NewzIntel.com

Category: Business

  • MIL-OSI: POET’s Chairman & CEO Provides Business Update

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company“) (TSX Venture: PTK; NASDAQ: POET), a leader in the design and implementation of highly-integrated optical engines and light sources for Artificial Intelligence networks, today issued its “2025 Outlook” letter to shareholders from its Chairman and Chief Executive Officer, Dr. Suresh Venkatesan, providing a review of the market, the Company’s customers, the progress toward meeting the demand for AI infrastructure and an early look at what the Company is planning for 2025, including its participation in the Optical Fiber Communications Conference (OFC) in San Francisco (March 31-April 3, 2025).

    Turning Vision into Reality
    POET’s strategic vision of becoming a global leader in chip-scale photonics solutions based on our unique POET Optical Interposer™ platform technology is closer than ever. Our vision came into sharp focus about a year ago as demand exploded for high-speed transceivers that enable Artificial Intelligence software programs and the systems that they run on to communicate with users at light speed.

    For the past year we have been intensely focused on developing and manufacturing a suite of optical engines that meet not just the current demand for 800Gbps transceiver speeds, but also, when combined into multiples, are expected to address customer needs at the next two generations of products, providing pluggable module solutions at 1.6Tbps and 3.2Tbps. Over the same period, our customers have been designing modules based on POET’s optical engines and are preparing to market these modules to the top tier of AI network systems companies around the globe. Step by step along the way, our engineers have worked with their teams to build customized solutions for the data center giants that are building out an enormous AI infrastructure.

    Several industry experts have recognized our groundbreaking innovations in AI hardware based on the POET Optical Interposer, with awards and recognitions, including the AI Breakthrough Award, Winner of Global Tech’s “Best in Artificial Intelligence” award, and the Gold Medal from the Merit Awards as “AI Innovator of the Year”.

    Demand for AI is Outpacing Capacity
    In recent news reports, several companies, including Microsoft and AWS, have openly stated that they can’t keep up with the demand for AI. Commitments to invest in AI infrastructure, from the U.S. government’s $500 billion funding of the Stargate project to the plan from the big tech companies to spend $325 billion in the coming years, punctuate the opportunity in front of POET. Amazon alone has said it will commit $100 billion to AI spending to deal with the constraints on capacity its data centers face.

    These proposals have shattered forecasts for optical transceiver demand. The growth rate in optical transceiver sales is expected to expand at an annual rate of 56.5%, reaching 31.9 million units of 400Gbps or greater speeds in 2025, according to TrendForce. POET expects to play a leading role in that market with our optical engines that are designed to fuel the next generation of optical transceivers. The recent news of China’s DeepSeek R1 and Alibaba’s QWen outpacing more well-known AI models likely only helps POET, because their lower cost and reduced complexity makes AI development more accessible to a wider range of companies. Advanced chip-scale hardware solutions such as those offered by POET will be even more relevant to meeting this higher demand.

    POET’s Customer Base
    POET’s largest customers, Foxconn Interconnect Technologies (FOIT) and Luxshare Tech, are large suppliers of network equipment, systems and components to hyperscale data centers. Both companies are developing a variety of high speed solutions to help satisfy demand for 800Gbps and higher speed transceivers. POET is supplying advanced optical engines and working directly with these companies and others to enter the high speed transceiver market rapidly and efficiently. POET’s optical engines allow multiple types of direct and multiplexed versions to be utilized in a common module design, thereby improving customer R&D efficiency and time to market. Enabling time to market gains for new entrants into the optical module market is a key competitive advantage for POET.

    Mitsubishi Electric is among the world’s largest suppliers of the lasers that drive optical modules. POET is working with Mitsubishi to enable them to introduce one of the most advanced high-speed Electro-absorption Modulated Lasers (EMLs). We are integrating Mitsubishi Electric’s 400G EMLs into the POET Optical Interposer, along with drivers, optical waveguides, and other key functional building blocks to produce 1.6Tbps optical engine chipsets. When complete, the 1.6Tbps solution will achieve the most advanced level of chip scale integration yet accomplished for EML lasers.

    Behind the Scenes
    Three major initiatives during the past several months can give some insight into how the Company is preparing to meet the demand for our AI Infrastructure hardware.

    The first has been our ability to substantially strengthen the Company’s balance sheet, adding over $110 million in cash, including our pending, fully subscribed $25 million public offering. This capital will allow us to execute on our near-term manufacturing expansion and give us maximum flexibility to grow into other markets with our versatile Optical Interposer platform. Our recently announced project in the financial services industry is just one example.

    On the manufacturing front, we have acquired control over Super Photonics Xiamen (SPX), which allowed us to execute a diversified manufacturing strategy by establishing a relationship with Globetronics in Malaysia. Together, POET and Globetronics will build out a full wafer-scale assembly and test operation for optical engines. The proximity of our long-term wafer foundry partner, Silterra Malaysia, gives us additional operational flexibility. The Malaysian ecosystem for semiconductors is extremely supportive of POET’s efforts and provides a convincing demonstration of the Company’s ability to scale to the volume requirements of our customers.

    The third internal effort has been a reorganization of the Company along functional lines, which provides broader customer reach, more intensive customer engagement, and focuses the organization on revenue generation for 2025 and beyond.

    What’s Next?
    As our optical engines and light source efforts accelerate, we are also innovating to be ahead of the market with other products. This includes a novel Optical Interposer-based laser that we expect will achieve a level of speed and bandwidth in data transfer that AI developers and hyperscalers will demand, and be at a price point that enables the market for chip-to-chip light-based data communications to expand rapidly. We expect to demonstrate this new product in the second half of 2025.

    The OFC Conference has always been the main opportunity for POET to demonstrate our capabilities, to capture the attention of new customers and convert those who had previously expressed interest in our solutions. At this year’s OFC Conference in San Francisco, we plan to showcase all of our new products, including the most advanced optical engine we have ever developed. We anticipate that we will be one of only a handful of companies able to demonstrate a production-ready 1.6Tbps transmit optical engine at OFC. With the Company’s commercialization efforts well underway, customers can be assured we have the technology, cost structure, and capacity to meet their needs.

    As the year unfolds, POET is in an ideal position to capitalize on the massive AI infrastructure spending that is underway. POET shareholders can expect more news as we achieve our ambitions for additional design wins, market penetration and revenue.

    About POET Technologies Inc.
    POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers.  POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems.  POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained “Edge” computing applications and sensing applications, such as LIDAR systems for autonomous vehicles.  POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore.  More information about POET is available on our website at www.poet-technologies.com.

    Forward-Looking Statements
    This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to the success of the Company’s product development efforts, the performance of its products, operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products and expectations regarding its successful development of high speed transceiver solutions and its penetration of the Artificial Intelligence hardware markets.

    Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, the completion of its development efforts with its customers, the ability to build working prototypes to the customer’s specifications, and the size, future growth and needs of Artificial Intelligence network suppliers. Actual results could differ materially due to a number of factors, including, without limitation, the failure to produce optical engines on time and within budget, the failure of Artificial Intelligence networks to continue to grow as expected, the failure of the Company’s products to meet performance requirements for AI and datacom networks, operational risks in the completion of the Company’s projects, the ability of the Company to generate sales for its products, and the ability of its customers to deploy systems that incorporate the Company’s products. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

    Neither 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.
    120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2- Tel: 416-368-9411 – Fax: 416-322-5075

    The MIL Network –

  • MIL-OSI: Outbrain Announces Closing of New Senior Secured Notes Due 2030

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 11, 2025 (GLOBE NEWSWIRE) — Outbrain Inc. (NASDAQ: OB), which is operating under the new Teads brand, today announced the successful closing of its Rule 144A/Reg S private offering (the “Offering”) of $637.5 million in aggregate principal amount of 10.000% senior secured notes due 2030 (the “Notes”) at an issue price of 98.087% of the principal amount thereof in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”).

    The size of the Offering was increased from the previously announced $625.0 million aggregate principal amount. The Notes will be guaranteed, jointly and severally on a secured, unsubordinated basis by Outbrain and each existing and future wholly owned subsidiary of Outbrain that becomes a borrower, issuer or guarantor under Outbrain’s super senior secured revolving credit facility.

    The proceeds of the Offering were used, together with cash on hand, to repay in full and cancel the indebtedness incurred under the senior secured bridge facility (the “Bridge Facility”), including accrued and unpaid interest thereon, that was used to finance and pay costs related to the acquisition of Teads, as well as pay fees and expenses incurred in connection with the Offering and the Bridge Facility refinancing.

    About The Combined Company 
    Outbrain Inc. (Nasdaq: OB) and Teads combined on February 3, 2025 and are operating under the new Teads brand. The new Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes, the combined company ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, the new Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, with a global team of nearly 1,800 people in 36 countries.

    To learn more, visit www.outbrain.com or www.teads.com

    Media Contact

    press@outbrain.com

    Investor Relations Contact

    IR@outbrain.com

    (332) 205-8999

    The MIL Network –

  • MIL-OSI: Ingersoll Rand Sets Industry Standards for Sustainable Progress

    Source: GlobeNewswire (MIL-OSI)

    • Ingersoll Rand earns “A List” rating from CDP in the environmental stewardship category for the second year in a row
    • Ranked #1 globally in the Machinery and Electrical Equipment industry with a top 1% score on the 2024 S&P Global Corporate Sustainability Assessment and included on the Dow Jones Best-in-Class Indices for the third year in a row
    • Near-term and net-zero Scope 1, 2, and 3 targets approved by the Science Based Targets initiative (SBTi), validating Ingersoll Rand’s proposed emission reduction strategy
    • Named to TIME’s inaugural list of World’s Best Companies in Sustainable Growth

    DAVIDSON, N.C., Feb. 11, 2025 (GLOBE NEWSWIRE) — Ingersoll Rand Inc., (NYSE: IR) a global provider of mission-critical flow creation and life science and industrial solutions, continues to demonstrate meaningful progress against its ambitious sustainability strategy and goals with new recognition from CDP, the Dow Jones Best-in-Class Indices (previously the Dow Jones Sustainability Indices), the Science Based Targets initiative (SBTi), and TIME.

    As of February 6, 2025, Ingersoll Rand has been recognized with an “A List” rating by CDP for its effective climate change actions and environmental leadership. Our company stands out among over 22,000 evaluated for its greenhouse gas reduction, sustainable product design, and climate management strategies.

    As of February 10, 2025, Ingersoll Rand received a score of 81 out of 100 on the 2024 S&P Global Corporate Sustainability Assessment. The company remained in the top 1% of companies in our industry (IEQ Machinery and Electrical Equipment industry) and was included in the Dow Jones Best-in Class World and North America Indices for the third consecutive year.

    In addition, Ingersoll Rand was included on TIME’s inaugural list of the World’s Best Companies in Sustainable Growth, and its near-term and net-zero targets have been validated for Scope 1, 2, and 3 by the SBTi.1 The TIME award and approval of targets by SBTi reinforce Ingersoll Rand’s commitment to both financial growth and sustainable leadership.

    “Being recognized as an industry leader demonstrates how Ingersoll Rand is living our purpose of Making Life Better,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “From our new product development process to our revenue growth strategy and our commitment to employee safety, we are setting the standard for what it means to leverage sustainability to drive long-term shareholder value.”

    A replay of Ingersoll Rand’s 2024 sustainability investor call and presentation can be found here.

    1 Details on Ingersoll Rand’s validated targets are available on the SBTi dashboard: https://sciencebasedtargets.org/companies-taking-action#dashboard.

    Forward-Looking Statements

    This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to Ingersoll Rand Inc.’s (the “Company” or “Ingersoll Rand”) expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “on track to” “will continue,” “will likely result,” “guidance” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than historical facts are forward-looking statements.

    These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) adverse impact on our operations and financial performance due to natural disaster, catastrophe, global pandemics (including COVID-19), geopolitical tensions, cyber events or other events outside of our control; (2) unexpected costs, charges or expenses resulting from completed and proposed business combinations; (3) uncertainty of the expected financial performance of the Company; (4) failure to realize the anticipated benefits of completed and proposed business combinations; (5) the ability of the Company to implement its business strategy; (6) difficulties and delays in achieving revenue and cost synergies; (7) inability of the Company to retain and hire key personnel; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; and (11) other risk factors detailed in Ingersoll Rand’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC’s website at http://www.sec.gov. The foregoing list of important factors is not exclusive.

    Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

    About Ingersoll Rand Inc.

    Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance and durability in mission-critical flow creation and life science and industrial solutions. Supported by over 80+ respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity, and efficiency. For more information, visit www.IRCO.com.

    Contacts:
    Investor Relations:
    Matthew.Fort@irco.com

    Media:
    Meghan.Winston@irco.com

    The MIL Network –

  • MIL-OSI Economics: Fannie Mae Announces Scheduled Release of Fourth Quarter and Full-Year 2024 Financial Results

    Source: Fannie Mae

    WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced plans to report its fourth quarter and full-year 2024 financial results on Friday morning, February 14, 2025, before the opening of U.S. financial markets.

    Fannie Mae has scheduled a conference call to discuss the company’s results at 8:00 a.m., ET, on February 14, 2025.

    Prior to the call, the company’s fourth quarter and full-year 2024 earnings news release, annual report on Form 10-K, and other supplemental information will be available on the company’s Quarterly and Annual Results webpage at fanniemae.com/financialresults. Following the call, a transcript will be published to the same webpage and will remain available until our next quarterly earnings announcement.

    CONFERENCE CALL PARTICIPATION DETAILS – Fannie Mae Fourth Quarter and Full-Year 2024 Financial Results

    Event day and time
    Friday, February 14, 2025
    8:00 AM (ET)

    Listen-only webcast: 
    https://event.webcasts.com/starthere.jsp?ei=1704775&tp_key=159ba11bd8
    Click on the link above to attend the presentation from your laptop, tablet, or mobile device. Audio will stream through your selected device. If you have difficulty accessing the webcast, please click the “Listen by Phone” button on the webcast player and dial the number provided.

    MIL OSI Economics –

  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Discrimination against Women Commend Belize on Advancing Education for Women and Girls, Raise Questions on Gang Warfare and Gender-Based Violence and on Female Healthcare

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women today concluded its consideration of the combined fifth to ninth periodic report of Belize, with Committee Experts commending the State for advancing education for women and girls, while raising questions on gender-based violence in the context of gang warfare and on access to healthcare for women and girls.

    A Committee Expert commended the State party for advancing the rights of women and girls to education, including through the creation of the Belize Education Upliftment Programme launched to improve access to education for students from low-income households. Additionally, the Committee commended the State party for introducing compulsory psychosocial support sessions for children aged five and six, aimed at building their emotional intelligence, self-esteem, and positive behaviours for building relationships.

    Another Expert said the pervasive gender-based violence in Belize needed to be considered in the context of high levels of insecurity, and of proliferation of firearms and their possession and use by criminal networks and armed gangs. About 65 per cent of women and girls who were murdered were victims of gender-related murders or femicide, and 50 per cent of these murders were committed with firearms. What measures would the State party undertake to guarantee quality support services for women survivors of gender-based violence? Another Expert said gang warfare had impacted many women in Belize, including putting them at risk of gender-based violence. How did the Government ensure services for gang-impacted women?

    A Committee Expert said the Committee appreciated that the Government had removed all fees in public hospitals and was very impressed at the recent decision to waive all taxes on female sanitary products. Could statistics on minor girls’ pregnancies and births be provided? What did the State party plan to do to fight the phenomenon of teenage pregnancy? It was concerning that abortion was only permitted in a few circumstances. Did the State party plan to change its criminal law so women and girls could safely access services to terminate unplanned pregnancy? Could statistics on the prevalence of HIV/AIDS be provided? Was radiotherapy, including for breast cancer, still not available in the country?

    The delegation said Belize was carrying out measures to tackle gun violence and drug imports, including through daily policing efforts and conducting regular border checks. There was a close connection between gangs, drugs and guns. Significant work was being done to reach out to vulnerable communities and youth, guiding them away from guns. Interventions and mediations between rival groups was carried out to enhance the security of citizens. Efforts had been made to strengthen reporting around gender-based violence and gun violence. While the data was available, there needed to be further analysis. The State would focus efforts on this.

    The delegation said Belize had taken steps to address the legal and procedural barriers in women’s health services, particularly in regard to access to medical termination of pregnancy. The Government had invested over 200,000 USD in providing contraceptives. Mobile health clinics continued to be implemented within all villages. Mothers received counselling before contraceptives were provided, ensuring informed decision-making. The Government recognised the challenges faced by women in accessing comprehensive cancer care, including the lack of radiotherapy, requiring travelling abroad. Radiotherapy was not feasible for in-country infrastructure, and the Government therefore aimed to provide support and financial aid to women requiring these services. In 2023, Belize eliminated woman to child transmission of HIV and syphilis, which was a landmark medical achievement.

    Introducing the report, Elvia Vega Samos, Minister of State in the Ministry of Human Development, Families and Indigenous Peoples’ Affairs of Belize and head of the delegation, said the National Gender Policy 2024–2030 represented a landmark achievement in Belize’s ongoing efforts to promote gender equality, providing a comprehensive framework addressing gender-responsive healthcare, education, economic empowerment, institutional strengthening, women’s leadership, and the elimination of gender-based violence. While these achievements demonstrated progress, challenges persisted, including constraints in adequately staffing and retaining professionals in key gender and social service sectors, as well as insufficient investments and funding.

    In closing remarks, Ms. Vega Samos expressed sincere appreciation for the meaningful dialogue. Belize was proud of the progress made. However, the State recognised that challenges remained, particularly when addressing gender-based violence, inequality and the disproportionate impact of climate change.

    In her closing remarks, Nahla Haidar, Committee Chair, thanked Belize for the constructive dialogue which had provided further insight into the situation of women in the country.

    The delegation of Belize was comprised of representatives of the Ministry of Human Development, Families and Indigenous Peoples’ Affairs and the National Women’s Commission.

    The Committee on the Elimination of Discrimination against Women’s ninetieth session is being held from 3 to 21 February. All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage. Meeting summary releases can be found here. The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet at 10 a.m. on Wednesday, 12 February to begin its consideration of the eighth periodic report of Congo (CEDAW/C/COG/8).

    Report

    The Committee has before it the combined fifth to ninth periodic report of Belize (CEDAW/C/BLZ/5-9).

    Presentation of Report 

    ELVIA VEGA SAMOS, Minister of State in the Ministry of Human Development, Families and Indigenous Peoples’ Affairs of Belize and head of the delegation, said since the last review, Belize had made significant progress in advancing legal protections and rights for women and girls, including through the enactment of the National Women’s Commission Act in 2023, which formalised the Commission’s role in advancing gender equality and ensuring alignment with the principles of the Convention.

    Other key pieces of legislation included the Domestic and Intimate Partner Violence (Prohibition) Act, which addressed gaps in access to justice and enhanced protections for survivors of gender-based violence; the passage of the Marriage (Amendment) Bill 2024, which raised the legal age of marriage to 18 and prohibited parental consent for minors to marry; a revised and stronger Anti-Sexual Harassment Act, which strengthened workplace protections against harassment; amendments to the Married Women’s Property Act, which expanded women’s economic rights; the Disabilities Act, which reinforced the rights of women and girls with disabilities; the Cybercrime Act 2021, which offered additional legal protections for women and girls in digital spaces; and the Trafficking in Persons (Prohibition) Act, 2013, which addressed labour and sex trafficking and forced marriage.

    Belize had also acceded to the Inter-American Convention on Protecting the Human Rights of Older Persons, reinforcing its commitment to safeguarding the rights and well-being of older women.

    The National Gender Policy 2024–2030 represented a landmark achievement in Belize’s ongoing efforts to promote gender equality, providing a comprehensive framework addressing gender-responsive healthcare, education, economic empowerment, institutional strengthening, women’s leadership, and the elimination of gender-based violence.

    Belize had developed and implemented gender-based violence multisectoral protocols alongside the gender-based violence referral mechanism and pathway, improving collaboration among law enforcement, healthcare providers, legal aid services, and social support agencies, and ensuring more timely and effective interventions. Gender-based violence hotlines now provided 24/7 crisis assistance, using multiple modalities such as regular calls, SMS, and WhatsApp. Belize had also advanced efforts to improve gender-based violence data collection, coordination, and reporting efficiency through the integrated data collection and reporting system.

    Belize continued to make progress in increasing women’s representation in leadership across various sectors, strengthening governance and fostering inclusive policies. Promoting gender parity remained a national priority. Women now accounted for 22 per cent of Belize’s National Assembly, the highest representation in the country’s history. The establishment of the Women’s Parliamentary Caucus in 2023 was a powerful step forward in creating an inclusive and equitable legislative environment, acting as a formal platform to discuss gender related issues, addressing legislative gaps, advocating for policy changes, and promoting women’s leadership.

    Training programmes under the engaging men and boys initiative had fostered community dialogues and challenged harmful gender norms, supporting women’s participation in leadership roles. Women led major judicial and prosecutorial offices, including the naming of an acting female Chief Justice in 2019 and the appointment of a female Chief Justice in 2022.

    The State had intensified efforts to enhance women’s economic participation through targeted initiatives and policy reforms. Over 1,000 women had received training in business strategy, digital skills, and entrepreneurship through initiatives like the Belize Women’s Economic Empowerment Project. The Decent Work Country Programme, launched in 2024, focused on women’s economic empowerment through skills training, labour rights awareness, and access to financial resources. Programmes such as BOOST (Building Opportunities for our Social Transformation) addressed multidimensional poverty and supported female-headed households through targeted cash transfers and vocational training.

    Belize had made strides in integrating gender-sensitive approaches into education, including introducing a Science, Technology, Engineering, Arts, and Math Academy to encourage girls’ participation in high-income careers. Comprehensive sexuality education had been integrated into the National Health Curriculum to address social norms and promote gender equality, and programmes targeting school dropout rates among girls due to early pregnancies or child marriage had been initiated, ensuring continuity in education for young mothers.

    While these achievements demonstrated progress, challenges persisted, including constraints in adequately staffing and retaining professionals in key gender and social service sectors, as well as insufficient investments and funding. Gender-based violence remained prevalent, with Belize recording a five per cent increase in domestic violence cases in 2023. The National Gender-Based Violence Action Plan and its accompanying behavioural change communication campaign, “it ends with me,” aimed to challenge harmful norms and reduce violence against women and girls.

    As a small island developing State, Belize faced disproportionate impacts of climate change, which heightened vulnerabilities for women, particularly in rural and indigenous communities. The National Climate Change Gender Action Plan addressed these intersecting challenges, promoting resilience and adaptation strategies. Indigenous women, women with disabilities, and lesbian, gay bisexual, transgender and intersex persons faced compounded barriers to accessing justice, healthcare, and economic opportunities. Initiatives like the Essential Services Package for Women Subject to Violence ensured holistic support for marginalised groups.

    The Government of Belize remained steadfast in its dedication to fully realising gender equality. The roadmap for the future included expanding access to gender-responsive social services; enhancing data systems to ensure evidence-based policymaking; strengthening partnerships with civil society, development partners, and international organizations; advocating for removing of cultural and structural barriers that hindered women’s full participation; promoting initiatives targeting young women and girls; and strengthening the legislative framework. Ms. Vega Samos reaffirmed Belize’s commitment to the Convention and welcomed the Committee’s recommendations.

    Questions by Committee Experts

    RHODA REDDOCK, Committee Vice-Chair and Country Rapporteur for Belize, said the dialogue was taking place in a context of extensive gang and gun violence linked to narco-trafficking which affected Belize and the wider Caribbean and Central America. What had been the implications of this for women’s rights and gender equality, and what were the State’s efforts in this regard? In 1990, Belize signed and ratified the Convention and in 2002, it acceded to its Optional Protocol, one of only three Caribbean Community (CARICOM) countries to do so. Unfortunately, there were reservations on articles 8 and 9, which removed access to the inquiry mechanism of the Optional Protocol, reducing its efficacy for Belizean women and Girls. Would the State party reconsider the reservations on articles 8 and 9 of the Optional Protocol to ensure the expansion of rights for Belizean women and girls?

    Ms. Reddock commended the State party on developments since the last dialogue in 2007, including the 2011 amendment of the Labour Act Ch 297 to protect workers from unfair dismissal and unequal treatment due to pregnancy, HIV status, or filing a sexual harassment complaint; the 2013 Criminal Code amendments to strengthen penalties for sexual crimes; the 2016 decriminalisation of same sex unions; and in April 2023 – a waiver of general sales tax on feminine hygiene products, which was very important. However, the Committee remained concerned, at the lack of implementation of many of the important laws and mechanisms.

    What mechanisms were in place to monitor and evaluate impact, and report on progress in the implementation of the new laws and mechanisms? In 2023, Belize enacted the Legal Aid Act to ensure legal assistance to improve access to justice. What was its implementation status?

    Were there plans to domesticate the Convention into local legislation to ensure the applicability of all its provisions? Did the State party plan to incorporate indigenous rights into the Constitution or specific national legislation? Ms. Reddock commended the State party on the 2018 Gender Equality Protocol for Judicial Officers, and efforts to enhance the capacity of Magistrates Courts and the Family Court to enhance protection for women and girls. What had been the impact of these new legal mechanisms in improving access to justice for women and girls in rural and urban communities?

    Responses by the Delegation

    The delegation said Belize retained its reservations to articles 8 and 9 but recognised the importance of accessing mechanisms for redress. Where allegations arose concerning the matters covered under the Convention, the State held that mechanisms could be established to ensure due process and accountability, within the country’s legal framework.

    The National Women’s Commission provided ongoing education and support to women and girls. It also encompassed workshops, roundtables and community affairs. Special legal clinics were held twice a year targeting vulnerable populations.

    As part of the process of the implementation of the laws, the National Women’s Commission was positioned as the policy and advisory arm in this regard and was supporting in terms of the implementation. The Commission took the lead in terms of advocacy and promoting the acts. There were also national gender and gender-based violence committees, comprised of members of Governments, non-governmental organizations and other partners, that also provided advocacy support and advice on the implementation of the laws. The State understood that more needed to be done to improve the monitoring and reporting in this regard.

