FERNANDINA BEACH, Fla., Feb. 28, 2025 (GLOBE NEWSWIRE) — The cryptocurrency market has been experiencing one of its most challenging phases. Even the biggest players, such as Bitcoin and Ethereum, have witnessed steep corrections of 15-30% from their recent highs. During such volatile times, most digital assets struggle to maintain value—but not BDTCOIN. Defying the odds, this emerging cryptocurrency has surged an astonishing 5x in just 15 days since its listing on LBank, turning heads in the crypto world.
At a time when uncertainty looms over the industry, BDTCOIN is rewriting the narrative. It’s not just another token riding speculative waves—it’s a revolutionary digital asset with a purpose. Built on the principles of financial inclusion, cross-border accessibility, and blockchain transparency, BDTCOIN is proving that true innovation thrives even in bear markets.
“In a sea of red, BDTCOIN’s performance is nothing short of extraordinary,” states renowned crypto analyst, Dr. Anya Sharma. “Its gold-backed foundation and quantum-resistant technology provide a level of security and stability that’s crucial in today’s volatile market. I am telling my clients that this is a must-have asset.”
A Market Outperformer in a Bearish Climate
Despite the ongoing market-wide correction, BDTCOIN has emerged as a beacon of resilience, showcasing strong demand and adoption. But what makes BDTCOIN stand out in a sea of digital assets? The answer lies in its unique value proposition—utility-driven innovation designed for real-world impact.
Michael Carter, Senior Crypto Analyst, adds: “While most cryptocurrencies struggled amid February’s market crash, BDTCOIN stood strong, proving itself as one of the most resilient digital assets in the industry. Its gold-backed nature provides a unique hedge against volatility, making it a standout investment.”
The BDTCOIN Difference: More Than Just a Coin
BDTCOIN isn’t just another speculative asset; it’s a cryptocurrency built to redefine financial inclusion, streamline cross-border transactions, and foster economic empowerment. Unlike many cryptos that merely serve as digital gold or investment vehicles, BDTCOIN aims to bridge gaps in the financial ecosystem, making transactions seamless, accessible, and affordable.
Financial Inclusion for the Unbanked : Millions worldwide remain excluded from the traditional banking system due to high costs, accessibility issues, and bureaucratic hurdles. BDTCOIN leverages blockchain technology to provide secure, low-cost financial services, allowing individuals to send remittances, save funds, and access credit without relying on traditional banks.
Cross-Border Transactions Made Easy: Remittance services often charge high fees and take days to process transactions. BDTCOIN eliminates these inefficiencies with near-instant, low-cost cross-border payments, revolutionizing the way migrant workers send money home.
Decentralized and Transparent: BDTCOIN operates on a decentralized blockchain, ensuring transparency and security. By reducing reliance on intermediaries, it minimizes fraud and corruption—critical factors in regions where trust in financial institutions is low.
A Focus on Emerging Markets: While many cryptocurrencies primarily cater to developed nations and institutional investors, BDTCOIN is tailored for emerging markets, where financial innovation is most needed. The coin is gaining traction as a practical alternative to traditional banking systems from Africa to Southeast Asia.
Raj Mehta, Financial Expert, affirms: “BDTCOIN is not just another cryptocurrency; it’s a financial revolution. In a market where volatility reigns, this asset has demonstrated unwavering strength, making it one of the top contenders for long-term adoption.”
Transaction Processing: Speed, Security, and Scalability
BDTCOIN’s underlying blockchain infrastructure is built for efficiency, ensuring rapid, secure, and cost-effective transactions.
Rapid confirmation times: Transactions are processed almost instantly, eliminating long wait times.
Minimal processing fees: Unlike traditional banking systems, BDTCOIN enables low-cost transfers, making financial transactions more accessible.
Scalable infrastructure: Designed for mass adoption, BDTCOIN’s blockchain can handle high transaction volumes without congestion.
24/7 operation: No banking hours or delays—BDTCOIN transactions run around the clock, ensuring seamless financial interactions worldwide.
The Road Ahead for BDTCOIN
As the crypto market remains turbulent, BDTCOIN’s ability to not only withstand the downturn but thrive in it is a testament to its strong fundamentals and growing adoption. With a clear mission to democratize finance and a robust technological backbone, BDTCOIN is poised to redefine how people interact with money in a digital-first world.
With increasing adoption, strategic partnerships, and a focus on real-world utility, BDTCOIN is more than just another cryptocurrency—it’s a movement towards a more inclusive and efficient financial system.
Thus, In a world where the gap between the haves and the have-nots continues to widen, BDTCOIN offers a glimmer of hope. It’s a reminder that technology when used responsibly, can be a force for good.
Disclaimer: Cryptocurrency investments are subject to market risks. Investors should conduct their own research before making any financial decisions.
Disclaimer: This content is provided by BDTCOIN. 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.
New York, NY, Feb. 28, 2025 (GLOBE NEWSWIRE) — HTXMining, one of the reliable Liquidity Staking Platform and Liquidity Mining Platform, is transforming the way investors engage with cryptocurrency staking and mining. Mentioning the fact that it desires to be the Well-regarded cryptocurrency staking platform out there, HTXMining provides a great environment of transparency and feasibility for those who wish to make the most of their digital asset earnings.
With a proven track record and user-friendly interface, Htxmining is the go-to platform for both beginners and seasoned investors. HTXMining provides a smooth and easy way to stake popular cryptocurrencies, stake your digital assets, and boost your income whether you are new to crypto sphere or you are a seasoned investor. With a focus on cutting-edge mining infrastructure, sustainable energy solutions, and optimized staking plans, HTXMining ensures that users benefit from low fees, good rewards, and real-time monitoring tools.
HTXMining: The Future of Crypto Staking
HTXMining has put together a really advanced system for staking and mining liquidity, making it simple for investors. Unlike traditional mining, which requires expensive hardware and consumes vast amounts of energy, HTXMining provides a sustainable and eco-friendly alternative through its staking and liquidity services.
Key Features of HTXMining
Reliable Crypto Staking Returns: HTXMining boasts one of the crypto staking platforms on the market, where clients can stake their digital currency and earn rich dividends. With diverse staking options and an easy-to-use interface, HTXMining offers easy staking to investors of all types.
Liquidity Staking for Maximum Flexibility: Unlike regular staking, Liquidity Staking lets investors stake their assets and still keep them liquid. This way, users can keep trading or using their assets while also earning rewards. This feature enhances financial flexibility and ensures that assets remain accessible even while generating returns.
Liquidity Mining: Serve market liquidity for rewards. This liquidity mining platform allows users to serve as liquidity providers to decentralized exchanges and get rewarded for it. By supplying assets to liquidity pools, investors gain additional tokens, a share of transaction fees, and other incentives, all while contributing to the efficiency of DeFi ecosystems.
Low Transaction Fees & Enhanced Security: HTXMining proudly offers very low transaction fees, meaning users get to keep more of the rewards they’ve earned. Coupled with state-of-the-art security measures and the safety of funds and transactions, it offers a secure and seamless staking experience.
24/7 Customer Support & Intuitive Interface: Understanding the dynamic needs of crypto investors, HTXMining provides round-the-clock customer support to assist users at every step. The design of the product is clear and convenient even for those users who have just registered, which allows them to have a beneficial time in staking and liquidity mining.
Multiple Income Streams
HTXMining offers several ways to earn:
1. Traditional Staking: Lock your cryptocurrencies for a set period and earn rewards with minimal risk for long term stability and returns.
2. Liquidity Staking: Stake your assets while keeping liquidity and benefit from both trading and staking rewards without sacrificing access to your funds.
3. Liquidity Mining: Increase your earnings by adding assets to liquidity pools and receive additional tokens and transaction fees.
4. Referral and Affiliate Programs: Earn commissions by bringing in new investors to the platform through HTXMining’s affiliate program.
Why HTXMining?
HTXMining’s approach is unique. We focus on transparency, security, and good returns. That’s why HTXMining is the platform of choice for those who want to grow their crypto assets efficiently. Our staking model and Liquidity Staking Platform ensure benefits to users with minimal risk.
HTXMining is continually striving to introduce new staking possibilities, AI-optimized functionality, and multi-chain staking functionality to make its clients more profitable. HTXMining remains a key player in crypto staking and liquidity mining solutions with a good vision to be among staking platforms.
Join HTXMining Today!
Whether you are an experienced crypto investor or just getting started, HTXMining provides a good opportunity to earn andgrow your assets. Relaxed staking options for liquidity, and a high-grade security wall are the blend of aesthetics that would allure someone wanting to thrive on their cryptocurrency earnings.
About HTXMining: HTXMining is a reliable platform for liquidity staking and mining, providing safe ways to stake your assets and contribute to liquidity pools. By leveraging advanced blockchain technology, HTXMining empowers investors with better options to earn in the cryptocurrency market.
Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining and staking involve risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.
NEW YORK, Feb. 28, 2025 (GLOBE NEWSWIRE) — Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) announced today it will host a teleconference at 8:30 am Eastern Time on March 7, 2025, to discuss the company’s financial results for the fourth quarter and year ended December 31, 2024. A news release containing the results will be issued before the open of the U.S. equity markets and will be available on http://ir.silvercrestgroup.com/.
Chairman, Chief Executive Officer and President Richard R. Hough III and Chief Financial Officer Scott A. Gerard will review the quarterly results during the call. Immediately after the prepared remarks, there will be a question and answer session for analysts and institutional investors.
Analysts, institutional investors and the general public may listen to the call by dialing 1-844-836-8743 or for international callers please dial 1-412-317-5723. A live, listen-only webcast will also be available via the investor relations section of www.silvercrestgroup.com. An archived replay of the call will be available after the completion of the live call on the Investor Relations page of the Silvercrest website at http://ir.silvercrestgroup.com/.
About Silvercrest Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, New Jersey, California and Wisconsin, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors. As of September 30, 2024, the firm reported assets under management of $35.1 billion.
NEW YORK, Feb. 28, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today announced an update to the timing of its previously announced presentation at the Morgan Stanley Technology, Media & Telecom Conference. Nasdaq CFO Sarah Youngwood will now be presenting at 4:05pm PT (7:05pm ET) on Monday, March 3, 2025. All updated details are included below.
Morgan Stanley Technology, Media & Telecom Conference
When:
Monday, March 3, 2025 4:05pm PT (7:05 PM ET)
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.
HOUSTON – A 47-year-old Houston man has entered a guilty plea to wire fraud and conspiracy for a romance scheme targeting citizens nationwide, many of whom were elderly, announced U.S. Attorney Nicholas J. Ganjei.
Darlington Akporugo admitted to being a central figure in a long-running romance scheme based in Houston that victimized citizens from Chicago to Kentucky. Akporugo worked with others to lure victims through online romances and then induce them to send money to various bank accounts he controlled.
To further the fraud, Akporugo and his co-conspirators used fake names to contact victims on social media, gain their confidence and then persuade them to invest in non-existent businesses or provide funds for invented personal circumstances.
As part of his plea, Akporugo admitted to approaching potential victims, primarily on social media sites such as Facebook, and then directing them to send money to either his or his associates’ bank accounts. That money was often then directed overseas.
In addition to collecting cash and wire transfers, Akpourgo also admitted to having victims open lines of credit in his name and, in one case, purchasing a luxury vehicle for his personal use.
During the multi-year investigation, authorities were able to identify over 25 victims of the scheme, the majority either retired or of advanced age.
Losses from the fraud ring’s operation total more than $3 million.
“As we unfortunately have seen, victims of romance scams suffer tremendous financial loss, sometimes amounting to their entire life savings,” said Ganjei. “Those have fallen prey to such fraudsters are often too embarrassed to come forward and report the incident to law enforcement. Although this is an understandable reaction, we encourage victims to nonetheless come forward, as their story may help the future victimization of others.”
U.S. District Judge Charles Eskridge will impose sentencing June 6. At that time, Akporugo faces up to 20 years in federal prison and a possible $250,000 maximum fine.
He will remain in custody pending that hearing.
Homeland Security Investigations conducted the investigation. Assistant U.S. Attorney Thomas Carter prosecuted the case.
WASHINGTON, Feb. 28, 2025 (GLOBE NEWSWIRE) — James Altucher, technology forecaster known for his early predictions on major tech disruptions, is now turning his attention to what he calls the next great technological transformation: Elon Musk’s Starlink. According to Altucher, all indicators point to Musk making a historic announcement as soon as March 13, 2025, unveiling what he believes will be the largest internet transformation of the modern era.
A Revolution in Global Connectivity
Starlink, a division of SpaceX, has already upended traditional internet service providers by deploying an advanced satellite-based network. Unlike conventional broadband and 5G systems that rely on physical infrastructure, Starlink operates through a constellation of low-Earth orbit satellites, providing high-speed, uninterrupted internet access to even the most remote regions.
Altucher highlights several key factors fueling speculation about an upcoming major announcement:
Altucher’s Take on the Future of Internet Technology
James Altucher has built a reputation for spotting emerging tech trends before they go mainstream, and he is convinced that Starlink represents the biggest internet breakthrough of the 21st century.
“This isn’t just another telecom company; this is a full-scale reinvention of how the world connects. Mark my words: Starlink will reshape the entire global communications industry.”
James Altucher is a technology forecaster, entrepreneur, and bestselling author recognized for his ability to identify industry-defining trends before they go mainstream. With a background spanning finance, technology, and media, Altucher has founded multiple successful companies, contributed to leading financial and tech publications, and has been a sought-after expert on platforms such as The Wall Street Journal, CNBC.
Media Contact:
Derek Warren Public Relations Manager Paradigm Press Group Email: dwarren@paradigmpressgroup.com
Source: Africa Press Organisation – English (2) – Report:
MOMBASA, Kenya, February 28, 2025/APO Group/ —
Afreximbank to finance development and operationalisation of industrial parks and special economic zones to bolster industralisation and export manufacturing
Afreximbank also commits to three-year US$3 billion Kenya country programme to support trade and trade-related investments
African Export-Import Bank (Afreximbank) (www.Afreximbank.com), Africa’s foremost trade development Bank, today in Mombasa, Kenya, ratified a series of initiatives designed to support Kenya’s industrialisation and export-led development agenda. Under the terms of the initiatives, formalised at a signing ceremony with the Kenyan authorities, Afreximbank will finance the development and operationalisation of industrial parks (IPs) and special economic zones (SEZs) to bolster the country’s industrialisation and export manufacturing.
