Category: Business

  • MIL-OSI: Innofactor updates its Dividend Distribution Policy

    Source: GlobeNewswire (MIL-OSI)

    Innofactor Plc Other information disclosed according to the rules of the Exchange, on February 12, 2025, at 18:00 Finnish time

    Innofactor Plc’s Board of Directors has confirmed the company’s updated Dividend Distribution Policy on February 12, 2025. According to the renewed policy, the company will generally not pay dividends in the future but will instead use the retained earnings for growth-enhancing measures.

    According to the previous policy, the aim of the company was to pay a dividend regularly each year. The goal was to pay about half of the result for the financial period in dividends, taking into account the company’s financial position, possible corporate reorganizations and other development needs.

    Espoo, February 12, 2025

    INNOFACTOR PLC

    Sami Ensio, CEO

    Additional information:
    Sami Ensio, CEO
    Innofactor Plc
    Tel. +358 50 584 2029
    sami.ensio@innofactor.com

    Distribution:
    NASDAQ Helsinki
    Main media
    www.innofactor.com

    Innofactor
    Innofactor is the leading driver of the modern digital organization in the Nordic Countries for its about 1,000 customers in commercial and public sector. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor has about 600 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. www.innofactor.com #AIDriven #PeopleFirst #BeTheRealYou

    The MIL Network

  • MIL-OSI: PrimeXBT Introduces 0% Withdrawal Fees

    Source: GlobeNewswire (MIL-OSI)

    GRAND ANSE, Seychelles, Feb. 12, 2025 (GLOBE NEWSWIRE) — PrimeXBT, a leading global crypto and CFD broker, has introduced enhanced trading conditions, further strengthening its commitment to providing traders with a cost-efficient and flexible trading environment. With always-free deposits and now 0% withdrawal fees*, this update is designed to support active traders by providing greater financial flexibility and seamless access to global markets.

    By providing free deposits and withdrawals, PrimeXBT enables traders to retain more capital for trading and capture opportunities in key markets like EUR/USD, NASDAQ, and Gold, reinforcing its commitment to a trader-focused approach.

    “At PrimeXBT, we remain committed to providing traders with the best possible conditions. By introducing free withdrawals alongside our always-free deposits, we’re reinforcing our focus on cost efficiency, accessibility, and financial flexibility,” said Matthew Hayward, Senior Market Analyst at PrimeXBT. “This initiative is part of our broader effort to equip traders with the tools they need to succeed while keeping costs low.”

    PrimeXBT continues to stand out with its latest enhancement, offering traders greater flexibility in managing their capital. With low trading fees for Forex, Indices, and Commodities starting from 0% commission, spreads from 0.1 pips on CFDs, and leverage up to 1000x, the platform remains a key destination for active traders.

    This latest enhancement reflects PrimeXBT’s ongoing efforts to provide traders with maximum flexibility in managing their capital. With free deposits and withdrawals, industry-leading trading fees, and access to a wide range of financial instruments, PrimeXBT continues to empower traders with the tools they need to navigate global markets efficiently.

    To learn more users can visit PrimeXBT.

    *Withdrawals may be free for a limited time and up to a specified amount. T&C Apply.

    About

    PrimeXBT is a leading Crypto and CFD broker, that offers an all-in-one trading platform to buy, sell and store Cryptocurrencies, and trade over 100 popular markets, including Crypto Futures and CFDs on Crypto, Forex, Indices, and Commodities using both fiat or Crypto funds. Since its founding in 2018, PrimeXBT has grown exponentially, serving 1,000,000+ traders in 150+ countries worldwide. With an aim of making investing available to all, PrimeXBT lowers the barriers to entry providing an easy and secure access to the financial markets with industry-leading trading conditions and innovative tools. Clients enjoy the confidence of trading with a trusted and reliable financial service provider, committed to empowering traders and offering more for less.

    Disclaimer: The content provided here is for informational purposes only and is not intended as personal investment advice. Past performance is not a reliable indicator of future results. The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. Virtual assets are inherently volatile and subject to significant value fluctuations, which could result in substantial gains or losses. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money. PrimeXBT does not accept clients from Restricted Jurisdictions as indicated in its website.

    Contact

    PrimeXBT
    pr@primexbt.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4f6c596d-3a4b-41c1-8487-596f656c2345

    The MIL Network

  • MIL-OSI Economics: Jerome H Powell: Semiannual Monetary Policy Report to the Congress

    Source: Bank for International Settlements

    Chairman Scott, Ranking Member Warren, and other members of the Committee, I appreciate the opportunity to present the Federal Reserve’s semiannual Monetary Policy Report.

    The Federal Reserve remains squarely focused on achieving its dual-mandate goals of maximum employment and stable prices for the benefit of the American people. The economy is strong overall and has made significant progress toward our goals over the past two years. Labor market conditions have cooled from their formerly overheated state and remain solid. Inflation has moved much closer to our 2 percent longer-run goal, though it remains somewhat elevated. We are attentive to the risks on both sides of our mandate.

    I will review the current economic situation before turning to monetary policy.

    Current Economic Situation and Outlook

    Recent indicators suggest that economic activity has continued to expand at a solid pace. Gross domestic product rose 2.5 percent in 2024, bolstered by resilient consumer spending. Investment in equipment and intangibles appears to have declined in the fourth quarter but was solid for the year overall. Following weakness in the middle of last year, activity in the housing sector seems to have stabilized.

    In the labor market, conditions remain solid and appear to have stabilized. Payroll job gains averaged 189,000 per month over the past four months. Following earlier increases, the unemployment rate has been steady since the middle of last year and, at 4 percent in January, remains low. Nominal wage growth has eased over the past year, and the jobs-to-workers gap has narrowed. Overall, a wide set of indicators suggests that conditions in the labor market are broadly in balance. The labor market is not a source of significant inflationary pressures. The strong labor market conditions in recent years have helped narrow long-standing disparities in employment and earnings across demographic groups.1

    Inflation has eased significantly over the past two years but remains somewhat elevated relative to our 2 percent longer-run goal. Total personal consumption expenditures (PCE) prices rose 2.6 percent over the 12 months ending in December, and, excluding the volatile food and energy categories, core PCE prices rose 2.8 percent. Longer-term inflation expectations appear to remain well anchored, as reflected in a broad range of surveys of households, businesses, and forecasters, as well as measures from financial markets.

    Monetary Policy

    Our monetary policy actions are guided by our dual mandate to promote maximum employment and stable prices for the American people. Since last September, the Federal Open Market Committee (FOMC) lowered the policy rate by a full percentage point from its peak after having maintained the target range for the federal funds rate at 5-1/4 to 5-1/2 percent for 14 months. That recalibration of our policy stance was appropriate in light of the progress on inflation and the cooling in the labor market. Meanwhile, we have continued to reduce our securities holdings.

    With our policy stance now significantly less restrictive than it had been and the economy remaining strong, we do not need to be in a hurry to adjust our policy stance. We know that reducing policy restraint too fast or too much could hinder progress on inflation. At the same time, reducing policy restraint too slowly or too little could unduly weaken economic activity and employment. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the FOMC will assess incoming data, the evolving outlook, and the balance of risks.

    As the economy evolves, we will adjust our policy stance in a manner that best promotes our maximum-employment and price-stability goals. If the economy remains strong and inflation does not continue to move sustainably toward 2 percent, we can maintain policy restraint for longer. If the labor market were to weaken unexpectedly or inflation were to fall more quickly than anticipated, we can ease policy accordingly. We are attentive to the risks to both sides of our dual mandate, and policy is well positioned to deal with the risks and uncertainties that we face.

    This year, we are conducting the second periodic review of our monetary policy strategy, tools, and communications-the framework used to pursue our congressionally assigned goals of maximum employment and stable prices. The focus of this review is on the FOMC’s Statement on Longer-Run Goals and Monetary Policy Strategy, which articulates the Committee’s approach to monetary policy, and on the Committee’s policy communications tools. The Committee’s 2 percent longer-run inflation goal will be retained and will not be a focus of the review.

    Our review will include outreach and public events involving a wide range of parties, including Fed Listens events around the country and a research conference in May. We will take on board lessons of the past five years and adapt our approach where appropriate to best serve the American people, to whom we are accountable. We intend to wrap up the review by late summer.

    Let me conclude by emphasizing that at the Fed, we will do everything we can to achieve the two goals Congress set for monetary policy-maximum employment and stable prices. We remain committed to supporting maximum employment, bringing inflation sustainably to our 2 percent goal, and keeping longer-term inflation expectations well anchored. Our success in delivering on these goals matters to all Americans. We understand that our actions affect communities, families, and businesses across the country. Everything we do is in service to our public mission.

    Thank you. I look forward to your questions.


    MIL OSI Economics

  • MIL-OSI United Kingdom: Lord Chancellor sets out her vision for the probation service

    Source: United Kingdom – Executive Government & Departments

    The Lord Chancellor and Secretary of State for Justice, the Rt Hon Shabana Mahmood MP, made a speech outlining her vision for the future of the probation service.

    Please note the political content has been removed from this speech.

    Today, we are in Southwark, the home of London’s probation service, one of the busiest in the country.

    Here in London, the Service supervises more than 36,000 offenders.

    And, every day, in this building, there are a thousand untold stories of how our probation service protects the public and makes our streets safer.

    I want to talk about the future of our probation service today.

    But to look to that future, I think we must first look to the past.

    Because it was here, in Southwark, that the probation service first took root.

    Over 150 years ago, the Church of England’s temperance movement posted a man called George Nelson to Southwark’s police court.

    Nelson was the first of a band of missionaries, driven by their faith and strict teetotalism, who gave up their time to help offenders give up the drink.

    Addiction then, as addiction now, drove much criminal behaviour…

    And the approach worked.

    In fact, it worked so well that the courts came to rely on missionaries like Nelson.

    A system soon developed where offenders would be released on the condition that they kept in touch with these volunteers.

    Because what began as a moral cause proved to have a practical purpose:

    These missionaries led to less crime and fewer victims.

    As this Government might say: they made our streets safer.

    By the early twentieth century, this voluntary service was so greatly valued that it was placed on a statutory footing.

    The 1907 Probation of Offenders Act established the first formal structure for probation…

    And the volunteers became professionals.  

    In the years that followed, the service grew:

    The 1925 Criminal Justice Act paid probation officers a regular wage.

    By the 1950s, probation’s work expanded to offenders on parole.

    And by the 1980s, the service was focused increasingly on prison releases.

    Over time, the role developed.

    Where the early missionaries were focused on crimes driven by addiction…

    In time, they took responsibility for the management of ever more, and ever more complex, offenders.

    Too often overlooked, with our focus invariably falling on the police or on prisons…

    Probation became an indispensable part of a criminal justice system that keeps us safe.

    It remains so today, now a service that is more than 20,000 strong…

    And probation officers supervise almost a quarter of a million offenders – around three times the number currently serving time in our prisons.

    Each year, they oversee more than 4 million hours of community payback.

    They monitor around 9,000 offenders on a tag at any given moment.

    They provide sentencing advice to hundreds of courts every single day.

    And they also provide a vital link to tens of thousands of victims, through the Victim Contact and the Victim Notification schemes.

    But while there have been bright moments in the service’s past, we must acknowledge the dark days too.

    In 2014 the service was split:

    Part remained in the public sector, managing the highest-risk offenders.

    The rest was hived off, to be run by the private sector, who would supervise those of low and medium risk.

    Community Rehabilitation Companies would bring the ingenuity of the private sector to solve the problem of reoffending.

    The rhetoric was of a revolution in how we manage offenders.

    The reality was far different.

    Workloads increased, as new offenders were brought under supervision for the first time…

    The number of people on probation increased between December 2014 and December 2016, with almost 50,000 offenders newly under its remit.

    Scarce resources were stretched further than ever…   

    Morale plummeted.

    And worrying numbers voted with their feet, leaving the service altogether…

    With the Inspector of Probation declaring a “national shortage” of probation professionals in 2019. 

    The new companies woefully underperformed.

    Between 2017 and 2018, just 5 of 37 audits carried out by HMPPS demonstrated that expected standards were being met.

    In 2019, 8 out of 10 companies inspected received the lowest possible rating – “inadequate” – for supervising offenders.

    The Chief Inspector called them “irredeemably flawed”.

    And the service was labelled ‘inadequate’.

    In 2021, it was finally, rightly, re-unified and re-nationalised.

    Now, make no mistake…

    Every day, across the country, probation staff make this country safer.

    This was clearly evident in the service’s response to the prison capacity crisis.

    With prisons just days from collapse, this Government was forced to introduce an emergency release programme, which saw some offenders leave prison a few weeks or months early.

    The alternative, as I said at the time, did not bear thinking about:

    We would have been forced to shut the front door of our prisons…

    An act that would have sent dominoes tumbling through our justice system:

    Courts unable to hold trials…

    Police forced to halt arrests…

    And the eventual path to a total breakdown of law and order.

    In making that decision, I knew the probation service would have to carry an even heavier load.

    They would have to put in place plans for the safe release of prisoners in just a few weeks.

    I tried to give them as much time as I possibly could to prepare:

    An eight-week implementation period.

    It wasn’t long to prepare, but the probation service used it with great skill.

    But now is also a moment to be honest about the challenges the service faces.

    And the simple fact is this:

    The service was burdened with a workload that was, quite simply, impossible.

    When we took office, we discovered that orders handed out by courts were not taking place.

    In the 3 years to March 2024 around 13,000 Accredited Programmes, a type of rehabilitative course, did not happen.

    This wasn’t because an offender had failed to do what was expected of them…

    But instead because the Probation Service had been unable to deliver these courses.

    As I have shown already in this job, I believe in confronting problems, not pretending they are not there.

    And so, we will ensure only those offenders who pose a higher risk, and who need to receive these courses, will do so.

    This isn’t a decision I take lightly.

    But it is a decision to confront the reality of the challenges facing the probation service.

    I should be clear:

    For those who will not complete an accredited programme, they remain under the supervision of a probation officer…

    And all the other requirements placed upon them will remain in place.

    Any breach of a community sentence could see them hauled back into court.

    Any breach of a licence condition could see them back behind bars.

    Addressing individual issues like these, however, is no long-term solution to the challenges the probation service faces.

    Today, across the country, probation officers are spread too thin – responsible for caseloads and workloads that exceed what they should be expected to handle.

    Probation officers are drawn to the profession not because it is just another job.

    This job is a vocation, even a calling…

    They are, after all, the inheritors of those missionaries of 150 years ago.

    They are experts in their discipline…

    Who want to know that their work is protecting the public…

    And keeping offenders on the straight and narrow.

    Over-stretched, they can’t work with offenders in the way they need to.

    And the burden placed on probation officers’ shoulders grow heavier and heavier.

    It has driven people away from the job…

    It has made the public less safe…

    And it has to change.

    It is clear we need to bring more people into the probation service.

    In July, I committed to bringing on 1,000 trainee probation officers by March of this year.

    But we must go further.

    Today, I can announce that, next year, we will bring on at least 1,300 new, trainee probation officers.

    New probation officers are the lifeblood of the service, and they will guarantee its future.

    But they are not enough alone.

    It is also clear we must remove the administrative burden that weighs probation officers down…

    And makes them less effective in their roles.

    Today, too many hours of probation officer time are wasted each day.

    They are drowning in paperwork.

    And I don’t mean metaphorical paperwork.

    I mean literal pen and paperwork.

    This takes up valuable time, that would be better spent working with offenders…

    And it also introduces the risk of error – the failure to identify the critical piece of information that might shape a professional’s judgement of the risk that an offender poses.

    Where digital processes do exist in the probation service, they can be difficult to navigate.

    Information is stored in multiple different systems that do not speak to each other.

    And probation officers are forced, laboriously, to type the same information time and again.

    We will soon pilot a digital tool that will put all the information a probation officer needs to know into one place.

    Over time, this will include information from other agencies, like the police as we need to make sure data is more readily shared, so that probation can make better decisions.

    We’re also trialling a new system for risk assessing offenders, to make it more straightforward for probation officers to make robust decisions.

    A group of officers in Brighton started using this in December last year…

    And we estimate it will cut up to 20 percent of the time it takes to do this crucial activity.

    It might sound simple, but the impact could be considerable.

    Every minute saved is more time probation officers can spend working with offenders.

    Less simple, but even more transformational, there’s the potential of artificial intelligence.

    We are currently looking into voice transcription.

    This would automatically record and transcribe supervision conversations by taking notes in real time…

    Allowing probation officers to focus on building relationships, while also removing the need for them to enter handwritten notes into a computer afterwards.

    In time, we believe that AI could play a more active role in supporting staff to supervise offenders – for example, drawing on the data we have on an offender to suggest a supervision plan tailored to them.

    This new technology will ensure probation officers provide what only they can:

    The human factor.

    The ability to work with an offender, one-to-one, to understand the risk they pose…

    To develop a plan for how to manage it…

    Ultimately, to turn them away from a life of crime – and so protect the public.

    That is what remains true about the probation officer’s job now, just as it was 150 years ago.

    The courts didn’t turn to the temperance movement’s missionaries because they were great at paperwork.

    They did so because of how they worked with offenders.

    They knew – in the words of the Government Minister who brought in the 1907 Probation Act – how “to guide and admonish” an offender to make the public safer.

    But while new staff and better technology are necessary to the future of our probation service…

    They are not sufficient.

    With a caseload of nearly a quarter of a million offenders…

    We must also look at the work that probation officers are doing…

    And we must ask:

    Where should their time be spent…

    And, more specifically, who should their time be spent with to have the greatest impact?

    In this, it is clear there are two types of offender.

    On the one hand, we have those who pose a higher risk to society.

    In this group, we have those who are dangerous – posing a real risk of harm to the public.

    We also have those whose offending is prolific – the one in every ten offenders who is guilty of nearly half of all sentenced crime.

    On the other hand, we have offenders who pose a lower risk.

    They are not serial offenders, with a high risk of reoffending.

    Their crimes are instead often fuelled by addiction, homelessness, and joblessness.

    These crimes are not excusable.

    All crimes must be punished.

    But these two groups – the higher and lower risk – are different.

    If we want to reduce reoffending, cut crime and have safer streets, we have to treat them differently.

    And too often today, we don’t.

    We have a one size fits all approach.

    That must change.

    For higher-risk offenders, a probation officer’s time and focus is essential.

    It is no exaggeration to say that effective supervision of this cohort can be the difference between life and death.

    We all know the tragedies:  

    I think of Terri Harris, her children John Paul and Lacey Bennett and Lacey’s friend Connie Gent, savagely murdered by Damien Bendall in 2021, when Bendall was serving a community sentence.

    And I think of Zara Aleena, murdered by Jordan McSweeney in 2022, just nine days after he had left prison on licence.

    We will never be able to stop every tragedy.  

    But we have to stop more.

    There are improvements that we can and must make to the processes probation officers follow, and the technology they use.

    We have introduced new training, to better identify risk…

    New digital tools, as I have mentioned already, will draw together the critical pieces of information from partner organisations, like the police.

    But the vital ingredient is time:

    The time of a professional probation officer…

    Devoted to identifying the risk an offender poses…

    Creating a plan to manage it…

    And supervising, closely, that offender to ensure they do not deviate from it.

    That is the human factor that only a probation officer can provide.

    If probation officers are to have this valuable time with these offenders, we must be more efficient with the time they devote to lower-risk offenders.

    At the very end of their time in office, my predecessor introduced a policy called Probation Reset.

    This saw supervision of lower-risk offenders end after two-thirds of their licence period.

    This was a step in the right direction.

    The interventions that work best with lower risk offenders are not necessarily those provided by probation officers.

    So that is where we must now direct the attention of their supervision.

    We need to get these offenders off drugs and booze – reoffending rates are 19 points lower when an offender completes a drug treatment programme.

    We need to ensure they have a roof over their heads – reoffending rates double for those released homeless.  

    And finally, we need to get them working – reoffending rates are up to 9 points lower when an offender is employed.

    The probation service has a role to play here…

    But their unique value is in referring offenders to the intervention that is required to address the cause of their offending.                

    And so today, I can announce that we will build on the work of Reset.

    This Government will focus the probation service on the interventions that have the greater impact.

    For lower risk offenders, we will task probation officers with providing a swifter intervention.