    Questions by Committee Experts

    A Committee Expert congratulated Belize on the steps taken to transform the National Women’s Commission into an independent body, as well as steps taken to improve the Sub-Committees. What percentage of the budget of the institutions was covered from the regular budget of the State party, and what percentage depended on external financing? What steps were being taken to guarantee the participation of indigenous women in the drafting and assessment of policies which concerned them? When would Belize have a national human rights institution in place which was in line with the Paris Principles?

    Another Expert said women faced persistent challenges during the reporting period, regarding the electoral process. The 2021 municipal elections marked significant progress with 22 per cent of female members of parliament, but this was far below the level of parity. When would the State party impose a gender quota for increasing the political participation of women? Would the State party consider adopting temporary special measures to increase access to education for rural women and girls?

    Responses by the Delegation

    The delegation said 60 per cent of the budget of the National Women’s Commission was provided by the Government while 40 per cent was provided by external funding. A roadmap had been approved for transforming the Office of the Ombudsman into the National Human Rights Institution, which was currently under implementation. There was no specific timeline, but a process was underway to expand the mandate of the Ombudsman and ensure the sustainability of the Human Rights Commission. A Committee, consisting of representatives of the Government, civil society, and academic and international partners was monitoring this process. The Office of the High Commissioner for Human Rights had offered technical capacity building in this regard.

    Belize had a Women’s Parliamentary Caucus with a strategic plan. The State would continue to undertake advocacy and ensure changes were made to ensure more women were involved in politics at the higher level.

    Questions by Committee Experts

    A Committee Expert said research showed that half of the women in Belize experienced violence at some point in their life. Early marriages and unions still existed as a harmful practice. How would the State party ensure the monitoring of measures of tackling harmful gender stereotypes and cultural practices? The State party was commended for legislation and policy measures to combat gender-based violence. Despite these important steps, women and girls continued to be the main victims of both domestic and sexual violence, with 99 per cent of the victims of sexual violence being females.

    The pervasive gender-based violence in Belize needed to be considered in the context of high levels of insecurity, and of proliferation of firearms and their possession and use by criminal networks and armed gangs. About 65 per cent of women and girls who were murdered were victims of gender-related murders or femicide, and 50 per cent of these murders were committed with firearms. What measures would the State party undertake to guarantee quality support services for women survivors of gender-based violence? Did the State party provide support to women’s non-governmental organizations which provided these services? How many shelters existed?

    Was the practice of mobile women’s centres maintained? How many centres were available in rural and indigenous communities? What programmes were in place for controlling and eliminating the provision of weapons? What was the timeline for explicitly including the crime of femicide within the Penal Code?

    Another Expert commended the State party for legal reforms in trafficking; however, no new prosecutions had been enacted within the last two years. What would be done to improve judicial efficiency? How would the State party ensure adequate sentencing in line with the severity of the crime? What was the timeline for the implementation of the National Action Plan on Trafficking? Would the State party allocate adequate resources to shelters for victim assistance?

    Could information be provided on the new labour policy? What was being done to provide oversight on labour recruitment? How would Belize enhance victim identification and screening processes, including in groups such as Cuban medical workers? What actions did the State party take to address the trafficking and exploitation of Mayan girls? What was being done to prevent the sexual exploitation of children in tourist regions? How was the Government addressing the involvement of international actors in these crimes? What measures was the Government taking to address the underground nature of sex trafficking since the pandemic?

    Responses by the Delegation

    The delegation said the engagement of the men and boys programme began in 2020 and involved men and boys as advocates. Men from all facets of society were trained all over the country, including from indigenous populations. Around 1,000 men and boys had been trained, and many more had expressed willingness to be involved in the programme. Uniformed services participated in the training and masculinity and femininity were key components of the training programme. The State was aiming to establish a national shelter strategy to cater to the different types of shelters necessary, to provide short- and long-term care, including emergency services.

    The work of the Anti-Trafficking in Persons Council had been to strengthen overall operations and ability to convict. There had not been programmes which strategically targeted vulnerable groups. However, campaigns were being promulgated in rural and hard-to-reach areas to support victims and survivors.

    In 2023 and 2024, there were 10 women killed as a result of femicide. The State needed a multisectoral analysis approach; this was currently a weak area which needed to be improved.

    Gender training was provided at the Police Academy as part of the training requirements for police.

    Questions by Committee Experts

    A Committee Expert said the number of women candidates at the last elections was very low, at 14.8 per cent. In view of the upcoming elections this year, were there any concrete measures planned to increase the number of women in parliament? What were the plans and strategies of the Women’s Parliamentary Caucus? How was it resourced?

    The high number of women working in the judiciary in Belize was impressive and should be seen as an example for other countries. The current Governor-General of Belize was a woman; the first indigenous governor-general from the Americas in the Commonwealth. The Committee also welcomed the new gender policy which looked to advance women in politics and government. What measures were being taken to implement goal number five of the gender policy? Who was responsible for implementing the activity? How would the Government strengthen women’s advocacy groups? Could more information be provided about the representation of women, including indigenous women, in Belize’s diplomatic services? What was the percentage of women running in the 2025 elections? 

    Another Expert asked how stateless determination procedures were implemented in Belize? What kind of advocacy programmes were being developed in regard to birth registration? What plans were there to enhance birth registration processes, particularly for migrant women?

    Responses by the Delegation

    The delegation said the implementation of the gender policy was the responsibility of all organizations which provided gender and gender-based violence services. The National Women’s Commission was responsible for the monitoring of the gender policy. Advocacy groups continued to be a treasured partner of the Government and were included in the trainings and in areas where legislation would be passed. Two indigenous forums had been hosted by women and girls to determine areas which needed improvement. Access to health, affordability of health care services and education were key issues which continued to be raised.

    There had been a lot of work relating to birth registration, with key international partners, and numerous mobile clinics rolled out in this regard. In 2023, thousands of births were documented because of the mobile units. There had been a good uptake in the clinics to ensure there were no barriers in terms of access for indigenous persons due to language.

    Thirty rural communities had benefitted from registration campaigns. Special efforts were made to reach indigenous and Mayan communities and migrant populations. There was a strong network on the ground for people who required support.

    Questions by a Committee Expert

    A Committee Expert commended the State party for advancing the rights of women and girls to education, including through the creation of the Belize Education Upliftment Programme launched to improve access to education for students from low-income households. Additionally, the Committee commended the State party for introducing compulsory psychosocial support sessions for children aged five and six, aimed at building their emotional intelligence, self-esteem, and positive behaviours for building relationships.

    What concrete actions was the State party taking to increase enrolment rates and address teen pregnancies in schools. What was being done to support the physical and mental wellbeing of adolescent mothers to support their re-enrolment in school? Could information about the school meal programme be provided? How were nutritional standards being introduced in schools? How was it ensured that nutritious meals were provided at schools? How did the State party ensure the physical and mental safety of girls at school, as well as in the online sphere?

    Responses by the Delegation

    The delegation said the State was committed to ensuring the continuation of education for all, including girls who became pregnant. The “lead like a girl” forum occurred every year, involving 100 high schools around the country whose students competed in challenges, before launching the “lead like a girl” pledge. Efforts were being made to provide nutritious meal options in schools. There was a zero-tolerance approach to bullying within the school environment and continued efforts were in place to strengthen legislation in this regard.

    The child marriage and early union strategy was in place, and a data profile had been developed to understand the state of this phenomenon within the country. The Marriage Act had been amended to increase the age of marriage from 16 to 18. Specific institutional policies were being developed for schools in line with the Convention on the Rights of the Child, and community education was promoted.

    Recently, a master’s degree in social work had been launched from the University of Belize, and other approaches for strengthening social work were also in progress.

    Questions by a Committee Expert

    A Committee Expert commended the State party for its progress in labour and employment, including a decline in the unemployment rate and an increase in the minimum wage across all categories. However, persistent gender disparities remained in the labour force, with women’s participation at around 43 per cent compared to men’s 69 per cent, largely due to domestic and care giving responsibilities. Could the State party elaborate on the decent work programme? What strategies were in place to increase female workforce participation? What measures had been implemented to challenge gender norms which designated unpaid domestic work as a woman’s responsibility?

    What was the current status of the equal opportunities bill and what were the next steps for its advancement? What was being done to enhance the national health insurance system? Was the State party considering accession to the International Labour Organization Convention 189? What specific measures were being implemented to accelerate the reduction of the gender pay gap? The Committee welcomed the new sexual harassment bill endorsed by the Cabinet in 2024. What was its current status and what mechanisms were in place for its implementation?

    Responses by the Delegation

    The delegation said there was a particular focus on vulnerable women, and all efforts within the Ministry had been mobilised in that direction. There was only a small percent of people covered by social security schemes, and the State was aiming to increase participation through targeted outreach and involvement in the social protection scheme. Two cohorts had been tested and piloted which were inclusive of direct training and employment services. The State was aiming to include elements such as free or subsided day care as part of the services provided.

    There was increased access to education and skills training for women, particularly those in rural and indigenous areas. The State was looking at financial incentives for female entrepreneurs to decrease their dependence on low paying jobs. Environmental and social safeguards were being put in place to cater to indigenous communities and their livelihoods.

    Questions by a Committee Expert

    A Committee Expert said the Committee appreciated that the Government had removed all fees in public hospitals and was very impressed at the recent decision to waive all taxes on female sanitary products. Could statistics on minor girls’ pregnancies and births be provided? What did the State party plan to do to fight the phenomenon of teenage pregnancy? It was concerning that abortion was only permitted in a few circumstances. Did the State party plan to change its criminal law that so women and girls could safely access services to terminate unplanned pregnancy?

    Were contraceptives subsidised by the State? If so, which ones and to what extent? What awareness campaigns were planned to enhance safe reproduction health literacy in Belize, especially to address issues such as unsafe abortion and sexually transmitted diseases? Could statistics on the prevalence of HIV/AIDS be provided? Was radiotherapy, including for breast cancer, still not available in the country? What steps were being taken to address maternal mortality? What were the main challenges in ensuring equitable access to health care services for elderly women?

    Responses by the Delegation

    The delegation said Belize had taken steps to address the legal and procedural barriers in women’s health services, particularly in regard to access to medical termination of pregnancy. It was important to ensure parents, individuals and schools received the required information, and that contraception was accessible. The Government had invested over 200,000 USD in providing contraceptives. Mobile health clinics continued to be used within all villages. Mothers received counselling before contraceptives were provided, ensuring informed decision-making. Additional measures were being taken to improve the emergency response for survivors of sexual violence.

    The Government recognised the challenges faced by women in accessing comprehensive cancer care, including the lack of radiotherapy, requiring travelling abroad. Radiotherapy was not feasible for in-country infrastructure, and the Government therefore aimed to provide support and financial aid to women requiring these services. There were oncology centres in different parts of the country. Human papillomavirus screening was available to women aged 30 to 49 and human papillomavirus vaccines were administered to adolescents, reducing the risk of cervical cancer to future generations.

    An estimated 3,700 people were living with HIV in Belize, with the majority of them being males. In 2023, Belize eliminated woman to child transmission of HIV and syphilis, which was a landmark medical achievement.

    When a pregnancy posed a risk to the life of the woman, medical termination was legally allowed. It was also allowed to preserve the mental and physical health of the woman, in cases of rape or incest, and in cases of foetal abnormality. Abortion was an area which was under consideration by the Government.

    Questions by Committee Experts

    A Committee Expert said the Committee welcomed the revised national gender policy, and its establishment of five priority areas. Was there gender-awareness training for loan officers? What training had been undertaken to increase women’s financial literacy? What social protections existed for self-employed women? What measures existed to ensure girls and women in rural areas enjoyed equal opportunity to participate in sports recreationally and professionally?

    Another Expert said Belize contributed less than 0.001 per cent of global emissions, and was a model of the blue economy, which should be congratulated. What was the leadership role of women in the sustainable use of oceans, including women scientists in marine biology? Gang warfare had impacted many women in Belize, including putting them at risk of gender-based violence. How did the Government ensure services for gang-impacted women? How were the laws of gender-based violence made culturally specific for rural women?

    What was the policy of Mayan women’s consent for companies to operate on Mayan land? The Mayans of Toledo lived in close proximity to land where logging had been permitted. What efforts was the State party taking to secure the land rights of the Mayan women? How many female sex workers were incarcerated? Would the State consider decriminalising prostitution? It was hoped that the State would consider some of the archaic language used in certain laws. What was the timeframe for the adoption of the Older Persons Act?

    RHODA REDDOCK, Vice-Chair and Country Rapporteur for Belize, asked if there was recognition of the special needs of women in detention, particularly regarding childbirth? Would the State consider implementing the Bangkok Rules?

    Responses by the Delegation

    The delegation said Belize’s investment and climate action plan aimed at addressing several financial barriers for female entrepreneurs, particularly in rural areas. Measures taken included mentorship programmes, capacity building initiatives, and financial literacy training. The plan mandated that 50 per cent of the training budgets be allocated to women entrepreneurs. The programme also encouraged financial institutions to increase small and medium enterprise lending. These measures collectively aimed to level the playing field, enabling women to access and maximise credit resources for sustainable business success.

    The sports policy for 2025 highlighted areas in the expansion of sports, but the investment in women’s infrastructure needed to be reflected, including support for female athletes and the prevention of gender-based violence in sports. Part of the work of indigenous peoples’ affairs was to ensure that the consent of Mayan women was provided. The social policy took aging into consideration.

    Belize was carrying out measures to tackle gun violence and drug imports, including through daily policing efforts and conducting regular border checks. There was a close connection between gangs, drugs and guns, and significant work was being carried out to reach out to vulnerable communities and youth, guiding them away from guns. Interventions and mediations between rival groups was carried out to enhance the security of citizens.

    Belize had embraced the 30 per cent quotas but the Government now needed to implement these. It was hoped the State would eventually reach fifty-fifty parity. It was currently on paper, but the tangible changes were not yet being seen.

    Efforts had been made to strengthen reporting around gender-based violence and gun violence. While the data was available, there needed to be further analysis. The State would focus efforts on this.

    The State would look at the Bangkok Rules as an additional standard which could also be pursued.

    Questions by a Committee Expert

    A Committee Expert commended Belize for the steps taken to finetune its legal framework in the sphere of family relationships, including the new law on family and childhood and the new law on married persons. What were the most significant proposals contained in these draft laws? In what way did judges incorporate a gender perspective in cases of family violence? Were there any limitations based on women in care work when it came to inheriting from their deceased husbands?

    What was being done to eradicate early and de facto unions? How was the Government engaging with ethnicities in rural areas in this regard? Would the State recognise same sex marriages and de facto unions going forward? What was being done with the general public, particularly men, to raise awareness about early unions?

    Responses by the Delegation

    The delegation said Belize had recently increased the age of marriage to 18, with no exceptions. The courts looked at the best interests of the child, and ensured there was engagement of both parents in their parental ability, and also took into account the risk of harm to the child. There had been some recent work done in terms of inheritance and division of assets. Recognising same sex marriages was part of the continued work being undertaken by the Government. The child marriage and early union strategy aimed to work with young people to understand the implications of early unions, and the type of support available for them.

    The State had engaged pastors and leaders when drawing up the child marriage bill, as they had been the ones responsible for marrying young girls. It was one thing to change the law, but another to change hearts and minds. The Government was striving to implement educational strategies, using the media, social media and posters, to foster behavioural change.

    Closing Remarks

    ELVIA VEGA SAMOS, Minister of State in the Ministry of Human Development, Families and Indigenous Peoples’ Affairs of Belize and head of the delegation, expressed sincere appreciation for the meaningful dialogue. Belize was proud of the progress made. However, the State recognised that challenges remained, particularly when addressing gender-based violence, inequality and the disproportionate impact of climate change. The journey towards gender equality was ongoing, and Ms. Vega Samos thanked all those who had assisted Belize so far in strengthening human rights.

    NAHLA HAIDAR, Committee Chair, thanked Belize for the constructive dialogue which had provided further insight into the situation of women in the country.

     

     

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently. 

     

    CEDAW25.007E

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Experts of the Committee on Economic, Social and Cultural Rights Welcome Croatia’s Anti-Discrimination Measures, Raise Issues Concerning Reported Exploitation of Migrant Workers and the Social Benefit Scheme

    Source: United Nations – Geneva

    The Committee on Economic, Social and Cultural Rights today concluded its review of the second periodic report of Croatia under the International Covenant on Economic, Social and Cultural Rights, with Committee Experts commending the State’s law and national action plan against discrimination, and raising issues concerning reported exploitation of migrant workers and the social benefit scheme.

    Karla Vanessa Lemus de Vásquez, Committee Expert and Lead Member of the Taskforce on Croatia, welcomed Croatia’s law against discrimination and the national action plan on combatting discrimination and protecting human rights.

    Joo-Young Lee, Committee Expert and Member of the Taskforce on Croatia, said migrant workers in Croatia were particularly vulnerable to poor working conditions, including non-payment for work, and failure to provide breaks or employment contracts.  What measures had been taken to address labour exploitation of migrant workers?

    Ms. Lee also cited reports that social assistance benefits were inadequate and often not sufficient to cover the cost of living.  What measures had the State party taken to address this?  Why had the number of beneficiaries decreased recently, and why did some regions require recipients of benefits to participate in community service?

    Ivan Vidiš, State Secretary, Ministry of Labour, Pension System, Family and Social Policy of Croatia and head of the delegation, introducing the report, said that the State party was proud of the reforms underway in Croatia.  In early 2023, Croatia joined the Schengen area, and the euro was introduced as a national currency.

    Mr. Vidiš said the National Plan for the Protection and Promotion of Human Rights and Anti-Discrimination for the period up to 2027 was adopted to ensure coordinated action by State administration bodies in the field of human rights protection and anti-discrimination, and to raise awareness of equality.

    On protections for migrant workers, Mr. Vidiš said labour legislation provided for third-country nationals legally working in Croatia to have the same rights as national workers, and the new Act on Combatting Undeclared Work obliged the employer to pay six months of salary to unregistered workers as well as a fine.

    On the social benefit scheme, the delegation said the number of recipients of the guaranteed minimum benefit had been dropping recently, in line with the reduction in unemployment.  The benefit had been increased three times in recent years, and the State party had developed a new Social Welfare Act that would increase the minimum social benefit.  The Act would also allow for persons to be excused from community service activities if they were unable to participate.

    In concluding remarks, Ms. Lemus de Vásquez thanked the delegation for the information shared, which provided insight into the progress achieved and measures planned to give effect to the Covenant in Croatia.  The Committee’s aim was to ensure the full realisation of economic, social and cultural rights for all persons in Croatia.

    Mr. Vidiš, in his concluding remarks, said Croatia was passionate about its work, open about its challenges, and determined to address them.  Economic, social and cultural rights were the cornerstone of the State party’s efforts.  Mr. Vidiš thanked the Committee for its constructive approach to the dialogue.

    In her concluding remarks, Laura-Maria Craciunean-Tatu, Committee Chair, thanked the delegation for the open and constructive way in which it had participated in the dialogue.  The Committee hoped that Croatia would address the Committee’s forthcoming recommendations with a constructive spirit.

    The delegation of Croatia was comprised of representatives from the Ministry of Labour, Pension System, Family and Social Policy; Ministry of Physical Planning, Construction and State Property; Ministry of Science, Education and Youth; Office for Human Rights and Rights of National Minorities; Ministry of Finance; Croatian Employment Service; Ministry of the Interior; Ministry of Health; Ministry of Environmental Protection and Green Transition; Ministry of Foreign and European Affairs; Ministry of Justice, Public Administration and Digital Transformation; and the Permanent Mission of Croatia to the United Nations Office at Geneva.

    The Committee’s seventy-seventh session is being held until 28 February 2025.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Webcasts of the meetings of the session can be found here, and meetings summaries can be found here.

    The Committee will next meet in public at 3 p.m. on Wednesday, 12 February to begin its consideration of the fifth periodic report of Peru (E/C.12/PER/5).

    Report

    The Committee has before it the second periodic report of Croatia (E/C.12/HRV/2).

    Presentation of Report

    IVAN VIDIŠ, State Secretary, Ministry of Labour, Pension System, Family and Social Policy of Croatia and head of the delegation, said that the State party was proud of the reforms underway in Croatia.  In early 2023, Croatia joined the Schengen area, and the euro was introduced as a national currency.  As part of the European Economic Area, Croatia was exposed to inflationary developments caused the pandemic and then the war in Ukraine.  The Government intervened to a limited extent in energy prices and provided seven aid packages, all with the aim of protecting particularly vulnerable population groups.

    The National Plan for the Protection and Promotion of Human Rights and Anti-Discrimination for the period up to 2027 was adopted to ensure coordinated action by State administration bodies in the field of human rights protection and anti-discrimination, and to raise awareness of equality. 

    The State party had implemented a series of measures to strengthen workers’ rights.  The new Act on Combatting Undeclared Workers provided strict measures for employers who did not declare workers, including giving such workers the right to be registered and receive pay, pension and health insurance for the last six months, and foreign workers had access to the same protections as national workers.  Active employment policy measures had resulted in a historically low number of unemployed people.  Unemployment benefits had been increased and amendments had also been made to the labour legislation, laying down provisions on work through digital labour platforms and limiting the use of fixed-term contracts.

    In 2024, the salaries of civil servants and public service employees financed from the State budget were reformed towards a more transparent and fairer system.  The remuneration system for judges and prosecutors had also been revised to ensure that they could work smoothly and independently.  The minimum wage was constantly increasing and had almost doubled compared to 2019.

    To promote the social inclusion of vulnerable groups, the Government had provided increased rights and coverage for these groups in the Social Welfare Act and adopted the inclusive benefit, which significantly improved living standards.  Further, the State party had implemented measures to support elderly people.

    A new national plan for protection against violence against women and domestic violence, covering the period up to 2028, was under development.  As part of this plan, in 2024, a package of regulations dedicated to combatting violence against women and domestic violence entered into force, which included amendments to the Criminal Code, the Criminal Procedure Code, and the Act on Protection from Domestic Violence.  The legislative package tightened sentencing and strengthened protective measures for victims.  The revised Criminal Code introduced a definition of “gender-based violence against women” that was in line with the Istanbul Convention and a new criminal offence of femicide.

    There were 123,000 foreign workers in Croatia.  The State party had introduced legislation to combat undeclared work, and existing labour legislation provided for third-country nationals legally working in Croatia to have the same rights as national workers.

    After the 2020 earthquakes, many public facilities had been renovated, and multi-dwelling buildings and family replacement houses were being built.  To ensure the availability of housing, especially for young families, Croatia’s first national housing policy plan up to 2030 had been drawn up.  At the end of 2024, the Government adopted a programme for the construction and renovation of housing units in assisted areas to help young people and families access housing and to encourage population growth in these areas.

    Significant measures had also been taken over the last three years to strengthen the free legal aid system.  A call for funding for projects to provide primary legal aid was launched for a three-year period from 2023 to 2025.  Funding for projects increased by 100 per cent in 2023.

    Croatia expressed its strong commitment to the realisation of the human rights enshrined in the Covenant, demonstrated by its achievement of a high level of human rights protection.

    Questions by a Committee Expert

    KARLA VANESSA LEMUS DE VÁSQUEZ, Committee Expert, Country Rapporteur and Lead Member of the Taskforce on Croatia, asked about the number of cases in which the Covenant was invoked in domestic courts.  What was the domestic legal status of the treaty bodies’ observations?  Did Croatia plan to adopt the Optional Protocol?  How had the legislature and civil society participated in implementing the Committee’s previous concluding observations and in drafting the State party’s reports?  Did the State party have a national follow-up mechanism to coordinate follow-up activities?

    Croatia had great potential, considering its location, resources and human capital.  However, the State party was reportedly overdependent on the tourism industry, which hampered the productivity of businesses.  What measures were in place to increase the productivity of the private sector and reduce dependence on tourism?  Were there measures in place to build workers’ capacities?

    Croatia did not have a national action plan on business and human rights and due diligence regulations were not sufficient.  What measures had the State party implemented to transpose the European Union directive on due diligence into national law?  What measures were in place to ensure due diligence in the private sector and to help victims of human rights violations to access justice?

    Croatia had received low grades in greenhouse gas emissions, energy usage, and climate policy in a recent review.  Would Croatia be able to meet its climate commitments for 2030 and 2050?  What were the main challenges in this regard?  How would the State party rapidly cut greenhouse gas emissions?  What plans were in place to eradicate subsidies for fossil fuels and to reallocate funds to renewable energy?

    Official development assistance represented 0.2 per cent of gross domestic product, well below the 0.7 per cent recommended by the United Nations.  Were there plans to increase the budget allocated to such assistance in the next few years?

    The Committee welcomed the law against discrimination and the national action plan on combatting discrimination and protecting human rights.  Had the 2024 and 2025 plans been implemented and to what extent?

    The Roma had been facing discrimination regarding access to housing and healthcare in Croatia.  What progress had been made in combatting hate crimes against the Roma and in implementing the national action plan on inclusion of the Roma?  What measures were in place to address the gender gap in participation in the labour market and to combat stereotypes against women in the private sector?  Were there any wage equality measures in place?

    Responses by the Delegation

    The delegation said Croatia had one of the highest growth rates for gross domestic product in the European Union, at 3.6 per cent.  The State party had been using European Union funds to increase skills for around 140,000 citizens.  Judicial experts and judges had received training on the Covenant.  Croatia was working to continuously train public officers on human rights, particularly the rights of the Roma and vulnerable women and girls.

    Discussion on signing the Optional Protocol was ongoing, with public consultations being carried out.  If stakeholders found that the Optional Protocol was relevant to Croatia, the State party would launch ratification procedures.

    Croatia had working groups for developing legislation that included experts from line ministries and civil society representatives.  Analyses were carried out to determine areas where legislation needed to be aligned with international law and the recommendations of treaty bodies.