The proposed industrial parks, to be developed by Afreximbank through its affiliate company, Arise Integrated Industrial Platforms (Arise IIP), will create and sustain an environment in which export-oriented industries can thrive, by leveraging economies of scale, shared infrastructure and access to global markets.
Two projects to be undertaken by Afreximbank, with the support of the Government of Kenya and other strategic collaborators, are the development of the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II (Naivasha II), for which, having secured leases of the relevant land, Afreximbank intends to leverage the expertise and experience of Arise IIP, a special economic zone developer with experience in the development of integrated industrial parks in Africa.
Both the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II are included in the Fourth Medium Term Plan (2023-2027) of the Kenyan government’s Vision 2030, entitled “Bottom-Up Economic Transformation Agenda for Inclusive Growth”, reflecting the high priority which state institutions are giving to measures that strengthen, expand and accelerate Kenya’s capacity to export value-added goods within Africa and globally.
Speaking on the signing, the President of the Republic of Kenya, H.E. Dr. William S. Ruto said; “We have a responsibility to steer the country in the right direction, harnessing the immense potential of manufacturing, industrialization, agro-processing, and value addition within Special Economic Zones. The signing of these agreements today marks a significant milestone in Kenya’s development, expanding opportunities to enhance our manufacturing sector and create a more conducive environment for investment. We convene here today to sign an investment – and not a loan – undertaken by people whose faith in this country and its possibilities motivates their decision. This is our country, let’s continue to do whatever it takes to make it an attractive destination for those who want to invest.”
In his own comments, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said:
“Africa has been heralded as a land of opportunity, blessed with resources that power the world. Yet, we have struggled to translate this wealth into lasting prosperity for our people. For decades, we have watched as others reap the rewards of our natural resources, leaving us tethered to a cycle of dependency—exchanging our riches for aid and loans that kept us on the fringes of the global breadbasket.
“Those days are behind us. Today, Kenya takes a bold step to reshape this story in a profound and impactful manner. These Parks are an integral part of the Government’s plan to boost the country’s economic growth under the Vision 2030 development blueprint.
Today’s signatures are more than ink on paper—they are a promise to the people of Kenya, a pledge that the country will rise as a beacon of industrial might and self-reliance.”
Mrs. Oluranti Doherty, Managing Director of Export Development at Afreximbank, and Captain William K. Ruto, Managing Director of the Kenya Ports Authority, signed the Dongo Kundu Special Economic Zone agreement. Dr. Kenneth Chelule, Chief Executive Officer of the Special Economic Zones Authority, and Mrs. Doherty signed the Naivasha Special Economic Zone agreement, with H.E. Dr. William Ruto, President of the Republic of Kenya, and Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, witnessing the signing of both agreements for the State and for the Bank, respectively.
The Dongo Kundu Industrial Park within the Mombasa SEZ is expected, upon completion, to boost the area with a state-of-the-art industrial park that will contribute significantly to economic growth and industrialisation efforts in Mombasa County and in Kenya as a whole.
The Naivasha II Special Economic Zone – Naivasha II project is located at Mai Mahiu and will include a free trade zone, an industrial park, a logistics zone and a public utility area with a supporting road network. The project will occupy an area of approximately 5000 acres.
The Naivasha II project will also derive value from its strategic geographic position as it sits on the gateway to East and Central Africa through the Northern Corridor Transport System, which comprises both a standard gauge railway and a major highway. Moreover, the SEZ will be close to the Naivasha Inland Container Depot, which serves the East African hinterland countries of Burundi, the Democratic Republic of Congo, Kenya, Rwanda, South Sudan and Uganda.
Other dignitaries in attendance included Mrs Oluranti Doherty, Managing Director, Export Development, Afreximbank; Hon. Davis Chirchir E.G.H, Roads and Transport Cabinet Secretary; Hon. Hassan Ali Joho, Cabinet Secretary for Mining, Blue Economy and Maritime Affairs; Hon. Salim Mvurya, Cabinet Secretary for Youth Affairs, Creative Economy and Sports of Kenya and Honourable Lee Kinyanjui, Cabinet Secretary, Ministry of Investment, Trade and Industry. Additionally, Captain William K. Ruto, Managing Director, Kenya Ports Authority; Dr. Kenneth Chelule, Chief Executive Officer, Special Economic Zones Authority; His Excellency Abdulswamad Shariff Nassir, Governor of Mombasa County; the Honourable Benjamin Tayari, Chairman, Kenya Ports Authority, and Mr. Fredrick Muteti, EBS, Chairperson, Special Economic Zones Authority attended the event.
The cost of living crisis, which saw inflation in the US peak at a four-decade high of 9.1% in 2022, played a significant role in determining the outcome of last November’s presidential election.
Exit polls across ten of the key battleground states showed 32% of voters considered the economy to be the most important election issue. Among that group of voters, a staggering 81% voted for Donald Trump.
Trump had spent most of his election campaign saying his administration would tackle high prices – even vowing to bring them down on day one. However, the latest figures suggest inflation in the US has increased since he took office, rising unexpectedly to a six-month high of 3% in January.
This rise is largely because of the economy Trump inherited. But some experts have expressed concerns that his stated economic strategy, including trade tariffs, major tax cuts and lower interest rates, will only add to inflation.
While tax cuts and interest rate changes are familiar policies, the use of tariffs has been less common in recent decades. These are used by governments to balance trade relationships or in retaliation to tariffs imposed by other countries. They generally make foreign imported goods more expensive while also raising tax revenues for governments.
The Trump administration has set tariffs of 25% on all steel and aluminium imports, and imposed 10% trade tariffs on a wide range of consumer imports from China. While proposed tariffs of 25% on imports from Mexico and Canada have been temporarily paused, the US has signalled its intention to introduce tariffs on imports from the European Union.
A General Motors car assembly facility in Ontario, Canada, where economists predict the proposed tariffs would have a catastrophic effect. JHVEPhoto / Shutterstock
Will tariffs lead to inflation?
Trump’s aides insist the tariffs won’t have a negative impact on American consumers and businesses. On February 18, Peter Navarro, senior counsel for trade and manufacturing at the White House, told the New York Times: “It’s not going to be painful for America. It’s going to be a beautiful thing.”
Navarro argues that foreign exporters, concerned about losing market share, will reduce the pre-tariff price they charge US importers.
But economic theory suggests that tariffs generally do lead to higher prices. Peter Lavelle, a trade expert at the UK’s Institute for Fiscal Studies, says that evidence from Trump’s first term – when tariffs were imposed on solar panels, washing machines, steel and aluminium – shows these costs were “almost entirely passed on to domestic consumers”, thus adding to inflation.
A key reason for the tariffs is to make US domestic manufacturing more competitive on the international stage. This could bring manufacturing jobs back to the US. Manufacturing employment declined by 35% in the US from its peak of 19.6 million in 1979 to 12.8 million in 2020.
However, there was no evidence of tariffs bringing manufacturing jobs back to the US during Trump’s first term. In fact, manufacturing employment remained static between 2017 and 2021.
There are fears that tariffs could instead trigger a trade war, where countries retaliate with tariffs of their own. Canadian officials, for instance, have made it clear they will introduce retaliatory tariffs on the US – “selected in order to hit particularly red and purple [Trump-supporting] states”.
Economists analyse such scenarios using game theory. A trade war takes the form of what economics-speak calls a “non-cooperating Nash equilibrium”, where the economic outcome is negative for all countries involved.
Some recent modelling on the impact of Trump’s proposed tariffs on Canada and Mexico supports this view. Tariff retaliation is likely to raise inflation rates even further than otherwise in all three economies.
A trade war could also squeeze profit margins for exporting producers in the US, by making some US-produced goods relatively more expensive. This would show up in lower real income through reduced employment and wages. This outcome, like higher prices, is unlikely to be popular with US voters.
Given the evidence from Trump’s first term, it is difficult to see how tariffs will be anything but inflationary. Trump’s proposed tax cuts valued at US$5-11 trillion would also add to inflationary pressures, as would the lower interest rates he has called for.
Ana Swanson, a trade and international economist at the New York Times, believes the threat of tariffs is being used merely as a negotiating strategy. However, like many other economists, Swanson sees uncertainty as the biggest impact of Trump’s tariff policy.
In a podcast on February 4, she said: “If you, as the business, are watching out for the threat of tariffs, are you going to make an investment in a new factory or hire new workers?” Uncertainty leads to reduced investment and lower growth.
Realistically, Trump was never going to bring down prices for US consumers. To do that would be deflationary, and economists generally fear deflation even more than inflation. Falling prices lead to deferred spending and can be devastating for economic growth.
The best outcome for US consumers is that prices increase at a slower rate, close to the US Federal Reserve’s inflation target of 2%. However, given the recent uptick in inflation, as well as Trump’s strategy of tariffs, tax cuts and lower interest rates, the direction of travel all points towards higher price rises.
Recent evidence from elections in many advanced economies shows that voters do not like inflation, and will punish administrations who are in power during inflationary periods.
Since inflation peaked in many advanced economies in 2022, more than 70% of incumbent administrations have been voted out of government. Trump should keep this in mind as he embarks on his quest to make America’s economy great again.
Conor O’Kane 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.
Elon Musk is wielding a chainsaw against US government departments, potentially culling tens of thousands of jobs, as part of a huge plan to shrink the government and slash federal spending.
This large-scale purge of public servants, coordinated through Musk’s Department of Government Efficiency (Doge), may end up creating one of the biggest employment cuts in US history. Tech company IBM laid off 60,000 people in 1993, and about 25,000 workers (some outside the US) lost their jobs when Lehman Brothers bank went bust in 2008, but this swathe of job losses could outstrip them both, with numbers predicted to hit around 300,000.
On Friday February 21, Musk sent a “productivity email” to all federal employees demanding that they summarise the work they’d done in the past week. President Donald Trump hailed Musk’s ultimatum as “ingenious” and echoed that failure to comply would mean that employees would be “semi-fired or fired”.
By the Monday, chaos reigned in Washington. The bedlam left career civil servants unsure of how, or even whether, to reply, marking the latest flashpoint in a tumultuous last month created by Doge and aimed at trimming the federal workforce. Adding insult to injury, Musk later admitted the email was a ruse to test whether federal workers “had a pulse”. A follow-up email is rumoured to be coming this weekend.
On X, Musk doubled down, posting an image of the cartoon character SpongeBob SquarePants looking at a “Got Done Last Week” list that included: “Cried about Trump, Cried about Elon, Cried about Trump and Elon some more.” Days earlier, at the annual gathering of the US right wing, the Conservative Political Action Conference, Musk brandished a chainsaw and screamed “Chainsaw!” to show the uproarious Maga crowd how he intended to eviscerate the federal bureaucracy.
Political payback?
Doge’s proposed job cuts are vast and deep. So far, much of Musk’s ire has been directed at the US Agency for International Development (USAid), where 4,700 employees have already been put on leave – with 1,600 of those positions terminated.
It’s perhaps no surprise that Doge started with this soft target. Although the US spends only about 1% of federal money on development aid, polls consistently show that Americans, especially Republicans, think Washington overspends on foreign assistance.
The cuts also come amid rising speculation that these firings could be part of a political retaliation by the White House. Influential adviser Stephen Miller claimed, without showing evidence, that 98% of workers at USAid “either donated to Kamala Harris or another leftwing candidate”.
The Trump administration has also forced out dozens of officials across the Federal Bureau of Investigation (FBI) and the Cybersecurity and Infrastructure Security Agency charged with investigating attempts at foreign interference in US elections.
Even the Pentagon, traditionally a “third rail” for Republican presidents when it comes to spending reductions, is feeling the squeeze. The US secretary of defense, Pete Hegseth, has promised to slash military spending by 8% over the next five years from its US$850 billion (£674 billion) annual budget. While US service members in uniform are currently exempt from job losses, many expect civilian workers, especially those in their probationary period, to be shown the door soon.
There are many thousands of federal jobs across the US.
Washington DC, which voted for former vice-president Harris over Trump by a margin of 92.5% to 6.6%, is home to the largest number of government jobs: about 2.2 million civilians. However, federal workers are spread across the US. That includes red states where Trump won in 2024. For example, there are more than 129,000 federal jobs in Texas, more than 94,000 in Florida, and more than 79,000 in Georgia.
For Trump, this complicates the Doge agenda to make a dent in America’s US$36 trillion (£28.6 trillion) debt through mass job terminations. While many Maga supporters cheered campaign pledges to eliminate government “waste, fraud and abuse”, many now confront the stark reality of job losses in their communities (or even their own jobs).
Trump has promised to get spending by the national government under control, but without addressing reform of essential services – such as Medicare and social security – it’s unclear how he can achieve this goal.
Backlash and legal battles
Public opinion towards Musk breaks sharply along partisan lines. According to recent polling by YouGov, 42% of Americans have a positive view of Musk (52% unfavourable), including 79% of Republicans but just 10% of Democrats. The same percentage, 42%, think favourably of Doge, with similar partisan divides. But the number of Americans who rate Musk positively has been dropping in the past few weeks, although he is seen as increasingly influential.
Contributing to negativity, Musk’s rollout of Doge to oversee cuts to the federal labour force hasn’t come without major flubs. For example, he recently fired (before un-firing) workers at the National Nuclear Security Administration, tasked with overseeing the country’s nuclear weapons stockpiles.
Even some Trump loyalists are pushing back. After Musk’s “document work or resign” email was blasted to the FBI, newly minted director Kash Patel sent his own message telling employees not to respond, declaring: “The FBI, through the Office of the Director, is in charge of all of our review processes.”
