Source: Reserve Bank of India
Ajit Prasad Press Release: 2024-2025/2158 |
Category: Business
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MIL-OSI Economics: Result of the 49-day Variable Rate Repo (VRR) auction held on February 14, 2025
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MIL-OSI: Stockwik publishes financial statement January 1 – December 31, 2024
Source: GlobeNewswire (MIL-OSI)
CONTINUED ORGANIC GROWTH IN REVENUE AND OPERATING PROFIT
The Group’s positive organic development in revenue and operating profit continued in the fourth quarter of the year. Net sales increased by 4.6% to MSEK 253.8 (242.6) and operating profit (EBITA) increased by 8.3% to MSEK 21.8 (20.1) compared with the same quarter in the previous year. For the full year 2024, this ended in a 4.0% increase in the Group’s net sales to MSEK 850.9 (818.3), and a 5.2% increase in EBITA to MSEK 52.4 (49.8).
Cash flow from operating activities increased by 47.5% during the year to 59.9 (40.6) MSEK.
QUARTER OCTOBER 1 – DECEMBER 31, 2024
MSEK Oct-Dec 2024 Oct-Dec 2023 ∆ % of which organic growth, in percentage points of which acquired growth, in percentage points Net sales 253.8 242.6 4.6% 4.6% – EBITDA 32.3 31.7 1.9% 1.9% – EBITA 21.8 20.1 8.3% 8.3% – Adjusted EBITA 21.8 29.3 EBIT 20.0 17.6 13.6% 13.6% – Profit before tax 6.9 5.3 Profit after tax -1.4 -14.0 EBITA-margin % 8.6% 8.3% Adjusted EBITA-margin % 8.6% 12.1% Operational cashflow 39.7 41.1 Earnings per share before dilution, SEK -0.23 -2.22 Earnings per share after dilution, SEK -0.23 -2.22 PERIOD JANUARY 1 – DECEMBER 31, 2024
MSEK Jan-Dec 2024 Jan-Dec 2023 ∆ % of which organic growth, in percentage points of which acquired growth, in percentage points Net sales 850.9 818.3 4.0% 4.0% – EBITDA 95.1 89.5 6.2% 6.2% – Adjusted EBITDA * 98.9 96.0 EBITA 52.4 49.8 5.2% 5.2% – Adjusted EBITA 56.2 59.0 EBIT 44.8 37.5 19.3% 19.3% – Profit before tax -6.8 -24.0 Profit after tax -13.6 -37.2 EBITA-margin % 6.2% 6.1% Adjusted EBITA-margin % 6.6% 7.2% Operational cashflow 59.9 40.6 Earnings per share before dilution, SEK -2.16 -5.89 Earnings per share after dilution, SEK -2.16 -5.89 Net debt 385.8 385.2 Net debt/EBITDA 4.06 4.31 Net debt/Adjusted EBITDA * 3.90 4.01 * EBITDA adjusted for non-recurring items in accordance with the definition in the bond terms. Restructuring costs of MSEK 3.1 (4.2), inventory revaluation of MSEK 0.6 (5.0), the discontinued contracting business of MSEK – (0.7), and other non-recurring items of MSEK 0.1 (0.0) have been excluded from the key figure.
This information is being disclosed by Stockwik Förvaltning AB (publ) in compliance with the Market Securities Act. The information was submitted for publication at 07:00 (CET) on February 14, 2025, through the designated contact person provided below.
For further information, please contact:
Urban Lindskog, President and CEO
Stockwik Förvaltning AB (publ)
E-mail: info@stockwik.seAbout Stockwik
Stockwik offers a stable platform for small businesses to develop both organically and through acquisitions. Stockwik’s companies offer value-adding products and services to corporate customers. Stockwik is listed on Nasdaq Stockholm Small Cap with the short name STWK.
Attachments
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MIL-OSI: Coop Pank AS results for January 2025
Source: GlobeNewswire (MIL-OSI)
Coop Pank’s financial results in January 2025:
- In January, number of the bank’s clients increased by 1,900 and number of active clients decreased by 700. By the end of the month number of clients reached 209,500 and number of active clients reached 98,800. Over the year, customer base has grown by 13%.
- Volume of the bank’s customer deposits increased by 40 million euros, reaching 1.93 billion euros by the end of month. Deposits of corporate customers increased by 24 million and deposits of private customers increased by 3 million euros. The volume of deposits attracted from international platforms increased by 13 million euros. Over the year, volume of bank deposits increased by 11%.
- The bank’s loan portfolio increased by 9 million euros over the month and reached 1.78 billion euros by the end of January. Home loans portfolio increased by 8 million euros, corporate loans increased by 2 million euros, leasing increased by 0.1 million euros and consumer financing decreased 0.3 million euros. Over the year, loan portfolio increased by 18%.
- In January, the loan impairment cost was 0.1 million euros.
- Compared to the first month of last year, the bank’s net income has decreased by 5% and expenses has increased by 4% during the same period this year.
- The bank earned net profit of 2.7 million euros in January, that is 8% less than in the same period last year.
- In January, Coop Pank’s return on equity was 15.2% and the cost-income ratio was 49%.
Comment by Paavo Truu, Member of the Management Board and CFO of Coop Pank:
“This year started strong for Coop Pank with a solid profit of 2.7 million euros. This was driven, among other factors, by the excellent business volume growth at the end of last year, which also contributed to increased revenues in January.
We see that overall economic activity has picked up at the beginning of 2025, both in the private and business client segments. However, the car leasing market remains very quiet after last year’s turbulent end caused by the car tax. We believe this silence will continue, at least among private individuals, for the coming months and predict a revival in leasing market activity by the second half of the year at the latest.
The overall market revival is supported by the ongoing downward trend in interest rates – the European Central Bank lowered its rates by 0.25 percentage points in January, and base rates are likely to continue declining. On one hand, this makes borrowing cheaper, but on the other, it also reduces the interest rates on term deposits in the local market.
At the end of January, Coop Pank expanded its range of products for both private and business clients by introducing a convenient and environmentally friendly virtual card, which is currently offered by only a few universal banks in Estonia. Using a virtual card eliminates the need for a traditional plastic card, its activation is simple and fast, and the card is immediately ready for use. By adding the virtual card to a smart device’s Wallet, it can be used for payments anywhere that displays the contactless payment symbol or the Wallet logo.”
More detailed quarterly reports of Coop Pank are available at: https://www.cooppank.ee/en/financial-reports
Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking reached 209,500. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores.
Additional information:
Paavo Truu
CFO
Phone: +372 5160 231
E-mail: paavo.truu@cooppank.eeAttachment
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MIL-OSI: Richemont announces changes to Senior Executive Committee and Board of Directors
Source: GlobeNewswire (MIL-OSI)
AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR14 FEBRUARY 2025
RICHEMONT ANNOUNCES CHANGES TO SENIOR EXECUTIVE COMMITTEE AND BOARD OF DIRECTORS
Richemont today announces the following changes to its Board of Directors and Senior Executive Committee (SEC), effective immediately:
Catherine Rénier, Chief Executive Officer (CEO) of Van Cleef & Arpels, Louis Ferla, CEO of Cartier, and Marie-Aude Stocker, Chief People Officer (CPO) of Richemont are appointed to the SEC.
Marie-Aude Stocker, formerly Director of People, Development and Prospective at Van Cleef & Arpels, was recently appointed CPO reporting to Nicolas Bos, CEO of Richemont. A French national and graduate of the Ecole Supérieure de Commerce de Paris (ESCP) business school, with a certification from the Institut des hautes études de défense nationale (IHEDN), Ms Stocker brings 35 years of beauty and luxury industry experience to the role, including 24 years in the Group.
Jérôme Lambert is stepping down from the SEC and from the Board of Directors following his appointment as CEO of Specialist Watchmaker Maison Jaeger-LeCoultre.
Boet Brinkgreve, CEO of Laboratoire de Haute Parfumerie et Beauté will be leaving the company at the end of April.
Commenting on the changes, Nicolas Bos said:
“Catherine’s and Louis’ combined industry and Group experience, together with their operational knowledge and expertise as CEOs of our largest Maisons, will be a great asset to our Senior Executive Committee. I am also delighted that Marie-Aude is joining the SEC as our newly appointed Chief People Officer. Having a dedicated CPO will help ensure that our growing and fast evolving HR strategic resource management needs are effectively fulfilled. Marie-Aude is ideally placed to take on this mission, as she brings a wealth of highly relevant experience gained in the course of her career.
I want to take this opportunity to wish Jérôme all the best in his new role and to thank him again for his support in recent months.”
Senior Executive Committee biographies can be accessed here.About Richemont
At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.
Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier, Van Cleef & Arpels and Vhernier; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, Chloé, Delvaux, dunhill, Gianvito Rossi, Montblanc, Peter Millar including G/FORE, Purdey, Serapian as well as Watchfinder & Co. In addition, Richemont operates NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division. Find out more at https://www.richemont.com/.
Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. The ‘A’ shares are also traded on the Johannesburg Stock Exchange (JSE), Richemont’s secondary listing.
Investor/analyst and media enquiries
Investor relations: investor.relations@cfrinfo.net; +41 22 721 3003
Media: pressoffice@cfrinfo.net; richemont@teneo.com; +41 22 721 3507 -
MIL-Evening Report: ‘A shameful call by Creative Australia’: the arts community reacts to Khaled Sabsabi being dropped from the Venice Biennale
Source: The Conversation (Au and NZ) – By Cecelia Cmielewski, Research Fellow, Institute for Culture and Society, Western Sydney University
To be selected as the artist and curator team to represent Australia at the Venice Biennale is considered the ultimate exhibition for an artistic team. To have your selection rescinded, as has now happened to the 2026 team of Khaled Sabsabi and curator Michael Dagostino, is without precedent.
Australia has presented at the biennale since 1954, and is one of 29 countries to have a permanent pavilion. Last year, Archie Moore was the first Australian to win the Golden Lion for best national pavilion.
The selection of an artist and curator pair is managed by Creative Australia. The arts funding body appoints a committee of visual artists and industry experts to form a shortlist of six teams, and make the final selection.
The announcement on February 7 of Sabsabi and Dagostino was widely celebrated as creatively bold and inclusive.
On Thursday, opposition arts spokesperson, Claire Chandler, questioned Sabsabi’s selection in the Senate. She cited a 2007 work that featured Hezbollah leader Hassan Nasrallah, and said the artist had made work “promoting” Osama bin Laden.
In a statement released on Thursday night, Creative Australia said Sabsabi and Dagostino would no longer represent Australia at the biennale.
The Creative Australia board, the statement said, “believes a prolonged and divisive debate about the 2026 selection outcome poses an unacceptable risk to public support for Australia’s artistic community”.
On social media, the artistic community was swift in its condemnation. They criticised the paucity of understanding of Sabsabi’s artistic and community practice, and questioned the role of political interference and freedom of artistic expression.
Artists called for the resignation of the Creative Australia board, and for a boycott of the Australian pavilion at the biennale.
‘A remarkable career’
Before moving into visual arts, Sabsabi began his career as a hip-hop artist, known as Peacefender. In a career spanning more than 35 years, he has worked in video, mixed media and installation art, exhibiting around Australia and internationally.
Media artist and academic John Gillies described Sabsabi as “a thoughtful and peaceful person” who has worked as a community arts worker in Palestinian refugee camps in Lebanon.
The former head of the Sydney gallery Artspace, Nicholas Tsoutas, said Sabsabi “has had a remarkable career in contemporary art and his selection was so well deserved”.
He praised the selection of Sabsabi as “an extraordinary opportunity to really advocate for artistic freedom for bringing [people] together”, and added this decision will “do the exact opposite”.
‘A sad day’
Artist Kate Just said the board’s decision “undermines the expertise of the artist, curator, and the selection team. The decision fails to uphold the work of artists to interrogate complex personal and political histories and the urgent issues of our time.”
Fiona Winning, former director of programming at Sydney Opera House, said it was “a shameful call by Creative Australia”. Artist Nigel Helyer expressed his belief this decision was “liable to emphasise cultural divides, rather than placate them”.
Investment banker, art collector and philanthropist Simon Mordant, commented on Instagram he has “resigned as an Ambassador to the now cancelled project and withdrawn my financial support – this situation is unacceptable”.
He suggested “the Pavilion should remain empty in solidarity with Khaled. A very dark day for Australia and the Arts”.
Advocacy body National Association for the Visual Arts (commonly known as NAVA) released a statement saying “government interference in the expert panel’s selection process undermines the very principle of independence”.
The decision, they said, “erodes public trust, alienates artists, and sparks widespread protest from those who stand with Sabsabi and Dagostino as a matter of principle”.
‘Artists reflect the times they live in’
The five artistic teams who were shortlisted to represent Australia at the biennale have released a joint statement in support of Sabsabi.
They called the selection process “rigorous and professionally independent” leading to the selection of a team with “artistic vision and courage”.
Revoking support, they wrote, is “antithetical to the goodwill and hard-fought artistic independence, freedom of speech and moral courage that is at the core of arts in Australia”.
