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Category: Commerce

  • MIL-OSI China: China boosts global confidence for win-win cooperation

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

    Beijing, March 26 — Against the backdrop of global economic fragmentation and rising uncertainties, China reaffirmed its commitment to innovation-driven high-quality development and global cooperation at the just-concluded China Development Forum (CDF) 2025.

    Chinese Premier Li Qiang, who delivered a keynote speech at the opening ceremony of CDF 2025, underscored China’s commitment to its 2025 growth target of around 5 percent, signaling strong confidence in the country’s economic prospects.

    The decision reflects both China’s profound understanding of its economic conditions, and confidence in its governance capacity and future development potential, Li said, calling for the combination of more proactive and impactful macro policies with structural reforms, and voicing hope that China will continue to welcome enterprises from around the world with open arms.

    The premier added that the country will safeguard free trade, and contribute to the smooth and stable operation of global industrial and supply chains.

    Themed “Unleashing Development Momentum for Stable Growth of Global Economy,” the high-profile gathering held from March 23 to 24 in Beijing brought together Chinese policymakers, global business leaders, and leading international scholars to chart a course for sustainable growth amid uncertainties.

    “China is open for business and China is set for growth,” said Ola Kallenius, chairman of the board of management of Mercedes-Benz Group AG, on the sidelines of the event.

    STABILITY AMID UNCERTAINTIES

    As the theme of stability resonated throughout the forum discussions, Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs, provided insight into China’s economic resilience and stability to counteract global uncertainties.

    “Amid rising external instability and uncertainty, China will remain firmly focused on pursuing its own development, leveraging the certainty of high-quality growth to offset external uncertainties and striving to serve as a stabilizing anchor for the global economy,” Han added.

    International observers echoed confidence in China’s economic prospects. Jeffrey Sachs, renowned economist and director of Columbia University’s Center for Sustainable Development, told Xinhua that China’s around-5-percent growth target is “perfectly achievable,” adding that the country is “booming in key sectors, especially digital, artificial intelligence, robotics, and this is going to propel a Chinese growth.”

    In the eyes of Standard Chartered Group Chief Executive Bill Winters, China’s growth story has shifted. “It is now about transformation and unleashing new productive forces to flourish to support high-quality growth,” he said.

    A PwC report released at the CDF noted that over the past two years, driven by new quality productive forces, China has demonstrated a commercial evolution path distinct from those of the traditional industrialized nations, marked by improvements in production factors, transformations in business models, and the intelligent reshaping of industrial chains.

    “This has opened up new opportunities for global business investment and development in China, highlighting the new advantages of the Chinese market during the global economic transition period,” the report read.

    INNOVATION AS NEW GROWTH ENGINE

    Finance Minister Lan Fo’an offered concrete details about China’s supportive fiscal policies, emphasizing their role in stimulating innovation and consumption. “We’re implementing targeted measures to convert potential demand into real growth drivers,” Lan explained.

    “This includes increasing fiscal support for tech innovation and providing tangible assistance to private enterprises.” He specifically highlighted plans to “accelerate the development of new quality productive forces” through strategic investments in artificial intelligence (AI) and other cutting-edge technologies.

    Data showcased China’s progress: its global innovation index ranking rose to 11th in 2024, with 19.6 percent, 27 percent, 64 percent, and 91.5 percent year-on-year growth in semiconductor wafers, industrial robots, bullet trains, and drones respectively in early 2024.

    The nation’s emphasis on innovation as a driver for high-quality growth resonated strongly throughout the forum. Siemens AG President and CEO Roland Busch pointed to China’s advances in AI and high-tech manufacturing.

    “China gave the answer for where growth would come from: Growth from high tech, growth by higher efficiency, and high-quality growth,” he remarked, adding that China surprises the world with innovations like the open foundational model R-1 developed by DeepSeek.

    Kallenius also praised China’s innovation-driven market. “China’s competitive advantage lies in its passion for innovation,” he said. “That is why Mercedes-Benz continues to deepen its presence in China.”

    Reflecting this trend, AstraZeneca CEO Pascal Soriot emphasized the country’s emergence as a global leader in life sciences. “Today, China is home to one of AstraZeneca’s Global R&D Centres, where our researchers in Shanghai are spearheading 20 global clinical trials and advancing over 200 pipeline projects,” he said.

    Prior to the forum, the British pharmaceutical giant signed a landmark 2.5-billion-U.S. dollar agreement on Friday to invest in Beijing over the next five years, the largest single investment in Beijing’s biopharmaceutical sector in recent years.

    Under the agreement, AstraZeneca will establish a global strategic R&D center in Beijing, its sixth worldwide and second in China after one in Shanghai. The new center, equipped with an advanced AI and data science laboratory, will accelerate early-stage drug research and clinical development.

    “Looking ahead, China will not only serve as a global innovation hub but also a core arena for setting standards and reshaping industrial chains,” the PwC report added.

    OPEN COLLABORATION FOR SHARED FUTURE

    From CDF 2025 in Beijing to the Boao Forum for Asia (BFA) Annual Conference 2025 in south China’s Hainan Province, foreign executives reaffirmed their commitment to China as a key market for investment and collaboration: China’s complete industrial system, rich application scenarios, vast market scale, and large talent pool offer extensive collaboration opportunities for international industrial and technological innovation.

    The Japanese Chamber of Commerce and Industry in China said in its latest survey that 58 percent of its member firms plan to expand or maintain investments in China through 2025, while 53 percent of U.S. companies are expected to invest more in the country, according to the American Chamber of Commerce in China.

    BMW AG Chairman Oliver Zipse stressed that “economic prosperity comes from openness, not protectionism,” while criticizing trade barriers. “The best response to ‘de-risking’ strategies is more cooperation, not less.”

    Speaking to global business leaders attending the CDF, Lan also emphasized that China’s fiscal policy will support high-standard opening up, and that China will ensure equal treatment for all types of business entities and continue to improve the business environment.

    “For global companies, China’s commitment to high-tech innovation and open collaboration makes it an indispensable partner for long-term growth,” said Busch, highlighting China’s rapid technological advancements and collaborative spirit.

    Jean-Pascal Tricoire, chairman of Schneider Electric, said: “China is not only our second-largest worldwide market but it’s also a vital source of innovation.” For the French industrial giant, China will remain a key partner as it navigates the complexities of a rapidly changing world, he added.

    While China accelerates its push toward innovation-led growth and deepens its commitment to openness, global businesses continue to see the country as a critical partner in achieving long-term economic prosperity, and as the premier put it, there is a growing need for countries to open their markets and for enterprises to share resources, in order to address challenges and pursue common prosperity.

    MIL OSI China News –

  • MIL-OSI Banking: Gabriel Makhlouf: Opening remarks – launch of the Consumer Protection Code 

    Source: Bank for International Settlements

    Good morning everyone, 

    I would like to welcome you all to the Central Bank today.

    Welcome in particular to Robert Troy TD, Minister of State, as well as Brian McHugh, Chair of the Competition and Consumer Protection Commission (CCPC), and Liam Sloyan the Financial Services and Pensions Ombudsman (FSPO).

    We are also joined by stakeholders from across the financial system who, over the last three years, have supported and informed the development of the revised Consumer Protection Code which we are publishing today. Thank you all for coming and thank you for your commitment to dialogue and engagement to inform the new Code. You have made an important contribution to the new Code.

    Before turning to the Code itself, let me say a few words about consumer protection more generally and our approach here in the Central Bank of Ireland.

    Our mission is to serve the public interest by maintaining monetary and financial stability while ensuring that the financial system operates in the best interests of consumers and the wider economy.  We are guided by the objective set out in our founding legislation which stated that the Central Bank’s “constant and predominant aim shall be the welfare of the people as a whole”.  Everything that we do is aimed at serving the public interest and protecting consumers of financial services, whether it is through the consumer protection code, the mortgage measures, our monetary policy actions, our oversight of the payments system, or our supervision of individual firms. 

    Over the last decade, we have, along with the CCPC and FSPO in particular, played a significant role in strengthening the consumer protection framework in Ireland, to ensure that the system and protections are in line with global standards.  I was pleased with the endorsement we received from the OECD just before Christmas.  But while this strengthening of the framework has improved supports and outcomes for consumers, we also recognise the importance of ensuring that the framework – like all frameworks – continues to adapt and evolve so that it remains fit for purpose and future-ready.   

    The challenges and risks facing us are clear. The global economy is fragmenting and countries across the globe are undergoing significant economic transitions – in demography, in technology, in climate – while also experiencing a period of unprecedented innovation.  The ways in which we as consumers buy, use and engage with financial services are changing significantly.  These changes reflect new preferences, provide new opportunities and meet different needs on the part of individuals, households and businesses.  But they also create new challenges and new risks in the financial sector that we supervise and for the consumers we protect. 

    In the face of this changing ecosystem, we need to adapt, evolve and transform.  In fact all of us – firms, regulators, advocates, media – need to work together to secure customers’ interests as they seek to navigate their financial affairs and to plan for their financial futures.

    As set out in our Strategy, the Central Bank recognises that we must keep up with the changing world if we are to continue to deliver on our mandate.  As both a regulator and supervisor we are working to ensure that our frameworks are ready to respond to the changes that people are experiencing in their daily lives, and that we are connected to – and understand – the needs of the individuals, households and businesses that make up the real economy which ultimately supports the welfare of the people as a whole.  For us it means being focused on innovation, building our data capability, modernising our regulations, evolving to adopt new mandates and transforming our supervisory framework. 

    Our new supervisory approach came into effect in January this year. It remains outcomes-focused and risk-based, building on our existing principles and practices.  The changes enable a more integrated approach to the different aspects of our mandate but remain focused on achieving four safeguarding outcomes: the protection of consumer and investor interests, the integrity of the financial system, the safety and soundness of firms, and the stability of the financial system.  Importantly, our new approach places consumer protection at the heart of day-to-day supervision. It positions us better as an organisation to meet our objectives to ensure consumers of financial services are protected in a changing financial landscape. 

    Consumer Protection Code 

    Let me turn to the revised Consumer Protection Code itself.  It is built on the strong foundations of its predecessor which is the cornerstone of our – and the wider national – consumer protection framework for financial services. Throughout the course of the morning, you will hear further detail on the measures and protections that the updated Code will introduce. And you will also be able to read about them in the suite of materials that we are publishing today. 

    At its core, financial regulation is about supporting positive outcomes, protecting consumers and investors, and, ultimately, contributing to the economic well-being of the community as a whole. In reviewing the Code we have focused on modernising the regulatory framework to reflect the provision of financial services in a digital world. Consumers will benefit from a package of protections that better reflect how they are accessing financial services in the modern world.  Regulated firms will benefit from an integrated regulatory format, and a clearer articulation of their Code obligations, complementing the work they are already doing.

    One of our key objectives in revising the Code has been to put customers at the heart of the culture, strategy and business models of financial services firms. This is addressed through a new Securing Customers’ Interests Standard, supported by detailed guidance which describes what firms need to consider, the actions they need to take, and the mind-set they should have towards their customers.  We want to see a maturing of firms’ understanding and engagement with their consumer protection obligations where they take ownership for meeting these obligations, deliver positive outcomes and are proactive in addressing any issues that arise.

    Another important aspect of our review has been on protecting consumers in vulnerable circumstances, as they are more likely to suffer detriment or harm.  The new Code sets out an updated definition of vulnerability along with enhanced requirements which reflect an improved understanding of its dynamic nature, recognising that people can move in and out of circumstances that make them vulnerable.  We want firms need to understand the broad nature of vulnerability, and ensure that their culture, policies and processes take account of the needs of consumers in vulnerable circumstances. 

    The revised Consumer Protection Code comes into effect 12 months from today.  We will continue to engage with industry and consumer representatives in relation to its implementation over the next year.  We want to see the new Code contributing to building trust in the financial system and for consumers to have the confidence that it will work to deliver positive outcomes for them.

    In my view implementing the revised Code successfully will be more likely if it is seen as a collective effort on the part of all participants in the financial system:

    • firms must continue to put the customer at the heart of their culture, strategy, business model and decision-making.  Customer interests should not be the afterthought to finalising a strategy. Consideration of the impacts on customers and customer outcomes needs to be a key aspect of the strategy development and decision-making process itself;
    • consumer representative organisations play an important role in supporting and advising consumers in their interactions with financial services and I’m sure they will continue to do this as we work through implementation of the revised Code;
    • media organisations of course play an important role in informing all the participants in the system;
    • agencies such as the CCPC, FSPO and others will continue to play their important roles as key players in the national consumer protection framework; and
    • the Central Bank we will remain focused on ensuring that the financial system operates in the best interests of consumers and the wider economy, as well as playing our part in communicating with consumers to raise their awareness of the revised Code. 

    Adopting a whole-of-system approach will support effective implementation of the revised Code and ensure the protection of consumer and investor interests in their interactions with a rapidly-changing financial system.

    Thank you once again for joining us today. 

    MIL OSI Global Banks –

  • MIL-OSI: SPS Commerce Releases 2024 ESG Report, Reinforcing Commitment to Sustainable and Responsible Growth

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, March 26, 2025 (GLOBE NEWSWIRE) — SPS Commerce, Inc. (NASDAQ: SPSC), a leader in retail supply chain cloud services, today announced the release of its 2024 Environmental, Social, and Governance (ESG) Report, outlining the company’s ongoing commitment to sustainability, ethical business practices, and social responsibility. This inaugural report highlights the company’s key advancements in governance, employee experience, community engagement, and environmental stewardship.

    “At SPS Commerce, connectedness is at the core of everything we do, from enabling seamless supply chain collaboration to fostering an inclusive workplace and investing in the communities we serve,” said Chad Collins, CEO of SPS Commerce. “Our 2024 ESG Report reflects the meaningful progress we’ve made toward building a more sustainable and responsible future, while also underscoring our continued focus on the connections that link our environmental, social and governance principles to every facet of our business.”

    Key highlights from the 2024 ESG Report:

    • Governance & Ethics: Strengthened corporate policies to enhance ESG oversight and cybersecurity safeguards.
    • Employee Experience: Expanded Belonging@SPS, a global initiative focused on fostering connection and community across teams, alongside enhanced leadership development programs.
    • Community Impact: The SPS Foundation continued to drive social impact with a special focus on investing in education and workforce development, with over $2.5 million in donations.
    • Environmental Responsibility: Completed greenhouse gas (GHG) inventories to better understand SPS Commerce’s carbon footprint.
    • Sustainable Operations: Continued prioritization of cloud-based infrastructure with 95% of SPS’s IT operations now in energy-efficient data centers powered by renewable energy.

    SPS Commerce remains committed to transparency and continuous improvement in its ESG efforts. The full 2024 ESG Report is available at https://www.spscommerce.com/corporate-responsibility/.

    About SPS Commerce

    SPS Commerce is the world’s leading retail network, connecting trading partners around the globe to optimize supply chain operations for all retail partners. We support data-driven partnerships with innovative cloud technology, customer-obsessed service, and accessible experts so our customers can focus on what they do best. Over 45,000 recurring revenue customers in retail, grocery, distribution, supply, manufacturing, and logistics are using SPS as their retail network. SPS has achieved 96 consecutive quarters of revenue growth and is headquartered in Minneapolis. For additional information, contact SPS at 866-245-8100 or visit www.spscommerce.com.

    SPS COMMERCE, SPS, SPS logo and INFINITE RETAIL POWER are marks of SPS Commerce, Inc. and registered in the U.S. Patent and Trademark Office, along with other SPS marks. Such marks may also be registered or otherwise protected in other countries.

    SPS-F

    Forward-Looking Statements
    This press release may contain forward-looking statements, including information about management’s view of SPS Commerce’s future expectations, plans and prospects, including our views regarding future execution within our business, the opportunity we see in the retail supply chain world and our performance for the first quarter and full year of 2025, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of SPS Commerce to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are included in documents SPS Commerce files with the Securities and Exchange Commission, including but not limited to, SPS Commerce’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as subsequent reports filed with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on SPS Commerce’s future results. The forward-looking statements included in this press release are made only as of the date hereof. SPS Commerce cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SPS Commerce expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contact:
    Investor Relations
    The Blueshirt Group
    Irmina Blaszczyk & Lisa Laukkanen
    SPSC@blueshirtgroup.com

    The MIL Network –

  • MIL-OSI: Zero Hash Secures Approval to Establish a Trust Company, Strengthening Its Custody Capabilities

    Source: GlobeNewswire (MIL-OSI)

    ASHEVILLE, N.C., March 26, 2025 (GLOBE NEWSWIRE) — Zero Hash, the leading crypto and stablecoin infrastructure platform, has been granted approval to establish a Trust Company in North Carolina, further reinforcing its position as the most comprehensive digital asset provider. This milestone deepens Zero Hash’s regulatory stack, unlocking new opportunities for institutional and brokerage clients.

    With the addition of a chartered Trust Company, Zero Hash expands its regulatory footprint, ensuring the broadest regulatory coverage for crypto and stablecoin infrastructure. Specifically, the Trust:

    • Aligns with the company’s commitment to compliance-forward innovation as the industry prepares for upcoming legislation, including the GENIUS Act, which are expected to add specific regulatory requirements for stablecoin custodians.
    • Enables Zero Hash to enhance its service offerings. As a Qualified Custodian, the company can now custody tokenized assets on behalf of SEC-registered institutions, further broadening its appeal to enterprise clients.
    • Allows Zero Hash to introduce new account types for brokerage customers, including retirement accounts and registered investment advisors.

    “This approval is a testament to our unwavering commitment to being the most comprehensive and trusted partner in the crypto and stablecoin space,” said Stephen Gardner, CEO of Zero Hash Trust. “We are excited to continue to expand our offering for the partners we service including the leading payment groups such as Shift4 and Stripe and brokerage partners including Interactive Brokers and tastytrade.”

