Category: Commerce

MIL-OSI Asia-Pac: Appointments to Committee on Innovation, Technology and Industry Development announced

Source: Hong Kong Government special administrative region

Appointments to Committee on Innovation, Technology and Industry Development announced
Appointments to Committee on Innovation, Technology and Industry Development announced
**************************************************************************************

The Government announced today (February 28) the appointment of two non-official members recruited through the Member Self-recommendation Scheme for Youth (MSSY) and the reappointments of 16 incumbent non-official members to the Committee on Innovation, Technology and Industry Development (CITID) for a two-year term from March 3, 2025, to March 2, 2027. The Secretary for Innovation, Technology and Industry, Professor Sun Dong, thanked outgoing members Mr Nicholas Chan Hiu-fung and Mr Kingsley Wong Kwok for their contributions during their term of service. Established on March 3, 2023, the CITID is chaired by the Secretary for Innovation, Technology and Industry, and advises the Government on the strategic development of innovation and technology in Hong Kong. The updated membership of the CITID is as follows: Chairman————Secretary for Innovation, Technology and IndustryProfessor Sun Dong Ex-officio members—————————–Chairman, Hong Kong Science and Technology Parks CorporationDr Sunny Chai Ngai-chiu Chairman, Hong Kong Cyberport Management Company LimitedMr Simon Chan Sai-ming Chairman, Hong Kong Applied Science and Technology Research Institute Company LimitedMr Sunny Lee Wai-kwong Chairman, Hong Kong Productivity CouncilMr Sunny Tan Non-official members—————————–Professor Chan Ching-chuenMr Calvin Chan Ka-waiMr Duncan ChiuMr Holden Chow Ho-dingMr Steve Chuang Tzu-hsiungMr Hsu Hoi-shanProfessor Nancy Ip Yuk-yuMr Victor Kwok Hoi-kit*Mr Liu DaProfessor Liu Yun-huiProfessor Lu JianProfessor Anderson Shum Ho-cheungMr Hendrick SinProfessor Teng Jin-guangMs Karmen Yeung Ka-yinMr Yuan Xiao-hang*Ms Eunice Yung Hoi-yanDr Philip Zhai Pu Official members—————————-Secretary for Commerce and Economic Development (or his/her representative)Secretary for Education (or his/her representative)Secretary for Financial Services and the Treasury (or his/her representative)Permanent Secretary for Innovation, Technology and IndustryUnder Secretary for Innovation, Technology and IndustryCommissioner for Innovation and TechnologyCommissioner for Digital Policy * Joined through the MSSY

Ends/Friday, February 28, 2025Issued at HKT 15:00

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MIL OSI Asia Pacific News –

March 1, 2025
MIL-OSI Europe: Spain: EIB Group and Santander provide €163 million to support energy efficiency projects
Source: European Investment Bank
- The EIB Group has invested €121 million in an asset-backed securitisation operation by Santander.
- This EIB Group investment will enable Santander to mobilise some €163 million to promote green loans for real estate.
- The operation will support energy efficiency and sustainability projects in Spain’s residential real estate market.
The EIB Group – made up of the European Investment Bank (EIB) and the European Investment Fund (EIF) – signed a new synthetic securitisation operation with Santander to provide financing for energy efficiency investments in the Spanish real estate sector, including the construction of new near zero-emission buildings and the renovation of existing residential properties to meet sustainability standards.

The operation will allow new green and sustainable mortgages to be granted to individuals investing in the renovation or construction of buildings with high energy efficiency standards that meet the eligibility conditions set by the EIB.

The projects financed by this operation will improve energy efficiency, reduce CO₂ emissions and help mitigate climate change. The operation contributes to EIB Group priorities such as climate action, cohesion and developing the securitisation market in Europe.

The EIB’s commitment amounts to around €76 million, while the EIF has committed €45 million. The full EIB Group investment is being executed in a single securitisation, optimally structured to give Santander capital relief on a portfolio of residential mortgages. Under the transaction, the EIB Group will provide a €121 million unfunded guarantee in a mezzanine tranche with the goal of enabling Santander to finance new energy efficiency investments for an amount equal to 1.34 times the size of the EIB Group guarantee.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high -impact projects in 2024, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

In Spain, the EIB Group signed €12.3 billion of new financing for more than 100 high-impact projects in 2024, helping power the country’s green and digital transition and promote economic growth, competitiveness and better services for inhabitants.

High-quality, up-to-date photos of our headquarters for media use are available here.

About Santander

Banco Santander (SAN SM) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. At the end of 2024, Banco Santander had €1.3 trillion in total funds, 173 million customers, 8,000 branches and 207,000 employees.
MIL OSI Europe News –
March 1, 2025
MIL-OSI Europe: ECB Consumer Expectations Survey results – January 2025
Source: European Central Bank

28 February 2025

Compared with December 2024:
- median consumer perceptions of inflation over the previous 12 months decreased, as did median inflation expectations for the next 12 months, while median inflation expectations for three years ahead remained unchanged;
- expectations for nominal income growth over the next 12 months decreased, while expectations for spending growth over the next 12 months increased;
- expectations for economic growth over the next 12 months became less negative, while the expected unemployment rate in 12 months’ time decreased;
- expectations for growth in the price of homes over the next 12 months increased, while expectations for mortgage interest rates 12 months ahead declined.
Inflation

The median rate of perceived inflation over the previous 12 months decreased slightly in January to 3.4%, from 3.5% in December. Median expectations for inflation over the next 12 months also decreased, to 2.6% from 2.8%. In both instances, these decreases reversed the increases observed in the December 2024 data. Median expectations for inflation three years ahead were unchanged at 2.4% in January 2025. Inflation expectations at the one-year and three-year horizons thus remained below the perceived past inflation rate. Uncertainty about inflation expectations over the next 12 months remained unchanged, for the sixth month in a row, at its lowest level since February 2022. While the broad evolution of inflation perceptions and expectations remained relatively closely aligned across income groups, expectations for lower income quintiles were slightly above those for higher income quintiles. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (those aged 35-54 and 55-70), albeit to a lesser degree than in previous years. (Inflation results)

Income and consumption

Consumers’ nominal income growth expectations over the next 12 months decreased to 0.9% in January from 1.1% in December. The drop in income growth expectations was mainly driven by the lowest income quintile, while the income growth expectations of the two highest quintiles remained unchanged. Perceived nominal spending growth over the previous 12 months decreased to 5.1% in January, from 5.2% in December, while expected nominal spending growth over the next 12 months increased to 3.6%, from 3.5% in December. (Income and consumption results)

Economic growth and labour market

Economic growth expectations for the next 12 months were less negative, standing at -1.1%, compared with -1.3% in December. Expectations for the unemployment rate 12 months ahead decreased to 10.4%, from 10.5% in December. Consumers continued to expect the future unemployment rate to be only slightly higher than the perceived current unemployment rate (9.9%), implying a broadly stable labour market. Quarterly data showed that unemployed respondents reported a decrease in their expected probability of finding a job over the next three months, which declined to 25.1% in January, from 29.3% in October. Employed respondents, by contrast, reported that their expected probability of job loss over the next three months decreased to 8.6% in January, from 9.0% in October. (Economic growth and labour market results)

Housing and credit access

Consumers expected the price of their home to increase by 3.0% over the next 12 months, which was slightly higher compared than in December (2.9%). Households in the lowest income quintile continued to expect higher growth in house prices than those in the highest income quintile (3.4% and 2.8% respectively), although the difference narrowed compared with earlier months. Expectations for mortgage interest rates 12 months ahead declined slightly to 4.5%, their lowest level since July 2022. As in previous months, the lowest income households expected the highest mortgage interest rates 12 months ahead (5.1%), while the highest income households expected the lowest rates (3.9%). The net percentage of households reporting a tightening (relative to those reporting an easing) in access to credit over the previous 12 months increased, as did the net percentage of those expecting a tightening over the next 12 months. The share of consumers who reported having applied for credit during the past three months, which is measured on a quarterly basis, declined to 15.0% in January from 15.9% in October. (Housing and credit access results)

The release of the Consumer Expectations Survey (CES) results for February is scheduled for 28 March 2025.

For media queries, please contact: Nicos Keranis, Tel: +49 172 758 7237

Notes
- Unless otherwise indicated, the statistics presented in this press release refer to the 2% winsorised mean. For further details, see ECB Consumer Expectations Survey – Guide to the computation of aggregate statistics.
- The CES is a monthly online survey of, currently, around 19,000 adult consumers (i.e. aged 18 or over) from 11 euro area countries: Belgium, Germany, Ireland, Greece, Spain, France, Italy, the Netherlands, Austria, Portugal and Finland. The main aggregate results of the CES are published on the ECB’s website every month. The results are used for policy analysis and complement other data sources used by the ECB.
- Further information about the survey and the data collected is available on the CES web page. Detailed information can also be found in the following two publications: Bańkowska, K. et al., “ECB Consumer Expectations Survey: an overview and first evaluation”, Occasional Paper Series, No 287, ECB, Frankfurt am Main, December 2021; and Georgarakos, D. and Kenny, G., “Household spending and fiscal support during the COVID-19 pandemic: Insights from a new consumer survey”, Journal of Monetary Economics, Vol. 129, Supplement, July 2022, pp. S1-S14.
- The survey results do not represent the views of the ECB’s decision-making bodies or staff.
MIL OSI Europe News –
March 1, 2025
MIL-OSI Asia-Pac: 10,000 FPOs Achieved under Government’s Flagship Scheme
Source: Government of India

10,000 FPOs Achieved under Government’s Flagship Scheme

A Step Towards Atmnirbhar Krishi

Posted On: 28 FEB 2025 3:21PM by PIB Delhi

Introduction

The Central Sector Scheme for “Formation and Promotion of 10,000 Farmer Producer Organizations (FPOs) was launched by Prime Minister Shri Narendra Modi on 29th February, 2020. The scheme was launched with a budget outlay of ₹6,865 Crore till 2027-28. Since the launch of the scheme, ₹254.4 Crore in equity grants has been released to 4,761 FPOs and credit guarantee cover worth ₹453 Cr. has been issued to 1,900 FPOs.[1]

[2]

Recently, on the occasion of the release of the 19^th instalment of PM-KISAN in Bhagalpur, Bihar, Prime Minister Shri Narendra Modi launched the 10,000^th FPO. The 10,000^th FPO has been registered in Khagaria district and focuses on maize, banana, and paddy. FPOs are not just organizations but an unprecedented force to increase farmers’ income and provide small farmers with direct access to significant market benefits, bargaining power and improving market access. Approximately 30 lakh farmers in the country are connected to FPOs, with around 40 percent of them being women. These FPOs are now conducting business worth thousands of crores in the agricultural sector.[3]

Under this scheme, there is a provision for handholding support for a period of five years to each new FPO formed, and financial assistance to the tune of Rs.18 lakhs to each FPO under the scheme towards management cost for 3 years. Additionally, matching equity grant upto Rs. 2,000 per farmer member of FPO with a limit of Rs. 15.00 lakh per FPO and a credit guarantee facility upto Rs. 2 crore of project loan per FPO from eligible lending institutions to ensure institutional credit accessibility to FPOs[4]

What are FPOs?

Farmer Producer Organisation (FPO) is a generic name, which refers to farmer- producers’ organization incorporated/ registered either under Part IXA of Companies Act or under Co-operative Societies Act of the concerned States and formed for the purpose of leveraging collectives through economies of scale in production and marketing of agricultural and allied sector.

The concept behind Farmer Producer Organizations is that farmers, who are the producers of agricultural products, can form groups. To facilitate this process, the Small Farmers’ Agribusiness Consortium (SFAC) was mandated by Department of Agriculture and Cooperation, Ministry of Agriculture, Govt. of India, to support the State Governments in the formation of Farmer Producer Organizations (FPOs).[5]

The “Formation and Promotion of 10,000 Farmer Producer Organizations (FPOs)” scheme was launched with the main focus on leveraging economies of scale in production and marketing with a view to enhance productivity through efficient, cost effective and sustainable resource use for ensuring sustainable income-oriented farming, thus helping in reduction of cost of farm production and increase in farmers’ income.[6]

Need for FPOs
- Small, marginal and landless farmers face tremendous challenges during agriculture production phase such as for access to technology, quality seed, fertilizers and pesticides including requisite finances.
- They also face tremendous challenges in marketing their produce due to lack of economic strength.
- FPOs help in collectivization of such small, marginal and landless farmers in order to give them the collective strength to deal with such issues. Members of the FPO will manage their activities together in the organization to get better access to technology, input, finance and market for faster enhancement of their income.[7]
OBJECTIVES
1. To provide holistic and broad-based supportive ecosystem to form 10000 new FPOs to facilitate development of vibrant and sustainable income-oriented farming and for overall socio-economic development and wellbeing of agrarian communities.
2. To enhance productivity through efficient, cost-effective and sustainable resource use and realize higher returns through better liquidity and market linkages for their produce and become sustainable through collective action.
3. To provide handholding and support to new FPOs up to five years from the year of its creation in all aspects of management of FPO, inputs, production, processing and value addition, market linkages, credit linkages and use of technology etc.
4. To provide effective capacity building to FPOs to develop agriculture entrepreneurship skills to become economically viable and self-sustaining beyond the period of support from the government.[8]
Convergence of Ministries for FPOs in India-
1. Ministry of Agriculture & Farmers Welfare: Supports FPOs in getting seed, pesticides and fertilizer licenses, and helps in providing dealership through Agri Input companies. With this assistance, FPOs are able to work as dealers/distributors and generate income. The Ministry also supports FPOs by linking them to Institutional buyers and through ecommerce platforms like ONDC, e-NAM etc.[11]
2. Ministry of Food Processing: Support for FPOs through financial outlays, such as providing credit-linked capital subsidy @ 35% of the eligible project cost, 50% financial grant for branding and marketing.[12]
3. Ministry of Micro & Small Enterprises: Special provisions for FPOs such as access to funds in the form of FPO management cost, equity grant and credit guarantee facility apart from capacity building trainings, marked and credit linkages. [13]
4. Ministry of Fisheries, Animal Husbandry, and Dairying: Benefits and schemes tailored to FPOs, such as “Supporting Dairy Cooperatives and Farmer Producer organizations engaged in dairy activities” with a total allocation of Rs. 500 Cr during 2021-22 to 2025-26.[14] Additionally, forming and promoting 100 Fodder Plus FPOs through NDDB (National Dairy Development Board).[15]
5. APEDA (Agricultural & Processed Food Products Export Development Authority): APEDA provides assistance to APEDA registered FPOs for export and MSME under its scheme of Fund for Regeneration of Traditional Industries (SFURTI), which provides assistance for setting up enterprises.[16]
6. Spices Board: The Sustainability in Spice Sector through Progressive, Innovative and Collaborative Interventions for Export Development (SPICED) scheme is designed to expand area and improve productivity of Cardamom (small & large). It also aimed at generating an exportable surplus of quality spices through post-harvest improvement, export promotion of spices, increasing the share of value-added spices in the export basket, evaluating compliance of export consignments with applicable standards of quality and safety, capacity building & skill development of stakeholders etc. [17]
[18]

Services and Activities undertaken by FPOs

The FPOs provide and undertake following relevant major services and activities for their development:
1. Supply quality production inputs like seed, fertilizer, pesticides and such other inputs at reasonably lower wholesale rates
2. Make available need-based production and post-production machinery and equipment like cultivator, tiller, sprinkler set, combine harvester and such other machinery and equipment on custom hiring basis for members to reduce the per 2 unit production cost
3. Make available value addition like cleaning, assaying, sorting, grading, packing and also farm level processing facilities at user charge basis on reasonably cheaper rate. Storage and transportation facilities may also be made available
4. Undertake higher income generating activities like seed production, bee keeping, mushroom cultivation etc
5. Undertake aggregation of smaller lots of farmer-members’ produce; add value to make them more marketable
6. Facilitate market information about the produce for judicious decision in production and marketing
7. Facilitate logistics services such as storage, transportation, loading/un-loading etc. on shared cost basis.
8. Market the aggregated produce with better negotiation strength to the buyers and in the marketing channels offering better and remunerative prices[19]
Initiatives under the scheme

Credit Guarantee Fund: FPOs need finance, both grants and loans, to quickly establish input collectivisation, working capital, marketing and improved services to member farmers. Considering FPOs’ need for credit from formal financial institutions, a dedicated Credit Guarantee Fund (CGF) has been created under the Central Sector Scheme for Formation and Promotion of 10,000 FPOs. CGF provides credit guarantee cover to financial institutions for extending loans to FPOs.[20]

ONDC platform: Almost 5 thousand out of 8,000 registered Farmer Producer Organizations (FPOs) have been registered on Open Network for Digital Commerce (ONDC) portal for selling the produce online to consumers across the country. The onboarding of FPOs on ONDC to reach out to their buyers in any part of the country is in line with the Central government objective of providing growers with better market access. The move aims to empower FPOs with direct access to digital marketing, online payment, business-to-business and business-to-consumer transactions.[21]

MoU to convert 10,000 FPOs into CSCs: An MoU between CSC SPV (Common Services Centres Special Purpose Vehicle) and Ministry of Agriculture & Farmer’s Welfare was signed to convert FPOs registered under ‘Formation & Promotion of 10,000 FPOs scheme’ into CSCs and help them to deliver citizen-centric services. As per the MoU, 10,000 FPOs will be converted into CSCs. CSC SPV will enable them to provide the services that are available on the Digital Seva Portal. The delivery of CSC services through FPOs is aimed at increasing employment opportunities in rural areas.[22]

[23]

FPOs provide special focus to include small, marginal and women farmers/women SHGs, SC/ST farmers and other economically weaker categories etc. as members to make FPOs more effective and inclusive.

How to Apply

FPOs/FPCs can register on e-NAM Portal via website (www.enam.gov.in) or mobile app or providing following details at nearest e-NAM mandi:
- Name of FPOs/ FPCs
- Name, address, email Id and contact no. of authorized person (MD/CEO /Manager)
- Bank account Details (Name of Bank, Branch, Account no. IFSC Code)[24]
Conclusion

Formation & promotion of FPOs is the first step for converting Krishi into Atmanirbhar Krishi. The successful formation of 10,000 Farmer Producer Organizations (FPOs) under the Central Sector Scheme marks a transformative milestone for the agriculture sector. By fostering collectivization, enhancing market access, and providing financial and institutional support, this initiative has empowered millions of small and marginal farmers, including women and economically weaker sections. This achievement not only boosts agricultural productivity and income but also contributes to rural job creation and economic resilience. As India moves forward, the continued support and expansion of FPOs will be instrumental in shaping a self-reliant, efficient, and prosperous agricultural ecosystem.

References:

Click here to see PDF.

*****

Santosh Kumar/ Ritu Kataria/ Kritika Rane

(Release ID: 2106913) Visitor Counter : 88

MIL OSI Asia Pacific News –
March 1, 2025
MIL-OSI Asia-Pac: English translation of Press Statement by Prime Minister Shri Narendra Modi during the Joint Press Conference with President of European Commission (February 28, 2025)

Source: Government of India (2)

Posted On: 28 FEB 2025 3:04PM by PIB Delhi

Your Excellency, President of the European Commission,

European College of Commissioners,

Delegates,

Friends from the media,

Namaskar!

This visit of the President of the European Commission and the College of Commissioners to India is unprecedented.

This isn’t just the European Commission’s first visit to India, but also the first such comprehensive engagement of the European Commission in any single country. Also, this is one of the first visits of the new Commission in its latest term. On this historic occasion, I warmly welcome the President of the European Commission and the College of Commissioners to India.

Friends,

This two-decade long strategic partnership between India and EU is natural and organic. Its core is built on trust, a shared belief in democratic values, and a mutual commitment to prosperity and shared progress.

In this spirit, we have held almost 20 ministerial level meetings of different sectors between yesterday and today. Sincere and meaningful discussions were held on various regional and global matters. Many important decisions have been taken to elevate and accelerate our partnership.

We have prepared a blueprint for collaboration in the areas of Trade, Technology, Investment, Innovation, Green Growth, Security, Skilling and Mobility. We have directed our teams to conclude a mutually beneficial Bilateral Free Trade Agreement by the end of this year.

Friends,

To strengthen the investment framework, there has also been talk of moving forward on Investment Protection and GI Agreement. In the field of Technology and Innovation, a trusted and secure value chain is our common priority.

We have also agreed on increasing cooperation in semiconductors, AI, high performance computing and 6G. We have also decided to initiate a Space Dialogue.

