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Category: Business

  • MIL-OSI: Bitget lists JAILSTOOL adding it to Spot Trading

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 11, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of Stool Prisondente ($JAILSTOOL). The memecoin was adopted by Barstool Sports founder David Portnoy. Spot trading will begin on 10 February 2025, 14:00 (UTC), with withdrawals available on 11 February 2025, 10:00 (UTC).

    Stool Prisondente is a community-driven memecoin designed for fun and lighthearted engagement within the crypto ecosystem, celebrating crossovers between internet culture and the unpredictable nature of meme assets. With a focus on community participation and viral momentum, Jailstool embodies the spirit of crypto’s inherent degen culture.

    Bitget continues to expand its offerings, positioning itself as a leading platform for cryptocurrency trading. The exchange has established a reputation for innovative solutions that empower users to explore crypto within a secure CeDeFi ecosystem. With an extensive selection of over 800 cryptocurrency pairs and a commitment to broaden its offerings to more than 900 trading pairs, Bitget connects users to various ecosystems, including Bitcoin, Ethereum, Solana, Base, and TON. The addition of $JAILSTOOL into Bitget’s portfolio marks a significant step toward expanding its ecosystem, by embracing niche communities and fostering innovation in decentralized economies, further solidifying its role as a gateway to diverse Web3 projects and cultural movements.

    For more details on $JAILSTOOL, visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ea3c6294-13cb-4c4d-945a-df3941ae416c

    The MIL Network –

  • MIL-OSI Asia-Pac: Foreign Minister Lin hosts welcome luncheon for Estonian defense industry delegation

    Source: Republic of China Taiwan 3

    Foreign Minister Lin hosts welcome luncheon for Estonian defense industry delegation

    Date：2025-02-05
    Data Source：Department of European Affairs

    No. 032 
    February 5, 2025 

    Minister of Foreign Affairs Lin Chia-lung hosted a welcome luncheon on February 4 for an Estonian defense industry delegation led by Chair of the Estonia-Taiwan Support Group of the Parliament of Estonia Kristo Enn Vaga. The delegation included senior parliamentarian Kalle Laanet—who previously served as minister of defense, minister of the interior, and minister of justice—as well as representatives of the defense industry. During the event, the two sides exchanged views on cooperation in defense industry innovation, whole-of-society resilience, the Russia-Ukraine war, and other issues. 
     
    Minister Lin noted that Taiwan and Estonia had both experienced authoritarian rule and therefore greatly cherished their hard-won freedoms and democracy. Commenting on authoritarian expansionism in recent years, he pointed out that the ongoing Russia-Ukraine war, China’s recurrent military exercises in the waters around Taiwan, and frequent incidents of sabotage of underwater cables in the Baltic Sea and the waters off Taiwan underscored the importance of enhancing collaboration among democratic nations. Minister Lin also spoke about having led a delegation of the Taiwanese drone industry to Lithuania last November to demonstrate Taiwan’s determination to build democratic supply chains together with like-minded nations. He welcomed this visit by the Estonian defense industry delegation, which, he said, would open up additional areas for cooperation. 
     
    Chair Vaga stated that the democratic community had realized that if like-minded partners did not work together to establish supply chains, national security could become susceptible to potential threats. Observing that Taiwan and Estonia were both the targets of massive daily disinformation attacks and that underwater cables serving each had recently been damaged, Chair Vaga urged the democratic community to become more united against all manner of threats and challenges. He also pledged to steadily promote relations between Taiwan and Estonia.
     
    At the luncheon, Minister Lin thanked the representatives of Motex Healthcare and Taiwan Comfort Champ Manufacturing for their joint donation of 1.11 million masks to Ukraine and Estonia during the Estonian delegation’s visit to Taiwan, adding that it highlighted the Taiwanese spirit of humanitarian assistance. Deputy Minister of Foreign Affairs François Chihchung Wu witnessed the donation ceremony on behalf of Minister Lin. 
     
    Deputy Minister Wu said that, since the outbreak of the Russia-Ukraine war, Taiwan had worked proactively with like-minded countries to support Ukraine. He stated that the Taipei Mission in the Republic of Latvia and the Estonian Centre for International Development had signed a partnership agreement last June, under which Taiwan would donate €1.1 million to support the construction of homes for orphans in Ukraine. Deputy Minister Wu expressed pleasure that Taiwanese companies had shown a commitment to corporate social responsibility and demonstrated that Taiwan could help and that Taiwan was helping. His views were echoed by Chairman of Motex Healthcare Y. C. Cheng and Chairman of Taiwan Comfort Champ Manufacturing Andy Chen, both of whom expressed a willingness to work with the government to assist Ukraine. (E)

    MIL OSI Asia Pacific News –

  • MIL-OSI: Explore cryptocurrency wealth and get efficient returns every day through BitconeMine cloud mining

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 11, 2025 (GLOBE NEWSWIRE) — BitconeMine, the leading AI-driven cloud mining platform, is making waves in the cryptocurrency industry by offering a limited-time $10 login mining bonus to new users. The initiative aims to lower the barrier to entry for crypto enthusiasts and provide a seamless, cost-effective way to start earning Bitcoin through cloud mining.

    What is Bitcoin Cloud Mining?

    BitconeMine allows users to participate in cryptocurrency mining without owning expensive hardware or dealing with a complex technical setup. By renting mining power from a data center, users can earn Bitcoin with minimal effort and investment.

    Why BitconeMine?

    BitconeMine stands out in the cloud mining industry with its innovative AI technology, ensuring optimized mining operations and consistent returns for investors. With a seven-year track record, BitconeMine continues to provide a secure and stable platform for passive income generation.

    Key Benefits of BitconeMine:

    $10 Login Bonus: New users can start mining immediately and earn a fixed $0.6 per day.
    Transparency: Monitor contracts and earnings in real time via mobile or desktop.
    Security: Investment protection backed by L&G Insurance.
    Scalability: Flexible contracts to suit a variety of investment needs.
    Zero maintenance costs: BitconeMine takes care of all hardware and operational maintenance.
    24/7 customer support: 24/7 assistance for a seamless mining experience.

    How to get started

    Joining BitconeMine is simple. Register on the platform and instantly activate your $10 mining reward. With daily passive income, new users can explore cloud mining without an initial financial commitment.

    1. First register as a BitconeMine user (visit the BitconeMine official website, click on register, and follow the steps to set up your account and password.)

    2. Choose a suitable contract package
    3. Pay the mining contract fee
    4. Wait for daily earnings.

    The bright future of cloud mining

    BitconeMine is committed to innovation and user satisfaction, and continuously enhances its platform to provide industry-leading cloud mining solutions. With strong security measures, transparent operations, and AI-driven efficiency, BitconeMine is poised to redefine the future of cryptocurrency mining.
    Start your crypto mining journey today. Visit https://bitconemine.com/ and claim your $10 sign-on bonus instantly!

    Contact:
    Lily Tanoria
    info@bitconemine.com

    Disclaimer: This press release is provided by BitconeMine. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in cloud mining and related opportunities involves significant risks, including potential loss of capital. Readers are strongly advised to conduct their own research and consult a qualified financial advisor before making any investment decision.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0bb1cd16-634a-413d-a8a5-081d7a58ff66

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7b59576d-f683-4cb1-b8d1-6825cb45375e

    The MIL Network –

  • MIL-OSI: Recording of LHV Group’s 11 February investor webinar

    Source: GlobeNewswire (MIL-OSI)

    To give an overview of the 2024 Q4 and 12 month financial results, LHV Group organised an investor meeting webinar on 11 February. An overview of the company’s progress was given by Madis Toomsalu, Chairman of the Management Board of LHV Group and Meelis Paakspuu, CFO of LHV Group.

    The live coverage was followed by 44 participants, the live feed of the presentation was broadcast over Zoom.

    Recording of the investor meeting (in Estonian) is available at: https://www.youtube.com/watch?v=jmt0XVLumrU

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,200 people. As at the end of December, LHV’s banking services are being used by nearly 460,000 clients, the pension funds managed by LHV have 114,000 active clients, and LHV Kindlustus is protecting a total of 170,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee 

    The MIL Network –

  • MIL-OSI Russia: Sobyanin: Overpass over SZKh near Novozavodskaya Street to be completed in 2026

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    The construction of the overpass across the main route of the North-West Chord (NWCH) towards Rublevskoye Highway is planned to be completed in 2026. This was reported by Sergei Sobyanin in his telegram channel.

    The 155-meter-long overpass is being built as part of the Targeted Investment Program. It will provide an exit from the residential and public areas of the Mnevnikovskaya floodplain to the main route of the North-West Chord.

    “Thanks to the overpass and the new bridge across the Moskva River in line with Novozavodskaya Street, we will be able to create an additional exit to the SZH and a new route to the Filevsky Park area, to the National Space Center and the Khrunichev site of the Technopolis Moscow SEZ,” wrote Sergei Sobyanin.

    According to the architects’ idea, the artificial structure will harmoniously fit into the surrounding floodplain development: the same lighting masts as in the neighboring blocks will be installed on the overpass. The V-shaped supports with smooth rounding were developed individually for each span, while maintaining a uniform style.

    Currently, the construction readiness of the overpass is 70 percent.

    Development of the Mnevnikovskaya floodplain area

    Today Mnevnikovskaya floodplain— one of the largest development centers of the city. It is planned to build about three million square meters of real estate here. The construction of a modern urban area with residential areas, educational facilities, sports centers, a surf park and numerous green recreation areas is underway.

    One of the largest sports clusters in Moscow, with an area of about 500 thousand square meters, is being created on the territory of the Mnevnikovskaya floodplain. It will include an ice palace, the Alexander Ovechkin International Hockey Academy, a training center for the Russian national football team, a multifunctional building with a curling arena, as well as the CSKA basketball club and a rowing base with the necessary infrastructure.

    Currently, over 200 thousand square meters of various real estate have been put into operation, including residential buildings, an educational complex for 925 students, an ice palace and other facilities.

    Large-scale work continues creation of a modern transport infrastructure. In 2021, two stations of the Big Circle Line of the metro were opened in the Mnevnikovskaya floodplain: Mnevniki and Terekhovo. The reconstruction of Nizhnie Mnevniki Street (North-West Chord) was carried out with the construction of bridges across the Moskva River and locks. In December 2024, a bridge was opened across the Moskva River in line with Myasishchev Street, which connected the Filevskaya and Mnevnikovskaya floodplains, as well as an underground pedestrian crossing in the area of the junction with Myasishchev Street.

    A project to develop the local street and road network is currently being implemented, within the framework of which streets will appear to provide access to residential areas under construction, sports facilities and metro stations. They are also building a road bridge across the Moskva River in line with Novozavodskaya Street, an overpass across the main route of the SZH towards Rublevskoye Highway, two bicycle and pedestrian bridges across the Moskva River to Ostrovnaya Street (Krylatskoye district) and towards Fili Park. In addition, they will make two pedestrian crossings, including one overground (across the SZH in the area of the Moskvoretsky Arboretum) and one underground (in the area of the Moskvoretsky Natural and Historical Park). The plans include the reconstruction of the embankments of the Moskva River with a total length of about seven kilometers.

    In total, they plan to build 17 kilometers of roads on the territory of the Mnevnikovskaya floodplain.

    Four pedestrian bridges will be built in Moscow by the end of 2027The new bridge in the Mnevnikovskaya floodplain will have spectacular arches — Sergei SobyaninSergei Sobyanin opened a unique ice palace in the Mnevnikovskaya floodplainConstruction of the International Hockey Academy continues in the Mnevnikovskaya floodplain

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/mayor/tkhemes/12371050/

    MIL OSI Russia News –

  • MIL-OSI: AMD and the Commissariat à l’énergie atomique et aux énergies alternatives (CEA) to Collaborate on the Future of AI Compute

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Feb. 11, 2025 (GLOBE NEWSWIRE) — AMD (NASDAQ: AMD) today announced the signing of a Letter of Intent (LOI) with the Commissariat à l’énergie atomique et aux énergies alternatives (CEA) of France to collaborate on the advanced technologies, component and system architectures that will shape the future of AI computing. The collaboration will leverage the strengths of both organizations to push the boundaries on energy-efficient systems needed to support the world’s most compute-intensive AI workloads in fields from energy to medicine.

    Through this initiative, AMD and CEA will engage in a structured collaboration, focused on technological advancements on next generation AI compute infrastructure. AMD and CEA also are planning a symposium on the future of AI compute in 2025 that will convene European stakeholders and global technology providers, startups, supercomputing centers, universities and policy makers to accelerate collaboration around state-of-the-art and emerging AI computing technologies.

    “AI computing continues to drive innovation across industries, and international collaboration is critical to pushing the boundaries of what’s possible,” said Ralph Wittig, Corporate Fellow and head of research, AMD. “Through this collaboration with CEA and leading French engineers, we aim to bring cutting-edge AI research closer to real-world applications by advancing system architectures that meet the demands of tomorrow’s AI workloads, while growing the joint research and development opportunities between the U.S. and France.”

    “CEA is committed to driving innovation in AI computing by advancing next-generation technologies opening the road for disruptive architectures that balance performance and energy efficiency. Our collaboration with AMD represents a significant step toward fostering international cooperation in high-performance computing, bringing together world-class expertise to address the growing demands of AI workloads,” said Julie Galland, Director of the Technological Research division at CEA, “By combining CEA’s research leadership with AMD’s cutting-edge technology, we aim to develop breakthrough solutions that will shape the future of AI computing in Europe and beyond.”

    This effort underscores the AMD commitment to fostering international collaborations that accelerate AI innovation, making AI more inclusive and sustainable, and strengthening cooperation, in particular, between the United States and European research institutions.

    Supporting Resources

    About AMD
    For more than 50 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn and X pages.

    AMD, the AMD Arrow logo, and combinations thereof, are trademarks of Advanced Micro Devices, Inc. Other names are for informational purposes only and may be trademarks of their respective owners.

    The MIL Network –

  • MIL-OSI Economics: Denis Beau: The foundations of trustworthy AI in the financial sector

    Source: Bank for International Settlements

    Ladies and gentlemen,

    First of all, I’d like to thank the organizers for their invitation to launch this event focusing on the Paris financial centre’s AI strategy: just days before the international AI Action Summit, this gives me the opportunity to reiterate our determination at the Banque de France and the ACPR to take action on this major issue for the industry – and to do so in concert with all financial sector players. The summit will also be an opportunity for the Banque de France to reaffirm its commitment by organising a side event on 11 February, featuring a round table discussion on ethical and inclusive AI.

    AI – as you are already well aware, is being increasingly used in the financial sector, whether to assess credit risk, set insurance rates or estimate asset volatility. For a supervisor, its impact is potentially double-edged: while AI is a source of opportunities for the sector – including for its supervisor – it is also a new vector of risk. This ambivalent impact partly explains the regulatory framework that has just been introduced in Europe.

    The European Union has proven itself a pioneer in this area by adopting the AI Act in the summer of 2024. However, this legislation raises legitimate questions, especially for the financial sector: is there not a risk of hampering innovation in the name of controlling risk? I would like to reiterate, before you today, a strongly held conviction that may seem iconoclastic in the current environment: in the long run, regulating AI-related risks is good for competitiveness in both Europe and France. Without regulation, there can be no trust – and therefore no sustainable innovation.

    Because my opening remarks this morning are from a supervisor’s perspective, I will discuss the opportunities and risks (I), then the conditions necessary for effective regulation of AI in the financial sector (II).

    I/ To get a bit of perspective on things, I would like to revisit an initial observation: AI, combined with an abundance of available data, is a powerful vector of transformation for the financial sector.

    1/ Our observations show that AI is increasingly being used by financial institutions along all segments of the value chain: i) to improve the “user experience”, ii) to automate and streamline internal processes, and iii) to control risks, particularly in the battle against fraud and against money laundering and the financing of terrorism.

    The emergence of generative AI two years ago has triggered a revolution in the accessibility of AI technology, thanks to the possibility of interacting with algorithms using natural language – via Large Language Models (LLMs) – which makes adoption considerably easier. Generative AI is also boosting innovation within companies as computer code can now be written by a much broader group of people.

    If harnessed properly, AI can therefore boost the efficiency of financial institutions, increase their revenues and provide them with risk management solutions.

    2/ However, there is a downside, and the power of the solutions developed is accompanied by significant risks, both for each of the players in the financial system and for the stability of the system as a whole. I would like to mention three of these risks.

