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  • MIL-OSI Economics: Jorgovanka Tabaković: Serbia 2027 – striving towards a high-income economy

    Source: Bank for International Settlements

    Slides accompanying the speech

    Honourable members of the Government, esteemed representatives of the diplomatic corps, respected business leaders, dear fellow economists, ladies and gentlemen,

    I would like to begin by saying, after the introductory remarks, that we should remember that the word “artificial intelligence” contains an essential falsehood in its name: artificial intelligence does not exist because creativity is inherently human. Artificial intelligence operates based on algorithms and the data input into the tools you have, such as your mobile phone. The trend of applying so-called artificial intelligence in all fields will ultimately have two consequences that are unacceptable for human civilisation – losing the truth and not knowing what is true versus what is a deep fake, and losing the human being, who is the only creative entity capable of making decisions and creating what is called “intelligence”. While artificial intelligence can perform many technical processes faster, easier, and more efficiently, it cannot think.

    Some say that one should not live in the past but always move forward. However, we have an obligation to respect the past to better understand where we are today and to have guidance for the future.

    And the past teaches us that nothing should be taken for granted, as there are no final victories! Neither peace nor stability should be assumed, as they are not a given! That is why I will reiterate my conclusions from the previous two forums – what distinguishes theory from practice is our responsibility towards people, growth and development, and social stability. We depend on the conditions of the times we live in, but also on the decisions which we make and for whose consequences we bear responsibility.

    Ladies and gentlemen,

    (Slide 2) In October 2024, Serbia officially received an investment-grade credit rating! Congratulations to everyone!

    I always emphasise, and I will do so again today, that on the economic front, no one can achieve much alone. No matter how brilliant they may be. This historic success is the result of teamwork by the President, the Government of the Republic of Serbia, and the National Bank of Serbia, and it belongs to all our citizens.

    By joining the ranks of the one-third of the world’s countries characterised by high business certainty, i.e. low investment risk, we have received yet another confirmation of the economic progress made over the past decade.

    Most of those present today surely remember the period when Serbia had one major portfolio investor who invested in the Republic of Serbia’s bonds. Just one. And that investor only invested in our country’s securities because the interest rates were exceptionally high, which brought them excellent returns.

    For many years now, the Republic of Serbia’s bonds have been recognised as comparable to those of countries with investment-grade ratings, sought after by a large number of the world’s largest global investors – those who have recognised our economic reform programme and all the results achieved over the past decade.

    And I will reiterate today that the credit rating is the result of good political and economic decisions in the country, as one cannot be separated from the other. The continuity of political stability is a necessary precondition for the substantial and by no means easy structural reforms that develop the society we are part of.

    We must preserve stability if we want a high-income economy – and I am sure that is the desire of everyone present at this forum today!

    We must preserve stability in this competitive world full of challenges, where changes in the global order are happening faster than ever, and where the economic gap between key economies is widening!

    This stability, along with sound policies, has enabled Serbia, even in the most complex conditions, to achieve numerous records last year!

    • Last year, we returned inflation within the target tolerance band of 3±1.5%, with growth that was among the highest in Europe!
    • We secured the country’s record-high FX reserves of EUR 29.3 bn, which is 120% higher than in the pre-pandemic period. Gold reserves also reached a record-high level, currently standing at 48.7 tonnes.
    • Dinar savings increased by nearly 40% last year.
    • We also saw record-high FDI worth EUR 5.2 bn.
    • Formal employment in the private sector is at a record high, with over 160,000 more people employed than in the pre-pandemic period.
    • The unemployment rate is at its lowest level.

    (Slide 3) The list of achievements is quite long, but the list of global risks is growing longer… That is why today, as we summarise the results and analyse the challenges, I will divide my presentation into four parts:

    1. I will start with inflation factors.
    2. I will continue with the measures of monetary and macroprudential policy.
    3. I will specifically discuss the indicators of our economy’s resilience to external risks.
    4. I will conclude with the National Bank of Serbia’s February projections, with a special focus on risks, various forms of risks, and their different effects on society and the economy.

    I will proceed in order.

    (Slide 4) Excellent news – in June last year, inflation was twice as low compared to end-2023, based on all key components – energy and food prices, as well as prices within core inflation.

    Amid unfavourable global and domestic weather conditions, inflation stabilised at around 4.3% in the second half of last year.

    • (Slide 5) It was precisely the unfavourable weather conditions that caused the prices of certain food commodities, such as cocoa and coffee, to rise sharply on global exchanges, which affected global food prices.
    • Additionally, the rise in prices of personal services remained elevated in many countries, which can be linked to the high growth in real wages, which constitute a significant part of the service sector’s costs.

    (Slide 6) When it comes to inflation factors, in the next few minutes, I will share the findings of our two studies.

    The first analysis provides additional quantitative evidence in support of lower inflationary pressures by comparing the distribution of y-o-y price increases for goods and services in the consumer basket, as seen in the charts. The data confirm that in 2024, there was a significant reduction in the share of goods and services that recorded double-digit growth. Around 25% of goods and services did not become more expensive, and 100 products and services in the consumer basket became cheaper in 2024.

    In the second analysis, we examined the phenomenon of faster price increases for cheaper brands compared to more expensive brands of the same products, creating an impression of higher inflation than the actual rate. This phenomenon has been colloquially termed cheapflation.

    The analysis shows that in Serbia, during the period from 2022 to 2024, which was marked by increased global pressures, the cumulative price increase for cheaper brands within the food and beverages category was 5 pp higher than for more expensive brands of the same products.

    • One of the reasons for this phenomenon is the low elasticity of demand for food, which is the lowest for the cheapest brands.
    • Also, more pronounced price increases often lead to the substitution of more expensive products with cheaper alternatives, thereby increasing demand for the cheapest brands and generating additional price pressures.
    • However, there is also the issue of an imperfect market structure, which makes it easier for increased costs of producers and merchants to be passed on to retail prices more than fully, a problem I have pointed out on several occasions.

    To conclude the first topic.

    Inflation has been curbed both domestically and globally. The good news is that in Serbia, we achieved this result in terms of inflation alongside high GDP growth!

    However, there is no room for complacency. Uncertain and dynamic developments in international commodity and financial markets call for caution, as evidenced by the rise in inflation late last year in many countries.

    (Slide 7) The second topic builds on the first – namely, the measures of monetary and macroprudential policy in 2024.

    With inflation returning within the target band in May last year, and with projections indicating movement around the midpoint by the end of the monetary policy horizon, conditions were created for the start of monetary easing.

    • Namely, we cut the key policy rate three times, by a total of 75 bp, to 5.75%.
    • Our measures were transmitted to money and credit market interest rates, with lending activity increasing by 8.2% and the dinarisation of receivables also going up.
    • Dinar savings recorded a record nominal increase of over RSD 53 bn, reaching over RSD 191 bn. This means that dinar savings are almost eleven times higher than in 2012! Let me remind you that the results of our latest analysis of the profitability of dinar and FX savings confirm that over the past twelve years, dinar savings have been more profitable than FX savings, both in the short and long term.
    • To protect the interests of financial service consumers, we also decided to temporarily cap interest rates on loan agreements concluded with citizens, which will be specifically regulated by law.
    • We also adopted regulations under our jurisdiction that will enable the implementation of the government programme for housing loans for young people.
    • In addition, and thanks to all of this, the share of NPLs in total loans fell to its lowest level of 2.5% in December.

    I conclude this topic by stating that our cautious approach is justified and that this is confirmed by the fact that we have achieved all three goals – low inflation in the medium term, high economic growth, and preserved financial stability of the country!

    (Slide 8) The third topic I will discuss is the resilience of the Serbian economy, which was confirmed even during 2024, amid continuous external shocks.

    • First, in 2024, we maintained relative stability of the dinar exchange rate against the euro, with the dinar gaining 0.1%.
    • Last year, we bought over EUR 2.7 bn net in the FX market, or EUR 11.2 bn since 2017, which has been an important factor behind the growth in FX reserves.
    • FX reserves stood at their record high of EUR 29.3 bn at end-2024, covering over seven months of imports of goods and services and 167% of money supply M1.
    • Gold reserves, which traditionally serve as a safe haven, rose to a record level of 48.7 tonnes, with their value being over seven times higher than in July 2012. The adequacy of our decisions is also confirmed by the fact that the price of gold in the global market increased by around 30% last year, and the rise continues this year.
    • GDP growth of 3.9% in 2024 was among the highest in Europe, driven by fixed investment and private consumption. The investment growth was supported by record-high profitability of the corporate sector, high FDI inflows, and government capital investment. At the same time, the growth in private consumption was driven by further increases in employment and real disposable income of the population.
    • The value of exports of goods and services in 2024 reached EUR 43 bn, which is nearly 85% higher than in the pre-pandemic year of 2019. Within the goods sector, manufacturing exports grew by nearly 3%, despite still weak external demand. The reason for this resilience is the strategic focus on production and geographical diversification of markets and investors. Exports of services are also growing on solid foundations, driven by exports of information and telecommunications services.
    • (Slide 9) FDI inflows were also record-high at over EUR 5.2 bn, despite all the uncertainties in the global market.
    • An important element of resilience is the responsible conduct of fiscal policy, with a fiscal deficit of 2% of GDP, despite strong government capital investment. Particularly important is the fact that the growth in fiscal revenues is based on solid foundations – increased profitability and positive factors in the labour market, while the application of special fiscal rules for pension and public sector wage growth continues.

    Esteemed participants of the Forum,

    All these results we are achieving, even in an environment characterised by low growth among our key trading partners, have secured us, for the first time in history, an investment-grade credit rating from Standard & Poor’s. Once again, congratulating all citizens on this success, I would like to say that we would certainly have received not only a positive outlook from Fitch but also the rating if political circumstances had not led to the agency’s caution.

    (Slide 9) The final topic concerns our expectations going forward and the challenges facing economic policymakers. However, before I move on to the projections, I would like to highlight the trends I have been discussing for years, often at this very place. However, it seems to me that it has never been more important to discuss this!

    “Say goodbye to the world you knew – today we live in a new era!” The conditions in which we operate economically are the most challenging, and technologically the most advanced! This is a time of enormous social divisions in all countries. In diplomatic terms, we define this as an unprecedented polarisation of society. “People always know about misfortune and evil, but good remains hidden”, said Meša Selimović.

    A particular challenge today is conducting policies in the era of fake news, and in an environment where individuals believe that policies can be pursued through social networks. I have been highlighting this phenomenon for several years as a major risk to society and democracy. And it has long been said that people can be divided into two groups: those who move forward and achieve something, and those who follow them and criticise. I will reiterate: healthy scientific and social scepticism that questions everything is always welcome, and that is why we are here. However, scepticism that questions growth and development has no social or economic basis. And any influence that leads to a slowdown in potential growth has a direct negative effect on people’s standard of living and prospects for progress!

    I will now move on to the projections.

    • Regarding inflation, we expect that in Q1, y-o-y inflation will move around the upper bound of the target tolerance band. For the rest of the year, we expect it to gradually slow down and approach the midpoint by the end of the year, which is the level around which it will move until the end of the projection horizon.
    • Such inflation dynamics will be supported by continued restrictive monetary policy conditions, lower imported inflation, an expected slowdown in real wage growth, an expected decline in petroleum product prices, in line with futures, and an expected decline in fruit and vegetable prices, assuming an average agricultural season this year.
    • In terms of economic activity, we expect a further acceleration in GDP growth to 4.5% this year. For the next two years, we project growth between 4% and 5%, i.e. closer to 5% in 2027, when the “Expo” will be held.Such GDP growth will be driven by domestic demand, with growth in private consumption supported by:
      • positive trends in the labour market and further increases in disposable income, as well as
      • more favourable monetary conditions.
        At the same time, we expect that wage growth in the medium term will be in line with productivity growth, contributing to medium-term price stability.
    • Fixed investment growth will be supported by:
      • increased profitability of the corporate sector in previous years,
      • planned high government capital investment in transport, energy, and utility infrastructure, as well as
      • more favourable financial conditions.
    • We also expect continued FDI inflows, which will, through new technologies and more modern equipment, as well as new knowledge, contribute to the growth in total factor productivity.
    • All of this together will contribute to further growth in both private and government investment, as well as its share in GDP of over 25% in the medium term.
    • Due to the acceleration of the investment cycle and growth in private consumption, we expect that this year and the next, imports of goods and services will grow slightly faster than exports, resulting in a negative contribution of net exports to economic growth. On the other hand, in 2027, when the “Expo” will be held, we expect the contribution of net exports to be positive.

    Of course, these, like all macroeconomic projections, are accompanied by numerous global risks, which I will present in a slightly different way than usual. I repeat, I will provide a global context.

    • First, long-standing geopolitical tensions have been further exacerbated by the rise of global protectionism. Along with disruptions related to climate change, they continue to influence the volatility of global energy and other primary commodity prices and may have negative effects on both global economic growth and inflation.
    • Furthermore, one of the growing structural problems, which the IMF particularly highlighted in October, is the widening income gap between Europe and the United States. The income gap reflects declining productivity growth in Europe, which extends to the level of individual enterprises. The response to such movements implies structural changes in the European economy, of which we are a part, with the aim of increasing productivity and competitiveness.
    • This is also supported by the accelerated development of the so-called artificial intelligence, which brings enormous transformative changes, creating both opportunities and challenges! According to the findings of the World Economic Forum, in the period from 2025 to 2030, structural changes driven by artificial intelligence in the labour market will create around 14% of new jobs, while around 7% of existing jobs will be eliminated. Thus, the net effect of these changes will be positive in terms of creating new jobs, but the distribution of these changes across regions and countries remains to be seen. For our region to have such an outcome, we must work together to ensure that the transformation, which is inevitable, proceeds in a way that the closure of some jobs opens doors to others, of higher quality.
    • This also requires a deeper analysis of demographic trends, namely the process of reducing the working-age population, which is a challenge for all countries. And that is why it is important to invest in people and activate that part of the population that is outside the active labour force.

    When it comes to new sources of growth, I first want to state that the current growth model in Serbia has proven to be good. Ten years ago, in 2014, the share of investment in GDP was around 16%, and in 2024 – around 24%. The share of government investment was only 2.2%, and in recent years, it has been over 7%. The unemployment rate has been reduced from over 20% to around 8%, while youth unemployment has more than halved, and the number of formally employed people has increased by almost 400,000! The coverage of the average consumer basket by the average wage is at its highest level, around 95%, and is 30 pp higher than ten years ago! Thus, the current growth model has proven to be good!

    When we talk about the coming period and new sources of growth, it is certainly best to have innovations and new technologies, where domestic companies should also play a significant role. Unfortunately, the key new technologies that will shape the world in the coming decades are in the hands of the United States and China, and the technological gap is widening. And it is precisely here, and for this reason, that there is room for greater cooperation and integration at the level of the entire European market.

    I will also recall the October analysis by the IMF, which highlights that a deeper and larger single European market would stimulate the necessary growth in productivity. It notes that the two previous waves of enlargement – in 1995 and 2004 – brought benefits not only to the countries joining the EU but also to the founding member states of the EU, which experienced significant income growth. Therefore, a joint response in terms of developing new technologies could have a multiplier effect on the growth and development of all European economies!

    Esteemed participants of the Business Forum,

    I have spoken about global risks and potential responses, particularly from policymakers in Europe, of which we are a part. Among domestic risks, I highlight the potentially missed opportunities for high growth and the time needed to return to the trajectory we have secured, which places us at the top of Europe in terms of growth.

    That is why today, as in previous forums, I will remind everyone that we have an obligation never to forget that stability is priceless, and there is no alternative to it. Without stability, any discussion about sustainable income growth and societal development loses its meaning!

    On behalf of the NBS, I can promise:

    • we will continue to work in the public interest,
    • relative exchange rate stability has no alternative,
    • there will be no negative interest rates in Serbia, as money must fulfil one of its fundamental roles – to earn through savings and the concept of interest. “Negative interest rates are a sign of central banks’ desperation, not a solution to economic problems.”

    In every decision we make, we have been and will continue to be guided by the stability of the system! I believe that in these uncertain times, this is the key to duration. We cannot influence the policies and decisions of major powers, but we can and must support our development opportunities.

    Finally, I congratulate the Serbian Association of Economists on their well-deserved selection as the host of the 21st World Congress of Economists, which will be held in June next year!

    And finally, I ask you all, not expecting an answer: how many phone numbers do you know if you were to lose your phone and the contacts stored in it? Do you know how to calculate a discount on prices when you’re out shopping? And how will your children, who rely on ChatGPT and mobile phones to do their homework, manage if, at some point, they can’t charge their phone or if someone, just for fun, takes away their phone and all these devices that represent progress and development? Never forget that, above all, we are human beings who must think for ourselves, make our own decisions, and not forget the most basic things – to use our own brains and our own hearts!

    Thank you all. I wish you a successful 32nd Kopaonik Business Forum.

    MIL OSI Economics –

  • MIL-OSI Russia: The State and Municipal Administration programs of the State University of Management received accreditation from NASDOBR

    Translartion. Region: Russians Fedetion –

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

    The educational programs of the Department of Public and Municipal Administration of the State University of Management have successfully passed the public accreditation procedure.

    Bachelor’s and Master’s programs in the fields of 38.03.04 “State and Municipal Administration” and 38.04.04 “State and Municipal Administration” were accredited by the National Accreditation Council for Business and Management Education (NASDOBR) for a period of 5 years.

    The official ceremony of presenting the accreditation certificate took place within the walls of the State University of Management.

    It was attended by the Chairman of the Presidium of NASDOBR, First Deputy Chairman of the State Duma of the Russian Federation Alexander Zhukov and the Deputy Chairman of the Presidium of NASDOBR, President of the Russian Association of Business Education (RABE) Sergei Myasoedov.

    The certificates were ceremoniously handed over to the head of the Department of State and Municipal Administration of the State University of Management, Sergei Chuev.

    “Obtaining public accreditation is an important event for our department and the entire university. This is confirmation that we are moving in the right direction, providing high quality education that meets the needs of modern state and municipal service. We are proud of our students and teachers and will continue to improve our educational programs so that they remain in demand and competitive!” – emphasized Sergey Vladimirovich.

    Public accreditation of educational programs is an independent quality assessment conducted by professional communities and employers’ organizations. Public accreditation confirms that graduates have knowledge, skills and abilities that are in demand in the labor market and are ready for successful professional activity. This is a kind of “quality mark” indicating the competitiveness of the program and the high level of training of specialists.

    We congratulate the students and teachers of the Department of Public and Municipal Administration of the State University of Management on this significant achievement! This is another step towards the development and strengthening of the position of the State University of Management as a leading educational center in the field of public and municipal administration.

    Subscribe to the TG channel “Our GUU” Date of publication: 03/05/2025

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

    MIL OSI Russia News –

  • MIL-OSI Economics: Influencers see Alexa+ as game-changer in personalized AI experiences, reveals GlobalData

    Source: GlobalData

    Influencers see Alexa+ as game-changer in personalized AI experiences, reveals GlobalData

    Posted in Business Fundamentals

    Amazon’s unveiling of Alexa+, a generative AI-powered upgrade to its Alexa voice assistant, has ignited significant discussion among social media influencers in the last week of February 2025. The rollout, promising enhanced personalization, context awareness, and agentic actions, has been met with both excitement and reservations. Influencers see that the enhanced Alexa+ has the potential to be a game-changer in providing  personalized AI experiences, reveals the Social Media Analytics Platform of GlobalData, a leading data and analytics company.

    Shreyasee Majumder, Social Media Analyst at GlobalData, comments: “Influencers’ discussions primarily focused on the potential of Alexa+ to enhance the user experience, emphasizing its capacity to manage complex requests, perform multiple tasks concurrently (such as booking reservations and ordering groceries), and integrate effortlessly with other Amazon services. Optimism is prevalent regarding the advanced natural language processing capabilities and the prospect of more personalized and engaging interactions. Several influencers point to use cases like assisting children with homework and resolving household disagreements as areas where Alexa+ could demonstrate significant value.

    “Alongside, the consensus also seems to be building around Apple that it needs to drastically improve its AI capabilities to remain competitive in the rapidly evolving landscape of voice assistants and AI-powered devices.”

    Below are a few popular influencer opinions captured by GlobalData’s Social Media Analytics Platform:

    1. Mark Gurman, Chief Correspondent on Apple and Tech News at Bloomberg LP:

    “The new Alexa+ is basically ChatGPT Voice Mode on steroids, with personality, context and memory of past conversations and people. It’s extremely impressive. It is frightening how far behind Apple is in this space.”

    1. Rowan Cheung, Founder & CEO at The Rundown:

    “Amazon just unveiled the all-new Alexa+ powered by Amazon’s AI models and Claude. It’s like ChatGPT Voice taken to the next level with personalization, memory of past conversations, and of course, agentic action features. Pricing starts at $19.99/month but is free for all Amazon Prime members. Most importantly, this means ~100M+ people are about to have their first experience with real AI-powered voice agents soon. Could be another ‘ChatGPT moment’ for consumers outside of the tech community. (Let’s hope it runs more smoothly than the launch of Apple Intelligence)”

    1. Brian Roemmele, Engineer at PromptExpertise.com:

    “The new AlexaPlus is quite a game changer. Of course you can talk to Alexa but you can type to it also. The rate of acceleration is incredibly increasing. FREE in Amazon Prime…”

    1. Marsha Collier, President at The Collier Company Inc:

    “Amazon Unveils Alexa Powered by Generative AI. Amazon is aiming to catch up in generative artificial intelligence and to reboot its virtual assistant, which has been leapfrogged by powerful chatbots. “Until right this moment, right this moment, we have been limited by the technology,” Panos Panay, the head of Amazon’s devices, said at a media event. “Alexa+ is that trusted assistant that can help you conduct your life and your home”.”

