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  • MIL-OSI USA: Governor McKee, Commissioner Infante-Green Launch Math Matters RI Campaign, Award $2.85 Million in Learn365RI Grants Aimed to Improve Math Skills

    Source: US State of Rhode Island

    Published on Thursday, February 13, 2025

    PROVIDENCE, RI – Governor Dan McKee, Providence Mayor Brett Smiley, RIDE Commissioner Angélica Infante-Green, Providence Public School District (PPSD) Superintendent Dr. Javier Montañez, Principal Cassandra Henderson, and 2023 Presidential Awards for Excellence in Mathematics and Science Teaching (PAEMST) recipient Kerry Johnson joined state, municipal, school and community leaders today at Asa Messer Elementary School to launch the statewide Math Matters RI campaign, which aims to promote the importance of mathematics.

    As part of the launch, Governor McKee and Commissioner Infante-Green awarded the latest round of Learn365RI grants, which will provide 38 communities with $2,125,000 in grant funding aimed at improving math skills. Additionally, $725,000 has been allocated as a State set-aside for statewide intervention and support. Asa Messer Elementary was chosen to host the event because the school saw one of the highest increases in math proficiency, with a more than 12 percentage point improvement in students meeting or exceeding expectations in the 2024 RICAS results.

    “In every home, every day, learning matters and we are launching our statewide Math Matters RI campaign to place an extra emphasis on math instruction and learning,” said Governor Dan McKee. “We’re underscoring that math is important for the future success of students and state with an investment of $2.85 million in Learn365RI funding that will support out-of-school math-focused programming statewide. Our intention is to build on the success of our nationally recognized Attendance Matters RI campaign and continue our work to improve academic achievement across the Ocean State.”

    “Providing our students with the tools and support they need to excel in math is an investment in both their future and the future of Providence,” said Mayor Brett P. Smiley. “Strong math skills create pathways to higher education and careers in high-demand industries, strengthening our local workforce and economy. We are pleased to partner with the State to expand access to high-quality learning opportunities. By working together, we can ensure that every student has the foundation to reach their full potential and succeed for years to come.”

    “While some of our students are seeing positive momentum in math and have rebounded past pre-pandemic levels of achievement, we have to double down on our efforts to promote math to help all students get back on track,” said Commissioner Angélica Infante-Green. “RIDE is working diligently to expand access to high-quality math instruction for students and math-focused professional learning for teachers, and we know that the funds made available to communities through the Governor’s Learn365RI initiative will complement and strengthen our efforts to improve math understanding and skills. RIDE is excited to kick off the Math Matters RI campaign alongside math teachers, coaches, champions, and representatives from cities and towns throughout Rhode Island.”

    Funding for the third round of Learn365RI Municipal Learning Project grants has been aligned to the Math Matters RI campaign and will support out-of-school time learning programs with an explicit focus on math programs for students currently enrolled in kindergarten through grade 8. The program’s grant recipients may offer April break math camps, intensive afterschool and/or weekend math programming, and/or a four (or more)-week summer program.

    State leaders emphasized the need to focus on improving math instruction and learning, citing positive trends in math RICAS results that have rebounded past pre-pandemic levels of achievement with 30.1% of students meeting or exceeding expectations in 2023-2024 results compared to 29.8% in 2018-2019. However, math SAT results remain below pre-pandemic levels, with 21.7% of secondary students meeting and exceeding expectations compared to 31.2% in 2018-2019. At the national level, NAEP, known as the “Nation’s Report Card,” underscored a need to focus on math with 2024 national math scores declining by 5 percentage points in grade 4 and 8 percentage points in grade 8 compared to 2019.

    “When our future leaders succeed, Rhode Island succeeds, and I am proud that representatives from across our state are joining to support students reach their highest potential,” said Chair of the Council on Elementary and Secondary Education Patti DiCenso. “A comprehensive, high-quality education opens doors for all students, but we’ve seen that math can serve as a gatekeeper for many. By focusing joint efforts to promote math, we can help expand college and career options for students of all backgrounds.”

    As part of the $725,000 State set-aside, $500,000 will help provide math-focused and enrichment courses through EnrollRI.org. The All Course Network (ACN), accessible through EnrollRI, helps students get a head start on postsecondary success, master the skills required of a lifelong learner, and be prepared for jobs in sectors critical to Rhode Island’s future prosperity. ACN courses offer students the opportunity to earn both high school and college credit, offsetting the cost of college tuition, and preparing students for a life without limits. With the goal of supporting college and career readiness, last December state leaders announced a new partnership with Khan Academy, offering a no-cost opportunity to all local education agencies (LEAs) to enhance SAT preparation and student success through the integration of Khan Academy Districts and Khanmigo tools.

    Providence Public Schools will receive $225,000 of the State set-aside to set up spring recess math programming. PPSD’s math RICAS results show positive trends with 14.7% of students meeting or exceeding expectations in 2023-2024 compared to 11.9% in 2018-2019, prior to the pandemic. PPSD has seen steady increases in math RICAS annually since levels reached their lowest point during the pandemic.

    “PPSD is committed to promoting the message that math matters, and we are working hard to expand access to learning opportunities that will boost math outcomes in the capital city,” said Superintendent Montañez. “Since the height of the pandemic, PPSD has made gains in math RICAS every year, and are now above where we were prior to the disruption of COVID-19. We know work remains and we are thankful for the State’s support in helping ensure our students continue to learn and develop their math skills beyond the classroom.”

    The new campaign is in alignment with Governor McKee’s goal to meet or beat Massachusetts’ achievement levels by 2030 improving school attendance, boosting FAFSA completion rates, and improving RICAS English Language Arts (ELA) and math scores. To promote greater outcomes, state leaders have made a series of investments to support students and teachers. Notably, last year, the State announced the investment of $5 million in funding for instructional coaching in mathematics and ELA for more than 20 schools and districts across the state, with $4 million going towards staffing and the remaining $1 million going towards accompanying professional development.

    “We are all math people, and as a math educator it brings me great joy to see statewide support towards elevating and strengthening math skills across the Ocean State,” said 2023 PAEMST recipient Kerry Johnson. “We can all learn and thrive in math if given the right support and I join the chorus of Rhode Island officials, teachers, parents, and business and community partners proudly saying that math matters!”

    Grant Funding Breakdown:

    • City of Providence – $200,000.00
    • City of Pawtucket – $145,000.00
    • City of Cranston – $125,000.00
    • City of Warwick – $80,000.00
    • City of Woonsocket –  $100,000.00
    • Town of Cumberland – $70,000.00
    • City of East Providence – $70,000.00
    • City of Central Falls – $75,000.00
    • Town of Coventry – $55,000.00
    • Town of North Providence – $55,000.00
    • Town of North Kingstown – $55,000.00
    • Town of West Warwick – $55,000.00
    • Town of Lincoln – $55,000.00
    • Town of Barrington – $55,000.00
    • Town of East Greenwich – $55,000.00
    • Town of South Kingstown – $55,000.00
    • Town of Smithfield – $55,000.00
    • Town of Westerly – $55,000.00
    • Town of Burrillville – $55,000.00
    • Town of Portsmouth – $55,000.00
    • Town of Middletown – $55,000.00
    • City of Newport – $75,000.00
    • Town of Bristol – $40,000.00
    • Town of North Smithfield – $40,000.00
    • Town of Tiverton – $40,000.00
    • Town of Glocester – $40,000.00
    • Town of Scituate – $40,000.00
    • Town of Hopkinton – $40,000.00
    • Town of Richmond – $40,000.00
    • Town of Warren – $40,000.00
    • Town of Narragansett – $20,000.00
    • Town of West Greenwich – $20,000.00
    • Town of Exeter – $20,000.00
    • Town of Charlestown – $20,000.00
    • Town of Jamestown – $20,000.00
    • Town of Foster – $20,000.00
    • Town of Little Compton – $15,000.00
    • Town of New Shoreham – $15,000.00

    MIL OSI USA News –

  • MIL-OSI Global: One year on from Alexei Navalny’s death, what will his legacy be for Russia?

    Source: The Conversation – UK – By Ben Noble, Associate Professor of Russian Politics, UCL

    A spontaneous memorial of flowers in St Petersburg, Russia, on the day of Alexei Navalny’s death, February 16 2024. Aleksey Dushutin/Shutterstock

    This is the best day of the past five months for me … This is my home … I am not afraid of anything and I urge you not to be afraid of anything either.

    These were Alexei Navalny’s words after landing at Moscow’s Sheremetyevo Airport on January 17 2021. Russia’s leading opposition figure had spent the past months recovering in Germany from an attempt on his life by the Russian Federal Security Service (FSB). Minutes after making his comments, Navalny was detained at border control. And he would remain behind bars until his death on February 16 2024, in the remote “Polar Wolf” penal colony within the Arctic Circle.

    “Why did he return to Russia?” That’s the question I’m asked about Navalny most frequently. Wasn’t it a mistake to return to certain imprisonment, when he could have maintained his opposition to Russia’s president, Vladimir Putin, from abroad?

    But Navalny’s decision to return didn’t surprise me. I’ve researched and written about him extensively, including co-authoring Navalny: Putin’s Nemesis, Russia’s Future?, the first English-language, book-length account of his life and political activities. Defying the Kremlin by returning was a signature move, reflecting both his obstinacy and bravery. He wanted to make sure his supporters and activists in Russia did not feel abandoned, risking their lives while he lived a cushy life in exile.

    The Insights section is committed to high-quality longform journalism. Our editors work with academics from many different backgrounds who are tackling a wide range of societal and scientific challenges.

    Besides, Navalny wasn’t returning to certain imprisonment. A close ally of his, Vladimir Ashurkov, told me in May 2022 that his “incarceration in Russia was not a certainty. It was a probability, a scenario – but it wasn’t like he was walking into a certain long-term prison term.”

    Also, Navalny hadn’t chosen to leave Russia in the first place. He was unconscious when taken by plane from Omsk to Berlin for treatment following his poisoning with the nerve agent Novichok in August 2020. Navalny had been consistent in saying he was a Russian politician who needed to remain in Russia to be effective.

    In a subsequent interview, conducted in a forest on the outskirts of the German capital as he slowly recovered, Navalny said: “In people’s minds, if you leave the country, that means you’ve surrendered.”

    Video: ACF.

    Outrage, detention and death

    Two days after Navalny’s final return to Russia, the Anti-Corruption Foundation (ACF) – the organisation he established in 2011 – published its biggest ever investigation. The YouTube video exploring “Putin’s palace” on the Black Sea coast achieved an extraordinary 100 million views within ten days. By the start of February 2021, polling suggested it had been watched by more than a quarter of all adults in Russia.

    Outrage at Navalny’s detention, combined with this Putin investigation, got people on to the streets. On January 23 2021, 160,000 people turned out across Russia in events that did not have prior approval from the authorities. More than 40% of the participants said they were taking part in a protest for the first time.

    But the Russian authorities were determined to also make it their last time. Law enforcement mounted an awesome display of strength, detaining protesters and sometimes beating them. The number of participants at protests on January 31 and February 2 declined sharply as a result.

    Between Navalny’s return to Russia in January 2021 and his death in February 2024, aged 47, he faced criminal case after criminal case, adding years and years to his time in prison and increasing the severity of his detention. By the time of his death, he was in the harshest type of prison in the Russian penitentiary system – a “special regime” colony – and was frequently sent to a punishment cell.

    The obvious intent was to demoralise Navalny, his team and supporters – making an example of him to spread fear among anyone else who might consider mounting a challenge to the Kremlin. But Navalny fought back, as described in his posthumously published memoir, Patriot. He made legal challenges against his jailers. He went on hunger strike. And he formed a union for his fellow prisoners.

    He also used his court appearances to make clear his political views, including following Russia’s full-scale invasion of Ukraine in February 2022, declaring: “I am against this war. I consider it immoral, fratricidal, and criminal.”

    Navalny’s final public appearance was via video link. He was in good spirits, with his trademark optimism and humour still on display. Tongue firmly in cheek, he asked the judge for financial help:

    Your Honour, I will send you my personal account number so that you can use your huge salary as a federal judge to ‘warm up’ my personal account, because I am running out of money.

    Navalny died the following day. According to the prison authorities, he collapsed after a short walk and lost consciousness. Although the Russian authorities claimed he had died of natural causes, documents published in September 2024 by The Insider – a Russia-focused, Latvia-based independent investigative website – suggest Navalny may have been poisoned.

    A mourner adds her tribute to Alexei Navalny’s grave in Moscow after his burial on March 1 2024.
    Aleksey Dushutin/Shutterstock

    Whether or not Putin directly ordered his death, Russia’s president bears responsibility – for leading a system that tried to assassinate Navalny in August 2020, and for allowing his imprisonment following Navalny’s return to Russia in conditions designed to crush him.

    Commenting in March 2024, Putin stated that, just days before Navalny’s death, he had agreed for his most vocal opponent to be included in a prisoner swap – on condition the opposition figure never returned to Russia. “But, unfortunately,” Putin added, “what happened, happened.”

    ‘No one will forget’

    Putin is afraid of Alexei, even after he killed him.

    Yulia Navalnaya, Navalny’s wife, wrote these words on January 10 2025 after reading a curious letter. His mother, Lyudmila Navalnaya, had written to Rosfinmonitoring – a Russian state body – with a request for her son’s name to be removed from their list of “extremists and terrorists” now he was no longer alive.

    The official response was straight from Kafka. Navalny’s name could not be removed as it had been added following the initiation of a criminal case against him. Even though he was dead, Rosfinmonitoring had not been informed about a termination of the case “in accordance with the procedure established by law”, so his name would have to remain.

    This appears to be yet another instance of the Russian state exercising cruelty behind the veil of bureaucratic legality – such as when the prison authorities initially refused to release Navalny’s body to his mother after his death.

    “Putin is doing this to scare you,” Yulia continued. “He wants you to be afraid to even mention Alexei, and gradually to forget his name. But no one will forget.”

    Alexei Navalny and his wife, Yulia Navalnaya, at a protest rally in Moscow, May 2012.
    Dmitry Laudin/Shutterstock

    Today, Navalny’s family and team continue his work outside of Russia – and are fighting to keep his name alive back home. But the odds are against them. Polling suggests the share of Russians who say they know nothing about Navalny or his activities roughly doubled to 30% between his return in January 2021 and his death three years later.

    Navalny fought against an autocratic system – and paid the price with his life. Given the very real fears Russians may have of voicing support for a man still labelled an extremist by the Putin regime, it’s not easy to assess what people there really think of him and his legacy. But we will also never know how popular Navalny would have been in the “normal” political system he fought for.

    What made Navalny the force he was?

    Navalny didn’t mean for the humble yellow rubber duck to become such a potent symbol of resistance.

    In March 2017, the ACF published its latest investigation into elite corruption, this time focusing on then-prime minister (and former president), Dmitry Medvedev. Navalny’s team members had become masters of producing slick videos that enabled their message to reach a broad audience. A week after posting, the film had racked up over 7 million views on YouTube – an extraordinary number at that time.

    The film included shocking details of Medvedev’s alleged avarice, including yachts and luxury properties. In the centre of a large pond in one of these properties was a duck house, footage of which was captured by the ACF using a drone.

    Video: ACF.

    Such luxuries jarred with many people’s view of Medvedev as being a bit different to Putin and his cronies. As Navalny wrote in his memoir, Medvedev had previously seemed “harmless and incongruous”. (At the time, Medvedev’s spokeswoman said it was “pointless” to comment on the ACF investigation, suggesting the report was a “propaganda attack from an opposition figure and a convict”.)

    But people were angry, and the report triggered mass street protests across Russia. They carried yellow ducks and trainers, a second unintended symbol from the film given Medvedev’s penchant for them.

    Another reason why so many people came out to protest on March 26 2017 was the organising work carried out by Navalny’s movement.

    The previous December, Navalny had announced his intention to run in the 2018 presidential election. As part of the campaign, he and his team created a network of regional headquarters to bring together supporters and train activists across Russia. Although the authorities had rejected Navalny’s efforts to register an official political party, this regional network functioned in much the same way, gathering like-minded people in support of an electoral candidate. And this infrastructure helped get people out on the streets.

    The Kremlin saw this as a clear threat. According to a December 2020 investigation by Bellingcat, CNN, Der Spiegel and The Insider, the FSB assassination squad implicated in the Novichok poisoning of Navalny had started trailing him in January 2017 – one month after he announced his run for the presidency.

    Alexei Navalny on a Moscow street after having zelyonka dye thrown in his face, April 2017.
    Evgeny Feldman via Wikimedia, CC BY-NC-SA

    At the protests against Medvedev, the authorities’ growing intolerance of Navalny was also on display – he was detained, fined and sentenced to 15 days’ imprisonment.

    The Medvedev investigation was far from the beginning of Navalny’s story as a thorn in the Kremlin’s side. But this episode brings together all of the elements that made Navalny the force he was: anti-corruption activism, protest mobilisation, attempts to run as a “normal” politician in a system rigged against him, and savvy use of social media to raise his profile in all of these domains.

    Courting controversy

    In Patriot, Navalny writes that he always “felt sure a broad coalition was needed to fight Putin”. Yet over the years, his attempts to form that coalition led to some of the most controversial points of his political career.

    In a 2007 video, Navalny referred to himself as a “certified nationalist”, advocating for the deportation of illegal immigrants, albeit without using violence and distancing himself from neo-Nazism. In the video, he says: “We have the right to be Russians in Russia, and we’ll defend that right.”

    Although alienating some, Navalny was attempting to present a more acceptable face of nationalism, and he hoped to build a bridge between nationalists and liberals in taking on the Kremlin’s burgeoning authoritarianism.

    But the prominence of nationalism in Navalny’s political identity varied markedly over time, probably reflecting his shifting estimations of which platform could attract the largest support within Russia. By the time of his thwarted run in the 2018 presidential election, nationalist talking points were all but absent from his rhetoric.

    However, some of these former comments and positions continue to influence how people view him. For example, following Russia’s annexation of Crimea in 2014, Navalny tried to take a pragmatic stance. While acknowledging Russia’s flouting of international law, he said that Crimea was “now part of the Russian Federation” and would “never become part of Ukraine in the foreseeable future”.

    Many Ukrainians take this as clear evidence that Navalny was a Russian imperialist. Though he later revised his position, saying Crimea should be returned to Ukraine, some saw this as too little, too late. But others were willing to look past the more controversial parts of his biography, recognising that Navalny represented the most effective domestic challenge to Putin.

    Another key attempt to build a broad political coalition was Navalny’s Smart Voting initiative. This was a tactical voting project in which Navalny’s team encouraged voters to back the individual thought best-placed to defeat the ruling United Russia candidate, regardless of the challenger’s ideological position.

    The project wasn’t met with universal approval. Some opposition figures and voters baulked at, or flatly refused to consider, the idea of voting for people whose ideological positions they found repugnant – or whom they viewed as being “fake” opposition figures, entirely in bed with the authorities. (This makes clear that Navalny was never the leader of the political opposition in Russia; he was, rather, the leading figure of a fractious constellation of individuals and groups.)

    But others relished the opportunity to make rigged elections work in their favour. And there is evidence that Smart Voting did sometimes work, including in the September 2020 regional and local elections, for which Navalny had been campaigning when he was poisoned with Novichok.

    In an astonishing moment captured on film during his recovery in Germany, Navalny speaks to an alleged member of the FSB squad sent to kill him. Pretending to be the aide to a senior FSB official, Navalny finds out that the nerve agent had been placed in his underpants.

    How do Russians feel about Navalny now?

    It’s like a member of the family has died.

    This is what one Russian friend told me after hearing of Navalny’s death a year ago. Soon afterwards, the Levada Center – an independent Russian polling organisation – conducted a nationally representative survey to gauge the public’s reaction to the news.

    The poll found that Navalny’s death was the second-most mentioned event by Russian people that month, after the capture of the Ukrainian city of Avdiivka by Russian troops. But when asked how they felt about his death, 69% of respondents said they had “no particular feelings” either way – while only 17% said they felt “sympathy” or “pity”.

    And that broadly fits with Navalny’s approval ratings in Russia. After his poisoning in 2020, 20% of Russians said they approved of his activities – but this was down to 11% by February 2024.

    Video: BBC.

    Of course, these numbers must be taken for what they are: polling in an authoritarian state regarding a figure vilified and imprisoned by the regime, during a time of war and amid draconian restrictions on free speech. To what extent the drop in support for Navalny was real, rather than reflecting the increased fear people had in voicing their approval for an anti-regime figure, is hard to say with certainty.

    When asked why they liked Navalny, 31% of those who approved of his activities said he spoke “the truth”, “honestly” or “directly”. For those who did not approve of his activities, 22% said he was “paid by the west”, “represented” the west’s interests, that he was a “foreign agent”, a “traitor” or a “puppet”.

    The Kremlin had long tried to discredit Navalny as a western-backed traitor. After Navalny’s 2020 poisoning, Putin’s spokesman, Dmitry Peskov, said that “experts from the United States’ Central Intelligence Agency are working with him”. The Russian state claimed that, rather than a patriot exposing official malfeasance with a view to strengthening his country, Navalny was a CIA stooge intent on destroying Russia.

    Peskov provided no evidence to back up this claim – and the official propaganda wasn’t believed by all. Thousands of Russians defied the authorities by coming out to pay their respects at Navalny’s funeral on March 1 2024. Many, if not all, knew this was a significant risk. Police employed video footage to track down members of the funeral crowd, including by using facial recognition technology.

    The first person to be detained was a Muscovite the police claimed they heard shouting “Glory to the heroes!” – a traditional Ukrainian response to the declaration “Glory to Ukraine!”, but this time referencing Navalny. She spent a night in a police station before being fined for “displaying a banned symbol”.

    Putin always avoided mentioning Navalny’s name in public while he was alive – instead referring to him as “this gentleman”, “the character you mentioned”, or the “Berlin patient”. (The only recorded instance of Putin using Navalny’s name in public when he was alive was in 2013.)

    However, having been re-elected president in 2024 and with Navalny dead, Putin finally broke his long-held practice, saying: “As for Navalny, yes he passed away – this is always a sad event.” It was as if the death of his nemesis diminished the potency of his name – and the challenge that Navalny had long presented to Putin.

    Nobody can become another Navalny

    Someone else will rise up and take my place. I haven’t done anything unique or difficult. Anyone could do what I’ve done.

    So wrote Navalny in the memoir published after his death. But that hasn’t happened: no Navalny 2.0 has yet emerged. And it’s no real surprise. The Kremlin has taken clear steps to ensure nobody can become another Navalny within Russia.

    In 2021, the authorities made a clear decision to destroy Navalny’s organisations within Russia, including the ACF and his regional network. Without the organisational infrastructure and legal ability to function in Russia, no figure has been able to take his place directly.

    More broadly, the fate of Navalny and his movement has had a chilling effect on the opposition landscape. So too have other steps taken by the authorities.

    Russia has become markedly more repressive since the start of its war on Ukraine. The human rights NGO First Department looked into the number of cases relating to “treason”, “espionage” and “confidential cooperation with a foreign state” since Russia introduced the current version of its criminal code in 1997. Of the more than 1,000 cases, 792 – the vast majority – were initiated following Russia’s full-scale invasion of Ukraine in 2022.

    Russian law enforcement has also used nebulous anti-extremism and anti-terrorism legislation to crack down on dissenting voices. Three of Navalny’s lawyers were sentenced in January 2025 for participating in an “extremist organisation”, as the ACF was designated by a Moscow court in June 2021. The Russian legislature has also passed a barrage of legislation relating to so-called “foreign agents”, to tarnish the work of those the regime regards as foreign-backed “fifth columnists”.

    Mass street protests are largely a thing of the past in Russia. Restrictions were placed on public gatherings during the COVID pandemic – but these rules were applied selectively, with opposition individuals and groups being targeted. And opportunities for collective action were further reduced following the full-scale invasion of Ukraine.

    Freedom of speech has also come under assault. Article 29, point five of the Russian constitution states: “Censorship shall be prohibited.” But in September 2024, Kremlin spokesperson Peskov said: “In the state of war that we are in, restrictions are justified, and censorship is justified.”

    Legislation passed very soon after the 2022 invasion of Ukraine made it illegal to comment on the Russian military’s activities truthfully – and even to call the war a war.

    YouTube – the platform so central to Navalny’s ability to spread his message – has been targeted. Without banning it outright – perhaps afraid of the public backlash this might cause – the Russian state media regulator, Roskomnadzor, has slowed down internet traffic to the site within Russia. The result has been a move of users to other websites supporting video content, including VKontakte – a Russian social media platform.

    In short, conditions in Russia are very different now compared to when Navalny first emerged. The relative freedom of the 2000s and 2010s gave him the space to challenge the corruption and authoritarianism of an evolving system headed by Putin. But this space has shrunk over time, to the point where no room remains for a figure like him within Russia.

    In 2019, Navalny told Ivan Zhdanov, who is now director of the ACF: “We changed the regime, but not in the way we wanted.” So, did Navalny and his team push the Kremlin to become more authoritarian – making it not only intolerant of him but also any possible successor?

    There may be some truth in this. And yet, the drastic steps taken by the regime following the start of the war on Ukraine suggest there were other, even more significant factors that have laid bare the violent nature of Putin’s personal autocracy – and the president’s disdain for dissenters.

    Plenty for Russians to be angry about

    How can we win the war when dedushka [grandpa] is a moron?

    In June 2023, Evgeny Prigozhin – a long-time associate of Putin and head of the private military Wagner Group – staged an armed rebellion, marching his forces on the Russian capital. This was not a full-blown political movement against Putin. But the target of Prigozhin’s invective against Russia’s military leadership had become increasingly blurry, testing the taboo of direct criticism of the president – who is sometimes referred to, disparagingly, as “grandpa” in Russia.

