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Category: Business

  • MIL-OSI: NobleAI Launches RAIR: An All-in-One, Integrated Risk Assessment & Ingredient Replacement Solution

    Source: GlobeNewswire (MIL-OSI)

    ORLANDO, Fla., Jan. 27, 2025 (GLOBE NEWSWIRE) — ACI ANNUAL MEETING – NobleAI, a pioneer in AI solutions for Materials Informatics, today announced the availability of RAIR – a fully integrated Risk Assessment & Ingredient Replacement solution. Powered by NobleAI’s unique Science-Based AI model technology and delivered through our powerful cloud-based Visualizations, Insights, & Predictions (VIP) Platform, this industry-first offering uses sophisticated AI models to quickly assess product portfolios against hazardous material and regulatory restriction lists, identify safer ingredient replacements, and generate alternative formulations in minutes, instead of months in the lab.

    “Unlike traditional methods, which are expensive and time-consuming, often requiring many months and numerous personnel to manually review regulatory and restriction lists, identify problematic ingredients, and reformulate products, RAIR utilizes scientifically-infused AI models to streamline these internal processes, accelerate lab testing, and dramatically expedite risk assessment and reformulation,” said Sunil Sanghavi, CEO of NobleAI. “This empowers companies to proactively address a significant challenge that, if left unaddressed, would impede their ability to compete effectively.”

    According to a recent Lux Research eBook on The Next Era of Chemicals Innovation, “rising public awareness of health and environmental risks, along with stricter regulations, presents major challenges for the chemicals industry. As consumers demand greater transparency, developing safer chemicals is essential not only for compliance and avoiding penalties but also for protecting brand reputation.”

    Risk Assessment
    NobleAI’s Risk Assessment service offers a comprehensive evaluation of product portfolios to ensure compliance with global regulations. It predicts risks related to toxicity, biodegradability, and structural similarity to harmful chemicals, including PFAS. Hazard models are updated with the latest data and additional hazard models continue to be added, increasing the value of the service over time. This service helps companies make informed decisions and stay ahead of regulatory changes, so that they can stay compliant with evolving global standards.

    Ingredient Replacement
    NobleAI’s Ingredient Replacement tool on the VIP Platform helps data and material scientists replace hazardous or unsustainable ingredients with safer alternatives while maintaining peak product performance. It leverages predictive analytics, advanced visualization tools, and comprehensive comparison capabilities to support informed, science-based decisions. This powerful capability ensures companies can make substitutions confidently, without compromising product specs.

    Two Workflows, One Comprehensive Solution – Powered by AI for Science

    RAIR Process Overview

    Risk Assessment and Ingredient Replacement are both supported by NobleAI’s VIP Platform, which enables customers to use Science-Based AI models to analyze data, predict outcomes and solve complex product development challenges. Together, they deliver a comprehensive, integrated solution for accelerating innovation, ensuring regulatory compliance and avoiding regrettable substitutions – helping companies bring more sustainable, high-performing products to market fast without sacrificing performance.

    To learn more about NobleAI’s RAIR solution, visit https://www.noble.ai/rair-risk-assessment-ingredient-replacement.

    Meet the NobleAI team next week at the American Cleaning Institute Annual Convention in Orlando, FL (1/27 – 1/31). Join us on Thursday, Jan 30th, from 5 p.m. – 7 p.m., for a cocktail hour to celebrate a great week at ACI. For more details and to RSVP, visit www.noble.ai/aci2025.

    About NobleAI
    NobleAI offers commercially-proven AI solutions for Material Informatics and Energy powered by its unique Science-Based AI technology. Our Science-Based AI models are developed quickly, securely, and specifically for each customer and a specific use case. Delivered via our powerful cloud-based Visualizations, Insights, & Predictions (VIP) Platform, NobleAI delivers actionable insights to accelerate product development and reduce costs while improving product performance, sustainability, and reliability. NobleAI is supported by investments from world-class organizations such as Microsoft, Chevron and Syensqo (formerly known as Solvay), and the company’s solutions are already delivering real value in production deployments at leading chemical, material and energy companies around the globe.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8a8717d3-67ad-4461-810d-f5ca24a94982

    The MIL Network –

  • MIL-OSI: Oxford Lane Capital Corp. Announces Net Asset Value and Selected Financial Results for the Third Fiscal Quarter and Declaration of Distributions on Common Stock for the Months Ending April, May, and June 2025

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Jan. 27, 2025 (GLOBE NEWSWIRE) — Oxford Lane Capital Corp. (Nasdaq: OXLC) (NasdaqGS: OXLCP) (NasdaqGS: OXLCL) (NasdaqGS: OXLCO) (NasdaqGS: OXLCZ) (NasdaqGS: OXLCN) (NasdaqGS: OXLCI) (“Oxford Lane,” the “Company,” “we,” “us” or “our”) announced today the following financial results and related information: 

    • On January 24, 2025, our Board of Directors declared the following distributions on our common stock:
    Month Ending Record Date Payment Date Amount Per Share
    April 30, 2025 April 16, 2025 April 30, 2025 $ 0.09
    May 31, 2025 May 16, 2025 May 30, 2025 $ 0.09
    June 30, 2025 June 16, 2025 June 30, 2025 $ 0.09
    • Net asset value (“NAV”) per share as of December 31, 2024 stood at $4.82, compared with a NAV per share on September 30, 2024 of $4.76.
    • Net investment income (“NII”), calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), was approximately $72.4 million, or $0.20 per share, for the quarter ended December 31, 2024.
    • Our core net investment income (“Core NII”) was approximately $99.9 million, or $0.28 per share, for the quarter ended December 31, 2024.
      • Core NII incorporates all applicable cash distributions received, or entitled to be received (if any, in either case), on our collateralized loan obligation (“CLO”) equity investments. See additional information under “Supplemental Information Regarding Core Net Investment Income” below.
      • We emphasize that our taxable income may differ materially from our GAAP NII and/or our Core NII, and that neither GAAP NII nor Core NII should be relied upon as indicators of our taxable income.
    • Total investment income for the quarter ended December 31, 2024 amounted to approximately $114.5 million, which represented an increase of approximately $9.3 million from the quarter ended September 30, 2024.
      • For the quarter ended December 31, 2024 we recorded investment income as follows:
        • Approximately $107.6 million from our CLO equity and CLO warehouse investments, and
        • Approximately $6.9 million from our CLO debt investments and other income.
    • Our total expenses for the quarter ended December 31, 2024 were approximately $42.0 million, compared with total expenses of approximately $37.9 million for the quarter ended September 30, 2024.
    • As of December 31, 2024, the following metrics applied (note that none of these metrics represented a total return to shareholders): 
      • The  weighted average yield of our CLO debt investments at current cost was 16.6%, down from 17.3% as of September 30, 2024.
      • The weighted average effective yield of our CLO equity investments at current cost was 16.1%, down from 16.5% as of September 30, 2024. For the December quarter, we have excluded the impact of CLO warehouse positions from the calculation.
      • The weighted average cash distribution yield of our CLO equity investments at current cost was 23.9%, down from 24.1% as of September 30, 2024.
    • For the quarter ended December 31, 2024, we recorded a net increase in net assets resulting from operations of approximately $103.7 million, or $0.29 per share, comprised of:
      • NII of approximately $72.4 million;
      • Net realized losses of approximately $3.6 million; and
      • Net unrealized appreciation of approximately $34.9 million. 
    • During the quarter ended December 31, 2024, we made additional investments of approximately $389.3 million, and received approximately $33.9 million from sales and repayments of our CLO investments.
    • For the quarter ended December 31, 2024, we issued a total of approximately 49.0 million shares of common stock pursuant to an “at-the-market” offering. After deducting the sales agent’s commissions and offering expenses, this resulted in net proceeds of approximately $248.9 million. As of December 31, 2024, we had approximately 388.9 million shares of common stock outstanding.
    • On January 24, 2025, our Board of Directors declared the required monthly dividends on our 6.25% Series 2027 Term Preferred Shares, 6.00% Series 2029 Term Preferred Shares, and 7.125% Series 2029 Term Preferred Shares as follows:
    Preferred
     Shares Type    		 Per Share Dividend Amount Declared Record Dates Payment Dates
    6.25% – Series 2027 $         0.13020833  March 17, 2025, April 16, 2025, May
    16, 2025    		 March 31, 2025, April 30, 2025, May
    30, 2025
    6.00% – Series 2029 $         0.12500000  March 17, 2025, April 16, 2025, May
    16, 2025    		 March 31, 2025, April 30, 2025, May
    30, 2025
    7.125% – Series 2029 $         0.14843750  March 17, 2025, April 16, 2025, May
    16, 2025    		 March 31, 2025, April 30, 2025, May
    30, 2025

    In accordance with their terms, each of the 6.25% Series 2027 Term Preferred Shares, 6.00% Series 2029 Term Preferred Shares, and 7.125% Series 2029 Term Preferred Shares will pay a monthly dividend at a fixed rate of 6.25%, 6.00% and 7.125%, respectively, of the $25.00 per share liquidation preference, or $1.5625, $1.5000 and $1.78125 per share per year, respectively. This fixed annual dividend rate is subject to adjustment under certain circumstances, but will not, in any case, be lower than 6.25%, 6.00% and 7.125% per year, respectively, for each of the 6.25% Series 2027 Term Preferred Shares, 6.00% Series 2029 Term Preferred Shares and 7.125% Series 2029 Term Preferred Shares.

    Supplemental Information Regarding Core Net Investment Income 

    We provide information relating to Core NII (a non-GAAP measure) on a supplemental basis. This measure is not provided as a substitute for GAAP NII, but in addition to it. Our non-GAAP measures may differ from similar measures by other companies, even in the event of similar terms being utilized to identify such measures. Core NII represents GAAP NII adjusted for additional applicable cash distributions received, or entitled to be received (if any, in either case), on our CLO equity investments. Oxford Lane’s management uses this information in its internal analysis of results and believes that this information may be informative in assessing the quality of Oxford Lane’s financial performance, identifying trends in its results and providing meaningful period-to-period comparisons.

    Income from investments in the “equity” class securities of CLO vehicles, for GAAP purposes, is recorded using the effective interest method; this is based on an effective yield to the expected redemption utilizing estimated cash flows, at current cost, including those CLO equity investments that have not made their inaugural distribution for the relevant period end. The result is an effective yield for the investment in which the respective investment’s cost basis is adjusted quarterly based on the difference between the actual cash received, or distributions entitled to be received, and the effective yield calculation. Accordingly, investment income recognized on CLO equity securities in the GAAP statement of operations differs from the cash distributions actually received by the Company during the period (referred to below as “CLO equity adjustments”). 

    Furthermore, in order for the Company to continue qualifying as a regulated investment company for tax purposes, we are required, among other things, to distribute at least 90% of our investment company taxable income annually. While Core NII may provide a better indication of our estimated taxable income than GAAP NII during certain periods, we can offer no assurance that will be the case, however, as the ultimate tax character of our earnings cannot be determined until after tax returns are prepared at the close of a fiscal year. We note that this non-GAAP measure may not serve as a useful indicator of taxable earnings, particularly during periods of market disruption and volatility, and, as such, our taxable income may differ materially from our Core NII.

    The following table provides a reconciliation of GAAP NII to Core NII for the three months ended December 31, 2024:

      Three Months Ended
    December 31, 2024
     

    Amount

    		   Per Share
    Amount
    GAAP net investment income $ 72,425,786   $ 0.20
    CLO equity adjustments   27,482,067     0.08
    Core net investment income $ 99,907,853   $ 0.28

    We will host a conference call to discuss our third fiscal quarter results today, Monday, January 27, 2025 at 9:00 AM ET. Please call 1-833-470-1428, access code number 435642 to participate. A recording of the conference call will be available for replay for approximately 30 days following the call. The replay number is 1-866-813-9403, and the replay passcode is 828365.  

    A presentation containing additional details regarding our quarterly results of operations has been posted under the Investor Relations section of our website at www.oxfordlanecapital.com. 

    About Oxford Lane Capital Corp. 

    Oxford Lane Capital Corp. is a publicly-traded registered closed-end management investment company principally investing in debt and equity tranches of CLO vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

    Forward-Looking Statements

    This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties.  Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.

    Contact:
    Bruce Rubin
    203-983-5280

    The MIL Network –

  • MIL-OSI: DECEMBER 2024: ELFA CapEx Finance Index Shows New Business Volumes Surged at Year-End

    Source: GlobeNewswire (MIL-OSI)

    • FORECAST: Growth in new business volumes suggests durable goods orders will expand by 0.35% in December
    • Total new business volume (NBV) rose by $11.4 billion, a jump of 8.1% from November to December among surveyed ELFA member companies
    • NBV expanded by 4.2% from 2023 to 2024
    • Charge-offs (losses) dropped to 0.52%, after rising in the prior month

    WASHINGTON, Jan. 27, 2025 (GLOBE NEWSWIRE) — “Just as we predicted last month, the equipment finance industry ended 2024 on a high note,” said Leigh Lytle, President and CEO at ELFA. “A surge in bank financing pushed new business volume to a new high, reflecting more certainty following the election and an acknowledgment that interest rates may not fall much further in 2025. I expect that momentum to continue even if activity slows a little in the months ahead – December is usually a strong month for new business activity with the end-of-quarter, end-of-year spike. The mixture of federal policies will be a big factor in 2025, and deregulation could help demand for construction and mining equipment. However, the industry is well-positioned to face a potentially turbulent 2025.”

    Bank financing drove the jump in new activity. Most of the 8.1% monthly rise in NBV came from the banking industry, which surged by 36.2% from November to December. That jump outweighed the modest 0.2% rise in new business growth for captives and the 5.3% contraction in financing activity at independents. The jump in bank lending is the largest on record and pushed the share of bank business activity to nearly 62% of total new business volume, its highest share since before the Global Financial Crisis in the mid-2000s.

    Employment contracted further. Employment in the equipment finance industry contracted again in December, with the 12-month change from December 2023 dropping by nearly 2.0%. Employment at banks and captives declined year over year by 1.2% and 7.1%, respectively. Those declines were partially offset by the 2.5% increase in headcount at independents.

    The credit approval rate ticked up but remained near its 2024 low. The average credit approval rate increased to 74.3% of all credit decisions in December, after a precipitous decline from August to November. While the overall increase was modest, approval of small ticket financing saw its biggest one-month increase since March, rising by 3.6 percentage points.

    Financial conditions remain healthy. Charge-offs dropped to 0.52% as a percentage of net receivables, a welcome decline after the November jump of 0.26 percentage points. Aging receivables over 30 days also rose slightly to 2.0%, but continue to hover near two-year lows.

    “Equipment finance activity continues to be supported by a resilient U.S. economy, which ended 2024 on strong footing,” said Tina Eickhoff, CLFP, Senior Vice President, Head of Equipment Finance, U.S. Bank. “Despite a solid year in our industry, we think there is still a lot of pent-up demand for equipment purchases in 2025. With the election behind us and a little more clarity around interest rate cuts and the economic outlook, we expect more firms to be focused on growth projects with new equipment.”

