Category: Business

MIL-OSI NGOs: Fossil fuel anti-protest bills in Montana, Virginia, and Illinois threaten free speech and climate advocacy
Source: Greenpeace Statement –

© Tim Aubry / Greenpeace

Already this year, lawmakers in Montana, Virginia, and Illinois have introduced bills that would hand corporations and prosecutors new tools to suppress climate activism.

Although proponents frame these bills as public safety measures, there is no evidence that they improve energy reliability or make communities safer. To the contrary, they contain intentionally broad provisions that would make climate advocates, environmental defenders, and landowners vulnerable to felony prosecution for infractions that are historically linked to protest.

In light of Big Oil’s death drive to keep the world hooked on fossil fuels (now with the federal government’s total support), policies that take aim at our right to protest make all of us less safe by undermining the urgent action that is needed to preserve a livable future.

Twenty-three states already have some form of these laws in place.¹ Certain components of them pose an obvious threat to climate protest (for example, boosting penalties for simple trespass near fossil fuel infrastructure), but no less dangerous are vague provisions that target “impeding” fossil fuel infrastructure or “causing damages.”

Under some laws, it is unclear whether these provisions could be used to impose draconian penalties upon individuals engaged in peaceful sit-ins or symbolic protest actions such as painting a slogan on a pipeline without damaging its functionality. In recent years, oil and gas companies have sought large monetary damages from activists for alleged costs associated with project delays.² Moreover, fossil fuel spokespeople and their allies in government routinely frame acts of civil disobedience as violent attacks deserving of deterrence and aggressive retaliation.

Laws with intentionally broad language allow authorities to hang the threat of prosecution over activists’ heads, even if the most extreme charges are not pursued or eventually dropped. Further, they can force individuals and organizations into costly legal battles.

A closer look at the new crop of anti-protest bills below:
- Montana HB 257 would build on the state’s existing anti-protest law by removing the condition that sites classified as “critical infrastructure” be enclosed by a fence or identified by signage. The bill drew support from business groups representing ExxonMobil, Continental Resources, the American Chemistry Council, and other members in a January 27 committee hearing.
- Virginia HB 2215 would make “damaging” certain facilities and equipment a class 3 felony, punishable by 5-20 years in prison. The primary sponsor, VA Rep. Terry Kilgore, is a long-time member of the American Legislative Exchange Council (ALEC) and has accepted more than $380,000 in campaign donations from Dominion Energy over his political career. ALEC, an organization that invites corporate lobbyists to help draft model bills that are promoted with state officials around the country, has played a key role in the spread of anti-protest laws since 2016. Dominion Energy has also lobbied for anti-protest laws, including to explicitly “address civil disobedience towards pipelines,” according to emails obtained by public records request.
- Illinois HB 1480 would create a new felony offense that could cover nonviolent protesters at pipeline and other infrastructure sites with maximum penalties of 3–7 years imprisonment and a $20,000 fine. It would also extend liability to anyone who “conspires with” a person to commit the offense. This last provision is especially pernicious due to the history of prosecutors using scattershot conspiracy allegations to target individuals and organizations with shared political views absent evidence of specific crimes. IL Rep. Patrick Windhorst, the primary sponsor of this bill, is also a member of ALEC.
For more information about these anti-protest bills and related lobbying activity, see here.

Related to the push for fossil fuel anti-protest laws are strategic lawsuits against public participation (SLAPPs). Greenpeace is facing a costly SLAPP brought by Energy Transfer, the owner of the Dakota Access Pipeline, in North Dakota state court, which goes to trial this month. Further, California Attorney General Rob Banta, the Sierra Club and other environmental groups were sued for defamation by ExxonMobil this January after the defendants sought to hold Exxon legally accountable for its role in the plastics crisis.

¹Twenty-two states were counted for Greenpeace USA’s Dollars vs. Democracy 2023 report. The twenty-third state to pass a fossil fuel anti-protest law was Florida with H 275 / S 340 (2024).

² For example, see Mountain Valley Pipeline’s lawsuit against climate protesters. https://www.theguardian.com/us-news/2024/sep/27/mountain-valley-pipeline-protest

³ For more about this, see “The Fossil Fuel Industry Used ALEC to Spread Fossil Fuel Anti-Protest Laws Across the Country” on page 30 of Dollars vs. Democracy 2023.
MIL OSI NGO –
February 13, 2025
MIL-OSI China: AI technology widely adopted during Spring Festival events

Source: China State Council Information Office 2

During the 2025 Intangible Cultural Heritage Gala aired by China Media Group on Jan. 31, a pack of ten robot dogs leaped, spun and waved in perfect harmony to a traditional dance song, wowing audiences with their flawless moves.
This electrifying performance soon ignited social media, where amazed netizens dubbed them “the most dedicated dance crew” and marveled at the stunning fusion of cultural heritage and futuristic technology.

A robot dog and actors perform lion dance during a temple fair celebrating the Lantern Festival at Xihu District in Hangzhou, east China’s Zhejiang Province, Feb. 11, 2025. (Xinhua/Han Chuanhao)
The dancing Lite3 models showcased during the gala belong to the agile intelligent robot dog series of Hangzhou-based firm DEEP Robotics. Capable of carrying 7.5 kg payloads with a 5 km operational range and 1.5-2 hours continuous motion, these robots can perform complex maneuvers including high jumps and front flips.
“Our proprietary joint modules, control systems and advanced algorithms enable unprecedented motion capabilities,” said Lin Yi, the company’s R&D manager. Users can engage in more diverse exercise training and development based on intelligent algorithms such as deep learning and reinforcement learning.
Notably, artificial intelligence (AI) is entering Chinese households like never before — seamlessly blending into both daily life and entertainment.
Dressed in colorful jackets, a group of humanoid robots became a highlight of this year’s Spring Festival gala, broadcast on Chinese New Year’s Eve. The 16 robots danced the Yangko, a traditional folk dance, alongside human performers. After the show, a “robot grandmother” was gently escorted offstage by the dancers — and the moment quickly went viral on social media.
With its vast knowledge, eloquent expression, boundless imagination and playful wit, DeepSeek has captivated people of all ages, making it the ultimate “chat companion.” “I felt powerful after having a good command of DeepSeek,” said a retiree surnamed Ma, who downloaded the open-resource tool following his son’s strong recommendation.
Beyond the virtual world, AI is becoming an ever-present force in daily life, not only enhancing online interactions but also transforming real-world experiences with remarkable efficiency. Whether at temple fairs or tourist attractions, AI is increasingly integrating into people’s daily lives, replacing servers and trainers, making candy figurines, playing games, carrying heavy loads, delivering goods and even assisting climbers.
This year’s Spring Festival has been a celebration of AI-driven surprises, with each innovation sparking excitement and wonder. Social media is buzzing with netizens sharing and recommending their favorite high-tech experiences, making this a unique futuristic Chinese New Year.
“Wow! No more video calls for New Year greetings!” said a tech worker surnamed Li. He uploaded a photo to the Baidu App, entered prompts like “firecrackers on Mars” and “dragon dance on the Forbidden City rooftop,” and added a festive message. In just over a minute, AI created a unique digital greeting card, making the experience effortless and exciting.
AI’s shift from niche to mainstream success is driven by two key factors — practical application and strong technology. The key to AI’s widespread adoption is the effective alignment of technological advancements with real-world needs, according to Baidu chairman and CEO Robin Li.
The success of AI is measured not by lab-based computing power, but by its impact on everyday users. Advanced technologies must be integrated into everyday life, making them accessible to all, turning tools once limited to a few into resources for the many, Li said.
China’s AI industry ecosystem covers key segments ranging from chips, algorithms, data and platforms to applications. Over 4,500 companies are involved, with the core industry reaching a scale of nearly 600 billion yuan (about 82.1 billion U.S. dollars). In the past year alone, 238 new generative AI products have been registered.
The strong demand for large AI models is clearly reflected in the impressive growth numbers. On Feb. 2, DeepSeek topped app markets in 140 regions, with daily active users exceeding 30 million. By last November, Baidu’s ERNIE had reached over 1.5 billion daily calls, a 30-fold increase from the previous year, while ByteDance’s Doubao saw daily token usage rise 33-fold by December 2024 after its launch in May 2024.
Omdia, a consultancy focused on the tech industry, forecasts that China’s generative AI market will achieve 5.5-fold growth over the next five years — totaling 9.8 billion U.S. dollars by 2029.
Looking forward, the wave sparked by DeepSeek continues to gain momentum, rapidly expanding its “ecosystem” and further activating the AI industry chain. Major cloud service providers like Huawei Cloud, Tencent Cloud, Alibaba Cloud and Baidu AI Cloud have integrated DeepSeek’s large models into their platforms.

MIL OSI China News –

February 13, 2025

MIL-OSI: Precision Drilling Announces 2024 Fourth Quarter and Year End Unaudited Financial Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 12, 2025 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, gain on acquisition, loss on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals and depreciation and amortization), Funds Provided by (Used in) Operations, Net Capital Spending, Working Capital and Total Long-term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this news release.

Financial Highlights and 2025 Capital Allocation Plans

Revenue in the fourth quarter was $468 million, an 8% decrease from 2023 as activity increases in Canadian drilling, well servicing, and international were more than offset by lower activity and day rates in the U.S.
Adjusted EBITDA⁽¹⁾ was $121 million in the quarter and included $15 million of share-based compensation charges, $4 million for rig reactivation costs and $4 million of non-recurring charges. In 2023, fourth quarter Adjusted EBITDA was $151 million and included share-based compensation charges of $13 million.
Net earnings attributable to shareholders was $15 million or $1.06 per share in the fourth quarter compared to $147 million or $10.42 per share as net earnings in 2023 included an income tax recovery of $69 million and a gain on acquisition of $26 million.
In 2024, we invested $217 million into our fleet and infrastructure, including multiple contracted rig upgrades and the strategic purchase of drill pipe for use in 2025. We expect to invest $225 million into our fleet and infrastructure in 2025, which may fluctuate with activity levels and customer contract upgrade opportunities.
For the year ended December 31, 2024, we achieved our annual debt reduction and return of shareholder capital targets, reducing debt by $176 million and repurchasing $75 million of common shares while building cash by $20 million. Precision has consistently met or exceeded its capital allocation goals since implementation in 2016.
For 2025, we expect to reduce debt by at least $100 million in 2025 and have increased our long-term debt reduction target to $700 million and extended our debt reduction period to 2027. In 2025, we plan to increase direct shareholder returns to 35% to 45% of free cash flow, before debt repayments. To the extent excess cash is generated these allocations may be increased.

Operational Highlights

Demand for our services continues to be strong and in 2024 our Canadian and international drilling rig utilization days increased 12% and 37%, respectively, while our well servicing rig operating hours increased 26% over 2023.
In the fourth quarter, Canada’s activity averaged 65 active drilling rigs versus 64 in the same quarter last year. Our Super Triple and Super Single rigs remain in high demand and are nearly fully utilized. Canadian revenue per utilization day was $35,675, up from $34,616 in the fourth quarter of 2023.
Our U.S. activity has remained relatively consistent since mid-2024. We averaged 34 drilling rigs in the fourth quarter with revenue per utilization day of US$30,991 versus 45 drilling rigs at US$34,452 in 2023’s fourth quarter.
International activity increased 6% over the same period last year while revenue per utilization day was US$49,636 compared to US$49,872 in the fourth quarter of 2023.
Service rig operating hours in the fourth quarter totaled 59,834, representing a 6% increase over the same quarter last year partially driven by the CWC Energy Services Corp. (CWC) acquisition in November of 2023.

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

MANAGEMENT COMMENTARY

“Through 2024 Precision demonstrated remarkable market resilience despite weaker than expected U.S. customer demand and late year customer budget exhaustion in Canada. We continued our long-term record of meeting or exceeding our capital allocation targets every year since 2016 with $176 million of debt reduction, $75 million of share buybacks, while increasing our cash balance by $20 million. In the fourth quarter, approximately $8 million of reactivation costs and non-recurring items impacted our financial results, along with slightly lower than expected Canadian customer demand. Despite these fourth quarter headwinds we continued investing in our core business lines, including purchasing approximately $18 million of drill pipe in advance of potential tariffs, investing $3 million to begin reactivating two idle Canadian Super Single rigs to meet demand in 2025, and upgrading one rig for Canadian heavy oil pad drilling opportunities.

“The outlook for Canada remains very strong given robust heavy oil activity following the startup of the Trans Mountain pipeline expansion in May 2024 and the imminent startup of LNG Canada in mid-2025. My enthusiasm is further underpinned by the pace of rig reactivations following the seasonal Christmas break and the stable winter activity we have experienced to date with 81 rigs working since mid-January. The uncertainty introduced by potential U.S. tariffs on Canadian oil and gas exports, has been tempered and we have not experienced any change in customer demand or their longer-term capital spending plans.

“In Canada, our drilling utilization days increased 12% over 2023 and our Super Triple and Super Single rigs, which represent approximately 80% of our Canadian fleet, are nearly fully utilized. Demand for our Super Triple fleet, which is the preferred rig for Montney drilling, is driven by robust condensate fundamentals and the startup of LNG Canada this year. Demand for our Super Single fleet is driven by increased activity in heavy oil targeted areas as customers are benefiting from improved commodity pricing, following the startup of Trans Mountain, and a softening Canadian dollar.

“Internationally, our drilling utilization days increased 37% in 2024 following the recertification and reactivation of four rigs in 2023. In 2024, we had eight rigs working on term contracts, five in Kuwait and three in the Kingdom of Saudi Arabia. The majority of these rigs are under five-year term contracts that extend into 2027 and 2028, providing predictable cash flow for the next few years.

“In our Completion and Production Services business, our well servicing operating hours increased 26% over 2023 levels following the successful integration of CWC, where we achieved significant operating synergies. Our Completion and Production Services Adjusted EBITDA increased 30% year over year, which was slightly below our expectation due to late year customer budget exhaustion impacting our activity and rental business. I am very pleased with how we have transformed our Completion and Production Services business with two strategic tuck-in acquisitions. The High Arctic and CWC acquisitions more than doubled our Completion and Production revenue and Adjusted EBITDA since 2021 and solidified Precision as the premier well service provider in Canada.

“During the year, Precision generated $482 million of cash provided by operations, allowing us to meet our capital return targets and invest $217 million into our fleet and infrastructure, which included multiple drilling rig upgrades and the strategic purchase of drill pipe for use in 2025. We expect to invest approximately $225 million in 2025, which reflects a weaker Canadian dollar and includes expected customer funded upgrades across our North American operations, including approximately $30 million in US fleet upgrades for customers targeting extended reach laterals.

“With sustained free cash flow as a key differentiator of our business, we remain focused on reducing debt and increasing direct returns to shareholders. In 2025, we expect to reduce debt by at least $100 million, reinforcing our commitment to achieving a sustained Net Debt to Adjusted EBITDA ratio⁽¹⁾ of below 1.0 times. As we continue to realize the benefits of lower debt levels, we have increased our long-term debt reduction target by $100 million to $700 million and extended the debt reduction period by one year to 2027. In 2025, our goal is to increase our direct capital returns to shareholders by allocating 35% to 45% of free cash flow, before debt repayments, while continuing to move towards 50% of free cash flow thereafter, with excess cash potentially used to increase these allocations.

“I would like to thank our employees for their dedication and commitment to serving our customers, and our shareholders for their continued support. With positive long-term fundamentals associated with global oil and natural gas demand and particularly the unique fundamentals driving drilling activity in our core geographic markets, I am confident we will continue to drive shareholder value,” concluded Mr. Neveu.

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

SELECT FINANCIAL AND OPERATING INFORMATION
Financial Highlights

	For the three months ended December 31,								For the year ended December 31,
(Stated in thousands of Canadian dollars, except per share amounts)		2024		2023		% Change				2024		2023		% Change
Revenue		468,171		506,871			(7.6	)		1,902,328		1,937,854			(1.8	)
Adjusted EBITDA⁽¹⁾		120,526		151,231			(20.3	)		521,221		611,118			(14.7	)
Net earnings		14,930		146,722			(89.8	)		111,330		289,244			(61.5	)
Net earnings attributable to shareholders		14,795		146,722			(89.9	)		111,195		289,244			(61.6	)
Cash provided by operations		162,791		170,255			(4.4	)		482,083		500,571			(3.7	)
Funds provided by operations⁽¹⁾		120,535		145,189			(17.0	)		463,372		533,409			(13.1	)

Cash used in investing activities		61,954		57,627			7.5			202,986		214,784			(5.5	)
Capital spending by spend category⁽¹⁾
Expansion and upgrade		21,565		24,459			(11.8	)		52,066		63,898			(18.5	)
Maintenance and infrastructure		37,335		54,388			(31.4	)		164,632		162,851			1.1
Proceeds on sale		(8,570	)	(3,117	)		174.9			(30,395	)	(23,841	)		27.5
Net capital spending⁽¹⁾		50,330		75,730			(33.5	)		186,303		202,908			(8.2	)

Net earnings attributable to shareholders per share:
Basic		1.06		10.42			(89.8	)		7.81		21.03			(62.8	)
Diluted		1.06		9.81			(89.2	)		7.81		19.53			(60.0	)
Weighted average shares outstanding:
Basic		13,982		14,084			(0.7	)		14,229		13,754			3.5
Diluted		13,987		15,509			(9.8	)		14,234		15,287			(6.9	)

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}Operating Highlights

	For the three months ended December 31,							For the year ended December 31,
	2024		2023		% Change			2024		2023		% Change
Contract drilling rig fleet		214		214		–			214		214		–
Drilling rig utilization days:
U.S.		3,084		4,138		(25.5	)		12,969		17,961		(27.8	)
Canada		6,018		5,909		1.8			23,685		21,156		12.0
International		736		693		6.2			2,928		2,132		37.3
Revenue per utilization day:
U.S. (US$)		30,991		34,452		(10.0	)		32,531		35,040		(7.2	)
Canada (Cdn$)		35,675		34,616		3.1			34,797		33,151		5.0
International (US$)		49,636		49,872		(0.5	)		51,227		50,840		0.8
Operating costs per utilization day:
U.S. (US$)		21,698		21,039		3.1			22,009		20,401		7.9
Canada (Cdn$)		21,116		19,191		10.0			20,424		19,225		6.2

Service rig fleet		170		183		(7.1	)		170		183		(7.1	)
Service rig operating hours		59,834		56,683		5.6			254,224		201,627		26.1

Drilling Activity

	Average for the quarter ended 2023								Average for the quarter ended 2024
	Mar. 31		June 30		Sept. 30		Dec. 31			Mar. 31		June 30		Sept. 30		Dec. 31
Average Precision active rig count⁽¹⁾:
U.S.		60		51		41		45			38		36		35		34
Canada		69		42		57		64			73		49		72		65
International		5		5		6		8			8		8		8		8
Total		134		98		104		117			119		93		115		107

