Category: China

  • MIL-OSI China: China to improve quality, expand capacity of ‘silver economy’ for elderly

    Source: People’s Republic of China – State Council News

    BEIJING, March 24 — China will redouble its efforts to improve the quality and expand the capacity of its “silver economy,” namely economic activities related to the country’s large elderly population, Vice Minister of Civil Affairs Tang Chengpei said on Monday.

    These efforts aim to create a positive cycle combining economic development and the improvement of people’s livelihoods, Tang said in his remarks at the China Development Forum 2025, which was held from Sunday to Monday.

    The 10-year period from 2025 to 2035 is an important time window for China to respond proactively to the challenge of population aging, Tang said.

    He outlined efforts to promote the integrated development of the elderly care industry and industries such as culture, tourism, health, sports and domestic services, to expand the scope and scenarios of elderly care services, and to advance home renovation projects offering more elderly-friendly facilities, among other efforts.

    Efforts will also go into making public spaces and e-commerce platforms more senior-friendly, boosting the standardization and supervision of relevant products and services for the elderly, and advancing research and policy support for the development of the “silver economy,” he said.

    MIL OSI China News

  • MIL-OSI China: Peng Liyuan calls for global efforts to end TB epidemic

    Source: People’s Republic of China – State Council News

    BEIJING, March 24 — Peng Liyuan, wife of Chinese President Xi Jinping and also the World Health Organization (WHO) goodwill ambassador for tuberculosis (TB) and HIV/AIDS, on Monday called on the international community to commit more, invest more and deliver more on global TB prevention and treatment.

    In a written statement to the WHO World TB Day 2025, Peng said that with the powerful drive of the WHO and sustained efforts of the international community, notable progress has been achieved in the global fight against TB, and 79 million lives have been saved since 2000.

    It is of great significance that the WHO hosted the virtual meeting to encourage discussions on “Commit, Invest, Deliver,” rally the strength of all parties to tackle the public health challenge of TB, and make solid strides toward the goal of ending the epidemic, she said.

    Peng said that over the past more than 10 years, she has visited many medical facilities, schools and communities both at home and abroad, and witnessed the encouraging progress in TB response in different parts of the world, especially in China.

    Placing great emphasis on TB prevention and treatment, the Chinese government has included TB response in the Healthy China strategy and formulated a national plan to guide relevant efforts, she said.

    At the same time, China has been committed to facilitating the rapid development of TB control technologies, and made its “patient-centered support and care” more scientific and feasible. Thanks to the tireless work of all those working on TB prevention and treatment, the cure rate of the disease in China has been kept above 90 percent, she said.

    Peng said removing the threat of TB is the shared aspiration of all. But the fight remains difficult and challenging, and achieving the goal of ending TB epidemic is still an arduous task, which requires the international community to come together to commit more, invest more and deliver more.

    Peng pledged to continue to work with all parties to advance TB prevention and treatment, safeguard people’s health with love, and share warmth and kindness with unwavering dedication.

    “Let’s all contribute to building a global community of health for all,” she said.

    MIL OSI China News

  • MIL-OSI USA News: IMPOSING TARIFFS ON COUNTRIES IMPORTING VENEZUELAN OIL

    Source: The White House

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), and section 301 of title 3, United States Code, and in view of the national emergency declared with respect to Venezuela in Executive Order 13692 of March 8, 2015 (Blocking Property and Suspending Entry of Certain Persons Contributing to the Situation in Venezuela), as continued most recently in the notice of February 27, 2025 (Continuation of the National Emergency with Respect to Venezuela), I, DONALD J. TRUMP, President of the United States of America, find that the actions and policies of the regime of Nicolás Maduro in Venezuela continue to pose an unusual and extraordinary threat to the national security and foreign policy of the United States.  The activities of the Tren de Aragua gang, a transnational criminal organization originating in Venezuela and designated as a Foreign Terrorist Organization and a Specially Designated Global Terrorist organization, have intensified this threat, as highlighted in Proclamation 10903 of March 14, 2025 (Invocation of the Alien Enemies Act Regarding the Invasion of the United States by Tren De Aragua).  Furthermore, Venezuela’s ongoing destabilizing actions, including its support for illicit activities, necessitate further economic measures to protect United States interests.

    In light of these circumstances, and to address the continued national emergency with respect to Venezuela that forms the basis for Executive Order 13692 and subsequent orders, I hereby order:

    Section 1.  Findings.  (a)  The Tren de Aragua gang, a transnational criminal organization with origins in Venezuela, has been designated as a Foreign Terrorist Organization by the United States due to its extensive involvement in terrorist activities such as kidnapping and violent attacks, including the assassination of a Venezuelan opposition figure, that destabilize communities across the Western Hemisphere.  The prior administration’s open-borders policies facilitated the infiltration of the United States by members of Tren de Aragua, allowing these dangerous criminals to establish a foothold within United States cities and prey upon American citizens. The Maduro regime aided and facilitated the influx of Tren de Aragua members into the United States during the prior administration by failing to control its borders, permitting the gang’s operations to flourish within Venezuela, and refusing to take action against its members, thereby exacerbating the illegal immigration crisis.

    (b)  Existing sanctions on Venezuela, including those imposed in Executive Order 13692, Executive Order 13808 of August 24, 2017 (Imposing Additional Sanctions with Respect to the Situation in Venezuela), Executive Order 13850 of November 1, 2018 (Blocking Property of Additional Persons Contributing to the Situation in Venezuela), and Executive Order 13884 of August 5, 2019 (Blocking Property of the Government of Venezuela), remain in effect.  The actions and policies of the Maduro regime that were the basis for those orders continue to pose an unusual and extraordinary threat to the national security and foreign policy of the United States.  These actions include:

    (i)    The systematic undermining of democratic institutions through the suppression of free and fair elections and the illegitimate consolidation of power by the regime of Nicolás Maduro;

    (ii)   Endemic economic mismanagement and public corruption at the expense of the Venezuelan people and their prosperity;

    (iii)  The regime’s responsibility for the deepening humanitarian and public health crisis in Venezuela; and

    (iv)   The destabilization of the Western Hemisphere through the forced migration of millions of Venezuelans, imposing significant burdens on neighboring countries.

    Sec. 2.  Imposition of Tariffs.  (a)  On or after April 2, 2025, a tariff of 25 percent may be imposed on all goods imported into the United States from any country that imports Venezuelan oil, whether directly from Venezuela or indirectly through third parties.  Duties imposed by this order will be supplemental to duties on imports already imposed pursuant to IEEPA, section 232 of the Trade Expansion of 1962, section 301 of the Trade Act of 1974, or any other authority.

    (b)  The Secretary of State, in consultation with the Secretary of the Treasury, the Secretary of Commerce, the Secretary of Homeland Security, and the United States Trade Representative, is hereby authorized to determine in his discretion whether the tariff of 25 percent will be imposed on goods from any country that imports Venezuelan oil, directly or indirectly, on or after April 2, 2025.

    (c)  Once imposed on a country at the Secretary of State’s discretion, the tariff of 25 percent shall expire 1 year after the last date on which the country imported Venezuelan oil, or at an earlier date if the Secretary of Commerce, in consultation with the Secretary of State, the Secretary of the Treasury, the Secretary of Homeland Security, and the United States Trade Representative, so determines at his discretion.  

    Sec. 3.  Administration and Enforcement.  (a)  The Secretary of State, in coordination with the Secretary of the Treasury, the Secretary of Commerce, the Secretary of Homeland Security, and the United States Trade Representative, is hereby authorized to impose the tariffs established by this order.

    (b)  The Secretary of Commerce, in coordination with the Secretary of State and the Attorney General, is hereby authorized to:

    (i)    Determine whether a country has imported Venezuelan oil, directly or indirectly;

    (ii)   Issue regulations, guidance, and determinations as necessary to implement this order;

    (iii)  Coordinate with the heads of other executive departments and agencies to ensure compliance; and

    (iv)   Take any additional actions consistent with applicable law to carry out the purposes of this order.

    (c)  Any prior Presidential Proclamation, Executive Order, or other Presidential directive or guidance that is inconsistent with the direction in this order is hereby terminated, suspended, or modified to the extent necessary to give full effect to this order.

    (d)  Any other Presidential Proclamation, Executive Order, or other Presidential directive or guidance that applies to Venezuela or a country subject to a tariff under section 2 of this order remains in full effect, except to the extent specified in subsection (c) of this section.

    (e)  If the Secretary of State, at his discretion, decides to impose a tariff under section 2 of this order on China, that tariff shall also apply to both the Hong Kong Special Administrative Region and the Macau Special Administrative Region, as a measure to reduce the risk of transshipment and evasion.

    Sec. 4.  Reporting and Review.  The Secretary of State and the Secretary of Commerce shall submit periodic reports to the President, within 180 days of the date of this order and no less than every 180 days thereafter, assessing the effectiveness of the tariffs described in this order and the ongoing conduct of the Maduro regime.

    Sec. 5.  Definitions.  For the purposes of this order:

    (a)  The term “Venezuelan oil” means crude oil or petroleum products extracted, refined, or exported from Venezuela, regardless of the nationality of the entity involved in the production or sale of such crude oil or petroleum products.

    (b)  The term “indirectly” includes purchases of Venezuelan oil through intermediaries or third countries where the origin of the oil can reasonably be traced to Venezuela, as determined by the Secretary of Commerce.

    Sec. 6.  Effective Date.  This order is effective at 12:01 a.m. eastern daylight time on April 2, 2025.

    Sec. 7.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

    (i)   The authority granted by law to an executive department or agency, or the head thereof; or

    (ii)  The functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

                                  DONALD J. TRUMP

    THE WHITE HOUSE,

        March 24, 2025.

    MIL OSI USA News

  • MIL-OSI USA News: More Investment, More Jobs, and More Money in Americans’ Pockets

    Source: The White House

    More Investment, More Jobs, and More Money in Americans’ Pockets

    Today, Hyundai announced a $20 billion investment in the United States — including $5.8 billion for a new steel plant in Louisiana, which will create nearly 1,500 jobs. The investment, which builds on Hyundai’s pledge earlier this year to “further localize production in the U.S.,” is the latest success in President Donald J. Trump’s pursuit of a Made in America renaissance.

    It’s further proof that President Trump’s economic agenda is working.

    Hyundai is far from the only automaker planning major investments as President Trump leverages tariffs to remake the U.S. into a global manufacturing powerhouse:

    • Stellantis announced a $5 billion investment in its U.S. manufacturing network — including re-opening an Illinois manufacturing plant — as it pledges to increase domestic vehicle production.
    • Volkswagen is considering shifting production of the high-end Audi and Porsche brands to the U.S.
    • Honda is expected to produce its next-generation Civic hybrid model in Indiana.
    • Nissan is considering moving production from Mexico to the U.S.
    • Rolls-Royce is expected to “ramp up” production in the U.S. by hiring more American workers and expand its U.S.-based operations.
    • Volvo is considering expanding its U.S.-based output.

    It’s not just the auto sector; domestic and foreign companies have pledged trillions in new investments since President Trump took office:

    • Project Stargate, led by Japan-based Softbank and U.S.-based OpenAI and Oracle, announced a $500 billion private investment in U.S.-based artificial intelligence infrastructure.
    • Apple announced a $500 billion investment in U.S. manufacturing and training.
    • Nvidia announced it will invest hundreds of billions of dollars over the next four years in U.S.-based manufacturing.
    • Taiwan Semiconductor Manufacturing Company (TSMC) announced a $100 billion investment in U.S.-based chips manufacturing.
    • Eli Lilly and Company announced a $27 billion investment in domestic manufacturing.
    • United Arab Emirates-based DAMAC Properties announced a $20 billion investment in new U.S.-based data centers.
    • France-based CMA CGM, a global shipping giant, announced a $20 billion investment in U.S. shipping and logistics, creating 10,000 new jobs.
    • Merck announced it will invest $8 billion in the U.S. over the next several years after opening a new $1 billion North Carolina manufacturing facility.
    • Clarios announced a $6 billion plan to expand its domestic manufacturing operations.
    • GE Aerospace announced a $1 billion investment in manufacturing across 16 states — creating 5,000 new jobs.
    • GE Vernova announced it will invest nearly $600 million in U.S. manufacturing over the next two years, which will create more than 1,500 new jobs.
    • London-based Diageo announced a $415 million investment in a new Alabama manufacturing facility.
    • Dublin-based Eaton Corporation announced a $340 million investment in a new South Carolina-based manufacturing facility for its three-phase transformers.
    • Germany-based Siemens announced a $285 million investment in U.S. manufacturing and AI data centers, which will create more than 900 new skilled manufacturing jobs.
    • Paris Baguette announced a $160 million investment to construct a manufacturing plant in Texas.
    • Switzerland-based ABB announced a $120 million investment to expand production of its low-voltage electrification products in Tennessee and Mississippi.
    • Saica Group, a Spain-based corrugated packaging maker, announced plans to build a $110 million new manufacturing facility in Anderson, Indiana.
    • Paris-based Saint-Gobain announced a new $40 million NorPro manufacturing facility in Wheatfield, New York.
    • India-based Sygene International announced a $36.5 million acquisition of a Baltimore biologics manufacturing facility.
    • Asahi Group Holdings, one of the largest Japanese beverage makers, announced a $35 million investment to boost production at its Wisconsin plant.
    • Samsung is considering moving its dryer production from Mexico to South Carolina.
    • LG is considering moving its refrigerator manufacturing from Mexico to Tennessee.
    • Italian spirits group Campari is “assessing the opportunities to expand its production in the U.S.”
    • Essity, a Swedish hygiene product manufacturer, is considering shifting production to the U.S.
    • Taiwan-based Compal Electronics is considering a U.S.-based expansion.
    • Taiwan-based Inventec is expected to expand its manufacturing operations into Texas.
    • LVMH, a French luxury giant, is “seriously considering” an expansion to its U.S.-based production capabilities.
    • Cra-Z-Art, the biggest toymaker in the U.S., said it will move a “large percentage” of its China-based manufacturing back home.
    • Prepac, a Canadian furniture manufacturer, announced it will move production from Canada to the U.S.

