NewzIntel.com

Category: Commerce

  • MIL-OSI Australia: $5 Banknote Theme Celebrates First Nations Connection to Country

    Source: Reserve Bank of Australia

    The Reserve Bank of Australia (RBA) is today announcing the theme for the updated $5 banknote, which will honour the enduring emotional, spiritual, and physical connection of First Nations peoples to country.

    Assistant Governor (Business Services) Michelle McPhee says, ‘The theme encompasses the deep connection First Nations peoples have to the land, the waters and the sky.’

    ‘This inspiring theme will guide the creation of an artwork that will feature on the redesigned banknote.’

    ‘The selection of a theme follows an Australia-wide campaign, which led to more than 2,100 theme nominations from the public.’

    ‘We extend our gratitude to everyone who made a submission.’

    Theme for the $5 Banknote

    For Aboriginal and Torres Strait Islander people, Country is more than just the land. Country is the land, the waters, and the sky. All are connected. The imagery on the $5 banknote should recognise the enduring connection that First Nations peoples have to Country – as an emotional and spiritual connection, as much as a physical one.

    An important context for this connection is the overturning of the concept of terra nullius. This action recognised the existence of Aboriginal and Torres Strait Islander people’s relationship to Country for thousands of years. The artist is invited to reflect how this decision has shaped a positive future for First Nations peoples.

    Key to this theme is the recognition of First Nations communities’ contribution to the restoration and conservation of our environment. Using traditional ecological knowledge First Nations peoples continue to act as custodians to sustain and conserve Country. There is an opportunity for all Australians to learn from Australia’s original stewards on how to nurture and protect our fragile world.

    The theme should be represented in a way that recognises the diversity of First Nations peoples, across Australia and the Torres Strait. In acknowledging connection and caring for Country the theme should be inclusive, recognising the nature of Country varies, but it is all connected – the land, waters and sky. The artwork should avoid being tokenistic or stereotypical. The tone for the banknote is of a hopeful future, where First Nation peoples’ connection to Country is celebrated and respected.

    Background

    Before selecting the theme, the RBA engaged with First Nations organisations across the country to build awareness and encourage the submission of ideas.

    The $5 Redesign Imagery Selection Panel, which includes First Nations representatives and representatives from the RBA and Note Printing Australia, selected the theme.

    The new design will replace the portrait of Her Majesty Queen Elizabeth II, while the reverse side will continue to feature the Australian Parliament. The new design will reflect the chosen theme and incorporate artwork from a First Nations artist.

    MIL OSI News –

  • MIL-OSI Australia: Sydney man fined more than $470,000 for unlicensed and uninsured building work

    Source: New South Wales Premiere

    Published: 16 March 2025

    Released by: Minister for Building

    A Sydney man has been hit with a $473,000 fine after being found guilty of more than 40 breaches involving unlicensed and uninsured residential building work for four consumers in 2022.

    Anthony Abi-Merhi, a sole trader business operating under the name “Triscapes” quoted one consumer $99,500 for a job which ended up costing the consumer $142,000.

    During the investigation, Building Commission NSW identified offences including unlicensed work, excessive deposits, and work undertaken without Home Building Compensation Fund insurance.

    He was also found guilty of 27 charges of demanding or receiving payment for building without insurance, while carrying out landscaping work in south-western Sydney.

    In NSW, a licence or certificate is required to do any residential building work, including general building work valued at more than $5,000 in labour and materials.

    This includes construction, repairs, renovating or decorating a property. 

    For contracts valued at more than $5,000 the maximum deposit to cover labour and materials is 10 per cent. 

    Home Building Compensation Fund Insurance is required for projects valued at more than $20,000 and contractors must obtain this cover before starting any work or accepting any payments including deposits.

    This insurance provides a safety net for consumers facing incomplete or defective work in certain circumstances.

    The defendant has 28 days to exercise a right to appeal in respect of the sentence.

    For more information on choosing the right tradesperson for the job visit the Step by step guide to choosing the right tradesperson or builder webpage.

    To check a contractor’s name or licence number visit the Verify Licence website.

    To access the Contract checklist visit the Fair Trading website.

    Quotes attributable to Minister for Building Anoulack Chanthivong:

    “This serious $470,000 fine for unlicensed building work sends a clear message to builders – the Minns Government is serious about eradicating cowboys and shonks from the NSW home construction industry. 

    “Building Commission NSW inspectors are now out in force and will come down hard on those caught doing the wrong thing.

    “Consumers should only engage a contractor once they have researched their credentials including by looking them up on the Verify Licence website, to make sure their licence is valid and whether the licence has any conditions or regulatory issues attached to it.

    “You can also check user ratings online from other consumers who have used the trader, and make sure you use the handy Contract Checklist page on the Fair Trading website before signing a contract and paying any money.”

    MIL OSI News –

  • MIL-OSI Australia: Changes to the Minns Government Ministry

    Source: New South Wales Premiere

    Published: 17 March 2025

    Statement by: The Premier

    Today I am announcing changes to the Cabinet and the Ministry of the NSW Government.

    The Hon John Graham MLC will remain the Special Minister of State, the Minister for the Arts, the Minister for Music and the Night-time Economy and will permanently take on the role of Minister for Transport

    The Hon Jenny Aitchison MP will become the Minister for Roads and the Minister for Regional Transport. Regional roads will now be incorporated into the Roads portfolio. As a regional MP Jenny Aitchison is well placed to ensure the needs of regional and rural communities are met.

    John Graham will continue to take carriage of the Government’s response to the toll review given the Government is mid-negotiation with toll companies about reforming the system.

    The Hon Steve Kamper MP will be sworn in as the Minister for Jobs and Tourism, in addition to his responsibilities as the Minister for Lands and Property, the Minister for Multiculturalism and the Minister for Sport.

    The Minns Labor Government is proud to welcome Janelle Saffin into the NSW Cabinet, to be sworn in as the Minister for Recovery, the Minister for Small Business, and the Minister for the North Coast.

    Janelle is one of the most experienced MPs in the NSW Government. She has been instrumental in helping the Lismore community and surrounds recover from the 2022 floods as well as the recent impacts from Ex Tropical Cyclone Alfred.

    She has intimate knowledge of the workings of the NSW Reconstruction Authority and will be a very strong advocate and voice for the North Coast as well as small businesses across the state.

    Emily Suvaal will also be appointed as the Parliamentary Secretary for Trade and Small Business.

    Parliamentary Secretaries perform an important role in supporting Ministers and driving action to deliver on government priorities in Parliament and Emily is an excellent addition to the team.

    These are important changes to the NSW Ministry that will ensure we continue to invest in essential services that people rely on, and build a better NSW.

    MIL OSI News –

  • MIL-OSI Australia: New requirements for Child Care Subsidy providers from 1 April

    Source: Australian Department of Revenue

    All new Child Care Subsidy (CCS) provider approval applicants will need to supply a statement of tax record (STR) to the Australian Government Department of EducationExternal Link. Some existing providers may also be asked to provide an STR. The Department of Education will notify those existing providers who will require an STR.

    The STR demonstrates your satisfactory engagement with the tax system and is required when applying to administer CCS.

    To apply for an STR, use our online services. After you submit your application, you’ll get a receipt and your STR within 4 business days.

    Important tips:

    1. Check your registration: Make sure you have an Australian business number (ABN), tax file number (TFN) and goods and service tax (GST) registration if your income is above the relevant limits.
    2. Review your tax lodgements: Ensure you’ve submitted at least 90% of your income tax returns, business activity statements (BAS), and fringe benefits tax (FBT) due in the past 4 years (or since your tax record started, if less than 4 years).
    3. Address outstanding debts: If you owe $10,000 or more (not including disputed debts), either pay them off or set up a payment plan.

    Taking these steps will help you resolve any tax issues with us before applying for your STR.

    Keep up to date

    We have tailored communication channels for medium, large and multinational businesses, to keep you up to date with updates and changes you need to know.

    Read more articles in our online Business bulletins newsroom.

    Subscribe to our free:

    • fortnightly Business bulletins email newsletterExternal Link
    • email notifications about new and updated information on our website – you can choose to receive updates relevant to your situation. Choose the ‘Business and organisations’ category to ensure your subscription includes notifications for more Business bulletins newsroom articles like this one.

    MIL OSI News –

  • MIL-OSI New Zealand: New Business – Soda’s New Online Platform a Game-Changer for Entrepreneurs and Small Business Owners

    Source: Soda

    Kiwi entrepreneurs now have an easier way to turn their business ideas into reality. Soda has launched an online business platform, packed with short business courses that give aspiring entrepreneurs and small business owners the framework to create business success.
    There are six courses which, as a complete set, provide the necessary tools and frameworks to guide aspiring entrepreneurs and new business owners through all the steps of being a business owner.
    Each course is around two hours long and includes real-world insights from successful founders, downloadable checklists, templates, and actionable strategies.
    The six primary Business Fundamentals courses include: Your Business Vision & Goals, Market Validation & Customer Fit, Crafting Your Brand & Competitive Edge, Money Matters, Marketing & Sales, and Legal, Compliance & Future Planning. These are complemented by a Beginners Marketing Toolkit and a free Business Setup Checklist.
    Soda Innovation Specialist, Dr Fern Kelly-Zander has led the platform development and says: “Having worked in innovation and startup environments abroad – and having also launched a business while on maternity leave – I know firsthand how overwhelming starting a business can be. I always wished for a practical, easy-to-access platform like this. Business Fundamentals Online is a supportive learning experience with real-world insights, actionable tools and peer discussion to help entrepreneurs and small business owners succeed.”
    Soda General Manager Anna Devcich adds: “Soda has been supporting entrepreneurs and small business owners for 16 years, during which time we’ve received constant requests for resources to support the establishment of new businesses. In 2023 we created an in-person Business Fundamentals programme which has run successfully in Taranaki and the Waikato, so the next natural step was to create an online version.
    “Our online Business Fundamentals programme enables entrepreneurs and business owners to access everything they need to start a business, all in one easy place. It gives people the ability to learn the fundamentals of being a business owner anywhere, anytime and at a very reasonable price.”
    The courses are targeted at entrepreneurs who wish to start their own business and small business owners who may need to refine and review their strategies.
    Small business owner, Rae MacDonald, has completed all six Business Fundamental courses and says: “Business Fundamentals is jam-packed with critical actions for building a successful business. It is a tiny investment, for a big return. The Sales & Marketing module was a game-changer! I feel empowered and confident to take my business to the next level.”
    Prices start at just $49 per course or $245 for all six courses.
    Background
    Soda helps businesses achieve their goals and create success. We connect entrepreneurs, business owners and key decision makers with the right people, tools, resources and programmes to accelerate business growth. Based in Hamilton, Soda is the Waikato’s Regional Business Partner (RBP), connecting business owners with government funding and support. Soda also provides free one-to-one coaching sessions for startups through Startup Aotearoa.

    MIL OSI New Zealand News –

  • MIL-OSI: Qifu Technology Announces Fourth Quarter and Full Year 2024 Unaudited Financial Results and Raises Semi-Annual Dividend

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, China, March 16, 2025 (GLOBE NEWSWIRE) — Qifu Technology, Inc. (NASDAQ: QFIN; HKEx: 3660) (“Qifu Technology” or the “Company”), a leading AI-empowered Credit-Tech platform in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024 and raised semi-annual dividend.

    Fourth Quarter 2024 Business Highlights

    • As of December 31, 2024, our platform has connected 162 financial institutional partners and 261.2 million consumers*1 with potential credit needs, cumulatively, an increase of 11.0% from 235.4 million a year ago.
    • Cumulative users with approved credit lines*2 were 56.9 million as of December 31, 2024, an increase of 11.8% from 50.9 million as of December 31, 2023.
    • Cumulative borrowers with successful drawdown, including repeat borrowers was 34.4 million as of December 31, 2024, an increase of 13.1% from 30.4 million as of December 31, 2023.
    • In the fourth quarter of 2024, financial institutional partners originated 24,814,923 loans*3 through our platform.
    • Total facilitation and origination loan volume*4 reached RMB89,885 million, an increase of 0.4% from RMB89,561 million in the same period of 2023 and an increase of 9.0% from RMB82,436 million in the prior quarter. RMB47,796 million of such loan volume was under capital-light model, Intelligence Credit Engine (“ICE”) and total technology solutions*5, representing 53.2% of the total, an increase of 23.2% from RMB38,798 million in the same period of 2023 and an increase of 5.3% from RMB45,396 million in the prior quarter.
    • Total outstanding loan balance*6 was RMB137,014 million as of December 31, 2024, a decrease of 5.7% from RMB145,270 million as of December 31, 2023 and an increase of 7.3% from RMB127,727 million as of September 30, 2024. RMB79,599 million of such loan balance was under capital-light model, “ICE” and total technology solutions, an increase of 8.6% from RMB73,268 million as of December 31, 2023 and an increase of 7.5% from RMB74,078 million as of September 30, 2024.
    • The weighted average contractual tenor of loans originated by financial institutions across our platform in the fourth quarter of 2024 was approximately 10.00 months, compared with 11.47 months in the same period of 2023.
    • 90 day+ delinquency rate*7 of loans originated by financial institutions across our platform was 2.09% as of December 31, 2024.
    • Repeat borrower contribution*8 of loans originated by financial institutions across our platform for the fourth quarter of 2024 was 93.9%.

    1 Refers to cumulative registered users across our platform.
    2 “Cumulative users with approved credit lines” refers to the total number of users who had submitted their credit applications and were approved with a credit line at the end of each period.
    3 Including 2,799,208 loans across “V-pocket”, and 22,015,715 loans across other products.
    4 Refers to the total principal amount of loans facilitated and originated during the given period. Retrospectively excluding the impact of discontinued service, which did not have and is not expected to have a material impact on our overall business, financial condition, and results of operations.
    5 “ICE” is an open platform primarily on our “Qifu Jietiao” APP (previously known as “360 Jietiao”), we match borrowers and financial institutions through big data and cloud computing technology on “ICE”, and provide pre-loan investigation report of borrowers. For loans facilitated through “ICE”, the Company does not bear principal risk.
    Under total technology solutions, we have been offering end-to-end technology solutions to financial institutions based on on-premise deployment, SaaS or hybrid model since 2023.
    6 “Total outstanding loan balance” refers to the total amount of principal outstanding for loans facilitated and originated at the end of each period, excluding loans delinquent for more than 180 days. Retrospectively excluding the impact of discontinued service, which did not have and is not expected to have a material impact on our overall business, financial condition, and results of operations.
    7 “90 day+ delinquency rate” refers to the outstanding principal balance of on- and off-balance sheet loans that were 91 to 180 calendar days past due as a percentage of the total outstanding principal balance of on- and off-balance sheet loans across our platform as of a specific date. Loans that are charged-off and loans under “ICE” and total technology solutions are not included in the delinquency rate calculation.
    8 “Repeat borrower contribution” for a given period refers to (i) the principal amount of loans borrowed during that period by borrowers who had historically made at least one successful drawdown, divided by (ii) the total loan facilitation and origination volume through our platform during that period.

    Fourth Quarter 2024 Financial Highlights

    • Total net revenue was RMB4,482.3 million (US$614.1 million), compared to RMB4,370.2 million in the prior quarter.
    • Net income was RMB1,912.7 million (US$262.0 million), compared to RMB1,798.8 million in the prior quarter.
    • Non-GAAP*9 net income was RMB1,972.4 million (US$270.2 million), compared to RMB1,825.1 million in the prior quarter.
    • Net income per fully diluted American depositary share (“ADS”) was RMB13.24 (US$1.82), compared to RMB12.18 in the prior quarter.
    • Non-GAAP net income per fully diluted ADS was RMB13.66 (US$1.87), compared to RMB12.35 in the prior quarter.

    9 Non-GAAP income from operations, Non-GAAP net income, Non-GAAP operating margin, Non-GAAP net income margin and Non-GAAP net income per fully diluted ADS are Non-GAAP financial measures. For more information on these Non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures Statement” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

    Full Year 2024 Operational Highlights

    • Total loan facilitation and origination volume*4 in 2024 was RMB321,969 million, representing a decrease of 12.8% from RMB369,132 million in 2023. Loan facilitation volume*4 under Platform Services was RMB170,589 million, an increase of 3.8% from RMB164,321 million in 2023.
    • The weighted average contractual tenor of loans facilitated and originated was 10.05 months in full year 2024, compared with 11.21 months in 2023.
    • Repeat borrower contribution was 93.1% in full year 2024, compared with 91.6% in 2023.

    Full Year 2024 Financial Highlights

    • Total net revenue was RMB17,165.7 million (US$2,351.7 million), compared to RMB16,290.0 million in 2023.
    • Net income was RMB6,248.1 million (US$856.0 million), compared to RMB4,268.6 million in 2023.
    • Non-GAAP net income was RMB6,415.7 million (US$879.0 million), compared to RMB4,454.2 million in 2023.
    • Net income per fully diluted ADS was RMB41.28 (US$5.66), compared to RMB26.08 in 2023.
    • Non-GAAP net income per fully diluted ADS was RMB42.39 (US$5.81), compared to RMB27.22 in 2023.

    Mr. Haisheng Wu, Chief Executive Officer and Director of Qifu Technology, commented, “Although 2024 was a challenging year as macro-economic headwinds persisted, we have made timely adjustments to our operations throughout the year and focused our effort on improving the quality and sustainability of our business. With consistent execution, we closed the year with strong operational and financial results. Throughout 2024, we proactively expanded the scope of our platform services, which makes our business model more resilient and forms a solid foundation for high quality growth in 2025.