Friends,

A balance between Ecology and Economy has been our shared commitment, and our cooperation in this direction has been strong. We have decided to conduct a Green Hydrogen Forum and Offshore Wind Energy Business Summit. Joint research shall be undertaken on EV Batteries, Marine plastics and Green hydrogen. We shall also take forward our Joint Plan on Sustainable Urban Development.

In the field of connectivity, concrete steps will be taken, to take forward the India – Middle East – Europe Economic Corridor or “IMEEC”. I firmly believe that “IMEEC” shall serve as an engine that drives global commerce, sustainable growth and prosperity in the days to come.

Friends,

Our growing cooperation on issues related to Defence and Security, is a symbol of our mutual trust. We will take forward our cooperation on Cyber Security, Maritime Security and Counter Terrorism.

Both sides agree on the importance of peace, security, stability and prosperity in the Indo-Pacific region. We welcome the decision of the EU to join the “Indo Pacific Oceans Initiative”. We will work together on Triangular Development projects for sustainable and inclusive development in the Indo-Pacific region and Africa.

Friends,

People-to-people connect is the strongest asset of our relationship. Today, we have reached a new agreement to increase academia, research and industry partnerships between us. I believe that India’s young talent and Europe’s innovation can together create limitless possibilities.

We welcome the new visa cascade regime of the EU. This will provide better mobility to the abilities of India’s talented youth.

Today, we have decided to create a bold and ambitious roadmap for the India-EU partnership for the period beyond 2025. It will be launched during the next India-EU Summit.

Excellency,

Your visit to India has given new momentum, energy and enthusiasm to our partnership. This journey is the biggest catalyst that will translate our ambition into action.

I eagerly look forward to the opportunity of welcoming you back to India for the next India-EU Summit.

Thank you very much.

******

MJPS/ST/SKS

(Release ID: 2106908) Visitor Counter : 106

MIL OSI Asia Pacific News –

March 1, 2025
MIL-OSI: No. 5/2025 – Notice to convene annual general meeting
Source: GlobeNewswire (MIL-OSI)

Nasdaq Copenhagen
Nikolaj Plads 6
DK-1067 Copenhagen K

Copenhagen, 28 February 2025
ANNOUNCEMENT no. 5/2025

CEMAT A/S
Company reg. (CVR) no. 24 93 28 18
Annual general meeting

The Board of Directors hereby convene the annual general meeting of Cemat A/S (the “Company”) for Wednesday, 26 March 2025, at 1:00 pm at the office of DLA Piper Denmark, Oslo Plads 2, 2100 Copenhagen OE, Denmark.

Agenda

The agenda of the annual general meeting is the following:
1. The management’s report on the Company’s activities during the past financial year.
1. Presentation of the audited annual report for adoption.
1. The Board of Directors’ proposal for appropriation of profit or covering of loss according to the adopted annual report.
1. Presentation of and indicative vote on remuneration report.
1. Approval of the Board of Directors’ fees for the current financial year.
1. Election of members to the Board of Directors.
2. Appointment of auditor.
1. Proposals from the Board of Directors or shareholders.
1. Any other business.
Complete proposals

Re item 1     The management’s report on the Company’s activities during the past financial year.

The Board of Directors proposes that the general meeting takes note of the management’s report.

Re item 2     Presentation of the audited annual report for adoption.

The Board of Directors proposes that the general meeting adopts the annual report.

Re item 3     The Board of Directors’ proposal for appropriation of profit or covering of loss according to the adopted annual report.

The Board of Directors proposes that the profit for the year as recorded in the Annual Report as adopted by the general meeting be carried forward to next year.

Re item 4     Presentation of and indicative vote on remuneration report.

The Board of Directors proposes that the general meeting adopts the presented remuneration report.

Re item 5     Approval of the Board of Directors’ fees for the current financial year.

The Board of Directors proposes that members of the Board of Directors will receive the basic fee of DKK 220,000 for the financial year 2025.

The chairman of the Board of Directors will receive the basic fee multiplied by a factor of 2.5, and the vice-chairman will receive the basic fee multiplied by a factor of 1.75.

Re item 6     Election of members to the Board of Directors.

The Board of Directors proposes to re-elect:

Frede Clausen, chairman, born 1959
Professional board member
Various banking qualifications
Graduate Diploma in Business Administration
Elected chairman in 2018
Other duties and offices:
Frede Clausen Holding ApS (CEO)
Core Poland Residential V (board member)
Malik Supply A/S (chairman)
Developnord A/S (chairman)
Søndergaard Holding Aalborg ApS (chairman)
Palma Ejendomme ApS (chairman)
Ejendomsselskabet Gøteborgvej 18 ApS (vice-chairman)
PL Holding Aalborg A/S (chairman)
Radioanalyzer ApS (chairman)
Independent
Special qualifications: Strategic management, business development and real estate
Languages: Danish and English

Eivind Dam Jensen, vice-chairman, born 1951
Estate Agent
Member of the Danish Association of Chartered Estate Agents
Diploma in Administration
Elected vice-chairman in 2005
Other duties and offices:
Owner of Chartered Estate Agency E. Dam Jensen
Chairman and sole shareholder of A/S Eivind Dam Jensen
Owner of Brundtland Golfcenter (via A/S Eivind Dam Jensen)
Non-independent
Special competences: Purchase, sale, valuation and letting of commercial and
investment properties and property management
Languages: Danish, English and German.

Joanna L. Iwanowska-Nielsen, born 1968
Real Estate Expert
Degree in International Trade, Organisation and Management
from the Warsaw School of Economics
Joined the Board of Directors in 2016
Directorships and other managerial positions:
Member of the board of directors of Sustainable Malkowo
Advisor to the Board of Directors, Ecofarm Foundation
Member of the board of directors of Coille Righ Green Energy, Scotland
Member of the board of directors of WildaNova
Member of the board at NielsenNielsen Ltd (UK)
Managing Partner in NOLTA Consultants and NOLTA Career Experts
Board Member of EPI (European Property Institute) think tank
Member of Warsaw Women in Real Estate & Development
Founding Member of Women in Global Health’s CEE Chapter
No directorships in other Danish companies
Independent
Special qualifications:
Experience in the real estate trade in Poland, CEE and
internationally (development, strategy, sales and project
management in both the commercial and residential property
sectors, including sustainable housing, farming enterprises and energy solutions)
EMCC accredited business coach & mentor
Languages: Polish, English and Russian.

Brian Winther Almind, born 1966
Executive Vice President, DSV Group Property
Joined the Board of Directors in 2023
Other duties and offices:
Shipping agent – Ellegard Transport, of which 2 years were in Verona, Italy
Traffic manager – DFDS Transport
Traffic manager – DHL A/S
Executive Vice President – DSV A/S since 1997
Directorships and other managerial positions:
Member of the board in several companies owned by DSV A/S
Network – European Logistics Forum (ELF), VL 111
No directorships in other Danish companies
Special competences:
Generel management, business development, integration of companies. Property in relation with purchase of land, public sector handling, project management, building activities, purchase and sale, leasing, law, strategy, finances, various large projects in more than 90 countries.
Languages: Danish and English.

Re item 7     Appointment of auditor.

The Board of Directors proposes that BDO Statsautoriseret Revisionsaktieselskab be reappointed.

Re item 8     Proposals from the Board of Directors.

No proposals have been received from the board of directors or executive board

General information

The Company’s nominal share capital amounts to DKK 4,997,006.06, divided into 249,850,303 shares of DKK 0.02 each. Each share of DKK 0.02 entitles the holder to one vote.

The Company has concluded a connection agreement with VP Securities A/S. The financial rights of the shareholders may thus be exercised through VP Securities A/S.

Requirements for adoption

Items 2-7 considered at the general meeting will be determined by a simple majority of votes, see article 10.1 of the Company’s articles of association as well as section 105 of the Danish Companies Act.

The Company’s website

This notice, including the agenda, remuneration report, information about the total number of shares and voting rights on the date of the notice and proxy, postal voting and registration forms for ordering an entry card, will be made available to the shareholders on the Company’s website, www.cemat.dk, under “Investor/General Meetings” from 28 February 2025.

This notice has also been published via Nasdaq Copenhagen A/S, the IT system of the Danish Business Authority and the Company’s website as well as by e-mail to the shareholders having requested e-mail notification of general meetings when stating their e-mail addresses.

Date of registration

The shareholders will be entitled to exercise the right to vote attaching to the shareholders’ shares, by attendance at the Company’s general meetings or by post pro rata to their shareholding at the date of registration, which is one week before the general meeting.

The date of registration is Wednesday, 19 March 2025.

The shareholding of each individual shareholder will be determined at the end of the date of registration based on the number of shares held by the shareholder according to the register of shareholders as well as any notice of ownership received by the Company for the purpose of registration in the register of shareholders, but not yet been registered. In order to be registered in the register of shareholders and included in the calculation, notices of shareholdings must be documented by a transcript from VP Securities A/S or other similar documentation. This documentation must be received by the Company before the end of the date of registration.

Only the persons who are shareholders of the Company on the date of registration will be entitled to participate and vote at the general meeting but see below regarding the shareholders’ timely request for entry cards.

Accordingly, any person who has purchased shares, whether by transfer or otherwise, will not be entitled to vote on the shares in question at the general meeting, unless he or she has been recorded in the register of shareholders or has notified the Company and provided documentation of his or her acquisition, no later than on the date of registration, which is Wednesday, 19 March 2025.

Entry cards

In order to participate in the general meeting, the shareholders must request an entry card for the general meeting no later than Friday, 21 March 2025. Entry cards may be requested electronically via www.cemat.dk until Friday, 21 March 2025, at 23:59 using MitID or custody account number and password on the Company’s shareholder portal. Shareholders registering for the general meeting electronically will immediately receive a confirmation of their registration.

It is also possible to request an entry card by forwarding a completed registration form to the Company’s keeper of the register of shareholders, Computershare A/S, Lottenborgvej 26D, 2800 Kongens Lyngby, Denmark, which must receive the form by Friday, 21 March 2025 at 23.59. The registration form is available at www.cemat.dk.

Please notice that ordered admission cards will no longer be sent out by ordinary mail.

Admission cards ordered via the shareholder portal will be sent out electronically via email to the email address specified in the shareholder portal upon registration. The admission card must be presented at the annual general meeting either electronically on a smartphone/tablet or in a printed version.

Admission cards can be picked up at the entrance of the general meeting upon presentation of a valid ID.

Proxy

Shareholders are entitled to attend by proxy. An electronic proxy instrument may also be submitted via the shareholder portal until Friday, 21 March 2025, at 23:59.

The complete proxy form must be received by the Company’s keeper of the register of shareholders, Computershare A/S, by Friday, 21 March 2025, at 23:59. The proxy form is available at www.cemat.dk.

Postal voting

Shareholders may elect to vote by post, i.e., by casting their votes in writing, before the general meeting, instead of attending the general meeting and voting there.

Shareholders who elect to vote by post may submit their postal vote electronically via the shareholder portal or send their postal vote to Computershare A/S where it must be received by Tuesday, 25 March 2025, at 16:00.

Once received, a postal vote cannot be recalled. Please note that letters may sometimes take several days to reach their destination.

Questions

Shareholders will have an opportunity to ask questions to the agenda as well as to the other materials for the general meeting before the general meeting.

Any questions concerning this announcement may be directed to info@cemat.dk.

Cemat A/S

Frede Clausen
Chairman of the Board of Directors

This announcement has been issued in Danish and English. In case of any inconsistencies, the Danish version will prevail.

Please write to investor@cemat.dk to deregister from this mailing list.

Attachment
- Announcement no. 5 – 28.02.2025 – Notice to convene AGM 2025
The MIL Network –
March 1, 2025
MIL-OSI: MWC 2025: Innovations to increase engagement and efficiency in telecom business

Source: GlobeNewswire (MIL-OSI)

MWC 2025: Innovations to increase engagement and efficiency in telecom business

In the highly competitive telecom and service provider markets worldwide, companies face equally complex challenges: attracting new customers, retaining existing ones, and increasing their engagement. Innovative solutions such as gamification and reward systems, are becoming powerful tools to achieve these goals, allowing companies not only to maintain customer interest but also to significantly improve their loyalty. In this context, at MWC 2025 in Barcelona, QazCode will present its solutions designed to help overcome these challenges across different markets.

Gamification as an easy way to increase loyalty

The global gamification market is growing rapidly, from $9.1 billion in 2020 to a projected $30.7 billion in 2025. Already, 70% of global Global 2000 companies are using game elements to engage customers. In addition, data shows that products with thoughtful interaction design retain customers three times better than those using basic gamification.

Gamification can increase user engagement by 25% or more and build the habit of using services regularly, which also helps to reduce customer churn and increase customer loyalty. As a result, companies can increase profitability and improve their position in competitive markets.

Real case study: how gamification helps businesses grow

On the image: Gamification and reward systems for users

QazCode, one of the leaders in developing solutions for the telecom and IT sectors, has demonstrated successful examples of gamification implementation in CIS countries. For example, in Kazakhstan, the introduction of gamification in the “Janymda” superapp (formerly “My Beeline”) made games the second most popular domain after telecom services, and every fifth user became an active gamer. Gamification not only helps attract and retain users but also positively influences their perception of the brand, driving both direct and indirect revenue growth. It is important to note that user retention among those who actively engage with games and rewards is 25% higher than among those who do not use these features.

To make the games engaging and profitable, QazCode established its own game development team, which created its own gaming platform, portfolio, and services. However, in other markets such as Ukraine and Kyrgyzstan, companies had to tailor their offerings, including games, to better suit local cultural differences, user behaviour, and market trends.

Another opportunity that gamification offers businesses is the rewards system. The decline in conversion rates of traditional communication channels, alongside the growing product portfolio of service providers, necessitates the search for new, effective methods to raise awareness among the audience about products and services, as well as attract and retain customers.

By completing various tasks, users can strengthen their emotional connection with the brand, earning bonuses or achievements. For example, in the case of the “Janymda” superapp in Kazakhstan, the rewards system helped organically boost user engagement and increased revenue per user by 7%, directly impacting the company’s financial performance and customer satisfaction.

“Our experience working with various regions of the CIS has given us a clear understanding of how important it is to consider the cultural and economic characteristics of users when implementing gamification and reward systems. We are confident that our solutions can be adapted to meet the needs and requirements of other markets. For example, more complex user interaction systems may be in demand in Western markets, while in the Middle East, the focus may be on specific values and habits. We are ready to offer flexible solutions that can meet the needs of clients in any market,” commented Alexey Sharavar, CEO of QazCode”, – commented Oleksii Sharavar, CEO at QazCode.

The company has successful experience working in Central Asia, Europe, and the Middle East, and continues to actively expand its presence in international markets. Participation in MWC 2025 in Barcelona (stand 6F12) will provide a unique opportunity for knowledge exchange and discussions on advanced technologies in the field of gamification and reward systems.

About QazCode
QazCode is an IT company and exclusive digital partner of Beeline Kazakhstan. The company is part of the VEON group listed on the NASDAQ and Euronext stock exchanges.
The company has over 750 employees with 8 years of experience in software development for the telecom and IT markets with a deep understanding of business and technology. The solution portfolio includes the development of private Large Language Models (LLM) with a focus on data security, game development, and reward systems, process optimization through Agile methodologies, full-cycle implementation of Business Support Systems (BSS), and IT outsourcing for effective product development, team expansion, and project management to help accelerate time to market.

About VEON
VEON is a digital operator providing converged communications and digital services to nearly 160 million customers. Operating in six countries with over 7% of the world’s population – Pakistan, Ukraine, Bangladesh, Kazakhstan, Uzbekistan, and Kyrgyzstan – VEON transforms people’s lives through technology services that empower people and drive economic growth. VEON is headquartered in Dubai.

The MIL Network –

February 28, 2025
MIL-OSI Economics: Amgen strategic hiring push in India: GlobalData insights on R&D growth and tech integration

Source: GlobalData

Amgen strategic hiring push in India: GlobalData insights on R&D growth and tech integration

Posted in Business Fundamentals

Amgen is expanding its presence in India by ramping up hiring for its new technology and innovation center in Hyderabad. The company aims to strengthen its operations and R&D capabilities by recruiting tech professionals skilled in data analytics, AI, and digital health technologies. This investment highlights Amgen’s commitment to innovation and further solidifies Hyderabad as a key hub for life sciences and technology integration, according to GlobalData, a leading data and analytics company.

Sherla Sriprada, Business Fundamentals Analyst at GlobalData, comments: “Amgen’s tech and innovation center in Hyderabad signals a strategic move to enhance its global R&D capabilities. By tapping into India’s thriving tech industry and emphasising on digital transformation, the US biotech major is looking to recruit tech professionals for integrating cutting-edge data analytics, AI, and digital health technologies into its operations.”

An analysis of GlobalData’s Job Analytics Database reveals that Amgen’s hiring strategy in India reflects a strong emphasis on leadership in procurement, technology integration, and data-driven decision-making. The company is focused on developing and implementing innovative strategies for indirect materials procurement, overseeing data analytics governance, and spearheading efforts to improve procurement processes through technology.

Additionally, Amgen is looking for professionals to drive end-to-end technology implementation and integrating new solutions to optimize procurement functions, while also focusing on supplier risk, cost analysis, and demand forecasting.

Moreover, Amgen is prioritizing roles for the Hyderabad office for leading pharmacovigilance activities. The company is actively seeking individuals with expertise in cloud technology and generative AI to drive innovation.

A deep dive into GlobalData’s Company Filings Analytics Database and News Database also reveals that the company announced a $200 million investment in the newly opened technology and innovation center in Hyderabad. The company is focusing on driving efficiencies and prioritizing resources. This includes leveraging both automation and newly established innovation and technology hub in India to enhance digital capabilities, such as artificial intelligence, data science, life science, and medical advancements.

Sriprada concludes: “The recent job postings, along with media reports on potential investment, not only suggest the company’s commitment to expanding its global footprint and enhancing its capabilities in India.”

MIL OSI Economics –

February 28, 2025
MIL-OSI Economics: Anthropic Claude 3.7 Sonnet: Influencers weigh in on AI impact on coding, reveals GlobalData
Source: GlobalData

Anthropic Claude 3.7 Sonnet: Influencers weigh in on AI impact on coding, reveals GlobalData

Posted in Business Fundamentals
Anthropic, an American artificial intelligence (AI) public-benefit startup, has recently unveiled its first hybrid reasoning AI model “Claude 3.7 Sonnet,” along with its agentic coding tool “Claude Code.” The release has sparked significant buzz among social media influencers in late February 2025. Claude Code has garnered attention for its ability to automate and streamline complex coding tasks, with users reporting remarkable efficiency in task completion, reveals the Social Media Analytics Platform of GlobalData, a leading data and analytics company

Shreyasee Majumder, Social Media Analyst at GlobalData, comments: “Influencer sentiment surrounding Claude Code is mixed. While many are optimistic about its potential to significantly reduce development time and effort, some express concern over the cost, citing the expense associated with running even relatively simple requests.”

Despite the cost concerns, there is a consensus that the value provided by Claude Code justifies the expense for many coding tasks.

Majumder adds: “There is optimism surrounding Sonnet 3.7’s speed and overall improvement compared to previous versions, but it is noted that those improvements may be difficult to fully appreciate through the Claude chat interface alone. Some influencers have shared that in early testing, Claude Code completed tasks in one pass that would normally take over 45 minutes of manual work.”

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

Fred Oliveira, VP of Engineering at Capital Factory:

“Claude Code looks great so far, but I sure am glad they included a /cost command, because at 50cents for a relatively simple couple of requests, this thing eats coins. Whether I think it is worth the cost is another matter, and I happen to think it is.”

Pietro Schirano, Co-Founder at EverArt:

“Claude Code is a command line tool that lets developers delegate substantial engineering tasks to Claude directly from their terminal. In early testing, Claude completed tasks in one pass that would normally take 45+ minutes of manual work.”

Dan Shipper, Co-founder & CEO at Every:

“Claude Sonnet 3.7 is out! We’ve had access for a few days @every and here’s a vibe check: It’s extremely fast. And it’s definitely better than 3.5 Sonnet. But other than that, though, I couldn’t tell! And I mean that honestly…it could be a totally genius model and it would be hard to say right now. I only had access through the Claude chat interface and LLM performance is basically already good enough there, so differences are hard to spot. It’s like getting a new graphics card and testing it out by doing your email. I’m psyched to try Claude Code though—and we’ll have a lot more thoughts once we’ve given it a thorough test drive.”