    1. Shelly Palmer, CEO at The Palmer Group:

    “In a “better late than never” moment, Amazon has unveiled Alexa+: an advanced version of its voice assistant that integrates generative AI to enhance user interactions. Priced at $19.99 per month (but free for Amazon Prime members), the service is set to launch with early access in the U.S. next month, initially available on Echo Show devices, with plans for broader international and device expansion…”

    1. Kim, Technology Expert:

    “Amazon has unveiled Alexa+, an enhanced version of its voice assistant powered by generative AI technologies. This upgrade enables Alexa+ to handle multiple requests in a single command and perform tasks autonomously on behalf of users. For instance, it can book restaurants, create recipes, set timers automatically, and control various smart home devices based on your preferences and mood…”

    MIL OSI Economics –

  • MIL-OSI USA News: What They Are Saying: President Trump’s Masterclass Before Congress

    Source: The White House

    Tonight, during his first address to a joint session of Congress in his second term, President Donald J. Trump delivered a powerful, masterful speech highlighting the remarkable accomplishments of his first six weeks in office and charting a course for four years of prosperity.

    The address received widespread acclaim. 76% of Americans approved of the speech, according to a CBS poll, while a CNN poll showed 69% of Americans had a positive reaction.

    Praise immediately poured in:

    Speaker Mike Johnson: “Tonight, President Trump made his triumphant return to Congress to share his bold, optimistic vision for renewing the American Dream.”

    Sen. Ted Cruz: “This is the fifth State of the Union address I’ve seen Trump give — it was by far his best.”

    Fox News’s Bret Baier: “The best moment — emotional moment, was DJ, who’s battling cancer. He wanted to be a police officer and during the speech, the president said the Secret Service has made him an agent.”

    Fox News’s Brit Hume: “If you ever doubted that Donald Trump is the political colossus of our time and our nation, this night and this speech should have put that to rest.”

    Geraldo Rivera: “Trump was strong, defiant and entertaining.”

    Clay Travis: “This is the best speech of Donald Trump’s career. Just a phenomenal litany of common sense and rational leadership. Great and heartwarming guests. It’s a grand slam.”

    Chris Cillizza: “That was a very effective speech. You can hate it or him. But that speech was aimed squarely at issues where the public is with Trump — and filled with made-for-sharing moments. A master image-maker at work (and you can hate him and acknowledge that’s true!)”

    Riley Gaines: “I am just left feeling inspired and hopeful and there’s so much to look forward to.”

    Amber Rose: “Donald Trump just gave the greatest presidential speech of all-time.”

    Reince Priebus: “I thought it was extremely strong. When he talked about… common sense revolution, giving the government back to The People… I thought was really insightful.”

    Breitbart’s Matthew Boyle: “This speech is one of Trump’s best ever, and the Democrat behavior during it has been not only despicable but also colossally politically stupid. Whoever is advising these idiots just steered their party into an even deeper ditch than Joe Biden and Kamala Harris left them in.”

    Pennsylvania resident: “I thought it was very positive… We used to be a country that would just let everything happen… I think now, we’re taking back things that should’ve never been given away. So, I think doing those tariffs… it’s well overdue.”

    Secretary of State Marco Rubio: “An inspiring and momentous speech. @POTUS returned to the White House with a clear mandate from the American people to renew the American Dream. His address tonight laid out exactly how he is keeping those promises with a vision of peace through strength, and a stronger, safer, and more prosperous United States.”

    Secretary of Homeland Security Kristi Noem: “Tonight, President Trump laid out his vision to renew the American dream. In just a few short weeks, President Trump’s immigration and border security policies have led to an all-time-low in illegal crossings at the southern border. The message is clear: America’s borders are closed to lawbreakers.”

    Secretary of the Treasury Scott Bessent: “Strength. Prosperity. Peace. Tonight, President Trump shared his historic vision for our nation in renewing the American dream. He has done more in the past six weeks for the American people, than the previous administration in four years.”

    Secretary of the Interior Doug Burgum: “The previous administration used a whole-of-government approach to oppose reliable, affordable U.S. energy production in favor of unreliable, unaffordable intermittent sources. The Trump administration is working overtime to undo all the damage done during the Biden years and we are fast-tracking America’s path to a New Golden Age through Energy Dominance!”

    Secretary of Defense Pete Hegseth: “Thank you @POTUS it is the honor of my life to serve the American warfighter.”

    Secretary of Agriculture Brooke Rollins: “@POTUS spoke loud and clear on American agriculture. He loves America’s farmers, and they have no more faithful friend nor more powerful champion. He will defend them, and if anyone doubted it — they don’t after tonight.”

    Secretary of Energy Chris Wright: “President Trump is renewing the American Dream, and we here @Energy are with him every step of the way to unleash American energy dominance!”

    UN Ambassador-designate Elise Stefanik: “In just one month under President Trump, Americans have experienced record results and the renewal of the American Dream with the triumphant return of strong leadership to the Oval Office. From securing the border, to cutting wasteful spending of our hard earned taxpayer dollars, to reasserting America First peace through strength leadership to the world stage, President Trump has delivered the most exceptional first month of an American presidency in history. Promises made, promises kept. The American Golden Age is here.”

    Secretary of Housing and Urban Development Scott Turner: “The American people sent President Trump to enact generational change in Washington. What @POTUS has accomplished in less than two months is nothing short of remarkable. This is what America first feels like.”

    Small Business Administration Administrator Kelly Loeffler: “This was a tour de force of a President who, in 42 days, has more accomplishments than Joe Biden had in four years — It is a new day in America and people at home had to have loved what they’ve seen from this great President.”

    Secretary of Education Linda McMahon: “Tremendous address by President Trump tonight. America is back, & the work is only beginning. I will work hard to make @POTUS’ vision for education a reality — preparing our students for the workforce & empowering their parents will be vital to our nation’s future success.”

    EPA Administrator Lee Zeldin: “This vision of President Trump will usher in the greatest four years in American history. Honored to be a part of this amazing Cabinet working hard to restore our nation to glory. Will continue to do my part @EPA to Power the Great American Comeback.”

    Sen. Bernie Moreno: “An inspiring, emotional address from @realDonaldTrump!! But crazed partisan Dems refused to applaud even a brave young man like DJ. Appalling!”

    Sen. Rick Scott: “Under President Trump’s strong leadership, our allies respect us, our adversaries fear us, and the world respects us again!”

    Sen. Marsha Blackburn: “What a great night! President Trump gave a fantastic address and laid out the many accomplishments he and his administration have made during these first six weeks back in office for the American people.”

    Sen. Markwayne Mullin: “@POTUS commanded the podium for TWO hours. He’s restoring the American Dream with relentless determination. “The Golden Age of America has only just begun.”

    Sen. John Cornyn: “One of the best lines from President Trump tonight during his state of the union speech: to secure the border we didn’t need any new laws, what we needed was a new president!  Amen.”

    Sen. Shelley Moore Capito: “@POTUS delivered a strong vision for our country—one that prioritizes border security, unleashing American energy, strengthening our military, and providing tax relief for families.”

    Sen. Ted Budd: “Tonight was about promises made, promises kept.”

    Sen. Jim Risch: “Excellent speech, Mr. President! I am proud to work with my Republican colleagues to support President Trump’s renewal of the American Dream. @POTUS is the strong leader America needs!”

    Sen. Pete Ricketts: “It’s time to get our economy back on track. Under @POTUS’ first administration, America’s economy was strong. Tonight, we heard him commit to restoring prosperity and supporting American families. Relief is on its way—and not a minute too soon.”

    Sen. Chuck Grassley: “Pres Trump delivered a strong state of the union address He’s working w Congress to make America safer + stronger + restore common sense in govt After an impactful start to his presidency there’s a lot more work 2do”

    Sen. Jon Husted: “Tonight, the president outlined what he’s doing to make our country secure, strong, and prosperous.”

    Sen. Katie Britt: “Tonight @POTUS made it clear: We’re putting Americans first—securing our nation, making streets safe, growing our prosperity, and unleashing our energy potential.”

    Sen. Lindsey Graham: “My take on President @realDonaldTrump’s address tonight: Inspiring, funny, compelling and the Democrats’ worst nightmare.”

    Chairwoman Lisa McClain: “President Trump’s message to the American people is clear: America is BACK.”

    Rep. Claudia Tenney: “This was one of the most tremendous experiences of my life. Donald Trump hit it out of the park.”

    Rep. Brandon Gill: “Help is here. Hope is here. President Trump is here.”

    Rep. Mark Alford: “What a speech and what a time to be in America.”

    Rep. Stephanie Bice: “President Trump’s speech was a testament to the vision of the American people which was suppressed under President Biden.”

    Rep. Gary Palmer: “President Trump’s speech tonight was the embodiment of ‘promises made, promises kept.’”

    Rep. Troy Downing: “What a speech. It’s never been so clear that a new golden age is upon us. From securing our border, to unleashing American energy, to rooting out waste, fraud, and abuse, @POTUS is delivering on the promises that he ran on. A great night to be an American!”

    Rep. Anna Paulina Luna: “Tonight was historic. President Trump said he was saved by God to Make America Great Again- and THAT is our mandate.”

    Rep. Nancy Mace: “Best speech ever.”

    Rep. Jim Jordan: “Incredible speech by President Trump! Confident. Empowering. Leadership.”

    Rep. Blake Moore: “It was an honor to attend President Trump’s Joint Session tonight. He and his administration have swiftly responded to the call of Americans to secure our border, unleash domestic energy production, address rampant crime, tackle the difficult task to root out waste, fraud, and abuse in our government, and more. There is much to do legislatively in the coming months to ensure a strong economy and defense, and I look forward to working with the Trump administration to accomplish this agenda.”

    Rep. Mike Kennedy: “President Trump has emerged as the leader the United States needs right now. I look forward to working alongside him to advance our nation’s prosperity.”

    Rep. Victoria Spartz: “Great speech by President Trump! The State of the Union is strong!”

    Rep. Julia Letlow: “President Trump delivered a strong message emphasizing the promises he is keeping to secure our border, increase energy production, fix the Biden economy, and reassert American leadership.”

    Rep. Dan Meuser: “Tonight, President Trump reaffirmed his commitment to the Renewal of the American Dream and made clear that Promises Made, Promises Kept is not just a slogan—it’s a reality.”

    Rep. Ron Estes: “It was great to welcome President Trump back to Congress and I look forward to continuing to work with him to advance the America First policy agenda that will restore our nation.”

    Rep. Mike Flood: “President @realDonaldTrump’s speech to Congress was a celebration of America and the renewal our country is experiencing.”

    Rep. Sam Graves: “The Golden Age of America has ARRIVED.  Thank you, President Trump!”

    Rep. Beth Van Duyne: “In just six weeks, President Trump has made incredible progress for America: the most secure borders in our lifetime without any new money or legislation; through DOGE, he has exposed the massive fraud and money laundering of billions of dollars in the federal government; brought in more manufacturing investments (Apple, TSMC, Honda) than the entire Biden presidency; and he is working with Congress to deliver long term reforms to lower costs and expand opportunities for our hard working families.”

    Rep. Brad Finstad: “Tonight, @POTUS made clear he is putting the American people first. Since taking office, he has begun reining in an oversized, inefficient government, brought safety and security back to our communities, and restored common sense to the @WhiteHouse.”

    Rep. Rudy Yakym: “America is back! I look forward to working with President Trump to continue delivering for Hoosiers and all Americans.”

    Rep. Ben Cline: “President Trump just delivered a bold, positive vision to secure our border, revive our economy, and restore American strength. Leadership is back, our enemies are on notice, and we’re making America great again.”

    Rep. Doug LaMalfa: “Tonight, President Trump delivered a strong and optimistic message about the renewal of the American Dream. He highlighted the progress made in rebuilding our economy, securing our border, and restoring America’s leadership on the world stage.”

    Rep. Dale Strong: “President Trump is delivering on his promises. He has secured our borders and is working to revitalize our economy. The United States is seen as a symbol of strength across the globe once again, and tonight’s address proves that this administration is ready and willing to help hardworking American families.”

    MIL OSI USA News –

  • MIL-OSI China: Multiple indicators point to sustained recovery of China’s economy

    Source: China State Council Information Office

    China’s economy has started 2025 with renewed vigor, as key indicators spanning manufacturing, consumption and real estate reveal strengthening momentum, thereby signaling continued recovery and stability amid global uncertainties, experts noted.

    PMI signals expansion 

    The Purchasing Managers’ Index (PMI) for China’s manufacturing sector rose to 50.2 in February, up 1.1 percentage points from January and back in expansion territory, latest data from the National Bureau of Statistics (NBS) showed.

    The non-manufacturing PMI also improved last month, edging up 0.2 percentage points to 50.4, while indices in sectors such as air transport, postal services, telecommunications, radio, television, satellite transmission services, monetary and financial services, and capital market services remained above 55 in February — indicating robust growth in overall business volume, NBS statistician Zhao Qinghe said.

    China’s composite PMI stood at 51.1 in February, up 1 percentage point from the previous month, the NBS confirmed.

    All three key PMI indicators stood in expansion territory in February, driven by post-Spring Festival production resumption and improved market confidence, reflecting that an overall recovery was gathering speed, Zhao noted.

    Robust green consumption 

    China’s green transformation of consumption in key areas has continued in 2025. Looking at new energy vehicles (NEVs) as an example, the country’s passenger car production volume reached 2.11 million units in January, up 3.6 percent year on year, while NEV output and sales soared by 25.8 percent and 10.5 percent from a year earlier to reach 940,000 units and 744,000 units, respectively.

    Complementing this growth, China’s newly-launched insurance platform for NEVs had already covered 114,000 units as of February 25, following guidelines to address challenges and bolster consumer trust in this rapidly expanding sector.

    Notably, in the first two months of 2025, China’s electric bicycle trade-in program generated healthy sales of approximately 1.019 million e-bikes, driving new sales of such bikes amounting to 2.66 billion yuan (about 370 million U.S. dollars), the Ministry of Commerce said on Monday.

    Commenting on China’s recent economic performance, Gabriel Crouse, a South African policy analyst at the Institute of Race Relations, said that compared with the fast economic growth from a relatively low baseline decades ago, China is now operating from a higher baseline and pursuing high-quality development.

    “China is continuing to lead the world in new energy vehicles, artificial intelligence (AI) and other emerging sectors,” said Crouse.

    Traditional pillar sees stabilization 

    The real estate sector, a traditional pillar of domestic demand, is showing signs of stabilization, said Ming Ming, chief economist at CITIC Securities — highlighting policy tailwinds, including potential cuts to mortgage rates and relaxed purchasing restrictions in major cities, as keys to restoring market equilibrium.

    Data from E-house China R&D Institute revealed that the average destocking period for new residential homes in 100 Chinese cities was 21.3 months in January, a remarkable drop from the previous peak of 26.8 months.

    New residential home sales in Beijing surged by 47.11 percent year on year in February — with 2,295 units recorded in online sales contracts. Meanwhile, second-hand home transactions, a key segment of the city’s property market, saw a 92.3-percent increase during the same period, according to data from leading real estate website Fang.com.

    As a series of market-stabilizing policies begin to take effect, the upward trend with positive signals across the industry will become increasingly clear, promoting the entire industrial chain in this sector in entering a positive recovery cycle, said Zhang Yan, an analyst from property research institution CRIC.

    Chinese policymakers have since last year introduced a range of measures, including financial stimuli and regulatory adjustments, to bolster the property sector. These include mortgage rate cuts, lower down payment requirements, eased purchasing restrictions and financing coordination mechanisms to enhance funding support for developers.

    “To see China recognize problems and address them properly reassures investors that the Chinese economy remains a safe place to bet on,” said Crouse. 

    MIL OSI China News –

  • MIL-OSI: Fourth quarter 2024 results: EUR 233 million net income in Q4 2024 Proposed regular dividend of EUR 1.8 per share

    Source: GlobeNewswire (MIL-OSI)

    Press release
    05 March 2025 – N° 03

    Fourth quarter 2024 results

    EUR 233 million net income in Q4 2024

    Proposed regular dividend of EUR 1.8 per share

    • Group net income of EUR 233 million in Q4 2024 driven by all business activities (EUR 235 million adjusted1)
      • P&C combined ratio of 83.1% in Q4 2024 including a low Nat Cat ratio and allowing for ongoing reserving discipline
      • L&H insurance service result2 of EUR 119 million in Q4 2024
      • Investments regular income yield of 3.6% in Q4 2024
    • Economic Value per share of EUR 48 (vs. EUR 51 as of 31 December 2023)
    • IFRS 17 Group Economic Value3 of EUR 8.6 billion as of 31 December 2024, down -6.3% at constant economics3,4. Adjusted for one-offs5, Economic Value growth of +9.8% at constant economics3,4
    • Estimated Group solvency ratio of 210%6 as of 31 December 2024, in the upper part of the optimal range of 185%-220%, fully absorbing the impact of the 2024 L&H assumption review
    • Proposed regular dividend of EUR 1.8 per share for 2024
    • Annualized Return on Equity of 22.8% (23.0% adjusted1) in Q4 2024. For the full year 2024, Return on Equity stands at 0.1% (0.2% adjusted1); adjusted for one-offs5, the annualized Return on Equity would stand at 14.9% for the full year 2024

    SCOR SE’s Board of Directors met on 4 March 2025, under the chair of Fabrice Brégier, to approve the Group’s Q4 2024 financial statements.

    Thierry Léger, Chief Executive Officer of SCOR, comments: “I am satisfied with the fourth quarter results. All business activities contribute to a strong consolidated Group net income. On a full year basis, P&C performance is excellent: the Nat Cat ratio is below the 10% budget, and the underlying performance enables us to build significant prudence two years ahead of plan. Investments performance is strong over the year, taking advantage of the current market conditions. In L&H, we took decisive actions to restore profitability. With a solvency ratio of 210% at year-end remaining in the upper part of the optimal range, SCOR demonstrates resilience as well as enhanced underlying capital generation, leading to a proposed dividend of EUR 1.8 per share. In the prevailing market environment, I’m fully confident that SCOR will continue to grow profitably in diversifying lines of business by leveraging its Tier 1 franchise. We are committed to delivering our Forward 2026 ambitions.”

    Group performance and context

    SCOR records EUR 233 million net income (EUR 235 million adjusted1) in Q4 2024, supported by all business activities:

    • In P&C, the combined ratio of 83.1% in Q4 2024 is primarily driven by a low natural catastrophe ratio of 6.4%. Over the full year 2024, the natural catastrophe ratio of 9.4% is better than the 10% budget. The attritional loss and commission ratio stands at 75.9% in Q4 2024, reflecting a very satisfactory underlying performance allowing for continued reserving discipline. The completion of the annual P&C year-end reserve review confirms all lines are at best estimate and our reserve resilience has increased.
    • In L&H, the insurance service result2 stands at EUR 119 million in Q4 2024, driven by a good level of CSM amortization and risk adjustment release, partially offset by a negative experience variance from the US.
    • In Investments, SCOR benefits from high reinvestment rates and an elevated regular income yield of 3.6% in Q4 2024.
    • The effective tax rate stands at 8% for Q4 2024, mainly reflecting the release of Q2 and Q3 tax provisions related to deferred tax assets.

    The annualized Return on Equity stands at 22.8% (23.0% adjusted1) in Q4 2024.

    Over the full year 2024, SCOR delivers a net income of EUR 4 million (EUR 11 million adjusted1), implying an annualized Return on Equity of 0.1% (0.2% adjusted1), impacted by the outcome of the 2024 L&H assumption review accounting for EUR -0.7 billion (pre-tax) in insurance service result and EUR
    -0.9 billion (pre-tax) in contractual service margin (CSM). The Group Economic Value decreases by 6.3% at constant economics3,4 (+9.8% adjusted for one-offs5).

    SCOR’s Solvency ratio stands at 210% at year-end 2024, in the upper part of the optimal range of 185%-220%, fully absorbing the one-off impact of the L&H assumption review, and demonstrating the Group’s balance sheet resilience.

    Proposed regular dividend of EUR 1.8 per share

    SCOR proposes a regular dividend of EUR 1.8 per share for the fiscal year 2024, stable compared to the fiscal year 2023.

    This dividend will be submitted for shareholders’ approval at the 2025 Annual General Meeting, to be held on 29 April 2025. The Board proposes to set the ex-dividend date at 2 May 2025, and the payment date at 6 May 2025.

    On-going very strong P&C underlying performance

    In Q4 2024, P&C insurance revenue stands at EUR 1,929 million, up +0.4% at constant exchange rates (down -0.5% at current exchange rates) compared to Q4 2023, driven by the effect of a large commutation. Excluding this effect, the insurance revenue would grow by +1.7%.

    New business CSM in Q4 2024 stands at EUR -43 million, impacted by limited renewals in Q4 and an early recognition of the cost of some retrocession contracts renewed at 1 January 2025.

    P&C (re)insurance key figures:

    In EUR million
    (at current exchange rates)    		 Q4 2024 Q4 2023 Variation FY 2024 FY 2023 Variation
    P&C insurance revenue 1,929 1,940 -0.5% 7,639 7,496 1.9%
    P&C insurance service result 238 353 -32.6% 779 897 -13.1%
    Combined ratio 83.1% 75.6% 7.5pts 86.3% 85.0% 1.3pts
    P&C new business CSM -43 -76 43.8% 1,024 952 7.6%

    The P&C combined ratio stands at 83.1% in Q4 2024, compared to 75.6% in Q4 2023. It includes:

    • A Nat Cat ratio of 6.4%, mainly impacted by the losses related to Hurricane Milton (4.7 pts).
    • An attritional loss and commission ratio of 75.9%, reflecting a very satisfactory underlying performance and continued reserving discipline.
    • A discount effect of -9.5%, impacted by the year-end reserves review.
    • An attributable expense ratio of 9.7%, impacted by an expense accounting true-up.

    The P&C insurance service result of EUR 238 million is driven by a CSM amortization of
    EUR 252 million, a risk adjustment release of EUR 45 million, a negative experience variance of
    EUR -38 million and an impact of onerous contract of EUR -21 million. The negative experience variance reflects the prudence building and a low level of retrocession recoveries.

    The impact of the California wildfires is estimated at circa EUR140m, pre-tax and net of retrocessions, which is in line with the Nat Cat budget level of Q1 2025.

