising star of Southeast Asia with one of the fastest growing economies in the region. This year our two countries celebrate 50 years of diplomatic relations. My visit will further energise our relationships, strengthen existing trade, and open the door to more opportunities for New Zealand businesses, to grow incomes and create jobs here at home,” Mr Luxon says.
While in Viet Nam Mr Luxon will meet with His Excellency Prime Minister Pham Minh Chinh. He will also call on Viet Nam’s other principal leaders to strengthen the Strategic Partnership and discuss ways of collaboration with Viet Nam. Mr Luxon will also deliver a keynote speech at the ASEAN Future Forum in Ha Noi.
“Our trade with Viet Nam has grown by 40 per cent in the past five years, but we know there is room for more and I am committed to reaching our ambitious two-way trade goal of US$3 billion in 2026. With over two decades of 5 per cent-plus annual economic growth and a population of more than 100 million people, Viet Nam is a market with huge opportunity for New Zealand, particularly in the areas of international education and high-quality food and beverage offerings.”
Mr Luxon’s speech in Ha Noi comes as New Zealand also marks 50 years of dialogue relations with ASEAN.
“New Zealand’s future security and prosperity is linked to the success of ASEAN and its members. We are working hard to lift our cooperation and deepen the relationship with ASEAN, as we strengthen our international partnerships and leverage the opportunities they generate for Kiwi businesses.”
Along with the business delegation, the Prime Minister will be joined by Minister of State for Trade and Investment Nicola Grigg.

MIL OSI New Zealand News –

February 20, 2025
MIL-OSI Australia: Appointment of new ANROWS Board Chair

Source: Ministers for Social Services

20 February 2025

Following endorsement by Commonwealth and state and territory governments, Australia’s National Research Organisation for Women’s Safety (ANROWS) has appointed Joan Fitzpatrick as the new Chair of their board.

Ms Fitzpatrick has extensive business leadership experience and more than 25 years of board experience across multiple sectors, including serving as CEO and Director of the Australian Institute of Insurance and Finance (ANZIIF), and as a Director of the Create Foundation.

Assistant Minister for Social Services and for the Prevention of Family Violence, Justine Elliot, said Ms Fitzpatrick’s wealth of management and board expertise will ensure ANROWS continues to conduct high-quality research integral to the development of effective, evidence-based policies that supports ending violence against women and children.

“The quality of research conducted by ANROWS is key in implementing effective national policy to address, and ultimately end the crisis of gender-based violence, and I am confident Ms Fitzpatrick’s leadership as the new Chair will allow ANROWS to continue their vital work.”

“Thank you to both interim Chair Mr Barry Sandison and former Chair, Her Excellency, the Honourable Ms Samantha Mostyn AO for their work towards our shared goal of ending gender-based violence in this country,” Assistant Minister Elliot said.

ANROWS was established in 2013 as an initiative of Australia’s first National Plan to Reduce Violence against Women and their Children 2010–2022 (National Plan) by the Commonwealth Government and all state and territory governments of Australia.

Since its establishment, ANROWS has demonstrated strong leadership in working to build the critical evidence base needed to inform policy and programs to support ending violence against women and children in Australia.

CEO of ANROWS Dr Tessa Boyd-Caine said “we are absolutely delighted to welcome Ms Fitzpatrick as the Chair of ANROWS. Her strength of expertise in best practice governance and her experience leading across a range of environments including nonprofit organisations, alongside her deep commitment to gender equality, make her ideally placed to guide the Board’s oversight of ANROWS and our strategic impact in the work ahead.”

The work of ANROWS has been backed by extensive investment from the Albanese Labor Government, including $23.3 million for their National Priority Research Fund and $4.3 million in the 2024-25 Budget for building the evidence base on pathways into and out of perpetration of family, domestic and sexual violence.

The Chairperson will be appointed for a term of three or four years and may be reappointed for a further term of up to 4 years.

More information on the National Plan to End Violence against Women and Children 2022-2032 is available on the Department of Social Services website.

If you or someone you know is experiencing, or at risk of experiencing, domestic, family, or sexual violence, call 1800 737 732, text 0458 737 732 or visit www.1800RESPECT.org.au for online chat and video call services.

If you are concerned about your behaviour or use of violence, you can contact the Men’s Referral Service on 1300 766 491 or visit www.ntv.org.au

Feeling worried or no good? Connect with 13YARN Aboriginal & Torres Strait Islander Crisis Supporters on 13 92 76, available 24/7 from any mobile or pay phone, or visit www.13yarn.org.au. No shame, no judgement, safe place to yarn.

MIL OSI News –

February 20, 2025
MIL-OSI Australia: Boosting First Nations trade and investment
Source: Minister for Trade

The Albanese Labor Government is backing First Nations people, businesses and communities to take up new trade and investment opportunities through a new First Nations Trade and Investment Advisory Group.

Growing trade and investment links for First Nations people delivers well paying, secure jobs in communities across Australia. We know that First Nations businesses who export generated over $670 million in revenue in 2022-23 and typically employed over seven times more workers than other First Nations businesses.

The group will help First Nations businesses tap into a wide array of trade and economic opportunities, including our recently signed free trade agreement with United Arab Emirates, so that First Nations businesses can reap more of the benefits from international trade.

By establishing this pilot Advisory Group we are delivering on our commitment to share the benefits of trade widely across our community.

The membership includes a range of First Nations business leaders, industry groups and experts in international trade including:
- Mr Bevan Mailman, Desert Springs Octopus
- Mr Joshua Gilbert, Gilbert Consulting
- Mr Cameron Costello, Costello Consultancy
- Mr Brian Bero, First Nations Clean Energy Network
- Ms Sharon Brindley, First Nations Bushfood and Botanical Alliance Australia
- Mr Michael Dickerson, Gambarra Kaha
- Ms Shannon McGuire, Kirrikin Foundation
- Ms Leah Armstrong, First Nations Representative on the Indigenous Peoples Economic Trade and Cooperation Agreement (IPETCA)
- Mr Leslie Delaforce, Dreamspark
- Ms Jenny Wardrop, Supply Nation Representative
- Ms Michelle Deshong, Deshong Consulting
More information, including terms of reference, will be available at Advisory Group webpage.

Quotes attributable to the Minister for Trade and Tourism Don Farrell:

“Our First Nations people were our first traders, exchanging goods with Makassan seafarers from Indonesia.

“These days First Nations businesses export a range of goods including native botanicals, art, design, cyber and clean energy solutions to the world markets.

“We know First Nations business involved in trade create more jobs and grow faster.

“That’s why our government is focussed on helping more First Nations businesses tap into the many opportunities provided by exporting to the world.”

Quotes attributable to the Minister for Indigenous Australians Malarndirri McCarthy:

“First Nations Australians are the holders of traditional knowledge and culture, and these perspectives can only benefit Australia’s international trade and investment agenda.

“Initiatives like the First Nations Trade and Investment Advisory Group ensure First Nations perspectives, experiences and interests are embedded in our international economic agenda.

“Working in partnership demonstrates the value of knowledge sharing and can deliver real, long-term economic empowerment and self-determination for First Nations Australians.”

MIL OSI News –
February 20, 2025
MIL-Evening Report: Playing favourites, inconsistency or a fair decision? Unpacking Jannik Sinner’s doping case
Source: The Conversation (Au and NZ) – By Matt Nichol, Lecturer in Law, CQUniversity Australia

The tennis world is still reeling after news the number one ranked men’s player, Jannik Sinner, agreed to a three-month suspension issued by the World Anti-Doping Agency (WADA) to be served between the Australian and French Opens.

Sinner, a three-time Grand Slam winner, received the ban after twice testing positive for clostebol, a steroid banned by the World-Anti Doping Code, in March 2024.