Deedy Das, Principal at Menlo Ventures:

“Claude Code w/Sonnet 3.7 is the closes thing to AGI I’ve seen. It’s magic. It built this Connect 4 app from scratch that 1. supports mobile 2. a minimax-tree AI 3. frontend, backend, DBs, git, and deploy! ~5000 lines of code, 30mins, $10. Why use Cursor anymore?…”

John Rush, Founder at MarsX Inc:

“36. Claude Code can search code, run tests, and push to GitHub. Claude Code is a CLI tool that lets you delegate engineering tasks to Claude with full access to your codebase, tests, and GitHub – all from your terminal.”

Rowan Cheung, Founder & CEO at The Rundown:

“Anthropic released the world’s first hybrid reasoning AI ‘Claude 3.7 Sonnet’ and a new CLI coding agent ‘Claude Code’ 3.7 achieves SOTA performance on real-world coding benchmarks and agentic tool use, beating o1, o3-mini, and DeepSeek R1.”

Majumder concludes: “As AI technology evolves, hybrid reasoning models like Claude 3.7, integrated with existing development tools, have the potential to revolutionize software development. However, as influencers’ feedback suggests, their full impact will only become clear through comprehensive testing and deeper insights into their long-term influence on development workflows and cost-effectiveness. The true value of these innovations will unfold with continued practical application and analysis.”
MIL OSI Economics –
February 28, 2025
MIL-OSI Economics: The 31st AEM Retreat convenes in Johor, Malaysia

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today attended the 31st ASEAN Economic Ministers’ Retreat (AEM Retreat) held in Johor, Malaysia. The AEM Retreat was chaired by Minister of Investment, Trade and Industry of Malaysia Tengku Zafrul Tengku Abdul Aziz. The Meeting expressed its support for ASEAN’s economic priorities under Malaysia’s 2025 Chairmanship under the theme of “Inclusivity and Sustainability.” The Meeting also exchanged views on the current regional and global economic outlook, progress of implementation of the AEC Blueprint 2025, as well as key initiatives to further integrate ASEAN’s economy including the ongoing negotiations for the ASEAN Trade in Goods Agreement (ATIGA) upgrade, the ASEAN Digital Economy Framework Agreement (DEFA), as well as Timor-Leste’s accession to ASEAN economic agreements and ASEAN’s external economic relations.

The Meeting was preceded by an open session with the ASEAN Business Advisory Council (ASEAN-BAC), followed by the Economic Research Institute for ASEAN and East Asia (ERIA), and McKinsey, which engaged in discussions on ASEAN’s economic integration as well as emerging regional and global issues.

The post The 31st AEM Retreat convenes in Johor, Malaysia appeared first on ASEAN Main Portal.

MIL OSI Economics –

February 28, 2025
MIL-OSI United Kingdom: Mayor launches public consultation on biggest transformation of Oxford Street in history
Source: Mayor of London
- Mayor begins consultation on the potential pedestrianisation of Oxford Street and proposals to create a Mayoral Development Corporation (MDC) to super charge regeneration
- A revitalised Oxford Street would increase visitor numbers, create new jobs, and boost retail and growth for London and the whole UK economy
- The MDC would have specific planning powers to deliver a world-leading scheme that works for residents, visitors and businesses
- Mayor encourages everyone to have their say on these proposals before 2 May 2025
The Mayor of London, Sadiq Khan, today launched a public consultation on proposals to breathe new life into Oxford Street.

Oxford Street is an area of critical national economic importance, with an estimated annual contribution to London’s economy of £25bn in 2022. 

But the area has suffered in recent years for a variety of reasons including the pandemic, the growth of online shopping and out-of-town shopping centres.

The Mayor’s proposals – working alongside government, businesses and local councils – could include future plans to pedestrianise Oxford Street and transform it into an exciting, green and thriving destination for Londoners and tourists alike.

The aim is for the street to become the world-leading urban space for shopping, leisure, and outdoor events.

The public consultation – which is open from 28 February 2025 to 2 May 2025 – is about gathering Londoners’ views on the Mayor’s proposals to create a new Mayoral Development Corporation, which would have the necessary powers to support the transformation of the area, and on the principle of pedestrianisation.

Londoners are invited to get involved and have their say on the proposals under consideration, which would pave the way for the transformation of Oxford Street through:
- creating a beautiful pedestrian-friendly public space to attract shoppers, for exciting events and activities to make Oxford Street a place for all
- designing with sustainability in mind, to make the area more resilient to the impact of climate change
- creating a well-designed, high-quality space that showcases the best of London’s talent, assets and opportunities – a place that Londoners feel proud of and those coming to London want to visit, invest in and return to
- hosting exciting events to showcase and test the potential of a new and more inviting public realm
These proposals would help to attract more national and international visitors, bringing the world to London and showcasing the best of London to the world, while also acting as a magnet for new customers, new investment and job-creation, driving growth and economic prosperity for decades to come.

Mayor of London, Sadiq Khan, said: “Oxford Street has been known as the nation’s high street but the area has suffered in recent years.

My proposals are designed to unlock the true potential of Oxford Street and deliver a world-class, accessible, clean, avenue. These proposals would help to restore this famous part of the capital and support good businesses, while creating new jobs and boosting growth.

I encourage everyone to have their say on these proposals, which would transform Oxford Street into a place Londoners and the whole of the country can be proud of as we continue to build a better London for everyone.”

Councillor Richard Olszewski, Leader of Camden Council, said: “The London-wide and national economic benefits of such a scheme are there to be seen for residents and visitors alike, as are wider benefits for air quality and health and wellbeing. This is a significant development for central London and a new use of powers. We look forward to engaging with the Mayor and other stakeholders on the consultation and continuing to work with them on developing the proposals, including to benefit neighbouring areas like Fitzrovia and Holborn.”

Dee Corsi, Chief Executive, New West End Company, said: “The launch of the public consultation marks a significant milestone in the journey of the nation’s high street. It is an important step towards unlocking the full potential of Oxford Street and the wider West End. We are ready to work with the Mayor, the Government, Westminster City Council, and the local community to bring this vision to life and drive long-term benefits for London and the UK as a whole.

“We have long championed the regeneration of Oxford Street, recognising its vital importance to London and the UK economy. With significant private sector investment already driving change, Oxford Street is evolving. It has always been a much-loved destination, attracting Londoners and visitors from around the world. It’s a place where retail, leisure, and culture come together, and with growing demand for high-quality office space, its role as a vibrant commercial hub continues to expand.”

Karim Fatehi OBE, CEO of the London Chamber of Commerce and Industry, said: “We welcome these ambitious plans to revitalise Oxford Street as one of the world’s foremost shopping destinations by improving the visitor experience and increasing footfall.

“This consultation is a great opportunity for businesses to have their say to ensure the proposals work for them, and we urge businesses of all sizes to participate and help shape this exciting transformation to drive tourism and economic growth in the area.”

Kate Nicholls, Chief Executive of UKHospitality, said: “The exciting plans for Oxford Street would turn it into one of Europe’s biggest plazas. With pubs, bars, cafes and restaurants taking centre stage, we hope we can showcase, on one of the world’s most famous streets, how it’s possible to break down planning and licensing barriers to generate a thriving social scene. This type of hospitality-led regeneration can truly allow Oxford Street to thrive and further enhance London’s offering.”

John Dickie, CEO of BusinessLDN, said: “Oxford Street is London’s flagship high street and an attraction for visitors from across the country and all over the globe. As a key strategic site that spans borough boundaries, the Mayor has an important role to play in investing in and helping to improve the area for the benefit of Londoners, businesses and visitors. We look forward to engaging with the Mayor as well as Westminster City Council, the London Borough of Camden, New West End Company and other stakeholders to help to make Oxford Street an even more vibrant and attractive place to visit.”
MIL OSI United Kingdom –
February 28, 2025

MIL-OSI: DIGITALIST GROUP’S FINANCIAL STATEMENT RELEASE, 1 JANUARY–31 DECEMBER 2024

Source: GlobeNewswire (MIL-OSI)

DIGITALIST GROUP’S FINANCIAL STATEMENT RELEASE, 1 JANUARY–31 DECEMBER 2024
(Not audited)

DIGITALIST 2024

SUMMARY

October–December 2024 (comparable figures for 2023 in parentheses):

Turnover: EUR 4.7 million (EUR 4.2 million), change 12.9%.
EBITDA: EUR -0.2 million (EUR -0.4 million*), -4.3% of turnover (-9.1%).
EBIT: EUR -0.3 million (EUR -0.6 million*), -7.1% of turnover (-14.4%).
Net income: EUR -1.0 million (EUR -1.6 million*), -21.3% of turnover (-38.9%).
Earnings per share EUR -0.00 (EUR -0.00).

January–December 2024 (comparable figures for 2023 in parentheses):

Turnover: EUR 16.2 million (EUR 16.7 million), change -3.1%.
EBITDA: EUR -1.5 million (EUR -0.9 million**), -9.4% of turnover (-5.2%).
EBIT: EUR -2.0 million (EUR -1.7 million**), -12.3% of turnover (-10.2%).
Net income: EUR -5.0 million (EUR -4.1 million**), -31.0% of turnover (-24.5%).
Earnings per share: EUR -0.01 (EUR -0.01).
Earnings per share (diluted): EUR -0.01 (EUR -0.01).
Cash flow from operations EUR -1.4 million (EUR -2.9 million).
Number of employees at the end of the review period: 122 (126), decrease of 3.2%.

*) EBIT, EBITDA, and net income for the comparison period were affected by a recorded gain of EUR 0.3 million, resulting from the write-down of Turret accounts payable and an additional purchase price related to the Ticknovate divestment.

**) EBIT, EBITDA, and net income for the period were affected by a one-time gain of EUR 1.0 million, which includes a recorded gain of EUR 0.6 million from the FutureLab Share transaction, EUR 0.3 million from the write-down of Turret accounts payable and an additional purchase price adjustment related to the Ticknovate divestment.

CEO’s review

As we close the year 2024, Digitalist Group stands at the intersection of ongoing market challenges and promising opportunities. While the Finnish economy remained weak, causing clients to hesitate in initiating new projects, we observed steady growth in Sweden. We are committed to coping with the challenges in the Finnish market, but we have increased focus on exploiting opportunities in the Swedish market and have expanded our offering with new applied AI services.

Despite the turnover growth in the last quarter, the Group’s turnover in 2024 slightly declined to EUR 16.2 million (from EUR 16.7 million in 2023) and EBITDA ended at EUR -1.5 million (EUR -0.9 million in 2023 including a one-time gain of EUR 1.0 million). This outcome mirrors both the current market conditions and the positive but not sufficient impact of the strategic measures we implemented throughout the year.

A key driver of our performance has been the Swedish market, where demand remained robust enough to offset weaker activity in Finland. In 2024 Sweden contributed around 70% of our total turnover, up from 61% in the same period last year. We also intensified our cost-saving efforts, reducing personnel costs and streamlining our organizational structure to create a stronger foundation for future improvements.

This year, we enhanced our service portfolio through the full launch of Digitalist Open Cloud AB and the introduction of Digitalist Private AI Hub, offering secure and GDPR-compliant AI capabilities. These new solutions cater to the rising demand for data privacy and advanced digital services, attracting clients who recognize the value of our approach.

Looking ahead, we remain focused on driving operational efficiency, sharpening our service offerings, and capitalizing on growth opportunities. Although the market may remain challenging in the near term, our product innovation and constant focus on cost management, positions Digitalist Group for long-term success.

I extend my sincere gratitude to our employees for their commitment and to our clients for their trust. Together, we have navigated a demanding year, and together we will seize the opportunities that lie ahead.

Magnus Leijonborg
CEO, Digitalist Group

Future prospects

In 2025, it is expected that turnover and EBITDA will improve in comparison with 2024.

SEGMENT REPORTING

Digitalist Group reports its business in a single segment.

TURNOVER

In the fourth quarter, the Group’s turnover was EUR 4.7 million (EUR 4.2 million), reflecting a 12.9% increase compared to the previous year. The increase was due to the strengthening of the Swedish business.

The Group’s turnover for the period totalled EUR 16.2 million (EUR 16.7 million), which is 3.1% lower than the previous year, as a result of the weak market situation in Finland. The turnover for the whole year fell short of the targets, as the economic slowdown and uncertainty have made customers more cautious when starting new projects.

Market conditions in Finland have been challenging. The share of turnover outside Finland rose to 70 percent (61 %), and the increase was mainly due to the strengthening of the Swedish business. The net impact on turnover from the divestment of FutureLab and the acquisition of Open Communications for the review period is EUR 0.1 million compared to the comparison period.

RESULT

In the fourth quarter, EBITDA was EUR -0.2 million (EUR -0.4 million), EBIT was EUR -0.3 million (EUR -0.6 million) and profit before taxes was EUR -0.9 million (EUR -1.6 million). EBITDA was positively affected by improved sales and a EUR 0.3 million reduction in personnel and operating expenses. Net income for the final quarter amounted to EUR -1.0 million (EUR -1.6 million), earnings per share were EUR -0.00 (EUR -0.00).

EBITDA for the financial period amounted to EUR -1.5 million (EUR -0.9 million), EBIT was EUR -2.0 million (EUR -1.7 million) and profit before taxes was EUR -4.9 million (EUR -4.0 million). Expenses were EUR 0.7 million lower compared to the previous year, of which operating expenses were EUR 0.3 million lower and personnel expenses EUR 0.4 million lower. Cost savings improved EBITDA, but the decline in sales weakened the overall impact.

The EBIT was influenced by the decrease of depreciations of balance sheet items by EUR 0.4 million. EBIT, EBITDA and net income of the comparison period were impacted by a booked gain of EUR 0.6 million from the FutureLab Share transaction and EUR 0.3 million is attributed to the write-down of Turret accounts payable and an additional purchase price related to the Ticknovate divestment.

Net financial items amounted to EUR -3.0 million (EUR -2.3 million), mainly comprising external interest expenses related to loans from financial institutions and related parties. External interest expenses were EUR -2.2 million (EUR -2.1 million). Financial items in the comparison period were positively impacted by Business Finland’s non-collection decision on a EUR 0.3 million part of the product development loan and unrealized exchange gains. Net income for the financial period amounted to EUR -5.0 million (EUR -4.1 million), earnings per share totalled EUR -0.01 (EUR -0.01).

RETURN ON EQUITY

The Group’s shareholders’ equity amounted to EUR -37.7 million (EUR -32.7 million). The Group’s equity considering the capital loans was EUR -13.8 million (EUR -15.8 million). Return on equity (ROE) was negative. Return on investment (ROI) was -161.9% (-27.8%).

BALANCE SHEET AND FINANCING

The balance sheet total was EUR 10.1 million (EUR 11.4 million). The solvency ratio was -379.1% (-285.9%).

At the end of the period, the Group’s liquid assets totalled EUR 0.9 million (EUR 0.9 million).

At the end of the financial period the Group’s interest-bearing liabilities amounted to EUR 38.2 million (EUR 35.7 million). The Group’s balance sheet recognised EUR 11.0 million (EUR 11.4 million) in loans from financial institutions, including the overdrafts in use. IFRS 16 leasing debts were EUR 0.6 million (EUR 1.0 million).

In addition, the company has loans from its main owners. The loans from related parties amount to EUR 26.6 million (EUR 23.4 million). EUR 23.9 million (EUR 16.9 million) related party loans were capital loans, EUR 0 million (EUR 5.8 million) were convertible bonds, EUR 2.8 million (EUR 0.8 million) were other related party loans, of which EUR 2.0 million were short term. The changes result from the conversion of convertible bonds into capital loans in accordance with Chapter 12 of the Limited Liability Companies Act and from the new loan installments from Turret. More information about the arrangements can be found in the section of the review: Related party transactions.

CASH FLOW

The Group’s cash flow from operating activities during the review period was EUR -1.4 million (EUR -2.9 million), a change of EUR 1.5 million. The development of the company’s liquid assets was influenced by improved working capital. In order to reduce the rate of turnover of trade receivables, the Group sells part of its trade receivables from Finnish customers. In addition, some Swedish trade receivables are financed through factoring arrangements.

GOODWILL

On 31 December 2024, the Group’s balance sheet included goodwill of EUR 5.2 million (EUR 5.4 million). The company tested goodwill in accordance with IAS 36 on 31 December 2024 and no need for an impairment charge was detected.

PERSONNEL

During the financial period, the Group had an average of 123 employees (139). At the end of the financial period, the total number of employees was 122 (126), with 52 (52) working for the Group’s Finnish companies and 70 (74) employed by its foreign subsidiaries.

SHARES AND SHARE CAPITAL

Share turnover and price

During the financial period, the company’s share price hit a high of EUR 0.02 (EUR 0.03) and a low of EUR 0.01 (EUR 0.01), and the closing price on 31 December 2024 was EUR 0.01 (EUR 0.02). The average price in the financial period was EUR 0.01 (EUR 0.02). During the financial period 78,321,067 (40,711,793) shares were traded, corresponding to 11.3% (6.0%) of the number of shares in circulation at the end of the period. The Group’s market capitalisation at the closing share price on 31 December 2024 was EUR 9,985,399 (EUR 10,236,341).

Share capital

At the beginning of the period under review, the company’s registered share capital was EUR 585,394.16, and there were 693,430,455 shares. At the end of the period, the share capital was EUR 585,394.16, and there were 693,430,455 shares. The company has one class of shares. At the end of the reporting period, the company held a total of 7,664,943 treasury shares corresponding to 1.1% of the total shares.

Option plan 2019 and 2021

The option plan 2019 has expired.

The option rights belonging to the company’s option program 2021 are marked as series 2021A1, 2021A2, 2021B1, 2021B2 and 2021C1. A maximum of 60,000,000 stock options can be issued and they entitle to subscribe for a maximum of 60,000,000 new shares of the Company. A total of 38,450,000 options belonging to the 2021A1 and 2021A2 series have been distributed among the options included in the option program. The last exercise date for the series 2021A1 was 31.12.2024. 28,650,000 of the distributed options have expired, so based on the terms of the option program, it is possible to subscribe for a maximum of 9,800,000 new shares of the Company.

The theoretical market value of the options allocated by the end of the financial period is approximately EUR 0.8 million, which is recognised as an expense in accordance with IFRS 2 for the years 2021-2025. The expense recognition for 2024 is EUR 0.1 million. The expense recognition does not have cash flow impact.

Terms and conditions of option programs can be found at the Company’s web site https://investor.digitalistgroup.com//investor

Shareholders

The number of shareholders on 31 December 2023 was 5,705 (5,578). Private individuals owned 11.8% (10.4%) of the shares, and institutions held 78.4% (79.5%). Foreign nationals or entities held 9.8% (10.0%) of the shares. Nominee-registered shares accounted for 12.6% (6.3%) of the total.

AUTHORIZATIONS OF THE BOARD OF DIRECTORS

Annual General Meeting 25 April 2024

The company held its Annual General Meeting on 25 April 2024. The minutes of the Annual General Meeting and the decisions made are on the company’s website at https://investor.digitalistgroup.com/investor/governance/annual-general-meeting

The financial statements and consolidated financial statements for the financial year ended December 31, 2023, were approved as presented.

The Annual General Meeting resolved that the loss EUR 4,575,895.22 indicated by the financial statements for 2023 be recorded in the Company’s profit and loss account, and that no dividend be paid to shareholders for the financial period 2023.

The Annual General Meeting elected Johan Almquist, Paul Ehrnrooth, Peter Eriksson, Esa Matikainen, and Andreas Rosenlew as ordinary members of the Board of Directors, and Magnus Wetter as a new member of the Board of Directors. At the Board meeting held on 25 April 2024 after the Annual General Meeting, the Board of Directors elected Esa Matikainen as the Chair of the Board and Andreas Rosenlew as the Deputy Chair of the Board. The Board resolved to continue with the Audit Committee. Esa Matikainen was elected as a chairman and Peter Eriksson and Magnus Wetter as members of the Audit Committee.

The Board of Directors evaluated on the date of the financial statement release the independence of the Committee members in compliance with the recommendations of the Finnish Corporate Governance Code 2020 as follows. Esa Matikainen and Magnus Wetter are independent of the company and independent of a significant shareholder. Peter Eriksson is independent of the company and dependent on a significant shareholder.

Audit firm KPMG Oy Ab was appointed as the company’s auditor.