    Improved L&H insurance service result in Q4 2024

    In Q4 2024, L&H insurance revenue amounts to EUR 2,055 million, up +8.4% at constant exchange rates (+8.6% at current exchange rates) compared to Q4 2023. L&H New Business CSM7 generation of EUR 113 million in Q4 is driven by Protection and new deals in Longevity.

    The L&H insurance service result2 amounts to EUR 119 million in Q4 2024. It includes:

    • A CSM amortization of EUR 117 million, including a EUR 16 million exceptional release. Excluding this, the annualized CSM amortization rate is 6.9%8.
    • A Risk Adjustment release of EUR 36 million.
    • An experience variance of EUR -49 million, driven by negative deviations in the US.
    • A positive impact of onerous contracts of EUR 12 million reflecting changes in risk adjustment.
    • Offsetting one-off impacts from the 2024 L&H reviews amounting to EUR 1 million.

    L&H reinsurance key figures:

    In EUR million
    (at current exchange rates)    		 Q4 2024 Q4 2023 Variation FY 2024 FY 2023 Variation
    L&H insurance revenue 2,055 1,892 8.6% 8,487 8,426 0.7%
    L&H insurance service result2 119 64 87.5% -348 589 -159.1%
    L&H new business CSM7 113 90 25.4% 485 466 4.1%

    Investments delivering strong results with a regular income yield of 3.6% in Q4 2024

    As of 31 December 2024, total invested assets amount to EUR 24.2 billion. SCOR’s asset mix is optimized, with 78% of the portfolio invested in fixed income. SCOR has a high-quality fixed income portfolio with an average rating of A+, and a duration of 3.8 years (3.0 at year-end 2023) following the implementation of the new ALM strategy.

    Investments key figures:

    In EUR million
    (at current exchange rates)    		 Q4 2024 Q4 2023 Variation FY 2024 FY 2023 Variation
    Total invested assets 24,155 22,914 5.4% 24,155 22,914 5.4%
    Regular income yield* 3.6% 3.7% -0.1pts 3.5% 3.2% 0.3pts
    Return on invested assets*, ** 3.3% 3.7% -0.4pts 3.5% 3.2% 0.3pts

    (*) Annualized.
    (**) Fair value through income on invested assets excludes EUR -3 million in Q4 2024 and EUR -9 million in FY 2024 related to the pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR.

    Total investment income on invested assets stands at EUR 1959 million in Q4 2024. The return on invested assets stands at 3.3%9 (vs. 3.7% in Q4 2023) and the regular income yield at 3.6% (vs. 3.7% in Q4 2023).

    The reinvestment rate stands at 4.5%10 as of 31 December 2024, compared to 4.1% as of 30 September 2024. The invested assets portfolio remains highly liquid and financial cash flows of EUR 9.5 billion are expected over the next 24 months11, enabling SCOR to benefit from elevated reinvestment rates.

    *

    *          *

    APPENDIX

    1 – SCOR Group Q4 2024 key financial details

    In EUR million
    (at current exchange rates)    		 Q4 2024 Q4 2023 Variation FY 2024 FY 2023 Variation
    Insurance revenue 3,984 3,832 4.0% 16,126 15,922 1.3%
    Gross written premiums1 5,049 4,927 2.5% 20,064 19,371 3.6%
    Insurance Service Result2 357 417 -14.3% 432 1,486 -70.9%
    Management expenses -347 -329 -5.2% -1,250 -1,164 -7.4%
    Annualized ROE3 22.8% 15.0% 7.8pts 0.1% 18.1% -18.0pts
    Annualized ROE excluding the mark to market impact of the option on own shares 23.0% 16.6% 6.4pts 0.2% 17.5% -17.2pts
    Net income3,4 233 162 43.2% 4 812 -99.5%
    Net income4 excluding the mark to market impact of the option on own shares 235 179 31.4% 11 780 -98.6%
    Economic value5,6 8,615 9,213 -6.5% 8,615 9,213 -6.5%
    Shareholders’ equity 4,524 4,723 -4.2% 4,524 4,723 -4.2%
    Contractual Service Margin (CSM)6 4,091 4,490 -8.9% 4,091 4,490 -8.9%

    1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric); 2: Including revenues on financial contracts reported under IFRS 9; 3: Taking into account the mark to market impact of the option on own shares. Q4 2024 impact of EUR-3 million before tax, FY 2024 impact of EUR -9 million before tax. 4: Consolidated net income, Group share; 5. Defined as the sum of the shareholder’s equity and the Contractual Service Margin (CSM); 6: Net of tax. A notional tax rate of 25% is applied to the CSM.

    2 – P&L key figures Q4 2024

    In EUR million
    (at current exchange rates)    		 Q4 2024 Q4 2023 Variation FY 2024 FY 2023 Variation
    Insurance revenue 3,984 3,832 4.0% 16,126 15,922 +1.3%
    • P&C insurance revenue
    		 1,929 1,940 -0.5% 7,639 7,496 +1.9%
    • L&H insurance revenue
    		 2,055 1,892 8.6% 8,487 8,426 +0.7%
    Gross written premiums1 5,049 4,927 2.5% 20,064 19,371 +3.6%
    • P&C gross written premiums
    		 2,508 2,362 6.2% 9,869 9,452 +4.4%
    • L&H gross written premiums
    		 2,541 2,565 -0.9% 10,195 9,919 +2.8%
    Investment income on invested assets 195 206 -5.3% 800 711 +12.5%
    Operating results 291 350 -17.0% 298 1,366 -78.2%
    Net income2,3 233 162 43.2% 4 812 -99.5%
    Net income2 excluding the mark to market impact of the option on own shares 235 179 31.4% 11 780 -98.6%
    Earnings per share3 (EUR) 1.30 0.91 42.9% 0.02 4.54 -99.6%
    Earnings per share (EUR) excluding the mark to market impact of the option on own shares 1.31 1.00 31.0% 0.06 4.35 -98.6%
    Operating cash flow 197 588 -66.5% 903 1,480 -39.0%

    1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric); 2: Consolidated net income, Group share; 3: Taking into account the mark to market impact of the option on own shares. Q4 2024 impact of EUR -3 million before tax, FY 2024 impact of EUR -9 million before tax.

    3 – P&L key ratios Q4 2024

      Q4 2024 Q4 2023 Variation FY 2024 FY 2023 Variation
    Return on invested assets 1,2 3.3% 3.7% -0.4pts 3.5% 3.2% +0.3pts
    P&C combined ratio 3 83.1% 75.6% +7.5pts 86.3% 85.0% +1.3pts
    Annualized ROE4 22.8% 15.0% +7.8pts 0.1% 18.1% -18.0pts
    Annualized ROE excluding the mark to market impact of the option on own shares 23.0% 16.6% +6.4pts 0.2% 17.5% -17.2pts
    Economic Value growth5 n.a. n.a. n.a. -6.3% 8.6% -14.9pts

    1: Annualized; 2: In Q4 2024 and FY 2024, fair value through income on invested assets excludes respectively EUR -3 million and EUR -9 million pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR; 3: The combined ratio is the sum of the total claims, the total variables commissions, and the P&C attributable management expenses, divided by the net insurance revenue for P&C business; 4: Taking into account the mark to market impact of the option on own shares. Q4 2024 impact of EUR -3 million before tax, FY 2024 impact of EUR -9 million before tax; 5: Not annualized. Growth at constant economic assumptions and excluding the mark to market impact of the option on own shares. The starting point is adjusted for the dividend of EUR 1.8 per share (EUR 324 million in total) for the fiscal year 2023, paid in 2024. Economic Value defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax. A notional tax rate of 25% is applied to the CSM.

    4 – Balance sheet key figures as of 31 December 2024

    In EUR million
    (at current exchange rates)    		 As of
    31 December 2024    		 As of
    31 December 2023    		 Variation
    Total invested assets1 24,155 22,914 +5.4%
    Shareholders’ equity 4,524 4,723 -4.2%
    Book value per share (EUR) 25.22 26.16 -3.6%
    Economic Value2 8,615 9,213 -6.5%
    Economic Value per share (EUR)3 48.03 51.18 -6.2%
    Financial leverage ratio4 24.5% 21.2% +3.3pts
    Total liquidity5 2,466 2,234 +10.4%

    1: Excluding third-party net insurance business investments; 2: The Economic Value (defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax) includes minority interests; 3: The Economic Value per share excludes minority interests; 4: The leverage ratio is calculated as the percentage of subordinated debt compared to the sum of Economic Value and subordinated debt in IFRS 17; 5: Including cash and cash equivalents and short-term investments.

    *

    *         *

    SCOR, a leading global reinsurer

    As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying “The Art & Science of Risk”, SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society.

    The Group generated premiums of EUR 20.1 billion in 2024 and serves clients in more than 150 countries from its 37 offices worldwide.

    For more information, visit: www.scor.com

    		 Media Relations
    Alexandre Garcia
    media@scor.com

    Investor Relations
    Thomas Fossard
    InvestorRelations@scor.com

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    All content published by the SCOR group since January 1, 2024, is certified with Wiztrust. You can check the authenticity of this content at wiztrust.com.

    General

    Numbers presented throughout this press release may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore, this press release might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal.

    Forward-looking statements

    This press release includes forward-looking statements, assumptions, and information about SCOR’s financial condition, results, business, strategy, plans and objectives, including in relation to SCOR’s current or future projects.

    These statements are sometimes identified by the use of the future tense or conditional mode, or terms such as “estimate”, “believe”, “anticipate”, “expect”, “have the objective”, “intend to”, “plan”, “result in”, “should” and other similar expressions.

    It should be noted that the achievement of these objectives, forward-looking statements, assumptions and information is dependent on circumstances and facts that may or may not arise in the future.

    No guarantee can be given regarding the achievement of these forward-looking statements, assumptions and information. These forward-looking statements, assumptions and information are not guarantees of future performance. Forward-looking statements, assumptions and information (including on objectives) may be impacted by known or unknown risks, identified or unidentified uncertainties and other factors that may significantly alter the future results, performance and accomplishments planned or expected by SCOR.

    In particular, it should be noted that the full impact of the economical and geopolitical risks on SCOR’s business and results cannot be accurately assessed.

    Therefore, any assessments, any assumptions and, more generally, any figures presented in this press release will necessarily be estimates based on evolving analyses, and encompass a wide range of theoretical hypotheses, which are highly evolutive.

    Information regarding risks and uncertainties that may affect SCOR’s business is set forth in the 2023 Universal Registration Document filed on March 20, 2024, under number D.24-0142 with the French Autorité des marchés financiers (AMF) posted on SCOR’s website www.scor.com.

    In addition, such forward-looking statements, assumptions and information are not “profit forecasts” within the meaning of Article 1 of Commission Delegated Regulation (EU) 2019/980.

    SCOR has no intention and does not undertake to complete, update, revise or change these forward-looking statements, assumptions and information, whether as a result of new information, future events or otherwise.

    Financial information

    The Group’s financial information contained in this press release is prepared on the basis of IFRS and interpretations issued and approved by the European Union.

    Unless otherwise specified, prior-year balance sheet, income statement items and ratios have not been reclassified.

    The calculation of financial ratios (such as return on invested assets, regular income yield, return on equity and combined ratio) is detailed in the Appendices of the presentation related to the financial results for the full year 2024 (see pages 25-61). The financial results for the full year 2024 included in this press release have been audited by SCOR’s statutory auditors. Unless otherwise specified, all figures are presented in Euros.

    Any figures or financial results for a period subsequent to December 31, 2024 should not be taken as a forecast of the expected financials for these periods.

    The solvency ratio is not audited by SCOR’s statutory auditors. The Group solvency final results are to be filed to supervisory authorities by April 2025 and may differ from the estimates expressed or implied in this press release

    1 Adjusted by excluding the mark to market impact of the option on own shares.

    2 Includes revenues on financial contracts reported under IFRS 9.

    3 Defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax. 25% notional tax rate applied on CSM.

    4 Growth at constant economic assumptions as of 31 December 2023, excluding the mark to market impact of the option on own shares.

    5 Excluding the mark to market impact of the option on own shares, and the impacts of the 2024 L&H assumption review and the Q3 true-up on identified arbitration positions.

    6 Solvency ratio estimated after taking into account the proposed dividend of EUR 1.8 per share for the fiscal year 2024.            

    7 Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts).

    8 Applied to the closing CSM (before amortization) at the half year or the full year.

    9 Excluding the mark to market impact of the option on own shares. Q4 2024 impact of EUR -3 million before tax.

    10 Reinvestment rate is based on Q4 2024 asset allocation of yielding asset classes (i.e. fixed income, loans and real estate), according to current reinvestment duration assumptions. Yield curves & spreads as of 31/12/2024.

    11 As of 31 December 2024. Including current cash balances and future coupons and redemptions.

    Attachment

    The MIL Network –

  • MIL-OSI: Atos reports full year 2024 results

    Source: GlobeNewswire (MIL-OSI)

    Press release

    Atos reports full year 2024 results

    Recovery of the commercial activity in Q4 2024

    • Q4 order entry at €2.7 billion
    • Q4 book to bill at 117%, +9 points vs Q4 2023, benefitting from the signature of large multi-year contract renewals and wins
    • FY 2024 book to bill at 82% vs 94% in prior year

    FY 2024 revenue: €9,577 million, down -5.4% organically, impacted by previously-established contract terminations or scope reductions and by market softness in key geographies

    • Eviden: down -6.7% organically
    • Tech Foundations down -4.1% organically

    Operating margin of 2.1% at €199m, with Eviden at 2.0% and Tech Foundations at 2.2%

    • Down -210 bps organically compared with FY 2023, mainly due to the allocation to the business of SG&A costs previously allocated to Other Operating Income & Expenses, as part of the separation project in prior year
    • Operating margin includes circa €40 million of provision for underperforming contracts following negotiations with customers

    Free cash flow at €-2,233 million reflecting the end of one-off working capital optimization actions and higher capex linked to High Performance Computing contracts

    • Working capital optimization at December 2024 of €0.3 billion compared to €1.8 billion in prior year
      • Consisting solely of customer invoices paid in advance without any discount and on a pure voluntary basis;
      • No usage at all of account receivable factoring or specific optimization on trade payables.

    Net income group share of €248 million, including notably:

    • €3,520 million income from the financial restructuring, including a €2,766 million gain on the debt-to-equity swap and €965 million IFRS 9 debt fair value treatment, which will be amortized in subsequent years
    • Goodwill and other non-current assets impairment charge of €2,357 million, reflecting the decrease of the Group’s enterprise value, which takes into account a lower fair value of the financial debts and a lower market capitalization

    Paris, March 5, 2025 – Atos, a global leader in digital transformation, high-performance computing and information technology infrastructure, today announces its 2024 financial results.

    Philippe Salle, Atos Chairman of the Board of Directors and Chief Executive Officer, declared:

    “It was with great enthusiasm and conviction that I have joined the Atos Group in October 2024. Now that our financial restructuring has been successfully completed in December, the Group can focus on its transformation journey and on providing the highest level of support to our customers through innovation and quality of service. I will present my vision for Atos and our mid-term strategy during a Capital Markets Day on May 14.

    During the fourth quarter, our commercial activity recovered thanks to the positive change of perception of our clients, who took note of the improvement of our credit rating. This positive commercial momentum materialized in renewals or extensions of large strategic multi-year contracts.

    I would like to take this opportunity to sincerely thank the teams involved for their outstanding contribution to the financial structuring of the company and to our employees, customers and partners for their continued support.”

    FY 2024 performance highlights

    In € million FY 2024 FY 2023 Var.   FY 2023* Organic Var.
    Revenue 9,577 10,693 -10.4%   10,124 -5.4%
    Operating Margin 199 467 -268   423 -224
    In % of revenue 2.1% 4.4%   -230bps   4.2%    -210bps
    OMDA 722 1,026 -304      
    In % of revenue 7.6% 9.6%   -200bps      
    Net income 248 -3,441 3,689      
    Free Cash Flow -2,233 -1,078 -1,154      
    Net debt excl. IFRS 9 fair value treatment -1,238 -2,230 992      
    Net debt -275 -2,230 1,955      

    *: at constant scope and December 2024 average exchange rates

    FY 2024 performance by Business

    In € million FY 2024
    Revenue    		 FY 2023
    revenue    		 FY 2023
    revenue*    		 Organic variation*
    Eviden 4,604 5,089 4,937 -6.7%
    Tech Foundations 4,972 5,604 5,187 -4.1%
    Total 9,577 10,693 10,124 -5.4%
    In € million FY 2024
    Operating margin    		 FY 2023 Operating margin FY 2023
    Operating margin*    		   FY 2024
    Operating margin %    		 FY 2023 Operating margin% FY 2023 Operating margin%* Organic variation*
    Eviden 90 294 272   2.0% 5.8% 5.5% -350 bps
    Tech Foundations 109 172 151   2.2% 3.1% 2.9% -70 bps
    Total 199 467 423   2.1% 4.4% 4.2% -210 bps

    *: at constant scope and December 2024 average exchange rates

    Group revenue was €9,577 million, down -5.4% organically compared with FY 2023. Overall, Group revenue evolution in 2024 reflects previously-established contract terminations or scope reductions and market softness in key geographies

    Eviden revenue was €4,604 million, down -6.7% organically.

    • Digital activities decreased high single digit. The business was impacted by previously-established contract terminations and contract scope reductions, as well as by the continued market softness in North America, in the UK & Ireland and in Benelux and the Nordics.
    • Big Data & Security (BDS) revenue was roughly stable organically. Advanced Computing grew mid-single digit with large project deliveries in Denmark and Germany particularly during the fourth quarter. Revenue in Digital Security decreased low single digit due to contract terminations and volume decline.

    Tech Foundations revenue was €4,972 million, down -4.1% organically.

    • Core revenue (excluding BPO and value-added resale (“VAR”)) decreased low single digit. Stronger revenue in Major Events (related to the Paris Olympic & Paralympic games and the UEFA) was offset by previously-established contract terminations and completions in North America and by contract scope and volume reduction in the UK.
    • Non-core revenue declined high single digit as planned, reflecting deliberate reduction of BPO activities in the UK and reduced value-added resale for hardware and software products.

    Group operating margin was €199 million representing 2.1% of revenue, down -210 basis points organically compared with 2023:

    • This margin decrease comes mainly from the allocation to the business of €103 million SG&A costs previously allocated to Other Operating Income & Expenses as they related to the separation project conducted in 2023. The profitability of the Group was also impacted by revenue decrease and lower utilization of resources. Operating margin also includes circa €40 million of provision for underperforming contracts following negotiations with customers
    • Eviden’s operating margin was €90 million or 2.0% of revenue, down -350 basis points organically. Beyond the allocation of SG&A costs to the business for €48 million, profitability was also impacted by revenue decrease and lower utilization of resources.
    • Tech Foundations’ operating margin was €109 million or 2.2% of revenue down by -70 basis points organically. The positive impacts from the continued execution of the transformation program and the accelerated reduction of under-performing contracts via renegotiation were offset by higher allocation of SG&A cost to the business for €55 million.

    FY 2024 performance by Regional Business Unit

    In € million FY 2024
    Revenue    		 FY 2023
    revenue    		 FY 2023
    revenue*    		 Organic variation*
    North America 1,909 2,280 2,177 -12.3%
    UK / IR 1,500 1,770 1,763 -14.9%
    Benelux and the Nordics (BTN) 946 911 905 +4.6%
    Central Europe 2,207 2,506 2,253 -2.1%
    Southern Europe 2,080 2,284 2,119 -1.9%
    Growing markets 924 930 893 +3.4%
    Others & Global structures 11 12 13 -16.3%
    Total 9,577 10,693 10,124 -5.4%
    In € million FY 2024
    Operating margin    		 FY 2023 Operating margin FY 2023
    Operating margin*    		   FY 2024
    Operating margin %    		 FY 2023 Operating margin% FY 2023 Operating margin%* Organic variation*
    North America 161 244 229   8.5% 10.7% 10.5% -200 bps
    UK / IR 72 75 77   4.8% 4.2% 4.3% +40 bps
    Benelux and the Nordics (BTN) 7 23 23   0.8% 2.5% 2.5% -170 bps
    Central Europe 10 31 23   0.5% 1.3% 1.0% -60 bps
    Southern Europe 80 99 82   3.9% 4.3% 3.9% +0 bps
    Growing markets 31 92 88   3.4% 9.9% 9.9% -650 bps
    Others & Global structures -163 -97 -98   N/A N/A N/A N/A
    Total 199 467 423   2.1% 4.4% 4.2% -210 bps

    *: at constant scope and December 2024 average exchange rates

    North America revenue was €1,909 million, down -12.3% organically, impacted by contract terminations and general slowdown in market conditions.

    • Eviden revenue was down double digit, impacted by contract terminations and volume decline in Healthcare, Finance, and Transport & Logistics. BDS revenue remained stable.
    • Tech Foundations revenue was down high single digit due to contract completions and terminations in Media and in Insurance, as well as scope reductions with select customers.

    Operating margin was €161 million or 8.5% of revenue, down -200 basis points organically.

    • Eviden’s margin declined, impacted by volume reduction and contract terminations.
    • Tech Foundations margin declined, due to lower utilization of resources and volume reduction.

    UK & Ireland revenue was €1,500 million, down -14.9% organically.

    • Eviden revenue was down double digit. Digital revenue decreased, reflecting contract completions and volume reduction in the Public Sector. BDS revenue decreased as well, following the discontinuation of the low-margin “computing as a service” offering.
    • Revenue in Tech Foundations was down double digit, due to contract completion in Public Sector BPO activities.

    Operating margin was €72 million, or 4.8% of revenue, up +40 basis points organically. Tech Foundations margin benefited from the extension of a large multi-year contract renewed at better financial terms, while Eviden margin was impacted by revenue decline and lower utilization of resources in Digital.

    Benelux and the Nordics revenue was € 946 million, up +4.6% organically

    • Eviden revenue was up double digit, thanks particularly to BDS, with a new supercomputer sold to an innovation center in Denmark.
    • Revenue in Tech Foundations was down low single digit, with contract completions and volume decline in Healthcare and in Utilities.