    Approximately 58% of the year-end loan balance was under the capital-light model, ICE and total technology solutions. The strong contribution from non-credit risk bearing services helped us mitigate some risks in a challenging environment and demonstrated the efficiency of our platform services. In 2024, we further diversified our user acquisition channels and in the fourth quarter, approximately 47% of our new credit line users were acquired through embedded finance channels. Meanwhile, we continued to solidify our relationships with financial institution partners. With record-setting ABS issuance, we further optimized our funding structure.

    While we started to see some tentative signs of improvement in user activities late in 2024, we will continue to take a prudent approach in our business planning in 2025. We will remain focused on quality growth and further empower our partners and users through our open platform. With the increasing maturity and efficiency of large language models, we expect to allocate more resources to the application of AI across the credit scenarios in the future. We believe such efforts will enable us to better navigate through the current environment and position us well to capture long-term opportunities through innovative technologies, enhanced products and collaborative models.”

    “We are pleased to report another quarter of solid financial results and close the year on a strong note in a still uncertain macro environment. For 2024, total revenue was RMB17.17 billion and Non-GAAP net income was RMB6.42 billion,” Mr. Alex Xu, Chief Financial Officer, commented. “Meanwhile, we generated a record-breaking RMB9.34 billion cash from operations in 2024. Our strong financial positions not only allow us to consistently execute our strategy and support business initiatives, but also enable us to further enhance returns to our shareholders by actively executing 2025 share repurchase plan and significantly raising semi-annual dividends.”

    Mr. Yan Zheng, Chief Risk Officer, added, “Despite facing macro uncertainties, we significantly reduced our overall portfolio risks through 2024 by decisively tightening risk standards early in the year. Overall risk performance reached the best level for the year in the fourth quarter. Among key leading indicators, Day-1 delinquency rate*10 was 4.8% in the fourth quarter, and 30-day collection rate*11 was 88.1%. We feel comfortable with current risk levels and expect to see relatively stable risk performance in the coming quarters as we seek growth opportunities in a changing environment in 2025.”

    10 “Day-1 delinquency rate” is defined as (i) the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that was due for repayment as of such specified date.
    11 “30-day collection rate” is defined as (i) the amount of principal that was repaid in one month among the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that became overdue as of such specified date.

    Fourth Quarter 2024 Financial Results

    Total net revenue was RMB4,482.3 million (US$614.1 million), compared to RMB4,495.5 million in the same period of 2023, and RMB4,370.2 million in the prior quarter.

    Net revenue from Credit Driven Services was RMB2,889.5 million (US$395.9 million), compared to RMB3,248.3 million in the same period of 2023, and RMB2,901.0 million in the prior quarter.

    Loan facilitation and servicing fees-capital heavy were RMB363.0 million (US$49.7 million), compared to RMB481.2 million in the same period of 2023 and RMB258.7 million in the prior quarter. The year-over-year and sequential changes were primarily due to the changes in capital-heavy loan facilitation volume.

    Financing income*12 was RMB1,667.3 million (US$228.4 million), compared to RMB1,485.4 million in the same period of 2023 and RMB1,744.1 million in the prior quarter. The year-over-year increase was primarily due to the growth in average outstanding balance of the on-balance-sheet loans.

    Revenue from releasing of guarantee liabilities was RMB761.8 million (US$104.4 million), compared to RMB1,211.8 million in the same period of 2023, and RMB794.6 million in the prior quarter. The year-over-year decrease was mainly due to the decrease in average outstanding balance of off-balance-sheet capital-heavy loans during the period.

    Other services fees were RMB97.4 million (US$13.3 million), compared to RMB69.8 million in the same period of 2023, and RMB103.7 million in the prior quarter. The year-over-year increase reflected the increase in late payment fees under the credit driven services due to improvement in collection rates of late paid loans.

    Net revenue from Platform Services was RMB1,592.8 million (US$218.2 million), compared to RMB1,247.2 million in the same period of 2023 and RMB1,469.1 million in the prior quarter.

    Loan facilitation and servicing fees-capital light were RMB515.1 million (US$70.6 million), compared to RMB697.0 million in the same period of 2023 and RMB574.6 million in the prior quarter. The year-over-year and sequential decreases were primarily due to the decreases in capital-light loan facilitation volume.

    Referral services fees were RMB907.2 million (US$124.3 million), compared to RMB446.5 million in the same period of 2023 and RMB763.1 million in the prior quarter. The year-over-year and sequential increases were mainly due to the increases in loan facilitation volume through ICE.

    Other services fees were RMB170.5 million (US$23.4 million), compared to RMB103.8 million in the same period of 2023 and RMB131.4 million in the prior quarter.

    Total operating costs and expenses were RMB2,591.9 million (US$355.1 million), compared to RMB3,215.9 million in the same period of 2023 and RMB2,081.0 million in the prior quarter.

    Facilitation, origination and servicing expenses were RMB734.7 million (US$100.6 million), compared to RMB731.8 million in the same period of 2023 and RMB707.9 million in the prior quarter.

    Funding costs were RMB126.8 million (US$17.4 million), compared to RMB161.0 million in the same period of 2023 and RMB146.8 million in the prior quarter. The year-over-year decrease was mainly due to the lower average costs of ABS and trusts. The sequential decrease was mainly due to the decline in funding from ABS and trusts and lower average costs.

    Sales and marketing expenses were RMB523.9 million (US$71.8 million), compared to RMB551.6 million in the same period of 2023 and RMB419.9 million in the prior quarter. The year-over-year decrease was primarily due to improved efficiency in acquiring new customers. The sequential increase was primarily due to a more proactive customer acquisition effort and seasonal factors.

    General and administrative expenses were RMB156.1 million (US$21.4 million), compared to RMB108.0 million in the same period of 2023 and RMB92.0 million in the prior quarter.

    Provision for loans receivable was RMB598.4 million (US$82.0 million), compared to RMB639.9 million in the same period of 2023 and RMB477.5 million in the prior quarter. The year-over-year and sequential changes reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile and changes in loan origination volume of on-balance-sheet loans.

    Provision for financial assets receivable was RMB63.3 million (US$8.7 million), compared to RMB148.2 million in the same period of 2023 and RMB64.4 million in the prior quarter. The year-over-year decrease was mainly due to the decline in capital-heavy loan facilitation volume and reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile. The sequential decrease was mainly due to reversal of prior quarters’ provision in the quarter, offsetting by the increase in capital-heavy loan facilitation volume.

    Provision for accounts receivable and contract assets was RMB77.5 million (US$10.6 million), compared to RMB91.1 million in the same period of 2023 and RMB108.8 million in the prior quarter. The year-over-year and sequential decreases reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile.

    Provision for contingent liability was RMB311.4 million (US$42.7 million), compared to RMB784.3 million in the same period of 2023 and RMB63.6 million in the prior quarter. The year-over-year and sequential changes reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile as well as the changes in capital-heavy loan facilitation volume.

    Income from operations was RMB1,890.3 million (US$259.0 million), compared to RMB1,279.6 million in the same period of 2023 and RMB2,289.2 million in the prior quarter.

    Non-GAAP income from operations was RMB1,950.0 million (US$267.2 million), compared to RMB1,322.1 million in the same period of 2023 and RMB2,315.5 million in the prior quarter.

    Operating margin was 42.2%. Non-GAAP operating margin was 43.5%.

    Income before income tax expense was RMB1,932.7 million (US$264.8 million), compared to RMB1,330.9 million in the same period of 2023 and RMB2,356.9 million in the prior quarter.

    Income taxes expense was RMB20.0 million (US$2.7 million), compared to RMB 223.2 million in the same period of 2023 and RMB558.1 million in the prior quarter. The year-over-year and sequential changes were mainly due the writeback of withholding taxes related to the Company’s dividend and share repurchase plans, as the Company became eligible to a lower tax rate in the fourth quarter.

    Net income was RMB1,912.7 million (US$262.0 million), compared to RMB1,107.7 million in the same period of 2023 and RMB1,798.8 million in the prior quarter.

    Non-GAAP net income was RMB1,972.4 million (US$270.2 million), compared to RMB1,150.3 million in the same period of 2023 and RMB1,825.1 million in the prior quarter.

    Net income margin was 42.7%. Non-GAAP net income margin was 44.0%.

    Net income attributed to the Company was RMB1,916.6 million (US$262.6 million), compared to RMB1,111.7 million in the same period of 2023 and RMB1,802.9 million in the prior quarter.

    Non-GAAP net income attributed to the Company was RMB1,976.4 million (US$270.8 million), compared to RMB1,154.3 million in the same period of 2023 and RMB1,829.2 million in the prior quarter.

    Net income per fully diluted ADS was RMB13.24 (US$1.82).

    Non-GAAP net income per fully diluted ADS was RMB13.66 (US$1.87).

    Weighted average basic ADS used in calculating GAAP net income per ADS was 142.94 million.

    Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 144.71 million.

    12 “Financing income” is generated from loans facilitated through the Company’s platform funded by the consolidated trusts and Fuzhou Microcredit, which charge fees and interests from borrowers.

    Full Year 2024 Financial Results

    Total net revenue was RMB17,165.7 million (US$2,351.7 million), compared to RMB16,290.0 million in 2023.

    Net revenue from Credit Driven Services was RMB11,719.0 million (US$1,605.5 million), compared to RMB11,738.6 million in 2023.

    Loan facilitation and servicing fees-capital heavy were RMB1,016.5 million (US$139.3 million), compared to RMB1,667.1 million in 2023. The year-over-year decrease was primarily due to a decline in capital-heavy loan facilitation volume.

    Financing income was RMB6,636.5 million (US$909.2 million), compared to RMB5,109.9 million in 2023. The year-over-year increase was primarily due to the growth in average outstanding balance of on-balance-sheet loans.

    Revenue from releasing of guarantee liabilities was RMB3,695.0 million (US$506.2 million), compared to RMB4,745.9 million in 2023. The year-over-year decrease was mainly due to decrease in average outstanding balance of off-balance-sheet capital-heavy loans during the period.

    Other services fees were RMB371.0 million (US$50.8 million), compared to RMB215.6 million in 2023. The year-over-year increase was mainly due to an increase in late payment fees in connection with improvement in collection rate of late paid loans under the credit driven services.

    Net revenue from Platform Services was RMB5,446.6 million (US$746.2 million), compared to RMB4,551.5 million in 2023.

    Loan facilitation and servicing fees-capital light were RMB2,116.8 million (US$290.0 million), compared to RMB3,214.0 million in 2023. The year-over-year decrease was primarily due to a decline in loan facilitation volume under the capital-light model.

    Referral services fees were RMB2,842.6 million (US$389.4 million), compared to RMB950.0 million in 2023. The year-over-year increase was primarily due to an increase in the loan facilitation volume through ICE.

    Other services fees were RMB487.2 million (US$66.7 million), compared to RMB387.5 million in 2023.

    Total operating costs and expenses were RMB9,637.1 million (US$1,320.3 million), compared to RMB11,433.1 million in 2023.

    Facilitation, origination and servicing expenses were RMB2,900.7 million (US$397.4 million), compared to RMB2,659.9 million in 2023. The year-over-year increase was primarily due to higher collection fees.

    Funding costs were RMB590.9 million (US$81.0 million), compared to RMB645.4 million in 2023. The year-over-year decrease was mainly due to the lower average cost of ABS and trusts, partially offset by the growth in funding from ABS and trusts.

    Sales and marketing expenses were RMB1,725.9 million (US$236.4 million), compared to RMB1,939.9 million in 2023. The year-over-year decrease was mainly due to our prudent customer acquisition approach and lower unit customer acquisition cost.

    General and administrative expenses were RMB449.5 million (US$61.6 million), compared to RMB421.1 million in 2023.

    Provision for loans receivable was RMB2,773.3 million (US$379.9 million), compared to RMB2,151.0 million in 2023. The year-over-year increase was mainly due to the growth in loan origination volume of on-balance-sheet loans.

    Provision for financial assets receivable was RMB296.9 million (US$40.7 million), compared to RMB386.1 million in 2023. The year-over-year decrease was mainly due to a decline in capital-heavy loan facilitation volume.

    Provision for accounts receivable and contract assets was RMB421.5 million (US$57.7 million), compared to RMB175.8 million in 2023. The year-over-year increase reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile.

    Provision for contingent liability was RMB478.4 million (US$65.5 million), compared to RMB3,053.8 million in 2023. The year-over-year decrease was mainly due to a decline in capital-heavy loan facilitation volume and the reversal of prior provision as loans facilitated in previous period performed better than expected.

    Income from operations was RMB7,528.6 million (US$1,031.4 million), compared to RMB4,857.0 million in 2023.

    Non-GAAP income from operations was RMB7,696.2 million (US$1,054.4 million), compared to RMB5,042.6 million in 2023.

    Operating margin was 43.9%. Non-GAAP operating margin was 44.8%.

    Income before income tax expense was RMB7,892.4 million (US$1,081.3 million), compared to RMB5,277.5 million in 2023.

    Income taxes expense was RMB1,644.3 million (US$225.3 million). Effective tax rate was 20.4%, compared to 18.5% in 2023. The increase in effective tax rate was mainly due to withholding taxes related to the Company’s dividend and share repurchase plan.

    Net income attributed to the Company was RMB6,264.3 million (US$858.2 million), compared to RMB4,285.3 million in 2023.

    Non-GAAP net income attributed to the Company was RMB6,431.9 million (US$881.2 million), compared to RMB4,470.9 million in 2023.

    Net income margin was 36.4%. Non-GAAP net income margin was 37.4%.

    Net income per fully diluted ADS was RMB41.28 (US$5.66).

    Non-GAAP net income per fully diluted ADS was RMB42.39 (US$5.81).

    Weighted average basic ADS used in calculating GAAP net income per ADS was 149.01 million.

    Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 151.72 million.

    30 Day+ Delinquency Rate by Vintage and 180 Day+ Delinquency Rate by Vintage

    The following charts and tables display the historical cumulative 30 day+ delinquency rates by loan facilitation and origination vintage and 180 day+ delinquency rates by loan facilitation and origination vintage for all loans facilitated and originated through the Company’s platform. Loans under “ICE” and total technology solutions are not included in the 30 day+ charts and the 180 day+ charts:

    http://ml.globenewswire.com/Resource/Download/2a5d124f-5f90-4a71-a264-908b101a7e87

    http://ml.globenewswire.com/Resource/Download/95f56823-ce1f-4ade-baf5-cdc0bcf8526c

    Semi-Annual Dividend for the Second Half of 2024

    The board of directors of the Company (the “Board”) has approved a dividend of US$0.35 per Class A ordinary share, or US$0.70 per ADS for the second half of 2024 to holders of record of Class A ordinary shares and ADSs as of the close of business on April 23, 2025 Hong Kong Time and New York Time, respectively, in accordance with the Company’s dividend policy. For holder of Class A ordinary shares, in order to qualify for the dividend, all valid documents for the transfers of shares accompanied by the relevant share certificates must be lodged for registration with the Company’s Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Hong Kong no later than 4:30 p.m. on April 23, 2025 (Hong Kong Time). The payment date is expected to be on May 28, 2025 for holders of Class A ordinary shares and around June 2, 2025 for holders of ADSs.

    Update on Share Repurchase

    On March 12, 2024, the Board approved a share repurchase plan (the “2024 Share Repurchase Plan”) whereby the Company is authorized to repurchase its ADSs or Class A ordinary shares with an aggregate value of up to US$350 million during the 12-month period from April 1, 2024.

    In the fourth quarter, the Company had in aggregate purchased approximately 3.1 million ADSs in the open market for a total amount of approximately US$107 million (inclusive of commissions) at an average price of US$34.5 per ADS. As of December 30, 2024, the Company had utilized substantially all of the total authorized value for the 2024 Share Repurchase Plan.

    On November 19, 2024, the Board approved a new share repurchase plan (the “2025 Share Repurchase Plan”) whereby the Company is authorized to repurchase up to US$450 million worth of its ADSs or Class A ordinary shares over the next 12 months starting from January 1, 2025.

    As of March 14, 2025, the Company had in aggregate purchased approximately 2.2 million ADSs in the open market for a total amount of approximately US$86 million (inclusive of commissions) at an average price of US$39.7 per ADS pursuant to the 2025 Share Repurchase Plan.

    Business Outlook

    As macro-economic uncertainties persist, the Company intends to maintain a prudent approach in its business planning for 2025. Management will continue to focus on enhancing efficiency of the Company’s operations. As such, for the first quarter of 2025, the Company expects to generate a net income between RMB1.75 billion and RMB1.85 billion and a non-GAAP net income*13 between RMB1.80 billion and RMB1.90 billion, representing a year-on-year growth between 49% and 58%. This outlook reflects the Company’s current and preliminary views, which is subject to material changes.

    13 Non-GAAP net income represents net income excluding share-based compensation expenses.

    Conference Call Preregistration

    Qifu Technology’s management team will host an earnings conference call at 7:30 AM U.S. Eastern Time on Monday, March 17, 2025 (7:30 PM Beijing Time on the same day).

    All participants wishing to join the conference call must pre-register online using the link provided below.