    Croatia had a strong tourism industry due to its location and natural and cultural heritage.  The Government was promoting sustainable tourism, implementing accommodation and environmental policies to regulate development in the sector.  There were around 270,000 pieces of property used for short-term renting to tourists.  New regulations addressed this, encouraging owners to provide long-term rental schemes and permanent housing.

    The State party was working on reforming vocational training to increase its availability, quality and relevance, and reduce school dropouts.  A new modular curriculum had been developed to allow students to engage in work experience activities.

    The new national action plan on the inclusion of the Roma covered the period of 2021 to 2027.  Around 57 per cent of financing programmes were in the education field.  The Government was also working on policies promoting access to healthcare and improved quality of life for the Roma population.

    Croatia was a part of the European Union’s ambitious climate policy, which aimed to make Europe climate neutral by 2050.  Under this policy, Croatia was working to reduce dependence on fossil fuels.  The national strategy on low carbon development and the national energy and climate plan had been developed to guide efforts to achieve climate objectives.  The plan included a measure for gradually abolishing subsidies for fossil fuels.  The State party had been monitoring national emissions using a database on emissions.

    Croatia’s gender employment gap, at 11.4 per cent, was lower than the European Union average.  Wage transparency policies were helping the State to achieve equal pay for equal work.  Measures had been developed to support access to employment for women in rural areas and women over the age of 50.

    There had been a spike in hate crimes following the increase in foreign workers in the State party.  To combat this, the Government had developed educational measures to promote the integration of foreign workers in society.

    Croatia was this year preparing to transpose the European Union directive on due diligence.  The national action plan on responsible businesses, which was being drafted by experts, aimed to support the implementation of the United Nations Guiding Principles on Business and Human Rights.

    Follow-Up Questions by Committee Experts

    Committee Experts asked follow-up questions on measures implemented to bolster the capacity of the Ombudswoman’s office to ensure that it could carry out its mandate; the composition of bodies monitoring the implementation of treaty body recommendations; plans to address challenges related to disparities in regional development; the legal status of the Covenant in domestic legislation; measures to address unequal distribution of free legal aid services across the country; plans to broaden awareness raising activities on economic, social and cultural rights; and whether the State party planned to draft national action plans on human rights protections.

    Responses by the Delegation

    The delegation said that in Croatia, the Covenant had legal status and was directly applicable.  Public tender was provided to legal clinics to facilitate the provision of free legal aid across the State.  Funds for free legal aid were increased by 100 per cent in 2023 and by a further 30 per cent in 2024.  Transport fees were paid by the State when persons needed to travel more than 60 kilometres to attend courts.

    The salary system for the civil service had been reformed, including salaries for staff of the Ombudswoman’s Office.  On average, salaries for civil servants had been increased by around 30 per cent.  The budget for the Office had increased gradually since 2022.

    The Ministry of Labour, Pension System and Social Policy had a special service coordinating the implementation of the Covenant and other international documents.  Policies related to implementation were discussed with representatives of trade unions and civil society.

    The Federal Government was pursuing fiscal decentralisation and providing local and regional governments with funding to be used in regional development projects.  It sought to address gaps between less and more developed regions.

    The Social Housing Fund encouraged the population to live and work in rural areas, and a new programme on the construction of housing for young people focused on housing developments in rural areas.

    The new national action plan on human rights had been prepared but was currently being discussed in the Government.  The former plan was still in force.  National action plans on combatting trafficking in persons, promoting the inclusion of the Roma, and fighting discrimination were also being implemented.

    Questions by a Committee Expert

    JOO-YOUNG LEE, Committee Expert and Member of the Taskforce for Croatia, said that the State party had implemented employment policy measures focusing on the integration of vulnerable people into the labour market.  What impact had those measures had?  What was the trend in rates of young people who were not in employment, education or training over the last five years?

    What measures were in place to address the discrimination and prejudice faced by Roma persons in the workplace?  The disability employment gap was around 23 per cent as of 2023, related to a lack of reasonable accommodation measures.  How was the State party promoting the inclusion of persons with disabilities in the workplace?

    The Committee noted legislation addressing unregistered, unpaid and precarious work, but such work remained prevalent in the State party.  Migrant workers were particularly vulnerable to poor working conditions, including non-payment for work, and failure to provide breaks or employment contracts.  What were the root causes of labour exploitation of migrant workers and what measures had been taken to address them?  How was the State party working to improve the capacity of public officials to uphold migrant workers’ rights and impose appropriate sanctions on persons who violated those rights?

    Social assistance benefits were reportedly inadequate and often not sufficient to cover the cost of living.  What measures had the State party taken to address this?  Why had the number of beneficiaries decreased recently?  What budget had been devoted to social benefits in the last five years?  What measures had been implemented to improve social services for persons with disabilities, older persons, and persons living in rural areas?

    The “at risk of poverty” rate was around 42 per cent in Croatia.  This was reportedly due to strict requirements limiting access to unemployment benefits.  How did the State party ensure that unemployed persons did not fall into poverty?

    Responses by the Delegation

    The delegation said the State party provided educational and training support to unemployed persons.  Several hundreds of persons had found employment through the Government’s on-the-job training programme.

    Legislative changes and State-funded support centres had led to an increase in the registration of persons with disabilities and their inclusion in the labour market.  The unemployment rate for persons with disabilities was currently at a record low level.  The Government financed up to two-thirds of the salaries of persons with disabilities, including self-employed persons, and financed the adaption of workplaces to the needs of persons with disabilities.  The employment rate of persons with disabilities had increased by 70 per cent in recent years.

    The new Act on Combatting Undeclared Work obliged the employer to pay six months of salary to unregistered workers as well as a fine of 2,600 euros.  There was a public register of employers that had employed unregistered workers.

    The Government also had a register of persons who were not in employment, education or training.  It was planning programmes to involve these persons in education or the labour market.  Only 13 per cent of young people were currently unemployed, down from a historic high of around 50 per cent.  Croatia had removed many restrictions related to accessing unemployment benefits.

    Foreign workers received materials informing them of their rights to State services, including health care, unemployment benefits and complaints mechanisms.  The Government supported foreign workers to learn the Croatian language.

    The guaranteed minimum benefit was provided to persons who did not have basic sustenance.  More than 40,000 persons received this benefit.  The number of recipients had been dropping in recent years, in line with the reduction in unemployment.  The benefit had been increased three times in recent years, and there were plans to increase it further, along with other benefits.  The Government was working to amend the Social Welfare Act to increase the base payment for single parents and their children by 25 per cent.  The national allowance for the elderly provided support to persons who did not have sufficient pensions.  The Government was strengthening the capacities of institutions to monitor poverty and better combat it.

    Follow-Up Questions by Committee Experts

    JOO-YOUNG LEE, Committee Expert and Member of the Taskforce for Croatia, said it was welcome that the Act on Foreigner Workers would be amended and that the basic social benefit had increased.

    Committee Experts asked follow-up questions on the assessment of measures for housing provided to foreign workers; the methodology used to assess citizens’ risk of poverty; why some regions required recipients of benefits to participate in community service; the timeframe in which the minimum wage had increased and whether it covered the cost of living; whether rules regarding the renewal of temporary work contracts led to unemployment; measures being taken to promote entrepreneurship; the nationalities of migrant workers in the State party; and policies being implemented to enable women to enter the labour market and promote sharing of domestic work tasks.

    Responses by the Delegation

    The delegation said there were clear criteria in place regarding the accommodation of foreign workers.  The Government was working with the embassies of foreign countries to inform migrant workers about their rights.

    The percentage of persons at risk of poverty had not increased in recent years.  The State party had developed a new Social Welfare Act that would increase the minimum social benefit and would allow for persons to be excused from community service activities if they were unable to participate.  Community service often helped unemployed persons to enter the labour market.

    Around two per cent of workers received the minimum wage.  The Government had worked to ensure that all workers in vulnerable sectors such as manufacturing received at least the minimum wage.  The nominal minimum wage had been increased by 130 per cent between 2016 and 2025.  The real increase, taking inflation into account, was around 70 per cent.  The minimum wage was calculated considering other benefits being received.

    There were around 6,000 self-employed persons receiving State benefits.  Most benefits were provided in the food and construction industries.

    The State was developing a law to promote women’s return to work after childbirth.  It was financing the construction of kindergartens and schools and providing parental leave for fathers, which more than 60 per cent of fathers were taking.

    Questions by a Committee Expert

    ASRAF ALLY CAUNHYE Committee Expert and Member of the Taskforce for Croatia, said the escalation of violence against women in recent years in the State party was of great concern.  What measures were in place to provide support for victims, particularly women with disabilities?  How was the State party preventing the abuse of women with disabilities in institutions and addressing harmful practices affecting Roma women and children?  What measures were in place to prevent all forms of trafficking in persons, identify victims, prevent reprisals against victims after they reported offences, and ensure that penalties for trafficking were commensurate with the seriousness of offences?  How was the State party addressing the effects of inflation and the COVID-19 pandemic on vulnerable persons?

    Croatia did not have a needs-based housing policy or an effective strategy for addressing homelessness.  Approximately 6.5 per cent per cent of the population did not have access to the water supply network and many of the Roma lived in poor housing conditions.  What measures were in place to improve access to housing and housing conditions for vulnerable persons, prevent evictions of the Roma, and tackle homelessness?

    Some people in remote areas, particularly the Roma, had limited access to health services.  There was a shortage in healthcare staff in rural areas and long waiting lists for specialised care.  What measures were in place to provide timely access to quality healthcare in remote areas and to reduce waiting lists?  How would the State party promote access to healthcare for asylum seekers and persons with disabilities?  What steps had been taken to promote access to safe abortions when mothers’ lives were at risk?  What resources had been allocated to setting up mobile health teams and community mental health care services, and to combatting the high suicide rate?

    Responses by the Delegation

    The delegation said the national action plan on social services aimed to facilitate access to these services, secure a better regional distribution of services, including services for the elderly, and promote deinstitutionalisation and foster care.  Payments to foster families had been increased and media campaigns had been carried out to highlight their importance.  The act on personal assistance of 2023 regulated the recruitment of personal assistants for persons with disabilities.  Over 5,000 assistants were currently employed, and the Government was working to recruit more.

    The Government was conducting roundtables and workshops with employers to encourage the increased employment of the Roma and other vulnerable groups.  Career management centres were being established in every region of the State to support their access to employment.

    Croatia had issues with affordable housing, influenced by the war in Ukraine, the COVID-19 pandemic, and inflation.  Consultations were being carried out on a national housing plan, which would be adopted soon.  Under the plan, settlement of vulnerable and young persons and settlement in underdeveloped areas would be encouraged.  Croatia had a shortage of around 270,000 residential units compared to demand.  There were also around 50,000 unused residential units; the Government planned to adopt legislation to allow the State to take over empty units and provide them to vulnerable persons.  New laws would make it possible to build more affordable housing and expand land allocated for affordable housing.  The procedure for obtaining permits for building family homes would soon be simplified.

    The State party provided housing for victims of domestic violence and was also building family homes for the Roma community in rural areas.  Housing had also been provided for persons under international protection, and for persons whose homes were destroyed in earthquakes.  The State had also provided accommodation for over 600 homeless persons.  Large cities and counties provided food to homeless persons through social kitchens.

    Croatia had amended the Act on Water, which enhanced access to water for vulnerable groups.  Local government units were obliged to provide water for human use and to install wells in public spaces.  The State was investing heavily in the water distribution network to improve the quality and availability of water.

    The Government had provided seven different support packages to reduce the prices of energy, food, fuel and gas.  As a result, Croatia had the lowest energy prices in the European Union.  Some 70 retail products had also been subsidised by the State to protect vulnerable groups, and cash supports had been provided for more than 700,000 retirees.

    The Government was working to improve the legislative framework against gender-based violence.  Gender-based violence was treated as an aggravating circumstance in the Criminal Code, and Croatia was one of the first countries in Europe to make femicide a stand-alone crime.  The law against family violence had also been amended to increase sanctions for perpetrators and support for victims.  Victims were examined via video-link unless they insisted on being in the courtroom.  Training on gender-based violence was provided for judges, prosecutors and police officers.  

    A new national action plan on the prevention of sexual violence was currently being developed.  Twenty-six shelters were available for victims of sexual and gender-based violence in all territories of the State.  Ten million euros had been devoted to financing these shelters.  A new media campaign was being carried out on preventing violence against women.

    To increase access to primary healthcare, a new healthcare service network had been established that included mobile medical and psychiatric healthcare teams.  These teams covered a wide geographical area and included emergency helicopter and maritime services.  The Government had also increased the availability of telehealth services.  Each county had at least one hospital.  Croatia was close to the European Union average for the number of doctors per 100,000 inhabitants and the number of doctors was increasing.  The Government provided funds for residencies for young doctors.

    Follow-Up Questions by Committee Experts

    One Committee Expert welcomed indicators developed by the State party on measuring poverty, while another praised the State party’s various initiatives promoting access to housing.

    Committee Experts asked follow-up questions on progress in the implementation of the national strategy on reducing drug-related harm; measures to prevent house demolition and forced evictions of vulnerable groups, and remedies provided to affected persons; statistics on homelessness and the average period of stay in shelters; whether takeovers of unused units were temporary or permanent, and whether the Government planned to pay compensation to owners; how the State responded when people could not afford to pay utility bills or their mortgage; measures to prevent the discriminatory effects of reporting obligations required to receive health insurance; and plans to update poverty indicators from a multidimensional lens.

    Responses by the Delegation

    The delegation said that in 2023, the Government adopted the national strategy on addiction, which aimed to reduce harms and risks related to addiction.  Every year, it implemented over 300 intervention programmes related to addiction.  The Government primarily rehabilitated adults in the social welfare system, but some addicts were in the prison system.  Non-governmental organizations provided counselling and intervention services for addicts.  Around one-third of addicts in treatment were women.  The Government was developing measures to support women addicts and provide social housing for them.

    Under State guidelines on the provision of abortions, patients could demand terminations of pregnancy in all hospitals in the State.  In cases of conscientious objection from doctors, patients were referred to other doctors or institutions.  

    The act on compulsory health insurance provided the right to healthcare for persons under international protection and asylum seekers and their family members, as well as unaccompanied minors.  Many citizens who lived abroad used free telehealth services in Croatia, abusing the system.  This was why the obligation of reporting to authorities once every three months to obtain health insurance had been introduced.

    Croatia had adopted a strategy framework on the development of mental healthcare, which aimed to reduce the suicide rate and improve the mental health of children and workers in particular.

    Courts applied the caselaw of the European Court of Human Rights regarding evictions, so it was very difficult to forcefully evict people from their homes.  The Government was increasing fiscal pressures on unused properties and implementing measures that made long-term rent more beneficial for owners than short-term rent.  The State would also rent and sublet private unused apartments at a reduced price; it would not forcefully take these properties away from owners.  A new property tax had been developed to replace taxation on vacation homes.  All properties used for long-term rent were excluded from the tax.

    It was difficult to count homeless people who had not approached relevant service providers.  Homeless persons could receive personal identification documents by registering at a local institute for social welfare.  The Government was empowering homeless persons to gain employment.

    Questions by a Committee Expert

    ASLAN ABASHIDZE, Committee Expert and Member of the Taskforce for Croatia, asked for disaggregated data on school enrolment, completion and dropout rates at primary and secondary levels for the last 10 years.  Which ethnic groups had high dropout rates?  What progress had been made in promoting the inclusion of the Roma in the education system?  All children, including Roma children, needed to attend preschool education.  Who was responsible on collecting data on Roma children who were eligible to attend preschool?  How many Roma children had attended preschool over the past five years and how many had progressed to primary and secondary education?  

    What measures were in place to ensure that refugees and migrants had access to quality Croatian language courses and higher education?  Had a new programme been adopted to support these groups in 2025?  Were there specific measures to support Serbian children’s education?  There were reports of vandalism targeting Serbian monuments and Orthodox churches.  Had these incidents been investigated and violators held responsible?  How would the Government ensure that such violence did not occur in the future?

    Responses by the Delegation

    The delegation said the dropout rate in Croatia was around two per cent, which was around the lowest rate in the European Union.  There was a system that monitored students, but it did not record the national affiliation of students.  Data on Roma students had been gathered since 2008, however.  This data informed the Government’s activities for Roma students.  Around 70 per cent of Roma students attended secondary school; this was lower than the national average.  The national action plan on the inclusion of the Roma included activities encouraging education for Roma children, including scholarships for Roma pupils in secondary schools.  Annually, between 50 and 100 Roma children dropout out of school.  The number of Roma university students receiving scholarships had increased in recent years.  “Roma assistants” were employed in primary schools to support Roma children.  On average, around 400 Roma children were enrolled in kindergartens each year.  Local governments funded kindergarten education for Roma children.

    One year of preschool education was mandatory for all pupils.  The Government funded preschool programmes for each child.  Over the next three years, it would invest around 200 million euros in this public service.  Croatian language courses were provided to all students who did not speak Croatian, starting from primary level.

    Vandalism based on ethnicity was treated as a form of discrimination and a hate crime, and was punished with a harsher sentence.  The State party was cooperating with civil society organizations representing ethnic groups to prevent such incidents and bring perpetrators to justice.

    The Ministry of Culture and Media had secured funds to support the needs of national minorities.  Funds were being devoted to cultural associations, libraries and there were other measures of protecting the cultural heritage of minorities.  Public broadcasters were required to devote a portion of broadcasts to programmes for national minorities.  The Government also helped fund the cultural activities of persons with disabilities.

    Follow-Up Questions by Committee Experts

    Committee Experts asked follow-up questions on whether foreign students received free higher education; the number of foreign students in the State; steps taken to enhance inclusive education for persons with disabilities; whether indexation was used to calculate social assistance benefits; whether trade union rights were adequately granted to all workers, including police and military personnel; measures implemented to encourage reporting of racial discrimination offences and prevent such discrimination; the delegation’s response to reports of insufficient funding and will from authorities to address hate-related crimes; and statistics on crimes against Serbians.

    Responses by the Delegation

    The delegation said that in 2024, there were 531 foreign students enrolled in Croatian universities.  The Government had adopted guidelines on supporting children with disabilities, who were entitled to specially trained teaching assistants.

    Croatia used automatic indexation to calculate elderly benefits and pensions, based on cost-of-living indicators.  There was no index system for the guaranteed minimum benefit, which was increased once per year by the Government, considering various factors.  A project had been launched to better monitor poverty rates through the Central Population Register, which would be established this year.

    Trade unions in Croatia could create their own networks, participate in the drafting of legislation and national policies, and participate in parliamentary debates.  The Government was drafting an action plan to encourage all employers to conclude collective agreements.  The scope of certain collective agreements was extended by the State to prevent unfair competition or restrictions on workers’ rights.  Only active military personnel were restricted from forming trade unions in line with existing legislation; police officers could form and join unions.  Property used by trade unions was formerly owned by the State, but legislation that entered into force last week transferred ownership to a trade union fund.

    In 2023, the State party recorded 61 hate crimes against ethnic minorities.  This was a decrease from the 67 crimes reported in 2021.  Authorities needed to consider these as serious offences and respond appropriately.  The judicial academy provided training for judges and judicial workers on the prohibition of discrimination, hate crimes and hate speech, including anti-Semitism.  Thirteen workshops would be held in 2025.  Police officers were also involved in workshops on preventing anti-Semitism, hate speech and all forms of discrimination.

    Closing Remarks

    KARLA VANESSA LEMUS DE VÁSQUEZ, Committee Expert, Country Rapporteur and Lead Member of the Taskforce on Croatia, thanked the delegation for the information shared, which provided insight into the progress achieved and measures planned to give effect to the Covenant in Croatia.  The Committee’s aim was to ensure the full realisation of economic, social and cultural rights for all persons in Croatia.  She thanked all persons who had contributed to the successful dialogue.

    IVAN VIDIŠ, State Secretary, Ministry of Labour, Pension System, Family and Social Policy of Croatia and head of the delegation, said Croatia was making every effort to make progress.  The State party was passionate about its work, open about its challenges, and determined to address them.  Croatia had faced aggression in its past, and the Committee needed to consider the difficult path the country had travelled.  Economic, social and cultural rights were the cornerstone of the State party’s efforts.  The cost-of-living crisis was a major concern currently, but the State party’s measures supporting energy and other costs had lightened the burden for residents.  Croatia was facing a demographic decline, but incentives were in place to support a reversal of demographic trends.  Parliament had recently agreed on a declaration regarding the rights of older people, who made up an increasingly large portion of the population.  Mr. Vidiš thanked the Committee for its constructive approach to the dialogue.

     

    LAURA-MARIA CRACIUNEAN-TATU, Committee Chair, thanked the delegation for the open and constructive way in which it had participated in the dialogue.  The dialogue with Croatia would continue, as the Committee would select three follow-up recommendations that it called on the State party to address within 24 months.  It hoped that Croatia would continue to address the Committee’s recommendations with a constructive spirit.

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

     

    CESCR25.002E

    MIL OSI United Nations News –

  • MIL-OSI: Denali Capital Acquisition Corp. Announces Extension of Deadline to Complete Business Combination

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, NEW YORK, Feb. 11, 2025 (GLOBE NEWSWIRE) — Denali Capital Acquisition Corp. (NASDAQ: DECA) (the “Company”) announced today that it has deposited into the Company’s trust account (the “Trust Account”) an aggregate of $15,063.74 to fund the one-month extension from February 11, 2025 to March 11, 2025. This deposit was funded via a convertible promissory note with a principal amount of up to $180,000 issued by the Company to Scilex Holding Company (Nasdaq: SCLX, “Scilex”), which bears no interest and is repayable on the earlier of the effective date of the consummation of the Company’s initial business combination or the date of the liquidation of the Company. Upon the closing of a business combination, the note is convertible, at Scilex’s discretion, into the Company’s Class A ordinary shares at a conversion price of $10.00 per share. Any future drawdowns of the remaining $74,608.82 principal amount available under the convertible promissory note are expected to fund future one-month extensions as necessary to provide additional time for the Company to complete a business combination.

    About the Company

    Denali Capital Acquisition Corp. is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.

    Forward-Looking Statements

    This press release includes forward looking statements that involve risks and uncertainties. Forward-looking statements are subject to numerous conditions, risks and changes in circumstances, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

    The MIL Network –

  • MIL-OSI: United Fire Group, Inc. Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth quarter net income of $1.21 per diluted share and adjusted operating income of $1.25 per diluted share; full year net income of $2.39 per diluted share and adjusted operating income of $2.56 per diluted share

    Fourth quarter 2024 highlights compared to fourth quarter 2023:(1)

    • Net income increased from $19.6 million to $31.4 million.
    • Net investment income increased 21.2% to $23.2 million.
    • Combined ratio improved 4.8 points to 94.4%; composed of an underlying loss ratio of 55.7%, catastrophe loss ratio of 1.6%, no prior year reserve development, and underwriting expense ratio of 37.1%.
    • Underlying combined ratio improved 1.6 points to 92.8%.
    • Net written premiums(2) increased 13% to $278.5 million.

    Full year 2024 highlights compared to full year 2023:(1)

    • Net income increased to $62.0 million.
    • Net investment income increased 37.5% to $82.0 million.
    • Combined ratio improved 10.1 points to 99.2%; composed of an underlying loss ratio of 57.9%, catastrophe loss ratio of 5.4%, no prior year reserve development and underwriting expense ratio of 35.9%.
    • Underlying combined ratio improved 3.3 points to 93.8%.
    • Net written premiums increased 15% to $1.2 billion.
    • Book value per share increased $1.76 to $30.80 as of December 31, 2024, compared to December 31, 2023.
    • Adjusted book value per share increased $1.95 to $33.64 as of December 31, 2024, compared to December 31, 2023.

    CEDAR RAPIDS, Iowa, Feb. 11, 2025 (GLOBE NEWSWIRE) — United Fire Group, Inc. (“UFG”) (Nasdaq: UFCS) today reported financial results for the three-month period ended December 31, 2024, with a consolidated net income of $31.4 million ($1.21 income per diluted share) and consolidated adjusted operating income of $1.25 per diluted share.

    “Our fourth quarter and full year results reflect the continued progress we are making in the execution of our strategic business plan,” said UFG President and CEO Kevin Leidwinger. “The actions we have taken over the past two years to deepen our underwriting expertise, evolve our capabilities, better align with our distribution partners and improve our investment returns are materializing in our results.

    “In 2024, we achieved the highest level of net written premiums in our company’s 79-year history. In addition, we produced the best annual combined ratio and highest adjusted operating income since 2015. These milestones reflect key steps on our journey to consistently deliver superior financial and operational performance.

    “In the fourth quarter, net written premiums grew 13% led by our core commercial and assumed reinsurance business. Core commercial growth was driven by average renewal increases of 11.9%, a substantial increase in new business production and stable retention. On a full year basis, net written premiums grew 15% to $1.2 billion.  

    “The fourth quarter combined ratio improved to 94.4%, the lowest in 11 quarters, while the full year combined ratio improved 10.1 points to 99.2%. The underlying loss ratio improved to 55.7% for the quarter and 57.9% for the year, reflecting the ongoing benefits of strong earned rate achievement exceeding loss trends and continued underwriting discipline resulting in improved frequency outcomes. Prior year reserve development remained neutral overall in the quarter while the impact from catastrophes was well below historical averages at 1.6% for the quarter and 5.4% for the year.

    “The fourth quarter and full year expense ratios were elevated due to investments in talent to deepen expertise across the company, accelerated development of our new policy administration system that is now poised for implementation in 2025, and increased performance-based compensation for employees and agents due to current year achievements.

    “Net investment income improved to $23.2 million in the fourth quarter and $82.0 million for the full year. Fixed maturity income increased to $70 million for the year as new money yields remained strong. We also benefited from improved valuations on our limited partnership portfolio for the full year. We expect the fixed maturity portfolio to generate over $80 million of annualized fixed maturity income, with potential for further improvement from future reinvestment at higher rates. 

    “Reported book value per share decreased slightly in the fourth quarter due to a change in after-tax unrealized loss caused by increased interest rates. Our improved annual earnings and return on equity of 8.2% allowed adjusted book value per share to grow $1.95 for the year to $33.64.

