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Category: Business

  • MIL-OSI Economics: RBI imposes monetary penalty on Ujjivan Small Finance Bank Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 10, 2025, imposed a monetary penalty of ₹6.70 lakh (Rupees Six Lakh Seventy Thousand only) on Ujjivan Small Finance Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

    The statutory Inspection for Supervisory Evaluation (ISE 2023) of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on the supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank failed to issue loan agreements to certain borrowers at the time of sanction / disbursement of loans.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2171

    MIL OSI Economics –

    February 15, 2025
  • MIL-OSI Economics: RBI imposes monetary penalty on The Nainital Bank Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 12, 2025, imposed a monetary penalty of ₹61.40 lakh (Rupees Sixty One Lakh Forty Thousand only) on The Nainital Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Interest Rate on Advances’ and ‘Customer Service in Banks’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

    The statutory Inspection for Supervisory Evaluation (ISE 2023) of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    1. The bank did not benchmark certain floating rate loans extended to MSMEs to an external benchmark rate; and

    2. The bank levied penal charges for non-maintenance of minimum balance in savings bank accounts at flat rates instead of the charges being directly proportionate to the extent of shortfall.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2172

    MIL OSI Economics –

    February 15, 2025
  • MIL-OSI Economics: RBI imposes monetary penalty on Shriram Finance Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 10, 2025, imposed a monetary penalty of ₹5.80 lakh (Rupees Five Lakh Eighty Thousand only) on Shriram Finance Limited (the company) for non-compliance with certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’, ‘Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’ and directions on ‘Data Format for Furnishing of Credit Information to Credit Information Companies’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934, and Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005

    The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the company’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the company were sustained, warranting imposition of monetary penalty:

    1. The company failed to put in place a system of periodic review of risk categorisation of accounts;

    2. The company did not ensure that its agreements with certain Direct Sales Agents had a clause regarding the RBI’s right to inspect books and accounts of service providers; and

    3. The company failed to share information about the Relationship Segment of the corporates to the Credit Information Companies, during the financial year 2022-23.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2173

    MIL OSI Economics –

    February 15, 2025
  • MIL-OSI NGOs: UK: Encryption order threatens global privacy rights 

    Source: Amnesty International –

    The United Kingdom government’s order to Apple to allow security authorities access to encrypted cloud data severely harms the privacy rights of users in the UK and worldwide, Amnesty International and Human Rights Watch said today. 

    The UK government order attempts to force Apple to provide security authorities access to encrypted user data, including device backups that can include contact lists, as well as location and messaging history, for any Apple user worldwide. The secret order, which The Washington Post reported on last week, was issued in January 2025 by the Home Office, the UK’s interior ministry. It concerns Advanced Data Protection, an iPhone function that uses end-to-end encryption on data stored in the cloud, ensuring that only the user of the account can access the data stored.    

    If these reports are true, this is an alarming overreach by the UK authorities seeking to access the private data of not only people in the UK, but anyone worldwide with an Apple account. 

    Zach Campbell, senior surveillance researcher at Human Rights Watch

    “If these reports are true, this is an alarming overreach by the UK authorities seeking to access the private data of not only people in the UK, but anyone worldwide with an Apple account,” said Zach Campbell, senior surveillance researcher at Human Rights Watch. “People rely on secure and confidential communications to exercise their rights. Access to device backups is access to your entire phone, and strong encryption to prevent this access should be the norm by default.” 

    The UK government’s reported order requiring Apple to provide access to encrypted user data is disproportionate by design, as it would weaken data protections for all users, not just those suspected of a crime or under investigation. Compliance with the order by Apple would harm privacy rights of users worldwide. 

    News reports said that the UK government ordered Apple to build a back door into its products under the Investigatory Powers Act, a 2016 surveillance law that includes provisions allowing the government to order companies to remove “electronic protection” of user data. The law also prohibits the recipients of these orders, in this case Apple, from acknowledging or commenting on them. The new UK order reportedly “requires blanket capability to view fully encrypted material” for Apple users worldwide, including users with no apparent connection to the UK. 

    Encryption is a crucial enabler of human rights online and offline. Human rights defenders, journalists, and everyone else rely on the security and privacy of their devices to protect them not only from unlawful government spying, but also from cybercrime and other attacks from non-state actors. Weakening encryption, or mandating back doors, leaves all users more vulnerable. Governments should support strong encryption, and companies should build it into their products and services by default. 

    In recent years there has been a steady drumbeat of revelations about government spying relying on surveillance tools like spyware and digital forensic tools but also taking advantage of overly permissive legal regimes that allow states to access huge troves of personal data from private companies. 

    “States have more and more powerful legal and technical tools at their disposal, and research shows that they are using them to target people for protesting, speaking out, or even just because of what they represent. 

    Joshua Franco, senior research adviser at Amnesty Tech.

    These tools are often used in combination. Human Rights Watch and Amnesty International have both highlighted the steep human rights costs of such surveillance: State surveillance threatens the work of human rights defenders and journalists, puts marginalized groups including women and LGBT activists at particular risk, and creates a society-wide  chilling effect, undermining the rights of everyone to express themselves and protest peacefully. These tools exploit weaknesses in device encryption and security, and their use is enabled by an under-regulated trade in spyware and other surveillance tools at a global scale, and by the unwillingness of states to regulate their own surveillance practices, too often leaning on “national security” as a blanket excuse  for unfettered snooping. 

    In part due to such revelations, some companies, including Apple, have added new security features to help protect users, including those who may be at particular risk. These include Lockdown Mode, a feature that provides extra protection from spyware and targeted hacking to mobile devices, as well as Advanced Data Protection, the subject of the UK government’s reported order.  

    Forcing companies to roll back or undermine such features would put users worldwide, including journalists, human rights defenders, and other critical voices at increased risk. 

    The United Kingdom is a party to several international and regional treaties enshrining the right to privacy and data protection rights. The vital role of encryption as an enabler of privacy and human rights has been widely recognized including by United Nations bodies, the United Nations High Commissioner for Human Rights and human rights experts. The UN General Assembly and the Human Rights Council, in several resolutions, have called upon states to refrain from interfering with encryption technologies. UN resolutions also encourage technology companies to secure and protect the confidentiality of digital communications and transactions, including measures for encryption, pseudonymization and anonymity. 

    A 2015 report by the United Nations special rapporteur on freedom of expression specifically urged governments to avoid all measures that weaken security for individuals online, such as mandated back doors. Requiring technology companies to build vulnerabilities into secured products unavoidably and disproportionately undermines the security for all users of that product. 

    Both Amnesty International and Human Rights Watch have been critical of the Investigatory Powers Act since its inception. In written evidence to the Joint Committee on the Draft Investigatory Powers Bill in 2016, Human Rights Watch recommended that the UK should refrain from undermining encryption and digital security. It specifically said that the legislation should be amended to ensure that authorities are prohibited from imposing obligations on internet service providers to weaken security measures or design their systems to incorporate measures for exceptional access into encryption by UK authorities. 

    “States have more and more powerful legal and technical tools at their disposal, and research shows that they are using them to target people for protesting, speaking out, or even just because of what they represent,” said Joshua Franco, senior research adviser at Amnesty Tech. “Strong encryption is one of the few protections we have against such attacks, and states should be encouraging companies to provide greater protections of our data and our rights, not seeking back doors that will leave people around the world at risk.” 

    MIL OSI NGO –

    February 15, 2025
  • MIL-OSI Africa: Africa Finance Corporation and the Export-Import Bank of China (CEXIM) Strengthen Partnership to Drive Trade and Infrastructure Growth Across Africa

    Source: Africa Press Organisation – English (2) – Report:

    BEIJING, China, February 14, 2025/APO Group/ —

    Africa Finance Corporation (AFC) (www.AfricaFC.org), Africa’s leading infrastructure solutions provider, has signed a Memorandum of Understanding (MoU) with the Export-Import Bank of China (CEXIM) to deepen collaboration in financing strategic infrastructure and trade projects across Africa.

    The agreement builds upon an existing relationship between the two institutions, dating back to 2018, and reinforces a shared commitment to accelerating economic development through sustainable investments. To date, AFC has secured a total of US$700 million in financing from CEXIM, including a US$300 million facility in 2018 and another US$400 million loan in 2023. This renewed partnership will focus on financing trade and investment projects in key sectors such as clean energy, transportation, telecommunications, and climate change mitigation, while also facilitating knowledge exchange and collaboration on best practices in project structuring and risk management.

    “Our partnership with CEXIM strengthens Africa’s trade and investment ties with China, creating new pathways for infrastructure development and industrial growth,” said Samaila Zubairu, President & CEO of AFC. “Strategic collaborations like this are key to accelerating Africa’s industrialisation and with CEXIM’s support, we are unlocking opportunities to build more resilient economies, mobilise capital at scale, and drive long-term prosperity across the continent.”

    AFC has been steadily expanding its presence in the Chinese financial markets recently securing an AAA domestic credit rating from China Chengxin International Credit Rating Co. Ltd (CCXI) and an AAAspc issuer credit rating from S&P Ratings (China) Co., Ltd. These ratings demonstrate AFC’s exceptional financial strength, disciplined capital management, and expanding access to diversified funding. AFC also finalised a US$1.16 billion syndicated loan last year, co-led by the Bank of China and the Industrial and Commercial Bank of China (ICBC) London Branch.

    This collaboration underscores AFC and CEXIM’s mutual goal of fostering economic integration and sustainable development across Africa. Through this partnership, the two institutions will work together to mobilise funding for high-impact projects, enhance trade finance solutions, and support private sector growth across the continent.

    MIL OSI Africa –

    February 15, 2025
  • MIL-OSI Asia-Pac: India Post Payments Bank Empowers Devotees at Mahakumbh 2025 with Seamless Banking Services

    Source: Government of India (2)

    India Post Payments Bank Empowers Devotees at Mahakumbh 2025 with Seamless Banking Services

    IPPB playing a pivotal role in providing digital banking services to all pilgrims at Mahakumbh 2025

    IPPB has established service counters, mobile banking units, and customer assistance kiosks at 5 key locations throughout Mahakumbh

    Posted On: 14 FEB 2025 4:04PM by PIB Delhi

    India Post Payments Bank (IPPB), a Government of India undertaking, is proud of its pivotal role in providing seamless digital banking services to millions of devotees and pilgrims at Mahakumbh 2025, Prayagraj. As the world’s largest spiritual gathering, Mahakumbh attracts people from all walks of life. IPPB, with its customer-centric approach, is enabling access to comprehensive banking services for all, ensuring convenience, safety and security of financial transactions. IPPB has established service counters, mobile banking units, and customer assistance kiosks at 5 key locations throughout Mahakumbh. These facilities are designed to handle high footfalls efficiently.

    On IPPB’s ongoing initiative at the Mahakumbh, Mr. R. Viswesvaran, MD & CEO-IPPB, said “We at India Post Payments Bank are honoured to provide our seamless banking services on the sacred grounds of Mahakumbh 2025, Prayagraj. It fills me with great joy to witness the immaculate integration of banking services with one of the world’s largest and most revered spiritual gatherings. We take immense pride in our role as a catalyst for digital transformation, empowering the  devotees at Prayagraj with our effortless banking services. This initiative is a testament to our commitment to serving all, ensuring that financial accessibility is no longer only for a select few but available to all during this transformative spiritual journey.”

    Additionally, IPPB’s trusted Daak Sevaks are providing doorstep banking services. They are ensuring that devotees can access essential financial support like Cash Withdrawal from any of their Aadhaar linked Bank Account through IPPB’s Aadhaar ATM (AePS) service without disruption by reaching at their precise location. The devotees can utilise the ‘Banking at Call’ facility by IPPB to procure desired line of services wherever they are within the Mahakumbh grounds. They can simply dial 7458025511 to access multitude of banking requirements at their disposal.

    In line with the Government of India’s Digital India vision, IPPB is also empowering local vendors, small businesses, and service providers at Mahakumbh by enabling them to accept digital payments through its DakPay QR Cards. This initiative fosters a cashless ecosystem, reducing dependency on cash and enhancing overall efficiency in transactions.

    Further, to ensure maximum outreach, IPPB has launched awareness campaigns at Mahakumbh to educate pilgrims and vendors about its services. Trained professionals and Daak Sevaks are stationed at key locations to assist with account openings, transactions, and resolving queries. Information hoardings and digital demonstrations are also being utilised to familiarize attendees with IPPB’s offerings. It is also offering free printed photograph to every visitor as a memorabilia to be carried back to their homes.

    About India Post Payments Bank

    India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. IPPB was launched on September 1, 2018. The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India. The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising ~1,65,000 Post Offices (~140,000 in rural areas) and ~3,00,000 Postal employees.

    IPPB’s reach and its operating model is built on the key pillars of India Stack – enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers’ doorstep, through a CBS-integrated smartphone and biometric device. Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages to 11 Crore customers across 5.57 lakh villages & towns in India.

    IPPB is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India. India will prosper when every citizen will have equal opportunity to become financially secure and empowered. Our motto stands true – Every customer is important, every transaction is significant and every deposit is valuable.

    Reach us at:

    www.ippbonline.com marketing@ippbonline.in

    Social Media Handles:

    Twitter – https://twitter.com/IPPBOnline

    Instagram – https://www.instagram.com/ippbonline

    LinkedIn – https://www.linkedin.com/company/india–post–paymentsbank

    Facebook – https://www.facebook.com/ippbonline

    Koo – https://www.kooapp.com/profile/ippbonline

    YouTube- https://www.youtube.com/@IndiaPostPaymentsBank

    ***

    Samrat/ Dheeraj/ Allen : pibcomm[at]gmail[dot]com

    (Release ID: 2103221) Visitor Counter : 29

    MIL OSI Asia Pacific News –

    February 15, 2025
  • MIL-OSI Asia-Pac: Union Minister of Textiles Shri Giriraj Singh visits Bharat Tex 2025 at Bharat Mandapam

    Source: Government of India (2)

    Union Minister of Textiles Shri Giriraj Singh visits Bharat Tex 2025 at Bharat Mandapam

    Bharat Tex 2025 Theme: Resilient global value chains and textile sustainability.

    Bharat Tex 2025 features a comprehensive showcase of India’s textile ecosystem, covering everything from raw materials and fibers to finished products, technical textiles, home furnishings, and high-end fashion.

    Bharat Tex 2025 has attracted participation from global textile giants, brands, and industry bodies

    Posted On: 14 FEB 2025 4:04PM by PIB Delhi

    The Union Minister of Textiles, Shri Giriraj Singh, visited Bharat Tex 2025 on its opening day today at Bharat Mandapam, New Delhi. Organized by the consortium of 12 Textile Export Promotion Councils and supported by the Ministry of Textiles, this main event is being held from February 14-17, 2025 at the Bharat Mandapam, New Delhi, and will cover the entire value chain of textiles, from raw materials and fibers to finished products, technical textiles, home furnishings, and high-end fashion. Related exhibitions such as accessories, garment machinery, dyes and chemicals and handicrafts, are being held from February 12 to 15 at the India Expo Centre and Mart Greater Noida.

    Bharat Tex 2025 is one of the world’s largest textile expos, bringing together policymakers, industry leaders, global brands, and stakeholders from across the textile value chain under one roof. With over 5,000 exhibitors and participation from more than 120 countries, Bharat Tex 2025 has drawn significant global interest, reflecting India’s growing influence in textile trade.

