Category: Economy

  • MIL-OSI USA: Tuberville Continues Advocating to Make Daylight Saving Time Permanent

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)
    “It’s time for America to move forward and stop falling back.”
    WASHINGTON – As Americans prepare to “spring forward” this weekend,U.S. Senator Tommy Tuberville (R-AL) spoke on the floor about the many benefits of making Daylight Saving Time (DST) permanent at the federal level. Sen. Tuberville has helped introduce the Sunshine Protection Act in the 117th, 118th, and 119th congresses.
    Nineteen states—including Alabama—have passed legislation to make DST permanent, but it must first be made permanent at the federal level.
    Read Sen. Tuberville’s remarks below or on YouTube or Rumble.

    “Well, it’s that time again. I think I’ve given this speech three or four times in the last few years.
    This weekend, all of America and my constituents back in Alabama will spring forward to Daylight Saving Time. And I’m working very hard to make this hopefully, possibly the last time that we move our clocks. I recently joined my colleague, Senator Rick Scott, to reintroduce, for the third time, the Sunshine Protection Act to make Daylight Saving Time permanent, at the federal level.
    Out of all the legislative efforts that I’ve been part of in my four years here in Congress, the thing I hear about the most from my people in Alabama is their desire to lock the clock. Daylight Saving Time should be a thing of the past—because it literally is a thing of the past. 
    First, introduced as a temporary measure during World War I, Daylight Saving Time was originally called, ‘Wartime.’ And it was a way to help conserve fuel during a very different time in this country. Following the end of World War I, in 1918, [the] Standard Time Act was enacted that discontinued Daylight Saving Time nationally, but individual states continued to spring forward and fall back.
    Then during World War II, there was a renewed federal push for full-time Daylight Saving Time, which then was repealed in 1945. Finally, in 1966, Congress passed legislation to establish national standards for Daylight Saving Time.
    All of this to say, changes to our clock might have made sense when it first began many, many years ago. For one, the American workforce culture and lifestyles are vastly different than they were a hundred years ago. Plus, disruptive time change can have serious consequences on human health. Studies have suggested that the disruption of sleep patterns due to the time changes increases the risk of cardiovascular diseases and physical injuries. Northwestern Medicine found that the fallback and the spring forward are connected to a 6% spike in fatal car accidents and a 24% higher risk of heart attacks. […] Additionally, the long-term health effects linked to Daylight Saving Time include weight gain, cluster headaches, and depression. The time switch in the fall increases Seasonal Affective Disorder every single year. And a study published in 2017 found that the transition from Daylight Saving Time to Standard Time increase the number of hospital visits for depression by 11%. 
    By making Daylight Saving Time permanent, Americans would enjoy more sunshine in the evenings. This is so important for many Americans who may not get a chance to get outside during the day. It would allow hard working Americans to go on a run after work or enable dads to play with their kids outdoors, neighbors grill and do things together outside. What a thought? Many studies have proven that extra sunlight in the evening can lead to improvements in mental health, physical fitness, economic growth, and well-being. 
    As a founding member of the Senate MAHA Caucus, I am very passionate about helping make Americans healthy again. An important part of this is making sure people get enough sleep and more sunlight. Did you know that Vitamin D from the sun is linked to preventing many diseases including cancer? It’s true, and many Americans don’t get nearly enough of Vitamin D, especially those who work at desk jobs and are inside for most of the day, and that has increased since the invention of what we call the computer. Locking the clock is an important first step to helping Americans live healthier lives. It’s a simple way we could positively impact the day-to-day life of all Americans. Our farmers are also greatly affected by Daylight Saving Time as additional sunshine during working hours means more time to work in the fields, which could translate into a more profitable bottom line for anybody that raises a crop. All you know, I’m all about helping our great farmers.
    More daylight in the evening could also decrease expensive energy consumption on farms by reducing the need for artificial lighting and heating. Back in the 1970s, we had an energy crisis. And we kept Daylight Saving Time because it saved millions and millions of gallons of fuel. Experts believe that the time change twice a year costs the U.S. economy more than 434 million dollars in lost productivity annually.
    It’s clear the evidence points to one conclusion, make Daylight Saving Time permanent. Nineteen states, including my state of Alabama, have already voted on past legislation to make Daylight Saving Time permanent. They just need Congress, which means us, to vote for it. If we vote for it, it changes, and we’d never have to move the clock again.
    President Trump has also expressed support for locking the clock. Congress should listen to the people and pass the Sunshine Protection Act to make Daylight Saving Time permanent. The change would improve our health, strengthen our economy and benefit our farmers. This is a no brainer.
    It’s time for America to move forward and stop falling back. I’m looking forward to working with my Senate colleagues to get it completely across the finish line, to lock the clock once and for all.”
    MORE:
    Tuberville Continues Leading Effort to Make Daylight Savings Time Permanent in the Senate
    Tuberville: “Daylight Saving Time should be a thing of the past.”
    Tuberville Continues Push to Make Daylight Saving Time Permanent
    Tuberville: Let’s Make Daylight Saving Time Permanent
    Tuberville Urges Congress to Make Daylight Saving Time Permanent
    Tuberville Continues Push to Make Daylight Saving Time Permanent
    Tuberville: Daylight Saving Time Bill Passes Senate 
    Tuberville Pushes to Make Daylight Saving Time Permanent 
    Tuberville Joins Push to Permanently Adopt Daylight Saving Time
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

    MIL OSI USA News

  • MIL-OSI: Orezone Gold Files Final Short Form Prospectus in Connection With C$35 Million Bought Deal

    Source: GlobeNewswire (MIL-OSI)

    Final Short Form Prospectus is accessible on SEDAR+

    NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

    VANCOUVER, British Columbia, March 07, 2025 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (the “Company” or “Orezone”) is pleased to announce that, further to its press release dated February 23, 2025 in respect of its bought deal offering of common shares of the Company (the “Common Shares”), it has filed a final short form prospectus dated March 7, 2025 (the “Final Prospectus”) with the securities commissions in all provinces of Canada, except Quebec, and has obtained a receipt therefor.

    The Final Prospectus qualifies the distribution of 42,683,000 Common Shares at a price of C$0.82 per Common Share (the “Offering Price”) for aggregate gross proceeds of C$35,000,060 and up to an additional 6,402,450 Common Shares at the Offering Price issuable upon exercise of the over-allotment option granted to the underwriter, all as more fully described in the Final Prospectus (the “Offering”). Closing of the Offering is expected on or about March 13, 2025, and is subject to customary closing conditions and regulatory approval, including final approval of the Toronto Stock Exchange.

    Access to the Final Prospectus and any amendment is provided in accordance with securities legislation relating to procedures for providing access to a short form prospectus and any amendment. The Final Prospectus is accessible under the Company’s profile on SEDAR+ at www.sedarplus.ca. An electronic or paper copy of the Final Prospectus and any amendment may be obtained, without charge, from Canaccord Genuity Corp. by email at ecm@cgf.com by providing the contact with an email address or address, as applicable. Prospective investors should read the Final Prospectus in its entirety before making an investment decision.

    The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities in the United States, nor in any other jurisdiction in which such offer, solicitation or sale would be unlawful. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

    About Orezone Gold Corporation

    Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focused on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets and M&A.

    The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

    Contact Information

    Patrick Downey
    President and Chief Executive Officer

    Kevin MacKenzie
    Vice President, Corporate Development and Investor Relations

    Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
    info@orezone.com / www.orezone.com

    For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”).  Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur.  Forward-looking statements in this press release include, but are not limited to closing of the Offering, and regulatory and TSX approval thereof.

    All such forward-looking statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances.

    All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, delays caused by pandemics, terrorist or other violent attacks (including cyber security attacks), the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management discussion and analysis filed on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking statements.

    Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

    The MIL Network

  • MIL-OSI: Spartan Capital Securities, LLC Announces Key February Transactions

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, March 07, 2025 (GLOBE NEWSWIRE) — Spartan Capital Securities, LLC, a full-service investment banking firm, is pleased to announce a series of strategic transactions completed in February 2025, reinforcing its position as a trusted financial partner for companies across diverse industries.

    Spartan Capital successfully served as the sole placement agent for Lipella Pharmaceuticals Inc. (Nasdaq: LIPO) in a $3.788 million private placement. This financing represents an important milestone in Lipella’s efforts to advance its clinical pipeline and address significant unmet medical needs under the leadership of CEO Dr. Jonathan Kaufman.

    The firm also played a key role as Co-Placement Agent in Healthcare Triangle, Inc.’s (Nasdaq: HCTI) $15.2 million private placement, securing $14.2 million of the total offering. The proceeds will support Healthcare Triangle’s strategic acquisitions, general corporate purposes, and working capital needs, enabling the company to further its mission of driving digital transformation in healthcare and life sciences through cloud enablement, cybersecurity, and data analytics.

    “These transactions highlight Spartan Capital’s ability to deliver meaningful results for our clients,” said John Lowry, CEO of Spartan Capital Securities, LLC. “We take pride in our role as a trusted partner, helping companies secure the capital they need to fuel innovation, execute strategic growth initiatives, and drive long-term success. Our investment banking team remains committed to delivering exceptional service and tailored financial solutions across diverse industries.”

    Spartan Capital extends its gratitude to Sichenzia Ross Ference Carmel LLP for their expert legal representation of Spartan Capital in the Lipella Pharmaceuticals transaction and Sullivan & Worcester LLP for representing Lipella Pharmaceuticals. Additionally, we appreciate the contributions of RBW Capital Partners LLC (a division of Dawson James Securities, Inc.), Sichenzia Ross Ference Carmel LLP, and Manatt, Phelps & Phillips, LLP in the Healthcare Triangle placement.

    These February transactions exemplify Spartan Capital Securities’ ongoing commitment to providing impactful investment banking solutions. With a deep understanding of market dynamics and a focus on delivering strategic financial solutions, Spartan Capital remains dedicated to supporting clients in achieving their long-term goals.

    As we continue into 2025, Spartan Capital is excited about the opportunities ahead and remains committed to delivering excellence in investment banking.

    About Spartan Capital Securities, LLC

    Spartan Capital Securities, LLC is a full-service, integrated financial services firm providing strategic investment banking solutions to high-net-worth individuals and institutions. With deep market expertise and a steadfast commitment to client success, Spartan Capital continues to set the standard for excellence in the financial industry.

    Contact:
    Spartan Capital Securities, LLC
    45 Broadway, 19th Floor
    New York, NY 10006
    investmentbanking@spartancapital.com

    The MIL Network

  • MIL-OSI: Constellation Software Inc. Announces Results for the Fourth Quarter and Year Ended December 31, 2024 and Declares Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 07, 2025 (GLOBE NEWSWIRE) — Constellation Software Inc. (TSX:CSU) (“Constellation” or the “Company”) today announced its financial results for the fourth quarter and year ended December 31, 2024 and declared a $1.00 per share dividend payable on April 15, 2025 to all common shareholders of record at close of business on March 28, 2025. This dividend has been designated as an eligible dividend for the purposes of the Income Tax Act (Canada). Please note that all dollar amounts referred to in this press release are in U.S. Dollars unless otherwise stated.

    The following press release should be read in conjunction with the Company’s annual Consolidated Financial Statements, prepared in accordance with IFRS Accounting Standards (“IFRS”) and our annual Management’s Discussion and Analysis for the year ended December 31, 2024, which can be found on SEDAR+ at www.sedarplus.com and on the Company’s website www.csisoftware.com. Additional information about the Company is also available on SEDAR+ at www.sedarplus.com.

    Q4 2024 Headlines:

    • Revenue grew 16% (1% organic growth, 2% after adjusting for changes in foreign exchange rates) to $2,703 million compared to $2,323 million in Q4 2023.
    • Net income attributable to common shareholders increased 102% to $285 million ($13.44 on a diluted per share basis) from $141 million ($6.65 on a diluted per share basis) in Q4 2023.
    • A number of acquisitions were completed for aggregate cash consideration of $475 million (which includes acquired cash). Deferred payments associated with these acquisitions have an estimated value of $144 million resulting in total consideration of $620 million.
    • Cash flows from operations (“CFO”) was $678 million, an increase of 33%, or $167 million, compared to $511 million for the comparable period in 2023.
    • Free cash flow available to shareholders1 (“FCFA2S”) was $482 million, an increase of 48%, or $157 million compared to $325 million for the comparable period in 2023.

    2024 Headlines:

    • Revenue grew 20% (2% organic growth, 2% after adjusting for changes in foreign exchange rates) to $10,066 million compared to $8,407 million in 2023.
    • Net income attributable to common shareholders increased 29% to $731 million ($34.48 on a diluted per share basis) from $565 million ($26.67 on a diluted per share basis) in 2023.
    • A number of acquisitions were completed for total consideration of $1,792 million including holdbacks and contingent consideration.
    • Cash flows from operations (“CFO”) was $2,196 million, an increase of 23%, or $417 million, compared to $1,779 million for the comparable period in 2023.
    • Free cash flow available to shareholders (“FCFA2S”) was $1,472 million, an increase of 27%, or $312 million, compared to $1,160 million for the comparable period in 2023.

    Total revenue for the quarter ended December 31, 2024 was $2,703 million, an increase of 16%, or $380 million, compared to $2,323 million for the comparable period in 2023. For the year ended December 31, 2024 total revenues were $10,066 million, an increase of 20%, or $1,660 million, compared to $8,407 million for the comparable period in 2023. The increase for both the three and twelve month periods compared to the same periods in the prior year is primarily attributable to growth from acquisitions as the Company experienced organic growth of 1% and 2% respectively, 2% for both periods after adjusting for the impact of changes in the valuation of the US dollar against most major currencies in which the Company transacts business. Organic growth is not a standardized financial measure and might not be comparable to measures disclosed by other issuers.

    Net income attributable to common shareholders of CSI for the quarter ended December 31, 2024 was $285 million compared to $141 million for the same period in 2023. On a per share basis this translated into a net income per diluted share of $13.44 in the quarter ended December 31, 2024 compared to net income per diluted share of $6.65 for the same period in 2023. For the year ended December 31, 2024, net income attributable to common shareholders of CSI was $731 million or $34.48 per diluted share compared to $565 million or $26.67 per diluted share for the same period in 2023.

    For the quarter ended December 31, 2024, CFO increased $167 million to $678 million compared to $511 million for the same period in 2023 representing an increase of 33%. For the year ended December 31, 2024, CFO increased $417 million to $2,196 million compared to $1,779 million during the same period in 2023, representing an increase of 23%.

    For the quarter ended December 31, 2024, FCFA2S increased $157 million to $482 million compared to $325 million for the same period in 2023 representing an increase of 48%. For the year ended December 31, 2024, FCFA2S increased $312 million to $1,472 million compared to $1,160 million for the same period in 2023 representing an increase of 27%.

    Forward Looking Statements
    Certain statements herein may be “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Constellation or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Constellation assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.

    Non-IFRS Measures
    Free cash flow available to shareholders ‘‘FCFA2S’’ refers to net cash flows from operating activities less interest paid on lease obligations, interest paid on debt, debt transaction costs, payments of lease obligations, the IRGA / TSS membership liability revaluation charge, and property and equipment purchased, and includes interest and dividends received, and the proceeds from sale of interest rate caps. The portion of this amount applicable to non-controlling interests is then deducted. We believe that FCFA2S is useful supplemental information as it provides an indication of the uncommitted cash flow that is available to shareholders if we do not make any acquisitions, or investments, and do not repay any debts. While we could use the FCFA2S to pay dividends or repurchase shares, our objective is to invest all of our FCFA2S in acquisitions which meet our hurdle rate.

    FCFA2S is not a recognized measure under IFRS and, accordingly, readers are cautioned that FCFA2S should not be construed as an alternative to net cash flows from operating activities.

    The following table reconciles FCFA2S to net cash flows from operating activities:

          Three months ended
    December 31,
          Year ended
    December 31,
       
          2024     2023         2024     2023      
        ($ in millions)   ($ in millions)  
                           
    Net cash flows from operating activities     678     511         2,196     1,779      
    Adjusted for:                      
    Interest paid on lease obligations     (4 )   (3 )       (14 )   (11 )    
    Interest paid on debt     (37 )   (37 )       (178 )   (133 )    
    Proceeds from sale of interest rate cap                     5      
    Debt transaction costs     (3 )   (2 )       (16 )   (5 )    
    Payments of lease obligations     (29 )   (31 )       (118 )   (109 )    
    IRGA / TSS membership liability revaluation charge     (61 )   (58 )       (183 )   (152 )    
    Property and equipment purchased     (25 )   (13 )       (67 )   (42 )    
    Interest and dividends received     9     2         33     3      
                           
          527     369         1,653     1,333      
    Less amount attributable to                      
    Non-controlling interests     (45 )   (44 )       (180 )   (173 )    
                           
    Free cash flow available to shareholders     482     325         1,472     1,160      
                           
    Due to rounding, certain totals may not foot.                      
                           

    About Constellation Software Inc.

    Constellation’s common shares are listed on the Toronto Stock Exchange under the symbol “CSU”. Constellation acquires, manages and builds vertical market software businesses.

    For further information:

    Jamal Baksh
    Chief Financial Officer
    (416) 861-9677
    info@csisoftware.com
    www.csisoftware.com

    SOURCE: CONSTELLATION SOFTWARE INC.

     
    CONSTELLATION SOFTWARE INC.
    Consolidated Statements of Financial Position
    (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.)
             
             
            December 31, 2024     December 31, 2023  
             
    Assets    
             
    Current assets:    
      Cash $ 1,980   $ 1,284  
      Accounts receivable   1,292     1,138  
      Unbilled revenue   369     325  
      Inventories   56     51  
      Other assets   597     541  
            4,294     3,339  
             
    Non-current assets:    
      Property and equipment   223     142  
      Right of use assets   328     312  
      Deferred income taxes   219     108  
      Other assets   329     286  
      Intangible assets   7,470     6,675  
            8,569     7,523  
             
    Total assets $ 12,863   $ 10,862  
             
    Liabilities and Shareholders’ Equity    
             
    Current liabilities:    
      Debt with recourse to Constellation Software Inc. $ 303   $ 861  
      Debt without recourse to Constellation Software Inc.   319     225  
      Redeemable preferred securities       814  
      Accounts payable and accrued liabilities   1,589     1,427  
      Dividends payable   21     21  
      Deferred revenue   1,967     1,757  
      Provisions   22     9  
      Acquisition holdback payables   225     168  
      Lease obligations   115     112  
      Income taxes payable   111     89  
            4,672     5,483  
             
    Non-current liabilities:    
      Debt with recourse to Constellation Software Inc.   1,855     863  
      Debt without recourse to Constellation Software Inc.   1,689     1,385  
      Deferred income taxes   673     604  
      Acquisition holdback payables   134     88  
      Lease obligations   252     236  
      Other liabilities   300     242  
            4,903     3,418  
             
    Total liabilities   9,575     8,901  
             
             
    Shareholders’ equity:    
      Capital stock   99     99  
      Accumulated other comprehensive income (loss)   (224 )   (99 )
      Retained earnings   2,919     1,876  
      Non-controlling interests   493     85  
            3,288     1,961  
             
             
             
    Total liabilities and shareholders’ equity $ 12,863   $ 10,862  
             
     
    CONSTELLATION SOFTWARE INC.
    Consolidated Statements of Income (loss)
    (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.)  
             
           
             
        Years ended December 31,  
          2024     2023    
             
             
    Revenue      
    License $ 393   $ 386    
    Professional services   1,975     1,766    
    Hardware and other   302     268    
    Maintenance and other recurring   7,396     5,985    
          10,066     8,407    
             
    Expenses      
    Staff   5,322     4,493    
    Hardware   169     158    
    Third party license, maintenance and professional services   960     810    
    Occupancy   64     51    
    Travel, telecommunications, supplies, software and equipment   502     398    
    Professional fees   178     151    
    Other, net   182     138    
    Depreciation   182     162    
    Amortization of intangible assets   1,044     859    
          8,602     7,219    
             
             
    Foreign exchange loss (gain)   (26 )   43    
    IRGA/TSS Membership liability revaluation charge   183     152    
    Finance and other expense (income)   (60 )   (34 )  
    Bargain purchase gain   (10 )   (54 )  
    Impairment of intangible and other non-financial assets   28     26    
    Redeemable preferred securities expense (income)   58     597    
    Finance costs   280     192    
          452     922    
             
    Income (loss) before income taxes   1,011     265    
             
    Current income tax expense (recovery)   525     370    
    Deferred income tax expense (recovery)   (281 )   (166 )  
    Income tax expense (recovery)   244     204    
             
    Net income (loss)   767     62    
             
    Net income (loss) attributable to:      
    Common shareholders of Constellation Software Inc.   731     565    
    Non-controlling interests   37     (503 )  
    Net income (loss)   767     62    
             
    Earnings per common share of Constellation Software Inc.      
      Basic and diluted $ 34.48   $ 26.67    
             
             
    CONSTELLATION SOFTWARE INC.
    Consolidated Statements of Comprehensive Income (loss)
    (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.)
             
             
             
      Years ended December 31,  
        2024       2023    
             
    Net income (loss) $ 767     $ 62    
             
    Items that are or may be reclassified subsequently to net income (loss):        
             
    Foreign currency translation differences from foreign operations and other, net of tax   (135 )     51    
             
    Other comprehensive income (loss), net of income tax   (135 )     51    
             
    Total comprehensive income (loss) $ 633     $ 113    
             
    Total other comprehensive income (loss) attributable to:        
    Common shareholders of Constellation Software Inc.   (119 )     38    
    Non-controlling interests   (16 )     13    
    Total other comprehensive income (loss) $ (135 )   $ 51    
             
    Total comprehensive income (loss) attributable to:        
    Common shareholders of Constellation Software Inc.   612       603    
    Non-controlling interests   21       (490 )  
    Total comprehensive income (loss) $ 633     $ 113    
             
                 
    CONSTELLATION SOFTWARE INC.
    Consolidated Statement of Changes in Equity
    (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.)
                     