    Industry Confidence
    The Monthly Confidence Index from ELFA’s affiliate, the Equipment Leasing & Finance Foundation, rose for the third consecutive month in January, signaling that industry executives remain optimistic about 2025 despite the high uncertainty surrounding federal immigration and trade policies.

    About ELFA’s CFI
    The CapEx Finance Index (CFI), formerly the Monthly Leasing and Finance Index (MLFI-25), is the only near-real-time index that reflects capex, or the volume of commercial equipment financed in the U.S. It is released monthly from Washington, D.C., one day before the U.S. Department of Commerce’s durable goods report. This financial indicator complements reports like the Institute for Supply Management Index, providing a comprehensive view of productive assets in the U.S. economy—equipment produced, acquired and financed. The CFI consists of two years of business activity data from 25 participating companies. For more details, including methodology and participants, visit www.elfaonline.org/CFI.

    About ELFA
    The Equipment Leasing and Finance Association (ELFA) represents financial services companies and manufacturers in the $1 trillion U.S. equipment finance sector. ELFA’s 575 member companies provide essential financing that helps businesses acquire the equipment they need to operate and grow. Learn how equipment finance contributes to businesses’ success, U.S. economic growth, manufacturing and jobs at www.elfaonline.org.

    Follow ELFA:
    X: @ELFAonline
    LinkedIn: https://www.linkedin.com/groups/89692/

    Media/Press Contact: Catherine Lockwood, PR Manager, ELFA, catherine@360livemedia.com

    A photo accompanying this announcement is available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/5a28c88a-dd81-4000-82e4-bdef8f0fff65

    The MIL Network –

  • MIL-OSI: DYOR Partners with Ava Labs, Announces Major Developments With Matt Dyor Joining as Advisor Plus Acquisition of DYOR.com

    Source: GlobeNewswire (MIL-OSI)

    Boston, MA, Jan. 27, 2025 (GLOBE NEWSWIRE) — DYOR, the innovative cryptocurrency research and analytics platform, has announced a listing partnership with Ava Labs, the company behind the Avalanche blockchain and AVAX coin, to launch on January 25th. The collaboration coincides with Ava Labs’ decision to reduce gas fees on Avalanche by one-twenty-fifth, a 96% decrease and a significant move to further drive blockchain adoption and accessibility.

     The announcement also marks a series of exciting developments for DYOR, including the acquisition of the premium domain DYOR.com and the appointment of Matt Dyor as an advisor. Dyor, who has held key roles at Google, Amazon, Microsoft and other leading tech companies, brings a wealth of expertise in scaling technology platforms and user-focused innovation.

    “What excites me the most is DYOR’s focus on bringing new users into crypto,” said Matt Dyor. “The most exciting aspect is how DYOR addresses real-world financial needs—going beyond just buying and holding crypto. By enabling smart contracts, decentralized trust, and seamless, automated payments, DYOR is bridging the gap between Web3 and traditional finance in a truly impactful way.“

    The partnership with Ava Labs underscores DYOR’s mission to empower crypto enthusiasts and institutional users with transparent tools to make informed decisions. Avery Bartlett, Head of Business Development at Ava Labs, expressed enthusiasm about the collaboration: “Avalanche has some of the smartest devs building some of the most forward thinking applications in crypto. What we’ve been needing more of is cutting edge trader tooling for the on-chain degens that make this industry so exciting. DYOR is moving at the speed of light to deliver on some of the tooling this chain deserves. Excited for them.”

    The acquisition of DYOR.com further cements the platform’s position as a trusted resource for crypto research and education, making it more discoverable and user-friendly for audiences worldwide.

    DYOR Labs is redefining DeFi with a cutting-edge platform that empowers traders and developers alike. Offering real-time insights, advanced token data, and customizable workflows, users benefit from unmatched speed and cost efficiency. With features like fiat on/off ramps, cross-chain swaps, a native DEX, and Team Dashboards for transparency and project management, DYOR ensures seamless trading and trust-building across blockchains. Looking ahead, DYOR is set to launch AI-powered insights, gamified user engagement, on-chain ad auctions, and integrated social feeds, solidifying its position as a leader in DeFi innovation.

    As DYOR continues to expand its capabilities and partnerships, this collaboration sets the stage for a new era of transparency, accessibility, and utility in the cryptocurrency space.

    About DYOR:
    DYOR is a leading research platform dedicated to helping users make informed decisions in the cryptocurrency market. By providing verified data, analytics, and user-friendly tools, DYOR simplifies blockchain research and empowers investors, traders, and enthusiasts.

    About Ava Labs:
    Ava Labs is the team behind Avalanche, an open-source platform for launching highly decentralized applications, new financial primitives, and interoperable blockchains. The network’s speed, scalability, and eco-friendliness make it a preferred choice for Web3 developers.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI: Enphase Energy Announces Technology Integration into Octopus Energy Smart Tariff Program in the United Kingdom

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Jan. 27, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today that the Enphase® Energy System has integrated into Octopus Energy’s smart tariffs, such as “Intelligent Octopus Flux” (IO Flux), which can save customers money on electricity bills.

    Last year, Enphase announced a new strategic relationship with Octopus to deploy IQ8™ Microinverters and IQ® Battery 5P™ in the U.K. Octopus Energy uses Kraken – its proprietary software platform – to manage, control, and optimize distributed energy resources (DERs), allowing customers to flexibly control Enphase’s solar and battery systems. Many Octopus customers have already integrated this technology to unlock low-cost home energy rates.

    Now, Octopus customers with Enphase solar and battery systems can benefit from Intelligent Octopus Flux – a smart import and export tariff. The product optimizes the charging and discharging of solar and battery systems, aiming to provide customers the best rates for consuming and selling electricity.

    According to Octopus, more than 40% of IO Flux customers make a profit on their energy bills’, getting paid for the energy they export rather than paying for energy import. Octopus customers with Enphase batteries can automatically charge when prices are lowest and export surplus energy during peak times, maximizing savings and supporting grid balance.

    “Intelligent Octopus Flux helps customers make the most of their solar panels, optimizing usage in real time to cut bills,” said Nick Chaset, executive vice president at Octopus Energy. “Teaming up with Enphase, renowned for its reliable, top-notch tech, means we can deliver even more value to U.K. homeowners – saving money while building a smarter, greener grid together.”

    Octopus Energy is the largest energy provider in the U.K., offering customer service and energy products to more than nine million households. The company has operations in 27 countries and its advanced data and machine learning platform, Kraken, supports more than 60 million customers worldwide.

    The third-generation Enphase Energy System with IQ Battery 5P and IQ8 Microinverters offers a significantly improved experience for homeowners and installers because of more power, resilient wired communication, and an improved commissioning experience. Homeowners can also use the Enphase® App to monitor performance and intelligently manage their systems. Enphase Energy Systems are fully G100-2 compliant to support the latest U.K. Electricity Networks Association requirements for grid connection of solar and battery storage. In addition, Enphase offers 24/7 customer support and an industry-leading warranty for both solar and battery products. This includes a 25-year warranty for all IQ8 Microinverters and a 15-year warranty for all IQ Batteries activated in the United Kingdom.

    “This partnership with Octopus Energy represents the next step in our mission to deliver more value to homeowners by combining advanced technology with innovative energy programs,” said Marco Krapels, vice president of worldwide business development at Enphase Energy. “We’re excited to work with Octopus on a global scale to provide meaningful wins for homeowners, Octopus, and all ratepayers, ultimately driving a cleaner, more cost-effective energy future.”

    Enphase Energy is also a participant in the Octopus Energy GridBoost battery program in Texas. For more information about Enphase Energy Systems in the United Kingdom, visit the website. For more information about Octopus Energy, please visit their website.

    About Enphase Energy, Inc.

    Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped more than 73 million microinverters, and approximately 4.0 million Enphase-based systems have been deployed in more than 150 countries. For more information, visit https://enphase.com/.

    ©2025 Enphase Energy, Inc. All rights reserved. Enphase, the “e” logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks of Enphase Energy, Inc. in the United States and other countries. Other names are for informational purposes and may be trademarks of their respective owners.

    About Octopus Energy Group

    Octopus Energy is a global clean energy tech business, driving the affordable, green energy system of the future. Under its own retail brand, Octopus delivers world-class customer service and cutting edge energy products to 9 million households globally. Its operations span 27 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £7 billion portfolio of projects.

    Octopus has licensed its advanced data and machine learning platform, Kraken, to support over 60 million customer accounts worldwide through licensing deals with companies such as EDF, E.ON and Origin Energy. Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide. For more information, check out our website.

    Forward-Looking Statements

    This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s technology and products, including safety, quality and reliability; the availability and market adoption of Enphase Energy’s products in the United Kingdom; and Enphase Energy’s expectations about cost savings on electricity bills and unlocking low-cost home energy rates. These forward-looking statements are based on Enphase’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy’s most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, or changes in its expectations, except as required by law.

    Contact:

    Enphase Energy
    press@enphaseenergy.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Forbion BioEconomy Fund I surpasses €150 million target, raising €164.5 million with strong institutional LP support

    Source: GlobeNewswire (MIL-OSI)

    • Forbion’s BioEconomy Fund I has raised €164.5 million to date, exceeding its €150 million target in just over a year, since launching in November 2023.
    • Institutional investors, include KfW Capital, Novo Holdings, Rentenbank, Aurae Impact and most recently ABN AMRO Bank and EIFO.
    • The fund focuses on biotech-enabled, B2B solutions that deliver sustainability at price parity or better across Food, Agriculture, Materials, and Environmental Technologies.

    NAARDEN, The Netherlands, Jan. 27, 2025 (GLOBE NEWSWIRE) — Forbion, a leading venture capital firm with deep biotech expertise in Europe and the US, announces that its BioEconomy Fund I has raised €164.5 million. This exceeds the fund’s €150 million target, underscoring growing investor interest in the commercial potential of biotech innovations that address global sustainability challenges.

    BioEconomy Fund I is supported by top-tier institutional investors, including KfW Capital, Novo Holdings, Rentenbank, and Aurae Impact, alongside new backers ABN AMRO Bank and EIFO. The BioEconomy Fund I anticipates a final close at or close to the hard cap of €200 million, demonstrating the growing confidence in biotech innovations that address global sustainability challenges.

    Launched in November 2023, the Forbion BioEconomy Fund I is a planetary health fund that targets business-to-business (B2B) solutions that replace unsustainable products with scalable, cost-effective alternatives. A key pillar of the fund’s strategy is ensuring these innovations achieve price parity with incumbent solutions, enabling wide-scale adoption across the fund’s four target sectors: Food, Agriculture, Materials, and Environmental Technologies industries.

    Sander Slootweg, Managing Partner and co-founder of Forbion, stated, “Exceeding €150 million in just over a year reflects the strength of our team and strategy and the confidence our investors have in our ability to execute. Their support for BioEconomy Fund I demonstrates the growing demand for scalable, cost-competitive biotech solutions that deliver both sustainability and strong returns.”

    Alex Hoffmann, General Partner, added, “Investors recognize the transformative potential of scalable biotech solutions to meet the needs of industries seeking to adopt sustainable practices. Their support empowers us to help companies scale and deliver meaningful change.”

    About Forbion BioEconomy Fund I
    BioEconomy Fund I’s focus on using biotechnology and green chemistry to deliver sustainable B2B solutions in Food, Agriculture, Materials, and Environmental Technologies is best exemplified by its initial investments in Solasta Bio and Novameat. These portfolio companies illustrate Forbion’s commitment to scalable, biotech-enabled innovation. Solasta Bio develops sustainable insect control solutions as alternatives to chemical insecticides, while Novameat advances plant-based meat production with proprietary technology designed for scalability and high-quality texture. By building on Forbion’s expertise in biotechnology, the fund aligns its investments with UN Sustainable Development Goals, including SDG 9 (industry, innovation, and infrastructure), SDG 12 (responsible consumption and production), and SDG 13 (climate action). Forbion BioEconomy Fund I aims to deliver strong financial returns while driving impactful solutions to pressing planetary challenges. Forbion announced the first close of BioEconomy Fund I at €75 million on 20 June 2024.

    About Forbion
    Forbion is a leading global venture capital firm with deep expertise in Europe and the US with offices in Naarden, The Netherlands, Munich, Germany and Boston, USA. Forbion invests in innovative biotech companies, managing approximately €5 billion across multiple fund strategies that cover all stages of (bio-) pharmaceutical drug development. In addition, Forbion leverages its biotech expertise beyond human health to address ‘planetary health’ challenges through its BioEconomy fund strategy, which invests in companies developing sustainable solutions in food, agriculture, materials, and environmental technologies. Forbion’s team consists of over 30 investment professionals that have built an impressive performance track record since the late nineties with 128 investments across 11 funds. Forbion’s record of sourcing, building and guiding life sciences companies has resulted in many approved breakthrough therapies and valuable exits. Forbion typically selects impactful investments that will positively affect the health and well-being of people and the planet, as well as meet its financial return objectives. The firm is a signatory to the United Nations Principles for Responsible Investment. Forbion operates a joint venture with BGV, the manager of seed and early-stage funds, especially focused on Benelux and Germany.

    For more information, please contact:

    Forbion Investor Relations
    Email: Robbert.van.de.Griendt@forbion.com
    General Partner IR & Impact

    Forbion Communications
    Email: laura.asbjornsen@forbion.com
    Head of Communications

    The MIL Network –

  • MIL-OSI: Microchip Launches the Next Generation of its Low-Noise Chip-Scale Atomic Clock Featuring a Lower Profile Height of Less Than ½ Inch

    Source: GlobeNewswire (MIL-OSI)

    CHANDLER, Ariz., Jan. 27, 2025 (GLOBE NEWSWIRE) — Developers need ultra-clean timing devices for aerospace and defense applications where size, weight, and power (SWaP) constraints are critical. A Chip-Scale Atomic Clock (CSAC) is an essential reference for these systems, providing the necessary precise and stable timing where traditional atomic clocks are too large or power-hungry and where other satellite-based references may be compromised. Microchip Technology (Nasdaq: MCHP) today announces its second generation Low-Noise Chip-Scale Atomic Clock (LN-CSAC), model SA65-LN, in a lower profile height and designed to operate in a wider temperature range, enabling low phase noise and atomic clock stability in demanding conditions.

    Microchip has developed its own Evacuated Miniature Crystal Oscillator (EMXO) technology and integrated it into a CSAC, enabling the model SA65-LN to offer a reduced profile height of less than ½ inch, while maintaining a power consumption of <295 mW. The new design is optimal for aerospace and defense mission-critical applications such as mobile radar, dismounted radios, dismounted IED jamming systems, autonomous sensor networks and unmanned vehicles due to its compact size, low power consumption and high precision. Operating within a wider temperature range of -40°C to +80°C, the new LN-CSAC is designed to maintain its frequency and phase stability in extreme conditions for enhanced reliability.

    “A significant advancement in frequency technology, our next generation LN-CSAC provides exceptional stability and precision in a remarkably compact form,” said Randy Brudzinski, corporate vice president of Microchip’s frequency and time systems business unit. “This device enables our customers to achieve superior signal clarity and atomic-level accuracy, while also benefiting from reduced design complexity and lower power consumption.”

