Category: Canada

  • MIL-OSI United Kingdom: Travelling Gallery returns with new exhibition

    Source: Scotland – City of Edinburgh

    Travelling Gallery is delighted to be partnering with the University of St Andrews this February to present the exhibition Between Women.

    The exhibition features the work of Franki Raffles, Sylvia Grace Borda, Sandra George, Carolyn Scott and Niu Weiyu.

    Between Women takes images made by the photographer Franki Raffles from her base in Edinburgh during the 1980s and 1990s as a starting point to explore relationships between gender, labour, education, care and activism in documentary photography since the 1950s in Scotland and internationally. Raffles’ photographs will appear alongside images by Sylvia Grace Borda, Sandra George, Carolyn Scott and Niu Weiyu which together illuminate how gender is produced and reproduced through workplaces, housing, healthcare, and particularly schools, playgrounds and nurseries, across urban and rural landscapes.

    In examining the relationships and power structures between women, this exhibition takes inspiration from two projects by Raffles. The first is a trip Raffles made in 1984–85 to the Soviet Union and Asia, including an extended period in China, during which her concern with women at work crystallised. The second, Picturing Women, was part of a 1988–89 educational initiative organised by Stills Gallery, Edinburgh, aimed at helping young people analyse photographs, for which Raffles studied the working relationships between women at a school. These two projects provide a framework through which connections and comparisons with Niu Weiyu, Carolyn Scott, Sandra George and Sylvia Grace Borda’s photographs emerge.

    One of the few women photographers to gain professional recognition in twentieth-century China, Niu worked for state-run media organisations and produced a large number of photographs that portray women’s roles as workers throughout the 1950s, 1960s and 1970s. Carolyn Scott’s documentary photographs images of children and families in Newcastle’s Rye Hill area where she lived between 1967-68 observe the relationships and socialisation forged through play, but also the effects of deindustrialisation on the community. Sandra George’s photographs of Edinburgh during the 1980s and 1990s attest to the importance of community educational groups and spaces in activism and organising, alongside public demonstrations and gatherings. Sylvia Grace Borda’s studies of schools, leisure centres and nurseries in the New Town of East Kilbride reflect on the complex legacies of post-1945 Welfare State architecture from the perspective of the early 2000s.

    Together, these photographs highlight the possibilities for solidarity between women in sites and spaces spanning the local and the global, but also the importance of recognising differences and intersectional identities that account for the constructs of gender, sexuality, race, disability and class in activism and organising.

    Launching in Edinburgh at the Community Wellbeing Centre on Monday 17 February from 11am to 5pm, the exhibition will tour throughout the week visiting the following locations:

    • Tuesday 18 February, 10am – 4pm – Glasgow Women’s Library
    • Wednesday 19 February, 10am – 4pm – Dundee International Women’s Centre
    • Thursday 20 February, 10am – 4pm – Fluthers Car Park, Cupar
    • Friday 21 February, 10am – 4pm – East Sands Leisure Centre, St Andrews

    Between Women is curated by Vivian K. Sheng and Catherine Spencer, with support from the University of St Andrews Impact and Innovation Fund.

    Culture and Communities Convener, Councillor Val Walker said:

    It’s brilliant to see the Travelling Gallery return for 2025.

    It’s crucial that art and culture is as accessible to as many people as possible. I’m proud that through our ongoing support of the Travelling Gallery, and the recent increased Creative Scotland investment, art is brought straight into the hearts of towns and cities across Scotland. I hope everyone takes the opportunity to visit the exhibition, bringing together work which illuminates how gender is produced and reproduced through workplaces.

    Here in Edinburgh, we’re clear that that our residents should be able to easily access a variety of cultural activities, and this exhibition brings art closer to people’s communities.

    Louise Briggs, Curator, Travelling Gallery said:

    We’re delighted to be working with Vivian, Catherine, and the University of St Andrews to present this exhibition. We’re looking forward to discussing the work of each artist with our visitors, who we believe will have their own stories and experiences to share that chime with many of the references (and local sites) found in the work on display.”

    With thanks to the University of St Andrews Libraries and Museums, Edinburgh Napier University, Franki Raffles Estate, Craigmillar Now, Gaofan Photography Museum, Sylvia Grace Borda and Carolyn Scott.

    Travelling Gallery is a contemporary art gallery in a bus. Since 1978 it has been bringing exhibitions to communities throughout Scotland. We recognise that art can change lives and we create fair conditions and remove barriers to allow access and engagement to audiences in their own familiar surroundings. The gallery space offers an open and welcoming environment for people of all ages, backgrounds, and abilities to discover and enjoy contemporary art. Over the past forty years, Travelling Gallery has brought innovative exhibitions to every part of Scotland reaching hundreds of thousands of visitors and school pupils. Travelling Gallery is a ‘not for profit’ organisation, regularly funded by Creative Scotland and supported by the City of Edinburgh Council.

    For more information, please vist the Travelling Gallery website.        

    The gallery has ramp access for wheelchairs; hearing loop and will have large print format exhibition interpretation.

    Artist Biographies

    Sylvia Grace Borda is an artist working with photography, net art, video installation, and eco-art, who has undertaken projects in Canada, Finland, Northern Ireland, Latvia, Scotland, Ethiopia and Taiwan. Her artwork is concerned with establishing systems of public understanding that underpin literacy, advocacy, and action to conserve the built and natural environments. In Scotland, she focused on New Town architecture in EK Modernism (2005–10) and A Holiday in Glenrothes (2008), and created an edible photo artwork, the Lumsden Biscuit (2016–17). Her roles at Queen’s University Belfast (2008–10); University of Salford (2011), and University of Stirling (2012–15) have focused on visual arts and social histories, digital engagement and innovation. In 2023, she received the Mozilla Foundation Rise 25 award in recognition of her transformative media arts practice to democratize the web for communities. Exhibitions include National Galleries of Scotland, RIAS, Street Level Photoworks, and The Lighthouse, Glasgow.

    Sandra George (1957–2013) was an Edinburgh-based social documentary photographer, multi-disciplinary artist, and a community worker in Craigmillar. George studied Photography at Napier University, Drawing and Painting at Edinburgh College of Art, and Community Education at The University of Edinburgh. For over 30 years she worked extensively as a freelance photographer for organisations and publications including the Sentinel, Tollcross Community Newspaper, Shelter, Craigmillar Festival News, and Craigmillar Chronicle, and taught photography and art to communities across Edinburgh. She started working in community development in Wester Hailes in the 1980s, and in Craigmillar from the 1990s, and was an integral member of initiatives including McGovan house, the Thistle Foundation, and the Craigmillar Arts Centre. Alongside a commitment to community work, anti-racism and social justice, George’s photographs document children at play and their educational and leisure environments. George’s archive is held at Craigmillar Now, a community-led arts and heritage organisation in Craigmillar.

    Franki Raffles (1955–1994) was a feminist photographer specialising in social documentary. Raffles studied philosophy at the University of St Andrews from 1973–1977, where she was an active member of the Women’s Liberation Movement. After experimenting with photography while living on the Isle of Lewis, she moved to Edinburgh in 1983, and started documenting women at work, as well as organising and campaigning. Raffles frequently collaborated with Edinburgh District Council’s Women’s Committee, including on the project To Let You Understand: Women’s Working Lives in Edinburgh (1989) Zero Tolerance campaign against domestic violence in the early 1990s. She travelled widely throughout her career, including extended trips to Asia and the Soviet Union. Raffles’ work is currently the focus of a major exhibition Franki Raffles: Photography, Activism, Campaign Works at BALTIC Centre for Contemporary Art. Her archive is held at the University of St Andrews.

    Carolyn Scott is an artist working in photography, film and installation. She was raised in Edinburgh and now lives in Cupar, Fife. Carolyn lived in the Rye Hill district of Newcastle Upon Tyne in the late 1960s where, in the spring and early summer of 1968, using a twin-lens Rollieflex camera, she photographed the immediate area in which she lived. Her  Rye Hill Social Documentary Photography Collection images were unseen for nearly 40 years until she revisited them during her studies at Duncan of Jordanstone College of Art and Design, Dundee University, where she received a BA and MFA. Carolyn’s work has been shown in the Cupar Arts Festival, St Andrews Photography Festival, Royal Scottish Academy and The Centre for Theology and Inquiry, Princeton. The Rye Hill Social Documentary Photography Collection is now held at the University of St Andrews. 

    Niu Weiyu (牛畏予) (1927–2020) worked as a photojournalist and photographer for North China Pictorial, Southwest Pictorial, and the News Photography Bureau. She later joined the Xinhua News Agency, where she worked for various branches from the 1950s to the 1980s. Weiyu was one of the few women photographers during this period, who were often assigned to feature women workers, such as the first women pilots, as well as public figures and officials in the Chinese Communist Party, and she travelled extensively throughout her career.

    Vivian K. Sheng is an art historian working on contemporary Chinese and East Asian art in transnational contexts and an assistant professor in contemporary art at the University of Hong Kong. In Fall 2022, she was a Global Fellow hosted by the School of Art History at the University of St Andrews. Her research investigates the intricate interrelations between women, domesticity and art practices in contexts of ever more intensified cross-border movements and exchanges, provoking reflections on notions of identity, home and belonging beyond the territorial fixity of natio-state. Relevant issues are explored in her forthcoming monograph book— The Arts of Homemaking: Women, Migration and Transnational East Asia. Her writings have appeared in ASAP/Journal, Art Journal, PARSE Journal,Third TextSculpture Journal, Yishu and INDEX JOURNAL.

    Catherine Spencer is an art historian at the University of St Andrews. She is currently working on a book entitled Abstract Subjects: Art, Borders and ‘Britain’, and co-editing Grassroots Artmaking: Political Struggle and Activist Art in the UK, 1960–Present with Maryam Ohadi-Hamadani and Amy Tobin (Bloomsbury, forthcoming). Her writing on Franki Raffles has been published in Art History (2022) and the catalogue for the 2024–5 exhibition Franki Raffles: Photography, Activism, Campaign Works at BALTIC Centre for Contemporary Art. In 2021, she co-curated Life Support: Forms of Care in Art and Activism with Caroline Gausden, Kirsten Lloyd, and Nat Raha at Glasgow Women’s Library. Her essays have appeared in Art History, Art Journal, ARTMargins, Tate Papers, Parallax and Oxford Art Journal.

    MIL OSI United Kingdom

  • MIL-OSI: Hivello Secures Strategic Investment from Antanas Guoga “Tony G” to Scale Decentralised Compute

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 14, 2025 (GLOBE NEWSWIRE) — Blockmate Ventures Inc (TSX.V: MATE) (OTCQB: MATEF) (FSE: 8MH1) (“Blockmate” or the “Company”) is pleased to announce that its majority-owned subsidiary, Hivello Holdings Ltd (“Hivello”) has secured a strategic investment from Tony G.

    Tony G led a strategic investment into Blockmate on December 17, 2024. And as per Hivello’s release below, Tony G has followed on with a direct investment into Hivello directly.

    Below is the press release from Hivello:

    Hivello Secures Strategic Investment from Antanas “Tony G” Guoga to Scale Decentralized Compute

    London & Amsterdam, February 13, 2025 – Hivello, a DePIN aggregator that enables users to earn by monetising idle computer resources across multiple decentralised networks, has announced a strategic investment from Antanas Guoga (Tony G), a well-known blockchain investor, entrepreneur, and advocate for decentralized infrastructure. 

    Antanas Guoga, widely known as Tony G, is a seasoned investor, entrepreneur, and advocate for blockchain innovation. As the chairman and major shareholder of TSXv-listed Sol Strategies Inc., a Canadian-based investment firm specializing in blockchain, AI, and decentralized technologies, Tony G has been instrumental in backing high-growth Web3 startups. 

    His strategic investments have helped scale multiple blockchain projects, with Sol Strategies recently surpassing a $500 million market capitalization. Beyond his role in the private sector, Tony G has a history of championing digital innovation in public policy. As a former Member of the European Parliament (MEP), he was a strong advocate for technological advancement, pushing for clearer blockchain regulations and greater adoption of decentralized solutions. His global network and deep understanding of the intersection between policy, technology, and finance make him a valuable partner for companies shaping the future of Web3.

    Recognizing Hivello’s role in the future of DePIN, Tony G’s investment underscores his belief in DePIN as a major growth sector in Web3. His support will help accelerate Hivello’s expansion, enabling more users to seamlessly contribute to decentralized infrastructure while earning rewards. With his backing, Hivello is positioned to become a key player in the next generation of blockchain-powered compute networks.

    In addition, Hivello is now live on Gate.io, MEXC, and Raydium! With both CEX and DEX options, more users can trade $HVLO and participate in the growing DePIN economy.

    “Hivello is tackling one of the biggest challenges in DePIN—bridging complex infrastructure with everyday users,” said Tony G. “Their platform makes it incredibly easy for anyone to participate in and benefit from the decentralized economy. I see huge potential in their approach and am excited to support their journey.”

    “Tony G’s investment is a strong validation of Hivello’s vision to simplify and scale decentralized physical infrastructure networks,” said Domenic Carosa, Co-Founder of Hivello. “His deep expertise in blockchain and infrastructure scaling, combined with his ability to back high-growth projects, will help accelerate our mission to make DePIN accessible to millions of users worldwide.”

    (ENDS)

    About Hivello
    Hivello is a DePIN aggregator that enables users to earn by monetising idle computer resources across multiple decentralised networks. The Swiss-based HVLO Association will issue the $HVLO token under license from Hivello Holdings Ltd.

    For more information about Hivello and to stay updated on its developments, visit www.hivello.com

    Website | X | Discord | LinkedIn | Telegram

    About Blockmate Ventures Inc.
    Blockmate Ventures is a venture creator focussing on building fast-growing technology businesses relating to cutting-edge sectors such as blockchain, AI and renewable energy. Working with prospective founders, projects in incubation can benefit from the Blockmate ecosystem that offers tech, services, integrations and advice to accelerate the incubation of projects towards monetization. Recent projects include Hivello (download the free passive income app at www.hivello.com) and Sunified, digitising solar energy.

    The leadership team at Blockmate Ventures have successfully founded successful tech companies from the Dotcom era through to the social media era. Learn more about being a Blockmate at: www.blockmate.com.

    Blockmate welcomes investors to join the Company’s mailing list for the latest updates and industry research by subscribing at https://www.blockmate.com/subscribe.

    ON BEHALF OF THE BOARD OF DIRECTORS

    Justin Rosenberg, CEO
    Blockmate Ventures Inc
    justin@blockmate.com
    (+1-580-262-6130)

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

    Forward-Looking Information
    This news release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Raindrop disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.

    The MIL Network

  • MIL-OSI Europe: ASIA/SYRIA – Christian Professor in the Preparatory Committee for the National Conference

    Source: Agenzia Fides – MIL OSI

    by Gianni ValenteDamascus (Agenzia Fides) – Her name is Hind Aboud Kabawat, she teaches at American universities and is the only Christian in the seven-member committee (five men and two women) tasked with preparing the announced “National Conference of Syria”, which will begin the process of drafting a new constitution and defining the new institutional structure of the Middle Eastern country.The seven members of the committee were chosen by the self-proclaimed “interim” president Ahmad al-Sharaa. Under the name Abu Muhammad Jolani, al-Sharaa led for years “Hayat Tahrir al Sham”, an Islamist group that played a leading role in the group of armed militias that joined forces to fight the Assad regime, which collapsed in December last year.By including Hind Kabawat in the committee that is supposed to help pave the political path to a constitution and elections, the current rulers in Syria want to send a signal that concretely confirms their declared open and inclusive attitude towards the local Christian communities. And a look at the professional profile of the Syrian-Canadian professor reveals details about the criteria of the geopolitical strategies of the new Syrian leadership. Hind Kabawat, a Catholic, has two children – a boy and a girl – and comes from an interdenominational Christian family: a Greek Catholic father, a Greek Orthodox mother. Her CV is full of outstanding references, which also attest to her constant commitment to initiatives and institutions supporting interreligious dialogue and strategies for mediation, pacification and the promotion of women in Syria, which has been torn apart by conflict and atrocities in recent years.Hind Kabawat studied economics at the University of Damascus and obtained a second degree in law from the Arab University of Beirut. She continued her academic training with a master’s degree in international relations from the Fletcher School of Law and Diplomacy at Tufts University (near Boston, Massachusetts) and certificates in conflict resolution and negotiation strategies from the universities of Toronto and Harvard.The Syrian-born professor heads the Interfaith Peacebuilding program at the Center for World Religions, Diplomacy and Conflict Resolution (CRDC) at George Mason University (Virginia) and was deputy head of the Geneva office of the Syrian Negotiations Commission, formerly known as the High Negotiations Committee (HNC).In her role at the then HNC, Hind Kabawat had already participated in the eight rounds of Geneva peace talks on Syria in 2017. Her skills were therefore known in networks and bodies outside Syria that dealt with the situation in Syria. Hind Kabawat was also involved in the creation of the “Tastakel” center, an educational center for women dedicated to promoting non-violence and dialogue to resolve conflict situations.The spokesman for the preparatory committee for the conference on national dialogue, Hassan Dagheim, said in an interview with the official Syrian news agency “SANA” that the committee would work to ensure that all social, ethnic, cultural and religious realities in Syria are represented and that the diversity of the various Syrian provinces is respected. At the same time, with regard to the appointment of Hind Kabawat, local analysts are wondering what significance the contribution of a Christian woman has in a committee in which the radical Islamist component seems to be predominant.As in Aleppo, many local councils of professional associations (doctors, lawyers, etc.) have recently been reorganized, and the new organizational charts are predominantly made up of people linked to “Hayat Tahrir al Sham” and other influential groups in post-Assad Syria.As early as the end of August 2022, the Islamist militiamen of “Hayat Tahrir al Sham” had again allowed the celebration of a mass in a church that had been closed for ten years in the area of Idlib province under their control (see Fides, 6/9/2022). The leader of the jihadist group al-Jolani himself had “guaranteed” the celebration of the mass in the Armenian Apostolic Church “Saint Anne” near the village of Yacoubia in the northwest of Idlib. Dozens of Christians of various denominations took part in the liturgical celebration in the holy site, which previously served as a refuge for refugees. Pictures of the celebration were distributed by the Islamist militias themselves. In the previous weeks, Muhammad al-Jolani had told representatives of the Christian communities who were still in then villages of Qunaya, Yacoubia and al-Jadida, announced his intention to “protect” their liturgical celebrations and to guarantee them the gradual return of the land previously confiscated from the Christian owners. Even then, al-Jolani’s move had provoked mixed reactions. Other Salafist groups such as “Hurras al Din” had accused al-Jolani of making the province of Idlib “less Muslim”. Other analysts saw the initiative as part of a strategy by this Islamist group to make its declared “moderate turn” known internationally. Militiamen of the “Hayat Tahrir al Sham” emphasized the need to “open a new chapter” and reaffirm that Islam does not prohibit non-Muslims – including Christians – from practicing their faith freely.In 2013, al-Jolani himself was still classified as a “global terrorist” by the US State Department. In 2022, Aaron Y. Zelin wrote in an analysis of Hayat Tahrir al-Sham, published at the time on the website of the Washington Institute for Near East Policy, that al-Jolani was “no longer just the leader of a terrorist group or a rebel group” but should be seen as a representative of a change that also includes a change in attitude towards the United States. Zelin also reported that Hayat Tahrir al-Sham allegedly used secret channels to convey the following message to US officials: “We want to be your friends. We are not terrorists. We are only fighting against Assad. We are not a threat to you”. (GV) (Agenzia Fides, 14/2/2025)
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    MIL OSI Europe News

  • MIL-OSI: Dominion Lending Centres Inc. Announces Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Feb. 14, 2025 (GLOBE NEWSWIRE) — Dominion Lending Centres Inc. (TSX:DLCG) (“DLCG” or the “Corporation”) is pleased to announce that its Board of Directors has declared a cash dividend of $0.03 per class “A” common share that will be payable on March 14, 2025 to shareholders of record as of February 28, 2025. The dividend will be designated as an “eligible dividend” for Canadian income tax purposes.

    About Dominion Lending Centres Inc.

    Dominion Lending Centres Inc. is Canada’s leading network of mortgage professionals. DLCG operates through Dominion Lending Centres Inc. and its three main subsidiaries, MCC Mortgage Centre Canada Inc., MA Mortgage Architects Inc. and Newton Connectivity Systems Inc., and has operations across Canada. DLCG extensive network includes over 8,000 agents and over 500 locations. Headquartered in British Columbia, DLC was founded in 2006 by Gary Mauris and Chris Kayat.

    DLCG can be found on X (Twitter), Facebook and Instagram and LinkedIn @DLCGmortgage and on the web at www.dlcg.ca.

    Contact information for the Corporation is as follows:

    Eddy Cocciollo
    President
    647-403-7320
    eddy@dlc.ca
    James Bell
    EVP, Corporate and Chief Legal Officer
    403-560-0821
    jbell@dlcg.ca
     
         

    NEITHER THE TSX EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    The MIL Network

  • MIL-OSI: 180 Degree Capital Corp. Issues Q4 2024 Shareholder Letter

    Source: GlobeNewswire (MIL-OSI)

    Montclair, NJ, Feb. 14, 2025 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (NASDAQ:TURN) today issued the following Q4 2024 Shareholder Letter:

    Fellow Shareholders,

    We are incredibly proud of our recent announcement of the signing of a definitive agreement for 180 Degree Capital Corp. (“180 Degree Capital”) to enter into a business combination (the “Business Combination”) with Mount Logan Capital Inc. (“Mount Logan”). For those of you who have not had a chance to listen to our joint call with the team from Mount Logan or review the presentation deck that summarizes the proposed transaction, both can be found at https://ir.180degreecapital.com/ir-calendar/detail/2908/180-degree-capital-and-mount-logan-capital-proposed-merger. We expect to file a registration statement and joint proxy statement/prospectus with the Securities and Exchange Commission (the “SEC”) soon. This document will give us the opportunity to speak with our shareholders more extensively about the proposed Business Combination and the process that led to our Board’s unanimous approval of this strategically important transaction.

    This proposed transaction is not the end of 180 Degree Capital. We believe it is the logical next step in our evolution. It is also an opportunity that is not afforded commonly to closed-end funds, particularly since we believe most have limited differentiation. We believe there are clear reasons why 180 Degree Capital has this truly unique opportunity to combine with an asset manager and to transition to an operating company. We will get to those below, but first, I want to touch on why we believe Mount Logan is a proverbial “diamond in the rough.”

    Mount Logan has the following attributes that we believe will provide value to 180 Degree Capital shareholders:

    • Mount Logan has what we believe to be an outstanding management team comprised of its CEO, Ted Goldthorpe, its Co-Presidents, Matthias Ederer and Henry Wang, and its CFO, Nikita Klassen;
    • Mount Logan’s asset management platform has approximately $2.4+ billion of assets under management (as of September 30, 2024) that we believe generates predictable fee revenue that can be used to benefit the growth of the combined company and its shareholders;
    • Mount Logan has operational leverage and unique investment access through its association with BC Partners, a leading global private equity and credit firm;
    • Mount Logan is focused on what we believe is the fast-growing market of private credit;
    • We believe that Mount Logan remains undiscovered by the majority of investors due to it being listed on the Cboe Canada exchange rather than a US national exchange; and
    • We believe Mount Logan is significantly undervalued by public market investors.