    This year’s event is built around the twin themes of resilient global value chains and textile sustainability. This mega textile event offers a range of activities, covering a global sized trade fair and expo, a global scale textiles conference, seminars, CEO roundtables, and B2B and G2G meetings. It will also feature strategic investment discussions, product launches, and collaborations poised to reshape the global textile industry. Dedicated buyer-seller meets, policy roundtables and networking sessions will enhance international business collaborations, reinforcing India’s position as a preferred global sourcing destination.

    With participation from leading textile manufacturers, global retail giants, and industry associations, Bharat Tex 2025 is set to facilitate high-value trade discussions and partnerships. The event will host over 70 conference sessions, featuring top international speakers, industry veterans, and policymakers discussing key topics such as global trade shifts, technical textiles, AI-driven manufacturing, and the future of sustainable fashion.

    Fusion of India’s historical textile expertise with contemporary trends will be a highlight of the event. Fashion shows, trend forecasts, and product launches will provide a glimpse into the future of textiles, while traditional displays and cultural performances will celebrate the enduring legacy of Indian craftsmanship. This year’s event also enforces India’s 5F vision – Farm to Fibre, Fabric, Fashion, and Foreign Markets, positioning the country as a reliable and sustainable sourcing destination for global textile companies.

    Bharat Tex 2025 promises to be a celebration of the textile industry’s past, present, and future. It aims to be a key influencer in shaping global textile trends, driving innovation, and promoting sustainability. As the industry looks towards more integrated and sustainable practices, Bharat Tex 2025 will undoubtedly play a pivotal role in this transformative journey.

    ***

    Dhanya Sanal K

    (Release ID: 2103223) Visitor Counter : 19

    MIL OSI Asia Pacific News –

    February 15, 2025
  • MIL-OSI Asia-Pac: Union Minister Dr. Virendra Kumar distributes PPE Kits and Ayushman Cards to Sewer and Septic Tank Workers under NAMASTE Scheme, at Jammu

    Source: Government of India (2)

    Posted On: 14 FEB 2025 2:21PM by PIB Delhi

    Union Minister for Social Justice and Empowerment (SJ&E), Dr. Virender Kumar, visited Jammu in connection with implementation of schemes of the Ministry, in the Union Territory. On the occasion, the Minister distributed Personal Protective Equipment (PPE) kits and Ayushman health cards to Sewer and Septic Tank Workers (SSWs) (Safai Mitras), under the flagship scheme of National Action for Mechanized Sanitation Ecosystem (NAMASTE).

    The Government has formulated the NAMASTE scheme with an objective to provide dignity to Safai Karamcharis and to empower them socially and economically. The scheme is to ensure safety and dignity of sanitation workers in urban India and enhancing their occupational safety through capacity building and improved access to PPE Kits, safety devices and machines.

    PPE kits consist of various protective garments and accessories designed to shield individuals from potential health hazards or infections. These kits typically include items such as masks, gloves, goggles, face shields, gowns, and shoe covers. They are crucial for ensuring the safety of frontline workers, especially those who are exposed to hazardous environments or infectious diseases, such as sewer and septic tank workers.

    The Ayushman health card is a form of identification issued under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY), a government-sponsored health insurance scheme in India. It provides beneficiaries with access to cashless and paperless healthcare services at empaneled hospitals. The card contains essential information about the beneficiary, including their unique identification number and details of covered healthcare services.

    During the visit, the Minister also visited the Outreach and Drop In Centre (ODIC), run by the NGO, ‘JK Society for the Promotion of Youth and Masses’ at Jammu, under Scheme of National Action Plan for Drug Demand Reduction (NAPDDR).

    The event witnessed the reaffirmation of the government’s commitment to ‘Vanchiton Ko Variyata’, ensuring that those who have been historically underserved or overlooked are given the attention and support they deserve. This dedication to prioritizing the marginalized reflects the government’s broader vision of ‘Viksit Bharat’, where every individual has the opportunity to contribute to and benefit from India’s development journey. Through collaborative efforts and concerted initiatives, the Ministry of Social Justice and Empowerment remains steadfast in its mission to leave no one behind and build a more equitable and empowered society.

    The occasion was also attended by Ms. Sakina Masood (Itoo), Minister for Education, Health & Medical Education and Social Welfare Department, Jammu & Kashmir; Shri Shyam Lal Sharma, MLA (Jammu North); Shri Yudvir Sethi, MLA (Jammu East); Shri Arvind Gupta, MLA (Jammu West); Shri Prabhat Kumar Singh, Managing Director, National Safai Karamcharis Finance & Development Corporation (NSKFDC), Shri Devansh Yadav, Commissioner (Jammu Municipal Corporation).

    *****

    VM

    (Release ID: 2103177) Visitor Counter : 13

    MIL OSI Asia Pacific News –

    February 15, 2025
  • MIL-OSI Asia-Pac: India – U.S. Joint Statement during the visit of Prime Minister of India to US

    Source: Government of India (2)

    Posted On: 14 FEB 2025 9:07AM by PIB Delhi

    The President of the United States of America, The Honorable Donald J. Trump hosted the Prime Minister of India, Shri Narendra Modi for an Official Working Visit in Washington, DC on February 13, 2025.

    As the leaders of sovereign and vibrant democracies that value freedom, the rule of law, human rights, and pluralism, President Trump and Prime Minister Modi reaffirmed the strength of the India-U.S. Comprehensive Global Strategic Partnership, anchored in mutual trust, shared interests, goodwill and robust engagement of their citizens.

    Today, President Trump and Prime Minister Modi launched a new initiative – the “U.S.-India COMPACT (Catalyzing Opportunities for Military Partnership, Accelerated Commerce & Technology) for the 21st Century” – to drive transformative change across key pillars of cooperation. Under this initiative, they committed to a results-driven agenda with initial outcomes this year to demonstrate the level of trust for a mutually beneficial partnership.

    Defense

    Highlighting the deepening convergence of U.S.-India strategic interests, the leaders reaffirmed their unwavering commitment to a dynamic defense partnership spanning multiple domains. To advance defense ties further, the leaders announced plans to sign this year a new ten-year Framework for the U.S.-India Major Defense Partnership in the 21st Century.

    The leaders welcomed the significant integration of U.S.-origin defense items into India’s inventory to date, including C‑130J Super Hercules, C‑17 Globemaster III, P‑8I Poseidon aircraft; CH‑47F Chinooks, MH‑60R Seahawks, and AH‑64E Apaches; Harpoon anti-ship missiles; M777 howitzers; and MQ‑9Bs. The leaders determined that the U.S. would expand defense sales and co-production with India to strengthen interoperability and defense industrial cooperation. They announced plans to pursue this year new procurements and co-production arrangements for “Javelin” Anti-Tank Guided Missiles and “Stryker” Infantry Combat Vehicles in India to rapidly meet India’s defense requirements. They also expect completion of procurement for six additional P-8I Maritime Patrol aircraft to enhance India’s maritime surveillance reach in the Indian Ocean Region following agreement on sale terms.

    Recognizing that India is a Major Defense Partner with Strategic Trade Authorization-1 (STA‑1) authorization and a key Quad partner, the U.S. and India will review their respective arms transfer regulations, including International Traffic in Arms Regulations (ITAR), in order to streamline defense trade, technology exchange and maintenance, spare supplies and in-country repair and overhaul of U.S.-provided defense systems. The leaders also called for opening negotiations this year for a Reciprocal Defense Procurement (RDP) agreement to better align their procurement systems and enable the reciprocal supply of defense goods and services. The leaders pledged to accelerate defense technology cooperation across space, air defense, missile, maritime and undersea technologies, with the U.S. announcing a review of its policy on releasing fifth generation fighters and undersea systems to India.

    Building on the U.S.-India Roadmap for Defense Industrial Cooperation and recognizing the rising importance of autonomous systems, the leaders announced a new initiative – the Autonomous Systems Industry Alliance (ASIA) – to scale industry partnerships and production in the Indo-Pacific. The leaders welcomed a new partnership between Anduril Industries and Mahindra Group on advanced autonomous technologies to co-develop and co-produce state-of-the-art maritime systems and advanced AI-enabled counter Unmanned Aerial System (UAS) to strengthen regional security, and between L3 Harris and Bharat Electronics for co-development of active towed array systems.

    The leaders also pledged to elevate military cooperation across all domains – air, land, sea, space, and cyberspace – through enhanced training, exercises, and operations, incorporating the latest technologies. The leaders welcomed the forthcoming “Tiger Triumph” tri-service exercise (first inaugurated in 2019) with larger scale and complexity to be hosted in India.

    Finally, the leaders committed to break new ground to support and sustain the overseas deployments of the U.S. and Indian militaries in the Indo-Pacific, including enhanced logistics and intelligence sharing, as well as arrangements to improve force mobility for joint humanitarian and disaster relief operations along with other exchanges and security cooperation engagements.

    Trade and Investment

    The leaders resolved to expand trade and investment to make their citizens more prosperous, nations stronger, economies more innovative and supply chains more resilient. They resolved to deepen the U.S.-India trade relationship to promote growth that ensures fairness, national security and job creation. To this end, the leaders set a bold new goal for bilateral trade – “Mission 500” – aiming to more than double total bilateral trade to $500 billion by 2030.

    Recognizing that this level of ambition would require new, fair-trade terms, the leaders announced plans to negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall of 2025. The leaders committed to designate senior representatives to advance these negotiations and to ensure that the trade relationship fully reflects the aspirations of the COMPACT. To advance this innovative, wide-ranging BTA, the U.S. and India will take an integrated approach to strengthen and deepen bilateral trade across the goods and services sector, and will work towards increasing market access, reducing tariff and non-tariff barriers, and deepening supply chain integration.

    The leaders welcomed early steps to demonstrate mutual commitment to address bilateral trade barriers. The United States welcomed India’s recent measures to lower tariffs on U.S. products of interest in the areas of bourbon, motorcycles, ICT products and metals, as well as measures to enhance market access for U.S. agricultural products, like alfalfa hay and duck meat, and medical devices. India also expressed appreciation for U.S. measures taken to enhance exports of Indian mangoes and pomegranates to the United States. Both sides also pledged to collaborate to enhance bilateral trade by increasing U.S. exports of industrial goods to India and Indian exports of labor-intensive manufactured products to the United States. The two sides will also work together to increase trade in agricultural goods.

    Finally, the leaders committed to drive opportunities for U.S. and Indian companies to make greenfield investments in high-value industries in each other’s countries. In this regard, the leaders welcomed ongoing investments by Indian companies worth approximately $7.35 billion, such as those by Hindalco’s Novelis in finished aluminum goods at their state-of-the art facilities in Alabama and Kentucky; JSW in steel manufacturing operations at Texas and Ohio; Epsilon Advanced Materials in the manufacture of critical battery materials in North Carolina; and Jubilant Pharma in the manufacture of injectables in Washington. These investments support over 3,000 high-quality jobs for local families.

    Energy Security

    The leaders agreed that energy security is fundamental to economic growth, social well-being and technical innovation in both countries. They underscored the importance of U.S.-India collaboration to ensure energy affordability, reliability, and availability and stable energy markets. Realizing the consequential role of the U.S. and India, as leading producers and consumers, in driving the global energy landscape, the leaders re-committed to the U.S.-India Energy Security Partnership, including in oil, gas, and civil nuclear energy.

    The leaders underscored the importance of enhancing the production of hydrocarbons to ensure better global energy prices and secure affordable and reliable energy access for their citizens. The leaders also underscored the value of strategic petroleum reserves to preserve economic stability during crises and resolved to work with key partners to expand strategic oil reserve arrangements. In this context, the U.S. side affirmed its firm support for India to join the International Energy Agency as a full member.

    The leaders reaffirmed their commitment to increase energy trade, as part of efforts to ensure energy security, and to establish the United States as a leading supplier of crude oil and petroleum products and liquified natural gas to India, in line with the growing needs and priorities of our dynamic economies. They underscored the tremendous scope and opportunity to increase trade in the hydrocarbon sector including natural gas, ethane and petroleum products as part of efforts to ensure supply diversification and energy security. The leaders committed to enhance investments, particularly in oil and gas infrastructure, and facilitate greater cooperation between the energy companies of the two countries.

    The leaders announced their commitment to fully realize the U.S.-India 123 Civil Nuclear Agreement by moving forward with plans to work together to build U.S.-designed nuclear reactors in India through large scale localization and possible technology transfer. Both sides welcomed the recent Budget announcement by Government of India to take up amendments to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act (CLNDA) for nuclear reactors, and further decided to establish bilateral arrangements in accordance with CLNDA, that would address the issue of civil liability and facilitate the collaboration of Indian and U.S. industry in the production and deployment of nuclear reactors. This path forward will unlock plans to build large U.S.-designed reactors and enable collaboration to develop, deploy and scale up nuclear power generation with advanced small modular reactors.

    Technology and Innovation

    The leaders announced the launch of the U.S.-India TRUST (“Transforming the Relationship Utilizing Strategic Technology”) initiative, which will catalyze government-to-government, academia and private sector collaboration to promote application of critical and emerging technologies in areas like defense, artificial intelligence, semiconductors, quantum, biotechnology, energy and space, while encouraging the use of verified technology vendors and ensuring sensitive technologies are protected.

    As a central pillar of the “TRUST” initiative, the leaders committed to work with U.S. and Indian private industry to put forward a U.S.-India Roadmap on Accelerating AI Infrastructure by the end of the year, identifying constraints to financing, building, powering, and connecting large-scale U.S.-origin AI infrastructure in India with milestones and future actions. The U.S. and India will work together to enable industry partnerships and investments in next generation data centers, cooperation on development and access to compute and processors for AI, for innovations in AI models and building AI applications for solving societal challenges while addressing the protections and controls necessary to protect these technologies and reduce regulatory barriers.

    The leaders announced the launch of INDUS Innovation, a new innovation bridge modeled after the successful INDUS-X platform, that will advance U.S.-India industry and academic partnerships and foster investments in space, energy, and other emerging technologies to maintain U.S. and India leadership in innovation and to meet the needs of the 21st century. The leaders also reinforced their commitment to the INDUS-X initiative, which facilities partnerships between U.S. and Indian defense companies, investors and universities to produce critical capability for our militaries, and welcomed the next summit in 2025.

    The leaders also committed, as part of the TRUST initiative, to build trusted and resilient supply chains, including for semiconductors, critical minerals, advanced materials and pharmaceuticals. As part of this effort, the leaders plan to encourage public and private investments to expand Indian manufacturing capacity, including in the U.S., for active pharmaceutical ingredients for critical medicines. These investments will create good jobs, diversify vital supply chains, and reduce the risk of life-saving drug shortages in both the United States and India.

    Recognizing the strategic importance of critical minerals for emerging technologies and advanced manufacturing, India and the United States will accelerate collaboration in research and development and promote investment across the entire critical mineral value chain, as well as through the Mineral Security Partnership, of which both the United States and India are members. Both countries have committed to intensifying efforts to deepen cooperation in the exploration, beneficiation, and processing as well as recycling technologies of critical minerals. To this end, the leaders announced the launch of the Strategic Mineral Recovery initiative, a new U.S.-India program to recover and process critical minerals (including lithium, cobalt, and rare earths) from heavy industries like aluminum, coal mining and oil and gas.

    The leaders hailed 2025 as a pioneering year for U.S.-India civil space cooperation, with plans for a NASA-ISRO effort through AXIOM to bring the first Indian astronaut to the International Space Station (ISS), and early launch of the joint “NISAR” mission, the first of its kind to systematically map changes to the Earth’s surface using dual radars. The leaders called for more collaboration in space exploration, including on long duration human spaceflight missions, spaceflight safety and sharing of expertise and professional exchanges in emerging areas, including planetary protection. The leaders committed to further commercial space collaboration through industry engagements in conventional and emerging areas, such as connectivity, advanced spaceflight, satellite and space launch systems, space sustainability, space tourism and advanced space manufacturing.