    The LN-CSAC combines the benefits of a crystal oscillator and an atomic clock in a single compact device. The EMXO offers low-phase noise at 10 Hz < -120 dBc/Hz and Allan Deviation (ADEV) stability <1E-11 at a 1-second averaging time. The atomic clock provides initial accuracy of ±0.5 ppb, low frequency drift performance of <0.9 ppb/mo, and maximum temperature-induced errors of < ±0.3ppb. Together, the LN-CSAC can save board space, design time and overall power consumption compared to designs that feature two oscillators.

    The crystal signal purity and low-phase noise of LN-CSAC are designed to ensure high-quality signal integrity, which is essential for frequency mixing. The atomic-level accuracy allows for longer intervals between calibrations, which can help extend mission durations and potentially reduce maintenance requirements.

    Microchip’s products for aerospace and defense are designed to meet the stringent requirements of these markets, offering high reliability, precision and durability. The company’s solutions include microcontrollers (MCUs), microprocessors (MPUs), FPGAs, power management, memory, security and timing devices that ensure optimal performance in mission-critical applications such as avionics, radar systems, and secure communications. Visit Microchip’s aerospace and defense solutions web page for more information.

    Development Tools

    The LN-CSAC SA65 is supported by Microchip’s Clockstudio™ Software Tool, a Graphical User Interface (GUI), to help developers toggle between the clock’s features and plot their operating parameters. A LN-CSAC Developer Kit is also available.

    Pricing and Availability

    The LN-CSAC SA65 is now available for purchase in production quantities. For additional information and to purchase, contact a Microchip sales representative, authorized worldwide distributor or visit Microchip’s Purchasing and Client Services website, www.microchipdirect.com.

    Resources

    High-res images available through Flickr or editorial contact (feel free to publish):

    About Microchip Technology:
    Microchip Technology Inc. is a leading provider of smart, connected and secure embedded control and processing solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs which reduce risk while lowering total system cost and time to market. The company’s solutions serve over 100,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

    Note: The Microchip name and logo, the Microchip logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. Clockstudio is a trademark of Microchip Technology Inc. in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies.

    The MIL Network –

  • MIL-OSI: Franklin Electric Declares Payment of Increased Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    FORT WAYNE, Ind., Jan. 27, 2025 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that its Board of Directors declared a quarterly cash dividend of $0.265 per share payable February 20, 2025, to shareholders of record on February 6, 2025. This represents a 6 percent increase from the prior quarterly dividend. This dividend will mark the 33rd consecutive year that Franklin Electric has increased its dividend, demonstrating its commitment to returning cash to shareholders and confidence in the outlook of the business.

    About Franklin Electric
    Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be named in Newsweek’s lists of America’s Most Responsible Companies and Most Trustworthy Companies for 2024 and America’s Climate Leaders 2024 by USA Today.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

    The MIL Network –

  • MIL-OSI: Navigating Opportunities and Risks in Web3 Investment: Bybit at Invest Web3 Forum

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Jan. 27, 2025 (GLOBE NEWSWIRE) —

    Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has been rising to the challenge of shifts in the global regulatory landscape to capture AI opportunities in Web3, Bybit Web3’s Jase Zhang said at a panel at the Invest Web3 Forum in Dubai on Jan. 16, 2025. 

    The panel navigated the status quo of Web3 investment landscape, exploring the intersection of Web3 and AI technologies and how the convergence could take the sector forward. During the 30-minute discussion moderated by Glass Ventures Managing Partner Cinderella Amar, Law Blocks Co-Founder Ashish Baphana, and Bybit Web3 Product Manager Jase Zhang, the panelists exchanged insights on high-growth areas within Web3, and shed light on strategies for navigating investment opportunities as well as the regulatory landscape. The conversation covered venture capital’s evolution in the decentralized space and risk mitigation approaches for investors. 

    AI Meets Web3 
    “One of the most exciting trends in Web3 is the integration of AI and Web3 combination, especially through tools like most trending DefAI and AI Agents. These innovations will change how users interact with the onchain world. Users engage with decentralized finance by combining smart decision-making, natural language interaction, and automated execution,” said Jase Zhang, Web3 Product Manager at Bybit. “At Bybit, we’re closely following market trends, such as our Web3 Swap latest token categories, recent cex listings and AI products like TradeGPT, and continuously exploring new ways to combine Web3 and AI. Moving forward, we’ll keep focusing on high-growth areas and provide more innovative AI + Web3 products and services to meet evolving market demands,” he added. 

    Exchanges and Regulators: Goals Aligned 
    Zhang also identified regulatory uncertainty as one of the biggest risks in Web3 but was hopeful it was manageable. One of the risk factors includes the absence of a uniform regulatory framework, compounded by the fast-changing nature of the industry, which created challenges for compliance and long-term planning. 

    Zhang expanded on Bybit’s commitment to fostering industry growth through regulatory compliance and collaboration with local authorities, aiming to build a secure trading environment for users. The exchange tripled its user base in 2024, increasing its contact surface with global regulators and policymakers. By working closely with regulators in Dubai, Georgia, and the Netherlands, to name a few, Bybit has strengthened its regulatory posture to meet licensing requirements, reinforcing its commitment to providing a secure and advanced trading platform for its global user base of over 60 million.

    “We aim to adapt to changes while helping shape a sustainable framework for the industry. Bybit’s approach shows that regulatory collaboration isn’t just about compliance—it’s about building trust and fostering responsible innovation,” Zhang said of the shared goals of Bybit and regulators.

    The Invest Web3 Forum successfully concluded at In5 Tech, Dubai, attended by high-profile industry leaders and Web3 visionaries who gathered at the heart of Web3 innovation in the GCC.  

    Jase Zhang, Web3 Product Manager at Bybit at the Invest Web3 Forum in Dubai on Jan. 16, 2025

    #Bybit / #TheCryptoArk / #BybitWeb3

    About Bybit
    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

    For more details about Bybit, please visit Bybit Press
    For media inquiries, please contact: media@bybit.com 
    For updates, please follow: Bybit’s Communities and Social Media
    Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

    Contact

    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d2e1d1d7-6a00-48aa-af70-11c0f980f815

    The MIL Network –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Kheralu Nagrik Sahakari Bank Limited, Dist. Mehsana, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 24, 2025, imposed a monetary penalty of ₹1.50 lakh (Rupees One Lakh Fifty Thousand only) on The Kheralu Nagrik Sahakari Bank Limited, Dist. Mehsana, Gujarat (the bank) for non-compliance with directions issued by RBI on ‘Investment by Primary (Urban) Co-operative Banks’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had:

    1. breached the prescribed ceiling of total investments held under Held to Maturity (HTM) category; and

    2. failed to carry out periodic review of risk categorization of certain accounts at least once in six months.

    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 bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2016

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on Marketyard Commercial Cooperative Bank Limited, Unjha, Dist. Mehsana, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 23, 2025, imposed a monetary penalty of ₹5.50 lakh (Rupees Five Lakh Fifty Thousand only) on Marketyard Commercial Cooperative Bank Limited, Unjha, Dist. Mehsana, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Donations / Contributions for public /charitable purposes out of profits of UCBs’, ‘Donations to Trusts and Institutions where Directors, their relatives hold position or are interested’, ‘Loans and advances to directors, their relatives, and firms / concerns in which they are interested’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred on RBI, under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had:

    1. made donation to trusts in excess of prescribed ceiling;

    2. made donations to certain trusts in which the bank’s directors were interested;

    3. sanctioned certain director related loans; and

    4. failed to carry out periodic review of risk categorization of certain accounts at least once in six months.

    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 bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2015

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Enchanting exhibition invites visitors into the world of storybooks

    Source: City of Leeds

    Cherished childhood stories are being retold to visitors thanks to a nostalgic new exhibition in Leeds.

    The Story Time exhibition at Abbey House Museum features a huge variety of historic books and games, each exploring the magical world of children’s stories.

    With objects spanning hundreds of years of captivating tales, the exhibition aims to look at how reading, learning and enjoying stories has changed through the ages, and the huge influence children’s books have had on young people’s education, play and imaginations.

    Among the many objects on display is a collection of children’s books and reading primers from the early 1800s.

    Believed to be among some of the earliest books to ever be published specifically for children, the focus of the writers was to get across a strong moral message rather than create a fun story. Examples include The Mice and their Picnic – A Moral Tale, published in around 1809.

    Books of classic bedtime stories and fairytales from the 1920s and 1930s also feature, and include timeless characters such as Red Riding Hood, Mother Goose and Cinderella.

    Vintage games and jigsaws made by Leeds firm Waddingtons are also on display, including some of the original artwork for the firm’s iconic circular jigsaws from the 1960s, which were rescued from a bin by a former company employee.

    And beautiful Victorian dolls houses are displayed alongside modern classic toys based on characters and TV shows like Pinky and Perky, Stingray, Bugs Bunny, She-Ra, The Wombles, The Shoe People and The Teletubbies.

    Kitty Ross, Leeds Museums and Galleries curator of social history, who has been bringing the exhibition together, said: “Storytelling, play and reading are truly timeless elements of our childhoods which span every generation and are such an integral part of our early years.

    “What is fascinating is how our approach to these subjects has changed and evolved over time and how our enduring love of stories has been a driving force behind the creation of so many different genres of books, games, toys and entertainment.

    “Seeing all of these objects on display together really showcases the remarkable variety of storytelling across the centuries and will hopefully bring back some special memories for visitors too.”

    Councillor Salma Arif, Leeds City Council’s executive member for adult social care, active lifestyles and culture, added: “Seeing this remarkable collection of objects on display will be a wonderful trip down memory lane for visitors and will hopefully inspire different generations to think about stories and play together.

    “As a city, Leeds has also played an important role in the history of toys and games, and it’s great to see some exhibits paying tribute to that special heritage on show.”

    Story Time is open now at Abbey House Museum. For more information, including opening times and admission, please visit: Story Time | Leeds Museums and Galleries | Days out and exhibitions

    ENDS

    MIL OSI United Kingdom –

  • MIL-OSI Europe: ASIA/PHILIPPINES – A cap on the price of rice: the government’s measure to prevent speculation

    Source: Agenzia Fides – MIL OSI

    Manila (Agenzia Fides) – In an effort to curb the rise in rice prices, the Manila government has set a limit of 58 pesos per kilogram for imported rice, after carrying out “extensive consultations” with importers, retailers and government agencies. The measure, which came into effect on January 20, provides for a gradual reduction in the cost of rice. The Minister of Agriculture, Francisco Tiu Laurel Jr., explained that the initial recommended selling price will be 58 pesos per kilo, focused mainly on containing prices in the metropolitan area of Manila. Subsequently, the price will be reduced progressively: to 55 pesos on February 5, to 52 pesos on February 15 and, finally, to 50 pesos on March 1, with the expectation of reaching 49 pesos if international prices remain stable.According to Minister Laurel, “the gradual reduction will allow for an orderly transition in the market, avoiding destabilization of the rice sector and ensuring that companies can adapt without major disruption.” The recommended price of the staple food will be reviewed every month to take into account new factors affecting cereal prices. On the one hand, the Government wants to ensure that “the price of rice is fair and affordable”; on the other, it wants to ensure that the rice industry remains profitable, but avoiding speculation: “We cannot allow the greed of a few to endanger the well-being of an entire nation,” he said. The Agriculture Minister has reiterated plans to distribute subsidies to rice farmers during the planting season to increase local production of palay (unhulled rice) by 2025. The “Rice Competitiveness Enhancement Fund” is a government fund dedicated to rice farmers, the amount of which has been tripled to reach 30 billion pesos by 2025. This has come about following the Rice Tariff Law, enacted in 2018 and amended by Congress last December, to expand funding for the modernization of the rice industry. About 6 billion of the initial 10 billion will go to agricultural mechanization, and 4 billion to seeds. Other components to be funded include solar irrigation, diversification and financial aid to rice farmers. The aim is to help farmers get agricultural support during the planting season, including timely delivery of seeds and fertilizers, which will ensure efficient planting and increase productivity. National rice production this year is expected to be 20 million tons, compared to the 19.3 million tons estimated for the end of 2024. In the Philippines, rice production is a key aspect of the country’s food supply and economy. There are an estimated 2.4 million rice farmers in the country. “They are the backbone of the country and provide basic food for everyone. It is important to protect their work and ensure that the population can benefit from rice at a fair price,” explain the priests of the Diocese of San Jose, in the province of Nueva Ecija, in the north of the Philippines. They point out that “if rice is overpriced, it is above all the poor and the less well-off who suffer.” In the area, known as the “rice field of the Philippines”, the local Catholic Church has always supported farmers and, in recent years, has also launched training programs to teach organic farming techniques. (PA) (Agenzia Fides, 27/1/2024)
    Share:

    MIL OSI Europe News –

  • MIL-OSI Economics: Identity fraud: BaFin warns consumers about the company Interactive Assets

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Interactive Assets and the services it is offering. BaFin suspects the unknown operators of the website interactiveassets.pro of offering consumers financial, investment and cryptoasset services without the required authorisation.

    The unknown operators are contacting consumers, claiming that their offer is from Baden-Württembergische Wertpapierbörse GmbH or Börse Stuttgart GmbH. In addition, when advertising its services, the company claims to be supervised by BaFin. However, none of this information is correct. This is a case of identity fraud. Moreover, BaFin does not supervise Interactive Assets.

    BaFin is issuing this information on the basis of section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG) and section 10 (7) of the German Cryptomarkets Supervision Act (Kryptomaerkteaufsichtsgesetz).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

  • MIL-OSI Africa: Lighting Up Africa: The Transformative Power of Mission 300 (By Kevin Kariuki)

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

    ABIDJAN, Ivory Coast, January 27, 2025/APO Group/ —

    By Kevin Kariuki, Vice President for Power, Energy, Climate, and Green Growth at the African Development Bank Group (www.AfDB.org/en)

    Across Africa, nearly 600 million people live in energy poverty, deprived of reliable access to electricity—a fundamental prerequisite for modern life. This staggering statistic represents more than just a lack of power.  Significantly, it translates to limited opportunities for education, healthcare, gender equality, and economic growth. Mission 300, a bold initiative championed by the African Development Bank Group and the World Bank Group in collaboration with key partners, seeks to change this narrative by providing first time electricity access to 300 million Africans by 2030.  A key milestone in this effort, branded Mission 300, is the Africa Energy Summit scheduled for Dar es Salaam, 27/28 January 2025.

    The Significance of Energy Access

    Energy is the engine of development. Without affordable, reliable, and sustainable electricity, Africa cannot achieve its developmental aspirations or secure its rightful place in the global economy. Energy access is the cornerstone of economic transformation, opening doors to education, healthcare, and income generation. Moreover, it fosters gender equality by reducing the time women spend on labour and time-intensive tasks such as cooking with traditional fuels or collecting for firewood. Mission 300’s success is therefore not just about electrification; it is about saving and empowering lives as well as communities.  It is also about reducing greenhouse gas emissions and safeguarding biodiversity.

