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Category: Business

  • MIL-OSI Asia-Pac: LCQ7: Operation of government funds

    Source: Hong Kong Government special administrative region

    LCQ7: Operation of government funds
    LCQ7: Operation of government funds
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         Following is a question by the Hon Andrew Lam and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (February 12): Question:      It is learnt that as at end-September last year, a total of 43 funds have been set up by various government bureaux and departments (B/Ds), which are segregated from the government accounts and administered by the relevant B/Ds. Some members of the public are concerned that while quite a number of funds have been set up for years with mechanisms being put in place by the relevant B/Ds to monitor the operation of such funds, there are still areas for improvements. In this connection, will the Government inform this Council: (1) as it is learnt that no expenditure was recorded for some funds such as the Sir David Trench Fund for Recreation (SDTFR) – Sports Aid for the Disabled Fund and SDTFR – Sports Aid Foundation Fund in the past nine financial years, whether the Government has reviewed the effectiveness of the relevant monitoring mechanisms; if so, of the details; and (2) whether the Government has regularly reviewed the utilisation and effectiveness of various funds, and introduced improvement measures (including considerations of merging funds with similar functions) to enhance the efficiency of fund management; if so, of the details? Reply: President,      Our consolidated reply to the question raised by the Hon Andrew Lam is as follows:      Under section 12(2) of the Public Finance Ordinance (Cap. 2), Controlling Officers shall be responsible and accountable for all expenditure from any head or subhead for which they are the Controlling Officer, and for all public moneys and Government property in respect of the department or service for which they are responsible. The relevant internal administrative guidelines of the Government further provides that, in managing purpose-specific funds, Controlling Officers should observe the need to strive to achieve maximum value for money and exercise prudence in the disbursement of government fund.      As the Education Development Fund has already ceased operations after the 2018/19 school year, there are currently a total of 42 funds which are segregated from the government accounts. Although these funds were set up for different purposes and in different mode, the Controlling Officers managing these funds have put in place an appropriate monitoring mechanism for each of these funds to ensure effective use of public financial resources. For instance, steering, management or advisory committees comprising representatives from relevant government bureaux/departments (B/Ds), relevant stakeholders and independent members were set up to oversee the funds’ operation, handle matters related to the funds and give advice. For funds established by law or in the form of a trust, the Controlling Officers should also ensure their operation complies with the relevant requirements of the law and provisions in the trust deed, including the submission of statements of the accounts and/or progress reports of the funds to the Director of Audit and the Legislative Council as required.      Controlling Officers will formulate and update strategic plans for achieving the purposes of the funds and develop appropriate performance measures for the funds under their purview. Controlling Officers will also conduct regular reviews on the use and effectiveness of the funds, and contemplate appropriate financial arrangements (such as considering whether to merge/retain the funds or implement relevant policy initiatives by other means, etc.) having regard to the policy objectives behind, the financial situation of the funds, views of stakeholders, etc., thereby ensuring effective and flexible use of public financial resources. In cases where there is no need to retain a fund as the policy objectives have been achieved (e.g. the Education Development Fund), the balance of the fund will be brought back to the government accounts.      There are some funds with no expenditure recorded in recent years (such as the J.E. Joseph Trust Fund and the Kadoorie Agricultural Aid Loan Fund), as these funds are loan funds in nature. Therefore, even though these funds are still in normal operation and loans are being granted in the accordance with the purposes of the funds, expenditure will only be recorded in the year when there are bad debts written off. As for the other funds (including the Sports Aid for the Disabled Fund and the Sports Aid Foundation Fund established under the Sir David Trench Fund for Recreation), the B/Ds concerned are reviewing their financial position and will examine whether there is the need to retain them.

     
    Ends/Wednesday, February 12, 2025Issued at HKT 11:18

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ19: Lifesaving services at swimming pools

    Source: Hong Kong Government special administrative region

    LCQ19: Lifesaving services at swimming pools
    LCQ19: Lifesaving services at swimming pools
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         Following is a question by the Hon Kenneth Fok and a written reply by the Secretary for Culture, Sports and Tourism, Miss Rosanna Law, in the Legislative Council today (February 12): Question:      It is learnt that the Leisure and Cultural Services Department has installed artificial intelligence (AI) drowning detection systems developed by the University of Hong Kong and France at the Kwun Tong Swimming Pool and the Sun Yat Sen Memorial Park Swimming Pool respectively to help strengthen lifesaving services at public swimming pools. In this connection, will the Government inform this Council: (1) whether the Government has examined the manpower and financial expenditure (including acquisition costs, installation costs and system maintenance fees) involved since the commissioning of the aforesaid two AI systems and reviewed their effectiveness; if so, of the details; if not, whether it will expeditiously commence the relevant work before the summer swimming season; (2) whether the Government has assessed and compared the actual operation of the aforesaid two systems, including their effectiveness, accuracy, ease of operation and interface with lifeguards and lifesaving mechanisms at swimming pools, with a view to providing a reference point for the retrofitting of such systems at more public swimming pools in the future; if so, of the details; if not, the reasons for that; and (3) given that according to a report released by the Office of The Ombudsman in March last year on its direct investigation into the regulation of licensed swimming pools by the Food and Environmental Hygiene Department (FEHD), the FEHD has not put in place an accident notification mechanism for licensed swimming pools, whether the Government will consider mandating private swimming pools to install AI drowning detection systems and establish a real-time notification mechanism to ensure that the FEHD and the relevant government departments can be expeditiously informed of drowning incidents, thereby enhancing regulatory efforts on private swimming pools; if so, of the details; if not, the reasons for that? Reply: President,      Having consulted relevant government departments, my reply to the questions raised by the Hon Kenneth Fok is as follows: (1) The Leisure and Cultural Services Department (LCSD) has all along prioritised the safety of swimmers in both the facilities as well as the operation of its venues. Apart from providing sufficient lifeguards, the LCSD has put on trial two different sets of artificial intelligence (AI) drowning detection systems at Kwun Tong Swimming Pool and Sun Yat Sen Memorial Park Swimming Pool respectively to assist lifeguards in monitoring the real-time condition of swimmers and locating drowning victims promptly with a view to further strengthening life-saving services.      The AI drowning detection system developed by the University of Hong Kong Sport AI Laboratory has been on trial at the outdoor secondary pool of Kwun Tong Swimming Pool since August 2023. Through AI detection technology, the system analyses the videos and images captured by cameras installed underwater and calculates the drowning probability of swimmers. If suspected drowning is detected, the system will alert the lifeguards to carry out a rescue. The system was developed with a grant of around $900,000 by the Innovation, Technology and Industry Bureau. The LCSD has subsequently installed additional sets of underwater detection devices and upgraded the existing sets of underwater cameras in the secondary pool. The project cost was around $700,000, with an estimated annual expenditure on system maintenance of around $130,000.           The AI drowning detection system developed by a French company was installed at the indoor main pool and training pool of Sun Yat Sen Memorial Park Swimming Pool in September 2024. The system uses cameras installed above the pools to capture images and performs comprehensive tracking and analysis of swimmers’ motions. If a swimmer is found to remain stationary for over 10 seconds, the system will consider it a case of suspected drowning, trigger the alarm and display the drowning location for lifeguards to carry out a rescue. Relevant installation cost of the system was about $7.9 million, with an annual maintenance cost of approximately $1.1 million. In addition, equipment and devices of the system require a comprehensive inspection every three years to ensure its stability and safety. The estimated cost of such inspection is around $500,000. (2) At present, the two detection systems mentioned above are still in trial phase. The LCSD needs to adjust the systems from time to time based on the actual environment and usage, and observe the operation of the systems in different seasons so as to ensure the stability and reliability of the data collected. Hence, a comprehensive set of data for assessment has yet to be available. Upon completion of tests and data analyses in different seasons, the LCSD will review and compare the cost-effectiveness of the two systems before deciding whether to extend the application of the systems to other public swimming pools. (3) To strengthen the regulation of licensed swimming pools, the Food and Environmental Hygiene Department (FEHD) has, in response to the recommendations of the Office of the Ombudsman, established a notification mechanism for fatal drowning cases in licensed swimming pools. In May 2024, the FEHD issued a letter to swimming pool licensees imposing new licensing conditions which require the reporting of cases involving casualties within a prescribed period. The FEHD officers will conduct site inspections for fatal drowning cases to ascertain whether the swimming pools concerned have provided sufficient life-saving attendants and appropriate life-saving equipment as required by the law and the licensing conditions. The FEHD will also examine the relevant cases and require the licensed swimming pools to take additional measures to further protect the safety of swimmers as necessary.      The FEHD and the LCSD share experience and exchange information from time to time on the regulation and management of swimming pools, including the application of technology to enhance swimmers’ safety. As the AI drowning detection system is still in the trial stage, the FEHD will maintain contact with the LCSD to understand the application of the system.

     
    Ends/Wednesday, February 12, 2025Issued at HKT 11:15

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: English Translation of Prime Minister’s remarks at the India-France CEO Forum, Paris

    Source: Government of India (2)

    Posted On: 11 FEB 2025 11:59PM by PIB Delhi

    Your Excellency, President Macron,
    Industry leaders from India and France present here,
    Namaskar, Bonjour!

    I feel a wonderful energy, excitement and dynamism in this room. This isn’t just a normal business event.

    It is a confluence of the best business minds of India and France. The report of the CEO Forum that has just been presented is welcome.

    I see that all of you are moving ahead with the mantra of Innovate, Collaborate and Elevate. You are not just making boardroom connections. You all are also strengthening the Indo-French strategic partnership.

    Friends,

    It is a pleasure for me to join this forum with my friend President Macron. This is our sixth meeting in the last two years. Last year, President Macron was the Chief Guest at our Republic Day.

    This morning we had co-chaired the AI Action Summit together. I heartily congratulate President Macron for this successful summit.

    Friends,

    India and France are not just linked by democratic values. The foundation of our friendship is based on the spirit of deep trust, innovation, and public welfare.

    Our partnership is not limited to just two countries. We are cooperating together to address global problems and challenges. During my last visit, we had outlined the 2047 roadmap for our partnership. Following that, we are pursuing cooperation in a comprehensive manner in every field.

    Friends,

    Most of your companies are already present in India. You are active in different areas like aerospace, ports, defence, electronics, dairy, chemicals and consumer goods.

    I have had the opportunity to meet many CEOs in India as well. You are well aware of the changes that have taken place in India in the last decade. We have established a stable polity, and predictable policy ecosystem.

    Following the path of reform, perform, and transform, today India is the fifth largest economy in the world. It is the fastest growing major economy in the world.

    It will soon become the world’s third largest economy. India’s skilled young talent factory and innovation spirit are our identity on the global stage.

    Today, India is fast becoming a preferred global investment destination.

    We have launched AI, semiconductor and quantum missions in India. In defence, we are promoting Make in India and Make for the World. Many of you are associated with it. We are scaling new heights in space technology. This sector has been opened up for FDI. We are rapidly making India a global biotech powerhouse.

    Infrastructure development is a matter of priority for us. And on this, we are doing public expenditure of more than $114 billion a year. We have laid railway tracks on a massive scale, using technology to modernize and upgrade the railways.

    We are fast moving towards the target of 500 Gigawatts of renewable energy by 2030. For this, we have promoted solar cell manufacturing. We have also launched the Critical Mineral Mission.

    We have also taken up the Hydrogen Mission. For this, electrolyser manufacturing is being emphasized. By 2047, we are aiming for 100 gigawatts of nuclear power. I am happy to share that this sector is being opened up to the private sector. We are focusing on SMR and AMR technologies.

    Friends,

    Today India is becoming the biggest center of diversification and de-risking. A few days ago, a new generation of reforms were outlined in our budget.

    New steps have been taken for ease of doing business. In the last few years, we have rationalized more than 40,000 compliances. To promote trust-based economic governance, a high level committee for regulatory reforms has been formed. The custom rate structure has been rationalised.

    To facilitate international trade, “India Trade Net” is being introduced with the help of digital public infrastructure. We are bringing a new simplified income tax code towards Ease of Living.

    The National Manufacturing Mission has been announced. And, new sectors, such as the insurance sector, have been opened for 100 percent FDI. You must study all these initiatives carefully.

    Let me tell you all, this is the right time to come to India. Everyone’s progress is linked to India’s progress. An example of this was seen in the aviation sector, when Indian companies placed large orders for airplanes. And, now, when we are going to open 120 new airports, you can imagine the future possibilities for yourselves.

    Friends,

    The 1.4 billion people of India have resolved to build a developed India by 2047. Be it defence or advanced technology, fintech or pharma, tech or textile, agriculture or aviation, healthcare or highways, space or sustainable development. There are many opputunities for investments and collaborations in all these areas for all of you.

    I welcome you all to join India’s development journey.

    When France’s finesse and India’s scale meet…

    When India’s pace and France’s precision join…

    When France’s technology and India’s talent unite…

    Then, not just business landscape, but global transformation will happen.

    Once again, I thank you all very much for taking your precious time to come here.

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

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: 133 Ambulances, including 7 River and 1 Air Ambulance, deployed for Pilgrims on Magh Purnima

    Source: Government of India

    133 Ambulances, including 7 River and 1 Air Ambulance, deployed for Pilgrims on Magh Purnima

    43 Hospitals in Mahakumbh Nagar on High Alert, with high-tech arrangements for minor to major surgeries in every sector of the Mela

    Posted On: 11 FEB 2025 10:30PM by PIB Delhi

    The Government has made extensive preparations for the safety and health of the pilgrims, visiting the Mahakumbh at Prayagraj, for Magh Purnima. All hospitals in the Mahakumbh area, as well as in the city and district, will remain on high alert. Surveillance through water, land, and air will be in place to ensure the safety of pilgrims. Accordingly, 133 ambulances have been deployed to provide immediate relief in case of emergencies. This includes 125 ambulances, seven river ambulances, and one air ambulance specifically stationed.

    High-Tech Medical Services in every Sector of Mahakumbh

    State-of-the-art medical services are available in each sector of the Mahakumbh area. The facilities range from minor operations to major surgeries. Dr. Gaurav Dubey, the nodal medical officer of the Mahakumbh Mela, stated that the government’s emergency services, especially ambulance services, play a critical role. Over 2,000 medical staff will be deployed in the Mahakumbh area, and more than 700 medical personnel at SRN Hospital will remain on high alert.

    250 Beds Reserved at SRN, Blood Bank Fully Prepared

    As per special instructions from the administration, 250 beds have been reserved at SRN Hospital. Additionally, 200 units of blood are stored to handle emergencies. All 43 hospitals in Mahakumbh Nagar with a 500-bed capacity are fully operational.

    Hospitals Equipped with Modern Facilities

    Swaroop Rani Nehru Hospital has reserved 40 beds for the trauma center, 50 beds for the surgical ICU, 50 beds for the medicine ward, 50 beds for the PMSSY ward, and 40 beds for the burn unit. In addition, a 10-bed cardiology ward and a 10-bed ICU are also fully prepared.

    Special Focus on Medical Supervision and Cleanliness 

    To ensure smooth medical services, 30 senior doctors have been specially assigned, along with 180 resident doctors and over 500 nursing and paramedical staff. The hospital administration has instructed housekeeping agencies to ensure no negligence in cleanliness.

