NewzIntel.com

Category: Economy

  • MIL-OSI: Penomo & Hoovest Financial Group Partner For Tokenized AI & Infrastructure Institutional Finance

    Source: GlobeNewswire (MIL-OSI)

    BERLIN, March 05, 2025 (GLOBE NEWSWIRE) —

    Penomo has formed a strategic partnership with Hoovest Financial Group, which collectively administers and manages over $1 billion in assets. This collaboration aims to accelerate institutional capital inflows into tokenized real-world infrastructure, facilitating the connection between asset-heavy renewable energy & physical AI operators and private capital allocators.

    The global shift towards sustainable energy & physical AI is driving significant capital into projects building & operating physical infrastructure, such as solar, Data Centers & machines, and financing remains the key bottleneck. Traditional financing models for critical physical infrastructure—primarily debt financing and structured equity are often slow, bureaucratic, and capital-intensive. Institutions keen to allocate capital into sustainability-focused assets are met with high entry barriers, limited liquidity, and inefficient capital deployment instruments.

    Penomo, an end-to-end financing protocol solves this by transforming heavy infrastructure-backed assets into institution-grade digital assets using tokenization. This lowers entry barriers, allows risk-weighted sustainability investments, and streamlines multi-channel financing for energy and AI infrastructure. While private equity and real estate have embraced tokenization, infrastructure financing is still emerging, with growing institutional adoption from firms like Ant Group and GCL Energy in Asia and Enel Group in Europe. Sustainability infrastructure-as-an-asset class presents as the next financial innovation frontier.

    Recognizing this opportunity, Penomo and Hoovest Financial Group unveil a strategic partnership to bridge institutional capital with tokenized renewable energy and AI infrastructure assets. As the demand for AI Data Centers and energy storage surges, next-generation data centers and high-performance computing hubs require massive capital inflows to scale efficiently. Hoovest, a financial group administering over $1B in assets and $150M worth AUM through its regulated subsidiaries, will leverage Penomo’s digital infrastructure to deploy capital into sustainable energy and AI infrastructure projects, making these tokenized real-world assets more accessible to institutional allocators and financial institutions. Through this collaboration, renewable energy projects and AI-powered infrastructure at both the development and operational stages will gain access to fast, flexible, and cost-efficient capital, reducing the financing gap for global energy transition and sustainable AI expansion initiatives.

    Peter Fang, CEO of Hoovest Financial Group, added: “Sustainable investment mandates continue to evolve, and investors are seeking high-quality, tangible assets with data-backed sustainability impact. Together with Penomo we address that need, providing our capital markets network with streamlined access to tokenized, real infrastructure-backed investments, ensuring both long-term value creation and sustainability.”

    “Energy & AI transition projects need a rescue from stagnated, high-cost TradFi technology,” says Jasvir Dhillon, Co-Founder and CEO of Penomo. “We are opening new avenues for institutional investors to gain streamlined exposure to sustainable infrastructure assets in a liquid, scalable, and fully transparent manner. Hoovest with its exceptional institutional roots makes a perfect partner to move beyond traditional ESG bonds and equity investments and lead the new financial innovation frontier and make sustainable energy- & physical AI infrastructure as a major asset class.”

    About Hoovest Financial Group
    Hoovest Financial Group operates an impact-focused investment business specializing in sustainable and alternative assets. Through its various regulated entities, Hoovest provides capital allocation and structuring solutions for institutional investors, asset managers, and family offices seeking exposure to high-growth, sustainability-driven investment opportunities. Through its joint-venture subsidiary, Unitize Fund Solutions Inc., Hoovest Financial Group administers over $1B in assets and has $150M worth AUM, delivering best-in-class fund structuring, administration, and distribution solutions.

    About Penomo
    Penomo is an end-to-end financing protocol bridging private capital markets with tokenized AI & renewable physical infrastructure to address the $4tn+ energy financing deficit by 2030. It transforms physical infrastructure into an institution-grade digital asset class, delivering a sourcing & allocation solution to sustainability-oriented institutions and asset managers globally. Backed by top institutions, nominated by Standard Chartered for the Earthshot Prize, and with blended expertise from JPMorgan & Chase, Deutsche Bank, and BlackRock’s Recurrent Energy in institutional finance, digital assets, and infrastructure, its mission is to sustainably power humanity on Earth and beyond.
    For more information, users can visit: X | Website | LinkedIn

    Contact

    CEO & Co-founder
    Jasvir Dhillon
    Penomo
    marketing@penomo.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/77740c3b-b699-4cf2-85a7-518d68844aa6

    The MIL Network –

  • MIL-OSI Economics: All Intelligent Operations Enables New Growth

    Source: Huawei

    Headline: All Intelligent Operations Enables New Growth

    [Barcelona, Spain, March 5, 2025] Huawei, together with global operators, partners, and industry organizations, discussed how operators can upgrade their operations models, reimagine new experiences, and enable new growth at the Intelligent Operations Summit held during MWC Barcelona 2025. Bruce Xun, President of Huawei Global Technical Service, said, “In the next decade, operators will advance towards all intelligent operations at an unprecedented pace. Through in-depth integration of ‘digital twins’ and ‘GenAI+ Predictive AI’, a new operations model that features collaboration between human and AI agents will be built to realize value in specific scenarios along the end-user journey and operators’ value stream.”
    Bruce Xun, President of Huawei Global Technical Service, delivering a keynote speech

    Customer Journey: Rich Digital Intelligence Services with a Reimagined End-to-End NPS Journey
    Operators leverage Mobile Money and AI applications to create a digital intelligence life entry, offering users a wide range of digital and intelligent services and novel experiences. In Africa, Huawei Mobile Money helped an operator expand its business scope from mobile payment to mobile finance. In 2024, the operator’s revenue from mobile finance exceeded US$900 million. In addition, certain operators have re-energized their end-to-end NPS journey with digital twins and AI. In Asia Pacific, Huawei has helped a customer streamline the process and data breakpoints between AICC and SmartCare through multi-agent collaboration. This resulted in a 30% decrease in user complaints and an improvement in service NPS. In China, Huawei collaborated with an operator to build N-NPS leading network, reducing detractors by 20% and improving the network NPS by 8%.
    Value Stream Journey: Building a 3A Cognitive Network to Monetize Differentiated Experiences
    In addition to delivering a leading network experience, Huawei has created a 3A cognitive network that features real-time service awareness, achievable KPIs/KQIs, and differentiated experience assurance. Converged data and AI are used to accurately identify user profiles, allowing operators to promote the right offer to the right people through the right channel at the right time. This shifts the operations focus from traffic monetization to valuable traffic + experience monetization. Additionally, spatiotemporal digital twins enable transformation from best-effort to differentiated experience assurance for high-value scenarios and services. Huawei has helped an operator build the best driver experience network tailored for delivery drivers. With the network, the operator sold packages to 380,000 delivery drivers and achieved a 6% rise in revenue in only one quarter. Leveraging the SRCON spatiotemporal digital twin, Huawei assisted an operator in building the best live streamer experience network, elevating the uplink rate from 3 Mbit/s to over 5 Mbit/s.
    Value Stream Journey: Upgrading Operations Mode, Transforming from Cost-based to Value-oriented Operations
    The increasingly diverse service scenarios and complex network structures pose higher requirements on network stability and operations. The operations model, which depends on people and tools, needs to evolve to depend on people and AI agents. The ultimate goal is to improve both efficiency and effectiveness, and realize transformation from cost-based to value-orientated operations. Huawei collaborated with an operator to establish a Digital Intelligence Operation Center (DIOC). Through the synergy of Huawei NOC, SOC, NPM, traffic loss reduced by 8.4%, and the operator’s network ranked No. 1 in third-party-tested video and gaming experiences in a country of Asia. In addition, Huawei FME copilot has helped an operator reduce unnecessary site visits and shorten MTTR by 30%.
    At the end of his speech, Bruce Xun stated that, to seize the opportunities of all intelligence, operators need to build three major elements: collaboration between people and AI agents, real-time data awareness, and a high-quality chain of thought (CoT) corpus. In addition, the CoT capabilities of GenAI+ Predictive AI need to be combined with the real-time simulation capabilities of digital twins to truly solve scenario-specific problems and realize value, rather than just answering questions. The future is now. Huawei is ready to collaborate with global operators to expedite the transition towards all intelligent operations and enable new growth.
    MWC Barcelona 2025 will be held from March 3 to March 6 in Barcelona, Spain. During the event, Huawei will showcase its latest products and solutions at stand 1H50 in Fira Gran Via Hall 1. In 2025, commercial 5G-Advanced deployment will accelerate, and AI will help carriers reshape business, infrastructure, and O&M. Huawei is actively working with carriers and partners around the world to accelerate the transition towards an intelligent world. For more information, please visit: https://carrier.huawei.com/en/events/mwc2025

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Come along and enjoy some Culture in the Park in Banbridge!

    Source: Northern Ireland City of Armagh

    A vibrant, family-friendly event that celebrates the rich diversity of shared cultures within our community will be taking place in Solitude Park, Banbridge on Saturday 29 March from 4pm to 7pm.

    Culture in the Park is a great way to come together and embrace the traditions and experiences that make us who we are, as well as being a wonderful opportunity to build connections and explore the beauty of different cultures, while celebrating the things we have in common.

    This exciting event will feature a wide range of music, dancing, food stalls, crafts and lots more for everyone to enjoy and get involved in!

    From Irish Dancing to an Afro-Caribbean Band, Japanese Origami to Chinese Calligraphy as well as delicious food stalls offering a variety of flavours, this is an event not to be missed!

    “I am really looking forward to Culture in the Park and it will have something for everyone to enjoy – adults and children alike!” commented Councillor Peter Haire, Vice Chair of the Community and Wellbeing Committee.

    “With live performances showcasing music and dance as well as interactive workshops and plenty of tasty food, come along and soak up the atmosphere and enjoy a day out with the family!”

    MIL OSI United Kingdom –

  • MIL-OSI: Baltic Horizon Fund General Meeting – notice to investors

    Source: GlobeNewswire (MIL-OSI)

    At the request of a unitholder whose units represent more than 1/10 of all the votes, Northern Horizon Capital AS invites Baltic Horizon Fund unit-holders and Swedish Depositary Receipt (hereinafter the “SDR”) holders (hereinafter together the “Investors”) to attend an extraordinary General Meeting (hereinafter the “General Meeting”) of Baltic Horizon Fund on 27 March 2025 at 14:00 (local Estonian time) at the office of Northern Horizon Capital AS at Roseni 7 (A tower), 6th floor, 10111 Tallinn, Estonia. Registration for the meeting will begin at 13:00. The General Meeting will be held in English.

    The meeting is convened in accordance with sections 10.3.3., 10.5, 10.6 and 11.2 of the Rules of Baltic Horizon Fund and section 47-1 of the Investment Funds Act of Estonia.

    The total number of units and votes in Baltic Horizon Fund amounts to 143,562,514 .

    Investors may also join the webinar to view the General Meeting online on 27 March 2025 at 14:00.

    To join the webinar, please register via the following link: https://nasdaq.zoom.us/webinar/register/WN_Cd4HF9QwQpaCuPaPa5etOA.

    You will be provided with the webinar link and instructions how to join successfully. The webinar will be recorded and available online for everyone at the company’s website on www.baltichorizon.com.

    Agenda, as proposed by the unitholder:

    1. Decision to elect Andrius Smaliukas as a new member of the supervisory board of Baltic Horizon Fund as of 1 May 2025 for a period of two years.
    2. Decision to elect Milda Dargužaitė as a new member of the supervisory board of Baltic Horizon Fund as of 1 May 2025 for a period of two years.
    3. Decision to elect Antanas Anskaitis as a new member of the supervisory board of Baltic Horizon Fund as of 1 May 2025 for a period of two years.
    4. Decision to pay remuneration to the chairman of the supervisory board for fulfilling obligations of the member of the supervisory board in the amount of EUR 36,000 per calendar year.
    5. Decision to pay remuneration to supervisory board members, other than  the chairman, for fulfilling obligations of the member of the supervisory board in the amount of EUR 11,000 per calendar year.
    6. Decision to recall Reimo Hammerberg, Monica Hammer and David Bergendahl from the position of the supervisory board member of Baltic Horizon Fund with the last date of the office being 30 April 2025.

    Investors are invited to send questions and comments on the agenda to the Baltic Horizon fund manager at Tarmo.Karotam@nh-cap.com by 20 March 2025. Northern Horizon Capital AS will respond to the questions and comments at the meeting itself.

    Participation – requirements and notice

    Investors who are entered in the Baltic Horizon Fund registry of unit-holders maintained by Nasdaq CSD SE and holders of SDRs registered in the Euroclear Sweden AB system ten days before the date of the General Meeting, i.e. at the end of business of Nasdaq CSD SE on 17 March 2025, are entitled to participate in the meeting.

    In order to facilitate the registration process, investors whose units are registered in their own name are invited to provide notice of their attendance by 24 March 2025 to bhfmeeting@nh-cap.com. Notice should include name, personal identification number (or the registration number of the legal person), address, number of units represented and, if applicable attendance of any representatives, along with the name and personal identification number of the representatives. The attendance of a representative does not deprive the unit-holder of the right to participate at the meeting.

    Instructions to holders of Baltic Horizon Fund SDRs registered with Euroclear Sweden AB in Sweden

    IMPORTANT REQUIREMENT: SDR holders whose SDR-s are registered with Euroclear Sweden AB via a bank or other nominee are required to notify their bank or nominee account provider by 17 March 2025 to temporarily add their name on the Euroclear Sweden AB owner register.

    Notice of participation should also be sent by 16:00 EET on 24 March 2025 to bhfmeeting@nh-cap.com. Notice should include name, personal identification number (or the registration number of the legal person), address, number of units represented and, if applicable, attendance of any representatives, along with the name and personal identification number of the representatives. The attendance of a representative does not deprive the Investor of the right to participate at the meeting.

    Representation under a power of attorney

    Investors whose representatives are acting under a power of attorney are requested to prepare a written power of attorney for the representative in Estonian or English (templates can be found at Annex 1).

    A copy of the executed power of attorney should be sent to bhfmeeting@nh-cap.com together with the notice of participation. In case the power of attorney is issued by a legal person, a certified copy of the registration certificate (or equivalent certificate of authority) shall also be submitted together with, as applicable, the documents certifying the authority of the representative in case the power of attorney is signed by a person under a power of attorney.

    Baltic Horizon Fund is registered in Estonia, which means that any power of attorney (or any certified copy of the registration certificate of a legal person) issued in a foreign country should be notarised and accompanied by an apostille. The apostille requirement applies, for example, to powers of attorney issued and notarised in Sweden or Finland. 

    Instructions for the day of the General Meeting

    We kindly ask Investors to bring a personal identification document, and for their representatives also to present the original written power of attorney in English or Estonian. In case the Investor is a legal person, documentation in Estonian or English certifying the authority of the Investor’s representative or the signatory of the power of attorney will also be requested.

    Data collected by Northern Horizon Capital AS from powers of attorney, the unitholders registry maintained by Nasdaq CSD SE, and the list of holders of SDRs registered in the Euroclear Sweden AB system will be used for the purpose of registration for the meeting.

    1. Decision to elect Andrius Smaliukas as a new member of the supervisory board of the Baltic Horizon Fund

    According to section 11.2 of the Rules of Baltic Horizon Fund the members of the supervisory board shall be appointed at the general meeting for a period of at least two years. The  proposal is to elect Andrius Smaliukas as a new member of the supervisory board.

    Dr. Smaliukas is the Managing Partner at MMSP, a Lithuanian law firm focused on strategic corporate advisory and dispute resolution. He previously partnered at one of the leading Pan-Baltic firm, Valiunas Ellex, and holds nearly 20 years of experience as an arbitrator and international arbitration lead counsel. Dr. Smaliukas earned his Ph.D. and Master of Laws from Vilnius University, conducted postgraduate research at Oxford, and completed executive programs at Cambridge Judge Business School and Harvard Law School. Dr.Smaliukas serves on the boards of Staticus Group, Kesko Senukai, has extensive advisory experience in commercial real estate M&A and investment management across the Baltic countries.

    Andrius Smaliukas does not hold any units of the Baltic Horizon Fund.

    1. Decision to elect Milda Dargužaitė as a new member of the supervisory board of the Baltic Horizon Fund

    According to section 11.2 of the Rules of Baltic Horizon Fund the members of the supervisory board shall be appointed at the general meeting for a period of at least two years. The proposal is to elect Milda Dargužaitė as a new member of the supervisory board.

    Milda Dargužaitė is the former CEO of Northern Horizon Capital A/S, the shareholder of Northern Horizon Capital AS. She was responsible for managing the company’s operations and strategic direction, including the development of new funds and investment vehicles. Milda has significant experience in both the public and private sectors, locally and internationally. She joined the company in 2018 after roles as the Chancellor at the Lithuanian Prime Minister’s Office, Managing Director of Invest Lithuania, and advisor to the Lithuanian Minister of Economy. Milda has a wealth of experience in finance and portfolio management from her time at Goldman Sachs in New York and Barclays in London. Milda Dargužaitė was the supervisory board member of Northern Horizon Capital AS from July 2018 until September 2023.

