Category: Economy

  • MIL-OSI: AGM Group Holdings Inc. Announces Strategic Partnership with HashBeaver to Drive Blockchain and AI Innovation

    Source: GlobeNewswire (MIL-OSI)

    Beijing, Feb. 28, 2025 (GLOBE NEWSWIRE) — AGM Group Holdings Inc. (“AGM Holdings” or the “Company”) (NASDAQ: AGMH), an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment, announced today a strategic partnership agreement (the “Agreement”) with HashBeaver, a cloud mining platform in the digital currency financial sector. This collaboration aims to join AGM Holdings’ mining resources in Canada alongside HashBeaver’s expertise in computing power services to advance innovations in Bitcoin mining and artificial intelligence (“AI”) services.

    The partnership marks a pivotal step in AGM Holdings’ strategy for sustainable growth and technological leadership. By integrating AGM Holdings’ robust infrastructure with HashBeaver’s innovative cloud mining solutions, the collaboration will focus on 1) increasing the scale and efficiency of Bitcoin mining operations; 2) developing AI-driven blockchain solutions; and 3) promoting sustainable and transparent practices within the industry.

    Pursuant to the Agreement, AGM Holdings and HashBeaver agree to harness AGM Holdings’ abundant mining resources in Canada to support large-scale Bitcoin mining initiatives. The partnership also plans to expand HashBeaver’s cloud computing capabilities to meet growing demand for sustainable and efficient solutions. Furthermore, the two companies aim to develop innovative AI and blockchain applications for diverse industries.

    Preliminary estimates suggest that the partnership could generate over 2 Exahash (EH)/s of additional computing power, significantly boosting both companies’ operational capacity.

    Dr. Zhu Bo, CEO of AGM Holdings, commented, “This partnership represents a significant milestone in AGM’s journey towards sustainable growth and innovation. By collaborating with HashBeaver, we believe we are well poised to deliver groundbreaking solutions in blockchain and AI, creating substantial value for both our shareholders and clients.”

    Harry Li, CEO of HashBeaver, added, “We are excited to join forces with AGM Holdings to enhance our cloud mining offerings and drive technological advancements in the blockchain space. This partnership will unlock new opportunities and fuel exceptional growth in the digital asset industry.”

    About HashBeaver

    HashBeaver is engaged in cloud mining services, dedicated to revolutionizing the digital currency landscape. The company provides solutions for digital asset management, catering to both individual and institutional clients. As a recipient of strategic investment from MinerVa Semiconductor, a cryptocurrency mining hardware manufacturer, HashBeaver continues to push the boundaries of innovation in computing power services. HashBeaver’s mission is to build secure, transparent, and compliant blockchain infrastructures. Through its global operations and strong emphasis on sustainability, HashBeaver empowers clients to achieve efficient and profitable digital asset management.

    About AGM Group Holdings Inc.

    AGM Group Holdings Inc. (NASDAQ: AGMH) is an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment. With a mission to become a key participant and contributor in the global blockchain ecosystem, AGMH focuses on the research and development of blockchain-oriented Application-Specific Integrated Circuit (ASIC) chips, the assembling and sales of high-end crypto miners for Bitcoin and other cryptocurrencies. For more information, please visit www.agmprime.com.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.

    For more information, please contact:

    AGM Group Holdings Inc.
    Email: ir@agmprime.com
    Website: http://www.agmprime.com

    Ascent Investor Relations LLC
    Tina Xiao
    President
    Phone: +1-646-932-7242
    Email: investors@ascent-ir.com

    The MIL Network

  • MIL-OSI: AGF Investments Launches AGF Enhanced U.S. Income Plus Fund

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 28, 2025 (GLOBE NEWSWIRE) — AGF Investments Inc. (AGF Investments) (TSX:AGF.B) today announced the launch of AGF Enhanced U.S. Income Plus Fund, an alternative mutual fund that seeks to provide long-term capital appreciation and generate a high level of consistent income by investing in U.S. equity securities and employing dynamic options strategies such as put writing and covered call writing. The Fund may also use leverage, primarily through the use of derivatives.

    “Investors are seeking products that have the potential to provide higher income with lower volatility,” said Meaghan Kelly, Chief Marketing & Product Officer. “We believe alternative strategies, including flexible option writing strategies, are well-suited to meet this need.”

    AGF Enhanced U.S. Income Plus Fund offers:

    • Enhanced Monthly Income: Aims to pay a high fixed monthly target distribution.*
    • Alternative Strategy: Seeks to enhance yield while mitigating volatility using a flexible option writing strategy and the ability to incorporate leverage.
    • Portfolio Diversification: Potential to deliver a lower correlation to traditional asset classes through a differentiated strategy.

    * The target distribution is not guaranteed, may be adjusted from time to time at the discretion of the fund manager and may vary from payment to payment.