Authorisation of the Board of Directors to decide on share issues and on granting special rights entitling to shares

The Annual General Meeting authorised the Board to decide on a paid share issue and on granting option rights and other special rights entitling to shares that are set out in Chapter 10 Section 1 of the Finnish Limited Liability Companies Act, or on the combination of all or some of the aforementioned instruments in one or more tranches on the following terms and conditions:

The total number of the Company’s treasury shares and new shares to be issued under the authorisation may not exceed 346,715,227, which corresponds to approximately 50 per cent of all the Company’s shares at the time of convening the Annual General Meeting.

Within the limits of the aforementioned authorisation, the Board of Directors may decide on all terms and conditions applied to the share issue and to the special rights entitling to shares, such as that the payment of the subscription price may take place not only by cash but also by setting off receivables that the subscriber has from the Company.

The Board of Directors shall be entitled to decide on crediting the subscription price either to the Company’s share capital or, entirely or in part, to the invested unrestricted equity fund.

The share issue and the issuance of special rights entitling to shares may also take place in a directed manner in deviation from the pre-emptive rights of shareholders if there is a weighty financial reason for the Company to do so, as set out in the Limited Liability Companies Act. In such a case, the authorisation may be used to finance corporate acquisitions or other investments related to the operations of the Company as well as to maintain and improve the solvency of the Group and to carry out an incentive scheme.

The authorisation is proposed to be effective until the Annual General Meeting held in 2025, yet no further than until 30 June 2025.

Authorising the Board of Directors to decide on the acquisition and/or on the acceptance as pledge of the Company’s treasury shares

The Annual General Meeting authorised the Board to decide on acquiring or accepting as pledge, using the Company’s distributable funds, a maximum of 69,343,000 treasury shares, which corresponds to approximately 10 per cent of the Company’s total shares at the time of convening the Annual General Meeting. The acquisition may take place in one or more tranches. The acquisition price shall not exceed the highest market price of the share in public trading at the time of the acquisition.

In executing the acquisition of treasury shares, the Company may enter into derivative, share lending or other contracts customary in the capital market, within the limits set out in laws and regulations. The authorisation entitles the Board to decide on an acquisition in a manner other than in a proportion to the shares held by the shareholders (directed acquisition).

The Company may acquire the shares to execute corporate acquisitions or other business arrangements related to the Company’s operations, to improve its capital structure, or to otherwise further transfer the shares or cancel them.

The authorisation is proposed to include the right for the Board of Directors to decide on all other matters related to the acquisition of shares. The authorisation is proposed to be effective until the Annual General Meeting held in 2025, yet no further than until 30 June 2025.

The Annual General Meeting approved the Board’s proposals to change the terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 issued to Turret Oy Ab without modifications.

The Annual General Meeting approved the Board’s proposals to change the terms of the Convertible Bonds 2021/2 and 2021/4 issued to Holdix Oy Ab without modifications.

It was noted that the following measures have been taken in the Company after the end of the fiscal year on December 31, 2023:

● Convertible bonds 2021/3 and 2021/4 were partially converted into capital loans as per Chapter 12 of the Companies Act, as announced on March 22, 2024; and
● the General Meeting has decided, following the board’s proposals, to change the terms of the Convertible Bonds 2021/1, 2021/2, 2021/3, 2021/4, and 2022/1, including their maturity extensions until September 30, 2026.

It was noted that these actions have supported and will support the Company’s balance sheet and solvency.

It was resolved to accept the proposition of the Board of Directors of the Company not to implement immediate additional measures to rectify the Company’s financial position, but the Company will actively evaluate other possibilities and means to support the Company’s financial standing.

The stock exchange releases are on the company’s website at https://investor.digitalistgroup.com/investor/releases

CHANGES IN THE GROUP STRUCTURE

Digitalist Open Tech AB sold part of its IT and SaaS business to the newly established Digitalist Open Cloud AB through an internal business transfer agreement 1 April 2024. Digitalist Open Cloud AB is now a subsidiary of Digitalist Open Tech AB, with a 15% minority stake held by the subsidiary management.

Digitalist Group divested its fully-owned subsidiary Open Communications International AB 31 May 2024 to its subsidiary Grow AB, in which it holds a 90% ownership. Sales price was EUR 0.9 million.

In addition, Digitalist Group has closed non-operative companies. Digitalist USA Ltd was formally dissolved in 2024. Grow Finland Oy and Ixonos Estonia have been removed from the trade register in 2024.

EVENTS SINCE THE FINANCIAL PERIOD

There have been no significant events since the end of the financial period.

RELATED-PARTY TRANSACTIONS

Financing arrangements with related parties:

Strengthening Digital Group Plc’s equity, conversion of convertible bonds partly into capital loans

In order to strengthen the Company’s equity, Digital Group decided on 22 March 2024 to utilize the right provided by Turret Oy Ab and Holdix Oy Ab to convert a total of 1,907,175.40+interest 334,513.29 euros of the principal and interest of the convertible bonds 2021/3 and 2021/4 subscribed by Turret and Holdix into a capital loan in accordance with Chapter 12 of the Limited Liability Companies Act.

Amendment of the terms concerning Convertible Bonds 2021/1, 2021/2, 2021/3, 2021/4 and 2022/1 issued by Digitalist Group Plc

Convertible Bonds 2021/1, 2021/3 and 2022/1 directed to Turret Oy Ab

The Annual General Meeting of Digitalist Group 25 April 2024 resolved on the amendments to the Terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 issued to Turret.

Digitalist Group Plc and Turret Oy Ab signed agreements April 26 2024 to amend the terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 and the option rights and other special rights pursuant to Chapter 10 section 1(2) of the Limited Liability Companies Act attached to them issued to Turret.

The maturity of the Convertible Bonds was extended to 30 September 2026.

Convertible Bonds 2021/2 and 2021/4 directed to Holdix Oy Ab

The Annual General Meeting of Digitalist Group 25 April 2024 resolved on the amendments to the Terms of the Convertible Bonds 2021/2 and 2021/4 issued to Holdix.

Digitalist Group and Holdix Oy Ab signed agreements April 26 2024 to amend the terms of the Convertible Bonds 2021/2 and 2021/4 and the option rights and other special rights pursuant to Chapter 10 section 1(2) of the Limited Liability Companies Act attached to them issued to Holdix.

The maturity of the Convertible Bonds was extended to 30 September 2026.

Digitalist Group structures its financing

Digitalist Group Plc’s agreed 28.10.2024 with Turret Oy Ab on a loan amounting to EUR 1,000,000 in order to strengthen the Company’s working capital. The Company has the right to withdraw the Loan in instalments by 31 December 2025 at the latest. The Loan was granted on market terms and it will fall due on 31 December 2026.

Strengthening Digitalist Group Plc’s balance sheet position and conversion of convertible bonds 2021/1, 2021/2, 2021/3 and 2021/4 into capital loans

Digitalist Group Plc decided 30.12.2024, in order to strengthen the Company’s balance sheet position, to utilize the right offered by Turret Oy Ab and Holdix Oy Ab to convert a total of 3,860,763.40 + interest 861,271.93 euros of the principal and interest of the convertible bonds 2012/1, 2021/2, 2021/3 and 2021/4 subscribed by Turret and Holdix into a capital loan in accordance with Chapter 12 of the Limited Liability Companies Act.

OTHER EVENTS DURING THE FINANCIAL PERIOD

Digitalist Group decreased its earlier guidance regarding future prospects 17.10.2024. The new guidance was: In 2024, turnover and EBITDA are expected to decrease in comparison with 2023.

Operationally, not including the impact of other operating income (EUR 1.0 million), the current financial year was expected to be stronger than the previous year.

The stock exchange releases for the review period are on the company’s website at https://investor.digitalistgroup.com/investor/releases

RISK MANAGEMENT AND SHORT-TERM UNCERTAINTIES

The objectives of Digitalist Group Plc’s risk management are to ensure the undisrupted continuity and development of the company’s operations, support the achievement of the company’s business objectives and increase the company’s value. For more details about the organisation of risk management, processes and identified risks, see the company’s website at https://investor.digitalistgroup.com/investor

The company has been making a loss despite the efficiency measures it has taken. The company’s loss-making performance directly affects its working capital and the sufficiency of its financing. This risk is managed by maintaining the capacity to use different financing solutions. The company aims to continuously assess and monitor the amount of necessary business financing to ensure that it has sufficient liquid assets to finance its operations and repay maturing loans. Any disruptions in the financial arrangements would weaken Digitalist Group’s financial position.

The company is currently dependent on external financing, most of which has been obtained from related-party companies and financial institutions. Digitalist Group’s ability to finance its operations and reduce the amount of its debt depends on several factors, such as the cash flow from operations and the availability of debt and equity financing, and there is no certainty that such financing will be available in the future. Similarly, there can be no certainty in the long term that Digitalist Group will be able to obtain additional debt or refinance its current debt on acceptable terms, if at all.

During 2024, negotiations regarding the restructuring of maturing convertible bonds held by related parties were concluded, and the maturity date was extended until autumn 2026. The convertible bonds were converted into capital loans in two tranches in accordance with Chapter 12 of the Limited Liability Companies Act in 2024, strengthening the company’s balance sheet.

Any changes to key client accounts could have a substantial impact on Digitalist Group’s operations, earning potential and financial position. If one of Digitalist Group’s largest clients decided to switch to a competing company or drastically altered its operating model, the chances of finding client volumes to replace the shortfall in the near term would be limited.

The Group’s business consists mainly of individual client agreements, which are often relatively short-term. Forecasting the start dates and scopes of new products is occasionally challenging, while the cost structure is largely fixed. The aforementioned aspects can lead to unpredictable fluctuations in turnover and, thereby, in profitability. The Group’s business consists of some fixed-price deliveries (65%). Fixed-price client deliveries carry risks related to timing and content. The company endeavours to manage these risks through contractual and project management measures.

Irrespective of the market situation, there is a shortage of certain experts in the Group’s business sector. Although the aggressive recruitment policies that occasionally arise in the Group’s business sector have decreased significantly, there is still a risk of personnel moving to competitors. There are no guarantees that the company will be able to retain its current personnel and recruit new employees to enable growth. If Digitalist Group loses a significant number of its current personnel, it would be more difficult to complete existing projects and acquire new ones. This could have an adverse impact on Digitalist Group’s business, earnings and financial position.

The cost inflation has decreased significantly but can still exert pressure to raise salaries, so the importance of cost monitoring is emphasised further. Variation in interest rates do not have a significant direct impact on financing costs because most of the company’s debts have fixed interest rates. If the interest rates on the company’s loans from financial institutions rose by 1 per cent, the company’s annual interest costs would rise by approximately EUR 0.1 million.

Part of the Group’s turnover is invoiced in currencies other than the euro – mainly in the Swedish krona. The risk associated with changes in exchange rates can be managed in various ways, including net positioning and currency hedging contracts. In 2024 and 2023, the Group had no hedging contracts.

The Group’s balance sheet contains goodwill that is subject to impairment risk in the event that the Group’s future yield expectations decrease due to internal or external factors. The goodwill is tested for impairment every six months and whenever the need arises.

General economic uncertainty and low growth forecasts in the company’s key markets affected the Group’s business during the financial period, but the future impact is difficult to estimate. Geopolitical uncertainty may affect the business activities of some of the Group’s clients, thereby indirectly affecting the Group’s business. The Group has no business activities in Russia or Ukraine.

LONG-TERM GOALS AND STRATEGY

Digitalist Group aims to achieve a profit margin of at least 10% over the long term. In order to achieve its long-term goals, Digitalist Group strives for profitable, international growth by shaping new forms of thinking, services and technological solutions for a variety of sectors. These sectors include, among others, the technology industry, energy industry, transport and logistics, as well as consumer services in both the public and private sectors. Digitalist Group’s strategy focuses on enhancing its service and solution business and seamlessly integrating user and operational research, branding, design and technology.

PROPOSAL BY THE BOARD OF DIRECTORS TO THE ANNUAL GENERAL MEETING

The Board of Directors of Digitalist Group Plc proposes to the Annual General Meeting that the distributable funds be retained in shareholders’ equity and that no dividend be distributed to shareholders for the 2024 financial period. On 31 December 2024, the parent company’s distributable assets were negative.

Digitalist Group Plc’s Annual General Meeting will be held on 29 April 2025.
Digitalist Group’s Financial Statements 2024 will be published and posted on the company’s website on 28 March 2025. Digitalist Group Plc’s Financial Statements will be published in Finnish and English and they are available on the Group’s website https://investor.digitalistgroup.com/investor immediately after publication.

NEXT REVIEW

The Business review for January–March 2025 will be published on Friday 25 April 2025.

DIGITALIST GROUP PLC
Board of Directors

Further information:
Digitalist Group Plc
CEO Magnus Leijonborg, tel. +46 76 315 8422, magnus.leijonborg@digitalistgroup.com
Chairman of the Board Esa Matikainen, tel. +358 40 506 0080, esa.matikainen@digitalistgroup.com

Distribution:
NASDAQ Helsinki

Key media
https://investor.digitalistgroup.com/investor

DIGITALIST GROUP

SUMMARY OF THE FINANCIAL STATEMENTS AND NOTES, 1 JANUARY–31 DECEMBER 2024

CONSOLIDATED INCOME STATEMENT, EUR THOUSAND

	1 Oct – 31 Dec 24	1 Oct – 31 Dec 23	Change (%)	1 Jan – 31 Dec 24	1 Jan – 31 Dec 23	Change (%)
Turnover	4,698.85	4,160.22	12,9 %	16,164.54	16,680.74	-3,1 %
Other operating income	-41.02	280.21	-114,6 %	50.00	1,006.67	-95,0 %

Materials and services	-932.52	-639.82	-45,7 %	-3,102.99	-3,202.01	3,1 %
Expenses from employee benefits	-3,251.70	-3,331.27	2,4 %	-11,874.22	-12,269.02	3,2 %
Depreciation and impairment	-132.28	-218.14	39,4 %	-469.53	-834.41	43,7 %
Other operating expenses	-673.33	-848.57	20,7 %	-2,750.27	-3,077.67	10,6 %
Total expenses	-4,989.83	-5,037.80	1,0 %	-18,197.01	-19,383.11	6,1 %

EBIT	-331.99	-597.37	44,4 %	-1,982.47	-1,695.70	-16,9 %

Financial income	78.27	4.17	1779,2 %	155.41	752.50	-79,3 %
Financial expenses	-695.08	-1,021.72	32,0 %	-3,103.37	-3,026.21	-2,5 %
Total financial income and expenses	-616.81	-1,017.55	39,4 %	-2,947.96	-2,273.71	-29,7 %

Profit before taxes	-948.80	-1,614.92	41,2 %	-4,930.43	-3,969.41	-24,2 %
Income taxes	-50.82	-3.87	-1214,3 %	-87.04	-115.46	24,6 %
PROFIT/LOSS FOR FINANCIAL PERIOD	-999.62	-1,618.78	38,2 %	-5,017.47	-4,084.87	-22,8 %

Distribution:
Parent company shareholders	-875.12	-1,557.64	43,8 %	-4,707.38	-4,042.14	-16,5 %
Non-controlling interests	-124.50	-61.15	-103,6 %	-310.09	-42.73	-625,8 %
Earnings per share:
Undiluted (EUR)	0.00	0.00		-0.01	-0.01
Diluted (EUR)	0.00	0.00		-0.01	-0.01

COMPREHENSIVE INCOME STATEMENT, EUR THOUSAND

	1 Oct – 31 Dec 24	1 Oct – 31 Dec 23	Change (%)	1 Jan – 31 Dec 24	1 Jan – 31 Dec 23	Change (%)
Profit/loss for the financial period	-999.62	-1,618.78	38,2%	-5,017.47	-4,084.87	-22,8%
Other items of comprehensive income
Translation difference	-140.67	663.20	-121,2%	-67.99	229.71	-129,6%
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	-1,140.29	-955.58	-19,3%	-5,085.47	-3,855.45	-31,9%
Parent company shareholders	-1,006.68	-869.23	-15,8%	-4,759.00	-3,807.09	-25,0%
Non-controlling interests	-133.61	-86.35	-54,7%	-327.00	-48.06	-580,4%

CONSOLIDATED BALANCE SHEET, EUR THOUSAND

ASSETS	31 December 2024	31 December 2023
NON-CURRENT ASSETS
Intangible assets	313.78	422.06
Goodwill	5,244.98	5,444.44
Tangible assets	569.43	916.99
Buildings and structures, rights-of-use	528.59	867.73
Machinery and equipment	27.55	34.52
Other tangible assets	13.29	14.74
Investments	6.23	6.28
Other non-current financial assets	88.02	24.35
NON-CURRENT ASSETS	6,222.44	6,814.12

CURRENT ASSETS
Trade and other receivables	2,612.34	3,508.10
Income tax asset	320.88	228.46
Cash and cash equivalents	943.53	893.65
CURRENT ASSETS	3,876.75	4,630.21
ASSETS	10,099.19	11,444.12

SHAREHOLDERS’ EQUITY AND LIABILITIES
SHAREHOLDERS’ EQUITY
Parent company shareholders
Share capital	585.39	585.39
Share premium account	218.73	218.73
Invested non-restricted equity fund	73,916.78	73,916.78
Retained earnings	-107,368.76	-103,343.29
Profit/loss for the financial period	-4,707.38	-4,042.14
Non-controlling interests	-311.28	-53.08
Parent company shareholders	-37,355.24	-32,664.53
SHAREHOLDERS’ EQUITY	-37,666.53	-32,717.43
NON-CURRENT LIABILITIES	25,438.08	3,748.88
CURRENT LIABILITIES	22,327.73	40,412.84
SHAREHOLDERS’ EQUITY AND LIABILITIES	10,099.29	11,444.28

CALCULATION OF CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY, EUR THOUSAND
A:   Share capital
B:   Share premium account
C: Invested unrestricted equity fund
D: Translation difference
E:   Retained earnings
F:   Total shareholders’ equity attributable to the parent company’s
G: Non-controlling interests
H: Total shareholders’ equity

	A	B	C	D	E	F	G	H
Shareholders’ equity 1 Jan 2023	585.39	218.73	73,662.55	-1,197.92	-104,545.23	-31,276.47	503.13	-30,773.34
Other changes
Profit/loss for the financial period					-4,042.14	-4,042.14	-42.73	-4,084.87
Purchase of own shares				235.05		235.05	-5.33	229.72
Other items of comprehensive income						-3,807.09
Paid in capital			253.98			253.98		253.98
Translation difference					176.44	176.44		176.44
Share-based remuneration					0.00	0.00		0.00
Transactions with non-controlling interests							-508.15	1,480.52
Shareholders’ equity 31 December 2023	585.00	219.00	73,916.78	-1,192.36	-106,192.89	-32,664.35	-53.08	-32,717.43

	A	B	C	D	E	F	G	H
Shareholders’ equity 1 Jan 2024	585.00	219.00	73,916.78	-1,192.36	-106,192.89	-32,664.35	-53.08	-32,717.43
Other changes				0.00	0.00
Profit/loss for the financial period					-4,707.38	-4,707.38	-310.09	-5,017.47
Purchase of own shares				-51.33		-51.33	-16.66	-67.99
Other items of comprehensive income						-4,758.71
Translation difference					54.23	54.23		54.23
Share-based remuneration					-14.40	-14.40		-14.40
Sale of subsidiary					13.81	13.81		13.81
Transactions with non-controlling interests					14.18	14.18	68.55	82.73
Shareholders’ equity 31 December 2024	585.00	219.00	73,916.78	-1,243.69	-110,832.45	-37,355.23	-311.29	-37,666.52

CONSOLIDATED CASH FLOW STATEMENT, EUR THOUSAND

	1 Jan – 31 Dec 24	1 Jan – 31 Dec 23	1 Jul – 31 Dec 24	1 Jul – 31 Dec 23
Cash flow from operations
Earnings before taxes in the period	-5,017.47	-4,084.87	-2,461.65	-2,094.96
Adjustments to cash flow from operations:
Other income and expenses with no payment	-235.55	-76.63	-261.44	-174.25
Depreciation, impairment	469.53	834.41	265.81	417.90
Income taxes	87.04	115.46	42.16	31.37
Unrealised foreign exchange gains and losses	-85.26	-255.59	124.47	-296.11
Financial income and expenses	3,057.58	2,273.71	1,655.67	1,704.54
Other adjustments	4.81	-561.90	3.25	-576.30
Cash flow financing before changes in working capital	-1,719.32	-1,755.41	-631.73	-987.82

Change in working capital	1,290.45	-262.04	936.75	-313.93
Interest received	47.37	0.72	10.04	3.07
Interest paid	-883.89	-710.82	-395.39	-333.90
Taxes paid	-133.04	-149.35	-40.34	-46.81
Net cash flow from operations	-1,398.42	-2,876.89	-120.68	-1,679.39

Cash flow from investments
Acquisition of shares in group companies	0.00		0.00
Proceeds from disposal of shares in group companies	0.00		0.00
Investments in tangible and intangible assets	-15.42	-22.33	-6.49	-9.95
Proceeds from repayment of loans	0.00
Interest received on investments	0.00
Taxes paid on investments	0.00
Cash flow from investments	-15.42	2,447.66	-6.49	1,049.09

Net cash flow before financial items	-1,413.84	-429.23	-127.18	-630.30

Cash flow from financing activities
Transactions with non-controlling interests	19.53	136.18	-6.25	-12.17
Drawdown of long-term loans	2,025.00	750.00	1,275.00	750.00
Drawdown of short-term loans	0.00	736.90	-212.58
Repayment of short-term loans	-129.07		-105.31	-1.81
Repayment of lease liabilities	-429.40	-697.51	-184.02	-354.56
Net cash flow from financing	1,486.06	423.76	766.83	441.83

Change in cash and cash equivalents	72.22	-5.46	639.66	-188.47
Liquid assets, beginning of period	893.44	898.55	308.06	1,041.04
Impact of changes in exchange rates	-22.14	0.36	-4.20	40.88
Liquid assets, end of period	943.53	893.44	943.53	893.44

Accounting principles

This release has been prepared in accordance with IAS 34 – Interim Financial Reporting. The interim report release complies with the same accounting principles and calculation methods as the annual financial statements. The updates to the IFRS standards that entered into force on 1 January 2024 do not have a significant impact on the figures presented.