    Operating margin was €7 million, or 0.8% of revenue, down -170 basis points organically. Profitability was impacted by project overruns and lower utilization of resources in Digital.

    Central Europe revenue was € 2,207 million, down -2.1% organically.

    • Eviden revenue was down low single digit. Decline in Digital due to volume reduction from Manufacturing and Defense customers was partially offset by the ongoing delivery of a large HPC in Germany.
    • Tech Foundations revenue was down low-single digit, reflecting scope reductions in the Banking and Automotive sectors.

    Operating margin was €10 million or 0.5% of revenue, down -60 basis points organically. Tech Foundations’ margin improvement was offset by Eviden’s profitability decrease.

    Southern Europe revenue was €2,080 million, down -1.9% organically.

    • Eviden revenue was down low-single digit. Digital activities declined due to volume reduction in Automotive, Transport & Logistics and Banking sectors. The delivery of a supercomputer project in Spain provided a higher prior year comparison basis for BDS.
    • Tech Foundations revenue declined low single digit due to contract completions with select customers.

    Operating margin was €80 million or 3.9% of revenue, broadly stable organically. BDS’ margin improvement driven by ongoing contracts deliveries was partially offset by Eviden profitability decrease due to lower utilization of resources in Digital.

    Growing Market revenue was €924 million, up +3.4% organically, reflecting stronger contributions related to the Paris Olympic & Paralympic Games and the UEFA contract.

    Operating margin was €31 million or 3.4% of revenue, down -650 basis points reflecting higher marketing expenses for Major Events.

    Others and Global Structures encompass the Group’s global delivery centers and global structures:

    • Global delivery centers net cost was €-72 million, broadly stable compared with last year.
    • Global Structures net cost was €-91 million and increased by €65 million, impacted by higher SG&A costs allocated to Operating margin in 2024 (rather than allocated to Other Operating Income, as part of the separation project in prior year).

    Order entry and backlog

    FY 2024 commercial activity

    Order entry reached €7.9 billion in 2024. Eviden order entry was €4.1 billion and Tech Foundations order entry was €3.8 billion.

    Book-to-bill ratio for the Group was 82% in 2024, down from 94% in 2023.

    • Eviden reported a book-to-bill ratio of 88% in 2024, down from 94% in 2023
    • Tech Foundations reported a book-to-bill ratio of 76% in 2024, down from 94% in 2023

    Q4 2024 commercial activity

    Order entry reached €2.7 billion in Q4 2024 bringing book to bill ratio to 117% for the quarter, benefitting from renewed client confidence thanks to the completion of the financial restructuring.

    Eviden reported a book-to-bill ratio of 111% for the fourth quarter, increasing strongly by +12 points compared with Q4 2023, notably led by a strong performance of Digital with a book to bill at 127%.
    Main contract signatures in the fourth quarter included an application management services contract with a Ministry of Economy, contract renewals in application management and cybersecurity services with a large American retail company and with a large health provider, as well as a High-Performance Computer (HPC) upgrade with a European scientific community.

    Tech Foundations reported a book-to-bill ratio of 122% for the fourth quarter, increasing by +6 points compared with Q4 2023.
    Main contract signatures in the fourth quarter included a 4-years contract extension for IT and digital transformation services with a state-owned savings bank. Several multi-year strategic contracts were renewed, in particular to provide Digital Workplace and Hybrid Cloud & Infrastructure services for North American and UK & Ireland customers in Financial Services, Public Sector, and Transport & Logistic.

    Backlog & commercial pipeline

    At the end of December 2024, the full backlog reached €13.0 billion representing 1.3 years of revenue.

    The full qualified pipeline amounted to €4.3 billion at the end of December 2024, representing 5.1 months of revenue.

    Human resources

    The total headcount was 78,112 at the end of December 2024, decreasing by -17.9% compared with the end of December 2023 and includes:

    • Transfers of 4,900 employees to new providers in Q3 2024 following contract completions in North America and in the UK. Excluding these transfers, headcount has decreased by circa -13%,
    • Worldgrid disposal in Q4 2024 (-973 employees).

    During the year, the Group hired 9,388 staff (of which 93.3% were Direct employees).

    Employe attrition rate remained in line with historical levels, increasing slightly from 14.5% in 2023 to 15.6% in 2024. FY 2024 retention rate for key employees remained high at 92%.

    Net income

    Net income group share was €248 million, primarily due to a €3,520 million financial gain related to the financial restructuring of the Group and a €2,858 million cost recorded in Other Operating Income and Expenses, which included a €2,357 million impairment charges on goodwill and non-current assets.

    Free cash flow

    Free cash flow was €-2,233 million in 2024 reflecting primarily the end of one-off working capital optimization actions resulting in a negative change in working capital requirement for €1,498 million and higher capex linked to HPC contracts for €239 million.

    Net debt and debt covenants

    At December 31, 2024, net debt was €1,238 million (€275 million including IFRS 9 debt fair value treatment), compared to € 2,230 million as of December 31, 2023. and consisted of:

    • Cash and cash equivalents for €1,739 million
    • Short-term financial assets for €93 million
    • Borrowings for €3,069 million (nominal value) or €2,107 million (IFRS fair value)

    The new credit documentation requires the Group to maintain:

    • from 31 March 2025, a minimum liquidity level of €650 million, to be verified at the end of each financial quarter;
    • from 30 June 2027, as from each half-year end, a maximum level of financial leverage (“Total Net Leverage Ratio Covenant”), which is defined as the ratio of Financial indebtedness (mainly excluding IFRS 16 impacts and IFRS 9 debt fair value treatment) to pre-IFRS 16 OMDA; the ceilings thus applicable will be determined no later than 30 June 2026 with reference to a flexibility of 30% in relation to the Business Plan adopted by the Group at that time; these ceilings will in any event remain between 3.5x and 4.0x.

    As at December 31, 2024, the Group financial leverage (as defined above and pre IFRS 9 debt fair value treatment) was 3.16x.

    Going concern and liquidity

    The consolidated financial statements of the Group for the year ended December 31, 2024 have been prepared on a going concern basis.

    The Group’s cash forecasts for the twelve months following the approval of the 2024 consolidated financial statements by the Board of Directors, result in a cash situation that meets its liquidity needs over that period.

    The cash forecasts, which take into account the latest business forecasts, have been prepared based on the assumptions which were in line with the Group updated business plan communicated on September 2, 2024.

    It is reminded that as part of its financial restructuring and following the completion on 18 December 2024 of the final steps of the Accelerated Safeguard Plan approved by the specialized Commercial Court of Nanterre on 24 October 2024, which resulted in:
    (i)      a €2.1 billion gross debt reduction through the equitization of €2.9 billion of existing financial debts and the repayment of €0.8 billion interim financings with the new money debt provided to the Company;

    (ii)      €1.6 billion of new money debt and €0.1 billion of new money equity from the rights issue and the additional reserved capital increase and

    (iii)      no debt maturities before the end of 2029,

    the Group now has the resources and flexibility to execute its midterm strategy.

    Operating margin to Operating income

    In € million 2024 2023
    Operating margin 199 467
    Reorganization -119 -696
    Rationalization and associated costs -37 -38
    Integration and acquisition costs 3 4
    Amortization of intangible assets (PPA from acquisitions) -57 -108
    Equity based compensation -2 -19
    Impairment of goodwill and other non-current assets -2 357 -2 546
    Other items -288 -169
    Operating (loss) -2 659 -3 106

    Non recurring items were a net expense of €2,858 million.

    Reorganization costs amounted to € 119 million.

    • Workforce adaptation measures relating mainly to restructuring plans launched in previous years were €77 million compared with €343 million in 2023, as the Group limited restructuring expenses to manage its cash position in 2024.
    • Separation and transformation related to the 2023 legal carve-out were incurred mostly at the start of the year for €42 million. In 2023, these costs amounted to €353 million, of which about one third corresponded to internal project costs.

    Rationalization and associated costs amounted to € 37 million compared to € 38 million in 2023, mainly corresponding to the continuation of the data centers consolidation program.

    Integration and acquisition costs amounted to € 3 million as certain earn-out and retention schemes did not materialize and were thus released to the income statement.

    Amortization of intangible assets recognized in the purchase price allocation amounted to €57 million and was mainly composed of Syntel customer relationships and technologies.

    Impairment of goodwill and other non-current assets amounted to € 2,357 million and mostly related:

    • To the impairment of goodwill for € 2,240 million in both Eviden (Americas and Northern Europe & APAC) and Tech Foundations (Northern Europe & APAC), and ;
    • To the impairment of customer relationships for € 109 million in Americas as a result of customer contract terminations.

    In 2024, Other items were a net expense of €288 million compared with €169 million in 2023 and included:

    • €74 million of net capital gain related to the sale of Worldgrid offset by additional losses recognized on past transactions ;
    • €160 million of losses related to onerous contracts that were accounted for in OOI in previous years;
    • €96 million of legal fees and settlement related to major litigations, including the settlement concluded with Unisys in December;
    • €78 million of current assets write offs; and
    • €28 million of costs related to early retirement programs in Germany, the UK and France as well as others non-recurring items.

    As a result, operating loss was at €-2,659 million, compared with a loss of €-3,106 million in 2023, reflecting primarily the €2,357 million impairment charge.

    Operating Income to Net income Group Share

    In € million 2024 2023
    Operating (loss) -2,659 -3,106
    Net financial income (expense) 3,121 -227
    Tax charge -214 -112
    Non-Controlling interests – -1
    Share of net profit of equity-accounted investments – 5
    Net income (loss) Group Share 248 -3,441
    Basic earning per share 0.034 -31.04
    Diluted earning per share 0.031 -31.04

    Net financial income was €3,121 million and was composed of:

    • The net cost of financial debt of €178 million, compared with €102 million in 2023. This €76 million increase mainly resulted from:
      • €38 million higher cost on the old debt (additional portions drawn on the RCF and higher interest rates on the Term Loan A);
      • €13m interests on the interim financing;
      • €12m interests on the new financing structure.
    • Other financial items for a net income of € 3,299 million in 2024 compared to net expense of € 125 million in 2023, composed mainly of:
      • The gain related to the financial restructuring of the Group for €3,520 million, detailed as follows:
    In € million 2024
    Fair value gain on the debt converted into equity 2,766
    Fair value gain on the new debt 965
    Fair value of the issued warrants -45
    Subtotal at financial restructuring date 3,686
    Costs and fees reported in the income statement -165
    Impact reported under the other financial income 3,520
    • Other items of €221 million, including notably:
      • €78 million of exit fees on Interim financing loans repaid as part of financial restructuring on December 18, 2024;
      • €36 million lease liability interest (€26 million in 2023). This variation mainly resulted from the increase in discount rates;
      • €30 million financial expense on pensions(€31 million in 2023). This pension financial cost represents the difference between interest costs on pension obligations and the return on plan assets;
      • €29 million of net foreign exchange loss, including hedges (loss of €19 million in 2023);
      • €15 million of prior year transaction costs included in financial debts, which were fully amortized in 2024 in the context of the financial restructuring of the Group.

    The tax charge for 2024 was €214 million, compared with €112 million in 2023. This €+102 million increase was mainly due to:

    • A €59 million impairment charge on deferred tax assets
    • A €37 million expense related to non-recoverable withholding tax

    Net income group share was €248 million, primarily due to a €3,520 million financial gain related to the financial restructuring of the Group and a €2,858 million cost recorded in Other Operating Income and Expenses, which included a €2,357 million impairment charges on goodwill and non-current assets.

    Earnings per share

    Basic earnings per share were €0.034. per share in 2024 and diluted earnings per share were €0.031 per share.

    Free cash flow and net cash

    In € million 2024 2023
    Operating Margin before Depreciation and Amortization (OMDA) 722 1,026
    Capital expenditures -444 -205
    Lease payments -301 -358
    Change in working capital requirement* -1,192 -391
    Cash from operations (CFO)* -1,214 73
    Tax paid -81 -77
    Net cost of financial debt paid -178 -102
    Reorganization in other operating income -245 -605
    Rationalization & associated costs in other operating income -9 -47
    Integration and acquisition costs in other operating income -3 -8
    Other changes** -504 -312
    Free Cash Flow (FCF) -2,233 -1,078
    Net (acquisitions) disposals 162 411
    Capital increase 3,049 –
    Share buy-back -2 -3
    Dividends paid -18 -35
    Change in net (debt) 958 -705
    Opening net cash (debt) -2,230 -1,450
    Change in net cash (debt) 958 -705
    Foreign exchange rate fluctuation on net cash (debt) 34 -75
    Closing net (debt) excl. IFRS fair value treatment -1,238 -2,230
    IFRS Debt fair value treatment 963 –
    Closing net (debt) -275 -2,230

    * Change in working capital requirement excluding the working capital requirement change related to items reported in other operating income and expense.

    ** “Other changes” include other operating income and expense with cash impact (excluding staff reorganization, rationalization and associated costs, integration and acquisition costs) and other financial items with cash impact, net long term financial investments excluding acquisitions and disposals, and profit sharing amounts payable transferred to debt

    Free cash flow was €-2,233 million in 2024 reflecting primarily the end of one-off working capital optimization actions resulting in a negative change in working capital requirement for €1,498 million and higher capex linked to HPC contracts for €239 million.

    Capital expenditures and lease payments totaled €745 million, up €182 million from the prior year reflecting a significant investment in the energy-efficient Exascale technology.

    Change in working capital requirement was €-1,192 million, primarily from €-1,498 million lower working capital optimization compared with end of fiscal 2023. As at December 2024, working capital benefited from invoices paid in advance by customers for € 319 million, without any discount and on a pure voluntary basis. As at December 31, 2023, total specific optimization carried out by the Group to optimize its working capital amounted to € 1,817 million.

    Cash out related to taxes paid increased by € 4 million and amounted to € 81 million in 2024, including € 6 million of taxes paid in connection with carve-out transactions completed in 2024.

    Net cost of financial debt was €178 million as explained above.

    The total of reorganization, rationalization & associated costs and integration & acquisition costs reached €256 million compared with €660 million in 2023 and included:

    • €135 million of reorganization costs in connection with restructuring measures as well as the continuation of the German restructuring plans; and
    • €110 million of costs related to the outstanding activities on the separation of the Group incurred mostly over the first quarter of the year.

    Cash out related to Other changes was €-504 million compared to € -312 million in 2023, and included:

    • €166 million of costs incurred on onerous contracts (purchase commitments and customer contracts);
    • €144 million of transaction costs paid in the context of the financial restructuring;
    • €78 million of exit fees on interim financing
    • Costs related to litigations

    As a result of the above impacts mainly driven by the change in the working capital requirement, the Group Free Cash Flow was € -2,233 million in 2024, compared to € -1,078 million in 2023.

    The net cash impact resulting from disposals was €162 million mainly related to the net cash proceeds from the Worldgrid disposal of €232 million, partly offset by the write-off of a receivable on a past disposal.

    Capital increase amounted to €3,049 million and were made of :

    • €2,904 million of equitization of financial debts; and
    • €145 million of new money equity raised mainly from the Rights Issue

    In the context of the financial restructuring process of the Group.

    No dividends were paid to Atos SE shareholders in 2024. The €18 million cash out (€35 million in 2023) corresponded to taxes withheld on internal dividend distributions and to dividends paid to minority interests.

    Foreign exchange rate fluctuation determined on debt or cash exposure by country represented a decrease in net debt of €34 million.

    As a result, the Group net debt position as of December 31, 2024 was €275 million (€1,238 million excluding the IFRS 9 debt fair value treatment), compared to €2,230 million as of December 31, 2023.

    Consolidated financial statements

    Atos consolidated financial statements for the year ended December 31, 2024, were approved by the Board of Directors on March 4, 2025. Audit procedures on the consolidated financial statements have been completed and the audit report will be issued after the review of the 2024 Universal Registration Document.

    Advance Computing sales process update

    On November 25, 2024, Atos announced that it has received a non-binding offer from the French State for the potential acquisition of 100% of the Advanced Computing activities of its BDS division, based on an enterprise value of €500 million, to be potentially increased to €625 million including earn-outs.

    The offer received from the French State provides for an exclusivity period until May 31, 2025. If the exclusive negotiations lead to an agreement and subject to obtaining the customary commercial, employee and administrative authorizations, a Share Purchase Agreement, subject to work councils’, opinion may be signed by that date. An initial payment of €150 million is expected to be made available to Atos upon signing of the Share Purchase Agreement.

    In addition, Atos has engaged into a sale process for its Mission Critical Systems business.

    Capital Markets Day

    Atos will present an update of its strategy and organization during a Capital Markets Day that will be held in Paris on May 14, 2025.

    Dividend

    Atos Board of Directors decided, in its meeting held on March 4, 2025, not to propose a dividend payment to the next Annual General Meeting.

    Conference call

    Atos’ Management invites you to an international conference call on the Group 2024 results, on Wednesday, March 5th, 2025 at 08:00 am (CET – Paris).

    You can join the webcast of the conference:

    • via the following link: https://edge.media-server.com/mmc/p/5g7hv4ka
    • by telephone with the dial-in, 10 minutes prior the starting time. Please note that if you want to join the webcast by telephone, you must register in advance of the conference using the following link:

    https://register.vevent.com/register/BIa3f9570d64b4412c8f5192ad4ad6d30b

    Upon registration, you will be provided with Participant Dial In Numbers, a Direct Event Passcode and a unique Registrant ID. Call reminders will also be sent via email the day prior to the event.
    During the 10 minutes prior to the beginning of the call, you will need to use the conference access information provided in the email received upon registration.

    After the conference, a replay of the webcast will be available on atos.net, in the Investors section.

    Forthcoming events

    April 25, 2025 (Before Market Opening) First quarter 2025 revenue
    May 14, 2025 Capital Markets Day
    June 13, 2025 Annual General Meeting
       
    August 1st, 2025 (Before Market Opening)  First semester 2025 results

    APPENDIX

    Q4 2024 revenue

    In € million Q4 2024
    Revenue    		 Q4 2023
    Revenue*    		 Organic variation*
    Eviden 1,126 1,280 -12.0%
    Tech Foundations 1,182 1,329 -11.0%
    Total 2,309 2,608 -11.5%
    In € million Q4 2024
    Revenue    		 Q4 2023
    Revenue*    		 Organic variation*
    North America 410 528 -22.3%
    UK / IR 322 447 -28.1%
    Benelux and the Nordics (BTN) 218 232 -6.1%
    Central Europe 586 580 +1.1%
    Southern Europe 519 556 -6.6%
    Growing markets 251 261 -3.9%
    Others & Global structures 2 4 -34.6%
    Total 2,309 2,608 -11.5%

    *: at constant scope and December 2024 average exchange rates

    Group revenue was €2,309 million in Q4, down -11.5% organically compared with Q4 2023.

    Eviden revenue was €1,126 million, down -12.0% organically.

    • Digital activities decreased double digit. The business was impacted by previously-established contract terminations contract scope reductions, as well as the continued market softness in North America and in the UK & Ireland.
    • Big Data & Security (BDS) revenue grew low single digit organically. Advanced Computing grew with large project deliveries in Germany.

    Tech Foundations revenue was €1,182.0 million, down -11.0% organically.

    • Core revenue (excluding BPO and value-added resale (“VAR”)) decreased high-single digit, mainly impacted by contract terminations in North America and previously-established contract scope and volume reduction in UK.
    • Non-core revenue declined double digit reflecting deliberate reduction of BPO activities in the UK and less value-added resale for hardware and software products.

    FY 2023 revenue and operating margin at constant scope and exchange rates reconciliation

    For the analysis of the Group’s performance, revenue and OM for FY 2024 is compared with FY 2023 revenue and OM at constant scope and foreign exchange rates. Reconciliation between the FY 2023 reported revenue and OM, and the FY 2023 revenue and OM at constant scope and foreign exchange rates is presented below, by Business Lines and Regional Business Units.

    FY 2023 revenue
    In € million    		 FY 2023
    published    		 Internal transfers Scope effects Exchange rates effects FY 2023*
    Eviden 5,089 33 -192 7 4,937
    Tech Foundations 5,604 -33 -401 17 5,187
    Total 10,693 0 -592 24 10,124
               
               
    FY 2023 revenue
    In € million    		 FY 2023
    published    		 Internal transfers Scope effects Exchange rates effects FY 2023*
    North America 2,280 -1 -96 -6 2,177
    Benelux and the Nordics (BTN) 911 0 -7 0 905
    UK / IR 1,770 0 -53 47 1,763
    Central Europe 2,506 0 -254 2 2,253
    Southern Europe 2,284 0 -164 0 2,119
    Growing Markets 930 0 -18 -19 893
    Others & Global structures 12 1 0 0 13
    Total 10,693 0 -592 24 10,124

    *: at constant scope and December 2024 average exchange rates

    FY 2023 Operating margin
    In € million    		 FY 2023
    published    		 Internal transfers Scope effects Exchange rates effects FY 2023*
    Eviden 294 0 -25 2 272
    Tech Foundations 172 0 -20 -1 151
    Total 467 0 -45 1 423
               
               
    FY 2023 Operating margin
    In € million    		 FY 2023
    published    		 Internal transfers Scope effects Exchange rates effects FY 2023*
    North America 244 1 -15 -1 229
    Benelux and the Nordics (BTN) 23 0 -1 0 23
    UK / IR 75 4 -5 2 77
    Central Europe 31 -3 -6 0 23
    Southern Europe 99 -2 -16 0 82
    Growing Markets 92 0 -3 -1 88
    Others & Global structures -97 -1 0 0 -98
    Total 467 0 -45 1 423

    *: at constant scope and December 2024 average exchange rates

    Scope effects on revenue amounted to €-592 million and €-45 million on operating margin. They mainly related to the divesture of UCC, EcoAct, Italy, State Street JV, and Worldgrid.

    Currency effects positively contributed to revenue for €+24 million and €+1 million on operating margin. They mostly came from the appreciation of the British pound, partially compensated by the depreciation of the Brazilian real, the US dollar, the Argentinian peso and the Turkish lira.