In a statement, Sabsabi and Dagostino said “art should not be censored as artists reflect the times they live in”.
“We intended to present a transformational work in Venice, an experience that would unite all audiences in an open and safe shared space,” they said.
As the artistic community is showing, this decision has raised a debate on what artists are allowed to say in Australia and brings into question the independence of Creative Australia.
Cecelia Cmielewski does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. ‘A shameful call by Creative Australia’: the arts community reacts to Khaled Sabsabi being dropped from the Venice Biennale – https://theconversation.com/a-shameful-call-by-creative-australia-the-arts-community-reacts-to-khaled-sabsabi-being-dropped-from-the-venice-biennale-249941
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MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on February 14, 2025
Source: Reserve Bank of India
Tenor 3-day Notified Amount (in ₹ crore) 1,50,000 Total amount of bids received (in ₹ crore) 1,93,363 Amount allotted (in ₹ crore) 1,50,016 Cut off Rate (%) 6.26 Weighted Average Rate (%) 6.27 Partial Allotment Percentage of bids received at cut off rate (%) 46.98 Ajit Prasad
Deputy General Manager
(Communications)Press Release: 2024-2025/2157
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MIL-Evening Report: Dingoes are being culled in Victoria. How much harm to the species is needed to protect commercial profits?
Source: The Conversation (Au and NZ) – By Danielle Ireland-Piper, Associate Professor, ANU National Security College, Australian National University
A Victorian government decision to allow dingo culling in the state’s east until 2028 has reignited debate over what has been dubbed Australia’s most controversial animal.
Animals Australia, an animal welfare group, has filed proceedings in the Supreme Court of Victoria, challenging the decision. The case is due to be heard this year.
Announcing the legal action, the group said the eradication program targeted a unique native animal at risk of extinction, and ignored pleas from Traditional Owners who “treasure the dingo as a totem species”.
The controversy raises a few thorny questions. Are dingoes an important native species or an agricultural pest? And what is the right balance between protecting the species, and protecting the interests of farmers?
What’s this all about?
Dingoes are listed as vulnerable in Victoria. This means the species faces a high risk of extinction in the wild over the medium term.
Dingoes are also protected under Victoria’s Wildlife Act – unless a special order is made to declare them “unprotected”. To date, these unprotection orders have been made when authorities deem it necessary to prevent dingoes from killing livestock.
An unprotection order means a person can legally kill dingoes in certain areas of private and public land, by trapping, poisoning or shooting.
Since around 2010, a succession of unprotection orders have allowed dingoes to be killed in various parts of Victoria. The unprotection order now being challenged came into effect on October 1 last year and will continue until January 1, 2028.
Announcing the decision, Victoria’s Environment Minister Steve Dimopoulos says the government was:
striking the right balance between protecting our vulnerable dingo populations while giving farmers the ability to protect their livestock, and we will regularly engage to ensure settings continue to achieve this balance.
Dingoes are not ‘wild dogs’
DNA studies suggest dingoes have been in Australia for between 4,600 and 18,000 years. Often wrongly described as “wild dogs”, they are [actually descended from south Asian wolves](https://environment.desi.qld.gov.au/wildlife/animals/living-with/dingoes#:~:text=The%20dingo—Australia’s%20only%20native,role%20in%20the%20natural%20environment.Sustainable dingo management (and public sympathies either way).
Adding to the complications, it can be hard to distinguish between a wild dog and a dingo without DNA testing.
Dingoes were once widespread across Victoria but are now extinct across most of the state, save for two populations in the state’s north and east.
Conservationists and scientists fear the extended order in eastern Victoria may push dingoes to local extinction
The experience in north-west Victoria offers a cautionary tale. There, under a dingo unprotection order, the population dropped to as few as 40 individuals. The local dingo population was deemed “critically low and at risk of extinction”, prompting the government to reinstate dingo protections.
In eastern Victoria, the dingo population is estimated at between 2,640 and 8,800.
However in September last year, before the unprotection order in eastern Victoria came into effect, Nationals Member for Gippsland, Tim Bull, claimed 1,500 dingoes were already being killed in the region each year by farmers and others.
If those figures are correct, it suggests extending the unprotection order until 2028 will devastate the dingo population in eastern Victoria.
A decline in dingo populations is not just a concern for the species itself – it will have knock-on effects.
Dingoes are apex predators and research shows they are central to how ecosystems function. They can help control introduced predators such as foxes, feral cats and rabbits. This benefits native animals and plants.
Is the balance right?
Given the risks to dingo populations and the broader environment, it’s pertinent to ask if the government decision swings too far towards protecting agricultural production.
One report suggests within Victoria’s 16 “wild dog management zones” in the 2022–23 financial year, there were more than 1.7 million head of livestock. Of these, 1,455 were confirmed killed by dingoes. While understandably of concern to farmers, this nonetheless represents a tiny proportion of total stock numbers.
The number of sheep killed by dingoes is also only a fraction of the 14.6 million currently farmed in Victoria. Sheep are not at risk of extinction.
These numbers suggest the government has not struck the right balance between protecting livestock and ensuing dingo populations survive.
Considering the rights of Traditional Owners
When weighing up an unprotection order, a minister must consider how it affects the rights of Traditional Owners.
In 2023, when deliberating over whether to make an unprotection order in eastern Victoria, the Victorian government stated that for Aboriginal people:
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dingoes are part of their living cultural heritage
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the loss of a dingo is akin to the loss of a family member
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the dingo helps maintain connection to Country
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some have a totemic and kinship relationship with the dingo.
The government said while the order would limit Aboriginal people’s rights, this was justified when taking other factors into account.
The court will decide
Animal protection group Animals Australia has filed proceedings in the Supreme Court of Victoria, challenging the lawfulness and validity of the unprotection order. Court documents are not yet publicly available.
Australia does not have a single and consistent animal welfare and protection regime. Instead, protections are fractured between the states. That is why the current challenge to dingo culling is limited to Victoria, even though culling takes place in other states. This illustrates the difficulty in using the law to protect animals at a national level.
This challenge is part of a broader push to redefine the relationship between humans and animals through what’s known as animal law. In recent years, animal advocates have used various aspects of the law to challenge the gassing of pigs before they are slaughtered, and recreational duck shooting.
The current case is an important test for how the law balances the needs of humans and animals – and in particular, how much harm is deemed “necessary” at law to protect commercial profit and livelihood.
Danielle Ireland-Piper does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Dingoes are being culled in Victoria. How much harm to the species is needed to protect commercial profits? – https://theconversation.com/dingoes-are-being-culled-in-victoria-how-much-harm-to-the-species-is-needed-to-protect-commercial-profits-245759
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MIL-OSI Submissions: Australia – CBA Emergency Assistance for Tropical Cyclone Zelia affected areas in WA
Source: Commonwealth Bank of AustraliaCommonwealth Bank is providing Emergency Assistance to Tropical Cyclone Zelia affected areas across the Pilbara region of Western Australia.
Commonwealth Bank is providing Emergency Assistance to customers and businesses in areas affected by Tropical Cyclone Zelia in WA.
Retail Banking Services Group Executive, Angus Sullivan, said: “We are thinking of everyone affected by Tropical Cyclone Zelia across the Pilbara region of Western Australia. We are making a range of measures available, tailored to the needs of our customers.”
CBA understands each customer will have different needs and encourages those affected to discuss their individual circumstances by either contacting the bank in the CommBank app, phoning 1800 314 695 or visiting their nearest Commonwealth Bank branch, if safe to do so. Business customers can also call 1800 314 695 or speak with their dedicated CommBank relationship manager.
Special arrangements are in place to provide support to Commonwealth Bank customers should they need it, and the CBA team is ready to assist them with any financial concerns or enquiries.
For more information on the support we’re providing to impacted communities, visit: commbank.com.au/support/natural-disasters
CBA Emergency Assistance includes a range of options, including:
Customised payment arrangements for home loans, credit card, personal loan and some business loans.
Waiving fees and charges.
Temporary overdrafts, additional loans or emergency credit limit increases (subject to credit approval).
Waiving fees and notice periods for early access to Term Deposits.
Emergency accommodation may be available for customers who have taken out Home Insurance provided by Hollard, distributed by CommBank, subject to making a claim and policy terms and conditions.
Helping direct claims enquiries for customers seeking support through their Home Insurance provided by Hollard, distributed by CommBank.
Loan restructuring for business customers with existing loans.
Waiving fees for temporary and damaged merchant EFTPOS terminals, as well as support with merchant terminal rental fees.To access this support please either contact us via the CommBank app, on 1800 314 695 or visit us in branch, if it is safe to do so. Further information about our Emergency Assistance is available online at: commbank.com.au/emergencyassistance
For emergency help call the State Emergency Service on 132 500. Alternatively, visit WA State Emergency Services. In a life-threatening emergency call 000 (triple zero). (ref. https://wases.com.au/ )
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MIL-OSI China: Honda, Nissan call off merger talks amid disagreements
Source: China State Council Information Office 3
This photo taken on Dec. 23, 2024 shows a Honda dealer in Tokyo, Japan. [Photo/Xinhua]
Honda Motor Co. and Nissan Motor Co. on Thursday announced the decision to terminate discussions on a potential merger, bringing an end to the restructuring attempt that could have created one of the world’s largest automotive group.
Both companies held board meetings on Thursday, where they agreed to withdraw the basic agreement signed in December 2024 and officially end merger discussions.
In the rapidly changing market environment in the age of electrification, prioritizing decision-making speed and the execution of management measures would make it more appropriate to forgo the merger at this time, Nissan said in a statement on its website.
Despite the end of merger talks, the companies will continue to collaborate within the framework of the strategic partnership memorandum, the two companies said in separate statements.
This photo taken on Dec. 23, 2024 shows a Nissan dealer in Tokyo, Japan. [Photo/Xinhua]
The two automakers initially focused on forming a holding company that would oversee both brands, but negotiations stalled over the shareholding structure as tensions escalated when Honda proposed making Nissan its subsidiary, an idea Nissan strongly opposed.
According to local media, Honda has been pushing Nissan to accelerate its restructuring efforts. In November 2024, Nissan announced plans to cut 9,000 jobs worldwide and reduce its global production capacity by 20 percent after reporting a more than 90 percent drop in net profit for the April-September period.
The integration, if materialized, was expected to enhance development capabilities for electric vehicles (EVs) and software while reducing costs through cooperation. However, with the negotiations terminated, both companies must now reassess their strategic direction.
On Thursday, Nissan revised its financial outlook for the fiscal year, estimating a net loss of 80 billion yen (about 520 million U.S. dollars). The company cited rising costs for restructuring its struggling U.S. operations, along with expenses related to workforce reductions.
Revenue projections were also lowered, while operating income, which indicates profit from core business, is expected to be 120 billion yen, 30 billion yen less than the previous forecast.
At a press conference, Nissan’s CEO Makoto Uchida acknowledged the challenges of continuing as an independent entity but ultimately believed that a holding company structure, rather than full acquisition, would have been the best way for Nissan to compete globally.
He also signaled Nissan’s intention to seek partnerships in various fields to ensure future sustainability.
Honda’s CEO Toshihiro Mibe expressed deep regret that both companies could not reach a consensus and take a step forward toward the merger.
However, through these discussions, Honda and Nissan recognized the potential synergy effects of collaboration, he noted. Honda stated that they would leverage this understanding in their ongoing strategic partnership with Mitsubishi Motors, which was announced in August last year.
The focus moving forward will be on intelligent and electrified mobility solutions, with plans to put these ideas into practice, Honda stressed.
Honda said Thursday that it booked a net profit of 805.26 billion yen in the nine months through December, down 7.4 percent from the previous year.
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MIL-OSI China: ‘Ne Zha 2’ derivatives ride blockbuster wave
Source: China State Council Information Office 3
This photo taken on Feb. 13, 2025 shows a poster for the Chinese animated film “Ne Zha 2” at a cinema in Chaoyang District of Beijing, capital of China. [Photo/Xinhua]
Fans of record-breaking blockbuster Chinese movie “Ne Zha 2” are making significant waves in the derivatives market, clearing out retailer inventories and even creating DIY character-shaped dolls and food items.
Since the film’s debut on the first day of the Chinese New Year, which was Jan. 29 this year, sales of its collectibles, ranging from mystery toy boxes and cards to fridge magnets and badges, have reportedly topped 50 million yuan (about 6.97 million U.S. dollars) on Taobao, a leading e-commerce platform in China.
This sequel to the 2019 hit “Ne Zha,” with inspirations derived from Chinese mythological tales, has already drawn over 200 million cinema-goers, the highest number in the country’s film history.
The film became an instant holiday box office hit thanks to its contemporary re-imagination of Ne Zha, a well-known mythical figure with extraordinary powers, and via its intriguing plot twists. As of Wednesday, it had grossed over 9 billion yuan, igniting high public enthusiasm for its collectibles.
Customers inquiring about toys featuring characters from the film are often left disappointed at stores across China. A salesperson at a trendy toy store in downtown Nanjing in east China’s Jiangsu Province said even display samples were sold out. “We expect to restock items like laser cards later.”