    The leaders underscored the value of deepening ties between the U.S. and Indian scientific research communities, announcing a new partnership between the U.S. National Science Foundation and the Indian Anusandhan National Research Foundation in researching critical and emerging technologies. This partnership builds on ongoing collaboration between the U.S. National Science Foundation and several Indian science agencies to enable joint research in the areas of semiconductors, connected vehicles, machine learning, next-generation telecommunications, intelligent transportation systems, and future biomanufacturing.

    The leaders determined that their governments redouble efforts to address export controls, enhance high technology commerce, and reduce barriers to technology transfer between our two countries, while addressing technology security. The leaders also resolved to work together to counter the common challenge of unfair practices in export controls by third parties seeking to exploit overconcentration of critical supply chains.

    Multilateral Cooperation

    The leaders reaffirmed that a close partnership between the U.S. and India is central to a free, open, peaceful and prosperous Indo-Pacific region. As Quad partners, the leaders reiterated that this partnership is underpinned by the recognition of ASEAN centrality; adherence to international law and good governance; support for safety and freedom of navigation, overflight and other lawful uses of the seas; and unimpeded lawful commerce; and advocacy for peaceful resolution of maritime disputes in accordance with international law.

    Prime Minister Modi looks forward to hosting President Trump in New Delhi for the Quad leaders’ Summit, ahead of which the leaders will activate new Quad initiatives on shared airlift capacity to support civilian response to natural disasters and maritime patrols to improve interoperability.

    The leaders resolved to increase cooperation, enhance diplomatic consultations, and increase tangible collaboration with partners in the Middle East. They highlighted the importance of investing in critical infrastructure and economic corridors to advancing peace and security in the region. The leaders plan to convene partners from the India-Middle East-Europe Corridor and the I2U2 Group within the next six months in order to announce new initiatives in 2025.

    The US appreciates India’s role as a developmental, humanitarian assistance and net security provider in the Indian Ocean Region. In this context, the leaders committed to deepen bilateral dialogue and cooperation across the vast Indian Ocean region and launched the Indian Ocean Strategic Venture, a new bilateral, whole-of-government forum to advance coordinated investments in economic connectivity and commerce. Supporting greater Indian Ocean connectivity, the leaders also welcomed Meta’s announcement of a multi-billion, multi-year investment in an undersea cable project that will begin work this year and ultimately stretch over 50,000 km to connect five continents and strengthen global digital highways in the Indian Ocean region and beyond. India intends to invest in maintenance, repair and financing of undersea cables in the Indian Ocean, using trusted vendors.

    The leaders recognized the need to build new plurilateral anchor partnerships in the Western Indian Ocean, Middle East, and Indo-Pacific to grow relationships, commerce and cooperation across defense, technology, energy and critical minerals. The leaders expect to announce new partnership initiatives across these sub-regions by fall of 2025.

    The leaders also resolved to advance military cooperation in multinational settings to advance global peace and security. The leaders applauded India’s decision to take on a future leadership role in the Combined Maritime Forces naval task force to help secure sea lanes in the Arabian Sea.

    The leaders reaffirmed that the global scourge of terrorism must be fought and terrorist safe havens eliminated from every corner of the world. They committed to strengthen cooperation against terrorist threats from groups, including Al-Qa’ida, ISIS, Jaish-e Mohammad, and Lashkar-e-Tayyiba in order to prevent heinous acts like the attacks in Mumbai on 26/11 and the Abbey Gate bombing in Afghanistan on August 26, 2021. Recognizing a shared desire to bring to justice those who would harm our citizens, the U.S. announced that the extradition to India of Tahawwur Rana has been approved. The leaders further called on Pakistan to expeditiously bring to justice the perpetrators of the 26/11 Mumbai, and Pathankot attacks and ensure that its territory is not used to carry out cross-border terrorist attacks. The leaders also pledged to work together to prevent proliferation of weapons of mass destruction and their delivery systems and to deny access to such weapons by terrorists and non-state actors.

    People to People Cooperation

    President Trump and Prime Minister Modi noted the importance of advancing the people-to-people ties between the two countries. In this context, they noted that the more than 300,000 strong Indian student community contributes over $8 billion annually to the U.S. economy and helped create a number of direct and indirect jobs. They recognized that the talent flow and movement of students, researchers and employees, has mutually benefitted both countries. Recognizing the importance of international academic collaborations in fostering innovation, improving learning outcomes and development of a future-ready workforce, both leaders resolved to strengthen collaborations between the higher education institutions through efforts such as joint/dual degree and twinning programs, establishing joint Centers of Excellence, and setting up of offshore campuses of premier educational institutions of the U.S. in India.

    Both leaders emphasized that the evolution of the world into a global workplace calls for putting in place innovative, mutually advantageous and secure mobility frameworks. In this regard, the leaders committed to streamlining avenues for legal mobility of students and professionals, and facilitating short-term tourist and business travel, while also aggressively addressing illegal immigration and human trafficking by taking strong action against bad actors, criminal facilitators, and illegal immigration networks to promote mutual security for both countries.

    The leaders also committed to strengthen law enforcement cooperation to take decisive action against illegal immigration networks, organized crime syndicates, including narco-terrorists human and arms traffickers, as well as other elements who threaten public and diplomatic safety and security, and the sovereignty and territorial integrity of both nations.

    President Trump and Prime Minister Modi pledged to sustain high-level engagement between our governments, industries, and academic institutions and realize their ambitious vision for an enduring India-U.S. partnership that advances the aspirations of our people for a bright and prosperous future, serves the global good, and contributes to a free and open Indo-Pacific.

     

    ***

    MJPS/SR

    (Release ID: 2103037) Visitor Counter : 120

    MIL OSI Asia Pacific News –

    February 15, 2025
  • MIL-OSI Asia-Pac: English translation of Press Statement by Prime Minister Shri Narendra Modi during the India – USA Joint Press Conference

    Source: Government of India

    Posted On: 14 FEB 2025 8:48AM by PIB Delhi

    Your Excellency President Trump,
    Delegates from both countries,
    Friends from the media,

    Hello!

    First of all, I would like to express my heartfelt gratitude to my dear friend, President Trump, for the gracious welcome and hospitality. Through his leadership, President Trump has cherished and revitalized the India-US relationship.

    The enthusiasm with which we worked together in his first term; I felt the same enthusiasm, the same energy and the same commitment today.

    Today’s discussions were a bridge of satisfaction with our achievements during his first term and deep mutual trust. At the same time, there was also a resolve to achieve new goals. We believe that the collaboration and cooperation between India and America can shape a better world.

    Friends,

    Americans are familiar with President Trump’s motto, Make America Great Again, or “MAGA.” The people of India are also moving towards development at a fast pace with the determination of “Viksit Bharat 2047” on the track of heritage and development.

    If I say in the language of America, developed India means Make India Great Again, i.e. “MIGA”. When the United States and India work together, i.e. “MAGA” plus “MIGA”, the “MEGA” Partnership for prosperity is formed. And this mega spirit gives new scale and scope to our goals.

    Friends,

    Today, we have set a target of more than doubling bilateral trade to 500 billion dollars by 2030. Our teams will work on an early conclusion of a mutually beneficial Trade Agreement.

    We will strengthen the oil and gas trade to ensure India’s energy security. Investment in energy infrastructure will also increase.

    In the nuclear energy sector, we also talked about increasing cooperation in the direction of Small Modular Reactors.

    Friends,

    America has an important role in India’s defense preparedness. As strategic and trusted partners, we are actively moving in the direction of joint development, joint production and transfer of technology.

    In the coming time, new technology and equipment will increase our capability. We have decided to launch the Autonomous Systems Industry Alliance.

    The Defence Cooperation Framework will be created for the next decade. Defence inter-operability, logistics, repair and maintenance will also be its main parts.

    Friends,

    The twenty-first century is a technology-driven century. Close cooperation in the technology sector between countries that believe in democratic values can give new direction, strength and opportunities to the entire humanity.

    India and the United States will work together in Artificial Intelligence, Semiconductors, Quantum, Biotechnology, and other technologies.

    Today we have agreed on TRUST, i.e. Transforming Relationship Utilizing Strategic Technology. Under this, emphasis will be laid on creating strong supply chains of critical minerals, advanced materials and pharmaceuticals. It has also been decided to launch a recovery and processing initiative for strategic minerals like lithium and rare earth.

    We have had close cooperation with the US in the field of space. The “NISAR” satellite, built in collaboration with “ISRO” and “NASA”, will soon fly into space on the Indian launch vehicle.

    Friends,

    The partnership between India and the United States underpins democracy and democratic values and systems. We will work together to enhance peace, stability and prosperity in the Indo-Pacific. The Quad will have a special role to play in this.

    In the Quad Summit to be held in India this year, we will increase cooperation with partner countries in new areas. Under the “IMEC” and “I2U2” initiative, we will work together on economic corridors and connectivity infrastructure.

    India and the United States have stood firmly together in the fight against terrorism. We agree that concerted action is necessary to eradicate cross-border terrorism.

    I am thankful to the President that he has decided to hand over the culprit who committed the killings in India in 2008, to India now. Indian courts will now take appropriate action.

    Friends,

    The Indian community in America is an important link in our relationship. To deepen our people-to-people ties, we will soon open new Indian consulates in Los Angeles and Boston.

    We have invited American universities and educational institutions to open off-shore campuses in India.

    President Trump,

    I thank you for your friendship and steadfast commitment to India. The people of India still remember your visit of 2020, and hope that President Trump will come to them once again.

    On behalf of 1.4 billion Indians, I invite you to come to India.

    Thank you very much.

    DISCLAIMER – This is the approximate translation of Prime Minister’s remarks. Original remarks were delivered

    MIL OSI Asia Pacific News –

    February 15, 2025
  • MIL-OSI Asia-Pac: Marine Department launches Block Registration Incentive Scheme

    Source: Hong Kong Government special administrative region

    Marine Department launches Block Registration Incentive Scheme
    Marine Department launches Block Registration Incentive Scheme
    **************************************************************

         The Marine Department (MD) announces today (February 14) the implementation of the amended Merchant Shipping (Registration) (Fees and Charges) Regulations (Cap. 415A) to allow eligible ships to apply for a refund under the Block Registration Incentive Scheme, with a view to attracting more shipowners to register their ships in Hong Kong.       The Scheme is one of the proposed action measures in the Action Plan on Maritime and Port Development Strategy promulgated by the Government in December 2023 to support the sustainable development needs of the maritime and port industry in Hong Kong, with a view to enhancing the long-term competitiveness of the industry. Under the Scheme, if more than one eligible ship is registered with the Hong Kong Shipping Registry (HKSR) within 24 months, the owners of the ships concerned may be provided with a refund of the ship registration fee and the first-year annual tonnage charge. One application may cover ships of different shipowners and may be submitted by a shipowner, ship manager or ship agent.      A spokesperson for the MD said, “The gross tonnage of Hong Kong-registered ships ranks as the fourth largest in the world. Although the current registration fee of the HKSR is highly competitive, we have noticed that some other major flag administrations have already rolled out block registration incentives. We thus deem it necessary to launch a similar scheme in Hong Kong, with a view to further strengthening the HKSR’s competitiveness and fostering our leading position among shipping registries in the world.”      The gazette of the proposed legislative amendments to Cap. 415A was published on December 13, 2024, and tabled at the Legislative Council on December 18 of the same year for negative vetting, and is scheduled to be implemented on February 14, 2025.      The MD will actively reach out to shipowners and shipping-related companies to promote the Scheme through its network on the Mainland and overseas. Moreover, the MD has produced a leaflet to promote the work of the HKSR and introduce details of the Scheme. For details, please visit the MD’s official website at www.mardep.gov.hk/filemanager/en/share/publications/pdf/materials/hksr.pdf or download the application form for the Scheme at www.mardep.gov.hk/filemanager/en/share/forms/pdf/md742.pdf.

     
    Ends/Friday, February 14, 2025Issued at HKT 10:00

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    MIL OSI Asia Pacific News –

    February 15, 2025
  • MIL-OSI Europe: In-Depth Analysis – Economic Dialogue with the President of the Eurogroup – 14-02-2025

    Source: European Parliament

    ECON on 19 February 2025 – Paschal Donohoe is attending his seventh Economic Dialogue in the ECON Committee since being elected as President of the Eurogroup in July 2020 and the first one during the 10th parliamentary term. His previous Economic Dialogue took place on 29 June 2023. This briefing covers the following issues: latest economic developments (Section 1); the 2025 Euro Area Recommendation (Section 2); Transparency of the work of the Eurogroup (Section 3) and Completing the EMU, with a focus on the Eurogroup’s work on the Banking Union, the Capital Markets Uniona and the digital euro (Section 4). For an overview of the role of the President of the Eurogroup, see Briefing: The role (and accountability) of the President of the Eurogroup.

    MIL OSI Europe News –

    February 15, 2025
  • MIL-OSI Europe: EIB and One World Media strengthen partnership championing women-led solutions

    Source: European Investment Bank

    • EIB supports Women’s Solutions Reporting award
    • Celebrating stories of girls and women tackling global challenges
    • Winner to be announced in June 2025

    One World Media (OWM) and the European Investment Bank (EIB) are proud to continue their partnership for the fifth consecutive year, through the Women’s Solutions Reporting Award. This award is one of 13 that recognise outstanding media coverage from and about the global south. The OWM Awards celebrate journalism and filmmaking that challenge stereotypes, reshape narratives, and deepen understanding.

    The Women’s Solutions Reporting Award highlights the transformative role of women in addressing global challenges, from advancing financial inclusion and climate action to improving healthcare and education. By amplifying these initiatives, the award aims to inspire action and highlight how women are shaping a more sustainable and equitable future.

    One World Media’s Director Vivienne Francis said: “At a time when the rights and freedoms of women and girls around the world continue to be at risk, the One World Media Awards are proud to support storytelling that ensures these issues get the attention they deserve. These stories serve as a reminder of the power of journalism to transform lives and ignite social change.”

    Margaret Carroll, acting Head of the EIB Social Policy Unit, who will be one of the judges of the Women’s Solutions Reporting Award, said: “We are thrilled to support this important award once again with OWM. It reflects our deep commitment to gender equality and women’s economic empowerment. Each year, this award brings to light compelling stories of innovation and resilience that drive meaningful change—stories that are especially needed in today’s world.”

    With the 2025 One World Media Awards winners set to be announced in June, we look forward to celebrating the impactful stories of the many women making a difference and inspiring future generations of female leaders.

    The 13 OWM Award categories are as follows:

    • Current Affairs Award
    • Environmental Reporting
    • Feature Documentary Award
    • Innovative Storytelling Award
    • Journalist of the Year Award
    • News Award
    • Podcast & Radio Award
    • Print Award
    • Refugee Reporting Award
    • Short Documentary Award
    • Student Award
    • Press Freedom Award
    • Women’s Solutions Reporting Award

    About One World Media

    One World Media is a non-profit organisation in the United Kingdom that supports journalists and filmmakers covering stories about the global south. For more than three decades, the organisation has worked with partners in the United Kingdom and around the world to strengthen international journalism and promote media coverage of global issues. The One World Media Awards will look for entries that show relevance, originality and creativity, substance and accuracy, impact and reach, diversity and quality.