    They will spend more time with an offender immediately after their release:

    First, assessing the root causes of an offender’s crime…

    Then referring them to the services that will address that behaviour:

    Which could be education, training, drug treatment or accommodation…

    Delivered by the probation service, our partners across Government, and through the brilliant work done by the voluntary sector.

    Once offenders are following that direction, as long as the offender stays on the straight and narrow, we must then focus probation officer’s time more effectively:

    That means more time spent with the offenders who pose the greater risk…

    More time with offenders who pose a risk of a serious and violent further offence…

    And more time with offenders whose prolific offending causes so much social and economic damage to local communities.

    That is how we will reduce reoffending…

    That is how we will cut crime…

    And that is how we will make our streets safer.

    These measures are necessary today, but they will be even more important in the months and years to come.

    David Gauke’s independent review of sentencing will report soon.

    He has been asked to ensure we never run out of prison places again.

    There is no doubt that this will increase pressure on probation.

    As I made clear when I announced the review, I have asked David to consider how we make more use of punishment outside of prison.

    In my view, technology is likely to play a key role – taking advantage of advances in the tech that is being used here and in other jurisdictions:

    Like sobriety tags, which can measure the alcohol levels in offenders’ sweat every 30 minutes, and have a 97 percent compliance rate…

    And GPS tags, which can put in place exclusion zones to alert authorities if offenders enter areas we have banned them from.

    There are also likely to be more sentences served in the community…

    And more drug, alcohol and mental health treatment requirements placed on offenders.

    These are the tools that must be at the judiciary’s disposal to deal with criminals…

    And judges must have trust and confidence that the probation service can deliver them.

    The changes I have announced today are about support for the probation service:

    1,300 new trainee probation officers…

    New technology to lighten the administrative burden…

    And a new focus of their time on where it has the greatest impact.

    Today, I have set out what I think the future direction of the probation service must be.

    And I think we must, finally, consider the alternative. 

    What would happen if we allowed probation to carry on as it is?

    What would happen if we allowed the service to be stretched so thin, trying to do too much with too many offenders…

    Too much time spent doing the wrong things, and not enough time doing what is right and what works.  

    We know what the consequences would be.

    We’ve seen it in the stories of far too many victims…

    And the pain their friends and families have experienced – and continue to experience – every single day. 

    When the probation service isn’t able to properly assess the risk of offenders or supervise them…

    Innocent people pay a terrible price.

    The first job of the state is to keep its people safe.

    We are willing to take the difficult decisions, where they must be taken.

    I will support probation officers, both the new recruits we will bring in and the professionals of whom we have asked so much in recent years.

    While they are professionals these days, and experts in their field…

    They are drawn to the profession by the same desire that called to those missionaries a hundred and fifty years ago:

    To encourage offenders to turn their backs on crime…

    And to make our streets and the public safer.

    To fulfil that purpose now, we must do things differently.

    And that begins today.

    Thank you.

    Updates to this page

    Published 12 February 2025

    MIL OSI United Kingdom

  • MIL-OSI Global: Trump White House’s disengagement from HIV/AIDS response could have lethal consequences

    Source: The Conversation – Canada – By Yolaine Frossard de Saugy, PhD Candidate, International Relations, McGill University

    With the endless stream of announcements, reversals, measures and countermeasures coming from the new administration of United States President Donald Trump, it has become difficult to make sense of what is just noise or opening negotiation offers and what constitutes actual policy change.

    Unfortunately, in the case of the global response against HIV/AIDS, it seems the attacks go beyond bluster.

    The methods used in the fight against HIV/AIDS have long been disputed, but overall commitment to the response was one of the few deeply bipartisan endeavours left, until now. Undercutting this decades-long consensus would mean endangering millions of lives.

    U.S. role in global HIV/AIDS response

    As a PhD candidate in international relations working on the politics of the response to HIV/AIDS, I am very aware of the central role that the U.S. has played in building and sustaining a global response to the epidemic in the past 25 years.

    The U.S. is the largest provider of funds for HIV/AIDS programs worldwide. It does so mainly through the bilateral President’s Emergency Program for AIDS Relief (PEPFAR) as well as through its contribution to the Global Fund to Fight AIDS, Tuberculosis and Malaria. Overall U.S. funding for global AIDS reached $7 billion in 2020, 2021 and 2022. PEPFAR alone is estimated to provide treatment to 20 million people.

    The U.S. is also a fundamental participant in HIV/AIDS research, including through the work of the Centers for Disease Control (CDC) and the National Institutes of Health (NIH), as well as USAID.

    All of this involvement has already been dangerously jeopardized by the actions taken by the White House since Trump took office for his second term.

    Many activities of the CDC and NIH have been halted. Funding for PEPFAR was caught in the freeze on foreign aid announced in January. Though an exemption was later made and the order has since been blocked by a federal judge, it has already forced recipients of aid to lay off personnel and close clinics and programs in places like Kenya and South Africa.

    USAID, the primary implementer of bilateral HIV/AIDS funds, is at risk of being dismantled.

    Current changes

    The chaos wrought by these measures has impacted the response to HIV/AIDS in deep ways, even if they may be contested or reversed by the courts and Congress.

    The uncertainty in itself is damaging for programs that need reliable funding and long-term planning, not to mention the clinical trials that have been brutally interrupted. What’s more, there are indications the Trump administration and other Republicans have abandoned the longstanding commitment to the response itself, which may lead to irreparable damage.

    American involvement in the global response to HIV/AIDS has long been shaped by domestic politics. Most notably, PEPFAR’s first rounds of funding were deeply constrained by the views of George W. Bush’s evangelical constituency, including in its focus on abstinence as prevention and denial of funding for sex workers.

    But the overall commitment to fighting HIV/AIDS had enjoyed bipartisan support for over two decades. Even during the first Trump administration, the U.S. maintained its involvement, though this was also due to Congress’s resistance to the White House’s attempts at reducing funding.

    There are indications that things might be different this time. Entire pages on HIV/AIDS have disappeared from government websites.

    The Heritage Foundation, the conservative think-tank behind the potential blueprint for Trump’s government known as Project 2025, has referred to HIV/AIDS as a lifestyle disease, like tobacco consumption. This language is reminiscent of the 1980s playbook of opponents on AIDS action and negates both the nature of the epidemic and the realities of those who live with the virus, casting doubts on the need to engage meaningfully with the response.

    Most ominously, the last reauthorization of PEPFAR in 2024 was limited to one year instead of the customary five, as some Republican representatives sought to end it altogether. This means the entire program is to be re-examined this March with no guarantee of how the debates will unfold, especially in the current climate.




    Read more:
    As the United States disavows the World Health Organization, Canada must double down on its support


    Ultimately most will depend on Congress, including the amount pledged by the U.S. to the Global Fund at its replenishment conference sometime this year.

    Its decisions will be the real test of the depth of change on this matter, though everything that has unfolded so far hints at a far-reaching shattering of the consensus. If conservative Republicans maintain their pressure on PEPFAR, the program could be significantly diminished, and it is unlikely that a White House that withdrew from the World Health Organization on day one will act decisively to save it or insist on a sustained contribution to the Global Fund.

    Consequences of U.S. disengagement

    The consequences of a U.S. retreat from the global response to HIV/AIDS would be immense.

    In the short-term, millions of people would lose access to the treatment they depend on for their survival. In the long term, shrinking American funding would undermine health systems around the world and risk the resurgence of the pandemic and the rise of resistant virus strains.

    This would jeopardize 40 years of progress, returning us to a time when AIDS was considered a key security risk and threat to development.

    Even if funding is maintained, all of this shows that for the next few years the U.S. is unlikely to be reliable. This means others will have to take up the leadership to ensure the worst-case scenario is avoided.

    Among these, Canada could have a crucial role to play. It has long been a key entity in its own right — the seventh largest contributor to the Global Fund — though Ottawa has remained discreet in this area so far. Washington’s withdrawal from the field may force it to step into a more visible role and contribute to reframe Canada’s international involvement.

    Yolaine Frossard de Saugy does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. Trump White House’s disengagement from HIV/AIDS response could have lethal consequences – https://theconversation.com/trump-white-houses-disengagement-from-hiv-aids-response-could-have-lethal-consequences-249261

    MIL OSI – Global Reports

  • MIL-OSI: Kvika banki hf.: Consolidated Financial Statements 2024

    Source: GlobeNewswire (MIL-OSI)

    At a board meeting on 12 February 2025, the Board of Directors and the CEO approved the consolidated financial statements of Kvika banki hf. (“Kvika” or “the bank”) for the year 2024.

    Highlights of performance in the fourth quarter (Q4 2024)

    • Profit before tax from continuing operations amounts to ISK 1,601 million, compared to ISK 363 million in Q4 2023, increasing by ISK 1,238 million from previous year or 340%.
    • Post-tax profit of the group as a whole amounts to ISK 3,447 million in Q4 2024, compared to ISK 1,578 million in Q4 2023, increasing by ISK 1,869 million from previous year or 118%.
    • Net interest income amounts to ISK 2,498 million in Q4 2024, compared to ISK 2,331 million in Q4 2023, increasing by ISK 167 million from previous year or 7.1%.
    • Net interest margin was 3.8% in Q4 2024, compared to 3.9% in Q4 2023.
    • Net fee and commission income amounts to ISK 1,601 million in Q4 2024, compared to ISK 1,578 million in Q4 2023, increasing by ISK 23 million from previous year or 1.5%.
    • Other net operating income amounts to ISK 567 million in Q4 2024, compared to ISK a 94 million in Q4 2023, increasing by ISK 473 million from previous year or 503%.
    • Administrative expenses amount to ISK 2,864 million in Q4 2024, compared with ISK 2,779 million in Q4 2023, increasing by ISK 85 million from previous year or 3%.
    • Pre-tax return on tangible equity (RoTE) of continuing operations amounted to 18.5%
    • Earnings per share amounted to ISK 0.74 in Q4 2024, compared to ISK 0.33 in Q4 2023.

    Income from assets held for sale:

    • Post-tax profit of TM insurance is summarized in the income statement as asset held for sale and amount to ISK 1,919 million in Q4 2024, compared to ISK 990 million in Q4 2023.
    • Combined ratio of insurance operations was 87.8%, compared to 92.5% in the fourth quarter of 2023.

    Key balance sheet figures:

    • Deposits from customers amount to ISK 163 billion at year-end 2024, compared to ISK 143 billion at year-end 2023 and increased by 15% in the year.
    • Loans to customers amount to ISK 150 billion at year-end 2024, compared to ISK 136 billion at year-end 2023 and increased by 10%.
    • Total assets amount to ISK 355 billion at year-end 2024, compared to ISK 335 billion at year-end 2023.
    • Total equity of the group amount to ISK 90 billion at year-end 2024, compared to ISK 82 billion at year-end 2023.
    • The capital adequacy ratio (CAR) was 22.8% at year-end 2024, compared to 22.6% at year-end 2023, and the solvency ratio of the financial conglomerate was 1.33.
    • Total liquidity coverage ratio (LCR) of the group was 360% at year-end 2024, compared to 247% at year-end 2023.
    • Total assets under management amount to ISK 456 billion, compared to ISK 470 billion at year-end 2023.

    Highlights of the 2024 Consolidated Financial Statements:

    • Profit before tax from continuing operations amounts to ISK 5,817 million in 2024, compared to ISK 3,009 million in 2023, increasing by ISK 2,808 million from previous year or 93.3%.
    • Post-tax profit of the group as a whole amounts to ISK 8,150 million in 2024, compared to ISK 4,033 million in 2023, increasing by ISK 4,117 million from previous year or 102%.
    • Net interest income amounts to ISK 9,681 million in 2024, compared to ISK 8,021 million in 2023, increasing by ISK 1,660 million from previous year or 21%.
    • Net interest margin was 3.8% in 2024, compared to 3.6% in 2023.
    • Net fee and commission income amounts to ISK 6,137 million in 2024, compared to ISK 5,916 million in 2023, increasing by ISK 220 million from previous year or 3.7%.
    • Other net operating income amounts to ISK 1,367 million, compared to ISK 915 million in 2023, increasing by ISK 452 million from previous year or 49%.
    • Administrative expenses amount to ISK 10,608 million, compared to ISK 10,785 million in 2023, decreasing by ISK 177 million from previous year or 1.6%.
    • Pre-tax return on tangible equity (RoTE) from continuing operations was 18.8%, compared to 10.2% in 2023.
    • Earnings per share amounted to ISK 1.73 in 2024, compared to ISK 0.84 in 2023.

    Income from assets held for sale:

    • Post-tax profit of assets classified as held for sale, which consist of subsidiary TM insurance, is summarized in the income statement and amounted to ISK 3,460 million in 2024, compared to ISK 1,730 million in 2023.
    • Combined ratio of insurance operations was 93.9%, compared to 93.6% during the year 2023.

    The Board of Directors of Kvika proposes that a dividend of 0.44 ISK per share for a total amount of ISK 2,050 million, taking into account treasury shares held by the Group, will be paid in the year 2025 on 2024 operations. The dividend payment amounts to 25% of profit after tax for the year, which is in line with the Bank’s dividend policy. Additionally, the Board will decide on an extraordinary dividend upon receipt of the purchase price for TM as well as initiating a share buy back programme, for which the Bank has received an approval from the Central Bank of Iceland that is contingent on the finalisation of the TM sale.

    Ármann Þorvaldsson, CEO of Kvika:

    “It is safe to say that 2024 has been transformative for the Bank. Characterized by a significant turnaround in Kvika’s operations following two challenging years, the year is also marked by the significant strategic steps taken towards streamlining the business through the sale of TM to Landsbankinn, which we hope will receive final approval in the coming weeks.

    Profit before tax from continuing operations increased significantly between years, by over 90%, and return on tangible equity rose from 10.2% to 18.8%, which is slightly below the bank’s long-term target. The outcome was largely driven by a 21% increase in net interest income, alongside growth in both net investment- and net fee and commission income.  However, it was not only the income side that delivered this good result. A reduction in staff and effective cost management resulted in a 1.6% decrease in operating expenses between years, during a period when inflation was around 6% with a backdrop of material wage increases.

    TM’s operations were very good last year and the operating results of the Kvika Group as a whole were excellent. The Group’s profit after tax amounted to over ISK 8 billion in 2024, doubling from the previous year.

    Looking ahead, we are optimistic about the prospects for the new year. Market conditions seem considerably better than a year ago, interest rates have started to decline and Kvika is well positioned to explore diverse opportunities in both Iceland and the UK. The sale of TM not only enables a substantial return to shareholders but also provides us the opportunity to leverage the remaining equity to expand our loan book. A larger loan book enhances our operational efficiency and increases stable income without a corresponding rise in costs while strengthening the bank’s foundation through a more diversified portfolio.

    Furthermore, we are committed to significantly strengthening our investment banking and asset management operations, aiming to boost both fee and investment income moving forward.”

    Presentation for shareholders and market participants

    A presentation for shareholders and market participants is scheduled for Thursday, February 13, at 08:30, at Kvika’s headquarters, located on the 9th floor of Katrínartún 2. The presentation will be conducted in Icelandic, with a live stream available on the following website:
    https://kvika.is/kynning-a-uppgjori-arsreikningur-2024

    Meeting participants will be able to send questions before or during the meeting via ir@kvika.is or through the Slido app here.

    Attached is the investor presentation. Additionally, a recording with English subtitles will be made available on Kvika’s website.

    Attachments

    The MIL Network

  • MIL-OSI USA: Adjusting Imports of Aluminum into The United States

    US Senate News:

    Source: The White House
    class=”has-text-align-center”>BY THE PRESIDENT OF THE UNITED STATES OF AMERICA A PROCLAMATION
         1.  On January 19, 2018, the Secretary of Commerce (Secretary) transmitted to me a report on his investigation into the effect of imports of aluminum on the national security of the United States under section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862) (section 232).  The Secretary found and advised me of the Secretary’s opinion that aluminum is being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States.
         2.  In Proclamation 9704 of March 8, 2018 (Adjusting Imports of Aluminum Into the United States), I concurred in the Secretary’s finding that aluminum was being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States, and decided to adjust the imports of aluminum articles by imposing a 10 percent ad valorem tariff on such articles imported from most countries.  Proclamation 9704 further stated that any country with which the United States has a security relationship is welcome to discuss alternative ways to address the threatened impairment of the national security caused by imports from that country, and noted that, should the United States and any such country arrive at a satisfactory alternative means to address the threat to the national security such that I determine that imports from that country no longer threaten to impair the national security, I may remove or modify the restriction on aluminum articles imports from that country and, if necessary, adjust the tariff as it applies to other countries, as the national security interests of the United States require.
         3.  In Proclamation 9704, I also directed the Secretary to monitor imports of aluminum articles and inform me of any circumstances that in the Secretary’s opinion might indicate the need for further action under section 232 with respect to such imports.  Pursuant to Proclamation 9704, the Secretary was authorized to provide relief from the additional duties, based on a request from a directly affected party located in the United States, for any aluminum article determined not to be produced in the United States in a sufficient and reasonably available amount or of a satisfactory quality, or based upon specific national security considerations.  Proclamation 9776 of August 29, 2018, and Proclamation 9980 of January 24, 2020, similarly authorized the Secretary to provide relief from certain tariffs on other aluminum products and derivatives set forth in those proclamations.
         4.  In subsequent proclamations, the President adjusted the tariffs applicable to aluminum articles imports from Argentina, Australia, Canada, Mexico, the European Union (EU), and the United Kingdom (UK), after engaging in discussions with each of those parties on alternative ways to address the threat to the national security from such imports.
         5.  The Secretary has informed me that, notwithstanding the 10 percent ad valorem tariff imposed by Proclamation 9704 that mitigated the threatened impairment of our national security, aluminum imports into the United States have continued at unacceptable levels as the global aluminum excess capacity crisis continues.  In addition, the exclusion of certain countries and products from the tariff and efforts by foreign producers to circumvent the tariff have undermined the purpose of Proclamation 9704, which was to adjust the level of imports of aluminum to remove the threatened impairment of the national security.  This has again resulted in aluminum smelter capacity utilization rates in the domestic aluminum industry that are well below the target level recommended in the Secretary’s January 19, 2018, report.  This indicates that the initial tariff of 10 percent ad valorem is not high enough to address the threatened impairment to our national security posed by aluminum imports. 
         6.  In particular, the Secretary has informed me that global primary aluminum capacity has continued to increase, fueled by expansions in the People’s Republic of China (China) and South America, which is seen in rising aluminum imports that continue to weigh on the price domestic aluminum producers may charge.  There has also been a significant increase in Chinese investment in Mexico, driven by massive Chinese government subsidies and the continued ability to exploit loopholes in U.S. trade policy.  
         7.   Domestic aluminum producers have been forced to idle additional production and shut down facilities.  Two primary aluminum smelters within the United States have closed since Proclamation 9704 was promulgated.  In addition, U.S. primary aluminum production decreased by 30 percent from 2020 to 2024, and U.S. smelter capacity utilization was only 52 percent in 2024.  Overcapacity for primary aluminum has harmed downstream aluminum producers, including producers of aluminum extrusions and aluminum sheet.  To allow U.S. aluminum producers to restart production and to incentivize new capacity, additional adjustments to section 232 tariffs on aluminum need to be made, including limiting exemptions and increasing the tariff rate.
         8.  The Secretary has informed me that imports of aluminum articles from countries that are excluded from the tariff regime or have alternative arrangements have remained significantly elevated at levels that once again threaten to impair the national security of the United States.  The volume of U.S. imports of aluminum articles from Argentina, Australia, Canada, Mexico, EU countries, and the UK in 2024 was approximately 14 percent higher than the average volume of such imports in 2015 through 2017.  In particular, the volume of U.S. imports of primary aluminum from Canada in 2024 was approximately 18 percent higher than the average volume for 2015 through 2017.
    Notwithstanding Proclamation 10782 of July 10, 2024, which imposed higher tariffs on certain aluminum imports from Mexico, imports of aluminum from Mexico have continued to surge beyond historical volumes. The volume of U.S. imports of aluminum articles from Mexico in 2024 was approximately 35 percent higher than the average volume for 2015 through 2017. Proclamation 10782 did not resolve the surge of imports of aluminum from Mexico.  Mexican producers are using unfair trade to gain market share in the United States and are leveraging their access to unfairly traded global primary aluminum to do so.  I understand that Mexican producers are commingling primary aluminum from China and the Russian Federation (Russia) with primary aluminum from other countries to produce downstream aluminum articles.  These practices are distortive and provide continued outlets to absorb the massive amount of global excess capacity and must be remedied.  The volume of U.S. imports of primary aluminum from Australia has also surged and in 2024 was approximately 103 percent higher than the average volume for 2015 through 2017.  Australia has disregarded its verbal commitment to voluntarily restrain its aluminum exports to a reasonable level.
         9.  These volume increases occurred even though demand for aluminum in the United States and Canada (the market measured by industry) has generally remained flat, averaging about 20 percent since 2018.
         10.  These increasing import volumes support the conclusion that aluminum producers in countries subject to the additional ad valorem tariff proclaimed in Proclamation 9704 are engaging in transshipment or further processing of upstream aluminum products in countries that have since been exempted from that tariff.  Foreign producers have shifted assembly or manufacturing operations to third countries, such as Mexico.  For example, Chinese producers are using Mexico’s general exclusion from the tariff to funnel Chinese aluminum to the United States through Mexico while avoiding the tariff. 
         11.  The Secretary has informed me that producers in countries that remain subject to the ad valorem tariff have continued to evade the tariff by processing covered aluminum articles into additional downstream derivative products that were not included in the additional ad valorem tariffs proclaimed in Proclamation 9704 and Proclamation 9980.  Foreign producers are continuing to expand downstream production to absorb the global excess capacity.  Imports of additional derivative aluminum products have increased significantly since the issuance of Proclamation 9704 and Proclamation 9980, eroding the domestic industry’s customer base and resulting in depressed demand for aluminum articles produced in the United States.
         12.  The Secretary has also informed me of the impact of the product exclusion process authorized by Proclamation 9704, Proclamation 9776, and Proclamation 9980 and implemented by subsequent regulations.  This process has resulted in exclusions for a significant volume of imports, in a manner that undermines the purpose of the section 232 measures and threatens to impair the national security of the United States.  Certain general approved exclusions remain in effect for entire tariff lines of aluminum imports, notwithstanding the domestic industry’s potential to produce many excluded products. 
         13.  I determine that these developments and modifications to the original tariff regime as proclaimed in Proclamation 9704 have undermined the regime’s national security objectives by preventing the domestic aluminum industry (including derivatives) from achieving sustained production capacity utilization of at least 80 percent, as determined in the Secretary’s January 19, 2018, report.  I also determine that the modifications failed to achieve their articulated objectives.  As a result, I determine that these modifications have resulted in significantly increasing imports of aluminum articles that once again threaten to impair the national security of the United States.
         14.  In light of the Secretary’s findings, I have determined that it is necessary and appropriate to adjust the tariff proclaimed by Proclamation 9704, as amended, and the tariff proclaimed by Proclamation 9980, as amended, to increase the tariff rate from 10 percent ad valorem to 25 percent ad valorem.  These actions are necessary and appropriate to remove the threatened impairment of the national security of the United States. 
         15. In light of the Secretary’s findings regarding the alternative agreements with Argentina proclaimed in Proclamation 9758 of May 31, 2018; Australia proclaimed in Proclamation 9758; Canada proclaimed in Proclamation 9893 of May 19, 2019, and Proclamation 10106 of October 27, 2020; Mexico proclaimed in Proclamation 9893 and Proclamation 10782 of July 10, 2024; the European Union proclaimed in Proclamation 10327 of December 27, 2021, and Proclamation 10690 of December 28, 2023; and the United Kingdom proclaimed in Proclamation 10405 of May 31, 2022, I have decided that it is necessary to terminate these agreements as of March 12, 2025.  As of March 12, 2025, all imports of aluminum articles and derivative aluminum articles from Argentina, Australia, Canada, Mexico, EU countries, and the UK shall be subject to the additional ad valorem tariff proclaimed in Proclamation 9704, as amended, with respect to aluminum articles and Proclamation 9980, as amended, with respect to derivative aluminum articles.  Imports of aluminum articles and derivative aluminum articles from Argentina, Australia, Canada, Mexico, EU countries, and the UK shall be subject to the revised tariff rate of 25 percent ad valorem established in clause 2 of this proclamation, commensurate with the tariff rate imposed on such articles imported from most other countries.  In my judgment, these modifications are necessary to address the significantly increasing imports of aluminum articles and derivative aluminum articles from these sources, which threaten to impair the national security of the United States.  Replacing the alternative agreements with the additional ad valorem tariffs will be a more robust and effective means of ensuring that the objectives articulated in the Secretary’s January 19, 2018, report and subsequent proclamations are achieved.
         16.  In light of the information provided by the Secretary that the significant increase of imports of certain derivative aluminum articles has depressed demand for aluminum articles produced by domestic aluminum producers, I have determined that it is necessary to adjust the tariff proclaimed in Proclamation 9704 and Proclamation 9980 to apply to additional derivative aluminum articles.
         17.  I have also determined that it is necessary to terminate the product exclusion process as authorized in clause 3 of Proclamation 9704, clause 1 of Proclamation 9776, and clause 2 of Proclamation 9980. 
         18.  Section 232, as amended, authorizes the President to take action to adjust the imports of an article and its derivatives that are being imported into the United States in such quantities or under such circumstances as to threaten to impair the national security of the United States.
         19.  Section 604 of the Trade Act of 1974, as amended, authorizes the President to embody in the Harmonized Tariff Schedule of the United States (HTSUS) the substance of statutes affecting import treatment, and actions thereunder, including the removal, modification, continuance, or imposition of any rate of duty or other import restriction.
         NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, by the authority vested in me by the Constitution and the laws of the United States of America, including section 301 of title 3, United States Code, section 604 of the Trade Act of 1974, as amended, and section 232, do hereby proclaim as follows:
         (1) The provisions of Proclamation 9758 with respect to imports of aluminum articles from the Argentina; Proclamation 9758 with respect to imports of aluminum articles from the Australia; Proclamation 9893 and Proclamation 10106 with respect to imports of aluminum articles from Canada; Proclamation 9893 and Proclamation 10782 with respect to imports of aluminum articles and derivative aluminum articles from Mexico; Proclamation 10327 and Proclamation 10690 with respect to imports of aluminum articles and derivative aluminum articles from the European Union; and Proclamation 10405 with respect to imports of aluminum articles and derivative aluminum articles from the United Kingdom shall be ineffective as of 12:01 a.m. eastern time on March 12, 2025.  The provisions of clause 1 of Proclamation 9980 as applicable to imports of derivative aluminum articles from Argentina, Australia, Canada, and Mexico shall be ineffective as of 12:01 a.m. eastern time on March 12, 2025; all imports of aluminum articles and derivative aluminum articles from these countries shall be subject to the additional ad valorem tariffs proclaimed in Proclamation 9704, as amended, and Proclamation 9980, as amended.  Imports of aluminum articles and derivative aluminum articles from Argentina, Australia, Canada, Mexico, EU countries, and the United Kingdom will be subject to the revised tariff rate of 25 percent ad valorem established in clauses (2) and (3) of this proclamation, commensurate with the tariff rate imposed on such articles imported from most countries, as amended by this proclamation.
         (2) As of 12:01 a.m. on March 12, 2025, the tariff proclaimed by Proclamation 9704, as amended, and the tariff proclaimed by Proclamation 9980, as amended, are adjusted to increase the respective tariff rates from an additional 10 percent ad valorem to an additional 25 percent ad valorem. 
         (3) Clause 2 of Proclamation 9704, as amended, is further amended in the second sentence by deleting “and” before “(k)”; replacing “11:59 p.m. eastern standard time on December 31, 2025” after (k) with “12:01 a.m. eastern time on March 12, 2025”; and inserting before the period at the end: “, and (l) on or after 12:01 a.m. on March 12, 2025, at a revised rate of an additional 25 percent ad valorem rate, from all countries except from Russia.”
         (4) The first two sentences of clause 1 of Proclamation 9980 are revised to read as follows:
         (5) Except as otherwise provided in this proclamation, all imports of derivative aluminum articles specified in Annex I to this proclamation or any subsequent annex published in the Federal Register pursuant to this Proclamation shall be subject to an additional 25 percent ad valorem rate of duty, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after the Commerce certification date in accordance with clause 9.  For any derivative aluminum article identified in Annex I that is not in Chapter 76 of the HTSUS, the additional ad valorem duty shall apply only to the aluminum content of the derivative article.  These rates of duty, which are in addition to any other duties, fees, exactions, and charges applicable to such imported derivative aluminum articles, shall apply to imports of derivative aluminum articles described in Annex I to this proclamation from all countries, except Russia, but shall not apply to derivative aluminum articles processed in another country from aluminum articles that were smelted and cast in the United States.  Further, all imports of derivative aluminum articles specified in Annex I to this proclamation that are the product of Russia and all imports of derivative aluminum articles specified in Annex I to this proclamation where any amount of primary aluminum used in the manufacture of the derivative aluminum articles is smelted in Russia, or the derivative aluminum articles are cast in Russia, shall be subject to the 200 percent ad valorem rate of duty established in Proclamation 10522, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after the Commerce certification date in accordance with clause 9.  Primary aluminum is defined as new aluminum metal that is produced from alumina (or aluminum oxide) by the electrolytic Hall-Heroult process.  The Secretary shall continue to monitor imports of the derivative articles described in Annex I to this proclamation, and shall, from time to time, in consultation with the United States Trade Representative, the Secretary of Defense, or other officials as appropriate, review the status of such imports with respect to the national security of the United States.
         (6)  The Secretary shall not consider any new product exclusion requests under clause 3 of Proclamation 9704, clause 1 of Proclamation 9776, or clause 2 of Proclamation 9980, or renew any such product exclusions in effect as of the date of this proclamation.  Granted product exclusions shall remain effective until their expiration date or until excluded product volume is imported, whichever occurs first.  The Secretary shall take all actions, including publication in the Federal Register, necessary to terminate the product exclusion process.  In addition, all general approved exclusions shall be ineffective as of March 12, 2025, and the Secretary shall publish a notice in the Federal Register to this effect.  I have determined that this is necessary to ensure that these general exclusions do not allow high volumes of imports, including of products that the domestic industry can produce and supply, to undermine the objectives articulated in the Secretary’s January 2018 report and relevant subsequent proclamations.  Following the elimination of quantitative restrictions on certain sources pursuant to this proclamation, and subject to any restrictions set forth in or pursuant to other provisions of applicable law, imports of any aluminum article or derivative article from any source and in any quantity will be available to domestic importers, provided that the additional ad valorem tariffs are paid upon entry or withdrawal from warehouse for consumption. For purposes of implementing the requirements in this proclamation, importers of aluminum derivative articles shall provide to CBP any information necessary to identify the aluminum content used in the manufacture of aluminum derivative articles imports covered by this Proclamation.  CBP is hereby authorized and directed to publish regulations or guidance implementing this requirement as soon as practicable.
         (7)  Within 90 days after the date of this proclamation, the Secretary shall establish a process for including additional derivative aluminum articles within the scope of the ad valorem duties proclaimed in Proclamation 9704, as amended, Proclamation 9980, as amended, and clause 5 of this proclamation.  In addition to inclusions made by the Secretary, this process shall provide for including additional derivative aluminum articles at the request of a producer of an aluminum article or derivative aluminum article within the United States, or an industry association representing one or more such producers, establishing that imports of a derivative aluminum article have increased in a manner that threatens to impair the national security or otherwise undermine the objectives set forth in the Secretary’s January 19, 2018 report or any Proclamation issued pursuant thereto.  When the Secretary receives such a request from a domestic producer or industry association, it shall issue a determination regarding whether or not to include the derivative aluminum article or articles within 60 days of receiving the request. 
         (8)  The provisions of clause 3 of Proclamation 9704, clause 1 of Proclamation 9776, and clause 2 of Proclamation 9980, or any other provisions authorizing the Secretary to grant relief for certain products from the additional ad valorem duties or quantitative restrictions set forth in the prior proclamations described herein are hereby revoked, except to the extent required to implement clause 5 of this proclamation. 
         (9) The modifications made by this proclamation with respect to derivative aluminum articles identified in the annex that are not in chapter 76 of the HTSUS shall be effective upon public notification by the Secretary of Commerce, that adequate systems are in place to fully, efficiently, and expediently process and collect tariff revenue for covered articles. 
         (10) Any aluminum article or derivative article, except those eligible for admission under “domestic status” as defined in 19 CFR 146.43, that is subject to the duty imposed by this proclamation and that is admitted into a U.S. foreign trade zone on or after the Commerce certification date, in accordance with clause 9, may be admitted only under “privileged foreign status” as defined in 19 CFR 146.41, and will be subject upon entry for consumption to any ad valorem rates of duty related to the classification under the applicable HTSUS subheading.
         (11)  The United States International Trade Commission, in consultation with the Secretary, the Commissioner of United States Customs and Border Protection (CBP) within the Department of Homeland Security, and the heads of other relevant executive departments and agencies, shall revise the HTSUS so that it conforms to the amendments and effective dates directed in this proclamation within ten days of the date of this proclamation.  The Secretary is authorized and directed to publish any such modifications to the HTSUS in the Federal Register.
         (12) CBP shall prioritize reviews of the classification of imported aluminum articles and derivative aluminum articles and, in the event that it discovers misclassification resulting in loss of revenue of the ad valorem duties proclaimed herein, it shall assess monetary penalties in the maximum amount permitted by law.In addition, CBP shall promptly notify the Secretary regarding evidence of any efforts to evade payment of the ad valorem duties proclaimed herein through processing or alteration of aluminum articles or derivative aluminum articles as a disguise or artifice prior to importation.In such circumstances, the Secretary shall consider the processed or altered aluminum articles or derivative aluminum articles for inclusion as derivative aluminum articles pursuant to clause 5 of this proclamation.
         (13) No drawback shall be available with respect to the duties imposed pursuant to this proclamation.
         (14) The Secretary may issue regulations and guidance consistent with this proclamation, including to address operational necessity.
         (15)  Any provision of a previous proclamation or Executive Order that is inconsistent with the actions taken in this proclamation is superseded to the extent of such inconsistency.
         IN WITNESS WHEREOF, I have hereunto set my hand thistenth day of February, in the year of our Lord two thousand twenty-five, and of the Independence of the United States of America the two hundred and forty-ninth.

    MIL OSI USA News

  • MIL-OSI United Kingdom: Company which claimed to market adult films is shut down for suspected direct debit scam

    Source: United Kingdom – Executive Government & Departments

    Consumers appeared to be misdirected into paying monthly direct debits

    • Investigations into Drawntear Limited showed that the company appeared to take direct debit payments from consumers without their knowledge or authorisation 
    • Drawntear claimed in previous accounts that it marketed adult movies but no evidence was provided about how the company traded or who really controlled its business activities 
    • The company has now been wound-up in court following an application by the Insolvency Service 

    A company which claimed to sell adult films has been shut down following concerns it was being used as a direct debit scam.  

    Drawntear Limited was wound-up at a hearing of the High Court in Manchester on Wednesday 12 February. 

    The company, which said it was based in Hull before moving its registered office address to Kings Langley in Hertfordshire just last month, failed to co-operate with investigations by the Insolvency Service. 

    Investigators however found evidence that those behind the company were actually based in the Czech Republic and Monaco. 

    Complaints made to Action Fraud also indicated that the company took unauthorised payments from members of the public. 

    David Usher, Chief Investigator at the Insolvency Service, said: 

    There was a complete lack of transparency over who controlled Drawntear, the real nature of its trading activities, and unexplained payments of more than £280,000 from its bank account. 

    We were concerned that the company was being used as a vehicle for fraud and the absence of any accounting records meant it was necessary for us to take decisive action to prevent further harm to the public. 

    The Insolvency Service will not hesitate to take robust action to protect consumers and we would encourage everyone to be vigilant against such objectionable rogue operators.

    Drawntear was incorporated on Companies House in November 2019, describing its business as “other retail sale in non-specialised stores”. 

    Accounts for the period up to the end of November 2022 however stated that its principal activity was “the online marketing of adult movies”. 

    There is also some suggestion it provided some form of undisclosed digital streaming services. 

    Attempts by the Insolvency Service to establish the true nature of the company’s trading activities were met with insufficient co-operation. 

    The failure to produce accounting records also meant that payments into Drawntear’s account of £283,098 and receipts of £294,234 were not explained. 

    Complaints from consumers indicated the company was taking direct debit payments without their permission. 

    In one example, a complainant identified recurring payments of £29.99 from their bank account to Drawntear which they were unaware of authorising.

    A second consumer said that monthly payments which totalled £333.50 had been taken from their account. 

    The Official Receiver has been appointed as liquidator of Drawntear Limited. 

    All enquiries concerning the affairs of the company should be made to the Official Receiver of the Public Interest Unit: 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ. Email: piu.or@insolvency.gov.uk

    Further information 

    Updates to this page

    Published 12 February 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Lord Chancellor’s sets out her vision for the probation service

    Source: United Kingdom – Executive Government & Departments

    The Lord Chancellor and Secretary of State for Justice, the Rt Hon Shabana Mahmood MP, made a speech outlining her vision for the future of the probation service.

    Please note the political content has been removed from this speech.

    Today, we are in Southwark, the home of London’s probation service, one of the busiest in the country.

    Here in London, the Service supervises more than 36,000 offenders.

    And, every day, in this building, there are a thousand untold stories of how our probation service protects the public and makes our streets safer.

    I want to talk about the future of our probation service today.

    But to look to that future, I think we must first look to the past.

    Because it was here, in Southwark, that the probation service first took root.

    Over 150 years ago, the Church of England’s temperance movement posted a man called George Nelson to Southwark’s police court.

    Nelson was the first of a band of missionaries, driven by their faith and strict teetotalism, who gave up their time to help offenders give up the drink.

    Addiction then, as addiction now, drove much criminal behaviour…

    And the approach worked.

    In fact, it worked so well that the courts came to rely on missionaries like Nelson.

    A system soon developed where offenders would be released on the condition that they kept in touch with these volunteers.

    Because what began as a moral cause proved to have a practical purpose:

    These missionaries led to less crime and fewer victims.

    As this Government might say: they made our streets safer.

    By the early twentieth century, this voluntary service was so greatly valued that it was placed on a statutory footing.

    The 1907 Probation of Offenders Act established the first formal structure for probation…

    And the volunteers became professionals.  

    In the years that followed, the service grew:

    The 1925 Criminal Justice Act paid probation officers a regular wage.

    By the 1950s, probation’s work expanded to offenders on parole.

    And by the 1980s, the service was focused increasingly on prison releases.

    Over time, the role developed.

    Where the early missionaries were focused on crimes driven by addiction…

    In time, they took responsibility for the management of ever more, and ever more complex, offenders.

    Too often overlooked, with our focus invariably falling on the police or on prisons…

    Probation became an indispensable part of a criminal justice system that keeps us safe.

    It remains so today, now a service that is more than 20,000 strong…

    And probation officers supervise almost a quarter of a million offenders – around three times the number currently serving time in our prisons.

    Each year, they oversee more than 4 million hours of community payback.

    They monitor around 9,000 offenders on a tag at any given moment.

    They provide sentencing advice to hundreds of courts every single day.

    And they also provide a vital link to tens of thousands of victims, through the Victim Contact and the Victim Notification schemes.

    But while there have been bright moments in the service’s past, we must acknowledge the dark days too.

    In 2014 the service was split:

    Part remained in the public sector, managing the highest-risk offenders.

    The rest was hived off, to be run by the private sector, who would supervise those of low and medium risk.

    Community Rehabilitation Companies would bring the ingenuity of the private sector to solve the problem of reoffending.

    The rhetoric was of a revolution in how we manage offenders.

    The reality was far different.

    Workloads increased, as new offenders were brought under supervision for the first time…

    The number of people on probation increased between December 2014 and December 2016, with almost 50,000 offenders newly under its remit.

    Scarce resources were stretched further than ever…   

    Morale plummeted.

    And worrying numbers voted with their feet, leaving the service altogether…

    With the Inspector of Probation declaring a “national shortage” of probation professionals in 2019. 

    The new companies woefully underperformed.

    Between 2017 and 2018, just 5 of 37 audits carried out by HMPPS demonstrated that expected standards were being met.

    In 2019, 8 out of 10 companies inspected received the lowest possible rating – “inadequate” – for supervising offenders.

    The Chief Inspector called them “irredeemably flawed”.

    And the service was labelled ‘inadequate’.

    In 2021, it was finally, rightly, re-unified and re-nationalised.