On X, Harvard political scientist Maya Sen called the reaction “probably a good development for the rule of law”, adding: “Musk got a head start but separate & distinct interests of new political appointees over their own workforces will clash more and more w/Musk.”
The Trump administration now faces mounting legal challenges to Doge’s agenda. An amended lawsuit filed by a cadre of unions, including the nation’s largest federation of unions, AFL-CIO, alleged that mass firings of probationary workers is illegal, and that only federal agencies have control over human resources decisions.
Beyond legal chokepoints, Musk confronts increasing scepticism – even within Doge itself. On Tuesday February 25, 21 employees from Doge resigned, saying they would not use their professional skills to “dismantle critical public services”.
Even among some Republican lawmakers, there’s worry about the breakneck speed of firings. Republican representative Jeff Van Drew, for example, said that “we have to be really careful that we’re cutting things that don’t hurt everyday people”. Some have criticised Musk’s flippant attitude toward longstanding public servants. Others think Musk is taking a hatchet to a problem that requires a scalpel.
Whether a hatchet, a scalpel or a chainsaw, Musk’s slash-and-burn approach carries risks. By the 2026 midterms (when 35 of the 100 Senate seats will be up for election), the picture of Musk gleefully slicing government jobs could be less a symbol of efficiency, more a symbol of Trump-era hubris.
Thomas Gift 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.
Donald Trump’s grab for Ukraine’s minerals, which the US president is demanding as compensation for his country’s wartime assistance to Kyiv, might seem like a new low in a week of US-Ukraine relations lows.
The latest draft of Trump’s “minerals deal” would grant the US substantial control of a new fund that would invest in Ukrainian reconstruction. The fund would receive 50% of the profits from the future monetisation of government-owned Ukrainian natural resources such as lithium and titanium, as well as coal, gas, oil and uranium.
This deal, despite offering no guarantee of continued US military support, is a slight improvement on Trump’s first offering. That bid would have imposed financial conditions on Ukraine harsher than those forced on Germany after the first world war.
However, the deal will still require future generations of Ukrainians to shoulder the cost of a war for which they bear no responsibility. Commentators, including British foreign minister David Lammy, have noted that it would be more just to seize frozen Russian assets and use them to cover the cost of repairing the damage Russia has wreaked across the country.
But, while many in the west have balked at Trump’s barefaced extractivism, his actions are entirely in line with the way western capitalists have approached Ukraine and its resources since the 19th century.
The Donbas region of Ukraine is a major coal mining and industrial area. deniks315 / Shutterstock
Ukraine’s east, referred to as Donbas, is often thought to have been industrialised in the 1930s, when Joseph Stalin was leading the Soviet Union. At this time, Donbas was marketed to the world as a symbol of proletarian superabundance. It was a place where miners and steelworkers exceeded their production quotas by 30 or 40 times.
But the development of industrial extraction in eastern Ukraine dates back much earlier and was powered, in part, by European capital and technology.
In the mid-19th century, when this part of Ukraine was controlled by the Russian empire, the Russian tsars opened the country’s borders to foreign capital investment in the hopes of accelerating its industrialisation drive. A series of fiscal measures were introduced that made it more attractive to foreigners to invest in the empire’s emerging industrial markets.
This encouraged a wave of economic migration from western Europe to all regions of the multinational state. Foreign capitalists often partnered with Russian business elites based in Saint Petersburg and other major cities and set about generating huge amounts of profit from the extraction of the empire’s valuable resources.
Donbas, with its wealth of minerals, was a region of particular interest for foreign capitalists. French, Belgian, German, Dutch and British industrialists all relocated to the region in the second half of the 19th century hoping to make their fortunes by excavating the region’s salt, chalk, gypsum, and coal. In fact, there was so much Belgian capital circulating at one point that Donbas became known as “the tenth Belgian province”.
Despite the paternalism of some foreign managers, the extraction of Ukraine’s minerals did little to improve the life of local communities. Rather, it contributed to the displacement of indigenous people and caused massive environmental and ecological damage.
Urban planning often replicated the segregated conditions of European colonies in Africa and India. Foreign settlers lived apart from local workers, in privileged housing located in better provisioned parts of town downwind of the toxic fumes of the blast furnaces and the chimney stacks.
In the settlement of Hughesovka (now known as Donetsk), which was named after the Welsh industrialist John Hughes, Welsh settlers attempted to reconstruct the trappings of British life on the Ukrainian steppe.
They built tennis courts and an Anglican church, arranged tea parties, and even had an amateur dramatics society. Meanwhile, the local workforce lived in abject poverty, often accommodated in barracks or mud dugouts.
In these dismal conditions, infectious disease and dissatisfaction were widespread. There are several reports of riots following large-scale outbreaks of cholera and local hospitals were reportedly overflowing.
Before Russia’s full-scale invasion of Ukraine in 2022, this period of European capitalist exploitation was drawing considerable interest from researchers.
The “European” industrial heritage of Donbas was being used to tell different stories about the region and to highlight its complex, multicultural history. This heritage was seen to hold potential as a counter-narrative to the toxic “Russian world” propaganda emanating from the occupied territories, which maintains that Ukraine is an integral part of Russia’s historic sphere of cultural influence.
But there is a danger in being too romantic about this chapter in history. Foreign capitalist investment in the extraction of Ukrainian minerals was not a classic example of settler colonialism. However, it bore many similarities to western European colonial practices in other parts of the world at this time.
What this history reminds us is that Ukraine has long been located at the intersection of empires. And these empires have often collaborated to plunder the country’s resources, offering little or nothing in return.
We can see this kind of predatory collaboration of imperial and neo-imperial regimes once again taking shape. Russia’s leader, Vladimir Putin, is trying to tempt Trump away from a deal with Ukraine with promises of access to Ukraine’s rare earth minerals in the occupied territories.
We must continue to gather and protest, as many of us did on the three-year anniversary of the full-scale invasion this week, to resist such politics of resourcification.
Victoria Donovan’s research has received funding from the Arts and Humanities Research Council, 2019-2023.
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
Deputy Prime Minister Tatyana Golikova presented the national project “Family” at an extended meeting of the State Duma Committee on Family Protection, Fatherhood, Motherhood and Childhood.
Tatyana Golikova presented the national project “Family”
February 28, 2025
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Deputy Prime Minister Tatyana Golikova, Minister of Labor and Social Protection Anton Kotyakov, Minister of Health Mikhail Murashko, Minister of Culture Olga Lyubimova, Deputy Minister of Science and Higher Education Olga Petrova and Deputy Minister of Education Andrei Nikolaev spoke about the prerequisites for the formation, main goals and directions of the new national project.
As Tatyana Golikova noted, the national project “Family” is comprehensive and was formed taking into account the instructions of the President of Russia and his decree No. 309. It is aimed at achieving three national development goals:
• preserving the population, strengthening health and improving well-being of people, supporting families;
• realizing the potential of each person, developing his talents, raising a patriotic and socially responsible individual;
• comfortable and safe living environment.
“When developing the national project, we focused on the family in the broadest sense of the word. Therefore, the national project included measures aimed at both stimulating new births and supporting various types of families, including young, large families, and older generations of families,” the Deputy Prime Minister emphasized.
She noted that the national project “Family” replaces the national projects “Demography”, “Culture” and some activities of the national project “Healthcare” and takes into account all the experience of positive decisions accumulated in recent years.
The national project consists of five federal projects. The Ministry of Labor has been appointed as the head of three projects: FP “Family Support”, “Large Families”, “Older Generation”. FP “Maternity and Childhood Protection” is assigned to the Ministry of Health, FP “Family Values and Cultural Infrastructure” to the Ministry of Culture.
17.9 trillion rubles have been allocated for the implementation of the national project over six years, including 7.8 trillion rubles over the next three years.
“The President of the country has set the task of ensuring sustainable growth in the birth rate, increasing the total fertility rate to 1.6 by 2030 and to 1.8 by 2036. The target value can be achieved provided that not only the social sphere, but also all areas of our life – the economy, development of housing and rural infrastructure, improvement of cities and towns – will work towards this goal,” said Tatyana Golikova.
According to her, preliminary results for 2024 show that, compared to 2023, the total fertility rate, according to Rosstat’s operational data, has remained almost unchanged, decreasing by 0.7% to 1.4.
At the same time, 18 regions have seen an increase in the birth rate. It is important that among them are regions of Central Russia, the North-West from the cluster “Demographic Winter” – these are Smolensk, Oryol, Ryazan, Leningrad and Kaliningrad regions.
“The growth dynamics of births of third and subsequent children has been maintained – by 1.1% compared to the previous year. At the same time, Russia, like many developed countries, is characterized by demographic challenges and new trends in the development of the institution of the family. Based on these challenges, we have formed seven key areas,” the Deputy Prime Minister said.
The first direction is the implementation of the “plus one child in every family” approach. The target is large families.
The second direction is to level out the high regional differentiation in birth rates.
According to preliminary results for 2024, in 38 regions, excluding new regions, the birth rate is higher than the Russian average, and in two – the Chechen Republic and Tuva – it exceeds the level of simple reproduction – 2.1. In general, the differentiation between regions has not changed – the indicator differs by three times).
In such conditions, federal umbrella measures with uniform conditions for the entire country must be supplemented in all subjects with regional support measures linked to local specifics and targeted work with individual groups of regions, supporting them from the federal level. It is important that the growth of the total fertility rate in the territory, support for large families, and the reduction of their poverty become a personal project of each governor.
The third direction is the creation of conditions for the harmonious combination of professional development with the birth and upbringing of children.
“To do this, we are fine-tuning both state and corporate policies. Together with the Russian Union of Industrialists and Entrepreneurs and the Federation of Independent Trade Unions of Russia, we have developed recommendations for the implementation of corporate social policy. Informally, we call them the “corporate demographic standard”. At the end of the year, it was adopted by the Russian Tripartite Commission,” noted Tatyana Golikova. “As you remember, at the final meeting of the State Council, the President supported certain additional measures, including tax incentives for employers, so that there would be an opportunity to support working women and working families. And of course, an important topic here is support for the older generation.”
The fourth direction is increasing the birth rate in rural areas.
The village has traditionally been the basis for population growth in the country, large families. Despite the decrease in the total fertility rate in the village by a third in the last 10 years, the fertility rate in the village as a whole is currently maintained at the level that must be achieved throughout the country by 2030. It is important to maintain it at this level and, if possible, increase it.
“Last year, a pilot project was launched in three regions – Novgorod, Tambov and Penza regions, which is aimed at developing infrastructure. And although not much time has passed, we are already seeing the first positive results. Over the three quarters of 2024, compared to the same period in 2023, the number of women registered for pregnancy at antenatal clinics in the pilot regions increased by 15% on average, and the number of women who continued their pregnancy increased by 22% on average,” the Deputy Prime Minister said.
“Another area is improving the well-being of families so that they can make decisions about having another child. These are, of course, new targeted support measures. And here, both within the framework of the national project and within the framework of individual state programs and general policy, we will continue measures aimed at increasing the minimum wage, increasing citizens’ labor incomes, and, of course, keeping inflation low,” Tatyana Golikova emphasized.
The sixth direction is strengthening reproductive health and developing children’s medicine. It is planned to further increase additional investments in infrastructure and technologies in healthcare.
The seventh direction is strengthening the values of the family institution. All events related to the national project “Culture” implemented in previous years are concentrated here. These include cultural centers, cinemas in rural areas, modernized theaters and museums, model libraries, renovated and equipped children’s art schools, and new cinemas.
“There are no trifles in issues such as birth rate. This really should become the business of every governor, so that there are more of us, Russians,” concluded Tatyana Golikova.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
A fierce work ethic, great research, and many hours of practice helped the Husky Case Competition Club win the top prize at the 32nd Kogod Case Competition at American University earlier this month.
This is the second consecutive year that the UConn team took home the top prize. A new team competed this year, and all five participants are second-year business students who had never entered a case competition before.
“Our ideas were super niche and I think that took the judges by surprise,’’ said Sophia Viar, a finance major and the president of the club. “They were intrigued by the complexity of what we had done.’’
The team prepared for months, sometimes putting in five hours a day to fine-tune their case and improve their presentation.
“We practiced over and over in the School of Business Board Room,’’ Viar said. “We basically asked each other questions over and over. We drilled. We were ready for every question that the judges threw at us.’’
Other team members included: Maria Cayward (analytics and information management), David Lu (finance), Kabir Ramnani (finance) and Daniel Barberi (finance and economics). None of the team members knew each other well before they started the competition.
The Challenge: Using AI to Help a Fortune 500 Company
The case competition involved integrating artificial intelligence into Xylem Inc., an American water technology provider and Fortune 500 company, that does business in more than 150 countries.
In their final presentation, the Husky team proposed using Novable software, which sources startups that match a company’s needs. They also recommended exploring the offerings of Oxyle, a company with a new filter that can destroy PFAS contaminants.
“One of the judges, who works for Xylem, said, ‘You hit the nail on the head. You guys are amazing!’ ’’ Viar said. The UConn team defeated four teams from American University, as well as teams from the University of Pennsylvania and Boston University. They also took the prize for Best Q&A when the competition concluded on Feb. 15 in Washington, DC.
The victory reflects the enormous effort that the team put into the project.
“We started working on the case in November and there was a lot of back and forth with the team,’’ Viar said. “We had four months to develop our idea, and we changed direction often. It was pretty rocky in the first months until we nailed it down.’’
Ramnani said the team had incredible spirit and dedication, despite some mumbling about having to work over the holiday break.
“All of us had a hunger for it. We wanted to put our best foot forward,’’ Ramnani said. “I think one of the key lessons I learned is how to articulate ideas in a concise way. If you over-speak, you overcompensate. What matters is the quality of what you say. I learned to make my answers concise and deliberate.’’
Competition Will Enhance Careers Down the Road
Viar is planning a career in management consulting and said the competition is well aligned with her career aspirations. She looks forward to discussing her case-competition achievement in job interviews.