The preparation of a financial statement release in accordance with IFRS requires the management to use certain estimates and assumptions that affect the amounts recognised in assets and liabilities when the balance sheet was prepared, as well as the amounts of income and expenses in the period. In addition, discretion must be used in applying the accounting policies. As the estimates and assumptions are based on outlooks on the balance sheet date, they contain risks and uncertainties. The realised values may deviate from the original assessments and assumptions.

The original release is in Finnish. The English release is a translation of the original.

Going concern

The Group’s result has remained negative, and the financial situation has been challenging at times but the financial statement release has been prepared in accordance with the principle of the business as a going concern. The assumption of continuity is based management assumptions on several factors, including the following:

The cost-saving programs have improved the Group’s profitability in 2023 and 2024. Operating expenses and personnel expenses have decreased by EUR 0.7 million in comparison with the review period and the cost structure is now lighter.
Additional cost-saving programs started in 2024 will have nearly full effect in 2025.
The Group is finding new growth areas and reinforcing its market position in Sweden, which is expected to have a positive impact on sales trends.
Negotiations regarding the arrangements for related party convertible bonds maturing in 2024 were successfully completed in 2024, resulting in the extension of their maturity to the autumn 2026.

EUR 2.0 million of the Group’s financial institution loans are set to begin repayment on April 30, 2025. As of the publication date of the financial statement release, negotiations to extend the loan’s maturity date are still ongoing. However, management is confident that the outcome will be favorable for the company.

At the time of the financial statement release, the company expects its working capital to be sufficient to cover its requirements over the next 12 months based on the financing support provided by the main owner if needed. Negotiations with the main owner to secure financing for the next 12 months are ongoing and are expected to be completed before the publication of the financial statements and based on this the financial statement release has been prepared in accordance with the going concern principle.

Goodwill impairment testing and recognised impairment

Digitalist Group tested its goodwill for impairment on 30 June 2024 and 31 December 2024. The goodwill is allocated to one cash-generating unit. No need to write down goodwill was identified.

The value in use of the tested property exceeded the tested amount by EUR 9.0 million. The tested amount of goodwill in the balance sheet at the end of the review period is EUR 4.9 million.

The company tests its goodwill based on the utility value of the assets. In the testing conducted on 31 December 2024 in conjunction with the financial statements, the cash flow forecasting period was from 2025 to 2029. During the forecast period, average growth in revenue of 15% is expected to be achieved which is supported by the market growth of the group’s industries and the increasingly extensive impact of digitalization in business life. In addition, the rapid development of artificial intelligence (AI) and its integration into service offerings will accelerate growth by offering more efficient and innovative solutions to customers. The efficiency measures and strategic recruitment carried out provide a solid basis for growth. EBITDA is projected to rise to 7% in 2026 and to 12% by the end of the forecasting period, being 9% on average.

The method involves comparing the tested assets with their cash flow over the selected period, taking into account the discount rate and the growth factor of the cash flows after the forecast period. The discount rate is 11.4% (11.4%). The growth factor used to calculate the cash flows after the forecast period is 2.35%.

The average EBITDA margin for the forecast period was used to calculate the value of the terminal period. A significant negative change in individual assumptions used in the calculations can necessitate a goodwill impairment charge. The sensitivity analysis indicates that an impairment charge may be necessary if the average growth in turnover is below 14% in the forecasting period and the fixed cost structure does not change. If the EBITDA falls below 6% in the forecasting period or the WACC surpasses 28%, all else equal, impairment charges may become necessary.

CONSOLIDATED INCOME STATEMENT BY QUARTER, EUR THOUSAND

	Q4/2024	Q3/2024	Q2/2024	Q1/2024	Q4/2023
	1.10.-31.12.24	1.7.-30.9.24	1.4.-30.6.24	1.1.-31.3.24	1.10.-31.12.21
Turnover	4,698.85	3,585.61	4,021.60	3,858.48	4,160.22
Other operating income and expenses	-5,031.05	-3,898.35	-4,749.35	-4,468.49	-4,757.59
EBIT	-331.99	-312.54	-727.84	-610.10	-597.37
Financial income and expenses	-616.81	-1,158.14	-783.20	-389.80	-1,017.55
Profit before taxes	-948.80	-1,470.68	-1,511.03	-999.91	-1,614.92
Income taxes	-50.64	8.66	-1.20	-43.68	-3.87
PROFIT/LOSS FOR COMPARISON PERIOD	-999.62	-1,462.03	-1,512.24	-1,043.59	-1,618.78

CHANGES IN INTANGIBLE AND TANGIBLE ASSETS, EUR THOUSAND

	Goodwill	Intangible assets	Tangible fixed assets	Right-of-use assets	Other investments	Total
Carrying value 1 Jan 2023	4,677.98	109.82	65.08	1,135.06	101.76	6,090.22
Increases		462.69	26.56	416.91	4.70	2,059.07
Decreases
Changes in exchange rates	43.80	6.30	-0.40	-5.85		43.85
Depreciation for the review period		-156.59	-37.63	-640.18		-834.47
Carrying value 31 Dec 2023	5,444.44	422.53	48.47	867.05	6.27	6,789.76


	Goodwill	Intangible assets	Tangible fixed assets	Right-of-use assets	Other investments	Total
Carrying value 1 Jan 2024	5,444.44	422.53	48.47	867.05	6.27	6,789.76
Increases	0.00	0.42	15.97	482.60	0.00	498.99
Decreases	0.00		0.00	-462.23	0.00	-462.23
Changes in exchange rates	-199.68	-22.70	-1.35	-12.90		-236.64
Depreciation for the review period		-85.57	-22.18	-344.61		-452.36
Carrying value 31 Dec 2024	5,244.75	314.67	40.91	529.90	6.27	6,137.51

KEY INDICATORS

	1 Jan – 31 Dec 2024	1 Jan – 31 Dec 2023
Earnings per share (EUR) diluted	-0.01	0.00
Earnings per share (EUR)	-0.01	-0.01
Shareholders’ equity per share (EUR)	-0.05	-0.05
Cash flow from operations per share (EUR) diluted	0.00	0.00
Cash flow from operations per share (EUR)	0.00	0.00
Return on capital employed (%)	-161.86	-27.8
Return on equity (%)	neg.	neg.
Operating profit/turnover (%)	-12.27	-10.2
Gearing as a proportion of shareholders’ equity (%)	-99.00	-106.5
Equity ratio as a proportion of shareholders’ equity (%)	-379.11	-285.9
EBITDA (EUR thousand)	-1,512.94	-861.30

MATURITY OF FINANCIAL LIABILITIES AND INTEREST ON LOANS

31 December 2023	Balance sheet value	Cash flow	Under 1 year	1-5 years	Over 5 years
Loans from financial institutions	2,865.85	3,067.25	340.83	2,726.43
Credit limits	8,525.07	8,525.07	8,525.07
Convertible bonds	5,767.94	6,849.62		0.00
Capital loans	16,865.42	19,265.00		0.00
Other related-party loans	750.00	876.00	0.00
Lease liabilities IFRS 16	973.00	961.00	701.00	260.00
Accounts payable	864.66	864.66	864.66

31 December 2024	Balance sheet value	Cash flow	Under 1 year	1-5 years	Over 5 years
Loans from financial institutions	2,783.19	2,828.47	2,362.78	465.69
Credit limits	8,258.19	8,258.19	8,258.19
Capital loans	23,867.82	29,233.30		29,233.30
Other related-party loans	2,775.00	3,191.33		907.67
Lease liabilities IFRS 16	555.71	562.27	298.30	264.32
Accounts payable	1,124.07	1,124.07	1,124.07	0.00

Credit limits are valid until further notice.

OTHER INFORMATION

	1 Jan – 31 Dec 2024	1 Jan – 31 Dec 2023
NUMBER OF EMPLOYEES, average	123	139
Personnel at the end of the period	122	126

LIABILITIES, EUR THOUSAND
Pledges made for own obligations
Corporate mortgages	13,300.00	13,300.00

Total interest-bearing liabilities
Long-term loans from financial institutions	458.98	2,659.11
Other long-term liabilities	24,902.02	1,007.67
Short-term loans from financial institutions	2,221.92	414.39
Other short-term interest-bearing liabilities	10,657.00	31,665.62
Total	38,239.92	35,746.80

CALCULATION OF KEY FINANCIAL FIGURES

EBITDA = earnings before interest, tax, depreciation and amortisation

Diluted earnings per share = Profit for the financial period / Average number of shares, adjusted for share issues and for the effect of dilution

Earnings per share = Profit for the financial period / Average number of shares adjusted for share issues

Shareholders’ equity per share = Shareholders’ equity / Number of undiluted shares on the balance sheet date

Cash flow from operations per share (EUR) diluted = Net cash flow from operations / Average number of shares, adjusted for share issues and for the effect of dilution

Return on investment (ROI) =
(Profit before taxes + Interest expenses + Other financial expenses) /
(Balance sheet total – non-interest-bearing liabilities (average)) x 100

Return on equity (ROE) = Net income / Total shareholders’ equity (average) x 100

Gearing = interest-bearing liabilities – liquid assets / total shareholders’ equity x 100

Attachment

DIGITALIST GROUP’S FINANCIAL STATEMENT RELEASE, 1 JANUARY–31 DECEMBER 2024

The MIL Network –

February 28, 2025

MIL-Evening Report: Australia’s retirement savings are too big to invest at home – here’s why super funds are looking to the US

Source: The Conversation (Au and NZ) – By Susan Thorp, Professor of Finance, University of Sydney

Marek Masik/Shutterstock

You might remember Pesto, the king penguin chick who became a star attraction at Melbourne Aquarium last year. Good food, good genes and a safe home let Pesto grow into a huge ball of brown fluff twice the size of his parents. Pesto became a local and international celebrity.

While not cute or funny like Pesto, Australia’s financial sector gave birth to its own baby three decades ago that has since rapidly grown into a big adult – superannuation. It, too, has become internationally famous.

This week, our superannuation sector attracted the attention of US asset managers and government officials, including the new US Treasury Secretary Scott Bessent, at a summit in Washington DC.

Super industry leaders joined Treasurer Jim Chalmers and the Australian ambassador to the US, Kevin Rudd, to pitch a strengthening of ties. So, why are Australian super funds so keen to shore up support in the United States?

Read more:
Your super fund is invested in private markets. What are they and why has ASIC raised concerns?

A giant nest egg

Figures from the Australian Prudential Regulation Authority (APRA) show the total pool of superannuation assets had grown to about A$4.2 trillion by December 2024. That’s up 11.5% on the year before.

That’s about 160% of the value of all goods and services produced in Australia – the gross domestic product (GDP) – over the year to June 2024 at $2.6 trillion.

This scales to a very large pool of investable retirement money – the fifth largest in the world. Australia’s population ranks just 54th in the world.

Some of the biggest individual funds have significant assets under management. Australian Super and Australian Retirement Trust, for example, both manage more than $300 billion in retirement savings.

Looking overseas

This leads us to why the Australian super industry is securing openings in the US. Australian super funds have invested some funds overseas since their inception. But this practice is expanding quickly for two reasons.

First, the sheer size of the superannuation investment pool has largely outgrown its Australian asset base.

To illustrate, our $4.2 trillion super pool is significantly larger than the total market capitalisation of the Australian Securities Exchange (ASX), about $3.1 trillion.

Without new places to invest our super, it’s impossible to keep earning a return on it.

The second – and related – reason is the need for diversification. It makes sense to lower risk by spreading funds across industries, geographies and jurisdictions.

A scan of the aggregated asset allocation of large Australian super funds shows that around half of the funds invested in equities, property and infrastructure are currently in overseas assets.

The US accounts for about 45% of aggregate financial assets of all investors worldwide – more than US$90 trillion (A$144 trillion).

The strategy to diversify investments has paid off. The US stock market has seen some spectacular recent returns, with annual returns of more than 20% in some years. These have far outpaced those of the ASX.

Compulsory savings

Australia’s super sector has been fed by compulsory contributions (savings) and investment returns. Super has also been protected by legislation that makes participation compulsory for most workers and preserves savings until retirement.

Australia has had a system of compulsory employer superannuation contributions for workers since 1992.
DGLimages/Shutterstock

Since 1992, employers have made compulsory (superannuation guarantee) contributions on behalf of workers into superannuation accounts. The compulsory contribution has risen significantly from an initial 3% of earnings to 12% of earnings from July this year.

High coverage (well over 90% of workers), combined with rising contribution rates, has meant the amount of money flowing into superannuation accounts has grown at a remarkable compound annual rate of 14% since 1992.

Even after the superannuation guarantee rate peaks at 12% this year, growth in labour earnings, fed by workforce and productivity growth, will continue to generate substantial inflows.

Can’t touch our nest egg early

Australia’s strict rules preventing withdrawals from super are among the tightest in the world. With some exceptions for extreme hardship, members of super funds can withdraw their savings from age 60 if they retire, and from age 65 even if they have not retired.

An ageing population will mean more retirees in future decades, speeding up outflows. But so far, Australian retirees are proving to be very cautious with their nest eggs.

Along with compulsory contributions and rules on withdrawing it, investment returns have grown the super baby, at rates of 7.3% annually over the past 30 years, or about 4.4% annually above inflation.

The super sector is still smaller than its older sibling, the banking system, where assets of A$6.3 trillion are about 240% of the value of annual GDP. But super is forecast to grow to 200% of annual GDP over the next two decades.

Riskier investments

To generate these rates of return, Australian super funds have invested in a wide range of financial assets, and with a substantial exposure to high return (but riskier) assets.

In Australia, super funds invest around two-thirds
of funds in equities, property, infrastructure and commodities, and around one-third in safer bonds and cash.

That contrasts with some other pension systems, such as Japan and the UK, where a majority of funds are invested in safer assets like government bonds.

Susan Thorp is a member of UniSuper. She receives and has received research funding from the Australian Research Council, the Australian Securities and Investments Commission, the TIAA Institute (USA), IFM, and UniSuper and Cbus Superannuation funds via ARC Linkage Grants. Thorp was previously Professor of Finance and Superannuation at UTS, a position that was partly funded by Sydney Financial Forum (Colonial First State Global Asset Management), the NSW Government, the Association of Superannuation Funds of Australia (ASFA), the Industry Superannuation Network (ISN), and the Paul Woolley Centre for the Study of Capital Market Dysfunctionality, UTS. She was an Associate Investigator for the ARC Centre of Excellence in Population Ageing Research (CEPAR), and is a member of the OECD-International Network on Financial Education Research Committee, the Steering Committee of the Mercer CFA Global Pensions Index, the Australian Securities and Investments Commission (ASIC) Consultative Committee, the Board of New College (UNSW) and the Research Committee of Super Consumers Australia, a not-for-profit advocacy organisation for Australian pension plan participants.

– ref. Australia’s retirement savings are too big to invest at home – here’s why super funds are looking to the US – https://theconversation.com/australias-retirement-savings-are-too-big-to-invest-at-home-heres-why-super-funds-are-looking-to-the-us-250920

MIL OSI Analysis – EveningReport.nz –

February 28, 2025
MIL-OSI China: China’s commerce minister writes to US counterpart, calls for addressing concerns through dialogue, consultation

Source: China State Council Information Office

Commerce Minister Wang Wentao has written a letter to Jamieson Greer, the newly appointed United States Trade Representative, congratulating him on his appointment and expressing China’s concern on the U.S. tariff policy.

Since the establishment of diplomatic ties between China and the United States, economic and trade relations have seen significant progress, Wang said, adding that the two countries’ economic and trade cooperation has played a key role in driving economic growth, boosting employment, and enhancing the well-being of people in both countries.

A healthy and sound China-U.S. economic and trade relationship aligns with the common interests of both countries and meets the expectations of the international community, he said.

He said that China is willing to work with the United States to create a better business environment for enterprises in both countries, and to deliver more tangible benefits to the two peoples.

China has expressed firm opposition to the United States’ decision to impose an additional 10 percent tariff on Chinese goods on the grounds of fentanyl-related issues, and has taken corresponding countermeasures. This is a necessary move to protect China’s legitimate rights and interests, he said.

China has also noticed that it is targeted by multiple investigations under a memorandum titled “America First Trade Policy,” Wang said, adding that China hopes the United States will conduct these investigations with an objective, rational and professional attitude, while enhancing transparency throughout the process.

“It is natural for China and the United States to have differences in the economic and trade field. We should address our respective concerns through equal dialogue and consultation,” the minister said.

MIL OSI China News –

February 28, 2025
MIL-OSI China: Entrepreneurs to be provided policy support

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

China will ramp up efforts to provide more effective financial and policy support for young entrepreneurs and aspiring business owners as part of a broader push to invigorate the economy and promote higher-quality employment.

Seven central government departments, including the Ministry of Human Resources and Social Security, the Ministry of Education and the Ministry of Finance, recently issued a guideline aimed at optimizing the business environment and fostering more individual entrepreneurs and startups.

The guideline underscores the importance of cultivating entrepreneurial awareness, particularly among young people. Universities and vocational colleges are encouraged to organize innovation-related activities and competitions while integrating more entrepreneurship-focused resources into their curricula.

College graduates, migrant workers, demobilized military personnel and people having trouble finding jobs due to financial or physical difficulties will be the key beneficiaries of the government’s support. They will be provided with opportunities to gain hands-on experience at well-established companies, the guideline says.

Local authorities are encouraged to use digital tools to create entrepreneurial simulation platforms, allowing aspiring business owners to gain immersive, real-world experience in company management, marketing and commercial operations.

The guideline also calls for improved public services for entrepreneurs. Local governments can establish mentorship programs by inviting successful business leaders, investors and experts to provide guidance.

For those whose ventures fail, authorities are urged to offer assistance in labor relations and social security, as well as provide loan support for those seeking a second chance.

The government will also enhance financial support by expanding tax reductions, offering low-interest loans and providing one-time subsidies to eligible entrepreneurs.

Banks are encouraged to streamline their approval processes to facilitate financing for startups.

Additionally, China plans to promote entrepreneurship by highlighting success stories and awarding individuals who create significant employment opportunities or contribute to industrial development.

Li Chang’an, a professor at the Academy of China Open Economy Studies at the University of International Business and Economics in Beijing, said entrepreneurship plays a crucial role in easing employment pressure and generating job opportunities.

“Our surveys show that a self-employed individual can create three to five jobs, while a small private startup can generate about 10 jobs,” he said, adding that innovation and entrepreneurship have long been part of China’s national strategy to drive technological progress and economic growth.

MIL OSI China News –

February 28, 2025
MIL-OSI USA: SBA Opens Business Recovery Centers in Florida to Assist Small Businesses and Private Nonprofits Affected by Hurricanes Helene and Milton

Source: United States Small Business Administration

ATLANTA –The U.S. Small Business Administration (SBA) announced the opening of three Business Recovery Centers (BRCs) in Manatee, Sarasota and Volusia counties to assist small businesses and private nonprofit (PNP) organizations who sustained economic losses from Hurricanes Helene and Milton.