    Fund Details

    Fund Name Fundserv Code Currency Series Load Type
    AGF Enhanced U.S. Income Plus Fund AGF739 CAD MF FE
    AGF Enhanced U.S. Income Plus Fund AGF539 USD MF FE
    AGF Enhanced U.S. Income Plus Fund AGF5046 CAD F NL
    AGF Enhanced U.S. Income Plus Fund AGF5146 USD F NL
             

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $54 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    About AGF Investments

    AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

    AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

    AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

    This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    Media Contact

    Amanda Marchment
    Director, Corporate Communications
    416-865-4160
    amanda.marchment@agf.com  

    The MIL Network

  • MIL-OSI: Banco Santander Chile Announces the Filing of Its Annual Report on Form 20-F With the United States Securities and Exchange Commission for Fiscal Year 2024

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, Feb. 28, 2025 (GLOBE NEWSWIRE) — Banco Santander Chile (“Santander Chile” or the “Company”) (NYSE: BSAC; SSE: Bsantander) announced today that its Annual Report on Form 20-F for the fiscal year ended December 31, 2024 (the “2024 Annual Report”) has been filed with the U.S. Securities and Exchange Commission (the “SEC”).

    The 2024 Annual Report can be accessed either by visiting the SEC’s website at www.sec.gov or Santander Chile’s corporate website at www.santander.cl. In addition, shareholders may receive a hard copy of the 2024 Annual Report, which includes the Company’s complete audited financial statements, free of charge by requesting a copy from Santander Chile’s Investor Relations Office at + 56 2 26483583 or by email at: irelations@santander.cl.

    CONTACT INFORMATION
    Investor Relations
    Banco Santander Chile
    Bandera 140, Floor 20
    Santiago, Chile
    (562) 26483583
    Email: irelations@santander.cl
    Website: www.santander.cl

    The MIL Network

  • MIL-OSI Russia: Dmitry Chernyshenko: The third wave of selection of research centers in the field of artificial intelligence is starting

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    The Ministry of Economic Development is launching a competitive selection of the “third wave” of research centers in the field of artificial intelligence.

    Previous news Next news

    The Ministry of Economic Development is launching a competitive selection of the third wave of research centers in the field of artificial intelligence (AI). Grants to universities and research organizations for scientific research in the field of artificial intelligence technology development for the period 2025–2026 will be distributed within the framework of the federal project “Artificial Intelligence” of the national project “Data Economy”. The four-year cycle of work of six research centers of the first wave ended at the end of 2024.

    “President Vladimir Putin set the task of ensuring the availability of our own developments of a new generation of artificial intelligence, emphasizing that this is one of the key conditions for the scientific, technological and ideological sovereignty of the country. To strengthen breakthrough scientific discoveries within the third wave, at least six research centers will be selected, which will be allocated about 4.5 billion rubles in grants. They will focus on the development of strong AI, technology forecasting and attracting industrial partners, forming a basis for fundamental scientific research and accelerating the emergence of innovative solutions that can provide Russian science with leading positions in the world,” emphasized Deputy Prime Minister Dmitry Chernyshenko.

    In particular, the new centers will work in such areas as “Elements of Strong AI”, “Control, Decisions, Agent/Multi-Agent Systems”, “Fundamental and Generative Models”, and others.

    The specific achievements of the recipients of support will contribute to the development of the potential of Russian science and the technological growth of the economy, noted First Deputy Minister of Economic Development Maxim Kolesnikov.

    “The task of the research centers is to conduct breakthrough scientific research at the world level. Each center that passes the selection procedure will be able to receive about 336 million rubles in 2025, and up to 422 million rubles in 2026. At the same time, the volume of extra-budgetary co-financing should be at least 30% annually,” commented Maxim Kolesnikov.

    He expressed confidence that it would be possible to support the best teams with the most ambitious programs. On the instructions of the President, support for research centers in the field of AI will continue until 2030.

    The first wave of selection of research centers in the field of AI took place in 2021 within the framework of the federal project “Artificial Intelligence” of the national program “Digital Economy of the Russian Federation”. Six scientific and educational organizations received state support for the implementation of programs in the field of AI: Skoltech, Innopolis University, ITMO University, HSE University, MIPT and V.P. Ivannikov Institute of System Programming of the Russian Academy of Sciences. The total amount of support exceeded 8 billion rubles.

    Research center staff have published 165 articles on AI topics in first quartile journals indexed in WoS/Scopus systems, made 206 publications at A* level conferences in the field of artificial intelligence, and created and maintain 15 frameworks.

    Research centers, together with 36 industrial partners, including Sber, Yandex, MTS, Gazprom Neft, Sibur, KhimRar, and Kaspersky Lab, have already launched about 50 applied solutions.

    As part of the second wave of selection of research centers, programs of industry centers in the field of AI were supported at the N.N. Blokhin National Medical Research Center of Oncology, S.P. Korolev Samara University, MEPhI, N.I. Lobachevsky UNN, St. Petersburg State University, and Novosibirsk State University.

    Expert support for the competitive selection and subsequent support for the implementation of research center activity programs will be provided by the Strategic Agency for Support and Formation of AI Developments, a project office created on the basis of the Skolkovo Foundation. You can get advice on preparing applications for the competition by contacting the e-mail address aicenters3@sk.ru.