    About the European Investment Bank

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It finances investments that contribute towards EU policy goals. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    To enhance the positive impact of its activities on gender equality and empower women and girls, the EIB Group adopted a Strategy on Gender Equality and Women’s Economic Empowerment and a Gender Action Plan, with the aim of embedding gender equality and in particular women’s economic empowerment in the EIB’s business model. It covers its lending, blending and advisory work within and outside the European Union. The EIB Group is also committed to driving gender equality in the workplace.

    MIL OSI Europe News –

    February 15, 2025
  • MIL-OSI Europe: In-Depth Analysis – Economic Dialogue with the President of the ECOFIN – 19 February 2025 – 14-02-2025

    Source: European Parliament

    Andrzej Domański, Minister of Finance of Poland, is participating in the ECON Committee in his capacity of President of the ECOFIN Council during the Polish Presidency January – June 2025). In accordance with the Treaty of the Union, “Member States shall regard their economic policies as a matter of common concern and shall coordinate them within the Council”.

    MIL OSI Europe News –

    February 15, 2025
  • MIL-OSI Europe: From innovation hub to electric highways

    Source: European Investment Bank

    For Serbians to use more electric cars, new rules and regulations need to be adopted. To help, the government is halting the import of used vehicles that do not meet specific standards, and it is introducing incentives for new car purchases. Currently, about 2.8 million vehicles in Serbia are an average of 18 years old.

    Serbia is adopting new regulations to help expand its charging network. At the end of 2024, the country adopted the Law on Energy, which for the first time addresses electric vehicle charging. The new law defines energy policies to ensure that there is a reliable energy supply, and it helps regulate the energy market. The law also covers the integration of electric vehicles into the electricity network.

    “Now, it is important to define specific regulations in line with the EU standards to tackle technical and legal conditions, software, data structure and classification, rights and obligations of providers and users,” Zjačić says.

    MIL OSI Europe News –

    February 15, 2025
  • MIL-OSI: TC Energy reports solid fourth quarter 2024 operating and financial results

    Source: GlobeNewswire (MIL-OSI)

    Southeast Gateway pipeline project achieves mechanical completion
    Increases common share dividend for the twenty-fifth consecutive year

    CALGARY, Alberta, Feb. 14, 2025 (GLOBE NEWSWIRE) — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its fourth quarter results today. François Poirier, TC Energy’s President and Chief Executive Officer commented, “Our strategic priorities that emphasize safety, operational excellence and project execution continue to deliver solid growth, low risk and repeatable performance. For the full year 2024, comparable EBITDA1 from continuing operations increased approximately six per cent, and segmented earnings from continuing operations increased approximately 56 per cent compared to 2023.” Poirier continued, “Reaching mechanical completion 13 per cent under budget on the Southeast Gateway pipeline project is a monumental milestone for the company and for Mexico, and a testament to our unwavering focus on project execution. We remain aligned with the CFE on achieving a May 1, 2025 in-service date, which will mark a material inflection point for TC Energy; providing Southeast Mexico with access to safe, reliable and affordable energy. Driven by our consistently strong performance, TC Energy’s Board of Directors approved a quarterly dividend increase of 3.3 per cent for the quarter ending March 31, 2025, equivalent to $3.40 per common share on an annualized basis. The increase in quarterly dividend is based on TC Energy’s proportionate allocation of the dividend post-spin, and represents our twenty-fifth consecutive year of dividend growth.”

    Financial Highlights
    (All financial figures are unaudited and in Canadian dollars unless otherwise noted)

    • Following the spinoff of our Liquids Pipelines business into South Bow on October 1, 2024, Liquids Pipelines results are reported as a discontinued operation
    • Fourth quarter 2024 financial results from continuing operations:
      • Comparable earnings1 of $1.1 billion or $1.05 per common share1 compared to $1.2 billion or $1.15 per common share in fourth quarter 2023
      • Net income attributable to common shares of $1.1 billion or $1.03 per common share compared to net income attributable to common shares of $1.2 billion or net income per common share of $1.20 in fourth quarter 2023
      • Comparable EBITDA of $2.6 billion compared to $2.7 billion in fourth quarter 2023
      • Segmented earnings of $1.9 billion compared to $2.0 billion in fourth quarter 2023
    • Year ended December 31, 2024 financial results from continuing operations:
      • Comparable EBITDA of $10.0 billion compared to $9.5 billion in 2023
      • Segmented earnings of $8.0 billion compared to $5.1 billion in 2023
    • Year ended December 31, 2024 financial results including a nine-month contribution from the Liquids Pipelines business:
      • 2024 comparable earnings of $4.4 billion or $4.27 per common share compared to $4.7 billion or $4.52 per common share in 2023
      • Net income attributable to common shares of $4.6 billion or $4.43 per common share compared to $2.8 billion or $2.75 per common share in 2023
      • Comparable EBITDA of $11.2 billion compared to $11.0 billion in 2023
      • Segmented earnings of $8.7 billion compared to $6.1 billion in 2023
    • TC Energy’s Board of Directors approved a 3.3 per cent increase in the quarterly common share dividend to $0.85 per common share for the quarter ending March 31, 2025, equivalent to $3.40 per common share on an annualized basis. The increase in quarterly dividend is based on TC Energy’s proportionate allocation of the dividend post-spin
    • 2025 outlook for continuing operations:
      • Comparable EBITDA outlook for 2025 continuing operations is expected to be $10.7 to $10.9 billion, driven by new projects anticipated to be placed in service in 2025, including the Southeast Gateway pipeline, along with the full year contribution from projects placed in service in 2024, higher contributions from the NGTL System resulting from the five-year negotiated revenue requirement settlement, partially offset by reduced generation from Bruce Power due to the commencement of the Unit 4 Major Component Replacement (MCR)
      • Comparable earnings per common share (EPS) for 2025 for continuing operations is expected to be lower than 2024 comparable EPS from continuing operations due to the net impact of an increase in comparable EBITDA, lower AFUDC related to the Southeast Gateway pipeline expected to be placed in service on May 1, 2025, lower interest income as a result of lower cash balances and lower interest rates, increased depreciation rates on the NGTL System related to the five-year negotiated revenue requirement settlement, higher effective tax rates and reduced capitalized interest due to the Coastal GasLink pipeline commercial in-service
      • Capital expenditures are expected to be $6.1 to $6.6 billion, on a gross basis, or $5.5 to $6.0 billion of net capital expenditures2 after considering capital expenditures attributable to non-controlling interests of entities we control.

    Operational Highlights

    • Canadian Natural Gas Pipelines deliveries averaged 25.6 Bcf/d, up seven per cent compared to fourth quarter 2023
      • Total NGTL System deliveries set a new record of 17.7 Bcf on February 9, 2025
      • Canadian Mainline fourth quarter deliveries averaged 6.3 Bcf/d, up 11 per cent compared to fourth quarter 2023
    • U.S. Natural Gas Pipelines daily average flows were 27.0 Bcf/d
      • U.S. Natural Gas Pipelines set a new all-time record of 37.9 Bcf on January 20, 2025
      • ANR set a new all-time record of 10.0 Bcf on January 20, 2025
    • Mexico Natural Gas Pipelines flows averaged 2.7 Bcf/d
      • Sur de Texas pipeline set a single-day flow record above 1.7 Bcf/d on November 20, 2024 highlighting its importance as a key import route for U.S. natural gas production into Mexico
    • Bruce Power achieved 99 per cent availability in fourth quarter 2024
    • Cogeneration power plant fleet achieved 98 per cent availability in fourth quarter 2024, attributed to fewer forced outages and successful completion of planned outages.

    Project Highlights

    • Completed the successful spinoff of the Liquids Pipelines business (the Spinoff Transaction) on October 1, 2024
    • Achieved mechanical completion of the Southeast Gateway pipeline project on January 20, 2025. We continue to be aligned with the CFE on finalizing the remaining project completion activities for achieving a May 1, 2025 in-service date
    • Declared commercial in-service of the Coastal GasLink pipeline in November 2024, allowing for the collection of tolls from customers retroactive to October 1, 2024
    • Approved the Pulaski and Maysville projects on our Columbia Gulf System. These mainline extension projects off Columbia Gulf will facilitate full coal-to-gas conversion at two existing power plants and are each expected to provide 0.2 Bcf/d of capacity for incremental gas-fired generation. The projects have anticipated in-service dates in 2029 and total estimated costs of US$0.7 billion
    • Approved the US$0.3 billion Southeast Virginia Energy Storage Project. This is an LNG peaking facility in southeast Virginia that will serve an existing LDC’s growing winter peak day load and mitigate its peak day pricing exposure, as well as increase operational flexibility on the Columbia Gas system. The project has an anticipated in-service date of 2030
    • Placed the US$0.1 billion GTN XPress project into service in December 2024
    • Bruce Power announced Stage 3a of Project 2030 which will provide incremental capacity of approximately 90 MW at the site. TC Energy’s share of the capital required is approximately $175 million. Bruce Power will not be requesting an incremental capital call for this stage. By optimizing its existing Units through this program, when complete, Project 2030 is expected to increase the Bruce Power site peak output to 7,000 MW. All of this output will be sold under Bruce Power’s long-term contract with the IESO
    • Removed Bruce Power’s Unit 4 from service on January 31, 2025 to commence its MCR program. The Unit 5 MCR final cost and schedule estimate was submitted to the IESO on January 31, 2025
    • TC Energy and prospective partners Saugeen Ojibway Nation will advance pre-development work on the Ontario Pumped Storage Project following the Ontario Government’s recent announcement on January 24, 2025 to invest up to $285 million to complete a detailed cost estimate and environmental assessments to determine the feasibility of the project.
      three months ended
    December 31
      year ended
    December 31
    (millions of $, except per share amounts) 2024     20231   2024   20231
                   
    Net income (loss) attributable to common shares 971     1,463   4,594   2,829
    from continuing operations 1,069     1,249   4,199   2,217
    from discontinued operations2 (98 )   214   395   612
                   
    Net income (loss) per common share – basic $0.94     $1.41   $4.43   $2.75
    from continuing operations $1.03     $1.20   $4.05   $2.15
    from discontinued operations2 ($0.09 )   $0.21   $0.38   $0.60
                   
    Comparable EBITDA3 2,619     3,107   11,194   10,988
    from continuing operations 2,619     2,715   10,049   9,472
    from discontinued operations2 —     392   1,145   1,516
                   
    Comparable earnings3 1,094     1,403   4,430   4,652
    from continuing operations 1,094     1,192   3,865   3,896
    from discontinued operations2 —     211   565   756
                   
    Comparable earnings per common share3 $1.05     $1.35   $4.27   $4.52
    from continuing operations $1.05     $1.15   $3.73   $3.78
    from discontinued operations2 —     $0.20   $0.54   $0.74
    1. Prior year results have been recast to reflect the split between continuing and discontinued operations.
    2. Represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section of this news release for additional information.
    3. For additional information on the most directly comparable GAAP measure, refer to the Non-GAAP measures section of this news release.
      three months ended
    December 31
      year ended
    December 31
    (millions of $, except per share amounts) 2024   2023     2024   2023  
                   
    Cash flows1              
    Net cash provided by operations2 2,084   1,860     7,696   7,268  
    Comparable funds generated from operations2,3 1,665   2,405     7,890   7,980  
    Capital spending4 2,307   2,985     7,904   12,298  
    Acquisitions, net of cash acquired —   (5 )   —   (307 )
    Proceeds from sales of assets, net of transaction costs —   33     791   33  
    Disposition of equity interest, net of transaction costs5 —   5,328     419   5,328  
                   
    Dividends declared              
    per common share6 $0.8225   $0.93     $3.7025   $3.72  
                   
    Basic common shares outstanding (millions)              
    – weighted average for the period 1,038   1,037     1,038   1,030  
    – issued and outstanding at end of period 1,039   1,037     1,039   1,037  
    1. Includes continuing and discontinued operations.
    2. Represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section of this news release for additional information.   
    3. Comparable funds generated from operations is a non-GAAP measure used throughout this news release. This measure does not have any standardized meaning under GAAP and therefore is unlikely to be comparable in similar measures presented by other companies. The most directly comparable GAAP measure is Net cash provided by operations. For more information on non-GAAP measures, refer to the Non-GAAP measures section of this news release.
    4. Capital spending reflects cash flows associated with our Capital expenditures, Capital projects in development and Contributions to equity investments net of Other distributions from equity investments of $3.1 billion in 2024 in the Canadian Natural Gas Pipelines segment. Refer to Note 7, Coastal GasLink in the Consolidated financial statements of our 2024 Annual Report and the Segmented information of our Condensed consolidated financial statements of this news release for additional information.
    5. Included in the Financing activities section of the Condensed consolidated statement of cash flows.
    6. Dividends declared in fourth quarter 2024 reflect TC Energy’s proportionate allocation following the Spinoff Transaction. Refer to the Discontinued operations section of this news release for additional information.
      three months ended
    December 31
      year ended
    December 31
    (millions of $, except per share amounts) 2024     20231     2024     20231  
                   
    Segmented earnings (losses) from continuing operations              
    Canadian Natural Gas Pipelines 506     692     2,016     (90 )
    U.S. Natural Gas Pipelines 918     955     4,053     3,531  
    Mexico Natural Gas Pipelines 214     150     929     796  
    Power and Energy Solutions 276     263     1,102     1,004  
    Corporate (16 )   (34 )   (136 )   (144 )
    Segmented earnings (losses) from continuing operations 1,898     2,026     7,964     5,097  
                   
    Comparable EBITDA from continuing operations              
    Canadian Natural Gas Pipelines 851     1,034     3,388     3,335  
    U.S. Natural Gas Pipelines 1,200     1,225     4,511     4,385  
    Mexico Natural Gas Pipelines 234     208     999     805  
    Power and Energy Solutions 341     266     1,214     1,020  
    Corporate (7 )   (18 )   (63 )   (73 )
    Comparable EBITDA from continuing operations 2,619     2,715     10,049     9,472  
                   
    Depreciation and amortization (639 )   (632 )   (2,535 )   (2,446 )
    Interest expense included in comparable earnings (836 )   (777 )   (3,176 )   (2,966 )
    Allowance for funds used during construction 233     132     784     575  
    Foreign exchange gains (losses), net included in comparable earnings (44 )   40     (85 )   118  
    Interest income and other 120     119     324     272  
    Income tax (expense) recovery included in comparable earnings (168 )   (253 )   (772 )   (890 )
    Net (income) loss attributable to non-controlling interests included in comparable earnings (163 )   (128 )   (620 )   (146 )
    Preferred share dividends (28 )   (24 )   (104 )   (93 )
    Comparable earnings from continuing operations 1,094     1,192     3,865     3,896  
    Comparable earnings per common share from continuing operations $1.05     $1.15     $3.73     $3.78  
    1. Prior year results have been recast to reflect continuing operations only.
      three months ended
    December 31
      year ended
    December 31
    (millions of $, except per share amounts) 2024     2023¹   20242     2023¹  
                   
    Segmented earnings (losses) from discontinued operations (109 )   301     716     1,039  
    Comparable EBITDA from discontinued operations —     392     1,145     1,516  
    Depreciation and amortization —     (85 )   (253 )   (332 )
    Interest expense included in comparable earnings3 —     (63 )   (176 )   (287 )
    Interest income and other included in comparable earnings4 —     2     3     6  
    Income tax (expense) recovery included in comparable earnings5 —     (35 )   (154 )   (147 )
    Comparable earnings from discontinued operations —     211     565     756  
    Comparable earnings per common share from discontinued operations —     $0.20     $0.54     $0.74  
    1. Prior year results have been recast to reflect the Liquids Pipelines business as a discontinued operation as a result of the Spinoff Transaction.
    2. Represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section in our 2024 Annual Report for additional information.
    3. Excludes pre-tax carrying charges of $5 million for the three months ended December 31, 2023 as a result of a charge related to the FERC Administrative Law Judge decision on Keystone in respect of a tolling-related complaint pertaining to amounts recognized in prior periods.
    4. Excludes pre-tax Liquids Pipelines business separation costs of $10 million related to insurance provisions for the three months ended December 31, 2024.
    5. Excludes the impact of income taxes related to the specified items mentioned above as well as a $14 million U.S. minimum tax recovery in fourth quarter 2023 on the Keystone XL asset impairment charge and other related to the termination of the Keystone XL pipeline project.

