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Category: Business

  • MIL-OSI Europe: Audience with the Tribunal of the Roman Rota on the occasion of the inauguration of the Judicial Year

    Source: The Holy See

    Audience with the Tribunal of the Roman Rota on the occasion of the inauguration of the Judicial Year, 31.01.2025
    This morning, in the Vatican Apostolic Palace, the Holy Father Francis received in audience the prelate auditors, officials, lawyers and collaborators of the Tribunal of the Roman Rota, on the occasion of the solemn inauguration of the Judicial Year.
    After the greeting from the Tribunal of the Roman Rota, Archbishop Alejandro Arellano Cedillo, the Pope delivered the following address:

    Address of the Holy Father
    Dear Prelate Auditors,
    The inauguration of the Judicial Year of the Tribunal of the Roman Rota offers me the opportunity to reiterate my appreciate and my gratitude for your work. I warmly greet the Monsignor Dean and all those who provide your service in this Tribunal.
    This year will be the tenth anniversary of the two Motu Proprio, Mitis Iudex Dominus Iesus and Mitis et Misericors Iesus, with which I reformed the process for the declaration of nullity of marriage. It seems timely to take this traditional opportunity to meet with you to recall the spirit that permeated this reform, which you applied with competence and diligence, and for the benefit of all the faithful.
    The need to modify the norms regarding the procedure for annulment was made manifest by the synod Fathers gathered in the extraordinary Assembly of 2014, formulating the request to make trials more accessible and streamlined (cf. Relatio Synodi 2014, 48). The synod Fathers expressed in this way the urgency to complete the pastoral conversion of structures, already called for in the Apostolic Exhortation Evangelii gaudium (cf. no. 27).
    It was all the more opportune that such conversion should also touch the administration of justice, so that it would respond in the best way possible to those who turn to the Church to shed light on their marital situation (cf. Address to the Tribunal of the Roman Rota, 23 January 2015).
    I wanted the bishop, the diocesan bishop, to be at the centre of the reform. Indeed, he is responsible for administering justice in the diocese, both as a guarantor of the closeness of tribunals and supervision of them, and as judge who must decide personaliter in cases in which nullity appears manifest, or rather via the processus brevior as an expression of care for the salus animarum.
    Therefore, I urged the inclusion of the activity of the tribunals in diocesan pastoral care, instructing the bishops to ensure that the faithful are aware of the existence of the procedure as a possible remedy to the situation of need in which they find themselves. It is sometimes saddening to learn that the faithful are unaware of the existence of this avenue. Furthermore, it is important “that processes remain free of charge, [so] that the Church manifest … the gratuitous love of Christ by which we have all been saved” (Mitis et Misericors Iesus, Proemio, VI).
    In particular, the solicitude of the bishop is implemented in guaranteeing by law the constitution in his diocese of the tribunal, equipped with well-trained persons – clerics and laity – suited to this function; and ensuring that they carry out their work with justice and diligence. The investment in the training of such workers – scientific, human and spiritual training – is always to the benefit of the faithful, who are entitled to careful consideration of their petitions, even when they receive a negative response.
    The reform was guided – and its application must be guided – by the concern for the salvation of souls (cf. Mitis Iudex, Proemio). We are called upon by the pain and hope of so many faithful who seek clarity regarding the possibility of full participation in the sacramental life. For many who have
    “experienced an unhappy marriage, verification of the presence or lack of validity of the bond represents an important possibility; and these people must be helped along this road in the swiftest manner” (Address to participants in the course promoted by the Roman Rota, 12 March 2016).
    The norms that establish the procedures must guarantee some fundamental rights and principles, primarily the right of defence and the presumption of validity of the marriage. The purpose of the process is not “to complicate the life of the faithful uselessly, nor far less to exacerbate their litigation, but rather to render a service to the truth” (Benedict XVI, Address to the Rota Romana, 28 January 2006).
    I am reminded of what Saint Paul VI said, after completing the reform carried out by the Motu Proprio Causas matrimoniales. He observed that “in the simplifications […] introduced in the treatment of matrimonial cases, the intention is to make this exercise easier, and therefore more pastoral, without prejudice to the criteria of truth and justice, to which a trial must honestly adhere, in the confidence that the responsibility and wisdom of the Pastors are religiously and more directly committed” (Address to the Roman Rota, 30 January 1975).
    Likewise, the recent reform was intended to favour “not the nullity of marriages, but the speed of processes – the speed – as well as the simplicity due them, lest the clouds of doubt overshadow the hearts of the faithful” (Mitis Iudex, Proemio). Indeed, to avoid that, as a result of overly complex procedures, the saying “summum ius summa iniuria” (Cicerone, De Officiis, I, 10, 33) become a reality, I abolished the need for a dual conforming judgment and encouraged more rapid decision-making in trials in which nullity is manifest, aiming at the good of the faithful and wishing to bring peace to their consciences. It is evident – but I would like to reiterate it here – that the reform strongly challenges your prudence in applying the norms. And this “requires two great virtues: prudence and justice, which must be informed by charity. There is an intimate connection between prudence and justice, because the exercise of the prudentia iuris is aimed at the knowledge of what is just in the specific case” (Address to the Roman Rota, 25 January 2024).
    Every protagonist of the process approaches the conjugal and family reality with veneration, because the family is a living reflection of the communion of love that is God the Trinity (cf. Amoris laetitia, 11). Moreover, spouses united in marriage have received the gift of indissolubility, which is not a goal to be achieved by their own efforts, nor even a limitation to their freedom, but a promise from God, whose faithfulness makes that of human beings possible. Your work of discernment on the existence or otherwise of a valid marriage is a service, it is a service to the salus animarum, inasmuch as it allows the faithful to know or accept the truth of their own personal situation. Indeed, “every just judgment of the validity or nullity of marriage is a contribution to the culture of indissolubility both in the Church and in the world” (Saint John Paul II, Address to the Roman Rota, 29 January 2002).
    Dear sisters, dear brothers, the Church entrusts a task of great responsibility to you, but first of all of great beauty: to help purify and restore interpersonal relationships. The Jubilee context in which we find ourselves fills your work with hope, the hope that does not disappoint (cf. Rom 5:5).
    I invoke upon all of you, peregrinantes in spem, the grace of joyful conversion and the light to accompany the faithful towards Christ, who is the meek and merciful Judge. I bless you from my heart, and I ask you, please, to pray for me. Thank you!

    MIL OSI Europe News –

  • MIL-OSI Economics: RBI imposes monetary penalty on Aptus Finance India Private Limited, Chennai

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 20, 2025, imposed a monetary penalty of ₹3.10 lakh (Rupees Three Lakh Ten Thousand only) on Aptus Finance India Private Limited (the company) for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’ issued by RBI, relating to ‘Governance Issues’. This penalty has been imposed in exercise of powers conferred on RBI under clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934.

    The correspondence pertaining to the intimation of appointment of a director revealed, inter alia, non-compliance with RBI directions. Based on the same, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for failure to comply with the said directions. After considering the company’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the company was sustained, warranting imposition of monetary penalty:

    The company failed to take prior written permission of the RBI for effecting change in management, resulting in change of more than 30 per cent of its directors, excluding independent directors.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2057

    MIL OSI Economics –

  • MIL-OSI Economics: Monthly Data on India’s International Trade in Services for the Month of December 2024

    Source: Reserve Bank of India

    The value of exports and imports of services during December 2024 is given in the following table.

    International Trade in Services
    (US$ million)
    Month Receipts (Exports) Payments (Imports)
    October – 2024 34,309
    (22.3)    		 17,215
    (27.9)
    November – 2024 32,014
    (13.9)    		 17,229
    (26.0)
    December – 2024 36,857
    (16.5)    		 17,781
    (13.8)
    Notes: (i) Figures in parentheses are growth rates over the corresponding month of the previous year which have been revised on the basis of balance of payments statistics.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2058

    MIL OSI Economics –

  • MIL-OSI Economics: Data on India’s Invisibles for Second Quarter (July-September) 2024-25

    Source: Reserve Bank of India

    The Reserve Bank today released data on India’s invisibles as per the IMF’s Balance of Payments and International Investment Position Manual (BPM6) format for July-September of 2024-25.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2059

    MIL OSI Economics –

  • MIL-OSI: Brookfield Business Partners Reports 2024 Year End Results

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, News, Jan. 31, 2025 (GLOBE NEWSWIRE) — Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) announced today financial results for the year ended December 31, 2024.

    “Our business had another successful year in 2024. We generated over $2 billion from our capital recycling initiatives, acquired two market-leading operations and achieved solid financial results,” said Anuj Ranjan, CEO of Brookfield Business Partners. “The enhanced strength of our balance sheet and substantial liquidity provides us optionality to meaningfully advance our capital allocation priorities with a focus on increasing the intrinsic value of our business for our unitholders.”

           
      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    US$ millions (except per unit amounts), unaudited   2024       2023       2024       2023  
    Net income (loss) attributable to Unitholders1 $ (438 )   $ 1,423     $ (109 )   $ 1,405  
    Net income (loss) per limited partnership unit2 $ (2.02 )   $ 6.57     $ (0.50 )   $ 6.49  
               
    Adjusted EBITDA3 $ 653     $ 608     $ 2,565     $ 2,491  
                                   

    Net loss attributable to Unitholders for the year ended December 31, 2024 was $109 million (loss of $0.50 per limited partnership unit) compared to net income of $1,405 million ($6.49 per limited partnership unit) in the prior year. Net loss attributable to Unitholders includes a one-time non-cash expense at our healthcare services operation, combined with provisions at our construction operation. Prior year included net gains primarily related to the sale of our nuclear technology services operation.

    Adjusted EBITDA for the year ended December 31, 2024 was $2,565 million compared to $2,491 million for the year ended December 31, 2023, reflecting improved performance of operations and tax benefits recorded at our advanced energy storage operation. Prior year results included $308 million of contribution from operations which have been sold.

    Operational Update

    The following table presents Adjusted EBITDA by segment:

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    US$ millions, unaudited   2024       2023       2024       2023  
    Industrials $ 306     $ 222     $ 1,247     $ 855  
    Business Services   217       227       832       900  
    Infrastructure Services   160       184       606       853  
    Corporate and Other   (30 )     (25 )     (120 )     (117 )
    Adjusted EBITDA $ 653     $ 608     $ 2,565     $ 2,491  

    Our Industrials segment generated Adjusted EBITDA of $1,247 million in 2024, compared to $855 million in 2023. Current year results included $371 million of tax benefits at our advanced energy storage operation. Strong underlying performance at our advanced energy storage operation and growing contribution from water and wastewater services offset reduced performance at our engineered components manufacturing operation due to weak market conditions. Prior year results included contribution from disposed operations including our Canadian aggregates production operation which was sold in June 2024.

    Our Business Services segment generated Adjusted EBITDA of $832 million in 2024, compared to $900 million in 2023. Strong performance at our residential mortgage insurer was primarily offset by the impact of a cyber incident at our dealer software and technology services operation and reduced performance at our construction and healthcare services operations during the year. Prior year results included contribution from our road fuels operation which was sold in July 2024.

    Our Infrastructure Services segment generated Adjusted EBITDA of $606 million in 2024, compared to $853 million in 2023. Prior year results included $236 million of contribution from our nuclear technology services operation which was sold in November 2023. Current year results benefited from improved performance of offshore oil services, offset by reduced contribution at work access services.

    The following table presents Adjusted EFO4 by segment:

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    US$ millions, unaudited   2024       2023       2024       2023  
    Adjusted EFO          
    Industrials $ 193     $ 115     $ 935     $ 492  
    Business Services   142       181       641       636  
    Infrastructure Services   78       1,790       287       2,070  
    Corporate and Other   (83 )     (77 )     (331 )     (335 )

    Adjusted EFO for the year ended December 31, 2024 included $306 million in net gains primarily related to the dispositions of our road fuels operation and Canadian aggregates production operation, the sale of public securities and the deconsolidation of our payment processing services operation. Infrastructure Services Adjusted EFO reflected the impact of the prior year disposition of our nuclear technology services operation. Prior year results included $2,006 million in after-tax net gains primarily related to the sale of our nuclear technology services operation.

    Strategic Initiatives

    • Advanced Energy Storage Operation
      In January, our advanced energy storage operation raised $5 billion of new first lien debt – $4.5 billion of the proceeds are not required in the business and therefore were used to fund a special distribution to owners, of which Brookfield Business Partners’ share was approximately $1.2 billion. This represented a multiple of 1.5x of our initial equity investment and we still own our entire share of the business.
    • Offshore Oil Services
      In January, we completed the previously announced sale of our offshore oil services’ shuttle tanker operation. Cash proceeds to Brookfield Business Partners for the sale of its interest after the repayment of debt are expected to be approximately $250 million.
    • Unit Repurchase Program and Capital Deployment
      We are allocating up to $250 million of capital to accelerate the repurchase of Brookfield Business Partners’ securities under our existing and future normal course issuer bids (NCIB).

      In January, we completed the acquisition of Chemelex, a leading manufacturer of electric heat tracing systems, through a carve-out from a larger industrial company for total enterprise value of $1.7 billion. Brookfield Business Partners invested $212 million for an approximate 25% economic interest in the business, with the balance funded by institutional partners.

    Liquidity

    We ended the year with approximately $1.3 billion of liquidity at the corporate level including $91 million of cash and liquid securities, $25 million of remaining preferred equity commitment from Brookfield Corporation and $1.2 billion of availability on our corporate credit facilities. Pro forma for announced and recently closed transactions, corporate liquidity is $2.7 billion.

    Distribution

    The Board of Directors has declared a quarterly distribution in the amount of $0.0625 per unit, payable on March 31, 2025 to unitholders of record as at the close of business on February 28, 2025.

    Additional Information

    The Board has reviewed and approved this news release, including the summarized unaudited consolidated financial statements contained herein.

    Brookfield Business Partners’ Letter to Unitholders and the Supplemental Information are available on our website https://bbu.brookfield.com under Reports & Filings.

       
    Notes:  
    1 Attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders.
    2 Net income (loss) per limited partnership unit calculated as net income (loss) attributable to limited partners divided by the average number of limited partnership units outstanding for the three and twelve months ended December 31, 2024 which were 74.3 million and 74.3 million, respectively (December 31, 2023: 74.3 million and 74.5 million, respectively).
    3 Adjusted EBITDA is a non-IFRS measure of operating performance presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of interest income (expense), net, income taxes, depreciation and amortization expense, gains (losses) on acquisitions/dispositions, net, transaction costs, restructuring charges, revaluation gains or losses, impairment expenses or reversals, other income or expenses, and preferred equity distributions. The partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its IFRS consolidated statements of operating results. The partnership believes that Adjusted EBITDA provides a comprehensive understanding of the ability of its businesses to generate recurring earnings which allows users to better understand and evaluate the underlying financial performance of the partnership’s operations and excludes items that the partnership believes do not directly relate to revenue earning activities and are not normal, recurring items necessary for business operations. Please refer to the reconciliation of net income (loss) to Adjusted EBITDA included elsewhere in this news release.
    4 Adjusted EFO is the partnership’s segment measure of profit or loss and is presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of depreciation and amortization expense, deferred income taxes, transaction costs, restructuring charges, unrealized revaluation gains or losses, impairment expenses or reversals and other income or expense items that are not directly related to revenue generating activities. The partnership’s economic ownership interest in consolidated subsidiaries excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its IFRS consolidated statements of operating results. In order to provide additional insight regarding the partnership’s operating performance over the lifecycle of an investment, Adjusted EFO includes the impact of preferred equity distributions and realized disposition gains or losses recorded in net income, other comprehensive income, or directly in equity, such as ownership changes. Adjusted EFO does not include legal and other provisions that may occur from time to time in the partnership’s operations and that are one-time or non-recurring and not directly tied to the partnership’s operations, such as those for litigation or contingencies. Adjusted EFO includes expected credit losses and bad debt allowances recorded in the normal course of the partnership’s operations. Adjusted EFO allows the partnership to evaluate its segments on the basis of return on invested capital generated by its operations and allows the partnership to evaluate the performance of its segments on a levered basis.
       

    Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited partnership or Brookfield Business Corporation (NYSE, TSX: BBUC), a corporation. For more information, please visit https://bbu.brookfield.com.

    Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management.

    Please note that Brookfield Business Partners’ previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR and are available at https://bbu.brookfield.com under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

    For more information, please contact:

    Conference Call and 2024 Earnings Webcast Details

    Investors, analysts and other interested parties can access Brookfield Business Partners’ 2024 results as well as the Letter to Unitholders and Supplemental Information on our website https://bbu.brookfield.com under Reports & Filings.

    The results call can be accessed via webcast on January 31, 2025 at 10:00 a.m. Eastern Time at BBU2024Q4Webcast or participants can pre-register at BBU2024Q4ConferenceCall. Upon registering, participants will be emailed a dial-in number and unique PIN. A replay of the webcast will be available at https://bbu.brookfield.com.

     
    Brookfield Business Partners L.P.
    Consolidated Statements of Financial Position
     
      As at
    US$ millions, unaudited December 31, 2024   December 31, 2023
                         
    Assets                    
    Cash and cash equivalents         $ 3,239             $ 3,252  
    Financial assets           12,371               13,176  
    Accounts and other receivable, net           6,279               6,563  
    Inventory and other assets           5,728               5,321  
    Property, plant and equipment           13,232               15,724  
    Deferred income tax assets           1,744               1,220  
    Intangible assets           18,317               20,846  
    Equity accounted investments           2,325               2,154  
    Goodwill           12,239               14,129  
    Total Assets         $ 75,474             $ 82,385  
                         
    Liabilities and Equity                    
    Liabilities                    
    Corporate borrowings         $ 2,142             $ 1,440  
    Accounts payable and other           16,691               18,378  
    Non-recourse borrowings in subsidiaries of Brookfield Business Partners           36,720               40,809  
    Deferred income tax liabilities           2,613               3,226  
                         
    Equity                    
    Limited partners $ 1,752         $ 1,909    
    Non-controlling interests attributable to:          
    Redemption-exchange units   1,644           1,792    
    Special limited partner   —           —    
    BBUC exchangeable shares   1,721           1,875    
    Preferred securities   740           740    
    Interest of others in operating subsidiaries   11,451           12,216    
          17,308           18,532  
    Total Liabilities and Equity   $ 75,474         $ 82,385  
     
    Brookfield Business Partners L.P.
    Consolidated Statements of Operating Results
     
    US$ millions, unaudited Three Months Ended
    December 31,    		   Year Ended
    December 31,
      2024       2023       2024       2023  
               
    Revenues $ 7,427     $ 13,405     $ 40,620     $ 55,068  
    Direct operating costs   (6,008 )     (12,209 )     (34,883 )     (50,021 )
    General and administrative expenses   (324 )     (336 )     (1,267 )     (1,538 )
    Interest income (expense), net   (752 )     (858 )     (3,104 )     (3,596 )
    Equity accounted income (loss), net   35       48       90       132  
    Impairment reversal (expense), net   (991 )     (780 )     (981 )     (831 )
    Gain (loss) on acquisitions/dispositions, net   —       4,477       692       4,686  
    Other income (expense), net   (360 )     (344 )     (573 )     (178 )
    Income (loss) before income tax   (973 )     3,403       594       3,722  
    Income tax (expense) recovery          
    Current   (158 )     (171 )     (646 )     (775 )
    Deferred   23       252       947       830  
    Net income (loss) $ (1,108 )   $ 3,484     $ 895     $ 3,777  
    Attributable to:          
    Limited partners $ (150 )   $ 488     $ (37 )   $ 482  
    Non-controlling interests attributable to:          
    Redemption-exchange units   (141 )     457       (35 )     451  
    Special limited partner   —       —       —       —  
    BBUC exchangeable shares   (147 )     478       (37 )     472  
    Preferred securities   13       17       52       83  
    Interest of others in operating subsidiaries   (683 )     2,044       952       2,289  
     
    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measures
     
    US$ millions, unaudited  Three Months Ended December 31, 2024
        Business Services       Infrastructure Services       Industrials       Corporate and Other       Total  
                         
    Net income (loss)   $ (955 )   $ (72 )   $ (31 )   $ (50 )   $ (1,108 )
                         
    Add or subtract the following:                    
    Depreciation and amortization expense     223       228       328       —       779  
    Impairment reversal (expense), net     690       1       300       —       991  
    Gain (loss) on acquisitions/dispositions, net     —       —       —       —       —  
    Other income (expense), net1     312       4       47       (3 )     360  
    Income tax (expense) recovery     28       9       115       (17 )     135  
    Equity accounted income (loss), net     (4 )     (12 )     (19 )     —       (35 )
    Interest income (expense), net     233       166       313       40       752  
    Equity accounted Adjusted EBITDA2     25       47       17       —       89  
    Amounts attributable to non-controlling interests3     (335 )     (211 )     (764 )     —       (1,310 )
    Adjusted EBITDA   $ 217     $ 160     $ 306     $ (30 )   $ 653  
     Notes:  
     1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $407 million related to a provision for payment of a litigation settlement at our dealer software and technology services operation, $116 million of net gains on the sale of property, plant and equipment and other assets, $57 million related to provisions recorded at our construction operation, $52 million of business separation expenses, stand-up costs and restructuring charges, $27 million of net gains on debt modification and extinguishment, $16 million of net revaluation gains and $3 million in transaction costs.
     2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
     3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.
     
    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measures
         
    US$ millions, unaudited Year Ended December 31, 2024
        Business Services       Infrastructure Services       Industrials       Corporate and Other       Total  
                         
    Net income (loss)   $ (169 )   $ (347 )   $ 1,654     $ (243 )   $ 895  
                         
    Add or subtract the following:                    
    Depreciation and amortization expense     961       888       1,355       —       3,204  
    Impairment reversal (expense), net     686       (11 )     306       —       981  
    Gain (loss) on acquisitions/dispositions, net     (608 )     —       (84 )     —       (692 )
    Other income (expense), net1     365       32       164       12       573  
    Income tax (expense) recovery     75       6       (341 )     (41 )     (301 )
    Equity accounted income (loss), net     (4 )     (23 )     (63 )     —       (90 )
    Interest income (expense), net     972       701       1,279       152       3,104  
    Equity accounted Adjusted EBITDA2     79       168       61       —       308  
    Amounts attributable to non-controlling interests3     (1,525 )     (808 )     (3,084 )     —       (5,417 )
    Adjusted EBITDA   $ 832     $ 606     $ 1,247     $ (120 )   $ 2,565  
    Notes:  
    1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $407 million related to a provision for payment of a litigation settlement at our dealer software and technology services operation, $251 million related to provisions recorded at our construction operation, $168 million of net revaluation gains, $158 million of business separation expenses, stand-up costs and restructuring charges, $108 million of net gains on the sale of property, plant and equipment and other assets, $52 million of net gains on debt modification and extinguishment, $50 million of other income related to a distribution at our entertainment operation, $35 million in transaction costs and $100 million of other expenses.
    2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
    3 Adjusted EBITDA that is attributable to non-controlling interests in consolidated subsidiaries.
     
    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measures
     
    US$ millions, unaudited Three Months Ended December 31, 2023
        Business Services       Infrastructure Services       Industrials       Corporate and Other       Total  
                         
    Net income (loss)   $ 51     $ 3,744     $ (264 )   $ (47 )   $ 3,484  
                         
    Add or subtract the following:                    
    Depreciation and amortization expense     287       257       347       —       891  
    Impairment reversal (expense), net     650       33       97       —       780  
    Gain (loss) on acquisitions/dispositions, net     (566 )     (3,902 )     (9 )     —       (4,477 )
    Other income (expense), net1     (24 )     46       317       5       344  
    Income tax (expense) recovery     18       (10 )     (68 )     (21 )     (81 )
    Equity accounted income (loss), net     (6 )     (22 )     (20 )     —       (48 )
    Interest income (expense), net     259       225       336       38       858  
    Equity accounted Adjusted EBITDA2     17       51       17       —       85  
    Amounts attributable to non-controlling interests3     (459 )     (238 )     (531 )     —       (1,228 )
    Adjusted EBITDA   $ 227     $ 184     $ 222     $ (25 )   $ 608  
    Notes:  
    1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $247 million loss related to the reclassification of our graphite electrode operations as a financial asset, $96 million of net gains on debt extinguishment/modifications, $80 million of business separation expenses, stand-up costs and restructuring charges, $37 million in transaction costs and $76 million of other expenses.
    2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
    3 Adjusted EBITDA that is attributable to non-controlling interests in consolidated subsidiaries.
     
    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measures
     
    US$ millions, unaudited Year Ended December 31, 2023
        Business Services       Infrastructure Services       Industrials       Corporate and Other       Total  
                         
    Net income (loss)   $ 602     $ 3,616     $ (245 )   $ (196 )   $ 3,777  
                         
    Add or subtract the following:                    
    Depreciation and amortization expense     1,045       1,174       1,373       —       3,592  
    Impairment reversal (expense), net     656       (13 )     188       —       831  
    Gain (loss) on acquisitions/dispositions, net     (720 )     (3,916 )     (50 )     —       (4,686 )
    Other income (expense), net1     (138 )     (90 )     396       10       178  
    Income tax (expense) recovery     245       (6 )     (218 )     (76 )     (55 )
    Equity accounted income (loss), net     (25 )     (51 )     (56 )     —       (132 )
    Interest income (expense), net     1,031       1,051       1,369       145       3,596  
    Equity accounted Adjusted EBITDA2     61       183       63       —       307  
    Amounts attributable to non-controlling interests3     (1,857 )     (1,095 )     (1,965 )     —       (4,917 )
    Adjusted EBITDA   $ 900     $ 853     $ 855     $ (117 )   $ 2,491  
    Notes:  
    1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $446 million of net gains on debt modification and extinguishment, $247 million loss related to the reclassification of our graphite electrode operations as a financial asset, $246 million of business separation expenses, stand-up costs and restructuring charges, $116 million in transaction costs, $93 million of net revaluation gains and $108 million of other expenses.
    2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
    3 Adjusted EBITDA that is attributable to non-controlling interests in consolidated subsidiaries.
       

    Brookfield Business Corporation Reports 2024 Year End Results

    Brookfield, News, January 31, 2025 – Brookfield Business Corporation (NYSE, TSX: BBUC) announced today its net income (loss) for the year ended December 31, 2024.

      Three Months Ended
    December 31,    		   Year Ended
    December 31,
    US$ millions, unaudited   2024       2023       2024       2023  
               
    Net income (loss) attributable to Brookfield Business Partners $ (396 )   $ 454     $ (888 )   $ 519  

    Net loss attributable to Brookfield Business Partners for the year ended December 31, 2024 was $888 million compared to net income of $519 million in 2023 which included net gains primarily related to the sale of our nuclear technology services operation. Current year results included $208 million of remeasurement loss on our exchangeable and class B shares that are classified as liabilities under IFRS. As at December 31, 2024, the exchangeable and class B shares were remeasured to reflect the closing price of $23.42 per unit.

    Dividend

    The Board of Directors has declared a quarterly dividend in the amount of $0.0625 per share, payable on March 31, 2025 to shareholders of record as at the close of business on February 28, 2025.

    Additional Information

    Each exchangeable share of Brookfield Business Corporation has been structured with the intention of providing an economic return equivalent to one unit of Brookfield Business Partners L.P. Each exchangeable share will be exchangeable at the option of the holder for one unit. Brookfield Business Corporation will target that dividends on its exchangeable shares will be declared and paid at the same time as distributions are declared and paid on the Brookfield Business Partners’ units and that dividends on each exchangeable share will be declared and paid in the same amount as distributions are declared and paid on each unit to provide holders of exchangeable shares with an economic return equivalent to holders of units.

    In addition to carefully considering the disclosures made in this news release in its entirety, shareholders are strongly encouraged to carefully review the Letter to Unitholders, Supplemental Information and other continuous disclosure filings which are available at https://bbu.brookfield.com.

    Please note that Brookfield Business Corporation’s previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR and are available at https://bbu.brookfield.com/bbuc under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

     
    Brookfield Business Corporation
    Consolidated Statements of Financial Position
     
      As at
    US$ millions, unaudited December 31, 2024   December 31, 2023
                           
    Assets                      
    Cash and cash equivalents         $ 1,008             $ 772  
    Financial assets           353               224  
    Accounts and other receivable, net           3,229               3,569  
    Inventory, net           52               61  
    Other assets           627               737  
    Property, plant and equipment           2,480               2,743  
    Deferred income tax assets           197               221  
    Intangible assets           5,966               6,931  
    Equity accounted investments           198               222  
    Goodwill           4,988               5,702  
    Total Assets         $ 19,098             $ 21,182  
                           
    Liabilities and Equity                      
    Liabilities                      
    Accounts payable and other         $ 5,276             $ 4,818  
    Non-recourse borrowings in subsidiaries of Brookfield Business Corporation           8,490               8,823  
    Exchangeable and class B shares           1,709               1,501  
    Deferred income tax liabilities           988               1,280  
                           
    Equity                      
    Brookfield Business Partners $ (59 )       $ 880      
    Non-controlling interests   2,694           3,880      
          2,635         4,760  
    Total Liabilities and Equity   $ 19,098       $ 21,182  
     
    Brookfield Business Corporation
    Consolidated Statements of Operating Results
     
    US$ millions, unaudited Three Months Ended
    December 31,    		   Year Ended
    December 31,
      2024       2023       2024       2023  
    Continuing operations          
    Revenues $ 2,209     $ 1,946     $ 8,208     $ 7,683  
    Direct operating costs   (2,041 )     (1,749 )     (7,568 )     (6,794 )
    General and administrative expenses   (107 )     (78 )     (326 )     (268 )
    Interest income (expense), net   (212 )     (206 )     (832 )     (878 )
    Equity accounted income (loss), net   2       2       8       3  
    Impairment reversal (expense), net   (689 )     (599 )     (691 )     (606 )
    Gain (loss) on acquisitions/dispositions, net   —       —       —       87  
    Remeasurement of exchangeable and class B shares   (9 )     (392 )     (208 )     (264 )
    Other income (expense), net   (469 )     44       (666 )     126  
    Income (loss) before income tax from continuing operations   (1,316 )     (1,032 )     (2,075 )     (911 )
    Income tax (expense) recovery          
    Current   (8 )     (5 )     (50 )     (167 )
    Deferred   42       1       198       95  
    Net income (loss) from continuing operations $ (1,282 )   $ (1,036 )   $ (1,927 )   $ (983 )
    Discontinued operations          
    Net income (loss) from discontinued operations   —       3,885       —       3,812  
    Net income (loss) $ (1,282 )   $ 2,849     $ (1,927 )   $ 2,829  
    Attributable to:          
    Brookfield Business Partners $ (396 )   $ 454     $ (888 )   $ 519  
    Non-controlling interests   (886 )     2,395       (1,039 )     2,310  


    Cautionary Statement Regarding Forward-looking Statements and Information

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners, as well as regarding recently completed and proposed acquisitions, dispositions, and other transactions, and the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, “views”, “potential”, “likely” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.

    Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, investors and other readers should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and forward-looking information herein.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the cyclical nature of our operating businesses and general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation and volatility in the financial markets; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including our ability to complete dispositions and achieve the anticipated benefits therefrom; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; changes to U.S. laws or policies, including changes in U.S. domestic economic policies and foreign trade policies and tariffs; governmental investigations; litigation; changes in tax laws; ability to collect amounts owed; catastrophic events, such as earthquakes, hurricanes and pandemics/epidemics; cybersecurity incidents; the possible impact of international conflicts, wars and related developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States including those set forth in the “Risk Factors” section in our annual report for the year ended December 31, 2024 to be filed on Form 20-F.

    Statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described herein can be profitably produced in the future. We qualify any and all of our forward-looking statements by these cautionary factors.

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

    Cautionary Statement Regarding the Use of a Non-IFRS Measure

    This news release contains references to a Non-IFRS measure. Adjusted EBITDA is not a generally accepted accounting measure under IFRS and therefore may differ from definitions used by other entities. We believe this is a useful supplemental measure that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. However, Adjusted EBITDA should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.

    References to Brookfield Business Partners are to Brookfield Business Partners L.P. together with its subsidiaries, controlled affiliates and operating entities. Unitholders’ results include limited partnership units, redemption-exchange units, general partnership units, BBUC exchangeable shares and special limited partnership units. More detailed information on certain references made in this news release will be available in our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our annual report for the year ended December 31, 2024 to be filed on Form 20-F.

    The MIL Network –

  • MIL-OSI United Nations: Income-generating activities serving local communities of Lopé and Ivindo

    Source: United Nations

    In the framework of the project “Creating a Sustainable Heritage Ecosystem for Socio-Economic Development in Africa”, UNESCO supports local communities around two World Heritage sites in Gabon to develop a sustainable project that highlights heritage and ecotourism.

    Between 11 and 15 December 2024, UNESCO conducted a consultation mission with local communities living in and around Gabon’s two World Heritage properties: the Ecosystem and Relict Cultural Landscape of Lopé-Okanda and Ivindo National Park. This initiative is part of UNESCO’s project titled “Creating a Sustainable Heritage Ecosystem for Socio-Economic Development in Africa,” funded by the Kingdom of Saudi Arabia. The project aims to integrate heritage preservation into sustainable development strategies, focusing on entrepreneurship, ecotourism, and digital technology. 

    As part of its commitment to sustainable socio-economic development, UNESCO has launched several pilot projects to promote entrepreneurship centred on ecotourism and the interpretation of World Heritage. These initiatives primarily target young people and women, addressing themes such as new information and communication technologies (ICT), the heritage economy, income-generating activities (IGAs), and innovation. The two World Heritage sites, known for their Outstanding Universal Value, are central to consultations aimed at developing tailored solutions to meet the needs of local communities.

    Consultations in Libreville : a multisectoral dialogue

    Multi-sectoral consultation in Libreville with key stakeholders in the development of the project © UNESCO /Jean Eude Ngouadono

    Ahead of the community consultations at the two World Heritage sites, a consultative meeting was organised by the Ministry of Culture in Libreville on 10 December 2024 with UNESCO. This event also brought together public and private institutions, including the National Museum, École 241 (a digital and leadership training centre), the National Agency for National Parks (ANPN), Espace PME (a Ministry of Commerce body supporting small and medium enterprises), the Gabon Digital Incubation Society (SING), and representatives from the culture, tourism, crafts, and social economy sectors.

    These discussions explored concrete opportunities around new technologies and the heritage economy, laying the groundwork for effective collaboration.

    A shared goal: leveraging heritage for inclusive development

    Moment de consultation auprès des habitants du Parc national de la Lopé. © UNESCO Libreville / Jean Eude NGOUADONO

    During this consultation mission, the UNESCO delegation, accompanied by the ANPN team, visited several villages surrounding, notably consultations took place in the villages of Ebyeng, Ntiété, and within Lopé-Okanda National Park. The visit highlighted challenges faced by local communities, including abandoned villages and damaged infrastructure. These once-thriving areas reflect the significant difficulties encountered by local populations in the face of recurring issues. The visit underscored the urgency of finding sustainable solutions to address these challenges. These observations will guide the development of projects that consider the complex realities on the ground. Discussions focused on community projects related to sustainable tourism, agriculture, fishing, and craft as means of favoring sustainable livelihoods and socio-economic development.

    Building a sustainable future with local communities, youth, and women as change-makers

    UNESCO places local communities, especially young people and women, at the centre of sustainable solutions. These actors play a key role in heritage preservation and the development of innovative economic initiatives essential for their empowerment and the prosperity of their regions.

    This mission represents a critical stage in designing a project that combines heritage preservation, sustainable development, and social inclusion. It illustrates UNESCO and its partners’ firm commitment to valuing Gabon’s rich natural and cultural heritage while addressing the aspirations and needs of local communities

    The projects will include income-generating activities and aim to strengthen local capacities. The goal is to make heritage a driver of inclusive and sustainable development, where local communities are not just beneficiaries but also initiators and agents of change.

    In this perspective, UNESCO will develop an implementation schedule and roll out a series of activities throughout 2025.

    With the support of

    MIL OSI United Nations News –

  • MIL-OSI USA: United Natural Trading LLC Announces Allergy Alert for Undeclared Milk in Fresh Direct Dark Chocolate Covered Pretzels

    Source: US Food and Drug Administration

    Summary

    Company Announcement Date:
    FDA Publish Date:
    Product Type:
    Food & Beverages
    Snack Food Item
    Allergens
    Reason for Announcement:

    Recall Reason Description

    Undeclared milk

    Company Name:
    United Natural Trading LLC
    Brand Name:

    Brand Name(s)

    Fresh Direct

    Product Description:

    Product Description

    Dark Chocolate Covered Pretzels

    Company Announcement

    FOR IMMEDIATE RELEASE – January 29, 2025 – United Natural Trading LLC, Edison, NJ, is voluntarily recalling Fresh Direct Dark Chocolate Covered Pretzels due to the presence of an undeclared milk allergen. People who have an allergy or severe sensitivity to milk run the risk of serious or life-threatening allergic reaction if they consume this product.

    The date containing products were shipped via online sales via a third-party vendor site, in limited quantities to the Connecticut, New Jersey, and New York areas.

    Description 

    Lot Number 

    Best By Date 

    UPC# 

    Fresh Direct Dark Chocolate Covered Pretzels

    24353

    06/30/2025

    811102026276

    The lot numbers are printed on the back of each retail packaging.

    No illnesses or complaints have been reported to date.

    The issue was discovered during an internal review of label management system as an action item from an internal nonconformance.

    Consumers who have any remaining product with this lot number should not consume it, but rather should discard it. Consumers should retain their online receipts, packaging reflecting lot numbers or any other proof of purchase they may have for a refund. Consumers with questions may contact the company at 732-650-9905, which is open 9:00 am to 5:00 pm (EST) Monday – Friday.

    Company Contact Information

    Consumers:
    732-650-9905

    Product Photos

    MIL OSI USA News –

  • MIL-OSI United Kingdom: New Honorary King’s Counsel welcomed by Lord Chancellor

    Source: United Kingdom – Executive Government & Departments

    His Majesty The King has approved the award of 9 new Honorary King’s Counsel (KC Honoris Causa) in England and Wales.

    His Majesty The King has approved the award of nine new Honorary King’s Counsel (KC Honoris Causa). Their biographies are listed below. Honorary KC is awarded to those who have made a major contribution to the law of England and Wales, outside practice in the courts. 

    The Lord Chancellor will preside over the award ceremony at Westminster Hall in March 2025, where she will formally award the Honorary KC to the successful nominees. 

    Honorary King’s Counsel biographies 

    Professor Martin Dixon  

    Professor Dixon is a legal scholar specialising in real property law. He is the Professor of the Law of Real Property at the University of Cambridge, where he is also Director of the Cambridge Centre for Property Law (CCPL) and a Fellow of Queens’ College. 

    He was nominated for his work on property law through his scholarship, co-authorship of leading practitioner texts, and participation in Law Commission projects. Additionally, for his co-founding of the Modern Studies in Property Law Conference and for his Editorship of The Conveyancer. 

    Rebecca Hilsenrath 

    Rebecca Hilsenrath is a lawyer and public servant with a career spanning corporate law, human rights, and strategic leadership. Currently the interim Parliamentary and Health Service Ombudsman (PHSO), she has served as Chief Executive of the PHSO, Legal Adviser to the Attorney General, and Chief Executive of LawWorks. Previously, she was the Chief Executive Officer and Chief Legal Officer of the Equality and Human Rights Commission (EHRC), where she championed equality and tackled human rights issues.   

    She was nominated for her efforts in promoting diversity in panel counsel appointments for the government and at the EHRC, increasing pro bono contributions in the legal sector, and leading international legal engagement in equality and human rights. 

    Rachel Horman-Brown 

    Rachel Horman-Brown is a solicitor focused on cases involving domestic abuse, stalking, coercive control, and forced marriage. As Director, she leads the Family Department at Watson Ramsbottom Solicitors. She is also the Chair of Paladin, the National Stalking Advocacy Service.   

    She was nominated for her campaigning for policy and legislative changes around stalking, domestic abuse, and violence against women and girls. In addition, for her work with Paladin, where she shaped legislation, including for the creation of coercive control as a specific criminal offence. She has also provided evidence to parliamentary committees and advisory groups, thereby influencing police practices and approaches to trauma. 

    Dr Laura Janes  

    Dr Laura Janes is a solicitor specialising in complex cases involving people detained in the criminal justice and mental health systems. As Legal Director at the Howard League for Penal Reform from 2016 to 2022, she led a legal service for young people in custody and spearheaded challenges against practices such as solitary confinement. She is a consultant solicitor at GT Stewart Solicitors and Scott-Moncrieff and Associates. Laura Janes is an advocate for access to justice, having founded Young Legal Aid Lawyers and held leadership roles in several legal organisations. She holds a professional doctorate in youth justice and teaches law at London South Bank University.  

    She was nominated for her contributions to the legal profession promoting access to justice, her work to drive policy changes, representing vulnerable individuals in prison, advocating for the rights of children and young people in custody and reforms to the IPP sentence.   

    Susanna McGibbon  

    Susanna McGibbon is an employed barrister and the current Treasury Solicitor, HM Procurator General and Permanent Secretary of the Government Legal Department (GLD). As the most senior Civil Service lawyer she is head of the Government Legal Profession. Her previous roles include serving as Director of GLD Litigation Group, Legal Director at the Department for Communities and Local Government and Legal Director at the Department for Business, Innovation and Skills. She is a Bencher of Lincoln’s Inn and this year holds the office of Keeper of the Walks. 

    Ms McGibbon was nominated for her legal advice on complex and sensitive issues within government especially in public and administrative law and national security. Also, for her leadership in a range of high-profile cases and inquiries and for her advocacy for diversity and inclusion across the legal profession.   

    Professor Renato Nazzini  

    Professor Nazzini is a legal scholar focusing on competition law, commercial arbitration, and construction law. He is the Director of the Centre of Construction Law and Dispute Resolution at King’s College London and a partner at LMS Legal LLP.   

    He was nominated for his contributions to competition law by developing policies on collective actions and abuse of dominance, influencing the Consumer Rights Act 2015 and the 2008 European Commission Guidance on Article 102. He has also contributed to construction law, including by leading the Centre of Construction Law and Dispute Resolution at King’s College London, producing reports on construction adjudication and promoting diversity within the field.    

    Susan Willman  

    Susan Willman (known as Sue Willman) is a solicitor specialising in public interest litigation, focusing on human rights, environmental justice, and migrants’ rights. She is a senior consultant at legal aid firm, Deighton Pierce Glynn, and has led cases addressing systemic social and environmental injustices. She is also employed by the Dickson Poon School of Law, King’s College, London as a Senior Lecturer, and Assistant Director of the King’s Legal Clinic. She has held key leadership roles, including Chair of the Law Society Human Rights Committee.    

    She was nominated for founding the Asylum Support Appeals Project (ASAP), providing free representation to destitute asylum-seekers. As well as for publishing articles, authoring a series of textbooks on asylum support, and advising a parliamentary committee on an inquiry to drive legislative reforms. 

    Douglas Wilson OBE 

    Douglas Wilson is a government lawyer currently serving as Director General and Head of the Attorney General’s Office. He has previously held positions such as Director of Legal Affairs and International Relations at GCHQ, Legal Director at the Foreign and Commonwealth Office, and has served in legal and diplomatic roles at UK posts overseas. 

    He was nominated for advising on issues such as Brexit, military operations, and intelligence cooperation, which shaped the law on the use of military force, cyberspace, and investigatory powers. Furthermore, he has promoted effective and inclusive legal practice within government.  

    Professor Adrian Zuckerman 

    Professor Zuckerman is a scholar in civil procedure and evidence law. He is Emeritus Professor of Civil Procedure at the University of Oxford and Emeritus Fellow of University College, Oxford. He is Editor-in-Chief of the Civil Justice Quarterly and a Consultant Editor of Halsbury’s Laws of England. 

    Professor Zuckerman is a prominent commentator on the administration of civil justice. He has influenced legislative policy and judicial practice, notably through contributions to the Woolf Report on Access to Justice, and the Jackson Review of Civil Litigation Costs. He has campaigned for improving access to court and for making justice available to all at proportionate cost. His work on criminal evidence refocused evidence scholarship around fundamental normative principles. 

    He was nominated for his contributions to the Civil Procedure Rules in England and Wales. His academic work, particularly “Zuckerman on Civil Procedure,” is cited in courts across the common law world. 

    Further information 

    Honorary KC is awarded by HM The King, on the advice of the Lord Chancellor. The Lord Chancellor is advised by a selection panel of senior representatives from across the legal sector, civil service, judiciary, and academia. More information about the purpose of the award can be found on GOV.UK. 

    For further information, please contact the Ministry of Justice press office. Follow us @MoJGovUK. 

    Updates to this page

    Published 31 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Court charges tenant £7,964.75 for failed disrepair complaint

    Source: City of York

    Published Friday, 31 January 2025

    Council tenants are being reminded to report repairs to their landlord as ‘no win, no fee’ legal firms target York tenants and a judge orders an unsuccessful disrepair claimant to pay £7,964.75 costs.

    The Council’s reminder follows a campaign advising its tenants to tell City of York Council about any concerns with repairs so they can be put right. It also comes during another rise in housing disrepair claims brought by firms of solicitors on behalf of housing tenants. Some of these disrepair claims have failed in court, with tenants being ordered to pay £1,000s in costs.