                     
    Year ended December 31, 2024
          Equity Attributable to Common Shareholders of CSI    
          Capital
    stock
    Accumulated
    other
    comprehensive
    income (loss)
    Retained
    earnings
    Total Non-controlling
    interests
    Total equity
                     
    Balance at January 1, 2024 $ 99 $ (99 ) $ 1,876   $ 1,877   $ 85   $ 1,961  
                     
    Total comprehensive income (loss):            
                     
    Net income (loss)         731     731     37     767  
                     
    Other comprehensive income (loss)            
                     
    Foreign currency translation differences from            
      foreign operations and other, net of tax     (119 )       (119 )   (16 )   (135 )
                     
                 
    Total other comprehensive income (loss)     (119 )       (119 )   (16 )   (135 )
                     
    Total comprehensive income (loss)     (119 )   731     612     21     633  
                     
    Transactions with owners, recorded directly in equity            
                     
    Non-controlling interests arising from business combinations                 (0 )   (0 )
                     
    Conversion of Lumine Special Shares to subordinate voting shares of Lumine and settlement of accrued dividend on Lumine Special Shares through the issuance of subordinate voting shares of Lumine                 872     872  
                     
    Conversion of Lumine Preferred Shares to subordinate voting shares of Lumine and settlement of accrued dividend on Lumine Preferred Shares through the issuance of subordinate voting shares of Lumine     (6 )   400     394     (394 )    
                     
    Other movements in non-controlling interests         (2 )   (2 )   (2 )   (4 )
                     
    Dividends paid to non-controlling interests                 (89 )   (89 )
                     
    Dividends to shareholders of the Company         (85 )   (85 )       (85 )
                     
    Balance at December 31, 2024 $ 99 $ (224 ) $ 2,919   $ 2,795   $ 493   $ 3,288  
                     
                   
    CONSTELLATION SOFTWARE INC.              
    Consolidated Statement of Changes in Equity          
    (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.)  
                       
                       
    Year ended December 31, 2023              
                       
          Equity Attributable to Common Shareholders of CSI      
          Capital
    stock
    Accumulated
    other
    comprehensive
    income (loss)
    Retained
    earnings
    Total Non-controlling
    interests
    Total equity  
                       
    Balance at January 1, 2023 $ 99 $ (150 ) $ 1,763   $ 1,713   $ 221   $ 1,933    
                       
    Total comprehensive income (loss):              
                       
    Net income (loss)         565     565     (503 )   62    
                       
    Other comprehensive income (loss)              
                       
    Foreign currency translation differences from              
      foreign operations and other, net of tax     38         38     13     51    
                       
    Total other comprehensive income (loss)     38         38     13     51    
                       
    Total comprehensive income (loss)     38     565     603     (490 )   113    
                       
    Transactions with owners, recorded directly in equity              
                       
    Special dividend of Lumine Subordinate Voting Shares     12     (378 )   (366 )   366        
                       
    Non-controlling interests arising from business combinations           2     2    
                       
    Acquisition of non-controlling interests                 (2 )   (2 )  
                       
    Conversion of Lumine Special Shares to subordinate voting shares of Lumine                 5     5    
                       
    Other movements in non-controlling interests     0     15     15     (17 )   (2 )  
                       
    Other distributions and movements in equity     2     (4 )   (3 )       (3 )  
                       
      Dividends to shareholders of the Company (note 17)         (85 )   (85 )       (85 )  
                       
    Balance at December 31, 2023 $ 99 $ (99 ) $ 1,876   $ 1,877   $ 85   $ 1,961    
                       
             
    CONSTELLATION SOFTWARE INC.
    Consolidated Statements of Cash Flows
    (In millions of U.S. dollars, except per share amounts. Due to rounding, numbers presented may not foot.)  
                 
                 
                 
          Years ended December 31,  
            2024       2023    
                 
    Cash flows from (used in) operating activities:        
      Net income (loss) $ 767     $ 62    
      Adjustments for:        
        Depreciation   182       162    
        Amortization of intangible assets   1,044       859    
        IRGA/TSS Membership liability revaluation charge   183       152    
        Finance and other expense (income)   (60 )     (34 )  
        Bargain purchase (gain)   (10 )     (54 )  
        Impairment of intangible and other non-financial assets   28       26    
        Redeemable preferred securities expense (income)   58       597    
        Finance costs   280       192    
        Income tax expense (recovery)   244       204    
        Foreign exchange loss (gain)   (26 )     43    
        Depreciation of third party costs   12          
      Change in non-cash operating assets and liabilities        
        exclusive of effects of business combinations   (45 )     (36 )  
      Income taxes paid   (460 )     (394 )  
      Net cash flows from (used in) operating activities   2,196       1,779    
                 
    Cash flows from (used in) financing activities:        
      Interest paid on lease obligations   (14 )     (11 )  
      Interest paid on debt   (178 )     (133 )  
      Proceeds from sale of interest rate cap         5    
      Increase (decrease) in CSI facility   (578 )     256    
      Increase (decrease) in Topicus revolving credit debt facility without recourse to CSI   73       27    
      Proceeds from issuance of debentures         209    
      Proceeds from issuance of Senior Notes   1,000          
      Proceeds from issuance of debt facilities without recourse to CSI   381       447    
      Repayments of debt facilities without recourse to CSI   (149 )     (282 )  
      Other financing activities   (25 )     (1 )  
      Dividends paid to non-controlling interests   (89 )        
      Debt transaction costs   (16 )     (5 )  
      Payments of lease obligations, net of sublease receipts   (118 )     (109 )  
      Distribution to the Joday Group   (64 )        
      Principal repayments to the Joday Group pursuant to the Call Notice   (22 )        
      Dividends paid to common shareholders of the Company   (85 )     (85 )  
      Net cash flows from (used in) in financing activities   114       316    
                 
    Cash flows from (used in) investing activities:        
      Acquisition of businesses   (1,347 )     (1,609 )  
      Cash obtained with acquired businesses   164       152    
      Post-acquisition settlement payments, net of receipts   (336 )     (238 )  
      Purchases of investments and other assets   (8 )     (23 )  
      Proceeds from sales of other investments and other assets   7       119    
      Decrease (increase) in restricted cash   (14 )     (2 )  
      Interest, dividends and other proceeds received   33       4    
      Property and equipment purchased   (67 )     (42 )  
      Net cash flows from (used in) investing activities   (1,567 )     (1,639 )  
                 
    Effect of foreign currency on        
      cash   (48 )     17    
                 
    Increase (decrease) in cash   696       473    
                 
    Cash, beginning of period $ 1,284     $ 811    
                 
    Cash, end of period $ 1,980     $ 1,284    
                 

    The MIL Network

  • MIL-OSI Submissions: East Europe – Startup Moldova Summit 2025: The Biggest Startup & Investment Event in Moldova

    Source: Startup Moldova

    Chișinău, Moldova – March 06, 2025 –The Startup Moldova Summit is the country’s premier and most highly anticipated event, serving as the largest gathering for the startup ecosystem and business innovation. Unique in its scale, it attracts a diverse mix of international and local participants, startup founders, investors and industry leaders, offering a platform to showcase Moldova’s entrepreneurial and innovation potential.

    This year, the Startup Moldova Summit, now in its 5th edition, is expanding to twice the scale of last year, anticipating over 800 in-person attendees, 10,000+ online participants, and speakers from over 30 countries who will present on two dedicated stages. Over 50 investors and VC funds will be present for high-quality matchmaking and networking with startups.

    Startup Moldova Summit 2025 will focus on three key pillars essential for startup success: Talent, Scaling, and Investment. Attendees will have access to:

    Keynote Speeches, Presentations & Panel Discussions: Insights from top international investors, entrepreneurs, and industry leaders.
    Masterclasses & Practical Workshops: Practical sessions on fundraising, product development, scaling, and market expansion delivered by industry experts from around the world.
    Reverse Pitching Sessions: Investors will take the stage to pitch their offers to startups, giving founders a unique opportunity to align with investors expectations.
    Matchmaking & Networking: Facilitated B2B meetings between startups, investors, government and corporate partners.
    Post-Event Party: An informal gathering of top ecosystem players to combine business and wine tasting.

    For the first time, the Summit will host the Startup World Cup regional competition in Moldova. The founders will pitch their startups to local and foreign investors, and the winner will represent Moldova at the global Startup World Cup event in San Francisco later this year, competing for a $1,000,000 prize.

    Startup Moldova Summit 2025 is the must-attend event for:

    Entrepreneurs – looking to scale their businesses and attract investments.
    Investors – seeking the next big opportunity in Moldova’s emerging tech ecosystem.
    Corporate leaders – looking to stay ahead of innovation trend and connect with the next generation of disruptive startups.
    Tech and startup enthusiasts eager to gain insights from industry leaders, expand their networks, and be part of Moldova’s growing innovation movement

    Summit’s speakers lineup:  

    Fonz Morris, Design Lead, Global Conversion & Monetization at Netflix
    Sasha Vidiborskiy, Partner at Atomico
    Vasile Tofan, Senior Partner at Horizon Capital
    Marius Ghenea, Managing Partner at Catalyst Romania, Board Director at SeedBlink, ex-Jury at Arena Leilor
    Marius Istrate, Chairman of the Board at TechAngels Romania, ex-CPO at UiPAth
    Ashot Arzumanyan, Partner at SmartGateVC
    Irina Misca, Investment Manager at Fortech Investments

    About Startup Ecosystem in Moldova:

    Despite being a relatively young, with most startups still in the pre-seed and seed stages, 80% have already expanded beyond Moldova, successfully operating in regional and global markets. While no specific vertical dominates just yet, we’re seeing growing clusters in HealthTech, FinTech, MarTech, and EdTech.

    In 2024, Moldovan startups in our ecosystem generated over $40 million in revenue, created over 1,000 new jobs, with teams averaging just over nine members. 17% of startup co-founders are women. Moldovan startups raised over $44.5 million in investments over the last several years, out of which  $7.9 million —double the amount raised in 2023, was raised in 2024 by 30 startups. Most startups that secured investments in 2024 have raised multiple rounds, with a median of 2 rounds per startup.

    Top Performers 2024:

    NodeShift: a cloud service provider that enables companies to create and run safe applications on a budget – raised $3.2 million
    Greeno: a tool that offers accurate agronomic, financial, and sustainability insights for any specific field or farm – raised $1.325 million
    Fagura: a P2P platform for individuals and SMEs who borrow from and lend to each other – raised $1.1 million
    Aspect Health: a digital health platform dedicated to improving women’s metabolic health through innovative technology and lifestyle interventions – raised $1 million

    About Startup Moldova:

    Startup Moldova, the organiser of the summit, is a private foundation established in 2021, governed by a board of independent members from the IT, startup, and investment community. As the leading organization supporting Moldova’s startup ecosystem, Startup Moldova is committed to fostering innovation, entrepreneurship, and digital transformation. The Foundation actively engages with over 250 startups, tracking their progress in this database, and providing them with necessary expertise, funding, international exposure and other opportunities they need to thrive and contribute to the economic growth and prosperity of our nation.

    Although Moldova is one of the smallest countries in Europe, it is home to some of the most ambitious, innovative, and entrepreneurial individuals. The startup ecosystem of Moldova is rapidly growing, fueled by visionary founders and strong community support.

    The development of Moldova’s startup ecosystem began over 14 years ago. The Startup Moldova Summit has always been an integral part of this journey, initially organized within the ICT Moldova Summit. Five years ago, in response to the expanding startup community, the Startup Moldova Summit became an independent event organized by Startup Moldova in collaboration with key ecosystem partners: Moldova Innovation Technology Park, Dreamups, Technovator, XY Partners, Yep! Moldova, ATIC, Mozaic, and BAM.

    Startup Moldova Summit 2025 is organised with support from EU4Innovation East project, implemented by Expertise France, funded by the European Union and co-funded by the French Government. The event is also supported by Ukraine-Moldova American Enterprise Fund.

    Save your spot:

     Location: Chișinău, Moldova / Mediacor

     More details & registration: https://summit2025.startupmoldova.digital

    MIL OSI – Submitted News

  • MIL-OSI Economics: African Development Bank Group’s AFAWA initiative takes stage at Élysée Palace International Women’s Day event

    Source: African Development Bank Group
    The African Development Bank Group is showcasing its transformation of Africa’s financial sector to provide Africa’s women entrepreneurs billions of U.S. dollars to grow their businesses at an event organized by French President Emmanuel Macron ahead of International Women’s Day.

    MIL OSI Economics

  • MIL-OSI USA: Murphy: Six Weeks In, This White House Is On Its Way To Being The Most Corrupt In U.S. History

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    [embedded content]

    WASHINGTON—U.S. Senator Chris Murphy (D-Conn.) on Thursday spoke on the U.S. Senate floor to expose the unprecedented corruption of the Trump administration’s first six weeks in office. Murphy condemned Trump’s normalization of pay-to-play politics, where billionaire donors dictate policy and taxpayer money is funneled into the pockets of the president, Elon Musk, and the corporate elite.

    “In the first six weeks of the Trump presidency, Trump and Elon Musk and their billionaire friends have engaged in a stunning rampage of open public corruption,” Murphy said. “It’s not fundamentally different than what happened in Russia. These are efforts to steal from the American people to enrich themselves. And their strategy is to do it all out in the open, to do it at such a dizzying pace that the country just gets overwhelmed or anesthetized or dulled into a sense that we just all have to accept the corruption – or, maybe more charitably, that this is just how government works, that government is just corrupt, and so the fact that it’s happening out in the open instead of happening secretly, well, it’s really nothing new.”

    Murphy laid out more than 20 examples of blatant corruption from just the first six weeks of the Trump presidency, including:

    1. The launch of Trump’s meme coin, enabling anyone seeking to influence the administration to privately funnel money directly to the president.
    2. The gutting and manipulation of watchdog agencies like the NLRB, CFPB, and OSHA to benefit Elon Musk, the billionaires in Trump’s cabinet, and other elites.
    3. The Eric Adams quid pro quo and the weaponization of the DOJ to reinforce a system of political retribution and favoritism.
    4. The use of government contracts and stock deals to reward Trump’s allies, enriching them through taxpayer-funded opportunities and further consolidating political power.

    “This is how democracies die,” Murphy continued. “Democracies die when the very powerful people steal from us so regularly, so openly, so unapologetically, that we come to believe that it’s normal. And listen, I understand that many Americans may think that all of this stuff just used to happen quietly, and the only difference is that Trump and Musk are just putting it all out in the open. And I’m not saying that there haven’t been instances of corruption. Democrats and Republicans in this body have been accused of, and convicted of, acts of corruption. It has been a fact of life in American politics for a long time. But never before has the corruption happened this openly or this frequently. And so I lay it all out for you this afternoon in the hopes that it is not too late for us to decide to stand up, as a body and as a nation, to say that this isn’t okay.”

    He concluded: “The Trump meme coin is not okay. It’s not okay for people who have interest before the federal government to be able to anonymously funnel money to the president of the United States. It’s not okay for Elon Musk to have access to Department of Labor enforcement data, against him or his competitors, that nobody else gets access to. It’s not okay to just cancel contracts that were going to Musk’s competitors and substitute in his own business, just because he has the ability to do it as a friend of Donald Trump. The rule of law matters. Doing things by the rules matter. This level of corruption was not occurring behind the scenes prior. It is not just that the cover got pulled off of it all. And it’s our decision, as a body and as a country, to decide not to normalize this scale of corruption.”

    A full transcript of his remarks can be found below:

    MURPHY: “Mr. President, I’m a big Boston Red Sox fan. One of the most famous players in Red Sox recent history is Manny Ramirez. Manny Ramirez was a good baseball player, but he had a habit of doing some pretty ridiculous things on the field and off the field that were really detrimental to the team, some really bizarre on-field behavior – cutting off throws from other outfielders before they got to the infield – bizarre off-the-field behavior that disrupted the team. It became so regular that a phrase was adopted among the Red Sox fans: ‘That’s just Manny being Manny.’ Over the years it just was accepted that every year Manny Ramirez was going to do a whole bunch of stuff that was really detrimental to the team. And over time, it just kind of became accepted, that that was a fact of life, a way of life with Manny Ramirez. And as time went on, people reacted less hostilely. It barely got noticed in some cases when he was engaged in these detrimental forms of conduct. 

    “And I tell that story because it stands for kind of a universal concept: when bad behavior gets normalized, it no longer feels like bad behavior. Even if that behavior is hurting people. Today, the world is littered with corrupt governments, governments where the leaders and the really rich men who surround the leaders – the oligarchs – steal from people. That’s what they do, the leaders and the leaders’ friends just keep a hand constantly in the government treasury and they steal taxpayer dollars. They rig the rules of the economy in order to make themselves fabulously rich. They hurt the citizens of those countries. 

    “Vladimir Putin, for instance, has never had a job outside of government, but he’s reportedly worth $200 billion. One of his many houses cost $1.4 billion to build, supposedly the landscaping costs on an annual basis for that house are $2 million alone. That $1.4 billion house was paid for by money he stole from the Russian treasury. In other words, he stole it from the Russian people. Putin and his friends have been doing it for so long and doing it so openly and brazenly – Putin, for instance, wears a watch that retails for half a million dollars, even though his official salary is only $140,000. They’ve been doing this so openly and brazenly, they’re so public in their corruption in Russia, that it’s just accepted. It’s just mainstream, the fact that Putin and his cronies steal from the Russian people. 

    “That’s what’s happening in America today. And it’s heartbreaking for me to say this, but in the first six weeks of the Trump presidency, Trump and Elon Musk and their billionaire friends have engaged in a stunning rampage of open public corruption. It’s not fundamentally different than what happened in Russia. These are efforts to steal from the American people to enrich themselves. And their strategy is to do it all out in the open, to do it at such a dizzying pace that the country just gets overwhelmed or anesthetized or dulled into a sense that we just all have to accept the corruption – or, maybe more charitably, that this is just how government works, that government is just corrupt, and so the fact that it’s happening out in the open instead of happening secretly, well, it’s really nothing new. 

    “But this is not how government works. The things that have happened over the last six weeks are unprecedented. The president and his billionaire friends are not supposed to steal from us. They are not supposed to use their power and their access to power – their access to government levers – to rig the rules to enrich themselves. That has always been wrong. It is still wrong. And we do not have to accept this. 

    “And so in the next few minutes, I want to try out an exercise. I want to try to lay out for you as quickly as I can just some of the most significant instances of blatantly corrupt activity that’s happened in just the first six weeks of Trump’s presidency. When you see it all together, there is no way to avoid a simple conclusion. This White House is on its way to being the most corrupt in the history of the country. And just because they are doing it out in the open for everybody to see doesn’t mean that it’s not corrupt. 

    “My hope is that if you see it all in one place, the gravity of this moment may hit you. My hope is that my colleagues and the public choose not to normalize a president or his advisors using the Oval Office as a blunt mechanism to make themselves even wealthier. It is our decision – our decision – to have zero tolerance for corruption. It’s also our decision to just decide to become a place like Russia where our leaders are allowed to routinely steal from us. 

    “This is a heartbreakingly long list. This is just 20 or so examples of corrupt behavior in the first six weeks of the Trump presidency. So here it goes. We’re going to start on January 17. 

    “On January 17, Trump launches the meme coin. This is maybe the most corrupt of all of the acts, because what is the meme coin? The meme coin is essentially a mechanism by which Russian oligarchs or corporate CEO’s can literally send money privately directly to Donald Trump. Nobody knows who buys the meme coin, but Trump makes money when people buy it. And so it is just an open sewer valve that allows for anybody who is trying to influence the Trump administration to be able to secretly funnel money to Donald Trump. He reserves 80% of the coin. He waits to release that coin until the price jumps back up again, which essentially means he’s waiting for people who want favors from him to buy a bunch of the coin to inflate the value so that he releases more and makes more money. It’s a disgusting kind of corruption because this is essentially Trump just posting his Venmo for anybody secretly to wire him as much money as they want. We’ve never seen something like this before where anybody who has anything to gain from the Trump administration, through a manipulation of the value of Trump’s meme coin, can funnel money directly to the president, whisper in his ear, ‘That was me. That was me that purchased all that coin, that jumped up the value that allowed you to release new coin. Hey, take care of me on the back end.’

    “On January 20, when he’s sworn in, he institutes his new energy agenda. Now, open reporting suggested that during the campaign he met with the oil and gas industry and they cut a deal in which the oil and gas industry would give him a billion dollars of campaign contributions in order to receive favorable treatment when Trump was sworn in. And guess what happens on January 20? Trump unveils his energy strategy, and what does it do? It preferences oil and gas and it punishes oil and gas’ competitors. It, for instance, freezes all permits on wind projects, both for the land and the sea. It undercuts permitting processes, not for oil and gas but for oil and gas’ competitors. Oil and gas got exactly what they asked for. They gave a campaign contribution and they got the favorable treatment. Five days later, Trump fires 17 inspectors general. What do inspectors general do? They look for corruption inside of these agencies. What do you do if you are trying to engage in corruption, if you are trying to steal from the American people? You fire the inspectors general. 

    “Two days later, on January 27, Trump fires Gwynne Wilcox from the NLRB, the National Labor Relations Board. When she’s fired, the National Labor Relations Board cannot function any longer? Why does this matter? Because the person that’s been put in charge of reviewing the hirings and firings of these agencies is Elon Musk, who, by the way, has lots of cases before the NLRB. So do the people that are standing behind Trump during the inauguration. Almost all of them have active cases before the NLRB. The billionaires supporting Donald Trump now don’t have to worry about the NLRB because on January 27, the NLRB is rendered powerless. 

    “Three days later, on January 30, Trump awards more than $800,000 worth of stock to several of the board members of the Trump Media and Technology Group. This is the publicly traded company behind his social media platform. So now his Cabinet members – people like Kash Patel and Linda Mcmahon – are owning equity in Trump’s media platform; equity that can be cashed out, sold to people who want to buy them out of their interest at any time. Those people who might want to buy them out, Cabinet members, could be individuals with issues before the Department of Education, before the FBI. Yet another avenue in which people who have influence, who want to gain influence inside the Trump administration, have a conduit to be able to move cash from their pocketbooks, from their treasury, from their bank accounts, into the bank accounts of Trump cabinet members. 

    “Shortly thereafter, we start to see the weaponization of the DOJ. On February 23, a civil complaint from DOJ that had been pending against SpaceX– Elon Musk’s signature company – is dropped. Eight days later, the DOJ drops a case against a Republican Congressman. On February 19, two or three weeks later, the DOJ opens up something called Operation Whirlwind, which threatens anyone who dares to criticize the work of Elon Musk and DOGE. Over the course of the next three weeks, the DOJ is turned into an entity that drops cases against those who are loyal to Donald Trump and pursues aggressively investigations against those who are trying to criticize Donald Trump. 

    “On February 1, Trump fires the director of the CFPB and announces plans to shut down – to shutter – the Consumer Financial Protection Board. Again, very much like the NLRB, this is an agency that was, at the moment that it was rendered powerless, investigating Elon Musk and many of the biggest financial backers of Donald Trump. So once again, those that have access to Donald Trump, the billionaires that are close to him, now don’t have to worry about labor violations being investigated by the NLRB, now they don’t have to worry about consumer protection actions being taken against them by the CFPB.

    “On February 4, there is the first of two extraordinary meetings in the White House in which Donald Trump convenes his business partners – his business patterns – the Saudi Golf League and the PGA to try to negotiate a solution to the dispute between those two golf leagues. Why? Because Trump has a business interest in that dispute being resolved. The Saudi Golf League plays tournaments at Trump’s courses in the United States, so if the White House, using its official power, can try to negotiate a settlement between those two groups, Trump stands to make money. 