Notably, Hunan Sunny & Sandy Toys Manufacturer Co. Ltd., the film’s sole licensed manufacturer of 3D food-grade plastic toys in China, reported sales of over 450,000 mystery toy box sets through live-streaming in just 11 days — ranking first in terms of the sales of board-game merchandise on the video platform. In addition, more than 10 million of these sets have been sold through offline partnerships.
Yang Zhenlin, assistant to the company’s chairman, said their factory workshops had to resume operations ahead of schedule after the Spring Festival holiday, with their hundreds of staff members working tirelessly to replenish inventory. “We had great confidence in the film even before its release, so we promptly secured the copyright,” Yang told Xinhua.
This week, on e-commerce platforms, some stores have gradually restored supplies. Businesses in the second-hand market have remained brisk.
Fans have also discovered that the gold bracelets they had purchased after the first Ne Zha film came out in 2019, with designs inspired by the “universe ring” on Ne Zha’s arm, have tripled in value on the second-hand market, thanks to both the success of “Ne Zha 2” and a higher gold price.
Some fans have gone so far as to make their own versions of it, using wood, plasticine, flour and even thread. Coinciding with the Lantern Festival on Feb. 12, netizens shared creative improvisations of Ne Zha-shaped glutinous rice dumplings, a festive food.
Miao Lingyi, a 10-year-old girl living in east China’s Shanghai, expressed her admiration for the character Ao Bing, the son of the Dragon King, stating her desire to use her pocket money to buy a collectible featuring him. “I really love the character and I don’t mind waiting a while for the collectible,” she said.
According to experts, the film’s huge success stemming from its captivating plot and stunning special effects, has evoked emotional attachment and resonance with characters among its audiences, while some related products feature limited edition designs — thereby enhancing their value as collectibles and stimulating consumer purchasing enthusiasm.
Ye Guofu, founder of MINISO, a Chinese retailer known for its fashionable but affordable household products, said that Chinese consumers’ growing focus on emotional value attached to commodities, particularly among the younger generations, is expected to further drive the consumption of IP-featured products, such as those related to domestic animated films and games.
With this lucrative market rapidly expanding, experts have stressed the importance of both IP innovation and product quality, while warning against risks of market irregularities and intellectual property rights violations.
Law professor Zheng Ning with Communication University of China suggested that market regulators strengthen oversight to combat potential price gouging and the sale of substandard products — thereby ensuring a more orderly market environment.
Zhao Liangshan, a lawyer in northwest China’s Shaanxi Province, cautioned that handcrafted items made for personal use are not allowed for commercial purposes.
As “Ne Zha 2” enters international markets, Hunan Sunny & Sandy Toys Manufacturer Co., Ltd. aims to target global markets — particularly in Asia, North America and Europe.
The film is set to be screened in various countries, including the United States, Canada, Australia, New Zealand, South Africa, Egypt, Singapore, Japan and the Republic of Korea, with premieres in Los Angeles and Sydney having received positive responses from professionals and fans alike.
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MIL-OSI Economics: Result of Underwriting Auction conducted on February 14, 2025
Source: Reserve Bank of India
In the underwriting auction conducted on February 14, 2025, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:
Nomenclature of the Security Notified Amount
(₹ crore)Minimum Underwriting Commitment (MUC) Amount
(₹ crore)Additional Competitive Underwriting Amount Accepted
(₹ crore)Total Amount underwritten
(₹ crore)ACU Commission Cut-off rate
(paise per ₹100)6.64% GS 2027 7,000 3,507 3,493 7,000 0.07 6.79% GS 2034 22,000 11,004 10,996 22,000 0.11 7.09% GS 2074 10,000 5,019 4,981 10,000 0.18 Auction for the sale of securities will be held on February 14, 2025. Ajit Prasad
Deputy General Manager
(Communications)Press Release: 2024-2025/2156
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MIL-OSI Economics: Panasonic HD becomes the first in Japan to receive approval to operate 10 small and remote-controllable mobilities simultaneously on public roads across multiple regions and begins demonstration experiments – Contributing to enhanced efficiency of robot service business
Source: Panasonic
Headline: Panasonic HD becomes the first in Japan to receive approval to operate 10 small and remote-controllable mobilities simultaneously on public roads across multiple regions and begins demonstration experiments – Contributing to enhanced efficiency of robot service business
Osaka, Japan, February 6, 2025 – Panasonic Holdings Corporation (Panasonic HD) today announced that it became the first in Japan,*1 as of January 23, 2025, to receive approval to operate 10 small and remote-controllable mobilities simultaneously on public roads across multiple regions under the supervision of a single operator, and began demonstration experiments.
Amid a chronic labor shortage in the logistics industry, the growing volume of home delivery packages driven by the expansion of the e-commerce market and the rising number of individuals facing challenges in accessing essential goods, such as food, have emerged as significant social issues. In response to these social issues, the Ministry of Economy, Trade and Industry launched a public-private council in 2019 to promote deliveries by autonomous-driving robots, initiating a comprehensive study of social implementation of robot-assisted delivery services.
Panasonic HD has developed a robotic solution that integrates automatic delivery robots with a remote control system and is promoting the use of robots in last-mile delivery, mobile vending, information dissemination, and other business sectors, and expanding social implementation in each region.
To address labor shortages using robots, it is crucial that a single remote operator can safely manage multiple robots simultaneously. In response to this challenge, in April 2022, Panasonic HD became the first in Japan*2 to achieve full remote operation, with a single operator simultaneously controlling four small and remote-controllable mobilities without security personnel stationed near the mobile robots. Since then, the company has continued to provide services with various partners while operating multiple robots simultaneously.
In order to further improve service efficiency, the company has developed an AI function that assists with some of the tasks of remote operators, significantly reducing their workload and enabling each operator to manage up to 10 robots simultaneously. A total of 10 automatic delivery robots named HAKOBO will be fully remotely operated in three regions: Fujisawa City, Kanagawa Prefecture; Kadoma City, Osaka Prefecture; and Saga City, Saga Prefecture.
In the future, Panasonic HD aims to contribute to the provision of services that enable each individual operator to simultaneously utilize multiple robots across various regions. Furthermore, HAKOBO can be used for various purposes, such as mobile vending and information dissemination, by customizing the cabin mounted at the rear, reducing robot service operating costs through the integration of multiple units, regions, and services. Enabling the operation of these robots from an office in a remote location will also help eliminate worker imbalances between regions and improve work styles.Panasonic HD has developed the mobility service platform X-Area and aims to create a society where anyone can work with a sense of security anytime and anywhere by leveraging mobility functions even from remote locations through AI and robotics, while utilizing the company’s mobility services to make people’s lifestyles more convenient.
Panasonic HD will continue to offer robotic solutions that integrate HAKOBO and other automatic delivery robots with remote control systems. Through these efforts, the company aims to provide services that enhance convenience in people’s lifestyles while addressing labor shortages and improving working conditions across various operations, including last-mile delivery, product vending, security and monitoring, advertising, guidance, and other tasks.
Some of these results have been achieved through projects supported by NEDO (New Energy and Industrial Technology Development Organization).Grant project name: Project to Construct a Basis for Research and Development of Innovative Robots/Realization of Delivery Service by Automated Delivery RobotsCommissioned project name: Third Phase of the Strategic Innovation Promotion Program (SIP) Sponsored by the Cabinet Office/Expansion of Fundamental Technologies and Development of Rules Promoting Social Implementation to Expand HCPS Human-Collaborative Robotics.
*1: Research conducted by Panasonic as of January 23, 2025.
*2: Research conducted by Panasonic as of April 15, 2022.About the Panasonic Group
Founded in 1918, and today a global leader in developing innovative technologies and solutions for wide-ranging applications in the consumer electronics, housing, automotive, industry, communications, and energy sectors worldwide, the Panasonic Group switched to an operating company system on April 1, 2022 with Panasonic Holdings Corporation serving as a holding company and eight companies positioned under its umbrella. The Group reported consolidated net sales of 8,496.4 billion yen for the year ended March 31, 2024. To learn more about the Panasonic Group, please visit: https://holdings.panasonic/global/ -
MIL-OSI USA: 02.13.2025 Cruz-Klobuchar Bill to Protect Teenagers from Deepfake ‘Revenge Porn’ Unanimously Passes the Senate
US Senate News:
Source: United States Senator for Texas Ted Cruz
WASHINGTON, D.C. – Today, the Senate unanimously passed the TAKE IT DOWN Act, which was introduced by U.S. Senate Commerce Committee Chairman Ted Cruz (R-Texas) and Senator Amy Klobuchar (D-Minn.). The legislation criminalizes the publication of non-consensual intimate imagery (NCII), including AI-generated NCII (or “deepfake revenge pornography”), and requires social media and similar websites to implement procedures to remove such content within 48 hours of notice from a victim.
The bill unanimously passed both the Commerce Committee and the full Senate during the 118th Congress. For the current 119thCongress, U.S. Representatives Maria Elvira Salazar (R-Fla.) and Madeleine Dean (D-Pa.) have reintroduced companion legislation in the House as they did last Congress. The TAKE IT DOWN Act has received widespread support from over 100 organizations, including victim advocacy groups, law enforcement, and tech industry leaders.
Upon passage of the TAKE IT DOWN Act, Sen. Cruz said:
“The TAKE IT DOWN Act gives victims of revenge and deepfake pornography—many of whom are young girls—the ability to fight back. Under our bipartisan bill, those who knowingly spread this vile material will face criminal charges, and Big Tech companies must remove exploitative content without delay. As we worked on the TAKE IT DOWN Act, more victims courageously came forward to share their stories to help end this horrific online abuse. Now, it’s up to the House to pass the TAKE IT DOWN Act and give victims the power to reclaim their privacy and dignity.”
Sen. Klobuchar said:
“We must provide victims of online abuse with the legal protections they need when intimate images are shared without their consent, especially now that deepfakes are creating horrifying new opportunities for abuse. Passing this bipartisan legislation builds on my work to ensure that victims can have this material removed from social media platforms and law enforcement can hold perpetrators accountable. The House should pass this bill and the President should sign it into law as soon as possible to protect victims of online abuse.”
The legislation is co-sponsored by Sens. Shelley Moore Capito (R-W.Va.), Richard Blumenthal (D-Conn.), Bill Cassidy (R-La.), Cory Booker (D-N.J.), John Barrasso (R-Wyo.), Jacky Rosen (D-Nev.), Cynthia Lummis (R-Wyo.), John Hickenlooper (D-Colo.), Ted Budd (R-N.C.), Marsha Blackburn (R-Tenn.), Roger Wicker (R-Miss.), Todd Young (R-Ind.), John Curtis (R-Utah), Tim Sheehy (R-Mont.), Raphael Warnock (D-Ga.), Martin Heinrich (D-N.M.), Gary Peters (D-Mich.), Adam Schiff (D-Calif.), Catherine Cortez Masto (D-Nev.), and Jeanne Shaheen (D-N.H.).
Background:
While nearly every state has a law protecting people from non-consensual intimate imagery (NCII), including 30 states with laws explicitly covering sexual deepfakes, these state laws vary in classification of crime and penalty and have uneven criminal prosecution. Further, victims struggle to have images depicting them removed from websites, increasing the likelihood the images are continuously spread and victims are retraumatized.
In 2022, Congress passed legislation creating a civil cause of action for victims to sue individuals responsible for publishing NCII. However, bringing a civil action can be incredibly impractical. It is time-consuming, expensive, and may force victims to relive trauma. Further exacerbating the problem, it is not always clear who is responsible for publishing the NCII.
The TAKE IT DOWN Act would protect and empower victims of real and deepfake NCII while respecting speech by:
Criminalizing the publication of NCII in interstate commerce. The bill makes it unlawful for a person to knowingly publish NCII on social media and other online platforms. NCII is defined to include realistic, computer-generated pornographic images and videos that depict identifiable, real people. The bill also clarifies that a victim consenting to the creation of an authentic image does not mean that the victim has consented to its publication.
Protecting good faith efforts to assist victims. The bill permits the good faith disclosure of NCII, such as to law enforcement, in narrow cases.
Requiring websites to take down NCII upon notice from the victim. Social media and other websites would be required to have in place procedures to remove NCII, pursuant to a valid request from a victim, within 48 hours. Websites must also make reasonable efforts to remove copies of the images. The FTC is charged with enforcement of this section.
Protecting lawful speech. The bill is narrowly tailored to criminalize knowingly publishing NCII without chilling lawful speech. The bill conforms to current First Amendment jurisprudence by requiring that computer-generated NCII meet a “reasonable person” test for appearing indistinguishable from an authentic image.