    Milda holds a bachelor’s degree in Mathematics and Economics from Middlebury College and a master’s degree in Operations Research and Financial Engineering from Princeton University. She has served on the boards of several Northern Horizon Group entities.

    Milda Dargužaitė does not hold any units of the Baltic Horizon Fund.

    1. Decision to elect Antanas Anskaitis as a new member of the supervisory board of the Baltic Horizon Fund

    According to section 11.2 of the Rules of Baltic Horizon Fund the members of the supervisory board shall be appointed at the general meeting for a period of at least two years. The proposal is to elect Antanas Anskaitis as a new member of the supervisory board.

    Antanas Anskaitis is a partner at Grinvest which is a private investment company with interests in real estate and transportation. Antanas has over 20 years of real estate investment management experience (out of which 16 within Northern Horizon Capital group). Since 2015 until 2020 Antanas managed a successful Baltic-Polish investment portfolio on behalf of Partners Group and lead over 30 commercial property transactions in the Baltics and Poland having experience both on sell and buy side. Antanas has MSc in Management and Economics.

    Grinvest through its subsidiary in Estonia Gene Investments OÜ is the largest unitholder in Baltic Horizon Fund (>25%) at the time of this notice.

    1. Decision to pay remuneration to the chairman of the supervisory board

    According to section 11.11 of the Rules of Baltic Horizon Fund, supervisory board members are entitled to remuneration for their service. The amount of remuneration payable to the chairman and members of the supervisory board shall be decided at the general meeting. According to section 11.4 of the Rules of Baltic Horizon Fund, supervisory board members elect a chairman from among themselves in the first meeting after election of any new member(s).

    The supervisory board in this composition intends working in close liaison with Northern Horizon Capital AS in the subcommittees and meet at least once a month while Baltic Horizon Fund is in the turnaround phase. The proposal is therefore to pay remuneration to the chairman of the supervisory board in the amount of EUR 36,000 per calendar year.

    1. Decision to pay remuneration to supervisory board members

    According to section 11.11 of the Rules of Baltic Horizon Fund, supervisory board members are entitled to remuneration for their service. The amount of remuneration payable to the chairman and members of the supervisory board shall be decided at the general meeting. 

    The proposed remuneration is the same as for the current members of the supervisory board. The unitholder proposes to remunerate each supervisory board member (except the chairman, who shall be remunerated in accordance with point 4 above) in the amount of EUR 11,000 per calendar year.

    1. Decision to recall Reimo Hammerberg, Monica Hammer and David Bergendahl from the position of the supervisory board member of Baltic Horizon Fund

    According to section 10.3.3 of the Rules of Baltic Horizon Fund the members of the supervisory board shall be recalled at the general meeting.

    Annex 1:

    Form of power of attorney to appoint a representative for the general meeting (in Estonian)

    Form of power of attorney to appoint a representative for the general meeting (in English)

    For additional information, please contact:

    Tarmo Karotam
    Baltic Horizon Fund manager
    E-mail tarmo.karotam@nh-cap.com
    www.baltichorizon.com

    The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. 

    Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com

    To receive Nasdaq announcements and news from Baltic Horizon Fund about its projects, plans and more, register on www.baltichorizon.com. You can also follow Baltic Horizon Fund on www.baltichorizon.com and on LinkedIn, Facebook, X and YouTube.

    Attachments

    The MIL Network –

  • MIL-OSI: Trust Stamp ® announces the achievement of the D-seal

    Source: GlobeNewswire (MIL-OSI)

    COPENHAGEN, March 05, 2025 (GLOBE NEWSWIRE) — Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company™, has been awarded the D-seal, a recognized label for IT security and responsible data usage. The D-seal is the first of its kind to combine IT security and responsible data usage into a single label. This milestone further solidifies Trust Stamp’s leadership in delivering ethical, privacy-preserving digital identity solutions, particularly in humanitarian aid, financial inclusion, and public sector services, assuring these organizations that Trust Stamp’s privacy-first solutions meet the highest ethical and security standards. By voluntarily undergoing the comprehensive evaluation of the D-seal, Trust Stamp has demonstrated its unwavering commitment to responsible digital practices.

    By adhering to the values of D-seal such as IT security, privacy, and responsible use of data, it can bring a shift to the humanitarian sector. The humanitarian sector has historically prioritized efficiency and fraud prevention over privacy, often collecting and storing vast amounts of biometric data without adequate safeguards. As a result, vulnerable populations face increased risks of data breaches, misuse, and unintended surveillance.
     
    By voluntarily undergoing the comprehensive evaluation of the D-seal, Trust Stamp reinforces its longstanding commitment to responsible digital practices, and continues to lead the way—enhancing fraud prevention and operational efficiency while ensuring the protection of individual rights.  Likewise, in financial inclusion, where billions remain unbanked due to a lack of verifiable identity, Trust Stamp’s privacy-preserving technology empowers individuals with secure, interoperable, and responsible identity solutions that open doors to financial services while minimizing risks of misuse or exploitation.

    Beyond humanitarian and financial sectors, Trust Stamp’s commitment to ethical, secure, and interoperable identity solutions also extends to governments seeking to modernize their digital infrastructure without falling into the trap of vendor lock-in, a significant challenge, especially for developing nations. The achievement of the D-seal aligns with Trust Stamp’s commitment to breaking vendor lock-in and ensuring secure, ethical, and interoperable digital identity solutions. By leveraging privacy-preserving technologies that are adaptable and vendor-agnostic, Trust Stamp empowers public sector entities, as well as the humanitarian and financial sectors —to enhance security, efficiency, and inclusivity without being constrained by proprietary systems removing the constraints of vendor lock-in. This approach not only fosters innovation, it ensures that governments can implement sustainable and future-proof identity solutions that serve their citizens without compromising autonomy or security.

    Scott Francis, Group Chief Technology Officer at Trust Stamp, stated:

    “Receiving the D-seal certification underscores our commitment to security, privacy, and ethical data practices—values that are deeply embedded in our mission to break the cycle of vendor lock-in. The D-seal’s emphasis on IT security and responsible data usage aligns with our approach to interoperability, ensuring that identity solutions remain secure, privacy-preserving, but also interoperable. As interoperability in facial biometrics is non-existent today our recent patent addresses that gap, as it allows users to obtain and compare biometric samples across different vendors. By creating an open-format standard, we empower organizations to implement secure and scalable identity solutions .”

    The D-seal achievement reaffirms a commitment to secure, privacy-first identity verification with interoperable, vendor-agnostic solutions that promote financial inclusion and tackle critical challenges in humanitarian and public sectors, fostering a digital identity ecosystem founded on privacy, trust, and accessibility.

    For more information about Trust Stamp’s privacy-first identity solutions, visit www.truststamp.ai.

    Inquiries

    Trust Stamp                                                   Email: Shareholders@truststamp.ai 
    Jonathan Patscheider
    President, Trust Stamp Denmark

    About Trust Stamp

    Trust Stamp the Privacy-First Identity CompanyTM, is a global provider of AI-powered identity services for use in multiple sectors including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Its technology empowers organizations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users worldwide through its unique data transformation and comparison capabilities.

    Located in six countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI). The company was founded in 2016 by Gareth Genner and Andrew Gowasack.

    Safe Harbor Statement: Caution Concerning Forward-Looking Remarks 

    All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update

    The MIL Network –

  • MIL-OSI: NB Private Equity Partners Limited: Director/PDMR Shareholding

    Source: GlobeNewswire (MIL-OSI)

    NB Private Equity Partners Limited

    Notification of Transaction by Persons Discharging Managerial Responsibilities (PDMRs)

    5 March 2025  St Peter Port, Guernsey

    NB Private Equity Partners Limited announces that it has been advised that William Maltby, a Director of the Company, has purchased 439 Class ‘A’ Ordinary Shares in the Company (“Ordinary Shares“) as a result of electing for the dividend reinvestment option. Following this transaction, Mr Maltby holds 19,108 Ordinary Shares. The Company has also been advised that Sarah Maltby, a person closely associated with William Maltby, has purchased 135 Ordinary Shares in the Company also as a result of electing for the dividend reinvestment option. Following this transaction, Mrs Maltby holds 5,856 Ordinary Shares.

    Details of the transactions can be found in the Notification of Dealing Form below.

    1 Details of the person discharging managerial responsibilities / person closely associated

    a) Name

    William Maltby

    2 Reason for the notification

    a) Position/status

    Non-Executive Director

    b) Initial notification /Amendment

    Initial notification

    3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

    a) Name

    NB Private Equity Partners Limited

    b) LEI

    213800UJH93NH8IOFQ77

    4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

    a) Description of the financial instrument, type of instrument

    Identification code
    Ordinary shares of USD 0.01 each – A Shares

    GG00B1ZBD492

    b) Nature of the transaction

    Purchase of shares via a dividend re-investment plan

    c) Price(s) and volume(s)

    Price(s) GBP 15.8282591 pence per share

    Volume(s) 439

    d) Aggregated information

    – Aggregated volume 439
    – Price £15.8282591 pence per share
    – Principal Amount GBP 6498.75

    e) Date of the transaction

    5 March 2025

    f) Place of the transaction

    London Stock Exchange, Main Market

    1 Details of the person discharging managerial responsibilities / person closely associated

    a) Name

    Sarah Maltby

    2 Reason for the notification

    a) Position/status

    Sarah Maltby is a person closely associated with William Maltby, a Director and PDMR of NB Private Equity Partners Limited

    b) Initial notification /Amendment

    Initial notification

    3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

    a) Name

    NB Private Equity Partners Limited

    b) LEI

    213800UJH93NH8IOFQ77

    4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

    a) Description of the financial instrument, type of instrument

    Identification code
    Ordinary shares of USD 0.01 each – A Shares

    GG00B1ZBD492

    b) Nature of the transaction

    Purchase of shares via a dividend re-investment plan

    c) Price(s) and volume(s)

    Price(s) GBP 15.8282591 pence per share

    Volume(s) 135

    d) Aggregated information

    – Aggregated volume   135
    – Price £15.8282591pence per share
    – Principal Amount GBP 2136.82

    e) Date of the transaction

    5 March 2025

    f) Place of the transaction

    London Stock Exchange, Main Market

    The MIL Network –

  • MIL-OSI Economics: Governor, Reserve Bank of India meets select non-bank Payment System Operators and FinTechs at Mumbai on March 05, 2025

    Source: Reserve Bank of India

    Governor, Reserve Bank of India today held an interaction with non-bank Payment System Operators and FinTechs along with their associations/SROs. The interaction was a part of the Reserve Bank’s series of engagements with the Payments and Fintech ecosystem. The interaction was also attended by Deputy Governors Shri M. Rajeshwar Rao, Shri T. Rabi Sankar and Shri Swaminathan J., along with Executive Directors-in-Charge of Payments, Fintech and Regulation.

    The Governor, in his remarks, recognised the important role played by the FinTechs including the payment system players, account aggregators, digital lending service providers in the growth of India’s financial system and economy. The Governor underscored the need for responsible innovation and emphasised the need for ensuring compliance by the entities who are new to regulatory space. He also emphasized that RBI values such interactions with the ecosystem participants and would continue to adopt a consultative approach.

    During the interactive session, the participants shared their feedback on the evolving payment and fintech ecosystem, various industry level initiatives and their expectations from the Reserve Bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2306

    MIL OSI Economics –

  • MIL-OSI Africa: Nigeria reduces inflation rate, but the cost of living remains high – here’s why

    Source: The Conversation – Africa – By Taiwo Hassan Odugbemi, Lecturer in Economics, University of Abuja

    Nigeria recently rebased its consumer price index (CPI) from 2009 to 2024, leading to a significant drop in the reported inflation rate from 34.80% to 24.48%.

    This change has sparked discussions on the likely impact on economic planning, policy decisions, and public perception of inflation. Taiwo Odugbemi, an economist, unpacks what it means for a country to rebase its inflation rate and its implications for citizens.

    What is inflation rate rebasing and how is it done?

    Inflation rate rebasing follows a structured approach led by the National Bureau of Statistics to improve the accuracy of inflation measurements. Essentially what it means is that the National Bureau of Statistics expanded its data collection efforts to include a broader range of states, local government areas, and rural communities.

    The recent inflation revision involved:

    Updating the consumer price index basket

    The bureau reviewed and changed the composition of goods and services in the consumer price index basket. The index tracks the rate at which prices change over time, monthly or annually.

    These changes align the measurement of price changes with shifts in consumer spending habits.

    The changes to the basket are based on the household expenditure surveys which collect information on what households consume and spend.

    Categories such as telecommunications and technology were given greater weight. Less relevant items such as food and non-alcoholic beverages received reduced weighting to ensure the consumer price index accurately represents present-day household spending.

    Rebasing the inflation index

    The changes to the composition of the consumer price index basket require a change in the reference (base) year. The bureau has changed the consumer price index base year from 2009 to 2024.

    This adjustment aligns inflation measurements with current economic realities, reducing distortions caused by outdated reference periods. To achieve this, the National Bureau of Statistics has implemented high-frequency data collection methods, such as the National Longitudinal Phone Survey, which allows for more timely assessments of economic indicators.

    Adjusting weights of consumer price index components

    Each part of the consumer price index was given a new weight based on updated national consumption data. Spending categories with increased significance, such as transport and digital services, were given higher weights, while categories with declining relevance such as gas and other fuels were adjusted downward.

    Expanding data collection coverage

    The National Bureau of Statistics improved price data collection by:

    • increasing the sample size and geographical coverage

    • increasing the frequency of data collection

    • incorporating price variations from informal markets.

    The informal sector significantly contributes to Nigeria’s economy, accounting for approximately 58% of the gross domestic product (GDP).

    Read more: Nigeria’s 2025 budget has major flaws and won’t ease economic burden

    What does this rate rebase mean? Is it unusual?

    The rebase is a revision in the way inflation is measured. It reflects an effort to represent price movements and economic conditions more accurately.

    Inflation readjustment is not uncommon among economies striving for better data accuracy. Countries such as Ghana and Kenya have undertaken similar revisions in recent years.

    Ghana’s consumer price index rebasing in 2019 led to a lower reported inflation rate as it was calculated on newer spending habits.

    Similarly, in 2014, Nigeria rebased its gross domestic product. This resulted in a significant revision of economic indicators.

    Inflation in Nigeria reached 29.90% in January 2024. Revising how it is measured could be an attempt to capture structural economic changes more precisely.

    Concerns over outdated consumer price index weights might have driven the move. The rebase could also have been done because of shifts in consumer spending, or improvements in statistical methodologies to enhance policy-making and economic planning.

    The National Bureau of Statistics said the rebasing was necessary in order to reflect changes in consumption patterns.

    Given Nigeria’s persistent inflationary pressures, made worse by currency depreciation and food supply disruptions, this adjustment could have significant implications for economic forecasting and policy responses.

    Read more: Nigeria’s Brics partnership: economist outlines potential benefits

    What are the implications for Nigerians?

    If inflation is perceived as declining, consumer confidence may improve, leading to increased spending and investment.

    However, many Nigerians may still feel that the cost of living remains high, particularly as food inflation remains a major concern.

    For workers and businesses, the adjustment could influence wage negotiations and pricing strategies. If inflation is officially lower, employers may resist wage increases, arguing that the real cost of living has not risen as sharply as previously thought.

    Similarly, businesses may reassess pricing decisions based on the revised inflation outlook.

    A lower reported inflation rate might reduce pressure on policymakers to expand social safety nets, even if citizens still struggle with economic hardship.

    Read more: Nigeria’s economy in 2025 doesn’t look bright — analyst explains why

    What changes in policy can be expected?

    This adjustment can alter the way monetary, fiscal and exchange rate policies are formulated.

    Monetary policy adjustments

    With a lower inflation rate, the Central Bank of Nigeria (CBN) may reconsider its aggressive tightening stance, which is reflected in the level it sets interest rates at.

    Previously, high inflation prompted the central bank to raise the monetary policy rate to 22.75% in a bid to curb inflation. Raising the rate makes it more expensive to borrow money, so demand for goods is lower and this reduces price increases.

    The revised inflation figure could justify a more measured approach to interest rate adjustments, potentially easing borrowing costs for businesses and households. This could support economic growth but must be carefully managed.

    In the last Monetary Policy Committee meeting after the inflation rebasing, the committee decided for the first time in three years to pause interest rate hikes.

    Fiscal policy considerations

    The government may use the revised inflation data to reassess budgetary projections, wage policies, and what it spends on subsidy programmes.

    A lower inflation rate could reduce the urgency for drastic public sector wage increases, though real income concerns remain.

    Additionally, it might influence subsidy policies, particularly in energy and agriculture. Lower inflation could be used to justify gradual subsidy phaseouts without significant backlash.

    Exchange rate management

    A lower inflation rate could improve investor confidence and reduce pressure on the naira. The central bank may use this as a basis to re-calibrate foreign exchange interventions, aiming for greater currency stability.

    If inflation is perceived as more controlled, capital inflows may increase, supporting the exchange rate and easing forex liquidity challenges.

    – Nigeria reduces inflation rate, but the cost of living remains high – here’s why
    – https://theconversation.com/nigeria-reduces-inflation-rate-but-the-cost-of-living-remains-high-heres-why-251073

    MIL OSI Africa –

  • MIL-OSI Video: UK Call for evidence launched into remote and hybrid working in the UK

    Source: United Kingdom UK House of Lords (video statements)

    Since the pandemic, home-based working, or ‘working from home’, has become significantly more common.