Ramnani agreed, saying the competition highlighted the problem-solving skills of every team member.
“I really didn’t know anything about the water industry until I started working on the case competition. I had to learn so much,’’ he said. “I also learned that sometimes you have to cut your losses. If we worked on an idea for a week and it wasn’t working out, I learned not to be emotionally attached to the idea, to move on and try something new.’’
HOUSTON, Feb. 28, 2025 (GLOBE NEWSWIRE) — Superior Energy Services, Inc (“Superior”) announced the acquisition of Rival Downhole Tools (“Rival”), an industry-leading provider of premium downhole drilling tools.
“This acquisition is part of Superior’s ongoing efforts to expand our position in the oilfield services sector by providing technologies that enhance our customers’ efficiencies and reduce their costs,” said Dave Lesar, Superior’s Chairman and Chief Executive Officer. “Rival is a recognized leader in downhole drilling solutions and, as it’s combined with our existing Stabil Drill business, will create a premier drilling rental product offering for our customers. We are proud to bring them under the Superior banner.”
Founded in 2017, Rival has long been known for its portfolio of innovative downhole tools engineered to mitigate customer drilling challenges, including the JOLT™ friction reduction system, the STORM™ oscillation reduction tool, and its most recent offering, the AXE™ anti-shock and anti-vibration tool.
Neil Fletcher, CEO of Rival, will join Superior and serve as the leader of the combined Stabil Drill and Rival businesses.
“Stabil Drill is the natural fit for Rival’s downhole tools,” said Fletcher. “This combination will open new markets for the Rival products while simultaneously strengthening Superior’s place as a leader in downhole drilling tool solutions.”
“We are excited to welcome the Rival team to the Superior family,” added Jim Brown, President and COO of Superior. “Stabil Drill is already one of the industry’s most comprehensive providers of mission-critical downhole components. The addition of Rival is a significant step forward for Superior to continue to innovate on behalf of customers around the globe.”
The transaction closed on February 28, 2025.
About Superior Energy Services Superior Energy Services serves the drilling, completion and production-related needs of oil and gas companies through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells. In addition to operations in North America, both on land and offshore, Superior Energy Services operates in approximately 47 countries internationally. For more information, visit: www.superiorenergy.com.
Forward-Looking Statements This press release contains forward-looking statements that reflect our current views regarding the Company’s financial position and results, financial performance, liquidity, strategic alternatives (including dispositions, acquisitions, and the timing thereof), market outlook, future capital needs, capital allocation plans, business strategies and other plans and objectives of our management for future operations and activities. These statements are based on certain assumptions and analyses made by the Company’s management in light of its experience and prevailing circumstances on the date such statements are made. Such forward-looking statements, and the assumptions on which they are based, are inherently speculative and are subject to a number of risks and uncertainties outside of the Company’s control, including but not limited to conditions in the oil and gas industry, U.S. and global market and economic conditions generally and macroeconomic conditions worldwide, (including inflation, interest rates, supply chain disruptions and capital and credit markets conditions) that could cause the Company’s actual results to differ materially from such statements. We undertake no obligation to update these statements except as required by law.
FOR FURTHER INFORMATION CONTACT: Joanna Clark, Corporate Secretary 1001 Louisiana St., Suite 2900 Houston, TX 77002 Investor Relations, ir@superiorenergy.com, (713) 654-2200
New York, N.Y., Feb. 28, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced that Darlene T. DeRemer, previously Chairwoman of NANO Nuclear’s Executive Advisory Board for Institutional Finance, has now transitioned to a new, active corporate role with NANO Nuclear as its Executive Director of Corporate Finance.
In her new role, Ms. DeRemer will assist NANO Nuclear’s executive management as a consultant in the continuing development and execution of the Company’s financing strategies and its corporate processes and procedures, all with a view towards supporting NANO Nuclear’s long-term growth.
This appointment follows a similar, previously announced, leadership transition for the Hon. John G. Vonglis, who now serves as NANO Nuclear’s Executive Director of Global Government Affairs after having served on the Company Executive Advisory Board. These appointments highlight the confidence of leading professionals in NANO Nuclear’s mission and potential. Since its inception, NANO Nuclear has attracted highly qualified and proven leaders in finance, regulation, and science. Ms. DeRemer’s appointment adds to a growing roster of exemplary professionals dedicated to NANO Nuclear’s emerging status at the forefront of the advanced nuclear energy technology industry.
“Working alongside Jay and James on NANO Nuclear’s Executive Advisory Board confirmed my confidence in NANO Nuclear’s mission and leadership, and I’m thrilled to step into a more active role where I can contribute to NANO Nuclear’s continued success,” said Darlene T. DeRemer, Executive Director of Corporate Finance of NANO Nuclear Energy. “I believe that the future of the nuclear energy industry and NANO Nuclear’s mission are closely aligned, given the innovative potential of our technologies to provide reliable, robust, and secure power to data centers, remote communities, mining projects, military installations, and beyond.”
Figure 1 – NANO Nuclear Energy Executive Advisory Board Member Darlene T. DeRemer Transitions to Active Role within the Company as its Executive Director of Corporate Finance.
Darlene DeRemer is the Chair of the ARK Invest ETF Trust Board and co-founder of Grail Partners LLC, a merchant banking firm where she leads the firm’s Boston office. As a senior banker, she focuses on the global asset management industry, advising clients on a wide range of strategic transactions. With over 25 years of experience as a leading adviser in the financial services industry, Ms. DeRemer specialized in strategic marketing, product design, and the implementation of innovative service strategies.
Before transitioning into investment banking, Ms. DeRemer led or participated in numerous advisory transactions. Her current clients include institutional and mutual fund managers in the U.S., as well as alternative investment firms seeking to access public markets both domestically and internationally. Previously, Ms. DeRemer ran NewRiver’s eBusiness Advisory unit for four years and operated her own strategy firm, DeRemer + Associates, for 18 years. Founded in 1987, DeRemer + Associates was the first consultancy focused on the U.S. mutual fund industry. Darlene holds a B.S. in finance and marketing (summa cum laude, 1977) and an MBA with distinction (1979) from Syracuse University.
“I’m pleased to welcome Darlene to her new role at NANO Nuclear and thank her for her contributions as Chairwoman of our Executive Advisory Board for Institutional Finance,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “Her extensive background in guiding growing companies will be hugely beneficial as we expand and strengthen our operations in both the near and long term. I look forward to working with Darlene to ensure that NANO Nuclear has the financial capabilities to achieve our ambitious goals and as we seek to establish ourself as leader in the advanced nuclear energy industry.”
“Darlene’s decision to move into a more active role with our company underscores both the great promise of our ambitions and our track record of achievements to date,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “Her leadership abilities and finely honed expertise will be tremendous assets as we continue to expand. In particular, her extensive network and talent for navigating complex financial landscapes will be vital as NANO Nuclear looks to capitalize on the growing momentum in the nuclear energy industry.”
About NANO Nuclear Energy, Inc.
NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.
Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors. NANO Nuclear is also developing patented stationary KRONOS MMR™ Energy System and space focused, portable LOKI MMR™.
Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.
HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.
NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.
This news release and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statements include those regarding the anticipated benefits of Ms. DeRemer’s association with the Company as described herein. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
A homeless man asleep in Edinburgh, where the author carried out research into the link between drug use and exploitation.Serge Bertasius Photography/Shutterstock
All names have been changed to protect the identities of interviewees.
Patrick is 32 years old and has been homeless on and off in Edinburgh since growing up in care. He speaks with a rasping quality due to the ravages of sleeping outdoors in cruel Scottish winters. Until recently, he was one of thousands of people in the UK trapped in exploitation, often referred to as modern slavery.
In the UK over the past five years, more than 59,000 people have been identified as possible victims of exploitation – sometimes having been trafficked into the country for this express purpose. Some are forced into criminal forms of labour, like growing marijuana, or put to work in agriculture, hospitality, care or construction in illegal conditions. Still more are trapped in private homes in what is termed “domestic servitude”.
And there is Patrick’s category, which is sexual exploitation.
Patrick began taking drugs at 14 years old while in care. Two years later, he was kicked out of the children’s home and met an older man who introduced him to gammahydroxybutrate, or “G” as Patrick calls it. This is known as a “chemsex” drug due to its ability to induce arousal and reduce inhibitions.
The dealer began having sex with him and taking him to sex parties with other men. Soon, Patrick was addicted to G and, over time – the precise length is unclear as, like many people who’ve experienced trauma and addiction, his memories are highly fragmented – the man began to control him. If Patrick wanted more G, he had to have sex with the older man or with other people he selected. Specific sex acts were demanded, regardless of Patrick’s consent.
This controlling behaviour escalated: if Patrick wanted heating in the room in which he slept, if he wanted access to electricity to charge his phone, if he wanted clean clothes or food, if he wanted to avoid being hit, sex was required.
“I never had a choice,” Patrick tells me about his time living in that house. “If I hadn’t got the drugs, I’d die.”
The man kept him on a chemical leash for years. He was not physically restrained in the house, and he had access to his own bank account and benefits payments. Sometimes he slept rough to escape the abuse – but he always returned, because he lived in fear of “rattling”, as he calls withdrawal.
It wasn’t just fear of the physical suffering involved in going without the drug. Patrick’s father murdered his mother when he was a small child. He describes his addiction as a chance to feel free of that trauma – to feel “like superman, like flying”.
Addiction was a driving force in Patrick’s exploitation. And he isn’t alone: several court cases involving the exploitation of homeless people have acknowledged the role of addiction in their victimisation.
In 2013, R v Connors found that the Connors family, which ran a casual construction business in Bedfordshire, had recruited homeless men into their service. The men were promised accommodation, food and reasonable wages, only to receive “something like £10 per day” – if they were paid at all. They worked long hours in poor conditions without necessary equipment or clothing, and “on occasion they were subjected to violence or the threat of violence”.
As a result, three members of the Connors family received custodial sentences of between four and 14 years. The court judgement noted that their victims “were chosen deliberately. Usually they were homeless, addicted to alcohol, friendless and isolated.”
Three years later, the case of R v Rooney found that 11 members of the Rooney family had victimised at least 18 people in Lincolnshire, forcing them to work without pay and to live in squalid conditions for up to 26 years. In one instance, they made a victim dig his own grave to force him to sign a contract of lifelong servitude. Nine members of the family were sentenced to jail, with most receiving sentences of five years or more.
After a subsequent unsuccessful appeal, the judge drew a direct link between victimisation, addiction and homelessness, stating: “The appellants were said to have manipulated and controlled these men by withholding pay [and] feeding their vulnerabilities and addictions, such as to alcohol or cannabis.”
It didn’t end there. In 2020, the office of the UK’s Independent Anti-Slavery Commissioner examined Operation Fort, “the UK’s largest anti-slavery prosecution”, which took four years to conclude. It found that some of the victims had been recruited from homeless shelters and were addicted to drugs or alcohol.
Illicit drug use is damaging large parts of the world socially, politically and environmentally. Patterns of supply and demand are changing rapidly. In our longform series Addicted, leading experts bring you the latest insights on drug use and production as we ask: is it time to declare a planetary emergency?
The role of addiction in all these cases is important to acknowledge – as is recognising that homelessness isn’t a singular thing. Some people experience homelessness only once; others are homeless repeatedly and for years. There are people for whom lacking shelter is the main measure by which they are disadvantaged, which differs to those who are “multiply excluded” or who have “severe and multiple disadvantages” – including histories of institutional care, substance dependency, and criminal records. And that’s without layering on additional factors such as race, ethnicity, sexuality and gender.
As part of my PhD research, I spent several months investigating Edinburgh’s street community, delving into homeless people’s experiences of exploitation, and finding out how and why these experiences occurred.
I chose to work exclusively with people who, like Patrick, were either British or had migration statuses that afforded them the same rights as British people (such as access to benefits). Other statuses – like being an asylum seeker, being on highly restrictive work visas or being undocumented – are widely recognised to make people more vulnerable to being exploited. Removing this factor enabled me to focus on victimisation that could not be explained by immigration policy, and which might point to new or under-explored territories.
I uncovered many cases like Patrick’s: homeless British people who had been exploited. But I also met people who were homeless and had not been exploited. And one of the main differences was addiction. Everyone who had been exploited while homeless had a substance dependency. And it seemed to be this, more than homelessness, which had put them in harm’s way.
Debt bondage on the streets of Edinburgh
Like Patrick, Paul is a white Scottish man in his 30s. He began sofa-surfing at the age of 11 after leaving his abusive family home. Since then, his life has been chronically chaotic: rough sleeping, prison, time in hostels, social housing and back again. Addiction has been the sole stable feature – in his case, a heroin habit which started “when I was 22, in prison”.
Paul has done various things for money over the years: begging (but only once because “I couldn’t deal with the shame of sitting down with people I knew walking past”); house-breaking (“shit stuff I wish I could take back”); shoplifting and reselling (“bacon, cheese, booze, anything that was more expensive”); and also drug running. It was this last method where he got into trouble.
A homeless man sleeping outside a branch of Barclays bank in Princes Street, central Edinburgh. Serge Cornu/Shutterstock
Paul was shoplifting and wasn’t making much money when he “got an offer” to become a drug runner instead. Although movies would have us believe that most modern slavery is the result of kidnapping or abduction, it’s usually the result of a subtler process. The potential victim is offered something they need, such as money or passage to a different country, and it goes wrong.
For Patrick and Paul, what they needed was drugs. Paul accepted the offer and began working as a runner, taking drugs from the dealer’s house to the customers and risking arrest on the way. He was paid in small amounts of heroin for his personal use. Looking back, he sees the dealer as “basically getting me deeper and deeper into trouble”, by escalating his addiction and using it as a control mechanism to keep him working – like the chemical leash experienced by Patrick.
For Jack, a third Scottish homeless man, it was worse. Initially, he bought drugs (both heroin and crack cocaine) using cash, but then a dealer began giving him more than he could afford. “I’d say I only want a half-ounce … and he’d say nah, he’s gonna give me the full one.”