    Concurrently, Zero Hash is announcing the appointment of two public board members appointed to the Trust. Mary Ruppert has over 20 years of experience as an attorney, compliance officer, and public policy professional, including at PayPal and the Department of Justice. David Hannigan is currently the CISO at NuBank, having previously led security at Spotify and Capital One.

    About Zero Hash

    Zero Hash is the leading crypto and stablecoin infrastructure provider that seamlessly connects fiat, crypto, and stablecoins in one platform, enabling a better way to move and transfer money and value globally.

    Through its embeddable infrastructure, start-ups, enterprises, and Fortune 500 companies build a diverse range of use cases, including cross-border payments, commerce, trading, remittance, payroll, tokenization, wallets, and on/off-ramps.

    Zero Hash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.

    Zero Hash Trust Company LLC will be established in North Carolina and hold a non-depository trust charter issued by the North Carolina Commissioner of Banks.

    Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 U.S. jurisdictions. Zero Hash LLC and Zero Hash Liquidity Services LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.

    Zero Hash Australia Pty Ltd. is registered with AUSTRAC as a Digital Currency Exchange Provider, with DCE registered provider number DCE100804170-001. Zero Hash Australia Pty Ltd. is registered on the New Zealand register of financial service providers, with Financial Service Provider (FSP) number FSP1004503. Zero Hash Europe B.V. is registered as a Virtual Asset Services Provider (VASP) by the Dutch Central Bank (Relation number: R193684). Zero Hash Europe Sp. Zoo is registered as a VASP by the Tax Administration Chamber of Poland in Katowice (Registration number RDWW – 1212).

    Media Contacts

    Zero Hash

    Shaun O’Keeffe

    (855) 744-7333

    media@zerohash.com

    The MIL Network –

  • MIL-OSI: Cequence Security Research Uncovers 66.5% of Malicious Traffic Targets Retailers as PCI DSS 4.0 Deadline Looms

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., March 26, 2025 (GLOBE NEWSWIRE) — Cequence Security, a leader in API security and bot management, today unveiled new insights from its CQ Prime threat research team that reveal a surge in cyber threats as businesses race to comply with the March 31 PCI DSS 4.0 deadline. The research underscores the escalating risks of API-driven fraud, credential stuffing, and payment system abuse, particularly in retail and financial services.

    Drawing on billions of real transactions and attack data from Cequence’s Unified API Protection (UAP) platform, the report highlights the growing attack surface cybercriminals exploit in payment infrastructure, loyalty programs, and product pricing systems.

    For a visual summary of the report’s findings, including how attackers are bypassing traditional security layers and strategies to defend against them, download the infographic here.

    Key Findings:

    • Scale of Credential Attacks: As the PCI DSS 4.0 deadline approaches, automated fraud is accelerating. More than 300 million account takeover (ATO) attempts were blocked in the past year, illustrating the growing scale of credential stuffing attacks.
    • Retail’s High-Stakes Battleground: Retailers faced 66.5% of all malicious traffic, highlighting their vulnerability due to high transaction volumes and fragmented security postures.
    • Product Search & Pricing Abuse: A staggering 822 million attempts were blocked as 89% of non-ATO bot-driven attacks focused on scraping product pricing. This enables competitive algorithm manipulation, scalping, and real-time price undercutting of legitimate retailers.
    • Loyalty Rewards Abuse: Over 22 million fraudulent attempts were blocked as attackers exploited loyalty programs, treating reward points like cash. These accounts are frequently drained due to easier liquidation than stolen credit cards, often going undetected until significant losses occur.
    • Shopping Cart & Inventory Abuse: Nearly 6 million attacks were prevented as fraudsters weaponized automation to hoard high-demand products.
    • Credit Verification Fraud: Over 69 million attempts were blocked as cybercriminals mass-tested stolen credit card details through low-risk transactions before making larger fraudulent purchases, fueling the circulation of compromised payment data.

    “PCI DSS 4.0 is pushing businesses to modernize security, but many are still scrambling to catch up—giving attackers the perfect opportunity to strike,” said Randolph Barr, CISO at Cequence. “Account takeovers remain the biggest threat, but we’re also seeing a wave of new, highly sophisticated attacks exploiting every stage of the digital payment process. The common thread? APIs. Attackers are sidestepping traditional security defenses and going straight for API endpoints that handle cardholder data—one of the most critical yet overlooked vulnerabilities. Businesses that focus only on compliance risk falling behind.”

    While PCI DSS 4.0 introduces critical security updates, many businesses still struggle with API protection—an area that attackers are actively exploiting. To ensure compliance while defending against real-world threats, Cequence recommends these key actions:

    • Ensure Secure Data Transmission: Encrypt all Primary Account Number (PAN) information when transmitted over open, public networks to prevent unauthorized access.
    • Secure API Endpoints: Identify all API endpoints that transmit PAN and ensure they only transmit encrypted PAN, reducing the risk of data exposure.
    • Proactively Identify Vulnerabilities: Inspect custom application code for security flaws before deployment using automated tools to identify risks in APIs, third-party integrations, and custom applications.
    • Continuously Test and Monitor: Regularly test APIs and applications for misconfigurations or vulnerabilities before production and monitor them for anomalous or malicious behavior in real time.
    • Deploy Automated Preventative Controls: Use security solutions that prevent both conventional attacks and business logic abuse while ensuring sensitive data is not exposed to unauthorized entities.
    • Implement Real-Time Threat Prevention: Identify and block malicious traffic before it reaches your applications using intelligent, automated security mechanisms.

    Additional Resources:

    About Cequence Security
    Cequence is a pioneer in API security and bot management, protecting the applications and APIs that organizations depend on from attacks, business logic abuse, and fraud. Our unique Unified API Protection platform unites discovery, compliance, and protection capabilities, providing unmatched real-time security in the face of sophisticated threats. Demonstrating value in minutes rather than days or weeks, Cequence offers a flexible deployment model that requires no app instrumentation or modification. Cequence solutions scale to meet the needs of the largest and most demanding private and public sector organizations, protecting more than 8 billion daily API interactions and 3 billion user accounts. To learn more, visit www.cequence.ai.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8ec5685c-c150-4e3f-808d-8f1994c098b6

    The MIL Network –

  • MIL-OSI: First American Bank Celebrates American Exchanger Services’ SBA Wisconsin 2025 Small Business Exporter of the Year Award

    Source: GlobeNewswire (MIL-OSI)

    MILWAUKEE, March 26, 2025 (GLOBE NEWSWIRE) — First American Bank proudly congratulates American Exchanger Services for being named the Small Business Administration (SBA) Wisconsin 2025 Small Business Exporter of the Year. This prestigious award recognizes the company’s impressive international growth and resilience in overcoming global challenges, proving that strategic financial support can lead to extraordinary success.

    The journey of American Exchanger Services is a remarkable tale of recovery. In the wake of the COVID-19 pandemic, the company faced severe disruptions to their contracts and struggled with strained finances and mounting debt. Rather than surrender, they reached out to First American Bank in 2023, seeking the support needed to turn things around.

    In response, First American Bank provided a tailored financial solution. Recognizing the potential for recovery through their returning foreign contracts, the bank offered an SBA Export Express Line of Credit to address immediate working capital needs. Additionally, First American Bank consolidated the company’s debt and refinanced real estate through the SBA International Trade Loan (ITL), stabilizing cash flow and setting the stage for profitability.

    “The strength of any business lies not just in its ability to survive, but in its ability to rebound, adapt, and grow in the face of adversity,” said Randy Sherwood, First Vice President, Commercial Banking at First American Bank. “American Exchanger Services’ recovery is a testament to their tenacity and the power of having the right financial partner at the right moment. We’re proud to have played a pivotal role in their journey and look forward to their continued success as they expand globally.”

    Today, American Exchanger Services has not only recovered but is thriving. The company’s operations have expanded, their footprint in international markets has grown, and their ability to meet customer demand has soared. Their success story underscores the importance of strategic financial solutions, especially for businesses navigating the complexities of global trade.

    “At First American Bank, we view our role as not just a lender, but a partner in our clients’ success stories,” said James Matteson, First Vice President, SBA Program Manager at First American Bank. “American Exchanger Services’ achievement highlights the critical role of tailored financial solutions and the resilience of businesses that innovate in challenging times. We’re excited for what the future holds as they continue to break barriers in international trade.”

    First American Bank is honored to have played a key role in helping American Exchanger Services recover, rebuild, and thrive. This SBA recognition is a powerful reminder of how strategic financing can transform challenges into growth opportunities, fueling continued success in even the most difficult times.

    Additionally, First American Bank is proud to have been recognized as the SBA Export Lender of the Year for Wisconsin, further affirming the bank’s commitment to supporting local businesses in their global expansion efforts.

    At First American Bank, we are dedicated to helping small businesses grow both locally and internationally. American Exchanger Services is just one example of the immense potential small businesses have when given the right tools, resources, and support. We look forward to their continued expansion and are excited to continue partnering with them as they reach new heights.

    Here’s to American Exchanger Services’ ongoing success and growth in the global marketplace.

    For more information about First American Bank and how we help businesses unlock their potential, visit www.firstambank.com.

    First American Bank is a Member FDIC.

    Contact:
    Teresa Lee
    305-631-6400

    The MIL Network –

  • MIL-OSI: Former BlackRock Executive Walter Ward III Rejoins TiiCKER as CEO to Accelerate Growth at Retail Shareholder Engagement Startup

    Source: GlobeNewswire (MIL-OSI)

    GRAND RAPIDS, Mich., March 26, 2025 (GLOBE NEWSWIRE) — TiiCKER, the world’s leading platform for connecting publicly traded companies with their retail investors, today announced the appointment of Walter Ward III as its new Chief Executive Officer and Co-Founder. A longtime board member and advisor to TiiCKER and the former Chief of Staff as TiiCKER launched, Ward brings proven leadership experience in fintech, Wall Street, and corporate innovation—most recently serving as Chief Operating Officer for BlackRock’s Atlanta Innovation Hub and Chief Operating Officer for ETF Platform Innovation and Change.

    At BlackRock ($BLK), Ward played a pivotal role in managing the business operations and for one of the firms largest ETF platform transformations while also leading the Atlanta Innovation Hub as COO, where he spearheaded new initiatives in fintech and asset management. Prior to BlackRock, Ward served as Director and Chief of Staff for Liquidity Solutions at Silicon Valley Bank (SVB), where he helped drive growth for one of the fastest-expanding divisions at the bank focused on serving the innovation economy.

    “Walter has been instrumental in shaping TiiCKER from its inception, and this is a full-circle moment for our team and our investors to have him back at the helm,” said Jeff Lambert, Chairman and Founder of TiiCKER. “His experience in financial services, technology, and consumer engagement, coupled with his intimate knowledge of our tech stack, business model and retail investor audience, ensures TiiCKER and the companies and brands we serve will feel his impact on day one.”

    Ward’s appointment marks a pivotal moment for TiiCKER as it sharpens its focus on the most widely held retail stocks, scaling its community of everyday investors and the companies eager to engage them through exclusive perks and rewards.

    “I couldn’t be more excited to step into the CEO role at TiiCKER,” said Ward. “This isn’t just another company to me—it’s a movement. TiiCKER is pioneering the future of shareholder engagement, and we’re only scratching the surface. From product innovation to business development, we’re building something epic, and I want to bring the best minds along for the journey.”

    Under Ward’s leadership, TiiCKER is actively looking to connect with professionals and partners in key areas, including product development, business development, retail investor marketing, and corporate partnerships.

    TiiCKER continues to redefine the relationship between public companies and their retail investors by offering a seamless platform where shareholders can verify their ownership, access exclusive perks, and engage with the companies they own. With Ward at the helm, the company is poised for its next phase of growth, expanding its reach among retail investors and publicly traded brands, supporting IPOs and registered offerings, and further solidifying its position as the premier platform for retail shareholder engagement.

    For more information, visit www.TiiCKER.com.

    About TiiCKER
    Fintech TiiCKER invented verified stock perks and direct-to-shareholder marketing through its web-based and mobile app software platforms, providing consumers and investors with a revolutionary way to engage with the brands they own and love. For America’s more than 100 million retail investors and fans of publicly traded brands, TiiCKER provides unique access to shareholder perks and discounts, custom articles and content, CEO and company-access events for retail investors, and TiiCKER Perks from marketing partners.

    For its brands and public company partners, TiiCKER creates and markets measurable Shareholder Loyalty Programs that drive more spending, investing and voting among their consumers and verified owners, maximizing Shareholder Lifetime Value™. As a result of its innovation and leadership in direct-to-shareholder marketing, TiiCKER was named: Best Shareholder Engagement Platform (2024 Benzinga Global Fintech Awards); Most Innovative Tech Companies of the Year at the 2024 American Business Awards®; Top MarTech Startup of 2023 by MarTech Outlook; and won the 2023 cohort for the AWS (Amazon Web Services) Fintech Accelerator program.

    Media Contact:
    Sarah Smith
    ssmith@tiicker.com

    The MIL Network –

  • MIL-OSI USA: U.S. International Investment Position, 4th Quarter and Year 2024

    Source: US Bureau of Economic Analysis

    Fourth Quarter

    The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$26.23 trillion at the end of the fourth quarter of 2024, according to statistics released today by the U.S. Bureau of Economic Analysis (chart 1). Assets totaled $35.89 trillion, and liabilities were $62.12 trillion (chart 2). At the end of the third quarter, the net investment position was –$24.15 trillion (revised). The net investment position and components of assets and liabilities are presented in table 1.

    The –$2.08 trillion change in the net investment position from the third quarter to the fourth quarter came from net financial transactions of –$411.2 billion and net other changes in position, such as price and exchange-rate changes, of –$1.67 trillion (table 2).

    Exchange-rate changes of –$1.18 trillion reflected major foreign currency depreciation against the U.S. dollar, which lowered the value of U.S. assets more than U.S. liabilities in dollar terms.

    Price changes of –$632.0 billion reflected price decreases for assets and price increases for liabilities, as foreign stock prices underperformed relative to U.S. stock prices. Both foreign and U.S. bond prices decreased in the fourth quarter.

    U.S. assets decreased by $1.77 trillion to a total of $35.89 trillion at the end of the fourth quarter, driven by the depreciation of foreign currencies against the U.S. dollar that lowered the value of U.S. assets in dollar terms. All major investment categories of assets decreased, notably portfolio investment and direct investment assets (chart 3).

    Portfolio investment assets decreased by $734.6 billion to $15.87 trillion and direct investment assets decreased by $643.1 billion to $11.27 trillion, reflecting exchange-rate changes of –$701.7 billion and –$518.5 billion, respectively (table 2).

    U.S. liabilities increased by $306.2 billion to a total of $62.12 trillion at the end of the fourth quarter, driven by financial transactions of $402.8 billion, notably foreign purchases of U.S. stocks and long-term debt securities. Increases in portfolio investment and direct investment liabilities were partly offset by decreases in financial derivatives and other investment liabilities (chart 4).

    Portfolio investment liabilities increased by $357.6 billion to $33.09 trillion, driven by financial transactions of $328.0 billion. Direct investment liabilities increased by $295.6 billion to $17.84 trillion, driven by price changes of $236.1 billion (table 2).

    Table A. Updates to Third-Quarter 2024 International Investment Position Aggregates
    [Trillions of dollars, not seasonally adjusted]

      Preliminary estimates Revised estimates
    U.S. net international investment position –23.60 –24.15
       U.S. assets 37.86 37.66
       U.S. liabilities 61.46 61.81

    U.S. Bureau of Economic Analysis

    Year 2024

    The U.S. net international investment position was –$26.23 trillion at the end of 2024, compared to –$19.85 trillion at the end of 2023. The net investment position and components of assets and liabilities are presented in table 3.

    The –$6.38 trillion change in the net investment position from the end of 2023 to the end of 2024 came from net financial transactions of –$1.27 trillion and net other changes in position, such as price and exchange-rate changes, of –$5.11 trillion (table 3).

    Price changes of –$3.43 trillion reflected U.S. stock price increases that exceeded foreign stock price increases, which raised the market value of U.S. liabilities more than U.S. assets.

    Exchange-rate changes of –$1.06 trillion reflected the depreciation of major foreign currencies against the U.S. dollar, which lowered the value of U.S. assets more than U.S. liabilities in dollar terms.

    U.S. assets increased by $1.49 trillion to a total of $35.89 trillion at the end of 2024, driven by foreign stock price increases and by financial transactions that were partly offset by exchange-rate changes. All major investment categories of assets increased, notably direct investment and portfolio investment assets (chart 5).

    Direct investment assets increased by $658.6 billion to $11.27 trillion and portfolio investment assets increased by $539.0 billion to $15.87 trillion, reflecting increases in foreign stock prices and financial transactions that were largely offset by exchange-rate changes (table 3).

    U.S. liabilities increased by $7.86 trillion to a total of $62.12 trillion at the end of 2024, driven by U.S. stock price increases and by financial transactions that mostly reflected foreign purchases of U.S. long-term debt securities and stocks. All major investment categories of liabilities increased, notably portfolio investment and direct investment liabilities (chart 6).

    Portfolio investment liabilities increased by $4.47 trillion to $33.09 trillion and direct investment liabilities increased by $3.03 trillion to $17.84 trillion, driven by U.S. stock price increases that raised the market value of these liabilities and by financial transactions (table 3).

    Upcoming Update to the U.S. International Investment Position

    The annual update of the U.S. international investment position will be released along with preliminary estimates for the first quarter of 2025 on June 30, 2025. A preview of the annual update will be available in the Survey of Current Business in April 2025.

    For resources, definitions, and more, visit “Additional Information.”