Read more:
Tennis is facing an existential crisis over doping. How will it respond?

The fallout

“Unintentional doping offences” – as in Sinner’s case – can attract a maximum two-year ban even if the athlete shows no fault or negligence.

Sinner’s three-month ban was immediately criticised by many in the media and within tennis circles due to its leniency and convenient timing. It also did not result from a hearing before an anti-doping tribunal or the Court of Arbitration for Sport, as has been the case with other tennis players who have received bans in the past.

The suspension was the product of a “case resolution agreement” (a negotiated settlement) between WADA and Sinner.

WADA initially appealed the International Tennis Integrity Agency’s decision not to suspend Sinner on the basis of demonstrating no significant fault or negligence, but withdrew its case before the Court of Arbitration for Sport.

Sinner argued the banned substance entered his system after a massage by a physiotherapist in his entourage who had used a cream with clostebol to treat a cut on his finger.

Both WADA and the International Tennis Integrity Agency accepted this version of events.

In the eyes of most, WADA’s actions failed to pass the “pub test” and many high-profile tennis players voiced their concerns.

Novak Djokovic flagged issues over the treatment of high-ranked athletes such as Sinner compared to lower-ranked players.

For example, Chilean Nicolas Jarry was suspended for 11 months in 2020 after testing positive to ligandrol and stanozolol that he alleged were in a supplement he took.

In 2023 Sweden’s Mikael Ymer was suspended for 18 months by the Court of Arbitration for Sport for failing to submit to three out-of-competition tests in a 12-month period.

Great Britain’s Tara Moore took nearly two years to clear her name before an anti-doping tribunal in 2023 revealed contaminated meat had led to her positive tests for nandrolone and boldenone. Despite this decision, Moore served a 19-month ban.

Djokovic’s view suggested favouritism for higher-ranked players, who can access top lawyers. He also criticised a lack of transparency in the Sinner agreement with WADA.

However, high-ranked players such as Simona Halep and Maria Sharapova have received lengthy suspensions for doping violations.

Nick Kyrgios was similarly critical, stating it was a sad day for the sport and that fairness in tennis did not exist.

Former Spanish player Feliciano Lopez was among those who supported Sinner. He said he believed in clean sport and that Sinner had not enhanced his performance and took responsibility for the actions of his physiotherapist.

Intentional and unintentional doping

The criticisms appear to be based on a misunderstanding of the anti-doping provisions in the World Anti-Doping Code and the failure by WADA to clearly communicate its rationale for Sinner’s suspension.

Rather than favouritism for a high-ranked player, WADA’s decision to suspend Sinner for three months was based on the distinction in the World Anti-Doping Code between intentional and unintentional doping. It found that Sinner:
- had not intended to cheat using clostebol
- received no performance-enhancing benefit from the substance
- had no knowledge of the administration of the substance.
But WADA argued that under the code, Sinner was responsible for the negligence of his entourage and issued the suspension.

WADA confirmed its rationale for the three-month suspension after Spanish media pointed out that figure skater Laura Barquero had received a six-year ban for a positive test of clostebol.

WADA differentiated the two cases based on intention. It was not convinced by Barquero’s explanation of how clostebol entered her system, while it said the evidence supported Sinner’s version of events.

Lessons from the Sinner case

So what can be learned from Sinner’s case?

One of the most important legal issues arising from the Sinner case is the distinction in the anti-doping rules between intentional and unintentional doping.

This distinction explains the difference in penalties between Sinner and other athletes.

Also, the facts of a doping case are relevant in determining circumstances that may reduce the severity of a penalty in matters resolved by negotiated case resolution agreements.

An important lesson for WADA is ensuring transparency in proceedings and the clear communication of the rationale used to arrive at a penalty.

Finally, a Court of Arbitration for Sport hearing may not have been needed for Sinner as the parties agreed on the facts leading to the doping rule violation.

Matt Nichol 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. Playing favourites, inconsistency or a fair decision? Unpacking Jannik Sinner’s doping case – https://theconversation.com/playing-favourites-inconsistency-or-a-fair-decision-unpacking-jannik-sinners-doping-case-250143
MIL OSI Analysis – EveningReport.nz –
February 20, 2025
MIL-OSI China: Youngsters take a shine to gold phone stickers

Source: China State Council Information Office

Customers view gold jewelry at a gold shop in Jinan, capital of East China’s Shandong province, Jan 27, 2024. [Photo/Xinhua]

As gold prices rally, driven by market volatility and central bank purchases, younger Chinese consumers are finding a new way to get in on the action — through the purchase of trendy and low-cost gold phone stickers.

These lightweight accessories, ranging from 0.01 to 0.2 grams in weight and priced anywhere from 40 yuan ($5.5) to over 100 yuan, come in a wide variety of auspicious designs and motifs, from depictions of the God of Wealth to emblems bearing lucky phrases such as “Peace and Happiness” and “Get Rich”.

“By simply peeling off the adhesive and affixing the charm to the back of their smartphones, young consumers can instantly transform their devices into portable talismans of wealth and success,” said Wu Ming, a business owner in Shuibei, a gold jewelry manufacturing and trading hub in Shenzhen, Guangdong province.

It’s a small investment, but the impact is quite powerful, Wu said, adding that the charms allow young people to feel like they’re partaking in the gold rush, while also serving as a daily reminder of their aspirations for prosperity.

The gold phone sticker trend has taken on a strong social media dimension, with users actively engaging with and inspiring one another. This has created a powerful viral effect, attracting more people to participate in this fashion craze.

A search for “gold phone stickers” on the popular social media platform Xiaohongshu, also known as Rednote, yielded over 5.98 million related posts, as of mid-February.

While gold phone stickers have been around for years, it wasn’t until the end of 2024 that they turned highly popular. The key driver behind this surge is advances in manufacturing that have allowed producers to create thinner, lighter charms with a wider array of stylish designs, Wu said.

Collaborations with popular IP and the integration of viral social media catchphrases have proved to be highly effective strategies, Wu added.

Chinese jeweler CHJ Industry has joined forces with the iconic Japanese anime character Doraemon and popular Chinese TV drama Empresses in the Palace, to break out of their traditional mold and tap into the cultural zeitgeist driving the gold phone sticker trend.

“The posts on Xiaohongshu all talk about how wearing these gold charms can bring you luck and prosperity,” said Yang Hongyi, a 26-year-old resident in Beijing.

“I’m not buying them to hold as an investment — I just want a touch of gold on my phone to bring a little auspiciousness, and maybe even give one to a friend as a fun gift for the new year,” Yang said.

Take, for example, a gold phone sticker weighing just 0.1 gram, which is being sold for about 100 yuan at least. This translates to a unit price of over 1,000 yuan per gram, while a gram of pure gold in the open market generally sells for around 700 yuan, including both the cost of the gold and a processing fee of 15 to 35 yuan.

In the past, the primary driver for gold purchases was the metal’s perceived ability to maintain and grow in value over time, but the trend of gold phone stickers has ushered in a new era where the aspirational appeal of these accessories has taken center stage, said Li Yang, an associate professor at Cheung Kong Graduate School of Business.

It’s no longer just about the intrinsic value of the gold, but the social currency and cultural cachet these accessories represent, Li said.

“A gold phone charm is just a decorative item, it has nothing to do with whether it maintains its value or not,” Yang said. “It’s like a phone case — if you don’t like it, you can just change it, and you don’t feel bad about it.”

MIL OSI China News –

February 20, 2025
MIL-OSI New Zealand: Changes to enable investment in build-to-rent housing passed into law

Source: New Zealand Government

The coalition Government has passed legislation to support overseas investment in the Build-to-Rent housing sector, Associate Minister of Finance Chris Bishop says.