    Registration Link: https://s1.c-conf.com/diamondpass/10045854-hg6t5r.html

    Upon registration, each participant will receive details for the conference call, including dial-in numbers and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

    Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of the Company’s website at https://ir.qifu.tech.

    About Qifu Technology

    Qifu Technology is a leading AI-empowered Credit-Tech platform in China. By leveraging its sophisticated machine learning models and data analytics capabilities, the Company provides a comprehensive suite of technology services to assist financial institutions and consumers and SMEs in the loan lifecycle, ranging from borrower acquisition, preliminary credit assessment, fund matching and post-facilitation services. The Company is dedicated to making credit services more accessible and personalized to consumers and SMEs through Credit-Tech services to financial institutions.

    For more information, please visit: https://ir.qifu.tech.

    Use of Non-GAAP Financial Measures Statement

    To supplement our financial results presented in accordance with U.S. GAAP, we use Non-GAAP financial measure, which is adjusted from results based on U.S. GAAP to exclude share-based compensation expenses. Reconciliations of our Non-GAAP financial measures to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the Non-GAAP financial measures.

    We use Non-GAAP income from operation, Non-GAAP operating margin, Non-GAAP net income, Non-GAAP net income margin, Non-GAAP net income attributed to the Company and Non-GAAP net income per fully diluted ADS in evaluating our operating results and for financial and operational decision-making purposes. Non-GAAP income from operation represents income from operation excluding share-based compensation expenses. Non-GAAP operating margin is equal to Non-GAAP income from operation divided by total net revenue. Non-GAAP net income represents net income excluding share-based compensation expenses. Non-GAAP net income margin is equal to Non-GAAP net income divided by total net revenue. Non-GAAP net income attributed to the Company represents net income attributed to the Company excluding share-based compensation expenses. Non-GAAP net income per fully diluted ADS represents net income excluding share-based compensation expenses per fully diluted ADS. Such adjustments have no impact on income tax. We believe that Non-GAAP income from operation, Non-GAAP operating margin, Non-GAAP net income, Non-GAAP net income margin, Non-GAAP net income attributed to the Company and Non-GAAP net income per fully diluted ADS help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in results based on U.S. GAAP. We believe that Non-GAAP income from operation and Non-GAAP net income provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Our Non-GAAP financial information should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of Non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.

    Exchange Rate Information

    This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB 7.2993 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2024.

    Safe Harbor Statement

    Any forward-looking statements contained in this announcement are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. Qifu Technology may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), 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 the Company’s business outlook, 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, which factors include but not limited to the following: the Company’s growth strategies, the Company’s cooperation with 360 Group, changes in laws, rules and regulatory environments, the recognition of the Company’s brand, market acceptance of the Company’s products and services, trends and developments in the credit-tech industry, governmental policies relating to the credit-tech industry, general economic conditions in China and around the globe, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks and uncertainties is included in Qifu Technology’s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Qifu Technology does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please contact:

    Qifu Technology
    E-mail: ir@360shuke.com

    Unaudited Condensed Consolidated Balance Sheets
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
           
      December 31, December 31, December 31,
      2023 2024 2024
      RMB RMB USD
    ASSETS      
    Current assets:      
    Cash and cash equivalents 4,177,890 4,452,416 609,978
    Restricted cash 3,381,107 2,353,384 322,412
    Short term investments 15,000 3,394,073 464,987
    Security deposit prepaid to third-party guarantee companies 207,071 162,617 22,278
    Funds receivable from third party payment service providers 1,603,419 462,112 63,309
    Accounts receivable and contract assets, net 2,909,245 2,214,530 303,389
    Financial assets receivable, net 2,522,543 1,553,912 212,885
    Amounts due from related parties 45,346 8,510 1,166
    Loans receivable, net 24,604,487 26,714,428 3,659,862
    Prepaid expenses and other assets 329,920 1,464,586 200,647
    Total current assets 39,796,028 42,780,568 5,860,913
    Non-current assets:      
    Accounts receivable and contract assets, net-noncurrent 146,995 27,132 3,717
    Financial assets receivable, net-noncurrent 596,330 170,779 23,397
    Amounts due from related parties 4,240 51 7
    Loans receivable, net-noncurrent 2,898,005 2,537,749 347,670
    Property and equipment, net 231,221 362,774 49,700
    Land use rights,net 977,461 956,738 131,073
    Intangible assets 13,443 11,818 1,619
    Goodwill 41,210 42,414 5,811
    Deferred tax assets 1,067,738 1,206,325 165,266
    Other non-current assets 45,901 36,270 4,969
    Total non-current assets 6,022,544 5,352,050 733,229
    TOTAL ASSETS 45,818,572 48,132,618 6,594,142
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Payable to investors of the consolidated trusts-current 8,942,291 8,188,454 1,121,814
    Accrued expenses and other current liabilities 2,016,039 2,492,921 341,529
    Amounts due to related parties 80,376 67,495 9,247
    Short term loans 798,586 1,369,939 187,681
    Guarantee liabilities-stand ready 3,949,601 2,383,202 326,497
    Guarantee liabilities-contingent 3,207,264 1,820,350 249,387
    Income tax payable 742,210 1,040,687 142,574
    Other tax payable 163,252 109,161 14,955
    Total current liabilities 19,899,619 17,472,209 2,393,684
    Non-current liabilities:      
    Deferred tax liabilities 224,823 439,435 60,202
    Payable to investors of the consolidated trusts-noncurrent 3,581,800 5,719,600 783,582
    Other long-term liabilities 102,473 255,155 34,956
    Total non-current liabilities 3,909,096 6,414,190 878,740
    TOTAL LIABILITIES 23,808,715 23,886,399 3,272,424
    TOTAL QIFU TECHNOLOGY INC EQUITY 21,937,483 24,190,043 3,314,022
    Noncontrolling interests 72,374 56,176 7,696
    TOTAL EQUITY 22,009,857 24,246,219 3,321,718
    TOTAL LIABILITIES AND EQUITY 45,818,572 48,132,618 6,594,142
           
    Unaudited Condensed Consolidated Statements of Operations
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
                   
      Three months ended December 31,   Year ended December 31,
      2023 2024 2024   2023 2024 2024
      RMB RMB USD   RMB RMB USD
    Credit driven services 3,248,263   2,889,500   395,860     11,738,560   11,719,027   1,605,500  
    Loan facilitation and servicing fees-capital heavy 481,195   362,958   49,725     1,667,119   1,016,514   139,262  
    Financing income 1,485,446   1,667,340   228,425     5,109,921   6,636,511   909,198  
    Revenue from releasing of guarantee liabilities 1,211,787   761,827   104,370     4,745,898   3,695,017   506,215  
    Other services fees 69,835   97,375   13,340     215,622   370,985   50,825  
    Platform services 1,247,240   1,592,752   218,206     4,551,467   5,446,629   746,185  
    Loan facilitation and servicing fees-capital light 696,985   515,062   70,563     3,213,955   2,116,797   290,000  
    Referral services fees 446,486   907,207   124,287     950,016   2,842,637   389,440  
    Other services fees 103,769   170,483   23,356     387,496   487,195   66,745  
    Total net revenue 4,495,503   4,482,252   614,066     16,290,027   17,165,656   2,351,685  
    Facilitation, origination and servicing 731,787   734,659   100,648     2,659,912   2,900,704   397,395  
    Funding costs 161,016   126,841   17,377     645,445   590,935   80,958  
    Sales and marketing 551,590   523,936   71,779     1,939,885   1,725,877   236,444  
    General and administrative 108,037   156,061   21,380     421,076   449,505   61,582  
    Provision for loans receivable 639,886   598,353   81,974     2,151,046   2,773,323   379,944  
    Provision for financial assets receivable 148,198   63,251   8,665     386,090   296,857   40,669  
    Provision for accounts receivable and contract assets 91,105   77,450   10,611     175,799   421,481   57,743  
    Provision for contingent liabilities 784,323   311,372   42,658     3,053,810   478,404   65,541  
    Total operating costs and expenses 3,215,942   2,591,923   355,092     11,433,063   9,637,086   1,320,276  
    Income from operations 1,279,561   1,890,329   258,974     4,856,964   7,528,570   1,031,409  
    Interest income, net 46,970   74,951   10,268     217,307   237,015   32,471  
    Foreign exchange (loss) gain (815 ) 2,680   367     2,356   1,512   207  
    Other income, net 5,209   (35,251 ) (4,829 )   230,936   125,325   17,169  
    Investment loss –   –   –     (30,112 ) –   –  
    Income before income tax expense 1,330,925   1,932,709   264,780     5,277,451   7,892,422   1,081,256  
    Income taxes expense (223,237 ) (20,042 ) (2,746 )   (1,008,874 ) (1,644,306 ) (225,269 )
    Net income 1,107,688   1,912,667   262,034     4,268,577   6,248,116   855,987  
    Net loss attributable to noncontrolling interests 4,052   3,970   544     16,759   16,198   2,219  
    Net income attributable to ordinary shareholders of the Company 1,111,740   1,916,637   262,578     4,285,336   6,264,314   858,206  
    Net income per ordinary share attributable to ordinary shareholders of Qifu Technology, Inc.
    Basic 3.51   6.70   0.92     13.36   21.02   2.88  
    Diluted 3.44   6.62   0.91     13.04   20.64   2.83  
                   
    Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc.
    Basic 7.02   13.40   1.84     26.72   42.04   5.76  
    Diluted 6.88   13.24   1.82     26.08   41.28   5.66  
                   
    Weighted average shares used in calculating net income per ordinary share
    Basic 316,325,750   285,872,913   285,872,913     320,749,805   298,012,150   298,012,150  
    Diluted 323,305,948   289,427,077   289,427,077     328,508,945   303,449,864   303,449,864  
                   
    Unaudited Condensed Consolidated Statements of Cash Flows
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
                   
      Three months ended December 31,   Year ended December 31,
      2023 2024 2024   2023 2024 2024
      RMB RMB USD   RMB RMB USD
    Net cash provided by operating activities 2,351,791   3,051,606   418,067     7,118,350   9,343,311   1,280,027  
    Net cash used in investing activities (1,885,694 ) (945,611 ) (129,548 )   (11,147,789 ) (7,994,081 ) (1,095,184 )
    Net cash (used in) provided by financing activities (911,621 ) (1,873,516 ) (256,671 )   1,066,458   (2,114,463 ) (289,680 )
    Effect of foreign exchange rate changes (877 ) 31,464   4,311     9,615   12,036   1,649  
    Net (decrease) increase in cash and cash equivalents (446,401 ) 263,943   36,159     (2,953,366 ) (753,197 ) (103,188 )
    Cash, cash equivalents, and restricted cash, beginning of period 8,005,398   6,541,857   896,231     10,512,363   7,558,997   1,035,578  
    Cash, cash equivalents, and restricted cash, end of period 7,558,997   6,805,800   932,390     7,558,997   6,805,800   932,390  
                   
    Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
           
      Three months ended December 31,
      2023 2024 2024
      RMB RMB USD
    Net income 1,107,688   1,912,667 262,034
    Other comprehensive income, net of tax of nil:      
    Foreign currency translation adjustment (3,606 ) 145,610 19,948
    Other comprehensive (loss) income (3,606 ) 145,610 19,948
    Total comprehensive income 1,104,082   2,058,277 281,982
    Comprehensive loss attributable to noncontrolling interests 4,052   3,970 544
    Comprehensive income attributable to ordinary shareholders 1,108,134   2,062,247 282,526
           
           
      Year ended December 31,
      2023 2024 2024
      RMB RMB USD
    Net income 4,268,577   6,248,116 855,987
    Other comprehensive income, net of tax of nil:      
    Foreign currency translation adjustment 17,118   46,534 6,375
    Other comprehensive income 17,118   46,534 6,375
    Total comprehensive income 4,285,695   6,294,650 862,362
    Comprehensive loss attributable to noncontrolling interests 16,759   16,198 2,219
    Comprehensive income attributable to ordinary shareholders 4,302,454   6,310,848 864,581
    Unaudited Reconciliations of GAAP and Non-GAAP Results
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
           
      Three months ended December 31,
      2023 2024 2024
      RMB RMB USD
    Reconciliation of Non-GAAP Net Income to Net Income      
    Net income 1,107,688   1,912,667   262,034
    Add: Share-based compensation expenses 42,572   59,720   8,182
    Non-GAAP net income 1,150,260   1,972,387   270,216
    GAAP net income margin 24.6 % 42.7 %  
    Non-GAAP net income margin 25.6 % 44.0 %  
           
    Net income attributable to shareholders of Qifu Technology, Inc. 1,111,740   1,916,637   262,578
    Add: Share-based compensation expenses 42,572   59,720   8,182
    Non-GAAP net income attributable to shareholders of Qifu Technology, Inc. 1,154,312   1,976,357   270,760
    Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS -diluted 161,652,974   144,713,538   144,713,538
    Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 6.88   13.24   1.82
    Non-GAAP net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 7.14   13.66   1.87
           
    Reconciliation of Non-GAAP Income from operations to Income from operations      
    Income from operations 1,279,561   1,890,329   258,974
    Add: Share-based compensation expenses 42,572   59,720   8,182
    Non-GAAP Income from operations 1,322,133   1,950,049   267,156
    GAAP operating margin 28.5 % 42.2 %  
    Non-GAAP operating margin 29.4 % 43.5 %  
           
           
      Year ended December 31,
      2023 2024 2024
      RMB RMB USD
    Reconciliation of Non-GAAP Net Income to Net Income      
    Net income 4,268,577   6,248,116   855,987
    Add: Share-based compensation expenses 185,604   167,613   22,963
    Non-GAAP net income 4,454,181   6,415,729   878,950
    GAAP net income margin 26.2 % 36.4 %  
    Non-GAAP net income margin 27.3 % 37.4 %  
           
    Net income attributable to shareholders of Qifu Technology, Inc. 4,285,336   6,264,314   858,206
    Add: Share-based compensation expenses 185,604   167,613   22,963
    Non-GAAP net income attributable to shareholders of Qifu Technology, Inc. 4,470,940   6,431,927   881,169
    Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS -diluted 164,254,473   151,724,932   151,724,932
    Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 26.08   41.28   5.66
    Non-GAAP net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 27.22   42.39   5.81
           
    Reconciliation of Non-GAAP Income from operations to Income from operations      
    Income from operations 4,856,964   7,528,570   1,031,409
    Add: Share-based compensation expenses 185,604   167,613   22,963
    Non-GAAP Income from operations 5,042,568   7,696,183   1,054,372
    GAAP operating margin 29.8 % 43.9 %  
    Non-GAAP operating margin 31.0 % 44.8 %  
           

    The MIL Network –

  • MIL-OSI Australia: Executive Leadership Team changes

    Source: National Australia Bank

    NAB Group Chief Executive Officer (CEO) Andrew Irvine today announced changes to the bank’s Executive Leadership Team.

    • Andrew Auerbach, an experienced business and wealth banker from Canada, will join NAB as Group Executive, Business & Private Banking (B&PB) on 16 June;
    • Rachel Slade, currently Group Executive B&PB, will leave NAB on 1 July, allowing for a transition period and to work with Mr Irvine as a senior adviser; and
    • Nathan Goonan has resigned as Group Chief Financial Officer (CFO). He will leave NAB later this year after meeting his contractual obligations.

    Mr Irvine said transition arrangements from Tuesday 18 March would be:

    • Michael Saadie, currently Executive, Private Wealth and CEO of JB Were, acting as Group Executive B&PB until Mr Auerbach starts at NAB;
    • Shaun Dooley, currently Group Chief Risk Officer (CRO), acting as Group CFO while NAB recruits a new Group CFO; and
    • Peter Whitelaw, currently Executive, Chief Resilience Risk Officer, acting as Group CRO.

    “NAB has good business momentum and is executing a clear strategy based on being better for customers and our colleagues. We have great talent and leadership across the bank and I’m confident we will maintain momentum while we embed these changes,” Mr Irvine said.

    Mr Auerbach spent more than 21 years in senior executive roles with the Bank of Montreal (BMO) in Canada, including alongside Mr Irvine.  During his career he has worked closely with business owners and entrepreneurs delivering strong customer and commercial outcomes. On leaving BMO, in 2023 he co-founded and is CEO of Canadian wealth management firm Delisle Advisory Group. He will end his involvement with Delisle before joining NAB.

    “Andrew will be a tremendous addition to the NAB team and a strong leader for our leading business bank as we continue to execute our strategy and drive performance in a competitive environment. In particular, he brings a strong track record of improving both customer experiences and financial performance,” Mr Irvine said.

    Ms Slade joined NAB in 2017 and was appointed to the Executive Leadership Team in 2018 as Chief Customer Experience Officer, then Group Executive, Personal Banking in 2020. Ms Slade became Group Executive, B&PB last year when Mr Irvine became NAB Group CEO.

    Mr Goonan has been with NAB for a total of 15 years in two periods, holding various executive roles. He joined the Executive Leadership Team in 2020 as Group Executive, Strategy & Innovation and was appointed Group CFO in 2023.

    “Rachel and Nathan have been dedicated to NAB, very supportive of successive Group CEOs and focused on customers every day. I have appreciated their support in our time together and wish them well for the future,” Mr Irvine said.

    Mr Auerbach’s appointment is subject to regulatory approvals.

    Read the announcement on the ASX. 