    Documentation for participation in the selection is posted on the portal Rinse. Bujet.gh.ru.

    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.

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: The microfinance market in 2024 grew due to companies associated with the largest marketplaces and banks

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    The volume of loans issued by microfinance organizations (MFOs) increased by more than 50% in 2024. The largest increase was shown by companies from the banking MFO segment. Moreover, 65% of loans in this segment are accounted for by MFOs, the basis of whose financial groups are the largest marketplaces and non-banking settlement credit organizations.

    Such dynamics of banking MFIs is largely connected with more accessible funding at the expense of the group’s funds, which allows them to issue loans at rates on average a quarter lower than other MFIs. This makes them attractive to citizens.

    The quality of the MFI portfolio in 2024 improved both due to the growth of new loans and as a result of the consistent tightening of macroprudential limits restricting issuance to high-risk borrowers. The share of loans from individuals with a DTI of 50–80% decreased to 11%, with a DTI of more than 80% — to 3%.

    They will be introduced in stages from 2025 further measures, to limit the over-indebtedness of citizens. The main ones are reducing overpayments on MFO loans from 130 to 100% and limiting the number of simultaneously active expensive loans. Currently, 22% of citizens – MFO borrowers have 3 or more loans on hand at the same time. The debt of such borrowers reaches almost half of the MFO consumer portfolio.

    Read more in the article “Trends in the MFI Market for 2024”.

    Preview photo: nimito / Shutterstock / Fotodom

    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

    HTTPS: //VVV.KBR.ru/Press/Event/? ID = 23421

    MIL OSI Russia News

  • MIL-OSI Russia: Financial News: List of CS (taxonomy 6.1.0.1) excluded from verification

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia (2) –

    The taxonomy for the presentation of information on request (version 4.3.0.2) is intended for the presentation to the Bank of Russia of information submitted at the request of the Bank of Russia, and is to be used when sending the following information to the Bank of Russia:

    Submission of information from credit history bureaus to the Bank of Russia starting from the reporting date of 2022-06-30 (in accordance withThe procedure for preparing and submitting information from credit history bureaus to the Bank of Russia upon request). Submission of information by insurers to the Bank of Russia starting from the reporting date 2022-07-01 (for interperiod reporting dates, i.e. reporting dates other than 31.01, 28.02, 31.03, 30.04, 31.05, 30.06, 31.07, 31.08, 30.09, 31.10, 30.11, 31.12).

    Please note that for the purposes of submitting supervisory reports and accounting (financial) reports of credit history bureaus to the Bank of Russia (in accordance with Bank of Russia Instruction No. 5851-U dated 09.07.2021 “On the forms, procedure and terms for compiling and submitting reports of credit history bureaus to the Bank of Russia”), the Bank of Russia Final XBRL Taxonomy (version 4.3), published on the official website of the Bank of Russia, should continue to be used.

    For the purposes of submitting supervisory and statistical reports of insurers to the Bank of Russia (in accordance with Bank of Russia Instruction No. 5724-U dated 03.02.2021 “On the forms, terms and procedure for compiling and submitting reports of insurers to the Bank of Russia”), the Bank of Russia Final XBRL Taxonomy (version 4.2), published on the official website of the Bank of Russia, should continue to be used.

    For the purposes of submitting accounting (financial) statements of insurers to the Bank of Russia, the Bank of Russia Final XBRL Taxonomy (version 4.3), published on the official website of the Bank of Russia, should continue to be used.

    05/30/2022

    Accompanying documents for the module

    More Collapse –

    Methodological recommendations

    More Collapse –

    06/29/2022

    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.

    MIL OSI Russia News

  • MIL-OSI Russia: Marat Khusnullin: The law on escrow accounts for individual housing construction comes into force on March 1

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    The law on escrow accounts for individual housing construction comes into force on March 1.

    Starting from March 1, 2025, a law will come into force that provides for the possibility of using the escrow account mechanism in individual housing construction (IHC). This mechanism protects citizens’ finances from unscrupulous construction organizations and guarantees the safety of transactions in the construction of houses. This was reported by Deputy Prime Minister Marat Khusnullin.

    “We are noting the growing interest of citizens in individual housing construction. In particular, this is confirmed by the consistently high level of individual housing construction in recent years. Last year, 62.3 million square meters of individual houses were commissioned, which was a record figure in the entire history of Russia. Our task is to support people in their desire to live in their own home. First of all, it is important to provide land plots with the necessary engineering, social and transport infrastructure. In addition, it is necessary to guarantee the security of transactions. Thus, from March 1, a law comes into force that provides for the use of an escrow account mechanism for individual housing construction, which has already proven itself in the construction of apartment buildings. I am confident that such a measure will increase the reliability of individual housing construction and citizens’ trust in this market,” said Marat Khusnullin.

    The Deputy Prime Minister noted that escrow accounts ensure the safety of citizens’ investments throughout the entire housing construction process. Buyers can be sure that their money will be sent to the developer only after all obligations have been fulfilled. Thus, in the event of problems with construction, citizens will get their money back.