    Yet, the path ahead is daunting. At the current pace of electrification, coupled with Africa’s rapid population growth, the number of people living without access to electricity could remain largely unchanged. Action is therefore an imperative, and Mission 300 provides the roadmap to achieve universal energy access by 2030, consistent with the United Nations’ Sustainable Development Goal 7 and the African Union’s Agenda 2063.

    The Role of Mission 300

    Mission 300 will invest in new and rehabilitation of generation capacity, transmission systems, including intra- and regional interconnections, as well as distribution grids to build robust and reliable power systems.  It will be complemented by reforms in the energy sector to ensure affordability and sustainability of electricity service, and financially viable utilities while partnerships with the private sector will assist in mobilizing funding at the required speed and scale

    In addition to providing electricity access from interconnected power systems, through Mission 300’s transformative vision, mini-grids, and stand-alone solar home systems will be prioritized to provide electricity to underserved regions and communities, including in fragile and remote areas where extending the interconnected grid is impracticable.  These Distributed Renewable Energy (DRE) solutions are amenable to easy and speedy roll-out, cost-effective, modular, sustainable, and can ensure that no community is left behind in the Mission 300 journey.  DRE solutions are projected to account for more that 50% of new connections by 2030.

    A Defining Moment: The Africa Energy Summit

    The upcoming Africa Energy Summit in Dar es Salaam will be a pivotal moment in Mission 300 journey. Hosted by the Government of the United Republic of Tanzania, the African Union, the African Development Bank Group, the World Bank Group, as well as the African Union, the summit will bring together over 25 Heads of State and Governments, Heads of international Organisation, including Banks, energy experts, and private sector leaders to forge a common path toward universal energy access.

    The principal outcomes of the summit comprise of the adoption of the Dar es Salaam Energy Declaration by the entire continent and twelve country energy compacts co-created between countries and the Mission 300 partners.  The Dar es Salaam Energy Declaration will outline commitments to reforms and actions necessary to achieve Mission 300 while twelve country energy compacts, will expound on the principles of the Dar es Salaam Energy Declaration to establish tangible country specific actions and measures for accelerated electricity access such as least-cost power expansion plans, providing last-mile access through grid and distributed renewables, building financially viable energy systems, regional interconnection and promotion of private sector participation in the energy sector.  The twelve countries that will submit energy compacts account for almost half of the global population without access to electricity.

    Another important outcome will be the enlisting of additional partners to the Mission 300 bus.  Several partners are expected to announce additional financial resources and technical assistance in furtherance of the Mission 300 goal. 

    Why Now?

    Firstly, is the unity of purpose and visionary leadership of African Development Bank Group and the World Bank Group Presidents that has led to the forging of a structured approach to definitively address the electricity deficit problem in Africa, in collaboration with other development partners.

    Secondly, the continent is blessed with abundant energy resources, including renewable energy, such as 60% of the world’s best solar potential, of which only a tiny proportion has been harnessed.

    Thirdly the cost of renewable energy technology, particularly wind and solar, has reduced dramatically in the recent past making electricity generation from these sources cost competitive compared to sources of conventional power.  Moreover, access to information communication technology, and digitization thereof, currently enables payment platforms that support distributed renewable energy solution.

    When combined, the foregoing provides unprecedented opportunities for addressing the continent’s energy access deficit while also espousing a low-carbon growth trajectory, to support Africa’s climate goals.

    A Call to Action

    Mission 300 is more than an energy initiative; it is a moral imperative. It represents a collective commitment to uplift millions from poverty, foster inclusive economic growth, and create a resilient, green future. But its success hinges on robust support from all stakeholders—governments, development partners, the private sector, and civil society. Together, we must prioritize reforms, mobilize investments, and leverage partnerships to transform Africa’s energy landscape.

    Let us seize this defining moment.  The Africa Energy Summit must not just a platform for discussion on energy.  It must constitute a watershed moment for energy access in Africa.   Let us therefore work to actualize Mission 300 and literally light up the lives of millions, thereby creating lasting change that will evoke enormous pride on future generations.

    In conclusion, “the road ahead may be challenging, but it is also filled with opportunity.  With determination, innovation, and collaboration, we can achieve universal energy access in Africa.  This is our moment to make history.”

    MIL OSI Africa –

  • MIL-OSI Africa: Mission 300 Energy Summit to Gather Africa’s Leaders and Partners to Transform Energy Sector

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

    DAR ES SALAAM, Tanzania, January 27, 2025/APO Group/ —

    African heads of state, business leaders, and development partners will converge tomorrow in Dar es Salaam, Tanzania, for the Mission 300 Africa Energy Summit where they will commit to ambitious reforms and actions to expand access to reliable, affordable, and sustainable electricity to 300 million people in Africa by 2030.

    Mission 300 is an unprecedented collaboration between the African Development Bank, the World Bank Group, and global partners to address Africa’s electricity access gap using new technology and innovative financing. Nearly 600 million Africans lack electricity, which is crucial for development and job creation.

    Several heads of state and government from Africa will join more than 1,000 other participants—with strong representation from the private sector—at the January 27-28 summit. Together, they will chart Africa’s course toward universal access to energy.

    This week’s summit is expected to yield two significant outcomes: the Dar es Salaam Energy Declaration, outlining commitments and practical actions from African governments to reform the energy sector, and the first set of National Energy Compacts, which will serve as blueprints with country-specific targets and timelines for implementation of critical reforms.

    In the first phase, 12 countries will present their energy compacts: Chad, Côte d’Ivoire, the Democratic Republic of Congo, Liberia, Madagascar, Malawi, Mauritania, Niger, Nigeria, Senegal, Tanzania, and Zambia. Other African countries are expected to develop their compacts in subsequent phases.

    The partnerships forged and commitments made by the continent’s leaders and changemakers gathering in Dar es Salaam this week will shape the continent’s journey toward achieving universal energy access, transforming millions of lives, and driving sustainable development and job creation.

    MIL OSI Africa –

  • MIL-OSI United Kingdom: New grants boost community inclusion and accessible travel in Portsmouth

    Source: City of Portsmouth

    New funding opportunities are available for organisations across Portsmouth looking to make a positive impact on the community.

    Portsmouth City Council has announced two new schemes, both offering four-figure sums to promote inclusion within the city.   

    The Easy Travel Access Fund is offering grants of up to £5,000 for projects that help people and groups overcome any difficulties they may have using buses. It aims to connect people to important services, encourage greener travel and make public transport more accessible across the city.  

    Alongside this new Community Inclusion Grants are available to support projects challenging inequality and celebrating diversity and inclusion in Portsmouth. Voluntary and community groups can apply for up to £1,000 to fund work that helps create a more inclusive city where everyone feels welcome and has equal opportunities. 

    These latest rounds of funding build on the previous successes of both schemes with more than £140,000 awarded to good causes in the last three years. 

    HIVE Portsmouth is offering support with applications for any voluntary and community groups who would like guidance on the process in applying for a Community Inclusion Grant. 

    Cllr Steve Pitt, Leader of Portsmouth City Council, said: “For many organisations in Portsmouth a little bit of funding can make a huge difference and it is fantastic news that we’ve been able to bring both of these grant schemes back to support communities across our city. We’ve already helped a lot of people through these grants and I’d encourage anyone with a suitable project to get in touch.” 

    1. Easy Travel Access Fund – grants of up to £5,000 
      The Easy Travel Access Fund is back for its second round of funding, offering grants of up to £5,000 for projects that help underserved communities access bus travel. The fund aims to connect people to important services, encourage greener travel, and make public transport more accessible across the city. 

    This funding can be used to:  

    • Purchase bus tickets  
    • Offer travel training  
    • Run projects that encourage the use of public transport  

    The Easy Travel Access Fund is part of the Portsmouth Bus Service Improvement Plan (BSIP), a £48 million initiative to improve bus services and make them more affordable and sustainable.  

    Businesses, charities, schools, and community groups are invited to apply for this funding.   

    Learn more and apply at: travel.portsmouth.gov.uk/bsip-schemes/easy-travel-access-fund

    1. Community Inclusion Grant – grants of up to £1000 
      The Community Inclusion Grant scheme is offering £30,000 to support projects that advance equity, challenge inequality, and celebrate diversity in Portsmouth. Voluntary and community groups can apply for up to £1,000 to fund initiatives that create a more inclusive city where everyone feels welcome and has equal opportunities. 

    Eligible projects could focus on:  

    • Making facilities more accessible  
    • Attracting a wider and more diverse audience  
    • Supporting disadvantaged or underrepresented groups  

    For more information, please contact: 
    • Email e.d.i@portsmouthcc.gov.uk or call 02392 688419
    • Apply with support from HIVE Portsmouth grants@hiveportsmouth.org.uk  
    • Learn more at: www.portsmouth.gov.uk/CIG  

     

    MIL OSI United Kingdom –

  • MIL-OSI: Greenbacker secures nearly $1 billion financing to support acquisition and construction of largest solar project in New York State

    Source: GlobeNewswire (MIL-OSI)

    • Greenbacker, together with Hecate Energy, has completed the development of its largest clean energy project to date. After acquiring the project from Hecate, Greenbacker closed on construction financing in conjunction with commencing construction.
    • Greenbacker partnered with six of the world’s leading project finance banks and financial institutions to secure $869 million in construction-to-term, letter of credit, and tax equity bridge loan financing and with a global investment manager for an additional $81 million development loan facility.
    • The 674 MWdc solar project is expected to power over 120,000 New York homes, support hundreds of green jobs.

    NEW YORK, Jan. 27, 2025 (GLOBE NEWSWIRE) — Greenbacker Renewable Energy Company LLC (“Greenbacker”), an independent power producer and energy transition-focused investment manager, today announced it has secured $950 million in aggregate financing to support the acquisition, construction, and operation of its largest clean energy project to date. When complete, the 674 MWdc / 500 MWac utility-scale solar farm (“Cider”) will be the largest solar project in the state of New York.

    Greenbacker acquired Cider from Hecate Energy LLC (“Hecate”), one of the largest renewable energy developers in the US. The two companies initially entered into a development partnership in 2021 to bring the project through development, financing, and the commencement of construction.

    Following the acquisition, Greenbacker closed on an $869 million financing composed of a construction-to-term loan, a tax equity bridge loan, and letters of credit. The financing was led collectively by six Coordinating Lead Arrangers: MUFG, KeyBanc Capital Markets, ING Capital LLC (“ING”), Intesa Sanpaolo S.p.A., New York Branch (“Intesa Sanpaolo”), Societe Generale, and Wells Fargo. MUFG and KeyBanc Capital Markets served as the Co-Documentation Agents and Co-Administrative Agents; ING, Intesa Sanpaolo, and Societe Generale, served as Co-Syndication Agents; ING and Wells Fargo served as Co-Green Structuring Agents. ING, Intesa Sanpaolo, and Societe Generale acted as Bookrunners.

    Greenbacker also successfully closed on an $81 million development loan with Voya Investment Management (“Voya IM”). The development loan with Voya IM was utilized to support Cider’s late-stage development, preliminary construction activities, and equipment procurement.

    With committed funds totaling nearly $1 billion, Cider represents another milestone for Greenbacker—its largest project financing to date.

    “Greenbacker has called New York home for 14 years, and we’re proud to be both the owner of the largest solar energy project in the state’s history and a driving force in accelerating its ambitious clean energy goals,” said Charles Wheeler, CEO of Greenbacker. “This substantial achievement—the result of successful collaboration across a group of top-tier institutions, including our long-time development partner Hecate—will create hundreds of green jobs, deliver affordable clean power, and help continue to build a sustainable future for New Yorkers.”

    Cider also marks the third clean energy collaboration between Greenbacker and Hecate. Over the past several years, Greenbacker has acquired over 70 MWac of utility-scale solar in New York from the developer.

    “Hecate is proud to once again partner with Greenbacker to complete the development of the Cider Project, which represents a landmark accomplishment for renewable energy development in the state,” said Nick Bullinger, Hecate’s Chief Operating Officer. “This project embodies Hecate’s mission to make impact at scale building out clean generation to power our future.”

    “This is the latest in a long history of project financing transactions with Greenbacker, highlighting our ongoing commitment to deploying capital with high-quality partners to help grow the clean energy industry,” said Gregory Berman, Director KeyBanc Capital Markets.

    “This transaction reflects our strong partnership with Greenbacker, belief in its sustainability mission, and commitment to advancing clean energy in New York and nationwide,” said Alberto Mihelcic Bazzana, Director at MUFG.

    Cider will utilize approximately 2,500 acres of land in Genesee County, where it began construction in late 2024. The project is expected to generate enough annual clean electricity to power approximately 120,000 average New York households.1

    “Greenbacker’s successful closing on this development loan facility and the bank syndicate’s construction and long-term facility is a pivotal achievement for our organization,” said Carl Weatherley-White, Greenbacker’s Head of Capital Markets. “Finalizing $950 million in capital to build the largest solar project in New York is a testament to the deep expertise and dedication of all parties involved.”

    Sheppard Mullin and Barclay Damon served as counsel for Greenbacker; Winston & Strawn LLP served as counsel for Hecate; Winston & Strawn LLP and Rath, Young, and Pignatelli, PC served as counsel for the bank syndicate; Latham & Watkins LLP served as counsel for Voya.

    Greenbacker is committed to empowering a sustainable world by connecting individuals and institutions with investments in clean energy. As of September 30, 2024, the company’s fleet of clean energy projects have produced over 10 million MWh of clean energy since 2016, abating more than 7 million metric tons of carbon2 and supporting thousands of green jobs.3

    About Greenbacker Renewable Energy Company
    Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides asset management services to other renewable energy investment vehicles. We seek to acquire and operate high-quality projects that sell clean power under long-term contracts to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. Greenbacker conducts its asset management business through its wholly owned subsidiary, Greenbacker Capital Management, LLC, an SEC-registered investment adviser. We believe our focus on power production and asset management creates value that we can then pass on to our shareholders—while facilitating the transition toward a clean energy future. For more information, please visit https://greenbackercapital.com.

    About Hecate Energy
    Hecate Energy was founded in 2012 by a team of energy industry veterans and has successfully developed 4.1 GWs of projects to construction or operations. Hecate believes in establishing beneficial, sustainable, and collaborative partnerships with the host communities where its projects are located and tailors each renewable energy project it develops to better meet the needs of project stakeholders.
    Hecate Energy has entered over 6 GWac of renewable power purchase agreements (PPAs) across 55 PPAs with 24 counterparties as well as projects that are selling through merchant markets. Projects that Hecate has developed and that are constructed or are under construction include over 4 GWac of solar projects and 103 MWac of battery storage projects totaling over $6 billion in asset value. Hecate has an active development pipeline of over 43.7 GWac of renewable projects.

    About MUFG and MUFG Americas
    Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,100 locations in more than 50 countries. MUFG has nearly 160,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to be “the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges.

    MUFG’s Americas operations, including its offices in the U.S., Latin America, and Canada, are primarily organized under MUFG Bank, Ltd. and subsidiaries, and are focused on Global Corporate and Investment Banking, Japanese Corporate Banking, and Global Markets. MUFG is one of the largest foreign banking organizations in the Americas. For locations, banking capabilities and services, career opportunities, and more, visit www.mufgamericas.com.