SBA customer service representatives will be on hand at the BRCs to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their application. Walk-ins are accepted, but you can schedule an in-person appointment in advance at appointment.sba.gov. The BRC’s opening dates and hours of operation are listed below.

Business Recovery Center (BRC)

Manatee County

Tingley Memorial Library

111 2nd St. N.

Bradenton Beach, FL 34217

Opening: Friday, Feb. 28, 10 a.m. to 5 p.m.

Hours: Monday – Friday, 8 a.m. to 5 p.m.

 Closed: Saturday and Sunday

Business Recovery Center (BRC)

Sarasota County

 Sanford Information Center

(Entrance on Ringling Blvd)

 111 S. Orange Avenue

Sarasota, FL 34236

 Opening: Monday, March 3, 10 a.m. to 5 p.m.

 Hours: Monday – Friday, 8 a.m. to 5 p.m.

Closed: Saturday and Sunday

Business Recovery Center (BRC)

Volusia County

UCF Business Incubator Volusia County

601 Innovation Way

Daytona Beach, FL 32114

Opening: Friday, Feb. 28, 10 a.m. to 6 p.m.

Hours: Monday – Friday, 8 a.m. to 5 p.m.

Closed: Saturday and Sunday

“SBA’s BRCs have consistently proven their value to business owners following a disaster,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “Business owners can visit these centers to meet face-to-face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.

The SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs impacted by financial losses directly related to these disasters. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

To apply online and receive additional disaster assistance information visit sba.gov/disaster. Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or send an email to disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The deadlines to return economic injury applications are June 24, 2025, for Tropical Storm Debby and June 30, 2025, for Hurricane Helene.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –

February 28, 2025
MIL-OSI USA: Lee Introduces the Saving Privacy Act for 119th Congress
US Senate News:
Source: United States Senator for Utah Mike Lee

WASHINGTON – Senator Mike Lee (R-UT) introduced the Saving Privacy Act, a bill to end government abuse of Americans’ financial information. For years, federal agencies have been overreaching in their surveillance, collecting vast amounts of personal financial data from law-abiding citizens without just cause. Senator Rick Scott (R-FL) is an original co-sponsor of the bill.

“The federal government has no business surveilling the financial activities of millions of innocent Americans,” said Senator Lee. “The current system erodes the privacy rights of citizens, while doing little to effectively catch true financial criminals. My Saving Privacy Act ensures that Americans’ personal information is protected and that government agencies operate within the bounds of the Constitution.”

“Big government has no place in law-abiding Americans’ personal finances. It is a massive overreach of the government and a gross violation of their privacy,” said Senator Rick Scott. “That is why I am teaming up with Senator Lee so that we can protect Americans’ personal financials for good. Our Saving Privacy Act will allow federal agencies to go after criminals while also protecting innocent Americans’ data. This is commonsense legislation, and I am urging my colleagues to support its immediate passage.”

“For decades, outdated banking regulations have subjected citizens to excessive financial surveillance, compelling institutions to enforce intrusive measures that directly led to the debanking of innocent Americans spending their own money. The Saving Privacy Act offers comprehensive reforms, striking a balance that restores consumer rights, establishes sensible standards for innovators while curbing illicit activities, and reinvigorates the commitment to sound consumer financial privacy. –Yaël Ossowski, Deputy Director at the Consumer Choice Center.

“Senator Lee has been an indefatigable leader in the effort to end the federal government’s mass surveillance of Americans financial lives. A precondition of liberty is the ability to go about your business without the government tracking your every move, and the Saving Privacy Act is an important step in the right direction. The Taxpayers Protection Alliance thanks Senator Lee for his hard work and commitment to preserving liberty and privacy.” –David Williams, Taxpayers Protection Alliance President

“This kind of reform restores the proper balance—as provided by the Fourth Amendment—between Americans’ privacy rights and law enforcement’s ability to gather evidence to enforce laws. It would protect individuals’ financial privacy and improve federal agencies’ abilities to prosecute criminal activity rather than sift through millions of low-value reports. This kind of reform is long overdue.” – Norbert Michel, Jennifer Schulp, and Nicholas Anthony of the Cato Institute

Government surveillance efforts have been largely ineffective, as demonstrated by the dismal success rate of suspicious activity reports (SARs) submitted to the Financial Crimes Enforcement Network (FinCEN). In FY2023, financial institutions submitted 25.4 million SARs and currency transaction reports (CTRs), yet less than 0.3% of these reports resulted in relevant IRS-CI and FBI cases.

In recent years, FinCEN and the FBI surveilled the financial transactions of individuals and solicited banks for information on purchases related to “Trump,” “MAGA,” firearms, and even religious texts. Meanwhile, the Securities and Exchange Commission (SEC) has quietly been constructing a centralized database, the Consolidated Audit Trail (CAT), designed to track every single stock market transaction and the personal information of millions of Americans without any congressional approval.

Senator Lee’s bill, the Saving Privacy Act, seeks to curb these abuses and restore Fourth Amendment protections for all Americans.

Key Provisions of the Saving Privacy Act:
- Repeals the Bank Secrecy Act’s SAR and CTR reporting requirements while maintaining recordkeeping provisions.
- Repeals the Corporate Transparency Act.
- Strengthens Fourth Amendment protections, bolstering warrant requirements in the Right to Financial Privacy Act of 1978.
- Repeals the SEC’s Consolidated Audit Trail (CAT) database.
- Requires congressional approval for any new databases that collect personally identifiable information of U.S. citizens.
- Prohibits the creation of a Central Bank Digital Currency.
- Requires congressional authorization for financial regulations deemed major rules.
- Institutes penalties for federal employees who illegally seek constitutionally protected financial information.
- Establishes a private right of action for Americans and financial institutions harmed by illicit government activity.
For bill text, click HERE.
For a two-pager, click HERE.
MIL OSI USA News –
February 28, 2025
MIL-OSI USA: Fischer Questions Expert Witnesses on Grand Theft Cargo

US Senate News:

Source: United States Senator for Nebraska Deb Fischer

Today, U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Commerce Committee, questioned expert witnesses on the importance of giving the Federal Motor Carrier Safety Administration (FMSCA) authority to enforce penalties against unauthorized brokers engaged in freight fraud.

During the hearing, Fischer questioned Chief Special Agent of the Burlington Northern and Santa Fe (BNSF) Railway Police Department Will Johnson about collaboration between local authorities and federal agencies on investigations that cross state lines.

She also asked Principal and CEO of Tanger Logistics and Double Diamond Transport Adam Blanchard and Executive Vice President of Owner-Operator Independent Drivers Association Lewie Pugh what additional tools and authorities could improve the enforcement of cargo freight fraud.

Click the image above to watch a video of Senator Fischer’s questioning

Click here to download audio

Click here to download video

Senator Fischer questions experts:

Senator Fischer: Thank you, Mr. Chairman. Thank you, Mr. Pugh and Mr. Blanchard, for referencing my bill. I appreciate you doing that. I appreciate the support for the bill. I think it’s extremely important that we get that to move. It’s the Household Goods Shipping Consumer Protection Act that I’ve introduced with Senator Duckworth, and as you know, it would allow the FMCSA to impose those civil penalties against the unauthorized brokers, and it would require companies in the household goods sector to establish a principal place of business to prohibit fraudulent companies from skirting those existing regulations. I’d like to thank you also for bringing up suggestions on what else we can do to be able to combat this.

It’s eye opening, the amount of money harm to companies, but also to consumers when we add all this together. So, thank you for that. Chief Johnson, in your testimony, you reference jurisdictional concerns that often arise when investigating cargo theft crimes, and I believe it’s particularly important that local and state law enforcement agencies have the support of the federal government when dealing with crimes that pertain to interstate commerce. In your experience, what is the relationship like between law enforcement and agencies like the FBI and the HSI when investigating cargo theft that crosses state lines?

Will Johnson: Ma’am, the short answer is they are good relationships. The challenge is not necessarily with the relationships, but the capacity of organizations to be able to balance or juggle the myriad of threats that they’re faced with. Cargo theft, historically, has not risen to the same level of attention as maybe some other competing interests have for these federal entities.

Also, it’s important to understand how those agencies prioritize the work within their AOR, or area of responsibility, and that’s largely a local decision by local executive leaderships for those agencies involved, absent some sort of national direction coming out of headquarters or the Attorney General’s office. I think for this topic, national direction either authorized by Congress for the task force that we’ve mentioned previously or prosecutorial direction coming out of the Attorney General’s Office directing all of the United States attorneys to prioritize this issue and focus resources on effective prosecutions will aid in the assistance of bringing these cases forward.

Senator Fischer: Thank you. You know, Mr. Blanchard, you spoke about your frustration in trying to just bring it to the attention of authorities—federal, state, I assume local as well that you were trying to work with. And when you mentioned some of your suggestions, I know Mr. Pugh wanted to chime in, so I’ll let you chime in now on what needs to be done. And it’s not, I don’t think it’s just throwing more money at being able to have more enforcement out there, necessarily. I think it’s also to be able to put some teeth in what we need to do here and just have more awareness.

Adam Blanchard: I’d be happy to start, Senator. And again, thank you for your support of our industry and your introduction of the Household Goods Shipping Consumer Protection Act. I think that’s certainly a great first step. As I have come to understand, Senator, is currently, to piggyback off of Chief Johnson, the current threshold that’s established by the United States Sentencing Commission for the DOJ to interdict in cargo theft cases requires the instance to be at least $1.5 million in losses. So, the average loss in a cargo case is around $200,000 today. So therefore, to reach that threshold of $1.5 million is going to require law enforcement agencies to be directed to look into the continual criminal activity of these organizations to meet that threshold—or for Congress to otherwise change that and create a new directive in order for them to start pursuing these through a unified task force, which is something that we have included in the Safeguard Our Supply Chains Act, which has not been filed. But certainly, we would appreciate any member of this committee to review that bill, and the willingness to author that would be fantastic. And that would provide the coordination between agencies and law enforcement.

And I think really, Senator, this begins with the FMCSA, and to further elaborate on Senator Young’s question earlier, in terms of the FMCSA, we have to start with them. I think to your point, Senator Fischer, throwing money at the problem, I would agree, is not the solution. I think first, we need Congress to direct FMCSA on the things that need to occur and the coordination necessary to address this very issue that we’re dealing with, they need to be able to distinguish between fraudulent businesses and legitimate businesses. DOT needs enhanced cyber capabilities and real time fraud detection tools and greater interagency collaboration with law enforcement to identify these frauds. FMCSA needs to be directed to remove fraudulent companies from the SAFER website. We rely on that heavily in order to vet companies that we work with. FMCSA needs to explicitly authorize to withhold registration from applicants who fail to provide verifications.

Also Congress, we believe, should conduct rigorous oversight of FMCSA transition to a single USDOT number, which we believe they’re going to do in the future—or considering doing without placing undue burden on legitimate carriers. And DOT should expeditiously implement the 13 recommendations issued by the Government Accountability Office to strengthen FMCSA’s national consumer complaint database.

And so those are things we believe that Congress could do without the necessity of additional funding in order to provide the coordinated effort necessary for law enforcement. Because we simply don’t have the tools, Senator, to be able to do the reverse IP searches to break through the cyber space in order to find who’s spoofing our emails. I have a very sophisticated IT director, and he’s great, but only law enforcement agencies have that capability.

Lewie Pugh: I thank you, Senator Fisher, and you and Senator Duckworth on your bill. We very much appreciate that, and glad you’re trying to do something different and to help these things. It will pay dividends if we can get it across the finish line. A couple other things is this whole national consumer complaint database. It seems to be that FMCSA needs to be directed more to do something with that. From our experience and with our members—and we tell members to send these complaints, plus many other complaints that happen to them in trucking—it seems like this is where all complaints go to die at FMCSA. Usually, they hear nothing back. Or if they get anything, it’s just “Hey, thanks for letting us know.”

Also, we’ve said for a long time, it would probably be helpful to have a different name. Most of our small business people and truckers, they don’t even realize that this is a place for them to go file a complaint because national consumer complaint database, who would think that’s a trucking complaint hotline? So that would be helpful.

We feel FMCSA probably has enough funds to do some investigating on this. It’s just to reallocate where they’re putting, because they continually say that there’s not a safety effect to this. So that’s why they don’t have to do anything with this. But we know there is because it’s putting people out of business. It’s causing people not to be able to maintain their equipment. So there’s definitely a safety thing here. Plus, you know, who knows what happens to a trucker or something happens at gunpoint or something like that.

And I would agree with my colleague here, FMCSA is the first line of defense on this—100 percent, they have all this information. They have everybody’s registrations and all that. And finally, I would say FMCSA needs to step back and take a long look of making the barrier of entry into being a motor carrier or a broker much harder, much stricter. We pretty much let people file for insurance, pay for it. We don’t know who these people are, have no idea if they even know what they’re doing—and maybe every 12 to 18 months, we audit them.

MIL OSI USA News –

February 28, 2025
MIL-OSI USA: ICYMI — On “Morning Joe,” Senator King Warns of Unconstitutional Overstep by White House

US Senate News:

Source: United States Senator for Maine Angus King

WASHINGTON, D.C. — U.S. Senator Angus King (I-Maine) today joined Morning Joe to stress the urgency of the unprecedented, unconstitutional overstep from President Trump’s Administration and Elon Musk’s Department of Government Efficiency (DOGE). During the interview — which comes in the midst of another round of reckless federal layoffs — King made clear the dangers of Congress further ceding it’s power to the President, noting that doing so is a “fundamental misunderstanding” of what is outlined in the Constitution.

You can watch the full clip on YouTube here

Senator King has been consistently sounding the alarm on President Donald Trump’s existential threat to the Constitution. At the end of January, he gave a speech on the Senate floor sharing that this administration is doing ‘exactly what the Framers [of the Constitution] most feared.” A couple weeks later, he took to the floor again to respond to the hiring freezes and firings, calling them “thoughtless and dangerous.” Senator King also previously declared that the proposal to halt all federal grant and loan disbursement was illegal and a direct assault on the Constitution. Recently, he joined 36 Senators in a letter to Secretary of State Marco Rubio, sharing the detrimental effects of the Trump Administration’s dismantling of the U.S. Agency for International Development (USAID). He also joined fellow Senate Select Committee on Intelligence (SSCI) colleagues in writing a letter to the White House about the risks to national security by allowing unvetted Department of Government Efficiency (DOGE) staff and representatives to access classified and sensitive government materials.

+++

Mika Brzezinski: “It’s been five weeks since President Trump took office for the second time, and his administration has reshaped government on everything from law and order, to the role of the free press. With that as our backdrop, our next guest took to the Senate floor last week with a message to his colleagues, ‘it’s time to wake up.’”

Sen. King: “This isn’t just a battle between the Senate and the House and the President, and they’re fighting about powers. No, the reason the framers designed our Constitution the way they did was that they were afraid of concentrated power. The responsibility of the president is to take care that the laws be faithfully executed, not write the laws, not deny the laws, not ignore the laws, not pick which laws he or she likes, but to take care that the laws are faithfully executed. That’s the responsibility of the president. And right now, those laws are being ignored. Power was divided for a reason. There’s some criticism now in the press saying people are talking about a constitutional crisis. They’re crying wolf. No, this is a constitutional crisis. It’s the most serious assault on our Constitution in the history of this country. It is the most serious assault on the very structure of our Constitution—which is designed to protect our freedoms and our liberty — in the history of this country. It is a constitutional crisis. And I’ll tell you what makes it worse. The President and the Vice President are already hinting that they’re not going to obey decisions of the courts. What’s it going to take for us to wake up? When I say us, I mean this entire body to wake up to what’s going on here? Is it going to be too late? Is it going to be when the President has accreted all this power and the congress is an afterthought? What’s it going to take? I mean, the offenses keep piling up. The President over the weekend famously quoted Napoleon, ‘when you’re saving your country, you don’t have to obey any law’. Wow. A president of the United States, quoting Napoleon about not having to obey the law.”

Mika Brzezinski: “Independent Senator Angus King of Maine, joins us now. It’s great to have you back on the show, Senator. Katty Kay has the first question for you, sir. Katty.”

Katty Kay: “Senator, I’ve known you for a long time, and you are not given to making speeches lightly like that on the floor. You choose your words carefully. Who were you talking to? Who was your audience? What were you trying to achieve when you stood up there on the Senate Floor and spoke to your colleagues?”

Sen. King: “I was trying to capture the conscience of the Republican Senators because that’s where the power is. They have a 53 vote majority in the Senate, and they can go to the White House and tell the President, ‘slow down.’ This is not the way our system is designed. They have some influence. That’s what I’m really talking about. What’s shocking to me is that we’re not standing up for the Constitution. And when the Executive, when the President cancels a whole agency created by Congress, whether it’s AID or the Consumer Finance Board or the independent agencies that were set up almost 100 years ago to protect the public as independent agencies, the Congress is not only giving its power, but as I said in the speech, we’re violating the fundamental structure of the Constitution, which was there in order to protect us. The framers were students of human nature, and they understood a very important principle. Power corrupts and absolute power corrupts absolutely. Therefore, they divided power. That’s what the constitution is all about. It divides power between the president, the congress, the courts, the states, and the federal government so that nobody would have all the power, because that inevitably leads to abuse.”

Katty Kay: “You’re an independent. You vote with Democrats, by and large, but I know you have good relationships with your Republican colleagues as well. Do you think they’re open to your message? When you have your private conversations with them? And I don’t want you to disclose names, are you hearing murmurs of disquiet?”

Sen. King: “I think, yes, I think disquiet is a good word. I think they’re uneasy. I think many of them understand what’s going on, although their public posture is, ‘well the courts will protect us, the courts will take care of us.’ Well, there are two problems with that. Number one, it’s a cop out. We’re not holding up our end of the constitutional bargain. We all take an oath when we come in to defend the Constitution, not a president or a party, but to defend the Constitution against all enemies, foreign and domestic. I think it’s fascinating that the framers had an idea there might be domestic enemies to the Constitution. So it’s our responsibility. And the other the other part about the courts is, as I mentioned in the speech, the Vice President and the President have already made noises about not obeying court orders. What happens then? That’s where I think it is our responsibility in the Congress. And again, I want to repeat this is not institutional jealousy. Although Madison in the Federalist thought institutional jealousy would protect this division of power, but he didn’t contemplate parties, that’s one of the problems. But it is not institutional jealousy. It’s the fundamental structure that keeps us free from an autocrat, from a dictator, from a monarch. These guys in 1787 had just fought a brutal seven year war against a king. They didn’t want concentrated power. They wanted it to be divided. And if Donald Trump doesn’t like AID, come to Congress and pass a bill. He’s got a majority in both houses to abolish it, but don’t do it in the middle of the night with this guy, Musk, and nobody knows who he’s working for or what his authority is. You know, we’ve got a bunch of 25 year-olds deciding to cut programs. Here’s another example from the other day. And this tells you where we are. Someone pointed out that the Ebola Prevention Program was cut in the AID cuts. Musk said, ‘oh, that was a mistake. We’re going to fix it.’ Think of the implications of that. What he’s really saying is, ‘I get to decide which programs we fund and which we don’t.’ That’s not the way our system is set up. That’s not the way this thing is supposed to work again, to protect our freedoms. People who are cheering all of this going on, boy, they’re going to have some second thoughts when the eye of Sauron turns to them.”

Katty Kay: “As it will.”

Willie Geist: “Senator, good morning. It’s great to have you on. In fact, Elon Musk just yesterday stood up in that cabinet meeting and sort of laughed off what happened with Ebola, saying, ‘we made a mistake and we fixed it.’ We reported this morning the Washington Post saying that actually hasn’t been fixed yet, and that money has not been put back where it needs to be to fight Ebola. Just one example. I’m just curious as to follow up on what Katty said about your fellow senators, Republicans and members of the House as well. Thinking of Speaker Mike Johnson, who is a constitutional lawyer, when they say — ”

Sen. King: “I wonder what constitution he’s a lawyer of”

Willie Geist: “Well, that’s a fair question. In many cases, going back to the 2020 election, forward where he helped Donald Trump with all that. But when they say, ‘look, we’re doing this because the country elected Donald Trump with a mandate. We just have to carry out what he says to do,’ that strikes a lot of people as a fundamental misunderstanding of the role of Congress and the checks and balance of our government. So what do you make of that argument that these, these men and women view their role as a rubber stamp of what Donald Trump wants, whatever it may be, and even if it violates the Constitution?”