    MIL OSI USA News

  • MIL-OSI New Zealand: INVESTOR SUMMIT SPEECH

    Source: New Zealand Government

    Ka nui te mihi kia kotou, kia ora, and good morning everyone. 
    To those of you visiting us from overseas, can I extend a very special welcome to each and every one of you. 
    Welcome to New Zealand, welcome to the best country on planet Earth, and welcome to our stunning Auckland waterfront. 
    And to all those Kiwis I see in the room today, thank you for being here and showcasing some of the extraordinary businesses and talent that exists in our business community. 
    And it was a real pleasure to meet many of you informally last night, and my Ministers and I are really looking forward to spending much more time with you over the next two days. 
    I meant it before when I said this is the best country on planet Earth. 
    Because what makes New Zealand so very special and unique is our Kiwi Spirit which is exemplified in the qualities, character, and attitude of New Zealanders.  
    For us, it‘s about resilience and determination, ingenuity and innovation, adventure and exploration, creativity and practical problem-solving, humility and mateship, fairness, and a deep care for our land and community. 
    It’s no surprise that growing up in New Zealand, our heroes are Kiwi trailblazers and pioneers, people who have dared to push boundaries, challenge the status quo, and leave a lasting mark on the world.
    From our early Māori explorers navigating vast oceans guided by the stars, to modern-day adventurers like Sir Edmund Hillary conquering Everest.   
    To Ernest Rutherford, the father of nuclear physics, who split the atom and revolutionised our understanding of science. To Rocket Lab’s Peter Beck and his groundbreaking developments in rocket technology launching satellites into space. 
    And Kate Shepperd, who secured New Zealand women the right to vote – the very first country in the world to do so. 
    And our phenomenal athletes who show the world what determination and talent can achieve. Or the stunning world of The Lord of the Rings created by one of our most creative storytellers – Peter Jackson.
    We may be a small country, but time and again, we have proven that size is no barrier to greatness. From the peaks of Everest to the frontlines of social progress, from scientific breakthroughs to arts and sporting legends, Kiwis have led the way.
    And we’re living in an age when New Zealand has never been closer to the action – right in the middle of the booming Indo-Pacific with direct connections to Asia and North America. 
    With the weight of global economic activity shifting from the Atlantic to the Pacific and digital connections breaking down barriers, New Zealand has never been closer to the world.  
    But for all our spirit and hard work, we also know New Zealand can’t do it alone. 
    We’re a small country of around five million people like Ireland, Singapore, and Denmark. 
    Just as those countries have prospered by tapping into larger markets, building stronger international connections, and fostering trade and investment, New Zealand needs to do the same. 
    If we want our country to thrive, we need to work even harder to compete on the world stage – and, in particular, to unlock the commercial partnerships that will supercharge the next generation of growth in the New Zealand economy. 
    That means the Government will work more with Industry to deliver much of the infrastructure and projects that will be showcased over the next two days. 
    Many of your organisations will have extensive experience delivering outstanding world-class infrastructure to national and regional governments worldwide.
    I want New Zealand to seize every opportunity to partner with the private sector and deliver a fresh generation of infrastructure investment to unleash economic growth.  
    But it’s not just infrastructure. 
    I want to develop closer ties between outstanding New Zealanders and their companies based here, with investors and organisations based offshore.  
    I also want to unlock more partnerships between indigenous Iwi Māori organisations and commercial investors, whether they are based in Auckland or Abu Dhabi, Dunedin or Denver.  
    I want start-ups based in Christchurch and Hamilton fighting for seed capital in San Francisco and London – winning their share of global influence and success. 
    Breaking perceptions about the New Zealand economy is critical to that. 
    Yes, we have globally competitive dairy, film, and tourist industries, but our space industry is also operating at the cutting edge, ranking fourth in the world for launches behind the US, China, and Russia. 
    Over the next two days, you will hear more about our plan to unleash growth and ensure New Zealand reaches its full potential. 
    We want you to join us on that journey, and we will have several opportunities on display. 
    That will include the opportunity to deliver infrastructure in partnership with the Crown – both in the form of immediate opportunities and the pipeline of projects going forward. 
    It will include working with Iwi Māori organisations to grow their businesses as they make a multigenerational investment in their people. 
    It will include opportunities in a range of specific sectors where we believe New Zealand has a unique role to play and where we expect the Government to focus its efforts on growth. 
    In the very short term, we have made good economic progress in our first year in Government, although there’s still a long way to go. 
    New Zealand is now in the early stages of a cyclical economic recovery, with growth beginning to pick up and unemployment expected to peak around its current rate. 
    Inflation has fallen and now sits comfortably anchored within the Reserve Bank’s target band at 2.2%. 
    Annual tourism expenditure was up 23% last year, and services and manufacturing activity have returned to growth after extended periods of contraction. 
    Business confidence is at around its highest level in a decade. As confidence has risen, retail trade has picked up, and growth is expected to rise, hitting 3% in 2026. 
    So, there’s now cause for optimism in the New Zealand economy that the recovery is underway and better days lie ahead. 
    For policymakers here in New Zealand, that poses an opportunity – not just to watch the economic recovery, but to shape it. 
    Step-changing economic productivity, lifting incomes, creating jobs, and unleashing the investment New Zealand needs to become much more prosperous.  
    Which brings us to today. 
    I know the only way we will raise incomes, lift New Zealanders’ standard of living, and fund the quality public services we rely on is by unlocking more investment, more innovation, and more entrepreneurship.
    Having broken inflation last year, our collective focus has now turned to shaping the economic recovery – ensuring we take every possible step to lift New Zealand’s economic performance. 
    That renewed energy and effort forms the backdrop of this Summit. 
    My Government is working around the clock to make New Zealand an outstanding place to do business. 
    But before I highlight some of those reforms and my economic priorities as Prime Minister, I want to make a more fundamental point about New Zealand as an investment destination. 
    New Zealand has been and will continue to be a poster child for social and political stability in a more volatile and challenging world. 
    That reputation is long-standing, but in challenging times, it has come into sharper focus. 
    We stand up for our values and live by them, too. That means respecting civil liberties, private property and private life, and the democratic and social institutions that underpin them. 
    We consistently advocate for a rules-based international order that allows small countries like New Zealand to thrive. Free trade isn’t just an idea in New Zealand; it’s the bedrock of our prosperity. 
    For farmers and growers living in rural New Zealand, it has allowed a modern economic miracle: the opportunity to not just collectively operate one of the most efficient agricultural sectors in the world but to live in some of the most stunning parts of the world while they do it. 
    Finally, we might disagree sometimes – but we’re not disagreeable. Over the next two days, you will hear from various political leaders.
    You will hear from senior Ministers representing each of the three political parties in our Coalition Government, as well as Barbara Edmonds, the Labour Party’s Opposition Finance Spokesperson.  
    It’s pretty normal in New Zealand for political parties to disagree with each other – often loudly, and sometimes even with my own Coalition colleagues. 
    But I believe the broad political representation that is here demonstrates that most New Zealanders share the same motivations – higher incomes and more financial freedom, quality public services, and a long-standing belief that our best days lie ahead of us. 
    When you look at all the tension, volatility, and strife in the world today, I think that makes us pretty special, and a very attractive destination for anyone looking to take shelter from the global storm. 
    Political stability, however, is not an excuse for a lack of ambition. 
    You should be under no illusions about my commitment to the Government’s growth agenda and the reforms we are pushing through to unleash investment in the New Zealand economy. 
    Last month, Minister for Economic Growth Nicola Willis published our Government’s Going for Growth Agenda – we have copies for you here – which outlines a range of actions we are taking to get the New Zealand economy moving and realising its vast potential. 
    Each of those actions fits into one of five pillars we have identified as critical to lifting economic growth and improving New Zealanders’ standard of living:

    Developing talent,
    Encouraging innovation, science, and technology,
    Introducing competitive business settings,
    Promoting global trade and investment,
    And delivering infrastructure for growth. 

    Across each of those pillars, we have Ministers from across the Government working day and night to drive through reform – in transport,  tourism, aquaculture, construction, advanced aviation, mining, energy, agriculture, and horticulture. 
    Over the next two days, you will hear much more about our work programme in those areas that will play a critical role in the next phase of New Zealand’s growth story – with more information on a series of specific investable propositions available in the private sector. 
    Among that reform programme are some significant changes designed to achieve a profound step change in the New Zealand economy that I would like to touch on today. 
    For a start, we are clearing away decades of broken planning law – brick by brick. 
    We have introduced the Fast Track regime, which streamlines the consenting process for projects that are regionally and nationally significant. 
    In short, instead of seeking different permissions under different laws, under Fast Track, it’s all done in one place, with a faster process and fewer hurdles to getting underway. 
    That regime is now up and running, and I know a number of projects have already submitted applications since it became operational last month. 
    In short, if you want to build a wind farm, a highway, a quarry, hundreds of new homes, or any other regionally or nationally significant projects, we are busting down the doors to make it happen faster and cheaper. 
    149 projects have already been listed in legislation, but nothing prevents new projects from applying for referral into the scheme. 
    And it doesn’t stop with Fast Track. 
    Further planning reforms are also on the way, including a total replacement of the Resource Management Act. 
    We are also eliminating the barriers to more significant investment in energy and generation to unleash abundant, affordable energy. 
    The impact of unaffordable and unreliable energy on economic growth has been brought into the spotlight in recent years following the Russian invasion of Ukraine. 
    Industries in Europe that had historically relied on access to low-cost natural gas came under tremendous strain, putting pressure on growth and household incomes. 
    In New Zealand, we are lucky that 85% of electricity generation is already renewable, thanks to decades of investment in hydro, wind, solar, and geothermal.  
    But we can’t risk falling short in the years to come. So, as a Government, we are tearing down the barriers to fresh energy investment. That means introducing more permissive rules for renewables.
    But it also means ending restrictions on offshore oil and gas exploration – and providing certainty for market participants by confidently saying that gas has to be part of New Zealand’s energy mix going forward.  
    At the same time, we are making it easier to invest in New Zealand from offshore.  
    That started last year, with fresh directives to our Overseas Investment Office, which slashed processing times and made applications more predictable. 
    Today, an application for offshore investment is approved within 18 days on average, compared to 28 days prior to those changes.
    And two weeks ago, we announced upcoming changes to legislation designed to further improve the timeliness and reliability of our overseas investment regime. 
    We also announced just last month that, from April 1 this year, individuals who invest at least $5 million in New Zealand will be eligible for an Active Investor Visa, with a pathway to residency after three years. 
    I know that for many of you from offshore in this room, that will be positive news. But as a New Zealander, I have to say it’s an even bigger deal for the sharp, ambitious Kiwis here and all around the country, who are hungry for capital and hungry to grow. 
    We know the impact foreign investment has on local businesses. It’s not just the capital investment; it’s the skills, connections, and linkages into new markets. 
    That translates into higher wages, more jobs, more money in Kiwi wallets, and more resilient businesses that make an even greater contribution in the community. 
    We need more of it, especially for a small country hungry to grow like New Zealand, which is why I have invited many of you here today. 
    I believe New Zealand’s best days are ahead of us—and we can make them happen if we get serious about partnering with commercial expertise to solve some of our biggest economic challenges and seize on the huge economic opportunities ahead of us. 
    Helping to end New Zealand’s infrastructure deficit through private sector partnership.
    Fattening out our capital markets and opening up new sectors for growth.
    Strengthening our connections to the world, enhancing technology, lifting productivity, and opening new markets for our products and services. 
    Over the next two days, you will hear from a range of leaders—cabinet Ministers, business leaders, and Iwi Māori leaders—who I know are committed to responding to our challenges and opportunities. 
    There will also be plenty of time across both days for closer interactions and to discuss the opportunities and challenges that you are confronting in your own businesses. 
    While you’re here, please also enjoy our hospitality and culture. We’re not just here to do business—we’re here to build relationships and make the case for New Zealand as an outstanding country to invest in, to visit, and to establish roots in. 
    So once again, and on behalf of the New Zealand Government and the New Zealand people, welcome to this year’s Summit. 
    I’m excited to get stuck in – and I can’t wait to hear more from you over the next two days about your approach to business and the difference you could make for growth, investment, jobs, and opportunity for us here in New Zealand. 
    Thank you. 

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: Promotion of Cruise and Adventure Tourism

    Source: Government of India (2)

    Posted On: 24 MAR 2025 4:02PM by PIB Delhi

    Development and promotion of tourist destinations and products, including adventure tourism is undertaken by the respective State Government/Union Territory (UT) Administration. The Ministry complements the efforts of States/UTs by developing and promoting various tourism products of the country, including cruise tourism through various schemes and initiatives.

    The Ministry of Tourism through its central sector schemes of Swadesh Darshan (SD)’, Pilgrimage Rejuvenation and Spiritual, Heritage Augmentation Drive (PRASHAD) and Assistance to Central Agencies for Tourism Infrastructure Development extends financial assistance to the State Governments/UT Administrations for tourism infrastructure development in the country.

    The list of projects sanctioned for Coastal Circuit and Cruise Project under Swadesh Darshan Scheme are given at Annexure-I. The list of projects sanctioned for infrastructure development at Ports and Waterways under the scheme of Assistance to Central Agencies are given at Annexure-II.

    In order to provide impetus to the development of adventure tourism in the country, National Strategy for adventure tourism has been prepared.

    The Strategy focuses on developing adventure destinations, promoting safety in adventure tourism, skill development, capacity building and marketing.

    This information was given by Union Minister for Tourism and Culture Shri Gajendra Singh Shekhawat in a written reply in Lok Sabha today.

    ***

     

    Sunil Kumar Tiwari

    tourism4pib[at]gmail[dot]com

     

     

    List of Projects sanctioned for Coastal Circuit and Cruise Project under Swadesh Darshan Scheme

    S.

    No.

    Name of State

    Year

    Project Name

    Amount Sanctioned

    1.

    Andhra Pradesh

    2014-15

    Developmentof Circuit at Kakinada – Hope Island – Coringa Wildlife Sanctuary – Passarlapudi – Aduru – S Yanam – Kotipally

    67.83

    2.

    Andhra Pradesh

    2015-16

    Developmentof         Nellore, Pulikat Lake, Ubblamadugu water falls, Nelapattu Bird          Sanctuary, Mypadu Beach, Ramatheertham

    49.55

    3.

    Puducherry

    2015-16

    Development of Dubrayapet, Arikamedu China Veerampattinam, Chunnabmar, Nallavadu, Manapet, Kalapet, French Quarter, Tamil Quarter and Yanam

    58.44

    4.

    West Bengal

    2015-16

    Development of Beach Circuit: Udaipur- Digha- Shankarpur- Tajpur- Mandarmani- Fraserganj- Bakkhlai-Henry Island

    67.99

    5.

    Maharashtra

    2015-16

    Development of Sindhudurg Coastal Circuit (Shiroda Beach, Sagareshwar, Tarkarli, Vijaydurg (Beach & Creek), Devgad (Fort & Beach), Mitbhav, Tondavali, Mocehmad and Nivati Fort).

    19.06

    6.

    Goa

    2016-17

    Development of Sinquerim-Baga, Anjuna- Vagator, Morjim-Keri, Aguada Fort and Aguada Jail.

    97.65

    7.

    Odisha

    2016-17

    Development of Gopalpur, Barkul, Satapada and Tampara.

    70.82

    8.

    Andaman & Nicobar Islands

    2016-17

    Development of Long Island-Ross Smith Island- Neil Island- Havelock Island- Baratang Island- Port Blair.

    27.57

    9.

    Tamil Nadu

    2016-17

    Developmentof         Chennai-Mamamallapuram–Rameshwaram–Kulasekaranpattinam            – Kanyakumari

    73.13

    10.

    Goa

    2017-18

    Developmentof         Rua      De Orum Creek-Don Paula-Colva – Benaulim

    99.35

    11.

    Kerala

    2018-19

    Development of Malanad Malabar Cruise Tourism Project

    57.35

     

    Total

    688.74

    *******

    ANNEXURE-II

     

     

    List of Projects sanctioned for infrastructure development at Ports and Waterways under the scheme of Assistance to Central Agencies

    S.

    No.

    States/ UTs

    Year

    Name of Projects

    Implementing Agency

    Amount sanctioned

    1.

    Tamil Nadu

    2012-13

    Cruise Passenger Facilities Centre in the existing Passenger Terminal at Chennai Port.

    Chennai Port Trust

    1724.66

    2.

    Goa

    2014-15

    Cruise Terminal Building at Mormugao Port Trust

    Mormugao Port trust

    879.04

    3.

    Kerala

    2016-17

    Development of a Walkway/ Promenade on Willingdon Island, Cochin, Kerala

    Cochin Trust Port

    901.00

    4.

    Kerala

    2016-17

    Central Financial Assistance forupgrading of Births & Backup area of Ernakulam Wharf

    Cochin Trust Port

    2141.00

    5.

    Maharashtra

    2016-17

    Central Financial Assistance to Mumbai Port Trust for Development of Kanoji Angre Lighthouse as a tourist Destination

    Mumbai Port trust

    1500.00

    6.

    Maharashtra

    2017-18

    Up-gradation /modernization to International Cruise terminal at Indira Dock, Mumbai.

    Mumbai Port Trust

    1250.00

    7.

    Goa

    2018-19

    Improvement of immigration facility and

    deepening of existing cruise berth at Mormougao

    Mormugao Port trust

    1316.40

    8.

    Kerala

    2018-19

    Developing infrastructure at Cochin Port Cruise Terminal.

    Cochin Trust Port

    120.79

    9.

    Kerala

    2018-19

    Creation of additional tourism facilities at the Cochin Port Trust Walkway

    Cochin Trust Port

    466.47

    10.

    Andhra Pradesh

    2018-19

    Construction of Cruise-cum-Coastal Cargo Terminal at  Channel berth area in Outer Harbour of Visakhapatnam Port

    Visakhapatnam Port Trust

    3850.00

    11.

    Kerala

    2019-20

    CFA for Development of Additional infrastructure in the new Cochin Port Trust Terminal

    Cochin Trust Port

    1029.70

    12.

    Goa

    2021-22

    Creation of facilities for International and Domestic Cruise Vessels at Mormugao Port, Goa by Mormugao Port Trust (MPT)

    Mormugao Port Trust

    5000.00

    13.

    Maharashtra

    2021-22

    Upgradation/ Moderni sation to International Cruise Terminal at Indira Dock, Mumbai Port Trust

    Mumbai Port Trust

    3750.00

    Total

    23929.06

     

    *******

    (Release ID: 2114401) Visitor Counter : 65

    MIL OSI Asia Pacific News

  • MIL-OSI Banking: Members consider China’s request for panel to examine EU battery electric vehicle duties

    Source: World Trade Organization

    DS630: European Union — Definitive Countervailing Duties on New Battery Electric Vehicles from China

    China submitted its first request for the establishment of a dispute panel with respect to the definitive countervailing duties imposed by the European Union in October 2024 on new battery electric vehicles from China. The request also concerns the underlying investigation that led to the imposition of the duties. China and the European Union held consultations in December 2024 with the aim of reaching a mutually satisfactory solution but failed to resolve the dispute, China said, prompting its request for the panel.