    Administration’s Commitment to Health Services

    Dr. Vatsala Mishra, Principal of Swaroop Rani Nehru Hospital, mentioned that all arrangements have been made to handle any emergency during the Magh Purnima bath. She appealed to the pilgrims to contact the hospital immediately in case of any health issues, assuring them of free and high-quality medical services.

    Deployment of Expert Doctors, 24-Hour Medical Service Available

    Along with 150 medical personnel from the AYUSH department, 30 expert doctors will be deployed to serve the pilgrims. Experts from AIIMS Delhi and BHU will also remain on alert.

    *****

    AD/VM

    (Release ID: 2102068) Visitor Counter : 49

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Dr. Mansukh Mandaviya to Inaugurate First-Ever Regional Dialogue on Global Coalition for Social Justice in New Delhi on 24-25 Feb 2025

    Source: Government of India

    Dr. Mansukh Mandaviya to Inaugurate First-Ever Regional Dialogue on Global Coalition for Social Justice in New Delhi on 24-25 Feb 2025

    Hosted by Ministry of Labour & Employment in collaboration with CII-EFI

    Coalition Theme is Responsible Businesses for Inclusive and Sustainable Societies

    Mr. Gilbert F. Houngbo, Director-General of the International Labour Organisation (ILO) to Deliver Keynote Address

    80+ Coalition partners from Asia Pacific region and beyond, including representatives from Governments, Employers’ and Workers’ Organizations, International Agencies, Research and Academic Institutions, International NGOs and Enterprises to Attend

    Participating Ministries include Ministry of Commerce & Industry, Ministry of Corporate Affairs, Ministry of External Affairs, Ministry of Skill Development and Entrepreneurship

    Posted On: 12 FEB 2025 5:41PM by PIB Delhi

    Ministry of Labour & Employment, Government of India, in collaboration with Confederation of Indian Industry (CII)-Employers’ Federation of India (EFI), is set to host the first-ever Regional Dialogue on Social Justice on 24-25 February 2025 at Bharat Mandapam in New Delhi. This landmark event is a significant contribution to the Global Coalition for Social Justice.

    Launched by ILO in 2023, the Coalition is a platform for governments, employers’ and workers’ organizations, international and regional organizations, financial institutions and development banks, enterprises, international non-governmental organizations and academia committed to advancing social justice and engaging in collaborative efforts to achieve shared objectives. The Coalition leverages collaboration among partners to amplify the unique strengths of each participant, comprehensively and coherently addressing social justice challenges.

    As a member of the Asia Pacific Coordinating Group, India is spearheading the first ‘Regional Dialogue’ under the Global Coalition for Social Justice and championing the key intervention “Responsible Businesses for Inclusive and Sustainable Societies” under the Coalition’s thematic area of “Expanding access to and capabilities for Productive and freely chosen Employment and Sustainable Enterprises.”

    The Regional Dialogue will bring together over 80+ Coalition partners from the Asia Pacific region and beyond to explore innovative approaches, exchange best practices, and strengthen collaboration to advancing social justice in the region.

    Hon’ble Union Minister for Labour & Employment, Dr. Mansukh Mandaviya, Hon’ble Minister of State for Labour & Employment, Sushri Shobha Karandlaje and Secretary (Labour& Employment), Ms. Sumita Dawra will grace the inaugural session of this regional dialogue. The event will feature Mr. Gilbert F. Houngbo, Director-General of the ILO, as the keynote speaker.

    The event will also mark the 74th Foundation Day of the Employees’ State Insurance Corporation (ESIC), celebrating its unwavering commitment to ensuring dignified healthcare and economic security for India’s workforce. The ESIC Foundation Day is an occasion to recognize the vital contribution of the organization in fostering social justice through the extension of comprehensive social security benefits for workers and their families in the formal sector. 

    Discussions will focus on critical dimensions of social justice, including responsible business conduct and social protection, aligning with the Coalition’s thematic priorities.

    The event will feature exchange of knowledge and experience sharing through technical discussions and coalition partner’s experiences. The deliberations would strengthen the joint collaboration among partners in the area of promoting social justice in the region.

    Key themes include:

    • Skills, Employment and Social Justice: Empowering Youth and Enterprises for Inclusive and Sustainable Growth
    • Social Protection to Social Justice: Ensuring No One is Left Behind
    • Responsible Businesses: Upholding Fair Working Conditions, Safety, and Health for Enhanced Productivity and Sustainability
    • Building a Bigger Table: Promoting Inclusion and Women’s Participation in the World of Work
    • Advancing Decent Work: Strengthening Corporate Governance and Sustainable Global Value Chains
    • Digitalization for Social Justice – Harnessing AI for Decent Work and Equity

    Key Stakeholders: The thematic dialogue will bring together Coalition partners and other key stakeholders, including representatives from governments, employers’ and workers’ organizations, international and/or regional organizations, research organizations, academia, international NGOs and enterprises.

    Event Highlights

    Day 1 | 24 February 2025

    The first day of the Regional Dialogue on Social Justice will commence with an Inaugural Session. Key highlights include the showcasing of Responsible Business Conduct by Indian employers’ organisation and international business chambers, a joint statement of workers and employers organisations on responsible business practices, and the launch of publications on social justice and social protection. Technical sessions will focus on skills and employment for youth, social protection for informal workers, and promoting women’s participation in the workforce, featuring insights from global partners and stakeholders.

    Day 2 | 25 February 2025
    The second day will delve into responsible business practices, emphasizing fair working conditions, occupational safety, and health, with contributions from the International Organizations and foreign business chambers. Discussions on sustainable global value chains will highlight the role of multinational enterprises in advancing decent work and ethical labour practices. The final session will explore digitalization and AI as tools for social justice, focusing on equitable access, worker rights, and aligning AI with the Sustainable Development Goals (SDGs).

    *****

    Himanshu Pathak

    (Release ID: 2102377) Visitor Counter : 58

    MIL OSI Asia Pacific News –

  • MIL-OSI Africa: Congo: CLG Experts Unpack Upcoming Gas Code and Investment Opportunities

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

    BRAZZAVILLE, Republic of the Congo, February 12, 2025/APO Group/ —

    The matter of the gas code will undoubtedly be discussed at the Congo Energy & Investment Forum, taking place from March 24-26, 2025, in Brazzaville. This regulatory milestone aims to provide a clear and structured framework for gas exploration, production and commercialization, boosting investor confidence and unlocking the full potential of the country’s vast natural gas reserves. As part of the forum, CLG Congo, a leading legal and commercial advisory firm in the energy sector, will play a key role in discussions surrounding regulatory reforms. In an interview with Energy Capital & Power (ECP) (www.EnergyCapitalPower.com), Yves Ollivier, Managing Director and Daoudou Mohammad, Director of Tax & Legal at CLG, shared their insights on the country’s upcoming Gas Code, regulatory landscape and upcoming opportunities. 

    Please provide an overview of CLG’s current activities in the Congo, particularly in relation to the energy sector? 

    CLG Congo is a leading provider of legal, tax, and commercial advisory services, working closely with oil and gas companies. In 2024, CLG was involved in Trident Energy’s acquisition of Chevron and TotalEnergies’ interests in the Lianzi, Nkosa and Nsoko 2 and Moho Bilondo fields. Trident now holds15,75% in Lianzi field, 85% in Nkosa and Nsoko 2 fields and 21.5% in Moho-Bilondo. To expand our client base, we actively participate in major energy events, such as African Energy Week in Cape Town and are honored to partner with Capital Energy & Power as legal counsel for CEIF 2025. 

    How does the Republic of Congo’s legislative framework impact foreign investment in hydrocarbons? 

    Historically, about 80% of direct investments in the country come from oil and gas, reflecting its economic dependence on hydrocarbons. To enhance investment conditions, the government has created investment promotion structures, including a Public-Private Partnership (PPP) Agency and a dedicated Ministry for International Cooperation and for Public-Private Partnership. 

    The 2016 Hydrocarbons Code introduced competitive bidding for exploration rights, increasing transparency and investor confidence. However, a Gas Code is still needed to provide a specific legal framework for natural gas investments. The current draft, developed with international institutions, aims to secure foreign capital and streamline regulations for a more competitive and structured industry. 

    What fiscal incentives does Congo offer to attract energy investments? 

    The government provides among others, corporate tax exemptions and progressive tax reductions for oil and gas projects, negotiated within the Production Sharing Contracts. Companies also benefit from customs incentives, such as the IM5 temporary import regime, allowing tax-free equipment imports under the condition of re-export. These measures lower entry costs for investors and enhance profitability. 

    What are the key expectations from the Gas Code and how could the regulatory framework improve investment conditions? 

    The Gas Code, expected in 2025, will provide a clear legislative framework for gas monetization, fiscal terms, and resource management. The draft was presented to gas companies in late 2023, and after modifications, is set for final approval. Additionally, the Gas Master Plan, developed by SNPC and McKinsey, aims to boost investment and expand gas utilization in Congo. 

    Another key issue is the VAT decree (2023-1337), which extends VAT to previously exempt oil and gas operations. There are ongoing discussions between the government and industry players to find a compromise that suits all parties. 

    How does the regulatory framework impact local content development in the oil and gas industry? 

    Despite 2019 local content decrees, enforcement remains a challenge. The law mandates 70% Congolese employment in management roles, but lacks clear compliance mechanisms. Companies try to follow the guidelines, but without effective monitoring, implementation varies. Strengthening verification processes is essential for sustainable workforce development in the sector. 

    What are your key expectations for the Congo Energy & Investment Forum 2025? 

    We see this as an opportunity to engage with foreign investors and showcase Congo’s gas potential, which includes proven reserves of 284 billion cubic meters and significant ongoing projects such as Eni’s Tango FLNG and Wing Wah’s Banga Kayo Gas Project. The forum will allow direct dialogue with policymakers, enabling us to propose solutions for industry challenges such as the Gas Code finalization and fiscal reforms. We also aim to highlight investment opportunities and regulatory reforms. Discussing topics like the Gas Code, VAT decree, and Hydrocarbons Code updates is crucial to ensuring a competitive and attractive investment environment. 

    MIL OSI Africa –

  • MIL-OSI Submissions: Update on December 2024 and January 2025 rental data

    Update on December 2024 and January 2025 rental data

    The national-level stock measure for actual rentals for housing for December 2024 and January 2025 will be included in Selected price indexes: January 2025, which is due out on Friday 14 February.  

    The administrative data used for this measure is provided by the Ministry of Business, Innovation and Employment (MBIE), which recently upgraded their tenancy bond-lodgment system. The stock measure was not included in last month’s SPI release as time was needed to integrate the new system’s data into the rental price indexes.  

    The completed update does not affect the results for the December 2024 quarter consumers price index (CPI), so no revision is required.

    The release does not include the flow of rental properties measures (national and regional) as we are still working to integrate the new system’s data for these measures. The flow measures, which do not affect the CPI, will be included when we are confident they meet customer expectations.  

    Stats NZ would like to thank MBIE and the Ministry of Housing and Urban Development (HUD) for collaborating on this work and making it possible to release the latest data. We will provide a further update in due course.

    If you have any questions, please contact our Information Centre at info@stats.govt.nz.

    Ends

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    MIL OSI –

  • MIL-OSI New Zealand: Housing Market – Subtle turning point for property sellers – CoreLogic

    Source: CoreLogic

    New Zealand’s property market is showing early signs of a gentle turnaround, giving resellers a glimmer of renewed leverage after a prolonged downturn.

    CoreLogic NZ’s latest Pain & Gain report for Q4 2024 shows the proportion of properties being resold for more than the original purchase price was 91.0%, up from 90.1% in Q3 2024.
    However, that’s still low compared to the post-COVID boom when more than 99% of properties typically sold for a profit.

    CoreLogic NZ Chief Property Economist Kelvin Davidson said the small rise suggests resale conditions are gradually improving, aligning with broader signs of a market turnaround.

    “While profits are down from the peak, most property resellers continue to see gains.

    “The latest increase in the frequency of resale profits supports other indicators that the market may have found a floor, largely due to recent mortgage rate falls.

    “However, with property values still about 18% below their peak and the overhang of listings keeping buyers in a strong position, selling conditions remain subdued, he said.

    Regaining ground
    Mr Davidson said while buyers still have the upper hand, resellers may be regaining ground as profits grow.

    “In Q4, the typical size of reseller gains ticked up to $289,500 from $279,000 in the third quarter of last year.

    “While the figure is still low compared to the peak in late 2021 of $440,000, it’ still larger than anything we saw prior to Q4 2020.

    “On the flipside, the median resale loss was unchanged at $55,000 in Q4, remaining within the $50,000–$60,000 range seen over the past two years,” he said.

    Mr Davidson added that although these profits are still significant and losses small, it’s important to acknowledge two extra factors.

    “Hold period plays a key role, and even in a downturn, anybody who has owned property for several years will still tend to make a profit. For owner-occupiers it’s not necessarily a cash windfall either. Indeed, most equity will just need to be recycled back into the next purchase.”

    Holding out
    In Q4 2024, sellers who resold for a gross profit held their properties for a median of 9 years, up from 8.6 years the previous quarter.

    Mr Davidson said this could reflect caution amid softer market conditions, with many choosing to wait for more favourable opportunities.
    “In some cases, particularly for investors, a target return strategy has meant holding properties longer due to the slower housing market over the past 2-3 years.

    “However, it may also reflect weaker housing sentiment and greater caution, with owners opting to ride out the current soft patch before testing the market,” he said.

    Losses ease  
    Mr Davidson said resale performance across property types suggested a turning point, with incurred losses starting to ease.

    “In the fourth quarter of the year apartment resales incurred a loss on 29.5% of deals, compared to 8.3% for standalone houses.”

    “Although the apartment figure clearly remains high, it dropped from 31.8% in the third quarter of last year. Whereas the ‘pain’ percentage of houses fell from 9.1% in Q3,” he said.

    Falling rates to boost confidence
    Looking ahead, Mr Davidson expects that lower mortgage rates will push up house prices to some extent in 2025, which will tend to strengthen the position for property resellers.

    “But any turning point for house prices won’t be sudden or strong, and lingering weakness in the labour market alongside an abundance of listings should mean finance-approved buyers continue to see good opportunities,” he concluded.

    Read CoreLogic’s latest Pain & Gain report at www.corelogic.co.nz/news-research/reports/pain-and-gain-report.