Over time, Jack’s debt grew. He tried to repay it by working as a drug runner for the man, but the money could never be paid off. This was partly because he always needed his next hit, but also because the dealer was inflating the debt each time. There was no way out.
The dealer was also, according to Jack, “quite a fuckin’ scary bloke” – which turned out to be Jack’s way of disclosing that he had been threatened when he tried to leave for a different dealer. At least once, he had been hit.
The Gangmasters and Labour Abuse Authority describes debt bondage as when “an employer or controller will use different tactics to trap the victim in an endless cycle of debt which can never be repaid”. In Jack’s case, as with others in my investigation, it was a particular instrumentalisation of that chemical leash.
“We call it ‘in your pocket’,” Jack explains. “That’s what they say: ‘I’ve got him in my pocket now.’”
Paul and Jack had experienced localised permutations of what government and police call county lines – the transporting of drugs by children or vulnerable adults under coercion.
It may have a special label, but this is a normal part of the drug dealing business model. When I recount Paul’s and Jack’s experiences to Ryan, another homeless Scottish man who is familiar with the drug economy thanks to his dealer dad, he snorts: “Well aye, obviously.”
Into the arms of would-be exploiters
Patrick, Paul and Jack had all been exploited within the drug economy in one way or another, and this is where government-approved county lines strategies are focused. But addiction drives exploitation more broadly than the drug sector itself; as in the Rooney and Connors cases, legal employment sectors including construction and farmwork are subject to addiction-fuelled exploitation too.
When Jack was approached to paint scaffolding poles for £80 a day, he jumped at the chance – it looked like good money for an easy task. But the job wasn’t what it seemed. The recruiter knew Jack was an addict and dropped him off alone at a warehouse with a bag of speed, so he would work through the night with no sleep. This happened for four weekends in a row, with the man alternating between treating Jack well (“made me feel like I was ‘the man’”) and frightening him (“he pure intimidated me”). The £80 per day never materialised.
In Paul’s case, he was offered farmwork by a man outside a soup kitchen he frequented. Paul says he didn’t trust the guy “just from looking at him … and the way he went about it, like strolling up to a homeless place. That’s where most serial killers go to get victims.”
Paul was warned off by street acquaintances who’d heard of people being treated badly at the farm. “They were living in, basically, homeless situations – in a barn or something with no heating and stuff like that, being worked when the guy says … You’ve no money to get home, you don’t know where you are.”
Yet even with this information, when it happened a second time, Paul decided to go. He needed money for his heroin habit. Thankfully, he was too slow to say yes and he lost out to two other men. He doesn’t know what happened to them.
When Paul and I met, he was staying off heroin, thanks to methadone and various other prescription drugs. I asked what he’d do if someone approached him with the same kind of job offer now. He said he’d decline; he no longer needs the money for heroin.
Video: BBC Scotland.
Lorraine, in her 40s and also Scottish, spent years doing sex work. She’d been in various situations during that time, including being deceived into brothel work based on potential earnings which turned out to be untrue, and being pimped by someone who “was supposed to be a friend”.
When we met, Lorraine was no longer doing sex work for anyone but herself. I asked what had changed. Along with getting a place in an emergency shelter, she said it was “because I’m not using [drugs], you know; I’m not using any more. I used to be a prolific crack and heroin addict.”
Paul and Lorraine aren’t alone. Nearly everyone I’ve interviewed draws a direct line between the high cost of illegal drugs and the likelihood of being exploited. In contrast, those who’ve got clean are free from coercion and able to get by on their benefits – benefits they receive, in general, for severe mental health conditions and learning disabilities.
Can criminals be victims too?
Ryan was right when he snorted “aye, obviously” to me: the link between addiction and exploitation should be plain to see. There are passing mentions of addiction issues among homeless survivors peppered in the Rooney, Connors, Operation Fort and other case documents. So why had all bar one of the people whom I met, and who shared their stories of exploitation with me, not been flagged as possible victims by services?
The one exception to this rule offers some answers.
Piotr came to the UK after seeing an advert for a job in a car garage. He liked that first job. Even though it paid lower than the minimum wage, it was enough to meet his needs and the boss was reasonable. But when that garage closed and his long-distance marriage broke down, Piotr relapsed into alcoholism. He needed to find a new job so he could fund his daily intake.
Another garage owner who was aware of Piotr’s dependency offered him work. They didn’t make an agreement about money, but Piotr told me he’d hoped to get around £20 a day plus some food or cigarettes. That may sound bad to people accustomed to legal minimum wages, but the reality turned out much worse.
Piotr wasn’t paid at all. He slept in a caravan on the garage site, and if he wanted to use gas or electricity, he had to pay for it … with no wages. He told me how the boss would shout at him, and sometimes hit him too.
Thankfully, after around a year, Piotr was able to leave and, during the period we met, he was working somewhere that treated him better and paid him consistently – though still below the legal minimum.
It was while Piotr was working at this new and better place that homelessness support workers encountered him and began to wonder whether he’d been exploited. The fact they were correct isn’t the point here; rather, why had they flagged his victimisation but not Patrick’s, Paul’s, Lorraine’s or Jack’s? And what might this tell us about homelessness and exploitation more broadly?
The Insights section is committed to high-quality longform journalism. Our editors work with academics from many different backgrounds who are tackling a wide range of societal and scientific challenges.
The answer may lie in a concept introduced nearly 40 years ago by criminologist Nils Christie. The “ideal victim” is the notion that we’re more willing to view some people as victims than others. Christie suggested various criteria that make people more likely to receive the social label of “victim”: including that they’re weaker than the perpetrator; that they’re carrying out a respectable project at the time of the harm occurring; and that their general behaviour is blameless – namely, they were doing nothing illegal nor putting themselves at risk.
In this analysis, it should be obvious that Patrick, Paul, Lorraine and Jack are all non-ideal victims. Most have been in prison, some multiple times, and all regularly commit crimes by taking drugs or earning money in illegal (drug running, stealing) or semi-legal (sex work) ways. In contrast, Piotr does none of these things.
But while social bias goes against viewing Patrick, Paul, Lorraine and Jack as victims, empirical data tells us otherwise. Studies show that “engagement in offending behaviour is one of the strongest correlates of victimisation”. Substance abuse in particular is recognised to put people at greater risk of becoming victims of crime.
Yet the support workers I interviewed make it clear that, in general, their homeless clients are not asked about their various criminal activities. Their rationale varied: some felt that asking probing questions about these activities might harm their relationship, making clients suspicious of their motives and damaging their ability to support them. Others felt it was simply none of their business how or whether clients earned money illegally, either because of their perceived remit of their work, or because they viewed the activities as distasteful or shameful.
Drinking alcohol was safe to ask about, as was working in legal sectors like car garages – but not heroin, not crack cocaine, not G, not sex work, not drug running, and so on.
Paradoxically, then, the very aspects of someone’s life which may instinctively put off support workers, police, medical professionals and others from viewing them as possible victims are the same aspects which make them more at risk of victimisation.
Compounding this, Piotr is not British while all the others are. There is very limited data on exploitation in the homelessness community but, according to information published by the charities Unseen and The Passage, most people who are identified as victims of exploitation have been migrants. Two-thirds of those highlighted by the latter have “no recourse to public funds”, a particularly precarious form of migration status which bans people from accessing benefits and other forms of social assistance.
In theory, this should have meant that my investigation – which excluded anyone in that precarious category, solely interviewing British people or migrants who have the same protections as UK citizens – wouldn’t have easily found victims. But when I spent lots of time getting to know people living on the streets of Edinburgh, I found this wasn’t the case.
That doesn’t mean Unseen or The Passage are wrong in their activities or data, far from it. Victimisation is not a zero-sum game: multiple categories of homeless people can be at especially high risk. Rather, it brings an additional population into view for deeper consideration.
A tent pitched in New Calton burial ground in Calton Hill, Edinburgh. Fotokon/Shutterstock
Following Christie’s concept, academics have considered how migration and victimhood intersect, noting that migrants’ perceived “weakness, frailty and passivity” aligns with the ideal victim idea. On exploitation specifically, a great deal of research and action has taken place to highlight the ways in which the UK’s “hostile environment” migration policy renders migrants vulnerable to exploitation.
This combination of perception and policy makes it plausible that homeless people of foreign origin are more easily recognised as victims than people who have remained in the area in which they grew up, like the Scottish people encountered in my investigation – and especially those exhibiting some of the other “unideal” factors I’ve described.
What does this mean?
The finding that addiction is an important driver of exploitation among the homeless community offers guidance for targeted intervention. People who are homeless and have substance dependencies should be considered higher risk for exploitation than people who are homeless without addictions.
While there are many factors which contribute to victimisation, and this article is the product of a broader body of research, it does offer a strong indication of one place we should look for harm.
Second, police and other frontline services should consider biases that may be blinding them to some victims, specifically British people with offending records.
Third, my investigation points to a broader question: if addiction is driving vulnerability to exploitation, what does this mean for drug and alcohol policy? In England, funding of local council addiction services has halved over the past ten years; while in Scotland as well as England and Wales, the high rate of drug-related deaths demonstrates a desperate need for more intervention.
Meanwhile, the National Police Chiefs’ county lines policing strategy for 2024-2027 doesn’t mention addiction even once. There is a glaring need for a better-funded, more joined-up approach to understanding and addressing addiction, thereby reducing exploitation crimes.
Going further, one useful response could be the UK-wide introduction of “safe consumption rooms”, whose main purpose is to reduce drug-related harms including contamination and overdose. After much political debate, the first such facility in Scotland, called the Thistle and located in Glasgow, opened on January 13 2025.
Video: Channel 4 News.
In the context of exploitation, these safe consumption rooms could remove the obstacle of illegality from identification. In a space in which drug-taking is explicit, people may feel safer to disclose harm, and support workers may feel safer to probe into people’s lifestyles.
This builds on my forthcoming study, to be published in a collection from Amsterdam University Press. It shows how health clinics and social spaces that are explicitly run by and for sex workers, and which have no links to policing, are able to identify victims of exploitation who have otherwise gone unnoticed or avoided sharing their victimisation out of fear of being criminalised, because of their involvement with the sex industry or their migration statuses. By creating safe spaces free from judgement or criminalisation, we open new opportunities for support.
Being able to regulate drugs by decriminalising them may also be beneficial. It would not remove the problem – alcohol is legal and Piotr was still exploited – but it could blunt the instrumentalisation of addiction by would-be exploiters, making it harder to construct “drug debt bondage” like that experienced by Jack, and more difficult to hold the threat of imposed withdrawal over victims, as experienced by Patrick.
So far, the Labour government appears to be continuing this disappointing track record. In its election manifesto, it pledged to introduce “a new offence of criminal exploitation of children, to go after the gangs who are luring young people into violence and crime”. But this reinforces the “ideal victim” problem: children are innocents, but what of their adult, addicted counterparts? And what about the drug policies underlying this illicit economy?
Since taking office, and as we approach the ten-year anniversary of the UK’s “world-leading” Modern Slavery Act, the government has committed to a “holistic victim-centred approach”, but there is no indication that this will include people like Patrick, Paul and Jack.
We have known the factors driving modern slavery for years. This investigation provides more evidence that we must address drug policy and addiction support as part of any effective strategy to reduce the deeply damaging effects of exploitation.
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Emily Kenway receives funding from the University of Edinburgh and is on the boards of National Ugly Mugs (trustee) and the New Economy Organisers Network (chair). She is the author of Who Cares: The Hidden Crisis of Caregiving, and How We Solve It (Headline, 2023), which was a finalist for the Orwell Prize for Political Writing.
Headline: Verizon to speak at Morgan Stanley TMT Conference March 4
NEW YORK – Tony Skiadas, executive vice president and chief financial officer for Verizon (NYSE, Nasdaq: VZ), is scheduled to speak at the Morgan Stanley Technology, Media and Telecom Conference on Tuesday, March 4, at 11:30 a.m. ET. His remarks will be webcast, with access instructions available on Verizon’s Investor Relations website, www.verizon.com/about/investors.
Source: United States Senator Reverend Raphael Warnock – Georgia
Continuing Defense of Georgia Consumers, Senator Reverend Warnock Questions Nominee to Lead CFPB
Senator Reverend Warnock questioned Jonathan McKernan, the Trump Administration’s nominee to lead the Consumer Financial Protection Bureau (CFPB)
In partnership with Senator Reverend Warnock, the CFPB addressed 266,560 complaints from Georgians, including 20,168 from servicemembers in the state
The hearing followed the recent news of the dissolution of CFPB, one of multiple federal agencies gutted by the Elon Musk-led Department of Government Efficiency (DOGE)
Senator Reverend Warnock is a member of the Subcommittee on Financial Institutions and Consumer Protection, which he chaired last Congress, and which oversees the CFPB
Senator Reverend Warnock during the hearing: “You’ve [Jonathan McKernan] raised your hand to run the agency. I think you ought to know whether you think it’s a good thing to get rid of”
Watch Senator Reverend Warnock at Thursday’s hearing HERE
Washington, D.C. – Yesterday, U.S. Senator Reverend Raphael Warnock (D-GA), a member and former chair of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, which oversees the Consumer Financial Protection Bureau (CFPB), questioned Jonathan McKernan and William Pulte, the Trump Administration’s nominees to lead the CFPB and the Federal Housing Finance Agency, respectively.
Last Congress, Senator Warnock worked extensively with the CFPB to return funds and protect Georgians from future financial hardship, helping to address 266,560 complaints from Georgians, including 20,168 from servicemembers in the state. Additionally, Senator Warnock spearheaded several efforts to return dollars to hardworking Americans, including: remove medical debt from credit reports, rule ending an overdraft loophole, highlighting harmful practices in the private student lending market, safeguard Americans from ‘Buy Now, Pay Later’ debts, and much more.
During Senator Warnock’s line of questioning for Mr. McKernan, he highlighted the recent news of the dissolution of CFPB, one of many federal agencies gutted by the Elon Musk-led Department of Government Efficiency (DOGE), and if Mr. McKernan shared President Trump’s disturbing view that the agency is “a very important thing to get rid of.”