    “On February 6, something absolutely stunning happens. Pam Bondi, the AG, issues a memorandum in which she proposes to dull the criminal enforcement of the Foreign Agents Registration Act.

    If you are representing a foreign government before the United States, you have to register so that we know if you are acting on behalf of American interests or you are acting on behalf of foreign interests. In the prior Trump administration, Trump officials got in big trouble for secretly working for, and getting paid by, foreign governments without registering. Well, what does Trump announce? That they are going to limit the applicability of the enforcement of that statute, making it much easier for Trump’s friends – for his MAGA crowd, for the people who show up to Mar-a-Lago – to get paid quietly by foreign governments in order to influence Donald Trump.

    “On February 10, maybe aside from the meme coin, the most stunning act of corruption: the Eric Adams quid pro quo, in which Eric Adams, indicted for corruption, is let off the hook. His charges are dismissed in exchange for the mayor’s pledge of political loyalty to Donald Trump. They literally went on TV and announced the deal that we’re getting rid of the charges against Eric Adams, as long as the mayor pledges political loyalty to the President. That was so corrupt that six or seven DOJ officials resigned, because they refused to withdraw those charges, but the deal went through because the seventh, or the eighth, or the ninth official finally filed the withdrawal. 

    “And now in America, it is 100% clear that if you want to get away with corruption, if you want to steal from your constituents and you’re an elected official in this country, all you have to do is just sign up for political loyalty with Donald Trump, and he will instruct the Department of Justice to let you get away with it.

    “On February 10, Donald Trump directs the DOJ to pause enforcement of U.S. laws that prohibit companies from paying bribes overseas. Come on! Like, come on! He instructs the DOJ to pause enforcement of U.S. laws that prohibit companies to pay bribes overseas. Here’s an example: Goldman Sachs was engaged in outright bribery–they were paying bribes to Malaysian officials, so that they could get a contract to manage the resources of the Malaysian sovereign wealth fund. 

    “American companies should not be overseas bribing foreign governments. That compromises America’s reputation and America’s national security. But now, we are going to pause enforcement of the laws that stop American companies from bribing foreign governments, because corruption is now being normalized. This is what you do if you want to normalize corruption, is that you make it legal for American companies to engage in corruption overseas. That makes it easier for Trump to get away with corruption here.

    “Two days later, on February 12, the announcement comes out that the State Department is going to buy $400 million of armored Teslas. Okay, so now it’s getting even more blatant. It’s getting even more brazen. The State Department is just going to buy a whole bunch of product from Elon Musk, product they were not previously scheduled to buy. It is true that the Biden administration had a blueprint that was going to buy some electric vehicles, but it was around $483,000-worth of vehicles. Trump revises that blueprint of spending so that now the federal government is going to spend $400 million on armored Teslas from Elon Musk.

    “Let’s see: that’s February 12. That same day, Elon Musk’s people infiltrate the Department of Labor. And reporting suggests that during that infiltration, Elon Musk’s personal representatives get access to enforcement information at OSHA, not only against Elon Musk’s companies–and by the way, SpaceX has an employee injury rate that is nine times higher than the industry average–but also workplace safety violations against Elon Musk’s competitors. Here’s the message: if you are close to Donald Trump personally, if you support him politically, you can get secret access to enforcement data against your companies and your companies’ competitors. That’s what happens on February 12. 

    “Three days later, there’s some suspicious firings at the FDA. Again, related to Elon Musk’s personal financial interests. Elon Musk owns a medical device company called Neuralink. It is currently being reviewed by the FDA. And guess what? On February 15 and 16, all over a weekend, there are 20 people fired from the FDA’s Office of Neurological and Physical Medicine Devices. Fired by DOGE, run by Elon Musk. Clear message: you’re going to get fired if you aren’t on the right side of Elon Musk’s application. Now, whether that was explicit or not, if the guy who is firing you has a pending application before your department, aren’t you going to think twice? Aren’t you going to think twice about ruling against his interests? This is why this is all unprecedented. Again, this feels normal because it’s been happening every day. But never before in American history have we allowed someone who has a pending application for approval of a medicine or a medical device to be able to personally decide who gets hired and who gets fired at the regulatory agency making the decision over that medical device.

    “But now, this stuff is happening every day. Because on February 15 as well, that same weekend, there’s an announcement that the FDA cuts are going to be even deeper, perhaps as big as 50%. That means that hundreds of drugs and devices won’t get approved at the FDA. And you know who benefits from that? The folks that are selling the snake oil products. And guess who’s selling the snake oil products? The people who work for Donald Trump, selling vita-gummy scams. The Director of the FBI is selling vaccine reversal pills. When the FDA gets gutted, it’s the people who sell those unregulated products who stand to gain.

    “On February 19, four days later, we find out that the IRS is going to be cut by 7,000 people. And the biggest chunk of the folks who are going to be laid off are the people who do the audits of the billionaires, and the millionaires, and the corporations. And so once again, Elon Musk and the people standing behind Donald Trump on Inauguration Day are going to get off, because the IRS just had its enforcement powers–its audit powers–absolutely gutted.”

    “That same day, on February 19, you start to receive word that advertising on Elon Musk’s platform is starting to grow again. And the reporting on February 19 indicates that American companies have come to the collective decision that they need to keep advertising on Elon Musk’s platform, because Elon Musk has so much regulatory power inside the federal government. That they need to make sure they’re paying Musk through Twitter and through X, so that if they ultimately need something from the federal government, they can get it. This, again, is why we have never, ever in the history of this country, allowed for the richest man in the world, somebody who controls major companies, to also have an official position inside the government. Because, of course, of course, it opens up these clear avenues where people are going to do business with him privately to try to curry favor with him publicly.

    “I’m not done. It just keeps going. The next day, on February 20, the CDC’s Advisory Committee on Immunization Practices’s monthly meeting is canceled and not rescheduled. And so we were very worried that Robert F. Kennedy Jr., who makes money off of his attacks on vaccines, would continue those attacks when he took over HHS. Because if faith in vaccines continues to plummet, it is very likely that RFK Jr. will make money. Why? Because the not-for-profit that he will likely return to, the company that he will return to after he leaves, makes money as vaccine misinformation spreads, and he also continues to collect fees for referring cases to a company that handles claims of personal injury due to vaccines. And so when the CDC’s Advisory Committee on Immunization Practices is canceled, it is a clear indication that yes, this campaign of assault on vaccines is going to continue, which, not surprisingly, is likely to make RFK Jr. even more money.

    “On February 26, we see Trump’s MAGA hats, that are for sale on his website, displayed in the Oval Office. And it’s just a reminder that so many people inside Trump’s universe continue to sell merchandise on the side in order to make money. Donald Trump has always done this, and we’ve just accepted it, even though it is a kind of corruption in and of itself. But Kash Patel, the Director of the FBI, is still selling Kash-branded merchandise even while he’s going to run the FBI. Elon Musk and others are selling DOGE merchandise. So as they trumpet their brand inside the government, they’re making money off their brand outside of the government.

    “On February 26, maybe the third-most significant [instance] of brazen corruption happens. News breaks that Elon Musk is just going to have the FAA cancel a contract with Verizon that has been in the works for years, and instead just substitute in Starlink for Verizon. Just extraordinary that this is happening in plain view of everybody. Elon Musk takes his private company, uses his access to government to just shove out of the way his competitors, and instead insert himself and his company. Again, we’ve never seen this ever before in American history, and now it’s happening on a daily basis.

    “And now we get to this week. This week, Wired reports that guests are paying millions of dollars to dine with Donald Trump at Mar-A-Lago, and business leaders are being targeted with advertisements that sell access to a one-on-one meeting with the President of the United States for $5 million. Come on! Like, seriously! There’s advertisements that say if you’re a business CEO and you pay $5 million to Donald Trump, you can get a meeting with him. This isn’t okay! And yet, because it happens every single day, every single day they’re asking for us to pretend that this is normal. This is just six weeks. It’s just six weeks. And the last thing on the list is an offer to meet with the president for $1 million or $5 million. If any previous president had sent out an advertisement suggesting that you can meet with them for a payment to them of $1 million to $5 million, in and of itself we would deem that to be unacceptable. But Donald Trump and Elon Musk believe that because they have arranged this dizzying pace of corruption, in which not a day goes by in which something doesn’t happen inside our government in which Elon Musk or Donald Trump use their power in order to rig the rules to enrich themselves, that we are all going to feel that it’s normal.

    “This is how democracies die. Democracies die when the very powerful people steal from us so regularly, so openly, so unapologetically, that we come to believe that it’s normal. And listen, I understand that many Americans may think that all of this stuff just used to happen quietly, and the only difference is that Trump and Musk are just putting it all out in the open. And I’m not saying that there haven’t been instances of corruption. Democrats and Republicans in this body have been accused of, and convicted of, acts of corruption. It has been a fact of life in American politics for a long time. But never before has the corruption happened this openly or this frequently. And so I lay it all out for you this afternoon in the hopes that it is not too late for us to decide to stand up, as a body and as a nation, to say that this isn’t okay.

    “The Trump meme coin is not okay. It’s not okay for people who have interest before the federal government to be able to anonymously funnel money to the president of the United States. It’s not okay for Elon Musk to have access to Department of Labor enforcement data, against him or his competitors, that nobody else gets access to. It’s not okay to just cancel contracts that were going to Musk’s competitors and substitute in his own business, just because he has the ability to do it as a friend of Donald Trump. The rule of law matters. Doing things by the rules matter. This level of corruption was not occurring behind the scenes prior. It is not just that the cover got pulled off of it all. And it’s our decision, as a body and as a country, to decide not to normalize this scale of corruption. I yield the floor.”

    MIL OSI USA News

  • MIL-OSI: Canoe EIT Income Fund Announces March 2025 Monthly Distribution

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 07, 2025 (GLOBE NEWSWIRE) — Canoe EIT Income Fund (the “Fund”) (TSX – EIT.UN) announces the March 2025 monthly distribution of $0.10 per unit. Unitholders of record on March 21, 2025, will receive distributions payable on April 15, 2025.

    About Canoe EIT Income Fund
    Canoe EIT Income Fund is one of Canada’s largest closed-end investment funds, designed to maximize monthly distributions and capital appreciation by investing in a broadly diversified portfolio of high quality securities. The Fund is listed on the TSX under the symbol EIT.UN, and is actively managed by Robert Taylor, Senior Vice President and Chief Investment Officer, Canoe Financial.

    About Canoe Financial
    Canoe Financial is one of Canada’s fastest growing independent mutual fund companies managing over $19,5 billion in assets across a diversified range of award-winning investment solutions. Founded in 2008, Canoe Financial is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe Financial has a significant presence across Canada, including offices in Calgary, Toronto and Montreal.

    For further information, please contact:
    Investor Relations
    1–877–434–2796
    www.canoefinancial.com
    info@canoefinancial.com

    Not for Distribution to U.S. Newswire Services or for Dissemination in the United States of America.

    The Fund makes monthly distributions of an amount comprised in whole or in part of Return of Capital (ROC) of the net asset value per unit. A ROC reduces the amount of your original investment and may result in the return to you of the entire amount of your original investment. ROC that is not reinvested will reduce the net asset value of the fund, which could reduce the fund’s ability to generate future income. You should not draw any conclusions about the fund’s investment performance from the amount of this distribution.

    Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the information filed about the fund on www.sedar.com before investing. Investment funds are not guaranteed and past performance may not be repeated.

    This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.

    The MIL Network

  • MIL-OSI: S&P Global Ratings affirms Iceland at ‘A+/A-1’, Outlook Stable

    Source: GlobeNewswire (MIL-OSI)

    S&P Global Ratings has affirmed ‘A+/A-1’ long- and short-term foreign and local currency sovereign credit ratings on Iceland. The outlook is stable.

    S&P´s ratings on Iceland reflect the country’s very high GDP per capita and strong growth track record, which has been higher than most sovereigns S&P rates in Western Europe, as well as Iceland’s robust institutional framework and sound economic and fiscal policies. The ratings remain constrained by the volatile nature of Iceland’s small, open economy, which, in S&P’s view, is vulnerable to natural events, including volcanic activity, as well as adverse external developments outside of its control, such as geopolitical risks, trade and tariff tensions, and fluctuating terms-of-trade. The small size of Iceland’s economy also somewhat limits economic and monetary policy effectiveness, due to the influence of external factors largely outside the country’s control.

    The stable outlook reflects S&P´s view that, beyond the temporary slowdown in 2024, Iceland’s growth will rebound over the next few years while fiscal and external deficits will remain contained. The outlook also reflects the assumption that neither volcanic activity nor global trade tensions will have a significant sustained adverse effect on the country’s economic, fiscal, and balance-of-payments performance. Iceland’s key aluminium exports are mostly sold to European markets, particularly the Netherlands and Germany, mitigating current direct tariff-related risks.

    The ratings could be raised if Iceland’s public finances strengthened significantly more than S&P anticipates. The ratings could also be raised if, in S&P´s view, increasing diversification made the economy more resilient to external shocks while current global trade tensions eased without a sustained negative economic impact.

    S&P could lower the ratings if Iceland’s fiscal or balance-of-payments performance proved materially weaker than in its baseline forecasts. This could happen, for example, if persistently disruptive volcanic activity hampered the country’s tourism sector and growth performance; or Iceland was more significantly affected by global trade tensions or forced to sharply increase defence-related expenditure.

    Further information on www.government.is

    The MIL Network

  • MIL-OSI USA: News 03/7/2025 Blackburn Introduces Bipartisan Bill to Protect Senior Citizens from Dating App Scams

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)

    NASHVILLE. Tenn. – U.S. Senator Marsha Blackburn (R-Tenn.) released the following statement after introducing the Romance Scam Prevention Act, which would require dating apps and services to issue fraud ban notifications to users who have interacted with a person removed from the app: 

    “Scammers are merciless in their exploitation of senior citizens who join dating apps to establish meaningful connections but instead end up losing their life savings to con artists who prey on their vulnerabilities,” said Senator Blackburn. “The Romance Scam Prevention Act would put critical safeguards in place to protect all dating app users – but especially senior citizens – from fraudulent schemes.”

    In recent years, digital romance scams have become more common as scammers target recently widowed or divorced senior citizens due to their vulnerabilities and access to cash. In 2023, Tennesseans over the age of 60 lost $43 million due to scams targeting the elderly, marking an 18% increase from the losses reported in 2022. Across the country, the Federal Trade Commission reported that romance scams resulted in victims losing $1.3 billion in 2022 alone. Senator John Hickenlooper (D-Colo.) co-sponsored this legislation. 

    Representative David Valadao (R-Calif.) is leading the effort to introduce this legislation in the House:

    “Online dating has become an increasingly common way for people to connect, but unfortunately, it’s also a tool for scammers looking to take advantage of unsuspecting users,”said Representative Valadao. “Romance scammers use fake identities to build trust and exploit their victims financially, which has cost Americans over a billion dollars per year. This bipartisan, bicameral bill provides transparency, empowers users to make informed decisions, and reinforces best practices to prevent online scams. I’m proud to help lead the effort to make online dating safer and protect Americans of all ages from financial fraud.”

    BACKGROUND

    • As Americans continue to go online to find meaningful relationships, scammers are following suit. These scams accelerated during the COVID pandemic when more senior citizens turned to dating sites for companionship while they were isolated from their loved ones.
    • When an online dating service provider becomes aware of a user committing fraudulent activity, such as illegally obtaining money, the online dating service provider immediately deactivates the fraudulent user’s account.  
    • However, individuals who meet online often take their conversations to other communication platforms, so even when a fraudulent account is removed, an individual might not know they are still communicating with someone who has been removed from the dating platform. 
    • The Romance Scam Prevention Act would fill this communication gap by requiring dating app platforms to send a fraud ban notification to anyone who has communicated with someone with a fraudulent account.  

    Click here for bill text.

    Click here to read more about the red flag indicators of romance scams and how to avoid becoming a victim of a romance scam.

    MIL OSI USA News

  • MIL-OSI USA: Padilla Cosponsors Bipartisan, Bicameral Legislation to Protect the Rights of American Workers to Organize

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla Cosponsors Bipartisan, Bicameral Legislation to Protect the Rights of American Workers to Organize

    WASHINGTON, D.C. — U.S. Senator Alex Padilla (D-Calif.) joined Bernie Sanders (I-Vt.) and a bipartisan group of Senate and House colleagues in introducing the Richard L. Trumka Protecting the Right to Organize Act (PRO Act), comprehensive labor legislation to protect the rights of workers to stand together and bargain for fairer wages, better benefits, and safer workplaces. The legislation was renamed in honor of former AFL-CIO President Richard L. Trumka.

    The American people’s support for unions is surging. According to a 2024 Gallup poll, 70 percent of Americans approve of labor unions — remaining at near record highs. Despite this growing support, billionaire- and special interest-funded attacks on the rights of workers, unions, and labor laws have eroded union density and made it harder for workers to organize. The share of American workers who are union members has fallen from roughly one in three workers in 1956 to a new low of around one in 10 in 2024. The PRO Act restores fairness to the economy by strengthening the federal law that protects the right of workers to join a union and bargain for higher pay, better benefits, and safer workplaces.

    The legislation is led by Senator Bernie Sanders (I-Vt.) and Representative Bobby Scott (D-Va.-03), alongside Senate Minority Leader Chuck Schumer (D-N.Y.), House Minority Leader Hakeem Jeffries (D-N.Y.-08), House Democratic Whip Katherine Clark (D-Mass.-05), and Senator Patty Murray (D-Wash.). It is cosponsored by every Democratic Senator.

    “As Donald Trump and Elon Musk take a chainsaw to the federal workforce and longstanding labor guardrails, the right to unionize is under attack,” said Senator Padilla. “Every worker deserves access to the protections offered by unions, which help level the playing field and fight against corrupt corporate power grabs by Trump’s billionaire donors. Unions help workers achieve improved working conditions, living wages, and broader benefits. I am committed to ensuring Congress does its part to protect workers and make it easier for them to bargain for fair compensation for their work. That starts with finally passing the PRO Act.”

    “Never before in the history of our nation have income and wealth inequality been greater than today. Workers are falling further and further behind. In response, millions of Americans have expressed their desire to join a union,” said Senator Sanders. “However, the billionaire class is fighting with all its might to put down attempts by workers to exercise their constitutional right to unionize. That includes the decision by President Trump to illegally fire National Labor Relations Board Member Gwynne Wilcox and effectively shut down the NLRB. Without a functioning NLRB, corporate bosses can illegally fire unionizing workers, flagrantly violate labor laws and render free and fair union elections near impossible. Supporting the immediate reinstatement of Member Wilcox and the swift passage of the PRO Act would be major steps toward building real worker power. The PRO Act is long overdue and I am proud to be introducing this bill in the Senate.”

    “Americans believe in the power of unions and tens of millions of working people would become union members tomorrow if they could. But American labor law is broken, weighted on the side of the bosses and against the workers. In too many workplaces, in too many industries across the country, big corporations and billionaire CEOs still retaliate against us for organizing. They refuse to negotiate our contracts, force us to sit through hours of anti-union propaganda, and engage in illegal union-busting every day. Now they have an unelected, unaccountable, union-buster trying to illegally fire tens of thousands of our fellow workers in federal jobs and an administration rolling back the workplace protections. The PRO Act is long overdue, and the American people agree. We urge elected leaders of both parties to move this critical legislation forward so that all workers have the chance to stand together and build better lives for themselves and their families,” said AFL-CIO President Liz Shuler.

    Large corporations and the wealthy continue to reap the rewards of a growing economy while working families and middle-class Americans are left behind. From 1979 to 2023, annual wages for the bottom 90 percent of households increased just 44 percent, while average incomes for the wealthiest 1 percent increased more than 180 percent.

    Unions are critical to increasing wages and creating a strong economy that rewards hardworking people. Through the power of collective bargaining, the typical union worker earns 16 percent more than the typical non-union worker.

    Specifically, the PRO Act would protect the right to organize and collectively bargain by:

    • Bolstering remedies and punishing violations of the rights of workers through authorizing meaningful penalties for employers that violate their rights, strengthening support for workers who suffer retaliation for exercising their rights, and authorizing a private right of action for violation of the rights of workers.
    • Strengthening the rights of workers to join together and negotiate for better working conditions by enhancing their right to support secondary boycotts, ensuring unions can collect “fair share” fees, modernizing the union election process, and facilitating initial collective bargaining agreements.
    • Restoring fairness to an economy rigged against workers by closing loopholes that allow employers to misclassify their employees as supervisors and independent contractors and increasing transparency in labor-management relations.

    Organizations endorsing the PRO Act include the AFL-CIO, Service Employees International Union (SEIU), United Autoworkers (UAW), United Steelworkers (USW), Communications Workers of America (CWA), National Nurses United (NNU), International Alliance of Theatrical Stage Employees (IATSE), Department for Professional Employees, AFL-CIO (DPE), National Postal Mail Handlers Union (NPMHU), American Federation of Teachers (AFT), International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART), the American Federation of Musicians, International Association of Machinists and Aerospace Workers (IAM), International Union of Bricklayers and Allied Craftworkers, Laborers’ International Union of North America (LiUNA), Transport Workers Union (TWU), International Brotherhood of Electrical Workers (IBEW), and the International Union of Painters and Allied Trades (IUPAT).

    Senator Padilla is a longtime advocate for protecting workers’ rights and fighting for their safety. Padilla recently introduced bipartisan, bicameral legislation to ensure that truckers are compensated fairly for the hours that they are on the clock, including overtime. Last month, Padilla joined every Democratic senator and a bipartisan group of 213 Representatives in urging President Trump to immediately reinstate National Labor Relations Board (NLRB) Member Gwynne Wilcox and restore the NLRB’s ability to protect the rights of American workers to organize and collectively bargain. In 2023, Padilla announced the Asunción Valdivia Heat, Illness, Injury and Fatality Prevention Act to protect the safety and health of workers who are exposed to dangerous heat conditions in the workplace. He also cosponsored a pair of bills to hold companies who engage in union busting activities accountable and to protect striking workers’ access to health care. Additionally, he introduced the Fairness for Farm Workers Act, legislation to update the nation’s labor laws to ensure farm workers receive fairer wages and compensation. Padilla previously cosponsored the Nationwide Right to Unionize Act, legislation that would support the right to unionize by prohibiting states from banning union security agreements through “right-to-work” laws.

    A one-pager on the bill is available here. A section-by-section summary of the bill is available here.

    Full text of the bill is available here.