    Next release: June 30, 2025, at 8:30 a.m. EDT
    U.S. International Investment Position, 1st Quarter 2025 and Annual Update

    MIL OSI USA News –

  • MIL-OSI: BigCommerce Appoints Technology Veteran Andrew Norman to Lead EMEA Growth

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas and LONDON, March 26, 2025 (GLOBE NEWSWIRE) — BigCommerce (Nasdaq: BIGC), a leading provider of open, composable commerce solutions for B2C and B2B brands and retailers, today announced the company has hired SaaS and ecommerce veteran Andrew Norman as senior vice president and general manager for EMEA.

    Norman will lead BigCommerce’s go-to-market strategy in EMEA, bringing 25 years experience executing international expansion plans for SaaS technology companies, including 15 years experience in the ecommerce market.

    “BigCommerce has a strong track record of helping brands, retailers, manufacturers and distributors in EMEA grow, and Andrew is the perfect leader to help us accelerate that growth,” said Travis Hess, CEO at BigCommerce. “His years of experience make him well positioned to drive our strategic growth forward. Andrew brings an exceptional record of scaling international technology companies, as well as an extensive network of strategic partnerships that will be instrumental in boosting our market penetration and delivering innovative solutions to our customers.”

    Norman joins BigCommerce from Sendcloud (a Softbank Company), where he led the enterprise, UK and partners teams. He previously worked at Auctane (a Thoma Bravo Company), where he served in general manager roles for ShipStation in Canada, Europe and Australia and New Zealand, as well as general manager for Metapack.

    “I was drawn to BigCommerce by its extraordinary potential to lead the next wave of ecommerce innovation as the market converges around truly transformative platforms,” said Norman. “With its unique ability to enable seamless commerce across multiple channels, BigCommerce is perfectly positioned to empower brands, retailers, manufacturers, and distributors in an increasingly complex digital marketplace.”

    Learn more about BigCommerce here.

    About BigCommerce

    BigCommerce (Nasdaq: BIGC) is a leading open SaaS and composable ecommerce platform that empowers brands, retailers, manufacturers and distributors of all sizes to build, innovate and grow their businesses online. BigCommerce provides its customers sophisticated professional-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2C and B2B companies across 150 countries and numerous industries rely on BigCommerce, including Coldwater Creek, Harvey Nichols, King Arthur Baking Co., MKM Building Supplies, United Aqua Group and Uplift Desk. For more information, please visit www.bigcommerce.com or follow us on X and LinkedIn.

    BigCommerce® is a registered trademark of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owners.

    Media Contact:
    Brad Hem
    pr@bigcommerce.com

    The MIL Network –

  • MIL-OSI: Willis launches AdWrap, a comprehensive insurance solution for marketing and advertising production in the U.S.

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 26, 2025 (GLOBE NEWSWIRE) — Willis, a WTW business, has announced that it is now offering AdWrap, a master-controlled insurance program designed to meet the production insurance needs of businesses and their contracted vendors. This innovative program provides a cost-effective and transparent approach for businesses creating marketing, advertising, and promotional content in the U.S.

    AdWrap simplifies production insurance for in-house teams, third-party vendors, and social media influencers, ensuring comprehensive protection while optimizing costs. By leveraging content spend, the program offers pre-approved coverage limits and eliminates inefficiencies, helping businesses reduce insurance expenses. Key features of AdWrap include:

    • Customizable Coverage: Providing coverage from pre-production to airdate, AdWrap protects various production types—including live-action, digital, print, and social media—against property, casualty, and contingent risks.
    • Cost Transparency: AdWrap offers direct coverage with premiums that reflect individual risks and claims history by eliminating typical vendor mark-ups, ensuring fair and consistent pricing across all projects.
    • Expert Support & Global Reach: Backed by a team of media and entertainment professionals, AdWrap ensures seamless account management and strong vendor relations. With 24/7 support and global capabilities, clients can manage production risks wherever their projects take them.

    “We’re excited to offer a solution that provides robust coverage, along with greater transparency and cost-efficiency for our clients,” said Paul Evans, Director, New Business, Technology, Media and Telecommunications (TMT), at Willis. “AdWrap simplifies the production insurance process, enabling businesses to focus on creating impactful content without the complexity of traditional insurance solutions.”

    About WTW

    At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk, and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce, and maximize performance.

    Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.

    Learn more at wtwco.com.

    Media Contacts

    Douglas Menelly
    Douglas.Menelly@wtwco.com +1 (516) 972-0380

    Arnelle Sullivan
    Arnelle.Sullivan@wtwco.com +1 (718) 208-0474

    The MIL Network –

  • MIL-OSI Economics: US, China dominate global robotics VC landscape with around 75% share of investments raised during 2018-2024, reveals GlobalData

    Source: GlobalData

    US, China dominate global robotics VC landscape with around 75% share of investments raised during 2018-2024, reveals GlobalData

    Posted in Business Fundamentals

    The global robotics venture capital (VC) funding landscape has seen cyclical investment patterns between 2018 and 2024, with the US and China emerging as dominant forces. Together, these markets accounted for approximately 75% of global VC funding in robotics, reinforcing their leadership in driving innovation, attracting investor interest, and shaping the future of automation and intelligent systems, according to GlobalData, a leading data and analytics company.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Both the US and China are at the forefront of robotics innovation driven by advancements in technology. As these nations continue to invest heavily in robotics, we can expect to see transformative changes across various industries alongside growing investors’ traction. And as we look ahead to 2024 and beyond, the US and China are likely to remain among the key players, influencing global trends and setting the stage for the next wave of innovation in robotics.”

    The global VC funding landscape in the robotics sector experienced significant fluctuations from 2018 to 2024 with investment value reaching an all-time high in 2021 followed by decline in subsequent years and a rebound again in 2024. The funding landscape faced challenges, particularly evident in 2022 and 2023 with a tougher fundraising atmosphere. However, even though VC investments rebounded in 2024, it is still much lesser compared to 2021 levels. And same is the trend for top markets such as the US and China as well.

    An analysis of GlobalData’s Deals Database revealed that a total of 5,983 VC were announced in the robotics space globally during 2018-2014 with the US leading the charge with 2,028 deals followed by China followed 1,532 deals. This translates to a combined market share of 60% of the global deal volume, underscoring their pivotal roles in the robotics ecosystem.

    Meanwhile, the total VC funding in the robotics space stood at $100.9 billion during 2018-2024 with the US seeing announcement of $49.9 billion worth of deals and China attracting investments worth of $24.4 billion. This translates to a combined market share of around 75% of the global deal value.

    Bose concludes: “As robotics continues to evolve, the investment narrative is shifting towards long-term value creation and cross-sector disruption. With the US and China leading the charge, GlobalData expects sustained momentum in funding activity, paving the way for breakthroughs in intelligent automation and redefining how industries leverage robotics to achieve efficiency, resilience, and innovation.”

    *Coverage includes announced and completed VC deals with exposure to robotics theme.  

    Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.

    MIL OSI Economics –

  • MIL-OSI Economics: MPTS 2025 announces first wave of speakers, reveals MBI, a GlobalData company

    Source: GlobalData

    MPTS 2025 announces first wave of speakers, reveals MBI, a GlobalData company

    Posted in MBI

    London, United Kingdom, 26 March 2025 – MPTS (The Media Production & Technology Show), the UK’s leading event for the broadcast and media industry, has unveiled the first wave of speakers and sessions for its highly anticipated 2025 conference program. Taking place on 14-15 May 2025 at Olympia Grand Hall, London, MPTS will once again bring technology and creativity together under one roof, offering a free-to-attend seminar covering all aspects of content creation, production, post-production, distribution, audio, and media technology. The exhibition isorganized by Media Business Insight (MBI) Ltd, a GlobalData company.

    With over 12,000 attendees expected, this year’s event will introduce several new features, including a dedicated AI Zone, exploring the impact of artificial intelligence on the media industry, and a sport-focused speaker series in partnership with Broadcast Sport.

    The initial line-up of sessions includes exclusive behind-the-scenes insights, industry panels, and masterclasses, such as:

    • Strictly Behind the Sparkle – A deep dive into the costumes, hair, and camera direction of Strictly Come Dancing, featuring Series Director Nikki Parsons and Costume Designer Vicky Gill.
    • Masterclass: The Greatest Night in Pop – Senior Colourist Joe Stabb on the award-winning post-production behind this acclaimed documentary.
    • In Conversation With… Jason Bell – The former NFL player and sports broadcaster joins a special discussion on the intersection of sport and media.
    • State of the Nation: UK Studios – A high-level panel on the current and future landscape of UK film and TV studios.
    • AI and the Future of Production – Director & DoP Brett Danton explores the impact of AI on creative workflows.
    • The Power of Sound – Oscar-winning Sound Editor James Mather (Top Gun: Maverick) on crafting immersive audio experiences.

    This first wave of speakers is just the beginning, with many more sessions and speakers to be announced in the coming weeks. The full program will continue to expand, ensuring MPTS 2025 remains the premier event for professionals across the broadcast, production, post-production, and content creation sectors.

    Charlotte Wheeler, Event Director of MPTS, said: “We are thrilled to reveal the first sessions in this year’s seminar program, which will once again offer a platform for innovation, discussion, and collaboration in media production and technology. This is just the beginning, and we are excited to unveil even more thought-provoking sessions and industry-leading speakers in the coming weeks.”

    MPTS 2025 is free to attend, and registration is now open. View the latest program updates here www.mediaproductionshow.com/programme and secure your place at https://forms.reg.buzz/mpts-visitor/programme-press-release.

    MBI is the publisher of market-leading titles including Broadcast, Broadcast Sport, Broadcast Tech, KFTV, The Knowledge and Screen International.

    MIL OSI Economics –

  • MIL-OSI USA: March 31 Deadline to Apply for Several Disaster Assistance Programs Fast Approaching

    Source: US Federal Emergency Management Agency

    Headline: March 31 Deadline to Apply for Several Disaster Assistance Programs Fast Approaching

    March 31 Deadline to Apply for Several Disaster Assistance Programs Fast Approaching

    LOS ANGELES – March 31 is the last day to apply for or submit information for several key disaster assistance programs for individuals impacted by the Los Angeles Wildfires

    Apply for FEMA Individual Assistance: Online at DisasterAssistance

    gov

    On the FEMA App

    By calling the FEMA Helpline at 1-800-621-3362

    If you use a relay service, give FEMA your number for that service

    Assistance is available in multiple languages

    Lines are open Sunday–Saturday, from 4 a

    m

    – 10 p

    m

    Pacific

    At a Disaster Recovery Center (DRC)

    Visit a DRC at one of the addresses below:UCLA Research Park West 10850 West Pico Blvd

     Los Angeles, CA 90064 Open Mon

    – Sat

    : 9 a

    m

    to 7 p

    m

    Altadena Disaster Recovery Center540 West Woodbury Rd

     Altadena, CA 91001 Open Mon

    – Sat

    : 9 a

    m

    to 7 p

    m

    For an American Sign Language video on how to apply, visit FEMA Accessible: Three Ways to Register for FEMA Disaster Assistance

    Submit a Right of Entry form to LA County: Complete the opt-in form online at: Los Angeles County Right of Entry Permit for Debris Removal on Private Property

    Download and complete a form: Debris Removal Right of Entry Permit (00011201

    DOCX;1)

    In Person

    Pick up a form at a Disaster Recovery Center

    Visit the DRC Locator to find a location

    Apply for SBA Low-Interest Disaster Loans:Online at sba

    gov/disaster By calling SBA’s Customer Service Center hotline at 800-659-2955

     People who are deaf, hard of hearing or have a speech disability may dial 711 to access relay services

    By emailingDisasterCustomerService@sba

    govAt a Disaster Recovery Center or Business Recovery Center, where you can submit a completed application or SBA representatives can help you apply

    To find a BRC near you, go to Appointment

    sba

    gov

    Applications for disaster loans may be submitted online using the MySBA Loan Portal at https://lending

    sba

    gov or other locally announced locations

     For the latest information about California’s recovery, visit fema

    gov/disaster/4856

    Follow FEMA Region 9 @FEMARegion9 on X or follow FEMA on social media at: FEMA Blog on fema

    gov, @FEMA or @FEMAEspanol on X, FEMA or FEMA Espanol on Facebook, @FEMA on Instagram, and via FEMA YouTube channel

     California is committed to supporting residents impacted by the Los Angeles Hurricane-Force Firestorm as they navigate the recovery process

    Visit CA

    gov/LAFires for up-to-date information on disaster recovery programs, important deadlines, and how to apply for assistance

    alberto

    pillot
    Wed, 03/26/2025 – 00:58

    MIL OSI USA News –

  • MIL-OSI USA: NASA Statement on Nomination of Greg Autry for Agency CFO

    Source: NASA

    The following is a statement from NASA acting Administrator Janet Petro regarding the nomination by President Donald Trump of Greg Autry on March 24 to serve as the agency’s chief financial officer (CFO):
    “The NASA CFO is responsible for executing more than $25 billion in agency funding across a variety of missions, including the Moon and Mars, for the benefit of humanity. With his previous experience as the White House liaison during President Trump’s first administration, as well as his extensive experience in space policy, I look forward to welcoming Greg as our next CFO. If confirmed, we will work together with the current Trump Administration to ensure NASA’s success in maximizing efficiencies, refining our processes, and remaining effective stewards of every tax dollar invested in our agency.”
    In addition to his previous experience on the agency review team and as White House liaison at NASA, he also has served on the Commercial Space Transportation Advisory Committee (COMSTAC) at the FAA and is the vice president of the National Space Society.
    Autry is the associate provost for Space Commercialization and Strategy at the University of Central Florida, a published author, and entrepreneur. He also serves as a visiting professor at Imperial College London. He formerly served as the director of Space Leadership, Policy, and Business in the Thunderbird School of Global Management and a professor at Arizona State University. He also has taught technology entrepreneurship at the University of Southern California and macroeconomics at the University of California, Irvine.
    For more about NASA’s mission, visit:

    Home Page

    -end-
    Bethany Stevens/Amber JacobsonHeadquarters, Washington202-358-1600bethany.c.stevens@nasa.gov / amber.c.jacobson@nasa.gov

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Center Opening in Lee County

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Center Opening in Lee County

    Disaster Recovery Center Opening in Lee County

    FRANKFORT, Ky

    –A Disaster Recovery Center is opening March 24 in Lee County to offer in-person support to Kentucky survivors who experienced loss as the result of Feb

    14 – March 7 severe storms, straight-line winds, flooding, landslides and mudslides

     The new Disaster Recovery Center in Lee County is located at: Happy Top Park Community Center, 500 Happy Top Road, Beattyville, KY 41311Working days and hours are March 24-28, 9 a

    m

    to 7 p

    m

    Eastern TimeFEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs

    Representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U

    S

    Small Business Administration (SBA) will also be available at the recovery centers to assist survivors

    Additional Disaster Recovery Centers are scheduled to open in other Kentucky counties

    Click here to find centers that are already open in Kentucky

    You can visit any open center to meet with representatives of FEMA, the commonwealth of Kentucky and the U

    S

    Small Business Administration

    No appointment is needed

     To find all other center locations, including those in other states, go to fema

    gov/drc or text “DRC” and a Zip Code to 43362

     FEMA is encouraging Kentuckians affected by the February storms to apply for federal disaster assistance as soon as possible

    The deadline to apply for FEMA assistance is April 25

    Kentucky homeowners and renters in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson and Woodford counties can apply for federal assistance

    If you are unable to visit the center, there are other ways to apply: online at DisasterAssistance

    gov, use the FEMA App for mobile devices or call 800-621-3362

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

    When you apply, you will need to provide:A current phone number where you can be contacted

    Your address at the time of the disaster and the address where you are now staying

    Your Social Security Number

    A general list of damage and losses

    Banking information if you choose direct deposit

    If insured, the policy number or the agent and/or the company name

    For an accessible video on how to apply for FEMA assistance, go to youtube

    com/watch?v=WZGpWI2RCNw

    For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4860

    Follow the FEMA Region 4 X account at x

    com/femaregion4

    martyce

    allenjr
    Tue, 03/25/2025 – 20:08

    MIL OSI USA News –

  • MIL-OSI Russia: The Academic Council of the State University of Management discussed the development strategy and the future of education

    Translartion. Region: Russians Fedetion –

    Source: State University of Management – Official website of the State –

    On March 25, 2025, the next meeting of the Academic Council of the State University of Management was held.

    Traditionally, we started with the congratulatory part. Rector Vladimir Stroyev presented letters of gratitude from the Ministry of Science and Higher Education for their contribution to the development of practice-oriented education, the development of the federation within the framework of the “Service Learning” program to Vice-Rector Dmitry Bryukhanov and Associate Professor of the Department of Management in International Business and Tourism Industry Svetlana Grishaeva.

    Vladimir Vitalyevich also congratulated the birthday boys of the month and thanked Elena Shtyreva, an employee of the Institute of Distance Education of the State University of Management, for 55 years of continuous work at the State University of Management.

    “I also want to join in the congratulations and say “thank you” on behalf of all the institute’s employees for their daily work and contribution to the development of the institute. I know where she gets this character from, her grandfather was the deputy commander of Vasily Chapaev’s division,” Sergei Lenshin, director of the Fine Arts Department of the State University of Management, congratulated Elena Arkadyevna.

    After the completion of the formal part, those gathered moved on to considering the issues on the agenda.

    Deputy Director of the Department of Academic Policy and Implementation of Educational Programs Olga Zhuravleva presented a summary report on the self-assessment of the main areas of the university’s activities for 2024.

    “For the first time, we worked on the report together with the Center for Prospective Development, which allowed us to better present the overall picture. The indicators have mostly increased and are impressive. The University is successfully developing in most indicators. However, there are also growth points and challenges of modern society that we need to work with more actively,” Olga Zhuravleva noted.

    Director of the Center for Prospective Development Tatyana Gordeeva spoke about the results of the implementation of the State University of Management Development Program for 2024.