    Q4 2023 revenue at constant scope and exchange rates reconciliation

    For the analysis of the Group’s performance, revenue for Q4 2024 is compared with 2023 revenue at constant scope and foreign exchange rates.

    In 2023, the Group reviewed the accounting treatment of certain third-party standard software resale transactions following the decision published by ESMA in October 2023 that illustrated the IFRS IC decision and enacted a restrictive position on the assessment of Principal vs. Agent under IFRS 15 for such transactions. The Q4 2023 revenue is therefore restated by € +48 million. The impact affected Eviden in North America RBU.

    Reconciliation between the 2023 reported fourth quarter revenue and the 2023 fourth quarter revenue at constant scope and foreign exchange rates is presented below, by Business Lines and Regional Business Units:

    Q4 2023 revenue
    In € million    		 Q4 2023 published Restatement Q4 2023 restated Internal transfers Scope effects Exchange rates effects Q4 2023*
    Eviden            1,247                   48 1,295     -1 -22 8           1,280   
    Tech Foundations           1,308    –           1,308    1 -1 21           1,329   
    Total 2,555 48 2,602 0 -23 29 2,608
                   
                   
    Q4 2023 revenue
    In € million    		 Q4 2023 published Restatement Q4 2023 restated Internal transfers Scope effects Exchange rates effects Q4 2023*
    North America 483 48 531 -1 -1 -1 528
    Benelux and the Nordics 233 0 233 0 -1 0 232
    UK / IR 433 0 433 0 -3 18 447
    Central Europe 582 0 582 0 -2 0 580
    Southern Europe 571 0 571 0 -16 0 556
    Growing markets 250 0 250 0 0 12 261
    Others & Global structures 3 0 3 1 0 0 4
    Total 2,555 48 2,602 0 -23 29 2,608

    *: at constant scope and December 2024 average exchange rates

    Disclaimer

    This document contains forward-looking statements that involve risks and uncertainties, including references, concerning the Group’s expected growth and profitability in the future which may significantly impact the expected performance indicated in the forward-looking statements. These risks and uncertainties are linked to factors out of the control of the Company and not precisely estimated, such as market conditions or competitors’ behaviors. Any forward-looking statements made in this document are statements about Atos’s beliefs and expectations and should be evaluated as such. Forward-looking statements include statements that may relate to Atos’s plans, objectives, strategies, goals, future events, future revenues or synergies, or performance, and other information that is not historical information. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described within the 2023 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on May 24, 2024 under the registration number D.24-0429, as updated by chapter 2 “Risk factors” of the first amendment to Atos’ 2023 universal registration document filed with the Autorité des Marchés Financiers (AMF) on November 7, 2024 under the registration number D.24-0429-A01 and by chapter 2 “Risk factors” of the second amendment to Atos’ 2023 universal registration document filed with the Autorité des Marchés Financiers (AMF) on December 11, 2024 under the registration number D.24-0429-A02, and the half-year report filed published on August 6, 2024. Atos does not undertake, and specifically disclaims, any obligation or responsibility to update or amend any of the information above except as otherwise required by law.

    This document does not contain or constitute an offer of Atos’s shares for sale or an invitation or inducement to invest in Atos’s shares in France, the United States of America or any other jurisdiction. This document includes information on specific transactions that shall be considered as projects only. In particular, any decision relating to the information or projects mentioned in this document and their terms and conditions will only be made after the ongoing in-depth analysis considering tax, legal, operational, finance, HR and all other relevant aspects have been completed and will be subject to general market conditions and other customary conditions, including governance bodies and shareholders’ approval as well as appropriate processes with the relevant employee representative bodies in accordance with applicable laws.

    About Atos

    Atos is a global leader in digital transformation with circa 78,000 employees and annual revenue of circa €10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 68 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

    The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

    Contacts

    Investor relations:

    David Pierre-Kahn | investors@atos.net | +33 6 28 51 45 96

    Sofiane El Amri | investors@atos.net | +33 6 29 34 85 67

    Individual shareholders: +33 8 05 65 00 75

    Press contact: globalprteam@atos.net

    Attachment

    The MIL Network –

  • MIL-OSI Asia-Pac: Tech chief begins Spain trip

    Source: Hong Kong Information Services

    Secretary for Innovation, Technology & Industry Prof Sun Dong visited Barcelona in Spain and attended the Mobile World Congress 2025 with a delegation of Hong Kong’s innovation and technology (I&T) sector yesterday.

     

    The Hong Kong Science & Technology Parks Corporation (HKSTPC) and Hong Kong Trade Development Council (HKTDC) co-ordinated the participation of Hong Kong’s I&T enterprises and institutions in the congress to set up the Hong Kong Tech Pavilion, showcasing the latest solutions in advanced electronics and robotics, artificial intelligence and data technology, digital transformation and the startup ecosystem.

     

    Prof Sun attended the networking reception at the pavilion and witnessed the signing of a memorandum of understanding between the HKTDC and the Barcelona City Council to promote trade and business relations between enterprises in the two places, and collaboration between the HKSTPC and 22@Network Barcelona to enhance the global connection of startups.

     

    Afterwards, he met Secretary of State for Science, Innovation, & Universities of Spain Juan Cruz Cigudosa to discuss issues of mutual interest, including strengthening bilateral co-operation in technological innovation and research.

     

    Additionally, Prof Sun and the delegation visited the Barcelona Biomedical Research Park, one of the largest biomedical research clusters in Southern Europe bringing together research centres and researchers in biomedical fields.

     

    The delegation focused on its cross-institutional collaboration model and clinical transformation outcome and applications, as well as various support services provided to the research centres in the park.

     

    They also toured the headquarters of ISDIN, a cosmeceutical brand, and learnt about its solutions for dermatology conditions and research achievements in products.

     

    Prof Sun encouraged the company to leverage on Hong Kong’s unique international business environment as well as its distinctive advantage of connecting with both the Mainland and the world to expand business in Hong Kong, the Mainland and the Asian market.

     

    While attending the Chinese New Year reception hosted by the Hong Kong Economic & Trade Office in Brussels in the evening, the technology chief shared with the leaders and executives of the business and political sectors and I&T community in Barcelona the vision and efforts of Hong Kong to develop into an international I&T centre.

     

    Also during the reception, he had a brief exchange with Consul General of the People’s Republic of China in Barcelona Meng Yuhong.

     

    After arriving in Barcelona a day earlier, Prof Sun visited the Barcelona Activa, a public trading company integrated in the area of Economy & Economic Promotion of Barcelona City Council, and met Chief Executive Officer of Catalonia Trade & Investment Office Agency for Business Competitiveness Jaume Baró.

     

    On the same day, he had dinner with representatives of the participating I&T enterprises and organisations.

     

    Prof Sun will continue his visit in Barcelona today where he plans to deliver a keynote speech at the Global System for Mobile Communications Association Ministerial Programme session of the Mobile World Congress.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Ahead of Joint Address, Senator Murray Highlights Stories of Former Federal Workers at VA, CFPB, National Park Service, Forest Service Fired Without Cause By Trump—Leaving Everyone Worse Off

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    ICYMI: Senator Murray statement on why she won’t be attending Trump’s Joint Address
    Murray has been a leading voice raising the alarm on Trump and Musk’s indiscriminate mass firings that are hurting people in Washington state and across the country— holding multiple press calls with WA federal workers, releasing fact sheets, and speaking out at every opportunity
    ***WATCH VIDEO HERE; DOWNLOAD HERE***
    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, held a virtual press conference with federal workers in Washington state who worked at the Department of Veterans Affairs (VA), Consumer Financial Protection Bureau (CFPB), U.S. Forest Service, and National Park Service before being recently fired—through no fault of their own and with zero justification—as part of Donald Trump and Elon Musk’s unprecedented assault on the federal workforce. Joining Senator Murray for the press conference today were: Scott Olson, a disabled veteran in Seattle who previously worked at the VA helping homeless veterans; Jordan Lewis from Seattle, a former landscape architect designing projects for the National Parks Service across Washington state; Ray Beaupre, a former seasonal worker with the U.S. Forest Service in the Methow Valley; and Ambrose Dieringer, an analyst in the supervision division of the CFPB who lives in West Seattle.
    Ahead of President Trump’s Joint Address to Congress, Senator Murray is lifting up the stories of real people in Washington state who are being hurt by Donald Trump’s reckless and illegal moves—from his indiscriminate mass firings across the federal workforce that will undermine services we all rely on and put lives at risk, to his illegal funding freezes that are seriously harming businesses and organizations across Washington state and putting them in financial jeopardy. Senator Murray’s statement on why she won’t be attending the Joint Address tonight is HERE.
    “President Trump is coming here to the Capitol… this evening to give what he is calling the State of the Union. But I expect that he will give his own fantasy version of an update on how he and Elon Musk are running the country. Because it is pretty painfully clear to me… that these two out-of-touch billionaires really have no idea what they are doing… In short, they really have no sense at all of the actual state of our union. Because they have never really taken the time to listen to the people on the frontlines who are serving our communities before they fired them!” Senator Murray said on the press call today. “Elon and Trump may not care about what these workers did; they may not get that it matters—probably because they don’t take commercial flights, or rely on Social Security benefits, or send their kids to public schools, or struggle to get health care, or have to worry about being scammed by predatory lenders. But you know what? Regular people get it. Regular people understand their work has value, it has dignity, and it makes our lives better. And regular people also understand that mass firing people, like the workers we’ll hear from right now, will make their lives worse.”
    “That may not be the narrative Elon Musk and Donald Trump try and spin tonight. But it is the truth, and the people need to hear it,” Murray continued. “I am going to keep doing what I can to lift up federal workers who can share their stories, warn everyone about what is happening, and what it’s going to mean for our country, and push to reverse as much of this damage as possible as fast as possible.”
    “Working at the VA gave me purpose. I understood the struggles veterans faced, whether physical, mental, or emotional. I took pride in being part of something bigger than myself, in continuing to serve even after taking off the uniform,” said Scott Olson, a disabled veteran who served for eight years in the Army, including time in combat, and was diagnosed with cancer twice after serving in Iraq for 15 months. Scott worked at the VA in Seattle in Program Support for VA’s Community Housing Program—helping homeless veterans—before he was suddenly fired without cause last Monday, as part of Trump and Elon Musk’s mass layoffs at VA. “The next chapter in my service led me to working with unhoused Veterans. My role was to serve as the initial contact when they came in looking for help with resources. I supported the social workers ensuring they had the ability to transport Veterans in the community. Limiting roles like mine, means other VA employees will have to take on more and cutting into valuable clinical time directly serving veterans. That’s why it was so devastating when, without warning, without cause, I was terminated. No explanation, no justification just a cold dismissal from a role that meant everything to me. It felt like a betrayal, not just of my dedication but of the values I thought the VA stood for. I had fought through war, through cancer, and through every challenge life had thrown at me only to be cast aside by the very system I had believed in.”
    “The CFPB has been open for less than 14 years, but in that time has returned over $21 billion dollars to harmed consumers in the form of compensation, principal reduction, canceled debts, and other relief. Fo every $1 spent, about $2.85 has been returned to consumers. How is that inefficient?,” said Ambrose Dieringer, an analyst in the supervision division of the Consumer Financial Protection Bureau (CFPB) who resides in Seattle. Ambrose and many of his colleagues were suddenly put on administrative leave last month and ordered to cease working after Office of Management and Budget (OMB) Director Russ Vought took over as Acting Director of the CFPB, where he is working with Trump and Elon Musk to cripple the nation’s leading agency protecting consumers from financial fraud—raising serious conflict of interest concerns.
    “These recent firings are a disaster for public lands, we are already suffering from years of backlog maintenance and the effects of heavy wildfire damage across the landscape. If we do not act now to save these recreation programs, they will be lost forever along with our beloved trails,” said Ray Beaupre, who was a permanent seasonal volunteer coordinator and trails lead with the U.S. Forest Service in the Methow Valley Ranger District, before being recently laid off without cause by Trump and Musk.
    “In my role with the NPS, I was responsible for planning and implementing critical repair and upgrade projects across national park sites in the Pacific West Region, including Washington, Oregon, California, Idaho, Hawaii and the Pacific Islands. My work included renovating campgrounds impacted by wildfires, upgrades to picnic areas and outdoor restroom facilities, implementing trail projects, and much needed visitor center improvements for accessibility,” said Jordan Lewis from Seattle, a former landscape architect with the National Park Service who worked on several important projects across Washington state including: a trail project at San Juan Island National Historical Park to protect endangered Marble Butterfly habitat, a roadway safety project for bicyclists and pedestrians also at San Juan Island National Historic Park, critical upgrades to aging visitor facilities at Ross Lake Overlook and Cascade Pass in North Cascades National Park, and needed accessibility improvements at Fort Vancouver National Historic Site to meet compliance with ADA laws. “On February 14th at 4:50 PM, without warning, I received a generic email terminating me immediately. The letter stated that my skills and abilities did not meet the needs of the Department and that my position was no longer required—despite an exceptional performance review and a backlog of urgent repair projects I was hired to implement. Overnight, my dream job was taken from me and my life has been turned upside down by people I have never met. But beyond my personal loss, these mass firings of probationary employees are already having serious consequences for our national parks. On February 14th, more than 1,000 probationary employees were fired from NPS alone, creating staffing shortages that are now affecting park units nationwide. Our division has been forced to indefinitely suspend several critical projects due to the indiscriminate removal of dedicated NPS employees.”
    Senator Murray has been raising the alarm nonstop about how mass firings at all manner of federal agencies will hurt families, veterans, small businesses, farmers, and so many others in Washington state and across the country. Senator Murray has spoken out on the Senate floor against this administration’s attacks on federal workers and held multiple press conferences to call attention to how Trump and Musk’s mass layoffs are hurting federal workers in Washington state and undermining services for everyone. Earlier this month, she released both a national fact sheet and a Washington state fact sheet detailing what we know about the mass layoffs so far. Senator Murray also sent an open letter to federal workers and a newsletter to her constituents in Washington state outlining her concerns with the administration’s so-called “Fork in the Road” offer.
    Senator Murray has also sent a flurry of recent oversight letters demanding answers about indiscriminate staffing reductions across federal agencies—including letters to HHS Secretary Robert F. Kennedy Jr. on mass firings across HHS as well as a letter focused specifically on firings at FDA, Energy Secretary Chris Wright on indiscriminate firings at BPA, HUD Secretary Scott Turner on reports of massive staff cuts at HUD, Interior Secretary Doug Burham on National Parks Service staffing cuts, and Acting USDA Secretary Gary Washington on the universal hiring pause for USDA firefighters, among others.
    Senator Murray’s full remarks, as delivered on today’s press call, are below and video is HERE:
    “Thank you to all of you for joining us today. I think as everybody knows, President Trump is coming here to the Capitol, where I am, this evening, to give what he is calling the State of the Union. But I expect that he will give his own fantasy version of an update on how he and Elon Musk are running the country.
    “Because it is pretty painfully clear to me, from all of the contacts we are getting from around our state and everywhere, that it’s pretty clear that these two out-of-touch billionaires really have no idea what they are doing. They have no idea how painful cuts and mass firings they have gone on with such glee—how that’s hurting our families, and in short, they really have no sense at all of the actual state of our union.
    “Because they have never really taken the time to listen to the people on the frontlines who are serving our communities before they fired them.
    “So on this call, today, I am going to make sure we hear from some real people, real federal workers who were actually doing the work of the American people, and know what the damaging effects have been over the last few weeks.  
    “Because the truth is: the state of the union is that Trump fired forest rangers. The state of the union is that he fired cancer researchers. He fired people who keep Social Security running. And he fired thousands upon thousands of veterans who work to serve all of our communities.
    “And at risk of saying the obvious—that will make our country weaker, it will make life a lot worse for folks back home. It is going to mean less safe conditions, longer lines at our National Parks and forests, places like Mt. Rainer, and North Cascades, and Olympic National Park, and Mount St. Helens. […]
    “It’s going to mean longer wait times to get help with Social Security benefits. It is going to mean clinical trials at the Fred Hutch getting canceled, and promising cures will not happen, they’ll just get tossed in the shredder. It is going to mean slower response to disease outbreaks, and slower recalls of contaminated food. It is going to mean less help for people trying to get health insurance, or find child care. Fewer workers supporting air traffic control that keeps our skies safe at SeaTac.
    “And despite what we might hear from Trump tonight, we know it’s not about saving money. Because we actually saw them fire Bonneville Power Administration workers—they are not paid by taxpayers, they are paid by ratepayers in the Pacific Northwest.
    “We also know this is not about merit, because they mass fired so many people who had recently been promoted for doing a good job!
    “Right here in Washington state, they even fired a NOAA employee of the year—someone who worked on saving orcas, and salmon, and wildlife from oil spills.
    “I don’t know who Trump and Musk think they are fooling, but it doesn’t take a lot of common sense to realize: you don’t make the government work better by giving the richest man in the world a baseball bat and letting him smash it to pieces. This has been just heartbreaking, and infuriating.
    “I have spoken to so many federal workers, public servants—who took so much pride in the work they do to strengthen our country, building our communities, supporting families, helping our neighbors.
    “As you will hear this evening, the work they do is because they care. Because they know it’s important. And that’s why they were federal employees.
    “Elon and Trump may not care about what these workers did; they may not get that it matters—probably because they don’t take commercial flights, or rely on Social Security benefits, or send their kids to public schools, or struggle to get health care, or have to worry about being scammed by predatory lenders.
    “But you know what? Regular people get it. Regular people understand their work has value, it has dignity, and it makes our lives better. And regular people also understand that mass firing people, like the workers we’ll hear from right now, will make their lives worse.
    “That may not be the narrative that Elon Musk and Donald Trump try to spin tonight for everybody. But it’s the truth, and it’s really important that people hear it.
    “And I am going to keep doing what I can to lift up our federal workers, help share their stories, warn people about what’s happening, what it will mean for our communities and our country, and really work hard to reverse the damage that’s happening so fast. 
    “So I really appreciate the workers who are on here tonight to share their personal stories. I know it’s been really traumatic and difficult for all of you, so thank you for coming on this evening.”

    MIL OSI USA News –

  • MIL-OSI: Tyton Partners and Ufi Ventures Release Q4 2024 VocTech Market Report: Tax Increases, Workforce Policy Reforms, and Investor Sentiment in a Shifting Economy

    Source: GlobeNewswire (MIL-OSI)

    LONDON, March 05, 2025 (GLOBE NEWSWIRE) — Tyton Partners and Ufi Ventures today released their Q4 2024 VocTech Market Activity Report, providing an in-depth analysis of macroeconomic shifts, employment policy changes, and investment trends shaping the future of vocational education and workforce development. The report highlights ongoing economic pressures, policy reforms, and shifting investor confidence, offering insights into how these factors are reshaping the VocTech landscape.

    Key Findings from the Q4 2024 VocTech Market Activity Report

    • The UK budget raised taxes; in the short term, at least, the new burdens on business are negatively affecting hiring plans and morale. Schools received more money.
    • The Employment Rights Bill has been introduced to Parliament, and the Get Britain Working White Paper has been launched. These are significant reforms to the UK’s employment regulations; changes to provision for young people and to apprenticeships are likely the most important for the VocTech investment community.
    • Political turmoil across Europe and the election of Donald Trump are both likely to have a materially negative effect on the green transition and associated jobs and investments.
    • Demographics are becoming a hot topic. Europe – including the UK – is getting older, and this could have a major effect on productivity and living standards. Immigration as an answer will remain controversial.
    • Deal sizes and volumes are at historically low levels, but some deals are still being made; anecdotally, many are more optimistic about 2025.

    “Tax increases and shifting employment policies are reshaping business strategies,” said Nick Kind, Managing Director at Tyton Partners. “Investors and training providers must navigate these changes to support workforce resilience and sustainable growth.”

    “With demographic changes and political uncertainty shaping the future of work, investment in skills development is more crucial than ever,” said Helen Gironi, Director of Ufi Ventures.

    With tax increases, workforce policy changes, and geopolitical uncertainty impacting hiring and investment, the demand for adaptable and resilient skills development remains critical. Tyton Partners and Ufi Ventures will continue to analyse VocTech investment and policy trends, with key insights shaping the upcoming release of The Jobs Frontier 2025 later this year.

    Read Key Learnings from VocTech Market Activity Q4 2024 here.

    About Tyton Partners

    Tyton Partners is the leading provider of strategy consulting and investment banking services to the global knowledge and information services sector. With offices in Boston and New York City, the firm has an experienced team of bankers and consultants who deliver a unique spectrum of services from mergers and acquisitions and capital markets access to strategy development that helps companies, organizations, and investors navigate the complexities of the education, media, and information markets. Tyton Partners leverages a deep foundation of transactional and advisory experience and an unparalleled level of global relationships to make its clients’ aspirations a reality and to catalyze innovation in the sector. Learn more at tytonpartners.com.

    About Ufi Ventures

    Ufi Ventures is the investment arm of Ufi VocTech Trust. Ufi supports the adoption and deployment of technology to improve skills for work and deliver better outcomes for all. By leveraging its depth of experience Ufi Ventures supports its growing portfolio through access to capital, and its wide expert pool and network. Learn more at www.ufi.co.uk/ventures.