    MIL OSI USA News

  • MIL-OSI Europe: S&P Global Ratings affirms Iceland at ‘A+/A-1’, Outlook Stable

    Source: Government of Iceland

    S&P Global Ratings has affirmed ‘A+/A-1’ long- and short-term foreign and local currency sovereign credit ratings on Iceland. The outlook is stable.

    S&P´s ratings on Iceland reflect the country’s very high GDP per capita and strong growth track record, which has been higher than most sovereigns S&P rates in Western Europe, as well as Iceland’s robust institutional framework and sound economic and fiscal policies. The ratings remain constrained by the volatile nature of Iceland’s small, open economy, which, in S&P’s view, is vulnerable to natural events, including volcanic activity, as well as adverse external developments outside of its control, such as geopolitical risks, trade and tariff tensions, and fluctuating terms-of-trade. The small size of Iceland’s economy also somewhat limits economic and monetary policy effectiveness, due to the influence of external factors largely outside the country’s control.

    The stable outlook reflects S&P´s view that, beyond the temporary slowdown in 2024, Iceland’s growth will rebound over the next few years while fiscal and external deficits will remain contained. The outlook also reflects the assumption that neither volcanic activity nor global trade tensions will have a significant sustained adverse effect on the country’s economic, fiscal, and balance-of-payments performance. Iceland’s key aluminium exports are mostly sold to European markets, particularly the Netherlands and Germany, mitigating current direct tariff-related risks.

    The ratings could be raised if Iceland’s public finances strengthened significantly more than S&P anticipates. The ratings could also be raised if, in S&P´s view, increasing diversification made the economy more resilient to external shocks while current global trade tensions eased without a sustained negative economic impact.

    S&P could lower the ratings if Iceland’s fiscal or balance-of-payments performance proved materially weaker than in its baseline forecasts. This could happen, for example, if persistently disruptive volcanic activity hampered the country’s tourism sector and growth performance; or Iceland was more significantly affected by global trade tensions or forced to sharply increase defence-related expenditure.

    MIL OSI Europe News

  • MIL-OSI Security: Nigerian National Extradited for Multi-Million Dollar Mortgage Fraud Scheme

    Source: Office of United States Attorneys

    MIAMI – A resident of Abuja, Nigeria made his initial appearance in a federal court in Miami, where he is accused of playing a key role in a fraud scheme in which he fraudulently obtained loans in connection with the fraudulent purchases of approximately 20 residential properties in Florida. This plot resulted in the loss of about $8 million to U.S. financial institutions, the Justice Department announced today.

    Okechukwu Josiah Odunna, 60, faces charges of wire fraud and conspiracy to commit wire fraud affecting a financial institution. Odunna was arrested on Sept. 24, 2024, by Nigerian authorities pursuant to a U.S. extradition request. Nigerian authorities extradited Odunna to the Southern District of Florida on March 6, after he waived extradition. He has remained incarcerated since his arrest. Odunna is scheduled to appear at his pretrial detention and arraignment hearings on March 11 before U.S. Magistrate Judge Jonathan Goodman.

    According to the indictment, between December 2005 to approximately May 2008, Odunna and his co-conspirators devised a scheme to defraud and to obtain money by making false representations and material omissions to U.S. banking institutions. As part of the scheme, Odunna and his co-conspirators would, among other things: submit false and fraudulent loan applications and documents to financial institutions relating to purchases of residential properties, resulting in lenders loaning out more money than they otherwise would. These false statements to the lenders included false names of the persons who would be borrowing the money to purchase the properties, falsely inflated sale prices that were much higher than the true prices and false details regarding the receipt and disbursement of funds in connection with the purchases of the properties.

    Odunna, who was a licensed attorney at the time, was also one of the directors of Direct Title and Escrow Services, Inc. (DTES). Odunna was the settlement agent in approximately 20 fraudulent closings of property purchases. To disguise the fraud, Odunna and his co-conspirators provided sellers and lenders with two different settlement statements, which included false information and omitted information regarding the sale price, the identity of the purchaser, and the receipt and the disbursement of funds.

    Odunna’s co-conspirators, charged in the same indictment, included Karl Oreste, Marie Lucie Tondreau and Kelly Augustin. Oreste pleaded guilty and was sentenced to 100 months in prison. Tondreau, who was the former Mayor of North Miami, was convicted at trial. She was sentenced to 65 months in prison. Augustin remains a fugitive.

    If convicted, Odunna faces up to 30 years in prison on the conspiracy to commit wire fraud affecting a financial institution charge and up to 30 years in prison on the wire fraud affecting a financial institution charge. Each count also carries the possibility of a fine and supervised release upon completion of any prison sentence. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida, Acting Special Agent in Charge Brett Skiles of the FBI Miami Field Office, and Commissioner Russell C. Weigel, III, of the Florida Office of Financial Regulation (OFR), made the announcement.

    The FBI Miami and OFR are investigating the case. The Justice Department’s Office of International Affairs provided significant assistance in securing the arrest and extradition of Odunna. The United States also thanks the FBI International Operations Division, Africa Unit Legal Attaché Office, Abuja, Nigeria, Ministry of Justice, Central Authority Unit, Nigeria, and Economic and Financial Crimes Commission, Nigeria for their valuable assistance.

    Assistant U.S. Attorney Ana Maria Martinez is prosecuting the case. Assistant U.S. Attorney Daren Grove is handling asset forfeiture.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 14-cr-20349.

    ###

    MIL Security OSI

  • MIL-OSI USA: Governor Stein Announces 30-Day FEMA Extension for Individual Assistance

    Source: US State of North Carolina

    Headline: Governor Stein Announces 30-Day FEMA Extension for Individual Assistance

    Governor Stein Announces 30-Day FEMA Extension for Individual Assistance
    lsaito

    Raleigh, NC

    Today, FEMA granted Governor Josh Stein’s request for a 30-day extension for disaster survivors to apply for FEMA’s individual assistance (IA) program. The new deadline is April 7, 2025. Governor Stein released the following statement on the extension: 

    “Thank you to FEMA and the Trump Administration for granting North Carolina’s request to extend the individual assistance program and to our Congressional delegation for its support. This is a positive step forward, and I urge affected residents from western North Carolina to apply for FEMA funding to help them get back on their feet.

    “We continue to seek adequate funding from Congress and the General Assembly for the ongoing recovery efforts. The people of western North Carolina need more federal support to build back stronger.”

    Homeowners and renters in Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Cabarrus, Caldwell, Catawba, Cherokee, Clay, Cleveland, Forsyth, Gaston, Graham, Haywood, Henderson, Iredell, Jackson, Lee, Lincoln, Macon, Madison, McDowell, Mecklenburg, Mitchell, Nash, Polk, Rowan, Rutherford, Stanly, Surry, Swain, Transylvania, Union, Watauga, Wilkes, Yadkin, and Yancey counties and the Eastern Band of Cherokee Indians with uninsured losses from Tropical Storm Helene may be eligible to apply for FEMA assistance.

    Last month, Governor Stein requested an additional $19 billion in federal funds to restore infrastructure, support home repair and renovation, and reduce impacts from future natural disasters. He also invited North Carolinians to participate in the finalization of an Action Plan for distributing $1.4 billion awarded by the US Department of Housing and Urban Development.

    There are several ways to apply: 

    1. (Most Recommended): Visit a Disaster Recovery Center in your community. Visit fema.gov/drc to locate the closest location.
    2. Call the FEMA hotline at 1-800-621-3362 between the hours of 7am and midnight.
    3. Go online to disasterassistance.gov 

    Survivors who have insurance are encouraged to file a claim for disaster-caused damage with your insurance company before they apply for FEMA assistance. Survivors do not need to wait for an insurance settlement to apply for FEMA assistance. FEMA may provide financial assistance to eligible survivors who are uninsured or underinsured. 

    If you have been denied for FEMA assistance, you can submit an appeal by visiting a Disaster Recovery Center in your community, by calling 1-800-621-3362, or by going online to disasterassistance.gov. You can also visit https://legalaidnc.org/project/disaster-relief-project/ .

    Finally, disaster survivors that need assistance or resources to aid in recovery can call the North Carolina Disaster Case Management Program (NC-DCM) at 1-844-746-2326 or visit ncdps.gov/Helene/dcm. NC-DCM is currently assisting over 2,700 cases and has taken over 8,500 calls since December. With over 500 resources and partnerships available, the NC-DCM case managers can help to find solutions for individual disaster survivor needs to help facilitate their recovery.  

    Mar 7, 2025

    MIL OSI USA News

  • MIL-OSI: Castillo Trade’s New Smart Trading Bots Outperform Human Traders by 72%

    Source: GlobeNewswire (MIL-OSI)

    London, UK, March 07, 2025 (GLOBE NEWSWIRE) — Castillo Trade has taken a major leap forward in trading automation with the launch of its Smart Trading Bots, which have demonstrated a 72% higher success rate than human traders in live market conditions. This groundbreaking development cements Castillo Trade’s position as a leader in AI-driven trading solutions, giving both retail and institutional traders a significant advantage in the ever-evolving financial markets.

    By integrating advanced machine learning, real-time market analysis, and predictive algorithms, Castillo Trade has created one of the most powerful trading automation tools available today. Whether it’s crypto, forex, or stocks, these AI-driven bots are designed to maximize profitability, minimize risk, and execute trades with unparalleled precision.

    The Future of Trading: AI vs. Human Traders

    The debate over AI vs. human traders has intensified in recent years, as artificial intelligence continues to outperform even the most seasoned professionals. While human traders rely on experience, intuition, and manual strategies, AI-powered bots from Castillo Trade have the ability to:

    • Analyze vast amounts of data in milliseconds
    • Execute trades with perfect timing and zero emotional bias
    • Adapt to changing market conditions instantly

    These advantages give AI-powered trading an edge over human decision-making, allowing for faster, more accurate, and more profitable trades.

    According to internal performance tests, the new Smart Trading Bots from Castillo Trade achieved a 72% higher success rate compared to human traders, marking a significant breakthrough in algorithmic trading technology.

    How Castillo Trade’s Smart Trading Bots Achieve Superior Performance

    1. AI-Powered Market Analysis

    The Smart Trading Bots analyze millions of data points across multiple financial markets in real time. Using machine learning algorithms, the bots detect profitable trading opportunities and execute orders at the optimal moment—something human traders cannot do with the same level of speed or accuracy.

    2. Automated Risk Management

    Risk management is a critical component of successful trading. Castillo Trade’s bots employ automated risk controls, including stop-loss, take-profit, and trailing stop mechanisms, to protect traders from unnecessary losses while maximizing their potential gains.

    3. 24/7 Trading with Zero Downtime

    Unlike human traders who need rest, AI-powered bots operate 24/7, ensuring continuous market monitoring and execution of trades at all hours. This eliminates missed opportunities and allows traders to profit from price movements around the clock.

    4. Emotional-Free Trading

    One of the biggest weaknesses of human traders is emotional decision-making. Fear and greed often lead to poor trading choices, hesitation, and losses. Castillo Trade’s AI-driven bots execute trades based purely on data and logic, removing emotional bias from the equation.

    5. High-Speed Execution for Market Advantage

    The Smart Trading Bots execute trades within milliseconds, capitalizing on market fluctuations before the competition. This speed advantage ensures that traders using Castillo Trade stay ahead in the fast-moving financial markets.

    What This Means for Traders

    The introduction of Castillo Trade’s Smart Trading Bots is a game-changer for traders of all experience levels. Whether you’re a beginner looking for automation or an advanced trader seeking an AI-powered edge, these bots provide:

    • Increased profitability with a 72% higher success rate than human traders
    • Reduced trading risks through AI-driven risk management
    • Hands-free trading with real-time automation
    • A smarter way to navigate volatile markets with predictive analytics

    With AI taking over manual charting, analysis, and execution, traders can focus on strategy while letting the bots handle the execution with higher accuracy and efficiency.

    Industry Experts Weigh In on Castillo Trade’s Smart Bots

    The trading industry has taken notice of this innovation, with experts praising Castillo Trade for its commitment to AI-powered trading solutions.

    “AI trading is no longer the future—it’s the present. Castillo Trade’s Smart Trading Bots give traders a clear competitive advantage by making faster, data-driven decisions without hesitation,” said Michael Jensen, a senior market analyst.

    Another industry veteran, Sarah Collins, added:
    “The ability to trade with AI at this level of accuracy is something human traders simply cannot match. Castillo Trade has created a truly revolutionary product.”

    What’s Next for Castillo Trade?

    With AI-driven trading growing rapidly, Castillo Trade has ambitious plans to continue enhancing its technology. Future developments include:

    • Even more advanced AI algorithms for market prediction
    • Integration with decentralized finance (DeFi) trading strategies
    • Expanded asset support, including commodities and NFTs
    • A mobile app for easy access to AI-powered trading on the go

    As financial markets evolve, Castillo Trade is dedicated to staying at the forefront of innovation, ensuring that traders always have access to the most powerful AI trading tools available.

    Why Traders Are Switching to Castillo Trade’s Smart Bots

    As more traders seek automation and AI-driven strategies, Castillo Trade’s Smart Trading Bots provide the ultimate solution. Key benefits include:

    • Fully automated execution with minimal manual input
    • Market-leading AI algorithms for predictive trading
    • 24/7 monitoring and trade execution
    • Advanced risk management features to protect capital
    • No emotional trading—only data-driven decision-making

    By eliminating human error and enhancing profitability, these AI-powered bots make trading more efficient, consistent, and profitable.

    Final Thoughts: The Future of Trading is AI-Driven

    With 72% higher profitability compared to human traders, Castillo Trade’s Smart Trading Bots are setting a new industry standard for AI-powered investing. Traders looking to maximize their profits, automate their strategies, and gain a competitive edge should consider making the switch today.

    As AI continues to dominate financial markets, traders who embrace automation will stay ahead of the curve—and Castillo Trade is leading the way.

    Ready to experience the power of AI trading?
    Start using Castillo Trade’s Smart Trading Bots today and take your trading to the next level.

    Visit Castillo Trade for more information.

    The MIL Network

  • MIL-OSI: ARB IOT GROUP LIMITED EXPANDS AI FOOTPRINT INTO EAST MALAYSIA

    Source: GlobeNewswire (MIL-OSI)

    Kuala Lumpur, Malaysia, March 07, 2025 (GLOBE NEWSWIRE) — ARB IOT Group Limited (“ARB IOT” or the “Company”) (NASDAQ: ARBB) today announced that it has, through its indirect wholly owned subsidiary, ARB R1 Technology Sdn Bhd, appointed Whizzl Sdn Bhd (“Whizzl“) as its exclusive wholesaler, sole distributor, and system integrator for the ARB AI workstations and servers in the regions of Sabah and Sarawak. ARB IOT has strengthened its commitment to meeting the surging demand in AI and supporting the Malaysian government’s initiatives to foster digital innovation and sustainability development.

    The ARB AI workstations and servers consist of ARB 222 and ARB 333 models, designed to support both server and edge computing devices within the AI supply chain. By deploying a suite of high-performance immersible computing servers and solutions, the ARB AI workstations and servers ensure seamless integration across the entire AI ecosystem. The rapid expansion of cloud services has driven ARB IOT to introduce more competitive products to the market that are able to deliver superior performance and efficiency to meet the growing demands of the industry.

    Dato’ Sri Liew Kok Leong, CEO of ARB IOT said, “The expansion to East Malaysia will be a new milestone for the Company. ARB IOT has a robust growth prospect given the evolving demand for new technology trend in AI, which continues to gain momentum. With the collaboration with Whizzl, the Company will be able to achieve greater market penetration and wider customer base.

    Whizzl is granted the exclusive rights to sell, distribute, and integrate the ARB AI workstations and servers in the regions of Sabah and Sarawak, within the territory of Malaysia.

    We are confident that Whizzl will be well-positioned to grow and generate more value for our shareholders. Going forward, our Company is in a good position to expand its business and will accelerate the expansion by gaining new market share.”

    About ARB IOT Group Limited
    ARB IOT Group Limited is a provider of complete solutions to clients for the integration of Internet of Things (“IoT”) systems and devices from designing to project deployment. We offer a wide range of IoT systems as well as provide customers a substantial range of services such as system integration and system support service. We deliver holistic solutions with full turnkey deployment from designing, installation, testing, pre-commissioning, and commissioning of various IoT systems and devices as well as integration of automated systems, including installation of wire and wireless and mechatronic works.

    Safe Harbor Statement
    This press release contains “forward-looking statements” that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, such as statements regarding our estimated future results of operations and financial position, our strategy and plans, and our objectives or goals, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including, but not limited to, those that we discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (the “SEC”) available on the SEC’s website at www.sec.gov, including the Company’s Annual Report on Form 20-F as well as in our other reports filed or furnished from time to time with the SEC. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward looking statements, other than as required by applicable law.

    For further information, please contact:
    ARB IOT Group Limited
    Investor Relations Department
    Email: contact@arbiotgroup.com

    The MIL Network

  • MIL-OSI: Wah Fu Education Group Ltd. Announces Financial Results for the First Half of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, March 07, 2025 (GLOBE NEWSWIRE) — Wah Fu Education Group Limited (“Wah Fu” or the “Company”) (NASDAQ:WAFU), a provider of online education and exam preparation services, as well as related training materials and technology solutions for both institutions and individuals, today announced its unaudited financial results for the six months ended September 30, 2024.

    Financial Highlights for the Six Months Ended September 30, 2024

        For the Six Months Ended
    September 30,
     
    ($’000, except per share data)   2024     2023     % Change  
    Revenue   $ 2,799     $ 3,648       (23.3 )%
    Gross profit   $ 1,572     $ 2,063       (23.8 )%
    Gross margin     56.1 %     56.6 %     (0.5 )pp
    (Loss) income from operations   $ (571 )   $ 273       (309.5 )%
    Operating (loss) profit margin     (20.4 )%     7.5 %     (27.9 )pp
    Net (loss) income   $ (581 )   $ 125       (566.3 )%
    Basic and diluted (loss) earnings per share   $ (0.12 )   $ 0.05       (343.3 )%
                             

    * pp: percentage points

    • Revenue decreased by 23.3% year-over-year to $2.80 million for the six months ended September 30, 2024 from $3.65 million for the same period of the prior fiscal year. The decrease in revenue was primarily attributable to a decrease in self-taught higher education exams included in our Business-to-Business-to-Customer (“B2B2C”) revenue from our online education services.
    • Gross profit decreased by 23.8% to $1.57 million for the six months ended September 30, 2024 from $2.06 million for the same period of the prior fiscal year. Gross margins were 56.1% and 56.6% for the six months ended September 30, 2024 and 2023, respectively. The decrease in gross profit of online education services was primarily due to the decrease in revenue.
    • Loss from operations was $0.57 million for the six months ended September 30, 2024 when it was income from operation of $0.27 million for the six months ended September 30, 2023. Operating loss margin was 20.4% for the six months ended September 30, 2024, compared to operating profit margin of 7.5% for the same period of the prior fiscal year.
    • Net loss was $0.58 million or, loss per share of $0.12 for the six months ended September 30, 2024, compared to net income of $0.13 million, or income per share of $0.05, for the same period of the prior fiscal year.

    Unaudited Financial Results for the six months ended September 30, 2024

    Revenue

    For the six months ended September 30, 2024, revenue decreased by $0.85 million, or 23.3%, to $2.80 million from $3.65 million for the same period of the prior fiscal year. The decrease in revenue was primarily due to the decrease of revenue from self-taught higher education exams included in our Business-to-Business-to-Customer (“B2B2C”) revenues from our online education services.

    For the six months ended September 30, 2024, revenue from providing online education services decreased by $0.99 million for the same period of the prior fiscal year. The decrease was mainly due to a decrease in self-taught higher education exams included in our Business-to-Business-to-Customer (“B2B2C”) revenues. During the six months ended September 30, 2024, due to the implementation of local policies in Hunan province, some universities canceled the self-study examination, thus the courses provided to self-study examination decreased, the revenue from Business-to-Business-to-Customer (“B2B2C”) decreased gradually.

    Cost of revenue

    Cost of revenue decreased by $0.35 million, or 22.4%, to $1.22 million for the six months ended September 30, 2024 from $1.57 million for the same period of the prior fiscal year. The decrease in overall cost of revenue was mainly due to decrease in cost of revenue for online education services. Cost of revenue mainly comprised of salaries and related expenses for our teaching support, course and content development, website maintenance and information technology engineers and other employees, fees paid to our course lecturers, depreciation and amortization expenses, server relocation and bandwidth leasing fees paid to third-party providers and other miscellaneous expenses. As the decrease of online education service revenue, cost related to online education service deceased for the six months ended September 30, 2024 compared to the same period last year.

    Gross profit

    Gross profit decreased by $0.49 million, or 23.8%, to $1.57 million for the six months ended September 30, 2024 from $2.06 million for the same period of the prior fiscal year. Gross margin decreased by 0.5 percent to 56.1% for the six months ended September 30, 2024 from 56.6% for the same period of the prior fiscal year. The decrease of gross profit was mainly due to the decrease of online education service revenue from self-taught higher education exams.

    Operating expenses

    Selling expenses decreased by $0.05 million, or 6.0%, to $0.76 million for the six months ended September 30, 2024 from $0.80 million for the same period of the prior fiscal year. This decrease was primarily due to the decrease in salaries for our sales department since our revenue decreased.

    General and administrative expenses increased by $0.40 million, or 40.71%, to $1.39 million for the six months ended September 30, 2024 from $0.99 million for the same period of the prior fiscal year. General and administrative expenses increased mainly due to the increase of provision for bad debts.

    Total operating expenses increased by $0.35 million, or 19.72%, to $2.14 million for the six months ended September 30, 2024 from $1.79 million for the same period of the prior fiscal year.

    Income (loss) from operations

    Loss form from operations was $0.57 million for the six months ended September 30, 2024 when it was an income of $0.27 for the six months ended September 30, 2023. Please see above for a detailed description of such Income (loss) from operations.

    Other income (expenses)

    Total other income expenses, including interest income, net of other expenses, net other income was $0.08 million for the six months ended September 30, 2024 when it was a net expense of $0.09 million in the same period of the prior fiscal year.

    Income before income taxes

    Loss before income taxes was $0.49 million for the six months ended September 30, 2024, compared to income before income taxes of $0.18 million for the same period of the prior fiscal year.

    Net income (loss) and earnings (loss) per share

    Net loss was $0.58 million for the six months ended September 30, 2024, compared to net income of $0.12 million for the same period of the prior fiscal year. Net loss margin was 20.7% for the six months ended September 30, 2024, compared to net profit margin of 3.4% for the same period of the prior fiscal year.

    After deducting non-controlling interests, net loss attributable to the Company was $0.55 million, or loss of $0.12 basic and diluted share, for the six months ended September 30, 2024. This compared to net profit of $0.23 million, or profit of $0.05 per basic and diluted share, for the same period of the prior fiscal year.