    According to the new mechanism, construction of houses will be carried out by contractors, including using ready-made house kits, on territories owned, leased or used free of charge by private individuals.

    Organizations planning to carry out their activities within the framework of the new mechanism must post information about themselves, about the residential buildings they are building, about the bank through which clients’ escrow accounts are processed (if targeted loans are used for construction), as well as about concluded contracts in the unified information system for housing construction.

    “Thanks to this, it will be easier for citizens to evaluate the work of a developer, and easier to choose a construction company based on open data,” added the Deputy Prime Minister.

    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.

    MIL OSI Russia News

  • MIL-OSI USA: MEDIA ADVISORY: 20th ANNUAL NATIONAL CONSUMER PROTECTION WEEK FAIR

    Source: US State of Hawaii

    MEDIA ADVISORY: 20th ANNUAL NATIONAL CONSUMER PROTECTION WEEK FAIR

    Posted on Feb 27, 2025 in Latest Department News, Newsroom

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

    DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS

    KA ʻOIHANA PILI KĀLEPA

    JOSH GREEN, M.D.

    GOVERNOR

    KE KIAʻĀINA

     

    NADINE Y. ANDO

    DIRECTOR

    KA LUNA HOʻOKELE

    20th ANNUAL NATIONAL CONSUMER PROTECTION WEEK FAIR

    MEDIA ADVISORY

    What: National Consumer Protection Week Fair

    When: Thursday, March 7, 11:00 a.m. – 1:30 p.m.

    Where: Fourth Floor of the Hawai‘i State Capitol

    Details: National Consumer Protection Week (NCPW) will take place March 3 – 9, 2024 and serves as a significant annual event dedicated to raising awareness about consumer rights and educating the public on avoiding frauds and scams. NCPW is a time when government agencies, consumer protection groups and organizations work together to share information on these important issues. The Department of Commerce and Consumer Affairs (DCCA) is sponsoring the 20th Annual NCPW Fair in Hawai‘i.

    Attendees will have the chance to connect with more than two dozen vendors offering practical solutions and resources for protecting consumer rights. This fair is a unique opportunity for citizens to equip themselves with the knowledge and tools necessary to make informed decisions, safeguard their finances and protect their families online. By attending, individuals contribute to the collective effort toward building a more informed and resilient community. For more details on what to expect and footage from previous years, please watch this video: https://www.youtube.com/watch?v=qyHhCnpYHb0.

    Entry to the state Capitol: The state Capitol has implemented increased security measures. All visitors entering the Capitol are required to go through metal detection screening from 8:00 a.m. to 5:00 p.m. Monday through Friday. All visitors may enter the Capitol through three entry points: Two at street level (elevator Cores 1 and 3) which are located at the Diamond Head makai and ʻEwa mauka corners of the Capitol Rotunda, and through the main basement entrance. Please arrive early to allow extra time to go through the security checkpoints.

    # # #


    Media Contact:

    Communications Office
    Department of Commerce and Consumer Affairs

    Phone: 808-586-2760
    Email: [email protected]

     

    MIL OSI USA News

  • MIL-OSI USA: Governor Newsom announces appointments 2.27.25

    Source: US State of California 2

    Feb 27, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Aaron Maguire, of Roseville, has been appointed Executive Officer of the Board of State and Community Corrections, where he has been Acting Executive Officer at the Board of State and Community Corrections since 2024, and was previously Chief Deputy Director and General Counsel from 2022 to 2024, and General Counsel from 2016 to 2022. Maguire was Owner and Managing Partner at Maguire & Pank from 2014 to 2016. He was General Counsel and Legislative Representative at Warner & Pank, LLC from 2012 to 2016. Maguire was Assistant Secretary of Legislation at the California Department of Corrections and Rehabilitation in 2012. He was a Deputy Legislative Affairs Secretary in the Office of Governor Brown from 2011 to 2012. Maguire was a Deputy Legislative Affairs Secretary in the Office of Governor Schwarzenegger from 2009 to 2010. He was Deputy Attorney General in the Office of the California Attorney General from 2001 to 2009. Maguire earned a Juris Doctor degree from the University of California, Davis and a Bachelor of Arts in Literature from the University of California, San Diego. This position requires Senate confirmation, and the compensation is $219,156. Maguire is a Democrat. 

    Abby Edwards, of Sacramento, has been appointed Senior Deputy Director of State Planning and Policy at the Governor’s Office of Land Use and Climate Innovation. Edwards has held multiples roles at the Governor’s Office of Land Use and Climate Innovation since 2022, including Acting Senior Deputy Director, Deputy Director of Climate and Planning Programs, and Adaption Planning Program Manager. She was Program Development and Operations Manager at CivicWell from 2019 to 2022. Edwards was a Manager for Twisted Fields from 2018 to 2019. She was a Sustainable Agricultural Specialist at the Peace Corps from 2016 to 2018. Edwards was a Course Manager at the University of California, Santa Cruz from 2014 to 2016. She earned a Master of Public Administration degree in Environmental Policy and Management from University of Colorado, Denver and a Bachelor of Arts degree in Environmental Science from University of California, Santa Cruz. This position does not require Senate confirmation, and the compensation is $170,004. Edwards is a Democrat.