    Now, make no mistake…

    Every day, across the country, probation staff make this country safer.

    This was clearly evident in the service’s response to the prison capacity crisis.

    With prisons just days from collapse, this Government was forced to introduce an emergency release programme, which saw some offenders leave prison a few weeks or months early.

    The alternative, as I said at the time, did not bear thinking about:

    We would have been forced to shut the front door of our prisons…

    An act that would have sent dominoes tumbling through our justice system:

    Courts unable to hold trials…

    Police forced to halt arrests…

    And the eventual path to a total breakdown of law and order.

    In making that decision, I knew the probation service would have to carry an even heavier load.

    They would have to put in place plans for the safe release of prisoners in just a few weeks.

    I tried to give them as much time as I possibly could to prepare:

    An eight-week implementation period.

    It wasn’t long to prepare, but the probation service used it with great skill.

    But now is also a moment to be honest about the challenges the service faces.

    And the simple fact is this:

    The service was burdened with a workload that was, quite simply, impossible.

    When we took office, we discovered that orders handed out by courts were not taking place.

    In the 3 years to March 2024 around 13,000 Accredited Programmes, a type of rehabilitative course, did not happen.

    This wasn’t because an offender had failed to do what was expected of them…

    But instead because the Probation Service had been unable to deliver these courses.

    As I have shown already in this job, I believe in confronting problems, not pretending they are not there.

    And so, we will ensure only those offenders who pose a higher risk, and who need to receive these courses, will do so.

    This isn’t a decision I take lightly.

    But it is a decision to confront the reality of the challenges facing the probation service.

    I should be clear:

    For those who will not complete an accredited programme, they remain under the supervision of a probation officer…

    And all the other requirements placed upon them will remain in place.

    Any breach of a community sentence could see them hauled back into court.

    Any breach of a licence condition could see them back behind bars.

    Addressing individual issues like these, however, is no long-term solution to the challenges the probation service faces.

    Today, across the country, probation officers are spread too thin – responsible for caseloads and workloads that exceed what they should be expected to handle.

    Probation officers are drawn to the profession not because it is just another job.

    This job is a vocation, even a calling…

    They are, after all, the inheritors of those missionaries of 150 years ago.

    They are experts in their discipline…

    Who want to know that their work is protecting the public…

    And keeping offenders on the straight and narrow.

    Over-stretched, they can’t work with offenders in the way they need to.

    And the burden placed on probation officers’ shoulders grow heavier and heavier.

    It has driven people away from the job…

    It has made the public less safe…

    And it has to change.

    It is clear we need to bring more people into the probation service.

    In July, I committed to bringing on 1,000 trainee probation officers by March of this year.

    But we must go further.

    Today, I can announce that, next year, we will bring on at least 1,300 new, trainee probation officers.

    New probation officers are the lifeblood of the service, and they will guarantee its future.

    But they are not enough alone.

    It is also clear we must remove the administrative burden that weighs probation officers down…

    And makes them less effective in their roles.

    Today, too many hours of probation officer time are wasted each day.

    They are drowning in paperwork.

    And I don’t mean metaphorical paperwork.

    I mean literal pen and paperwork.

    This takes up valuable time, that would be better spent working with offenders…

    And it also introduces the risk of error – the failure to identify the critical piece of information that might shape a professional’s judgement of the risk that an offender poses.

    Where digital processes do exist in the probation service, they can be difficult to navigate.

    Information is stored in multiple different systems that do not speak to each other.

    And probation officers are forced, laboriously, to type the same information time and again.

    We will soon pilot a digital tool that will put all the information a probation officer needs to know into one place.

    Over time, this will include information from other agencies, like the police as we need to make sure data is more readily shared, so that probation can make better decisions.

    We’re also trialling a new system for risk assessing offenders, to make it more straightforward for probation officers to make robust decisions.

    A group of officers in Brighton started using this in December last year…

    And we estimate it will cut up to 20 percent of the time it takes to do this crucial activity.

    It might sound simple, but the impact could be considerable.

    Every minute saved is more time probation officers can spend working with offenders.

    Less simple, but even more transformational, there’s the potential of artificial intelligence.

    We are currently looking into voice transcription.

    This would automatically record and transcribe supervision conversations by taking notes in real time…

    Allowing probation officers to focus on building relationships, while also removing the need for them to enter handwritten notes into a computer afterwards.

    In time, we believe that AI could play a more active role in supporting staff to supervise offenders – for example, drawing on the data we have on an offender to suggest a supervision plan tailored to them.

    This new technology will ensure probation officers provide what only they can:

    The human factor.

    The ability to work with an offender, one-to-one, to understand the risk they pose…

    To develop a plan for how to manage it…

    Ultimately, to turn them away from a life of crime – and so protect the public.

    That is what remains true about the probation officer’s job now, just as it was 150 years ago.

    The courts didn’t turn to the temperance movement’s missionaries because they were great at paperwork.

    They did so because of how they worked with offenders.

    They knew – in the words of the Government Minister who brought in the 1907 Probation Act – how “to guide and admonish” an offender to make the public safer.

    But while new staff and better technology are necessary to the future of our probation service…

    They are not sufficient.

    With a caseload of nearly a quarter of a million offenders…

    We must also look at the work that probation officers are doing…

    And we must ask:

    Where should their time be spent…

    And, more specifically, who should their time be spent with to have the greatest impact?

    In this, it is clear there are two types of offender.

    On the one hand, we have those who pose a higher risk to society.

    In this group, we have those who are dangerous – posing a real risk of harm to the public.

    We also have those whose offending is prolific – the one in every ten offenders who is guilty of nearly half of all sentenced crime.

    On the other hand, we have offenders who pose a lower risk.

    They are not serial offenders, with a high risk of reoffending.

    Their crimes are instead often fuelled by addiction, homelessness, and joblessness.

    These crimes are not excusable.

    All crimes must be punished.

    But these two groups – the higher and lower risk – are different.

    If we want to reduce reoffending, cut crime and have safer streets, we have to treat them differently.

    And too often today, we don’t.

    We have a one size fits all approach.

    That must change.

    For higher-risk offenders, a probation officer’s time and focus is essential.

    It is no exaggeration to say that effective supervision of this cohort can be the difference between life and death.

    We all know the tragedies:  

    I think of Terri Harris, her children John Paul and Lacey Bennett and Lacey’s friend Connie Gent, savagely murdered by Damien Bendall in 2021, when Bendall was serving a community sentence.

    And I think of Zara Aleena, murdered by Jordan McSweeney in 2022, just nine days after he had left prison on licence.

    We will never be able to stop every tragedy.  

    But we have to stop more.

    There are improvements that we can and must make to the processes probation officers follow, and the technology they use.

    We have introduced new training, to better identify risk…

    New digital tools, as I have mentioned already, will draw together the critical pieces of information from partner organisations, like the police.

    But the vital ingredient is time:

    The time of a professional probation officer…

    Devoted to identifying the risk an offender poses…

    Creating a plan to manage it…

    And supervising, closely, that offender to ensure they do not deviate from it.

    That is the human factor that only a probation officer can provide.

    If probation officers are to have this valuable time with these offenders, we must be more efficient with the time they devote to lower-risk offenders.

    At the very end of their time in office, my predecessor introduced a policy called Probation Reset.

    This saw supervision of lower-risk offenders end after two-thirds of their licence period.

    This was a step in the right direction.

    The interventions that work best with lower risk offenders are not necessarily those provided by probation officers.

    So that is where we must now direct the attention of their supervision.

    We need to get these offenders off drugs and booze – reoffending rates are 19 points lower when an offender completes a drug treatment programme.

    We need to ensure they have a roof over their heads – reoffending rates double for those released homeless.  

    And finally, we need to get them working – reoffending rates are up to 9 points lower when an offender is employed.

    The probation service has a role to play here…

    But their unique value is in referring offenders to the intervention that is required to address the cause of their offending.                

    And so today, I can announce that we will build on the work of Reset.

    This Government will focus the probation service on the interventions that have the greater impact.

    For lower risk offenders, we will task probation officers with providing a swifter intervention.

    They will spend more time with an offender immediately after their release:

    First, assessing the root causes of an offender’s crime…

    Then referring them to the services that will address that behaviour:

    Which could be education, training, drug treatment or accommodation…

    Delivered by the probation service, our partners across Government, and through the brilliant work done by the voluntary sector.

    Once offenders are following that direction, as long as the offender stays on the straight and narrow, we must then focus probation officer’s time more effectively:

    That means more time spent with the offenders who pose the greater risk…

    More time with offenders who pose a risk of a serious and violent further offence…

    And more time with offenders whose prolific offending causes so much social and economic damage to local communities.

    That is how we will reduce reoffending…

    That is how we will cut crime…

    And that is how we will make our streets safer.

    These measures are necessary today, but they will be even more important in the months and years to come.

    David Gauke’s independent review of sentencing will report soon.

    He has been asked to ensure we never run out of prison places again.

    There is no doubt that this will increase pressure on probation.

    As I made clear when I announced the review, I have asked David to consider how we make more use of punishment outside of prison.

    In my view, technology is likely to play a key role – taking advantage of advances in the tech that is being used here and in other jurisdictions:

    Like sobriety tags, which can measure the alcohol levels in offenders’ sweat every 30 minutes, and have a 97 percent compliance rate…

    And GPS tags, which can put in place exclusion zones to alert authorities if offenders enter areas we have banned them from.

    There are also likely to be more sentences served in the community…

    And more drug, alcohol and mental health treatment requirements placed on offenders.

    These are the tools that must be at the judiciary’s disposal to deal with criminals…

    And judges must have trust and confidence that the probation service can deliver them.

    The changes I have announced today are about support for the probation service:

    1,300 new trainee probation officers…

    New technology to lighten the administrative burden…

    And a new focus of their time on where it has the greatest impact.

    Today, I have set out what I think the future direction of the probation service must be.

    And I think we must, finally, consider the alternative. 

    What would happen if we allowed probation to carry on as it is?

    What would happen if we allowed the service to be stretched so thin, trying to do too much with too many offenders…

    Too much time spent doing the wrong things, and not enough time doing what is right and what works.  

    We know what the consequences would be.

    We’ve seen it in the stories of far too many victims…

    And the pain their friends and families have experienced – and continue to experience – every single day. 

    When the probation service isn’t able to properly assess the risk of offenders or supervise them…

    Innocent people pay a terrible price.

    The first job of the state is to keep its people safe.

    We are willing to take the difficult decisions, where they must be taken.

    I will support probation officers, both the new recruits we will bring in and the professionals of whom we have asked so much in recent years.

    While they are professionals these days, and experts in their field…

    They are drawn to the profession by the same desire that called to those missionaries a hundred and fifty years ago:

    To encourage offenders to turn their backs on crime…

    And to make our streets and the public safer.

    To fulfil that purpose now, we must do things differently.

    And that begins today.

    Thank you.

    Updates to this page

    Published 12 February 2025

    MIL OSI United Kingdom

  • MIL-OSI USA: Peters and Young Lead Bipartisan Legislation to Extend Federal Funding and Protections for the Great Lakes

    US Senate News:

    Source: United States Senator for Michigan Gary Peters

    WASHINGTON, DC – U.S. Senators Gary Peters (D-MI) and Todd Young (R-IN) are leading bipartisan legislation to extend federal funding and protections for the Great Lakes. The senators introduced the Great Lakes Restoration Initiative Act of 2025 to reauthorize the Great Lakes Restoration Initiative (GLRI) through 2031 and increase the program’s annual authorized funding levels from $475 million to $500 million. The GLRI is the most significant investment ever made to restore and protect the Great Lakes. The GLRI combines federal and nonfederal efforts to stop the spread of carp and other invasive species, restore coastline and habitats connecting streams and rivers, clean up environmentally damaged Areas of Concern, and prevent future contamination. While providing vital support for these efforts, the GLRI also helps ensure we can address new and emerging threats to the Great Lakes.  

    “The Great Lakes are a national treasure and central to our economy, environment, and way of life in Michigan. Since its creation, the Great Lakes Restoration Initiative has made significant headway in cleaning up Areas of Concern, protecting vital habitats, and restoring coastlines around the Great Lakes Basin,” said Senator Peters. “This bipartisan legislation will provide GLRI with the resources needed to build on that success and help protect and preserve the Great Lakes for future generations of Michiganders. I’m proud to again help lead the charge to strengthen this essential program.” 

    “The Great Lakes are an important part of Indiana’s ecosystem and economy,” said Senator Young. “The Great Lakes Restoration Initiative is a results-driven program that addresses the most serious issues threatening the wellbeing of the Great Lakes basin, including toxic substances, pollution, debris, and invasive species. Reauthorizing this program will continue to protect and preserve these lakes for generations to come.”   

    The Great Lakes Restoration Initiative Act of 2025 is cosponsored by U.S. Senators Amy Klobuchar (D-MN), Bernie Moreno (R-OH), Tammy Baldwin (D-WI), Jon Husted (R-OH), Dick Durbin (D-IL), Tina Smith (D-MN), Kirsten Gillibrand (D-NY), John Fetterman (D-PA), Elissa Slotkin (D-MI), Chuck Schumer (D-NY), and Tammy Duckworth (D-IL).

    Since its inception, the GLRI has spurred tremendous progress throughout the Great Lakes region including nearly half of a million acres of habitat protected, restored, or enhanced, a five-fold increase in the successful cleanup and delisting of Areas of Concern, a ten-fold increase in the remediation of environmental and public health impairments, and reducing the threat of harmful algal blooms. The GLRI’s efforts have also resulted in economic returns of more than 3 to 1 across the region. 

    “The simple fact is the GLRI funds critical projects that make life better for the millions of Americans that depend on the Great Lakes. It also delivers a positive economic return on the government’s investment in cleaner water and healthier communities. Senator Peters and Senator Young along with other Great Lakes senators have our gratitude for introducing this important bill,” said Joel Brammeier, Alliance for the Great Lakes President and CEO. 

    “The GLRI is a landmark program that is making significant progress in restoring the waters, ecosystems, economies, and communities that make up the Great Lakes region,” said Erika Jensen, Executive Director of the Great Lakes Commission. “The Great Lakes Commission applauds Senators Peters and Young for introducing this important legislation, which will safeguard the economic and environmental health of the Great Lakes region for generations to come.” 

    “This bill is a winner for millions of people in the region,” said Laura Rubin, Director of the Healing Our Waters-Great Lakes Coalition. “We thank Sens. Gary Peters and Todd Young for their bipartisan leadership and commitment to tackle the serious threats to our region’s drinking water, public health, jobs, and quality of life. Federal investments to restore the Great Lakes have been producing results, but serious threats remain. We look forward to working with the Great Lakes congressional delegation to pass this bipartisan bill that supports common sense solutions. If we scale back investments now, the problems will only get worse and more expensive to solve.” 

    “The Great Lakes Restoration Initiative provides critical investments in the health of the Great Lakes and the communities and businesses that rely on clean water. Communities across the region realize the lasting benefits of clean and healthy lakes, which attract visitors, create jobs, and sustain the Great Lakes way of life,” said Peter Laing, Great Lakes Business Network Co-Chair.  

    The Great Lakes Restoration Initiative Act of 2025 enjoys broad support from Great Lakes advocates, including the Council of Great Lakes Governors, Great Lakes Fishery Commission, American Great Lakes Ports Association, Great Lakes and St. Lawrence Cities Initiative, American Sportfishing Association, Ducks Unlimited, Trout Unlimited, Congressional Sportsmen’s Foundation, League of Conservation Voters, National Wildlife Federation, Sierra Club, National Parks Conservation Association, Theodore Roosevelt Conservation Partnership, National Audubon Society – Great Lakes, Environmental Law & Policy Center, MI League of Conservation Voters, Save the Dunes, Citizens Campaign for the Environment, Clean Wisconsin, Ohio Environmental Council, Western Reserve Land Conservancy, and Minnesota Environmental Partnership.

    MIL OSI USA News

  • MIL-OSI United Nations: 12 February 2025 Departmental update Global convening to empower digital health transformation built on robust foundations

    Source: World Health Organisation

    On the sidelines of the World Summit on the Information Society +20 High-Level Event 27–31 May 2024, the Global Initiative on Digital Health convened global stakeholders governing, supporting and implementing digital health transformation for a multistakeholder dialogue in Geneva, Switzerland, from 28–29 May 2024. 

    WHO Director-General Dr Tedros Adhanom Ghebreyesus provided opening remarks at the World Summit on the Information Society +20 High-Level Event, alongside other global leaders, setting the stage for this significant event. 

    This first global convening of the Global Initiative on Digital Health was co-hosted by the Global Initiative on Digital Health, the Brazil G20 Presidency under the framework of the World Summit of the Information Society (WSIS) and Action line C7: E-Health. The event commenced with remarks from: 

    • Dr Alain Labrique, Director, Department of Digital Health and Innovation, World Health Organization
    • Ms Ana Estela Haddad, Secretary of Information and Digital Health of the Brazilian Ministry of Health
    • Ms Rachel Toku-Appiah, Director, Policy, Advocacy and Communication, Africa, Bill and Melinda Gates Foundation
    • Ms Monique Vledder, Head for Health, Nutrition and Population, World Bank
    • Mr Tomas Lamanauskas, Deputy Secretary-General, the International Telecommunications Union.

    Participants included representatives from over 60 countries and 150 organizations across ministries of health and Information Communication and Technology, government agencies, bilateral agencies, philanthropic organizations, academia, civil society, private sector and technologists. Through both in-person and online participation – enabled with support from the International Telecommunication Union – participants shared their experiences and lessons learned with standards-based and country-led development of digital health architecture.​  

    The discussions focused on several critical topics, including: 

    • the role of digitalization in health financing and the need for digital public infrastructure in the health sector;
    • policy legislation and regulations that enable digital health adoption, data sharing and interoperability standards; 
    • the impact of internet connectivity and bandwidth, level of digital literacy and data governance on national digital governance; 
    • what constitutes a good digital health investment and how to track this;  
    • the opportunities for government-to-government collaboration to strengthen national governance of digital health transformation; 
    • the opportunity for public private partnerships for resilient digital health; and 
    • how to measure progress on the Global Strategy on Digital Health. 

    Key milestones included kick-off of the development of the WHO-ITU Digital Public Infrastructure Reference Architecture​ for Digital Health Transformation and the launch of data collection for the Global Digital Health Monitor and Complementary Report ​focused on the WHO Africa Region through a collaboration between WHO and Africa CDC. 

    The second GIDH global convening will be held at the end of May in Geneva, Switzerland. Visit the GIDH webpage for updates and information on how to get involved. 

    MIL OSI United Nations News

  • MIL-OSI: Snagit and Camtasia 2025 Introduce AI and Screentelligence-Powered Workflows for Faster, More Impactful Content Creation

    Source: GlobeNewswire (MIL-OSI)

    EAST LANSING, Mich., Feb. 12, 2025 (GLOBE NEWSWIRE) — TechSmith Corporation, an industry leader in visual communication, today released the newest editions of its award-winning Snagit and Camtasia products with advanced features focusing on simplifying workflows and improving capture and recording experiences. Snagit is an essential tool for professionals who capture, enhance, and share screenshots and videos, creating polished visual content that advances workplace communication and collaboration. Camtasia is an industry-leading screen recording, video, and audio editing solution to simplify the creation of high-quality tutorials, demos, training, and visual content. The 2025 versions are the final annual releases before TechSmith transitions to continuous delivery through its new subscription offerings.

    “We’ve enhanced Snagit and Camtasia with new AI and Screentelligence features to make it faster and easier for users to achieve their creative goals,” said Tony Lambert, CTO of TechSmith. “User feedback heavily inspired these improvements, helping us simplify and streamline our most popular workflows and features so users can create content with less effort and improve visual communication within teams and organizations. We’re excited to build on this foundation with continuous updates throughout the year.”

    Screentelligence leverages machine learning models and TechSmith’s proprietary algorithms to provide users with context-aware layout, design, and editing suggestions. By analyzing metadata locally, data never leaves the user environment for optimal speed and security.

    Snagit 2025 Features
    Snagit 2025 leverages AI and Screentelligence-powered features to perform nearly all of the creation work, allowing users to focus on refining content. The new features enhance creation speed and professional polish across everyday training, documentation, and workplace communications. With Snagit 2025, users can boost clarity, protect privacy, and engage their audience more effectively.