^{(1) Average number of drilling rigs working or moving.}

Financial Position

(Stated in thousands of Canadian dollars, except ratios)	December 31, 2024		December 31, 2023⁽²⁾
Working capital⁽¹⁾		162,592		136,872
Cash		73,771		54,182
Long-term debt		812,469		914,830
Total long-term financial liabilities⁽¹⁾		888,173		995,849
Total assets		2,956,315		3,019,035
Long-term debt to long-term debt plus equity ratio ⁽¹⁾		0.33		0.37

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}^{(2) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”}

Summary for the three months ended December 31, 2024:

Revenue decreased to $468 million compared with $507 million in the fourth quarter of 2023 as a result of lower U.S. activity and day rates, partially offset by higher Canadian and international activity.
Adjusted EBITDA was $121 million in the quarter and included $15 million of share-based compensation charges, $4 million for rig reactivation costs and $4 million of non-recurring charges. In 2023, fourth quarter Adjusted EBITDA was $151 million and included share-based compensation of $13 million. Please refer to “Other Items” later in this news release for additional information on share-based compensation charges.
Adjusted EBITDA as a percentage of revenue was 26% as compared with 30% in 2023.
Net earnings attributable to shareholders was $15 million compared to $147 million in the same quarter last year as net earnings in 2023 included an income tax recovery of $69 million and a gain on acquisition of $26 million.
Generated cash provided by operations of $163 million, reduced debt by $25 million through the partial redemption of our 2026 unsecured senior notes and repayment of our U.S. Real Estate Credit Facility, repurchased $25 million of common shares under our Normal Course Issuer Bid (NCIB), and ended the quarter with $74 million of cash and more than $575 million of available liquidity.
U.S. revenue per utilization day, excluding the impact of idle but contracted rigs was US$30,813 compared with US$32,819 in 2023, a decrease of 6%. Sequentially, revenue per utilization day, excluding idle but contracted rigs, was down 6% compared with the third quarter of 2024. Fourth quarter U.S. revenue per utilization day was US$30,991 compared with US$34,452 in 2023. The decrease was primarily the result of lower fleet average day rates, idle but contracted rig revenue and recoverable costs. We recognized US$1 million of revenue from idle but contracted rigs in the quarter as compared with US$7 million in 2023.
U.S. operating costs per utilization day increased to US$21,698 compared with US$21,039 in 2023. The increase was mainly due to higher rig operating costs and fixed costs spread over lower activity, offset by lower recoverable costs and repairs and maintenance. Sequentially, operating costs per utilization day were down 2% due to lower recoverable costs.
Canadian revenue per utilization day was $35,675, an increase from the $34,616 realized in 2023 due to higher average day rates and recoverable costs. Sequentially, revenue per utilization day increased $3,350 due to higher boiler revenue and higher fleet-wide average day rates.
Canadian operating costs per utilization day increased to $21,116, compared with $19,191 in 2023, resulting from higher repairs and maintenance, rig reactivation costs and impact of labour rate increases. Sequentially, daily operating costs increased $1,668 and were the result of higher labour expenses due to rate increases, recoverable expenses and repairs and maintenance.
Internationally, fourth quarter revenue increased 6% from 2023 as we realized revenue of US$37 million versus US$35 million in the prior year. Our higher revenue was primarily the result of a 6% increase in activity, which was negatively impacted by a planned rig recertification accounting for 21 non-billable utilization days in October. International revenue per utilization day was US$49,636 compared with US$49,872 in 2023.
Completion and Production Services revenue was $69 million, an increase of $6 million from 2023, as our fourth quarter service rig operating hours increased 6%, reflecting the successful integration of the CWC acquisition in November 2023.
General and administrative expenses were $35 million as compared with $39 million in 2023 primarily due to lower non-recurring costs associated with our CWC acquisition in 2023, partially offset by higher share-based compensation charges.
Net finance charges were $16 million, a decrease of $3 million compared with 2023 as a result of lower interest expense on our outstanding debt balance.
Capital expenditures were $59 million compared with $79 million in 2023 and by spend category included $22 million for expansion and upgrades and $37 million for the maintenance of existing assets, infrastructure, and intangible assets.
Income tax expense for the quarter was $6 million as compared with a recovery of $69 million in 2023. During the fourth quarter, we continue to not recognize deferred tax assets on certain international operating losses.

Summary for the year ended December 31, 2024:

Revenue for the year was $1,902 million, comparable with 2023.
Adjusted EBITDA was $521 million as compared with $611 million in 2023. Our lower Adjusted EBITDA was primarily attributed to decreased U.S. drilling results and $13 million of higher share-based compensation, partially offset by the strengthening of Canadian and international results.
Net earnings attributable to shareholders was $111 million compared to $289 million in the prior year. Our lower current year net earnings was due to the impact of decreased U.S. drilling results, higher income tax expense of $67 million and the gain on acquisition of $26 million recognized in 2023.
Cash provided by operations was $482 million as compared with $501 million in 2023. Funds provided by operations were $463 million, a decrease of $70 million from the comparative period.
General and administrative costs were $132 million, an increase of $10 million from 2023 primarily due to higher share-based compensation charges.
Net finance charges were $70 million, $14 million lower than 2023 due to our lower interest expense on our outstanding debt balance.
Capital expenditures were $217 million in 2024, a decrease of $10 million from 2023. Capital spending by spend category included $52 million for expansion and upgrades and $165 million for the maintenance of existing assets, infrastructure, and intangible assets.
Reduced debt by $176 million from the partial redemption of our 2026 unsecured senior notes and repayment of our Canadian and U.S. Real Estate Credit Facilities.
Repurchased $75 million of common shares under our NCIB.

STRATEGY

Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. We work toward this vision by defining and measuring our results against strategic priorities that we establish at the beginning of every year.

Below we summarize the results of our 2024 strategic priorities:

Concentrate organizational efforts on leveraging our scale and generating free cash flow.
- Generated cash provided from operations of $482 million, allowing us to meet our debt reduction and share repurchase goals and build our cash balance by $20 million.
- Increased utilization of our Super Single and tele double rigs, driving Canadian drilling activity up 12% over 2023.
- Successfully integrated our 2023 CWC acquisition, increasing Completion and Production Services operating hours and Adjusted EBITDA 26% and 30%, respectively, year over year. Achieved our $20 million annual synergies target from the acquisition.
- Internationally, increased our activity 37% year over year and realized US$150 million of contract drilling revenue compared to US$108 million in 2023.
Reduce debt by between $150 million and $200 million and allocate 25% to 35% of free cash flow before debt repayments for share repurchases.
- Reduced debt by $176 million and ended the year with a Net Debt to Adjusted EBITDA ratio of approximately 1.4 times. On track to achieve a sustained Net Debt to Adjusted EBITDA ratio of below 1.0 times.
- Returned $75 million to shareholders through share repurchases, achieving the midpoint of our target range.
- Renewed our NCIB in September, allowing repurchases of up to 10% of the public float.
Continue to deliver operational excellence in drilling and service rig operations to strengthen our competitive position and extend market penetration of our Alpha^TMand EverGreen^TMproducts.
- Increased our Canadian drilling rig utilization days and well service rig operating hours year over year, maintaining our position as the leading provider of high-quality and reliable services in Canada.
- Invested $52 million in expansion and upgrade capital to enhance our drilling rigs.
- Nearly doubled our EverGreen^TM revenue year over year.
- Continued to expand our EverGreen^TM product offering on our Super Single rigs with LED mast lighting and hydrogen injection systems.

2025 Strategic Priorities

Maximize free cash flow through disciplined capital deployment and strict cost management.

Enhance shareholder returns through debt reduction and share repurchases.

Reduce debt by at least $100 million in 2025 and debt by $700 million between 2022 and 2027, while remaining committed to achieving a sustained Net Debt to Adjusted EBITDA ratio of below 1.0 times.
Allocate 35% to 45% of free cash flow, before debt repayments, directly to shareholders and continue moving direct shareholder capital returns toward 50% of free cash flow thereafter.
Grow revenue in existing service lines through contracted upgrades, optimized pricing and utilization, and opportunistic consolidating tuck-in acquisitions.

OUTLOOK

The long-term outlook for global energy demand remains positive with rising demand for all types of energy including oil and natural gas driven by economic growth, increasing demand from third-world regions, and emerging energy sources of power demand. Oil prices are constructive as OPEC+ continues to honour its production quotas, producers remain committed to returning capital to shareholders versus increasing production, and geopolitical issues continue to threaten supply. In Canada, the Trans Mountain pipeline expansion, which became operational in May of 2024, combined with the imminent startup of LNG Canada are projected to provide significant tidewater access for Canadian crude oil and natural gas, supporting additional Canadian drilling activity. In the U.S., the next wave of Liquefied Natural Gas (LNG) export terminals is expected to add approximately 11 bcf/d of export capacity from 2025 to 2028, supporting additional U.S. natural gas drilling activity. Coal retirements and a build-out of artificial intelligence data centers could provide further support for natural gas drilling.

Our Canadian drilling activity continues to be robust in 2025 and we currently have 81 rigs operating and expect this activity level to continue until spring breakup. Our Super Single fleet is near full utilization as heavy oil customers are benefiting from improved commodity pricing and a weak Canadian dollar. Our Super Triple fleet, the preferred rig for Montney drilling, is also nearly fully utilized, and with the expected startup of LNG Canada in mid-2025, rig demand could exceed supply. Overall, we expect our Canadian drilling activity to be up year over year with near full utilization of our Super Series rigs, which should support day rates and increase demand for term contracts as customers secure rigs to ensure fulfillment of their development programs. The uncertainty introduced by potential U.S. tariffs on Canadian oil and gas exports, has been tempered and we have not experienced any change in customer demand or their longer-term plans.

In the U.S., we currently have 34 rigs earning revenue, which has been relatively consistent since mid-2024. Drilling activity growth remains constrained as producers continue to focus on shareholder returns rather than growth, while volatile commodity prices, customer consolidation, and drilling and completion efficiencies have restricted activity growth. If commodity prices remain stable and around today’s level, we expect drilling demand to begin to improve in the second half and gain momentum through the remainder of 2025 as new LNG export capacity is added and customers seek to maintain or possibly increase production levels.

Internationally, we have eight rigs working on term contracts, five in Kuwait and three in the Kingdom of Saudi Arabia. The majority of these rigs are under five-year term contracts that extend into 2027 and 2028, providing predictable cash flow for the next few years. We continue to bid our remaining idle rigs within the region and remain optimistic in our ability to secure rig reactivations.

As the premier well service provider in Canada, the outlook for this business remains positive. We expect the Trans Mountain pipeline expansion and LNG Canada to drive more service-related activity, while increased regulatory spending requirements are expected to result in more abandonment work. Customer demand should remain strong, and with continued labour constraints, we expect firm pricing into the foreseeable future.

Contracts

The following chart outlines the average number of drilling rigs under term contract by quarter as at February 12, 2025. For those quarters ending after December 31, 2024, this chart represents the minimum number of term contracts from which we will earn revenue. We expect the actual number of contracted rigs to vary in future periods as we sign additional term contracts.

As at February 12, 2025	Average for the quarter ended 2024								Average		Average for the quarter ended 2025								Average
	Mar. 31		June 30		Sept. 30		Dec. 31		2024		Mar. 31		June 30		Sept. 30		Dec. 31		2025
Average rigs under term contract:
U.S.		20		17		17		16		18		15		13		8		6		11
Canada		24		22		23		23		23		20		19		18		14		18
International		8		8		8		8		8		8		8		7		7		8
Total		52		47		48		47		49		43		40		33		27		37

SEGMENTED FINANCIAL RESULTS

Precision’s operations are reported in two segments: Contract Drilling Services, which includes our drilling rig, oilfield supply and manufacturing divisions; and Completion and Production Services, which includes our service rig, rental and camp and catering divisions.

	For the three months ended December 31,									For the year ended December 31,
(Stated in thousands of Canadian dollars)		2024		2023			% Change				2024		2023			% Change
Revenue:
Contract Drilling Services		402,610			446,503			(9.8	)		1,617,735			1,704,265			(5.1	)
Completion and Production Services		68,830			62,459			10.2			294,817			240,716			22.5
Inter-segment eliminations		(3,269	)		(2,091	)		56.3			(10,224	)		(7,127	)		43.5
		468,171			506,871			(7.6	)		1,902,328			1,937,854			(1.8	)
Adjusted EBITDA:⁽¹⁾
Contract Drilling Services		125,683			162,459			(22.6	)		532,345			630,761			(15.6	)
Completion and Production Services		15,895			12,193			30.4			66,681			51,224			30.2
Corporate and Other		(21,052	)		(23,421	)		(10.1	)		(77,805	)		(70,867	)		9.8
		120,526			151,231			(20.3	)		521,221			611,118			(14.7	)

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

SEGMENT REVIEW OF CONTRACT DRILLING SERVICES

	For the three months ended December 31,								For the year ended December 31,
(Stated in thousands of Canadian dollars, except where noted)		2024		2023		% Change				2024		2023		% Change
Revenue		402,610		446,503			(9.8	)		1,617,735		1,704,265			(5.1	)
Expenses:
Operating		264,858		270,303			(2.0	)		1,041,068		1,030,053			1.1
General and administrative		12,069		13,741			(12.2	)		44,322		43,451			2.0
Adjusted EBITDA⁽¹⁾		125,683		162,459			(22.6	)		532,345		630,761			(15.6	)
Adjusted EBITDA as a percentage of revenue⁽¹⁾		31.2	%	36.4	%					32.9	%	37.0	%

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

United States onshore drilling statistics:⁽¹⁾	2024				2023
	Precision		Industry⁽²⁾		Precision		Industry⁽²⁾
Average number of active land rigs for quarters ended:
March 31		38		602		60		744
June 30		36		583		51		700
September 30		35		565		41		631
December 31		34		569		45		603
Year to date average		36		580		49		670

^{(1) United States lower 48 operations only.}
^{(2) Baker Hughes rig counts.}

Canadian onshore drilling statistics:⁽¹⁾	2024				2023
	Precision		Industry⁽²⁾		Precision		Industry⁽²⁾
Average number of active land rigs for quarters ended:
March 31		73		208		69		221
June 30		49		134		42		117
September 30		72		207		57		188
December 31		65		194		64		181
Year to date average		65		186		58		177

^{(1) Canadian operations only.}
^{(2) Baker Hughes rig counts.}

SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES

	For the three months ended December 31,								For the year ended December 31,
(Stated in thousands of Canadian dollars, except where noted)		2024		2023		% Change				2024		2023		% Change
Revenue		68,830		62,459			10.2			294,817		240,716			22.5
Expenses:
Operating		50,714		48,297			5.0			217,842		181,622			19.9
General and administrative		2,221		1,969			12.8			10,294		7,870			30.8
Adjusted EBITDA⁽¹⁾		15,895		12,193			30.4			66,681		51,224			30.2
Adjusted EBITDA as a percentage of revenue⁽¹⁾		23.1	%	19.5	%					22.6	%	21.3	%
Well servicing statistics:
Number of service rigs (end of period)		170		183			(7.1	)		170		183			(7.1	)
Service rig operating hours		59,834		56,683			5.6			254,224		201,627			26.1
Service rig operating hour utilization		38	%	38	%					42	%	42	%

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

OTHER ITEMS

Share-based Incentive Compensation Plans

We have several cash and equity-settled share-based incentive plans for non-management directors, officers, and other eligible employees. Our accounting policies for each share-based incentive plan can be found in our 2023 Annual Report.

A summary of expense amounts under these plans during the reporting periods are as follows:

For the three months ended
December 31,

For the year ended
December 31,

(Stated in thousands of Canadian dollars)

2024

2023

2024

2023

Cash settled share-based incentive plans

14,018

11,972

42,828

32,063

Equity settled share-based incentive plans

1,071

697

4,588

2,531

Total share-based incentive compensation plan expense

15,089

12,669

47,416

34,594

Allocated:

Operating

3,709

2,765

11,868

9,497

General and Administrative

11,380

9,904

35,548

25,097

15,089

12,669

47,416

34,594

FINANCIAL MEASURES AND RATIOS

Non-GAAP Financial Measures

We reference certain Non-Generally Accepted Accounting Principles (Non-GAAP) measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.

Adjusted EBITDA

We believe Adjusted EBITDA (earnings before income taxes, gain on acquisition, loss on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals and depreciation and amortization), as reported in our Condensed Interim Consolidated Statements of Net Earnings and our reportable operating segment disclosures, is a useful measure because it gives an indication of the results from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.

The most directly comparable financial measure is net earnings.

	For the three months ended December 31,					For the year ended December 31,
(Stated in thousands of Canadian dollars)		2024		2023			2024		2023
Adjusted EBITDA by segment:
Contract Drilling Services		125,683		162,459			532,345		630,761
Completion and Production Services		15,895		12,193			66,681		51,224
Corporate and Other		(21,052	)	(23,421	)		(77,805	)	(70,867	)
Adjusted EBITDA		120,526		151,231			521,221		611,118
Depreciation and amortization		82,210		78,734			309,314		297,557
Gain on asset disposals		(1,913	)	(8,883	)		(16,148	)	(24,469	)
Loss on asset decommissioning		—		9,592			—		9,592
Foreign exchange		1,487		(773	)		2,259		(1,667	)
Finance charges		16,281		19,468			69,753		83,414
Gain on repurchase of unsecured notes		—		—			—		(137	)
Loss on investments and other assets		1,814		735			1,484		6,810
Gain on acquisition		—		(25,761	)		—		(25,761	)
Incomes taxes		5,717		(68,603	)		43,229		(23,465	)
Net earnings		14,930		146,722			111,330		289,244
Non-controlling interests		135		—			135		—
Net earnings attributable to shareholders		14,795		146,722			111,195		289,244


*Funds Provided by (Used in) Operations*	We believe funds provided by (used in) operations, as reported in our Condensed Interim Consolidated Statements of Cash Flows, is a useful measure because it provides an indication of the funds our principal business activities generate prior to consideration of working capital changes, which is primarily made up of highly liquid balances. The most directly comparable financial measure is cash provided by (used in) operations.

*Net Capital Spending*	We believe net capital spending is a useful measure as it provides an indication of our primary investment activities. The most directly comparable financial measure is cash provided by (used in) investing activities. Net capital spending is calculated as follows:
		For the three months ended December 31,					For the year ended December 31,
(Stated in thousands of Canadian dollars)			2024		2023			2024		2023
Capital spending by spend category
Expansion and upgrade			21,565		24,459			52,066		63,898
Maintenance, infrastructure and intangibles			37,335		54,388			164,632		162,851
			58,900		78,847			216,698		226,749
Proceeds on sale of property, plant and equipment			(8,570	)	(3,117	)		(30,395	)	(23,841	)
Net capital spending			50,330		75,730			186,303		202,908
Business acquisitions			—		646			—		28,646
Proceeds from sale of investments and other assets			—		—			(3,623	)	(10,013	)
Purchase of investments and other assets			718		61			725		5,343
Receipt of finance lease payments			(208	)	(191	)		(799	)	(255	)
Changes in non-cash working capital balances			11,114		(18,619	)		20,380		(11,845	)
Cash used in investing activities			61,954		57,627			202,986		214,784

Working Capital

We define working capital as current assets less current liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

Working capital is calculated as follows:

	December 31,		December 31,
(Stated in thousands of Canadian dollars)		2024		2023
Current assets		501,284		510,881
Current liabilities		338,692		374,009
Working capital		162,592		136,872

Total Long-term Financial Liabilities

We define total long-term financial liabilities as total non-current liabilities less deferred tax liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

Total long-term financial liabilities is calculated as follows:

	December 31,		December 31,
(Stated in thousands of Canadian dollars)		2024		2023
Total non-current liabilities		935,624		1,069,364
Deferred tax liabilities		47,451		73,515
Total long-term financial liabilities		888,173		995,849

Non-GAAP Ratios
We reference certain additional Non-GAAP ratios that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.