    The first is that these technologies may be put to improper use. The complexity and newness of certain modelling techniques can result in more errors, either in systems design or use. This poses a risk not only for customers, but also for institutions’ financial health, as a poorly calibrated model could generate systematic losses. These risks are compounded by two factors. First, the adjustment of the parameters of certain models in real-time, which is one of their strengths, can also result in rapid drift. Second, certain AI systems are particularly opaque, generating a “black box” phenomenon.

    The second risk I would like to highlight is cyber risk, which has become the number one operational risk in the financial sector over the past few years. AI amplifies this risk – both in terms of the danger posed by attackers and because it represents a new area of vulnerability. Conversely, we should be aware that AI can also enhance IT security, for example, by helping to detect suspicious behaviour.

    Lastly, I’d like to highlight a third risk, which could become increasingly significant in the future, namely environmental risk. In the absence of reliable data provided by businesses or a commonly accepted basis of calculation, quantification of this risk is still subject to considerable variability. Nevertheless, it is clear that training the most recent generative AI models is a very energy-intensive process… and that if current trends continue, their regular use by billions of customers will be even more so. These factors naturally suggest that AI should be used rather frugally. In other words, AI systems should only be used when necessary.

    II/ I would now like to turn to aspects of regulation, legislation and control, and primarily to the European AI Act. This will mainly concern the financial sector for two use cases: creditworthiness assessment for granting loans to individuals, and risk assessment and pricing in health and life insurance. The main impacts of this legislation will be felt from August 2026, and as market surveillance authority, the ACPR should be responsible for ensuring that it is properly applied.

    With this in mind, I would like to share two simple messages with you this morning: i) the risks linked to AI can essentially be handled within the existing risk management frameworks; ii) however, we should not underestimate certain new AI-related technical challenges.

    1/ The AI Act will not lead to any major upheaval in the way risks are managed in the financial sector.

    Financial institutions have a sound risk management culture, as well as robust governance and internal control systems. The Digital Operational Resilience Act (DORA), which has just come into force, rounds out the traditional regulatory framework with specific rules on operational resilience and IT risk management. The financial sector is therefore well equipped to meet the challenge of complying with the new regulations.

    Admittedly, the objectives of the AI Act – first and foremost the protection of fundamental rights – and those of sectoral regulation – financial stability and the ability to meet commitments to customer– differ. But operationally, when the AI Act requires “high-risk systems” to have data governance, traceability and auditability, or guarantees of robustness, accuracy and cyber-security throughout the lifecycle, clearly, we are not in uncharted waters.

    Rather, I would like to reiterate that the usual principles of sound risk management and governance continue to apply under the AI Act. Naturally these will guide the ACPR in assessing systems compliance when it is called upon to exercise its role of market surveillance authority. More specifically, our vision for deploying this new mission will be underpinned by three simple principles: (i) implementing “market surveillance” in accordance with the AI Act, i.e. primarily aimed at identifying systems likely to pose compliance problems; (ii) defining supervision priorities using a risk-based approach to ensure that the resources deployed are proportionate to the expected outcomes; and (iii) unlocking all possible synergies with prudential supervision. I believe that this was the intention of the European legislator when it entrusted national financial supervisors with the role of “market surveillance authority”. It is also the best way of ensuring that we don’t make the regulations any more complex at a time when our common objective should be to simplify them.

    Naturally, the principles of good governance and internal control also apply to algorithms not considered high-risk by the AI Act, if they pose risks to the organisations concerned – think of the use of AI systems in market activities, for example. Here, lessons learned from implementing the AI Act and the resulting best practices will be invaluable for both supervisors and supervised entities.

    2/ Nevertheless, the challenges posed by the use of AI should not be underestimated

    Some of the issues raised by this technology are definitely new. Let me give you two examples. Firstly, explainability: with each advance in this field, artificial intelligence algorithms have become increasingly opaque and in a regulated sector like the financial sector, this is a problem. More specifically, day-to-day users of AI tools need to have a sufficient understanding of how they work and of their limitations if they are to make appropriate use of them and avoid the twin pitfalls of either blindly trusting the machine or systematically mistrusting it.

    The second example is fairness. AI can accentuate biases present in data. Indeed, one of the aims of the AI Act is to detect and prevent such biases before they cause harm to citizens. This is a technically complex issue, as banning the use of certain protected variables is not enough to guarantee safe algorithms. This is particularly true for activities such as granting loans or pricing insurance, where customer segmentation is part of normal business and risk management practices in a competitive environment.

    To address these new challenges and comply with the various regulatory requirements, financial institutions will need to acquire new human and technical resources and upskill. As market surveillance authority and prudential regulator, the ACPR will ensure that risks are effectively managed. Compliance with the AI Act will have to be more than just an internal administrative labelling exercise, and financial institutions will have to ensure that the algorithms are managed and monitored by competent people who understand their inner workings.

    This means that the financial supervisor itself has to upskill and adapt its tools and methods. The ACPR has already published certain proposals in the past concerning the issue of explainability. It will eventually have to establish a doctrine on this topic as well as on algorithm fairness. We will also need to develop a specific methodology for auditing AI systems.

    We cannot and must not take this methodological step forward alone. In addition to unlocking synergies with other AI supervisors in France and Europe, we need to cooperate with the financial sector. Supervisors and supervised entities share many challenges and they will overcome them more effectively if they are able to move forward together.

    Events like today provide an opportunity to channel our collective efforts into a widely shared project. It is by working together that we will be able to lay the foundations for trustworthy AI in the financial sector.
    I wish you fruitful discussions throughout this morning.

    MIL OSI Economics –

  • MIL-OSI Economics: Christine Lagarde: European Parliament plenary debate on the European Central Bank Annual Report

    Source: Bank for International Settlements

    It is a great pleasure to take part in this plenary session and discuss your draft resolution on the ECB’s Annual Report.

    At the ECB, we are deeply committed to transparency and accountability, particularly in how we communicate with the public and their elected representatives in the European Parliament. In fact, in the last parliamentary term we interacted with this Parliament even more frequently than in previous terms.1

    At the same time, we greatly value the opportunity to hear the Parliament’s views. Your resolution and debate are an important pillar of the ECB’s accountability framework and a key channel for you to share your views with us – and we listen. For instance, next week will mark ten years since the ECB started publishing the accounts of the Governing Council’s monetary policy meetings2, a major step in enhancing our monetary policy communication and one that this Parliament had called for.

    This year’s draft resolution covers key issues that are central to the ECB’s mandate and the future of the euro area, including our response to inflation, the digital euro and the ECB’s role in supporting the EU’s broader economic policies. It also reflects the dynamic challenges we face in Europe today, and I look forward to hearing your thoughts on all of these issues and having a constructive dialogue with you.

    But let me first start by outlining our view on the current economic situation in the euro area and our monetary policy stance. I will then address the broader economic challenges we are facing and their implications for monetary policy.

    The euro area economy and the ECB’s monetary policy

    The euro area economy grew modestly in 2024. While output stagnated in the fourth quarter, it was still 0.9% higher than at the end of 2023. Surveys indicate that manufacturing continues to contract while services activity is expanding. Consumer confidence is fragile and, despite rising real incomes, households are hesitant to spend more.

    Nevertheless, the conditions for a recovery remain in place. A solid job market and higher incomes should strengthen consumer confidence and allow spending to rise. More affordable credit should boost consumption and investment over time. Exports should also support the recovery as global demand rises, although this is conditional on developments in international trade policies.

    Inflation stood at 2.5% in January and has recently developed broadly in line with staff projections. Core inflation has remained at 2.7% in recent months, reflecting a sideways movement in both services and goods inflation. Wage growth is moderating as expected, although it remains elevated, while profits are partially buffering the impact of wage increases on inflation.

    Inflation is set to return to our 2% medium-term target in the course of this year, with risks on both the upside and the downside. Greater friction in global trade would make the euro area inflation outlook more uncertain.

    In total, the ECB has lowered interest rates by 125 basis points since last June, and the deposit facility rate – the rate through which we steer the monetary policy stance – now stands at 2.75%. At our last meeting in January, we decided to lower our key interest rates by 25 basis points, based on an updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. In particular, the disinflation process in the euro area is well on track. Most measures of underlying inflation suggest that inflation will settle at around our target on a sustained basis. And while financing conditions continue to be tight, our recent interest rate cuts are gradually making borrowing less expensive.

    We are determined to ensure that inflation stabilises sustainably at our 2% medium-term target. We will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. We are not pre-committing to a particular rate path.

    A challenging economic environment for monetary policy

    Let me now turn to the broader economic environment and its implications for monetary policy.

    Europe has faced a series of unprecedented challenges in recent years, each with its own far-reaching impact. From the COVID-19 pandemic to surging energy prices and the geopolitical upheaval caused by Russia’s invasion of Ukraine, we have navigated our way through a storm of supply shocks. As we look ahead, the frequency of these shocks is likely to remain high.

    While we have weathered these crises, the past few years have also revealed missed opportunities and underinvestment in areas such as the digital transformation and the green transition – and the uncertainty surrounding trade and economic policy continues to weigh on consumption and investment.3 As a result, and as highlighted in reports by Enrico Letta and Mario Draghi, Europe finds itself lagging behind international competitors in productivity and growth.

    In a world driven by shifting global dynamics and rapid technological change, Europe must strike a delicate balance between achieving strategic autonomy and preserving its openness to the global economy. As President Ursula von der Leyen and I highlighted in a recent article, Europe’s response to these challenges must be bold and strategic. While the outlook may seem daunting, the prospects are more promising than they might appear.4

    One of Europe’s first priorities should be to deepen the Internal Market. By removing remaining barriers within the Single Market – barriers that effectively function like tariffs – we can unlock economies of scale, encourage innovation and reduce costs for consumers and producers alike. We are already home to a wealth of ideas and innovators. Our challenge is to transform these ideas into technologies that fuel economic growth. To do so, we need to reduce administrative burdens and foster an innovation-friendly environment.

    Another critical area is enhancing Europe’s autonomy in payments, which form the backbone of our economy and our single currency. At present, a few foreign providers dominate Europe’s payments landscape, leaving us vulnerable to external pressures. As we face an increasingly digital future, we must prepare the ground for a digital euro. This will ensure the resilience and public good nature of our payment systems. It will also provide a platform for private innovation in digital payments.

    With substantial savings at its disposal, Europe must channel more resources into private investment and scale up financing to support its innovators. A genuine capital markets union designed for citizens and businesses alike will be instrumental here.

    More broadly, investment must be the cornerstone of Europe’s economic transformation. The focus must be on investing in physical and digital infrastructure, research and development, and green technologies. These are not optional but essential investments required to drive productivity and guarantee Europe’s competitiveness on the global stage. Moreover, they will address our energy dependence and help us meet our climate goals – both pressing imperatives.

    In this regard, we welcome the European Commission’s Competitiveness Compass as a concrete roadmap for action, which will also support the ECB in maintaining price stability by reducing Europe’s susceptibility to supply shocks.

    That said, the ECB is not standing idle. We are committed to learning from the experiences of recent years. As part of the ongoing assessment of our monetary policy strategy, we are preparing for the risk of an increasingly volatile future. We are taking stock of a changed inflation environment and economic context. We are also focusing on the implications for monetary policy, our experiences with our evolving policy toolkit, our reaction function and how to better deal with risk and uncertainty in policy setting and communications. While the ECB continuously evaluates and adapts its economic models – a topic raised in your resolution – assessing new analytical needs will be one component of this assessment.

    Conclusion

    Let me conclude.

    The challenges facing Europe are immense, but solutions are within our reach. Our opportunity lies in more Europe.

    As Konrad Adenauer said 70 years ago, “European unity was the dream of a few. It became the hope for many. Today it is a necessity for all of us.” This sentiment rings true today more than ever.

    To jointly tackle Europe’s challenges, I am counting on the Parliament’s commitment. Within its mandate, the ECB will play its part. Ever since the introduction of the euro, the ECB has continuously adapted to changing economic environments to fulfil its mandate. We remain fully committed to delivering on this mandate. We are equally committed to maintaining our active and meaningful dialogue with the Parliament.

    Thank you for your attention. 

    MIL OSI Economics –

  • MIL-OSI Russia: Moscow entrepreneurs used the service of targeted selection of financial support measures more than five thousand times in 2024

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    In 2024, using the service “Targeted selection of financial support measures”, accessible on the portal State Budgetary Institution “Small Business of Moscow” (MBM), entrepreneurs attracted over two billion rubles from the federal budget to develop their projects. This was reported inDepartment of Entrepreneurship and Innovative Development the city of Moscow.

    MBM specialists help entrepreneurs find suitable financial support measures at the federal level, and also explain in detail the procedure for obtaining them. In 2024, more than five thousand requests for the service were received from current entrepreneurs and aspiring businessmen.

    The most popular were preferential lending programs, which accounted for 59 percent of the total amount of attracted financing. Another 32 percent were guarantees and sureties, the remaining nine percent were subsidies, grants and investments. The main recipients of support were manufacturing companies (53 percent) and enterprises in the innovation sector (10 percent).

    State Budgetary Institution “Small Business of Moscow”, subordinate to the capital’s Department of Entrepreneurship and Innovative Development, helps residents open and develop their own businesses in the city. In business service centers, everyone can learn about financial and non-financial measures of state support. Entrepreneurs can attend free seminars, forums and trainings that will improve their professional skills and establish business contacts.

    More detailed information can be found on the portal MBM.Mos.ru or by phone: 7 495 225-14-14.

    Support for entrepreneurs in the capital is provided within the framework of the federal project “Small and medium entrepreneurship and support for individual entrepreneurial initiative”, which is part of the national project “Efficient and competitive economy”.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/149910073/

    MIL OSI Russia News –

  • MIL-OSI Russia: A modern multifunctional space will be created in Kommunarka under the KRT program

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    In Kommunarka, a 3.13-hectare site will be reorganized under the integrated territorial development program (ITD). A draft of the corresponding decision already published on the mos.ru portal. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “A modern multifunctional space will be created on the territory between Edvarda Griga and Lipovy Park streets. The project involves the construction of a sports cluster and other public and business facilities here. Investments in the development of the site will amount to 7.6 billion rubles, and the annual budget effect will be 169.14 million rubles. As a result, the city will receive over 270 jobs,” said Vladimir Efimov.

    The reorganized territory has high transport accessibility – the Potapovo metro station and the Solntsevo-Butovo-Varshavskoye Shosse highway are nearby.

    “The development area of the site in Kommunarka will be 40.6 thousand square meters. It is planned to create a sports cluster here, which will include, among other things, an extreme sports center and an open sports ground. A medical center and a parking lot for 550 cars will also appear on the territory. The implementation of the project will provide local residents with the necessary infrastructure,” said the Minister of the Moscow Government, head of the capital’s Department of City Property

    Maxim Gaman.

    According to the program of integrated development of territories, multifunctional city blocks are created, where roads, comfortable housing and all necessary infrastructure are designed on the site of former industrial zones and inefficiently used areas. Currently, 302 KRT projects with a total area of about 4.2 thousand hectares are at various stages of development and implementation in Moscow. This work is carried out on behalf of Sergei Sobyanin.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/149933073/

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Director General David Cheng-Wei Wu and Mrs. Wu Attended the Grand Opening of OMMI DON Chatswood

    Source: Republic Of China Taiwan 2

    irector General David Cheng-Wei Wu and Mrs. Wu attended the grand opening of OMMI DON Chatswood, joining @Tim James MP, Shadow Minister for Small Business, Willoughby Deputy Mayor Angelo Rozos, Councillor Michelle Chuang, and Liberal candidate for Bradfield @Gisele Kapterian for the ribbon-cutting ceremony. They also took part in the traditional eye-dotting ritual, celebrating this exciting new milestone for Ommi’s .
    DG Wu praised Omar’s inspiring journey—overcoming challenges and taking Ommi’s Food & Catering to new heights. His resilience embodies the spirit of Taiwan and its people, and his success is a great example of how a Taiwanese business can thrive and become an integral part of the local community. It also reflects the diversity and vibrancy of Australia’s multicultural economy.
    We wish Omar and his team continued success and fulfillment in this exciting new chapter.

    MIL OSI Asia Pacific News –

  • MIL-OSI Africa: International Monetary Fund (IMF) Staff Completes 2025 Article IV Consultation with Morocco

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

    RABAT, Morocco, February 11, 2025/APO Group/ —

    • Economic growth is accelerating thanks to strong domestic demand, amid a new investment cycle in many sectors.
    • Tax reforms have allowed the fiscal deficit in 2024 to be lower than expected while also funding spending measures. Going forward, saving part of the revenue windfall would help strengthen the fiscal buffers. The current monetary policy stance is appropriate and should remain data dependent.
    • Structural reforms should focus on strengthening job creation, including by better targeting active labor market polices, consolidating programs to support small and medium firms, and removing regulatory distortions that hinder firms’ growth.