    • Step Capture: Quickly create visual how-to guides and step-by-step instructions by simply going through the process. Snagit captures the individual steps and clicks and automatically organizes them into a structured guide. This feature is ideal for HR and IT professionals, as well as team leads and managers who often document and share processes like how to use software or access files.
    • Smart Redact: Automatically detects and blurs, pixelates, or redacts nine types of sensitive information from an image including mailing addresses, credit card or phone numbers, and more from screenshots with a single toggle.
    • Background Noise Removal: Eliminates background noise on user audio in any environment. This feature is excellent for creating ad hoc videos in the office, at home, or in a coffee shop with none of the quality concerns.
    • Customizable Share Link (enterprise exclusive): Enables single-click share link functionality with existing corporate platforms and environments such as OneDrive or Google Drive.
    • Virtual Background Capabilities (Mac exclusive): Enables the blurring or changing of the webcam background during video recordings. Great for masking the cluttered home office or showcasing corporate branding while recording.
    • Corner Rounding: Easily round the corners of screen captures to give a softer, more modern aesthetic.
    • Instant Asset Access: Immediate retrieval of Snagit’s comprehensive Asset Library with one click of a button.

    Camtasia 2025 Features
    Camtasia 2025 delivers advanced AI and editing capabilities helping users effortlessly develop more polished and professional videos in a fraction of the time. The new features deliver a number of quality-of-life improvements that make it easier than ever to create and view tutorials, demos, and training content.

    • Background Noise Removal: Instantly removes all background noise to provide clear audio. The effect is automatically applied while using Rev and can be applied manually to any recording or video in the editor.
    • Dynamic Caption Editing: Manually adjust, add, or remove words and spaces in the dynamic captions feature instead of relying solely on the transcription.
    • Smarter, More Engaging Cursor Movements: Advanced cursor enhancements that improve clarity, engagement, and instructional value in videos.
      • Cursor Motion Blur: Smooths onscreen cursor movements for a more natural, polished look—minimizing visible hesitations or unnatural pauses made during screen recording.
      • Kinetic Cursor: Enhances cursor movement by dynamically pointing in the direction of the next click, guiding viewers’ attention more effectively. Focus indicators like this new feature were ranked in the top five most important characteristics of training videos in TechSmith’s 2024 Video Viewer Trends Report.
      • Cursor Elevation: Brings the cursor to the front of the screen so it is never hidden behind other annotations, layers, or effects.
    • AI Avatars (Camtasia Pro exclusive): Utilize a diverse selection of human avatars to deliver your message in video, ideal for training professionals seeking to localize and scale corporate training programs efficiently.

    To learn about subscription and single license pricing and details for Snagit 2025, visit https://www.techsmith.com/store/snagit. To view subscription and single license pricing for Camtasia 2025 Essentials, Create, and Pro product plans, visit https://www.techsmith.com/store/camtasia.

    About Snagit
    Snagit is an award-winning tool for professionals to create polished visual content for workplace communication and collaboration. With a radically simple approach, Snagit allows users to capture images or videos of their screen, annotate content for clear instruction, and share within any preferred platform for viewing and/or team collaboration. Snagit is used by all Fortune 500 companies and more than 39 million people across more than 190 countries. Connect with Snagit on LinkedIn, Twitter, Facebook, and Instagram. For more information, visit https://www.techsmith.com/snagit/.

    About Camtasia
    Camtasia is an industry-leading screen recording, video, and audio editing solution to simplify the creation of high-quality tutorials, demos, training, and visual content. With a rich, expansive, and flexible feature set, Camtasia has the lowest barrier of entry of any recording and editing software, helping users educate, inspire, and excite their audience with professional-quality videos. Its intuitive Camtasia Rev workflow guides users through various size, layout, background, effect, and filter choices, empowering users of all skill levels to quickly create professional quality videos. Camtasia is used by more than 34 million people globally, including all Fortune 500 companies like Apple, Microsoft, Amazon and Google. In 2024, Camtasia was rated a top 5 screen and video capture solution by G2’s community of reviewers. For more information, visit www.techsmith.com/video-editor.html. Connect with Camtasia on LinkedIn, X, Facebook, and Instagram. For more information, visit https://www.techsmith.com/camtasia/.

    About TechSmith
    TechSmith is the market leader in screen capture software and productivity solutions for daily in-person, remote or hybrid workplace communication and customer-facing image and video content. The company’s award-winning flagship products, Snagit, Camtasia, and Audiate empower anyone to create remarkable videos and images that share knowledge for better training, tutorials, and everyday communication. TechSmith creates easy-to-use software and provides expert training resources and unmatched support — making TechSmith the global leader for easily creating effective images and videos. To date, billions of images and videos have been created with TechSmith’s products by more than 73 million people across more than 190 countries. TechSmith is ranked as a top 10 company in G2’s Spring 2024 report and winner of a 2024 Training Magazine Network Choice Award. Connect with TechSmith on LinkedIn, X (formerly Twitter), and Facebook. For more information, visit www.techsmith.com.

    Media Contact:
    Ross Blume
    Fusion Public Relations
    techsmith@fusionpr.com

    The MIL Network

  • MIL-OSI: Trade Crypto with 100x Leverage on BexBack – Enjoy Double Deposit Bonus & $50 Welcome Gift – NO KYC

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 12, 2025 (GLOBE NEWSWIRE) — With the price of bitcoin once again trading below $100,000, many analysts believe it will enter a long period of high volatility. Holding spot positions may not continue to generate profits in the short term. BexBack Exchange is stepping up its efforts to provide traders with irresistible preferential packages. The platform now offers a 100% deposit bonus, a $50 welcome bonus for new users, and a 100x leverage on cryptocurrency trading, creating unparalleled opportunities for investors.

    What Is 100x Leverage and How Does It Work?

    Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:

    Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

    One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.

    With BexBack’s deposit bonus

    BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.

    Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.

    How Does the 100% Deposit Bonus Work?
    The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.

    About BexBack?

    BexBack is a leading cryptocurrency derivatives platform that offers 100x leverage on BTC, ETH, ADA, SOL, and XRP futures contracts. It is headquartered in Singapore with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. It holds a US MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. Accepts users from the United States, Canada, and Europe. There are no deposit fees, and traders can get the most thoughtful service, including 24/7 customer support.

    Why recommend BexBack?

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    Sign up on BexBack now, claim your exclusive bonus and start accumulating more BTC today!

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This content is provided by BexBack. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2c949916-63ec-49bf-8315-2789892a6ac5

    https://www.globenewswire.com/NewsRoom/AttachmentNg/de06fad7-8bb9-464d-9bd2-fd5692f22049

    https://www.globenewswire.com/NewsRoom/AttachmentNg/6d5c4ef7-2abb-4af2-a0f4-023c8b06d4e2

    https://www.globenewswire.com/NewsRoom/AttachmentNg/a4b88d21-dc6d-4073-b660-40c80c60cdbd

    The MIL Network

  • MIL-OSI: Municipality Finance Plc Financial Statements Bulletin 1 January–31 December 2024

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Financial Statements Bulletin
    12 February 2025 at 5:00 pm (EET)

    Municipality Finance Plc Financial Statements Bulletin 1 January–31 December 2024

    In brief: MuniFin Group in 2024

    • The Group’s net operating profit excluding unrealised fair value changes* increased by 2.9% (3.2%) in January–December and amounted to EUR 181 million (EUR 176 million). Net interest income* was at the same level as in year before and totalled EUR 260 million (EUR 259 million). Net operating profit excluding unrealised fair value changes was boosted by lower expenses and increased other income compared to the previous period.
    • Net operating profit* amounted to EUR 166 million (EUR 139 million). Unrealised fair value changes amounted to EUR -16 million (EUR -37 million) in the financial year. Unrealised fair value changes were influenced in particular by changes in interest rates and credit risk spreads in the Group’s main funding markets.
    • Costs* in the financial year amounted to EUR 81 million (EUR 82 million).
    • The Group’s leverage ratio remained at a strong level, standing at 12.3% (12.0%) at the end of December.
    • At the end of December, the Group’s CET1 capital ratio was very strong at 107.7% (103.4%). CET1 capital ratio was over seven times the required minimum of 15.0% (13.9%), taking capital buffers into account.
    • Long-term customer financing (long-term loans and leased assets) excluding unrealised fair value changes* totalled EUR 35,787 million (EUR 32,948 million) at the end of December and saw an increase of 8.6% (7.5%). New long-term customer financing* increased by 17.1% (0.0%) in January–December 2024 and amounted to EUR 5,056 million (EUR 4,319 million). Short-term customer financing* totalled EUR 1,825 million (EUR 1,575 million).
    • Of all long-term customer financing, the amount of green finance* aimed at environmentally sustainable investments totalled EUR 6,817 million (EUR 4,795 million), and the amount of social finance* aimed at investments promoting equality and communality totalled EUR 2,536 million (EUR 2,234 million) at the end of December. The total amount of this financing increased by 33.1% (41.0%) from the previous year. The ratio of green and social finance to long-term customer financing excluding unrealised fair value changes* grew by 4.8% percentage points to 26.1% (21.3%).
    • In 2024, new long-term funding* reached EUR 8,922 million (EUR 10,087 million). At the end of December, the total funding* was EUR 46,737 million (EUR 43,320 million), of which long-term funding* made up EUR 43,328 million (EUR 39,332 million).
    • The Group’s total liquidity* is very strong, standing at EUR 11,912 million (EUR 11,633 million) at the end of the financial year. The Liquidity Coverage Ratio (LCR) stood at 341% (409%) and the Net Stable Funding Ratio (NSFR) at 124% (124%) at the end of the year.
    • In early 2024, MuniFin reviewed the future and development potential of the consulting services offered by its subsidiary company Financial Advisory Services Inspira Plc (Inspira) and decided to discontinue Inspira’s consulting services in summer 2024.
    • The Board of Directors proposes to the Annual General Meeting to be held in spring 2025 a dividend of EUR 1.86 per share, totalling EUR 72.7 million. The total dividend payment in 2024 was EUR 1.69 per share, totalling EUR 66.0 million.
    • Outlook for 2025: The Group expects its net operating profit excluding unrealised fair value changes to be at the same level or lower in 2025 as in 2024. The Group expects its capital adequacy ratio and leverage ratio to remain strong. The valuation principles set in the IFRS framework may cause significant but temporary unrealised fair value changes, some of which increase the volatility of net operating profit and make it more difficult to estimate.

    Comparison figures deriving from the income statement and figures describing the change during the financial year are based on figures reported for the corresponding period in 2023. Comparison figures deriving from the balance sheet and other cross-sectional items are based on the figures of 31 December 2023 unless otherwise stated.

    * Alternative performance measure.

    Key figures (Group)

      Jan–Dec 2024 Jan–Dec 2023 Change, %
    Net operating profit excluding unrealised fair value changes (EUR million)* 181 176 2.9
    Net operating profit (EUR million)* 166 139 19.5
    Net interest income (EUR million)* 260 259 0.3
    New long-term customer financing (EUR million)* 5,056 4,319 17.1
    New long-term funding (EUR million)* 8,922 10,087 -11.6
    Cost-to-income ratio, %* 27.7 32.2 -14.0**
    Return on equity (ROE), %* 7.2 6.6 9.3**
      31 Dec 2024 31 Dec 2023 Change, %
    Long-term customer financing (EUR million)* 35,173 32,022 9.8
    Green and social finance (EUR million)* 9,353 7,029 33.1
    Balance sheet total (EUR million) 53,092 49,736 6.7
    CET1 capital (EUR million) 1,646 1,550 6.2
    Tier 1 capital (EUR million) 1,646 1,550 6.2
    Total own funds (EUR million) 1,646 1,550 6.2
    CET1 capital ratio, % 107.7 103.4 4.2**
    Tier 1 capital ratio, % 107.7 103.4 4.2**
    Total capital ratio, % 107.7 103.4 4.2**
    Leverage ratio, % 12.3 12.0 2.5**
    Personnel 178 185 -3.8

    * Alternative performance measure.
    ** Change in ratio.

    Comment on the 2024 financial year by President and CEO Esa Kallio

    The operating environment in global economy and international politics went through a whirlwind of changes in 2024. Even in the turmoil, Finland stood steady and secure: our society is built on long-standing practices and institutions that have been developed together and tried and tested over time. This stability also helps safeguard MuniFin’s strong performance through shifts in the operating environment. Finnish society must continue to operate in broad collaboration and develop the structures of society in the long term. Sometimes this requires difficult decisions in society in the short term.

    In 2024, the demand for MuniFin’s financing was especially high in the affordable social housing sector. In the future, however, the sector will be facing reductions on interest subsidy loan authorisations.

    The Finnish system for affordable social housing is a success story that has served as a model across Europe – and will hopefully continue to do so, especially now that the rising cost of living has led to a surge in homelessness in many countries. Our state-subsidised housing production system has proven effective in reducing homelessness and regional segregation, increasing the supply of affordable social housing in growth centres, advancing municipalities’ housing policy goals of ensuring a diverse housing structure, and providing high-quality housing also to students, senior citizens and people with disabilities.

    Especially in the past couple of years, affordable housing production has also significantly supported the vitality of the Finnish construction sector, helping offset the slump in housing construction. Finland’s well-functioning system should not be changed; rather, the current model and level of housing production subsidies should be kept as they are. Timely investments into affordable social housing production can also help level out construction cycles and support employment.

    In 2024, MuniFin reached new milestones in sustainable investments. In October, we issued our tenth green bond, the high demand of which was once again testament to our strong position as an international forerunner in the financial sector. Moreover, sustainable finance made up the majority of the new long-term customer financing we granted in 2024.

    Information on the Group results

    Consolidated income statement Jan–Dec 2024 Jan–Dec 2023 Change, % Jul–Dec 2024 Jul–Dec 2023 Change, %
    (EUR million)            
    Net interest income 260 259 0.3 132 135 -2.4
    Other income 2 0 >100 1 -1 >100
    Income excluding unrealised fair value changes 262 259 1.1 132 134 -1.4
    Commission expenses -17 -16 8.2 -9 -8 11.2
    HR expenses -21 -20 2.0 -10 -10 -4.3
    Other items in administrative expenses -23 -20 12.4 -12 -11 12.0
    Depreciation and impairment on tangible and intangible assets -6 -7 -7.8 -3 -3 -14.3
    Other operating expenses -14 -19 -27.0 -7 -7 -0.6
    Costs -81 -82 -1.9 -40 -39 3.0
    Credit loss and impairments on financial assets 0 -1 -72.9 -1 -1 -38.7
    Net operating profit excluding unrealised fair value changes 181 176 2.9 92 95 -2.8
    Unrealised fair value changes -16 -37 -58.4 -31 -33 -3.6
    Net operating profit 166 139 19.5 61 62 -2.4
    Income tax expense -33 -28 17.3 -12 -12 -2.3
    Profit for the period 133 111 20.1 48 50 -2.4

    The Group’s net operating profit excluding unrealised fair value changes

    MuniFin Group’s core business operations remained strong in 2024. The Group’s net operating profit excluding unrealised fair value changes increased by 2.9% (3.2%) and amounted to EUR 181 million (EUR 176 million). The growth was influenced both by an increase in other income and a decrease in costs as net interest income remained at the level of previous year.

    The Group’s income excluding unrealised fair value changes was EUR 262 million (EUR 259 million) and grew by 1.1% (6.5%). Net interest income grew by 0.3% (7.5%), totalling EUR 260 million (EUR 259 million). Net interest income was positively affected by growing business volumes. The increase in funding costs due to the market conditions and the shape of the yield curve slowed the growth of net interest income.

    Other income totalled EUR 2.0 million (EUR 0.1 million). It consisted mainly of the billing of MuniFin’s digital services and the turnover of the subsidiary company Inspira from the early part of the year. In the previous year, negative realised FX rate changes reduced other income. At 0.8% (0.1%), other income relative to income excluding unrealised fair value changes forms only a minor part of the Group’s income.

    The Group’s costs were EUR 81 million (EUR 82 million), down by 1.9% from the year before (+12.4%). The reduction in expenses was due to the fact that no contribution fee was collected for the Single Resolution Fund in 2024.

    Commission expenses totalled EUR 17 million (EUR 16 million), of which EUR 14 million (EUR 13 million) consisted of the guarantee commission collected by the Municipal Guarantee Board for guaranteeing MuniFin’s funding.

    HR and administrative expenses grew by 7.2% (9.0%) and reached EUR 44 million (EUR 41 million). HR expenses comprised EUR 21 million (EUR 20 million) and other administrative expenses EUR 23 million (EUR 20 million). The average number of employees in the Group was 187 (183) during the financial year. Other items in administrative expenses grew by 12.4% (8.8%), mainly due to the increased costs of maintaining and developing information systems.

    During the financial year, depreciation and impairment of tangible and intangible assets totalled EUR 6 million (EUR 7 million).

    Other operating expenses were EUR 14 million (EUR 19 million). The main reason for this decrease is that there was no contribution fee to the Single Resolution Fund in 2024. Other operating expenses excluding fees collected by authorities grew by 22.1% (9.9%) to EUR 11 million (EUR 9 million).

    Credit loss and impairments on financial assets were EUR 0.3 million (EUR 1.2 million). This item consists of expected credit losses (ECL). The Group updated the model used to estimate the probability of default and the forward-looking macro scenarios during the financial year. The Group’s management has assessed the impact of general cost inflation and increased interest rates on customer financing receivables and credit risk and decided to release the additional discretionary provision in full at the end of 2024 (the amount of the additional discretionary provision was EUR 0.6 million at the end of 2023, and in June 2024, EUR 0.4 million of the additional provision was released). The update of the probability of default model increased expected credit losses by EUR 0.9 million euros, as the amount of exposures that moved from stage 1 to stage 2 increased. Most of the transferred exposures were subject to the previous additional discretionary provision. Therefore, the Group’s management considered that there is no longer a basis for recording a group-specific additional provision.

    The Group’s overall credit risk position has remained low. The amount of forborne loans was EUR 561 million (EUR 497 million), while non-performing exposures amounted to EUR 292 million (EUR 142 million) at the end of the year. These non-performing exposures represented 0.8% (0.4%) of total customer exposures. At the end of December, the Group had EUR 13 million in receivables due to the insolvency of customers, for which the collateral realisation process is ongoing, or the credit receivable is due for payment by the guarantor (there were no such receivables at the end of 2023). All the Group’s customer financing receivables are from Finnish municipalities, joint municipal authorities, wellbeing services counties or joint county authorities, or accompanied by a securing municipal, joint municipal authority, wellbeing services county or joint county authority guarantee or a state deficiency guarantee supplementing real estate collateral, and therefore no final credit losses will arise. According to the management’s assessment, all receivables from customers will be fully recovered. During the Group’s history of 35 years, it has never recognised any final credit losses in its customer financing.

    The credit risk of the Group’s liquidity portfolio has likewise remained at a low level, and the average credit rating of the debt securities in the portfolio is AA+ (AA+).

    The Group’s profit and unrealised fair value changes

    The Group’s net operating profit was EUR 166 million (EUR 139 million). Unrealised fair value changes decreased the Group’s net operating profit by EUR 16 million (in 2023: decreased by EUR 37 million). In January–December, unrealised fair value changes in hedge accounting amounted to EUR -12 million (EUR -27 million) and unrealised net result on financial assets and liabilities through profit or loss to EUR -4 million (EUR -10 million).

    The Group’s effective tax rate in the financial year was 19.9% (20.2%). Taxes in the Consolidated income statement amounted to EUR 33 million (EUR 28 million). After taxes, the Group’s profit for the financial year was EUR 133 million (EUR 111 million).

    The Group’s full-year return on equity (ROE) was 7.2% (6.6%). Excluding unrealised fair value changes, the ROE was 7.9% (8.4%).

    The Group’s other comprehensive income includes unrealised fair value changes of EUR 169 million (EUR 109 million). During the financial year, the most significant item affecting the other comprehensive income was net change in fair value due to changes in own credit risk of financial liabilities designated at fair value through profit or loss totalling EUR 137 million (EUR 75 million). The cost-of-hedging amounted to EUR 30 million (EUR 25 million). Net change in fair value of financial assets at fair value through other comprehensive income was EUR 2 million (EUR 8 million).

    On the whole, unrealised fair value changes net of deferred tax affected the Group’s equity by EUR 122 million (EUR 57 million) and CET1 capital net of deferred tax in capital adequacy by EUR 13 million (EUR -3 million). The cumulative effect of unrealised fair value changes on the Group’s own funds in capital adequacy calculations was EUR 58 million (EUR 45 million).