    CEO Message
    2024 has been a transformational year for TC Energy. Through maintaining focus on a clear set of strategic priorities, we have delivered on our commitments and solidified our position as an industry leading natural gas and power company. With the successful spinoff of our Liquids Pipelines business, significant progress towards our debt-to-EBITDA3 leverage targets, and achieving mechanical completion on Southeast Gateway, we are well positioned to capitalize on the unprecedented demand we are seeing in natural gas and power and energy solutions across Canada, the U.S. and Mexico. Building on our solid foundation, our strong operational and financial results in 2024 are a direct reflection of our best safety performance in five years that has driven the highest level of asset availability and reliability across our portfolio.

    Our priorities for 2025 are clear. We will continue to maximize the value of our assets through safety and operational excellence, execute our selective portfolio of growth projects and ensure financial strength and agility. We believe that our renewed focus on natural gas and power, and our portfolio of highly contracted assets gives us a strategic competitive advantage in the industry, enabling us to continue achieving solid growth, low risk and repeatable performance.

    TC Energy’s focus on project execution continues to deliver results. The Southeast Gateway pipeline project reached mechanical completion on January 20, 2025 with the final golden welds at Coatzacoalcos and Paraíso. The estimated final cost for the project is approximately US$3.9 billion, which is at the low end of our prior guidance of US$3.9 to US$4.1 billion and 13 per cent below our original cost estimate. We continue to be aligned with the CFE on finalizing the remaining project completion activities for achieving a May 1, 2025 in-service date. The Southeast Gateway project highlights the success of the CFE’s first public-private partnership with TC Energy. Bruce Power Unit 4 was removed from service on January 31, 2025 to commence its MCR program, with a return to service expected in 2028, and the Unit 3 MCR program continues to advance on plan for both cost and schedule. The Unit 5 MCR final cost and schedule estimate was submitted to the IESO on January 31, 2025. In 2024, approximately $7 billion of projects have been placed in service, including natural gas pipeline capacity projects along our extensive North American asset footprint, our share of equity contributions related to the Coastal GasLink pipeline, as well as progressing the Bruce Power life extension program. We continue to expect approximately $8.5 billion of projects to be placed in service in 2025, including the Southeast Gateway pipeline project.

    In November 2024, Coastal GasLink LP executed a commercial agreement with LNG Canada (LNGC) and LNGC Participants that declared commercial in-service for the pipeline, allowing for the collection of tolls from customers retroactive to October 1, 2024. In March 2022, we announced the signing of option agreements to sell up to a 10 per cent equity interest in Coastal GasLink LP to Indigenous communities across the project corridor, from our current 35 per cent equity ownership. The equity option is exercisable after commercial in-service of the Coastal GasLink pipeline, subject to customary regulatory approvals and consents, including the consent of LNGC. As a result of the commercial agreement with LNGC and LNGC Participants, which has allowed for an earlier commercial in-service than the LNGC plant, we are actively collaborating with the Indigenous communities to establish a mutually agreeable timeframe in which the option can be exercised.

    We continue to assess ongoing trade negotiations between the U.S., Canada and Mexico and potential impacts of proposed tariffs to our business and our customers. On February 3, 2025, a 30-day pause on potential tariffs was implemented which we believe will support increased engagement with North America’s leaders in order to reach an agreement that will benefit consumers across the continent. There is significant energy flow between the U.S., Canada and Mexico, including oil, gas, electricity, and uranium, making our energy markets highly interdependent. Our assets support this cross-border flow of natural gas to critical markets in the U.S. Northeast, Midwest and Pacific Northwest and we remain committed to providing competitive and reliable service to our customers on both sides of the border.

    Given 97 per cent of our comparable EBITDA is underpinned by regulated cost-of-service frameworks or take-or-pay negotiated contracts, we bear minimal commodity price or volumetric risk. As such, we do not anticipate any significant impact to our financial performance.

    The cost-of-service framework of our regulated Canadian Natural Gas Pipelines business, which transports natural gas to be exported to the U.S. by our shippers, provides TC Energy with protection in the event of higher cost and/or loss of volumes. Our Mexico Natural Gas Pipelines business primarily receives southern U.S. natural gas supply, transported for our customers for delivery into key demand markets in Mexico. We do not transport any natural gas from Mexico into the U.S. Our contracts in Mexico are U.S. dollar-denominated and based on long-term, take-or-pay agreements. In our Power and Energy Solutions business, our most significant contributor is Bruce Power, where more than 90 per cent of capital and resource costs are spent in Canada.

    We recognize prolonged tariffs could impact capital allocation decisions and we will allocate capital to the markets where the demand for energy continues to grow. We have the benefit of a diverse portfolio across three jurisdictions, along with opportunities in natural gas, nuclear and other power and energy solutions that provides flexibility in our capital allocation.

    Reinforced by the strength of our base business and the confidence in our future outlook, TC Energy’s Board of Directors approved a 3.3 per cent increase in the quarterly common share dividend to $0.85 per common share for the quarter ending March 31, 2025, equivalent to $3.40 per common share on an annualized basis. This is the twenty-fifth consecutive year the Board has raised the dividend.

    Teleconference and Webcast
    We will hold a teleconference and webcast on Friday, February 14, 2025 at 6:30 a.m. (MST) / 8:30 a.m. (EST) to discuss our fourth quarter 2024 financial results and Company developments. Presenters will include François Poirier, President and Chief Executive Officer; Sean O’Donnell, Executive Vice-President and Chief Financial Officer; and other members of the executive leadership team.

    Members of the investment community and other interested parties are invited to participate by calling 1-844-763-8274 (Canada/U.S.) or 1-647-484-8814 (International). No passcode is required. Please dial in 15 minutes prior to the start of the call. Alternatively, participants may pre-register for the call here. Upon registering, you will receive a calendar booking by email with dial in details and a unique PIN. This process will bypass the operator and avoid the queue. Registration will remain open until the end of the conference call.

    A live webcast of the teleconference will be available on TC Energy’s website at TC Energy — Events and presentations or via the following URL: https://www.gowebcasting.com/13928. The webcast will be available for replay following the meeting.

    A replay of the teleconference will be available two hours after the conclusion of the call until midnight EST on February 21, 2025. Please call 1-855-669-9658 (Canada/U.S.) or 1-412-317-0088 (International) and enter passcode 6438166.

    The audited annual consolidated financial statements and Management’s Discussion and Analysis (MD&A) are available on our website at www.TCEnergy.com and will be filed today under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

    About TC Energy
    We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to homes and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at www.TCEnergy.com.

    Forward-Looking Information
    This release contains certain information that is forward-looking and is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate” or other similar words. Forward-looking statements in this document may include, but are not limited to, statements related to Coastal GasLink and Southeast Gateway, including mechanical completion and expected in-service dates and related expected capital expenditures, expected comparable EBITDA and comparable earnings in total and per common share and the sources thereof, and targeted debt-to-EBITDA leverage metrics for 2025, expectations with respect to Indigenous investment, expectations with respect to Bruce Power, including Project 2030, expectations with respect to the approximate value of projects to be placed in-service in 2025, expectations with respect to our strategic priorities, including the expected impacts of the five-year negotiated revenue requirement settlement for the NGTL System, and the execution thereof, our sustainability commitments, expectations with respect to our ability to maximize the value of our assets through safety and operational excellence, expected cost and schedules for planned projects, including projects under construction and in development and the associated capital expenditures, expectations about our ability to execute our identified portfolio of growth projects and ensure financial strength and agility, our ability to deliver solid growth, low risk and repeatable performance, our expected net capital expenditures, including timing, and expected industry, market and economic conditions, and ongoing trade negotiations, including their expected impact on our business, customers and suppliers. Our forward-looking information is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements and future-oriented financial information in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and the 2024 Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov and the “Forward-looking information” section of our Report on Sustainability and our GHG Emissions Reduction Plan which are available on our website at www.TCEnergy.com.

    Non-GAAP and Supplementary Financial Measures
    This release contains references to the following non-GAAP measures: comparable EBITDA, comparable earnings, comparable earnings per common share and comparable funds generated from operations. It also contains references to debt-to-EBITDA, a non-GAAP ratio, which is calculated using adjusted debt and adjusted comparable EBITDA, each of which are non-GAAP measures. These non-GAAP measures do not have any standardized meaning as prescribed by GAAP and therefore may not be comparable to similar measures presented by other entities. These non-GAAP measures are calculated by adjusting certain GAAP measures for specific items we believe are significant but not reflective of our underlying operations in the period. These comparable measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable except as otherwise described in the Condensed consolidated financial statements and MD&A. Refer to: (i) each business segment and the discontinued operations section for a reconciliation of comparable EBITDA to segmented earnings (losses); (ii) Consolidated results section and the discontinued operations section for reconciliations of comparable earnings and comparable earnings per common share to Net income attributable to common shares and Net income per common share, respectively; and (iii) Financial condition section for a reconciliation of comparable funds generated from operations to Net cash provided by operations. Refer to the Non-GAAP Measures section of the MD&A in our most recent quarterly report for more information about the non-GAAP measures we use. The MD&A is included with, and forms part of, this release. The MD&A can be found on SEDAR+ at www.sedarplus.ca under TC Energy’s profile.

    With respect to non-GAAP measures used in the calculation of debt-to-EBITDA, adjusted debt is defined as the sum of Reported total debt, including Notes payable, Long-term debt, Current portion of long-term debt and Junior subordinated notes, as reported on our Consolidated balance sheet as well as Operating lease liabilities recognized on our Consolidated balance sheet and 50 per cent of Preferred shares as reported on our Consolidated balance sheet due to the debt-like nature of their contractual and financial obligations, less Cash and cash equivalents as reported on our Consolidated balance sheet and 50 per cent of Junior subordinated notes as reported on our Consolidated balance sheet due to the equity-like nature of their contractual and financial obligations. Adjusted comparable EBITDA is calculated as the sum of comparable EBITDA from continuing operations and comparable EBITDA from discontinued operations excluding Operating lease costs recorded in Plant operating costs and other in our Consolidated statement of income and adjusted for Distributions received in excess of (income) loss from equity investments as reported in our Consolidated statement of cash flows which we believe is more reflective of the cash flows available to TC Energy to service our debt and other long-term commitments. We believe that debt-to-EBITDA provides investors with useful information as it reflects our ability to service our debt and other long-term commitments. See the Reconciliation section for reconciliations of adjusted debt and adjusted comparable EBITDA for the years ended December 31, 2022, 2023 and 2024.

    This release contains references to net capital expenditures, which is a supplementary financial measure. Net capital expenditures represent capital costs incurred for growth projects, maintenance capital expenditures, contributions to equity investments and projects under development, adjusted for the portion attributed to non-controlling interests in the entities we control. Net capital expenditures reflect capital costs incurred during the period, excluding the impact of timing of cash payments. We use net capital expenditures as a key measure in evaluating our performance in managing our capital spending activities in comparison to our capital plan.

    Reconciliation
    The following is a reconciliation of adjusted debt and adjusted comparable EBITDAi.

      year ended December 31
    (millions of Canadian $) 2024     2023     2022  
               
    Reported total debt 59,366     63,201     58,300  
    Management adjustments:          
    Debt treatment of preferred sharesii 1,250     1,250     1,250  
    Equity treatment of junior subordinated notesiii (5,524 )   (5,144 )   (5,248 )
    Cash and cash equivalents (801 )   (3,678 )   (620 )
    Operating lease liabilities 511     457     430  
    Adjusted debt 54,802     56,086     54,112  
               
    Comparable EBITDA from continuing  operationsiv 10,049     9,472     8,483  
    Comparable EBITDA from discontinued operationsiv 1,145     1,516     1,418  
    Operating lease cost 117     105     95  
    Distributions received in excess of (income) loss from equity investments 67     (123 )   (29 )
    Adjusted Comparable EBITDA 11,378     10,970     9,967  
               
    Adjusted Debt/Adjusted Comparable EBITDAi 4.8     5.1     5.4  
    1. Adjusted debt and adjusted comparable EBITDA are non-GAAP measures. The calculations are based on management methodology. Individual rating agency calculations will differ.
    2. 50 per cent debt treatment on $2.5 billion of preferred shares as of December 31, 2024.
    3. 50 per cent equity treatment on $11.0 billion of junior subordinated notes as of December 31, 2024. U.S. dollar-denominated notes translated at December 31, 2024, USD/CAD foreign exchange rate of 1.44.
    4. Comparable EBITDA from continuing operations and Comparable EBITDA from discontinued operations are non-GAAP financial measures. See the Forward-looking information and Non-GAAP measures sections in our 2024 Annual Report for more information. Comparable EBITDA from discontinued operations represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section in our 2024 Annual Report for additional information.

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403.920.7859 or 800.608.7859

    Investor & Analyst Inquiries:        
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403.920.7911 or 800.361.6522

    Download full report here: https://www.tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2024/tce-2024-q4-quarterly-report.pdf

    ________________________
    1 Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures used throughout this news release and are applicable to each of our continuing operations and discontinued operations. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measures are Segmented earnings, Net income attributable to common shares and Net income per common share, respectively. We do not forecast Segmented earnings. For more information on non-GAAP measures, refer to the Non-GAAP measures section of this news release.
    2 Net capital expenditures are adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure used throughout this news release. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measures sections of this news release.
    3 Debt-to-EBITDA is a non-GAAP ratio. Adjusted debt and adjusted comparable EBITDA are non-GAAP measures used to calculate debt-to-EBITDA. For more information on non-GAAP measures, refer to the non-GAAP measures of this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies.

    The MIL Network –

    February 15, 2025
  • MIL-OSI: TC Energy declares quarterly dividends

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 14, 2025 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) announced that its Board of Directors (Board) has declared a quarterly dividend of $0.85 per common share for the quarter ending March 31, 2025, on the Company’s outstanding common shares. The common share dividend is payable on April 30, 2025, to shareholders of record at the close of business on March 31, 2025.

    The Board also declared quarterly dividends on the outstanding Cumulative First Preferred Shares as follows:

    • For the period up to but excluding March 31, 2025, payable on March 31, 2025, to shareholders of record at the close of business on Feb. 28, 2025:
      • Series 1 (TRP.PR.A) – $0.3086875 per share
      • Series 2 (TRP.PR.F) – $0.3329282 per share
      • Series 3 (TRP.PR.B) – $0.105875 per share
      • Series 4 (TRP.PR.H) – $0.2934774 per share
    • For the period up to but excluding April 30, 2025, payable on April 30, 2025, to shareholders of record at the close of business on March 31, 2025:
      • Series 5 (TRP.PR.C) – $0.1218125 per share
      • Series 6 (TRP.PR.I) – $0.2889247 per share
      • Series 7 (TRP.PR.D) – $0.3740625 per share
      • Series 9 (TRP.PR.E) – $0.3175 per share
      • Series 10 (TRP.PR.L) – $0.3388562 per share

    These dividends are designated by TC Energy to be eligible dividends for purposes of the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.

