Source: People’s Republic of China – State Council News
BEIJING, March 6 — China will launch a “sci-tech board” in its bond market to promote the issuance of sci-tech innovation bonds by financial institutions, tech firms and private equity investment institutions, the country’s central bank governor said Thursday.
Source: People’s Republic of China – State Council News
BEIJING, March 6 — China will roll out new interest subsidy policies on certain loans to ease financial burdens on individuals and businesses to stimulate consumption, Minister of Finance Lan Fo’an said Thursday.
The fiscal interest subsidies will be provided to personal consumer loans in key sectors and business loans in industries closely related to daily life, such as catering, hospitality, healthcare, elderly care, childcare, and domestic services, Lan told a press conference on the sidelines of the third session of the 14th National People’s Congress.
Lan said the policies will reduce financial pressure on consumers and lower the financing costs for businesses.
Source: United Kingdom – Executive Government & Departments
Nauman Dar,Executive Director of Change and Data, marks Scottish Apprenticeship Week 2025
It’s Scottish Apprenticeship Week and it’s important that we celebrate the valuable contribution that apprentices make not only to our business, but across the country.
This year the theme is ‘Made for Business’ – highlighting how apprenticeships are designed to meet employer needs while developing skilled individuals who in turn will drive business success. This aligns with our approach to talent development at SLC.
Apprenticeships are a key part of our strategy to develop our colleagues’ skills and bridge the gap between education and work, offering hands on experience and career opportunities. They also help us build the skills we need now and in the future. At SLC, we want to attract new talent to support our core purpose, as well as our transformation initiatives, and create a diverse and capable workforce ready to take us forward in the years ahead,SL
I joined SLC in August last year and I was immediately impressed at the focus placed on our Emerging Talent programmes. Not only for new starts joining our Apprentice programmes, but also for colleagues who have chosen to progress their SLC journeys through upskilling opportunities. It’s vital that we develop our talent to ensure we stay ahead in an evolving digital and data landscape, as well as fostering a culture of continuous learning and innovation.
I’m especially pleased that we have six colleagues starting their upskilling Data Analytics Apprenticeships, with four being based in the Change and Data Directorate. The benefits for the colleagues involved and my wider team, will include enhanced technical and leadership skills, and ultimately a strengthened capability to deliver for our customers. I’m looking forward to watching and supporting their progress through their qualification and beyond.
This Scottish Apprenticeship Week, we have also announced that we are recruiting 12 new Student Finance Officer Apprentices who will be based in our Hillington office. This is a great opportunity to combine learning with earning while building skills that employers value. I would encourage anyone interested to visit our Careers website and find out more about SLC and what this programme could offer. Six months into my SLC career, I can assure you that you will be warmly welcomed into an organisation that serves to enable the nation’s students to invest in their futures by providing financial support to access further and higher education.
Published 6 March 2025
Source: GlobeNewswire (MIL-OSI)
WEST PALM BEACH, Fla., March 06, 2025 (GLOBE NEWSWIRE) — PHH Mortgage (“PHH” or the “Company”), a subsidiary of Onity Group Inc. (NYSE: ONIT) and a leading non-bank mortgage servicer and originator, today announced the Company achieved Fannie Mae’s 2024 Servicer Total Achievement and Rewards™ (STAR™) Performer recognition in the General Servicing category. PHH has earned STAR Performer recognition for four consecutive years.
“We are honored to be recognized again by Fannie Mae for excellence in mortgage servicing, and we want to thank our team for their hard work and dedication toward maintaining superior operational performance and creating positive outcomes for our customers,” said Scott Anderson, Executive Vice President and Chief Servicing Officer of PHH Mortgage. “We have built a servicing platform that delivers industry-leading performance, supported by an experienced team with a customer-first focus and innovative technology solutions. We are proud of the work we do for our customers, clients, investors and the housing industry, and we look forward to continuing to deliver on our commitments to all those we serve.”
STAR Performer recognition is reserved for top performing servicers. For 2024, STAR Program participants are measured on the basis of their performance managing General Servicing (Transition to 60+ and Investor Reporting Score), Solution Delivery (60+ to Cure, Retention Efficiency, Liquidation Efficiency, and Six-Month Modification Performance), and Timeline Management (Transition to Beyond Time Frame). Each servicer’s performance in these metrics is compared against the performance of other Fannie Mae loans with similar credit characteristics.
PHH serviced or subserviced approximately 1.4 million loans with a total unpaid principal balance of more than $300 billion on behalf of approximately 4,000 investors and 125 subservicing clients as of December 31, 2024. The Company’s extensive servicing capability includes forward, reverse, business purpose residential and small-balance commercial mortgages.
About Onity Group
Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.
For Further Information Contact:
Dico Akseraylian, SVP, Corporate Communications
(856) 917-0066
mediarelations@onitygroup.com
Source: GlobeNewswire (MIL-OSI)
NEW YORK, March 06, 2025 (GLOBE NEWSWIRE) — In its annual analysis of over 53,000 companies, the Biz2Credit Women-Owned Business Study found that the funding percentage (36%) for women-owned businesses that applied for financing in 2024 increased from 35% in 2023. In comparison, the funding rate for male-owned businesses in 2024 was just 29%.
Additionally, that the average funding amounts women received jumped by 25% from 2023 to 2024. In 2023, the average funding amount for women-owned businesses was $53,678. A year later, in 2024, the average amount was $67,035.
Further analysis showed that the average annual revenue of women-owned firms in 2024 increased 15% to nearly $520,000, although expenses rose as well.
The Biz2Credit Women-Owned Business Study examined financial indicators including annual revenue, operating expenses, earnings, age of business, credit scores, funding rates, and funding amounts of companies that applied for credit on Biz2Credit’s online platform in 2024.
“The funding rate and average loan amount for women-owned businesses rose in 2024, which is good news,” said Rohit Arora, CEO and co-founder of Biz2Credit and one of the nation’s leading experts in small business finance. “The percentage of funding applications from women was 36%, compared to 29% for men last year. Women-owned businesses have also shortened the gap in average funding size to just 20% less than men-owned businesses, a significant improvement compared to last year’s difference of 40%.”
“All is not rosy, however,” Arora added. “Women business owners, along with their male counterparts, saw expenses rise significantly largely because of inflation in 2024. SMBs are hoping that costs will come down, although it has not happened yet.”
Key Findings:
Comparing Women-Owned and Men-Owned Businesses: A Year-over-Year Analysis
| 2023 | 2024 | |||
| Categories | Women | Men | Women | Men |
| Average Revenue | $451,443 | $688,611 | $519,886 | $743,643 |
| Average Operating Expenses | $363,909 | $541,602 | $503,426 | $711,670 |
| Average Age of Business (months) | 62 | 72 | 72 | 86 |
| Average Credit Score* | 643 | 660 | 653 | 670 |
| Average Funding Size | $53,678 | $75,045 | $67,035 | $80,140 |
| Funding Rate | 35 | 30 | 36 | 29 |
Comparison of Women-Owned and Men-Owned Businesses Year-over-Year (YoY)
| Categories | Women YoY Difference |
Men YoY Difference |
| Average Revenue | +15% | +8% |
| Average Operating Expenses | +38% | +31% |
| Average Age of Business (months) | +10 | +14 |
| Average Credit Score* (points) | +10 | +10 |
| Average Funding Size | +25% | +7% |
| Funding Rate | +3% | -3% |
*Average credit score is derived from the personal FICO credit scores of business owners.
Top 5 Financing Applications by State in 2024 for Women-Owned Businesses
| States | Women |
| California | 12.8% |
| Florida | 12.5% |
| Texas | 10% |
| Georgia | 6.6% |
| New York | 5.1% |
Top 5 Financing Applications by Industry in 2024 for Women-Owned Businesses
| Industries | Women |
| Other Services (except Public Administration) | 14.9% |
| Health Care and Social Assistance | 14.5% |
| Retail Trade | 13.5% |
| Accommodation and Food Services | 12.1% |
| Professional, Scientific, and Technical Services | 9.5% |
Importance of Women-Owned Businesses
During 2024, women-owned businesses had an estimated $2.1 trillion in receipts, 11.4 million employees, and $508.5 billion in annual payroll, as reported by Census Bureau (Nov. 2024).
According to the National Women’s Business Council (NWBC) Annual Report, there are 14.5 million women-owned businesses that account for 39.2% of all businesses in the U.S. This number is a 11.5% increase from 2019 to 2024 and demonstrates that women-owned firms emerged stronger from the COVID pandemic than they did from the 2008 financial crisis.
Methodology
The dataset for Biz2Credit’s Women-Owned Business Study comprises over 53,000 completed commercial funding applications received via the Biz2Credit platform in 2024. The four most important variables in the analysis were: annual revenue, operating expenses, age of business, and personal credit score. The data was then tabulated to examine women-owned and men-owned businesses based on annual revenue, operating expenses, age of business, personal credit score, funding rate, and average loan size. The study looked at 20 different industries, as well as geography.
About Biz2Credit
Founded in 2007, Biz2Credit has helped thousands of companies access more than $10 billion in small business financing. The company is expanding its industry-leading Biz2X technology in custom digital platform solutions for banks and other financial institutions, investors, and service providers. Visit www.biz2credit.com, LinkedIn, Instagram, Facebook, and X (formerly Twitter).
Media Contact: John Mooney, (908) 720-6057, john@overthemoonpr.com
Source: United Kingdom – Executive Government & Departments
Read how the National Forest’s community groups support sustainable woodland management, improve health and wellbeing, enhance woodland access, and support wildlife.
Community groups play a vital role in maintaining woods. By engaging local residents, these groups contribute to the sustainable management of woodlands through activities including:
Thousands of people are already involved, volunteering through 70 community woods groups and conservation organisations. In 2021, these groups were brought together in an informal Community Woods network.
We have found that the range of works volunteers can undertake is limited only by skills, time and available resources. Given sufficient training, access to funding and a pool of able and motivated volunteers, the sky is the limit.
Two community woods volunteers carrying out woodland thinning operations. Copyright Darren Cresswell Photography.
In the National Forest, urban woodlands are typically on reclaimed land or within housing developments. It’s normally these types of woodlands that are community-managed, close to homes, often planted in the last 30 years and publicly owned. As part of a recent National Lottery Heritage Fund funded project, 9 new sites have been planted and 3 older woods brought under community management.
Public rights of way and permissive routes connect communities to the woods and link to nearby footpath networks. In urban woodlands, paths are mostly surfaced enabling year-round access. In the rural and peri-urban sites the paths are usually grassed rides, meaning that maintaining the paths and woodland can be tricky in wet winters.
Pupils from Fairmeadow Primary School helping to create Oversetts community wood, a new woodland on the outskirts of Swadlincote. Copyright NFC.
The NFC has secured external grants over the past 6 years to support its Community Woods programme, covering staff salaries, setup costs, land purchases, capital purchases, community engagement and volunteer training. Outside the National Forest, local councils, parish councils, or voluntary sector organisations may be able to provide seed funding for similar projects.
To ensure financial sustainability, community groups have also generated income through various methods, including:
Groups like the Heartwood Community Woodland Group have introduced schemes such as ‘logs for labour’, where volunteers can exchange work (helping to fell some trees in thinning operations) for wood fuel or green crafts.
Heartwood volunteer starting the retort to make charcoal in the woods. Copyright Rod Kirkpatrick.
The involvement of community groups has brought a wide range of benefits, including:
It also means more eyes are looking at the wood and checking that everything is OK. Volunteers can report issues, flag safety concerns and keep pathways clear. Of increasing importance, regular visits in different seasons can spot signs of pests and disease early, and get reported to the landowner so mitigating action can take place as required.
Before the introduction of the Community Woods programme, volunteer groups within the National Forest largely worked in isolation, each managing their own woodland without broader connections.
The creation of the Community Woods network has been a transformative initiative, nurturing collaboration and knowledge exchange among these groups. By connecting volunteers, the network provides a platform for sharing experiences, skills, and resources, creating a vibrant community of practice. This peer-to-peer support has been particularly valuable for new groups, who can now learn from the successes and challenges faced by more experienced counterparts.
Many groups face difficulties with volunteer recruitment, particularly in attracting younger members, but offering varied tasks and flexible schedules can help engage a broader range of people.
The departure of important volunteers can lead to a loss of momentum; however, building strong committees and sharing responsibilities can help maintain energy and focus over time.
A standout achievement of the Community Woods project has been the tailored training programme. Designed in consultation with the community groups themselves, the programme addresses their specific needs and has been funded through various grants. Training topics have included:
The programme has received strong engagement and overwhelmingly positive feedback, significantly enhancing the skills and confidence of volunteers across the network. As a result, groups are now better equipped to manage their woodlands effectively, ensuring sustainable conservation practices and fostering stronger community ties. This combined approach of networking and training has proven instrumental in building a resilient, interconnected community of woodland volunteers, capable of sustaining long-term benefits for both people and nature.
Volunteers network at the inaugural Community Woods Network gathering at Timber Festival, 2021. Copyright NFC.
It’s not just about the trees. Community woodland groups are made up of people with diverse motivations to give their time – passionate individuals committed to making a difference, as well as those seeking solace in nature, such as those dealing with bereavement, health challenges, or life changes. Understanding these personal stories and motivations is vital for creating a supportive and successful volunteer environment.
For anyone considering partnering with community groups in their woodland management, here are some top tips:
Also, be prepared for the unexpected! The Covid pandemic disrupted plans and presented unforeseen challenges for many groups within the Community Woods network. But with resilience and flexibility, these obstacles can be overcome.
For more information on the National Forest and how you can get involved, visit National Forest.
Published 6 March 2025
Source: GlobeNewswire (MIL-OSI)
SCOTTSDALE, Arizona, March 06, 2025 (GLOBE NEWSWIRE) — Signing Day Sports, Inc. (“Signing Day Sports” or the “Company”) (NYSE American: SGN), the developer of the Signing Day Sports app and platform to aid high school athletes in the recruitment process, today announced the termination of its previously announced stock purchase agreement (“Purchase Agreement”) to acquire 99.13% of the issued and outstanding capital stock and aggregate voting power of Dear Cashmere Group Holding Company (OTC:DRCR), doing business as Swifty Global. The Company, in consultation with its legal counsel and board of directors, had determined that the parties to the Purchase Agreement would not be able to satisfy or waive certain material conditions to the closing of the transactions contemplated by the Purchase Agreement within the foreseeable future, and that the termination should be effected in consequence of this determination.
As a result, the board of directors is working closely with the management team to refine the Company’s strategy, explore potential merger and acquisition opportunities, and assess additional financing options.
Signing Day Sports will continue to prioritize its strategic focus on technology and customer growth opportunities. The Company remains confident in its long-term potential to deliver greater customer value through an expanded range of services, including recruiting webinars, app-related features such as the coaches’ contact list, and potential new strategic transactions to enhance its existing combined model. Signing Day Sports is committed to expanding its customer base and broadening its geographic reach.
“As the athletic recruiting industry continues to evolve, we are committed to achieving growth and success by prioritizing the needs of our customers and their families,” said Daniel Nelson, CEO of Signing Day Sports. “The proposed transaction that we determined to terminate nonetheless highlighted the significant value created by our talented employees, and our team is now more energized than ever to execute our strategy. I am incredibly proud of their focus and determination throughout this process.”
“We look forward to engaging with our customers, partners, and the financial community to share our vision for the future success of Signing Day Sports. Our commitment to delivering long-term shareholder value through a focused strategic approach, disciplined capital allocation, and consistent execution remains stronger than ever.”
For additional information, please refer to the Current Report on Form 8-K filed by the Company on March 4, 2025, with the Securities and Exchange Commission.
About Signing Day Sports, Inc.
Signing Day Sports’ mission is to help student-athletes achieve their goal of playing college sports. Signing Day Sports’ app allows student-athletes to build their Signing Day Sports’ recruitment profile, which includes information college coaches need to evaluate and verify them through video technology. For more information on Signing Day Sports, go to https://bit.ly/SigningDaySports.
Forward-Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, including without limitation, the Company’s ability to identify and execute value-enhancing merger, acquisition or other strategic transactions, the Company’s ability to obtain sufficient funding to maintain operations and develop additional services and offerings, market acceptance of the Company’s current products and services and planned offerings, competition from existing online and retail offerings or new offerings that may emerge, impacts from strategic changes to the Company’s business on its net sales, revenues, income from continuing operations, or other results of operations, the Company’s ability to attract new users and customers, increase the rate of subscription renewals, and slow the rate of user attrition, the Company’s ability to retain or obtain intellectual property rights, the Company’s ability to adequately support future growth, the Company’s ability to comply with user data privacy laws and other current or anticipated legal requirements, and the Company’s ability to attract and retain key personnel to manage its business effectively. These risks, uncertainties and other factors are described more fully in the section titled “Risk Factors” in the Company’s periodic reports which are filed with the Securities and Exchange Commission. These risks, uncertainties and other factors are, in some cases, beyond our control and could materially affect results. If one or more of these risks, uncertainties or other factors become applicable, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.
Investor Contact:
Crescendo Communications, LLC
212-671-1020
SGN@crescendo-ir.com
Source: GlobeNewswire (MIL-OSI)
Aktia Bank Plc
Stock Exchange Release
6 March 2025 at 1.00 p.m.
Notice to Aktia Bank Plc’s Annual General Meeting 2025
Notice is hereby given to Aktia Bank Plc shareholders that the Annual General Meeting will be held on Thursday, 3 April 2025 at 4.00 p.m. at Pikku-Finlandia, address Karamzininranta 4, Helsinki. Persons who have registered for the meeting will be welcomed and voting sheets will be distributed from 3.00 p.m. onwards.
Shareholders of Aktia Bank Plc can also exercise their voting rights by voting in advance. Instructions for advance voting are set out in section C of this notice to the Annual General Meeting.
It is possible to follow the Annual General Meeting via webcast. Instructions on how to follow the webcast are available on the company’s website www.aktia.com/en/investors/corporate-governance/annual-general-meeting. It is not possible to ask questions, make counterproposals, make other interventions, or vote via webcast. Following the meeting via webcast shall not be considered as participation in the Annual General Meeting or as the exercise of shareholders’ rights.
A. Matters to be discussed at the Annual General Meeting
The agenda of the Annual General Meeting will be as follows:
1. Opening of the meeting
2. Calling the meeting to order
3. Election of persons to scrutinise the minutes and to supervise the counting of votes
4. Recording the legality of the meeting
5. Recording the attendance at the meeting and adoption of the list of votes
6. Presentation of the financial statements, consolidated financial statements, report by the Board of Directors and Auditor’s report for 2024
CEO’s presentation.
The company’s financial statements and Annual Report, including the report by the Board of Directors, sustainability report, the Auditor’s report and the assurance report on sustainability reporting, will be published no later than 13 March 2025, after which they are available on the company’s website at www.aktia.com.
7. Adoption of the financial statements and the consolidated financial statements
The Board of Directors proposes that the Annual General Meeting adopts the financial statements. The company’s auditor has recommended adopting the financial statements.
8. Resolution on the use of the profit shown in the balance sheet and the payment of dividend
The Board of Directors proposes that a dividend of EUR 0.82 per share shall be paid for the financial year 2024.
Shareholders registered in the register of shareholders of the company maintained by Euroclear Finland Ltd on the record date for the dividend payment 7 April 2025 are entitled to the dividend. The Board of Directors proposes that the dividend shall be paid out on 14 April 2025 in accordance with the rules of Euroclear Finland Ltd.
9. Resolution on the discharge from liability of the members of the Board of Directors, the CEO and his deputy
10. Handling of the Remuneration Report of the governing bodies
The Board of Directors proposes to the Annual General Meeting that the Remuneration Report for the company’s governing bodies be confirmed.
The 2024 Remuneration Report of the company’s governing bodies will be published no later than 13 March 2025, after which it is available on the company’s website at www.aktia.com.
11. Resolution on remuneration for the members of the Board
The Nomination Board proposes that the remuneration for the Board of Directors for the term be unchanged and determined as follows:
Annual remunerations for the Chairs of each Committee as well as meeting remunerations are proposed to be unchanged, meaning that it is proposed that the Chair of each Committee will further receive an annual remuneration of EUR 8,000. The proposed meeting remuneration for Board and Committee meetings is EUR 700 per attended meeting for each person (EUR 700 per attended meeting for each person in 2024). If participation in a board meeting requires travelling outside the board member’s country of residence, the remuneration for board meeting is EUR 1,400 per attended meeting for each person (EUR 1,400 per attended meeting for each person in 2024). The remuneration of the members of the Board is not treated as income forming basis for earnings-related pension. Compensation for travel and accommodation expenses as well as a daily allowance is paid in line with the Finnish Tax Administration’s guidelines and the travel instructions of the company.
The Nomination Board proposes that approximately 40% of the annual remuneration (gross amount) shall be paid to the members in the form of Aktia shares. The company will on account of the Board members acquire Aktia shares on the market to the price that is formed through public trading or it will transfer the company’s own shares to the Board members and the rest of the annual remuneration payable is paid in cash. The shares are acquired or transferred during a two-week time period from the day following the company’s interim report for 1 January 2025–31 March 2025 is disclosed or as soon as possible in accordance with applicable legislation. If the remuneration can’t be paid in shares, it can be paid in cash entirely. The company will be responsible for all expenses and the possible transfer tax for acquiring or transferring the shares.