    China outlined the various concerns it had about the process resulting in the duties. It said this process was not carried out in a manner consistent with the WTO’s Agreement on Subsidies and Countervailing Measures and the General Agreement on Tariffs and Trade 1994.  China said that while WTO members have the legitimate right to adopt trade remedy measures, such rights must be exercised within the confines of the WTO agreements.

    The European Union said it regretted China’s decision to request a panel. The EU said it had hoped the consultations with China had provided the necessary information and clarifications China needed. China undoubtedly has the right to bring this issue to WTO dispute settlement, the EU said, but it strongly maintains that the measures in question are entirely justified and is confident they are in compliance with WTO rules. The EU said it is not ready to accept the establishment of a panel.

    The DSB took note of the statements and agreed to revert to this matter should a requesting member wish to do so.

    DS593: European Union – Certain Measures Concerning Palm Oil and Oil Palm Crop Based Biofuels

    The European Union said it intended to implement the panel ruling in DS593 by bringing the concerned measures into conformity with the WTO agreements. The EU said it was impractical for it to comply immediately and that it needed a reasonable period of time to do so.  The EU added that it was keen to discuss and agree with Indonesia the length of this period of time at the earliest available opportunity, as it has done with Malaysia in a related dispute case.

    Indonesia underlined the necessity for the EU to adjust its policies in line with the WTO agreements as well as the importance of prompt and effective implementation of the panel’s ruling. Indonesia said it is committed to working constructively with the EU to ensure a smooth and efficient implementation process. It encouraged the EU to provide a clear and detailed timeline for this process.

    DS597: United States – Origin Marking Requirement (Hong Kong, China)

    The United States once again raised the matter of the panel ruling in DS597 at the DSB meeting. The US said it was raising the matter as a result of further alarming developments and effects of the National Security Law of Hong Kong, China on free speech and human rights.  The US referred back to its previous statements regarding its position on essential security and its reasons for placing this item on the DSB agenda.

    Hong Kong, China said it was regrettable that the United States continues to abuse DSB meetings as a platform for political posturing. The US approach reflects a troubling presumption that it alone has the authority to interpret national security matters, said Hong Kong, China, adding that it remains frustrated at being deprived of the legitimate right to allow the case to be settled through a proper channel.

    China reiterated its objections to the item being placed on the DSB agenda. It said the WTO dispute settlement mechanism is a forum to resolve trade disputes rather than a place to discuss political issues.

    Appellate Body appointments

    Colombia, speaking on behalf of 130 members, introduced for the 85th time the group’s proposal to start the selection processes for filling vacancies on the Appellate Body. The extensive number of members submitting the proposal reflects a common interest in the functioning of the Appellate Body and, more generally, in the functioning of the WTO’s dispute settlement system, Colombia said.

    The United States said it does not support the proposed decision and noted its longstanding concerns with WTO dispute settlement that have persisted across US administrations. The US said the panel reports in DS593 and DS597 provided examples of its concerns regarding WTO dispute settlement overreach. The US said fundamental reform of WTO dispute settlement is needed to address these and other US concerns. Despite extensive US engagement, WTO members continue to have vastly different perspectives on the role of WTO dispute settlement in today’s world and the reforms that are needed, it added.

    More than 20 members took the floor to comment, one speaking on behalf of a group of members. Most reiterated their support for the joint proposal and for the urgent need to restore a fully functioning dispute settlement system. Several welcomed the progress made in the dispute settlement reform discussions last year and said they looked forward to starting consultations on how to take the process forward. Ten members urged others to consider joining the Multi-party interim appeal arrangement (MPIA), a contingent measure to safeguard the right to appeal in the absence of a functioning Appellate Body. 

    Colombia, on behalf of the 130 members, said it regretted that for the 85th occasion members have not been able to launch the selection processes. Ongoing conversations about reform of the dispute settlement system should not prevent the Appellate Body from continuing to operate fully, and members shall comply with their obligation under the Dispute Settlement Understanding to fill the vacancies as they arise, Colombia said for the group.

    Surveillance of implementation

    The United States presented status reports with regard to DS184, “US — Anti-Dumping Measures on Certain Hot-Rolled Steel Products from Japan”,  DS160, “United States — Section 110(5) of US Copyright Act”, DS464, “United States — Anti-Dumping and Countervailing Measures on Large Residential Washers from Korea”, and DS471, “United States — Certain Methodologies and their Application to Anti-Dumping Proceedings Involving China.”

    The European Union presented a status report with regard to DS291, “EC — Measures Affecting the Approval and Marketing of Biotech Products.”

    Indonesia presented its status reports in DS477 and DS478, “Indonesia — Importation of Horticultural Products, Animals and Animal Products.” 

    Next meeting

    The next regular DSB meeting will take place on 25 April 2025.

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    MIL OSI Global Banks

  • MIL-OSI Banking: Canada initiates WTO dispute regarding Chinese duties on agricultural, fishery products

    Source: WTO

    Headline: Canada initiates WTO dispute regarding Chinese duties on agricultural, fishery products

    Canada claims the measures are inconsistent with China’s obligations under various provisions of the General Agreement on Tariffs and Trade (GATT) 1994 and the Dispute Settlement Understanding.
    Further information is available in document WT/DS636/1
    What is a request for consultations?
    The request for consultations formally initiates a dispute in the WTO. Consultations give the parties an opportunity to discuss the matter and to find a satisfactory solution without proceeding further with litigation. After 60 days, if consultations have failed to resolve the dispute, the complainant may request adjudication by a panel.

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    MIL OSI Global Banks

  • MIL-OSI United Nations: Security Council Examines Ways to Strengthen United Nations Peacekeeping against New Threats

    Source: United Nations General Assembly and Security Council

    Delegates Debate ‘Christmas-Tree’ Add-on Mandates versus Focusing on Core Tasks

    The Security Council today debated ways to adapt United Nations peacekeeping to evolving threats with Member States emphasizing the need to partner with regional organizations and actively involve local communities, particularly women.  They also stressed the importance of aligning mandates with available resources, leveraging intelligence-led strategies and digital tools for data-driven decision-making, and avoiding overly broad “Christmas-tree mandates” that prolong operations and escalate costs.

    “Terror and extremist groups, organized crime, the weaponization of new technologies and the effects of climate change are all testing our capacities to respond,” United Nations Secretary-General António Guterres said during the Council’s day-long open debate focusing on the ability of United Nations peace operations to adjust to new realities on the ground.  These challenges along with more complex and deadly wars, he cautioned, “throw fuel on the fires of conflict”.

    He also highlighted a “persistent mismatch between mandates and available resources”, as well as growing divisions within Council itself.  To address this, he called for a tailored and collective approach to peace operations. Announcing a forthcoming United Nations peace operation review — mandated by Member States in the Pact for the Future, he said that this process will incorporate insights from the New Agenda for Peace and from the first comprehensive study of special political missions in the 80-year history of the United Nations.

    Peace operations, he emphasized, must engage early with host nations and local partners, guided by clear, achievable mandates and viable exit strategies.  “Today’s open debate provides a vital opportunity for the Council to share perspectives and ideas to inform the review process,” Mr. Guterres concluded.

    Cultural Shifts Required

    “The fact that peace operations are effective is one of the most verified findings in international relations literature,” said Jenna Russo, Director of Research at the International Peace Institute and Head of the Brian Urquhart Center for Peace Operations.  “Yet, there is often a dissonance between these findings and the lived experiences of those in conflict settings,” she added.

    Offering four recommendations, she first called for a stronger planning culture within the Secretariat.  Bureaucratic and political barriers have kept this culture of planning from taking root, she said, adding that the Organization should build the capacity to discern emerging trends, anticipate potential shifts and respond proactively.

    Secondly, she said, the Organization must embrace a “risk-tolerant culture around peace operations”, noting that “personnel are structurally disincentivized from trying new things and reporting what doesn’t work for fear that their budgets and jobs may suffer the consequences”.  She highlighted the need for a culture that creates space for trying and even failing, with the aim of learning and improving — “this culture must come from the top”.

    “The Secretariat should tell the Council what it needs to hear, not what it wants to hear,” she underscored as her third recommendation, citing the 2000 Report of the Panel on United Nations Peace Operations.  Instead of the Secretariat pre-emptively lowering the bar on what is politically possible, she said, it should present a wide range of options and leave it to the Council to adjust the bar.

    Modular Approach — Building Blocks

    Her final recommendation was that the Council should consider the advantages and the risks of a modular approach to peace operations.  Mandated sets of activities like electoral support, human rights monitoring or security sector reform can be “treated like building blocks that can be scaled up or down over the lifespan of a mission”, she said.  This approach can promote more tailored responses and align mandates with available resources, but it comes with the risk that broader peacebuilding aspects “could fall by the wayside if the Council or host States view them as optional”, she added.

    In the ensuing open debate, speakers stressed the need to evolve with the times, underscored the importance of regional partnerships and called for a more people-centered approach that involves local communities, and specifically women, in peace efforts.

    Closer Cooperation with Regional Organizations

    “For millions, the blue flag and the blue helmets are symbols of hope,” said Lars Løkke Rasmussen, Minister for Foreign Affairs of Denmark and Council President for March, as he spoke in his national capacity.  However, just as conflicts and needs have evolved, so must the UN’s tools, he stressed, urging closer collaboration with regional and subregional organizations — “especially the African Union” — and the inclusion of women in peace processes.

    Zane Dangor, Director-General of the Department of International Relations and Cooperation of South Africa, said that deployments by regional and subregional organizations, such as the African Union and the Southern African Development Community (SADC), if authorized and supported by the UN, could off-set the limitations of the Organization’s peacekeeping operations.  Calling for the accelerated implementation of Council resolution 2719 (2023), he said the Council can also gain insights from the experiences of African peace operations that are often conducted in difficult conditions and with limited resources.

    Jiří Kozák, Deputy Minister for Foreign Affairs of the Czech Republic, emphasized that strong coordination with regional partners, such as the African Union and European Union, must be systematic, practical and based on the sharing of resources, information and best practices.  “Improved coordination will ensure stronger political and operational support,” he added.

    Similarly, Guyana’s representative highlighted the need for deeper collaboration with regional organizations and reiterated the calls of previous speakers who stressed that women must be present at all levels — from peacekeeping forces to peace negotiations.

    “Peace should be built from the ground up,” said Javier Martínez-Acha Vásquez, Panama’s Minister for Foreign Affairs.  Conflict-resolution mechanisms “are more likely to last when women are leaders and involved in the peacebuilding process”, he added.  Insun Kang, Vice-Minister for Foreign Affairs of the Republic of Korea, called for a people-centered approach that respects host country priorities and national ownership.  “This approach views local populations as not just beneficiaries of peacekeeping efforts, but active participants,” she said, noting her country’s rice cultivation and vocational training initiatives in South Sudan.

    Noting that the Council has not mandated a new peacekeeping operation in 10 years, Syed Tariq Fatemi, Special Assistant to the Prime Minister of Pakistan, warned that the UN’s absence is being filled by “negative actors and soldiers of fortune”.  UN peacekeeping is cost effective, representing only 3 per cent of global military spending.  The Council must ensure it is properly funded and resourced.

    Accountability for Performance

    As the global leader of peacekeeping capacity-building, the United States aims to ensure that its programmes have measurable effects on the ground, said that country’s representative. “Robust accountability measures will enhance the effectiveness and efficiencies of UN peacekeeping missions,” she said, adding that accountability must incentivize positive performance and expedient consequences for performance failures.

    On that, Somalia’s delegate, pointing to Africa’s experience with peacekeeping operations, stressed that “success depends on two interlinked principles — clear strategic planning and operational adaptability”.

    Caution against ‘Christmas-Tree Mandates’

    Several speakers expressed concern about the overbroad mandates of UN peacekeeping missions, noting that these mandates often lead to prolonged missions in host countries, costing billions of dollars.  “The result is missions that are present in countries for decades and cost billions of dollars,” said the representative of the Russian Federation. Rather, she stressed that “the goal we need to be aiming for” is that, after a mandate is implemented, host States assume full responsibility for conflict prevention.

    “We must end the strange phenomenon where every mandate renewal leads to expansion,” said China’s representative, also rejecting the “unchecked growth of Christmas-tree mandates”.  He further underscored that the principles of consent, impartiality and non-use of force except in self-defence “should always be upheld as fundamental guidelines”.

    Similarly, Algeria’s delegate said: “We are witnessing, in some cases, what can be described as ‘Christmas-tree’ mandates, under which UN missions are tasked with an overwhelming number of responsibilities, thus hindering their ability to undertake focused and targeted engagements”.

    Slovenia’s delegate was among the speakers who stressed the need to enhance early warning and rapid response capabilities to address conflicts before they escalate.  “Missions must be proactive rather than reactive,” she said.  Greece’s delegate, echoing many other delegations, condemned attacks on peacekeepers and emphasized the need to ensure their absolute safety.

    Clear, Realistic Mandates, Use of Digital Tools 

    France’s delegate said that “peacekeeping is the heart” of the UN.  Peacekeeping missions “need to be part of a strategy, but in order for them to be successful, the mandate has to be based on clear, realistic and political objectives”, he added.  The representative of the United Kingdom said the UN needs to harness innovation, using data-driven decision-making, intelligence-led approaches and digital tools.  Peacekeepers must be trained on emerging threats, including cyberwarfare, disinformation campaigns and climate-related security risks.

    On the Secretary-General’s efforts to make the united Nations fit for purpose, Beate Meinl-Reisinger, Federal Minister for European and International Affairs of Austria, stated:  “Reform, yes; replace, no.”  Underlining the need for a “flexible toolbox of peace operations”, she stressed the importance of political solutions to the success of such operations.  “They can only keep peace where there is a peace to keep,” she observed.

    Over the past eight decades, the UN has deployed more than 120 peace operations in over 50 countries, and to a very large extent, these missions have helped prevent, manage and resolve conflicts, said the representative of Sierra Leone.  When his country was in the throes of a brutal civil war more than 20 years ago, the United Nations Mission in Sierra Leone (UNAMSIL) assisted in disarming more than 75,000 ex-combatants, restored State authority and oversaw the first post-conflict democratic elections.  “The Mission, at the time, was seen as a prototype for the UN’s new emphasis on peacebuilding and showed how a well-resourced and adaptable UN operation can support a country to rebuild, reconcile and reclaim its future,” he said.

    MIL OSI United Nations News

  • MIL-OSI Europe: Written question – The impact of red tape on European competitiveness – E-001084/2025

    Source: European Parliament

    Question for written answer  E-001084/2025
    to the Commission
    Rule 144
    Nora Junco García (ECR), Diego Solier (ECR)

    The recent study by the ifo Institute in Germany confirms what the European business sector has been denouncing for years: the bureaucratic burden imposed by national and European regulations is stifling competitiveness and economic growth. The figures are stark.

    German workers spend 22 % of their time on administrative tasks, at a cost of EUR 150 billion per year.

    This structural problem is the result of an administration obsessed with control and regulation. Instead of facilitating business development, the EU imposes regulations that slow down innovation, discourage investment and force companies to divert valuable resources towards complying with unnecessary administrative requirements.

    The Commission’s ‘Competitiveness Compass’ is another example of the disconnection between economic reality and EU bureaucracy. Grand statements about reducing administrative burdens do not translate into real changes. SMEs, Europe’s economic engine, suffer the consequences of these short-sighted policies. The proof of this is the AI Act, the excessive regulation of which will hamper European technological development while the US and China move ahead unimpeded.

    • 1.Does the Commission recognise that its regulatory policy is damaging European competitiveness and encouraging relocation?
    • 2.What concrete steps will it take to ensure that cutting red tape is real and not merely a declaration of intent?
    • 3.How will the Commission ensure that regulations such as the AI Act do not stifle technological development in Europe?

    Submitted: 13.3.2025

    Last updated: 24 March 2025

    MIL OSI Europe News

  • MIL-OSI Security: Latest IAEA Reports Confirm Japan’s ALPS Treated Water Release Continues to Meet International Safety Standards

    Source: International Atomic Energy Agency – IAEA

    The discharge of treated water from Japan’s Fukushima Daiichi Nuclear Power Station (FDNPS) is proceeding in line with international safety standards, the International Atomic Energy Agency (IAEA) Task Force confirmed today in its third report since the water discharge began in August 2023.