    Common shares purchased with reinvested cash dividends under TC Energy’s Dividend Reinvestment and Share Purchase Plan (DRP) will be acquired on the Toronto Stock Exchange at 100 per cent of the weighted average purchase price. The DRP is available for dividends payable on TC Energy’s common and preferred shares.

    About TC Energy
    We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to homes and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

    FORWARD-LOOKING INFORMATION
    This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

    -30-

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403-920-7859 or 800-608-7859

    Investor & Analyst Inquiries:
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403-920-7911 or 800-361-6522

    PDF Available: http://ml.globenewswire.com/Resource/Download/4540a2e7-8ab4-47f0-aab2-11d081301941

    The MIL Network –

    February 15, 2025
  • MIL-OSI Economics: RBI to conduct 4-day Variable Rate Repo (VRR) auction under LAF on February 17, 2025

    Source: Reserve Bank of India

    On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on February 17, 2025, Monday, as under:

    Sl. No. Notified Amount
    (₹ crore)
    Tenor (day) Window Timing Date of Reversal
    1 75,000 4 11:00 AM to 11:30 AM February 21, 2025
    (Friday)

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

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

    Ajit Prasad           
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2169

    MIL OSI Economics –

    February 15, 2025
  • MIL-OSI Economics: Fannie Mae Reports Net Income of $17.0 Billion for 2024 and $4.1 Billion for Fourth Quarter 2024

    Source: Fannie Mae

    WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today reported its fourth quarter and full-year 2024 financial results and filed its 2024 Form 10-K with the Securities and Exchange Commission. The filing provides consolidated financial statements for the year ended December 31, 2024. The following documents are now available on Fannie Mae’s website at www.fanniemae.com.

    Fannie Mae has scheduled a conference call to discuss the company’s results today at 8:00 a.m., ET. Participants may join the conference call in listen-only mode via the webcast link below.

    Listen-only webcast:
    https://event.webcasts.com/starthere.jsp?ei=1704775&tp_key=159ba11bd8 
    Click on the link above to attend the presentation from your laptop, tablet, or mobile device. Audio will stream through your selected device. If you have difficulty accessing the webcast, please click the “Listen by Phone” button on the webcast player and dial the number provided.

    MIL OSI Economics –

    February 15, 2025
  • MIL-OSI Russia: Rosneft volunteers develop a culture of book giving throughout Russia

    Translartion. Region: Russians Fedetion –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    Rosneft enterprises across the country took part in the all-Russian campaign “Give books with love”, which was timed to coincide with International Book Giving Day, celebrated annually on February 14.

    As part of the campaign, the Company’s volunteers traditionally donate printed publications to city and rural libraries, museums, educational and medical institutions. Over the years of participating in the initiative, oil workers have enriched literary collections with thousands of various publications, including encyclopedic, popular science and fiction books.

    In the year of the 80th anniversary of the Victory in the Great Patriotic War, special attention is paid to works dedicated to the heroes and battles of those years. For example, Tyumenneftegaz supported the publication of Sergei Polonsky’s book – “9 Great Battles of 1941-1945”, containing many historical facts, maps, photographs, which helps to preserve the memory of those events and the price of the Victory of the Soviet people over fascism.

    Volunteers of the Samara group of companies “Rosneft” have been participating in the campaign for more than 5 years. “Samaraneftegaz” donated printed publications to the library of the village of Osinki, whose collection is more than 16 thousand copies, adding literature of various genres, including colorful illustrated encyclopedias in 32 volumes.

    Activists of the Kuibyshevsky Oil Refinery handed over 100 books to the pupils of the Samara boarding school No. 136 for children with disabilities. The Novokuibyshevsky Oil Refinery handed over two hundred new publications to the library of the city social hotel, where parents with children in difficult life situations are temporarily accommodated. Employees of the Syzran Oil Refinery presented books to patients of the pediatric department and the pediatric surgery department of the Syzran hospital.

    Volunteers from the Saratov Oil Refinery donated about 200 books on various topics to the library of the Sokolovy workers’ settlement.

    RN-Vankor volunteers donated children’s publications to the wards of the Regional Family and Children’s Center, and also provided libraries at production sites with literature. Orenburgneft employees donated the collected books to children undergoing treatment in the children’s department of the city hospital in Buzuluk, as well as to residents of the local Obereg charity home.

    Udmurtneft employees brought literature for extracurricular reading, development of creative abilities, collections of fairy tales, picture books and encyclopedias to general education institutions, kindergartens and boarding schools.

    The company’s enterprises also hold an annual book exchange campaign. For example, employees of RN-North-West collect both new books and those that have already been read in a special terminal located in the enterprise’s office. This year, they collected more than 300 books, which will be transferred to rural libraries in the Leningrad Region.

    For the holiday, Sakhalinmorneftegaz-Shelf donated several hundred copies of books collected by the Sakhalin-1 project workers to the Sakhalin Regional Universal Scientific Library. Some of the publications are in foreign languages. This will be a great help to readers who want to gain more knowledge about international literature in the original.

    Volunteering is an important element of Rosneft’s corporate culture. The Company implements the Good Deeds Platform program, within the framework of which employees provide assistance to families and children in difficult life situations, provide targeted assistance to veterans, and also conduct patriotic, environmental education and other events.

    Department of Information and Advertising of PJSC NK Rosneft February 14, 2025

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

    MIL OSI Russia News –

    February 15, 2025
  • MIL-OSI: 180 Degree Capital Corp. Reports Net Asset Value Per Share (“NAV”) of $4.64 as of December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    MONTCLAIR, N.J., Feb. 14, 2025 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (NASDAQ:TURN) (“180 Degree Capital” and the “Company”), today reported its financial results as of December 31, 2024, and noted additional developments from the first quarter of 2025. The Company also published a letter to shareholders that can be viewed at https://ir.180degreecapital.com/financial-results.

    “We were pleased with our performance in Q4 2024 relative to the majority of our public market comparable indices,” said Kevin M. Rendino, Chief Executive Officer of 180 Degree Capital. “While our full year performance was disappointing, Q1 2025 has thus far continued and exceeded our strong performance exiting 2024. Our gross total return of +205% from inception through the end of 2024 continues to compare favorably to the +69% total return for the Russell Microcap Index.1 We are also incredibly proud and excited for our recent announcement of the signing of a definitive agreement for 180 Degree Capital to enter into a business combination (the “Business Combination”) with Mount Logan Capital Inc. (“Mount Logan”). For those of you who have not had a chance to listen to our joint call with the team from Mount Logan or review the presentation deck that summarizes the proposed transaction, both can be found at https://ir.180degreecapital.com/ir-calendar/detail/2908/180-degree-capital-and-mount-logan-capital-proposed-merger. We expect to file a registration statement and included joint proxy statement/prospectus with the Securities and Exchange Commission (the “SEC”) soon. This document will give us the opportunity to speak more extensively with our shareholders about the proposed Business Combination and what we believe are its significant benefits for all shareholders. The proxy will also describe the process that led to our Board’s unanimous approval of it.”

    “This proposed transaction is not the end of 180 Degree Capital,” continued Daniel B. Wolfe, President of 180 Degree Capital. “We believe this Business Combination is the logical next step in our evolution. It is also an opportunity that is not afforded commonly to closed-end funds, particularly since we believe most have limited differentiation. We believe there are clear reasons why 180 Degree Capital has this truly unique opportunity to combine with an asset manager and to transition to an operating company. We are not the only ones who understand the potential for value creation from this Business Combination. Some of our largest shareholders have signed either voting agreements or non-binding indications of support, that when combined with ownership of management and our Board, account for approximately 27% of our outstanding shares in the aggregate. We appreciate the time and consideration these shareholders spent to understand the merits of this proposed Business Combination and their support for it.”

    Mr. Rendino added, “I, as the largest individual shareholder of 180 Degree Capital, and Daniel as a top-ten shareholder, could not be more excited about the future of the combined entity. We believe the proposed Business Combination to be the best opportunity to build value for all shareholders of 180 Degree Capital. We believe strongly in the future of the combined entity under the leadership of Ted Goldthorpe and his colleagues. I have been an investor in the public markets for 35 years, during which investors entrusted me with billions of dollars of capital. We are interested in building true value for shareholders over the short and long term. We believe this combination achieves both of these objectives.”

    The table below summarizes 180 Degree Capital’s performance over periods of time through the end of Q4 20241:

      Quarter 1 Year 5 Year Inception to Date
      Q4 2024 Q4 2023-
    Q4 2024
    Q4 2019-
    Q4 2024
    Q4 2016-
    Q4 2024
    TURN Public Portfolio Gross Total Return (Excluding SMA Carried Interest) 7.8 % 1.0 % -10.8 % 185.7 %
    TURN Public Portfolio Gross Total Return (Including SMA Carried Interest) 7.8 % 1.0 % -4.8 % 204.5 %
             
    Change in NAV 5.5 % -7.6 % -49.5 % -33.9 %
             
    Change in Stock Price 8.7 % -10.5 % -43.1 % -11.4 %
             
    Russell Microcap Index 5.9 % 13.7 % 39.8 % 68.5 %
    Russell Microcap Growth Index 14.7 % 22.5 % 28.2 % 57.6 %
    Russell Microcap Value Index 4.3 % 9.7 % 49.3 % 77.8 %
    Russell 2000 Index 0.3 % 11.5 % 42.7 % 82.7 %
    Lipper Peer Group 1.6 % 10.8 % 52.5 % 81.8 %


    About 180 Degree Capital Corp.

    180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 Degree Capital and its holdings can be found on its website at www.180degreecapital.com.

    Press Contact:
    Daniel B. Wolfe
    Robert E. Bigelow
    180 Degree Capital Corp.
    973-746-4500
    ir@180degreecapital.com

    Additional Information and Where to Find It

    In connection with the proposed Business Combination, 180 Degree Capital intends to file with the SEC and mail to its shareholders a proxy statement on Schedule 14A (the “Proxy Statement”), containing a form of WHITE proxy card. In addition, the surviving Delaware corporation, Mount Logan Capital Inc. (“New Mount Logan”) plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) that will register the exchange of New Mount Logan shares in the Business Combination and include the Proxy Statement and a prospectus of New Mount Logan (the “Prospectus”). The Proxy Statement and the Registration Statement (including the Prospectus) will each contain important information about 180 Degree Capital, Mount Logan, New Mount Logan, the Business Combination and related matters. SHAREHOLDERS OF 180 DEGREE CAPITAL AND MOUNT LOGAN ARE URGED TO READ THE PROXY STATEMENT AND PROSPECTUS CONTAINED IN THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE APPLICABLE SECURITIES REGULATORY AUTHORITIES AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT 180 DEGREE CAPITAL, MOUNT LOGAN, NEW MOUNT LOGAN, THE BUSINESS COMBINATION AND RELATED MATTERS. Investors and security holders may obtain copies of these documents and other documents filed with the applicable securities regulatory authorities free of charge through the website maintained by the SEC at https://www.sec.gov and the website maintained by the Canadian securities regulators at www.sedarplus.ca. Copies of the documents filed by 180 Degree Capital are also available free of charge by accessing 180 Degree Capital’s investor relations website at https://ir.180degreecapital.com.

    Certain Information Concerning the Participants

    180 Degree Capital, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the Business Combination. Information about 180 Degree Capital’s executive officers and directors is available in 180 Degree Capital’s Annual Report filed on Form N-CSR for the year ended December 31, 2024, which was filed with the SEC on February 13, 2025, and in its proxy statement for the 2024 Annual Meeting of Shareholders (“2024 Annual Meeting”), which was filed with the SEC on March 1, 2024. To the extent holdings by the directors and executive officers of 180 Degree Capital securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at https://www.sec.gov. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the 180 Degree Capital shareholders in connection with the Business Combination will be contained in the Proxy Statement when such document becomes available.

    Mount Logan, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Mount Logan in favor of the approval of the Business Combination. Information about Mount Logan’s executive officers and directors is available in Mount Logan’s annual information form dated March 14, 2024, available on its website at https://mountlogancapital.ca/investor-relations and on SEDAR+ at https://sedarplus.ca. To the extent holdings by the directors and executive officers of Mount Logan securities reported in Mount Logan’s annual information form have changed, such changes have been or will be reflected on insider reports filed on SEDI at https://www.sedi.ca/sedi/. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Mount Logan shareholders in connection with the Business Combination will be contained in the Prospectus included in the Registration Statement when such document becomes available.

    Non-Solicitation

    This letter and the materials accompanying it are not intended to be, and shall not constitute, an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

    Forward-Looking Statements

    This letter and the materials accompanying it, and oral statements made from time to time by representatives of 180 Degree Capital and Mount Logan, may contain statements of a forward-looking nature relating to future events within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would,” “forecasts,” “seeks,” “future,” “proposes,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions). Forward-looking statements are not statements of historical fact and reflect Mount Logan’s and 180 Degree Capital’s current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the Business Combination involving Mount Logan and 180 Degree Capital, including future financial and operating results, Mount Logan’s and 180 Degree Capital’s plans, objectives, expectations and intentions, the expected timing and likelihood of completion of the Business Combination, and other statements that are not historical facts, including but not limited to future results of operations, projected cash flow and liquidity, business strategy, payment of dividends to shareholders of New Mount Logan, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this press release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the ability to obtain the requisite Mount Logan and 180 Degree Capital shareholder approvals; the risk that Mount Logan or 180 Degree Capital may be unable to obtain governmental and regulatory approvals required for the Business Combination (and the risk that such approvals may result in the imposition of conditions that could adversely affect New Mount Logan or the expected benefits of the Business Combination); the risk that an event, change or other circumstance could give rise to the termination of the Business Combination; the risk that a condition to closing of the Business Combination may not be satisfied; the risk of delays in completing the Business Combination; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the Business Combination may not be fully realized or may take longer to realize than expected; the risk that any announcement relating to the Business Combination could have adverse effects on the market price of Mount Logan’s common stock or 180 Degree Capital’s common stock; unexpected costs resulting from the Business Combination; the possibility that competing offers or acquisition proposals will be made; the risk of litigation related to the Business Combination; the risk that the credit ratings of New Mount Logan or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the Business Combination; the risk of adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Business Combination; competition, government regulation or other actions; the ability of management to execute its plans to meet its goals; risks associated with the evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions; natural and man-made disasters; civil unrest, pandemics, and conditions that may result from legislative, regulatory, trade and policy changes; and other risks inherent in Mount Logan’s and 180 Degree Capital’s businesses. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Readers should carefully review the statements set forth in the reports, which 180 Degree Capital has filed or will file from time to time with the SEC and Mount Logan has filed or will file from time to time on SEDAR+.

    Neither Mount Logan nor 180 Degree Capital undertakes any obligation, and expressly disclaims any obligation, to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The references and link to the website www.180degreecapital.com and mountlogancapital.ca have been provided as a convenience, and the information contained on such websites are not incorporated by reference into this press release. Neither 180 Degree Capital nor Mount Logan is responsible for the contents of third-party websites.