    Unrealised fair value changes reflect the temporary impact of market conditions on the valuation levels of financial instruments at the time of reporting. The value changes may vary significantly from one reporting period to another, causing volatility in profit, equity and own funds in capital adequacy calculations. The effect on individual contracts will be removed by the end of the contract period. In the financial year, unrealised fair value changes were influenced in particular by changes in interest rates and credit risk spreads in the Group’s main funding markets.

    In accordance with its risk management principles, the Group uses derivatives to financially hedge against interest rate, exchange rate and other market and price risks. Cash flows under agreements are hedged, but due to the generally used valuation methods, changes in fair value differ between the financial instrument and the respective hedging derivative. Changes in the shape of the interest rate curve and credit risk spreads in different currencies affect the valuations, which cause the fair values of hedged assets and liabilities and hedging instruments to behave in different ways. In practice, the changes in valuations are not realised on a cash basis because the Group holds financial instruments and their hedging derivatives almost always until the maturity date. The counterparty credit risk related to derivatives is comprehensively covered by collateral management. Changes in credit risk spreads are not expected to be materialised as credit losses for the Group, because the Group’s liquidity reserve has been invested in instruments with low credit risk.

    The Parent Company and subsidiary company Inspira’s results

    In 2024, MuniFin’s net interest income amounted to EUR 260 million (EUR 259 million) and net operating profit to EUR 166 million (EUR 139 million).

    The turnover of MuniFin’s subsidiary company, Financial Advisory Services Inspira Ltd, was EUR 0.4 million (EUR 1.4 million), and its net operating result amounted to EUR -0.5 million (EUR 0.0 million). The Group discontinued Inspira’s advisory services in the spring. In the future, the subsidiary company will provide some of the digital added value services MuniFin offers to its customers.

    The Group’s financial performance in July–December

    In the second half of 2024, the Group’s net operating profit excluding unrealised fair value changes amounted to EUR 92 million (Jul–Dec 2023: EUR 95 million), remaining almost at the same level as in the year before. Net interest income totalled EUR 132 million (Jul–Dec 2023: EUR 135 million) and costs EUR 40 million (Jul–Dec 2023: EUR 39 million) in July–December. Unrealised fair value changes weakened the net operating profit by EUR 31 million (in the comparison period Jul–Dec 2023: weakened by EUR 33 million). The Group’s net operating profit amounted to EUR 61 million (Jul–Dec 2023: EUR 62 million) in July–December.

    In the second half of the year, the Group’s net operating profit excluding unrealised fair value changes increased by 3.1% from the first half. Net interest income went up by 2.4% from the first half of the year. Costs amounted to EUR 40 million in July–December and to EUR 41 million in January–June. The Group’s net operating profit totalled EUR 61 million in July– December, decreasing by 42.4% from January–June. In the second half of the year, unrealised fair value changes affected the net operating profit by EUR -31 million, while in the first half of the year, their effect was EUR 16 million.

    Outlook for 2025

    Europe’s economy is starting 2025 off from a weaker position than anticipated. Business cycle expectations are subdued, and the global operating environment is fraught with uncertainty. Donald Trump’s presidential administration is expected to pursue protectionist trade policies, which could, at worst, severely slow down the euro area’s economic recovery.

    However, if Europe is exempted from the planned universal tariff on all US imports and the euro continues to weaken, businesses in the euro area could even find new opportunities to expand their market share in the US. Europe could also suffer negative economic effects if capital needed to improve productivity is increasingly allocated to strengthening military defence and supply security. The political turmoil in France and Germany adds another layer of uncertainty into the euro area economy.

    To counterbalance the growing economic uncertainty, the European Central Bank is expected to continue brisk interest rate cuts in 2025. Short-term market rates are projected to come down to about two per cent or even slightly below that by mid-year.

    The sharp interest rate cuts will be the most crucial booster for the Finnish economy in 2025. Although the overall tone of the economic turnround is still relatively subdued, the simultaneous recovery of demand drivers could boost annual GDP growth to surprisingly strong figures. Even so, macroeconomic forecasts continue to be very uncertain. Finland’s two most important export markets, the US and Germany, both entail considerable risks, and a sharperthan-expected decline in employment casts a shadow over the recovery of the domestic market. From the Group’s perspective, the 2024 rise in credit risk spreads is expected to push up the cost of funding, weakening the Group’s net interest income in 2025.

    Municipalities are undergoing sizeable adjustment programmes, but their financing deficit is nevertheless expected to grow again in 2025. Municipal finances are strained by several factors: central government transfer cuts resulting from the balancing of health and social services reform transfers, increased net investments, health and social services facilities that are left unused by wellbeing services counties but continue to incur maintenance, conversion and demolition costs, as well as uncertainty surrounding the actual costs of the employment services reform. In addition, the weakened employment outlook poses a serious risk to tax revenues.

    Privately funded housing production is expected to take an upward turn in 2025, but its volume will nevertheless remain well below normal levels. The housing market is starting to gradually pick up, and housing prices are expected to start rising moderately from 2025 onwards. In contrast, state-subsidised housing production will see fewer building starts due to reductions on interest subsidy loan authorisations. In March 2025, the Housing Finance and Development Centre of Finland (Ara) will cease to operate as an independent government agency and its operations will instead be integrated under the Ministry of the Environment. This change does not mean the end of state-subsidised housing production; rather, it aims to improve the administration of affordable social housing production. According to MuniFin’s analysis, the integration will not have a direct effect on MuniFin’s business. Interest subsidy loans will continue to be granted to state-subsidised housing production, but the related processes will be administered at the Ministry of the Environment. MuniFin will monitor the practical implications closely. With the managing authority changing, the Company may need to make changes to some of its processes in response.

    Considering the above-mentioned circumstances, the Group expects its net operating profit excluding unrealised fair value changes to be at the same level or lower in 2025 as in 2024. The Group expects its capital adequacy ratio and leverage ratio to remain strong. The valuation principles set in the IFRS framework may cause significant but temporary unrealised fair value changes, some of which increase the volatility of net operating profit and make it more difficult to estimate.

    These estimates are based on a current assessment of the development of MuniFin Group’s operations and the operating environment.

    Municipality Finance Plc

    Further information:

    Esa Kallio, President and CEO, tel. +358 50 337 7953

    Harri Luhtala, Executive Vice President, Finance, CFO, tel. +358 50 592 9454

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland. The Group’s balance sheet is over EUR 53 billion.

    MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic, but the Company operates in a completely global business environment. The Company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: www.munifin.fi

    Attachment

    The MIL Network

  • MIL-OSI: Lender.Market Unveils AI Financial Advisor V2.0: The Ultimate Funding Solution for Construction, Dentistry, Healthcare, and More

    Source: GlobeNewswire (MIL-OSI)

    JERSEY CITY, N.J., Feb. 12, 2025 (GLOBE NEWSWIRE) — Lender.Market, a leader in AI-driven lending solutions, is excited to announce the launch of AI Financial Advisor V2.0, a groundbreaking upgrade to its intelligent funding platform. Designed for construction companies, dental practices, healthcare providers, and small businesses, this next-generation AI tool streamlines financial analysis, optimizes loan matching, and empowers businesses with smarter, faster, and more customized funding solutions.

    What’s New in AI Financial Advisor V2.0?

    Industry-Specific Funding Recommendations AI tailors financial strategies for construction, dentistry, healthcare, and other capital-intensive industries.

    Instant Bank Statement Analysis Processes multiple bank statements in seconds, reviewing debits, credits, revenue trends, and cash flow.

    AI-Optimized Loan Matching Identifies the best funding options based on business performance, financial health, and industry benchmarks.

    Real-Time Financial Advice Offers strategies to improve cash flow, optimize spending, and secure funding with manageable repayment plans.

    Stronger AI Accuracy & Speed Upgraded algorithms provide deeper insights and more precise funding recommendations than ever before.

    Transforming Access to Capital for Key Industries

    1. Construction Secure project funding quickly for materials, labor, and equipment with AI-driven financial insights that align with construction business loans.
    2. Dentistry: Get tailored financing for new equipment, office expansion, or practice acquisition, with AI analyzing patient volume and revenue streams find multiple Dentistry business loans.
    3. Healthcare: Medical professionals can access funding for clinic upgrades, urgent care expansion, or telehealth services, ensuring smooth financial operations.
    4. Small Businesses & Beyond: From startups to established enterprises, AI Financial Advisor V2.0 provides custom financial strategies to support sustainable growth.

    Investor Opportunities: Join the Future of AI-Powered Finance

    As Lender.Market continues to revolutionize AI-driven lending, the company is actively seeking strategic investors to accelerate its expansion into new markets. With its proven AI technology and growing demand for industry-specific funding solutions, Lender.Market presents an exciting investment opportunity in the future of AI-powered finance.

    See the full project on our investor relations page

    Exclusive Launch Event

    Lender.Market will host a virtual and in-person launch event to showcase AI Financial Advisor V2.0, including a live demo and insights from industry experts. Register today at Contact lender market lender.market to secure your spot!

    About Lender.Market

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    Email: eli@lender.market
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    Business Name: Lender Market
    Eli ofel Founder and CEO also founder and chairman of leaa health
    Lender market – lending platform

    Disclaimer: This content is provided by the Lender.Market. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

    The MIL Network

  • MIL-OSI Security: Defense News: U.S. Navy EOD and divers conduct arctic warfare training exercise SNOWCRABEX 2025

    Source: United States Navy

    SNOWCRABEX, controlled this year by Mobile Diving and Salvage Unit 2, is a two-week exercise designed to test and evaluate Naval Expeditionary Combat Forces (NECF) capabilities in a simulated arctic environment and, ultimately, improve Navy EOD’s combat effectiveness in mountain and arctic, winter warfare. During the exercise, U.S. Navy EOD technicians from EOD Mobile Units (EODMU) 12 and 2 and Navy divers from Mobile Diving and Salvage Unit (MDSU) 2 tested, evaluated, and refined tactics, equipment and operations in an austere and demanding environment with unpredictable weather conditions and temperatures dropping below zero.

    “Snow Crab Exercise is about training Arctic capable forces individually and collectively in cold weather operational skills like ice diving, skiing, shooting, unit movement, medical care, equipment sustainment, and survival—skills required for successful joint and combined operations in an arctic environment, so our units can successfully complete their mission when and where they’re called to,” said Lt. Samuel Baker, MDS Co. 2-1 company commander, MDSU 2. “This exercise provides a perfect training environment for our forces to build readiness for operations at high latitudes.”

    As stated in the Department of Defense’s Arctic Strategy 2024, “The United States is an Arctic nation, and the region is critical to the defense of our homeland, the protection of U.S. national sovereignty, and our defense treaty commitments.”

    Minnesota provides an ideal setting for Navy EOD and salvage divers to learn what it takes to not only survive in sub-zero temperatures and operate in heavy snow, but also how to succeed and thrive to become experts in an Arctic environment.

    SNOWCRABEX 2025 also allowed units to test equipment and refine load out standards to improve their ability to operate in harsh regions. Navy EOD and Navy divers utilize highly specialized equipment to conduct their missions, and this exercise provides a valuable opportunity to test sensitive gear in an austere environment that it wasn’t necessarily designed for, allowing for refinement of methods or the development of alternative solutions. The key lessons learned from the exercise will inform capability requirements and strategic planning for future arctic operations.

    “The training at SNOWCRABEX this year was priceless. It takes experience training in extreme cold weather so Sailors know how to operate, and prevent their hands and equipment from freezing,” said Cmdr. Garrett Pankow, commander, Mobile Diving and Salvage Unit 2. “When you’re diving under ice or mitigating explosive threats, the extreme conditions in mountain and arctic environments aren’t forgiving; the training experience gained at Snow Crab allows us to reduce risk already inherent in Navy EOD and salvage operations. We’ll continue to improve U.S. Navy EOD and mobile diving and salvage teams’ readiness to support Fleet operations anywhere, anytime.”

    U.S. Navy EOD cleared simulated unexploded ordnance, secured critical infrastructure, and integrated with local U.S. Air Force EOD; exercising communication between distributed operating units. Prior to arriving at Camp Ripley, they learned avalanche safety, mountain survivability, and winter mobility skills at training courses in Utah and Wyoming.

    Navy divers successfully completed ice dive training, arctic survivability, and mobility training, scenario based response drills, and diving casualty medical evacuation (MEDEVAC) training. The unique training environment at Camp Ripley allowed Navy divers to expand their capabilities for diving and salvage operations in an Arctic environment.

    In preparation for SNOWCRABEX 2025, components of EODGRU 2’s medical unit attended a week-long arctic mountain medicine course in Anchorage, Alaska, Jan. 6-13, 2025, where they learned extraction techniques and cold weather injury treatment that will enhance medical care capabilities within the Naval Expeditionary Force (NECF). Treating a casualty in an austere environment with difficult terrain, such as crevasse, cliff sides, and mountains requires special extraction techniques.

    The medical team exercised these techniques at SNOWCRABEX and trained EOD and ND units on advanced cold weather care, including rewarming techniques, hypothermia and frostbite treatment, and prolonged casualty care. Their training culminated with integrated support to MDSU 2 executing a complex MEDEVAC scenario simulating an ice diving casualty, extracting the diver from the water, coordinating helicopter landing at a local landing zone, and transporting the victim by medical support helicopter to a medical facility.

    “In an austere environment, where we have difficulty moving them out of location to a medical facility, we need a way to get someone the care they need within or as close to the ‘golden hour’ – the window of time that is most critical for a life-threatening injury. At SNOWCRABEX 2025, we are honing our medical skills and developing techniques which will enhance our medical care capabilities in these far out, hard to reach environments to support prolonged casualty care,” said Cmdr. Nikunj Bhatt, the Undersea Medical Officer (UMO) and Senior Medical Officer for EOD Group 2.

    “We have an incredible team developing techniques to deliver medical supplies, including blood, using unmanned air systems. Snow Crab is a unique environment to exercise these techniques; we are looking at temperature integrity, drone handling, drone payload capacity, its range of travel, and other variables. Having tools like this will be powerful for enhancing care capabilities for an expeditionary unit; to increase odds of survivability in the event of a cold weather medical casualty,” continued Bhatt.

    The exercise was a success due to the support from The Minnesota National Guard and Camp Ripley leadership and staff. MN Air National Guard provided air support for portions of the exercise. U.S. Air Force EOD Technicians from the 148th Fighter Wing Explosive Ordnance Disposal (EOD) Flight provided support to demolition training and operations.

    The U.S. Navy routinely patrols on, above, below and around Arctic waters to ensure the security of commerce and demonstrate freedom of navigation. Navy EOD and expeditionary divers constantly train to operate in all environments to execute the Nation’s tasking and enable the Fleet’s freedom of maneuver. Exercises like SNOWCRABEX 2025 allow our teams to improve Arctic literacy, training proficiency, and tactical competency to build readiness for operations in the austere and demanding Arctic environment.

    Other Navy Expeditionary Combat Command units that participated in SNOWCRABEX 2025 included: EOD Expeditionary Support Unit (EODESU) 2, Maritime Expeditionary Security Squadron (MSRON) 2, Navy Expeditionary Logistics Support Group (NAVELSG), Navy Expeditionary Intelligence Command (NEIC), and Navy Expeditionary Warfighting Development Center (NEXWDC).

    EODGRU 2 operates as part of Navy Expeditionary Combat Command and provides skilled, capable, and combat-ready deployable Navy EOD and Navy diver forces around the globe to support a range of operations.

    For additional news about U.S. Navy EOD and diving, visit https://www.dvidshub.net/unit/EODG-2.

    MIL Security OSI

  • MIL-OSI Europe: VAT rules update could help businesses save billions of euros

    Source: European Union 2

    The update will notably require that VAT be paid for services provided through online platforms, putting an end to an unfair distortion of competition. It will also fight VAT fraud.

    On Wednesday, Parliament’s plenary approved the changes to the rules that member states indicated in November they wished to make to the VAT Directive. MEPs approved the rules with 589 votes in favour, 42 against and 10 abstentions.

    These changes will require that by 2030 online platforms must pay VAT for services provided through them in most of the cases where the individual service providers do not charge VAT. This will put an end to a distortion of the market because similar services provided in the traditional economy are already subject to VAT. This distortion has been most significant in the short-term accommodation rental sector and the road passenger transport sector. Member states will have the possibility of exempting SMEs from this rule, an idea which Parliament had also pushed.

    The update will also fully digitalise VAT reporting obligations for cross-border transactions by 2030 with businesses issuing e-invoices for cross-border business-to-business transactions and automatically reporting the data to their tax administration. With this, tax authorities should be in a better position to tackle VAT fraud.

    To simplify the administrative burden for businesses, the rules beef-up online VAT one-stop-shops so that even more businesses with cross-border activity will be able to meet their VAT obligations through a single online portal and in one language.

    Background

    This update to the VAT rules has been over two years in the making. On 8 December 2022, the Commission presented the ‘VAT in the digital age’ package (ViDA package) which consisted of three proposals. One of these was the update to the VAT directive of 2006.

    The Commission has calculated that Member States will recoup up to €11 billion in lost VAT

    revenues every year for the next 10 years. Businesses will save €4.1 billion a year over the next 10 years in compliance costs, and €8.7 billion in registration and administrative costs over a ten year period.

    MIL OSI Europe News

  • MIL-OSI Russia: Eastern Caribbean Currency Union: IMF Staff Concluding Statement of the 2025 Mission on Common Policies for Member Countries

    Source: IMF – News in Russian

    February 12, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Washington, DC:

    The Eastern Caribbean Currency Union (ECCU) has been providing a strong anchor for macroeconomic stability in a shock-prone region, demonstrated most recently by Hurricane Beryl with its devastating impact on Grenada and Saint Vincent and the Grenadines. The recovery from successive external shocks has been strong, driven by a rebound in tourism, with ECCU economies expected to converge to modest pre-pandemic average growth rates over the medium term. To effectively manage downside risks while supporting long-term inclusive growth and the continued robustness of the quasi-currency board, policies should aim to address supply-side bottlenecks, build resilient fiscal frameworks to support fiscal sustainability, and continue to enhance financial system resilience and intermediation. Greater leveraging of synergies in regional data collection and processing could help strengthen data provision and thereby evidence-based policymaking.

    The ECCU has achieved a strong rebound from successive adverse shocks. A strong tourism season and continued infrastructure investments supported robust growth in 2024. Inflation has moderated in tune with global trends from a post-pandemic peak of more than 9 percent to less than 2 percent. Nevertheless, public debt remains high and generally well above the regional 2035 debt ceiling of 60 percent of GDP. Meanwhile, Citizenship-by-Investment (CBI) revenues have shown signs of slowing amidst heightened international scrutiny and regulatory tightening. The financial system remains stable, partly due to a prolonged period of cautious bank lending. Despite persistently elevated current account deficits, the ECCB’s reserve position has remained stable and currency backing ratio high, supporting confidence in the currency union.

    Going forward, GDP growth is set to moderate, and risks remain mostly on the downside. As most parts of the region approach full tourism capacity, average growth in the region is expected to slow from 6½ percent in 2021-24 to around 2½ percent in the medium term amid weak productivity growth and investment, a shrinking labor force, and reduced fiscal space. Moreover, given the region’s long-standing vulnerabilities of high dependence on energy imports, exposure to natural disasters (NDs), persistently high public debt, and some economies’ heavy reliance on uncertain CBI revenues, the outlook is subject to significant downside risks.

    Addressing Supply-Side Bottlenecks to Enhance Growth

    The ECCU economies have exhibited a trend slowdown in growth due to structural factors. Supporting strong, resilient, and inclusive growth is key to reducing fiscal and external imbalances and raising living standards. An updated growth accounting analysis finds that potential growth has dropped in recent decades, reflecting declines across all components of growth, notably total factor productivity (TFP). These trends reflect a series of persistent structural impediments to economic efficiency, such as impediments to credit growth, burdensome administrative and licensing processes, and labor force skills gaps and mismatches. Recurring NDs also impair productive infrastructure and hinder human capital formation, placing additional limits on TFP growth. Against this backdrop, the regional “Big Push” effort that calls for a doubling of ECCU GDP in the coming decade is a welcome aspirational initiative, both in sensitizing the membership to key growth impediments and in helping to build a regional consensus on a roadmap for reform.