    And Prigozhin paid the price. In August 2023, he was killed when the private jet he was flying in crashed after an explosion on board. Afterwards, Putin referred to Prigozhin as a “talented person” who “made serious mistakes in life”.

    In the west, opposition to the Kremlin is often associated with more liberal figures like Navalny. Yet the most consequential domestic challenge to Putin’s rule came from a very different part of the ideological spectrum – a figure in Prigozhin leading a segment of Russian society that wanted the Kremlin to prosecute its war on Ukraine even more aggressively.

    Video: BBC.

    Today, there is plenty for Russians to be angry about, and Putin knows it. He recently acknowledged an “overheating of the economy”. This has resulted in high inflation, in part due to all the resources being channelled into supporting the war effort. Such cost-of-living concerns weigh more heavily than the war on the minds of most Russians.

    A favourite talking point of the Kremlin is how Putin imposed order in Russia following the “wild 1990s” – characterised by economic turbulence and symbolised by then-president Boris Yeltsin’s public drunkenness. Many Russians attribute the stability and rise in living standards they experienced in the 2000s with Putin’s rule – and thank him for it by providing support for his continued leadership.

    The current economic problems are an acute worry for the Kremlin because they jeopardise this basic social contract struck with the Russian people. In fact, one way the Kremlin tried to discredit Navalny was by comparing him with Yeltsin, suggesting he posed the same threats as a failed reformer. In his memoir, Navalny concedes that “few things get under my skin more”.

    Although originally a fan of Yeltsin, Navalny became an ardent critic. His argument was that Yeltsin and those around him squandered the opportunity to make Russia a “normal” European country.

    Navalny also wanted Russians to feel entitled to more. Rather than be content with their relative living standards compared with the early post-Soviet period, he encouraged them to imagine the level of wealth citizens could enjoy based on Russia’s extraordinary resources – but with the rule of law, less corruption, and real democratic processes.

    ‘Think of other possible Russias’

    When looking at forms of criticism and dissent in Russia today, we need to distinguish between anti-war, anti-government, and anti-Putin activities.

    Despite the risk of harsh consequences, there are daily forms of anti-war resistance, including arson attacks on military enlistment offices. Some are orchestrated from Ukraine, with Russians blackmailed into acting. But other cases are likely to be forms of domestic resistance.

    Criticism of the government is still sometimes possible, largely because Russia has a “dual executive” system, consisting of a prime minister and presidency. This allows the much more powerful presidency to deflect blame to the government when things go wrong.

    There are nominal opposition parties in Russia – sometimes referred to as the “systemic opposition”, because they are loyal to the Kremlin and therefore tolerated by the system. Within the State Duma, these parties often criticise particular government ministries for apparent failings. But they rarely, if ever, now dare criticise Putin directly.

    Nothing anywhere close to the challenge presented by Navalny appears on the horizon in Russia – at either end of the political spectrum. But the presence of clear popular grievances, and the existence of organisations (albeit not Navalny’s) that could channel this anger should the Kremlin’s grip loosen, mean we cannot write off all opposition in Russia.

    Navalny’s wife, Yulia, has vowed to continue her husband’s work. And his team in exile maintain focus on elite corruption in Russia, now from their base in Vilnius, Lithuania. The ACF’s most recent investigation is on Igor Sechin, CEO of the oil company Rosneft.

    But some have argued this work is no longer as relevant as it was. Sam Greene, professor in Russian politics at King’s College London, captured this doubt in a recent Substack post:

    [T]here is a palpable sense that these sorts of investigations may not be relevant to as many people as they used to be, given everything that has transpired since the mid-2010s, when they were the bread and butter of the Anti-Corruption Foundation. Some … have gone as far as to suggest that they have become effectively meaningless … and thus that Team Navalny should move on.

    Navalny’s team are understandably irritated by suggestions they’re no longer as effective as they once were. But it’s important to note that this criticism has often been sharpest within Russia’s liberal opposition. The ACF has been rocked, for example, by recent accusations from Maxim Katz, one such liberal opposition figure, that the organisation helped “launder the reputations” of two former bank owners. In their response, posted on YouTube, the ACF referred to Katz’s accusations as “lies” – but this continued squabbling has left some Russians feeling “disillusioned and unrepresented”.

    So, what will Navalny’s long-term legacy be? Patriot includes a revealing section on Mikhail Gorbachev – the last leader of the Soviet Union, whom Navalny describes as “unpopular in Russia, and also in our family”. He continues:

    Usually, when you tell foreigners this, they are very surprised, because Gorbachev is thought of as the person who gave Eastern Europe back its freedom and thanks to whom Germany was reunited. Of course, that is true … but within Russia and the USSR he was not particularly liked.

    At the moment, there is a similar split in perceptions of Navalny. Internationally, he was nominated for the Nobel Peace Prize, awarded the Sakharov Prize by the European Parliament, and a documentary about him won an Oscar.

    But there are also those outside of Russia who remain critical: “Navalny’s life has brought no benefit to the Ukrainian victory; instead, he has caused considerable harm,” wrote one Ukrainian academic. “He fuelled the illusion in the west that democracy in Russia is possible.”

    Trailer for the Oscar-winning documentary Navalny.

    Inside Russia, according to Levada Center polling shortly after his death, 53% of Russians thought Navalny played “no special role” in the history of the country, while 19% said he played a “rather negative” role. Revealingly, when commenting on Navalny’s death, one man in Moscow told RFE/RL’s Russian Service: “I think that everyone who is against Russia is guilty, even if they are right.”

    But, for a small minority in Russia, Navalny will go down as a messiah-like figure who miraculously cheated death in 2020, then made the ultimate sacrifice in his battle of good and evil with the Kremlin. This view may have been reinforced by Navalny’s increasing openness about his Christian faith.

    Ultimately, Navalny’s long-term status in Russia will depend on the nature of the political system after Putin has gone. Since it seems likely that authoritarianism will outlast Putin, a more favourable official story about Navalny is unlikely to emerge any time soon. However, how any post-Putin regime tries to make sense of Navalny’s legacy will tell us a lot about that regime.

    While he was alive, Navalny stood for the freer Russia in which he had emerged as a leading opposition figure – and also what he called the “Beautiful Russia of the Future”. Perhaps, after his death, his lasting legacy in Russia remains the ability for some to think – if only in private – of other possible Russias.

    For you: more from our Insights series:

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    Ben Noble has previously received funding from the British Academy and the Leverhulme Trust. He is an Associate Fellow of Chatham House.

    – ref. One year on from Alexei Navalny’s death, what will his legacy be for Russia? – https://theconversation.com/one-year-on-from-alexei-navalnys-death-what-will-his-legacy-be-for-russia-249692

    MIL OSI – Global Reports –

  • MIL-OSI Global: Valentine’s Day: why physical affection can boost your health

    Source: The Conversation – UK – By Viren Swami, Professor of Social Psychology, Anglia Ruskin University

    PeopleImages.com – Yuri A/Shutterstock

    In the opening scene of Love, Actually, Hugh Grant’s character says how, whenever he gets gloomy with the state of the world, he thinks about the arrivals gate at Heathrow airport. The reason is on screen: we see couples kissing, old friends embracing, children smiling and laughing as they jump into the arms of their parents.

    Airports are great places to really understand the importance of physical affection – hugging, kissing, cuddling, holding hands, or even just touching. But physical affection is ubiquitous in everyday life, too – and with good reason. Science shows that non-sexual physical affection produces more than just moments of joy – it also benefits our mental and physical health.

    Physical affection is one of the most direct and important ways that people communicate intimacy in their romantic relationships. And it seems to occur in romantic relationships all over the world, despite cross-cultural differences in ideas of love and romance.

    People in romantic relationships report more intimate physical affection than singletons. They’re also more comfortable allowing their partners to touch more of their bodies than strangers or friends. For example, most people are comfortable being touched on their thighs and abdomen by their partner, but not by other people.

    Even how we touch our partners is different to how we touch other people. When participants in one study were asked to stroke their partner, a friend, a stranger, or an artificial arm, they did so more slowly with their partner. Slower strokes may may be experienced as more pleasant and erotic than quicker strokes. Even just thinking about physical affection from a partner evokes pleasant and erotic sensations.

    There is now strong evidence showing that physical contact is associated with better physical and mental health. One review of “touch interventions” – think massage – in 212 studies involving more than 13,000 participants found that physical touch benefited everything from sleep patterns to blood pressure to fatigue. Touch interventions were especially helpful in reducing pain, depression and anxiety.

    Couple’s therapy

    Before you rush off to book yourself a massage, you should know that much of the evidence suggests the strongest benefits come from physical affection with romantic partners. Several studies have found that, in couples, physical affection is associated with a range of physiological effects, including lower blood pressure and better immune responses.

    In couples, physical affection is also associated with better psychological wellbeing. One study found that couples who sleep-touched – cuddling shortly before or after sleep – felt happier and calmer in the morning, which meant they were more likely to enjoy the company of their partners.

    Physical affection – including kissing and affection after sex – is also associated with greater relationship and sexual satisfaction, and better ratings of one’s relationship overall, which in turn contribute to better psychological wellbeing. And even when conflicts do occur, hugging seems to reduce levels of negative mood in couples.

    Cuddle up, because there’s more. Receiving physical affection from a partner makes us feel psychologically stronger. One study found that women showed less activation in parts of the brain that respond to threat when holding their husband’s hand. Even just imagining touch from a partner can increase one’s willingness to take on challenging tasks.

    Another way to look at this is to examine what happens when we lose physical affection. Studies have shown that “touch deprivation” – the absence of touch – is associated with greater symptoms of depression and anxiety. Indeed, the loss of affection from others during the pandemic hit many people hard. Among couples, a lack of physical affection is associated with lower relationship satisfaction, stress, and feelings of loneliness.

    There are several ways in which physical affection provides these benefits. Affectionate touch is known to activate reward centres of the brain, which boosts our mood and promotes feelings of wellbeing. Touch also stimulates the release of oxytocin, which can strengthen social bonds and increase feelings of trust between individuals. It’s for these reasons that oxytocin is sometimes called the “cuddle chemical”.

    Physical affection also reduces levels of the stress hormone cortisol and reduces perceived pain, which suppress physiological stress systems. One study found that a ten-minute neck-and-shoulder massage from one’s partner helped lower cortisol responses, helping to regulate levels of stress.

    Psychologically, physical affection in romantic relationships is an important way to keep our emotions under control. Touching one’s partner in a caring manner helps to improve their mood and makes them feel loved, secure, and safe. As feelings of connection, trust, and belonging are strengthened through non-sexual physical signs of affection, negative effect is reduced and psychological well-being is improved.

    However, not everyone likes to be touched, even if it is by their romantic partners. Some people are “touch avoidant” – and some people may actually be apprehensive about being touched. For instance, people with avoidant attachment styles – characterised by a discomfort with emotional closeness – often have very negative views about cuddling and are more hesitant to touch their partners. Conversely, people with anxious attachment styles – characterised by a fear of abandonment – may desire more touch than they receive.

    But when couples have similar touch preferences, it can lead to greater attraction, closeness, and commitment to one another. And if you’re looking for a fun way to incorporate non-sexual physical affection into your relationships, consider home massage. One study found that couples who took turns massaging each other at home felt a deeper connection with each other, and felt more relaxed and less stressed.

    Viren Swami 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. Valentine’s Day: why physical affection can boost your health – https://theconversation.com/valentines-day-why-physical-affection-can-boost-your-health-247858

    MIL OSI – Global Reports –

  • MIL-OSI Global: Will Lucy Letby get a retrial? Here’s what happens next with her case

    Source: The Conversation – UK – By Daniel Alge, Senior Lecturer in Criminology & Criminal Justice, Brunel University of London

    Lucy Letby was convicted in two trials in 2023 and 2024 of murdering seven babies and attempting to murder six others in her care at the Countess of Chester hospital in north-west England between 2015 and 2016.

    She is currently serving 15 whole life sentences for the murders. But the case has been called into question as a result of growing concerns about the expert evidence presented at her trial. Will she get a retrial? Here’s what happens next.

    In the context of usually cautious expert opinion, the press conference held on February 4 2025 was extraordinary. An international panel of medical experts investigating the medical evidence against Lucy Letby concluded that there were alternative explanations for each of the deaths. They said they found no evidence of deliberate harm, and believe Letby did not murder any babies.

    The panel’s chair, Dr Shoo Lee, is a retired neonatal care expert. His 1989 paper on air embolisms was heavily relied on by the prosecution in the Letby trial and appeals. However, Lee has previously said that his research was misinterpreted at trial. At the press conference he said, “we did not find any murders. In all cases, death or injury were due to natural causes or just bad medical care.”

    Want more politics coverage from academic experts? Every week, we bring you informed analysis of developments in government and fact check the claims being made.

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    The panel’s findings put the case in uncharted territory, given Letby’s very recent convictions and the continuing public inquiry into the case.

    The public inquiry – the Thirlwall Inquiry into events at the Countess of Chester hospital – will operate based on the assumption, following her convictions, that Letby is guilty. Letby’s barrister has called for the inquiry to be halted pending the Criminal Cases Review Commission (CCRC) review of her case.

    Despite the findings of the expert panel, Letby’s release or even a retrial is by no means imminent, let alone guaranteed. Letby has already had two applications for leave to appeal refused. The grounds of appeal were related to what her defence argued were errors in judicial decision making during the trial, rather than the medical evidence. Nonetheless, this means that the CCRC is the only route left open to Letby to challenge her convictions.

    Letby’s defence team confirmed that a preliminary application has been made to the CCRC, with a full submission to follow. The CCRC investigates potential miscarriages of justice in England, Wales and Northern Ireland.

    The commission is expected to treat Letby’s case as a priority given the public interest. But it is still likely to take at least a year to review the considerable evidence before a referral back to the Court of Appeal could even be considered.

    What evidence will be considered?

    The CCRC aims to complete cases within 12 months of receiving the application. But the organisation has recently come under criticism over how it handled the case of Andrew Malkinson, who was wrongly jailed for 17 years for a crime he did not commit.

    When the CCRC considers the full application, they have the power to refer the case back to the Court of Appeal. In order to do so, the commission requires new evidence or other relevant factors which would support a fresh appeal.

    The findings of the medical panel will be part of the defence submission. The CCRC will decide, with other factors, whether they constitute fresh grounds for an appeal. It is particularly compelling that the prosecution case relied on Dr Lee’s research, and yet it is in part his expertise that has become a crucial element of the defence.

    To send the case back for appeal, the CCRC would also need to conclude that there was a “real possibility” of the conviction being overturned.

    It is important to remember that the case against Letby included statistical and circumstantial evidence as well as medical opinion. However, what are alleged to be numerous fallacies in the statistical evidence have been highlighted. And circumstantial evidence is just that – circumstantial. Letby was convicted on the medical evidence.

    The evidence given as part of the Thirlwall Inquiry will be within the remit of the CCRC too. Although the inquiry has not yet formally concluded, all oral testimony has taken place. As would be expected given the inquiry’s terms of reference, much of the evidence heard has been less favourable to Letby.

    The CCRC also has the power under the Criminal Appeals Act 1995 to instruct its own expert witnesses and interview previous and potential new witnesses.

    If the CCRC ultimately decides to refer the case to the Court of Appeal, it will be treated like any other appeal. It could result either in the conviction being quashed and Letby going free, or a retrial.

    A retrial would follow if the appeal judges believed that a retrial met the criteria set out in the Criminal Appeal Act 1968 and was in the interests of justice. The likelihood of this outcome depends on the strength of the medical evidence presented to the CCRC and the Court of Appeal.



    Read more:
    Lucy Letby case: the problems with expert evidence

    As the Thirlwall Inquiry and the CCRC application are separate processes, is it technically not essential that the inquiry concludes before the CCRC makes a decision. Closing submissions to the inquiry are scheduled for March 2025, with the report expected later in the year. This should fit within the expected timeframe of the CCRC taking at least a year to consider the application.

    A further complicating factor is Lee’s assertion that the Countess of Chester hospital provided such bad care that it would have been “shut down” in his home country of Canada. This will no doubt lead to legal claims against the NHS trust, particularly if Letby is exonerated and culpability for avoidable deaths is sought elsewhere.

    Some, including Lee, have gone so far as to suggest the new evidence is so compelling that Letby should be released on house arrest pending the CCRC review. This would be highly unusual, and for the time being, Letby remains imprisoned as one of the worst child serial killers in modern British history.

    Daniel Alge 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. Will Lucy Letby get a retrial? Here’s what happens next with her case – https://theconversation.com/will-lucy-letby-get-a-retrial-heres-what-happens-next-with-her-case-249415

    MIL OSI – Global Reports –

  • MIL-OSI Europe: Financing the transition to greenhouse gas neutrality: how much and with which instruments? | Remarks at the Adam Smith Business School University of Glasgow

    Source: Deutsche Bundesbank in English

    Check against delivery.
    1 Introduction
    Ladies and gentlemen, 
    I am delighted to be here with you today. What better place than Glasgow to discuss the economic impacts of climate change and the green transition! And not just because it played host to the 2021 United Nations Climate Change Conference.
    Glasgow is also where Adam Smith, the father of modern economics, studied and taught as a professor. Have you ever wondered what he would have thought of climate change? As a famed free-market economist, he might not be the first person you would think of. But even Adam Smith acknowledged that the invisible hand can sometimes lead to suboptimal outcomes.
    Climate change is a prime example of this: market prices do not reflect the negative side effects of greenhouse gas emissions. Fortunately, it is now widely acknowledged that governments need to intervene and encourage individuals and companies to reduce their emissions. 
    Switching to a net-zero emissions economy is a major task. It requires changes in behaviour, innovation and significant investment to rebuild our capital stock. And this transition requires significant financing. 
    In my speech, I will explore what financing the transition to a greenhouse gas-neutral economy could look like. More specifically, I will focus on two key issues. First, how much investment is needed to achieve greenhouse gas neutrality, and how much of this investment is “additional”? Second, what could the financing mix to fund this investment look like?
    I know that answering these questions seems like a tough challenge – a taughy fleece tae scoor. But I will do my best to illustrate my points with clear, practical examples. Along the way, I will discuss electric cars and heating systems to help us understand the issues. 
    My remarks will focus on the European Union (EU), borrowing some detailed insights from Germany. Unfortunately, these data do not cover the United Kingdom (UK). But I will do my best to infer some insights for the UK as well.
    2 How much needs to be invested?
    Let me start with the question of how much the EU needs to invest to achieve greenhouse gas neutrality. The EU’s Fit for 55 package aims to reduce greenhouse gas emissions by at least 55 per cent by 2030. These reductions are benchmarked against 1990 emission levels. This is an intermediate step towards full greenhouse gas neutrality, for which the EU still needs to pass legislation.
    From 2021 to 2030, the European Commission estimates that EU countries need to invest over €1.2 trillion annually.[1] This amounts to nearly 8 per cent of the EU’s GDP. The private sector must take on the bulk of these investments. The investment needs are significantly more than the actual annual investment of €760 billion in the previous decade. 
    The European Commission defines the difference between the investment required and the actual investment as the “additional” investment need. This additional investment need amounts to €480 billion, or around 3 per cent of GDP.
    This definition of “additional” investment is very useful from an accounting perspective. It gives a clear picture of how much more the EU needs to invest to meet its climate goals. However, from a financing perspective, it helps to define additional investment differently.
    There are two types of investment needed to achieve greenhouse gas neutrality. The first type is investment that would not happen without the goal of reducing greenhouse gas emissions. A prime example of this type of investment is technology to capture and store carbon dioxide. This technology will play a crucial role in sectors that are difficult to decarbonise. These investments need economic resources and financing beyond what an economy spends just to maintain its capital stock.
    The second type is investment where a greenhouse gas-neutral alternative replaces a fossil fuel-based technology. To illustrate this point, imagine two households buying a new car. The Jones family spend €45,000 on a new combustion engine car. From a technical perspective, the Jones family are making a replacement investment. No additional financing is needed. Meanwhile, the Smith family decide to switch from a combustion engine car to an electric vehicle. Let us say a comparable electric car costs €50,000. Of this amount, €45,000 is a replacement investment. Only the remaining €5,000 requires additional financing.
    Contrast this with how the European Commission defines additional investment: They subtract the annual average value of electric cars bought in the past from the value of electric vehicles needed to meet the EU’s intermediate greenhouse gas reduction goals. Past registrations of electric vehicles fell significantly short of what is needed. Accordingly, the additional investments, as defined by the European Commission’s accounting perspective, are presumably much higher than the additional financing needs. 
    How great could the additional financing needs be? While we do not yet have specific figures for the EU, there are some numbers for Germany. A recent study estimates that Germany needs to invest around €390 billion annually from 2021 to 2030 to reduce emissions by 65 per cent compared to 1990.[2] They measure this absolute sum in 2020 prices. Relative to GDP, the investment amounts to 11 per cent. 
    This is fairly close to the 8 per cent investment needs calculated by the European Commission for the EU.[3] However, only around 30 per cent of this investment requires additional financing. In absolute terms, this amounts to about €120 billion. 
    Let me pause for a moment to summarise the two key takeaways from my remarks so far. First, the transition to greenhouse gas neutrality calls for significant investment. However, in many cases, we are replacing fossil-based technologies with greenhouse gas-neutral alternatives. Accordingly, the additional financing needs are much smaller and seem manageable.
    Second, we can minimise the additional financing needs by replacing already largely depreciated capital stock. By contrast, replacing relatively new capital stock that has barely depreciated would increase the economic and financial costs. Let me illustrate this point with a brief anecdote. 
    On 1 January 2024, the German government introduced a new law governing heating systems. In German, it is known by the beautiful name “Gebäudeenergiegesetz”. This law mandates that heating systems use around two-thirds renewable energy. In anticipation of this new law, many households replaced their old gas heating systems with new ones. These heating systems can run for around 25 years, so they depreciate over a long period. 
    Bad luck if you just installed a new gas heating system and live in the German city of Mannheim. Here, the local gas provider has said it intends to stop its services in 2035. This means that a long-term investment will become unviable when little more than half of it has depreciated: A waste of both financial and economic resources.
    This anecdote highlights one key point: to avoid wasting money, we need a clear and reliable path to greenhouse gas neutrality. With a clear path mapped out, people can confidently invest in the transition. 
    3 What could the financing mix look like?
    Now, let us explore what the potential financing mix could look like. To achieve a greenhouse gas-neutral economy, households, firms and the public sector all need to invest. They can fund these investments using both internal and external sources.
    As the name would suggest, internal financing comes from within. Like the Smith family putting aside some of their income to pay for their new car. Or think of a firm that sells its products and saves some of the profits. That is internal financing, too. External financing, on the other hand, comes from outside sources such as banks or investors. 
    Regarding their financing mix, households, non-financial firms and the public sector differ considerably. Households tend to save significantly and mainly use bank loans as a source of external finance. The public sector, on the other hand, raises most of its funds from external sources by issuing debt securities. Only firms have a more diversified financing mix. Equity and bank loans play prominent roles here. Note that these observations hold for the EU, the UK and Germany alike. 
    So, what might the financing mix for the transition to a greenhouse gas-neutral economy look like? To estimate these figures, we need two key components: First, the respective shares of households, firms and the public sector in total investment. According to rough estimates by Bundesbank staff for Germany, households might have to cover about one-third of the investment, the public sector around 20 per cent, and firms just under half.[4]
    Second, estimates for the future financing structure of the sectors. We assume that future financing structures will remain unchanged from today.[5] This implies that past financing structures are suitable for future climate investment. If this were not the case, perhaps due to the need for innovative financing instruments, the financing structure may differ. 
    What result do we get when we combine the two components? For Germany, we estimate that about 20 per cent of the financing mix could come from internal financing, primarily household savings. In terms of external financing, bank loans might play the largest role. They account for over one-quarter of the estimated financing mix. Households in particular obtain almost all their external financing from banks.
    The second-largest external financing source could be debt securities, accounting for around 20 per cent. The public sector plays a prominent role here, with funding coming almost exclusively from bonds. Finally, the third-largest external financing source could be equity financing, comprising around one-sixth. Firms are the only users of this financing source, as households and the public sector do not issue equity. Different instruments, like loans from non-bank financial intermediaries, might cover the final sixth of the overall investment needs. 
    So, what does this mean for the EU and the UK? Can the findings for Germany be generalised? Fortunately, the financing structures of households, firms and governments are largely comparable across these regions.[6] Therefore, one of the two components in the calculations is roughly equal.
    The second component – the sectoral investment needs – is less certain. I am not aware of any studies for the EU or the UK that divide the investment needs across households, firms and the public sector.[7] Without a better alternative, the findings for Germany may provide a reasonable initial estimate for both the EU and the UK.
    4 Concluding remarks
    Let me summarise and conclude. I have three main takeaways to share.
    First, “additional” investment needs to become greenhouse gas-neutral can also be defined from a financing perspective. In many cases, we are replacing fossil fuel-based technologies with greenhouse gas-neutral alternatives. And this requires additional financing only if greenhouse gas-neutral technologies are more expensive or if the capital stock being replaced is not yet fully depreciated. The additional financing needs are significantly smaller than the total investment required. Accordingly, I am confident that our financial system can mobilise the necessary financing. 
    Second, banks may play a larger role in financing the climate transition than is commonly anticipated. The main reason for this conclusion is that a substantial portion of climate investments falls on households. They need to make their homes more energy-efficient and replace fossil-fuelled heating systems with greenhouse gas-neutral alternatives. And households simply do not have many viable alternatives to bank loans.
    Accordingly, a robust banking system is essential for achieving greenhouse gas neutrality. That is why we at the Bundesbank are committed to completing the European banking union. However, we also need to improve access to alternative financing sources. Non-financial firms, in particular, would greatly benefit from better capital market financing. That is why we at the Bundesbank are dedicated to creating a European capital markets union. 
    Third, legislators can minimise the additional financing needs by ensuring that the path to greenhouse gas neutrality is planned stringently and for the long term. Why? Because it provides incentives to avoid investments in fossil fuel technologies that may not be fully depreciated before they become non-viable. 
    Footnotes: 
    See European Commission (2023), Investment needs assessment and funding availabilities to strengthen EU’s Net-Zero technology manufacturing capacity, SWD (2023) 68 final. 
    Kemmler et al. (2024), Klimaschutzinvestitionen für die Transformation des Energiesystems, Prognos. This study is only available in German.
    One reason why Germany’s investment needs relative to GDP are higher than the EU’s is that Germany intends to achieve greenhouse gas neutrality sooner (in 2045 rather than 2050).
    The estimates are based on the public sector shares provided in Brand and Römer (2022), Öffentliche Investitionsbedarfe zur Erreichung der Klimaneutralität in Deutschland, KfW Research – Fokus Volkswirtschaft, Nr. 395 and various plausibility assumptions. The analysis assumes that the public sector’s involvement in industry and the residential investment sector is minimal or non-existent. This is because the analysis looks at financing flows before any government support, such as subsidies.
    More precisely, the financing structure is derived from the average internal and external financing flows over the period 2018 to 2022. This averaging smooths out short-term fluctuations and centres on the reference year of 2020 used in the Kemmler et al (2024) study. Internal financing enters the calculation on a net basis, assuming that the depreciation inflows finance the replacement investments.
    In the EU and UK, households rely slightly less on bank loans than in Germany, but the share is still high. In the public sector, Germany has a significantly higher share of debt security financing, particularly compared to the EU. In the UK, non-financial firms have a significantly lower share of equity financing and a higher share of (bank) loans compared to Germany. In contrast, in the EU, non-financial firms have a slightly higher share of equity financing and a smaller share of (bank) loans compared to Germany. All figures are based on average financial flows from 2018 to 2022.
    European Commission, op. cit., estimates that, in the EU, the public sector could account for 17 to 20 per cent of total investment. However, it does not clarify how this investment will be split between households and firms. For the UK, HM Government (2023), Mobilising Green Investment – 2023 Green Finance Strategy, mentions that most investment must come from the private sector. However, it likewise does not provide any details on how this investment will be split between households and firms.