    For 35 years, I have been a value investor attempting to uncover great companies that I believe are trading below their intrinsic value. As we spent more time with Ted and his colleagues over the past six months, it became abundantly clear to us that 1) we believe Mount Logan is one of these great undiscovered and undervalued companies and 2) the combination of our two companies has the potential to unlock substantial value for 180 Degree Capital shareholders by:

    1. Shifting the valuation of our business from one based on net asset value to a valuation based on operating metrics with a foundation of what we believe will be more predictable fee-related revenues attributed to earnings from the management of permanent and semi-permanent capital vehicles. Other similar businesses commonly trade based on multiples of operating metrics rather than discounts to net asset value.
    2. Changing to an asset-light operating company that leverages an association with BC Partners enables economies of scale that are not possible at 180 Degree Capital’s current size; and
    3. Substantially increasing the available capital for us to be able to leverage our relationships with small and microcapitalization public companies, to develop capital structure solutions that seek to unlock value and generate favorable risk-adjusted returns.

    I, as the largest individual shareholder of 180 Degree Capital, and Daniel as a top-ten shareholder, could not be more excited about the future of the combined entity. We believe the proposed Business Combination to be the best opportunity to build value for all shareholders of 180 Degree Capital. We believe strongly in 180 Degree Capital’s future under the leadership of Ted and his colleagues. I have been an investor in the public markets for 35 years, during which investors entrusted me with billions of dollars of capital. We are interested in building true value for shareholders over the short and long term. We believe this combination achieves both of these objectives.

    We are not the only ones who understand the potential for value creation from this Business Combination. Some of our largest shareholders have signed either voting agreements or non-binding indications of support, that when combined with ownership of management and the board, account for approximately 27% of our outstanding shares in the aggregate. We appreciate the time and consideration these shareholders spent to understand the merits of this proposed Business Combination and their support for it.

    While we work toward filing the registration statement and joint proxy statement/prospectus for the proposed Business Combination with the SEC, we thought this would be a good time to reflect on our successes since the start of 180 Degree Capital in 2017. We believe that these successes have enabled us to enter at this next phase of 180 Degree Capital’s evolution and value creation for our fellow shareholders. Here are some of the data points we are proud of and show our contributions since I joined 180 Degree Capital’s predecessor company board of directors in June 2016, when we started 180 Degree Capital at the end of 2016, and the end of last year:

      June 30, 2016 December 31, 2016 December 31, 2024 Change from December 31, 2016
    Day-to-Day Operating Expenses ~$6.0 million ~$6.3 million ~$3.5 million -44%
    % Private Investments 86% 92% <1% -91%
    % Public Investments 14% 8% >99% +91%
    % Cash + Public Securities of NAV 21%1 27% 102% +75%
    Insider Ownership 2.1%2 2.6%2 12.7% +10.1%

    1. Net of $5,000,000 in debt on balance sheet as of June 30, 2016.
    2. Excludes restricted stock subject to forfeiture provisions. The equity compensation program was terminated in March 2017 in conjunction with 180 Degree Capital’s transition from a business development company to a registered closed-end fund.

    We slashed expenses, in part by transitioning from a business development company to a registered closed-end fund structure. A collateral impact of this transition was the elimination of our ability to compensate employees through the issuance of options or restricted stock. We didn’t care. It was the right decision for our shareholders. We transitioned the balance sheet. We substantially increased insider ownership through solely open market purchases. As noted previously, no equity was given to the management team or other employees as compensation. No one has bought and held more stock in the open market than me during that time period.

    As the table below shows, we believe our shareholders have benefited from our ability to generate positive returns on our investments since we took over management of 180 Degree Capital. These returns were offset by material declines in the legacy private portfolio that we inherited.

    Public Portfolio
    Contribution to Change in NAV
    (2017-2024)
    Legacy Private Portfolio
    Contribution to Change in NAV
    (2017-2024)
    +$3.13/share -$2.41/share
      TURN Public Portfolio Gross Total (Excluding SMA Carried Interest) TURN Public Portfolio Gross Total (Including SMA Carried Interest) Change in NAV Change in Stock Price Russell Microcap Index Lipper Peer Group Average
    Inception to Date
    Q4 2016 – Q4 2024
    +185.7% +204.5% -33.9% -11.4% +68.5% +81.8%

    Math is math. Our public market investment strategy over the history of 180 Degree Capital outperformed our comparable peers and indices. It is fair to ask why our stock price has not followed. We believe it is largely because of the significant negative impact of the private portfolio that we inherited, and the discounts disproportionately applied to closed-end funds of our size. Hence, I come back to our proposed Business Combination with Mount Logan, and what we believe it can do to potentially unlock value for 180 Degree Capital shareholders when we are no longer constrained by the market dynamics ascribed to closed-end funds.

    We will let our upcoming registration statement and included joint proxy statement/prospectus provide the truth to our shareholders regarding how and why our Board unanimously approved this proposed Business Combination. In the meantime, our work over the prior eight years set up 180 Degree Capital for this next phase of what we believe will be long-term shareholder value creation. We realize our lack of scale has caused our expense ratio to be too high. We believe we have uncovered a unique solution for that and other growth-limiting issues with our proposed Business Combination. Our Board and management team firmly believe that this Business Combination is in the best interest of all of our shareholders. We could not be more excited about the potential for future value creation as a result of combining with Mount Logan, and we look forward to discussing this proposed combination with all of you and prospective future shareholders of the combined entity.

    All the best,

    Kevin M. Rendino
    Chairman and Chief Executive Officer

    About 180 Degree Capital Corp.

    180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 Degree Capital and its holdings can be found on its website at www.180degreecapital.com.

    Press Contact:
    Daniel B. Wolfe
    Robert E. Bigelow
    180 Degree Capital Corp.
    973-746-4500
    ir@180degreecapital.com

    Additional Information and Where to Find It

    In connection with the proposed Business Combination, 180 Degree Capital intends to file with the SEC and mail to its shareholders a proxy statement on Schedule 14A (the “Proxy Statement”), containing a form of WHITE proxy card. In addition, the surviving Delaware corporation, Mount Logan Capital Inc. (“New Mount Logan”) plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) that will register the exchange of New Mount Logan shares in the Business Combination and include the Proxy Statement and a prospectus of New Mount Logan (the “Prospectus”). The Proxy Statement and the Registration Statement (including the Prospectus) will each contain important information about 180 Degree Capital, Mount Logan, New Mount Logan, the Business Combination and related matters. SHAREHOLDERS OF 180 DEGREE CAPITAL AND MOUNT LOGAN ARE URGED TO READ THE PROXY STATEMENT AND PROSPECTUS CONTAINED IN THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE APPLICABLE SECURITIES REGULATORY AUTHORITIES AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT 180 DEGREE CAPITAL, MOUNT LOGAN, NEW MOUNT LOGAN, THE BUSINESS COMBINATION AND RELATED MATTERS. Investors and security holders may obtain copies of these documents and other documents filed with the applicable securities regulatory authorities free of charge through the website maintained by the SEC at https://www.sec.gov and the website maintained by the Canadian securities regulators at www.sedarplus.ca. Copies of the documents filed by 180 Degree Capital are also available free of charge by accessing 180 Degree Capital’s investor relations website at https://ir.180degreecapital.com.

    Certain Information Concerning the Participants

    180 Degree Capital, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the Business Combination. Information about 180 Degree Capital’s executive officers and directors is available in 180 Degree Capital’s Annual Report filed on Form N-CSR for the year ended December 31, 2024, which was filed with the SEC on February 13, 2025, and in its proxy statement for the 2024 Annual Meeting of Shareholders (“2024 Annual Meeting”), which was filed with the SEC on March 1, 2024. To the extent holdings by the directors and executive officers of 180 Degree Capital securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at https://www.sec.gov. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the 180 Degree Capital shareholders in connection with the Business Combination will be contained in the Proxy Statement when such document becomes available.

    Mount Logan, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Mount Logan in favor of the approval of the Business Combination. Information about Mount Logan’s executive officers and directors is available in Mount Logan’s annual information form dated March 14, 2024, available on its website at https://mountlogancapital.ca/investor-relations and on SEDAR+ at https://sedarplus.ca. To the extent holdings by the directors and executive officers of Mount Logan securities reported in Mount Logan’s annual information form have changed, such changes have been or will be reflected on insider reports filed on SEDI at https://www.sedi.ca/sedi/. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Mount Logan shareholders in connection with the Business Combination will be contained in the Prospectus included in the Registration Statement when such document becomes available.

    Non-Solicitation

    This letter and the materials accompanying it are not intended to be, and shall not constitute, an offer to buy or sell or the solicitation of an offer to buy or sell 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 U.S. Securities Act of 1933, as amended.

    Forward-Looking Statements

    This letter and the materials accompanying it, and oral statements made from time to time by representatives of 180 Degree Capital and Mount Logan, may contain statements of a forward-looking nature relating to future events within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would,” “forecasts,” “seeks,” “future,” “proposes,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions). Forward-looking statements are not statements of historical fact and reflect Mount Logan’s and 180 Degree Capital’s current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the Business Combination involving Mount Logan and 180 Degree Capital, including future financial and operating results, Mount Logan’s and 180 Degree Capital’s plans, objectives, expectations and intentions, the expected timing and likelihood of completion of the Business Combination, and other statements that are not historical facts, including but not limited to future results of operations, projected cash flow and liquidity, business strategy, payment of dividends to shareholders of New Mount Logan, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this press release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the ability to obtain the requisite Mount Logan and 180 Degree Capital shareholder approvals; the risk that Mount Logan or 180 Degree Capital may be unable to obtain governmental and regulatory approvals required for the Business Combination (and the risk that such approvals may result in the imposition of conditions that could adversely affect New Mount Logan or the expected benefits of the Business Combination); the risk that an event, change or other circumstance could give rise to the termination of the Business Combination; the risk that a condition to closing of the Business Combination may not be satisfied; the risk of delays in completing the Business Combination; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the Business Combination may not be fully realized or may take longer to realize than expected; the risk that any announcement relating to the Business Combination could have adverse effects on the market price of Mount Logan’s common stock or 180 Degree Capital’s common stock; unexpected costs resulting from the Business Combination; the possibility that competing offers or acquisition proposals will be made; the risk of litigation related to the Business Combination; the risk that the credit ratings of New Mount Logan or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the Business Combination; the risk of adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Business Combination; competition, government regulation or other actions; the ability of management to execute its plans to meet its goals; risks associated with the evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions; natural and man-made disasters; civil unrest, pandemics, and conditions that may result from legislative, regulatory, trade and policy changes; and other risks inherent in Mount Logan’s and 180 Degree Capital’s businesses. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Readers should carefully review the statements set forth in the reports, which 180 Degree Capital has filed or will file from time to time with the SEC and Mount Logan has filed or will file from time to time on SEDAR+.

    Neither Mount Logan nor 180 Degree Capital undertakes any obligation, and expressly disclaims any obligation, to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The references and link to the website www.180degreecapital.com and mountlogancapital.ca have been provided as a convenience, and the information contained on such websites are not incorporated by reference into this press release. Neither 180 Degree Capital nor Mount Logan is responsible for the contents of third-party websites.

    The MIL Network

  • MIL-OSI: TC Energy files 2024 annual disclosure documents

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 14, 2025 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) has today filed with Canadian securities authorities:

    • Audited Consolidated Financial Statements for the year ended Dec. 31, 2024 with related Management’s Discussion and Analysis (Annual Report); and
    • The Company’s Annual Information Form for the year ended Dec. 31, 2024.

    In addition, TC Energy filed its Form 40-F for the year ended Dec. 31, 2024 with the United States Securities and Exchange Commission.

    Copies of the filed documents are available at sedarplus.ca, sec.gov (for the Form 40-F) and in the Investors section of the Company website at tcenergy.com. Shareholders may request a paper copy of the audited Consolidated Financial Statements, free of charge, by calling the Company at 1.800.661.3805.

    About TC Energy
    We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to homes and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

    FORWARD-LOOKING INFORMATION
    This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

    -30-

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403-920-7859 or 800-608-7859

    Investor & Analyst Inquiries:
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403-920-7911 or 800-361-6522

    PDF available: http://ml.globenewswire.com/Resource/Download/6b530914-f2e2-4c16-87d3-1a082b13e600

    The MIL Network

  • MIL-OSI Economics: Thales Alenia Space and ESA sign contract for HydRON to demonstrate first multi-orbit optical communication network

    Source: Thales Group

    Headline: Thales Alenia Space and ESA sign contract for HydRON to demonstrate first multi-orbit optical communication network

    • Thales Alenia Space will develop the world’s first all-optical, multi-orbit optical space communication network
    • ESA’s HydRON project will meet the challenge of bringing connectivity to multiple users to showcase the capabilities of optical communication technology
    • The company will leverage its expertise to contribute to Europe’s technological independence in connectivity services through space.

    Cannes, February 14, 2025 – Thales Alenia Space, a joint venture between Thales (67%) and Leonardo (33%), has signed a contract with the European Space Agency (ESA) for Element #2 of the HydRON (High-thRoughput Optical space Network) Demonstration System (DS) for the design, development, deployment and in-orbit demonstration of a full end-to-end optical system to verify and validate the world’s first all-optical, high-data-rate, multi-orbit transport network in space.

    HydRON is set to transform the way data-collecting satellites communicate, using laser technology that will allow satellites to connect with each other and ground networks much faster.By enabling rapid, high-capacity connections between satellites and ground networks, HydRON will significantly enhance our ability to collect and utilize data from space.

    HydRON optical communication for broadband in space ©ESA

    The project will be conducted with the support of the various space agencies involved in this exciting challenge: the Italian Space Agency (ASI), the German Aerospace Center (DLR), the Polish Space Agency (POLSA), the Romanian Space Agency (ROSA), Enterprise Ireland (EI) and the Swiss Space Agency (SSO). Other agencies are expected to join during the project to expand the mission’s objectives. HydRON forms part of ESA’s Optical and Quantum Communications – ScyLight programme within the Connectivity and Secure Communications directorate.

    “I am really pleased Thales Alenia Space will be contributing to Europe’s technological independence in connectivity services through space,” said Giampiero Di Paolo, Deputy CEO and Senior Vice President, Observation, Exploration and Navigation at Thales Alenia Space. “Thales Alenia Space believes HydRON Demonstration System is the key enabler for the reliability and operability of a high-throughput optical network in space, paving the way for the future of commercial optical communications in Europe and globally.” 

    “It was an honour to sign this contract with Thales Alenia Space, which moves us closer to establishing Europe’s first optical communication network in space,” said Laurent Jaffart, ESA’s Director of Connectivity and Secure Communications. “HydRON is set to maintain Europe and Canada as global leaders in the optical domain. With the system being interoperable, HydRON will ensure we continue to grow ESA’s cooperation with our international partners.”

    Thales Alenia Space’s role in HydRON-DS project

    Thales Alenia Space, with its long track record in telecommunication networks and expertise in the production of optical terminals for space, developed in Zurich, has already coordinated a working group involving Telespazio, a joint venture between Leonardo (67%) and Thales (33%), responsible for the ground segment, and other Italian and European companies for Phase A/B1 of the HydRON-DS project. This work was completed at the end of the 2023.

    Today, Thales Alenia Space in Italy is ready to lead a European industry consortium for building the HydRON-DS Element #2 mission partition, including the space segment (LEO collector satellite and GEO optical payload) and ground segment (two optical ground stations, mission and network control center and satellite control center).

    The project will develop and validate two concepts:

    • Fiber in the Sky: multi-orbit optical telecommunications at high data rates between space and ground assets.
    • Internet beyond the Clouds: innovative onboard routing techniques at high throughput (> 100 Gbps) to build an optical space transport network seamlessly integrated with terrestrial fiber-based networks.

    The project includes up to two years of in-orbit demonstration to assess the capabilities of key technologies for optical communications and concepts of operations for the network architecture. It will also provide a service demonstration for potential demo users.

    About ESA’s Optical and Quantum Communications – ScyLight programme 

    The European Space Agency (ESA) is Europe’s gateway to space, coordinating the financial and intellectual resources of its Member States to conduct space programmes and activities. Part of Advanced Research in Telecommunications Systems (ARTES), the Optical and Quantum Communications – ScyLight programme focuses on advancing optical and quantum technologies to revolutionise satellite communications. ScyLight supports the research, development and utilisation of these technologies, for instance through the HydRON project for seamlessly integrating space assets into terrestrial communication networks. ESA is enabling future quantum communication networks with ultra-secure global connectivity by advancing space-based quantum key distribution and maturing technologies already available today. 

    Through supporting industry to develop and extend its manufacturing capabilities, ScyLight helps prepare European and Canadian industry stakeholders to seize related market opportunities. 

    Learn more at https://connectivity.esa.int/optical-and-quantum-communications 

    ABOUT THALES ALENIA SPACE

    Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental management, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources, and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the parent companies’ Space Alliance, which offers a complete range of services. Thales Alenia Space posted consolidated revenues of approximately €2.2 billion in 2023 and has around 8,600 employees in 8 countries with 16 sites in Europe.

    MIL OSI Economics

  • MIL-OSI Asia-Pac: At the Conclusion of India Energy Week 2025, India Cements Position as Global Energy Leader

    Source: Government of India

    At the Conclusion of India Energy Week 2025, India Cements Position as Global Energy Leader

    “World’s second-largest energy conclave saw announcement of largest-ever exploration bid round, charted path for green energy transition while strengthening international partnerships”

    Posted On: 14 FEB 2025 2:42PM by PIB Delhi

    Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas, highlighted the measurable success of India Energy Week 2025 through its unprecedented participant and exhibitor numbers and technical paper submissions. The Minister noted that the event had exceeded expectations by encompassing a comprehensive range of sectors including petroleum, natural gas, green energy, biofuel, and CBG, showcasing remarkably innovative developments.

    Shri Puri emphasized that within the short span of three years, India Energy Week has established itself as the world’s second-largest energy platform, with its fourth edition scheduled to take place in Goa.

    The Minister emphasized that IEW 2025 distinguished itself from other global energy forums by facilitating actual business transactions rather than merely serving as a networking platform. Shri Hardeep Singh Puri specifically highlighted practical innovations such as the cost-effective conversion kit demonstrated at the HPCL stall, designed for enabling biofuel usage in two and three-wheelers. Additionally, the Minister also expressed satisfaction at the convergence of investors, manufacturers, and consumers, particularly evident in the display of flex fuel vehicles.

    Speaking on India-US energy cooperation, the Minister noted the substantial progress in bilateral relations, particularly in the natural gas sector. The Minister highlighted India’s stated goal of increasing natural gas consumption to 15% in its energy mix from about 6% currently, emphasizing the strategic importance of the relationship with the United States for Liquified Natural Gas (LNG) supplies.

    Addressing reforms in the Exploration and Production (E&P) sector, Shri Puri detailed the scale of Open Acreage Licensing Program (OALP) Round X covering about 200,000 square kilometers. The Minister explained that enhanced interest in this round has been driven by systematic reforms in the regulatory regime, transitioning from production to revenue sharing mechanisms, along with the proposed amendments to Oilfields (Regulation and Development) Act 1948.

    Additionally, Shri Puri announced that the new legislative framework, developed through extensive consultations, is set to be presented in the Lok Sabha. He particularly noted the collaboration of ONGC with BP, and Reliance in bidding for blocks in earlier rounds as a strong message of industry partnership.

    Outlining the Ministry’s priorities, the Minister emphasized focus on E&P, stressing the importance of expert collaboration and the proposed changes to regulatory framework that allows appropriate compensation for resource discovery to the stakeholders in the sector.

    The Minister highlighted the significance of the amendments, passed by the Rajya Sabha, in ensuring policy predictability, particularly regarding windfall tax implementation. He emphasized the removal of discretionary elements in policy implementation as a move toward more transparent governance in the energy sector.

    Discussing the global energy scenario, the Minister observed that the new US administration’s push for increased oil supply has created favorable conditions in global markets. He noted the emergence of new oil sources from the Western Hemisphere, including Brazil, Argentina, Suriname, Canada, US, and Guyana, as beneficial for major consuming nations like India. Shri Puri expressed complete confidence in India’s international investments in the Oil & Gas assets across Brazil, Venezuela, Russia, and Mozambique.

    Shri Hardeep Singh Puri described the biofuel program as a remarkable story, citing current capacity of 1,700 crore liters for ethanol blending, while discussing potential beyond the 20% blending target. Moreover, Shri Puri expressed particular excitement about green hydrogen, confirming confident progression toward the 5MMT annual production target for 2030, while also highlighting sustainable aviation fuel development.

    Secretary, Ministry of Petroleum and Natural Gas, Shri Pankaj Jain, detailed the business conducted during IEW 2025 across various domains. He categorized the agreements into distinct areas: supply arrangements for crude, LNG, and LPG across geographies; technology partnerships for digital refinery solutions; and exploration services.

    Shri Pankaj Jain also highlighted the unprecedented scale of OALP Round X, emphasizing the need for global expertise to exploit hydrocarbon resources in the country. Shri Jain also discussed the potential use of the Oil Industry Development Fund, established under the Oil Industry Development Act, for innovative financing needs in deep-water exploration projects.

    Felicitation to Startup Competition and Hackathon Winners:

    The prestigious Avinya’25 – Energy Startup Challenge awards, the flagship initiative of the Ministry of Petroleum and Natural Gas, were presented by Shri Hardeep Singh Puri and Shri Pankaj Jai. Avinya’25 recognized startups with pioneering solutions addressing key energy challenges.

    UrjanovaC Pvt Ltd emerged as the winner for its synthetic catalyst technology that enables scalable and cost-competitive CO₂ capture and conversion. The first runner-up, Breathe ESG Private Limited, developed a SaaS platform that automates ESG reporting, decarbonization strategies, and compliance.

    AgriVijay, the second runner-up, introduced India’s first curated marketplace for renewable energy solutions for farmers and rural households. Apeiro Energy, securing the third runner-up position, designed hybrid microgrids by integrating small wind turbines with solar panels. UGreen Technology, the fourth runner-up, developed a molecular-engineering approach that enhances CO₂ reactivity for efficient carbon capture.

    Additionally, the Ministry introduced Vasudha – Oil and Gas Startup Challenge, an exclusive competition for overseas startups revolutionizing the upstream oil and gas sector. Out of 17 entries from 13 countries, two visionary startups were recognized.

    Latin Energy Partners Inc., Paraguay, won the challenge, while Ultrasound Process Consultation LLC, USA, was named the runner-up. Their innovations in oil and gas exploration, AI-driven production management, ESG compliance, CCUS technologies, and geothermal exploration were highly commended.