    During its mission to Japan from December 9 to 12, 2024, the Task Force assessed the technical and regulatory aspects of the ALPS-treated water discharge. This included an on-site visit to the FDNPS facility to directly observe the equipment and infrastructure installed by Japan’s Tokyo Electric Power Company (TEPCO), the operator of the FDNPS for the water discharge. The report also summarised the Task Force’s discussions with the Nuclear Regulation Authority (NRA), Japan’s Ministry of Foreign Affairs (MOFA) and Ministry of Economy, Trade and Industry (METI).

    The Task Force report reaffirmed the findings of the IAEA’s comprehensive safety review, stating that its overall conclusions remain consistent with those from its first and second missions conducted after the discharge began. It emphasized that Japan’s NRA has maintained a comprehensive inspection plan, including onsite monitoring to ensure the safety of the water that is discharged. Additionally, the Task Force confirmed that the equipment and facilities are operating in accordance with relevant international safety standards.

    In the IAEA Comprehensive Report on the Safety Review of the ALPS-Treated Water at the Fukushima Daiichi Nuclear Power Station that was released in July 2023 prior to the discharge, the IAEA found Japan’s approach to discharging the treated water to be consistent with international safety standards. It also said that the discharges as planned would have a negligible radiological impact to people and the environment. The IAEA Task Force has carried out eight missions as part of the safety review since the beginning of the IAEA’s multiyear review that began two years before the water discharge.

    Today’s report also reviewed the IAEA’s ongoing independent verification of Japan’s monitoring programs, as well as onsite sampling and analysis conducted by IAEA experts at FDNPS since July 2023, when Director General Rafael Mariano Grossi established an IAEA office at the site. The IAEA’s onsite laboratory has analyzed the first eleven water discharges, confirming that the tritium concentration in each batch of diluted ALPS-treated water remains well below Japan’s operational limit consistent with international safety standards.

    The Task Force noted the importance of the IAEA’s ongoing corroboration activities and the IAEA onsite independent sampling and analyses in providing a comprehensive, transparent and independent verification of the accuracy and reliability of the data reported by TEPCO and the Government of Japan.

    Interlaboratory Comparisons

    The IAEA has also released reports today on two interlaboratory comparisons (ILCs) for determining radionuclides in ALPS-treated water and in marine environmental samples collected from near to FDNPS, part of the Agency’s comprehensive monitoring and assessment efforts.

    ILCs involve multiple laboratories independently analyzing samples, then reporting their results to the IAEA for evaluation to assess their reliability and accuracy.

    One report presents the findings from an ILC based on samples collected during a mission in October 2023 when the IAEA, with experts from third-party laboratories, observed Japan’s collection and pretreatment of samples of seawater, sediment, fish and seaweed from coastal and offshore locations and a fish market close to FDNPS. Laboratories in Canada, China and the Republic of Korea, as well as the IAEA’s laboratories in Austria and Monaco, analysed the samples and reported the results to the IAEA for intercomparison.

    The IAEA report confirms that Japan’s methods for sampling follow the appropriate methodological standards and that Japanese laboratories have reported accurate results that demonstrate a high degree of proficiency. The IAEA notes that these findings provide confidence in Japan’s capability for conducting reliable and high-quality monitoring related to the discharge of ALPS treated water.

    The second ILC report, also released today, corroborates Japan’s source monitoring of ALPS treated water from the eighth batch prior to discharge  in August last year. Water sampled from the tanks was analysed in laboratories in China, the Republic of Korea, Switzerland and the United States, as well as in the IAEA laboratories. Following assessment of the results submitted, the IAEA said the findings provide confidence in TEPCO’s capability for conducting reliable and high-quality source monitoring.

    Corroboration of Internal Exposure Monitoring

    Additionally, the Agency released a report today confirming that TEPCO is accurately monitoring the internal radiation exposure of workers handling ALPS-treated water.

    The report presents the findings from ILCs organized by the IAEA last year, which corroborated results from IAEA, French and Japanese laboratories. The findings highlight that TEPCO has demonstrated both a high level of accuracy in their measurements and strong technical competence. A report focusing on external radiation exposure monitoring was published in November 2024.

    All reports, as well as additional information such as frequently asked questions and a timeline of activities, can be found on the IAEA’s Fukushima Daiichi ALPS Treated Water Discharge webpage.

    MIL Security OSI

  • MIL-OSI: Dragonfly Energy Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter Revenue Growth of 17% Led by Significant OEM Growth
    Debt Restructuring and Concurrent Capital Raise Enhance Financial Position and Liquidity
    Initiates Corporate Optimization Program
    Guides to First Quarter 2025 Net Sales of Approximately $13.3 Million
    Targets Positive Adjusted EBITDA in Fourth Quarter 2025

    RENO, Nev., March 24, 2025 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), an industry leader in energy storage and battery technology, today reported its financial and operational results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter and Full Year 2024 Financial Highlights

    • Net sales of $12.2 million and $50.6 million
    • OEM net sales of $6.2 million and $27.6 million
    • Gross Margin of 20.8% and 23.0%
    • Net Loss of $(9.8) million and $(40.6) million
    • Adjusted EBITDA of $(2.0) million and $(18.5) million

    “After quarter end, we were very pleased to have successfully negotiated a significant debt restructuring with our lenders, allowing for covenant relief while pushing off the maturity date. With this action, our debt will be classified as long-term debt on our balance sheet. Concurrent with the debt restructuring, we also secured additional capital through a strategic investor,” commented Dr. Denis Phares, Chief Executive Officer. “We believe these actions greatly strengthen our near-term financial position, allowing us to focus on executing on our key strategic initiatives for 2025, including achieving positive anticipated Adjusted EBITDA in the fourth quarter.”

    “In addition, we have launched a corporate optimization program to establish a more efficient cost structure, aligning our operations with near-term revenue growth opportunities, which we believe will provide us with a path to profitability. As part of this initiative, we have promoted Dr. Vick Singh to Chief Operating Officer, where he will oversee the program while also driving operational efficiencies across the company.

    “Despite ongoing challenges in the RV market, our fourth-quarter net sales grew approximately 17%, marking a return to year-over-year growth, driven by increased adoption among OEM customers,” continued Dr. Phares. “Throughout the year, we have made significant strides in expanding our customer base beyond the RV sector, leveraging strategic partnerships in trucking and industrial markets. We believe the strong order activity from our recently announced partnerships reinforces this strategy, and we anticipate meaningful revenue contributions in 2025 and beyond.”

    Fourth Quarter 2024 Financial and Operating Results
    (All financial result comparisons made are against the prior-year period unless otherwise noted)

     
    Net Sales by Customer Type
    (in millions)
           
      Fiscal Quarter Ended
       
      December 31, 2024
      December 31, 2023
      Change (YoY)
    DTC $5,726   $6,561   -13%
    OEM $6,236   $3,877   61%
    Licensing $250   $0   N/A
    Net Sales $12,212   $10,438   17%
               

    Net Sales increased 17.0% to $12.2 million. OEM net sales grew 61% to $6.2 million, driven by increased adoption of existing products and new customer acquisitions. DTC net sales were $5.7 million compared to $6.6 million, reflecting ongoing macroeconomic pressures.

    Gross Profit increased 12.5% to $2.6 million. Gross Margin was 20.8%, compared to 21.6%, due to higher material costs and a shift in mix to OEM sales. Operating Expenses were $(6.3) million, compared to $(5.4) million. The increase was primarily due to one-time expenses related to patent litigation and the reverse stock split. We also incurred expenses associated with moving into our new 400,000 square foot facility. This strategic relocation is expected to drive long-term operational efficiencies as we centralize operations previously spread across multiple locations.

    The Company reported a Net Loss of $(9.8) million, or $(1.39) per diluted share, compared to Net Income of $3.3 million or $0.50 per diluted share. Adjusted EBITDA excluding stock-based compensation, changes in the fair market value of our warrants, and other one-time expenses, was negative $(2.3) million, compared to negative $(1.8) million.

    Full Year 2024 Financial and Operating Results
    (All financial result comparisons made are against the prior-year period unless otherwise noted)

     
    Net Sales by Customer Type
    (in millions)
           
      Fiscal Year Ended
       
      December 31, 2024
      December 31, 2023
      Change (YoY)
    DTC $22,616   $36,875   -39%
    OEM $27,612   $27,517   0%
    Licensing $417   $0   N/A
    Net Sales $50,645   $64,392   -21%
               

    Net Sales were $50.6 million, compared to $64.4 million. OEM net sales of $27.6 million were flat year-over-year, as increased adoption of existing products and new customer acquisitions were offset by the impact of our largest customer transitioning our product from a standard offering to an option. DTC net sales declined to $22.6 million, from $36.9 million, reflecting continued softness in the RV market due to continued macroeconomic pressures.

    Gross Profit was $11.6 million, with a gross margin of 23.0%, compared to gross profit of $15.4 million, with a gross margin of 24.0%. The year-over-year declines were primarily attributable to lower sales volume. Operating Expenses were $(34.0) million, compared to $(42.9) million, led by lower employee-related costs and lower stock-based compensation, partially offset by higher R&D costs.

    The Company reported a Net Loss of $(40.6) million, or $(5.91) per diluted share, compared to a Net Loss of $(13.8) million or $(2.36) per diluted share. Adjusted EBITDA excluding stock-based compensation, changes in the fair market value of our warrants, and other one-time expenses, was negative $(18.5) million, compared to negative $(17.1) million.

    Form 10-K Filing

    The independent registered public accounting firm’s audit report with respect to the Company’s fiscal year-end financial statements will not be issued until the Company files its annual report on Form 10-K. Accordingly, the financial results reported in this earnings release are pending completion of the audit.

    Summary and Outlook

    “Dragonfly Energy is advancing energy storage with innovative lithium battery technology, delivering safe, reliable, and efficient power solutions for industries that demand superior performance,” commented Dr. Denis Phares. “As we look ahead to 2025, our focus remains on driving shareholder value through growth, diversification across end markets, and continued product innovation. We anticipate continued year-over-year growth in the first quarter with revenue of approximately $13.3 million. And with the resumption of revenue growth alongside our corporate optimization program, we expect to achieve positive Adjusted EBITDA by the fourth quarter of this year.”

    1Q25 Guidance

    • Net Sales of approximately $13.3 million
    • Adjusted EBITDA of approximately $(3.8) million

    Webcast Information

    The Dragonfly Energy management team will host a conference call to discuss its fourth quarter and full year 2024 financial and operational results this afternoon, March 24, 2025. The call can be accessed live via webcast by clicking here, or through the Events and Presentations page within the Investor Relations section of Dragonfly Energy’s website at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (646) 564-2877, toll-free in North America (800) 549-8228, or for international callers +1 (289) 819-1520, and referencing conference ID: 85219. Please log in to the webcast or dial in to the call at least 10 minutes prior to the start of the event.

    An archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor Relations section of Dragonfly Energy’s website, along with the earnings press release.

    About Dragonfly Energy

    Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

    To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit https://investors.dragonflyenergy.com/.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the Company’s guidance for 2025, results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

    These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to: improved recovery in the Company’s core markets, including the RV market; the Company’s ability to successfully increase market penetration into target markets; the Company’s ability to penetrate the heavy-duty trucking and other new markets; the growth of the addressable markets that the Company intends to target; the Company’s ability to retain members of its senior management team and other key personnel; the Company’s ability to maintain relationships with key suppliers including suppliers in China; the Company’s ability to maintain relationships with key customers; the Company’s ability to access capital as and when needed under its $150 million ChEF Equity Facility; the Company’s ability to protect its patents and other intellectual property; the Company’s ability to successfully utilize its patented dry electrode battery manufacturing process and optimize solid state cells as well as to produce commercially viable solid state cells in a timely manner or at all, and to scale to mass production; the Company’s ability to timely achieve the anticipated benefits of its licensing arrangement with Stryten Energy LLC; the Company’s ability to achieve the anticipated benefits of its customer arrangements with THOR Industries and THOR Industries’ affiliated brands (including Keystone RV Company); the Company’s ability to maintain the listing of its common stock and public warrants on the Nasdaq Capital Market; the Russian/Ukrainian conflict; the Company’s ability to generate revenue from future product sales and its ability to achieve and maintain profitability; and the Company’s ability to compete with other manufacturers in the industry and its ability to engage target customers and successfully convert these customers into meaningful orders in the future. These and other risks and uncertainties are described more fully in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 to be filed with the SEC and in the Company’s subsequent filings with the SEC available at www.sec.gov.

    If any of these risks materialize or any of the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

    Financial Tables

     
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Consolidated Balance Sheets
    (U.S. Dollars in thousands, except share and per share data)
                 
            As of
            December 31, 2024   December 31, 2023
    Current Assets        
      Cash and cash equivalents   $ 4,849     $ 12,713  
      Accounts receivable, net of allowance for credit losses     2,416       1,639  
      Inventory     21,716       38,778  
      Prepaid expenses     806       772  
      Prepaid inventory     1,362       1,381  
      Prepaid income tax     307       519  
      Assets held of sale     644        
      Other current assets     825       118  
        Total Current Assets     32,925       55,920  
    Property and Equipment        
        Property and Equipment, Net     22,107       15,969  
      Operating lease right of use asset     19,737       3,315  
      Other assets     445        
      Total Assets   $ 75,214     $ 75,204  
                 
    Current Liabilities        
      Accounts payable   $ 10,716     $ 10,258  
      Accrued payroll and other liabilities     4,129       7,107  
      Accrued tariffs     1,915       1,713  
      Accrued settlement, current portion     750        
      Customer deposits     317       201  
      Deferred revenue, current portion     1,000        
      Uncertain tax position liability     55       91  
      Notes payable, current portion, net of debt issuance costs           19,683  
      Operating lease liability, current portion     2,926       1,288  
      Financing lease liability, current portion     47       36  
        Total Current Liabilities     21,855       40,377  
    Long-Term Liabilities        
      Deferred revenue, net of current portion     3,583        
      Warrant liabilities     5,133       4,463  
      Accrued expenses, long-term           152  
      Accrued settlement, net of current portion     1,750        
      Notes payable, non current portion, net of debt issuance costs     29,646        
      Operating lease liability, net of current portion     22,588       2,234  
      Financing lease liability, net of current portion     63       66  
      Total Long-Term Liabilities     62,763       6,915  
    Total Liabilities
        84,618       47,292  
                         
    Equity                
      Preferred stock, 5,000,000 shares at $0.0001 par value, authorized, no shares issued and outstanding as of of December 31, 2024 and December 31, 2023, respectively            
      Common stock, 250,000,000 shares at $0.0001 par value, authorized, 7,232,650 and 6,695,587 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively     1       6  
    Additional paid in capital     72,749       69,445  
    Accumulated deficit     (82,154 )     (41,539 )
    Total Stockholders’ (Deficit) Equity     (9,404 )     27,912  
    Total Liabilities and Stockholders’ (Deficit) Equity   $ 75,214     $ 75,204  
                         
     
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Interim Consolidated Statement of Operations
    (U.S. Dollar in Thousands, except share and per share data)
            Three Months Ended   Year Ended
            December 31,   December 31,   December 31,   December 31,
            2024   2023   2024   2023
                         
    Net Sales   $ 12,212     $ 10,438     $ 50,645     $ 64,392  
                         
    Cost of Goods Sold     9,674       8,181       39,019       48,946  
                         
    Gross Profit     2,538       2,257       11,626       15,446  
                         
    Operating Expenses                
      Research and development     956       531       5,451       3,863  
      General and administrative     3,658       3,275       18,536       26,389  
      Selling and marketing     1,696       1,548       10,025       12,623  
                         
    Total Operating Expenses     6,310       5,354       34,012       42,875  
                         
      Loss From Operations     (3,772 )     (3,097 )     (22,386 )     (27,429 )
                         
    Other Income (Expense)                
      Interest expense     (6,251 )     (4,034 )     (21,504 )     (16,015 )
      Other (Expense) Income           19       (36 )     19  
      Loss on settlement     (2,500 )           (2,500 )      
      Loss on impairment of assets     (873 )           (873 )      
      Change in fair market value of warrant liability     3,554       10,400       6,684       29,582  
        Total Other (Expense) Income     (6,070 )     6,385       (18,229 )     13,586  
                         
    Net (Loss) Income Before Taxes     (9,842 )     3,288       (40,615 )     (13,843 )
                         
    Income Tax (Benefit) Expense           (26 )            
                         
    Net (Loss) Income   $ (9,842 )   $ 3,314     $ (40,615 )   $ (13,843 )
                         
    Net (Loss) Gain Per Share- Basic & Diluted   $ (1.39 )   $ 0.50     $ (5.91 )   $ (2.36 )
    Weighted Average Number of Shares- Basic & Diluted     7,085,956       6,621,115       6,866,826       5,865,165  
                                     