    “During the fourth quarter, we successfully resolved the rating errors in our core commercial business that were identified in the second quarter, resulting in no financial impact to the company. As a result, we have reversed the $3.2 million contingent liability established in the second quarter.

    “While 2024 marked a return to underwriting profitability for UFG, our work is far from finished. We remain confident in our ability to execute the business plan for improved performance in the years ahead and are grateful for our people and their dedication to delivering the deep expertise, specialized capabilities, personal relationships and responsive service that our partners and policyholders value.

    “Finally, our hearts go out to all those impacted by the devastating wildfires in Southern California. Our claims and risk control professionals continue to assist policyholders in the wake of the destruction. At this time, we estimate losses in the range of $7 million to $10 million from this tragic event.”

    (1) Underlying loss ratio, underlying combined ratio and adjusted book value per share are non-GAAP financial measures. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for additional information.
    (2) Net written premiums is a performance measure reflecting the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. See Certain Performance Measures for additional information.

    Consolidated Financial Highlights:

    Consolidated Financial Highlights(1)
    (Unaudited) Three Months Ended December 31,   Twelve Months Ended December 31,
    (In thousands, except per share data)   2024       2023       2024       2023  
    Net earned premiums $ 308,137     $ 264,366     $ 1,176,750     $ 1,034,587  
    Net written premiums   278,529       246,830       1,231,470       1,066,901  
                   
    Combined ratio:              
    Net loss ratio   57.3 %     64.8 %     63.3 %     74.4 %
    Underwriting expense ratio   37.1 %     34.4 %     35.9 %     34.9 %
    Combined ratio   94.4 %     99.2 %     99.2 %     109.3 %
                   
    Additional ratios:              
    Net loss ratio   57.3 %     64.8 %     63.3 %     74.4 %
    Catastrophes   1.6 %     1.5 %     5.4 %     6.2 %
    Reserve development   — %     3.3 %     — %     6.0 %
    Underlying loss ratio (non-GAAP)   55.7 %     60.0 %     57.9 %     62.2 %
    Underwriting expense ratio   37.1 %     34.4 %     35.9 %     34.9 %
    Underlying combined ratio (non-GAAP)   92.8 %     94.4 %     93.8 %     97.1 %
                   
    Net investment income $ 23,156     $ 19,098     $ 81,986     $ 59,606  
    Net investment gains (losses)   (1,318 )     3,855       (5,429 )     1,274  
    Other income (loss)(2)   300       (1,039 )     (9,388 )     (4,983 )
                   
    Net income (loss) $ 31,442     $ 19,608     $ 61,957     $ (29,700 )
    Adjusted operating income (loss)   32,483       16,564       66,246       (30,706 )
                   
    Net income (loss) per diluted share $ 1.21     $ 0.77     $ 2.39     $ (1.18 )
    Adjusted operating income (loss) per diluted share   1.25       0.65       2.56       (1.22 )
                   
    Return on equity(3)           8.2 %     (4.0 )%
                       

    (1) Underlying loss ratio, underlying combined ratio and adjusted operating income (loss) are non-GAAP financial measures. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for additional information.
    (2) Other income (loss) is comprised of other income (loss), interest expense and other non-underwriting expenses.
    (3) Return on equity is calculated by dividing annualized net income by average stockholders’ equity, which is calculated using a simple average of the beginning and ending balances for the period.

    Total Property & Casualty Underwriting Results

    Fourth quarter 2024 results:
    (All comparisons vs. fourth quarter 2023, unless noted otherwise)

    Net written premiums and net earned premiums increased by 13% and 17%, respectively, in the fourth quarter of 2024, led by core commercial and assumed reinsurance business. Commercial lines net written premiums excluding surety and specialty increased 13%, supported by increased pricing with an overall increase in average renewal premiums of 11.9%. Rate increases accounted for 10.8% while exposure increases contributed an additional 1.0%. Excluding the workers’ compensation line of business, the overall average increase in renewal premiums was 12.9%, with 11.7% from rate increases and 1.1% from exposure changes.

    The combined ratio for the fourth quarter of 2024 was 94.4%, improving 4.8 points from 99.2% driven by improvement in the underlying loss ratio. Prior year reserve development, excluding catastrophe losses, was neutral for the fourth quarter of 2024 compared to 3.3% of unfavorable development in the fourth quarter of 2023. Catastrophe losses added 1.6 points to the combined ratio, an increase of 0.1 points and below both the five-year and 10-year historical averages. The underlying loss ratio of 55.7% improved 4.3 points, reflecting improvement from a combination of rate achievement, continued favorable claim frequency, and lower large loss activity, most notably in the surety portfolio, partially offset by an increase in the umbrella loss ratio, reflecting continued uncertainty from the impact of social inflation. The underwriting expense ratio of 37.1% increased 2.7 points driven by increased performance-based compensation for employees and agents due to current year achievements.

    Full year 2024 results:
    (All comparisons vs. full year 2023, unless noted otherwise)

    Net written premiums and net earned premiums increased by 15% and 14%, respectively, led by core commercial, assumed reinsurance and surety. Commercial lines net written premiums excluding surety and specialty increased 13%, supported by increased pricing with an overall increase in average renewal premiums of 11.8%. Rate increases accounted for 10.1% while exposure increases contributed an additional 1.6%. Excluding the workers’ compensation line of business, the overall average increase in renewal premiums was 12.9%, with 11.2% from rate increases and 1.6% from exposure changes.

    For the full year, the combined ratio was 99.2%, improving 10.1 points from 109.3% driven by improvement in all components of the loss ratio. Prior year reserve development, excluding catastrophe losses, was neutral for the full year 2024 compared to 6.0% of unfavorable development in the full year 2023. Catastrophe losses added 5.4 points to the combined ratio, an improvement of 0.8 points and below both the five-year and 10-year historical averages. The underlying loss ratio of 57.9% improved 4.3 points, reflecting improvement from a combination of underwriting actions, increased pricing, expense management, lower frequency trends and lower large loss activity in the property and surety lines of business, partially offset by an increase in the umbrella loss ratio. The underwriting expense ratio of 35.9% increased 1.0 point primarily due to investments in talent to deepen expertise across the company; accelerated development of our new policy administration system that is now poised for implementation in 2025; and increased performance-based compensation for employees and agents due to current year achievements.

    Investment Results

    Fourth quarter 2024 results:
    (All comparisons vs. fourth quarter 2023, unless noted otherwise)

    Net investment income was $23.2 million for the fourth quarter of 2024, an increase of $4.1 million or 21.2%. Income from the fixed maturity portfolio increased by $4.8 million due to portfolio management actions and investing at higher interest rates. Other investment income increased by $1.2 million driven by $1.1 million of interest on cash and cash equivalents. Income on other long-term investments decreased $1.3 million driven by better returns in the fourth quarter of 2023. Dividends on equity securities decreased $0.5 million due to the strategic re-allocation into fixed maturities.

    Full year 2024 results:
    (All comparisons vs. full year 2023, unless noted otherwise)

    Net investment income was $82.0 million for the full year 2024, an increase of $22.4 million or 37.5%. Interest on fixed maturities was up $13.5 million or 23.9% as a result of portfolio management actions, investing at higher rates, and the strategic re-allocation of equity securities into fixed maturities, which resulted in a decrease in dividend income of $3.2 million. Income on other long-term investments was $8.0 million in 2024 compared to the depressed income of zero for 2023, as the valuation of the investments in limited liability partnerships varies from period to period due to the current market conditions. Other investment income increased $5.6 million, driven by $4.8 million of interest on cash and cash equivalents.

    Investment Results
    (Unaudited) Three Months Ended December 31,   Twelve Months Ended December 31,
    (In thousands)   2024       2023       2024       2023  
    Investment income:              
    Interest on fixed maturities $ 19,877     $ 15,051     $ 69,703     $ 56,243  
    Dividends on equity securities   —       481       341       3,548  
    Income (loss) on other long-term investments   2,150       3,460       7,939       (31 )
    Other   3,692       2,456       14,951       9,324  
    Total investment income $ 25,719     $ 21,448     $ 92,934     $ 69,084  
    Less investment expenses   2,562       2,350       10,947       9,478  
    Net investment income $ 23,157     $ 19,098     $ 81,987     $ 59,606  
                   
    Average yields on fixed income securities pre-tax(1)   4.15 %     3.39 %     3.73 %     3.28 %
    (1) Fixed income securities yield excluding net unrealized investment gains/losses and expenses.
     

    Balance Sheet

      December 31, 2024   December 31, 2023
    (In thousands) (unaudited)    
    Invested assets $                  2,093,094     $ 1,886,494  
    Cash                          200,949       102,046  
    Total assets                       3,488,469       3,144,190  
    Losses and loss settlement expenses                       1,796,782       1,638,755  
    Total liabilities                       2,706,938       2,410,445  
    Net unrealized investment gains (losses), after-tax                           (72,241 )     (66,967 )
    Total stockholders’ equity                          781,531       733,745  
           
    Book value per share $                          30.80     $ 29.04  
    Adjusted book value per share(1)                               33.64       31.69  
    (1) Adjusted book value per share is a non-GAAP financial measure. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for additional information.
     

    The company’s book value per share was $30.80, an increase of $1.76 per share, or 6.1%, from December 31, 2023. This increase is primarily related to an increase in net income, partially offset with an increase in net unrealized losses on fixed maturity securities and shareholder dividends during the 12-month period ended December 31, 2024.

    Capital Management

    During the fourth quarter of 2024, the company declared and paid a $0.16 per share cash dividend to shareholders of record as of November 29, 2024. UFG has paid a quarterly dividend every quarter since March 1968.

    Earnings Call Access Information

    An earnings call will be held at 9:00 a.m. CT on Wednesday, February 12, 2025, to allow securities analysts, shareholders and other interested parties the opportunity to hear management discuss the company’s fourth quarter of 2024 results.

    Teleconference: Dial-in information for the call is toll-free 1-844-492-3723 (international 1-412-542-4184). The event will be archived and available for digital replay through February 19, 2025. The replay access information is toll-free 1-877-344-7529 (international 1-412-317-0088); conference ID no. 4765665.

    Webcast: An audio webcast of the teleconference can be accessed at the company’s investor relations page at https://ir.ufginsurance.com/event/ or https://event.choruscall.com/mediaframe/webcast.html?webcastid=j4u0yn8Q. The archived audio webcast will be available for one year.

    Transcript: A transcript of the teleconference will be available on the company’s website soon after the completion of the teleconference.

    About UFG

    Founded in 1946 as United Fire & Casualty Company, UFG, through its insurance company subsidiaries, is engaged in the business of writing property and casualty insurance.

    The company is licensed as a property and casualty insurer in all 50 states and the District of Columbia, and is represented by approximately 1,000 independent agencies. A.M. Best Company assigns a rating of “A-” (Excellent) for members of the United Fire & Casualty Group. For more information about UFG, visit www.ufginsurance.com.

    Contact:

    Investor Relations
    Email: ir@unitedfiregroup.com

    Media Inquiries
    Email: news@unitedfiregroup.com

    Disclosure of Forward-Looking Statements

    This release may contain forward-looking statements about our operations, anticipated performance and other similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934 for forward-looking statements. The forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual results to differ from those expected and/or projected. Such forward-looking statements are based on current expectations, estimates, forecasts and projections about the company, the industry in which we operate, and beliefs and assumptions made by management. Words such as “expect(s),” “anticipate(s),” “intend(s),” “plan(s),” “believe(s),” “continue(s),” “seek(s),” “estimate(s),” “goal(s),” “remain(s) optimistic,” “target(s),” “forecast(s),” “project(s),” “predict(s),” “should,” “could,” “may,” “will,” “might,” “hope,” “can” and other words and terms of similar meaning or expression in connection with a discussion of future operations, financial performance or financial condition, are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Information concerning factors that could cause actual outcomes and results to differ materially from those expressed in the forward-looking statements is contained in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Annual Report”), filed with the Securities and Exchange Commission (“SEC”) on February 29, 2024. The risks identified in our 2023 Annual Report and in our other SEC filings are representative of the risks, uncertainties, and assumptions that could cause actual outcomes and results to differ materially from what is expressed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release or as of the date they are made. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. In addition, future dividend payments are within the discretion of our Board of Directors and will depend on numerous factors, including our financial condition, our capital requirements and other factors that our Board of Directors considers relevant.

    Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures

    The company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Management uses certain non-GAAP financial measures to evaluate its operations and profitability. Management also believes that disclosure of certain non-GAAP financial measures enhances investor understanding of our financial performance. Non-GAAP financial measures disclosed in this report include: adjusted operating income, underlying loss ratio, underlying combined ratio, and adjusted book value per share. The company has provided the following definitions and reconciliations of the non-GAAP financial measures:

    Adjusted operating income: Adjusted operating income is calculated by excluding net investment gains and losses, after applicable federal and state income taxes from net income (loss). Management believes adjusted operating income is a meaningful measure for evaluating insurance company performance and a useful supplement to GAAP information because it better represents the normal, ongoing performance of our business. Investors and equity analysts who invest in and report on the insurance industry and the company generally focus on this metric in their analyses.

    Net Income Reconciliation
    (Unaudited) Three Months Ended December 31,   Twelve Months Ended December 31,
    (In thousands)   2024       2023       2024       2023  
    Income statement data              
    Net income (loss) $            31,442     $ 19,608     $           61,957     $ (29,700 )
    Less: after-tax net investment gains (losses)                (1,041 )     3,044                   (4,289 )     1,006  
    Adjusted operating income (loss) $            32,483     $ 16,564     $           66,246     $ (30,706 )
    Diluted earnings per share data              
    Net income (loss) $                1.21     $ 0.77     $               2.39     $ (1.18 )
    Less: after-tax net investment gains (losses)                   (0.04 )     0.12                      (0.17 )     0.04  
    Adjusted operating income (loss) $                1.25     $ 0.65     $               2.56     $ (1.22 )
                                   

    Underlying loss ratio and underlying combined ratio: Underlying loss ratio represents the net loss ratio less the impacts of catastrophes and non-catastrophe prior year reserve development. The underlying combined ratio represents the combined ratio less the impacts of catastrophes and non-catastrophe prior year reserve development. The company believes that the underlying loss ratio and underlying combined ratio are meaningful measures to understand the underlying trends in the core business in the current accident year, removing the volatility of prior year impacts and catastrophes. Management believes separate discussions on catastrophe losses and prior year reserve development are important to understanding how the company is managing catastrophe risk and in identifying developments in longer-tailed business.

    Prior year reserve development is the increase (unfavorable) or decrease (favorable) in incurred loss and loss adjustment expense at the valuation dates for losses which occurred in previous calendar years. This measure excludes development on catastrophe losses.

    Catastrophe losses is an operational measure which utilizes the designations of the Insurance Services Office (“ISO”) and is reported with losses and loss adjustment expense amounts net of reinsurance recoverables, unless specified otherwise. In addition to ISO catastrophes, we also include as catastrophes those events, which may include U.S. or international losses, that we believe are, or will be, material to our operations, either in amount or in number of claims made. Catastrophes are not predictable and are unique in terms of timing and financial impact. While management estimates catastrophe losses as incurred, due to the inherently unique nature of catastrophe losses, the impact in a reporting period is inclusive of catastrophes that occurred in the reporting period, as well as development on catastrophes that have occurred in prior periods.

    Adjusted book value per share: Adjusted book value per share is calculated by dividing shareholders’ equity, excluding net unrealized investment gains and losses, net of tax, by the number of common shares outstanding. Management believes adjusted book value per share is a meaningful measure for evaluating the company’s net worth that is primarily attributable to our business operations, because it removes the effect of changing prices on invested assets that can fluctuate from period to period. Book value per share is the most directly comparable GAAP measure.

    Book Value Per Share Reconciliation
    (Unaudited) As of
    (In thousands) December 31, 2024   December 31, 2023
    Shareholders’ equity $                      781,531     $ 733,745  
    Less: Net unrealized investment gains (losses), net of tax                           (72,241 )     (66,967 )
    Shareholders’ equity, excluding net unrealized investment gains (losses), net of tax $                      853,772     $ 800,712  
           
    Common shares outstanding (basic)                             25,378       25,270  
    Book value per share $                           30.80     $ 29.04  
    Adjusted book value per share                               33.64       31.69  
                   

    Certain Performance Measures

    The company uses the following measure to evaluate its financial performance. Management believes a discussion of this measure provides financial statement users with a better understanding of the company’s results of operations. The company has provided the following definition:

    Net written premiums: Net written premiums is frequently used by industry analysts and other recognized reporting sources to facilitate comparisons of the performance of insurance companies. Net written premiums is the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. Management believes net written premiums is a meaningful measure for evaluating insurance company sales performance and geographical expansion efforts. Net written premiums for an insurance company consists of direct premiums written and premiums assumed, less premiums ceded. Net earned premiums is calculated on a pro-rata basis over the terms of the respective policies. Unearned premium reserves are established for the portion of written premiums applicable to the unexpired terms of the insurance policies in force. The difference between net earned premiums and net written premiums is the change in unearned premiums and the change in prepaid reinsurance premiums.

    Supplemental Tables

    Income Statement
    (Unaudited) Three Months Ended December 31,   Twelve Months Ended December 31,
    (In thousands)   2024       2023       2024       2023  
    Revenues              
    Net earned premiums $         308,137     $ 264,366     $      1,176,750     $ 1,034,587  
    Net investment income                23,156       19,098                    81,986       59,606  
    Net investment gains (losses)                (1,318 )     3,855                    (5,429 )     1,274  
    Other income (loss)                  3,200       —                            —       —  
    Total revenues $         333,175     $ 287,319     $      1,253,307     $ 1,095,467  
                   
    Benefits, losses and expenses              
    Losses and loss settlement expenses $         176,486     $ 171,289     $         744,605     $ 769,414  
    Amortization of deferred policy acquisition costs                76,834       63,291                 281,338       244,991  
    Other underwriting expenses                37,410       27,569                 140,942       115,800  
    Interest expense                  2,481       869                      7,281       3,260  
    Other non-underwriting expenses                     419       170                      2,107       1,723  
    Total benefits, losses and expenses $         293,630     $ 263,188     $      1,176,273     $ 1,135,188  
                   
    Income (loss) before income taxes $           39,545     $ 24,131     $           77,034     $ (39,721 )
    Federal income tax expense (benefit)                  8,103       4,523                    15,077       (10,021 )
    Net income (loss) $           31,442     $ 19,608     $           61,957     $ (29,700 )
                                   
    Net Written Premiums by Line of Business
    (Unaudited) Three Months Ended December 31,   Twelve Months Ended December 31,
    (In thousands)   2024       2023       2024       2023  
    Net written premiums(1)              
    Commercial lines:              
    Other liability(2) $            90,508     $ 79,393     $         369,454     $ 325,900  
    Fire and allied lines(3)                54,203       51,742                  253,796       249,029  
    Automobile                53,776       46,667                  258,257       218,710  
    Workers’ compensation                14,011       10,530                    61,838       49,128  
    Surety(4)                10,013       11,964                    52,524       47,564  
    Miscellaneous                  3,201       1,356                    13,086       4,776  
    Total commercial lines $         225,712     $ 201,652     $      1,008,955     $ 895,107  
                   
    Personal lines:              
    Fire and allied lines(5) $              3,804     $ 136     $            14,201     $ 4,545  
    Automobile                      764       —                      2,449       —  
    Miscellaneous                        —       1                              5       14  
    Total personal lines $              4,568     $ 137     $            16,655     $ 4,559  
    Assumed reinsurance(6)                48,249       45,041                  205,860       167,236  
    Total $         278,529     $ 246,830     $      1,231,470     $ 1,066,901  
    (1) Net written premiums is a performance measure reflecting the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. See Certain Performance Measures for additional information.
    (2) Commercial lines “Other liability” is business insurance covering bodily injury and property damage arising from general business operations, accidents on the insured’s premises and products manufactured or sold.
    (3) Commercial lines “Fire and allied lines” includes fire, allied lines, commercial multiple peril and inland marine.
    (4) Commercial lines “Surety” previously referred to as “Fidelity and surety.”
    (5) Personal lines “Fire and allied lines” includes fire, allied lines, homeowners and inland marine.
    (6) Assumed reinsurance includes Funds at Lloyd’s
     
    Net Earned Premiums, Net Losses and Loss Settlement Expenses and Net Loss Ratio by Line of Business
    Three Months Ended December 31,   2024       2023  
    (In thousands, except ratios)     Net Losses           Net Losses    
        and Loss           and Loss    
    Net   Settlement   Net   Net   Settlement   Net
    Earned   Expenses   Loss   Earned   Expenses   Loss
    (Unaudited) Premiums   Incurred   Ratio   Premiums   Incurred   Ratio
    Commercial lines                      
    Other liability $     91,016     $       82,052       90.2 %   $ 83,239     $ 54,991       66.1 %
    Fire and allied lines          62,019               16,515       26.6       61,869       31,994       51.7  
    Automobile          63,276               28,893       45.7       54,068       39,792       73.6  
    Workers’ compensation          14,914                 8,233       55.2       12,626       13,908       110.2  
    Surety          15,537                   (179 )     (1.2 )     12,311       6,591       53.5  
    Miscellaneous            3,223                     611       19.0       1,180       663       56.2  
    Total commercial lines $   249,985     $    136,125       54.5 %   $ 225,293     $ 147,939       65.7 %
                           
    Personal lines                      
    Fire and allied lines $        3,814     $         5,110       134.0 %   $ 165     $ (229 )     (138.8 )%
    Automobile               639                     424       66.4 %     —       (511 )     NM  
    Miscellaneous                    2                         4       NM       4       66       NM  
    Total personal lines $        4,455     $         5,538       124.3 %   $ 169     $ (674 )     (398.8 )%
    Assumed reinsurance          53,697               34,823       64.9       38,904       24,024       61.8  
    Total $   308,137     $    176,486       57.3 %   $ 264,366     $ 171,289       64.8 %
    NM = Not meaningful
     
    Net Earned Premiums, Net Losses and Loss Settlement Expenses and Net Loss Ratio by Line of Business
    Twelve Months Ended December 31,   2024       2023  
    (In thousands, except ratios)     Net Losses           Net Losses    
        and Loss           and Loss    
    Net   Settlement   Net   Net   Settlement   Net
    Earned   Expenses   Loss   Earned   Expenses   Loss
    (Unaudited) Premiums   Incurred   Ratio   Premiums   Incurred   Ratio
    Commercial lines                      
    Other liability $    343,027     $    283,034       82.5 %   $ 320,762     $ 249,106       77.7 %
    Fire and allied lines        252,142             125,807       49.9       244,674       183,533       75.0  
    Automobile        239,964             138,517       57.7       208,874       176,667       84.6  
    Workers’ compensation          54,815               37,524       68.5       53,039       33,224       62.6  
    Surety          60,285               14,812       24.6       39,922       22,259       55.8  
    Miscellaneous             9,802                 5,742       58.6       2,702       940       34.8  
    Total commercial lines $    960,035     $    605,436       63.1 %   $ 869,973     $ 665,729       76.5 %
                           
    Personal lines                      
    Fire and allied lines $      14,237     $         8,325       58.5 %   $ 4,733     $ 3,402       71.9 %
    Automobile             1,214                     732       60.3 %     —       (837 )     NM  
    Miscellaneous                  10                     197       NM       22       (82 )     NM  
    Total personal lines $      15,461     $         9,254       59.9 %   $ 4,755     $ 2,483       52.2 %
    Assumed reinsurance        201,254             129,915       64.6       159,859       101,202       63.3  
    Total $ 1,176,750     $    744,605       63.3 %   $ 1,034,587     $ 769,414       74.4 %
                           

    The MIL Network –

  • MIL-OSI: Nasdaq Announces End-of-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date January 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 11, 2025 (GLOBE NEWSWIRE) — At the end of the settlement date of January 31, 2025, short interest in 3,109 Nasdaq Global MarketSM securities totaled 12,170,722,591 shares compared with 12,402,417,655 shares in 3,099 Global Market issues reported for the prior settlement date of January 15, 2025. The mid-January short interest represents 2.69 days compared with 2.56 days for the prior reporting period.

    Short interest in 1,621 securities on The Nasdaq Capital MarketSM totaled 2,410,655,463 shares at the end of the settlement date of January 31, 2025, compared with 2,424,890,788 shares in 1,635 securities for the previous reporting period. This represents a 1.00 day average daily volume; the previous reporting period’s figure was 1.00.

    In summary, short interest in all 4,730 Nasdaq® securities totaled 14,581,378,054 shares at the January 31, 2025 settlement date, compared with 4,734 issues and 14,827,308,443 shares at the end of the previous reporting period. This is 1.88 days average daily volume, compared with an average of 1.82 days for the prior reporting period.

    The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller.

    For more information on Nasdaq Short interest positions, including publication dates, visit http://www.nasdaq.com/quotes/short-interest.aspx or http://www.nasdaqtrader.com/asp/short_interest.asp.

    About Nasdaq:
    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.     

    Media Contact:
    Camille Stafford
    camille.stafford@nasdaq.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4cdababb-4379-4e9b-a7c2-9c802b5ee122

    NDAQO

    The MIL Network –

  • MIL-OSI: BlackLine Announces Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Feb. 11, 2025 (GLOBE NEWSWIRE) — BlackLine, Inc. (Nasdaq: BL), today announced financial results for the fourth quarter and full year ended December 31, 2024.

    “We believe our recent user conference and accelerating innovation are creating momentum for BlackLine,” said Owen Ryan, Co-CEO of BlackLine. “We’re making progress on our key Investor Day initiatives, including the rollout of Studio360, advancement of our public sector opportunity, and expansion of our industry-specific strategy. While we recognize the work ahead to achieve our full vision, our strategic investments are building a solid foundation for future growth.”

    “By focusing our innovation on the evolving needs of the Office of the CFO, we continue to unlock new market opportunities and enhance our strategic position,” said Therese Tucker, Co-CEO of BlackLine. “Through our Studio360 platform along with AI-powered solutions and capabilities, we’re delivering customer-focused innovation that we believe drive both our company’s financial performance and our customers’ ability to achieve greater operational efficiency across their finance and accounting organizations.”