    About Voya Investment Management
    Voya Investment Management (IM) has approximately $392 billion in assets under management and administration as of Sept. 30, 2024, across public and private fixed income, equities, multi-asset solutions and alternative strategies for institutions, financial intermediaries and individual investors, drawing on a 50-year legacy of active investing and the expertise of 300+ investment professionals. Voya IM has cultivated a culture grounded in a commitment to understanding and anticipating clients’ needs, producing strong investment performance, and embedding diversity, equity and inclusion in its business.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.

    Greenbacker media contact
    Chris Larson
    Media Communications
    646.569.9532
    c.larson@greenbackercapital.com

    MUFG media contact
    Alicia Faugier
    Corporate Communications
    afaugier@mufg.jp

    1Governor Hochul Announces Siting Approval of New York’s Largest Solar Facility to Date, governor.ny.gov.
    2EPA Greenhouse Gas Equivalencies Calculator. September 30, 2024.
    3 Data is as of September 30, 2024. Green jobs calculated using The National Renewable Energy Laboratory (NREL) State Clean Energy Employment Projection Support, nrel.gov.

    The MIL Network –

  • MIL-OSI: Xunlei to Acquire Hupu

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, Jan. 27, 2025 (GLOBE NEWSWIRE) — Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq: XNET), a leading technology company providing distributed cloud services in China, today announced that it has entered into a definitive agreement to acquire Shanghai Kuanghui Internet Technology Co., Ltd., which operates Hupu, for a total cash consideration of RMB500 million, subject to certain adjustments. Hupu is China’s leading sports media and data platform. The closing of the transaction is subject to certain conditions and is currently expected to occur in the first half of 2025.

    “Acquiring Hupu is expected to create a powerful synergy with Xunlei,” said Mr. Jinbo Li, Chairman and CEO of Xunlei. “This strategic move will leverage Xunlei’s extensive user base and technological expertise in the internet content transmission sector, combined with Hupu’s high-quality sports content and vibrant community, to foster content downloads, community interaction, and sports consumption in a niche market with high user loyalty. Additionally, the acquisition will strengthen Xunlei’s community operations by enriching its content ecosystem with Hupu’s premium sports content and active user base, while enhancing the user experience through Xunlei’s technological and brand advantages.”

    About Xunlei

    Founded in 2003, Xunlei Limited (Nasdaq: XNET) is a leading technology company providing distributed cloud services in China. Xunlei provides a wide range of products and services across cloud acceleration, shared cloud computing and digital entertainment to deliver an efficient, smart and safe internet experience.

    Safe Harbor Statement

    This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “future,” “intends,” “plans,” “estimates” and similar statements. Among other things, the management’s quotes in this press release, as well as the Company’s strategic, operational and acquisition plans, contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Forward-looking statements involve inherent risks and uncertainties, including but not limited to: the Company’s ability to continue to innovate and provide attractive products and services to retain and grow its user base; the Company’s ability to keep up with technological developments and users’ changing demands in the internet industry; the Company’s ability to convert its users into subscribers of its premium services; the Company’s ability to deal with existing and potential copyright infringement claims and other related claims; the Company’s ability to react to the governmental actions for its scrutiny of internet content in China and the Company’s ability to compete effectively. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

    Investor Relations
    Xunlei Limited
    Email: ir@xunlei.com 
    Tel: +86 755 6111 1571
    Website: http://ir.xunlei.com

    The MIL Network –

  • MIL-OSI: Blackford Capital Acquires Ace Controls, Expanding PACIV, its Industrial Automation Platform

    Source: GlobeNewswire (MIL-OSI)

    GRAND RAPIDS, Mich., Jan. 27, 2025 (GLOBE NEWSWIRE) — Blackford Capital (“Blackford”), a leading lower middle market private equity firm, announced today the acquisition of Ace Controls, a Houston, Texas-based company renowned for designing and building industrial control panels. This acquisition diversifies Blackford’s Industrial Automation Platform, PACIV, to service a broader range of customers. Terms of the transaction are not being disclosed.

    Ace Controls is the third acquisition for the PACIV platform since its establishment in June 2023, following its add-on acquisitions of Data Science Automation in January 2024, and Eight12 Automation in May 2024. PACIV has already established a strong presence in the healthcare and life science industries, and the addition of Ace Controls brings a new focus on industrial applications in the water and wastewater industry, and also further expands the platform’s control panel capabilities. Ace Controls has a 95% repeat business rate from its customers, who represent the equipment manufacturing, electrical contracting, and general contracting sectors.

    Martin Stein, Founder and Managing Director of Blackford Capital, said, “Entering an additional highly regulated, strict tolerance end market with high entry barriers will enable PACIV to scale and diversify its business. Our PACIV platform thesis is to be a multi-dimensional industrial automation enterprise catering to life sciences, food and beverage, and water and wastewater companies.”

    Ace Controls President Agmed Aguirre founded the company in 2005 with a vision to serve the water and wastewater industries by building and distributing high-quality wholesale control panels designed with the end user in mind. Under his leadership over the past 20 years, Ace Controls has flourished, earning recognition as an industry leader. Agmed’s wife Lindsey Aguirre joined the business in 2006, playing a crucial role in administration and bookkeeping, which has helped to build a solid foundation for the company. The entire management team and all employees will remain with the PACIV platform post-acquisition.

    “We are excited to join the PACIV platform and are eager to gain access to new customers, receive additional services, and collaboratively achieve significant growth,” said Mr. Aguirre.

    Jeff Johnson, Managing Director and Chairman of the Board of PACIV, said, “We welcome the Ace Controls team to PACIV, who impressed us with their strong culture of continuous improvement, dedication to cost control, and customer service. We believe that by expanding PACIV’s control panel offerings we can achieve our ’one-stop’ goal for the platform and create a truly synergistic portfolio company.”

    The platform is headquartered in ​San Juan, Puerto Rico with offices in Indiana, Pennsylvania, California, Ireland, and now Texas.

    Generational Group served as exclusive financial advisor and Lancaster | Helling served as legal advisor to Ace Controls. Varnum LLP served as legal advisor and RSM US LLP served as the financial and tax advisor to Blackford and PACIV. Mercantile Bank provided debt financing, and Rush Street Capital provided financing advisory services in support of the transaction.

    About Blackford Capital
    Founded in 2010, Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. Blackford acquires, manages, and builds founder and family-owned, lower middle-market companies, with a focus on the manufacturing, industrial and distribution industries. Blackford has a track record of exceptional returns, a disciplined and relentless approach to value creation, and a focus on operational excellence and a compelling culture. In 2023 and 2024, Blackford Capital was named to Inc’s list of Founder-Friendly Investors, was recognized by ACG Detroit with the 2023 M&A Dealmaker of the Year Award and awarded the 2023 Small Markets Deal of the Year award by both Buyouts Magazine and the Global M&A Network Atlas Awards. For more information, visit www.blackfordcapital.com.

    About Ace Controls
    Established in January 2005, Ace Controls leverages over 30 years of combined expertise in control panel design, fabrication, and integration to deliver reliable and cost-effective solutions. Serving the water and wastewater industries, as well as the oil and gas industries, Ace Controls caters to manufacturers of process equipment such as pumps, compressors, blowers, conveyors, mixers, and clarifiers, making Ace Controls a trusted partner in these critical sectors.

    Media Contact:
    Lambert by LLYC
    Jennifer Hurson
    (845) 729-3100
    jhurson@lambert.com

    Jackson Lin
    (646) 717-4593
    jlin@lambert.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/72daeb91-d04c-4f9e-a1d3-5374ce84b9fb

    The MIL Network –

  • MIL-OSI: QXO Launches $11 Billion Tender Offer to Acquire Beacon Roofing Supply for $124.25 Per Share in Cash

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Jan. 27, 2025 (GLOBE NEWSWIRE) — QXO, Inc. (NYSE: QXO) today announced that it is commencing an all-cash tender offer to acquire all outstanding shares of Beacon Roofing Supply, Inc. (Nasdaq: BECN) for $124.25 per share. This price implies a 37% premium above Beacon’s 90-day unaffected volume-weighted average price of $91.02 per share as of November 15, 2024. The total transaction enterprise value is approximately $11 billion.

    QXO intends to complete the acquisition quickly after the tender offer expires in 20 business days, subject to the terms of the offer. The proposed transaction is not subject to any contingencies related to financing or due diligence. QXO expects that the waiting periods under the Hart-Scott-Rodino Act and the Canadian Competition Act will have expired or been waived by the time the tender offer expires.

    Brad Jacobs, chairman and chief executive officer of QXO, said, “Our compelling offer would get cash into the hands of Beacon shareholders immediately at a significant premium to the unaffected share price. We believe that Beacon would be a strong fit for QXO and a key part of our plan to become a forward-looking leader in building products distribution.”

    In addition, QXO reiterates that it intends to pursue all options to complete a transaction, including nominating directors for election at Beacon’s Annual Meeting.

    Secured Financing in Place
    QXO has secured full financing commitments from Goldman Sachs, Morgan Stanley, Citi, Credit Agricole, Wells Fargo and Mizuho. The proceeds from the financing commitments, together with QXO’s cash on hand, will be sufficient to pay 100% of the purchase consideration, any required refinancing of Beacon’s debt, and associated transaction fees and expenses.

    Terms
    The offer and withdrawal rights are scheduled to expire at 12:00 midnight, New York City time, at the end of February 24, 2025, unless the offer is extended. The full terms, conditions and other details of the tender offer are set forth in the offering documents that QXO is filing today with the Securities and Exchange Commission (the “SEC”).

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

    About QXO

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

    Forward-Looking Statements

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

    Important Additional Information and Where to Find It

    This communication is for informational purposes only and does not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell Beacon securities. QXO and Queen MergerCo, Inc. (the “Purchaser”) filed a Tender Offer Statement on Schedule TO with the SEC on January 27, 2025, and Beacon will file a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer with the SEC. Investors and security holders are urged to carefully read the Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as each may be amended or supplemented from time to time), and the Solicitation/Recommendation Statement when available, as these materials contain important information that investors and security holders should consider before making any decision regarding tendering their common stock, including the terms and conditions of the tender offer. The Tender Offer Statement, Offer to Purchase, Solicitation/Recommendation Statement and related materials are filed with the SEC, and investors and security holders may obtain a free copy of these materials and other documents filed by QXO and Beacon with the SEC at the website maintained by the SEC at www.sec.gov. In addition, the Tender Offer Statement and other documents that QXO and the Purchaser file with the SEC will be made available to all investors and security holders of Beacon free of charge from the information agent for the tender offer: Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, NY 10022, toll-free telephone: +1 (888) 750-5834.

    QXO and the other participants intend to file a preliminary proxy statement and accompanying WHITE universal proxy card with the SEC to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 annual meeting of stockholders of Beacon. QXO strongly advises all stockholders of Beacon to read the preliminary proxy statement, any amendments or supplements to such proxy statement, and other proxy materials filed by QXO with the SEC as they become available because they will contain important information. Such proxy materials will be available at no charge on the SEC’s website at www.sec.gov and at QXO’s website at investors.qxo.com. In addition, the participants in this proxy solicitation will provide copies of the proxy statement, and other relevant documents, without charge, when available, upon request. Requests for copies should be directed to the participants’ proxy solicitor.

    Certain Information Concerning the Participants

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

    Media Contacts

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

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

    Investor Contacts ‍

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

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

    The MIL Network –

  • MIL-OSI: Sachem Capital Corp. Announces Tax Reporting Information

    Source: GlobeNewswire (MIL-OSI)

    BRANFORD, Conn., Jan. 27, 2025 (GLOBE NEWSWIRE) — Sachem Capital Corp. (NYSE American: SACH) announced today the tax treatment for the Company’s distributions on its common stock (CUSIP: 78590A109) and preferred stock (CUSIP: 78590A505) paid with respect to the calendar year ended December 31, 2024:

    COMMON STOCK TAX INFORMATION

          Box 1a Box 1b Box 2a Box 3 Box 5
    Record Date Payable Date Rate per
    Share    		 Ordinary
    Dividends Per
    Share    		 Qualified
    Dividends Per
    Share    		 Total Capital
    Gain Per
    Share    		 Nondividend Dist.
    Per Share    		 Section 199A
    Dividends Per Share
    04/09/2024 04/16/2024 $0.110000 $0.000000 $0.000000 $0.000000 $0.110000 $0.000000
    07/29/2024 08/06/2024 $0.080000 $0.000000 $0.000000 $0.000000 $0.080000 $0.000000
    11/18/2024 11/26/2024 $0.050000 $0.000000 $0.000000 $0.000000 $0.050000 $0.000000
      Total $0.240000 $0.000000 $0.000000 $0.000000 $0.240000 $0.000000
                   
               

    PREFERRED STOCK TAX INFORMATION

          Box 1a Box 1b Box 2a Box 3 Box 5
    Record Date Payable Date Rate per
    Share    		 Ordinary
    Dividends Per
    Share    		 Qualified
    Dividends Per
    Share    		 Total Capital
    Gain Per
    Share    		 Nondividend Dist.
    Per Share    		 Section 199A
    Dividends Per
    Share
    03/15/2024 03/30/2024 $0.484375 $0.000000 $0.000000 $0.000000 $0.484375 $0.000000
    06/15/2024 06/30/2024 $0.484375 $0.000000 $0.000000 $0.000000 $0.484375 $0.000000
    09/15/2024 09/30/2024 $0.484375 $0.000000 $0.000000 $0.000000 $0.484375 $0.000000
    12/15/2024 12/30/2024 $0.484375 $0.000000 $0.000000 $0.000000 $0.484375 $0.000000
      Total $1.937500 $0.000000 $0.000000 $0.000000 $1.937500 $0.000000


    About Sachem Capital Corp.
    Sachem Capital Corp. is a mortgage REIT that specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property. It offers short-term (i.e., three years or less) secured, nonbanking loans to real estate investors to fund their acquisition, renovation, development, rehabilitation, or improvement of properties. The Company’s primary underwriting criteria is a conservative loan to value ratio. The properties securing the loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. Each loan is secured by a first mortgage lien on real estate and is personally guaranteed by the principal(s) of the borrower. The Company also makes opportunistic real estate purchases apart from its lending activities.

    The MIL Network –

  • MIL-OSI: Gadfin Ltd. and Israel Acquisitions Corp. Announce Entry into Definitive Business Combination Agreement, Bringing the Unmanned Aerial Delivery Company to Nasdaq

    Source: GlobeNewswire (MIL-OSI)

    TEL-AVIV, Israel, Jan. 27, 2025 (GLOBE NEWSWIRE) — Israel Acquisitions Corp. (NASDAQ: ISRL, ISRLU, ISRLW), (“ISRL”), a publicly-traded special purpose acquisition company, and Gadfin Ltd. (“Gadfin”), an Israeli technology company specializing in all-weather, long range, heavy-duty, drone delivery for essential cargo, today announced the entry into a definitive business combination agreement reflecting a total equity value of Gadfin of up to $200 million USD (the “Business Combination Agreement”). The combined company will trade on Nasdaq and leverage Gadfin’s innovative technology augmented with the expertise of the ISRL team.