    “2024 has become a fundamental year in the formation of the organizational foundations of the development program. At the same time, today we are already working on its implementation in the context of the emerging new system of higher education. What it will be like is still unknown, but we must keep this in mind. In addition, there are risks of reducing off-budget admission to humanitarian programs, which are key for the State University of Management today. Therefore, today it is important to focus on the effective implementation of the development tasks that we have defined for ourselves in order to form the necessary reserve for participation in new national projects and the implementation of our ambitious goals,” Tatyana Gordeeva emphasized.

    Vladimir Stroev noted the importance of not only taking into account indicators in areas, but also making proposals for their improvement, which he expects from every employee.

    “The issue of the development program is not simple, it is connected with many indicators that are used in different systems and different issues. And all our reports must be treated responsibly, not only noting positive results, but also expressing criticism in case of their failure. These data are a reason to think about what we are doing now and what will happen to us tomorrow. It would be good not just to fulfill the indicators, but also to exceed them, or be close to this,” concluded Vladimir Vitalyevich.

    Director of the Institute of Economics and Finance Galina Sorokina reported on the results of the institute’s work for 2024.

    “The institute has shown growth in almost all areas, so it is especially pleasant to make a report. The number of not only admitted students has grown, but also those who transferred from other universities. The number of foreign students has also grown, with Vietnamese students predominating. The number of educational programs implemented by the institute is also growing. A program on behavioral economics is being developed, which will be carried out jointly with the Central Bank and Rosfinmonitoring,” Galina Petrovna noted.

    Vice-Rector Pavel Pavlovsky informed those gathered about the implementation of the Youth Policy Strategy at the State University of Management.

    “The State University of Management is undoubtedly one of the leading universities in the implementation of youth policy. We became the first university in Moscow for educational work, and in Russia we took 3rd place among universities with a population of 5 to 10 thousand people. In 2024, 47 federal projects were held on the basis of the State University of Management. This year, we initiated the All-Russian student competition “Family History. Immortal Memory”, expanded the geography of the All-Russian project “Course for Business and Entrepreneurship” that we are implementing, which will be held not only in the International Children’s Center “Artek” and the All-Russian Children’s Center “Ocean”, but also in the All-Russian Children’s Centers “Smena” and “Orlyonok”. And, of course, the All-Russian KVN School, “University Shifts” and other important events await us,” Pavel Vladimirovich shared.

    Vice-Rector Dmitry Bryukhanov proposed creating a Preparatory Department for Foreign Citizens, which was unanimously supported by the council members.

    At the end of the meeting, Vladimir Stroyev called on those gathered to prepare not only for the 2025 admissions campaign, but also to think about admissions in 2026 and make their proposals.

    “This year, the admission campaign is still under the old system, but next year a new model will be adopted, and we must be ready. It is time to prepare proposals for our areas in a given situation, including in the event of a stressful situation. We must have specific solutions for each issue,” the rector of the State University of Management concluded.

    In addition, the meeting discussed the nomination of GUU employees to participate in the All-Russian competition “Golden Names of Higher Education”, approval of new DPO programs, tuition fees and other work issues.

    Subscribe to the TG channel “Our GUU” Date of publication: 03/26/2025

    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: Currency Exchange International Announces Voting Results from Annual General Meeting March 25, 2025

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 26, 2025 (GLOBE NEWSWIRE) — Currency Exchange International, Corp. (the “Group” or “CXI”) (TSX: CXI; OTCBB: CURN) is pleased to announce the detailed voting results for the Company’s Annual General Meeting of shareholders held on March 25, 2025 (the “Meeting”). A total of 4,103,217 common shares of the Company (the “Common Shares”), being 65.12% of the issued and outstanding Common Shares as of the record date of February 5, 2025, were present in person or represented by proxy at the Meeting.

    The nominees listed in the management information circular dated February 5, 2025 were elected as directors of the Company at the Meeting. Detailed results of the vote are set out below:

    Nominee Votes For % Withheld %
    Chirag Bhavsar 2,967,242 91.41% 278,814 8.59%
    Chitwant Kohli 2,692,505 82.95% 553,551 17.05%
    Mark Mickleborough 2,692,505 82.95% 553,551 17.05%
    Randolph W. Pinna 3,233,413 99.61% 12,643 0.39%
    V. James Sardo 2,692,505 82.95% 553,551 17.05%
    Stacey Mowbray 2,615,505 80.57% 630,551 19.43%
    Daryl Yeo 2,698,396 83.13% 547,660 16.87%

    Shareholders also approved resolutions appointing Doane Grant Thornton LLP as the Company’s auditors.

    For more information, please refer to the Company’s information circular dated February 5, 2025, available on its SEDAR profile at www.sedarplus.com.

    About Currency Exchange International, Corp.

    Currency Exchange International is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com (“CXIFX”), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Group-owned retail branches, agent retail branches, and its e-commerce platform, order.ceifx.com (“OnlineFX”).

    The Group’s wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides foreign exchange and international payment services in Canada and select international foreign jurisdictions. Customers are served through the use of its proprietary software, www.ebcfx.com (“EBCFX”), related APIs to core banking platforms, and personal relationship managers.

    Contact Information

    For further information please contact:
    Bill Mitoulas
    Investor Relations
    (416) 479-9547
    Email: bill.mitoulas@cxifx.com
    Website: www.cxifx.com

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

    This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the voluntary cessation of operations and discontinuance of Exchange Bank of Canada (EBC), the conclusion of referral agreements for customers and selected employees, regulatory approvals required for the discontinuance process, establishing direct correspondent banking relationships to support its U.S. payments business, the management of employee and customer transitions, the Company’s liquidity position during the cessation and discontinuance period, financial performance in fiscal 2025 and 2026, and the associated costs and outcomes of the cessation and discontinuance period in general. Forward-looking statements are identified by the use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “preliminary,” “project,” “will,” “would,” and similar terms and phrases, including references to assumptions. 

    Forward-looking information is based on the opinions and estimates of management at the date such information is provided and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, and assumptions that could cause the Company’s actual results, performance, or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the inability of the Company to complete the cessation of EBC and discontinuance in accordance with applicable regulatory and legal requirements on a basis which is cost effective and protects the goodwill of the Company, an inability to establish direct correspondent banking relationships to support its U.S. payments business on terms which are economic or at all, the impact of delays or challenges in obtaining regulatory approvals, a failure to obtain the necessary approvals for referral agreements for customers and selected employees or an inability to conclude such arrangements on a basis which is beneficial to the Company and its selected employees, an inability to manage one-time wind-down costs and severance obligations on cost-effective basis, potential disruptions to operations during the transition period. the risk of reduced liquidity during the transition periods and, generally, the potential for unforeseen liabilities arising during or after the cessation of operations and discontinuance of EBC. 

    Additional risks include the ability of the Company to comply with regulatory requirements in general, the competitive nature of the foreign exchange industry, the impact of geo political changes, and trade wars on factors relevant to the Company’s business, currency exchange risks, the need for the Company to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Company’s proprietary rights, the effect of government regulation and compliance on the Company and the industry in which it operates, network security risks, the ability of the Company to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel, unexpected losses or challenges associated with customer attrition during the discontinuance, global economic deterioration negatively impacting tourism, volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital, as well as the factors identified throughout this press release and in the section entitled “Financial Risk Factors” of the Company’s Management’s Discussion and Analysis for the twelve months ended October 31, 2024. 

    The forward-looking information contained in this press release represents management’s expectations as of the date hereof (or as of the date such information is otherwise stated to be presented) and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events, or otherwise, except as required under applicable securities laws. 

    The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission, or other regulatory authority has approved or disapproved the information contained in this press release. 

    The MIL Network –

  • MIL-OSI: SailPoint Announces Strong Fiscal Fourth Quarter and Full Year 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Grew ARR 29% year-over-year to $877 million
    • Expanded SaaS ARR 39% year-over-year to $540 million
    • Finished the year with an ~80% year-over-year increase in the number of customers with more than $1 million of ARR

    AUSTIN, Texas, March 26, 2025 (GLOBE NEWSWIRE) — SailPoint, Inc. (Nasdaq: SAIL), a leader in enterprise identity security, today announced financial results for its fiscal fourth quarter and full year, ended January 31, 2025.

    “We are very pleased to report our strong fourth quarter and full year 2025 results where our continued pursuit of efficient growth at scale drove a year of greater than ‘rule of 40’ performance. Our relentless focus on innovation and execution enables us to capitalize on the growing market opportunity to help enterprises as they struggle to manage, govern and secure their vast identity landscape,” said Mark McClain, SailPoint Founder and CEO.

    “Identity security is increasingly recognized as a strategic enterprise security imperative today. CIOs and CISOs now realize the criticality of a unified, intelligent, and powerful identity security platform that is designed to handle enterprise-class scale, complexity, and velocity of change in fine-grained access needs. This becomes even more important with the rise of AI agents,” McClain continued. “We believe SailPoint’s ability to serve as a central control plane for securing all enterprise identities makes us the ideal partner to solve these critical business challenges for enterprises worldwide.”

    Fiscal 2025 Fourth Quarter Financial Highlights

    • Annual Recurring Revenue (ARR): Total ARR was $877 million, an increase of 29% year-over-year. SaaS ARR was $540 million, an increase of 39% year-over-year.
    • Revenue: Total revenue was $240 million, an increase of 18% year-over-year. Subscription revenue was $224 million, an increase of 22% year-over-year.
    • Operating Income (Loss):   GAAP operating loss was $30 million, or (12.6)% of revenue, compared to $65 million, or (32.2)% of revenue in fiscal Q4 2024. Adjusted income from operations was $46 million, or 19.0% of revenue, compared to $28 million, or 13.7% of revenue in fiscal Q4 2024.

    Fiscal Full Year 2025 Financial Highlights

    • Annual Recurring Revenue: Total ARR was $877 million, an increase of 29% year-over-year. SaaS ARR was $540 million, an increase of 39% year-over-year.
    • Revenue: Total revenue was $862 million, an increase of 23% year-over-year. Subscription revenue was $794 million, an increase of 27% year-over-year.
    • Operating Income (Loss): GAAP operating loss was $189 million, or (21.9)% of revenue, compared to $333 million, or (47.6)% of revenue in FY 2024. Adjusted income from operations was $133 million, or 15.4% of revenue, compared to $54 million, or 7.8% of revenue in FY 2024.

    Financial Outlook

    For the first quarter of fiscal 2026, SailPoint expects:

    • Total ARR: In the range of $896 to $900 million, representing 26% to 27% year-over-year growth.
    • Total Revenue: In the range of $224 to $226 million, representing 19% to 20% year-over-year growth.
    • Adjusted Income from Operations: In the range of $14 to $15 million, representing adjusted operating margin of 6.2% to 6.7%.
    • Adjusted EPS: In the range of ($0.02) to $0.00 per diluted share.

    For the fiscal full year 2026, SailPoint expects:

    • Total ARR: In the range of $1,075 to $1,085 million, representing 23% to 24% year-over-year growth.
    • Total Revenue: In the range of $1,025 to $1,035 million, representing 19% to 20% year-over-year growth.
    • Adjusted Income from Operations: In the range of $151 to $156 million, representing adjusted operating margin of 14.6% to 15.2%.
    • Adjusted EPS: In the range of $0.14 to $0.18 per diluted share.

    These statements regarding SailPoint’s expectations of its financial outlook are forward-looking and actual results may differ materially. Refer to “Forward-Looking Statements” below for information on the factors that could cause SailPoint’s actual results to differ materially from these forward-looking statements.

    All of SailPoint’s forward-looking non-GAAP financial measures exclude estimates for stock-based compensation expense and amortization of acquired intangibles as well as acquisition related costs and severance of certain key executives, if applicable. SailPoint has not reconciled its expectations as to adjusted income (loss) from operations and adjusted EPS to their most directly comparable GAAP measure due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to stock-based compensation expense. Stock-based compensation expense is affected by future hiring, turnover, and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to change. The actual amount of the excluded stock-based compensation expense will have a significant impact on SailPoint’s GAAP income (loss) from operations and GAAP net income (loss) per basic and diluted common share. Accordingly, reconciliations of our forward-looking adjusted income (loss) from operations and adjusted EPS are not available without unreasonable effort.

    Investor Conference Call and Webcast

    SailPoint will host a conference call today at 8:30 a.m. Eastern Time to discuss the results and outlook. A live webcast of the conference call and a presentation regarding SailPoint’s fiscal fourth quarter and full year 2025 financial results will be available on SailPoint’s website at https://investors.sailpoint.com. 

    An audio replay of the conference call will be available on the investor relations website for one year.

    About SailPoint

    SailPoint, Inc. (Nasdaq: SAIL) equips the modern enterprise to seamlessly manage and secure access to applications and data through the lens of identity – at speed and scale. As a category leader, we continuously reinvent identity security as the foundation of the secure enterprise. SailPoint delivers a unified, intelligent, extensible platform built to defend against today’s dynamic, identity-centric cyber threats while enhancing productivity and efficiency. SailPoint helps many of the world’s most complex, sophisticated enterprises create a secure technology ecosystem that fuels business transformation.

    Non-GAAP Financial Measures

    In addition to our financial information presented in accordance with GAAP, we use certain non-GAAP financial measures to clarify and enhance our understanding of past performance, including the following:

    Adjusted income from operations, which we define as income (loss) from operations excluding equity-based compensation expense, amortization of acquired intangible assets which includes impairment charges, impairment of intangible assets, acquisition-related expenses, benefit from amortization related to acquired contract acquisition costs, Thoma Bravo monitoring fees (which are annual service fees for consultation and advice related to corporate strategy, budgeting of future corporate investments, acquisition and divestiture strategies, and debt and equity financings pursuant to an advisory services agreement that was terminated upon the consummation of our initial public offering), and restructuring expenses.

    Adjusted operating margin, which we define as adjusted income from operations as a percentage of revenue.

    Adjusted EPS (or non-GAAP net income (loss) available to common stockholders per basic and diluted share), which we define as adjusted net income (loss) divided by the weighted average outstanding common shares. We calculate adjusted net income (loss) as net income (loss) on a GAAP basis excluding equity-based compensation expense, amortization of acquired intangible assets which includes impairment charges, impairment of intangible assets, acquisition-related expenses, benefit from amortization related to acquired contract acquisition costs, and Thoma Bravo monitoring fees. Adjusted net income (loss) is adjusted for the effect of income taxes associated with such adjustments.

    Our non-GAAP financial measures exclude items that neither relate to our ordinary course of business nor reflect our underlying business performance, such as equity-based compensation, the amortization of acquired intangible assets, and acquisition-related expenses. We believe these adjustments enable management and investors to compare our underlying business performance from period-to-period and provide investors with additional means to evaluate cost and expense trends. We also believe these adjustments enhance comparability of our financial performance against those of other technology companies. Accordingly, our management believes the presentation of our non-GAAP financial measures provides useful information to investors regarding our financial condition and results of operations. In addition, SailPoint’s management uses adjusted income (loss) from operations for budgeting and planning purposes, including with respect to its corporate bonus plan.

    Our non-GAAP financial measures are adjusted for the following factors, among others:

    Equity-based compensation expense. We believe that the exclusion of equity-based compensation expense is appropriate because it eliminates the impact of equity-based compensation costs that are based upon valuation methodologies and assumptions that vary over time, and the amount of the expense can vary significantly due to factors that are unrelated to our core operating performance and that can be outside of our control. Although we exclude equity-based compensation expenses from our non-GAAP measures, equity compensation has been, and will continue to be, an important part of our future compensation strategy and a significant component of our future expenses and may increase in future periods.

    Amortization of acquired intangible assets. We exclude amortization charges for our acquisition-related intangible assets and impairment of intangible assets for purposes of calculating certain non-GAAP measures to eliminate the impact of these non-cash charges and provide for a more meaningful comparison between operating results from period to period as the intangible assets are valued at the time of acquisition and are amortized over the useful life, which can be several years after the acquisition.

    Acquisition related costs. We believe that the exclusion of acquisition-related expenses is appropriate as they represent items that management believes are not indicative of our ongoing operating performance. These expenses are primarily composed of legal, accounting, and professional fees incurred that are not capitalizable and that are included within general and administrative expenses.

    Amortization related to acquired contract acquisition costs. On August 16, 2022, our predecessor was acquired in an all-cash take-private transaction by Thoma Bravo (the “Take-Private Transaction”). In accordance with GAAP reporting requirements, we have written off our contract acquisition costs at the time of the Take-Private Transaction. Therefore, GAAP commissions expense related to contract acquisition costs after the Take-Private Transaction do not reflect the commissions expense that would have been reported if the contract acquisition costs were not written off. Accordingly, we believe that presenting the approximate amount of acquisition-related commission expenses (so that the full amount of commission expense is included) provides a more appropriate representation of commission expense in a given period and, therefore, provides readers of our financial statements with a more consistent basis for comparison across accounting periods.

    SailPoint’s non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry because they may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because they are not prepared in accordance with GAAP and exclude expenses that may have a material impact on our reported financial results. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. SailPoint urges you to review the reconciliations of our non-GAAP financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate its business.

    Definitions of Certain Key Business and Other Metrics

    Annual Recurring Revenue.   We define ARR as the annualized value of SaaS, maintenance, term subscription, and other subscription contracts as of the measurement date. To the extent that we are actively negotiating a renewal or new agreement with a customer after the expiration of a contract, we continue to include that contract’s annualized value in ARR until the customer notifies us that it is not renewing its contract. We calculate ARR by dividing the active contract value by the number of days of the contract and then multiplying by 365. ARR should be viewed independently of revenue, as ARR is an operating metric and is not intended to be combined with or to replace revenue. ARR is not a forecast of future revenue, which can be impacted by ASC 606 allocations, and ARR does not consider other sources of revenue that are not recurring in nature. ARR does not have a standardized meaning and is not necessarily comparable to similarly titled measures presented by other companies.