“President Trump has said the CFPB is, quote, ‘A very important thing to get rid of.’ Yes or no. Do you agree with the President on that point?” asked Senator Warnock.
“Senator, I think our elected officials decide normative questions like that,” said Mr. McKernan.
“You’ve raised your hand to run the agency. I think you ought to know whether you think it’s a good thing to get rid of,” said Senator Warnock.
The nomination hearing followed a special hearing earlier in the week that was organized by Ranking Member of the Banking Committee, Senator Elizabeth Warren (D-MA) and aimed to highlight the repercussions of dismantling the CFPB.
Watch the Senator’s full remarks and line of questioning HERE.
See below transcript of the key exchange between Senator Warnock and CFPB Director nominee Jonathan McKernan:
Senator Reverend Warnock (SRW): “Congress created the Consumer Financial Protection Bureau – the CFPB – in the wake of the financial crisis, during which Americans saw Wall Street bankers get bailed out, while millions of working folks lost their jobs, their homes, their retirements, their life savings. That’s the situation out of which the CFPB emerged.”
“Mr. McKernan, thank you. I enjoyed our meeting yesterday. Good to meet you. And I want to follow up on our discussion about the Trump administration’s efforts to dismantle the CFPB, the agency you’ve been nominated to run. President Trump has said the CFPB is, quote, ‘A very important thing to get rid of.’ Yes or no. Do you agree with the President on that point?”
Jonathan McKernan (JM): “Senator as I’ve said, the CFPB is a product of statute. That is a question for our elected official. It’s…”
SRW: “Yes or no question, do you agree that it’s a very good thing to get rid of?”
JM: “Senator, I think our elected officials decide normative questions like that.”
SRW: “You’ve raised your hand to run the agency. I think you ought to know whether you think it’s a good thing to get rid of.”
JM: “Well, I will say this. I certainly think that consumer protection is a very good thing, it’s a critical thing. A federal consumer protection role is a very important thing. That’s a lesson I learned from my experience in the 2008 financial crisis. We need to have a regulatory system that works for everyday Americans, and that includes consumer protection.”
SRW: “I’ll take that as you agree with the President, that we don’t necessarily need the CFPB. We need consumer protection, but not the CFPB. Is that your answer?”
JM: “We need, we need to have a strong consumer protection function.”
SRW: “President Trump and Elon Musk have basically gotten rid of the CFPB, which is why the question is so urgent, and the bureau has seen dozens of key employees fired. They’ve been told not to engage in its core supervisory or examination duties required by the law, and has even had its physical headquarters closed and locked.”
“I think that’s a pretty clear message. If someone closes down the office that you’ve been nominated to run.”
“With the CFPB effectively eliminated. How on earth do you plan to lead a shell agency that’s been completely gutted?”
JM: “Senator, I’m not aware of the situation both this the staffing and resources at the CFPB. Well, what I will point to is just what the administration has said in its filings, and some of the litigation ongoing here, and they have said that we are going to have a CFPB that is streamlined and efficient. And quoting, I think, from the brief here, it says, ‘A predicate of that is there will be a CFPB’ again, though this is a question for our elected officials, my job is to follow the law and execute on my mandate.”
SRW: “In the last three months alone, the CFPB has received more than 80,000 complaints from Georgians, with the Bureau currently seeking resolution to more than 40,000 of those complaints with the CFPB shuttered by President Trump and Elon Musk, what’s your plan to ensure that the bureau resolves those 40,000 pending complaints from my constituents in Georgia?”
JM: “Senator like I said, the consumer complaint function is a statutorily required function that’s in 1021c and so my mandate, if I’m confirmed, is to fulfill faithfully, fully that statutory mandate.”
From March 1, 2025 the terms are increasing sending to the Bank of Russia notifications of dismissal from office (termination of temporary performance of official duties) of heads of internal control, internal audit and risk management services of a credit institution, special officials responsible for the implementation of internal control rules in a credit institution for the purpose of countering the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction.
In addition, the amendments will make it possible to clearly determine from what moment the period for sending to the Bank of Russia notifications of appointment to a position (dismissal from a position), temporary performance of official duties (termination of official duties) of individual officials of credit institutions, insurance organizations, non-state pension funds, management companies of investment funds, mutual investment funds and non-state pension funds, microfinance companies is calculated.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect
The Bank of Russia has defined the conditions for trading on weekends in order to minimize risks for exchanges and their clients. Trading on Saturday and Sunday will not be considered as separate days, but as additional sessions on Monday. This will allow not to conduct clearing and settlements on weekends. The regulator sent the corresponding order to the organizers of trading.
At the first stage, the exchanges must set the size of the price corridor within 3% (both up and down) of the value of the securities that formed by the end of Friday. The Bank of Russia recommends including highly liquid shares in the list of securities admitted to weekend trading. Such restrictions are aimed at avoiding increased volatility in the market.
In the future, the Bank of Russia will monitor the trading activity of participants, the quality of pricing, and what financial instruments are traded on exchanges. All this will allow us to assess the possibility of scaling up trading on weekends and will be taken into account when deciding on the need to introduce additional restrictions.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect
Governments on Friday reached agreement on a strategy to raise an additional $200 billion each year to better protect the world’s flora and fauna by 2030.
Delegates met in Rome this week for the resumption of the UN Biodiversity Conference to hammer out an agreement at COP16.2 after attempts to reach a deal on financing at COP16 in Cali, Colombia, fell short last November.
It is hoped that the hard-won decisions made by parties to the UN Convention on Biological Diversity will shore up biodiversity and fragile ecosystems which are bearing the brunt of increased conflict, deforestation, mining, toxic waste dumping and other environmental impacts worldwide.
“We very much welcome this announcement,” the UN Secretary-General’s Spokesperson Stéphane Dujarric said on Friday. “We need to mobilise at least $200 billion dollars a year by 2030 to close the global biodiversity finance gap.”
However, discussions on who pays to protect the Earth’s biodiversity have long been a point of contention, while more than a million plant and animal species are now threatened with extinction.
“These days of work in Rome have demonstrated the commitment of the parties to advance the implementation of the[Kunming-Montreal] Global Biodiversity Framework,” said COP16 president Susana Muhamad, referring to the landmark 2022 agreement and underscoring “the collective effort to reach consensus of key issues that were left pending in Cali”.
Why is biodiversity important? Read our explainer here.
Delegates worked through Friday morning following days of intense negotiation and reached decisions on outstanding issues including biodiversity finance, planning, monitoring, reporting and review.
Negotiators also agreed on a set of indicators to measure global and national progress towards implementing the Global Biodiversity Framework.
The framework was finalised a little over two years ago – a historic UN-driven agreement to guide global action on nature through to 2030, which was hashed out at meetings in Kunming, China, and Montreal, Canada, in 2022.
Keeping promises made in Canada and China
The Global Biodiversity Framework aims to address biodiversity loss, restore ecosystems and protect the rights of Indigenous Peoples, who suffer disproportionately from biodiversity loss and environmental degradation.
The global framework also contains concrete measures to halt and reverse nature loss, including protection measures covering 30 per cent of the planet and 30 per cent of degraded ecosystems by 2030.
Currently only 17 per cent of land and around eight per cent of marine areas are protected.
“Only by working together can we make peace with nature a reality,” said Ms. Muhamad.
‘Multilateralism works’
Astrid Schomaker, Executive Secretary of the UN Convention on Biological Diversity, said the positive outcome in Rome shows that “multilateralism works” and is “the vehicle to build the partnerships needed to protect biodiversity and move us towards peace with nature”.
After intense negotiations, parties to the convention agreed on a way forward in terms of resource mobilisation with a view to close the global biodiversity finance gap and achieve the target of at least $200 billion a year by 2030.
This includes working to improve existing financial tools, especially to provide resources for developing countries, under the temporary leadership of UN agencies and partners.
“We now have a clear mandate” for implementation, Ms. Schomaker said. “As we do this and implement the other supporting elements for resource mobilisation, the world will have given itself the means to close the biodiversity finance gap.”
Call for pioneering investors
On the margins of COP16.2, the Cali Fund, which was created in Colombia in late 2024, was officially launched, ushering in a new era for biodiversity financing.
“Today’s launch is the culmination of multilateralism that delivers,” said Elizabeth Mrema, Deputy Executive Director of the UN Environment Programme (UNEP).
“The ball is now in the court of businesses around the world. Those who pay into the fund will go down in history as pioneers and will reap the benefits as the public increasingly recognises the importance of giving back to nature.”
Here’s how the Cali Fund will benefit biodiversity:
Companies making commercial use of data from genetic resources in nature in a range of lucrative industries will be expected to contribute a portion of their revenue to the fund
Contributions to the Cali Fund will be used to implement the UN Biodiversity Convention, including by supporting the implementation of the Kunming-Montreal Global Biodiversity Framework
At least 50 per cent of the Cali Fund resources will be allocated to Indigenous Peoples and local communities, recognising their role as custodians of biodiversity
SIMPLIFICATION AND TRANSPARENCY IN FINANCIAL LAWS HAVE PROVIDED AN ENABLING ENVIRONMENT FOR INVESTMENT IN INDIA: LOK SABHA SPEAKER TODAY’S INDIA WITH DEEPER DEMOCRATIC SPIRIT, STABLE GOVERNMENT AND VISIONARY LEADERSHIP, IS A LAND OF IMMENSE OPPORTUNITIES FOR INVESTMENT: LOK SABHA SPEAKER
FOR THE FIRST TIME IN INDIA, AN EFFORT HAS BEEN MADE TO CHANGE COLONIAL LAWS, TO REPEAL REDUNDANT LAWS AND TO MAKE NEW LAWS IN SYNC WITH HOPES AND ASPIRATIONS OF PEOPLE: LOK SABHA SPEAKER
NEW LAWS ARE SIMPLE, TRANSPARENT, PROGRESSIVE AND INCLUSIVE: LOK SABHA SPEAKER
OUR FINANCIAL INSTITUTIONS COMMAND RESPECT ALL OVER THE WORLD: LOK SABHA SPEAKER
LOK SABHA SPEAKER ADDRESSES INAUGURAL SESSION OF A TWO-DAY SYMPOSIUM ON ‘ADOPTION TO CHANGING LANDSCAPE: MY VIKSIT BHARAT – 2047’ ORGANISED BY THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
Posted On: 28 FEB 2025 8:48PM by PIB Delhi
Lok Sabha Speaker Shri Om Birla today stressed that the recent initiatives in simplification and transparency in financial laws have provided an enabling environment for investment in India. Today’s India with deeper democratic spirit, stable government and visionary leadership, is a land of immense opportunities for the investors, he noted. The fastest growing economy in the world is a favourite destination for investment across the world, he added.
Shri Birla made these remarks in his inaugural address at the two day symposium on ‘Adoption to Changing landscape: My Viksit Bharat – 2047′ organized by the Northern India Regional Council, Institute of Cost Accountants of India (ICAI) at New Delhi. Shri Faggan Singh Kulaste, Ms. Bansuri Swaraj, both Members of Parliament, and other dignitaries graced the occasion.
आज दिल्ली में The Institute of Cost Accountants of India (ICMAI) द्वारा आयोजित दो दिवसीय सेमिनार के उद्घाटन सत्र में सम्मिलित होकर Cost management क्षेत्र के प्रोफेशनल्स और स्टूडेंट्स को संबोधित किया।
आज भारत दुनिया की तेज़ी से बढ़ती अर्थव्यवस्था के रूप में गतिमान है। पिछले कुछ… pic.twitter.com/ekJKUazm5q
Referring to legal reforms in India, Shri Birla noted that for the first time in India, an effort has been made to change colonial laws, to repeal the redundant laws and to make new laws which are in sync with the hopes and aspirations of people of New India. Mentioning about GST, proposed income tax legislation, changes in labour laws and company laws, Shri Birla emphasized that these initiates reflect the vision of the leadership to take the country on the path of progress and prosperity. New laws are not only simple, transparent and progressive but also inclusive to improve the life of the last person in the society, he observed. Progressive laws always take into consideration the changing requirements of the country and the society and the changing international scenario, he added.
Stating that developments in the fields of infrastructure, road connectivity, rail connectivity, air connectivity have augmented the capacity to bring in more investment to the country, Shri Birla observed that these investments will ultimately benefit the society at large. He also mentioned about the clarion call of the Prime Minister to pursue sustainable living for a better future. India is leading the world in inspiring the people to pursue the path of sustainable living, he added.
Mentioning that India’s financial institutions are its strength, Shri Birla noted that our financial institutions command respect all over the world. Hailing the contributions of the ICAI, Shri Birla opined that this institution not only plays an important role in ensuring transparency in financial system but also for guiding the country on mass production with minimum cost. Playing a vital role in strengthening economic potential of the country, the ICAI, with its management skills, is improving the lives of the people. He expressed hope that the two day symposium would provide a roadmap about the contributions of the ICAI to fulfill the resolve of the Prime Minister to make India a developed country by 2047 a reality.
Lok Sabha Speaker Shri Om Birla addressed the inaugural session of a two-day symposium on ‘Adoption to Changing landscape: My Viksit Bharat – 2047’ organised by The Institute of Cost Accountants of India in New Delhi on 28 February, 2025.
Source: Hong Kong Government special administrative region
The Secretary for Development, Ms Bernadette Linn, today (February 28) announced the Government’s 2025-26 Land Sale List.
“The 2025-26 Land Sale List covers eight residential sites, capable of providing about 4 450 flats. Apart from the eight sites available for sale, the MTR Corporation Limited (MTRCL) plans to put up for tender its development projects Tuen Mun A16 Station (Package 1) and Tung Chung East Station (Package 2) in the coming financial year, providing a total of about 2 440 flats. In addition, the Urban Renewal Authority (URA) plans to relaunch its project at Kai Tak Road / Sa Po Road in Kowloon City, capable of providing about 810 flats. As for private development/redevelopment projects, with reference to the figures in the past decade, the supply in 2025-26 is estimated to be around 6 000 flats,” Ms Linn said.