    Topics

    SEE ALL TOPICS

    Media Enquiries

    For all media enquiries, please contact the NAB Media Line on 03 7035 5015

    MIL OSI News –

  • MIL-OSI New Zealand: Education delegation departs for Europe & UK

    Source: New Zealand Government

    Education Minister Erica Stanford is leading a New Zealand delegation to Iceland to participate in the 2025 International Summit on the Teaching Profession (ISTP). 

    “The summit will be attended by Education Ministers, union leaders, and teacher leaders from high performing OECD countries. It provides an excellent opportunity for sharing best practice and gaining an international perspective on common challenges,” Ms Stanford says.

    The New Zealand delegation includes representatives from the Ministry of Education, the Post Primary Teachers’ Association (PPTA) Te Wehengarua and the New Zealand Educational Institute (NZEI) Te Riu Roa. 

    This year’s summit theme is ‘Quality Education: The Key to Prosperity and Well-being’. The discussion topics include building a foundation for equitable and inclusive education, supporting educators to foster equity and wellbeing, and the educator’s role in child-centred education systems.

    “Everything we’re doing is aimed at lifting achievement and closing the equity gap so all Kiwi kids can succeed. I look forward to continuing to share our education journey with my ministerial counterparts and strengthening New Zealand’s education ties with the world,” Ms Stanford says.

    Minister Stanford will also travel to the United Kingdom, Sweden and Germany.

    While in the UK, she will meet with the Secretary of State for Education, Department for Education officials, the Office for Standards in Education, and the Education Endowment Foundation. She will also visit local schools and have meetings with Oxford University Press and the Cambridge Assessment.

    In Stockholm, Sweden, Minister Stanford will give a keynote speech and participate in the 2025 Knowledge Rich Curriculum Forum. In Hamburg, Germany, Minister Stanford will participate in a German New Zealand Chamber of Commerce networking event to promote overseas investment in New Zealand. 

    Minister Stanford travelled to the UK and Europe on 16 March and returns to New Zealand on 29 March. 

    MIL OSI New Zealand News –

  • MIL-OSI Africa: President Ramaphosa to open ECD leadership summit

    Source: South Africa News Agency

    Sunday, March 16, 2025

    President Cyril Ramaphosa will on Monday officially open the Bana Pele Early Childhood Development (ECD) Leadership Summit at the Atlas Studios, in Johannesburg.

    The summit, convened by the Department of Basic Education (DBE) and Business Leadership South Africa (BLSA), aims to mobilise a public and private coalition behind the DBE’s 2030 ECD Roadmap for quality, universal access to early learning.

    In a statement on Saturday, The Presidency noted that in South Africa, more than 1.3 million children are not enrolled in any form of ECD programme, leaving them without the foundational literacy and numeracy skills required to succeed in school.

    “This learning gap affects their ability to take on critical subjects, such as Mathematics, Science, Accounting, and Economics in later years, which are the skills that are vital for innovation, economic growth, and job creation,” the Presidency said.

    The summit will bring together government, business, civil society and education experts to “construct a roadmap for universal access to quality ECD across the country.

    “This initiative is a crucial step toward ensuring that every child, regardless of background, has access to the early learning opportunities they need to thrive in life,” the Presidency said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: President to open ECD leadership summit

    Source: South Africa News Agency

    Sunday, March 16, 2025

    President Cyril Ramaphosa will on Monday officially open the Bana Pele Early Childhood Development (ECD) Leadership Summit at the Atlas Studios, in Johannesburg.

    The summit, convened by the Department of Basic Education (DBE) and Business Leadership South Africa (BLSA), aims to mobilise a public and private coalition behind the DBE’s 2030 ECD Roadmap for quality, universal access to early learning.

    In a statement on Saturday, The Presidency noted that in South Africa, more than 1.3 million children are not enrolled in any form of ECD programme, leaving them without the foundational literacy and numeracy skills required to succeed in school.

    “This learning gap affects their ability to take on critical subjects, such as Mathematics, Science, Accounting, and Economics in later years, which are the skills that are vital for innovation, economic growth, and job creation,” the Presidency said.

    The summit will bring together government, business, civil society and education experts to “construct a roadmap for universal access to quality ECD across the country.

    “This initiative is a crucial step toward ensuring that every child, regardless of background, has access to the early learning opportunities they need to thrive in life,” the Presidency said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: Businesses encouraged to operate ethically

    Source: South Africa News Agency

    Mpumalanga MEC for Economic Development and Tourism, Makhosazane Masilela, has called on businesses to “go above and beyond” to demonstrate ethical business practices.

    The MEC was speaking at the commemoration of World Consumer Rights Day (WCR), held at the University of Mpumalanga, on Saturday.

    “As we celebrate this significant day, we are reminded of the central role that consumers play in our economy, and the critical need to protect their rights, while also encouraging businesses to operate ethically, responsibly, and with integrity. 

    “It is not enough to simply adhere to the bare minimum of legal requirements; businesses must go above and beyond to establish a culture of fairness, respect, and responsibility,” Masilela said.

    World Consumer Rights Day is celebrated annually on the 15th of March, as a means of raising global awareness about consumer rights and needs. 

    Celebrating the day is a chance to demand that the rights of all consumers are respected and protected, and to protest against market abuses and social injustices which undermine those rights.

    The National Consumer Commission held the commemoration in partnership with the Competition Commission of South Africa, the Mpumalanga Department of Economic Development and Tourism, and various regulatory bodies, under the umbrella of the Consumer Protection Forum (CPF).

    The WCR was celebrated under the theme “Empowering Consumers—Balancing Rights with Ethical Business Practices”.

    Acting Commissioner of the NCC, Hardin Ratshisusu, emphasised the ongoing need to intensify efforts in addressing the sale of expired food items in local spaza shops.

    “Recent inspections on local spaza shops in various communities have revealed expired food items on shelves, prompting their removal and destruction. 

    “It is important we continue with this work given the recent spate of foodborne illnesses affecting the most vulnerable consumers in our society – our children,” Ratshisusu said.

    Competition Commission Acting Head of Advocacy, Andile Gwabeni, emphasised the importance of the Competition Act in ensuring a competitive market.

    “We understand that a fair and competitive market inherently protects consumers…and we therefore see consumer welfare as a direct output of our work,” he said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Economics: CBB holds first Board meeting for 2025

    Source: Central Bank of Bahrain

    CBB holds first Board meeting for 2025

    Published on 16 March 2025

    Manama, Kingdom of Bahrain – 16 March 2025 – The Central Bank of Bahrain’s (CBB) Board of Directors held its first meeting for the year 2025, chaired by Mr. Hassan Khalifa Al Jalahma on Sunday, 16 March 2025.

    The Board reviewed the topics on the agenda and approved the CBB’s annual report and audited financial statements for the year 2024. The Board also discussed the CBB’s investment policy for 2025, and reviewed the CBB’s activities thus far in 2025.

    The Board also reviewed key monetary and banking indicators for the year 2024 including the money supply, which increased by BD0.3 billion to reach BD 16.3 billion at the end of December 2024, compared to the same period in 2023. As for retail banks, total private deposits increased to around BD14.2 billion at the end of December 2024, an increase of 0.4% compared to the end of December 2023. The outstanding balance of total loans and credit facilities extended to resident economic sectors increased to BD12.3 billion at the end of December 2024, an increase of 4.6% compared to the end of 2023, with the Business Sector accounting for 42.3% and the Personal Sector at 48.3% of total loans and credit facilities.  The balance sheet of the banking system (retail banks and wholesale sector banks) increased to $247.8 billion at the end of December 2024, an increase of 3.9% compared to the end December of 2023.

    Point of Sales (POS) data for January 2025 totaled 21.2 million transactions (77.4% of which were contactless), an increase of 25.4% compared to the same period in 2024. The total value of POS transactions for January 2025 totaled BD 433.0 million (51.9% of which were contactless), an increase of 14.6% compared to the same period in 2024.

    The banking sector maintained a high level of capital adequacy and liquidity, as the capital adequacy ratio of the banking sector reached 21.2% in Q4 2024 compared with 19.7% in Q4 2023. The capital adequacy ratio for the various banking sectors was 32.0% for conventional retail banks, 16.9% for conventional wholesale banks, 24.6% for Islamic retail banks, and 19.6% for Islamic wholesale banks in Q4 2024.

    The total number of registered Collective Investment Undertakings (CIUs) as of January 2025 stood at 1741 CIUs, compared to 1678 funds as of January 2024. The net asset value (NAV) of the CIUs increased from US $11.139 billion in Q4 2023 to US $11.170 billion in Q4 2024, reflecting an increase of 0.3%. The NAV of Bahrain domiciled CIUs decreased from US $4.309 billion in Q4 2023 to US $4.268 billion in Q4 2024, reflecting a decrease of 1%. The NAV of overseas domiciled CIUs increased from US $6.830 billion in Q4 2023 to US $6.902 billion in Q4 2024, reflecting an increase of 1.1%. Additionally, the NAV of Shari’a-compliant CIUs increased from US $1.618 billion in Q4 2023 to US $1.715 billion in Q4 2024, reflecting an increase of 6%.

    Share this

    MIL OSI Economics –

  • MIL-Evening Report: Former Filipino Duterte’s arrest by the ICC – 20 journalists killed during his presidency

    Pacific Media Watch

    Paris-based global media freedom watchdog Reporters Without Borders (RSF) has recalled that 20 journalists were killed during the six-year Philippines presidency of Rodrigo Duterte, a regime marked by fierce repression of the press.

    Former president Duterte was arrested earlier this week as part of an International Criminal Court investigation into crimes against humanity linked to his merciless war on drugs. He is now in The Hague awaiting trial.

    The watchdog has called on the administration of current President Ferdinand Marcos Jr to take strong measures to fully restore the country’s press freedom and combat impunity for the crimes against media committed by Duterte’s regime.

    “Just because you’re a journalist you are not exempted from assassination, if you’re a son of a bitch,” Rodrigo Duterte said in his inauguration speech on 30 June 2016, which set the tone for the rest of his mandate — unrestrained violence against journalists and total disregard for press freedom, said RSF in a statement.

    During the Duterte regime’s rule, RSF recorded 20 cases of journalists killed while working.

    Among them was Jesus Yutrago Malabanan, shot dead after covering Rodrigo Duterte’s drug war for Reuters.

    Online harassment surged, particularly targeting women journalists.

    Maria Ressa troll target
    The most prominent victim was Maria Ressa, Nobel Peace Prize laureate and founder of the news site Rappler, who faced an orchestrated hate campaign led by troll armies allied with the government in response to her commitment to exposing the then-president’s bloody war.

    Media outlets critical of President Duterte’s authoritarian excesses were systematically muzzled: the country’s leading television network, ABS-CBN, was forced to shut down; Rappler and Maria Ressa faced repeated lawsuits; and a businessman close to the president took over the country’s leading newspaper, the Philippine Daily Inquirer, raising concerns over its editorial independence.

    “The arrest of Rodrigo Duterte is good news for the Filipino journalism community, who were the direct targets of his campaign of terror,” said RSF’s Asia-Pacific bureau director Cédric Alviani.

    RSF’s Asia-Pacific bureau director Cédric Alviani . . . “the Filipino journalism community were the direct targets of [former president Rodrigo Duterte]’s campaign of terror.” Image: RSF

    “President Marcos and his administration must immediately investigate Duterte’s past crimes and take strong measures to fully restore the country’s press freedom.”

    The repression carried out during Duterte’s tenure continues to impact on Filipino journalism: investigative journalist Frenchie Mae Cumpio has been languishing in prison since her arrest in 2020, still awaiting a verdict in her trial for “financing terrorism” and “illegal possession of firearms” — trumped-up charges that could see her sentenced to 40 years in prison.

    With 147 journalists murdered since the restoration of democracy in 1986, the Philippines remains one of the deadliest countries for media workers.

    The republic ranked 134th out of 180 in the 2024 RSF World Press Freedom Index.

    Source report from Reporters Without Borders. Pacific Media Watch collaborates with RSF.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Television interview – Sunday Agenda, Sky News

    Source: Minister for Trade

    Andrew Clennell: The Trade Minister, Don Farrell, joins me now from Adelaide. Don Farrell, thanks for your time. You’re due to talk to the US Trade Ambassador tomorrow.

    Minister for Trade: Pleased to be with you.

    Andrew Clennell: And you spoke at two o’clock Friday morning to Commerce Secretary Howard Lutnick. How did your chat with Mr Lutnick go and what are you hoping to achieve with Mr Greer?

    Minister for Trade: Look, Andrew, I did speak with Commerce Secretary Lutnick. That’s the second contact we’ve had with one another since he just recently was appointed to that position. I obviously expressed my disappointment that we had not been able to reach an agreement over the suspension of tariffs on steel and aluminium. But I did say that there’s obviously a further review, and you’ve talked about some of the issues that potentially arise, that the U.S. Government is undertaking by the early part of April. I indicated to him that we want to continue to talk with them. I find that discussion is the best way to resolve these issues. Not retaliatory tariffs, but discussion. What we need to do, Andrew, is find out what it is that the Americans want in terms of this relationship between Australia and the United States and then make President Trump an offer he can’t refuse.

    Andrew Clennell: And did Howard Lutnick give you any indication of what they might be after? Because obviously you offered them some form of critical minerals deal. Did he give any, any ray of light you had a chance? I mean, I think you’ve said that President Trump allowed Australia or the Prime Minister to believe there was a chance when there wasn’t. Has he given you any suggestion there’s a chance, or was he holding the line and saying, look, this is our America First policy, that’s it.

    Minister for Trade: Look, it wasn’t a pessimistic conversation, I’m pleased to say, Andrew. but look, he gave, you know, no assurances about what might happen in the next round of negotiations. Our job is to sit down and continue to talk. I think the important thing here to understand, Andrew, is that when President Trump, in his first iteration, gave Australia an exemption to Prime Minister Turnbull, it was one of over 30 exemptions that the United States gave to a range of countries around the world. So, more than 30 countries, including most of our competitors in the American market, were able to get an exemption. On this occasion, not one country, not one country got an exemption on either steel or aluminium. Now, that’s obviously, we think that’s bad news. We think it’s bad news, obviously, for the companies that trade in Australia with the United States. It’s also bad news for the Americans because what that has done is simply pushed up the price of steel and aluminium in the US market and that has to have an impact both on, on inflation and on jobs. So, part of my job is to continue to put the arguments to the Americans that in fact, this is the wrong policy to adopt. We should actually be doing the opposite. We should be making more free trade, more fair trade, rather than less trade.

    And of course, one of the things that we’ve done in government is diversify our trading relationship. So, we have new agreements with the United Kingdom, we’ve got new agreements with India. I think we’re just about to get another offer from the Indians to even expand our trading relationship with India. We’ve signed a new agreement with the United Arab Emirates. This is like dealing with the Woolies warehouse of the Middle East. If you can get your products into the United Arab Emirates, then you can get it all around the Middle East. On Tuesday night, I spoke with my Korean counterpart, Mr. Ahn, and we’ve got identical problems with the United States. Of course, they sell a lot more steel into the United States than we do. But we are talking about how we can expand our relationship with Korea so that we can sell more product into Korea.

    So, it’s a two-pronged approach. Andrew, we are continuing the discussions with the United States. We’ll continue to discuss. We’re not going down the track of some countries in applying retaliatory tariffs. I don’t think that will work, it hasn’t worked for any other country, why would it work for us? We want to explain our position and we want to get those exemptions for Australian companies because it’s good for prosperity in the United States, but it’s also good for prosperity in Australia.

    Andrew Clennell: Well, I think you’ve got Buckley’s chance of arguing free and fair trade to the Trump administration, to be frank Minister, but what’s the worst-case scenario here? What’s the worst-case scenario? $30 billion, our exports to the U.S. Could we lose it all?

    Minister for Trade: Look, I don’t believe so, Andrew. And just on that first point you made, Buckley’s chance. When I came to this job three years ago, we had $20 billion worth of trade bans in China. People told me, look, you will never, never, ever get that trade back. At the end of last year, the last of the products that had been subject to those trade impediments, namely crayfish, we got back into China. And since then, in the first month of that new trade, we got $188 million of crayfish sold into China. You can reverse these decisions, Andrew, so, don’t give up on us just yet. You can get countries to realise. You can get countries if you keep talking to them and you keep making your arguments, which is exactly what I intend to do. If you keep making your arguments, you can in fact convince countries that the policies that they are adopting are in fact counterproductive, just as they were with China.

    Andrew Clennell: Okay, but what’s the worst-case scenario? What’s the worst-case scenario here?

    Minister for Trade: Look, I wish I could tell you exactly what the American Government is finally going to do. To be honest with you, I suspect they don’t even know themselves right now. They’re conducting this review. They’re conducting the review in respect of every single trade agreement they have. It’s not just Australia, it’s every country. And my job in the discussions that go on in this coming week and in the weeks ahead is to get the best result for Australian producers, and that’s what I intend to do. And it’ll only be by reaching out, by having discussions, by putting our point of view that we’re going to get an acceptable outcome here.

    Andrew Clennell: In any of these discussions, do you talk about the prospect of a phone call between Prime Minister Albanese and President Trump?

    Minister for Trade: Oh, that’s way above my pay grade, I’m afraid, Andrew.

    Andrew Clennell: Is it though? Kevin Rudd asks.

    Minister for Trade: Well, he’s the ambassador, of course he asks, and that’s the job of the ambassador to do that representation on behalf of the Australian Prime Minister.