“The Overseas Investment (Facilitating Build-to-Rent Developments) Amendment Bill has completed its third reading in Parliament, fulfilling another step in the Government’s plan to support an increase in New Zealand’s housing supply and get Kiwis into warm and dry homes.

“The changes provide a streamlined consent pathway for foreign investors looking to invest in existing Build to Rent developments.

“This Bill addresses a key concern of BTR developers – that they need certainty they will be able to on-sell their developments. Given the size and complexity of these assets, this can be challenging when limited to the domestic market.

“The Build to Rent sector has real potential for growth in New Zealand.

“Build to Rent developments are medium-to-large scale rental properties, typically well located and often within walking distance to key transport links. The developments tend to be professionally managed, with good amenities. Often offering longer leases to tenants, they can be a popular choice for renters.

“They are a relatively new form of rental housing in New Zealand but are well established overseas.

“BTR developments are often financed and operated by institutional investors and developers (such as pension funds), as they offer long-term, stable returns.

“However, to date Overseas Investment Act settings have been holding back growth in the sector and made investment challenging.

“Under the Act, it is difficult for overseas investors to invest in existing Build to Rent assets. There are a limited number of domestic investors with the capital and expertise to run these developments, and as a result developers in New Zealand have been uncertain as to whether they would be able to sell their assets when they choose to exit their investment.

“Under the new pathway, overseas investors will be able to apply to purchase existing Build to Rent developments with at least 20 dwellings, provided they intend to continue to lease these.

“These changes mean BTR developers will have confidence in their ability to eventually exit their investment, meaning they’re more likely to build in the first place.

“Build to Rent developments offer an opportunity to increase the supply of secure, affordable and quality rental developments, placing downward pressure on rents.”

MIL OSI New Zealand News –

February 20, 2025

MIL-OSI: Diversified Energy Announces Pricing of Offering of Ordinary Shares

Source: GlobeNewswire (MIL-OSI)

BIRMINGHAM, Ala., Feb. 19, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC; NYSE: DEC) (“Diversified” or the “Company“), an independent energy company focused on natural gas and liquids production, transportation, marketing and well retirement, today announces the pricing of its previously announced underwritten public offering (the “Offering”) of 8,500,000 ordinary shares (the “Shares”) at a public offering price of $14.50 per Share for total gross proceeds of approximately $123.3 million. The Offering is expected to settle on February 21, 2025, subject to customary closing conditions. In addition, Diversified has granted the underwriters a 30-day option to purchase up to an additional 850,000 ordinary shares at the public offering price, less underwriting discount.

Citigroup and Mizuho are acting as joint book-running managers and underwriters for the Offering. KeyBanc Capital Markets, Truist Securities, Jefferies and Raymond James are also acting as joint book-running managers and underwriters for the Offering. Johnson Rice & Company, Pickering Energy Partners, Stephens Inc. and Stifel are acting as co-managers and underwriters for the Offering.

The Company intends to use the net proceeds from the Offering to repay a portion of the debt expected to be incurred by the Company in connection with the proposed acquisition of Maverick Natural Resources, LLC, as announced on January 27, 2025 (the “Acquisition”). In the event that the Acquisition does not close, the Company intends to use the net proceeds from the Offering to repay debt and for general corporate purposes. The consummation of the Offering is not conditioned upon the completion of the Acquisition, and the completion of the Acquisition is not conditioned upon the consummation of the Offering.

A shelf registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (the “SEC“) on February 11, 2025 and became effective upon filing. Copies of the registration statement can be accessed through the SEC’s website free of charge at www.sec.gov. A preliminary prospectus supplement and an accompanying prospectus relating to and describing the terms of the Offering were filed with the SEC and are available free of charge by visiting EDGAR on the SEC’s website at www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus related to the Offering can be accessed through the SEC’s website free of charge at www.sec.gov or obtained free of charge from either of the joint book-running managers for the Offering: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146); or Mizuho Securities USA LLC, Attention: Equity Capital Markets Desk, at 1271 Avenue of the Americas, New York, NY 10020, or by email at US-ECM@mizuhogroup.com.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy our ordinary shares nor shall there be any sale of securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

In connection with the admission of the Shares to listing on the equity shares (commercial companies) category of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange (“Admission”), the Company intends to publish a prospectus as required under the UK version of Regulation (EU) 2017/1129 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018. Applications will be made to the FCA and LSE for Admission, and Admission is expected to become effective at 8:00 am (London time) on February 24, 2025.

Post Transaction Report

In accordance with the Statement of Principles (November 2022) published by the Pre-Emption Group, Diversified announces the following post transaction report in connection with the Offering.

Name of Issuer	Diversified Energy Company PLC
Transaction Details	The Company issued 8,500,000 new Ordinary Shares (the “Shares”), representing 16.6% of the Company’s ordinary share capital as of 14 February 2025. Admission of the Shares representing 16.6% of the Company’s ordinary share capital as of 14 February 2024 is expected to occur at 8.00 am (London time) on 24 February 2024.
Use of Proceeds	The directors of the Company intend to use the net proceeds from the Offering to repay a portion of the debt expected to be incurred by the Company in connection with the proposed acquisition of Maverick Natural Resources, LLC, as announced on 27 January 2025 (the “Acquisition”). In the event that the Acquisition does not close, the Company intends to use the net proceeds from the Offering to repay debt and for general corporate purposes.
Quantum of Proceeds	Total gross proceeds from the Offering, amounted to US$123.3 million (approximately £97.9 million), approximately US$118.3 million net of expenses (approximately £93.9 million net of expenses).
Discount	The Offering was completed at a price of US$14.50 per Share, representing a 3.4% percent discount from the NYSE closing price of US$15.01 per Share on 19 February 2025 (being the last business day prior to the pricing of the Offering).
Allocations	Soft pre-emption has been adhered to in the allocations process, where possible. Management was involved in the allocations process, which has been carried out in compliance with the MIFID II Allocation requirements.
Consultation	The Underwriters undertook a pre-launch wall-crossing process, including consultation with major shareholders, to the extent reasonably practicable and permitted by law.
U.K. Retail Investors	Following discussions between the Underwriters and the Company, it was decided that a retail offer would not be included in the Offering. The Offering structure was chosen to minimize cost, time to completion and complexity.

CONTACTS

Diversified Energy Company PLC	+1 973 856 2757
Doug Kris	dkris@dgoc.com
Senior Vice President, Investor Relations & Corporate Communications

FTI Consulting	dec@fticonsulting.com
U.S. & UK Financial Media Relations

About Diversified

Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

Forward-Looking Statements

This press release includes forward-looking statements. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe”, “expects”, “targets”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “projects”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of management or the Company concerning, among other things, expectations regarding the proposed Offering of securities and the Acquisition. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and all of which are based on management’s current beliefs and expectations about future events, including market conditions, failure of customary closing conditions and the risk factors and other matters set forth in the Company’s filings with the SEC and other important factors that could cause actual results to differ materially from those projected.

Important Notice to UK and EU Investors

This announcement contains inside information for the purposes of Regulation (EU) No. 596/2014 on market abuse and the UK Version of Regulation (EU) No. 596/2014 on market abuse, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (together, “MAR”). In addition, market soundings (as defined in MAR) were taken in respect of the matters contained in this announcement, with the result that certain persons became aware of such inside information as permitted by MAR. Upon the publication of this announcement, the inside information is now considered to be in the public domain and such persons shall therefore cease to be in possession of inside information in relation to the Company and its securities.