    These ‘no win no fee’ legal firms press tenants to make claims against the council for failing to repair their home or not doing it well enough. Unsolicited and unaccredited ‘surveyors’ have been reported going door to door, cajoling tenants to make compensation claims against their landlord. They then sell this information on to legal firms for their own gain, with some suggesting that they work for the Council, when they do not. 

    A ‘no win, no fee’ case by a tenant against the Council was heard in York County Court this month (January 2025). It was dismissed by the District Judge who ordered the unsuccessful tenant to pay costs of £7,964.75.

    This follows another unsuccessful ‘no win, no fee’ case against the Council in 2023 which left that tenant being ordered by a judge to pay costs of £10,409.72.

    Any tenant approached by people touting for this work is urged to:

    • talk to your Housing Management Officer (HMO) first!
    • call the police if they feel scared or threatened
    • always ask to see identification and check it
    • call Trading Standards on 0808 223 1133 if these workers at the doorstep claim to be from the Council.

    Councillor Michael Pavlovic, Executive Member for Housing, Planning and Safer Communities said: “We strive to get repairs done quickly and efficiently and 86% of them are completed on a first visit. Our tenants are always invited to talk to officers about any repairs needed, or any delay or dissatisfaction with them.

    “We are committed to making good any repairs for which we are responsible, and our ongoing and significant housing repair programme is upgrading and modernising homes.

    “These claims against the Council mean that everyone loses – except for these legal firms – and have left tenants owing £1,000s in court costs. The time and money spent by the Council to defend these claims could be better invested in tenants’ homes.”

    Any council tenant who feels their home needs a repair or if there’s a problem with a repair, please call the Council first on 01904 551550 (option 4, option 1). Our team will ensure you get the right support.

    Anyone unhappy about how we have responded to a request for a repair, or how we have carried out one, should please tell us first.

    All concerns will be assessed and handled impartially. Find out more here or email your concerns.

    MIL OSI United Kingdom –

  • MIL-OSI: Interim report for Q1 of 2024/25 (the period 01.10.2024 – 31.12.2024)

    Source: GlobeNewswire (MIL-OSI)

    Nørresundby, Denmark, 31 January 2025
    Announcement no. 03/2025

    Q1 DELIVERS IMPROVED REVENUE AND GROSS MARGIN COMPARED TO Q1 LAST YEAR.

    “We observed a significant increase in both revenue and gross margin in Q1 2024/25 compared to Q1 2023/24. Historically, Q1 is the lowest-performing quarter for RTX, as many customers reduce inventories to manage year-end working capital.

    In Q1 2024/25, revenue reached DKK 101 million, with a gross margin of 51%, aligning with both our expectations and the previous quarter’s performance. While maintaining strong gross margins across segments, we remain focused on driving revenue growth.

    Order intake increased in this quarter, which is an encouraging development. With short lead times on orders, our visibility for the full year remains limited. However, the first half of the financial year is expected to show an increase in both revenue and EBITDA compared to last year.”

    Mille Tram Lux

    HIGHLIGHTS

    • Revenue in Q1 2024/25 showed an increase of more than 20% compared to Q1 last year, reaching DKK 101 million compared to DKK 82 million in Q1 2023-24.
    • Gross margin reached a solid level of 51% for Q1 2024/25 compared to 39% in Q1 2023/24.
    • Q1 2024/25 showed an increase in new orders compared to previous quarter, however still with order horizons of 3-6 months.
    • Contract signed with Henrik Mørck Mogensen, who will take on the role as CEO of RTX from 1st of March 2025.

    OUTLOOK
    RTX confirms the previously announced financial outlook for 2024/25:

    • Revenue DKK 490 to 520 million
    • EBITDA DKK 0 to 20 million
    • EBIT DKK -35 to -15 million

    RTX A/S

    PETER THOSTRUP        MILLE TRAM LUX
    Chair                                CFO

    Investor and analyst conference call
    On Tuesday, 4 February 2025 at 10:00 CET, RTX will hold a conference call for investors and analysts hosted by Danske Bank.

    To register for the conference call, please e-mail vonh@danskebank.dk.

    Enquiries and further information:
    Peter Thostrup, Chair, tel +45 96 32 23 00
    Mille Tram Lux, CFO, tel +45 96 32 23 00

    Attachments

    The MIL Network –

  • MIL-OSI: JLT Mobile Computers AB nomination committee 2025

    Source: GlobeNewswire (MIL-OSI)

    Växjö, Sweden, 31 January 2025 * * * JLT Mobile Computers, announces today that, in accordance with the established principles for appointing JLT Mobile Computers’ Nomination Committee, the company’s major shareholders/shareholder groups have appointed a Nomination Committee, with Emil Hjalmarsson as convener.

    The company’s Nomination Committee shall consist of three members, with one member appointed by each of the three largest shareholders. The members of the Nomination Committee are:

    • Jan Olofsson, representing personal holdings
    • Emil Hjalmarsson, appointed by AB Grenspecialisten
    • Wilhelm Gruvberg, appointed by Alcur Fonder 

    The Nomination Committee has appointed Emil Hjalmarsson as its Chairman.

    The Nomination Committee is responsible for preparing proposals on the following matters to be presented for resolution at the 2025 Annual General Meeting:

    • Proposal for the Chairman of the Annual General Meeting
    • Proposal for Board members
    • Proposal for the Chairman of the Board
    • Proposal for director fees and other remuneration for Board assignments, including compensation for committee work
    • Proposal for the company’s auditor
    • Proposal for auditor’s fees
    • Instructions for the Nomination Committee ahead of the 2025 Annual General Meeting 

    Shareholders who wish to submit proposals to the Nomination Committee may do so via email to Emil Hjalmarsson at emil@grenspecialisten.com or by mail to:

    JLT Mobile Computers nomination committee
    Attn: Emil Hjalmarsson, AB Grenspecialisten
    Box 4042
    203 11 Malmö, Sweden

    Proposals must be submitted no later than February 28, 2025.

    Financial information about JLT is available online on: jltmobile.com/investor-relations/.

    About JLT Mobile Computers

    JLT Mobile Computers is a leading supplier of rugged mobile computing devices and solutions for demanding environments. 30 years of development and manufacturing experience have enabled JLT to set the standard in rugged computing, combining outstanding product quality with expert service, support and solutions to ensure trouble-free business operations for customers in warehousing, transportation, manufacturing, mining, ports and agriculture. JLT operates globally from offices in Sweden, France, and the US, complemented by an extensive network of sales partners in local markets. The company was founded in 1994, and the share has been listed on the Nasdaq First North Growth Market stock exchange since 2002 under the symbol JLT. Eminova Fondkommission AB acts as Certified Adviser. Learn more at jltmobile.com.

    The MIL Network –

  • MIL-OSI Economics: Thales to present advanced defence and aerospace innovations at Aero India 2025, reinforcing its ‘Make in India’ commitment

    Source: Thales Group

    Headline: Thales to present advanced defence and aerospace innovations at Aero India 2025, reinforcing its ‘Make in India’ commitment

    • Thales will be present at Aero India 2025 (3.3 in Hall B) to exhibit its cutting-edge capabilities across defence and aerospace.
    • In support of the modernisation and indigenisation ambitions of the Indian armed forces, Thales will reinforce its commitment to “Make in India for India and for the world”, as well as the ‘Aatmanirbhar Bharat’ vision.
    • Thales HR representatives will be available on 13 and 14 February at the stand to engage with engineers and discuss various career opportunities at the company’s engineering centres in Bangalore and Noida

    Thales will showcase its cutting-edge technologies across the defence and aerospace sectors at the 15thedition of Aero India 2025, India’s flagship air show, highlighting the Group’s commitment to ‘Make in India for India and for the world’, aligned with the Aatmanirbhar Bharat vision.

    Empowering India’s defence and aerospace capabilities at Aero India 2025

    Thales offers a comprehensive array of capabilities and services designed to support the Indian armed forces in attaining operational excellence. At Aero India 2025, Thales will showcase its latest capabilities- across air, land and naval defence as well as space, cyber and digital – that are tailored for modern and future needs of the forces.

    Thales provides state-of-the-art equipment on board fighter aircrafts, including the RBE2 AESA radar, the Spectra electronic warfare suite, optronics, the communication, navigation and identification suite (CNI), key cockpit display systems and a logistics support component. The Thales stand at Aero India 2025 will have a dedicated section on these capabilities.

    Thales will also highlight its combat-proven airborne optronics, including TALIOS (Targeting Long-range Identification Optronic System) pod, the 2-in-1 system that delivers unmatched image quality, and the InfraRed Search and Track (IRST) system. Also on display will be Thales’s air defence solutions such as the Lightweight Multi-role Missile (LMM), the STARStreak missile and ForceShield, alongside air surveillance capabilities such as the GM 200 MM/A radar and the SkyView air command and control system.

    For the first time in India, Thales will showcase its innovation in avionics through the FlytX suite for helicopters, in advanced aeronautics navigation systems such as TopAxyz, TopShield and TopStar M. Connectivity solutions such as SYNAPS-A, the airborne member of the SYNAPS software-defined radio family designed to support battlespace digitisation, Modem 21 Air Compact, and the NextW@ve TRA 6030 radio, will also be brought to Aero India this year.

    As a leader in the fast-growing market of Unmanned Aircraft Systems (UAS), Thales will provide an overview of its portfolio of drone solutions, including its EagleShield drone countermeasures (an integrated nano, micro, mini and small drone countermeasures solution to protect and secure civil and military sites); the PARADE system that provides 360° protection of people, properties and activities, optimised for micro and mini UAS, ranging from 100g to 25kg; and Gamekeeper (a holographic radar that allows detection, tracking and classification of unlimited targets simultaneously including micro and mini drones), in addition to its safe and efficient UTM (Unmanned Traffic Management) system for cooperative and non-cooperative drones, to be unveiled for the first time in India.

    Thales will also present its LGR 68 and LGR 70 Laser Guided Rockets that come with laser guidance precision, are jamming-proof and are extremely precise for guiding ammunition to target.

    As part of its underwater solutions for efficient Maritime Security Operations, Thales will feature its Sonoflash sonobuoy, an anti-submarine warfare system that allows the detection, classification and localisation of submarines. It will also showcase the AirMaster C radar- the latest addition to its Air Master range of airborne surveillance radars -that is highly adaptable and can be integrated into both manned and unmanned airborne platforms.

    Thales presents AI systems we can trust at Aero India 2025

    Thales is a major AI player in these complex environments. The company is Europe’s top patent applicant in the field and devotes a lot of effort to research on AI, both in-house and through academic and industry partnerships. The Group, a major player in trusted AI, provides armed forces with greater efficiency in data analysis and decision-making, while taking into account the specific constraints, such as cybersecurity, embeddability and frugality, associated with critical environments. You will be able to see how Thales embarked IA on its solutions such as Talios or AirMaster C radar.

    Expanding its team in India – hiring at Aero India 2025

    Thales is expanding its team in India and seeking engineers in hardware, software and systems for its engineering centres in Bengaluru and Noida. Thales HR executives will be present during the public days of the show on 13 and 14 February 2025 to meet engineers and share various possible career opportunities available.

    “As India progresses towards its Aatmanirbhar Bharat vision, Thales is proud to be a trusted partner in the nation’s ambitious journey. We remain committed to ‘Make in India’ and are advancing our roadmap by strengthening our local teams, collaborations and bringing advanced defence and aerospace technologies to the country. We look forward to continue equipping the Indian armed forces with the next generation of innovative and effective solutions to support their strategic defence ambitions. Aero India 2025 will serve as a key platform for us to present our flagship capabilities and engage with the authorities, forces and our industry partners.” said Pascale Sourisse, President & CEO, Thales International.

    For more details on Thales’s presence at the Aero India 2025, please visit this webpage.

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence, Aerospace and Cyber & Digital. It develops products and solutions that help make the world safer, greener and more inclusive.

    The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.

    Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4bn.

    About Thales in India

    Present in India since 1953, Thales is headquartered in Noida and has other operational offices and sites spread across Delhi, Bengaluru and Mumbai, among others. Over 2200 employees are working with Thales and its joint ventures in India. Since the beginning, Thales has been playing an essential role in India’s growth story by sharing its technologies and expertise in Defence, Aerospace and Cybersecurity & Digital Identity markets. Thales has two engineering competence centres in India – one in Noida focused on Cybersecurity & Digital Identity business, while the one in Bengaluru focuses on hardware, software and systems engineering capabilities for both the civil and defence sectors, serving global needs.

    MIL OSI Economics –

  • MIL-OSI: Navatar’s A-Game Podcast: Navigating Alternative Investments and the Impact of the Latest Election with New Republic Partners

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK and LONDON, Jan. 31, 2025 (GLOBE NEWSWIRE) — Navatar is pleased to announce the latest episode of the A-Game podcast for private markets. In this episode, Alok Misra, CEO of Navatar, and New Republic Partners delve into the evolving landscape of alternative investments, offering valuable insights for family offices and investment professionals. Their discussion covers the impact of the recent election and the new regime on investment strategies.

    New Republic Partners shares their team’s extensive experience in alternative asset funds, discussing the importance of understanding various asset classes and the challenges family offices face in building scalable and sophisticated investment models.
    Listeners will gain a deeper understanding of the operational challenges in managing alternative investments, the potential opportunities in private credit, secondary markets, and venture capital, and the importance of collaboration and partnerships in navigating the alternative investment landscape.

    Don’t miss this opportunity to learn from industry leaders. The entire episode can be viewed here:

    https://www.youtube.com/watch?v=ID7UmNB7hd0&t=2s

    About Navatar
    Navatar (@navatargroup), the CRM platform for alternative assets and investment banking firms, enables investment professionals make informed decisions based on superior proprietary intelligence. Navatar is used by hundreds of firms including private equity funds, M&A boutiques and bulge brackets, fund of funds, multi-asset credit, hedge funds, real estate funds, venture capital firms, corporate development groups, family offices, private placement and other financial services companies. For more information, visit www.navatargroup.com.

    About New Republic Partners
    New Republic Partners (“NRP”) is an innovative investment management and wealth advisory firm serving families, business owners, endowments and foundations. We believe clients benefit from access to investment opportunities usually reserved for large institutional investors and the expertise and experience of a successful and seasoned investment management, wealth advisory and family office solutions team. NRP is headquartered in Charlotte, North Carolina, and serves clients across the U.S. with regional offices. More information is available at New Republic Partners.
    New Republic Capital, LLC (which does business as New Republic Partners) is an investment adviser with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about New Republic Capital’s advisory services can be found in its Form ADV Part 2 and/or Form CRS, both of which are available upon request.

    Sales Team
    Navatar
    sales@navatargroup.com

    The MIL Network –

  • MIL-OSI: Banco Santander-Chile Announces Fourth Quarter 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, Jan. 31, 2025 (GLOBE NEWSWIRE) — Banco Santander Chile (NYSE: BSAC; SSE: Bsantander) announced today its results1 for the twelve-month period ended December 31, 2024, and fourth quarter 2024 (4Q24).

    Strong Financial Performance with ROAE2of 26.0% in 4Q243and 20.2% in 12M244.

    As of December 31, 2024, the Bank’s net income attributable to shareholders totaled $858 billion ($4.55 per share and US$1.83 per ADR), marking a 72.8% increase compared to the same period of the previous year and with an ROAE of 20.2%.