    Promoting research and technological innovation, a Hackathon was organized among seven premier IITs, including IIT Delhi, Mumbai, Madras, Guwahati, Roorkee, Kharagpur, and ISM Dhanbad. The competition aimed to drive forward-thinking solutions in CCUS and renewable energy. IIT (ISM) Dhanbad secured the winner’s title, while IIT Guwahati emerged as the runner-up.

    About India Energy Week 2025

    India Energy Week was envisioned as more than just another industry conference—it was designed to be a dynamic platform redefining global energy dialogues. In just two years, this self-funded initiative has achieved precisely that, becoming the world’s second-largest energy event. The third edition, scheduled from February 11-14, 2025, at Yashobhoomi, New Delhi, represents a significant milestone in shaping the global energy narrative.

    ****

    MONIKA

    (Release ID: 2103188) Visitor Counter : 66

    MIL OSI Asia Pacific News

  • MIL-OSI: TC Energy reports solid fourth quarter 2024 operating and financial results

    Source: GlobeNewswire (MIL-OSI)

    Southeast Gateway pipeline project achieves mechanical completion
    Increases common share dividend for the twenty-fifth consecutive year

    CALGARY, Alberta, Feb. 14, 2025 (GLOBE NEWSWIRE) — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its fourth quarter results today. François Poirier, TC Energy’s President and Chief Executive Officer commented, “Our strategic priorities that emphasize safety, operational excellence and project execution continue to deliver solid growth, low risk and repeatable performance. For the full year 2024, comparable EBITDA1 from continuing operations increased approximately six per cent, and segmented earnings from continuing operations increased approximately 56 per cent compared to 2023.” Poirier continued, “Reaching mechanical completion 13 per cent under budget on the Southeast Gateway pipeline project is a monumental milestone for the company and for Mexico, and a testament to our unwavering focus on project execution. We remain aligned with the CFE on achieving a May 1, 2025 in-service date, which will mark a material inflection point for TC Energy; providing Southeast Mexico with access to safe, reliable and affordable energy. Driven by our consistently strong performance, TC Energy’s Board of Directors approved a quarterly dividend increase of 3.3 per cent for the quarter ending March 31, 2025, equivalent to $3.40 per common share on an annualized basis. The increase in quarterly dividend is based on TC Energy’s proportionate allocation of the dividend post-spin, and represents our twenty-fifth consecutive year of dividend growth.”

    Financial Highlights
    (All financial figures are unaudited and in Canadian dollars unless otherwise noted)

    • Following the spinoff of our Liquids Pipelines business into South Bow on October 1, 2024, Liquids Pipelines results are reported as a discontinued operation
    • Fourth quarter 2024 financial results from continuing operations:
      • Comparable earnings1 of $1.1 billion or $1.05 per common share1 compared to $1.2 billion or $1.15 per common share in fourth quarter 2023
      • Net income attributable to common shares of $1.1 billion or $1.03 per common share compared to net income attributable to common shares of $1.2 billion or net income per common share of $1.20 in fourth quarter 2023
      • Comparable EBITDA of $2.6 billion compared to $2.7 billion in fourth quarter 2023
      • Segmented earnings of $1.9 billion compared to $2.0 billion in fourth quarter 2023
    • Year ended December 31, 2024 financial results from continuing operations:
      • Comparable EBITDA of $10.0 billion compared to $9.5 billion in 2023
      • Segmented earnings of $8.0 billion compared to $5.1 billion in 2023
    • Year ended December 31, 2024 financial results including a nine-month contribution from the Liquids Pipelines business:
      • 2024 comparable earnings of $4.4 billion or $4.27 per common share compared to $4.7 billion or $4.52 per common share in 2023
      • Net income attributable to common shares of $4.6 billion or $4.43 per common share compared to $2.8 billion or $2.75 per common share in 2023
      • Comparable EBITDA of $11.2 billion compared to $11.0 billion in 2023
      • Segmented earnings of $8.7 billion compared to $6.1 billion in 2023
    • TC Energy’s Board of Directors approved a 3.3 per cent increase in the quarterly common share dividend to $0.85 per common share for the quarter ending March 31, 2025, equivalent to $3.40 per common share on an annualized basis. The increase in quarterly dividend is based on TC Energy’s proportionate allocation of the dividend post-spin
    • 2025 outlook for continuing operations:
      • Comparable EBITDA outlook for 2025 continuing operations is expected to be $10.7 to $10.9 billion, driven by new projects anticipated to be placed in service in 2025, including the Southeast Gateway pipeline, along with the full year contribution from projects placed in service in 2024, higher contributions from the NGTL System resulting from the five-year negotiated revenue requirement settlement, partially offset by reduced generation from Bruce Power due to the commencement of the Unit 4 Major Component Replacement (MCR)
      • Comparable earnings per common share (EPS) for 2025 for continuing operations is expected to be lower than 2024 comparable EPS from continuing operations due to the net impact of an increase in comparable EBITDA, lower AFUDC related to the Southeast Gateway pipeline expected to be placed in service on May 1, 2025, lower interest income as a result of lower cash balances and lower interest rates, increased depreciation rates on the NGTL System related to the five-year negotiated revenue requirement settlement, higher effective tax rates and reduced capitalized interest due to the Coastal GasLink pipeline commercial in-service
      • Capital expenditures are expected to be $6.1 to $6.6 billion, on a gross basis, or $5.5 to $6.0 billion of net capital expenditures2 after considering capital expenditures attributable to non-controlling interests of entities we control.

    Operational Highlights

    • Canadian Natural Gas Pipelines deliveries averaged 25.6 Bcf/d, up seven per cent compared to fourth quarter 2023
      • Total NGTL System deliveries set a new record of 17.7 Bcf on February 9, 2025
      • Canadian Mainline fourth quarter deliveries averaged 6.3 Bcf/d, up 11 per cent compared to fourth quarter 2023
    • U.S. Natural Gas Pipelines daily average flows were 27.0 Bcf/d
      • U.S. Natural Gas Pipelines set a new all-time record of 37.9 Bcf on January 20, 2025
      • ANR set a new all-time record of 10.0 Bcf on January 20, 2025
    • Mexico Natural Gas Pipelines flows averaged 2.7 Bcf/d
      • Sur de Texas pipeline set a single-day flow record above 1.7 Bcf/d on November 20, 2024 highlighting its importance as a key import route for U.S. natural gas production into Mexico
    • Bruce Power achieved 99 per cent availability in fourth quarter 2024
    • Cogeneration power plant fleet achieved 98 per cent availability in fourth quarter 2024, attributed to fewer forced outages and successful completion of planned outages.

    Project Highlights

    • Completed the successful spinoff of the Liquids Pipelines business (the Spinoff Transaction) on October 1, 2024
    • Achieved mechanical completion of the Southeast Gateway pipeline project on January 20, 2025. We continue to be aligned with the CFE on finalizing the remaining project completion activities for achieving a May 1, 2025 in-service date
    • Declared commercial in-service of the Coastal GasLink pipeline in November 2024, allowing for the collection of tolls from customers retroactive to October 1, 2024
    • Approved the Pulaski and Maysville projects on our Columbia Gulf System. These mainline extension projects off Columbia Gulf will facilitate full coal-to-gas conversion at two existing power plants and are each expected to provide 0.2 Bcf/d of capacity for incremental gas-fired generation. The projects have anticipated in-service dates in 2029 and total estimated costs of US$0.7 billion
    • Approved the US$0.3 billion Southeast Virginia Energy Storage Project. This is an LNG peaking facility in southeast Virginia that will serve an existing LDC’s growing winter peak day load and mitigate its peak day pricing exposure, as well as increase operational flexibility on the Columbia Gas system. The project has an anticipated in-service date of 2030
    • Placed the US$0.1 billion GTN XPress project into service in December 2024
    • Bruce Power announced Stage 3a of Project 2030 which will provide incremental capacity of approximately 90 MW at the site. TC Energy’s share of the capital required is approximately $175 million. Bruce Power will not be requesting an incremental capital call for this stage. By optimizing its existing Units through this program, when complete, Project 2030 is expected to increase the Bruce Power site peak output to 7,000 MW. All of this output will be sold under Bruce Power’s long-term contract with the IESO
    • Removed Bruce Power’s Unit 4 from service on January 31, 2025 to commence its MCR program. The Unit 5 MCR final cost and schedule estimate was submitted to the IESO on January 31, 2025
    • TC Energy and prospective partners Saugeen Ojibway Nation will advance pre-development work on the Ontario Pumped Storage Project following the Ontario Government’s recent announcement on January 24, 2025 to invest up to $285 million to complete a detailed cost estimate and environmental assessments to determine the feasibility of the project.
      three months ended
    December 31
      year ended
    December 31
    (millions of $, except per share amounts) 2024     20231   2024   20231
                   
    Net income (loss) attributable to common shares 971     1,463   4,594   2,829
    from continuing operations 1,069     1,249   4,199   2,217
    from discontinued operations2 (98 )   214   395   612
                   
    Net income (loss) per common share – basic $0.94     $1.41   $4.43   $2.75
    from continuing operations $1.03     $1.20   $4.05   $2.15
    from discontinued operations2 ($0.09 )   $0.21   $0.38   $0.60
                   
    Comparable EBITDA3 2,619     3,107   11,194   10,988
    from continuing operations 2,619     2,715   10,049   9,472
    from discontinued operations2     392   1,145   1,516
                   
    Comparable earnings3 1,094     1,403   4,430   4,652
    from continuing operations 1,094     1,192   3,865   3,896
    from discontinued operations2     211   565   756
                   
    Comparable earnings per common share3 $1.05     $1.35   $4.27   $4.52
    from continuing operations $1.05     $1.15   $3.73   $3.78
    from discontinued operations2     $0.20   $0.54   $0.74
    1. Prior year results have been recast to reflect the split between continuing and discontinued operations.
    2. Represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section of this news release for additional information.
    3. For additional information on the most directly comparable GAAP measure, refer to the Non-GAAP measures section of this news release.
      three months ended
    December 31
      year ended
    December 31
    (millions of $, except per share amounts) 2024   2023     2024   2023  
                   
    Cash flows1              
    Net cash provided by operations2 2,084   1,860     7,696   7,268  
    Comparable funds generated from operations2,3 1,665   2,405     7,890   7,980  
    Capital spending4 2,307   2,985     7,904   12,298  
    Acquisitions, net of cash acquired   (5 )     (307 )
    Proceeds from sales of assets, net of transaction costs   33     791   33  
    Disposition of equity interest, net of transaction costs5   5,328     419   5,328  
                   
    Dividends declared              
    per common share6 $0.8225   $0.93     $3.7025   $3.72  
                   
    Basic common shares outstanding (millions)              
    – weighted average for the period 1,038   1,037     1,038   1,030  
    – issued and outstanding at end of period 1,039   1,037     1,039   1,037  
    1. Includes continuing and discontinued operations.
    2. Represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section of this news release for additional information.   
    3. Comparable funds generated from operations is a non-GAAP measure used throughout this news release. This measure does not have any standardized meaning under GAAP and therefore is unlikely to be comparable in similar measures presented by other companies. The most directly comparable GAAP measure is Net cash provided by operations. For more information on non-GAAP measures, refer to the Non-GAAP measures section of this news release.
    4. Capital spending reflects cash flows associated with our Capital expenditures, Capital projects in development and Contributions to equity investments net of Other distributions from equity investments of $3.1 billion in 2024 in the Canadian Natural Gas Pipelines segment. Refer to Note 7, Coastal GasLink in the Consolidated financial statements of our 2024 Annual Report and the Segmented information of our Condensed consolidated financial statements of this news release for additional information.
    5. Included in the Financing activities section of the Condensed consolidated statement of cash flows.
    6. Dividends declared in fourth quarter 2024 reflect TC Energy’s proportionate allocation following the Spinoff Transaction. Refer to the Discontinued operations section of this news release for additional information.
      three months ended
    December 31
      year ended
    December 31
    (millions of $, except per share amounts) 2024     20231     2024     20231  
                   
    Segmented earnings (losses) from continuing operations              
    Canadian Natural Gas Pipelines 506     692     2,016     (90 )
    U.S. Natural Gas Pipelines 918     955     4,053     3,531  
    Mexico Natural Gas Pipelines 214     150     929     796  
    Power and Energy Solutions 276     263     1,102     1,004  
    Corporate (16 )   (34 )   (136 )   (144 )
    Segmented earnings (losses) from continuing operations 1,898     2,026     7,964     5,097  
                   
    Comparable EBITDA from continuing operations              
    Canadian Natural Gas Pipelines 851     1,034     3,388     3,335  
    U.S. Natural Gas Pipelines 1,200     1,225     4,511     4,385  
    Mexico Natural Gas Pipelines 234     208     999     805  
    Power and Energy Solutions 341     266     1,214     1,020  
    Corporate (7 )   (18 )   (63 )   (73 )
    Comparable EBITDA from continuing operations 2,619     2,715     10,049     9,472  
                   
    Depreciation and amortization (639 )   (632 )   (2,535 )   (2,446 )
    Interest expense included in comparable earnings (836 )   (777 )   (3,176 )   (2,966 )
    Allowance for funds used during construction 233     132     784     575  
    Foreign exchange gains (losses), net included in comparable earnings (44 )   40     (85 )   118  
    Interest income and other 120     119     324     272  
    Income tax (expense) recovery included in comparable earnings (168 )   (253 )   (772 )   (890 )
    Net (income) loss attributable to non-controlling interests included in comparable earnings (163 )   (128 )   (620 )   (146 )
    Preferred share dividends (28 )   (24 )   (104 )   (93 )
    Comparable earnings from continuing operations 1,094     1,192     3,865     3,896  
    Comparable earnings per common share from continuing operations $1.05     $1.15     $3.73     $3.78  
    1. Prior year results have been recast to reflect continuing operations only.
      three months ended
    December 31
      year ended
    December 31
    (millions of $, except per share amounts) 2024     2023¹   20242     2023¹  
                   
    Segmented earnings (losses) from discontinued operations (109 )   301     716     1,039  
    Comparable EBITDA from discontinued operations     392     1,145     1,516  
    Depreciation and amortization     (85 )   (253 )   (332 )
    Interest expense included in comparable earnings3     (63 )   (176 )   (287 )
    Interest income and other included in comparable earnings4     2     3     6  
    Income tax (expense) recovery included in comparable earnings5     (35 )   (154 )   (147 )
    Comparable earnings from discontinued operations     211     565     756  
    Comparable earnings per common share from discontinued operations     $0.20     $0.54     $0.74  
    1. Prior year results have been recast to reflect the Liquids Pipelines business as a discontinued operation as a result of the Spinoff Transaction.
    2. Represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section in our 2024 Annual Report for additional information.
    3. Excludes pre-tax carrying charges of $5 million for the three months ended December 31, 2023 as a result of a charge related to the FERC Administrative Law Judge decision on Keystone in respect of a tolling-related complaint pertaining to amounts recognized in prior periods.
    4. Excludes pre-tax Liquids Pipelines business separation costs of $10 million related to insurance provisions for the three months ended December 31, 2024.
    5. Excludes the impact of income taxes related to the specified items mentioned above as well as a $14 million U.S. minimum tax recovery in fourth quarter 2023 on the Keystone XL asset impairment charge and other related to the termination of the Keystone XL pipeline project.

    CEO Message
    2024 has been a transformational year for TC Energy. Through maintaining focus on a clear set of strategic priorities, we have delivered on our commitments and solidified our position as an industry leading natural gas and power company. With the successful spinoff of our Liquids Pipelines business, significant progress towards our debt-to-EBITDA3 leverage targets, and achieving mechanical completion on Southeast Gateway, we are well positioned to capitalize on the unprecedented demand we are seeing in natural gas and power and energy solutions across Canada, the U.S. and Mexico. Building on our solid foundation, our strong operational and financial results in 2024 are a direct reflection of our best safety performance in five years that has driven the highest level of asset availability and reliability across our portfolio.

    Our priorities for 2025 are clear. We will continue to maximize the value of our assets through safety and operational excellence, execute our selective portfolio of growth projects and ensure financial strength and agility. We believe that our renewed focus on natural gas and power, and our portfolio of highly contracted assets gives us a strategic competitive advantage in the industry, enabling us to continue achieving solid growth, low risk and repeatable performance.

    TC Energy’s focus on project execution continues to deliver results. The Southeast Gateway pipeline project reached mechanical completion on January 20, 2025 with the final golden welds at Coatzacoalcos and Paraíso. The estimated final cost for the project is approximately US$3.9 billion, which is at the low end of our prior guidance of US$3.9 to US$4.1 billion and 13 per cent below our original cost estimate. We continue to be aligned with the CFE on finalizing the remaining project completion activities for achieving a May 1, 2025 in-service date. The Southeast Gateway project highlights the success of the CFE’s first public-private partnership with TC Energy. Bruce Power Unit 4 was removed from service on January 31, 2025 to commence its MCR program, with a return to service expected in 2028, and the Unit 3 MCR program continues to advance on plan for both cost and schedule. The Unit 5 MCR final cost and schedule estimate was submitted to the IESO on January 31, 2025. In 2024, approximately $7 billion of projects have been placed in service, including natural gas pipeline capacity projects along our extensive North American asset footprint, our share of equity contributions related to the Coastal GasLink pipeline, as well as progressing the Bruce Power life extension program. We continue to expect approximately $8.5 billion of projects to be placed in service in 2025, including the Southeast Gateway pipeline project.

    In November 2024, Coastal GasLink LP executed a commercial agreement with LNG Canada (LNGC) and LNGC Participants that declared commercial in-service for the pipeline, allowing for the collection of tolls from customers retroactive to October 1, 2024. In March 2022, we announced the signing of option agreements to sell up to a 10 per cent equity interest in Coastal GasLink LP to Indigenous communities across the project corridor, from our current 35 per cent equity ownership. The equity option is exercisable after commercial in-service of the Coastal GasLink pipeline, subject to customary regulatory approvals and consents, including the consent of LNGC. As a result of the commercial agreement with LNGC and LNGC Participants, which has allowed for an earlier commercial in-service than the LNGC plant, we are actively collaborating with the Indigenous communities to establish a mutually agreeable timeframe in which the option can be exercised.

    We continue to assess ongoing trade negotiations between the U.S., Canada and Mexico and potential impacts of proposed tariffs to our business and our customers. On February 3, 2025, a 30-day pause on potential tariffs was implemented which we believe will support increased engagement with North America’s leaders in order to reach an agreement that will benefit consumers across the continent. There is significant energy flow between the U.S., Canada and Mexico, including oil, gas, electricity, and uranium, making our energy markets highly interdependent. Our assets support this cross-border flow of natural gas to critical markets in the U.S. Northeast, Midwest and Pacific Northwest and we remain committed to providing competitive and reliable service to our customers on both sides of the border.

    Given 97 per cent of our comparable EBITDA is underpinned by regulated cost-of-service frameworks or take-or-pay negotiated contracts, we bear minimal commodity price or volumetric risk. As such, we do not anticipate any significant impact to our financial performance.

    The cost-of-service framework of our regulated Canadian Natural Gas Pipelines business, which transports natural gas to be exported to the U.S. by our shippers, provides TC Energy with protection in the event of higher cost and/or loss of volumes. Our Mexico Natural Gas Pipelines business primarily receives southern U.S. natural gas supply, transported for our customers for delivery into key demand markets in Mexico. We do not transport any natural gas from Mexico into the U.S. Our contracts in Mexico are U.S. dollar-denominated and based on long-term, take-or-pay agreements. In our Power and Energy Solutions business, our most significant contributor is Bruce Power, where more than 90 per cent of capital and resource costs are spent in Canada.

    We recognize prolonged tariffs could impact capital allocation decisions and we will allocate capital to the markets where the demand for energy continues to grow. We have the benefit of a diverse portfolio across three jurisdictions, along with opportunities in natural gas, nuclear and other power and energy solutions that provides flexibility in our capital allocation.

    Reinforced by the strength of our base business and the confidence in our future outlook, TC Energy’s Board of Directors approved a 3.3 per cent increase in the quarterly common share dividend to $0.85 per common share for the quarter ending March 31, 2025, equivalent to $3.40 per common share on an annualized basis. This is the twenty-fifth consecutive year the Board has raised the dividend.

    Teleconference and Webcast
    We will hold a teleconference and webcast on Friday, February 14, 2025 at 6:30 a.m. (MST) / 8:30 a.m. (EST) to discuss our fourth quarter 2024 financial results and Company developments. Presenters will include François Poirier, President and Chief Executive Officer; Sean O’Donnell, Executive Vice-President and Chief Financial Officer; and other members of the executive leadership team.

    Members of the investment community and other interested parties are invited to participate by calling 1-844-763-8274 (Canada/U.S.) or 1-647-484-8814 (International). No passcode is required. Please dial in 15 minutes prior to the start of the call. Alternatively, participants may pre-register for the call here. Upon registering, you will receive a calendar booking by email with dial in details and a unique PIN. This process will bypass the operator and avoid the queue. Registration will remain open until the end of the conference call.

    A live webcast of the teleconference will be available on TC Energy’s website at TC Energy — Events and presentations or via the following URL: https://www.gowebcasting.com/13928. The webcast will be available for replay following the meeting.

    A replay of the teleconference will be available two hours after the conclusion of the call until midnight EST on February 21, 2025. Please call 1-855-669-9658 (Canada/U.S.) or 1-412-317-0088 (International) and enter passcode 6438166.

    The audited annual consolidated financial statements and Management’s Discussion and Analysis (MD&A) are available on our website at www.TCEnergy.com and will be filed today under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

    About TC Energy
    We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to homes and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at www.TCEnergy.com.

    Forward-Looking Information
    This release contains certain information that is forward-looking and is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate” or other similar words. Forward-looking statements in this document may include, but are not limited to, statements related to Coastal GasLink and Southeast Gateway, including mechanical completion and expected in-service dates and related expected capital expenditures, expected comparable EBITDA and comparable earnings in total and per common share and the sources thereof, and targeted debt-to-EBITDA leverage metrics for 2025, expectations with respect to Indigenous investment, expectations with respect to Bruce Power, including Project 2030, expectations with respect to the approximate value of projects to be placed in-service in 2025, expectations with respect to our strategic priorities, including the expected impacts of the five-year negotiated revenue requirement settlement for the NGTL System, and the execution thereof, our sustainability commitments, expectations with respect to our ability to maximize the value of our assets through safety and operational excellence, expected cost and schedules for planned projects, including projects under construction and in development and the associated capital expenditures, expectations about our ability to execute our identified portfolio of growth projects and ensure financial strength and agility, our ability to deliver solid growth, low risk and repeatable performance, our expected net capital expenditures, including timing, and expected industry, market and economic conditions, and ongoing trade negotiations, including their expected impact on our business, customers and suppliers. Our forward-looking information is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements and future-oriented financial information in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and the 2024 Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov and the “Forward-looking information” section of our Report on Sustainability and our GHG Emissions Reduction Plan which are available on our website at www.TCEnergy.com.