    Andrew Clennell: How many times has he asked, do you know?

    Minister for Trade: No, I don’t know the answer to that question, Andrew. But you know, we were amongst the first countries to ring President Trump when he was elected and congratulated him. The Prime Minister did that. And we of course got a second phone call with him to express our concerns about the direction that he was taking in respect of tariffs.

    To the best of my knowledge, we were the only country in the world where he said, I’m going to give some consideration to not applying these tariffs to you. Now, I know we didn’t get the exemption in the end, but we were the only country that at least got him to say, look, we’re going to give some consideration to this. Ultimately, the consideration was that they would not do it.

    As I’ve said on Sky previously, the people around President Trump, particularly Mr. Navarro, I think, were determined that they weren’t going to go down the track that they went down last time. So, I mentioned before over 30 countries got exemptions for steel and aluminium. They were determined, the people around President Trump were determined not to go down that track again. They were going to apply the tariffs, the 25 per cent tariffs, and no country was going to get an exemption. But look, we will continue to talk. As I said, I’ve spoken to Commerce Secretary Lutnick on Friday morning, tomorrow US time, so, Tuesday morning, I think 7:30, I’m going to have my conversation with Jamieson Greer. We’re going to work out firstly what it is that the Americans want out of this arrangement, because it’s still not clear to me what it is that they are seeking. But once we find that out, we’ll work through this issue and we’ll work through it in Australia’s national interest.

    Andrew Clennell: Why haven’t you been to the US, yourself?

    Minister for Trade: Look, can I say this, Andrew, modern communications these days, a telephone call, a video conference, which is what I’ll be doing with Jamieson Greer, Ambassador Greer, on Tuesday, we’re getting our message across. After that first conversation between President Trump and Prime Minister Albanese, we embarked on a course of action which was determined in consultation with the officials in the United States about how best to progress our concerns about the introduction or the reintroduction of tariffs. We followed that. We followed that course of action and we followed it until last Wednesday when it became clear that the Americans were not going to give us an exemption. So, we had a plan. We had a plan for how we deal with this issue. We were hopeful, certainly based on early discussions, that we would get a successful result here. In the event that that didn’t happen. But we’re not giving up. We’re continuing the talks. And in fact, in lots of ways, the talks will be beefed up in the weeks and the months ahead as we try and resolve all of these issues, but these are not easy issues, Andrew.

    Andrew Clennell: No, they’re not. But Peter Dutton says you haven’t got the relationships. He’s pointed the finger at Kevin Rudd. The suggestion is Albanese, the Prime Minister, was seen as too close to Joe Biden. Penny Wong found out from the media that this had occurred. What do you say to all that? I mean, his contention as we go into an election campaign is their government would have better luck with the US Administration. What do you say to that?

    Minister for Trade: Look, Peter Dutton couldn’t go two rounds with a revolving door Andrew. What happened? When we came to government, there were $20 billion worth of tariffs and trade impediments with the Chinese. If Peter Dutton’s so good at building relationships and solving problems, they didn’t get a cent, they didn’t get a cent or a single tariff removed in that previous three years in government. We got the best result or the best response of any country in the world. We got a consideration by the President to review these tariffs. Now ok, it didn’t ultimately result in us getting the tariffs removed and we accept that. We accept that situation. I’d ask your listeners, who do you think is going to be better to negotiate with the United States? Somebody with a proven record of getting results or somebody, when they had the opportunity to get some results, did nothing. Did nothing. They did nothing.

    Andrew Clennell: What would a tariff do to the beef industry?

    Minister for Trade: It would certainly have a clearly a negative impact. The United States I think is, if it’s not the largest export market for our beef industry, it would have a significant impact. We are expanding our beef exports, our beef exports right now thanks to the Albanese Labor Government, are the best that they’ve ever been. We’re exporting more beef than we ever have. The significance, of course to the United States about our beef exports is that most of it goes into McDonald’s hamburgers. And if you push up the price of those beef exports by 25 per cent or 10 per cent or whatever the figure is, then you simply push up the price of hamburgers in the United States. It doesn’t make any sense, Andrew. It doesn’t make any sense at all.

    Andrew Clennell: Sure.

    Minister for Trade: You want to be pushing prices down. You don’t want to be pushing them up.

    Andrew Clennell: Indeed. There’s also speculation the trade war could harm the PBS somehow and cause pharmaceutical prices to go up. How would that occur and what do you make of that speculation?

    Minister for Trade: Well, it simply is speculation. That’s all it is, Andrew. I’ve not heard one comment from any person in the United States that refers to the PBS. We’ve got a terrific health system. We’re continuing to improve all the time. Minister Butler is always coming up with new ideas to improve our health system. The PBS is an essential part of our health system and there will be absolutely nothing that the Americans can do to impact on our health system or the PBS system. And we certainly, we certainly would not contemplate doing anything at any stage that makes our health system more expensive. We want to put downward pressure on the cost of health and we’re going to continue to do that, especially if we get re-elected in a few weeks’ time.

    Andrew Clennell: It’s been reported the deal that Australia put on the table was access to our critical minerals like lithium, manganese, what’s the nature of that deal? Presumably America would still have to pay for the minerals. Would they get the minerals at a cheaper rate? Would they have the first right of refusal on the minerals? What are the minerals to be used for? Making mobile phones, electric cars and the like?

    Minister for Trade: Yeah, look, Australia is very fortunate in the sense that we have either the largest or the second largest reserves of all critical minerals and rare earths in the world. Now, critical minerals are different from other minerals. If you go up to the Pilbara, you can see iron ore as far as the eye can see, Andrew. Critical minerals tend to be in much smaller deposits and they’re much deeper down. Two things about that. They are more expensive to extract and they take longer to dig out of the ground and they don’t last as long so you’ve got to keep finding new resources. What this means for what we were proposing to the Americans was continued and improved investment in getting access to those critical minerals. We’ve got some of the most sophisticated miners in Australia, Andrew. We’ve got a very sophisticated mining operation here, much more sophisticated than the Americans. But the thing we often don’t have is access to capital. So, the offer to the Americans was, look, we’ll work with you. You want these critical minerals, you want them for electric batteries in cars, you’ve mentioned some of the other things, mobile phones, all of these sorts of things. But the process of extraction is expensive, we need capital. We want to work with other countries. We want to particularly work, for instance, with the Europeans. We’ve made them some offers in this regard. It’s not about cheaper prices, it’s not about preferred access. It’s about ensuring that they’ve got a reliable supply chain to ensure that when they need these critical minerals, you’ve got a reliable country like Australia who can provide them.

    Andrew Clennell: So, would that be Australian money or American money? When you talk about increased investment –

    Minister for Trade: Both. Both.

    Andrew Clennell: Okay. So, an Australian financial offer was put on the table?

    Minister for Trade: No, it wasn’t a financial offer in that sense. It was a way forward to try and get support both in Australia and in the United States for extracting these critical minerals. So, if we’re going to go down the track of decarbonising our economies, this is the way we need to go. But it’s going to require investment, significant investment. The Australian Government is already making significant investments in this area. But to get to where we want to get to in terms of that net zero project, then we need more investment and – 

    Andrew Clennell: Do you see the hand of Elon Musk? Do you see the hand of Elon Musk in any of this? The keenness of the Americans for these critical minerals.

    Minister for Trade: Well, look, they didn’t accept our offer. So, if Mr Musk was involved in this, then he doesn’t appear to have influenced the result, if that was what he was after. To the best of my knowledge, Mr. Musk was not involved in any of these discussions that I –

    Andrew Clennell: All right, no worries. We’re nearly out of time. Overnight, the PM reiterated in a meeting with European leaders he would consider sending peacekeepers to Ukraine if there was peace. That’ll be controversial with a lot of Australians because it’s not our region. We know Peter Dutton doesn’t support this. Is the PM trying to muscle up here after Peter Dutton has continually called him weak? What’s the motivation to get involved in this conflict?

    Minister for Trade: Andrew, for the last 80 years, in other words, since the end of World War II, Australia has been involved in peacekeeping missions all the way around the world. We’ve come out right from day one, Prime Minister Albanese has been very clear and very strong on this, we support Ukraine. Ukraine’s fight for democracy. Ukraine’s fight for its sovereignty is Australia’s fight. It’s Australia’s fight. We’ve made significant financial contributions to Ukraine to ensure that they can defend themselves from this illegal and immoral monster, Putin, and we’ll continue to do that. And if Prime Minister Starmer says, look, will you contribute to peacekeeping? I think that’s the right thing to do. Look, it’s not all about popularity and so forth, but it’s the right thing to do. We want to see peace around the world. The best thing that Australia can do in terms of any international relationship is to support peace. And if we can make a contribution to that peacekeeping effort, then I think we should. And I think Mr. Dutton is completely on the wrong track here. Australians support the Ukrainian fight. I was on the steps of Parliament House just a couple of weeks ago with Premier Malinauskas. His background is Lithuanian. He knows exactly what happens if you don’t stand up to bullies like Putin. It’s in our interest to defend democracy in Ukraine. It’s in our interest to be part of a peacekeeping force when there’s peace.

    Andrew Clennell: Finally, and briefly, there was something of a blow to the government late last week with the default market offer out, that Australians face price rises of up to 10 per cent on their power bills. Will the government’s electricity subsidy be extended and increased in the budget?

    Minister for Trade: Well, you know the answer to that question, Andrew. You’ll have to ask the Treasurer, and you’ve only got a few more sleeps to find out what’s going to be in the next budget.

    Andrew Clennell: Well, I might ask him on the show next week. Thanks very much, Don Farrell.

    Minister for Trade: Nice talking with you Andrew. 

    MIL OSI News –

  • MIL-OSI USA: Savage Pet Recalls Savage Cat Food Chicken – Large and Small Boxes Because of Possible Bird Flu Health Risk

    Source: US Department of Health and Human Services – 3

    Summary

    Company Announcement Date:
    March 15, 2025
    FDA Publish Date:
    March 15, 2025
    Product Type:
    Animal & Veterinary
    Reason for Announcement:

    Recall Reason Description
    Possible Bird Flu Health Risk

    Company Name:
    Savage Pet
    Brand Name:

    Brand Name(s)
    Savage Pet

    Product Description:

    Product Description
    Cat Food Chicken

    Company Announcement
    Savage Pet of El Cajon, CA is recalling 66 Large Chicken Boxes 84 oz. and 74 Small Chicken Boxes 21 oz. with the lot code/best by date of 11152026 because it has the potential to contain H5N1, also known as bird flu .
    Savage Cat Food Large Chicken Boxes and Small Chicken Boxes were distributed to retailers in California, Colorado, New York, Pennsylvania and Washington.
    People who fed cats the recalled products should watch for symptoms of bird flu, including fever, lethargy, low appetite, reddened or inflamed eyes, discharge from the eyes and nose, difficulty breathing, and neurological signs like tremors, stiff body movements, seizure, lack of coordination, or blindness. People with cats exhibiting these signs after feeding this product should immediately contact their veterinarian.
    While no human infections have been identified among people handling raw pet food products, humans can become infected if live virus gets into a person’s eyes, nose, or mouth. People should wash their hands while handling raw products and sanitize contact surfaces. People who handled the recalled products should watch for symptoms of bird flu, including eye redness or irritation (conjunctivitis), cough, sore throat, sneezing, runny/stuffy nose, muscle/body aches, headaches, fatigue, fever, trouble breathing, seizures, rash, diarrhea, nausea, and/or vomiting. People exhibiting these signs after having contact with this product should contact their healthcare provider and local health department.
    In February, Savage Pet was made aware of one cat in Colorado who contracted H5N1, got sick and recovered. Colorado State University Laboratory tested sealed packets of Savage Cat Food using PCR testing for H5N1. The PCR test results were “non-negative”. The product with “non-negative” PCR results was sent to the National Veterinary Services Laboratory in Ames, Iowa for virus isolation testing.
    The product in question was removed from the market while awaiting final test results. On 02/17/25 every retailer who may have received the lot code in question was contacted and informed to return it for proper destruction.
    On 03/06/25 the NVSL virus isolation testing results confirmed the virus to be negative.
    On 3/13/2025 Savage Pet was made aware of an additional case in New York of a kitten that was feeding lot 11152026 who contracted avian flu. Further testing is ongoing.
    To ensure maximum safety we are modifying our market withdrawal to a recall.
    The product with lot code/best by date of 11152026 was distributed in November 2024. The boxes are cardboard and contain individual plastic packets inside. The lot code/best by date is stamped on the bottom and on each packet.
    Do not feed the recalled product to pets or animals. Do not sell or donate the recalled products. Consumers who have purchased this lot code are urged to immediately return it to their retailer for proper destruction and a full refund.
    For more information contact us at info@savagecatfood.com or by calling 619.270.0295.

    Company Contact Information

    Product Photos

    MIL OSI USA News –

  • MIL-OSI Economics: Samsung Electronics Earns ‘Product Carbon Reduction’ and ‘Product Carbon Footprint’ Certifications for Neo QLED 8K and Neo QLED for Fifth Consecutive Year

    Source: Samsung

     
    Samsung Electronics today announced that approximately 80 models in its 2025 TV, monitor and soundbar lineups have received Product Carbon Reduction1 and Product Carbon Footprint2 certifications from TÜV Rheinland, a globally recognized certification organization based in Germany. This marks the fifth consecutive year that the premium lineups, Neo QLED 8K and Neo QLED, have received certifications, reinforcing the company’s continued efforts in carbon reduction.
     
    “Samsung Electronics is committed to driving technological innovation for a sustainable future,” said Taeyong Son, Executive Vice President of Visual Display Business at Samsung Electronics. “As the world’s leading TV manufacturer, we will continue to be at the forefront of establishing a more energy-efficient ecosystem that benefits consumers.”
     
    Following last year’s certification of 60 models across the Neo QLED, OLED and Lifestyle TV categories, Samsung has further increased its number of certified products in 2025 to include QLED TVs. In addition, the company is also working towards obtaining certification for its Color E-Paper lineup later this year.
     

     
    The certifications from TÜV Rheinland are awarded following a rigorous evaluation of a product’s entire lifecycle — including manufacturing, transportation, usage and disposal — based on internationally recognized sustainability standards. By assessing and verifying carbon emissions at each stage, these certifications highlight Samsung’s efforts to reduce environmental impact across its product lineup.
     
    In particular, the Product Carbon Reduction certification is granted to products that have already received a Product Carbon Footprint certification and further demonstrate a measurable reduction in carbon emissions compared to their predecessors.
     
    Samsung’s leadership in energy-efficient display technology dates back to 2021, when the Neo QLED became the first 4K and higher-resolution TV to earn the Reducing CO2 certification. Since then, Samsung has continually expanded its portfolio of environmentally certified products, including QLED, Crystal UHD, Lifestyle TVs, OLED TVs and a wide range of monitors and digital signage products.
     
    For more information on Samsung’s 2025 TV lineup, please visit www.samsung.com.
     
     
    1 38 Certified models include Neo QLED 8K(QN990F, QN950F), Neo QLED 4K(QN90F, QN85F), OLED(S95F 55”/65”, S90F, S85F 77”/83”), The Frame Pro(LS03FW), LCD Signage(QMC 43”, 50”, 55”, 75”), and Soundbar(Q930F, Q800F, QS700F) products.1 42 Certified models include Neo QLED 8K(QN900F), Neo QLED 4K(QN80F, QN70F), OLED(S95F 77”/83”, S85F 55”/65”), The Frame(LS03F), QLED(Q8F, Q7F), Viewfinity S80UD, S80D, QMC 65’’/85’’, Soundbar(Q990F), EMDX 32″.