Sen. King: “Well, I think the best answer to that is to go back to the oath that we all take. The oath isn’t to a president, it isn’t to a party, but to the Constitution itself. And the Constitution is very clear about the division of power. In fact, the Constitution, as I mentioned in the speech, doesn’t give the president all that much power. He is Commander in Chief, yes, but the fundamental responsibility of the president in the Constitution is to, quote, ‘take care that the laws be faithfully executed.’ I emphasize the word executed. That means carry forward. It doesn’t mean write the laws, create the laws, ignore which laws you like. And for a member of Congress to say, well, we’ve got to do whatever the president says is a fundamental misunderstanding and in my view, a violation of our of our oath and our obligation to the people of this country to keep intact the division of power, which is what keeps us safe.”

Mika Brzezinski: “Independent Senator Angus King of Maine. Thank you very much for coming on the show this morning.”

MIL OSI USA News –

February 28, 2025
MIL-OSI USA: Federal Court Finds Firing of Probationary Federal Employees

Source: American Federation of State, County and Municipal Employees Union

Judge Alsup calls probationary federal employees “the lifeblood of our government”

SAN FRANCISCO – Today, the U.S. District Court for the Northern District of California, presided over by Judge William H. Alsup, granted a temporary restraining order against the Office of Personnel Management (OPM) and its Acting Director, Charles Ezell, finding the termination of probationary federal employees illegal because OPM had no authority to order it. Judge Alsup said that when federal agencies fire employees for no reason, “that’s just not right in our country,” adding that we can’t “run our agencies with lies.” “The Office of Personnel Management does not have any authority whatsoever under any statute in the history of the universe to hire and fire employees at another agency,” he stated.

The judge ordered OPM to immediately notify federal agencies of the ruling, including the Department of Defense, which is poised to terminate thousands of probationary employees tomorrow.Judge Alsup further ordered the federal government to disclose by Tuesday the participants on the February 13 call that has been widely reported to have been the occasion which which OPM ordered the agencies to terminate probationary employees. He indicated that a longer written order would follow shortly on the heels of today’s ruling from the bench.

The plaintiffs had the following responses to the decision:

“This ruling by Judge Alsup is an important initial victory for patriotic Americans across this country who were illegally fired from their jobs by an agency that had no authority to do so,” said Everett Kelley, National President of the American Federation of Government Employees. “These are rank-and-file workers who joined the federal government to make a difference in their communities, only to be suddenly terminated due to this administration’s disdain for federal employees and desire to privatize their work. OPM’s direction to agencies to engage in the indiscriminate firing of federal probationary employees is illegal, plain and simple, and our union will keep fighting until we put a stop to these demoralizing and damaging attacks on our civil service once and for all.”

“We know this decision is just a first step, but it gives federal employees a respite. While they work to protect public health and safety, federal workers have faced constant harassment from unelected billionaires and anti-union extremists whose only goal is to give themselves massive tax breaks at the expense of working people. We will continue to move this case forward with our partners until federal workers are protected against these baseless terminations,” said AFSCME President Lee Saunders.

“This decision by Judge Alsup is a major win for Main Street. The mass firings of Small Business Administration employees creates uncertainty for time-strapped entrepreneurs. Chaos is the enemy and this ruling brings a little bit more peace of mind to small business owners that keep our economy going,” said Richard Trent, Executive Director for the Main Street Alliance.

“This ruling is a win for National Park Service employees who have been wrongfully fired across the country,” said Phil Francis, Chair of the Executive Council of the Coalition to Protect America’s National Parks. “NPS employees are dedicated to protecting the irreplaceable resources and stories found at over 430 units of the National Park System. Without our park rangers, our national parks – and the ability of Americans to safely visit them – are at risk. We applaud today’s ruling and we look forward to continuing the work to ensure our parks and people are protected.”

“The recent mass layoffs have disproportionately affected Veterans, leading to job losses and increased uncertainty. This ruling is a win for the Veterans who have been impacted and rely on federal employment for stability, and these cuts have disrupted their livelihoods,” said VoteVets Action Fund Chairman Major General (Ret.) Paul Eaton.

“The rule of law applies to everyone, including presidential administrations,” said Erik Molvar, Executive Director of Western Watersheds Project. “Federal land and wildlife agencies need staff to enforce environmental protection regulations and keep an eye on western public lands, so we are pleased that the courts have struck down these illegal firings.”

“This is a win for the thousands of public servants who keep our country running, for veterans and their families who rely on the Department of Veterans Affairs and other agencies, and for the millions of Americans who depend on critical government services,” said Jose Vasquez, Executive Director of Common Defense. “The court’s decision stops a blatant power grab that threatened to gut essential services, from veterans’ healthcare to disaster relief. Today, justice prevailed, but our fight continues to ensure no administration can ever again play politics with the livelihoods of those who serve our country and our communities.”

“The law is clear that OPM has no authority to order the federal agencies to fire their employees. Today’s ruling is an important first step in holding this administration accountable for these unlawful acts,” said Danielle Leonard, Altshuler Berzon, representing the plaintiffs.

“Today’s decision is an important victory for the rights of federal workers. The work done by the plaintiffs, led by public service unions along with small business, veterans, and conservation organizations, has been extraordinary and tireless,” said Norm Eisen, executive chair of State Democracy Defenders Fund. “Together, we’re going to keep holding this administration accountable whenever and wherever they try to undermine the rights of the people of the United States under the cynical guise of reform.”

MIL OSI USA News –

February 28, 2025
MIL-OSI Security: Alabama Man Sentenced to Five Years in Prison for Violating Iran Sanctions

Source: Federal Bureau of Investigation (FBI) State Crime News

BIRMINGHAM, Ala. – Ray Hunt, also known as Abdolrahman Hantoosh, Rahman Hantoosh, and Rahman Natooshas, 71, of Owens Cross Roads, Alabama, has been sentenced for violating the International Emergency Economic Powers Act. In July 2024, Hunt pleaded guilty to conspiring to export U.S.-origin goods to the Islamic Republic of Iran in violation of the U.S. trade sanctions.

According to court documents, in May 2014, Hunt registered Vega Tools, LLC with the Alabama Secretary of State, listing the nature of the business as “the purchase/resale of equipment for the energy sector.” He operated Vega Tools, including purchasing, receiving, and shipping U.S.-origin goods, from locations in Madison County, Alabama. Beginning at least as early as 2015 and continuing to the time of his arrest in November 2022, Hunt conspired with two Iranian companies located in Tehran, Iran, to illegally export U.S.-manufactured industrial equipment for use in Iran’s oil, gas, and petrochemical industries.

Hunt engaged in a series of deceptive practices to avoid detection by U.S. authorities, including using third-party transshipment companies in Turkey and the United Arab Emirates (UAE), routing payments through UAE banks, and lying to shipping companies about the value of his exports to prevent the filing of Electronic Export Information to U.S. authorities. Hunt lied to suppliers and shippers by claiming the items he purchased on behalf of the Iranian co-conspirators were destined for end-users in Turkey and UAE, while knowing the exports were ultimately destined for Iran. Hunt lied also to U.S. Customs and Border Protection officers regarding the nature and existence of his business when questioned upon his return from a March 2020 trip to Iran.

Sue Bai, head of the Justice Department’s National Security Division, U.S. Attorney Prim F. Escalona for the Northern District of Alabama, Acting Assistant Secretary for Export Enforcement John Sonderman of the Department of Commerce Bureau of Industry and Security, and Assistant Director Kevin Vorndran of the FBI’s Counterintelligence Division announced the sentence.

BIS investigated the case with valuable assistance provided by the FBI.

Assistant U.S. Attorneys Jonathan Cross and Henry Cornelius for the Northern District of Alabama and Trial Attorneys Emma Ellenrieder and Adam Barry of the National Security Division’s Counterintelligence and Export Control Section prosecuted the case.

MIL Security OSI –

February 28, 2025
MIL-OSI USA: Cantwell Statement on Mass NOAA Layoffs

US Senate News:

Source: United States Senator for Washington Maria Cantwell
02.27.25
Cantwell Statement on Mass NOAA Layoffs
WASHINGTON, D.C. – Today, the Trump Administration laid off at least 880 workers from the National Oceanic and Atmospheric Administration (NOAA). 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, issued the following statement:
“The firings jeopardize our ability to forecast and respond to extreme weather events like hurricanes, wildfires, and floods—putting communities in harm’s way. They also threaten our maritime commerce and endanger 1.7 million jobs that depend on commercial, recreational and tribal fisheries, including thousands in the State of Washington. This action is a direct hit to our economy, because NOAA’s specialized workforce provides products and services that support more than a third of the nation’s GDP.”
Last week, Sen. Cantwell sent a letter to Secretary of Commerce Howard Lutnick, calling on him to exempt the National Weather Service (NWS) from the federal hiring freeze, and protect all NOAA workers from firings “that would jeopardize the safety of the American public.”
“Without NOAA’s workforce, communities will not be prepared for the next big Nor’easter, hurricane, wildfire, or drought,” wrote Sen. Cantwell. “Ships will not be able to safely navigate through our waterways. Farmers will not have the data they need to manage their crops. NOAA’s workforce keeps people alive and provides communities with the scientific support tools to protect their families and grow their businesses. I urge you to appreciate these critical government functions and reverse the hiring freeze and refrain from mass firings of these invaluable public servants—American lives depend on it.”
Also last week, speaking in opposition to the nomination of now-Secretary Lutnick on the Senate floor, Sen. Cantwell cited his “tepid support” for NOAA as a key reason for her decision to vote against his confirmation.
“When asked for the record, ‘Should NOAA be dismantled, as called for in Project 2025?’, Mr. Lutnick would only say he’ll figure it out once he’s confirmed,” Sen. Cantwell said. “We needed a bigger commitment to NOAA. NOAA already supplies a big, important aspect of what we deal with, with weather forecasting, tracking extreme weather, hurricanes, wildfires, managing our fisheries, operating ships that conduct important charting for national security. Mr. Lutnick gave very tepid support for NOAA.”
Project 2025 calls for NOAA to be “dismantled and many of its functions eliminated,” calling it part of the “climate change alarm industry.” NOAA provides critical services to the nation including weather forecasts, extreme storm tracking and monitoring, tools to enable communities to adapt to sea level rise and climate change, supporting fisheries management, and conserving marine mammals and other protected species including salmon and orcas.
Sen. Cantwell is a champion of NOAA and helped secure $3.3 billion in NOAA investments in the Inflation Reduction Act to help communities prepare for and adapt to climate change, boost science needed to understand changing weather and climate patterns, and invest in advanced computer technologies that are critical for extreme weather prediction and emergency response. Her Fire Ready Nation Act, bipartisan legislation to strengthen NOAA’s ability to help forecast, prevent, and fight wildfires, passed the Commerce committee unanimously earlier this month and now heads to the full Senate for consideration.

MIL OSI USA News –

February 28, 2025
MIL-OSI Canada: Premier announces new Minister of Infrastructure

Source: Government of Canada regional news (2)

Minister of Infrastructure, Martin Long, at swearing-in ceremony on February 27, 2025

Martin Long, MLA for West Yellowhead, was sworn in as Minister of Infrastructure on Feb. 27. Minister Long has served as the Parliamentary Secretary for Small Business and Tourism in the former Jobs, Economy and Innovation ministry, Parliamentary Secretary for Small Business in Jobs, Economy, and Trade, and most recently as the Parliamentary Secretary for Rural Health.

“I am pleased to welcome Martin to Alberta’s cabinet. He is an extremely hard worker and I have full confidence in his ability to work with me and our cabinet colleagues to deliver on our government’s priorities, focusing on keeping our province the best place in Canada to live, work and raise a family.”

Danielle Smith, Premier

“I’m honoured to take on the role of Minister of Infrastructure. Our province is growing and it’s an exciting time to lead a ministry that will continue building infrastructure to meet the needs of Albertans today and for the future.”

Martin Long, Minister of Infrastructure

Budget 2025’s Capital Plan will invest $26.1 billion across the province over the next three years, an increase of $1.1 billion from last year. Of that amount, $2.6 billion will go toward new schools and modernization projects that are critical to meeting the needs of a growing province.

MIL OSI Canada News –

February 28, 2025
MIL-OSI United Kingdom: Intertrade UK kickstarts drive to boost trade
Source: United Kingdom – Executive Government & Departments

Press release

Intertrade UK kickstarts drive to boost trade

Boost to internal market as Intertrade UK holds its first meeting today. The new body, chaired by Baroness Foster of Aghadrumsee, was a key Safeguarding the Union commitment.
In a further move to strengthen and protect the UK internal market for businesses across the country, Intertrade UK will hold its first meeting today.

The Secretary of State for Northern Ireland Hilary Benn has today announced the five panel members of Intertrade UK who will join the Chair of Intertrade UK, The Rt Hon. the Baroness Foster of Aghadrumsee DBE.

The new body will advise on opportunities to promote and boost trade across the UK, utilising the wide-ranging expertise of its members drawn from industry and academia who are recognised leaders in their fields.

Intertrade UK will do this through promoting trade in goods and services across the UK and advising on overcoming identified barriers, considering how best businesses can take advantage of the full opportunities of the UK internal market, and conduct research and publish insights aimed at advancing domestic trade.

The first meeting of Intertrade UK will be held this morning in Enniskillen where members will formally adopt the Terms of Reference, discuss and agree a programme of work with key priorities to take forward over the next 18 months.

Speaking about today’s appointments, Secretary of State for Northern Ireland, Hilary Benn, said:

The UK internal market is vital for businesses right across the country, and the Government is committed to taking all steps to protect and strengthen it.

East West trade is essential for UK growth, and part of the success of Intertrade UK will be to ensure that people can enjoy the full benefits of the UK internal market for both goods and services.

This was an important commitment in the Safeguarding the Union command paper, and with this experienced panel of members in place, I look forward to seeing Intertrade UK play an important role in promoting UK-wide trade and economic growth.

Chair of Intertrade UK, Baroness Arlene Foster, said:

The Safeguarding the Union Command paper had strengthening the UK internal market at its core. I am very pleased that we will have our first meeting of Intertrade UK today which was set up as a consequence of that Command paper so we can take this important work forward.

The panel members which have been appointed by the Secretary of State for Northern Ireland have a wealth of experience on trade in and out of Northern Ireland and we will immediately get to work looking at challenges which have been identified and if and how these can be practically resolved.

The establishment of Intertrade UK represents another significant step in delivering on the commitments set out in the Safeguarding the Union Command Paper and a key asset in delivery of this Government’s Growth Mission.

Notes to editors

Intertrade UK full panel members:

The Rt Hon. the Baroness Foster of Aghadrumsee DBE – Chair of Intertrade UK

Dr Esmond Birnie – Senior Economist, Ulster University

Kirsty McManus – Northern Ireland Director, Institute of Directors

Suzanne Wylie – Chief Executive Officer, Northern Ireland Chamber of Commerce

Roger Pollen – Head of Federation of Small Businesses Northern Ireland

Angela McGowan – Director for Northern Ireland, Confederation of British Industry

The Terms of Reference will be formally adopted during the meeting.

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Published 28 February 2025
MIL OSI United Kingdom –
February 28, 2025
MIL-OSI USA: As tariffs loom, Republicans block Senator Coons’ bill on Senate floor that would prevent President Trump from unilaterally imposing tariffs on allies

US Senate News:

Source: United States Senator for Delaware Christopher Coons
WASHINGTON – U.S. Senator Chris Coons (D-Del.) went to the Senate floor today to ask for unanimous consent to pass his Stopping Tariffs on Allies and Bolstering Legislative Exercise of (STABLE) Trade Policy Act. The legislation, co-led with Senator Tim Kaine (D-Va.), would prevent any president from imposing tariffs on U.S. allies and free trade partners without congressional approval.
The STABLE Trade Policy Act would institute a requirement of congressional approval before a president could impose new tariffs on U.S. allies and free trade agreement partners. Currently, the president can impose tariffs on any nation using authorities that Congress created to combat national security risks and address international emergencies. President Trump has used these authorities to impose 25% tariffs on Mexico and Canada, which were set to go into place on February 1 and then delayed by a month. They are now expected to be implemented this coming week.
In addition to the tariffs on Mexico and Canada, President Trump has also claimed he will impose “reciprocal” tariffs on the European Union and additional tariffs on all imports of steel, aluminum, microchips, pharmaceuticals and automobiles. Further rounds of tariffs against Mexico and Canada are also possible. Immediate passage of the STABLE Trade Policy Act would prevent President Trump from implementing these subsequent tariffs without congressional approval.
“These tariffs will be disastrous for our economy and our national security,” Senator Coons said on the Senate floor. “These tariffs will cost the average American household about $1,200 a year. They’ll raise costs for avocados and appliances, diesel fuel and dog toys, car parts and Christmas tree lights, tomatoes and tequila––I could go on.”
Senator Coons said that even if Trump delays the tariffs at the last minute, the uncertainty still raises costs for businesses and consumers. He emphasized that imposing tariffs on our closest allies and free trade partners will only weaken U.S. global standing and make our allies less likely to stand with us in the future.
“These tariffs, if imposed, will make inflation worse and hit the lowest income Americans the hardest. They will impact American businesses, American families, and American communities,” said Senator Coons. “So, I hope that working together with my friends and colleagues here in the Senate, we can find ways to lower costs on pharmaceuticals and automobiles and microchips––but sparking tariff wars in our region and around the world is not the way to do that.”
U.S. Senator Mike Crapo (R-Idaho) objected.
A video and transcript of Senator Coons’ comments are available below.
WATCH HERE.
Senator Coons: Mr. President, I rise today to seek unanimous consent for my STABLE Trade Policy Act with Senator Kaine––an act that would prevent any president from imposing tariffs on a U.S. ally or free trade agreement partner without congressional consent. I’ll make that motion in just a moment, but let me first just explain what this is and why I’m doing it. Next week, President Trump has announced plans to impose 25% tariffs on products coming into the United States from Mexico and Canada––our number one and number two trading partners. These tariffs will be disastrous for our economy and our national security. These tariffs will cost the average American household about $1,200 a year. They’ll raise costs for avocados and appliances, diesel fuel and dog toys, car parts and Christmas tree lights, tomatoes and tequila––I could go on.
Our economies are so closely integrated––the United States, Canada and Mexico–– that it will increase the cost of a GM pickup truck about $10,000, and even if these tariffs at the last minute are delayed, businesses are hurt by the uncertainty, which continues to increase costs. President Trump plans to follow those tariffs with reciprocal tariffs on the EU, which includes many of our critical NATO allies and closest partners. Imposing tariffs on our allies and partners diminishes our standing in the world and makes our neighbors less likely to help us in the future.
It’s no surprise that Americans think this is a terrible idea. Barely a quarter of Americans think imposing tariffs on Canada are a good idea. More than double that disapprove. President Trump has already declared an economic emergency to justify imposing these tariffs on Mexico and Canada, but my bill with Senator Kaine would prevent him from abusing long established national security authorities to follow through on further tariff threats against our allies and FTA partners.
The U.S. Constitution and the Commerce Clause – Article I, Section Eight – gives Congress jurisdiction over trade policy, and it’s time that we took ownership back, controlling the ability to impose tariffs willy-nilly on our trusted partners and allies by passing this bill and reining in President Trump’s costly and damaging ideas. And so, Mr. President, I ask unanimous consent that the Committee on Finance be discharged from further consideration of Senate Bill 348, and the Senate proceed to its immediate consideration, that the bill be considered [to be] read a third time and passed, and that the motion to reconsider be made and laid upon the table.
…
Senator Coons: Mr. President, I understand that Senator Crapo, the Chairman of the Finance Committee, a supporter of President Trump, has blocked this bill today, and I hope to find ways to work with him on improving market access and on elevating the quality and the capabilities of U.S. trade engagement with our partners. But I really don’t understand why President Trump seems so intent on harming one of his signature accomplishments––the USMCA. I’m disappointed because Congress gave the president authority to impose tariffs in the event of a national security crisis, Congress did not grant this power to pursue petty grudges against trusted neighbors. Honestly, how can anyone be angry at Canadians? They are the nicest people in the world, and yet here they are, working with us, pleading with us to not impose ruinous tariffs that would harm their economy and ours.
I’ll briefly then just make again a few simple points. I’m disappointed that President Trump isn’t doing more to reduce costs. He was elected in no small part because of high inflation and promised it would come down on day one. These tariffs, if imposed, will make inflation worse and hit the lowest income Americans the hardest. It will impact American business, American families, and American communities.
So, I hope that working together with my friends and colleagues here in the Senate, we can find ways to lower costs on pharmaceuticals and automobiles and microchips, but imposing reciprocal tariffs on trusted friends and allies,sparking tariffs wars in our region and around the world, is not the way to do that. Two-thirds of Americans already think that President Trump isn’t doing enough to lower costs. Blocking this bill will only accelerate that, if President Trump continues to act unwisely and bully and threaten our closest and most trusted partners. We must find a better way forward together.