    The House of Lords Home-based Working Committee has been set up to consider the challenges and opportunities of remote and hybrid working, including the impact on productivity, the wider economy and society.

    The committee wants to hear from you. Whether you’re an employer, employee, academic or organisation you can get involved.

    Share your views by 25 April https://committees.parliament.uk/committee/771/homebased-working-committee/news/205578/call-for-evidence-launched-into-remote-and-hybrid-working-in-the-uk/

    Catch-up on House of Lords business:

    Watch live events: https://parliamentlive.tv/Lords
    Read the latest news: https://www.parliament.uk/lords/

    Stay up to date with the House of Lords on social media:

    • X: https://twitter.com/UKHouseofLords
    • Bluesky: https://bsky.app/profile/houseoflords.parliament.uk
    • Instagram: https://www.instagram.com/UKHouseofLords/
    • Facebook: https://www.facebook.com/UKHouseofLords
    • Flickr: https://flickr.com/photos/ukhouseoflords/albums
    • LinkedIn: https://www.linkedin.com/company/the-house-of-lords
    • Threads: https://www.threads.net/@UKHouseOfLords

    #HouseOfLords #UKParliament

    https://www.youtube.com/watch?v=si39qWllI00

    MIL OSI Video –

  • MIL-OSI United Kingdom: Director bans for husband-and-wife after furniture company took payments from customers for goods they never received

    Source: United Kingdom – Executive Government & Departments

    Press release

    Director bans for husband-and-wife after furniture company took payments from customers for goods they never received

    The company went into liquidation owing customers at least £97,000

    • George and Williamina Hay were directors of furniture retailer DWH Trading Ltd in Aberdeenshire 

    • The company was in financial trouble in April 2023, having a number of outstanding orders from customers 

    • Despite knowing the financial situation of their company, the husband-and-wife took 55 more orders, most of which were not even placed with their suppliers 

    • Both have now been disqualified as company directors following investigations by the Insolvency Service 

    A husband-and-wife whose furniture company went into liquidation owing customers almost £100,000 have both been banned as company directors. 

    George and Williamina Hay were directors of DWH Trading Ltd, which sold adjustable beds and chairs, mostly to elderly and vulnerable customers, from their home address in Aberdeenshire. 

    The company was struggling financially by April 2023 but continued to take orders and payments from customers in the following six months before it entered liquidation. 

    Both directors should have known that the majority of these orders would never be fulfilled. 

    George Hay, 65, of Greenacres Crescent, Peterhead, was disqualified as a company director for seven years. 

    Williamina Hay, 61, of the same address, was also banned for seven years. 

    Mike Smith, Chief Investigator at the Insolvency Service, said: 

    George and Williamina Hay both took orders from customers in the six months before their company went into liquidation, most of which they knew would not be fulfilled. 

    Most of the customers they took these orders from were elderly and vulnerable. 

    Both George and Williamina Hay have fallen significantly short of the standards we expect of company directors which is why they have now been disqualified until March 2032.

    DWH Trading was established in March 2021 but in just over two years the company had serious cash flow issues. 

    At the start of April 2023, DWH Trading’s bank balance stood at less than £6,000 and the company had no other non-cash assets. 

    The company also had 13 outstanding orders from customers who had paid them £27,250. DWH Trading had not ordered the goods from its suppliers and the orders remained outstanding at liquidation. 

    Despite this, George and Williamina Hay allowed the company to take a further 55 orders from April 2023 until the company entered liquidation in October of that year. 

    A total of 42 of the 55 orders with a value of £69,750 were not placed with the company’s suppliers. 

    In one example, a pensioner from Stonehaven paid a £2,000 deposit to the company for an adjustable chair which was never ordered from the manufacturer.  

    Similarly, a customer from a village in west Aberdeenshire paid a £9,000 deposit for furniture which was never delivered. 

    Customers from as far away as Dundee and Elgin also ended up losing out. 

    The company owed a total of £143,340 to its creditors in liquidation. Insolvency Service investigators have found that at least £97,000 of this was owed to customers for stock which it did not order. 

    The Secretary of State for Business and Trade accepted disqualification undertakings from the pair, and their bans both started on Monday 3 March.  

    The undertakings prevent them from being involved in the promotion, formation or management of a company, without the permission of the court. 

    Further information 

    Updates to this page

    Published 5 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Government to unleash the North Sea’s clean energy future

    Source: United Kingdom – Executive Government & Departments

    Press release

    Government to unleash the North Sea’s clean energy future

    The government is consulting on plans to put the North Sea at the heart of Britain’s clean energy future and drive economic growth.

    • UK government consults on plan to unleash the North Sea’s clean energy future and ensure prosperous and sustainable transition for oil and gas

    • this plan backs industry to make North Sea a world-leader in offshore industries, such as hydrogen, carbon capture and wind, as part of the government’s clean energy superpower mission

    • it also offers oil and gas industry long-term certainty on the fiscal landscape by ending the Energy Profits Levy and consulting on a new regime to boost investment in jobs and growth 

    • consultation gives certainty to industry about the lifespan of oil and gas projects by committing to maintain existing fields for their lifetime and work with business and communities on a managed transition, while implementing the commitment not to issue new licences to explore new fields 

    The government has today (Wednesday 5 March) launched a consultation that will put the North Sea – its communities, workers, businesses and supply chains – at the heart of Britain’s clean energy future to drive economic growth and deliver the Plan for Change.   

    This will support private investment into the technologies that will deliver the next generation of good jobs for North Sea workers, invest in local communities, cut carbon emissions and help the UK become energy secure.

    The consultation sets out the next steps in the government’s overarching objective for the North Sea to make it a world leading example of an offshore clean energy industry, building on the UK’s world-class oil and gas heritage. In addition to maintaining existing oil and gas fields, and continuing ongoing domestic production, which have been critical to the UK’s energy system and will continue to play an important role for decades to come, the government wants to boost the economy through the expansion of clean technologies, protecting the country’s energy security in the process. To achieve this, the government needs to ensure the oil and gas industry and its workers can take advantage of a clean energy future.

    Separately, HM Treasury and HM Revenue and Customs are confirming that the Energy Profits Levy will end in 2030. They are consulting on what a new regime could look like, to respond to any future shocks in oil and gas prices. The government will work closely with the sector and other stakeholders to develop an approach that protects jobs in existing and future industries and delivers a fair return for the nation, during times of unusually high prices. The government will ensure that the oil and gas industry has the long-term certainty it needs on the future fiscal landscape, helping to support investment and protect businesses and jobs now and for the future. 

    The government is committed to working with industry, communities, trade unions and wider organisations to develop a plan that will ensure a phased transition for the North Sea – creating tens of thousands more jobs in offshore renewables estimated by 2030.   

    The government recognises the call of workers and trade unions for a coordinated plan to protect good jobs, pay terms and conditions in the North Sea, and commits to shaping this plan with workers and unions. 

    The consultation also includes delivering the government’s commitment not to issue new licences to explore new oil and gas fields in the UK, in line with the science of what is required to keep global warming to 1.5 degrees. The consultation also engages with industry on how to manage existing fields, which will continue to make an important contribution during the clean energy transition, for the entirety of their lifespan.  

    This comes after the government has backed new investment into Scotland’s clean energy future, awarding £55.7 million to the Port of Cromarty Firth, securing critical facilities needed for the rapid development of new floating offshore wind farms and ensuring that they are built from the UK.

    By sprinting to achieve this mission, the UK can take back control of its energy and protect both family and national finances from fossil fuel price spikes – with cleaner, affordable, homegrown power. As part of this, Britain must also reduce its dependency on oil and gas, which leaves consumers exposed to unstable global energy markets, as its price is set on international markets.  

    Energy Secretary Ed Miliband said: 

    The North Sea will be at the heart of Britain’s energy future. For decades, its workers, businesses and communities have helped power our country and our world. 

    Oil and gas production will continue to play an important role and, as the world embraces the drive to clean energy, the North Sea can power our Plan for Change and clean energy future in the decades ahead.  

    This consultation is about a dialogue with North Sea communities – businesses, trade unions, workers, environmental groups and communities – to develop a plan that enables us to take advantage of the tremendous opportunities of the years ahead.

    Diversifying the North Sea industries while domestic production is managed for decades to come is key to protecting its jobs and investment in the long-term. Today’s consultation explores how to harness the North Sea’s existing infrastructure, natural assets and world-leading expertise to deploy new technologies – like hydrogen, carbon capture and storage, and renewables – to create skilled jobs, meet the UK’s climate obligations, and make the UK a clean energy superpower.  

    It is estimated that the offshore renewables workforce, including offshore wind, CCUS and hydrogen, could increase to between 70,000 and 138,000 in 2030, Meanwhile, an up-and-running carbon capture industry alone is expected to add around £5 billion per year of gross value to the UK economy by 2050. 

    New proposals could also see changes to the role of North Sea Transition Authority, as the regulator of UK oil and gas, offshore hydrogen, and carbon storage industries. This includes ensuring the authority has the regulatory framework it needs to support the government’s vision for the long-term future of the North Sea and enable an orderly and prosperous transition to clean energy.  

    The government has already taken rapid steps in accelerating clean energy industries – with the biggest ever investment in offshore wind and up to £21.7 billion in funding over the next 25 years for carbon capture and storage and hydrogen projects. This comes alongside the launch of Great British Energy, headquartered in Aberdeen, and the creation of a National Wealth Fund, both of which will unlock significant investment in clean power projects across the UK and help create thousands of skilled jobs. 

    The government has also consulted on revised environmental guidance offshore oil and gas projects and will respond to give certainty to the industry and enable developers to resume applying for consents for already-licensed projects. This follows a Supreme Court ruling last year that requires regulators to consider the impact of burning oil and gas – known as scope 3 emissions – in the Environmental Impact Assessment for new projects.

    Exchequer Secretary to the Treasury, James Murray, said: 

    We are committed to working together with the sector on the future of the North Sea by providing the stability they need to keep investing and supporting jobs across the country while ensuring they make a fair contribution at times of unusually high prices. 

    Tania Kumar, Net Zero Director, CBI said:

    The North Sea has long been a cornerstone of the UK’s energy sector and will continue to play a vital role in securing energy independence and transitioning to a low-carbon economy. Today’s consultations highlight the government’s commitment to a managed transition. Success hinges on our collaboration with communities, workers, and businesses to develop a practical plan.   

    Robust regulation and the pivotal role of the North Sea Transition Authority will be essential. The UK’s net zero economy is growing faster than the rest of the economy – the future is green growth and managing the transition away from fossil fuels to a clean energy future for the North Sea is vital to achieving it. 

    Dhara Vyas, CEO, Energy UK said: 

    Today’s announcement offers a positive step toward a just transition for offshore workers. The North Sea has been an engine of economic growth and energy security for the UK, but it’s critical to ensure pathways are available for offshore workers to transition to the low carbon industries of the future. The government has a sent a strong signal about the UK’s clean energy future, and the role the North Sea will continue to play in fostering clean technologies such as offshore wind, hydrogen, and carbon capture and storage. The clean energy mission can help ensure the North Sea’s best days are ahead of it, powering economic growth and enabling the UK to lead the way in the global clean industrial revolution. 

    David Whitehouse, Chief Executive, OEUK said:

    The UK offshore energy industry, including its oil and gas sector, is responsible for thousands of jobs across Scotland and the UK, and today the government has committed to meaningful consultation on the long-term future of our North Sea. That is important and welcomed. Energy policy underpins our national security – how we build a clean energy future and leverage our proud heritage matters.

    Today’s consultations, on both the critical role of the North Sea in the energy transition and how the taxation regime will respond to unusually high oil and gas prices, will help to begin to give certainty to investors and create a stable investment environment for years to come. We will continue to work with government and wider stakeholders to ensure a future North Sea which delivers economic growth and supports the communities that rely on this sector and workers across right and the UK.

    Rachel Solomon Williams, Executive Director, Aldersgate Group said:  

    The private sector recognises the growth opportunity of the clean energy transition alongside the risks associated with investments that are incompatible with the 1.5C target. This consultation is an important step on the path to building a prosperous and resilient economy, with wider benefits across all regions of the UK. Investing in assets that risk becoming stranded is sustainable for neither the UK economy nor the environment – the government’s recognition of this position will contribute to resolving uncertainty and building private sector confidence for clean energy investments in the region.    

    The skills and expertise built over recent decades in the North Sea are invaluable. They are highly transferable for clean energy and other growth sectors, both directly and with further upskilling. We welcome the government’s announcement that it is ensuring that the North Sea transition makes best use of the strengths in the region, creating opportunities and jobs. Capturing this growth opportunity for the UK must ensure that the local communities and workers can play a role in future energy sectors. The right policy framework and engagement with industry and local communities can enable a transition to net zero emissions without deindustrialisation.

    Dan McGrail, Chief Executive, RenewableUK said: 

    The biggest offshore wind farms in the world are being built in the North Sea and even more ambitious projects are being planned. Offshore wind is at the very heart of the government’s mission to reach clean power by 2030 and net zero by 2050, and the industry also offers the UK one of its biggest opportunities for job creation, industrial regeneration and economic growth. 

    The North Sea is already playing a crucial role in powering the UK and this is set to grow in the years ahead. A future focused on offshore wind isn’t just cleaner – it provides a more stable energy system for billpayers as we will be less exposed to volatile international fossil fuel prices. Offshore wind also offers opportunities for skilled workers from other industries to transfer into this dynamic and innovative sector.

    Notes to Editors 

    The Department for Energy Security and Net Zero’s consultation on Building the North Sea’s Energy Future will run for 8 weeks from 5 March to 30 April.

    The government is consulting on how to deliver its commitment to end new licences to explore new fields, including all new seaward exploration and production licences to search for and extract new oil and gas resources in the UK. Licence extensions and transfers would not be affected, to facilitate existing fields to operate for the entirety of their lifetime and support the government’s commitments not to revoke existing licences. Licences for carbon storage, gas storage and methane drainage would also not be affected.   

    The consultation also sets out the government’s commitment to end new licences for onshore oil and gas exploration and production in England.    

    HM Treasury’s consultation on High Price Mechanism for Oil and Gas will run for 12 weeks from 5 March to 28 May.   

    Officials figures from the Department for Energy Security and Net Zero’s ‘Digest of UK Energy Statistics’ show a 72% reduction in UK oil and gas production occurring between 1999 and 2023. The North Sea Transition Authority also predicts an 89 per cent drop in UK oil and gas production by 2050.   

    Office for National Statistics’ analysis shows that direct jobs in oil and gas extraction fell by around a third between 2014 and 2023.   

    Meanwhile, findings from the Robert Gordon University study ‘Powering up the Workforce’ in 2023 estimated that the offshore renewables workforce – which includes offshore wind, carbon capture and storage, and hydrogen – could increase to between 70,000 and 138,000 in 2030. This study also found that over 90% of the UK’s oil and gas workforce have medium to high skills transferability and are well positioned to work in adjacent energy sector.   

    Today’s announcement also comes after the government confirmed Aberdeen, Cheshire, Lincolnshire and Pembrokeshire as key growth regions for clean energy and launched pilots to help workers in these areas access jobs in new clean energy industries.    

    Oil and gas workers will also get help to move into these sectors, thanks to a new energy ‘skills passport’ launched last month – led by Renewable UK and Offshore Energies UK, and backed by UK and Scottish Governments. This tool will support workers into careers in offshore wind initially, before being expanded to other renewables roles later this year.   

    Many of the skills required for the transition already exist, with research showing that 90% of oil and gas workers have transferable skills for offshore renewable jobs. The government is now exploring what further support is needed to help workers take full advantage of the UK’s clean energy transition, as part of its consultation on the future of the North Sea.

    Updates to this page

    Published 5 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Continuing to Build New Partnerships in Saskatchewan Through Artsvest

    Source: Government of Canada regional news

    Released on March 5, 2025

    The Government of Saskatchewan will provide $100,000 to support Saskatchewan artists and arts organizations through artsvest Saskatchewan, a matching sponsorship and training program delivered by Business / Arts that encourages private sector investment in arts, culture and heritage organizations.  

    Participating organizations can apply to receive funding and professional development support through webinars and hands-on workshops on topics such as governance, fundraising, marketing, fund development and financial sustainability. 

    “Our province is home to so many talented artists and we are proud to fund artsvest Saskatchewan for another year,” Parks, Culture and Sport Minister Alana Ross said. “Saskatchewan was the first province to partner on the program which provides a wonderful opportunity to support the arts community and help organizations strengthen their knowledge and skills.” 

    Since 2011, the province has invested more than $2 million in the artsvest Saskatchewan program. This in-turn has helped create 1,641 partnerships between the arts, culture and heritage sectors and the private sector, resulting in a total economic impact of over $10 million in Saskatchewan.

    Over the years, this program has proven itself to be a highly successful way of aligning businesses with arts, cultural and heritage organizations to work together and partner in ways that benefit both parties, their communities and ultimately the province.

    “The arts and business sectors can achieve remarkable things when they work together, and artsvest helps make those connections possible,” Business / Arts President and CEO Aubrey Reeves said. “With continued support from the Government of Saskatchewan and the Department of Canadian Heritage, we look forward to empowering Saskatchewan’s arts organizations with the resources they need to build lasting partnerships and enrich their communities.” 