Members of the public are not eligible to take part in the Offering. This announcement is directed at and is only being distributed to persons: (a) if in member states of the European Economic Area, “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) (“Qualified Investors“); or (b) if in the United Kingdom, “qualified investors” within the meaning of Article 2(e) of the UK version of Regulation (EU) 2017/1129 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018, who are (i) persons who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order“), or (ii) persons who fall within Article 49(2)(a) to (d) of the Order; or (c) persons to whom they may otherwise lawfully be communicated (each such person above, a “Relevant Person“). No other person should act or rely on this announcement and persons distributing this announcement must satisfy themselves that it is lawful to do so. This announcement must not be acted on or relied on by persons who are not Relevant Persons, if in the United Kingdom, or Qualified Investors, if in a member state of the EEA. Any investment or investment activity to which this announcement or the Offering relates is available only to Relevant Persons, if in the United Kingdom, and Qualified Investors, if in a member state of the EEA, and will be engaged in only with Relevant Persons, if in the United Kingdom, and Qualified Investors, if in a member state of the EEA.

No offering document or prospectus will be available in any jurisdiction in connection with the matters contained or referred to in this announcement in the United Kingdom and no such offering document or prospectus is required (in accordance with the Prospectus Regulation or UK Prospectus Regulation) to be published. The Company will publish a prospectus in connection with Admission as required under the UK Prospectus Regulation in due course.

Neither the content of the Company’s website (or any other website) nor the content of any website accessible from hyperlinks on the Company’s website (or any other website) is incorporated into, or forms part of, this announcement.

The Company has consulted with a number of existing shareholders and other investors ahead of the release of this announcement, including regarding the rationale for the offering. Consistent with each of its prior offerings, the Company will respect the principles of pre-emption, so far as is possible, through the allocation process, in the Offering.

In connection with the Offering, Citigroup or any of its agents, may (but will be under no obligation to), to the extent permitted by applicable law, over-allot Shares or effect other transactions with a view to supporting the market price of the Shares at a higher level than that which might otherwise prevail in the open market. Citigroup may, for stabilization purposes, over-allot Shares up to a maximum of 10 per cent. of the total number of Shares comprised in the Offering. Citigroup will not be required to enter into such transactions and such transactions may be effected on any stock market, over-the-counter market, stock exchange or otherwise and may be undertaken at any time during the period commencing on the date of adequate public disclosure of the final price of the securities and ending no later than 30 calendar days thereafter. However, there will be no obligation on Citigroup or any of its agents to effect stabilizing transactions and there is no assurance that stabilizing transactions will be undertaken. Such stabilizing measures, if commenced, may be discontinued at any time without prior notice. In no event will measures be taken to stabilize the market price of the Shares above the offer price. Save as required by law or regulation, neither Citigroup nor any of its agents intends to disclose the extent of any over-allotments made and/or stabilization transactions conducted in relation to the Offering.

Citigroup and Mizuho are acting exclusively for the Company and no one else in connection with the Offering and will not regard any other person as their respective clients in relation to the Offering and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for giving advice in relation to the Offering or the contents of this announcement or any transaction, arrangement or other matter referred to herein.

In connection with the Offering, Citigroup and Mizuho or any of their respective affiliates, acting as investors for their own accounts, may subscribe for or purchase Shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such Shares and other securities of the Company or related investments in connection with the Offering or otherwise. Accordingly, references in the US prospectus, once published, to the Shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, Citigroup and Mizuho or any of their respective affiliates acting as investors for their own accounts. Citigroup and Mizuho or any of their respective affiliates do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

Neither Citigroup nor Mizuho, nor any of their respective subsidiary undertakings, affiliates or any of their respective directors, officers, employees, advisers, agents or any other person accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information or opinions in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

The MIL Network –

February 20, 2025

MIL-OSI Economics: Money Market Operations as on February 18, 2025

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	5,78,950.11	6.26	5.25-6.60
I. Call Money	14,414.61	6.35	5.25-6.50
II. Triparty Repo	4,01,857.25	6.25	6.15-6.60
III. Market Repo	1,60,689.05	6.28	5.75-6.45
IV. Repo in Corporate Bond	1,989.20	6.47	6.42-6.55
B. Term Segment
I. Notice Money**	276.00	6.36	5.80-6.40
II. Term Money^@@	216.00	–	6.45-6.70
III. Triparty Repo	705.00	6.30	6.25-6.40
IV. Market Repo	1,045.78	5.88	5.75-6.70
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo	Tue, 18/02/2025	2	Thu, 20/02/2025	71,773.00	6.26
(b) Reverse Repo
(III) Long Term Operations^
(a) Repo
(b) Reverse Repo
3. MSF^#	Tue, 18/02/2025	1	Wed, 19/02/2025	1,359.00	6.50
	Tue, 18/02/2025	2	Thu, 20/02/2025	0.00	6.50
4. SDF^Δ#	Tue, 18/02/2025	1	Wed, 19/02/2025	89,800.00	6.00
	Tue, 18/02/2025	2	Thu, 20/02/2025	7,559.00	6.00
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-24,227.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo	Mon, 17/02/2025	4	Fri, 21/02/2025	57,413.00	6.26
(b) Reverse Repo
(III) Long Term Operations^
(a) Repo	Fri, 14/02/2025	49	Fri, 04/04/2025	75,003.00	6.28
	Fri, 07/02/2025	56	Fri, 04/04/2025	50,010.00	6.31
(b) Reverse Repo
3. MSF^#
4. SDF^Δ#
D. Standing Liquidity Facility (SLF) Availed from RBI^$				9,095.71
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				1,91,521.71
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				1,67,294.71
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		February 18, 2025		8,97,439.46
(ii) Average daily cash reserve requirement for the fortnight ending		February 21, 2025		9,12,240.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		February 18, 2025		71,773.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		January 24, 2025		-34,103.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
^Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
^ As per the Press Release No. 2024-2025/2138 dated February 12, 2025 and Press Release No. 2024-2025/2013 dated January 27, 2025.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2024-2025/2195

MIL OSI Economics –

February 20, 2025

MIL-OSI Global: Playing favourites, inconsistency or a fair decision? Unpacking Jannik Sinner’s doping case
Source: The Conversation – Global Perspectives – By Matt Nichol, Lecturer in Law, CQUniversity Australia

The tennis world is still reeling after news the number one ranked men’s player, Jannik Sinner, agreed to a three-month suspension issued by the World Anti-Doping Agency (WADA) to be served between the Australian and French Opens.

Sinner, a three-time Grand Slam winner, received the ban after twice testing positive for clostebol, a steroid banned by the World-Anti Doping Code, in March 2024.

Read more:
Tennis is facing an existential crisis over doping. How will it respond?

The fallout

“Unintentional doping offences” – as in Sinner’s case – can attract a maximum two-year ban even if the athlete shows no fault or negligence.

Sinner’s three-month ban was immediately criticised by many in the media and within tennis circles due to its leniency and convenient timing. It also did not result from a hearing before an anti-doping tribunal or the Court of Arbitration for Sport, as has been the case with other tennis players who have received bans in the past.

The suspension was the product of a “case resolution agreement” (a negotiated settlement) between WADA and Sinner.

WADA initially appealed the International Tennis Integrity Agency’s decision not to suspend Sinner on the basis of demonstrating no significant fault or negligence, but withdrew its case before the Court of Arbitration for Sport.

Sinner argued the banned substance entered his system after a massage by a physiotherapist in his entourage who had used a cream with clostebol to treat a cut on his finger.

Both WADA and the International Tennis Integrity Agency accepted this version of events.

In the eyes of most, WADA’s actions failed to pass the “pub test” and many high-profile tennis players voiced their concerns.

Novak Djokovic flagged issues over the treatment of high-ranked athletes such as Sinner compared to lower-ranked players.

For example, Chilean Nicolas Jarry was suspended for 11 months in 2020 after testing positive to ligandrol and stanozolol that he alleged were in a supplement he took.

In 2023 Sweden’s Mikael Ymer was suspended for 18 months by the Court of Arbitration for Sport for failing to submit to three out-of-competition tests in a 12-month period.