MIL OSI USA News –

February 28, 2025

MIL-OSI: Brookfield Corporation Announces Pricing of $500 Million Notes Due 2055

Source: GlobeNewswire (MIL-OSI)

BROOKFIELD, NEWS, Feb. 27, 2025 (GLOBE NEWSWIRE) — Brookfield Corporation (“Brookfield”) (NYSE: BN, TSX: BN) today announced the pricing of a public offering of $500 million principal amount of senior notes due 2055 (the “notes”), which will bear interest at a rate of 5.813% per annum.

The notes will be issued by Brookfield Finance Inc., an indirect 100% owned subsidiary of Brookfield, and will be fully and unconditionally guaranteed by Brookfield. The net proceeds from the sale of the notes will be used for general corporate purposes. The offering is expected to close on March 3, 2025, subject to the satisfaction of customary closing conditions.

The notes are being offered under Brookfield and the issuer’s existing base shelf prospectus filed in the United States and Canada. In the United States, the notes are being offered pursuant to an effective registration statement on Form F-10 filed by Brookfield and the issuer with the U.S. Securities and Exchange Commission (File No. 333-279601). The offering is being made only by means of a prospectus supplement relating to the offering of the notes. You may obtain these documents for free on EDGAR at www.sec.gov/edgar or on SEDAR+ at www.sedarplus.ca. Before you invest, you should read these documents and other public filings by Brookfield for more complete information about Brookfield and this offering.

Alternatively, copies can be obtained from:

Deutsche Bank Securities Inc. 1 Columbus Circle New York, NY 10019 Attn.: Prospectus Group Telephone: 1-800-503-4611 Email: prospectus.CPDG@db.com	SMBC Nikko Securities America, Inc. 277 Park Avenue New York, NY 10172 Attn: Debt Capital Markets Telephone: 1-212-224-5135 Email: prospectus@smbcnikko-si.com

This news release does not constitute an offer to sell or the solicitation of an offer to buy the notes described herein, nor shall there be any sale of these notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The notes being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the base shelf prospectus or the prospectus supplement.

About Brookfield Corporation

Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Alternative Asset Management, Wealth Solutions, and our Operating Businesses which are in renewable power, infrastructure, business and industrial services, and real estate.

We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).

For more information, please contact:

Media:	Investor Relations:
Kerrie McHugh	Katie Battaglia
Tel: (212) 618-3469	Tel: (212) 776-2252
Email: kerrie.mchugh@brookfield.com	Email: katie.battaglia@brookfield.com

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions and which are in turn based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may” and “should” and similar expressions. In particular, the forward-looking statements contained in this news release include statements referring to the offering, the use of proceeds from the offering and the expected closing date of the offering.

Although Brookfield believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, certain factors, risks and uncertainties, which are described from time to time in our documents filed with the securities regulators in Canada and the United States, not presently known to Brookfield, or that Brookfield currently believes are not material, could cause actual results to differ materially from those contemplated or implied by forward-looking statements.

Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release. Except as required by law, Brookfield undertakes no obligation to publicly update or revise any forward-looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.

The MIL Network –

February 28, 2025

MIL-OSI USA: Senators Marshall and Fischer Introduce the Nationwide Consumer and Fuel Retailer Choice Act of 2025

US Senate News:

Source: United States Senator for Kansas Roger Marshall
Washington, DC – U.S. Senators Roger Marshall, M.D. (R-Kansas) and Deb Fischer (R-Nebraska) introduced the Nationwide Consumer and Fuel Retailer Choice Act of 2025, which would allow the year-round, nationwide sale of E15, a gasoline blend that contains 15% ethanol.
Increasing the availability of biofuels like E15 would benefit the economy by lowering fuel prices and providing certainty in fuel markets for farmers and consumers. This legislation is the only permanent, nationwide solution to fulfilling President Donald Trump’s mandate for energy independence and rolling back years of burdensome regulations.
“America’s biofuels industry provides consumers with a carbon-reducing fuel option at the gas pump. This bipartisan legislation ensures E15 can be sold at gas stations year-round and guarantees farmers will continue to make the world cleaner, safer, and better for years to come,” said Senator Marshall.
“It’s time to once and for all solidify President Trump’s pledge to allow the sale of year-round E15—giving America’s producers and consumers the certainty they deserve. My bill will put an end to years of patchwork regulations and finally make nationwide, year-round E15 a reality. I look forward to working with my colleagues in the House and the Senate, as well as with President Trump, to get this bill signed into law,” said Senator Fischer.
Joining Senators Marshall and Fischer are Majority Leader John Thune (R-South Dakota) and Senators Tammy Duckworth (D-Illinois), Shelley Moore Capito (R-West Virginia), Amy Klobuchar (D-Minnesota), Pete Ricketts (R-Nebraska), Dick Durbin (D-Illinois), Jerry Moran (R-Kansas), Chuck Grassley (R-Iowa), Tammy Baldwin (D-Wisconsin), Joni Ernst (R-Iowa), Tina Smith (D-Minnesota), and Mike Rounds (R-South Dakota).
U.S. Representatives Adrian Smith (R-Nebraska-03) and Angie Craig (D-Minnesota-02) introduced the companion legislation in the House.
This legislation is supported by American Petroleum Institute, Renewable Fuels Association, Growth Energy, National Corn Growers Association, National Farmer Union, and National Association of Convenience Stores.
Click HERE to read the bill text.
Background:
Under President Biden, there were restrictions on sales of E15 gasoline in summer months due to alleged environmental concerns.
Last month, President Trump took steps to make E15 available year-round through his Executive Order Declaring a National Energy Emergency.
This legislation would make President Trump’s executive order permanent.
Senator Marshall has been a leader on this issue in the Senate, fighting for the U.S. Treasury Department to restrict the eligibility of the 45Z Tax Credit to renewable fuels made only from domestically sourced feedstocks, like Kansas soybean oil and corn oil.
Read more about Senator Marshall’s leadership on this issue below:

MIL OSI USA News –

February 28, 2025
MIL-OSI: U.S. Health Systems See Margin Declines to Start the Year While Hospital Margins Grow, According to Two New Strata Reports

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Feb. 27, 2025 (GLOBE NEWSWIRE) — Operating margins for the nation’s health systems narrowed in January after climbing to a five-month high to end 2024. The median year-to-date health system operating margin was 1.0% for the month, down from 2.1% in December. It is the lowest health system operating margins have been in more than a year, after holding at 1.5% or above throughout 2024 following years of volatility.

At the same time, the nation’s hospitals saw margins and revenues strengthen entering the new year, continuing trends seen in 2024, according to two new reports from Strata Decision Technology. The Monthly Healthcare Industry Financial Benchmarks report features a snapshot of the latest hospital performance data from January, and the quarterly Strata Performance Trends report provides a retrospective look at hospital and health system performance last year.

“Health systems across the country had a shaky start to 2025,” said Steve Wasson, Strata’s Chief Data & Intelligence Officer. “While health system operating margins largely stabilized in 2024 after the turbulence of the pandemic, they remained uncomfortably thin. We saw encouraging trends with gross revenue growth outpacing expense increases last year. These and other positive performance trends will need to continue in 2025 for health systems to build a stronger foundation for margin growth.”

For the nation’s hospitals, analysis of operating margin changes over time showed some improvement in January. The median change in hospital operating margin increased 1.9 percentage points from January 2024 to January 2025. Hospital revenues showed promising performance, with January marking the 21st consecutive month of year-over-year (YOY) increases in gross operating, inpatient, and outpatient revenues. Outpatient revenue increases continued to outpace inpatient revenue growth. Outpatient revenue jumped 9.2% YOY, while inpatient revenue increased 6.7% and gross operating revenue was up 8.3% YOY.

Median gross revenue growth outpaced expense growth throughout 2024 for both hospitals and health systems. From 2023 to 2024, gross operating revenue rose 9.0% for the U.S. health systems and 7.5% for U.S. hospitals. By comparison, health system total expense was up 6.4% and hospital total expense increased 5.4% over the same period.

Labor expenses continued to climb in 2024 and in the first month of 2025, despite lower contract labor costs, as organizations focused on initiatives to retain employed staff. Total health system labor expense increased 5.7% and total hospital labor expense increased 4.2% for all of 2024 versus 2023. For the month of January 2025 versus January 2024, total hospital labor expense was up 4.0%.

Total hospital non-labor expenses showed the highest growth rates in January compared to other expense categories. For January 2025 versus January 2024, total non-labor expense rose 5.6%, supply expense jumped 6.8%, and drugs expense was up 6.2%. Looking back at 2024, non-labor expense growth outpaced labor expense increases for the year, with total non-labor expense up 5.8% from 2023 to 2024 versus the 4.2% increase in total labor expense previously mentioned.

Contract labor expense was the only expense category to decline in 2024, and those decreases were significant. From 2023 to 2024, contract labor expense dropped 22.7% for health systems and 37.5% for hospitals. These trends illustrate that organizations have successfully scaled back use of contract labor, which spiked during the pandemic due to widespread labor shortages and increased patient demand.

About the Data
The report uses data from Strata’s StrataSphere^® and Comparative Analytics database. Comparative Analytics offers access to near real-time data drawn from more than 135,000 physicians from over 10,000 practices and 139 specialty categories, and from 500+ unique departments across more than 1,600 hospitals. Comparative Analytics also provides data and comparisons specific to a single organization for visibility into how their market is evolving. StrataSphere is a unique and comprehensive data-sharing platform that helps providers leverage the power of a network that represents approximately 25% of all provider spend in U.S. healthcare. This report incorporates data from more than 600 hospitals with StrataJazz^® Decision Support.

About Strata Decision Technology
Strata Decision Technology provides a cloud-based platform for software and service solutions to help organizations better analyze, plan, and perform in support of their missions. With the combination of Syntellis Performance Solutions’ Axiom solutions, more than 2,300 organizations rely on Strata to provide their financial analytics, planning, and performance solutions. Strata has been named the market leader for Business Decision Support for 18 consecutive years. By uniting these two industry leaders, Strata continues to deliver market-leading solutions and world-class service, with an increased focus on accelerating innovation. For more information, please go to www.stratadecision.com.

Syntellis Social Networks
LinkedIn: Strata Decision Technology
Media contact:
Sally Brown, Inkhouse
strata@inkhouse.com

The MIL Network –

February 28, 2025
MIL-OSI USA: Cantwell, Democrats Vote NO on Advancing Deputy DOT Nominee Bradbury: “It Simply Does Not Matter If You’re Saving Dollars, If You’re Not Saving Lives”
US Senate News:
Source: United States Senator for Washington Maria Cantwell

02.27.25

Cantwell, Democrats Vote NO on Advancing Deputy DOT Nominee Bradbury: “It Simply Does Not Matter If You’re Saving Dollars, If You’re Not Saving Lives”

As DOT General Counsel from 2017-2021, Bradbury helped sideline a crucial safety regulation for plane manufacturers in immediate aftermath of fatal crashes

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, led committee Democrats in voting against advancing Steven Bradbury – President Donald Trump’s pick to serve as Deputy Secretary of the U.S. Department of Transportation – to the full Senate for a confirmation vote.

From 2017 to 2021, Bradbury served as the General Counsel of DOT. Under his leadership, Sen. Cantwell said, the DOT rolled back multiple “common sense requirements.”

“It simply does not matter if you’re saving dollars, if you’re not saving lives. The last thing we need is someone who won’t stand up to the industry or [for] aviation safety needs,” Sen. Cantwell said. “Fatigue prevention requirements for truck drivers were loosened. A record number of rail safety requirements were waived. And most troubling, a proposed rule on Safety Management System for aviation manufacturers such as Boeing was sidelined.”

The Committee on Commerce, Science, and Transportation ultimately voted 15-13 to advance Bradbury’s nomination to the full Senate. In spite of Bradbury’s record of rolling back and blocking safety regulations during the first Trump administration, all Republicans voted to advance his nomination.

Last week, during a committee hearing, Sen. Cantwell pressed Bradbury on his decision to sideline a proposed requirement that plane manufacturers must adopt a mandatory Safety Management System (SMS), which an expert panel determined would decrease the likelihood of another fatal accident. His decision came just nine days after the fatal Lion Air flight 610 crash in 2018 on a Boeing 737 MAX, which killed 189 people, and halted the introduction of a critical aviation safety rule advocated for by crash victim family members.

Sen. Cantwell asked him at the hearing: “We know that the rule was halted nine days after the MAX crash. Why did you stop the rulemaking from happening?”

Bradbury: “Well, I don’t know that I stopped it.”

Sen. Cantwell: “That’s what’s reported in the paper, and I mentioned the FAA person, who was in charge of the process, who said the industry and everybody wanted to move forward, and it was submitted, and then next thing you know, it’s pulled, so…”

Bradbury: “Well, certainly we go through a review of every regulation, and as I recall, in that regulation, there were questions on the merits about which entities it should apply to and how it might apply to small businesses or small entities. Those are the kinds of questions that need to be addressed whenever you’re –“

Sen. Cantwell: “So you’re saying you might have killed the SMS rule because you didn’t want it to apply to all manufacturers.”

Bradbury: “I wouldn’t say I killed the SMS rule. And let me say –”

Sen Cantwell: “We still don’t have one. Our committee has worked hard to get one, and now it’s going to be in law. But I have more questions about this. But yes, you did stop it from happening. There was a recommendation to move forward on it, and your office stopped it.”

Earlier this month, Sen. Cantwell also sent a letter to Secretary of Transportation Sean Duffy calling on him to ensure that Elon Musk stays out of the Federal Aviation Administration (FAA), citing Musk’s clear conflicts of interest.

In August, Sen. Cantwell introduced the FAA SMS Compliance Review Act. The bill directs the Federal Aviation Administration (FAA) to:
- Convene an independent review panel that will make recommendations to help the FAA implement a robust, comprehensive Safety Management System across all lines of business at the agency, which includes Aviation Safety, Air Traffic Organization, Airports, Security & Hazardous Materials Safety, and the Office of Commercial Space Transportation.
- Develop and implement effective processes for performing root cause analyses to identify opportunities for improvement in the FAA’s execution of its regulatory oversight responsibilities.
- Revise its procedures to shorten the time that manufacturers have to prepare for audits from 50 days to one week.
Following the Alaska Airlines flight 1282 incident in January 2024, Sen. Cantwell has held a series of aviation safety hearings, along with leading legislation and letters calling for stronger safety oversight at the FAA.

In January 2023 and January 2024, Sen. Cantwell requested that FAA perform a special technical audit of Boeing’s production line. The FAA later said the audit found multiple instances where Boeing and Spirit AeroSystems failed to comply with manufacturing quality control requirements.

Sen. Cantwell held an April hearing to review the independent Organization Designation Authorization (ODA) Expert Review Panel’s final report, a March 2024 hearing with National Transportation Safety Board (NTSB) Chair Jennifer Homendy on its investigation of the January incident and a June hearing with FAA Administrator Michael Whitaker on the agency’s oversight.

In May, Sen. Cantwell and Sen. Duckworth led the passage of the FAA Reauthorization Act of 2024, which includes new measures to improve aviation safety, such as putting more safety inspectors on factory floors, addressing the nation’s shortage of air traffic controllers, deploying new runway technology to prevent close calls, mandating new 25-hour cockpit recording systems to assist in investigations, and enhancing aircraft certification reforms.

The FAA Reauthorization Act builds upon the Aircraft Certification, Safety and Accountability Act of 2020, spearheaded by Sen. Cantwell in the aftermath of the Boeing 737 Max crashes in 2018 and 2019.

Video of Sen. Cantwell’s remarks today is HERE; a transcript is HERE.
MIL OSI USA News –
February 28, 2025
MIL-OSI USA: Budd, Scott, Kelly Introduce Strategic Ports Reporting Act

US Senate News:

Source: United States Senator Ted Budd (R-North Carolina)

Washington, D.C. — Today, Senators Ted Budd (R-NC), Rick Scott (R-FL), and Mark Kelly (D-AZ) introduced the Strategic Ports Reporting Act, which requires the Secretary of State and the Secretary of Defense to monitor efforts by the People’s Republic of China (PRC) to build, buy, or own strategic ports around the world.

Specifically, this bill requires the development of a map of foreign and domestic ports of importance to the United States for military, diplomatic, economic, or resource exploration purposes and to identify efforts by the PRC to build, buy, or otherwise control such ports.

This bill would also require the Secretary of State and Secretary of Defense to conduct a study on activities and plans of the PRC as it relates to strategic ports to include an assessment of vulnerabilities of ports operated and controlled by the United States and a strategy to secure trusted investment and ownership of strategic ports.

The House companion bill is led by Representatives Bill Huizenga (R-MI), Rob Wittman (R-VA), Jake Auchincloss (D-MA), and Johnny Olszewski (D-MD).

Senator Budd said in a statement:

“In January, the Senate Commerce Committee held a hearing on PRC influence on the Panama Canal and potential impacts to U.S. national security. This hearing highlighted China’s increasing malign activities around the world and efforts to control global trade. The United States must face this reality head on, and the first step is comprehensive monitoring of PRC activities at domestic and foreign ports that threaten our national interest.”

Senator Scott said:

“The Chinese Communist Party’s increasing influence over global trade routes and strategic infrastructure poses a direct threat to the United States’ national security and economic stability. From the Panama Canal to ports across the world, Communist China is working to grow its economic and military presence to threaten and undermine American interests. The United States must respond decisively and accordingly to eliminate any influence or access Communist China has to the critical infrastructure of the U.S. and its allies that may be used against us. The Strategic Ports Reporting Act is a crucial step to safeguarding critical ports and securing our supply chains, and protecting our national security.”

Senator Kelly said:

“China’s growing influence over the oceans can have serious consequences for our national security and economy. That’s why we need the State and Defense Departments to protect our strategic ports from China’s interference. This bipartisan bill will strengthen our global maritime leadership.”

Congressman Huizenga said:

“The Chinese Communist Party continues to advance economic and military objectives that undermine the security of the United States. The expansionist policies and strategic investments being pursued by the Chinese Communist Party near the Panama Canal, across the Western Hemisphere, and around the globe are challenges that Republicans and Democrats must confront together in order to put American interests first. The Strategic Ports Reporting Act creates a bipartisan opportunity to not only evaluate these growing concerns but counter them as well.”

Congressman Wittman said:

“China’s Belt and Road Initiative is spreading Chinese money and influence around the world, while degrading our ability to operate in strategic ports necessary for commercial and military purposes. It is crucial for the Departments of State and Defense to identify ways in which the Chinese Communist Party is expanding its maritime reach while providing recommendations for how the United States can counter those efforts and secure access to essential ports and infrastructure. I’m proud to join my colleagues in this bipartisan effort and look forward to championing it over the finish line.”

Congressman Auchincloss said:

“Control over ports is a pathway to global power. For millennia, these linchpins of trade and military might have been vital strategic assets. The United States must not allow China the upper hand.”

Congressman Olszewski said:

“China’s growing control over global ports threatens our national security and economic stability here at home. The Strategic Ports Reporting Act will ensure the U.S. has the necessary tools to monitor and counter this Chinese influence, protecting supply chains and our global standing. I’m proud to join Congressman Huizenga in co-leading this bipartisan effort to safeguard our ports and boost our economy.”

MIL OSI USA News –

February 28, 2025

Category: Commerce

Inflation

Income and consumption

Economic growth and labour market

Housing and credit access

Notes

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A giant nest egg

Looking overseas

Compulsory savings

Can’t touch our nest egg early

Riskier investments

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Notes to editors

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Updates to this page

Cantwell, Democrats Vote NO on Advancing Deputy DOT Nominee Bradbury: “It Simply Does Not Matter If You’re Saving Dollars, If You’re Not Saving Lives”

As DOT General Counsel from 2017-2021, Bradbury helped sideline a crucial safety regulation for plane manufacturers in immediate aftermath of fatal crashes

10,000 FPOs Achieved under Government’s Flagship Scheme

A Step Towards Atmnirbhar Krishi