    Here is what some program participants have said:

    Melfort Arts Council: “artsvest is a golden opportunity to learn and give back. It is almost unbelievable that this program is available! It is a no-brainer opportunity to make your organization stronger, and in turn, to support the growth of your community.” 

    Watrous Manitou Beach Heritage Centre: “Our continued participation [in artsvest] has allowed us to offer programs to the community that we may not have otherwise. The education portion provided information that assisted our staff in developing new skills. The videos offering different learning topics were beneficial to us. Our mentor was able to pinpoint some of our deficiencies that we were able to improve.” 

    Blenders Events: “artsvest bolsters our sponsorship drive with its mentorship and matching program. As our new organizational structure takes shape, we will use more of the resources provided. Money is tight with all organizations, and it is helpful to leverage those matching funds to obtain sponsorships. The webinars are helpful in seeing how other organizations across the country are doing, in hearing market trends, and in seeing what other people are doing.”

    For more information on the program, or how to apply, visit: www.businessandarts.org/artsvest/about-saskatchewan/.

    About Business / Arts
    Business / Arts is a national charitable organization that champions business investment in the arts and looks to build strong, lasting partnerships between the arts, business and government in Canada. Through targeted programming initiatives and a connected network of arts champions, Business / Arts works to ensure the arts are recognized as playing a vital role socially, culturally and economically across Canada.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI: Trade Smarter with BexBack: 100% Deposit Bonus, 100x Leverage, No KYC & $50 Bonus for New Users

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, March 05, 2025 (GLOBE NEWSWIRE) — With Bitcoin’s price fluctuating below $100,000, many analysts predict a prolonged period of high volatility in the crypto market. Holding spot positions may struggle to generate short-term profits in such conditions. As a result, 100x leverage futures trading has become the preferred tool for seasoned investors looking to maximize potential gains in this volatile market. BexBack Exchange is ramping up its efforts to offer traders unmatched promotional packages.The platform now offers a 100% deposit bonus, a $50 welcome bonus for new users, and up to 100x leverage on cryptocurrency trading—all with No KYC requirements—providing excellent opportunities for investors.

    What Is 100x Leverage and How Does It Work?

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

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

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

    With BexBack’s deposit bonus

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

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

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

    About BexBack?

    BexBack is a leading cryptocurrency derivatives platform that offers 100x leverage on BTC, ETH, ADA, SOL, XRP, and 50 other major cryptocurrencies for futures contracts.. It is headquartered in Singapore with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. It holds a US MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. Accepts users from the United States, Canada, and Europe. There are no deposit fees, and traders can get the most thoughtful service, including 24/7 customer support.

    Why recommend BexBack?

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

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

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

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

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

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

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

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

    Take Action Now—Don’t Miss Another Opportunity!

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

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

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

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

    A photo accompanying this announcement is available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/e21fc178-7344-42ca-b670-266d9c3f7531

    https://www.globenewswire.com/NewsRoom/AttachmentNg/6202de8e-d347-431f-8adf-311f08c14aad

    https://www.globenewswire.com/NewsRoom/AttachmentNg/c61032f7-5659-4e45-9303-cfbf114c3816

    https://www.globenewswire.com/NewsRoom/AttachmentNg/50ebb12a-7da1-4e6f-8a18-4ec9f503aa97

    The MIL Network –

  • MIL-OSI: Partners Value Split Corp. Announces Completion of $200,000,000 Public Offering of Class AA Preferred Shares, Series 15

    Source: GlobeNewswire (MIL-OSI)

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

    TORONTO, March 05, 2025 (GLOBE NEWSWIRE) — Partners Value Split Corp. (the “Company”) announced today the completion of its previously announced offering of Class AA Preferred Shares, Series 15 (the “Series 15 Preferred Shares”). A total of 8,000,000 Series 15 Preferred Shares were issued at an offering price of $25.00 per Series 15 Preferred Share, raising gross proceeds of $200,000,000. The Series 15 Preferred Shares carry quarterly fixed cumulative preferential dividends representing a 5.15% annualized yield on the offering price and have a final maturity of March 31, 2031. The Series 15 Preferred Shares have been listed and posted for trading on the Toronto Stock Exchange under the symbol PVS.PR. M.

    The net proceeds of the offering will be used by the Company to pay a special dividend on the Company’s capital shares.

    Prior to the closing of the offering, the Company subdivided the existing capital shares held by Partners Value Investments Inc. so that there are an equal number of preferred shares and capital shares outstanding.

    The Company owns a portfolio consisting of approximately 120 million Class A Limited Voting Shares of Brookfield Corporation and approximately 30 million Class A Limited Voting Shares of Brookfield Asset Management Ltd. (collectively, the “Brookfield Securities”), which are expected to yield quarterly dividends that are sufficient to fund quarterly fixed cumulative preferential dividends for the holders of the Company’s preferred shares and to enable the holders of the Company’s capital shares to participate in any capital appreciation of the Brookfield Securities.

    Brookfield Corporation is a leading global investment firm focused on building long term-wealth for institutions and individuals around the world. Brookfield Corporation has three core businesses: alternative asset management, wealth solutions, and its operating businesses which are in renewable power, infrastructure, business and industrial services, and real estate. Brookfield Corporation is listed on the New York Stock Exchange and Toronto Stock Exchange under the symbol BN.

    Brookfield Asset Management Ltd. (“BAM”) is a leading global alternative asset manager, headquartered in New York, with approximately US$1 trillion of assets under management across renewable power & transition, infrastructure, private equity, real estate, and credit. BAM’s objective is to generate attractive, long-term risk-adjusted returns for the benefit of its clients and shareholders. BAM is listed on the New York Stock Exchange and Toronto Stock Exchange under the symbol BAM.

    Jason Weckwerth, Chief Financial Officer, will be available at (416) 363-9491 to answer any questions regarding the offering.

    This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and regulations. The words “expected”, “will”, “agreed” and “enable” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters or identify forward-looking information. Forward-looking information in this news release includes statements with regard to the use of proceeds of the offering and quarterly dividends from the Company’s portfolio of Brookfield Securities which are expected to fund quarterly fixed cumulative preferential dividends for holders of the Company’s preferred shares and to enable holders of its capital shares to participate in any capital appreciation of the Brookfield Securities. Although the Company believes that the anticipated future results or achievements expressed or implied by the forward-looking information and statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on the forward-looking information and statements because they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking information and statements. Factors that could cause actual results to differ materially from those contemplated or implied by the forward-looking information and statements include: the behaviour of financial markets, including fluctuations in interest and exchange rates, availability of equity and debt financing and other risks and factors detailed from time to time in the Company’s other documents filed with the Canadian securities regulators. We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as may be required by law, the Company undertakes no obligation to publicly update or revise any forward-looking information or statements, whether written or oral, that may be as a result of new information, future events or otherwise. Reference should be made to the Company’s short form base shelf prospectus dated September 19, 2024 and the prospectus supplement dated February 27, 2025 for a description of the major risk factors.

    The MIL Network –

  • MIL-OSI United Kingdom: Deepening UK-US defence relations and peace in Ukraine to top agenda for Defence Secretary’s Washington visit

    Source: United Kingdom – Executive Government & Departments

    Press release

    Deepening UK-US defence relations and peace in Ukraine to top agenda for Defence Secretary’s Washington visit

    During meetings, the Defence Secretary will hail the unparalleled depth of the UK-US relationship, which bolsters security and supports economic growth

    Securing a lasting peace in Ukraine and strengthening bonds between NATO allies will be the focus of discussions during the Defence Secretary’s visit to Washington DC on Wednesday and Thursday – including a meeting with his US counterpart Pete Hegseth.

    John Healey MP will hail the unparalleled depth of the UK’s special relationship with the US – the UK’s closest security ally – as both nations continue to collaborate on military operations, peacekeeping, intelligence gathering, and development of advanced technologies – bolstering security and supporting economic growth. 

    The Defence Secretary’s arrival in Washington DC comes as the UK receives the last of an order of 50 of the latest generation AH-64E attack helicopters for the British Army, the most advanced attack helicopter in the world. The helicopter was handed over yesterday (4 March) at the Boeing site in Arizona under a programme that supports more than 300 UK jobs, helping to grow the UK economy – underscoring defence as an engine for driving economic growth. 

    The visit also comes at the conclusion of the 50th occurrence of Exercise Red Flag in Nevada, a joint exercise with the UK, United States and Australia. The training is designed to test equally matched air forces in a realistic combat scenario and involves more than 3,000 military personnel in high-intensity training, such as dogfighting, air-policing and practicing bombing runs, at Nellis Air Force Base. 

    At their bilateral meeting tomorrow [Thursday], the two Defence Secretaries are due to discuss the plan for peace in Ukraine being worked on by the US, UK, France, and European allies. It comes after Prime Minister Keir Starmer’s visit to Washington last week, where the Prime Minister and the President confirmed both nations will work together on security arrangements to deliver a lasting peace in Ukraine. The discussions follow the Prime Minister’s meeting of international leaders in London last weekend, where allies discussed the need for a lasting peace settlement, with US support.    

    The latest defence engagement with the new US administration follows a first meeting between the two Defence Secretaries last month, when the UK convened the 50-nation strong Ukraine Defence Contact Group, which coordinates urgent military support for Ukraine. 

    On Wednesday, the Defence Secretary will attend a reception to mark the 250th Anniversary of the US Marine Corps, held at the British Ambassador’s Residence in Washington DC.

    Defence Secretary, John Healey MP, said: 

    Amid a period of growing global instability, the unique and special relationship between the UK and US is as strong as ever – underlined by a shared commitment to freedom and democracy. 

    It is crucial that the UK and Europe step up further to take more responsibility for our security, and we are doing so. In the face of increasing global threats, we are cementing our ties as NATO allies, bolstering our national security and economic security, too. 

    The Prime Minister was clear following his meetings over the past week, that we will continue our dialogue with friends and allies to secure a path to a lasting peace in Ukraine. We will advance that work in Washington over the coming days.

    Discussions are also expected to cover deepening the UK-US defence relationship. The British and US Armed Forces operate in close alignment around the world, from the long-standing global coalition to combat Daesh in the Middle East to joint maritime security patrols in the Indo-Pacific.  

    Collective security and stability also support both nations’ economies and delivers on our Plan for Change.

    The AUKUS programme to develop a fleet of world-class nuclear powered, conventionally armed submarines for the UK and Australia, is a perfect example of this work – with a £9 billion contract with Rolls Royce awarded in January as part of the programme, creating more than 1,000 jobs and supporting a further 4,000 roles. 

    The Apache programme also supports the UK economy, with numerous components manufactured in the UK. This benefits 75 British companies, including 33 SMEs, with jobs being supported at the Army Aviation Centre at Middle Wallop in Hampshire and Wattisham Flying Station in Suffolk.

    Updates to this page

    Published 5 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Plume and Stobox Partner to Provide a Turn-Key Tokenization for Issuers

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, March 05, 2025 (GLOBE NEWSWIRE) — Plume Network, the first modular blockchain designed for real-world assets (RWAs), and Stobox, a leading provider of tokenization solutions, are joining forces to provide a seamless, turnkey business solution for asset issuers on Plume.

    Through this long-term partnership, Stobox will integrate its battle-tested tokenization solutions with Plume’s Arc platform, streamlining the process for issuers to tokenize assets while ensuring compliance with security regulations across multiple jurisdictions.

    By integrating Stobox’s enterprise API into Arc, Plume will enable institutions and enterprises to gain access to a fully compliant and scalable infrastructure for tokenizing multi-billion-dollar asset portfolios. Stobox’s solutions for enterprise clients will support sophisticated needs, allowing professional market players to navigate the complexities of blockchain-based asset issuance efficiently.

    With more than 180 apps and protocols in its ecosystem, Plume fosters innovation and collaboration in the RWA space. Arc alone has over $5.5Bn of real-world assets committed to be tokenized and distributed. By leveraging Stobox’s deep expertise in tokenization and regulatory frameworks, the partnership will unlock new opportunities for institutions looking to expand the reach of real-world assets through the blockchain in a secure and compliant manner.

    “Integrating Stobox’s solutions into Plume’s Arc enhances the capabilities of our Arc platform, ensuring that issuers can navigate compliance with ease,” said Luke Xiao, Head of Strategic Partnerships of Plume Network. “This partnership paves the way for enterprises to tokenize assets at an unprecedented scale.”

    “By combining our regulatory expertise with Plume’s specialized blockchain infrastructure, we are setting new standards for compliant and scalable tokenization,” said Gene Deyev, CEO of Stobox. “With this, any business will be able to tokenize its assets or equity and immediately access vast financial markets onchain.”

    Stobox has already helped tokenize over $500 million in assets across industries such as finance, mining, energy, and real estate. Stobox also developed one of the first enhanced methodologies for issuers conducting the STO properly optimized for all asset types, various feasible jurisdictions, and underlying asset classes that cover most of the cases for common business. 

    About Plume
    Plume is the first fully integrated L1 modular blockchain focused on RWAfi, offering a composable, EVM-compatible environment for onboarding and managing diverse real-world assets. With 180+ projects on its private devnet, Plume provides an end-to-end tokenization engine and a network of financial infrastructure partners, simplifying asset onboarding and enabling seamless DeFi integration for RWAs. Learn more at https://www.plumenetwork.xyz/ or contact press@plumenetwork.xyz.

    About Stobox
    Stobox is a VASP-licensed and regulated tokenization provider that builds financial markets for small and medium-sized businesses. The company offers an all-in-one solution for tokenizing, investing, and trading real-world assets (RWA) and operates in multiple jurisdictions, including the United States. Since its launch in 2018, Stobox has successfully tokenized over $500 million in assets across the finance, mining, energy, and real estate sectors. For more information, visit https://www.stobox.io or follow @StoboxCompany on X.

    The MIL Network –

  • MIL-OSI Global: Nigeria reduces inflation rate, but the cost of living remains high – here’s why

    Source: The Conversation – Africa – By Taiwo Hassan Odugbemi, Lecturer in Economics, University of Abuja

    Nigeria recently rebased its consumer price index (CPI) from 2009 to 2024, leading to a significant drop in the reported inflation rate from 34.80% to 24.48%.

    This change has sparked discussions on the likely impact on economic planning, policy decisions, and public perception of inflation. Taiwo Odugbemi, an economist, unpacks what it means for a country to rebase its inflation rate and its implications for citizens.

    What is inflation rate rebasing and how is it done?

    Inflation rate rebasing follows a structured approach led by the National Bureau of Statistics to improve the accuracy of inflation measurements. Essentially what it means is that the National Bureau of Statistics expanded its data collection efforts to include a broader range of states, local government areas, and rural communities.

    The recent inflation revision involved:

    Updating the consumer price index basket

    The bureau reviewed and changed the composition of goods and services in the consumer price index basket. The index tracks the rate at which prices change over time, monthly or annually.

    These changes align the measurement of price changes with shifts in consumer spending habits.

    The changes to the basket are based on the household expenditure surveys which collect information on what households consume and spend.

    Categories such as telecommunications and technology were given greater weight. Less relevant items such as food and non-alcoholic beverages received reduced weighting to ensure the consumer price index accurately represents present-day household spending.

    Rebasing the inflation index

    The changes to the composition of the consumer price index basket require a change in the reference (base) year. The bureau has changed the consumer price index base year from 2009 to 2024.

    This adjustment aligns inflation measurements with current economic realities, reducing distortions caused by outdated reference periods. To achieve this, the National Bureau of Statistics has implemented high-frequency data collection methods, such as the National Longitudinal Phone Survey, which allows for more timely assessments of economic indicators.

    Adjusting weights of consumer price index components

    Each part of the consumer price index was given a new weight based on updated national consumption data. Spending categories with increased significance, such as transport and digital services, were given higher weights, while categories with declining relevance such as gas and other fuels were adjusted downward.

    Expanding data collection coverage

    The National Bureau of Statistics improved price data collection by:

    • increasing the sample size and geographical coverage

    • increasing the frequency of data collection

    • incorporating price variations from informal markets.

    The informal sector significantly contributes to Nigeria’s economy, accounting for approximately 58% of the gross domestic product (GDP).



    Read more:
    Nigeria’s 2025 budget has major flaws and won’t ease economic burden

    What does this rate rebase mean? Is it unusual?

    The rebase is a revision in the way inflation is measured. It reflects an effort to represent price movements and economic conditions more accurately.

    Inflation readjustment is not uncommon among economies striving for better data accuracy. Countries such as Ghana and Kenya have undertaken similar revisions in recent years.

    Ghana’s consumer price index rebasing in 2019 led to a lower reported inflation rate as it was calculated on newer spending habits.

    Similarly, in 2014, Nigeria rebased its gross domestic product. This resulted in a significant revision of economic indicators.

    Inflation in Nigeria reached 29.90% in January 2024. Revising how it is measured could be an attempt to capture structural economic changes more precisely.

    Concerns over outdated consumer price index weights might have driven the move. The rebase could also have been done because of shifts in consumer spending, or improvements in statistical methodologies to enhance policy-making and economic planning.

    The National Bureau of Statistics said the rebasing was necessary in order to reflect changes in consumption patterns.