Great Britain’s Tara Moore took nearly two years to clear her name before an anti-doping tribunal in 2023 revealed contaminated meat had led to her positive tests for nandrolone and boldenone. Despite this decision, Moore served a 19-month ban.

Djokovic’s view suggested favouritism for higher-ranked players, who can access top lawyers. He also criticised a lack of transparency in the Sinner agreement with WADA.

However, high-ranked players such as Simona Halep and Maria Sharapova have received lengthy suspensions for doping violations.

Nick Kyrgios was similarly critical, stating it was a sad day for the sport and that fairness in tennis did not exist.

Former Spanish player Feliciano Lopez was among those who supported Sinner. He said he believed in clean sport and that Sinner had not enhanced his performance and took responsibility for the actions of his physiotherapist.

Intentional and unintentional doping

The criticisms appear to be based on a misunderstanding of the anti-doping provisions in the World Anti-Doping Code and the failure by WADA to clearly communicate its rationale for Sinner’s suspension.

Rather than favouritism for a high-ranked player, WADA’s decision to suspend Sinner for three months was based on the distinction in the World Anti-Doping Code between intentional and unintentional doping. It found that Sinner:
- had not intended to cheat using clostebol
- received no performance-enhancing benefit from the substance
- had no knowledge of the administration of the substance.
But WADA argued that under the code, Sinner was responsible for the negligence of his entourage and issued the suspension.

WADA confirmed its rationale for the three-month suspension after Spanish media pointed out that figure skater Laura Barquero had received a six-year ban for a positive test of clostebol.

WADA differentiated the two cases based on intention. It was not convinced by Barquero’s explanation of how clostebol entered her system, while it said the evidence supported Sinner’s version of events.

Lessons from the Sinner case

So what can be learned from Sinner’s case?

One of the most important legal issues arising from the Sinner case is the distinction in the anti-doping rules between intentional and unintentional doping.

This distinction explains the difference in penalties between Sinner and other athletes.

Also, the facts of a doping case are relevant in determining circumstances that may reduce the severity of a penalty in matters resolved by negotiated case resolution agreements.

An important lesson for WADA is ensuring transparency in proceedings and the clear communication of the rationale used to arrive at a penalty.

Finally, a Court of Arbitration for Sport hearing may not have been needed for Sinner as the parties agreed on the facts leading to the doping rule violation.

Matt Nichol 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. Playing favourites, inconsistency or a fair decision? Unpacking Jannik Sinner’s doping case – https://theconversation.com/playing-favourites-inconsistency-or-a-fair-decision-unpacking-jannik-sinners-doping-case-250143
MIL OSI – Global Reports –
February 20, 2025
MIL-OSI USA News: Commencing the Reduction of the Federal Bureaucracy

Source: The White House

class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

Section 1. Purpose. It is the policy of my Administration to dramatically reduce the size of the Federal Government, while increasing its accountability to the American people. This order commences a reduction in the elements of the Federal bureaucracy that the President has determined are unnecessary. Reducing the size of the Federal Government will minimize Government waste and abuse, reduce inflation, and promote American freedom and innovation.

Sec. 2. Reducing the Scope of the Federal Bureaucracy. (a) The non-statutory components and functions of the following governmental entities shall be eliminated to the maximum extent consistent with applicable law, and such entities shall reduce the performance of their statutory functions and associated personnel to the minimum presence and function required by law:
(i)   the Presidio Trust;
(ii) the Inter-American Foundation;
(iii) the United States African Development Foundation; and
(iv)   the United States Institute of Peace.
(b) Within 14 days of the date of this order, the head of each unnecessary governmental entity listed in subsection (a) of this section shall submit a report to the Director of the Office of Management and Budget (OMB Director) confirming compliance with this order and stating whether the governmental entity, or any components or functions thereof, are statutorily required and to what extent.
(c) In reviewing budget requests submitted by the governmental entities listed in subsection (a) of this section, the OMB Director or the head of any executive department or agency charged with reviewing grant requests by such entities shall, to the extent consistent with applicable law and except insofar as necessary to effectuate an expected termination, reject funding requests for such governmental entities to the extent they are inconsistent with this order.
(d) The Presidential Memorandum of November 13, 1961 (Need for Greater Coordination of Regional and Field Activities of the Government), is hereby revoked. The Director of the Office of Personnel Management (OPM Director) is directed to initiate the process to withdraw the regulations at title 5, part 960, Code of Federal Regulations, thereby eliminating the Federal Executive Boards.
(e) The OPM Director is directed to initiate the process to withdraw the regulations at title 5, part 362, subpart D, Code of Federal Regulations, and to take any other steps necessary to promptly terminate the Presidential Management Fellows Program. On the effective date of the final regulations promulgated by the OPM Director, Executive Order 13318 of November 21, 2003, is revoked and Executive Order 13562 of December 27, 2010, is amended by:
(i)    striking from section 2 the words “along with the Presidential Management Fellows Program, as modified herein,”;
(ii)   striking section 5;
(iii) striking from section 6(b) the words “or PMF Programs” and inserting in their place “program”;
(iv)   striking from section 7(b)(iii) the words “the competitive service of Interns, Recent Graduates, or PMFs (or a Government-wide combined conversion cap applicable to all three categories together)” and inserting in their place “the competitive service of Interns or Recent Graduates (or a Government-wide combined conversion cap applicable to both categories together)”; and
(v)    redesignating sections 6, 7, 8, and 9 as sections 5, 6, 7, and 8 respectively.
(f) Within 14 days of the date of this order, the following heads of executive departments and agencies (agencies) shall take the following actions with respect to the following Federal Advisory Committees within their respective agencies:
(i) the Administrator of the United States Agency for International Development shall terminate the Advisory Committee on Voluntary Foreign Aid;
(ii) the Director of the Bureau of Consumer Financial Protection shall terminate the Academic Research Council and the Credit Union Advisory Council;
(iii) the Board of Directors of the Federal Deposit Insurance Corporation shall terminate the Community Bank Advisory Council;
(iv)   the Secretary of Health and Human Services shall terminate the Secretary’s Advisory Committee on Long COVID; and
(v)    the Administrator of the Centers for Medicare and Medicaid Services shall terminate the Health Equity Advisory Committee.
(g) Within 30 days of the date of this order, the Assistant to the President for National Security Affairs, the Assistant to the President for Economic Policy, and the Assistant to the President for Domestic Policy shall identify and submit to the President additional unnecessary governmental entities and Federal Advisory Committees that should be terminated on grounds that they are unnecessary.

Sec. 3. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:
(i)   the authority granted by law to an executive department, agency, or the head thereof; or
(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

THE WHITE HOUSE,
    February 19, 2025.