    Gareth Elliott, of Sacramento, has been reappointed to the University of California Board of Regents, where he has served since 2015. Elliott has been Partner at Sacramento Advocates, Inc. since 2015. He was Legislative Affairs Secretary in the Office of Governor Edmund Brown Jr. from 2011 to 2015. Elliott was Policy Director at the Office of State Senator Alex Padilla in the California State Senate from 2008 to 2011. He held multiple roles in the Office of State Senate President Pro Tempore Don Perata from 2004 to 2008, including Deputy Chief of Staff and Legislative Director. Elliott held multiple roles in the Office of State Senate Don Perata in the California State Senate from 1996 to 2004, including Legislative Director and Legislative Aide. He earned a Bachelor of Arts degree in Political Science from California State University, Humbolt. This position requires Senate confirmation, and there is no compensation. Elliott is a Democrat. 

    Darnell C. Grisby, of Oakland, has been reappointed to the California Transportation Commission, where he has served since 2021. Grisby has been Senior Vice President of Beneficial State Foundation since 2022. He was Executive Director of TransForm from 2020 to 2021. Grisby was Director of Policy Development and Research at the American Public Transportation Association from 2011 to 2020. He was Deputy Policy Director at Reconnecting America from 2010 to 2011. Grisby was Government Affairs Representative at Farmers Insurance from 2007 to 2010. He was Legislative Director in the Office of Assemblymember Mike Davis from 2006 to 2007. Grisby was a Budget and Policy Analyst at the New York Independent Budget Office from 2003 to 2006. He was Legislative Assistant in the Office of Assemblymember Jenny Oropeza from 2000 to 2001. He earned a Master of Public Policy degree from Harvard University, and a Bachelor of Arts degree in Political Science from the University of California, Los Angeles. This position requires Senate confirmation, and the compensation is $100 per diem. Grisby is a Democrat. 

    Press Releases, Recent News

    Recent news

    News SACRAMENTO – California and a consortium of 21 Brazilian states are partnering together to combat pollution and foster sustainable economic growth. Governor Gavin Newsom and Governor Renato Casagrande of the Brazilian state of Espírito Santo signed a Memorandum…

    News SACRAMENTO – Governor Gavin Newsom today announced multiple clemency actions. He granted pardons in three cases. He also sent multiple clemency cases to the Board of Parole Hearings, initiating the process for granting clemency in fifteen cases. He also sent two…

    News What you need to know: Governor Newsom today released a new economic vision for California’s future with a bold plan, realized locally. The unveiling comes alongside the announcement of more than $245 million in investments to help support workers statewide,…

    MIL OSI USA News

  • MIL-OSI USA: Governor Newsom partners with 21 Brazilian state governors to protect the environment, cut harmful pollution

    Source: US State of California 2

    Feb 27, 2025

    SACRAMENTO – California and a consortium of 21 Brazilian states are partnering together to combat pollution and foster sustainable economic growth. 

    Governor Gavin Newsom and Governor Renato Casagrande of the Brazilian state of Espírito Santo signed a Memorandum of Understanding (MOU) today that establishes a four-year partnership between California and the Brazilian consortium of states leading on environmental protections, Consórcio Brasil Verde (CBV).

    Together with these 21 Brazilian states, California is committed to advancing a bold, collaborative action plan that tackles pollution, protects public health and safety, and creates good-paying jobs.

    Governor Gavin Newsom

    This collaboration encompasses clean air, transportation and energy; adaptation; forest management; and more. The full text of the MOU is available here. R20 Regions of Climate Action – an organization founded by former Governor Arnold Schwarzenegger to support subnational climate work – played a key role in supporting this MOU.

    “This is a historic opportunity to join efforts and share knowledge between Brazilian states and California, which is a reference in combating climate change,” said Governor Renato Casagrande. “The partnership not only reaffirms our commitment to sustainability but also highlights the importance of active participation from everyone in building solutions that benefit our planet.”

    How we got here: California met its 2020 climate target six years ahead of schedule thanks to world-leading climate policies and partnerships across the U.S. and around the world, created to share best practices and support cooperation on climate work.

    • Last year, Governor Newsom welcomed a new international partnership with South Korea’s Gyeonggi Province to collaborate on climate and economic efforts. Also last year, Governor Newsom welcomed delegations from Sweden and Norway and signed renewed climate partnerships with the two governments.
    • In 2023, Governor Newsom led a California delegation to China, where California signed five MOUs – with China’s National Development and Reform Commission, the provinces of Guangdong and Jiangsu, and the municipalities of Beijing, and Shanghai. The trip also resulted in a first-of-its-kind declaration by China and California to cooperate on climate action like aggressively cutting greenhouse gas emissions, transitioning away from fossil fuels, and developing clean energy.
    • Also in 2023, California signed a MOU with the Chinese province of Hainan, as well as with Australia.
    • In 2022, California signed Memorandums of Cooperation with Canada, New Zealand and Japan, as well as Memorandums of Understanding with China and the Netherlands, to tackle the climate crisis. The Governor also joined with Washington, Oregon, and British Columbia to recommit the region to climate action.