    Non-GAAP and Supplementary Financial Measures
    This release contains references to the following non-GAAP measures: comparable EBITDA, comparable earnings, comparable earnings per common share and comparable funds generated from operations. It also contains references to debt-to-EBITDA, a non-GAAP ratio, which is calculated using adjusted debt and adjusted comparable EBITDA, each of which are non-GAAP measures. These non-GAAP measures do not have any standardized meaning as prescribed by GAAP and therefore may not be comparable to similar measures presented by other entities. These non-GAAP measures are calculated by adjusting certain GAAP measures for specific items we believe are significant but not reflective of our underlying operations in the period. These comparable measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable except as otherwise described in the Condensed consolidated financial statements and MD&A. Refer to: (i) each business segment and the discontinued operations section for a reconciliation of comparable EBITDA to segmented earnings (losses); (ii) Consolidated results section and the discontinued operations section for reconciliations of comparable earnings and comparable earnings per common share to Net income attributable to common shares and Net income per common share, respectively; and (iii) Financial condition section for a reconciliation of comparable funds generated from operations to Net cash provided by operations. Refer to the Non-GAAP Measures section of the MD&A in our most recent quarterly report for more information about the non-GAAP measures we use. The MD&A is included with, and forms part of, this release. The MD&A can be found on SEDAR+ at www.sedarplus.ca under TC Energy’s profile.

    With respect to non-GAAP measures used in the calculation of debt-to-EBITDA, adjusted debt is defined as the sum of Reported total debt, including Notes payable, Long-term debt, Current portion of long-term debt and Junior subordinated notes, as reported on our Consolidated balance sheet as well as Operating lease liabilities recognized on our Consolidated balance sheet and 50 per cent of Preferred shares as reported on our Consolidated balance sheet due to the debt-like nature of their contractual and financial obligations, less Cash and cash equivalents as reported on our Consolidated balance sheet and 50 per cent of Junior subordinated notes as reported on our Consolidated balance sheet due to the equity-like nature of their contractual and financial obligations. Adjusted comparable EBITDA is calculated as the sum of comparable EBITDA from continuing operations and comparable EBITDA from discontinued operations excluding Operating lease costs recorded in Plant operating costs and other in our Consolidated statement of income and adjusted for Distributions received in excess of (income) loss from equity investments as reported in our Consolidated statement of cash flows which we believe is more reflective of the cash flows available to TC Energy to service our debt and other long-term commitments. We believe that debt-to-EBITDA provides investors with useful information as it reflects our ability to service our debt and other long-term commitments. See the Reconciliation section for reconciliations of adjusted debt and adjusted comparable EBITDA for the years ended December 31, 2022, 2023 and 2024.

    This release contains references to net capital expenditures, which is a supplementary financial measure. Net capital expenditures represent capital costs incurred for growth projects, maintenance capital expenditures, contributions to equity investments and projects under development, adjusted for the portion attributed to non-controlling interests in the entities we control. Net capital expenditures reflect capital costs incurred during the period, excluding the impact of timing of cash payments. We use net capital expenditures as a key measure in evaluating our performance in managing our capital spending activities in comparison to our capital plan.

    Reconciliation
    The following is a reconciliation of adjusted debt and adjusted comparable EBITDAi.

      year ended December 31
    (millions of Canadian $) 2024     2023     2022  
               
    Reported total debt 59,366     63,201     58,300  
    Management adjustments:          
    Debt treatment of preferred sharesii 1,250     1,250     1,250  
    Equity treatment of junior subordinated notesiii (5,524 )   (5,144 )   (5,248 )
    Cash and cash equivalents (801 )   (3,678 )   (620 )
    Operating lease liabilities 511     457     430  
    Adjusted debt 54,802     56,086     54,112  
               
    Comparable EBITDA from continuing  operationsiv 10,049     9,472     8,483  
    Comparable EBITDA from discontinued operationsiv 1,145     1,516     1,418  
    Operating lease cost 117     105     95  
    Distributions received in excess of (income) loss from equity investments 67     (123 )   (29 )
    Adjusted Comparable EBITDA 11,378     10,970     9,967  
               
    Adjusted Debt/Adjusted Comparable EBITDAi 4.8     5.1     5.4  
    1. Adjusted debt and adjusted comparable EBITDA are non-GAAP measures. The calculations are based on management methodology. Individual rating agency calculations will differ.
    2. 50 per cent debt treatment on $2.5 billion of preferred shares as of December 31, 2024.
    3. 50 per cent equity treatment on $11.0 billion of junior subordinated notes as of December 31, 2024. U.S. dollar-denominated notes translated at December 31, 2024, USD/CAD foreign exchange rate of 1.44.
    4. Comparable EBITDA from continuing operations and Comparable EBITDA from discontinued operations are non-GAAP financial measures. See the Forward-looking information and Non-GAAP measures sections in our 2024 Annual Report for more information. Comparable EBITDA from discontinued operations represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section in our 2024 Annual Report for additional information.

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403.920.7859 or 800.608.7859

    Investor & Analyst Inquiries:        
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403.920.7911 or 800.361.6522

    Download full report here: https://www.tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2024/tce-2024-q4-quarterly-report.pdf

    ________________________
    1 Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures used throughout this news release and are applicable to each of our continuing operations and discontinued operations. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measures are Segmented earnings, Net income attributable to common shares and Net income per common share, respectively. We do not forecast Segmented earnings. For more information on non-GAAP measures, refer to the Non-GAAP measures section of this news release.
    2 Net capital expenditures are adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure used throughout this news release. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measures sections of this news release.
    3 Debt-to-EBITDA is a non-GAAP ratio. Adjusted debt and adjusted comparable EBITDA are non-GAAP measures used to calculate debt-to-EBITDA. For more information on non-GAAP measures, refer to the non-GAAP measures of this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies.

    The MIL Network

  • MIL-OSI: TC Energy declares quarterly dividends

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 14, 2025 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) announced that its Board of Directors (Board) has declared a quarterly dividend of $0.85 per common share for the quarter ending March 31, 2025, on the Company’s outstanding common shares. The common share dividend is payable on April 30, 2025, to shareholders of record at the close of business on March 31, 2025.

    The Board also declared quarterly dividends on the outstanding Cumulative First Preferred Shares as follows:

    • For the period up to but excluding March 31, 2025, payable on March 31, 2025, to shareholders of record at the close of business on Feb. 28, 2025:
      • Series 1 (TRP.PR.A) – $0.3086875 per share
      • Series 2 (TRP.PR.F) – $0.3329282 per share
      • Series 3 (TRP.PR.B) – $0.105875 per share
      • Series 4 (TRP.PR.H) – $0.2934774 per share
    • For the period up to but excluding April 30, 2025, payable on April 30, 2025, to shareholders of record at the close of business on March 31, 2025:
      • Series 5 (TRP.PR.C) – $0.1218125 per share
      • Series 6 (TRP.PR.I) – $0.2889247 per share
      • Series 7 (TRP.PR.D) – $0.3740625 per share
      • Series 9 (TRP.PR.E) – $0.3175 per share
      • Series 10 (TRP.PR.L) – $0.3388562 per share

    These dividends are designated by TC Energy to be eligible dividends for purposes of the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.

    Common shares purchased with reinvested cash dividends under TC Energy’s Dividend Reinvestment and Share Purchase Plan (DRP) will be acquired on the Toronto Stock Exchange at 100 per cent of the weighted average purchase price. The DRP is available for dividends payable on TC Energy’s common and preferred shares.

    About TC Energy
    We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to homes and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

    FORWARD-LOOKING INFORMATION
    This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

    -30-

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403-920-7859 or 800-608-7859

    Investor & Analyst Inquiries:
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403-920-7911 or 800-361-6522

    PDF Available: http://ml.globenewswire.com/Resource/Download/4540a2e7-8ab4-47f0-aab2-11d081301941

    The MIL Network

  • MIL-OSI: 180 Degree Capital Corp. Reports Net Asset Value Per Share (“NAV”) of $4.64 as of December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    MONTCLAIR, N.J., Feb. 14, 2025 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (NASDAQ:TURN) (“180 Degree Capital” and the “Company”), today reported its financial results as of December 31, 2024, and noted additional developments from the first quarter of 2025. The Company also published a letter to shareholders that can be viewed at https://ir.180degreecapital.com/financial-results.

    “We were pleased with our performance in Q4 2024 relative to the majority of our public market comparable indices,” said Kevin M. Rendino, Chief Executive Officer of 180 Degree Capital. “While our full year performance was disappointing, Q1 2025 has thus far continued and exceeded our strong performance exiting 2024. Our gross total return of +205% from inception through the end of 2024 continues to compare favorably to the +69% total return for the Russell Microcap Index.1 We are also incredibly proud and excited for our recent announcement of the signing of a definitive agreement for 180 Degree Capital to enter into a business combination (the “Business Combination”) with Mount Logan Capital Inc. (“Mount Logan”). For those of you who have not had a chance to listen to our joint call with the team from Mount Logan or review the presentation deck that summarizes the proposed transaction, both can be found at https://ir.180degreecapital.com/ir-calendar/detail/2908/180-degree-capital-and-mount-logan-capital-proposed-merger. We expect to file a registration statement and included joint proxy statement/prospectus with the Securities and Exchange Commission (the “SEC”) soon. This document will give us the opportunity to speak more extensively with our shareholders about the proposed Business Combination and what we believe are its significant benefits for all shareholders. The proxy will also describe the process that led to our Board’s unanimous approval of it.”

    “This proposed transaction is not the end of 180 Degree Capital,” continued Daniel B. Wolfe, President of 180 Degree Capital. “We believe this Business Combination is the logical next step in our evolution. It is also an opportunity that is not afforded commonly to closed-end funds, particularly since we believe most have limited differentiation. We believe there are clear reasons why 180 Degree Capital has this truly unique opportunity to combine with an asset manager and to transition to an operating company. We are not the only ones who understand the potential for value creation from this Business Combination. Some of our largest shareholders have signed either voting agreements or non-binding indications of support, that when combined with ownership of management and our Board, account for approximately 27% of our outstanding shares in the aggregate. We appreciate the time and consideration these shareholders spent to understand the merits of this proposed Business Combination and their support for it.”

    Mr. Rendino added, “I, as the largest individual shareholder of 180 Degree Capital, and Daniel as a top-ten shareholder, could not be more excited about the future of the combined entity. We believe the proposed Business Combination to be the best opportunity to build value for all shareholders of 180 Degree Capital. We believe strongly in the future of the combined entity under the leadership of Ted Goldthorpe and his colleagues. I have been an investor in the public markets for 35 years, during which investors entrusted me with billions of dollars of capital. We are interested in building true value for shareholders over the short and long term. We believe this combination achieves both of these objectives.”

    The table below summarizes 180 Degree Capital’s performance over periods of time through the end of Q4 20241:

      Quarter 1 Year 5 Year Inception to Date
      Q4 2024 Q4 2023-
    Q4 2024
    Q4 2019-
    Q4 2024
    Q4 2016-
    Q4 2024
    TURN Public Portfolio Gross Total Return (Excluding SMA Carried Interest) 7.8 % 1.0 % -10.8 % 185.7 %
    TURN Public Portfolio Gross Total Return (Including SMA Carried Interest) 7.8 % 1.0 % -4.8 % 204.5 %
             
    Change in NAV 5.5 % -7.6 % -49.5 % -33.9 %
             
    Change in Stock Price 8.7 % -10.5 % -43.1 % -11.4 %
             
    Russell Microcap Index 5.9 % 13.7 % 39.8 % 68.5 %
    Russell Microcap Growth Index 14.7 % 22.5 % 28.2 % 57.6 %
    Russell Microcap Value Index 4.3 % 9.7 % 49.3 % 77.8 %
    Russell 2000 Index 0.3 % 11.5 % 42.7 % 82.7 %
    Lipper Peer Group 1.6 % 10.8 % 52.5 % 81.8 %


    About 180 Degree Capital Corp.

    180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 Degree Capital and its holdings can be found on its website at www.180degreecapital.com.

    Press Contact:
    Daniel B. Wolfe
    Robert E. Bigelow
    180 Degree Capital Corp.
    973-746-4500
    ir@180degreecapital.com

    Additional Information and Where to Find It

    In connection with the proposed Business Combination, 180 Degree Capital intends to file with the SEC and mail to its shareholders a proxy statement on Schedule 14A (the “Proxy Statement”), containing a form of WHITE proxy card. In addition, the surviving Delaware corporation, Mount Logan Capital Inc. (“New Mount Logan”) plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) that will register the exchange of New Mount Logan shares in the Business Combination and include the Proxy Statement and a prospectus of New Mount Logan (the “Prospectus”). The Proxy Statement and the Registration Statement (including the Prospectus) will each contain important information about 180 Degree Capital, Mount Logan, New Mount Logan, the Business Combination and related matters. SHAREHOLDERS OF 180 DEGREE CAPITAL AND MOUNT LOGAN ARE URGED TO READ THE PROXY STATEMENT AND PROSPECTUS CONTAINED IN THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE APPLICABLE SECURITIES REGULATORY AUTHORITIES AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT 180 DEGREE CAPITAL, MOUNT LOGAN, NEW MOUNT LOGAN, THE BUSINESS COMBINATION AND RELATED MATTERS. Investors and security holders may obtain copies of these documents and other documents filed with the applicable securities regulatory authorities free of charge through the website maintained by the SEC at https://www.sec.gov and the website maintained by the Canadian securities regulators at www.sedarplus.ca. Copies of the documents filed by 180 Degree Capital are also available free of charge by accessing 180 Degree Capital’s investor relations website at https://ir.180degreecapital.com.

    Certain Information Concerning the Participants

    180 Degree Capital, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the Business Combination. Information about 180 Degree Capital’s executive officers and directors is available in 180 Degree Capital’s Annual Report filed on Form N-CSR for the year ended December 31, 2024, which was filed with the SEC on February 13, 2025, and in its proxy statement for the 2024 Annual Meeting of Shareholders (“2024 Annual Meeting”), which was filed with the SEC on March 1, 2024. To the extent holdings by the directors and executive officers of 180 Degree Capital securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at https://www.sec.gov. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the 180 Degree Capital shareholders in connection with the Business Combination will be contained in the Proxy Statement when such document becomes available.

    Mount Logan, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Mount Logan in favor of the approval of the Business Combination. Information about Mount Logan’s executive officers and directors is available in Mount Logan’s annual information form dated March 14, 2024, available on its website at https://mountlogancapital.ca/investor-relations and on SEDAR+ at https://sedarplus.ca. To the extent holdings by the directors and executive officers of Mount Logan securities reported in Mount Logan’s annual information form have changed, such changes have been or will be reflected on insider reports filed on SEDI at https://www.sedi.ca/sedi/. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Mount Logan shareholders in connection with the Business Combination will be contained in the Prospectus included in the Registration Statement when such document becomes available.

    Non-Solicitation

    This letter and the materials accompanying it are not intended to be, and shall not constitute, an offer to buy or sell or the solicitation of an offer to buy or sell 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 U.S. Securities Act of 1933, as amended.

    Forward-Looking Statements

    This letter and the materials accompanying it, and oral statements made from time to time by representatives of 180 Degree Capital and Mount Logan, may contain statements of a forward-looking nature relating to future events within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would,” “forecasts,” “seeks,” “future,” “proposes,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions). Forward-looking statements are not statements of historical fact and reflect Mount Logan’s and 180 Degree Capital’s current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the Business Combination involving Mount Logan and 180 Degree Capital, including future financial and operating results, Mount Logan’s and 180 Degree Capital’s plans, objectives, expectations and intentions, the expected timing and likelihood of completion of the Business Combination, and other statements that are not historical facts, including but not limited to future results of operations, projected cash flow and liquidity, business strategy, payment of dividends to shareholders of New Mount Logan, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this press release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the ability to obtain the requisite Mount Logan and 180 Degree Capital shareholder approvals; the risk that Mount Logan or 180 Degree Capital may be unable to obtain governmental and regulatory approvals required for the Business Combination (and the risk that such approvals may result in the imposition of conditions that could adversely affect New Mount Logan or the expected benefits of the Business Combination); the risk that an event, change or other circumstance could give rise to the termination of the Business Combination; the risk that a condition to closing of the Business Combination may not be satisfied; the risk of delays in completing the Business Combination; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the Business Combination may not be fully realized or may take longer to realize than expected; the risk that any announcement relating to the Business Combination could have adverse effects on the market price of Mount Logan’s common stock or 180 Degree Capital’s common stock; unexpected costs resulting from the Business Combination; the possibility that competing offers or acquisition proposals will be made; the risk of litigation related to the Business Combination; the risk that the credit ratings of New Mount Logan or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the Business Combination; the risk of adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Business Combination; competition, government regulation or other actions; the ability of management to execute its plans to meet its goals; risks associated with the evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions; natural and man-made disasters; civil unrest, pandemics, and conditions that may result from legislative, regulatory, trade and policy changes; and other risks inherent in Mount Logan’s and 180 Degree Capital’s businesses. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Readers should carefully review the statements set forth in the reports, which 180 Degree Capital has filed or will file from time to time with the SEC and Mount Logan has filed or will file from time to time on SEDAR+.

    Neither Mount Logan nor 180 Degree Capital undertakes any obligation, and expressly disclaims any obligation, to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The references and link to the website www.180degreecapital.com and mountlogancapital.ca have been provided as a convenience, and the information contained on such websites are not incorporated by reference into this press release. Neither 180 Degree Capital nor Mount Logan is responsible for the contents of third-party websites.

    1. Past performance is not an indication or guarantee of future performance. Gross unrealized and realized total returns of 180 Degree Capital’s cash and securities of publicly traded companies are compounded on a quarterly basis, and intra-quarter cash flows from investments in or proceeds received from privately held investments are treated as inflows or outflows of cash available to invest or withdrawn, respectively, for the purposes of this calculation. 180 Degree Capital is an internally managed registered closed-end fund that has a portion of its assets in legacy privately held companies that are fair valued on a quarterly basis by the Valuation Committee of its Board of Directors, and 180 Degree Capital does not have an external manager that is paid fees based on assets and/or returns. Please see 180 Degree Capital’s filings with the SEC, including its 2024 Annual Report on Form N-CSR for information on its expenses and expense ratios.

    The MIL Network

  • MIL-OSI: Barnwell Industries, Inc. Reports Results for its First Quarter Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    HONOLULU, Feb. 14, 2025 (GLOBE NEWSWIRE) — Barnwell Industries, Inc. (NYSE American: BRN) today reported financial results for its first quarter ended December 31, 2024. For the quarter, the Company had revenue of $4,477,000 and a net loss of $1,917,000 or $0.19 per share. In the three months ended December 31, 2023, the Company reported quarterly revenue of $6,155,000 and a net loss of $664,000 or $0.07 per share. The Company remains debt free and ended the quarter with $642,000 in working capital, including $1,957,000 in cash and cash equivalents.

    Oil and Gas Prices and Production

    During the three months ended December 31, 2024, oil, gas and natural gas liquids prices decreased 2%, 40% and 8%, respectively, compared to the prior year’s quarter. Additionally, oil, gas and natural gas liquids production decreased 17%, 21% and 17%, respectively, for the three months ended December 31, 2024, compared to the prior year’s quarter. The decreases in production are primarily the result of natural declines as the wells age. The production decreases were also partially due to properties sold and certain wells that were temporarily shut-in for workovers. The Company’s latest Canadian well drilled, which is 100%-owned and operated, started producing in mid-September 2024 and contributed approximately 107 net barrels of equivalent per day for a total of approximately 10,000 net barrels of equivalent during the three months ended December 31, 2024.

    Non-Cash Impairment, foreign currency loss

    The net loss for the three months ended December 31, 2024, was due in part to a $613,000 non-cash impairment of our US oil and natural gas properties during the current quarter. This impairment is largely due to the changing rolling average first-day-of-the-month prices used in the ceiling test calculation. Additionally, the loss was due in part to a $351,000 foreign currency loss recorded in the current year period as compared to a $126,000 gain in the prior year period due to the weakening of the Canadian dollar against the U.S. dollar.

    Reduction in General and Administrative Expenses

    General and administrative expenses decreased $123,000, 9%, for the three months ended December 31, 2024, primarily due to a decrease in professional fees in the current year period as compared to the prior year period.

    Contract Drilling Segment

    Our contract drilling segment entered into an agreement during the quarter to sell a drilling rig and related ancillary equipment for proceeds of $585,000, which will close on the sale in the second quarter ending March 31, 2025. The Company received payment of the purchase price in the quarter ended December 31, 2024.

    In the coming months, the Company will move forward with appropriate strategic, business and financial alternatives for Water Resources which may include, among other things, a sale of its stock or assets, or an orderly wind-down of its operations and liquidation of equipment.

    Summary and Outlook

    Craig D. Hopkins, CEO, stated, “A potential proxy contest in the near term could harm the company’s liquidity and hinder investment and growth opportunities. This is particularly concerning, as we have valuable oil and gas assets with significant potential. Our new well is performing as anticipated, and we are well-positioned to drill two additional wells from the same pad once sufficient capital is secured. The planned wind-down of our contract drilling business will help refocus our efforts and reduce fixed costs in the coming quarters. We are also actively seeking ways to further reduce costs and enhance profitability. With a streamlined cost structure, Barnwell will be positioned to invest more aggressively in operations and deliver the growth our shareholders deserve.

    “Regarding the potential proxy contest and board operations, I have found all current board members to be collaborative and constructive in supporting my efforts to improve Barnwell’s financial performance. Given the forgoing, I am surprised by the prospect of a contested election.”

    The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.

    COMPARATIVE RESULTS
    (Unaudited)
      Three months ended
    December 31,
        2024       2023  
           
    Revenues $ 4,477,000     $ 6,155,000  
           
    Net loss attributable to Barnwell Industries, Inc. $ (1,917,000 )   $ (664,000 )
           
    Net loss per share – basic and diluted $ (0.19 )   $ (0.07 )
           
    Weighted-average shares and      
    equivalent shares outstanding:      
    Basic and diluted                   10,047,173       9,996,760  
    CONTACT:   Craig D. Hopkins
    Chief Executive Officer and President

    Phone: (403) 531-1560
    Email: info@bocl.ca

    The MIL Network

  • MIL-OSI Economics: Committee of Permanent Representatives to ASEAN, Deputy Secretary-General of ASEAN meet with Minister of International Development of Canada

    Source: ASEAN – Association of SouthEast Asian Nations

    The Committee of Permanent Representatives to ASEAN (CPR) and Deputy Secretary-General of ASEAN for Community and Corporate Affairs met today with Minister of International Development of Canada, Ahmed Hussen. They exchanged views on ways to broaden and deepen the ASEAN-Canada Strategic Partnership as well as discussed the future direction of ASEAN-Canada cooperation in the coming years.