    About CoreLogic
    CoreLogic NZ is a leading, independent provider of property data and analytics. We help people build better lives by providing rich, up-to-the-minute property insights that inform the very best property decisions. Formed in 2014 following the merger of two companies that had strong foundations in New Zealand’s property industry – Terralink Ltd and PropertyIQ NZ Ltd – we have the most comprehensive property database with coverage of 99% of the NZ property market and more than 500 million decision points in our database.
    We provide services across a wide range of industries, including Banking & Finance, Real Estate, Government, Insurance and Construction. Our diverse, innovative solutions help our clients identify and manage growth opportunities, improve performance and mitigate risk. We also operate consumer-facing portal propertyvalue.co.nz – providing important insights for people looking to buy or sell their home or investment property. We are a wholly owned subsidiary of CoreLogic, Inc – one of the largest data and analytics companies in the world with offices in New Zealand, Australia, the United States and United Kingdom. For more information visit corelogic.co.nz.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Dr Jitendra Singh will preside over the 12th All India Pension Adalat to be held on 13th February, 2025

    Source: Government of India

    Dr Jitendra Singh will preside over the 12th All India Pension Adalat to be held on 13th February, 2025

    Department of Pension and Pensioners’ Welfare (DoPPW) is conducting the 12th All India Pension Adalat with focus on resolution of long outstanding Pension Cases pending for more than 120 days in 16 Departments/Ministries

    Posted On: 12 FEB 2025 5:20PM by PIB Delhi

    The Department of Pension and Pensioners’ Welfare will conduct the 12thNation-wide Pension Adalat under the chairmanship of Dr. Jitendra Singh, Minister of State for Ministry of Personnel, Public Grievances and Pensions at New Delhi on 13th February, 2025. The Adalat will be conducted in the presence of Shri V Srinivas, Secretary, DoPPW, Ms  Shankari Murali, Addl, CGA, Shri A N Das Addl CGDA, Ms Deepika Jain, CC (Pension), Shri Rokhum Lal Remruata, CCA (MHA) and Shri Dhrubajyoti Sengupta, JS (DoPPW). The cases which have been pending for more than 120 days for redressal shall be taken up in the Adalat. Senior officers and nodal officers from16 Departments will be participating in the Adalat.

    Redressal of pensioner’s Grievances is a high priority area for the Government. Keeping in view the mandate to ensure welfare of Central Government pensioners, Pension Adalats are organized by DOPPW. These Pension Adalats provide a single platform where the concerned stakeholders, viz., Ministries/Departments/CPAO/ Banks are brought together for on-the-spot resolution of long pending grievances, to the satisfaction of the petitioner. Pension Adalats also provide an additional forum for redressal of pension related grievances obviating the need to approach Courts for litigation.

    With a view to redress chronic grievances, the system of holding Pension Adalat has been introduced since September, 2017 when the first Pension Adalat was held.  Continuing this initiative forward, till December, 2024, eleven Pension Adalats, including thematic Pension Adalats have been organised.

    In all Pension Adalats across the country, 18,005 cases have been resolved with a success rate of more than 71 percent.

    The 12th Pension Adalat will focus on resolution of long outstanding Pension Cases. The Pension Adalat would be attended by 16 Ministries/Departments including Ministry of Home Affairs, Ministry of Defence, CPAO, CBDT, Ministry of Housing & Urban Affairs, Ministry of Railways amongst others. 180 cases pertaining to Ministries will be discussed.

    The Department of Pension & Pensioners’ Welfare seeks to ensure empowerment of Central Government pensioners through such Pension Adalats, by speedy resolution of their grievances.

    *****

     

    NKR/PSM

    (Release ID: 2102354) Visitor Counter : 75

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ15: Promoting development of the fund industry

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Robert Lee and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (February 12):
     
    Question:
     
         There are views that the Government should actively take forward a more comprehensive support policy to promote the development of the fund industry as a whole on all fronts. In this connection, will the Government inform this Council:
     
    (1) whether it has compiled statistics on the respective shares of capital allocations from Hong Kong’s offshore Renminbi (RMB) (liquidity pool to mutual funds, deposits, stocks, bonds and other investment vehicles, together with a breakdown by holders of such capital, i.e. retail investors, institutional investors, and enterprises; given that the Government is actively promoting the internationalisation of RMB, what measures it has in place to guide more offshore RMB capital to invest in various fund products, so as to promote the development of related businesses;
     
    (2) whether it has compiled statistics on the respective shares of Mainland capital investments in Hong Kong funds and bank deposits under the constant enhancement of the Cross-boundary Wealth Management Connect (WMC) Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area, and in which types of funds the investments are mainly made; of the Government’s plans in place to discuss with the Mainland regulatory authorities about further expansion of the scope of fund products under WMC, as well as all-‍round coverage of cross-border fund sales and promotional activities;
     
    (3) whether the Government will step up negotiations with the Mainland regulatory authorities to further increase the number of funds and product types under the mutual recognition of funds scheme; whether it knows if information on such recognised funds will be included in the Hong Kong Exchanges and Clearing Limited’s Integrated Fund Platform to facilitate trading by investors; and
     
    (4) of the respective proportions of the amounts invested in “financial assets” and “non-financial assets” by applicants of the New Capital Investment Entrant Scheme after its implementation, together with a breakdown by the classification of assets; whether the Government will publish the relevant statistics on a regular basis; if so, of the details; if not, the reasons for that?
     
    Reply:
     
    President,
     
         Hong Kong is an international asset and wealth management centre, with assets under management exceeding HK$31 trillion. The Government has been attracting more global capital to be managed in Hong Kong through a series of measures with the aim of propelling the all-rounded development of the fund industry. In consultation with Invest Hong Kong (InvestHK), the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC) and the Hong Kong Exchanges and Clearing Limited (HKEX), my reply to the various parts of the question is as follows:
     
    (1) With the support of the Central People’s Government, Hong Kong is a premier global offshore Renminbi (RMB) business hub which possesses the world’s largest offshore pool of RMB funds, and operates the largest foreign exchange and interest rate derivatives market. Hong Kong also provides a diversified range of RMB products and services, with a leading position in RMB settlement, financing and asset management.
     
         The Government has been promoting the development of the offshore RMB business in Hong Kong, and has been actively deepening the mutual access between the Mainland and Hong Kong financial markets, so as to assist the high-level opening up of our country’s capital market. The China Securities Regulatory Commission (CSRC) announced in April 2024 a series of measures to promote the expansion of the mutual access between the financial markets of the Mainland and Hong Kong. These measures include expanding the eligible product scope of equity exchange-traded funds (ETFs) under Stock Connect and including real estate investment trusts (REITs) under Stock Connect, which would support the Hong Kong financial market by increasing the availability of attractive investment products, providing more investment opportunities for domestic and international investors, and consolidating Hong Kong’s position as an offshore RMB business hub.
     
         In addition, the HKMA and the People’s Bank of China (PBoC) announced on January 13 this year new measures to further strengthen Hong Kong’s position as a global offshore RMB business hub. Relevant measures include the introduction of the HKMA RMB Trade Financing Liquidity Facility, further enhancement and expansion of Bond Connect (Southbound), development of offshore RMB repurchase business using Northbound Bond Connect bonds as collateral, inclusion of Northbound Bond Connect bonds as eligible margin collateral at OTC Clearing Hong Kong Limited, promoting cross-boundary payment facilitation and financial facilitation in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). We will press ahead with the development of an offshore RMB ecosystem to promote the internationalisation of the RMB in a steady and prudent manner.
     
         In terms of financial products, besides RMB foreign exchange trading products, the offshore RMB investment products and services offered in Hong Kong also include RMB-denominated stocks, ETF, REIT, futures contracts for precious metals, and other diversified financial products. However, the Government does not maintain data on the allocation of funds within the offshore RMB pool to various investment products.
     
    (2) Cross-boundary Wealth Management Connect (WMC) has seen continuous and steady development since its launch in September 2021. “WMC 2.0” commenced on February 26, 2024, with enhancement measures including increasing the individual investor quota from RMB1 million to RMB3 million, lowering the threshold for participating in the Southbound Scheme to support more GBA residents to participate in the scheme, expanding the scope of participating institutions to include eligible securities firms, expanding the scope of eligible investment products, and further enhancing the promotion and sales arrangements. According to the statistics published by the PBoC, up to end-2024, over 136 000 individual investors in the GBA participated in the WMC and cross-boundary fund remittances (including Guangdong, Hong Kong and Macao) amounting to over RMB99.4 billion had been recorded.
     
         Currently, the scope of eligible products under the Southbound Scheme includes all “non-complex” funds domiciled in Hong Kong and authorised by the SFC that primarily invest in Greater China equity; low-risk to medium-high-risk “non-complex” funds domiciled in Hong Kong and authorised by the SFC (excluding high-yield bond funds and single emerging market equity funds); low-risk to medium-risk and non-complex bonds; and RMB, Hong Kong dollar and foreign currency deposits. The Government does not maintain data on the proportion of Mainland capital invested in these different products.
     
         The Government and Hong Kong regulatory authorities will continue to maintain close communication with the industry and the Mainland regulatory authorities, and continuously review the implementation of “WMC 2.0” with a view to exploring further enhancement measures, including the product scope and sales arrangements.
     
    (3) The Mainland-Hong Kong Mutual Recognition of Funds (MRF) arrangement (the “Arrangement”) was launched in July 2015, where eligible Mainland and Hong Kong funds can be offered to retail investors in each other’s market through a streamlined vetting process. As of end-2024, a total of 83 funds were authorised by the regulators of the two places, with aggregate net subscription amount of around RMB43.5 billion.
     
         The Arrangement has been enhanced with effect from January 1, 2025. Enhancements include relaxing the sales restriction and allowing Hong Kong funds to delegate investment management functions to overseas asset management companies within the same group. The measures will significantly increase the diversity of fund products, enhance the scale of funds, and bring positive effect to the distribution of Hong Kong MRF funds in the Mainland. The SFC will maintain close co-operation with the CSRC to continuously explore and discuss enhancement measures, so as to fully leverage Hong Kong’s distinct advantage and role as an international financial centre and a bridge for two-way capital flow to facilitate a higher level of two-way opening in the country’s capital market.
     
         On the other hand, the Integrated Fund Platform (the Platform) developed by HKEX will help lower the entry threshold of the fund industry, broaden Hong Kong’s fund distribution network, and enhance market efficiency. The first phase of the Platform (the Fund Repository) was launched in December 2024 to facilitate investors’ access to information on fund investment options. Other services of the Platform will be rolled out gradually from this year with functionalities including fund subscription and redemption (including MRF funds), settlement, and nominee services.
     
    (4) The New Capital Investment Entrant Scheme (New CIES) was open for application on March 1, 2024 to further enrich the talent pool and attract new capital to Hong Kong. An eligible applicant must make investment of a minimum of HK$30 million in the permissible investment assets, including investing a minimum of HK$27 million in permissible financial assets and/or real estate (subject to a cap of HK$10 million), and placing HK$3 million into a new Capital Investment Entrant Scheme Investment Portfolio (CIES Investment Portfolio).
     
         As of end-2024, InvestHK has received over 800 applications, and approved 240 applications for Assessment for Investment Requirements. Except for the applicants’ investment in Hong Kong under the New CIES, the Government does not maintain the data on the investments made by applicants in Hong Kong outside the New CIES. Excluding the sum for investing in the CIES Investment Portfolio, the approved investment distribution is as follows:
     

     
    Investment amount (HK$ Million)

    Eligible collective investment schemes
    2,968

    Equities
    2,553

    Debt securities
    1,018

    Real estate
    10

    Certificates of deposits
    5

    Total
    6,554

     
         The Government will continuously review the applicants’ investment arrangement and room for enhancing the New CIES, including further enhancing the net asset assessment and calculation requirements and allowing applicants to hold assets through his/her wholly owned eligible private company with effect from March 1 this year, thereby attracting global asset owners to establish their presence in Hong Kong.

    MIL OSI Asia Pacific News –

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on SMCY (101.33%), MSTY (100.07%), AIYY (64.15%), YMAX (47.62%), SQY (45.38%) and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, MILWAUKEE and NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group D ETFs listed in the table below.

    ETF Ticker1 ETF Name Distribution Frequency Distribution per share Distribution Rate2,4 30-Day
    SEC Yield3    		 ROC5 Ex-Date & Record Date Payment Date
    SDTY* YieldMax™ S&P 500 0DTE Covered Call ETF Weekly   – –   –   –   – –
    GPTY YieldMax™ AI & Tech Portfolio Option Income ETF Weekly $ 0.2936 –   –   99.05 % 2/13/25 2/14/25
    LFGY YieldMax™ Crypto Industry
    & Tech Portfolio Option Income ETF    		 Weekly $ 0.5642 –   –   100.00 % 2/13/25 2/14/25
    YMAX YieldMax™ Universe
    Fund of Option Income ETFs    		 Weekly $ 0.1503 47.62 % 77.11 % 92.31 % 2/13/25 2/14/25
    YMAG YieldMax™ Magnificent 7
    Fund of Option Income ETFs    		 Weekly $ 0.0509 14.71 % 56.75 % 85.74 % 2/13/25 2/14/25
    MSTY YieldMax™ MSTR Option
    Income Strategy ETF    		 Every 4 weeks $ 2.0216 100.07 % 0.00 % 33.44 % 2/13/25 2/14/25
    YQQQ YieldMax™ Short N100 Option Income Strategy ETF Every 4 weeks $ 0.2498 19.44 % 3.81 % 0.00 % 2/13/25 2/14/25
    AMZY YieldMax™ AMZN Option
    Income Strategy ETF    		 Every 4 weeks $ 0.5480 36.33 % 2.89 % 0.00 % 2/13/25 2/14/25
    APLY YieldMax™ AAPL Option
    Income Strategy ETF    		 Every 4 weeks $ 0.3625 28.26 % 3.14 % 88.56 % 2/13/25 2/14/25
    AIYY YieldMax™ AI Option Income Strategy ETF Every 4 weeks $ 0.3710 64.15 % 3.59 % 94.49 % 2/13/25 2/14/25
    DISO YieldMax™ DIS Option Income Strategy ETF Every 4 weeks $ 0.4574 36.46 % 3.60 % 90.80 % 2/13/25 2/14/25
    SQY YieldMax™ SQ Option Income Strategy ETF Every 4 weeks $ 0.5840 45.38 % 4.13 % 93.58 % 2/13/25 2/14/25
    SMCY YieldMax™ SMCI Option Income Strategy ETF Every 4 weeks $ 2.0901 101.33 % 3.39 % 97.65 % 2/13/25 2/14/25
    Weekly Payers & Group A ETFs scheduled for next week: SDTY GPTY LFGY YMAX YMAG TSLY CRSH GOOY YBIT OARK XOMO SNOY TSMY FEAT FIVY

    Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

    Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs”.

    Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    *The inception date for SDTY is February 5, 2025.

    1. All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio of 1.24% but the investment adviser has agreed to a 0.10% fee waiver through at least February 28, 2025.
    2. The Distribution Rate shown is as of close on February 11, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.
    3. The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended January 31, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.
    4. Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.
    5. ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Standardized Performance

    For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here. For BIGY, click here. For SOXY, click here. For MARO, click here. For FEAT, click here. For FIVY, click here. For LFGY, click here. For GPTY, click here. For CVNY, click here. For SDTY, click here.

    Important Information

    This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

    YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

    Investing involves risk. Principal loss is possible.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

    Risk Disclosures (applicable only to GPTY)

    Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

    Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

    Risk Disclosure (applicable only to MARO)

    Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs.

    © 2025 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI: Wilmington Trust & AccessFintech Streamline Private Credit Lifecycle Management

    Source: GlobeNewswire (MIL-OSI)

    LONDON and NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) — Wilmington Trust and AccessFintech have announced a new collaboration that automates and streamlines loan lifecycle management using the Synergy platform. This effort drives real-time data transparency and collaboration, significantly reducing discrepancies and resolution times among various organizations across the loan market. Lenders can compare normalized data sets, prevent cash breaks and accelerate the resolution process.