To read the bill text, click HERE. -
MIL-OSI United Nations: 13 February 2025 Feature story Biosimilars: expanding access to essential biologic therapies
Source: World Health Organisation
WHO’s role in promoting biosimilars
The World Health Organization (WHO) recognizes biosimilars as key drivers for expanding global access to essential biological medicines. Through its Essential Medicines List (EML), WHO evaluates and includes quality-assured biosimilars, endorsing them as safe, effective, and cost-effective alternatives to originator biologics. The WHO prequalification of biosimilars builds confidence for their procurement by the United Nation (UN) agencies and countries, enhancing their availability and affordability. WHO also advocates for non-exclusive voluntary licensing to accelerate affordable biosimilar access and emphasizes the importance of regulatory harmonization, healthcare professional education, and stakeholder collaboration in promoting biosimilar use (3).
Standards for biological products
Since early 1950s’ WHO has played a pivotal role in establishing norms and standards for biological products. These standards ensure the consistent quality, safety, and efficacy of biological medicines and related in vitro biological diagnostic tests worldwide. The WHO Expert Committee on Biological Standardization (ECBS) collaborates with international scientific and professional communities, regional and national regulatory authorities, manufacturers, and expert laboratories to develop these standards based on international consensus. WHO guidelines and recommendations for biological products cover various aspects, including production, control, and regulatory preparedness. This guidance is crucial for maintaining high standards in the development and use of biological products, including biosimilars. For instance, the guidelines on the quality, safety, and efficacy of biotherapeutic products provide a framework for evaluating biosimilars at country level, ensuring they meet the same rigorous standards as their reference products. WHO also establishes International Biological Reference Materials, which serve as benchmarks for the quality and potency of biological products (i.e. WHO International Reference Standards for Biological Products). These reference materials are essential for standardizing assays and ensuring the comparability of biosimilar products across different regions and manufacturers. WHO emphasizes the importance of regulatory harmonization to facilitate the global adoption of biosimilars.
Biosimilars in the EML: bridging the gap
As of 2023, the WHO EML includes 81 biologic therapies, representing over 15% of all listed essential medicines. The inclusion of biosimilars on the EML helps bridge the gap in affordability and availability of these therapies. For example, following the EML recommendation and WHO prequalification of trastuzumab and rituximab biosimilars treatment costs for breast cancer and lymphoma have significantly reduced. Countries such as Brazil (4), India (5), and South Africa (6) have successfully expanded patient access through approved biosimilars, demonstrating the practical benefits of these inclusions.
Evolution of biologic medicines in the EML
WHO recognizes the importance of expanding access to essential biologic medicines globally. In 2013, bevacizumab (recommended for age-related macular degeneration, a disease of the eye) was the first monoclonal antibody added to the WHO EML, followed by trastuzumab and rituximab in 2015, both indicated against cancer.
Trastuzumab has revolutionized breast cancer treatment for human epidermal growth factor receptor 2 (HER2)-positive breast cancer. Since its introduction almost 25 years ago, trastuzumab has significantly improved outcomes for patients with this type of cancer. It is a monoclonal antibody that targets the HER2 protein, which is overexpressed in some breast cancers, and it has been pivotal in reducing recurrence and improving survival rates. Trastuzumab’s impact is reflected in the shift from conventional chemotherapy to targeted therapies, offering more effective and less toxic treatment options. However, with an average annual cost exceeding $20,000 USD, many LMICs faced severe budget constraints, leading to limited use of trastuzumab and poor survival rates for patients. In response, WHO prequalified the first trastuzumab biosimilar in 2019. These biosimilars, offering the same efficacy and safety at approximately 65% lower cost, had the potential to transform breast cancer treatment in LMICs.
Since then, several trastuzumab biosimilars have been approved or are in development by various companies. These biosimilars have been launched in all WHO regions. The inclusion of these biosimilars on the EML facilitated initiatives such as the Cancer Access Partnership, led by the Clinton Health Access Initiative (CHAI) and the American Cancer Society (ACS), which included biological medicines for the first time.
Today, equitable global access to trastuzumab biosimilars is gradually being realized. Countries like India and Brazil have swiftly integrated these biosimilars into their national healthcare systems. India, for example, has approved multiple trastuzumab biosimilars, significantly reducing treatment costs and broadening patient access nationwide. Similarly, South Africa has adopted trastuzumab biosimilars into its treatment protocols, enhancing accessibility to essential breast cancer medications for patients. Overall, trastuzumab biosimilars have received market authorization and approval in at least 65 countries, signaling a major step forward in global cancer care (7).
As of 2019, trastuzumab biosimilars have received market authorization and approval in over 65 countries (8).
The 2019 inclusion of adalimumab (recommended for rheumatoid arthritis, juvenile idiopathic arthritis, ankylosing spondylitis and Crohn’s disease) further underscored WHO’s commitment to improving access and affordability through biosimilars. Over the next few years, WHO has built on this biosimilar precedent by continuing to add further important biologic medicines to the EML and explicitly listing their quality-assured biosimilars as alternatives.
Removing barriers to adoption
While biosimilars have made promising inroads into the Model List, concerns have persisted regarding interchangeability and switching between reference biologics and their biosimilar versions. In 2021, after reviewing substantial evidence confirming the safety and efficacy of transitioning patients from original biologics to biosimilars, the WHO recommended that quality-assured biosimilars of listed biologic medicines should also be viewed as interchangeable and considered for national selection and procurement. This recommendation was pivotal for improving real-world access and use, positioning biosimilars as equal to their reference counterparts and affirming confidence in transitioning patients to save costs without compromising care. The committee reinforced this support by recommending the expansion of WHO prequalification to include biosimilars and advocating for their regular evaluation alongside originators (9).
WHO recommends that quality-assured biosimilars of EML-listed biologic medicines should be viewed as interchangeable and eligible for selection and procurement at the country level for national essential medicines lists.
Despite their potential, challenges remain in integrating biosimilars in clinical practice across countries and clinical areas. Issues such as concerns about switching between biosimilars and reference products, regulatory complexities, and educational gaps among healthcare professionals necessitate careful consideration (10).
Current landscape of essential biologic and biosimilar medicines
The 2023 Model List includes multiple biologics and their biosimilar alternatives across different therapeutic areas:
Table 1: Biologic medicines and therapeutic alternatives (including quality-assured biosimilars) on the WHO Model Lists.
Medicine Indication(s) Adalimumab
(therapeutic alternatives: certolizumab pegol, etanercept, golimumab, infliximab)Ankylosing spondylitis, Crohn disease, juvenile idiopathic arthritis and rheumatoid arthritis Anti-rabies virus monoclonal antibodies
Rabies post-exposure prophylaxis Asparaginase
Acute lymphoblastic leukemia Bevacizumab
Age-related macular degeneration Enoxaparin
(therapeutic alternatives: dalteparin, nadroparin)
Acute coronary syndromes
Venous thromboembolismErythorpoiesis-stimulating agents (therapeutic alternatives: epoetin alfa, beta, and theta, darbepoetin alfa, methoxy polyethylene glycol-epoetin beta)
Anaemia of chronic renal disease Filgrastim Primary and secondary prophylaxis of febrile neutropenia associated with myelotoxic chemotherapy.
Insulin (human)
(soluble and intermediate-acting)
Diabetes Long-acting Insulin analogues
(therapeutic alternatives: insulin degludec, insulin detemir, insulin glargine)
Diabetes Nivolumab
(therapeutic alternative: pembrolizumab)
Metastatic melanoma Pegaspargase
Acute lymphoblastic leukemia Pegfilgrastim
Primary and secondary prophylaxis of febrile neutropenia associated with myelotoxic chemotherapy.
Rituximab
Burkitt lymphoma, chronic lymphocytic leukaemia, diffuse large B-cell lymphomas, follicular lymphoma, multiple sclerosis Trastuzumab
HER2-positive breast cancer Economic benefits and WHO recommendations for biosimilar medicines
The WHO guideline on country pharmaceutical pricing policies includes a strong recommendation for promoting the use of quality-assured generic and biosimilar medicines.
WHO recommends that countries enable early market entry of generic and biosimilar medicines through legislative and administrative measures, with a view to encouraging early submission of regulatory applications, allowing for prompt and effective review, and ensuring these products are safe, efficacious, and quality-assured (9)
The WHO guideline also emphasizes the importance of cost-effective procurement strategies to enhance accessibility and sustainability of healthcare systems, particularly in LMICs.
Challenges and future directions
Despite the demonstrated benefits, several challenges remain in the broader adoption of biosimilars. Regulatory barriers, lack of awareness among healthcare professionals, and limited manufacturing capabilities in certain regions can hinder the widespread acceptance and utilization of biosimilars. Addressing these challenges requires coordinated efforts among governments, healthcare providers, and the pharmaceutical industry to promote education, streamline regulatory processes, and invest in local manufacturing infrastructure.
WHO continues to play a pivotal role in promoting the adoption of biosimilars through its strategic initiatives. WHO emphasizes the importance of regulatory harmonization and supports countries in building robust regulatory frameworks to ensure the quality, safety, and efficacy of biosimilars. Additionally, WHO collaborates with various stakeholders to enhance healthcare professional education and public awareness about the benefits of biosimilars, fostering a more receptive environment for their adoption.
References
- Agency EM. European Medicines Agency [Internet]. [cited 2024]. Available from: https://www.ema.europa.eu/en/human-regulatory-overview/biosimilar-medicines-overview.
- Calleja MA, Albanell J, Aranda E, García-Foncillas J, Feliu A, Rivera F, et al. Budget impact analysis of bevacizumab biosimilars for cancer treatment in adult patients in Spain. European Journal of Hospital Pharmacy. 2023;30(e1):e40.
- Burrone E, Gotham D, Gray A, de Joncheere K, Magrini N, Martei YM, et al. Patent pooling to increase access to essential medicines. Bull World Health Organ. 2019;97(8):575-7.
- Celltrion. Biosimilar Development [Internet]2019. [cited 2024]. Available from: https://www.biosimilardevelopment.com/doc/celltrion-announces-approval-of-herzuma-trastuzumab-pkrb-in-brazil-0001.
- Lopes G. American Society of Clinical Oncology (ASCO) Connection [Internet]2016. [cited 2024]. Available from: https://connection.asco.org/blogs/biosimilars-emerging-markets-india-and-russia.
- Pategou J. Biosimilar Development [Internet]2020. [cited 2024]. Available from: https://www.biosimilardevelopment.com/doc/africa-s-biosimilar-landscape-outlook-current-challenges-0001.
- CHAI and ACS announce agreement to expand Cancer Access Partnership [press release]. 2021.
- Biocon. Biocon [Internet]2019. [cited 2024]. Available from: https://www.biocon.com/mylan-and-biocon-launch-first-trastuzumab-biosimilar-ogivri-in-australia/.
- World Health Organization. WHO guideline on country pharmaceutical pricing policies. World Health Organization; 2020. Available from: https://iris.who.int/handle/10665/335692
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MIL-OSI Australia: Second Reading Speech – Early Childhood Education And Care (Three Day Guarantee) Bill 2025
Source: Australian Executive Government Ministers
Ask any parent, and they’ll tell you early education and care is an essential service. It helps them get back to work and helps their children get ready for school. Under
the Liberals the cost went through the roof and the rules were tightened to make it harder for some children to get the start in life they deserve. We’re fixing that.Over 10 years the cost of child care exploded by more than 49 per cent—double the OECD average—under Abbott, Turnbull and Morrison. We said we’d cut the cost of child care and we have, for more than one million families right across the country. As a result of the changes we made and passed through this Parliament two years ago, a family on a joint income of about $120,000 has saved $2,768 since July 2023. That’s helped a lot of parents get back to work and put more money in their pockets, and it’s meant more children are now getting the benefits of our early education system. The number of children in our early education system is now about 100,000 more than it was when we were elected 2½ years ago. That’s a good thing. There are also 1,000 more centres and more services. That’s good, too.
When we came to office 2½ years ago, something else was happening. The people who educate and care for our children were leaving the sector in droves. They were leaving the job that they loved. The attrition rate was through the roof. That’s now changed, too. The reason for that is the 15 per cent pay rise that we’re now rolling out. The best example of that is what’s happening at Goodstart Early Learning, the biggest childcare operator in the country. At their centres, across the country, job applications have now jumped by 35 per cent. Expressions of interest have jumped by 50 to 60 per cent, and vacancy rates are down by a massive 28 per cent. We’re seeing that right across the country. Vacancy rates right across the sector are now down by 22 per cent. It turns out that, if you pay people more, more want to do the job. Early educators are some of the most important workers in this country and some of the most underpaid. They were leaving the job that they love, the job that we need them to, not because they didn’t want to do it but because they couldn’t afford to keep doing it. That 15 per cent pay increase is fixing that.