*Adjusted EBITDA % of Revenue*			We believe Adjusted EBITDA as a percentage of consolidated revenue, as reported in our Condensed Interim Consolidated Statements of Net Earnings, provides an indication of our profitability from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.

*Long-term debt to long-term debt plus equity*			We believe that long-term debt (as reported in our Condensed Interim Consolidated Statements of Financial Position) to long-term debt plus equity (total shareholders’ equity as reported in our Condensed Interim Consolidated Statements of Financial Position) provides an indication of our debt leverage.

*Net Debt to Adjusted EBITDA*			We believe that the Net Debt (long-term debt less cash, as reported in our Condensed Interim Consolidated Statements of Financial Position) to Adjusted EBITDA ratio provides an indication of the number of years it would take for us to repay our debt obligations.

Supplementary Financial Measures
We reference certain supplementary financial measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.

*Capital Spending by Spend Category*			We provide additional disclosure to better depict the nature of our capital spending. Our capital spending is categorized as expansion and upgrade, maintenance and infrastructure, or intangibles.

CHANGE IN ACCOUNTING POLICY

Precision adopted Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants – Amendments to IAS 1, as issued in 2020 and 2022. These amendments apply retrospectively for annual reporting periods beginning on or after January 1, 2024 and clarify requirements for determining whether a liability should be classified as current or non-current. Due to this change in accounting policy, there was a retrospective impact on the comparative Statement of Financial Position pertaining to the Corporation’s Deferred Share Unit (DSU) plan for non-management directors which are redeemable in cash or for an equal number of common shares upon the director’s retirement. In the case of a director retiring, the director’s respective DSU liability would become payable and the Corporation would not have the right to defer settlement of the liability for at least twelve months. As such, the liability is impacted by the revised policy. The following changes were made to the Statement of Financial Position:

As at January 1, 2023, accounts payable and accrued liabilities increased by $12 million and non-current share-based compensation liability decreased by $12 million.
As at December 31, 2023, accounts payable and accrued liabilities increased by $8 million and non-current share-based compensation liability decreased by $8 million.

The Corporation’s other liabilities were not impacted by the amendments. The change in accounting policy will also be reflected in the Corporation’s consolidated financial statements as at and for the year ending December 31, 2024.

PARTNERSHIP

On September 26, 2024, Precision formed a strategic Partnership with two Indigenous partners to provide well servicing operations in northeast British Columbia. Precision contributed $4 million in assets to the Partnership. Profit attributable to Non-Controlling Interests (NCI) was $0.1 million in 2024.

Precision holds a controlling interest in the Partnership and the portions of the net earnings and equity not attributable to Precision’s controlling interest are shown separately as NCI in the Consolidated Statements of Net Earnings and Consolidated Statements of Financial Position.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

Certain statements contained in this release, including statements that contain words such as “could”, “should”, “can”, “anticipate”, “estimate”, “intend”, “plan”, “expect”, “believe”, “will”, “may”, “continue”, “project”, “potential” and similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information and statements”).

In particular, forward-looking information and statements include, but are not limited to, the following:

our strategic priorities for 2025;
our capital expenditures, free cash flow allocation and debt reduction plans for 2025 through to 2027;
anticipated activity levels, demand for our drilling rigs, day rates and daily operating margins in 2025;
the average number of term contracts in place for 2025;
customer adoption of Alpha^TM technologies and EverGreen^TM suite of environmental solutions;
timing and amount of synergies realized from acquired drilling and well servicing assets; and
potential commercial opportunities and rig contract renewals.

These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

our ability to react to customer spending plans as a result of changes in oil and natural gas prices;
the status of current negotiations with our customers and vendors;
customer focus on safety performance;
existing term contracts are neither renewed nor terminated prematurely;
our ability to deliver rigs to customers on a timely basis;
the impact of an increase/decrease in capital spending; and
the general stability of the economic and political environments in the jurisdictions where we operate.

Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

volatility in the price and demand for oil and natural gas;
fluctuations in the level of oil and natural gas exploration and development activities;
fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;
our customers’ inability to obtain adequate credit or financing to support their drilling and production activity;
changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;
shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;
liquidity of the capital markets to fund customer drilling programs;
availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;
the impact of weather and seasonal conditions on operations and facilities;
competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;
ability to improve our rig technology to improve drilling efficiency;
general economic, market or business conditions;
the availability of qualified personnel and management;
a decline in our safety performance which could result in lower demand for our services;
changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas;
terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;
fluctuations in foreign exchange, interest rates and tax rates; and
other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions.

Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2023, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(Stated in thousands of Canadian dollars)	December 31, 2024			December 31, 2023⁽¹⁾			January 1, 2023⁽¹⁾
ASSETS
Current assets:
Cash	$	73,771		$	54,182		$	21,587
Accounts receivable		378,712			421,427			413,925
Inventory		43,300			35,272			35,158
Assets held for sale		5,501			—			—
Total current assets		501,284			510,881			470,670
Non-current assets:
Income tax recoverable		—			682			1,602
Deferred tax assets		6,559			73,662			455
Property, plant and equipment		2,356,173			2,338,088			2,303,338
Intangibles		12,997			17,310			19,575
Right-of-use assets		66,032			63,438			60,032
Finance lease receivables		4,806			5,003			—
Investments and other assets		8,464			9,971			20,451
Total non-current assets		2,455,031			2,508,154			2,405,453
Total assets	$	2,956,315		$	3,019,035		$	2,876,123

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	314,355		$	350,749		$	404,350
Income taxes payable		3,778			3,026			2,991
Current portion of lease obligations		20,559			17,386			12,698
Current portion of long-term debt		—			2,848			2,287
Total current liabilities		338,692			374,009			422,326

Non-current liabilities:
Share-based compensation		13,666			16,755			47,836
Provisions and other		7,472			7,140			7,538
Lease obligations		54,566			57,124			52,978
Long-term debt		812,469			914,830			1,085,970
Deferred tax liabilities		47,451			73,515			28,946
Total non-current liabilities		935,624			1,069,364			1,223,268
Equity:
Shareholders’ capital		2,301,729			2,365,129			2,299,533
Contributed surplus		77,557			75,086			72,555
Deficit		(900,834	)		(1,012,029	)		(1,301,273	)
Accumulated other comprehensive income		199,020			147,476			159,714
Total equity attributable to shareholders		1,677,472			1,575,662			1,230,529
Non-controlling interest		4,527			—			—
Total equity		1,681,999			1,575,662			1,230,529
Total liabilities and equity	$	2,956,315		$	3,019,035		$	2,876,123

^{(1) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”}

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (UNAUDITED)

	Three Months Ended December 31,						Year Ended December 31,
(Stated in thousands of Canadian dollars, except per share amounts)	2024			2023			2024			2023


Revenue	$	468,171		$	506,871		$	1,902,328		$	1,937,854
Expenses:
Operating		312,303			316,509			1,248,686			1,204,548
General and administrative		35,342			39,131			132,421			122,188
Earnings before income taxes, loss on investments and other assets, gain on acquisition, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals, and depreciation and amortization		120,526			151,231			521,221			611,118
Depreciation and amortization		82,210			78,734			309,314			297,557
Gain on asset disposals		(1,913	)		(8,883	)		(16,148	)		(24,469	)
Loss on asset decommissioning		—			9,592			—			9,592
Foreign exchange		1,487			(773	)		2,259			(1,667	)
Finance charges		16,281			19,468			69,753			83,414
Gain on repurchase of unsecured senior notes		—			—			—			(137	)
Gain on acquisition		—			(25,761	)		—			(25,761	)
Loss on investments and other assets		1,814			735			1,484			6,810
Earnings before income taxes		20,647			78,119			154,559			265,779
Income taxes:
Current		2,811			486			7,470			4,494
Deferred		2,906			(69,089	)		35,759			(27,959	)
		5,717			(68,603	)		43,229			(23,465	)
Net earnings	$	14,930		$	146,722		$	111,330		$	289,244
Attributable to:
Shareholders of Precision Drilling Corporation	$	14,795		$	146,722		$	111,195		$	289,244
Non-controlling interests	$	135		$	—		$	135		$	—
Net earnings per share attributable to shareholders:
Basic	$	1.06		$	10.42		$	7.81		$	21.03
Diluted	$	1.06		$	9.81		$	7.81		$	19.53

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

	Three Months Ended December 31,						Year Ended December 31,
(Stated in thousands of Canadian dollars)	2024			2023			2024			2023
Net earnings	$	14,930		$	146,722		$	111,330		$	289,244
Unrealized gain (loss) on translation of assets and liabilities of operations denominated in foreign currency		89,412			(36,755	)		119,821			(33,433	)
Foreign exchange gain (loss) on net investment hedge with U.S. denominated debt		(49,744	)		22,679			(69,027	)		21,195
Tax related to net investment hedge of long-term debt		750			—			750			—
Comprehensive income	$	55,348		$	132,646		$	162,874		$	277,006
Attributable to:
Shareholders of Precision Drilling Corporation	$	55,213		$	132,646		$	162,739		$	277,006
Non-controlling interests	$	135		$	—		$	135		$	—

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended December 31,						Year Ended December 31,
(Stated in thousands of Canadian dollars)	2024			2023			2024			2023
Cash provided by (used in):
Operations:
Net earnings	$	14,930		$	146,722		$	111,330		$	289,244
Adjustments for:
Long-term compensation plans		4,398			(2,541	)		18,888			6,659
Depreciation and amortization		82,210			78,734			309,314			297,557
Gain on asset disposals		(1,913	)		(8,883	)		(16,148	)		(24,469	)
Loss on asset decommissioning		—			9,592			—			9,592
Foreign exchange		1,477			(853	)		2,442			(866	)
Finance charges		16,281			19,468			69,753			83,414
Income taxes		5,717			(68,603	)		43,229			(23,465	)
Other		(392	)		(9	)		(272	)		(229	)
Loss on investments and other assets		1,814			735			1,484			6,810
Gain on acquisition		—			(25,761	)		—			(25,761	)
Gain on repurchase of unsecured senior notes		—			—			—			(137	)
Income taxes paid		(1,617	)		(708	)		(6,459	)		(3,103	)
Income taxes recovered		27			17			85			24
Interest paid		(2,806	)		(3,335	)		(72,241	)		(83,037	)
Interest received		409			614			1,967			1,176
Funds provided by operations		120,535			145,189			463,372			533,409
Changes in non-cash working capital balances		42,256			25,066			18,711			(32,838	)
Cash provided by operations		162,791			170,255			482,083			500,571

Investments:
Purchase of property, plant and equipment		(58,900	)		(78,582	)		(216,647	)		(224,960	)
Purchase of intangibles		—			(265	)		(51	)		(1,789	)
Proceeds on sale of property, plant and equipment		8,570			3,117			30,395			23,841
Proceeds from sale of investments and other assets		—			—			3,623			10,013
Business acquisitions		—			(646	)		—			(28,646	)
Purchase of investments and other assets		(718	)		(61	)		(725	)		(5,343	)
Receipt of finance lease payments		208			191			799			255
Changes in non-cash working capital balances		(11,114	)		18,619			(20,380	)		11,845
Cash used in investing activities		(61,954	)		(57,627	)		(202,986	)		(214,784	)

Financing:
Issuance of long-term debt		17,078			—			27,978			162,649
Repayments of long-term debt		(41,813	)		(86,699	)		(204,319	)		(375,237	)
Repurchase of share capital		(25,023	)		(17,004	)		(75,488	)		(29,955	)
Issuance of common shares from the exercise of options		—			—			686			—
Debt amendment fees		(46	)		—			(1,363	)		—
Lease payments		(3,266	)		(3,010	)		(13,271	)		(9,423	)
Funding from non-controlling interest		—			—			4,392			—
Cash used in financing activities		(53,070	)		(106,713	)		(261,385	)		(251,966	)
Effect of exchange rate changes on cash		1,700			(798	)		1,877			(1,226	)
Increase in cash		49,467			5,117			19,589			32,595
Cash, beginning of period		24,304			49,065			54,182			21,587
Cash, end of period	$	73,771		$	54,182		$	73,771		$	54,182

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

	Attributable to shareholders of the Corporation
(Stated in thousands of Canadian dollars)	Shareholders’ Capital			Contributed Surplus			Accumulated Other Comprehensive Income		Deficit			Total			Non- controlling interest		Total Equity
Balance at January 1, 2024	$	2,365,129		$	75,086		$	147,476	$	(1,012,029	)	$	1,575,662		$	—	$	1,575,662
Net earnings for the period		—			—			—		111,195			111,195			135		111,330
Other comprehensive income for the period		—			—			51,544		—			51,544			—		51,544
Share options exercised		978			(292	)		—		—			686			—		686
Settlement of Executive Performance and Restricted Share Units		21,846			(1,479	)		—		—			20,367			—		20,367
Share repurchases		(86,570	)		—			—		—			(86,570	)		—		(86,570	)
Redemption of non-management directors share units		346			(346	)		—		—			—			—		—
Share-based compensation expense		—			4,588			—		—			4,588			—		4,588
Funding from non-controlling interest		—			—			—		—			—			4,392		4,392
Balance at December 31, 2024	$	2,301,729		$	77,557		$	199,020	$	(900,834	)	$	1,677,472		$	4,527	$	1,681,999

	Attributable to shareholders of the Corporation
(Stated in thousands of Canadian dollars)	Shareholders’ Capital			Contributed Surplus		Accumulated Other Comprehensive Income			Deficit			Total			Non- controlling interest		Total Equity
Balance at January 1, 2023	$	2,299,533		$	72,555	$	159,714		$	(1,301,273	)	$	1,230,529		$	—	$	1,230,529
Net earnings for the period		—			—		—			289,244			289,244			—		289,244
Other comprehensive income for the period		—			—		(12,238	)		—			(12,238	)		—		(12,238	)
Acquisition share consideration		75,588			—		—			—			75,588			—		75,588
Settlement of Executive Performance and Restricted Share Units		19,206			—		—			—			19,206			—		19,206
Share repurchases		(29,955	)		—		—			—			(29,955	)		—		(29,955	)
Redemption of non-management directors share units		757			—		—			—			757			—		757
Share-based compensation expense		—			2,531		—			—			2,531			—		2,531
Balance at December 31, 2023	$	2,365,129		$	75,086	$	147,476		$	(1,012,029	)	$	1,575,662		$	—	$	1,575,662

2024 FOURTH QUARTER AND YEAR-END RESULTS CONFERENCE CALL AND WEBCAST

Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 11:00 a.m. MT (1:00 p.m. ET) on Thursday, February 13, 2025.

To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.

https://register.vevent.com/register/BI9168b4c0516f4409ab4f297340994ebc

The call will also be webcast and can be accessed through the link below. A replay of the webcast call will be available on Precision’s website for 12 months.

https://edge.media-server.com/mmc/p/8hij84aa

About Precision

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha™ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen™ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

Additional Information

For further information, please contact:

Lavonne Zdunich, CPA, CA
Vice President, Investor Relations
403.716.4500

800, 525 – 8th Avenue S.W.
Calgary, Alberta, Canada T2P 1G1
Website: www.precisiondrilling.com

The MIL Network –

February 13, 2025

MIL-Evening Report: ‘It’s a house battery you can drive around’ – how a handful of Australians are selling power back to the grid from their cars

Source: The Conversation (Au and NZ) – By Scott Dwyer, Research Director, Energy Futures, University of Technology Sydney

24K-Productions

Our cars sit unused most of the time. If you have an electric vehicle, you might leave it charging at home or work after driving it. But there’s another step you could take. If you have a bidirectional charger, you can set it to sell power back to the grid when demand is high.

Fewer than ten people across Australia actually do this, because the technology – known as Vehicle-to-Grid (V2G) – is very new. To date, it only works with a single car model (Nissan LEAF) and a single charger (Wallbox Quasar 1). We’ve estimated the number of users based on sales of this charger. The chargers are expensive and there’s a thicket of regulations to navigate.

But that could soon change. Last year, Climate Change Minister Chris Bowen announced new Australian standards and communications protocols for bidirectional chargers in a bid to make it mainstream. Cheaper EVs and bidirectional chargers will make this more appealing.

If it takes off, V2G could become extremely useful to the power grid as a way to release power as required and stabilise the grid against fluctuations.

This week, Australia’s renewable energy agency released a V2G roadmap, which notes widespread uptake could “materially reduce electricity costs for consumers and accelerate national emissions reduction”.

To understand why people are using the technology and the challenges to do so, we interviewed five early adopters from New South Wales and South Australia. Our findings are released today.

A bidirectional charger is necessary to sell power back to the grid.
doublelee/Shutterstock

Setting up V2G isn’t easy

Our interviewees reported a long, complex journey to set up V2G. These early adopters had no playbook to follow, so the process was one of trial and error.

Some relied on professional networks or social media groups to gather information. They spent significant time and energy finding electricians, installers and charger manufacturers to set up their systems. Strata approvals were required. They also had to negotiate with power retailers and distributors.

Delays were common, especially when seeking approval from the energy distributor. Some interviewees reported delays of months to years.

Most interviewees had experience in a technical field such as engineering or technology. Some reported a significant learning curve, while others using new software from their retailer reported a smoother “set and forget” process.

So why do it? Our interviewees had several reasons, ranging from getting the most out of expensive assets (solar and the EV) to offsetting power bills entirely.

Four out of five interviewees reported making a small profit of about A$1,000 annually instead of a bill. Many wanted to be able to reduce dependence on the grid and reduce their environmental impact.

As one told us:

you originally think of it as a car you can also use to power your house. [But actually] it’s a house battery you can drive around.

Maximising savings

Typically, our interviewees plugged their car in at home during the day to charge from their rooftop solar. In the evenings when power prices peaked, they used an app to sell power back to the grid. This maximised their cost savings for charging the car battery and their earnings from the grid.

For instance, a V2G user was alerted by their energy retailer that power prices had spiked to over $20 per kilowatt hour – far above normal rates of 25–45 cents. They immediately set their car and home battery to sell power back to the grid. In two hours, they sold 28 kilowatt hours of power to the grid and made more than $560. As they told us: “I look forward to more such events.”

Our interviewees often monitored energy prices, solar output and car battery levels to optimise their output. To avoid their EV battery getting too low, they set a lower limit – say 30% of charge – after which their car would stop exporting power.

This photo shows the setup of one of our early adopter interviewees. Pictured is the Nissan LEAF and bidirectional charger. For years, this has been the only car model compatible with vehicle to grid, but this is set to change.
Author provided, CC BY-NC-ND

Is there a downside?