    A multipronged and coordinated set of policies that build on ongoing efforts is recommended to alleviate major structural impediments to growth. Improving labor market outcomes requires a renewed effort to attune human capital to economic needs and development priorities. This involves expanding vocational training and modernizing education systems, supplemented by policies to alleviate youth and gender employment gaps, such as active labor market policies and greater access to child and elderly care. Enhancing efficient and resilient capital investment could be supported by coordinated regional efforts to accelerate the green energy transition (GET), safeguard and optimize the CBI funding model, and strengthen disaster preparedness of the capital stock. Regional mechanisms such as the ECCB’s Renewable Energy Infrastructure Investment Facility (REIIF) hold potential to scale up countries’ access to finance that can be usefully supported through regional frameworks to pool procurement and harmonize modern regulatory standards. Last year’s regional agreement to buttress the integrity of CBI regimes through enhanced regulatory, information exchange, and pricing frameworks is a welcome step to safeguard critical investment inflows. The planned regional CBI regulator provides an opportunity to address gaps in institutional reporting and strengthen accountability frameworks to ensure the productive allocation of all CBI inflows. Fallout from Hurricane Beryl highlights a potential role for common building standards across the region and the importance of prioritizing resilient infrastructure investment. Finally, policies to enhance the business environment—such as by digitalizing key services, streamlining cumbersome licensing and administrative processes, and improving financial intermediation—are essential to boost productivity and growth potential.

    Building Resilient Fiscal Frameworks to Support Fiscal Sustainability and Inclusive Growth

    The regional priority remains to rebuild fiscal buffers, reduce public debt levels consistent with the regional debt anchor, and improve fiscal resilience to shocks. Fiscal resilience is essential for macro stability and continuing to protect the quasi-currency board. The region’s high vulnerability to recurring NDs, coupled with periodic procyclical fiscal policies, are key drivers of the ECCU’s ongoing fiscal sustainability challenges. With 2035 only a decade away, sizable efforts are needed in some countries to achieve the regional debt target. Fiscal space is also needed to guard against risks and finance social spending and growth- and resilience-enhancing investment.

    This calls for a region-wide establishment of robust national fiscal resilience strategies and frameworks. Strong national medium-term fiscal frameworks (MTFFs), that incorporate well-designed country-specific fiscal rules, supported by specific fiscal measures and plans and strong fiscal institutions, will help instill prudence and create policy space. While many ECCU members have continued to upgrade their MTFFs, there is a need to enhance effective operational frameworks and underpinning fiscal policy and contingency plans that link fiscal operations with longer-term objectives. In addition, comprehensive ex-ante resilience strategies to enable resilient investment and adequate insurance against NDs would support debt sustainability and resilient growth. Integrating green budget tagging and a pipeline of projects into MTFFs will help anchor sustainable multi-year climate resilient investment plans and unlock global concessional financing. Expediting efforts to adopt a disaster risk financing strategy with self-insurance, contingent debt financing plans, and risk transfer arrangements will support liquidity for relief and reconstruction while safeguarding public finances. The relevant authorities should also consider frameworks with clear provisions for use of CBI revenue to avoid budget overreliance on these revenues given their potential volatility and to complement efforts with buffer and resilience building.

    Regional coordination and oversight of these efforts would help reinforce fiscal discipline and the credibility of the regional debt ceiling. To ensure the success of regional fiscal policy coordination, a strong governance framework to provide independent macroeconomic and budgetary projections and transparently assess fiscal plans, the implementation of fiscal rules, and fiscal sustainability would be beneficial. These efforts could be supported by national and/or regional independent fiscal oversight entities. International experience suggests that these entities have played an increasingly significant role in strengthening fiscal frameworks. A helpful first step could be to operationalize regular ECCB Monetary Council peer reviews of members’ fiscal strategies and progress toward the regional debt target.

    Safeguarding Financial Stability and Supporting Private Investment

    Banks’ legacy balance sheet weaknesses warrant continued policy focus. Close monitoring of agreed timelines and action plans for all extensions of implementing regional provisioning standards is important, and timely interventions should be made where necessary. Transitioning from reserve-based regulatory loan loss allowances to loss-bearing provisions would ensure appropriate recording and treatment of banks’ capital positions. Streamlining costly foreclosure and collateral sale processes and strengthening the capacity of the Eastern Caribbean Asset Management Company would support impaired asset disposal. Risks from rising overseas investments and some banks’ elevated local sovereign exposures warrant close monitoring.

    Stepped-up regional coordination would help mitigate non-bank financial system vulnerabilities. The continued rapid expansion of credit unions warrants strengthening provisioning standards, monitoring of forbearance measures, and enhancing supervisory capacity, including through greater sharing of best practices. The planned common minimum regulatory standards for non-bank financial institutions (NBFIs) under the recently endorsed Eastern Caribbean Financial Standards Board (ECFSB) represent an important opportunity to establish a more level regulatory playing field between credit unions and banks. More centralized NBFI supervision would support more efficient and effective region-wide financial stability monitoring and is more acutely needed for consolidated oversight of pan-ECCU insurance companies. The ECCU’s high dependence on global property reinsurance makes it vulnerable to the evolving reassessment of climate liability risks. The risk of more sustained hardening of the reinsurance market could worsen existing underinsurance by driving up costs and reducing capacity. Strengthening monitoring of reinsurance coverage, including through more targeted data collection, would support policy preparedness to manage these risks and narrow protection gaps.

    A more systematic approach is needed to strengthen financial intermediation and private investment. Slow bank lending growth, particularly in business credit, has long limited growth-supporting investment. Notwithstanding some recovery in construction and real estate credit, much of the high system liquidity is invested overseas and the unmet credit demand has partly fueled growth of the more risk-tolerant credit unions. The region has taken important steps to address credit access constraints through the ongoing rollout of the Credit Bureau and more demand-tailored products under the Eastern Caribbean Partial Credit Guarantee Corporation. Closer coordination of these regional initiatives and national MSME development policies would support development of regional best practices in enhancing small businesses’ bankability. This would also allow more efficient scaling up of active outreach programs to foster business formalization. Competing lending programs under national development banks should closely consider their risk-bearing capacity. Strengthening the collateral infrastructure through modernized foreclosure and insolvency frameworks, development of market-based real estate indices, and reviewing any policy impediments to secondary property market liquidity can help derisk local lending opportunities and reduce credit costs. The potential credit pricing distortions from the minimum savings rate should be reviewed alongside the ongoing efforts to encourage regional retail investment and capital market development.

    Strengthening of AML/CFT frameworks remains crucial amidst the scrutiny of CBI programs and thin correspondent banking relationships. This includes completing the long-pending designation of the ECCB as the AML/CFT supervisor for banks and centralization of AML/CFT regulatory standards under the ECFSB.

    Strengthening data provision

    Greater leveraging of synergies in regional data collection and processing could help address persistent resource and capacity gaps. Regional data provision has some shortcomings that somewhat hamper surveillance. While continued IMF/CARTAC technical assistance has proven valuable in improving data timeliness and quality, progress is often impeded by persistent staffing shortages and high turnover. A regional framework with centralization of data compilation and analysis could limit processing overlaps, enhance cross-country comparability, and better leverage the limited staffing resources.

                                                                                                                    

    The IMF team thanks the authorities and private sector counterparts for their warm hospitality and insightful and constructive discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/02/12/021225-mcs-east-carib-currency-union-imf-cs-2025-mission-on-common-policies-for-member-countries

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI USA: SBA Relief Still Available to Arkansas Private Nonprofits Affected by May Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding private nonprofit (PNP) organizations in Arkansas of the March 12, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by severe storms, straight-line winds, tornadoes and flooding that occurred May 24-27, 2024.

    The disaster declaration covers the counties of Baxter, Benton, Boone, Carroll, Fulton, Madison, Marion, Nevada, Randolph and Sharp.

    Under the declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs that provide non-critical services of a governmental nature and suffered financial losses directly related to the disaster. Examples of eligible non-critical PNPs include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.

    EIDLs are available for working capital needs caused by the disaster and are available even if the PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

    The loan amount can be up to $2 million with interest rates as low as 3.25%, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.

    For more information and to apply online visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications no later than March 12.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News

  • MIL-OSI: Form 8.3 – De La Rue plc

    Source: GlobeNewswire (MIL-OSI)

    8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: Rathbones Group Plc
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
     
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree
    De La Rue Plc
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure
    11/02/2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”
    No

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 44 152/175p ordinary
      Interests Short positions
      Number % Number %
    (1)   Relevant securities owned and/or controlled: 7,394,659 3.77%    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        

            TOTAL:

    7,394,659 3.77%    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    44 152/175p ordinary Shares Purchase 7,600 117p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD
    Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position
    Number of reference securities Price per unit
             

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.
    Expiry date Option money paid/ received per unit
                   

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option
    Exercising/ exercised against Number of securities Exercise price per unit
             

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion
    Details Price per unit (if applicable)
    44 152/175p ordinary Shares Internal transfer from Execution-Only to Discretionary account 10,000  
    44 152/175p ordinary Shares Internal transfer from Discretionary to Execution-Only account 1,000  
    44 152/175p ordinary Shares Internal transfer from Execution-Only to Discretionary account 1,000  

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”
    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
    None

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? No
    Date of disclosure: 12/02/2025
    Contact name: Chinwe Enyi – Compliance Department
    Telephone number: 0151 243 7053

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at.

    The MIL Network

  • MIL-OSI Economics: Unveiled: 2024 ICC Arbitration and ADR preliminary statistics

    Source: International Chamber of Commerce

    Headline: Unveiled: 2024 ICC Arbitration and ADR preliminary statistics

    Alexander G. Fessas, Secretary General of the ICC International Court of Arbitration and Director of ICC Dispute Resolution Services, said:

    “The preliminary figures highlight once more the confidence companies and states place in ICC as their preferred institution for resolving disputes. Staying close to the needs of ICC Arbitration and ADR users worldwide, we remain committed to delivering fair, efficient and transparent services that meet the evolving needs of domestic and international commerce”.

    Caseload

    In 2024, the number of new cases remained strong, with 831 cases filed under the ICC Arbitration Rules (of which 17 began with Emergency Arbitrator applications) and 10 cases under the ICC Appointing Authority Rules. This is similar to the average caseload of the last five years. In October, ICC reached a milestone when it registered its 29,000th case under the ICC Arbitration Rules. In total 1,789 cases were pending at the end of 2024.

    Expedited procedure

    In 2024, 152 new cases were administered under the Expedited Procedure Provisions (‘EPP’). The ICC Court has administered a total of 865 cases under the EPP since the procedure was established in 2017.

    Parties

    A total of 2,392 parties participated in ICC arbitrations in 2024, of which 1,100 were claimants and 1,292 were respondents. Parties originated from 136 jurisdictions, with an increased presence compared to 2023 in North and West Europe, Sub-Saharan Africa, Latin America and the Caribbean, South and East Asia, and the Pacific.

    For new cases, the top 10 countries from which parties originated were the United States (167 parties) followed by Brazil (156), Spain (137), Mexico (106), Italy (101), the People’s Republic of China and Hong Kong SAR (98), Germany (85), Türkiye (80), and France and the United Arab Emirates (73 parties each).

    A total of 45 states and 143 state-owned entities were involved in 159 cases filed during the year, accounting for 19% of new cases.

    Place of arbitration

    ICC arbitral tribunals were seated in 107 cities across 62 countries or independent territories on all continents. The top 10 jurisdictions were the United Kingdom (96 cases), France (91), Switzerland (83), the United States (72), the United Arab Emirates (38), Spain (33), Brazil and Mexico (30 each), Singapore (28), and Germany (20).

    Amounts in dispute

    Amounts in dispute in new cases varied significantly, ranging from just below US$10,000 to US$53 billion. The aggregate amount in dispute for new cases reached US$103 billion, with an average of US$130 million and a median of approximately US$5 million.

    With a total of US$354 billion, the aggregate amount in dispute for pending cases sets an all-time record. The corresponding average and median amounts were US$211 million and US$14 million, respectively.

    Claudia Salomon, President of the ICC International Court of Arbitration, said:

    “The 2024 statistics underscore the ICC Court’s role as the leading arbitral institution. With so many parties from jurisdictions around the world and a record value of pending cases, it is clear that arbitration remains a vital tool for resolving domestic and cross-border disputes. As we move forward, we continue to prioritise accessibility, efficiency and innovation, ensuring that ICC remains a trusted and effective solution for businesses and States worldwide”.

    ICC International Centre for ADR

    A total of 61 requests were filed with the ICC ADR Centre in 2024: 37 under ICC Mediation Rules, 20 under the Expert Rules, three under DOCDEX Rules and one under the Dispute Board Rules.

    The full 2024 ICC Dispute Resolution Statistics report will be released later this year. ICC DRS statistical reports since 1997 are available on the ICC Dispute Resolution Library (jusmundi.com).

    Information presented herewith is subject to verification prior to publication in the complete 2024 annual statistical report.

    Related news

    MIL OSI Economics

  • MIL-OSI Global: Repatriation to Indigenous groups is more than law, it’s human rights − an archaeologist describes the day that lesson hit home

    Source: The Conversation – USA – By Christopher Wolff, Associate Professor of Anthropology, University at Albany, State University of New York

    Leola One Feather of the Oglala Sioux Tribe observes as Native American artifacts are photographed at the Founders Museum in Barre, Mass., in 2022, before their return. AP Photo/Philip Marcelo

    As an archaeologist, you picture yourself traveling to some remote location, digging into the ground, and returning to a lab in a university or museum to study the remains of past civilizations, with hopes of answering important questions.

    In contrast, I’ve often found myself working to return those remains to their rightful cultures. Repatriation is the process of returning ancestral human remains and important objects to descendant populations. Since the passing of the National Museum of the American Indian Act in 1989 and the Native American Graves Protection and Repatriation Act in 1990, it has become an increasingly important part of archaeological practice, yet about 110,000 ancestors remain in collections.

    This work is about more than legal obligations. To many researchers such as myself, it is a matter of human rights.

    When first enacted, these laws were controversial among archaeologists. Much of this anxiety stemmed from worries about losing access to research opportunities. Some concerns were shaped by legal battles surrounding the remains of “Kennewick Man,” whom Indigenous people refer to as the “Ancient One.” This man’s remains were found in Washington state in 1996 and dated to over 8,000 years ago. Scientists won the legal right to study them, in opposition to local tribal nations’ requests, until a 2016 law returned the remains of the individual to those groups.

    Over time, many archaeologists have seen that while repatriation requirements limit research in some ways, in others they have been beneficial and improved aspects of archaeologists’ relationships with Indigenous communities.

    More importantly, repatriation laws have served as a partial remedy for the historical trauma of those peoples.

    This is not an idea I was exposed to as a graduate student. Like many others in my field, I had virtually no exposure to the actual process of repatriation, even more than a decade after the Native American Graves Protection and Repatriation Act, called NAGPRA, was signed into law. Rather, it is one that developed while I served as a repatriation archaeologist for the Smithsonian National Museum of Natural History from 2009-2011, and in the following years as a professor of archaeology.

    Dancers from the Haida Tribe perform at the Field Museum in Chicago in 2003, celebrating the return of Haida human remains to their descendants.
    AP Photo/M. Spencer Green

    Careful process

    Repatriation includes important steps that are required by law, as well as other ethical considerations. First, any human remains or objects that fall within certain categories – such as sacred objects, or funerary objects – should be stored where they can be properly cared for with respect. For instance, Indigenous groups may ask that tobacco be placed with the remains, as an offering to their ancestors’ spirits.

    Researchers must compile information about these human remains into an itemized list containing the number of individuals and objects, brief descriptions of them, where they were found, and how they came into the institution’s possession. This list is then provided to representatives of communities that may be descendants, or possible living relatives.

    If those communities decide to request the remains’ return, then the formal process of assessing “cultural affiliation” begins. This is a thorough analysis of any evidence demonstrating a connection between the remains or objects and a particular group today. Evidence can include many things, including physical characteristics of the human remains or objects, written documents, oral history, or distinct cultural attributes of the artifacts.

    Legally, this process is required only for federally recognized Indigenous groups. However, institutions can choose to apply the same consideration to other communities if they believe it is appropriate, such as the hundreds of Indigenous groups that lack federal recognition.

    The analysis is officially submitted to the national NAGPRA database, and a public notice is posted so that other interested parties could potentially make a claim on the remains or objects.

    If researchers confirm there is a cultural affiliation, after a 90-day waiting period an official repatriation statement is filed with the national office. Researchers then consult with the requesting parties about how to conduct the physical return. What happens next is in the hands of the affiliated groups, and their wishes must be accommodated.

    Kurt Riley, then the governor of the Pueblo of Acoma, speaks at the Smithsonian National Museum of the American Indian in 2016, protesting a French auction house’s plans to sell Indigenous artifacts.
    AP Photo/Andrew Harnik

    Unfortunately, many remains have already suffered significant damage by the time repatriation begins. A great many of them have sat on shelves unstudied, sometimes for decades or longer – even those that came into the collection legally and in collaboration with Indigenous groups.

    Powerful moment

    One such individual was the key to a major shift in how I viewed repatriation – no longer as a research hindrance but as a question of human rights. Out of respect for the Indigenous nation, I cannot discuss specifics – only a broader picture of this “aha” moment.

    One day at work, I found myself looking at an individual who had died several centuries ago, but was so well preserved that his death looked much more recent. It can be too easy to look at a collection of human bones and forget that they were once a living person, despite trying to teach students otherwise. However, that day I looked down and clearly saw a man: his face painted, his hair neatly done, earrings in his ears, laid out in a beautiful box.

    Obviously, whoever tended to him after his death had taken great care, placing him in a sacred place where he had every expectation that he would be left undisturbed. He could not have perceived that centuries later someone would collect his remains and ship him away from his traditional lands to be studied in a museum.

    That hit home for me. I would not want someone to go against my final wishes, or those of my family, and felt this man should have the same human rights I have in that regard.

    I regret it took me so long to see that. Ever since, I’ve worked hard to make up for that by teaching my students to see the past full of people with expectations, hopes and emotions, and to extend ethical obligations to them as we would want applied to us. Archaeology is about learning from the past, and working in repatriation and meeting this individual provided me with one of the best lessons of my career.

    Christopher Wolff 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. Repatriation to Indigenous groups is more than law, it’s human rights − an archaeologist describes the day that lesson hit home – https://theconversation.com/repatriation-to-indigenous-groups-is-more-than-law-its-human-rights-an-archaeologist-describes-the-day-that-lesson-hit-home-247763

    MIL OSI – Global Reports

  • MIL-OSI Global: China flexes its media muscle in Africa – encouraging positive headlines as part of a soft power agenda

    Source: The Conversation – USA – By Mitchell Gallagher, Ph.D Candidate in Political Science, Wayne State University

    An African journalist films President Xi Jinping delivering an opening ceremony speech for the China-Africa forum in Beijing in September 2024. AP Photo/Andy Wong

    Every year, China’s minister of foreign affairs embarks on what has now become a customary odyssey across Africa. The tradition began in the late 1980s and sees Beijing’s top diplomat visit several African nations to reaffirm ties. The most recent visit, by Foreign Minister Wang Yi, took place in mid-January 2025 and included stops in Namibia, the Republic of the Congo, Chad and Nigeria.

    For over two decades, China’s burgeoning influence in Africa was symbolized by grand displays of infrastructural might. From Nairobi’s gleaming towers to expansive ports dotting the continent’s shorelines, China’s investments on the continent have surged, reaching over US$700 billion by 2023 under the Belt and Road Initiative, China’s massive global infrastructure development strategy.

    But in recent years, Beijing has sought to expand beyond roads and skyscrapers and has made a play for the hearts and minds of African people. With a deft mix of persuasion, power and money, Beijing has turned to African media as a potential conduit for its geopolitical ambitions.

    Partnering with local outlets and journalist-training initiatives, China has expanded China’s media footprint in Africa. Its purpose? To change perceptions and anchor the idea of Beijing as a provider of resources and assistance, and a model for development and governance.

    The ploy appears to be paying dividends, with evidence of sections of the media giving favorable coverage to China. But as someone researching the reach of China’s influence overseas, I am beginning to see a nascent backlash against pro-Beijing reporting in countries across the continent.