The next step in making our early education system better and fairer is making sure that more children who currently can’t get access to it get that chance. In February 2023, we asked the Productivity Commission to comprehensively review our early education system. We asked them to help build a blueprint for reform and tell us how we can build a truly universal early education system. We got their final report in June of last year. One of the things it says that we have to do if we want to build that universal early education system is build more centres where they don’t exist, what are sometimes referred to as ‘childcare deserts’. We’re doing that. In December, the Prime Minister announced that, if we win the next election, the government will create a $1 billion Building Early Education Fund. This will be the single biggest ever investment by an Australian government in new childcare services. It will build or expand over 160 early education and care centres where they’re needed most. I want to thank GrainGrowers, who said that this is positive step and that this fund will help expand and build new childhood education and care centres in areas of need. I want to thank the National Farmers Federation too for imploring the Liberals and the Nationals to match what we’re doing. They get it. Unfortunately, the Liberal Party and National Party haven’t heard them, because they don’t support this. They’ve spent 2½ years in this Parliament talking about childcare deserts. They spent a decade in government doing nothing about it. Now there is a $1 billion fund on the table that they could support, but they choose not to. It’s unbelievable. The Productivity Commission also recommended something else that we need to do next. That’s to get rid of the Liberals’ activity test. This is a real barrier that was purposefully put in place by the Liberal Party to limit access to early education for a lot of children—in particular, a lot of disadvantaged children and kids from poor families. It is deeply unfair. A test to determine if your child is worthy of accessing early education is one that no family should have to pass. The Productivity Commission report gives us a definition of what a universal early education and care system could and should look like. It says it’s a system where every child can get access to affordable early education and care three days a week or 30 hours a week. This bill gets rid of the Liberals’ activity test and replaces it with a guarantee of access to three days a week of government supported early education and care for every child who needs it. It’s still means tested, but it means that families will not be left out because parents are looking for work or preparing to go back to study. It means that over 100,000 families will be able to get more subsidised hours of early education and care. And it means real cost-of-living relief for 66,700 families in the first full financial your alone. Those families will save an average of $1,370 per year on their childcare costs. About half of those families earn less than $100,000 per year. Lower-income families will save even more: an average of $1,460 a year.
This is going to make a real difference for a lot of young families. It will help with the cost of living but it will do more than that. Fundamentally this is about helping every child get a great start in life—what every parent wants for their children and what every child deserves—helping them to get ready to start school, helping to make sure they don’t start school behind. That’s what early education does. This is not babysitting; it’s early education. The evidence is clear: children who get access to early education and care are more likely to start school ready to go, ready to learn. They’re also more likely to finish school and then go on to more study. Former US President Joe Biden often made the point that a child who goes to preschool is 50 per cent more likely to go to college. At the moment, while lots of Australian children get the benefit of this life-changing opportunity, not all do. As the Productivity Commission pointed out in its final report, at the moment it’s children who need it most who are least likely to access early education and care. In 2021 only 54 per cent of children in the most disadvantaged areas were enrolled in early education and care, compared with 76 per cent of children in the highest socioeconomic areas. The most recent Early Development Census report found that only 42.7 per cent of children experiencing the highest level of socioeconomic disadvantage were on track when they started school, compared with 54.8 per cent of all children. That’s what this is about: helping them, helping to make sure more children are ready to start school.
This bill does something else, too. As part of our commitment to closing the gap we are setting a target of ensuring that at least 55 per cent of Indigenous Australian children are developmentally on track. At the moment it’s 34 per cent. That’s a big gap. Not unsurprisingly, Indigenous children’s attendance at early education and care is way below the national average, and the activity test is one of the reasons for this. That’s why this bill increases the base entitlement to 100 hours for Indigenous children. It’s a really important change—one that Indigenous families and communities have been calling for since the activity test was created. And we have listened. You only have to listen to the words of the CEO of SNAICC, Catherine Liddle, after the Prime Minister announced this policy to know how important this is. This is what Catherine said:
This can be a game-changer for our babies. It will mean more children are developmentally ready for school, setting them up for a thriving future.It’s just one part of the work we need do to close the gap, and I am so very proud that it’s part of this bill. I want to thank the Prime Minister for his leadership in driving reform in this area, and I know how personally important it is to him to see these changes being made. I also want to thank my dear friend and colleague the Minister for Early Childhood Education, the awesome Anne Aly. I also want to thank our offices, and I want to thank our department for the work they have done in preparing this legislation. And I want to thank our early educators and our teachers, and I hope you see in this bill how this government values the important work you do. I also want to thank everyone who has called for this for years and years and years—groups like the Parenthood, whose CEO, Georgie Dent, called this ‘a paradigm shift’; people like Ros Baxter, the CEO of Goodstart, who said, ‘This will change lives;’ or Jay Weatherill at the Minderoo Foundation who called this ‘a momentous step’; or the Centre for Policy Development, who said that this guarantee ‘is a game-changer’ and that it demonstrates ‘a real dedication to delivering a universal system’; or the Business Council of Australia’s Wendy Black, who said that they have ‘long called for an early childhood education guarantee based on quality, universal access to give children a strong educational foundation’.
This is important reform for an essential service for more than a million families across the country. It helps parents get back to work, but, even more important than that, it helps the next generation of Australians to prepare for school, to prepare for their life ahead. That’s what makes this reform so important, and I am so happy to commend it to the House.
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MIL-OSI: Pulse Seismic Inc. Reports 2024 Financial Results and Declares Regular and Special Dividends
Source: GlobeNewswire (MIL-OSI)
CALGARY, Alberta, Feb. 13, 2025 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to report its financial and operating results for the year ended December 31, 2024. The audited consolidated financial statements, accompanying notes and MD&A are being filed on SEDAR+ (www.sedarplus.ca) and will be available on Pulse’s website at www.pulseseismic.com.
Pulse’s Board of Directors today approved a quarterly dividend of $0.015 per share and additionally declared a special dividend of $0.20 per share. The total of the dividends will be approximately $10.9 million based on Pulse’s 50,837,863 common shares outstanding as of February 13, 2025, to be paid on March 13, 2025, to shareholders of record on February 28, 2025. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Pulse’s dividends are subject to Canadian withholding tax.
“We are very pleased with the Company’s 2024 financial performance, and what we have accomplished so far in 2025. We remain focused on returning capital to shareholders, as deemed appropriate given the annual fluctuations inherent in our business. So far in 2025 we have secured $17.5 million in sales and today the Board of Directors declared a special dividend of $0.20 per share, in addition to the regular quarterly dividend,” stated Neal Coleman, Pulse’s President and CEO. “In 2024, 76% of free cashflow was allocated to dividends and share buybacks, and looking back to Q4 2021, after repayment of the majority of the 2019 acquisition debt, we resumed dividends and share buybacks and have declared $0.83 per share in dividends and decreased our share count by three million,” Coleman concluded.
HIGHLIGHTS FOR THE YEAR ENDED DECEMBER 31, 2024
- The return of capital to shareholders in 2024 including all dividends declared in the year and shares purchased under the Normal Course Issuer Bid (NCIB), totalled $9.5 million, and was 76% of shareholder free cashflow generated for the year;
- Dividends of $0.10875 per share were declared in 2024. Regular dividends declared and paid totalled $0.05875 per share. The annualized regular dividend of $0.055 per share was increased by 9% to $0.06 per share in the second quarter of the year. A special dividend of $0.05 per share was paid in the third quarter of 2024;
- 1,784,000 shares were purchased during the year under the Normal Course Issuer Bid (NCIB) at an average price of $2.17 per share, for total cost of approximately $3.9 million;
- Shareholder free cash flow(a) was $12.4 million ($0.24 per share basic and diluted) compared to $24.8 million ($0.47 per share basic and diluted) for the year ended December 31, 2023;
- EBITDA(a) was $15.5 million ($0.30 per share basic and diluted) compared to $30.4 million ($0.57 per share basic and diluted) for the year ended December 31, 2023;
- Net earnings were $3.4 million ($0.07 per share basic and diluted) compared to net earnings of $15.0 million ($0.28 per share basic and diluted) for 2023;
- Total revenue was $23.4 million compared to $39.1 million for the year ended December 31, 2023; and
- At December 31, 2024, the Company had a cash balance of $8.7 million as well as $5.0 million of available liquidity on its credit facility.
HIGHLIGHTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2024
- The regular quarterly dividend of $0.015 per share was paid in the fourth quarter;
- A total of 97,700 shares were purchased under the NCIB in the fourth quarter, at an average price of $2.32 per share and total cost of approximately $226,000;
- Shareholder free cash flow was $2.4 million ($0.05 per share basic and diluted) compared to $10.9 million ($0.21 per share basic and diluted) in the fourth quarter of 2023;
- EBITDA was $3.8 million ($0.07 per share basic and diluted) compared to $13.6 million ($0.26 per share basic and diluted) in the fourth quarter of 2023;
- Net earnings were $774,000 ($0.02 per share basic and diluted) compared to net earnings of $8.3 million ($0.16 per share basic and diluted) in the fourth quarter of 2023; and
- Total revenue was $5.6 million compared to $16.9 million for the three months ended December 31, 2023.
SELECTED FINANCIAL AND
OPERATING INFORMATION(Thousands of dollars except per share data, Three months ended December 31, Years ended December 31, numbers of shares and kilometres of seismic data) 2024 2023 2024 2023 Revenue 5,576 16,861 23,379 39,127 Amortization of seismic data library 2,263 2,270 9,090 9,103 Net earnings 774 8,307 3,391 15,007 Per share basic and diluted 0.02 0.16 0.07 0.28 Cash provided by operating activities 2,337 7,001 14,195 23,524 Per share basic and diluted 0.05 0.13 0.28 0.44 EBITDA (a) 3,785 13,592 15,496 30,431 Per share basic and diluted (a) 0.07 0.26 0.30 0.57 Shareholder free cash flow (a) 2,440 10,946 12,408 24,829 Per share basic and diluted (a) 0.05 0.21 0.24 0.47 Capital expenditures Seismic data – – 225 – Property and equipment – – 45 28 Total capital expenditures – – 270 28 Dividends Regular dividends declared 763 724 3,018 2,862 Special dividends declared – 10,527 2,548 18,519 Total dividends declared 763 11,251 5,566 21,381 Normal course issuer bid Number of shares purchased and cancelled 97,700 59,500 1,784,000 1,005,006 Cost of shares purchased and cancelled 227 112 3,880 1,943 Weighted average shares outstanding Basic and diluted 50,878,652 52,647,740 51,448,985 53,237,569 Shares outstanding at period-end 50,837,863 52,621,863 Seismic library 2D in kilometres 829,207 829,207 3D in square kilometres 65,310 65,310 FINANCIAL POSITION December 31, December 31, (Thousands of dollars except working capital ratio) 2024 2023 Working capital 9,222 7,468 Working capital ratio 5.1:1 1.5:1 Cash and cash equivalents 8,722 15,948 Total assets 21,516 41,249 EBITDA 15,496 30,431 Shareholders’ equity 18,295 25,655 (a) The Company’s continuous disclosure documents provide discussion and analysis of “EBITDA”, “EBITDA per share”, “shareholder free cash flow” and “shareholder free cash flow per share”. These financial measures do not have standard definitions prescribed by IFRS and, therefore, may not be comparable to similar measures disclosed by other companies. The Company has included these non-GAAP financial measures because management, investors, analysts and others use them as measures of the Company’s financial performance. The Company’s definition of EBITDA is cash available for interest payments, cash taxes, repayment of debt, purchase of its shares, discretionary capital expenditures and the payment of dividends, and is calculated as earnings (loss) from operations before interest, taxes, depreciation and amortization. The Company believes EBITDA assists investors in comparing Pulse’s results on a consistent basis without regard to non-cash items, such as depreciation and amortization, which can vary significantly depending on accounting methods or non-operating factors such as historical cost. EBITDA per share is defined as EBITDA divided by the weighted average number of shares outstanding for the period. Shareholder free cash flow further refines the calculation of capital available to invest in growing the Company’s 2D and 3D seismic data library, to repay debt, to purchase its common shares and to pay dividends by deducting non-discretionary expenditures from EBITDA. Non-discretionary expenditures are defined as non-cash expenses, debt financing costs (net of deferred financing expenses amortized in the current period), net restructuring costs and current tax provisions. Shareholder free cash flow per share is defined as shareholder free cash flow divided by the weighted average number of shares outstanding for the period.
These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.OUTLOOK
Pulse’s ability to predict future revenue generation has always been challenging due to the nature of the business, which naturally fluctuates from year to year. That said, Pulse has had a strong start to the year having closed $17.5 million in sales, representing approximately 75% of sales in 2024. There are generally a mix of positive and negative factors influencing the industry which contributes to the challenge, and at this time in particular, uncertainty concerning 2025 is high. Positive factors in 2024, and recent projections into 2025 include high levels of M & A activity, approximately $19.4 billion in 2024 compared to $16.5 billion in 2023, while the latest annual forecast by Sayer Energy Advisors for 2025 is approximately $15.0 billion. There were continuing high volumes of land sales in Alberta in 2024: approximately $365 million, down only slightly from the $370 million in 2023, and significantly higher than in recent years going back to before the 2014-2015 industry downturn. In British Columbia, land sales which had been paused since May 2021 finally resumed in December 2024. New infrastructure, such as the TMX pipeline expansion which was completed in 2024 has already provided increased export capacity and is a driver of increased drilling activity. The Canadian Association of Energy Contractors, in November 2024 forecast an increase to 6,604 wells to be drilled in 2025, an approximate 7% increase over 2024. The pending completion of LNG Canada’s liquified natural gas export facility is expected to contribute to the forecast increase in drilling and may lead to an improvement in Canadian natural gas prices. The positive factors are offset by factors that create uncertainty for the future, including economic, political, and environmental concerns. It is clear that Canada needs to continue to build pipelines and increase natural gas egress, to support the country’s energy security, as well as to secure new buyers of Canadian energy. The impacts of the recent change in administration in the United States and the uncertainty around energy tariffs and trade policy, together with Canadian federal government leadership changes are contributing to the lack of clarity for the future.