    MIL OSI

    MIL OSI Europe News –

  • MIL-OSI: Moonacy Protocol Has Added Xrp to Its Ecosystem

    Source: GlobeNewswire (MIL-OSI)

    London, UK, Feb. 13, 2025 (GLOBE NEWSWIRE) — XRP, the cryptocurrency created by Ripple Labs, has been experiencing a lot of growth lately. Rumors of ETF approval, endorsements from celebrities like Donald Trump, and attention from the U.S. government have made XRP an increasingly attractive asset for investors. As a result, many companies are actively adopting XRP, which is certainly impacting its growth and popularity.

    Moonacy Protocol, a platform that allows you to invest in liquidity pools and earn from exchanges, has also added XRP to its ecosystem. Users of the platform can now deposit, withdraw and exchange XRP with maximum convenience.
    This decision opens up new horizons for Moonacy Protocol users, allowing them to work with an asset that is rapidly gaining popularity. The addition of XRP to the platform significantly increases the number of liquidity pools, thereby opening up many new trading pairs for exchange. This empowers investors and allows them to better capitalize on current market trends, increasing overall liquidity on the platform.

    Moonacy Protocol continues to evolve and improve its ecosystem by adding new cryptocurrencies and expanding functionality for investors. With the launch of XRP, the platform opens up new opportunities for its users, making their experience even more profitable and convenient.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI USA: Cantwell Reintroduces Bipartisan Bill to Hold PBMs Accountable for Driving Up Drug Costs

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    02.13.25
    Cantwell Reintroduces Bipartisan Bill to Hold PBMs Accountable for Driving Up Drug Costs
    Prescription pricing middlemen inflate costs for consumers, making it harder for pharmacies to stay open and creating pharmacy deserts; WA state ranks sixth worst in the nation for pharmacy access
    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, joined U.S. Senator Chuck Grassley (R-IA) in reintroducing the Pharmacy Benefit Manager Transparency Act, which would increase drug price transparency and hold Pharmacy Benefit Managers (PBMs) accountable for unfair and deceptive practices that drive up prescription drug prices. This legislation will reduce prescription costs for consumers and save taxpayers $740 million. 
    “Increasing prescription drugs costs have a devastating impact on the pocketbooks of American consumers,” said Sen.  Cantwell.  “For too long, Americans have been left in the dark while PBMs – the mysterious drug middlemen – manipulate prices.  Preliminary findings by the FTC found that the three biggest PBMs hiked prices of some lifesaving drugs by 1,000 percent.  This legislation will prevent PBMs from engaging in spread pricing and claw backs that harm consumers and independent pharmacies.  It’s time for Congress to reinforce FTC’s ability to hold PBMs accountable for deceptive and abusive practices.” 
    In Washington state, local pharmacies are struggling. The Washington State Pharmacy Association reported that a record 83 pharmacies shuttered across the state in 2023 and the first half of 2024 – in rural and urban areas alike – and an analysis by the Associated Press found that Washington state is sixth worst in the nation for access to pharmacies. Many of the region’s pharmacists point to the lower reimbursement rates on most of their prescriptions as a main reason for why their pharmacies are struggling, an issue caused by unfair PBM pricing practices.
    In addition, new data released today by the Bureau of Labor Statistics showed that inflation rose to 3 percent in January – including a record monthly increase in the cost of prescription drugs.
    PBMs were initially formed to process claims and negotiate lower drug prices with drug makers, but today they the wield too much influence over the price and access to prescription drugs.  PBMs administer prescription drug plans for hundreds of millions of Americans and three PBMs control nearly 80% of the prescription drug market.
    Pharmacy Benefit Managers are middlemen that manage nearly every aspect of the prescription drug benefits process for health insurance companies, self-insured employers, unions, and government programs. They operate out of the view of regulators and consumers — setting prescription costs, deciding what drugs are covered by insurance plans, and determining how they are dispensed – pocketing unknown sums that might otherwise be passed along as savings to consumers and undercutting local independent pharmacies. This lack of transparency makes it impossible to fully understand if and how PBMs might be manipulating the prescription drug market to increase profits and drive-up drug costs for consumers.
    Key takeaways from a July 2024 interim Federal Trade Commission (FTC) staff report show that:
    Market concentration and vertical integration have given PBMs significant power and control over what drugs are available to patients and at what price, without public transparency or accountability.
    PBMs engage in self-preferencing by steering patients to affiliated pharmacies and away from independent pharmacies.
    PBMs may be using their market power to force independent pharmacies into unfair contract terms and below-cost reimbursement rates.
    PBMs and manufacturers enter into rebate agreements that may impair or block access to lower-cost drugs.
    A subsequent interim staff report released a few weeks ago found that the three largest PBMs significantly marked up prices for specialty generic drugs—some by over 1,000% — and made an estimated $1.4 billion in income from spread pricing.
    Last September, the FTC sued the three largest PBMs for engaging in anticompetitive and unfair practices that inflated the price of insulin drugs, blocked patients’ access to more affordable products, and shifted the cost of high insulin list prices to vulnerable patients. 
    The PBM Transparency Act would save taxpayers $740 million over 10 years.
    The Pharmacy Benefit Manager Transparency Act of 2025 will:
    Prohibit unfair or deceptive practices.
    Block PBMs from engaging in spread pricing, unfairly reducing or clawing back drug reimbursement payments to pharmacies, and unfairly charging pharmacies more to offset federal reimbursement changes.
    Incentivize fair and transparent PBM practices.
    Provide some exceptions to liability for PBMs that pass along 100% of rebates to health plans or payers and fully disclose prescription drug rebates, costs, prices, reimbursements, fees, and other information to health plans, payers, pharmacies, and federal agencies.
    Improve transparency and competition by requiring PBMs to report:
    The amount of money they obtain from spread pricing, pharmacy fees, and clawbacks.
    Any differences in the PBMs’ reimbursement rates or fees PBMs charge affiliated pharmacies and non-affiliated pharmacies.
    Whether and why they move drugs to a higher-cost formulary tier.
    Direct the FTC to report to Congress its enforcement activities and whether PBMs engage in unfair or deceptive formulary design or placement.
    Authorize the FTC and state attorneys general to enforce the bill.
    Protect whistleblowers from being fired or reprimanded for bringing violations to light.
    Sen. Cantwell has worked for years to bring transparency to the PBM industry and reduce drug costs for consumers.  She first introduced the bipartisan Pharmacy Benefit Manager Transparency Act in May 2022 with Sen. Grassley and again in 2023.  Sen. Cantwell led passage of the bill in the Commerce Committee in 2022 and again in March 2023, and vowed to keep  fighting until the bill becomes law.  She led a press conference at a Seattle pharmacy in October 2023 and called for the bill’s passage by the Senate in June 2024, and again in July following the damning FTC report.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Growth boost to support more first time buyers

    Source: United Kingdom – Executive Government & Departments 3

    The government commits to a new, permanent, comprehensive mortgage guarantee scheme to increase homeownership.

    Further plans to modernise home buying have been unveiled this week, helping more people to realise their ambitions of owning their own home as part of the government’s Plan for Change.  

    The government has committed to launching a new, permanent, comprehensive mortgage guarantee scheme that will open the door to homeownership for more young families and hardworking renters.  

    Alongside this the Economic Secretary to the Treasury has written to the Financial Conduct Authority (FCA) following their response to the government’s call for regulators to support growth, setting out the government’s support for their proposal to review mortgage rules. The government has made clear it wants the FCA’s review to be as ambitious and rapid as possible to help as many people as possible to achieve the dream of owning a place of their own.

    It follows an announcement last week that the government is streamlining and digitising the process for buying and selling homes to help homebuyers save time and money, and reducing the number of house sales that fall through. Fall throughs impact one in three transactions and cost people around £400million a year in total and currently there are delays of almost five months in the system.   

    Millions of hardworking people have been locked out of home ownership – the number of first-time buyers fell to a 10 year low in 2023 and today’s under 30s are less than half as likely to be home owners than those at the same age in 1990.  

    The government’s Plan for Change has clear ambitions for delivering 1.5 million more homes and driving growth – cutting unnecessary red tape in order to be on the side of builders and working people who want to get on the property ladder.

    City Minister Emma Reynolds said:

    “For too long politicians have ducked and dodged the decisions needed to support homeownership. 

    “Simplifying responsible lending rules and putting in place a permanent mortgage guarantee scheme shows our commitment to making the dream of owning a home a reality. I will work closely with regulators and industry to get this done quickly and in a way that supports as many people as possible.”

    Housing Minister Matthew Pennycook said:

    “The affordability challenges facing first-time buyers mean that we now have a generation locked out of homeownership . This government is determined to change that, ensuring that young families and hardworking renters can buy a home of their own.”

    New details on the new Mortgage Guarantee Scheme will be announced in due course and will replace the existing Mortgage Guarantee Scheme, which was due to expire this year. By making the Mortgage Guarantee Scheme permanent and comprehensive, banks and building societies will have long-term confidence to continue offering low-deposit mortgages.  

    Many working people continue to find it extremely difficult to secure a deposit, meaning for too many the dream of home ownership has depended on access to the ‘Bank of Mum and Dad’, leaving those without that option often trapped in a cycle of renting without a way out. 

    This commitment to a new Mortgage Guarantee Scheme means first-time buyers, including young families, will be able to take that crucial first step onto the property ladder, with only a small deposit, tackling one of the biggest barriers to homeownership and giving them the stability they need to plan for the future.

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Global aviation giant lands in Alberta

    Lufthansa Technik Canada is establishing a state-of-the-art maintenance and repair facility at Calgary International Airport, specializing in Leading Edge Aviation Propulsion (LEAP) engines. As one of just five certified global operators for these next-generation engines, this $120-million investment positions Alberta at the heart of the global narrow-body aircraft market. This investment is a key catalyst for WestJet to enter into a 15-year, multi-billion-dollar maintenance contract with Lufthansa Technik, which will build and support Alberta’s aviation industry for years to come.

    “Alberta’s government is proud to welcome this historic partnership between WestJet and Lufthansa Technik Canada right here in Calgary. This agreement will have a far-reaching impact on our economy and it serves as a testament to the strong levels of investor confidence in our province. Alberta is a place where you can grow your business and thrive into the future. With our low corporate tax rate and highly educated workforce, Alberta continues to be one of the most business-friendly jurisdictions in North America. Today’s investment is further proof of Alberta’s national and international reputation as a leading aerospace and aviation hub.”

    Danielle Smith, Premier of Alberta

    “This new, state-of-the-art facility is a major step toward making Calgary and Alberta global leaders in aviation innovation. Our government is proud to partner with the Calgary Airport Authority, industry leaders, and all levels of government to strengthen Canada’s aviation sector. We beat out strong competition to secure this opportunity, showcasing our region’s innovative spirit and commitment to  reducing emissions. Together, we’re developing and adopting cutting-edge technologies that will boost the competitiveness of small- and medium-sized businesses across the aviation supply chain.”

    Terry Duguid, federal minister of Sport and minister responsible for Prairies Economic Development

    Lufthansa Technik Canada is the latest grant recipient of Alberta’s Investment and Growth Fund (IGF), receiving $3 million in provincial funding to build a new aerospace maintenance facility at the Calgary airport. The IGF is one of several investor support services and programs offered by Alberta’s government.

    Alberta’s government is also providing $4.45 million through the Aerospace Workforce Development Grant to provide training and employment supports to ensure Lufthansa Technik Canada has the skilled workers it needs to expand into the province. This grant is administered through Calgary Economic Development as part of the Opportunity Calgary Investment Fund to attract investment, drive innovation and spur transformative economic development in the aerospace sector. 

    Lufthansa’s investment is helping to further diversify Alberta’s economy and create important jobs for hard-working Albertans. Lufthansa Technik Canada’s investment will create up to 160 permanent jobs and up to 170 temporary construction jobs, giving Albertans more access to stable, well-paying jobs in a growing sector. These jobs will span across various roles, from highly skilled technicians to engineers and support staff, catering to the demands of the next-generation LEAP engines. This surge in jobs is taking off at a time when Alberta is diversifying its economy and expanding key industries, making these roles a vital part of the province’s economic growth trajectory.

    “Lufthansa Technik Canada’s investment is the latest addition to our growing aviation and aerospace sector. Alberta continues to attract world-class companies like Lufthansa Technik Canada because of its pro-business policies, low taxes and innovative talent. This investment will create hundreds of jobs for hard-working Albertans and further diversify our economy.”

    Matt Jones, Minister of Jobs, Economy and Trade

    Lufthansa Technik Canada will offer mobile engine maintenance and test cell services at Calgary International Airport, providing Canadian aviation operators with a more cost-effective, efficient alternative to overseas maintenance. This boosts operational efficiency while cutting costs. Its new Calgary facility will contribute to the growth of Alberta’s aerospace and aviation sector and create valuable jobs for Albertans.

    “Our agreement with WestJet represents one of the largest awards ever granted to any maintenance, repair and overhaul provider for CFM LEAP engines worldwide. It’s a contract that underlines Lufthansa Technik’s leading position in the support of new generation engine types. At the same time, we are grateful for the strong support from our local allies in Canada, which is essential in advancing the creation of a new engine repair shop and test cell facility in Calgary.” 

    Soeren Stark, chief executive officer, Lufthansa Technik

    This investment builds on a memorandum of understanding signed in 2022 between WestJet and Alberta’s government. WestJet committed to make Calgary its global headquarters, with both parties agreeing to work together to grow Alberta’s aerospace and aviation industry – including through attracting important aviation infrastructure investments. The facility is expected to break ground in mid-2025, with completion expected in 2027. WestJet will be Lufthansa Technik Canada’s first customer at the newly created engine maintenance facility, underscoring the partnership’s confidence in local expertise and innovation. WestJet’s request for proposal award was the largest contract in WestJet’s history and the largest award granted to any premier maintenance and repair provider for such engines in the Americas.

    “WestJet was founded on the idea of improving air travel and making it affordable for Canadians. This historic contract award will allow us to bring critical engine repair operations home to Canada and provide greater efficiency and cost certainty to a critical part of our operations, all while demonstrating our commitment to improving our competitiveness and supporting the Alberta economy. We are proud to partner with Lufthansa Technik. This is an extraordinary moment for WestJet, our guests, WestJetters, Western Canada’s communities and our suppliers.”

    Alexis von Hoensbroech, chief Executive officer, WestJet Group

    “After years of hard work and collaboration to showcase our city and build connections with industry partners, we are excited to see Lufthansa Technik land in the Blue Sky City. Calgary’s competitive business environment and deep talent pool position us for future growth, and the establishment of Lufthansa Technik’s Western Canada hub in our city proves what’s possible as we continue to establish ourselves as a global aerospace leader.”

    Brad Parry, president and CEO, Calgary Economic Development

    “This project is a remarkable example of what can be achieved when our aviation ecosystem and all levels of government come together – Lufthansa Technik as the premier supplier, WestJet as a vital cornerstone customer, critical support from Calgary Economic Development and the Government of Alberta through the Ministry of Jobs, Economy and Trade along with funding from the Calgary Airport Authority, the Canada Infrastructure Bank, Prairies Economic Development Canada and Opportunity Calgary Investment Fund. By building this cutting-edge facility in Calgary, we ensure that WestJet and all Canadian airlines will have access to reliable, cost-effective and efficient maintenance services while building essential infrastructure in engineering, training and enterprise to make Calgary and Alberta a centre of aviation excellence within North America.”

    Chris Dinsdale, president and CEO, Calgary Airport Authority

    “We are proud to commit $172 million in financing towards infrastructure that supports aviation services at the Calgary International Airport. Our collaboration with the Calgary Airport Authority moves its project from the planning stage into shovels in the ground. The world-class facilities will strengthen Canada’s aviation infrastructure, and bring long-term, high-quality jobs and economic growth to the region.”

    Ehren Cory, CEO, Canada Infrastructure Bank

    Alberta’s government will continue to work with Lufthansa Technik Canada to expand its footprint in Alberta once this project is in operation. With strong government support and a strategic position in the international market, Alberta remains the best place to live, work and invest in the future.

    Quick facts

    • The Investment and Growth Fund (IGF) is designed to be offered in select late-stage investment decisions, when Alberta may be competing with comparable jurisdictions that may offer other benefits or incentives to investors.
    • Since fall 2021, 12 IGF grants have been announced that will create more than 1,100 permanent full-time jobs and more than 1,100 temporary jobs, with a total capital investment of more than $765 million.
      • The IGF has helped to secure nearly $29 in private investments for every $1 in IGF funding.
    • The aviation and aerospace industry in Alberta is thriving with a growth in revenues of more than 17 per cent from 2021 to 2023.
    • Alberta’s Aerospace Workforce Development Grant supports attraction and training in the aviation and aerospace sector and aims to attract new investment while supporting the expansion of aerospace companies in Alberta.

    Related information:

    • Aviation, aerospace industries to take flight
    • WestJet news release
    • Lufthansa news release

    MIL OSI Canada News –

  • MIL-OSI USA: Attorney General James Releases Tips for New Yorkers to Protect Themselves from Predatory Debt Collectors

    Source: US State of New York

    NEW YORK – New York Attorney General Letitia James today released a guide to help New Yorkers use the state’s Exempt Income Protection Act (EIPA) to protect their money from debt collectors. The EIPA is a state law that prevents debt collectors from draining consumers’ bank accounts, leaving them unable to cover the costs of basic needs. The law automatically protects a certain amount of money in people’s bank accounts from being frozen or seized, and also protects vital government benefits like Social Security, disability benefits, and veteran’s benefits. The Office of the Attorney General’s (OAG) guide comes after Attorney General James recently secured $1 million from Netspend, a financial services company that illegally turned over its customers’ funds to debt collectors when those funds should have been protected under EIPA. The OAG’s guide will help New Yorkers use their rights under EIPA to protect their money and report debt collectors who are breaking the law to OAG.

    “When banks allow debt collectors to wipe out New Yorkers’ bank accounts, they’re not only throwing vulnerable people into financial chaos, they’re breaking the law,” said Attorney General James. “New Yorkers should know how to protect their money from debt collectors so they can continue to pay their bills while they manage their debt. My office’s helpful guide provides valuable tips for New Yorkers to protect their funds and hold banks and debt collectors accountable when they break the law. I encourage anyone who has had their hard-earned money illegally seized or frozen to report it to my office.”

    The EIPA automatically exempts a certain amount of money in people’s bank accounts from being frozen or seized. This protected amount is based on the minimum wage and is $3,960 for those in New York City, Long Island, or Westchester, and $3,720 for those anywhere else in New York as of January 2025. The EIPA also protects 90% of wages or salary earned in the 60 days before a debt collector attempts to seize funds. 

    Crucially, EIPA also protects government benefits and retirement funds from being frozen or seized, ensuring New Yorkers have enough money to pay their bills. These funds include:

    • Social Security;
    • Supplemental security income;
    • Disability benefits;
    • Unemployment insurance;
    • Workers compensation;
    • Veterans benefits;
    • Spousal support, alimony, or child support; and
    • Payments from public or private pensions and retirement accounts, such as 401(k)s or individual retirement accounts (IRAs).

    Attorney General James has successfully secured restitution for New Yorkers whose funds were illegally seized by debt collectors. In April 2024, Attorney General James secured more than $700,000 from Pathward Bank for unlawfully freezing customer accounts and illegally transferring money to debt collectors in violation of EIPA. In February 2024, Attorney General James secured more than $650,000 from a debt collection law firm for filing frivolous lawsuits against vulnerable New York City tenants. In May 2022, Attorney General James and the Consumer Financial Protection Bureau shut down a predatory debt collection operation that used deceptive and abusive tactics to illegally collect millions of dollars from hundreds of thousands of consumers.

    The OAG’s guide includes the steps New Yorkers must take to use EIPA to protect their funds from being seized, as well as instructions on how to report violations to OAG. Any consumer who has had their money frozen or seized in violation of the law should report the violation to OAG’s Consumer Frauds Bureau online or by calling 1-800-771-7755.

    This matter was handled by Assistant Attorneys General Ben Fishman and Chris Filburn, under the supervision of Bureau Chief Jane M. Azia and Deputy Bureau Chief Laura J. Levine, all of the Consumer Frauds and Protection Bureau. Also assisting in this matter were Irene Kim of the Public Information and Correspondence Unit, under the supervision of Brandon Kennedy, Deputy Director of Public Information; Vanessa Ip, Deputy Chief Operating Officer, Lucas McCullough, of the Office of the Chief Operating Officer; Jodi Burick, Kiersten Burns, Michaela Simmons, and Lisa O’Hara of the Information Technology Bureau. The Consumer Frauds and Protection Bureau is a part of the Division for Economic Justice, which is led by Chief Deputy Attorney General Chris D’Angelo and is overseen by First Deputy Attorney General Jennifer Levy. 

    MIL OSI USA News –

  • MIL-OSI: Gabelli Healthcare & WellnessRx Trust Declares First Quarter Distribution of $0.15 Per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of The Gabelli Healthcare & WellnessRx Trust (NYSE:GRX) (the “Fund”) declared a $0.15 per share cash distribution payable on March 24, 2025 to common shareholders of record on March 17, 2025.

    The Fund intends to pay a quarterly distribution of an amount determined each quarter by the Board of Trustees. In addition to the quarterly distributions, and in accordance with the minimum distribution requirements of the Internal Revenue Code for regulated investment companies, the Fund may pay an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the quarterly distributions for that year.

    Each quarter, the Board of Trustees reviews the amount of any potential distribution and the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification or termination by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject up to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

    If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

    Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, the current distribution paid to common shareholders in 2025 would include approximately 1% from net investment income, 4% from net capital gains and 95% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    Bethany Uhlein
    (914) 921-5546

    About The Gabelli Healthcare & WellnessRxTrust
    The Gabelli Healthcare & WellnessRx Trust is a diversified, closed-end management investment company with $228 million in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE: GRX
    CUSIP – 36246K103

    Investor Relations Contact:
    Bethany Uhlein
    914.921.5546
    buhlein@gabelli.com

    The MIL Network –

  • MIL-OSI: Euronext publishes Q4 and full year 2024 results

    Source: GlobeNewswire (MIL-OSI)

    Euronext publishes Q4 and full year 2024 results

    Euronext delivered double-digit revenue growth in 2024 thanks to its diversified revenue profile and confirms the achievement of its 2024 targets. Euronext reached record adjusted EPS in 2024 through cost discipline and strategic capital allocation. 2025 will be a year of investment for innovation and growth.

    Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 13 February 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the fourth quarter and full year 2024.