    Through Gadfin’s patented technology, its unmanned aerial vehicles which are powered by hydrogen fuel cells can deliver medical supplies and other heavy-duty cargo to long-range destinations and in harsh weather conditions. Gadfin’s technology makes it possible to significantly improve logistics delivery in both civil uses and combat zones. Gadfin is well-positioned to be a leading player in drone cargo delivery.

    Upon completion of the transaction, Gadfin aims to achieve a great growth plan based on existing contracts and potential new wins.

    Transaction Details:

    • The Board of Directors of both ISRL and Gadfin have unanimously approved the Business Combination Agreement and signed voting support agreements in favor of the transaction.
    • Minimum net cash condition precedent to closing of $15 million.
    • The combined company’s staggered Board of Directors will initially be comprised of up to seven directors, of which one director will be nominated by ISRL and up to four directors will be nominated by Gadfin. Up to two additional directors will be mutually agreed. Existing Gadfin management will operate the combined company.
    • The parties anticipate completing the business combination in the second half of 2025, contingent upon satisfying all closing conditions, including shareholder approvals, regulatory consents, and compliance with legal and tax requirements.
    • Gadfin’s officers, directors, and >5% shareholders, as well as ISRL’s sponsor will enter into a 6-month lock-up agreement, followed by a gradual release mechanism, from the closing of the business combination.
    • At the closing of the transaction, Gadfin will be listed on Nasdaq in the United States.

    Izhar Shay, Chairman of ISRL’s Board of Directors: “This business combination agreement marks a significant milestone, aligning well with the vision we set forth when launching our SPAC. Gadfin’s innovative hydrogen-powered drones, capable of long-range, zero-emission deliveries, position the company to seize numerous growth opportunities in the drone logistics industry, both in the U.S. and globally. We believe this is an exceptional company to take to the Nasdaq.”

    Eyal Regev, Gadfin’s Founder and CEO: “We are thrilled to announce this business combination, marking a pivotal milestone for Gadfin and underscoring the confidence placed in us by leaders in the hi-tech and financial sectors in Israel and the United States. We deeply appreciate the trust and business expertise of the ISRL team, particularly Ziv Elul and Izhar Shay, whose strategic guidance and proven ability to scale businesses will be invaluable in driving Gadfin’s growth. Together, we are committed to accelerating technological innovation and expanding Gadfin’s global presence. Our gratitude also extends to the dedicated teams at Gadfin and ISRL for their tireless efforts in advancing this merger.”

    Advisors:

    Tiberius Capital Markets, a division of Arcadia Securities is acting as financial advisor to Israel Acquisitions Corp, with Reed Smith LLP, and Stuarts Humpries acting as legal advisors.

    Herzog, Fox, and Neeman is acting as legal advisor to Gadfin.

    About Gadfin Ltd.:

    Gadfin is a pioneering technology company revolutionizing the logistics and cargo delivery industry with its innovative hydrogen-powered drones. Specializing in long-range, heavy-duty, zero-emission aerial delivery, Gadfin provides cutting-edge solutions for time-critical, essential cargo transport, especially to less accessible areas. Gadfin’s proprietary technology is designed to address the evolving needs of sectors such as healthcare, logistics, and industrial supply chains, enabling efficient, sustainable, and reliable deliveries across urban and remote areas.

    Led by Eyal Regev, one of the earliest pioneers of the vertical take-off and landing (“VTOL”) cargo delivery vision, Gadfin’s comprehensive approach includes innovative VTOL design, state-of-the-art drone manufacturing, advanced operational platforms, and tailored support services, ensuring seamless integration into its clients’ logistics frameworks. Headquartered in Israel, Gadfin is pioneering the way in transforming how goods are transported, helping its partners meet the demands of the modern world while reducing environmental impact. Backed by prominent investors, SIBF VC (www.sibf.vc) and Gehr Group (www.gehr.com), Gadfin is poised to lead the charge in sustainable and efficient logistics solutions.

    About Israel Acquisitions Corp.:

    Israel Acquisitions Corp is a Cayman Islands exempted company incorporated as a blank-check company. Formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company intends to focus on high-growth technology companies that are domiciled in Israel, and that either carry out all or a substantial portion of their activities in Israel or have some other significant Israeli connection. The management team is led by Chairman, Izhar Shay, Chief Executive Officer, Ziv Elul, and Chief Financial Officer, Sharon Barzik Cohen.

    Forward-Looking Statements:

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding the proposed business combination ISRL and Gadfin, ISRL and Gadfin’s ability to consummate the transaction, the expected closing date for the transaction, the benefits of the transaction and the public company’s future financial performance following the transaction, as well as ISRL’s and Gadfin’s strategy, future operations, financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used herein, including any oral statements made in connection herewith, the words “anticipates,” “approximately,” “believes,” “continues,” “could,” “estimates,” “expects,” “forecast,” “future, ” “intends,” “may,” “outlook,” “plans,” “potential,” “predicts,” “propose,” “should,” “seeks,” “will,” or the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by both ISRL and its management, and Gadfin and its management, as the case may be, are inherently uncertain. Except as otherwise required by applicable law, ISRL disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. ISRL cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of ISRL. There may be additional risks that neither ISRL nor Gadfin presently know of or that ISRL or Gadfin currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Author and any of their affiliates, directors, officers and employees expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement to reflect events or circumstances after the date on which such statement is being made, or to reflect the occurrence of unanticipated events.

    Additional Information and Where to Find It:

    Additional information about the proposed business combination, including a copy of the business combination agreement, is disclosed in the Current Report on Form 8-K that ISRL filed with the SEC on January 27, 2025 and is available at www.sec.gov. In connection with the proposed transaction, the Company intends to file a registration statement, which will include a preliminary proxy statement/prospectus with the SEC. The proxy statement/prospectus will be sent to the stockholders of the Company. The Company and Gadfin also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of the Company are urged to read the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.

    No Offer or Solicitation:

    This communication is for informational purposes only and shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.

    Investor Contact:

    contact@israelspac.com

    The MIL Network –

  • MIL-OSI: Form 8.3 – [ International Paper Company]

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

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

    1.        KEY INFORMATION

    (a)   Full name of discloser: Danske Bank A/S
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		  
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 International Paper Company
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 24 January 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 NO

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

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

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

    Class of relevant security: 10p ordinary
      Interests Short positions
      Number % Number %
    (1)   Relevant securities owned and/or controlled: 137,608 0.04    
    (2)   Cash-settled derivatives:     137,608 0.04
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        

            TOTAL:

    		 137,608 0.04 137,608 0.04

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

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

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

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

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

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

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    10p ordinary Buy      
    1300    		  

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    10p ordinary TRS Increasing a short position

    1300

    		  

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

    (i)        Writing, selling, purchasing or varying

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

    (ii)        Exercise

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

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

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

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

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

    None

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

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

    None

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 27 January 2025
    Contact name: Kotryna Cinciuke
    Telephone number*: +37060405825

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

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

    *If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel’s Market Surveillance Unit.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI: First commercial launch of biometric payment cards in Japan with LIFE CARD and IDEX Biometrics

    Source: GlobeNewswire (MIL-OSI)

    Oslo, Norway and Tokyo, Japan – 27 January 2025 – IDEX Biometrics enters a new market, together with LIFE CARD, Japan’s most innovative credit card issuer. This marks the market introduction of biometric payment cards in Japan. LIFE CARD is targeting commercial deployment in the first half of 2025.

    Japan is one of the largest payment markets in Asia, with a very advanced acceptance landscape which is ready for biometric smart cards. Credit cards have emerged to become the most popular alternative to cash in Japan, with 314 million cards issued. Accounting for more than 80% percent of cashless transactions, credit cards are used far more than any other digital payment instrument in Japan1.

    As a credit card issuer of Visa and Mastercard, LIFE CARD is commercializing premium, corporate and student card programs. Biometric payment cards will be a key differentiator and amplifier as LIFE CARD continues to lead innovation in the market.

    “LIFE CARD provides innovative, secure and frictionless payment solutions to our growing consumer base. Introducing the latest biometric technology and security to the Japanese market, will reinforce our market positioning, as we attract new customers and increase transactions and customer lifetime value” says Keiji Masui, President at LIFE CARD.

    “LIFE CARD and IDEX Biometrics are bringing more seamless and secure payments to consumers, confirming Japan’s technology and innovation leadership in payments. IDEX is committed to make card payments easier, more secure and accessible for Japanese consumers”, shared Catharina Eklof, Chief Executive Officer at IDEX Biometrics.

    1Source: Statista

    For further information contact:
    Marianne Bøe, Head of Investor Relations, + 47 91800186
    Kristian Flaten, CFO, +47 95092322
    E-mail:ir@idexbiometrics.com

    About IDEX Biometrics
    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

    For more information, please visit www.idexbiometrics.com

    About LIFE CARD Co., Ltd.
    Since its inception in 1952, LIFE CARD has been at the forefront of pioneering advancements in Japan’s credit system. Leveraging its rich legacy of expertise and industry insights, LIFE CARD is dedicated to providing unparalleled support and service toits partners as well as customers.
    As a proud member of the esteemed AIFUL Group, one of the largest non-bank financial institutions in the nation, LIFE CARD remains steadfast in its commitment to driving financial inclusivity and empowerment across diverse sectors.

    Through synergistic collaborations within the group, LIFE CARD endeavors to spearhead the development of multifaceted financial ecosystems, catering to the evolving needs of its partners and clientele.

    For more information, please visit www.lifecard.co.jp

    Trademark Statement
    IDEX, IDEX Biometrics and the IDEX logo are trademarks owned by IDEX Biometrics ASA. All other brands or product names are the property of their respective holders.

    About this notice:
    This notice discloses inside information pursuant to the EU Market Abuse Regulation and was issued by Marianne Bøe, Head of Investor Relations, on 27 January 2025 at 13:02 CET on behalf of IDEX Biometrics ASA. The notice is published in accordance with section 5-12 the Norwegian Securities Trading Act.

    The MIL Network –

  • MIL-OSI Economics: RBI announces measures to manage liquidity conditions

    Source: Reserve Bank of India

    On a review of current liquidity and financial conditions, the Reserve Bank has decided to conduct the following operations to inject liquidity into the banking system:

    1. OMO purchase auctions of Government of India securities for an aggregate amount of ₹60,000 crore in three tranches of ₹20,000 crore each to be held on January 30, 2025, February 13, 2025, and February 20, 2025

    2. 56-day Variable Rate Repo (VRR) auction for a notified amount of ₹50,000 crore to be held on February 7, 2025

    3. USD/INR Buy/Sell Swap auction of USD 5 billion for a tenor of six months to be held on January 31, 2025

    2. Detailed instructions for each operation shall be issued separately.

    3. The Reserve Bank will continue to monitor evolving liquidity and market conditions and take measures as appropriate to ensure orderly liquidity conditions.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2013

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Immigration Department Review 2024 (with photos)