    The media charm offensive

    China’s approach to Africa rests mainly on its use of “soft power,” manifested through things like the media and cultural programs. Beijing presents this as “win-win cooperation” – a quintessential Chinese diplomatic phrase mixing collaboration with cultural diplomacy.

    Key to China’s media approach in Africa are two institutions: the China Global Television Network (CGTN) Africa and Xinhua News Agency.

    CGTN Africa, which was set up in 2012, offers a Chinese perspective on African news. The network produces content in multiple languages, including English, French and Swahili, and its coverage routinely portrays Beijing as a constructive partner, reporting on infrastructure projects, trade agreements and cultural initiatives. Moreover, Xinhua News Agency, China’s state news agency, now boasts 37 bureaus on the continent.

    By contrast, Western media presence in Africa remains comparatively limited. The BBC, long embedded due to the United Kingdom’s colonial legacy, still maintains a large footprint among foreign outlets, but its influence is largely historical rather than expanding. And as Western media influence in Africa has plateaued, China’s state-backed media has grown exponentially. This expansion is especially evident in the digital domain. On Facebook, for example, CGTN Africa commands a staggering 4.5 million followers, vastly outpacing CNN Africa, which has 1.2 million — a stark indicator of China’s growing soft power reach.

    China’s zero-tariff trade policy with 33 African countries showcases how it uses economic policies to mold perceptions. And state-backed media outlets like CGTN Africa and Xinhua are central to highlighting such projects and pushing an image of China as a benevolent partner.

    Stories of an “all-weather” or steadfast China-Africa partnership are broadcast widely, and the coverage frequently depicts the grand nature of Chinese infrastructure projects. Amid this glowing coverage, the labor disputes, environmental devastation or debt traps associated with some Chinese-built infrastructure are less likely to make headlines.

    Questions of media veracity notwithstanding, China’s strategy is bearing fruit. A Gallup poll from April 2024 showed China’s approval ratings climbing in Africa as U.S. ratings dipped. Afrobarometer, a pan-African research organization, further reports that public opinion of China in many African countries is positively glowing, an apparent validation of China’s discourse engineering.

    Further, studies have shown that pro-Beijing media influences perceptions. A 2023 survey of Zimbabweans found that those who were exposed to Chinese media were more likely to have a positive view of Beijing’s economic activities in the country.

    China’s foreign minister Wang Yi, center, holds hands with his counterparts, Senegal’s Yassine Fall, left, and the Republic of the Congo’s Jean-Claude Gakosso, after a joint news conference.
    AP Photo/Andy Wong

    Co-opting local voices

    The effectiveness of China’s media strategy becomes especially apparent in the integration of local media. Through content-sharing agreements, African outlets have disseminated Beijing’s editorial line and stories from Chinese state media, often without the due diligence of journalistic skepticism.

    Meanwhile, StarTimes, a Chinese media company, delivers a steady stream of curated depictions of translated Chinese movies, TV shows and documentaries across 30 countries in Africa.

    But China is not merely pushing its viewpoint through African channels. It’s also taking a lead role in training African journalists, thousands of whom have been lured by all-expenses-paid trips to China under the guise of “professional development.” On such junkets, they receive training that critics say obscures the distinction between skill-building and propaganda, presenting them with perspectives conforming to Beijing’s line.

    ‘Win-win’ promises

    Ethiopia exemplifies how China’s infrastructure investments and media influence have fostered a largely favorable perception of Beijing. State media outlets, often staffed by journalists trained in Chinese-run programs, consistently frame China’s role as one of selfless partnership. Coverage of projects like the Addis Ababa-Djibouti railway line highlights the benefits, while omitting reports on the substandard labor conditions tied to such projects — an approach reflective of Ethiopia’s media landscape, where state-run outlets prioritize economic development narratives and rely heavily on Xinhua as a primary news source.

    In Angola, Chinese oil companies extract considerable resources and channel billions into infrastructure projects. The local media, again regularly staffed by journalists who have accepted invitations to visit China, often portray Sino-Angolan relations in glowing terms. Allegations of corruption, the displacement of local communities and environmental degradation are relegated to side notes in the name of common development.

    The war for Africa’s media soul

    Despite all of the Chinese influence, media perspectives in Africa are far from uniformly pro-Beijing.

    In Kenya, voices of dissent are beginning to rise, and media professionals immune to Beijing’s allure are probing the true costs of Chinese financial undertakings. In South Africa, media watchdogs are sounding alarms, pointing to a gradual attrition of press freedoms that come packaged with promises of growth and prosperity. In Ghana, anxiety about Chinese media influence permeates more than the journalism sector, as officials have raised concerns about the implications of Chinese media cooperation agreements. Wariness in Ghana became especially apparent when local journalists started reporting that Chinese-produced content was being prioritized over domestic stories in state media.

    Beneath the surface of China’s well-publicized projects and media offerings, and the African countries or organizations that embrace Beijing’s line, a significant countervailing force exists that challenges uncritical representations and pursues rigorous journalism.

    Yet as CGTN Africa and Xinhua become entrenched in African media ecosystems, a pertinent question comes to the forefront: Will Africa’s journalists and press be able to uphold their impartiality and retain intellectual independence?

    As China continues to make strategic inroads in Africa, it’s a fair question.

    Mitchell Gallagher 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. China flexes its media muscle in Africa – encouraging positive headlines as part of a soft power agenda – https://theconversation.com/china-flexes-its-media-muscle-in-africa-encouraging-positive-headlines-as-part-of-a-soft-power-agenda-245804

    MIL OSI – Global Reports

  • MIL-OSI Video: Transforming Soldiers at Basic Training | U.S. Army

    Source: US Army (video statements)

    : AEMO

    What are your most memorable experiences from Basic Training?

    About the U.S. Army:

    The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.

    Interested in joining the U.S. Army?
    Visit: spr.ly/6001igl5L

    Connect with the U.S. Army online:
    Web: https://www.army.mil
    Facebook: https://www.facebook.com/USarmy/
    X: https://www.twitter.com/USArmy
    Instagram: https://www.instagram.com/usarmy/
    LinkedIn: https://www.linkedin.com/company/us-army
    #USArmy #Soldiers #Military #BasicTraining

    https://www.youtube.com/watch?v=L5dtT5kndXQ

    MIL OSI Video

  • MIL-OSI Russia: Marat Khusnullin: Thanks to the improvement of road infrastructure in new regions, traffic has increased

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Bridge over railway tracks on the road section from Donetsk to the Uspenka checkpoint

    In Donbass and Novorossiya, the accessibility of road infrastructure is increasing. Bridges are being restored, road surfaces are being updated, and infrastructure elements are being installed to ensure the safety of road users, Deputy Prime Minister Marat Khusnullin reported.

    “Roads perform the task of improving people’s lives unnoticed but very effectively. Therefore, they must be of high quality and safe. Work to improve the condition of roads in the country has been going on for a long time, there are significant results. Thanks to the renovation of the road infrastructure, traffic to and from new regions has increased, the role of checkpoints has increased. For example, when work was completed on 55 km of the highway from Donetsk to the Uspenka point in August last year, the number of cars passing along the section increased from 4 thousand to 6 thousand. Now road workers have completed repairs to the 54-meter bridge over the railway tracks on this section, and the number of vehicles per day has increased to over 13 thousand,” said Marat Khusnullin.

    In addition, the Deputy Prime Minister added, in the reunited regions, the state-owned company Avtodor has already laid more than 200 km of the lower layer and more than 90 km of the upper layer of asphalt concrete under the 2025 program.

    “The bulk of the work in the DPR is concentrated on the 102 km section of the Donetsk-Novoazovsk-Sedovo highway. This is the access route to the capital of the republic. In the LPR, active work is being carried out on the approach to the city of Kirovsk. Road workers are also repairing a section of the Raygorodka-Slavyanoserbsk-Mikhailovka highway. In the Kherson region, 44 km of the highway from Rykovo to Ivanovka are being updated. This is a real lifeline for local residents. Today, it has no alternative,” said Vyacheslav Petushenko, Chairman of the Board of the Avtodor State Corporation.

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

    MIL OSI Russia News

  • MIL-OSI Canada: Saskatchewan Building Permit Growth Continues to Soar

    Source: Government of Canada regional news

    Released on February 12, 2025

    Province Ranks Second in Year-Over-Year Growth

    Latest numbers by Statistics Canada show the value of the province’s building permits increasing by 59.4 per cent from December 2023 to December 2024 (seasonally adjusted), placing Saskatchewan second year-over-year among the provinces. 

    These figures follow last month’s report, which placed Saskatchewan second among the provinces for both year-over-year and month-over-month growth in the value of building permits. 

    “Saskatchewan’s business-friendly environment is leading to more investment and economic activity, which is demonstrated through the continued growth of our construction sector,” Minister of Trade and Export Development Warren Kaeding said. “The upward trend in building permits being issued is creating new jobs and opportunities for Saskatchewan people. Through our investment attraction efforts, more people are choosing Saskatchewan to live, work, and raise a family than ever before.”

    Additionally, the Province’s two largest cities both experienced strong year-over-year growth of 50.4 per cent in Regina and 34.2 per cent in Saskatoon respectively. 

    In December 2024, building permits in Saskatchewan totaled $258 million (seasonally adjusted).

    The total value of building permits represents the dollar value of construction permits for residential and non-residential buildings.

    Statistics Canada’s latest GDP numbers indicate that Saskatchewan’s 2023 real GDP reached an all-time high of $77.9 billion, increasing by $1.8 billion, or 2.3 per cent. This ties Saskatchewan for second in the nation for real GDP growth, and above the national average of 1.6 per cent.

    Private capital investment is projected to reach $14.2 billion in 2024, an increase of 14.4 per cent over 2023. This is the highest anticipated percentage increase in Canada.

    Last year, the Government of Saskatchewan unveiled its new Securing the Next Decade of Growth – Saskatchewan’s Investment Attraction Strategy. This strategy, combined with Saskatchewan’s trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada.  

    For more information visit InvestSK.ca.

    -30-

    For more information, contact:

    MIL OSI Canada News

  • MIL-OSI: CEA Industries Inc. Signs Agreement to Acquire Leading Canadian Vape Retailer and Manufacturer, Fat Panda Ltd.

    Source: GlobeNewswire (MIL-OSI)

    Louisville, Colorado, Feb. 12, 2025 (GLOBE NEWSWIRE) — CEA Industries Inc. (NASDAQ: CEAD, CEADW) (“CEA Industries” or the “Company”), today announced that it has signed an agreement to acquire Fat Panda Ltd. (“Fat Panda”), a leading Canadian retailer and manufacturer of nicotine vape products, for an aggregate purchase price of CAD $18 million (USD $12.6 million) payable at closing. The Company will pay the purchase price with a combination of cash, CEA Industries common shares, and seller and bank debt. The structure of this accretive acquisition is designed to have minimal dilution to CEA Industries’ shareholders.

    Fat Panda is central Canada’s largest retailer and manufacturer of e-cigarettes, vape devices and e-liquids, with a market share exceeding 50% in the region. The company operates 33 retail locations, including 29 Fat Panda stores and four Electric Fog vape outlets, in the provinces of Manitoba, Ontario and Saskatchewan. Fat Panda also serves a wide range of customers through its online e-commerce platform. Its retail footprint is complemented by a comprehensive portfolio of products, including its own line of premium e-liquids manufactured in-house, along with a robust portfolio of trademarks and intellectual property.

    Since its inception in 2013, Fat Panda has established a strong foundation that has fueled its growth in the vape industry and has positioned the Company for sustained expansion. By strategically locating retail stores in high-traffic areas and developing a robust e-commerce platform, Fat Panda has achieved broad market reach and customer accessibility. Its in-house product development also enables a diverse and cost-effective product portfolio that adapts to evolving consumer preferences. Additionally, Fat Panda benefits from strong supplier partnerships and management expertise in navigating complex regulatory frameworks, which reinforces its operational resilience and compliance. Given the continuity of management at Fat Panda, combined with the leadership and financial strength of CEA Industries, the Company believes Fat Panda is well positioned for continued success and further growth and profitability.

    “CEA Industries has long been active in the Canadian market, and we are pleased to take the next step in our evolution with this acquisition of Fat Panda, marking our entrance into the high-demand Canadian vape industry,” said Tony McDonald, Chairman and CEO of CEA Industries. “Fat Panda’s market leadership in central Canada, supported by its network of 33 stores and a vertically integrated product portfolio, reflects a solidified business with strong fundamentals and a proven track record of double-digit revenue growth, consistent profitability, and positive cash flow. By combining our expertise and resources with Fat Panda’s established operations, we plan to accelerate its expansion and deepen its presence in the Canadian market to create long-term, sustainable value for our shareholders.”

    CEA Industries plans to leverage its balance sheet and the market position of Fat Panda to support the strategic expansion of Fat Panda’s retail and wholesale operations. This includes acquiring additional store locations and launching de novo stores, allowing the Company to reach untapped markets and improve accessibility for its customers. Further, CEA Industries intends to scale Fat Panda’s manufacturing operations, which produce house-brand and white-label vape products for other retailers. The Company believes these strategic initiatives will enable it to build on Fat Panda’s solid foundation, accelerate growth, and enhance profitability and operational excellence.

    The acquisition will continue the employment of the current management and of the production and retail staff, for the uninterrupted, continuous operations of the business. Certain of the senior management persons will enter into employment agreements for their continued employment after the closing of the acquisition.

    The Company expects to complete the acquisition in the first half of 2025, subject to certain customary closing conditions described below.

    For more information, please reference the Company’s 8-K filed today, February 12, 2025, with the Securities and Exchange Commission.

    Acquisition Disclaimers

    Completion of the acquisition is subject to a number of conditions, which include the preparation of the Fat Panda companies and delivery of audited and unaudited interim consolidated financial statements, satisfaction of the financial condition of Fat Panda, completion of due diligence by the Company, receipt of all necessary government approvals and licenses, and continuation and reformation of the various retail location leases. Completion is also subject to the Company obtaining financing for a portion of the cash purchase price. The acquisition agreement also provides for the selling persons to make representations and warranties and undertake certain covenants about many aspects of the business of Fat Panda that shall be true and correct and performed at or prior to closing. The representations, warranties and covenants are those that are typical in relation to the acquisition of an operating business. The Company has also made certain representations, warranties and covenants, the principal one of which is to obtain financing for a part of the purchase price, which if not obtained will permit the Company to terminate the purchase agreement.

    About CEA Industries Inc.

    CEA Industries Inc. (www.ceaindustries.com) provides a suite of complementary and adjacent offerings to the controlled environment agriculture industry. The Company’s comprehensive solutions, when aligned with industry operators’ product and sales initiatives, support the development of the global ecosystem for indoor cultivation.

    Forward Looking Statements

    This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect our current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in “Risk Factors” set forth in our annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”), and subsequent filings with the SEC. Please refer to our SEC filings for a more detailed discussion of the risks and uncertainties associated with our business, including but not limited to the risks and uncertainties associated with our business prospects and the prospects of our existing and prospective customers; the inherent uncertainty of product development; regulatory, legislative and judicial developments, especially those related to changes in, and the enforcement of, cannabis laws; increasing competitive pressures in our industry; and relationships with our customers and suppliers. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to CEA’s website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.

    Investor Contact:

    Sean Mansouri, CFA
    Elevate IR
    info@ceaindustries.com
    (720) 330-2829

    The MIL Network

  • MIL-OSI: Logansport Financial Corp. Reports Earnings for the Three and Twelve Months Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    LOGANSPORT, Ind., Feb. 12, 2025 (GLOBE NEWSWIRE) — Logansport Financial Corp., (OTCBB: LOGN), parent company of Logansport Savings Bank, reported net earnings for the three and twelve months ended December 31, 2024.

    Net earnings for the three months ended December 31, 2024 totaled $445,000, compared to the $295,000 in net earnings reported for the three months ended December 31, 2023.

    Net earnings for the year ended December 31, 2024 totaled $1,254,000, compared to the $1,791,000 reported for the year ended December 31, 2023. Earnings per share was $2.05 for December 31, 2024, compared to $2.93 for December 31, 2023. Return on Assets finished the year at 0.475% for 2024 compared to 0.723% for 2023. The Return on Equity finished the year at 6.14% for December 31, 2024, compared to 8.65% for December 31, 2023.

    The statements contained in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involves a number of risks and uncertainties. A number of factors could cause results to differ materially from the objectives and estimates expressed in such forward-looking statements. These factors include, but are not limited to, changes in the financial condition of issuers of the Company’s investments and borrowers, changes in economic conditions in the Company’s market area, changes in policies of regulatory agencies, fluctuations in interest rates, demand for loans in the Company’s market area, changes in the position of banking regulators on the adequacy of our allowance for loan losses, and competition, all or some of which could cause actual results to differ materially from historical earnings and those presently anticipated or projected. These factors should be considered in evaluation of forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statements to reflect occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    Logansport Financial Corp.
    Selected Financial Data
    (Dollars in thousands except for share data)
             
           
        12/31/2024 12/31/2023  
             
    Total Assets   $263,860 $247,713  
             
    Loans receivable, net     175,742   168,672  
    Allowance for loan losses     1,954   2,553  
    Cash and cash equivalents     14,992   4,810  
    Interest Bearing Time Deposits in banks        
    Securities available for sale     54,567   59,404  
    Federal Home Loan Bank stock     3,082   3,082  
    Deposits     225,904   207,779  
    FHLB borrowings and note payable     15,000   15,000  
    Accrued Interest and other liabilities     2,525   2,266  
    Shareholders’ equity     20,431   20,717  
    Shares Issued and Outstanding     611,597   611,334  
    Nonperforming loans     2,907   504  
    Real Estate Owned        
             
               Three months ended 12/31          Year ended 12/31  
          2024   2023     2024     2023  
                   
    Interest income   $3,559 $3,254   $12,981   $11,967  
    Interest expense     1,552   1,554     6,209     4,897  
    Net interest income     2,007   1,700     6,772     7,070  
    Provision for loan losses           (79 )    
    Net interest income after provision     2,007   1,700     6,851     7,070  
    Gain on sale of loans     133   36     393     170  
    Other income     211   179     999     1,018  
    General, admin. & other expense     1,797   1,580     6,968     6,247  
    Earnings before income taxes     554   335     1,275     2,011  
    Income tax expense     109   40     21     220  
    Net earnings   $445 $295   $1,254   $1,791  
     
    Earnings per share         $2.05   $2.93  
    Weighted avg. shares o/s-diluted           608,124     608,272  
                         

    Contact: Kristie Richey
    Chief Financial Officer
    Phone-574-722-3855
    Fax-574-722-3857

    The MIL Network

  • MIL-OSI: Form 8.3 – Checkit Plc

    Source: GlobeNewswire (MIL-OSI)

    8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: Rathbones Group Plc
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
     
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree
    Checkit Plc
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure
    11/02/2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”
    Yes – Crimson Tide Plc

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 5p Ord
      Interests Short positions
      Number % Number %
    (1)   Relevant securities owned and/or controlled: 22,497 0.02%    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        

            TOTAL:

    22,497 0.02%    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
           

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD
    Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position
    Number of reference securities Price per unit
             

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.
    Expiry date Option money paid/ received per unit
                   

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option
    Exercising/ exercised against Number of securities Exercise price per unit
             

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion
    Details Price per unit (if applicable)
           

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”
    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
    None

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? No
    Date of disclosure: 12/02/2025
    Contact name: Chinwe Enyi – Compliance Department
    Telephone number: 0151 243 7053

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at.

    The MIL Network

  • MIL-OSI: Form 8.3 – Crimson Tide Plc

    Source: GlobeNewswire (MIL-OSI)

    8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: Rathbones Group Plc
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
     
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree
    Crimson Tide PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure
    11/02/2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”
    Yes – Checkit plc

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 10p Ord
      Interests Short positions
      Number % Number %
    (1)   Relevant securities owned and/or controlled: 199,498 3.03%    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        

            TOTAL:

    199,498 3.03%    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
           

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD
    Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position
    Number of reference securities Price per unit
             

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.
    Expiry date Option money paid/ received per unit
                   

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option
    Exercising/ exercised against Number of securities Exercise price per unit
             

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion
    Details Price per unit (if applicable)
           

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”
    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
    None

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? No
    Date of disclosure: 12/02/2025
    Contact name: Chinwe Enyi – Compliance Department
    Telephone number: 0151 243 7053

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at.

    The MIL Network