One of the main reasons people are sceptical of V2G is due to concern about accelerated degradation of the battery.

This is a common concern. But to date, there’s no consensus showing V2G shortens the battery life of EVs significantly. One recent study shows it increases degradation by 0.3% a year. But another showed V2G might actually extend battery life in some scenarios.

Last year, we surveyed more than 1,300 members of a motoring organisation about their view of V2G technology. We found battery warranty was a bigger concern than battery life. This is because most EV manufacturers other than Nissan don’t mention V2G in their battery warranties, leading drivers to believe they might void their warranty by using V2G.

Awareness of V2G technology is growing. The survey also found almost 40% of respondents were very or somewhat familiar with V2G, a jump from the 17% who reported familiarity in 2022. Among EV owners, almost 90% reported knowledge of the concept.

Moving beyond early adopters

For V2G to go mainstream, the process must be much simpler, cheaper and easier to set up.

To accelerate uptake, reliable, accessible information is essential.

Expanding government incentive programs to include bidirectional chargers would cut the upfront cost and make it more accessible.

Even within the EV supply chain, knowledge of V2G is limited. Car dealerships will need to know which models work with V2G.

Electricians may need specific training to install and maintain these chargers.

EVs are falling in price as manufacturers vie for market share and cheaper options become available. V2G capabilities might help boost sales for competing car companies.

As more motorists switch to EVs, interest in V2G will increase. While V2G can boost the appeal of EVs, there are others, such as Vehicle-to-Home (using your car to power your home during blackouts or to save money) and Vehicle-to-Load (using your EV to run power tools or appliances).

Each of these can help consumers get more value from the vehicles parked in driveways and garages.

Scott Dwyer receives funding from iMOVE Australia Cooperative Research Centre and the NRMA for this project.

Scott Dwyer receives funding from iMOVE Australia Cooperative Research Centre and the NRMA for this project.

Kriti Nagrath receives funding from iMOVE Australia Cooperative Research Centre and the NRMA for this project.

– ref. ‘It’s a house battery you can drive around’ – how a handful of Australians are selling power back to the grid from their cars – https://theconversation.com/its-a-house-battery-you-can-drive-around-how-a-handful-of-australians-are-selling-power-back-to-the-grid-from-their-cars-249696

MIL OSI Analysis – EveningReport.nz –

February 13, 2025
MIL-OSI USA: Grassley, Ernst Work to Protect Farm Families’ Access to Higher Education

US Senate News:

Source: United States Senator for Iowa Chuck Grassley
WASHINGTON – Sen. Chuck Grassley (R-Iowa), a lifelong family farmer, joined Sen. Joni Ernst (R-Iowa) and Michael Bennet (D-Colo.) in introducing bipartisan legislation to protect farm families’ access to higher education. The Family Farm and Small Business Exemption Act would amend the FAFSA Simplification Act to restore the original exemption of non-liquid, farm and small business assets when determining a family’s FAFSA eligibility.
“Farm assets can’t be cashed out in the same way traditional investments can,” Grassley said. “Last Congress, I worked with the Department of Education to ensure the FAFSA asset test is only applied to investment farms, not family farms. Our bipartisan legislation would codify this guidance to ensure farm kids and other small business operators get a fair shake when applying for need-based financial aid.”
“No one should have to sell off the farm – or their small business – to afford college. As a farm kid myself, I know the enormous impacts grants and financial aid have on rural students’ decision to go to college,” Ernst said. “I’m fighting for Iowa families, so unfair policies don’t hold them back from investing in their child’s education.”
Additional cosponsors include Sens. Roger Marshall (R-Kan.), Jim Justice (R-W.Va.), Jerry Moran (R-Kan.), John Hoeven (R-N.D.), Mike Rounds (R-S.D.), John Boozman (R-Ark.) and Thom Tillis (R-N.C.).
Download audio of Grassley discussing the bill HERE.
Find bill text HERE.
Background:
Under the original FAFSA contribution formula, the expected family contribution didn’t factor in the non-liquid assets of family farms and small businesses with fewer than 100 employees. However, the 2020 FAFSA Simplification Act, which went into effect last year, created a new formula that didn’t explicitly exempt family farms and small businesses from declaration.
The value of a farm family’s assets – including land, buildings, livestock, unharvested crops and machinery – could total millions of dollars, but the family’s annual salary is significantly less. Per Iowa College Aid, if the value of family farms is included in the FAFSA asset test, a family making $60,000 a year could face over $41,000 in annual college tuition costs, compared to $7,600 previously.
Grassley has voiced strong concerns about the new FAFSA contribution formula’s impact on Iowa families. An overview of Grassley’s FAFSA-related efforts follows:
-30-

MIL OSI USA News –

February 13, 2025
MIL-OSI USA: Grassley, Cantwell Reintroduce Bills to Lower Prescription Drug Prices, Drive PBM Accountability

US Senate News:

Source: United States Senator for Iowa Chuck Grassley
WASHINGTON – Sen. Chuck Grassley (R-Iowa), Chairman of the Senate Judiciary Committee and former Chairman of the Senate Finance Committee, and Sen. Maria Cantwell (D-Wash.), Ranking Member of the Senate Commerce Committee, are reintroducing two bipartisan bills to combat the high cost of prescription drugs and provide greater transparency of pharmacy benefit managers (PBMs).
“Iowans are fed up with the skyrocketing cost of prescription drugs and eager for Congress to act to put a stop to pharmacy benefit managers’ shady practices. These bipartisan legislative solutions will bring much-needed transparency to prescription drug pricing and ensure the federal government can effectively target the abusive practices that unfairly drive up drug costs,” Grassley said.
“For too long, Americans have been left in the dark while PBMs – the mysterious middlemen – manipulate prescription drug prices. We need to hold PBMs accountable for skyrocketing drug costs. With these bipartisan bills, I’m continuing to fight for accountability and transparency in the drug market so we can shine a light on unfair practices and make sure patients get a fair deal on the medications they need,” Cantwell said.
Prescription Pricing for the People Act:
This bill requires the Federal Trade Commission (FTC) to complete a 6(b) study examining the effects of consolidation on pricing in the PBM industry, as well as other potentially abusive behavior by PBMs. The bill instructs the FTC to provide policy recommendations to Congress to improve competition and protect consumers.
Grassley has welcomed the FTC’s interim staff reports on opaque PBM practices. The interim staff reports are a direct result of Grassley’s prior requests for a 6(b) study on potential anti-competitive practices in the prescription drug industry, as well as his bipartisan demands for a status update in light of FTC’s significant delays. Once passed, this legislation will bring the FTC 6(b) study to completion. The bill falls within the jurisdiction of the Senate Judiciary Committee.
Additional cosponsors are Sens. Roger Marshall (R-Kan.), Peter Welch (D-Vt.), Tommy Tuberville (R-Ala.), Chris Coons (D-Del.), Thom Tillis (R-N.C.), Richard Blumenthal (D-Conn.), Shelley Moore Capito (R-W.Va.), Mazie Hirono (D-Hawaii) and James Lankford (R-Okla.).
The bipartisan proposal is supported by the AARP, AIDS Healthcare Foundation, American Pharmacists Association, Biotechnology Innovation Organization, Community Oncology Alliance, National Community Pharmacists Association and National Association of Specialty Pharmacy.
Pharmacy Benefit Manager (PBM) Transparency Act:
This bill bans deceptive and unfair pricing schemes, prohibits arbitrary claw backs of payments made to pharmacies, and requires PBMs to report to the FTC on how much money they make through spread pricing and pharmacy fees. The bill falls within the jurisdiction of the Senate Commerce Committee.
Additional cosponsors are Sens. Joni Ernst (R-Iowa), Peter Welch (D-Vt.), Shelley Moore Capito (R-W.Va.), Jeanne Shaheen (D-N.H.), Roger Marshall (R-Kan.), Martin Heinrich (D-N.M.), Jerry Moran (R-Kan.), Cindy Hyde-Smith (R-Miss.), Thom Tillis (R-N.C.) and Mike Rounds (R-S.D.).
The bipartisan proposal is supported by the AARP, AIDS Healthcare Foundation, American Pharmacists Association, Association for Clinical Oncology, Association of Mature American Citizens, Autoimmune Association, Biotechnology Innovation Organization, Crohn’s & Colitis Foundation, Community Oncology Alliance, National Community Pharmacists Association and National Association of Specialty Pharmacy.
“AARP, which advocates for the more than 100 million Americans aged 50 and over, is pleased to support the Prescription Pricing for the People Act of 2025 and Pharmacy Benefit Manager (PBM) Transparency Act of 2025. We value your ongoing bipartisan efforts to lower drug prices for consumers and taxpayers. It is outrageous that Americans pay the highest prices in the world for prescription drugs,” said Bill Sweeney, Senior Vice President, Government Affairs, AARP.
“APhA supports Senators Grassley’s and Cantwell’s reintroduction of the Pharmacy Benefit Manager Transparency Act, which would go a long way toward addressing PBMs’ anticompetitive business practices putting many independent pharmacies out of business and creating ‘pharmacy deserts’ in rural and underserved communities, where the neighborhood pharmacy may be the only health care provider for miles. We also support the Prescription Pricing for the People Act directing the FTC to report on ways to enforce antitrust and consumer protection laws. APhA stands ready to work with Senators Grassley and Cantwell and the FTC to not only examine PBMs’ anticompetitive business practices but to take the necessary actions to end them,” said the American Pharmacists Association.
“The Community Oncology Alliance (COA) commends Senators Grassley and Cantwell for once again taking an early lead in introducing pharmacy benefit manager (PBM) legislation in the 119th Congress. The Prescription Pricing for the People Act (S.113 in the 118th Congress) and the Pharmacy Benefit Manager (PBM) Transparency Act (S.127 in the 118th Congress) lit the fuse for additional legislation in both the Senate and the House to stop the top PBMs from harming patients, especially those with cancer. We thank Senators Grassley and Cantwell for their leadership in reintroducing these bills in the 119th Congress. Americans face medication delays and denials, as well as higher costs and waste, at the hands of the top PBMs, especially CVS/Caremark, Cigna/Express Scripts, and United/Optum Rx, which control 80 percent of the prescription drug market. They have to be stopped from harming cancer patients and others with serious diseases. It’s time for Congress to act now!” said Ted Okon, Executive Director, Community Oncology Alliance (COA).
“Increased transparency into PBM operations is critical to understanding the many ways their underhanded tactics lead to increased costs, delayed access to care, and an unfair marketplace for independent pharmacies – tactics that need swift, significant reforms. The PBMs’ attempt to block every action to increase transparency in the drug delivery system should concern everyone from patients to policymakers. We’re grateful to our allies in Congress like Sens. Grassley and Cantwell for keeping these bills on their agenda and pushing for accountability and change. PBM reform cannot wait,” said B. Douglas Hoey, CEO, National Community Pharmacists Association.
“IBD patients deserve to understand why PBMs are making the decisions that they do, and whether these decisions are financially motivated or based on science. They should also share in any cost savings achieved by PBMs. The Pharmacy Benefit Manager Transparency Act would make great strides in revealing the true motives and operating practices of PBMs, and in aligning their incentives with increased patient access to medications,” said Erin McKeon, Director, Federal Advocacy, Crohn’s & Colitis Foundation.
“The Pharmacy Benefit Manager Transparency Act of 2025 would prevent anti-competitive practices and require PBMs to operate with full transparency. This bill ensures that PBMs can no longer manipulate pricing, prioritize profits over patients, or exploit loopholes that drive up costs. AMAC Action is committed to protecting seniors from predatory pricing schemes and ensuring they have access to affordable prescription medications. We commend you both for leading this bipartisan effort and urge Congress to swiftly pass this legislation to bring long-overdue transparency and accountability to the PBM industry,” said Andrew J. Mangione Jr., Senior Vice President, AMAC Action.
About Pharmacy Benefit Managers
PBMs were initially formed in the 1960s to process claims and negotiate lower drug prices with drug makers. Now, PBMs administer prescription drug plans for hundreds of millions of Americans.
Today, three PBMs control nearly 80 percent of the prescription drug market. They serve as middlemen, managing 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 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.
Background:
Grassley has long championed efforts to reduce the cost of prescription drugs. Three pieces of legislation authored and coauthored by Grassley have been signed into law to combat anticompetitive practices and stop drug makers from reaping profits at the expense of taxpayers and consumers. Grassley has also led in-depth congressional investigations to expose those responsible for prescription drug price gouging.
Other actions include:
January 2025: Grassley welcomed the FTC’s second interim staff report on PBMs and urged congressional and executive branch action.
July 2024: Grassley welcomed the FTC’s interim staff report on PBMs and urged congressional and executive branch action.
January 2024: Grassley sent a letter urging the FTC to complete its investigation into the health care industry’s most powerful prescription drug middlemen.
November 2023: The Finance Committee adopted a Grassley-led provision to strengthen oversight of CMS and hold PBMs accountable.
July 2023: The Finance Committee adopted several Grassley-led PBM accountability provisions.
March 2023: The Senate Commerce Committee passed a Grassley-backed bill to hold PBMs accountable for unfair practices driving up costs for consumers.
February 2023: The Senate Judiciary Committee — which Grassley currently chairs — passed five Grassley-led bills to boost competition in the pharmaceutical industry and improve patients’ access to more affordable prescription drugs.
October 2022: Grassley led a bipartisan letter urging the FTC to complete its investigation into PBMs to shine light on drug pricing practices.
January 2021: Grassley and Senate Finance Committee Ranking Member Ron Wyden (D-Ore.) released a two-year bipartisan investigation into insulin price gouging.
August 2018: Grassley requested the FTC assess pharmaceutical supply chain intermediaries.
Learn more about Grassley’s persistent efforts to lower prescription drug costs HERE.

MIL OSI USA News –

February 13, 2025
MIL-OSI USA: Sens. Moran, Scott Join Colleagues in Introducing Legislation to Ease Burdens on Small Businesses
US Senate News:
Source: United States Senator for Kansas – Jerry Moran

WASHINGTON. – U.S. Senators Jerry Moran (R-Kan.) and Tim Scott (R-S.C.) joined nine of their Senate colleagues in introducing 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 make certain small businesses are not overburdened or penalized for violating unclear and unnecessarily complicated regulations.

The senators were joined by Sens. 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.), Kevin Cramer (R-N.D.) and James Lankford (R-Okla.).

“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 Sen. Moran. “Extending the filing deadline allows small businesses the additional time they need to comply with updated guidelines and avoid harmful penalties.”

“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,” said Sen. Scott. “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.”

Representative Zach Nunn (R-Iowa) led companion legislation in the House, which passed on Monday by a vote of 408-0.

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.

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.
MIL OSI USA News –
February 13, 2025
MIL-OSI United Kingdom: New industry bonus opens to support good jobs and low carbon manufacturing factories
Source: United Kingdom – Government Statements

Industrial heartlands and coastal areas will receive a major economic boost as the government backs renewable energy firms investing in industrial communities.
Government launches new investment to support clean energy manufacturing, and highly skilled jobs in industrial towns and cities

offshore wind developers can now bid for financial support if they drive investment in UK’s most deprived regions, build low carbon factories, or support net zero supply chains

the bonus will kickstart growth and support good jobs – delivering the mission to become a clean energy superpower through the government’s Plan for Change

Industrial heartlands and coastal areas will receive a major economic boost as the government backs renewable energy firms investing in industrial communities – backing good jobs through the government’s Plan for Change.

The application window has opened for the Clean Industry Bonus, which provides financial support for offshore wind developers, on the condition they prioritise their investment in areas that need it most, including traditional oil and gas communities – supporting highly skilled jobs such as engineers, electricians or welders.

The support also rewards developers who build more sustainable low carbon factories, offshore wind blades, cables and ports to reduce industrial emissions across the clean energy supply chain.

By encouraging developers to use less polluting suppliers, the bonus will help tackle the climate crisis while also addressing supply chain blockages in renewable technologies driven by Russia’s invasion of Ukraine – supporting industry on the transition to clean, secure, homegrown energy that Britain controls.

The UK produces more offshore wind than any other European country, making it the backbone for plans to deliver a clean power system by 2030 and become a clean energy superpower. This bonus will help accelerate the drive for clean power – incentivising developers to build the infrastructure the country needs to end reliance on unstable fossil fuel markets and help keep energy bills down for good.

Since July, the government has seen £34.8 billion of private investment into UK’s clean energy industries. In November, the government launched its carbon capture and storage industry supporting 4,000 jobs in the North West and Teesside. ScottishPower awarded a £1 billion turbine contract for its East Anglia TWO offshore windfarm to Siemens Gamesa, including blade production at its Hull blade factory – the company employ over 1,300 people in Humberside.

Energy Secretary Ed Miliband said:

We are backing our proud manufacturing, coastal and oil and gas communities with good jobs, skills and private sector investment – delivering on the government’s Plan for Change.

This is our clean energy superpower mission in action, kickstarting growth, delivering energy security and transforming towns and cities as part of the transition – from the ports of Nigg and Leith to the manufacturing hubs of Blyth and Hull.

Steve Foxley, Chief Executive of the Offshore Renewable Energy (ORE) Catapult, said:

This news is an important signal from government to industry of intent to grow our offshore wind sector in a way that benefits both our climate and our economy, supporting expansive regional job creation and bolstering national energy security.

Alongside innovating to develop next-generation technologies, delivering the right levels of future deployment and fulfilling the ambitions of the Industrial Growth Plan for offshore wind, it will drive up confidence in our ability to secure the clean investments we need in the years to come.

Dan McGrail, CEO of RenewableUK, said:

The offshore wind industry already employs over 34,000 people in the UK, but there’s an opportunity to treble this number by the end of the decade if we grow the sector’s supply chain. Government initiatives like the Clean Industry Bonus, coupled with industry initiatives to support innovation and the upcoming Industrial Strategy, could drive hundreds of millions of pounds of private investment into new manufacturing.

Whilst we’re right to focus on securing investment in manufacturing new turbine foundations, blades and cables, we shouldn’t forget that there are also thousands of jobs in the construction and maintenance of wind farms too. You can go to places across the country like Grimsby and Great Yarmouth and Buckie on the Moray Firth and see boats full of engineers ensuring our wind farms operate at maximum efficiency.

Dhara Vyas, Energy UK, Chief Executive, said:

Offshore wind is set to become the backbone of a decarbonised power system. To build an industry that is resilient to supply chain challenges, we need a framework that supports sustainable deployment, while fostering investment in the UK’s industrial heartlands.

The Clean Industry Bonus will help to unlock economic growth, create job opportunities, and maintain the UK’s position as a global leader in offshore wind.

Alongside the development of a broader industrial strategy, the Clean Industry Bonus will play an important role in strengthening the Contracts for Difference mechanism. Clarity will be critical in ensuring we can deliver Allocation Round 7, which is likely to be the single most important auction to achieving the Clean Power goal.

The UK is already home to the world’s first floating offshore wind farm and has the highest deployment of offshore wind in Europe. As a result, the UK’s offshore wind industry is supporting thousands of highly skilled jobs across the country.