    The post Committee of Permanent Representatives to ASEAN, Deputy Secretary-General of ASEAN meet with Minister of International Development of Canada appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI China: ‘Ne Zha 2’ derivatives ride blockbuster wave

    Source: China State Council Information Office 3

    This photo taken on Feb. 13, 2025 shows a poster for the Chinese animated film “Ne Zha 2” at a cinema in Chaoyang District of Beijing, capital of China. [Photo/Xinhua]

    Fans of record-breaking blockbuster Chinese movie “Ne Zha 2” are making significant waves in the derivatives market, clearing out retailer inventories and even creating DIY character-shaped dolls and food items.

    Since the film’s debut on the first day of the Chinese New Year, which was Jan. 29 this year, sales of its collectibles, ranging from mystery toy boxes and cards to fridge magnets and badges, have reportedly topped 50 million yuan (about 6.97 million U.S. dollars) on Taobao, a leading e-commerce platform in China.

    This sequel to the 2019 hit “Ne Zha,” with inspirations derived from Chinese mythological tales, has already drawn over 200 million cinema-goers, the highest number in the country’s film history.

    The film became an instant holiday box office hit thanks to its contemporary re-imagination of Ne Zha, a well-known mythical figure with extraordinary powers, and via its intriguing plot twists. As of Wednesday, it had grossed over 9 billion yuan, igniting high public enthusiasm for its collectibles.

    Customers inquiring about toys featuring characters from the film are often left disappointed at stores across China. A salesperson at a trendy toy store in downtown Nanjing in east China’s Jiangsu Province said even display samples were sold out. “We expect to restock items like laser cards later.”

    Notably, Hunan Sunny & Sandy Toys Manufacturer Co. Ltd., the film’s sole licensed manufacturer of 3D food-grade plastic toys in China, reported sales of over 450,000 mystery toy box sets through live-streaming in just 11 days — ranking first in terms of the sales of board-game merchandise on the video platform. In addition, more than 10 million of these sets have been sold through offline partnerships.

    Yang Zhenlin, assistant to the company’s chairman, said their factory workshops had to resume operations ahead of schedule after the Spring Festival holiday, with their hundreds of staff members working tirelessly to replenish inventory. “We had great confidence in the film even before its release, so we promptly secured the copyright,” Yang told Xinhua.

    This week, on e-commerce platforms, some stores have gradually restored supplies. Businesses in the second-hand market have remained brisk.

    Fans have also discovered that the gold bracelets they had purchased after the first Ne Zha film came out in 2019, with designs inspired by the “universe ring” on Ne Zha’s arm, have tripled in value on the second-hand market, thanks to both the success of “Ne Zha 2” and a higher gold price.

    Some fans have gone so far as to make their own versions of it, using wood, plasticine, flour and even thread. Coinciding with the Lantern Festival on Feb. 12, netizens shared creative improvisations of Ne Zha-shaped glutinous rice dumplings, a festive food.

    Miao Lingyi, a 10-year-old girl living in east China’s Shanghai, expressed her admiration for the character Ao Bing, the son of the Dragon King, stating her desire to use her pocket money to buy a collectible featuring him. “I really love the character and I don’t mind waiting a while for the collectible,” she said.

    According to experts, the film’s huge success stemming from its captivating plot and stunning special effects, has evoked emotional attachment and resonance with characters among its audiences, while some related products feature limited edition designs — thereby enhancing their value as collectibles and stimulating consumer purchasing enthusiasm.

    Ye Guofu, founder of MINISO, a Chinese retailer known for its fashionable but affordable household products, said that Chinese consumers’ growing focus on emotional value attached to commodities, particularly among the younger generations, is expected to further drive the consumption of IP-featured products, such as those related to domestic animated films and games.

    With this lucrative market rapidly expanding, experts have stressed the importance of both IP innovation and product quality, while warning against risks of market irregularities and intellectual property rights violations.

    Law professor Zheng Ning with Communication University of China suggested that market regulators strengthen oversight to combat potential price gouging and the sale of substandard products — thereby ensuring a more orderly market environment.

    Zhao Liangshan, a lawyer in northwest China’s Shaanxi Province, cautioned that handcrafted items made for personal use are not allowed for commercial purposes.

    As “Ne Zha 2” enters international markets, Hunan Sunny & Sandy Toys Manufacturer Co., Ltd. aims to target global markets — particularly in Asia, North America and Europe.

    The film is set to be screened in various countries, including the United States, Canada, Australia, New Zealand, South Africa, Egypt, Singapore, Japan and the Republic of Korea, with premieres in Los Angeles and Sydney having received positive responses from professionals and fans alike.

    MIL OSI China News

  • MIL-OSI: Pulse Seismic Inc. Reports 2024 Financial Results and Declares Regular and Special Dividends

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 13, 2025 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to report its financial and operating results for the year ended December 31, 2024. The audited consolidated financial statements, accompanying notes and MD&A are being filed on SEDAR+ (www.sedarplus.ca) and will be available on Pulse’s website at www.pulseseismic.com.

    Pulse’s Board of Directors today approved a quarterly dividend of $0.015 per share and additionally declared a special dividend of $0.20 per share. The total of the dividends will be approximately $10.9 million based on Pulse’s 50,837,863 common shares outstanding as of February 13, 2025, to be paid on March 13, 2025, to shareholders of record on February 28, 2025. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Pulse’s dividends are subject to Canadian withholding tax.

    “We are very pleased with the Company’s 2024 financial performance, and what we have accomplished so far in 2025. We remain focused on returning capital to shareholders, as deemed appropriate given the annual fluctuations inherent in our business. So far in 2025 we have secured $17.5 million in sales and today the Board of Directors declared a special dividend of $0.20 per share, in addition to the regular quarterly dividend,” stated Neal Coleman, Pulse’s President and CEO. “In 2024, 76% of free cashflow was allocated to dividends and share buybacks, and looking back to Q4 2021, after repayment of the majority of the 2019 acquisition debt, we resumed dividends and share buybacks and have declared $0.83 per share in dividends and decreased our share count by three million,” Coleman concluded.

    HIGHLIGHTS FOR THE YEAR ENDED DECEMBER 31, 2024

    • The return of capital to shareholders in 2024 including all dividends declared in the year and shares purchased under the Normal Course Issuer Bid (NCIB), totalled $9.5 million, and was 76% of shareholder free cashflow generated for the year;
    • Dividends of $0.10875 per share were declared in 2024. Regular dividends declared and paid totalled $0.05875 per share. The annualized regular dividend of $0.055 per share was increased by 9% to $0.06 per share in the second quarter of the year. A special dividend of $0.05 per share was paid in the third quarter of 2024;
    • 1,784,000 shares were purchased during the year under the Normal Course Issuer Bid (NCIB) at an average price of $2.17 per share, for total cost of approximately $3.9 million;
    • Shareholder free cash flow(a) was $12.4 million ($0.24 per share basic and diluted) compared to $24.8 million ($0.47 per share basic and diluted) for the year ended December 31, 2023;
    • EBITDA(a) was $15.5 million ($0.30 per share basic and diluted) compared to $30.4 million ($0.57 per share basic and diluted) for the year ended December 31, 2023;
    • Net earnings were $3.4 million ($0.07 per share basic and diluted) compared to net earnings of $15.0 million ($0.28 per share basic and diluted) for 2023;
    • Total revenue was $23.4 million compared to $39.1 million for the year ended December 31, 2023; and
    • At December 31, 2024, the Company had a cash balance of $8.7 million as well as $5.0 million of available liquidity on its credit facility.

    HIGHLIGHTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2024

    • The regular quarterly dividend of $0.015 per share was paid in the fourth quarter;
    • A total of 97,700 shares were purchased under the NCIB in the fourth quarter, at an average price of $2.32 per share and total cost of approximately $226,000;
    • Shareholder free cash flow was $2.4 million ($0.05 per share basic and diluted) compared to $10.9 million ($0.21 per share basic and diluted) in the fourth quarter of 2023;
    • EBITDA was $3.8 million ($0.07 per share basic and diluted) compared to $13.6 million ($0.26 per share basic and diluted) in the fourth quarter of 2023;
    • Net earnings were $774,000 ($0.02 per share basic and diluted) compared to net earnings of $8.3 million ($0.16 per share basic and diluted) in the fourth quarter of 2023; and
    • Total revenue was $5.6 million compared to $16.9 million for the three months ended December 31, 2023.
    SELECTED FINANCIAL AND
    OPERATING INFORMATION
           
             
             
    (Thousands of dollars except per share data, Three months ended December 31, Years ended December 31,
    numbers of shares and kilometres of seismic data) 2024 2023 2024 2023
         
    Revenue 5,576 16,861 23,379 39,127
             
    Amortization of seismic data library 2,263 2,270 9,090 9,103
    Net earnings 774 8,307 3,391 15,007
    Per share basic and diluted 0.02 0.16 0.07 0.28
    Cash provided by operating activities 2,337 7,001 14,195 23,524
    Per share basic and diluted 0.05 0.13 0.28 0.44
    EBITDA (a) 3,785 13,592 15,496 30,431
    Per share basic and diluted (a) 0.07 0.26 0.30 0.57
    Shareholder free cash flow (a) 2,440 10,946 12,408 24,829
    Per share basic and diluted (a) 0.05 0.21 0.24 0.47
             
    Capital expenditures        
    Seismic data 225
    Property and equipment 45 28
    Total capital expenditures 270 28
             
    Dividends        
    Regular dividends declared 763 724 3,018 2,862
    Special dividends declared 10,527 2,548 18,519
    Total dividends declared 763 11,251 5,566 21,381
             
    Normal course issuer bid        
    Number of shares purchased and cancelled 97,700 59,500 1,784,000 1,005,006
    Cost of shares purchased and cancelled 227 112 3,880 1,943
             
    Weighted average shares outstanding        
    Basic and diluted 50,878,652 52,647,740 51,448,985 53,237,569
    Shares outstanding at period-end     50,837,863 52,621,863
             
    Seismic library        
    2D in kilometres     829,207 829,207
    3D in square kilometres     65,310 65,310
           
    FINANCIAL POSITION        
          December 31, December 31,
    (Thousands of dollars except working capital ratio)     2024 2023
    Working capital     9,222 7,468
    Working capital ratio     5.1:1 1.5:1
    Cash and cash equivalents     8,722 15,948
    Total assets     21,516 41,249
    EBITDA     15,496 30,431
    Shareholders’ equity     18,295 25,655
             
     

    (a) The Company’s continuous disclosure documents provide discussion and analysis of “EBITDA”, “EBITDA per share”, “shareholder free cash flow” and “shareholder free cash flow per share”. These financial measures do not have standard definitions prescribed by IFRS and, therefore, may not be comparable to similar measures disclosed by other companies. The Company has included these non-GAAP financial measures because management, investors, analysts and others use them as measures of the Company’s financial performance. The Company’s definition of EBITDA is cash available for interest payments, cash taxes, repayment of debt, purchase of its shares, discretionary capital expenditures and the payment of dividends, and is calculated as earnings (loss) from operations before interest, taxes, depreciation and amortization. The Company believes EBITDA assists investors in comparing Pulse’s results on a consistent basis without regard to non-cash items, such as depreciation and amortization, which can vary significantly depending on accounting methods or non-operating factors such as historical cost. EBITDA per share is defined as EBITDA divided by the weighted average number of shares outstanding for the period. Shareholder free cash flow further refines the calculation of capital available to invest in growing the Company’s 2D and 3D seismic data library, to repay debt, to purchase its common shares and to pay dividends by deducting non-discretionary expenditures from EBITDA. Non-discretionary expenditures are defined as non-cash expenses, debt financing costs (net of deferred financing expenses amortized in the current period), net restructuring costs and current tax provisions. Shareholder free cash flow per share is defined as shareholder free cash flow divided by the weighted average number of shares outstanding for the period.
    These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.

    OUTLOOK

    Pulse’s ability to predict future revenue generation has always been challenging due to the nature of the business, which naturally fluctuates from year to year. That said, Pulse has had a strong start to the year having closed $17.5 million in sales, representing approximately 75% of sales in 2024. There are generally a mix of positive and negative factors influencing the industry which contributes to the challenge, and at this time in particular, uncertainty concerning 2025 is high. Positive factors in 2024, and recent projections into 2025 include high levels of M & A activity, approximately $19.4 billion in 2024 compared to $16.5 billion in 2023, while the latest annual forecast by Sayer Energy Advisors for 2025 is approximately $15.0 billion. There were continuing high volumes of land sales in Alberta in 2024: approximately $365 million, down only slightly from the $370 million in 2023, and significantly higher than in recent years going back to before the 2014-2015 industry downturn. In British Columbia, land sales which had been paused since May 2021 finally resumed in December 2024. New infrastructure, such as the TMX pipeline expansion which was completed in 2024 has already provided increased export capacity and is a driver of increased drilling activity. The Canadian Association of Energy Contractors, in November 2024 forecast an increase to 6,604 wells to be drilled in 2025, an approximate 7% increase over 2024. The pending completion of LNG Canada’s liquified natural gas export facility is expected to contribute to the forecast increase in drilling and may lead to an improvement in Canadian natural gas prices. The positive factors are offset by factors that create uncertainty for the future, including economic, political, and environmental concerns. It is clear that Canada needs to continue to build pipelines and increase natural gas egress, to support the country’s energy security, as well as to secure new buyers of Canadian energy. The impacts of the recent change in administration in the United States and the uncertainty around energy tariffs and trade policy, together with Canadian federal government leadership changes are contributing to the lack of clarity for the future.

    Pulse, as previously stated, has low visibility regarding future seismic data library sales levels, regardless of industry conditions. The Company remains focused on business practices that have served throughout the full range of conditions. The Company maintains a strong balance sheet, has zero debt, no capital spending commitments, and a disciplined and rigorous approach to evaluating growth opportunities. This 15-person company, led by an experienced and capable management team, operates with a low-cost structure and focuses on developing excellent client relations as well providing exceptional customer service. Pulse’s strong financial position, high leverage to increased revenue in its EBITDA margin and careful management of its cash resources have resulted in the return of capital to shareholders through regular and special dividends and the repurchase of its shares.

    CORPORATE PROFILE

    Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin, where most of Canada’s oil and natural gas exploration and development occur.

    For further information, please contact:
    Neal Coleman, President and CEO
    Or
    Pamela Wicks, Vice President Finance and CFO
    Tel.: 403-237-5559
    Toll-free: 1-877-460-5559
    E-mail: info@pulseseismic.com.
    Please visit our website at www.pulseseismic.com

    This document contains information that constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “forecast”, “target”, “project”, “guidance”, “may”, “will”, “should”, “could”, “estimate”, “predict” or similar words suggesting future outcomes or language suggesting an outlook.

    The Outlook section herein contain forward-looking information which includes, but is not limited to, statements regarding:

    >   The outlook of the Company for the year ahead, including future operating costs and expected revenues;
    >   Recent events on the political, economic, regulatory, and legal fronts affecting the industry’s medium- to longer-term prospects, including progression and completion of contemplated pipeline projects;
    >   The Company’s capital resources and sufficiency thereof to finance future operations, meet its obligations associated with financial liabilities and carry out the necessary capital expenditures through 2025;
    >   Pulse’s capital allocation strategy;
    >   Pulse’s dividend policy;
    >   Oil and natural gas prices and forecast trends;
    >   Oil and natural gas drilling activity and land sales activity;
    >   Oil and natural gas company capital budgets;
    >   Future demand for seismic data;
    >   Future seismic data sales;
    >   Pulse’s business and growth strategy; and
    >   Other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results and performance, as they relate to the Company or to the oil and natural gas industry as a whole.
         

    By its very nature, forward-looking information involves inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. Pulse does not publish specific financial goals or otherwise provide guidance, due to the inherently poor visibility of seismic revenue. The Company cautions readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.

    These factors include, but are not limited to:

    >   Uncertainty of the timing and volume of data sales;
    >   Volatility of oil and natural gas prices;
    >   Risks associated with the oil and natural gas industry in general;
    >   The Company’s ability to access external sources of debt and equity capital;
    >   Credit, liquidity and commodity price risks;
    >   The demand for seismic data and;
    >   The pricing of data library licence sales;
    >   Cybersecurity;
    >   Relicensing (change-of-control) fees and partner copy sales;
    >   Environmental, health and safety risks;
    >   Federal and provincial government laws and regulations, including those pertaining to taxation, royalty rates, environmental protection, public health and safety;
    >   Competition;
    >   Dependence on key management, operations and marketing personnel;
    >   The loss of seismic data;
    >   Protection of intellectual property rights;
    >   The introduction of new products; and
    >   Climate change.
         

    Pulse cautions that the foregoing list of factors that may affect future results is not exhaustive. Additional information on these risks and other factors which could affect the Company’s operations and financial results is included under “Risk Factors” in the Company’s most recent annual information form, and in the Company’s most recent audited annual financial statements, most recent MD&A, management information circular, quarterly reports, material change reports and news releases. Copies of the Company’s public filings are available on SEDAR+ at www.sedarplus.ca.

    When relying on forward-looking information to make decisions with respect to Pulse, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking information contained in this document is provided as of the date of this document and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, except as required by law. The forward-looking information in this document is provided for the limited purpose of enabling current and potential investors to evaluate an investment in Pulse. Readers are cautioned that such forward-looking information may not be appropriate, and should not be used, for other purposes.

    PDF available: http://ml.globenewswire.com/Resource/Download/f55ea14e-e8ea-4d49-975a-eedb00bb9aa3

    The MIL Network

  • MIL-OSI China: ‘Ne Zha 2’ derivatives ride blockbuster wave, eye global market

    Source: China State Council Information Office

    This photo taken on Feb. 13, 2025 shows a poster for the Chinese animated film “Ne Zha 2” at a cinema in Chaoyang District of Beijing, capital of China. [Photo/Xinhua]

    Fans of record-breaking blockbuster Chinese movie “Ne Zha 2” are making significant waves in the derivatives market, clearing out retailer inventories and even creating DIY character-shaped dolls and food items.

    Since the film’s debut on the first day of the Chinese New Year, which was Jan. 29 this year, sales of its collectibles, ranging from mystery toy boxes and cards to fridge magnets and badges, have reportedly topped 50 million yuan (about 6.97 million U.S. dollars) on Taobao, a leading e-commerce platform in China.

    This sequel to the 2019 hit “Ne Zha,” with inspirations derived from Chinese mythological tales, has already drawn over 200 million cinema-goers, the highest number in the country’s film history.

    The film became an instant holiday box office hit thanks to its contemporary re-imagination of Ne Zha, a well-known mythical figure with extraordinary powers, and via its intriguing plot twists. As of Wednesday, it had grossed over 9 billion yuan, igniting high public enthusiasm for its collectibles.

    Customers inquiring about toys featuring characters from the film are often left disappointed at stores across China. A salesperson at a trendy toy store in downtown Nanjing in east China’s Jiangsu Province said even display samples were sold out. “We expect to restock items like laser cards later.”

    Notably, Hunan Sunny & Sandy Toys Manufacturer Co. Ltd., the film’s sole licensed manufacturer of 3D food-grade plastic toys in China, reported sales of over 450,000 mystery toy box sets through live-streaming in just 11 days — ranking first in terms of the sales of board-game merchandise on the video platform. In addition, more than 10 million of these sets have been sold through offline partnerships.

    Yang Zhenlin, assistant to the company’s chairman, said their factory workshops had to resume operations ahead of schedule after the Spring Festival holiday, with their hundreds of staff members working tirelessly to replenish inventory. “We had great confidence in the film even before its release, so we promptly secured the copyright,” Yang told Xinhua.

    This week, on e-commerce platforms, some stores have gradually restored supplies. Businesses in the second-hand market have remained brisk.

    Fans have also discovered that the gold bracelets they had purchased after the first Ne Zha film came out in 2019, with designs inspired by the “universe ring” on Ne Zha’s arm, have tripled in value on the second-hand market, thanks to both the success of “Ne Zha 2” and a higher gold price.

    Some fans have gone so far as to make their own versions of it, using wood, plasticine, flour and even thread. Coinciding with the Lantern Festival on Feb. 12, netizens shared creative improvisations of Ne Zha-shaped glutinous rice dumplings, a festive food.

    Miao Lingyi, a 10-year-old girl living in east China’s Shanghai, expressed her admiration for the character Ao Bing, the son of the Dragon King, stating her desire to use her pocket money to buy a collectible featuring him. “I really love the character and I don’t mind waiting a while for the collectible,” she said.

    According to experts, the film’s huge success stemming from its captivating plot and stunning special effects, has evoked emotional attachment and resonance with characters among its audiences, while some related products feature limited edition designs — thereby enhancing their value as collectibles and stimulating consumer purchasing enthusiasm.

    Ye Guofu, founder of MINISO, a Chinese retailer known for its fashionable but affordable household products, said that Chinese consumers’ growing focus on emotional value attached to commodities, particularly among the younger generations, is expected to further drive the consumption of IP-featured products, such as those related to domestic animated films and games.

    With this lucrative market rapidly expanding, experts have stressed the importance of both IP innovation and product quality, while warning against risks of market irregularities and intellectual property rights violations.

    Law professor Zheng Ning with Communication University of China suggested that market regulators strengthen oversight to combat potential price gouging and the sale of substandard products — thereby ensuring a more orderly market environment.

    Zhao Liangshan, a lawyer in northwest China’s Shaanxi Province, cautioned that handcrafted items made for personal use are not allowed for commercial purposes.

    As “Ne Zha 2” enters international markets, Hunan Sunny & Sandy Toys Manufacturer Co., Ltd. aims to target global markets — particularly in Asia, North America and Europe.

    The film is set to be screened in various countries, including the United States, Canada, Australia, New Zealand, South Africa, Egypt, Singapore, Japan and the Republic of Korea, with premieres in Los Angeles and Sydney having received positive responses from professionals and fans alike.

    MIL OSI China News

  • MIL-OSI United Nations: Peace by chocolate: One Syrian refugee family’s journey to sweet success

    Source: United Nations 2

    “War can kill anything in a person, but it cannot kill values ​​and hope. Syrians are a naturally happy people, and we aspire to live in a spirit of giving, generosity and hospitality.”

    Just desserts

    With these words, Tareq Hadhad described to UN News the difficult journey his family took from the Syrian capital to the remote Canadian city of Antigonish.

    The Hadhads are a long-established Damascene family and from it came judges, engineers and doctors for generations. But, what they are best known for is chocolate, a legacy that Mr. Hadhad’s father, Issam, built in 1986.

    That year, the senior Mr. Hadhad decided to leave mechanical engineering and start making chocolate despite the fact that there were only a few well-known companies in the Middle East in that field at the time.

    Chocolate for good

    The younger Mr. Hadhad said his father wanted to be in a field that made people around him happy as frustration prevailed among Syria’s youth after the events of 1982, when the Hafez al Assad regime committed the Hama massacre.

    Founded “from scratch”, the company grew to employ hundreds of people.