    As third-party agent, Wilmington Trust – part of the M&T Bank (NYSE: MTB) family – is working with AccessFintech to enable real-time sharing of contract level data via its Synergy network for the private credit market, a significant area of growth for the loan market. With many shared clients, this agreement will allow agents, lenders, CLO trustees and administrators to connect seamlessly and work on shared workflows in one, central environment. Agents and lenders can proactively manage every aspect of their loan data workflow and collaborate with partners and benefit from continuous matching.

    “Wilmington Trust is working with AccessFintech to further enhance the syndicated loan market’s focus on solutions for data transparency and workflow collaboration, all of which continue to be critical for the future growth and scalability of our industry,” said Medita Vucic, Wilmington Trust’s Head of Structured Finance and Loan Market Solutions. “Our relationship with AccessFintech will facilitate streamlined communication through a centralized, single-source solution delivering substantial productivity and efficiency improvements for Wilmington Trust and our clients.”

    The Synergy network works with financial institutions across all asset classes to establish an ecosystem of connected organizations including buy-side, sell-side, agents, custodians, CLO trustees, service providers and vendors. The network is a data and workflow normalization and collaboration effort, which is live across the financial system.

    As the private credit market has expanded – topping more than $2.1 trillion last year – the complexity of data and operational management for firms operating in this space has also grown. Private credit loans bring with them with less standardization and access to information.

    “Our goal is to develop innovative solutions in collaboration with the industry. Synergy is expanding its shared data network, and we are thrilled to join forces with Wilmington Trust to further strengthen loan industry cooperation,” said Cory Olsen, Head of Loan Products at AccessFintech. “Empowering lenders to continuously align and collaborate in real time is a revolutionary shift that will transform interactions between agents and lenders, delivering significant operational advantages for everyone.”

    Wilmington Trust and AccessFintech are addressing the challenges in the complex private credit and syndicated loan industry – and leading the transition from an e-mail and PDF-centric workflow to an automated workflow with shared real-time digitized data. This, in turn, addresses issues around exchanging and confirming information, allowing improved identification of cash and position breaks leading to delays in settlement times.

    For Media Inquiries:

    Wilmington Trust                                                AccessFintech
    Patrick Fitzgibbons                                              Eterna Partners for AccessFintech
    Senior Public Relations Manager                      accessfintech@eternapartners.com
    pfitzgibbons@mtb.com                                

    About Synergy by AccessFintech:
    Synergy by AccessFintech is a network driven by data and intelligence that transforms post-trade collaboration. Connecting the global capital markets ecosystem, Synergy integrates buy-side, sell-side, order management systems, and vendors, supporting a growing network of over 250 active members. The platform facilitates real-time data transformation across a wide range of asset classes, including securities, derivatives, alternatives, and payments. Built on modern, cloud-native architecture with an API-first approach, Synergy is designed for scalability and flexibility, offering seamless integration with existing technologies. By leveraging AI-driven insights, Synergy improves operational efficiency, resolves exceptions faster, and reduces manual intervention, driving innovation and value across the financial ecosystem. For further information please go to accessfintech.com or follow us on LinkedIn.

    About Wilmington Trust:
    Wilmington Trust is a registered service mark. Wilmington Trust, N.A. provides Corporate and Institutional Services including institutional trust, agency, and administrative services for clients worldwide who use capital markets financing structures. Wilmington Trust provides direct trust, custody, and fiduciary services for U.S retirement plans, companies, foundations, organizations and financial institutions.

    Wilmington Trust also provides Wealth Advisory services in the Americas with a wide array of personal trust, financial planning, fiduciary, asset management, and family office solutions designed to help high-net-worth individuals and families grow, preserve, and transfer wealth.

    Wilmington Trust maintains offices throughout the United States and internationally in London, Dublin, and Frankfurt. For more information, visit www.WilmingtonTrust.com.

    The MIL Network –

  • MIL-OSI: OTC Markets Group Welcomes Wilhelmina International, Inc. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Wilhelmina International, Inc. (OTCQX: WHLM), a company that, through its subsidiaries, provides fashion model and talent management services in the United States, has qualified to trade on the OTCQX® Best Market. Wilhelmina International, Inc. previously traded on NASDAQ.

    Wilhelmina International, Inc. begins trading today on OTCQX under the symbol “WHLM.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    The OTCQX Market provides investors with a premium U.S. public market to research and trade the shares of investor-focused companies. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

    About Wilhelmina International, Inc.
    Wilhelmina International, Inc., through its subsidiaries, provides fashion model and talent management services in the United States. The Company specializes in the representation and management of models, entertainers, artists, athletes, and other talent to various customers and clients, including retailers, designers, advertising agencies, and catalog companies. It also engages fashion modeling and talent product-endorsement services to clients, such as ad agencies, branded consumer goods companies, fashion designers, magazines, retailers and department stores, product catalogs, and Internet sites; licensing of the Wilhelmina brand name; and engages in television syndication royalties and production series contracts. The company was founded in 1967 and is headquartered in Dallas, Texas.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: QXO Receives Antitrust Clearance for Acquisition of Beacon Roofing Supply

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Feb. 12, 2025 (GLOBE NEWSWIRE) — QXO, Inc. (NYSE: QXO) announced today that it has obtained antitrust clearance in both the U.S. and Canada for its acquisition of Beacon Roofing Supply, Inc. (Nasdaq: BECN), paving the way for QXO to close the transaction quickly. The company confirmed that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has expired and that it has received early termination of the waiting period from the Canadian Competition Bureau.

    “With committed financing in place and these necessary regulatory approvals secured, QXO is prepared to complete this acquisition and deliver immediate, compelling value to Beacon shareholders,” said Brad Jacobs, chairman and chief executive officer of QXO. “Beacon should remove its shareholder-unfriendly poison pill so shareholders can benefit from our premium all-cash offer.”

    QXO’s all-cash tender offer for all of Beacon’s outstanding common stock of $124.25 per share, which is higher than Beacon’s stock has ever traded, remains open until 12:00 midnight (New York City time) at the end of February 24, 2025. QXO is prepared to complete the acquisition shortly after the tender expires, subject to the terms of the offer. Importantly, the transaction is not subject to any financing conditions or due diligence conditions.

    Advisors

    Morgan Stanley & Co. LLC is acting as lead financial advisor to QXO, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel.

    About QXO

    QXO provides technology solutions, primarily to clients in the manufacturing, distribution and service sectors. The company provides consulting and professional services, including specialized programming, training and technical support, and develops proprietary software. As a value-added reseller of business application software, QXO offers solutions for accounting, financial reporting, enterprise resource planning, warehouse management systems, customer relationship management, business intelligence and other applications. QXO plans to become a tech-forward leader in the $800 billion building products distribution industry. The company is targeting tens of billions of dollars of annual revenue in the next decade through accretive acquisitions and organic growth. Visit www.qxo.com for more information.

    Forward-Looking Statements

    This communication contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets, goals, regulatory approval timing and nominating directors are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Such factors include but are not limited to: the ultimate outcome of any possible transaction between QXO, Inc. (“QXO”) and Beacon Roofing Supply, Inc. (“Beacon”), including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any definitive agreement will be materially different from those proposed; uncertainties as to whether Beacon will cooperate with QXO regarding the proposed transaction; the ultimate result should QXO commence a proxy contest for election of directors to Beacon’s Board of Directors; QXO’s ability to consummate the proposed transaction with Beacon; the conditions to the completion of the proposed transaction, including the receipt of any required shareholder approvals and any required regulatory approvals; QXO’s ability to finance the proposed transaction; the substantial indebtedness QXO expects to incur in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; QXO’s ability to retain certain key employees; and general economic conditions that are less favorable than expected. QXO cautions that forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. QXO does not assume any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.

    Important Additional Information and Where to Find It

    This communication is for informational purposes only and does not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell Beacon securities. QXO and Queen MergerCo, Inc. (the “Purchaser”) filed a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission (the “SEC”) on January 27, 2025, and Beacon filed a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer with the SEC on February 6, 2025. Investors and security holders are urged to carefully read the Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as each may be amended or supplemented from time to time) and the Solicitation/Recommendation Statement as these materials contain important information that investors and security holders should consider before making any decision regarding tendering their common stock, including the terms and conditions of the tender offer. The Tender Offer Statement, Offer to Purchase, Solicitation/Recommendation Statement and related materials are filed with the SEC, and investors and security holders may obtain a free copy of these materials and other documents filed by QXO and Beacon with the SEC at the website maintained by the SEC at www.sec.gov. In addition, the Tender Offer Statement and other documents that QXO and the Purchaser file with the SEC will be made available to all investors and security holders of Beacon free of charge from the information agent for the tender offer: Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, NY 10022, toll-free telephone: +1 (888) 750-5834.
    QXO and the other participants intend to file a preliminary proxy statement and accompanying WHITE universal proxy card with the SEC to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 Annual Meeting of stockholders of Beacon. QXO strongly advises all stockholders of Beacon to read the preliminary proxy statement, any amendments or supplements to such proxy statement, and other proxy materials filed by QXO with the SEC as they become available because they will contain important information. Such proxy materials will be available at no charge on the SEC’s website at www.sec.gov and at QXO’s website at investors.qxo.com. In addition, the participants in this proxy solicitation will provide copies of the proxy statement, and other relevant documents, without charge, when available, upon request. Requests for copies should be directed to the participants’ proxy solicitor.

    Certain Information Concerning the Participants

    The participants in the proxy solicitation are anticipated to be QXO, Brad Jacobs, Ihsan Essaid, Matt Fassler, Mark Manduca and the individuals nominated by QXO (the “QXO Nominees”). QXO expects to determine and announce the QXO Nominees prior to the nomination deadline for the 2025 annual meeting of stockholders of Beacon. As of the date of this communication, other than 100 shares of common stock of Beacon beneficially owned by QXO, none of the participants who have been identified has any direct or indirect interest, by security holdings or otherwise, in Beacon.

    Media Contacts

    Joe Checkler
    joe.checkler@qxo.com
    203-609-9650

    Steve Lipin / Lauren Odell
    Gladstone Place Partners
    212-230-5930

    Investor Contacts

    Mark Manduca
    mark.manduca@qxo.com
    203-321-3889

    Scott Winter / Jonathan Salzberger
    Innisfree M&A Incorporated
    212-750-5833

    The MIL Network –

  • MIL-OSI: Helium Evolution Provides Operations Update on Mankota Helium Fairway

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 12, 2025 (GLOBE NEWSWIRE) — Helium Evolution Incorporated (TSXV:HEVI) (“HEVI” or the “Company“), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, is pleased to announce significant progress on its ongoing helium exploration activities along the Mankota helium fairway.

    Operations Update

    HEVI is excited to announce that its partner, North American Helium Inc. (“NAH”), has successfully completed drilling operations at the joint well at 5-30-3-8W3 (the “5-30 Well”) and completion operations are now underway. NAH will complete, test and evaluate the 5-30 Well in the coming weeks to confirm the presence of helium and evaluate commerciality of the potential helium discovery.

    Furthermore, the drilling rig has moved to the 3-19-3-8W3 location (the “3-19 Well”). HEVI has confirmed its 20% participation in the 3-19 Well, with HEVI’s share of the drilling costs expected to be approximately $0.4 million.

    Additionally, HEVI reports that the drilling of the 12-29-2-8W3 (the “12-29 Well”) has been completed. The drilling rig has been released and NAH has moved in a completion rig to complete and perforate the 12-29 Well to confirm the presence of helium. Operations on the 12-29 Well must cease by February 22, 2025, due to environmental restrictions in the area.

    “We are extremely pleased with the progress of our operations along the Mankota helium fairway, which holds considerable promise,” said Greg Robb, President and CEO of HEVI. “We are committed to advancing our development efforts and believe the results from the 5-30 Well are critical to moving towards our ultimate goal of helium production. We will continue to work closely with our partner, NAH, to drive forward our strategy for long-term growth.”

    Stay Connected to Helium Evolution

    Shareholders and other parties interested in learning more about the Helium Evolution opportunity are encouraged to visit the Company’s website, which includes an updated corporate presentation, and are invited to follow the Company on LinkedIn and X for ongoing corporate updates and helium industry information. Helium Evolution also provides an extensive, commissioned ‘deep-dive’ research report prepared by a third party whose background includes serving as a research analyst for several bank-owned and independent investment dealers.

    About Helium Evolution Incorporated

    Helium Evolution is a Canadian-based helium exploration company holding the largest helium land rights position in North America among publicly-traded companies, focused on developing assets in southern Saskatchewan. The Company has over five million acres of land under permit near proven discoveries of economic helium concentrations which will support scaling the exploration and development efforts across its land base. HEVI’s management and board are executing a differentiated strategy to become a leading supplier of sustainably-produced helium for the growing global helium market.

    For further information, please contact:

    Statement Regarding Forward-Looking Information

    This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

    Forward-looking statements in this document include statements regarding, the Company’s expectations regarding scalable helium production from its land generally, completion, testing and evaluation of the 5-30 Well and the 12-29 Well, ceasing operations on the 12-29 Well due to environmental restrictions, drilling the 3-19 Well, the Company’s expectations regarding advancing development efforts and moving towards helium production, working closely with NAH, the Company’s expectation regarding long-term growth, the Company’s intention to provide further updates regarding significant updates and developments, the Company becoming a leading supplier of sustainably-produced helium, timeline of future updates, the Company’s beliefs regarding growth of the global helium market and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: NAH may be unsuccessful in drilling commercially productive wells; the Company and/or NAH may abandon or defer plans for continuing the completion, testing and evaluation of the 5-30 Well and/or the 12-29 Well; the Company and/or NAH may abandon its plans for drilling the 3-19 Well; the Company and/or NAH may determine not to bring wells onto production; the Company and/or NAH may abandon plans to produce wells and may not work closely together; there may not be long-term growth; new laws or regulations and/or unforeseen events could adversely affect the Company’s business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such volatility may adversely affect the price of the Company’s securities regardless of its operating performance; risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses and the Company’s working capital position; constraint in the availability of services; commodity price and exchange rate fluctuations; adverse weather or break-up conditions; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

    When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/35e2489b-d97a-4d88-a63c-3d513d6fc466.

    The MIL Network –

  • MIL-OSI: OTC Markets Group Welcomes Thiogenesis Therapeutics, Corp. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Thiogenesis Therapeutics Corp. (TSX-V: TTI; OTCQX: TTIPF), a clinical-stage biotech company, has qualified to trade on the OTCQX® Best Market. Thiogenesis Therapeutics Corp. upgraded to OTCQX from the Pink® market.

    Thiogenesis Therapeutics Corp. begins trading today on OTCQX under the symbol “TTIPF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

    About Thiogenesis Therapeutics Corp.