    In 4Q24, net income attributable to shareholders of the Bank totaled $277 billion, increasing 13.7% in the quarter with a quarterly ROAE of 26.0%. This marks the third consecutive quarter with an ROAE above 20%.

    The improvement in results is explained by an increase in the Bank’s main revenue lines. Operating income increased by 34.5% YoY, supported by a stronger interest margin and readjustments.

    Robust NIM5recovery, reaching 3.6% in 2024 and 4.2% in 4Q24.

    Net interest and readjustment income (NII) for the year ended December 31, 2024 increased by 62.1% compared to the same period in 2023. This growth was primarily due to higher net interest income, resulting from a lower monetary policy rate that reduced our funding costs from 6.8% to 4.7% in 12M24. This was partially offset by lower readjustment income due to a smaller variation in the UF compared to the previous year. Consequently, the NIM improved from 2.2% in 2023 to 3.6% in 2024, and further to 4.2% in 4Q24.

    Continued Expansion of Customer Base with a 6.4% YoY Increase in Total Customers and a 5.9% YoY Increase in Digital Customers

    Our strategy to enhance digital products has led to a continued growth in our customer base reaching approximately 4.3 million customers, with over 2.2 million digital customers (88% of our active customers).

    The Bank’s market share in current accounts remains robust at 23.2% as of October 2024, driven by increased customer demand for US dollar current accounts which can be easily opened digitally by our customers. It also demonstrates the success of Getnet’s strategy in encouraging cross-selling of other products such as the Cuenta Pyme Life.

    Customer funds increased 4.7% QoQ and 12.6% since December 2023.

    Customer funds (demand deposits, time deposits and mutual funds) increased by 4.7% QoQ and 12.6% from December 2023, reflecting client growth and fund accumulation. The Bank’s total deposits increased by 5.7% from December 31, 2023, explained by the 5.3% increase in demand deposits and the 6.0% increase in time deposits. In the quarter, total deposits grew by 5.9%, with demand deposits up by 8.7% and time deposits by 3.7%. The strong growth in the quarter is explained by the seasonality of deposits at the end of the year, especially among corporate clients.

    Our customer’s investments through mutual funds intermediated by the Bank also grew in the quarter, reaching an increase of 2.2% QoQ and 32.6% since December 31, 2023, given the clients’ preference for mutual funds in this scenario of falling rates.

    Net fees and commissions increase 8.8% in 12M24, achieving a recurrence6level of 60.3%.

    Net fees increased 8.8% in the twelve months ended December 31, 2024 compared to the same period in 2023 due to increased client numbers and higher product usage. As a result, the recurrence ratio (total net fees divided by structural support expenses) increased from 57.4% YTD as of December 2023 to 60.3% YTD as of December 2024, demonstrating that more than half of the Bank’s expenses are financed by fees generated by our clients.

    Efficiency ratio of 36.5% in 4Q24 and 39.0% in 4Q24

    The Bank’s efficiency ratio reached 39.0% as of December 31, 2024, compared to the 46.6% of the same period last year, with a quarterly efficiency ratio of 36.5%. On the other hand, the cost to assets ratio increased to 1.5% in 12M24 vs. 1.3% in the same period of the previous year.

    Structural support expenses (salaries, administration and amortization) grew 3.5% in 12M24 compared to 12M23, below inflation, and in line with the guidance provided previously and a slight decrease of 1.8% compared to 3Q24 mainly due to lower salary expenses.

    Total operating expenses (which includes other expenses) increased 12.4% in 12M24 compared to 12M23 driven by higher other operating expenses, related to a provision for the restructuring of our branch network and the transformation to Work/Café and also advances in digital banking.

    Cost of credit of 1.29% in 12M24, and NPL coverage at 115.4%

    During the Covid-19 pandemic, asset quality benefited from state aid and pension fund withdrawals, which led to a positive performance in assets during that period, before normalizing in line with the performance of the economy and the drainage of excess liquidity from households. Currently, our clients’ performance is reflecting the state of the economy and the labor market, where delinquency is higher than the levels we saw before the pandemic with the non-performing loans (NPL) ratio increasing to 3.2% and the impaired portfolio to 6.7% at December 2024. Overall the cost of credit remained stable at 1.29% in the quarter.

    Solid capital levels with a BIS7ratio of 17.1% and a CET18of 10.5%.

    Our CET1 (Common Equity Tier 1) ratio remains at solid levels of 10.5% and the total Basel III ratio reaches 17.1% at the end of December 2024, which includes a provision of dividend payment of 70% of 2024 earnings.

    We made significant progress in our Chile First strategy in 2024

    • Largest bank in terms of loans and deposits (16.9% market share according to latest information from the CMF).
    • More than US$ 450 million committed to invest in infrastructure and technology between 2023 and 2026.
    • A total of 99 Workcafés in Chile, serving our clients and the community in their different formats.
    • Recognized by Euromoney as the Best Bank in the Country in the SME and ESG Categories.
    • The only Chilean bank included in the DJSI emerging markets and within the top 3% of the most sustainable banks in the world.
    • Top Employer Certification January 2025 (seventh consecutive year).
    • Recognized as the Best Bank in Chile for SMEs by Global Finance.
    • ALAS20: First place in the category of leading company in sustainability.
    • Institutional Investor: “Most Honored Company.”

    Banco Santander Chile is one of the companies with the highest risk ratings in Latin America, with an A2 rating from Moody’s, A- from Standard and Poor’s, A+ from Japan Credit Rating Agency, AA- from HR Ratings and A from KBRA. All our ratings as of the date of this report have a stable outlook.

    As of December 31, 2024, the Bank has total assets of $68,458,933 million (US$68,865 million), total gross loans (including loans to banks) at amortized cost of $41,323,844 million (US$41,569 million), total deposits of $31,359,234 million (US$31,545 million) and shareholders’ equity of $4,292,440 million (US$4,318 million). The BIS capital ratio was 17.1%, with a core capital ratio of 10.5%. As of December 31, 2024, Santander Chile employs 8,757 people and has 236 branches throughout Chile.

    CONTACT INFORMATION
    Cristian Vicuña
    Chief Strategy Officer and Head of Investor Relations
    Banco Santander Chile
    Bandera 140, Floor 20
    Santiago, Chile
    Email: irelations@santander.cl Website: www.santander.cl

    1 The information contained in this report is presented in accordance with Chilean Bank GAAP as defined by the Financial Markets Commission (FMC).
    2 Annualized net income attributable to shareholders of the Bank divided by the average equity attributable to equity holders
    3 The fourth quarter of 2024
    4 The twelve months accumulated as of December31, 2024
    5 NIM: Net interest margin. Annualized net interest income and annualized readjustments divided by interest-earning assets
    6Recurrence: Net commissions divided by structural operating expenses (excludes other operating expenses).
    7 Regulatory capital divided by risk-weighted assets, according to CMF BIS III definitions
    8 Core capital divided by risk-weighted assets, according to CMF BIS III definitions.

    The MIL Network –

  • MIL-OSI Economics: ECB selects motifs for future euro banknotes

    Source: European Central Bank

    31 January 2025

    • ECB shortlisted motifs based on the two possible themes for new banknotes: “European culture: shared cultural spaces” and “Rivers and birds: resilience in diversity”
    • The decision builds on an inclusive process involving feedback from public surveys and groups of experts
    • ECB to launch design contest in 2025 allowing Governing Council to select final designs in 2026
    • First new banknotes will go into circulation several years after final decision on designs and following production process

    The Governing Council of the European Central Bank (ECB) has selected motifs to illustrate the two possible themes for future euro banknotes. “European culture” focuses on shared cultural spaces and prominent Europeans. “Rivers and birds” focuses on the resilience and diversity of the natural world, complemented by the European institutions.

    The decision benefited from the suggestions provided by two multidisciplinary advisory groups from across the euro area and is consistent with the preferences on the themes expressed by more than 365,000 Europeans in public surveys held in summer 2023 and in focus groups conducted between December 2021 and March 2022.

    “We are excited to present these real-life motifs that reflect our commitment to Europe and celebrate its cultural heritage and natural environment,” said ECB President Christine Lagarde. “The new banknotes will symbolise our shared European identity and the diversity that makes us strong.”

    European culture: shared cultural spaces

    “European culture” celebrates the shared cultural spaces that have shaped European identity over the centuries. The motifs for this theme depict various cultural activities and spaces, and iconic European personalities who have contributed to building Europe’s cultural heritage. Their lives span six centuries, during which they lived, travelled and worked across our continent, and their accomplishments have resonated around the world.

    The motifs selected are:

    Table 1

    European culture

    Front

    Reverse

    €5
    Performing arts

    Maria Callas

    Street performers (music/dance/theatre) entertaining passersby

    €10
    Music

    Ludwig van Beethoven

    A song festival with a choir of children and young adults singing

    €20
    Universities and schools

    Marie Curie

    A school or university with a female teacher with young students. There are notebooks and books on the tables

    €50
    Libraries

    Miguel de Cervantes

    A library with some adults reading paper and digital books. A little boy and girl in front of a bookcase trying to get a book

    €100
    Museums and exhibitions

    Leonardo da Vinci

    Adults and children admiring some examples of street art, contemporary art, etc.

    €200
    Public squares

    Bertha von Suttner

    A tree-covered square allowing people to come together, with adults and children talking, walking, playing, etc.

    Rivers and birds: resilience in diversity

    “Rivers and birds” highlights the resilience and diversity of Europe’s natural ecosystems by showcasing different stages of rivers and various bird species, emphasising the importance of nature and environmental protection. The European institutions featured on the banknotes remind us of the fundamental values of the European project, which also embraces environmental protection.

    The motifs selected are:

    Table 2

    Rivers and birds

    Front

    Reverse

    €5

    Mountain spring
    Wallcreeper next to a mountain landscape

    European Parliament

    €10

    Waterfall
    Kingfisher in a waterfall or run pool

    European Commission

    €20

    Confined river valley
    Bee-eater colony in a sand wall on the side of a large, confined river valley along a riverbank

    European Central Bank

    €50

    Meandering river
    White stork flying over a meandering river in an unconfined river valley 

    Court of Justice of the European Union

    €100

    River mouth
    Avocet sweeping over the surface of a mud flat

    European Council and Council of the European Union

    €200

    Seascape
    Northern gannet flying over big ocean waves

    European Court of Auditors

    Next steps

    In 2025 the ECB will establish a jury and launch a design contest, which will be open to designers from across the European Union. The ECB will continue to involve the public and experts to ensure the designs selected are relatable for Europeans of all ages. In 2026 the ECB will ask the public which designs they prefer based on a shortlist.

    “We are developing new banknotes because we are committed to cash now and in the future. Banknotes are a symbol of our European unity and with the new motifs, we celebrate our shared history and commitment to a sustainable future,” said ECB Executive Board member Piero Cipollone.

    The Governing Council is expected to make the final decision on the designs in 2026. The new banknotes will be ready to enter circulation some years after this decision and following the production process.

    For media queries, please contact Belén Pérez Esteve tel.: +49 173 533 4269 or Alessandro Speciale, tel. +49 172 167 0791.

    Notes

    1. It is the duty of the ECB and the euro area national central banks to ensure that euro banknotes remain an innovative, secure and efficient means of payment. Developing new series of banknotes regularly is standard practice for all central banks. In a world where banknote reproduction technologies are rapidly evolving and counterfeiters can easily access information and materials, it is necessary to issue new banknotes on a regular basis. Beyond security considerations, the ECB is committed to reducing the environmental impact of euro banknotes throughout their life cycle, while also making them more relatable and inclusive for Europeans of all ages and backgrounds, including vulnerable groups such as the visually impaired. For more information, see the future banknotes page.
    2. The current theme of the euro banknotes is “Ages and styles” and the main motifs on each banknote are windows, doorways and bridges based on architectural styles from various periods in Europe’s history. For more information, see the banknotes design elements page.

    MIL OSI Economics –

  • MIL-OSI: Netcompany – Notice to convene the Annual General Meeting 2025

    Source: GlobeNewswire (MIL-OSI)

    Company announcement
    No. 08/2025

                                                    31 January 2025

    The Annual General Meeting of Netcompany Group A/S will be held on Tuesday, 4 March 2025 at 15:00 (CET).

    The Annual General Meeting will be held completely electronically and admission and participation in the General Meeting will solely take place via the internet in accordance with the Articles of Association section 7.2 and as further described in the notice. Physical attendance will not be possible.

    The notice to convene the Annual General Meeting, including appendix 1 (Description of the candidates for the Board of Directors) is enclosed.

    Further information about the Annual General Meeting is available at:
    https://netcompany.com/investor/general-meetings/.

    Additional information
    For additional information, please contact:

    Netcompany Group A/S
    Thomas Johansen, CFO, +45 51 19 32 24
    Frederikke Linde, Head of IR, +45 60 62 60 87

    Attachments

    The MIL Network –

  • MIL-OSI: Speakers at Biz2X Frontiers of Digital Finance Conference Kick Off 2025 and Predict What’s Next in Fintech and Business Finance

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK and MIAMI, Jan. 31, 2025 (GLOBE NEWSWIRE) — The Biz2X 2025 Frontiers of Digital Finance (FDF) Conference at University of Miami’s Business School, held on January 14, brought together top global leaders in technology, business and government to examine the rapidly changing digital finance landscape, particularly AI’s transformative impact on small business lending. For video highlights, click here.

    FDF assembled a ‘Who’s Who’ of digital finance experts who delved into major issues, such as potential changes in regulation in the new Trump administration, increased use of AI in lending, and the rise of alternative lenders. Speakers from over 25 organizations were represented, in an invite-only audience of more than 200 delegates. Among the A-List speakers were:

    • Former Congressman Patrick McHenry, who served as Chair of the House Financial Services Committee for the past two years. His keynote address, The Future of Fintech Regulation, drew upon his more than two-decades in Congress. The session was moderated by Charlie Gasparino of Fox Business News.
    • USAA President & CEO Wayne Peacock spoke about Leadership in Fintech in The Next Decade. Under Peacock’s visionary leadership, USAA has become a household name. At FDF, he shared insights from his expertise in mission-driven leadership to navigate the evolving financial services landscape.
    • Jim Esposito, President of Citadel Securities, led a discussion entitled Building the Future: Technology in Financial Markets in which he shared his insights for driving long-term growth and building global client and partner relationships.
    • Miami Mayor Francis X. Suarez examined Where Innovation Meets Opportunity – A Legal and Economic Vision, together with legendary litigator Marc Kasowitz from Kasowitz Benson Torres. They shared their perspectives on the legal and economic forces shaping today’s business landscape, and Mayor Suarez explored how cities like Miami can become innovation hubs for the private sector.

    BCG & Biz2X Launch New SMB Finance White Paper at FDF Miami

    Biz2X partnered with Boston Consulting Group (BCG), one of the world’s top business consulting firms, to unveil a brand-new proprietary white paper entitled, The Forthcoming Revolution in Small Business Lending.

    The study examines the rapidly changing dynamics of small business lending. Biz2X and BCG analyzed the reasons why banks — particularly the country’s largest institutions — place limitations on lending to small and medium-sized businesses. BCG identifies a global small business funding gap that exceeds $5 trillion.