    In 2008, it began exporting to several countries in the Middle East and Europe in line the senior Mr. Hadhad’s aspiration: to “deliver the message of the Syrians all over the world” through a universal product that everyone knew and loved, his son explained, adding that the goal was not only to increase sales, but to embark on several development and relief projects in Syria.

    “My father believed that if you are successful in your life, you have a responsibility to raise others to success,” Mr. Hadhad said.

    Peace by Chocolate

    Isam Hadhad makes chocolate in the factory.

    Time for survival

    Before 2013, the entire family of more than 60 people lived in one building chockful of memories just south of the Al-Midan area in old Damascus, standing their ground for two years after the war began.

    “I lost many members of my family,” Mr. Hadhad said. “My sister’s husband was arrested, tortured and then killed in prison. Many of my cousins ​​ disappeared, some of whom we still know nothing about and some of whom were summarily executed.”

    The chocolate factory was targeted in airstrike in 2012 and the following year, as Mr. Hadhad and his brother were walking in a street in downtown Damascus, a missile fell nearby.

    “Amid the dust, I thought my brother was dead,” he said. “I picked him up and ran home. When I got there, I told the family this is not the time to build a business or study. This is a time for survival.”

    ‘We are not victims’

    The family made the excruciating decision to seek refuge in Lebanon, leaving everything behind. The following year, they learned that the regime’s forces had “looted their homes, burned them down and bombed them to cover up the crime”.

    “There are many Syrians who have lost much more than us,” Mr. Hadhad said. “We are not victims. We are victors regardless of the outcome because we were able to survive the war with our lives and start our lives again.”

    The family registered with the UN refugee agency, UNHCR, and moved many times in Lebanon until they settled in the city of Sidon. While Mr. Hadhad said the Lebanese people were very hospitable to the Syrians, because no official agreements had been signed, they could not work, rent homes or go to school.

    Refugees giving back

    Lebanon, as a country of four to five million people at the time, received more than a million Syrian refugees in a very short period of time.

    “That’s equivalent to 10 to 15 million American refugees entering Canada in a year or two,” he said. “Of course, the country wouldn’t be able bear that burden. But, Lebanon absorbed that burden over 13 years.”

    Indeed, the burden of the war wasn’t just on Syria and the Syrian people, but on the peoples of the entire region, including the Jordanians, Lebanese, Turkish and Iraqis.

    However, the Hadhad family was determined “at every stage of our refugee story to prove to the world that we can give to the host community and not take”.

    For his part, Mr. Hadhad spent most of his days in Lebanon volunteering with several relief organizations, including the World Health Organization (WHO) and UNHCR, providing his expertise in healthcare to both Syrian refugees and their Lebanese hosts alike, having reached the final stages of his medical studies before leaving Syria.

    Canada bound

    The family’s goal was to return to Syria, but when that seemed like a distant dream and their fears grew for the future of the young children who had missed years of education, they began applying for resettlement in other countries.

    In 2015, despite many interviews at embassies from around the world, not a single one would accept them, Mr. Hadhad said.

    “Late that year, things changed,” he said. “The new Canadian Government had pledged to receive about 25,000 Syrian refugees, and my family was one of them.”

    Peace by Chocolate

    The Hadhad family celebrating Canada Day.

    UN intervention

    The UN was the turning point in the Hadhad family’s story. Without being identified as refugees by the UNHCR, they would not have been able to even apply for resettlement in Canada.

    The Canadian embassy conducts cross-checks through the UNHCR, and the International Organization for Migration (IOM) also played a key role in their resettlement process.

    But, the major credit goes to Canadians themselves. The tragic drowning of toddler Alan Kurdi and his family in the summer of 2015 while trying to reach Europe had spread throughout the globe, the cause of Syrian refugees became a global cause.

    Canadian hospitality, one family at a time

    Community leaders in Antigonish, Nova Scotia, home to 5,000 residents and 5,000 students at St. Francis Xavier University, raised enough money to host one Syrian family that matched the Hadhads, and so they sponsored them without knowing their names, the way they looked or even their backgrounds.

    “The community in Antigonish are pioneers in their DNA, and when they saw they could make a difference, they started the process of registering an organization called SAFE (Syrian Antigonish Families Embrace),” Mr. Hadhad said.

    “I don’t know how people who are almost 8,000km away from Syria or Lebanon could be so concerned with our ability to restart our lives and to see my siblings and my sister Alaa’s children go to school. I did not expect that there would be human beings among us on this planet with such a spirit of giving because we lived through wars and saw how people kill each other.”

    He said he came to Antigonish, on the eastern coast of Canada, because of them and because they believed that he, as a person, had the same values, dignity, respect, rights and freedoms that apply to anyone in Canada.

    One peace won’t hurt

    This act left a huge mark on him and prompted the family to do everything in their power to give back to the Canadian community “that believed in us and our humanity and tried to support us in every way”, he said.

    “This community restored our faith in humanity. Regardless of the colour of your skin, your religion or where you were born, you are qualified to be a human being.”

    It was also the community “that gave us the idea of ​peace with its kindness and generosity that match our values”, he added.

    Peace by Chocolate

    The original factory shed built by members of the community and located on the family’s property next to their home.

    ‘Peace by Chocolate’

    To prove that nothing is impossible with hope, the family spotted a niche job opportunity to build on the legacy they were forced to leave behind in Syria. While it took decades to register their chocolate company in Syria due to government corruption, it took only a few weeks in Canada.

    From there, the road to success began on all levels.

    “Our project did not start for a purely economic reason, nor did it start for a purely humanitarian purpose; it combined the two,” Mr. Hadhad said.

    “That is why we named it Peace by Chocolate. Many companies around the world aim to make profits, but our goal was to support the community and at the same time to try to grow the company to become one of the largest companies in Canada.”

    ‘Canadians pull together’

    A few months after the opening of Peace by Chocolate in 2016, wildfires swept through Fort McMurray in Alberta in Canada’s mid-west. The Hadhads were watching the news as Canadians lost everything as their homes burned down, forcing them to seek refuge at Canadian Red Cross shelters.

    “Canadians always pull together, so we felt a responsibility to give back to the people who welcomed us with such warmth and kindness,” Mr Hadhad said, explaining that they launched a fundraising campaign, donating profits from Peace for Chocolate to help aid organizations.

    In September of that year, at the UN Leaders’ Summit on Refugees in New York, Canadian Prime Minister Justin Trudeau highlighted the Hadhad’s story and their contribution to the relief efforts in their new country just months after their arrival.

    Kindness pays off

    Since then, the Hadhad’s company has raised more than $655,000 to support relief projects for across Canada alongside 11 partnership agreements with such organizations as the Canadian Red Cross.

    “Thanks to the support of the Antigonish community and the country as a whole, we have been able to grow our company and have paid tens of millions in taxes to back into the Canadian economy,” Mr. Hadhad said.

    “Kindness pays off, and the best investment you can make is to be kind to others.”

    Peace by Chocolate is now the third largest employer in Antigonish, home to the company headquarters and factory. With the senior Mr. Hadhad as president and his son, Tareq, the CEO, the company has a branch in Halifax, the provincial capital, and its products are sold in more than a thousand stores across Canada.

    Mr. Hadhad said the Peace by Chocolate website has become the largest e-commerce platform in Canada’s Atlantic region, and it aspires to become the largest chocolate exporter in the country and to open branches in the United States, Japan and the Middle East.

    Peace by Chocolate

    Tareq and his father Isam meet Prime Minister Justin Trudeau for the first time.

    Refugee to employer

    Despite the major differences that separate the family from their new community, what brought them together was “much stronger”, and they never felt like outcasts at any time or that they are obstacles to becoming part of that community.

    Mr. Hadhad said any successful refugee or migration story has two sides. There is, of course, a major role for the host community to play, but “the main responsibility lies primarily with the migrant or refugee”.

    “No one is going to knock on your door and ask about your story or your ambitions for the future. The first step always comes from the migrant or refugee themselves to tell their story,” he said.

    That is exactly what he did. He spoke with the local newspaper shortly after arriving and made the front page. The word spread. The Canadian Broadcasting Corporation (CBC) sent a correspondent to visit the Hadhad’s every month to follow up on their integration.

    A sense of belonging

    In addition to the warm welcome from Canadians themselves, stability was a major factor in the family’s integration, with the Hadhads granted permanent residency upon arrival.

    In many countries, as a refugee, “you can’t think beyond an hour, a week or a month because your situation is always temporary,” Mr. Hadhad explained.

    “What Canada also gave us was ambition for sustainability,” he said. “You can think 10 or 20 years into the future or even for the rest of your life. You can build projects and plan. Canada gave us a sense of belonging and citizenship even before we became Canadian citizens.”

    He said he has the utmost respect for “the Canadian brand” and what it stands for.

    “Regardless of what politicians, individuals or economists do, I am proud to belong to this great country and to be a Canadian citizen today.”

    UNHCR/Darren Calabrese

    Tareq Haddad with his family and friends in Halifax, Nova Scotia, for his citizenship ceremony in January 2020.

    ‘More than a miracle’

    After more than 13 years of war, destruction and displacement, Mr. Hadhad described the fall of the Bashar al Assad regime as “more than a miracle” as many Syrians had lost hope of getting rid of the oppressive regime that had terrorised the country for more than 50 years.

    The future of Syria seems “very bright” to him, thanks to the efforts of its heroic people who refused to leave Syria and those who sought refuge in other communities around the world and built strong relationships there, he said.

    “My city, Damascus, is the oldest city in the world. It has survived much greater disasters than what happened to it in the past 50 years,” he said. “God willing, we are on the road to recovery, and I have a strong belief that the Syrian people will overcome all the difficulties of the war and build a country that we can all be proud of.”

    After 12 years in exile, he is now looking forward to visiting the country soon to meet those loved ones he left behind, including one of his sisters.

    Pride and duty to the homeland

    Supporting the Canadian community was a duty to pay back those that embraced the Hadhads in their hour of need, and now the family is focusing on its moral obligation to help their homeland.

    From working on licensing in the Middle East to be closer to collecting donations through Peace by Chocolate sales, the Hadhads aim to support relief organizations and those helping Syrian refugees return home. Efforts are also underway to connect the Syrian-Canadian community by presenting models of projects in Syria that it can support.

    “It is an honour for us to contribute to rebuilding it again and to support our Syrian people,” Mr. Hadhad said.

    Peace by Chocolate

    The Hadhad family and many supporters join them in the opening of their factory in Antigonish in 2017.

    Creating a happy ending

    In a message to people facing hardship and forced expulsion, Mr. Hadhad stressed that “believing in values, in oneself and in a bright future is very important, but what is more important is fighting despair in all its forms”.

    “I advise anyone anywhere around the world looking for an opportunity – if you don’t find it, create it yourself,” he said.

    “As long as we are able to continue our lives, we are able to create new opportunities for ourselves and our new communities. We must not forget to give back to the countries that opened their doors to us, and at the same time be proud of where we came from, because we are ultimately ambassadors for our culture, our countries, and our values.”

    Mr. Hadhad cited author Mary Robinson: “nobody can go back and start a new beginning, but anyone can start today and make a new ending.”

    MIL OSI United Nations News

  • MIL-OSI China: ​’Ne Zha 2′ hits staggering 10B yuan milestone, climbs global box office chart

    Source: China State Council Information Office 3

    After breaking all box office records in China, including hitting the 10 billion yuan ($1.37 billion) milestone on Thursday, the Chinese smash animated film “Ne Zha 2” has now set its sights on shattering records worldwide.

    The characters Ne Zha and Ao Bing are projected on the towers of the Tianfu International Financial Center in Chengdu, Sichuan province, Feb. 13, 2025. The film’s director and his company are based in Chengdu, and two cities in the province claim to be the birthplace of the Ne Zha legend. [Photo/China.org.cn]

    When the historic moment arrived for the film to become the first to surpass 10 billion yuan at China’s box office, it was more than a filmmaking achievement or cultural phenomenon — it was a source of national pride for Chinese filmmakers, the industry and the public. 

    The China Film Association promptly issued a congratulatory message, stating: “This film has created a box office miracle, promoting excellent traditional Chinese culture and the modern zeitgeist, innovating the form of contemporary Chinese cinema, showcasing the relentless artistic pursuit of Chinese filmmakers, and greatly boosting the film industry’s confidence. The glory of ‘Ne Zha 2’ is a highlight for Chinese cinema and, more importantly, a significant moment marking its rise from plateau to peak.”

    Directed by Yang Yu, better known as Jiaozi, the film follows the mythological figures Ne Zha and Ao Bing, who are reborn in bodies formed from lotuses after a catastrophe and must team up to face threats from vengeful dragon kings and a scheming god. It combines visually spectacular animation with a folklore-inspired narrative, delivering a blend of action, humor, heart and traditional Chinese culture. It involved five years of meticulous efforts from a 4,000-strong crew, as well as the combined forces of 138 Chinese animation and special effects companies.

    During the Spring Festival holiday, the film grossed nearly 5 billion yuan in seven days, but its momentum shows no signs of slowing, thanks to the enthusiasm of Chinese audiences. It surpassed the previous record holder “The Battle at Lake Changjin,” which took 5.77 billion yuan, on Feb. 6 to become the highest-grossing domestic film of all time. Since then, it has gone on to quickly set several other records. It is now the most-watched film ever by total viewers in Chinese box office history, with more than 200 million admissions registered by Feb. 13.

    For the premium large format market, IMAX reported Thursday that “Ne Zha 2” had earned 562 million yuan in IMAX box office revenue within just 15 days of its release, surpassing “Avengers: Endgame” to become the highest-grossing IMAX release ever in China.

    Audience members attend the premiere of “Ne Zha 2” in Hollywood, Los Angeles, Feb. 8, 2025. [Photo courtesy of CMC Pictures]

    Meanwhile, “Ne Zha 2” has also broken several records on the world stage. According to Maoyan Pro, the film is now the highest-grossing film in a single market worldwide, surpassing the $936.66 million record set by “Star Wars: Episode VII – The Force Awakens” in North America. On Feb. 8, it became the world’s first film to break into the $1 billion club in a single market, showcasing the immense potential of the Chinese market.

    Besides setting the single-market record, it is also the third-fastest film to reach the $1 billion mark worldwide, achieving the feat in just 12 days, following “Avengers: Endgame” (five days) and “Avengers: Infinity War” (11 days). By Feb. 14, with its China-only total, it became the third-highest-grossing animated feature worldwide in history and has already climbed to 17th on the global box office chart, including both animated and live-action films.

    A trailer for “Ne Zha 2” is displayed in Times Square, New York, Feb. 6, 2025. [Photo courtesy of CMC Pictures]

    Closely following its staggering box office growth has become a daily source of interest and entertainment for many fans, while analysts, big data algorithms and AI models continue to revise their projections daily. The latest projection, released Tuesday night by Maoyan Pro, suggests the film could reach 16 billion yuan for its entire run in the Chinese mainland alone — a figure beyond even the wildest imagination of those in the Chinese film industry. If it manages to reach this milestone, it would become the highest-grossing animated film of all time and the fifth-highest-grossing film in history, behind only the two “Avatar” installments, “Avengers: Endgame” and “Titanic.” These achievements would be remarkable for a Chinese film in a ranking dominated by Hollywood juggernauts. Notably, all of this would be accomplished solely with its China total, without contributions from overseas markets, unlike other global top-grossers that rely heavily on international markets.

    The potential for the film’s worldwide earnings is also being unleashed. “Ne Zha 2” began its global rollout on Feb. 13 through distributor CMC Pictures in Australia, New Zealand, Fiji and Papua New Guinea, followed by the United States and Canada on Feb. 14, with reports that most showings are selling out quickly. The film will also be released in other international territories, including Singapore, Malaysia, Saudi Arabia, Japan and Greece later this year.

    Performers stage a dragon dance outside the TCL Chinese Theatre at the premiere of “Ne Zha 2” in Hollywood, Los Angeles, Feb. 8, 2025. [Photo courtesy of CMC Pictures]

    A grand North American premiere of “Ne Zha 2” was held at the fully packed landmark TCL Chinese Theatre in Hollywood on Feb. 8, receiving rave reviews. Hollywood producer Robert King praised the film’s quality and scale, noting that Chinese films have made significant strides in storytelling in recent years. Georges Chamchoum, executive director of the Asian World Film Festival, expressed deep appreciation for the cultural evolution of Chinese cinema. Meanwhile, Oscar-winning producer Andre Morgan, known for producing “Million Dollar Baby,” described the movie as “unbelievable.”

    MIL OSI China News

  • MIL-OSI Economics: Balancing Environmental Considerations and Cost Optimization to Shape the Future of Sustainable Procurement: Daisuke Okumura

    Source: Panasonic

    Headline: Balancing Environmental Considerations and Cost Optimization to Shape the Future of Sustainable Procurement: Daisuke Okumura

    Key Figure in Raw Material Procurement for Sustainable EV Batteries
    Daisuke Okumura
    Engineering Procurement Promotion Department, Procurement DivisionMobility Energy Business DivisionPanasonic Energy Co., Ltd.
    Okumura joined the company in 2003, initially handling rare metal sales at the Corporate International Trade Division (at the time). He later spent five and a half years in Shanghai, China, gaining experience in group-wide centralized contracts for battery materials, steel, and resins. After returning to Japan, he engaged in lithium-ion battery material procurement. He is currently involved in cost reduction for raw materials, supplier selection, and BOM*¹ cost management, primarily for automotive applications.
    *1: Bill of Materials (BOM): The total cost of all components and materials required for product manufacturing.

    Taking on the Challenge of Reducing Environmental Impact Across the Entire Supply Chain
    As increasing importance is placed on sustainability and ESG, the role of procurement has undergone a significant transformation in recent years. Sustainable procurement is now a key element of environmental consideration and social responsibility. In addition to the traditional Quality, Cost, and Delivery (QCD) criteria, reducing environmental impact has become a key factor in supplier selection.

    In the value chain of automotive lithium-ion batteries, a substantial portion of CO₂ emissions arises from raw material extraction, processing, and transportation, more so than battery production itself. Notably, the procurement of cathode and anode materials associated with battery performance and safety accounts for nearly half of these emissions. In response, Panasonic Energy Co., Ltd. has set a goal to halve its carbon footprint (CFP)*² by FY2030 compared to FY2021. To achieve this, the company is advancing initiatives to minimize environmental impact across the supply chain in addition to realizing net zero CO₂ emissions at its own plants (becoming carbon neutral).

    Additionally, procurement must quickly adapt to price fluctuations caused by factors beyond our control, such as geopolitical risks and policy changes. To enhance resilience, we are not only diversifying supply sources but also working closely with customers to identify and secure safer, higher-quality raw materials, strengthening the resilience of our procurement operations.
    *2: Carbon Footprint (CFP): CO₂ emissions converted from greenhouse gas emissions throughout the entire product life cycle—from raw material procurement to disposal and recycling of a product or service.

    Increasing the Local Procurement Rate to Accelerate a Sustainable Procurement Strategy
    Various initiatives are underway in the United States, the key battleground for automotive lithium-ion batteries. Since 2019, Panasonic Energy has partnered with the US-based battery recycling company Redwood Materials. Together, they are working to establish the first cathode material recycling system in the US by recycling battery waste materials from Panasonic Energy of North America’s factory and using them to manufacture new cathode materials.If successfully implemented, this initiative will also enhance local procurement rates in the US, aligning with the goal of strengthening North American supply chains. However, ensuring economic feasibility is critical to its success. In addition to improving material recycling rates, extensive discussions and negotiations are ongoing to keep costs competitive with existing cathode materials in the market.

    We showcased NMG’s environmentally friendly graphite powder at the Panasonic booth at CES 2025.

    Until now, much of the graphite used in anode materials came from Asia, creating issues with transportation costs and environmental impact. To address these issues, we have signed a long-term supply agreement with Canada-based Nouveau Monde Graphite (NMG), a company that produces graphite using renewable energy from hydropower.By accelerating this sustainable procurement strategy, we aim to reduce the CFP of battery production and establish a low-environmental-impact supply chain.
    In the increasingly competitive market for automotive lithium-ion batteries, survival depends not only on quality and cost but also on speed. Introducing new materials, including the evaluation process, has traditionally taken several years. This is too slow to keep up with rapid global changes.Recognizing this challenge, we are reviewing evaluation methods, risk management processes, and other key procedures. By working closely with our customers to gain their understanding and cooperation, we are working to shorten the time required for material adoption.

    Leading the Development of a Circular Economy for EV Batteries
    Our goal is to first build an environmentally conscious supply chain in the US to establish a circular economy for automotive lithium-ion batteries and then expand the initiative to Japan. To scale these efforts, connecting recycling companies and cathode material manufacturers is essential, creating a cohesive ecosystem. While there are significant technological and cost-related challenges to overcome, advocating for the importance of tackling these issues and leading the way is a crucial role of procurement.
    Panasonic Energy’s mission is “Achieving a society in which the pursuit of happiness and a sustainable environment are harmonized and free of conflict.” To me, harmony means balancing environmental responsibility with economic viability. Without achieving this balance, our mission cannot be fulfilled. It is an extremely challenging goal, but by driving reforms with both caution and boldness, we are committed to advancing the adoption of EVs—key to realizing a decarbonized society—and will continue to take on this challenge with determination.

    Touring a factory to select a new supplier (Okumura is second from the left)

    The content in this website is accurate at the time of publication but may be subject to change without notice.Please note therefore that these documents may not always contain the most up-to-date information.Please note that German, French and Chinese versions are machine translations, so the quality and accuracy may vary.

    MIL OSI Economics

  • MIL-OSI Canada: First locally developed course established under First Nation School Board

    First locally developed course established under First Nation School Board
    jlutz

    This is a joint news release between the Government of Yukon and the First Nation School Board.

    Together, the Government of Yukon and First Nation School Board take this moment to hold up the educators and school community in Dakwäkäda where Food Sovereignty 12, an enriching and empowering locally developed high school curricula, has been approved by the Minister of Education, the Chairs of the First Nation School Board and the St. Elias Community School Community Committee.

    The goal of Food Sovereignty 12 is to deepen students’ comprehension of the food chain and its significant influence on the availability, cost and accessibility of produce, especially in northern regions grappling with challenges such as unpredictable weather patterns, access to First Nations traditional harvesting areas, reliance on food imports and limited local food production.

    Through an examination of the principles of food sovereignty, global economics and climate change considerations, the course endeavours to equip students with the knowledge and competencies needed to tackle food insecurity and advocate for sustainable, First Nations inclusive, community-driven solutions for long-term food provision.

    Together, educators Albert Oriol Surroca and Kàłxʼòkw Leger combined local, historical and scientific knowledge with an experiential approach, to develop a cohesive and connective study of food systems and community health. Spanning diverse curricular competencies including economics and transportation, First Nations empowerment and resilience and ecological studies, the 100–120 hours of instruction engage Grade 12 learners in the important work of climate change and food security. Once completed, learners earn a total of four high school credits.