    Thiogenesis Therapeutics, Corp., is a clinical-stage biopharmaceutical company operating through its wholly owned subsidiary based in San Diego, CA. Thiogenesis is developing sulfur-containing prodrugs that act as precursors to previously approved thiol compounds, with the potential to treat serious pediatric diseases with unmet medical needs. Prodrugs are drugs that contain previously approved active ingredients and are modified so that they only become active when metabolized. For regulatory purposes prodrugs can use existing third-party safety data in regulatory submissions in the streamlined 505 (b)(2) regulatory pathway in the US, and its equivalent hybrid system in Europe, to proceed into human efficacy trials with regulatory clearance. Prodrugs may enhance the profile of the active ingredient to increase its bioavailability and reduce side effects. The Company’s initial target indications include Mitochondrial Encephalopathy Lactic Acidosis and Stroke (“MELAS”), Leigh’s syndrome, Rett syndrome and pediatric MASH.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

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    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Boralex: Dividend Declaration

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, Feb. 12, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Boralex inc. (“Boralex” or the “Company”) (TSX: BLX) has declared a quarterly dividend of $0.165 per common share. This dividend will be paid on March 17, 2025 to shareholders of record at the close of business on February 28, 2025. Boralex has designated this dividend as an eligible dividend within the meaning of Section 89(14) of the Income Tax Act (Canada) and all provisions of provincial laws applicable to eligible dividends.

    About Boralex

    At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to over 3 GW. Our pipeline of projects and growth path total over 7.2 GW in wind, solar and electricity storage projects. We develop those projects guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

    For more information, visit boralex.com or sedarplus.com. Follow us on Facebook, Twitter, LinkedIn and Instagram.

    For more information

    Source: Boralex inc.

    The MIL Network –

  • MIL-OSI: Amplify ETFs to Liquidate Two ETFs

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Feb. 12, 2025 (GLOBE NEWSWIRE) — Amplify ETFs, a leading provider of innovative exchange traded funds, today announced the scheduled liquidation of two ETFs (the “Funds”). The Funds scheduled for liquidation include:

    ETF Name Ticker
    Amplify BlackSwan Tech & Treasury ETF QSWN
    Amplify Thematic All-Stars ETF MVPS

    Based on the recommendation of Amplify Investments LLC, the Funds’ investment adviser, the Board of Trustees of the Amplify ETF Trust unanimously determined that it is in the best interest of the Funds and their shareholders to liquidate the Funds.

    The Funds will no longer accept creation or redemption orders after the close of business on February 26, 2025. Shareholders may sell their shares in the Funds prior to the end of trading on March 5, 2025. Customary brokerage charges may apply to these transactions. The Funds will cease trading at the end of the trading day on March 5, 2025.

    The Funds will be liquidated and a final distribution to shareholders of the Funds is expected to occur on or around March 10, 2025. Any person holding shares in the Funds as of the liquidation date will receive a cash redemption amount equal to the net asset value of their shares as of that date. Shareholders will generally recognize a capital gain or loss on any redemption.

    Amplify Investments will bear all fees and expenses that may be incurred in connection with the liquidation of the Funds and the distribution of cash proceeds to investors, other than brokerage fees and other related expenses.

    For additional information about the liquidation, shareholders of the Funds may call 855-267-3837 or visit amplifyetfs.com.

    About Amplify ETFs
    Amplify ETFs, sponsored by Amplify Investments, has over $10.9 billion in assets across its suite of ETFs (as of 02/07/2025). Amplify ETFs delivers expanded investment opportunities for investors seeking growth, income, and risk-managed strategies across a range of actively managed and index-based ETFs. To learn more visit AmplifyETFs.com.

    Sales Contact:
    Amplify ETFs
    855-267-3837
    info@amplifyetfs.com    		 Media Contacts:
    Gregory FCA for Amplify ETFs
    Kerry Davis
    610-228-2098
    amplifyetfs@gregoryfca.com
       

    Carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at AmplifyETFs.com. Read the prospectus carefully before investing.

    Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

    Amplify ETFs are distributed by Foreside Fund Services, LLC.

    The MIL Network –

  • MIL-OSI: Gilat Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Q4 Revenue of $78.1 million, GAAP Operating Income of $12.8 million and Adjusted EBITDA of $12.1 million

    2024 Revenue of $305.4 million, GAAP Operating Income of $27.7 million and a 25-year Record Adjusted EBITDA of $42.2 million

    Expects 2025 Revenues to increase by 36%-50%

    Announces New Reporting Segments

    PETAH TIKVA, Israel, Feb. 12, 2025 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its unaudited results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter 2024 Financial Highlights

    • Revenue of $78.1 million, up 3% compared with $75.6 million in Q4 2023;
    • GAAP operating income of $12.8 million, compared with $2.9 million in Q4 2023;
    • Non-GAAP operating income of $9.7 million, compared with $6.1 million in Q4 2023;
    • GAAP net income of $11.8 million, or $0.21 per diluted share, compared with $3.4 million, or $0.06 per diluted share, in Q4 2023;
    • Non-GAAP net income of $8.5 million, or $0.15 per diluted share, compared with $6.5 million, or $0.11 per diluted share, in Q4 2023;
    • Adjusted EBITDA of $12.1 million, up 30% compared with $9.4 million in Q4 2023.

    Full year 2024 Financial Highlights

    • Revenue of $305.4 million, up 15% compared with $266.1 million in 2023;
    • GAAP operating income of $27.7 million, compared with $28.1 million in 2023;
    • Non-GAAP operating income of $31.9 million, up 35% compared with $23.5 million in 2023;
    • GAAP net income of $24.8 million, or $0.44 per diluted share, compared with $23.5 million, or $0.41 per diluted share in 2023;
    • Non-GAAP net income of $28.2 million, or $0.49 per diluted share, compared with $19.9 million, or $0.35 per diluted share 2023;
    • Adjusted EBITDA was $42.2 million, up 16% compared with adjusted EBITDA of $36.4 million in 2023.

    2025 Guidance

    Management’s financial guidance for 2025 is for revenues of between $415 to $455 million, and Adjusted EBITDA is expected to be between $47 to $53 million1.

    Adi Sfadia, Gilat’s CEO, commented, “Gilat delivered strong results with profitability of Adjusted EBITDA of $12.1 million for the fourth quarter and $42.2 million for the entire year. These results alongside our strong generation of cash flow underscore the strength and resilience of our core business model, demonstrating both operating leverage and the positive impact of our current product revenue mix.”

    “During the fourth quarter our Defense and In-Flight Connectivity business continued to experience strong momentum with increased orders and awards. The Defense segment, with a focus on the US DoD, represents a significant growth opportunity for Gilat. We are pleased with our progress in expanding opportunities to serve the specialized needs of government and military customers with our innovative satellite solutions,” Mr. Sfadia continued. “With the closing of the Stellar Blu acquisition, our Commercial business is poised for significant growth as we establish our leadership in the expanding Electronically Steerable Antenna (ESA) market. Our portfolio of IFC GEO, LEO and multi-orbit solutions will be instrumental in capitalizing on increasing demand for inflight connectivity by airlines and passengers.”

    Mr. Sfadia concluded, “Looking ahead into 2025, given the significant potential we see in the defense market and our view of this as a strategic growth engine, we plan to increase our investment in R&D, Sales and Marketing of the Defense Segment. We believe that this targeted increase will allow us to take advantage of the opportunities we see quicker and more decisively to ensure a long term growth in this market. Coupled with our recent acquisitions and positioning in the Satcom market, Gilat has the resource base to scale the IFC and Defense businesses and our track record of profitable, cash generating growth, provides a strong foundation for Gilat’s continued success.”

    Commencing January 1, 2025, the company has implemented a new organizational structure and reportable segments. The new organizational structure and segment reporting are designed to better target the diverse and attractive end markets the company serves and to provide investors with greater insight into Gilat’s business lines and strategic growth opportunities. The company will report financial results based on the following three divisions: Gilat Defense, Gilat Commercial and Gilat Peru.

    • Gilat Defense Division: provides secure, rapid-deployment solutions for military organizations, government agencies, and defense integrators, with a strong focus on the U.S. Department of Defense resulting from our strategic acquisition of DataPath Inc. By integrating technologies from Gilat, Gilat DataPath, and Gilat Wavestream, the division delivers resilient battlefield connectivity with multiple layers of communication redundancy for high availability.
    • Gilat Commercial Division: provides advanced broadband satellite communication networks for IFC, Enterprise and Cellular Backhaul, supporting HTS, VHTS, and NGSO constellations with turnkey solutions for service providers, satellite operators, and enterprises. Our acquisition of Stellar Blu serves as the cornerstone of this division, strengthening our position in the IFC market and enabling us to provide cutting-edge connectivity solutions that meet the demands of passengers, airlines, and service providers worldwide.
    • Gilat Peru Division: specializes in end-to-end telco solutions, including the operation and implementation of large-scale network projects. With expertise in terrestrial fiber optic, wireless, and satellite networks, Gilat Peru provides technology integration, managed networks and services, connectivity solutions, and reliable internet and voice access across the region.

    Gilat has prepared unaudited illustrations of the company’s financial reports for Fiscal Years 2023 and 2024 to reflect the company’s results based on the new segment reporting, which can be found in the IR section on Gilat’s website. For additional information about Gilat’s new divisional structure, please click here: Link

    Key Recent Announcements

    • Gilat Secures Over $18 Million Orders Addressing Demand for In-Flight Connectivity Solutions
    • Gilat Receives $9 Million in Orders for Multi-Orbit SkyEdge Platforms
    • Gilat Completes Acquisition of Stellar Blu Solutions LLC
    • Gilat and Hispasat Provided Immediate Satellite Communication to Support Disaster Recovery Efforts After Hurricane Helene
    • Gilat Receives Over $3 Million in Orders to Support LEO Constellations
    • Gilat Awarded Over $5 Million in orders to Support Critical Connectivity for Defense Forces
    • Gilat Receives $4M in Orders for Advanced Portable Terminals from Global Defense Customers

    Conference Call Details

    Gilat’s Management will discuss its fourth quarter and full year 2024 results and business achievements and participate in a question-and-answer session:

    Date: Wednesday, February 12, 2025
    Start: 09:30 AM EST / 16:30 IST
    Dial-in: US: 1-888-407-2553
      International: +972-3-918-0609
       

    A simultaneous webcast of the conference call will be available on the Gilat website at gilat.com and through this link: https://veidan.activetrail.biz/gilatq4-2024

    The webcast will also be archived for a period of 30 days on the Company’s website and through the link above.

    Non-GAAP Measures

    The attached summary unaudited financial statements were prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). To supplement the consolidated financial statements presented in accordance with GAAP, the Company presents non-GAAP presentations of gross profit, operating expenses, operating income, income before taxes on income, net income, Adjusted EBITDA, and earnings per share. The adjustments to the Company’s GAAP results are made with the intent of providing both management and investors with a more complete understanding of the Company’s underlying operational results, trends, and performance. Non-GAAP financial measures mainly exclude, if and when applicable, the effect of stock-based compensation expenses, amortization of purchased intangibles, lease incentive amortization, other non-recurring expenses, other integration expenses, other operating expenses (income), net, and income tax effect on the relevant adjustments.

    Adjusted EBITDA is presented to compare the Company’s performance to that of prior periods and evaluate the Company’s financial and operating results on a consistent basis from period to period. The Company also believes this measure, when viewed in combination with the Company’s financial results prepared in accordance with GAAP, provides useful information to investors to evaluate ongoing operating results and trends. Adjusted EBITDA, however, should not be considered as an alternative to operating income or net income for the period and may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. Adjusted EBITDA is not a measure of financial performance under GAAP and may not be comparable to other similarly titled measures for other companies. Reconciliation between the Company’s net income and adjusted EBITDA is presented in the attached summary financial statements.

    Non-GAAP presentations of gross profit, operating expenses, operating income, income before taxes on income, net income, adjusted EBITDA and earnings per share should not be considered in isolation or as a substitute for any of the consolidated statements of operations prepared in accordance with GAAP, or as an indication of Gilat’s operating performance or liquidity.

    About Gilat

    Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

    Together with our wholly-owned subsidiaries—Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu—we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a cloud-based platform and modems; high-performance satellite terminals; advanced Satellite On-the-Move (SOTM) antennas and ESAs; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.

    Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, broadband access, cellular backhaul, enterprise, aerospace, broadcast, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: http://www.gilat.com

    Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the terrorist attacks by Hamas, and the hostilities between Israel and Hamas and Israel and Hezbollah. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

    Contact:

    Gilat Satellite Networks

    Hagay Katz, Chief Product and Marketing Officer
    hagayk@gilat.com

    Alliance Advisors:

    GilatIR@allianceadvisors.com
    Phone: +1 212 838 3777

    _________________
    1     We do not provide forward-looking guidance on a GAAP basis because we are unable to reasonably provide forward-looking guidance for certain financial data, such as amortization of purchased intangibles and earnout-based expenses related to recent acquisitions. As a result, we are not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort.

     
    GILAT SATELLITE NETWORKS LTD.
    CONSOLIDATED STATEMENTS OF INCOME 
    U.S. dollars in thousands (except share and per share data)
                       
          Twelve months ended 
    		    Three months ended 
           December 31, 
    		   December 31, 
            2024       2023       2024       2023  
          Unaudited   Audited   Unaudited
                       
    Revenues   $ 305,448     $ 266,090     $ 78,128     $ 75,612  
    Cost of revenues     192,117       161,145       47,107       46,692  
                       
    Gross profit     113,331       104,945       31,021       28,920  
                       
    Research and development expenses, net   38,136       41,173       10,108       11,624  
    Selling and marketing expenses   27,381       25,243       6,657       7,119  
    General and administrative expenses   26,868       19,215       6,192       6,312  
    Other operating expenses (income), net      (6,751 )     (8,771 )     (4,706 )     986  
                       
    Total operating expenses      85,634       76,860       18,251       26,041  
                       
    Operating income      27,697       28,085       12,770       2,879  
                       
    Financial income, net       1,504       109       63       1,196  
                       
    Income before taxes on income   29,201       28,194       12,833       4,075  
                       
    Taxes on income     (4,352 )     (4,690 )     (1,069 )     (628 )
                       
    Net income   $ 24,849     $ 23,504     $ 11,764     $ 3,447  
                       
    Earnings per share (basic and diluted)  $ 0.44     $ 0.41     $ 0.21     $ 0.06  
                       
    Weighted average number of shares used in               
      computing earnings per share                
      Basic      57,016,920       56,668,999       57,017,032       56,820,774  
      Diluted     57,016,920       56,672,537       57,017,032       56,820,774  
                                             
    GILAT SATELLITE NETWORKS LTD.
    RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME 
    FOR COMPARATIVE PURPOSES 
    U.S. dollars in thousands (except share and per share data)  
                             
         Three months ended     Three months ended 
        December 31, 2024   December 31, 2023
        GAAP   Adjustments (*)   Non-GAAP   GAAP   Adjustments (*)   Non-GAAP
        Unaudited   Unaudited
                             
    Gross profit $ 31,021   $ 575     $ 31,596   $ 28,920   $ 617     $ 29,537
    Operating expenses   18,251     3,680       21,931     26,041     (2,615 )     23,426
    Operating income    12,770     (3,105 )     9,665     2,879     3,232       6,111
    Income before taxes on income   12,833     (3,105 )     9,728     4,075     3,232       7,307
    Net income $ 11,764   $ (3,252 )   $ 8,512   $ 3,447   $ 3,097     $ 6,544
                             
    Basic earnings per share  $ 0.21   $ (0.06 )   $ 0.15   $ 0.06   $ 0.06     $ 0.12
                             
    Diluted earnings per share $ 0.21   $ (0.06 )   $ 0.15   $ 0.06   $ 0.05     $ 0.11
                             
                             
    Weighted average number of shares used in                       
    computing earnings per share                      
    Basic    57,017,032         57,017,032     56,820,774         56,820,774
    Diluted    57,017,032         57,024,316     56,820,774         56,987,939
                             
    (*) Adjustments reflect the effect of stock-based compensation expenses as per ASC 718, amortization of purchased intangibles, other operating income (expenses), net, other integration expenses and income tax effect on such adjustments which is calculated using the relevant effective tax rate.
              