    • Full year 2024 revenue and income was up +10.3% at €1,626.9 million:
      • Non-volume related revenue and income represented 58% of total revenue and income (compared to 60% in 2023) and covered 153% of underlying operating expenses, excluding D&A0F1 (vs. 145% in 2023):
        • Custody and Settlement revenue grew to €270.5 million (+8.7%), driven by higher assets under custody, dynamic settlement activity and strong growth of value-added services;
        • Advanced Data Services revenue grew to €241.7 million (+7.5%), driven by continued demand for fixed income trading data, power trading data and dynamic retail usage. Revenue was supported by the acquisition of GRSS, a leading provider of services to benchmark administrators;
        • Listing revenue grew to €231.9 million (+5.1%), despite headwinds from the NOK1F2 depreciation. This reflects the continued strong performance of corporate solutions and resilient listing revenue. With 53 new equity listings and over 14,700 new bond listings in 2024, Euronext confirms its leading European position in equity listing and its worldwide leadership in debt listing;
        • Technology Solutions reported €106.2 million of revenue (-3.4%), reflecting the termination of Borsa Italiana legacy services in March 2024 following the migration to Optiq®.
    • Trading revenue grew to €559.4 million (+14.2%), driven by record results in fixed income, FX and power trading and solid growth in cash trading revenue;
    • Clearing revenue grew to €144.3 million (+19.0%), powered by the European expansion of Euronext Clearing, dynamic fixed income activity and the strong performance of commodities clearing. Net treasury income was at €56.8 million (+21.8%).
    • Underlying operating expenses excluding D&A1were in line with the revised guidance of €620 million, at €620.5 million (+1.7% compared to 2023). Cost discipline, synergies, and positive one-off items partly offset growth investments and acquisition impacts.
    • Adjusted EBITDA1was €1,006.4 million (+16.4%) and adjusted EBITDA margin was 61.9% (+3.3pts).
    • Adjusted net income1was €682.5 million (+16.7%) and adjusted EPS was €6.59 (+19.6%).
    • Reported net income was €585.6 million (+14.0%), despite the negative comparison base related to the €41.6 million capital gain received in 2023 for the disposal of Euronext’s 11.1% stake in LCH SA.
    • Net debt to EBITDA2F3was at 1.4x at the end of December 2024, within Euronext’s target range. Euronext’s S&P rating was upgraded to ‘A-, Stable Outlook’ in February 2025.
    • Achievement of 2024 financial targets is confirmed. Euronext revenue reached +4.7% CAGR2020PF-2024, above the +3% to +4% targeted. Euronext attained an adjusted EBITDA growth of +6.4% CAGR2020PF-2024, above the +5% to +6% targeted.
    • Key figures for full year 2024:
    In €m, unless stated otherwise 2024 2023 % var % var l-f-l3F4
    Revenue and income 1,626.9 1,474.7 +10.3% +10.0%
    Underlying operational expenses excluding D&A2 (620.5) (610.0) +1.7% +1.0%
    Adjusted EBITDA 1,006.4 864.7 +16.4% +16.3%
    Adjusted EBITDA margin 61.9% 58.6% +3.3pts +3.4pts
    Net income, share of the parent company shareholders 585.6 513.6 +14.0%  
    Adjusted net income, share of the parent company shareholders 682.5 584.7 +16.7%  
    Adjusted EPS (basic, in €) (share count differs between the two periods4F5) 6.59 5.51 +19.6%  
    Reported EPS (basic, in €) (share count differs between the two periods) 5.65 4.84 +16.7%  
    Adjusted EPS (diluted, in €) (share count differs between the two periods) 6.56 5.50 +19.3%  
    Reported EPS (diluted, in €) (share count differs between the two periods) 5.63 4.83 +16.6%  
    • Dividend proposal to the 2025 Annual General Meeting

    A dividend of €292.8 million will be proposed to the Annual General Meeting on 15 May 2025. This represents 50% of 2024 reported net income, in line with Euronext’s dividend policy. This dividend represents an increase of +14.0% compared to 20235F6.

    • Euronext continues its cost discipline and invests in strategic growth

    In 2024, Euronext reported underlying expenses (excl. D&A) in line with the revised guidance of €620 million. This compares to an initial guidance of €625 million, which did not take into account the impact of any acquisitions executed over the course of 2024.

    2024 normalised underlying expenses (excl. D&A) were at approximately €640 million, taking into account approximately €8 million of positive one-off items and the full-year impact of bolt-on acquisitions.

    Euronext expects its total underlying expenses (excl. D&A) for 2025 to be around €670 million. Euronext expects its 2025 underlying expenses (excl. D&A) to be stable at around €640 million compared to 2024 normalised underlying expenses (excl. D&A), as savings and synergies are expected to entirely offset inflationary impacts. In addition, Euronext plans to invest around 5% of its normalised underlying expenses (excl. D&A) to deliver strategic growth projects, as highlighted during the Investor Day on 8 November 2024.

    • Progress with the delivery of “Innovate for Growth 2027”
      • Euronext will accelerate the delivery of its power futures ambition with the contemplated acquisition of Nasdaq’s Nordic power futures business, announced on 28 January 2025.
      • Euronext continues to leverage its clearing house to launch innovative derivatives products. Euronext will launch fixed income derivatives on major European government bonds, including the first-ever cash-settled mini futures in September 2025, delivering unparalleled accessibility and flexibility to investors.
      • Euronext announced a strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering. This collaboration is a major enabler of Euronext’s ambition to expand its leading Italian repo clearing franchise to a large range of European government bonds.

    Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:

    “In 2024, we delivered double-digit topline growth thanks to the solid performance of non-volume related activities, excellent performance of FICC trading, and the successful clearing expansion in Europe. For the first time, Euronext reached the significant threshold of over €1 billion in adjusted EBITDA, an increase of +16.4% compared to last year. Our notable adjusted net income growth of +16.7% compared to last year, to €682.5 million underscores our profitability and our robust financial health. Adjusted EPS (basic) was up +19.6% in 2024, at €6.59 per share, compared to €5.51 per share in 2023. This increase reflects Euronext’s strong performance and a lower number of outstanding shares over 2024 due to Euronext’s share repurchase programme.

    In 2024, Euronext achieved several key milestones that allowed us to expand our presence across the entire capital markets value chain, as we have finalised the integration of the Borsa Italiana Group. We have exceeded our 2024 financial targets for revenue and EBITDA growth. We have also strengthened our non-volume business with strategic acquisitions such as GRSS, Substantive Research, and Acupay.

    In 2025, we are building the foundations to achieve our 2027 growth targets and we are investing to innovate for growth. We have already begun with the announced acquisition of Nasdaq’s Nordic power futures business6F7. This addition will significantly contribute to the growth of our FICC trading and clearing business. We are pleased to announce the most significant innovation in financial derivatives in recent years, the launch of cash-settled mini futures on European government bonds. Finally, we have made a first major step in the expansion of our Repo clearing franchise through a strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering. Euronext has promising growth opportunities ahead, which will further reinforce our position as the leading capital market infrastructure in Europe.”

    2024 financial performance

    In €m, unless stated otherwise FY 2024 FY 2023 % var % var
    (like-for-like, constant currencies)
    Revenue and income 1,626.9 1,474.7 +10.3% +10.0%
    Listing 231.9 220.6 +5.1% +5.4%
    Trading revenue, of which 559.4 490.0 +14.2% +14.3%
    Cash trading 284.0 265.4 +7.0% +7.0%
    Derivatives trading 53.1 54.2 -2.0% -2.0%
    Fixed income trading 145.5 107.4 +35.5% +35.5%
    FX trading 31.7 25.6 +24.2% +24.2%
    Power trading 45.1 37.4 +20.4% +22.6%
    Investor Services 14.1 11.4 +24.2% +14.8%
    Advanced Data Services 241.7 224.8 +7.5% +5.3%
    Post-Trade, of which 414.7 370.2 +12.0% +11.9%
    Clearing 144.3 121.3 +19.0% +19.0%
    Custody and Settlement 270.5 248.9 +8.7% +8.8%
    Euronext Technology Solutions & Other 106.2 109.9 -3.4% -3.3%
    NTI through CCP business 56.8 46.7 +21.8% +21.8%
    Other income 2.0 1.4 +45.5% +44.5%
    Transitional revenues – (0.2) N/A N/A
    Underlying operational expenses excl. D&A (620.5) (610.0) +1.7% +1.0%
    Adjusted EBITDA 1,006.4 864.7 +16.4% +16.3%
    Adjusted EBITDA margin 61.9% 58.6% +3.3pts +3.4pts
    Operating expenses excl. D&A (651.3) (688.3) -5.4% +1.0%
    EBITDA 975.6 786.4 +24.1% +9.9%
    Depreciation & Amortisation (188.7) (170.1) +10.9% +11.2%
    Total Expenses (incl. D&A) (840.1) (858.5) -2.1% -2.6%
    Adjusted operating profit 922.9 790.4 +16.8% +16.7%
    Operating Profit 786.8 616.2 +27.7%  
    Net financing income / (expense) 17.5 (0.2)    
    Results from equity investments 34.7 83.1 -58.3%  
    Profit before income tax 839.1 699.1 +20.0%  
    Income tax expense (218.4) (162.7) +34.2%  
    Share of non-controlling interests (35.1) (22.8) +53.7%  
    Net income, share of the parent company shareholders 585.6 513.6 +14.0%  
    Adjusted Net income, share of the parent company shareholders7F8 682.5 584.7 +16.7%  
    Adjusted EPS (basic, in €) 6.59 5.51 +19.6%  
    Reported EPS (basic, in €) 5.65 4.84 +16.7%  
    Adjusted EPS (diluted, in €) 6.56 5.50 +19.3%  
    Reported EPS (diluted, in €) 5.63 4.83 +16.6%  

    Share count differs between the two periods.

    • 2024 revenue and income

    In 2024, Euronext’s revenue and income was €1,626.9 million, up +10.3% compared to 2023. This resulted from solid organic growth in non-volume related businesses, a dynamic trading environment across asset classes, and the positive contribution of the Euronext Clearing European expansion.

    On a like-for-like basis and at constant currencies, Euronext consolidated revenue and income was up +10.0% in 2024, at €1,618.2 million, compared to 2023.

    Non-volume related revenue accounted for 58% of underlying Group revenue in 2024, compared to 60% in 2023. This reflects the strong growth in trading and post-trade revenue, and solid performance of non-volume-related revenue. Non-volume-related revenue covered 153% of underlying operating expenses excluding D&A, compared to 145% in 2023.

    • 2024 adjusted EBITDA

    Underlying operational expenses excluding depreciation and amortisation increased slightly to €620.5 million, up +1.7%, in line with the revised guidance of €620 million, and lower than the initial guidance of €625 million. Cost discipline, FX impacts and positive one-offs (around €8.3 million) partly offset growth investments and acquisitions impacts.

    On a like-for-like basis at constant currencies, underlying operational expenses excluding depreciation and amortisation increased by +1.0% compared to 2023, which highlights the impact of acquisitions on a reported basis.

    Consequently, adjusted EBITDA for the year totalled €1,006.4 million, up +16.4% compared to 2023. This represents an adjusted EBITDA margin of 61.9%, up +3.3 points compared to 2023. On a like-for-like basis, adjusted EBITDA for 2024 was up +16.3%, to €1,003.2 million, and adjusted EBITDA margin was 62.0%, up +3.4 points compared to 2023.

    • 2024 net income, share of the parent company shareholders

    Depreciation and amortisation accounted for €188.7 million in 2024, up +10.9%, resulting from migration projects and acquisitions. PPA related to acquired businesses accounted for €81.2 million and is included in depreciation and amortisation.

    2024 adjusted operating profit was €922.9 million, up +16.8% compared to 2023 adjusted operating profit.

    €136.1 million of non-underlying expenses, including depreciation and amortisation, were reported in 2024, related to the implementation of the ‘Growth for Impact 2024’ strategic plan and the PPA of acquired businesses.

    Net financing income for 2024 was €17.5 million, compared to a net financing expense of €0.2 million in 2023. This increase resulted from higher interest income due to higher interest rates and strong cash generation, offsetting the cost of debt in 2024.

    Results from equity investments amounted to €34.7 million in 2024, including €23.4 million of dividend received from Euroclear and the €10.1 million of dividend earned from Sicovam. In 2023, Euronext reported €83.1 million of results from equity investments. This was a result of the capital gain on the disposal of Euronext’s stake in LCH SA and the disposal of Euronext’s investment in Tokeny, as well as the dividend received from Euroclear and Sicovam.

    Income tax for 2024 was €218.4 million. This translated into an effective tax rate of 26.0% for 2024. In 2023, the income tax rate was 23.3%, positively impacted by non-taxable income. Income tax amounted to €162.7 million.

    Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €35.1 million in 2024.

    As a result, the reported net income, share of the parent company shareholders, increased by +14.0% for 2024 compared to 2023, to €585.6 million. This represents a reported EPS of €5.65 basic and €5.63 diluted in 2024, compared to €4.84 basic and €4.83 diluted in 2023. This increase reflects the strong results and a lower number of shares over 2024 compared to 2023.

    Adjusted net income, share of the parent company shareholders was up +16.7% to €682.5 million. Adjusted EPS (basic) was up +19.6% in 2024, at €6.59 per share, compared to an adjusted EPS (basic) of €5.51 per share in 2023.

    The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.

    In 2024, Euronext reported a net cash flow from operating activities of €708.6 million, compared to €826.1 million in 2023. The difference results from higher profit before tax, higher income tax, lower results from equity investments and negative changes in working capital. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 72.3% of EBITDA in 2024.

    2024 business highlights

    In €m, unless stated otherwise FY 2024 FY 2023 % change
    Revenue 231.9 220.6 +5.1%
    Equity 106.6 105.1 +1.4%
    o/w Annual fees 72.4 69.0 +5.0%
    o/w Follow-ons 18.7 20.8 -10.1%
    o/w IPOs 15.5 15.4 +0.9%
    Debts 40.4 36.0 +12.2%
    ETFs, Funds & Warrants 24.0 23.3 +3.0%
    Corporate Solutions 50.3 45.4 +10.7%
    ELITE and Other 10.2 10.8 -5.8%
             
    Money raised (€m) FY 2024 FY 2023 % change  
    Equity listings 3,840 2,481 +54.8%  
    Follow-ons 15,782 20,177 -21.8%  
    Bonds 1,190,154 1,156,035 +3.0%  
           
    Listed securities FY 2024 FY 2023 % change  
    New equity listings over the period 53 64 -17.2%  

    Money raised from follow-ons has been restated for previous periods.

    Listing revenue was €231.9 million in 2024, an increase of +5.1% compared to 2023, driven by the resilience of the offering and sustained leadership in listing, partially offset by the NOK depreciation.

    Euronext recorded 33% of equity listings in Europe8F9 with 53 new equity listings.

    Euronext Corporate Solutions revenue grew by +10.7% compared to 2023 to €50.3 million, thanks to a strong performance of the SaaS and advisory offering.

    Debt listing revenue grew by +12.2% compared to 2023 to €40.4 million, driven by dynamic bond issuance activity.

    On a like-for-like basis at constant currencies, listing revenue increased by +5.4% compared to 2023.

    • Trading
      • Cash trading
      FY 2024 FY 2023 % change
    Cash trading revenue (€m) 284.0 265.4 +7.0%
    ADV Cash market (€m) 10,405 10,053 +3.5%

    Cash trading revenue increased by +7.0% to €284.0 million in 2024, supported by efficient yield management and higher volumes.

    Over the year, Euronext cash trading yield was 0.53 bps, up from 0.52 bps in 2023 despite continued high order sizes. Euronext market share of cash trading averaged 64.8% in 2024.

    On a like-for-like basis at constant currencies, cash trading revenue was up +7.0%.

    • Derivatives trading
      FY 2024 FY 2023 % change
    Derivatives trading revenue (€m) 53.1 54.2 -2.0%
    ADV Derivatives market (in lots) 619,833 619,244 +0.1%
    ADV Equity & Index derivatives (in lots) 503,506 528,368 -4.7%
    ADV Commodity derivatives (in lots) 116,328 90,876 +28.0%

    Derivatives trading revenue decreased by -2.0% to €53.1 million in 2024, reflecting the continuing trend of lower volatility for equity and index derivatives, offset by very dynamic commodity trading. Euronext revenue capture on derivatives trading was €0.33 per lot for the year. On a like-for-like basis at constant currencies, derivatives trading revenue was down -2.0% in 2024 compared to 2023.

    • Fixed income trading
      FY 2024 FY 2023 % change
    Fixed income trading revenue (€m) 145.5 107.4 +35.5%
    o/w MTS Cash 103.1 67.1 +53.7%
    o/w MTS Repo 26.5 25.2 +4.9%
    ADV MTS Cash (€m) 37,021 23,026 +60.8%
    TAADV MTS Repo (€m) 483,247 436,039 +10.8%
    ADV other fixed income (€m) 1,612 1,266 +27.4%

    Fixed income revenue reached €145.5 million in 2024, up +35.5% compared to 2023. MTS Cash reached record results, driven by strategic positioning of the solutions provided to market participants and issuers and favourable market conditions. On a like-for-like basis at constant currencies, fixed income trading revenue was up +35.5% compared to 2023.

    • FX trading
      FY 2024 FY 2023 % change
    Spot FX trading revenue (€m) 31.7 25.6 +24.2%
    ADV spot FX Market (in $m) 26,493 22,450 +18.0%

    FX trading revenue was €31.7 million in 2024, up +24.2% compared to 2023. This reflects growing volumes, bolstered by a favourable volatility environment and commercial expansion. On a like-for-like basis at constant currencies, FX trading revenue was up +24.2% compared to 2023.

    • Power trading
      FY 2024 FY 2023 % change
    Power trading revenue (€m) 45.1 37.4 +20.4%
    ADV Day-ahead power market (in TWH) 2.74 2.74 +0.3%
    ADV Intraday power market (in TWH) 0.31 0.20 +55.0%

    Power trading revenue reached €45.1 million in 2024, up +20.4% compared to 2023, reflecting continued strong growth of intraday volumes. This strong result was partially offset by the depreciation of the NOK. On a like-for-like basis at constant currencies, power trading revenue was up +22.6% compared to 2023.

    • Investor Services

    Investor Services reported €14.1 million revenue in 2024, representing a +24.2% increase compared to 2023, supported by continued commercial expansion and the contribution of Substantive Research, acquired on 17 September 2024. On a like-for-like basis at constant currencies, Investor Services revenue was up +14.8% compared to 2023.

    • Advanced Data Services

    Advanced Data Services revenue reached €241.7 million in 2024, up +7.5% from 2023, driven by continued demand for fixed-income and power trading data and dynamic retail usage. It was also supported by the contribution of GRSS, acquired as announced on 3 June 2024, and rapid expansion of advanced data solutions. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +5.3% compared to 2023.

    • Post Trade
    in €m, unless stated otherwise FY 2024 FY 2023 % change
    Post-trade revenue (excl. NTI) 414.7 370.2 +12.0%
    Clearing 144.3 121.3 +19.0%
    o/w Revenue from LCH SA 62.8 71.8 -12.5%
    o/w Revenue from Euronext Clearing 81.5 49.5 +64.5%
    o/w Derivatives 18.1 5.6 +221.2%
    o/w Equities 24.4 16.6 +47.1%
    o/w Bonds 14.9 13.6 +10.0%
    o/w Other 24.1 13.7 +75.8%
    Custody, Settlement and other Post-Trade activities 270.5 248.9 +8.7%
    Number of transactions and lots cleared FY 2024 FY 2023 % change
    Shares (number of contracts – single counted) 234,777,332 83,486,969 +181.2%
    Bonds – Wholesale (nominal value in €bn – double counted) 29,717 27,177 +9.3%
    Bonds – Retail (number of contracts – double counted) 15,133,264 13,732,528 +10.2%
    Derivatives9F10 65,536,847 25,244,669 +159.6%

    Clearing revenue was up +19.0% to €144.3 million in 2024, reflecting the successful and timely execution of the last steps of the pan-Europeanisation of Euronext Clearing. Non-volume related clearing revenue (including membership fees, treasury income received from LCH SA prior to the migration) accounted for €41.9 million of the total clearing revenue in 2024. On a like-for-like basis at constant currencies, clearing revenue was up +19.0% compared to 2023.

    • Net treasury income

    Net treasury income for Euronext Clearing was at €56.8 million in 2024, up +21.8% compared to 2023. The increase was driven by higher collateral following the completion of the derivatives clearing migration on 7 September 2024 and a positive comparison base in Q1 2023 due to the disposal of the Euronext Clearing portfolio.

    • Custody, Settlement and other Post-Trade activities
    Euronext Securities activity FY 2024 FY 2023 % change
    Number of settlement instructions over the period 134,287,470 123,587,470 +7.8%
    Assets under Custody (in €bn), end of period 7,065 6,663 +6.0%

    Revenue from Custody, Settlement and other Post-Trade activities was €270.5 million in 2024, posting a strong growth of +8.7% compared to 2023. This reflects growing assets under custody, dynamic issuance activities and higher settlement activity. Euronext Securities’ value-added services business continued to post strong growth, supported by the acquisition of Acupay as announced on 2 October 2024. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +8.8% compared to 2023.

    • Technology Solutions and Other revenue

    Euronext Technologies and Other revenue was €106.2 million in 2024, down -3.4% from 2023, reflecting the termination of double-run connectivity revenues and Borsa Italiana legacy services following the migration to Optiq®, passing on synergies to clients. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was down -3.3% compared to 2023.

    Q4 2024 financial performance

    In €m, unless stated otherwise Q4 2024 Q4 2023 % var % var
    (like-for-like, constant currencies)
    Revenue and income 415.8 374.1 +11.1% +9.9%
    Listing 59.4 56.2 +5.8% +5.9%
    Trading revenue, of which 141.4 124.5 +13.5% +13.5%
    Cash trading 70.9 64.1 +10.6% +10.6%
    Derivatives trading 12.9 12.8 +0.3% +0.3%
    Fixed income trading 37.8 30.6 +23.7% +23.7%
    FX trading 8.5 6.7 +27.7% +26.4%
    Power trading 11.3 10.4 +8.8% +10.1%
    Investor Services 4.2 3.0 +39.8% +13.0%
    Advanced Data Services 61.1 56.1 +8.9% +4.8%
    Post Trade, of which 102.8 94.6 +8.6% +7.0%
    Clearing 32.9 32.3 +1.8% +1.8%
    Custody and Settlement 69.9 62.3 +12.2% +10.1%
    Euronext Technology Solutions & Other 28.4 27.6 +3.1% +3.2%
    NTI through CCP business 17.9 11.7 +53.3% +53.3%
    Other income 0.6 0.5 +37.5% +0.0%
    Underlying operational expenses excl. D&A (163.2) (157.8) +3.4% +1.1%
    Adjusted EBITDA 252.6 216.3 +16.7% +16.4%
    Adjusted EBITDA margin 60.7% 57.8% +2.9pts +3.4pts
    Operating expenses excl. D&A (174.4) (173.3) +0.6% -1.5%
    EBITDA 241.4 200.8 +20.2% +19.8%
    Depreciation & Amortisation (49.6) (45.6) +8.7% +8.6%
    Total Expenses (incl. D&A) (224.0) (218.9) +2.3% +0.6%
    Adjusted operating profit 231.1 196.3 +17.7% +17.3%
    Operating Profit 191.8 155.2 +23.6%  
    Net financing income / (expense) 6.5 4.7 +38.2%  
    Results from equity investments 10.1 17.0 -40.8%  
    Profit before income tax 208.4 176.9 +17.8%  
    Income tax expense (55.5) (40.0) +38.8%  
    Share of non-controlling interests (8.2) (6.4) +29.2%  
    Net income, share of the parent company shareholders 144.6 130.6 +10.8%  
    Adjusted Net income, share of the parent company shareholders10F11 172.3 148.2 +16.3%  
    Adjusted EPS (basic, in €) 1.66 1.42 +16.9%  
    Reported EPS (basic, in €) 1.40 1.25 +12.0%  
    Adjusted EPS (diluted, in €) 1.66 1.41 +17.7%  
    Reported EPS (diluted, in €) 1.39 1.24 +12.1%  

    Share count differs between the two periods

    • Q4 2024 revenue and income

    In Q4 2024, Euronext’s revenue and income amounted to €415.8 million, up +11.1% compared to Q4 2023, driven by record performance in fixed income trading, robust results in non-volume related businesses and the positive contribution of the Euronext Clearing European expansion at the end of November 2023.

    On a like-for-like basis and at constant currencies, Euronext revenue and income were up +9.9% in Q4 2024 compared to Q4 2023, to €411.1 million.

    Non-volume related revenue accounted for 59% of Group revenue in Q4 2024, compared to 60% in Q4 2023, reflecting continued strong performance of trading and post-trade in Q4 2024. The underlying operating expenses excluding D&A coverage by non-volume related revenue ratio was at 151% in Q4 2024, compared to 141% in Q4 2023.

    • Q4 2024 adjusted EBITDA

    Underlying operational expenses excluding depreciation and amortisation increased by +3.4% to €163.2 million, reflecting investments in growth and the impact of acquisitions. On a like-for-like basis, underlying operational expenses excluding depreciation and amortisation increased by +1.1% compared to Q4 2023, reflecting mainly the impact of acquisitions on a reported basis.

    Consequently, adjusted EBITDA for the quarter totalled €252.6 million, up +16.7% compared to Q4 2023. This represents an adjusted EBITDA margin of 60.7%, up +2.9 points compared to Q4 2023. On a like-for-like basis, adjusted EBITDA for Q4 2024 was up +16.4%, to €251.5 million, and adjusted EBITDA margin was 61.2%, up +3.4 points compared to the same perimeter in Q4 2023.

    • Q4 2024 net income, share of the parent company shareholders

    Depreciation and amortisation accounted for €49.6 million in Q4 2024, +8.7% more than in Q4 2023 due to the impact of migration projects and acquisitions. PPA related to acquired businesses accounted for €20.7 million and is included in depreciation and amortisation.

    Adjusted operating profit was €231.1 million, up +17.7% compared to Q4 2023. On a like-for-like basis, adjusted operating profit was up +17.3% compared to Q4 2023, at €230.1 million.

    €39.3 million of non-underlying expenses, including depreciation and amortisation, were reported in Q4 2024, related to the final steps of the Borsa Italiana Group integration and the PPA of acquired businesses.

    Net financing income for Q4 2024 was €6.5 million, compared to €4.7 million in Q4 2023. This increase results from higher interest income due to higher interest rates and strong cash generation, offsetting the cost of debt.

    Results from equity investments amounted to €10.1 million in Q4 2024, representing the dividend received from Sicovam. As a reminder, in Q4 2023, Euronext reported €17.0 million of results from equity investments due to the capital gain related to the disposal of the stake in Tokeny and the dividend received from Sicovam.

    Income tax for Q4 2024 was €55.5 million. This translated into an effective tax rate of 26.6% for the quarter. (Q4 2023: €40.0 million and 22.6% respectively, reflecting the positive impact of the tax-exempted one-off capital gain from the disposal of the Tokeny stake).

    Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €8.2 million in Q4 2024.

    As a result, the reported net income, share of the parent company shareholders, increased by +10.8% for Q4 2024 compared to Q4 2023, to €144.6 million. This represents a reported EPS of €1.40 basic and €1.39 diluted in Q4 2024, compared to €1.25 basic and €1.24 diluted in Q4 2023. Adjusted net income, share of the parent company shareholders was up +16.3% to €172.3 million. Adjusted EPS (basic) was up +16.9% in Q4 2024, at €1.66 per share, compared to an adjusted EPS (basic) of €1.42 per share in Q4 2023. This increase reflects higher profit and a lower number of outstanding shares over the fourth quarter of 2024 compared to the fourth quarter of 2023.

    The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.

    In Q4 2024, Euronext reported a net cash flow from operating activities of €175.0 million, compared to €194.5 million in Q4 2023, reflecting negative changes in working capital from short-term movement in outstanding power sales customers’ and suppliers’ invoices related to Nord Pool CCP activities and higher income tax. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 64.3% of EBITDA in Q4 2024.

    Q4 2024 business highlights

    in €m, unless stated otherwise Q4 2024 Q4 2023 % change
    Listing revenue 59.4 56.2 +5.8%
    Equity 26.6 26.6 -0.1%
    o/w Annual fees 18.0 17.1 +5.2%
    o/w Follow-ons 4.6 5.8 -19.2%
    o/w IPOs 3.9 3.7 +4.6%
    Debts 9.8 9.1 +7.7%
    ETFs, Funds & Warrants 6.1 5.9 +3.5%
    Corporate Solutions 14.0 12.3 +13.6%
    ELITE and Other 2.9 2.2 +31.9%

    Listing revenue was €59.4 million in Q4 2024, an increase of +5.8% compared to Q4 2023 driven by dynamic listing and follow-on activity and strong performance of corporate solutions, partially offset by the depreciation of the NOK.

    On a like-for-like basis at constant currencies, listing revenue increased by +5.9% compared to Q4 2023.

    Money raised (€m) Q4 2024 Q4 2023 % change
    Equity listings 164 247 -33.7%
    Follow-ons 2,556 6,667 -61.7%
    Bonds 244,356 290,524 -15.9%
    Listed securities Q4 2024 Q4 2023 % change
    New equity listings over the period 16 13 +23.1%
    Number of ETFs listed, end of period 4,018 3,821 +5.2%
    Number of Bonds listed, end of period 55,804 55,098 +1.3%

    Euronext ranked as the leading listing venue in Europe with 30% of European listings. Equity listing revenue was solid at €26.6 million.

    Euronext Corporate Solutions revenue grew +13.6% compared to Q4 2023 to a new record level of €14.0 million, resulting from the strong performance of its SaaS products and events.

    Debt listing activity was strong with revenue at €9.8 million, supported by dynamic bond listing activity and favourable market conditions.

    • Trading
      • Cash trading
      Q4 2024 Q4 2023 % change
    Cash trading revenue (€m) 70.9 64.1 +10.6%
    ADV Cash market11F (€m) 10,545 9,558 +10.3%

    Cash trading revenue increased by +10.6% to €70.9 million in Q4 2024, driven by a more positively geared volume environment.

    Over the fourth quarter of 2024, Euronext cash trading yield was 0.52 bps, reflecting more dynamic volumes and high average order sizes. Euronext market share on cash trading averaged 64.4% in Q4 2024.

    On a like-for-like basis at constant currencies, cash trading revenue was up +10.6%.

    • Derivatives trading
      Q4 2024 Q4 2023 % change
    Derivatives trading revenue (€m) 12.9 12.8 +0.3%
    ADV Derivatives market (in lots) 580,555 598,894 -3.1%
    ADV Equity derivatives (in lots) 463,920 506,716 -8.4%
    ADV Commodity derivatives (in lots) 116,634 92,178 +26.5%

    Derivatives trading revenue increased by +0.3% to €12.9 million in Q4 2024. The strong performance of Euronext commodity derivatives, supported by new product launches, partly offset the continued low volatility environment for equity derivatives. Euronext revenue capture on derivatives trading was €0.35 per lot for the fourth quarter of 2024.

    On a like-for-like basis at constant currencies, derivatives trading revenue was up +0.3% in Q4 2024 compared to Q4 2023.

    • Fixed income trading
      Q4 2024 Q4 2023 % change
    Fixed income trading revenue (€m) 37.8 30.6 +23.7%
    o/w MTS Cash 27.0 19.6 +37.8%
    o/w MTS Repo 6.7 6.3 +5.9%
    ADV MTS Cash (€m) 39,381 27,741 +42.0%
    TAADV MTS Repo (€m) 516,173 469,134 +10.0%
    ADV other fixed income (€m) 1,656 1,504 +10.1%

    Fixed income recorded record revenue at €37.8 million in Q4 2024, up +23.7% compared to Q4 2023, reflecting record quarterly volumes in MTS Cash and Repo driven by an economic environment favouring money markets and supportive volatility, and strong growth in repo and other fixed income trading.

    On a like-for-like basis at constant currencies, fixed income trading revenue was up +23.7% compared to Q4 2023.

    • FX trading
      Q4 2024 Q4 2023 % change
    Spot FX trading revenue (€m) 8.5 6.7 +27.7%
    ADV spot FX Market (in $m) 26,475 23,943 +10.6%

    FX trading revenue was €8.5 million in Q4 2024, up +27.7% compared to Q4 2023 thanks to favourable market volatility and commercial expansion.

    On a like-for-like basis at constant currencies, FX trading revenue was up +26.4% compared to Q4 2023.

    • Power trading
      Q4 2024 Q4 2023 % change
    Power trading revenue (€m) 11.3 10.4 +8.8%
    ADV Day-ahead power market (in TWH) 2.99 3.10 -3.4%
    ADV Intraday power market (in TWH) 0.32 0.25 +27.1%

    Power trading revenue reached €11.3 million in Q4 2024, up +8.8% compared to Q4 2023, reflecting continued strong growth in intraday volumes and lower day-ahead volumes due to milder temperatures.

    On a like-for-like basis at constant currencies, power trading revenue was up +10.1% compared to Q4 2023. This reflects the negative impact from the NOK depreciation on a reported basis.

    • Investor Services

    Investor Services reported €4.2 million revenue in Q4 2024, up +39.8% compared to Q4 2023, resulting from continued commercial expansion and the full-quarter contribution from Substantive Research, acquired as announced in September 2024.

    On a like-for-like basis at constant currencies, Investor Services revenue was up +13.0% compared to Q4 2023.

    • Advanced Data Services

    Advanced Data Services revenue was €61.1 million in Q4 2024, up +8.9% from Q4 2023, driven by a solid performance of the core data business, solid demand for analytic products and diversified datasets and from retail investors. It also reflects the positive contribution of GRSS, acquired as announced in June 2024. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +4.8% compared to Q4 2023.

    • Post Trade
    in €m, unless stated otherwise Q4 2024 Q4 2023 % change
    Post-trade revenue (excl. NTI) 102.8 94.6 +8.6%
    Clearing 32.9 32.3 +1.8%
    o/w Revenue from LCH SA – 17.8  
    o/w Revenue from Euronext Clearing 32.9 14.6 +126.2%
    o/w Derivatives 14.3 1.4 +940.3%
    o/w Equities 6.4 5.2 +21.9%
    o/w Bonds 3.8 3.7 +3.4%
    o/w Other 8.4 4.2 +98.5%
    Net treasury income through CCP business 17.9 11.7 +53.3%
    Custody, Settlement and other Post-Trade activities 69.9 62.3 +12.2%
    Number of transactions and lots cleared Q4 2024 Q4 2023 % change
    Shares (#contracts – single counted) 60,645,852 30,675,375 +97.7%
    Bonds – Wholesale (nominal value in €bn – double counted) 7,580 7,118 +6.5%
    Bonds – Retail (# contracts – double counted) 4,340,444 3,888,898 +11.6%
    Derivatives (# contracts – single counted) 37,154,815 5,691,338 +552.8%

    Clearing revenue was up +1.8% to €32.9 million in Q4 2024, reflecting the increase in equity clearing volumes following the expansion of Euronext Clearing in November 2023, as well as dynamic commodity and retail bond clearing volumes, offset by the low volatility environment for equity derivatives. Euronext has internalised the clearing and net treasury income related to its derivatives flows in September 2024. Euronext therefore no longer receives revenue and net treasury income from LCH SA, previously recorded under non-volume related clearing revenue. Non-volume related clearing revenue, mostly related to membership fees, accounted for €8.4 million of the total clearing revenue in Q4 2024. On a like-for-like basis at constant currencies, clearing revenue was up +1.8% compared to Q4 2023.

    • Net treasury income

    Net treasury income amounted to €17.9 million in Q4 2024. The +53.3% increase compared to Q4 2023 reflects the increased level of cash collateral posted to the CCP following the migration of derivatives clearing for all Euronext markets to Euronext Clearing.

    • Custody, Settlement and other Post-Trade activities
    Euronext Securities activity Q4 2024 Q4 2023 % change
    Number of settlement instructions over the period 34,122,913 30,507,967 +11.8%
    Assets under Custody (in €bn), end of period 7,065 6,663 +6.0%

    Revenue from Custody, Settlement and other Post-Trade activities was €69.9 million in Q4 2024, up +12.2% compared to Q4 2023, reflecting higher assets under custody, a growing number of settlement instructions and continued growth of the services offering, supported by the acquisition of Acupay on 2 October 2024. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +10.1% compared to Q4 2023.

    • Technology Solutions and Other revenue

    Euronext Technologies and Other revenue grew to €28.4 million in Q4 2024, up +3.1% from Q4 2023, supported by Technology Solutions provided through Nord Pool and the launch of Euronext Wireless Network in July 2024, which offset the termination of Borsa Italiana legacy services following the migration of Italian markets to Optiq®. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was up +3.2% compared to Q4 2023.

    Corporate highlights since 1 January 2025

    • Euronext to acquire Nasdaq’s Nordic power futures business

    On 28 January 2025, Euronext and Nasdaq announced the signing of a binding agreement under which Euronext will acquire Nasdaq’s Nordic power futures business, subject to receipt of applicable regulatory approvals.
    The agreement entails the transfer of existing open positions in Nasdaq’s Nordic power derivatives, currently held in Nasdaq Clearing, to Euronext Clearing, with approval of the members. Trading of power futures will be operated from Euronext Amsterdam and will be cleared through Euronext Clearing. Nasdaq Clearing AB, Nasdaq Oslo ASA, and their respective infrastructure are not included in the sale. Nasdaq will continue to operate its European Markets Services business and multi-asset clearing house.
    The anticipated combination of Euronext Nord Pool’s market initiative with Nasdaq’s Nordic power futures business is fully aligned with Euronext’s “Innovate for Growth 2027” strategic priority to expand in power and accelerates the delivery of Euronext’s power futures ambitions. The transaction complies with Euronext’s capital allocation policy and will be fully financed with existing cash.

    • Euronext upgraded to A-, stable outlook, by S&P

    On 3 February 2025, Euronext welcomed the decision of S&P to upgrade Euronext from ‘BBB+, Positive Outlook’ to ‘A-, Stable Outlook’.
    S&P’s decision reflects the completion of the integration of the Borsa Italiana Group, the successful expansion of Euronext Clearing and the continued deleveraging thanks to the Group’s strong cash flow generation. 

    • Ongoing share buyback programme

    On 7 November 2024, Euronext announced a share repurchase programme for a maximum amount of €300 million. This programme is enabled by Euronext’s strong cash generation capabilities and demonstrates Euronext’s rigorous capital allocation strategy. Weekly reporting updates about the share repurchase programme are being published in the Share Buyback Programme section of our website. As of 7 February 2025, a total of 1,821,023 shares had been repurchased, representing 65.3% of the repurchase programme.

    • Fixed income derivatives status update

    Euronext announces the launch of fixed income derivatives on major European government bonds, marking a significant innovation in financial derivatives. This new offering includes the first-ever mini futures to be cash-settled on European government bonds, designed to provide greater accessibility and flexibility for retail investors, asset managers, and private investors. Powered by the Optiq® trading platform and supported by dedicated market makers and Euronext Clearing, these derivatives will be introduced on the Euronext Derivatives Milan market in September 2025.

    • Euronext volumes for January 2025

    In January 2025, the average daily transaction value on the Euronext cash order book stood at €11,538 million, up 23.1% compared to the same period last year. The overall average daily volume on Euronext derivatives stood at 606,267 lots, up +5.1%% compared to January 2024, and the open interest was 23,064,793 contracts at the end of January 2025, up +4.5% compared to January 2024. The average daily volume on Euronext FX’s spot foreign exchange market stood at $27.7 billion, up +11.2% compared to the same period last year.
    MTS Cash average daily volumes were up +57.5% to €50.8 billion in January 2025, MTS Repo term adjusted
    average daily volume stood at €467.6 billion, up +3.5% compared to the same period last year.
    Euronext Clearing cleared 23,472,063 shares in January 2025, +20.9% compared to January 2024. €2,782.6 billion of wholesale bonds were cleared in January 2025 (double counted), up +2.8% compared to the same period in 2024. 1,464,522 bond retail contracts were cleared in January 2025 (double counted), up +11.9% compared to January 2024. The number of derivatives contracts cleared was 13,337,872, +606.4% compared to January 2024 (single counted). This strong increase is due to the fact that the commodity derivatives of Euronext legacy markets have been integrated following the Euronext Clearing expansion that occurred on 15 July 2024, and financial derivatives of Euronext legacy markets have been integrated following the Euronext Clearing expansion that occurred on 9 September 2024. Euronext Securities reported 13,048,702 settlement instructions in January 2025, up +14.9% compared to the same period last year. The total Assets Under Custody reached over €7 trillion in January 2025, up +7.2%.

    • Euronext announces strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering

    On 11 February 2025, Euronext announced a new collaboration with Euroclear to support the development of Euronext Clearing’s collateral management services for repo and other asset classes. This collaboration is a first major step to enable Euronext’s ambition to expand its leading Italian repo clearing franchise to a large range of European government bonds bringing an efficient value offering to European and international clients. This collaboration will pave the way for the rollout of Euronext’s new repo clearing offering in June 2025, enabling the onboarding of clients including international banks, with an updated risk framework. Clients will be able to use Euroclear as a triparty agent for repo clearing.

    Agenda

    A conference call and a webcast will be held on 14 February 2025, at 09:00 CET (Paris time) / 08:00 GMT (London time):

    Conference call:

    To connect to the conference call, please dial:

    UK Number: +44 33 0551 0200 NO Number: +47 2 156 3318
    FR Number: +33 1 70 37 71 66 PT Number: +351 3 0880 2081
    NL Number: +31 20 708 5073 IR Number: +353 1 436 0959
    US Number: +1 786 697 3501 IT Number: +39 06 8336 0400
    BE Number: +32 2 789 8603 DE Number: +49 30 3001 90612

    Password: Euronext

    Live webcast:

    For the live audio webcast go to: Euronext Q4/FY 2024 Results

    The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.

    ANALYSTS & INVESTORS – ir@euronext.com

    Investor Relations Aurélie Cohen  
      Judith Stein +33 6 15 23 91 97

    MEDIA – mediateam@euronext.com 

    Europe Aurélie Cohen  +33 1 70 48 24 45
      Andrea Monzani  +39 02 72 42 62 13 
    Belgium Marianne Aalders  +32 26 20 15 01 
    France, Corporate Flavio Bornancin-Tomasella +33 1 70 48 24 45
    Ireland Andrea Monzani  +39 02 72 42 62 13 
    Italy  Ester Russom  +39 02 72 42 67 56 
    The Netherlands Marianne Aalders +31 20 721 41 33 
    Norway  Cathrine Lorvik Segerlund +47 41 69 59 10 
    Portugal  Sandra Machado +351 91 777 68 97
    Corporate Solutions Coralie Patri  +33 7 88 34 27 44

    About Euronext

    Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway, and Portugal.

    As of December 2024, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway, and Portugal host over 1,800 listed issuers with around €6 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

    For the latest news, go to euronext.com or follow us on X and LinkedIn. 

    Disclaimer

    This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. The figures in this document have not been audited or reviewed by our external auditor. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

    © 2025, Euronext N.V. – All rights reserved. 

    The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

    Appendix

    The figures in this appendix have not been audited or reviewed by our external auditor.

    Non-IFRS financial measures

    For comparative purposes, the company provides unaudited non-IFRS measures including:

    • Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding depreciation and amortisation;
    • EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin.

    Non-IFRS measures are defined as follows:

    • Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses;
    • Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses, excluding non-recurring costs;
    • Underlying revenue and income as the total of revenue and income, excluding non-recurring revenue and income;
    • Non-underlying items as items of revenue, income and expense that are material by their size and/or that are infrequent and unusual by their nature or incidence are not considered to be recurring in the normal course of business and are classified as non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the ongoing sustainable performance of the Group. These items can include:
      • integration or double-run costs of significant projects, restructuring costs and costs related to acquisitions that change the perimeter of the Group;
      • one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments;
      • amortisation and impairment of intangible assets which are recognised as a result of acquisitions and mostly comprising customer relationships, brand names and software that were identified during purchase price allocation (PPA);
      • tax related to non-underlying items.
    • Adjusted operating profit as the operating profit adjusted for any non-underlying revenue and income and non-underlying costs, including PPA of acquired businesses;
    • EBITDA as the operating profit before depreciation and amortisation;
    • Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-underlying operational expenses excluding depreciation and amortisation;
    • EBITDA margin as EBITDA divided by total revenue and income;
    • Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income;
    • Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying items and related tax impact.

    Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.

    Non-volume related revenue definition

    Non-volume related revenue includes Listing excluding IPOs, Advanced Data Services, Custody & Settlement and other Post-Trade, fixed revenue from Clearing activities (including for instance NTI and membership fees), Investor Services, Technology Solutions, Other Income and Transitional Revenue.

    Adjusted EPS definition

      Q4 2024 Q4 2023 FY 2024 FY 2023
    Net income reported 144.6 130.6 585.6 513.6
    EPS reported 1.40 1.25 5.65 4.84
    Adjustments        
    of which Operating expenses excl. D&A (11.2) (15.5) (30.9) (78.3)
    of which Depreciation and amortisation (28.1) (25.6) (105.2) (95.9)
    of which Net financing expense – – – (0.2)
    of which results from equity investments – 11.4 1.2 53.0
    of which Minority interest 1.1 1.1 2.5 4.1
    Tax related to adjustments 10.5 11.1 35.5 46.2
    Adjusted net income 172.3 148.2 682.5 584.7
    Adjusted EPS 1.66 1.42 6.59 5.51

    Consolidated income statement

      Q4 2024 Q4 2023
    in € million, unless stated otherwise Underlying Non-underlying Reported Underlying Non-underlying Reported
    Revenue and income 415.8 – 415.8 374.1 – 374.1
    Listing 59.4 – 59.4 56.2 – 56.2
    Trading revenue, of which 141.4 – 141.4 124.5 – 124.5
    Cash trading 70.9 – 70.9 64.1 – 64.1
    Derivatives trading 12.9 – 12.9 12.8 – 12.8
    Fixed income trading 37.8 – 37.8 30.6 – 30.6
    FX trading 8.5 – 8.5 6.7 – 6.7
    Power trading 11.3 – 11.3 10.4 – 10.4
    Investor services 4.2 – 4.2 3.0 – 3.0
    Advanced data services 61.1 – 61.1 56.1 – 56.1
    Post Trade, of which 102.8 – 102.8 94.6 – 94.6
    Clearing 32.9 – 32.9 32.3 – 32.3
    Custody & Settlement and other 69.9 – 69.9 62.3 – 62.3
    Euronext Technology Solutions & other revenue 28.4 – 28.4 27.6 – 27.6
    Net Financing Income through CCP                                                             business 17.9 – 17.9 11.7 – 11.7
    Other income 0.6 – 0.6 0.5 – 0.5
    Operating expenses excluding D&A (163.2) (11.2) (174.4) (157.8) (15.5) (173.3)
    Salaries and employee benefits (90.0) (5.4) (95.4) (85.6) (7.8) (93.3)
    Other operational expenses, of which (73.2) (5.8) (79.0) (72.2) (7.8) (80.0)
    System & communication (25.7) (0.1) (25.8) (23.1) (2.0) (25.1)
    Professional services (15.5) (4.8) (20.3) (12.8) (4.7) (17.5)
    Clearing expense (0.4) – (0.4) (8.8) – (8.8)
    Accommodation (4.1) (0.1) (4.2) (6.0) (0.2) (6.2)
    Other operational expenses (27.6) (0.8) (28.4) (21.5) (0.9) (22.3)
    EBITDA 252.6 (11.2) 241.4 216.3 (15.5) 200.8
    EBITDA margin 60.7%   58.1% 57.8%   53.7%
    Depreciation & amortisation (21.5) (28.1) (49.6) (20.0) (25.6) (45.6)
    Total expenses (184.7) (39.3) (224.0) (177.8) (41.1) (218.9)
    Operating profit 231.1 (39.3) 191.8 196.3 (41.1) 155.2
    Net financing income / (expense) 6.5 – 6.5 4.7 – 4.7
    Results from equity investment 10.1 – 10.1 5.6 11.4 17.0
    Profit before income tax 247.7 (39.3) 208.4 206.6 (29.7) 176.9
    Income tax expense (66.0) 10.5 (55.5) (51.0) 11.1 (40.0)
    Non-controlling interests (9.3) 1.1 (8.2) (7.4) 1.1 (6.4)
    Net income, share of the parent company shareholders 172.3 (27.7) 144.6 148.2 (17.6) 130.6
    EPS (basic, in €) 1.66   1.40 1.42   1.25
    EPS (diluted, in €) 1.66   1.39 1.41   1.24
      FY 2024 FY 2023
    in € million, unless stated otherwise Underlying Non-underlying Reported Underlying Non-underlying Reported
    Revenue and income 1,626.9 – 1,626.9 1,474.7 – 1,474.7
    Listing 231.9 – 231.9 220.6 – 220.6
    Trading revenue, of which 559.4 – 559.4 490.0 – 490.0
    Cash trading 284.0 – 284.0 265.4 – 265.4
    Derivatives trading 53.1 – 53.1 54.2 – 54.2
    Fixed income trading 145.5 – 145.5 107.4 – 107.4
    FX trading 31.7 – 31.7 25.6 – 25.6
    Power trading 45.1 – 45.1 37.4 – 37.4
    Investor services 14.1 – 14.1 11.4 – 11.4
    Advanced data services 241.7 – 241.7 224.8 – 224.8
    Post Trade, of which 414.7 – 414.7 370.2 – 370.2
    Clearing 144.3 – 144.3 121.3 – 121.3
    Custody & Settlement and other 270.5 – 270.5 248.9 – 248.9
    Euronext Technology Solutions & other revenue 106.2 – 106.2 109.9 – 109.9
    Net Financing Income through CCP business 56.8 – 56.8 46.7 – 46.7
    Other income 2.0 – 2.0 1.4 – 1.4
    Transitional revenues – – – (0.2) – (0.2)
    Operating expenses excluding D&A 620.5 30.9 651.3 (610.0) (78.3) (688.3)
    Salaries and employee benefits (330.2) (11.5) (341.6) (319.5) (12.9) (332.4)
    Other operational expenses, of which (290.3) (19.4) (309.7) (290.6) (65.4) (355.9)
    System & communication (99.2) (3.1) (102.3) (94.9) (7.8) (102.6)
    Professional services (57.7) (12.8) (70.6) (58.3) (18.2) (76.5)
    Clearing expense (23.2) (1.1) (24.3) (34.5) – (34.5)
    Accommodation (16.0) (0.9) (16.9) (17.9) (0.8) (18.7)
    Other operational expenses (94.1) (1.4) (95.5) (85.0) (38.6) (123.6)
    EBITDA 1,006.4 (30.9) 975.6 864.7 (78.3) 786.4
    EBITDA margin 61.9%   60.0% 58.6%   53.3%
    Depreciation & amortisation (83.5) (105.2) (188.7) (74.2) (95.9) (170.1)
    Total expenses (704.0) (136.1) (840.1) (684.3) (174.2) (858.5)
    Operating profit 922.9 (136.1) 786.8 790.4 (174.2) 616.2
    Net financing income / (expense) 17.5 – 17.5 0.1 (0.2) (0.2)
    Results from equity investment 33.5 1.2 34.7 30.0 53.0 83.1
    Profit before income tax 973.9 (134.9) 839.1 820.5 (121.4) 699.1
    Income tax expense (253.8) 35.5 (218.4) (208.9) 46.2 (162.7)
    Non-controlling interests (37.6) 2.5 (35.1) (26.9) 4.1 (22.8)
    Net income, share of the parent company shareholders 682.5 (96.9) 585.6 584.7 (71.1) 513.6
    EPS (basic, in €) 6.59   5.65 5.51   4.84
    EPS (diluted, in €) 6.56   5.63 5.50   4.83

    Consolidated comprehensive income statement

      Q4 2024 Q4 2023
    Profit for the period 152.9 136.9
         
    Other comprehensive income    
    Items that may be reclassified to profit or loss:    
    – Exchange differences on translation of foreign operations 8.7 (2.0)
    – Income tax impact on exchange differences on translation of foreign operations (1.5) 0.5
    – Change in value of debt investments at fair value through other comprehensive income – 0.5
    – Income tax impact on change in value of debt investments at fair value through
    other comprehensive income    		 – (0.2)
         
    Items that will not be reclassified to profit or loss:    
    – Change in value of equity investments at fair value through other comprehensive income 85.0 –
    – Income tax impact on change in value of equity investments at fair value through
    other comprehensive income    		 (0.7) –
    -Remeasurements of post-employment benefit obligations (1.0) (4.2)
    – Income tax impact on remeasurements of post-employment benefit obligations 0.1 0.5
    Other comprehensive income for the period, net of tax 90.6 (4.8)
    Total comprehensive income for the period 243.5 132.1
         
    Comprehensive income attributable to:    
    – Owners of the parent 235.9 125.6
    – Non-controlling interests 7.6 6.5
      FY 2024 FY 2023
    Profit for the period 620.7 536.4
         
    Other comprehensive income    
    Items that may be reclassified to profit or loss:    
    – Exchange differences on translation of foreign operations (27.9) (57.8)
    – Income tax impact on exchange differences on translation of foreign operations 2.0 6.3
    – Change in value of debt investments at fair value through other comprehensive income 0.7 7.1
    – Income tax impact on change in value of debt investments at fair value through
    other comprehensive income    		    
      (0.2) (2.0)
    Items that will not be reclassified to profit or loss:    
    – Change in value of equity investments at fair value through other comprehensive income 91.5 11.9
    – Income tax impact on change in value of equity investments at fair value through
    other comprehensive income    		 (2.1) (3.1)
    – Remeasurements of post-employment benefit obligations 0.6 (1.4)
    – Income tax impact on remeasurements of post-employment benefit obligations (0.1) 0.2
    Other comprehensive income for the period, net of tax 64.6 (38.9)
    Total comprehensive income for the period 685.3 497.5
         
    Comprehensive income attributable to:    
    – Owners of the parent 651.8 475.7
    – Non-controlling interests 33.5 21.8

    Consolidated balance sheet

    in € million 31 December 2024 31 December 2023
    Non-current assets    
    Property, plant and equipment 106.2 114.4
    Right-of-use assets 57.5 55.7
    Goodwill and other intangible assets 6,096.2 6,108.2
    Deferred income tax assets 30.4 31.3
    Investments in associates and joint ventures 0.8 1.3
    Financial assets at fair value through OCI 357.0 262.7
    Other non-current assets 3.5 4.5
    Total non-current assets 6,651.6 6,578.0
         
    Current assets    
    Trade and other receivables 412.9 333.6
    Income tax receivable 11.4 15.512F12
    CCP clearing business assets 200,575.5 183,715.2
    Other current financial assets 63.8 103.1
    Cash & cash equivalents 1,673.5 1,448.8
    Total current assets 202,737.0 105,616.2
         
    Total assets 209,388.6 192,194.2 
         
    Equity    
    Shareholders’ equity 4,245.2 3,945.7
    Non-controlling interests 156.8 139.7
    Total Equity 4,402.0 4,085.3
         
    Non-current liabilities    
    Borrowings 2,537.0 3,031.6
    Lease liabilities 46.2 37.3
    Other non-current financial liabilities 3.5 –
    Deferred income tax liabilities 496.8 531.9
    Post-employment benefits 21.0 22.7
    Contract liabilities 56.4 60.0
    Other provisions 7.2 7.3
    Total Non-current liabilities 3,168.2 3,690.8
         
    Current liabilities    
    Borrowings 516.5 17.3
    Lease liabilities 15.8 22.2
    Derivative financial instruments 0.1 –
    CCP clearing business liabilities 200,644.7 183,832.2
    Income tax payable 91.1 46.1
    Trade and other payables 464.3 415.8
    Contract liabilities 80.1 79.3
    Other provisions 5.9 5.2
    Total Current liabilities 201,818.4 184,418.0
         
    Total equity and liabilities 209,388.6 192,194.2

    The Group adjusted the comparative period figures downwards by €43.1 million for both income tax receivables and income tax payables, to adjust for the netting of taxes in the Italian fiscal sub-group.