    An International Monetary Fund (IMF) staff team led by Roberto Cardarelli conducted discussions with the Moroccan authorities in Rabat on the 2025 Article IV Consultation from January 27 to February 7. At the conclusion of the visit, Mr. Cardarelli issued the following statement:

    “Economic activity is expected to have grown by 3.2 percent in 2024 and to accelerate to 3.9 percent in 2025, as agricultural output rebounds after the recent droughts and the nonagricultural sector continues to expand at a robust pace amid strong domestic demand. Higher growth is expected to increase the current account deficit towards its estimated medium-term norm of around 3 percent, while inflation is expected to stabilize at around 2 percent. The risks to the outlook are broadly balanced, with significant uncertainty regarding the economic impact of geopolitical tensions and changing climate conditions.

    “With inflation expectations anchored around 2 percent and little signs of demand pressures, the current broadly neutral monetary policy stance is appropriate, and staff agrees with Bank Al-Maghrib that future changes of policy rates should remain data dependent. With inflation back to around 2 percent, Bank Al-Maghrib should continue its preparation to adopt an inflation-targeting framework.”

    “Recent reforms to the tax system and tax administration have helped expand the tax base while lowering the tax burden. As a result, tax revenues in 2024 have been greater than expected. With only a small part of the additional tax revenues being saved, the central government’s deficit for the year was 4.1 percent of GDP compared to the 4.3 announced in the 2024 Budget. While the 2025 Budget confirms the gradual pace of fiscal adjustment projected last year, higher-than-expected revenues should be used to accelerate the pace of debt reduction to levels closer to pre-pandemic. In addition, continuing to finance structural reforms may require further efforts to expand the tax base and rationalize spending, including by reducing transfers to state-owned enterprises as part of the ongoing reform of the sector and expanding the use of the Unified Social Registry to all social programs.

    “Staff welcomes the ongoing reform of the Organic Budget Law that should introduce a new fiscal rule based on a medium-term debt anchor. Good progress has been made in the Medium-Term fiscal framework to include an assessment of the risk from climate change. Staff encourages the authorities to build on this progress by adding more information on the impact of new policy measures and a quantification of the risks from the increased reliance on public-private partnership (PPP) projects.

     “Stronger job creation requires a novel approach to active labor market policies, focusing on labor displaced from the agricultural sector due to the sequence of droughts. A special focus should be placed on encouraging the growth of small and medium size enterprises (SME)  and favoring their integration into sectoral value chains. Staff welcomes the progress in the operationalization of the Mohammed VI Investment Fund that should help SMEs access equity financing. Measures that may encourage the development of a more buoyant private sector include strengthening the support for SMEs under the new Charter of Investment, strengthening regional investment centers so they can better help SMEs access the financial and technical resources needed for their growth, and reviewing the labor code, tax system, and regulatory and governance frameworks so as remove the distortion that incentivize firms to remain small or informal. It will also be necessary that the ongoing SOE reform effectively pursues market neutrality between public and private sector firms.

    “The IMF team held discussions with senior officials of the government of Morocco, Bank Al-Maghrib, and representatives of the public and private sectors. The team thanks the Moroccan authorities and other stakeholders for their hospitality and candid and productive discussions.”

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Manchester’s First Street Hub reaches completion milestone

    Source: United Kingdom – Executive Government & Departments

    A new state-of-the-art government office building in Manchester’s city centre has hit a key stage in its construction.

    A new state-of-the-art government office building in Manchester’s city centre has hit a key stage in its construction.

    The Government Property Agency (GPA) has confirmed it has accepted the handover of its new hub in First Street after the building reached practical completion of its Category A (Cat A) fit out and lease commencement. Works were completed by BAM Construct UK appointed by developer Ask Real Estate.

    This latest milestone continues the countdown to ready for service, with the nine-storey circa 12,000 square metre building now ready for the internal fit-out to commence.

    Once complete the hub will accommodate around 2,600 civil servants from departments including the Ministry for Housing, Communities and Local Government (MHCLG), the Department for Business and Trade (DBT), the Office for Standards in Education (OFSTED), and the Department for Education (DfE). It is expected that more than 150 roles will be relocated to Manchester from across several different government departments and agencies once the hub is operational.  

    The building forms part of the Government Hubs Programme supporting economic growth across the UK. The programme is rationalising the government’s estate in towns and cities across the UK, playing a pivotal role in delivering modern, customer-focused and varied workspaces where civil servants can thrive. The design recognises that different types of work require different spaces to enable collaboration, creativity and community regardless of how people choose to work.

    Parliamentary Secretary for the Cabinet Office, Georgia Gould, said:

    It’s great to see the Manchester First Street Hub move onto this next stage of construction.

    UK Government Hubs across the country help to consolidate our estate. Not only cutting waste by removing old inefficient buildings from our portfolio, but also giving people across the country the chance to work in the Civil Service, and driving economic growth in the local area.

    Georgina Dunn, the GPA’s Interim Director of Capital Projects, said:

    It’s very gratifying to reach this significant stage in the programme. This new state-of-the-art office will provide a home for civil servants from across the government in Manchester, making it one of the largest hubs for cross-departmental collaboration and operation outside London. The GPA remains immensely proud of the industry-leading sustainability, accessibility and workplace standards delivered by the Government Hubs Programme.

    A competitive tender process for the subsequent fit-out works has completed with the GPA due to make an announcement in the next few weeks.

    John Hughes, Managing Director at Ask Real Estate said:

    Bringing the GPA hub to practical completion is a huge testament to our commitment to driving sustainability in the workplace sector. Achieving a NABERS 5.5 Design for Performance rating – the first building in Manchester City Centre to reach this milestone – supports the high ambitions set by HM Government.

    First Street and its extended neighbourhood will be boosted significantly when the GPA takes occupation.

    The £105m development was forward-funded by Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, which will use the secure, long-dated and index-linked cashflows to pay the pensions of its policyholders over the coming decades.

    James Agar, Head of Real Estate Origination at PIC, added:

    We are delighted to have reached practical completion on such an important project for PIC. The First Street hub is a great example of what can be achieved through public private partnerships.

    The sustainability and ESG focus of this best-in-class building are clear to see, these were a key element of our investment case for the asset which will help us to pay the pensions of our policy holders.

    The building deepens our relationship with the GPA and will assist the UK Government in delivering the transition to Net Zero. We look forward to the GPA taking formal occupation of the building and welcoming more than 2,500 civil servants to the site.

    The First Street Hub is in the heart of Manchester and a few minutes’ walk from Oxford Road and Deansgate rail stations. It has been designed to be class-leading, meeting inclusive and accessible design standards.

    Lead developer Ask Real Estate and its joint venture partner, Richardson, secured a full pre-let of the Grade A BREEAM Excellent office building to the GPA which then signed a lease with building owners PIC in 2022.

    For more information contact the GPA’s comms team: comms@gpa.gov.uk

    Updates to this page

    Published 11 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Dialogue between science and government

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    A working meeting of representatives of regional executive authorities with a delegation of the Association of Innovative Regions of Russia (AIRR) was held in the Government of St. Petersburg. The event was dedicated to discussing issues of developing intellectual property, innovation and support for high-tech projects in the regions.

    Key government and business representatives addressed the participants with welcoming remarks. Deputy Chairman of the Committee for Industrial Policy, Innovation and Trade of St. Petersburg Dmitry Prozherin emphasized the importance of developing innovative infrastructure and protecting intellectual property for the region’s economic growth. Deputy of the Legislative Assembly of St. Petersburg, Chairman of the specialized commission on investments and the city branch of “Business Russia” Dmitry Panov noted the need to create favorable conditions for investment and the introduction of new technologies.

    Head of the Center for Strategic Communications of the Federal State Budgetary Institution “Federal Institute of Industrial Property” Daria Shipitsyna spoke about measures of state support in the field of intellectual property.

    Head of the regional direction of AIRR Dmitry Mitroshin gave a report on the development of the intellectual property system at the regional and federal levels. He emphasized the importance of integrating efforts to create a unified strategy in this area. Representatives of various regions of Russia shared their experience in intellectual property management, as well as successful cases of implementing innovative solutions.

    Of particular interest was the speech by the director of the SPbPU Center for Intellectual Property and Technology Transfer Ismail Kadiev. He proposed creating a regional center for intellectual property and technology transfer, which would become a platform for interaction between science, business and government. The initiative was supported and enshrined in the final document of the meeting.

    Natalia Petrova, Chairperson of the Board of the Intellectual Property Development Fund and CEO of the Patent and Legal Firm NEVA-PATENT LLC, spoke about the implementation of effective mechanisms for regulating intellectual property in the country’s regions. She noted that competent management of intellectual assets helps to increase the competitiveness of regions and attract investment.

    The delegation visited the innovation infrastructure facilities of St. Petersburg, including JSC Technopark of St. Petersburg. The participants familiarized themselves with the work of the Prototyping Center, the regional engineering center for electronic instrumentation, the laboratory of the regional engineering center for active pharmaceutical substances (RIC APS), and the demonstration site of Russian vendors.

    The event was an important step in strengthening cooperation between regions and federal structures in the field of intellectual property and innovation. Participants expressed confidence that such initiatives will contribute to the development of high-tech industries and increase the competitiveness of the Russian economy.

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

    MIL OSI Russia News –

  • MIL-OSI Russia: NSU hosted the first YADRO Winter School “Programming for RISC-V”

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    The winter school began long before the in-person stage — with a course of lectures on RISC-V architecture. Throughout January, students who passed the selection listened to lectures from professionals in an online format. After the lecture stage, testing was conducted, in which more than 300 people from all over the country took part. Based on its results, participants were selected for the project stage, which took place in person from February 3 to 8. All of them showed a very high level of preparation.

    — We are formulating the following goals for the Winter School: on the one hand, we certainly wanted the students to have more knowledge, skills and abilities in the field of RISC-V as a promising technology and as a technology that is interesting to YADRO as a company. On the other hand, we believe that within the framework of the Winter School, students have the opportunity to acquire skills in a fairly short period of time that will be useful to them when they are selected for the summer internship “Impulse”, which will take place this year. In a broad sense, the goal is to provide technologies and prepare for selection for an internship in the company, — noted Mikhail Salamatov, Head of the Department for Development of Educational Programs at YADRO.

    At the in-person stage, NSU gathered not only students from our university, but also guests from the Siberian State University of Telecommunications and Informatics and universities of St. Petersburg. There were 15 participants in total. NSU was represented by guys from Faculty of Information Technology And Faculty of Mechanics and MathematicsNext year, there are plans to attract students from other specialized faculties of NSU.

    — Throughout the preparation stage and during the Winter School, many technical problems related to the distributed format of the Winter School were solved: the school was held simultaneously in several clusters across the country. The participants were able to offer original solutions to complex project tasks, got acquainted with the new, previously unfamiliar RISC-V architecture and gained tremendous experience in working in a team. I believe that we, as organizers, also gained a lot of experience in holding such events. I really hope that next year we will hold the Winter School at NSU with even more active participation of students from other regions, — said Alexander Vlasov, PhD in Engineering, Associate Professor, Deputy Dean of the Faculty of Information Technology for Master’s Degree, Head of the YADRO Laboratory at NSU, Director of the RISC-V Winter School.

    Over the course of 6 days, teams worked on a research project under the guidance of their mentors and then presented the results of their work. The project topics were known in advance. Participants had to choose one of the topics when registering for the Winter School. Selection for project work consisted of passing an online test, where the participant had to demonstrate that they had the knowledge necessary to complete the project they had chosen.

    NSU projects that the participants worked on:

    -Watermark Risk-B;

    -Butstrap risk-B;

    – Benchmark for a processor based on the RISC-V architecture.

    — Our team implemented the project “Watermark RISC-V” — creation of a steganography method for detecting sources of leakage of private software written in RISC-V.

    Participation in the Winter School broadened my horizons and deepened my understanding of the principles of hardware operation. I gained experience working with microcomputers based on a processor with a young and promising RISC-V architecture, which I had not encountered before.

    It is nice that the university holds events on such interesting topics. This will help students decide what they are interested in, as well as start taking the first steps in their career. The project part of the Winter School was held in a friendly, pleasant atmosphere, working on the tasks was quite exciting. I think each student gained valuable experience that will be useful in the future, – shared his impressions Zhora Babayan, a participant of the Winter School, a 4th-year student of the Faculty of Information Technology of NSU.

    — Our team’s goal was to study a miniature operating system written for x86 processors and port it to the open RISC-V architecture. There were many difficulties during the project. Among other things, we had to learn how to run at least some code on RISC-V, which took us a lot of time, and also read a couple dozen lines of code written in assembler and figure them out. There were many tasks, but little time. We managed to do some things, and had to abandon others. But I’m happy with the results!

    Apart from me, everyone on the team was from NSU. All the guys were very strong, so we easily split into groups and worked in parallel. We were also very lucky with the project curator – NSU lecturer Dmitry Valentinovich Irtegov – a man with a huge store of knowledge, who could answer any question posed.

    Participation in the Winter School was a very interesting experience for me, including because of the new location for me. Compared to St. Petersburg, Novosibirsk (or rather, Akademgorodok) has much more snow, and it is much cleaner, which was a pleasant surprise for me. There are also many more trees and much less noise and city bustle, – Alexander Sergeev, a 3rd-year student of the ITMO Faculty of Information Technology and Programming, a member of the Bootstrap RISC-V team, said about his experience of participating in the YADRO Winter School.

    All students who defended their projects were given the opportunity to continue working on them within the YADRO laboratory at NSU.

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

    MIL OSI Russia News –

  • MIL-OSI China: Beijing’s new mega exhibition center to hold first event

    Source: China State Council Information Office 2

    Beijing’s Capital International Convention and Exhibition Center will hold the 35th China International Audio Service, Products & Equipment Exhibition from Feb. 21 to 24, making it the first exhibition held in the center since its completion at the end of last year.
    The exhibition center is the largest single-building comprehensive convention and exhibition venue in Beijing, featuring the most complete range of functions. It has 210,000 square meters of indoor exhibition space and 50,000 square meters of outdoor exhibition space. 
    The venue consists of a conference center, a hotel, nine exhibition pavilions and three entry halls. The conference center covers some 15,000 square meters, capable of accommodating 9,000 attendees simultaneously.
    The auto equipment exhibition scheduled for late February will include a variety of categories, including car modifications and smart electronic products, recreational vehicles and accessories, outdoor camping products, automotive cockpit electronics and premium items, car beauty and maintenance products, auto lubricants, and car wash equipment.
    Nearly 6,000 companies are expected to participate in the exhibition and showcase over 180,000 products, including more than 5,000 brand new wares, which account for 80% of the industry’s annual new product releases. The event is anticipating attendance of 150,000 industry professionals and nearly 100,000 general attendees.
    In addition to the auto showcase, the exhibition center will stage six more major exhibitions in the first half of this year.

    MIL OSI China News –

  • MIL-OSI China: Elon Musk-led group submits $97.4B bid for OpenAI

    Source: China State Council Information Office

    A team of investors led by Elon Musk submitted a 97.4-billion-U.S.-dollar bid to buy the non-profit that controls OpenAI, the Wall Street Journal reported on Monday.

    Musk’s attorney Marc Toberoff said that he had presented the bid to OpenAI’s board of directors, according to the Journal.

    Musk co-founded OpenAI in 2015 alongside Sam Altman and others but left the company in 2018. The Musk-led team is positioning the move as an effort to refocus OpenAI on open-sourced artificial intelligence (AI).

    “It’s time for OpenAI to return to the open-source, safety-focused force for good it once was. We will make sure that happens,” Musk said in a statement on Monday.

    In November 2024, Musk’s legal team filed a motion for an injunction as part of a lawsuit against OpenAI, challenging its effort to transition from nonprofit status.

    Musk’s own AI firm, xAI, is involved in the bid, fueling speculation that a successful acquisition could lead to a merger of the two companies.

    In response to Musk’s offer, Altman wrote on the social platform X on Monday, “No thank you but we will buy Twitter for 9.74 billion dollars if you want.”

    MIL OSI China News –

  • MIL-OSI: Equinor ASA: Share buy-back – first tranche for 2025

    Source: GlobeNewswire (MIL-OSI)

    Please see below information about transactions made under the first tranche of the 2025 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO).

    Date on which the tranche was announced: 5 February 2025.

    The duration of the tranche: 6 February to no later than 2 April 2025.