    Given Nigeria’s persistent inflationary pressures, made worse by currency depreciation and food supply disruptions, this adjustment could have significant implications for economic forecasting and policy responses.



    Read more:
    Nigeria’s Brics partnership: economist outlines potential benefits

    What are the implications for Nigerians?

    If inflation is perceived as declining, consumer confidence may improve, leading to increased spending and investment.

    However, many Nigerians may still feel that the cost of living remains high, particularly as food inflation remains a major concern.

    For workers and businesses, the adjustment could influence wage negotiations and pricing strategies. If inflation is officially lower, employers may resist wage increases, arguing that the real cost of living has not risen as sharply as previously thought.

    Similarly, businesses may reassess pricing decisions based on the revised inflation outlook.

    A lower reported inflation rate might reduce pressure on policymakers to expand social safety nets, even if citizens still struggle with economic hardship.



    Read more:
    Nigeria’s economy in 2025 doesn’t look bright — analyst explains why

    What changes in policy can be expected?

    This adjustment can alter the way monetary, fiscal and exchange rate policies are formulated.

    Monetary policy adjustments

    With a lower inflation rate, the Central Bank of Nigeria (CBN) may reconsider its aggressive tightening stance, which is reflected in the level it sets interest rates at.

    Previously, high inflation prompted the central bank to raise the monetary policy rate to 22.75% in a bid to curb inflation. Raising the rate makes it more expensive to borrow money, so demand for goods is lower and this reduces price increases.

    The revised inflation figure could justify a more measured approach to interest rate adjustments, potentially easing borrowing costs for businesses and households. This could support economic growth but must be carefully managed.

    In the last Monetary Policy Committee meeting after the inflation rebasing, the committee decided for the first time in three years to pause interest rate hikes.

    Fiscal policy considerations

    The government may use the revised inflation data to reassess budgetary projections, wage policies, and what it spends on subsidy programmes.

    A lower inflation rate could reduce the urgency for drastic public sector wage increases, though real income concerns remain.

    Additionally, it might influence subsidy policies, particularly in energy and agriculture. Lower inflation could be used to justify gradual subsidy phaseouts without significant backlash.

    Exchange rate management

    A lower inflation rate could improve investor confidence and reduce pressure on the naira. The central bank may use this as a basis to re-calibrate foreign exchange interventions, aiming for greater currency stability.

    If inflation is perceived as more controlled, capital inflows may increase, supporting the exchange rate and easing forex liquidity challenges.

    Taiwo Hassan Odugbemi 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. Nigeria reduces inflation rate, but the cost of living remains high – here’s why – https://theconversation.com/nigeria-reduces-inflation-rate-but-the-cost-of-living-remains-high-heres-why-251073

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Government unlocks floating offshore wind with major investment for Scottish port

    Source: United Kingdom – Executive Government & Departments

    Press release

    Government unlocks floating offshore wind with major investment for Scottish port

    The expansion of Port of Cromarty Firth will make it the first port able to make floating offshore wind turbines on site and at scale in the UK, backed by a grant from the Floating Offshore Wind Manufacturing Investment Scheme (FLOWMIS).

    • Grant funding from UK government into Scotland’s floating offshore wind sector to drive growth and create hundreds of jobs
    • when fully developed, the port is expected to support up to 1,000 highly skilled jobs
    • Port of Cromarty Firth to become the UK’s first port able to make floating offshore wind turbines at scale – representing the next step of government’s Plan for Change to deliver clean power

    The Port of Cromarty Firth in Scotland will be a major hub for the UK’s world-leading floating offshore wind industry, as the UK government announces over £55 million for its expansion – creating hundreds of skilled jobs and generating growth, helping deliver the government’s Plan for Change.  

    Offshore wind projects are crucial to delivering the UK’s mission for clean power by 2030 and to become a clean energy superpower. The UK is already home to the largest grid-connected floating offshore wind farm in the world, with a further 30GW in the pipeline, and the latest statistics showing that wind generated more power than gas last year.  

    The expansion of Port of Cromarty Firth will make it the first port able to make floating offshore wind turbines on site and at scale in the UK, backed by a grant from the Floating Offshore Wind Manufacturing Investment Scheme (FLOWMIS). 

    This initial financial backing from the UK government paves the way for the port to secure match-funding from other investors, with the port expected to become operational by the start of 2028.

    Construction work on the port’s expansion is expected to create up to 320 jobs. When fully developed, the port is expected to support up to 1,000 skilled jobs in the construction, installation and operational support of offshore and floating offshore wind – such as crane operators, marine engineers, and people working on the vessels towing the turbines out to sea.

    Energy Minister Michael Shanks said:

    Communities in Scotland and across the country should be powered by reliable, home-grown, clean energy from British coastlines – this is how we reduce our reliance on unstable fossil fuel markets and bring down energy bills for good.

    That’s why the government is getting on with building the infrastructure needed to roll out clean energy quickly, creating skilled jobs in local communities and driving growth – the priority in our Plan for Change.

    The UK is already a world leader in floating offshore wind, but this support for Cromarty Firth will take us even further – creating hundreds of jobs in Scotland and delivering energy security for the UK.

    Scottish Secretary, Ian Murray, said:

    Scotland is a key part of making the UK a global leader in clean energy and this investment is a significant vote of confidence in the Inverness and Cromarty Firth Green Freeport and the surrounding area.

    Through our Plan for Change the UK government is paving the way for cutting-edge floating offshore wind technology while also helping to create highly skilled jobs and drive economic growth.

    Alex Campbell, Port of Cromarty Firth Chief Executive, said:

    The Port is delighted that FLOWMIS funding has been secured for our ambitious Phase 5 expansion, which is a critical step towards creating the UK’s first custom-built floating offshore wind integration port.  

    We believe this confirmation by the UK government shows the faith in our Trust Port status to deliver jobs and economic growth locally and nationally, and that the certainty from this announcement will unlock further investment in other Ports across the Inverness and Cromarty Firth Green Freeport to boost their complementary plans.

    The £55.7 million grant award is the latest step taken by the government to deliver clean power by 2030 and support growth. The government also launched the Clean Industry Bonus, incentivising offshore wind developers to invest in cleaner supply chains and create jobs in industrial communities.

    FLOWMIS was launched in 2023, designed to provide grants to ports to support development of port infrastructure needed for deployment of floating offshore wind at scale. The Port of Cromarty Firth is one of two ports selected for funding, with plans for the second shortlisted port, Port Talbot, under development.

    Notes for editors

    The Port of Cromarty Firth estimates that between 280 – 1,000 FTE jobs will be created when the port becomes fully operational.

    Updates to this page

    Published 5 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Changes to sick pay will help people stay in work and grow economy

    Source: United Kingdom – Government Statements

    Press release

    Changes to sick pay will help people stay in work and grow economy

    More than one million working people across the UK will see a rise in living standards thanks to improvements to Statutory Sick Pay, ministers have announced today.

    • Landmark changes are all part of the government’s number one priority in the Plan for Change to grow the economy and put more money into working people’s pockets 
    • Announcement comes as the World Bank notes that ‘without improvements in productivity, there is no economic growth’ 
    • The government has pledged to deliver on its promise to Make Work Pay with lower income workers no longer having to choose between their health or their jobs

    This comes as the government delivers on the plan to boost workers’ rights and create a healthier, more productive workforce, which will be at the forefront of efforts to grow the economy – the priority of our Plan for Change. 

    The changes will mean up to 1.3 million people on low wages who find themselves ill will either receive 80% of their average weekly earnings or the rate of Statutory Sick Pay which will be £118.75 per week from April – whichever is lowest.  

    The move means some of the lowest earners will be up to £100 better off per week, compared to the current system. This safety net will enable people to have the time off they need to recover, so they can get better and remain in work rather than risk quitting altogether.

    Under the government’s Plan for Change, this new fairer rate strikes the right balance between providing financial security for employees who fall ill, and the cost to businesses – all while retaining the incentives for people to return to work. 

    The UK has seen a slow-down in productivity in recent years that has been more severe than other nations, which is not acceptable. The World Bank has been clear that “without improvements in productivity, there is no economic growth”.

    Today’s changes will boost productivity in the workforce to help drive growth and usher in a decade of national renewal. 

    The Deputy Prime Minister, Angela Rayner MP said: 

    What we put into our workforce, we get back and more.

    That’s why we’re making Statutory Sick Pay a right for every worker for the first time so people can stay in work rather than risk dropping out.

    This is a pro-worker, pro-business government in action – boosting productivity, while ensuring people don’t have to choose between health and wealth, helping deliver our Plan for Change.

    Secretary of State for Work and Pensions, Liz Kendall MP said: 

    For too long, sick workers have had to decide between staying at home and losing a day’s pay or soldiering on at their own risk just to make ends meet. 

    No one should ever have to choose between their health and earning a living, which is why we are making this landmark change. 

    The new rate is good for workers and fair on businesses as part our plan to boost rights and Make Work Pay, while delivering our Plan for Change.

    The government’s response to its Statutory Sick Pay consultation has also been published today alongside other responses and amendments to the Employment Rights Bill, including on tackling fire and rehire and zero-hour contracts to tackle insecure work.  

    This latest move follows the commitment to ensure the right to sick pay from the first day of illness, and to make more people eligible by removing the need to earn Lower Earnings Limit. 

    Over 1,700 responses to a six-week consultation helped inform the decision on the new rate, taking in to account the views of businesses, charities, trade unions and workers.  

    TUC General Secretary, Paul Nowak, added:

    Nobody should be plunged into hardship when they become ill. 

    These reforms will stop millions from facing a financial cliff edge if they get sick.

    Making statutory sick pay available to all workers – and from day one – shows why the government’s Employment Rights Bill is so important.

    With sick pay rights from the first day of sickness, you will know that your family is protected. And you can take the time you need to recover.

    We hope this is the start of a programme of sick pay reform and will continue to make the case for higher future sick pay rates.

    Further information:

    • The Lower Earnings Limit (currently £123 per week) is the amount of earnings that allow an employee to qualify for Statutory Sick Pay.
    • The DWP published a consultation in October 2024 seeking views on what the new percentage rate that will be paid up to the flat rate of Statutory Sick Pay should be. The consultation ran until December 2024 and received 1,797 responses: Making Work Pay: Strengthening Statutory Sick Pay – GOV.UK  
    • The Government’s response to this consultation and the new percentage rate of Statutory Sick Pay was published this week: Government response: Making Work Pay: Strengthening Statutory Sick Pay – GOV.UK
    • While Statutory Sick Pay is devolved to Northern Ireland, a Legislative Consent Motion will be sought from the Northern Ireland Assembly to mirror these changes.  
    • The Government has also published consultation responses covering collective redundancy (fire and rehire), the creation of a modern framework for industrial relations, the application of zero-hour contracts and tackling non-compliance in the umbrella company market: Government Response to the consultation on strengthening remedies against abuse of rules on collective redundancy and fire and rehire
    • The Employment Rights Bill was introduced in the House of Commons in October 2024. It is currently awaiting Report Stage.   
    • The World Bank notes that ‘without improvements in productivity, there is no economic growth.’ 
    • The UK has seen a productivity slowdown that is more pronounced than other advanced economies over the past few years: an increasingly insecure and fragmented labour market can undermine conditions for growth and investment.

    Updates to this page

    Published 5 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: LPL Welcomes Shorepoint Wealth Management

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, March 05, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC announced today that financial advisor Justin Lotano, CDFA®, has joined LPL Financial’s broker-dealer, Registered Investment Advisor (RIA) and custodial platforms. He reported serving approximately $250 million in advisory, brokerage and retirement assets* and joins LPL from Wells Fargo Advisors Financial Network.

    Based in Colts Neck, N.J., Lotano’s profound interest in investments and his dedication to helping others have been the cornerstones of his professional journey since he started his career in 2006. He is joined by Joe Burgard, a recent financial advisor, along with registered representative Kevyn Marteniz and staff members TJ Savona and Gianna Granato.

    “We are a young team, with an average age of about 30, but we have a great level of experience guiding individuals into a more successful retirement,” said Lotano, who noted the team also focuses on helping clients through divorce and other life transitions. “We’ve made it a priority to cultivate long-lasting relationships with clients, and now we’re beginning to work with their children and grandchildren. Our goal is to help clients feel empowered and informed along each step of their financial journey, whether that’s navigating major life transitions, managing their wealth or planning for retirement.”

    Lotano, president of the Colts Neck Lions Club, is highly active in his community. He is proud to launch Shorepoint Wealth Management in the city where he grew up.

    “Working with LPL will allow me to build my brand and grow the business on my terms,” Lotano said. “LPL is constantly investing in technology and operational support, making it the ideal place to run my business. I appreciate the integrated technology and optionality within LPL’s platform, which allows us to evaluate the best planning software and other programs to pick the best fit for our clients and business. I’m excited for what’s ahead for Shorepoint Wealth Management.”

    Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome Justin and his team to the LPL community. At LPL, we are dedicated to empowering advisors with the essential tools and support to help them create value with clients and run thriving practices. Our platform offers the flexibility and support they require to develop their brand and expand their business on their own terms. We look forward to supporting Shorepoint Wealth Management for generations to come.”

    Related

    Advisors, learn how LPL Financial can help take your business to the next level.

    About LPL Financial

    LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports nearly 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of approximately 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

    Securities and advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor and broker-dealer, member FINRA/SIPC. Shorepoint Wealth Management and LPL are separate entities.

    Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

    We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

    *Value approximated based on asset and holding details provided to LPL from end of year, 2024.

    Media Contact: 
    Media.relations@LPLFinancial.com 
    (704) 996-1840

    Tracking #701422

    The MIL Network –

  • MIL-OSI: Wearable Devices Unlocks New Market Opportunities Following an Announcement of the Development of AI-Powered Gesture Personalization Technology

    Source: GlobeNewswire (MIL-OSI)

    – Advancing AI-driven interactions for extended reality (“XR”) and wearable technology markets –

    Yokneam Illit, Israel, March 05, 2025 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), an award-winning pioneer in artificial intelligence (“AI”)-based wearable gesture control technology, is proud to announce its next-generation gesture personalization technology that is expected to reshape human-device interactions. This breakthrough technology aims to open new commercial and licensing opportunities in the fast-growing XR, smartwatch, and AI-driven device markets.

    The Future of Personalized AI-Driven Gestures

    As AI continues to shape our digital landscape, the way we interact with technology is evolving. Traditional input methods – keyboards, touchscreens, and voice commands – are expected to give way to more natural, seamless interactions. Wearable Devices is developing an AI-powered neural wristband technology for detection of user specific micro-gestures, enabling a future of personalized controls tailored to individual users.

    While gestures such as Pinch, Pinch and Drag, and Drag are now in common use with multiple XR devices using gesture detection cameras, the use of a neural interface requires overcoming the various patterns a user may exhibit. Certain users may display neural patterns which are over the normal distribution patterns. Further, the development of new unique gestures which are personalized to a specific user may be hindered by the above obstacles.

    Through leveraging Large Motor Unit Action Potential (MUAP) Models, Wearable Devices is enhancing its ability to create a higher gesture classification experience to all users. Micro gestures, in-which the fingers only perform a minute movement, and user-defined gestures can be added to a control scheme on a device, thus enhancing the comfort of control and the ease of use on multiple devices.

    A New Era for AI-Powered Devices and XR Platforms

    Wearable Devices’ neural-based gesture personalization is being developed to revolutionize XR, smartwatches, and other AI-driven interfaces. The technology aims to enable:

    • Micro-Gesture Precision: AI refining recognition of tiny movements, such as small and fine finger swipes or pinches, ensuring reliable, real-time responsiveness.
    • Cross-Device Integration: Personalized gestures seamlessly operating across augmented reality (“AR”)/virtual reality headsets, AR glasses, smartwatches, and other AI-powered devices, creating a unified interaction experience.
    • Context-Aware Interactions: As the  large language  model gets tailored to the specific user behavior and gesture samples, the system becomes more adaptive to users’ habits of performing a gesture.

    Positioning for Growth in High-Value Markets

    Wearable Devices is targeting rapidly growing markets, including AR, virtual reality (“VR”), smartwatches, and AI-driven wearables, where personalized input solutions are increasingly in demand. By developing user-specific, AI-adaptive control interfaces, the Company aims to:

    • Enhance usability and accessibility for consumers and enterprise applications.
    • Drive adoption of neural-based interfaces in the expanding AI and XR sectors.
    • Establish licensing and commercialization opportunities for its proprietary technology.

    Collaboration and Market Expansion

    With over a decade of R&D and a growing patent portfolio, Wearable Devices is inviting AI and XR industry leaders to explore collaboration and integration opportunities.

    For more information about Wearable Devices’ AI-powered gesture control solutions under development, visit www.wearabledevices.co.il

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a pioneering growth company revolutionizing human-computer interaction through its AI-powered neural input technology for both consumer and business markets. Leveraging proprietary sensors, software, and advanced AI algorithms, the Company’s innovative products, including the Mudra Band for iOS and Mudra Link for Android, enable seamless, touch-free interaction by transforming subtle finger and wrist movements into intuitive controls. These groundbreaking solutions enhance gaming, and the rapidly expanding AR/VR/XR landscapes. The Company offers a dual-channel business model: direct-to-consumer sales and enterprise licensing. Its flagship Mudra Band integrates functional and stylish design with cutting-edge AI to empower consumers, while its enterprise solutions provide businesses with the tools to deliver immersive and interactive experiences. By setting the input standard for the XR market, Wearable Devices is redefining user experiences and driving innovation in one of the fastest-growing tech sectors. Wearable Devices’ ordinary shares and warrants trade on the Nasdaq under the symbols “WLDS” and “WLDSW,” respectively.