12. Resolution on the number of members of the Board of Directors
The Shareholders’ Nomination Board proposes that the number of members of the Board of Directors be decreased from nine (9) to seven (7) members. However, should any of the candidates proposed under section 13 below not be able to attend the Board, the proposed number of Board members shall be decreased accordingly.
13. Election of members of the Board of Directors
The Shareholders’ Nomination Board proposes that of the present members of the Board of Directors Joakim Frimodig, Carl Haglund, Maria Jerhamre Engström, Harri Lauslahti and Matts Rosenberg, based on their consent, shall be re-elected for a term continuing until the next Annual General Meeting has concluded. For more information on the members of the Board of Directors proposed to be re-elected, please see the company’s website at www.aktia.com. The Board members of Aktia Bank Ann Grevelius, Sari Pohjonen, Johannes Schulman and Lasse Svens have informed that they will not be available for re-election.
The Shareholders’ Nomination Board also proposes that Hanne Katrama and Sari Somerkallio are elected as new members of the Board of Directors for the same term, based on their consent. Further information on the new Board members proposed to be elected have been attached to this notice and can be found on the company’s website at www.aktia.com closer to the company’s Annual General Meeting.
Should any of the candidates presented above not be able to attend the Board, the available candidates are proposed to be elected accordingly.
All the proposed persons are independent in relation to the company according to the definition of the Corporate Governance Code. Only Matts Rosenberg is not independent of a significant shareholder since he is the Chair of the board of RG Partners Oy, the largest shareholder (10.13%) of Aktia Bank. In addition, Rosenberg is the CEO of Rettig Oy Ab, which is the largest owner of RG Partners Oy.
All the proposed persons have informed that they intend, if they are elected, to re-elect Matts Rosenberg amongst them as Chair of the Board of Directors and to elect Joakim Frimodig as Deputy Chair.
14. Resolution on the auditor’s and sustainability reporting assurance provider’s remuneration
The Board of Directors proposes, based on the recommendation of the Board of Directors’ Audit Committee, that remuneration shall be paid to the auditor against the auditor’s reasonable invoice. The Board of Directors also proposes that remuneration shall be paid to the sustainability reporting assurance provider against a reasonable invoice for measures related to the assurance of sustainability reporting.
15. Determination of the number of auditors and sustainability reporting assurance providers
The Board of Directors proposes, based on the recommendation of the Board of Directors’ Audit Committee, that the number of auditors and sustainability reporting assurance providers shall be one (1).
16. Election of the auditor and the sustainability reporting assurance provider
The Board of Directors proposes, based on the recommendation of the Board of Directors’ Audit Committee, that KPMG Oy Ab, a firm of authorised public accountants, shall be elected as auditor, with Tiia Kataja, APA, as auditor-in-charge. The Board of Directors also proposes, based on the recommendation of the Board of Directors’ Audit Committee, that KPMG Oy Ab, an Authorised Sustainability Audit Firm, shall be elected as sustainability reporting assurance provider, with Tiia Kataja, Authorised Sustainability Auditor (ASA), as sustainability reporting assurance provider-in-charge. The auditor and the sustainability reporting assurance provider shall be elected for a term of office beginning when the Annual General Meeting 2025 has ended and continuing up until the Annual General Meeting 2026 has ended.
17. Authorising the Board of Directors to decide on one or more issues of shares or special rights entitling to shares referred to in Chapter 10 of the Finnish Companies Act
The Board of Directors proposes that the General Meeting authorises the Board of Directors to issue shares, or special rights entitling to shares referred to in Chapter 10 of the Companies Act, as follows:
A maximum amount of 7,316,000 shares can be issued based on this authorisation, which corresponds to approximately 10% of all shares in the company.
The Board of Directors is authorised to decide on all terms for issues of shares and of special rights entitling to shares. The authorisation concerns the issuance of new shares. Issues of shares or of special rights entitling to shares can be carried out in deviation from the shareholders’ pre-emptive subscription right to the company’s shares (directed share issue).
The Board of Directors has the right to use this authorisation, among other things, to strengthen the company’s capital base, for the company’s share-based incentive scheme, acquisitions and/or other corporate transactions.
The authorisation is effective for 18 months from the resolution by the General Meeting and revokes the issue authorisation given by the Annual General Meeting on 3 April 2024.
18. Authorising the Board of Directors to decide on the acquisition of the company’s own shares
The Board of Directors proposes that the Annual General Meeting authorises the Board of Directors to decide on the acquisition of 500,000 shares at a maximum, corresponding to approximately 0.7% of the total number of shares in the company.
The company’s own shares may be acquired in one or several tranches using the unrestricted equity of the company.
The company’s own shares may be acquired at a price formed in public trading on the date of the acquisition, or at a price otherwise prevailing on the market. The company’s own shares may be acquired in a proportion other than that of the shares held by the shareholders (directed acquisition).
The company’s own shares may be acquired to be used in the company’s share-based incentive schemes and/or for the remuneration of the members of the Board of Directors, for further transfer, retention, or cancellation.
The Board of Directors is authorised to decide on all additional terms concerning the acquisition of the company’s own shares.
The authorisation is effective for 18 months from the resolution by the General Meeting and revokes the authorisation to purchase the company’s own shares given by the Annual General Meeting on 3 April 2024.
19. Authorising the Board of Directors to decide to divest the company’s own shares
The Board of Directors proposes that the Annual General Meeting authorises the Board of Directors to decide on divesting own shares held by the company, as follows.
Based on the authorisation, a maximum of 500,000 shares may be divested.
Board of Directors is authorised to decide on all additional terms concerning the divestment of the company’s own shares. The divestment of the company’s own shares can be carried out in deviation from the shareholders’ pre-emptive subscription rights to shares in the company (directed share issue), e.g., for implementing the company’s incentive programs and for remuneration, including divesting the company’s own shares to board members for payment of board remuneration.
The authorisation is effective for 18 months from the resolution by the General Meeting and revokes the authorisation to divest the company’s own shares given by the Annual General Meeting on 3 April 2024.
20. Closing of the meeting
B. Documents of the Annual General Meeting
The proposals for the decisions on the matters on the agenda of the Annual General Meeting as well as this notice are available on Aktia Bank Plc’s website www.aktia.com. Aktia Bank Plc’s Annual Report including the company’s financial statements, the report by the Board of Directors (including the sustainability report), the Auditor’s report and the assurance report on sustainability reporting, and the 2024 Remuneration Report of the governing bodies, will be available on the above-mentioned website on 13 March 2025, at the latest. The minutes of the Annual General Meeting will be available on the above-mentioned website on 17 April 2025, at the latest.
C. Instructions for the participants in the Annual General Meeting
1. Shareholders registered in the shareholders’ register
Each shareholder, who is registered in the company’s register of shareholders maintained by Euroclear Finland Ltd as at 24 March 2025, has the right to participate in the Annual General Meeting. A shareholder whose shares are registered in their personal Finnish book-entry account is registered in the company’s register of shareholders. Any changes in the ownership of shares that have occurred after the record date of the Annual General Meeting do not affect the right to participate in the Annual General Meeting nor the number of votes of the shareholder.
Registration for the Annual General Meeting starts on 7 March 2025 at 10.00 a.m. Shareholders who are registered in the company’s register of shareholders and who wish to participate in the Annual General Meeting must register for the General Meeting by 4.00 p.m. on 27 March 2025, at the latest. Participants can register for the Annual General Meeting:
a) through the company’s website www.aktia.com/en/investors/corporate-governance/annual-general-meeting. Electronic registration requires strong identification of the shareholder or his/her legal representative or proxy with a Finnish, Swedish or Danish bank ID or mobile certificate;
b) by e-mail to Innovatics Ltd at agm@innovatics.fi. A shareholder registering by e-mail shall include in the message the registration form available on the company’s website www.aktia.com/en/investors/corporate-governance/annual-general-meeting and a possible advance voting form or equivalent information; or
c) by mail to Innovatics Ltd, Annual General Meeting / Aktia Bank Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki. A shareholder registering by mail shall include in the message the registration form available on the company’s website www.aktia.com/en/investors/corporate-governance/annual-general-meeting and a possible advance voting form or equivalent information.
When registering, please provide the necessary information, such as the shareholder’s name, date of birth or business ID, contact details, the name of any assistant or proxy representative and the proxy’s date of birth. The personal data provided by shareholders to Aktia Bank Plc or Innovatics Ltd will only be used in connection with the Annual General Meeting and the processing of the necessary registrations related thereto.
The shareholder, his/her representative or proxy must be able to prove his/her identity and/or right of representation at the meeting. Further information on the use of proxy and power of attorney are described below in section C 3.
Further information on registration and advance voting is available by telephone during the registration period of the Annual General Meeting by calling at +358 10 2818 909 on weekdays from 9.00 a.m. to 12.00 p.m. and from 1.00 p.m. to 4.00 p.m.
2. Owners of nominee registered shares
A holder of nominee registered shares has the right to participate in the Annual General Meeting by virtue of such shares, based on which he/she on the record date of the Annual General Meeting 24 March 2025 would be entitled to be registered in the company’s register of shareholders maintained by Euroclear Finland Ltd. Participation also requires that the shareholder has been entered into the company’s temporary register of shareholders, maintained by Euroclear Finland Ltd, on the basis of such shares by 31 March 2025 at 10.00 a.m. at the latest. In the case of nominee-registered shares, this is considered registration for the Annual General Meeting. Changes in the shareholding after the record date of the Annual General Meeting do not affect the right to participate in the Annual General Meeting or the shareholder’s voting rights.
The holder of nominee-registered shares is advised to request well in advance the necessary instructions from his/her custodian bank regarding temporary registration in the register of shareholders, the issuing of proxy documents and voting instructions, registration, and attendance at the Annual General Meeting and, if necessary, advance voting. The account manager of the custodian bank shall register the holder of nominee-registered shares attending the Annual General Meeting in the temporary register of shareholders of the company by the aforementioned date and time at the latest and, if necessary, arrange for advance voting on behalf of the holder of nominee-registered shares before the end of the registration period for holders of nominee-registered shares.
3. Proxy representatives and powers of attorney
A shareholder may attend the Annual General Meeting and exercise his/her rights there through a proxy representative. A shareholder’s proxy may also elect to vote in advance as described in this notice if he/she so wishes. The proxy representative shall authenticate to the electronic registration service and advance voting personally with strong authentication, after which he/she will be able to register and vote in advance on behalf of the shareholder that he/she represents. The shareholder’s proxy must present dated proxy documents, or otherwise in a reliable manner prove that he/she is entitled to represent the shareholder at the Annual General Meeting. You can prove your right to representation by using the Suomi.fi e-Authorisations service available in the electronic registration service.
Model proxy documents and voting instructions are available on the company’s website www.aktia.com/en/investors/corporate-governance/annual-general-meeting. If a shareholder participates in the Annual General Meeting through several proxies representing the shareholder with shares held in different securities accounts, the shares on the basis of which each proxy represents the shareholder shall be identified in connection with the registration.
Proxy documents are requested to be submitted preferably as an attachment with the electronic registration or alternatively by mail to Innovatics Ltd, Annual General Meeting / Aktia Bank Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki or by e-mail to agm@innovatics.fi before the end of the registration period. In addition to submitting the proxy documents, the shareholder or his/her proxy shall register for the Annual General Meeting in the manner described above in this notice.
4. Advance voting
A shareholder whose shares in the company are registered in his/her personal Finnish book-entry account may vote in advance between 7 March 2025 and 27 March 2025 on certain items on the agenda of the Annual General Meeting
a) via the company’s website at www.aktia.com/en/investors/corporate-governance/annual-general-meeting. Login to the service is done in the same way as for registration in section C.1 of this notice;
b) by mail by submitting the advance voting form available on the company’s website or equivalent information to Innovatics Ltd at Innovatics Ltd, Annual General Meeting / Aktia Bank Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland; or
c) by e-mail by submitting the advance voting form available on the company’s website or equivalent information to Innovatics Ltd by e-mail at agm@innovatics.fi.
Advance votes must be received by the time the advance voting ends. The submission of votes by mail or e-mail before the end of the registration and advance voting period shall be considered registration for the Annual General Meeting, provided that it contains the abovementioned information required for registration.
A shareholder who has voted in advance cannot exercise the right to ask questions or demand a vote under the Finnish Companies Act unless he/she attends the Annual General Meeting in person or by proxy at the meeting venue.
With respect to nominee registered shareholders, the advance voting is carried out by the account manager. The account manager may vote in advance on behalf of the holders of nominee-registered shares whom he/she represents in accordance with the voting instructions given by them during the registration period set for the nominee-registered shareholders.
Proposals for resolution that are subject to advance voting are deemed to have been made at the Annual General Meeting without any changes.
5. Further instructions for attendees of the Annual General Meeting
The official language of the meeting is Swedish, but the meeting will be partly conducted also in Finnish. Shareholders may address the meeting and present questions in both Swedish and Finnish. There is no simultaneous interpretation at the meeting.
Shareholders present at the Annual General Meeting have the right to present questions about the matters discussed at the meeting in accordance with Chapter 5, Section 25 of the Finnish Companies Act.
Changes in the shareholding after the record date of the Annual General Meeting do not affect the right to participate in the Annual General Meeting or the shareholder’s voting rights.
Shareholders are welcome to participate in coffee service arranged after the meeting.
On the date of this notice to the Annual General Meeting the total number of shares in Aktia Bank Plc is 73,161,696 shares, representing 73,161,696 votes. The company holds on the date of this notice a total number of 56,708 of its own shares. The shares held by the company on the record date of the Annual General Meeting do not entitle to vote at the Annual General Meeting.
Helsinki, 6 March 2025
AKTIA BANK PLC
BOARD OF DIRECTORS
Appendix 1: information on the proposed new members of the Board of Directors
For more information, please contact:
Lasse Svens, Chair of the Board, tel. +358 500 562 945
Ari Syrjäläinen, General Counsel, tel. +358 10 247 6350
Distribution:
Nasdaq Helsinki Ltd
Central media
www.aktia.com
Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 850 people around Finland. Aktia’s assets under management (AuM) on 31 December 2024 amounted to EUR 14.0 billion, and the balance sheet total was EUR 11.9 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.
Attachment
Source: GlobeNewswire (MIL-OSI)
Jacksonville, FL, March 06, 2025 (GLOBE NEWSWIRE) — Everything Blockchain (OTC: $EBZT), a leader in the intersection of blockchain technology and traditional finance, today announced its intent to closely follow Coinbase’s pioneering decision to tokenize its stock. The company is positioning itself as one of the first publicly traded entities to take advantage of tokenized securities, marking a monumental step towards revolutionizing shareholder engagement and increasing market efficiency.
As of today, Coinbase has reignited its plans to tokenize its COIN stock and other securities in the U.S., following the SEC’s formation of a new “crypto task force” aimed at fostering greater clarity and regulatory oversight for digital assets. Tokenized securities offer a wide range of benefits for investors, including but not limited to:
By closely following Coinbase’s strategy, EBZT is positioning itself as a first-mover in this emerging space. The company’s commitment to tokenizing its stock will not only position it as a leader in the blockchain sector but will also drive deeper shareholder engagement, enabling direct participation in company governance.
Arthur Rozenberg, CEO of Everything Blockchain, commented:
“The move to tokenize our stock is a natural progression for Everything Blockchain. As the financial world continues to evolve, we believe tokenization represents the future of shareholder engagement, transparency, and market efficiency. By acting as one of the first publicly traded companies to embrace this technology, we are taking a bold step in redefining the future of investing and positioning EBZT at the forefront of the blockchain revolution.”
First-Mover Advantage:
With the SEC’s recent regulatory developments creating an ideal environment for tokenization, EBZT’s early adoption of this groundbreaking technology provides a unique opportunity to capitalize on the emerging market for digital securities. Tokenization of EBZT stock will offer numerous advantages, including the potential for increased shareholder participation, the ability to tap into a global investor base, and greater liquidity—all of which are poised to attract both traditional and crypto-savvy investors.
About Everything Blockchain Inc.
Everything Blockchain, Inc. (OTCMKTS: EBZT) focuses on identifying key challenges and opportunities in AI, blockchain, and cryptocurrency. The company is dedicated to investing in and innovating solutions that empower investors and advance global industries. For more information, visit https://www.ebzt.info/
Forward-Looking Statements
This news release contains “forward-looking statements” which are not purely historical and may include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as “anticipate,” “seek,” intend,” “believe,” “estimate,” “expect,” “project,” “plan” or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations regarding the use and development of blockchain based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate.
Contact:
Arthur Rozenberg
CEO, Everything Blockchain, Inc.
arthur.rozenberg@everythingblockchain.io
Source: NASA
[embedded content]
What is a NASA Spinoff?
Well, to answer that question, we’re going to have to go all the way back to 1958, back to the legislation that originally created the space agency, NASA.
So in that legislation, there’s some forward-looking language that says, “Make sure that all the cool stuff you develop for space doesn’t just get blasted off into the universe, but comes back down to the Earth in the form of practical and terrestrial benefits.”
I’m paraphrasing, of course. The legislation is actually a little bit dry like legislation should be. Since that time, NASA has worked to get the technologies it created into the hands of the public. These become products and services and they save lives, they improve lives, they generate income, they create jobs, they boost the economy, they increase crop yields, they make airplane travel safer, they make train transportation safer.
NASA’s everywhere you look. One example I like to bring up is the camera in your cell phone. That was actually developed at JPL. We were working on a lightweight, high resolution camera for a satellite application, and that became the very first camera on a chip, camera in the cell phone.
We’ve also worked on things like indoor agriculture, which is increasingly important as the world gets denser and people need access to healthy foods.
During the pandemic, some researchers developed a ventilator that had fewer than 100 parts, none of which were required in the supply chain to make other ventilators. We gave that to dozens of companies all around the world to help save lives.
If you check out spinoff.nasa.gov you can find thousands of examples of how NASA is everywhere in your life.
[END VIDEO TRANSCRIPT]
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Source: Africa Press Organisation – English (2) – Report:
JEDDAH, Saudi Arabia, March 6, 2025/APO Group/ —
The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org) and Private Joint-Stock Bank “Turonbank” have taken a significant step to enhance Uzbekistan’s private sector development. A USD 30 million Islamic line of financing facility has been signed, marking a milestone in their collaborative efforts to support small and medium-sized enterprises (SMEs) and the broader economic landscape.
This new financing facility, channeled through Turonbank, is dedicated to empowering private sector projects in Uzbekistan. It aims to provide entrepreneurs with vital financial resources to launch and expand their ventures, thereby driving sustainable economic growth and contributing to the nation’s economic resilience.
Turonbank has been a trusted partner of ICD since 2017 and has previously received two line-of-financing facilities totaling USD 35 million. The newly proposed facility highlights the strength of their enduring partnership and underscores a shared commitment to fostering private sector development in Uzbekistan.
This initiative is closely aligned with ICD’s Private Sector Development Strategy, which focuses on enabling economic dynamism and resilience by empowering SMEs and advancing financial inclusion.
Source: Africa Press Organisation – English (2) – Report:
ACCRA, Ghana, March 6, 2025/APO Group/ —
The inaugural Mining in Motion Summit (MiningInMotionSummit.com) – Ghana’s premier event bringing together small-scale gold miners, policymakers and global partners – takes place under the theme Sustainable Mining & Local Growth – Leveraging Resources for Global Impact. Taking place from June 2–4, 2025, at the Kempinski Hotel Gold Coast City in Accra, the event will feature high-level panel discussions, project showcases and exclusive networking opportunities, spotlighting lucrative prospects within Ghana’s mining sector.
Global industry leaders and sustainability experts, including the World Bank, World Gold Council, the United Nations, the African Union and ECOWAS, will explore how responsible mining practices can drive economic growth, enhance community well-being and support global economic stability. Discussions will focus on how mining investments create high returns, generate employment and strengthen key industries connected to the sector.
Ghana is prioritizing mining as a key driver of socioeconomic development. The country seeks to enhance the contribution of artisanal and small-scale gold mining (ASGM), in driving industry growth and economic expansion. The ASGM sector is a pillar of Ghana’s economy, generating over $5 billion (https://apo-opa.co/3F4IIPv) in export revenue in 2024 and accounting for 35% of the country’s total gold production. The sector supports over 1 million direct jobs and indirectly impacts 4 million people, making it one of Ghana’s largest employment sources. Mining in Motion will highlight Ghana’s success as a model for sustainable artisanal mining, emphasizing its role in economic stability and community development. Otumfuo Nana Osei Tutu II, King of the Ashanti Kingdom, will address the importance of traditional leadership in shaping the ASGM industry. The event will spotlight key topics within Ghana’s mining sector, including the newly established Gold Board which aims to maximize revenue from ASGM, responsible resource management and value addition.
Apart from the contribution made by the ASGM sector alone, the role played by stakeholders across the entire mining value chain to GDP growth is immense. According to the International Monetary Fund (https://apo-opa.co/3XqoQwI), Ghana’s GDP is projected to grow by 1.5% in 2025, fueled by continued expansion in the mining sector. Research firm Deloitte predicts a 3% increase in Ghana’s gold output in 2025 compared to 2024 levels, a milestone that will cement the country’s role as a major gold exporter. To sustain this growth, the Ghanaian government has strengthened partnerships with global exploration and production firms and financial institutions, intensifying efforts to boost mineral exploration and production. Several major projects are set for commissioning in 2025 and 2026, including the 358,000 ounces per annum Cardinal Namdini Mine, the 325,000 ounces Ahafo North Project and the 163,000 ounces Black Volta Gold Project.