    1. Past performance is not an indication or guarantee of future performance. Gross unrealized and realized total returns of 180 Degree Capital’s cash and securities of publicly traded companies are compounded on a quarterly basis, and intra-quarter cash flows from investments in or proceeds received from privately held investments are treated as inflows or outflows of cash available to invest or withdrawn, respectively, for the purposes of this calculation. 180 Degree Capital is an internally managed registered closed-end fund that has a portion of its assets in legacy privately held companies that are fair valued on a quarterly basis by the Valuation Committee of its Board of Directors, and 180 Degree Capital does not have an external manager that is paid fees based on assets and/or returns. Please see 180 Degree Capital’s filings with the SEC, including its 2024 Annual Report on Form N-CSR for information on its expenses and expense ratios.

    The MIL Network –

    February 15, 2025
  • MIL-OSI: Barnwell Industries, Inc. Reports Results for its First Quarter Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    HONOLULU, Feb. 14, 2025 (GLOBE NEWSWIRE) — Barnwell Industries, Inc. (NYSE American: BRN) today reported financial results for its first quarter ended December 31, 2024. For the quarter, the Company had revenue of $4,477,000 and a net loss of $1,917,000 or $0.19 per share. In the three months ended December 31, 2023, the Company reported quarterly revenue of $6,155,000 and a net loss of $664,000 or $0.07 per share. The Company remains debt free and ended the quarter with $642,000 in working capital, including $1,957,000 in cash and cash equivalents.

    Oil and Gas Prices and Production

    During the three months ended December 31, 2024, oil, gas and natural gas liquids prices decreased 2%, 40% and 8%, respectively, compared to the prior year’s quarter. Additionally, oil, gas and natural gas liquids production decreased 17%, 21% and 17%, respectively, for the three months ended December 31, 2024, compared to the prior year’s quarter. The decreases in production are primarily the result of natural declines as the wells age. The production decreases were also partially due to properties sold and certain wells that were temporarily shut-in for workovers. The Company’s latest Canadian well drilled, which is 100%-owned and operated, started producing in mid-September 2024 and contributed approximately 107 net barrels of equivalent per day for a total of approximately 10,000 net barrels of equivalent during the three months ended December 31, 2024.

    Non-Cash Impairment, foreign currency loss

    The net loss for the three months ended December 31, 2024, was due in part to a $613,000 non-cash impairment of our US oil and natural gas properties during the current quarter. This impairment is largely due to the changing rolling average first-day-of-the-month prices used in the ceiling test calculation. Additionally, the loss was due in part to a $351,000 foreign currency loss recorded in the current year period as compared to a $126,000 gain in the prior year period due to the weakening of the Canadian dollar against the U.S. dollar.

    Reduction in General and Administrative Expenses

    General and administrative expenses decreased $123,000, 9%, for the three months ended December 31, 2024, primarily due to a decrease in professional fees in the current year period as compared to the prior year period.

    Contract Drilling Segment

    Our contract drilling segment entered into an agreement during the quarter to sell a drilling rig and related ancillary equipment for proceeds of $585,000, which will close on the sale in the second quarter ending March 31, 2025. The Company received payment of the purchase price in the quarter ended December 31, 2024.

    In the coming months, the Company will move forward with appropriate strategic, business and financial alternatives for Water Resources which may include, among other things, a sale of its stock or assets, or an orderly wind-down of its operations and liquidation of equipment.

    Summary and Outlook

    Craig D. Hopkins, CEO, stated, “A potential proxy contest in the near term could harm the company’s liquidity and hinder investment and growth opportunities. This is particularly concerning, as we have valuable oil and gas assets with significant potential. Our new well is performing as anticipated, and we are well-positioned to drill two additional wells from the same pad once sufficient capital is secured. The planned wind-down of our contract drilling business will help refocus our efforts and reduce fixed costs in the coming quarters. We are also actively seeking ways to further reduce costs and enhance profitability. With a streamlined cost structure, Barnwell will be positioned to invest more aggressively in operations and deliver the growth our shareholders deserve.

    “Regarding the potential proxy contest and board operations, I have found all current board members to be collaborative and constructive in supporting my efforts to improve Barnwell’s financial performance. Given the forgoing, I am surprised by the prospect of a contested election.”

    The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.

    COMPARATIVE RESULTS
    (Unaudited)
      Three months ended
    December 31,
        2024       2023  
           
    Revenues $ 4,477,000     $ 6,155,000  
           
    Net loss attributable to Barnwell Industries, Inc. $ (1,917,000 )   $ (664,000 )
           
    Net loss per share – basic and diluted $ (0.19 )   $ (0.07 )
           
    Weighted-average shares and      
    equivalent shares outstanding:      
    Basic and diluted                   10,047,173       9,996,760  
    CONTACT:   Craig D. Hopkins
    Chief Executive Officer and President

    Phone: (403) 531-1560
    Email: info@bocl.ca

    The MIL Network –

    February 15, 2025
  • MIL-OSI: Gravity Reports Preliminary Unaudited 4Q 2024 Results and Business Updates

    Source: GlobeNewswire (MIL-OSI)

    Seoul, South Korea, Feb. 14, 2025 (GLOBE NEWSWIRE) — GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or “Company”), a developer and publisher of online and mobile games based in South Korea, today announced its unaudited financial results for the fourth quarter ended December 31, 2024, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and business updates.

    PRELIMINARY UNAUDITED FOURTH QUARTER 2024 FINANCIAL RESULTS

    Tentative consolidated revenue for the fourth quarter of 2024 is KRW 130 billion, and tentative consolidated operating profit is KRW 16 billion.

    The preliminary fourth quarter of 2024 result is mainly attributed by increased revenues from THE RAGNAROK launched in Southeast Asia on October 31, 2024, Ragnarok: Rebirth launched in Taiwan, Hong Kong and Macau on October 31, 2024, and Ragnarok X: Next Generation launched in Japan on November 20, 2024. Tentative consolidated revenue for the fourth quarter of 2024 represented a 1.3% increase in QoQ and a 10.7% decrease in YoY.

    Unaudited preliminary consolidated revenue for 2024 is KRW 501 billion, and the operating profit is KRW 85 billion.

    The preliminary 2024 figures are unaudited and subject to revision. Final result for the fourth quarter and year ended December 31, 2024 will be provided by our annual report for the fiscal year ended December 31, 2024 on Form 20-F.

    Liquidity

    The balance of cash and cash equivalents and short-term financial instruments was KRW 553,202 million as of December 31, 2024.

    GRAVITY BUSINESS UPDATES

    Two Ragnarok IP-based Games Received ISBN Codes in China

    Ragnarok: Back to Glory (Ragnarok: Rebirth, Chinese title: 仙境传说:重生) and PROJECT ABYSS (Chinese title:  仙境传说:初心) have received ISBN codes from the Chinese government on December 24, 2024 and January 21, 2025, respectively.

    Ragnarok Online IP-based Games

    • THE RAGNAROK, an MMORPG Mobile and PC game

    THE RAGNAROK was officially launched in Southeast Asia on October 31, 2024.

    • Ragnarok in Wonderland, a Casual Healing Tycoon Mobile game

    Ragnarok in Wonderland was officially launched in Korea on December 4, 2024.

    • Ragnarok Classic, an MMORPG PC game

    Ragnarok Classic was officially launched in Indonesia on December 5, 2024.

    • Ragnarok Begins (Chinese Title: RO 仙境傳說:一定要可愛), an Action Side-Scrolling MMORPG Mobile and PC game

    Ragnarok Begins (Chinese Title: RO 仙境傳說:一定要可愛) was officially launched in Taiwan, Hong Kong and Macau on February 13, 2025.

    • Ragnarok M: Classic, an MMORPG Mobile game

    Ragnarok M: Classic, a renewal version of Ragnarok M: Eternal Love, is officially launched in Southeast Asia on February 14, 2025, and is underway for its launch in Taiwan, Hong Kong and Macau in the first half of 2025.

    • Ragnarok 3, an MMORPG Mobile and PC game

    Ragnarok 3, the new sequel game of Ragnarok Online, is being prepared to be launched in Global within 2026.

    • Ragnarok X: Next Generation, an MMORPG Mobile and PC game

    Ragnarok X: Next Generation was officially launched in Japan on November 20, 2024 with preparations underway for its launch in North, Central, and South America and Europe in the first half of 2025.

    • Ragnarok V: Returns, a 3D MMORPG Mobile and PC game

    Ragnarok V: Returns will be officially launched in all nations of Southeast Asia in March 2025.

    • Ragnarok M: Eternal Love 2, an MMORPG Mobile and PC Game

    Ragnarok M: Eternal Love 2, the next generation new sequel game of Ragnarok M: Eternal Love, is on development.

    • Ragnarok Crush, a Puzzle and Tower Defense Mobile game

    Ragnarok Crush will be launching in Global except for China and Japan in the third quarter of 2025.

    • Ragnarok: Back to Glory (Ragnarok: Rebirth), an MMORPG Mobile game

    Ragnarok: Back to Glory (Ragnarok: Rebirth) will be re-launched in Southeast Asia and launched in Korea, in the second quarter of 2025.

    • Ragnarok Idle Adventure Plus, an MMORPG Mobile game

    Ragnarok Idle Adventure Plus is underway for its launch in Global except for Taiwan, Hong Kong, Macau, China, Korea and Japan in February 2025 and in Taiwan, Hong Kong and Macau in the first half of 2025.

    • Ragnarok Promised Adventure (tentative English title), an MMORPG Mobile game

    Ragnarok Promised Adventure (tentative English title) is scheduled to be launched within 2025.

    • Ragnarok Online, an MMORPG PC game

    Ragnarok Online is scheduled to be direct-serviced in Latin America in the second quarter of 2025.

    • Ragnarok Landverse, an MMORPG Blockchain and PC game

    Ragnarok Landverse Genesis, a global new server onboarding in RONIN platform, will be released in Global in March, 2025.
    Ragnarok Landverse will be launched in Vietnam in the first half of 2025 and in Latin America in the second half of 2025. Ragnarok Landverse launching in Vietnam is a PC game without Blockchain.

    Other IP-based games

    • TOKYO PSYCHODEMIC, a 2D Cinematic Profiling Adventure PC and Console game

    TOKYO PSYCHODEMIC was officially launched in Global on November 28, 2024.

    • KAMiBAKO, a World Craft RPG PC and Console game

    KAMiBAKO was officially launched in Global on January 30, 2025.

    • Heroes Gambit, a Strategic Card Battle Mobile game

    Heroes Gambit will be launched in Global in the first half of 2025.

    • Scorp Hero, a Character Collecting RPG Mobile game

    Scorp Hero is underway for its launch in Japan within 2025.

    • Snow Brothers 2 Special, an Action and Platformer PC and Console game

    Snow Brothers 2 Special will be launched in Global in April 2025.

    • Gunbound an MMO Turn-Based Artillery PC game

    Gunbound will be launched in Southeast Asia and Latin America in the first half of 2025.

    • Dragonica New Origin, an MMORPG PC game

    Dragonica New Origin will be launched in Southeast Asia in May 2025.

    Expansion of Other IP business

    Gravtiy Co., Ltd. has signed a publishing agreement of Nobunaga’s Ambition: The Road to the World (tentative English title), a simulation mobile game based on Nobunaga‘s IP, in Japan with Kingnet Technology (HK) Limited.

    Investor Presentation

    Gravity issued an investor presentation. The presentation contains the Company’s recent business updates, results of the fourth quarter in 2024 and Gravity’s business plan. The presentation can be found on the Company’s website under the IR Archives section at https://www.gravity.co.kr/en/ir/updates. Korean and Japanese versions of the presentation are also provided on the website.

    About GRAVITY Co., Ltd. —————————————————
    Gravity is a developer and publisher of online and mobile games. Gravity’s principal product, Ragnarok Online, is a popular online game in many regions, including Japan and Taiwan, and is currently commercially offered in 91 regions. For more information about Gravity, please visit http://www.gravity.co.kr.

    Forward-Looking Statements:

    Certain statements in this press release may include, in addition to historical information, “forward-looking statements” within the meaning of the “safe-harbor” provisions of the U.S. Private Securities Litigation Reform Act 1995. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe”, “project,” or “continue” or the negative thereof or other similar words, although not all forward-looking statements contain these words. Investors should consider the information contained in our submissions and filings with the United States Securities and Exchange Commission (the “SEC”), including our annual report for the fiscal year ended December 31, 2024 on Form 20-F, together with such other documents that we may submit to or file with the SEC from time to time, on Form 6-K. The forward-looking statements speak only as of this press release and we assume no duty to update them to reflect new, changing or unanticipated events or circumstances.

    Contact:

    Mr. Heung Gon Kim
    Chief Financial Officer
    Gravity Co., Ltd.
    Email: kheung@gravity.co.kr

    Ms. Jin Lee
    Ms. Yujin Oh
    IR Unit
    Gravity Co., Ltd.
    Email: ir@gravity.co.kr
    Telephone: +82-2-2132-7800

    The MIL Network –

    February 15, 2025
  • MIL-OSI Europe: ASIA/SOUTH KOREA – Father Vincenzo and the wounds of Christ on the outskirts of Seoul

    Source: Agenzia Fides – MIL OSI

    by Pascale RizkSeongnam (Agenzia Fides) – Free love is disarming and it endures over time. This is what his father Angelo said on the day his son Vincenzo became a Catholic priest in April 1987: “Just as gold does not change over time, so too will our love for you remain.” Father Vincenzo Bordo, missionary of the Oblates of Mary Immaculate, still loves with the same love “to the end”. He has done this since he arrived in South Korea, which will be 35 years ago next May.In South Korea today everyone knows the “strange foreigner” by the name of Kim Ha-jong Shinbunim. He grew up in the Viterbo area, with the solid human temperament of a farmer, animated by the strong desire to “love and serve the last” since he was a boy.Fascinated by the Orient and oriental studies, he set off for Korea with his confrere Father Mauro Concardi. Today he can often be found in “Anna’s House” in Seongnam City, the second largest city after Suwon in the Gyeonggi-do province in the suburbs of Seoul, about 28 km from the center of the metropolis.The area has long been an ideal place for the homeless: close to a large market and in the middle of a nerwork of subways and bus lines that made it easier for them to get around. That is why he started his work there, which he continues with a clear view and a work apron. Korea between past and presentThe Korea that welcomed him three decades ago is no longer the same. Impressive economic development, rapid change, international tensions and even political unrest in recent times. “When I arrived here, the most commonly used word in Korean was 우리 (we). Our family,’ ‘our community,’ ‘our church,’ ‘our homeland,’ ‘our neighborhood.’ The feeling of belonging was very strong. Today, the most used word is ‘I,’” says Father Bordo, adding: “We have gone from a very strong community dimension, sometimes even too strong, to an egocentric ‘I’ in an egocentric city. The society that was used to taking care of relatives, parents, the community has become a society where a person dies in the neighborhood and you do not know it because the number of people living alone is increasing dramatically.”Compared to when he came to Korea, the beggars have disappeared. The “new poverty” manifests itself in the lives of those who “don’t have an intelligent, complex, articulate mind” and are unable to keep up with the “modern, rich, fast, intelligent, diverse and complex” society, explains Father Vincenzo.When it is time for dinner, he is amazed at how many people in their 50s come and line up to eat. “Apart from the pensions paid by big companies like Samsung or Hyundai,” says Father Vincenzo, “in the 1990s there was no form of social security for people. Today there is a minimum pension, a system to support people in serious difficulties and even a minimum guarantee of health care.”

    MIL OSI Europe News –

    February 15, 2025
  • MIL-OSI United Kingdom: UK targets Putin’s inner circle with new sanctions

    Source: United Kingdom – Executive Government & Departments

    New British sanctions target high profile figures working in the Russian Government and supporters of Russian state-owned business.