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss our next-generation gesture personalization technology and the development of our AI-powered neural wristband technology for detection of user specific micro-gestures, expected to enable a future of personalized controls tailored to individual users; our expectations that such technology will reshape human-device interactions, open new commercial and licensing opportunities in the fast-growing XR, smartwatch, and AI-driven device markets; the benefits and advantages of our technology compared to other solutions and technologies currently available; and our goal to enhance accessibility, usability, and engagement in AI-driven environments, drive adoption of neural-based interfaces in the expanding AI and XR sectors and establish licensing and commercialization opportunities for its proprietary technology. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations Contact

    Michal Efraty

    IR@wearabledevices.co.il

    The MIL Network –

  • MIL-OSI: NVIDIA CEO Jensen Huang and Industry Visionaries to Unveil What’s Next in AI at GTC 2025

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., March 05, 2025 (GLOBE NEWSWIRE) — NVIDIA today announced GTC 2025, the world’s premier AI conference, will return March 17-21 to San Jose, Calif. — bringing together the brightest minds in AI to showcase breakthroughs happening now in physical AI, agentic AI and scientific discovery. GTC will bring together 25,000 attendees in person — and 300,000 attendees virtually — for an in-depth look at the technologies shaping the future.

    NVIDIA founder and CEO Jensen Huang will deliver the keynote from SAP Center on Tuesday, March 18, at 10 a.m. PT focused on AI and accelerated computing technologies changing the world. It will be livestreamed and available on demand at nvidia.com. Registration is not required to view the keynote online.

    Onsite attendees can arrive at SAP Center early to enjoy a live pregame show hosted by the “Acquired” podcast and other surprise festivities. Virtual attendees can catch the pregame show live online.

    “AI is pushing the limits of what’s possible — turning yesterday’s dreams into today’s reality,” Huang said. “GTC brings together the brightest scientists, engineers, developers and creators to imagine and build a better future. Come and be first to see the new advances in NVIDIA computing and breakthroughs in AI, robotics, science and the arts that will transform industries and society.”

    AI is here, and it’s mainstream — powering the everyday brands that shape people’s lives. At GTC, some of the world’s largest companies, groundbreaking startups and leading academic minds will convene to explore the transformative impact of AI across industries.

    With over 1,000 sessions, 2,000 speakers and nearly 400 exhibitors, GTC will showcase how NVIDIA’s AI and accelerated computing platforms tackle the world’s biggest and toughest challenges — spanning climate research to healthcare, cybersecurity, humanoid robotics, autonomous vehicles and more. From large language models and physical AI to cloud computing and scientific discovery, NVIDIA’s full-stack platform is driving the next industrial revolution.

    At the conference, attendees can also look forward to curated experiences, including dozens of demos spanning every industry, hands-on training, autonomous vehicle exhibits and rides, and a new GTC Night Market featuring street food and wares from 20 local vendors and artisans.

    Notable speakers include:

    • Pieter Abbeel, director of the UC Berkeley Robot Learning Lab and co-director of the UC Berkeley Artificial Intelligence Lab
    • Drago Anguelov, vice president and head of research, Waymo
    • Frances Arnold, Nobel Laureate in chemistry and Linus Pauling Professor of chemical engineering, bioengineering and biochemistry, California Institute of Technology
    • Gülen Bengi, chief marketing officer, Mars Snacking
    • Esi Eggleston Bracey, chief growth and marketing officer, Unilever
    • Noam Brown, research scientist, OpenAI
    • Nadia Carlsten, CEO, Danish Centre for AI Innovation, Novo Nordisk Foundation
    • Max Jaderberg, chief AI officer, and Sergei Yakneen, chief technology officer, Isomorphic Labs
    • Athina Kanioura, executive vice president and chief strategy and transformation officer, PepsiCo
    • Jeffrey Katzenberg, founding partner, WndrCo
    • The Rt Hon Peter Kyle MP, secretary of state for science, innovation and technology, United Kingdom
    • Yann LeCun, vice president and chief AI scientist, Meta; professor, New York University
    • Arthur Mensch, CEO, Mistral AI
    • Joe Park, chief digital and technology officer, Yum! Brands; president, Byte by Yum!
    • Rajendra “RP” Prasad, chief information and asset engineering officer, Accenture
    • Raji Rajagopalan, vice president, Azure AI Foundry, Microsoft
    • Aaron Saunders, chief technology officer, Boston Dynamics
    • RJ Scaringe, founder and CEO, Rivian
    • Clara Shih, head of business AI, Meta
    • Alicia Tillman, chief marketing officer, Delta Air Lines
    • Pras Velagapudi, chief technology officer, Agility Robotics

    More than 900 organizations will participate, including Accenture, Adobe, Arm, Airbnb, Amazon Web Services (AWS), BMW Group, The Coca-Cola Company, CoreWeave, Dell Technologies, Disney Research, Field AI, Ford, Foxconn, Google Cloud, Kroger, Lowe’s, Mercedes-Benz, Meta, Microsoft, MLB, NFL, OpenAI, Oracle Cloud Infrastructure, Pfizer, Rockwell Automation, Salesforce, Samsung, ServiceNow, SoftBank, TSMC, Uber, Volvo, Volkswagen, Wayve and Zoox.

    Quantum Day Arrives
    NVIDIA will host its first Quantum Day at GTC on March 20. The event will bring together the global quantum computing community and key industry figures.

    Leaders from the quantum computing industry will join a panel with Huang from 10 a.m. to 12 p.m. PT, shedding light on the current state and future of quantum computing. The panel will be livestreamed and available on demand, and feature pioneers in quantum computing, including:

    • Alan Baratz, CEO, D-Wave
    • Ben Bloom, CEO, Atom Computing
    • Peter Chapman, executive chair, IonQ
    • Rajeeb Hazra, CEO, Quantinuum
    • Loïc Henriet, co-CEO, Pasqal
    • Matthew Kinsella, CEO, Infleqtion
    • Subodh Kulkarni, CEO, Rigetti
    • John Levy, CEO, SEEQC
    • Andrew Ory, CEO, QuEra Computing
    • Théau Peronnin, CEO, Alice & Bob
    • Rob Schoelkopf, chief scientist, Quantum Circuits
    • Simone Severini, general manager, quantum technologies, AWS
    • Pete Shadbolt, chief scientific officer, PsiQuantum
    • Krysta Svore, technical fellow, Microsoft

    Quantum Day will also feature technical sessions with partners, NVIDIA researchers and more.

    AI Training and Certification for Developers
    NVIDIA is training the workforce of the future to equip them with critical skills for navigating and leading in an AI-driven future.

    GTC attendees can participate in more than 80 hands-on instructor-led workshops and training labs provided by NVIDIA Training.

    For the first time, onsite attendees can take certification exams for free — gaining a tremendous opportunity to validate their AI and accelerated computing skills and advance their careers.

    In addition, new professional certifications will be available in accelerated data science and AI networking, as well as workshops in generative AI, agentic AI and accelerated computing with CUDA® C++.

    Learn more about training offerings at GTC on the event webpage.

    Startup and Venture Capital Ecosystem
    For startups and VCs, GTC will feature an AI Day with expert panels, live demos from top startups, session tracks designed for investors, a VC reverse pitch session and exclusive networking opportunities with investors.

    The NVIDIA Inception Pavilion will spotlight cutting-edge innovation from the NVIDIA Inception program, home to more than 22,000 startups. Nearly 250 Inception members will showcase their breakthroughs with demos, exhibitions and sessions spanning areas such as healthcare, climate science and robotics.

    NVIDIA Financial Analyst Q&A
    NVIDIA will hold a Q&A session for investors on March 19 at 8:30 a.m. PT. The webcast will be available at investor.nvidia.com.

    About NVIDIA
    NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

    For further information, contact:
    Clarissa Eyu
    Corporate Communications
    NVIDIA Corporation
    ceyu@nvidia.com

    Certain statements in this press release including, but not limited to, statements as to: the timing, size, themes, sessions, speakers, participants, availability and impact of GTC, including the GTC keynote and the Quantum Day; AI pushing the limits of what’s possible — turning yesterday’s dreams into today’s reality; from large language models and conversational AI to cloud computing and scientific breakthroughs, NVIDIA’s full-stack platform driving the next industrial revolution; AI powering the everyday brands that shape people’s lives; NVIDIA training the workforce of the future; the availability of professional certifications for onsite attendees; and the timing and availability of the financial analyst Q&A are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

    © 2025 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo and CUDA are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/922e27de-6626-4818-9a6d-d3108f818e25.

    The MIL Network –

  • MIL-OSI United Kingdom: Co-op re-writes anti-competitive land agreements

    Source: United Kingdom – Executive Government & Departments

    Press release

    Co-op re-writes anti-competitive land agreements

    Grocery retailer addresses over 100 land agreements which restrict rivals opening nearby.

    iStock

    Co-operative Group Limited (Co-op) has admitted to 107 breaches of an Order put in place to protect competition and stop the use of unlawful anti-competitive land agreements in grocery retailing.

    The Competition and Markets Authority (CMA) found that the supermarket chain, which owns almost 2,400 stores across the UK and holds a 5.2 per cent market share in the UK’s £190.9bn supermarket industry, breached the Groceries Market Investigation (Controlled Land) Order 2010.The Order was introduced to stop supermarkets imposing restrictions that block rivals from opening competing stores nearby. By ensuring supermarkets compete freely, the CMA is ensuring that shoppers have more choice and so benefit from a wider range of groceries and access to cheaper prices.

    The CMA was concerned that this substantial number of breaches demonstrates a significant failure of compliance for a business of Co-op’s size. Having already addressed 104 agreements, Co-op has also agreed to resolve the remaining 3.

    Daniel Turnbull, Senior Director of Markets at the CMA said:

    Restrictive agreements by our leading retailers affect competition between supermarkets and impact shoppers trying to get the best deals.

    We know that Co-op has made a considerable effort to amend all their unlawful agreements, given this Order has been in place since 2010. Co-op and the other designated retailers must make sure they do the right thing by their customers in the future.

    Today’s action is part of a targeted programme of activity by the CMA to enforce the Order’s rules on land agreements, and thereby protect competition between businesses, helping to keep prices down for supermarket customers. This includes action on similar breaches of the same rules by Tesco in 2020 (23 breaches); Waitrose in 2022 (7 breaches); Sainsbury’s (18 breaches); Asda (14 breaches) in 2023; Morrisons (55 breaches); and Marks and Spencer (10 breaches) in 2023.

    The CMA’s wider work in the groceries sector includes an investigation of loyalty pricing and a market study into the infant formula and follow-on formula market which concluded with recommendations.

    Notes to editors:

    1. For more information about the limits on large grocery retailers’ ability to prevent land being used by their competitors for grocery retailing in the future, please read: Groceries Market Investigation (Controlled Land) Order 2010 and the CMA’s guidance on Land Agreements.
    2. The Order came into force in 2010 and banned new restrictive covenants which prohibit land being used for a supermarket.
    3. The Order also banned Exclusivity Arrangements (which prevent landlords from allowing stores to compete with an existing supermarket) which were over 5 years long.
    4. There are seven designated large grocery retailers that the Order currently applies to: Tesco plc; J Sainsbury plc; Wm Morrison Supermarkets Limited; Asda Stores plc; Co-operative Group Limited; Waitrose Limited; and Marks and Spencer plc.
    5. The CMA’s letter sent to Co-op is publicly available and sets out the CMA’s response to its respective reported breaches.
    6. The Digital Markets, Competition and Consumers Act 2024 enhanced the CMA’s power to ensure compliance with its remedies, by empowering it to impose financial penalties for breaches of its remedy requirements. These enhanced powers apply to breaches of remedies put in place after the commencement of the new powers on 1 January 2025. As the Order was put in place in 2010, before the commencement of the new powers, the CMA does not have the power to fine those who breach the Order.
    7. For media enquiries contact the CMA press office on 0203 738 6460 or press@cma.gov.uk.

    Updates to this page

    Published 5 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: NOAA’s National Ocean Service: Working for you!

    Source: US National Ocean Service News

    Kayakers paddle through Channel Islands National Marine Sanctuary. Credit: Chuck Graham.

    NOAA’s National Ocean Service (NOS) has a unique mission that includes some of the most interesting parts of government! NOS is America’s leader in coastal and ocean science, technology, and management. We balance economic and environmental needs and deliver tools and services that directly support national security and the public. Dive in to learn more about how NOS works for you each and every day.
    We make using GPS more accurate. Our science improves GPS data by providing positioning information that is accurate to a fraction of an inch. This ensures ships navigate safely under bridges; farmers efficiently apply fertilizer to crops; and construction occurs in exactly the right place and with precise engineering.
    We help to get ships — and their cargo — safely and efficiently across oceans and into ports. Our science plays a key role in ensuring that shipments move swiftly along our marine highways. Who doesn’t like a new pair of sneakers? How about fresh bananas? Almost everything we use, wear, and eat relies upon our ports operating safely and efficiently.

    We make nautical charts, the roadmaps of the ocean, so those on the water can avoid dangers and arrive safely at their destination. We’ve been doing this since President Thomas Jefferson first commissioned a survey of U.S. coasts in 1807!

    We provide real-time water level, current, and wind conditions along shipping routes, helping mariners navigate busy, narrow channels, and ensuring successful delivery of cargo. Our “air gap” sensors also tell vessel operators if their ships can safely fit under bridges.

    Two different renderings of NOAA Electronic Navigational Chart (NOAA ENC®) data of the Columbia River, Oregon. The top image is from an Electronic Chart Display and Information System (ECDIS) and the bottom image is output from the NOAA Custom Chart application.

    We respond when disasters strike. From extreme weather events to oil spills, our emergency response teams spring into action to assess impacts and aid in recovery.

    Following hurricanes and natural disasters, our scientists take flight aboard NOAA planes that collect aerial images of damage. The imagery is critical to understanding impacts sustained to both property and the environment and supports safe navigation during maritime recovery efforts. We also work to survey for dangers to navigation and remove marine debris to reopen ports and waterways.

    Every year we respond to over 150 oil and chemical spills in U.S. waters — which can threaten life, property, and substantially disrupt marine transportation with widespread economic impacts. Following a spill, our teams provide scientific support to estimate where the spill may go; analyze potential hazards; and to assess the risks and evaluate damages to people, habitats, and other species.

    Left image: National Geographic videographer Bob Perrin films an oil slick at the Deepwater Horizon site. Right image: Aerial view of a destroyed building in Asheville, North Carolina, collected by NOAA aircraft on October 5, 2024. Credit: NOAA.

    We forecast future ocean conditions and hazardous events. Our online tools help the public protect their health, safety, and wellbeing while at home and on the water, and our rip current forecasts keep swimmers safe while enjoying the ocean.

    We help to protect critical coastal infrastructure from hazardous events, like high tide flooding and tsunamis. We also maintain a national network of tide gauges, and gather and connect thousands of coastal and ocean data sources from around the country that inform NOAA forecasting tools for public safety and grow the ocean economy by improving public access to foundational data and information.

    Did you know that harmful algal blooms can occur in every U.S. coastal and Great Lakes state and can affect the health of people, animals, and even contaminate drinking water? We produce forecasts in the Gulf of America, the Gulf of Maine, and Lake Erie so beach-goers can adjust their plans; health officials and water treatment facility operators can focus their testing procedures; and seafood and tourism industries can minimize impacts to their businesses; and the public can remain healthy and well.

    NOAA deploys buoys like the one shown here in the Columbia River, Washington to collect real-time currents and wind data in support of scientific research, disaster recovery, and safe navigation. Credit: NOAA.

    We take care of special coastal and ocean places. By conserving unique areas around the country, we’re also boosting the economic benefits nationwide.

    We work with partners to manage 18 National Marine Sanctuaries and 30 National Estuarine Research Reserves in U.S. waters and along the coastline. These protected places provide opportunities for recreation and tourism — like fishing, diving, and whale watching — attracting visitors from all over the world and fueling local economies. As world-class destinations, these places also help raise public awareness about research and conservation.

    Did you know that coral reefs protect coastlines from storms and erosion, provide jobs for local communities, and are also a source of food and new medicines? We work to protect, conserve, and restore the nation’s coral reefs for current and future generations.

    Coral reef in Tres Palmas, Puerto Rico. Credit: NOAA

    These are just a few of the many ways NOS helps protect Americans and our oceans and coasts. Visit our website to learn more about how we contribute to NOAA’s mission of science, service, and stewardship.

    MIL OSI USA News –

  • MIL-OSI: Byrna Technologies Announces Preliminary Fiscal First Quarter 2025 Record Revenue of $26.2 Million

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., March 05, 2025 (GLOBE NEWSWIRE) — Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a technology company, specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced select preliminary financial results for the fiscal first quarter ended February 28, 2025.