    Fourth Quarter 2024 Financial Highlights

    • Total GAAP revenues of $169.5 million, an increase of 9% compared to the fourth quarter of 2023.
    • GAAP operating margin of 3.7%, compared to 8.2% in the fourth quarter of 2023.
    • Non-GAAP operating margin of 18.1%, compared to 24.8% in the fourth quarter of 2023.
    • GAAP net income attributable to BlackLine of $56.4 million, or $0.79 per diluted share compared to GAAP net income attributable to BlackLine of $22.1 million, or $0.32 per diluted share in the fourth quarter of 2023.
    • Non-GAAP net income attributable to BlackLine of $34.6 million, or $0.47 per diluted share compared to non-GAAP net income attributable to BlackLine of $51.5 million, or $0.69 per diluted share in the fourth quarter of 2023.
    • Operating cash flow of $43.8 million, compared to $42.2 million in the fourth quarter of 2023.
    • Free cash flow of $36.5 million, compared to $35.3 million in the fourth quarter of 2023.

    Full Year 2024 Financial Highlights

    • Total GAAP revenues of $653.3 million, an increase of 11% from 2023.
    • GAAP operating margin of 2.8%, compared to 2.4% in 2023.
    • Non-GAAP operating margin of 19.4%, compared to 16.5% in 2023.
    • GAAP net income attributable to BlackLine of $161.2 million, or $1.45 per diluted share compared to GAAP net income attributable to BlackLine of $52.8 million, or $0.81 per diluted share in 2023.
    • Non-GAAP net income attributable to BlackLine of $162.1 million, or $2.18 per diluted share compared to non-GAAP net income attributable to BlackLine of $145.2 million, or $1.96 per diluted share in 2023.
    • Operating cash flow of $190.8 million, compared to $126.6 million from 2023.
    • Free cash flow of $164.0 million, compared to $99.0 million from 2023.

    Fourth Quarter Key Metrics and Recent Business Highlights

    • BlackLine had a total of 4,443 customers at December 31, 2024.
    • Expanded the Company’s user base to 397,477 users at December 31, 2024.
    • Achieved a dollar-based net revenue retention rate of 102% at December 31, 2024.
    • Launched Studio360 Platform to drive future-ready financial operations for the Office of the CFO.
    • Recognized as a Leader in the 2024 IDC MarketScape for Worldwide Accounts Receivable Automation Applications for the Enterprise.
    • Recognized as Most Innovative FinTech Solution by the 2024 Tech Ascension Awards.
    • Appointed Stuart Van Houten as Chief Commercial Officer.
    • Welcomed Philippe Omer-Decugis as Senior Vice President and General Manager for Europe.
    • Announced 2024 Modern Accounting Award Winners at BeyondTheBlack.
    • Announced the planned retirement of BlackLine’s Chief Financial Officer and named successor.

    The financial results included in this press release are preliminary and subject to final review. Financial results will not be final until BlackLine files its Annual Report on Form 10-K for the period. Information about BlackLine’s use of non-GAAP financial measures is provided below under “Use of Non-GAAP Financial Measures.”

    Financial Outlook

    First Quarter 2025

    • Total GAAP revenue is expected to be in the range of $166 million to $168 million.
    • Non-GAAP operating margin is expected to be in the range of 16.5% to 17.5%.
    • Non-GAAP net income attributable to BlackLine is expected to be in the range of $28 million to $30 million, or $0.36 to $0.39 per share on 77.7 million diluted weighted average shares outstanding.

    Full Year 2025

    • Total GAAP revenue is expected to be in the range of $699 million to $705 million.
    • Non-GAAP operating margin is expected to be in the range of 21.0% to 22.0%.
    • Non-GAAP net income attributable to BlackLine is expected to be in the range of $155 million to $165 million, or $1.97 to $2.10 per share on 78.5 million diluted weighted average shares outstanding.

    Guidance for non-GAAP operating margin, non-GAAP net income attributable to BlackLine, and non-GAAP net income attributable to BlackLine per share excludes specified items from the corresponding GAAP financial measures as outlined below under “Use of Non-GAAP Financial Measures” and as detailed in the reconciliations of non-GAAP measures for historical periods. Reconciliations of non-GAAP operating margin, non-GAAP net income attributable to BlackLine, and non-GAAP net income attributable to BlackLine per share guidance to the most directly comparable U.S. GAAP measures are not available on a forward-looking basis without unreasonable efforts due to the unpredictability and complexity of the charges excluded from these non-GAAP financial measures. The Company expects the variability of the above items could have a significant, and potentially unpredictable, impact on its future GAAP operating margin, net income attributable to BlackLine, and net income attributable to BlackLine per share.

    Quarterly Conference Call

    BlackLine will hold a conference call to discuss its fourth quarter and full year 2024 results at 2:00 p.m. Pacific time on Tuesday, February 11, 2025. A live audio webcast will be accessible on BlackLine’s investor relations website at https://investors.blackline.com. Participants can preregister for the conference call. A replay of the webcast will be available at https://investors.blackline.com for 12 months. BlackLine has used, and intends to continue to use, its Investor Relations website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    About BlackLine

    BlackLine (Nasdaq: BL), the future-ready platform for the Office of the CFO, drives digital finance transformation by empowering organizations with accurate, efficient, and intelligent financial operations.

    BlackLine’s comprehensive platform addresses mission-critical processes, including record-to-report and invoice-to-cash, enabling unified and accurate data, streamlined and optimized processes, and real-time insight through visibility, automation, and AI. BlackLine’s proven, collaborative approach ensures continuous transformation, delivering immediate impact and sustained value. With a proven track record of innovation, industry-leading R&D investment, and world-class security practices, more than 4,400 customers across multiple industries partner with BlackLine to lead their organizations into the future.

    For more information, please visit blackline.com.

    Forward-looking Statements

    This release and the conference call referenced above contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “would,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. Forward-looking statements in this release and quarterly conference call include, but are not limited to, statements regarding BlackLine’s future financial and operational performance, including, without limitation, GAAP and non-GAAP guidance for the first quarter and full year of 2025, the impact of progress against certain key initiatives, our expectations for our business, including the demand environment, BlackLine’s addressable market, market position and pipeline, our international growth, and our relationships with our customers and partners, including opportunities to expand those relationships.

    Any forward-looking statements contained in this press release or the quarterly conference call are based upon BlackLine’s historical performance and its current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good-faith beliefs and assumptions as of that time with respect to future events, and are subject to risks and uncertainties. If any of these risks or uncertainties materialize or if any assumptions prove incorrect, actual performance or results may differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to risks related to the Company’s ability to attract new customers and expand sales to existing customers; the extent to which customers renew their subscription agreements or increase the number of users; the impact of current and future economic uncertainty and other unfavorable conditions in the Company’s industry or the global economy, the Company’s ability to manage growth and scale effectively, including entry into new geographies; the Company’s ability to provide successful enhancements, new features and modifications to its software solutions; the Company’s ability to develop new products and software solutions and the success of any new product and service introductions; the Company’s ability to effectively incorporate artificial intelligence and machine learning technologies (AI/ML) into its platform and business and the potential reputational harm or legal liability that may result from the use of AI/ML solutions and features; the success of the Company’s strategic relationships with technology vendors and business process outsourcers, channel partners and alliance partners; any breaches of the Company’s security measures; a disruption in the Company’s hosting network infrastructure; costs and reputational harm that could result from defects in the Company’s solutions; the loss of any key employees; continued strong demand for the Company’s software in the United States, Europe, Asia Pacific, and Latin America; the Company’s ability to compete as the financial close management provider for organizations of all sizes; the timing and success of solutions offered by competitors; including competitors’ ability to incorporate AI/ML into products and offerings more quickly or successfully; changes in the proportion of the Company’s customer base that is comprised of enterprise or mid-sized organizations; the Company’s ability to expand and effectively manage its sales teams and their performance and productivity; fluctuations in our financial results due to long and increasingly variable sales cycles, failure to protect the Company’s intellectual property; the Company’s ability to integrate acquired businesses and technologies successfully or achieve the expected benefits of such transactions; unpredictable and uncertain macro and regional economic conditions; seasonality; changes in current tax or accounting rules; cyber attacks and the risk that the Company’s security measures may not be sufficient to secure its customer or confidential data adequately; acts of terrorism or other vandalism, war or natural disasters including the effects of climate change; the impact of any determination of deficiencies or weaknesses in our internal controls and processes; and other risks and uncertainties described in the other filings we make with the Securities and Exchange Commission from time to time, including the risks described under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the Securities and Exchange Commission on November 8, 2024. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2024. Forward-looking statements should not be read as a guarantee of future performance or results, and you should not place undue reliance on such statements. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. All of the information in this press release is subject to completion of our quarterly review process.

    Use of Non-GAAP Financial Measures

    To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles, or GAAP, BlackLine has provided in this release and the quarterly conference call held on February 11, 2025, certain financial measures that have not been prepared in accordance with GAAP defined as “non-GAAP financial measures,” which include (i) non-GAAP gross profit and non-GAAP gross margin, (ii) non-GAAP operating expenses, (iii) non-GAAP operating income (loss) and non-GAAP operating margin, (iv) non-GAAP net income (loss) attributable to BlackLine, Inc., (v) diluted non-GAAP net income (loss) attributable to BlackLine, Inc. per share, and (vi) free cash flow.

    BlackLine’s management uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to the corresponding GAAP measures, in evaluating BlackLine’s ongoing operational performance and trends and in comparing its financial measures with other companies in the same industry, many of which present similar non-GAAP financial measures to help investors understand the operational performance of their businesses. However, it is important to note that the particular items BlackLine excludes from, or includes in, its non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures has been provided in the tables included as part of this press release.

    Non-GAAP Gross Profit and Non-GAAP Gross Margin. Non-GAAP gross profit is defined as GAAP revenues less GAAP cost of revenue adjusted for amortization of acquired developed technology, stock-based compensation, and transaction-related costs (including, but not limited to, accounting, legal, and advisory fees related to the transaction, as well as transaction-related retention bonuses). Non-GAAP gross margin is defined as non-GAAP gross profit divided by GAAP revenues. BlackLine believes that presenting non-GAAP gross profit and non-GAAP gross margin is useful to investors as it eliminates the impact of certain non-cash expenses and allows a direct comparison between periods.

    Non-GAAP Operating Expenses. Non-GAAP operating expenses include (a) non-GAAP sales and marketing expense, (b) non-GAAP research and development expense, and (c) non-GAAP general and administrative expense. Non-GAAP sales and marketing expense is defined as GAAP sales and marketing expense adjusted for amortization of intangible assets, stock-based compensation, and transaction-related costs. Non-GAAP research and development expense is defined as GAAP research and development expense adjusted for stock-based compensation and transaction-related costs. Non-GAAP general and administrative expense is defined as GAAP general and administrative expense adjusted for amortization of intangible assets, stock-based compensation, change in fair value of contingent consideration, transaction-related costs, and legal settlement gains or costs. BlackLine believes that presenting each of the non-GAAP operating expenses is useful to investors as it eliminates the impact of certain cash and non-cash expenses and allows a direct comparison of operating expenses between periods.

    Non-GAAP Income (Loss) from Operations and Non-GAAP Operating Margin. Non-GAAP income (loss) from operations is defined as GAAP income (loss) from operations adjusted for amortization of intangible assets, stock-based compensation, change in fair value of contingent consideration, transaction-related costs, legal settlement gains or costs, and restructuring costs. Non-GAAP operating margin is defined as non-GAAP income (loss) from operations divided by GAAP revenues. BlackLine believes that presenting non-GAAP income (loss) from operations and non-GAAP operating margin is useful to investors as it eliminates the impact of items that have been impacted by the Company’s acquisitions and other related costs in order to allow a direct comparison of income (loss) from operations between all periods presented.

    Non-GAAP Net Income (Loss) Attributable to BlackLine and Diluted Non-GAAP Net Income (Loss) Attributable to BlackLine, Inc. Per Share. Non-GAAP net income (loss) attributable to BlackLine is defined as GAAP net income (loss) attributable to BlackLine adjusted for the impact of the provision for (benefit from) income taxes related to acquisitions, amortization of intangible assets, stock-based compensation, amortization of debt issuance costs from our convertible senior notes, change in fair value of contingent consideration, transaction-related costs, legal settlement gains or costs, restructuring costs, adjustment to the redeemable non-controlling interest to the redemption amount, and gain on extinguishment of convertible senior notes. Diluted non-GAAP net income (loss) attributable to BlackLine, Inc. per share includes the adjustment for shares resulting from the elimination of stock-based compensation. BlackLine believes that presenting non-GAAP net income (loss) attributable to BlackLine is useful to investors as it eliminates the impact of items that have been impacted by the Company’s acquisitions and other related costs to allow a direct comparison of net income (loss) between all periods presented.

    Free Cash Flow. Free cash flow is defined as cash flows provided by (used in) operating activities less cash flows used to purchase property and equipment, financed and otherwise, capitalized software development, and intangible assets. BlackLine believes that presenting free cash flow is useful to investors as it provides a measure of the Company’s liquidity used by management to evaluate the amount of cash generated by the Company’s business including the impact of purchases of property and equipment and cost of capitalized software development.

    Use of Operating Metrics

    BlackLine has provided in this release and the quarterly conference call held on February 11, 2025 certain operating metrics, including (i) number of customers, (ii) number of users, and (iii) dollar-based net revenue retention rate, which BlackLine uses to evaluate its business, measure its performance, identify trends affecting its business, formulate financial projections and make strategic decisions. These operating metrics exclude the impact of certain Runbook licensed customers and users who are on perpetual license agreements and did not have an active subscription agreement with BlackLine as of December 31, 2024.

    Dollar-based Net Revenue Retention Rate. Dollar-based net revenue retention rate is calculated as the implied monthly subscription and support revenue at the end of a period for the base set of customers from which the Company generated subscription revenue in the year prior to the calculation, divided by the implied monthly subscription and support revenue one year prior to the date of calculation for that same customer base. This calculation does not reflect implied monthly subscription and support revenue for new customers added during the one-year period but does include the effect of customers who terminated during the period. Implied monthly subscription and support revenue is defined as the total amount of minimum subscription and support revenue contractually committed to, under each of BlackLine’s customer agreements over the entire term of the agreement, divided by the number of months in the term of the agreement. BlackLine believes that dollar-based net revenue retention rate is an important metric to measure the long-term value of customer agreements and the Company’s ability to retain and grow its relationships with existing customers over time.

    Number of Customers. A customer is defined as a company that contributes to our subscription and support revenue as of the measurement date. In situations where an organization has multiple subsidiaries or divisions, each entity that is invoiced as a separate entity is treated as a separate customer. In an instance where an existing customer requests its invoice be divided for the sole purpose of restructuring its internal billing arrangement without any incremental increase in revenue, such customer continues to be treated as a single customer. BlackLine believes that its ability to expand its customer base is an indicator of the Company’s market penetration and the growth of its business.

    Number of Users. Historically, BlackLine’s products were priced based on the number of users of its platform. Over time, the Company has begun to sell an increasing number of non-user based products with fixed or transaction-based pricing. For this reason, we believe the growth in the number of total users is less correlated to the growth of the business overall.

    Media Contact:
    Samantha Darilek
    samantha.darilek@blackline.com

    Investor Relations Contact:
    Matt Humphries, CFA
    matt.humphries@blackline.com

    BlackLine, Inc.
    Consolidated Balance Sheets
    (in thousands)
    (unaudited)
     
      December 31, 2024   December 31, 2023
    ASSETS
    Current assets:      
    Cash and cash equivalents $ 885,915     $ 271,117  
    Marketable securities   —       933,355  
    Accounts receivable, net of allowances   178,141       171,608  
    Prepaid expenses and other current assets   28,348       31,244  
    Total current assets   1,092,404       1,407,324  
    Capitalized software development costs, net   45,448       37,828  
    Property and equipment, net   11,840       14,867  
    Intangible assets, net   59,520       79,056  
    Goodwill   448,965       448,965  
    Operating lease right-of-use assets   22,772       19,173  
    Deferred tax assets, net   53,208       145  
    Other assets   90,879       93,407  
    Total assets $ 1,825,036     $ 2,100,765  
    LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, AND STOCKHOLDERS’ EQUITY
    Current liabilities:      
    Accounts payable $ 8,463     $ 8,623  
    Accrued expenses and other current liabilities   71,574       59,690  
    Deferred revenue, current   338,615       320,133  
    Finance lease liabilities, current   66       778  
    Operating lease liabilities, current   3,525       4,108  
    Convertible senior notes, net, current   —       249,233  
    Total current liabilities   422,243       642,565  
    Finance lease liabilities, noncurrent   53       4  
    Operating lease liabilities, noncurrent   20,283       15,738  
    Convertible senior notes, net, noncurrent   892,675       1,140,608  
    Deferred tax liabilities, net   4,532       6,394  
    Deferred revenue, noncurrent   1,390       904  
    Other long-term liabilities   708       3,608  
    Total liabilities   1,341,884       1,809,821  
    Commitments and contingencies      
    Redeemable non-controlling interest   36,483       30,063  
    Stockholders’ equity:      
    Common stock   628       615  
    Additional paid-in capital   495,391       474,863  
    Accumulated other comprehensive income (loss)   (361 )     205  
    Accumulated deficit   (48,989 )     (214,802 )
    Total stockholders’ equity   446,669       260,881  
    Total liabilities, redeemable non-controlling interest, and stockholders’ equity $ 1,825,036     $ 2,100,765  
           
    BlackLine, Inc.
    Consolidated Statements of Operations
    (in thousands, except per share data)
    (unaudited)
     
      Quarter Ended   Year Ended
      December 31,   December 31,
        2024       2023       2024       2023  
    Revenues              
    Subscription and support $ 160,988     $ 147,155     $ 619,287     $ 555,516  
    Professional services   8,472       8,575       34,049       34,480  
    Total revenues   169,460       155,730       653,336       589,996  
    Cost of revenues              
    Subscription and support   34,833       31,373       135,308       121,308  
    Professional services   6,581       6,239       26,657       25,485  
    Total cost of revenues   41,414       37,612       161,965       146,793  
    Gross profit   128,046       118,118       491,371       443,203  
    Operating expenses              
    Sales and marketing   64,769       56,898       248,347       243,154  
    Research and development   24,588       22,578       100,973       103,207  
    General and administrative   32,480       24,676       121,795       71,530  
    Restructuring costs   (8 )     1,151       1,720       10,964  
    Total operating expenses   121,829       105,303       472,835       428,855  
    Income from operations   6,217       12,815       18,536       14,348  
    Other income (expense)              
    Interest income   9,399       14,822       49,808       52,059  
    Interest expense   (2,523 )     (1,484 )     (8,758 )     (5,898 )
    Gain on extinguishment of convertible senior notes   —       —       65,112       —  
    Other income, net   6,876       13,338       106,162       46,161  
    Income before income taxes   13,093       26,153       124,698       60,509  
    Provision for (benefit from) income taxes   (50,374 )     1,901       (43,067 )     1,450  
    Net income   63,467       24,252       167,765       59,059  
    Net income attributable to redeemable non-controlling interest   670       293       1,952       892  
    Adjustment attributable to redeemable non-controlling interest   6,380       1,890       4,639       5,334  
    Net income attributable to BlackLine, Inc. $ 56,417     $ 22,069     $ 161,174     $ 52,833  
    Basic net income attributable to BlackLine, Inc. per share $ 0.90     $ 0.36     $ 2.59     $ 0.87  
    Shares used to calculate basic net income per share   62,640       61,391       62,129       60,849  
    Diluted net income attributable to BlackLine, Inc. per share $ 0.79     $ 0.32     $ 1.45     $ 0.81  
    Shares used to calculate diluted net income per share   74,610       72,470       73,503       72,045  
    BlackLine, Inc.
    Consolidated Statements of Cash Flows
    (in thousands)
    (unaudited)
     
      Quarter Ended   Year Ended
      December 31,   December 31,
        2024       2023       2024       2023  
    Cash flows from operating activities              
    Net income attributable to BlackLine, Inc. $ 56,417     $ 22,069     $ 161,174     $ 52,833  
    Net income and adjustment attributable to redeemable non-controlling interest   7,050       2,183       6,591       6,226  
    Net income   63,467       24,252       167,765       59,059  
    Adjustments to reconcile net income to net cash provided by operating activities:              
    Depreciation and amortization   12,120       12,825       50,345       50,099  
    Change in fair value of contingent consideration   —       —       —       (33,549 )
    Amortization of debt issuance costs   849       1,398       4,486       5,535  
    Stock-based compensation   19,340       17,505       83,251       77,970  
    Gain on extinguishment of convertible senior notes   —       —       (65,112 )     —  
    Noncash lease expense   1,611       1,728       6,221       6,453  
    Accretion of purchase discounts on marketable securities, net   (326 )     (8,885 )     (18,441 )     (33,884 )
    Net foreign currency (gains) losses   (81 )     (29 )     279       853  
    Deferred income taxes   (53,323 )     281       (54,802 )     (1,525 )
    Provision for (benefit from) credit losses   70       (1 )     84       (18 )
    Changes in operating assets and liabilities:              
    Accounts receivable   (43,317 )     (41,300 )     (7,552 )     (20,855 )
    Prepaid expenses and other current assets   (1,609 )     (4,449 )     2,742       (6,599 )
    Other assets   298       (1,947 )     2,505       (595 )
    Accounts payable   4,333       4,341       (1,123 )     (5,104 )
    Accrued expenses and other current liabilities   3,968       (2,111 )     7,087       (924 )
    Deferred revenue   37,819       42,536       18,968       41,271  
    Contingent consideration paid in excess of original estimates   —       (2,393 )     —       (2,393 )
    Operating lease liabilities   (1,563 )     (1,936 )     (5,963 )     (7,171 )
    Lease incentive receipts   —       —       —       240  
    Other long-term liabilities   138       354       96       (2,250 )
    Net cash provided by operating activities   43,794       42,169       190,836       126,613  
    Cash flows from investing activities              
    Purchases of marketable securities   —       (360,866 )     (396,104 )     (1,343,331 )
    Proceeds from maturities of marketable securities   121,289       363,521       1,023,286       1,319,821  
    Proceeds from sales of marketable securities   —       —       324,098       —  
    Capitalized software development costs   (6,513 )     (4,807 )     (24,714 )     (21,644 )
    Purchases of property and equipment   (756 )     (2,026 )     (2,126 )     (5,953 )
    Acquisition, net of cash acquired   —       (9 )     —       (11,376 )
    Net cash provided by (used in) investing activities   114,020       (4,187 )     924,440       (62,483 )
    Cash flows from financing activities              
    Proceeds from issuance of convertible senior notes, net of issuance costs   —       —       661,979       —  
    Partial repurchase of convertible senior notes   —       —       (848,519 )     —  
    Repayment of convertible senior notes   —       —       (250,000 )     —  
    Purchase of capped calls related to convertible senior notes   —       —       (59,738 )     —  
    Principal payments under finance lease obligations   (228 )     (255 )     (999 )     (990 )
    Proceeds from exercises of stock options   4,553       775       7,591       19,762  
    Proceeds from employee stock purchase plan   2,757       2,719       7,006       8,010  
    Acquisition of common stock for tax withholding obligations   (3,861 )     (885 )     (17,465 )     (15,029 )
    Payment of contingent consideration   —       (5,607 )     —       (5,607 )
    Net cash provided by (used in) financing activities   3,221       (3,253 )     (500,145 )     6,146  
    Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash   (403 )     151       (347 )     (120 )
    Net increase in cash, cash equivalents, and restricted cash   160,632       34,880       614,784       70,156  
    Cash, cash equivalents, and restricted cash, beginning of period   725,515       236,483       271,363       201,207  
    Cash, cash equivalents, and restricted cash, end of period $ 886,147     $ 271,363     $ 886,147     $ 271,363  
                   
    Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets              
    Cash and cash equivalents at end of period $ 885,915     $ 271,117     $ 885,915     $ 271,117  
    Restricted cash included within other assets at end of period   232       246       232       246  
    Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows $ 886,147     $ 271,363     $ 886,147     $ 271,363  
    BlackLine, Inc.
    Calculation of Diluted Net Income Per Share
    (in thousands, except per share data)
    (unaudited)
     
      Quarter Ended   Year Ended
      December 31,   December 31,
          2024       2023       2024       2023  
    Diluted Net Income per Share                
    Numerator:                
    Net income attributable to BlackLine, Inc.   $ 56,417     $ 22,069     $ 161,174     $ 52,833  
    Interest expense, net of taxes     2,305       1,458       7,804       5,716  
    Gain on extinguishment of convertible senior notes, net of taxes     —       —       (62,147 )     —  
    Net income attributable to BlackLine, Inc. for diluted calculation   $ 58,722     $ 23,527     $ 106,831     $ 58,549  
    Denominator:                
    Shares used to calculate diluted net income per share     74,610       72,470       73,503       72,045  
    Diluted net income attributable to BlackLine, Inc. per share   $ 0.79     $ 0.32     $ 1.45     $ 0.81  
                     
    BlackLine, Inc.
    Reconciliations of Non-GAAP Financial Measures
    (in thousands, except percentages and per share data)
    (unaudited)
     
        Quarter Ended   Year Ended
        December 31,   December 31,
          2024       2023       2024       2023  
    Non-GAAP Gross Profit:                
    Gross profit   $ 128,046     $ 118,118     $ 491,371     $ 443,203  
    Amortization of acquired developed technology     3,243       3,419       13,370       12,438  
    Stock-based compensation     3,561       3,121       13,347       12,440  
    Transaction-related costs     25       132       151       478  
    Total non-GAAP gross profit   $ 134,875     $ 124,790     $ 518,239     $ 468,559  
    Gross margin     75.6 %     75.8 %     75.2 %     75.1 %
    Non-GAAP gross margin     79.6 %     80.1 %     79.3 %     79.4 %
                     