    Consolidated statement of cash flows

    in € million FY 2024 FY 2023
    Profit before tax 839.1 699.1
    Adjustments for:    
    – Depreciation and amortisation 188.7 170.1
    – Share based payments 15.6 14.4
    – Results from equity investments (33.3) (23.5)
    – Gain on sale of associate (1.2) (53.0)
    – Share of profit from associates and joint ventures (0.2) (6.5)
    – Changes in working capital (89.5) 155.5
         
    Cash flow from operating activities 919.2 956.1
    Income tax paid (210.6) (130.0)
    Net cash flows from operating activities 708.6 826.1
         
    Cash flow from investing activities    
    Business combinations, net of cash acquired (65.2) –
    Proceeds from sale of subsidiary – (0.2)
    Purchase of financial assets at FVOCI (2.8) (1.3)
    Proceeds from sale of associate 0.9 122.4
    Proceeds from disposal of equity investment at FVOCI – 0.2
    Purchase of current financial assets (27.7) (72.3)
    Redemption of current financial assets 65.9 155.5
    Purchase of property, plant and equipment (18.0) (27.7)
    Purchase of intangible assets (69.3) (75.3)
    Interest received 45.7 25.3
    Dividends received from equity investments 33.3 23.5
    Dividends received from associates 0.1 7.8
    Net cash flow from investing activities (37.1) 157.9
         
    Cash flow from financing activities    
    Interest paid (29.4) (28.7)
    Payment of lease liabilities (20.8) (28.4)
    Transactions in own shares (106.7) (219.1)
    Transactions with non-controlling interests (0.1) (2.5)
    Withholding tax paid at vesting of shares (1.6) (1.0)
    Dividends paid to the company’s shareholders (257.3) (237.2)
    Dividends paid to non-controlling interests (25.8) (5.3)
    Net cash flow from financing activities (441.7) (522.2)
         
    Total cash flow over the period 229.9 461.8
    Cash and cash equivalents – Beginning of period 1,448.8 1,001.1
    Non cash exchange gains/(losses) on cash and cash equivalents (5.2) (14.1)
    Cash and cash equivalents – End of period 1,673.5 1,448.8
    in € million Q4 2024 Q4 2023
    Profit before tax 208.4 176.9
    Adjustments for:    
    – Depreciation and amortisation 49.6 45.6
    – Share based payments 5.2 3.9
    – Results from equity investments (10.0) (5.6)
    – Gain on sale of associate – (11.4)
    – Share of profit from associates and joint ventures (0.1) –
    – Changes in working capital (8.8) 44.1
         
    Cash flow from operating activities 244.3 253.5
    Income tax paid (69.2) (59.1)
    Net cash flows from operating activities 175.0 194.5
         
    Cash flow from investing activities    
    Business combinations, net of cash acquired (18.3) –
    Purchase of financial assets at FVOCI (2.8) –
    Proceeds from sale of associate – 11.4
    Purchase of current financial assets (2.3) (3.7)
    Redemption of current financial assets – 71.4
    Purchase of property, plant and equipment (7.4) (12.0)
    Purchase of intangible assets (23.4) (17.5)
    Interest received 13.7 12.0
    Dividends received from equity investments 10.0 5.6
    Net cash flow from investing activities (30.5)    67.2
         
    Cash flow from financing activities    
    Interest paid (0.5) –
    Payment of lease liabilities (5.9) (7.2)
    Acquisitions of own shares (95.2) (138.0)
    Transactions with non-controlling interests (0.1) (2.5)
    Withholding tax paid at vesting of shares 0.2 –
    Dividends paid to non-controlling interests (3.0) (1.4)
    Net cash flow from financing activities (104.5) (149.0)
         
    Total cash flow over the period 40.0 112.6
    Cash and cash equivalents – Beginning of period 1,630.3 1,336.5
    Non cash exchange gains/(losses) on cash and cash equivalents 3.1 (0.2)
    Cash and cash equivalents – End of period 1,673.5 1,448.8

    Volumes for the fourth quarter and full year of 2024

    • Cash markets
      Q4 2024 Q4 2023 %var
    Number of trading days 64 63  
    Number of transactions (buy and sells, incl. reported trades)
    Total Cash Market 153,172,698 145,907,592 +5.0%
    ADV Cash Market 2,393,323 2,315,994 +3.3%
    Transaction value (€ million, single counted)      
    Total Cash Market 674,892 602,148 +12.1%
    ADV Cash Market 10,545 9,558 +10.3%
           
    Listings      
    Number of Issuers on Equities      
    Euronext 1,812 1,888 -4.0%
    SMEs 1,433 1,493 -4.0%
    Number of Listed Securities      
    Funds 2,319 2,434 -4.7%
    ETFs 4,018 3,821 +5.2%
    Bonds 55,804 55,098 +1.3%
           
    Capital raised on primary and secondary market      
    Total Euronext, (€ million)      
    Number of new equity listings 16 13  
    Money Raised – New equity listings (incl. over-allotment) 163.9 247.2 -33.7%
    Money Raised – Follow-ons on equities 2,556 6,667 -61.7%
    Money Raised – Bonds 244,356 290,524 -15.9%
    Total Money Raised 247,076 297,438 -16.9%
           
    of which SMEs      
    Number of new equity listings 14 12  
    Money Raised – New equity listings (incl. over- allotment) 163.9 247.2 -33.7%
    Money Raised – Follow-ons on equities 1,655 4,474 -63.0%
    Money Raised – Bonds 2,779 1,671 +66.3%
    Total Money Raised 4,598 6,393 -28.1%
      FY 2024 FY 2023 %var
    Number of trading days 256 255  
    Number of transactions (buy and sells, inc. reported trades)
    Total Cash Market 603,696,978 625,895,768 -3.5%
    ADV Cash Market 2,358,191 2,454,493 -3.9%
    Transaction value ( € million, single counted)      
    Total Cash Market 2,663,692 2,563,560 +3.9%
    ADV Cash Market 10,405 10,053 +3.5%
           
    Capital raised on primary and secondary market      
    Total Euronext, in €m      
    Number of new equity listings 53 64  
    Money Raised – New equity listings (incl. over-allotment) 3,839.5 2,480.8 +54.8%
    Money Raised – Follow-ons on equities 15,782 20,177 -21.8%
    Money Raised – Bonds 1,190,154 1,156,035 +3.0%
    Total Money Raised 1,209,776 1,178,693 +2.6%
    of which SMEs      
    Number of new equity listings 47 59  
    Money Raised – New equity listings (incl. over-allotment) 872 1,275 -31.7%
    Money Raised – Follow-ons on equities 9,071 9,176 -1.1%
    Money Raised – Bonds 4,384 3,160 +38.7%
    Total Money Raised 14,326 13,612 +5.2%
    • Fixed income markets
      Q4 2024 Q4 2023 %var
    Transaction value (€ million, single counted)      
    MTS      
    ADV MTS Cash 39,381 27,741 +42.0%
    TAADV MTS Repo 516,173 469,134 +10.0%
    Other fixed income      
    ADV Fixed income 1,656 1,504 +10.1%
      FY 2024 FY 2023 % var
    Transaction value (€ million, single counted)      
    MTS      
    ADV MTS Cash 37,021 23,026 +60.8%
    TAADV MTS Repo 483,247 436,039 +10.8%
    Other fixed income      
    ADV Fixed income 1,612 1,266 +27.4%
    • FX markets
      Q4 2024 Q4 2023 % var
    Number of trading days   64  
    FX volume ($m, single counted)      
    Total Euronext FX 1,720,896 1,532,340 +12.4%
    ADV Euronext FX 26,475 23,943 +10.6%
           
      FY 2024 FY 2023 % var
    Number of trading days   259  
    FX volume ($m, single counted)      
    Total Euronext FX 6,888,292 5,814,512 +18.5%
    ADV Euronext FX 26,493 22,450 +18.0%
    • Power markets
      Q4 2024 Q4 2023 % var
    Number of trading days 92 92  
    Power volume (in TWh)      
    ADV Day-ahead Power Market 2.99 3.10 -3.4%
    ADV Intraday Power Market 0.32 0.25 +27.1%
           
      FY 2024 FY 2023 % var
    Number of trading days         365 365  
    Power volume (in TWh)      
    ADV Day-ahead Power Market 2.74 2.74 +0.3%
    ADV Intraday Power Market 0.31 0.20 +55.0%
    • Derivatives markets
      Q4 2024 Q4 2023 % var
    Number of trading days 64 63  
    Derivatives Volume (in lots)      
    Equity 29,690,908 31,923,088 -7.0%
    Index 11,183,641 13,517,515 -17.3%
    Futures 6,723,915 7,914,354 -15.0%
    Options 4,459,726 5,603,161 -20.4%
    Individual Equity 18,507,267 18,405,573 +0.6%
    Futures 1,485,833 498,969 +197.8%
    Options 17,021,434 17,906,604 -4.9%
           
    Commodity 7,464,607 5,807,238 +28.5%
    Futures 7,133,617 5,478,945 +30.2%
    Options 330,990 328,293 +0.8%
           
    Total Euronext 37,155,515 37,730,326 -1.5%
    Total Futures 15,343,365 13,892,268 +10.4%
    Total Options 21,812,150 23,838,058 -8.5%
           
    Derivatives ADV (in lots)      
    Equity 463,920 506,716 -8.4%
    Index 174,744 214,564 -18.6%
    Futures 105,061 125,625 -16.4%
    Options 69,683 88,939 -21.7%
    Individual Equity 289,176 292,152 -1.0%
    Futures 23,216 7,920 +193.1%
    Options 265,960 284,232 -6.4%
           
    Commodity 116,634 92,178 +26.5%
    Futures 111,463 86,967 +28.2%
    Options 5,172 5,211 -0.8%
           
    Total Euronext 580,555 598,894 -3.1%
    Total Futures 239,740 220,512 +8.9%
    Total Options 340,815 378,382 -5.0%
           
      FY 2024 FY 2023 % var
    Number of trading days 256 255  
    Derivatives Volume (in lots)      
    Equity 128,897,410 134,733,803 -4.3%
    Index 50,472,727 55,863,644 -9.7%
    Futures 28,946,677 34,664,423 -16.5%
    Options 21,526,050 21,199,221 +1.5%
    Individual Equity 78,424,683 78,870,159 -0.6%
    Futures 6,237,384 1,955,140 +219.0%
    Options 72,187,299 76,915,019 -6.1%
           
    Commodity 29,779,883 23,173,370 +28.5%
    Futures 27,953,600 21,113,163 +32.4%
    Options 1,826,283 2,060,207 -11.4%
           
    Total Euronext 158,677,293 157,907,173 +0.5%
    Total Futures 63,137,661 57,732,726 +9.4%
    Total Options 95,539,632 100,174,447 -4.6%
           
    Derivatives ADV (in lots)      
    Equity 503,506 528,368 -4.7%
    Index 197,159 219,073 -10.0%
    Futures 113,073 135,939 -16.8%
    Options 84,086 83,134 +1.1%
    Individual Equity 306,346 309,295 -1.0%
    Futures 24,365 7,667 +217.8%
    Options 281,982 301,628 -6.5%
           
    Commodity 116,328 90,876 +28.0%
    Futures 109,194 82,797 +31.9%
    Options 7,134 8,079 -11.7%
           
    Total Euronext 619,833 619,244 +0.1%
    Total Futures 246,631 226,403 +8.9%
    Total Options 373,202 392,841 -5.0%
           
    • Derivatives open interest
      31 December 2024 31 December 2023 % var
    Open interest (in lots)      
           
    Equity 18,723,119 18,567,344 +0.8%
    Index 869,625 1,000,267 -13.1%
    Futures 410,598 517,679 -20.7%
    Options 459,027 482,588 -4.9%
    Individual Equity 17,853,494 17,567,077 +1.6%
    Futures 251,452 153,607 +63.7%
    Options 17,602,042 17,413,470 +1.1%
           
    Commodity 979,545 876,380 +11.8%
    Futures 787,929 656,667 +20.0%
    Options 191,616 219,713 -12.8%
           
    Total Euronext 19,702,664 19,443,724 +1.3%
    Total Futures 1,449,979 1,327,953 +9.2%
    Total Options 18,252,685 18,115,771 +0.8%

    1 Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
    2 Norwegian Krone
    3 Full year 2024 reported and adjusted EBITDA
    4 Like-for-like basis at constant currency
    5 The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.
    6 Euronext is currently performing a €300 million share repurchase programme. The repurchased shares will be cancelled, subject to shareholders’ approval at the upcoming annual general meeting on 15 May 2025. The repurchased shares will be excluded from the payment of the dividend.
    7 Subject to receipt of applicable regulatory approvals
    8 For the total adjustments performed please refer to the Appendix of this press release.
    9 According to data from Dealogic
    10 Euronext Clearing was expanded to Euronext legacy markets commodity derivatives on 15 July 2024 and Euronext legacy markets financial derivatives on 9 September 2024.
    11 For the total adjustments performed please refer to the Appendix of this press release.
    12 Income tax receivables and payables were restated by -€43.1m for Italian tax netting

    Attachment

    The MIL Network –

  • MIL-OSI: Gamco Global Gold, Natural Resources & Income Trust Declares Monthly Distributions of $0.03 per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of GAMCO Global Gold, Natural Resources & Income Trust (NYSE American:GGN) (the “Fund”) approved the continuation of its policy of paying monthly cash distributions. The Board of Trustees declared cash distributions of $0.03 per share for each of April, May, and June 2025. Based on current dynamics, the Fund may make distributions in excess of the Fund’s earnings. It is currently expected that distributions to common shareholders in 2025 will primarily constitute a return of capital for tax purposes.

    Distribution Month Record Date Payable Date Distribution Per Share
    April April 15, 2025 April 23, 2025 $ 0.03
    May May 15, 2025 May 22, 2025 $ 0.03
    June June 13, 2025 June 23, 2025 $ 0.03

    Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    Because the Fund’s current monthly distributions are subject to modification by the Board of Trustees at any time and the Fund’s income will fluctuate, there can be no assurance that the Fund will pay distributions at a particular rate or frequency. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution.

    Short-term capital gains, qualified dividend income, ordinary income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. There are no capital loss carryforwards for book purposes. Therefore the Fund, on a book basis, may be distributing short term gains generated from option premiums that will not be taxable in 2025 because of the capital loss carryforwards available on a tax basis. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the monthly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    Molly Marion
    (914) 921-5681

    The Fund’s NAV per share will fluctuate with changes in the market value of the Fund’s portfolio securities. Stocks are subject to market, economic, and business risks that cause their prices to fluctuate. Investors acquire shares of the Fund on a securities exchange at market value, which fluctuates according to the dynamics of supply and demand. When Fund shares are sold, they may be worth more or less than their original cost. Consequently, you can lose money by investing in the Fund.

    Covered Call and Other Option Transaction Risks. There are several risks associated with writing covered calls and entering into other types of option transactions. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, resulting in a given transaction not achieving its objectives. In addition, a decision as to whether, when, and how to use covered call options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful because of market behavior or unexpected events. As the writer of a covered call option, the Fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the exercise price of the call option, but has retained the risk of loss should the price of the underlying security decline.

    About The GAMCO Global Gold, Natural Resources & Income Trust
    The GAMCO Global Gold, Natural Resources & Income Trust is a non-diversified, closed-end management investment company with $735 million in total net assets whose primary investment objective is to provide a high level of current income. The Fund invests primarily in equity securities of gold and natural resources companies and intends to earn income primarily through a strategy of writing (selling) primarily covered call options on equity securities in its portfolio. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE American – GGN
    CUSIP – 36465A109

    The MIL Network –

  • MIL-OSI: GAMCO Natural Resources, Gold & Income Trust Declares Monthly Distributions of $0.04 per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of GAMCO Natural Resources, Gold & Income Trust (NYSE:GNT) (the “Fund”) approved the continuation of its policy of paying monthly cash distributions. The Board of Trustees declared cash distributions of $0.04 per share for each of April, May, and June 2025. Based on current dynamics, the Fund may make distributions in excess of the Fund’s earnings. It is currently expected that distributions to common shareholders in 2025 will primarily constitute a return of capital for tax purposes.

    The Board of Trustees increased the annual distribution 33% to $0.48 per share, which will be paid $0.04 per share monthly, commencing with the October 2024 monthly distribution.

    Distribution Month Record Date Payable Date Distribution Per Share
    April April 15, 2025 April 23, 2025 $0.04
    May May 15, 2025 May 22, 2025 $0.04
    June June 13, 2025 June 23, 2025 $0.04

    Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    Because the Fund’s current monthly distributions are subject to modification by the Board of Trustees at any time and the Fund’s income will fluctuate, there can be no assurance that the Fund will pay distributions at a particular rate or frequency. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution.

    Short-term capital gains, qualified dividend income, ordinary income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. There are no capital loss carryforwards for book purposes. Therefore the Fund, on a book basis, may be distributing short term gains generated from option premiums that will not be taxable in 2025 because of the capital loss carryforwards available on a tax basis. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the monthly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    David Schachter
    (914) 921-5057

    The Fund’s NAV per share will fluctuate with changes in the market value of the Fund’s portfolio securities. Stocks are subject to market, economic, and business risks that cause their prices to fluctuate. Investors acquire shares of the Fund on a securities exchange at market value, which fluctuates according to the dynamics of supply and demand. When Fund shares are sold, they may be worth more or less than their original cost. Consequently, you can lose money by investing in the Fund.

    Covered Call and Other Option Transaction Risks. There are several risks associated with writing covered calls and entering into other types of option transactions. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, resulting in a given transaction not achieving its objectives. In addition, a decision as to whether, when, and how to use covered call options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful because of market behavior or unexpected events. As the writer of a covered call option, the Fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the exercise price of the call option, but has retained the risk of loss should the price of the underlying security decline.

    About The GAMCO Natural Resources, Gold & Income Trust
    The GAMCO Natural Resources, Gold & Income Trust is a diversified, closed-end management investment company with $142 million in total net assets whose primary investment objective is to provide a high level of current income. The Fund invests primarily in equity securities of gold and natural resources companies and intends to earn income primarily through a strategy of writing (selling) primarily covered call options on equity securities in its portfolio. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE – GNT
    CUSIP – 36465E101

    Investor Relations Contact:
    David Schachter
    (914) 921-5057
    dschachter@gabelli.com

    The MIL Network –

  • MIL-OSI USA: Sen. Scott Leads Effort to Ease Burdens on Small Businesses

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott
    WASHINGTON — U.S. Senator Tim Scott (R-S.C.), chairman of the Senate Banking, Housing and Urban Affairs Committee, introduced commonsense legislation to ease burdens and shield small businesses from excessive legal red tape. The Protect Small Businesses from Excessive Paperwork Act of 2025 would extend the filing deadline for businesses to report beneficial ownership information (BOI) until January 1, 2026, giving the U.S. Department of Treasury more time to educate business owners on the new reporting requirements, assess Biden administration BOI decisions, and ensure small businesses are not overburdened – and potentially held liable – with unclear and unnecessarily complicated regulations.
    Senate Banking Committee members, including Senators Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), Katie Boyd Britt (R-Ala.), Pete Ricketts (R-Neb.), Jim Banks (R-Ind.), and Kevin Cramer (R-N.D.), joined Senator Scott on the legislation. Senators Jerry Moran (R-Kan.) and James Lankford (R-Okla.) also signed onto the bill.
    “Small businesses are the backbone of our economy, and we need to ensure they have the necessary time and information to comply with reporting requirements from the federal government. This commonsense bill will ensure small businesses are protected and not overly burdened by unclear and unnecessarily complicated regulations – allowing them to focus on serving their customers while following the law,” said Senator Scott.
    “The beneficial ownership reporting requirements of the Corporate Transparency Act (CTA) are excessive and overly burdensome, particularly for small businesses,” said Senator Tillis. “This commonsense legislation delays these unreasonable standards until January 1, 2026 for small business owners, providing further time for the courts to continue their examination of the constitutionality of the CTA.”
    “Wyoming’s small businesses are the cornerstone of our state’s economy, yet Biden-era red tape continues to threaten Main Street,” said Senator Lummis. “It’s time for us to dethrone Biden’s unelected bureaucrats and cut red tape to create an environment where small businesses thrive, not drown in a sea of regulations.”
    “Alabama’s small businesses do more than just keep our state running — they employ our friends and neighbors, provide invaluable goods and services, and make our communities and state so special,” said Senator Britt. “This commonsense legislation would pare back unnecessary and costly regulations while providing needed clarity and reprieve to job creators across Alabama and the nation.”
    “Small businesses create jobs and power our economy,” said Senator Ricketts. “They deserve fair and clear rules, not burdensome and costly regulations. This bill cuts red tape and ensures our job creators can focus on growing their businesses, not navigating bureaucratic hurdles.”
    “Small businesses are the backbone of our rural communities, and with limited staff and resources, the current reporting requirements place an unnecessary burden on our businesses,” said Senator Moran. “Extending the filing deadline allows small businesses the additional time they need to comply with updated guidelines and avoid harmful penalties.”
    Representative Zach Nunn (R-Iowa) led companion legislation in the House, which passed on Monday by a vote of 408-0.
    “Iowa’s economy is driven by small businesses – more than half of Iowans are employed by Main Street,” said Representative Nunn. “D.C. bureaucrats insist businesses comply with onerous red tape without considering the burden it puts on business operations. That has to change. Thank you, Chairman Scott, for joining me in this fight to roll back unnecessary regulations and simplify requirements for job creators while still adhering to the law.” 
    BACKGROUND: The Corporate Transparency Act was signed into law as part of the FY21 National Defense Authorization Act and established new reporting requirements around beneficial ownership for businesses.
    During implementation of the rule, the U.S. Department of Treasury Financial Crimes Enforcement Network (FinCEN) failed to notify small businesses of the new reporting requirements. According to a survey by the National Federation of Independent Businesses (NFIB), 80% of NFIB members have never heard of the new reporting requirements. Complicating matters further, according to the National Small Business Association (NSBA), the average small business owner will spend nearly $8,000 to comply with these new reporting requirements in the first year alone. 
    On January 23, 2025, the U.S. Supreme Court declined to block the enforcement of these filing requirements. Now, small businesses across the country are expected to comply immediately or face harsh penalties. The Protect Small Businesses from Excessive Paperwork Act of 2025 would extend the filing deadline until January 1, 2026.