    Press Releases, Recent News

    Recent news

    News SACRAMENTO – Governor Gavin Newsom today announced multiple clemency actions. He granted pardons in three cases. He also sent multiple clemency cases to the Board of Parole Hearings, initiating the process for granting clemency in fifteen cases. He also sent two…

    News What you need to know: Governor Newsom today released a new economic vision for California’s future with a bold plan, realized locally. The unveiling comes alongside the announcement of more than $245 million in investments to help support workers statewide,…

    News What you need to know: Governor Newsom today issued a statement in response to the Trump administration’s announcement that it had released more than $315 million of obligated money to create new water storage at the future Sites Reservoir and at the existing San…

    MIL OSI USA News

  • MIL-OSI Economics: Piero Cipollone: The role of the digital euro in digital payments and finance

    Source: European Central Bank

    Contribution to Bancaria by Piero Cipollone, Member of the Executive Board of the ECB, based on remarks at the Crypto Asset Lab Conference on 17 January 2025

    28 February 2025

    Being a key player in digital payments and digital finance should be a priority for Europe.

    As Mario Draghi pointed out in his recent report, the productivity gap between the United States and the European Union is mostly explained by technology and finance.[1] If we take the information and communications technology (ICT) and financial sectors out, the gap disappears.

    If we want to close the productivity gap with the United States, we need to focus on these areas. Digital payments and digital finance stand at the intersection of these two sectors. And they are developing fast, driven by changes in habits and technology. This is both an opportunity and a risk for Europe. It is an opportunity to close the gap by developing innovative and competitive European solutions. But if we do not seize that opportunity, we run the risk of weakening our competitiveness, resilience and strategic autonomy.

    At the European Central Bank (ECB), as guardians of our single currency, the euro, we consider this a matter of crucial importance. Ultimately, it is about the future of our currency. Today, the euro is the second most important currency in the international monetary system. Its share across a range of indicators stands at around 20%, and the euro area accounts for around 12% of global GDP.[2] If we want to prevent the euro from losing importance on the global stage, transacting and investing in euro needs to be seen as safe, easy and efficient, even as digitalisation transforms payments and finance.[3]

    Central bank money – the central pillar of the payments and financial system – has a key role to play in connecting the different parts of the financial system in a safe and risk-free way. This is particularly relevant in Europe, where payments and finance often remain fragmented along national lines, preventing us from fully reaping the benefits of the single European market. This is true for both retail and wholesale transactions.

    For retail transactions – payments made on a daily basis by consumers and businesses – our reliance on non-European solutions weakens our strategic autonomy and is a drag on productivity growth. We should ask, for example, why we don’t have a European VISA or Mastercard. A digital euro – that is, central bank money in digital form for retail transactions – would give us the chance to increase efficiency, competition, innovation and resilience while allowing European private payment solutions to scale up and protect our monetary sovereignty.[4]

    For wholesale transactions – transactions between financial institutions – we need to avoid repeating the mistake we made in the retail sector and ensure that we provide the conditions for European actors to stay ahead of their competitors. New technologies offer us the opportunity to create an integrated European market for digital assets from the outset, in other words a European capital markets union.[5]

    A digital euro for everyday payments

    For firms and households, central bank money is currently only available in the form of cash; there is currently no equivalent in digital form, which is becoming increasingly problematic because the use and acceptance of cash are declining. In the euro area, cash transactions have fallen below card transactions in value.[6] The share of companies reporting that they do not accept cash has tripled over the last three years to 12%.[7] The European Commission has put forward a legislative proposal to ensure the acceptance of cash[8], and the ECB is committed to ensuring that cash remains as widely available and accessible as possible[9]. Still, the trend towards cash being used less for daily transactions is likely to continue owing to the digitalisation of the economy in line with what has been observed in many advanced economies.

    Day-to-day payments in the euro area by payment instrument, in value terms

    (percentage of the value of all non-recurring day-to-day payments)

    Source: ECB (2024), Study on the payment attitudes of consumers in the euro area (SPACE).

    Note: The “Other” category includes bank cheques, credit transfers, direct debit, instant payments, loyalty points, vouchers and gift cards, crypto-assets, buy-now-pay-later services and other payment instruments.

    Current European digital payment solutions, such as cards issued by European payment schemes, mainly cater to national markets and specific use cases. To pay across European countries, consumers have to rely on a few non-European providers. More than two-thirds of card transactions in the euro area were settled through international payment schemes in the second half of 2023.[10] And 13 out of 20 euro area countries rely entirely on non-European solutions in the absence of their own domestic payment scheme. But even those international payment solutions are not accepted everywhere and do not cover all key use cases.

    National card schemes in the euro area

    Source: ECB.

    As a result, one of the key objectives of central bank money – to offer the public a means of payment backed by the sovereign authority that can be used for retail transactions across the entire currency area – is not being fulfilled in the digital space.