This latest boost for renewable developers comes after the government delivered the most successful renewables auction round in history last year, securing contracts for Europe’s largest and second largest offshore wind farm projects.

The bonus will come with an initial £27 million per gigawatt of offshore wind projects. That means if developers commit to 7-8 GW of offshore wind, up to £200 million of funding could be made available.

Funding will be allocated competitively with the results announced by the Energy Secretary in the summer.

Notes to editors

The Clean Industry Bonus will apply to all offshore wind projects bidding for funding through this year’s renewable energy auction, Allocation Round 7 of the Contracts for Difference scheme, which is the main mechanism for securing clean energy infrastructure for Britain. September’s auction secured 5 GW for offshore wind, enough to power the equivalent of around 8 million homes.

The funding will come through the government’s Contract for Difference mechanism. The scheme is designed to protect billpayers from high costs with the lowest price bids successful, ensuring value for money.

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Published 13 February 2025
MIL OSI United Kingdom –
February 13, 2025
MIL-OSI USA: AKT Trading Inc. Recalls Seasoned Bamboo Shoots Because of Possible Health Risk
Source: US Department of Health and Human Services – 3
Summary

Company Announcement Date:

February 11, 2025

FDA Publish Date:

February 12, 2025

Product Type:

Food & Beverages
Foodborne Illness

Reason for Announcement:

Recall Reason Description

Potential Foodborne Illness – Botulism

Company Name:

AKT Trading Inc.

Brand Name:

Brand Name(s)

CHOSHIYA

Product Description:

Product Description

Menma Ajitsuke Prepared Bamboo Shoot

Company Announcement

AKT Trading Inc of Torrance, California is recalling 120 packages of Menma Ajitsuke Prepared Bamboo Shoot Product, because it has the potential to be contaminated with Clostridium botulinum, a bacterium which can cause life-threatening illness or death. Consumers are warned not to use the product even if it does not look or smell spoiled.

Botulism, a potentially fatal form of food poisoning, can cause the following symptoms: general weakness, dizziness, double-vision and trouble with speaking or swallowing. Difficulty in breathing, weakness of other muscles, abdominal distension and constipation may also be common symptoms. People experiencing these problems should seek immediate medical attention.

The bamboo shoot product was distributed at Tokyo Central Costa Mesa store in Costa Mesa, California.

The affected product is packaged in a plastic bag and can be identified by the following information:
- Brand Name: CHOSHIYA
- Product Name: MENMA AJITSUKE PREPARED BAMBOO SHOOTS
- Container: 8.8oz plastic bag
- JANCODE (UPC): 4983673527332
- Expiration Date: 1/29/2025
No illnesses have been reported to date.

This issue was discovered on 1/14/2025 at the Tokyo Central Costa Mesa retail store where the product was found being sold under ambient (non-refrigerated) conditions. The missing “Keep Refrigerated” label likely contributed to this issue. The product was immediately removed from sale at this location. Consumers who have purchased the affected product with the specified expiration date are urged not to consume it. Consumers should discard the product or return it to the place of purchase for a full refund.

AKT Trading Inc. is committed to the safety and quality of its products and is taking this action out of an abundance of caution. We are cooperating fully with the U.S. Food and Drug Administration (FDA) on this matter.

Consumers with questions may contact AKT Trading Inc. at 310-715-2174 or info@aktusa.com.

This recall is being made with the knowledge of the U.S. Food and Drug Administration.

Company Contact Information

Product Photos
Content current as of:

02/12/2025

Regulated Product(s)

Topic(s)

Follow FDA
MIL OSI USA News –
February 13, 2025
MIL-OSI New Zealand: Fiscal indicators in line with expectations

Source: New Zealand Government

The latest financial statements show the Government’s books are tracking broadly as expected, with some indicators in better shape than forecast at the Half Year Economic and Fiscal Update last year.
The Interim Financial Statements of the Government of New Zealand for the six months ended 31 December 2024 were published by Treasury today.
Treasury reports a $400 million improvement in the Government’s headline operating balance indicator, OBEGALx, compared to what was forecast. Net core Crown debt is $700 million lower than forecast.
“The Government is committed to returning OBEGALx to surplus and to bringing net core Crown debt below 40 per cent of GDP,” Finance Minister Nicola Willis says.
“Prudence with taxpayers’ money supports the Government’s work to grow the economy, invest in things that matter most to New Zealanders and build resilience to future shocks.”
The publication of the statements coincides with the launch of the Government’s Going for Growth progress report, which lays out the work already underway, as well as the work planned, to grow New Zealand’s economy.
“Economic growth supports the ability and speed with which we can rectify the Government’s financial position.”

MIL OSI New Zealand News –

February 13, 2025
MIL-OSI USA: Symposium Generates Connections and Strategies for Rural ND Communities

Source: US State of North Dakota

 Energy was high as over 100 attendees filled the North Dakota State Museum and Heritage Center auditorium for the inaugural North Dakota Rural Planning Symposium.

“Rural North Dakota is evolving, and planning is key to ensuring communities remain vibrant and sustainable,” says Commerce Commissioner Chris Schilken. “Events like this help our rural community developers connect, share ideas, and move us forward in continuing to build strong, resilient towns throughout the state.”

The rural community planning event, hosted by the Commerce Office of Community Development & Rural Prosperity, drew community developers, policymakers, and industry leaders from all corners of the state, with all eight regions represented.

“Ellendale is adapting to changing economic and demographic conditions through innovative solutions,” said Nicole Kempf, City Auditor. “The growth and prosperity opportunities in collaboration with Applied Digital has assisted with housing efforts and are creating positive changes in our community. It was inspiring to hear the actionable solutions shared today, and I’m eager to implement them in Ellendale.”

Following a social event the evening prior, the symposium kicked off with a brief presentation by international speaker Becky McCray, Rural Development Expert and Co-Founder of SAVEYOUR.town.

“North Dakota communities possess a remarkable sense of identity,” McCray observed. “Their strong community spirit and love for the outdoors are invaluable assets. Many communities are actively leveraging these strengths, while also fostering strong collaborations with neighboring towns.”

The event continued with discussions on rural development funding opportunities, mobilizing volunteers and advocates, and a workshop on building idea-friendly communities

For more information on the Commerce Office of Community Development & Rural Prosperity, visit Community Development and Rural Prosperity.

MIL OSI USA News –

February 13, 2025
MIL-OSI Global: Inflation is heating up again, putting pressure on Trump to cool it on tariffs

Source: The Conversation – USA – By Jason Reed, Associate Teaching Professor of Finance, University of Notre Dame

Inflation is building again; but the housing industry may find it harder to do so as a result of Trump tariffs. Win McNamee/Getty Images

Inflation figures released on Feb. 12, 2025, will come as a disappointment to Americans who hoped President Donald Trump would be true to his word on bringing down prices “on Day One.” It will also put pressure on the new administration to be wary of policies that may heat up inflation – and that includes tariffs.

The consumer price index, which measures the change in prices paid by consumers for a representative basket of goods and services, rose unexpectedly from December to January by 0.5%. It means consumers are paying around 3% more on item prices than they were a year ago.

Economists had been expecting the pace of inflation to slow in January.

The news isn’t good for anyone concerned. It means inflation remains above the Federal Reserve’s long-run target of 2% – making it harder for the central bank to cut rates at its next meeting on March 19. At its last meeting, the rate-setting Federal Open Market Committee kept its benchmark federal funds rate unchanged at a range of 4.25-4.50%.

Following the release of the latest inflation data, markets have a stronger conviction that the Fed will again hold rates steady when it meets in March.

It also means more pain for consumers. Higher interest rates set by the Fed play a large role in determining rates for mortgages, credit cards and auto loans. If January’s rate of inflation were to continue throughout 2025, consumers would see a painful 6.2% annualized inflation rate.

And although it would be churlish to link the latest jump in inflation to an administration just weeks old, it does put into focus the current slate of Trump economic policies. Economists have long warned that imposing tariffs on imports and cutting taxes does little to curb inflation – rather, they may contribute to faster price increases.

Already, China has been hit by a 10% tariff on all products. Trump has also proposed a 25% tariff on all steel and aluminum imports, and he mulled imposing new tariffs on Canada and Mexico – two of the United States’ largest trading partners.

I believe that if these wide-ranging tariffs come into effect, the Federal Reserve will have no choice but to keep rates elevated for the remainder of 2025.

Revving up for higher car costs

One of the largest drivers of inflation in January was rent increases, which accounted for nearly 30% of all items increase. Rents jumped 4.6% from a year earlier.

If Trump’s tariffs on Canadian imports, like lumber, take effect, Americans can expect continued price increases in the homebuilding sector. Supply and demand imbalances remain a key driver for higher prices, so fewer houses being built due to higher materials cost will likely lead to higher rents.

Consumers saw better news on new vehicle prices, which remained flat over the month and showed slight declines from a year ago.

This is even as demand for new cars increased 2.5% over 2024. In January 2025, the number of new vehicles sold topped the same month a year earlier for the fifth month in a row.

But as with homebuilding, any tariffs on the import of car parts or materials will impact the auto industry. Carmakers may have breathed an immediate breath of relief when Trump delayed new tariffs on Canada and Mexico. But if deals aren’t reached by the March 1 deadline, industry analysts expect immediate impacts on top sellers.

And any higher cost of new cars will have a knock-on effect on used cars, which saw prices jump 2.2% in January – it’s largest increase since May 2023.

Increased prices are no yoke! (groan)

Of course, not all inflationary pressures are in the purview of government.

The transportation sector, which includes insurance and parking fees, increased by 8% over the year. Insurance prices soared almost 12%, on the back of last year’s 20.6% increase in prices, while parking fees increased by almost 5% as a result of more expensive repairs and more dangerous driving behaviors.

Meanwhile, with bird flu continuing to spread, egg prices rose a shocking 15.2% in January, and are 53% more expensive than at this time last year.

All in all, voters who cited inflation as the main reason they were backing Trump may be feeling a little uneasy – the administration is only a few weeks old, but for one reason or other, Americans are experiencing ever higher prices with little relief in sight.

Jason Reed does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Inflation is heating up again, putting pressure on Trump to cool it on tariffs – https://theconversation.com/inflation-is-heating-up-again-putting-pressure-on-trump-to-cool-it-on-tariffs-249815

MIL OSI – Global Reports –

February 13, 2025
MIL-OSI Russia: Five best articles in Russian for 12.02.2025

MIL Analysis : Here are the top five Russian language articles published today. The analysis consists of five articles that are prioritized at the moment.

Today’s analysis shows economic productivity and the hot topic of cybersecurity of citizens from fraudsters.

Rosneft is expanding contactless fuel payment and has already introduced this system at gas stations in Khakassia. The Moscow subway held the first training sessions with guide dogs this year, 12 future service dogs started their training. Also, free cyber sports tournaments will be held in Moscow, in which everyone can take part.

You can read one of the articles below.

1. Financial news: February 14 at 15:00 will be held a press conference on the results of the meeting of the Board of Directors on monetary policy.

The event will be attended by the Chairman of the Bank of Russia Elvira Nabiullina and Deputy Chairman of the Bank of Russia Alexei Zabotkin.

Elvira Nabiullina will make a statement on monetary policy and medium-term forecast.

2. Financial news: Interview with German Zubarev “Komsomolskaya Pravda”.

“Safe accounts” to save money does not exist

One hundred million rubles. That’s how much financial fraudsters swindle from Russians every day. And this is only official data. Last year, the law that will allow to limit the losses started to work. Cellular operators block suspicious numbers, banks suspend payments and freeze accounts. But criminals still find the keys to our piggy banks.

3. “Rosneft” introduced contactless fuel payment services at its filling stations in Khakassia.

“Rosneft continued joint work with the Yandex Fueling Service to expand the geography of contactless fuel payment. The service became available at all Rosneft filling stations in the Republic of Khakassia. It is already possible to refuel a car using the mobile application at 95% of the network’s stations in almost all regions where the Company operates.

4. Moscow Metro held the first classes with guide dogs this year.

Moscow Metro

The Moscow Metro held the first training sessions with guide dogs this year, with 12 future service dogs starting their training.

Since 2014, more than 400 guide dogs have been trained in the subway under the guidance of inspectors from the Passenger Mobility Center and specialists from the Guide Dog Training School of the All-Russian Society for the Blind.

5. “Moscow cybersport”: free online tournaments begin in the capital.

Free online cybersport tournaments are starting in Moscow. During 2025 at least 135 online competitions will be held on the cybermos.ru platform. The first meetings are scheduled for February 14-16.

Learn more about MIL’s content and data services by visiting milnz.co.nz.

Regards MIL!

MIL OSI Russia News –

February 13, 2025
MIL-OSI New Zealand: BusinessNZ – Growth plan endorsed

Source: BusinessNZ

BusinessNZ has endorsed the Going for Growth plan released by the Minister for Economic Growth, outlining actions to be taken or underway to lift economic and productivity growth.

BusinessNZ Chief Executive Katherine Rich said the proposed reform of taxation, savings and competition policy offered potential for invigorating the economy, and individual businesses stood to gain from the reforms.

“For example, efforts towards promoting global trade and investment will be a significant boost for NZ exporters, while domestic businesses will gain from the reform of procurement rules that will give more ability for firms to tender for government business.”

Katherine Rich said the plan’s focus on innovation and AI was well-placed.

“Recent analysis by Accenture and Microsoft indicates the potential for annual GDP growth of up to $100 billion by 2038, based on greater uptake of AI by NZ businesses.

“We would expect the Going for Growth plan to stimulate a more productive business environment, allowing businesses to invest in digital and AI technologies, to drive even further productivity and economic growth,” Mrs Rich said.

The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

MIL OSI New Zealand News –

February 13, 2025
MIL-OSI: Ponce De Leon Foundation Grant Awarded in the Amount of $610,000 to Nonprofits

Source: GlobeNewswire (MIL-OSI)

BRONX, N.Y., Feb. 12, 2025 (GLOBE NEWSWIRE) — The Board of Directors of the Ponce De Leon Foundation is pleased to announce it has awarded $610,000 to nonprofits that are making a difference in our communities. Since its inception in 2017, the Foundation has provided over $2.4 million in grants.

Madeline V. Marquez, Executive Director of the Ponce De Leon Foundation, stated, “Year after year our grant applications increase, and it is evident the immense needs in our communities. We pride ourselves in ensuring all our focus areas are recognized and that we spread our funds equitably as we continue to support and strengthen the impact to our organizations.”

Carlos P. Naudon, President and Director of the Ponce De Leon Foundation, stated, “The mission on corporate social responsibility remains, we live it, breathe it and stay true to it. Once again overjoyed in serving our communities.”

Steven A. Tsavaris, Chairman of the Ponce De Leon Foundation added, “Partnership is key, especially when missions align. Humbled by these impactful groups and organizations.”

ACE Programs: $25,000 for the Expansion of Services for Low-Income, Independently Housed Individuals in Western Queens Project

Act Now Foundation, Inc.: $20,000 for the Alzheimer’s Care Project

Andromeda Community Initiative: $30,000 for Constructive Career

Brooklyn Youth Sports Club Inc: $30,000 for Brooklyn Youths Sports Club Program.

Creative Art Works: $15,000 for Public Art Youth Employment Programs.

Daniel’s Music Foundation: $20,000 for Disability Awareness.

Education Through Music: $30,000 for Music Education Program.

Girls Incorporated of New York City: $30,000 for the Project Accelerate.

Hope Kids NY.: $25,000 for the Ready, Set, Go to College Program.

Housing Partnership Development Corp: $30,000 for Homeownership Counseling & Education program.

I Challenge Myself Inc: $10,000 for Cycling Smartly in The Bronx program.

Jamaica Center for Arts & Learning Inc: $20,000 for JCAL Riddim Section.

Neighborhood Self Help by Older Persons Project Inc (SHOPP): $30,000 for Senior Community Assistance.

New Heights Youth Inc: $25,000 for College Bound Program.

New York Women’s Chamber of Commerce: $30,000 for the ContractHer Program.

Palisades Emergency Residence PERC: $15,000 for Technology Access Program.

Part of the Solution (POTS): $30,000 for the ESOL Support Program.

Princeton Center for Leadership & Learning: $30,000 for Connecting Gardening, Science & Literacy

Project Hope Charities, Inc: $30,000 for Food Pantry Project.

Regional Aid for Interim Needs Inc RAIN: $30,000 for Cucina Dolores Mobile Food Kitchen Project.

Spanish Speaking Elderly Council RAICES: $30,000 for Mindful Journey Program.

The HOPE Program Inc: $30,000 for Digital Literacy for Low-Income New Yorkers Program.

Union City Music Project, Inc: $15,000 for the 2025 After School Orchestral Music Education Program.

The Young People’s Chorus of New York City: $30,000 for YPC South Bronx Community Chorus Program.

About the Ponce De Leon Foundation: The Ponce De Leon Foundation is a private 501(c)3 charitable corporation launched in 2017 with a generous gift of stock and cash from Ponce Bank. As the bank has grown, so has the foundation, and when Ponce Bank became a fully public entity in January of 2022 additional funds were donated. Ponce De Leon Foundation’s mission remains, to improve the quality of life in the communities in which Ponce Bank maintains full-service branches. With these gifts, Ponce Bank made clear its commitment to continue its tradition of supporting the communities it serves. For further information on the Ponce De Leon Foundation, you can send an email to Grants@Poncedeleonfoundation.org.