    MIL OSI Economics –

  • MIL-OSI USA: One Week Left to Apply for Federal Assistance

    Source: US Federal Emergency Management Agency

    Headline: One Week Left to Apply for Federal Assistance

    One Week Left to Apply for Federal Assistance

    LOS ANGELES – Only a week remains for homeowners, renters and businesses impacted by the January wildfires in Los Angeles County to apply for federal disaster assistance

    Monday, March 10, is the deadline to apply for both FEMA disaster assistance and a U

    S

    Small Business Administration (SBA) low-interest disaster loan

    Apply for FEMA Individual Assistance:Online at DisasterAssistance

    gov (fastest option)

    On the FEMA App (available at the Apple App Store or Google Play)

    On the FEMA Helpline at 800-621-3362

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

    Helpline operators speak many languages: press 2 for Spanish or press 3 for an interpreter who speaks your language

    Lines are open from 4 a

    m

    to 10 p

    m

    P

    T

    seven days a week

    Visit a Disaster Recovery Center (DRC)

     To locate a DRC near you, visit the DRC Locator

    Disaster Recovery Centers are physically accessible to people with disabilities and others with access and functional needs

    They are equipped with assistive technology and other resources to help ensure all applicants can access resources

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

    Apply for an SBA Low-Interest Disaster Loan: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 emailing DisasterCustomerService@sba

    gov

     At a 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 online, on X @FEMA or @FEMAEspanol, on FEMA’s Facebook page orEspanol page and at FEMA’s YouTube account

     For preparedness information follow the Ready Campaign on X at @Ready

    gov, on Instagram @Ready

    gov or on the Ready Facebook page

    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
    Sat, 03/15/2025 – 16:41

    MIL OSI USA News –

  • MIL-OSI USA: FDA Educational Efforts Prevented Nearly 450,000 Youth from Starting E-Cigarette Use in One Year

    Source: US Food and Drug Administration

    For Immediate Release:
    March 14, 2025

    Today, a study co-authored by U.S. Food and Drug Administration scientists was released showing the agency’s youth e-cigarette prevention campaign, “The Real Cost,” successfully reduced e-cigarette use among youth. The campaign, which launched in 2018 under the leadership of President Trump, was found to have prevented an estimated 444,252 American youth (age 11 to 17 at study recruitment) from starting to use e-cigarettes between 2023 and 2024.
    The new study, published in the peer-reviewed scientific journal American Journal of Preventive Medicine, found evidence that the campaign contributed to the nearly 70% decline in e-cigarette use among American youth that has occurred since 2019. According to the National Youth Tobacco Survey, the number of U.S. middle and high school students who currently use e-cigarettes has declined from 5.38 million in 2019 to 1.63 million in 2024, the lowest level in a decade.
    “As part of our work to Make America Healthy Again, we must ensure that children have a healthy start in life,” said Acting FDA Commissioner Sara Brenner, M.D., M.P.H. “This includes taking evidence-based actions to prevent youth tobacco product use.”
    Data from the evaluation, which followed a nationally representative sample of U.S. youth over time, showed that viewing ads from “The Real Cost” lowered chances that youth who had never used an e-cigarette would later initiate use. The survey collected information on how frequently youth were exposed to “The Real Cost” campaign and which youth went on to try e-cigarettes, among other variables.
    “Adolescence is a critical period for prevention efforts because most adults who use tobacco products begin using them in their teenage years,” said Brian King, Ph.D., M.P.H., director of the FDA’s Center for Tobacco Products. “Youth tobacco prevention campaigns not only work, but they are also a cost-effective approach to protecting young people from a lifetime of nicotine addiction.”  
    These data build on prior scientific studies showing that exposure to “The Real Cost” campaign is a cost-saving strategy by reducing the lifetime risks of tobacco-related disease and death, including from chronic disease. A previous study that evaluated “The Real Cost” Youth Cigarette Prevention Campaign found that the effort prevented up to 587,000 American youth from initiating smoking over a three-year period, half of whom might have gone on to become established adult cigarette users. The cigarette prevention campaign also was found to save $180 for every dollar spent on the effort in its first two years, totaling more than $53 billion in reduced smoking-related costs like early loss of life, costly medical care, lost wages, lower productivity and increased disability.  
    There is no safe tobacco product. Those who do not currently use tobacco products, especially youth, should not start. Additionally, there are medications that have been approved by the FDA to be safe and effective for adults who want to quit smoking. Adults who smoke should also know that different types of tobacco products exist on a spectrum of health risk, with smoked products such as cigarettes being the most harmful. Adults who fully switch from cigarettes to a lower-risk alternative tobacco product can generally reduce their health risks and exposure to toxic and cancer-causing chemicals.  
    “The Real Cost” Youth E-cigarette Prevention Campaign uses a variety of marketing tactics and creative advertising to reach youth. Advertising and prevention materials are delivered across communication channels relevant to teens, including digital and streaming platforms, social media and gaming platforms. These education efforts are one component of the agency’s strategy to reduce and prevent youth use of tobacco products. The agency’s activities also include compliance and enforcement actions across the supply chain – in coordination with federal partners using their unique authorities – to ensure that those that make, distribute or sell illegal tobacco products are held accountable to the law. All of the FDA’s Center for Tobacco Products’ efforts are 100 percent funded by tobacco user fees, which are fees paid by manufacturers and importers of certain classes of tobacco products.
    ###

    Boilerplate

    The FDA, an agency within the U.S. Department of Health and Human Services, protects the public health by assuring the safety, effectiveness, and security of human and veterinary drugs, vaccines and other biological products for human use, and medical devices. The agency also is responsible for the safety and security of our nation’s food supply, cosmetics, dietary supplements, radiation-emitting electronic products, and for regulating tobacco products.

    Inquiries

    Consumer:
    888-INFO-FDA

    Content current as of:
    03/14/2025

    Regulated Product(s)

    Follow FDA

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Center in Mercer County will Temporarily Close on Saturday March 15

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Center in Mercer County will Temporarily Close on Saturday March 15

    Disaster Recovery Center in Mercer County will Temporarily Close on Saturday March 15

    CHARLESTON, W

    Va

    — The Disaster Recovery Center (DRC) in Mercer County will be temporarily closed on Saturday, March 15, and will re-open on Monday, March 17 at 8 a

    m

    It will also be temporarily closed on Saturday, March 22, but will re-open on Monday, March 24 at 8 a

    m

     A DRC is a one-stop shop where survivors can meet face-to-face with FEMA representatives, apply for FEMA assistance, get help understanding and responding to a FEMA letter, receive referrals to local assistance, apply with the U

    S

    Small Business Administration (SBA) for low-interest disaster loans, and much more

    To find the DRC closest to you, including addresses and hours, visit FEMA

    gov/drc or text DRC and a ZIP code to 43362

      There are other ways to stay in touch with FEMA

    Apply by phone at 800-621-3362Apply online at DisasterAssistance

    govApply with the FEMA AppDownload the free FEMA mobile app, available at Google Play or the Apple App StoreApply in person at one of our other FEMA West Virginia Disaster Recovery Centers:Mercer County Disaster Recovery CenterMcDowell County Disaster Recovery CenterLifeline Princeton Church of God250 Oakvale Road Princeton, WV 24740 Hours of operation:Monday to Friday: 9 a

    m

    – 5 p

    m

    Saturday: 10 a

    m

    – 2 p

    m

    Closed Sundays Closed March 15, March 22, April 19Bradshaw Town Hall10002 Marshall HwyBradshaw, WV 24817 Hours of operation:Monday to Saturday: 8 a

    m

    to 6 p

    m

    Closed SundaysMingo County Disaster Recovery CenterWyoming County Disaster Recovery CenterWilliamson Campus1601 Armory DriveWilliamson, WV 25661 Hours of operation:Monday through Saturday, 8 a

    m

    to 6 p

    m

     Closed on SundaysWyoming Court House24 Main AvePineville, WV 24874 Hours of operation:Monday through Friday: 8 a

    m

    to 6 p

    m

     Saturday: 9 a

    m

    to 3 p

    m

    Closed on SundaysVisit fema

    gov/drc to find the latest recovery center informationFor more information on West Virginia’s disaster recovery, visit emd

    wv

    gov, West Virginia Emergency Management Division Facebook page, www

    fema

    gov/disaster/4861 and www

    facebook

    com/FEMA

    ###FEMA’s mission is helping people before, during and after disasters

    Follow FEMA online, on X @FEMA or @FEMAEspanol, on FEMA’s Facebook page or Espanol page and at FEMA’s YouTube account

    Also, follow on X FEMA_Cam

    For preparedness information follow the Ready Campaign on X at @Ready

    gov, on Instagram @Ready

    gov or on the Ready Facebook page

    kelly

    magarity
    Fri, 03/14/2025 – 13:32

    MIL OSI USA News –

  • MIL-OSI USA: Seabear Company Recalls Smoked Salmon Chowder and Alehouse Clam Chowder Because of Possible Health Risk

    Source: US Department of Health and Human Services – 3

    Summary

    Company Announcement Date:
    March 15, 2025
    FDA Publish Date:
    March 15, 2025
    Product Type:
    Food & Beverages
    Reason for Announcement:

    Recall Reason Description
    Potential contamination with Clostridium botulinum

    Company Name:
    Seabear Company
    Brand Name:

    Brand Name(s)
    Seabear

    Product Description:

    Product Description
    Alehouse Clam Chowder and Smoked Salmon Chowder

    Company Announcement
    SeaBear Company of Anacortes, Washington is recalling two variations of seafood chowder (Smoked Salmon Chowder & Alehouse Clam Chowder), because it has the potential to be contaminated with Clostridium botulinum, a bacterium which can cause life- threatening illness or death. Consumers are warned not to use the product even if it does not look or smell spoiled.
    Botulism, a potentially fatal form of food poisoning, can cause the following symptoms: general weakness, dizziness, double-vision and trouble with speaking or swallowing. Difficulty in breathing, weakness of other muscles, abdominal distension and constipation may also be common symptoms. People experiencing these problems should seek immediate medical attention.
    The Smoked Salmon Chowder and Alehouse Clam Chowder were distributed through physical retail stores in Alaska, California, Colorado, Oregon, and Washington and direct home delivery via SeaBear’s website (https://seabear.com/) nationwide between 10/1/2024 and 03/14/2025.
    The recalled SeaBear Smokehouse chowder products are shelf stable and packaged in a 12oz dark blue pouch. The impacted lot codes are found on back of pouch.

    Recall Product
    Brand
    UPC
    Impacted Lot Codes

    SeaBear Salmon Chowder Net wt.12oz.
    SeaBear Smokehouse
    0 34507 07001 3

    64242902 SALCH – Enjoy by: 10/2028
    64242912 SALCH – Enjoy by: 10/2028
    64242972 SALCH – Enjoy by: 10/2028
    64242982 SALCH – Enjoy by: 10/2028
    64243042 SALCH – Enjoy by: 10/2028
    64243052 SALCH – Enjoy by: 10/2028
    64243121 SALCH – Enjoy by: 11/2028
    64243131 SALCH – Enjoy by: 11/2028
    64243191 SALCH – Enjoy by: 11/2028
    64243201 SALCH – Enjoy by: 11/2028
    64243651 SALCH – Enjoy by: 12/2028
    64250031 SALCH – Enjoy by: 1/2029
    64250291 SALCH – Enjoy by: 1/2029
    64250301 SALCH – Enjoy by: 1/2029

    Alehouse Clam Chowder Net wt 12oz
    SeaBear Smokehouse
     0 34507 07021 1

    64241641 ALECH – Enjoy by: 6/2028
    64241643 ALECH – Enjoy by: 6/2028
    64241661 ALECH – Enjoy by: 6/2028
    64243251 ALECH – Enjoy by: 11/2028
    64243261 ALECH – Enjoy by: 11/2028
    64250222 ALECH – Enjoy by: 1/2029
    64250241 ALECH – Enjoy by: 1/2029

    No illnesses have been reported to date.
    SeaBear initiated a voluntary recall after they became aware of a pouch seal issue from a customer complaint. Upon further investigation, they identified a mechanical issue with equipment, which caused seals to not fully bond and made some pouches leak.
    Consumers who have purchased SeaBear’s Smoked Salmon Chowder or Alehouse Chowder are urged not to consume products and should contact SeaBear’s customer service team at 1-800- 645-3474 or smokehouse@seabear.com for a full refund. SeaBear’s customer service hours are Monday-Friday 7am-5:30pm PST.
    This recall is being made with the knowledge of the U.S. Food and Drug Administration.

    Company Contact Information

    Media:
    Brad Pitalo
    800-645-3474

    Product Photos

    Content current as of:
    03/15/2025

    Regulated Product(s)

    Follow FDA

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom announces appointments 3.14.25

    Source: US State of California 2

    Mar 14, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Janessa Goldbeck, of San Diego, has been appointed to the California Veterans Board. Goldbeck has been the Chief Executive Officer of Vet Voice Foundation since 2022 and the Principal of Sui Generis Strategies since 2017. She was a Captain in the United States Marine Corps from 2012 to 2019. Goldbeck was the National Field Director at Genocide Intervention Network from 2007 to 2011. She is a board member of the San Diego LGBT Community Center and Equality California. Goldbeck is a member of the San Diego Rotary Club 33 and the Truman National Security Project. She earned a Master of the Arts degree in Public Leadership from the University of San Francisco, and a Bachelor of Science degree in Journalism from Northwestern University. This position requires Senate confirmation, and the compensation is $100 per diem. Goldbeck is a Democrat. 

    Courtney Welch, of Emeryville, has been appointed to the California Housing Partnership Corporation. Welch has been the Director of External Affairs of the California Housing Defense Fund since 2023 and a City Councilmember of the City of Emeryville since 2021. She held multiple roles at the City of Emeryville from 2022 to 2024, including Mayor and Vice-Mayor. She was the Director of Planning and Investigation at the California Housing Defense Fund from 2022 to 2023. She was the Director of Policy and Communications of the Bay Area Community Land Trust from 2021 to 2022. Welch was a Continuum of Care Specialist at EveryOne Home from 2020 to 2021. She was an Affordable Housing Program Coordinator at HomeownershipSF from 2018 to 2020. Welch is a member of the Alameda County Housing and Community Development Advisory Board, and the Children’s Hospital Consumer Advisory Board. She studied General Studies at Hampton University. This position requires Senate confirmation, and there is no compensation. Welch is a Democrat. 

    Indira Cameron-Banks, of Los Angeles, has been appointed to the Civil Rights Council. Cameron-Banks has been a Founding Partner of Cameron Banks Law, Cameron Jones LLP since 2021. She was Director at the Lawyers Preventing and Ending Homelessness Project, Inner City Law Center from 2020 to 2021. Cameron-Banks held multiple positions at the United States Attorneys’ Office for the Central District of California from 2007 to 2020, including Assistant United States Attorney, Special Counsel to the United States Attorney, and Chief of Financial Litigation Section. She is a member of the Social and Economic Policy Advisory Board for the RAND Corporation. Cameron-Banks earned her Juris Doctor degree from Boston University and her Bachelor of the Arts degree from the University of Chicago. This position requires Senate confirmation, and the compensation is $100 per diem. Cameron-Banks is a Democrat.

    Ricardo Sanchez, of Hollister, has been appointed to the California State Board of Pharmacy. Sanchez has been an Investigator at the California Department of Motor Vehicles since 1989. He is the Chief Financial Officer for the California Statewide Law Enforcement Association and a Member of the San Benito Masonic Temple #211, Order of Eastern Star, Athena #46, California Mexican American Veteran Memorial Beautification and Enhancement Committee and El Solado Latino. Sanchez earned a Bachelor of Arts degree in Criminal Justice from Union Institute and University. This position does not require Senate confirmation, and the compensation is $100 per diem. Sanchez is a Democrat. 

    Press Releases, Recent News

    Recent news

    Mar 14, 2025

    News What you need to know: Aided by $10 million from the State of California, LA Rises, Maersk and APM Terminals, LA-area grant program awards $2.7 million to fire-impacted small businesses, nonprofits and workers to navigate recovery and rebuilding.  LOS ANGELES –…

    Mar 13, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Andrew King, of Sacramento, has been appointed Deputy Director of Data Operations Strategy at the Office of Data and Innovation. King has been Manager of the Data Operations Section at…

    Mar 13, 2025

    News What you need to know: California is expanding its collaboration with NASA’s Jet Propulsion Laboratory to leverage cutting-edge technologies to protect public health and help Los Angeles rebuild.  LOS ANGELES – As part of the state’s ongoing actions to support…

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: LA’s rebuilding and recovery efforts continue with support from Governor Newsom and LA Rises

    Source: US State of California 2

    Mar 14, 2025

    What you need to know: Aided by $10 million from the State of California, LA Rises, Maersk and APM Terminals, LA-area grant program awards $2.7 million to fire-impacted small businesses, nonprofits and workers to navigate recovery and rebuilding. 

    LOS ANGELES – Yesterday, the Los Angeles County Department of Economic Opportunity (DEO) and City of Los Angeles announced the first round of grants for the LA Region Small Business and Worker Relief Funds that will provide direct cash assistance to impacted workers, small businesses, and non-profits. A total of $2.7 million was disbursed to 82 businesses and 324 workers in this initial phase, including those businesses and nonprofits that had physical brick-and-mortar locations destroyed in the fires.

    “We know that small businesses are not only key to a thriving economy but also make up the heart of healthy communities, and we’re committed to doing everything in our power to help them rise and rebuild. We applaud the City and County of Los Angeles for getting these critical funds out the door as quickly as possible to protect and support the businesses and workers that have been most impacted.”

    Governor Gavin Newsom

    Supported by a $10 million investment from the State of California, Maersk and APM Terminals, and LA Rises, led by Dodgers Chairman Mark Walter, business leader and basketball legend Earvin “Magic” Johnson, and Casey Wasserman, these relief funds are expected to award an additional $15.9 million later this month. This was the first investment by LA Rises, the unified recovery effort launched by the Governor in January.

    Donations to close the gap on the unmet needs of these funds are welcomed and can be made at lacounty.gov/relief.  

    Continuing to support recovery and rebuilding in LA 

    Late last month, the Governor was in Los Angeles to launch the California Jobs First Economic Blueprint as part of his continued tour of the state’s thirteen economic regions. The Blueprint was paired with $125 million in funding to support new, ready-to-go projects and $15 million for economic development projects for California Native American tribes.

    In addition, the Governor received the Los Angeles Jobs First Collaborative’s regional plan and announced $3 million to support their recovery efforts for the region, including for the launch of public-facing campaigns to promote small business support and the addition of capacity for near-term business and economic recovery. 

    Federal business and worker assistance resources still available 

    Last week, at Governor Gavin Newsom’s request, the Federal Emergency Management Agency (FEMA) extended the deadline for survivors of the Los Angeles fires to register for federal aid. The deadline to apply for Disaster Unemployment Assistance was also extended. 

    Homeowners and renters who have incurred damage or losses from the Los Angeles County wildfires now have until Monday, March 31, 2025, to apply for FEMA Individual Assistance and Small Business Administration assistance. These programs provide financial and other assistance to eligible individuals and households to help meet their basic needs and supplement their wildfire recovery efforts.