    Non-GAAP Operating Income:                
    Operating income   $ 6,217     $ 12,815     $ 18,536     $ 14,348  
    Amortization of intangible assets     4,305       5,249       19,886       20,608  
    Stock-based compensation     20,138       18,101       86,097       80,068  
    Change in fair value of contingent consideration     —       —       —       (33,549 )
    Transaction-related costs     —       1,246       568       5,078  
    Restructuring costs     (8 )     1,151       1,720       10,964  
    Total non-GAAP operating income   $ 30,652     $ 38,562     $ 126,807     $ 97,517  
    GAAP operating margin     3.7 %     8.2 %     2.8 %     2.4 %
    Non-GAAP operating margin     18.1 %     24.8 %     19.4 %     16.5 %
                     
    Non-GAAP Net Income Attributable to BlackLine, Inc.:                
    Net income attributable to BlackLine, Inc.   $ 56,417     $ 22,069     $ 161,174     $ 52,833  
    Provision for (benefit from) income taxes     (53,351 )     526       (50,948 )     (1,196 )
    Amortization of intangible assets     4,305       5,249       19,886       20,608  
    Stock-based compensation     20,044       17,981       85,654       79,588  
    Amortization of debt issuance costs     849       1,398       4,486       5,535  
    Change in fair value of contingent consideration     —       —       —       (33,549 )
    Transaction-related costs     —       1,246       568       5,078  
    Restructuring costs     (8 )     1,151       1,720       10,964  
    Adjustment to redeemable non-controlling interest     6,380       1,890       4,639       5,334  
    Gain on extinguishment of convertible senior notes     —       —       (65,112 )     —  
    Total non-GAAP net income attributable to BlackLine, Inc.   $ 34,636     $ 51,510     $ 162,067     $ 145,195  
                     
    Basic Non-GAAP Net Income Attributable to BlackLine, Inc. per share                
    Basic non-GAAP net income attributable to BlackLine, Inc. per share   $ 0.55     $ 0.84     $ 2.61     $ 2.39  
    Shares used to calculate basic non-GAAP net income per share     62,640       61,391       62,129       60,849  
                     
    Diluted Non-GAAP Net Income Attributable to BlackLine, Inc. per share                
    Numerator:                
    Non-GAAP net income attributable to BlackLine, Inc.   $ 34,636     $ 51,510     $ 162,067     $ 145,195  
    Interest expense, net of taxes     1,539       77       3,909       306  
    Non-GAAP net income attributable to BlackLine, Inc. for diluted calculation   $ 36,175     $ 51,587     $ 165,976     $ 145,501  
    Denominator:                
    Shares used to calculate diluted non-GAAP net income per share     77,324       74,603       76,124       74,382  
    Diluted non-GAAP net income attributable to BlackLine, Inc. per share   $ 0.47     $ 0.69     $ 2.18     $ 1.96  
                     
    Non-GAAP Sales and Marketing Expense:                
    Sales and marketing expense   $ 64,769     $ 56,898     $ 248,347     $ 243,154  
    Amortization of intangible assets     (983 )     (1,751 )     (6,201 )     (6,791 )
    Stock-based compensation     (6,260 )     (5,364 )     (25,428 )     (24,152 )
    Transaction-related costs     (136 )     (110 )     (320 )     (397 )
    Total non-GAAP sales and marketing expense   $ 57,390     $ 49,673     $ 216,398     $ 211,814  
                     
    Non-GAAP Research and Development Expense:                
    Research and development expense   $ 24,588     $ 22,578     $ 100,973     $ 103,207  
    Stock-based compensation     (3,390 )     (1,813 )     (13,345 )     (13,095 )
    Transaction-related costs     170       (833 )     (46 )     (2,857 )
    Total non-GAAP research and development expense   $ 21,368     $ 19,932     $ 87,582     $ 87,255  
                     
    Non-GAAP General and Administrative Expense:                
    General and administrative expense   $ 32,480     $ 24,676     $ 121,795     $ 71,530  
    Amortization of intangible assets     (79 )     (79 )     (315 )     (1,379 )
    Stock-based compensation     (6,927 )     (7,803 )     (33,977 )     (30,381 )
    Change in fair value of contingent consideration     —       —       —       33,549  
    Transaction-related costs     (9 )     (171 )     (51 )     (1,346 )
    Total non-GAAP general and administrative expense   $ 25,465     $ 16,623     $ 87,452     $ 71,973  
                     
    Total Non-GAAP Operating Expenses   $ 104,223     $ 86,228     $ 391,432     $ 371,042  
                     
    Free Cash Flow                
    Net cash provided by operating activities   $ 43,794     $ 42,169     $ 190,836     $ 126,613  
    Capitalized software development costs     (6,513 )     (4,807 )     (24,714 )     (21,644 )
    Purchases of property and equipment     (756 )     (2,026 )     (2,126 )     (5,953 )
    Free cash flow   $ 36,525     $ 35,336     $ 163,996     $ 99,016  
                     

    The MIL Network –

  • MIL-OSI USA: NASA’s Mini Rover Team Is Packed for Lunar Journey

    Source: NASA

    [embedded content]
    A team at JPL packed up three small Moon rovers, delivering them in February to the facility where they’ll be attached to a commercial lunar lander in preparation for launch. The rovers are part of a project called CADRE that could pave the way for potential future multirobot missions.. NASA/JPL-Caltech

    A trio of suitcase-size rovers and their base station have been carefully wrapped up and shipped off to join the lander that will deliver them to the Moon’s surface.
    Three small NASA rovers that will explore the lunar surface as a team have been packed up and shipped from the agency’s Jet Propulsion Laboratory in Southern California, marking completion of the first leg of the robots’ journey to the Moon.
    The rovers are part of a technology demonstration called CADRE (Cooperative Autonomous Distributed Robotic Exploration), which aims to show that a group of robots can collaborate to gather data without receiving direct commands from mission controllers on Earth. They’ll use their cameras and ground-penetrating radars to send back imagery of the lunar surface and subsurface while testing out the novel software that enables them to work together autonomously.
    The CADRE rovers will launch to the Moon aboard IM-3, Intuitive Machines’ third lunar delivery, which has a mission window that extends into early 2026, as part of NASA’s CLPS (Commercial Lunar Payload Services) initiative. Once installed on Intuitive Machines’ Nova-C lander, they’ll head to the Reiner Gamma region on the western edge of the Moon’s near side, where the solar-powered, suitcase-size rovers will spend the daylight hours of a lunar day (the equivalent of about 14 days on Earth) carrying out experiments. The success of CADRE could pave the way for potential future missions with teams of autonomous robots supporting astronauts and spreading out to take simultaneous, distributed scientific measurements.

    Construction of the CADRE hardware — along with a battery of rigorous tests to prove readiness for the journey through space — was completed in February 2024.
    To get prepared for shipment to Intuitive Machines’ Houston facility, each rover was attached to its deployer system, which will lower it via tether from the lander onto the dusty lunar surface. Engineers flipped each rover-deployer pair over and attached it to an aluminum plate for safe transit. The rovers were then sealed in protective metal-frame enclosures that were fitted snuggly into metal shipping containers and loaded onto a truck. The hardware arrived safely on Sunday, Feb. 9.
    “Our small team worked incredibly hard constructing these robots and putting them to the test, and we have been eagerly waiting for the moment where we finally see them on their way,” said Coleman Richdale, the team’s assembly, test, and launch operations lead at JPL. “We are all genuinely thrilled to be taking this next step in our journey to the Moon, and we can’t wait to see the lunar surface through CADRE’s eyes.”
    The rovers, the base station, and a camera system that will monitor CADRE experiments on the Moon will be integrated with the lander — as will several other NASA payloads — in preparation for the launch of the IM-3 mission.
    More About CADRE
    A division of Caltech in Pasadena, California, JPL manages CADRE for the Game Changing Development program within NASA’s Space Technology Mission Directorate. The technology demonstration was selected under the agency’s Lunar Surface Innovation Initiative, which was established to expedite the development of technologies for sustained presence on the lunar surface. NASA’s Science Mission Directorate manages the CLPS initiative. The agency’s Glenn Research Center in Cleveland and its Ames Research Center in Silicon Valley, California, both supported the project. Motiv Space Systems designed and built key hardware elements at the company’s Pasadena facility. Clemson University in South Carolina contributed research in support of the project.
    For more about CADRE, go to:
    https://go.nasa.gov/cadre
    News Media Contact
    Melissa PamerJet Propulsion Laboratory, Pasadena, Calif.626-314-4928melissa.pamer@jpl.nasa.gov
    2025-018

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Mangham: A Warm Welcome to the 2025 Legislative Session 

    Source: US State of Georgia

    We’re now a quarter of the way through the 2025 Legislative Session, and every day under the Gold Dome, I am reminded why I fight for the people of the 55th Senate District. We began the legislative session on Monday, January 13, and we have hit the ground running with committee meetings, bill hearings and debates. This week marked a major turning point as committees met to take up some of our state’s most pressing issues, from education to healthcare to economic opportunity.

    Over the remaining 30 legislative days, I’m committed to fighting for policies that create a more equitable and inclusive Georgia for all its residents. I am honored to serve on the Senate Committees on Banking and Financial Institutions, Health and Human Services, Interstate Cooperation, Retirement, State and Local Governmental Operations, and MARTOC where we will address pressing issues that affect all Georgians.

    During our first week of session, Governor Brian Kemp delivered his annual State of the State address to a joint session of the Senate and House chambers. While we may not always agree, I look forward to working on areas where we can find common ground, including pay raises for teachers, state employees and first responders, as well as efforts to strengthen our healthcare workforce. Georgia must ensure that every resident has access to affordable healthcare, expand opportunities for quality public education, invest in renewable energy solutions, and address the growing need for affordable housing. These priorities are critical for building a more prosperous and equitable Georgia.

    In January, the Senate Democratic Caucus announced several key legislative priorities for this session. We introduced Senate Bill 50, a bipartisan effort to close health insurance gaps, expand access to mental health and maternal care and ensure working families can afford quality healthcare. Too many Georgians rely on emergency rooms for primary care because they lack affordable insurance. Healthcare should be a right, not a privilege, and we will continue advocating for policies that lower costs and expand coverage. In the coming weeks, our caucus will introduce bills to raise the state minimum wage, strengthen public schools, and improve access to affordable childcare.

    Beyond legislative work, it has been an honor to welcome so many incredible Georgians to the Capitol. Last month, we welcomed members of the Gwinnett Chamber of Commerce to celebrate the economic achievements of businesses in our district. Gwinnett is a vibrant hub of innovation and growth, and I am proud to support policies that strengthen our local economy. This week, we honored Rosa Parks and her legacy. Her courage and activism sparked the civil rights movement, and we remain deeply grateful for her contributions to justice and equality.

    I also want to encourage students between 12 and 18 to apply for the Senate Page Program. This is a unique opportunity for young people to see how our government operates firsthand. I highly encourage students who are passionate about civic engagement to apply. You can find more details here.

    With the clock ticking for the remainder of the 2025 Session, I promise to keep fighting for a more just and equitable Georgia. I am grateful for your trust, and I urge you to stay engaged. Call, email, or visit my office with questions or concerns.

    # # # #

    Sen. Randal Mangham represents the 55th Senate District which includes portions of Gwinnett and Dekalb County. He may be reached by phone at (404) 657-4640 or by email at Randal.Mangham@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI: Jeffersonville Bancorp Announces Fourth Quarter and Record Full Year Earnings of $11,330,000 or $2.68 per share; Declares Dividend of $0.15

    Source: GlobeNewswire (MIL-OSI)

    JEFFERSONVILLE, N.Y., Feb. 11, 2025 (GLOBE NEWSWIRE) — Jeffersonville Bancorp, Inc. (OTCQB – JFBC) announced today net income for the year ended December 31, 2024 was $11,330,000 or $2.68 per share compared to $11,175,000 or $2.64 per share for the same period in 2023. This represents an increase of $155,000. The increase in full year net income was primarily attributable to an increase in loan interest and fees of $1,679,000 and an increase in unrealized gain on securities of $184,000. These gains were partially offset by a decrease in securities and other interest and dividends of $591,000, an increase in interest expense of $575,000, and an increase in total non-interest expenses of $903,000 compared to the same period in 2023. Other items affecting comparative results were a one-time realized loss on securities of $785,000 partially offset by a one-time negative provision for credit losses of $527,000 recorded in 2023.

    Net income for the fourth quarter was $2,654,000 or $0.63 per share compared to $2,347,000 or $0.56 per share for the same quarter in 2023. The increase in quarterly net income compared to 2023 of $307,000 was primarily attributable to a decrease in interest expense of $563,000 and a decrease in credit loss expense of $205,000, partially offset by a decrease in interest and dividend income of $274,000, an increase in total non-interest expense of $134,000, and an increase in tax expense of $75,000.

    “I am very pleased to report that our full year results represented the third consecutive year of record earnings for the Company,” said George W. Kinne, Jr., President and CEO. “Jeff Bank’s return on assets (ROA) was the third highest of publicly traded banks in New York State and 53% higher than the average of all 1,297 insured commercial banks in the United States with assets between $300 million and $1 billion in 2024. This is owing in large part to the Company’s strong core deposit base, which limited our use, and by the end of the year, the elimination of expensive wholesale funding. We accomplished this while maintaining a leverage capital ratio of 13.87%, which is 20-30% higher than the average of those peers.”

    A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the February 11, 2025 meeting of the Board of Directors. The dividend is payable on March 5, 2025 to stockholders of record at the close of business on February 25, 2025.

    Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains ten full-service branches in Sullivan and Orange County, New York located in Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Monticello, Port Jervis, White Lake, and Wurtsboro.

    For More Information, call: 845-482-4000

    Contact: George W. Kinne, Jr., President – CEO

    The MIL Network –

  • MIL-OSI: Ninepoint 2023 Flow-Through Limited Partnership and Ninepoint 2023 Short Duration Flow-Through Limited Partnership Announce Completion of Rollover Transaction

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) — Ninepoint 2023 Flow-Through Limited Partnership (the “2023 Partnership”) and Ninepoint 2023 Short Duration Flow-Through Limited Partnership (the “2023-II Partnership”, and together with the 2023 Partnership, the “Partnerships” and each a “Partnership”), announced today that the Partnerships had completed the tax-deferred transfer of the assets (the “Mutual Fund Rollover Transaction”) into Ninepoint Resource Fund Class (the “Resource Class”) of Ninepoint Corporate Fund Inc., as discussed in the Partnerships’ press release of November 29, 2024.

    Rollover of the 2023 Partnership

    2,198,945 Series A shares of the Resource Class were issued at their net asset value of $6.532098 per share. The final net asset value per Partnership Class A unit for purposes of the Mutual Fund Rollover Transaction was $13.346805 per Partnership unit. Accordingly, each holder of Partnership Class A units will receive 2.043263 Resource Class Series A shares for each Partnership Class A unit held. The adjusted cost base for each Partnership Class A unit was $12.203250 per Partnership unit and the adjusted cost base for each allocated Resource Class Series A share was $5.972432 per share.  

    542,384 Series F shares of the Resource Class were issued at their net asset value of $6.754320 per share. The final net asset value per Partnership Class F unit for purposes of the Mutual Fund Rollover Transaction was $13.969593 per Partnership unit. Accordingly, each holder of Partnership Class F units will receive 2.068245 Resource Class Series F shares for each Partnership Class F unit held. The adjusted cost base for each Partnership Class F unit was $13.149000 per Partnership unit and the adjusted cost base for each allocated Resource Class Series F share was $6.357564 per share.  

    Rollover of the 2023-II Partnership

    1,640,398 Series A shares of the Resource Class were issued at their net asset value of $6.532098 per share. The final net asset value per Partnership Class A unit for purposes of the Mutual Fund Rollover Transaction was $17.343500 per Partnership unit. Accordingly, each holder of Partnership Class A units will receive 2.655118 Resource Class Series A shares for each Partnership Class A unit held. The adjusted cost base for each Partnership Class A unit was $12.361822 per Partnership unit and the adjusted cost base for each allocated Resource Class Series A share was $4.655847 per share.  

    520,050 Series F shares of the Resource Class were issued at their net asset value of $6.754320 per share. The final net asset value per Partnership Class F unit for purposes of the Mutual Fund Rollover Transaction was $18.009390 per Partnership unit. Accordingly, each holder of Partnership Class F units will receive 2.666351 Resource Class Series F shares for each Partnership Class F unit held. The adjusted cost base for each Partnership Class F unit was $13.212400 per Partnership unit and the adjusted cost base for each allocated Resource Class Series F share was $4.955237 per share.  

    For investors looking for another tax-advantaged investment, Ninepoint Partners LP has filed and received a receipt for a final prospectus dated January 30, 2025 offering limited partnership units of a new flow-through limited partnership, Ninepoint 2025 Flow-Through Limited Partnership. The prospectus contains important detailed information about the securities being offered. Investors should read the prospectus before making an investment decision.

    The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering or tax, legal, accounting or professional advice. Readers should consult with their own accountants and/or lawyers for advice on the specific circumstances before taking any action.

    Additional information: The prospectus for the Resource Class is available at www.sedarplus.ca and www.ninepoint.com. Information about the Ninepoint 2025 Flow-Through Limited Partnership is available through the dealers or by contacting us at (866) 299-9906 or invest@ninepoint.com.

    About Ninepoint Partners LP

    Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

    For more information on Ninepoint Partners LP, please visit www.ninepoint.com or for inquiries regarding the offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

    The MIL Network –

  • MIL-OSI: Kentucky First Federal Bancorp Reports Earnings

    Source: GlobeNewswire (MIL-OSI)

    HAZARD, Ky. and FRANKFORT, Ky. and DANVILLE, Ky. and LANCASTER, Ky., Feb. 11, 2025 (GLOBE NEWSWIRE) — Kentucky First Federal Bancorp (Nasdaq: KFFB), the holding company (the “Company”) for First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky, Frankfort, Kentucky, announced net income of $13,000 or $0.00 diluted earnings per share for the three months ended December 31, 2024, compared to a net loss of $361,000 or $(0.05) diluted earnings per share for the three months ended December 31, 2023, an increase of $374,000 or 103.6%. A net loss of $2,000 or $(0.00) diluted earnings per share was announced for the six months ended December 31, 2024 compared to a net loss of $536,000 or $(0.07) diluted earnings per share for the six months ended December 31, 2023, an increase of $534,000 or 99.6%.

    The increase in net earnings for the quarter ended December 31, 2024 was primarily attributable to higher net interest income. Net interest income increased $381,000 or 23.0% to $2.0 million due primarily to interest income increasing more than interest expense increased period to period. Interest income increased $857,000 or 21.8% to $4.8 million, while interest expense increased $476,000 or 21.0% to $2.7 million for the recently-ended quarter. While the rising interest rate environment has slowed and market rates have even decreased, the repricing level of our assets has begun to outpace the increase in expenses paid on liabilities.

    The average rate earned on interest-earning assets increased 80 basis points to 5.28% and was the primary reason for the increase in interest income, although average interest-earning assets also increased $11.5 million or 3.3% to $362.3 million for the recently-ended quarterly period. The average rate paid on interest-bearing liabilities increased 44 basis points to 3.53% and was the primary reason for the increase in interest expense, although average interest-bearing liabilities also increased $17.3 million or 5.9%.

    Non-interest income increased $125,000 or 271.7% and totaled $171,000 for the three months ended December 31, 2024, almost entirely due to net gains on sales of loans increasing $74,000 compared to December 31, 2023. This was due to the increase in demand for fixed -rate secondary market loans.

    Non-interest expense also increased $54,000 period to period primarily due to other non-interest expense increasing $123,000, with the majority of this due to increased professional fees. This increase was partially offset by employee compensation and benefits decreasing $62,000 or 4.9% for the three months ended December 31, 2024 compared to December 31, 2023.

    At December 31, 2024, assets totaled $374.2 million, a decrease of $760,000 or 0.2%, from $375.0 million at June 30, 2024, due primarily to the decrease in loans, net, of $2.8 million or 0.8%, as well as a decrease in investment securities of $1.0 million or 10.6% primarily because of principal repayments and prepayments. Cash and cash equivalents totaled $21.0 million, an increase of $2.7 million or 14.7% compared to June 30, 2024. Total liabilities decreased $818,000 or 0.3% to $326.2 million at December 31, 2024, as consistent with our efforts to reduce our reliance on higher cost funding sources, FHLB advances decreased $7.2 million or 10.4% to $61.8 million. Partially offsetting the decrease in FHLB advances was an increase in total deposits of $6.9 million or 2.7% at December 31, 2024. Savings account deposits increased $1.6 million or 3.4%, and certificates of deposit increased $10.3 million or 5.9%.

    At December 31, 2024, the Company reported its book value per share as $5.94. Shareholders’ equity increased $58,000 or 0.1% to $48.1 million at December 31, 2024 compared to June 30, 2024. The increase in shareholders’ equity was primarily associated with accumulated other comprehensive loss decreasing $60,000 at December 31, 2024 compared to June 30, 2024 as the unrealized losses on our investment portfolio decrease.

    Forward-Looking Statements

    This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations and releases. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. These forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “intend” and “potential,” or words of similar meaning, or future or conditional verbs such as “should,” “could,” or “may.” Forward-looking statements include statements of our goals, intentions and expectations; statements regarding our ability to fully and timely address the deficiencies that resulted in the Agreement that First Federal Savings Bank of Kentucky has entered into with the Office of the Comptroller of the Currency (“OCC”); First Federal Savings Bank of Kentucky’s ability to satisfy the Individual Minimum Capital Requirements imposed by the OCC; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. Kentucky First Federal Bancorp’s actual results, performance or achievements may materially differ from those expressed or implied in the forward-looking statements. Risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, general economic conditions; prices for real estate in the Company’s market areas; the interest rate environment and the impact of the interest rate environment on our business, financial condition and results of operations; our ability to successfully execute our strategy to increase earnings, increase core deposits, reduce reliance on higher cost funding sources and shift more of our loan portfolio towards higher-earning loans; our ability to pay future dividends and if so at what level; our ability to receive any required regulatory approval or non-objection for the payment of dividends from First Federal Savings and Loan Association of Hazard and First Federal Savings Bank of Kentucky to the Company or from the Company to shareholders; the ability of First Federal MHC to receive approval of its members to waive the payment of any Company dividends to First Federal MHC; competitive conditions in the financial services industry; changes in the level of inflation; changes in the demand for loans, deposits and other financial services that we provide; the possibility that future credit losses may be higher than currently expected; competitive pressures among financial services companies; the ability to attract, develop and retain qualified employees; our ability to maintain the security of our data processing and information technology systems; the outcome of pending or threatened litigation, or of matters before regulatory agencies; changes in law, governmental policies and regulations, rapidly changing technology affecting financial services, and the other matters mentioned in Item 1A of the Company’s Annual Report on Form 10-K for the year ended June 30, 2024. Except as required by applicable law or regulation, the Company does not undertake the responsibility, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

    About Kentucky First Federal Bancorp

    Kentucky First Federal Bancorp is the parent company of First Federal Savings and Loan Association of Hazard, which operates one banking office in Hazard, Kentucky, and First Federal Savings Bank of Kentucky, which operates three banking offices in Frankfort, Kentucky, two banking offices in Danville, Kentucky and one banking office in Lancaster, Kentucky. Kentucky First Federal Bancorp shares are traded on the Nasdaq National Market under the symbol KFFB. At December 31, 2024, the Company had approximately 8,086,715 shares outstanding of which approximately 58.5% was held by First Federal MHC.

    SUMMARY OF FINANCIAL HIGHLIGHTS                    
    Condensed Consolidated Balance Sheets                      
    (In thousands, except share data)               December 31,     June 30,
                    2024
    (Unaudited)    		     2024
    ASSETS              
    Cash and cash equivalents             $ 20,976     $ 18,287  
    Investment Securities               8,818       9,861  
    Loans available-for sale               116       110  
    Loans, net               330,234       333,025  
    Real estate acquired through foreclosure               10       10  
    Other Assets               14,054       13,675  
    Total Assets             $ 374,208     $ 374,968  
    LIABILITIES AND SHAREHOLDERS’ EQUITY                  
    Deposits             $ 263,055     $ 256,139  
    FHLB Advances               61,792       68,988  
    Other Liabilities               1,306       1,844  
    Total liabilities               326,153       326,971  
    Shareholders’ Equity               48,055       47,997  
    Total liabilities and shareholders’ equity             $ 374,208     $ 374,968  
    Book value per share             $ 5.94     $ 5.94  
    Tangible book value per share             $ 5.94     $ 5.94  
                           
    Condensed Consolidated Statements of Income (Loss)                  
    (In thousands, except share data)                      
                           
      Six months ended December 31,   Three months ended December 31,
        2024
    (Unaudited)    		     2023       2024
    (Unaudited)    		     2023  
    Interest Income $ 9,403     $ 7,661     $ 4,784     $ 3,927  
    Interest Expense   5,496       4,333       2,746       2,270  
    Net Interest Income   3,907       3,328       2,038       1,657  
    Provision for Credit Losses   15       15       –       9  
    Non-interest Income   308       121       171       46  
    Non-interest Expense   4,215       4,132       2,203       2,149  
    Income (Loss) Before Income Taxes   (15 )     (698 )     6       (455 )
    Income Taxes   (13 )     (162 )     (7 )     (94 )
    Net Income (Loss) $ (2 )   $ (536 )   $ 13     $ (361 )
    Earnings per share:                      
    Basic and Diluted $ (0.00 )   $ (0.07 )   $ 0.00     $ (0.05 )
    Weighted average outstanding shares:                      
    Basic and Diluted   8,098,715       8,098,715       8,098,715       8,098,715  
    Contact:  Don Jennings, President, or Tyler Eades, Vice President
    (502) 223-1638
    216 West Main Street
    P.O. Box 535
    Frankfort, KY 40602

    The MIL Network –

  • MIL-OSI: American Rebel Holdings, Inc. (NASDAQ: AREB) Regains Compliance with NASDAQ Listing Standards as of February 10, 2025. (UPDATED)

    Source: GlobeNewswire (MIL-OSI)

    Nashville, Tennessee, Feb. 11, 2025 (GLOBE NEWSWIRE) — American Rebel Holdings, Inc. (NASDAQ: AREB) (“American Rebel” or the “Company”), creator of American Rebel Beer (americanrebelbeer.com) and a designer, manufacturer, and marketer of branded safes, personal security and self-defense products and apparel (americanrebel.com), is pleased to announce that it has regained compliance with the periodic filing requirement under NASDAQ’s listing rules.