    MIL OSI USA News –

  • MIL-OSI USA: Luján Statement on Confirmation of RFK Jr. as Nation’s Top Health Official 

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)
    RFK Jr. Has Troubling History of Pushing and Profiting Off of Misinformation and Conspiracy Theories
    Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Committee on Finance, issued the following statement after Senate Republicans voted to confirm Robert F. Kennedy Jr. as Secretary of Health and Human Services:
    “At a time when the Trump administration is taking a sledgehammer to public health, New Mexicans deserve a chief health official who will put the health and well-being of all Americans over the Administration’s reckless and dangerous political agenda. In just a few weeks, we have seen President Trump cut spending for lifesaving medical research, lock critical Medicaid payment portals, and play politics with American lives. Mr. Kennedy’s long and troubling track record of peddling misinformation and conspiracy theories will not help make America healthier. Instead, it will only add fuel to the fire created by President Trump.
    “Throughout Mr. Kennedy’s nomination process, he made it abundantly clear that he will put his loyalty to President Trump over protecting health care for American families. During his nomination hearing, I pressed Mr. Kennedy on his commitment to defend health care programs from cuts pushed by President Trump. Not only did he demonstrate significant confusion regarding Medicaid, but he also refused to protect it from cuts. Mr. Kennedy will not work to serve the American people and protect public health; he will be a rubber stamp for President Trump’s chaos, confusion, and cruelty.
    “Mr. Kennedy has shown he is willing to play politics with people’s lives to serve President Trump’s political agenda. His troubling history and lack of understanding of his role will undermine our public health and put the American people at risk of a public health crisis. I will fight to ensure New Mexicans have access to quality, affordable health care, and I am committed to holding Mr. Kennedy and the Trump administration accountable for threatening the health of Americans.”

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Landmark Wolverhampton building to be converted for new social housing

    Source: City of Wolverhampton

    The location is the historic former SJ Dixon & Son premises on Cleveland Road, Wolverhampton where the final phase of the Royal Quarter development is set to begin. The project, which will involve the conversion of the Victorian building, has received funding from the WM Mayor and will deliver 93 new social homes.

    Richard Parker, Mayor of the West Midlands, today (Thursday 13 February) announced another investment to build more social homes as part of his plans to help address the region’s housing crisis.

    The Mayor was at the historic former SJ Dixon & Son premises on Cleveland Road, Wolverhampton where the final phase of the Royal Quarter development is set to begin. The project, which will involve the conversion of the Victorian building, has received funding from the Mayor and will deliver 93 new social homes.

    It is the third social housing scheme the Mayor has invested in since Christmas as his mission to build thousands of new social homes across the region gains momentum.

    This third and final phase of the Royal Quarter development is being built by Morro Partnerships. It will see Dixon House, built in 1885 and once home to paint firm S.J. Dixon & Son’s, converted into 30 specialist social rented flats for the YMCA Black Country Group.

    A further 63 social rent homes are also being built by Morro Partnerships for whg right next to the Dixon House flats.

    With over 6,800 households and 13,500 children currently living in temporary accommodation, the development is the latest step towards addressing the housing shortage in the West Midlands.

    To help tackle the issue, the Mayor has committed to work with partners including local councils, Homes England, housing associations and developers to deliver 20,000 new social homes over the next decade.

    Richard Parker, Mayor of the West Midlands, said: “Too many people in the West Midlands don’t have a safe, affordable place to call home. They deserve better, and that’s why I’m committed to building thousands of new social and affordable homes.

    “This is the third social housing scheme I’ve backed since December, delivering 485 new social and affordable homes, including 337 homes for social rent, for those communities that need them most.

    “I’m making sure we build at the scale needed to tackle the housing crisis, working with Homes England and local partners to deliver the biggest social housing programme this region has seen in decades – changing thousands of lives for the better.”

    Key project partners joining the Mayor on the visit included representatives from Morro Partnerships, Homes England, YMCA Black Country Group, whg, and the City of Wolverhampton Council.

    They met residents who have benefited from the housing initiative at the nearby YMCA City Gateway site (completed in Phase 1), such as Clotilda Tiguera, an inspiring example of the impact of YMCA’s housing pathway.

    Highlighting the profound social impact of the project, Clotilda, a Y-Living resident, exemplifies the importance of investing in social housing.  

    After experiencing homelessness, she progressed through YMCA’s housing pathway and has just finished training as a nurse at New Cross Hospital and is entering further medical training.

    Clotilda has also joined the Board of Trustees for YMCA Black Country Group, underscoring the transformative power of stable and supportive housing.

    Clotilda said: “Having a home with YMCA has been life changing. It gave me the stability to complete my nursing training and build my future after a difficult time during my teenage years.

    “Y-Living provided a trusted, supportive environment where I could focus on my studies, connect with others whilst feeling secure. Housing like this is more important than ever for young people.

    “I’m excited about YMCA’s new Dixon’s House development, which will give even more young people the chance to have a safe place to call home and take their next steps with confidence.”

    This phase is being supported by a combined multi million pound investment by Homes England, West Midlands Combined Authority (WMCA), which is chaired by the Mayor, whg and YMCA Black Country marking a collaborative effort to regenerate underutilized land into a vibrant residential community.  

    City of Wolverhampton Council Leader, Councillor Stephen Simkins, said: “Strong collaborative working has seen a major transformation of the Royal Quarter, and we are delighted to be supporting partners to bring forward the development of this final phase.

    “It brings back into use a historic derelict building and will provide vital social and affordable housing for our residents in line with our city housing strategy to help local people secure good homes in well connected neighbourhoods.”

    Matt Moore, CEO of Morro Partnerships, praising the collaborative effort that made the project possible, said: “This development exemplifies what we can achieve when partners come together with a shared vision.

    “WMCA, Homes England, whg, YMCA Black Country and Wolverhampton Council have all played vital roles in creating homes that not only meet housing needs but also build sustainable communities.

    “Together, we’re delivering more than housing, we’re delivering hope and opportunity.”

    For more information on Morro Partnerships, please visit Morro Partnerships or follow on LinkedIn.

    To learn more about YMCA Black Country Group, please visit YMCA Black Country Group.

    Visit whg, for more information on whg. 

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: Islamic Development Bank, WFP launch ‘nutritious start’ financing initiative to boost funding for child nutrition and school meals

    Source: World Food Programme

    ROME – The Islamic Development Bank (IsDB) and the UN World Food Programme (WFP) today launched an innovative financing initiative to boost funds available for governments to combat child malnutrition and expand school meals programmes.

    The ‘Nutritious Start’: Human Capital Development Initiative (HCDI) will see IsDB provide governments with financing worth up to US$3 for every $1 secured in grants for nutrition and school meals programmes in least-developed and lower-middle-income countries belonging to the Organization of Islamic Cooperation (OIC).

    The agreement was signed by WFP Executive Director Cindy McCain and IsDB President H.E. Dr. Muhammad Al Jasser at WFP headquarters in Rome on 12 February 2025.

    “Ensuring vulnerable people are well-nourished, healthy, and educated is fundamental for long-term economic growth,” said WFP Executive Director Cindy McCain. “Across the world, school meals and nutrition programs are the essential building blocks of a future free from hunger and poverty. WFP is proud to partner with IsDB on this innovative financing initiative. Together, we will mobilize critical resources to transform the lives of the most vulnerable people.”

    HCDI addresses the first 8,000 days of a child’s life through adolescence (up to 21 years of age). This starts with the first 1,000 days – a crucial window for cognitive and physical growth. Every US$1 invested in addressing early childhood undernutrition can yield up to US$23 in economic returns, while school feeding programmes generate between US$7 and US$35 per dollar invested.

    “Investing in human capital is fundamental to breaking the cycle of poverty and achieving sustainable development,” said H.E. Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group. “The ‘Nutritious Start’ initiative is not just about combating malnutrition—it is about equipping future generations with the foundation to thrive. By strategically blending our financing with targeted grant funding, we are amplifying impact and ensuring that every dollar drives meaningful progress toward national development goals.”

    This collaboration builds on the extension of the Memorandum of Understanding (MoU) between IsDB and WFP reinforcing their shared commitment to addressing food insecurity and malnutrition. The IsDB and WFP are also partners in the Scaling Up Nutrition (SUN) Movement and the School Meals Coalition, two country-driven initiatives focusing on combating child malnutrition.

    Notes to Editor

    • Least-developed and lower-middle-income Organization of Islamic Cooperation (OIC) member countries: Afghanistan, Albania, Algeria, Azerbaijan, Bahrain, Bangladesh, Benin, Brunei, Burkina Faso, Cameroon, Chad, Comoros, Côte d’Ivoire, Djibouti, Egypt, Gabon, Gambia, Guinea, Guinea-Bissau, Guyana, Indonesia, Iran, Iraq, Jordan, Kazakhstan, Kuwait, Kyrgyzstan, Lebanon, Libya, Malaysia, Maldives, Mali, Mauritania, Morocco, Mozambique, Niger, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Senegal, Sierra Leone, Somalia, Sudan, Suriname, Syria, Tajikistan, Togo, Tunisia, Turkey, Turkmenistan, Uganda, United Arab Emirates, Uzbekistan, Yemen

    • The Scaling Up Nutrition (SUN) Movement is an initiative led by 66 countries and 4 Indian States – collectively known as the SUN Countries and includes thousands of stakeholders from across society – all united in their mission to end all forms of malnutrition by 2030. 

    • The School Meals Coalition, hosted by the World Food Programme (WFP) as Secretariat, is led by over 100 governments and supported by more than 140 partners, working together to urgently scale and strengthen school meals programmes worldwide to ensure every child receives a healthy, nutritious meal at school by 2030.
    • High resolution photos are available here.

    #                 #                   #

    The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

    Follow us on Twitter @wfp_media 

    About the Islamic Development Bank (IsDB)

    Rated AAA by the major rating agencies of the world, the Islamic Development Bank is the pioneering multilateral development bank (MDB) of the Global South that has been working for over 50 years to improve the lives of the people and communities it serves by delivering impact at scale. The Bank brings together 57 Member Countries across four continents, touching the lives of nearly 1 in 4 of the world population. It is committed to addressing development challenges and promoting collaboration to help

    achieve the United Nations Sustainable Development Goals (SDGs) by equipping people to drive their own green economic and sustainable social progress, putting planet-friendly infrastructure in place and enabling them to fulfil their potential. Headquartered in Jeddah, Kingdom of Saudi Arabia, IsDB has 10 regional hubs and a center of excellence.  Over the years, the Bank has evolved from a single entity into a group comprising: the Islamic Development Bank (IsDB), the Islamic Development Bank Institute (IsDBI); the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC); the Islamic Corporation for the Development of the Private Sector (ICD); the International Islamic Trade Finance Corporation (ITFC); and the Islamic Solidarity Fund for Development (ISFD).

    For more information, please visit ( www.isdb.org). Find updates on LinkedIn: https://www.linkedin.com/company/islamic-development-bank/

    Visit us on X: @isdb_group Engage with us on Facebook: https://www.facebook.com/isdbgroup

    MIL OSI United Nations News –

  • MIL-OSI Security: Businessman sentenced to over nine years in prison for $1.5M fraud on employees, investors, and the Virginia Department of Agriculture and Consumer Services

    Source: Office of United States Attorneys

    NEWPORT NEWS, Va. – A Suffolk man was sentenced yesterday to nine years and two months in prison for defrauding investors and employees of his business out of hundreds of thousands of dollars. While on pretrial release and after his bond was revoked, he additionally attempted to defraud the Virginia Department of Agriculture and Consumer Services out of $1.1 million.

    According to court documents, in November 2017, Breon Clemons, 36, worked at a car dealership with P.C., whom he told about his plans to form an organic produce company. Clemons later formed GoGreen Farms and Greenhouses, Inc., GoGreen Farms, Inc., and GoGreen Farms, LLC, (collectively GoGreen Farms), and offered employment to P.C. In February 2020, P.C. began working at GoGreen Farms and Clemons, as the owner of GoGreen Farms, had access to P.C.’s personally identifying information.

    Also in 2020, Clemons invited his neighbor, C.F., to invest in GoGreen Farms. After C.F. invested $10,000, Clemons asked C.F. if she would like to be an unpaid officer or director of the business, and C.F. agreed. Clemons told C.F. that he needed a copy of her driver’s license for the articles of incorporation, and C.F. provided it. In November 2021, Clemons told C.F. that the company needed a revolving line of credit and asked if she would be a co-applicant. During discussions about the line of credit, Clemons asked C.F. for her Social Security number, and she provided it to him. Clemons later told C.F. that she would not need to co-sign for a line of credit because, he claimed, he would receive a loan from a professional basketball player.

    In March 2022, C.F. received a call from Capital One regarding late payments. Upon further inquiry, C.F. discovered that the card in question was a joint account with GoGreen Farms. C.F. conferred with an acquaintance at GoGreen Farms, who indicated that GoGreen Farms also utilized an American Express card and a line of credit with lender TVT Capital that were in C.F.’s name.

    The loan application submitted to TVT Capital falsely showed Clemons and C.F. as each owning 50% of GoGreen Farms, and a Virginia State Corporation Commission document was provided to TVT Capital as part of the loan application. The document, titled “Certificate of Entity Conversion,” contained a signature page dated July 6, 2021, with C.F. and Clemons’ purported signatures, when C.F. had not signed the document

    The TVT Capital loan amount was $100,000, with interest of $46,000, resulting in a total repayment amount of $146,000. When C.F. confronted Clemons, he denied taking out lines of credit in her name.  He also removed Capital One and American Express cards from his pocket and gave them to C.F. The balance on each card was over $100,000.

    P.C. later discovered that in November 2021, Clemons took out a $25,000 line of credit with Bluevine Inc. using P.C.’s personal information and without P.C.’s consent. Clemons further forged P.C.’s signature on a financing and security agreement, and guaranty agreement. Bluevine Inc. advanced approximately $30,390 to Clemons on the line of credit.

    While on pretrial release, Clemons continued committing fraud. He defrauded two individual investors, H.H. and J.B., taking $5,000 from each victim by promising to pay inordinate returns in one week. Clemons also applied for a $1.1 million Resilient Food Systems Infrastructure (RFSI) grant from the Virginia Department of Agriculture and Consumer Services. Clemons submitted a grant application with false representations from prison with the assistance of a family member.

    The total loss from Clemons’ fraud was approximately $1.5 million. The total amount of laundered funds was $218,442. Neither P.C. nor C.F. consented to or authorized the use of their personal identifying information being used for these credit cards and lines or credit.

    Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia, and Kareem A. Carter, IRS Criminal Investigation Special Agent in Charge of the Washington D.C. Field Office, made the announcement after sentencing by U.S. District Judge Arenda Wright Allen.

    Assistant U.S. Attorneys Mack Coleman and Brian J. Samuels prosecuted the case.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 4:24-cr-2.

    MIL Security OSI –

  • MIL-OSI USA: Welch Opposes RFK Jr. For Secretary of Health: “It’s hard, in many ways, to see how we could do worse.”   

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, spoke on the Senate Floor late last night to reiterate his opposition to Robert F. Kennedy Jr., President Trump’s pick to serve as the next Secretary of the U.S. Department of Health and Human Services (HHS). Senator Welch detailed his concerns about Kennedy’s character, competence, and priorities. The Senator has previously expressed reservations about Kennedy’s nomination in the Senate Finance Committee. 
    “The bottom line here for me, on the question of any nominee, is character, competence, and priorities. And on all three of these, I come up short with respect to Mr. Kennedy. Aside from the fact that we could better, it’s hard, in many ways, to see how we could do worse. So, I would urge all of my colleagues to consider the consequences of their vote. A vote that would put a person of questionable character, a person of questionable competence, and a person of—in my view—bad priorities at the head of our health care system,” said Senator Welch. 
    Watch Senator Welch’s speech below: 
    Senator Welch’s Committee and Subcommittee Assignments for the 119th Congress include:  
    Senate Committee on Finance  
    Senate Committee on Agriculture, Nutrition, & Forestry 
    Ranking Member, Subcommittee on Rural Development, Energy, and Credit  
    Senate Committee on the Judiciary 
    Ranking Member, Subcommittee on the Constitution  
    Senate Committee on Rules & Administration 

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Nick Park CBE returns to Preston to open Animate

    Source: City of Preston

    Award-winning film director Nick Park CBE returns to Preston to open Animate – Preston’s New Entertainment and Leisure Destination in February Half Term.

    The Honorary Freeman of Preston Nick Park CBE, multi award-winning filmmaker and Preston-born creator of the animated, loveable heroes Wallace and Gromit, will be visiting his hometown to officially open the city’s £45m+ Animate entertainment and leisure destination.

    After 13 months of construction work that started in January 2023, the city’s new £45+m entertainment and leisure destination will officially open on Thursday 20 February with an official ceremony at 3pm.

    Nick will join The Mayor of Preston, Councillor Phil Crowe and other special guests to unveil a new piece of artwork for the city centre.

    Nick was previously guest of honour in the city in September 2021 when he unveiled the city’s iconic Wallace and Gromit bench at Preston Markets.

    To help us celebrate the opening of Animate and following on from the internationally-acclaimed and hugely popular family favourite, the latest Wallace and Gromit film – Vengeance Most Fowl, from 1pm Wallace and Gromit characters will also be making a special guest appearances at Animate and Preston Markets to meet and greet their fans of all ages!

    The film, which premiered on BBC One on Christmas Day, has been nominated for three Baftas and an Academy Award at this year’s prestigious international film festivals, and we wish the team at Aardman Studios the very best of luck on behalf of the people of Preston!

    The Preston Concert Band will be playing some family favourite theme tunes at the covered market from 4pm to 6pm and The Arc Cinema will be handing out delicious popcorn and other goodies to spectators and passers-by.

    Two of the new leading family restaurant brands, Argento Lounge and Taco Bell will also be open serving tasty food and drinks throughout the day. The Arc Cinema will open its doors to the public on Friday 21 February showing brand new blockbuster movies.

    The rest of the signed tenants to the scheme will phase their openings over the coming weeks:

    • Hollywood Bowl – early March
    • Ask Italian – early April
    • Mad Giant Food Hall, Northern Lights Group – late April
    • Cosmo All You Can Eat World Buffet – coming soon!

    Councillor Martyn Rawlinson, Deputy Leader and Cabinet Member for Resources at Preston City Council said:

    We thrilled to welcome Nick Park CBE and special guests help us celebrate the opening of Animate in partnership with the launch of The Arc Cinema. The transformation on the site of the former indoor Preston Market has been a long time in the planning, and seven years almost to the day when the old indoor market shut its doors for the very last time.

    “As we celebrate and welcome special guests and our new tenants to Animate, we’d like to say a big thank you to everyone who has been involved in this project over the years, and through their hard work and dedication have made the ideas into a reality that both residents and visitors to Preston can all now enjoy.

    Maple Grove Developments (MGD), part of Preston-based contractor Eric Wright Group, delivered the scheme on behalf of Preston City Council.

    The entertainment and leisure scheme supports the Council’s commitment to Community Wealth Building, a fair, inclusive, and ethical approach to fostering sustainable economic development and prosperity for all in Preston. Measures include using locally based businesses, creating approx.

    300 full and part-time jobs once fully open, and has supported 105 apprenticeship weeks worked throughout the build of the development.

    The Council-owned scheme is in part funded by UK Government.

    Visit the Animate website for more information

    Additional Information

    Projects included in Preston’s £200 million Harris Quarter Towns Fund Investment Programme are:

    • Animate – £45m multi-use entertainment and leisure complex anchored by a state-of-the-art cinema and bowling venue next to Preston Markets
    • Educate Preston: The creation of a new Careers and Employment, Information, Advice and Guidance Hub in the Harris Quarter.
    • Renewal of Harris Quarter Assets: Investment to support the redevelopment of publicly-owned buildings in the Harris Quarter to support new cultural and community uses, including Amounderness House.
    • Illuminate and Integrate: A project to deliver improved pedestrian and cycleway infrastructure, street lighting and other public realm improvements within the Harris Quarter.
    • Preston Youth Zone:The development of Preston Youth Zone as a state-of-the-art facility for young people in Preston aged eight to 19.
    • #HarrisYourPlace:The refurbishment of the Grade I listed Harris Museum, Art Gallery & Library, enhancing and protecting the building for future generations.
    • Preston Pop Ups: £1m pop-up programme of events bringing together new temporary event space, artworks and improvements to public realm infrastructure, aimed at boosting visitor activity in the Harris Quarter.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Rouge Bouillon closure – progress update13 February 2025 There are no further updates at this time. We’re making steady progress according to our four-step plan and here’s what’s happening: First, we’re installing a steel strapping system to keep the building… Read more

    Source: Channel Islands – Jersey

    13 February 2025

    There are no further updates at this time. We’re making steady progress according to our four-step plan and here’s what’s happening: 

    • First, we’re installing a steel strapping system to keep the building stable
    • then, a Geotechnical Engineer will check the soil conditions under the foundations 
    • after that, we’ll move on to demolishing external structures, including boundary walls 
    • and finally, we’ll keep reviewing timelines, but right now, we’re aiming to reopen after Easter. 

    Timeline update: 28 Clarendon Road 

    The owner of 28 Clarendon Road has been working with an engineering team and a Geotechnical Engineer, to take action to ensure the building is made safe and restored efficiently. 

    This highlights the complexity of the response needed to carry out the repairs, as investigations continue into the stability of the building, affected by a burst water main. 

    We want to thank the owner for working with all parties to come to the fastest possible resolution. 

    Next steps

    • Step 1: Manufacture and install steel strapping system to stabilise the building 
    • Step 2: Geotechnical Engineer to then assess soil conditions beneath the foundations 
    • Step 3: The wider team can then proceed with necessary demolition of external structures, including boundary walls affecting neighbouring properties 
    • Step 4: We continue to monitor progress and review timelines for the safe reopening of Rouge Bouillon, currently expected after the Easter holidays. 

    The project remains under constant review to ensure the best and safest outcome. 

    Rouge Bouillon continues to remain closed between Clarendon Road and Palmyra Road as investigations continue into the stability of an adjacent building wall, affected by a burst water main. 

    The Government of Jersey is monitoring and facilitating ongoing meetings held with all relevant stakeholders to ensure public safety. These include Highways, Network Management, Drainage, Building Control, Jersey Water, CYPES and other key parties, alongside property owners impacted by the issue. 

    Current status with investigatory and repair work: 

    • Private parties (residents and private owners) responsible for the affected buildings are undertaking detailed investigations and repair work, which are expected to take some time. 
    • the situation is highly complex with several adjacent walls & buildings that are unsafe and severely cracked. 
    • multiple parties are involved, including Infrastructure and Environment (I&E), Jersey Water, structural engineers, building surveyors, loss adjustors, and insurance companies.

    Alternative routes and safety assurance 

    We have considered other options to manage the traffic around the closure however, the decision to retain the current traffic arrangement is based on the following factors: 

    • Reversing Clarendon Road poses additional safety risks for residents and pedestrians 
    • Allowing right-turn access onto Clarendon Road from Val Plaisant could cause severe traffic congestion, particularly near the Gyratory 
    • Reversing Midvale Road, while potentially useful, would necessitate signal junction changes, creating confusion, complications, and further safety concerns. 

    We advise the traveling public to continue to avoid the area and use alternative routes to access town where possible. 

    Public impact 

    We understand that the closure has significant impacts on daily travel and local businesses. The road will only reopen once the buildings are stabilised and all risks of structural collapse have been mitigated. 

    Next steps 

    A further update on the situation will be provided in seven days​

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: UNECE issues guidance to tackle methane emissions from coal mine ventilation systems

    Source: United Nations Economic Commission for Europe

    In the fight against climate change, emissions of methane – which has a warming effect over 80 times greater than CO2 over a 20-year timeframe – from coal mines remain a significant source of greenhouse gases (GHG). Coal mines account for over 10% of methane emissions from human activity. As long as coal’s share in the global energy mix remains significant, mitigating large emissions associated with its extraction presents an under-exploited and under-capitalized opportunity to deliver near-term GHG emissions cuts.  

    Gassy underground coal mines employ large-scale ventilation systems that pump fresh air into the workings to dilute and remove methane released during mining operations. This ventilation air, discharged through dedicated (ventilation) shafts, contains methane in concentrations typically ranging from 0.1% to 1.0% by volume, known as Ventilation Air Methane (VAM). While removing methane from the mine is necessary for maintaining safe underground working conditions, the continuous discharges of large volumes of VAM constitute a significant source of greenhouse gas emissions. 

    A new UNECE report developed by the UNECE Group of Experts on Coal Mine Methane and Just Transition sheds light on the urgency of tackling VAM emissions. A single ventilation shaft in an operating coal mine can expel up to 50,000 tonnes of methane annually – equivalent to the emissions (CO2e) generated by 2 million cars. Since coal mines are expected to continue to operate for at least the next two decades, reducing these emissions presents an immediate and effective way to slow down climate change, complementing scaled-up decarbonization efforts. 

    The report “Best Practice Guidance on Ventilation Air Methane Mitigation” highlights the cost-effectiveness of VAM mitigation. Advanced technologies, such as Regenerative Thermal Oxidation (RTO), have been successfully deployed in large-scale, long-term projects, proving the technical viability of VAM mitigation. RTO installations are actively reducing methane emissions at coal mines in the United States and China. For such projects to be economically sustainable, the value of emission reductions must reach approximately USD 20 per tonne of CO2e – an economically feasible target when compared to other climate mitigation efforts. 

    The cost of a VAM mitigation plant is all about the volume of air being processed, and therefore the methane content in the ventilation air to be processed is a key factor determining the revenue and thus also the economic viability of the plant. A plant processing VAM concentration of 0.2% will have a total cost per mitigated tCO2e around USD $20. Where such mechanisms exist, this cost could be balanced by Carbon Emission Reduction Credits, or by avoided emissions penalty. 