Pulse, as previously stated, has low visibility regarding future seismic data library sales levels, regardless of industry conditions. The Company remains focused on business practices that have served throughout the full range of conditions. The Company maintains a strong balance sheet, has zero debt, no capital spending commitments, and a disciplined and rigorous approach to evaluating growth opportunities. This 15-person company, led by an experienced and capable management team, operates with a low-cost structure and focuses on developing excellent client relations as well providing exceptional customer service. Pulse’s strong financial position, high leverage to increased revenue in its EBITDA margin and careful management of its cash resources have resulted in the return of capital to shareholders through regular and special dividends and the repurchase of its shares.
CORPORATE PROFILE
Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin, where most of Canada’s oil and natural gas exploration and development occur.
For further information, please contact:
Neal Coleman, President and CEO
Or
Pamela Wicks, Vice President Finance and CFO
Tel.: 403-237-5559
Toll-free: 1-877-460-5559
E-mail: info@pulseseismic.com.
Please visit our website at www.pulseseismic.comThis document contains information that constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “forecast”, “target”, “project”, “guidance”, “may”, “will”, “should”, “could”, “estimate”, “predict” or similar words suggesting future outcomes or language suggesting an outlook.
The Outlook section herein contain forward-looking information which includes, but is not limited to, statements regarding:
> The outlook of the Company for the year ahead, including future operating costs and expected revenues; > Recent events on the political, economic, regulatory, and legal fronts affecting the industry’s medium- to longer-term prospects, including progression and completion of contemplated pipeline projects; > The Company’s capital resources and sufficiency thereof to finance future operations, meet its obligations associated with financial liabilities and carry out the necessary capital expenditures through 2025; > Pulse’s capital allocation strategy; > Pulse’s dividend policy; > Oil and natural gas prices and forecast trends; > Oil and natural gas drilling activity and land sales activity; > Oil and natural gas company capital budgets; > Future demand for seismic data; > Future seismic data sales; > Pulse’s business and growth strategy; and > Other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results and performance, as they relate to the Company or to the oil and natural gas industry as a whole. By its very nature, forward-looking information involves inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. Pulse does not publish specific financial goals or otherwise provide guidance, due to the inherently poor visibility of seismic revenue. The Company cautions readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.
These factors include, but are not limited to:
> Uncertainty of the timing and volume of data sales; > Volatility of oil and natural gas prices; > Risks associated with the oil and natural gas industry in general; > The Company’s ability to access external sources of debt and equity capital; > Credit, liquidity and commodity price risks; > The demand for seismic data and; > The pricing of data library licence sales; > Cybersecurity; > Relicensing (change-of-control) fees and partner copy sales; > Environmental, health and safety risks; > Federal and provincial government laws and regulations, including those pertaining to taxation, royalty rates, environmental protection, public health and safety; > Competition; > Dependence on key management, operations and marketing personnel; > The loss of seismic data; > Protection of intellectual property rights; > The introduction of new products; and > Climate change. Pulse cautions that the foregoing list of factors that may affect future results is not exhaustive. Additional information on these risks and other factors which could affect the Company’s operations and financial results is included under “Risk Factors” in the Company’s most recent annual information form, and in the Company’s most recent audited annual financial statements, most recent MD&A, management information circular, quarterly reports, material change reports and news releases. Copies of the Company’s public filings are available on SEDAR+ at www.sedarplus.ca.
When relying on forward-looking information to make decisions with respect to Pulse, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking information contained in this document is provided as of the date of this document and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, except as required by law. The forward-looking information in this document is provided for the limited purpose of enabling current and potential investors to evaluate an investment in Pulse. Readers are cautioned that such forward-looking information may not be appropriate, and should not be used, for other purposes.
PDF available: http://ml.globenewswire.com/Resource/Download/f55ea14e-e8ea-4d49-975a-eedb00bb9aa3
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MIL-Evening Report: In Robert F. Kennedy Jr, the US has put a conspiracy theorist in charge of public health
Source: The Conversation (Au and NZ) – By Hassan Vally, Associate Professor, Epidemiology, Deakin University
Overnight, Robert F. Kennedy Jr was confirmed as the secretary of the US Health and Human Services Department. Put simply, this makes him the most influential figure in overseeing the health and wellbeing of more than 330 million Americans.
As health secretary, Kennedy will be involved in overseeing federal health agencies that regulate medical research, disease prevention, drug approvals and health-care programs.
This includes oversight of the Centers for Disease Control and Prevention (CDC), the Food and Drug Administration and the National Institutes of Health, which are among the most crucial public health agencies in the country.
Reports suggest he’ll oversee a budget in the order of US$1.8 trillion (A$2.8 trillion) annually.
In the era of Trump 2.0, there’s little that shocks me anymore. But Kennedy would have to be the most unqualified person ever to hold this crucial role of protecting the health of the American people.
A history of discounting science
The absolute minimum requirement for someone occupying such as role should be an understanding of science and respect for scientific evidence and expertise. Yet, Kennedy fails spectacularly in this regard.
Here are just some of the false claims he has made over the years:
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Kennedy has suggested Lyme disease is likely to be an engineered bioweapon
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he reportedly said 99% of COVID deaths occurred in people with vitamin D deficiencies
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he has questioned the role of HIV in causing AIDS.
None of these positions has even the smallest amount of scientific support.
It’s hard to predict what Kennedy will do as health secretary, especially given his confirmation hearings looked to be an exercise in being vague, evasive and denying or downplaying his prior controversial statements to secure support.
But there are three areas where his views are fairly clear and his appointment could be expected to have a significant impact. These are water fluoridation, infectious diseases research and vaccines.
Fluoridation of water
Kennedy has been a long-term opponent of water fluoridation, despite its proven benefits in preventing tooth decay. He has consistently questioned its safety and claimed it’s linked to a range of illnesses such as arthritis, bone cancer, IQ loss and neurodevelopmental disorders.
While a recent review suggested a link between water fluoridation and lower IQ in children, the levels of fluoride in the water in countries included in this review were generally several times higher than the levels in public water fluoridation programs in countries such as the US and Australia. There were also other limitations that make interpreting these findings challenging.
The CDC has identified community water fluoridation as as one of the ten great public health achievements of the 20th century. And it continues to benefit dental health today, without any convincing evidence of possible harms.
Nonetheless, it seems likely that in keeping with his longstanding views one of Kennedy’s first priorities will be to try to halt water fluoridation in the US.
Infectious diseases
Alongside his confirmation as health secretary, US President Donald Trump signed an executive order establishing “The President’s Commission to Make America Healthy Again”, with Kennedy as the chair.
The Make America Healthy Again movement (MAHA) is an initiative driven by Kennedy focusing on improving nutrition, increasing transparency in medical practices and reducing the corporate influence in health.
Though premised primarily on combating chronic diseases, the movement also embraces scepticism of established medical practices, unproven alternative therapies and a general mistrust of institutions.
What’s more, Kennedy’s focus on chronic diseases seems to be coming at the expense of continued work on infectious diseases.
He has proposed directing the National Institutes of Health to pause infectious disease research for eight years to prioritise research into chronic diseases and alternative treatments.
As health secretary, Kennedy has the power to shift research priorities. If he were to effectively halt infectious diseases research – in the wake of COVID and with a looming threat of future pandemics – this would be catastrophic for the US and global health.
Vaccine scepticism
Related to infectious diseases, there’s little doubt the area in which Kennedy has done the most damage relates to vaccines.
He has dedicated a large part of his life to undermining public confidence in vaccines. This is despite overwhelming scientific evidence demonstrating their safety and effectiveness, and the millions of lives they’ve saved.
Although he has subsequently denied it, Kennedy is on record as falsely stating there is no such thing as a safe and effective vaccine. Notably, he has continued to push the debunked claim that the measles, mumps and rubella (MMR) vaccine is linked to autism, despite the single study finding this having been widely discredited.
Kennedy’s frequent assertion that he’s not anti-vaccine, but “pro-safety”, is also deeply disingenuous. Being “pro-safety” is a deliberately vague notion designed to appear reasonable while at the same time undermining the scientific evidence.
The impact of Kennedy’s appointment as health secretary on vaccine confidence will not just be limited to the US. Vaccine hesitancy has been recognised as one of the greatest threats to public health. Having a vaccine sceptic leading the US health agencies has the potential to harm vaccine uptake worldwide.
As we’ve seen during the COVID pandemic, producing a vaccine is only half the battle. Convincing people to take it is just as important. There’s no doubt Kennedy’s influence on public health messaging could further erode vaccine confidence at a time when vaccine messaging must be clear.
It’s bad news for the US and the world
One of the reasons Kennedy poses such a threat to public health in the US and globally is his lack of trust in science. He believes a narrative can be crafted by picking and choosing any study that fits with his world view, regardless of its quality.
In addition, he personifies the bad-faith tactics of conspiracy theorists globally, “selling” the flawed premise that any assertion is valid until others prove it false.
What the world needs now is a safe pair of hands leading public health in the US. Someone who is guided by evidence – not someone who promotes anti-science propaganda and conspiracy theories.
Hassan Vally does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. In Robert F. Kennedy Jr, the US has put a conspiracy theorist in charge of public health – https://theconversation.com/in-robert-f-kennedy-jr-the-us-has-put-a-conspiracy-theorist-in-charge-of-public-health-249601
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MIL-OSI China: US stocks close higher after Trump signs memo on reciprocal tariffs
Source: China State Council Information Office 3
U.S. stocks advanced on Thursday as investors reacted to U.S. President Donald Trump’s announcement of planned reciprocal tariffs.
The Dow Jones Industrial Average gained over 0.7 percent, adding more than 350 points, while the S&P 500 rose over 1 percent to close at 6,115.06, just shy of its record 6,118.71. The Nasdaq Composite climbed more than 1.5 percent, driven by strong performances from Nvidia and Tesla.
Sector performance was largely positive, with 10 of 11 S&P 500 sectors closing in the green. Materials rose 1.74 percent, followed by Consumer Discretionary at 1.50 percent and Technology at 1.42 percent, leading the gains. Meanwhile, Utilities increased 0.23 percent and Industrials edged up 0.10 percent, posting more modest advances.
Trump signed a memorandum directing his administration to develop a plan for reciprocal tariffs, aiming to match the tariffs that other countries impose on U.S. exports.
The announcement led to a surge in the Dow Jones Industrial Average, as investors anticipated potential benefits for domestic industries. Additionally, Trump suggested that further tariffs, including those on auto imports, could be forthcoming, indicating a more aggressive stance on trade policy in the near future.
Meanwhile, the Producer Price Index (PPI) for final demand increased by 0.4 percent in January, seasonally adjusted, the U.S. Bureau of Labor Statistics reported on Thursday.
The 10-year Treasury yield fell after the inflation data and was recently down about 10 basis points to 4.535 percent, as of 4:36 p.m. Eastern Time.
“The components that feed into PCE is, I think, where we’re getting the celebration today. That’s helping bring yields down a little bit as well,” said Adam Turnquist, chief technical strategist at LPL Financial.
“We’re watching 4.5 percent as the line in the sand for this upturn that’s been in place since September. A break below that would be a welcome sign for equity markets,” he added.
The U.S. labor market continued to exhibit resilience, as evidenced by a decline in initial jobless claims. For the week ending Feb. 8, applications for unemployment benefits decreased by 7,000 to a seasonally adjusted 213,000, surpassing analysts’ expectations of 215,000.
In January, the United States added 143,000 jobs, and the unemployment rate fell to 4 percent. However, the labor market’s strength is juxtaposed with recent announcements of workforce reductions by major corporations. Meta Platforms, for instance, has initiated company-wide layoffs affecting approximately 5 percent of its workforce, targeting what it identifies as its “lowest performers.” Similarly, companies like Workday, Dow, CNN, and Starbucks have also announced job cuts in 2025.
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MIL-OSI China: China’s unreliable entity list only targets very small number of rule-breaking firms
Source: China State Council Information Office 3
China’s Ministry of Commerce said Thursday that the unreliable entity list targets only a very small number of foreign entities that undermine market rules and violate Chinese laws.
Two U.S. firms, namely PVH Corp. and Illumina, Inc., were added to China’s unreliable entity list on Feb. 4. The move could subject the companies to one or multiple measures under Article 10 of the country’s provisions on the unreliable entity list, ministry spokesperson He Yongqian said at a regular news conference.
China has always exercised prudence in addressing issues related to the unreliable entity list, He said, noting that honest and law-abiding foreign entities have nothing to worry about.
The Chinese government continues to welcome companies from around the world to invest and operate in China, and remains committed to providing a stable, fair and predictable business environment for law-abiding foreign enterprises operating in the country, said the spokesperson.