    SaaS Annual Recurring Revenue.   We define SaaS ARR as the annualized value of SaaS contracts as of the measurement date. To the extent that we are actively negotiating a renewal or new agreement with a customer after the expiration of a contract, we continue to include that contract’s annualized value in SaaS ARR until the customer notifies us that it is not renewing its contract. We calculate SaaS ARR by dividing the active SaaS contract value by the number of days of the contract and then multiplying by 365. SaaS ARR should be viewed independently of subscription revenue as SaaS ARR is an operating metric and is not intended to be combined with or replace subscription revenue. SaaS ARR is not a forecast of future subscription revenue, which can be impacted by ASC 606 allocations and renewal rates and does not consider other sources of revenue that are not recurring in nature. SaaS ARR does not have a standardized meaning and is not necessarily comparable to similarly titled measures presented by other companies.

    Subscription Revenue.   The majority of our revenue relates to subscription revenue which consists of (i) fees for access to, and related support for, the SaaS offerings, (ii) fees for term subscriptions, (iii) fees for ongoing maintenance and support of perpetual license solutions, and (iv) other subscription services such as cloud managed services, and certain professional services. Term subscriptions include the term licenses and ongoing maintenance and support. Maintenance and support agreements consist of fees for providing software updates on a when and if available basis and for providing technical support for software products for a specified term.

    Subscription revenue, including support for term licenses, is recognized ratably over the term of the applicable agreement. Revenue related to term subscription performance obligations, excluding support for term subscriptions, is recognized upfront at the point in time when the customer has taken control of the software license.

    The Rule of 40. The Rule of 40 is a common SaaS industry metric used to evaluate the performance of SaaS providers by assessing a company’s balance between growth and profitability and postulates that a SaaS company’s revenue growth rate and profit margin should equal or exceed 40%. A total of above 40% is thought to indicate a healthy combination of expansion and financial stability. For SailPoint, the Rule of 40 is computed by adding the year-over-year ARR growth rate with our adjusted operating margin.

    Explanatory Note Regarding Our Corporate Conversion

    Prior to February 12, 2025, we were a Delaware limited partnership named SailPoint Parent, LP. On February 12, 2025, in connection with our initial public offering, SailPoint Parent, LP converted into a Delaware corporation pursuant to a statutory conversion and changed its name to SailPoint, Inc. References to “SailPoint,” “we, and “our” (i) for periods prior to such corporate conversion are to SailPoint Parent, LP and where appropriate, its consolidated subsidiaries and (ii) for periods after such corporate conversion are to SailPoint, Inc. and where appropriate, its consolidated subsidiaries.

    Forward-Looking Statements

    This press release and statements made during the above referenced conference call may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategy, future operations, financial position, prospects, plans and objectives of management, growth rate and our expectations regarding future revenue, operating income or loss or earnings or loss per share. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “will be,” “will likely result,” “should,” “expects,” “plans,” “anticipates,” “could,” “would,” “foresees,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “outlook,” or “continue” or the negative of these words or other similar terms or expressions. These forward-looking statements are not guarantees of future performance, but are based on management’s current expectations, assumptions, and beliefs concerning future developments and their potential effect on us, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Our expectations expressed or implied in these forward-looking statements may not turn out to be correct. Our results could be materially different from our expectations because of various risks.

    Important factors, some of which are beyond our control, that could cause actual results to differ materially from our historical results or those expressed or implied by these forward-looking statements include the following: our ability to sustain historical growth rates; our ability to attract and retain customers; our ability to deepen our relationships with existing customers; the growth in the market for identity security solutions; our ability to maintain success relationships with each of our partners; the length and unpredictable nature of our sales cycle; our ability to compete successfully against current and future competitors; the increasing complexity of our operations; our ability to maintain and enhance our brand or reputation as an industry leader and innovator; unfavorable conditions in our industry or the global economy; our estimated market opportunity and forecasts of our market and market growth may prove to be inaccurate; our ability to hire, train and motivate our personnel; our ability to maintain our corporate culture; our ability to successfully introduce, use, and integrate artificial intelligence (AI) with our solutions; breaches in our security, cyber attacks, or other cyber risks; interruptions, outages, or other disruptions affecting the delivery of our SaaS solution or any of the third-party cloud-based systems that we use in our operations; our ability to adapt and respond to rapidly changing technology, industry standards, regulations, or customer needs, requirements, or preferences; real or perceived errors, failures, or disruptions in our platform or solutions; the ability of our platform and solutions to effectively interoperate with our customers’ existing or future IT infrastructures; and our ability to comply with our privacy policy or related legal or regulatory requirements. More information on these risks and other potential factors that could affect our financial results is included in our filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our upcoming Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other filings. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release or made during the above referenced conference call. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

    Any forward-looking statement made in this press release or during the above referenced conference call speaks only as of the date as of which such statement is made, and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise.

    Investor Relations Contact
    Scott Schmitz, SVP IR
    ir@sailpoint.com 

    Media Relations Contact
    Samantha Person, Senior Manager, Corporate Communications
    Samantha.person@sailpoint.com 

    SAILPOINT PARENT, LP AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per unit amounts)
           
      (Unaudited)   (Audited)
      Three months ended January 31,   Twelve months ended January 31,
        2025       2024       2025       2024  
    Revenue              
    Subscription $ 224,379     $ 184,288     $ 793,919     $ 622,830  
    Perpetual licenses   40       742       400       5,842  
    Services and other   15,702       17,677       67,292       70,900  
    Total revenue   240,121       202,707       861,611       699,572  
    Cost of revenue              
    Subscription   62,407       54,817       236,581       205,053  
    Perpetual licenses   33       164       154       2,227  
    Services and other   17,909       17,991       68,998       69,355  
    Total cost of revenue   80,349       72,972       305,733       276,635  
    Gross profit   159,772       129,735       555,878       422,937  
    Operating expenses              
    Research and development   45,456       45,933       169,730       180,778  
    Sales and marketing   116,865       122,837       466,903       461,187  
    General and administrative   27,665       26,193       107,979       113,701  
    Total operating expenses   189,986       194,963       744,612       755,666  
    Loss from operations   (30,214 )     (65,228 )     (188,734 )     (332,729 )
    Other income (expense), net              
    Interest income   543       2,627       4,158       10,658  
    Interest expense   (46,527 )     (47,569 )     (186,652 )     (187,059 )
    Other income (expense), net   (2,202 )     (884 )     (5,401 )     (3,219 )
    Total other income (expense), net   (48,186 )     (45,826 )     (187,895 )     (179,620 )
    Loss before income taxes   (78,400 )     (111,054 )     (376,629 )     (512,349 )
    Income tax benefit (expense)   (1,704 )     23,791       60,799       116,982  
    Net loss $ (80,104 )   $ (87,263 )   $ (315,830 )   $ (395,367 )
    Class A yield   (292,110 )     (152,197 )     (764,549 )     (583,672 )
    Net loss attributable to Class B unitholders   (372,214 )     (239,460 )     (1,080,379 )     (979,039 )
    Loss per unit attributable to Class B unitholders – basic and diluted $ (4.29 )   $ (2.93 )   $ (12.91 )   $ (12.13 )
    Weighted average Class B Units outstanding – basic and diluted   86,781       81,651       83,716       80,746  
                                   
    SAILPOINT PARENT, LP AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (In thousands, except units)
     
      January 31, 2025   January 31, 2024
           
    Assets      
    Current assets      
    Cash and cash equivalents $ 121,293     $ 211,647  
    Accounts receivable, net of allowance   254,050       213,307  
    Contract acquisition costs   32,834       18,668  
    Contract assets, net of allowance   58,335       51,703  
    Prepayments and other current assets   45,870       35,752  
    Total current assets   512,382       531,077  
    Property and equipment, net   22,879       16,332  
    Contract acquisition costs, non-current   94,270       61,657  
    Contract assets, non-current, net of allowance   33,788       28,717  
    Other non-current assets   36,206       33,219  
    Goodwill   5,151,668       5,138,855  
    Intangible assets, net   1,560,723       1,779,875  
    Total assets $ 7,411,916     $ 7,589,732  
    Liabilities, redeemable convertible units and partners’ deficit      
    Current liabilities      
    Accounts payable $ 3,515     $ 8,820  
    Accrued expenses and other liabilities   158,135       117,570  
    Deferred revenue   413,043       335,465  
    Total current liabilities   574,693       461,855  
    Deferred tax liabilities, non-current   136,528       206,464  
    Other long-term liabilities   32,128       24,954  
    Deferred revenue, non-current   36,399       36,575  
    Long-term debt, net   1,024,467       1,562,215  
    Total liabilities   1,804,215       2,292,063  
    Commitments and contingencies      
    Redeemable convertible units, no par value, unlimited units authorized, 499,052,847 and 454,618,712 units issued and outstanding as of January 31, 2025 and 2024, respectively; aggregate liquidation preference of $8,100,352 and $6,861,381 as of January 31, 2025 and 2024, respectively   11,196,141       5,838,864  
    Partners’ deficit      
    Additional paid in capital   —       37,431  
    Accumulated deficit   (5,588,440 )     (578,626 )
    Total partners’ deficit   (5,588,440 )     (541,195 )
    Total liabilities, redeemable convertible units and partners’ deficit $ 7,411,916     $ 7,589,732  
     
    SAILPOINT PARENT, LP AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
       
      Year ended January 31,
        2025       2024  
    Cash flows from operating activities      
    Net loss $ (315,830 )   $ (395,367 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation and amortization expense   237,248       263,638  
    Amortization and write-off of debt discount and issuance costs   12,685       4,152  
    Amortization of contract acquisition costs   24,899       11,519  
    (Gain) loss on disposal of property and equipment   —       36  
    Provision for credit losses   2,534       1,662  
    Equity-based compensation expense   31,714       37,469  
    Deferred taxes   (71,209 )     (124,919 )
    Net changes in operating assets and liabilities, net of business acquisitions      
    Accounts receivable   (41,653 )     (57,397 )
    Contract acquisition costs   (71,678 )     (61,716 )
    Contract assets   (11,730 )     (21,139 )
    Prepayments and other current assets   (13,744 )     (594 )
    Other non-current assets   6,006       (87 )
    Operating leases, net   293       335  
    Accounts payable   (5,346 )     4,232  
    Accrued expenses and other liabilities   36,565       22,634  
    Deferred revenue   72,855       65,188  
    Net cash used in operating activities   (106,391 )     (250,354 )
    Cash flows from investing activities      
    Purchase of property and equipment   (5,362 )     (2,577 )
    Proceeds from sale of property and equipment   14       31  
    Capitalized software development costs   (8,219 )     —  
    Purchase of intangible assets   —       (1,900 )
    Business acquisitions, net of cash acquired   (15,377 )     (8,218 )
    Net cash used in investing activities   (28,944 )     (12,664 )
    Cash flows from financing activities      
    Proceeds from issuance of units   600,321       51,743  
    Proceeds from revolving line of credit   25,000       —  
    Repayments to revolving line of credit   (25,000 )     —  
    Repayment of term loan   (550,000 )     —  
    Payments of deferred offering costs   (2,892 )     —  
    Repurchase of units   (6,172 )     (1,311 )
    Net cash provided by financing activities   41,257       50,432  
    Net change in cash, cash equivalents and restricted cash   (94,078 )     (212,586 )
    Cash, cash equivalents and restricted cash, beginning of period   218,468       431,054  
    Cash, cash equivalents and restricted cash, end of period $ 124,390     $ 218,468  
                   
    SAILPOINT PARENT, LP AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (Amounts in thousands, except percentages)
    (Unaudited)
     
      Three months ended January 31,   Twelve months ended January 31,
        2025       2024       2025       2024  
               
    GAAP gross profit $ 159,772     $ 129,735     $ 555,878     $ 422,937  
    GAAP gross profit margin   66.5 %     64.0 %     64.5 %     60.5 %
    Equity-based compensation expense   3,797       2,782       13,771       12,447  
    Amortization of acquired intangible assets   25,896       25,819       103,483       102,967  
    Acquisition-related expenses and Thoma Bravo monitoring fees   —       58       —       58  
    Restructuring   —       6       —       94  
    Adjusted gross profit $ 189,465     $ 158,400     $ 673,132     $ 538,503  
    Adjusted gross profit margin   78.9 %     78.1 %     78.1 %     77.0 %
                                   
      Three months ended January 31,   Twelve months ended January 31,
        2025       2024       2025       2024  
               
    GAAP subscription gross profit $ 161,972     $ 129,471     $ 557,338     $ 417,777  
    GAAP subscription gross profit margin   72.2 %     70.3 %     70.2 %     67.1 %
    Equity-based compensation expense   1,999       1,391       7,119       6,675  
    Amortization of acquired intangible assets   25,863       25,666       103,329       100,820  
    Acquisition-related expenses and Thoma Bravo monitoring fees   —       58       —       58  
    Restructuring   —       6       —       85  
    Adjusted subscription gross profit $ 189,834     $ 156,592     $ 667,786     $ 525,415  
    Adjusted subscription gross profit margin   84.6 %     85.0 %     84.1 %     84.4 %
                                   
      Three months ended January 31,   Twelve months ended January 31,
        2025       2024       2025       2024  
               
    GAAP income (loss) from operations $ (30,214 )   $ (65,228 )   $ (188,734 )   $ (332,729 )
    GAAP income (loss) from operations margin (12.6)%   (32.2)%   (21.9)%   (47.6)%
    Equity-based compensation expense   27,375       30,588       99,569       134,819  
    Amortization of acquired intangible assets   49,609       64,345       230,308       257,029  
    Amortization of acquired contract acquisition costs   (6,027 )     (6,921 )     (25,682 )     (28,461 )
    Acquisition-related expenses and Thoma Bravo monitoring fees   4,893       5,042       17,283       20,051  
    Restructuring   —       (18 )     —       3,541  
    Adjusted income (loss) from operations $ 45,636     $ 27,808     $ 132,744     $ 54,250  
    Adjusted operating margin   19.0 %     13.7 %     15.4 %     7.8 %

    The MIL Network –

  • MIL-OSI: Issuance strategy for 2025 is unchanged despite government financing of KommuneKredit

    Source: GlobeNewswire (MIL-OSI)

    The Danish Government and KommuneKredit have agreed that Danmarks Nationalbank, on behalf of the central government, will finance KommuneKredit at the central government’s financing costs, as soon as possible. Hereby, the public sector can reduce its total interest costs, since the central government finances its activities at a lower interest rate than KommuneKredit. The initiative is not considered to contribute to increased credit risk for the central government.

    The specific terms of financing will be negotiated between the Ministry of Finance, the Ministry of Industry, Business and Financial Affairs, KommuneKredit, and Danmarks Nationalbank, which is responsible for government debt management on behalf of the Ministry of Finance.

    Danmarks Nationalbank looks forward to the future collaboration with KommuneKredit.

    Issuance strategy for 2025 is unchanged

    In 2025, the central government will finance KommuneKredit by drawing on the central-government account at Danmarks Nationalbank. Over time, financing will be covered by issuances of government securities, which in turn contributes to maintaining a well-functioning and liquid government debt market. Both EMU and central-government debt are unaffected by the initiative as the resulting rise in central-government liabilities will be offset by the corresponding increase in assets.

    Enquiries can be directed at Henrik Nørby on phone +45 3363 6525.

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: TRA widens review of UK’s steel defences

    Source: United Kingdom – Executive Government & Departments

    News story

    TRA widens review of UK’s steel defences

    The TRA has  expanded the scope of its review of the steel safeguard measure to ensure new concerns raised by the UK steel industry are fully considered.

    The TRA has today (Wednesday 26 March) expanded the scope of its review of the steel safeguard measure to ensure new concerns raised by the UK steel industry are fully considered. 

    UK Steel, the trade association for the UK steel industry, submitted evidence to the TRA earlier this month that there have been changes in circumstance that may warrant a change to the current tariff rate quotas imposed. The TRA has therefore decided to examine this new evidence as part of a review already underway into the developing countries excepted from the safeguard measure. This will mean a solution can be found in a timely and efficient manner. 

    UK Steel’s submission noted that the quotas of certain categories of steel (namely categories 4, 7 and 13) are being dominated and exhausted by individual countries. The TRA has also acquired other data which indicates that there are other categories whose residual quotas have been exhausted early in the quarter (categories 5, 16, 17 and 21).  

    The submission also noted that there has been a decline in global demand for steel, both in the UK and globally, including China, where demand has fallen by 3%. The submission points to a fall in demand in the UK, and notes that demand has contracted by 16% between 2018 and 2023. UK Steel claims that against this backdrop, the current safeguard measure does not offer adequate protection to UK industry.  

    The TRA will therefore consider whether the tariff rate quotas to which certain steel products are subject should be varied. 

    Once the TRA has concluded its review of the tariff rate quota, it will publish an intended recommendation, allow interested parties to comment, before submitting a final recommendation to the Secretary of Business and Trade.  

    As a result of the expanded matters being considered in the review, interested parties can now register their interest or provide updated submissions via the TRA’s public file before 9 April 2025. 

    Notes to editors: 

    • The Trade Remedies Authority is the UK body that investigates whether new trade remedy measures are needed to counter unfair import practices and unforeseen surges of imports.
    • Trade remedy investigations were carried out by the EU Commission on the UK’s behalf until the UK left the EU. A number of EU trade remedy measures of interest to UK producers were transitioned into UK law when the UK left the EU and the TRA has been reviewing these to assess whether they are suitable for UK needs.
    • UK industries concerned about imports have been able to submit applications for a new trade remedy measure since January 2021. These applications are considered by the TRA to see if there are grounds for an investigation.

    Updates to this page

    Published 26 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: RSH publishes regulatory judgements for seven landlords

    Source: United Kingdom – Government Statements

    Press release

    RSH publishes regulatory judgements for seven landlords

    The Regulator of Social Housing has today published regulatory judgements for seven housing associations.