    Preliminary First Quarter Results
    Based on preliminary unaudited results, the Company expects total revenue for the fiscal first quarter of 2025 to be $26.2 million, representing a 57% increase compared to $16.7 million in the fiscal first quarter of 2024. The significant year-over-year growth in first quarter revenue is primarily attributable to the continued success of Byrna’s marketing strategies and increased production levels at Byrna’s Fort Wayne, Indiana factory.

    As a result, Byrna’s e-commerce channels were up $6.7 million over last year, representing 74% of Byrna’s total sales for the quarter. To meet heightened demand and support its growth initiatives for 2025, Byrna produced a record 68,916 launchers in the first quarter, a 26% increase from the fourth quarter of 2024 and a 219% increase year-over-year. Dealer sales also experienced strong growth, rising $1.9 million year-over-year.

    Management Commentary
    “We are gratified to see the growth in Q1, as this is the first year-over-year quarterly comparison where we were comparing our performance against a prior year quarter where we had implemented our celebrity endorsement strategy,” said Byrna CEO Bryan Ganz. “Historically, Q1 has been our slowest quarter, yet sales decreased only 6% sequentially from what is our seasonally strongest quarter of the fiscal year. This success is a testament to the growing brand awareness that we have built since pivoting our marketing strategy in 2023.

    “To support our ambitious growth targets, we produced a record 68,916 launchers in the quarter. With new celebrity influencers including Megyn Kelly, Lara Trump, and Donald Trump Jr., an expanding retail store presence, the kickoff of our store-within-a-store partnership with Sportsman’s Warehouse, and the launch of the Compact Launcher, we are well-positioned to continue our strong growth trajectory throughout 2025.”

    Preliminary Fiscal First Quarter 2025 Sales Breakdown:      
    Sales Channel ($ in millions) Q1 2025 Q1 2024 % Change
    Web 19.4  12.7  53 %
    Byrna Dedicated Dealers 4.4  2.5  76 %
    Law Enforcement / Schools / Pvt Security 0.0  0.0  0 %
    Retail Stores 0.3  0.2  53 %
    International 2.0  1.3  56 %
    Total Sales 26.2  16.7  57 %


    Tariff Exposure Update
    Byrna remains well-positioned to navigate evolving trade policies with minimal impact on its cost structure. As previously stated, Byrna sources no critical components from Mexico or Canada, and its limited exposure to China is mitigated by a dual-sourcing strategy. The Company is on track to move most, if not all of the current supply chain to the United States in 2025, reinforcing its commitment to domestic manufacturing. Additionally, higher tariffs on Chinese goods could benefit Byrna by raising costs for competitors that rely on China for production.

    Conference Call
    Byrna plans to report its full financial results for the fiscal first quarter in April, which will be accompanied by a conference call to discuss the results and address questions from investors and analysts. The conference call details will be announced prior to the event.

    About Byrna Technologies Inc.
    Byrna is a technology company specializing in the development, manufacture, and sale of innovative non-lethal personal security solutions. For more information on the Company, please visit the corporate website here or the Company’s investor relations site here. The Company is the manufacturer of the Byrna® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a non-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company’s e-commerce store.

    Forward-Looking Statements
    This news release contains “forward-looking statements” within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “intends,” “anticipates,” and “believes” and statements that certain actions, events or results “may,” “could,” “would,” “should,” “might,” “occur,” “be achieved,” or “will be taken.” Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include, but are not limited to, our statements related to preliminary revenue results for the first fiscal quarter 2025, the timing of the release of full financial results for the quarter, expectations for future sales growth and demand trends, the impact of marketing strategies, the anticipated performance of new products and retail store expansion, and the Company’s ability to sustain momentum throughout 2025.Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.

    Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, disappointing market responses to current or future products or services; prolonged, new, or exacerbated disruption of the Company’s supply chain; the further or prolonged disruption of new product development; production or distribution or delays in entry or penetration of sales channels due to inventory constraints, competitive factors, increased shipping costs or freight interruptions; prototype, parts and material shortages, particularly of parts sourced from limited or sole source providers; determinations by third party controlled distribution channels not to carry or reduce inventory of the Company’s products; determinations by advertisers to prohibit marketing of some or all Byrna products; the loss of marketing partners or endorsers; potential cancellations of existing or future orders including as a result of any fulfillment delays, introduction of competing products, negative publicity, or other factors; product design defects or recalls; litigation, enforcement proceedings or other regulatory or legal developments; changes in consumer or political sentiment affecting product demand; regulatory factors including the impact of commerce and trade laws and regulations; import-export related matters or tariffs, sanctions or embargos that could affect the Company’s supply chain or markets; delays in planned operations related to licensing, registration or permit requirements; and future restrictions on the Company’s cash resources, increased costs and other events that could potentially reduce demand for the Company’s products or result in order cancellations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in the Company’s most recent Form 10-K, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in the Company’s SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.

    Investor Contact:
    Tom Colton and Alec Wilson
    Gateway Group, Inc.
    949-574-3860
    BYRN@gateway-grp.com

    The MIL Network –

  • MIL-OSI: Open Lending to Announce Fourth Quarter and Full Year 2024 Results on March 17, 2025

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, March 05, 2025 (GLOBE NEWSWIRE) — Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or the “Company”), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, today announced that the Company plans to host a conference call to discuss fourth quarter and full year 2024 financial results on Monday, March 17, 2025, at 5:00 PM ET. A press release with fourth quarter and full year 2024 financial results will be issued after the market closes that same day.

    The conference call will be webcast live from the Company’s investor relations website at https://investors.openlending.com/ under the “Events” section. The conference call can also be accessed live over the phone by dialing (877) 407-4018, or for international callers (201) 689-8471. An archive of the webcast will be available at the same location on the website shortly after the call has concluded.

    About Open Lending

    Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling, and default insurance to auto lenders throughout the United States. For over 20 years, we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.

    Contact information:

    Investor Relations Inquiries:
    InvestorRelations@openlending.com

    Source: Open Lending Corporation

    The MIL Network –

  • MIL-OSI China: China eases tech M&A loan rules in pilot program to boost innovation

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

    BEIJING, March 5 — China has announced a series of relaxed rules for merger and acquisition (M&A) loans targeting tech companies in a pilot program aimed at channeling more capital into sci-tech innovation and enhancing China’s technological competitiveness, according to the country’s financial regulator on Wednesday.

    Amid efforts to address long-standing financing challenges for tech companies engaged in strategic mergers, banks participating in the pilot program are now permitted to lend up to 80 percent of transaction values for acquisitions involving controlling stakes in tech firms, up from the previous 60 percent cap, according to China’s National Financial Regulatory Administration.

    Loan repayment periods have also been extended to a maximum of 10 years, compared to the prior seven-year limit.

    Standards for cities, banks and tech firms involved in the pilot program have been formulated based on consultations with the National Development and Reform Commission, the Ministry of Science and Technology, and the Ministry of Industry and Information Technology, according to an administration official.

    The pilot program spans 18 cities, including Beijing, Shanghai, Shenzhen and Chengdu, and focuses on cities with robust innovation ecosystems, such as those within the Beijing-Tianjin-Hebei cluster, the Yangtze River Delta and the Greater Bay Area, as well as regional hubs in Wuhan, the Chengdu-Chongqing area and Xi’an.

    Eligible banks include major state-owned lenders, joint-stock banks and urban commercial banks with strong risk management capabilities, while tech companies eligible for these loans must demonstrate strong research and development capabilities, clear market potential in the commercialization of technologies, and solid credit histories, according to the official.

    The regulator has pledged to monitor fund usage closely, and to cultivate specialized financial teams to ensure the effective implementation of the pilot program, offering functional financial support for tech company M&As.

    MIL OSI China News –

  • MIL-OSI Australia: Operation Protego

    Source: Australian Department of Revenue

    About Operation Protego

    Operation Protego is an ATO-led investigation into large-scale GST fraud that was promoted particularly on social media. The attempted fraud involves an individual:

    • inventing a fake business
    • lodging a fraudulent Australian business number (ABN) application, and
    • submitting fictitious business activity statements (BAS) to attempt to gain a false GST refund.

    In May 2022 we issued warnings to the community to be on the lookout for fraud schemes being promoted through social media and other channels. We advised those who were involved to come forward.

    The most serious offenders of financial crime are referred to the ATO-led Serious Financial Crime Taskforce (SFCT), including individuals involved in Operation Protego. The SFCT is taking firm action against individuals, facilitators and promoters suspected of defrauding the community by inventing fake businesses to claim false GST refunds.

    You need to check the facts – nobody is giving money away for free or offering loans that don’t need to be paid back. Simply speaking, if you don’t operate a business, you don’t need an ABN, and you shouldn’t lodge a BAS. This is fraud.

    For those who may be tempted by the promise of big gains, the ATO has sophisticated risk models. We work with banks, law enforcement agencies and other organisations to share information and detect fraud. We also have access to intelligence through community tip offs, and other information sources. The SFCT brings together the knowledge, resources and experience of relevant law enforcement and regulatory agencies to identify and address the most serious and complex forms of financial crime.

    Latest news

    25 February 2025 – Benjamin West sentenced to 2 years jail

    Benjamin West has been sentenced to 2 years jail. He is to be released after serving 6 months in custody, on a recognisance release order of $500, and to be of good behaviour for 2 years. Mr West was also ordered to pay reparation of $49,226.

    In February 2022, Mr West applied for an Australian Business Number claiming he was providing garden and lawn maintenance services. He then knowingly provided his myGov login details to a third party who lodged 6 business activity statements, allowing Mr West to fraudulently obtain $49,226 in GST refunds before attempting to obtain a further $25,060 which was stopped by the ATO.

    An audit by the ATO determined that he was not operating a legitimate business, and therefore not entitled to the GST refunds he had claimed.

    17 February 2025 – Adam Hohenberger sentenced to 2 years and 3 months jail

    Adam Hohenberger was sentenced to 2 years and 3 months in jail for committing GST fraud. He is to be released after serving 8 months in custody, on a recognisance release order. He must be of good behaviour and be supervised by a probation officer for 19 months.

    Mr Hohenberger was charged with 22 counts of obtaining a financial advantage by deception and 16 counts of attempting to obtain a financial advantage by deception.

    In May 2020, an Australian business number (ABN) was created for a construction repair business in Mr Hohenberger’s name. In 2022, he lodged 98 business activity statements (BAS) receiving over $108,000 he was not entitled to.

    During the audit process it was discovered that Mr Hohenberger did not have the skills required to repair construction machinery and therefore he was not operating a legitimate business.

    Mr Hohenberger was also ordered to repay $108,451 to the ATO.

    29 November 2024 – Thitikorn Thanawong sentenced to 2 years and 8 months jail

    Thitikorn Thanawong recklessly dealt with $296,212 that was the proceeds of indictable crime. She spent the entire amount on holiday expenses, transfers to associates and luxury retail purchases.

    She was sentenced to 2 years and 8 months in jail, to be released on a recognisance release order after serving 10 months, upon entering recognisance of $2,000 and to be of good behaviour for 2 years.

    For more information, see Luxury spender jailed through Operation Protego.

    28 October 2024 – Craig Hamilton sentenced to 2 months and 2 weeks jail

    Craig Hamilton was sentenced to 2 months and 2 weeks jail, released immediately on a security of $500 and to be of good behaviour for 2 years for dealing with the proceeds of indictable crime. Mr Hamilton obtained and dealt with $80,000 of fraudulent funds.

    Mr Hamilton reactivated a past Australian business number (ABN) operating as a construction project manager. In February 2022, 4 business activity statements (BAS) were lodged for the business and he claimed GST refunds that he was not entitled to.

    During the audit process, several red flags were identified:

    • No website or social media presence existed for the business.
    • Reported expenses exceeded his actual earnings.
    • Identical expense amounts were reported every quarter.
    • 80% of his income came from government benefits.

    Mr Hamilton’s bank records also didn’t indicate any business expenses or wages being paid. Instead, his expenses were largely spent on fines and fees, takeout, and supermarket purchases.

    Of the $80,000 obtained, $72,905 was recovered from the bank after Mr Hamilton’s account was frozen. This left a balance of $7,094 which he was ordered to repay.

    16 October 2024 – Tahra Wyntjes sentenced to 4 years jail

    Tahra Wyntjes was sentenced to 4 years jail with a non-parole period of 2 years and 4 months. She was charged with one count of obtaining a financial advantage by deception and one count of attempting to obtain a financial advantage by deception.

    Ms Wyntjes obtained $599,349 in fraudulent GST refunds she was not entitled to and attempted to obtain a further $259,976, which was stopped by ATO officers.

    Ms Wyntjes registered for both an ABN and for GST in November 2021 for a residential cleaning business. Between November 2021 and March 2022, she lodged fraudulent BAS, which ATO officers quickly noticed and began investigating.

    Ms Wyntjes was ordered to repay $599,349 by the court.

    For more information, see Victorian woman sentenced over GST fraud.

    9 October 2024 – Aman Akol sentenced to 6 months jail

    Aman Akol was sentenced to 6 months jail, released on a security of $1,000 and good behaviour for one year. She was charged with one offence of obtaining a financial advantage by deception, and one offence of attempting to obtain a financial advantage by deception.

    Between 20 October 2021 and 2 March 2022, Ms Akol conspired with an online associate to dishonestly lodge 7 BAS for a cleaning business that did not exist. These lodgments resulted in Ms Akol fraudulently obtaining $85,759 in GST refunds she was not entitled to and attempting to obtain a further $27,960.

    Aman Akol is the sister of Arec Akol who was charged and sentenced with similar offences in January 2024.

    6 September 2024 – Lee Sheridan sentenced to 2 years jail

    On 6 September 2024, Lee Sheridan was sentenced to 2 years in jail, to be released after having served 6 months, for dealing with the proceeds of crime (GST fraud).

    Mr Sheridan received and spent fraudulent GST refunds totalling $377,820 after he provided his personal details to an individual who lodged 38 original and revised monthly BAS on his behalf.

    For more information, see Operation Protego holds Perth offender to account.

    31 May 2024 – Joshua Mitchell sentenced to 18 months in jail

    On 31 May 2024, 33-year-old Joshua Mitchell was sentenced to 18 months imprisonment, partially suspended with a $2,000 recognisance, under supervision and good behaviour. Mr Mitchell was also ordered to pay reparation of $24,200.

    Between 11 March 2022 and 2 April 2022, Mr Mitchell dishonestly lodged one original and one revised BAS, for a business that did not exist. He fraudulently obtained a total of $24,200.

    During the same period, he disposed of almost all the proceeds he had fraudulently obtained through payments to associates, streaming services and restaurants.

    26 March 2024 – Lisa McCormick sentenced to 2 years 6 months jail

    Lisa McCormick was sentenced to 2 years and 6 months jail and ordered to repay $39,600 in fraudulent funds. After serving 12 months, she will be released on a security of $5,000 and good behaviour for 18 months.

    Between 3 March 2022 and 30 April 2022, Mrs McCormick lodged 3 fraudulent BAS and as a result, received a GST refund of $39,600 which she was not entitled to. She also tried to obtain a further $9,820.

    While undergoing investigation, Mrs McCormick sent 8 false documents to the ATO which she was later charged over.

    She was charged with 2 counts of obtaining financial advantage by deception, one count of attempt to obtain financial advantage by deception, and one count of using a false document with the intention of dishonestly inducing a Commonwealth public official.

    22 January 2024 – Arec Akol sentenced to 3 months jail

    Arec Akol was sentenced to 3 months jail, released on a security of $5,000 and good behaviour for a year. She was charged with one count of obtaining financial advantage by deception.

    Ms Akol had registered an ABN for a cleaning business which didn’t exist. Seven fraudulent BAS were then lodged between 1 April 2021 and 28 February 2022.

    In total, Ms Akol claimed a GST refund of $69,461 which she was not entitled to. She was ordered to repay this amount in full.

    12 January 2024 – Adam Mitchell sentenced to a community corrections order of 15 months

    Adam Mitchell was sentenced to a community corrections order of 15 months after being charged with one offence of dealing in money or property that was the proceeds of crime worth $10,000 or more.

    Mr Mitchell had registered an ABN in 2017 and registered for GST reporting on 8 April 2022. On 22 April 2022, he lodged a fraudulent BAS claiming a GST refund of $18,000.

    In addition to the community corrections order, Mr Mitchell was ordered to repay the Commonwealth the full amount he had fraudulently claimed.

    17 November 2023 – Wayne Garrett sentenced to 3 years and 4 months jail

    Wayne Garrett was sentenced to 3 years and 4 months in jail with a non-parole period of 1 year and 9 months and ordered to repay $180,095 for GST fraud. He was charged with one count of obtaining a financial advantage by deception, one count of attempting to obtain a financial advantage by deception and one count of joint commission with a person of interest.

    Mr Garrett received $180,095 in GST refunds he was not entitled to. He also attempted to obtain a further $50,644.

    23 October 2023 – Rachel Saville sentenced to 1 year and 8 months jail

    Rachel Saville was sentenced to 1 year and 8 months jail after being charged with 4 counts of obtaining benefit by deception.

    Ms Saville reactivated an ABN for a jewellery and silver manufacturing business on 7 February 2022. Between 21 February 2022 and 26 July 2023, she lodged 63 fraudulent BAS obtaining $73,650 that she was not entitled to.