     
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Consolidated Statement of Cash Flows
    Years Ended December 31, 2024 and 2023
    (U.S. in thousands)
          2024   2023
    Cash flows from Operating Activities        
    Net Loss   $ (40,615 )   $ (13,817 )
    Adjustments to Reconcile Net Loss to Net Cash        
    Used in Operating Activities        
      Stock based compensation     1,020       6,710  
      Amortization of debt discount     7,241       1,470  
      Change in fair market value of warrant liability     (6,684 )     (29,582 )
      Non-cash interest expense (paid-in-kind)     10,058       4,938  
      Provision for credit losses     3       114  
      Depreciation and amortization     1,372       1,237  
      Amortization of right of use assets     2,231       1,179  
      Loss on disposal of property and equipment           116  
      Loss on impairment of assets     873        
      Write-off of prepaid inventory     69       596  
    Changes in Assets and Liabilities        
      Accounts receivable     (780 )     (309 )
      Inventories     17,062       11,411  
      Prepaid expenses     (42 )     852  
      Prepaid inventory     (50 )     25  
      Other current assets     (707 )     149  
      Other assets     (445 )     1,198  
      Income taxes payable     212       6  
      Accounts payable and accrued expenses     (5,365 )     (3,527 )
      Accrued tariffs     202       781  
      Accrued settlement     2,500        
      Deferred revenue     4,583        
      Uncertain tax position liability     (36 )     (37 )
      Customer deposits     116       (37 )
    Total Adjustments     33,433       (2,710 )
    Net Cash Used in Operating Activities     (7,182 )     (16,527 )
               
    Cash Flows From Investing Activities        
      Proceeds from disposal of property and equipment     8        
      Purchase of property and equipment     (2,737 )     (6,885 )
      Net Cash Used in Investing Activities     (2,729 )     (6,885 )
               
    (Continued)        
    Cash Flows From Financing Activities        
      Proceeds from public offering           24,177  
      Payment of public offering costs           (1,258 )
      Proceeds from public offering (ATM), net     2,043       0  
      Proceeds from note payable, related party     2,700       1,000  
      Repayment of note payable, related party     (2,700 )     (1,000 )
      Repayment of note payable           (5,275 )
      Proceeds from exercise of public warrants           747  
      Proceeds from exercise of options     4       586  
      Proceeds from exercise of Investor Warrants           546  
      Net Cash Provided by Financing Activities     2,047       19,523  
               
    Net Decrease in Cash and cash equivalents     (7,864 )     (3,889 )
    Cash and cash equivalents – beginning of period     12,713       17,781  
    Cash and cash equivalents – end of period   $ 4,849     $ 13,892  
               
    Supplemental Disclosures of Cash Flow Information:        
      Cash paid for income taxes           238  
      Cash paid for interest   $ 6,288     $ 9,102  
    Supplemental Non-Cash Items        
      Purchases of property and equipment, not yet paid   $ 1,703     $ 96  
      Recognition of right of use asset obtained in exchange for operating lease liability   $ 18,653     $  
      Recognition of leasehold improvements obtained in exchange for operating lease liability   $ 4,683     $  
      Recognition of warrant liability – Penny Warrants   $ 7,354     $ 698  
      Recognition of warrant liability – Investor Warrants   $     $ 13,762  
      Settlement of accrued liability for employee liability for employee stock purchase plan   $ 250     $  
      Reclassification of assets held for sale   $ 644     $  
      Non-cash impact of cash exercise of liability classified warrants   $     $ 617  
      Cashless exercise of liability classified warrants   $     $ 12,629  
               
               
     
    Dragonfly Energy Holdings Corp.
    Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
    (U.S. Dollars in Thousands)
     
          Three Months Ended   Year Ended
          December 31,   December 31,   December 31,   December 31,
          2024   2023   2024   2023
    EBITDA Calculation                
    Net (Loss) Income Before Taxes   $ (9,842 )   $ 3,314     $ (40,615 )   $ (13,817 )
      Interest Expense     6,251       4,034       21,504       16,015  
      Taxes           (26 )           (26 )
      Depreciation and Amortization     381       328       1,372       1,237  
    EBITDA   $ (3,210 )   $ 7,650     $ (17,739 )   $ 3,409  
                       
    Adjustments to EBITDA                
      Stock Based Compensation     261       323       1,020       6,710  
      Secondary offering costs                       720  
      Separation Agreement                       904  
      Tariff Investigation                 463        
      Patent Litigation     624             624        
      Reverse Stock Split     90             90        
      Stryten Agreement                 284        
      Loss on Settlement     2,500             2,500        
      Loss on Impairment of Assets     873             873        
      Write off of Prepaid Inventory     69       596       69       712  
      Change in fair market value of warrant liability     (3,554 )     (10,400 )     (6,684 )     (29,582 )
    Adjusted EBITDA   $ (2,347 )   $ (1,831 )   $ (18,500 )   $ (17,127 )
                     
     
    Dragonfly Energy Holdings Corp.
    Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA)
    Three Months Ended March 31, 2025
    (U.S. Dollars in Thousands)
     
    Non-GAAP Financial Guidance          
                 
    Operating Loss(1) $ (4,843 )    
      Taxes        
      Depreciation and Amortization   297      
    EBITDA $ (4,546 )    
                 
    Adjustments to EBITDA          
      Stock Based Compensation   219      
      ATW Deal expenses   150      
      Patent Litigation expenses   368      
    Adjusted EBITDA $ (3,809 )    
     
     
    (1) Although net loss is the most directly comparable GAAP measure, this table reconciles adjusted EBITDA to operating loss because we are not able to calculate forward-looking net loss without unreasonable efforts due to significant uncertainties with respect to the impact of accounting for our change in fair market value of the Company’s warrant liability.
     

    Investor Relations:
    Eric Prouty
    Szymon Serowiecki
    AdvisIRy Partners
    DragonflyIR@advisiry.com

    The MIL Network

  • MIL-OSI Asia-Pac: Competition Commission of India (CCI) investigated 35 cartel cases in last five years

    Source: Government of India (2)

    Competition Commission of India (CCI) investigated 35 cartel cases in last five years

    CCI has Signed MoUs with Global Regulators for Competition Law Cooperation

    Competition Act 2023 Introduced ‘Lesser Penalty Plus’ for Cartel Disclosures

    Posted On: 24 MAR 2025 6:15PM by PIB Delhi

    The Competition Commission of India (CCI) investigated a total of 35 cartel cases across various sectors over the last five financial years (till 13.03.2025).

    CCI has signed Bilateral/Multilateral Memorandum of Understanding (MoU) with Egypt, Mauritius, Japan, Brazil, BRICS (Brazil, the Russian Federation, People’s Republic of China and the Republic of South Africa), Canada, European Commission, Australia and United States Department of Justice (DOJ) for cooperation in the field of competition law and policy. These MOUs include provision for enforcement cooperation between CCI and its MoU partners, subject to their respective legal framework, constraints, enforcement interests and available resources.

    In addition, India has signed 14 Free Trade Agreements (FTAs) with its trading partners. Some of these FTAs have a separate Chapter on Competition, according to which each Party shall, in accordance with its laws and regulations, take measures which it considers appropriate against anticompetitive activities, in order to facilitate trade and investment flows between the Parties and the efficient functioning of its market.

    The Commission has a Division for trend analysis and conducting research in various sectors of the economy to have a holistic view and to detect any anti-competitive activities. The Competition (Amendment) Act, 2023 introduced the concept of “lesser penalty plus” within the framework of Section 46 of the Act. Consequently, on 20.02.2024, the CCI (Lesser Penalty) Regulations, 2024 were notified, replacing the 2009 regulations and introducing a “lesser penalty plus”(LPP) mechanism to incentivize disclosures of cartels. The LPP mechanism was introduced to incentivize an existing lesser penalty applicant in respect of a cartel to give full, true, and vital disclosures about another cartel, hitherto not in the knowledge of the CCI.

    To further widen the scope of cartel investigation, Hub & Spoke mechanism has been incorporated by introducing the Proviso in Section 3(3) of the Competition Act, 2002 through the Amendment Act 2023 which provides that an enterprise or association of enterprises or a person or association of persons though not engaged in identical or similar trade shall also be presumed to be part of the agreement under this sub-section if it participates or intends to participate in the furtherance of such agreement. 

    CCI, through its enforcement and advocacy mandate, seeks to promote and sustain competition in the markets by conducting market studies and advocacy events, imparting training about competition issues besides carrying out market corrections to eliminate distortions. The CCI conducted 1446 advocacy programmes during the last five financial years (till 19.03.2025).

    This information was given by Minister of Finance and Corporate Affairs, Shri Nirmala Sitharaman, in  reply to a question in the Lok Sabha today.

    *****

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    (Release ID: 2114500) Visitor Counter : 68

    MIL OSI Asia Pacific News

  • MIL-Evening Report: Trump silences the Voice of America: end of a propaganda machine or void for China and Russia to fill?

    Source: The Conversation (Au and NZ) – By Valerie A. Cooper, Lecturer in Media and Communication, Te Herenga Waka — Victoria University of Wellington

    Getty Images

    Of all the contradictions and ironies of Donald Trump’s second presidency so far, perhaps the most surprising has been his shutting down the US Agency for Global Media (USAGM) for being “radical propaganda”.

    Critics have long accused the agency – and its affiliated outlets such as Voice of America, Radio Free Europe and Radio Free Asia – of being a propaganda arm of US foreign policy.

    But to the current president, the USAGM has become a promoter of anti-American ideas and agendas – including allegedly suppressing stories critical of Iran, sympathetically covering the issue of “white privilege” and bowing to pressure from China.

    Propaganda is clearly in the eye of the beholder. The Moscow Times reported Russian officials were elated by the demise of the “purely propagandistic” outlets, while China’s Global Times celebrated the closure of a “lie factory”.

    Meanwhile, the European Commission hailed USAGM outlets as a “beacon of truth, democracy and hope”. All of which might have left the average person understandably confused: Voice of America? Wasn’t that the US propaganda outlet from World War II?

    Well, yes. But the reality of USAGM and similar state-sponsored global media outlets is more complex – as are the implications of the US agency’s demise.

    Public service or state propaganda?

    The USAGM is one of several international public service media outlets based in western democracies. Others include Australia’s ABC International, the BBC World Service, CBC/Radio-Canada, France Médias Monde, NHK-World Japan, Deutsche Welle in Germany and SRG SSR in Switzerland.

    Part of the Public Media Alliance, they are similar to national public service media, largely funded by taxpayers to uphold democratic ideals of universal access to news and information.

    Unlike national public media, however, they might not be consumed – or even known – by domestic audiences. Rather, they typically provide news to countries without reliable independent media due to censorship or state-run media monopolies.

    The USAGM, for example, provides news in 63 languages to more than 100 countries. It has been credited with bringing attention to issues such as protests against COVID-19 lockdowns in China and women’s struggles for equal rights in Iran.

    On the other hand, the independence of USAGM outlets has been questioned often, particularly as they are required to share government-mandated editorials.

    Voice of America has been criticised for its focus on perceived ideological adversaries such as Russia and Iran. And my own research has found it perpetuates stereotypes and the neglect of African nations in its news coverage.

    Leaving a void

    Ultimately, these global media outlets wouldn’t exist if there weren’t benefits for the governments that fund them. Sharing stories and perspectives that support or promote certain values and policies is an effective form of “public diplomacy”.

    Yet these international media outlets differ from state-controlled media models because of editorial systems that protect them from government interference.

    The Voice of America’s “firewall”, for instance, “prohibits interference by any US government official in the objective, independent reporting of news”. Such protections allow journalists to report on their own governments more objectively.

    In contrast, outlets such as China Media Group (CMG), RT from Russia, and PressTV from Iran also reach a global audience in a range of languages. But they do this through direct government involvement. CMG subsidiary CCTV+, for example, states it is “committed to telling China’s story to the rest of the world”.

    Though RT states it is an autonomous media outlet, research has found the Russian government oversees hiring editors, imposing narrative angles, and rejecting stories.

    A Voice of America staffer protests outside the Washington DC offices on March 17 2025, after employees were placed on administrative leave.
    Getty Images

    Other voices get louder

    The biggest concern for western democracies is that these other state-run media outlets will fill the void the USAGM leaves behind – including in the Pacific.

    Russia, China and Iran are increasing funding for their state-run news outlets, with China having spent more than US$6.6 billion over 13 years on its global media outlets. China Media Group is already one of the largest media conglomerates in the world, providing news content to more than 130 countries in 44 languages.

    And China has already filled media gaps left by western democracies: after the ABC stopped broadcasting Radio Australia in the Pacific, China Radio International took over its frequencies.

    Worryingly, the differences between outlets such as Voice of America and more overtly state-run outlets aren’t immediately clear to audiences, as government ownership isn’t advertised.

    An Australian senator even had to apologise recently after speaking with PressTV, saying she didn’t know the news outlet was affiliated with the Iranian government, or that it had been sanctioned in Australia.

    Switched off

    Trump’s move to dismantle the USAGM doesn’t come as a complete surprise, however. As the authors of Capturing News, Capturing Democracy: Trump and the Voice of America described, the first Trump administration failed in its attempts to remove the firewall and install loyalists.

    This perhaps explains why Trump has resorted to more drastic measures this time. And, as with many of the current administration’s legally dubious actions, there has been resistance.

    The American Foreign Service Association says it will challenge the dismantling of the USAGM, while the Czech Republic is seeking EU support to keep Radio Free Europe and Radio Liberty on the air.

    But for many of the agency’s journalists, contractors, broadcasting partners and audiences, it may be too late. Last week the New York Times reported some Voice of America broadcasts had already been replaced by music.

    Valerie A. Cooper 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. Trump silences the Voice of America: end of a propaganda machine or void for China and Russia to fill? – https://theconversation.com/trump-silences-the-voice-of-america-end-of-a-propaganda-machine-or-void-for-china-and-russia-to-fill-252901

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: NBC News: Sens. Elizabeth Warren and Tammy Duckworth demand answers about Musk’s Pentagon meeting

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    March 21, 2025
    Sens. Elizabeth Warren, D-Mass., and Tammy Duckworth, D-Ill., are demanding information from the Defense Department about Elon Musk’s meeting this morning at the Pentagon.
    “Did the Pentagon today provide Mr. Musk with a top-secret briefing today on U.S. war plans for China?” Warren and Duckworth asked Defense Secretary Pete Hegseth in a letter obtained exclusively by NBC News.
    They sought additional details about the briefing, including whether the Pentagon changed its original plans for the meeting after initial public reports came out about it. The two senators also asked what clearance processes were in place for Musk to receive the information that he did.

    Read the full article here.
    By:  Megan Lebowitz and Rebecca ShabadSource: NBC News
    Previous Article

    MIL OSI USA News

  • MIL-OSI Russia: Yuri Trutnev: The state of the Far East economy and the security of the state as a whole depend on technological development

    Translartion. Region: Russians Fedetion –

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

    The issues of technological development of the Far East and preparations for the celebration of the 80th anniversary of Victory in the Great Patriotic War of 1941-1945 were discussed at a meeting of the Council of the Far Eastern Federal District, which was held with the participation of the heads of regions under the leadership of Deputy Prime Minister – Plenipotentiary Representative of the President in the Far Eastern Federal District Yuri Trutnev.

    “Technological development is acute today. The state of the economy and the security of the state as a whole depend on this. This week, the head of state, speaking at the Congress of the RSPP, noted that, according to the Ministry of Finance of Russia, more than 28 thousand sanctions were introduced against Russian companies and individuals. It is important to understand that sanctions are not just temporary restrictions. Their main goal is to weaken the economy of the state. That is why we must strive with technological independence in all directions with all our means. Already today we have positive changes. In almost all regions, drones gather, including civil purposes, in Yakutia, electric motorcycles are produced, in the Khabarovsk Territory – Baggi. Of course, these results were achieved, among other things, thanks to the action of the “Patriotic“ mechanism ”. The construction of an innovative scientific and technological center on the island of Russian is underway, and these are, in turn, the prospects for the development of such areas as biomedicine, information technology. Created the Vostok Venture Foundation. Highly technologies are being introduced, atomic stations of low power are built. Literally, literally, literally. Literally. Literally. The other day, in Komsomolsk-on-Amur, for the first time, flying tests of the Superjate 100 aircraft were carried out with the domestic PD-8 engine. This is an important step towards technological independence. The economic development and safety of the macroregion and the country as a whole depends on the quality and speed of its solution, ”Yuri Trutnev opened the discussion.