    Further information on the tranche can be found in the stock market announcement on its commencement dated 5 February 2025, available here: https://newsweb.oslobors.no/message/637712

    From 6 February to 7 February 2025, Equinor ASA has purchased a total of 1,200,000 own shares at an average price of NOK 266.0754 per share.

    Overview of transactions:

    Date Trading venue Aggregated daily volume (number of shares) Weighted average share price (NOK) Total transaction value (NOK)
             
    6 February OSE 600,000 269.0584 161,435,040.00
      CEUX      
      TQEX      
             
    7 February OSE 600,000 263.0924 157,855,440.00
      CEUX      
      TQEX      
             
    Total for the period OSE 1,200,000 266.0754 319,290,480.00
      CEUX      
      TQEX      
             
    Previously disclosed buy-backs under the tranche OSE      
    CEUX      
    TQEX      
    Total      
             
    Total buy-backs under the tranche (accumulated) OSE 1,200,000 266.0754 319,290,480.00
    CEUX      
    TQEX      
    Total 1,200,000 266.0754 319,290,480.00

     
    Following the completion of the above transactions, Equinor ASA owns a total of 69,743,662 own shares, corresponding to 2.50% of Equinor ASA’s share capital, including shares under Equinor’s share savings programme (excluding shares under Equinor’s share savings programme, Equinor owns a total of 62,356,027 own shares, corresponding to 2.23% of the share capital).

    This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

    Appendix: A overview of all transactions made under the buy-back tranche that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.

    Contact details:

    Investor relations
    Bård Glad Pedersen, senior vice president Investor Relations,
    +47 918 01 791

    Media
    Sissel Rinde, vice president Media Relations,
    +47 412 60 584

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Adriana D Kugler: Entrepreneurship and aggregate productivity

    Source: Bank for International Settlements

    Thank you, Jon, and thank you for the opportunity to speak to you today. It is such a pleasure to be back in Miami, a city I have seen grow and become ever more dynamic over the decades, as I have come many times to visit my large extended family here ever since the 1980s.

    As I discussed in my final speech of 2024, two positive supply shocks have significantly benefited the U.S. economy over the past two years and have also affected the conduct of monetary policy.

    The first of these has been the surge in population over the past few years that has helped bring labor supply into balance with labor demand and, thus, also helped move inflation toward the Federal Open Market Committee’s (FOMC) 2 percent goal. The other positive supply shock, which I outlined in my remarks in December, has been a step-up in aggregate productivity growth since 2020, which is an increase in the amount of economic output, across the economy, per hour worked or some other unit of labor. Although productivity growth, measured quarterly, can be quite volatile, over the past five years this acceleration is quite evident. While productivity grew by about 1.5 percent a year from 2005 to 2019, starting in 2020 it has grown about 2 percent a year. This difference may not look dramatic, but because of compounding year-over-year, the consequences of an additional 1/2 percentage point in growth over the past five years are significant for workers and the U.S. economy. When workers are more productive, it effectively means that businesses can produce more without needing to add workers, and that they can pay workers more without needing to raise prices. When they are more productive, it can also serve as an incentive for businesses to expand. Across the economy, higher productivity growth means that real wages and living standards for workers can rise faster without putting upward pressure on inflation.

    And that is exactly what has been happening recently, a period when inflation has been falling while the economy is expanding. While fast growth in wages was one of the factors driving inflation in 2021 and 2022, most likely some of that increase was due to productivity growth and, hence, was not inflationary. If productivity continues to grow at an accelerated pace, it would support the FOMC’s efforts to keep unemployment low and return inflation to a sustained level of 2 percent. For that reason, I would like to spend the balance of my remarks exploring some of the possible reasons why productivity has accelerated, and the prospects that this fortunate development will continue.

    MIL OSI Economics –

  • MIL-OSI Economics: Tiff Macklem: Structural change, supply shocks and hard choices

    Source: Bank for International Settlements

    Good afternoon. I’m pleased to be able to join you virtually to talk about the challenges that lie ahead for central banks. There’s a lot to discuss.

    But my first order of business is to congratulate and thank Agustín Carstens for his leadership as General Manager of the Bank for International Settlements (BIS). Your term, Agustín, has been marked by significant global upheaval-from pandemic shutdowns to war in Europe and double-digit inflation. These past few years have not been easy.

    Through it all, you have been a source of unwavering wisdom. Your clear thinking in the face of the unknown, your long view and your deep understanding of our global interdependence-all combined with the experience and pragmatism of a former minister of finance and then central bank governor-have made you an invaluable leader.

    More than that, through the BIS, you’ve brought us together with your friendship and your ability to get directly to the heart of the issue. You’ve helped us learn from each other. And you’ve made us better together.

    I know there will be an opportunity to celebrate you in Basel as your retirement in June approaches. But I wanted to recognize your exceptional leadership in your home country. For those of us in the Americas, your special interest in our region has been deeply appreciated. Whatever you do next, I know Mexico and the Americas will be an important part. Thank you, my friend.

    Now, let me turn to the challenges ahead. We are facing a global economic landscape that has shifted in recent years, and this shift has important implications for central banks.

    As Agustín has highlighted in a series of insightful speeches, the structural tailwinds of peace, globalization and demographics are turning into headwinds-and the world looks increasingly shock-prone.

    Higher long-term interest rates, elevated sovereign debt, slower economic growth and lagging productivity make all of our economies more vulnerable. Compounding these vulnerabilities are war, rising trade protectionism and economic fragmentation. In addition, new technologies-including artificial intelligence-are set to disrupt existing industries and create new ones. And we are seeing more frequent catastrophic weather events as the impacts of climate change become more pervasive.

    As 2025 begins, we are facing new uncertainty with a shift in policy direction in the United States. President Donald Trump’s threats of new tariffs are already affecting business and household confidence, particularly in Canada and Mexico. The longer this uncertainty persists, the more it will weigh on economic activity in our countries.

    If significant broad-based tariffs are indeed imposed, they will test the resilience of our economies in the short run and reduce long-run prosperity. Tariffs mean economies work less efficiently. There will be less investment and lower productivity. That means our countries will produce less and earn less. Monetary policy can’t change that.

    What monetary policy can do is help with the short-run adjustment. But even here, monetary policy has to strike a balance. Significant, broad-based tariffs will sharply reduce demand for our exports. At the same time, a weaker exchange rate, retaliatory tariffs and supply chain disruptions will raise import prices, putting upward pressure on inflation.   

    With a single instrument-our policy interest rate-central banks can’t lean against weaker output and higher inflation at the same time. So we will need to carefully assess the downward pressure on inflation from weaker economic activity, and weigh that against the upward pressures from higher input prices and supply chain disruptions.

    Other structural headwinds pose similar challenges for monetary policy. They’ll impact both demand and supply, slowing growth while adding cost. Monetary policy cannot address these headwinds directly or offset their economic consequences.

    In a world with more structural change and more negative supply shocks, central banks will be faced with harder choices. And harder choices bring risks of public disappointment and frustration. We will face criticism about our decisions-and about how well monetary policy is seen to have worked when confronted with forces that are mostly out of our hands. We will be called ineffective or criticized for not doing enough. And some will challenge our independence.

    So, what can all of us do?

    First, we can be humble about what we don’t know, but also confident in the effectiveness of our frameworks. We didn’t get everything right through the pandemic. And elevated inflation and higher interest rates have been difficult for our citizens. But in Canada, as in many other countries, inflation has come down. And we restored low inflation without causing a recession or major job losses.

    Guided by our frameworks, we can maintain confidence in price stability.

    Second, we can be just as clear about what monetary policy cannot do. There will always be forces beyond our influence, and while we need to understand those forces, we should also be clear that understanding is not the same as controlling. And we need to avoid the temptation to overload monetary policy by expecting more of it than it can deliver.

    Third, we can recognize that the world has changed. Structural headwinds and supply shocks require different types of information and analysis. This means investing in richer information about the supply side of the economy and building models that can analyze sectoral shocks and their transmission. It means reaching out and listening to households and businesses. It means looking at our economies through different lenses, regularly challenging our assumptions, and using scenarios to help manage uncertainty.

    Fourth, let’s acknowledge that working together has never been easy and it’s getting harder. But let’s also remember that it’s important. We are more effective if we confront our shared challenges together. The shared resolve of central banks to fight the post-pandemic surge in inflation helped all of us bring inflation down. This was a positive international spillover and, together, we can generate other positive international spillovers.

    Finally, we need to remain evidence-based, technocratic and professional, and free of political influence. We need to be open, accountable and transparent. And we need to be learning institutions-when faced with valid criticism, we should critically evaluate our policy actions and be willing to improve. Being independent and accountable and continuously learning is how we build trust.

    The world is a tougher place today than it was a few short years ago. And facing the headwinds before us will not be easy. But that’s why we have independent central banks-we are designed for tough times.

    I look forward to hearing from my esteemed colleagues on this panel.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Applications invited for special UK visa route

    Source: United Kingdom – Executive Government & Departments

    The UK-India Young Professionals Scheme (YPS) 2025 ballot will open next week.

    The UK-India Young Professionals Scheme (YPS) 2025 ballot will open next week. This bespoke visa scheme offers Brits and Indians the unique opportunity to live, study, travel, and work in the other country for up to two years.

    Indian nationals aged 18 to 30 must enter the ballot on gov.uk to be considered for one of the 3,000 spots available under the scheme. The ballot is scheduled to open on 18 February and close on 20 February. Applicants do not need to pay to enter the ballot, and successful entries will be picked at random.

    Applicants must be at least 18 years old on the date they plan to travel to the UK. They must also have a qualification at UK bachelor’s degree level or above and have proof of £2,530 in savings to support themselves in the UK. Applicants should ensure they meet all eligibility requirements before entering the ballot.

    Lindy Cameron, British High Commissioner to India, said:

    The Young Professionals Scheme is an excellent programme which helps build a modern understanding of our countries among Brits and Indians alike. I strongly encourage people from all corners of the country to apply – from Itanagar to Coimbatore, from Leh to Surat, and from Bhubaneshwar to Indore.

    Further information

    • launched in February 2023, the UK-India Young Professionals Scheme (YPS) is a bespoke, reciprocal scheme under which UK and Indian nationals who are aged 18 to 30 can live, study, travel and work in the other country for up two years. The opening of the ballot will be announced on GOV.UK. See eligibility conditions for entering the YPS ballot

    • the YPS ballot for Indian nationals wanting to travel to the UK is free to enter. Those selected from the ballot will be notified via email within two weeks of the ballot closing and will be invited to apply for the visa. They will then have 90 days from the date of the email informing them of their success in the ballot to make an application to the UK Home Office via the online application form, provide their biometrics and pay all associated fees, including the visa application fee and immigration health surcharge

    • selected applicants must mandatorily return to India after completing two years in the UK under this scheme

    • there were over 2,100 YPS visas issued to Indian nationals in the year ending December 2023

    • all UK visa customers should beware of visa agents or any such agencies that promise a visa under this scheme by paying money. See guidance on protecting yourself from any kind of visa and immigration fraud

    • official guidance for Brits looking to travel to India under the scheme can be found on the website of the High Commission of India in London

    Media

    For media queries, contact:

    David Russell, Communications Counsellor and Spokesperson,
    British High Commission, Chanakyapuri,
    New Delhi 110021. Tel: 24192100

    Media queries: BHCMediaDelhi@fcdo.gov.uk

    Follow us on Twitter, Facebook, Instagram, Flickr, Youtube and LinkedIn

    Updates to this page

    Published 11 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Yuri Trutnev visited industrial enterprises of Komsomolsk-on-Amur

    Translartion. Region: Russians Fedetion –

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

    Yuri Trutnev visited industrial enterprises of Komsomolsk-on-Amur

    February 11, 2025

    Yuri Trutnev visited industrial enterprises of Komsomolsk-on-Amur

    February 11, 2025

    Yuri Trutnev visited industrial enterprises of Komsomolsk-on-Amur

    February 11, 2025

    Previous news Next news

    Yuri Trutnev visited industrial enterprises of Komsomolsk-on-Amur

    As part of his working visit to Khabarovsk Krai, Deputy Prime Minister and Presidential Plenipotentiary Representative in the Far Eastern Federal District Yuri Trutnev visited the enterprises of PJSC UAC in Komsomolsk-on-Amur – the Komsomolsk-on-Amur Aviation Plant named after Yuri Gagarin (KnAAZ) and the production center of PJSC Yakovlev, where the Superjet-100 is assembled, and also visited the investment site for the production of the Baikal aircraft and got acquainted with the work of the Amur Shipbuilding Plant of USC. The Deputy Prime Minister was accompanied on his trip by the Governor of Khabarovsk Krai Dmitry Demeshin.

    At KnAAZ, Yuri Trutnev inspected a new titanium alloy processing shop, an assembly line, including a final assembly shop for Su-35S and Su-57 aircraft, and the construction of new flight test station facilities. The implementation of the project to build facilities and new industrial capacities at KnAAZ are necessary to increase the serial production of fifth-generation aircraft. The Deputy Prime Minister was shown areas where work is being carried out within the framework of cooperation: on the import-substituting Superjet-100 and MS-21.

    In the technocomplex of the production center of PAO Yakovlev, Yuri Trutnev was shown the first line in Russia for the production of doors for the import-substituted version of the Superjet – previously, these units were manufactured abroad. Doors manufactured on the new line meet the most modern aviation safety standards. A specialization center for the production of doors for other Russian civil aircraft is being created on the basis of the technocomplex.

    In the final assembly shop, the director of the production center Andrey Soynov spoke about the current work and prospects of the enterprise. The center, which employs more than 1 thousand people, is preparing for the serial production of fully import-substituted Superjet-100 aircraft. The production modernization program provides for the expansion of the final assembly shop to organize a straight-through conveyor and the construction of a new hangar for the flight test station. The production capacity of the updated enterprise will be at least 20 Superjet-100 aircraft per year.

    “The supply of domestic aircraft for air transportation in the Far East is our priority task. We, like no one else, understand the need to connect the cities of our region. The Yakovlev company has already concluded an agreement on the supply of Superjets to the Aurora airline, and we will make every effort to fulfill this order,” Andrey Soynov emphasized.

    As part of his trip to Komsomolsk-on-Amur, Yuri Trutnev visited an investment site being created for a comprehensive center for the development of regional and unmanned aviation production and the production of the Baikal light multipurpose aircraft. The construction of a production building for the assembly of the Baikal aircraft with the necessary engineering infrastructure is being carried out on the advanced development area in close proximity to the Dzyomgi airfield and the facilities of the United Aircraft Corporation (UAC). Work on the site is scheduled to be completed by the end of 2025. Construction of facilities for the production of the Baikal light aircraft began in January 2024. The project is being implemented on the instructions of President of the country Vladimir Putin and as part of the long-term development plan for Komsomolsk-on-Amur, the activities of which are included in the city’s master plan. Currently, the zero cycle work on the formation of the land plot is being completed, and the pouring of foundations continues. The total area of buildings and structures will be almost 10.4 thousand square meters. m. The complex will produce up to 20 aircraft per year. 80 jobs will be created.

    The developer of the Baikal aircraft is the Ural Works of Civil Aviation (UZGA). The aircraft will be manufactured by UZGA subsidiary Spetsaviatekhnika LLC, a resident of the Khabarovsk priority development area. It is planned that Baikal will be equipped with a domestic VK-800 engine. This aircraft is being created to improve the transport accessibility of remote regions of Russia and to develop local air routes. The key parameters of the aircraft were determined in accordance with the requirements of regional airlines: 2 tons of payload, flight range of 1.5 thousand km, cruising speed of 300 km/h.

    Yuri Trutnev also got acquainted with the work of the Amur Shipyard of USC, one of the largest shipbuilding enterprises in the Far East. During the inspection, the Deputy Prime Minister visited the slipway shop. The management of the enterprise reported on the orders under construction and prospective orders. The Deputy Prime Minister got acquainted with the progress of construction of the new dock-pontoon “Amurets” of project 65911, which is being built for the plant’s own needs as part of the USC dock program.

    The dock-pontoon was laid down in June 2023. Its main purpose is to ensure the removal of factory orders from the workshop and their transfer to the outfitting pier. The company has completed a large amount of work on the construction. On the dock-pontoon, the hull of which is currently being assembled on an open slipway, the assembly joints of the first three blocks have been thoroughly welded and presented to the register, and all assembly work on the fourth has been completed. In March, when the average daily temperature rises to normal, welding work on the dock-pontoon will resume, and the docking of the order hull will continue.

    The plant’s production program includes the construction of a floating transport dock for the transfer of plant orders to the outfitting base in Vladivostok and the reconstruction of the dockside unit of the plant’s outfitting complex. This will allow the enterprise to build a promising line of ships and vessels of greater width and tonnage than is currently possible, and to transport orders to the delivery base in Primorye using its own resources.