    In addition, European payments have become a prime example of the situation that Enrico Letta and Mario Draghi described in their recent reports.[11] The fragmentation of the market along national lines, the lack of European payment solutions available on a European scale and the difficulty faced by European payment service providers in keeping pace with technological advances mean that Europe is not competitive within its own market, let alone on a global scale.

    Moreover, in an unstable geopolitical environment, we are being left to rely on companies based in other countries. In future, this dependency could extend beyond traditional payment service providers. Platforms like Ant Group’s Alipay have shown they know how to bridge geographical gaps: during major events like UEFA EURO 2024 they were able to boost their payment app usage among customers in Europe.

    Merchants – and consumers, who bear the costs – are left to deal with the consequences of the international card schemes’ market dominance. To give just one example, the average net merchant service charges in the EU almost doubled between 2018 and 2022.[12] This increase occurred despite regulatory efforts to contain it. And the cost falls disproportionately on smaller retailers, who face charges that are three to four times higher than those paid by their larger counterparts.[13]

    We must move swiftly to counter the risks stemming from Europe’s current inability to secure the integration and autonomy of its retail payment system. This is one of the key reasons behind the digital euro project: to bring central bank money into the digital age. Doing so would provide firms and households with a digital equivalent to banknotes and would strengthen our monetary sovereignty.

    Benefits for consumers and merchants

    Complementing banknotes, the digital euro would give all European citizens and firms the freedom to make and receive digital payments seamlessly.[14]

    The digital euro would provide a single, easy, secure and universally accepted public solution for digital payments in stores, online and from person to person. It would be available both online and offline, and would be free for basic use.

    For merchants, the digital euro would provide seamless access to all European consumers. Moreover, it would offer an alternative that would increase competition, thereby lowering transaction costs in a more direct way than is possible through regulations and competition authorities.[15]

    Fostering competition and innovation in an integrated payments ecosystem

    The digital euro would strengthen the euro area economy by fostering competition and innovation.

    European payment service providers are finding it increasingly difficult to compete with international card schemes and mobile payment solutions. As the latter grow in popularity, banks risk falling behind not only in terms of interchange fees, but also in terms of client relationships and user data.

    By contrast, the digital euro would ensure that payment service providers would continue to play a central role, thus enabling them to maintain customer relationships and be compensated for their services, as is currently the case.[16] It would also offer an alternative to co-badging with international card schemes for cross-border payments in – and potentially beyond – the euro area, thus promoting competition.

    The digital euro would also expand the opportunities available to payment service providers while reducing the cost of offering their own services on a European scale. In addition, it would foster an environment conducive to the widespread adoption of payment innovations throughout the euro area.

    Currently, several innovations aimed at simplifying payments are emerging within specific national markets or across a few countries, driven by European payment service providers. Although these innovations are highly commendable and would enhance people’s lives, existing structural barriers are hampering their efforts to achieve pan-European scale.

    These solutions are struggling to achieve the scale needed to provide a service to everyone in the euro area. This limits their ability to compete effectively with the large international players who can fully leverage economies of scale, even on a global level.

    The European Commission’s legislative proposal[17] foresees that the digital euro would have legal tender status; this implies that it would be accepted by all merchants who currently accept electronic payments. In reality this would equate to the creation of a pan-European network which could also be used by private solutions, thus overcoming the obstacles limiting their growth.

    This would foster a more integrated European payments market. As private providers expand their geographical reach and diversify their product portfolios, they will benefit from cost efficiencies and be better positioned to compete internationally.

    In essence, the network effects generated by a digital euro would function as a public good, benefiting both public and private initiatives. This approach would be akin to creating a unified European railway network or European energy grid, where various companies could competitively operate their own services and deliver added value to customers.

    Instead of requiring significant investment to expand existing services across the euro area, the open digital euro standards would facilitate cost-effective standardisation, making it possible for private retail payment solution providers to launch new products and functionalities on a broader scale.

    Ultimately, whether through the digital euro or private solutions, this framework would unlock innovation, create new business opportunities and improve consumer access to a diverse range of goods and services.

    Making this vision a shared reality

    The design of the digital euro, as well as the key provision in the regulation proposed by the European Commission, contains all the key elements required to make this vision a reality.

    Over the past years, we have extensively engaged with a multitude of market stakeholders to establish the digital euro’s features. We have collected and discussed the input of representatives of consumers, merchants, banks and payment service providers. Furthermore, we are now looking at how the digital euro could be used to provide services currently not available on the market. To this end, we launched a call for expressions of interest, asking for collaboration from stakeholders, and we received a very strong response. Through this inclusive approach, we want to take everyone’s needs and perspectives into consideration to produce a robust payments solution.

    The role of central bank money in developing a European market for digital assets

    Currently, the ECB and the national central banks of those EU Member States whose currency is the euro (which we collectively refer to as the Eurosystem) offer central bank money in digital form to financial institutions through our TARGET Services: T2 settles more than 90% of the value of large payments between financial institutions, and T2S settles securities transactions. These services have been crucial in increasing the efficiency and integration of post-trade platforms in Europe.