    Recent news

    Mar 14, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Janessa Goldbeck, of San Diego, has been appointed to the California Veterans Board. Goldbeck has been the Chief Executive Officer of Vet Voice Foundation since 2022 and the Principal…

    Mar 13, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Andrew King, of Sacramento, has been appointed Deputy Director of Data Operations Strategy at the Office of Data and Innovation. King has been Manager of the Data Operations Section at…

    Mar 13, 2025

    News What you need to know: California is expanding its collaboration with NASA’s Jet Propulsion Laboratory to leverage cutting-edge technologies to protect public health and help Los Angeles rebuild.  LOS ANGELES – As part of the state’s ongoing actions to support…

    MIL OSI USA News –

  • MIL-OSI USA: HAWAI‘I JANUARY UNEMPLOYMENT RATE AT 3.0 PERCENT

    Source: US State of Hawaii

    HAWAI‘I JANUARY UNEMPLOYMENT RATE AT 3.0 PERCENT

    Posted on Mar 14, 2025 in Latest Department News, Newsroom

     

     

     

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

    KA ʻOIHANA HOʻOMOHALA PĀʻOIHANA, ʻIMI WAIWAI A HOʻOMĀKAʻIKAʻI

     

    RESEARCH AND ECONOMIC ANALYSIS DIVISION

     

    JOSH GREEN, M.D.
     GOVERNOR

    KE KIAʻĀINA

     

    JAMES KUNANE TOKIOKA

    DIRECTOR

    KA LUNA HOʻOKELE

     

    1. EUGENE TIAN

    CHIEF STATE ECONOMIST

     

    HAWAI‘I JANUARY UNEMPLOYMENT RATE AT 3.0 PERCENT 

    Jobs Increased by 9,900 Year-Over-Year

    FOR IMMEDIATE RELEASE

    March 14, 2025

    HONOLULU — The Hawai‘i State Department of Business, Economic Development and Tourism (DBEDT) today announced that the seasonally adjusted unemployment rate for January was 3.0 percent, the same as the previous six consecutive months after benchmark revision. In January, 662,850 persons were employed and 20,400 were unemployed, for a total seasonally adjusted labor force of 683,250 statewide. Nationally, the seasonally adjusted unemployment rate was 4.0 percent in January, down from 4.1 percent in December.

    The unemployment rate figures for the state of Hawai‘i and the U.S. in this release are seasonally adjusted in accordance with U.S. Bureau of Labor Statistics (BLS) methodology. The not-seasonally adjusted rate for the state was 2.7 percent in January, compared to 2.8 percent in December.

    Industry Payroll Employment (Establishment Survey)

    In a separate measure of employment, total nonagricultural jobs decreased by 500 month-over-month, from December 2024 to January 2025. Job gains were experienced in Manufacturing (+100); Private Education & Health Services (+100); and Other Services (+100). Employment in Construction remained unchanged. Job losses occurred in Information (-100); Trade, Transportation & Utilities (-200); Financial Activities (-200); Professional & Business Services (-500); and Leisure & Hospitality (-1,100). Within Leisure & Hospitality, the bulk of the job contraction was in Food Services & Drinking Places. Government employment went up by 1,300 jobs, primarily due to a smaller-than-typical seasonal release of workers in both the Department of Education and the University of Hawai‘i system. Year-over-year, nonfarm jobs have gone up by 9,900, or 1.6 percent.

     

    Technical Notes:

    Labor Force Components

    The concepts and definitions used by the Local Area Unemployment Statistics (LAUS) program are the same as those used in the Current Population Survey for the national labor force data:

    • Civilian labor force. Included are all persons in the civilian noninstitutional population ages 16 and older classified as either employed or unemployed. (See the definitions below.)
    • Employed persons. These are all persons who, during the reference week (the week including the twelfth day of the month), (a) did any work as paid employees, worked in their own business or profession or on their own farm, or worked 15 hours or more as unpaid workers in an enterprise operated by a member of their family, or (b) were not working but who had jobs from which they were temporarily absent because of vacation, illness, bad weather, childcare problems, maternity or paternity leave, labor-management dispute, job training, or other family or personal reasons, whether or not they were paid for the time off or were seeking other jobs. Each employed person is counted only once, even if he or she holds more than one job.
    • Unemployed persons. Included are all persons who had no employment during the reference week, were available for work, except for temporary illness and had made specific efforts to find employment sometime during the four-week period ending with the reference week. Persons who were waiting to be recalled to a job from which they had been laid off need not have been looking for work to be classified as unemployed.
    • Unemployment rate. The unemployed percent of the civilian labor force [i.e., 100 times (unemployed/civilian labor force)].

    Seasonal Adjustment

    The seasonal fluctuations in the number of employed and unemployed persons reflect hiring and layoff patterns that accompany regular events such as the winter holiday season and the summer vacation season. These variations make it difficult to tell whether month-to-month changes in employment and unemployment are due to normal seasonal patterns or to changing economic conditions. Therefore, the BLS uses a statistical technique called seasonal adjustment to address these issues. This technique uses the history of the labor force data and the job count data to identify the seasonal movements and to calculate the size and direction of these movements. A seasonal adjustment factor is then developed and applied to the estimates to eliminate the effects of regular seasonal fluctuations on the data. Seasonally adjusted statistical series enable more meaningful data comparisons between months or with an annual average.

    Current Population (Household) Survey (CPS)

    A survey conducted for employment status in the week that includes the twelfth day of each month generates the unemployment rate statistics, which is a separate survey from the Establishment Survey that yields the industry job counts. The CPS survey contacts approximately 1,000 households in Hawai‘i to determine an individual’s current employment status. Employed persons consist of 1) all persons who did any work for pay or profit during the survey reference week, 2) all persons who did at least 15 hours of unpaid work in a family-owned enterprise operated by someone in their household and 3) all persons who were temporarily absent from their regular jobs, whether they were paid or not. Persons considered unemployed are those that do not have a job, have actively looked for work in the prior four weeks and are available for work. Temporarily laid-off workers are counted as unemployed, whether or not they have engaged in a specific job-seeking activity. Persons not in the labor force are those who are not classified as employed or unemployed during the survey reference week.

    Benchmark Changes to Local Area Unemployment Statistics Data

    Statewide and sub-state data for 2019 to 2024 have revised inputs and data for 1990 to 2024 have been re-estimated to reflect revised population controls and model re-estimation.

    Change to Monthly Employment Estimates

    This release incorporates revised job count figures for the seasonally adjusted series. The revised data reflects historical corrections applied to unadjusted super sector or sector-level series dating back from 2018 through 2024. For years, analysts with the state of Hawai‘i Department of Labor and Industrial Relations Research and Statistics Office have developed monthly employment estimates for Hawai‘i and its metropolitan areas. These estimates were based on a monthly survey of Hawai‘i businesses and analysts’ knowledge about our local economies. Beginning with the production of preliminary estimates for March 2011, responsibility for the production of state and metropolitan area (MSA) estimates were transitioned from individual state agencies to the U.S. Bureau of Labor Statistics (BLS).

    For Hawai‘i, this means the transition of statewide, Honolulu and Kahului-Wailuku MSA estimates for both the seasonally adjusted and not-seasonally adjusted areas are produced by BLS. State agencies will continue to provide the BLS with information on local events that may affect the estimates, such as strikes or large layoffs/hiring at businesses not covered by the survey and to disseminate and analyze the Current Employment Statistics (CES) estimates for local data users. BLS feels this change is designed to improve the cost efficiency of the CES program and to reduce the potential bias in state and area estimates. A portion of the cost savings generated by this change is slated to be directed toward raising survey response rates in future years, which will decrease the level of statistical error in the CES estimates. Until then, state analysts feel this change could result in increased month-to-month variability for the industry employment numbers, particularly for Hawai‘i’s counties and islands. BLS can be reached at 202-691-6555 for any questions about these estimates.

    The not-seasonally adjusted job estimates for Hawai‘i County, Kaua‘i County, Maui, Moloka‘i and Lāna‘i are produced by the state of Hawai‘i Department of Business, Economic Development and Tourism.

    Labor Force Estimates for Small Areas

    Labor Force estimates for the islands within Maui County (Maui, Moloka‘i and Lānai) are produced by the state of Hawai‘i Department of Business, Economic Development and Tourism.

    Seasonally Adjusted Labor Force and Unemployment Estimates for Honolulu and Maui County

    BLS publishes smoothed seasonally adjusted civilian labor force and unemployment estimates for all metropolitan areas, which includes the City and County of Honolulu and Maui County.

    BLS releases this data each month in the Metropolitan Area Employment and Unemployment news release. The schedule is available at http://www.bls.gov/news.release/metro.toc.htm.

    Alternative Measures of Labor Underutilization

     

    Alternative Measures of Labor Underutilization for States, 2024 annual averages (percent)  
    Area Measure  
    U-1 U-2 U-3 U-4 U-5 U-6
                 
    United States 1.5 1.9 4.0 4.3 4.9 7.5
                 
    Hawai‘i 0.8 1.1 3.1 3.2 4.0 6.4

     

    The six alternative labor underutilization state measures based on the Current Population Survey (CPS) and compiled on a four-quarter moving-average basis defined as:

    U-1, persons unemployed 15 weeks or longer, as a percent of the civilian labor force;

    U-2, job losers and persons who completed temporary jobs, as a percent of the civilian labor force;

    U-3, total unemployed, as a percent of the civilian labor force (this is the definition used for the official unemployment rate);

    U-4, total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers;

    U-5, total unemployed, plus discouraged workers, plus all other marginally attached workers*, as a percent of the civilian labor force plus all marginally attached workers; and

    U-6, total unemployed, plus all marginally attached workers, plus total employed part-time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers.

    *Individuals who want and are available for work, and who have looked for a job sometime in the prior 12 months (or since the end of their last job if they had one within the past 12 months) but were not counted as unemployed because they had not searched for work in the four weeks preceding the survey, for such reasons as childcare or transportation problems, for example. Discouraged workers are a subset of the marginally attached.

    Please note that the state unemployment rates (U-3) that are shown are derived directly from the CPS. As a result, these U-3 measures may differ from the official state unemployment rates for the latest four-quarter period. The latter are estimates developed from statistical models that incorporate CPS estimates, as well as input data from other sources, such as state unemployment claims data.

    ###

    Media Contacts:

     

    Dr. Eugene Tian

    Chief State Economist

    Research and Economic Analysis Division

    Department of Business, Economic Development and Tourism

    Phone: 808-586-2470

    Email: [email protected]

    Laci Goshi

    Communications Officer

    Department of Business, Economic Development and Tourism

    Cell: 808-518-5480

    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI: BexBack Launches 100x Leverage Crypto Trading, No KYC, Double Deposit Bonus, and $50 Welcome Bonus

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, March 15, 2025 (GLOBE NEWSWIRE) — With Bitcoin’s price fluctuating below $100,000, many analysts predict a prolonged period of high volatility in the crypto market. Holding spot positions may struggle to generate short-term profits in such conditions. As a result, 100x leverage futures trading has become the preferred tool for seasoned investors looking to maximize potential gains in this volatile market. BexBack Exchange is ramping up its efforts to offer traders unmatched promotional packages. The platform now features a 100% deposit bonus, a $50 welcome bonus for new users, and 100x leverage on cryptocurrency trading, providing exceptional opportunities for investors.

    What Is 100x Leverage and How Does It Work?

    Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:

    Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

    One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.

    With BexBack’s deposit bonus

    BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.

    Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.

    How Does the 100% Deposit Bonus Work?
    The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.

    About BexBack?

    BexBack is a leading cryptocurrency derivatives platform that offers 100x leverage on BTC, ETH, ADA, SOL, and XRP futures contracts. It is headquartered in Singapore with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. It holds a US MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. Accepts users from the United States, Canada, and Europe. There are no deposit fees, and traders can get the most thoughtful service, including 24/7 customer support.

    Why recommend BexBack?

    No KYC Required: Start trading immediately without complex identity verification.

    100% Deposit Bonus: Double your funds, double your profits.

    High-Leverage Trading: Offers up to 100x leverage, maximizing investors’ capital efficiency.

    Demo Account: Comes with 10 BTC in virtual funds, ideal for beginners to practice risk-free trading.

    Comprehensive Trading Options: Feature-rich trading available via Web and mobile applications.

    Convenient Operation: No slippage, no spread, and fast, precise trade execution.

    Global User Support: Enjoy 24/7 customer service, no matter where you are.

    Lucrative Affiliate Rewards: Earn up to 50% commission, perfect for promoters.

    Take Action Now—Don’t Miss Another Opportunity!

    If you missed the previous crypto bull run, this could be your chance. With BexBack’s 100x leverage and 100% deposit bonus and $50 bonus for new users (complete one trade within one week of registration), you can be a winner in the new bull run.

    Sign up on BexBack now, claim your exclusive bonus and start accumulating more BTC today!

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This content is provided by BexBack. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/d8e4f9d5-733c-4f2d-ae59-f090c4d12acf

    https://www.globenewswire.com/NewsRoom/AttachmentNg/66abe146-1313-4406-8203-172b691970d4

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d2a4935e-2679-4e80-bf28-41777a645561

    https://www.globenewswire.com/NewsRoom/AttachmentNg/e120da17-985e-46ec-97b5-53f836fdcff8

    The MIL Network –

  • MIL-OSI United Kingdom: Protection for energy customers ahead of RTS switch-off

    Source: Scottish Government

    Acting Climate Action Minister writes to Ofgem.

    Acting Minister for Climate Action Dr Alasdair Allan has asked for urgent actions to increase the pace of progress on replacing Radio Teleswitch Service (RTS) meters ahead of the service switching off in June.

    RTS meters are out of date and energy suppliers are being encouraged by Ofgem to replace old meters with smart meters. If meters are not replaced before the service is switched off, it could mean disruption to heating and hot water supplies, and possibly higher bills for households and businesses still using the technology.

    In response to Ofgem’s consultation on an introduction of new licence conditions to the RTS, Dr Allan reiterated the Scottish Government’s repeated calls for further action to be taken to protect energy consumers as the industry works to replace thousands of meters across the country.

    Ofgem’s data from suppliers shows that between October 2024 and January 2025 around 18,700 RTS meters were replaced in Scotland. As of January 2025, there were still 146,302 RTS consumers in Scotland who need to have their meters replaced. Support for RTS energy meters ends on June 30 2025.

    Acting Climate Action Minister Alasdair Allan said:

    “Protecting consumers is the Scottish Government’s highest priority. The approach taken so far has been insufficient, and consumers cannot be blamed for the failure of the energy industry to properly plan for and respond to the RTS switch-off.

    “People who rely on the RTS will experience considerable detriment unless meters are replaced by the switch-off date – particularly in rural and island communities.

    “There is a real and pressing need for suppliers to be made to explain what their workforce plan is to get engineers to premises. Consideration should also be given to additional enforcement action to reduce no-show instances and to ensure that every household is fitted with a fully functioning meter before the deadline.

    “Due to the cost of living crisis, it is also unacceptable to expect consumers to pay for expensive re-wiring as a consequence of the RTS switch-off – they should not be confronted with any additional anxieties. The creation of a fund to support consumers in this position is critical.

    “While devolved governments do not hold the levers, the Scottish Government will work with Ofgem, the UK Government and industry to raise awareness of the RTS switch-off.”

    Background 

    Energy infrastructure and regulation is the responsibility of the UK Government. 

    Full letter from Dr Alasdair Allan to Ofgem

    Consumers may use an RTS meter if their property: 

    • has a meter that switches between peak and off-peak tariff rates, such as Economy 7 or Economy 10, or a Total Heating Total Control tariff
    • has a meter that automatically turns on heating or hot water
    • uses electric or storage heaters
    • is located in a no-gas supply area (off-grid), especially in rural areas. 
    • Advice Direct Scotland 0800 028 1456 and Citizens Advice Scotland 0800 028 1456. 

    Ofgem guidance: Replacing your Radio Teleswitch electricity meter | Ofgem

    Letter from Dr Alasdair Allan to UK Government (8 January 2025)

    Letter from Minister for Climate Action to the Parliamentary Under-Secretary of State for Energy Consumers reiterating calls for more support for consumers struggling with energy bills (September 2024)

    Open letter from then-Minister for Climate Action Gillian Martin urging energy suppliers to prioritise Radio Teleswitch Service customers when progressing the roll-out of smart meters (June 2024)

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Government must close Glasgow company aiding Russia say Greens

    Source: Scottish Greens

    15 Mar 2025 External Affairs

    The UK must close the loopholes in the sanctions placed on Russia.

    More in External Affairs

    The UK Government must take action to end the operations of a Glasgow-based company key to Russia’s gas exports says Scottish Green MSP Ross Greer.

    Writing to the Secretary of State for Business and Trade, Jonathan Reynolds MP, Greer accused unethical businesses of exploiting loopholes in the sanctions placed on Russia and supporting their brutal invasion of Ukraine.

    Raising the example of Seapeak Maritime Ltd, based in Glasgow and London, Greer noted that the company operates seven oil tankers which export Russian liquified natural gas from Siberia to Europe. 

    Mr Greer said:

    “It’s been three years since Russia launched a full scale invasion of Ukraine, and over a decade since they seized Crimea. Their brutal and illegal war has left hundreds of thousands dead or wounded and forced many more to flee for safety. 