    Biz2X and BCG conclude that SMB lending must be fundamentally altered through technology such as digital lending platforms to achieve lower risk, broader access to capital, and a significantly-improved digital experience for both borrowers and lenders. To download the full report, click here.

    Looking Ahead to Future FDF Conferences

    “FDF Miami 2025 was the highest-attended conference yet in our continuing series of these events. Our goal with FDF is to create a platform that drives the finance industry forward by bringing together the right people from all sides of industry and policy,” said Conference Chair and the CEO & Co-Founder of Biz2X, Rohit Arora.

    Future editions of FDF in 2025 are being planned in Riyadh and Mumbai, along with a likely return to Miami, with dates to be announced. For more information about FDF sponsors, speakers, and to see exclusive content from FDF Miami and previous FDF events, visit frontiersofdigitalfinance.com.

    About Frontiers of Digital Finance (FDF)
    FDF is an invitation only, global conference series that assembles global experts in the field. These include top financial institutions, innovative startups, investors, policy makers, technologists, and other leaders to learn about trends in digital finance and build relationships with key executives in the fintech industry.

    Attendees gain valuable insights from distinguished speakers and forge meaningful connections with key industry executives through curated networking events. Previous conferences have been held in some of the world’s most dynamic financial hubs: Dubai, Riyadh, Abu Dhabi, Mumbai, New York (at Columbia Business School) and Miami. Visit frontiersofdigitalfinance.com and LinkedIn for more information and highlights from the conferences.

    About Biz2X 
    Biz2X® is the digital lending platform chosen by successful business lenders, with more than $10 billion funded globally to businesses through the company’s innovative technology. The platform has been chosen for business lending at banks and financial institutions around the world. Lenders choose the platform because they want to transform their lending practices digitally. Biz2X makes this possible through best-in-class technology and AI-powered underwriting models. Biz2X LLC is a subsidiary of Biz2Credit. Visit Biz2X.com for more information.

    Contact: John Mooney, Over The Moon PR, 908-720-6057, john@overthemoonpr.com

    The MIL Network –

  • MIL-OSI Economics: Efficiency, resilience and digital horizons: perspectives and challenges for the public sector | Keynote statement at the Digital Excellence Forum

    Source: Bundesbank

    Check against delivery.

    1 Introduction

    Against the backdrop of a changing geopolitical environment, the relevance of digital advances and innovations has further increased. 

    I have just returned from a discussion among policy makers and researchers in Washington D.C., and many of the exchanges touched on the economic outlook in a potentially more fragmented world economy. 

    For both reasons, I am delighted to be part of this conference about digital excellence here in Berchtesgaden. 

    Representing the Bundesbank on this panel, I would like to contribute three considerations from a public sector perspective.

    While there is a lot of discussion about digitalisation in Germany and the need to catch up in particular in the public sector, there are encouraging examples. The Bundesbank is at the forefront of public sector digitalisation: it is using artificial intelligence in multiple ways and is among the first public institutions to move seriously into the public cloud. 

    International financial architecture, markets and instruments are changing due to ongoing economic fragmentation and technological advances. Working on the digital euro is a way for the European Central Bank System to prepare for those changes and to take an active role. 

    Given the geopolitical environment and growing cyber risks, the Bundesbank is investing in its cyber resilience, including the setting up of a new governance model for IT security.

    Allow me to expand on that.

    2 Innovation

    The Bundesbank is breaking new ground by proactively using the public cloud. This is a significant step forward for a public sector institution. As a first step, our innovative, high-performance and secure eBusiness portal for our currently over 180,000 customers – NExt – went “live” in the cloud. Customers are banks, insurances, corporates or other public sector institutions.

    At the same time, we built up a Bundesbank-owned private cloud in our computer centres for particularly sensitive data. Through our hybrid cloud strategy and investments in technological trends like artificial intelligence, we are ensuring our readiness for the challenges of today and tomorrow.

    Artificial intelligence will help us to expand our economic analyses and improve our understanding of the effects of various policy measures on inflation, employment and economic growth. 

    It also plays a pivotal role in our risk analysis efforts. 

    Take, for example, the risk controlling function and its analysis related to the many counterparties with whom the Bundesbank conducts financial transactions or purchases securities. By combining diverse sets of data and information, artificial intelligence helps us identify potential financial difficulties of a counterparty at an early stage. Given the sheer volume and complexity of the data involved, collecting and evaluating this information manually would be nearly impossible. 

    Through the strategic application of artificial intelligence, we can detect risks more quickly and with greater precision, allowing us to take timely and informed action. 

    We are also using an artificial intelligence platform that allows access to the latest language models in a secure environment. It is a chatbot that works in a very similar way to ChatGPT – only ours has different requirements, for example in terms of data governance. The requests are neither stored in the cloud nor used for training purposes.

    3 Future of Finance

    The international financial architecture, markets and instruments are currently changing due to ongoing economic fragmentation and technological advances. 

    Against this backdrop, there are several reasons in favour of the digital euro.

    The first reason is related to autonomy and sovereignty. So far, there is no sovereign pan-European solution for payment in the digital space. As a result, there is a risk that Europe will become overly dependent on US providers for critical infrastructure. A digital version of the euro renders the currency more attractive as means of payment internationally and will facilitate a start-up ecosystem around it.

    Another reason is related to efficiency. We are seeing very strong fragmentation in the European payment market and increasing concentration through international card systems that are all US–based. The digital euro establishes standards that simplify competition.

    Lastly, we also have to consider resilience. With the digital euro, we are safeguarding ourselves against competing currencies and stablecoins. The digital euro would be the next step in the development of the euro and would bring central bank money into the digital age.

    The Bundesbank is a key player in the development of a digital euro thanks, amongst other things, to its IT expertise in payment systems and in the area of tech trends. 

    4 Cybersecurity

    Cybersecurity is a decisive factor for the stability of the global economy and the functioning of our modern society. Operators of critical infrastructure, such as the Bundesbank, are under growing pressure from targeted cyber attacks.

    Of course, the Bundesbank, too, is subject to the most common types of attacks like phishing or denial of service attacks. To give you an example: on average, we receive a phishing attack every 5 minutes. 

    That’s why the principle “Secure by Design” is of crucial importance from the very beginning when developing and operating IT solutions and services.

    The Bundesbank has just rolled out a new governance model for IT security in order to create the basis for effectively counteracting growing threats. 

    Concretely, we are appointing a designated “security architect” in each Bundesbank department who serves as the go-to person for all architecture-related security concerns. The security architect will support product owners and agile teams in implementing security processes and regularly evaluating the impact of security-relevant information.

    This role is complemented by “security champions” within each product team. These champions will help maintain the required level of information security throughout the entire product lifecycle, including regular checks for new vulnerabilities.

    The governance model includes not only dedicated roles and responsibilities but also professional development and training measures for all staff in order to sensitise them to the fact that IT security is a critical discipline for everyone.

    5 Conclusion

    To conclude: By keeping up with technological developments, playing an active role in providing future forms of payment and of course safeguarding our security, the Bundesbank contributes to the competiveness of the German and European economy. 

    This is more relevant than ever in the current geopolitical context. 

    That’s why I’m thrilled to participate in this excellent conference and exchange.

    MIL OSI Economics –

  • MIL-OSI Economics: Results of the ECB Survey of Professional Forecasters for the first quarter of 2025

    Source: European Central Bank

    31 January 2025

    • Headline inflation expectations revised up for 2025 but otherwise unchanged; longer-term expectations (for 2029) remain at 2.0%
    • Expectations for HICP inflation excluding energy and food unchanged for 2025 and 2026; longer-term expectations revised down slightly to 1.9%
    • Real GDP growth expectations revised down by 0.2 and 0.1 percentage points for 2025 and 2026 respectively, but longer-term expectations unrevised
    • Unemployment rate expectations unchanged for 2025 and 2026, but longer-term expectations revised down slightly

    Respondents’ expectations for headline inflation, as measured by the Harmonised Index of Consumer Prices (HICP), were 2.1% for 2025, 1.9% for 2026 and 2.0% for 2027. Expectations were revised up from the previous survey (conducted in the fourth quarter of 2024) by 0.2 percentage points for 2025 but unchanged for 2026. Expectations for core HICP inflation, which excludes energy and food, were unchanged for 2025 and 2026. Longer-term expectations for headline inflation were unchanged at 2.0%, while those for core HICP inflation were revised down slightly to 1.9%.

    Respondents expected real GDP growth of 1.0% in 2025 and 1.3% in both 2026 and 2027. Compared with the previous survey, expectations were revised down by 0.2 percentage points for 2025 and 0.1 percentage points for 2026. Economic policy and political uncertainty contributed to these revisions. Longer-term growth expectations remained unchanged at 1.3%.

    The expected profile of the unemployment rate was largely unchanged. Respondents continued to expect the unemployment rate to average 6.5% in 2025 but to decline to 6.4% in 2026, and then to fall further to 6.3% in 2027 and to remain there in the longer term.

    MIL OSI Economics –

  • MIL-OSI Economics: One policy to rule them all

    Source: Securelist – Kaspersky

    Headline: One policy to rule them all

    Windows group policies are a powerful management tool that allows administrators to define and control user and computer settings within a domain environment in a centralized manner. While group policies offer functionality and utility, they are unfortunately a prime target for attackers. In particular, attackers are increasingly using group policies to distribute malware, execute hidden scripts and deploy ransomware.

    These attacks can range from simple configuration changes that could result in data breaches to more complex scenarios where attackers gain complete control over the corporate network. To ensure the security of your IT infrastructure, it is crucial to understand the vulnerabilities in group policies and the tactics used by attackers. This story examines how cybercriminals exploit group policies as an attack vector, what risks attacks like these pose, and what measures can be taken to protect against potential threats.

    Group Policy Object

    A Group Policy Object (GPO) includes two key components: a Group Policy Container (GPC) and a Group Policy Template (GPT). A GPC is an Active Directory container that holds information about the GPO version, its status and so on.

    Example of Group Policy Container contents

    A GPT is a collection of files and folders kept on the SYSVOL system volume of every domain controller within a domain. These files hold a variety of settings, scripts and presets for users and workstations.

    Group Policy Templates on SYSVOL

    The path to each template is specified in the attribute of the group policy container named gPCFileSysPath.

    Contents of the gPCFileSysPath attribute

    Next, gPCMachineExtensionNames and gPCUserExtensionNames are important attributes in each policy. Each of these attributes contains a GUID for Client Side Extensions (CSE) that will be distributed to user and/or computer settings. Extensions themselves are most often implemented using libraries that contain a set of functions necessary for applying extension settings to users or computers. So, the GUID provides information about which exact library needs to be loaded. A list of all CSE GUIDs can be found in the following registry key:

    Contents of one of the GUIDs in GPExtensions

    To determine which policies a client will apply, it makes an LDAP query to the domain controller, which returns a set of policies for a specific user and/or computer. This set is called SOM (Scope of Management). A key attribute of a SOM is gpLink, which connects organizational units (OUs) to the GPOs that apply to them.

    Policy application process

    How attackers exploit group policies

    In this story, we will not delve into the specifics of how attackers gain access to Group Policies. We will only note that to modify policies, attackers need only have WriteProperty permissions on the gPCFileSysPath attribute within the GPO. This has been described in more detail in SpecterOps’ study, An ACE Up The Sleeve: Designing Active Directory DACL Backdoors. Let’s focus on examples of how attackers specifically use these very policies for their own purposes.

    The most common policy abuse tactic used by malicious actors is to deploy ransomware across multiple hosts. Our Global Emergency Response Team (GERT) regularly encounters its consequences in their work. However, group policies can also be used to covertly gain a foothold in a domain, where attackers can do virtually anything they want:

    • Create new local users/administrators;
    • Create malicious scheduler tasks;
    • Create various services;
    • Run tasks on behalf of the system and/or user;
    • Change the registry configuration and much more.

    Modifying the gPCMachineExtensionNames and gPCUserExtensionNames attributes

    There are several tools designed to compromise GPOs. While they are all functionally similar, we will focus on the most popular one (after the built-in Windows MMC tool) SharpGPOAbuse. This utility provides a step-by-step guide to modifying Group Policy Objects (GPOs), making it convenient for analyzing the specific changes involved. As an example, let’s create a user-defined scheduler task that will run under the account labdomain.localadmin.

    Adding a scheduled task to launch cmd.exe on behalf of a specific user

    As seen in the screenshot above, during GPO modification, a new task is first added to the GPT on SYSVOL as an XML file. After that, the versionNumber attribute is changed, and the version number in the GPT.ini file is increased. This is necessary so that when checking for GPO updates, the client can detect that there is a newer version than the one in the cache and download the modified policy. Such changes can be tracked using event 5136, which is generated whenever an AD object is modified.

    Event 5136, which reflects a change in GPO attributes

    As we were creating a custom policy, we modified the gPCUserExtensionNames attribute, which now includes the following CSE GUID values:

    • {00000000-0000-0000-0000-000000000000} — Core GPO Engine;
    • {CAB54552-DEEA-4691-817E-ED4A4D1AFC72} — Preference Tool CSE GUID Scheduled Tasks;
    • {AADCED64-746C-4633-A97C-D61349046527} — Preference CSE GUID Scheduled Tasks.

    After the policy is applied, a scheduled task will start:

    Scheduled task start events

    Each function within the SharpGPOAbuse tool (such as creating scheduled tasks, adding users, granting privileges and so on) has a unique set of CSEs that will be recorded in the user or computer attributes.

    CSE toolkit for adding a local administrator, new privileges and an autostart script in the SharpGPOAbuse code

    These CSEs can serve as the basis for developing rules for detecting similar policies:

    Detecting the addition of new privileges through GPOs

    Detecting the addition of new autorun scripts through GPOs

    Detecting the addition of a new scheduler task using GPOs

    Modifying the gPCFileSysPath attribute

    In some scenarios, the adversary can modify the GPC but cannot access the directory where the GPTs are located. This is because different methods are used to manage different GPO entities: A GPC is stored in the LDAP directories of Active Directory, while a GPT is stored in a system folder on the domain controller: SYSVOL. Consequently, a user may have permissions to modify the GPC LDAP container, but not have permissions to modify or add files in SYSVOL. In this case, when attempting to modify the policy, the user will see the following error:

    Permissions mismatch between LDAP and SMB

    An attacker without SYSVOL access can modify the GPC attribute gPCFileSysPath, specifying a path to a network resource they control. As a result, all clients subject to the policy will retrieve templates from this resource. Let’s consider this scenario using the example of a GPOddity attack. The tool spins up its own SMB server, where it creates malicious policies, then changes the path to the GPT, and after applying the modified policies, restores them to their original state from its backup.

    Example of using GPOddity

    The technique of modifying the gPCFileSysPath attribute was highlighted back in 2020 in a blog post by researcher Mark Gamache, who was working at Microsoft at the time. However, the company believes that the ability to store GPTs outside of the SYSVOL system folder is a feature rather than a bug. At the same time, Microsoft does not recommend storing GPTs on third-party resources, as this can break certain Windows mechanisms.

    The possibility of storing policy data on third-party resources as mentioned in Microsoft documentation

    To detect this technique, we can once again utilize event 5136, where we will monitor the modification of the attribute we are interested in.