As Ghana continues to expand its global mining footprint, Mining in Motion will highlight the industry’s contribution to economic growth, both locally and internationally. H.E. John Dramani Mahama, President of the Republic of Ghana, will present the country’s socioeconomic vision, showcasing key achievements in mining sector growth and sustainability initiatives.
Industry leaders will examine the collaboration between large-scale mining companies and ASGM players, fostering synergies that drive sector-wide growth.
Stay informed about the latest advancements, network with industry leaders, and engage in critical discussions on key issues impacting ASGM and medium to large scale mining in Ghana. Secure your spot at the Mining in Motion 2025 Summit by visiting MiningInMotionSummit.com. For sponsorship opportunities or delegate participation, contact Sales@ashantigreeninitiative.org
Source: United Kingdom – Executive Government & Departments
Minister highlights Wales’s natural resources, world-class energy sector and skilled workforce on visit to Denmark.
Wales Office Minister Nia Griffith and His Majesty’s Ambassador to Denmark, Joëlle Jenny
Wales Office Minister, Dame Nia Griffith highlighted Wales’s pivotal role in the United Kingdom’s ambitious clean energy mission to Danish companies and potential investors on a trade mission to Copenhagen this week.
Dame Nia’s three-day visit to the Danish capital came just one week after a major £600m investment deal in Welsh green energy projects between Copenhagen Infrastructure Partners, Bute Energy and Green GEN Cymru was announced. The development of new onshore windfarms planned across Wales by Bute Energy is planned to create up to 2,000 jobs.
The visit highlighted collaboration between Wales and Denmark in renewable energy projects, including Danish companies already investing in offshore wind off the North Wales coast and in the construction of turbines used in onshore and offshore projects across Wales.
Currently, 50 per cent of electricity in Denmark is supplied by wind and solar power while making Britain a clean energy superpower is one of the UK Government’s key missions.
The UK Government is working with the Welsh Government and industry partners to develop floating offshore wind in the Celtic Sea. This would see wind turbines built on floating platforms to take advantage of the wind direction and would play a crucial role in the UK Government’s mission to make Britian at clean energy superpower.
This technology could support up to 5,300 new jobs and generate up to £1.4bn for the UK economy, helping to kickstart economic growth and raise living standards as set out in the UK Government’s Plan for Change.
During her visit, Minister Griffith held a series of meetings designed to bolster cooperation on clean energy and explore investment opportunities. The itinerary included visits to leading Danish institutions and companies, discussions on renewable energy projects, and participation in events celebrating St. David’s Day with a focus on promoting Wales as a hub for clean energy innovation.
Wales Office Minister Nia Griffith said:
There are tremendous opportunities for partners and investors in Denmark to work with us to boost the clean energy sector in Wales.
I am determined to make sure we achieve our clean energy mission which will bring energy security, drive down energy bills, create good jobs, and help to protect future generations from the cost of climate breakdown.
Tim Morris, Head of Communications for Associated British Ports, said:
Ports in Wales and Denmark share the ambition to play a foundational role in enabling the energy transition.
It was great to sit down with other port operators and key stakeholders from the wider energy sector from both countries to share knowledge and insights. ABP has strong links with Danish organisations such as Orsted and the Port of Esbjerg and we look forward to deepening these relationships.
The visit showcased Wales’s potential as a global leader in renewable energy, particularly in floating offshore wind, and set the stage for future collaborations and investments that will drive economic growth and environmental sustainability.
ENDS
Published 6 March 2025
Source: Government of Ireland – Department of Jobs Enterprise and Innovation
6th March 2025
Minister Peter Burke said:
“On March 4th 2025, my Department received a Notification of Collective Redundancies from TikTok (Bytedance) following a February announcement by the company that it would be undergoing global restructuring. Affected employees were informed of the decision and a consultation period is now underway. I understand that the proposed redundancies will take effect in April this year, once the statutory consultation process has concluded. The numbers involved are a matter for the company to disclose.
“My first thoughts are with the employees impacted by this announcement along with their families. My Department, along with our agencies, will work to support workers affected in the period ahead as they pursue alternative employment. TikTok is a significant employer in Ireland and as part of the proposed restructuring, Government understands that there may be a number of open roles available to employees who are at risk of being made redundant. TikTok has been fully briefed on the IDA’s suite of transformation and training supports available.
Equally, the enterprise agencies under my Department will assist in helping those impacted to find alternative employment. This includes sharing the skills profiles of impacted employees to companies who may be hiring, be that with multinationals in IDA’s client base or indigenous companies through Enterprise Ireland.
As a country we are close to full employment and the economy is well diversified, with hundreds of thousands of people employed by indigenous SMEs, pharmaceuticals, agri-food, med-tech and financial services. Nonetheless I know this announcement will be very difficult for those impacted and Government is fully committed to supporting affected staff.
ENDS
Source: GlobeNewswire (MIL-OSI)
VICTORIA, Seychelles, March 06, 2025 (GLOBE NEWSWIRE) —
Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of Elixir Network for spot trading and the launch of an exclusive Launchpool rewards campaign.
Spot trading for Elixir will go live on 7 March, 10:00 (UTC) under the ELX/USDT pair, with deposits available on 6 March, 10:00 (UTC) and withdrawals available on 8 March 2025, 11:00 (UTC). Eligible users can lock BGB and DEUSD to grab a share of 3,833,000 ELX. In addition, the Launchpool campaign, starting from 7 March 2025, 10:00 (UTC) to 10 March 2025, 10:00 (UTC), will enable users to lock BGB and DEUSD for an opportunity to earn a share of 3,833,000 ELX in rewards.
Furthermore, the CandyBomb promotional event offers Bitget users the chance to earn ELX through deposits and trading activity. A total of 140,000 ELX tokens have been allocated for this campaign, which runs from 7 March 2025, 10:00 (UTC) to 14 March 2025, 10:00 (UTC).
Participants can join the CandyBomb page, where valid trading activity will automatically count toward the ELX airdrop, divided into spot trading pools and futures trading pools with 100,000 ELX allocated for the former pool and the remaining 40,000 ELX allocated for the latter pool. This CandyBomb campaign is targeted for the first 1,250 new users only.
Elixir is a groundbreaking modular Delegated Proof of Stake (DPoS) network that revolutionizes liquidity dynamics on exchanges by enabling direct liquidity provision and seamless product integration without the need for trust. Its adaptable framework easily integrates into leading DEXs, supported by a strong validator network, to boost liquidity and drive innovation in DeFi.
Elixir Network aims to revolutionize liquidity provision in the DeFi space through empowering retail participants and integrating real-world assets into decentralized finance platforms. Bitget continues to solidify its role as a top-tier cryptocurrency exchange, offering over 800 listed tokens across spot and derivatives markets. The addition of Elixir to Launchpool aligns with Bitget’s ongoing effort to support innovative projects whose value continues to evolve the ecosystem.
Users can find more details on Elixir Launchpool here and Spot Trading here.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
For media inquiries, please contact: media@bitget.com
Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.
Contact
Simran Alphonso
media@bitget.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4cbe79fc-280d-4621-bfe2-9e448bd61c4a
Source: GlobeNewswire (MIL-OSI)
VILNIUS, Lithuania, March 06, 2025 (GLOBE NEWSWIRE) — The cooperation aims to offer professional investors deeper liquidity, enhanced trading capabilities, and exceptional market access.
WhiteBIT, Europe’s largest cryptocurrency exchange by traffic, has partnered with Bequant, a leading provider of institutional crypto trading solutions. This collaboration is keen to create a comprehensive ecosystem tailored for institutional traders, offering modern trading tools and compliance-driven infrastructure.
The crypto industry has witnessed rapid institutional adoption, with professional traders seeking advanced trading capabilities, regulatory compliance, and efficient liquidity access. WhiteBIT and Bequant’s partnership aligns with this evolving landscape, equipping institutional investors with scalable, secure, and efficient trading solutions.
“This collaboration with Bequant is a strategic move to further enhance institutional crypto trading. By combining our expertise, we’re ensuring that professional traders and institutional clients gain exceptional access to deep liquidity, regulatory-compliant infrastructure, and advanced trading tools,” said Volodymyr Nosov, Founder and President of WhiteBIT.
Bequant Institutional Expertise
Bequant is a top-tier proprietary trading firm that focuses on market making, quantitative trading, and institutional crypto services. By employing sophisticated trading strategies and efficient capital allocation, the firm enhances liquidity and improves overall market efficiency.
As a regulated entity, Bequant also offers institutional investors a range of services, including OTC trading, lending solutions, and secure custody options.
“Partnering with WhiteBIT allows us to build deeper liquidity for institutional crypto trading across Europe, combining our expertise to deliver efficient, compliant solutions,” comments George Zarya, Founder of Bequant.
Key Partnership Benefits
The partnership between WhiteBIT and Bequant enables institutional clients to access WhiteBIT’s deep liquidity and advanced trading infrastructure through Bequant’s brokerage network. Market makers and high-volume traders using Bequant can now integrate WhiteBIT into their trading strategies, upgrading trade efficiency across different exchanges.
Through this collaboration, institutional clients benefit from the following key advantages:
WhiteBIT’s Institutional Growth and Leadership
As part of a trusted and scalable ecosystem, WhiteBIT serves over 8 million users and more than 1,300 institutional clients, offering a reliable infrastructure for professional traders seeking efficiency and security in digital asset markets.
In 2024, WhiteBIT reported a $2.7 trillion annual trading volume, primarily driven by institutional clients, reinforcing its position as a leader in institutional crypto trading.
About WhiteBIT
WhiteBIT is the largest European cryptocurrency exchange by traffic, offering over 730 trading pairs, 330+ assets, and supporting 9 fiat currencies. Founded in 2018, the platform is a part of WhiteBIT Group that serves more than 35 million customers globally. WhiteBIT collaborates with Visa, FC Barcelona, Fireblocks, ClearJunction, and Checkout.com. The company is dedicated to driving the widespread adoption of blockchain technology worldwide.
About Bequant
Bequant is where traditional investing meets cryptocurrency—a one-stop solution for professional digital asset investors and institutions. Located and regulated in Malta, Bequant’s breadth of products include prime brokerage, custody and fund administration, all enhanced by an institutional trading platform providing low-latency trading, liquidity and direct market access for investors. The Bequant team is composed of experts from institutional, retail and digital financial services with experience in banking, derivatives, electronic trading and prime brokerage.
Contact
WhiteBIT
pr@whitebit.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a10ad6ac-b680-4388-b583-df20f69c57f5
Source: GlobeNewswire (MIL-OSI)
– A platform creating a new culture of donation in partnership with Naver Happybean
– Utilizing Locus Chain technology to enhance transparency and redefine the donation ecosystem with innovative blockchain solutions
– A plan to establish a contribution network with the participation of global figures in collaboration with the One Humanity Foundation
From left: Hyuk-il Kwon, co-founder of Naver; Sang-yoon Lee, CEO of Bloom Technology; and Evan Klassen, CEO of One Humanity
GYEONGGI-DO, South Korea, March 06, 2025 (GLOBE NEWSWIRE) — A global contribution platform is set to launch, poised to redefine how we engage with social causes by harnessing blockchain technology for unmatched transparency, efficiency, and versatility. Bloom Technology, led by CEO Sang Yoon Lee, has partnered with NAVER co-founder Hyuk Il Kwon and Evan Klassen, founder of the One Humanity Foundation, to launch “Givefy,” a Web3 platform that transcends traditional donation models.
The name “Givefy” fuses “Give” and “Finance,” symbolizing a new contribution platform powered by blockchain technology. Unlike traditional donation systems where transparency was often lacking, Givefy enables real-time tracking of donations and assigns value to various forms of social contributions — including volunteer work, creative projects, and community initiatives — rewarding participants directly. With blockchain-enabled real-time tracking and integrated community features, Givefy transforms charitable giving into a sustainable, proactive movement.
In synergy with Naver’s donation platform, “Happybean,” Givefy aims to attract existing donors while expanding its user base. Backed by global influences in social contribution, Givefy will actively promote global social impact campaigns, encourage broader participation, and establish a transparent, trustworthy ecosystem that reimagines the culture of giving on a global scale.
Bloom Technology plans to leverage its next generation blockchain protocol, “Locus Chain,” to build a system that securely and transparently manages donation flows within Givefy. Locus Chain, known for processing thousands of transactions per second, features a low fee structure and robust tamper-proof technology. Its scalability is expected to effectively support the large-scale donation transactions that Givefy will handle in the future.
Example of the Givefy Platform Interface
The Givefy project is partnering with One Humanity, a U.S.-based nonprofit dedicated to making mental health stigma history through innovative solutions and the launch of the Butterfly Movement a global social brand designed to represent mental health and build a united community, much like the pink ribbon did for cancer awareness. One Humanity actively engages in diverse social initiatives that support communities worldwide while fostering a sustainable culture of sharing. Notably, Evan Klassen, Founder of One Humanity, bestselling author, and the original creator of the Givefy concept, will leverage the organization’s extensive global network to design contribution campaigns featuring direct participation from internationally renowned figures.
By connecting donors with organizations and individuals in need through the platform, One Humanity will play a pivotal role in building Givefy’s global contribution network.
Hyuk Il Kwon, the Naver co-founder leading the Givefy project, is also widely recognized as Naver’s inaugural CTO and the founder of Naver Happybean. He remarked, “Givefy will build upon Happybean’s sharing ethos, while harnessing Locus Chain technology to enrich traditional monetary donations by adding value to diverse forms of giving, such as volunteer work and talent contributions. This approach will elevate the platform to a higher level. Our goal is to provide a reliable donation system accessible to everyone worldwide and to cultivate a new contribution ecosystem that actively involves international organizations like the UN, as well as influential global figures.”
Bloom Technology CEO Sang Yoon Lee stated, “By leveraging blockchain technology, we can track donation flows in real time, significantly enhancing the trustworthiness and transparency of charitable giving. Moreover, by harnessing Locus Chain’s unique ability to process an enormous volume of transactions at ultra-high speeds, we aim to build a more efficient global donation system that will play a pivotal role in advancing our society.”
Evan Klassen, CEO of the One Humanity Foundation, stated, “Givefy empowers everyone from influential figures to everyday contributors—to participate in charitable giving through a system that transparently measures and rewards every contribution. Our vision is to build a dynamic network that recognizes and incentivizes impactful actions, driving tangible social change. By engaging all of humanity, we are committed to creating a virtuous cycle of contributions that benefit the greater good.”
Locus Chain is the first next generation blockchain protocol that simultaneously addresses decentralization, scalability, and security challenges. Its proprietary patented technology, Dynamic Sharding, guarantees network stability in any environment, while the Verifiable Pruning technique minimizes node size—enabling anyone to easily run a node even on a mini-PC or internet router. By offering highly cost-effective node operations, Locus Chain allows for secure network participation with a low barrier to entry and exceptional efficiency, making it the ideal blockchain solution for large-scale projects that demand robust scalability.
With its fully decentralized implementation of Dynamic Sharding, Locus Chain stands as an advanced blockchain protocol capable of processing large-scale transfers at record speeds. It supports not only simple token transfers but also the handling of all data transactions occurring on Web3.
References
Media Inquiry:
Contact Person: Geun-soo Lee, Head of Business Division, Bloom Technology
Ph. No.: 010-5142-2558
Email: komp@bloomtechnology.co.kr
Address: 802, Building 2, 15 Pangyo-ro 228beon-gil, Bundang-gu, Seongnam, Gyeonggi-do, South Korea
Disclaimer: This press release is provided by Bloom Technology. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/aab62efd-1cf4-42b0-b8bf-2dc8ceba1e64
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Source: GlobeNewswire (MIL-OSI)
LONDON, March 06, 2025 (GLOBE NEWSWIRE) — EBC Financial Group (EBC), a global leader in financial brokerage, announces the return of its flagship Million Dollar Trading Challenge (MDTC) for its second edition, one of the world’s largest and a global benchmark for skill-based trading competitions, as industry demand for structured, transparent trading opportunities continues to grow.
The 2025 edition of MDTC comes at a time when traders are seeking greater accountability and access to proven strategies amid increasingly volatile markets. From 1 March to 30 May 2025, thousands of traders worldwide will compete for a $1 million trading account in a challenge that integrates real-time strategy sharing and zero-fee copy trading, setting a new standard for competitive trading.
For the first time, top traders will be invited to an exclusive awards ceremony at the FC Barcelona Museum (Barça Immersive Tour), marking a historic moment as a global trading event is recognised within one of football’s most prestigious institutions. The partnership reflects a growing convergence between financial markets and elite sports, reinforcing trading as a profession that demands the same level of skill, precision, and discipline as world-class athletics.
The inaugural MDTC in 2023 set multiple industry benchmarks, with 324 traders achieving profitable accounts and the top 10 traders recording an average return of 3,472.91%. The champion delivered an extraordinary 11,630.98% return in just 30 days, demonstrating the potential of skill-driven trading in a competitive environment.
This year, MDTC II takes it further—allowing traders to access professional-grade trading signals and instantly replicate top-performing strategies for free via copy trading. By combining competition with real-time strategy sharing and zero-fee copy trading, EBC is setting a new standard for transparency and accessibility in trading.
Real-Time Copy Trading: Automatically Replicate Top Traders’ Strategies
The rise of retail trading has transformed financial markets, yet many traders struggle to access transparent, structured learning environments that allow them to develop real skills. MDTC II is designed to bridge this gap—giving traders a unique opportunity to refine their strategies by actively engaging with top-performing traders through real-time copy trading.
Unlike traditional contests that reward high-risk speculation, MDTC II introduces an open, strategy-sharing ecosystem where traders can analyse, track, and instantly replicate the trades of leading participants at no cost. This levels the playing field, allowing both novice and experienced traders to benefit from collective insights while maintaining individual control over their trades.
“When you’re a growing company, you aim to create an event that truly reflects your values and passion—MDTC is ours. We are here to be a light in the industry, proving that traders can succeed; traders can be successful at trading, it requires education and grit, and it’s not just for the 1%. That’s the real beauty of MDTC—every participant must show their trading history, show the world what they are doing. Anyone can log in and take a look, and you can see for yourself what the winners are trading.
“At EBC, we don’t measure this (or any activity) by the number of signups or deposits we get—we measure it by the conversations we create. With this second iteration, we’re introducing more trading tools and enhanced features, another key aspect we’re all really proud of, because at EBC, ‘perfect’ is never enough,” said Samuel Hertz, Director of Operations at EBC Financial Group.
$1 Million Prize and A Once-in-a-Lifetime FC Barcelona VIP Experience
At the heart of MDTC II is one of the industry’s largest prizes—a $1 million trading account—designed to reward skill, discipline, and strategy execution. Rather than a one-time cash payout, the grand prize provides a unique opportunity for the winner to manage significant capital while retaining 100% of their profits, with a maximum allowable loss of $200,000. Alternatively, the winner can choose a $200,000 cash prize.
MDTC II is structured into two categories to ensure accessibility and fair competition. The Rising Stars category is open to traders with a minimum balance of $500, ranked by profit rate, providing an opportunity for those looking to refine their skills in a structured environment.
For more experienced traders, the Dream Squad category is designed for participants with balances between $10,000 and $200,000, ranked by net profit. This category recognises traders who can navigate market conditions effectively while managing larger capital.
Beyond financial rewards, top traders will gain industry recognition and a once-in-a-lifetime experience at the FC Barcelona Museum. In an exclusive awards ceremony, winners will be celebrated at the home of one of the world’s greatest multi-sports clubs—bridging the gap between trading and elite performance in professional sports.
“For EBC Financial Group, the Million Dollar Trading Challenge is a fantastic way for new and seasoned traders to be involved in a real-time event. It allows clients to see traders of all levels to engage with live market conditions, see real-time the trades executed by all entrants, and gives emerging traders the change to follow and learn from those with more experience, in a way that suits their trading style.
“This opportunity to watch, learn, and develop in a fully transparent environment is invaluable, and an excellent way to encourage new traders to understand what strategy works, when, and why. The trades that do not work are as much as lesson as those that do,” said David Barrett, CEO of EBC Financial Group (UK) Ltd.
Maximising Opportunities through Community Management and Cutting-Edge Trading Platforms
To further encourage community participation, MDTC II introduces an enhanced Referral Program, offering participants up to $300 per successful referral, with no cap on the number of referrals. This initiative encourages greater community participation, allowing traders to expand their network while benefiting from the competition.
With a focus on driving innovation in the financial markets, MDTC II expands trading opportunities by integrating Contracts for Difference (CFDs) on US stocks into the competition for the first time. US stocks account for over 65% of global market capitalisation, making them among the most liquid and dynamic assets across industries. This addition allows participants to access some of the world’s most influential companies, providing new opportunities to navigate volatile and fast-moving markets.
The competition takes place on industry-leading MT4 and MT5 platforms, enabling participants to trade Forex, Commodities, Indices, and US Stock CFDs with advanced charting tools, automated strategies, and real-time execution. By combining diverse asset classes, cutting-edge technology, and expanded market access, MDTC II continues to redefine the landscape of competitive trading.