    Yuri Trutnev discussed with the General Director of the Amur Shipyard of USC Mikhail Borovsky the issues of the enterprise’s workload in terms of placing orders on the Amur Shipyard’s slipways for the development and maintenance of the oil and gas shelf – supply vessels and ice-class rescue vessels. The plant already has experience in building such orders: in 2018 and 2020, the plant built and handed over to the customer (OOO Gazprom Flot) two supply vessels for work with semi-submersible floating units. The built vessels belong to the highest class of automation and are capable of performing a wide range of tasks – from transporting goods and people to eliminating the consequences of natural disasters and extinguishing fires.

    At the commissioning base of the Amur Shipyard of USC, work is underway to prepare for testing the multifunctional emergency rescue vessel with a capacity of 7 MW, the Kerch Strait, which is being built to operate in high latitudes and has a sufficient margin of safety for sailing in freezing non-Arctic seas.

    “I always come to Komsomolsk-on-Amur with pleasure, because it is a working city. This is a city that protects our country. In this city, wonderful fighters are created, ships are built. We see how the work of the Amur Shipyard has changed. Previously, the enterprise had unresolved issues. And now, when the CEO reports that the enterprise is fully paying off its debts, that it is fully loaded with orders, this is, of course, great. This is good for Khabarovsk Krai, and for Komsomolsk-on-Amur, and for our entire country. The aircraft plant is fully loaded. Much remains to be done for small and large aviation. Work is going well on the Superjet-100 and fighters. We do not forget that we have debts to people for the construction of social facilities in Komsomolsk-on-Amur. And work in this direction will be accelerated. Now I have given a number of instructions and expect that the pace of work will be increased. The administration made a number of mistakes, including in the selection of contractors, but these miscalculations are of no interest to anyone. The main thing is that people get what they expect. We are trying to do this,” Yuri Trutnev summed up the results of his trip to Komsomolsk-on-Amur.

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

    MIL OSI Russia News –

  • MIL-OSI: International Petroleum Corporation Announces 2024 Year-End Financial and Operational Results and 2025 Budget, Reserves and Guidance

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) — International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operating results and related management’s discussion and analysis (MD&A) for the three months and year ended December 31, 2024. IPC is also pleased to announce its 2025 budget, including that IPC continues to progress the development of the Blackrod Phase 1 project in Canada in line with schedule and budget. IPC previously announced the renewal of the normal course issuer bid (NCIB) under which IPC may acquire a further 5.3 million common shares up to December 2025, in addition to the 2.2 million common shares already purchased for cancellation under the NCIB in December 2024 and January 2025. IPC’s 2025 capital and decommissioning expenditure budget is USD 320 million and its 2025 average daily production guidance is between 43,000 and 45,000 barrels of oil equivalent (boe) per day (boepd). 2024 year-end proved plus probable (2P) reserves are 493 million boe (MMboe) and best estimate contingent resources (unrisked) are 1,107 MMboe.(1)(2)

    William Lundin, IPC’s President and Chief Executive Officer, comments: “We are very pleased to announce that IPC achieved strong operational results in 2024. Our average net production was 47,400 boepd for the full year, with very strong operational and ESG performance across all our areas of operation. 2024 was a very significant investment year for our Blackrod Phase 1 development project, and we have spent over two-thirds of the forecast capital expenditure by the end of 2024. We generated strong cash flows from our business, and we returned USD 102 million to shareholders through share buybacks in 2024. With gross cash resources of USD 247 million at 2024 year-end, we continue to be well positioned to deliver on our three strategic pillars of Organic Growth, Stakeholder Returns, and M&A that drive value creation for our stakeholders.(1)(3)

    On Organic Growth, we are very pleased with the progress of the development of Phase 1 of the Blackrod project, Canada, which remains in line with schedule and budget. Phase 1 of the Blackrod project continues to forecast first oil in late 2026, with peak production planned to increase to 30,000 bopd by 2028. In 2024, IPC achieved over 250% reserves replacement ratio, ending the year with 493 MMboe of 2P reserves, the highest in our history.(1)(2)

    On Stakeholder Returns, we completed the 2023/2024 NCIB program, purchasing and cancelling 8.3 million IPC common shares over the period of December 5, 2023 to December 4, 2024, representing approximately 6.5% of the common shares outstanding at the start of that program. We immediately recommenced purchasing under the renewed 2024/2025 NCIB, purchasing for cancellation 0.8 million common shares during December 2024 and over 1.4 million common shares during January 2024. We are permitted to purchase up to a further 5.3 million common shares by early December 2025, which will represent a 6.2% reduction in the number of shares common outstanding at the beginning of the 2024/2025 NCIB.

    On M&A, we continue to review potential opportunities in Canada and internationally. IPC’s principal focus continues to be on progressing the Blackrod Phase 1 development as well as developing our existing asset base in Canada, France and Malaysia.

    IPC is well-positioned for 2025 and beyond as our Blackrod Phase 1 project is progressing according to plan, our existing production operations continue to generate strong cash flows, and our balance sheet is strong. At the same time, we continue return value to our shareholders by repurchasing and cancelling our common shares under the NCIB. I look forward to another exciting year at IPC with our high quality assets and our highly skilled and motivated teams across all areas of operation.”

    2024 Business Highlights

    • Average net production of approximately 47,400 boepd for the fourth quarter of 2024 was in line with the guidance range for the period (51% heavy crude oil, 15% light and medium crude oil and 34% natural gas).(1)
    • Full year 2024 average net production was 47,400 boepd, above the mid-point of the 2024 annual guidance of 46,000 to 48,000 boepd.(1)
    • Development activities on Phase 1 of the Blackrod project progressed in 2024 on schedule and on budget, with forecast first oil in late 2026. All major third-party contracts have been executed and construction is advancing according to plan, including construction of the central processing facility (CPF) and well pad facilities, finalization of the midstream agreements for the input fuel gas, diluent and oil blend pipelines, and advancement of drilling operations. As at the end of 2024, over two-thirds of the forecast Blackrod Phase 1 development capital expenditure of USD 850 million has been spent since project sanction in early 2023.
    • Drilling activity at the Southern Alberta assets in Canada continued with a total of thirteen wells drilled during 2024.
    • Successful completion of planned maintenance shutdowns at Onion Lake Thermal (OLT) in Canada and the Bertam field in Malaysia during 2024.
    • 8.3 million common shares purchased and cancelled from December 2023 to early December 2024 under IPC’s 2023/2024 NCIB and a further 2.2 million common shares purchased for cancellation during December 2024 and January 2025 under the renewed 2024/2025 NCIB.
    • In Q3 2024, published IPC’s fifth annual Sustainability Report.

    2024 Financial Highlights

    • Operating costs per boe of USD 18.2 for the fourth quarter of 2024 and USD 17.0 for the full year, in line with the most recent 2024 guidance of less than USD 18.0 per boe for the full year.(3)
    • Strong operating cash flow (OCF) generation for the fourth quarter and full year 2024 amounted to MUSD 78 and MUSD 342, respectively.(3)
    • Capital and decommissioning expenditures of MUSD 129 for the fourth quarter and MUSD 442 for the full year 2024, in line with the full year guidance of MUSD 437.
    • Free cash flow (FCF) generation for the full year 2024 of negative MUSD 135, with negative FCF generation of MUSD 61 for the fourth quarter in line with expectations and taking into account the significant capital expenditures during the quarter in respect of the Blackrod project. FCF for the full year 2024, before 2024 Blackrod Phase 1 development expenditure of MUSD 351, was MUSD 216.(3)
    • Net debt of MUSD 209 and gross cash of MUSD 247 as at December 31, 2024.(3)
    • Net result of MUSD 0.4 for the fourth quarter of 2024 and MUSD 102 for the full year 2024.
    • Entered into a letter of credit facility in Canada during 2024 to cover operational letters of credit, giving full availability under IPC’s undrawn CAD 180 million Revolving Credit Facility.

    Reserves and Resources

    • Total 2P reserves as at December 31, 2024 of 493 MMboe, with a reserve life index (RLI) of 31 years.(1)(2)
    • Contingent resources (best estimate, unrisked) as at December 31, 2024 of 1,107 MMboe.(1)(2)
    • 2P reserves net asset value (NAV) as at December 31, 2024 of MUSD 3,083 (10% discount rate).(1)(2)(5)(6)

    2025 Annual Guidance

    • Full year 2025 average net production forecast at 43,000 to 45,000 boepd.(1)
    • Full year 2025 operating costs forecast at USD 18 to 19 per boe.(3)
    • Full year 2025 OCF guidance estimated at between MUSD 210 and 280 (assuming Brent USD 65 to 85 per barrel).(3)
    • Full year 2025 capital and decommissioning expenditures guidance forecast at MUSD 320, including MUSD 230 relating to Blackrod capital expenditure.
    • Full year 2025 FCF ranges from approximately MUSD 80 to 150 (assuming Brent USD 65 to 85 per barrel) before taking into account proposed Blackrod capital expenditures, or negative MUSD 150 to 80 including proposed Blackrod capital expenditures.(3)

    Business Plan Production and Cash Flow Guidance

    • 2025 – 2029 business plan forecasts:
      • average net production forecast approximately 57,000 boepd.(1)(8)
      • capital expenditure forecast of USD 8 per boe, including USD 3 per boe for growth expenditure.(8)
      • operating costs forecast of USD 18 to 19 per boe.(3)(8)
      • FCF forecast of approximately MUSD 1,200 to 2,000 (assuming Brent USD 75 to 95 per barrel).(3)(8)
    • 2030 – 2034 business plan forecasts:
      • average net production forecast of approximately 63,000 boepd.(1)(8)
      • capital expenditure forecast of USD 5 per boe.(8)
      • operating costs forecast of USD 18 to 19 per boe.(3)(8)
      • FCF forecast of approximately MUSD 1,600 to 2,600 (assuming Brent USD 75 to 95 per barrel).(3)(8)
      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023
    Revenue 199,124   198,460     797,783   853,906
    Gross profit 42,774   39,955     210,171   250,514
    Net result 415   29,710     102,219   172,979
    Operating cash flow (3) 78,158   73,634     341,989   353,048
    Free cash flow (3) (61,476 ) (64,688 )   (135,497 ) 2,689
    EBITDA (3) 76,184   66,284     335,488   350,618
    Net Cash / (Debt) (3) (208,528 ) 58,043     (208,528 ) 58,043
                     

    IPC was launched in 2017 by way of spinning off the non-Norwegian assets from Lundin Energy. The strategy and vision from the outset was to be the international E&P growth vehicle for the Lundin Group by pursuing growth organically and through acquisitions. The foundation of this strategy was and is predicated on maximising long-term stakeholder value through responsible business operations focused on operational excellence and financial resilience to underpin optimal capital allocation decision-making.

    We are very pleased with the track record of value creation achieved by the company to date. IPC’s production, reserves, resources and cash flow exposure has increased materially through accretive acquisitions supplemented by base business investment. Excluding the growth capital expenditure assigned to the Blackrod Phase 1 development, over USD 1.5 billion in free cash flow (FCF) has been generated and over USD 0.5 billion has been returned to shareholders in the form of share buybacks since inception. IPC’s current shares outstanding are less than 5% higher than the original shares outstanding upon the formation of the company. IPC is determined to build on the historical success and the growth outlook has never been brighter.(3)

    2024 was a milestone year for the company through successfully delivering the largest capital investment campaign in its history. The record investment was accompanied by strong safety, operational and financial performance. IPC returned USD 102 million of value to shareholders in the year through share repurchases, whilst maintaining a strong balance sheet.

    Oil prices were rangebound in 2024 between Brent USD 70 to 90 per barrel, with a full year Brent average of USD 81 per barrel, in line with our original oil price sensitivities guided at CMD. The fourth quarter 2024 Brent price averaged USD 75 per barrel, the lowest quarterly price average in the year. The downward trend in benchmark oil prices through the second half of 2024 has been slightly reversed in current time as continuous crude inventory draws, strong demand, underwhelming non-OPEC production growth and continued OPEC production curtailments have supported the market balance. A new administration in the White House presents uncertainty for the oil market, as looming tariffs and sanctions pose a risk to global supply chain systems and trade flows. Around 40% of our 2025 Dated Brent and WTI exposure is hedged at USD 76 per barrel and USD 71 per barrel respectively.

    The fourth quarter 2024 WTI to WCS price differentials averaged less than USD 13 per barrel, around USD 2 per barrel lower than the full year average of USD 15 per barrel. The fourth quarter differential was the lowest quarterly average since the Covid pandemic in 2020 when benchmark oil prices were more than USD 30 per barrel less than current levels. The TMX pipeline is driving the tighter differentials with excess take-away capacity in the Western Canadian Sedimentary Basin (WCSB) relative to supply. Close to 50% of our 2025 WCS to WTI differential exposure is hedged at USD 14 per barrel, which should assist in mitigating adverse effects of potential US tariffs on Canadian production.

    Natural gas prices averaged CAD 1.5 per Mcf for 2024 and in the fourth quarter. Western Canada gas storage levels continue to sit above the five-year range. This is in part due to delays of the LNG Canada start-up project which was supposed to be onstream at end 2024, start-up is now anticipated for mid-2025. IPC has around 9,600 Mcf per day hedged at CAD 2.6 per Mcf for 2025.

    Fourth Quarter and Full Year 2024 Highlights

    During the fourth quarter of 2024, IPC’s assets delivered average net production of 47,400 boepd, in line with guidance for the quarter. Full year 2024 average net production of 47,400 boepd was above the 2024 mid-point guidance range of 46,000 to 48,000 boepd.(1)

    IPC’s operating costs per boe for the fourth quarter of 2024 was USD 18.2. Full year 2024 operating costs per boe was USD 17.0, in line with the most recent 2024 annual guidance of less than USD 18 per boe.(3)

    Operating cash flow (OCF) generation for the fourth quarter of 2024 was USD 78 million. Full year 2024 OCF was USD 342 million in line with the most recent guidance of USD 335 to 342 million.(3)

    Capital and decommissioning expenditure for the fourth quarter of 2024 was USD 129 million. Full year 2024 capital and decommissioning expenditure of USD 442 million was in line with guidance of USD 437 million.

    Free cash flow (FCF) generation was in line with guidance at negative USD 61 million during the fourth quarter of 2024, reflecting the higher level of capital expenditure on the Blackrod Phase 1 development project. Full year 2024 FCF generation was negative USD 135 million, in line with the most recent guidance of negative USD 140 to 133 million.(3)

    As at December 31, 2024, IPC’s net debt position was USD 209 million. IPC’s gross cash on the balance sheet amounts to USD 247 million which provides IPC with significant financial strength to continue progressing its strategies in 2025, including advancing the Blackrod development project, returning value to shareholders through the 2024/2025 NCIB, and remaining opportunistic to mergers and acquisitions activity.(3)

    Blackrod Project

    The Blackrod asset is 100% owned by IPC and hosts the largest booked reserves and contingent resources within the IPC portfolio. After more than a decade of pilot operations, subsurface delineation and commercial engineering studies, IPC sanctioned the Phase 1 Steam Assisted Gravity Drainage (SAGD) development in the first quarter of 2023. The Phase 1 development targets 259 MMboe of 2P reserves, with a multi-year forecast capital expenditure of USD 850 million to first oil planned in late 2026. The Phase 1 development is planned for plateau production of 30,000 bopd which is expected by early 2028.(1)(2)

    As at the end of 2024, USD 591 million of cumulative growth capital, has been spent on the Blackrod Phase 1 development since sanction with a peak annual investment of USD 351 million incurred in 2024. Significant progress has been made across all key scopes of the project including but not limited to: detailed engineering, procurement, fabrication, drilling, construction, third party transport pipelines, commissioning and operations planning. Site health and safety control has been excellent with zero lost time incidents since commercial development activities commenced.

    Looking forward, USD 230 million is planned to be spent in 2025 mainly relating to advancing the remaining fabrication, construction and substantial completion of the Central Processing Facility (CPF) for the Phase 1 development. The remaining growth capital expenditure to first oil is forecast to be spent in 2026 on drilling, completions and commissioning of the CPF with first steam anticipated by end Q1 2026.