About Ponce Bank: Ponce Bank is a subsidiary of Ponce Financial Group, Inc., a NASDAQ company trading under the symbol PDLB. Ponce Bank is a federally chartered stock savings association headquartered in the Bronx, New York. The Bank’s business is conducted through the administrative office, 13 branch banking offices and 5 mortgage loan centers. The banking offices are located in the Bronx (4 branches), Manhattan (2 branches), Queens (3 branches), Brooklyn (3 branches), and Union City, New Jersey (1 branch). Mortgage centers are located in Queens, (Flushing, Jamaica and Astoria) Brooklyn (Marine Park), and Bergenfield, New Jersey. The primary market area currently consists of the New York City metropolitan area. www.poncebank.com

The MIL Network –

February 13, 2025
MIL-OSI: THE ANNOUNCEMENT on the holding of the extraordinary general meeting
Source: GlobeNewswire (MIL-OSI)

THE ANNOUNCEMENT
on the holding of the extraordinary general meeting

of a joint stock company:

ZTS Sabinov, a. s., registered seat: Hollého 27, 083 30 Sabinov, ID No.: 00 590 797, registered in the Commercial Register of the District Court of Prešov, Sec.: Sa, Ins. No.: 76/P
(hereinafter referred to as the “Company“)

The Board of Directors of the Company, in accordance with § 184 et seq. of Act No. 513/1991 Coll., the Commercial Code, as amended (hereinafter referred to as the “Commercial Code“), convenes

EXTRAORDINARY GENERAL MEETING
OF THE COMPANY,

to be held on 19.03.2025 at 08:00 a.m. at the registered seat of the Company, at Hollého 27, 083 30 Sabinov, with the following agenda:
1. opening of the Extraordinary General Meeting and election of its bodies (chairman, recorder, verifiers of the minutes and scrutineers);
1. deciding on changes to the Articles of Association of the Company;
1. deciding on the termination of trading with all shares of the Company on the Bratislava Stock Market and on the fact that the Company ceases to be a public joint stock company and becomes a private joint stock company;
1. deciding on the conversion of the type and form of all shares of the Company from book-entry bearer shares to registered paper shares;
1. deciding on the approval of the process of conversion of all shares of the Company and the issuance of new shares;
1. deciding according to § 161a of the Commercial Code;
1. deciding on changes to the Articles of Association of the Company effective as of the date of the announcement of the mandatory takeover bid for the shares of the Company;
1. closing.
Registration and presentation of shareholders will take place at the premises of the Company from 07:00 a.m. to 07:55 a.m., personally arranged by authorized persons of the Company. Registration and presentation will close five (5) minutes prior to the commencement of the Extraordinary General Meeting.
The decisive date for exercising the shareholder’s rights under Section 180(1) of the Commercial Code in the case of shares of a public joint-stock company is the third day preceding the date of the Extraordinary General Meeting, i.e. 16.03.2025.
The person attending the Extraordinary General Meeting shall be required to prove their identity at the time of registration and presentation. In the case of the personal attendance of a person who is a shareholder:
1. natural person shall present their valid identity document at the time of presentation and registration;
1. legal entity shall hand over the original or an officially certified copy of a up to date extract from the commercial register or from a similar register, not older than 90 days, to the person in charge of the presentation and registration of shareholders; if the shareholder (legal entity) is not registered in such a register, the original or an officially certified copy of a up to date proof of the legal personality of such entity shall be handed over, including a document certifying who is authorized to act on behalf of the legal entity; at the same time, the natural person acting on behalf of the shareholder (legal entity) shall present their valid identity document;
Shareholder may participate in the Extraordinary General Meeting represented by an authorized representative on the basis of a written power of attorney with the officially verified signature of the shareholder. In the case of a shareholder being represented by a representative, the representative shall:

– shall hand over the original of the written power of attorney with the officially verified signature of the shareholder or an officially verified copy thereof at the time of registration and presentation to the authorized person of the Company;

– shall hand over the original or an officially certified copy of the documents to be presented or handed over by the shareholder to prove the identity of the shareholder (except for the identity document to be presented) and the circumstances relating to the proceedings and the subject matter of the Extraordinary General Meeting;

– shall present their valid identification document at the time of presentation and registration;
Provided that the shareholder, holder of bearer shares, established, as a security covering the respective expenses, a pledge over at least one share of the company pursuant to Section 184(3) of the Commercial Code, shall have the right to request sending a copy of the draft amendment of the Articles of Association of the Company at his own expense and risk to the address given by them. The shareholder shall have the right to request information and explanations at the Extraordinary General Meeting that are relevant to the subject matter thereof. The Board of Directors is obliged to provide the shareholder with the information in writing no later than 15 days after the Extraordinary General Meeting.

The Board of Directors of the Company, in accordance with Section 184(6) of the Commercial Code, hereby notifies the shareholders of the substance of the proposed changes to the Articles of Association of the Company, which changes are to be subject to decision in accordance with items 2. and 7. of the proposed agenda of the Extraordinary General Meeting:
- establishment of the shareholders’ right to decide on the conversion of the form of shares of the Joint Stock Company (agenda item 2);
- change in the details of the type and form of the shares as a result of the conversion of the shares of the Company (agenda item 7);
- establishing the obligation of the Company to keep a list of shareholders holding registered shares (agenda item 7);
- regulation of the rights and obligations of shareholders holding registered paper shares in accordance with the provisions of the Commercial Code (agenda item 7);
Information for Shareholders of the Company:
- shareholder has the right to attend and vote at the Extraordinary General Meeting. The number of votes of a shareholder corresponds to the ratio of the nominal value of his shares to the amount of the share capital of the Company, whereby one vote shall be cast for every EUR 16.00 of the nominal value of the shareholder’s shares;
- shareholder attends the extraordinary general meeting at his own expense;
- shareholder has the right to request information and explanations at the Extraordinary General Meeting concerning the Company’s affairs or the affairs of persons controlled by the Company, which matters are related to the subject matter of the Extraordinary General Meeting, and the shareholder is obliged to exercise this right no later than the decisive date specified in this announcement, i.e. no later than 16.03.2025;
- shareholder has the right to request copies of the draft Articles of Association or to have them sent to the address provided by the shareholder at the shareholder’s own expense and risk;
- at the request of a shareholder or shareholders holding shares with a nominal value of at least 5% of the share capital, the Board of Directors shall include the matter specified by them in the agenda of the Extraordinary General Meeting. The Extraordinary General Meeting shall be obliged to discuss the matter in such a case. The request for the addition to the agenda must be supported by reasons or be accompanied by a draft resolution of the extraordinary general meeting, otherwise the extraordinary general meeting may not take such a request into consideration; if the request for the addition of the matter to the agenda of Extraordinary General Meeting is received after the publication of the announcement of the Extraordinary General Meeting, the Board of Directors shall send or publish the addition to the agenda of the Extraordinary General Meeting in the manner prescribed by law and specified in the Articles of Association for convening Extraordinary General Meetings at least 10 days before the Extraordinary General Meeting, i.e. no later than on 09.03.2025; if such publication of the addition to the agenda of the Extraordinary General Meeting is not possible, the specified matter may be included in the agenda of the Extraordinary General Meeting only in the presence and with the consent of all shareholders of the Company; the Board of Directors shall be obliged to send or publish the notification of the addition to the agenda within 10 days before the Extraordinary General Meeting in each case if it is received by the shareholder or shareholders holding shares with a nominal value of at least 5% of the share capital not later than 20 days before the Extraordinary General Meeting, i.e. not later than 27.02.2025;
- shareholder may participate in the Extraordinary General Meeting represented by an authorized representative on the basis of a written power of attorney with the officially verified signature of the shareholder, a specimen of which is attached as Annex 1 to this announcement; the original of the written power of attorney or an officially verified copy thereof shall be handed over by the authorized representative to the persons in charge of the registration and presentation of the shareholders at the Extraordinary General Meeting no later than the beginning of the Extraordinary General Meeting, which persons shall present the power of attorney to the recorder of the Extraordinary General Meeting; the original of the written power of attorney or a certified copy thereof may be substituted by the verification of the ordinary copy of the written power of attorney by the recorder of the Extraordinary General Meeting – the verification by the recorder of the Extraordinary General Meeting shall be carried out on the basis of the presentation of the original of the document and its ordinary copy, while the verification of the ordinary copy shall be marked thereon and shall be retained for the purposes of the records of the Company; the original of the document shall be returned to the person who presented it;
- Company accepts shareholder’s notices of appointment, change or revocation of a power of attorney, accompanied by documents proving the indicated legal facts (i) in person at the registered office of the Company, (ii) by means of paper delivery to the registered office of the Company, alternatively (iii) by electronic means in favor of the e-mail address: griad@ztssabinov.sk; the authorized person is obliged to present the original officially certified written power of attorney at the time of registration and presentation of the shareholders at the Extraordinary General Meeting;
- if a shareholder has granted a written power of attorney to more than one person to exercise the voting rights attached to the same shares at a single extraordinary general meeting, the Company shall enable to vote to that representative who has been entered the earliest in the list of attendees at the extraordinary general meeting;
- if several shareholders have granted a written power of attorney for representation to one representative, the latter may vote separately for each shareholder duly represented at the Extraordinary General Meeting;
- shareholder may grant a written power of attorney to a member of the Supervisory Board of the Company exclusively stipulating the specific instructions for voting on each resolution or item on the agenda of the Extraordinary General Meeting on which the member of the Supervisory Board, as representative, is appointed to vote on behalf of the shareholder;
- shareholder’s voting and participation in the Extraordinary General Meeting cannot be carried out by means of postal services prior to the Extraordinary General Meeting, nor by electronic means, as such voting or participation in the Extraordinary General Meeting is not provided for in the Articles of Association of the Company;
- Company shall make available to shareholders on the Company’s website www.ztssabinov.sk (electronically) at least 30 days prior to the Extraordinary General Meeting:
- full text of all documents to be discussed in the agenda of the Extraordinary General Meeting;
- total number of shares and voting rights attached to the shares as of the date of publication of the announcement of the Extraordinary General Meeting;
- draft resolutions, if any, of the Extraordinary General Meeting according to the individual items on the agenda of the Extraordinary General Meeting and the opinion of the Board of Directors on each item on the agenda of the Extraordinary General Meeting for which no draft resolution is submitted;
- specimen of the written power of attorney form that may be used for the voting of representatives;
- full texts of the documents (in particular the draft Articles of Association) and drafts of any resolutions of the Extraordinary General Meeting to be discussed at the Extraordinary General Meeting are made available to shareholders in hard copy form for inspection at the registered office of the Company within 30 days prior to the Extraordinary General Meeting, on working days between 1:00 p.m. and 3:00 p.m.;
- Company publishes information pursuant to a special regulation by means of the Internet, on its website at www.ztssabinov.sk ;
SAMPLE POWER OF ATTORNEY
for representation at the Extraordinary General Meeting

POWER OF ATTORNEY

The undersigned Principal

Full name/Business name: ………………………………
Address / Registered office: …………………………….
Date of birth / Company ID: ……………………………
Registered in ¹: …………………………………………….
Acting through¹: …………………………………………..

as the owner of ………. dematerialized shares of the issuer ZTS Sabinov, a. s., with its registered office at Hollého 27, 083 30 Sabinov, Company ID: 00 590 797, registered in the Commercial Register of the District Court Prešov, Section: Sa, Insert No.: 76/P, in bearer form, ISIN: ……………………………., with a nominal value of 16 EUR per share.

(hereinafter referred to as the “Principal“),

hereby authorizes

the Authorized Representative
Full name/Business name: ……………………………….
Address/Registered office: ……………………………….
Date of birth/Company ID: ……………………………….
Registered in¹: ……………………………………………..
Acting through¹: ……………………………………………
(hereinafter referred to as the “Authorized Representative”)

to represent the Principal at the Extraordinary General Meeting of ZTS Sabinov, a. s., with its registered office at Hollého 27, 083 30 Sabinov, Company ID: 00 590 797, registered in the Commercial Register of the District Court Prešov, Section: Sa, Insert No.: 76/P (hereinafter referred to as the “Company“), which will be held on March 19, 2025, at 08:00 AM at the registered office of the Company (hereinafter referred to as the “Extraordinary General Meeting“), in accordance with the provisions of Section 31 et seq. of the Civil Code, and within the agreed scope of authorization.

The Authorized Representative is entitled to exercise all rights and fulfill all obligations at the Extraordinary General Meeting, which are granted to the Principal as a shareholder of the Company under the legal framework of the Slovak Republic and the Articles of Association of the Company. In particular, but not exclusively, the Authorized Representative is entitled to vote, submit proposals, and request information on behalf and in the name of the Principal.

I hereby grant this power of attorney in relation to the shares owned by the Principal as a shareholder of the Company, which are registered on the following securities accounts²^:
1. Securities account number:…………, number of shares owned by the Principal and registered on the specified securities account: ………………;
2. Securities account number: ………, number of shares owned by the Principal and registered on the specified securities account: ……………;
3. Securities account number: …………………, number of shares owned by the Principal and registered on the specified securities account: ………………;
If this power of attorney is granted to an Authorized Representative who is a member of the Supervisory Board of the Company, the Authorized Representative is entitled to exercise all rights at the Extraordinary General Meeting, which the legal system of the Slovak Republic and the Articles of Association of the Company grant to the Principal as a shareholder of the Company, under the following conditions³:
- For agenda item(s) no. ……………….., the Authorized Representative is obliged to vote in favor;
- For agenda item(s) no. ……………….., the Authorized Representative is obliged to vote against;
- For agenda item(s) no. ……………….., the Authorized Representative is obliged to abstain from voting.
This power of attorney is granted for the duration of the Extraordinary General Meeting.

By signing this document, the Authorized Representative unconditionally confirms that they have been acquainted with the Articles of Association of the Company by the Principal and are aware of their obligations arising from this power of attorney.

The Authorized Representative is not entitled to delegate this authorization to another person (prohibition of substitution).

This power of attorney shall be governed by the legal system of the Slovak Republic.

On behalf of the Principal:
In __________________, on __________.2025

full name / business name:

position¹:

signature:

(officially certified signature)

On behalf of the Authorized Representative:
In __________________, on __________.2025

full name / business name:

position¹:

signature:

(officially certified signature)

ZTS Sabinov, a. s. accepts notifications regarding the granting of power of attorney, changes to an already granted power of attorney, and revocation of power of attorney also via email at griad@ztssabinov.sk in PDF document format.

The MIL Network –
February 13, 2025
MIL-OSI: $TOCKHOLDER ALERT: The M&A Class Action Firm Continues To Investigate The Merger – ENFN, VCSA, ACCD, AVAV
Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:
- Enfusion, Inc. (NYSE: ENFN), relating to the proposed merger with Clearwater Analytics. Under the terms of the agreement, Enfusion shareholders will receive $5.85 per share in cash and $5.40 per share in Clearwater Class A Common Stock.
Click here for more https://monteverdelaw.com/case/enfusion-inc-enfn/. It is free and there is no cost or obligation to you.
- Vacasa, Inc. (NASDAQ: VCSA), relating to the proposed merger with Casago. Under the terms of the agreement, Casago will acquire all outstanding shares of Vacasa held by public stockholders at a price of $5.02 per share.
Click here for more https://monteverdelaw.com/case/vacasa-inc-vcsa/. It is free and there is no cost or obligation to you.
- Accolade, Inc. (Nasdaq: ACCD), relating to the proposed merger with Transcarent. Under the terms of the agreement, Transcarent will acquire Accolade for $7.03 per share in cash.
Click here for more https://monteverdelaw.com/case/accolade-inc-accd/. It is free and there is no cost or obligation to you.
- AeroVironment, Inc. (NASDAQ: AVAV), relating to the proposed merger with BlueHalo LLC. Under the terms of the agreement, AeroVironment shareholders will own approximately 60.5% of the combined company.
ACT NOW. The Shareholder Vote is scheduled for April 1, 2025.

Click here for more information https://monteverdelaw.com/case/aerovironment-inc-avav/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:
1. Do you file class actions and go to Court?
2. When was the last time you recovered money for shareholders?
3. What cases did you recover money in and how much?
About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

The MIL Network –
February 13, 2025
MIL-OSI: Parker Scheduled to Present at Barclays Industrial Select Conference on February 19 at 11:00 a.m. Eastern Time

Source: GlobeNewswire (MIL-OSI)

CLEVELAND, Feb. 12, 2025 (GLOBE NEWSWIRE) — Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it is scheduled to present at the Barclays Industrial Select Conference in Miami Beach, Florida on February 19, 2025 at 11:00 a.m. Eastern time. A live webcast of the presentation will be accessible on Parker’s investor information website at investors.parker.com and will be archived on the site.

Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Parker has increased its annual dividend per share paid to shareholders for 68 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. Learn more at www.parker.com or @parkerhannifin.

###

The MIL Network –

February 13, 2025
MIL-OSI New Zealand: Business – Ruling out compensation for Golden Mile businesses will put Wellingtonians’ jobs at risk

Source: Business Central

The decision to rule out compensation for businesses on the Golden Mile will put jobs and livelihoods at risk, the Wellington Chamber of Commerce warns.

A three-year redevelopment of Courtenay Place is set to begin in April, the Wellington City Council confirmed today. In doing so, the Council rejected calls to offer compensation or rent relief while major construction is taking place.

Wellington Chamber of Commerce CEO Simon Arcus says it’s far too early to rule out forms of business support:

“Businesses are the heartbeat of our central city – without them, there would be no Golden Mile at all.

“We all know the city centre needs an upgrade, but construction of this size and scale will pose huge risks to businesses – and that means jobs will be at stake.

“It’s hugely concerning to hear the Council say they won’t consider compensation for business. The lesson of the City Rail Link in Auckland is that projects like this drive businesses to the brink.

“That’s why Auckland offers compensation to business in the form of rent relief,” Arcus said.

The $12m Targeted Hardship Fund was set up in 2021 to help businesses affected by construction. Arcus said it offers a proven model Wellington City Council could adopt.

“We already have the solution. Let’s get together and make it work,” Arcus said.

“The question always comes down to funding, but central city businesses already pay millions of dollars into a fund for moments like this.”

The Downtown Targeted Rate – also known as the Downtown Levy – is an extra charge on central city businesses worth more than $17m a year.

“That fund was set up at the request of business to help the central city economy,” said Arcus.

“Instead, it’s being used to subsidise Council facilities like Tākina Convention Centre and the Carter Observatory. Is that really the right way to use that money at a time when businesses are at risk?

“It’s also troubling read reports the Council is planning to let out empty shopfronts on a month-to-month basis. We should be doing all we can to keep people in business, not planning what to do when they’re gone.

“We do believe Golden Mile needs a refresh, and we want to work with the Council on a vision we can all get behind,” he said.

MIL OSI New Zealand News –

February 13, 2025
MIL-OSI Submissions: Australia – Household spending flat in January as Aussies take a break after stronger fourth quarter – CBA

Source: Commonwealth Bank of Australia (CBA)

Spending stalled at 153.4 in January, following a strong sales spending to finish 2024.

The monthly CommBank Household Spending Insights (HSI) Index was flat in January, unchanged at 153.4, as consumers took a breather from opening their wallets following sale activity in the final months of 2024.

Modest spending increases were seen across six of the 12 spending categories, with the most notable uplifts seen in spending on Motor vehicles (+1.5 per cent), Insurance (+1.2 per cent), and Health (+1.0 per cent).

The biggest spending falls in January were in Education (-1.8 per cent), driven by reduced spending on universities, Hospitality (-1.0 per cent) and Household Goods (-0.9 per cent).

“The flat January HSI result was somewhat expected following the spike in spending we saw in the last three months of 2024 off the back of Black Friday, Cyber Monday and Boxing Day sales. Essentials made up the three highest spending categories in the month as consumers pulled back on discretionary spending,” CBA Senior Economist Belinda Allen said.

“We expect the RBA to lower interest rates at their first meeting of the year next week which will help provide a boost to consumer spending over the coming months. We anticipate a total of 100 basis points of monetary policy easing throughout 2025 to drive an improvement in the consumer spending pulse.”

On an annual basis, homeowners with a mortgage (+3.0 per cent) have surprisingly seen a larger increase in spending compared to those who own their home outright (+2.8 per cent), while renters continue to lag (+2.0 per cent).

“The increase in spending by those with a mortgage can be attributed to the fact that not only are this cohort likely at a stage of life where they’re spending on essential items, they’re still dedicating a significant share of their wallet to recreation and entertainment,” Belinda Allen concluded.

The CommBank HSI index tracks month-on-month data at a macro level and is based on de-identified payments data from approximately 7 million CBA customers, comprising roughly 30 per cent of all Australian consumer transactions.