    Despite its potential, VAM mitigation faces technical challenges. Methane concentrations in ventilation air are often very low, and mine shafts release vast volumes of air. The report emphasizes that only one technology, RTO, has consistently reduced methane emissions from coal mines, though other catalytic processes are emerging. 

    The report aligns with global efforts to address methane emissions, including the Paris Agreement and the Global Methane Pledge, which aims to cut methane emissions by 30% by 2030. In this context, VAM mitigation could play a key role in achieving these ambitious objectives. 

    This Best Practice Guidance on VAM serves as a call to action for the mining industry and policymakers, underscoring the significant potential of VAM mitigation as a cost-effective solution to reduce emissions.  

    The report provides practical guidance on securing financial support, assessing the feasibility of VAM mitigation plants, and understanding the key aspects of technology integration. It also offers a clear 8-step model for preparing potential VAM projects, making this complex topic accessible and actionable. 

    For further information and/or to access the Best Practice Guidance report, please visit https://unece.org/sustainable-energy/publications/best-practice-guidance-ventilation-air-methane-mitigation   

    ———————————-

    In addition to the Best Practice Guidance, the UNECE Group of Experts on Coal Mine Methane and Just Transition – through its Task Force on Methane Emissions Reduction – has developed complementary resources to further support methane monitoring and mitigation efforts. These include: 

    • Template for Estimating Emissions from Underground Coal Mines – A user-friendly tool designed to improve emissions data collection for policymakers and companies. This template streamlines the tracking of methane emissions, destruction, and off-site transportation, and accounts for avoided methane emissions and CO2 emissions resulting from these processes.  

    Join the Discussion at the UNECE Resource Management Week 2025  

    The UNECE Resource Management Week 2025 (24–28 March, Geneva), and particularly the meeting of the Group of Experts on Coal Mine Methane and Just Transition, will provide a platform to discuss methane mitigation strategies, including the VAM Best Practice Guidance, which will be presented for endorsement.  

    Bringing together policymakers, industry representatives, and experts, the event will facilitate discussions on innovative solutions, financing mechanisms, and regulatory approaches to support methane emission reductions.  

    Register here.   

    MIL OSI United Nations News –

  • MIL-OSI: Proto Hologram names Todd Bouman as CEO

    Source: GlobeNewswire (MIL-OSI)

    Los Angeles, CA, Feb. 13, 2025 (GLOBE NEWSWIRE) — Proto Inc., the original hologram and spatial compute company, announced today that Todd Bouman has taken the role of CEO. The electronics industry veteran was handpicked by Proto inventor, and founding CEO, David Nussbaum, who steps up into the new position of Chairman. 

    Bouman was most recently President, CEO and Chair of  Sharp/NEC Display Solutions, Americas. There he crafted a transformative strategy that established the company as a dominant player in the global electronics and software display industry resulting in sizable increases in revenue and doubling of profits.  Under his continued leadership, Bouman was instrumental in leading the joint-venture integration of the America’s business with Sharp Electronics.

    Bouman is tasked with driving exponential growth for hologram-sector creator Proto, drawing from his vast experiences working at global tech companies in the consumer and commercial hardware and services industry to drive exponential growth for Proto.

    Nussbaum will continue to be the company’s visionary, shaping strategy and driving more of the innovation that created an entire industry of hologram communications and no-headset spatial compute. He will focus on fundraising, brand development, strategic alliances, content collaborations, and elevating Proto’s presence through thought leadership and presentations at top industry events.

    The change comes at an extraordinary time for Proto after a record year for revenue, the successful launch of its next generation hologram devices – the full-size Proto Luma and desk-top sized M2 – and rapidly increasing adoption of its AI tools across many industries including finance, enterprise, healthcare, education, retail, hospitality, sports and entertainment. Proto is launching its Series B fundraise in Q2 to accelerate new development initiatives and market growth. 

    “As the founder, Proto is like a child to me,” said David Nussbaum, Founder and Chairman of Proto Inc. “Entrusting it to someone else wasn’t a decision I took lightly. I needed absolute confidence that the new leader had the experience and proven ability to take my vision for Proto to the next level. Todd Bouman is that person. With his dynamic leadership, I’m confident he’ll help fulfill my mission of making Proto Hologram technology an essential part of daily life. Proto has already accomplished more than I could have dreamed when I was back in my living room trying to invent something people said would only happen in the future. Todd is the kind of transformational leader who can make sure that future is now.”

    In addition to his successful transformation of Sharp/NEC’s display business, Bouman possesses a wealth of experience from previous roles with Samsung and HP in bringing new technologies to market, driving exponential growth and pioneering strategic shifts across global tech landscapes. At Samsung, Bouman led key product growth initiatives propelling Samsung into the consumer and commercial notebook market and accelerating brand growth in the B2B industry.  At HP, Bouman was instrumental in managing and growing HP’s ultralight notebook product category into key commercial verticals. His proven track record in executive leadership, business development, and technology integration makes him an ideal fit for Proto’s ambitious goals.

    “Proto is poised as an industry leader to revolutionize the way we interact with digital content,” said Todd Bouman, CEO of Proto Inc. “I am thrilled to lead this extraordinarily innovative company as it scales its transformative technology to new heights. My experience in driving growth and innovation will help us accelerate Proto’s mission – and David’s original futuristic vision – of making holographic technology accessible to everyone.”

    Proto has had a steady flow of news in recent months including the beginning of the first ever actual doctor-patient hologram appointments, announced at UC Berkeley and already expanding across the network of clinics run by West Cancer Center. The deployment of the first hologram ad network at 30 premier Simon mall locations and growing to 100 by Q4 also made headlines. Proto has been singled out as one of the most important companies at CES, NRF and AWS re:Invent, where it demonstrated another first, an autonomous conversation between AI hologram agents.

    In addition, Proto continues to grow its business with all the  pro sports leagues;  expansion into more top universities; massive media saturation including projects that reach super-influencer MrBeast’s following of nearly 500 million; and deepening partnerships with companies such as AARP, Accenture, BestBuy, CBS, Christie’s, HPE, PwC, and Verizon.

    “Proto is all about bringing people together – giving them real presence when they can’t be together across space or time – remember, William Shatner called Proto a Time Machine,” said Nussbaum. “We’ve got our Series B raise approaching, exciting collaborations with some of the most well known companies on earth, and a roadmap of development that will make Proto the solution for even more needs. Whether you’re a partner, customer, investor or just someone who is excited by discovering what’s changing the world next, we’ll keep hustling to impress you.”

    Follow Proto on all platforms at @ProtoHologram for updates.

    For photos, videos, demos or interviews contact: owen@protohologram.com

    About Proto Inc.: Proto Inc. is the patented leader in hologram technology and AI spatial computing. Proto devices and its platform are in use across enterprise, finance, healthcare, education, retail, hospitality, sports and entertainment. Invented in Los Angeles and with showrooms and distribution partners around the globe, Proto distributes the large Proto Epic and Proto Luma, the desktop-sized Proto M, and a suite of hologram AI and spatial computing services. Learn more at protohologram.com

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  • MIL-OSI: The GDL Fund Declares First Quarter Distribution of $0.12 Per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of The GDL Fund (NYSE:GDL) (the “Fund”) declared a $0.12 per share cash distribution payable on March 24, 2025 to common shareholders of record on March 17, 2025.

    The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    The Fund makes annual distributions of its realized net long-term capital gains and quarterly cash distributions of all or a portion of its investment company taxable income to common shareholders. A portion of the distribution may be a return of capital and various factors will affect the level of the Fund’s income, such as its asset mix and use of merger arbitrage strategies. To permit the Fund to maintain more stable distributions, the Fund may distribute more than the entire amount of income earned in a particular period. Because the Fund’s current quarterly distributions are subject to modification by the Board of Trustees at any time and the Fund’s income will fluctuate, there can be no assurance that the Fund will pay distributions at a particular rate or frequency.

    If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

    Short-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Long-term capital gains, if any, are distributed in the final distribution of the year. Based on the accounting records of the Fund currently available, the current distribution paid to common shareholders in 2025 would be deemed 100% from paid-in capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    Laurissa Martire
    (914) 921-5399

    About The GDL Fund
    The GDL Fund is a diversified, closed-end management investment company with $167 million in total net assets whose investment objective is to achieve absolute returns in various market conditions without excessive risk of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE – GDL
    CUSIP – 361570104

    Investor Relations Contact:
    Laurissa Martire
    (914) 921-5399
    lmartire@gabelli.com

    The MIL Network –

  • MIL-OSI: Gabelli Equity Trust 10% Distribution Policy Reaffirmed and Declared First Quarter Distribution of $0.15 Per Share

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Directors of The Gabelli Equity Trust Inc. (NYSE:GAB) (the “Fund”) reaffirmed and satisfied its 10% distribution policy by declaring a $0.15 per share cash distribution payable on March 24, 2025 to common stock shareholders of record on March 17, 2025.

    The Fund intends to pay a minimum annual distribution of 10% of the average net asset value of the Fund within a calendar year or an amount sufficient to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The average net asset value of the Fund is based on the average net asset values as of the last day of the four preceding calendar quarters during the year. The net asset value per share fluctuates daily.

    Each quarter, the Board of Directors reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Directors will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification by the Board of Directors at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

    All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

    If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

    Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, the current distribution paid to common shareholders in 2025 would include approximately 4% from net capital gains and 84% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

    Molly Marion
    (914) 921-5681

    About The Gabelli Equity Trust
    The Gabelli Equity Trust Inc. is a diversified, closed-end management investment company with $2.0 billion in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE – GAB
    CUSIP – 362397101

    Investor Relations Contact:
    Molly Marion
    (914) 921-5681
    mmarion@gabelli.com

    The MIL Network –

  • MIL-OSI United Kingdom: Diversifying income with planting for wood products at Grascott Farm

    Source: United Kingdom – Executive Government & Departments

    Case study

    Diversifying income with planting for wood products at Grascott Farm

    Find out how Grascott Farm diversified their business to generate income through timber, biomass, wood products and recreation.

    Forester Sam Whatmore reflects on his 85 hectare woodland creation project that has allowed local wildlife to thrive whilst also bringing long-term value to his business.

    Grascott Farm facts

    • location: Devon
    • size: 212 acres
    • type: conifer woodland with areas of broadleaf
    • species: predominantly Douglas fir, together with Sitka spruce, field maple, ash, chestnut and oak
    • date established: 1998-2000
    • grants: Forestry Commission woodland grant and South West Forest grant
    • main objective: grow high-quality Douglas fir to produce timber and wood fuel, combined with delivery of multi-objective and continuous cover management principles

    An aerial view of woodland on Grascott Farm. Copyright Grascott Farm.

    Establishing a thriving forest

    Set in over 85 hectares within the North Devon UNESCO Biosphere Reserve, Grascott Farm boasts a thriving woodland that is home to barn owls, badgers and elusive otters, as well as providing a steady income through timber, biomass, and recreation. But it hasn’t always been like this – so what is the story behind Grascott Farm’s success?

    Over 25 years ago, expert forester Sam Whatmore was determined to create his own forest. Having spent years managing other people’s woodlands with short-term objectives, Sam wanted to focus on a longer-term goal: maintaining continuity of forest management to see the fruits of his labour in the years to come. When the opportunity arose to purchase an initial 25 acres of woodland in 1993, Sam jumped at the chance, supplementing his holding with the addition of a larger mixed farm in 1998.

    The primary objective of the forest was to grow high-quality Douglas fir to produce timber and other wood products. Following extensive woodland planning, trees were planted during the 1998-99 and 1999-00 planting seasons, as part of the then South West Forest, taking advantage of Forestry Commission grants and local incentives.

    With over 150,000 trees to put in the ground, this was no mean feat. Devon has ideal growing conditions for Douglas fir with the warm and wet climate, and the landholding has sloping freely draining soils to support establishment. Slightly wetter soils around the site were more appropriate for Sitka spruce, and broadleaves were planted to complement and diversify the conifer species. Careful management was critical particularly in the first 5 years of establishment, with a lot of time dedicated to weeding, pest control, and beating up, to ensure full stocking.

    Sam Whatmore, Owner, Grascott Farm said:

    The most important thing for forestry is continuity of management.

    Watch the video on how Sam Whatmore diversified his business to generate income from timber.

    Opportunity and innovation

    Establishing a woodland brings challenges, with innovative thinking required to fill the income gap between tree establishment and future returns to turn those challenges into opportunities. Holiday cottages were built in the early years on Grascott Farm to generate revenue through recreation. Deer stalking led to the creation of a successful venison business, selling high-quality burgers and sausages at shows across the county.

    In 2000, the biomass renewable energy market was only just emerging, and with it the development of a whole new avenue for the forestry sector. Aiming to be ahead of the curve, Sam installed a biomass boiler in 2003 – the third in the UK – providing heat to the holiday cottages. From this point onwards, Sam was at the forefront of wood fuel development as it grew into an established market, changing the face of the UK forestry economy. Alongside delivering hundreds of seminars across the country, Sam set up his own wood fuel business in 2006.

    This start-up evolved into the biggest biomass supply company in the UK, and has since merged with an international energy company that continues to flourish to this day.

    Sam Whatmore, Owner, Grascott Farm said:

    I absolutely love the woodland! It is my total pleasure in life and key to my wellbeing.

    Top tips for timber production

    1. Consider stocking density if you’re looking to grow high-quality timber, a greater density will result in straighter trees.
    2. Woodland management is essential for creating a well-stocked forest: the more work you put in during establishment, the greater your future returns.
    3. Think outside the box to generate income, anything is possible.
    4. Remember the impact trees have on wellbeing!

    Delivering value through woodlands

    The principle of using woodlands to deliver long-term value to people and society is central to Sam’s management plan; generating products that people need and use. Grascott Farm now has a healthy turnover as a successful business, incorporating:

    • timber and firewood: no part of the tree goes to waste, with saw logs going to the sawmill, smaller roundwood being used as firewood, and the canopy woodchip feeding the biomass boiler, which in turn is used to heat both the holiday cottages and the kiln to dry the firewood
    • biomass, supported by the Renewable Heat Incentive scheme
    • 4 prospering holiday lets for recreation and tourism
    • innovative forest products: from wooden poles for glamping tepee construction and window displays for large retailers, to a ship’s mast and foliage for florists, to sawdust for horse bedding and pokers for the steel industry – the opportunities are endless

    Alongside delivering economic benefits and valuable wood products, Grascott Farm has boosted local biodiversity, with springtime carpets of bluebells and orchids, and even a family of lively otters.

    A bridleway running through the heart of the woodland provides public access for the local community to enjoy and explore, and visitors to the holiday cottages are spoilt with nature trails, lakes, and cycle paths on their doorstep.

    The enterprise is also involved in delivering wider benefits such as educational activities and seminars, and working in collaboration with Forest Research through ongoing sample plots and experiments across the forest.

    View the brochure for this case study: Grascott Farm: innovating with timber, biomass, and wood products (PDF, 1.02 MB, 3 pages).

    Find out how the Forestry Commission can help you create woodland, visit our Tree planting and woodland creation overview.

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Baltic Horizon Fund plans to delist its SDR-s from Nasdaq Stockholm

    Source: GlobeNewswire (MIL-OSI)

    Northern Horizon Capital AS has decided to initiate the termination of Baltic Horizon Fund’s Swedish Depositary Receipts (the „SDR“) program and delist the SDRs from Nasdaq Stockholm. The delisting is expected to take place in August 2025 at the earliest.

    The reason behind the decision is that the number of SDRs held by Baltic Horizon Fund investors and trading on Nasdaq Stockholm has considerably decreased. As of 29 January 2025, the total amount of SDRs was 7,902,390, amounting to approximately 5.5% of all the outstanding units, compared to 24,077,945 SDRs as of 31 December 2023, approximately 25%.

    According to the information available to the fund manager, many of the Baltic Horizon Fund´s Swedish investors have already converted their SDRs to Estonian fund units and, thus, can trade on Nasdaq Tallinn. This, in turn has reduced the liquidity of the SDRs on Nasdaq Stockholm, as during 2024 only 4.8 % of all the trades done with Baltic Horizon Fund units were executed on Nasdaq Stockholm. During 2024, more than 15 million Baltic Horizon Fund units were traded over the stock exchanges.

    Considering the above, the fund manager finds the discontinuation of the SDR programme and secondary listing on Nasdaq Stockholm to be reasonable and in the collective interests of the investors as it also enables to decrease the fund’s cost base.

    Northern Horizon Capital AS will discuss a detailed step plan with the Swedish partners and advisors to ensure the SDR holders can convert their SDRs to fund units held in Nasdaq CSD or have sufficient time to dispose of them. More information about the process and a detailed timeline will be provided to the investors in the coming weeks.

    The envisaged plan has no effect on investors holding their investments in Baltic Horizon Fund units listed on Nasdaq Tallinn.

    For additional information, please contact:

    Tarmo Karotam
    Baltic Horizon Fund manager
    E-mail tarmo.karotam@nh-cap.com
    www.baltichorizon.com

    The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. 

    Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com

    To receive Nasdaq announcements and news from Baltic Horizon Fund about its projects, plans and more, register on www.baltichorizon.com. You can also follow Baltic Horizon Fund on www.baltichorizon.com and on LinkedIn, Facebook, X and YouTube.

    The MIL Network –

  • MIL-OSI Russia: “The role of an academic supervisor is not about a fixed schedule”

    Translartion. Region: Russians Fedetion –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    Pavel Voloshchuk has been developing and researching educational products for 14 years. Since August 2024, he has headed two master’s programs at the HSE Faculty of Computer Science:Research and Entrepreneurship in AI” And “Master of Science in Data Science” Pavel Voloshchuk spoke about his career path, time management and the specifics of academic leadership in an interview.

    — Tell us about your background.

    — I have two main interests. The first is teaching adults. For the last 14 years, I have been creating educational products: first in consulting and corporations (the Sochi-2014 organizing committee, Russian Railways, Sber), and for the last five years at HSE. The second interest is product research and product management, especially in the area of customer research and working with product hypotheses. This year, AST publishing house released my textbook, “Shake the Client: How to Create Products Inspired by Real People.”

    Thus, I have a managerial, product background.

    — What are your scientific interests?

    — I’m interested in how people learn, especially in face-to-face programs that are delivered online. How user behavior and their perception of product value change. How we can easily assess the value of a product before investing in expensive design and development stages.

    — How did you get into HSE?

    — I worked at SberUniversity, a division that trains Sber executives and develops external educational programs for partner companies. At a certain point, I was offered to transfer to the Higher School of Economics.

    — What are your responsibilities?

    — I am responsible for two master’s programs.

    “Research and Entrepreneurship in Artificial Intelligence” is a classic full-time program with 30 students. It is designed for those who want to dedicate themselves to scientific work in the field of DS – to become an employee of a corporate or university laboratory, a founder or a member of a team of a technology startup.

    The Master of Science in Data Science is a large online program, currently enrolling around 450 students. The online master’s degree is suitable for those who have no technical experience and are looking to learn the Data Scientist profession from scratch.

    These programs differ in everything from the format of study (face-to-face vs. online) to the requirements for admission (having technical experience and a desire for scientific work vs. lack of technical knowledge and mastering the profession from scratch).

    In addition, I collaborate with colleagues from Center for Continuous Education of the Faculty of Computer Science, where we are developing several new projects in the field of additional professional education.

    I also, of course, teach product research and mentor seminars in my master’s programs.

    — How does your working day go?

    — My working day can vary greatly depending on the season.

    During the admissions campaign, I conduct consultations with applicants and prepare for the new academic year. In May and June, I participate in examination committees and accept defenses from students.

    At the same time, a typical day always includes meetings – with the program team, teachers and colleagues from different departments of the HSE – communication with students, preparation of materials and much more, which ends with evening classes.

    The role of an academic director is not about a fixed schedule. The program is not just a set of tasks, but people: students, teachers, university staff, the market and the situation. This means that every day you have a variety of tasks to ensure the effective operation of the program.

    — How do you manage to combine academic leadership of two such different master’s programs?

    “It’s difficult, and without a team it would not have been possible to cope with such a workload.”

    We are implementing the program “Research and Entrepreneurship in AI” together with our partner – MTS, the guys are very helpful. And we also have an amazing manager of the training office – Ilona Yakovleva.

    If we talk about the Master of Data Science program, there is also a huge amount of work. Several factors help: previous experience in online education, the project team and the amazing involvement of teachers, with whom we are friends and solve all the problems together. For such a large program, connections with the industry are important. For example, in the 2024/25 academic year, through joint efforts, we found academic supervisors for 190 students in two weeks.

    — Are there any special features in managing an online master’s degree program?

    — There are many, I will give a couple of examples. First of all, it is a much larger volume of communication with students and teachers. Due to the format, they cannot simply ask questions at a meeting, it is a little more difficult for them to remain involved. Therefore, we have special curators who work with students’ questions. Special attention is also paid to community management, so that students have the opportunity to get to know those with whom they study and expand their circle of social and professional connections.

    — What are the prospects for your educational programs?

    — In 2024, we launched the first intake for the AI Research and Entrepreneurship program. On the one hand, it is difficult to be the first, on the other hand, students receive maximum attention from partners and the program team. Now we are actively preparing for the start of a new admissions campaign, analyzing feedback and preparing the program design for the next academic year. In addition, the internship season is approaching, colleagues from MTS are preparing to accept our students who have applied for an internship.

    For the Master of Data Science program, 2025 is a very important year — we are completely redesigning the program: it has become Russian-language, classes are synchronous. That is, students will be able to attend online classes, and the studies will be as similar as possible to the full-time program. This is an important transition that will improve the quality of training in the program and maintain the maximum relevance of the competencies that students receive.

    — What do you do in your free time?

    — Tennis. I also like quizzes. This fall we picked up a kitten, named her Amber, and now our family leisure time is treating the cat. She is almost healthy, we will soon choose another hobby.

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

    MIL OSI Russia News –

  • MIL-OSI: IGadgets and LONGER collaborate on promoting The LONGER Nano Duo: The Best AI Laser Engraver

    Source: GlobeNewswire (MIL-OSI)

    GARDEN GROVE, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) — IGadgets is pleased to announce its collaboration with LONGER, who pushed the boundaries in 3d printing and laser engraver technology.

    The world of laser engraving is evolving, and the LONGER Nano Duo is at the forefront of this revolution. Designed for both professionals and hobbyists, this AI-driven engraver blends power, precision, and ease of use like never before.

    AI instant Text to Image Design

    No professional design skills needed, you can get your desired design in seconds with LONGER self-developed Laser burn Software and APP. Simply type in your ideas and Laser burn will turn them to up to 10 different designs with 3 image ratios selectable to choose from.

    AI Eye Auto Batch Production

    The AI Eyes 16MP camera ensures perfect focus with ease, automatically filling patterns and transforming ordinary materials into stunning 3D reliefs. It auto-recognizes material shapes making batch production faster and simpler than ever.

    20W Diode + 2W IR Laser

    Nano Duo delivers exceptional engrave and cut on almost any material. As it has combined the abilities of two lasers: a 2W infrared laser, perfect for precise metal engraving, and a 20W blue diode laser which is ideal for a wide range of materials.

    Detailed 3D Embossing on wood

    Nano Duo’s algorithm can automatically adjust lifting laser head engraving depth based on a material’s colour, achieving incredibly detailed and refined 3D embossing effects with precise and ease.

    Expanding Creative Possibilities

    Nano Duo offers a 160x140mm intrinsic working area, which can be expanded to an impressive 300x300mm with the dual-axis extension, giving you the freedom to push your creative boundaries and bring intricate ideas to life.

    Versatility & Efficiency

    Nano Duo has the Smart Track Vertical Cut pioneered by LONGER which preserves exceptional engraving detail and precision, while also enabling motion vertical cutting at any spots up to 16mm for greater versatility

    Speed Meets Precision

    The Nano Duo is capable of engraving at up to 10000 mm/s, delivering precise and rapid results that rival industrial-grade machines. Nano Duo minimizes wait times, whether you’re working on intricate designs or large-scale projects.

    0.00199mm Motion Accuracy

    With advanced laser components, the Nano Duo ensures every detail of your creations is captured with flawless precision. Paired with innovative 225-point position calibration, it delivers razor-sharp edges and guarantees exceptional accuracy.

    Ultimate Freedom & Accessibility

    Enjoy 360-degree engraving freedom with handheld capability, creating offline without constraints. The Nano Duo is more than just a tool—it’s an innovation that turns your visions into reality.

    Engrave like a master. Dream it. AI designs it. Nano Duo achieves it.

    About LONGER

    LONGER‘s story began in 2016 when the brand acquired RepRapPro, a British 3D printing pioneer that had spawned over 80% of the world’s 3D printers. This strategic merger broadened LONGER’s possibilities and drove unprecedented growth.

    In 2018, LONGER established its own ISO9001-compliant manufacturing facility to maintain the highest quality standards. This move significantly boosted the brand’s credibility and recognition in the industry. The same year, LONGER secured a round of large-scale financing from Dongfang Fuhai, which further fueled its innovation and development.

    Facing the future, LONGER began preparations for the establishment of a global operation center, warehousing facilities, and after-sales service outlets in 2019. This initiative aimed to ensure a seamless experience for its growing customer base

    For further information please visit longer3d.com or check the LONGER campaign page here.

    This article is being distributed with the help of IGadgets, who is interested in publishing and spreading new, innovative, and beneficial ideas, as well as exploring Crowdfunding projects on a wide range of platforms. And this article is about one of these ideas, which was found to be both interesting and useful.

    IGadgets Hub, one of the latest and most exciting players in the crowdfunding world. Founded in Garden Grove, California in 2019. This company is on a mission to support and assist any creative idea that comes their way. IGadgets offers a range of services to help Crowdfunding projects succeed, from concept development to finished campaigns and beyond, including newsletter and social media marketing, as well as public release services.

    SOURCE IGadgets

    The MIL Network –