    • UK sanctions several high-profile individuals with links to Putin’s inner circle in latest crackdown on the Kremlin.  
    • Russia’s war machine further constrained by British sanctions, bolstering UK’s national security and delivering on the Plan for Change. 
    • Foreign Secretary will also urge partners to act to smash illicit people-smuggling gangs driving irregular migration.

    Nearly a year on from the death of Alexei Navalny, the UK has imposed new sanctions against people with links to Putin’s inner circle in a crackdown on the Kremlin.

    Today’s sanctions target high-profile figures working in the Russian Government, including Pavel Fradkov, a Russian Defence Minister and Vladimir Selin, who heads up an arm of the Russian Ministry of Defence. They also target Artem Chaika, whose extractives company supports Russian state-owned business.

    All three of these targets are also on the Navalny 50’ anti-corruption list. The UK is also sanctioning two entities linked to Russia’s nuclear energy giant Rosatom, which are supporting Russia’s military activity on the battlefield in Ukraine.    

    The measures come as the Foreign Secretary attends the Munich Security Conference where he will meet Yulia Navalnaya and reflect on Navalny’s enduring legacy.

    The UK continues to stand with civil society and human rights defenders working tirelessly to build a better future for Russia despite immense personal risk.

    Foreign Secretary David Lammy said:  

    I am announcing further sanctions to keep up the pressure on Putin. Ukrainians are fighting for their country’s future and the principle of sovereignty across Europe at the frontline.” 

    Nearly a year on from the death of Alexei Navalny, I am honoured to meet with Yulia Navalnaya and make clear our commitment to weaken Putin’s attempts to stifle political opposition and crack down on the Kremlin’s corrupt dealings globally. 

    We are calling on our friends and allies to continue to step up in the face of ongoing Russian aggression.

    Last week, the Foreign Secretary visited Kyiv, pushing on with implementation of the 100 Year Partnership with Ukrainian friends. David Lammy will make the case to others in Munich that it is in the collective interests of Ukraine’s partners to stand by them. 

    The UK-US relationship remains the backbone of the security and prosperity for millions on both sides of the Atlantic, and David Lammy will meet representatives of the new administration to discuss closer working to boost both economies and make our people safer.

    The Foreign Secretary will also discuss the situation in the Middle East with a wide range of leaders including Quint partners. He will urge for lasting peace as the current ceasefire in both Gaza and Lebanon hold, and phase two of the negotiations continues.  

    On Syria, the UK recently announced £3m for deliveries of Ukrainian grain and other food produce to Syria as part of our 100-year partnership. David Lammy will push for a peaceful future for Syria, centred around the interests of the Syrian people.

    More Information

    Today’s sanctions target 4 individuals and 2 entities including: 

    • Vladimir Viktorovich SELIN, Head of the Federal Service for Technical and Export Control (FSTEK), a federal service of the Russian government. 

    • Pavel Mikhailovich FRADKOV, a Deputy Minister of the Russian Ministry of Defence. 

    • Artem Yuryevich CHAIKA, owner of First Non-Metallic Company Ural (PNK-Ural) which conducts business in the Russian extractives sector, and the son of Yuri Yakovlevich CHAIKA, a member of Russia’s Security Council. 

    • Joint Stock Company Kirov Energomash Plant and Limited Liability Company Rosatom Additive Technologies, two subsidiaries of Russia’s state-owned civil nuclear energy company Rosastom. As well as operating in Russia’s energy sector both entities are operating in Russia’s defence sector. 

    • We have also made a variation to the existing designation of Yuri Yakovlevich CHAIKA. He was previously designated in March 2022.

    All individuals and entities in this package have been designated for the purposes of an asset freeze and trust services sanctions. All individuals in this package are also be subject to a travel ban. Several individuals have also been designated for the purposes of a transport ban.

    The Navalny list is created by the Anti-Corruption Foundation, also known as FBK, a non-profit organisation established in 2011 by Alexei Navalny.

    View the full UK Sanctions List and more information on UK sanctions relating to Russia.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

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    Updates to this page

    Published 14 February 2025

    MIL OSI United Kingdom –

    February 15, 2025
  • MIL-OSI Economics: Global ecommerce market poised to hit $11 trillion in 2028 amid tech innovation and ESG focus, says GlobalData

    Source: GlobalData

    Global ecommerce market poised to hit $11 trillion in 2028 amid tech innovation and ESG focus, says GlobalData

    Posted in Strategic Intelligence

    The global ecommerce market is on a trajectory of rapid expansion, set to reach $11 trillion in 2028, driven by technological advancements, seamless delivery services, and rising internet penetration. With China and the US dominating the landscape, companies must continuously innovate to meet evolving consumer expectations, embrace ESG compliance, and leverage data-driven strategies to maintain competitiveness in an increasingly dynamic sector, says GlobalData, a leading data and analytics company.

    GlobalData’s latest Strategic Intelligence report, “Ecommerce,” reveals that the global value of transactions for the ecommerce market  is set to grow at a compound annual growth rate (CAGR) of 11.1% between 2023 and 2028, driven by improved technology and delivery services and wider internet adoption.

    Aisha U-K Umaru, Strategic Intelligence Analyst at GlobalData, comments: “The global ecommerce industry is dominated by China and the US, with market shares in 2023 of 33% and 30%, respectively. These countries are home to some of the world’s biggest tech companies, including Alibaba and Amazon, which benefit from the huge troves of data generated by user activity on their platforms.”

    Subscription-based services are a growing ecommerce segment. Beauty brands like Estrid and Harry’s started with subscription services and have enjoyed great success. Both are now available in physical stores, further boosting sales. Harry’s filed for an IPO in March 2024 after reaching nearly $1 billion in revenue. However, some subscription services have struggled after a rapid rise. Once valued at almost $2 billion, meal-kit subscription service Blue Apron was bought for about $100 million by food delivery company Wonder in 2023.

    Umaru continues: “Consumers are also concerned with the social and governance factors of ESG. As a result, it remains high on the agenda for ecommerce companies, both to comply with relevant regulations and to meet consumer demands. ESG regulations such as the EU taxonomy for sustainable activities are also a method of clamping down on greenwashing, the practice of inflating a company’s ESG performance for marketing purposes.”

    Other terms such as carbon neutral, green, and environmentally friendly are being regulated, and ecommerce companies must ensure they comply with relevant guidelines to mitigate the risk of litigation.

    Umaru conlcudes: “Initiatives like the Fifteen Percent Pledge, which urges US retailers to allocate at least 15% of their shelf space to Black-owned businesses, highlight the increasing emphasis on social equity within the ecommerce sector. Additionally, issues such as supply chain transparency and diversity remain critical, as brands strive to align with the evolving ESG priorities of Gen Z and Millennial consumers.”

    MIL OSI Economics –

    February 15, 2025
  • MIL-OSI Economics: APAC deal activity down by 10.2% YoY in January 2025, says GlobalData

    Source: GlobalData

    The total number of deals announced in the Asia-Pacific (APAC) region fell by 10.2% year-on-year (YoY) in January 2025, with a decline in volume experienced across all the deal types under coverage (comprising mergers & acquisitions (M&A), private equity and venture financing deals), according to GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database revealed that the total number of deals announced in the APAC region decreased from 1,189 in January 2024 to 1,068 in January 2025. When looking at the breakdown by deal type, the number of M&A deals decreased by 7.8% during January 2025 compared to the same period in the previous year, whereas the volumes of private equity and venture financing deals were down by 4.8% and 12.3% YoY, respectively.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “When looking at the breakdown by key markets, there was a notable variation in deal volumes. Countries like China, South Korea and Australia saw significant decreases in deal volume, whereas there were also some bright spots in certain key markets like India and Japan, which saw improvement in deal activity during this period.”

    China, the largest market in the region by number of deals, saw a significant decline of 30.4% in deal volume in January 2025 compared to January 2024. South Korea and Australia also experienced notable decreases in deal volume, with respective YoY declines of 28.3% and 17.3%. On the other hand, countries like India and Japan saw their respective deal volume improving by 27.3% and 35% YoY during January 2025.

    Bose adds: “The mixed trend across different APAC markets underscores the diverse nature of deal-making activity in the region. The overall decline could be reflective of broader economic challenges and uncertainties in the region. However, the growth in certain key markets like India and Japan indicates pockets of opportunities as well.”

    MIL OSI Economics –

    February 15, 2025
  • MIL-OSI Economics: Duchenne muscular dystrophy market to reach $5.2 billion in 7MM by 2033, forecasts GlobalData

    Source: GlobalData

    Duchenne muscular dystrophy market to reach $5.2 billion in 7MM by 2033, forecasts GlobalData

    Posted in Pharma

    The Duchenne muscular dystrophy (DMD) market across the seven major markets (7MM*) is set to grow from $2.3 billion in 2023 to $5.2 billion in 2033, driven by the recent approvals of innovative therapies such as Sarepta Therapeutics and Roche’s Elevidys (delandistrogene moxeparvovec), and Santhera Pharmaceuticals’ Agamree (vamorolone), according to GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Duchenne Muscular Dystrophy Market Opportunity Assessment, Epidemiology, Clinical Trials, Unmet Needs and Forecast to 2033,”  reveals that a substantial portion of this market growth is attributed to the treatment of ambulatory DMD patients. Exon-skipping therapies currently dominate the DMD therapeutic landscape, generating approximately $1.0 billion in sales in the 7MM in 2023.

    Notably, the sales are derived solely from the US and Japan markets, as exon-skipping therapies have yet to receive regulatory approval in the European Union (EU). Should these therapies gain EU approval by 2033, GlobalData forecasts their contribution to rise to $1.8 billion across the 7MM, a significant market share partly driven by the high annual cost of therapy, which exceeds $1.0 million in the US.

    Asiyah Nawab, Healthcare Analyst at GlobalData, comments: “The DMD treatment landscape is evolving with the emergence of novel therapies such as exon-skipping and gene therapies. However, gene therapies in particular, compared to exon-skipping, will have less of an impact due to the small patient share eligible for treatment, in addition to the high cost of these medicines limiting patient’s access. By 2033, GlobalData forecasts gene therapies to contribute $821 million to the DMD market, a lower figure relative to exon-skipping therapies.”

    The US is set to remain the dominant market for DMD, accounting for 84.8% of total market share in 2023. This is driven by its rapid adoption of advanced therapies, strong regulatory support, and significant investment in DMD research and treatment.

    Regulatory developments have also shaped the market, with Translarna (ataluren) facing challenges in Europe. The European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) has confirmed its recommendation not to renew the conditional marketing authorization for Translarna, citing unconfirmed effectiveness in treating DMD. However, in the US, PTC Therapeutics has resubmitted its New Drug Application (NDA) for Translarna, which the FDA has accepted for review. If approved, Translarna is projected to generate $185 million in US sales alone.

    Nawab continues: “Despite advancements, unmet needs remain a critical concern, particularly for non-ambulatory patients. While recent approvals have expanded treatment options for ambulatory individuals, therapeutic availability for non-ambulatory patients remains a key challenge. Many emerging therapies, including exon-skipping and gene therapies, primarily target early-stage or ambulatory patients, leaving a significant gap for those with advanced disease. This, coupled with high treatment costs and regulatory hurdles, underscores the urgent need for more accessible and effective therapies for later-stage DMD patients.”

    Corticosteroids remain the cornerstone of DMD management and will continue to play a crucial role despite the emergence of novel therapies.

    Nawab concludes: “Steroids will always be the standard of care for DMD, offering a cost-effective treatment option with proven efficacy. However, the anticipated expansion of exon-skipping and gene therapies will provide additional options for patients, particularly if they receive broader regulatory approval in key markets.”

    *7MM: The US, France, Germany, Italy, Spain, the UK, and Japan

    MIL OSI Economics –

    February 15, 2025
  • MIL-OSI Economics: Samsung KX Welcomes Secretary of State for Business and Trade to Host the Industrial Strategy Advisory Council

    Source: Samsung

    LONDON, U.K. – February 14, 2025 – Samsung KX welcomed the Secretary of State for Business and Trade, Jonathan Reynolds MP to host the Industrial Strategy Advisory Council.
     

     
    Secretary of State for Business and Trade, Jonathan Reynolds MP, met with Aleyne Johnson, Director of Government and External Relations at Samsung Electronics UK, to reinforce the strong and positive relationship between the UK and Samsung. The Secretary of State, responsible for overseeing the UK’s business and trade policies, toured Samsung KX, engaging with key innovative products such as our latest Samsung Galaxy S25 Ultra, The Frame Pro TV and smart home appliances.
     

     
    Speaking on Samsung in his speech, Secretary of State for Business and Trade, Jonathan Reynolds MP, said, “Samsung is a company synonymous with the best in cutting-edge design and innovation, and much of it is on full display here within these four walls. It is a fitting venue to discuss this government’s ambition to go further and faster in our growth mission.”
     
    Samsung KX, located in Coal Drops Yard, King’s Cross, London, is an experience space where visitors can explore the latest developments in culture and innovation powered by Samsung technology. The space offers an immersive brand experience, inviting guests to discover, interact with, and develop new skills in a dynamic environment.
     
    Aleyne Johnson, Director of Government and External Relations, Samsung UK, commented: “We were delighted to host the Secretary of State, Ministers and a number of other businesses at Samsung KX, our flagship retail space to discuss the Industrial Strategy. As a global tech company with its European HQ in the UK we continue to support the Government’s efforts to encourage growth and the positive use of technology.”
     
     

     
     
    About Samsung KX
    #SamsungKX is a 20,000 sq. ft experience space located in the heart of London’s Coal Drops Yard. This hub of innovation brings together culture, community and cutting-edge technology in a dynamic environment alongside local partners. Samsung KX represents the future of retail, designed to give guests the ultimate immersive brand experience where they can discover, be inspired and learn through a range of stimulating events, workshops and performances in both physical and virtual formats. What’s more, guests are rewarded with every purchase thanks to the unique KXtras programme as well as Click & Collect, the first of the brand’s UK retail spaces to offer the service on selected devices. For further information visit:  www.samsung.com/uk/kx
    About Samsung Electronics Co., Ltd.
    Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, digital appliances, network systems, and memory, system LSI, foundry and LED solutions. For the latest news, please visit the Samsung Newsroom at https://news.samsung.com/uk/
     
    About Coal Drops Yard
    Coal Drops Yard is a new shopping and restaurant district in London’s King’s Cross. Coal Drops Yard was originally established in 1850 to handle the eight million tonnes of coal delivered to the capital each year and was latterly the location of nightclubs Bagley’s and The Cross. The area reopened in October 2018, reinvented by the acclaimed Heatherwick Studio, which has interwoven a contemporary design with the surviving structures and rich ironwork of the original Victorian coal drops. Located within a reimagined set of historic buildings and arches directly adjacent to Granary Square and Regent’s Canal, Coal Drops Yard houses over fifty stores from a unique mix of established and emerging brands, along with cafés, bars, top independent restaurants and new public spaces. www.coaldropsyard.com @coaldropsyard
     

    MIL OSI Economics –

    February 15, 2025
  • MIL-OSI Economics: Capacity Building for Saline Agriculture in the Mekong Delta—Innovation in Focus: Salt Farming

    Source: Asia Development Bank

    The case study explains how ADB is working with the Netherlands Trust Fund through the Water Financing Partnership Facility to tackle saline intrusion, which is driven by climate change and rising sea-levels. It details how the project promotes interactive learning and shows farmers why better soil management, crop selection, and shifting to systems such as hydroponics could improve the long-term agricultural potential of saline-affected areas.

    MIL OSI Economics –

    February 14, 2025
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