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MIL-OSI China: Beijing launches satellite internet industrial park, key laboratories
Source: China State Council Information Office 3
Beijing has officially unveiled a satellite internet industrial park and granted licenses to eight key laboratories in commercial space industry.
These happened at the Beijing Commercial Space High-quality Development Conference, which was held in the Beijing Economic-Technological Development Area, also known as Beijing E-Town, and concluded on Wednesday. The conference mainly focuses on implementing major projects and accelerating the high-quality growth of China’s commercial space industry.
The satellite internet industrial park will leverage Beijing E-Town’s advantages in aerospace industry and strengths of new-type industries to develop satellite internet projects, building a complete industrial chain of satellite internet research and intelligent manufacturing.
The eight key laboratories focus on frontier fields, including aerospace vehicle design, satellite internet applications and satellite interconnection and control, among others. They aim to foster top talent and drive technological innovation in the industry.
Beijing E-Town hosts over 160 aerospace companies, including over 70 national high-tech firms, with 16 ranked among China’s top 100 commercial space companies, said an official of E-Town.
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MIL-OSI China: China’s economy poised for steady growth in 2025
Source: China State Council Information Office 3
China’s economy is expected to maintain stable growth in 2025, according to the Q4 2024 monetary policy report released by the People’s Bank of China on Thursday.
Stimulus measures rolled out in late 2024 have already begun to revitalize production, demand, and market sentiment, which will further sustain the recovery momentum, according to the report.
Domestic demand has shown great potential for improvement, with measures to boost consumption and investment delivering standout results. Notably, retail sales for home appliances jumped 11.8 percent year on year in 2024.
China will adopt a more proactive fiscal policy and a moderately loose monetary policy, prioritizing the stabilization of prices at reasonable levels, the central bank said.
Monetary authorities will deepen market-driven exchange rate reforms, strengthen foreign exchange market resilience, and enhance cross-border capital flow monitoring, in a bid to ensure the yuan remains stable at an equilibrium level.
China will accelerate institutional reforms and high-standard financial market opening, with measures to advance the yuan’s global use in cross-border trade and investment, and deepen international currency cooperation, the central bank added.
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MIL-OSI China: China-Japan venture producing automotive aluminum sheets unveiled
Source: China State Council Information Office
This photo taken on May 22, 2024 shows a “light-out” factory of Baosteel in east China’s Shanghai. [Photo/Xinhua]
Kobelco Baosteel Automotive Aluminum Rolled Products Co., Ltd., a Sino-Japanese joint venture specializing in automotive aluminum sheets, was officially unveiled in Shanghai on Thursday. The occasion signified strengthened collaboration between Chinese and Japanese enterprises in the automotive materials sector.
The company, jointly established by China’s Baoshan Iron and Steel Co., Ltd. (Baosteel), Baowu Aluminum Technology Co., Ltd. and Japan’s Kobe Steel, has a registered capital of nearly 1 billion yuan (about 139.4 million U.S. dollars).
With an equal investment from China and Japan, the joint venture will supply environmentally friendly aluminum sheets to automakers.
As aluminum plays a crucial role in vehicle lightweighting, the rapid expansion of electric vehicle production presents a significant market opportunity. China’s demand for automotive aluminum sheets is projected to grow from 442,000 tonnes in 2024 to 657,000 tonnes by 2027.
The company said that it aims to leverage Baosteel’s and Kobe Steel’s technological expertise, manufacturing efficiency and global market strategy to enhance the supply of high-end automotive aluminum sheets.
Zou Jixin, chairman of Baosteel, said that the joint venture strengthens Sino-Japanese strategic cooperation, fostering complementary advantages while aligning with the industry’s shift toward green and low-carbon development.
The unveiling of the venture follows a trend of increased foreign investment in China’s automotive sector, with Shanghai serving as an important base.
Earlier this month, Japanese automaker Toyota Motor Corp. announced plans to build a new wholly-owned electric vehicle manufacturing plant in Shanghai. U.S. carmaker Tesla’s new Megafactory, dedicated to making energy-storage batteries known as Megapacks, began production on Tuesday in Shanghai.
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MIL-OSI China: Partnership with Apple recognition of Alibaba’s AI capabilities
Source: China State Council Information Office
Chinese tech heavyweight Alibaba Group Holding Ltd will partner with US consumer electronics company Apple Inc to roll out artificial intelligence features for iPhone users in China.
The move, industry experts said, demonstrates the growing recognition of Alibaba’s capacities and strengths in the AI-powered large language model sector.
Joe Tsai, co-founder and chairman of Alibaba, confirmed the company’s partnership with Apple at the World Governments Summit in Dubai, the United Arab Emirates, on Thursday.
“They (Apple) talked to a number of companies in China. In the end they chose to do business with us. They want to use our AI to power their phones,” Tsai said.
Some media outlets reported that Apple had considered models developed by ByteDance, Alibaba, Tencent and Chinese AI startup DeepSeek, but it gave up DeepSeek as the company’s team lacked the manpower and experience needed to support a large customer.
Both companies have submitted AI features they codeveloped for iPhones in China to the country’s regulator for approval.
The deal comes as Apple is seeking to secure a local AI partner to boost sales of its iPhones in China, where the US tech company is facing a challenge as Apple Intelligence features are unavailable to iPhone users in the world’s largest smartphone market.
Pan Helin, a member of the expert committee for information and communication economy under the Ministry of Industry and Information Technology, said Alibaba has gained an upper hand in the field of LLMs, the application of AI models across industries, as well as computing power and AI infrastructure construction, which will provide a better AI experience for Apple users and help reinvigorate iPhone sales in China.
Alibaba Cloud, the company’s cloud computing arm, recently unveiled its latest AI model, Qwen2.5-Max, which boasts enhanced math and coding capabilities and has outperformed other leading AI models such as US-based OpenAI’s GPT-4o and DeepSeek’s V3.
The company’s Qwen model offers a low-cost DeepSeek alternative as US computer scientists have successfully developed a new reasoning model that has been trained for less than $50 with the help of Alibaba’s open-source technology.
Lu Yanxia, research director at market research company IDC China, said Alibaba enjoys a huge consumer base in China and large amounts of user data based on its vibrant e-commerce ecosystem, and these advantages will help Apple better understand the personalized needs of users.
Industry experts also said the e-commerce giant has a deep understanding of users’ shopping and payment habits, which could help it train models and deliver more customized AI services.
Apple is facing mounting challenges from local rivals. Data from market consultancy Counterpoint Research showed that Huawei reclaimed the top spot in China’s smartphone market in the fourth quarter of 2024, capturing 18.1 percent of the market share.
Xiaomi secured the second spot in the quarter with a 17.2 percent market share, while Apple held 17.1 percent, experiencing a sharp 18.2 percent decline in sales.
Analysts at Morgan Stanley said Alibaba’s partnership with Apple would be a critical catalyst for the latter’s competitive edge in China, and suggested it could solve Apple’s iPhone sales slump in the country.
Industry insiders said AI capabilities on smartphones will drive upgrades and represent a significant opportunity for both vendors and application developers alike. Shipments of AI-powered smartphones across the globe are expected to rise by 73.1 percent year-on-year in 2025, according to a report from IDC.
The triple-digit growth in 2024 will be followed by four consecutive years of double-digit growth as handset manufacturers look to incorporate generative AI features across their device offerings, the consultancy said.
By 2028, IDC forecasts that global shipments of generative AI smartphone will reach 912 million units, with the compound annual growth rate hitting 78.4 percent between 2024 and 2028.
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MIL-OSI China: ‘Ne Zha 2’ derivatives ride blockbuster wave, eye global market
Source: China State Council Information Office
This photo taken on Feb. 13, 2025 shows a poster for the Chinese animated film “Ne Zha 2” at a cinema in Chaoyang District of Beijing, capital of China. [Photo/Xinhua]
Fans of record-breaking blockbuster Chinese movie “Ne Zha 2” are making significant waves in the derivatives market, clearing out retailer inventories and even creating DIY character-shaped dolls and food items.
Since the film’s debut on the first day of the Chinese New Year, which was Jan. 29 this year, sales of its collectibles, ranging from mystery toy boxes and cards to fridge magnets and badges, have reportedly topped 50 million yuan (about 6.97 million U.S. dollars) on Taobao, a leading e-commerce platform in China.
This sequel to the 2019 hit “Ne Zha,” with inspirations derived from Chinese mythological tales, has already drawn over 200 million cinema-goers, the highest number in the country’s film history.
The film became an instant holiday box office hit thanks to its contemporary re-imagination of Ne Zha, a well-known mythical figure with extraordinary powers, and via its intriguing plot twists. As of Wednesday, it had grossed over 9 billion yuan, igniting high public enthusiasm for its collectibles.
Customers inquiring about toys featuring characters from the film are often left disappointed at stores across China. A salesperson at a trendy toy store in downtown Nanjing in east China’s Jiangsu Province said even display samples were sold out. “We expect to restock items like laser cards later.”
Notably, Hunan Sunny & Sandy Toys Manufacturer Co. Ltd., the film’s sole licensed manufacturer of 3D food-grade plastic toys in China, reported sales of over 450,000 mystery toy box sets through live-streaming in just 11 days — ranking first in terms of the sales of board-game merchandise on the video platform. In addition, more than 10 million of these sets have been sold through offline partnerships.
Yang Zhenlin, assistant to the company’s chairman, said their factory workshops had to resume operations ahead of schedule after the Spring Festival holiday, with their hundreds of staff members working tirelessly to replenish inventory. “We had great confidence in the film even before its release, so we promptly secured the copyright,” Yang told Xinhua.
This week, on e-commerce platforms, some stores have gradually restored supplies. Businesses in the second-hand market have remained brisk.
Fans have also discovered that the gold bracelets they had purchased after the first Ne Zha film came out in 2019, with designs inspired by the “universe ring” on Ne Zha’s arm, have tripled in value on the second-hand market, thanks to both the success of “Ne Zha 2” and a higher gold price.
Some fans have gone so far as to make their own versions of it, using wood, plasticine, flour and even thread. Coinciding with the Lantern Festival on Feb. 12, netizens shared creative improvisations of Ne Zha-shaped glutinous rice dumplings, a festive food.
Miao Lingyi, a 10-year-old girl living in east China’s Shanghai, expressed her admiration for the character Ao Bing, the son of the Dragon King, stating her desire to use her pocket money to buy a collectible featuring him. “I really love the character and I don’t mind waiting a while for the collectible,” she said.
According to experts, the film’s huge success stemming from its captivating plot and stunning special effects, has evoked emotional attachment and resonance with characters among its audiences, while some related products feature limited edition designs — thereby enhancing their value as collectibles and stimulating consumer purchasing enthusiasm.
Ye Guofu, founder of MINISO, a Chinese retailer known for its fashionable but affordable household products, said that Chinese consumers’ growing focus on emotional value attached to commodities, particularly among the younger generations, is expected to further drive the consumption of IP-featured products, such as those related to domestic animated films and games.
With this lucrative market rapidly expanding, experts have stressed the importance of both IP innovation and product quality, while warning against risks of market irregularities and intellectual property rights violations.
Law professor Zheng Ning with Communication University of China suggested that market regulators strengthen oversight to combat potential price gouging and the sale of substandard products — thereby ensuring a more orderly market environment.
Zhao Liangshan, a lawyer in northwest China’s Shaanxi Province, cautioned that handcrafted items made for personal use are not allowed for commercial purposes.
As “Ne Zha 2” enters international markets, Hunan Sunny & Sandy Toys Manufacturer Co., Ltd. aims to target global markets — particularly in Asia, North America and Europe.
The film is set to be screened in various countries, including the United States, Canada, Australia, New Zealand, South Africa, Egypt, Singapore, Japan and the Republic of Korea, with premieres in Los Angeles and Sydney having received positive responses from professionals and fans alike.
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MIL-OSI China: AI surge fuels optimism on A-share market
Source: China State Council Information Office
While the surge of Chinese domestic artificial intelligence companies has led to upbeat sentiment in the A-share market recently, the inflow of more long-term and patient capital and improving fundamentals will be the major drivers of the market’s bullish performance in a more sustained manner, said experts.
Although the benchmark Shanghai Composite Index and Shenzhen Component Index declined 0.42 percent and 0.77 percent, respectively, on Thursday, trading remained vibrant, as the combined trading value at the Shanghai and Shenzhen bourses topped 1.8 trillion yuan ($250 billion), up 5.9 percent from a day earlier. This marked the 17th consecutive trading day that the trading value stood above the 1-trillion-yuan level.
Zhang Jiqiang, head of the research institute of Huatai Securities, said that trading capital in the A-share market has increased significantly since Spring Festival. The activity level of financing transactions has reached a new high since mid-November. The net inflow of retail funds exceeded 40 billion yuan from Feb 5 to 7, the highest level since mid-November.
The performance of property developers, which are market heavyweights, was worth noticing on Thursday when the A-share market fluctuated. The sector rallied for the second consecutive day by 0.79 percent. These companies have seen their prices rise 6.3 percent since trading resumed on Feb 5 after the Spring Festival holiday.