    Example of changing the gPCFileSysPath attribute in the Windows event log

    It’s possible to automatically detect an event 5136, related to changes in gPCFileSysPath, in logs by using the following rule:

    To eliminate the risk of false positives, we added to exceptions events that are generated when creating a new GPO where the attribute specifies the normal path to the GPT:

    Changing the gPCFileSysPath attribute when creating a new GPO

    How we search for “bad” policies in Compromise Assessment projects

    One of the items on the checklist for each of our Compromise Assessment projects is searching for compromise via group policies, as attackers often rely on this method both to distribute malicious software, scripts, vulnerable settings and so on, and to secretly gain a foothold in the domain. We use the Group3r tool to analyze a large volume of policies. It helps us quickly find all policies and run them through our detection rules to identify suspicious ones, as well as find various vulnerabilities that an attacker could exploit.

    Example of a suspicious policy

    Example of a vulnerable policy

    Since Group3r only searches for policies located on the SYSVOL domain volume, it is important to determine which of them have the gPCFileSysPath attribute changed. To do this, you can use the following script:

    Example of the script’s operation

    In addition to Group3r, SharpHound is an excellent tool for finding various GPO configuration errors. It allows you to find potential GPO attack vectors.

    An example of a misconfiguration that grants write permissions for policies to users who do not need them

    How we monitor group policies in MDR

    Organizations often fail to log many events on hosts. To ensure security and proactive monitoring of group policies in our MDR service, we have developed several improvements to our telemetry. Firstly, since Windows advanced auditing is disabled on some hosts, we try to use ETW providers (Event Tracing for Windows) wherever possible to replace the events needed to understand what happened in the system. Where ETW alone is not enough, we improve our technology and expand telemetry coverage. For instance, to detach from event 5136, monitoring of which requires configuring Directory Service Changes audit, our SOC R&D team developed the GCNet tool based on Microsoft’s PoC for monitoring directory service changes. The tool connects to the LDAP database where we specify a search for a particular distinguishedName attribute value (in our case, CN=Policies) and subscribe to any changes to it. If we receive a notification about a policy change, we request detailed information about the corresponding GPO, including GPC and GPT data.

    Example of an event with GPO output

    Detected events are run through our detection rules, allowing us to identify various malicious policies. One of the important attributes of a policy is GPLink options and policy flags. Policies flagged as Enforced take precedence over other policies and will be applied before them, and they cannot be overwritten by another policy. Additionally, GPOs have several flags that, when known, can help us determine whether a policy is enabled or not. The combination of all attributes provides us with additional information about how much time we have to respond to an incident before the next group policy is applied, and where and how it is applied, significantly broadening the investigation scope. By default, policies are updated every 90 minutes +/– 30 minutes on client machines and every 5 minutes on the domain controller.

    Conclusion

    Group policies (GPOs) are a versatile tool that, in the hands of malicious actors, can pose a serious threat to a corporate network. Their compromise allows attackers to perform covert actions, modify configurations and spread malware to multiple hosts simultaneously. For this reason, group policies must be closely monitored and constantly secured. Tracking changes in group policies and responding to detected threats is part of our Managed Detection and Response (MDR) service.

    MIL OSI Economics –

  • MIL-OSI Europe: Answer to a written question – Grants paid to suspended Eramet Group project – E-002578/2024(ASW)

    Source: European Parliament

    The Commission attaches utmost importance to ensuring that EU funding supports sustainable industrial development, job creation, and Europe’s strategic autonomy, whilst guaranteeing an effective use of the funds.

    The specific project mentioned has been selected for funding under the Innovation Fund, which is financed through revenues from the European Union Emissions Trading System and supports innovative low-carbon technologies.

    The Innovation Fund awards projects based on five award criteria. ‘Project maturity’ is an important one of them.

    Here, the project’s technical, financial and operational feasibility is assessed. The project in question scored highly on this metric, as well as on the other award criteria, and was thus selected as part of the 2021 Innovation Fund’s call for proposals for large-scale projects. You are invited to consult the press release[1] and Innovation Fund project dashboard[2].

    Payments from the Innovation Fund are provided subject to the project reaching pre-defined milestones. So far, no funding has been paid to the mentioned project.

    The Innovation Fund aims to support high-risk, first-of-a-kind and very innovative projects, some of which may also fail. The Commission is closely monitoring the projects that the Innovation Fund supports and aims to be a partner to industry and project developers.

    The Commission continually reflects on the effectiveness of project selection criteria, safeguards, and monitoring systems to minimise risks while ensuring that EU funding delivers its intended benefits.

    • [1] https://ec.europa.eu/commission/presscorner/detail/en/ip_22_4402
    • [2] https://dashboard.tech.ec.europa.eu/qs_digit_dashboard_mt/public/sense/app/6e4815c8-1f4c-4664-b9ca-8454f77d758d/sheet/bac47ac8-b5c7-4cd1-87ad-9f8d6d238eae/state/analysis

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Contribution of contrails to global warming – E-002574/2024(ASW)

    Source: European Parliament

    While non-CO2 effects from aviation are short-lived pollutant, it is estimated that they warm the climate at least as much as long-lived CO2 from aviation.

    Based on the precautionary principle and in accordance with Article 14(5) of the EU Emissions Trading System (ETS) Directive[1], the Commission implements a Monitoring, Reporting and Verification (MRV) mechanism of the non-CO2 aviation effects.

    Based on the adopted rules, aircraft operators should monitor the non-CO2 aviation effects as of 1 January 2025, enabling the calculation of a CO2 equivalent per flight.

    Airlines are required to report non-CO2 aviation effects annually. In 2025 and 2026, reporting may include all routes but is mandatory only for routes within the European Economic Area (EEA), and routes from EEA departing to Switzerland or to the United-Kingdom. From 2027 onwards, the MRV will extend to all flights departing from or arriving at EEA.

    The implementation of the MRV and Commission research initiatives enhance knowledge on non-CO2, informing effective avoidance strategies.

    Contrail avoidance by flight altitude adjustments is possible[2]. However, open questions need to be solved prior to an operational implementation of contrail avoidance in air traffic management.

    In addition to the European measures under the EU ETS, the Commission is ready to work with international partners, including the International Civil Aviation Organisation, to take further action on mitigating non-CO2 in the short-term .

    ReFuelEU Aviation and the uptake of SAF (e.g. Power-to-Liquid) could allow to reduce emissions that contribute to non-CO2 climate impact. The Commission explores ways to improve jet fuel composition in Europe, to reduce aromatics and sulphur levels .

    • [1] EU ETS Directive https://eur-lex.europa.eu/eli/dir/2003/87/oj
    • [2] For example: R Sausen et al, 2023, Can we successfully avoid persistent contrails by small altitude adjustments of flights in the real world?: https://elib.dlr.de/195244/1/avoiding%20contrails%20preprint%20230517.pdf

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Mitigating the social impact of upcoming EU rules about fossil-fuel-powered vehicles – E-002576/2024(ASW)

    Source: European Parliament

    The CO2 emission standards for new cars and vans[1] provide a framework for the transition to zero-emission vehicles, which is essential to achieve our objective of becoming climate neutral by 2050.

    The impacts for consumers have been analysed in the Commission’s impact assessment[2], which showed that b oth first- and second-hand car users would benefit from a lower total cost of ownership over the vehicles’ lifetime. This will be increasingly the case as more affordable zero-emission vehicles become available.

    In 2025, th e Commission will prepare a progress report[3], which will look into the affordability of zero- and low-emission vehicles and the impacts on consumers of the transition to zero-emission mobility. In 2026, the Commission will review the regulation[4], which will be an opportunity to assess how to best ensure a fair transition .

    The EU Social Climate Fund is established to address the social impacts of the new carbon pricing for the fuels used in buildings, road transport and small industry (ETS2)[5] on the most vulnerable groups.

    The Fund will mobilise at least EUR 86.7 billion between 2026 and 2032. It will support citizens in transport poverty by improving access to zero- and low-emission mobility, incentivising the use of public transport, shared mobility services and active mobility.

    Each Member State will have the option to spend up to 37.5% of their allocation to support the incomes of their most vulnerable citizens under certain conditions.

    Spain is set to be one of the largest beneficiaries of the Fund; and will be able to mobilise around EUR 9 billion for measures and investments.

    Furthermore, Spain can use its ETS2-revenues for measures to accelerate the uptake of zero-emission vehicles or recharging infrastructure.

    • [1] http://data.europa.eu/eli/reg/2023/851/oj
    • [2] Impact assessment accompanying Proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2019/631 as regards strengthening the CO2 emission performance standards for new passenger cars and new light commercial vehicles in line with the Union’s increased climate ambition.
    • [3] Article 14a of Regulation (EU) 2019/631.
    • [4] Article 15 of Regulation (EU) 2019/631.
    • [5] http://data.europa.eu/eli/dir/2023/959/oj.

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Protection of borrowers’ personal data and the need for non-performing loan management companies to comply with Directive 2021/2167 – E-002566/2024(ASW)

    Source: European Parliament

    Directive (EU) 2021/2167 of the European Parliament and of the Council of 24 November 2021 on credit servicers and credit purchasers[1] (‘the NPLD’), amending Directives 2008/48/EC[2] and 2014/17/EU[3], had to be transposed by 29 December 2023 by Member States. It introduces requirements protective of the borrower in the context of debt purchasing and debt servicing in the EU.

    Regarding the protection of borrowers’ personal data, Article 10(1)(c) of the NPLD states that, in their relationships with borrowers, credit purchasers and credit servicers respect and protect the personal information and privacy of borrowers.

    The General Data Protection Regulation (GDPR)[4] lays down the rules to ensure the protection of personal data. Without prejudice to the competences of the Commission as guardian of the Treaties, the enforcement of the GDPR in individual cases lies with the competent national authorities and courts.

    In this context, Cyprus received a letter of formal notice in January 2024, and a reasoned opinion in July 2024, requiring the communication to the Commission of transposition measures of the NPLD.

    The Cypriot authorities have notified in November complete transposition of the NPLD. the status of this procedure can be followed under the following website (with the following infringement procedure reference INFR(2024)0018)[5], which is currently being assessed by the Commission to ensure its completeness and conformity. These do not apply to NPL transferred prior to 30 December 2023[6].

    For credit agreements transferred after this date to companies operating without a license, the NPLD requires Member States to provide national supervisory authorities with the power to act.

    • [1]  OJ L 438, 8.12.2021, p. 1-37.
    • [2]  OJ L 133, 22.5.2008, p. 66-92.
    • [3]  OJ L 60, 28.2.2014, p. 34-85.
    • [4] Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation), OJ L 119, 4.5.2016, p. 1-88.
    • [5] https://ec.europa.eu/atwork/applying-eu-law/infringements-proceedings/infringement_decisions/?lang_code=en
    • [6] Article 2(5)(d) of the NPLD.
    Last updated: 31 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Review of EU electric-vehicle strategy and impact of decision to ban combustion-engine vehicles by 2035 – E-002171/2024(ASW)

    Source: European Parliament

    The revised CO2 emission standards for new cars and vans[1] provide a clear framework for the transition to zero-emission vehicles, which is essential to deliver on the European Union’s objective of becoming climate neutral by 2050.

    The agreed 2035 targets create certainty for manufacturers and investors on the road ahead, with sufficient lead time to plan for a fair transition. They support the EU industry’s competitiveness, in a global vehicle electrification context.

    The impacts of the revised CO2 standards on employment and consumers have been analysed in the Commission’s impact assessment[2]. A small overall increase in employment was projected.

    Both first- and second-hand car users would benefit from a lower total cost of ownership over the vehicles’ lifetime. This will be increasingly the case as more affordable zero-emission vehicles become available.

    The Commission has set up a Social Climate Fund and will work with Member States on their Social Climate Plans to ensure that resources are spent to support the most affected vulnerable groups, such as households in energy or transport poverty.

    The forthcoming Clean Industrial Deal Communication and an Industrial Decarbonisation Accelerator Act will support companies by simplifying, investing and ensuring access to cheap, sustainable and secure energy supplies and raw materials.

    In 2025, th e Commission will prepare a progress report on the transition[3]. In 2026, the Commission will review the regulation[4], which will be an opportunity to assess how to best ensure a fair transition, also considering changing global circumstances.

    • [1] http://data.europa.eu/eli/reg/2023/851/oj
    • [2] Impact assessment accompanying Proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2019/631 as regards strengthening the CO2 emission performance standards for new passenger cars and new light commercial vehicles in line with the Union’s increased climate ambition.
    • [3] Article 14a of Regulation (EU) 2019/631.
    • [4] Article 15 of Regulation (EU) 2019/631.
    Last updated: 31 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Competition in the waste incineration plant sector and the conduct of the Municipality of Rome in the management of the municipal energy and environment company (ACEA) – E-002077/2024(ASW)

    Source: European Parliament

    1. EU waste legislation is technology neutral and ensures a high level of environmental protection while respecting the waste hierarchy: first prevention, then preparation for re-use, then recycling, then other recovery (incineration with energy recovery), and ultimately disposal as a last resort (incineration without energy recovery or landfilling)[1]. The Commission has no information that the mentioned incineration plant undermines recycling efforts. Incineration plants[2] must operate in accordance with a permit based on Best Available Techniques[3]. EU competition law does not prohibit exclusivity agreements which are assessed on a case-by-case basis to establish if they are capable of excluding actual or potential competitors from the market. Without prejudice to national or EU rules governing public procurement procedures, this is typically not the case if exclusivity is the result of an open, transparent and non-discriminatory tender procedure.

    2. Emissions from waste incineration are subject to national commitments under the Effort Sharing Regulation[4]. Member States can opt to include these emissions into the Emission Trading system[5]. There are stringent emissions targets for 2030 under both systems. The communication ‘Towards an ambitious Industrial Carbon Management for the EU’[6] recalls that the 2026 review of the EU emissions trading system (ETS)[7] will assess the feasibility of including municipal waste incineration installations and other waste management processes in the EU ETS. Regardless of the scheme, EU institutions and Member States shall take the necessary measures to enable the collective achievement of the climate-neutrality objective by 2050[8].

    • [1] Article 4 and 13 of Directive 2008/98/EC of the European Parliament and of the Council of 19 November 2008 on waste and repealing certain Directives, OJ L 312, 22.11.2008, p. 3-30, as amended by Directive (EU) 2018/851 of the European Parliament and of the Council of 30 May, OJ L 150, 14.6.2018, p. 109-140.
    • [2] Annex I to the Industrial Emissions Directive, Directive 2010/75/EU of the European Parliament and of the Council of 24 November 2010 on industrial emissions (integrated pollution prevention and control), OJ L 334, 17.12.2010, p. 17-119.
    • [3] As described in BAT conclusions: Commission Implementing Decision (EU) 2022/2110 of 11 October 2022 establishing the best available techniques (BAT) conclusions, under Directive 2010/75/EU of the European Parliament and of the Council on industrial emissions, for the ferrous metals processing industry (notified under document C(2022) 7054), OJ L 284, 4.11.2022, p. 69-133.
    • [4] https://climate.ec.europa.eu/eu-action/effort-sharing-member-states-emission-targets/overview_en
    • [5] https://climate.ec.europa.eu/eu-action/eu-emissions-trading-system-eu-ets_en
    • [6] COM(2024) 62 final.
    • [7] Directive (EU) 2023/959 of the European Parliament and of the Council of 10 May 2023 amending Directive 2003/87/EC establishing a system for greenhouse gas emission allowance trading within the Union and Decision (EU) 2015/1814 concerning the establishment and operation of a market stability reserve for the Union greenhouse gas emission trading system.
    • [8] Article 2 of the European Climate Law, Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999, OJ L 243, 9.7.2021, p. 1-17.
    Last updated: 31 January 2025

    MIL OSI Europe News –

  • MIL-OSI Banking: Montgomery & Company Limited

    Source: Isle of Man

    Notice is hereby given that Montgomery & Company Limited, which was registered under the Designated Businesses (Registration & Oversight) Act 2015, has been de-registered in accordance with 12(1)(a) of this Act with effect from 31/01/2025.