    Source: Hong Kong Government special administrative region

         The Director of Immigration, Mr Kwok Joon-fung, held a press conference today (January 27) to review the work of the Immigration Department (ImmD) over the past year and look ahead to the future. The following is a summary of the department’s major activities in 2024 and its outlook:      Staying committed to its mission and safeguarding national security      The Safeguarding National Security Ordinance took effect upon gazettal in 2024. Together with the Hong Kong National Security Law, a comprehensive legal system and enforcement mechanism for safeguarding national security have been established in the Hong Kong Special Administrative Region (HKSAR). With a crucial role to play in safeguarding national security, the department has been guarding the country’s southern gateway rigorously with patriotism, and acts in accordance with all applicable laws and prevailing immigration policies to protect Hong Kong’s national sovereignty, security and development interests. Staying principled and innovative, the Government actively seeks reforms so that Hong Kong can advance from stability to prosperity and better integrate into the national development. It also strives to consolidate and enhance Hong Kong’s status as an international financial, shipping and trade centre. The ImmD continues to render full support to the HKSAR Government in its policy directions and measures, with a view to contributing to the prosperity and stability of Hong Kong.      Enhancing efficiency and facilitating connections and integration (A) Passenger traffic at control points      In 2024, a total of around 298 million passengers passed through Hong Kong’s control points, representing an increase of about 41 per cent over 2023 and a return to the 300 million level in 2019. The total number of visitor arrivals was around 44.5 million, representing an increase of about 31 per cent as compared with that of 2023, of which Mainland visitor arrivals were around 34.04 million, representing an increase of about 27 per cent when compared with that of 2023. Meanwhile, the number of arrivals of other visitors in 2024 was around 10.46 million, representing an increase of about 44 per cent over 2023. Among the visitor arrivals in 2024, around 9.86 million visitors travelled through the Airport Control Point, while around 32.81 million visitors and around 1.84 million visitors passed through land control points and sea control points respectively. (B) Enabling people movement (1) Enhancing handling capacity of control points      The ImmD has been taking various measures, including flexible deployment of manpower, optimisation of workflow and effective use of information technology, etc, to continuously enhance the handling capacity and efficiency of control points. Among them, the Heung Yuen Wai Boundary Control Point has seen a continuous increase in users since its passenger clearance services commenced operation in February 2023. To further enhance the clearance capacity, the ImmD set up 10 additional mobile counters in the arrival hall of the Heung Yuen Wai Boundary Control Point and completed the enhancement works in early June 2024 to replace some of the conventional counters with e-Channels, thereby increasing the number of e-Channels in the arrival hall from the existing 14 to 18. Furthermore, to enhance the handling capacity and efficiency of the Express Rail Link West Kowloon Control Point, in addition to the existing 22 e-Channels, 19 extra e-Channels were installed in phases in the arrival hall, which were then put into service progressively starting from June 26, 2024. (2) Extension of e-Channel service            The ImmD launched the Contactless e-Channel service in 2021 to allow registered Hong Kong residents to undergo self-service immigration clearance using an encrypted QR code generated by the “Contactless e-Channel” mobile application and facial recognition technology. As at the end of 2024, around 5 million Hong Kong residents had registered for the service and the number of passengers who used the service reached around 150 million, accounting for nearly 75 per cent of the daily number of Hong Kong residents using the e-Channels. On July 19, 2024, the ImmD launched the Mutual Use of QR Code between HKSAR and Macao SAR Clearance Service in collaboration with the relevant authorities of Macao. Eligible Hong Kong residents who have registered for using the Macao Automated Passenger Clearance Service may use the encrypted QR code generated by the “Contactless e-Channel” mobile application for self-service immigration clearance in Macao. Similarily, eligible Macao permanent residents may also use the encrypted QR code generated by the “Macao One Account” mobile application for self-service immigration clearance through the e-Channels in Hong Kong. As at the end of 2024, the numbers of Hong Kong residents and Macao residents who used the service were around 400 000 and 210 000 respectively. (3) Cancelling the requirement for visitors to furnish arrival or departure cards      To further streamline immigration procedures, the ImmD has cancelled the requirement for visitors to furnish an arrival or departure card with effect from October 16, 2024. All passengers are no longer required to complete and furnish an arrival or departure card, thereby facilitating a faster and more convenient immigration clearance process.      Attracting talent by building Hong Kong into an international hub for talent      In support of the Government’s initiatives to attract and retain talent, as well as building Hong Kong into an international hub for talent, the ImmD continued to implement the various enhanced talent admission schemes and deployed additional manpower and streamlined the system to speed up the processing of relevant applications. Meanwhile, technology was also utilised to enhance electronic services, making the submission of visa applications more convenient and efficient. (For details of the numbers of applications for visas/entry permits/extensions of stay received and approved under various admission schemes/policies, please refer to the Annex.) (A) Enhancing talent admission schemes (1) Enhancing the assessment criteria and arrangements for the General Points Test under the Quality Migrant Admission Scheme      With effect from November 1, 2024, the General Points Test (GPT) under the Quality Migrant Admission Scheme (QMAS) has been enhanced by adopting clearer and more objective scoring criteria, as well as streamlining the application and selection process. The enhanced GPT replaced the original item-by-item scoring system with an assessment questionnaire comprising 12 assessment criteria across six major aspects, namely age, academic qualifications, language proficiency, work experience, income and business ownership. Applicants may submit applications if they meet a minimum of six assessment criteria. The ImmD will pass the eligible applications to an assessment panel chaired by the Secretary for Labour and Welfare. The assessment panel will then provide advice to the Director of Immigration according to the selection results. There is no annual quota under the enhanced GPT. (2) Expanding the list of eligible universities under the Top Talent Pass Scheme and extending the validity period of the first visa for Category A applications      To further expand the network for attracting talent, starting from November 1, 2024, 13 top Mainland and overseas universities/institutions have been added to the list of eligible universities under the Top Talent Pass Scheme (TTPS). The aggregate list currently covers a total of 199 eligible institutions after the annual update. In addition, with effect from October 16, 2024, the validity period of the first visa of applicants approved under Category A of the TTPS has also been extended from two years to three years to facilitate their advance planning for relocation to Hong Kong with their families. The new measure also applies to Category A applicants whose applications were approved before the aforementioned date. (3) Extending the immigration arrangements for graduates from the Greater Bay Area campuses of Hong Kong universities      In late 2022, the Immigration Arrangements for Non-local Graduates was expanded to include graduates from the Greater Bay Area (GBA) campuses of Hong Kong universities on a pilot basis for two years. The HKSAR Government announced in October 2024 that the arrangements would be extended for two years to the end of 2026. (B) Temporarily exempting full-time non-local undergraduate students from restrictions on taking up part-time jobs      Starting from November 1, 2024, full-time non-local undergraduate students have been temporarily exempted from the restrictions on taking up part-time jobs to enhance their personal experience of working in Hong Kong, thereby increasing their incentive to stay in Hong Kong for development after graduation. Eligible full-time non-local undergraduate students are allowed to take up part-time employment within the duration of their studies, with no restrictions on the number of working hours and location. (C) Implementation of New Capital Investment Entrant Scheme      The New Capital Investment Entrant Scheme was launched on March 1, 2024, with the aim to further enrich the talent pool and attract more new capital to Hong Kong. An eligible applicant must invest a minimum of HK$30 million in the permissible investment assets. Invest Hong Kong is responsible for assessing whether the applications fulfil the financial requirements, and the ImmD is responsible for assessing the applications for visa and entry permits and extensions of stay, etc. (D) Relaxation of visa arrangements for nationals of Cambodia, Laos, Myanmar and Vietnam      To foster closer ties with countries of the Association of Southeast Asian Nations (ASEAN), following the relaxation of criteria for Vietnamese nationals applying for multiple-entry visas for travel or business in 2023, the relaxation measure has been extended to include nationals of Cambodia, Laos and Myanmar starting from October 16, 2024. Meanwhile, the validity period of multiple-entry visas for nationals of these four ASEAN countries has also been extended from two years to three years. The ImmD has put in place a fast-track arrangement for group visitors from ASEAN countries who submit their visa applications via local travel agents, so that the processing time of the visa applications can be significantly shortened.      Be people-oriented and improve their livelihood in pursuit of happiness (A) Commissioning of the new Immigration Headquarters      Located at the Tseung Kwan O town centre, the new Immigration Headquarters officially commenced operation on June 11, 2024, marking a new milestone in the development of the department. Not only is the new headquarters equipped with better facilities and infrastructure, it also houses the Tseung Kwan O Marriage Registry and Tseung Kwan O Births Registry, delivering quality public services to citizens. The marriage hall of the Tseung Kwan O Marriage Registry features an innovative design with special wall panels, a lighting system that can be set to different colours, as well as various photo-taking spots. Since its opening on June 26, the hall has been popular among the public. As at the end of 2024, more than 1 300 weddings were held there. (B) New submission and collection kiosks for personal documentation      The Registration of Persons (Amendment) Regulation 2024 came into effect on December 13, 2024. On the same day, the ImmD introduced self-application services for identity cards (ICs), expanding the service scope of the Personal Documentation Submission Kiosks to cover IC applications, in addition to HKSAR passport applications. The new services cover three types of replacement applications of IC holders who are aged 18 or above holding a locally issued smart IC, i.e. (i) replacement for an adult IC for persons reaching the age of 18; (ii) replacement for a permanent IC for persons having their eligibility for a permanent IC verified; and (iii) replacement for a new smart identity card for persons holding a valid old form of smart identity IC. Eligible applicants may apply for an IC replacement in a self-service manner and submit their HKSAR passport applications in one go. For collection of documents, members of the public may also collect their ICs and HKSAR passports in a self-service manner through the Personal Documentation Collection Kiosks. A total of 54 new personal documentation kiosks are provided in the new headquarters. The service hours of some of the kiosks have been further extended until 10pm to enable eligible applicants’ access to the services beyond office hours. In addition, starting from December 13, 2024, the processing time for new smart ICs has been shortened from the current seven working days to five working days. Members of the public may collect their new ICs on the next working day upon completion of application processing by the ImmD. (C) Conclusion of Territory-wide Identity Card Replacement Exercise      Following the conclusion of the Territory-wide Identity Card Replacement Exercise on March 3, 2023, the Smart Identity Card Replacement Centres ceased operation. Residents who have yet to replace their smart identity cards can visit the four designated Registration of Persons (ROP) Offices during the extended service hours or the ROP – Kwun Tong (Temporary) Office for identity card replacement. As at the end of 2024, a total of some 7.32 million identity card holders had replaced their smart identity cards, representing a replacement rate of about 91 per cent. The Secretary for Security has made the Registration of Persons (Invalidation of Identity Cards) Order 2024 under section 7C of the Registration of Persons Ordinance (Cap. 177), declaring that the old form of smart identity cards issued before November 26, 2018, will be invalidated in two phases in 2025. Moreover, the On-site Identity Card Replacement Service (On-site Service), which had been temporarily suspended for over two years due to the pandemic, resumed in November 2022 to provide on-site identity card replacement service to eligible residents of residential care homes (RCHs). As at the end of 2024, the outreach teams had visited around 1 100 RCHs to complete the replacement procedures for over 45 200 residents. It is anticipated that the On-site Service will conclude in the first quarter of 2025. (D) Granting of visa-free access for HKSAR passport holders      In 2024, the ImmD issued a total of more than 900 000 HKSAR passports. Since July 2024, the period of visa-free entry for HKSAR passport holders to Thailand has been extended from up to 30 days to 60 days. As at the end of 2024, 171 countries or territories had granted visa-free access or visa-on-arrival for HKSAR passport holders. The ImmD will continue to lobby more countries or territories to grant visa-free access or visa-on-arrival for HKSAR passport holders to provide travel convenience. (E) Services and support for Hong Kong residents in distress outside Hong Kong (1) Assistance to Hong Kong residents in distress outside Hong Kong      The ImmD’s Assistance to Hong Kong Residents Unit (AHU) has been making every effort to provide practical assistance to Hong Kong residents in distress outside Hong Kong. The AHU maintains close ties with the Office of the Commissioner of the Ministry of Foreign Affairs in the HKSAR (OCMFA), Chinese diplomatic and consular missions overseas and other relevant HKSAR government departments to provide all practicable help and support to assistance seekers. To step up its services and support for Hong Kong residents in distress outside Hong Kong, the ImmD introduced the 1868 WeChat assistance hotline and 1868 Chatbot on March 18, 2024. Along with the existing options, Hong Kong residents may contact the AHU through a total of six different channels for assistance. In 2024, the AHU handled 3 302 requests for assistance in total, most of which involved loss of travel documents, hospitalisation, casualties, etc outside Hong Kong. Among the requests received, there were cases of Hong Kong residents suspected of having been lured to Southeast Asian countries and detained to engage in illegal work. The ImmD has provided appropriate advice and practicable assistance to the persons concerned or their families according to their wishes. In the light of the situation in Lebanon and Israel, the ImmD has also maintained close contact with the OCMFA and relevant Chinese Embassies to follow up as appropriate. With the assistance of the Embassy, three Hong Kong residents were safely evacuated from Lebanon by vessel and flight under the national arrangements. (2) Publicity on consular protection and outbound travel safety     In June 2024, the ImmD and the OCMFA co-organised the Consular Protection Month to widely disseminate information on consular protection and outbound travel safety through a series of activities, including holding the launching ceremony of the Consular Protection Month at Hong Kong International Airport (HKIA), organising roving exhibitions on consular protection across the territory, setting up booths at the International Travel Expo and conducting joint seminars with the OCMFA. Meanwhile, the “Consular Protection and Outbound Travel Safety” online exhibition was launched to enable members of the public to learn more about consular protection and outbound travel safety through various activities. (F) Mainland Travel Permits for Hong Kong and Macao Residents (Non-Chinese Citizens)      The Exit and Entry Administration of the People’s Republic of China started to issue Mainland Travel Permits for Hong Kong and Macao Residents (Non-Chinese Citizens) (Permits) from July 10, 2024, onwards. To apply for the Permit, applicants are required to apply for a Notice of Application for Access to Information (Notice) from the ImmD. The Notice will normally be made available within 10 days upon receipt of the request. As at the end of 2024, a total of about 87 000 applications in relation to the Notice had been received, among which 99 per cent had been processed.      Stringent law enforcement and securing social stability (A) Law enforcement           The ImmD is dedicated to combating immigration-related crimes. Its Cybercrime and Forensics Investigation Group has been actively conducting targeted cyber patrols and taking enforcement actions against those who organise, arrange or incite the public to commit serious crimes such as employing illegal workers through social media or instant messaging software, with a view to tackling illegal employment and protecting the job opportunities of local workers. (1) Combating illegal employment      In 2024, the ImmD conducted a total of 17 906 operations against illegal employment and arrested 4 172 illegal workers and 513 local employers altogether. In particular, a total of 444 non-ethnic Chinese illegal workers and 146 local employers who employed them were arrested during the enforcement operations against non-ethnic Chinese illegal workers. Employing illegal workers is a serious offence. A dishwashing service company licensee was convicted for employing illegal workers and sentenced to 19 months’ imprisonment in February 2024. In July and August 2024, under the co-ordination of the Exit and Entry Administration of the People’s Republic of China, the ImmD mounted a cross-boundary joint operation with the Exit and Entry Administration Offices of the public security authorities of Guangxi and Guangdong and the Shenzhen Frontier Inspection Station, cracking down on a cross-boundary forgery syndicate that specialised in soliciting Mainlanders to take up illegal employment in Hong Kong, resulting in the arrest of a total of 201 persons and the seizure of a large quantity of forgery equipment and forged documents. In regards to the Hong Kong side, the ImmD mounted an operation codenamed “Vanguard” and arrested a total of 97 persons, including a syndicate mastermind and serveral core members, as well as a number of suspected illegal workers and employers suspected of employing them. (2) Strengthening counter-terrorism preparedness, combating illegal transnational migration and document fraud      Officers of the ImmD intercepted suspicious persons at immigration control points in light of terrorist threat assessments and actual circumstances, and kept visitors in suspected association with terrorist activities under surveillance to prevent such persons from attempting to enter Hong Kong. In 2024, the ImmD conducted a total of 13 664 related inspection operations at various immigration control points, and intercepted 32 551 passengers in total for enquiries. To enhance its preparedness and response capability for emergencies and terrorist attacks, the ImmD participated in a large-scale interdepartmental counter-terrorism exercise codenamed “Wisdomlight” at the Kai Tak Sports Park in December 2024. During the exercise, the ImmD showcased its recently commissioned mobile identification tactical unit, while the Emergency Response Team of the Castle Peak Bay Immigration Centre (CIC) demonstrated how to quell a disturbance. Moreover, the ImmD has been working with different law enforcement agencies to combat illegal transnational migration, with the focus on investigation into document fraud, in order to prevent anyone from entering Hong Kong or travelling to other countries or territories via Hong Kong with forged travel documents. The ImmD’s Anti-Illegal Migration Agency conducted a total of 30 438 operations against forgery activities, including joint operations with overseas and local law enforcement agencies against illegal transnational migration. A total of 23 693 passengers were intercepted for enquiries. (B) Handling non-refoulement claims (1) Combating illegal entry of non-ethnic Chinese      The ImmD has commenced dedicated operations with Mainland and local law enforcement agencies since 2016 in order to take sustained enforcement action against illegal immigration activities of non-ethnic Chinese. While a sharp increase in the number of non-ethnic Chinese illegal immigrants intercepted in the second half of 2023 was once noted, the situation has improved significantly following the strengthened enforcement actions through concerted efforts of enforcement agencies. The number of interceptions plummeted by 84 per cent from the peak of 364 in October 2023 to a monthly average of 57 in 2024. The ImmD will continue to step up intelligence exchanges with enforcement agencies on the Mainland and in Macao to further combat illegal immigration precisely. (2) Advance Passenger Information System      To meet the aviation security requirements of the Convention on International Civil Aviation and to align Hong Kong with other aviation hubs worldwide, as well as to enable the ImmD to further enhance its clearance and enforcement capabilities to prevent undesirables, including potential non-refoulement claimants, from boarding flights heading to Hong Kong, the ImmD implemented the Advance Passenger Information (API) System on September 3, 2024, requiring airlines to transmit advance information to the ImmD about flights and passengers heading to Hong Kong through the API System when checking in travellers, and act upon the direction given through the system to allow or not allow specific travellers to board the aircraft heading to Hong Kong. To allow sufficient time for over 100 airlines to connect to the API System and to ensure that the system will run in a smooth and orderly manner, the rollout will be carried out in phases. A transitional period of around 12 months will also be provided. The offences and defences, and the miscellaneous provisions relating to the API System under Cap. 115Q, Laws of Hong Kong will come into effect after the transitional period, namely starting from September 1, 2025. (3) Stepping up the screening process      The ImmD continued to speed up the screening of non-refoulement claims with flexible staff deployment and optimised workflow. In 2024, the ImmD determined over 2 700 non-refoulement claims. As at the end of last year, there were about 850 claims pending screening by the ImmD. Under the unified screening mechanism, over 95 per cent of the claimants rejected by the ImmD lodged appeals against the decisions. As at the end of 2024, there were about 750 claimants who had lodged appeals pending decision by the Torture Claims Appeal Board/Non-refoulement Claims Petition Office. (4) Better management of detainees      To enhance security and management efficiency, the CIC is pressing ahead with a number of enhancement projects, including overhauling the CCTV surveillance system; launching an RFID (radio frequency Identification) Equipment Management System; and installing a Contactless Vital Sign Monitoring System to remotely monitor the vital signs of detainees. The CIC has also deployed small unmanned aircraft to carry out patrol duties from time to time to eliminate potential security threats. In addition to the CIC, the HKSAR Government included the Tai Tam Gap Correctional Institution and the Nei Kwu Correctional Institution (NKCI) as places of detention of the ImmD in 2021 and 2023 respectively, thereby increasing the number of detention places for detaining non-refoulement claimants to three. When the in-situ expansion of the NKCI is completed in 2025, the overall detention capacity of the three detention places will increase to 940. (5) Enhancing efficiency of removing unsubstantiated claimants      The ImmD has been committed to promptly removing unsubstantiated non-refoulement claimants from Hong Kong. In 2024, the ImmD removed 2 219 unsubstantiated claimants from Hong Kong, representing a rise of 24 per cent when compared with that in 2023. Under the updated removal policy effective from December 7, 2022, the ImmD may generally proceed with the removal of an unsubstantiated claimant whose judicial review case has been dismissed by the Court of First Instance of the High Court, thereby enhancing the efficiency of and efforts in removing unsubstantiated claimants. Since the implementation of the policy till the end of 2024, the ImmD removed a total of 4 070 unsubstantiated claimants from Hong Kong, including 314 claimants who were removed under the updated removal policy.      Nurturing young people and strengthening patriotic teams (A) Hong Kong will prosper when its young people thrive (1) Immigration Department Youth Leaders Corps      The ImmD formed the Immigration Department Youth Leaders Corps (IDYL) to provide systematic and regular disciplinary and leadership training for members by sending dedicated training officers to secondary schools with the aim of nurturing them to become pillars of society who love the country and Hong Kong. There is also a post-secondary student team, IDYL Plus, members of which have already been admitted to post-secondary institutes. They will be the experienced leaders to pass the values of the IDYL and their personal experiences to younger members. To celebrate the 75th anniversary of the founding of the People’s Republic of China, the IDYL organised a Shanghai summer exchange tour in July for 75 members to learn about the history of the motherland and have an in-depth exchange of ideas with local young people. As at the end of 2024, a total of over 950 students participated in the IDYL. (2) Immigration Department Youth Ambassador Programme      The ImmD launched the Immigration Department Youth Ambassador Programme in November 2023 and used the Immigration Divisions of the Mainland Offices of the HKSAR Government (Mainland Offices) as bases to recruit young people from Hong Kong who are studying and living in various provinces on the Mainland as Youth Ambassadors. Since the launch of the Programme, the ImmD has appointed 32 Youth Ambassadors in Beijing, Guangzhou, Shanghai and Wuhan. The appointed Youth Ambassadors will have diverse learning opportunities provided by the ImmD during the one-year term and collaborate with the Mainland Offices in disseminating the latest information and in briefing the public on the business scope of the department. The ImmD expects that the Programme will broaden the Youth Ambassadors’ horizons and lay solid groundwork for their different future positions in society. (B) Staff training and continuous development (1) Recruitment of service members      The ImmD launched a new round of in-service appointments and open recruitment of Immigration Officers in May 2024, while the open recruitment of Immigration Assistants continued to be all year round. During the recruitment exercises in 2024, the department recruited about 100 Immigration Officers and 210 Immigration Assistants. (2) National studies     In 2024, a total of 366 members of the Immigration Service were arranged to attend training courses in various Mainland institutes, including the National Academy of Governance, the First Standing Force of the Exit and Entry Administration of the People’s Republic of China, the China Foreign Affairs University, and the China People’s Police University. Moreover, in order to reinforce the concept of national security among newly recruited Immigration Officers, deepen their understanding of the history and development of the motherland as well as enhance their knowledge of the country’s immigration regime, with the staunch support of the Ministry of Public Security and the China People’s Police University, the ImmD has arranged 200 Immigration Officer trainees to participate in the National Affairs and Immigration Control Training Course for Immigration Officer Trainees at the China People’s Police University (Guangzhou) since October 2023. The ImmD will actively co-ordinate with relevant Mainland authorities so that newly recruited Immigration Assistants can also receive training in the Mainland.      Vision for 2025      Utilising technologies to enhance service standards (A) New milestone of e-Channel service      Since the launch of the first e-Channel at the Lo Wu Control Point in December 2004, the total number of users of e-Channels has exceeded 2 billion. Over the past two decades, the ImmD has been striving for innovation in enhancing the clearance efficiency of e-Channels and expanding the service target group in order to provide immigration services of the highest quality to members of the public and visitors. To further enhance service quality, the ImmD has set two key directions for the future development of e-Channels, namely “simplicity” and “efficiency”. While ensuring information security, the ImmD will introduce more innovative technologies for e-Channel users to perform immigration clearance in a more convenient and faster manner. (1) Extension of applicable age of e-Channel service      At present, Hong Kong permanent residents aged 11 or above holding a smart identity card can use e-Channels for self-service immigration clearance. To enhance clearance efficiency, the ImmD will adjust the applicable age of the e-Channel service for Hong Kong permanent residents from the first quarter of 2025 onwards so that children aged 7 or above holding a valid HKSAR passport and a Hong Kong permanent identity card can undergo self-service immigration clearance with a smart identity card using facial recognition technology at e-Channels. The implementation date will be announced later. (2) Introduction of new e-Channel      The ImmD plans to introduce the new e-Channel at the Arrival Hall of HKIA in the third quarter of 2025, which will enable eligible Hong Kong residents to experience hassle-free self-service immigration clearance through verification of identity by facial recognition technology at the new e-Channel upon arrival without prior enrolment or presenting travel documents or QR codes. (3) Innovative proposal for the application of technologies in handling immigration clearance for private cars      The ImmD and the Hong Kong Applied Science and Technology Research Institute (ASTRI) signed a Memorandum of Understanding in April 2024 to explore an innovative proposal for the application of technologies in four areas, i.e. Innovative Immigration Control Operation, Biometric Identification and Authentication, Artificial Intelligence Assisted Immigration Application and Collaborative Robotics Technology. Currently, the ImmD is making substantial efforts in a collaborative project relating to the Innovative Immigration Control Operation with ASTRI, actively researching whether a technology solution underpinned by facial recognition technology can be used to handle immigration clearance of private car passengers, with a view to further enhancing passenger clearance experience. (B) Upgrading infrastructure of boundary control points (1) Redevelopment of Huanggang Port      To tie in with the Guangdong-Hong Kong-Macao Greater Bay Area development blueprint and enable smooth and efficient people and cargo flows within the area, the HKSAR Government has been forging ahead with a series of measures to further enhance the capacity of control points and the clearance efficiency, with the redevelopment of the Huanggang Port as one of the key projects. The new Huanggang Port will implement the “co-location arrangement” and adopt a new clearance mode of “collaborative inspection and joint clearance”, making it the first boundary control point between Guangdong Province and the HKSAR adopting such a clearance mode. Currently, Hong Kong and Shenzhen are taking forward the construction works of the new Huanggang Port building and specific immigration clearance arrangements. The target is to strive for basic completion of the new Huanggang Port building by the end of 2025. The ImmD will continue to maintain close liaison with the authorities of both Hong Kong and the Mainland, and proactively implement all relevant preparatory work. (2) Airport Terminal 2      With the full commissioning of the Three-Runway System (3RS) of HKIA in 2024, the capacity of HKIA will be substantially enhanced. Terminal 2 (T2) under the 3RS project is undergoing expansion. Upon completion, it will provide full-fledged terminal services with additional immigration facilities, which include a total of 137 immigration clearance counters and 60 e-Channels. T2 will be opened in phases based on passenger traffic demand. The ImmD will maintain close ties with the Airport Authority Hong Kong and other relevant HKSAR government departments to ensure the smooth commissioning and running of T2. (C) Providing immigration facilitation to the 15th National Games      The ImmD fully supports the 15th National Games, and the 12th National Games for Persons with Disabilities and the 9th National Special Olympic Games to be held in 2025, whereby special immigration lanes will be provided in the closed areas of designated control points on Hong Kong side to provide faster and more convenient clearance services for athletes from the Mainland and Macao and their accompanying staff. (D) Commencement of study of Fourth Information Systems Strategy (ISS-4)      To further work in tandem with the HKSAR Government’s smart city initiative and proactively seize the opportunities of innovative technology and artificial intelligence technology, the ImmD has appointed a consultant in August 2024 to conduct a new round of reviews on information systems and formulate the ISS-4 as the department’s long-term information technology development blueprint. The research for the ISS-4 is expected to be completed in the second quarter of 2025. (E) Enhancing various measures for attracting talent      The ImmD will continue to fully support the HKSAR Government’s measures for attracting and retaining talent. A new channel will be introduced under the General Employment Policy and the Admission Scheme for Mainland Talents and Professionals in 2025 to allow young and experienced non-degree talent with relevant professional and technical qualifications to apply for entry into Hong Kong to join the skilled trades facing acute manpower shortage. There will be a quota under such an arrangement. Moreover, a new mechanism will be introduced under the QMAS in 2025 to proactively invite top-notch and leading talent to come to Hong Kong for development, promoting Hong Kong as the focal point of international high-calibre talent.