    Following programmed inspections, Cross Keys Homes, LiveWest Homes, Midland Heart, and Thirteen Housing Group all received C1/G1/V1 gradings. Places for People Group received C1/G1/V2 gradings.

    As well as its G1/V2 gradings, Together Housing Group received a C2, meaning that there are some weaknesses in its delivery of the outcomes of the consumer standards and improvement is needed, specifically in relation to the outcomes in our Safety and Quality Standard.  

    Together Housing Group needs to demonstrate progress in the delivery of the remainder of its programme of physical inspections to fill remaining gaps in understanding the condition of its homes including on decent homes standard compliance.   

    RSH’s inspection also identified improvement needed in reporting arrangements for landlord health & safety in relation to the level of detail provided on remedial actions.  

    Cross Keys Homes was regraded from a V2 to V1 and RSH was assured that financial plans are consistent with, and support, its financial strategy. It retained its G1 grading. 

    Cross Keys also evidenced that it has an adequately funded business plan, sufficient security in place to support its financial plans, and forecasts that it will continue to meet its financial covenants under a wide range of adverse scenarios. 

    Following a two-year period of intensive engagement, RSH has now given Rochdale Boroughwide Housing a G2 grading for governance and removed a previous regulatory notice.  

    Through this engagement RSH has sought assurance that Rochdale Boroughwide Housing’s new leadership team has strengthened the way the organisation is run, to address the failings which led to Awaab Ishak’s tragic death and improve its service to tenants. 

    A G2 grading means Rochdale Boroughwide Housing meets RSH’s governance requirements overall but needs to make improvements to ensure progress continues. RSH will continue to actively engage with the provider and monitor its ongoing improvement plan.   

    RSH also removed regulatory notices for Babergh District Council and Mid-Suffolk District Council. 

    The other providers – LiveWest Homes, Midland Heart, Places for People Group and Thirteen Housing Group – retained their previous governance and financial viability gradings. 

    Kate Dodsworth, Chief of Regulatory Engagement at RSH, said: 

    “Even landlords which receive the highest gradings still have room for improvement. As we enter the second year of our inspection programme, we are looking for evidence of a proactive approach to meeting the outcomes of our standards. 

    “All landlords should aim for G1. Strong governance is fundamental to delivering more and better homes, improving services to tenants while having robust finances.” 

    Notes to Editors 

    1. On 1 April 2024 RSH introduced new consumer standards for social housing landlords, designed to drive long-term improvements in the sector. It also began a programme of inspections for all large social landlords (those with over 1,000 homes) over a four-year cycle. The changes are a result of the Social Housing Regulation Act 2023 and include stronger powers to hold landlords to account. More information about RSH’s approach is available in its document Reshaping Consumer Regulation. 

    2. More information about RSH’s responsive engagement, programmed inspections and consumer gradings is also available on its website. 

    3. RSH promotes a viable, efficient and well-governed social housing sector able to deliver more and better social homes. It does this by setting standards and carrying out robust regulation focusing on driving improvement in social landlords, including local authorities, and ensuring that housing associations are well-governed, financially viable and offer value for money. It takes appropriate action if the outcomes of the standards are not being delivered.

    4. For general enquiries email enquiries@rsh.gov.uk. For media enquiries please see our Media Enquiries page.

    Updates to this page

    Published 26 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Europe: EBA identifies payment fraud, indebtedness and unwarranted de-risking as key issues affecting consumers in the EU

    Source: European Banking Authority

    The European Banking Authority (EBA) published today the 9th edition of its biennial Consumer Trends Report for 2024/25. The Report has identified payment fraud, indebtedness, and unwarranted de-risking as the most important issues affecting EU consumers. The Report is based on information provided by the national authorities of the 27 EU Member States, selected national and EU consumer associations, EU industry associations, national ombudsmen, as well as quantitative data from a variety of sources, including for the first time the EBA’s new Retail Risk Indicators, which the EBA publishes separately since 2022 with a view to identify potential consumer harm.

    The Report concludes that payment fraud is still the most significant issue for EU consumers. This also reflects the emergence of new types of fraud, such as social engineering techniques. In this type of scams, payers are manipulated into making a payment to the fraudsters, who have adapted their techniques to elude the application of the strong customer authentication requirements imposed by EU law.

    Indebtedness emerges as the second most relevant issue, with a significant rise of what is commonly referred to as ‘Buy-Now-Pay-Later’ credit and other types of small, fast, accessible and short-term credit. Inadequate creditworthiness assessment practices of lenders and poor disclosure of pre-contractual information are found to be key drivers to indebtedness.

    Unwarranted de-risking is the third most relevant issue, with more consumers facing increased difficulties in opening and retaining payment accounts, access to which is a prerequisite for residents in the EU to be able to participate in the EU economy. This issue materialises in the form of refused onboarding of new and the offboarding of existing consumers and seems to be affecting mostly specific categories of vulnerable consumers, i.e., migrants, refugees, the homeless, cross-border workers, and individuals with poor financial histories.

    Following these findings, the EBA will consider which actions to take in 2025/26 to address the topical issues identified in 2024/25 and with the aim of further enhancing consumer protection across the EU.

    Legal basis and background

    The Consumer Trends Report 2024/25 has been developed in fulfilment of the EBA’s mandate set out in Article 9(1) of its founding Regulation, which requires the Authority to take a leading role in promoting transparency, simplicity and fairness in the market for consumer financial products or services across the internal market, including by collecting, analysing and reporting on consumer trends.

    MIL OSI Europe News –

  • MIL-OSI Russia: The “Show Moscow!” competition will help you get points in the “City of Tasks” project

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    Participants of the online tourist route competition “Show Moscow!” can receive city points in the project “City of Tasks”To do this, you need to send your own route around the capital via the online application form on the portal “Russpass. Business”, take a screenshot and attach it to the progress report on the project website or application “City of Tasks”.

    For this, the participant will receive 790 points of the city loyalty program “Million Prizes”, which can be used to receive discounts in stores and cafes, top up the transport card “Troika” or donated to charity. It is important that both the application and the profile on the “City of Tasks” website contain the same contact information: phone number and email address.

    Applications for the “Show Moscow!” contest will be accepted until May 13. Anyone who loves the capital can participate, there are no restrictions on age or profession. The goal of the project is to create new tourist routes for the city, as well as to increase the interest of residents and professional guides in the development of regional tourism.

    Participants are offered a choice of five walking themes: history and culture, transport, sports, ecology, architecture. An expert jury will select the five most creative routes. And in each of the 12 administrative districts of the capital, one winner will be determined based on the results of online voting in the project. “Active Citizen”.

    The results will be announced on July 31, 2025. The best routes will be published in the Russpass-magazine with the authorship indicated. The winners will receive diplomas and memorable gifts from the organizers and partners of the competition.

    The online competition “Show Moscow” is in line with the initiatives of the national project “Tourism and Hospitality” and is being implemented with the aim of popularizing professions in this area and replenishing the capital’s tourism portfolio with new, non-standard and accessible routes for travelers.

    There are about three thousand tour guides working in Moscow, and about 500 excursions are held daily. Moscow City Tourism Committee comprehensively supports the excursion community. In the capital, tour guides and guide-interpreters are certified in a convenient online format, and they are also invited to excursions to unique city sites that are closed to the general public. It is the guides who form the first impressions of the capital for tourists. The “Show Moscow!” competition is held to popularize the profession.

    Project “City of Tasks” has been operating since January 2022. With its help, Muscovites can monitor the work of city services, participate in environmental, cultural, sports and other activities. At present, participants have already completed more than 2.7 million tasks. The project is being developed by the State Institution “New Management Technologies” and the Moscow Department of Information Technology.

    Applications are now being accepted for participation in the online tourist route competition “Show Moscow!”

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

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

    https: //vv.mos.ru/nevs/ite/151803073/

    MIL OSI Russia News –

  • MIL-OSI: Aurora Mobile’s GPTbots.ai Partners with EasyCraft to Expand AI Agent Markets Abroad

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, March 26, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that its leading enterprise AI agent platform, GPTbots.ai has recently entered into a strategic collaboration with EasyCraft. The partnership aims to deeply integrate AI-powered agents into business process automation, knowledge management, and multi-platform collaboration, redefining the boundaries of enterprise digital transformation.

    As a leading provider of information and business automation platforms, EasyCraft is dedicated to empowering traditional enterprises with innovative solutions, paving the way for smart office practices in the era of big data and AI. Through its centralized platform, EasyCraft enables companies to optimize operational efficiency, enhance team collaboration, and respond swiftly to market changes. The goal of this strategic alliance is to leverage the strengths of both companies to achieve comprehensive digital transformation in knowledge management, business process automation, and multi-platform collaboration.

    Key Highlights of the Partnership:

    • AI-Powered Workflow Automation: EasyCraft will integrate GPTbots.ai’s AI agents to optimize its workflow management system, offering intelligent approval processes, dynamic task assignments, and data-driven decision support. This solution will significantly enhance operational efficiency, enabling rapid responses and automated management, ensuring that teams can collaborate effectively at every stage.
    • Enhanced Third-Party Integration: GPTbots.ai’s AI agents will collaborate with EasyCraft’s Third-Party Integration Bus, enabling businesses to gain AI-driven insights across various business tools (such as CRM and ERP).
    • Multi-Device AI Accessibility: GPTbots.ai’s AI agent solutions will enhance EasyCraft’s PC and mobile multi-operating system experience. Through AI-driven virtual assistants, users will enjoy seamless interactions and support across different operating systems and devices, allowing for a more flexible working environment.
    • AI-Augmented Low-Code Development: The partnership will develop AI-driven business applications tailored for international markets, assisting enterprises in quickly building intelligent workflows through a low-code platform, unlocking the full potential of AI.
    • Revolutionary Knowledge Management: Leveraging GPTbots.ai’s AI agents, EasyCraft’s Knowledge Management System (KMS) will transform traditional knowledge retrieval methods, allowing enterprises to conduct in-depth, context-aware knowledge searches. With the implementation of Retrieval-Augmented Generation (RAG) technology, businesses will gain more precise insights and analyses from their internal knowledge bases, enhancing intelligent decision-making and supporting flexible application and innovation of knowledge.

    This collaboration will also include joint marketing initiatives, joint participation in international AI and enterprise technology forums, and customized solution packages for various industries, including financial services, manufacturing, healthcare, and retail, further promoting AI adoption in the global markets.

    The deepening collaboration between GPTbots.ai and EasyCraft aims to provide enterprises with more flexible, efficient, and intelligent business solutions, helping them thrive in an AI-driven era. We look forward to exploring new possibilities together in the days ahead, advancing enterprise digital transformation hand in hand.

    About EasyCraft

    EasyCraft is a brand under FORTUNE DUO SDN. BHD. and a leading expert in intelligent digital office solutions. We provide a centralized information and business automation platform designed to empower enterprises with seamless workflow automation, third-party integrations, and low-code development. EasyCraft’s solutions help businesses optimize processes, enhance team collaboration, and swiftly adapt to market changes, driving digital transformation. Our goal is to leverage advanced technology and innovation to support traditional enterprises in thriving in the era of intelligent office solutions.

    About GPTBots.ai

    GPTBots.ai is a complementary general-purpose LLM AI bot featuring private data input and continuous fine-tuning, which can replace ‘rule-based’ chatbots, improve user experience, and reduce costs. GPTBots.ai aims to provide users with an end-to-end business platform that can seamlessly integrate robots into existing applications and workflows via plug-ins. GPTBots.ai also allow users to have great access to, and more efficiently and effectively using, AIGC to improve overall corporate productivity and output quality.

    To know more, please visit https://www.gptbots.ai.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited 
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In U.S.
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ed9def4e-b8ad-4e94-a5d3-8e90911504e3

    The MIL Network –

  • MIL-OSI Russia: With the support of the State University of Management: “School in Nekrasovka” becomes a forge of banking personnel

    Translartion. Region: Russians Fedetion –

    Source: State University of Management – Official website of the State –

    GUU and “School in Nekrasovka” will create entrepreneurship and environmental classes. Agreements on this were reached during a meeting held on March 25, 2025 at the State University of Management between Rector Vladimir Stroyev and the school director, Deputy Chairperson of the Commission on Education and Youth Policy of the Moscow City Duma Maya Bulaeva.

    Also present at the meeting from the GUU side were Vice-Rector Dmitry Bryukhanov and Advisor to the Rectorate Nikolay Mikhailov, Director of the Career Guidance Center Elena Likhatskikh and her deputy Andrey Kolchin. And from the guests side – Deputy Director of the school for maintenance Olga Shuvanova and partner-employer, representative of Alfa-Bank Dmitry Belyavsky.

    At the beginning of the meeting, welcoming the guests, the rector called the State University of Management a “district-forming university” since residents and enterprises of Vykhino-Zhulebino use the university’s infrastructure, its swimming pool, sports complex, assembly hall, and the former prefect of the South-Eastern Administrative District Vladimir Zotov still actively works at the Department of State and Municipal Management.

    Director of the School in Nekrasovka Maya Bulaeva shared that she has been trying to build a school-university-enterprise line for a long time, but has not been able to establish connections with the middle management. The school actively cooperates with Alfa-Bank within the framework of the Moscow Department of Education and Science project “Entrepreneurial Class”. “The school works, the bank invests, but ultimately does not receive results in the form of young specialists. We ask for help to fill this gap,” Maya Valeryevna addressed the management of the State University of Management.

    Vladimir Stroyev agreed that today there is a noticeable shortage of personnel even in the most prestigious banks. Modern youth should be prepared in advance for a serious attitude towards their career, build personal connections, otherwise graduates will be immediately “taken apart” by competitors. “Our option of training specialists from school is very effective, it is almost an ideal scheme, especially since we are also geographically close,” the rector noted.

    Maya Bulaeva also suggested creating environmental classes, especially since the rector’s advisor Nikolai Mikhailov is the head of the department of “Ecology and Nature Management” and a member of the Russian Geographical Society. The university has a solid scientific foundation, and the “School in Nekrasovka” has excellent teachers who prepare winners of environmental Olympiads. In addition, there is already a partner in mind that is ready for cooperation – the Moscow Zoo.

    Vladimir Stroyev expressed readiness for any cooperation options, provided that the planned initiatives are worked out in detail. In addition, he, together with the vice-rector of the State University of Management Dmitry Bryukhanov, spoke about the unique system of project-based learning at our university, which allows employers to select potential employees starting from the first year without financial investments.

    During the further conversation it became clear that the School in Nekrasovka has developed the teaching of Chinese, which is useful for future specialists given Russia’s current orientation toward Eastern markets. Continuing this topic, Vladimir Stroyev told the guests about cooperation with the Ministry of Economic Development, in particular about foreign internships and the All-Russian competition of socially responsible initiatives of entrepreneurs and NPOs “My Good Business”, the third season of which is nearing completion. Maya Bulaeva was especially interested in the competition of social entrepreneurs and received an invitation from the rector to take part in the award ceremony for the winners.

    Subscribe to the TG channel “Our GUU” Date of publication: 03/26/2025

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Nine Polytechnicians Receive Potanin Foundation Grants

    Translartion. Region: Russians Fedetion –

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

    Nine teachers of Peter the Great St. Petersburg Polytechnic University received grants from the Vladimir Potanin Foundation Scholarship Program. In total, the foundation supported 150 projects for redesigning and transforming master’s degree programs proposed by representatives of universities participating in the Scholarship Program.

    The competition received 574 applications from 68 universities. The supported initiatives of teachers are aimed at changing master’s degree programs. The projects pay special attention to student-centeredness, interdisciplinarity, updating of content and flexible management of educational content.

    The winners of the grant competition will receive 500 thousand rubles each. The projects must be implemented within a year.

    The winners of the competition from Polytechnic University were:

    Assistant of the Higher School of Project Activities and Innovations in the IMIT industry Salbek Beketov (project “Redizin course“ Mathematical models of technical management facilities ”due to the creation and integration of the adaptive module according to optimization methods”);
    Associate Professor of the Higher School of Public Administration, IPMEIT Andrei Burmistrov (project “Digital transformation of the training course“ Strategic personnel management in IT organization ””);
    Associate Professor of the Higher School of Project Activities and Innovations in the IMMIT industry Alexei Gintsyak (project “Comprehensive improvement of the course on digital modeling of production processes as a configured educational product”);
    Associate Professor of the Higher School of Project Activities and Innovations in the IMIT industry Tatyana ITS (project “Redizin program of the master’s program by re-taxing training courses into independent modules that form universal and general professional competencies using a new design-oriented training model”);
    Associate Professor of the Higher School of Production Management of IPMEIT Anastasius Klimin (project “Redizin discipline of the training of masters“ Digital marketing ””);
    Associate Professor of the Higher School of Business Engineing Ipmeit Nikolai Paklin (project “Analytics of self-service and artificial intelligence: redesigning course on machine learning”);
    Associate Professor of the Higher School of Production Management of IPMEIT INGA Skvortsova (the project “Improving the practice-orientation and redesign of the master’s program“ Energy Management ””);
    Associate Professor of the Higher Engineering and Economic School, Head of the System Dynamics Nile Ipmeite Angi Schvediani (project “Multi-dimensional statistical analysis”);
    Associate Professor of the Higher School of Linguistics and Pedagogy of the GI Evgeny Tsimerman (project “Digital redesign of the master’s program“ English language in the context of international education ””).

    “Our university traditionally participates and wins in the Potanin Foundation’s Master’s program support competition. Last year, grants received four teachers, this year – nine, – said Vice-Rector for Educational Activities Lyudmila Pankova. – The winning projects are aimed at developing new courses within the framework of existing master’s programs, online components and online tools for taught courses, as well as introducing new teaching methods: project tasks, business games, cases, inclusion of project and production approaches, including with the participation of partner organizations and the industrial sector.”