Refining the Contest Experience: MDTC 2023’s Legacy
The first Million Dollar Trading Challenge in 2023 saw strong participation, with traders executing 431,827 trades and generating a total profit of $1,096,718.57. The event highlighted the growing interest in structured trading competitions and the role of copy trading in improving accessibility for traders at different experience levels.
Community engagement was a key aspect of the challenge, with many participants leveraging copy trading features to track and replicate successful strategies. The results underscored the potential for shared market insights to shape trading outcomes.
With MDTC II, the competition continues to evolve, incorporating past insights while maintaining a focus on transparency, strategy development, and trader engagement.
For more information and to be part of the journey that reshapes what’s possible in financial markets, visit https://www.ebc.com/million-dollar-challenge-2.
About EBC Financial Group
Founded in London’s esteemed financial district, EBC Financial Group (EBC) is renowned for its expertise in financial brokerage and asset management. With offices in key financial hubs—including London, Sydney, Hong Kong, Singapore, the Cayman Islands, Bangkok, Limassol, and emerging markets in Latin America, Asia, and Africa—EBC enables retail, professional, and institutional investors to access a wide range of global markets and trading opportunities, including currencies, commodities, shares, and indices.
Recognised with multiple awards, EBC is committed to upholding ethical standards and these subsidiaries are licensed and regulated within their respective jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK’s Financial Conduct Authority (FCA); EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA); EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia’s Securities and Investments Commission (ASIC).
At the core of EBC are a team of industry veterans with over 40 years of experience in major financial institutions. Having navigated key economic cycles from the Plaza Accord and 2015 Swiss franc crisis to the market upheavals of the COVID-19 pandemic. We foster a culture where integrity, respect, and client asset security are paramount, ensuring that every investor relationship is handled with the utmost seriousness it deserves.
As the Official Foreign Exchange Partner of FC Barcelona, EBC provides specialised services across Asia, LATAM, the Middle East, Africa, and Oceania. Through its partnership with the UN Foundation and the world’s largest grassroots campaign, United to Beat Malaria, the company contributes to global health initiatives. EBC also supports the ‘What Economists Really Do‘ public engagement series by Oxford University’s Department of Economics, helping to demystify economics and its application to major societal challenges, fostering greater public understanding and dialogue.
Media Contact:
Savitha Ravindran
Global Public Relations Manager (EMEA, LATAM)
savitha.ravindran@ebc.com
Chyna Elvina
Global Public Relations Manager (APAC, LATAM)
chyna.elvina@ebc.com
Douglas Chew
Global Public Relations Lead
douglas.chew@ebc.com
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/90e3f81c-a0fc-4bd3-9cd4-155c6a5a0fcf
https://www.globenewswire.com/NewsRoom/AttachmentNg/67625ee9-b2fb-48a5-aed2-c12b1830acae
https://www.globenewswire.com/NewsRoom/AttachmentNg/34b28968-b7b2-4340-b114-57bcd09b90ac
https://www.globenewswire.com/NewsRoom/AttachmentNg/b1dfd2dc-eb46-44e4-a2e1-cf90e948c91a
Source: Africa Press Organisation – English (2) – Report:
JEDDAH, Saudi Arabia, March 6, 2025/APO Group/ —
The Islamic Corporation for the Development of the Private Sector (ICD) (https://ICD-PS.org) and Joint-Stock Commercial Bank “Asia Alliance Bank” have taken a significant step to enhance Uzbekistan’s private sector development. A USD 25 million Islamic line of financing facility has been signed, marking a milestone in their collaborative efforts to support small and medium-sized enterprises (SMEs) and the broader economic landscape.
This new financing facility, channeled through Asia Alliance Bank, is dedicated to empowering private sector projects in Uzbekistan. It aims to provide entrepreneurs with vital financial resources to launch and expand their ventures, thereby driving sustainable economic growth and contributing to the nation’s economic resilience.
Asia Alliance Bank has been a trusted partner of ICD since 2013 and has previously received three line-of-financing facilities totaling USD 30 million. The newly proposed facility highlights the strength of their enduring partnership and underscores a shared commitment to fostering private sector development in Uzbekistan.
This initiative is closely aligned with ICD’s Private Sector Development Strategy, which focuses on enabling economic dynamism and resilience by empowering SMEs and advancing financial inclusion.
Source: European Investment Bank
The European Investment Bank (EIB) Group and the European Commission signed a guarantee agreement at the EIB Group Forum that will allow the EIB to invest at least €2 billion in urgent recovery and reconstruction efforts in Ukraine. Aligned with the Ukrainian government’s needs and priorities, this funding is part of the European Union’s €50 billion Ukraine Facility for the period 2024-2027.
The funds will support public sector operations across key sectors. Investments will focus on strengthening Ukraine’s energy networks, including energy grids, expanding hydropower and renewable energy production, and improving energy efficiency. They will also go toward modernising railways, improving urban public transport, and upgrading transport connectivity, including EU-Ukraine Solidarity Lanes and border crossing points along key export routes. In addition, the financing will help restore municipal infrastructure, such as water and heating systems, public lighting, as well schools, hospitals and higher education institutions. The first projects under this Ukraine Facility guarantee were announced during EIB President Nadia Calviño’s recent visit to Kyiv.
To further support the implementation of EIB investments under the Ukraine Facility, the EIB and the government of Ukraine have also signed an agreement to deploy a team of advisory experts on the ground in Kyiv. This team will provide hands-on expertise to accelerate the preparation and execution of critical projects and strategic documents – starting with energy, transport and housing and expanding to other sectors, including Ukraine’s public investment management reform. This initiative is being delivered by EIB advisory through a €20 million JASPERS advisory package for Ukraine, jointly financed by the European Commission and the EIB’s EU for Ukraine advisory programme in 2024, ensuring targeted and effective support for the country’s recovery.
EIB President Nadia Calviño said: “Ukraine’s security is the European Union’s security. We stand by the country. Today, we express that commitment once again with the signature of agreements with the European Commission and the Ukrainian government to step up our support. This will allow us to make crucial investments in the recovery of Ukraine’s critical infrastructure and key public services, reinforcing the country’s resilience and its path towards integration into the European Union.”
“Ukraine’s recovery and reconstruction are at the heart of the Team Europe approach, and we are working together to ensure that vital investments reach the areas where they are needed most in Ukraine. This is not just about today. We are helping Ukraine build back better and lay the foundations for a stronger, more sustainable future within the EU,” added EIB Vice-President Teresa Czerwińska, who oversees the Bank’s operations in Ukraine.
European Commissioner for Enlargement Marta Kos said: “This guarantee agreement with the EIB underscores the European Union’s important role in supporting Ukraine as it faces the fourth year of Russia’s brutal war of aggression. We will stand by Ukraine for as long as necessary and with the intensity required. This new guarantee will help Ukrainians rebuild their country. It will help restore water and heating systems, schools and hospitals.”
European Commissioner for Economy and Productivity, Implementation and Simplification Valdis Dombrovskis said: “The European Commission and the EIB Group have been working hand in hand to provide crucial support to Ukraine since Russia began its brutal, full-scale invasion. Today, our commitment to Ukraine has never been stronger. With this €2 billion agreement, we are providing further support for Ukraine’s urgent recovery and reconstruction needs, which includes repairing critical infrastructure and ensuring essential public services are maintained. The EU’s support for Ukraine is, and will remain, steadfast.”
Yuliia Svyrydenko, Ukraine’s First Deputy Prime Minister and Minister of Economy, said, “The European Union and its institutions, particularly the EIB, remain steadfast partners in Ukraine’s recovery. We are accelerating investment projects that address our most pressing strategic needs, ensuring rapid reconstruction and modernisation. Each project brings Ukraine closer to the EU, strengthening our resilience and integration into the European family. We also welcome the deployment of JASPERS advisory support on the ground, which will help ensure the efficient implementation of these critical investments.”
Background information
The Ukraine Facility is the European Union’s financial assistance programme for Ukraine. During the 2024-2027 period, €50 billion will be allocated by the European Union to finance the state budget, stimulate investment and provide technical support in the implementation of the programme.
The Guarantee Agreement signed today is covered by the Ukraine Investment Framework (UIF), as part of Ukraine Facility. The UIF is designed to attract public and private investments for the recovery and reconstruction of Ukraine. It is endowed with financial instruments totalling €9.3 billion, with €7.8 billion in loan guarantees and €1.5 billion in blended finance.
The aim of the UIF is to mobilise €40 billion of investments for the recovery, reconstruction, and modernisation of Ukraine.
The EIB in Ukraine
The EIB Group has been supporting Ukraine’s resilience, economy and efforts to rebuild since the very first day of Russia’s full-scale invasion, with €2.2 billion disbursed since the start of the war. In 2024, the Bank supported projects aimed at securing Ukraine’s energy supply, repairing critical infrastructure that has been damaged, and ensuring that essential services continue to be delivered across the country.
Source: European Parliament
European Parliament President Roberta Metsola will represent the European Parliament at the special summit, where she will address the heads of state or government at 12.30.
European Council President António Costa convened the Special European Council to discuss continued support for Ukraine and European defence, with the participation of Ukrainian President Volodymyr Zelenskyy.
Russia’s war of aggression against Ukraine
On 24 February 2025, the President of the European Parliament, the President of the European Council and the President of the European Commission issued a joint statement, saying “Russia and its leadership bear sole responsibility for this war and the atrocities committed against the Ukrainian population. We continue to call for accountability for all war crimes and crimes against humanity committed. We welcome the recent steps made towards the establishment of a Special Tribunal for the Crime of Aggression against Ukraine.”
The three Presidents highlighted that “Ukraine is part of our European family” and that “the future of Ukraine and its citizens lies within the European Union.”. They said “the need to ensure the international community’s continued focus on supporting Ukraine in achieving a comprehensive, just, and lasting peace based on the Ukrainian peace formula. We stand firm with Ukraine, reaffirming that peace, security, and justice will prevail.”
On 11 February, Parliament’s Conference of Presidents issued a statement on continuing the EU’s unwavering support for Ukraine, after three years of Russia’s full-scale war of aggression. EP leaders reaffirmed their “steadfast solidarity with the people of Ukraine, who continue to demonstrate extraordinary resilience and courage in defending their sovereignty, independence, and territorial integrity. The European Union must remain united in its commitment to support Ukraine that includes political, military, economic, humanitarian and financial assistance. (…) . We call on the EU and its member states to increase and speed up the delivery of its support, in particular of its military support and establish a legal regime allowing for the confiscation of Russian-owned assets frozen by the EU.”
Also on 11 February, the Chair of the Ukrainian Verkhovna Rada, Ruslan Stefanchuk, addressed a formal sitting of the European Parliament. Welcoming Mr Stefanchuk, European Parliament President Roberta Metsola said: “I am proud that this Parliament has stood with Ukraine from the very first moment – united, unwavering, and resolute. We will keep pushing for peace. Peace must be just, it must be dignified, and it must be based on the principle of ‘Nothing about Ukraine without Ukraine’.”
In a resolution adopted on 23 January, MEPs condemn the Russian regime’s systematic falsification of historical arguments to justify its illegal war of aggression against Ukraine. The text rejects historical claims by the Russian regime used to undermine Ukraine’s history and national identity as futile attempts to justify its ongoing illegal war. Parliament issues a strong call for the EU and its member states to increase and better coordinate their efforts to promptly and rigorously counter Russian disinformation and foreign information manipulation and interference. This is essential, they say, to protect the integrity of democratic processes and strengthen the resilience of European societies.
The resolution also calls on the EU to expand its sanctions against Russian media outlets conducting disinformation campaigns championing Russia’s war of aggression against Ukraine. It urges EU countries to implement these sanctions thoroughly and to dedicate sufficient resources to effectively addressing hybrid warfare. MEPs also want the EU to step up its support for exiled independent Russian media to facilitate diverse voices in the Russian-language media.
On 28 November 2024, MEPs adopted a resolution calling for more military support for Ukraine amid the involvement of China and North Korea. They condemn Russia’s use of North Korean troops against the Ukrainian army and its testing of new ballistic missiles in Ukraine. These recent escalatory steps represent a new phase in the war and a new risk for Europe’s security as a whole, MEPs argue, calling on the EU and Ukraine’s other international partners to respond accordingly.
Insisting that “no negotiations about Ukraine can take place without Ukraine”, MEPs urge the EU to work towards achieving the broadest possible international support for Ukraine and identifying a peaceful solution to the war. The resolution also demands the Council extend its sanctions against Russia, particularly against sectors of special economic importance, such as the metallurgical, nuclear, chemical, agricultural and banking sectors, and on Russian raw materials.
Extraordinary plenary session with Volodymyr Zelenskyy
On 19 November 2024, Parliament held an extraordinary plenary session with Ukraine’s President Volodymyr Zelenskyy, marking 1000 days since Russia’s full-scale invasion. Opening the sitting, EP President Roberta Metsola said Parliament would stand with Ukraine until it has “freedom and real peace, for as long as it takes.” She added that the Ukrainian people’s sacrifice over the previous 1,000 days was not just for themselves but for every European’s freedom and way of life.
In his address, President Zelenskyy thanked the EU for its support and said that Ukraine, all of Europe, and our partners in America and around the world have succeeded not only in “preventing Putin from taking Ukraine” but also in defending the freedom of all European nations. “Putin remains smaller than the united strength of Europe. I urge you not to forget this, and not to forget how much Europe is capable of achieving. We can surely push Russia towards a just peace. Peace is what we desire the most,” he added. President Zelenskyy concluded by saying: “No one can enjoy calm water amid the storm. We must do everything we can to end this war fairly and justly. 1,000 days of war is a tremendous challenge. We must make the next year the year of peace.”
Statement by EP leaders marking 1,000 days of Russia’s full-scale invasion of Ukraine
Also on 19 November 2024, Parliament’s President and political group leaders adopted a statement marking 1,000 days of Russia’s illegal and unjustified war against Ukraine. “We have started EU accession talks with Ukraine as it moves towards taking its rightful place in our European family. The gradual integration of Ukraine into the Union will be a central task for all EU institutions in this legislature, along with providing long-term financial and military assistance and much-needed support,” they said. They said, “The ultimate goal remains to achieve a just and lasting peace in Ukraine on Ukraine’s terms, ensuring the safety and dignity of its people within a peaceful and stable Europe. Together, the democratic world must send a clear, simple message: we stand with and support Ukraine in every possible way until its victory.”
Measures against the Russian “shadow fleet”
In a resolution adopted on 14 November 2024, Parliament calls for more targeted EU sanctions against Russia’s so-called ‘shadow fleet’, which provides a key financial lifeline for Moscow’s war in Ukraine. MEPs demand measures against these vessels in the next EU sanctions packages, including all individual ships as well as their owners, operators, managers, accounts, banks and insurance companies. They also call for the systematic sanctioning of vessels sailing through EU waters without known insurance and urge the EU to enhance its surveillance capabilities, especially drone and satellite monitoring, and to conduct targeted inspections at sea. MEPs want EU member states to designate ports capable of handling sanctioned vessels carrying crude oil and Liquified Natural Gas (LNG) and to seize illegal cargo without compensation.
Financial assistance to Ukraine
On 22 October 2024, MEPs approved an extraordinary loan of up to €35 billion to Ukraine, to be repaid with future revenues from frozen Russian assets. Parliament endorsed the new macro-financial assistance (MFA) to help Ukraine against Russia’s brutal war of aggression. This loan is the EU’s part of a G7 package agreed last June, to provide up to $50 billion (approximately €45 billion) in financial support to Ukraine. The final amount the EU will contribute could be lower, depending on the size of the loans provided by other G7 partners.
The Ukraine Loan Cooperation Mechanism, a newly established framework, will make future revenues from the frozen Russian Central Bank assets located in the EU available to Ukraine. These funds will help Ukraine service and repay the EU’s MFA loan as well as loans from other G7 partners. While the mechanism’s funds can be used to service and repay loans, Kyiv may allocate the MFA funds as it sees fit.
Further reading
Joint statement on the third anniversary of Russia’s invasion of Ukraine
EP Conference of Presidents’ statement on EU support for Ukraine
Ruslan Stefanchuk: “Peace in Ukraine can only be achieved if we stay strong”
MEPs condemn Russia’s use of disinformation to justify its war in Ukraine
More military support for Ukraine amid the involvement of China and North Korea
Zelenskyy to MEPs: “We must end this war fairly and justly”
1000 days: Statement on Ukraine by European Parliament’s leaders
Parliament calls for an EU crackdown on Russia’s ’shadow fleet’
Parliament approves up to €35 billion loan to Ukraine backed by Russian assets
MEPs: Ukraine must be able to strike legitimate military targets in Russia
Newly elected Parliament reaffirms its strong support for Ukraine
MEPs approve trade support measures for Ukraine with protection for EU farmers
Parliament calls on the EU to give Ukraine whatever it needs to defeat Russia
EU sanctions: new rules to crack down on violations
MEPs: EU must actively support Russia’s democratic opposition
Yulia Navalnaya: “If you want to defeat Putin, fight his criminal gang”
Debate 12 March 2024: Preparation of the European Council meeting of 21 and 22 March 2024
Parliament wants tougher enforcement of EU sanctions against Russia
A long-term solution for Ukraine’s funding needs
How the EU is supporting Ukraine
European Defence
At the informal European Council meeting on defence on 3 February 2025, European Parliament President Metsola outlined her vision for how Europe can and must strengthen its own security and defence. “More action, more financing, and more cooperation,” must be the EU’s goals, she argued.
“We need to do more, much more, to ramp up defence production and increase our defence industrial readiness” she said, stressing that “the best investment in European security is investing in the security of Ukraine.”
President Metsola argued “investing in security, is not just about protection – it is about boosting European competitiveness, driving growth, creating quality high-skilled jobs and powering everyday breakthroughs that improve how we live, work and connect. The real incentive lies in addressing fragmentation within our markets. Different rules, standards, and systems are putting up barriers and risk holding us back. It makes no sense for Europe to have 178 different weapons systems, when the United States has 30.”
“Fragmentation costs us billions: between €25 and €75 billion are lost due to duplication and inefficiencies. The answer to this is staring us right in the face. Now is the time to move forward with a single market for defence. Europe must be responsible for its own security. No one else will do this for us,” she added
In a report adopted by the Foreign Affairs Committee on 30 January, MEPs push for the EU to strengthen its defence capacity against a backdrop of multiple security threats. The report emphasises the absolute need for the EU to recognise and meet the current challenges posed by multiple and evolving security threats. The EU, they say, needs to engage in new and better policies that will enable the European Union and its member states to strengthen their defence in Europe. Noting the limited progress and underinvestment in common European defence capability development, industrial capacity, and defence readiness since the establishment of the EU’s Common Security and Defence Policy (CSDP) 25 years ago, MEPs restate need for a truly common European approach, policies and joint efforts in the area of defence. They say a paradigm shift in EU CSDP is essential to enable the European Union to act decisively in its neighbourhood, and on the global stage, to safeguard its values, interests, citizens, and promote its strategic objectives.
On 13 January, MEPs discussed the security situation in Europe and beyond, as well as defence and EU-NATO cooperation, with NATO Secretary General Mark Rutte.
Regarding EU-NATO cooperation, MEPs quizzed Mr Rutte on the EU’s contribution. Defence is not limited to military issues, MEP said, adding that it includes international relations, as well as social, economic and diplomatic relations. MEPs also asked about future cooperation with the incoming Trump Administration and expressed concern about the role of Türkiye in NATO.
Other MEPs pointed out that there are differences between NATO allies on defence issues, but unity is necessary to secure a sustainable peace in Ukraine. They also highlighted the difficult security situation in the Mediterranean and the Western Balkans.
Several MEPs enquired about the avoidance of duplication in military production as well accelerating the development of weapons, and others raised the issue of the need to tackle hybrid threats, particularly on the eastern flank of Europe and in the Western Balkans.