        Three months ended   Three months ended
        December 31, 2024   December 31, 2023
            Unaudited           Unaudited    
                             
    GAAP net income      $ 11,764             $ 3,447      
                             
    Gross profit                      
    Stock-based compensation expenses       133               129      
    Amortization of purchased intangibles       389               448      
    Other integration expenses       53               40      
              575               617      
    Operating expenses                      
    Stock-based compensation expenses       653               796      
    Stock-based compensation expenses related to business combination   140               662      
    Amortization of purchased intangibles       216               162      
    Other operating income (expenses), net and other integration expenses   (4,689 )             995      
              (3,680 )             2,615      
                             
    Taxes on income       (147 )             (135 )    
                             
    Non-GAAP net income      $ 8,512             $ 6,544      
                                                 
    GILAT SATELLITE NETWORKS LTD.
    RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME 
    FOR COMPARATIVE PURPOSES 
    U.S. dollars in thousands (except share and per share data)  
                                 
             Twelve months ended     Twelve months ended 
            December 31, 2024   December 31, 2023
            GAAP   Adjustments (*)   Non-GAAP   GAAP   Adjustments (*)   Non-GAAP
            Unaudited   Audited   Unaudited
                                 
    Gross profit     $ 113,331   $ 3,673     $ 117,004   $ 104,945   $ 895     $ 105,840
    Operating expenses        85,634     (500 )     85,134     76,860     5,434       82,294
    Operating income       27,697     4,173       31,870     28,085     (4,539 )     23,546
    Income before taxes on income       29,201     4,173       33,374     28,194     (4,539 )     23,655
    Net income      $ 24,849   $ 3,376     $ 28,225   $ 23,504   $ (3,597 )   $ 19,907
                                 
    Basic earnings per share      $ 0.44   $ 0.06     $ 0.50   $ 0.41   $ (0.06 )   $ 0.35
                                 
    Diluted earnings per share     $ 0.44   $ 0.05     $ 0.49   $ 0.41   $ (0.06 )   $ 0.35
                                 
    Weighted average number of shares used in                        
    computing earnings per share                          
    Basic        57,016,920         57,016,920     56,668,999         56,668,999
    Diluted        57,016,920         57,041,778     56,672,537         56,784,601
                                 
    (*) Adjustments reflect the effect of stock-based compensation expenses as per ASC 718, amortization of purchased intangibles, other operating income, net, other non-recurring expenses, other integration expenses and income tax effect on such adjustments which is calculated using the relevant effective tax rate.
             
            Twelve months ended   Twelve months ended
            December 31, 2024   December 31, 2023
                Unaudited           Unaudited    
                                 
    GAAP net income         $ 24,849             $ 23,504      
                                 
    Gross profit                          
    Stock-based compensation expenses           518               407      
    Amortization of purchased intangibles           2,412               448      
    Other non-recurring expenses           466               –      
    Other integration expenses           277               40      
                  3,673               895      
    Operating expenses                          
    Stock-based compensation expenses           2,771               2,354      
    Stock-based compensation expenses related to business combination   3,437               662      
    Amortization of purchased intangibles        988               312      
    Other operating income, net and other integration expenses        (6,696 )             (8,762 )    
                  500               (5,434 )    
                                 
    Taxes on income           (797 )             942      
                                 
    Non-GAAP net income          $ 28,225             $ 19,907      
    GILAT SATELLITE NETWORKS LTD.
    SUPPLEMENTAL INFORMATION
    U.S. dollars in thousands
                         
    ADJUSTED EBITDA:                  
                         
             Twelve months ended 
    		    Three months ended 
             December 31, 
    		   December 31, 
              2024       2023       2024       2023  
            Unaudited   Unaudited
                         
    GAAP net income       $ 24,849     $ 23,504     $ 11,764     $ 3,447  
    Adjustments:                  
    Financial income, net          (1,504 )     (109 )     (63 )     (1,196 )
    Taxes on income       4,352       4,690       1,069       628  
    Stock-based compensation expenses       3,289       2,761       786       925  
    Stock-based compensation expenses related to business combination   3,437       662       140       662  
    Depreciation and amortization (*)       13,777       13,627       3,068       3,862  
    Other operating expenses (income), net     (6,751 )     (8,771 )     (4,706 )     986  
    Other non-recurring expenses       466       –       –       –  
    Other integration expenses       332       49       70       49  
                         
    Adjusted EBITDA     $ 42,247     $ 36,413     $ 12,128     $ 9,363  
                         
    (*) Including amortization of lease incentive            
                 
    SEGMENT REVENUES:            
            Twelve months ended 
    		    Three months ended 
             December 31, 
    		    December 31, 
              2024       2023       2024       2023  
            Unaudited
    		   Audited
    		   Unaudited
                         
    Satellite Networks     $ 198,174     $ 168,527     $ 49,064     $ 53,517  
    Integrated Solutions       54,925       46,133       17,257       9,503  
    Network Infrastructure and Services        52,349       51,430       11,807       12,592  
                         
    Total revenues     $ 305,448     $ 266,090     $ 78,128     $ 75,612  
    GILAT SATELLITE NETWORKS LTD.
    CONSOLIDATED BALANCE SHEETS
    U.S. dollars in thousands
             
        December 31,   December 31,
          2024       2023  
        Unaudited   Audited
             
    ASSETS        
             
    CURRENT ASSETS:        
    Cash and cash equivalents   $ 119,384     $ 103,961  
    Restricted cash     853       736  
    Trade receivables, net     53,554       44,725  
    Contract assets     20,987       28,327  
    Inventories     38,890       38,525  
    Other current assets     21,963       24,299  
             
    Total current assets     255,631       240,573  
             
    LONG-TERM ASSETS:        
    Restricted cash     12       54  
    Long-term contract assets     8,146       9,283  
    Severance pay funds     5,966       5,737  
    Deferred taxes     11,896       11,484  
    Operating lease right-of-use assets     6,556       5,105  
    Other long-term assets     5,288       9,544  
             
    Total long-term assets     37,864       41,207  
             
    PROPERTY AND EQUIPMENT, NET     70,834       74,315  
             
    INTANGIBLE ASSETS, NET     12,925       16,051  
             
    GOODWILL     52,494       54,740  
             
    TOTAL ASSETS   $ 429,748     $ 426,886  
             
    GILAT SATELLITE NETWORKS LTD.
    CONSOLIDATED BALANCE SHEETS (Cont.)
    U.S. dollars in thousands (except share data)
             
        December 31,   December 31,
          2024       2023  
        Unaudited   Audited
             
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
             
    CURRENT LIABILITIES:        
    Short-term debt   $ –     $ 7,453  
    Trade payables      17,107       13,873  
    Accrued expenses      45,368       51,906  
    Advances from customers and deferred revenues     18,587       34,495  
    Operating lease liabilities     2,557       2,426  
    Other current liabilities     17,817       16,431  
             
    Total current liabilities     101,436       126,584  
             
    LONG-TERM LIABILITIES:        
    Long-term loan     2,000       2,000  
    Accrued severance pay     6,677       6,537  
    Long-term advances from customers and deferred revenues     580       1,139  
    Operating lease liabilities     4,014       3,022  
    Other long-term liabilities     10,606       12,916  
             
    Total long-term liabilities     23,877       25,614  
             
    SHAREHOLDERS’ EQUITY:        
    Share capital – ordinary shares of NIS 0.2 par value      2,733       2,733  
    Additional paid-in capital     943,294       937,591  
    Accumulated other comprehensive loss     (6,120 )     (5,315 )
    Accumulated deficit     (635,472 )     (660,321 )
             
    Total shareholders’ equity     304,435       274,688  
             
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 429,748     $ 426,886  
                                       
    GILAT SATELLITE NETWORKS LTD.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    U.S. dollars in thousands
                       
          Twelve months ended 
    		   Three months ended 
          December 31, 
    		    December 31, 
            2024       2023       2024       2023  
          Unaudited   Audited   Unaudited
    Cash flows from operating activities:                
    Net income   $ 24,849     $ 23,504     $ 11,764     $ 3,447  
    Adjustments required to reconcile net income to net cash provided by operating activities:                
    Depreciation and amortization     13,554       13,402       3,012       3,805  
    Capital gain from sale of property      –       (2,084 )     –       –  
    Stock-based compensation *)     6,726       3,423       926       1,587  
    Accrued severance pay, net     (89 )     167       (72 )     12  
    Deferred taxes, net     1,834       2,662       298       (1,203 )
    Decrease (increase) in trade receivables, net     (9,347 )     13,448       (2,328 )     9,561  
    Decrease (increase) in contract assets     8,519       (1,694 )     11,506       (7,804 )
    Decrease (increase) in other assets and other adjustments (including                 
    short-term, long-term and effect of exchange rate changes on cash and cash equivalents)     11,661       (351 )     8,590       (3,949 )
    Decrease (increase) in inventories, net     (1,928 )     (2,387 )     544       3,798  
    Increase (decrease) in trade payables     3,196       (7,635 )     (1,884 )     (2,314 )
    Increase (decrease) in accrued expenses     (5,906 )     735       (8,581 )     3,517  
    Increase (decrease) in advances from customers and deferred revenues     (16,390 )     803       (4,228 )     (1,843 )
    Increase (decrease) in other liabilities     (5,010 )     (12,049 )     (3,265 )     1,343  
    Net cash provided by operating activities     31,669       31,944       16,282       9,957  
                       
    Cash flows from investing activities:                
    Purchase of property and equipment     (6,610 )     (10,746 )     (2,515 )     (2,090 )
    Acquisitions of subsidiary, net of cash acquired     –       (4,107 )     –       (4,107 )
    Receipts from sale of property     –       2,168       –       –  
    Net cash used in investing activities     (6,610 )     (12,685 )     (2,515 )     (6,197 )
                       
    Cash flows from financing activities:                
    Repayment of credit facility, net     (7,453 )     (1,590 )     –       (1,590 )
    Repayments of short-term debts     (7,836 )     –       (3,793 )     –  
    Proceeds from short-term debts     7,836       –       1,066       –  
    Costs associated with entering into a long-term debt     (654 )     –       (654 )     –  
    Net cash used in financing activities     (8,107 )     (1,590 )     (3,381 )     (1,590 )
                       
    Effect of exchange rate changes on cash, cash equivalents and restricted cash     (1,454 )     (63 )     (896 )     2,288  
                       
    Increase in cash, cash equivalents and restricted cash     15,498       17,606       9,490       4,458  
                       
    Cash, cash equivalents and restricted cash at the beginning of the period     104,751       87,145       110,759       100,293  
                       
    Cash, cash equivalents and restricted cash at the end of the period   $ 120,249     $ 104,751     $ 120,249     $ 104,751  
                       
    *)    Stock-based compensation including expenses related to business combination in the amounts of $3,437 and $662 for the twelve months ended December 31, 2024 and 2023, respectively.
         Stock-based compensation including expenses related to business combination in the amounts of $140 and $662 for the three months ended December 31, 2024 and 2023, respectively.

    The MIL Network –

  • MIL-OSI USA: Opening of Mercer County, W.Va., Disaster Recovery Center delayed on Wednesday, Feb. 12

    Source: US Federal Emergency Management Agency 2

    strong>CHARLESTON, W.Va. – The opening of the Mercer County FEMA Disaster Recovery Center located in Princeton will be delayed by two hours due to inclement weather.
    The recovery center will now open at 11 a.m. on Wednesday, Feb. 12, 2025.
    Additional changes based on weather conditions may occur. Please check FEMA’s DRC locator at fema.gov/drc for up-to-date information. 
    The center is located at: 

    Princeton Disaster Recovery Center

    Lifeline Princeton Church of God
    250 Oakvale Road 
    Princeton, WV 24740
    Hours of operation through Feb. 14, 2025:
    Wednesday: 11 a.m. to 5 p.m.
    Thursday: 9 a.m. to 5 p.m.
    Friday: 9 a.m. to 12 noon

    DRCs are accessible to all, including survivors with mobility issues, impaired vision, and those who are who are Deaf or Hard of Hearing.
    Please note: The deadline to apply for FEMA disaster assistance was Feb. 7, 2025. The DRC operations were extended through Friday, Feb. 14, 2025, to provide Mercer County residents the opportunity to speak face-to-face with staff about their disaster assistance applications.
    Survivors do not have to visit a DRC to check on the status of their FEMA application. You can call 800-621-FEMA (3362). The toll-free telephone line operates seven days a week. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA your number for that service. You can also register online at DisasterAssistance.gov or through the FEMA App on your phone. 
    For more information on West Virginia’s disaster recovery, visit emd.wv.gov, West Virginia Emergency Management Division Facebook page, www.fema.gov/disaster/4851 and www.facebook.com/FEMA.
    ###
    FEMA’s mission is helping people before, during and after disasters. FEMA Region 3’s jurisdiction includes Delaware, the District of Columbia, Maryland, Pennsylvania, Virginia and West Virginia.
    Follow us on X at x.com/FEMAregion3 and on LinkedIn at linkedin.com/company/femaregion3.
    Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency or economic status. If you or someone you know has been discriminated against, call FEMA toll-free at 833-285-7448. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA your number for that service. Multilingual operators are available (press 2 for Spanish and 3 for other languages).

    MIL OSI USA News –

  • MIL-OSI: DT Midstream to Announce Fourth Quarter and Full Year 2024 Financial Results, Schedules Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    DETROIT, Feb. 12, 2025 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) plans to announce fourth quarter and full year 2024 financial results before the market opens on Wednesday, February 26, 2025.

    DT Midstream has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) the same day. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 9645886. International access numbers are available here.

    The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

    About DT Midstream

    DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a plan of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com.

    The MIL Network –

  • MIL-OSI: MEXC Unveils February Futures Trading Competition with 8,000,000 USDT Prize Pool

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 12, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, is thrilled to announce the launch of its highly anticipated Futures Trading Competition, set to take place from February 12 to February 26, 2025. This event offers participants the opportunity to sharpen their trading skills and compete for a substantial prize pool that can reach an impressive 8,000,000 USDT based on the number of participants.

    Event Timeline

    • Registration Period: February 11, 2025, 08:00 – February 26, 2025, 14:55 (UTC)
    • Event Period: February 12, 2025, 15:00 – February 26, 2025, 14:59 (UTC)

    Who Can Participate?

    The competition is open to all participants who maintain a minimum Futures wallet balance of 200 USDT. MEXC will verify the eligibility of registered participants prior to the competition. Participants who do not meet this requirement can easily adjust their wallet balance and re-register for a chance to compete.