    For media inquiries, contact:
    Zoe Wright-Neil
    Tyton Partners, Director of Marketing and Business Development
    zwrightneil@tytonpartners.com

    The MIL Network –

  • MIL-OSI USA: Crapo Applauds President’s Vision for Restoring Economic Opportunity

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo
    Washington D.C.–U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) issued the following statement after President Donald Trump’s Joint Address to Congress.
    “Tonight, President Trump detailed his early accomplishments and outlined an ambitious agenda.  In just a few short weeks, this Administration has taken great strides to correct course from the last four years by securing our homeland, re-establishing American strength, unleashing American energy and boldly addressing the size and scope of the federal government in an historically transparent fashion. 
    “Looking forward, one of the President’s top priorities this year–which I share as Chairman of the Senate Finance Committee–is to prevent an over-$4 trillion tax hike on American workers and businesses by permanently extending and building on his signature tax bill from 2017, the Tax Cuts and Jobs Act.
    “If President Trump’s tax cuts are not renewed before the end of this year, average American families will be hit with thousands of dollars in tax increases, millions of small business owners will see their tax rates skyrocket, and millions of jobs will be in jeopardy.  Idahoans alone will see their taxes go up by an average of $2,554 in 2026.  Working class Americans have the most on the line, as the majority of the tax cut’s expiration would fall on those making less than $400,000 per year. 
    “The President has been clear: we must permanently extend the Trump Tax Cuts and prevent a massive tax hike on American workers, families and small businesses.
    “Americans across the board benefited from a roaring economy in the wake of President Trump’s 2017 tax cuts.  Workers got ahead as household incomes increased and every demographic benefitted from a strong labor market.  The unemployment rate plummeted to the lowest levels in 50 years and the largest wage increases were seen by the lowest-earning workers.  Business investment increased productivity and innovation, bringing companies back home and making the U.S. economy the envy of the world.
    “Extending this current, proven tax policy–and building upon it–is the best way to restore economic prosperity and opportunity for Idaho’s hardworking families, many still struggling to recover from the historic inflation of the last four years.
    “Failure to extend the Trump tax cuts is simply not an option.  I am committed to working with the Administration and congressional leadership to make these tax cuts permanent and provide relief and certainty to families and businesses across America.”

    MIL OSI USA News –

  • MIL-OSI USA: Crapo Statement on President Trump’s Joint Address to Congress

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo
    Washington, D.C.–U.S. Senator Mike Crapo (R-Idaho) issued the statement below following President Trump’s Joint Address to Congress.

    To view an abbreviated version of Senator Crapo’s remarks, click HERE or the image above.
    “Tonight, President Trump detailed his early accomplishments and outlined an ambitious agenda.  In just a few short weeks, this Administration has taken great strides to correct course from the last four years by securing our homeland, re-establishing American strength, unleashing American energy and boldly addressing the size and scope of the federal government in an historically transparent fashion. 
    “Looking forward, one of the President’s top priorities this year–which I share as Chairman of the Senate Finance Committee–is to prevent an over-$4 trillion tax hike on American workers and businesses by permanently extending and building on his signature tax bill from 2017, the Tax Cuts and Jobs Act.
    “If this popular tax law expires at the end of this year, average American families will be hit with thousands of dollars in tax increases, millions of small business owners will see their tax rates skyrocket, and millions of jobs will be in jeopardy.  Idahoans alone will see their taxes go up by an average of $2,554 in 2026.  Working class Americans have the most on the line, as the majority of the tax cut’s expiration would fall on those making less than $400,000 per year. 
    “The President has been clear–we must permanently extend the Trump Tax Cuts and prevent a massive tax hike on American workers, families and small businesses.
    “Americans across the board benefited from a roaring economy in the wake of President Trump’s 2017 tax cuts.  Workers got ahead as household incomes increased and every demographic benefitted from a strong labor market.  The unemployment rate plummeted to the lowest levels in 50 years and the largest wage increases were seen by the lowest-earning workers.  Business investment increased productivity and innovation, bringing companies back home and making the U.S. economy the envy of the world.
    “Extending this current, proven tax policy–and building upon it–is the best way to restore economic prosperity and opportunity for Idaho’s hardworking families, many still struggling to recover from the historic inflation of the last four years.
    “Failure to extend the Trump tax cuts is simply not an option.  I am committed to working with the Administration and congressional leadership to make these tax cuts permanent and provide relief and certainty to families and businesses across America.”

    MIL OSI USA News –

  • MIL-OSI Australia: Panda Mart – Public warning

    Source: Government of Victoria 2

    We are issuing an urgent public warning to anyone who has purchased goods from Panda Mart, a large Cranbourne retail outlet that sells low-cost toys and other items, including homewares, sporting goods and beauty products.

    Our inspectors have last night and today seized thousands of products we believe fail to meet mandatory product safety and information standards, including items that could be dangerous.

    The items we’ve taken off the shelves include toys and baby rattles containing button batteries that were inadequately secured or labelled. Button batteries pose an extreme risk – they can burn through the oesophagus (swallowing tube) of children who ingest them in just two hours, causing internal burns, severe bleeding or death.

    Other products our inspectors have found at the store include items that:

    • present an injury hazard, such as projectiles
    • present a choking or strangulation hazard
    • fail to meet a range of other safety standards, including cosmetics.

    We are working with the business to ensure any remaining dangerous goods are removed from sale immediately, continuing to seize items, and conducting further investigations.

    Consumer Affairs Victoria Director Nicole Rich said businesses had an obligation to ensure the items they sold met safety standards and did not pose a danger to the public.

    ‘We know many Victorians are looking for bargains when they’re shopping given the cost of living, but they shouldn’t have to worry about picking up dangerous products at the same time, especially ones for babies and kids.

    ‘We’ve responded quickly to take action and remove these products from the shelves – but it’s up to businesses to understand the law, and not stock them in the first place.’

    Consumer Affairs Victoria is continuing to investigate this matter and will take further action where required.

    Under the Australian Consumer Law, businesses can be fined up to $50 million, and individuals $2.5 million, for supplying products that do not meet mandatory safety or information standards.

    If you:

    • have purchased any items from Panda Mart, stop using them immediately and return them to the store for a refund
    • are unsure about the safety of a product you have bought or seen for sale, call us on 1300 55 81 81
    • suspect a child has swallowed or inserted a button battery, call the Poisons Information Centre on 13 11 26 for urgent advice. If the child is struggling to breathe, call 000 immediately.

    Read our public safety warning:

    MIL OSI News –

  • MIL-OSI New Zealand: New Zealand backing new justice building for Niue

    Source: New Zealand Government

    New Zealand will support Niue with the design and construction of a new justice building in the capital Alofi, Minister of Foreign Affairs Winston Peters has announced.
     
    Niue’s Prime Minister Dalton Tagelagi is in New Zealand this week for a number of high-level meetings – including with Prime Minister Luxon, Minister Peters, Defence Minister Judith Collins and Associate Defence Minister Chris Penk – that build on the special and enduring free association relationship between the countries.
     
    “Niue’s future is interconnected with the Pacific region and New Zealand remains steadfast in supporting its Realm partner’s development across a range of sectors,” Mr Peters says. 
     
    “We are proud of the partnership we have built with Niue, and we look forward to continuing to work together to realise our shared goals of resilience, prosperity and sustainability.”
     
    New Zealand will work in partnership with Niue to deliver a new building for Niue’s justice sector services. 
     
    “This is another example of practical support, on the ground, for Niue. The new Justice Building ensures access to judicial services for all Niueans, for years to come,” Mr Peters says.
     
    New Zealand has also announced it will support small and medium-sized enterprises (SMEs) in Niue through a partnership between Business Link Pacific (BLP) and the Niue Development Bank (NDB). This partnership will offer eligible SMEs loans at reduced interest rates, along with subsidised advisory support to assist with their loan applications. 
     
    Funding for this initiative and the justice building project will come from New Zealand’s International Development Cooperation programme, with the size of our financial contribution to be determined.

    MIL OSI New Zealand News –

  • MIL-OSI USA News: President Trump is Making Government Work for You Again

    Source: The White House

    President Donald J. Trump immediately undertook a bold, necessary effort to downsize the federal government by ending the waste, fraud, and abuse that has permeated virtually all aspects of the bureaucracy — making sure government works for the taxpayers who fund it.

    • President Trump established the Department of Government Efficiency (DOGE) to maximize government productivity and ensure the best use of taxpayer funds — which has already achieved billions of dollars in savings for taxpayers.
    • President Trump commenced his plan to downsize the federal bureaucracy and eliminate waste, bloat, and insularity.
      • President Trump ordered federal workers to return to the office five days a week.
      • President Trump ordered federal agencies hire no more than one employee for every four employees who leave.
      • President Trump ended the wasteful Federal Executive Institute, which had become a training ground for bureaucrats.
      • President Trump ordered the termination of all federal Fake News media contracts.
    • President Trump is reigning in agencies overtaken by unelected bureaucrats.
      • President Trump stopped the waste, fraud, and abuse within USAID — ensuring taxpayers are no longer on the hook for funding the pet projects of entrenched bureaucrats, such as sex changes in Guatemala.
      • President Trump ordered the Consumer Financial Protection Bureau — the brainchild of Elizabeth Warren, which funneled cash to left-wing advocacy groups — to halt operations.
      • The Environmental Protection Agency canceled tens of millions of dollars in contracts to left-wing advocacy groups, announced an investigation into a scheme by Biden EPA staffers to shield billions of dollars from oversight and accountability, and put 168 “environmental justice” employees on leave.
      • President Trump reversed the massive over-expansion of the IRS that took place during the Biden Administration.
      • President Trump ordered a review of funding for all non-governmental organizations so taxpayers are no longer funding those that undermine America’s interests.
        • The review identified 15,000 grants worth $60 billion for potential elimination.
      • The Department of State issued a “pause” on existing foreign aid grants to ensure accountability and efficiency.
      • President Trump shut down the wasteful Biden-era “Climate Corps” program.
    • President Trump lifted last-minute collective bargaining agreements issued by the Biden Administration, which sought to impede reform.

    MIL OSI USA News –

  • MIL-OSI USA: After Trump Levels Sweeping Tariffs on Canada and Mexico, Senate GOP Blocks Shaheen Effort to Pass Her Legislation to Protect Granite Staters from Impact and Higher Costs

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    **Shaheen’s bill would have limited impact of Canada and Mexico tariffs on American consumers and businesses**
    (Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH), Ranking Member of the U.S. Senate Foreign Relations Committee and a top member of the U.S. Senate Committee on Small Business and Entrepreneurship, took to the Senate floor today to call for unanimous consent to pass her legislation—the Protecting Americans from Tax Hikes on Imported Goods Act. If Republicans had not blocked passage, Shaheen’s bill would have shielded American consumers and businesses from rising prices and higher taxes caused by President Trump’s tariffs on Canada, New Hampshire’s largest trading partner, and Mexico. Her legislation would keep costs down for imported goods by limiting the authority under the International Emergency Economic Powers Act (IEEPA)—which allows a President to immediately place unlimited tariffs after declaring a national emergency—while preserving IEEPA’s use for sanctions and other tools. Click here to watch Shaheen’s remarks in full.  
    Key quotes from Senator Shaheen: 
    “Trump’s tariffs will make everything—from gas to heating to groceries to lumber and more—more expensive for everyday Americans. And I think it bears repeating that tariffs are paid by consumers. They’re paid by Americans, not by other countries. And what the President is doing amounts to a new tax for Americans.” 
    “There are countless other imports that American businesses and families rely on that are going to be hit hard. And these tariffs do nothing to bring down those costs. They do just the opposite. These tariffs could add $1,200 to an average household’s yearly costs – and we won’t have to wait very long for the impact to be felt.” 
    “Businesses plan months, quarters or years in advance. They need to place orders and plot out their growth in order to succeed. How can they plan when they can’t even know whether their costs are going to go up 25% overnight?”
    “[My bill] would stop these tariff taxes on goods and energy coming from Canada and Mexico – and it would give businesses and families more certainty to plan for the future and keep more of their hard-earned dollars in their own pockets.” 
    Full Remarks as Delivered 
    I come to the floor today because I am concerned about President Trump’s actions to, I believe, start a trade war with our top two trading partners, Canada and Mexico. All goods coming from Canada and Mexico. As of midnight last night, I guess midnight today, face a 25% tax. 
    That is all except Canadian energy, which is taxed at 10%. Trump’s tariffs will make everything, from gas to heating to groceries to lumber and more, more expensive for everyday Americans. And I think it bears repeating that tariffs are paid by consumers. They’re paid by Americans, not by other countries. And what the president is doing amounts to a new tax for Americans.  
    For example, heating oil and propane that keeps hundreds of thousands of Granite Staters warm in the winter is going to cost more. We’re going to add about $150 to $250 to the cost of heating homes in New Hampshire. And gas prices are going to go up. In New Hampshire, half of the fuel in our cars and trucks comes from Canada, and U.S. refineries across the Midwest use Canadian oil. The U.S. imports 80% of its potash fertilizer from Canada, and this tariff makes farming and food more expensive. 
    It’s unclear how the American auto industry is going to continue to operate. Ford’s CEO said these tariffs will, and I quote, “blow a hole in the U.S. industry that we have never seen, with up to $12,000 added to the cost of the car.” And this will make lumber and electrical equipment that we need to build housing at a time when housing is already in short supply. It will make them more expensive and harder to find.  
    Those are just a few examples. There are countless other imports that American businesses and families rely on that are going to be hit hard. And these tariffs do nothing to bring down those costs. They do just the opposite. These tariffs could add $1,200 to an average household’s yearly costs. 
    And we won’t have to wait very long for the impact to be felt. It’s already being felt on Wall Street and the stock market. Target’s CEO said this morning that the consumer and I quote, “will likely see price increases over the next couple of days.” And for small businesses, these tariff taxes will be felt by small businesses in all of our states. 
    I was here a month ago today sharing stories from business owners in New Hampshire who weren’t sure how they were going to keep operating if specialized machinery that they can only get from Canada suddenly costs 25% more. And since that time, I’ve heard from even more people in New Hampshire, more small businesses.  
    Last week I heard from a small company in Windham, New Hampshire. It makes allergen free cookies, and they can only get certain ingredients for those cookies from Canada. The CEO built her business, which now employs 30 people, and now she can’t be sure if they’re even going to be able to keep going, let alone keep growing.  
    When I spoke with business representatives across New Hampshire last month, the theme they kept coming back to was uncertainty. 
    As a former small business owner, I know that uncertainty is the most destabilizing aspect of running and growing a business. Yet that’s what this administration keeps creating. Yesterday, we learned that new orders from manufacturers dropped in February for the first time in 22 years. For the first time in 22 years, new orders from manufacturers dropped because companies can’t work with this level of uncertainty. 
    Last Wednesday, the president was talking about Canadian tariffs going into effect April 2nd. The very next morning, he announced 25% tariffs would go into effect today. The whiplash is hard to imagine.  
    I spoke last month about a bus company, C&J Bus Lines in New Hampshire, that was worried about these tariffs and what it would mean for their bottom line. 
    Well, the CEO moved up his delivery date to get three busses in late March before these taxes were set to go into effect. But his costs just went up more than $450,000.  
    Businesses plan months, quarters or years in advance. They need to place orders and plot out their growth in order to succeed. How can they plan when they can’t even know whether their costs are going to go up 25% overnight? 
    How can a developer know if they can start building the housing that New Hampshire desperately needs if their lumber costs 25% more overnight?  
    And how can a family already struggling with high costs continue to pay the rent or put food on the table if their household costs are going to go up $1,200 this year?  
    I want families and businesses to know that the whims of this president are not going to cause them to break the bank on everyday items they need to get by. 
    That’s why I introduced the Protecting Americans from Tax Hikes on Imported Goods Act. It’s a simple change, really. It says that the International Emergency Economic Powers Act, IEEPA, can no longer be used to place taxes on imports. If the president needs to block some dangerous product, he still can. But if there’s a real threat, we’d want to stop it, not just add a tariff tax. 
    That’s what my bill does. It would stop these tariffs on goods and energy coming from Canada and Mexico, and it would give businesses and families more certainty to plan for the future and to keep their hard-earned dollars in their pockets.  
    So, Madam President, I ask unanimous consent that the Committee on Banking, Housing and Urban Affairs be discharged from further consideration of S. 151 and that the Senate proceed to its immediate consideration, that the bill be considered read a third time and passed, and the motion to reconsider be considered made and laid upon the table. 
    Last month, Shaheen introduced the Protecting Americans from Tax Hikes on Imported Goods Act with U.S. Senators Ron Wyden (D-OR) and Tim Kaine (D-VA) to keep costs down for imported goods by limiting the authority under the International Emergency Economic Powers Act (IEEPA)—which allows a President to immediately place unlimited tariffs after declaring a national emergency—while preserving IEEPA’s use for sanctions and other tools.   
    The authorities granted to the President through the IEEPA represent the broadest of the possible paths an administration can take to impose sweeping tariffs. The Protecting Americans from Tax Hikes on Imported Goods Act clarifies that the IEEPA may not be used to increase costs on American consumers and families by placing tariffs or tariff-rate quotas on imported goods. The legislation would preserve crucial national security tools granted to the President through the IEEPA authority to impose sanctions or to block all imports of goods that are dangerous to national security and would preserve the ability to push back on unfair trade practices of the People’s Republic of China.   

    MIL OSI USA News –

  • MIL-OSI China: China’s inbound cruise tourism sets sail in 2025

    Source: China State Council Information Office

    Tianjin and Qingdao, two major port cities in China, kicked off the new year with their first inbound international cruise ship of 2025 — the Malta-registered Europa 2, a clear signal of the steady revival of China’s cruise tourism industry.

    The luxury liner, carrying hundreds of passengers from countries including Germany, Austria and Switzerland is on a global voyage. During its China leg, the tour group headed to major destinations including Xiamen, Shanghai and Tianjin.

    After a brief stop in Qingdao in Shandong Province, east China, on March 1, the ship would head to Japan and the Republic of Korea, according to Kristina Jurgawka, a crew member aboard the ship.

    An avid history enthusiast, she was deeply impressed by the Great Wall, a UNESCO World Heritage Site, and enchanted by the skyline of Shanghai. “I’m truly grateful for this once-in-a-lifetime experience,” she said.

    For German tourist Joachin Dopp, the ease of entry into China left the strongest impression. “It’s simple to enter, no need for a visa or all those formalities. It’s great that you can just enter the country and enjoy it [your trip],” he told Xinhua.

    His experience reflects well on China’s effort to rejuvenate the cruise tourism sector. In May last year, a policy was rolled out allowing visa-free entry for foreign tourist groups arriving on cruise ships at any of the country’s cruise ports along the coastline.

    With a coastline stretching 18,000 km, China has seen steady improvements in its port infrastructure. The country boasts abundant tourism resources and is experiencing rapid growth in the service industry, making it a major destination for international cruise liners.

    Wang Hong, president of China Europe International Business School, said in a media interview that the visa-free entry policy for cruise passengers will bring unprecedented development opportunities to China’s tourism and cruise industries. It is expected to attract more foreign visitors to choose cruises as a means of traveling to China, thereby boosting inbound tourism.

    Industry leaders predict a strong rebound in international cruise tourism in China this year.

    On Jan. 3, an international cruise ship carrying 456 passengers docked at Phoenix Island International Cruise Port in Sanya, a popular tropical destination. From 2006 to the end of 2024, the port handled over 1,600 cruise ship voyages and over 2 million passenger trips.

    Days later, the Silver Dawn became the first international cruise ship to arrive in Shanghai this year, bringing over 400 tourists from more than 20 countries, including the United States, Britain, and Australia. During the eight-day Spring Festival holiday, the border inspection authorities in Shanghai reported 22 cruise ship entries and exits, with 72,000 cruise passenger trips.

    Tang Ming, head of a Shanghai-based travel agency, noted that since February 2024, the market has steadily recovered. “We expect to see a 20 to 30 percent increase in international cruise tourists this year,” he said.

    Cruise ports in Qingdao are expected to receive over 40 cruise ship visits in 2025, twice the number recorded in 2024, according to the city’s culture and tourism bureau. Meanwhile, Tianjin International Cruise Home Port is preparing for increased activities, with more than 40 inbound and outbound cruise ship visits anticipated at Dongjiang Port in the first quarter alone.

    Globally, the Cruise Lines International Association estimates that the number of ocean-going cruise passengers will reach 39.5 million by 2027, reflecting sustained demand for cruise voyages.

    By 2035, China’s cruise market is expected to welcome 4.2 million inbound foreign tourist trips annually, with total economic output projected to reach 531.7 billion yuan (about 74.12 billion U.S. dollars), according to a report by the Shanghai Academy of Social Sciences, as cited by Liao Minsheng, a marine tourism expert from Hainan Tropical Ocean University.

    China’s market, Liao said in a media interview, presents unprecedented opportunities for the global cruise and yacht economy.

    “China’s vast market size and growing demand for cruise tourism provide international cruise and yacht companies with ample room for expansion,” he added. “The sector’s growth is expected to drive the development in areas such as ship design and manufacturing, foreign trade, tourism services, port construction and modern maritime services.”

    MIL OSI China News –

  • MIL-OSI USA: U.S. Trading Company of Hayward, CA is Recalling Joy Luck Brand Lily Flowers Because it May Contain Undeclared Sulfites

    Source: US Department of Health and Human Services – 3

    Summary

    Company Announcement Date:
    March 04, 2025
    FDA Publish Date:
    March 04, 2025
    Product Type:
    Food & BeveragesAllergens
    Reason for Announcement:

    Recall Reason Description
    Undeclared sulfites

    Company Name:
    U.S. Trading Company
    Brand Name:

    Brand Name(s)
    Joy Luck

    Product Description:

    Product Description
    Dried Lily Flowers

    Company Announcement
    (March 3, 2025) U.S. Trading Company of Hayward, CA is recalling Joy Luck Brand Lily Flowers because it may contain undeclared SULFITES. People who have an allergy or severe sensitivity to sulfites run the risk of serious allergic reaction if they consume these products.
    The lily flowers were distributed to retailers Nationwide.
    The lily flowers are individually packed in plastic packaging. Below is the product being recalled:

    Brand 

    Product Name 

    Size 

    UPC 

    Joy Luck

    Dried Lily Flowers

    2.5oz

    721557511008

    The recall was initiated after Florida Dept of Agriculture and Consumer Services collected a sample of the lily flowers. It was discovered that lily flowers containing sulfites were distributed in packaging that did not reveal the presence of sulfites
    No illnesses have been reported to date.
    This recall is being made with the knowledge of the U.S. Food and Drug Administration.
    Customers with a sulfite allergy or sensitivity who have purchased the affected product are urged not to consume the product and dispose of it or return it to their place of purchase for a full refund.
    Consumers with questions may contact U.S. Trading Company at 510-781-1818 Monday thru Friday between 8:00am – 4:30pm PST.