Further reading
“Europe must be responsible for its own security”, Metsola tells EU leaders
MEPs call on Europe to strengthen its defence capacity
Rutte to MEPs: “We are safe now, we might not be safe in five years”
Source: European Parliament
Elena Donazzan
on behalf of the ECR Group
Mélanie Disdier, Nikola Bartůšek
on behalf of the PfE Group
B10‑0152/2025
European Parliament resolution on social and employment aspects of restructuring processes: the need to protect jobs and workers’ rights
The European Parliament,
– having regard to the Commission communication of 11 December 2019 on the European Green Deal (COM(2019)0640),
– having regard to the European Commission President’s Political Guidelines for the next European Commission 2024-2029, the mission letters to the Commissioners-designate and their replies to the written questionnaires from Parliament, and the hearings conducted in Parliament,
– having regard to the report by Mario Draghi entitled ‘The future of European competitiveness: A competitiveness strategy for Europe’ (the ‘Draghi report’),
– having regard to Rule 136(2) of its Rules of Procedure,
A. whereas industry currently employs around 35 million people in the EU, generates several million industry-linked jobs and accounts for over 80 % of exports and has a dominant role in attracting foreign direct investments; whereas Europe has strong, centuries-old industrial traditions which provide a firm foundation for the efficient development of the EU’s productive sectors, grounded in the social economy and EU values;
B. whereas further investment in research and innovation is crucial to boost the productivity and development of European industry; whereas digitalisation and artificial intelligence are vital across all industry sectors, driving competitiveness, fostering job creation and contributing to economic prosperity;
C. whereas a core objective of restructuring processes should be the preservation of jobs and productivity;
D. whereas the automotive industry has traditionally been one of Europe’s vital industrial engines; whereas the automotive supply chain in the EU is currently facing competitive disadvantages compared to non-EU countries, particularly in terms of costs, technology and regulatory constraints;
E. whereas the current crisis in the automotive industry is self-inflicted and is driven by restrictive EU policies that have failed to consider their social impact on SMEs and businesses;
F. whereas the decline in EU competitiveness is largely driven by an excessive administrative and regulatory burden; whereas President von der Leyen announced that the Commission would simplify existing legislation and eliminate overlapping rules; whereas the Commission seems to be persisting with excessive administrative and regulatory burdens that are stifling European industries and driving investments out of the EU;
G. whereas, as acknowledged in the Draghi report, the Commission has imposed excessively restrictive and unrealistic climate policies, which have directly contributed to the deindustrialisation of the EU, the loss of millions of jobs, and a decline in European competitiveness;
H. whereas almost a quarter of Europe’s population lives in rural areas and is dependent on individual mobility; whereas affordable and accessible mobility for all EU citizens is a key prerequisite to maintaining social cohesion and freedom of movement, enabling access to jobs, education and healthcare, reducing regional disparities and preventing depopulation;
1. Highlights that the EU’s competitiveness is primarily determined by its general business climate; calls therefore for the business environment for SMEs and strategic industries to be improved; calls on the Commission and the Member States to ensure the necessary investments are made in infrastructure to guarantee broad access in all European regions, in particular in rural areas and the regions covered by Article 174 of the Treaty on the Functioning of the European Union, as well as those investments necessary to encourage entrepreneurship, create new job opportunities and prevent regional depopulation;
2. Calls on the Commission to make an urgent assessment of Green Deal policies, in order to determine the best solution for improving the competitiveness of European companies, namely either a revision or a suspension of these policies; underlines the need to prevent the deindustrialisation of the EU and to protect job opportunities within the Union; reiterates the importance of upholding the principle of technological neutrality;
3. Calls on the Commission to provide an impact assessment of the social impact of Green Deal policies, in particular in industry, in cooperation with social partners; underlines that relocation and offshoring of companies, along with the associated involuntary migration of labour, can lead to irreversible changes and further exacerbate regional disparities; urges the Commission therefore to address the problem of industrial and social ‘desertification’ of certain areas of the Member States;
4. Underlines that in order to limit and hopefully reverse the current occupational crisis – in terms of both the skills crisis and layoffs – which affects both big companies and the supply chain, the loss of jobs and skills should not be viewed as inevitable; calls for the EU and the Member States to implement supporting measures for companies, at both the EU and trade association levels, as well as initiatives aimed at enhancing cross-sectoral skills and improving expertise within various industrial sectors;
5. Highlights the importance of keeping transformation costs for industry in the EU competitive, as well as the importance of short-term measures to reduce the regulatory burden and ensure consistency, predictability and appropriate timing and consultation for future legislation; calls on the Commission to follow the recommendations of the Draghi report in order to ensure that the EU remains a leader in the global automotive industry, and preserves jobs, R&D facilities and manufacturing within the EU; underlines that the radical shift of production away from the EU’s automotive sector, or the rapid takeover of EU plants and companies by state-subsidised competitors, should be avoided;
6. Calls on the Commission to conduct competitiveness checks on every new legislative proposal, taking into account the overall impact of EU legislation on companies, as well as on other EU policies and programmes;
7. Stresses that the ability to recruit and retain a skilled workforce is crucial for maintaining a competitive EU industrial sector; considers that education in future-oriented sectors, skills and competencies – particularly in vocational education and training, dual education systems, and digital skills – is essential to addressing current skills shortages; underlines that EU industry and enterprises should play a key role in planning and developing educational and training programmes in order to ease the transition to the labour market; believes that lifelong learning is essential to ensure the efficient and timely upskilling and reskilling of workers;
8. Calls on the Commission to reverse the decision to ban combustion engine vehicles as of 2035;
9. Calls on the Commission to anticipate a safeguard clause to revise the 2025 targets for CO2 emissions; underlines that many companies will not be able to meet the deadlines and that this might lead to another wave of layoffs;
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10. Instructs its President to forward this resolution to the Council and the Commission.
Source: European Parliament
B10‑0151/2025
European Parliament resolution on the white paper on the future of European defence
The European Parliament,
– having regard to the Treaty on the Functioning of the European Union,
– having regard to Title V of the Treaty on European Union, in particular Chapter 2, Section 2 thereof, which includes provisions on the common security and defence policy,
– having regard to the Helsinki Final Act of the Conference on Security and Co-operation in Europe of 1975,
– having regard to the Founding Act on Mutual Relations, Cooperation and Security between the North Atlantic Treaty Organization and the Russian Federation of 1997,
– having regard to the Code of Conduct on Politico-Military Aspects of Security of 1994,
– having regard to the Charter for European Security of 1999,
– having regard to the North Atlantic Treaty of 1949,
– having regard to the Charter of the United Nations,
– having regard to the EU Strategic Compass for Security and Defence of 2022,
– having regard to the joint communication from the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 5 March 2024 entitled ‘A new European Defence Industrial Strategy: Achieving EU readiness through a responsive and resilient European Defence Industry’ (JOIN(2024)0010),
– having regard to the report by Mario Draghi of 9 September 2024 on the future of European competitiveness, specifically Chapter 4 on increasing security and reducing dependencies,
– having regard to the report of its Committee on Foreign Affairs of 10 February 2025 on the implementation of the common security and defence policy – annual report 2024,
A. whereas the world is undergoing a significant transformation towards a multipolar order in which major powers such as the United States, Russia and China will play a decisive role;
B. whereas the United States has signalled a strategic shift in focus towards its own continent and its immediate vicinity, with potential implications for its long-term commitment to European security and NATO;
C. whereas for decades, the EU has unconditionally followed the United States in foreign and security policies, while the primary burden of defending the European continent has rested with the United States – an approach that is no longer sustainable given current geopolitical developments;
D. whereas the EU and its Member States currently lack a coherent strategy and clear situational awareness in order to effectively shape their foreign and defence policy;
E. whereas years of neglecting independent defence capabilities have created substantial gaps in the security and defence readiness of the EU and its Member States;
F. whereas hybrid warfare remains one of the most significant threats to European defence, independence and sovereignty;
G. whereas, in this regard, the US Government, through the US Agency for International Development (USAID) and the National Endowment for Democracy (NED), has for decades invested significant amounts in media organisations that engage in global influence, such as Internews Network and the Organized Crime and Corruption Reporting Project (OCCRP);
H. whereas the European External Action Service currently collaborates with USAID on multiple projects;
I. whereas Elon Musk and US President Donald Trump have taken steps to dismantle these deep-state operations in the US by defunding USAID, NED and OCCRP, leading to mass lay-offs within these organisations;
1. Calls on the Member States to acknowledge the new geopolitical reality and take decisive steps towards ensuring their own security and defence capabilities independently of external actors;
2. Stresses the need for an immediate and comprehensive security assessment, followed by the development of a robust strategy that clearly defines the EU’s independent foreign and defence policy objectives;
3. Calls for the development of a new continental European defence concept focused solely on protecting the interests and territories of the EU Member States, without advancing further supranational oversight of defence policy;
4. Proposes initial steps towards building a European Defence Alliance;
5. Supports the strengthening of the European defence industry, research and funding mechanisms to enhance European autonomy in defence production; notes that all funding and cooperation mechanisms must remain intergovernmental and respect the sovereignty of each EU Member State;
6. Welcomes the proposal to establish a new permanent decision-making body composed of the defence ministers of the Member States in order to consolidate European decision-making processes on security and defence matters; emphasises that this forum must not be vested with supranational decision-making powers;
7. Emphasises that consolidating defence capabilities should not lead to the Europeanisation of national armed forces, but rather to streamlining and mutual support in areas where individual Member States cannot act effectively alone;
8. Calls for an open debate on the recommendations of the Draghi report with regard to enhancing security and reducing dependencies, stressing the urgency of initiating this discussion at EU level;
9. Stresses that negotiations on the future security architecture of Europe must involve all the relevant actors; calls for the EU to engage in constructive dialogue with all stakeholders to establish a realistic and sustainable European security framework;
10. Reaffirms that all states have legitimate national security interests that must be respected; emphasises that no state should strengthen its security at the expense of another, in line with the principles of the Helsinki Final Act;
11. Calls for strict adherence to the principle of non-interference and other universal norms of international law as a guiding principle for EU foreign and security policy;
12. Expresses deep concern over the substantial financial influence exerted by USAID, NED and OCCRP over European media organisations; condemns, in this regard, the targeted media attacks orchestrated against multiple European politicians by these organisations in an apparent effort to manipulate electoral outcomes;
13. Calls for an immediate and comprehensive investigation into the extent of the involvement of USAID, NED and OCCRP in EU Member States’ elections and policymaking processes; calls on the Commission to conduct a full audit of all financial transactions between the EU institutions and USAID, OCCRP, the Open Society Foundations and NED, and to make these findings public;
14. Demands that the European External Action Service immediately terminate all collaboration with USAID and reassess any remaining cooperation agreements with foreign entities engaged in political influence operations;
15. Stresses that financial influence exerted by foreign governments over EU Member States’ elections and media constitutes an act of hybrid warfare against European sovereignty;
16. Instructs its President to forward this resolution to the European Council, the Council, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the President of the Commission, the relevant members of the Commission, the Secretary-General of the United Nations, the Secretary General of NATO, the President of the NATO Parliamentary Assembly and the governments and parliaments of the Member States.
Source: European Investment Bank
The European Investment Bank (EIB) Group, which comprises the European Investment Bank (EIB) and the European Investment Fund (EIF), reaffirmed its strong commitment to Portugal in 2024, with new financing of €2.1 billion to foster the country’s sustainable economic development. This financing unlocked a total of around €4.9 billion in investments, equivalent to a 1.7 % of the country’s GDP.
A significant part of this support was directed at Portuguese projects promoting climate action and environmental protection, as well as investments in health and transport infrastructure. A record of more than €1.1 billion went to clean energy, marking an unprecedented boost for the green transition.
“Cooperation with the Portuguese authorities is excellent. We have invested more than €2 billion in Portugal in 2024, and we have launched emblematic projects such as the Lisbon Oriental Hospital and the high-speed train between Lisbon and Porto. We will continue to be a very important investment partner for the country to the benefit of Portuguese businesses and citizens”, said EIB Group President Nadia Calviño.
In 2024, EIB Group financing, supported around 10,000 Portuguese companies and sustained almost 230,000 jobs.
Record financing in climate action and energy transition in Portugal
Portuguese projects advancing climate action and environmental sustainability received a record €1.3 billion in EIB Group financing last year, driven by significant investments in sustainable energy. This amount accounts for 63 % of its total investment in Portugal, thus exceeding the 50 % target for the Group in place for 2025.
Financing in sustainable energy and natural resources surpassed €1.1 billion, a record for the country that nearly doubled last year’s investment. Among the biggest operations: two loans to Portuguese electricity supplier EDP to expand renewable energy generation, wind and solar, and to modernize electricity distribution networks, and two loans to finance Galp Energia for the construction of an advanced biofuels plant and a renewable hydrogen unit in the coastal area of Sines.
Other relevant projects contributing to the green financing were the EIB loan signed with ANA to support low-carbon initiatives at nine airports in Portugal, and the loan signed with BPI to finance small and medium-sized enterprises, mid-caps, and public sector entities investing in climate action projects.
Strengthening country’s economic cohesion, innovation and social infrastructure
Beyond green investments, the EIB last year allocated €1.5 billion to initiatives aimed at enhancing Portugal’s economic and social cohesion.
It signed a €107 million loan to finance the construction of Hospital de Lisboa Oriental. The new facilities will replace six old hospitals, spread over more than 100 buildings in the Lisbon centre. This will guarantee access to modern health services and improve the distribution of hospital beds around the city.
Supporting innovation was another priority of the EIB Group in Portugal last year. Special mention deserves the €90 million investment pledged by the EIF into three venture capital funds to accelerate the growth of start-ups in the deep-tech and cybersecurity sectors.
Looking ahead: reinforce support for social infrastructures and finance Porto-Lisbon high-speed rail line
Unlocking investment in social infrastructures that address the most pressing needs of European citizens, will continue being a priority for the EIB Group in Portugal in 2025, together with the financing of the first phase of the high-speed railway line between Porto and Lisbon, reinforcing commitment to sustainable transport and regional cohesion.
Video EIB Group in Portugal in 2024 https://youtu.be/szAUKoTJoP8
Background information
EIB
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.
The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.
All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.
Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.
High-quality, up-to-date photos of our headquarters for media use are available here.
Source: Government of India (2)
This decade is becoming the decade of Uttarakhand: PM
Diversifying our tourism sector, making it perennial, is very important for Uttarakhand: PM
There should not be any off season, tourism should be on in every season in Uttarakhand: PM
Our governments at Center and state are working together to make Uttarakhand a developed state: PM
Posted On: 06 MAR 2025 12:54PM by PIB Delhi
The Prime Minister Shri Narendra Modi participated in the Winter Tourism Program after flagging off a trek and bike rally at Harsil, Uttarakhand. He also performed pooja and darshan at the winter seat of Maa Ganga in Mukhwa. Addressing the gathering, he expressed his deep sorrow over the tragic incident in Mana village and extended his condolences to the families of those who lost their lives in the accident. He said the people of the nation stand in solidarity during this time of crisis, which has provided immense strength to the affected families.
“The land of Uttarakhand, known as Devbhoomi, is imbued with spiritual energy and blessed by the Char Dham and countless other sacred sites”, said the Prime Minister, highlighting that this region serves as the winter abode of the life-giving Maa Ganga. He expressed his gratitude for the opportunity to visit again and meet the people and their families, calling it a blessing. He emphasized that it is by Maa Ganga’s grace that he had the privilege of serving Uttarakhand for decades. “Maa Ganga’s blessings guided me to Kashi, where I now serve as a Member of Parliament”, said Shri Modi, recalling his statement in Kashi that Maa Ganga had called him and shared his recent realization that Maa Ganga has now embraced him as her own. The Prime Minister described this as Maa Ganga’s affection and love for her child, which brought him to her maternal home in Mukhwa village and had the honor of performing darshan and puja at Mukhimath-Mukhwa. Remarking on his visit to the land of Harsil, expressing his fond memories of the affection shown by the local women, whom he referred to as “Didi-Bhuliyas”, Shri Modi highlighted their thoughtful gestures of sending him Harsil’s rajma and other local products. He expressed his gratitude for their warmth, connection, and gifts.
The Prime Minister recalled his visit to Baba Kedarnath, where he had declared that, “this decade would be the decade of Uttarakhand”. He remarked that the strength behind those words came from Baba Kedarnath himself and highlighted that, with Baba Kedarnath’s blessings, this vision is gradually becoming a reality. Emphasizing that new avenues for Uttarakhand’s progress are opening up, fulfilling the aspirations that led to the state’s formation, Shri Modi noted that the commitments made for Uttarakhand’s development are being realized through continuous achievements and new milestones. He added, “winter tourism is a significant step in this direction, aiding in harnessing Uttarakhand’s economic potential” and congratulated the Uttarakhand government for this innovative effort and extended his best wishes for the state’s progress.
“Diversifying and making the tourism sector a year-round activity is important and necessary for Uttarakhand”, said the Prime Minister, remarking that there should be no “off-season” in Uttarakhand, and tourism should thrive in every season. He mentioned that currently, tourism in the hills is seasonal, with a significant influx of tourists during March, April, May, and June. However, he added that the number of tourists drops drastically afterward, leaving most hotels, resorts, and homestays vacant during winters. He pointed out that this imbalance leads to economic stagnation for a large part of the year in Uttarakhand and also poses challenges to the environment.
“Visiting Uttarakhand during winters offers a true glimpse of the divine aura of Devbhoomi”, said Shri Modi, highlighting the thrill of activities like trekking and skiing that winter tourism in the region provides. He stressed that winters hold special significance for religious journeys in Uttarakhand, with many sacred sites hosting unique rituals during this time. He pointed out the religious ceremonies in Mukhwa village as an integral part of the region’s ancient and remarkable traditions. The Prime Minister noted that the Uttarakhand government’s vision for year-round tourism will provide people with opportunities to connect with divine experiences. He underlined that this initiative will create year-round employment opportunities, significantly benefiting the local population and the youth of Uttarakhand.
“Our governments at Center and state are working together to make Uttarakhand a developed state”, said the Prime Minister, remarking on the significant progress achieved in the past decade, including the Char Dham All-Weather Road, modern expressways, and the expansion of railways, air, and helicopter services in the state. He also mentioned that the Union Cabinet had recently approved the Kedarnath Ropeway Project and the Hemkund Ropeway Project. He noted that the Kedarnath Ropeway will reduce the travel time from 8-9 hours to approximately 30 minutes, making the journey more accessible, especially for the elderly and children. Shri Modi emphasized that thousands of crores of rupees will be invested in these ropeway projects. He extended his congratulations to Uttarakhand and the entire nation for these transformative initiatives.
Underlining the focus on developing eco-log huts, convention centers, and helipad infrastructure in the hills, Shri Modi said, “tourism infrastructure is being newly developed in locations such as Timmer-Sain Mahadev, Mana village, and Jadung village”. He added that the Government has worked to ensure the erstwhile emptied villages of Mana and Jadung in 1962, have been restored. He noted that as a result, the number of tourists visiting Uttarakhand has increased significantly over the past decade. He shared that before 2014, an average of 18 lakh pilgrims visited the Char Dham Yatra annually, which has now risen to approximately 50 lakh pilgrims each year. The Prime Minister announced that this year’s budget includes provisions to develop 50 tourist destinations, granting hotels at these locations the status of infrastructure. He emphasized that this initiative will enhance facilities for tourists and promote local employment opportunities.
Emphasising the Government’s efforts to ensure that border areas of Uttarakhand also benefit from tourism, the Prime Minister said, “villages once referred to as the “last villages” are now being called the “first villages” of the country”. He highlighted the launch of the Vibrant Village Program for their development, under which 10 villages from this region have been included. He noted that efforts have begun to resettle Nelong and Jadung villages and mentioned the flagging off of a bike rally to Jadung from the event earlier. He also declared that those building homestays will be provided benefits under the Mudra Yojana. Shri Modi appreciated the Uttarakhand government’s focus on promoting homestays in the state. He highlighted that villages deprived of infrastructure for decades are now witnessing the opening of new homestays, which is boosting tourism and increasing the income of local residents.
Making a special appeal to people from all corners of the country, particularly the youth, Shri Modi highlighted that while much of the country experiences fog during winters, the hills offer the joy of basking in sunlight, which can be turned into a unique event. He suggested the concept of “Gham Tapo Tourism” in Garhwali, encouraging people from across the country to visit Uttarakhand during winters. He specifically urged the corporate world to participate in winter tourism by organizing meetings, conferences, and exhibitions in the region, emphasizing the vast potential of the MICE sector in Devbhoomi Uttarakhand. The Prime Minister remarked that Uttarakhand provides opportunities for visitors to recharge and re-energize through yoga and Ayurveda. He also appealed to universities, private schools, and colleges to consider Uttarakhand for students’ winter trips.
Pointing out the significant contribution of the wedding economy, worth thousands of crores, the Prime Minister reiterated his appeal to the people of the country to “Wed in India” and encouraged prioritizing Uttarakhand as a destination for winter weddings. He also expressed his expectations from the Indian film industry, noting that Uttarakhand has been awarded the title of the “Most Film-Friendly State.” He emphasized the rapid development of modern facilities in the region, making Uttarakhand an ideal destination for film shootings during winters.
Shri Modi underscored the popularity of winter tourism in several countries and emphasized that Uttarakhand can learn from their experiences to promote its own winter tourism. He urged all stakeholders in Uttarakhand’s tourism sector, including hotels and resorts, to study these countries’ models. He called on the Uttarakhand government to actively implement actionable points derived from such studies. He stressed the need to promote local traditions, music, dance, and cuisine. The Prime Minister remarked that Uttarakhand’s hot springs can be developed into wellness spas, and serene, snow-covered areas can host winter yoga retreats, urging the Yoga gurus to arrange a yoga camp in Uttarakhand annually. He also suggested organizing special wildlife safaris during the winter season to establish a unique identity for Uttarakhand. He emphasized adopting a 360-degree approach and working at every level to achieve these goals.
The Prime Minister emphasized that alongside developing facilities, spreading awareness is equally important and appealed to the country’s young content creators to play a vital role in promoting Uttarakhand’s winter tourism initiative. Mentioning the significant contribution of content creators in boosting the tourism sector, Shri Modi urged them to explore new destinations in Uttarakhand and share their experiences with the public. He suggested the State Government to organize a competition of making short films by content creators to promote tourism in Uttarakhand. He concluded by expressing confidence that the sector will witness rapid growth in the coming years and congratulated Uttarakhand for its year-round tourism campaign.
The Chief Minister of Uttarakhand, Shri Pushkar Singh Dhami, Union Minister of State for Road Transport and Highways, Shri Ajay Tamta were present among other dignitaries at the event.