    MIL OSI Canada News

  • MIL-OSI Canada: Government of Yukon provides update on heap leach failure at Eagle Gold Mine

    Government of Yukon provides update on heap leach failure at Eagle Gold Mine
    jlutz

    Keeping with the commitment to communicate openly and transparently about the aftermath of the heap leach failure at the Eagle Gold Mine, the Government of Yukon is informing the public that the Receiver for Victoria Gold Corp., appointed by the court to oversee remediation work at the mine site, has advised the Government of Yukon and other stakeholders of their intention to begin discharging water which began yesterday to proactively prepare for the spring snowmelt.

    There is a limit to how much water can be treated on a daily basis and technical advisors working with the Receiver have advised that it is necessary to begin the process of discharging water now to ensure there is enough storage during spring melt. This is critical to avoid the uncontrolled discharge of untreated water containing cyanide.

    Currently, discharged water has elevated levels of total copper and is not fully compliant with federal regulations or the site’s amended water licence. The water being discharged is in compliance with the cyanide requirements. Work is underway by the Receiver to build a settling pond to reduce copper in the treated water to reach licensed limits. In the coming weeks, once the settling pond is completed, water discharge is expected to meet all required conditions.

    The Receiver plans to release up to approximately 3,000 cubic metres of water per day – just over one Olympic-sized swimming pool’s worth of water – until the settling pond is available for use. This action is considered the safest option currently available to ensure water levels on site remain at manageable levels during the spring snow melt.

    Daily water samples are being collected and a comprehensive environmental monitoring program is underway. The Government of Yukon will continue to provide information on the Receiver’s activities on site.

    Water quality update

    Separate from the recent discharge event, water quality monitoring downstream of the mine site now indicates that contaminated water flowing from the suspected leak in the newly constructed containment pond is entering Haggart Creek. Water quality data following the suspected containment pond leak shows contaminants, such as cyanide, cobalt, chloride and nickel have increased in Haggart Creek since the suspected leak. These contaminants may negatively impact fish health in the downstream environment where exceedances above aquatic life guidelines are found, emphasizing the importance of ongoing monitoring of water quality and fish health downstream of the site.

    Information about the suspected leak was reported to the Government of Yukon and relevant stakeholders on December 28, 2024, by the Receiver. Information about the suspected leak was shared publicly by the Government of Yukon on January 3, 2025.

    Water quality data showing trends since the heap leach failure is available at yukon.ca/environmental-monitoring.

    The next technical briefing will be held by the Government of Yukon on February 18, 2025.

    MIL OSI Canada News

  • MIL-OSI Canada: Joint statement from Deputy Premier McLean and Minister Streicker on visit with the German Ambassador

    Joint statement from Deputy Premier McLean and Minister Streicker on visit with the German Ambassador

    Deputy Premier Jeanie McLean and Minister of Tourism and Culture John Streicker have issued the following joint statement:

    “This week, we had the opportunity to meet with Ms. Tjorven Bellmann, the Ambassador of the Federal Republic of Germany to Canada.

    “During her first visit to the Yukon, we showcased the rich and vibrant culture, picturesque scenery and the amazing economic opportunities that our territory has to offer.

    “Unlocking the potential between Canada and Germany was top of mind. Together, we discussed opportunities to advance shared priorities that would benefit both countries. This included advancing tourism and resource opportunities, investing in innovation in areas of climate and environment and Arctic security.

    “On behalf of the Government of Yukon, we want to say thank you to Ambassador Bellmann for visiting the Yukon. We look forward to building and maintaining a strong relationship with Germany. By working together, we can find ways to create deeper ties and support our respective communities.”

    MIL OSI Canada News

  • MIL-OSI Global: From homes to hospitals, Canada’s food environments need reform

    Source: The Conversation – Canada – By Sara F.L. Kirk, Professor of Health Promotion; Scientific Director of the Healthy Populations Institute, Dalhousie University

    Healthy eating sounds deceptively simple — just eat more fruits and vegetables and avoid junk food, right? However, healthy eating really isn’t easy.

    A new report illustrates how ubiquitous unhealthy foods are, how aggressively they are promoted and how hard it is to access healthy foods in places we spend our time.

    We are part of a team of 18 nutrition and food policy experts from across Canada who looked at research from the past five years to expose the environmental factors that influence what people in Canada buy and eat. We explored many different factors, like the quality of food, food marketing practices and what foods are available in places like hospitals, schools and grocery stores.

    The report is part of an international network called INFORMAS (International Network for Food and Obesity/Non-communicable Diseases (NCDs) Research, Monitoring and Action Support). Our findings reinforce that, from homes to hospitals, Canada’s food supply needs reform.

    What we see is what we get

    Unhealthy food is everywhere, and that makes it hard to avoid: what we see is what we get. Our report found that most packaged foods in grocery stores are unhealthy. In fact, two-thirds of them were high in salt, sugar or saturated fat. Only 12 per cent were low in these nutrients.

    Unhealthy foods are readily available for purchase. One study showed that children in Ottawa had, on average, 19 places to purchase foods within one kilometre of their school. In Vancouver, that number was as high as 45.

    In-store environments also thwart healthy purchases: 50 per cent of stores had “power walls” of candy, snacks and sugary drinks, tempting consumers at the checkout, while only around one in five stores operated a junk-free checkout. And nearly all hospital cafeterias and recreation centre vending machines sold sugary drinks.

    Unhealthy foods are also heavily marketed, particularly to children. One study estimated that children aged six to 11 see more than 4,000 food ads on their digital devices each year, while older children see twice that number. Around 90 per cent of the ads that children saw on their digital devices were deemed less healthy based on their sugar, sodium and saturated fat content.

    A closer look at marketing on five food product categories in the INFORMAS Canada report found that one-third of products carried marketing targeting to children.

    For example, almost 46 per cent of breakfast cereals used marketing techniques that made products look fun or cool, or used cartoon characters and celebrities, to entice young consumers. More than 90 per cent of products using these techniques were unhealthy. Of 75 per cent of foods that had some sort of health or nutrition claim on their packaging highlighting healthy attributes of products, 45 per cent of these products were also high in salt, sugar or saturated fat.

    Unhealthy foods are big, cheap and easy

    Our report illustrates how, in many ways, the cards are stacked against us in terms of healthy eating. The food industry, where power is often concentrated within the hands of a few large, multinational companies, continues to create and market unhealthy foods, despite stated commitments to do better.

    With unhealthy foods so available and tempting, it’s no surprise that many Canadians struggle to eat according to Canada’s Food Guide.

    Our unhealthy food environments are making us sick and we all pay the price. Unhealthy eating has been estimated to cost more than $15.8 billion, including direct healthcare costs of $5.9 billion. With unhealthy eating a leading risk for death and the second leading risk for disability in Canada, there is a strong moral and economic imperative for action to improve food environments.

    Creating healthier food environments

    It doesn’t have to be this way. In addition to providing benchmarking data, our report offers a road map for policymakers, industry leaders and advocates to collaborate in creating healthier, more equitable food environments for all Canadians.

    Canada can also draw inspiration from global leaders in food policy like Chile and Mexico. Both countries have introduced bold front-of-package warning labels for foods high in sugar, sodium or saturated fats, combined with restrictions on marketing unhealthy products to children and taxes on unhealthy foods.

    Canada will follow suit with front-of-package labels in January 2026, but policy change in these others areas is lacking.




    Read more:
    Front-of-package food labels: A path to healthier choices


    Mexico has implemented front-of-package food label regulations flagging unhealthy foods. Canada will follow suit in 2026.
    (Shutterstock)

    Taxes on sugary drinks already exist in more than 45 countries, with the United Kingdom recently seeing reductions in sugar consumption after a sugary drink tax was implemented. Canada, unfortunately, is lagging behind, with Newfoundland & Labrador the only province with a tax on sugary drinks.

    As Canada’s national school food policy rolls out, there are opportunities to protect school food from vested interests. These actions need to be extended to other food environments — our homes, hospitals and grocery stores.

    With the threat of tariffs being imposed by the United States and potentially creating major challenges for food affordability, more Canadians are looking for a food supply that is made in Canada. Creating healthier food environments and food systems takes a strong commitment from leaders at all levels (federal, provincial, territorial and municipal).

    Our benchmarking report can help create a nutrition transition that nourishes our population and supports our healthy food producers, farmers and fisheries. This report makes the case for improving our food environments and shows the way to a healthier future for all Canadians.

    Sara F.L. Kirk has received funding from the Canadian Institutes of Health Research, Public Health Agency of Canada, Research Nova Scotia and Dalhousie University Office of Advancement. She is a co-author on the report being discussed in this article.

    Lana Vanderlee receives funding from the Canadian Institutes of Health Research, the US National Institutes of Health, the Fonds de recherche du Québec – Santé and has received funds from Health Canada. She is currently supported by a Canada Research Chair in Healthy Food Policy (Tier 2).

    ref. From homes to hospitals, Canada’s food environments need reform – https://theconversation.com/from-homes-to-hospitals-canadas-food-environments-need-reform-249540

    MIL OSI – Global Reports

  • MIL-OSI Canada: Supportive-living home for people with brain injuries coming to Parksville

    Source: Government of Canada regional news

    Stephanie Higginson, MLA for Ladysmith-Oceanside –

    “Having a supportive-living home for people with acquired brain injuries that will serve the central and north Island is big news for the people and their families who live in the area and need these services. Having access to quality health care when people need it, where they live is a priority for our government.  The care people receive will help them with physical, cognitive and emotional therapy, and improve their overall quality of life.”

    Leah Hollins, board chair, Island Health –

    “This new service aligns with Island Health’s goal to provide patient-centred, accessible and equitable care for Vancouver Island residents and will address an identified gap in specialized brain injury services on central Island. By expanding and improving the services provided to people living with brain injuries, we can improve quality of life for clients, provide hope for improved wellness, better support families and caregivers, and reduce strain on hospitals and long-term care resources.”

    Dean, client, Island Health Brain Injury Program –

    “This program will greatly serve to create community and belonging, as well as dependability, consistency and calm to life, and living for those supported.”

    Ashley Ormiston, regional program co-ordinator, Island Health Brain Injury Program –

    “Living with a brain injury can be life-altering. With early intervention and focused, timely interventions, we know people with brain injuries can begin to recover, improve their health and gain independence to reintegrate into society.”

    Patti Flaherty, CEO, Connect –

    “We are thrilled to partner with Island Health and expand Connect’s life redesign model to Vancouver Island. Our team has more than 30 years of experience supporting individuals after brain injury and strokes in Langley, Kelowna and Ontario. Our Parksville location will provide a safe, nurturing environment, empowering the people we support to redesign their lives and thrive.”

    MIL OSI Canada News

  • MIL-Evening Report: NZ depends on the rules-based world Trump is dismantling – why the silence?

    Source: The Conversation (Au and NZ) – By Alexander Gillespie, Professor of Law, University of Waikato

    The Ministry of Foreign Affairs’ 2023 strategic foreign policy assessment, “Navigating a shifting world”, accurately foresaw a more uncertain and complex time ahead for New Zealand. But already it feels out of date.

    The Trump administration’s extreme disruption of the international order (which New Zealand helped construct) is going further and faster than foreseen in the assessment. Were another nation responsible, the government would have been quick to condemn it.

    But New Zealand has so far been largely mute while Trump has quit the World Health Organization and the Paris Climate Accord, attacked foreign assistance programs and withdrawn funding from key United Nations organisations.

    Had Russia or China threatened the annexation or acquisition of Canada, Panama and Greenland, New Zealand would have reacted strongly. But it has said nothing substantive.

    The United States still belongs to the World Trade Organization and various regional trade agreements. But Trump’s use of tariffs threatens havoc throughout the multilateral trade system.

    Similarly, Trump has not quit the International Court of Justice. But his proposal to remove two million Palestinians from Gaza amounts to an unequivocal rejection of the court’s recent ruling on Israeli policies and practices in the Occupied Territories – as well as international law.

    On all these fronts, New Zealand has preferred not to make a stand.

    The coming Russia-Ukraine test

    While other countries have been quick to criticise Trump’s Gaza plan, New Zealand has opted not to comment until greater clarity is available, other than to reiterate its support for a two-state solution for Palestine.

    When Trump imposed sanctions on the International Criminal Court, New Zealand (along with Australia and Japan) failed to join a statement from 79 other countries expressing unwavering support for the court.

    The next likely test will be Trump’s attempt to broker a peace deal between Russia and Ukraine. While the goal is undoubtedly worthy, the question will be at what cost.

    If the price is ignoring the UN Charter, and if European supporters of Ukraine find the illegal annexations of its sovereign territory unpalatable, New Zealand will face a stark choice.

    For Australia, with its special trade relationship with the US and membership of the AUKUS security pact, this may be simple politics. For New Zealand, without a special free trade agreement with the US, frozen out of ANZUS and not part of AUKUS, the equation is more complex.

    Discord in the Pacific

    Last year, Prime Minister Christopher Luxon said New Zealand must “stand up for this international rules-based system that has actually served New Zealand incredibly well”. Quietly sitting down will not be an option forever.

    Furthermore, all this is happening against the backdrop of New Zealand’s apparently waning influence in its own back yard, the South Pacific.

    While China seeks to expand its own influence, cuts and possible retrenchment in New Zealand’s aid budget suggest little appetite for tangible counteraction.

    The loss of influence was first apparent with Kiribati, which has steered towards a much closer relationship with China since 2022. More recently, China has made inroads into other Pacific countries, including the Solomons and East Timor, working in an increasingly grey zone with support for civilian and military security.

    But the recent fracture with the Cook Islands takes things to a new level.

    Struggling to find a voice

    While no longer a dependency, the Cooks’ free association agreement with New Zealand gives its people immense benefits, including citizenship and the right to work and live in New Zealand.

    In return, the Cooks undertakes to consult over foreign affairs matters, including any policy or initiative that might affect the interests of the other signatory.

    But the development of a somewhat opaque “comprehensive strategic partnership” with China blindsided New Zealand, and has strained what is meant to be a good-faith relationship. Again, however, New Zealand has struggled to find its voice.

    If it speaks too loudly, it risks further undermining that special Pacific relationship, as well as irritating its largest trade partner, China. If it speaks too softly, the respect and influence the country deserves will fade.

    New Zealand’s vaunted independent foreign policy is a fine ideal and has been a workable mechanism to navigate the challenges facing a small trading nation reliant on a rules-based global order.

    This has worked well for the past few decades. But as the old world order erodes, losing its voice for fear of offending bigger powers cannot become the country’s default position.

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

    ref. NZ depends on the rules-based world Trump is dismantling – why the silence? – https://theconversation.com/nz-depends-on-the-rules-based-world-trump-is-dismantling-why-the-silence-249857

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Canada: Financial assistance coming for people affected by October floods

    Source: Government of Canada regional news

    Disaster Financial Assistance (DFA) is now available for eligible people and businesses in the City of Maple Ridge and Township of Langley affected by flooding due to the atmospheric river from Oct. 18-20, 2024.

    Following a significant event, DFA may compensate for the sudden, unexpected loss of uninsurable items that are essential. This may include building repairs to a principal residence, replacement of essential personal effects, as well as clean up and debris removal.

    People can access specifics about the event and can submit their DFA application online at: https://www.gov.bc.ca/disasterfinancialassistance

    DFA is available to homeowners, renters, business owners, farmers, corporation-owned properties and charitable organizations to cover uninsurable disaster-related losses. The program is unable to compensate for losses for which insurance was reasonably and readily available.

    Applications for DFA must be submitted to the Ministry of Emergency Management and Climate Readiness within 90 calendar days of the event declaration. The deadline to submit applications for this DFA event for the City of Maple Ridge and the Township of Langley is May 14, 2025.

    The Province is committed to providing the necessary support and resources people need to rebuild their lives after an emergency. The DFA program has been enhanced and expanded in recent years to better support people and communities. These changes include:

    • increase in maximum DFA support available per claim from $300,000 to $400,000;
    • expanded eligibility for small businesses based on minimum income;
    • expanded annual revenue threshold for small businesses from $1 million to $2 million so more businesses can qualify for DFA;
    • expanded eligibility for the farming sector to include homes owned by corporations if the home is used as a primary residence;
    • increased provincial contributions to local infrastructure recovery;
    • the Province may provide a portion of the project’s estimated costs up front to help communities rebuild critical infrastructure projects faster; and
    • a new online portal is available to make it easier for people and communities to apply for financial support for uninsurable losses after a disaster.

    DFA was previously announced for damages from the same event for people, businesses and communities in:

    • City of Port Coquitlam
    • City of Coquitlam
    • City of North Vancouver
    • District of West Vancouver
    • District of North Vancouver
    • Squamish First Nation
    • Village of Anmore
    • City of Port Moody
    • City of Surrey

    Learn More:

    Information, eligibility criteria, categories and applications can be found by calling toll-free 1 888 257-4777 or visiting: https://www.gov.bc.ca/disasterfinancialassistance

    DFA for people, businesses and communities affected by flooding due to the atmospheric river event from Oct. 18-20, 2024: https://news.gov.bc.ca/releases/2024EMCR0047-001600

    DFA extended for people, businesses and communities affected by flooding due to the atmospheric river event from Oct. 18-20, 2024: https://news.gov.bc.ca/releases/2024EMCR0049-001657

    To learn about improvements the Province made to DFA after the November 2021 flooding event, visit: https://news.gov.bc.ca/26713

    A backgrounder follows.

    MIL OSI Canada News

  • MIL-OSI USA: Secretary of Defense Pete Hegseth Press Conference Following NATO Ministers of Defense Meeting in Brussels, Belgium

    Source: United States Department of Defense

    UNKNOWN:  Good afternoon, everyone. We’re going to start with the US press. We’re going to take two from the US, we’ll take two from international, and then we’ll go from there depending on the secretary. So, let us start with —

    DEFENSE SECRETARY PETE HEGSETH:  Now, hold on, John.

    UNKNOWN:  Sir?

    DEFENSE SECRETARY PETE HEGSETH:  I’m going to talk first.

    UNKNOWN:  Roger that.

    DEFENSE SECRETARY PETE HEGSETH:  It is great to be here at NATO with 31 allies, also with my wife Jenny, who’s been meeting with families of US troops both here, in Germany, and we’re heading to Poland right after this as well. That’s what this is all about for me, for President Trump and the Defense Department.

    I also want to express a special thanks to the secretary general, Secretary General Rutte, for your boldness, for your friendship, for your leadership and most especially for your urgency — your urgency of the matter at hand, which is great to see from the leader of NATO. Look forward to working very closely with him and his team.

    And before we’re talking about what we’ve done at the ministerial, I want to reaffirm a few things from this podium. First, as we see it, NATO’s strategic objectives are to prevent great power conflict in Europe, deter nuclear and non-nuclear aggression, and defeat threats to treaty allies should deterrence fail.

    Second, the US is committed to building a stronger more lethal NATO. However, we must ensure that European and Canadian commitment to article three of this treaty is just as strong. Article three says that allies, and I quote, “By means of continuous and effective self-help and mutual aid will maintain and develop their individual and collective capacity to resist armed attack.”

    Leaders of our European allies should take primary responsibility for defense of the continent, which means security ownership by all allies guided by a clear understanding of strategic realities and it’s an imperative given the strategic realities that we face. And that begins with increasing defense spending. 2 percent is a start, as President Trump has Trump has said, but it’s not enough, nor is 3 percent, nor is 4 percent. More like 5 percent. Real investment. Real urgency.

    We can talk all we want about values. Values are important. But you can’t shoot values. You can’t shoot flags and you can’t shoot strong speeches. There is no replacement for hard power. As much as we may not want to like the world we live in, in some cases, there’s nothing like hard power. It should be obvious that increasing allied European defense spending is critical as the President of the United States has said.

    Also critical is expanding our defense industrial base capacity on both sides of the Atlantic. Our dollars, our euros, our pounds must become real capabilities.  The US is fully committed under President Trump’s leadership to pursue these objectives in face — in the face of today’s threats.

    Yesterday, I had a chance to attend the Ukraine Defense Contact Group. Today, participated in both the NATO ministerial and the Ukraine Council. In both, we discussed Russia’s war of aggression against Ukraine. I had the chance to brief allies on President Trump’s top priority; a diplomatic peaceful end to this war as quickly as possible in a manner that creates enduring and durable peace.

    The American Defense Department fully supports the efforts of the Trump administration and we look to allies to support this important work with leading on Ukraine security assistance now through increased contributions and greater ownership of future security assistance to Ukraine. To that end, I want to thank my UK counterpart, Defense Secretary John Healey, for hosting this Ukraine Defense Contact Group and for his leadership on support of Ukraine.

    President Trump gave me a clear mission, achieve peace through strength as well as put America first, our people, our taxpayers, our borders, and our security. We are doing this by reviving the warrior ethos, rebuilding our military and reestablishing deterrence. NATO should pursue these goals as well. NATO is a great alliance, the most successful defense alliance in history.

    But to endure for the future, our partners must do far more for Europe’s defense. We must make NATO great again. It begins with defense spending, but must also include reviving the transatlantic defense industrial base, rapidly fielding emerging technologies, prioritizing readiness and lethality, and establishing real deterrence.

    Finally, I want to close with this. After World War II first General and then President Eisenhower was one of NATO’s strongest supporters. He believed in a strong relationship with Europe. However, by the end of Eisenhower’s presidency, even he was concerned that Europe was not shouldering enough of its own defense, nearly making, in Eisenhower’s words, “A sucker out of Uncle Sam.” Well, like President Eisenhower, this administration believes in alliances. Deeply believes in alliances. But make no mistake, President Trump will not allow anyone to turn Uncle Sam into Uncle Sucker. Thank you, and we’re glad to take some questions.

    UNKNOWN:  Thanks very much. Let’s start with the US traveling TV pool with Liz Frieden.

    Q:  Thank you, Secretary Hegseth. You have focused on what Ukraine is giving up. What concessions will Putin be asked to make?

    DEFENSE SECRETARY PETE HEGSETH:  Well, that’s — I would start by saying the arguments that have been made that somehow coming to the table right now is making concessions to Vladimir Putin outright, that we otherwise — or that the President of the United States shouldn’t otherwise make, I just reject that at its face.

    There’s a reason why negotiations are happening right now, just a few weeks after President Trump was sworn in as President United States. Vladimir Putin responds to strength. In 2014 he invaded Crimea, not during the presidency of Donald Trump. Over four years, there was no Russian aggression from 2016 to 2020. In 2022, Vladimir Putin took aggression on Ukraine. Once again, not while President Trump was President of the United States.

    So any suggestion that President Trump is doing anything other than negotiating from a position of strength is on its face a historical and false. So when you look at what he may have to give or take, what’s in or what’s out in those negotiations, we have the perfect dealmaker at the table from a position of strength to deal with both Vladimir Putin and Zelenskyy.