    Weighted average numbers of shares outstanding were 4,410,559 and 4,440,085 for the six months ended September 30, 2024 and 2023.

    Financial Condition

    As of September 30, 2024, the Company had cash of $10.15 million, compared to $11.05 million as of March 31, 2024. Total working capital was $10.56 million as of September 30, 2024, compared to $10.75 million as of March 31, 2024.

    Net cash used in operating activates was $1.19 million for the six months ended September 30, 2024 compared to net cash used in operating activities of $0.10 million for the same period last year. Net cash used in investing activities for the six months ended September 30, 2024 was $0.04 million. There was no cash used in or provided by investing activities for the six months ended September 30, 2023. There was no cash used in or provided by financing activities for the six months ended September 30, 2024 and 2023.

    Subsequent Events

    On January 21, 2025, Wah Fu Education Group Ltd. (the “Company”) amended and restated its memorandum and articles of association, including

    • Creation of a new class of Class A shares with each Class A share being entitled to fifteen (15) votes on all matters subject to vote at general meetings of the Company. Any Class A Shares which are fully paid may be converted into ordinary shares on a one-for-one basis at the option of the holder of such Class A Shares upon giving five days’ notice by such holder to the Company.
    • The maximum number of shares that the Company is authorized to issue was increased from 30,000,000 ordinary shares of US$0.01 par value each to 600,000,000 shares divided into 500,000,000 ordinary shares with a par value of US$0.01 each and 100,000,000 Class A shares with a par value of US$0.01 each.
    • The redemption of 1,488,000 ordinary shares held by HFGFR Inc. and reissue of 1,488,000 Class A Shares to HFGFR Inc. were approved.

    Management has evaluated subsequent events through March 7, 2025, the date which the financial statements were available to be issued. All subsequent events requiring recognition as of September 30, 2024 have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.”

    About Wah Fu Education Group Limited

    Headquartered in Beijing, China, Wah Fu Education Group Limited provides online training and exam preparation services, as well as related training materials and technology solutions for both institutions, such as universities and training institutions, and students. For more information about Wah Fu, please visit www.edu-edu.cn.

    Safe Harbor Statement

    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are not statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the online training industry in China and the other markets the Company serves or plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the other markets the Company serves or plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission (the “SEC”).  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    For more information, please contact:

    Raincy Du
    ir@edu-edu.com.cn

    WAH FU EDUCATION GROUP LIMITED AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
                 
        As of
    September 30,
        As of
    March 31,
     
        2024     2024  
        (Unaudited)        
    ASSETS            
    CURRENT ASSETS:            
    Cash   $ 10,145,053     $ 11,045,708  
    Accounts receivable, net     646,487       1,039,580  
    Other receivables, net     1,014,317       188,441  
    Loan to third parties, current     514,634       524,969  
    Loan to related parties     1,778,524       1,778,524  
    Other current assets     59,728       95,583  
    TOTAL CURRENT ASSETS     14,158,743       14,672,805  
                     
    Loan to third parties, noncurrent     215,229       194,229  
    Property and equipment, net     464,073       485,660  
    Intangible assets, net     1,918       7,456  
    Long-term investment     142,499       138,498  
    Operating lease right-of-use assets     237,865       341,895  
    Long-term rent deposit     45,735       53,303  
    Deferred tax assets, net     231,919       262,577  
    TOTAL ASSETS   $ 15,497,981     $ 16,156,423  
                     
    CURRENT LIABILITIES:                
    Due to related parties   $ 315,512     $ 315,512  
    Deferred revenue     1,575,010       1,818,426  
    Operating lease liabilities, current     197,316       260,283  
    Taxes payable     1,003,350       969,595  
    Other payables     300,018       176,257  
    Accrued expenses and other liabilities     165,348       173,791  
    Accounts payable     39,023       210,348  
    TOTAL CURRENT LIABILITIES     3,595,577       3,924,212  
                     
    Operating lease liabilities, noncurrent     39,377       72,975  
    TOTAL LIABILITIES     3,634,954       3,997,187  
                     
    COMMITMENTS AND CONTINGENCIES                
                     
    EQUITY                
    Ordinary shares, $0.01 par value, 30,000,000 shares authorized; 4,410,559 shares issued and outstanding as of September 30, 2024 and March 31, 2024     44,106       44,106  
    Additional paid-in capital     5,124,236       5,124,236  
    Statutory reserve     867,530       867,530  
    Retained earnings     5,813,559       6,362,554  
    Accumulated other comprehensive loss     (923,282 )     (1,248,648 )
    Total shareholders’ equity     10,926,149       11,149,778  
    Non-controlling interest     936,878       1,009,458  
    TOTAL EQUITY     11,863,027       12,159,236  
    TOTAL LIABILITIES AND EQUITY   $ 15,497,981     $ 16,156,423  
    WAH FU EDUCATION GROUP LIMITED AND SUBSIDIARIES
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
     
        For the Six Months
    Ended

    September 30,
     
        2024     2023  
                 
    REVENUE   $ 2,799,328     $ 3,647,954  
                     
    COST OF REVENUE AND RELATED TAX                
    Cost of revenue     1,217,472       1,569,477  
    Business and sales related tax     10,083       15,606  
                     
    GROSS PROFIT     1,571,773       2,062,871  
                     
    OPERATING EXPENSES                
    Selling expenses     756,639       804,790  
    General and administrative expenses     1,386,486       985,346  
    Total operating expenses     2,143,125       1,790,136  
                     
    (LOSS) INCOME FROM OPERATIONS     (571,352 )     272,735  
                     
    OTHER(EXPENSES) INCOME                
    Interest income     99,809       98,240  
    Other expenses     (19,254 )     (190,929 )
    Total other income (expense), net     80,555       (92,689 )
                     
    (LOSS) INCOME BEFORE INCOME TAX PROVISION     (490,797 )     180,046  
                     
    PROVISION FOR INCOME TAXES     89,953       55,492  
                     
    NET (LOSS) INCOME     (580,750 )     124,554  
                     
    Less: net loss attributable to non-controlling interest     (31,755 )     (102,575 )
                     
    NET (LOSS) INCOME ATTRIBUTABLE TO WAH FU EDUCATION GROUP LIMITED   $ (548,995 )   $ 227,129  
                     
    COMPREHENSIVE (LOSS) INCOME                
    Net income     (580,750 )     124,554  
    Other comprehensive loss: foreign currency translation gain (loss)     284,541       (732,741 )
    Total comprehensive loss   $ (296,209 )     (608,187 )
    Less: Comprehensive (loss) income attributable to non-controlling interest     (40,825 )     2,352  
                     
    COMPREHENSIVE LOSS ATTRIBUTABLE TO WAH FU EDUCATION GROUP LIMITED   $ (255,384 )   $ (610,539 )
                     
    (Loss) earnings per ordinary share – basic and diluted   $ (0.12 )   $ 0.05  
    Weighted average shares – basic and diluted     4,410,559       4,440,085  
    WAH FU EDUCATION GROUP LIMITED AND SUBSIDIARIES
    UNAUDITED CONDENSED CONSOLIDATION STATEMENTS OF CHANGES IN EQUITY
     
        Ordinary Shares     Additional
    Paid-in
        Statutory     Retained     Accumulated
    Other
    Comprehensive
        Shareholders’     Non-controlling     Total  
        Shares     Amount     Capital     Reserves     Earnings     Income (Loss)     Equity     Interest     Equity  
                                                           
    Balance at March 31, 2024   4,410,559     $ 44,106     $ 5,124,236     $ 867,530     $ 6,362,554     $ (1,248,648 )   $ 11,149,778     $ 1,009,458     $ 12,159,236  
                                                                           
    Net loss                             (548,995 )           (548,995 )     (31,755 )     (580,750 )
    Foreign currency translation adjustment                                 325,366       325,366       (40,825 )     284,541  
                                                                           
    Balance at September 30, 2024   4,410,559     $ 44,106     $ 5,124,236     $ 867,530     $ 5,813,559     $ (923,282 )   $ 10,926,149     $ 936,878     $ 11,863,027  
                                                                           
    Balance at March 31, 2023   4,440,085     $ 44,401     $ 5,123,941     $ 867,530     $ 6,417,842     $ (752,391 )   $ 11,701,323     $ 1,328,660     $ 13,029,983  
                                                                           
    Net income (loss)                             227,129             227,129       (102,575 )     124,554  
    Appropriation of statutory reserve                     40,339       (40,339 )                        
    Foreign currency translation adjustment                                 (735,093 )     (735,093 )     2,352       (732,741 )
                                                                           
    Balance at September 30, 2023   4,440,085     $ 44,401     $ 5,123,941     $ 907,869     $ 6,604,632     $ (1,487,484 )   $ 11,193,359     $ 1,228,437     $ 12,421,796  
    WAH FU EDUCATION GROUP LIMITED AND SUBSIDIARIES
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
     
        For the six months
    ended September 30,
     
        2024     2023  
    Cash flows from operating activities:            
    Net (loss) income   $ (580,750 )   $ 124,554  
    Adjustments to reconcile net (loss) income to net cash used in operating activities:                
    Depreciation and amortization     45,344       37,158  
    Non-cash lease expense     110,983       122,276  
    Loss from disposal of property and equipment     3,245        
    Provision for doubtful accounts     127,686       194,014  
    Interest income from loan to third parties     (14,995 )     1,445  
    Deferred tax benefit     37,262        
    Changes in operating assets and liabilities:                
    Accounts receivable, net     284,584       (225,539 )
    Other receivable, net     (782,810 )     (33,407 )
    Other current assets     37,521       (112,254 )
    Deferred revenue     (288,352 )     (115,033 )
    Taxes payable     5,601       (12,102 )
    Accounts payable           (131,131 )
    Other payable     116,056       (1,551 )
    Operating lease liabilities     (103,468 )     58,915  
    Accrued expenses and other liabilities     (185,969 )     (7,708 )
    Net cash used in operating activities     (1,188,062 )     (100,363 )
                     
    Cash flows from investing activities:                
    Purchase of property and equipment     (8,281 )      
    Repayment received for loans to third parties     24,845        
    Purchase of ownership of a subsidiary     (53,733 )        
    Net cash used in investing activities     (37,169 )      
                     
    Effect of exchange rate fluctuation on cash     324,576       (1,045,602 )
                     
    Net decrease in cash     (900,655 )     (1,145,965 )
    Cash at beginning of the period     11,045,708       12,567,463  
    Cash at end of the period   $ 10,145,053     $ 11,421,498  
                     
    Supplemental cash flow information                
    Cash paid for income taxes   $ (49,575 )   $ (37,190 )
                     
    Non-cash financing activities                
    Right of use assets obtained in exchange for operating lease obligations   $     $ 200,115  

    The MIL Network

  • MIL-OSI: Fairfax India Holdings Corporation: Executive Announcements

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

    TORONTO, March 07, 2025 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (“Fairfax India” or the “Company”) (TSX: FIH.U) is pleased to announce that Debbie Chalkley will be appointed Chief Financial Officer (“CFO”) of Fairfax India effective March 10, 2025. Debbie has been part of the Fairfax family for over 13 years, with her most recent role being the CFO of Onlia Insurance. Prior to being CFO of Onlia Insurance, Debbie held a number of roles, with increasing responsibility, at Northbridge Financial Corporation, including Vice President in both finance and information technology.

    Amy Sherk, who is the current CFO of Fairfax India, will be appointed CFO of Fairfax, the controlling shareholder of Fairfax India, effective March 10, 2025. Amy will remain a Vice President of Fairfax India to ensure a seamless transition for her successor and to continue to contribute to the growth of the Company over the long term.

    Prem Watsa, Founder of Fairfax India, commented, “Fairfax India is fortunate to have had the benefit of Amy’s leadership, expertise, dedication and financial acumen for the past six years. I have no doubt Amy will continue to thrive in her new role as CFO of Fairfax. We are also excited to welcome Debbie to the Fairfax India team and look forward to working with her during the next phase of Fairfax India’s growth. As I have said many times, we are lucky to have the executive depth within the Fairfax family to continue to execute sound succession planning.”

    About Fairfax India

    Fairfax India is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.

       
    For further information, contact: John Varnell, Vice President, Corporate Affairs
      (416) 367-4755

    The MIL Network

  • MIL-OSI: NI Holdings, Inc. Reports Results for Fourth Quarter and Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    FARGO, N.D., March 07, 2025 (GLOBE NEWSWIRE) — NI Holdings, Inc. (“NI Holdings,” or the “Company,” NASDAQ: NODK) announced today results for the year ended December 31, 2024.

    Summary of Year-End 2024 Results
    (All comparisons vs. continuing operations for the year-end 2023, unless noted otherwise)

    • Strong fourth quarter net income of $9.9 million, with 16.2% return on average equity.
    • Fourth quarter combined ratio of 80.0%, up 1.3 pts compared to the prior year quarter, reflecting excellent underwriting results in our Private Passenger Auto and Home and Farm segments, partially offset by unfavorable prior year reserve development and further current year reserve strengthening in Non-Standard Auto.
    • Combined ratio of 100.7% for full year 2024 versus 97.0% for the prior year, driven by unfavorable prior year reserve development in Non-Standard Auto and higher loss severity and higher non-catastrophe weather-related losses in North Dakota and Nebraska Home and Farm, partially offset by lower levels of weather-related losses and a sustained moderation of severity in Private Passenger Auto.
    • Net investment income increased 36.2% to $10.9 million, driven by higher fixed income reinvestment rates.
    • Direct written premiums of $73.1 million during the quarter, down 7.9% compared to the prior year quarter and full year direct written premiums of $342.3 million, up 0.3% compared to prior year. Decrease for the quarter was driven by Non-Standard Auto, while full-year growth was driven by increased premiums in the Private Passenger Auto and Home and Farm segments, partially offset by Crop and Non-Standard Auto.
    • Net earned premiums of $71.8 million, down 3.0% compared to prior year quarter and full year net earned premiums of $310.1 million, up 6.2% compared to prior year.
    • Earnings per share of $0.47 for the current year quarter compared to $0.92 for the prior year quarter, and earnings per share of $0.31 for the current year compared to $0.93 for the prior year.
      Three Months Ended December 31,   Year Ended December 31,
    Dollars in thousands, except per share data
    (unaudited)
    2024 2023 Change   2024 2023 Change
    Direct written premiums $73,084 $79,370 (7.9%)   $342,301 $341,234 0.3%
    Net earned premiums $71,787 $73,993 (3.0%)   $310,110 $292,117 6.2%
    Loss and LAE ratio 45.8% 43.5% 2.3 pts   66.9% 63.8% 3.1 pts
    Expense ratio 34.2% 35.2% (1.0) pts   33.8% 33.2% 0.6 pts
    Combined ratio 80.0% 78.7% 1.3 pts   100.7% 97.0% 3.7 pts
    Net income (loss) attributable to NI Holdings $9,848 $6,625 48.6%   $(6,060) $(5,476) 10.7%
    Continuing operations $9,848 $19,202 (48.7%)   $6,600 $19,581 (66.3%)
    Discontinued operations $(12,577) NM   $(1,512) $(25,057) (94.0%)
    Loss on sale of discontinued operations NM   $(11,148) NM
    Return on average equity 16.2% 32.3% (16.1) pts   2.8% 7.9% (5.1) pts
    Basic earnings (loss) per share $0.47 $0.32 46.9%   $(0.29) $(0.26) 11.5%
    Continuing operations $0.47 $0.92 (48.9%)   $0.31 $0.93 (66.7%)
    NM = not meaningful


    Management Commentary

    “I would like to reiterate the honor and privilege it is to have the opportunity to lead this organization,” said Seth Daggett, newly named President and Chief Executive Officer. “I am excited to continue to build off its excellent foundation and partner with our talented board, employees, and agents to further advance the Company toward a successful future.

    Turning to results, we were pleased with our performance during the fourth quarter, particularly our Private Passenger Auto and Home and Farm segments, which benefited from improved weather and the aggressive rate and underwriting actions we’ve taken over the past two years. Our high-quality investment portfolio once again produced strong returns, resulting in a meaningful $2.9M year-over-year increase in net investment income. We continued to face challenging operating conditions in our Non-Standard Auto business, leading to another quarter of unfavorable reserve development in the segment. To that end, in the fourth quarter we began to execute aggressive strategic actions to address these issues and will continue these efforts in the coming year.

    These actions, as well as the sale of Westminster American Insurance in the second quarter, support our immediate priority of improving our risk profile to target reduced earnings volatility, while ultimately supporting our ability to generate consistent profitable growth going forward.

    Looking ahead, we will refocus our efforts on development of a comprehensive long-term strategic plan centered around our strong and longstanding foundation in North Dakota, including increased investments in people and technology, enhanced distribution management efforts, and a renewed focus on expense management initiatives. We’re confident this plan will support our primary objective of creating lasting value for our shareholders through sustained growth and profitability over time.”

    Securities and Exchange Commission (SEC) Filings

    The Company’s Annual Report on Form 10-K and latest financial supplement can be found on the Company’s website at www.niholdingsinc.com. The Company’s filings with the SEC can also be found at www.sec.gov.

    About the Company
    NI Holdings, Inc. is an insurance holding company. The Company is a North Dakota business corporation that is the stock holding company of Nodak Insurance Company and became such in connection with the conversion of Nodak Mutual Insurance Company from a mutual to stock form of organization and the creation of a mutual holding company. The conversion was consummated on March 13, 2017. Immediately following the conversion, all of the outstanding shares of common stock of Nodak Insurance Company were issued to Nodak Mutual Group, Inc., which then contributed the shares to NI Holdings in exchange for 55% of the outstanding shares of common stock of NI Holdings. Nodak Insurance Company then became a wholly-owned stock subsidiary of NI Holdings. NI Holdings’ financial statements are the consolidated financial results of NI Holdings; Nodak Insurance, including Nodak’s wholly-owned subsidiaries American West Insurance Company, Primero Insurance Company, and Battle Creek Insurance Company; Direct Auto Insurance Company; and Westminster Insurance Company until the date of sale.

    Safe Harbor Statement
    Some of the statements included in this news release, particularly those anticipating future financial performance, including investment performance and yields, business prospects, growth and operating strategies, the impact of underwriting changes and other strategic actions on operating results, our plans to increase investments in people and technology, enhance distribution management efforts, and focus on expense management initiatives, our ability to generate consistent profitable growth and create lasting value for our shareholders, and similar matters, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Actual results could vary materially. Factors that could cause actual results to vary materially include: our ability to maintain profitable operations, the adequacy of the loss and loss adjustment expense reserves, business and economic conditions, the changes in the international trade policies and the potential impact of such changes, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, adverse and catastrophic weather events, including the impacts of climate change, legal and judicial developments, changes in regulatory requirements, our ability to integrate and manage successfully the insurance companies we may acquire from time to time, the impact of inflation on our operating results, and other risks we describe in the periodic reports we file with the SEC. You should not place undue reliance on any such forward-looking statements. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to our Annual Report on Form 10-K, as filed with the SEC.

    Investor Relations Contact:
    Matt Maki
    Executive Vice President, Treasurer and Chief Financial Officer
    701-212-5976
    IR@nodakins.com

    The MIL Network

  • MIL-OSI Economics: Angela Merkel highlights multilateralism’s role in global co-operation, women’s participation in trade

    Source: WTO

    Headline: Angela Merkel highlights multilateralism’s role in global co-operation, women’s participation in trade

    In her lecture titled “Empowering women through multilateral cooperation”, Dr Merkel highlighted the importance of establishing rules and standards to ensure women have equal access to economic opportunities. She underscored that supply chain diversification presents unique opportunities for women, particularly in emerging and developing economies. She called on more women to be engaged in these expanding markets and for countries to draw on a broader talent pool, driving innovation and growth.
    The former German Chancellor noted that global institutions like the WTO play a significant role through initiatives such as the Informal Working Group on Women and Trade and various other initiatives that produce empirical evidence of the benefits of multilateralism for women. Additionally, the WTO collaborates with other international bodies, such as the World Bank, the International Development Fund (IDF) and the Organisation for Economic Cooperation and Development (OECD), to advance policies that enhance women’s participation in the global economy. These partnerships aim to create equitable trade policies that ensure women’s access to finance and opportunities in global markets, she said.
    Beyond women’s rights, Dr Merkel emphasized the broader significance of multilateralism in achieving economic stability. Acknowledging the current challenges of multilateral cooperation, she called on the audience to maintain strong convictions about what international cooperation has achieved in recent decades in terms of economic growth and poverty reduction around the world.
    Stressing the relevance of the WTO as the organization that accounts for 98 per cent of global trade,  Dr Merkel stressed the pivotal role the multilateral trading system has played in providing global economic stability, fostering international trade and promoting open and fair markets to the advantage of both industrialized and developing countries. Drawing from the lessons from past global economic crises, she emphasized the role governments and international organizations have played in mitigating financial and health crises and enabling economic resilience.
    One of the priority areas for discussion she mentioned was the WTO Appellate Body and the need to restore it as it has an essential role in enforcing trade agreements and maintaining the credibility of the organization. Ensuring there is an Appellate Body that has teeth and is operational will be central to global trade governance in the future, she noted.
    The former German Chancellor said the European Union is proof that multilateralism is complicated but with sufficient political will it offers a win-win solution for all. She expressed hope that all the important players on the international trade scene would be able to understand this and not reject the fact that the path of consensus always leaves the doors open for mutual benefits. 
    In her welcoming remarks, WTO Director-General Ngozi Okonjo-Iweala referred to Dr Merkel as a “stalwart supporter” of the multilateral trading system and the WTO. She is someone who was a “central actor in the global arena” over a 16-year tenure that was marked by economic and health crises, she added.
    DG Okonjo-Iweala highlighted persistent gender gaps in political and business leadership, within societies and homes, and in organizations such as the WTO. “For all the progress we have made, we still have a long way to go. But Dr Merkel has helped us envision a more equal world. When Olaf Scholz succeeded her as Chancellor in December 2021, a generation of German boys discovered that the country’s top job could also be done by a man,” she said.
    DG Okonjo-Iweala also reflected on the “grave challenges” the international economic order is currently confronting. She emphasized that despite all of its shortcomings the system has for 80 years enabled unprecedented prosperity and poverty reduction. “Conflict and climate change are exacting a growing human toll. Progress on economic development and gender equality is stalling. Rising economic uncertainty is diminishing people’s prospects – nowhere more so than in the poorest countries,” she said.
    In this context, DG Okonjo-Iweala stressed the importance of the WTO and the need for members to be mindful of the power of cooperation and understanding. She cited an early speech of Dr Merkel to the European Parliament where she said that in order to reach agreements, things must be looked at through other people’s eyes. “We need more of that here,” she said.
    The Director-General mentioned her recent trip to Washington D.C., where she met with the Secretary of Commerce Howard Lutnick and the United States Trade Representative (USTR) Ambassador Jamieson Greer. Despite criticisms of the WTO in a recently released report, the US signalled its intent to remain engaged in the organization, she said. This suggests there is an opportunity to address their concerns through existing WTO mechanisms, reinforcing the importance of continued dialogue and cooperation within the organization, she added.
    Dr Merkel’s lecture was followed by a fireside chat moderated by Richard Quest, CNN’s international business correspondent. Held in conjunction with International Women’s Day, the lecture and discussion served as an opportunity to highlight female leadership and women’s empowerment in international economic governance.
    A recording of the event can be viewed here.
    Presidential Lecture Series
    The lecture series provides a platform for distinguished speakers from all walks of life, ranging from presidents, prime ministers and high-level politicians to business leaders, scientists, authors and philanthropists, to discuss multilateral cooperation and global governance issues, including trade-related matters and sustainable development goals. Several lectures are held annually at the WTO’s headquarters in Geneva.
    More information on the lecture series is available here.