    “Maintaining our NASDAQ listing is of utmost importance to our Company and our stockholders. I would like to extend my deepest gratitude to our internal and external accounting teams for their tireless efforts in ensuring our ability to file our FY2024 3rdQuarter financials that allowed American Rebel to regain compliance with NASDAQ’s listing rules.” Andy Ross, CEO of American Rebel, further commented, “The dedication and hard work of Darin Fielding, CFO of our wholly owned subsidiary, Champion Safe Co., who emerged as our regulatory lead due to his previous auditor experience was instrumental in the coordination between our independent auditors, GBQ and Eventus Advisory Group’s seasoned team of public company accounting professionals.”

    Timeline of NASDAQ Compliance Efforts

    November 14, 2024 – FY2024 3rd Quarter 10Q due

    November 22, 2024 – Company notification by NASDAQ that it no longer met the perioding listing requirement due to the inability to file the FY2024 3rd Quarter 10Q

    January 21, 2025 – Deadline for American Rebel Holdings, Inc. to submit a plan to NASDAQ to regain compliance with the listing requirements

    February 7, 2025 – American Rebel Holdings, Inc. files Form 10-Q for the period ended September 30, 2024.

    Revenue for the three (3) months ended September 30, 2024 of $2,337,786.00

    Revenue for the nine (9) months ended September 30, 2024 of $9,637,016.00

    February 10, 2025 – American Rebel Holdings, Inc. is notified by NASDAQ Staff that with the February 7, 2025 filing of the 10-Q for the period ended September 30, 2024, that the Company is deemed compliant with the NASDAQ Listing Rules.

    In the coming weeks, the Company is planning on providing a brief stockholder update from its CEO, Andy Ross, detailing the progress made in our business units throughout last year. This update will highlight the rapid growth and success American Rebel has experienced in our American Rebel Beverage business unit responsible for American Rebel Light Beer and the positive impacts of the reorganization and streamlining of our product offerings and processes at Champion Safe Co. (www.championsafe.com).

    About American Rebel Holdings, Inc.

    American Rebel Holdings, Inc. (NASDAQ: AREB) has operated primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products and has recently transitioned into the beverage industry through the introduction of American Rebel Light Beer. The Company also designs and produces branded apparel and accessories. To learn more, visit www.americanrebel.com and www.americanrebelbeer.com. For investor information, visit www.americanrebel.com/investor-relations.

    American Rebel Holdings, Inc.
    info@americanrebel.com

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include benefits of marketing outreach efforts, continued compliance with Nasdaq listing requirements, our ability to effectively execute our business plan, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Company Contact:
    Corey Lambrecht, COO
    Corey.lambrecht@americanrebel.com

    The MIL Network –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 11.02.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    11 February 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 11.02.2025

    Espoo, Finland – On 11 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,390,880 4.69
    CEUX – –
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,390,880 4.69

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 11 February 2025 was EUR 6,518,637. After the disclosed transactions, Nokia Corporation holds 245,094,754 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI USA: Welch on Trump’s Chaotic and Cruel Second Term: “The law matters. Respect for your opponents matters. And focusing on the everyday needs of everyday people is what matters most.”

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) took to the Senate floor to speak on President Trump’s exaggerated claims of winning the 2024 election by a ‘landside,’ and called on the Trump Administration to focus not on political retribution and his agenda of ‘overreach and failure,’ but on the issues that matter to everyday Americans.  
    “As long as President Trump and his allies pretend that he has this massive mandate to literally disrupt and throw out the traditions and norms and guardrails of democracy, that is something I and so many of my colleagues will resist. We can’t do that. The law matters. Respect for your opponents matters. And focusing on the everyday needs of everyday people is what matters most. It’s what is the goal all of us should be looking to accomplish,” said Sen. Welch.
    Watch Senator Welch’s speech below: 
    Read the Senator’s remarks as delivered here. 
    Senator Welch’s Committee and Subcommittee Assignments for the 119th Congress include:  
    Senate Committee on Finance  
    Senate Committee on Agriculture, Nutrition, & Forestry 
    Ranking Member, Subcommittee on Rural Development, Energy, and Credit  
    Senate Committee on the Judiciary 
    Ranking Member, Subcommittee on the Constitution  
    Senate Committee on Rules & Administration 

    MIL OSI USA News –

  • MIL-OSI New Zealand: Energy Sector – Energy Competition Task Force identifies new ways to empower electricity consumers

    Source: Electricity Authority

    The Energy Competition Task Force (the Task Force) has identified new ways to give consumers more control over their energy costs and to harness the power of rooftop solar and batteries. The Electricity Authority Te Mana Hiko (the Authority) is now seeking feedback on three proposed changes to regulation to promote competition, reliable power supply, and efficient operation of the electricity market for the long-term benefit of all New Zealanders.
    Two of the three proposed changes are about rewarding consumers for supplying electricity to the network at peak times, typically through their own solar and battery systems. The other would make ‘time-of-use’ power plans (plans that reward off-peak electricity use) available to most New Zealanders.
    Electricity Authority Chair and Task Force member Anna Kominik says there are real benefits if consumers are empowered to more actively participate in the electricity market, including increased energy resilience and reduced power costs over time.
    “New Zealand’s electricity market currently relies on a few big generators to supply electricity at select locations and transmit it to households and businesses across the country. But as uptake of solar and battery systems continues to increase, more consumers will be able to contribute to our electricity system. And as smart electronics and vehicles become more ubiquitous, consumers will also be able to more actively manage their own energy use and costs.
    “We’re proposing three changes to help support this consumer empowerment and decentralisation of our energy system. Over time, this will increase community resilience and lower power costs for everyone,” she said.
    The proposals would require:
    • Consumer-supply rebates from distributors: lines companies to provide a rebate when consumers supply energy into congested parts of the network (Task Force Initiative 2A)
    • Time-varying retail pricing for consumption: large electricity retailers to offer at least one time-of-use pricing plan to all their customers (Task Force Initiative 2B)
    • Time-varying retail pricing for supply: large electricity retailers to offer at least one time-varying rate for when they buy electricity from consumers (Task Force Initiative 2C).
    Making ‘time-of-use’ power plans more widely available for Kiwis
    Commerce Commission Chair and Task Force member, Dr John Small, said the Initiative 2B proposal would significantly increase availability of ‘time-of-use’ pricing plans. These plans reward consumers for using power during off-peak hours, meaning they can take advantage of cheaper off-peak power, instead of paying a single flat rate.
    “While time-of-use pricing plans aren’t new, many consumers don’t have access to one through their current retailer. As these plans provide a simple, effective tool for consumers to manage their energy use and costs, we’d like to see all major retailers offer them, so more consumers have this choice.”
    Dr Small said the plans have the additional benefit of reducing overall electricity costs for consumers across the country.
    “People on these plans are incentivised to shift their use away from peak periods when electricity is most expensive. The more consumers shift their use at these times – for example by running EV chargers later at night when electricity demand is generally lower – the less high-cost electricity needs to be generated, and this lowers costs for everyone,” he said.
    Rewarding consumers for supplying electricity to the network at peak times
    Kominik explains that the initiative 2A and 2C proposals would reward consumers who can supply electricity when demand on the network is peaking, typically through their own solar and battery systems.
    “We’d like to see people fairly rewarded for supplying power when it’s needed, and incentivise efficient uptake of flexible, small-scale electricity generation systems such as rooftop solar and batteries. Energy from rooftop solar supplied at peak times can ease pressure on the electricity network, reducing demand and keeping the lines costs we all pay for through our power bills to a minimum.
    “By incentivising households and businesses to invest in their own generation, we can help meet New Zealand’s electricity needs when demand is high and improve community resilience,” she said.
    The Task Force invites feedback on these proposals through the eight-week consultation period, which closes at 5pm on Wednesday 9th April, with two further weeks for cross-submissions.
    As part of this consultation package, the Electricity Authority is releasing an issues paper that explores whether the existing pricing rules for distributed generation are fit for purpose. The issues and potential solutions explored in this paper support the proposals in the Task Force initiative 2A consultation paper. Visit this Authority webpage for more information on the issues paper.
    The Energy Competition Task Force was established by the Commerce Commission Te Komihana Tauhokohoko and Electricity Authority Te Mana Hiko in August 2024 to investigate ways to improve the performance of the electricity market.
    The Task Force is considering eight initiatives that will encourage more and faster investment in new electricity generation, boost competition, enable homes, businesses and industrials to better manage their own electricity use and costs, and put downward pressure on prices.
    The attached diagram illustrates the various charges between distributors, retailers and consumers and where proposals for initiatives 2A and 2C would be incorporated. 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Environment – Climate and public health the winners as big waste incineration proposal fails – Greenpeace

    Source: Greenpeace

    Greenpeace welcomes news that a land-use agreement in Glenavy has lapsed and will not be renewed, which means a proposed $350 million waste to energy incinerator cannot be built there by the company SRRL.
    It would have been the first polluting waste to energy incinerator built of its kind in Aotearoa New Zealand.
    “This is great news for the climate and for the health of the local community, which has strongly opposed the building of a waste to energy incinerator in Glenavy in the Waimate district. Aotearoa New Zealand’s energy future is in renewable clean energy such as wind and solar, not burning waste with fossil fuels,” says Greenpeace spokesperson Juressa Lee.
    Greenpeace Aotearoa has opposed the proposal since it became public in September 2021 and subsequently wrote to the Minister for the Environment to call-in the proposal under the RMA. With a change of government in 2023, the Luxon government decided to include the proposal in its list of projects that could apply for consent under its new Fast-track Approvals legislation, under which community concerns, public health and environmental considerations would be set aside in favour of the company’s own questionable claims for economic benefits.
    The local community in the Waimate district, including local iwi, Te Rūnanga o Waihao, Why Waste Waimate, Waimate Doctors and national environmental groups, including Zero Waste Network Aotearoa, 350 Aotearoa and others, have all campaigned to stop the proposed waste incinerator. Greenpeace pays tribute to all of them and shares in their delight at the news.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Prime Minister meets President of the Republic of Estonia

    Source: Government of India (2)

    Posted On: 11 FEB 2025 6:19PM by PIB Delhi

    ​Prime Minister Shri Narendra Modi met today with H.E. Mr. Alar Karis, President of the Republic of Estonia on the sidelines of the AI Action Summit in Paris. This was the first meeting between the two leaders.

    Prime Minister and President Karis underlined that warm and friendly relations between India and Estonia are based on their shared commitment to democracy, rule of law and the values of freedom and pluralism. The two leaders expressed satisfaction at the growing bilateral cooperation in various fields, including trade and investment, IT and digital, culture, tourism and people-to-people ties. They discussed the ongoing bilateral cooperation in the field of cyber security. Prime Minister invited the Estonian government and companies to explore the opportunities offered by the India growth story and take advantage of programmes such as Digital India.

    The two leaders noted the importance of the India-Estonia partnership also in the context of the India-EU strategic partnership. They welcomed the initiation of ministerial exchanges in the India-Nordic-Baltic format. The leaders also exchanged views on regional and global issues of mutual interest, and cooperation at the United Nations.

    The two leaders expressed satisfaction at the growing cultural and people-to-people ties between India and Estonia. In this regard, PM appreciated the popularity of Yoga in Estonia.

     

    ***

    MJPS/SR

    (Release ID: 2101892) Visitor Counter : 38

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Raksha Mantri invites investors to go long on investment in India; Assures them of stable policy environment in India

    Source: Government of India (2)

    Raksha Mantri invites investors to go long on investment in India; Assures them of stable policy environment in India

    Consensus at all levels of Government on leading role of the private sector: Shri Rajnath Singh at Global Investors’ Meet in Bengaluru

    Posted On: 11 FEB 2025 5:55PM by PIB Delhi

    Raksha Mantri Rajnath Singh has asked global investors to go long in their Indian investment plans. Speaking at the inaugural function of the Global Investors’ Meet organised by the Government of Karnataka in Bengaluru today, Raksha Mantri said that investors will benefit from India’s formidable strengths like political stability, huge marketing potential it offers and an ecosystem based on rule of law, free from uncertainty and disorder. He noted that India’s immense investment potential has witnessed sustained success, lasting impact and enduring growth. 

    Shri Rajnath Singh stressed that India’s constitutional values are deeply rooted in its rich history of acceptance of different ideas and are illustrated in the close coordination between Union and state governments. He said the Government has actively worked to address the challenges, including red tapism, that investors previously faced. He added that the cumbersome process of obtaining multiple clearances has been replaced by a single-window system, ensuring a faster and hassle-free experience by the investors. 

    Assuring of a strong market demand for the investors to tap into India’s potential, Raksha Mantri said India is already one of the world’s fastest-growing markets. He emphasised that several recent economic decisions are expected to further strengthen the demand environment. He added that, under the visionary leadership of Prime Minister Shri Narendra Modi, the Government has introduced a massive income tax cut, in this year’s budget announcement. This significant tax relief will substantially increase the disposable income of the public, leading to stronger business growth for the investor firms, he mentioned. 

    Shri Rajnath Singh recalled his interaction with entrepreneurs who expressed concern that they might invest in a promising sector today, only to face unexpected policy changes later, which could disrupt their plans and profits. Assuaging such doubts, he said that across all levels of governance in India there is a broad consensus that sustainable economic development must be driven by a market-led economy, with a leading role of the private sector. He further elaborated that this shared commitment provides a stable and predictable policy environment, ensuring that businesses can invest, with confidence of policy continuity. “Today, investors do not face red tapism in India. Instead, we roll out the red carpet for them. This kind of cross-political party consensus on promoting investment plays a crucial role in reducing uncertainty for our investors,” he added.  

    Calling for investment in Karnataka, Raksha Mantri asserted that in the era of Cooperative Federalism, central and state governments are working closely together to shape the country’s economy. Citing Bengaluru as a pioneering hub for various industries like IT and software, he said that the city is now a rising centre for Artificial Intelligence (AI) too. Asserting that this is the moment and the perfect time to invest in India, Raksha Mantri noted the unprecedented opportunities before investors. 

    Shri Rajnath Singh lauded the contributions of the investors who have been instrumental in shaping the nation’s economic progress. He added that a lot more needs to be done, towards the national objective of becoming a Viksit Bharat by 2047, and expressed confidence that, together, the goal will be achieved. 

    Chief Minister of Karnataka Shri Siddaramaiah, Union Minister of Consumer Affairs Shri Pralhad Joshi, Deputy Chief Minister of Karnataka Shri DK Shivakumar, Ministers of the state government and industry representatives were also present at the event.

     ***

    VK/SPS/MJS

    (Release ID: 2101880) Visitor Counter : 64

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Empowerment of Women

    Source: Government of India (2)

    Posted On: 11 FEB 2025 5:47PM by PIB Delhi

    Ministry of Rural Development (MoRD) accords priority for gender empowerment through its policies and programmes. The Gender Programme is integrated within Deendayal Antyodaya Yojana -National Rural Livelihoods Mission (DAY-NRLM) interventions. DAY-NRLM recognizes addressing gender inequality as a pre-requisite to social and economic empowerment. The Programme builds capacity of State Rural Livelihood Mission (SRLM) to integrate Gender in its operations and create an architecture of support at the community level for women’s collectives to identify and take action on gender discriminatory practices. Series of training and perspective-building inputs are made available on these platforms and are provided to Social Action Committees (SAC) under Village organization (VO), and cluster level federation (CLF) by the trained pool of Gender Cadres. These bodies primarily function on the premise of uplifting women’s condition and position in society by identifying, acknowledging, and addressing issues of discrimination. The program also conducts several large-scale advocacy outreach through the National Gender Campaign (Nayi Chetna). DAY NRLM is empowering women SHGs to access credit from Banks from Banks. Credit accessed by women Self Help Groups during the last five years is as under:

    1. 2019-20 Rs. 70,977 crores
    2. 2020-21 Rs. 84,717 crores
    3. 2021-22 Rs. 1,20,477 crores
    4. 2022-23 Rs. 1,57,370 crores
    5. 2023-24 Rs. 2,07,820 crores

    Further, Mahatma Gandhi National Rural Employment Guarantee Act, 2005, being implemented by MoRD requires that priority shall be given to women in such a way that at least one-third of the beneficiaries shall be women who have registered and requested for work. Mahatma Gandhi NREGS is a gender-neutral scheme that promotes participation of women by providing wage parity with men, provision of separate schedule of rates of wages for women, facilities for crèche, work-side sheds for children and child care services. In convergence with the National Rural Livelihood Mission (NRLM), women mates have also been introduced, which again facilitates the participation of women. The rate of participation of women (percentage of women person-days out of a total in percentage) under Mahatma Gandhi NREGS from 2019-20 to 2023-24 is given below: –

    Financial Year

    2019-20

    2020-21

    2021-22

    2022-23

    2023-24

    Women participation rate (%)

    54.78

    53.19

    54.82

    57.47

    58.9

    (As per NREGASoft)

    MoRD is implementing a women-specific Scheme i.e. Indira Gandhi National Widow Pension Scheme (IGNWPS) under National Social Assistance Programme (NSAP). The central pension under the IGNWPS is Rs. 300/- per month per beneficiary. State Governments have been advised to contribute at least an equal amount from their resources. The applicant must be a widow in the age group of 40-79 years. The applicant should belong to a Below Poverty Line (BPL) household according to the criteria prescribed by the Central Government. On reaching the age of 80 years, the beneficiaries get enhanced assistance of Rs.500/- per month. At present widow beneficiaries are getting pension between Rs. 300/- to Rs. 2800/- depending on the State pension amount which varies from State to State. At present, the ceiling under the scheme for all States and UTs is pegged at 67.36 lakh.

    MoRD is also implementing two welfare programmes in skill development for rural poor youth under NRLM as follows: –

    1. Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY) which is a placement-linked skill development program for rural poor youth in the age group of 15-35 years. It empowers the rural poor youth with employable skills and facilitates their participation in regular labour markets, thus providing them with jobs having regular monthly wages at or above the minimum wages. Under DDU-GKY, coverage of 33% of women is mandatory. The details of the total candidates and women candidates trained and placed for the last 5 years under DDU-GKY is provided below:

     

    FY

    Total

    Women

    Trained

    Placed

    Trained

    Placed

    2019-20

    247177

    150214

    126691

    66440

    2020-21

    38289

    49563

    19685

    22640

    2021-22

    97006

    45612

    58443

    26040

    2022-23

    231491

    158078

    133519

    92065

    2023-24

    199524

    157456

    122250

    94684

    2024-25 till

    Dec., 24

    69086

    53810

    43228

    33646

     

    1. Rural Self Employment Training Institutes (RSETI) scheme is applicable to all the categories including women. Any unemployed youth in the age group of 18-45 years, irrespective of Caste, Creed, Religion, Gender and Economic Status, having aptitude to take up self-employment or wage employment and having some basic knowledge in the related field can undergo training under RSETI. The details of the total candidates and women candidates trained and settled for the last 5 years under RSETIs is provided below:

    FY

    Total

    Women

    Trained

    Settled

    Trained

    Settled

    2019-20

    384025

    281645

    274135

    202010

    2020-21

    255141

    185234

    206794

    138538

    2021-22

    314114

    256429

    257107

    212400

    2022-23

    409802

    325880

    331898

    272977

    2023-24

    451419

    350272

    360318

    290392

    2024-25
    (till 31-12-2024)

    471968

    299356

    382796

    249717

     

    The other schemes of MoRD accord priority to genders in general. The guidelines under Pradhan Mantri Awaas Yojana – Gramin provides that allotment of house shall be made jointly in the name of husband and wife, except in the case of widow/unmarried/separated person. The State may also choose to allot the house solely in the name of woman. Under Watershed Development Component of Pradhan Mantri Krishi Sinchayee Yojana (WDC-PMKSY), the scheme guidelines have enough provisions for giving representation to women during planning and implementation. four members watershed development team (WDT) set up by the project implementation agency for planning and implementation of the watershed projects should have at least 1 women member. Similarly, the 11 members Watershed Committee constituted by the Gram Sabha for executing project development activities at village level should have at least two women representatives. Further the self-help groups constituted under WDC-PMKSY have maximum women members.

    So far as land ownership is concerned, SVAMITVA Scheme of Ministry of Panchayati Raj, which significantly contributes to the economic empowerment of rural women. By providing legally recognized property ownership in village Abadi areas, the scheme ensures that women, including those from marginalized communities, have secured land tenure. Further, as informed by Ministry of Panchayati Raj, Article 243D of the Constitution of India provides for not less than one-third reservation for women in Panchayati Raj Institutions (PRIs), out of total number of seats to be filled by direct election and out of total number of offices of chairpersons of Panchayats. However, 21 States and 2 UTs, have gone even further and have made provisions of 50% reservation for women in PRIs in their respective Panchayati Raj Acts. As per the information available with the Ministry, 21 States namely, Andhra Pradesh, Assam, Bihar, Chhattisgarh, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Punjab, Rajasthan, Sikkim, Tamil Nadu, Telangana, Tripura, Uttarakhand, West Bengal and 2 Union Territories namely “Lakshadweep” and “Dadra & Nagar haveli and Daman & Diu”, have made provision for 50% reservation for women in Panchayati Raj Institutions in their respective State Panchayati Raj Acts. In respect of remaining States and Union Territories, Constitutional provision as prescribed in Article 243D (i.e. not less than one-third reservation for women in Panchayati Raj Institutions) applies.

    Government has been encouraging increased involvement of women in the functioning of Panchayats through active participation in the Gram Sabha meetings for preparation of Gram Panchayat Development Plans and various schemes being implemented by the Panchayats. This Ministry has also issued advisories to the States to facilitate holding of separate Ward Sabha and Mahila Sabha meetings prior to Gram Sabha meetings, enhancing the presence and participation of women in Gram Sabha and Panchayat meetings, allocation of Panchayat funds for women centric activities, combating the evil of women trafficking, female foeticide, child marriage etc.

    This information was given by the Minister of State for Rural Development Shri Kamlesh Paswan in a written reply in Lok Sabha today.

    *****

     

    MG/KSR/1164

    (Release ID: 2101873) Visitor Counter : 35

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Amrit Sarovar Scheme

    Source: Government of India (2)

    Posted On: 11 FEB 2025 5:45PM by PIB Delhi

    Mission Amrit Sarovar was launched in April 2022 to construct or rejuvenate 75 Amrit Sarovars (ponds) in each district, totaling 50,000 across the country. This initiative has made significant progress in addressing the critical issue of water scarcity. As on January 2025, over 68,000 Sarovars have been completed, enhancing surface and groundwater availability across various regions. These Sarovars have not only addressed immediate water needs but also established sustainable water sources, symbolizing Government’s commitment to long-term environmental sustainability and community well-being.

    Phase II of Mission Amrit Sarovar is envisaged to continue with a renewed focus on ensuring water availability, with community participation (Jan Bhagidaari) at its core, and aims to strengthen climate resilience, foster ecological balance, and deliver lasting benefits for future generations.

    Mission Amrit Sarovar works are being taken up by the States and Districts with convergence from various ongoing schemes such as Mahatma Gandhi National Rural Employment Guarantee Scheme (Mahatma Gandhi NREGS), 15th Finance Commission Grants, Pradhan Mantri Krishi Sichayi Yojna sub-schemes such as the Watershed Development Component, Har Khetko Pani, besides States’ own schemes. Public contributions like crowdfunding and Corporate Social Responsibility are also allowed for the work.

    This information was given by the Minister of State for Rural Development Shri Kamlesh Paswan in a written reply in Lok Sabha today.

    *****

     

    MG/KSR/1241

    (Release ID: 2101868) Visitor Counter : 35

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Driving the Future: NASA Highlights Artemis at Houston AutoBoative Show 

    Source: NASA

    You would not expect to see NASA at a car show—but that’s exactly where Johnson Space Center employees were from Jan. 29 to Feb. 2, 2025, driving the future of space exploration forward. 
    At the Houston AutoBoative Show, a fusion of the auto and boat show, NASA rolled out its Artemis exhibit at NRG Center for the first time, introducing motor enthusiasts to the technologies NASA and commercial partners will use to explore more of the lunar surface than ever before. 

    The Artemis exhibit stood alongside some of the world’s most advanced cars and boats, offering visitors an up-close look at lunar terrain vehicle mockups from Astrolab, Intuitive Machines, and Lunar Outpost. Later this year, NASA will select the rover that will fly to the Moon as humanity prepares for the next giant leap. 
    In addition to the rovers, the exhibit featured a mockup of JAXA’s (Japan Aerospace Exploration Agency) pressurized rover, designed as a mobile habitat for astronauts, and Axiom Space’s lunar spacesuit, developed for Artemis III astronauts. 
    These capabilities will allow astronauts to explore, conduct science research, and live and work on the lunar surface.  

    Johnson Director Vanessa Wyche visited the Artemis exhibit to highlight the importance of these technologies in advancing lunar exploration. Every lesson learned on the Moon will help scientists and engineers develop the strategies, technologies, and experience needed to send astronauts to Mars.  
    “By bringing the excitement of lunar exploration to the AutoBoative Show, NASA aims to inspire the next generation of explorers to dream bigger, push farther, and help shape humanity’s future in space,” Wyche said.  
    NASA’s Artemis campaign is setting the stage for long-term human exploration, working with commercial and international partners to establish a sustained presence on the Moon before progressing to Mars. 
    To make this vision a reality, NASA is developing rockets, spacecraft, landing systems, spacesuits, rovers, habitats, and more.  

    Some of the key elements on display at the show included:

    The Orion spacecraft – Designed to take astronauts farther into deep space. Orion will launch atop NASA’s Space Launch System (SLS) rocket, carrying the crew to the Moon on Artemis missions and safely returning them to Earth.