    IPC is strongly positioned to deliver within plan with a clear line of sight to start-up. The Blackrod Phase 1 project is expected to generate significant value for all our stakeholders. And with over 1 billion barrels of best estimate contingent resources (unrisked) beyond Phase 1, IPC is pleased to announce a resource maturation plan that sees significant volume maturation into reserves through low cost of less than USD 0.15 per barrel. The 2P reserves attributable to Phase 1 has increased by 40 MMboe to 259 MMboe from year end 2023 to year end 2024.(2)

    As at the end of 2024, 70% of the Blackrod Phase 1 development capital had been spent since the project sanction in early 2023. All major work streams are progressing as planned and the focus continues to be on executing the detailed sequencing of events as facility modules are safely delivered and installed at site. The total Phase 1 project guidance of USD 850 million capital expenditure to first oil in late 2026 is unchanged. IPC intends to fund the remaining Blackrod Phase 1 development costs with forecast cash flow generated by its operations and cash on hand.

    Stakeholder Returns: Normal Course Issuer Bid

    During the period of December 5, 2023 to December 4, 2024, IPC purchased and cancelled an aggregate of approximately 8.3 million common shares under the 2023/2024 NCIB. The average price of shares purchased under the 2023/2024 NCIB was SEK 131 / CAD 17 per share.

    In Q4 2024, IPC announced the renewal of the NCIB, with the ability to repurchase up to approximately 7.5 million common shares over the period of December 5, 2024 to December 4, 2025. Under the 2024/2025 NCIB, IPC repurchased and cancelled approximately 0.8 million common shares in December 2024. By the end of January 2025, IPC repurchased for cancellation over 1.4 million common shares under the 2024/2025 NCIB. The average price of common shares purchased under the 2024/2025 NCIB during December 2024 and January 2025 was SEK 135 / CAD 17.5 per share.

    As at February 7, 2025, IPC had a total of 117,781,927 common shares issued and outstanding, of which IPC holds 508,853 common shares in treasury.

    Under the 2024/2025 NCIB, IPC may purchase and cancel a further 5.3 million common shares by December 4, 2025. This would result in the cancellation of 6.2% of shares outstanding as at the beginning of December 2024. IPC continues to believe that reducing the number of shares outstanding while in parallel investing in material production growth at Blackrod will prove to be a winning formula for our stakeholders.

    Environmental, Social and Governance (ESG) Performance

    As part of IPC’s commitment to operational excellence and responsible development, IPC’s objective is to reduce risk and eliminate hazards to prevent occurrence of accidents, ill health, and environmental damage, as these are essential to the success of our business operations. During the fourth quarter and for the full year 2024, IPC recorded no material safety or environmental incidents.

    As previously announced, IPC targets a reduction of our net GHG emissions intensity by the end of 2025 to 50% of IPC’s 2019 baseline and IPC remains on track to achieve this reduction. During 2024, IPC announced the commitment to remain at end 2025 levels of 20 kg CO2/boe through to the end of 2028.(4)

    Reserves, Resources and Value

    As at the end of December 2024, IPC’s 2P reserves are 493 MMboe. During 2024, IPC replaced 251% of the annual 2024 production. The reserves life index (RLI) as at December 31, 2024, is approximately 31 years.(1)(2)

    The net present value (NPV) of IPC’s 2P reserves as at December 31, 2024 was USD 3.3 billion. IPC’s net asset value (NAV) was USD 3.1 billion or SEK 287 / CAD 37 per share as at December 31, 2024.(1)(2)(5)(6)(7)

    In addition, IPC’s best estimate contingent resources (unrisked) as at December 31, 2024 are 1,107 MMboe, of which 1,025 MMboe relate to future potential phases of the Blackrod project.(1)(2)

    2025 Budget and Operational Guidance

    IPC is pleased to announce its 2025 average net production guidance is 43,000 to 45,000 boepd. IPC forecasts operating costs for 2025 between USD 18 and 19 per boe.(1)(3)

    IPC’s 2025 capital and decommissioning expenditure budget is USD 320 million, with USD 230 million forecast relating to Blackrod capital expenditure. The remainder of the 2025 budget in Canada includes drilling and ongoing optimization work at Onion Lake Thermal and Suffield Area assets. IPC also plans to advance the next phase of infill drilling and complete well maintenance works at the Bertam field in Malaysia. IPC expects to conduct technical studies for future development potential in France. In all of IPC’s areas of operation, IPC has significant flexibility to control its pace of spend based on the development of commodity prices during 2025.

    Notwithstanding a modest production decline expected in 2025, IPC’s production per share metric remains largely unchanged relative to 2024 and 2023. IPC has prioritised capital allocation to the transformational Blackrod Phase 1 development and share buybacks as opposed to further increasing its base business investment to preserve balance sheet strength and maximise long- term shareholder value.

    Further details regarding IPC’s proposed 2025 budget and operational guidance will be provided at IPC’s Capital Markets Day presentation to be held on February 11, 2025 at 15:00 CET. A copy of the Capital Markets Day presentation will be available on IPC’s website at www.international-petroleum.com.

    Notes:

    (1) See “Supplemental Information regarding Product Types” in “Reserves and Resources Advisory” below. See also the material change report (MCR) available on IPC’s website at www.international-petroleum.com and filed on the date of this press release under IPC’s profile on SEDAR+ at www.sedarplus.ca.
    (2) See “Reserves and Resources Advisory“ below. Further information with respect to IPC’s reserves, contingent resources and estimates of future net revenue, including assumptions relating to the calculation of NPV, are described in the MCR. The reserve life index (RLI) is calculated by dividing the 2P reserves of 493 MMboe as at December 31, 2024 by the mid-point of the 2025 CMD production guidance of 43,000 to 45,000 boepd. Reserves replacement ratio is based on 2P reserves of 468 boe as at December 31, 2024, sales production during 2024 of 16.6 MMboe, net additions to 2P reserves during 2024 of 41.7 MMboe, and 2P reserves of 493 MMboe as at December 31, 2024.
    (3) Non-IFRS measure, see “Non-IFRS Measures” below and in the MD&A.
    (4) Emissions intensity is the ratio between oil and gas production and the associated carbon emissions, and net emissions intensity reflects gross emissions less operational emission reductions and carbon offsets.
    (5) Net present value (NPV) is after tax, discounted at 10% and based upon the forecast prices and other assumptions further described in the MCR. See “Reserves and Resources Advisory” below.
    (6) Net asset value (NAV) is calculated as NPV less net debt of USD 209 million as at December 31, 2024.
    (7) NAV per share is based on 119,059,315 IPC common shares as at December 31, 2024, being 119,169,471 common shares outstanding less 110,156 common shares held in treasury and cancelled in January 2025. NAV per share is not predictive and may not be reflective of current or future market prices for IPC common shares.
    (8) Estimated FCF generation is based on IPC’s current business plans over the periods of 2025 to 2029 and 2030 to 2034, including net debt of USD 209 million as at December 31, 2024, with assumptions based on the reports of IPC’s independent reserves evaluators, and including certain corporate adjustments relating to estimated general and administration costs and hedging, and excluding shareholder distributions and financing costs. Assumptions include average net production of approximately 57 Mboepd over the period of 2025 to 2029, average net production of approximately 63 Mboepd over the period of 2030 to 2034, average Brent oil prices of USD 75 to 95 per bbl escalating by 2% per year, and average Brent to Western Canadian Select differentials and average gas prices as estimated by IPC’s independent reserves evaluator and as further described in the MCR. IPC’s market capitalization is at close on January 31, 2025 (USD 1,557 million based on 146.8 SEK/share, 117.7 million IPC shares outstanding (net of treasury shares) and exchange rate of 11.10 SEK/USD). IPC’s current business plans and assumptions, and the business environment, are subject to change. Actual results may differ materially from forward-looking estimates and forecasts. See “Forward-Looking Statements” and “Non-IFRS Measures” below.

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50    		       Or       Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15
             

    This information is information that International Petroleum Corporation is required to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact persons set out above, at 07:30 CET on February 11, 2025. The Corporation’s audited condensed consolidated financial statements (Financial Statements) and management’s discussion and analysis (MD&A) for the three months and year ended December 31, 2024 have been filed on SEDAR+ (www.sedarplus.ca) and are also available on the Corporation’s website (www.international-petroleum.com).

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”.

    Forward-looking statements include, but are not limited to, statements with respect to:

    • 2025 production ranges (including total daily average production), production composition, cash flows, operating costs and capital and decommissioning expenditure estimates;
    • Estimates of future production, cash flows, operating costs and capital expenditures that are based on IPC’s current business plans and assumptions regarding the business environment, which are subject to change;
    • IPC’s financial and operational flexibility to navigate the Corporation through periods of volatile commodity prices;
    • The ability to fully fund future expenditures from cash flows and current borrowing capacity;
    • IPC’s intention and ability to continue to implement its strategies to build long-term shareholder value;
    • The ability of IPC’s portfolio of assets to provide a solid foundation for organic and inorganic growth;
    • The continued facility uptime and reservoir performance in IPC’s areas of operation;
    • Development of the Blackrod project in Canada, including estimates of resource volumes, future production, timing, regulatory approvals, third party commercial arrangements, breakeven oil prices and net present values;
    • Current and future production performance, operations and development potential of the Onion Lake Thermal, Suffield, Brooks, Ferguson and Mooney operations, including the timing and success of future oil and gas drilling and optimization programs;
    • The potential improvement in the Canadian oil egress situation and IPC’s ability to benefit from any such improvements;
    • The ability of IPC to achieve and maintain current and forecast production in France and Malaysia;
    • The intention and ability of IPC to acquire further common shares under the NCIB, including the timing of any such purchases;
    • The return of value to IPC’s shareholders as a result of the NCIB;
    • IPC’s ability to implement its GHG emissions intensity and climate strategies and to achieve its net GHG emissions intensity reduction targets;
    • IPC’s ability to implement projects to reduce net emissions intensity, including potential carbon capture and storage;
    • Estimates of reserves and contingent resources;
    • The ability to generate free cash flows and use that cash to repay debt;
    • IPC’s continued access to its existing credit facilities, including current financial headroom, on terms acceptable to the Corporation;
    • IPC’s ability to identify and complete future acquisitions;
    • Expectations regarding the oil and gas industry in Canada, Malaysia and France, including assumptions regarding future royalty rates, regulatory approvals, legislative changes, and ongoing projects and their expected completion; and
    • Future drilling and other exploration and development activities.

    Statements relating to “reserves” and “contingent resources” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and that the reserves and resources can be profitably produced in the future. Ultimate recovery of reserves or resources is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

    Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

    These include, but are not limited to general global economic, market and business conditions, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; and changes in legislation, including but not limited to tax laws, royalties, environmental and abandonment regulations.

    Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in the MD&A (See “Risk Factors”, “Cautionary Statement Regarding Forward-Looking Information” and “Reserves and Resources Advisory” therein), the Corporation’s material change report dated February 11, 2025 (MCR), the Corporation’s Annual Information Form (AIF) for the year ended December 31, 2023, (See “Cautionary Statement Regarding Forward-Looking Information”, “Reserves and Resources Advisory” and “Risk Factors”) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR+ website (www.sedarplus.ca) or IPC’s website (www.international-petroleum.com).

    Management of IPC approved the production, operating costs, operating cash flow, capital and decommissioning expenditures and free cash flow guidance and estimates contained herein as of the date of this press release. The purpose of these guidance and estimates is to assist readers in understanding IPC’s expected and targeted financial results, and this information may not be appropriate for other purposes.

    Estimated FCF generation is based on IPC’s current business plans over the periods of 2025 to 2029 and 2030 to 2034, including net debt of USD 209 million as at December 31, 2024, with assumptions based on the reports of IPC’s independent reserves evaluators, and including certain corporate adjustments relating to estimated general and administration costs and hedging, and excluding shareholder distributions and financing costs. Assumptions include average net production of approximately 57 Mboepd over the period of 2025 to 2029, average net production of approximately 63 Mboepd over the period of 2030 to 2034, average Brent oil prices of USD 75 to 95 per bbl escalating by 2% per year, and average Brent to Western Canadian Select differentials and average gas prices as estimated by IPC’s independent reserves evaluator and as further described in the MCR. IPC’s current business plans and assumptions, and the business environment, are subject to change. Actual results may differ materially from forward-looking estimates and forecasts.

    Non-IFRS Measures
    References are made in this press release to “operating cash flow” (OCF), “free cash flow” (FCF), “Earnings Before Interest, Tax, Depreciation and Amortization” (EBITDA), “operating costs” and “net debt”/”net cash”, which are not generally accepted accounting measures under International Financial Reporting Standards (IFRS) and do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable with similar measures presented by other public companies. Non-IFRS measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

    The definition of each non-IFRS measure is presented in IPC’s MD&A (See “Non-IFRS Measures” therein).

    Operating cash flow
    The following table sets out how operating cash flow is calculated from figures shown in the Financial Statements:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Revenue 199,124   198,460     797,783   853,906  
    Production costs and net sales of diluent to third party1 (119,371 ) (126,414 )   (447,481 ) (491,303 )
    Current tax (1,595 ) 1,588     (8,313 ) (14,457 )
    Operating cash flow 78,158   73,634     341,989   348,146  
                       

    1 Include net sales of diluent to third party amounting to USD 737 thousand for the fourth quarter of 2024 and the year ended December 31, 2024.

    The operating cash flow for the year ended December 31, 2023 including the operating cash flow contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 353,048 thousand.

    Free cash flow
    The following table sets out how free cash flow is calculated from figures shown in the Financial Statements:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Operating cash flow – see above 78,158   73,634     341,989   348,146  
    Capital expenditures (126,256 ) (128,825 )   (434,713 ) (312,729 )
    Abandonment and farm-in expenditures1 (3,364 ) (1,516 )   (8,302 ) (9,199 )
    General, administration and depreciation expenses before depreciation2 (3,569 ) (5,762 )   (14,814 ) (16,886 )
    Cash financial items3 (6,445 ) (2,219 )   (19,657 ) (5,812 )
    Free cash flow (61,476 ) (64,688 )   (135,497 ) 3,520  

    1 See note 19 to the Financial Statements
    2 Depreciation is not specifically disclosed in the Financial Statements
    3 See notes 5 and 6 to the Financial Statements

    The free cash flow for the year ended December 31, 2023 including the free cash flow contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 2,689 thousand. Free cash flow is before shareholder distributions and financing costs.

    EBITDA
    The following table sets out the reconciliation from net result from the consolidated statement of operations to EBITDA:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Net result 415   29,710     102,219   172,979  
    Net financial items 35,767   6,509     59,709   22,736  
    Income tax 3,852   4,691     33,325   55,362  
    Depletion and decommissioning costs 32,087   30,434     128,392   101,922  
    Depreciation of other tangible fixed assets 2,430   1,309     8,933   7,812  
    Exploration and business development costs 1,725   348     2,069   2,355  
    Depreciation included in general, administration and depreciation expenses1 308   389     1,241   1,569  
    Sale of assets2 (400 ) (7,106 )   (400 ) (19,018 )
    EBITDA 76,814   66,284     335,488   345,717  

    1 Item is not shown in the Financial Statements
    2 Sale of assets is included under “Other income/(expense)” but not specifically disclosed in the Financial Statements

    The EBITDA for the year ended December 31, 2023 including the EBITDA contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 350,618 thousand.

    Operating costs
    The following table sets out how operating costs is calculated:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Production costs 120,108   126,414     448,218   491,303  
    Cost of blending (36,036 ) (44,473 )   (152,735 ) (172,996 )
    Change in inventory position (4,633 ) 1,427     (1,473 ) 3,655  
    Operating costs 79,439   83,368     294,010   321,962  
                       

    The operating costs for the year ended December 31, 2023 including the operating costs contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 328,763 thousand.

    Net cash / (debt)
    The following table sets out how net cash / (debt) is calculated from figures shown in the Financial Statements:

    USD Thousands December 31, 2024   December 31, 2023  
    Bank loans (5,121 ) (9,031 )
    Bonds1 (450,000 ) (450,000 )
    Cash and cash equivalents 246,593   517,074  
    Net cash / (debt) (208,528 ) 58,043  

    1 The bond amount represents the redeemable value at maturity (February 2027).

    Reserves and Resources Advisory
    This press release contains references to estimates of gross and net reserves and resources attributed to the Corporation’s oil and gas assets. For additional information with respect to such reserves and resources, refer to “Reserves and Resources Advisory” in the MD&A and the MCR. Light, medium and heavy crude oil reserves/resources disclosed in this press release include solution gas and other by-products. Also see “Supplemental Information regarding Product Types” below.

    Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in Canada are effective as of December 31, 2024, and are included in the reports prepared by Sproule Associates Limited (Sproule), an independent qualified reserves evaluator, in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101) and the Canadian Oil and Gas Evaluation Handbook (the COGE Handbook) and using Sproule’s December 31, 2024 price forecasts.

    Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in France and Malaysia are effective as of December 31, 2024, and are included in the report prepared by ERC Equipoise Ltd. (ERCE), an independent qualified reserves auditor, in accordance with NI 51-101 and the COGE Handbook, and using Sproule’s December 31, 2024 price forecasts.

    The price forecasts used in the Sproule and ERCE reports are available on the website of Sproule (sproule.com) and are contained in the MCR. These price forecasts are as at December 31, 2024 and may not be reflective of current and future forecast commodity prices.

    The reserve life index (RLI) is calculated by dividing the 2P reserves of 493 MMboe as at December 31, 2024 by the mid-point of the 2025 CMD production guidance of 43,000 to 45,000 boepd. Reserves replacement ratio is based on 2P reserves of 468 MMboe as at December 31, 2023, sales production during 2024 of 16.6 MMboe, net additions to 2P reserves during 2024 of 41.7 MMboe and 2P reserves of 493 MMboe as at December 31, 2024.

    The reserves and resources information and data provided in this press release present only a portion of the disclosure required under NI 51-101. All of the required information will be contained in the Corporation’s Annual Information Form for the year ended December 31, 2024, which will be filed on SEDAR+ (accessible at www.sedarplus.ca) on or before April 1, 2025. Further information with respect to IPC’s reserves, contingent resources and estimates of future net revenue, including assumptions relating to the calculation of net present value and other relevant information related to the contingent resources disclosed, is disclosed in the MCR available under IPC’s profile on www.sedarplus.ca and on IPC’s website at www.international-petroleum.com.

    IPC uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). A BOE conversion ratio of 6:1 is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a 6:1 conversion basis may be misleading as an indication of value.

    Supplemental Information regarding Product Types

    The following table is intended to provide supplemental information about the product type composition of IPC’s net average daily production figures provided in this press release:

      Heavy Crude Oil
    (Mbopd)    		 Light and Medium Crude Oil (Mbopd) Conventional Natural Gas (per day) Total
    (Mboepd)
    Three months ended        
    December 31, 2024 24.3 7.1 95.9 MMcf
    (16.0 Mboe)    		 47.4
    December 31, 2023 25.7 6.6 103.8 MMcf
    (17.3 Mboe)    		 49.6
    Year ended        
    December 31, 2024 23.9 7.7 95.1 MMcf
    (15.8 Mboe)    		 47.4
    December 31, 2023 25.8 8.1 102.8 MMcf
    (17.1 Mboe)    		 51.1
             

    This press release also makes reference to IPC’s forecast total average daily production of 43,000 to 45,000 boepd for 2025. IPC estimates that approximately 55% of that production will be comprised of heavy oil, approximately 12% will be comprised of light and medium crude oil and approximately 33% will be comprised of conventional natural gas.

    Currency
    All dollar amounts in this press release are expressed in United States dollars, except where otherwise noted. References herein to USD mean United States dollars. References herein to CAD mean Canadian dollars.

    The MIL Network –

  • MIL-OSI: Unaudited financial results of LHV Group for Q4 and 12 months of 2024

    Source: GlobeNewswire (MIL-OSI)

    The year-end was a successful one for LHV, supported by strong loan issue and deposit taking. The company met the profit target set in the financial plan.

    In 2024, AS LHV Group generated net revenue of 338.3 million euros, i.e., 11% more than in the previous year, thanks to strong business growth. Annual net interest income increased to 273.3 million euros (+8%) and net fee and commission income to 60.3 million euros (+24%). Consolidated expenditure for 2024 totalled 146.9 million euros, i.e., 14% higher than the previous year. The consolidated net profit of AS LHV Group in 2024 was 150.3 million euros, i.e., 9.4 million euros more than in 2023 (+7%).

    Of the subsidiaries, AS LHV Pank earned a total of 140.5 million euros in net profit in 2024, UK Bank Limited 5.8 million euros, AS LHV Varahaldus 1.6 million euros, and AS LHV Kindlustus 1.2 million euros.

    By the end of 2024, the consolidated assets of LHV Group increased to 8.74 billion euros, growing by 23% year-on-year, i.e., 1.64 billion euros. In Q4, the volume of assets increased by 12%.

    The consolidated loan portfolio of LHV increased by 990 million euros to 4.55 billion euros (+28%) in 2024. In Q4, the loan portfolio increased by 10%, i.e., 426 million euros. Corporate loans increased by 328 million euros over the quarter and retail loans by 98 million euros.

    The Group’s consolidated deposits grew by 1.18 billion euros over the year to 6.91 billion euros (+21%). In Q4, deposits increased by 624 million euros, i.e., 10%, while deposits of regular clients increased by 134 million euros.

    The total volume of funds managed by LHV increased by 39 million euros to 1.56 billion euros (+3%) over the year. In the last quarter of the year, the volume of funds increased by 37 million euros (+2%).

    The number of processed payments related to clients that were financial intermediaries amounted to 74.8 million payments in 2024 (+51% compared to 49.5 million payments in 2023). In Q4, 19.8 million such payments were made, i.e., 6% more than in Q3.

    In Q4 of 2024, AS LHV Group’s consolidated net profit amounted to 36.3 million euros, which is 1.6 million euros more than in Q3 (+5%). On a year-on-year basis, quarterly profit increased by 11%. AS LHV Pank earned 34.8 million euros in net profit in Q4. In the last quarter of the year, LHV Bank Ltd earned a net profit of 640 thousand euros, AS LHV Varahaldus 509 thousand euros, and AS LHV Kindlustus 68 thousand euros. The return on equity attributable to the shareholders of the Group was 22% in Q4.

    The Group’s consolidated net income increased by 2% in Q4 compared to the previous quarter of the year to 84.9 million euros. Net income was 1% higher than last year. Net interest income was generated at 66.6 million euros, and net fee and commission income at 17.3 million euros. Consolidated operating expenses were 40.8 million euros in Q4, which is 14% higher than in Q3 and 13% higher than a year earlier.

    Income statement, EUR thousand Q4-2024 Q3-2024 Q4-2023
       Net interest income 66 556 67 426 67 670
       Net fee and commission income 17 324 14 630 14 264
       Net gains from financial assets -198 799 480
       Other income 1 190 354 1 243
       Result from insurance activities 49 357 371
    Total revenue 84 921 83 566 84 029
       Staff costs -22 831 -19 499 -17 765
       Office rent and expenses -715 -801 -872
       IT expenses -4 270 -3 612 -4 067
       Marketing expenses -2 086 -1 298 -1 117
       Other operating expenses -10 885 -10 702 -12 366
    Total operating expenses -40 786 -35 911 -36 187
    EBIT 44 136 47 655 47 841
    Earnings before impairment losses 44 136 47 655 47 841
       Impairment losses on loans and advances -1 085 -7 277 -9 430
       Income tax -6 733 -5 681 -5 643
    Net profit 36 318 34 698 32 768
       Profit attributable to non-controlling interest 566 312 231
       Profit attributable to share holders of the parent 35 752 34 386 32 537
           
       Profit attributable to non-controlling interest 0.11 0.11 0.10
       Profit attributable to share holders of the parent 0.11 0.10 0.10
    Balance sheet, EUR thousand Dec 2024 Sep 2024 Dec 2023
       Cash and cash equivalents 3 818 305 3 376 016 3 119 394
       Financial assets 309 804 259 933 340 341
       Loans granted 4 591 906 4 168 778 3 591 517
       Loan impairments -39 813 -42 543 -29 725
       Receivables from customers 5 367 10 598 49 505
       Other assets 50 742 47 567 54 559
    Total assets 8 736 311 7 820 348 7 125 590
          Demand deposits 4 855 101 4 160 516 3 808 162
          Term deposits 2 055 009 2 125 844 1 922 843
          Loans received 927 686 679 550 563 634
       Loans received and deposits from customers 7 837 795 6 965 910 6 294 639
       Other liabilities 93 601 108 605 147 934
       Subordinated loans 126 257 106 079 126 652
    Total liabilities 8 057 653 7 180 595 6 569 225
    Equity 678 657 639 754 556 365
       Minority interest 8 571 8 006 7 937
    Total liabilities and equity 8 736 311 7 820 348 7 125 590

    LHV Group continued its rapid growth in 2024. The strong end to the year was influenced by a good level of client activity and higher than previous fee and commission income. The decline in interest income was mitigated by strong growth in the loan portfolio. Thanks to the good quality of the portfolio and the improvement in the macroeconomic situation, LHV reduced write-downs. The updated financial plan was accurately fulfilled by the end of the year.

    The number of clients of LHV Pank increased by 10,900 to 455 thousand clients in Q4. Over the year, the number of the bank’s clients increased by 38,000, i.e., more than 9%. At the end of the year, clients also actively used LHV’s banking services, and the decrease in interest income was offset by better fee and commission income, especially from investment banking. As interest income continues to be under pressure, the bank is paying attention to limiting costs by increasing efficiency. In this regard, LHV Pank announced layoffs in December, reducing the workforce by 44 people.

    The loan issue intensified in the last months of the year and, in Q4, the loan portfolio of LHV Pank increased by 300 million euros. The quality of the loan portfolio has remained stronger than planned, and write-downs on loans were reduced. The deposits of LHV Pank increased by 577 million euros in the last quarter of the year, of which 180 million euros came from deposits of regular clients and 450 million euros from financial intermediaries, and platform deposits were reduced. The bank is still keeping the focus on growing deposits. At the beginning of October, the bank also issued 250 million euros worth of covered bonds.

    At the beginning of December, The Banker magazine of the Financial Times declared LHV the best bank of the year in Estonia. Furthermore, Q4 included a review of several important cooperation projects: LHV will be the main sponsor of both Estonian football and the biathlon in the coming years.

    The loan portfolio of LHV Bank operating in the United Kingdom grew by more than half for the second quarter in a row. The loan portfolio increased by 126 million euros, while another 119 million euros of loans have been approved but not issued by the Credit Committee. The quality of the loan portfolio is generally strong. The volume of the deposits of LHV Bank increased by 70 million euros, with a total of nearly 11,600 depositors being involved. The volume of payments by financial intermediaries rose to record levels at the end of the year.

    In December, LHV Bank opened a new mobile bank for its first clients, through which private persons can open an account and make payments. Further, the offer and app will continue to be improved, and their wider introduction to the market will be held in order to attract deposits directly from retail clients.

    By the end of the year, the number of active clients of LHV Varahaldus making monthly contributions was 114,000. Nearly 14,000 of them submitted applications for larger contributions to the II pillar. Seasonally, contributions to the III pillar were actively made again. Operating income and expenses for the quarter remained at the level of the previous quarter. The profit was affected by a more modest financial income from the growth of the funds’ own units than before, but the financial plan still managed to be outpaced.

    The stock markets had a strong quarter driven by tech stocks and the U.S. market. The quarterly rate of return of the pension funds M and L managed by LHV was 1.0% and 0.6%, respectively, while XL decreased by 1.4% against the background of a weak December. The rate of return of the more conservative funds XS and S is 0.8% and 1.2%, respectively. Pensionifond Indeks increased by 4.2%; Pensionifond Roheline lost 5.7% in value over the quarter.

    For LHV Kindlustus, strong sales results, but also seasonally increased loss events, set the tone at the end of the year. The number of policies in force and clients is in a stable growth trend. A good sales result was shown by most types of insurance. Revenue from the insurance service continued to grow, while operating expenses increased. Gross losses increased a little faster compared to earned income. For the year as a whole, LHV Kindlustus earned 1.2 million from net profit and, thus, outperformed the financial plan.

    LHV Group’s annual cost/income ratio turned out to be 43.4%, and return on equity 24.5%. The Group’s liquidity and capitalisation remain strong. In November, LHV Group conducted a successful offering of subordinated bonds, raising 20 million euros in capital from investors. LHV Group will publish the 2025 financial plan and five-year forecast on 13 February.

    Comment by Madis Toomsalu, Chairman of the Management Board at LHV Group:
    “The changes taking place in the world are probably the biggest in the last half century. We are witnessing the growth of geopolitical ambitions, structural changes in the economy, the decline of free trade, and the exponential growth of technological development.

    Despite the different directions, 2024 was a successful year for LHV. After the supervisory exchange, we were able to restore the historically ambitious growth in business volumes. With a strong growth of 1 billion euros, i.e., 28% of the loan portfolio and a higher base interest rate, we achieved the highest business volumes and financial results in history.

    In Estonia, we have grown into the second largest bank in terms of corporate loans. At the same time, the volume of home loans and the insurance business are also growing rapidly. The number of the Estonian bank’s clients increased by 38,000 and activity increased in all the important areas. In the United Kingdom, the corporate loan portfolio already exceeded 300 million euros by the end of the year, which is why we are increasing our long-term expectations. This is also reflected in the mobile app launched at the end of the year.”

    To access the reports of AS LHV Group, please visit the website at: https://investor.lhv.ee/en/reports/.

    In order to present the financial results, LHV Group will organise an investor meeting via the Zoom webinar platform. The virtual investor meeting will take place on 11 February at 9.00, before the market opens. The presentation will be in Estonian. We kindly ask you to register at the following address: https://lhvbank.zoom.us/webinar/register/WN_UP-IqHxNSRSVeoKeUcTOfQ.

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,200 people. As at the end of December, LHV’s banking services are being used by nearly 460,000 clients, the pension funds managed by LHV have 114,000 active clients, and LHV Kindlustus is protecting a total of 170,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee 

    Attachments

    The MIL Network –

  • MIL-OSI China: Announcement on Open Market Operations No.26 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.26 [2025]

    (Open Market Operations Office, February 11, 2025)

    In order to keep liquidity adequate in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB33 billion through quantity bidding at a fixed interest rate on February 11, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    7 days

    RMB33 billion

    1.50%

    Date of last update Nov. 29 2018

    2025年02月11日

    MIL OSI China News –

  • MIL-Evening Report: Social media groups can offer support to new parents. Here’s how to tell if there’s marketing involved

    Source: The Conversation (Au and NZ) – By Nicole Bridges, Senior Lecturer in Public Relations and Director of Academic Program – Communication, Creative Industries, Screen Media, Western Sydney University

    Stock Rocket/Shutterstock

    For new parents struggling with challenges such as breastfeeding and sleep deprivation, social media can be a great place to turn for advice. Digital platforms such as Facebook and Reddit host a range of groups that offer peer support and information.

    Research shows connecting with other new parents can also foster a sense of community.

    But there is growing concern businesses and influencers may also be using groups to push certain products and services.

    In recent media reports, new parents have described feeling misled, after discovering the parent support group they thought was founded by a local mum was run by a media company owner and monetised through advertising.

    So how can you identify when commercial interests are involved?

    Here’s what to look out for to get the best from online parenting groups.

    How can social media groups help?

    In Australia, closed Facebook groups are a popular choice for parents accessing free peer support and information online. Closed groups are not public – they are run by administrators and moderators who can approve requests from other users for membership.

    These groups are often started by not-for-profit organisations or parents themselves and have a number of benefits. Parents can connect with others, share experiences, seek advice and learn about different parenting approaches.

    This can be particularly useful for people in remote and regional areas who may find it harder to access in-person support, and was essential during COVID lockdowns.

    My research with colleagues has revealed the important role these groups can play.

    In several studies we have looked at how parents use closed Facebook groups facilitated by the Australian Breastfeeding Association.

    Over four weeks, we tracked the frequency and type of posts, the number and nature of the comments, and how parents felt about the support they received in these groups.

    We found they provided information and emotional support group members could trust because they were facilitated by trained peer breastfeeding counsellors and other mothers.

    This is significant because we know lack of breastfeeding support is often cited by mothers as one of the key reasons for premature weaning.

    The group administrators played an important role responding to queries and making sure discussions stuck to the association’s code of ethics.

    This code encourages mutual respect, sharing evidence-based information, and co-operation with health professionals. It also discourages the promotion of products and services.

    Our research has shown the value of accessing trusted information and sharing experiences in a supportive community, where human connection is centred rather than products.

    Online groups can help parents connect to a community.
    AnnaStills/Shutterstock

    What’s the problem with monetising groups?

    When access to parenting support and information is limited or biased, it can have serious consequences for those already facing challenges with parenting.

    Let’s imagine an example. A group member is posting about birth trauma. But in responding, other members aren’t allowed to mention local service providers – for example, counselling – because they are not paid sponsors of the group.

    This means advice is skewed towards organisations that can afford to pay for sponsorship and be mentioned.

    As a result, new parents might not find out about the range of not-for-profit support groups that can help them with important challenges like breastfeeding and postpartum mental health.

    This deceptive practice can erode trust within online communities. Users may perceive the platform as prioritising profit over the wellbeing of its members, which can reduce engagement and the overall quality of the group.