Taking into account the estimated land supply from Government land sale, projects of the MTRCL and the URA, as well as private development/redevelopment projects, the private housing land supply in 2025-26 is estimated to have a capacity to produce about 13 700 flats. Pursuant to the “Long Term Housing Strategy Annual Progress Report 2024” released by the Government in October 2024, the target for private housing land supply in 2025-26 is 13 200 flats, similar to the potential supply of this financial year.
As regards sites for commercial use, the 2025-26 Budget announced that the Government will not roll out any commercial sites for sale in the coming year, so as to allow the market to absorb the existing supply, having considered the high vacancy rate of offices in recent years and the relatively ample supply in the next few years. Therefore, no commercial has been included on the Land Sale List this year. In response to market feedback and to enhance the market attractiveness of sites, the Government will consider rezoning some of the commercial sites, which are expected to be available for sale in the next few years, into residential use and allowing greater flexibility of land use. To tie in with the relevant work, the Government will extend the deadline for completing in-situ land exchange for commercial sites in the town centre of Hung Shui Kiu / Ha Tsuen New Development Area (HSK/HT NDA), with a view to studying whether the land use could be suitably adjusted without compromising the overall industry positioning of HSK/HT NDA.
As for industrial sites, the Government has identified three pilot areas to adopt the large-scale land disposal approach, respectively located in HSK/HT, Fanling North and San Tin Technopole. Each pilot area covers land for residential, industry and public facilities. The expressions of interest exercise will last until end-March, with the target to commence the tendering work for the three pilot areas progressively from the second half of 2025 to 2026. Ms Linn added that the Government could not rely solely on publicly-funded works projects to implement large-scale development. The Government has to dare to break new ground and innovate continuously, integrate the government with the market, and to adopt diversified development model such as public-private partnership, in-situ land exchange and large-scale disposal. The Government will explore allowing land owners to voluntarily surrender land planned to be resumed by the Government in the Northern Metropolis to offset or reduce the premium charged for the in-situ land exchange or large-scale land disposal. By paying less premium, developers can manage their cash flow with greater ease and are more incentivised to take part in the development of the Northern Metropolis. The measure also helps to alleviate pressure on public finance.
Reviewing the private housing land supply in 2024-25, Ms Linn noted that the Government sold four residential sites in this financial year, which have a total capacity to produce about 1 970 flats. The aggregate private housing land supply in 2024-25 from different sources is estimated to have a capacity to produce about 8 930 flats, amounting to around 68 per cent of the annual supply target (13 200 flats). Ms Linn added that the Government considers the achievement rate of private housing land supply in this financial year foreseeable and reasonable. Owing to the uncertain external environment in the past year, the slower-than-expected interest rates cut as well as the continued high level market supply, developers have remained rather conservative in land tenders. Hence, having considered the market situation, the Government has been rolling out sites for sale in a pragmatic and prudent manner over the past year despite having available land in hand, taking the initiative on land supply. In fact, the supply in the past few financial years have each exceeded the annual supply target, which is sufficient to offset the shortfall this year. The impact on the short-to-medium term market supply is not expected to be significant.
Reviewing the commercial land supply in 2024-25, given that the vacancy rate of commercial floor area still remains at a relatively high level, coupled with the several large-scale commercial sites sold in the past few years, the Government did not roll out any commercial site in this financial year.
On sites for industrial use, the tender of two sites in Yuen Long and Hung Shui Kiu for development of multi-storey buildings for modern industries (MSB) is now ongoing. The two sites could provide a total of about 550 000 square metres floor space.
Ms Linn said that the Transport and Logistics Bureau has successfully tendered a logistics site in Tsing Yi. Recently, a few potential investors provided feedbacks on the two MSB sites with ongoing tender. While pursuing the policy objective, the Government is considering possible adjustments on the tender conditions in response to market feedback, and for this reason, will extend the tender closing date of these two sites. Further details will be announced in early March.
For the first quarter of 2025-26, i.e. April to June 2025, the Government will put up for tender a residential site in Tuen Mun, which is capable of producing about 525 flats. Ms Linn said that the site is located in a mature residential neighbourhood near a light rail station, and should be attractive to the market. In addition, for private development/redevelopment projects, two lease modification cases are expected to be executed in the first quarter, capable of providing a total of about 165 flats. The total private housing land supply for the first quarter is estimated to be about 690 units. Ms Linn added that an in-situ land exchange within the HSK/HT NDA is approaching its application deadline of end March. The development will bring about an additional supply of 1 600 flats for the first quarter if the application is concluded before the deadline.
Ms Linn reiterated that the Government will prudently roll out land in a paced and pragmatic manner for development and to maintain continuous and sustained land supply. Placing available sites on the Land Sale List does not mean that all sites are to be rolled out. The Government will continue to make reference to market situation and other supply sources, so as to announce the Land Sale Programme on a quarterly basis. Depending on the market situation, the Government may also put up additional sites to respond to market changes.
The 2025-26 Land Sale List can be found on the Lands Department’s website (www.landsd.gov.hk).
An India-European Union (EU) Meeting on Science & Technology Cooperation was held on 27th Feb 2025 at the Office of the Principal Scientific Adviser to the Government of India, Vigyan Bhawan Annexe, New Delhi. The meeting was part of the various sectoral meetings being held in wake of the two-day visit of H.E. Ms. Ursula von der Leyen, President of the European Commission, to India along with the College of Commissioners. The meeting was co-chaired by Prof. Ajay Kumar Sood, Principal Scientific Adviser to the Government of India, and Ms. Ekaterina Zaharieva, EU Commissioner for Startups, Research and Innovation.
On the Indian side, the meeting saw the participation of Prof. Abhay Karandikar, Secretary, Department of Science and Technology (DST), Dr. M. Ravichandran, Secretary, Ministry of Earth Sciences (MoES), Dr. Rajesh S. Gokhale, Secretary, Department of Biotechnology (DBT), Dr. Sanjay Mishra, Scientist ‘H’, DBT, Dr. Monoranjan Mohanty, Adviser, Office of the Principal Scientific Adviser, Dr. Praveen Kumar S, Head, International Cooperation, DST, Dr. Aparna Shukla, Scientist ‘E’, MoES and Dr. Hafsa Ahmad, Scientist ‘D’, Office of the Principal Scientific Adviser. From the European Commission, Ms. Zaharieva was joined by Mr. Marc Lemaître, Director-General, Directorate-General for Research and Innovation, Ms. Nienke Buisman, Head of Unit, International Cooperation, Ms. Sophie Alexandrova, Deputy Head of Cabinet to Commissioner Zaharieva, Mr. Ivan Dimov, Member of Cabinet to Commissioner Zaharieva, Mr. Pierrick Fillon-Ashida, First Counsellor & Head of Research & Innovation Section, EU Delegation to India, and Dr. Vivek Dham, Policy Officer, Research & Innovation Section, EU Delegation to India. The meeting aimed to strengthen India-EU research partnerships and drive innovation in critical areas such as clean energy, water, artificial intelligence, biotechnology, and climate change research.
During the discussions, both sides acknowledged the long-standing India-EU Science & Technology Agreement, originally signed in 2001 and renewed in 2015 and 2020, which is now set for extension for 2025-2030. The partnership has played a pivotal role in fostering research collaborations in water resource management, smart grids, clean energy, vaccine development, and climate change & polar research. The meeting highlighted significant achievements in wastewater treatment, vaccine innovations, and deep-sea exploration, which have emerged as key areas of cooperation between the two regions.
India’s rapidly growing innovation ecosystem, which ranks third globally in startup and unicorn creation, was recognized as a driving force behind the collaboration. The discussion also focused on India’s emerging expertise in renewable energy, biopharmaceuticals, artificial intelligence, biomanufacturing & biotechnology etc.
The meeting also explored future opportunities in areas such as quantum computing, bio economy, green hydrogen, blue economy, EV & battery technology, high-performance computing, and responsible AI. Both sides emphasized the importance of joint funding mechanisms, increased scientific exchange programs, and stronger public-private partnerships to accelerate progress in these fields. In their concluding remarks, Prof. Ajay Kumar Sood and Ms. Ekaterina Zaharieva reaffirmed their commitment to deepening India-EU scientific collaboration and leveraging joint expertise to address global challenges.
The meeting concluded with a networking session, where stakeholders discussed practical steps for scaling up joint projects. The India-EU Science & Technology Agreement continues to play a crucial role in strengthening this strategic partnership, fostering innovation, and enhancing mutual economic and technological benefits.
National Science Day is celebrated in India every year on 28thFebruary to celebrate discovery of the Raman effect by Sir C.V. Raman. The day also commemorates contributions of scientists towards the development of the nation. This year, the theme of National Science Day is “Empowering Indian Youth for Global Leadership in Science & Innovation for Viksit Bharat.”
On this occasion, the AcSIR Science Club of CSIR-IIP organized an event “AAGAZ 3.0”. The event was graced by Shri Gopal Joshi, ED & Head, KDMIPE, ONGC as Chief Guest and Dr. Bharat Newalkar, Chief General Manager (R&D), BPCL as Guest of Honour. The inaugural programme was initiated by lamp lighting followed by Saraswati Vandana. Ms.Ekta, Student Coordinator-Science Club gave an overview of the activities of the AcSIR Science Club of CSIR-IIP. Dr. Sanat Kumar, Chairman, Organizing Committee of AAGAZ 3.0 welcomed all on this occasion and informed about the importance and significance of National Science Day.
Dr.Harender Singh Bisht, Director CSIR-IIP, informed the august gathering that this year’s theme focuses on encouraging young minds, recognizing ground-breaking contributions, and celebrating India’s scientific achievements towards the Viksit Bharat. He mentioned that this required a different thinking way beyond laboratory-bound scientific research if we have to go and serve society and deliver a sustainable solution for the planet.
Dr. Bharat Newalkar, Chief General Manager (R&D), BPCL, the Guest of Honour of the event, mentioned societal challenges like health issues, climatic change, clean and efficient energy, security, etc., and the role of every citizen to take the societal challenges as we all are eligible, capable, responsible. He also mentioned that Womenshould be given more opportunities to participate in research and innovations.
Shri Gopal Joshi, Chief Guest of the event addressed audience and emphasized need of three qualities in our scientific endeavours: persistence, deep observation and revalidation. He gave the example of WD-40, anti-dust spray, which was successfully launched after 40 attempts. He also discussed the oil and gas exploration and well drilling in the Himalayas, West Bengal, and across India which requires a lot of persistence and adaptability. While discussing current energy scenario, he remarked that Petroleum is going to stay for a long and stressed the importance of buddingyoung scientists in solving nation`s problem and leading towards Viksit Bharat.
On this day the doctorate students showed immense enthusiasm in the celebration. More than 200 students participated in different events like Rangoli on Visksit Bharat theme, photography based on natural beauty of Uttarakhand, graphical abstract competition based on lab safety theme, etc.
Later in the day, the Oil Marketing Companies (OMC) organized the valedictory function of the 15-day SAKSHAM programme in the CSIR-IIP auditorium. SAKSHAM programme, initiated by Ministry of Petroleum and Natural Gas is aimed at creating awareness among masses for conserving petroleum resource. On this occasion, Hemant Rathore, ED, IOCL, stressed upon the need for circular economy, Dr H S Bisht, Director , CSIR-IIP expressed that the requirement of fossil fuel is bound to increase in coming years and there is a dire need to improve energy efficiency while simultaneously focusing on renewable energy. The chief guest of Valedictory session Mr Amit Kumar Sinha, IPS and ADG (UK police) stressed upon the importance of the general masses in driving energy conservation efforts. The Chief Guest also administered an energy conservation pledge on this occasion. This was followed by a Nukkad Natak depicting the need to save energy and prize distribution to the Winners of the Energy Conservation Quiz conducted at CSIR-IIP by SAKSHAM team.
Union Minister of Mines & Coal, Shri G. Kishan Reddy, and Chief Minister of Maharashtra, Shri Devendra Fadnavis handed over the Letter of Intent (LoI) for grant of Composite licence in respect of offshore Blocks of construction sand to Chairman, Jawaharlal Nehru Ports Authority (JNPA) in Mumbai today. The construction sand from the offshore mineral block, located off the coast of Maharashtra, will be used for the reclamation and development of the Greenfield Port at Vadhavan, Palghar, Maharashtra by JNPA. The offshore sand block is located off the Daman coast about 50 km from the proposed Vadhavan Port site at a depth varying from 20 m. to 25 m.
The offshore construction sand block will meet the requirement of reclamation of about 200 million cubic metres of sand for the development of an all-weather Greenfield Major Port at Vadhavan in the State of Maharashtra. The Vadhavan Port is being developed at a total cost of Rs. 76,220 Cr and will create a cumulative capacity of 298 million metric tons per annum, including 23.2 million TEUs (Twenty Foot Equivalent Units) of container handling capacity, and will comprise 9 container terminals, each of 1000 meters length, 4 multipurpose berths etc. JNPA, as one of India’s leading port authorities, has played a pivotal role in driving the nation’s trade and logistics ecosystem
This is the first time a mineral block is being allocated for exploration and production of minerals in the offshore areas of India. The Parliament amended the Offshore Areas Mineral (Development & Regulation) Act, 2002, in August, 2023 which, inter alia, introduced provision of reservation of mineral blocks to the Government, Government companies or Corporations for the purposes of the Central Government.
At the request of the Ministry of Ports, Shipping and Waterways (MoPSW), the Ministry of Mines reserved the offshore area for the purpose of Central Government under the amended Act vide notification dated 21.12.2023. Today’s grant of Letter of Intent will allow the JNPA to obtain clearances for grant of composite licence in respect of the offshore block.
The identification of the offshore block was made after due consultation with the concerned Ministries and Departments, ensuring a holistic and well-coordinated approach towards offshore mineral development. The Letter of Intent awarded to JNPA today is a testament to these reforms, reinforcing commitment to responsible, efficient, and globally competitive offshore mineral development.