MIL OSI USA News –

February 20, 2025
MIL-OSI China: Prosecutors combat grassroots corruption

Source: China State Council Information Office 2

China’s top prosecutors have ramped up efforts to combat corruption at the grassroots level, particularly in healthcare, education and employment, as these areas directly impact people’s daily lives, officials from the Supreme People’s Procuratorate said.
More than 3,000 people were prosecuted in 2024 for dereliction of duty in these sectors, a 1.6-fold increase from the previous year, according to statistics released on Tuesday by the Supreme People’s Procuratorate.
Procuratorial authorities have focused on tackling corruption linked to people’s livelihoods and rural revitalization, said Zhang Xiaojin, head of the procuratorate’s division on duty-related crimes.
To address public concerns over corruption in the healthcare sector, which has made medical treatment more difficult and expensive, prosecutors have targeted offenses such as taking kickbacks and embezzling health insurance funds. As a result, more than 1,800 individuals in the healthcare industry were prosecuted for duty-related crimes, Zhang said.
In March 2024, the Supreme People’s Procuratorate, the Supreme People’s Court and the Ministry of Public Security issued a guideline on handling health insurance fraud cases to step up enforcement against such offenses, which have been on the rise.
The guideline states that conspirators involved in fraud schemes carried out by medical institutions, such as fabricating medical services and falsifying medical bills, will be prosecuted.
Individuals who illegally receive health insurance refunds through fraudulent means, including by using others’ medical insurance certificates, will also face punishment.
Meanwhile, more than 1,200 people from township and village organizations were prosecuted for duty-related crimes last year, marking a 48.5 percent year-on-year increase.
“Punishing corruption crimes that affect the public is also a way of protecting people’s livelihoods,” Zhang said.
To further safeguard public interests, procuratorial authorities nationwide handled more than 92,000 public interest litigation cases from January to November last year in areas such as food and drug safety, the rights of vulnerable groups, and the security of citizens’ personal information, according to Xu Xiangchun, director of the Supreme People’s Procuratorate’s Public Interest Litigation Procuratorate Office.
“Public interest is the interest of the people. The procuratorial public interest litigation system is closely tied to daily life,” Xu said in an interview on Wednesday.
“In 2024, prosecutors focused on public concerns, actively responded to livelihood issues, and handled cases in a precise and law-abiding manner.”
In one case, the Qinghai Provincial People’s Procuratorate filed administrative public interest litigation against more than 60 express delivery companies for failing to legally contribute to work injury insurance for couriers, strengthening labor protections.
In another case, the procuratorial office in Tianfu New Area in Chengdu, the capital of Sichuan province, urged administrative bodies to revise village autonomy regulations in eight villages that violated women’s rights.

MIL OSI China News –

February 20, 2025
MIL-OSI USA: Murphy: if Your Plan is to Destroy the Rule of Law, Kash Patel is the Perfect Person to Lead the FBI

US Senate News:

Source: United States Senator for Connecticut – Chris Murphy
[embedded content]
WASHINGTON—U.S. Senator Chris Murphy (D-Conn.) on Wednesday spoke on the U.S. Senate floor to sound the alarm on President Donald Trump’s blatant disregard for the rule of law. Murphy condemned Trump’s efforts to use the justice system as a tool to punish his critics and protect his allies, warning the confirmation of Kash Patel to lead the FBI would be a dangerous step toward dismantling American democracy.
On the dangerous nomination of Kash Patel to lead the FBI, Murphy said: “If your plan is to destroy the rule of law and turn the Department of Justice into a political weapon that rewards loyalty and punishes dissent, then Kash Patel is the perfect person to lead the FBI, and that is likely exactly why he was chosen. […] He has an enemies list. He thinks that people who helped elect Joe Biden are criminals. […] Honestly, how on Earth are we going to let someone lead the world’s most important, most revered law enforcement agency, who is secretly in business with the Chinese Communist Party, who believes that the FBI organized the invasion of the Capitol, who runs a fake charity, who has a brand in order to make money off of his affiliation with Donald Trump?”
Murphy called out Patel’s sham foundation: “While he believes this, he also knows that there’s a money-making opportunity in all of this. This is his logo: K$H. He’s a brand. He says all these things because he believes them, but also because it makes him a hero to the gullible conspiracy theorists inside MAGA. He uses them. He sells stuff to them: sweatshirts, T-shirts, lapel pins. K$H. Now if you buy this sweatshirt for $55, it says all net profits go to the Kash Foundation. But you know what we found out, unsurprisingly, is that in 2023, by selling all these sweatshirts and merch, the K$H Foundation had $1.3 million in revenues. Now it purports to support heroic whistleblowers with legal services and other support services. You know what percentage of that $1.3 million went to actual services? Less than 15%. Kash Patel pocketed almost all the money that he made from selling these T-shirts.”
Murphy detailed how President Trump is brazenly using the Department of Justice to curry favor and punish critics: “Trump ordered the Department of Justice to cut a deal with the indicted mayor of New York City, Eric Adams. The deal was simple. If Adams pledged loyalty to Trump and agreed specifically to cooperate with Trump’s immigration raids in the city, Trump would look the other way regarding Adams’ corruption. The charges would be dropped, and Adams could keep stealing money as long as he was politically loyal to Trump. They didn’t hide this deal. Adams and a high-ranking Trump official literally went on TV to announce that they had formed an alliance based upon the release of charges in exchange for political loyalty.
He added: “There is not a rule of law anymore. There is one set of law for people or entities who are loyal to Donald Trump, and there is one set of law for people who dare criticize him. That is not democracy. And if we don’t find a way, Republicans and Democrats, to come together to defend the rule of law, if we don’t say that what is happening today – deals being cut with corrupt politicians in exchange for their pledges of loyalty to Donald Trump – if we can’t speak with one voice about that kind of corruption, well, then our democracy is cooked.”
He concluded: “The law loses all meaning when it becomes simply what the president, what the leader, on any given day decides. This is the worst possible moment to put a person like Kash Patel in charge of the FBI. It is heartbreaking to see so many of my Republican colleagues, many of whom I admire, put loyalty to Donald Trump ahead of loyalty to this country, and more specifically loyalty to that sacred principle, the rule of law. My prediction is that if you vote for Kash Patel, more than any other confirmation vote you make, you will come to regret this one to your grave.”
A full transcript of his remarks can be found below:
MURPHY: “Thank you, Mr. President. Mr. President, the idea that men and women citizens are bound by a common set of laws that are applied consistently and universally, regardless of one’s income or political power or political affiliation, it’s a fairly modern invention. Because for thousands of years, laws were simply what rulers used to impose and maintain power, to control people. Laws were applied or crimes were invented for the ruler’s critics, and laws were ignored or waived away for those in favor with the regime.
“Now early Americans had watched the British kings apply laws selectively, both in Britain and in the colonies, and they sought – our founders sought – to create a nation where all men were equal in the face of the law, and [where] the law was applied uniformly and justly.
“That idea – equal justice, the law applies to everybody regardless of who you support politically or who you are aligned with politically – was in many ways the founders’ most vital check against tyranny. That’s the difference between a democracy made of equal citizens and an autocracy where the law is simply whatever the ruler decides. It is a foundational principle of American constitutional democracy. It is not something that we can take for granted.
“Now, I will admit, likely every president has made a decision or decisions that compromised that belief in the rule of law. Often those decisions were related to one of the maximalist powers that the president supposes. That’s the power of the pardon. I, for instance, did not agree with President Biden’s decision to issue pardons to his family members. I thought that was excessive. I thought that compromised the rule of law.
“But this President’s contempt for the rule of law, Donald Trump’s contempt for the rule of law, is unprecedented. What we are all watching right now is Donald Trump throwing away the idea that laws apply to everyone equally. And it is astonishing to watch so many of my Republican colleagues fall in line. Some of them may be on board for the destruction of the rule of law because they want the Trump family to rule forever, but many of them know that this is wrong, what is happening, and their silence is heartbreaking.
“Donald Trump issued a statement over the weekend: quote, ‘He who saves the country does not violate any law.’ That’s a quote attributed to one of the most notorious dictators of the last half millennium: Napoleon Bonaparte. It’s a stunning claim that Trump, not the law or Congress, decides what is legal and illegal.
“If he had said that in 2017, maybe we could just write it off as Trump being Trump, as just bluster trolling. But this time he is actually implementing a methodical campaign to seize control of the law and apply it differently depending on whether you support him or oppose him.
“Take, for example, what happened on Friday night. Trump ordered the Department of Justice to cut a deal with the indicted mayor of New York City, Eric Adams. The deal was simple. If Adams pledged loyalty to Trump and agreed specifically to cooperate with Trump’s immigration raids in the city, Trump would look the other way regarding Adams’ corruption. The charges would be dropped, and Adams could keep stealing money as long as he was politically loyal to Trump.
“They didn’t hide this deal. Adams and a high-ranking Trump official literally went on TV to announce that they had formed an alliance based upon the release of charges in exchange for political loyalty. But when Trump told the highest-ranking Justice Department employees in New York City to execute the corrupt deal, they wouldn’t. The top official resigned rather than take part in the corruption. So did the next in the chain of command. By the time that Trump found someone who would implement the deal, seven DOJ lawyers and four of Adams’ deputy mayors had resigned because what was happening in plain view was a fundamental challenge, a fundamental corruption to the rule of law, a rule of law that up until today Republicans and Democrats had both revered.
“Meanwhile, other parts of Trump’s team are engaging on the other side of the ledger, targeting and harassing – using the law – the President’s critics. Because that’s what happens in a nation without the rule of law. Law enforcement lets loyalists like Adams off the hook and is overzealous in targeting critics.
“Let me give you just one example of what is happening right now as we speak. Last month, Trump’s new FCC Chairman opened an investigation into a single radio station that had the audacity to simply file a news report about an ICE raid that was happening locally. Multiple other sources filed similar reports with similar footage, but only one investigation was opened, and you guessed it, it was against the radio station that was owned by a high-profile critic of Donald Trump, George Soros.
“So the game is clear. Like, we can see it. They’re not even hiding it. There is not a rule of law anymore. There is one set of law for people or entities who are loyal to Donald Trump, and there is one set of law for people who dare criticize him. That is not democracy. And if we don’t find a way, Republicans and Democrats, to come together to defend the rule of law, if we don’t say that what is happening today – deals being cut with corrupt politicians in exchange for their pledges of loyalty to Donald Trump – if we can’t speak with one voice about that kind of corruption, well, then our democracy is cooked.
“Which brings us to the pending nominee to lead the FBI, Kash Patel. If your plan is to destroy the rule of law and turn the Department of Justice into a political weapon that rewards loyalty and punishes dissent, then Kash Patel is the perfect person to lead the FBI, and that is likely exactly why he was chosen.
“Listen, Kash Patel is a joke. Many of my Republican colleagues know this. He has spent the last four years taking the most extreme positions inside the world of MAGA in order to make money for himself.
“For instance, he says that he can provide proof beyond a reasonable doubt that the FBI was behind the January 6 invasion of this building. Let me say that again. The man that my Republican colleagues are about to vote to lead the FBI believes that there is irrefutable proof that the agency he is about to lead secretly organized the violent assault on the Capitol. That is bananas. My Republican colleagues know that. That is a lie. And we’re about to put this guy in charge of the FBI? An agency that he claims organized a secret plot to invade the Capitol?
“He wrote a book called ‘Government Gangsters’ and at the end he added an Appendix entitled ‘Enemies List.’ Like, straight out of the McCarthy era. He has a list – he wrote it down – of people he believes are enemies of America. And, shocker, they’re all Democrats, or Republicans who dared speak out and criticize Donald Trump.
“You’re going to put at the head of the FBI – the agency that can arrest anyone they want, put people in jail – a man who thinks that anyone who disagrees with Donald Trump politically is an enemy of the United States. Patel has further suggested that anybody who administered the 2020 election could be subject to arrest. Why? Because he believes in his heart that the election was rigged, despite the fact that Joe Biden won by seven million votes – far, far more than Trump won by in 2024. So anybody who helped rig the 2020 election is, in his mind, a potential criminal.
“This is off-the-wall stuff. But of course it is, because while he believes this, he also knows that there’s a money-making opportunity in all of this. This is his logo: K$H. He’s a brand. He says all these things because he believes them, but also because it makes him a hero to the gullible conspiracy theorists inside MAGA. He uses them. He sells stuff to them: sweatshirts, T-shirts, lapel pins. K$H.
“Now if you buy this sweatshirt for $55, it says all net profits go to the Kash Foundation. But you know what we found out, unsurprisingly, is that in 2023, by selling all these sweatshirts and merch, the K$H Foundation had $1.3 million in revenues.
“Now it purports to support heroic whistleblowers with legal services and other support services. You know what percentage of that $1.3 million went to actual services? Less than 15%. Kash Patel pocketed almost all the money that he made from selling these T-shirts.
“He even hocks a COVID vaccine reversal pill. Let me say that again: the incoming director of the FBI, in addition to selling T-shirts and pocketing most of the proceeds, also sells a vaccine reversal pill that is just pure snake oil. But if there are enough people loyal to Donald Trump to buy anything Trump’s lieutenants sell on the internet, then fair game.
“To top it all off, just recently after his confirmation hearing, we also found out that Kash Patel has been a fashion consultant to a shadowy holding company controlled, it seems, by members of the Chinese Communist Party. Honestly, how on Earth are we going to let someone lead the world’s most important, most revered law enforcement agency, who is secretly in business with the Chinese Communist Party, who believes that the FBI organized the invasion of the Capitol, who runs a fake charity, who has a brand in order to make money off of his affiliation with Donald Trump? He has an enemies list. He thinks that people who helped elect Joe Biden are criminals.
“This is a really dangerous moment. It’s a really dangerous moment. This deal that Donald Trump just cut with the mayor of New York, it’s a big deal. It’s a big deal. I admit that prior presidents have made decisions that compromise the rule of law. But we’ve never seen anything like this, so brazen and out in the open, that the mayor of New York and a Trump official would go on national TV to announce that they had made an arrangement in which Mayor Adams could continue his corruption as long as he was politically loyal to Donald Trump.
“They did that out in the open on TV because it’s a signal to everybody else out there that the law will be applied differently to you if you are loyal to the president and that the law will be zealously applied to you, maybe in excess of the letter of the law, if you are a critic of the president. That’s why they went on TV, to show the world the corruption, as a signal that things are different now, that the law is not the law, the law is what President Trump decides the law is.
“The law loses all meaning when it becomes simply what the president, what the leader, on any given day decides. This is the worst possible moment to put a person like Kash Patel in charge of the FBI. It is heartbreaking to see so many of my Republican colleagues, many of whom I admire, put loyalty to Donald Trump ahead of loyalty to this country, and more specifically loyalty to that sacred principle, the rule of law. My prediction is that if you vote for Kash Patel, more than any other confirmation vote you make, you will come to regret this one to your grave. I yield the floor.”

MIL OSI USA News –

February 20, 2025
MIL-OSI Australia: Building climate resilience into food systems in the Eastern Gangetic Plains

Source: Australian Centre for International Agricultural Research

The world’s highest concentration of rural poverty occurs in the Eastern Gangetic Plains of Bangladesh, India and Nepal – a region that is home to 450 million people.

Livelihoods in this part of the world rely greatly on agriculture. Opportunities to work with smallholder farmers can lay the foundations for a more productive, sustainable and diversified agricultural economy.

Among the research-for-development professionals on the ground is a team working on the Rupantar project, an ACIAR-supported initiative led by Dr Tamara Jackson of the University of Adelaide.

The Rupantar project operates at a whole-of-system level. It spans both social and farming practices and extends all the way through to policy settings, market opportunities and other agrifood system barriers holding smallholders back. It also builds on prior investments by ACIAR and the Australian Department of Foreign Affairs and Trade (DFAT).

Included in this integrated approach are considerations for climate impacts.

This concern saw 15 team members from the Rupantar project visit the University of Adelaide and regional South Australia and Victoria in October 2024. Funded as part of a DFAT Australia Awards Fellowship program, the study tour focused on climate resilience and adaptation.

The Rupantar project

‘Rupantar’ has a common meaning in Bangla, Hindi and Nepali. It means change on a level so profound that it is transformative. Launched in 2021, the Rupantar project is identifying opportunities for inclusive and diversified food production innovation.

Given the partnership model typical of ACIAR projects, these opportunities need to be priorities for local communities. They also need to be sustainable and to fit with longer-term climate, nutrition and available water resource projections.