    Company Contact Information

    Consumers:
    U.S. Trading Company
    510-781-1818

    Product Photos

    Content current as of:
    03/04/2025

    Regulated Product(s)

    Topic(s)

    Follow FDA

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy, Markey, Colleagues Introduce Children, Teen’s Online Privacy Protection Legislation 

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Edward Markey (D-MA), and colleagues introduced the Children and Teens’ Online Privacy Protection Act (COPPA 2.0) to update online data privacy rules for the 21st century and ensure children and teenagers are protected online. COPPA 2.0 would stop the data practices fueling today’s youth mental health crisis.
    “Every kid has an iPad or smartphone. They’re going to use the internet. Parents should be confident they can do it safely,” said Dr. Cassidy. “COPPA 2.0 is the tool that will give parents the peace of mind they need and keep their children’s personal information secure.”
    “We need strong modern legislation that keeps pace with the ever-evolving digital landscape and creates a safer online environment by addressing the youth mental health crisis and protecting the personal information of our kids,” said Senator Markey. “Congress must finally pass my Children and Teens’ Online Privacy Protection Act to extend these protections to teenagers, block targeted advertising to kids and teens, and give parents of young people an eraser button to protect them from predatory data collection practices.” 
    COPPA 2.0 would:
    Ban targeted advertising to children and teens.
    Create an “Eraser Button” by requiring companies to permit users delete personal information collected from a child or teens.
    Establish data minimization rules to prohibit the excessive collection of children and teens’ data.
    Revise COPPA’s “actual knowledge” standard to close the loophole that allows platforms to ignore kids and teens on their side.
    Build on COPPA by prohibiting internet companies from collecting personal information from users who are 13 to 16 years old without their consent.
    Cassidy and Markey were joined by U.S. Senators Shelley Moore Capito (R-WV), Katie Britt (R-AL), Chuck Grassley (R-IA), Mike Crapo (R-ID), Brian Schatz (D-HI), Amy Klobuchar (D-MN), Ron Wyden (D-OR), Ben Ray Lujan (D-NM), Richard Blumenthal (D-CT), Jeff Merkley (D-OR), Peter Welch (D-VT), Angus King (I-ME), Mark Kelly (D-AZ), and Martin Heinrich (D-NM).
    COPPA 2.0 is endorsed by over 50 groups and organizations including the School Superintendents Association, American Academy of Pediatrics, American Federation of Teachers, American Psychological Association, National Parent Teacher Association (PTA), and National Association of School Nurses. 
    Background
    In July 2024, the U.S. Senate passed the Kids Online Safety and Privacy Act, which included COPPA 2.0, by a 91-3 vote. Cassidy highlighted the passage of his bill to protect children’s privacy online in an op-ed for The Advocate. In September 2024, the U.S. House Energy and Commerce Committee passed COPPA 2.0. 
    In May 2023, Cassidy and Markey reintroduced COPPA 2.0, legislation that would update online data privacy rules for the 21st century to ensure children and teenagers are protected online. In July 2023, the U.S. Senate Commerce, Science, and Transportation Committee unanimously passed COPPA 2.0. In February 2024, U.S. Senators Maria Cantwell (D-WA) and Ted Cruz (R-TX), the Chair and Ranking Member of the committee, agreed to cosponsor COPPA 2.0. In April 2024, U.S. Representatives Tim Walberg (R-MI-05) and Kathy Castor (D-FL-14) introduced the House companion to COPPA 2.0. 

    MIL OSI USA News –

  • MIL-OSI USA: Trump Tells Farmers ‘Have Fun’ As He Kicks Off Pointless Trade Wars. Cantwell Tells the Truth: ‘It’s Not Going to Be Fun, It’s Going to Be A Nightmare’

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    03.04.25
    Trump Tells Farmers ‘Have Fun’ As He Kicks Off Pointless Trade Wars. Cantwell Tells the Truth: ‘It’s Not Going to Be Fun, It’s Going to Be A Nightmare’
    Ahead of Presidential address, Cantwell calls on Congress to reclaim its Constitutional authority over tariffs; Cantwell also calls out arbitrary and wasteful layoffs at NOAA, NIH, NSF, USDA: “These kinds of ideas sound great, but they’re not well thought out. It’s literally throwing tax dollars away.”
    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, delivered a Senate floor speech raising concerns about the economic fallout of Trump’s newly announced tariffs, hours before the President is set to deliver remarks before a Joint Session of Congress.
     “Trump said to our farmers yesterday on Truth Social, quote, ‘tariffs will go on external products on April 2. Have fun.’ End quote,” Sen. Cantwell said. “’Have fun?’ ‘Have fun?’ When retaliatory tariffs strike our farmers — just as they did in the first Trump administration — it’s not going to be fun, it’s going to be a nightmare for our farmers. And many of the farmers in my state worry [whether] they will be able to farm at all.”
    “I hope my colleagues will slow down on this tariff tirade. Under Article One, Section Eight of the U.S. Constitution, Congress has the power to set duties and regulate foreign commerce. However, Congress has spent the last 80 years delegating its tariff authority to presidents,” she continued. “This president, I believe, is abusing this authority. He calls it an emergency. He’s using the trade wars to supposedly force countries to do things like changing their border policies. I believe it’s time for Congress to start taking back some of that power and considering how we’re going to protect the family farm.”
    Over the past 24 hours, as President Trump’s long-promised 25% tariffs on goods from Mexico and Canada and 10% tariff increase on goods from China took effect, stock prices in the United States have plummeted. The Dow fell more than 700 points this morning. Today, the Wall Street Journal’s editorial board criticized his decision: “Trump takes the dumbest tariff plunge.”.
    Sen. Cantwell also showed the following graph with the alarming new forecast by the Federal Reserve Bank of Atlanta, which recently began predicting negative real GDP growth for the first quarter of 2025, a rapid reversal of its prior forecast for growth.  “Just last week, when people want to talk about GDP and where this is going, it’s amazing that the Atlanta Fed was forecasting GDP growth over two percent for the first quarter of 2025…. but we can see when we got to February, we fell off a cliff… this drop is the representation of a cliff that President Trump is pushing the American economy over.”

    “We know this — that in my state, families are paying more for groceries. They’re paying more at the gas pump. They’re paying more at electricity bills. And they are seeing the stock market plummet because as businesses grapple with Trump’s unnecessary trade war, businesses are concerned about the long-term impacts of the supply chain and the cost of those tariffs,” Sen. Cantwell said.
    In Washington state, two out of every five jobs are tied to trade and trade-related industries. More information on how President Trump’s tariffs on goods from Mexico, Canada, and China will affect consumers and businesses in the State of Washington can be found HERE. Nationwide:
    A 25% tariff on Canada and Mexico would add an estimated $144 billion a year to the cost of manufacturing in the United States.
    Tariffs on Canada and Mexico could increase U.S. car prices by as much as $12,000.
    According to the Yale Budget Lab, Trump’s proposed tariffs would result in the highest U.S. effective tariff rate in more than 80 years, and depending on the level of retaliation by other trading partners, will result in increased costs of between $1,600 and $2,000 per household. According to their analysis, electronics, clothing, cars, and food will all see above-average price increases.
    Sen. Cantwell has remained a steadfast supporter of free trade to grow the economy in the State of Washington and nationwide. Sen. Cantwell was the leading voice in negotiations to end India’s 20% retaliatory tariff on American apples, which was imposed in response to tariffs on steel and aluminum and devastated Washington state’s apple exports. India had once been the second-largest export market for American apples, but after President Trump imposed tariffs on steel and aluminum in his first term, India imposed retaliatory tariffs in response and U.S. apple exports plummeted. The impact on Washington apple growers was severe: Apple exports from the state dropped from $120 million in 2017 to less than $1 million by 2023.  In September 2023, following several years of Sen. Cantwell’s advocacy, India ended its retaliatory tariffs on apples and pulse crops which was welcome news to the state’s more than 1,400 apple growers and the 68,000-plus workers they support.
    In her speech today, Sen. Cantwell also railed against the Trump Administration’s Department of Government Efficiency’s (DOGE) push to indiscriminately slash federal workers from the payroll, compromising the vital ongoing work at federal agencies.
    “The cuts that these agencies have been facing are really the cuts to some of the most technical jobs the United States government has. Whether you’re talking about NOAA, or the National Weather Service, or the National Institutes of Health, or the National Science Foundation, or the US Department of Agriculture — they’ve all been targeted for reductions. These agencies are critical to our economic growth and to our security. And at a time when we are seeing more extreme weather events, or more floods or more wildfires, why shouldn’t we be investing more in weather forecasting, not less? 
    “And when you look at NOAA workers who support our commercial, and recreation, and tribal fisheries, they employ 1.7 million people, including thousands in the State of Washington. Why would you cut specialized workforce that are helping support the growth of GDP?” Sen. Cantwell said.
    “DOGE wants to cap the overhead expenses of research. University of Washington medicine tells me that this would leave them with shortfalls and that they might have to stop clinical trials that are underway. You can’t just stop medical research like it’s a faucet! Once halted, the research, the data, the clinical trials, the patients, the laboratories, the equipment — all that led to innovation will be lost. You think you just turn that back on? You know, these kinds of ideas sound great, but they’re not well thought out. It’s literally throwing tax dollars away.”
    Since DOGE announced its intent to hack away at federal agencies and programs, Sen. Cantwell has been sounding the alarm and coming to the defense of workers at NOAA, the Small Business Administration, the Department of Housing and Urban Development, the Federal Aviation Administration, the National Institutes of Health, the National Park Service, and more.
    A video of her speech on the Senate floor today can be viewed HERE; audio is HERE; and a transcript is HERE.

    MIL OSI USA News –

  • MIL-Evening Report: Police are seizing 3D-printed guns across Australia, but our laws aren’t keeping up

    Source: The Conversation (Au and NZ) – By Andrew Hemming, Associate Professor of Law, School of Law and Justice, University of the Sunshine Coast

    Shutterstock

    After Martin Bryant killed 35 people and wounded 23 others at Port Arthur in 1996, Australia made fundamental changes to its gun laws. The use of automatic and semi-automatic weapons became restricted and a national gun registry was established.

    As a result, unlike the situation in the United States where automatic weapons can be readily obtained, mass shootings are a rarity in Australia.

    However, a new and pressing danger in the form of 3D guns, or “ghost guns”, threatens to undermine Australia’s strict gun control laws.

    The reason is simple: 3D guns can be manufactured in a suburban garage. In a process like making a dress from a pattern, a digital blueprint for the manufacture of a firearm can be downloaded from the internet. Then, instead of a sewing machine, you need a 3D printer or an electronic milling machine.

    The emergence of these types of firearms reveal big loopholes in many of our gun laws. These need urgent attention.

    How are these guns made?

    A 3D gun is manufactured in stages, with each part of the gun printed separately and assembled manually.

    Think of yourself as making a toy LEGO gun, but instead of taking the parts from the LEGO box, you make the parts on your 3D printer based on your digital blueprint and you then assemble your gun. Your raw materials are thermoplastic polymers and metal for the barrel and firing pin.

    High-end, industrial-grade 3D printers are priced between $2,000 and $10,000, and are readily available.

    This technology has been around for more than a decade.

    The first 3D printed handgun was designed by Cody Wilson in 2013, which he christened The Liberator. It was made of 15 parts of plastic and a nail for the ring pin.

    Also in 2013, reporters from the Daily Mail newspaper in London 3D-printed a Liberator pistol and smuggled the disassembled gun onto a Eurostar train. They reassembled the gun in the toilet.

    As the gun was made of plastic, metal detectors were not activated, demonstrating the danger these weapons pose even in high-security locations such as airports and public transport.

    In the recent high-profile murder in New York of Brian Thompson, chief executive of the US health insurance company United Healthcare, the suspect, Luigi Mangione, when arrested was found to be in possession of a similar 3D-printed gun and 3D-printed suppressor to those allegedly used in the shooting.

    Leaps forward in technology

    In the 12 years since the designs for The Liberator were posted on the internet, the quality and range of 3D guns have greatly improved and expanded.

    According to Detective Inspector Brad Phelps from Queensland’s Crime and Intelligence Command Drug Squad, the technology has advanced sufficiently that:

    now you wouldn’t be able to tell the difference between a privately manufactured firearm and a traditional firearm in many instances […] every jurisdiction in Australia has reported an increase, particularly in the last 18 months to two years.

    As 3D guns are untraceable, the actual prevalence of 3D guns is unknown, other than the growing number of 3D guns seized in police raids. According to gun safety groups, 3D guns can now fire up to 40 rounds and use standard gauge ammunition.

    Police predict homemade guns will soon overtake illicit weapon imports.

    In October 2024, Western Australian police seized 21 privately made 3D-printed firearms from a home in Perth.

    Fixing the legal loopholes

    So, with all these alarm bells ringing in the ears of law enforcement agencies, what steps have authorities taken to meet the threat 3D guns pose to community safety?

    Indeed, what effective steps are being taken to prevent further advances in the technology and thwart any efforts to produce these guns en masse?

    The answer would appear to be that little attention has been directed towards the dangers 3D guns represent. Legislation across Australian jurisdictions is inconsistent.

    At present, only New South Wales and Tasmania have legislated to make it an offence to possess a digital blueprint for the manufacture of a firearm on a 3D printer or electronic milling machine. The maximum penalties are imprisonment for 14 years and 21 years, respectively.

    In 2022, WA took a step in the right direction by making unauthorised possession of firearms technology an offence. This included possession of a 3D printer or milling device.

    The slow progress on this issue is well illustrated by South Australia. There have been 23 incidents in which police have seized 3D-printed firearms and firearm parts between 2020 and 2023.

    But the drafting of proposed legal amendments to address these incidents started in 2024 and are still to be introduced into the SA parliament.

    There needs to be a national sense of urgency similar to the federal government’s response to the Port Arthur massacre in 1996. Existing laws are inadequate as there is no uniformity in the legislation covering 3D-printed firearms and their digital blueprints.

    There was a senate inquiry into gun violence in 2014, which found 3D printers “were by no means integral to the illegal manufacture of firearms”. This is no longer accurate.

    Ironically, the senate committee recommended “Australian governments investigate the requirement for uniform regulations in all jurisdictions covering the manufacture of 3D-printed firearms and firearm parts”. A decade on, little progress has been made.

    New laws could distinguish between possessing of a digital blueprint for a 3D gun and actually manufacturing a firearm. This could look like a scale of penalties, such as those imposed for the possession and manufacture of illegal drugs, which are based on the category of drug and the quantity seized.

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

    – ref. Police are seizing 3D-printed guns across Australia, but our laws aren’t keeping up – https://theconversation.com/police-are-seizing-3d-printed-guns-across-australia-but-our-laws-arent-keeping-up-250255

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Subbies deserve safety at work too

    Source: Worksafe New Zealand

    A forestry subcontractor was failed by poor risk management from the two businesses above him, both of which have been sentenced for their inaction.

    39-year-old Misha Tremel was killed while manually felling trees on a small block at Clevedon in June 2022. The qualified tree feller had been brought in by Turoa Logging Limited, which was harvesting 7,800 tonnes of pine on behalf of the forest managers Pulley Contracting Limited.

    The trees being manually cut by Mr Tremel were windthrown, meaning they had been bent and damaged by wind. WorkSafe and the forestry industry strongly recommend that such trees are harvested using machines.

    WorkSafe’s investigation found Turoa Logging had not properly reassessed its harvesting plan after nearby trees were cut by machinery and had not ensured safe felling practices were followed. Pulley Contracting did not do enough to identify the ongoing risks to workers and should have been auditing Turoa Logging more thoroughly.

    “Businesses must manage their risks and cannot contract their way out of responsibility. Contractors on smaller sites like this are owed the same level of care as those in large-scale operations,” says WorkSafe’s area investigation manager, Paul West.

    Mr Tremel was a much-loved husband and father who was originally from Ukraine. His death continues to be a shattering loss for his young family to process.

    “Businesses must consult, cooperate and coordinate as part of a contracting chain. WorkSafe recommends health and safety is always built into contract management,” says Paul West.

    Forestry had the highest fatality rate of any sector in 2024, with 16.58 deaths per 100,000 workers. Under its new strategy, WorkSafe is turning about 15 percent of its targeted frontline activity to the forestry sector because of the high rate of harm, particularly for Maōri.

    WorkSafe’s role is to influence businesses to meet their responsibilities and keep people healthy and safe. When they do not, we will take action.

    Read more about health and safety obligations in contracting

    Background

    • Turoa Logging Limited and Pulley Contracting Limited were sentenced at Manukau District Court on 4 March 2025.
    • Both companies were ordered to pay a combined total of $335,680 in fines and reparation
    • Both companies were charged under sections 36(1)(a), 48(1) and (2)(c) of the Health and Safety at Work Act 2015:
      • Being a PCBU having a duty to ensure, so far as is reasonably practicable, the health and safety of workers who work for the PCBU, while the workers were at work in the business or undertaking, did fail to comply with that duty, and that failure exposed workers to a risk of death or serious injury.
    • The maximum penalty is a fine not exceeding $1.5 million.

    Media contact details

    For more information you can contact our Media Team using our media request form. Alternatively:

    Email: media@worksafe.govt.nz

    MIL OSI New Zealand News –

  • MIL-OSI USA: AG investigation ends jewelry pyramid scheme in Washington state

    Source: Washington State News

    SEATTLE — Utah-based jewelry company Paparazzi will pay $1.9 million and reform its business practices in Washington state following an Attorney General’s Office investigation into the company’s pyramid scheme. Attorney General Nick Brown will send 7,100 Washingtonians who sold jewelry for the company checks of an average of $180 in the near future.

    “Our investigation showed Washingtonians were clearly harmed by Paparazzi,” Brown said. “Advertising too-good-to-be-true returns on investments is one of the ways companies and individuals try to deceive Washingtonians.”

    The payment is part of a resolution Paparazzi signed to avoid a lawsuit over violations of the state Consumer Protection Act and Antipyramid Promotional Scheme Act. Washingtonians who sold Paparazzi’s products can return to the company any unsold merchandise that they purchased after January 2017 for a full refund.

    The binding resolution also requires the company to be more transparent if it wants to keep operating in Washington state. It creates a nationwide claims process for refunds for anyone who bought Paparazzi jewelry that contains the heavy metals lead and nickel. Paparazzi advertised certain products — including those marketed toward children and youth — as free from both heavy metals. Paparazzi’s own testing revealed that some of its products contained lead and nickel.

    The resolution also reforms how Paparazzi can advertise its sales program, to include fully disclosing the income sales consultants would likely receive from its sales programs.

    The Consumer Protection Division is largely funded through money recovered from businesses who have violated Washington’s Consumer Protection Act and similar laws, not by taxpayers. Specifically, a portion of Consumer Protection recoveries go into the Attorney General’s Civil Justice Operating Fund, which supports the Consumer Protection, Antitrust, Wing Luke Civil Rights, and Environmental Protection divisions. It also funds Medicaid Fraud Control and the Complex Litigation divisions.

    Here are some recent key consumer protection victories:

    • $1.3 billion in recoveries dedicated to combating the opioid epidemic at the state and local level.
    • Blocking the Kroger and Albertson’s anticompetitive grocery store merger.
    • Up to $40.6 million will be distributed to Washingtonians who overpaid for chicken and tuna products that were part of a price-fixing conspiracy.
    • A nationwide agreement requiring Dollar Tree to monitor its testing labs to ensure they follow appropriate testing methods for lead and cadmium that are audited and verified through independent experts.
    • Over $43 million in direct refunds and debt forgiveness to student loan borrowers.
    • More than $158 million in debt relief to patients who Washington hospitals failed to screen for charity care.
    • Our Consumer Protection Division has  successfully challenged consumer “non-disclosure” agreements to make sure online reviews are honest and returned funds to consumers who signed illegal contracts.
    • The Manufactured Housing Unit, recoups millions of dollars for tenants subjected to illegal rent hikes and other misconduct under the Manufactured Housing Landlord Tenant Act.
    • The Wing Luke Civil Rights Division addresses discrimination in housing, employment, insurance, credit, and in government services and businesses open to the public. Recent wins illustrating the breadth of that work include wins against Allianz ($1.5 million, insurance discrimination), Greenridge Farming ($470,000, farmworker sexual harassment and retaliation) and Operation Veterans Assistance & Humanitarian Aid (more than $2.15 million, sexual harassment and retaliation at a chain of thrift stores).

    Our Consumer Resource Center, which answers between 25,000-30,000 calls annually, returns over $10 million to consumers every year via its informal dispute resolution efforts. Assistant attorneys general also take calls and complaints throughout the year that result in additional consumer protection actions.

    Assistant Attorneys General Ben Brysacz, Joe Kanada; Paralegals Joseph Drouin, Luis Oida and Heather Zamudio handled the case for Washington. Former Assistant Attorneys General Susana Croke, Kevin Eggers and Camille McDorman also handled the case before leaving the Attorney General’s Office.

    -30-

    Washington’s Attorney General serves the people and the state of Washington. As the state’s largest law firm, the Attorney General’s Office provides legal representation to every state agency, board, and commission in Washington. Additionally, the Office serves the people directly by enforcing consumer protection, civil rights, and environmental protection laws. The Office also prosecutes elder abuse, Medicaid fraud, and handles sexually violent predator cases in 38 of Washington’s 39 counties. Visit www.atg.wa.gov to learn more.