    Prize Pool Unlocks Up to 8,000,000 USDT

    The Futures Trading Competition opens with a 1,000,000 USDT prize pool. As the competition unfolds and participant numbers hit the 150,000 mark, the prize pool grows to 8,000,000 USDT. This progressive prize structure is designed to increase participation and trading volume, thereby enhancing the stakes and rewards for all involved.

    Ways to Win: Futures Bonuses and Prize Pool Breakdown

    Traders can claim their share of the prize pool and win Futures Bonuses through several ways, including:

    Lucky Spin: Share 35% of the Total Prize Pool
    Every participant has the chance to spin the Lucky Wheel. For every 150,000 USDT in daily trading volume, participants earn one spin, with the opportunity to spin up to 3 times daily. Each spin offers random Futures bonuses from the prize pool until all bonuses are claimed. Spins reset daily at 14:59 (UTC), providing participants with fresh opportunities to earn rewards each day.

    Top Ranking Traders: Share 35% of the Total Prize Pool
    Participants with a cumulative USDT-M Futures trading volume of at least 20,000 USDT will qualify for the PNL and Daily Trading Volume rankings.

    • The top 200 traders by Daily Trading Volume will share 25% of the prize pool.
    • The top 100 traders by PNL will share 10% of the prize pool.

    Special Rewards for Exceeding Daily Trading Volume Threshold
    If the overall daily trading volume exceeds a specific threshold, participants will be eligible to claim additional rewards and Futures bonuses.

    Best of MEXC

    MEXC aims to become the go-to platform offering the widest range of valuable crypto assets. The platform has grown its user base to 32 million by providing a diverse selection of tokens, high-frequency airdrops, and simple participation processes. In 2024, MEXC launched a total of 2,376 new tokens, including 1,716 initial listings and 605 memecoins, with total airdrop rewards exceeding $136 million.

    About MEXC
    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 32 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

    Contact:
    Lucia Hu
    PR Manager
    lucia.hu@mexc.com

    Disclaimer: This content is provided by MEXC. 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.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/74acc1a4-044f-42ee-81b5-d3303fddab4a

    The MIL Network –

  • MIL-OSI United Kingdom: Fourth UK-India Energy Dialogue: joint statement

    Source: United Kingdom – Executive Government & Departments

    This joint statement was released following the meeting between UK Energy Secretary, Ed Miliband and India’s Minister of Power, Manohar Lal.

    The Fourth India-UK Energy Dialogue, co-chaired by Shri Manohar Lal, Union Minister of Power, India and Mr Ed Miliband, Secretary for Energy Security and Net Zero for United Kingdom, was held in, New Delhi on Monday 10th February, 2025.

    The dialogue focused on reviewing progress made in the energy sectors of both nations, including power and renewable energy, and reaffirming the commitment to a sustainable, resilient, and inclusive energy future. including across the breadth of sectors represented. They expressed satisfaction over the progress made to support green and sustainable growth, alongside accelerating the clean energy transition and ensuring energy security. The Ministers underscored the importance of ensuring that the energy transition and economic growth proceed together, while maintaining affordable and clean energy access for all.

    The Ministers underscored the importance of ensuring energy security and sustainable development and emphasised expanding the cooperation in the areas of power distribution, sector reforms, industrial energy efficiency and de-carbonisation, and electric mobility while exploring new opportunities in the emerging fields such as energy storage, green data centres, and offshore wind, with an increased focus on MSMEs.

    The Ministers were pleased to announce the launch of Phase-2 of the India-UK bilateral Accelerating Smart Power & Renewable Energy in India programme. This phase will aim to provide technical support for ensuring round the clock power supply, expanding renewable energy initiatives, and accelerating industrial energy efficiency and de-carbonisation, in collaboration with the Ministry of Power (MOP) and Ministry of New and Renewable Energy (MNRE).

    The Ministers were pleased to observe the bilateral collaboration between the two sides to promote growth and jobs, through technical assistance cooperation and investment. They also discussed the progress of trade missions focusing on offshore wind and green hydrogen, as well as the cooperation between the UK’s Energy Systems Catapult and India’s Power Trading Corporation.

    Recognising the shared ambition for advancing offshore wind development, the Ministers announced the establishment of a UK-India Offshore Wind Taskforce, which will focus on advancing offshore wind ecosystem development, supply chains, and financing models in both countries. Mr Miliband commended India’s ambitious initiatives in the renewable energy sector and shown a strong interest in gaining insights from India’s experience in implementing the Solar Rooftop Programme (PM – Surya Ghar Muft Bijli Yojna).

    The Ministers agreed on the importance of power market regulations in driving the energy transition and ensuring greater energy security and access. To support this, they announced the continuation of the Power Sector Reforms programme under the UK Partnering for Accelerating Climate Change (UKPACT). Additionally, a new taskforce has been proposed between the UK’s Office of Gas and Electricity Markets and India’s Central Electricity Regulatory Commission to support renewable energy integration and grid transformation in India.

    Both Ministers emphasised the ongoing value of the India-UK Energy Dialogue in advancing mutual energy transition goals, ensuring energy access, and building secure and sustainable clean energy supply chains while aligning these efforts with economic growth.

    The Ministers expressed their intention to further strengthen their collaboration through the Comprehensive Strategic Partnership and looked forward to the fifth UK-India Energy Dialogue in 2026. The dialogue concluded with the launch of the ‘Best Practices Compendium of Industrial Energy Efficiency/Decarbonisation’ and a ‘Pathways for Energy Efficiency and Decarbonisation in the Indian Aluminium Sector’.

    Updates to this page

    Published 12 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Regulator to investigate Christian aid charity over unexplained spending

    Source: United Kingdom – Executive Government & Departments

    The Charity Commission has opened a statutory inquiry into Total Healing World Outreach over concerns about financial decisions.

    Total Healing World Outreach was established to advance the Christian faith in the UK and overseas, and to prevent and relieve poverty.

    The Charity regulator for England and Wales began engaging with the charity in June 2023 as trustees had failed to supply the charity’s accounts and financial information on time every year since its registration, except for the year ending July 2023.

    The Charity Commission has now escalated its engagement to a statutory inquiry after a financial analysis uncovered so far unexplained payments made to several individuals and companies. The inquiry will examine the charity’s finances in more detail, including whether the loans taken out by the trustees were in the charity’s best interests.

    The investigation will also consider if trustees are complying with their legal duties in respect of the administration, governance and management of the charity, specifically looking at:

    • the charity’s financial management, including the extent of any related party transactions, unauthorised trustee personal benefit and the trustees’ compliance with their legal obligations to file the charity’s accounts and annual returns on time and to an appropriate standard
    • if the trustees are adequately managing the charity in accordance with its governing document and in accordance with their legal duties
    • the extent to which any failings or weaknesses identified in the administration of the charity are a result of misconduct and/or mismanagement by the trustees

    The Commission may extend the scope of either inquiry if additional regulatory issues emerge.

    It is the Commission’s policy, after it has concluded an inquiry, to publish a report detailing what issues the inquiry looked at, what actions were undertaken as part of the inquiry and what the outcomes were. 

    ENDS

    Notes to editors

    1. The Charity Commission is the independent, non-ministerial government department that registers and regulates charities in England and Wales. Its ambition is to be an expert regulator that is fair, balanced, and independent so that charity can thrive. This ambition will help to create and sustain an environment where charities further build public trust and ultimately fulfil their essential role in enhancing lives and strengthening society. Find out more: About us – The Charity Commission – GOV.UK
    2. On 15th January 2025, the Charity Commission opened a statutory inquiry into the charity under section 46 of the Charities Act 2011 as a result of its regulatory concerns that there is or has been misconduct and/or mismanagement in the administration of the charity.
    3. A statutory inquiry is a legal power enabling the Commission to formally investigate matters of regulatory concern within a charity and to use protective powers for the benefit of the charity and its beneficiaries, assets, or reputation.
    4. An inquiry will investigate and establish the facts of the case so that the Commission can determine the extent of any misconduct and/or mismanagement; the extent of the risk to the charity, its work, property, beneficiaries, employees or volunteers; and decide what action is needed to resolve the concerns.

    Press office

    Email pressenquiries@charitycommission.gov.uk

    Out of hours press office contact number: 07785 748787

    Updates to this page

    Published 12 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Fraudulent websites and social media accounts related to Chong Hing Bank Limited

    Source: Hong Kong Government special administrative region

    Fraudulent websites and social media accounts related to Chong Hing Bank Limited
    Fraudulent websites and social media accounts related to Chong Hing Bank Limited
    ********************************************************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:     The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Chong Hing Bank Limited relating to fraudulent websites and social media accounts, which have been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.     The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).     Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the websites or social media accounts concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

     
    Ends/Wednesday, February 12, 2025Issued at HKT 16:40

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Tender of 2-Year Exchange Fund Notes to be held on February 21

    Source: Hong Kong Government special administrative region

    Tender of 2-Year Exchange Fund Notes to be held on February 21
    Tender of 2-Year Exchange Fund Notes to be held on February 21
    **************************************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:     The Hong Kong Monetary Authority (HKMA) announces that a tender of 2-year Exchange Fund Notes will be held on February 21, 2025 (Friday), for settlement on February 24, 2025 (Monday), as set out in the published tentative issuance schedule. This is to roll over an issue of 2-year Exchange Fund Notes maturing on the same day.            A total of HK$1,200 million 2-year Notes will be on offer, of which HK$5 million will be made available for offer to members of the public who wish to submit non-competitive tender bids through Hong Kong Securities Clearing Company Limited (HKSCC). If the Notes reserved for non-competitive tender are under-subscribed, the non-subscribed amount will be added to the portion of notes for competitive tender (initially set at HK$1,195 million). The Notes will mature on February 24, 2027, and will carry interest at the rate of 3.34 per cent per annum payable semi-annually in arrears.           Members of the public who wish to submit non-competitive tender applications for Notes that are open to HKSCC may do so through Stock Exchange Participants/Brokers, or for those who hold Investor Accounts of the Central Clearing and Settlement System (CCASS) at the HKSCC, directly through HKSCC, for submission to the HKMA for processing. Competitive tender applications for the Notes must be submitted through any of the Eligible Market Makers appointed by the HKMA, with the current published list available on the HKMA’s website at www.hkma.gov.hk. Each tender must be for an amount of HK$50,000 or integral multiples thereof for both competitive and non-competitive tender.           The tender results will be published on the HKMA’s website, the Refinitiv screen (HKMAOOE), and Bloomberg. Applicants who submitted non-competitive tender bids through HKSCC may also obtain the tender results from Stock Exchange Participants/Brokers, or for applicants who hold Investor Accounts at HKSCC’s CCASS from the CCASS terminal for CCASS Broker/Custodian/Participants and CCASS Phone System. HKMA Exchange Fund Note Programme Tender Information_______________________________________________     Tender information of 2-Year Exchange Fund Notes: 

    Issue Number
    :
    02Y2702

    Stock code
    :
    4104 (EFN 3.34 2702)

    Tender date and time
    :
    February 21, 2025 (Friday)9.30am to 10.30am

    Issue and Settlement Date
    :
    February 24, 2025 (Monday)

    Amount on offer
    :
    HK$1,200 million(up to HK$5 million for non-competitive tender)

    Commencement of/Deadline forsubmission of non-competitive tender bids by retail investors through HKSCC
    :
    Please refer to requirements as set down by HKSCC

    Maturity
    :
    Two years

    Maturity Date
    :
    February 24, 2027 (Wednesday)

    Interest Rate
    :
    3.34% p.a.

    Interest Payment Dates
    :
    August 25, 2025February 24, 2026August 24, 2026February 24, 2027

    Tender amount
    :
    Each tender must be for an amount of HK$50,000 or integral multiples thereof for both competitive and non-competitive tender. Members of the public who wish to apply for the Notes through non-competitive tenders that are open to HKSCC may do so through Stock Exchange Participants/ Brokers, or for those who hold Investors Accounts at HKSCC’s CCASS, directly through HKSCC. Members of the public who wish to apply for the Notes through competitive tender may only do so through any of the Eligible Market Makers on the current published list.

    Other details
    :
    Please see Information Memorandum published or approach Eligible Market Makers, HKSCC, or brokers who are Exchange Participants of the Stock Exchange of Hong Kong.

    Expected commencement date of dealing on the Stock Exchange of Hong Kong
    :
    February 25, 2025 (Tuesday)

         Price/Yield Table of the new EFN at tender for reference* only: 

    Yield-to- Maturity
    Price
    Yield-to-Maturity
    Price

    2.34
    101.97
    3.34
    100.05

    2.39
    101.87
    3.39
    99.96

    2.44
    101.78
    3.44
    99.86

    2.49
    101.68
    3.49
    99.77

    2.54
    101.58
    3.54
    99.68

    2.59
    101.49
    3.59
    99.58

    2.64
    101.39
    3.64
    99.49

    2.69
    101.29
    3.69
    99.39

    2.74
    101.20
    3.74
    99.30

    2.79
    101.10
    3.79
    99.21

    2.84
    101.00
    3.84
    99.11

    2.89
    100.91
    3.89
    99.02

    2.94
    100.81
    3.94
    98.93

    2.99
    100.72
    3.99
    98.84

    3.04
    100.62
    4.04
    98.74

    3.09
    100.53
    4.09
    98.65

    3.14
    100.43
    4.14
    98.56

    3.19
    100.34
    4.19
    98.47

    3.24
    100.24
    4.24
    98.37

    3.29
    100.15
    4.29
    98.28

    3.34
    100.05
    4.34
    98.19

     * Disclaimer: The information provided here is for reference only. Although extreme care has been taken to ensure that the information provided is accurate and up-to-date, the HKMA does not warrant that all, or any part of, the information provided is accurate in all respects. You are encouraged to conduct your own enquiries to verify any particular piece of information provided on it. The HKMA shall not be liable for any loss or damage suffered as a result of any use or reliance on any of the information provided here.