Achieving this level of integration requires working on multiple levels at the same time. There is ground-up innovation – from personal to organisational. Then there are high-level policies that work down and can make important change on the ground.

Our hypothesis is that an integrated approach to livelihood change – coupled with inclusive and collaborative approaches – will result in more effective and sustainable development pathways.

Dr Tamara Jackson,
University of Adelaide

‘So, our goal is to understand the processes and practices needed to diversify food production in ways that improve farm livelihoods and reduce inequity, production risk and unsustainable resource use.’

The on-the-ground work with smallholders is implemented at sites in West Bengal (India), Rangpur (Bangladesh) and Koshi Province (Nepal). Implementation involves actioning ‘diversification pathways’ that were co-developed collaboratively with local partners.

Diversification pathways

The aim of these pathways is twofold. The first is to test diversification options and select the most appropriate crop and livestock options that are priorities for local communities. These are then implemented within existing networks and are aligned with institutional settings.

The second aim is to monitor the changes associated with the pathways, including long-term sustainability.

The project is also mindful that diversification can look very different to different members within households and can include off-farm income from seasonal male migration and greater reliance on women household members.

In all, three types of diversified systems are being explored:

• plant-based production, including crops and horticulture
• livestock-based, including chickens, goats and dairy that are especially important to women’s income
• irrigation-constrained systems.

‘The project is working on strengthening what already works about a farming system in the Eastern Gangetic Plain and building on innovations from prior projects, such as ACIAR’s introduction of conservation agriculture cropping practices,’ said Dr Jackson.

Long-running ACIAR initiatives in the Eastern Gangetic Plains worked with smallholder farmers across Bangladesh, India, and Nepal to introduce sustainable practices and innovations to intensify production.

The project team has spent the first 2 years on the ground running baseline surveys and mapping villages to better understand the system.

Implementation started in 2023 once it became clear what would work best in different settings. The visit to Australia in 2024 provided project partners with opportunities to observe what diversified and climate-resilient Australian farms look like.

Participants included Rupantar project partners from provincial government, cooperatives, farmer producer companies, NGOs, local university partners and the International Maize and Wheat Improvement Center.

Climate-smart innovation

Dr Jay Cummins from International Agriculture for Development hosted the study tour group and developed the course that focused on addressing the climate realities in collaboration with the Rupantar project.

The 20-day study tour was entitled ‘Supporting climate-smart, resilient food production networks in the Indo-Gangetic Plains’.

Key experts shared their experiences responding to climate change and on-farm visits examined how Australian agriculture builds climate resilience into its practices in different environmental and socioeconomic settings.

‘Included were visits to more rainfed, dryland cropping systems in the Mallee and, in addition, to irrigated production systems in the Murray–Darling Basin,’ said Dr Cummins.

The Australia Awards program provided a valuable mechanism to connect the participants with a whole range of Australian organisations and professionals, which in turn will help build international networks and collaboration.

Dr Jay Cummins
International Agriculture for Development

In the Eastern Gangetic Plain, food production can be heavily focused on wet season rice crops. In Australia, the visitors were able to explore dry season opportunities for diversified production of crops and livestock, including in mixed farming systems. They saw how Australian farmers manage risks around water scarcity and drought. At South Australian Riverland sites, discussions included irrigation and water management that present different diversification options.

Participant perspectives

Loxton farmer Brycen Rudiger (left)discusses the challenges of growing wheat in the Mallee region with Nepali participant Gautam Bhupal (right).

Among the participants were Dr Deepa Roy from India, Ms Bimala Pokhrel from Nepal and Dr Mamunur Rashid from Bangladesh.

Dr Roy is an agricultural extension expert based at Uttar Banga Krishi Viswavidyalaya, India. She told ACIAR that smallholder farmers in the Eastern Gangetic Plains face numerous challenges that can lock them into poverty.

These range from small and fragmented landholdings that make mechanisation difficult, to a lack of agronomic knowledge, limited agricultural support services, limited market access, financial constraints and climatic hazards.

‘Through the course several key insights and learnings emerged that may help our farmers in understanding and adopting climate resilient technologies,’ said Dr Roy.

Key insights for participants included:

• assessing the carbon footprint of farming and taking action to reduce it
• introducing efficient soil moisture management strategies such as mulching
• adopting agronomic practices such as crop rotations and climate-resilient crops
• building soil fertility
• advocating for improved climate forecasting
• adopting grower-led research and extension
• developing digital tools to monitor the adoption of innovation
• providing financial management training to smallholder farmers
• using podcasts and radio to provide farm advisory services.

Overall, Dr Roy said that the course equipped attendees with a holistic understanding of climate-smart practices. ‘It helped us not only to strengthen technical knowledge but also to develop critical soft skill and a deeper understanding of sustainable climate resilient farming.’

It’s a point of view shared by Ms Pokhrel, who works with the Ministry of Industry Agriculture and Cooperatives in Koshi Province, Nepal. She said the course enriched efforts to both help farmers and policymakers with future planning. And it worked by enhancing both her professional and personal capacity.

‘What stood out was the extent that Australian farmers have already adopted technology to mitigate against climate change,’ said Ms Pokhrel. ‘This was particularly stark when it came to soil health and sustainable soil management practices. One of the key learnings is that we can tailor these practices for our context in the Koshi Province and, in that way, improve crop productivity by improving soil health.’

Mr Rashid agreed. He is a research fellow at Hajee Mohammad Danesh Science and Technology University in Dinajpur, Bangladesh. He noted that while ACIAR is helping to introduce conservation agriculture to Bangladesh, South Australian farmers have already adopted these soil and soil-moisture conserving practices.

They are also growing more legume crops for soil health and fertiliser benefits, adopting risk-aversion strategies amid climate variability, and introducing carbon farming to adapt to climate change.

Improved water management

Both Ms Pokhrel and Mr Rashid were especially impressed by Australian water management systems in drought-prone landscapes. They think these kinds of Australian practices have a role to play at the project sites.

While the cost and expertise required to adopt and maintain technologies such as drip irrigation systems used in Australia may be beyond the capacity of many smallholder farmers, the study tour has already inspired a new water conservation pilot project.

The Bangladesh team will launch ‘Conserving soil moisture through mulching technique in chili farming’ in the Rupantar project areas, focusing on farmers in northern Bangladesh, who experience frequent floods and droughts.

The Rupantar project delegation on tour in the northern Mallee of South Australia.

‘This initiative aims to use soil moisture and reduce irrigation in chilli farming, aided by Chameleon soil water sensors that can support decision-making for the farmers of the Rupantar project,’ said Mr Rashid.

Ms Pokhrel was greatly impressed by the grower-centric research, development and extension infrastructure built around farmers’ needs in Australia. For her, this was typified by organisations such as the Grains Research and Development Corporation and the Almond Board.

She thinks there are opportunities to ‘sensitise’ the different boards in Nepal to this approach.

Surprises for the project partners included the large size of farms given the small number of people working in agriculture.

What also surprised us is the rate of technology adoption by farmers, along with their dedication and the satisfaction they receive from the agricultural profession.

Ms Bimala Pokhrel
Nepal

‘Mallee Sustainable Farming System was impressive and working with farmers groups and developing the communication material in local languages are the things that we can develop for our smallholder farmers too.’

Finally, they praised the networking opportunities provided by the course, including with farmers, and opportunities to understand the people, country and culture.

ACIAR Project WAC/2020/148: ‘Transforming smallholder food systems in the Eastern Gangetic Plain’

MIL OSI News –

February 20, 2025

Media relations	Investor relations
Richard Mackillican	Yves Cormier
+31(0) 6 27411546	+31(0) 70 344 8028
richard.mackillican@aegon.com	yves.cormier@aegon.com

Category: Business

Source: Federated Farmers

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