    Sakhalin Region Governor Valery Limarenko reported on the scientific and technological development of the island region. On behalf of the head of state, the construction of the international-level campus “SakhalinTech” is underway on Sakhalin. This year, the first stage of the campus will be commissioned – a student town for 1.5 thousand people, and in 2026 – a scientific and educational center. Construction is proceeding at an accelerated pace. In parallel with the construction, the university is being transformed into “University 4.0”. An advanced engineering school has been opened in the region. An electrical engineering laboratory operates on the basis of the SKB SAMI academic institute. An oil and gas chemical analytical laboratory is being created. A hydrogen cluster is being formed, where projects are already being implemented. The first stage of the Oil and Gas Industrial Park has been launched. A research and production center for the development of unmanned systems, accredited by the Ministry of Industry and Trade, has been created on Sakhalin. A unified Far Eastern unmanned airline, Aurora BAS, was created on the basis of the Far Eastern airline Aurora. An aviation training center for manned and unmanned aircraft was opened. Eight more such training grounds will be created in the near future.

    “It is important for us not only to develop the gas chemical cluster and the Vostochny Cosmodrome, the construction of which is proceeding according to schedule, but also everything related to the use of modern technologies. The implementation of such projects is facilitated by the regime of advanced development territories. Now we are planning to create an industrial park, the residents of which will, among other things, be engaged in deep processing of polymers. We are discussing the construction of a plant for the production of mineral fertilizers in the industrial park. The enterprise will be important not only for the agriculture of the Far East, it will be focused on exports to China and, as a result, will affect the development of the logistics industry,” said Vasily Orlov, Governor of the Amur Region.

    “Vitus Bering Kamchatka State University has been participating in the Priority 2030 program for the third year. As part of it, we are rebooting the university, making it a university of entrepreneurs – with an emphasis on the expedition component and interaction with leading research centers in Russia. Specific projects have been launched with a number of leading Russian universities. Projects with practical implementation in the field of geothermal energy are being developed, including low-power geothermal stations. We are currently launching one of these projects for testing in Kamchatka, which is called a natural laboratory. We want to offer a unique format of a floating university, when leading researchers gather on a ship, study the features of aquatic biological resources, the dynamics of water temperature and salinity of the ocean, and generally outline the prospects for ocean research. Particular attention is paid to projects that help our victory. Thanks to the Patriotic Priority Development Area, we have launched the production of unmanned aerial vehicles. We are consistently increasing the depth of localization, moving from simple assembly to development,” said Kamchatka Krai Governor Vladimir Solodov.

    The preparations for the celebration of the 80th anniversary of the Victory in the Great Patriotic War were discussed. “This is a special holiday for our entire country, our citizens. There is not a single family that was not affected by that war. The significance of the Victory in the Great Patriotic War for the fate of Russia is difficult to overestimate. Attempts are currently being made to falsify history, to diminish the significance of the feat of our ancestors. An important task for us is for the younger generation to know and remember the history of their country, their native region. The head of state has also declared this year the Year of the Defender of the Fatherland. Now our children, like their fathers and grandfathers, heroically and selflessly defend their homeland and their families. May 9 is a special holiday for every family in our country. As part of the celebration of the 80th anniversary of the Victory in the district, we have planned about 450 different events, including five events to be held abroad. Victory parades are planned in all regions. It is also important to ensure the safety of mass events. I ask all governors and representatives of law enforcement agencies to take this issue extremely seriously,” noted Yuri Trutnev.

    The holding of ceremonial events and Victory parades in Khabarovsk and Vladivostok was considered. This year, Khabarovsk will host two anniversary Victory parades – on May 9 and September 3. The parade in September will be dedicated to the defeat of militarist Japan and the end of World War II. Primorsky Krai is preparing for the Victory Parade in Vladivostok in cooperation with the Pacific Fleet. The Immortal Regiment procession will take place in the capital of Primorye. An extensive program will be organized for residents and guests of the Far Eastern capital with a festive concert, thematic local sites, exhibitions, interactive activities, photo zones, and master classes. In Vladivostok, the key event on May 9 will be the holding of the “Victory Streets” campaign. Thematic banners and stands with photographs of veterans of the Great Patriotic War will be placed on the Tsarevich Embankment. An exhibition of captured equipment from the special military operation zone will be organized. And on September 3, a series of festive events are planned in Vladivostok on the territory of Primorsky Krai, including a large festive concert on the central square of Vladivostok, “Vladivostok Seasons”.

    The progress of creating a museum on Shumshu dedicated to the Kuril landing operation, the last major battle of the USSR against militarist Japan, was separately considered. During the Great Patriotic War, Shumshu Island was the northern stronghold of Japanese troops on the Kuril Islands and was considered impregnable. The landing of Soviet paratroopers on Shumshu became a decisive event during the entire Kuril landing operation. “We are preparing an open-air museum. This is a bright page in the heroism of our soldiers, and we must support this memory. This initiative was supported by the President of the Russian Federation Vladimir Vladimirovich Putin. Our task is simply to implement it. We will try to ensure that the first events on Shumshu dedicated to the celebration of the 80th anniversary of Victory in the Great Patriotic War take place on May 9,” said Yuri Trutnev.

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

    MIL OSI Russia News

  • MIL-OSI USA: IAM Union International President Bryant Applauds USTR’s Proposed Actions to Strengthen U.S. Shipbuilding

    Source: US GOIAM Union

    Brian Bryant, International President of the 600,000-member IAM Union, issued the following statement after testifying at the United States Trade Representative’s (USTR) hearing on Section 301 regarding proposed remedies to China’s aggressive targeting of the maritime, logistics, and shipbuilding sectors:

    “The IAM applauds USTR’s proposed remedies in response to China’s unfair and discriminatory practices. For decades, the People’s Republic of China has pursued dominance in the maritime sector, devastating U.S. shipbuilding capacity and weakening our defense industrial base. This must stop.

    “As a former shipbuilder at Bath Iron Works in Maine, I must highlight the impact of China’s predatory policies on U.S. workers. Our members have dedicated their lives to mastering the highly specialized skills required to build and repair commercial and naval vessels, only to see their jobs disappear as U.S. shipyards shutter or struggle to compete.

    “The IAM Union supports the USTR’s proposed multi-pronged approach, including meaningful relief measures and incentives for purchasing U.S.-built commercial ships. We recommend swift implementation, and that port service fees be directed into a trust fund to invest in shipbuilding infrastructure and workforce development. We also call for additional policy changes and investment to revitalize the shipbuilding industry.

    “IAM Union members stand ready to build and maintain our 21st-century naval and commercial fleet. Without decisive action, the decline of U.S. shipbuilding will continue, jeopardizing economic stability and national security. We urge the USTR to move forward with strong, impactful relief measures to reinvigorate this critical industry.” 

    Click here to read IAM Union International President Brian Bryant’s full testimony.

    The International Association of Machinists and Aerospace Workers is one of North America’s largest and most diverse industrial trade unions, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, railroad, transit, healthcare, automotive, and other industries. 

    goIAM.org | @MachinistsUnion

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    MIL OSI USA News

  • MIL-OSI Europe: Briefing – EU energy relations with the Western Balkans – 24-03-2025

    Source: European Parliament 2

    The six countries that make up the region known as the Western Balkans differ in terms of size, population, economy, energy mix and energy import dependency. At the same time, they share common elements because of their geographical proximity, and – in some cases – common policies adopted in the past. An example is their ageing infrastructure dating back to the 1970s, which was damaged during the conflicts in former Yugoslavia. Another common element (except for Albania) is their reliance on solid fossil fuels (mainly coal), and their dependency on imports of fossil fuels. The EU is the leading trade partner for the countries of the Western Balkans and an important investor in the region. In addition, it is the largest provider of financial assistance to the region, supporting the six countries’ development and reforms, as well as its transition towards sustainable energy, with financial and technical assistance. The EU provides assistance through the Instrument for Pre-accession Assistance, the Western Balkans Investment Framework and the European Investment Bank. While the EU has an important role in the region, Russia and China are major players, too. Russia has been active for decades in the Western Balkans, while China has started engaging more recently. Their strategy also differs, with Russia more focused on exporting its fossil fuels to the region, and China investing through its Belt and Road Initiative. Nonetheless, such involvement creates dependencies, which could hamper these countries’ integration into the EU – from both a political and an energy/economic perspective – as well as the functioning of the EU itself. In this context, experts have noted what steps the EU and the countries in the region could take to lessen these dependencies, while enhancing the Western Balkan countries’ energy security and helping them take the necessary steps towards the green transition.

    MIL OSI Europe News

  • MIL-OSI Security: U.S. Attorney’s Office Filed More than 90 Border-Related Cases This Week

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    SAN DIEGO – Federal prosecutors in the Southern District of California filed more than 90 border-related cases this week, including charges of transportation of illegal aliens, bringing in aliens for financial gain, reentering the U.S. after deportation, deported alien found in the United States, and importation of controlled substances.

    The U.S. Attorney’s Office for the Southern District of California is the fourth-busiest federal district, largely due to a high volume of border-related crimes. This district, encompassing San Diego and Imperial counties, shares a 140-mile border with Mexico. It includes the San Ysidro Port of Entry, the world’s busiest land border crossing, connecting San Diego (America’s eighth largest city) and Tijuana (Mexico’s second largest city).

    In addition to reactive border-related crimes, the Southern District of California also prosecutes a significant number of proactive cases related to terrorism, organized crime, drugs, white-collar fraud, violent crime, cybercrime, human trafficking and national security. Recent developments in those and other significant areas of prosecution can be found here.

    A sample of border-related arrests this week, includes:

    • Mexican nationals Eleazar Mozqueda Simental and Manuel Antonio Mozqueda Simental were arrested and charged on March 20, 2025, in connection with a maritime smuggling incident. They were accused of illegally transporting 14 undocumented immigrants from Mexico, Vietnam and China – all of whom were forced to wear large black trash bags over their heads and bodies during the four-hour trip. They were brought into the United States on a panga boat traveling at high speed across rough seas. According to interviews with the undocumented immigrants on the boat, at one point, the panga caught air, broke apart and capsized, sending terrified passengers into the water. The passengers, including a deaf/mute woman, were rescued.
    • Mexican national Osvaldo Reyes-Virgen was arrested on March 17, 2025, by San Diego- based U.S. Border Patrol agents and charged after he was found in the United States hiding behind brush near Imperial Beach after agents observed a jet ski traveling north.  Reyes-Virgen was previously deported on March 6, 2025, after entering the United States illegally.
    • On March 17, 2025, Sarah Beth Schatz, a United States citizen, was arrested and charged with alien smuggling after she was caught attempting to smuggle two citizens of China into the United States in the trunk of the vehicle she was driving.  The two Chinese citizens she was arrested with admitted that they are citizens of China without lawful documents allowing them to enter the United States and that they were going to pay $30,000 and $15,000 if successfully smuggled into the United States.
    • Joshua Nicolas Sanchez Lopez, a Mexican citizen, was arrested on March 15, 2025, when he attempted to cross into the U.S. from Mexico at the Otay Mesa Port of Entry on drug importation charges. According to a federal complaint, he was the driver and registered owner of a vehicle where Customs and Border Protection officials found 108 packages consisting of over 100 pounds of methamphetamine, 22 pounds of fentanyl, and more than four pounds of heroin hidden in the doors, quarters panels, and seats of his vehicle.
    • On March 16, 2025, Baudelio Escalante-Orozco, a citizen of Mexico, was arrested after he was found by San Diego-based U.S. Border Patrol Agents attempting to hide in brush seven miles north of the U.S./Mexico International Boundary Line and charged with being a deported alien found in the United States.  He is currently on probation in the District of Oregon for the same crime.   

    Federal law enforcement has focused immigration prosecutions on undocumented aliens who are engaged in criminal activity in the U.S., including those who commit drug and firearms crimes, who have serious criminal records, or who have active warrants for their arrest. Federal authorities have also been prioritizing investigations and prosecutions against drug, firearm, and human smugglers and those who endanger and threaten the safety of our communities and the law enforcement officers who protect the community.

    The immigration cases were referred or supported by federal law enforcement partners, including Homeland Security Investigations (HSI), Immigration and Customs Enforcement’s Enforcement and Removal Operations (ICE ERO), Customs and Border Protection, U.S. Border Patrol, the Drug Enforcement Administration (DEA), the Federal Bureau of Investigation (FBI), the U.S. Marshals Service (USMS), and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), with the support and assistance of state and local law enforcement partners.

    Indictments and criminal complaints are merely allegations and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI

  • MIL-OSI Global: There’s a global tug-of-war for Greenland’s resources – but the new government has its own plans

    Source: The Conversation – UK – By Nicolas Jouan, Senior Defence and Security Analyst, RAND Europe

    Greenland’s parliamentary election was held on March 11 against a backdrop of repeated calls from the Trump administration for America to annex the island. The poll delivered a momentous shift in Greenland’s political landscape as the pro-business Demokraatit (Democrats) emerged as the biggest winners overturning the two left-leaning parties which had formed the previous government.

    Securing nearly 30% of the vote and gaining seven seats for a total of ten in the Inatsisartut (parliament), the party now holds the strongest mandate it has ever had. Close behind was the nationalist Naleraq party, which secured 24.5% of the vote and gained four seats, bringing their total to eight.

    While both parties are united in their rejection of Trump’s ambitions and share a vision of Greenlandic independence, their approaches couldn’t be more different. Demokraatit advocates for a gradual, measured process, prioritising economic development. The party considers that economic self-sufficiency and strengthening domestic infrastructure are key preconditions to achieve independence. Naleraq, on the other hand, is pushing for a rapid break from Denmark. Its line is that Greenland will only be able to unleash its potential, economic and otherwise, once independent.

    Independence has long been the dominant theme of Greenlandic politics. Ever since the territory gained home rule in 1979, most political parties across the spectrum have championed the idea of full independence from the kingdom of Denmark. Even the two major challengers – the Inuit Ataqatigiit, which lost five seats at the election to drop to seven, and the once-dominant Siumut, which lost six and now holds just four seats – are pro-independence.

    But while independence remains a defining issue, the real story of this election is Greenland’s economy. The island is sitting on a treasure trove of rare earth elements, uranium, iron and other minerals critical to global industries. Yet despite decades of interest from foreign investors, strict regulations and environmental concerns have often slowed development.

    With Demokraatit’s rise, that could change. The party is pushing for pro-business policies, including tax incentives, streamlined regulations and reduced state intervention in key industries like mining, fisheries and tourism. If successful, these reforms could transform Greenland into a major player in the global supply chain.

    Despite its electoral gains, Demokraatit faces a challenge in implementing its economic vision. The party’s potential coalition partner, Naleraq, is deeply sceptical of foreign investment, at least when it comes from Denmark and Europe. While open to partnerships with the US, Naleraq is adamant that Greenland must retain full control over its resources, resisting any foreign influence that could compromise national sovereignty.

    This ideological divide could create friction within a potential coalition government. Will Demokraatit’s pro-business agenda be tempered by Naleraq’s nationalistic stance? Or will the promise of economic growth push both parties toward compromise?

    Global powers are watching

    Greenland’s election came at a time when it was already the focus of world attention. Its strategic location and vast resources have attracted growing interest from global superpowers – none more so than the US. Trump has repeatedly expressed interest in acquiring Greenland, a move widely considered unrealistic, but indicative of Washington’s strategic priorities.

    American interest in Greenland isn’t new. The island is home to the Pituffik Space Base, formerly Thule Air Base, since the 1950s as a critical part of North American missile defence and whose Arctic position makes it a key player in both American territorial defence and Nato’s security architecture. Pituffik is the only non-Danish military presence in the territory and is the northernmost American military base.

    But the White House’s rhetoric has taken a more insistent tone, raising questions about whether the US might attempt to exert greater influence over Greenland’s economic and political future. The interest in Greenland seems guided by at least two factors: its strategic position at the centre of the North Atlantic security complex and its economic potential with hard-to-access but abundant resources.

    In both cases, the growing involvement of both Russia and China in the Arctic seem to make the US wary of a potentially independent Greenland getting closer to unfriendly great powers.

    Denmark’s central government is walking a diplomatic tightrope when it comes to responding to the US government’s repeated intentions to annex Greenland. Copenhagen has sought to Europeanise the debate, floating the idea of Greenland joining the European Union. Taking this step would provide welcome economic support to the island but could also clash with Greenland’s scepticism toward European interference.

    Greenland now stands at a crossroads. Domestically, negotiations between Demokraatit and Naleraq will likely shape the trajectory of the island’s economic and independence ambitions. Internationally, major powers – including the US, the EU and possibly even China and Russia – are positioning themselves to engage with Greenland’s untapped potential.