    Ms Saville also attempted to claim a further $192,983 in fraudulent GST refunds.

    For more information, see Wollongong woman jailed for GST fraud.

    30 August 2023 – Linden Phillips sentenced to 7 and a half years jail

    Linden Phillips was sentenced to 7 years and 6 months in prison with a non-parole period of 5 years. He was changed with obtaining financial advantage by deception, attempt to obtain financial advantage by deception, and deal with the proceeds of crime.

    Mr Phillips lodged false BAS which saw him fraudulently receive more than $830,000.

    For more information, see Mildura man jailed for 7 years for GST fraud.

    Update: Upon appeal, the sentence was reduced on 13 June 2024 to 6 years and 3 months with a non-parole period of 4 years.

    29 August 2023 – Justin McCormick sentenced to 2 years jail

    Justin McCormick was sentenced to 2 years jail with a 12-month non-parole period and ordered to repay almost $110,000 of funds fraudulently obtained. He was charged with 5 offences of dishonestly obtaining a financial advantage by deception from the Commissioner of Taxation.

    Mr McCormick had an ABN which had been registered between 28 March 2009 and 13 February 2015. He then re-registered this ABN on 11 February 2022 with the intent to lodge BAS for a business that did not exist and to claim GST on purchases that were never made.

    As a result of the false information reported in each BAS, McCormick obtained $109,278 in GST refunds, an amount to which he was not entitled.

    For more information, see Perth man jailed as Protego enforcement action continues.

    MIL OSI News –

  • MIL-OSI: CERo Therapeutics Holdings, Inc. to Present Data at the Society for Immunotherapy of Cancer Spring Scientific March 12-14

    Source: GlobeNewswire (MIL-OSI)

    New poster to highlight preclinical data of CER-1236 in ovarian cancer

    SOUTH SAN FRANSCISCO, Calif., March 05, 2025 (GLOBE NEWSWIRE) — CERo Therapeutics Holdings, Inc., (Nasdaq: CERO) (“CERo” or the “Company”) an innovative immunotherapy company seeking to advance the next generation of engineered T cell therapeutics that employ phagocytic mechanisms, announces it will be presenting preclinical results of lead compound CER-1236 in ovarian cancer during the Spring Scientific from the Society for Immunotherapy of Cancer (SITC) in San Diego, March 12-14.

    The poster, titled, “TIM-4-L Expression on Ovarian Cancer Samples can be Targeted by Engineered Chimeric Engulfment Receptor T cells without Toxicity,” will be presented March 13, 2025.  The Company will announce the data concurrently with the presentation at the conference by making the poster available on its website at 9:00AM ET on March 13, 2025.

    Chris Ehrlich, CERo CEO commented, “As we progress toward launching our Phase 1 trial in AML, we continue to present additional data in ovarian cancer along with the substantial data we’ve already presented in Non-Small Cell Lung Cancer (NSCLC). We have significant data in multiple liquid and solid tumors for CER-1236 demonstrating tremendous potential across many cancer types. Moreover, we will not only be testing CER-1236 shortly in AML but anticipate doing so as well in ovarian cancer and non-small cell lung cancer in 2025. We are grateful for the opportunity to share these outcomes and discuss them with the scientific community, look forward to sharing the data concurrently with the meeting, and to providing progress updates on our AML program in the near term.”

    About CERo Therapeutics Holdings, Inc.

    CERo is an innovative immunotherapy company advancing the development of next generation engineered T cell therapeutics for the treatment of cancer. Its proprietary approach to T cell engineering, which enables it to integrate certain desirable characteristics of both innate and adaptive immunity into a single therapeutic construct, is designed to engage the body’s full immune repertoire to achieve optimized cancer therapy. This novel cellular immunotherapy platform is expected to redirect patient-derived T cells to eliminate tumors by building in engulfment pathways that employ phagocytic mechanisms to destroy cancer cells, creating what CERo refers to as Chimeric Engulfment Receptor T cells (“CER-T”). CERo believes the differentiated activity of CER-T cells will afford them greater therapeutic application than currently approved chimeric antigen receptor (“CAR-T”) cell therapy, as the use of CER-T may potentially span both hematological malignancies and solid tumors. CERo anticipates initiating clinical trials for its lead product candidate, CER-1236, in 2024 for hematological malignancies.

    Forward-Looking Statements

    This communication contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for future operations of CERo the timing and completion of the reverse stock split, and the acceptance and implementation of its proposed plan of compliance with Nasdaq continued listing standards. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this communication, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. When CERo discusses its strategies or plans, it is making projections, forecasts or forward-looking statements. Such statements are based on the beliefs of, as well as assumptions made by and information currently available to, CERo’s management.

    Actual results could differ from those implied by the forward-looking statements in this communication. Certain risks that could cause actual results to differ are set forth in CERo’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, filed on April 2, 2024, and the documents incorporated by reference therein. The risks described in CERo’s filings with the Securities and Exchange Commission are not exhaustive. New risk factors emerge from time to time, and it is not possible to predict all such risk factors, nor can CERo assess the impact of all such risk factors on its business, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. All forward-looking statements made by CERo or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. CERo undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Contact:
    Chris Ehrlich
    Chief Executive Officer
    chris@cero.bio

    Investors:
    CORE IR
    investors@cero.bio

    The MIL Network –

  • MIL-OSI Economics: Phillips 66 Issues Letter to Shareholders

    Source: Phillips

    Confirms Elliott Investment Management’s Nomination of Director Candidates

    HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE:PSX) (the “Company”) today issued the following letter to its shareholders. The Company values shareholder feedback and is fully committed to continuing open engagement with all shareholders. This has been consistently demonstrated and expressed over the course of nearly two dozen meetings with Elliott Investment Management (“Elliott”) since October 2023, including the most recent meeting on March 3, 2025.
    The Company also confirmed Elliott has nominated seven directors for election to Phillips 66’s Board of Directors (the “Board”) at the Company’s 2025 Annual Meeting. As the Company disclosed on February 19, the Board will present its recommendation regarding the director nominations with its definitive proxy statement to be filed with the U.S. Securities and Exchange Commission and made available to all shareholders eligible to vote at the 2025 Annual Meeting.
    Following the proper procedures and in accordance with the Company’s By-Laws, the Board intends to put forward another management proposal to declassify the Board at our 2025 Annual Meeting and notes that it has done so five times since its 2015 Annual Meeting.
    Fellow Shareholders:
    At Phillips 66, we are committed to maximizing value for our shareholders through operational excellence and disciplined capital allocation.
    We have a strong track record since our formation in 2012. We have built out a large-scale, competitive, high return Midstream platform, enhanced our chemicals position through Chevron Phillips Chemical Company (CPChem) and have made sustainable improvement to refining operations. These actions have positioned Phillips 66 as the leading energy business it is today.
    Moreover, these actions have delivered substantial value for our shareholders. This includes total shareholder returns of 474%1 and returning $43 billion to shareholders through dividends and share repurchases. Most importantly, we have done all this while sustaining industry-leading safety performance.
    We Have Made Significant Progress on our Strategic Priorities
    Phillips 66 has taken substantial action to deliver on our objectives that we laid out in 2022, and further enhanced in 2023. Our actions have led to significant progress and achievements, enhancing shareholder returns and operational efficiency. We are a business that will always act decisively when we can realize sustainable long-term growth to the benefit of our shareholders and all stakeholders.
    Delivering strong total shareholder returns of 65%2since Mark Lashier became President and CEO of Phillips 66 on July 1, 2022, significantly outperforming the S&P 500 Energy Index (33%2) and our proxy peer group median (22%2)
    Returning significant capital to shareholders with $13.6 billion in share repurchases and dividends from July 2022 through year-end 2024, exceeding our shareholder distribution target
    Reducing refining costs by $1 per barrelsince 2022 and committing to continued improvement
    Maximizing value from our wellhead-to-market strategyby capturing $500 million of run rate synergies from our DCP Midstream acquisition (above our initial target of $300 million) and increasing our Midstream segment’s adjusted EBITDA by $1.5 billion since 2022
    Maintaining our financial resiliencewith strong investment grade credit ratings (A3 / BBB+), engaging in a business optimization that has resulted in over $3 billion in non-core asset divestitures to date and capturing significant cost reductions since 2022 totaling $1.2 billion on a run-rate basis
    Earning industry recognition for our exemplary safety performancein Midstream, Refining and Chemicals in 2022 and 2023
    We Continue to Strengthen Our Business and Our Board
    Below is an update on a number of our key strategic objectives and the actions underway:
    Optimizing Our Business We have demonstrated a commitment to evolving the business over time. We continue to high-grade our assets and capitalize on our growth platform to generate strong returns and significant free cash flow. We have simplified our business with over $3 billion in divestitures in the past year and returned over $5 billion to shareholders through a combination of share repurchases and dividends. We anticipate that our integrated NGL value chain growth strategy will be significantly strengthened with the pending EPIC acquisition.
    Maintaining a Culture of Continuous Improvement, Operational Excellence and Cost Discipline Our culture of continuous improvement demands, and will continue to demand, that we consistently and rigorously evaluate opportunities to optimize our cost structure and operational efficiency to maximize value for shareholders. While we have successfully reduced refining costs per barrel since 2022, as noted above, we recognize that we have more work to do in operations and costs. We are prioritizing our most competitive refineries and continuing to identify and execute cost-savings opportunities. Recently, we announced that we would cease operations at our Los Angeles Refinery in the fourth quarter of 2025, which will allow us to further high-grade our business. We continue to evaluate additional opportunities for efficiency enhancements.
    Returning Cash to Our Shareholders As previously outlined, our 2025–2027 strategic targets include returning over 50% of net operating cash flow to shareholders while driving strong operational performance, implementing further cost reductions and continuing our focus on disciplined capital allocation.
    Ensuring Strong Corporate Governance and Board Oversight We recognize the importance of strong corporate governance and have taken proactive steps to ensure that our Board remains aligned with shareholder interests and is best positioned to oversee the Company’s strategy. Over the past four years, we have welcomed five new independent directors to the Board, including two in 2024. Bob Pease, a director we identified in partnership with Elliott Investment Management (“Elliott”), brings extensive experience in refining and the energy industry broadly. Grace Puma, our most recent addition to the Board, brings strong supply chain experience. Additionally, as we have many times before in 2015, 2016, 2018, 2021 and 2023, we will be seeking shareholder approval of a management proposal to declassify the Board at our 2025 Annual Meeting. Our Board is committed to an evolution that will be responsive to shareholders and beneficial to the business for the long-term.
    We are Listening to Our Shareholders
    We regularly engage with our shareholders through our cross-functional shareholder engagement program to obtain feedback and respond to investor input. In 2024, we engaged with shareholders representing over 60% of our outstanding shares and we will continue to build on that momentum in 2025. It was in this spirit that we first engaged with Elliott in October 2023, to hear their ideas and work together collaboratively. Constructive discussions led to the realization of a common focus on our ambitious goals to maximize shareholder value. We continued constructive dialogue with Elliott throughout 2024, including adding Bob Pease to our Board in February 2024 with Elliott’s support.
    Despite several attempts to reach agreement on adding another director to Phillips 66’s Board, Elliott has chosen to forego constructive dialogue with us and launch their activist playbook. This included a series of attacks and proposals regarding the monetization of certain business units and, for the first time in our discussions, floating the idea of a separation.
    Nevertheless, we remain fully committed to constructive engagement and finding a path forward with Elliott that will benefit all shareholders.
    On Monday, March 3, our team travelled to New York and met with Elliott to express our continued commitment to finding a constructive path forward and offering to interview their director nominees. The meeting ended with Elliott representatives stating there were no immediate next steps. The next day, Elliott leaked their slate of director nominees to the media, issued a press release and filed a preliminary proxy statement. Our leadership team and Board stand ready to engage constructively when Elliott is ready despite these actions, which showed no genuine interest in engagement with Phillips 66.
    The Board continuously and aggressively evaluates the portfolio and other alternatives with a view to maximizing long-term shareholder value – and is willing to take decisive action to achieve this goal. As always, we seriously and comprehensively review shareholder feedback with a focus on creating long-term value.
    The Bottom Line
    Phillips 66 is dedicated to transparency, accountability, and sustainable value creation for shareholders.
    We have made substantial progress and realize there is more work to be done. We will continue to pursue opportunities that strengthen our position to the benefit of our shareholders. We look forward to your input and to provide further updates on our progress.
    Sincerely,
    Mark E. Lashier Chairman and Chief Executive Officer
    Glenn F. Tilton Lead Independent Director

    1 Total Shareholder Return (“TSR”) from May 1, 2012 to March 4, 2025.

    2 Total Shareholder Return (“TSR”) from June 30, 2022 to March 4, 2025.

    About Phillips 66
    Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
    Forward-Looking Statements
    This document contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “commitments,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; failure to complete construction of capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
    Additional Information
    Phillips 66 plans to file a proxy statement and accompanying WHITE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with its 2025 Annual Meeting of Shareholders (the “2025 Annual Meeting”) and its solicitation of proxies for Phillips 66’s director nominees and for other matters to be voted on. Phillips 66 may also file other relevant documents with the SEC regarding its solicitation of proxies for the 2025 Annual Meeting. PHILLIPS 66 SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT (AND ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING WHITE PROXY CARD AND ANY OTHER RELEVANT SOLICITATION MATERIALS WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain copies of the proxy statement, any amendments or supplements to the proxy statement and other documents (including the WHITE proxy card) as and when filed by Phillips 66 with the SEC without charge from the SEC’s website at www.sec.gov. Copies of the documents filed by Phillips 66 with the SEC also may be obtained free of charge at Phillips 66’s investor relations website at https://investor.phillips66.com or upon written request sent to Phillips 66, 2331 CityWest Boulevard, Houston, TX 77042, Attention: Investor Relations.
    Certain Information Regarding Participants
    Phillips 66, its directors, certain of its executive officers and employees may be deemed to be participants in connection with the solicitation of proxies from Phillips 66 shareholders in connection with the matters to be considered at the 2025 Annual Meeting. Information regarding the names of such directors and executive officers and their respective interests in Phillips 66, by securities holdings or otherwise, is available in Phillips 66’s proxy statement for the 2024 annual meeting of shareholders, which was filed with the SEC on April 3, 2024 (the “2024 Proxy Statement”), including in the sections captioned “Executive Compensation Program Overview,” “Director Compensation,” “Compensation Discussion and Analysis,” “Executive Compensation Tables” and “Beneficial Ownership of Phillips 66 Securities.” To the extent that Phillips 66’s directors and executive officers have acquired or disposed of securities holdings since the applicable “as of” date disclosed in the 2024 Proxy Statement, such transactions have been or will be reflected on Statements of Changes in Ownership of Securities on Form 4 or Initial Statements of Beneficial Ownership of Securities on Form 3 filed with the SEC, including: Form 4s filed by Gregory Hayes on April 2, 2024, May 2, 2024, June 4, 2024, July 2, 2024, August 2, 2024, September 4, 2024, October 2, 2024, November 4, 2024, December 4, 2024, January 3, 2025, January 17, 2025, February 4, 2025 and March 4, 2025 ; Form 4s filed by Richard G. Harbison on December 9, 2024, February 11, 2025 and February 13, 2025 ; Form 4s filed by Mark E. Lashier on April 2, 2024, May 16, 2024, December 9, 2024, February 11, 2025 and February 13, 2025 ; Form 4 filed by Glenn F. Tilton on January 17, 2025 ; Form 4s filed by Brian Mandell on December 9, 2024, February 11, 2025 and February 13, 2025 ; Form 4s filed by Kevin J. Mitchell on August 19, 2024, December 9, 2024, February 11, 2025 and February 13, 2025 ; Form 4s filed by Zhanna Golodryga on December 9, 2024, February 11, 2025 and February 13, 2025 ; Form 4 filed by Marna C. Whittington on January 17, 2025 ; Form 4s filed by Vanessa A. Sutherland on January 21, 2025, February 11, 2025 and February 13, 2025 ; Form 4 filed by Douglas T. Terreson on January 17, 2025 ; Form 4 filed by Denise R. Singleton on January 17, 2025 ; Form 4 filed by Denise L. Ramos on January 17, 2025 ; Form 4 filed by Julie L. Bushman on January 17, 2025 ; Form 4 filed by Lisa A. Davis on January 17, 2025 ; Form 4 filed by John E. Lowe on January 17, 2025 ; Form 4/A filed by Gary K. Adams on March 20, 2024 and Form 4 filed by Gary K. Adams on January 17, 2025 ; Form 4 filed by Charles M. Holley on January 17, 2025 ; Form 4 filed by Robert W. Pease on January 17, 2025 ; Form 3 filed by Ann M. Kluppel on May 16, 2024 and Form 4s filed by Ann M. Kluppel on December 9, 2024, February 11, 2025 and February 13, 2025 ; Form 3 filed by Don Baldridge on June 5, 2024 and Form 4s filed by Don Baldridge on December 9, 2024, January 3, 2025, February 13, 2025 and March 3, 2025 ; Form 3 filed by Grace Puma on October 11, 2024 and Form 4s filed by Grace Puma on October 11, 2024 and January 17, 2025. Additional information can also be found in Phillips 66’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 21, 2024.

    Source: Phillips 66

    MIL OSI Economics –