    Media Contact:

    Email: press@atg.wa.gov

    Phone: (360) 753-2727

    General contacts: Click here

    Media Resource Guide & Attorney General’s Office FAQ

    MIL OSI USA News –

  • MIL-OSI Economics: Huawei Cloud Stack Announces Six Scenario-specific Solutions for Carriers to Drive Efficiency, Revenue Growth, and Digital Inclusion

    Source: Huawei

    Headline: Huawei Cloud Stack Announces Six Scenario-specific Solutions for Carriers to Drive Efficiency, Revenue Growth, and Digital Inclusion

    [Barcelona, Spain, March 4, 2025] At MWC 2025, during the Huawei Cloud Carrier Forum, themed “Take a Cloud Leap to Transform from Telco to Techco”, Huawei released six Huawei Cloud Stack-based scenario-specific solutions for carriers around the world, as well as a Telco2Techco Cloud Leap Program. They aim to help carriers enhance operational efficiency and generate new revenue streams through cloud innovation.
    Shang Haifeng, President of Huawei’s Huawei Cloud Stack Business Dept, delivering an opening speech through digital human

    Today, more and more carriers are transforming themselves from traditional telecommunications companies (telcos) to technology companies (or techcos). Shang Haifeng, President of the Huawei Cloud Stack Business Dept at Huawei, said: “This [telco-to-techco] transformation is not just about adopting new technologies; it is about redefining the role of carriers in a digital-first world. At Huawei Cloud, we are proud to partner with global carriers on their journey to becoming techcos.”
    Johnny Lyu, CTO of International Business, Huawei Cloud Stack, delivering a keynote

    In recent years, carrier transformation has typically started with an all-cloud transformation for boosting operational efficiency and enriching services for an enhanced customer experience. Johnny Lyu, CTO of International Business at Huawei Cloud Stack, said: “Huawei Cloud Stack offers a reliable cloud foundation. Today, we are releasing six scenario-specific solutions for carriers, helping them improve the efficiency of their businesses, platforms, and services, and start a second growth curve.”
    Huawei Cloud Stack’s six scenario-specific solutions for carriers include three for enhancing internal operational efficiency and three out-of-the-box solutions aimed at driving external revenue growth.
    Leap to Cloud to improve efficiency
    FinTech: This solution supports secure, high-performance, and flexible operational capabilities for Mobile Money. It helps ensure the compliance of both mobile financial services and data while enhancing user experience for their customers.
    Marketing big data: This solution offers an efficient, one-stop, cloud-native data foundation with 200 built-in data models for simplified development. It guarantees 99.999% availability on the cloud, supporting customer acquisition and retention by carriers.
    AICC: A solid, centrally managed cloud foundation for Artificial Intelligence Contact Center (AICC) ensures 24/7 availability for services such as digital ambassadors for customer service, AI scheduling, and AI voice analytics.
    Spark innovation with out-of-the-box solutions
    Smart government: Huawei Cloud Stack provides a unified cloud operations platform, enhancing capabilities in product listing, metering and billing, and customer management. This enables better public services for both businesses and residents as well as digitalized, modernized city governance.
    Smart education: This solution offers course management, remote classrooms, and exam management on the cloud. A high-concurrency, high-performance platform supports AI-generated live captions in multiple languages as well as knowledge graphs.
    Cloud phone: Huawei Cloud Stack supports cloud-based virtual phones with pre-installed apps, such as gaming and office tools. These virtual phones can serve as data backups for users, with flexible permissions control, helping carriers drive 4G conversion among subscribers.
    Launch ceremony of Huawei’s Telco2Techco Cloud Leap Program

    Huawei Cloud Stack, together with Orange, Zain Kuwait, iSoftStone, and ULearning, jointly launched the Telco2Techco Cloud Leap Program underpinned by six scenario-specific solutions for carriers. Focusing on 10+ innovative service scenarios, this program offers project support, marketing support, training, enablement, and more, helping carriers accelerate the transition from telcos to techcos.
    MWC Barcelona 2025 is held from March 3 to March 6 in Barcelona, Spain. During the event, Huawei will showcase its latest products and solutions at stand 1H50 in Fira Gran Via Hall 1.In 2025, commercial 5G-Advanced deployment will accelerate, and AI will help carriers reshape business, infrastructure, and O&M. Huawei is actively working with carriers and partners around the world to accelerate the transition towards an intelligent world.For more information, please visit: https://carrier.huawei.com/en/events/mwc2025

    MIL OSI Economics –

  • MIL-OSI Canada: Improving land and property rights services

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Energy – Private sector joins up to unlock new, large scale clean energy generation

    Source: BusinessNZ

    A new private sector-led initiative is aiming to boost the number of multi-million-dollar power deals in New Zealand’s corporate sector, increasing clean energy capacity, and enhancing energy security.
    The collaboration between the BusinessNZ Energy Council, Sustainable Business Council, EVAmarketplace, the Employers and Manufacturers Association, and DLA Piper is raising industry awareness of the potential of Power Purchase Agreements (PPAs) in New Zealand and exploring new tools to support uptake.
    PPA agreements involve pre-purchasing power over a 10-20 year-period by medium to large energy users, including manufacturers, commercial buildings and others.
    Tina Schirr, Executive Director at the BusinessNZ Energy Council, says the agreements make new generation more commercially viable by incentivising the development of new renewable projects and will help give certainty to business customers.
    “Aside from security of supply, businesses are also looking to reduce their carbon footprint to help meet demand from their customers and meet 2030 targets,” said Schirr.
    “Significant reductions in costs are possible too – but you have to ride out the ups and the downs.”
    The market has been on the rise in Europe for some time with deal count peaking at 272 published PPAs in 2024, representing a 65% increase from 2022.
    Tom Metcalfe, a senior lawyer in DLA Piper’s international renewables practice, offered insights on growth in the European market at a recent industry meeting. Hosted by the Employers and Manufacturers Association, the workshop was attended by more than 100 participants from across the energy sector.
    “We have seen volatility in energy prices lead to a sharpened focus on energy procurement strategies and the potential benefits of price hedges in the European market. There is clearly potential for New Zealand too against a backdrop of high wholesale power prices,” said Metcalfe.
    “Another important part of the PPA market is the sale and purchase of environmental attribute certificates. So having a robust system for the transfer of traceable certificates is key.”
    Mark Williamson, Partner at DLA Piper in New Zealand, highlighted additional drivers for the growing momentum of PPAs globally.
    “Regulatory incentives, and corporate sustainability commitments have also contributed to the uptake in Europe,” said Williamson.
    “These agreements are proving to be a key mechanism for unlocking large-scale renewable energy projects, and a vital part of achieving the Government’s goal to double New Zealand’s renewable electricity generation.”
    Antonia Burbidge, Head of Climate and Nature at the Sustainable Business Council, said there are some successful local examples of large-scale, long-term deals currently in play domestically.
    “Lodestone Energy for example, has been a market leader,” said Burbidge.
    “It is fantastic to see information sharing happening related to process, for example, the need for early engagement with lenders. In other cases, it’s what you can expect in terms of outcomes such as reporting or helping achieve Scope 1, 2, and even Scope 3 emissions targets – which has been tricky territory for many.”
    Off the back of the industry workshop new resources including a legal template are underway to support market delivery.
    “Our next step is a standardised corporate PPA template to simplify the process and reduce legal costs – a common barrier to entry. This is expected to increase market liquidity, and could significantly benefit New Zealand’s economy,” said Schirr.  

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Huge milestone for UTAS Stadium redevelopment

    Source: Australian Ministers for Regional Development

    The transformation of the University of Tasmania (UTAS) Stadium has taken a giant leap forward, with a Development Application (DA) for main works now released.

    The main works will include a brand-new centre-west stand for an upgraded spectator experience, expanded western infill seating and a revitalised eastern stand for ultimate comfort and atmosphere. The works will also create a dynamic south-east entry plaza.

    These enhancements will elevate UTAS Stadium into a world-class destination for sports and entertainment, benefiting fans, athletes, and the entire Launceston community.

    The DA is open for public exhibition, and community members are invited to review the plans and be part of this once-in-a-generation transformation.

    With $130 million in joint funding—$65 million each from the Australian and Tasmanian governments—this project is set to make Launceston a powerhouse for national sporting and entertainment events, boosting business, tourism, and local pride.

    The main works are set to commence in July and scheduled to be completed by early 2027.

    For more details on the project, visit Infrastructure.tas.gov.au.

    To view the DA, visit: https://www.launceston.tas.gov.au/Business-and-Development/Planning/Advertised-Development-Applications

    Quotes attributed to Federal Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

    “Upgrading existing facilities is the first step towards overhauling the stadium into a premier destination for fans and athletes.”

    “We’re growing the economy and creating jobs in Northern Tasmania by investing in local sports infrastructure.”

    “This investment is part of our Government’s commitment to creating a sustainable investment framework for growing cities such as Launceston.”

    Quotes attributed to Tasmanian Minister for Sports and Events Nick Duigan:

    “The Tasmanian Government is squarely focused on delivering the transformational infrastructure that will create jobs, economic growth and provide better opportunities for Tasmanians. “

    “This revitalisation project ensures UTAS Stadium will continue to host world-class events, inspiring the next generation of sporting stars and reinforcing Tasmania’s status as a premier destination for major events and sporting excellence.”

    “It will also support the Tasmania Devils Football Club.”

    “Reaching this important milestone reinforces our government’s commitment to delivering a premier sports and entertainment venue for the region, enhancing the overall experience for visitors and the local community.”

    “Our government is investing in sporting facilities right across the State as part of our 2030 Strong Plan for Tasmania’s Future to ensure locals have access to the facilities they need.”

    Quotes attributed to City of Launceston Mayor Matthew Garwood:

    “This is an incredible opportunity for Launceston and Northern Tasmania and will ensure UTAS Stadium remains a premiere sporting facility for our community for future generations.”

    “The redevelopment aims to attract national sporting and entertainment events to Launceston, supporting the City of Launceston’s vision to make the city a premier business, retail and lifestyle hub.”

    Quotes attributable to CEO of Stadiums Tasmania James Avery:

    “This development will make a significant difference to the northern Tasmanian sports and events community.”

    “It will result in a host of new events coming to UTAS Stadium in addition to securing the future of those community, sporting and entertainment events that have become a mainstay on the Launceston calendar.”

    MIL OSI News –

  • MIL-OSI Australia: Australian Deputy PM: Huge milestone for UTAS Stadium redevelopment

    Source: Minister of Infrastructure

    The transformation of the University of Tasmania (UTAS) Stadium has taken a giant leap forward, with a Development Application (DA) for main works now released.

    The main works will include a brand-new centre-west stand for an upgraded spectator experience, expanded western infill seating and a revitalised eastern stand for ultimate comfort and atmosphere. The works will also create a dynamic south-east entry plaza.

    These enhancements will elevate UTAS Stadium into a world-class destination for sports and entertainment, benefiting fans, athletes, and the entire Launceston community.

    The DA is open for public exhibition, and community members are invited to review the plans and be part of this once-in-a-generation transformation.

    With $130 million in joint funding—$65 million each from the Australian and Tasmanian governments—this project is set to make Launceston a powerhouse for national sporting and entertainment events, boosting business, tourism, and local pride.

    The main works are set to commence in July and scheduled to be completed by early 2027.

    For more details on the project, visit Infrastructure.tas.gov.au.

    To view the DA, visit: https://www.launceston.tas.gov.au/Business-and-Development/Planning/Advertised-Development-Applications

    Quotes attributed to Federal Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

    “Upgrading existing facilities is the first step towards overhauling the stadium into a premier destination for fans and athletes.”

    “We’re growing the economy and creating jobs in Northern Tasmania by investing in local sports infrastructure.”

    “This investment is part of our Government’s commitment to creating a sustainable investment framework for growing cities such as Launceston.”

    Quotes attributed to Tasmanian Minister for Sports and Events Nick Duigan:

    “The Tasmanian Government is squarely focused on delivering the transformational infrastructure that will create jobs, economic growth and provide better opportunities for Tasmanians. “

    “This revitalisation project ensures UTAS Stadium will continue to host world-class events, inspiring the next generation of sporting stars and reinforcing Tasmania’s status as a premier destination for major events and sporting excellence.”

    “It will also support the Tasmania Devils Football Club.”

    “Reaching this important milestone reinforces our government’s commitment to delivering a premier sports and entertainment venue for the region, enhancing the overall experience for visitors and the local community.”

    “Our government is investing in sporting facilities right across the State as part of our 2030 Strong Plan for Tasmania’s Future to ensure locals have access to the facilities they need.”

    Quotes attributed to City of Launceston Mayor Matthew Garwood:

    “This is an incredible opportunity for Launceston and Northern Tasmania and will ensure UTAS Stadium remains a premiere sporting facility for our community for future generations.”

    “The redevelopment aims to attract national sporting and entertainment events to Launceston, supporting the City of Launceston’s vision to make the city a premier business, retail and lifestyle hub.”

    Quotes attributable to CEO of Stadiums Tasmania James Avery:

    “This development will make a significant difference to the northern Tasmanian sports and events community.”

    “It will result in a host of new events coming to UTAS Stadium in addition to securing the future of those community, sporting and entertainment events that have become a mainstay on the Launceston calendar.”

    MIL OSI News –

  • MIL-OSI Security: Former CEO of Special Purpose Acquisition Company Charged with Accounting Fraud, Obstruction of Justice, and Perjury

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    Matthew Podolsky, the Acting United States Attorney for the Southern District of New York, and James E. Dennehy, the Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced today the unsealing of an Indictment charging VADIM KOMISSAROV, the former Chief Executive Officer of Trident Acquisitions Corp. (“TDAC”), a publicly traded special purpose acquisition company (“SPAC”), with engaging in a scheme to defraud TDAC investors and investors in TDAC’s successor company, Lottery.com Inc., by publicly reporting false and misleading revenue and business information. KOMISSAROV was arrested yesterday evening and will be presented this afternoon before U.S. Magistrate Judge Sarah Netburn.  The case has been assigned to U.S. District Judge Alvin K. Hellerstein.

    Acting U.S. Attorney Matthew Podolsky said: “As alleged, Vadim Komissarov, the former CEO of Trident Acquisitions Corp., engineered sham transactions and reported false and misleading revenue, all to ensure his SPAC merger went through and to make himself wealthy. To make matters worse, he tried to cover up his crimes by lying to the SEC under oath. This Office, and our partners at the FBI, will continue to pursue executives of public companies, including executives of SPACs, who defraud unsuspecting investors.”

    FBI Assistant Director in Charge James E. Dennehy said: “Vadim Komissarov allegedly tried to secure a winning ticket by developing an elaborate scheme comprised of inflated profits, falsified transactions, and perjurious statements to sell company shares. Komissarov allegedly abused his authority as the company’s CEO to conjure a façade of success and interfere with an investigation into his suspected misconduct. The FBI will never permit any individual who attempts to unlawfully cash out at the expense of their investors’ money and trust.”

    According to the allegations contained in the Indictment[1] unsealed today in Manhattan federal court:

    From November 2020 through May 2022, KOMISSAROV engaged in a scheme to defraud TDAC investors and investors in TDAC’s successor company, Lottery.com Inc., by publicly reporting false and misleading revenue and business information about a prospective acquisition target and by profiting from the effect of the deception by selling shares of Lottery.com before other market participants realized the true state of the company (the “Revenue Scheme”).

    The Revenue Scheme arose from an effort by KOMISSAROV to identify a suitable target for TDAC before TDAC reached a deadline to either use or return investor funds that had been raised to support an acquisition.  In November 2020, KOMISSAROV settled on AutoLotto, Inc., d/b/a Lottery.com as a target for TDAC.  To deceive TDAC shareholders about the nature of AutoLotto’s business, and to thereby secure their approval for TDAC’s acquisition of AutoLotto (the “Business Combination”), KOMISSAROV worked with others to improperly and misleadingly inflate AutoLotto’s revenue and to report those inflated figures to TDAC’s shareholders through public filings with the Securities and Exchange Commission (“SEC”), which KOMISSAROV signed or caused to be filed as the principal executive, financial, and accounting officer of TDAC.

    The Revenue Scheme created the false appearance of revenue-generating business activity for AutoLotto and later for Lottery.com through a series of sham transactions, including a fraudulent $9 million roundtrip transaction that KOMISSAROV engineered using the alias “Vlad.”

    In April 2022 and May 2022, KOMISSAROV sold almost 300,000 Lottery.com shares for more than $600,000, months before Lottery.com disclosed to investors that it had identified errors in the company’s reported revenue and available cash.

    By June 2023 and August 2023, the enforcement staff of the SEC had begun to investigate TDAC and Lottery.com. After receiving a subpoena from the SEC for documents and testimony in connection with the SEC’s investigation, KOMISSAROV schemed to obstruct the SEC’s investigation. For example, during a call with two Lottery.com executives, KOMISSAROV said he wanted to “sync” his “clock[]” with them and align on a false and misleading narrative that concealed his involvement in some of the sham transactions that were part of the Revenue Scheme. KOMISSAROV warned the Lottery.com executives, “guys, you do understand, you say that I was involved with this transaction . . . .  if Trident and me specifically knew about it, then I am in deep, deep, deep, deep water . . . . So, if you come out and say that I was involved, then I am in deep shit.”

    KOMISSAROV also personally tried to obstruct the SEC’s investigation. On November 20, 2024, KOMISSAROV provided sworn testimony to the SEC in connection with the SEC investigation into TDAC and Lottery.com. During his testimony, KOMISSAROV gave false and misleading answers about his prior communications with the Lottery.com executives and his involvement in the $9 million fraudulent roundtrip transaction that was part of the Revenue Scheme.

    *                 *                 *

    KOMISSAROV, 53, of New York, New York, was charged in the Indictment with one count of conspiracy to commit securities fraud, to make false and misleading statements in proxy statements, and to make false filings with the SEC; one count of securities fraud; five counts of making false and misleading statements in proxy statements; one count of obstruction of justice; and one count of perjury. The conspiracy charge and the perjury charge each carry a maximum term of imprisonment of five years. The charges of securities fraud, making false and misleading statements in proxy statements, and obstruction of justice each carry a maximum prison term of 20 years.   

    The maximum potential sentence in this case is prescribed by Congress and is provided here for informational purposes only, as any sentencing of the defendant will be determined by a judge.

    Mr. Podolsky praised the outstanding work of the FBI.  Mr. Podolsky also thanked the U.S. Securities and Exchange Commission for its assistance and cooperation in the investigation.

    This case is being handled by the Office’s Securities and Commodities Fraud Task Force.  Assistant United States Attorneys Justin V. Rodriguez and Matthew R. Shahabian are in charge of the prosecution.

    The charges contained in the Indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty.

    [1] As the introductory phrase signifies, the entirety of the text of the Indictment and the descriptions of the Indictment constitute only allegations, and every fact described should be treated as an allegation.

    MIL Security OSI –

  • MIL-OSI: Andrew Cardno to Highlight AI-Powered Energy Efficiency at Indian Gaming Association Trade Show

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, March 04, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI) is pleased to announce that Andrew Cardno, Chief Technology Officer (CTO) of QCI, will deliver a highly anticipated presentation at the Indian Gaming Association Trade Show in San Diego. Cardno’s session, titled “Optimizing Efficiency: The Power of AI-Driven Analytics,” will take place on Wednesday, April 2nd, 2025, at 2:00 PM. The Indian Gaming Association Trade Show runs from March 31st to April 3rd, 2025.

    In his talk, Cardno will explore how AI-powered analytics is revolutionizing energy efficiency by optimizing resource allocation, predicting demand, and reducing waste. By leveraging machine learning and real-time data, tribal governments and enterprises can enhance energy management, improve grid reliability, and reduce operational costs. This session will delve into how AI-driven insights are transforming energy strategies—helping tribes maximize sustainability while ensuring long-term economic and environmental benefits in a rapidly evolving energy landscape.

    “Tribal governments and businesses stand at the forefront of a major shift in how we utilize technology to drive sustainable growth,” said Andrew Cardno, CTO of QCI. “AI-driven analytics give us the power to make informed decisions that not only cut costs but also create a positive environmental impact. I look forward to sharing insights on how this exciting technology can help tribes build a resilient, efficient future.”

    Victor Rocha, Conference Chair for the Indian Gaming Association, emphasized the importance of this conversation in the current climate of rapid technological advancement.

    “We’re excited to welcome Andrew Cardno to the Indian Gaming Association Trade Show,” said Rocha. “Our mission is to empower tribal leaders with cutting-edge solutions, and AI-driven analytics is a game-changer in energy management and sustainability. We believe this discussion will spark innovative strategies for tribal communities nationwide.”

    The Indian Gaming Association Trade Show is recognized as one of the premier events for tribal gaming, attracting thought leaders, innovators, and decision-makers from across the industry. Attendees will have the opportunity to learn about the latest advancements in technology and network with industry experts who are shaping the future of tribal enterprises.

    For more information on Andrew Cardno’s session or to register for the Indian Gaming Association Trade Show, visit www.indiangaming.org

    ABOUT The 2025 Indian Gaming Tradeshow and Convention
    As the premier events for the tribal gaming community, the Indian Gaming Tradeshow & Convention and Mid-Year Conference & Expo deliver the insight and strategies you need to rise to the top of the competitive gaming industry landscape. There’s no better opportunity to meet industry leaders, access cutting-edge trends and celebrate a proud tradition of success. For more information visit: www.indiangamingtradeshow.com.

    ABOUT QCI
    Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI Enterprise Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and Europe. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.

    ABOUT Andrew Cardno
    Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavors.

    ABOUT Victor Rocha
    Victor Rocha holds the distinguished position of Conference Chairman for the Indian Gaming Association, while also leading Victor-Strategies as its president. As the owner and publisher of Pechanga.net, he has been deeply engaged in the political landscape of U.S. tribal gaming since 1998. Rocha’s outstanding contributions to the industry have been recognized through numerous accolades, such as AGEM’s 2023 Peter Mead Memorial Award Honoring Excellence in Gaming Media & Communication, the National Center for American Indian Enterprise Development’s 2015 Tribal Gaming Visionary Award, the American Gaming Association’s 2013 Lifetime Achievement Award for Gaming Communications, Raving’s 2012 Casino Marketing Lifetime Achievement Award, the National Indian Gaming Association’s 2002 Outstanding Contribution to Indian Country, VCAT’s 2001 Catalyst Award, and Global Gaming Business Magazine’s 2000 “40 Under 40” list.

    Contact:
    Laurel Kay, Quick Custom Intelligence
    Phone: 858-349-8354

    The MIL Network –