    No one’s going to get everything that they want, understanding who committed the aggression in the first place. But I challenge anyone else to think of a world leader at this moment who, with credibility and strength, could bring those two leaders to the table and forge a durable peace that ultimately serves the interests of Ukraine, stops the killing and the death, which president has been — Trump has been clear he wants to do and hopefully ultimately is guaranteed — or guaranteed by strength of Europeans who are there prepared to back it up.

    Q:  To follow up on that — follow up. Thank you, sir. Why not invoke article five then for the NATO peacekeeping forces that could potentially be deployed? Like, how does that deter President Putin?

    DEFENSE SECRETARY PETE HEGSETH:  Well, I would say I want to be clear about something as it pertains to NATO membership not being realistic outcome for negotiations. That’s something that was stated as part of my remarks here as part of a coordination with how we’re executing these ongoing negotiations, which are led by President Trump.

    All of that said, these negotiations are led by President Trump. Everything is on the table in his conversations with Vladimir Putin and Zelenskyy. What he decides to allow or not allow is at the purview of the leader of the free world of President Trump. So I’m not going to stand at this podium and declare what President Trump will do or won’t do, what will be in or what will be out, what concessions will be made or what concessions are not made.

    I can look as our team has of what’s realistic, likely on an outcome. I think realism is an important part of the conversation that hasn’t existed enough inside conversations amongst friends. But simply pointing out realism, like the borders won’t be rolled back to what everybody would like them to be in 2014, is not a concession to Vladimir Putin. It’s a recognition of hard power realities on the ground after a lot of investment and sacrifice first by the Ukrainians and then by allies and then a realization that a negotiated peace is going to be some sort of demarcation that neither side wants. But it’s not my job as the Secretary of Defense to define the parameters of the President of the United States as he leads some of the most complex and consequential negotiations in the world.

    UNKNOWN:  Sticking with the US press, let us go with Axios’ Zach Basu right in the far right.

    Q:  Thank you, Mr. Secretary. Given the position you’ve now staked out, what leverage exactly is Ukraine being left with, especially if the US also plans to wind down its military aid? And then quickly, if a NATO ally is attacked by Russia or any country, will the US unequivocally uphold its obligations under article five regardless of that country’s —

    DEFENSE SECRETARY PETE HEGSETH:  — We’ve said we’re committed to the alliance and that’s part of the alliance, right? You pointed out article five. You point out article three — it’s just a cheap — I’m not saying it’s cheap coming from you — but it’s just a cheap political point to say, oh, we’ve left all the negotiating cards off the table by recognizing some realities that exist on the ground. President Zelenskyy understands the realities on the ground. President Putin understands the realities on the ground. And President Trump, as a dealmaker, as a negotiator, understands those dynamics as well.

    By no means is anything that I state here, even though we lead the most powerful military in the world, hemming in the commander in chief, in his negotiations, to ultimately decide where it goes or does not go. Well, he’s got all the cards he would like.

    And the interesting part is oftentimes while the conventional status quo mindset or the legacy media wants to play checkers, the same checkers game we’ve been playing for decades, President Trump time and time again finds a way to play chess — as a dealmaker, as a businessman who understands how to create realities and opportunities where they otherwise may not exist.

    Take for example, the conversations that our treasury secretary had in Kyiv recently with President Zelenskyy, which will continue in Munich with our vice president and secretary of state, around investments and resources inside Ukraine. I don’t want to get ahead of any decision or announcement that could be made there, it could be any number of parameters.

    But President Trump as a dealmaker and a businessman recognizes that an investment relationship with Ukraine, ultimately in the long term for the United States, is a lot more tangible than any promises or shared values we might have, even though we have them. There is something to relationships and deals in real ways, whether militarily or economically or diplomatically, that he sees that are possibilities that could forge together a lot of opportunities to show that solidarity that Vladimir Putin will clearly recognize.

    That’s one of any number of other opportunities that this president will leverage in these high-stake negotiations. So, I just reject on its face the premise that somehow President Trump isn’t dealing with a full set of cards when he’s the one that can determine ultimately what cards he holds.

    UNKNOWN:  Great. Now shifting to the international press, we’ll take the French wire service Agence France Presse with Max Delaney.

    Q:  Thank you very much, Secretary of Defense. Can you — you’ve spoken about trying to force both Putin and Zelenskyy to the table. Can you give a guarantee that no deal will be forced on Ukraine that they do not want to accept? And also, that you will include Europe in the negotiations about their own — about an issue that concerns European security? And can you tell us whether the US will continue to supply arms to Ukraine during any negotiations?

    DEFENSE SECRETARY PETE HEGSETH:  Well, to the first part of your question, that’s not ultimately my decision. The president will lead these negotiations alongside our secretary of state, our national security advisor, and numerous other officials that will be involved. And ultimately, we’ve played our role in talking to our NATO allies about what that would look like.

    President Trump, I want to point out, I’ve got the truth’s right here that he posted, called both, in case we missed it, Vladimir Putin and President Zelenskyy, called them both. Any negotiation that’s had will be had with both.

    I also am very encouraged by what the secretary general has said here. Clearly attuned to the realities of the moment, the need for peace, and that the NATO alliance and European members will play a role in that.

    Ultimately, President Trump speaking to those two countries is central to the deal being made. But it affects a lot of people, of course. So, I’m not going to be involved in those intimate diplomatic negotiations. That’s for the pros atop the Trump administration who do diplomacy and negotiations. Ultimately as security assistance, we have continued to provide what has been allocated.

    I think it would be fair to say that things like future funding, either less or more, could be on the table in negotiations as well. Whatever the president determines is the most robust carrot or stick on either side to induce a durable peace, understanding, obviously, the motivations that Vladimir Putin has had on Ukraine for quite some time. Thank you.

    UNKNOWN:  We’ll have a second international press outlet. We’ll go with the German paper Frankfurter Allgemeine Zeitung with Dr. Thomas Gutschker.

    Q:  Thanks a lot. Thomas Gutschker of Frankfurter Allgemeine Zeitung. Good afternoon. Mr. Secretary, two questions, please. The first one regarding the new Defense Investment Pledge.

    When you and President Trump speak about raising it to 5 percent, do you mean European allies only, or do you mean the US as well, which is currently at 3.4 percent according to NATO statistics? And if the latter is true, when do you think the US could possibly reach the goal of spending 5 percent on defense? That’s number one.

    Number two, you said yesterday that Europeans need to take ownership of their own conventional security. So, should Europeans expect that ultimately the US would withdraw the bulk of their forces from Europe and just leave in place what is necessary for nuclear deterrence? I know there’s a revision going on. I don’t expect you to name any numbers but maybe give us an outlook of what we should expect. Thank you.

    DEFENSE SECRETARY PETE HEGSETH:  Thank you. I think nobody can or should contest the extent of America’s willingness to invest in national security. We have a budget of $850 billion spent on defense. I’m in the business of ensuring that every dollar of that is used wisely, which is why we’re pushing a Pentagon audit and making sure that we’re cutting fat so that we’ve got more at the tip of the spear.

    3.4 percent is a very robust investment, larger than most of our allies within NATO. Any defense minister or secretary of defense that tells you they wouldn’t want more would be lying to you, I understand that. Ultimately, we have our own budgetary considerations to be had, but I don’t think an unwillingness of NATO allies to invest in their own defense spending can be dismissed away by trying to point at the $900 billion that America has invested around the globe to include the NATO alliance and saying that’s not enough.

    So, ultimately, we are very much committed to the NATO alliance and to our allies. But without burden sharing, without creating the right set of incentives for European countries to invest, then we would be forced to attempt to be everywhere for everybody all the time, which in a world of fiscal restraints is, again, to get back to that word reality, just not reality.

    So, yes, we will continue to spend robustly. Our expectation of our friends, and we say this in solidarity, is you have to spend more on your defense, for your country, on that continent, understanding that the American military and the American people stand beside you as we have in NATO, but can’t have the expectation of expectation of being the permanent guarantor, as I alluded to, from what even Eisenhower observed post-World War II.

    That shift has to happen. The peace dividend has to end. There are autocrats with ambitions around the globe from Russia to the communist Chinese. Either the West awakens to that reality and creates combat multipliers with their allies and partners to include NATO, or we will abdicate that responsibility to somebody else with all the wrong values.

    You mentioned Europe, we have not said in any way that we’re abandoning our allies in Europe. There have been no decisions based on troop levels. Again, that’s a discussion to be had by the commander in chief in these high-stake negotiations. And that would most likely come later on. But there is a recognition that the ambitions of the communist Chinese are a threat to free people everywhere, to include America’s interests in the Pacific.

    And it makes a lot of sense, just in a commonsense way, to use our comparative advantages. European countries spending here in defense of this continent, in defense of allies here against an aggressor on this continent with ambitions. That strikes me as the right place to — and I don’t say that in a condescending way. I say that in a common sense, practical way.

    Investing in defense on the continent makes sense. We support that as well. It also makes sense comparatively and geographically for the United States, along with allies in the Pacific like Japan and South Korea and the Philippines and Australia and others, to also invest in allies and partners and capabilities in the Pacific to project power there in service of deterrence. That deterrent effect in the Pacific is one that really can only be led by the United States.

    We wish we could lead everywhere at all times. We will stand in solidarity with allies and partners and encourage everyone to invest in order to have forced multiplication of what we represent, but it requires realistic conversations. Those with disingenuous motives in the media, I don’t mean to look at you, just saying anyone, that suggests it’s abandonment are trying to drive a wedge between allies that does not exist.

    We are committed to that NATO alliance. We understand the importance of that partnership, but it can’t endure on the status quo forever in light of the threats we face and fiscal realities. Europe has to spend more. NATO has to spend more. Has to invest more. And we’re very encouraged by what the secretary general has said and frankly, by — behind closed doors, what a lot of our allies have said as well acknowledging that reality.

    And that’s why when I say make NATO great again, it’s what President Trump set out to do in 2017. The press said President Trump is abandoning NATO. He’s turning his back on our NATO allies. That’s what is — that’s what the headlines read in 2017 and 2018. What actually happened? That tough conversation created even more investment to the point where now almost every NATO country is meeting the 2 percent goal that was said to be egregious when he first said it. Now European countries are stepping up and President Trump continues to ring the alarm bell that even more investment is required considering where we are.

    So suggestions of abandonment otherwise continue to be disingenuous and we are — we are proud to be part of this alliance and stand by it.

    UNKNOWN:  Sir —

    DEFENSE SECRETARY PETE HEGSETH:  — I’ll take a couple more.

    UNKNOWN:  Sure. Why don’t we take one from a US outlet and one from an international outlet. With the US outlet — pardon me, sir, what we’re going to take from the US is Logan Rateck from Newsmax, please.

    Q:  Mr. Secretary, you talked about what — you talked about expanding the defense industrial base and also expediting foreign military sales. Can you expand on that a little bit and how important that is to NATO?

    DEFENSE SECRETARY PETE HEGSETH:  Well, one of the self-evident conclusions of the — of the war in Ukraine was the underinvestment that both the European continent and America has had, unfortunately, in the defense industrial base, the ability to produce munitions, emerging technologies rapidly and field them was a blind spot exposed through the aggression against Ukraine.

    Ukraine has responded to that, as we’ve had a chance to listen to a great deal. Europe is responding to that, and so is America. We have to do more to ensure — whether you call it the arsenal for democracy or defending the free world, if America can’t build and export and build and provide rapid capabilities because we’re too stale or static or bureaucratic or the Pentagon is bloated, then we’re not able to field the systems we need in the future.

    So deep and dramatic reforms are coming at the Defense Department with the leadership of President Trump to ensure that we’re investing robustly in our defense industrial base. A great example is shipbuilding. We need to vastly increase our ability to build ships and submarines, not just for ourselves, but to honor our obligations to our allies as well.

    And we will do that. Foreign military sales is another thing I mentioned this morning with the secretary general. We have for a long time been the country by with and through that our allies are able to supply major platforms and weapon systems like the F-35 and the Patriots and others. Whatever the system is, we need to reform that process so it’s quicker, so a request today isn’t delivered seven years from now, but three years from now with less red tape and with the most efficient and effective technology possible.

    We hear that from our allies, and that’s part of being a good faith partner is we’re going to invest in our defense industrial base. We’re going to make sure foreign military sales are as rapid as possible, which again is a force multiplier for American power, which is something we want to do in a contested world.

    UNKNOWN:  For our final question, we’ll go to an international outlet. The Japanese service NHK with Tsuchiya Tsujita, please.

    Q:  Tsuchiya from NHK, the Japanese TV station, thank you very much. I would like to ask about China. As you mentioned that the US will be prioritizing and deterring China, what role will you be expecting Japan and IPv4 countries to play in this context?

    DEFENSE SECRETARY PETE HEGSETH:  Sure. I mean, first of all, I would point out that President Trump has expressed a strong relationship with Xi Jinping. We don’t have an inevitable desire to clash with China. There’s a recognition that there are divergent interests which lead to a need for strength on the American side to ensure our interests are advanced and that ultimately any aggression is deterred. That’s a real thing, but we don’t feel like conflict is inevitable and certainly don’t seek conflict with China. And that’s why President Trump has that good relationship with Xi Jinping.

    But it was prudent for us to work with allies and partners in the Pacific to ensure that that deterrence, hard power deterrence, not just reputational, but reality exists. And that’s why a lot of my first phone calls as Secretary of Defense were to Pacific allies, to Australia, to Japan, to South Korea, to the Philippines and others and will continue because that, just as this alliance in Europe is critical, working by with and through allies and partners in that region who understand the reality of the ascendant Chinese threat will be critical.

    It can’t be America alone. It won’t be America alone if we are to deter that. So it’s — it is a focus. I’ve articulated that from day one. America achieves strength, whether it’s in this — in the — in the — in peace through the Ukrainian conflict or deterring it in the Pacific through strength. There’s a reason why Donald Trump emphasizes peace through strength at every moment.

    My job, my job alone as the Secretary of Defense is to ensure he has the strongest, most capable, most lethal military possible. Heaven forbid we have to use it. It’s meant and built for deterrence. But if we have to, we can close with and destroy our enemies and bring our men and women home with success as quickly as possible. Thank you very much for being here.

    UNKNOWN:  Thank you, everyone.

    MIL OSI USA News

  • MIL-OSI: Cenovus to hold fourth-quarter and full-year conference call and webcast on February 20

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 13, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) will release its fourth-quarter and full-year 2024 results on Thursday, February 20, 2025. The news release will provide consolidated fourth-quarter operating and financial information. The company’s financial statements will be available on Cenovus’s website, cenovus.com.

    Conference call: 9 a.m. MT (11 a.m. ET)

    To join the conference call, please dial 1-800-206-4400 (toll-free in North America) or 1-289-514-5005 to reach a live operator who will place you into the call.

    It is recommended that participants dial in at least 10 minutes before the conference call begins.
    A live audio webcast will also be available and archived for approximately 30 days.

    Cenovus Energy Inc.

    Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

    Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

    Cenovus contacts:

    Investors Media
    Investor Relations general line
    403-766-7711
    Media Relations general line
    403-766-7751

    The MIL Network

  • MIL-OSI Global: Like dictators before him, Trump threatens international peace and security

    Source: The Conversation – Canada – By Sabine Nolke, Research Associate in International Law, Western Academy for Advanced Research, Western University

    At first, Canadians just shook their collective heads when United States President Donald Trump suggested Canada become the 51st American state.

    They rolled their eyes when he posted a fake image of himself standing next to a Canadian flag amid snowy mountaintops — in actuality, the Swiss Alps.

    Another Trump post showed a map purporting to merge Canada and the U.S. That prompted Prime Minister Justin Trudeau to respond on social media that there was not a “snowball’s chance in hell” that Canadians would soon become Americans.

    Meme wars are one thing, but in the real world, threatening the sovereignty and territorial integrity of a foreign state is quite another. Canadian leaders have stopped laughing, and they now need to situate Trump’s dangerous rhetoric in the language of international law and state-to-state relations.

    As a former Canadian ambassador to the Netherlands, and a permanent representative to the Organization for the Prohibition of Chemical Weapons and international courts and tribunals in The Hague, I know language matters.

    Trump’s threats make it an opportune time to provide a brief snapshot of the historical context for Trump’s rhetoric, and the necessary 21st-century vocabulary with which to respond and shape the public discourse.

    Manifest Destiny

    In threatening hefty tariffs on Canada, Trump cited the flow of fentanyl over the Canada-U.S. border, but it was clear it had little to do with fentanyl, particularly since so little crosses the border into the U.S. Instead, it seems he is coming for Canada’s sovereignty as an independent state.

    When asked on Feb. 3 how Canada could ward off tariffs, Trump reiterated: “What I’d like to see is Canada become our 51st state.”

    Later that same day, Trump paused tariffs on Canada, ostensibly thanks to border measures that Canada, like Mexico, had already announced. But what is still being said by the president of one of the most powerful nations on Earth cannot be unsaid.

    At a Jan. 7 news conference, Trump called the border between Canada and the U.S. an “artificially drawn line” — echoing rhetoric deployed by Vladimir Putin as justification for Russia’s aggression against Ukraine. His remarks, in fact, were gleefully retweeted by Russia’s propaganda channel RT.

    Putin claims the Ukrainian border is the result of “administrative” action under the former Soviet Union, while Trump appears to be invoking the 19th century American concept of “Manifest Destiny.”

    He used the phrase verbatim in his inaugural address in the context of planting a flag on Mars, but it is entirely consistent with his plans for, and rhetoric on, Canada.

    As John O’Sullivan, the American diplomat who coined the phrase, wrote in a 1845 article entitled Annexation, it’s America’s destiny to “overspread the continent.” Trump appears to be taking that idea to heart.

    ‘The free white race’

    Arguably the biggest fan of territorial expansion in the 20th century was Adolf Hitler, architect of the Third Reich. Trump reportedly has some of Hitler’s writings on his bedside table. Hitler had this to say in Chapter 4 of Mein Kampf:

    “The extent of the national territory is a determining factor in the external security of the nation. The larger the territory which a people has at its disposal, the stronger are the national defences of that people.”

    Sound familiar?

    But why Canada and not Mexico, you may ask? Likely because he considers Canada less racialized, even though modern-day Canada has a large multicultural population.




    Read more:
    Trump has put down his racist dog whistle and picked up a bull horn


    In 1848, however, in the midst of the American expansionist era, pro-slavery South Carolina Sen. John Calhoun said:

    “We have never dreamt of incorporating into our Union any but the Caucasian race — the free white race. To incorporate Mexico, would be the very first instance of the kind, of incorporating an Indian race; for more than half of the Mexicans are Indians, and the other is composed chiefly of mixed tribes. I protest against such a union as that! Ours, sir, is the Government of a white race.”

    In short, neither the context nor the history informing Trump’s designs on Canada are reassuring for Canadians.

    Rules still matter

    Trump’s dismissive approach to established borders ignores fundamental norms and principles on the sovereignty, equality and territorial integrity of states, codified following the Second World War in the Charter of the United Nations. Canada is a founding member of the UN; its status as a sovereign state is not subject to challenge under international law.

    The charter clearly states that “all Members shall refrain in their international relations from the threat or use of force against the territorial integrity or political independence of any state, or in any other manner inconsistent with the purposes of the United Nations.”

    Similarly, the North Atlantic Treaty obliges NATO member states to “refrain in their international relations from the threat or use of force in any manner inconsistent with the purposes of the United Nations.”




    Read more:
    Allies or enemies? Trump’s threats against Canada and Greenland put NATO in a tough spot


    Trump has said he will use “economic force” to annex Canada. The suggestion that an economically devastated Canada could be sufficiently brought to heel has been embraced by the so-called MAGA-sphere, including an influential blogger with ties to Russia.

    International law

    Threatening economic rather than military force does not make Trump’s efforts at subjugating Canada any more acceptable in terms of international law.

    In 1970, in the UN’s Declaration on Principles of International Law Concerning Friendly Relations and Co-Operations Among States, the UN General Assembly unanimously confirmed that “no state may use … economic, political or any other type of measures to coerce another state in order to obtain from it the subordination of its exercise of its sovereign rights.” While not legally binding, this declaration represents customary international law.

    In 1986, the International Court of Justice ruled in Nicaragua v, United States that:

    “A prohibited intervention must accordingly be one bearing on matters in which each State is permitted, by the principle of State sovereignty, to decide freely. One of these is the choice of a political, economic, social and cultural system, and the formulation of foreign policy. Intervention is wrongful when it uses methods of coercion in regard to such choices, which must remain free ones.”

    Keeping score

    It’s both right and righteous for our elected leaders to say that Canada will never be the 51st state.

    But the time has come, especially in the context of Trump’s threats to buy Greenland, seize the Panama Canal and turn Gaza into a Middle Eastern Riviera, to call out his threats to Canada.

    Amid Trump’s dizzying litany of outlandish pronouncements, Canada’s leaders must keep track of what Trump’s declarations represent:

    • A threat to international peace and security;
    • A threat to the sovereignty and territorial integrity of Canada;
    • Unlawful coercion and intervention in the affairs of a sovereign state;
    • A breach of the UN Charter;
    • A breach of the North Atlantic treaty.

    Trump’s threats are no way to treat an ally, but unfortunately for him, international law is on Canada’s side.

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

    ref. Like dictators before him, Trump threatens international peace and security – https://theconversation.com/like-dictators-before-him-trump-threatens-international-peace-and-security-248735

    MIL OSI – Global Reports

  • MIL-OSI Security: Foreign Nationals Plead Guilty to Illegal Entry into the United States

    Source: Office of United States Attorneys

    Burlington, Vermont – The United States Attorney’s Office for the District of Vermont stated that Mura Kvec, 39, Manix Razmias, 38, and Geto Kvec, 19, all citizens of Romania, pleaded guilty to a criminal complaint charging each of them with illegally entering the United States at a time or place other than designated for entering the country by immigration authorities.

    According to court records, on February 10, 2025, at approximately 12:45 a.m., U.S. Border Patrol agents were notified of three individuals walking south on Lake Road in Newport Center, Vermont, a road that borders the United States and Canada. Minutes later, a Border Patrol Agent stopped a car with four individuals traveling south on Lake Road and conducted an immigration inspection. In response to the agent’s questions, the driver was determined to be a U.S. citizen. The other passengers, Mura Kvec, Manix Razmias and Geto Kvec, admitted to being citizens of Romania. None of them possessed the necessary documents that would allow them to stay or remain in the United States legally. Under further questioning, the United States Border Patrol determined the three Romanians had entered the United States at a place other than an open port of entry.

    During their initial court appearance before United States Magistrate Judge Kevin J. Doyle on February 11, 2025, each of the three Romanians entered a guilty plea and received a time-served sentence. They had faced up to 6 months’ imprisonment.

    Acting United States Attorney Michael P. Drescher commended the investigatory efforts of the United States Border Patrol.

    The prosecutor was Assistant United States Attorney Greg Waples. Karen Shingler, Esq. represented Mura Kvec, Michael Straub, Esq. represented Manix Razmias, and the Office of the Federal Public Defender represented Geto Kvec.

    MIL Security OSI