    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 New Zealand: Unlocking data to increase competition and choice

    Source: New Zealand Government

    Easier data sharing will lead to greater competition and better choice for consumers in key markets such as banking and electricity, thanks to today’s passing of the Customer and Product Data Bill, says Commerce and Consumer Affairs Minister Scott Simpson.
    “The days of manually searching the internet for the best electricity plan, or painstakingly going line by line through months of bank statements when applying for a mortgage, could soon be over. Using your own data shouldn’t be that difficult, and it won’t be in the future,” says Mr Simpson.
    “This is a monumental step for Kiwi consumers. It sets up the framework to give them greater ownership of their data, and more power and ease when it comes to shopping around for the best deal on utilities and other essential services.
    “It will also help grow New Zealand’s economy by breaking down the barriers for innovative technology companies, meaning they can also save time and money and offer new data-driven products and services.
    “Progressing this Bill was recommended by the Commerce Commission following its market study of the banking sector. We are on track to have open banking operational by the end of the year – well before the June 2026 target set by the Commission – with regulations specific to the sector to be confirmed in the coming weeks.
    “The next cab off the rank will be the electricity sector, to enable open electricity, and the legislation opens up possibilities in other sectors in future.
    “This legislation is very timely, with the media reporting just last week on exactly why a consumer data regime was needed. For instance, a Commerce Commission study found that nearly a third of mobile and broadband users have not switched providers because it was simply too hard.
    “Meanwhile in the electricity sector, comparison website Powerswitch says that because not all retailers are playing ball and sharing information, it is difficult to support people wanting to switch.
    “The data has always been there – but businesses holding it have had little incentive to invest in better data-sharing technology and agreements. We’re putting the power back into the hands of those who own the data: consumers.
    “I am excited to see the competition, choice, and innovation that this will unleash.”

    MIL OSI New Zealand News –

  • MIL-OSI: GAM announces 2024 full year results

    Source: GlobeNewswire (MIL-OSI)

    26 March 2025

    PRESS RELEASE

    Ad hoc announcement pursuant to Art. 53 Listing Rules:

    GAM announces 2024 full year results

    Strong progress in implementing turnaround strategy. GAM continues to target profitability in fiscal year 2026.

    Financial Highlights for Full Year 2024

    • IFRS net loss of CHF 70.9 million compared to CHF 82.1 million for FY 2023.
    • Underlying loss before tax of CHF 66.8 million compared to CHF 49.5 million for FY 2023.
    • AuM at CHF 16.3 billion compared to CHF 19.3 billion as at 31 December 2023.
    • Cost optimisation initiatives across the business resulted in a 20% decrease in underlying expenses compared to FY 2023. The full impact of these cost optimisation initiatives will be reflected in FY 2025 and beyond.
    • Successful CHF 100 million rights issue completed in November 2024, which resulted in our anchor shareholder, NJJ Holding SAS (through its holding in Rock Investment SAS (“Rock”)) becoming our majority shareholder.
    • The maturity of the existing CHF 100 million Rock loan facility has been extended until 31 December 2027.
    • GAM is now a highly scalable pure investment platform with strong global distribution capabilities focusing on three core areas to drive sustainable growth and profitability: Specialist Active Investing, Alternative Investing and Wealth Management.
    • GAM continues to target profitability in fiscal year 2026.

    Strategic Highlights

    • Launched GAM Alternatives, providing access to in-house and third-party alternative managers focusing on absolute return strategies and best-in-class talent.
    • A new, high performing and successful European Equity team joins GAM in 2025.
    • Partnering with Sun Hung Kai & Co. Ltd to drive growth and enhance our distribution capabilities across Greater China including Hong Kong, mainland China, Taiwan, and Macau.
    • In 2025, GAM will continue to partner with best-in-class external managers, to include the development of new products and the distribution of their own existing products to GAM clients.

    Elmar Zumbuehl, Group CEO at GAM said: “We have made strong progress in implementing GAM’s turnaround strategy and have now evolved into being a pure play investment management firm, but we are not finished yet. The cost optimisation initiatives implemented in 2024 will yield their full benefit in 2025 and beyond. While we stay focused on further cost optimisation, our main emphasis is growing our AuM and revenues as we continue our turnaround. With an unwavering commitment to our clients, and an expanding suite of innovative and distinctive products, we continue to build positive momentum and strengthen our market position. Backed by our majority shareholder, we continue to target profitability in fiscal year 2026 and remain focussed on delivering for our clients and all our stakeholders.”

    Summary Financials

    In 2024, we reported IFRS net loss after tax of CHF 70.9 million, compared with an IFRS net loss after tax of CHF 82.1 million in 2023. The loss in 2024 was mainly driven by the underlying net loss after tax of CHF 66.9 million.

    Please refer to the ‘Financial Results for FY 2024’ section later in this press release for full information.

    Financial Strength

    In November 2024, GAM completed its CHF 100 million fully underwritten ordinary capital increase by way of a rights issue to support the implementation of GAM’s strategy and provide long-term financial stability. Given Rock’s underwriting commitment, NJJ Holding SA (indirectly) is now the majority shareholder of GAM following the rights issue.

    The existing CHF 100 million Rock loan facility remains in place with its maturity extended to 31 December 2027.

    Strategy Update

    GAM’s strategy is designed to achieve sustainable growth and profitability by delivering best possible investment performance and exemplary service for our clients by focusing on our Investment and Wealth Management capabilities. The four pillars of our strategy remain:

    • Focusing on clients in existing core markets;
    • Amplifying and growing core active equity, fixed income and multi-asset strategies by investing in talent and product ideas;
    • Diversifying into new investment product areas and our Wealth Management offering by leveraging GAM’s heritage in active management, building strategic partnerships, and its alternatives and hedge funds platform; and
    • Enhancing effectiveness by reducing complexity.

    GAM is now focusing exclusively on its Investment (Specialist Active and Alternatives) and Wealth Management businesses, expanding its distribution reach and capabilities, amplifying its core active strategies, and diversifying into new product areas, including building out our higher margin alternatives capabilities.

    We have made strong progress throughout 2024 on our four-pillar strategy to transform GAM into a focused, client-centric, and profitable business.

    Focusing on clients

    Focusing on our clients in our existing core markets has been the most important way to rebuild GAM. In key markets where we have clients, but lack scalable distribution, we have, and will continue to, add partnerships to support our growth strategy and provide a broader range of client’s access to unparalleled investment expertise, opportunities, and exceptional outcomes across specialist active and alternative investment strategies.

    We established a strategic alliance with Sun Hung Kai & Co. Ltd. to grow our client base, distribute our products, and innovate our alternatives offering across the Greater China region, including Hong Kong, mainland China, Taiwan, and Macau.

    We have also enhanced our regional presence and client coverage by hiring new Heads of Distribution across Switzerland, Germany, Austria, Iberia, the UK, Australia, New Zealand, and France to drive our local market presence. This significant investment into our client facing teams will enable GAM to provide clients with excellent local contacts, strong relationship management and access to unparalleled investment expertise targeting exceptional outcomes.

    We additionally expanded our client reach through opening a second US office in Miami to cover the US international and Latin American markets and we are close to gaining customary approvals to open our planned branches in Paris and Milan.

    Amplifying and growing core active equity, fixed income, and multi-asset strategies by investing in talent and product ideas

    We are enhancing our capabilities by recruiting first-class investment talent in alternatives, systematic and equities teams.

    We have established a multi-asset centre of excellence in a global team to optimise all our multi-asset investment capabilities, enhance client outcomes, and align with evolving market dynamics and client needs. The high quality and excellent performance of this team will allow GAM to grow its wealth management business.

    In February 2025, we announced the hiring of three high performing and successful European Equity team members from Janus Henderson Investors. These strategic hires underscore GAM’s steadfast dedication to providing clients with access to unparalleled investment expertise and exceptional outcomes. The team brings extensive experience, having managed over EUR 6.5 billion in European Equity funds on behalf of institutional and retail clients globally.

    In addition, we have strengthened our sustainability and stewardship practices, meeting the principles of the UK and Swiss Stewardship Codes. Today GAM released its 2024 Sustainability Report which is available at www.gam.com

    Diversifying into new investment products while expanding the wealth management offering by leveraging GAM’s heritage in active management, strategic partnerships, and its alternatives and hedge funds platform

    Randel Freeman joined GAM in 2024 as Co-head / Co-CIO of GAM Alternatives to build out our alternative investments platform to meet growing investor demand with differentiated offerings. In addition, in 2025, we hired two senior sales specialists with deep experience in Alternatives distribution.

    In 2024, we launched GAM funds to introduce and distribute Avenue Capital’s Sports Opportunities fund, plus partnered with Arcus Investment to distribute their Japanese long/short equities fund. GAM also partnered with world leading Trafigura Group’s subsidiary Galena Asset Management to manage the GAM Commodities fund providing best-in-class sector expertise. This provides our clients access to exclusive and attractive commodity investment opportunities.

    We are launching the GAM LSA Private Shares strategy in Europe to provide access for European clients to this award-winning evergreen, late-stage private equity fund.

    Throughout 2025, GAM will be assessing M&A opportunities to enhance existing offerings, attracting best-in-class long-term strategic partnerships, and recruiting top talent to our core business areas globally.

    Enhancing effectiveness by reducing complexity

    Following the transfer of our fund services business for third-party funds we also successfully transitioned our Luxembourg, Irish and Swiss fund management company (ManCo) activities to Apex Group and 1741 Group in Q4 2024. In addition, we consolidated our operations onto our cloud based SimCorp investment management platform. GAM now operates on a global platform that delivers operational efficiencies.

    These implementations pave the way to a much less complex operating model underpinning and delivering best outcomes for our clients.

    GAM is now a highly scalable global investment platform with strong global distribution capabilities focusing on three core areas to drive sustainable growth and profitability: Specialist Active Investing, Alternative Investing and Wealth Management.

    Business Areas

    GAM Investments is focused on three core business areas to drive sustainable growth and profitability:

    • GAM Specialist Active: Deep expertise, experience and specialisms unlocking core and niche returns in equities, fixed income, and multi-asset investing;
    • GAM Alternatives: Access to in-house and third-party alternative investment managers focusing on absolute return strategies and best-in-class talent; and
    • GAM Wealth Management: Multi-asset solutions with tailored portfolios for high-net-worth individuals, charities and trusts, utilising best-of-breed GAM and third-party products.

    These three core business areas share and benefit from GAM’s global platform and agile operating model and modern technology.

    Investment Performance

    GAM has continued to deliver strong overall investment performance across our diverse and distinctive products, with 64% of assets under management (AuM) outperforming their three-year benchmark and 89% outperforming their five-year benchmark, as at 31 December 2024. Despite some weaker short-term performance in equities, the longer-term 5-year performance remains strong.

    Percentage of GAM Fund AuM Outperforming Benchmark

        3 years 3 years 5 years 5 years
    Business Area Asset Class 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023
    Specialist Active Fixed income 94% 98% 95% 91%
    Specialist Active Equity 1% 39% 79% 59%
    Alternatives Alternatives 60% 73% 75% 96%
    Total   64% 78% 89% 81%

    % of AuM in funds outperforming their benchmark (excluding mandates and segregated accounts) across our business areas. Three- and five-year investment performance based on applicable AuM of CHF 9.0 billion and CHF 9.0 billion, respectively.

    Compared to our peer group performance remained strong, 66% of AuM outperformed their three-year Morningstar peer group and 82% outperformed their five-year Morningstar peer group, as at 31 December 2024.

    Percentage of GAM Fund AuM Outperforming Morningstar Peer Group

        3 years 3 years 5 years 5 years
    Business Area Asset Class 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023
    Specialist Active Fixed income 61% 53% 60% 50%
    Specialist Active Equity 20% 51% 89% 89%
    Alternatives Alternatives 91% 89% 95% 96%
    Total   66% 66% 82% 76%

    GAM continues to be recognised for its investment performance, including having been awarded the overall best European small group 2025 by Lipper. Four GAM funds (including two funds of our Swiss Equity strategy) won Lipper’s 2025 top performance awards across multiple countries. For the second time, at the Citywire Investment Performance Awards, GAM Multi-asset won the Best Large Firm Award. GAM won the Wealth Management PAM 2024 award for its growth portfolios. GAM’s Sustainable Climate Bond strategy won and was chosen as the best ESG Investment Fund in the Green, Social and Sustainability Bonds category at the ESG Investing Awards 2024. For further details on these and other awards please visit http://www.gam.com/awards.

    Assets Under Management and Net Flows by Business Area

    Total AuM were CHF 16.3 billion as at 31 December 2024, compared to CHF 19.3 billion as at 31 December 2023. Net outflows of CHF 4.4 billion were partially offset by positive market and foreign exchange movements of CHF 2.0 billion.

    Business Area Opening AuM
    1 Jan 2024    		 Net
    flows    		 Disposal(1) Market/FX
    movements    		 Closing AuM
    31 Dec 2024
    Specialist Active 17.5 (3.9) (0.6) 1.9 14.9
    Alternatives 0.9 (0.4)   – 0.5
    Wealth Management 0.9 (0.1)   0.1 0.9
    Total 19.3 (4.4) (0.6) 2.0 16.3
    (1) In the second half of 2024, the sale of the UK Equity Income Fund to Jupiter Asset Management completed and subsequently is reflected as a disposal. Therefore, net outflows of CHF 0.6 billion in 2024 have been reflected as a disposal.

    Financial Results for FY 2024

    The average management fee margin earned on investment management AuM in 2024 was 40.4 basis points, compared with the average margin for the financial year 2023 of 49.7 basis points. The change in average management fee margin primarily reflects the mix of assets under management across products and sub-advisory agreements with existing and new partners.

    Net management fees and commissions in 2024 totalled CHF 75.9 million, down from CHF 124.4 million in 2023 due primarily to the sale of the third-party fund services business in January 2024, lower average AuM and reduced average management fee margin in investment management.

    Underlying net performance fees totalled CHF 1.9 million, down from CHF 4.8 million in 2023.

    Underlying net other income/expenses includes net interest income and expenses, the impact of foreign exchange movements, net gains and losses on seed capital investments and hedging, as well as fund-related fees and service charges. In 2024, a net loss of CHF 2.3 million was recognised, compared with a CHF 0.4 million net loss in 2023. The 2024 net loss was mainly driven by the interest expenses incurred on the Rock Investment SAS loan facility and the impact of foreign exchange movements. The IFRS net other expense in 2024 amounts to CHF 4.4 million. The difference between the underlying and the IFRS net other expense of CHF 2.1 million mainly relates to a net foreign exchange loss on pension loan note offset by other income driven by the assignment of the UK property lease to a third party.

    Underlying personnel expenses decreased by 26% to CHF 76.6 million in 2024, compared with CHF 96.8 million in 2023. Fixed personnel costs decreased by 28%, driven by lower headcount. Headcount stood at 294 FTEs as at 31 December 2024, compared to 478 FTEs as at 31 December 2023. Variable compensation in 2024 fell to CHF 11.2 million from CHF 13.1 million in 2023, mainly driven by lower management and performance fees which impacted variable compensation arrangements. The underlying personnel expenses compares to IFRS personnel expenses of CHF 81.0 million. The difference between the underlying and the IFRS personnel expenses of CHF 4.4 million primarily relates to a reorganisation charge. (For further information, see note 6 of the condensed consolidated interim financial statements).

    Underlying general expenses in 2024 were CHF 52.1 million, down from CHF 65.0 million in 2023 due to cost optimisations initiatives across the business. This compares to IFRS general expenses of CHF 54.0 million. The difference between the underlying and the IFRS general expenses of CHF 1.9 million mainly relates to the Group’s reorganisation initiatives.

    Underlying depreciation and amortisation charges were CHF 13.8 million in 2024 compared to CHF 16.5 million in 2023. There is no difference between underlying and IFRS amounts.

    The underlying pre-tax loss in 2024 was CHF 66.8 million, compared to a CHF 49.5 million underlying pre-tax loss in 2023. The higher loss was driven mainly by lower net fee and commission income being only partially offset by lower personnel and general expenses. The underlying loss compares to an IFRS net loss before tax of CHF 69.6 million. The difference of CHF 2.8 million mainly relates to the remeasurement of the brand intangible, strategic initiative expenses and foreign exchange loss on pension loan note. (For further information, see note 6 of the condensed consolidated interim financial statements).

    The underlying income taxes in 2024 was a tax expense of CHF 0.1 million compared to a tax expense of CHF 0.3 million in 2023.

    Diluted underlying losses per share in 2024 was a negative CHF 0.25, compared to a negative of CHF 0.32 in 2023. This compares to a diluted IFRS earnings per share of negative CHF 0.27 in 2024. The difference between the diluted underlying and the diluted IFRS earnings per share of CHF 0.02 relates to the lower underlying net loss.

    Cash and cash equivalents as at 31 December 2024 were CHF 65.1 million, down from CHF 87.2 million as at 31 December 2023.This reduction was driven by the losses made by the Group partially offset by the proceeds received from the ordinary capital increase made by way of a rights offering in November 2024.

    Adjusted tangible equity as at 31 December 2024 was CHF 58.5 million, up from CHF 20.9 million as at 31 December 2023.The main contributor to this increase was ordinary capital increase by way of a rights issue that took place in November 2024. See page 17 of our Annual Report 2024 for full definition of adjusted tangible equity.

    The Board of Directors proposes to shareholders that no dividend will be paid for financial year 2024 given the underlying net loss in 2024.

    Outlook

    GAM continues to focus on implementing its strategy. Our priority is to achieve sustainable overall positive net inflows by rebuilding GAM’s distribution capabilities with a focus on our existing products and new product launches. The timeline for achieving these net inflows will be driven by our success in delivering our strategy, subject to market conditions. GAM continues to target profitability in fiscal year 2026.