    MIL OSI Global Banks –

  • MIL-OSI Europe: ECB selects motifs for future euro banknotes

    Source: European Central Bank

    31 January 2025

    • ECB shortlisted motifs based on the two possible themes for new banknotes: “European culture: shared cultural spaces” and “Rivers and birds: resilience in diversity”
    • The decision builds on an inclusive process involving feedback from public surveys and groups of experts
    • ECB to launch design contest in 2025 allowing Governing Council to select final designs in 2026
    • First new banknotes will go into circulation several years after final decision on designs and following production process

    The Governing Council of the European Central Bank (ECB) has selected motifs to illustrate the two possible themes for future euro banknotes. “European culture” focuses on shared cultural spaces and prominent Europeans. “Rivers and birds” focuses on the resilience and diversity of the natural world, complemented by the European institutions.

    The decision benefited from the suggestions provided by two multidisciplinary advisory groups from across the euro area and is consistent with the preferences on the themes expressed by more than 365,000 Europeans in public surveys held in summer 2023 and in focus groups conducted between December 2021 and March 2022.

    “We are excited to present these real-life motifs that reflect our commitment to Europe and celebrate its cultural heritage and natural environment,” said ECB President Christine Lagarde. “The new banknotes will symbolise our shared European identity and the diversity that makes us strong.”

    European culture: shared cultural spaces

    “European culture” celebrates the shared cultural spaces that have shaped European identity over the centuries. The motifs for this theme depict various cultural activities and spaces, and iconic European personalities who have contributed to building Europe’s cultural heritage. Their lives span six centuries, during which they lived, travelled and worked across our continent, and their accomplishments have resonated around the world.

    The motifs selected are:

    Table 1

    European culture

    Front

    Reverse

    €5
    Performing arts

    Maria Callas

    Street performers (music/dance/theatre) entertaining passersby

    €10
    Music

    Ludwig van Beethoven

    A song festival with a choir of children and young adults singing

    €20
    Universities and schools

    Marie Curie

    A school or university with a female teacher with young students. There are notebooks and books on the tables

    €50
    Libraries

    Miguel de Cervantes

    A library with some adults reading paper and digital books. A little boy and girl in front of a bookcase trying to get a book

    €100
    Museums and exhibitions

    Leonardo da Vinci

    Adults and children admiring some examples of street art, contemporary art, etc.

    €200
    Public squares

    Bertha von Suttner

    A tree-covered square allowing people to come together, with adults and children talking, walking, playing, etc.

    Rivers and birds: resilience in diversity

    “Rivers and birds” highlights the resilience and diversity of Europe’s natural ecosystems by showcasing different stages of rivers and various bird species, emphasising the importance of nature and environmental protection. The European institutions featured on the banknotes remind us of the fundamental values of the European project, which also embraces environmental protection.

    The motifs selected are:

    Table 2

    Rivers and birds

    Front

    Reverse

    €5

    Mountain spring
    Wallcreeper next to a mountain landscape

    European Parliament

    €10

    Waterfall
    Kingfisher in a waterfall or run pool

    European Commission

    €20

    Confined river valley
    Bee-eater colony in a sand wall on the side of a large, confined river valley along a riverbank

    European Central Bank

    €50

    Meandering river
    White stork flying over a meandering river in an unconfined river valley 

    Court of Justice of the European Union

    €100

    River mouth
    Avocet sweeping over the surface of a mud flat

    European Council and Council of the European Union

    €200

    Seascape
    Northern gannet flying over big ocean waves

    European Court of Auditors

    Next steps

    In 2025 the ECB will establish a jury and launch a design contest, which will be open to designers from across the European Union. The ECB will continue to involve the public and experts to ensure the designs selected are relatable for Europeans of all ages. In 2026 the ECB will ask the public which designs they prefer based on a shortlist.

    “We are developing new banknotes because we are committed to cash now and in the future. Banknotes are a symbol of our European unity and with the new motifs, we celebrate our shared history and commitment to a sustainable future,” said ECB Executive Board member Piero Cipollone.

    The Governing Council is expected to make the final decision on the designs in 2026. The new banknotes will be ready to enter circulation some years after this decision and following the production process.

    For media queries, please contact Belén Pérez Esteve tel.: +49 173 533 4269 or Alessandro Speciale, tel. +49 172 167 0791.

    Notes

    1. It is the duty of the ECB and the euro area national central banks to ensure that euro banknotes remain an innovative, secure and efficient means of payment. Developing new series of banknotes regularly is standard practice for all central banks. In a world where banknote reproduction technologies are rapidly evolving and counterfeiters can easily access information and materials, it is necessary to issue new banknotes on a regular basis. Beyond security considerations, the ECB is committed to reducing the environmental impact of euro banknotes throughout their life cycle, while also making them more relatable and inclusive for Europeans of all ages and backgrounds, including vulnerable groups such as the visually impaired. For more information, see the future banknotes page.
    2. The current theme of the euro banknotes is “Ages and styles” and the main motifs on each banknote are windows, doorways and bridges based on architectural styles from various periods in Europe’s history. For more information, see the banknotes design elements page.

    MIL OSI Europe News –

  • MIL-OSI Submissions: Energy Sector – Lufttransport RW AS selected as operator for new helicopters – Equinor

    Source: Equinor

    31 JANUARY 2025 – Norwegian company Lufttransport RW AS wins contract to fly five AW189-type helicopters from manufacturer Leonardo, with departures from Sola and Florø. Milestone Aviation Group is the registered owner of the helicopters.

    Equinor has awarded Tromsø-based Lufttransport RW AS the assignment of operating five new helicopters from manufacturer Leonardo. They will be used to transport passengers on the Norwegian continental shelf (NCS) from Sola and Florø.

    The five new helicopters are type AW189 aircraft, which are part of a new generation of helicopters that will be operating on the NCS.

    More helicopter types on the NCS

    Last year, Equinor signed agreements to procure 15 new helicopters, aimed at reducing reliance on the single model currently in use. In addition to the five helicopters from Leonardo, Bell will deliver 10 Bell 525 helicopters starting from 2026.

    “The safety of our employees who travel by helicopter is our utmost priority. New helicopters will make helicopter traffic more robust. Safe, predictable and efficient transportation is crucial to safely maintain a high activity level on the NCS for many years to come,” says Ørjan Kvelvane, Equinor’s senior vice president Operation and Maintenance in Exploration & Production Norway (EPN).

    Extensive experience

    The contract with Norwegian company Lufttransport is the first operator agreement after the new helicopters were ordered, also for the purpose of supplementing the current Sikorsky S-92.

    Lufttransport has extensive experience in dealing with challenging Norwegian conditions, their safety record is good and both the Norwegian Civil Aviation Authority and Equinor have deemed the company qualified to carry out offshore flights. The company will also conduct search and rescue operations for Equinor starting in early 2026, under a contract awarded one year ago.

    Newer, tried and true type of helicopter

    “Lufttransport is the operator with most experience with Leonardo helicopters in Norway, which is an advantage as we introduce these new helicopters,” Kvelvane says.

    The AW189 helicopters from Leonardo represent a newer type of helicopter with thoroughly tested technology and excellent safety. This particular helicopter type is used throughout the offshore industry worldwide. The AW189 also features good passenger comfort, noise reduction and lower emissions, in addition to good support systems for the pilots.

    The two first helicopters will arrive in Norway in spring 2025, and will gradually commence operations over the course of the summer and autumn. The remaining three helicopters will be delivered and put to use in 2026.

    Assuming ownership

    Equinor has also entered into an agreement with Milestone Aviation Group, the global leader in helicopter leasing. The company will assume ownership of the AW189 helicopters when they are handed over by Leonardo.

    “Through this agreement, we’ve secured long-term rights to manage these helicopters ourselves, and the contract with Lufttransport gives us a third operator for shuttle services on the NCS, alongside CHC and Bristow. We’ve managed to put a set of innovative agreements in place to ensure that we have good technical solutions that provide more robust operations,” says Mette Ottøy, Equinor’s senior vice president supply chain management.

    The fixed agreement with Lufttransport has a duration of around seven years, with options totalling six years. The total value of the contract, including options, is estimated at around seven billion Norwegian kroner.

    The agreement with Milestone has an estimated total value of just over two billion Norwegian kroner for a contract duration of up to 20 years.

    Union involvement

    The trade unions in Equinor, including the safety delegate service, have been involved in the process and take a positive view of the helicopter type that has been selected. They made the following joint statement:

    “These helicopters have the quality and characteristics that we want on the NCS. These new helicopter types have been developed with focus on safety, improved comfort, less noise and less vibration.”

    Facts

    • Equinor has an extensive aviation program and transports offshore employees to installations on the NCS. Round-trip journeys to/from the NCS amount to 160,000 flights per year, or more than 24,000 annual flying hours.
    • Over the next few years, Equinor will receive ten new Bell525 helicopters, and five Leonardo AW189s.
    • The first two helicopters will be delivered from Leonardo in the first quarter of 2025. Then, in 2026, Leonardo will deliver three and Bell will deliver four helicopters. The remaining six helicopters from Bell will be delivered during the period from 2027-2030.
    • AW189 and Bell525 are both super medium-type helicopters, with 16 passenger seats available. The helicopters will be equipped for the conditions they will face and the stringent requirements in force on the NCS.
    • Leonardo AW189 is manufactured by the Italian conglomerate Leonardo, which also manufactures the AW139. Equinor will use the AW139 for search and rescue starting from 2026, also with Lufttransport as operator. Both are well-known helicopter types in the global offshore industry.
    • Since 2016, Equinor has used Sikorsky S-92 helicopters for personnel transport and search and rescue services on the NCS (since moving away from the EC225).

    Who is allowed to conduct helicopter assignments on the NCS?

    • Companies that operate SAR and/or passenger flights on the NCS must be approved by the Norwegian Civil Aviation Authority.
    • In order to fly for Equinor, the company must be qualified via a rigorous process including a review of the entire company – including operational, technical, organisational and resource factors.
    • A qualification takes place over several stages and an extensive period. A start-up verification must be performed before the contract is initiated.
    • For assignments on the NCS, Equinor qualifies new helicopter types that are already in use in the offshore sector. Other factors such as environmental considerations and experience from various types of use come in addition.

    MIL OSI – Submitted News –

  • MIL-OSI Global: DEI: workplace diversity schemes have a problem – but that doesn’t mean Trump is right to axe them

    Source: The Conversation – UK – By Louise Ashley, Senior Lecturer in Sociology of Work, Queen Mary University of London

    Donald Trump’s inauguration was marked by a doubling down against programmes of diversity, equity and inclusion (DEI). Among the executive orders he signed during his first days as US president, two were targeted at DEI. The focus was on federal government but the intention appears to be that this should also extend to other American workplaces. And it comes as Meta and Amazon are also retreating from diversity programmes.

    In Trump’s directive, DEI is said to undermine “traditional American values of hard work, excellence, and individual achievement” in favour of an “identity-based spoils system”. But the move dismayed many workers. It doesn’t just seem regressive, but it also appears to make poor business sense – advocates argue that attention to diversity and inclusion can offer higher performance and profits.

    Trump appears to believe DEI offers unfair advantages on the basis, for example, of gender or ethnicity. But an alternative view could be that DEI is a necessary response to a situation where certain groups (often men, typically white, and generally from privileged backgrounds) have benefited from unearned advantages to maintain their grip on power.

    Here, DEI is a response to the idea that simply belonging to these traditionally advantaged groups can be perceived as “talent”. This comes at the expense of typically marginalised groups, who are subject to discrimination and unconscious bias. From this perspective, hostility to DEI might be seen as a way for the traditionally privileged groups to remain dominant.

    Both sides are apparently in favour of merit as the ultimate goal, although they have different views on what this means and how it is achieved. This suggests a paradox.

    But is there any reason to worry about the widespread use of DEI? Based on my research with firms in the City of London, I think the answer is yes (though for very different reasons than the president suggests).

    This raises the question of what (or whose) purpose corporate commitments to DEI actually serve. Common sense would suggest that a primary function is to ensure people can access positions that would previously have been closed off to them.

    Yet it is also worth remembering that where, for example, more women become corporate lawyers or senior financiers, this has no bearing on wider inequalities in society. In fact, in a further paradox, my research has found that some of the organisations most likely to express their commitment to DEI are also implicated in generating these inequalities.

    I researched diversity and inclusion practices in elite financial and professional service firms. These firms have played a key role in orchestrating a form of “rentier capitalism”, where small elites control the means of generating wealth. This system has much wider detrimental effects, as where wealth is increasingly concentrated towards the top, one consequence is stagnating incomes for the middle and working classes. This in turn drives insecurity and widens the wealth gap.

    Legitimising a broken system

    This, of course, is not the fault of people working in these firms. But overall this system desperately needs legitimacy. This is more difficult when senior jobs at the centre of this model of “financialised capitalism” are mostly taken by those from historically privileged groups. Put simply, it makes them look bad.

    One way they can ensure legitimacy is to shout about their commitment to DEI. This can help suggest that the system is merit-based, as access to these “top jobs” seems fairly distributed while rewards appear justly deserved. Most recently, these impressions have been generated by a vocal commitment among these organisations to promoting “social mobility”.

    Opening access to a wider demographic, while good for the organisation and individual staff, has no impact on underlying inequalities. Yet in practice, these measures lack some efficacy. In fact, by offering an impression of change in terms of who occupies the top jobs, DEI can help legitimise and sustain an unequal status quo.

    Diversity in the workplace can strengthen an organisation.
    PintoArt/Shutterstock

    This matters for everyone because the ramifications can spread beyond the workplace. As wealth trickles up and populations grow frustrated that systems are not becoming fairer, the messages of the populist right can hold more appeal.

    Trump’s objection to DEI is very different. For him, DEI is a convenient tool in the culture wars.

    Yet this leads to the current situation, where conservatives like Trump loudly reject what might be considered a conservative agenda (in that the old economic order remains unchanged). It can all start to feel like a disorientating hall of mirrors.

    I am not suggesting, as Trump is, that governments and employers should abandon DEI. This would certainly represent a backward move. But while measures to improve inclusivity in organisations remain important and worthwhile, this should not be seen as a substitute for much wider structural change.

    Perhaps the most urgent challenge for government is tackling wealth inequality as a source of legitimate grievance. This more radical change in direction might even make reactionary and potentially harmful policies – like Trump’s take on DEI – less alluring to voters.

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

    – ref. DEI: workplace diversity schemes have a problem – but that doesn’t mean Trump is right to axe them – https://theconversation.com/dei-workplace-diversity-schemes-have-a-problem-but-that-doesnt-mean-trump-is-right-to-axe-them-248381

    MIL OSI – Global Reports –