MIL OSI – Submitted News –

February 13, 2025
MIL-OSI USA: Gillibrand Announces Legislation To Lower The Cost Of Prescription Drugs

US Senate News:

Source: United States Senator for New York Kirsten Gillibrand

High Drug Prices Can Force New Yorkers Who Rely On Prescription Drugs To Cut Pills In Half Or Skip Doses Entirely; Legislation Would Help Ensure Life-Saving Medication Is Affordable For All

Today, U.S. Senator Kirsten Gillibrand, ranking member of the Senate Aging Committee, held a virtual press conference announcing the Capping Prescription Costs Act, legislation that would cap the annual out-of-pocket cost of prescription drugs at $2,000 for individuals and $4,000 for families with private insurance.

“As President Trump rolls back initiatives to make health care more affordable for working families, I am proud to be introducing this legislation to address the astronomical cost of prescription drugs,” said Senator Gillibrand. “No American should ever have to risk their health by skipping refills or rationing life-saving medication because they can’t afford it. This legislation is a commonsense measure that would be life-changing for older adults and the millions of Americans with chronic conditions and disabilities, and I am determined to get it passed.”

Senators Raphael Warnock (D-GA), Tammy Baldwin (D-WI), Cory Booker (D-NJ), Richard Blumenthal (D-CT), John Fetterman (D-PA), Martin Heinrich (D-NM), Andy Kim (D-NJ), Amy Klobuchar (D-MN), Patty Murray (D-WA), and Peter Welch (D-VT) cosponsor this legislation.

Throughout her time in Congress, Gillibrand has fought to lower the cost of prescription drugs. In 2022, she helped pass the Inflation Reduction Act, which capped Medicare patients’ out-of-pocket prescription drug costs at $2,000 per year; empowered Medicare to negotiate prescription drug prices; and regulated price increases by drug companies. She is an original cosponsor of the Medicare for All Act, which would provide every American with prescription drug coverage. In 2023, she joined a bipartisan push to lower out-of-pocket costs for prescription drugs by limiting the use of harmful “copay accumulators,” which prevent copay assistance from counting toward a patient’s deductible or out-of-pocket maximum and make it harder for patients to afford their medications.

MIL OSI USA News –

February 13, 2025
MIL-OSI: 1401 Penn Project Receives Repayment

Source: GlobeNewswire (MIL-OSI)

WASHINGTON, Feb. 13, 2025 (GLOBE NEWSWIRE) — EB5 Capital, a leading Regional Center operator in the EB-5 industry, announced today that it has received a partial $12.38 million repayment from the recapitalization of the 1401 Penn (JF20) project.

The remaining $4.62 million balance of the $17.0 million EB-5 investment will remain invested in the project alongside a new senior lender and preferred equity provider.

Completed in July 2020, JF20 is a mixed-use development featuring a seven-story, 167-unit apartment community and over 20,000 square feet of ground-floor retail in Washington, D.C.’s historic Capitol Hill neighborhood. On the ground floor of the property is The Roost, a 12,500 square foot food hall operated by Neighborhood Restaurant Group featuring 12 individual food and beverage concepts. The dynamic food hall has received critical acclaim and is quickly becoming a premier destination on Capitol Hill.

“The repayment of an EB-5 investment by a developer is an important moment in our business cycle,” said Brian Ostar, President of EB5 Capital. “We take great pride in the level of scrutiny potential deals go through. The return of funds reaffirms our investment due diligence process and highlights our team’s ability to identify viable EB-5 investment opportunities for our investors.”

This repayment marks the 18th EB5 Capital project where the company can begin returning funds to investors.

About EB5 Capital

EB5 Capital provides qualified foreign investors with opportunities to invest in job-creating commercial real estate projects under the United States Immigrant Investor Program (EB-5 Visa Program). Headquartered in Washington, DC, EB5 Capital’s distinguished track record and leadership in the industry has attracted investors from over 75 countries. As one of the oldest and most active Regional Center operators in the country, the firm has raised over $1.3 billion of foreign capital across approximately 45 EB-5 projects. 100% of our investors’ funds are protected by the Federal Deposit Insurance Corporation (FDIC) insurance prior to their deployment into our projects. Please visit www.eb5capital.com for more information.

Contact:
Katherine Willis
Director, Marketing & Communications
media@eb5capital.com

The MIL Network –

February 13, 2025
MIL-OSI: Partners Value Investments Inc. Announces Normal Course Issuer Bids

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 12, 2025 (GLOBE NEWSWIRE) — Partners Value Investments Inc. (the “Corporation”) (TSXV: PVF.WT. PVF.PR.V), a subsidiary of Partners Value Investments L.P. announced today that it has received approval from the TSX Venture Exchange (the “Exchange”) for normal course issuer bids (the “Bids”) to purchase up to 1,396,407 of its share purchase warrants (the “Warrants”), representing approximately 5% of its currently outstanding Warrants; and to purchase up to 3,533,558 of its Class A preferred shares, series 1 (the “Preferred Shares”), representing approximately 5% of its currently outstanding Preferred Shares. The Bids will be effective from February 14, 2025 to February 13, 2026, or such earlier date that the Corporation completes its purchases.

Purchases by the Corporation pursuant to the Bids will be made by its designated broker, RBC Capital Markets, through the facilities of the Exchange, other designated exchanges and alternative trading systems in Canada. The price which the Corporation will pay for any Warrants or Preferred Shares purchased will be the market price of the Warrants and Preferred Shares at the time of acquisition. Any Warrants and Preferred Shares acquired through the Bids will be cancelled. As of January 31, 2025, there were 27,928,149 Warrants and 70,671,137 Preferred Shares outstanding.

The Corporation believes that, from time to time, the market price of the Warrants and Preferred Shares may not adequately reflect their value. In such circumstances, the Corporation believes that its outstanding Warrants and Preferred Shares may represent an appropriate and desirable use of its available funds.

In connection with the Bids, the Corporation will enter into an automatic purchase plan with its designated broker on February 13, 2025. The automatic purchase plan will allow for the purchase of Warrants and Preferred Shares when the Corporation would not ordinarily be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Outside of these periods, Warrants and Preferred Shares will be repurchased in accordance with management’s discretion and in compliance with applicable law.

For further information, contact Investor Relations at ir@pvii.ca or 416‐643-7621.

Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. Expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking information and forward-looking statements.

Although the Corporation believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation and Brookfield Asset Management Ltd., the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws, catastrophic events, such as earthquakes, hurricanes, or pandemics/epidemics; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Partnership’s documents filed with the securities regulators in Canada.

The Corporation cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Corporation’s forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or otherwise.

The MIL Network –

February 13, 2025

MIL-OSI New Zealand: Economy – NZ Treasury: Interim Financial Statements of the Government of New Zealand for the six months ended 31 December 2024

Source: The Treasury

The Interim Financial Statements of the Government of New Zealand for the six months ended 31 December 2024 were released by the Treasury today.

The December results are reported against forecasts based on the Half Year Economic and Fiscal Update 2024 (HYEFU 2024), published on 17 December 2024, and the results for the same period for the previous year.

	Year to date				Full Year
	December 2024 Actual1 $m	December 2024 HYEFU 2024 Forecast1 $m	Variance2 HYEFU 2024 $m	Variance HYEFU 2024 %	June 2025 HYEFU 2024 Forecast3 $m
Core Crown tax revenue	59,944	59,715	229	0.4	120,623
Core Crown revenue	66,575	66,284	291	0.4	134,038
Core Crown expenses	68,879	69,322	443	0.6	144,638
Core Crown residual cash	(11,206)	(10,722)	(484)	(4.5)	(16,610)
Net core Crown debt4	185,834	186,575	741	0.4	192,810
as a percentage of GDP	44.1%	44.2%			45.1%
Gross debt	199,099	193,413	(5,685)	(2.9)	206,558
as a percentage of GDP	47.2%	45.9%			48.3%
OBEGAL excluding ACC (OBEGALx)	(3,501)	(3,885)	384	9.9	(12,868)
OBEGAL	(4,571)	(4,878)	307	6.3	(17,317)
Operating balance (excluding minority interests)	(348)	(1,464)	1,116	76.2	(10,161)
Net worth	187,459	186,373	1,086	0.6	177,492
as a percentage of GDP	44.5%	44.2%			41.5%

Using the most recently published GDP (for the year ended 30 September 2024) of $421,702 million (Source: Stats NZ).
Favourable variances against forecast have a positive sign and unfavourable variances against forecast have a negative sign.
Using HYEFU 2024 forecast GDP for the year ending 30 June 2025 of $427,252 million (Source: The Treasury).
Net core Crown debt excludes the NZS Fund and core Crown advances. Net core Crown debt may fluctuate during the year largely reflecting the timing of tax receipts.

Core Crown tax revenue at $59.9 billion was $0.2 billion (0.4%) higher than forecast, with the largest variance in GST being $0.3 billion (1.5%) above forecast.

Core Crown expenses at $68.9 billion were $0.4 billion (0.6%) below forecast. The variance is mostly timing in nature and was spread across a range of functional spending areas.

The operating balance before gains and losses excluding ACC (OBEGALx) was a deficit of $3.5 billion, $0.4 billion less than the forecast deficit. When including the revenue and expenses of ACC, the OBEGAL deficit was $4.6 billion, $0.3 billion less than the deficit forecast.

The operating balance deficit of $0.3 billion was $1.1 billion less than the deficit forecast. This is largely owing to the variances to forecast in net gains and losses for the six months to December 2024, with net losses on non-financial instruments being $1.4 billion lower than forecast, partly offset by net gains on financial instruments being $0.8 billion lower than forecast.

The core Crown residual cash deficit of $11.2 billion was $0.5 billion more than the deficit forecast and was largely timing in nature with personnel and operating payments occurring earlier than anticipated.

Net core Crown debt at $185.8 billion (44.1% of GDP), was broadly in line with forecast ($186.6 billion or 44.2% of GDP). While the core Crown residual cash deficit was higher than forecast, its impact on net core Crown debt was more than offset by higher than forecast net gains on financial instruments and the Reserve Bank’s issuance of circulating currency.

Gross debt at $199.1 billion (47.2% of GDP) was $5.7 billion higher than forecast largely owing to higher than forecast derivatives in loss and issuances of Euro Commercial Paper. However, this increase in gross debt was broadly offset by a corresponding increase in financial assets therefore this has not flowed through to the net core Crown debt measure or to net worth.

Net worth at $187.5 billion (44.5% of GDP), was $1.1 billion higher than forecast largely reflecting the operating balance results. Net worth consisted of total Crown assets of $597.9 billion ($13.0 billion higher than forecast) and total Crown liabilities of $410.5 billion ($11.9 billion higher than forecast).

MIL OSI New Zealand News –

February 13, 2025

MIL-OSI Security: Hunting Outfitter Pays $500,000 to Resolve Allegations Related to the Cow Creek Fire in Ouray County, Colorado

Source: Office of United States Attorneys

DENVER—The United States Attorney’s Office for the District of Colorado announced today that Jackson Outfitters, LLC, a hunting outfitter based in Placerville, Colorado, has agreed to pay $500,000 to resolve allegations that it is liable for the ignition of a wildland fire, which became known as the Cow Creek Fire and which burned 850 acres on the Uncompahgre National Forest in Ouray County, Colorado, in October 2019.

The United States alleges that the Cow Creek Fire was caused by a wood-burning stove located inside a wall tent in the Green Mountain Camp, which is owned and operated by Cow Creek Outfitters, an affiliate of Jackson Outfitters. At the time of the incident, the Green Mountain Camp was occupied by a party that had booked a self-guided elk hunt through Cow Creek Outfitters. Jackson Outfitters operates its business in the National Forest under a Special Use Permit, which states that Jackson Outfitters has an affirmative duty to protect the land, property, and other interests of the United States—including fire suppression costs—from damage.

The United States alleges that the Cow Creek Fire started at Green Mountain Camp when embers and other ignited material exited a stovepipe attached to the wood-burning stove and landed on the ground, igniting dry vegetation. The Cow Creek fire ultimately burned approximately 850 acres of National Forest System lands. The United States incurred significant suppression costs fighting the fire. The United States alleges that by not ensuring that the wood-burning stove was equipped with a functional, properly-installed spark arrestor, Jackson Outfitters breached its duty to ensure that its activities did not result in an escaped fire.

“Outfitters must ensure that the equipment they use in National Forests is safe and protects public lands for all of us,” said Acting U.S. Attorney J. Bishop Grewell. “We appreciate that this resolution was cooperative and reimburses the United States for costs incurred in fighting the fire.”

The claims against Jackson Outfitters are allegations, and in agreeing to settle this matter, the company did not admit to any liability.

This matter was investigated by U.S. Forest Service Law Enforcement and Investigations and was handled by Assistant United States Attorney Katherine Ross.

MIL Security OSI –

February 13, 2025
MIL-OSI Security: Pair admit stealing ski boat from St. Mary Lake property on Blackfeet Indian Reservation

Source: Office of United States Attorneys

GREAT FALLS — A man and a woman today admitted they stole a ski boat and trailer from property on St. Mary Lake on the Blackfeet Indian Reservation, U.S. Attorney Jesse Laslovich said.

The defendants, Tiffany Rae Morris, 37, of Shelby, and Levi Jacques Carl Johnson, 44, of Kevin, each pleaded guilty in separate hearings to theft within Indian Country. Morris and Johnson face a maximum of five years in prison, a $250,000 fine and three years of supervised release.

Chief U.S. District Judge Brian M. Morris presided. The court will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors. Sentencing was set for June 25. The defendants were released pending further proceedings.

In court documents, the government alleged that on June 9, 2024, Morris and Johnson stole a ski boat and trailer from the property of the victim, identified as John Doe. The property is on St. Mary Lake on the Blackfeet Indian Reservation. Doe reported the theft to law enforcement and posted about it on Facebook. An investigation identified Morris and Johnson as potential suspects, based on video surveillance. The following day, a landowner in the Cut Bank area notified law enforcement that a boat had been abandoned on his property and that he thought it was the stolen boat. John Doe responded to the scene and identified his boat. The boat’s identifying decals had been removed. In interviews with law enforcement, Morris and Johnson admitted to stealing the boat. After the theft was circulated on Facebook, the defendants wanted to return the boat but were afraid of being apprehended and abandoned it in the field. Johnson reported that the decals came off when he power-washed the boat. The boat was a 2007 Ski-doo Challenger 180, valued at more than $1,000.

The U.S. Attorney’s Office is prosecuting the case. Blackfeet Law Enforcement Services, Glacier County Sheriff’s Office, and the FBI conducted the investigation.

XXX

MIL Security OSI –

February 13, 2025
MIL-OSI USA: Confirm Robert F. Kennedy Jr. to Make America Healthy Again

US Senate News:

Source: United States Senator for Wyoming John Barrasso
WASHINGTON, D.C. – U.S. Senator John Barrasso (R-Wyo.), Senate Majority Whip, today spoke on the Senate Floor as the Senate prepares to vote on the confirmation of Robert F. Kennedy Jr., President Donald J. Trump’s nominee for Secretary of Health and Human Services.
Click HERE to watch Senator Barrasso’s remarks.
Sen. Barrasso’s remarks as prepared:
“The Senate will soon vote on the confirmation of Robert F. Kennedy Jr. to be the Secretary of the Department of Health and Human Services.
“America needs to be healthier. I’m a doctor. I’ve worked with patients for over 20 years as a surgeon in Wyoming.
“The problem is, our nation faces a chronic disease epidemic. Chronic diseases include diabetes, cancer, and obesity.
“Chronic diseases are so widespread that managing them accounts for 90 percent of federal health care spending. And we spend a lot of our Gross National Product on health care.
“Nearly 3 in 5 American adults and 1 in 4 American children are impacted by this. Our health care system tries to address this problem. Yet by incentivizing procedures over prevention, it often fails to address it effectively and economically.
“As a result, Americans are becoming less healthy. We need to put America on a path to good health.
“President Trump selected Robert F. Kennedy Jr. to do just that. Mr. Kennedy will bring a fresh set of eyes and ideas to important debates surrounding public health.
“Mr. Kennedy will be a voice for the vast number of Americans who were failed by the previous administration.
“The previous administration silenced reasoned debate. Mr. Kennedy will deliver accountability and transparency.
“For Americans, that means more choices and better information. It means healthy foods and healthy competition for patients. It means lower costs and higher quality care. It means increased access to care. Access is so critical to my home state of Wyoming, with our many rural and frontier communities.
“It means honest, unbiased, and trustworthy scientific research that is both innovative and accountable to the American people.
“That is Mr. Kennedy’s bold vision to revitalize America’s bill of health.
“Mr. Kennedy is clear about his mission. That mission is, as he told the Finance Committee, ‘to end the chronic disease epidemic and make America healthy again.’
“Apparently, that’s not enough for Senate Democrats.
“Senator Catherine Cortez Masto of Nevada was dismissive. At our Finance Committee hearing, I heard her say to Mr. Kennedy: ‘So that’s the only reason why you’re at HHS? To address this one issue.’
“Respectfully, addressing chronic disease is the key issue when you’re talking about healthcare.
“Mr. Kennedy testified before two Senate Committees as part of his confirmation. He responded to rigorous questions from both Republicans and Democrats. He answered those questions with candor and clarity.
“He told the Senate HELP Committee that his leadership approach will be collaborative. He pledged to ‘empower the scientists to do their jobs’ – not to impose ‘preordained opinions on anybody at HHS.’
“Mr. Kennedy was also clear that he supports vaccines.
“He told the Finance Committee, ‘I support the measles vaccine. I support the polio vaccine. I will do nothing as HHS secretary that makes it difficult or discourages people from taking either of those vaccines.’
“The Senate has every reason to take him at his word.
“Mr. Kennedy is a bold choice. He is pro-health, pro-vaccine, and pro transparency. He is the right choice to make America healthy again.
“I look forward to confirming him.”