Background
The Uttarakhand government has initiated a Winter Tourism programme this year. Thousands of devotees have already visited the winter seats of Gangotri, Yamunotri, Kedarnath, and Badrinath. The programme is aimed to promote religious tourism and boost the local economy, homestays, tourism businesses, among others.
डबल इंजन सरकार में डबल गति से जारी विकास कार्यों से साफ है कि ये दशक उत्तराखंड का दशक है। आज देवभूमि के हर्षिल में अपने परिवारजनों से मिलकर अत्यंत हर्षित हूं। https://t.co/SLFidzuX2Y
— Narendra Modi (@narendramodi) March 6, 2025
अपने टूरिज्म सेक्टर को diversify करना…बारहमासी बनाना…उत्तराखंड के लिए बहुत जरूरी है: PM @narendramodi pic.twitter.com/9yqpJ6Q1dq
— PMO India (@PMOIndia) March 6, 2025
उत्तराखंड को विकसित राज्य बनाने के लिए हमारी डबल इंजन की सरकार मिलकर काम कर रही हैं: PM @narendramodi pic.twitter.com/Pwy70l7VnX
— PMO India (@PMOIndia) March 6, 2025
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MJPS/SR
(Release ID: 2108742) Visitor Counter : 83
Source: Government of India
High Level Panel Discussion to follow inaugural session
Three technical sessions to be organized bringing together renowned women leaders from STEM, business, sports, media, and governance
Unique Digital Media & Interactive Zone to showcase contributions of women in shaping a progressive India through real-time discussions, multimedia exhibits & storytelling initiatives
Posted On: 06 MAR 2025 11:48AM by PIB Delhi
The Government of India will be celebrating the International Women’s Day on 8thMarch, 2025. The Ministry of Women & Child Development (MWCD) is holding a national level conference at Vigyan Bhawan, New Delhi on the theme “Nari Shakti Se Viksit Bharat”. The President of India Smt. Droupadi Murmu will inaugurate the National Conference. The event will also be graced by Minister for Women and Child Development, Smt. Annpurna Devi, and Minister of State, Smt. Savitri Thakur, along with senior officials and distinguished guests. On this occasion, mega campaign through #SheBuildsBharat is also being organised.
The event will witness the participation of women officers from the armed forces and para military forces and Delhi police along with My Bharat volunteers, Anganwadi Workers, ASHA workers, Self Help Group members etc. Additionally, lady officers from various Ministries/ Departments have been invited to participate in the event. The event will also mark the presence of representatives from international organizations such as the World Bank, UNICEF, UN Women, UNDP, UNFPA etc.
After the inaugural session, the day will continue with a valuable high Level Panel Discussion.
On the sidelines of the above event, three technical sessions will be organized to bring together renowned women leaders from STEM, business, sports, media, and governance.
This session will bring together renowned women leaders from STEM, business, sports, media, and governance to share their experiences and inspire future generations.
This session will focus on financial inclusion, entrepreneurship, and empowering women in the economy.
A dedicated discussion on policies and frameworks to accelerate gender equality through political leadership.
A unique Digital Media and Interactive Zone will engage participants through real-time discussions, multimedia exhibits, and storytelling initiatives, showcasing the contributions of women in shaping a progressive India.
The proceedings will be livestreamed on Doordarshan, Webcast link, the Ministry of Women, and Child Development’s social media platforms and World Bank Live for widespread reach and engagement.
The Government of India, under the visionary leadership of Prime Minister Shri Narendra Modi, remains steadfast in its mission to empower women through transformative policies and initiatives. As India moves forward on the path of development, Nari Shakti will continue to be the cornerstone of a self-reliant and prosperous Bharat.
https://pib.gov.in/PressNoteDetails.aspx?NoteId=153866&ModuleId=3®=3&lang=1
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SS/MS
(Release ID: 2108717) Visitor Counter : 28
Source: Government of India (2)
Posted On: 06 MAR 2025 9:39AM by PIB Delhi
Introduction
International Women’s Day is celebrated around the world on 8th March. It is a day when women are recognized for their achievements across national, ethnic, linguistic, cultural, economic or political boundaries. The theme of International Women’s Day 2025 is “For ALL Women and Girls: Rights. Equality. Empowerment.” This year’s theme calls for action to unlock equal rights, power and opportunities for all and an inclusive future where no one is left behind. Central to this vision is empowering the next generation—youth, particularly young women and adolescent girls—as catalysts for lasting change.
Further, the year 2025 is a pivotal moment as it marks the 30thanniversary of the Beijing Declaration and Platform for Action. This document is the most progressive and widely endorsed blueprint for women’s and girls’ rights worldwide, transforming the women’s rights agenda in terms of legal protection, access to services, youth engagement, and change in social norms, stereotypes, and ideas stuck in the past.
In India, the government has been actively working towards women’s empowerment and gender equality through various policies, schemes, and legislative measures. The country is witnessing a transition from women’s development to women-led development, ensuring equal participation in national progress. Women are playing a crucial role in shaping India’s socio-economic landscape, breaking barriers in education, health, digital inclusion, and leadership roles.
On March 3, 2025, Prime Minister Narendra Modi encouraged women across India to share their inspiring life journeys on the NaMo App Open Forum ahead of International Women’s Day. He praised the remarkable stories already submitted, highlighting the resilience and achievements of women from different walks of life. As a special initiative, he announced that selected women would take over his social media accounts on March 8 to amplify their voices and experiences. This initiative aims to celebrate women’s contributions and inspire others by showcasing their journey of empowerment, perseverance, and success.
Constitutional and Legal Framework
The Indian Constitution guarantees gender equality through provisions in its Preamble, Fundamental Rights, and Directive Principles of State Policy. Article 14 ensures equality before the law, while Article 15 prohibits discrimination based on sex. Article 51(a)(e) encourages citizens to renounce practices derogatory to women’s dignity. The Directive Principles, particularly Articles 39 and 42, emphasize equal livelihood opportunities, equal pay, and maternity relief.
India is a signatory to international treaties such as:
Government Schemes for Women’s Upliftment
1. Education
Education is the key to women’s empowerment and economic independence. India has undertaken several initiatives to ensure that girls have equal access to quality education from primary schooling to higher education. Gender parity in education has improved significantly, with female enrolment surpassing male enrolment in recent years.
2. Health and Nutrition
Access to healthcare services is crucial for improving the well-being of women and reducing gender-based health disparities. The government has introduced several policies to ensure maternal and child health, nutrition, and medical support for women across all sections of society.
3. Economic Empowerment and Financial Inclusion
Women’s participation in the workforce is a key driver of economic growth. The government has launched multiple initiatives to promote financial independence, entrepreneurship, and employment opportunities for women.
4. Digital and Technological Empowerment
In the digital era, access to technology and digital literacy are crucial for women’s socio-economic progress. The government has been proactive in ensuring women are part of the digital revolution through various initiatives.
5. Safety and Protection
Ensuring women’s safety is a top priority for the Indian government. Several legislative measures, dedicated funds, and fast-track courts have been established to curb crimes against women and provide legal and institutional support.
Conclusion
India has made remarkable progress in women’s empowerment through comprehensive policies, targeted schemes, and legal frameworks. From economic participation to safety, digital inclusion to education, the government’s initiatives have led to significant improvements in women’s lives. On this International Women’s Day, it is crucial to reaffirm the commitment to building an inclusive, gender-equal society where women play a central role in shaping the nation’s future. Sustained efforts in policy-making, community engagement, and digital inclusion will ensure that women continue to drive India’s growth story in the years to come.
References
Ministry of Women and Child Development
https://www.un.org/en/observances/womens-day/background
https://www.un.org/en/observances/womens-day
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Santosh Kumar | Ritu Kataria | Rishita Aggarwal
(Release ID: 2108690) Visitor Counter : 141
Source: GlobeNewswire (MIL-OSI)
BEIJING, March 06, 2025 (GLOBE NEWSWIRE) — JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the “Company” or “JD.com”), a leading supply chain-based technology and service provider, today announced its unaudited financial results for the three months and the full year ended December 31, 2024 and an annual cash dividend for the year ended December 31, 2024.
Fourth Quarter and Full Year 2024 Highlights
“We are pleased to report a strong quarter to close out 2024 amidst rebounding consumption. Our topline growth returned to double digits year-on-year, and bottom line also achieved healthy expansion. In addition, most of our product categories as well as key metrics such as our quarterly active users and shopping frequency saw strong double-digit growth year-on-year in Q4, reflecting our growing mindshare among consumers,” said Sandy Xu, Chief Executive Officer of JD.com. “We head into 2025 with more optimism, as consumption sentiment steadily picks up, and we continue to unlock high-quality growth potentials with our strong execution of strategic priorities.”
“In the fourth quarter, our total revenues increased by 13.4% year-on-year. The momentum was broad-based across multiple categories and revenue streams, reflecting positive macro consumption trends and JD’s expanding market share,” said Ian Su Shan, Chief Financial Officer of JD.com. “Our profitability also continued to rise year-on-year throughout 2024, driven by our optimization in cost and operating efficiency. As we are confident to head towards our long-term profitability target, we are excited to announce an increased annual cash dividend for 2024 which, alongside our on-going US$5.0 billion share repurchase program, further demonstrates JD’s commitment to shareholder return.”
Dividend Payment
The Company announced that its board of directors (the “Board”) approved an annual cash dividend for the year ended December 31, 2024 of US$0.5 per ordinary share, or US$1.0 per ADS, to holders of ordinary shares and holders of ADSs, respectively, as of the close of business on April 8, 2025 Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. The aggregate amount of the dividend is expected to be approximately US$1.5 billion, as calculated on the current number of the Company’s total issued and outstanding shares, which may be subject to minor adjustment by the record date. The payment date is expected to be on or around April 23, 2025 and on or around April 29, 2025 for holders of ordinary shares and holders of ADSs, respectively.
Updates of Share Repurchase Program
The Company repurchased a total of approximately 255.3 million Class A ordinary shares (equivalent of 127.6 million ADSs) for a total of approximately US$3.6 billion during the year ended December 31, 2024. All of these ordinary shares were repurchased from both Nasdaq and the Hong Kong Stock Exchange pursuant to the Company’s share repurchase programs publicly announced. The total number of shares repurchased by the Company for the year ended December 31, 2024 amounted to approximately 8.1% of its ordinary shares outstanding as of December 31, 20233.
The Company has fully utilized the repurchase amount authorized under its US$3.0 billion share repurchase program announced in March 2024, with all of the 207 million Class A ordinary shares (equivalent of 104 million ADSs) repurchased under the program cancelled.
In addition, the Company adopted and announced a new share repurchase program (the “New Share Repurchase Program”) in August 2024. Pursuant to the New Share Repurchase Program effective from September 2024, the Company may repurchase up to US$5.0 billion worth of its shares (including ADSs) over the next 36 months through the end of August 2027.
Business Highlights
In January 2025, JD.com announced comprehensive upgrades to its PLUS membership, introducing a “Lifestyle Service Package” that allows members to redeem PLUS credits for seven services, including home cleaning, laundry, car wash and delivery, among other things. JD PLUS members will also enjoy a new “180-Day Replacement over Repair” policy for self-operated electronics and home appliances products in cases of any quality defects. Additionally, the “Unlimited Free Shipping” service has been expanded to cover the self-operated offerings on JD NOW, the on-demand retail business of the Company.
In the fourth quarter of 2024, JD Health further boosted up its service offerings with the expansion of its “Express Test at Your Doorstep” program, safeguarding more people’s health during periods of high incidence of respiratory illnesses. As of the end of the quarter, JD Health had launched 149 express testing products, with the service available in 12 core cities in China, covering a total population of over 150 million.
During the 2024 JD Singles Day Grand Promotion, JD Logistics’s (“JDL’s”) express delivery business celebrated the first anniversary of its upgraded offerings in Hong Kong and Macau. It provides seamless door-to-door delivery and other differentiated services in the regions, such as night-time pickups and intra-city delivery within as fast as four hours, significantly improving the online shopping and shipping experience for local customers. This in turn drives JDL’s rapid order volume growth in the regions.
In the fourth quarter of 2024, JDL further outlined its overseas roadmap. In particular, it will drive simultaneous progress of building its global warehouse network, air freight network, and express delivery capabilities. These efforts will enable JDL to provide integrated supply chain solutions to overseas customers, China-based brands expanding overseas, and cross-border merchants, driving toward the ultimate in delivering hassle-free and efficient supply chain logistics services globally.
Environment, Social and Governance
Fourth Quarter 2024 Financial Results
Net Revenues. Net revenues increased by 13.4% to RMB347.0 billion (US$47.5 billion) for the fourth quarter of 2024 from RMB306.1 billion for the fourth quarter of 2023. Net product revenues increased by 14.0%, while net service revenues increased by 10.8% for the fourth quarter of 2024, compared to the fourth quarter of 2023.
Cost of Revenues. Cost of revenues increased by 11.9% to RMB293.9 billion (US$40.3 billion) for the fourth quarter of 2024 from RMB262.6 billion for the fourth quarter of 2023.
Fulfillment Expenses. Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 16.4% to RMB20.1 billion (US$2.8 billion) for the fourth quarter of 2024 from RMB17.3 billion for the fourth quarter of 2023. Fulfillment expenses as a percentage of net revenues was 5.8% for the fourth quarter of 2024, compared to 5.6% for the fourth quarter of 2023.
Marketing Expenses. Marketing expenses increased by 28.4% to RMB16.8 billion (US$2.3 billion) for the fourth quarter of 2024 from RMB13.1 billion for the fourth quarter of 2023. Marketing expenses as a percentage of net revenues was 4.9% for the fourth quarter of 2024, compared to 4.3% for the fourth quarter of 2023, primarily due to the increased spending in promotion activities.
Research and Development Expenses. Research and development expenses increased by 1.0% to RMB4.4 billion (US$0.6 billion) for the fourth quarter of 2024 from RMB4.3 billion for the fourth quarter of 2023. Research and development expenses as a percentage of net revenues was 1.3% for the fourth quarter of 2024, compared to 1.4% for the fourth quarter of 2023.
General and Administrative Expenses. General and administrative expenses increased by 3.3% to RMB2.5 billion (US$0.3 billion) for the fourth quarter of 2024 from RMB2.4 billion for the fourth quarter of 2023. General and administrative expenses as a percentage of net revenues was 0.7% for the fourth quarter of 2024, compared to 0.8% for the fourth quarter of 2023.
Income from Operations and Non-GAAP Income from Operations. Income from operations increased by 319.3% to RMB8.5 billion (US$1.2 billion) for the fourth quarter of 2024 from RMB2.0 billion for the fourth quarter of 2023. Operating margin was 2.4% for the fourth quarter of 2024, compared to 0.7% for the fourth quarter of 2023. Non-GAAP income from operations increased by 34.4% to RMB10.5 billion (US$1.4 billion) for the fourth quarter of 2024 from RMB7.8 billion for the fourth quarter of 2023. Non-GAAP operating margin was 3.0% for the fourth quarter of 2024, compared to 2.5% for the fourth quarter of 2023. Operating margin of JD Retail before unallocated items for the fourth quarter of 2024 was 3.3%, compared to 2.6% for the fourth quarter of 2023.
Non-GAAP EBITDA. Non-GAAP EBITDA increased by 29.7% to RMB12.5 billion (US$1.7 billion) for the fourth quarter of 2024 from RMB9.7 billion for the fourth quarter of 2023. Non-GAAP EBITDA margin was 3.6% for the fourth quarter of 2024, compared to 3.2% for the fourth quarter of 2023.
Others, net. “Others, net” was a gain of RMB3.5 billion (US$0.5 billion) for the fourth quarter of 2024, compared to a gain of RMB1.7 billion for the fourth quarter of 2023, the variance was primarily due to fluctuations in investment gains or losses from equity investments.
Net Income Attributable to the Company’s Ordinary Shareholders and Non-GAAP Net Income Attributable to the Company’s Ordinary Shareholders. Net income attributable to the Company’s ordinary shareholders increased by 190.8% to RMB9.9 billion (US$1.4 billion) for the fourth quarter of 2024 from RMB3.4 billion for the fourth quarter of 2023. Net margin attributable to the Company’s ordinary shareholders was 2.8% for the fourth quarter of 2024, compared to 1.1% for the fourth quarter of 2023. Non-GAAP net income attributable to the Company’s ordinary shareholders increased by 34.2% to RMB11.3 billion (US$1.5 billion) for the fourth quarter of 2024 from RMB8.4 billion for the fourth quarter of 2023. Non-GAAP net margin attributable to the Company’s ordinary shareholders was 3.3% for the fourth quarter of 2024, compared to 2.7% for the fourth quarter of 2023.
Diluted EPS and Non-GAAP Diluted EPS. Diluted net income per ADS increased by 203.8% to RMB6.47 (US$0.89) for the fourth quarter of 2024 from RMB2.13 for the fourth quarter of 2023. Non-GAAP diluted net income per ADS increased by 40.0% for the fourth quarter of 2024 to RMB7.42 (US$1.02) from RMB5.30 for the fourth quarter of 2023.
Cash Flow and Working Capital
As of December 31, 2024, the Company’s cash and cash equivalents, restricted cash and short-term investments totaled RMB241.4 billion (US$33.1 billion), compared to RMB197.7 billion as of December 31, 2023. For the fourth quarter of 2024, free cash flow of the Company was as follows:
| For the three months ended | |||||||||
| December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
|||||||
| RMB |
RMB | US$ |
|||||||
| (In millions) | |||||||||
| Net cash provided by operating activities | 19,613 | 24,891 | 3,410 | ||||||
| Add: Impact from consumer financing receivables included in the operating cash flow | 251 | 1,243 | 170 | ||||||
| Less: Capital expenditures, net of related sales proceeds | |||||||||
| Capital expenditures for development properties | (4,596 | ) | (875 | ) | (120 | ) | |||
| Other capital expenditures* | (1,969 | ) | (1,789 | ) | (245 | ) | |||
| Free cash flow | 13,299 | 23,470 | 3,215 | ||||||
* Including capital expenditures related to the Company’s headquarters in Beijing and all other CAPEX.
Net cash used in investing activities was RMB12.5 billion (US$1.7 billion) for the fourth quarter of 2024, consisting primarily of net cash paid for purchase of time deposits and wealth management products, cash paid for equity investments, and cash paid for capital expenditures.
Net cash used in financing activities was RMB2.8 billion (US$0.4 billion) for the fourth quarter of 2024, consisting primarily of net repayment of borrowings.
Full Year 2024 Financial Results
Net Revenues. Net revenues increased by 6.8% to RMB1,158.8 billion (US$158.8 billion) for the full year of 2024 from RMB1,084.7 billion for the full year of 2023. Net product revenues increased by 6.5%, while net service revenues increased by 8.1% for the full year of 2024, compared to the full year of 2023.
Cost of Revenues. Cost of revenues increased by 5.4% to RMB975.0 billion (US$133.6 billion) for the full year of 2024 from RMB925.0 billion for the full year of 2023.
Fulfillment Expenses. Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 9.1% to RMB70.4 billion (US$9.6 billion) for the full year of 2024 from RMB64.6 billion for the full year of 2023. Fulfillment expenses as a percentage of net revenues was 6.1% for the full year of 2024, compared to 6.0% for the full year of 2023.
Marketing Expenses. Marketing expenses increased by 19.5% to RMB48.0 billion (US$6.6 billion) for the full year of 2024 from RMB40.1 billion for the full year of 2023. Marketing expenses as a percentage of net revenues was 4.1% for the full year of 2024, compared to 3.7% for the full year of 2023, primarily due to the increased spending in promotion activities.
Research and Development Expenses. Research and development expenses increased by 3.9% to RMB17.0 billion (US$2.3 billion) for the full year of 2024 from RMB16.4 billion for the full year of 2023. Research and development expenses as a percentage of net revenues remained stable of 1.5% for the full year of 2024 and 2023.
General and Administrative Expenses. General and administrative expenses decreased by 8.5% to RMB8.9 billion (US$1.2 billion) for the full year of 2024 from RMB9.7 billion for the full year of 2023. General and administrative expenses as a percentage of net revenues was 0.8% for the full year of 2024, compared to 0.9% for the full year of 2023.
Income from Operations and Non-GAAP Income from Operations. Income from operations increased by 48.8% to RMB38.7 billion (US$5.3 billion) for the full year of 2024 from RMB26.0 billion for the full year of 2023. Operating margin was 3.3% for the full year of 2024, compared to 2.4% for the full year of 2023. Non-GAAP income from operations increased by 24.2% to RMB44.0 billion (US$6.0 billion) for the full year of 2024 from RMB35.4 billion for the full year of 2023. Non-GAAP operating margin was 3.8% for the full year of 2024, compared to 3.3% for the full year of 2023. Operating margin of JD Retail before unallocated items was 4.0% for the full year of 2024, compared to 3.8% for the full year of 2023.
Non-GAAP EBITDA. Non-GAAP EBITDA increased by 22.3% to RMB51.9 billion (US$7.1 billion) for the full year of 2024 from RMB42.5 billion for the full year of 2023. Non-GAAP EBITDA margin was 4.5% for the full year of 2024, compared to 3.9% for the full year of 2023.
Others, net. “Others, net” was a gain of RMB13.4 billion (US$1.8 billion) for the full year of 2024, compared to a gain of RMB7.5 billion for the full year of 2023, the variance was primarily due to fluctuations in investment gains or losses from equity investments.