    Lunar terrain vehicles – Developed to transport astronauts across the rugged lunar surface or be remotely operated. NASA recently put these rover mockups to the test at Johnson, where astronauts and engineers, wearing spacesuits, ran through critical maneuvers, tasks, and emergency drills—including a simulated crew rescue.

    Next-gen spacesuits and tools – Through Johnson’s Extravehicular Activity and Human Surface Mobility Program, astronauts’ gear and equipment are designed to ensure safety and efficiency while working on the Moon’s surface.

    Guests had the chance to step into the role of an astronaut with interactive experiences like: 

    Driving a lunar rover simulator – Testing their skills at the wheel of a virtual Moon rover. 

    Practicing a simulated Orion docking – Experiencing the precision needed to connect to Gateway in lunar orbit. 

    Exploring Artemis II and III mission roadmaps – Learning about NASA’s upcoming missions and goals. 

    Attendees also discovered how American companies are delivering science and technology to the Moon through NASA’s Commercial Lunar Payload Services initiative. 

    “Everyone can relate to exploration, so it was great to teach people the importance lunar rovers will have on astronauts’ abilities to explore more of the lunar surface while conducting science,” said Victoria Ugalde, communications strategist for the Extravehicular Activity and Human Surface Mobility Program, who coordinated the lunar rovers’ appearance at the show. 
    Check out the rovers contracted to develop lunar terrain vehicle capabilities below.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Self-Help Groups

    Source: Government of India (2)

    Posted On: 11 FEB 2025 5:43PM by PIB Delhi

    The Ministry of Rural Development (MoRD), inter-alia, is implementing Deendayal Antyodaya Yojana –National Rural Livelihoods Mission (DAY-NRLM) and Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) in which Self Help Groups (SHGs) are involved. These Schemes are implemented through State Governments/UT Administrations. In addition, SHGs are being involved by other Departments/Ministries and State Government Departments dealing with rural development from time to time.

    DAY-NRLM is being implemented across the country in a mission mode since 2011 with the aim to bring at least one-woman member from each rural poor household, as per the Socio-Economic Caste Census (SECC) 2011 data and process of Participatory Identification of Poor (PIP), into the fold of Self-Help Groups (SHGs) and to support them to take up economic activities. As on 31st January, 2025 about 10.05 crore Women households have been mobilized into 90.90 lakh Self Help Groups (SHGs). The State/UT wise details of the number of households mobilized into SHGs since 2011 under the Mission is attached at Annexure.

    Under MGNREGA, SHG members are involved in the planning of works through participation in Gram Sabha projects, play the role of Social Auditors and are also engaged as worksite supervisors (mates). In addition, the Programme progressively engages Federations of Women Self-help Groups as Project Implementing Agencies (PIAs) at the Gram Panchayat / Block / District level.

    (b): Under DAY-NRLM, various sub-schemes like Mahila Kisan Sashaktikaran Pariyojana (MKSP), Start-up Village Entrepreneurship Programme (SVEP), National Rural Economic Transformation Project (NRETP), Deendayal Upadhyay Gramin Kaushalya Yojana (DDU-GKY), Rural Self Employment Training Institutes (RSETI) are being implemented for enhancing the income on sustainable basis of the rural poor. The mission seeks to achieve its objective through investing in four core components viz., (i) social mobilization and promotion of sustainable community institutions of the rural poor (Self Help Groups-SHGs, Village Organisations-VOs, Cluster Level Federations-CLFs); (ii) financial inclusion, (iii) sustainable livelihoods; and (iv) convergence and entitlements. Accordingly, within the ambit of the mission and with the converging schemes of the other Ministries, SHG members are being facilitated for promotion of sustainable livelihoods, so that they may reach an aspirational goal of having minimum of one lakh rupee as annual income. For facilitating this initiative, a mobile application has been rolled out for surveying the income and activities of the SHG households.

    The Ministry in collaboration with Government e-Marketplace (GeM) has created “SARAS Collection” as a Store Front in GeM for marketing of SHG products. Also, Memorandum of Understandings (MoUs) have been entered on 2nd November, 2021 and 12th May, 2022 between Ministry and Flipkart Internet Pvt. Ltd. and Amazon respectively to allow the Self-Help Groups (SHGs) producers including the artisans, weavers and craftsmen to access national markets through the Flipkart Samarth programme and Amazon Saheli initiative. An MoU has also been signed by the Ministry with Patanjali on 2nd November, 2022 for collaboration in various fields including online marketing of SHGs products.

    An e-Commerce platform (www.esaras.in) has also been launched by the Ministry for online marketing of SHG products. An MoU has been signed between MoRD and Fashnear Technologies Pvt. Ltd. (Meesho) on February 16, 2023 and Jio Mart (Reliance Retail Ltd) on 8th Dec,2023 for onboarding and marketing of SHGs products.

    Further, some States have also developed their own e-Commerce platform to support marketing of products of SHGs.

    State/UT wise details of the number of households mobilized & SHGs Formed as on 31st January, 2025

    Sl No

    State

    SHGs formed

    Households Mobilized

    1

    Andhra Pradesh

    855600

    9075289

    2

    Assam

    361516

    4111020

    3

    Bihar

    1097100

    12713428

    4

    Chhattisgarh

    276375

    3068427

    5

    Gujarat

    279758

    2783006

    6

    Jharkhand

    291601

    3589607

    7

    Karnataka

    360684

    4207374

    8

    Kerala

    271209

    4002478

    9

    Madhya Pradesh

    487291

    5829972

    10

    Maharashtra

    640719

    6525549

    11

    Odisha

    551141

    5775035

    12

    Rajasthan

    321875

    3804161

    13

    Tamil Nadu

    336764

    4023939

    14

    Telangana

    442979

    4820573

    15

    Uttar Pradesh

    842101

    9509884

    16

    West Bengal

    1192980

    12251533

    17

    Haryana

    60301

    629094

    18

    Himachal Pradesh

    45295

    378542

    19

    Jammu & Kashmir

    91445

    797805

    20

    Punjab

    52118

    543246

    21

    Uttarakhand

    65840

    497777

    22

    Arunachal Pradesh

    11730

    91964

    23

    Manipur

    11538

    117457

    24

    Meghalaya

    45312

    444264

    25

    Mizoram

    10291

    85934

    26

    Nagaland

    15419

    135261

    27

    Sikkim

    5915

    56675

    28

    Tripura

    51841

    494675

    29

    Andaman & Nicobar Islands

    1294

    13194

    30

    Goa

    3891

    50735

    31

    Ladakh

    1745

    12230

    32

    Lakshadweep

    348

    4363

    33

    Puducherry

    4744

    59714

    34

    Daman DIU and NH

    1645

    16674

     

    Total

    9090405

    100520879

     

    This information was given by the Minister of State for Rural Development Dr. Chandra Sekhar Pemmasani in a written reply in Lok Sabha today.

    *****

     

    MG/KSR/1203

    (Release ID: 2101864) Visitor Counter : 37

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Mercer County, W.Va., applicants for disaster assistance should expect a follow-up call from FEMA

    Source: US Federal Emergency Management Agency

    Headline: Mercer County, W.Va., applicants for disaster assistance should expect a follow-up call from FEMA

    Mercer County, W.Va., applicants for disaster assistance should expect a follow-up call from FEMA

    CHARLESTON, W.Va. – The Federal Emergency Management Agency (FEMA) is providing enhanced customer service to help all Mercer County survivors with disaster assistance after damages from the Sept. 25-28, 2024, remnants of Tropical Storm Helene. If you have applied for FEMA assistance, you may receive a call, text or email from the Enhanced Applicant Services (EAS) team. Phone calls may come from unfamiliar area codes and phone numbers or show no caller ID. You should take the opportunity to let FEMA know about your current needs and how FEMA can better serve you. It is important to answer phone calls from FEMA, even if the caller ID is unknown.Beware of fraud calls — only FEMA knows an applicant’s nine-digit application number. FEMA representatives can provide this number to verify it is a legitimate call. Remember: FEMA will never ask for money or a full Social Security number.Disasters can be traumatic for everyone, but issues can be more serious for some older adults or people with disabilities. Whether the problem is a lack of digital access, an inability to respond, or simply a reluctance to do so, these applicants may benefit by a follow-up call from the FEMA’s EAS team.This team is tasked with revisiting cases and locating applicants who are challenged with navigating the application and appeals process. The team proactively identifies survivors who reported on their application that they had hearing and vision problems, mobility difficulties, mental or emotional distress.FEMA ensures that all survivors, particularly those with additional needs, receive the assistance for which they are eligible to rebuild and recover. At this writing, the EAS team has already contacted more than 640 applicants to assist with completing applications. These follow-up efforts make up more than $732 thousand of the $2.3 million approved for Mercer County survivors of Tropical Storm Helene. Homeowners and renters in Mercer County who have questions about their FEMA application can call 800-621-3362. The toll-free telephone line operates from 7 a.m. to 11 p.m., 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.Applicants can also visit the Mercer County Disaster Recovery Center (DRC) through Feb. 14, 2025, to discuss their application face-to-face. The recovery center location and hours are as follows: Princeton Disaster Recovery CenterLifeline Princeton Church of God250 Oakvale Road Princeton, WV 24740Hours of operation through Feb. 14, 2025:Wednesday to Thursday: 9 a.m. to 5 p.m.Friday: 9 a.m. to 12 noonDRCs are accessible to all, including survivors with mobility issues, impaired vision, and those who are who are Deaf or Hard of Hearing.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). 
    erika.osullivan
    Tue, 02/11/2025 – 14:47

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Farmers’ Welfare Measures

    Source: Government of India (2)

    Posted On: 11 FEB 2025 5:25PM by PIB Delhi

    Agriculture is a State subject and Government of India supports the efforts of States through appropriate policy measures, budgetary allocation and various schemes/ programmes. The various schemes/ programmes of the Government of India are meant for the welfare of farmers by increasing production, remunerative returns and income support to farmers. The Government has substantially enhanced the budget allocation of Department of Agriculture & Farmers’ Welfare (DA&FW) from Rs. 21933.50 crore BE during 2013-14 to Rs. 1,22,528.77 crore BE during 2024-25. Schemes/programmes initiated by DA&FW are conceptualised and implemented taken in consideration of improving the economic condition of farmers owning small handholdings, access to credit and to enhance overall income of farmers and remunerative returns in the agriculture sector.

    PM KISAN Samman Nidhi Scheme has been launched in 2019 with the sole objective to enhance the income of farmers owning small landholdings. This scheme provides Rs. 6000 per year in 3 equal instalments. So far, more than Rs.3.46 lakh Cr. has been disbursed to eligible farmers through 18 instalments.

    The other major schemes run by Department of Agriculture & Farmers Welfare for enhance of overall income of farmers are as under:

    1. Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY)
    2. Pradhan Mantri Fasal Bima Yojana (PMFBY)/ Restructured Weather Based Crop Insurance Scheme (RWBCIS)
    3. Modified Interest Subvention Scheme (MISS)
    4. Agriculture Infrastructure Fund (AIF)
    5. Formation and Promotion of 10,000 new Farmer Producers Organizations (FPOs)
    6. National Bee Keeping and Honey Mission (NBHM)
    7. Namo Drone Didi
    8. National Mission on Natural Farming (NMNF)
    9. Pradhan Mantri Annadata Aay SanraksHan Abhiyan (PM-AASHA)
    10. Agri Fund for Start-Ups & Rural Enterprises’ (AgriSURE)
    11. Per Drop More Crop (PDMC)
    12. Sub-Mission on Agriculture Mechanization (SMAM)
    13. Paramparagat Krishi Vikas Yojana (PKVY)
    14. Soil Health & Fertility (SH&F)
    15. Rainfed Area Development (RAD)
    16. Agroforestry
    17. Crop Diversification Programme (CDP)
    18. Sub-Mission on Agriculture Extension (SMAE)
    19. Sub-Mission on Seed and Planting Material (SMSP)
    20. National Food Security and Nutrition Mission (NFSNM)
    21. Integrated Scheme for Agriculture Marketing (ISAM)
    22. Mission for Integrated Development of Horticulture (MIDH)
    23. National Mission on Edible Oils (NMEO)-Oil Palm
    24. National Mission on Edible Oils (NMEO)-Oilseeds
    25. Mission Organic Value Chain Development for North Eastern Region
    26. Digital Agriculture Mission
    27. National Bamboo Mission

    PM-AASHA (Pradhan Mantri Annadata Aay SanraksHan Abhiyan) scheme ensures remunerative prices for farmers’ produce and prevent distress sales. It aims to strengthen the Minimum Support Price (MSP) mechanism and provide better price support for farmers.

    “Formation & Promotion of new 10,000 FPOs with budget outlay of Rs 6,865 Crore. Farmers Producer Organization (FPOs) are being set up to give farmers collective bargaining power in markets as well as enabling small farmers to pool resources, access technology, and get better prices for their crops.

    Agriculture Infrastructure Fund (AIF) with financial provision of one Lakh Crore scheme has been launched with an objective to mobilize a medium – long term debt financing facility for investment in viable projects for post-harvest management Infrastructure and community farming assets through incentives and financial support in order to improve agriculture infrastructure in the country. Following supports are being provided under Agri Infra Fund. 

    Interest Subvention: All loans under this financing facility have interest subvention of 3% per annum up to a limit of ₹ 2 crore. This subvention is available for a maximum period of 7 years. In case of loans beyond ₹ 2 crore, interest subvention is limited up to ₹ 2 crore.

    Credit Guarantee: Credit guarantee coverage is available for eligible borrowers from this financing facility under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme for a loan up to ₹ 2 crore. The fee for this coverage will be paid by the Government. In case of FPOs the credit guarantee may be availed from the facility created under FPO promotion scheme of DA&FW.

    Modified Interest Subvention Scheme (MISS) provides Interest Subvention (IS) of 1.5% to various Financial Institutions (Banks, RRBs, PACS, etc.) for delivering Short-Term Agriculture Operation (STAO) loans at a fixed rate of 7% to farmers through KCC. If the farmer repays the loan within time, he gets a Prompt Repayment Incentive (PRI) of 3%, bringing his loan liability to 4% overall (7% minus 3%). It is exclusively operated through Kisan Credit Card (KCC).

    National Mission on Edible Oils – Oilseeds (NMEO-Oilseeds) has been launched on 3rd Oct, 2024 for enhancing the production of key primary oilseed crops such as Rapeseed-Mustard, Groundnut, Soybean, Sunflower, and Sesamum, as well as increasing collection and extraction efficiency from secondary sources like Cottonseed, Rice Bran, and Tree Borne Oils. The mission aims to increase primary oilseed production from 39 million tonnes (2022-23) to 69.7 million tonnes by 2030-31. Together with NMEO-OP (Oil Palm), the Mission targets to increase domestic edible oil production to 25.45 million tonnes by 2030-31 meeting around 72% of our projected domestic requirement. To ensure the timely availability of quality seeds, the Mission will introduce an online 5-year rolling seed plan through the ‘Seed Authentication, Traceability & Holistic Inventory (SATHI)’ Portal, enabling states to establish advance tie-ups with seed-producing agencies, including cooperatives, Farmer Producer Organizations (FPOs), and government or private seed corporations. 65 new seed hubs and 50 seed storage units will be set up in public sector to improve the seed production infrastructure.

    The following have been proposed in the upcoming budget for income support, improve access to credit and overall growth of agriculture sector:

    Enhanced Credit through KCC: – Loan increased from 3 lakh to ₹5 lakh to facilitate short term loans for 7.7 crore farmers, fishermen, and dairy farmers.

    Aatmanirbharta in Pulses: – To launch a 6-year Mission with special focus on Tur, Urad and Masoor, emphasizing development and commercial availability of climate resilient seeds, enhancing protein content, increasing productivity and improving post-harvest storage and management, assuring remunerative prices to the farmers.

    National Mission on High Yielding Seeds: – Targeted development and propagation of seeds with high yield, pest resistance and climate resilience.

    Prime Minister Dhan-Dhaanya Krishi Yojana – It has been proposed Agri Districts Programme to cover 100 districts which is likely to help 1.7 crore farmers.

    Mission for Cotton Productivity: – To be launched a 5-year mission to facilitate improvements in productivity and sustainability of cotton farming.

    Makhana Board in Bihar: – It is proposed to set up Makhana Board to Improve production, processing, value addition, and marketing and organisation of FPOs.

    This information was given by the Minister of State for Agriculture & Farmers’ Welfare Shri Ramnath Thakur in a written reply in Lok Sabha today.

    *****

     

    MG/KSR/1173

    (Release ID: 2101841) Visitor Counter : 24

    MIL OSI Asia Pacific News –

  • MIL-Evening Report: Beyond Emilia Pérez: 5 Mexican films that do justice to victims of the drug cartels

    Source: The Conversation (Au and NZ) – By Luis Gómez Romero, Senior Lecturer in Human Rights, Constitutional Law and Legal Theory, University of Wollongong

    Julieta Egurrola in _Ruido_ (Noise). Courtesy of Netflix ©2022

    Oscar frontrunner Emilia Pérez has received mixed reactions from the film industry, critics and general audiences. On Rotten Tomatoes it holds a 72% critic score – but a dismal 17% from viewers.

    Mexican audiences have been particularly harsh. On its opening weekend in Mexico, the film grossed only US$74,000. Scores of moviegoers even demanded refunds.

    French director Jacques Audiard presents Emilia Pérez as his bold yet compassionate take on Mexico’s drug war and the resulting enforced disappearances. The film, however, has been criticised for how it pities and condescends to Mexicans while lacking real understanding of the violence it claims to represent.

    Those seeking to understand the suffering caused by enforced disappearances in Mexico would do well to look beyond Emilia Pérez. Here are five films you should watch.

    Tempestad

    The 2016 documentary Tempestad (Tempest), directed by Mexican-Salvadoran filmmaker Tatiana Huezo, genuinely engages with suffering and atonement in Mexico’s violent landscape. It follows the experiences of two women with organised crime and the Mexican justice system.

    Miriam Carvajal, a former customs official and mother of a young child, is wrongfully convicted on spurious charges of human trafficking and sent to a prison run by a criminal organisation. To survive, she becomes complicit in the brutal violence inflicted on the most vulnerable inmates, such as migrants.

    Adela Alvarado is a professional clown. She has been searching for her daughter, who disappeared a decade before filming. Despite threats to her life from police officers likely involved in the disappearance, Adela continues her relentless quest to find her child against all odds.

    Both women are driven by love for their children. Miriam is heard but never seen; Adela’s life among circus folk unfolds on camera. This visually highlights that their stories mirror each other yet are not identical.

    Huezo recognises perpetrators can also be victims, but refuses to turn the harm they have caused into an instrument for their redemption.

    Devil’s Freedom

    Everardo González’s 2017 documentary La Libertad del Diablo (Devil’s Freedom) also explores the theme of atonement for perpetrators alongside the suffering of their victims.

    González presents a choral narrative of Mexico’s drug wars. Testimonies come from crime syndicate hitmen, soldiers involved in law enforcement, a mother whose children disappeared, young women whose mothers were taken, and a man tortured by police.

    Victims and perpetrators wear compression masks made for burn treatment, ostensibly to protect their identities. These masks, however, also serve as a haunting equaliser that exposes a society scarred by violence.

    In one powerful scene, a victim recalls pitying her children’s murderer after sensing his shame. She removes the mask following her account of forgiveness and hesitantly smiles at the camera – her trembling lips raising fundamental questions about Mexico’s struggle to heal from the wounds of its drug wars.

    Identifying Features

    Mexican filmmakers have long used fiction to “exorcise the pain” of enforced disappearances, as Mexican actor Giovanna Zacarías puts it. Fernanda Valadez’s debut film, Sin Señas Particulares (Identifying Features, 2020) exemplifies this powerfully.

    Valadez’s restrained narrative avoids the stereotypical passion often attributed to Latin Americans.

    Magdalena (Mercedes Hernández), a modest rural woman, searches for her missing son, Jesús (Juan Jesús Varela), who vanished en route to the United States. Magdalena’s soft voice and timid demeanour conceal quiet defiance – she refuses to be sidelined. We never see those she questions. We witness only the pain on her face and her stoic resolve.

    Mexico is no fairy tale. In the agonising final minutes, Magdalena gains a son even as she loses another – though she cannot be with any of them. Life goes on in Mexico: Magdalena has found a grave to mourn at, and we mourn with her.

    Prayers for the Stolen

    Noche de Fuego (Prayers for the Stolen, 2021) marked Tatiana Huezo’s first foray into fiction filmmaking. The film follows the story of three friends growing up together in the mountains of Mexico, amid normalised violence and enforced disappearances.

    The girls’ world is shaped by strategies for survival, with danger looming from both criminal organisations and the state, embodied by the army. Yet, even in this tense environment, they still experience the everyday joys and struggles of childhood and adolescence.

    Drug violence contextualises the girls’ world – but does not define them. Huezo does not portray them as mere victims. As they grow, we witness how their rural teachers and mothers have provided them with the necessary tools to foster critical thinking.

    Even though local criminals disappear one of the girls, we glimpse a future where her two friends may one day challenge the silence and brutality of the adult world. Despite the premature loss of many childhoods in Mexico, Huezo leaves room for hope.

    Noise

    Natalia Beristain’s Ruido (Noise, 2022) follows Julia (Julieta Egurrola), a middle-class woman in her late 60s. She is the mother of Gertrudis, “Ger,” a student who vanished while on vacation with friends. Confronted with bureaucratic inefficiency and state indifference, Julia is forced to “do the work of others” and investigate Ger’s disappearance herself.

    On her journey, she finds women willing to risk everything for the truth. Among them, she discovers compassion and solidarity, from young feminists demanding justice, to mothers who, having also lost loved ones, guide her through the legal and forensic processes involved in searching for clandestine graves.

    “You are not alone”, the women repeat like a mantra. As Pulitzer Prize-winning Mexican author Cristina Rivera Garza reminds us, grief indeed is never a solitary. We always grieve for and with someone.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Beyond Emilia Pérez: 5 Mexican films that do justice to victims of the drug cartels – https://theconversation.com/beyond-emilia-perez-5-mexican-films-that-do-justice-to-victims-of-the-drug-cartels-249160

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: There is declining trust in Australian unis. Federal government policy is a big part of the problem

    Source: The Conversation (Au and NZ) – By Graeme Turner, Emeritus Professor of Cultural Studies, The University of Queensland

    Matej Kastellic/ Shutterstock

    As we head towards the federal election, both sides of politics are making a point of criticising universities and questioning their role in the community.

    Opposition Leader Peter Dutton has accused unis of focusing on “woke” issues that “just aren’t cutting it around kitchen tables”.

    The Albanese government has also accused universities of being out of touch. A Labor-chaired Senate committee has just set up an inquiry into university governance, pointing to “an extraordinary range” of issues, including executive pay.

    Both the Coalition and Labor want to clamp down on international student numbers, arguing they drive up city rents and threaten the integrity of Australian higher education.

    The criticism goes beyond politics. Recent media coverage called the sector a “mess” and asked “is a university degree still worth it?”

    No wonder newsletter Future Campus says the “hottest topic” in Australian higher education is whether universities have lost their social licence.

    What is social licence?

    A social licence means a community has given tacit permission for an organisation to operate. It goes beyond simple laws or regulations, and extends to the idea that a community implicitly trusts and has confidence in an organisation.

    A social licence means businesses, in particular, should not ignore their responsibility to provide a social benefit to their communities. This needs to go beyond providing commodities or generating profits.

    It may be a bit of stretch to compare universities with multinational corporations. But they have come under scrutiny for systemic underpayment of staff, “excessive” vice-chancellor and senior executive salaries and a structural over-reliance on international student income.

    In December 2024, a state parliament review expressed concern the University of Tasmania was prioritising “commercial over community interests in its core functions”.

    At the same time, Australian surveys show declining levels of public trust in universities and community concerns that profits take precedence over education.

    Governments have played a role

    So there are many reasons to ask how well our universities benefit the national community, beyond their economic outputs.

    But while our politicians readily line up to express concern, it is highly disingenuous to only blame universities for their standing in the community.

    The situation politicians now lament is the result of a long-term, bipartisan political project, prosecuted by successive federal governments.

    As a 2023 Australia Institute report found, federal government funding for universities (excluding HECS/HELP) has fallen from 0.9% of GDP in 1995 to 0.6% of GDP in 2021. Both Coalition and Labor governments have sought to reduce the sector’s costs to the budget.

    Over a similar period, enrolments tripled.



    Read more:
    Tumult and transformation: the story of Australian universities over the past 30 years

    Behaving like businesses

    To compensate for this funding loss, universities have been coaxed into behaving more like businesses.

    The federal policy settings have shown them the way to go.

    Teaching foreign students is more profitable than teaching domestic students, research collaborations with business and industry are more profitable than collaboration with communities. Increasingly, in the search for new income sources, commercial, rather than academic, considerations have driven institutional decisions.

    In a competitive market, the interests of individual institutions rather than those of the nation inevitably prevail.

    There has been a succession of redundancies and knowledge, learning and personnel have been lost. The losses have wound back generations of accrued cultural and educational capital for the nation.

    It is no surprise public confidence in universities’ utility and legitimacy has diminished.

    The most significant problem

    This is not to say universities are blameless. University leaders and academics acknowledge there has been a loss of public confidence. There is also acknowledgement some of the damage is due to internal issues – such as governance failures.

    But the most significant problem is the corrosive effect of several decades of commercialisation, underpinned by a political disregard for the sector’s contribution to the public good.

    If political leaders are serious about arresting the erosion of our universities’ social licence, it would be helpful if they stopped behaving as if it has nothing to do with them.

    Graeme Turner’s book, Broken: Universities, politics and the public good, will be published by Monash University Press in July as part of its In the National Interest series.

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

    – ref. There is declining trust in Australian unis. Federal government policy is a big part of the problem – https://theconversation.com/there-is-declining-trust-in-australian-unis-federal-government-policy-is-a-big-part-of-the-problem-248770

    MIL OSI Analysis – EveningReport.nz –