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  • MIL-OSI Economics: Working group on MSMEs focuses on good regulatory practices and informal economy

    Source: WTO

    Headline: Working group on MSMEs focuses on good regulatory practices and informal economy

    Good regulatory practices and the informal economy
    The United Kingdom provided an overview of its Better Regulation Framework (BRF), launched in September 2023, which aims to manage the flow of regulation and assess its impact on business. The UK outlined its approach to regulatory impact assessment and stakeholder consultation to ensure MSMEs’ input is included in policy development and review to maintain regulatory effectiveness.
    Participants exchanged views on the involvement of MSMEs in trade regulation and legislative processes, the communication of regulatory changes, and whether impact studies have been conducted to assess the effects of new regulations on MSMEs. Discussions also covered the inclusion of good regulatory practices in regional trade agreements, particularly in relation to MSMEs and inclusive trade.
    As an outcome of the discussions, the Group agreed to develop a compendium on good regulatory practices for MSMEs.
    The session also featured presentations from the International Labour Organization (ILO), the International Trade Centre (ITC), the World Bank and Serviço Brasileiro de Apoio às Micro e Pequenas Empresas (SEBRAE, Brazil) on business informality, focusing on challenges faced by MSMEs in transitioning from the informal to the formal economy. Presentations also covered how informal trade takes place in practice in some regions. The discussion, initiated by a proposal from Mexico, highlighted key barriers to formalization and the role of legal frameworks and international cooperation in addressing these challenges.
    Global SME Ministerial Conference
    H.E. Dr. Mzukisi Qobo, Ambassador of South Africa, briefed the Group on the upcoming Global SME Ministerial Conference, which will take place in Durban, South Africa, from 22 to 24 July. He highlighted that the conference will provide opportunities to MSMEs to engage with investors, showcase success stories and learn from small businesses that have successfully entered global value chains.
    Ms Dorothy Tembo, Deputy Executive Director of International Trade Centre, stated that the conference aims to bring together 47 dedicated ministers on SMEs to exchange best practices and discuss key emerging issues that affect small businesses.
    Success stories
    In line with the Group’s efforts to strengthen private sector engagement, the meeting featured a presentation from Fairafric, a Ghanaian-German chocolate producer. The company shared insights on overcoming supply chain challenges in West Africa and at a global scale by prioritizing local value addition in Ghanaian communities and investing in capacity building and finding creative solutions. Fairafric operates the first solar-powered organic chocolate factory and utilizes biodegradable packaging, showcasing sustainability in its business model.
    Updates
    The World Customs Organisation provided an update on the joint report on the integration of MSMEs into Authorized Economic Operator Programmes. The joint report builds on the compendium on the topic and incorporates findings from a 2024 survey. The report is jointly prepared by the WCO, the WTO and the International Chamber of Commerce.
    Brunei Darussalam, Paraguay and Ukraine shared updates on the implementation of the December 2020 MSME package of recommendations. They highlighted how their latest trade policy reviews have incorporated information on measures taken to integrate their micro small and medium-sized enterprises into global trade.
    The Coordinator, Ambassador Matthew Wilson of Barbados, drew members’ attention to the 2025 Small Business Champions competition. The title of this year’s competition is “Completing the Loop: Helping small businesses contribute to the circular economy”.  The competition was launched on 28 January and is open for applications until 28 March.
    Preparations for MC14
    The Group exchanged views on advancing its work in preparation for the 14th Ministerial Conference (MC14) in March 2026. The Coordinator suggested drawing lessons from past thematic discussions. Other ideas included the development of a handbook based on private sector engagements organized by the Group. Members were encouraged to submit concrete proposals reflecting topics discussed in Group meetings. The Coordinator will consult further with members to determine the best way forward.

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  • MIL-OSI Economics: WEIDE Fund for women entrepreneurs to start roll-out in four beneficiary countries

    Source: WTO

    Headline: WEIDE Fund for women entrepreneurs to start roll-out in four beneficiary countries

    WTO Director-General Ngozi Okonjo-Iweala said: “As you all know, digital trade is the fastest-growing segment of global commerce, with trade in digitally delivered services reaching an astounding US$ 4.25 trillion in 2023. With digital trade, women entrepreneurs have the opportunity to leapfrog market barriers in a way that was impossible before. This fund represents a unique opportunity for women entrepreneurs to develop their businesses, create jobs, and expand into international markets.”
    “In our first four partner countries, the WEIDE Fund will kick off with business plan competitions, giving women entrepreneurs a chance to access tailored financial and technical support. Applications will open in these countries, inviting women entrepreneurs to submit their business plans and proposals. Our goal is ambitious but clear: in this first phase we want to empower 400 women entrepreneurs, reshaping the entrepreneurial landscape of these countries and setting a new standard for inclusive economic growth,” DG Okonjo-Iweala said.
    ITC Executive Director Pamela Coke-Hamilton said: “Each of these institutions has an impressive track record of empowering the women entrepreneurs in their countries, and deep expertise in the new technologies and tools that are part and parcel of our increasingly digital world. They are ready and raring to go—and we are too.”
    The following four business support organizations will be supporting implementation in the beneficiary countries: ProDominicana, the Jordan Enterprise Development Corporation (JEDCO), the Mongolian National Chamber of Commerce and Industry (MNCCI), and the Nigerian Export Promotion Council (NEPC).
    Two tracks of assistance will be available for women entrepreneurs. Track One, the Discovery Track, will help women-led micro and small businesses increase their competitiveness, with a focus on improving digital skills, expanding professional networks and enhancing market access. The programme of support is expected to last approximately 9-12 months.
    Under Track One, the WEIDE Fund will provide an initial grant of between US$ 2,000 and US$ 5,000 to each selected business to provide working capital or for the purchase of equipment. This grant will be disbursed in two instalments, with each business required to set clear business objectives, demonstrate commitment to the aims of the Fund and undergo performance checks. In addition, technical assistance will include business coaching and a resulting business plan that will guide the entrepreneur on how to use the resources provided through the discovery grant.
    Track Two, the Booster Track for more established enterprises, will help exporting/export-ready women-led small and medium sized businesses scale up their export activities and expand their markets, with a focus on using digital platforms to do so. The programme for each business is expected to last approximately 18 months.
    Under Track Two, the WEIDE Fund will provide a booster grant of up to US$ 30,000. Moreover, the technical assistance associated with the Booster Grant includes bespoke coaching to help the enterprise develop a business acceleration plan. More information on the two tracks of assistance is available here.
    Unveiled by the WTO Secretariat and the ITC in February 2024 at the 13th Ministerial Conference (MC13) in Abu Dhabi, the WEIDE Fund aims to increase the participation of women entrepreneurs in global value chains, resulting in expanded economic opportunities and improved livelihoods. It also aims to increase the adoption of digital technologies by women entrepreneurs, including expanding their presence on digital platforms. Since its launch, the WEIDE Fund has already raised US$ 22 million, with a goal of reaching US$ 50 million.
    More information on the WEIDE Fund can be accessed here.

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  • MIL-OSI Economics: WCP Mexico: Joint research workshop

    Source: WTO

    Headline: WCP Mexico: Joint research workshop

    Distinguished guests, WCP Chairs, and representatives,
    It is undeniable that we need to make trade more inclusive. But what does that mean? Why does it matter? These are questions that deserve attention.
    With this in mind, the Latin American and Caribbean Network of the WTO Chairs Programme has once again brought us together through their work on trade and inclusivity. I extend my thanks to the different teams involved in organizing this workshop – especially the WCP Chair in Mexico – which is held in collaboration with the WTO Trade and Gender Office as an activity under the Chairs Programme, and with the support of the Ministry of Economy.
    This event will consolidate discussions on the seven different pillars of inclusivity with the goal of publishing an extremely relevant book.
    This book will include perspectives from different regions of the world, drawing on experience from trade negotiators and policy makers in Africa, New Zealand, Asia, and Europe. I would like to thank each of the other WCP Chairs involved as well – the network in Brazil, Chile, Colombia, Costa Rica, and Peru. We recognize that your efforts on this topic have boosted its visibility.
    There is of course no part of the world where the diverse needs of women, indigenous peoples, youth, individuals with disabilities and other marginalized groups are not important.
    Trade and women
    Trade contributes to SDG 5 by creating economic opportunities for women and increasing their income. Firms that export employ more women than men and provide them with formal jobs. This secures their economic empowerment. Similarly, women entrepreneurs can gain from expanding to foreign markets, as trade can help them strengthen and diversify their economic activities. Evidence shows that this leads to changes in women’s social status and improves their rights.
    However, trade is not gender-neutral. Women face higher barriers than men in accessing the opportunities created by trade. Data shows that these barriers are often grounded in negative social norms. In fact, according to the World Bank, women have only less than two thirds of rights of men. This is why governments have been developing gender-responsive trade policies, with measures supporting women in reaping the benefits of trade and sometimes directly addressing these social imbalances.
    Women are highly active in targeting international markets. Globally, women comprise two fifths of entrepreneurs (40%) serving a national or international market, while men comprise three fifths (60%) in both cases.
    Discussions at the WTO
    At the WTO, in the last 8 years, members have joined forces to ensure that trade acts for the benefit of women’s empowerment. Over two-thirds of the membership are actively working to address the trade barriers faced by women.
    In 2020, we reached an important milestone and established the Informal Working Group on Trade and Gender.
    This initiative, which began in 2017 on the sidelines of the 11th Ministerial Conference, brought together 118 WTO members and observers to promote women’s participation in global trade. The primary goal of this Working Group is to mainstream gender in the work of the WTO and in trade policies.
    At the 13th WTO Ministerial Conference, ministers collectively acknowledged the intrinsic links between women’s economic empowerment, trade and sustainable development. Furthermore, the co-chairs of the Informal Working Group issued a powerful statement that reaffirmed our commitment to advancing gender equality within the trade sphere, highlighting the significant achievements of WTO members’ joint work and taking bold commitments.
    At the Ministerial Conference, members have also launched the first gender-responsive trade policy tool, in the form of a compendium mapping all the measures they implement to support women entrepreneurs’ access to finance.
    Our approach to this issue has been both cross-cutting and collaborative, particularly through the World Trade Gender Research Hub.
    Created in 2021, the Hub gathers 45 researchers and experts on trade and gender, including some Chairs.
    The WCP Latin American and Caribbean Network is well known for its work on trade and gender – and I’m proud to congratulate the WCP Co-Chair in Costa Rica on his appointment as a member of the Hub, bringing the total number of Chairs in this group to four.
    This year, the WTO will host the second edition of the World Trade Congress on Gender, under the theme “Gender Equality and Innovation, the Keys to Sustainable Trade”. We will organise this research conference in partnership with UN Women and jointly with the Hub. This year, it will gather more than 60 researchers to present groundbreaking work on trade, gender and innovation.
    Beyond research, the WTO has partnered with different organizations such as the World Bank, UNCTAD, the FAO and UN Women to develop effective solutions and drive progress.
    As you will also see from the discussions, inclusivity has several different facets.
    Our economies should not leave any communities at a disadvantage.
    Trade and disabilities
    Another stark reality we are faced with is that globally, one in six adults lives with some form of disability. They are a significant part of our global population, yet their economic needs and perspectives are frequently pushed aside in discussions about trade and economic policy. This does a tremendous disservice to them, and to economies as a whole.
    Our recent establishment of an informal, staff-level Inter-Agency Working Group on Trade and Disability Inclusion is a promising step forward in this area. Alongside UNCTAD, the ITC, and the ILO, we aim to empower governments to bring disability inclusion into their policy discussions, ensuring that persons with disabilities are fully supported and included in the global economy.
    Indigenous communities
    Trade is also significant for indigenous communities, in particular those that have been historically marginalized. In 2024, the WTO’s Small Business Champions Winners initiative focused on leveraging international trade to foster economic development and innovation for indigenous peoples worldwide.
    Trade provides them with essential economic opportunities, reducing poverty and economic disparities.
    Through their businesses, which emphasize environmental stewardship, it also benefits the wider economy by promoting sustainable and ethical consumption patterns. Supporting indigenous trade helps preserve unique cultural expressions, crafts, and arts that have been passed down through generations.
    Youth
    Also with the next generation in mind, the WTO has launched two major initiatives jointly with the WTO Gender Research Hub.
    In 2023, we organised the Youth Trade Summit on Gender with the objective of building the next generation of trade and gender experts. As an outcome of the Summit, in July 2024, we launched the WTO Youth Talent Incubator Programme to support young professionals from academia and government in integrating gender into their work.
    Let me add that the Chairs Programme itself expands access to trade-related education. Last year alone, over 330 WTO related courses took place through the programme. I hope you yourselves do not underestimate the significance of your work in this area.
    Conclusion and looking ahead to MC14
    Researchers at this event will talk about all of these inclusivity issues and expand them in new directions. It is also important for WTO Members to consider the complexities of how these factors interact.
    As we look ahead to the 14th WTO Ministerial Conference to be held in 2026, Members will be putting their focus on several areas that have also been part of the WCP network’s research.
    The second wave of fisheries subsidies negotiations, investment facilitation for development, and environmental sustainability are on the horizon. Members are also exploring new ways of making progress and breaking through on agricultural reform, and further engagement will continue under the multilateral programme on electronic commerce. I look forward to seeing the continued contributions of the Chairs Network in these areas.
    Let me end by saying that the WTO remains steadfast in its commitment to advancing inclusive trade. Our mission is to create a trade framework that reflects the diversity and needs of all societies, promoting equity and opportunity for all. With this objective in mind, I would certainly and strongly encourage continued collaboration between the WCP and the WTO Trade and Gender Office.
    Together, we can ensure that the multilateral trading system contributes to a more just and equitable global economy. And the book discussed today has its place in making this happen.
    Thank you.

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    MIL OSI Economics

  • MIL-OSI United Nations: Experts of the Human Rights Committee Congratulate Zimbabwe on Passing a Law Abolishing the Death Penalty, Raise Questions on Land Reform and Judicial Independence

    Source: United Nations – Geneva

    The Human Rights Committee today concluded its consideration of the second periodic report of Zimbabwe on how it implements the provisions of the International Covenant on Civil and Political Rights.  Committee Experts congratulated the State for passing a law that officially abolished the death penalty, while raising questions on land reform and the independence of the judiciary.

    A Committee Expert congratulated the State party for passing the law that officially abolished the death penalty on 31 December 2024, which was a historic step forward, demonstrating the country’s commitment to protecting the fundamental right to life and human dignity of its people.  The Expert asked about measures Zimbabwe would take to incorporate the abolition of the death penalty into the Constitution and commute all death sentences that were pending rehearing.

    Another Committee Expert said a reliable report indicated that expropriated white-owned farms were often redistributed to the Zimbabwe African National Union – Patriotic Front elite, allowing high-level officials to bypass the one-farm-per-official policy.  What were the objective criteria for land redistribution, and what mechanisms ensured transparency and impartiality?

    One Expert said reports indicated that judges who had failed interviews had been appointed to the High Court, and that the judicial promotion process was not subject to the same level of public scrutiny as initial appointments.  How did the State party ensure that the public interview process was respected in practice, and that judges remained fully independent, including in high-profile cases involving the Government?

    Responding to questions, the delegation said Zimbabwe had embarked on phases of land reform, from 1980 to 2000 and from 2000 to the present day.  These reforms aimed to address inequalities in the country and decongest rural areas, as well as to enhance agricultural productivity.  The process continued to be fine-tuned, including through the Global Compensation Agreement signed in 2021, which outlined a mutual agreement to the payment of 3.5 billion United States dollars in compensation.  The payment of compensation was ongoing.

    The delegation said the Constitution stated that courts needed to operate free from interference.  In Zimbabwe, judges were not elected by the people, but rather were appointed by the President after consultation with the independent Judicial Service Commission, which had its own budget and was able to pay salaries for judicial officers, safeguarding them from outside influence.  A digital case management system had also increased judicial independence, ensuring the judiciary had sole autonomy regarding the allocation of cases to judges, without influence from the Executive.

    Presenting the report, Nobert T. Mazungunye, Deputy Minister of Justice, Legal and Parliamentary Affairs and head of delegation, said Zimbabwe was proud of the advancements achieved through significant legislative reforms, administrative measures and its strong commitment to democratic processes.  One of the most significant achievements in Zimbabwe’s human rights trajectory was the enactment of the Death Penalty Abolition Act on 31 December 2024, a historic milestone in the country’s development.

    On the death penalty, the delegation added that some 48 inmates who were due to be executed had had their executions halted.  They would all be brought before the court before renewed sentencing.   A bill to amend section 48 of the Constitution, a step in ensuring the death penalty was abolished, had been introduced by a member of the opposition to Parliament and was supported by the Government.

    Mr. Mazungunye said it was important to acknowledge that Zimbabwe continued to face a heavy burden due to the negative impact of unilateral coercive measures imposed by some Western countries.  These had suffocated Zimbabwe’s economy and undermined the Government’s capacity to fully implement programmes and initiatives that were critical to promoting and protecting civil and political rights.

    In concluding remarks, Mr. Mazungunye expressed gratitude for the opportunity to engage in dialogue with the Committee.  The State was dedicated to implementing the necessary steps to ensure the rights enshrined in the Covenant were fully realised by all Zimbabweans.

    Changrok Soh, Committee Chairperson, extended sincere appreciation to the high-level delegation of Zimbabwe for their willingness to engage in a constructive dialogue with the Committee.  Mr. Soh thanked all those who had contributed to the dialogue.

    The delegation of Zimbabwe was made up of the Permanent Secretary for Justice, Legal and Parliamentary Affairs and representatives of the Ministry of Justice, Legal and Parliamentary Affairs; Zimbabwe Prisons and Correctional Services; Zimbabwe Republic Police; Inter-Ministerial Committee; Ministry of Finance, Economic Development and Investment Promotion; Ministry of Home Affairs and Cultural Heritage; Ministry of Foreign Affairs and International Trade; and the Permanent Mission of Zimbabwe to the United Nations Office at Geneva.

    The Human Rights Committee’s one hundred and forty-third session is being held from 3 to 28 March 2025.  All the documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 3 p.m. on Monday, 11 March to begin its consideration of the seventh periodic report of Mongolia (CCPR/C/MNG/7).

    Report

    The Committee has before it the second periodic report of Zimbabwe (CCPR/C/ZWE/2).

    Presentation of Report

    NOBERT T. MAZUNGUNYE, Deputy Minister of Justice, Legal and Parliamentary Affairs and head of delegation, said Zimbabwe was proud of the advancements achieved through significant legislative reforms, administrative measures and its strong commitment to democratic processes.  The journey had been marked by a strong dedication to establish a more transparent, inclusive and participatory political environment.  One of the most significant achievements in Zimbabwe’s human rights trajectory was the enactment of the Death Penalty Abolition Act on 31 December 2024, a historic milestone in the country’s development.  By abolishing the death penalty, Zimbabwe had taken a decisive step towards aligning its legal framework with international human rights standards.  This Act represented a transformative shift in the country’s legal landscape; it replaced existing statutes with sentences focused on rehabilitation, proportionality and justice.

    The Constitution and the Electoral Act were amended to further enhance transparency, credibility, and inclusivity in the electoral processes.  These amendments extended the women’s quota for members of Parliament by two Parliamentary terms.  A youth quota was introduced and implemented in the National Assembly as well as a 30 per cent women’s quota for the local authorities.  To enhance transparency, 2023 harmonised elections were carried out in 46 counties and 17 continental and regional bodies.  Zimbabwe was party to the African Charter on Democracy, Elections and Governance of the African Union, reinforcing the country’s commitment to ensuring free, fair and transparent elections.

    To enhance welfare of citizens, including those in the diaspora, in December 2021, the Government launched the biometric e-passport and had since continued to ramp up the establishment of e-passport centres in destinations like South Africa and the United Kingdom, to ensure efficient, secure and expeditious passport processing for citizens living abroad.  The Government also enacted the Freedom of Information Act and the Maintenance of Peace and Order Act, providing for the constitutional rights of expression and freedom of the media.  The Act also provided for protection of the rights of freedom of assembly, association, demonstration and petitioning.

    A key step towards enhancing access to justice in Zimbabwe had been the decentralisation of courts, the Legal Aid Directorate, the Pre-Trial Division and the Community Service to districts, significantly reducing the geographical barriers faced by citizens in accessing judicial services.  The introduction of a performance management system for the judiciary improved its efficiency and effectiveness, and the Integrated Electronic Case Management System rolled out in superior courts was now being cascaded to the lower courts.  Zimbabwe had passed into law the Prisons and Correctional Service Act, which included explicit provisions on rehabilitation and correctional services which were not provided for in the previous statute.

    In 2024, Zimbabwe established an Independent Complaints Commission under the Independent Complaints Act, the mandate of which was to ensure transparency and fairness between the country’s security institutions and the public.  Citizens could report grievances against security personnel without fear; the Commission had the authority to investigate complaints, misconduct and abuse of power.

    It was important to acknowledge that the country continued to face a heavy burden due to the negative impact of unilateral coercive measures imposed by some Western countries.  These had suffocated Zimbabwe’s economy and undermined the Government’s capacity to fully implement programmes and initiatives that were critical to promoting and protecting civil and political rights.  The economic constraints caused by these illegal economic sanctions had hindered the provision of essential resources for governance, infrastructure development and social services.  Zimbabwe condemned these sanctions and continued to call for their immediate and unconditional removal.  Despite these challenges, Zimbabwe was steadfast in its commitment to promoting and protecting all civil and political rights.