Net Income Attributable to the Company’s Ordinary Shareholders and Non-GAAP Net Income Attributable to the Company’s Ordinary Shareholders. Net income attributable to the Company’s ordinary shareholders increased by 71.1% to RMB41.4 billion (US$5.7 billion) for the full year of 2024 from RMB24.2 billion for the full year of 2023. Net margin attributable to the Company’s ordinary shareholders was 3.6% for the full year of 2024, compared to 2.2% for the full year of 2023. Non-GAAP net income attributable to the Company’s ordinary shareholders increased by 35.9% to RMB47.8 billion (US$6.6 billion) for the full year of 2024 from RMB35.2 billion for the full year of 2023. Non-GAAP net margin attributable to the Company’s ordinary shareholders was 4.1% for the full year of 2024, compared to 3.2% for the full year of 2023.
Diluted EPS and Non-GAAP Diluted EPS. Diluted net income per ADS increased by 76.4% to RMB26.86 (US$3.68) for the full year of 2024 from RMB15.23 for the full year of 2023. Non-GAAP diluted net income per ADS increased by 40.1% for the full year of 2024 to RMB31.07 (US$4.26) from RMB22.17 for the full year of 2023.
Cash Flow and Working Capital
For the full year of 2024, free cash flow of the Company was as follows:
| For the year ended | |||||||||
| December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
|||||||
| RMB |
RMB |
US$ | |||||||
| (In millions) | |||||||||
| Net cash provided by operating activities | 59,521 | 58,095 | 7,959 | ||||||
| Less: Impact from consumer financing receivables included in the operating cash flow | (492 | ) | (132 | ) | (18 | ) | |||
| Less: Capital expenditures, net of related sales proceeds | |||||||||
| Capital expenditures for development properties | (12,117 | ) | (7,286 | ) | (998 | ) | |||
| Other capital expenditures* | (6,261 | ) | (6,937 | ) | (951 | ) | |||
| Free cash flow | 40,651 | 43,740 | 5,992 | ||||||
* Including capital expenditures related to the Company’s headquarters in Beijing and all other CAPEX.
Net cash used in investing activities was RMB0.9 billion (US$0.1 billion) for the full year of 2024, consisting primarily of cash paid for capital expenditures and cash paid for equity investments, partially offset by net cash received from maturity of time deposits and wealth management products.
Net cash used in financing activities was RMB21.0 billion (US$2.9 billion) for the full year of 2024, consisting primarily of cash paid for repurchase of ordinary shares and dividends, partially offset by net proceeds from issuance of convertible senior notes.
Supplemental Information
From the first quarter of 2024, the Company started to report three segments, JD Retail, JD Logistics and New Businesses, to reflect changes made to the reporting structure whose financial information is reviewed by the chief operating decision maker of the Company under its ongoing operating strategies. JD Retail, including JD Health and JD Industrials, among other components, mainly engages in online retail, online marketplace and marketing services in China. JD Logistics includes both internal and external logistics businesses. New Businesses mainly include Dada, JD Property, Jingxi and overseas businesses.
The table below sets forth the segment operating results, with prior periods segment information retrospectively recast to conform to the current period presentation:
| For the three months ended | For the year ended | ||||||||||||||||
| December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
||||||||||||
| RMB |
RMB |
US$ |
RMB |
RMB |
US$ | ||||||||||||
| (In millions, except percentage data) | |||||||||||||||||
| Net revenues: | |||||||||||||||||
| JD Retail | 267,646 | 307,055 | 42,066 | 945,343 | 1,015,948 | 139,184 | |||||||||||
| JD Logistics | 47,201 | 52,097 | 7,137 | 166,625 | 182,837 | 25,049 | |||||||||||
| New Businesses | 6,781 | 4,681 | 642 | 26,617 | 19,157 | 2,625 | |||||||||||
| Inter-segment eliminations* | (15,551 | ) | (16,847 | ) | (2,308 | ) | (53,923 | ) | (59,123 | ) | (8,100 | ) | |||||
| Total consolidated net revenues | 306,077 | 346,986 | 47,537 | 1,084,662 | 1,158,819 | 158,758 | |||||||||||
| Operating income/(loss): | |||||||||||||||||
| JD Retail | 6,937 | 10,036 | 1,375 | 35,925 | 41,077 | 5,628 | |||||||||||
| JD Logistics | 1,330 | 1,824 | 250 | 1,005 | 6,317 | 865 | |||||||||||
| New Businesses | (795 | ) | (885 | ) | (121 | ) | (329 | ) | (2,865 | ) | (393 | ) | |||||
| Including: gain on sale of development properties | 802 | 1,527 | 209 | 2,283 | 1,527 | 209 | |||||||||||
| Impairment of long-lived assets | (1,123 | ) | (1,027 | ) | (141 | ) | (1,123 | ) | (1,027 | ) | (141 | ) | |||||
| Total segment operating income | 7,472 | 10,975 | 1,504 | 36,601 | 44,529 | 6,100 | |||||||||||
| Unallocated items** | (5,447 | ) | (2,484 | ) | (341 | ) | (10,576 | ) | (5,793 | ) | (793 | ) | |||||
| Total consolidated operating income | 2,025 | 8,491 | 1,163 | 26,025 | 38,736 | 5,307 | |||||||||||
| YoY% change of net revenues: | |||||||||||||||||
| JD Retail | 3.4 | % | 14.7 | % | 1.7 | % | 7.5 | % | |||||||||
| JD Logistics | 9.7 | % | 10.4 | % | 21.3 | % | 9.7 | % | |||||||||
| New Businesses | (8.9 | )% | (31.0 | )% | (10.7 | )% | (28.0 | )% | |||||||||
| Operating margin: | |||||||||||||||||
| JD Retail | 2.6 | % | 3.3 | % | 3.8 | % | 4.0 | % | |||||||||
| JD Logistics | 2.8 | % | 3.5 | % | 0.6 | % | 3.5 | % | |||||||||
| New Businesses | (11.7 | )% | (18.9 | )% | (1.2 | )% | (15.0 | )% | |||||||||
* The inter-segment eliminations mainly consist of revenues from supply chain solutions and logistics services provided by JD Logistics to JD Retail, on-demand delivery and retail services provided by Dada to JD Retail and JD Logistics, and property leasing services provided by JD Property to JD Logistics.
** Unallocated items include share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements, and impairment of goodwill and intangible assets, which are not allocated to segments.
The table below sets forth the revenue information:
| For the three months ended | ||||||||||
| December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
YoY% Change |
|||||||
| RMB |
RMB |
US$ |
||||||||
| (In millions, except percentage data) | ||||||||||
| Electronics and home appliances revenues | 150,353 | 174,149 | 23,858 | 15.8 | % | |||||
| General merchandise revenues | 96,148 | 106,829 | 14,636 | 11.1 | % | |||||
| Net product revenues | 246,501 | 280,978 | 38,494 | 14.0 | % | |||||
| Marketplace and marketing revenues | 23,626 | 26,634 | 3,649 | 12.7 | % | |||||
| Logistics and other service revenues | 35,950 | 39,374 | 5,394 | 9.5 | % | |||||
| Net service revenues | 59,576 | 66,008 | 9,043 | 10.8 | % | |||||
| Total net revenues | 306,077 | 346,986 | 47,537 | 13.4 | % | |||||
| For the year ended | ||||||||||
| December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
YoY% Change |
|||||||
| RMB |
RMB |
US$ |
||||||||
| (In millions, except percentage data) | ||||||||||
| Electronics and home appliances revenues | 538,799 | 564,982 | 77,402 | 4.9 | % | |||||
| General merchandise revenues | 332,425 | 363,025 | 49,734 | 9.2 | % | |||||
| Net product revenues | 871,224 | 928,007 | 127,136 | 6.5 | % | |||||
| Marketplace and marketing revenues | 84,726 | 90,111 | 12,345 | 6.4 | % | |||||
| Logistics and other service revenues | 128,712 | 140,701 | 19,277 | 9.3 | % | |||||
| Net service revenues | 213,438 | 230,812 | 31,622 | 8.1 | % | |||||
| Total net revenues | 1,084,662 | 1,158,819 | 158,758 | 6.8 | % | |||||
Conference Call
JD.com’s management will hold a conference call at 7:00 am, Eastern Time on March 6, 2025, (8:00 pm, Beijing/Hong Kong Time on March 6, 2025) to discuss its financial results for the three months and the full year ended December 31, 2024.
Please register in advance of the conference using the link provided below and dial in 15 minutes prior to the call, using participant dial-in numbers, the Passcode and unique access PIN which would be provided upon registering. You will be automatically linked to the live call after completion of this process, unless required to provide the conference ID below due to regional restrictions.
PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10044957-x2nu4z.html
CONFERENCE ID: 10044957
A telephone replay will be available for one week until March 13, 2025. The dial-in details are as follows:
| US: | +1-855-883-1031 |
| International: | +61-7-3107-6325 |
| Hong Kong: | 800-930-639 |
| Mainland China: | 400-120-9216 |
| Passcode: | 10044957 |
Additionally, a live and archived webcast of the conference call will also be available on the JD.com’s investor relations website at http://ir.jd.com.
About JD.com
JD.com is a leading supply chain-based technology and service provider. The Company’s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.
Non-GAAP Measures
In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP income/(loss) from operations, non-GAAP operating margin, non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders, non-GAAP net margin attributable to the Company’s ordinary shareholders, free cash flow, non-GAAP EBITDA, non-GAAP EBITDA margin, non-GAAP net income/(loss) per share and non-GAAP net income/(loss) per ADS, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company defines non-GAAP income/(loss) from operations as income/(loss) from operations excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements, gain on sale of development properties and impairment of goodwill and long-lived assets. The Company defines non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders as net income/(loss) attributable to the Company’s ordinary shareholders excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements and non-compete agreements, gain/(loss) on disposals/deemed disposals of investments and others, reconciling items on the share of equity method investments, loss/(gain) from fair value change of long-term investments, impairment of goodwill, long-lived assets and investments, gain on sale of development properties and tax effects on non-GAAP adjustments. The Company defines free cash flow as operating cash flow adjusting the impact from consumer financing receivables included in the operating cash flow and capital expenditures, net of related sales proceeds. Capital expenditures include purchase of property, equipment and software, cash paid for construction in progress, purchase of intangible assets, land use rights and asset acquisitions. The Company defines non-GAAP EBITDA as non-GAAP income/(loss) from operations plus depreciation and amortization excluding amortization of intangible assets resulting from assets and business acquisitions. Non-GAAP basic net income/(loss) per share is calculated by dividing non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Non-GAAP diluted net income/(loss) per share is calculated by dividing non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effects of share-based awards as determined under the treasury stock method and convertible senior notes. Non-GAAP net income/(loss) per ADS is equal to non-GAAP net income/(loss) per share multiplied by two.
The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. Non-GAAP income/(loss) from operations, non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders and non-GAAP EBITDA reflect the Company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons. Free cash flow enables management to assess liquidity and cash flow while taking into account the impact from consumer financing receivables included in the operating cash flow and the demands that the expansion of fulfillment infrastructure and technology platform has placed on financial resources. The Company believes that the use of the non-GAAP financial measures facilitates investors to understand and evaluate the Company’s current operating performance and future prospects in the same manner as management does, if they so choose. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are non-recurring in nature or may not be indicative of the Company’s core operating results and business outlook.
The non-GAAP financial measures have limitations as analytical tools. The Company’s non-GAAP financial measures do not reflect all items of income and expense that affect the Company’s operations or not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure.
CONTACTS:
Investor Relations
Sean Zhang
+86 (10) 8912-6804
IR@JD.com
Media Relations
+86 (10) 8911-6155
Press@JD.com
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as JD.com’s strategic and operational plans, contain forward-looking statements. JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JD.com’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JD.com’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; laws, regulations and governmental policies relating to the industries in which JD.com or its business partners operate; potential changes in laws, regulations and governmental policies or changes in the interpretation and implementation of laws, regulations and governmental policies that could adversely affect the industries in which JD.com or its business partners operate, including, among others, initiatives to enhance supervision of companies listed on an overseas exchange and tighten scrutiny over data privacy and data security; risks associated with JD.com’s acquisitions, investments and alliances, including fluctuation in the market value of JD.com’s investment portfolio; natural disasters and geopolitical events; change in tax rates and financial risks; intensity of competition; and general market and economic conditions in China and globally. Further information regarding these and other risks is included in JD.com’s filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange. All information provided herein is as of the date of this announcement, and JD.com undertakes no obligation to update any forward-looking statement, except as required under applicable law.
| JD.com, Inc. | |||||||||
| Unaudited Condensed Consolidated Balance Sheets | |||||||||
| (In millions, except otherwise noted) | |||||||||
| As of | |||||||||
| December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
|||||||
| RMB | RMB | US$ | |||||||
| ASSETS | |||||||||
| Current assets | |||||||||
| Cash and cash equivalents | 71,892 | 108,350 | 14,844 | ||||||
| Restricted cash | 7,506 | 7,366 | 1,009 | ||||||
| Short-term investments | 118,254 | 125,645 | 17,213 | ||||||
| Accounts receivable, net (including consumer financing receivables of RMB2.3 billion and RMB2.0 billion as of December 31, 2023 and December 31, 2024, respectively)(1) | 20,302 | 25,596 | 3,507 | ||||||
| Advance to suppliers | 2,753 | 7,619 | 1,044 | ||||||
| Inventories, net | 68,058 | 89,326 | 12,238 | ||||||
| Prepayments and other current assets | 15,639 | 15,951 | 2,185 | ||||||
| Amount due from related parties | 2,114 | 4,805 | 658 | ||||||
| Assets held for sale | 1,292 | 2,040 | 279 | ||||||
| Total current assets | 307,810 | 386,698 | 52,977 | ||||||
| Non-current assets | |||||||||
| Property, equipment and software, net | 70,035 | 82,737 | 11,335 | ||||||
| Construction in progress | 9,920 | 6,164 | 845 | ||||||
| Intangible assets, net | 6,935 | 7,793 | 1,068 | ||||||
| Land use rights, net | 39,563 | 36,833 | 5,046 | ||||||
| Operating lease right-of-use assets | 20,863 | 24,532 | 3,361 | ||||||
| Goodwill | 19,980 | 25,709 | 3,522 | ||||||
| Investment in equity investees | 56,746 | 56,850 | 7,788 | ||||||
| Marketable securities and other investments | 80,840 | 59,370 | 8,134 | ||||||
| Deferred tax assets | 1,744 | 2,459 | 337 | ||||||
| Other non-current assets | 14,522 | 9,089 | 1,245 | ||||||
| Total non-current assets | 321,148 | 311,536 | 42,681 | ||||||
| Total assets | 628,958 | 698,234 | 95,658 | ||||||
| JD.com, Inc. | |||||||||
| Unaudited Condensed Consolidated Balance Sheets | |||||||||
| (In millions, except otherwise noted) | |||||||||
| As of | |||||||||
| December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
|||||||
| RMB |
RMB |
US$ |
|||||||
| LIABILITIES | |||||||||
| Current liabilities | |||||||||
| Short-term debts | 5,034 | 7,581 | 1,039 | ||||||
| Accounts payable | 166,167 | 192,860 | 26,422 | ||||||
| Advance from customers | 31,625 | 32,437 | 4,443 | ||||||
| Deferred revenues | 2,097 | 2,097 | 287 | ||||||
| Taxes payable | 7,313 | 9,487 | 1,300 | ||||||
| Amount due to related parties | 1,620 | 1,367 | 187 | ||||||
| Accrued expenses and other current liabilities | 43,533 | 45,985 | 6,300 | ||||||
| Operating lease liabilities | 7,755 | 7,606 | 1,042 | ||||||
| Liabilities held for sale | 506 | 101 | 14 | ||||||
| Total current liabilities | 265,650 | 299,521 | 41,034 | ||||||
| Non-current liabilities | |||||||||
| Deferred revenues | 964 | 502 | 69 | ||||||
| Unsecured senior notes | 10,411 | 24,770 | 3,393 | ||||||
| Deferred tax liabilities | 9,267 | 9,498 | 1,301 | ||||||
| Long-term borrowings | 31,555 | 31,705 | 4,344 | ||||||
| Operating lease liabilities | 13,676 | 18,106 | 2,481 | ||||||
| Other non-current liabilities | 1,055 | 835 | 114 | ||||||
| Total non-current liabilities | 66,928 | 85,416 | 11,702 | ||||||
| Total liabilities | 332,578 | 384,937 | 52,736 | ||||||
| MEZZANINE EQUITY | 614 | 484 | 66 | ||||||
| SHAREHOLDERS’ EQUITY | |||||||||
| Total JD.com, Inc. shareholders’ equity (US$0.00002 par value, 100,000 million shares authorized, 3,188 million shares issued(2) and 2,903 million shares outstanding as of December 31, 2024) | 231,858 | 239,347 | 32,791 | ||||||
| Non-controlling interests | 63,908 | 73,466 | 10,065 | ||||||
| Total shareholders’ equity | 295,766 | 312,813 | 42,856 | ||||||
| Total liabilities, mezzanine equity and shareholders’ equity | 628,958 | 698,234 | 95,658 | ||||||
| (1) JD Technology performs credit risk assessment services for consumer financing receivables business and absorbs the credit risk of the underlying consumer financing receivables. Facilitated by JD Technology, the Company periodically securitizes consumer financing receivables through the transfer of those assets to securitization plans and derecognizes the related consumer financing receivables through sales type arrangements. | |||||||||
| (2) The number of ordinary shares issued as of February 28, 2025 was 2,981 million, with all of the 207 million Class A ordinary shares (equivalent of 104 million ADSs) repurchased under the US$3.0 billion share repurchase program announced in March 2024 cancelled. | |||||||||
| JD.com, Inc. | |||||||||||||||||
| Unaudited Condensed Consolidated Statements of Operations | |||||||||||||||||
| (In millions, except per share data) | |||||||||||||||||
| For the three months ended | For the year ended | ||||||||||||||||
| December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
||||||||||||
| RMB |
RMB |
US$ | RMB |
RMB |
US$ | ||||||||||||
| Net revenues | |||||||||||||||||
| Net product revenues | 246,501 | 280,978 | 38,494 | 871,224 | 928,007 | 127,136 | |||||||||||
| Net service revenues | 59,576 | 66,008 | 9,043 | 213,438 | 230,812 | 31,622 | |||||||||||
| Total net revenues | 306,077 | 346,986 | 47,537 | 1,084,662 | 1,158,819 | 158,758 | |||||||||||
| Cost of revenues | (262,575 | ) | (293,869 | ) | (40,260 | ) | (924,958 | ) | (974,951 | ) | (133,568 | ) | |||||
| Fulfillment | (17,283 | ) | (20,121 | ) | (2,757 | ) | (64,558 | ) | (70,426 | ) | (9,648 | ) | |||||
| Marketing | (13,110 | ) | (16,832 | ) | (2,306 | ) | (40,133 | ) | (47,953 | ) | (6,570 | ) | |||||
| Research and development | (4,341 | ) | (4,384 | ) | (601 | ) | (16,393 | ) | (17,031 | ) | (2,333 | ) | |||||
| General and administrative | (2,377 | ) | (2,455 | ) | (336 | ) | (9,710 | ) | (8,888 | ) | (1,218 | ) | |||||
| Impairment of goodwill | (3,143 | ) | (799 | ) | (109 | ) | (3,143 | ) | (799 | ) | (109 | ) | |||||
| Impairment of long-lived assets | (2,025 | ) | (1,562 | ) | (214 | ) | (2,025 | ) | (1,562 | ) | (214 | ) | |||||
| Gain on sale of development properties | 802 | 1,527 | 209 | 2,283 | 1,527 | 209 | |||||||||||
| Income from operations(3)(4) | 2,025 | 8,491 | 1,163 | 26,025 | 38,736 | 5,307 | |||||||||||
| Other income/(expenses) | |||||||||||||||||
| Share of results of equity investees | 497 | 556 | 76 | 1,010 | 2,327 | 319 | |||||||||||
| Interest expense | (927 | ) | (926 | ) | (127 | ) | (2,881 | ) | (2,896 | ) | (397 | ) | |||||
| Others, net(5) | 1,711 | 3,493 | 479 | 7,496 | 13,371 | 1,832 | |||||||||||
| Income before tax | 3,306 | 11,614 | 1,591 | 31,650 | 51,538 | 7,061 | |||||||||||
| Income tax expenses | (1,394 | ) | (750 | ) | (103 | ) | (8,393 | ) | (6,878 | ) | (943 | ) | |||||
| Net income | 1,912 | 10,864 | 1,488 | 23,257 | 44,660 | 6,118 | |||||||||||
| Net income/(loss) attributable to non-controlling interests shareholders | (1,477 | ) | 1,010 | 138 | (910 | ) | 3,301 | 452 | |||||||||
| Net income attributable to the Company’s ordinary shareholders | 3,389 | 9,854 | 1,350 | 24,167 | 41,359 | 5,666 | |||||||||||
| Net income per share: | |||||||||||||||||
| Basic | 1.08 | 3.39 | 0.47 | 7.69 | 13.83 | 1.90 | |||||||||||
| Diluted | 1.07 | 3.23 | 0.44 | 7.61 | 13.43 | 1.84 | |||||||||||
| Net income per ADS: | |||||||||||||||||
| Basic | 2.15 | 6.79 | 0.93 | 15.37 | 27.67 | 3.79 | |||||||||||
| Diluted | 2.13 | 6.47 | 0.89 | 15.23 | 26.86 | 3.68 | |||||||||||
| JD.com, Inc. | |||||||||||||||||||