    It may also leave new parents – who are particularly vulnerable to unethical marketing – open to exploitation.

    What can we do?

    Protecting parents from commercialised social media groups requires a multifaceted approach.

    First, regulation is crucial, such as ensuring that social media groups are transparent about any commercial interests, and commercial entities are marketing their products ethically.

    Second, we need public awareness campaigns to educate parents about the potential biases and risks associated with commercialised platforms. This includes fostering media literacy skills to critically evaluate information and identify reliable sources.

    Finally, collaboration between policymakers, researchers, industry representatives, and parent advocacy groups is vital to develop effective solutions that address these challenges.

    Parents may already be dealing with challenges such as sleep deprivation.
    Ground Picture/Shutterstock

    What should I look out for?

    To protect yourself from misinformation in online parenting groups, it’s crucial to be critical of information sources. It’s a good idea to:

    • watch out for warning signs like excessive product promotion, lack of transparency about group affiliations, and a primary focus on selling. For example, when joining a closed Facebook group, read the page’s “about” section. If there is mention of advertising or sponsorship, this is a red flag

    • look at who the “admins” are. If listed admins include business names that can also be a cause for concern

    • check out the list of “members”. If the group accepts “pages” (which are often run by businesses) in addition to individual people, this is also a sign that commercial interests are at play.

    • look for groups focused on sharing experiences, offering support, and building authentic relationships

    • observe how members interact and how heavily the groups are moderated and censored, and seek out groups with diverse perspectives

    • when you join the group, carefully consider the group rules that you are agreeing to and what they say about mentioning support services, and the promotion of commercial products. Will this mean that you may be censored or receive censored information?

    Always cross-reference information with reputable sources like government organisations (such as the Raising Children Network or Australian Breastfeeding Association) and compare information from multiple sources to get a balanced perspective.

    Finally, trust your instincts. If a group feels “off” or overly promotional, don’t hesitate to leave.

    Nicole Bridges is a volunteer breastfeeding counsellor and educator with the Australian Breastfeeding Association.

    – ref. Social media groups can offer support to new parents. Here’s how to tell if there’s marketing involved – https://theconversation.com/social-media-groups-can-offer-support-to-new-parents-heres-how-to-tell-if-theres-marketing-involved-247212

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Australia improves on global corruption rankings, but there is still work to be done

    Source: The Conversation (Au and NZ) – By A J Brown, Professor of Public Policy & Law, Centre for Governance & Public Policy, Griffith University

    Australia has turned the corner on its decade-long slide on Transparency International’s annual Corruption Perceptions Index (CPI), once again ranking in the top ten least corrupt countries in the world. The fresh ranking comes just ahead of a federal election, which will determine the future of many key anti-corruption reforms.

    In the latest 2024 index, Australia rose two points to a score of 77 on the 100-point scale. The index is the world’s most widely cited indicator of how countries are faring in controlling corruption in government.

    The result confirms a positive trend, placing Australia back in the top 10 countries for the first time since 2016. It now sits at equal 10th alongside Iceland and Ireland.

    In 2012, Australia was ranked as the 7th least corrupt country in the world, with a score of 85 out of 100. But by 2021 it had fallen to a score of 73 and 18th place on the index.

    With that fall widely attributed to a decade of complacency and foot-dragging on efforts to bolster integrity in government, the confirmed recovery is a major affirmation of reforms of the past three years. It also highlights some stark choices for policymakers heading into the 2025 federal election.

    The best – and worst – places for corruption

    Globally, Denmark again tops the index with a score of 90, followed by Finland on 88. The most corrupt countries in the world are Venezuela (10), Somalia (9) and South Sudan (8).

    However, the global outlook is highly challenging. Over the past ten years, many more countries have now declined significantly in their anti-corruption scores (47 countries) than have improved on the index (32 countries).

    Australia’s recovery is therefore now bucking a negative trend, including the “integrity complacency” still affecting many other developed countries. The United Kingdom (71/100) and United States (65/100) have now fallen to their own lowest-ever scores on the index.

    The index is compiled from 13 independent surveys of professional and expert perceptions of public sector corruption across the world. Nine sources were used to inform Australia’s result – including include Freedom House, the World Justice Project and the World Bank’s Executive Opinion Survey.

    Two sources had Australia still declining, including the global academic-led Varieties of Democracy (V-Dem) Project. However, six sources rate Australia as improving, led by the Economist Intelligence Unit’s assessment, conducted most recently in September 2024.

    Australian reforms are making a difference

    There’s now little doubt that the federal integrity reforms of the past three years are a major reason for Australia’s new direction of travel. These include the creation of the National Anti-Corruption Commission in 2022, as well as the long overdue strengthening of Australia’s foreign bribery laws in 2024. A renewed commitment to the global Open Government Partnership, much of the response to Robodebt, and measures to strengthen merit in public appointments, such as replacement of the Administrative Appeals Tribunal, have also helped.

    Long overdue anti-money laundering laws were also introduced late in 2024, beyond the time frame for data collection for the latest index. While the impact of these on expert opinion will be known in the future, they highlight that much of the business of Australia’s anti-corruption “catch up” is unfinished and ongoing.

    The result poses a challenge for any policymakers suffering under the illusion that Australia’s integrity systems are somehow “fixed”.

    From an international perspective, Australia is yet to move to control secret and sham company ownerships – the major vehicle used to hide bribes and stolen public money. This is despite championing transparency in the beneficial ownership of companies since hosting the G20 in 2014.

    The need to bring transparency and integrity to federal political donation and funding laws continues to overshadow the last weeks of the 47th parliament. Negotiations between the major parties have failed to inspire confidence among independents, and much of the public.

    Effective control of undue influence in decision-making, pork-barrelling, professional lobbying and “revolving door” jobs for politicians and public servants are ongoing challenges.

    And in a clear signal to both the Labor government and the Coalition, a team of cross-benchers, led by independent Andrew Wilkie, have introduced a bill to establish a Whistleblower Protection Authority. This remains the single biggest gap in Australia’s integrity system and the most major anti-corruption reform still needed.

    Even before Australia hit its 2022 low, some leaders were softening citizens up to accept a reduced position on the index. In 2018, Coalition Attorney-General Christian Porter claimed Australia had remained “consistently in the top 20 countries on Earth for low corruption”. This prompted independent Rebekha Sharkie to point out that Australia had fallen from the top ten: “the trajectory is not good”.

    By contrast, Labor leader Anthony Albanese went into the last election accusing the Morrison government of dragging Australia down on corruption, and promising Labor would do better. He said:

    The health of our democracy, the integrity of our institutions, the transparency and fairness of our laws, the harmony and cohesion of our population. These aren’t just noble ideals. They are a powerful defence against the threat of modern authoritarianism.

    Amid the challenges, there is hope. The federal parliament’s reform record of the past three years is clearly a big step in the right direction.

    However, the climb back to 77 on the Corruption Perceptions Index shows it’s clearly just the first step in securing Australia’s reputation as a democracy that protects itself against undue influence and abuse of power.

    A J Brown AM is Chair of Transparency International Australia. He has received funding from the Australian Research Council and all Australian governments for research on public interest whistleblowing, integrity and anti-corruption reform through partners including Australia’s federal and state Ombudsmen and other regulatory agencies, parliaments, anti-corruption agencies and private sector bodies. He was a member of the Commonwealth Ministerial Expert Panel on Whistleblowing (2017-2019) and is a member of the Queensland Public Sector Governance Council.

    – ref. Australia improves on global corruption rankings, but there is still work to be done – https://theconversation.com/australia-improves-on-global-corruption-rankings-but-there-is-still-work-to-be-done-249458

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Murray, Merkley, Heinrich Lead Western Senators in Letter to Interior Secretary, Acting Agriculture Secretary: Trump’s Illegal Funding Cuts Threaten Wildfire Mitigation Efforts

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, joined Senators Jeff Merkley (D-OR), Ranking Member of the Senate Appropriations Subcommittee that funds the Department of the Interior and Department of Agriculture’s Forest Service, and Senator Martin Heinrich (D-NM), Ranking Member of the Senate Committee on Energy and Natural Resources, and other Western U.S. Senators in sounding the alarm over reports the Bureau of Land Management issued stop work orders to small businesses and organizations across America related to the removal of hazardous fuels in our public lands and rumors of forthcoming stop work orders at the United States Forest Service. Delaying these treatments even for a short period can mean missing out on the right seasonal and weather conditions for safely treating hazardous fuels. 

    The senators’ letter—addressed to recently confirmed Interior Secretary Doug Burgum and Acting Agriculture Secretary Gary Washington—follows President Donald Trump’s illegal executive orders cutting federal funds to mitigate and fight wildfires and comes as communities nationwide prepare for wildfire season.

    “Catastrophic wildfires across the United States are an ongoing national crisis and responding to them must be a national priority. These stop work orders and funding freezes jeopardize communities that depend on a robust federal response to our wildfire crisis – and also jeopardize small businesses, often in frontier and rural communities, that are contracted to do the work on the ground to reduce hazardous fuels,” wrote the senators.

    “As we’ve seen with the recent fires surrounding Los Angeles, wildfire does not distinguish between homes and trees. But we do have ways to mitigate the risk,” the senators continued. “One of the most effective strategies to reduce that risk is to reduce the hazardous natural fuels that surround our communities. These fuels reduction projects save lives and property, reduce the danger to firefighters, and return our lands to a fire-adapted ecosystem that can better withstand the threat to human life, communities, infrastructure, and property.  

    “By terminating or even pausing these projects, all of the progress made at protecting these communities is at risk. We are imploring you to rescind the order to stop work on these hazardous fuels reduction efforts, as well as any other wildland fire management programs that are working to reduce risk and safeguard communities from catastrophic wildfire,” the senators concluded.

    The letter was also signed by U.S. Senators Michael Bennet (D-CO), Maria Cantwell (D-WA), Catherine Cortez Masto (D-NV), Ruben Gallego (D-AZ), John Hickenlooper (D-CO), Mark Kelly (D-AZ), Ben Ray Luján (D-NM), Alex Padilla (D-CA), Jacky Rosen (D-NV), Adam Schiff (D-CA), and Ron Wyden (D-OR).

    Full text of the letter is HERE and below:

    Dear Secretary Burgum and Acting Secretary Washington,

    We are writing with great concern about reports from our constituents that the Bureau of Land Management has issued stop work orders for hazardous fuels reduction projects. We are further concerned that fuels projects overseen by the U.S. Forest Service will be next. These projects are integral to increased safety and resiliency and any delay in implementation puts those communities at greater risk. We urge you to immediately rescind these stop work orders, halt any further stop work orders or funding freezes, and instead work with the tools and funds Congress has provided to better safeguard our communities from the serious risk of catastrophic wildfire.

    These projects are part of the Wildfire Crisis Strategy, funded by the Infrastructure and Investment in Jobs Act (IIJA) and the Inflation Reduction Act (IRA). Investing in fuels reduction treatments is a primary recommendation in the Wildland Fire Mitigation and Management Commission Report, a nonpartisan strategy document to tackle the myriad challenges associated with wildfire across the country. We also note with alarm that this report was removed from federal websites this week.

    In 2022, the Forest Service identified high-risk firesheds across the country to be prioritized for hazardous fuels reduction work through the Wildlife Crisis Strategy and Implementation Plan. The Forest Service chose 10 high-priority landscapes with the enactment of IIJA and an additional 11 landscapes with the enactment of IRA – each of these landscapes require significant investment to reduce wildfire risk. These 21 landscapes were awarded a total of $1.73 billion to protect at-risk communities, critical infrastructure, public water sources, and adjacent Tribal lands in 10 Western states: Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, and Washington. The Bureau of Land Management, Forest Service, States, Tribes, local stakeholders, and small businesses have been working together over the last three years to implement fuels reduction on these landscapes.

    Catastrophic wildfires across the United States are an ongoing national crisis and responding to them must be a national priority. These stop work orders and funding freezes jeopardize communities that depend on a robust federal response to our wildfire crisis – and also jeopardize small businesses, often in frontier and rural communities, that are contracted to do the work on the ground to reduce hazardous fuels. 

    In addition to endangering communities, the President’s Executive Orders freezing funding are flagrantly illegal. The Government Accountability Office, the Department of Justice Office of Legal Counsel (including in an opinion written by future Chief Justice of the Supreme Court, William H. Rehnquist), and the Supreme Court of the United States have all disavowed the notion of some “inherent Presidential power to impound,” as some in the Administration, as well as pending Administration nominees, have tried to argue without legal or textual basis.

    Not only does the Constitution vest the power of the purse with Congress and provide no power to the President to impound funds, but there have been several bedrock fiscal statutes enacted to protect Congress’ constitutional power of the purse and prevent unlawful executive overreach, including the Antideficiency Act and the Impoundment Control Act of 1974 (ICA). The ICA prohibits any action or inaction that precludes Federal funds from being obligated or spent, either temporarily or permanently, without following the strictly circumscribed requirements of that law, which have not been honored in this instance.

    As we’ve seen with the recent fires surrounding Los Angeles, wildfire does not distinguish between homes and trees. But we do have ways to mitigate the risk. One of the most effective strategies to reduce that risk is to reduce the hazardous natural fuels that surround our communities. These fuels reduction projects save lives and property, reduce the danger to firefighters, and return our lands to a fire-adapted ecosystem that can better withstand the threat to human life, communities, infrastructure, and property.  

    By terminating or even pausing these projects, all of the progress made at protecting these communities is at risk. We are imploring you to rescind the order to stop work on these hazardous fuels reduction efforts, as well as any other wildland fire management programs that are working to reduce risk and safeguard communities from catastrophic wildfire.

    We hope to work with you to combat the scourge of catastrophic wildfire.

    MIL OSI USA News –

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on February 11, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 2,00,000
    Total amount of bids received (in ₹ crore) 2,03,022
    Amount allotted (in ₹ crore) 2,00,036
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.27
    Partial Allotment Percentage of bids received at cut off rate (%) 97.01

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2126

    MIL OSI Economics –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Restores American Competitiveness and Security in FCPA Enforcement

    Source: The White House

    ELIMINATING UNDUE BARRIERS TO U.S. SUCCESS: Today, President Donald J. Trump signed an Executive Order to restore American competitiveness and security by ordering revised, reasonable enforcement guidelines for the Foreign Corrupt Practices Act (FCPA) of 1977.

    • The Order directs the Attorney General to pause FCPA actions until she issues revised FCPA enforcement guidance that promotes American competitiveness and efficient use of federal law enforcement resources.
      • Past and existing FCPA actions will be reviewed.
      • Future FCPA investigations and enforcement actions will be governed by this new guidance and must be approved by the Attorney General.

    AMERICAN SECURITY REQUIRES AMERICAN ECONOMIC STRENGTH: American national security depends on America and its companies gaining strategic commercial advantages around the world, and President Trump is stopping excessive, unpredictable FCPA enforcement that makes American companies less competitive.

    • U.S. companies are harmed by FCPA overenforcement because they are prohibited from engaging in practices common among international competitors, creating an uneven playing field.
    • Strategic advantages in critical minerals, deep-water ports, and other key infrastructure or assets around the world are critical to American national security.
    • FCPA overenforcement infringes upon the President’s Article II authority to conduct foreign affairs, necessitating this review and new enforcement policies.
    • Over time, FCPA interpretation and enforcement by U.S. prosecutors has broadened, imposing a growing cost on our Nation’s economy.
      • In 2024, the DOJ and SEC filed 26 FCPA-related enforcement actions, and at least 31 companies were under investigation by year end.
      • Over the past decade, there has been an average of 36 FCPA-related enforcement actions per year, draining resources from both American businesses and law enforcement.

    PUTTING AMERICA FIRST: President Trump is committed to prioritizing American economic and security interests and ensuring U.S. businesses have the tools to succeed globally.

    Since returning to office, President Trump has signed several executive actions aimed at enhancing American economic competitiveness, including an Executive Order to strengthen U.S. leadership in artificial intelligence (AI) and tariffs on Mexico, Canada, and China to protect the American people.   a 10-to-1 deregulation initiative, ensuring every new rule is justified by clear benefits

    President Trump renegotiated trade deals, including the United States-Mexico-Canada Agreement (USMCA) to secure better terms for American workers and businesses.

    President Trump has worked to cut burdensome regulations that hinder U.S. businesses, ensuring they can operate efficiently and competitively on the world stage.

    President Trump: “We have to save our country. Every policy must be geared toward that which supports the American worker, the American family, and businesses, both large and small, and allows our country to compete with other nations on a very level playing field…”

    MIL OSI USA News –