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: CBDC requires interoperability, privacy protection, robust infrastructure, and clear benefits of use to become currency in future, says GlobalData

    Source: GlobalData

    CBDC requires interoperability, privacy protection, robust infrastructure, and clear benefits of use to become currency in future, says GlobalData

    Posted in Banking

    Retail central bank digital currency (CBDC) development projects continue to face significant hurdles before achieving large-scale implementation. Key challenges include ensuring system interoperability with existing payment methods and currencies worldwide, addressing privacy concerns in advanced economies, and overcoming infrastructure limitations in emerging economies, according to GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “The State of Central Bank Digital Currencies in 2025 and Beyond,” highlights that retail CBDCs fail to address real consumer needs or pain points meaningfully. Furthermore, they offer no clear tangible benefits that would drive user adoption.

    Blandina Szalay, Banking and Payments Analyst at GlobalData, comments: “The very limited uptake of CBDC in countries where it fully launched – in the Bahamas, Jamaica, the Eastern Caribbean Currency Union, and Nigeria – can be attributed to the lack of compelling incentives for consumers to switch to CBDCs from the payment methods they are already used to.”

    With habit and convenience being the dominant factors influencing payment tool choices globally for both in-person and online payments, central banks will require either robust incentive schemes or mandates to achieve a widespread adoption of their digital currencies. In countries already operating CBDCs, consumers have expressed that using CBDCs and their associated wallets has introduced additional friction to existing payment processes without offering sufficient benefits. Critics from other CBDC-piloting countries echo these sentiments.

    Szalay continues: “Achieving critical mass in CBDC adoption, however, will be necessary to reap any advantages initially proposed by central banks. These could include driving domestic payment system innovation, improving cross-border payment efficiencies, fostering financial inclusion, and newfound financial and monetary stability in emerging economies by formalizing their economies via CBDC.”

    Most recently, the Bank of England (BoE) unveiled its digital pound lab, a testing sandbox aimed at addressing key challenges such as interoperability, or absence of clear use cases and lack of viable business models. These issues are set to be tackled throughout 2025, before the decision on a wider launch is made.

    Szalay concludes: “As national governments keep allocating resources towards their ongoing CBDC projects, they should also consider the level of their citizens’ openness and willingness to use the central bank’s digital currency in their everyday lives. Should incentives prove insufficient, and governments have to turn to mandates, it will only reinforce critics’ concerns that CBDCs are a tool for asserting domestic and international control.”

    MIL OSI Economics –

  • MIL-OSI Economics: Hydrogen economy development enters critical phase, says GlobalData

    Source: GlobalData

    Hydrogen economy development enters critical phase, says GlobalData

    Posted in Oil & Gas

    The hydrogen economy has recently experienced some hiccups in its growth story. Apparently, demand for this commodity is not rising at the pace it was envisaged back in 2020 when companies had aggressively announced their energy transition plans. As more industries, such as steel, transportation, and power, try to decarbonize their operations, the demand for low-carbon hydrogen is expected to grow. Nevertheless, the hydrogen economy is currently in its critical phase of its development, says GlobalData, a leading data and analytics company.

    GlobalData’s thematic report, “Hydrogen,” reveals that about 83% of the low carbon hydrogen capacity coming online by 2030, is expected to come from green hydrogen plants, while the remainder is from blue hydrogen. Purple and turquoise hydrogen capacities are anticipated to be miniscule. Only about 2% of the total expected capacity by 2030 is currently operational.

    Ravindra Puranik, Oil and Gas Analyst at GlobalData, comments: “Low-carbon hydrogen is set to occupy a crucial role in the decarbonization efforts of several energy-intensive industry verticals. As hydrogen is an essential feedstock in downstream oil and gas processes, switching to low-carbon hydrogen would help companies reduce their emissions footprint. It also has massive potential in the transportation sector, especially in marine and heavy vehicle applications, due to its energy density properties.”

    Conventionally, hydrogen has been consumed in the oil and gas industry as a reagent in the refining sector and as a feedstock in the petrochemical sector. The demand from the oil and gas industry will remain the dominant driver for hydrogen in the foreseeable future. Additional demand for this commodity is expected to emerge from industries such as metallurgy, power generation, and transportation.

    Puranik continues: “There has been a significant jump in low-carbon hydrogen project announcements in the last few years as industries unveiled plans to decarbonize their operations. Nearly 75% of these projects are in the feasibility stage of development. This reflects the momentum in new plant announcements within this market to reap from the global energy transition.”

    Blue and green hydrogen production offers particularly promising growth potential for oil and gas companies pursuing energy transition. Companies are investing in this energy source for their long-term goals, with a preference for green hydrogen.

    Puranik concludes: “Several oil and gas companies have announced new blue and green hydrogen plants, which are expected to be operational by 2030. Nevertheless, there is a need for the hydrogen distribution network to expand at scale, which includes the addition of new pipelines. The current scenario signals a critical phase for the development of the global hydrogen economy. Its fate and momentum in the coming years will be decided by how things pan out in the near future.”

    MIL OSI Economics –

  • MIL-OSI Video: Open Forum: Empowering Bytes | World Economic Forum Annual Meeting 2025

    Source: World Economic Forum (video statements)

    In an increasingly digital world where over 5 billion people are online and the average person spends more than six hours a day on the internet, safety and accountability must extend beyond the physical realm.

    What principles and practical approaches are needed to identify and reduce digital risks, prevent harm and promote trust and safety online?

    Speakers: Peter Lucas Kaaka Jones, Amanda Graf, Helena Leurent, Lauren Woodman, Bilel Jamoussi

    The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

    This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/
    X ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
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    Flipboard ► https://flipboard.com/@WEF

    #Davos2025 #WorldEconomicForum #wef25

    https://www.youtube.com/watch?v=HD6psXySlyU

    MIL OSI Video –