| Unaudited Condensed Consolidated Statements of Operations | |||||||||||||||||||
| (In millions, except per share data) | |||||||||||||||||||
| For the three months ended | For the year ended | ||||||||||||||||||
| December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
||||||||||||||
| RMB |
RMB |
US$ | RMB |
RMB |
US$ | ||||||||||||||
| (3) Includes share-based compensation as follows: | |||||||||||||||||||
| Cost of revenues | (34 | ) | (26 | ) | (4 | ) | (133 | ) | (80 | ) | (11 | ) | |||||||
| Fulfillment | (127 | ) | (115 | ) | (16 | ) | (697 | ) | (424 | ) | (58 | ) | |||||||
| Marketing | (96 | ) | (50 | ) | (7 | ) | (426 | ) | (273 | ) | (37 | ) | |||||||
| Research and development | (169 | ) | (88 | ) | (12 | ) | (859 | ) | (599 | ) | (82 | ) | |||||||
| General and administrative | (554 | ) | (517 | ) | (70 | ) | (2,689 | ) | (1,623 | ) | (223 | ) | |||||||
| Total | (980 | ) | (796 | ) | (109 | ) | (4,804 | ) | (2,999 | ) | (411 | ) | |||||||
| (4) Includes amortization of business cooperation arrangement and intangible assets resulting from assets and business acquisitions as follows: | |||||||||||||||||||
| Fulfillment | (103 | ) | (72 | ) | (10 | ) | (414 | ) | (288 | ) | (39 | ) | |||||||
| Marketing | (221 | ) | (229 | ) | (31 | ) | (880 | ) | (903 | ) | (123 | ) | |||||||
| Research and development | (66 | ) | (53 | ) | (7 | ) | (305 | ) | (205 | ) | (28 | ) | |||||||
| General and administrative | (32 | ) | — | — | (128 | ) | (64 | ) | (9 | ) | |||||||||
| Total | (422 | ) | (354 | ) | (48 | ) | (1,727 | ) | (1,460 | ) | (199 | ) | |||||||
| (5) “Others, net” consists of interest income; gains/(losses) related to long-term investments without significant influence, including fair value changes, acquisitions or disposals gains/(losses), and impairments; government incentives; foreign exchange gains/(losses); and other non-operating income/(losses). | |||||||||||||||||||
| JD.com, Inc. | |||||||||||||||||
| Unaudited Non-GAAP Net Income Per Share and Per ADS | |||||||||||||||||
| (In millions, except per share data) | |||||||||||||||||
| For the three months ended | For the year ended | ||||||||||||||||
| December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
||||||||||||
| RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
||||||||||||
| Non-GAAP net income attributable to the Company’s ordinary shareholders | 8,415 | 11,294 | 1,547 | 35,200 | 47,827 | 6,552 | |||||||||||
| Weighted average number of shares: | |||||||||||||||||
| Basic | 3,147 | 2,903 | 2,903 | 3,144 | 2,990 | 2,990 | |||||||||||
| Diluted | 3,166 | 3,041 | 3,041 | 3,171 | 3,076 | 3,076 | |||||||||||
| Non-GAAP net income per share: | |||||||||||||||||
| Basic | 2.67 | 3.89 | 0.53 | 11.20 | 16.00 | 2.19 | |||||||||||
| Diluted | 2.65 | 3.71 | 0.51 | 11.08 | 15.53 | 2.13 | |||||||||||
| Non-GAAP net income per ADS: | |||||||||||||||||
| Basic | 5.35 | 7.78 | 1.07 | 22.39 | 31.99 | 4.38 | |||||||||||
| Diluted | 5.30 | 7.42 | 1.02 | 22.17 | 31.07 | 4.26 | |||||||||||
| JD.com, Inc. | |||||||||||||||||
| Unaudited Condensed Consolidated Statements of Cash Flows and Free Cash Flow | |||||||||||||||||
| (In millions) | |||||||||||||||||
| For the three months ended | For the year ended | ||||||||||||||||
| December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
||||||||||||
| RMB |
RMB |
US$ | RMB |
RMB |
US$ | ||||||||||||
| Net cash provided by operating activities | 19,613 | 24,891 | 3,410 | 59,521 | 58,095 | 7,959 | |||||||||||
| Net cash used in investing activities | (63,072 | ) | (12,483 | ) | (1,710 | ) | (59,543 | ) | (871 | ) | (119 | ) | |||||
| Net cash used in financing activities | (745 | ) | (2,784 | ) | (381 | ) | (5,808 | ) | (21,004 | ) | (2,877 | ) | |||||
| Effects of exchange rate changes on cash, cash equivalents and restricted cash | (213 | ) | 1,136 | 155 | 125 | 98 | 13 | ||||||||||
| Net (decrease)/increase in cash, cash equivalents and restricted cash | (44,417 | ) | 10,760 | 1,474 | (5,705 | ) | 36,318 | 4,976 | |||||||||
| Cash, cash equivalents, and restricted cash at beginning of period, including cash and cash equivalents classified within assets held for sale | 123,868 | 104,956 | 14,379 | 85,156 | 79,451 | 10,884 | |||||||||||
| Less: Cash, cash equivalents, and restricted cash classified within assets held for sale at beginning of period | — | (2 | ) | —* | (41 | ) | (53 | ) | (7 | ) | |||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 123,868 | 104,954 | 14,379 | 85,115 | 79,398 | 10,877 | |||||||||||
| Cash, cash equivalents, and restricted cash at end of period, including cash and cash equivalents classified within assets held for sale | 79,451 | 115,716 | 15,853 | 79,451 | 115,716 | 15,853 | |||||||||||
| Less: Cash, cash equivalents, and restricted cash classified within assets held for sale at end of period | (53 | ) | —* | —* | (53 | ) | —* | —* | |||||||||
| Cash, cash equivalents and restricted cash at end of period | 79,398 | 115,716 | 15,853 | 79,398 | 115,716 | 15,853 | |||||||||||
| Net cash provided by operating activities | 19,613 | 24,891 | 3,410 | 59,521 | 58,095 | 7,959 | |||||||||||
| Add/(Less): Impact from consumer financing receivables included in the operating cash flow | 251 | 1,243 | 170 | (492 | ) | (132 | ) | (18 | ) | ||||||||
| Less: Capital expenditures, net of related sales proceeds | |||||||||||||||||
| Capital expenditures for development properties | (4,596 | ) | (875 | ) | (120 | ) | (12,117 | ) | (7,286 | ) | (998 | ) | |||||
| Other capital expenditures | (1,969 | ) | (1,789 | ) | (245 | ) | (6,261 | ) | (6,937 | ) | (951 | ) | |||||
| Free cash flow | 13,299 | 23,470 | 3,215 | 40,651 | 43,740 | 5,992 | |||||||||||
*Absolute value is less than RMB1 million or US$1 million.
| JD.com, Inc. |
|||||||
| Supplemental Financial Information and Business Metrics (In RMB billions, except turnover days data) |
|||||||
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |||
| Cash flow and turnover days | |||||||
| Operating cash flow – trailing twelve months (“TTM”) | 59.5 | 69.8 | 74.0 | 52.8 | 58.1 | ||
| Free cash flow – TTM | 40.7 | 50.6 | 55.6 | 33.6 | 43.7 | ||
| Inventory turnover days(6) – TTM | 30.3 | 29.0 | 29.8 | 30.4 | 31.5 | ||
| Accounts payable turnover days(7) – TTM | 53.2 | 51.8 | 57.0 | 57.5 | 58.6 | ||
| Accounts receivable turnover days(8) – TTM | 5.6 | 5.4 | 5.7 | 5.8 | 5.9 | ||
| (6) TTM inventory turnover days are the quotient of average inventory over the immediately preceding five quarters, up to and including the last quarter of the period, to cost of revenues of retail business for the last twelve months, and then multiplied by 360 days. | |||||||
| (7) TTM accounts payable turnover days are the quotient of average accounts payable for retail business over the immediately preceding five quarters, up to and including the last quarter of the period, to cost of revenues of retail business for the last twelve months, and then multiplied by 360 days. | |||||||
| (8) TTM accounts receivable turnover days are the quotient of average accounts receivable over the immediately preceding five quarters, up to and including the last quarter of the period, to total net revenues for the last twelve months and then multiplied by 360 days. Presented are the accounts receivable turnover days excluding the impact from consumer financing receivables. | |||||||
| JD.com, Inc. | |||||||||||||||||
| Unaudited Reconciliation of GAAP and Non-GAAP Results | |||||||||||||||||
| (In millions, except percentage data) | |||||||||||||||||
| For the three months ended | For the year ended | ||||||||||||||||
| December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
||||||||||||
| RMB |
RMB |
US$ | RMB |
RMB |
US$ | ||||||||||||
| Income from operations | 2,025 | 8,491 | 1,163 | 26,025 | 38,736 | 5,307 | |||||||||||
| Add: Share-based compensation | 980 | 796 | 109 | 4,804 | 2,999 | 411 | |||||||||||
| Add: Amortization of intangible assets resulting from assets and business acquisitions | 309 | 241 | 33 | 1,281 | 1,010 | 137 | |||||||||||
| Add: Effects of business cooperation arrangements | 113 | 113 | 15 | 446 | 450 | 62 | |||||||||||
| Reversal of: Gain on sale of development properties | (802 | ) | (1,527 | ) | (209 | ) | (2,283 | ) | (1,527 | ) | (209 | ) | |||||
| Add: Impairment of goodwill and long-lived assets | 5,168 | 2,361 | 323 | 5,168 | 2,361 | 323 | |||||||||||
| Non-GAAP income from operations | 7,793 | 10,475 | 1,434 | 35,441 | 44,029 | 6,031 | |||||||||||
| Add: Depreciation and other amortization | 1,868 | 2,054 | 281 | 7,011 | 7,894 | 1,083 | |||||||||||
| Non-GAAP EBITDA | 9,661 | 12,529 | 1,715 | 42,452 | 51,923 | 7,114 | |||||||||||
| Total net revenues | 306,077 | 346,986 | 47,537 | 1,084,662 | 1,158,819 | 158,758 | |||||||||||
| Non-GAAP operating margin | 2.5 | % | 3.0 | % | 3.3 | % | 3.8 | % | |||||||||
| Non-GAAP EBITDA margin | 3.2 | % | 3.6 | % | 3.9 | % | 4.5 | % | |||||||||
| JD.com, Inc. | |||||||||||||||||
| Unaudited Reconciliation of GAAP and Non-GAAP Results | |||||||||||||||||
| (In millions, except percentage data) | |||||||||||||||||
| For the three months ended | For the year ended | ||||||||||||||||
| December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
December 31, 2023 |
December 31, 2024 |
December 31, 2024 |
||||||||||||
| RMB |
RMB |
US$ | RMB |
RMB |
US$ | ||||||||||||
| Net income attributable to the Company’s ordinary shareholders | 3,389 | 9,854 | 1,350 | 24,167 | 41,359 | 5,666 | |||||||||||
| Add: Share-based compensation | 744 | 649 | 89 | 3,817 | 2,429 | 333 | |||||||||||
| Add: Amortization of intangible assets resulting from assets and business acquisitions | 144 | 116 | 16 | 669 | 458 | 63 | |||||||||||
| Add: Reconciling items on the share of equity method investments(9) | 69 | 563 | 77 | 1,071 | 1,227 | 168 | |||||||||||
| Add: Impairment of goodwill, long-lived assets, and investments | 4,430 | 2,971 | 406 | 6,202 | 5,667 | 775 | |||||||||||
| Add/(Reversal of): Loss/(Gain) from fair value change of long-term investments | 453 | (611 | ) | (83 | ) | 848 | (1,083 | ) | (148 | ) | |||||||
| Reversal of: Gain on sale of development properties | (601 | ) | (1,145 | ) | (157 | ) | (1,721 | ) | (1,145 | ) | (157 | ) | |||||
| Reversal of: Gain on disposals/deemed disposals of investments and others | (71 | ) | (574 | ) | (78 | ) | (126 | ) | (853 | ) | (117 | ) | |||||
| Add: Effects of business cooperation arrangements | 113 | 113 | 15 | 446 | 450 | 62 | |||||||||||
| Reversal of: Tax effects on non-GAAP adjustments | (255 | ) | (642 | ) | (88 | ) | (173 | ) | (682 | ) | (93 | ) | |||||
| Non-GAAP net income attributable to the Company’s ordinary shareholders | 8,415 | 11,294 | 1,547 | 35,200 | 47,827 | 6,552 | |||||||||||
| Total net revenues | 306,077 | 346,986 | 47,537 | 1,084,662 | 1,158,819 | 158,758 | |||||||||||
| Non-GAAP net margin attributable to the Company’s ordinary shareholders | 2.7 | % | 3.3 | % | 3.2 | % | 4.1 | % | |||||||||
| (9) To exclude the GAAP to non-GAAP reconciling items on the share of equity method investments and share of amortization of intangibles not on their books. | |||||||||||||||||
1 The U.S. dollar (US$) amounts disclosed in this announcement, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this announcement is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2024, which was RMB7.2993 to US$1.00. The percentages stated in this announcement are calculated based on the RMB amounts.
2 See the sections entitled “Non-GAAP Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this announcement.
3 The number of ordinary shares outstanding as of December 31, 2023 was approximately 3,138 million shares.
4 JD Ecosystem is a closely integrated business network providing comprehensive service for customers and comprises the Company and certain affiliates who share the “JD” brand name, currently including Jingdong Technology Holding Co., Ltd. and Allianz Jingdong General Insurance Company Ltd..
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra
Issues sometimes “come at you”, Anthony Albanese declared on Thursday at the end of a news conference, held at Canberra’s National Situation Room, about Cyclone Alfred.
The cyclone is a disaster for millions of people in its path. For the prime minister, it is a major political disruptor.
Albanese cancelled his visit to Western Australia: he’d wanted to be there when Labor has its anticipated certain win at Saturday’s election.
His own election planning – which seemed headed for an April 12 election called this weekend – has been thrown into some disarray (although this is contested by those involved).
Then there was the good news that was crowded out. Wednesday’s national accounts finally showed some of the much hoped-for positive trends, especially an end to the per capita recession, which had been running for seven consecutive quarters. But with the cyclone naturally dominating attention, who noticed?
Albanese’s response to the new circumstances was to place himself at the centre of the planning for the cyclone. He stood side by side with Queensland Premier David Crisafulli at his news conference on Wednesday and was early to the Situation Room on Thursday morning, promising to give regular updates.
To questions about whether he’d abandoned any thought of calling an election at the weekend, the PM insisted (unconvincingly) that politics was furthest from his mind. Though announcing an election would appear near impossible in the circumstances, and attention had already begun turning to a May date (and a budget beforehand), Albanese on Thursday wouldn’t be drawn. Basically, he was waiting to see what happened with the weather.
The cyclone will be a passing disruptor. The disruption from the Trump administration will be with Australia (and the world) for the foreseeable future.
Next week Australia will know whether its intense lobbying for an exemption from the US tariffs on aluminium and steel has been effective. Those around the government are not optimistic.
More concerning than the immediate impact on Australia if we fail to win the exemption is the effect of US protectionism more generally.
Reserve Bank deputy Governor Andrew Hauser confirmed this week that “from a macroeconomic perspective, Australia’s direct exposure to US tariffs levied on our exports is limited”.
“[But] Australia is heavily integrated into, and reliant on, the global economy more broadly – and particularly China. Hence the bigger macroeconomic risk for us would be if the imposition of US tariffs on third countries triggered a global trade war that impaired our trade and financial linkages more broadly.
“As Australia’s long history has shown, we thrive when trade, labour and assets flow freely in the global economy, but we suffer when countries turn inwards.”
How disruptive this new world will be to the Australian economy can’t be known but it could make things very difficult for a second term Albanese government or a first term Dutton one.
As Trump tries to force a settlement on Ukraine, there’s been increasing attention on the Europeans’ plans to boost their defence expenditure. This week, we started to feel the heat on Australia to do the same.
Trump’s nominee for Under Secretary of Defense for Policy, Elbridge Colby told the US Senate Committee on Armed Services, in a written answer during his confirmation hearing, that “Australia is a core U.S. ally. […] The main concern the United States should press with Australia, consistent with the President’s approach, is higher defense spending. Australia is currently well below the 3% level advocated for by NATO Secretary General Rutte, and Canberra faces a far more powerful challenge in China.”
Presently Australia’s defence spending is about 2% of GDP, projected to increase to 2.4% by 2033–34.The Coalition has said it would spend more than Labor (but has not specified how much more).
Defence Minister Richard Marles said he could “obviously understand the US administration seeking for its friends and allies around the world to do more. That’s a conversation that we will continue to have with the US administration. […] But it’s really important to understand we are increasing that spending right now.”
It’s also important to understand that if Australia must ramp up defence further or faster than present plans, that will suck funds from other priorities, putting another squeeze on future governments.
Trump’s bullying of Ukraine and its leader Volodymyr Zelensky has not weakened the bipartisan support in Australia for Ukraine.
But a difference has emerged over whether Australia should (if asked) take part in any peacekeeping force. Peter Dutton said this role should be left to the Europeans. But Albanese flagged his government would consider it, pointing to the many other peacekeeping operations we have participated in.
Former prime minister Scott Morrison got on well with Trump during the president’s first term and has become even more signed up since. The Morrisons were at Mar-a-Lago for New Year’s eve.
Morrison was distinctly sympathetic to Trump’s approach when talking this week about Ukraine. He told an Australian Financial Review dinner, “Do we just keep fighting this war every day? The alternative is to find a peace that can be secured.
“There was no conversation, no real conversation, about peace in Ukraine up until now.” Zelensky had the “most to gain” from negotiating to end the war, he said.
Morrison is affiliated with lobbying firm American Global Strategies, which has links to the Trump administration. Colby is listed as a senior adviser. The chairman and founder of the group, Robert C. O’Brien, was formerly a national security adviser to Trump.
Morrison is one of a number of former senior Australian political figures who have a current professional or commercial lock-in to Washington politics.
Former Liberal treasurer Joe Hockey, who was close to the Trump White House when Hockey was ambassador in 2016-20, is founder and global president of Bondi Partners, a lobbying firm that operates between the US and Australia.
Another former Australian ambassador to Washington, Arthur Sinodinos, is based in Washington as a partner in the Asia Group, a strategic advisory firm.
Meanwhile former PM Kevin Rudd, as Australian ambassador in Washington, is trying to amplify Australia’s official voice with the administration.
Speculation continues about Rudd’s future if the government changed. Dutton says that would depend on how effective Rudd was, saying his present instinct would be leave him in the job.
Others are sceptical this would happen, and raise Morrison’s name as a possible replacement. Morrison has reportedly told people he would not want the post. But you couldn’t rule it out.
Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Grattan on Friday: Anthony Albanese beset by disruptors, from Cyclone Alfred to Donald Trump – https://theconversation.com/grattan-on-friday-anthony-albanese-beset-by-disruptors-from-cyclone-alfred-to-donald-trump-251258
Source: European Banking Authority
The European Banking Authority (EBA) launched today a public consultation on four draft Regulatory Technical Standards (RTS) that will be part of the EBA’s response to the European Commission’s Call for Advice. These technical standards will be central to the EU’s new AML/CFT regime and will shape how institutions and supervisors will comply with their AML/CFT obligations under the new AML/CFT package. The consultation runs until 6 June 2025.
The proposed RTSs focus on the following aspects for which the EBA is providing its advice:
The European Commission has asked the EBA to prepare the above-mentioned technical standards to support the rapid and effective start of AMLA operations. The EBA will submit its response with the above-mentioned technical standards to the European Commission on 31 October 2025.
Comments to the consultation paper can be sent by clicking on the “send your comments” on the EBA’s consultation page. The deadline for the submission of comments is 6 June 2025. The EBA will consider the feedback received to this consultation when finalising the response to the European Commission’s Call for advice.
All contributions received will be published following the end of the consultation, unless requested otherwise.
The EBA will hold a virtual public hearing on the consultation paper on 10 April 2025 from 14:00 CET. The EBA invites interested stakeholders to register using this link by 8 April 2025 at 16:00 CET. The dial-in details will be communicated to those who have registered for the meeting.
The EBA’s work on these RTS stems from the European Commission’s Call for Advice of 12 March 2024. The latter relates to the preparation of four regulatory mandates under Article 40(2) of Directive (EU) 2024/1640 (AMLD6), Article 12(7) of Regulation (EU) 2024/1620 (AMLAR), Article 28(1) of Regulation (EU) 2024/1624 (AMLR) and Article 53(10) of AMLD6.
These mandates are part of the new AML/CFT package that was published in the Official Journal of the EU on 19 June 2024. The package, which consists of four legal texts, will transform how the fight of money laundering and terrorist financing is organised in the EU. It creates a new agency that will directly supervise several financial institutions in the EU, harmonises the approaches of national AML/CFT supervisors and financial intelligence units within the EU and introduces for the first time a Single AML/CFT Rulebook.