     
    Ends/Wednesday, February 12, 2025Issued at HKT 16:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ1: Action Plan on Green Maritime Fuel Bunkering

    Source: Hong Kong Government special administrative region

    LCQ1: Action Plan on Green Maritime Fuel Bunkering
    LCQ1: Action Plan on Green Maritime Fuel Bunkering
    **************************************************

         Following is a question by the Hon Chan Hak-kan and a reply by the Secretary for Transport and Logistics, Ms Mable Chan, in the Legislative Council today (February 12):Question:     Regarding the Action Plan on Green Maritime Fuel Bunkering (the Action Plan) promulgated by the Government last year, will the Government inform this Council:(1) given that the Action Plan proposes to “adopt a multi-fuel strategy”, but it is learnt that at present, there are many types of green maritime fuels in the market, and most of them are at an early stage of development, while investments in the diversified development of fuels will not only increase the operational burden on investors, but also reduce the cost-effectiveness of such investments, whether the authorities will expeditiously specify the “designated fuels” and set relevant standards, carbon reduction targets, timetables, etc, so that investors can concentrate their resources and carry out long-term development planning;(2) as it is learnt that at present, the Mainland is already one of the major producers of maritime fuels such as bio-diesel and green methanol, and the related technologies have become relatively mature, how the authorities will, through administrative measures, support Hong Kong enterprises in fully grasping the advantage of enjoying the strong support of the motherland to build Hong Kong into a maritime fuel bunkering centre; and(3) given that the Action Plan proposes to set up a Green Maritime Fuel Bunkering Incentive Scheme within this year to encourage pioneer companies to develop green maritime fuel bunkering business in Hong Kong, when the authorities will announce the details of the Scheme?Reply: President,     The maritime industry accounts for about three per cent of the world’s carbon emissions. In order to reduce maritime operations’ negative impact on the environment, the International Maritime Organization (IMO) has set out a target of achieving net-zero carbon emissions from international shipping by or around 2050. There are many ways to reduce emissions, including adoption of energy saving technologies, switching to more energy-efficient vessels, usage of smart maritime technologies, among which the use of green maritime fuels is by far the most effective. Therefore, the industry has started to switch to using low or even zero-carbon green maritime fuels. Hong Kong must enhance its green maritime fuel bunkering capabilities to respond to market needs, so as to give full play to our advantage of our excellent geographical location and our position as a major bunkering port in South China, consolidate Hong Kong’s position as an international maritime centre, and maintain the competitiveness of our port.     The Government promulgated the Action Plan on Green Maritime Fuel Bunkering (Action Plan) in November last year, setting out clear targets with five strategies and 10 action measures with an aim to develop Hong Kong into a green maritime fuel bunkering centre. The Government has received strong support from the industry and maintained positive communication with Legislative Council members since the promulgation of the Action Plan. Various domestic and international players from different parts of the green maritime fuel bunkering supply chain have also expressed their interest in developing relevant businesses in Hong Kong.     Regarding the Hon Chan Hak-kan’s questions, the reply is as follows: (1) Currently, a number of green maritime fuels, including biodiesel, liquefied natural gas (LNG), green methanol, green ammonia and hydrogen are being used or tested by the industry, but not a single type of green maritime fuel is being particularly favoured. According to publicly available information on new vessels on order, by 2030 we expect that there will be over 1 000 vessels capable of being powered by LNG and nearly 400 methanol ones by 2030, as well as a number of hydrogen and green ammonia vessels in the world. Meanwhile, as most of the vessels that can use green maritime fuels will likely have dual-fuel engines, these vessels as well as the other traditional ones not yet due for replacement will likely adopt biodiesel, which is cheaper than other green maritime fuels currently, to reduce emission in the short term.     Taking into consideration the current trend in the maritime industry to retrofit or build new vessels powered by different green maritime fuels, the aforementioned figures, the high investment involved in ordering or retrofitting vessels, and that new vessels can generally operate for around more than 20 years after delivery, we expect diversified development in the green maritime fuel bunkering market in the coming decades. On one hand, Hong Kong will adopt a “multi-fuel” strategy like major ports such as Singapore, Rotterdam and Shanghai. But on the other hand, as mentioned in Hon Chan Hak-kan’s questions, we aim to provide a clear orientation on fuel options to the industry and the society, including making biodiesel bunkering immediately available, developing LNG and green methanol bunkering in the short- and medium-term respectively, and considering the development of the bunkering of hydrogen and green ammonia in the long run.     Following the aforementioned orientation and development directions, there are several actions we are about to implement, including:  

    in terms of LNG, we issued the Code of Practice (CoP) on LNG bunkering in January and the trade will soon conduct the first ship-to-ship LNG bunkering in Hong Kong waters this week;
    on green methanol, we will within this year invite the industry to submit expressions of interest in relation to developing green methanol storage facilities on a site in Tsing Yi South, and complete the CoP on green methanol bunkering; and
    as for hydrogen and green ammonia, we will simultaneously commence a feasibility study on the future bunkering of these fuels within this year, with a view to setting out a clear development direction.

         As regards standards on green maritime fuels, the IMO expects to finalise a number of mid-term measures within this year, which are expected to enter into force around 2027 and among which the “Green House Gas (GHG) fuel standard” will require the phased reduction of the GHG intensity of maritime fuels. As an Associate Member of IMO, Hong Kong will respond and follow the requirements in this regard.(2) Establishing a stable green maritime fuel supply chain is one of the action measures set out in the Action Plan. Given Hong Kong’s proximity to the Mainland, which is a major producer of a number of green fuels, we expect that most of Hong Kong’s green maritime fuels will be imported from the Mainland. In fact, currently some Hong Kong companies have already set up production facilities in different provinces and cities in the Mainland, including Inner Mongolia and Foshan, to produce green maritime fuels, while some Hong Kong and Mainland producers have expressed interest in providing such fuels to Hong Kong. Such stable green maritime fuel supply chain can also allow Hong Kong to take advantage of its robust and resilient financial system, good business environment, and regulatory regime in line with international standards, to develop into an international green maritime fuel trading centre.     At present, the Government will actively foster the conclusion of green maritime fuel offtake agreements by shipping companies interested in bunkering such fuels in Hong Kong. The Marine Department has set up a dedicated team to provide one-stop services for relevant companies, so as to help build a systematic and organic supply chain in Hong Kong. (3) As for the Green Maritime Fuel Bunkering Incentive Scheme, it aims to encourage pioneer enterprises to start green maritime fuel bunkering businesses in Hong Kong. At present, we are formulating the details of the scheme, and expect to establish the scheme in 2025 and will announce it in due course.     Thank you, President.

     
    Ends/Wednesday, February 12, 2025Issued at HKT 16:22

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area to promote Hong Kong and GBA development opportunities in Bangkok, Thailand

    Source: Hong Kong Government special administrative region

    Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area to promote Hong Kong and GBA development opportunities in Bangkok, Thailand
    Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area to promote Hong Kong and GBA development opportunities in Bangkok, Thailand
    ******************************************************************************************

         The Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area, Ms Maisie Chan, will begin her duty visit to Bangkok, Thailand, tomorrow (February 13) to promote Hong Kong and the development opportunities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).      Tomorrow (February 13), Ms Chan will attend a business luncheon, “Unlocking New Horizons: Hong Kong and the Greater Bay Area as a Hub for Global Business and Finance”, organised by the Hong Kong Economic and Trade Office in Bangkok. Ms Chan will deliver a keynote address to promote the strong impetus for growth and the development potential of the GBA. Under the “one country, two systems” principle, Hong Kong serves as the GBA’s international entry point that can help global enterprises tap into the vast business opportunities in the GBA. The Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, will also be invited to speak at the luncheon.      During her stay in Bangkok, Ms Chan will call on the Chinese Embassy in the Kingdom of Thailand and meet with local business leaders, and representatives of financial institutions. She will also attend a dinner reception with the Thai Chamber of Commerce to promote the development opportunities of the GBA.      Ms Chan will conclude her visit and return to Hong Kong on February 14.

     
    Ends/Wednesday, February 12, 2025Issued at HKT 16:00

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ13: Lantau Tomorrow Vision

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Paul Tse and a written reply by the Secretary for Development, Ms Bernadette Linn, in the Legislative Council today (February 12):Question:     It is learnt that the Government has yet to confirm the commencement date of the reclamation project for the Kau Yi Chau Artificial Islands under the Lantau Tomorrow Vision. According to a paper submitted by the Government to the Panel on Development of this Council on December ‍29, 2022, the Government’s target was to commence the reclamation works for the Artificial Islands at the end of 2025. The Government subsequently indicated that the reclamation works “would be slightly deferred”. At the meeting of the Panel on Development of this Council on October 22 last year, the Secretary for Development advised that hopefully the reclamation works could commence within the current term of the Government (i.e. by June 30, 2027). On the 7th of last month, the Secretary for Development remarked that at present there was no need to fix a date for the commencement of the reclamation works; while a commentary article “The Lantau Tomorrow Vision is yesterday’s dream” published on the Ta Kung Wen Wei website on the same day pointed out that the Government had no choice but to slow down the pace of creating artificial land by reclamation under the Lantau Tomorrow Vision or even shelve the development plan, highlighting that the Lantau Tomorrow Vision has become “a thing of the past”. In this connection, will the Government inform this Council:(1) as there are views that the Government has been procrastinating on the commencement date of the works for the Lantau Tomorrow Vision, and the subsequent remark made by the Secretary for Development that at present there is no need to fix a date for the commencement of the reclamation works is entirely different from the remark in the commentary article “The Lantau Tomorrow Vision is yesterday’s dream” on the Ta Kung Wen Wei website, of the latest update of the project;      (2) whether the principal officials in charge of the Lantau Tomorrow Vision will formally and publicly give an account of the retention or otherwise of the project; and(3) given that the aforesaid commentary article has highlighted that “the Lantau Tomorrow Vision has become a thing of the past”, of the detailed expenditures incurred by the Government to date on the preliminary studies, design and consultancy work relating to the Lantau Tomorrow Vision; whether the Government will immediately suspend or freeze such work in order to minimise unnecessary expenditures; if so, of the estimated amount of expenditures that can be saved; if not, the reasons for that?Reply:President,     According to the findings of the study “Hong Kong 2030+: Towards a Planning Vision and Strategy Transcending 2030”, the target for supply of developed land in the 30 years from 2019 to 2048 is about 7 000 hectares, of which 1 000 hectares of land will come from the proposed Kau Yi Chau Artificial Islands (KYCAI) project. This 1 000 hectares of newly reclaimed land, geographically located at a strategical position, will expand the scope and capacity of the development of Hong Kong and provide transport infrastructures connecting the Northern Metropolis and Lantau Island. It helps to support Hong Kong’s sustainable development in the medium to long term.     The replies to various parts of Hon Paul Tse’s questions are as follows:(1) The article cited in this question was contributed by an individual to the relevant media. It is understood that it does not represent the position of the media, let alone the position of the Government.(2) The KYCAI is a project necessary for Hong Kong’s long-term development. The Government is taking forward the project in a steady and prudent manner, and will formulate the project implementation strategy in light of the progress of various studies of the project, as well as the priority and overall deployment of the Government’s various land creation and infrastructure projects.     The Civil Engineering and Development Department (CEDD) submitted the Environmental Impact Assessment (EIA) report for the reclamation part to the Environmental Protection Department on December 31 last year, with the target of completing the approval work within 2025. In addition to the EIA report for the reclamation part, the CEDD still needs to complete a series of tasks, including completing the EIA for the strategic roads and land development, and progressively commencing a series of detailed engineering studies (including formulating specific design and construction requirements for key infrastructure projects, and conducting relevant financial studies and analysis). The Government announced its forecast for the supply of developed land in the next 10 years in October last year, including 300 hectares of reclaimed land from the KYCAI project. At that time, it was expected that such land would only become available in the later stage of the decade. For such large-scale land development project, the current priority is to prudently complete the necessary preparatory work in the study and planning stages so that construction work can commence as quickly as possible at the appropriate time in the future.     The Government has reiterated the above position in the 2024 Policy Address, the Legislative Council’s Panel on Development’s Policy Address briefing, media interviews for the Secretary for Development, social media, and the KYCAI project’s dedicated website. When we applied for the block vote funding from the Legislative Council’s Public Works Subcommittee in January this year, we also explained the contents of the detailed engineering studies to Members.      (3) At its meeting on December 4, 2020, the Legislative Council’s Finance Committee approved a funding of $550.4 million for the ongoing planning and engineering study on the KYCAI (i.e. PWP Item No. 768CL “Studies related to artificial islands in the Central Waters”) to engage a consultant to carry out the relevant study and related site investigation works for KYCAI. By the end of the 2024/2025 financial year, the CEDD projects an expenditure of about $400 million. As explained in the reply in Part (2) above, the Government is taking forward the project in a steady and prudent manner, including continuing with the statutory EIA work and necessary studies.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Royalty Pharma Announces R&D Funding Collaboration With Biogen

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) — Royalty Pharma plc (Nasdaq: RPRX) today announced that it has entered into an agreement with Biogen to provide research and development (R&D) funding of up to $250 million for litifilimab, a first-in-class investigational drug candidate in Phase 3 with demonstrated proof-of-concept in both systemic lupus erythematosus (SLE) and cutaneous lupus erythematosus (CLE).

    “We are excited to collaborate with Biogen on litifilimab,” said Pablo Legorreta, Royalty Pharma’s founder and Chief Executive Officer. “Royalty Pharma offers tailored, win-win funding solutions for promising therapies in areas of high unmet medical need. Litifilimab has the potential to significantly improve treatment outcomes for patients living with lupus, and we are excited to support its Phase 3 development through this funding collaboration.”

    “This agreement highlights Biogen’s growing lupus portfolio and the potential of litifilimab, with its distinct mechanism of action, to address SLE and CLE – two forms of lupus where there are currently insufficient treatment options,” said Priya Singhal, M.D., M.P.H., Head of Development at Biogen. “We know patients are waiting, and this investment further supports the advancement of this promising investigational treatment through critical development stages.”

    Litifilimab is currently in Phase 3 trials for both SLE and CLE with results expected between 2026 and 2027. With a differentiated mechanism of action, litifilimab demonstrated proof of concept and a generally well-tolerated safety profile in SLE and CLE with results published in the New England Journal of Medicine1. Importantly, SLE is estimated to affect greater than 3 million patients worldwide. There are no targeted biologics specifically approved for CLE where litifilimab has the potential to be a first-in-disease medicine for these patients.

    Transaction Terms

    Royalty Pharma will provide up to $250 million over six quarters to Biogen to support the development of litifilimab in exchange for regulatory milestones and mid-single digit royalties on annual worldwide sales.

    Advisors

    Goodwin Procter, Dechert and Maiwald acted as legal advisors to Royalty Pharma.

    About Royalty Pharma

    Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Novartis’ Promacta, Pfizer’s Nurtec ODT and Gilead’s Trodelvy, and 15 development-stage product candidates.

    Forward-Looking Statements

    The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this document unless stated otherwise, and neither the delivery of this document at any time, nor any sale of securities, shall under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof. This document contains statements that constitute “forward-looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995, including statements that express the company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. Examples include discussion of Royalty Pharma’s strategies, financing plans, growth opportunities, market growth, and plans for capital deployment. In some cases, you can identify such forward-looking statements by terminology such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “target,” “forecast,” “guidance,” “goal,” “predicts,” “project,” “potential” or “continue,” the negative of these terms or similar expressions. Forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to the company. However, these forward-looking statements are not a guarantee of Royalty Pharma’s performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances, and other factors. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of Royalty Pharma’s control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this document are made only as of the date hereof. Royalty Pharma does not undertake, and specifically declines, any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect future events or developments, except as required by law. For further information, please reference Royalty Pharma’s reports and documents filed with the U.S. Securities and Exchange Commission (“SEC”) by visiting EDGAR on the SEC’s website at www.sec.gov.

    Royalty Pharma Investor Relations and Communications

    +1 (212) 883-6637
    ir@royaltypharma.com

    _______________________
    1Trial of Anti-BDCA2 Antibody Litifilimab for Systemic Lupus Erythematosus, New England Journal of Medicine, 9/7/2022; Trial of Anti-BDCA2 Antibody Litifilimab for Cutaneous Lupus Erythematosus, New England Journal of Medicine, 7/27/2022

    The MIL Network –