    Questions by Committee Experts

    A Committee Expert congratulated the State party for passing the law that officially abolished the death penalty on 31 December 2024, which was a historic step forward, demonstrating the country’s commitment to protecting the fundamental right to life and human dignity of its people.  However, it appeared that there were still some issues that needed to be addressed by the State party to further affirm its commitment in this regard. The Committee was aware that notable steps had been taken by the State party in terms of improving respect for human rights in the country, however some issues of concern remained.

    It was understood that the State party was in the process of aligning subsidiary legislation to conform with 2013 Constitutional provisions, which was a welcome development. However, there were concerns that some of the ongoing Constitutional amendments had yielded regressive results that restricted rights to freedom of expression, assembly and association, including the Patriot Act, and the Maintenance of Peace and Order Act, among others.  What measures would the State party take to repeal legislative amendments that apparently impeded the exercise of fundamental rights and freedoms provided in the Constitution and the Covenant?  Would Zimbabwe withdraw the Private Voluntary Organization Bill and ensure the autonomy of civil society organizations to operate without reprisals? What steps would be taken to expedite the alignment of existing laws to ensure that such laws were fully in conformity with the Constitution and its obligations under the Covenant?

    Could the State party provide relevant examples of cases in which the provisions of the Covenant had been invoked by national courts?  Could the exact place of the Covenant in the hierarchy of laws in Zimbabwe’s legal system be clarified?  What measures were being taken to raise awareness of the Covenant among the public, Government officials, judges, lawyers and prosecutors?  The State party was considering ratification of the first Optional Protocol of the Covenant, which was a welcome development.  Could a timeline for this process be provided?

    The information provided by the State party regarding the Zimbabwe Human Rights Commission, including the functional mandates given to it under its establishment Act, were well noted and appreciated.  However, reports indicated that the Commission still faced several challenges in discharging its legal mandates in practice.  What steps did the State party plan to take to provide sufficient financial and human resources to the Commission to enable it to carry out its mandate? The Commission’s independence appeared to be threatened by the backlash from the Executive, when the latter sought to cover up accountability.  What steps would the State party take to ensure the independence of the Commission free from undue interference by the Executive, including aligning the Commission’s Act with the 2013 Constitution?  What steps would be taken to adopt a clear, transparent, participatory and merit-based process for the selection and appointment of the senior leadership of the Commission?

    The Expert welcomed the ruling of the High Court of Zimbabwe that section 2(1) of the Termination of Pregnancy Act of 1977 was unconstitutional and invalid.  This ruling broadened access to safe and legal abortion for minors and survivors of rape, including marital rape.  What steps would the State party take to revise the relevant provisions of the Termination of Pregnancy Act with a view to bringing it into conformity with the ruling of the High Court?  Reports from several stakeholders indicated that women continued to face barriers in accessing basic sexual and reproductive health services and unsafe abortions, contributing significantly to the high maternal mortality rate in Zimbabwe.  Could updated statistics on maternal and infant mortality in urban and rural areas be provided?  What efforts were underway to reduce high rates of maternal mortality and ensure full and unimpeded access to sexual and reproductive health services and contraception?

    Zimbabwe had taken a commendable step in passing the 2024 Death Penalty Abolition Act, marking a significant milestone toward affirming the fundamental right to life and human dignity in the nation’s history.  However, it appeared that further steps needed to be taken by the State party to remove any uncertainty about its firm commitment towards abolishing the death penalty.  What measures would Zimbabwe take to remove the provision which allowed for the reinstatement of the death penalty in cases of states of emergency; to ratify the Second Optional Protocol to the Covenant; incorporate the abolition of the death penalty into the Constitution of Zimbabwe; and commute the sentences of all persons sentenced to death that were pending rehearing?

    The Zimbabwe Anti-Corruption Commission had a clear constitutional foundation.  However, it was allegedly being operated to target political opponents and used as a tool for short-term arbitrary detentions.  Who nominated the eleven members of the Commission and what criteria guided their selection?  How was the organization administered in practice?  Additionally, the Committee has received information that in May 2018, a new entity was established, seemingly bypassing the Commission.  Did the new entity have a constitutional basis?  How was it currently operating?  What types of cases had been brought to the anti-corruption courts, and what was the ratio of those that had resulted in convictions or penalties?

    A reliable report indicated that expropriated white-owned farms were often redistributed to the Zimbabwe African National Union – Patriotic Front elite, allowing high-level officials to bypass the one-farm-per-official policy.  What were the objective criteria for land redistribution, and what mechanisms ensured transparency and impartiality?  What measures had the State party implemented to prevent threats against magistrates and judges handling corruption cases?  Could information be provided on specific cases, particularly those of Hopewell Chin’ono, an award-winning journalist, and Jacob Ngarivhume, the leader of the political group Transform Zimbabwe?

    Zimbabwe faced serious environmental challenges but was a party to numerous treaties and had demonstrated strong commitment to various programmes and strategies aimed at addressing these issues.  How did the Government assess their effectiveness, and what measures were in place to strengthen enforcement?  Concerns had been raised about illegal mining in Chimanimani National Park, allegedly involving park rangers; what actions were being taken to address these issues?  How was international climate-related funding being redistributed, particularly at the local level?  Could a more detailed explanation of the current disaster risk management strategies be provided?  Was knowledge of disaster preparedness, including early warning systems, widely disseminated among local communities?  How did the Government ensure that vulnerable populations were adequately informed and equipped to respond to disasters?

    Did the State party plan to accede to the Convention Against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment and the International Convention for the Protection of All Persons from Enforced Disappearance?  Were there any obstacles preventing accession?  Could the State party confidently assert that the existing provisions fully covered torture and cruel, inhuman, or degrading treatment?  What oversight mechanism did the State party have in place to ensure the protection of torture and enforced disappearances?  Could the State party provide statistical data on the number of complaints received regarding misconduct by law enforcement and the security forces, and the corresponding investigations?  Could information be provided on human rights training provided to judges, prosecutors, and law enforcement and security forces?

    Another Expert said the Committee had several questions regarding the State party’s efforts to combat impunity for past violations of the Covenant.  The oldest of these incidents related to the Chihambakwe Commission established to investigate atrocities committed by State security forces in the Matabeleland and Midlands provinces in the 1980s.  Why was the Commission’s report never published?  Had the National Council of Chiefs’ Community Engagement Manual been implemented?  What was the status of the community engagement programme announced in July 2024 to promote healing in the two provinces?  Would the previous granting of amnesty to security forces affect the State party’s ability to hold perpetrators accountable?  The Committee also had questions about election-related violence in 2008, when State security forces engaged in abductions, arbitrary arrests, torture, and extrajudicial killings, with no substantial investigations taken nor any prosecutions of the perpetrators.  What steps would be taken to address these issues?

    In 2018, security forces killed six individuals and injured 35 others in acts of electoral violence.  Zimbabwe created an International Commission of Inquiry to investigate this violence, but the State party had reportedly not implemented the recommendations of the Commission; what steps would be taken to address this?  The Committee commended Zimbabwe for creating the National Peace and Reconciliation Commission, which investigated hundreds of complaints and provided redress to victims.  What concrete steps would the State party take towards achieving the unfulfilled objectives of the Commission? 

    Credible reports had been received of widespread discrimination on the basis of sexual orientation, including that individuals had been fired or forced to resign from their employment due to their sexual orientation, often after being harassed. What measures were being taken to prevent discrimination on all grounds prohibited by the Covenant, including sexual orientation?  Did Zimbabwe have plans to adopt foreign funding restrictions for lesbian, gay, bisexual, transgender and intersex rights advocates?  Would the State party consider decriminalising consensual same-sex relations?  What measures were planned to enhance the participation of persons with disabilities in political processes, as well as their social inclusion?  Could statistical data on complaints of discrimination be provided?  The Committee was disturbed by reports of hate crimes and hate speech against individuals based on their sexual orientation, gender identity, disability or HIV status.  Could information be provided on investigations into these incidents, and other measures taken to prevent and punish hate crimes and hate speech, including by public officials?

    What measures were being taken to improve the implementation of existing laws and policies to ensure gender equality in public and political life?  The Committee commended the State party for amending the Data Protection Act to criminalise online gender-based violence.  Could information on its implementation and efforts to raise public awareness be provided?  What remedies were provided to victims?

    Another Expert commended Zimbabwe for the large component of women in the delegation, which was great to see.  Reports from different sources had shown that despite the enactment of the Domestic Act in 2006, 25 years ago, domestic violence remained a serious problem, and prosecution was rare.  Could information be provided on recent measures to prevent, combat and eradicate all forms of violence against women, including sexual and domestic violence? What steps were taken to address the issue of femicide, and to prevent and track it?  What had been done to encourage the reporting of cases by victims; address the low rates of prosecution of cases of violence against women; and to investigate the cases of sexual violence committed by security forces in January 2019, and bring perpetrators to justice?

    There were allegations of unlimited time for pre-trial detention, especially for political detainees. What measures were being taken to ensure the full respect of basic procedural safeguards for detained persons? What steps had been taken to reduce the use and duration of pretrial detention and to use non-custodial alternative measures?  Could the delegation comment on the situation of juvenile detainees, as well as on reports of arbitrary arrests and detention of political opposition, trade union leaders and protestors?

    Responses by the Delegation

    The delegation said a bill was in place to ensure civil society organizations declared their sources of funding.  There were around 4,000 civil society organizations on the ground in Zimbabwe. Amendments were part of a host of measures Zimbabwe had taken to align itself to the mutual evaluation issued in 2016 by the Eastern and Southern Africa Anti-Money Laundering Group, where it was rated compliant in 20 out of 40 recommendations.  Now it was rated as compliant in 30 out of 40 recommendations.

    Those exercising freedom of expression should not infringe on other people’s rights. Legislation aimed to ensure that police were present to offer security and to regulate gatherings.  Out of 234 laws which had been identified as requiring alignment with the Constitution, just 15 remained outstanding.  A statutory instrument was passed in 2024 which banned illegal mining.

    The Chairperson of the Zimbabwe Human Rights Commission was appointed in consultation with the President and the Judicial Services Commission.   The Committee on Standing Orders was also consulted.  The State had an obligation to fund its own institutions and the Human Rights Commission. Approval for external funding was necessary in any democratic society, as this could be an avenue for money laundering.

    Atrocities had occurred in rural areas, and chiefs were coordinating a programme for the healing of victims and their families.  There was talk of compensation to be provided to the families of victims. Church leaders were also involved in these activities.

    Zimbabwe had removed the death penalty, and the defence act had been amended, with the section on the death penalty no longer in place.  Zimbabwe had started the process to amend legislation to ensure the right to abortion could be enjoyed by women.

    The Zimbabwean Constitution discouraged same-sex marriages.  There were same-sex couples in Zimbabwe who lived peacefully in the country.  However, marriage between these people could not be permitted in law due to the State’s customs.  It was possible that this could change in the future.

    Section 85 of the Constitution dealt with the enforcement of fundamental rights, and courts were flooded with citizens seeking redress under this section.  The Constitution had an educational philosophy which was human rights based.  Zimbabwe had progressed tremendously in the appointment of women in higher positions, with the Prosecutor-General and Attorney General both being women.  The Constitution had also been amended to provide for female quotas in Parliament.  Every elected member of Parliament was entitled to a constituent development fund.

    All victims of violence were provided adequate protection under Zimbabwean law.  It was not true that members of the opposition were denied bail.  The Executive did not interfere with the deliberation of court cases.  The denial of bail was subject to the law; this was the prerogative of the judiciary and not the Executive.

    Zimbabwe had embarked on phases of land reform, from 1980 to 2000 and from 2000 to the present day. These reforms aimed to address inequalities in the country and decongest rural areas, as well as to enhance agricultural productivity.  They had been successfully implemented and were irreversible.  The process continued to be fine-tuned, including through the Global Compensation Agreement signed in 2021.  The agreement outlined a mutual agreement to the payment of 3.5 billion United States dollars in compensation.  The payment of compensation was ongoing and was a work in progress.

    The National Peace and Reconciliation Commission had closed but had not completed its mandate, due to financial restraints.  The Government was making significant strides to ensure there would be a replacement, as healing was still needed.  A body like the Commission would be beneficial to the country, as it would complement the work being undertaken by the chiefs.

    Civil society organizations were always invited to contribute to reports, and those who were willing provided their inputs.  The Government always held consultations with these organizations.

    Zimbabwean legislation took precedence over international laws.  When international laws were not in conflict with Zimbabwean laws, the courts normally used the international laws to ensure justice was served.  So far, seven out of nine human rights treaties had been ratified. Consideration of ratification of the remaining two was ongoing.

    Regarding the death penalty, meetings had been held with the relevant stakeholders to operationalise the act.  Some 48 inmates who were due to be executed had had their executions halted.  They would all be brought before the court before renewed sentencing.  Prior to this, a list of all inmates on death row would be compiled.  The circumstances of each accused person would be considered separately, including how they had behaved in prison, when it came to issuing their new sentence.

    Laws ensured no one in Zimbabwean society was discriminated against, particularly based on gender and disability. A national disability policy had been established in 2021, focusing on non-discrimination.

    Following the reforms to the Constitution, an accused person who was arrested needed to be brought before the courts within 48 hours, meaning long periods of pretrial detention no longer existed.  Courts were even open on Saturdays for this purpose.  If longer detention was required, this had to be specially requested.

    Following the events of the August 2018 election, a Commission of Inquiry was established by the President.  The report issued by the Commission found that there was no evidence to suggest that the six individuals in question were killed by State security forces.

    It was a crime to abuse a woman, and women who had been abused had reported their cases to the police.  Issues of abuse were often linked to relationships, which made prosecution complicated.  In Zimbabwe, there were no selective approaches when it came to bringing accused persons before the courts.

    Follow-Up Questions by Committee Experts

    Committee Experts asked follow-up questions on whether there was evidence that civil society organisations had funded terrorist activities in Zimbabwe; the proposed registration of non-governmental organizations; whether the death penalty would be abolished in the Constitution, and whether there were plans to ratify the second Optional Protocol to the Covenant; discrimination against lesbian, gay, bisexual, transgender and intersex persons in the workforce, and specific provisions addressing it in the Criminal Code; how the legal framework around hate speech was applied and how reports on hate speech were investigated; the experience of the State party in implementing the act on cyber violence, and other steps taken to prevent cyber violence against female political candidates; and the operations of the Zimbabwe Anti-Corruption Commission and statistics around cases brought to courts and convictions enacted.

    Responses by the Delegation

    The delegation said the amendment of section 48 of the Constitution was the first step in ensuring the death penalty was abolished.  The abolition of the death penalty was an ongoing process.  A bill to amend section 48 had been introduced by a member of the opposition to Parliament and was supported by the Government.

    The private voluntary organization bill aimed to regulate the operations of the private voluntary organizations.  Its objectives included combatting financial crimes and monitoring funds, and ensuring private voluntary organizations operated transparently and used donor funds responsibly.  The bill included provisions to monitor foreign funding sources to ensure they aligned with national interests.  It addressed counter-financing of terrorist activities, including by identifying terrorist groups posing as private entities.  These amendments were part of a host of measures taken since the mutual evaluation report issued in 2016.

    State legislation criminalised cyber bullying and protected private data.  The Government firmly rejected any acts of torture and enforced disappearance.  It was firmly committed to upholding the rule of law.  The Government remained committed to ensuring a safe and conducive environment for women’s participation in politics.  There were no recorded cases of online harassment against female candidates.  Any woman who experienced online harassment was encouraged to report it. Investigations of hate speech followed due process.  Zimbabwe’s legal framework ensured juveniles were provided special care and protection in the justice system.  There was no selective evaluation of the law in Zimbabwe; all law enforcement agencies were expected to abide by the law.

    Questions by Committee Experts

    A Committee Expert said the Committee had received information that as of March 2020, the prison occupancy rate had reached 129 per cent and the conditions therein were harsh, due to overcrowding, poor sanitary conditions and a lack of medical care. There was only one prison holding boys alone, while girls were held with women.  Boys were frequently assaulted by older prisoners, despite the authorities’ attempts to keep them in separate cells.  What measures were being taken to address overcrowding, including through pre-trial detention centres?  Could the delegation clarify whether basic services were being denied to those in places of deprivation of liberty?  Were juveniles and adults kept separately?  Were monitoring visits conducted to places of deprivation of liberty?

    Could information on the legal and regulatory framework governing the right to freedom of expression and its compatibility with the Covenant be provided?  What measures were in place to protect journalists from attacks and arbitrary detention?  How was it ensured that all cases of violence against journalists were investigated?  Could the State party comment on refusals to grant radio licences, which were important in a society where many people relied on the radio for information, and media shutdowns?

    The Committee had serious concerns about the Government’s approach to dealing with peaceful assembly.  Had the State party made any progress toward ensuring that the laws governing freedom of assembly were in full conformity with the Covenant?  Could the delegation comment on allegations of the disproportionate presence of the military at peaceful assemblies, and of excessive use of force resulting in injuries and killings in August 2018 and January 2019? Could information be provided about complaints received in the last eight years concerning this serious issue, investigations conducted and punishments issued to perpetrators, as well as redress provided to the victims.

    The Committee was concerned about child abuse in the State party, including incest, infanticide, child abandonment and rape.  Reports indicated that 15,000 cases of child abuse had been received via the national helpline.  Despite legal prohibition, some rural families and religious sects continued to force girls into underage marriages.  The proportion of orphans in the country remained high, most of whom had lost one or both parents to HIV.  These children were more likely to be abused and not enrolled in schools and were vulnerable to HIV and homelessness.  Could information be provided on measures taken to combat child abuse, corporal punishment and traditional harmful practices, including child marriages?  What had been done to assess the situations of orphans, homeless children and children with disabilities in the State party?  What was the current minimum age of criminal responsibility?  Were there any plans to raise it to over ten years?

    Another Expert said the Committee appreciated steps to reduce the judicial backlog, including through the integrated electronic case management system and the restructuring of the courts.  However, reports described barriers to accessing the case management system; how were these being addressed?  What steps was the State party taking to ensure timely and efficient access to justice, including in high profile cases?  The Committee commended steps taken to strengthen Zimbabwe’s free legal aid system. Did the State party intend to provide additional resources for legal aid services?  Would it consider extending legal aid to all cases?

    The Committee understood that judges were appointed through public and merit-based interviews. However, reports indicated that judges who failed these interviews had been appointed to the High Court, including in June 2024, and that the judicial promotion process was not subject to the same level of public scrutiny as initial appointments.  How did the State party ensure that the public interview process was respected in practice?  The Committee was also concerned by reports of intimidation of judges, including threats by a high-level Government official after the High Court decided that extending the Chief Justice’s term beyond retirement age was unconstitutional. Could the State Party comment on these reports?  How did the State party ensure that judges remained fully independent, including in high-profile cases involving the Government?

    The Committee was aware of reports indicating that the State party had applied privacy and data-protection laws to engage in intrusive surveillance, such as monitoring citizens’ financial transactions and social media usage and gathering precise geolocation data on opposition politicians and activists.  How did the State party prevent abuses of these broad surveillance powers, protect personal data, and avoid arbitrary interferences with privacy? The Committee had received credible reports of recent surveillance targeting journalists and political opponents. For example, in February 2024, the NewsHawks investigative outlet was forced to halt coverage of alleged military corruption after its journalists were surveilled and threatened.  How did these surveillance activities comply with the right to privacy?  The State party had acquired sophisticated Chinese surveillance technologies, including facial recognition systems from CloudWalk and communications interception technology from the surveillance company Circles.  Could information about the legal framework governing the deployment of Chinese surveillance technologies be provided?  Were there safeguards in place to protect citizens’ rights?

    How did the 2014 Trafficking in Persons Act effectively address the practical challenges of combating human trafficking?  Were there any plans to amend the definition of trafficking to align more closely with international standards and ensure comprehensive protection for victims?  Could the State party provide a comprehensive overview of the measures taken to provide protection, rehabilitation, reparation, and reintegration services to victims?  How many shelters were available in the country and what efforts were undertaken to address child labour, particularly in commercial sexual exploitation, mining, and tobacco production?  What policies were in place to address human trafficking from sources other than Kuwait?

    Could the State party elaborate on the legal and factual elements considered when assessing asylum claims?  What safeguards were in place to ensure that assessments were conducted in line with international human rights standards, particularly regarding the principle of non-refoulement?  How did the State party respond to allegations of the mistreatment of prisoners? What measures were in place to prevent such mistreatment and ensure the safety and dignity of detainees?  Could statistical data, including the number of individuals expelled from Zimbabwe and the number of applicants who had failed in their asylum appeals, be provided?  What was being done to address concerns around stateless children, including through birth registration?

    Was there any statistical data available on prosecutions or penalties related to child marriage?  There were reports indicating that certain religious groups specifically promoted early marriage.  What challenges did the State party face in enforcing its prohibition policy in light of such religious influences?

    Although it was widely recognised that military recruitment in Zimbabwe had been voluntary since independence, the Constitution did not explicitly guarantee the right to conscientious objection to military service.  Could the Committee confirm whether the National Service Act of 1976 remained in force, given that it allowed for exemptions for individuals whose “bona fide religious beliefs” prevented them from performing national service?

    Another Committee Expert said reports before the Committee said there were several gaps in the legal framework that remained unaddressed for conducting free, fair and transparent elections.  What steps would Zimbabwe take to align the electoral legal framework to guarantee and protect fundamental freedoms?  How would it ensure that human rights defenders and civil society actors could carry out their activities without fear of harassment or intimidation?  What measures would the State party take to fully align the Electoral Act with the Constitution, to ensure free, fair and transparent elections in the future?  The absence of campaign finance regulations in the State party undermined the transparency and accountability of the electoral process in terms of establishing limits to donations from individual donors and the lack of caps on electoral campaign expenditures.  What steps would Zimbabwe take to adopt a comprehensive legislation regulating campaign financing?

    Several reports before the Committee raised concerns that the 2023 harmonised elections took pace in a restricted political environment and that the administration of elections had serious gaps in terms of independence and transparency.  Could the State party respond to such reports, and state what specific measures would be taken to address these concerns?  In May 2020, three female leaders from the political opposition party “MDC Alliance” were allegedly tortured, sexual assaulted and dumped 48 hours later outside Harare.  Could the State party provide information on investigations carried out regarding the alleged acts, and whether those responsible had been held to account and victims compensated?

    Responses by the Delegation

    The delegation said overcrowding was a challenge in Zimbabwe, but several strategies had been put in place to address this issue, including the parole system.  The Zimbabwe prison correction service was also relying on Presidential amnesty.  The rehabilitation activities implemented ensured that inmates were equipped with skills to foster a smooth reintegration into society.  A new prison was also being built to tackle the issue of overcrowding.  Steps were being taken to ensure that all detainees had access to medical care, which was a challenge.  Programmes and measures had been developed to ensure detainees received nutritional meals, including investment in sustainable agricultural practices.  The prison administration did not discriminate against any inmate based on their political affiliation or opinion.  No convicted inmates were housed in a remand prison.  Some 22 visits had been made to places of detention.  Zimbabwe was still grappling with the effects of sanctions imposed by Western countries.