MIL OSI USA News –

February 13, 2025
MIL-OSI USA: Rosen, Collins Introduce Bipartisan Bill to Tackle Nursing Shortage

US Senate News:

Source: United States Senator Jacky Rosen (D-NV)

WASHINGTON, DC – Today, U.S. Senators Jacky Rosen (D-NV) and Susan Collins (R-ME) introduced the Train More Nurses Act to address the nursing shortage affecting communities across the nation. This bipartisan bill will direct the Secretary of Health and Human Services and the Secretary of Labor to conduct a review of nursing grant programs to find ways to increase faculty at nursing schools, especially those in underserved areas. It will also increase pathways for Licensed Practical Nurses to become Registered Nurses.
Nevada is experiencing a dire shortage of medical professionals. A recent analysis found that Nevada is one of the states with the least amount of nurses per capita. According to the University of Nevada Reno’s Nevada Health Workforce Research Center, it would take over 3,000 additional registered nurses for the state to catch up to the national average.
“As Nevada continues to face a shortage of nurses and doctors, it’s becoming more difficult for hardworking families to get the medical care they need,” said Senator Rosen. “I’m introducing this bipartisan bill to help increase the number of nurses in our state and improve Nevadans’ access to high-quality health care.”
“In the midst of a growing demand for medical treatments and services, health care providers across Maine continue to face a significant shortage of nurses. One challenge in growing the nursing workforce to meet this demand is the limited supply of nursing faculty available to increase student enrollment and train the next generation of nurses,” said Senator Collins. “This bipartisan legislation would identify strategies to close the faculty gap and expand our nursing workforce, ultimately improving access to care.”
“By investing in nursing education and creating clear pathways to employment, we can ensure that registered nurses are well-prepared to meet the demand, and that patients receive the high-quality care they deserve,” said Melodie Osborn, Chief Nursing Executive for Renown Health. “At Renown Health (Reno, NV), we’ve seen first-hand the positive impact of supporting nursing students through scholarships, apprenticeships, loan repayment, preceptorships, and advanced simulation education. Nurses are the backbone of the healthcare system. We are so grateful to Senators Rosen and Collins for moving forward this bill to invest in nursing education, which is crucial to be able to have more qualified and compassionate nursing care for you and your family.”
Senator Rosen is working to address Nevada’s health care professional shortage and improve medical care access in the state. Senators Rosen and Collins’ bipartisan Maximizing Health Outcomes through Better Investments in Lifesaving Equipment for (MOBILE) Health Care Act was signed into law in 2022 to allow community health centers to use federal funds to establish new mobile health care units to increase access to health care services in rural and underserved communities. Last year, Senator Rosen pushed for more medical residency slots to be awarded to Nevada to help tackle the physician shortage. She also helped introduce the bipartisan Medical Student Education Authorization Act to address the doctor shortage by expanding the Medical Student Education Program and introduced a package of bipartisan bills aimed at addressing the shortage of doctors and dentists in Nevada and across the country.

MIL OSI USA News –

February 13, 2025
MIL-OSI New Zealand: Consumer NZ warns of car rental company’s questionable practices

Source: Consumer NZ

A recent investigation reveals how autoUnion pressures customers into paying large bonds to cover the excess on an insurance policy some believe is dodgy.

Chris Schulz, senior investigative journalist at Consumer NZ, is warning those looking for an affordable car hire option in Auckland or Christchurch to avoid car rental company autoUnion. Despite alluringly cheap daily rates, Schulz believes autoUnion’s cheap deals could end up costing a fortune.

Consumer initially received a tip-off from an autoUnion customer, Jesse Ashwell, about the car rental company’s potentially fraudulent practices.

“Ashwell bought insurance online when she first booked her car, but when she turned up at the car yard, she was asked to pay a $3,000 bond to cover the insurance excess on an additional ‘basic cover’ insurance policy.

“She didn’t receive a copy of an insurance policy document or any information about autoUnion’s insurance provider – despite requesting it,” says Schulz.

Ashwell says: “I refused to pay a $3,000 bond so it took two and a half hours to sort out the rental. When I finally got to the car, I found a dirty, smelly Toyota Aqua.”

“The car broke down on the third day of hire. Ashwell was accused of filling it up with the wrong petrol (which she denies and has a receipt to prove) and her credit card was charged over $1500 to cover the damage autoUnion alleged she’d caused” says Schulz.

“We’re concerned autoUnion is targeting people looking for a super-cheap rental car, charging them a hefty bond to cover their insurance excess and then finding a reason to hold onto that bond.”

A spokesperson for autoUnion explained it is a budget rental car company and admitted it had had issues with some customers being confused by the company’s insurance policies – especially if they’d already paid for insurance when booking through a third-party company. But the spokesperson said autoUnion would never attempt to scam people in this way.

But Schulz believes autoUnion is up to no good and likely to be breaking the law.

He urges others looking to hire a cheap rental car to avoid autoUnion at all costs.

“It’s understandable that people will be tempted when a rental car is that cheap – but, in the case of autoUnion, it’s not worth it.

“Ashwell was pressured to buy an additional insurance product that we haven’t seen any evidence exists, accused of something she’s confident she didn’t do and then charged for alleged damage.

“AutoUnion’s behaviour is unacceptable and we’re concerned others may have been stung by similar charges.”

If you’ve had a similar experience to Ashwell, please share your story with us at playfair@consumer.org.nz.

“We want to get to the bottom of what’s going on with autoUnion, and if necessary, shut down this practice.”

Tips for renting a car

Check to see if the company is registered with the Rental Vehicle Association

Read reviews and check the terms and conditions of any deal before entering into a contract. If a deal seems too good to be true, it probably is.

Book directly through the rental company’s website.

Car hirers should be up front about their insurance policies and provider’s details.

If you’re asked to pay a bond, make sure you know what the bond covers and read the terms and conditions thoroughly.

Notes

You can read more details about Consumer’s investigation into auto-Union on its website: Is an Auckland car rental company profiting from ‘fake’ insurance? ( https://consumernz.cmail20.com/t/i-l-fikwx-ijjdkdttjk-j/ )

MIL OSI New Zealand News –

February 13, 2025
MIL-OSI USA: Waller, Reflections on a Maturing Stablecoin Market

Source: US State of New York Federal Reserve

Thank you for inviting me to speak today about stablecoins, an important innovation for the crypto ecosystem with the potential to improve retail and cross-border payments.1 A little over three years ago, I outlined my views on the benefits and risks of stablecoins.2 I can think of no better place than this conference to discuss the maturing stablecoin market and examine potential challenges that could impede stablecoins from reaching their full potential.
For the purposes of this speech, I define stablecoins as a type of digital asset designed to maintain a stable value relative to a national currency and backed at least one-to-one with safe and liquid assets. Specifically, a pool of assets is held in reserve so that stablecoins can be redeemed for traditional currency in a timely fashion.
Stablecoins—as with any means of payment—must demonstrate 1) a clear use case and 2) a clear commercial case to be economically viable. These terms are often conflated, but they are different, and both are necessary. Having a use case is how you attract consumers and businesses, while a business model is necessary for issuers of stablecoins to continue operating. As private sector innovators look to expand on the use cases of stablecoins and seek to achieve scale, what might emerge as challenges or roadblocks? This is a question I will explore today, including from a public sector perspective. Of course, as a policymaker, I am not here to endorse any of these use cases or business models, and what follows is not advice or recommendations. Rather, I am discussing them to underscore the varied ecosystem that policymakers must understand.
I will begin by explaining some of the use cases of stablecoins, including those that are well established and those that are still emerging. The primary use of stablecoins is as a safe crypto store of value. In the early days of crypto trading, buying and selling crypto meant trading one crypto-asset for another crypto-asset. As we have seen, crypto prices can fluctuate substantially, which means crypto-assets that are not anchored as stablecoins suffer from price risk. All financial markets crave the existence of a safe, low-risk asset which allows traders to move out of risky positions into safe ones where the safe asset price is known and stable. The beauty of financial innovation is that if a market demands such an asset, someone will figure out how to supply it. Thus, stablecoins were born.
A stablecoin’s value is tied to a national fiat currency, with the U.S. dollar being the fiat currency of choice for most stablecoins. In this sense, stablecoins are synthetic dollars. In our everyday life, the dollar serves as a medium of exchange and a unit of account. By their tie to the dollar, stablecoins are the medium of exchange and unit of account in the crypto ecosystem.
But how does one trade a “real” dollar for a “synthetic” dollar, like a stablecoin? Exchanges already allowed agents to move in and out of the crypto ecosystem but doing so took time and money. Stablecoins provided a marketplace solution to this problem—a means to represent dollars on exchanges so that transactions could be carried out more quickly and efficiently. Currently, stablecoins are involved in over 80 percent of trading volume on major centralized crypto exchanges.3
A second stablecoin use case is providing a means to access and hold U.S. dollars. Today, around 99 percent of stablecoin market capitalization is denominated in U.S. dollars, and the vast majority of digital asset trades are priced in U.S. dollars.4 This is no surprise given the primacy of the U.S. dollar in global finance and trade, and I believe that stablecoins have the potential to maintain and extend the role of the dollar internationally.5 U.S. dollar stablecoins could be particularly appealing to those in high inflation countries or to those without easy or affordable access to dollar cash or banking services.
A third use case is cross-border payments. For example, we are hearing increased industry focus on the “stablecoin sandwich” model of cross-border payments, in which fiat currency in one country is converted first into a U.S. dollar stablecoin, then that stablecoin is transferred to another individual, and then finally the stablecoin is converted back into the local fiat currency at its destination. This has the potential to reduce the complexity of a series of correspondent banking networks, improving transparency, cost, and timeliness. As this use case develops, it is critical that market participants implement all anti-money laundering and relevant consumer safeguards.
The last use case I will describe is in retail payments. At present, stablecoin use for retail payments is very limited. However, I am seeing a lot of new, private sector entrants looking to find ways to support the use of stablecoins for retail payments. For example, firms that provide point-of-sale technology are acquiring innovative fintechs or developing their own capabilities to accept stablecoins for retail purchases. This provides consumers with yet another option. Firms are also looking to incorporate stablecoins—and crypto more broadly—into peer-to-peer payment apps.
It remains to be seen whether stablecoins will scale for retail payment use cases. Such an evolution would require both a substantial number of consumers to shift their preferences toward using stablecoins and a significant number of businesses to make necessary investments to receive payments via stablecoins. We know that consumer retail payments behavior is sticky, and when behavior does change, it generally happens over a long period. If retail payments use cases do increase, it would probably take years to have a significant impact. That said, if stablecoins reduce transaction fees or allow merchants to attract customers, then merchants could have an incentive to accept them. Ultimately, the market will sort out whether consumers and businesses have the incentives to use stablecoins in this way.
In addition to stablecoins having clear cut use cases, issuers must have a viable business model. To cite one famous example, Red Lobster’s endless shrimp deal was popular with customers, but it did not turn out to be a sustainable model for the restaurant chain. Let me describe what I think are the incentives for stablecoin issuers, but I am here today to learn more.
To date, most stablecoin issuers appear to generate revenue primarily by earning higher returns on their reserve assets than they incur in expenses. They issue a zero-interest liability and use the proceeds to acquire interest earning assets, thereby profiting from the spread. As with bank deposits, the interest rate environment will have a significant effect on the profitability of firms issuing stablecoins. Higher interest rates generally mean higher rates of return on reserve assets, which generates revenue for the issuer. However, higher interest rates also have the potential to make non-interest bearing assets less attractive for consumers to hold. That said, users who hold stablecoins as an accessible, safe store of U.S. dollar denominated value may not be particularly sensitive to the interest rate environment, a phenomenon we already see today with some holders of physical U.S. dollars.
An additional way stablecoin issuers can generate revenue is through fees. This could include charging minting and burning fees, which occur when a customer acquires a new stablecoin for a real dollar or wants to redeem it for real dollars. This is very much like the foreign exchange market in fiat currencies that most of us are familiar with. Alternatively, as occurs with most payments firms, the issuer could earn money from transaction fees.
Finally, stablecoin issuers may use stablecoins as part of a broader strategy to attract customers to whom they may sell other products and services. In that case, stablecoins could be seen as a “loss leader” to entice customers to use other products or services offered by the stablecoin issuer that are much more profitable.
With the exception of the last example, the viability of the other business models will depend on the ability of stablecoins to scale as a means of payment and on how consumers and businesses respond. For example, if the stablecoin issuer decides to pass through interest earnings on its assets, that will make the stablecoin more attractive, but it will reduce the profits from issuing a stablecoin. The smaller the interest rate spread, the more important scale becomes. For the fee-based models, free entry into this space will drive down fees as it does in any other market, which will reduce the revenue from issuing a stablecoin.
Within this market, scale is important for achieving certain use cases as well as satisfying certain business models. For example, stablecoins are unlikely to become a viable option for retail payments if consumers question whether stablecoins will be widely accepted as a means of payment, while stablecoin issuers cannot generate significant revenue from interest on backing assets or fees without scale. I call this the “Field of Dreams” problem—if you build it, will they come?
With all of that in mind, let’s now dive into some of the potential challenges or roadblocks that will need to be overcome for stablecoins to achieve their full potential.
The first theme I will explore is one that I have discussed in the past—the safety and soundness of stablecoins and the need for a clear regulatory regime for stablecoins in the United States.6 Stablecoins are forms of private money and, like any form of private money, are subject to run risk, and we have seen “depegs” of some stablecoins in recent years. Additionally, all payment systems face risk of failure, and stablecoins are subject to clearing, settlement, and other payment system risks as well. At the same time, it is important to note that the risks faced by stablecoin issuers are not the same risks faced by banks. The stablecoin market would benefit from a U.S. regulatory and supervisory framework that addresses stablecoin risks directly, fully, and narrowly. This framework should allow both non-banks and banks to issue regulated stablecoins and should consider the effects of regulation on the payments landscape, including competing payment instruments.
I want to reiterate that I think it is important that U.S. legislation makes provision for the supervision and regulation of stablecoin issuers that is proportionate to the risks they pose, without stifling their innovative potential while the marketplace is still developing. I believe in the power of the private sector to develop solutions that benefit businesses and consumers, with the job of the public sector to create a fair set of rules for market participants to operate within, including guardrails that ensure safety for consumers and the financial system as a whole. Having a level of certainty is important for businesses looking to invest in new products and services as well as for consumer confidence and assurance.
Fragmentation is the next theme I’ll explore, first from a technical perspective. Currently, several popular blockchain networks are designed as distinct from one another. Firms looking to scale across blockchains are seeking technical solutions to achieve cross-chain interoperability. Will this ultimately prove efficient, especially in a world with multiple stablecoin providers operating within potentially different combinations of blockchain networks? Or will there be multiple, competing ecosystems, for example where one stablecoin dominates on certain blockchains, and another stablecoin dominates on others? Alternatively, a stablecoin market featuring a high degree of interoperability could support a variety of stablecoin issuers and blockchain networks, providing consumers a choice in stablecoins and technologies. It is not yet clear how these dynamics will ultimately impact business models and use cases for stablecoins, but it is an issue that bears watching as firms work to scale and mature their businesses.
Fragmentation around the use and acceptance of stablecoins will also act as an impediment to scaling and will impact how stablecoin use cases develop. As I noted, stablecoins will prove useful as a means of payment insofar as holders of a specific stablecoin expect that others will accept them. The more people will accept a stablecoin, the more convenient a stablecoin will be. For the retail payment use case, how easy will it be for me as a consumer to pay with stablecoins at the point of sale, either in-person or online? From the merchant perspective, what incentives will firms have to accept stablecoins? Similarly, for cross-border payments, how widely will different firms (and their banking partners) transact in stablecoins? And, more broadly, could stablecoins have the potential to recreate and potentially exacerbate the current challenges associated with correspondent banking, further fragmenting the marketplace? Or could stablecoins mature in such a way to change the market structure of cross-border payments?
Fragmentation in regulation also has the potential to hold stablecoins back from reaching their full potential. As I already discussed, the stablecoin market does not have a clear regulatory framework in the United States. While there have been efforts to develop some international standards, the emergence of different global stablecoin regulatory regimes creates the potential for conflicting regulation domestically and internationally.7 This regulatory fragmentation could make it difficult for U.S. dollar stablecoin issuers to operate at a global scale. And as I have noted, scale is vital for any means of payment to achieve its full potential.
For example, under Europe’s Markets in Crypto-Assets Regulation, stablecoin issuers can earn interest on their reserve assets as a business model, whereas other regulatory models being discussed would require reserves for stablecoins deemed systemically important to be held as non-interest-bearing central bank deposits, limiting stablecoin issuers into a specific business model. Domestically, state regulators have been key players in the development of the stablecoin market, and several states are in the process of developing state laws or finalizing new regulations related to stablecoin issuance. There is a risk that state regulations may conflict, which could prevent the use of the same stablecoin across all states and reduce stablecoin scalability. As with the United States’ dual banking system, a complementary framework with state and federal regulators working together can allow innovation to flourish while achieving some of the benefits of scale that come with a harmonized set of market rules.
Different regulatory regimes are also creating separate reserve asset and redemption requirements for stablecoin issuers—a further potential regulatory regime fragmentation. In Europe, non-systemic stablecoin issuers are required to hold a minimum of 30 percent of their backing assets in bank deposits, and regulators have further proposed concentration limits per bank.8 This differs from the requirements of some U.S. state-regulated issuers.9 To operate at a global scale, stablecoin issuers would therefore have to issue the same stablecoin under multiple regimes with separate reserve asset and redemption requirements. Will this be efficient and ultimately prove workable if the number of regulatory regimes domestically and internationally continue to grow? Will we expect a stablecoin issuer to rebalance its reserves when a stablecoin is transferred between users in different countries or U.S. states? Creating consistency at the federal level could allow federal authorities to negotiate with foreign counterparts to ensure global regulations serve the interests of U.S. consumers and businesses and allow the U.S. to be a regulation setter for an asset class primarily denominated in our national unit of account.
In conclusion, my hope is that the stablecoin market will grow or diminish on the merits of their benefits to consumers and the broader economy. For the private sector, that means continuing to develop innovative solutions that fit a market need while building sustainable business models. And for the public sector, it means setting clear and targeted legal and regulatory frameworks and coordinating those frameworks across states and national boundaries to enable private sector innovation at a global scale.
Thank you.

1. Thank you to Marc Rodriguez, Alex Sproveri, Sonja Danburg, and David Mills of the Federal Reserve Board for their assistance in preparing this text. The views expressed here are my own and not necessarily those of my colleagues on the Federal Reserve Board. Return to text
2. See Christopher J. Waller, “Reflections on Stablecoins and Payments Innovations” (speech at “Planning for Surprises, Learning from Crises” 2021 Financial Stability Conference, Cleveland, OH, November 17, 2021). Return to text
3. See “Share of Trade Volume by Pair Denomination,” The Block, last modified February 10, 2025, https://www.theblock.co/data/crypto-markets/spot/share-of-trade-volume-by-pair-denomination. Return to text
4. See “DefiLlama-Defi Dashboard,” https://defillama.com/. Return to text
5. See Christopher J. Waller, “The Dollar’s International Role” (speech at “Climate, Currency, and Central Banking,” Nassau, BS, February 15, 2024). Return to text
6. See Chrisopher J. Waller, “Reflections on Stablecoins and Payments Innovations.” Return to text
7. See Committee on Payments and Market Infrastructures and Board of the International Organization of Securities Commissions, Application of the Principles for Financial Market Infrastructures to stablecoin arrangements (PDF) (Basel: Bank for International Settlements, July 2022). Return to text
8. See Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937. See European Banking Authority, Draft Regulatory Technical Standards to specify the highly liquid financial instruments with minimal market risk, credit risk and concentration risk under Article 38(5) of Regulation (EU) 2023/1114 (PDF) (Paris: European Banking Authority, June 2024) and European Banking Authority, Draft Regulatory Technical Standards to further specify the liquidity requirements of the reserve of assets under Article 36(4) of Regulation (EU) 2023/1114 (PDF) (Paris: European Banking Authority, June 2024). Return to text
9. For example, see “Virtual Currency Guidance,” New York State Department of Financial Services, last modified June 8. Return to text

MIL OSI USA News –

February 13, 2025

Category: Business

Setting up V2G isn’t easy

Maximising savings

Is there a downside?

Moving beyond early adopters

Notes to editors

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Revving up for higher car costs

Increased prices are no yoke! (groan)

Source: BusinessNZ

Source: Business Central