    As the world’s focus on Greenland intensifies, one thing is clear: this Arctic nation is no longer a remote outpost. It is fast becoming a key battleground for economic, political and strategic influence in the North Atlantic.

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

    ref. There’s a global tug-of-war for Greenland’s resources – but the new government has its own plans – https://theconversation.com/theres-a-global-tug-of-war-for-greenlands-resources-but-the-new-government-has-its-own-plans-252396

    MIL OSI – Global Reports

  • MIL-OSI: MicroAlgo Inc. plans to issue additional new shares at an offering price of $0.8 per share.

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, March 24, 2025 (GLOBE NEWSWIRE) — MicroAlgo Inc. plans to issue additional new shares at an offering price of $0.8 per share.

    Shenzhen, China, March. 24, 2025 – MicroAlgo Inc. (NASDAQ: MLGO), (the “Company”or “MicroAlgo”), today announced the plan to issue more new shares. Considering that MicroAlgo Inc. entered into a convertible bond purchase agreement with creditors on October 7, 2024, with a total amount of US$20 million. These bonds have a maturity period of 360 days. According to the convertible bond purchase agreement, the bonds are convertible into common shares at a conversion price equal to 70% of the lowest closing market price during the 60 trading days preceding the conversion request.
    MicroAlgo Inc. has received notice from the creditors under this US$20 million convertible bond purchase agreement, requesting the company to issue new shares at $ 0.8 per share to repay the debt in accordance with the agreement terms. The company plans to fulfill the relevant clauses of this US$20 million convertible bond purchase agreement and will issue new shares at $ 0.8 per share for debt repayment.
    This serves as a risk disclosure in accordance with the Form 6-K filing submitted to the U.S. Securities and Exchange Commission (SEC) on October 9, 2024.

    About MicroAlgo Inc.
    MicroAlgo Inc. (the “MicroAlgo”), a Cayman Islands exempted company, is dedicated to the development and application of bespoke central processing algorithms. MicroAlgo provides comprehensive solutions to customers by integrating central processing algorithms with software or hardware, or both, thereby helping them to increase the number of customers, improve end-user satisfaction, achieve direct cost savings, reduce power consumption, and achieve technical goals. The range of MicroAlgo’sservices includes algorithm optimization, accelerating computing power without the need for hardware upgrades, lightweight data processing, and data intelligence services. MicroAlgo’s ability to efficiently deliver software and hardware optimization to customers through bespoke central processing algorithms serves as a driving force for MicroAlgo’s long-term development.

    Forward-Looking Statements
    This press release contains statements that may constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond the control of MicroAlgo, including those set forth in the Risk Factors section of MicroAlgo’s periodic reports on Forms 10-K and 8-K filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. Words such as “expect,””estimate,””project,””budget,””forecast,””anticipate,””intend,””plan,””may,””will,””could,””should,””believes,””predicts,””potential,””continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, MicroAlgo’s expectations with respect to future performance and anticipated financial impacts of the business transaction.
    MicroAlgo undertakes no obligation to update these statements for revisions or changes after the date of this release, except as may be required by law.

    Contact
    MicroAlgo Inc.
    Investor Relations
    Email: ir@microalgor.com

    The MIL Network

  • MIL-OSI China: China still faces TB prevention challenges despite steady incidence decline

    Source: China State Council Information Office 2

    A doctor writes tuberculosis prevention information on the health bulletin board at his clinic in Yangang Village of Yudu county, east China’s Jiangxi province, Aug. 15, 2023. [Photo/Xinhua]
    The incidence rate of tuberculosis (TB) in China has declined by 3% annually since 2021, but challenges with the disease prevention and control persist.
    Liu Qing, a senior official of infectious disease with the National Disease Control and Prevention Administration, revealed that the mortality rate of TB has maintained a low level. However, China still struggles to contain one of the world’s most fatal infectious diseases, with the number of TB patients still high globally.
    There is still an imbalance of TB incidence and prevention among different regions, and efforts need to be intensified for the timely identification of patients, Liu said at an event marking World Tuberculosis Day 2025, which fell on Monday.
    Amid the challenging situation, Chinese experts have called for greater efforts to improve TB prevention, including better legislation, early screening for patients without symptoms and the application of new diagnostic technologies.
    China has made notable progress in curbing the infectious disease. The incidence and mortality rates of TB in China had dropped 30% compared with 2012, according to a national plan for TB prevention and treatment that was issued in November 2024.
    It aims to reduce the TB incidence rate to below 50 per 100,000 by 2025 and below 43 per 100,000 by 2030, as per the plan.

    MIL OSI China News

  • MIL-OSI China: US, Russia start fresh talks in Saudi Arabia

    Source: China State Council Information Office

    This photo taken on March 24, 2025 shows the hotel where U.S. and Russian delegations begin a new round of talks in Riyadh, Saudi Arabia. [Photo/Xinhua]

    U.S. and Russian delegations began a new round of talks in Saudi Arabia on Monday, eyeing a Ukraine settlement and Black Sea ceasefire deal before securing a broader agreement.

    The talks follow a meeting between the United States and Ukraine in Saudi Arabia on Sunday. Last week, Trump held phone talks with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky on Tuesday and Wednesday, respectively.

    The U.S. delegation is led by Andrew Peek, a senior director at the White House National Security Council, and Michael Anton, a senior official from the State Department, according to local media Al Arabiya News.

    Russia is represented by Grigory Karasin, chair of the Federation Council’s Foreign Affairs Committee and a former diplomat, along with Sergei Beseda, an adviser to the director of the Federal Security Service, it said.

    MIL OSI China News

  • MIL-OSI China: French FM to visit China

    Source: China State Council Information Office

    French Minister for Europe and Foreign Affairs Jean-Noël Barrot will visit China from March 27 to 28, a Chinese foreign ministry spokesperson announced on Monday.

    Jean-Noël Barrot will pay the visit at the invitation of Wang Yi, a member of the Political Bureau of the Communist Party of China Central Committee and minister of foreign affairs.

    MIL OSI China News

  • MIL-OSI Africa: Minister leads G20 environment working group

    Source: South Africa News Agency

    Minister of Forestry, Fisheries and the Environment, Dr Dion George, will this week lead the Group of Twenty (G20) Environment and Climate Sustainability Working Group (ECSWG) as part of South Africa’s Presidency of the G20. 

    “It is expected that the outcome of this first virtual G20 ECSWG meeting will provide strategic direction and a common understanding amongst G20 Member States on the key environmental and climate change priorities and deliverables,” the Minister said on Sunday.

    Taking place under the theme: “Solidarity, Equality, and Sustainability,” the Minister is expected to open the meeting on Tuesday, by setting the scene for South Africa’s Presidency of the G20 ECSWG, provide an opportunity to discuss the five priorities and deliverables, and also present the proposed work plan for the G20 ECSWG for 2025.

    The priority focus areas for South Africa’s Presidency of the G20 ECSWG include:

    • Biodiversity and Conservation – Implementation of the Global Biodiversity Framework and the Biodiversity Economy;
    • Land Degradation, Desertification and Drought – Land Degradation Neutrality targets;
    • Chemicals and Waste Management – Sustainable Chemicals Management; Circular Economy; Waste Management; Waste to Energy; Extended Producer Responsibility (EPR) implementation;
    • Climate Change and Air Quality – Just Transition; Loss and Damage; Adaptation, including Climate Resilient Development (CRD); Climate Finance and Air Quality; and
    • Oceans and Coastal Management – Marine Spatial Planning – ocean governance; combatting marine plastic pollution.

    The G20 ECSWG aims to enhance cooperation amongst all G20 members and invitees to address environmental and climate change priorities. 

    The G20 comprises 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom and United States, as well as two regional bodies, namely the European Union and the African Union.

    The G20 members represent about two-thirds of the world population, approximately 85% of the global GDP and over 75% of the global trade. 

    This platform is considered as the leading forum for international economic cooperation and plays an important role in shaping and strengthening global architecture and governance on all major international economic issues.

    South Africa’s Presidency of the G20 commenced on 01 December 2024 and will continue until 30 November 2025. 

    The Presidency will build upon on the achievements of India (2023 Presidency) and Brazil (2024 Presidency), to ensure continuity in advancing the developmental agenda within the G20. 

    “South Africa’s G20 Presidency provides a unique opportunity for the country to champion the aspirations of emerging market economies and lead the developmental agenda of the African Continent within the framework of the G20.”

    A total of three G20 ECSWG meetings and one ECSWG Ministerial meeting will be held in South Africa, with the first virtual meeting scheduled to take place from 25 – 28 March 2025; followed by the second meeting from 14-18 July 2025 at Kruger National Park, and the final meeting in October 2025 at Cape Town.

    The Ministerial meeting will be held back-to-back with the third ECSWG meeting in October 2025.

    The department will also roll out outreach and awareness activities in the buildup to the three G20 ECSWG meetings throughout the country to amplify the messaging on the focus areas for the G20 ECSWG.

    “The department will leverage South Africa’s Presidency of the G20 to market and showcase the Kruger-Kirstenbosch-iSimangaliso Icon Status Strategy (KISS). Some of the meetings and activities will take place at these iconic world-class sites to showcase them on the global stage,” the Minister said. – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI: Next Hydrogen Announces Strategic Partnership with Sungrow Hydrogen

    Source: GlobeNewswire (MIL-OSI)

    MISSISSAUGA, Ontario, March 24, 2025 (GLOBE NEWSWIRE) — Next Hydrogen Solutions Inc. (“Next Hydrogen” or the “Company”) (TSXV:NXHOTC:NXHSF) is pleased to announce a wide-ranging cooperation agreement with Sungrow Hydrogen Sci&Tech. Co. Ltd. (“Sungrow Hydrogen”) to accelerate the commercialization and scale-up of its innovative water electrolysis technology.

    Under this agreement, Next Hydrogen will leverage Sungrow Hydrogen’s existing 3GW manufacturing facility to deliver on large volume orders starting in 2026 while ensuring continued control over the Company’s Intellectual Property and the design of its electrolyzers. Sungrow Hydrogen will also provide associated Balance of Plant systems, enhancing supply chain efficiency and cost competitiveness.

    Additionally, the two companies will collaborate on co-development and cross-selling opportunities to offer customers a broader range of green hydrogen solutions to decarbonize ammonia, aviation fuels, refinery, steel and transportation industries.

    Next Hydrogen will continue its research and development activities in Canada. To support both Global and North American market requirements, Next Hydrogen and Sungrow Hydrogen are also exploring expanding Next Hydrogen’s North American manufacturing footprint. This approach ensures localized production capabilities while maintaining supply chain flexibility and compliance with evolving regional clean energy policies.

    “Sungrow Hydrogen is one of the largest water electrolyzer companies globally, with a dominant market share in China and strong backing from its parent company, which was recently rated No. 1 for bankability by Bloomberg NEF,” said Raveel Afzaal, President & CEO of Next Hydrogen. “By leveraging Sungrow Hydrogen as an OEM partner, we can accelerate our path to market and efficiently scale production to meet demand for large-scale green hydrogen projects.”

    “Next Hydrogen has developed an innovative electrolyzer design optimized for direct connection to renewables,” said Mr. Peng Chaocai, VP of Sungrow and Chairman of Sungrow Hydrogen. “We will apply our technical innovation, commercialization and manufacturing expertise to help scale production, while also leveraging Next Hydrogen’s deep knowledge of the North American market. Together, we will combine our expertise in water electrolysis to deliver the best products at the best price, driving large-scale adoption of green hydrogen worldwide.”

    This strategic partnership positions both companies to accelerate the transition to green hydrogen, providing scalable, cost-effective solutions to support global clean energy goals.

    About Next Hydrogen Solutions Inc.

    Founded in 2007, Next Hydrogen Solutions Inc. is a designer and manufacturer of water electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as a green energy source or a green industrial feedstock. Next Hydrogen’s unique cell design architecture supported by 40 patents enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize transportation and industrial sectors. For further information: www.nexthydrogen.com

    About Sungrow Hydrogen.

    Sungrow Hydrogen, a subsidiary of Sungrow (Stock Code: 300274), specializes in water electrolysis technology for hydrogen production. Its main products include PWM hydrogen production power supply, ALK electrolyzer, PEM electrolyzer, gas-liquid separation system, hydrogen purification equipment. Sungrow Hydrogen is committed to providing “efficient, intelligent, safe” flexible green hydrogen production system solutions. With a highly professional R&D team, the company has filed over 480 patents as well as copyright certificates, and participated in industry standard-setting. It has constructed a state-of-the-art 30MW water electrolysis hydrogen production empirical platform and established a key materials and product research center in China, as well as the Sungrow European Research Institute in Germany. Additionally, Sungrow Hydrogen owns a world-class intelligent manufacturing plant with an annual production capacity of 3GW. Sungrow Hydrogen, guided by its value proposition of “Bridge to the ultimate energy,” leads in flexible green hydrogen production and electro-hydrogen integration technologies, creating significant value for global clients.

    Next Hydrogen Contact Information

    Raveel Afzaal, President and Chief Executive Officer
    Next Hydrogen Solutions Inc.
    Email: rafzaal@nexthydrogen.com
    Phone: 647-961-6620
    www.nexthydrogen.com

    Sungrow Hydrogen Contact Information

    Email: hydrogen@sungrowpower.com
    Phone: +86-0551-65323120
    en.sungrowpower.com

    Cautionary Statements
    This news release contains “forward-looking information” and “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the risks associated with the hydrogen industry in general; delays or changes in plans with respect to infrastructure development or capital expenditures; the uncertainty of estimates and projections relating to costs and expenses; failure to obtain necessary regulatory approvals; health, safety and environmental risks; uncertainties resulting from potential delays or changes in plans with respect to infrastructure developments or capital expenditures; currency exchange rate fluctuations; as well as general economic conditions, stock market volatility; and the ability to access sufficient capital. 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. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, there will be no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

    The MIL Network

  • MIL-OSI Economics: Piero Cipollone: Interview with Expansión

    Source: European Central Bank

    Interview with Piero Cipollone, Member of the Executive Board of the ECB, conducted by Andrés Stumpf

    24 March 2025

    The last ECB Governing Council meeting left the door open for a pause in interest rate cuts, or even stopping them all together. Would you be OK with rates remaining at their current level of 2.5%?

    At the time of our March meeting, markets were pricing in a reduction in interest rates over the coming months, including going below 2%, with rates stabilising around that level. To produce our macroeconomic projections we take as given the rate path being priced in by markets and, despite rates being on a downward trajectory, the projections showed inflation converging towards our target at the beginning of 2026, with slightly weaker growth.

    Since then, not only has this narrative been confirmed, but key issues have arisen that have strengthened the arguments in favour of continuing to lower rates. First, energy prices have fallen significantly. The upward revision to projected inflation for this year was based on increased energy costs, but the pressure has eased as this trend reverses. Second, the euro has appreciated and real rates have increased, which contributes to lower inflation.

    And if the United States were to impose tariffs on European exports, that would have a negative impact on demand, which would further strengthen the downward trend in inflation. In the same vein, trade tensions between China and the United States could lead to China redirecting its products to the European market, increasing the downward pressure on prices.

    So will you continue cutting rates?

    We will go into each meeting with an open mind, assessing the available data and taking decisions on a meeting-by-meeting basis. Each adjustment will depend on how the economy evolves and how the uncertainties are resolved, but current conditions make it conceivable that monetary policy will be less restrictive as, at the moment, the outlook remains consistent with our March projections.

    In fact, according to the data we have available, we are likely to reach our inflation objective sooner than our latest projections indicate.

    The ECB’s latest statement signalled that monetary policy is now “meaningfully less restrictive”. Does this solely refer to the rate cuts that have already happened, or might it give us some hints about your next moves?

    That phrase alludes to the fact that we have already come a long way. It doesn’t say anything about the future, and we will go into the next meeting with new data that we will have to assess. If the path and our narrative are confirmed, from my perspective there is room to relax our monetary policy further.

    Would additional rate cuts get us to the famous, much-debated “neutral rate”, which is neither expansionary nor contractionary?

    It’s an interesting theoretical concept, but not particularly useful for conducting monetary policy. At the ECB we have sophisticated models and economists who analyse projections and risks. Their work provides crucial information that enables the Governing Council to take decisions on the basis of sound evidence. The neutral rate sparks an engaging debate, but the range [from 1.75% to 2.25%] is so wide that, depending on where you fall within this apparent neutral range, you could be conducting a totally different monetary policy.

    Europe currently needs substantial investment to tackle the climate transition and the loss of competitiveness, and now also for defence. Can the ECB help to mitigate this challenge?