    Children in conflict with the law were housed in the State’s juvenile detention centre, which was separate from adult prisons.  Eighteen years was established as the minimum age of marriage within the Constitution. Every child under the age of 18 had the rights to be protected from economic and sexual exploitation, neglect and all other forms of abuse.  In 2022, Zimbabwe passed the Marriage Act, which set the minimum age of marriage as 18 years and repealed previous customary law.  The Children’s Act aimed to prevent neglect, ill-treatment and exploitation, including by parents and guardians.  The national action plan for orphans and vulnerable children established child protection committees at various levels, ensuring collaborative efforts between the Government and civil society to protect children’s rights.  It was a criminal offence for parents to prevent their children to work in brothels.  A law criminalised child pornography and imposed severe punishments to offenders.  The national case management system offered a multisectoral approach to responding to child protection concerns.

    Currently the minimum age of criminal responsibility was set at seven years.  However, Zimbabwe was working on a child justice law which would set the minimum age of criminal responsibility at 12 years.  It was currently amending its laws on trafficking to strengthen enforcement and enhance victim protection.  Police officers received specialised training on trafficking, with a focus on victim identification, regional cooperation and human rights, among other topics.

    The Constitution stated that courts needed to operate free from interference.  In Zimbabwe, Judges were not elected by the people, but rather were appointed by the President after consultation with the independent Judicial Service Commission, which had its own budget and was able to pay salaries for judicial officers, safeguarding them from outside influence. A digital case management system had also increased judicial independence, ensuring the judiciary had sole autonomy regarding the allocation of cases to judges, without influence from the Executive.

    Currently, 14 community radio stations and six free to air television channels had been licensed in Zimbabwe; there was no monopoly on media access.  There was a legal aid directorate which extended to civil cases. The legal aid directorate mandated the Government to provide legal aid services to indigenous persons.

    The Constitution provided that any person who was detained had the right to conditions of detention consistent with human dignity, including the right to physical exercise, adequate accommodation, and nutrition.

    The Government’s law enforcement agencies maintained a balance between the right to demonstration and the rights of other citizens.  During demonstrations, police were authorised to use minimum force to disperse crowds conducting gatherings outside the framework of the law.  All political parties were supposed to notify the police of demonstrations, for the protection of other citizens.

    Children born to immigrant parents in Zimbabwe were given birth certificates, but certain criteria needed to be met, including proof of the child’s birth.  Parents’ statelessness needed to be clearly established through documents.  There needed to be proof of residence in Zimbabwe.

    A data and cyber protection law was in place to safeguard citizens’ personal and institutional data from cyber threats and breaches.

    Legal aid was only available for accused persons facing murder charges.  Those being charged with murder could not appear in the High Court without a lawyer.

    If the Zimbabwean Election Commission could access foreign funding, it could be exposed to the influence of outside parties.  The State ensured the Commission was adequately funded so it could carry out its mandate.  A recent legal amendment stipulated that judges could be elected up to the age of 75 years; this represented an improvement in the State’s jurisprudence. The Government was not aware of the Chinese surveillance system mentioned by the Committee.  This would be investigated further.

    Follow-Up Questions by Committee Experts

    The Committee asked follow-up questions on topics including human rights defenders and civil society actors being able to carry out their activities without fear of harassment; judges who had failed the interview process still being appointed to the High Court; the expected timeline for the amendments to the trafficking in persons act; the resources allocated to the national plan on trafficking in persons; whether a comprehensive assessment of the human rights impacts of sectors such as mining and tobacco had been conducted; how documentation challenges for stateless persons would be addressed; how it was ensured that the births of all children could be registered; and conscientious objection to military service.  The State was urged to dig deeper into the issue of Chinese surveillance technologies.

    Responses by the Delegation 

    The delegation said Zimbabwe needed to protect its sovereignty.  The State was suffering from the impacts of unilateral coercive measures.  It wished to stop actions which would affect the country in the long run.  There were provisions for an affidavit to be provided for those who did not give birth in a hospital to facilitate birth registration.  Only judges who passed interviews could be appointed to the High Court.   Judges in Zimbabwe were entitled to own houses and agricultural land, just like any other citizens.

    There were laws prohibiting child labour in Zimbabwe that set the minimum working age to 15. The State had ratified key international conventions in this regard, but implementation remained weak due to a lack of awareness.  Organizations including the United Nations Children’s Fund worked to rescue children from forced labour situations and reintegrate them into society. 

    Closing Statements

    NOBERT T. MAZUNGUNYE, Deputy Minister of Justice, Legal and Parliamentary Affairs and head of delegation, expressed gratitude for the opportunity to engage in dialogue with the Committee.  The discussions and recommendations demonstrated Zimbabwe’s collective commitment to protecting and advancing human rights in the country.  The State was dedicated to implementing the necessary steps to ensure the rights enshrined in the Covenant were fully realised by all Zimbabweans.

    CHANGROK SOH, Committee Chairperson, extended sincere appreciation to the high-level delegation of Zimbabwe for their willingness to engage in a constructive dialogue with the Committee.  Mr. Soh thanked all those who had contributed to the dialogue.  The discussion had explored Zimbabwe’s implementation of the Covenant, highlighting areas of progress and challenges that remained.

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

     

    CCPR25.004E

    MIL OSI United Nations News

  • MIL-OSI Canada: Federal Firearms Ban Wrong Approach for Enhancing Public Safety

    Source: Government of Canada regional news

    Released on March 7, 2025

    On March 7, 2025, the federal government expanded the number of firearms listed as prohibited for sale and ownership in Canada. The expanded ban includes the addition of 179 firearms to the banned list that has swelled from an initial 1,500 to over 2,500 models of firearms. Many of these firearms are commonly used in Saskatchewan and across Canada for hunting and sport target shooting. 

    “Ensuring the safety and security of communities is a top priority for our government,” Corrections, Policing and Public Safety Minister Tim McLeod said. “Further expansion of the firearms ban will not reduce criminal activity and will only increase the budget for a federal buyback program that has already cost taxpayers $75 million. Continuing to target lawful firearms owners will not stop criminal acts involving firearms. Rather, we need to focus on addressing gang activity, the illegal use of firearms and the smuggling of firearms into Canada.”

    Saskatchewan continues to take tangible steps to reduce firearms-related crime. The Saskatchewan Firearms Office (SFO) administers The Saskatchewan Firearms Act and Canadian Firearms legislation to promote the safe use and storage of firearms, ensure proper licensing of all firearms owners and address firearms-related crime. The SFO is also responsible for licensing federal seizure agents who will be tasked with collecting, transporting firearms, ammunition and accessories seized by the federal government through their proposed buyback program. To date, no one from the federal government has applied to be a seizure agent in Saskatchewan.

    “The SFO, through our Saskatchewan Ballistics Lab and firearms safety education programs, are supporting law enforcement and promoting responsible firearms ownership to minimize their illegal or unauthorized use,” Saskatchewan Firearms Office Commissioner Robert Freberg said. “This announcement will only criminalize more lawful firearms owners, impact the heritage of responsible firearms ownership, and create more financial concerns for businesses and individuals already absorbing losses for firearms they cannot sell or use as a result of these ongoing, arbitrary bans. These funds would be better spent supporting initiatives that encourage safe firearms use and target illegal activities involving firearms and smuggling across Canada.” 

    In spring 2024, the SFO opened the Saskatchewan Ballistics Lab at its temporary location in the Saskatoon Police Service to conduct ballistics testing and tracing the origin of firearms seized during police investigations in Saskatoon and Prince Albert. The permanent Ballistics Lab is slated to open and expand services in Saskatoon in fall 2025 to conduct firearms identification, ballistics testing, serial number restoration and firearms tracing for all municipal police services in the province. 

    The lab is already reducing firearms testing backlogs and has successfully traced several firearms back to criminal investigations in Saskatchewan, Canada and the United States. Last week, the lab was recognized by the U.S. Department of Justice for helping to prevent criminal networks from engaging in cross-border firearms trafficking and improving community safety in Saskatchewan, Canada and the U.S. 

    An Amnesty Order is in place for these newly prohibited firearms until March 1, 2026.

    -30-

    For more information, contact:

    MIL OSI Canada News

  • MIL-OSI USA: NASA Receives Some Data Before Intuitive Machines Ends Lunar Mission

    Source: NASA

    Shortly after touching down inside a crater on the Moon, carrying NASA technology and science on its IM-2 mission, Intuitive Machines collected some data for the agency before calling an early end of mission at 12:15 a.m. CST Friday.
    As part of the company’s second Moon delivery for NASA under the agency’s CLPS (Commercial Lunar Payload Services) initiative and Artemis campaign, the IM-2 mission included a drill to bring lunar soil to the surface and a mass spectrometer to look for the presence of volatiles, or gases, that could one day help provide fuel or breathable oxygen to future Artemis explorers.
    Planned to land at Mons Mouton, IM-2 touched down at approximately 11:30 a.m. March 6, more than 1,300 feet (400 meters) from its intended landing site. Intuitive Machines said images collected later confirmed the lander was on its side, preventing it from fully operating the drill and other instruments before its batteries were depleted.
    The IM-2 mission landed closer to the lunar South Pole than any previous lander.
    “Our targeted landing site near the lunar South Pole is one of the most scientifically interesting, and geographically challenging locations, on the Moon,” said Nicky Fox, associate administrator for science at NASA Headquarters in Washington. “Each success and setback are opportunities to learn and grow, and we will use this lesson to propel our efforts to advance science, exploration, and commercial development as we get ready for human exploration of Mars.”
    The Nova-C lander, named Athena, captured and transmitted images of the landing site before activating the technology and science instruments. Among the data collected, NASA’s PRIME-1 (Polar Resources Ice Mining Experiment 1) suite, which includes the lunar drill known as TRIDENT (The Regolith and Ice Drill for Exploring New Terrain), successfully demonstrated the hardware’s full range of motion in the harsh environment of space. The Mass Spectrometer Observing Lunar Operations (MSOLO) as part of the PRIME-1 suite of instruments, detected elements likely due to the gases emitted from the lander’s propulsion system. 
    “While this mission didn’t achieve all of its objectives for NASA, the work that went into the payload development is already informing other agency and commercial efforts,” said Clayton Turner, associate administrator for space technology, NASA Headquarters. “As we continue developing new technologies to support exploration of the Moon and Mars, testing technologies in-situ is crucial to informing future missions. The CLPS initiative remains an instrumental method for achieving this.”
    Despite the lander’s configuration, Intuitive Machines, which was responsible for launch, delivery, and surface operations under its CLPS contract, was able to complete some instrument checkouts and collect 250 megabytes of data for NASA.
    “Empowering American companies to deliver science and tech to the Moon on behalf of NASA both produces scientific results and continues development of a lunar economy,” said Joel Kearns, deputy associate administrator for Exploration in the Science Mission Directorate at NASA Headquarters. “While we’re disappointed in the outcome of the IM-2 mission, we remain committed to supporting our commercial vendors as they navigate the very difficult task of landing and operating on the Moon.”
    NASA’s Laser Retroreflector Array, a passive instrument meant to provide a reference point on the lunar surface and does not power on, will remain affixed to the top deck of the lander. Although Intuitive Machines’ Nova-C Hopper and Nokia’s 4G/LTE Tipping Point technologies, funded in part by NASA, were only able to complete some objectives, they provided insight into maturing technologies ready for infusion into a commercial space application including some checkouts in flight and on the surface.
    Intuitive Machines’ IM-2 mission launched at 6:16 p.m., Feb. 26, aboard a SpaceX Falcon 9 rocket from Launch Complex 39A at the agency’s Kennedy Space Center in Florida.
    Intuitive Machines has two more deliveries on the books for NASA in the future, with its IM-3 mission slated for 2026, and IM-4 mission in 2027.
    To date, five vendors have been awarded a total of 11 lunar deliveries under CLPS and are sending more than 50 instruments to various locations on the Moon, including the Moon’s far side and South Pole region. CLPS contracts are indefinite-delivery/indefinite-quantity contracts with a cumulative maximum contract value of $2.6 billion through 2028.
    Learn more about NASA’s CLPS initiative at:
    https://www.nasa.gov/clps
    -end-
    Cheryl Warner / Jasmine HopkinsHeadquarters, Washington202-358-1600cheryl.m.warner@nasa.gov / jasmine.s.hopkins@nasa.gov
    Natalia Riusech / Nilufar RamjiJohnson Space Center, Houston281-483-5111nataila.s.riusech@nasa.gov / nilufar.ramji@nasa.gov

    MIL OSI USA News

  • MIL-OSI USA: Be Alert to Fraud After Kentucky Flooding

    Source: US Federal Emergency Management Agency

    Headline: Be Alert to Fraud After Kentucky Flooding

    FRANKFORT, Ky — Kentuckians should be aware that con artists and criminals may try to obtain money or steal personal information through fraud or identity theft after recent flooding. In some cases, thieves try to apply for FEMA assistance using names, addresses and Social Security numbers they have stolen from people affected by the disaster.If a FEMA inspector comes to your home and you did not submit a FEMA application, your information may have been used without your knowledge to create a FEMA application. If this happens, please inform the inspector that you did not apply for FEMA assistance so they can submit a request to stop further processing of the application. If you did not apply for assistance but receive a letter from FEMA, please call the FEMA Helpline at 800-621-3362. The helpline will submit a request to stop further processing of that application.If you do want to apply for FEMA assistance after stopping an application made in your name without your knowledge, the helpline will assist you in creating a new application.Scams FEMA Disaster Survivor Assistance (DSA) crews, housing inspectors and other officials will be working in areas impacted by the flooding. FEMA officials will carry photo identification badges. For security reasons, federal identification may not be photographed or reproduced.FEMA representatives never charge applicants for disaster assistance, inspections or help in filling out applications. Their services are free. Don’t believe anyone who promises a disaster grant in return for payment.Don’t give your banking information to a person claiming to be a FEMA housing inspector. FEMA inspectors are never authorized to collect your personal financial information. If you believe you are the victim of a scam, report it immediately to your local police or sheriff’s department or report it to the Kentucky Attorney General: https://secure.kentucky.gov/formservices/AttorneyGeneral/ScamReport.If you have knowledge of fraud, waste or abuse, you can report these tips – 24 hours a day, seven days a week – to the FEMA Disaster Fraud Hotline at 866-720-5721. You can also email StopFEMAFraud@fema.dhs.gov to report a tip.How to Apply for FEMA Assistance After Kentucky FloodingWhat You’ll Need When You ApplyA current phone number where you can be contacted.Your address at the time of the disaster and the address where you are now staying.Your Social Security number.A general list of damage and losses.Banking information if you choose direct deposit.If insured, the policy number or the agent and/or the company name.If you have homeowners, renters or flood insurance, you should file a claim as soon as possible. FEMA cannot duplicate benefits for losses covered by insurance. If your policy does not cover all your disaster expenses, you may be eligible for federal assistance.The first step to receive FEMA assistance is to apply. There are four ways to apply: call the toll-free FEMA Helpline at 800-621-3362, visit DisasterAssistance.gov, download the FEMA App or visit a Disaster Recovery Center. The phone line is open daily from 7 a.m. to midnight ET, and help is available in most languages. The deadline to apply for assistance for flooding is April 25, 2025. For an accessible video on how to apply for FEMA assistance, go to youtube.com/watch?v=WZGpWI2RCNw.For more information about Kentucky flooding recovery, visit www.fema.gov/disaster/4860. Follow the FEMA Region 4 X account at x.com/femaregion4.
    sarah.cleary
    Fri, 03/07/2025 – 13:29

    MIL OSI USA News

  • MIL-OSI USA: California awards nearly $300 million to local communities to make roadways safer

    Source: US State of California 2

    Mar 7, 2025

    What you need to know: California is investing nearly $300 million of federal funding in traffic safety projects to protect public safety across the state.

    SACRAMENTO – Governor Gavin Newsom today announced nearly $300 million in funding for 288 projects aimed at reducing traffic deaths and serious injuries on city and county roads across California.

    “We’re making roads safer up and down the state with significant investments. I’m proud of the lifesaving work Caltrans has done to protect drivers, pedestrians, and bikers as they go about their daily commutes.”

    Governor Gavin Newsom

    The funding for these local projects is provided through the federal Highway Safety Improvement Program (HSIP), a critical federal-aid program with the goal of reducing fatal and serious injuries on public roads across the nation.

    The California Department of Transportation (Caltrans) is using the Safe System approach – which emphasizes multiple layers of protection, including safer road designs – to achieve its goal of reducing fatalities and serious injuries on state roadways to zero by 2050.

    Caltrans’ adoption of the Safe System approach builds on its ongoing work to embed safety in the state’s transportation system. When feasible, transportation projects Caltrans funds or oversees will include “complete street” features that provide safe and accessible options for people walking, biking, and taking transit.

    “Under Governor Newsom’s leadership, California remains committed to helping ensure that every Californian has access to safe and reliable transportation, no matter who they are or where they live,” said California Transportation Secretary Toks Omishakin. “These investments highlight our people-first approach, because we know it will pay the most important dividend of all – their safety.”   

    Safety improvement efforts from projects receiving the funding announced today will be distributed throughout the state, making impactful enhancements from Del Norte County in the north to San Diego County in the south and communities everywhere in between.

    A sample of the safety projects include:  

    • In the Bay Area, a $5 million project will install Class IV bike lanes in Contra Costa County, a $4.4 million project will install new high-visibility signage in San Francisco, and a $1.75 million project will improve intersection lighting and pedestrian throughways.
    • Along the Central Coast, a $4 million project in Santa Barbara County will implement new pedestrian improvements and traffic signals, and a $2 million project in Santa Cruz County will improve daylight and pedestrian crossings.
    •  In the Central Valley, a $3.7 million investment will fund a new roundabout in Fresno County, a $4.5 million project in Tulare County will install rumble strips, left-turn lanes, and flashing beacons, and a $2.6 million project in San Joaquin County will improve 42 separate traffic signals.
    • In Northern California, nearly $6 million will go toward installing retro-reflectivity striping throughout Trinity County, and $1 million will be spent to improve guardrail throughout Humboldt County.
    •  In Southern California, a $3.6 million project in Fullerton will provide a protected left lane, a $1 million effort in Orange County will upgrade nearly 60 signalized interchanges, and a nearly $3 million investment in Riverside County will install protected bike lanes and ADA-accessible curb ramps.

    A list of projects receiving funding from today’s announcement can be found here.

    Since 2007, California has provided $1.5 billion to local safety projects, which included installing rumble strips, flashing beacons, warning signs, roadway lighting, delineators and new sidewalks to make roads safer.

    For more information about transportation projects and funding, visit: Build.ca.gov

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  • MIL-OSI USA: Governor Newsom extends protections for LA firestorm survivors

    Source: US State of California 2

    Mar 7, 2025

    What you need to know: Governor Newsom today is issuing an executive order extending protections to help ensure that Los Angeles firestorm survivors can access rental housing.

    LOS ANGELES — Governor Gavin Newsom today issued an executive order to maintain protections for renters and homeowners affected by Los Angeles area firestorms. The order extends state price gouging restrictions for rental housing, hotels, and short-term housing, extends support for survivors sheltering in hotels and short-term housing, and prioritizes fire-survivors experiencing homelessness for state-funded housing.

    “As the Los Angeles community continues to recover and rebuild, the state remains steadfast in its commitment to providing targeted relief and assistance. Today I am issuing an executive order to further ensure that survivors are protected from exploitation and can access housing they need.”

    Governor Gavin Newsom

    Today’s executive order extends several of Governor Newsom’s executive orders that were set to expire, helping to encourage immediate access to housing and protect tenants from potential exploitation.

    Today’s executive order:

    • Extends price gouging protections on rental housing, hotels, and motel rates, including prohibitions on evictions of tenants to relist the rental at a higher rate to July 1, 2025, while retaining exemptions for large homes in zip codes with high fair market values which have not recently been on the rental market to help ensure they are available for rental during recovery efforts. The order also exempts newly constructed housing to increase housing supply by enabling pricing flexibility for these new buildings that face higher financing costs.

    • Extends the suspension of laws that would classify occupants of hotels, motels, and temporary housing as tenants after 30 days, giving people more time to find alternative housing. 

    • Prioritizes fire survivors experiencing homelessness by prioritizing them on waiting lists for state-funded housing for which they otherwise qualify so they can secure housing faster, consistent with the approach taken by the federal government in response to emergencies. 

    • Supports the rebuilding of two commercial corridors in Altadena to their pre-fire character to support small businesses and rebuild walkable, vibrant community spaces.

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  • MIL-OSI: BitMart Announces VIP Elite Invitation: Unlock Top-Tier VIP Benefits!

    Source: GlobeNewswire (MIL-OSI)

    Mahe, Seychelles , March 07, 2025 (GLOBE NEWSWIRE) — BitMart, a leading global cryptocurrency exchange, is thrilled to introduce the all-new VIP Elite Channel, designed to provide traders with an unparalleled crypto trading experience. By meeting any of the eligibility criteria, users can quickly unlock high-level VIP benefits, enjoy exclusive services, and enhance their trading journey! 

    Event Duration

    Starting March 8, 2025, VIP experience cards will be available for a limited-time free giveaway!

    How to Participate

    To apply for a VIP Experience Card, simply follow these steps:

    1. Click to Apply – Submit any of the following task screenshots:
      • 30-day spot trading volume screenshot 
      • Proof of VIP membership from another exchange
    2. Enjoy VIP+1 Perks – If you provide proof of VIP membership from another exchange, BitMart will grant you an upgraded 28-day VIP+1 experience!
    3. Alternative Submission – You can also email vip.support@bitmart.com to submit relevant materials and fast-track your VIP experience application.

    Example

    • Submit a 30-day spot trading volume screenshot from BitMart between 700,000 USDT and 1,000,000 USDT, and receive a VIP1 28-day experience card!
    • After the experience period, if you become a formal VIP, you will unlock VIP welcome gifts. Contact vip.support@bitmart.com to redeem them!

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    • This event is exclusive to non-VIP users. Existing VIP users are not eligible.
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    About BitMart
    BitMart is the premier global digital asset trading platform. With millions of users worldwide and ranked among the top crypto exchanges on CoinGecko, it currently offers 1,700+ trading pairs with competitive trading fees. Constantly evolving and growing, BitMart is interested in crypto’s potential to drive innovation and promote financial inclusion. To learn more about BitMart, visit their Website, follow their X (Twitter), or join their Telegram for updates, news, and promotions. Download BitMart App to trade anytime, anywhere.

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