    Additional information

    Results Centre | [FY2024 year report] | [FY2024 Investor presentation] | [FY2024 Investor workbook] | [2024 Sustainability Report] | [GAM corporate calendar]

    Investor Relations        
    Magdalena Czyzowska        
    T +44 (0) 207 917 2508            		 Media Relations        
    Colin Bennett        
    T +44 (0) 207 393 8544

    Visit us: www.gam.com
    Follow us: X and LinkedIn

    About GAM Investments

    GAM Investments is a highly scalable global investment platform with strong global distribution capabilities focusing on three core areas, Specialist Active Investing, Alternative Investing and Wealth Management, that is listed in Switzerland. It delivers distinctive and differentiated investment solutions across its Investment and Wealth Management businesses. Its purpose is to protect and enhance clients’ financial future. It attracts and empowers brightest minds to provide investment leadership, innovation and a positive impact on society and the environment. Total assets under management were CHF 16.3 billion as of 31 December 2024. GAM Investments has global distribution with offices in 14 countries and is geographically diverse with clients in almost every continent. Headquartered in Zurich, GAM Investments was founded in 1983 and its registered office is at Hardstrasse 201 Zurich, 8037 Switzerland. For more information about GAM Investments, please visit www.gam.com

    Other Important Information

    This release contains or may contain statements that constitute forward-looking statements. Words such as “anticipate”, “believe”, “expect”, “estimate”, “aim”, “project”, “forecast”, “risk”, “likely”, “intend”, “outlook”, “should”, “could”, “would”, “may”, “might”, “will”, “continue”, “plan”, “probability”, “indicative”, “seek”, “target”, “plan” and other similar expressions are intended to or may identify forward-looking statements.

    Any such statements in this release speak only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance, and estimates. Any forward-looking statements in this release are not indications, guarantees, assurances or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the person making such statements, its affiliates and its and their directors, officers, employees, agents and advisors and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct and may cause actual results to differ materially from those expressed or implied in any such statements. You are strongly cautioned not to place undue reliance on forward-looking statements and no person accepts or assumes any liability in connection therewith.

    This release is not a financial product or investment advice, a recommendation to acquire, exchange or dispose of securities or accounting, legal or tax advice. It has been prepared without taking into account the objectives, legal, financial or tax situation and needs of individuals. Before making an investment decision, individuals should consider the appropriateness of the information having regard to their own objectives, legal, financial and tax situation and needs and seek legal, tax and other advice as appropriate for their individual needs and jurisdiction.

    Attachment

    The MIL Network –

  • MIL-OSI Australia: Automotive sector outlook: what’s driving recent trends

    Source: Allens Insights (legal sector)

    Regulation and scrutiny set to intensify 11 min read

    Whether it be consumer guarantees or vehicle emissions, the automotive sector continues to be highly regulated, and the target of scrutiny from regulators and private litigants alike. In this Insight, we reflect on some of the key issues facing the sector.

    Class action risk regaining momentum

    In recent years, the automotive sector has been a prominent target of class actions, with multiple claims filed each year. However, the rate of new claims noticeably stalled in mid-to-late 2023. Although there were eight claims in 2023, seven of these were filed by May. 

    In our 2024 Class Action Risk Report, we suggested that class action promoters may have been adopting a ‘wait and see’ approach, pending the High Court’s guidance in the Toyota and Ford proceedings on the availability of ‘reduction in value damages’ for breaches of the acceptable quality guarantee under section 272(1)(a) of the Australian Consumer Law (the ACL). This form of damages has been a mainstay in previous automotive class actions and a substantial driver of significant damages awards.

    The High Court provided that guidance late last year. As reported previously, it held that reduction in value (RIV) damages are a ‘performance based remedy’, reflecting the monetary difference between the value of what the consumer bargained for and what they ultimately received. The majority found that RIV damages are to be calculated as the amount by which the value of the goods was reduced by the failure to comply with the guarantee at the time of supply, with regard to ‘all that is known at the time of trial about the “state and condition of the goods”‘. Accordingly, the assessment includes consideration of both the nature of the defect, and the likely availability, timing, effectiveness, cost and inconvenience of any repairs.

    Automakers can find welcome relief in this decision because the High Court’s approach gives recognition to ‘field actions’ carried out by manufacturers in reducing their liability. However, depending on the seriousness of the defect and/or how long it takes to repair, manufacturers’ potential exposure to damages may still be considerable.

    It remains early days in assessing how class action promoters may respond to the High Court’s decision. Even so, there are initial signs that automotive class action filings may be regaining momentum, with two new claims filed in the past few months.

    Changes to dealership operating models

    Recent years have seen a number of Australian automakers consider, and implement, changes to their distribution models—away from a traditional dealer structure and towards an agency arrangement. Under this change, instead of dealers purchasing cars from automakers and onselling them to customers at a mark-up, they act as agents and sell cars on the automaker’s behalf (generally at an agreed price and in exchange for commission).

    While an agency approach gives automakers far more control over pricing and margins, the transition has been opposed by many franchisees, who fear a loss of profitability and goodwill in their business. Following Mercedes-Benz’s implementation of an agency model between 2016 to 2020, 38 of its 49 dealers commenced a class action alleging the loss of A$650 million in expropriated goodwill.

    We have now seen two distribution model changes litigated through the Australian courts—Mercedes-Benz (referred to above) and Honda Australia, which restructured its dealership network in 2020. While Mercedes-Benz emerged (relatively) unscathed, Honda had mixed success before different courts, and the two cases provide a helpful illustration of the current state of the law. Importantly, the decisions confirm that:

    • automakers are generally entitled to change their business models in the interest of improving profitability (even where it causes financial loss to their dealers); and
    • there is no current right under Australian franchising laws for a franchisee to be compensated for any loss of goodwill upon the non-renewal of a franchise agreement.

    With that said, in implementing any changes to distribution models, automakers should be very careful to honour existing contractual relationships and avoid misrepresentations or inaccurate statements. Compensation may be available where automakers eg :

    1. terminate dealership agreements early, and without a contractual right to do so;
    2. inform dealers they will be no worse off under a new model without a proper basis; or
    3. represent to customers that former authorised dealers can no longer service their vehicles, when this is inaccurate.

    The Mercedes-Benz and Honda cases concerned restructures that occurred before 2021, when the Franchising Code was amended to codify a compensation mechanism in circumstances where a motor vehicle franchisor terminates dealership agreements early. This regime will continue to apply under the new Franchising Code (see below). It will be interesting to see—in light of these decisions and the reforms to the Code—whether other automakers decide to follow in Mercedes-Benz and Honda’s footsteps.

    New Franchising Code on the way

    The Federal Government has now legislated a new Franchising Code of Conduct, which will take effect on 1 April 2025 and replace the current version of the Code, which is due to ‘sunset’.

    For motor vehicle franchisors, the changes in the Code will start applying on the following dates:

    • Almost all changes apply only to conduct that occurs on or after 1 April 2025, in relation to franchise agreements entered into, transferred, renewed or extended from this date.
    • Disclosure requirements in relation to significant capital expenditures will change, but the new requirements apply only to disclosure documents created on or after 1 November 2025. In all other respects, disclosure documents provided to franchisees in relation to franchise agreements to be entered into on or after 1 April 2025 (including disclosure documents provided before 1 April 2025 but relating to franchise agreements to be entered into after 1 April 2025) must comply with the form required by the new Code.

    Automakers will need to make some changes to the standard form of their dealership agreements, and a new form of disclosure document is required to be created.

    The new Code contains very few surprises for industry players who have been following its progress, as it largely aligns with the recommendations of the Independent Review released in February 2024 and the Exposure Draft released in October 2024.

    For automakers, it is important to note that the new Code has retained, without substantive changes, the provisions relating to compensation where a franchisor terminates dealership agreements early (with the changes proposed in the earlier Exposure Draft not implemented). The new Code also retains the obligation on motor vehicle franchisors to ensure that dealership agreements give franchisees a reasonable opportunity to make a return on their investment.

    The following reforms in the new Code are relevant to automakers who distribute through dealership or agency networks in Australia:

    1. Inclusion of service and parts agreements: The new Code includes a revised definition of ‘motor vehicle dealership’, which expressly captures ‘any servicing or repairing of motor vehicles’ conducted by dealers, or associated with a dealership agreement, where the dealer buys, sells, exchanges or leases motor vehicles.

      This change aligns the statutory definition with judicial interpretation of the Code in the AHG v Mercedes-Benz case.1 It is broadly designed to prevent franchisors from structuring contracts with dealers so as to exclude service and repair work from the Code’s application, while ensuring that pure service and repair franchise businesses are not subject to obligations specific to ‘motor vehicle dealerships’.

    1. Simplification of termination rights for franchisors: In relation to a limited set of serious termination events—eg the franchisee ceasing to hold a licence it needs to carry on the business, being deregistered as a company, or being convicted of a serious offence—the franchisor will be entitled to include in its franchise agreements a right to terminate on seven days’ notice, and the franchisee will not be permitted to raise a dispute under the alternative dispute resolution mechanism for such termination.
    2. Disclosure obligations: The new Code no longer requires franchisors to provide a key facts sheet to franchisees, separate from the disclosure document. Existing franchisees will be entitled to opt out of receiving disclosure documents, and also the 14-day cooling-off period, at the time of renewal or extension of the franchise agreement.
    3. Civil penalties apply to all substantive obligations: Whereas in the existing Code, only a limited number of substantive obligations will attract a civil penalty if breached, under the new Code, all substantive obligations will attract civil penalties if breached.

    Outside of the new Code, the Government has legislated to empower the ACCC to issue infringement notices with penalties at the upper end of what is currently available under the ACL (ie $19,800 for a body corporate).

    The New Vehicle Efficiency Standard begins to bite

    With the New Vehicle Efficiency Standard Act 2024 (Cth) (the NVES Act) taking effect at the start of this year, and the accumulation of the associated units and penalties commencing on 1 July 2025, the new standard is now kicking into gear.

    The NVES Act forms a central part of the Government’s National Electric Vehicle Strategy, which aims to promote Australia’s transition to a decarbonised transport system by providing a national framework to enhance the supply of, and access to, electric vehicles. Under the NVES Act, suppliers are incentivised to uptake more fuel-efficient, low or zero emission vehicles (including electric vehicles) through the following mechanisms:

    1. Suppliers of new light vehicles into the Australian market are required to keep CO2 emissions below annual emissions targets calculated based on the emissions and weight of vehicles sold. Stricter emissions targets are imposed for ‘Type 1’ vehicles (eg sedans and hatchbacks) than ‘Type 2’ vehicles (eg vans and utilities, and larger SUVs). The emissions targets of both vehicle types are expected to become more stringent over time.
    2. Central to the statutory regime is the concept of ‘Interim Emission Value’ (IEV), which measures the emissions performance of each supplier’s covered vehicles for a given year against the annual emissions targets set for the relevant vehicle type.
    3. Suppliers whose average fleetwide emissions fall below legislative targets (and therefore generate a negative IEV) will accrue tradeable ‘units’ or credits that can be sold to or purchased by other suppliers, and will be valid for up to three years.
    4. By contrast, suppliers that exceed their emissions targets (and therefore generate a positive IEV) may be liable for civil penalties, although liability will not crystallise immediately. Suppliers will have two years to bring their IEV down to zero, and can do so either by generating sufficient units themselves to meet any shortfall (ie by importing more fuel-efficient vehicles) and/or by purchasing units from other suppliers.

      If the supplier’s IEV has not been fully offset at the end of this period, the supplier will be liable for a civil penalty calculated at the scale of $100 for every gram of CO2 per kilometre of the supplier’s IEV that has not been offset. As the penalty regime applies to each covered vehicle, there is potential for significant fleetwide penalties, presenting a substantial new regulatory risk for automakers importing new vehicles into Australia.

    NGOs play a growing part in the enforcement of greenwashing claims

    We continue to see non-government organisations (NGOs) playing an increasingly prominent role in highlighting alleged instances of greenwashing by automakers, often with the dual aims of raising public awareness and agitating for regulatory enforcement action.

    Recent examples of this phenomenon are widespread. In 2023, the Environmental Defenders Office (EDO), an Australian environmental legal centre, published a report assessing climate-related claims made by the largest automotive companies in Australia. Most significantly, the report alleged that almost all automakers had made exaggerated climate-related claims, particularly by misleadingly comparing hybrid vehicles to ‘lower emitting electric vehicles’.

    To similar effect, United States-based advocacy group Ekō published a report in 2024 reviewing one automaker’s online marketing of its electrified vehicle line. The report surveyed 23 jurisdictions, including Australia, and alleged (among other things) that the automaker had misled consumers by using words such as ‘electrification’ on its website to describe hybrid, plug-in hybrid and hydrogen fuel cell vehicles. The automaker was said to have capitalised on growing electric vehicle demand to sell more of its hybrid (and allegedly polluting) vehicles.

    Ekō urged regulators worldwide, including the ACCC, to investigate its findings and those contained in EDO’s 2023 report, highlighting the growing relationship between NGOs and regulators in the enforcement of greenwashing claims.

    Data, privacy and cyber risk

    In May 2024, it was reported the Office of the Australian Information Commissioner had commenced an inquiry aimed at ensuring that connected vehicles purchased in Australia protected sensitive personal data.

    While details of the inquiry have not been released, the Privacy Commissioner, Carly Kind, has stated that ‘cars are now [a] kind of computers on wheels’ that collect a lot of personal information and there is ‘not a lot of transparency or understanding about how that data is being used’.

    Whether this inquiry becomes public remains to be seen, but it contributes to growing public and media attention on the auto industry regarding privacy and data security issues, following several recent high-profile data breach incidents—as well as various studies released over the past several years that have been highly critical of the privacy compliance of connected vehicles. Privacy advocates have also raised concerns around intrusive surveillance made possible through connected services.

    These trends in the auto sector reflect the broader scrutiny being placed on privacy and large-scale data use, in the context of a number of pieces of law reform in late 2024, such as:

    • material changes to the Privacy Act 1988 (Cth), including expanding enforcement options— further tranches of reform to the Privacy Act are expected this year; and
    • whole-of-economy changes to cyber security laws, with the passage of the Cyber Security Act 2024 (Cth). While vehicles have been largely excluded from the new cyber standards for connected products under this Act, it will have broader ramifications, and cyber standards for manufacturers remain a key area of risk.

    We anticipate that car manufacturers and auto financiers will come under increasing privacy and cyber scrutiny, given the volume and potential sensitivity of data collected at scale through connected vehicles. We will be providing an in-depth look into these issues in a future Insight.

    Consumer law reforms

    There is momentum building for consumer law reforms that, if introduced, could significantly affect the automotive sector. Among other things, the Government signalled its commitment late last year to a suite of reforms including to the consumer guarantees in the ACL, and the introduction of a prohibition on unfair trading practices.

    The proposals to strengthen the consumer guarantees were set out in a Consultation Paper released in October 2024 for feedback. The paper cited evidence that for high-value goods, and vehicles in particular, consumers find it difficult to obtain a remedy for breaches of the consumer guarantees. The proposed reforms include:

    1. clarifications to the meaning of a ‘major failure’ under the ACL;
    2. introduction of a new prohibition on suppliers refusing to provide remedies to consumers for a major failure;
    3. introduction of a prohibition on manufacturers failing to indemnify suppliers; and
    4. civil penalties for contraventions of the above.

    Treasury is expected to publish a Decision Regulation Impact Statement that will set out the Government’s preferred options in relation to these proposals.

    Separately, the Government has outlined proposals for a new prohibition on unfair trading practices. This prohibition would target conduct that might not meet the ACL thresholds for misleading or unconscionable conduct, but nonetheless causes consumer detriment through the distortion or manipulation of consumer choices (eg online pressure tactics). A Consultation Paper from November 2024 set out proposed general and specific prohibitions in this regard, and a Decision Regulation Impact Statement is now also anticipated, furthering these proposals.

    MIL OSI News –

  • MIL-OSI: Capital, Strategy, and Governance: Market Implications of a DFC-Managed Sovereign Wealth Fund

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 25, 2025 (GLOBE NEWSWIRE) — Global Policy Advisors LLC, recognized for devising the first governance and policy roadmap for a U.S. sovereign wealth fund, has released a new report titled Capital, Strategy, and Governance: Market Implications of a DFC-Managed Sovereign Wealth Fund. The analysis explores the Development Finance Corporation (DFC) as a potential institutional home for a prospective U.S. sovereign wealth vehicle.

    The report outlines how a DFC-based sovereign wealth fund could be structured to balance fiduciary objectives with national strategic priorities, while drawing on DFC’s existing investment infrastructure, global networks, and interagency governance model. With ex officio board members including the Secretaries of State, Treasury, and Commerce, the DFC offers a unique governance environment where investment strategy can be evaluated from diverse national interest perspectives, the report says.

    GPA’s president Salar Ghahramani, who has advised clients across finance, policy, and law on sovereign wealth fund developments, stated: “Institutional design will shape the direction, legitimacy, and market impact of any future U.S. sovereign wealth fund. This report underscores the practical and strategic advantages of anchoring the fund within the DFC.”

    GPA’s latest SWF 2050™ report further examines how such a fund could engage with private equity and external asset managers while preserving transparency and avoiding conflicts of interest. The report offers detailed considerations on portfolio allocation strategies, public-private investment models, and the legislative implications of housing the fund within a federal agency.

    As highlighted in recent interviews with Barron’s and Bloomberg, Salar Ghahramani emphasized the importance of transparent governance and multi-perspective oversight in building long-term trust among both market participants and the American public.

    To learn more, contact Global Policy Advisors at:
    Email: inquiries@globalpolicyadvisors.com
    Website: https://www.globalpolicyadvisors.com/

    About Global Policy Advisors

    Global Policy Advisors® LLC is a boutique sovereign wealth fund advisory to corporations, boards of directors, and institutional investors—including hedge funds, private equity firms, pension funds, and SWFs. GPA’s ​expertise is delivering actionable insights, strategy sessions, and executive briefings on the governance, operations, and investment strategies of sovereign wealth funds.

    The MIL Network –