    The ECB will contribute by providing a stable environment. For us, price stability and the expectation of price stability are essential elements because they encourage long-term planning. Families and businesses can plan, invest and take decisions accordingly.

    We are considering climate change, competitiveness and security challenges and the associated financing needs from that angle, analysing their economic and financial impact from the perspective of price stability. Aside from that, we’re getting into areas that aren’t within the ECB’s mandate.

    In any case, it’s important to avoid monetary policy keeping GDP growth below potential if that isn’t necessary to control inflation. If we are continually growing below potential we will end up undermining that potential. Investment is essential for supporting and growing the economy, and unnecessarily reducing investment can hamper long-term growth and make the economy more vulnerable to shocks.

    So, in this sense, our main contribution will be maintaining price stability, securing a stable economic environment and avoiding unnecessary restrictions on GDP growth.

    Recently you have signalled that the ECB shrinking its balance sheet could make monetary policy more restrictive and demand larger rate cuts.

    It’s more complicated than that. The large asset purchases we carried out in the past lowered long-term sovereign bond yields by as much as 175 basis points. Now, because of the reduction in the size of our balance sheet, this figure is 75 basis points and falling.

    But there’s another important factor. It’s not just about the size of central bank reserves, it’s also about their composition. ECB research shows that the composition of these reserves is very important for banks’ lending ability. The research estimates that debt portfolio holdings (under the ECB’s asset purchase programme (APP) and pandemic emergency purchase programme (PEPP)) will decrease by around €500 billion in 2025. This is associated with a possible €75 billion decline in credit supply. To put this into perspective, it is roughly equivalent to the amount of loans that banks granted to non-financial corporations in 2024.

    Therefore, we should bear in mind that, if nothing else happens, the reduction of the central bank balance sheet is putting pressure on banks’ lending capacity. So we need to monitor this effect and take it into consideration when calibrating our monetary policy stance.

    Growth in Spain is stronger and inflation is somewhat higher. Is the country at risk from the interest rate cuts?

    Inflation in Spain is currently slightly higher due to energy prices, and the stronger growth is in part also driven by supply factors, such as the impact of migration on the labour market. I think Spain’s growth is healthy.

    In any case, there have always been differences between euro area economies, and between regions in individual countries. The important thing is that there is convergence in economic and financial conditions, and we are actually seeing that in many respects. For example, despite all the volatility, risk premia have remained relatively contained.

    What is the current status of the digital euro?

    We are progressing as planned with our preparation phase, which will come to an end in October this year. We have been working on selecting providers. We’ve carried out the procurement process with potential suppliers and are about to finalise it. We are also developing the rulebook, and we’re working on ways to engage more with users.

    In the meantime, we are waiting for the legislative process to be completed. That is a key component.

    Are you optimistic?

    We know that progress has been made and we hope that the process will be concluded within a reasonable amount of time.

    One factor is important: there is a growing sense of urgency. The situation outside the euro area is a source of pressure and demands greater consideration of the risks we face in payments as a result of our fragility and our extreme dependence on foreign providers. I have the impression that this increased sense of urgency has now reached the legislators.

    At the European Parliament, President Lagarde argued that the digital euro is a tool of sovereignty. Would you agree with that?

    I fully agree with that statement. The digital euro is a structural necessity for the European payments market, irrespective of recent developments in other countries. However, recent events further underline the urgent need to make progress in this direction.

    The digital euro is key to reducing our foreign dependence as regards Europeans’ everyday payments. In addition, having more solutions across Europe will make us more competitive, which will lead to lower prices, better services and greater innovation.

    At a time of tensions between the EU and the United States, don’t you think that a public initiative designed to compete with US payment systems could cause further friction?

    I don’t think so, because it’s logical to think that each jurisdiction should have its own infrastructure that it can rely on. Payments are like water or electricity – essential services that every economy needs to ensure are available. In developing a digital euro, we are not seeking a confrontation with anyone. Implementing a digital euro is something that we should have done irrespective of the circumstances. It is about ensuring the resilience of our economy and that we are the master of our own destiny.

    The United States has abandoned plans for a digital dollar and other countries have also put their projects on hold. Why do you think the digital euro should go ahead?

    Every country and every region has its particular characteristics. In Europe we are facing specific challenges, like a fragmented payments market and a dependence on foreign solutions. Other countries and regions do not have the same problems and so may not see the same need.

    In any case, in the United States, there is a proposal that would allow stablecoins to hold their reserves with the Federal Reserve. This could be marketed as a form of hybrid digital dollar. In fact, some stablecoins present themselves as the world’s digital dollar.

    When will people be able to pay with digital euro?

    It very much depends on when the legislative process is finalised. The technical preparations and developments will take time, both on our side and for banks and the market. This could take some two or two-and-a-half years from the moment the decision to issue a digital euro is taken, once the legislation is in place.

    Do you have an estimate of the cost of the project?

    As the legislation is still pending and the procurement phase has not yet been finalised, it is difficult to say what the final cost of the project will be. In the procurement documentation we gave an initial estimate for the elements that will be sourced externally. This was based on market research we had carried out previously. These costs are estimated to be €432 million, including both the infrastructure and the operation of the system for 10-15 years. On top of that there will also be internal development costs, especially for the ledger. The ECB would bear these costs in the same way as it does for the production and issuance of banknotes. And like for banknotes, these costs would be covered by the seigniorage income generated by the digital euro.

    MIL OSI Economics

  • MIL-OSI Asia-Pac: Twelve Mines Successfully Auctioned in 11th Round of Commercial Coal Mine Auctions

    Source: Government of India

    Posted On: 24 MAR 2025 3:38PM by PIB Delhi

    The Ministry of Coal has launched the 11th round of coal mine auctions for commercial mining on December 05, 2024 marking another significant step in India’s journey towards self-reliance in the coal sector. In the forward auctions, a total of twelve coal mines were successfully auctioned, comprising eight fully explored mines and four partially explored coal mines.

    These twelve mines collectively hold a geological reserve of approximately 5,759.23 million tonnes, with a cumulative Peak Rated Capacity (PRC) of 15.46 Million Tonnes Per Annum (MTPA), excluding partially explored mines. The auctions witnessed intense competition, achieving an impressive average revenue share of 36.27%, reflecting the sustained interest of industries in India’s coal sector and the Ministry’s commitment to providing a stable and transparent policy framework.

    The mine-wise result for auctions held is as under:

    S. No.

    Name of Mine

    State

    PRC (MTPA)

    Geological Reserves (MT)

    Closing Bid Submitted By

    Reserve Price (%)

    Final Offer (%)

    1

    Jawardaha North

    Jharkhand

    NA

    510.00

    Jharkhand Exploration and Mining Corporation Limited

    4.00

    10.00

    2

    Dahegaon/Makardhokra-IV

    Maharashtra

    0.6

    121.00

    Western Coalfields Limited

    4.00

    10.50

    3

    Saradhapur Jalatap East

    Odisha

    NA

    3257.89

    Jindal Steel And Power Limited

    4.00

    10.00

    4

    Namchik East

    Arunachal Pradesh

    0.67

    22.165

    Innovative Mines and Minerals Limited

    4.00

    90.25

    5

    Marwatola-II

    Madhya Pradesh

    NA

    119.718

    Singhal Business Private Limited

    4.00

    24.50

    6

    Namchik West

    Arunachal Pradesh

    0.34

    8.802

    Pra Nuravi Coal Mining Private Limited

    4.00

    21.50

    7-8

    Banai & Bhalumunda

    Chhattisgarh

    12

    1376.0757

    Jindal Power Limited

    4.00

    48.00

    9

    Sahapur East

    Madhya Pradesh

    0.7

    63.363

    Mineware Advisors Private Limited

    4.00

    20.25

    10

    Seregarha

    Jharkhand

    NA

    187.290

    Rungta Sons Private Limited

    4.00

    36.50

    11

    Vijay Central

    Chhattisgarh

    0.4

    56.750

    Rungta Sons Private Limited

    4.00

    48.50

    12

    Bhandak West

    Maharashtra

    0.75

    36.178

    New Era Cleantech Solution Private Limited

    4.00

    79.00

    The newly auctioned mines are projected to generate an annual revenue of ~₹3,330 crore (excluding partially explored mines) and attract a capital investment of approximately ₹2,319 crore. Additionally, these mines are expected to create 20,902 employment opportunities, significantly contributing to economic development in coal-bearing regions.

    Since the inception of commercial coal mining in 2020, the Ministry of Coal has successfully auctioned a total of 125 coal mines, with a combined production capacity of 273.06 Million Tonnes per year. Once operationalized, these mines will play a crucial role in enhancing domestic coal production and strengthening India’s energy security. Collectively, these mines are expected to generate an annual revenue of ₹38,767 crore, attract a capital investment of ₹40,960 crore, and create employment opportunities for approximately 4,69,170 people.

    Production from commercial coal mines have shown significant growth. Production of coal in FY 23-24 was 12.55 MT and it has increased in FY 24-25 to 22.35 MT (till date) registering a growth of ~78.14%.

    These strategic initiatives undertaken by the Ministry of Coal reaffirm its dedication to transforming the coal sector into a key driver of economic growth. By ensuring a robust and sustainable supply of coal, these efforts not only address the nation’s energy demands but also foster economic stability and employment generation, further advancing the vision of an ‘Atmanirbhar Bharat.’

    ****

    Shuhaib T

    (Release ID: 2114385) Visitor Counter : 102

    MIL OSI Asia Pacific News

  • MIL-OSI Russia: Priorities of International Education. Strategic Session of the Ministry of Education and Science of Russia

    Translartion. Region: Russians Fedetion –

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

    A strategic session of the Ministry of Science and Higher Education dedicated to strengthening Russia’s position in the international educational space was held in Moscow. The event was attended by rectors of major universities, vice-rectors responsible for international cooperation, representatives of a number of ministries that founded universities, the Russian Ministry of Foreign Affairs, the Ministry of Internal Affairs, the Ministry of Agriculture, Rossotrudnichestvo, Rosobrnadzor, other government bodies, and companies with interests abroad. The Polytechnic University was represented by Rector and Academician of the Russian Academy of Sciences Andrey Rudskoy and Vice-Rector for International Affairs Dmitry Arsenyev.

    Minister of Education and Science Valery Falkov focused on Russia’s strategic priorities in international education. He stressed the need to increase the number of foreign students to 500,000 by 2030 while simultaneously improving the quality of their training. Today, about 395,000 foreigners are studying in Russia. However, it is important not only to increase the number, but also to form a motivated contingent. It is better not to meet the indicators, but to take those who are truly striving for knowledge, the minister said. Valery Nikolaevich noted that some students from the CIS countries use educational visas to solve personal problems, which requires increased control.

    The Minister also touched upon the issue of creating a barrier-free system for foreign students, including simplifying migration procedures and developing employment programs. According to him, up to 10% of foreign graduates remain in Russia, and given the shortage of personnel, this potential must be used. Particular attention was paid to expanding cooperation with new markets – the BRICS countries, Africa, Latin America and Southeast Asia. Valery Falkov noted the importance of synchronizing educational programs with industry demands, citing as an example projects with Rosatom and Rusal corporations, which train foreign specialists for their enterprises.

    Speaking about foreign branches, the minister highlighted three conditions for their success: political support from the state, a clear definition of a niche for graduates, and partnership with large companies. Valery Falkov separately mentioned the project of Advanced Engineering Schools, which are already being replicated abroad. For example, two such schools have been opened in Uzbekistan at the request of local authorities.

    The minister announced the creation of a single digital profile for foreign students, a platform that will support students from enrollment to employment. In addition, by 2028, it is planned to increase the number of grants for talented foreign students from 2,000 to 5,000.

    Andrey Rudskoy, participating in the work of the group on new formats for promoting Russian universities, shared the experience of SPbPU. He noted that network structures such as the Slavic Universities in Armenia, Belarus and Kyrgyzstan, Tajikistan, as well as the Russian-African Network University (RAFU), have become drivers of education export. Over three years, RAFU has trained 535 students from 33 African countries. Andrey Ivanovich also spoke about projects with China, including joint institutes with Jiangsu Normal University and Xi’an University of Technology, where specialists are trained in the areas of automation of technological machines and equipment, materials science and materials technology, electric power engineering and electrical engineering.

    The rector of SPbPU spoke in favor of legislative changes, including the allocation of target quotas for network programs and the simplification of financial mechanisms for international cooperation.

    The 2023 methodological recommendations do not take into account work with foreign universities. This requires adjustments, he emphasized.

    Andrey Rudskoy also suggested focusing on representative offices and joint institutes instead of branches, citing the SPbPU Representative Office in Shanghai as an example. Its work has expanded partnerships and enabled communication with industry and government agencies using the “long arm” principle. Thanks to the work of the representative offices, the number of students from China at the Polytechnic has increased many times over, and the number of internships and short-term programs has increased.

    Speaking about the adaptation of foreign students, Andrei Ivanovich supported the idea of a single digital profile and the need to develop pre-university training centers abroad.

    The participants of the strategy session discussed issues related to strengthening effective international cooperation. The result of the two-day work of the expert university community was the presentation of proposals to strengthen Russia’s position in the international educational space.

    Photo: website of the Ministry of Science and Higher Education of the Russian Federation.

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

    MIL OSI Russia News

  • MIL-OSI Economics: South Korea and China stand at forefront of degrader antibody-conjugate development in oncology and other indications, says GlobalData

    Source: GlobalData

    South Korea and China stand at forefront of degrader antibody-conjugate development in oncology and other indications, says GlobalData

    Posted in Pharma

    The emergence of degrader-antibody conjugates (DACs) has attracted much attention, with a potential to transform the precision medicine landscape. DACs aim to address the limitations of traditional antibody-drug conjugates (ADCs) that combine the specificity of antibodies with the potency of protein degraders. DACs represent an emerging class of targeted therapy, with South Korea and China being at the forefront of DAC development in oncology and other indications. The two countries are expected to play an important role in the global DAC market in the coming years, says GlobalData, a leading data and analytics company.

    ADCs have three components: a monoclonal antibody (mAbs) that targets a specific antigen, a cytotoxic payload, and a chemical linker. DACs, on the other hand, replace the cytotoxic payload of ADC and merge a proteolysis-targeting chimera (PROTAC) payload with a mAbs via a chemical linker, aiming for targeted protein degradation and potentially improved efficacy and safety.

    Currently, DAC development is still in its early stages globally. According to GlobalData’s Pharma Intelligence Center, there are twenty-eight assets in development globally (Phase I: 2; Pre-clinical: 6, and Discovery: 20). South Korean and Chinese companies currently have nineteen assets (South Korea: 10 assets; China: 9 assets) in their pipeline, with one asset in Phase I development for HER2-expressing advanced solid tumors (ORM-5029 from Orum Therapeutics, South Korea).

    Nadim Anwer, Pharma Analyst at GlobalData, comments: “Despite notable advances in ADC development, currently available ADCs have limitations related to payload-related toxicity and resistance. DACs have the potential to overcome these challenges by allowing degraders to be delivered directly and selectively to targeted cancer cells.”

    South Korea is making significant progress in the DAC sector, riding the partnership wave with many companies. In November 2023, Bristol Myers Squibb acquired potential “first-in-class” DAC ORM-6151 (currently in Phase I) from Orum Therapeutics for approximately $180 million. When the company acquired this drug, it received the FDA’s clearance for a Phase I trial. In July 2024, Vertex Pharmaceuticals and Orum entered into a global collaboration agreement to develop novel DACs.

    Several Chinese companies, such as Kangpu Biopharmaceuticals Ltd, Shanghai Helioson Pharmaceutical Co Ltd, and Primelink Biotherapeutics (Suzhou) Co Ltd are prominent players in the development of DACs.

    Moreover, in the US, many big players have already jumped into the race to develop DACs. In December 2023, C4 Therapeutics entered into a collaboration agreement with Merck for DACs, where C4 will get $10 million upfront, milestones that could total $600 million and about $2.5 billion across the entire collaboration. In September 2023, Seagen (now part of Pfizer) and Nurix Therapeutics entered a strategic collaboration agreement worth more than $3.4bn for DAC development.

    Anwer concludes: “Though most DAC assets are in the early stages of development, they offer a novel and promising solution to overcome the limitations of ADCs. With two Phase I assets in development, coupled with strategic commercial partnerships with big players, provide compelling evidence that DACs could offer a promising therapeutic approach that extends beyond cancer treatment.

    “Moreover, with these innovative assets, South Korean and Chinese companies can attract and expand their strategic collaborations with foreign players. It is too early to comment on the clinical success of this class; however, it is gaining attention as a new research area.”

    MIL OSI Economics