    “Scotland has taken a firm position in solidarity with the people of Ukraine, but Seapeak operating from an office in Glasgow shames and undermines our efforts. 

    “The Russian war machine is dependent in no small part on the profits made by their gas exports. I’m glad the UK Government has sanctioned many individuals and companies who have aided the Kremlin, but for some reason Seapeak remains untouched. They’ve made a fortune from shipping gas out of Russia, throwing a lifeline to Putin’s war economy as a result.

    “It’s time for Seapeak’s operations here to be shut down and their ships sanctioned. Ukraine desperately needs our help if it is to survive the Russian onslaught and Trump’s betrayal. The least we do is stop companies based here from enabling Putin’s regime.”

    The Green MSP has worked with Ukrainian NGO Razom We Stand since the full-scale invasion began and it was through their efforts that Seapeak’s activities were uncovered.

    Speaking on behalf of Razom We Stand, founder and executive director of the organisation, Svitlana Romanko says:

    “Three years into Russia’s full-scale invasion in Ukraine, we are disheartened to see that the UK and Scottish governments still allow Glasgow-based Seapeak to bring Russian gas to Europe and profit from this ongoing gas trade.

    “Let’s be brutally honest – the fossil fuel industry choosing blood money over basic human decency comes as no surprise to anyone. Every tanker of Russian gas that sets sail spits in the face of both morality and global security. They’re just counting their cash while Ukraine burns. 

    “With Seapeak’s vessels openly trading Russian LNG on the spot market, without constraints, both the UK and Scottish governments’ continued inaction is nothing short of complicity. There’s no grey area here – this is brazen war profiteering happening in Glasgow, right inside Britain itself. 

    “Each day the British and Scottish governments hesitate to curtail this home-based trade only serves to strengthen Putin’s ability to wage his war against Ukraine and Europe. 

    “This Arctic gas that Seapeak transports, represents a double catastrophe; funding Russian aggression in Ukraine and unleashing enormous carbon emissions making a mockery of our climate commitments. 

    “And it’s not only about Ukraine. The Kremlin’s continued efforts to expand its gas export infrastructure in the Arctic leads to environmental devastation and massive carbon emissions, directly undermining the urgently needed response to the climate crisis.”

    Letter to Secretary of State for Business and Trade

    Jonathan Reynolds MP
    Secretary of State for Business and Trade
    By Email

    7th March 2025

    Ending indirect support for Russia via LNG exports

    Dear Jonathan,

    As I’m sure you are aware, Russia’s brutal and illegal war against Ukraine is dependent to a significant extent on the economic returns generated by the export of fossil fuels. Three years into this war governments and businesses across the world, including our own, have adopted a wide range of measures to ensure that they are not complicit in Putin’s horrific crimes through engagement with the Russian energy industry. These measures remain incomplete however, and loopholes are being exploited by businesses who have no objection to supporting the Russian war economy.

    Last year my office was made aware of the case of Seapeak Maritime Ltd, operating out of Glasgow and London. Seapeak is involved with Yamal LNG, Russia’s largest LNG plant, as well as private joint stock company Novatek, their largest LNG exporter and second-largest gas producer.

    Seven LNG tankers, the Yakov Gakkel, Eduard Toll, Nikolay Yevgenov, Vladimir Voronin, Georgiy Ushakov, Rudolf Samoylovich and Seapeak Yamal appear to have been travelling from the Yamal LNG port at Sabetta in Siberia to different European destinations. The Sabetta port is a joint venture of Novatek and the Russian state. All seven of these ships are managed and operated by Seapeak Maritime Ltd and Seapeak Maritime Glasgow Ltd.

    Last year I worked with the Ukrainian NGO Razom We Stand and with Sky News to break this story. To my knowledge, Seapeak’s activities since then have not changed and they continue to play a key role in Russian LNG exports by operating roughly one third of all the tankers used for this work. I commend your expansion of sanctions against Russia’s so-called ‘shadow fleet’ and would urge you to take similar action against Seapeak and its fleet immediately.

    I would be happy to provide your officials with further information compiled by my office and Razom We Stand, if that would be of use.

    Best wishes,
    Ross Greer MSP

    MIL OSI United Kingdom –

  • MIL-OSI USA: Arkansas Delegation to European Commission: Fix Unworkable Deforestation Rules

    US Senate News:

    Source: United States Senator for Arkansas Tom Cotton

    FOR IMMEDIATE RELEASE
    Contact: Caroline Tabler or Patrick McCann (202) 224-2353
    March 14, 2025

    Arkansas Delegation to European Commission: Fix Unworkable Deforestation Rules

    Washington, D.C. — Senators Tom Cotton (R-Arkansas), John Boozman (R-Arkansas), and Congressmen Rick Crawford (Arkansas-01), French Hill (Arkansas-02), Steve Womack (Arkansas-03), and Bruce Westerman (Arkansas-04) today sent a letter to the European Union raising major concerns with the proposed European Union Deforestation Regulation (EUDR). This impractical regulation will impose an unfair and unnecessary burden on American businesses while failing to effectively combat deforestation.

    In part, the lawmakers wrote: 

    “This regulation is unworkable for the forest products industry in the United States and would jeopardize more than $3.5 billion worth of paper and wood products shipping into the EU market for essential products like timber or pulp for baby diapers.”

    Full text of the letter may be found here and below. 

    March 14, 2025

    Valdis Dombrovskis, European Commissioner for Economy and Productivity

    Jessica Roswall, European Commissioner for Environment

    Marcos Sefcovic, Commissioner for Trade and Economic Security 

    Dear Commissioners,

    We write to you today to share our significant concerns with the European Union deforestation-free supply chains regulation (Regulation (EU) No 2023/1115) and to share our perspective on the impact this will have on the more than 900,000 forest products workers throughout the United States and the over 23,000 men and women in Arkansas who are employed by this industry.  This regulation is unworkable for the forest products industry in the United States and would jeopardize more than $3.5 billion worth of paper and wood products shipping into the EU market for essential products like timber or pulp for baby diapers. 

    The U.S. Forest products industry is a strong proponent of international efforts to suppress deforestation and forest degradation. As such, the United States has excellent ratings in this regard and no evidence of deforestation. Unfortunately, as written, this regulation presents severe compliance challenges that constitute technical barriers to trade for the U.S. Forest products industry. The United States is not a source of the EU’s deforestation concerns and the burden this regulation puts on U.S. pulp, paper, and packaging manufacturers will not achieve the EU’s stated policy goal. Furthermore, the U.S. is widely recognized for its sustainable forestry practices, with negligible deforestation risk, as confirmed by the EU Observatory on deforestation and forest degradation.

    The unprecedented and over-prescriptive reporting requirements of the regulation are a one-size-fits-all approach that does not recognize commodity-specific challenges or country differences. The U.S. Forest products sector operates with deep visibility into their supply chains, with clear management rules and strict controls of forestry practices. These practices and performance measures not only deliver the intended goals of EUDR but go beyond the narrow objectives of regulation.

    We are asking you and the European Commission to work with the United States to ensure the United States is recognized as the lowest possible risk for deforestation and to ensure the geolocation traceability requirements in place are proportional to the level of risk for a particular country. These obligations should be simplified, more proportional and with greater distinction among the risk categories. The geospatial coordinate mapping requirement for every individual plot of land should be removed for supply chains that have already achieved deforestation risk status as low risk, negligible, or insignificant. Secondary materials should be exempt from geolocation because traceability is virtually impossible. Unless these key problems are addressed, I am extremely concerned that the EU may lose their trading relationship with the U.S. Forest products industry, which they rely upon every day. 

    We also believe the EUDR fits within President Trump’s “America First Trade Policy” executive order that was signed on January 20th, 2025, and requires key members of his cabinet to identify examples around the world where the United States is being disadvantaged by policies in place from governments that could be considered a technical barrier to trade and submit reports to President Trump by April 1st, 2025. Already, key members of the President’s cabinet, like Mr. Howard Lutnick, the Secretary of Commerce, have identified the EUDR as a potential technical barrier to trade and it will be more important than ever that you and your team address the concerns we have identified here. 

    We look forward to your response. 

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI New Zealand: Business – Australasian real estate giant Raine & Horne turns up the volume in NZ

    Source: Raine & Horne

    Real estate super brand goes all in on a nationwide radio blitz through Newstalk ZB and its NZME stablemates to reach collectively 1.86 million Kiwis weekly.

    Highlights:

    • Raine & Horne has launched a strategic nationwide radio advertising campaign in partnership with NZME to enhance brand awareness and engagement across New Zealand.
    • Since acquiring Mike Pero Real Estate in December 2023, Raine & Horne has grown to over 60 offices, and the campaign will reinforce its visibility in big cities, small towns, and regional communities.
    • The strategic campaign includes over 3,000 advertisements across leading NZME radio stations, reaching 1.86 million Kiwis weekly. 85% of listeners have a vested interest in the property market.

    Christchurch, NZ (14 March 2025) – Raine & Horne, Australasia’s fastest-growing real estate group, has launched a nationwide radio advertising campaign in collaboration with leading integrated media company New Zealand Media and Entertainment (NZME).

    NZME’s portfolio includes some of New Zealand’s most influential media brands, such as talkback ratings leader Newstalk ZB, major mastheads such as The New Zealand Herald and BusinessDesk, and leading community and regional newspapers. Its digital platforms also feature OneRoof, a premier property destination offering thousands of listings, accurate estimates, and the latest market insights.

    This strategic initiative aims to boost brand awareness and engagement with Raine & Horne among property owners, buyers, investors, and tenants. Since entering the New Zealand market in April 2023, Raine & Horne has rapidly expanded, now boasting over 60 offices nationwide.

    Mr Angus Raine, Raine & Horne Executive Chairman, who spearheaded the group’s expansion into New Zealand, stressed the importance of the nationwide radio campaign.

    “We have already kicked plenty of goals, including successfully integrating the Mike Pero Real Estate group into our brand last year. But we don’t want to be known as New Zealand’s best-kept secret,” Mr Raine said.

    “This campaign is strategically designed to engage property owners and buyers across New Zealand’s big cities, small towns, and regional communities, reinforcing our growing brand presence.”

    The radio campaign, airing throughout March, will further strengthen the brand’s visibility and awareness as it approaches its highly successful second anniversary in New Zealand.

    “By partnering with trusted radio stations through the NZME network, Raine & Horne has the opportunity to connect with millions of potential customers,” Mr Raine said.

    The campaign will air across some of New Zealand’s most influential and widely listened-to stations, including ratings leader Newstalk ZB—akin to Australia’s top talkback stations such as 2GB, 3AW, and 4BC—along with ZM, which parallels KIIS FM, as well as The Hits, Coast, Radio Hauraki, Flava, and the NZME podcast network and iHeartRADIO, which collectively reach 1.86 million Kiwis weekly.

    “Notably, 85% of this audience has a vested interest in property, ensuring the campaign reaches the right market,” Mr Raine added.

    The campaign will deliver over 3,000 advertisements nationwide in March, including 2,824 guaranteed spots plus additional bonus placements. The reach of the campaign is substantial:

    • 89% of people living in Auckland
    • 87% of people living in the North Island
    • 76% of people living in Otago and Southland
    • 73% of people living in the South Island.

    Radio remains one of the most effective advertising mediums, offering the frequency and credibility required to build brand recognition and trust.

    “By aligning ourselves with respected and influential radio shows and hosts through the NZME network, we can leverage the credibility of their world-class journalists and broadcasters and their excellent audience engagement to underpin our rapidly expanding position in New Zealand’s real estate market,” Mr Raine said.

    “This high-impact campaign also reinforces our long-term commitment to the New Zealand real estate market, ensuring property owners are well-informed about our network’s evolution and the advantages of working with a trusted global real estate brand such as Raine & Horne.”

    MIL OSI New Zealand News –

  • MIL-OSI Africa: CLG Workshop at Congo Energy & Investment Forum (CEIF) 2025 to Address Legal and Strategic Solutions in Congo

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

    BRAZZAVILLE, Congo (Republic of the), March 14, 2025/APO Group/ —

    The inaugural Congo Energy & Investment Forum (CEIF), taking place from March 24-26 in Brazzaville, will feature a workshop led by legal firm CLG (formerly Centurion Law Group) that aims to address the unique challenges faced in Congo’s energy investment sector. As part of a strategy to spur energy investment and socioeconomic development, the Republic of Congo has initiated a number of strategies to drive resource monetization, project development and local capacity building.

    As such, the Mastering Business in Congo: Legal Challenges and Strategic Solutions for Success session will take place on 24 March, offering an understanding of the legal structures underpinning corporate law, taxation, immigration, labor law and regulatory compliance. During the session, a panel of legal experts from CLG will delve into all aspects of growing investments in the African energy sector, offering insights into the legal nuances that can directly influence investments decisions. 

    Set to showcase how Congo’s investment landscape can accelerate monetization of the country’s natural resources, CLG’s experience in the African market has the potential to empower businesses with effective management skills and knowledge for participating in Congo’s energy sector. The country is set to release its Gas Master Plan (https://apo-opa.co/3DF5fSI) and new Gas Code (https://apo-opa.co/3Fsijey) at CEIF 2025, with a promise to reducing energy imports in the country and raising electricity access for its population, which currently stands at 50%.

    Meanwhile, Congo is also preparing to launch an international oil and gas licensing round (https://apo-opa.co/4bu0dF8) at CEIF 2025, aiming to attract investment in both marginal and deepwater blocks. This initiative is part of the country’s strategy to increase oil production from the current 274,000 barrels per day (bpd) to 500,000 bpd by 2027. These major developments align with Congo’s broader national goals to mitigate production declines and stimulate further exploration on- and offshore. are expected to usher in a new wave of investment in sub-Saharan Africa’s fourth largest oil producing market.

    The Mastering Business in Congo: Legal Challenges and Strategic Solutions for Success will offer attendees the opportunity to master the complex regulatory landscape and learn how it affects various investment types within the energy sector. During the session, CLG will provide delegates with knowledge to develop actionable strategies to mitigate legal risks and safeguard investments from future potential strategies.

    “At CEIF 2025, we recognize that navigating the complex legal and regulatory landscape is crucial for successful investment in Congo’s growing energy sector. This workshop, led by CLG, is a pivotal opportunity for investors and stakeholders to gain valuable insights into the legal frameworks that underpin the energy market. By addressing key challenges and offering strategic solutions, we aim to empower businesses with the knowledge to unlock the full potential of Congo’s energy resources,” states Daoudou Mohammad, Tax and Legal Director, CLG.

    CLG is a leading provider of specialized legal and tax advisory services, catering to a diverse portfolio of multinational companies operating globally. With a team of experts boasting extensive experience and knowledge across multiple sectors and with offices in Germany, South Africa, Nigeria, Mauritius, Ghana, the Republic of Congo, Cameroon, Equatorial Guinea, Namibia and South Sudan; CLG delivers bespoke solutions tailored to address the unique challenges and complexities faced by clients in various industries.

    CLG’s expertise spans a wide range of industries – including energy, infrastructure, mining, agriculture, and ESG to name a few –  enabling the firm to provide comprehensive guidance and support to clients navigating Africa’s dynamic business landscape. By combining technical excellence with a deep understanding of local markets and regulatory environments, CLG helps clients achieve their business objectives and capitalize on opportunities for growth and expansion.

    Registration (https://apo-opa.co/3FspgMZ) for the workshop is now open.

    The inaugural Congo Energy & Investment Forum, set for March 24-26, in Brazzaville, under the patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société Natioanle des Pétroles du Congo, will bring together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities. The event will explore the latest gas-to-power projects and provide updates on ongoing expansions across the country.

    MIL OSI Africa –

  • MIL-OSI Australia: Inner north-east Melbourne auctions targeted in autumn blitz

    Source: Government of Victoria 2

    Our Consumer Affairs Underquoting Taskforce kicked off its autumn sales season inspection blitz on Saturday, monitoring more than 50 property auctions in the Doncaster area to check compliance with underquoting laws.

    The taskforce has been monitoring sales campaigns in Melbourne’s north-east, following complaints about real estate agent conduct in the area.

    During the blitz, taskforce officers are speaking with estate agents and consumers, checking for estate agent compliance with auction and sales rules and monitoring for potential underquoting.

    Since its launch in 2022, the taskforce has now issued more than 220 official warnings and more than 160 fines to estate agents caught breaching their obligations. Fines have totalled more than $1.8 million.

    The taskforce has now monitored more than 2,300 sales campaigns and attended more than 220 auctions.

    Investigations have also led to court proceedings for estate agent and Australian Consumer Law breaches.

    Underquoting is a still a big concern for homebuyers in Melbourne’s property market and is one of the top real estate issues reported to Consumer Affairs Victoria.

    There have been more than 3,740 complaints through the Consumer Affairs dedicated underquoting webform from purchasers, estate agents and buyers’ advocates. These reports and other intelligence are used to identify agents who may be breaking the law.

    More than 30% of the webform reports in 2024 were made by other estate agents, showing that agents doing the right thing are no longer willing to tolerate having to compete against unfair and unlawful practices in their industry.

    New laws recently passed by the Victorian Parliament and due to come into effect later this year will increase the penalties for underquoting and other related estate agent legal breaches. These will mean more protections for Victorians looking for a home and will ensure that agents who do the right thing aren’t unfairly disadvantaged.

    If you suspect underquoting, report it to us.

    Find more information about underquoting.

    MIL OSI News –