The allocation of the block will significantly reduce land-based dependence of construction sand for development and port operations of JNPA. This project is expected to generate employment, boost local industries, and support the government’s vision for Viksit Bharat by 2047.
JNPA will be adopting state-of-the-art dredging technology to ensure minimal disruption to marine biodiversity and adhere to the highest environmental standards. JNPA is expected to adhere to Harit Sagar Guidelines and Maritime India Vision 2030, ensuring responsible extraction, land reclamation, and long-term ecological balance with its future-ready, sustainable port.
This initiative reflects government’s unwavering commitment to economic growth that is both inclusive and environmentally sustainable. This milestone reflects government’s proactive approach in unlocking the vast potential of maritime economy and India’s vast offshore resources.
The Technology Development Board (TDB) has signed an agreement withM/s APChemi Pvt. Ltd., Navi Mumbai, for their project titled “Production and Commercialization of Purified Pyrolysis Oil to Enable Downstream Production of Circular Plastics and Sustainable Chemicals.” Under this agreement, TDB has sanctioned financial assistance, reaffirming its commitment to fostering indigenous technological advancements in sustainability.
(Pic- Sh. R.K.Pathak, Secretary (TDB) exchanging agreement with Mr. Suhas Dixit, CEO, M/s APChemi Pvt. Ltd. along with other officials from TDB & AlChemi Pvt. Ltd.)
APChemi, a pioneer in plastic and biomass pyrolysis with 12 patents (including five granted), has developed a transformative technology that converts non-recyclable, end-of-life plastic waste into high-value, refinery-grade pyrolysis oil. Their patented PUREMAX™ technology offers an innovative and cost-effective method for purifying pyrolysis oil, making it suitable for producing PUROIL™, a feedstock validated by leading global petrochemical and FMCG companies for food-grade circular plastics.
With the global plastic waste crisis escalating—where less than 10% of the 350 million metric tonnes generated annually is effectively recycled—this project is poised to accelerate plastic circularity by processing 1.2 to 6 kilotonnes of waste per year. Additionally, it is expected to generate approximately 100 jobs while significantly curbing plastic pollution and lowering carbon emissions associated with incineration and landfilling.
One of the key strengths of this technology lies in its capability to process complex multi-layer packaging waste containing PET and PVC, with an impurity removal efficiency of up to 99.7% for chlorine. This breakthrough has already garnered interest from eight global corporations, including Shell, BASF, Unilever, and PepsiCo, which have issued Letters of Intent for integrating PUROIL™ into their supply chains to advance circularity in plastics.
Sh. Rajesh Kumar Pathak, Secretary, TDB, emphasized the project’s alignment with national priorities, stating, “APChemi’s innovative approach exemplifies the kind of indigenous solutions that TDB is dedicated to supporting—technologies that not only address pressing environmental challenges but also strengthen domestic capabilities and create economic opportunities. This initiative will significantly contribute to establishing a sustainable and self-reliant circular economy for plastics in India, reducing reliance on imported crude oil and fostering employment generation.”
Mr. Suhas Dixit, CEO, APChemi, highlighted the significance of this initiative, stating, “The partnership with TDB marks a significant milestone in our mission to turn the plastic waste crisis into an economic opportunity while restoring environmental balance. Our technology bridges a crucial gap in plastic circularity by eliminating corrosives and catalyst poisons from pyrolysis oil, enabling the production of high-value circular plastics from waste that would otherwise contribute to pollution.”
Prime Minister Shri Narendra Modi and President of the European Commission Ms. Ursula von der Leyen affirmed that the EU-India Strategic Partnership has delivered strong benefits for their peoples and for the larger global good. They committed to raise this partnership to a higher-level, building upon 20 years of India-EU Strategic Partnership and over 30 years of India-EC Cooperation Agreement.
President von der Leyen was on her landmark official visit as she led the European Union College of Commissioners to India on 27-28 February 2025. This is the first visit of the College of Commissioners outside the European continent since the start of their new mandate and also the first such visit in the history of India-EU bilateral ties.
As the two largest democracies and open market economies with diverse pluralistic societies, India and EU underscored their commitment and shared interest in shaping a resilient multipolar global order that underpins peace and stability, economic growth and sustainable development.
The leaders agreed that shared values and principles including democracy, rule of law, and the rules-based international order in line with the purposes and principles of the UN Charter make India and the EU like-minded and trusted partners. The India-EU Strategic partnership is needed now, more than ever, to jointly address global issues, foster stability, and promote mutual prosperity.
In this context, they stressed the importance of intensifying cooperation between India and Europe in trade and de-risking of supply chains, investment, emerging critical technologies, innovation, talent, digital and green industrial transition, space and geospatial sectors, defence and people-to-people contacts. They also highlighted the need to cooperate on tackling common global challenges, including climate change, the governance of Artificial Intelligence, development finance, and terrorism in an interdependent world.
The two leaders welcomed the progress made by the second ministerial meeting of the India-EU Trade and Technology Council (TTC) that took place during the visit in fostering deeper collaboration and strategic co-ordination at the intersection of trade, trusted technology, and green transition.
They also welcomed the specific outcomes emerging from deliberations conducted between the EU College of Commissioners and their Indian counterpart Ministers.
The leaders committed to as follows:
i. Task their respective negotiating teams to pursue negotiations for a balanced, ambitious, and mutually beneficial FTA with the aim of concluding them within the course of the year, recognizing the centrality and importance of growing India EU trade and economic relations. The leaders asked the officials to work as trusted partners to enhance market access and remove trade barriers. They also tasked them to advance negotiations on an Agreement on Investment Protection and an Agreement on Geographical Indications.
ii. Direct the India-EU Trade and Technology Council to further deepen its engagement to shape outcome-oriented cooperation in areas of economic security and supply chain resilience, market access and barriers to trade, strengthening of semiconductor ecosystems, trustworthy and sustainable Artificial Intelligence, high-performance computing, 6G, Digital Public Infrastructure, joint research and innovation for green and clean energy technologies with a focus on trusted partnerships and industry linkages across these sectors, including the recycling of batteries for electric vehicles (EVs), marine plastic litter, and waste to green/renewable hydrogen. In this context, they welcomed the progress in the implementation of MoU on semiconductors for boosting the semiconductor supply chains, leveraging complementary strengths, facilitating talent exchanges and fostering semiconductor skills among students and young professionals; as well as the signing of MoU between Bharat 6G alliance and the EU 6G Smart Networks and Services Industry Association for creating secured and trusted telecommunications and resilient supply chains.
iii. Further expand and deepen cooperation under India-EU partnerships in areas of connectivity, clean energy and climate, water, smart and sustainable urbanization, and disaster management as well as work to intensify cooperation in specific areas such as clean hydrogen, offshore wind, solar energy, sustainable urban mobility, aviation, and railways. In this context, they welcomed the agreement on holding an India-EU Green Hydrogen Forum and the India-EU Business Summit on Offshore Wind Energy.
iv. Develop new specific areas of co-operation identified during the bilateral discussions between the EU Commissioners and Indian Ministers to be reflected in the future joint Strategic Agenda to drive mutual progress.
v. Undertake concrete steps for the realization of the India-Middle East-Europe Economic Corridor (IMEC) announced during the G20 Leaders’ Summit in New Delhi, deepen their cooperation in the framework of the International Solar Alliance (ISA), the Coalition for Disaster Resilient Infrastructure (CDRI), Leadership Group for Industry Transition (LeadIT 2.0), and Global Biofuels Alliance.
vi. Strengthen people-to-people ties especially in the areas of higher education, research, tourism, culture, sports, and between their youths, and create an enabling environment for enhancing such exchanges. Also to promote legal, safe and orderly migration in areas of skilled workforce and professionals in view of India’s growing human capital and taking into account EU member states’ demographic profile and labour market needs.
The leaders reaffirmed their commitment to promote a free, open, peaceful and prosperous Indo-Pacific built on international law and mutual respect for sovereignty and peaceful resolution of disputes underpinned by effective regional institutions. India welcomed the EU joining the Indo-Pacific Oceans Initiative (IPOI). Both sides also committed to explore trilateral co-operation including in Africa and the Indo-Pacific.
The two leaders expressed satisfaction at growing cooperation in the defence and security domain, including joint exercises and collaboration between Indian Navy and EU Maritime security entities. The EU side welcomed India’s interest in joining the projects under the EU’s Permanent Structured Cooperation (PESCO) as well as to engage in negotiations for a Security of Information Agreement (SoIA). The leaders also committed to explore a security and defence partnership. They reiterated their commitment to international peace and security, including maritime security by tackling traditional and non-traditional threats to safeguard trade & sea lanes of communication. They emphasised the need to deepen collaboration in counter terrorism and to strengthen international cooperation to combat terrorism, including cross-border terrorism and terrorism financing in a comprehensive and sustained manner.
The two leaders also discussed key international and regional issues, including on the situation in the Middle-East and the war in Ukraine. They expressed support for a just and lasting peace in Ukraine based on respect for international law, principles of the UN charter and territorial integrity and sovereignty. They also reiterated their commitment to the vision of the two-State solution with Israel and Palestine living side by side in peace and security within recognized borders, consistent with international law.
The Leaders recognized the productive and forward-looking nature of the discussions and agreed on the following concrete steps:
(i) Expedite the conclusion of the FTA by the end of the year.
(ii) Further focused discussions on defence industry and policy to explore opportunities from new initiatives and programmes.
(iii) A review meeting with partners to take stock on the IMEC initiative.
(iv) Engage on maritime domain awareness with a view to promoting shared assessment, coordination and interoperability.
(v) Convene the next meeting of the TTC at an early date to deepen cooperation in semiconductors and other critical technologies.
(vi) Enhance the dialogue on clean and green energy between governments and industry, with a focus on green hydrogen.
(vii) Strengthening collaboration in the Indo-Pacific including through trilateral cooperation projects.
(viii) Strengthen cooperation on Disaster Management through the development of appropriate arrangements including on policy and technical level engagement for preparedness, response capacities and coordination.
Both leaders expressed confidence that this momentous visit will mark the beginning of a new chapter in the history of relations and reaffirmed their commitment to further expand and deepen the India-EU Strategic Partnership. They looked forward to the next India EU Summit being organized in India at the earliest mutually convenient time and to the adoption of a new joint Strategic Agenda on that occasion. President von der Leyen thanked Prime Minister Modi for his warm hospitality.
Article 7 of Council Regulation (EC) No 389/2006 (the Aid Regulation)[1] provides that the Commission shall ensure that in the implementation of actions financed under the regulation the rights of natural or legal persons, including the rights to possessions and property, are respected.
To this end, the Commission systematically consults the authorities of the Republic of Cyprus to avoid infringing property rights by such actions.
Outside the scope of the Aid Regulation, the Commission has no competence to ensure that property transactions in the non-government-controlled areas respect the rights of the owners concerned, due to the suspension of the acquis in those areas pursuant to Protocol 10 of the 2003 Act of Accession[2].
The Commission is aware of civil cases decided by courts of the Republic of Cyprus against EU citizens involved in illegal property transactions and property developments in the areas not under the effective control of the government of the Republic of Cyprus.
All courts of the Member States are obliged to comply with the judgment of the Grand Chamber in the Case C-420/07 Apostolides v Orams[3].
Question for written answer E-000772/2025 to the Commission Rule 144 Erik Marquardt (Verts/ALE)
The Commission has stated that it ‘is informed that Greece has taken measures and established independent mechanisms’[1] to investigate pushbacks and other fundamental rights violations through a ‘three tier set-up’[2] involving (a) internal control bodies of law enforcement authorities, (b) the National Transparency Authority (NTA) and the Ombudsman, and (c) prosecution services.
How does the Commission evaluate the effectiveness of these mechanisms and their compliance with the enabling conditions of the Common Provisions Regulation[3], regarding:
1.Prosecution services, given the serious doubts recently expressed by the European Court of Human Rights (ECtHR) as to the effectiveness of criminal investigations into the ‘systematic practice’ of pushbacks[4]?
2.The NTA’s independence and methodology, in the light of recent concerns voiced by the ECtHR[5], and the Ombudsman, in the light of government interference regarding the Pylos shipwreck, including ministerial statements[6] questioning its competence?
3.Internal control bodies of law enforcement authorities, given the Greek Coast Guard’s refusal to conduct an internal investigation into the Pylos shipwreck[7]?
[3] Regulation (EU) 2021/1060 of the European Parliament and of the Council of 24 June 2021 laying down common provisions on the European Regional Development Fund, the European Social Fund Plus, the Cohesion Fund, the Just Transition Fund and the European Maritime, Fisheries and Aquaculture Fund and financial rules for those and for the Asylum, Migration and Integration Fund, the Internal Security Fund and the Instrument for Financial Support for Border Management and Visa Policy, OJ L 231, 30.6.2021, p. 159, ELI: http://data.europa.eu/eli/reg/2021/1060/oj.
[4] A.R.E. v. Greece (application No 15783/21), paragraphs 198 and 229.
[5] A.R.E. v. Greece (application No 15783/21), paragraphs 227-228.
Question for written answer E-000734/2025 to the Commission Rule 144 Catherine Griset (PfE)
The recent investigation against Bernard-Henri Lévy for unlawful conflict of interest has revealed potential abuses in the management of public funds for the audiovisual sector. Over his 30+ years as chair of ARTE France’s supervisory board, he is said to have received EUR 750 000 in funding from the channel for his own film productions.
This raises concerns over the lack of sufficient checks in the management of Europe’s public media, like ARTE, which is largely financed by taxpayers. Political interference and conflicts of interest have a detrimental impact on the sector’s transparency and independence, and thus undermine plurality and integrity of information.
1.Can the Commission say what measures it will take to ensure that media financed by European public funds comply with strict transparency and ethical rules?
2.Has it received information from the French and/or German authorities on the measures put in place to prevent conflicts of interest and ensure that media receiving public funding are being managed independently?