This can be largely attributed to the progress that leading property developers have made in addressing their debt pressures.
Shenzhen-based China Vanke announced on Monday that Shenzhen Metro, its largest shareholder, plans to provide a 2.8-billion-yuan loan, with which Vanke will repay debt in the open market.
Country Garden, another major developer, said on Jan 9 that it has proposed a deal to restructure offshore debt worth $10.3 billion, providing its creditors with multiple options including converting debt into cash and extending the maturity. At the end of November, Sunac China Holdings proposed restructuring plans for 10 debts in the onshore market, of which eight have been supported until now.
Gloomy expectations about US tariff policies and A-share companies’ business results suppressed market sentiment before the holiday, but since these have been released after the holiday, and catalyzed by the DeepSeek surge, market sentiment has been buoyed, said Zhang from Huatai Securities.
Similarly, China’s hedge fund managers’ confidence index for A shares rose 2.2 percent on a monthly basis in February, with technology companies as their focus, according to private market tracker Simuwang.
Qiu Xiang, chief strategist at CITIC Securities, said the revaluation of A-share AI companies has served as a major catalyst of sentiment in the first half of February. During this period, risk appetite picked up, with the bullish sentiment immediately priced in and trading activities being quite extreme.
As such a mood gradually cools down, investors’ defensive demand will increase and less-volatile stocks will be more preferred, he said.
Indeed, companies that previously benefited from the DeepSeek surge underwent some significant price adjustments on Thursday. Zhejiang Daily Digital Culture Group and MeiG Smart Technology, which both touched the daily price increase limit of 10 percent for six consecutive days since Spring Festival, saw their prices plunge 7.18 percent and 9.54 percent, respectively, on Thursday.
The current success of DeepSeek is mainly represented by spiking user traffic. The success of AI companies in the medium term is defined by the proliferation of AI-related devices and the wider application of AI, said Chen Guo, chief strategist at China Securities.
Companies’ improving profitability is also key to the sustained bullish performance of these listed AI companies, he said.
Zhang, from Huatai Securities, said the medium- and long-term bull market in A-shares is inseparable from the recovered trading enthusiasm of foreign investors and the inflow of more long-term capital.
The guideline to promote the inflow of more medium to long-term capital released by top regulators earlier this year is likely to usher in the inflow of more annuity, which has a higher risk appetite, as well as more insurance capital by lowering the latter’s investment risks, he said.
The People’s Bank of China, the nation’s central bank, said on Thursday that it will continue to complete the design of various tools to facilitate the high-quality development of the Chinese capital market.
As of the end of January, it has conducted two operations under the Securities, Funds and Insurance Companies Swap Facility, totaling 105 billion yuan. This has led to a significant increase in the scale of proprietary stock investment by securities companies.
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MIL-OSI China: Shopping centers have stellar year
Source: China State Council Information Office
People shop at Haikou International Duty-Free Shopping Complex in Haikou, south China’s Hainan Province, Feb. 11, 2024. [Photo/Xinhua]
China’s shopping centers saw broad growth in sales, foot traffic and rental income in 2024, according to a shopping center industry report, recently released by the China Chain Store & Franchise Association.
The report found that 73 percent of surveyed venues recorded year-on-year sales growth, with the majority seeing moderate increases.
Nearly half achieved growth of up to 10 percent, while 20 percent posted gains exceeding that threshold.
More than half of venues surveyed also reported an increase in online sales, underscoring the effectiveness of an omni-channel strategy that integrates digital and offline operations with innovative marketing.
Shopping centers have actively expanded their online business to drive sales. For instance, Wushang Group, a leading shopping mall operator in Wuhan, Hubei province, saw its online transaction volume rise 20 percent year-on-year in 2024, with online orders surging 77 percent and the number of online users 25 percent higher, according to the company.
The report’s findings were based on a survey of CCFA member companies, including the top 100 shopping centers and major comprehensive retailers. A total of 113 venues spanning 41 enterprises participated in the survey.
Foot traffic also saw an overall uptrend, with 15 shopping centers reporting increases of up to 20 percent, while others experienced more moderate gains. The data highlight a steady rise in consumer visits throughout the year, contributing to stronger overall sales performance, said the report.
Member-driven consumption remained a key contributor to total annual sales, with 76 venues reporting an increase in the proportion of revenue generated by their membership programs, while 31 saw no change.
Rental income also improved, with 70 percent of surveyed locations reporting year-on-year growth. Among them, several recorded increases of more than 10 percent, while a smaller proportion achieved gains exceeding 20 percent.
Despite China’s vast retail market and diverse business entities, the sector still faces challenges such as uneven development and intensifying competition.
Industry experts said that diversified supply will shape the next phase of retail growth, as new national policies create fresh opportunities in previously overlooked segments.
Meng Yi, head of the northern commercial department at Cushman & Wakefield, said the commercial sector is shifting back to a demand-driven, people-oriented model.
Meng told the Beijing News that both population density and increasing demand for high-quality services will drive future retail transformations.
Sectors catering to the silver economy, healthcare, multigenerational education, and cultural, commercial and sports-related experiences are all poised for expansion, he said.
With strong government policy support, these segments are expected to become key drivers of China’s next wave of retail growth, Meng added.
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MIL-OSI China: Elon Musk to withdraw bid for OpenAI’s nonprofit
Source: China State Council Information Office
In a recent court filing, lawyers for Elon Musk said Musk will withdraw his 97.4 billion U.S. dollars bid for OpenAI’s nonprofit if its board of directors preserves the charity’s mission and stop the company’s conversion to a for-profit.
“Should … the charity’s assets proceed to sale, a Musk-led consortium has submitted a serious offer … that would go to the charity in furtherance of its mission,” the filing wrote, adding that if OpenAI’s board “is prepared to preserve the charity’s mission and stipulate to take the for sale sign off its assets by halting its conversion, Musk will withdraw the bid.”
The filing, submitted Wednesday to the U.S. District Court for the Northern District of California, claims that Musk’s offer is “serious” and that the nonprofit “must be compensated by what an arms-length buyer will pay for its assets.”
A team of investors led by Musk submitted a 97.4 billion U.S. dollars bid to buy the nonprofit that controls OpenAI.
Musk co-founded OpenAI in 2015 alongside Sam Altman and others but left the company in 2018. The Musk-led team is positioning the move as an effort to refocus OpenAI on open-sourced artificial intelligence (AI).
In a statement, Andy Nussbaum, the counsel representing OpenAI’s board, said Musk’s bid “doesn’t set a value” for OpenAI and OpenAI is “not for sale.”
In a filing on Wednesday, attorneys for OpenAI called Musk’s move “an improper bid to undermine a competitor.”
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MIL-OSI Economics: Money Market Operations as on February 13, 2025
Source: Reserve Bank of India
(Amount in ₹ crore, Rate in Per cent)
Volume
(One Leg)Weighted
Average RateRange A. Overnight Segment (I+II+III+IV) 5,60,389.95 6.32 5.15-6.58 I. Call Money 17,096.91 6.34 5.15-6.50 II. Triparty Repo 3,75,991.85 6.31 6.24-6.50 III. Market Repo 1,65,791.99 6.35 6.00-6.58 IV. Repo in Corporate Bond 1,509.20 6.47 6.45-6.50 B. Term Segment I. Notice Money** 301.80 6.36 5.90-6.40 II. Term Money@@ 620.00 – 6.40-7.95 III. Triparty Repo 187.00 6.38 6.25-6.40 IV. Market Repo 782.66 6.60 6.50-6.65 V. Repo in Corporate Bond 0.00 – – Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off RateC. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) I. Today’s Operations 1. Fixed Rate 2. Variable Rate& (I) Main Operation (a) Repo (b) Reverse Repo (II) Fine Tuning Operations (a) Repo Thu, 13/02/2025 1 Fri, 14/02/2025 2,35,619.00 6.26 (b) Reverse Repo (III) Long Term Operations^ (a) Repo (b) Reverse Repo 3. MSF# Thu, 13/02/2025 1 Fri, 14/02/2025 1,988.00 6.50 4. SDFΔ# Thu, 13/02/2025 1 Fri, 14/02/2025 54,539.00 6.00 5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]* 1,83,068.00 II. Outstanding Operations 1. Fixed Rate 2. Variable Rate& (I) Main Operation (a) Repo (b) Reverse Repo (II) Fine Tuning Operations (a) Repo (b) Reverse Repo (III) Long Term Operations^ (a) Repo Fri, 07/02/2025 56 Fri, 04/04/2025 50,010.00 6.31 (b) Reverse Repo 3. MSF# 4. SDFΔ# D. Standing Liquidity Facility (SLF) Availed from RBI$ 8,756.81 E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]* 58,766.81 F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]* 2,41,834.81 G. Cash Reserves Position of Scheduled Commercial Banks (i) Cash balances with RBI as on February 13, 2025 9,06,851.56 (ii) Average daily cash reserve requirement for the fortnight ending February 21, 2025 9,12,240.00 H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 13, 2025 1,43,346.00 I. Net durable liquidity [surplus (+)/deficit (-)] as on January 24, 2025 -34,103.00 @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL). – Not Applicable / No Transaction. ** Relates to uncollateralized transactions of 2 to 14 days tenor. @@ Relates to uncollateralized transactions of 15 days to one year tenor. $ Includes refinance facilities extended by RBI. & As per the Press Release No. 2019-2020/1900 dated February 06, 2020. Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022. * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF. ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015. # As per the Press Release No. 2023-2024/1548 dated December 27, 2023. ^ As per the Press Release No. 2024-2025/2013 dated January 27, 2025. Ajit Prasad
Deputy General Manager
(Communications)Press Release: 2024-2025/2155 -
MIL-OSI USA: Cramer, Thune Introduce Death Tax Repeal Act
US Senate News:
Source: United States Senator Kevin Cramer (R-ND)
WASHINGTON, D.C. – The impacts of the federal estate tax, often referred to as the death tax, were reduced in 2017 with the passage of the Tax Cuts and Jobs Act, which doubled the amount exempt from the tax and tied it to inflation. These tax cuts, unless extended, expire in 2025. In particular, the death tax significantly impacts family farms, ranches, and small businesses.
U.S. Senator Kevin Cramer (R-ND) joined U.S. Senate Majority Leader John Thune (R-SD) in introducing the Death Tax Repeal Act. This legislation would permanently repeal the federal estate tax and generation-skipping transfer taxes, reduce the federal gift tax from 40 percent to 35 percent, and retain the full step-up in basis.
“Taxing the assets of people who have died is wrong on multiple levels, starting with the fact the same income is taxed twice, during life and after death,” said Cramer. “It’s hard to imagine a less moral government imposition than taxing death.”
“Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota,” said Thune. “Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability.”
Cramer supported related efforts when Congress debated the Tax Cuts and Jobs Act.
The bill is endorsed by supported by more than 190 members of the Family Business Coalition and more than 105 members of the Family Business Estate Tax Coalition, which includes the National Federation of Independent Business, the National Restaurant Association, the National Association of Home Builders, and the U.S. Chamber of Commerce.
Cosponsors of the bill include U.S. Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), John Cornyn (R-TX), Tom Cotton (R-AR), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsay Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Josh Hawley (R-MO), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Mitch McConnell (R-KY), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Mike Rounds (R-SD), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Thom Tillis (R-NC), Tommy Tuberville (R-AL), Roger Wicker (R-MS), and Todd Young (R-IN).
Click here for bill text. -
MIL-OSI USA: Ernst Pushes to Secure Permanent, Year-Round E15 for All Americans
US Senate News:
Source: United States Senator Joni Ernst (R-IA)
WASHINGTON – U.S. Senator Joni Ernst (R-Iowa), a member of the Senate Agriculture Committee, renewed her longstanding support for the Nationwide Consumer and Fuel Retailer Choice Act, the only nationwide solution to unleash year-round E15.
This bipartisan legislation would provide a permanent solution for fuel blends containing 10% or more ethanol to allow for the year-round sale of E15 in all 50 states. The commonsense approach would deliver much-needed certainty to both biofuel producers and consumers.
“It’s time to finally end years of unsustainable emergency waivers and patchwork regulations by permanently enacting nationwide E15,” said Senator Ernst.“We know this legislation will drive down prices at the pump, add value to the crops grown by farmers, strengthen our rural communities, fortify domestic energy dominance, and provide certainty for biofuel producers and consumers alike.”
Background:
Throughout her time in Congress, Ernst has been a strong advocate for homegrown, Iowa biofuels. Since 2015, she has led legislation to permanently allow the nationwide sale of year-round E15. She looks forward to partnering with the Trump administration to make it a reality.
In March 2024, Ernst and the entire Iowa delegation urged President Biden to immediately issue an emergency waiver, which would make E15 available across the country and utilize the strength of American agriculture to provide energy independence. In April 2024, Ernst and a bipartisan group of senators once again called on President Biden to permit the summertime sale of E15 fuel and finally secured year-round, nationwide E15 sales for the entire 2024 driving season.