    We are committed to continuing to provide state-of-the-art settlement services in central bank money, even as new technologies emerge.

    The potential of new technologies

    In this respect, we recognise the potential of new technologies, such as distributed ledger technology (DLT), to transform and improve wholesale financial markets by enabling assets to be issued or represented in digital token form.

    DLT allows market participants to handle trading, settlement and custody on the same platform, reducing credit risk, transaction failures and reconciliation needs. It can enhance efficiency by operating on a 24/7, 365 days a year basis and settling transactions instantly, which could potentially reduce annual infrastructure operational costs. A shared DLT platform could lower market entry barriers, enable small and medium-sized enterprises and new players to access capital markets and facilitate the efficient trading of financial instruments currently not covered on regulated markets.

    We have an opportunity to create an integrated European capital market for digital assets from the outset – in other words, a digital capital markets union.[18]

    In fact, we have recently seen an upsurge in DLT initiatives in Europe. Over 60% of EU banks are exploring or using DLT, with 22% already implementing DLT applications. Furthermore, on the securities side, there has been an increasing number of issuances on DLT.

    The role of central bank money and the Eurosystem’s exploratory work

    The ECB is aware that it has a role to play in this work from the very beginning.

    The availability of central bank money to settle transactions using these new technologies is important for two reasons. First, if we don’t use central bank money, other settlement assets – such as stablecoins or tokenised deposits – will be used, which would reintroduce credit risks and fragmentation in the financial system. And second, the possibility to settle in central bank money is seen by the market as a key factor in the adoption of new technologies.

    The Eurosystem has already worked with the market to test settling wholesale transactions in central bank money using DLT. In exploratory work we carried out in 2024, for example, we offered three different solutions to link our TARGET services to market DLT platforms. This allowed industry participants to either settle real transactions in central bank money or conduct experiments with mock transactions.[19]

    This exploratory work stands out at the global level in terms of its scale and scope. Overall, 60 industry participants took part, including incumbents and new entrants. More than 40 experiments and trials covered a wide range of securities and payments use cases, including the first issuance of an EU sovereign bond using DLT. A total value of €1.6 billion was settled via trials over a six-month period, exceeding values settled in comparable initiatives in other jurisdictions.

    Next steps

    In the short term, the Eurosystem will aim to make it possible to settle DLT transactions in central bank money, with a view to enabling the further development of DLT on the market.[20] The technological solution will be based on interoperability between market DLTs and the Eurosystem, but also – and this is crucial – between market platforms, based on strong and enforceable standards.

    Looking further ahead, we will investigate how DLT can be used to create a more integrated financial market. With new technology, there is the opportunity to create a new ecosystem from scratch in a more integrated and harmonised manner. One way to achieve this integrated ecosystem in the longer term would be to move towards a European shared ledger. This would bring together token versions of central bank money, commercial bank money and other digital assets on a shared, programmable platform, on which market participants could provide their services. Another option could be the coordinated development of an ecosystem of fully interoperable technical solutions, which might better serve specific use cases and enable legacy and new solutions to coexist.

    The trade-offs between the benefits of such flexibility and those of bringing everyone together on one platform need further analysis. We will reflect on these trade-offs and refine this long-term vision together with private and public sector stakeholders.

    Conclusion

    In the current fast-moving environment, Europe cannot stand still. If we do not bring central bank money into the digital age, we will hamper Europe’s competitiveness, resilience and strategic autonomy. And we will miss out on the opportunities that digital payments and digital finance offer. Others would reap the benefits instead.

    By ensuring that central bank money keeps pace with digitalisation and new technologies, we would safeguard our monetary sovereignty. We would overcome fragmentation by offering money that can be used for any digital transactions in the euro area. We would foster competition and innovation. And we would strengthen our autonomy and resilience.

    MIL OSI Economics

  • MIL-OSI Africa: Africa’s newest book prize is named after Andreé Blouin: who was she?

    Source: The Conversation – Africa – By Tinashe Mushakavanhu, Research Associate, University of Oxford

    Andrée Blouin was a political activist and writer from the Central African Republic. Until recently, her name hardly ever appeared in the grand narratives of Africa’s liberation.

    When she died in 1986, her passing was hardly in the news – a stark contrast to her pivotal role as an adviser and campaign strategist to newly independent African leaders in Algeria, both Congos, Côte d’Ivoire, Mali, Guinea and Ghana.

    She was more than a participant. She was an organising force, an architect of resistance, a strategist who shaped the fight against colonial rule. Yet, like many women in African history, her contributions faded into the margins, overshadowed by the men she helped empower.

    Eve Blouin/Inkani Books

    Interest in Blouin has been rekindled. She is featured in the Oscar-nominated documentary Soundtrack to a Coup d’État about DRC independence leader Patrice Lumumba. She worked as his speechwriter and chief of protocol.

    And her memoir My Country, Africa: Autobiography of the Black Pasionaria, long out of print, was re-released and is now widely available.

    Now a new annual book award called the Andrée Blouin Prize has been launched in her honour by a South Africa-based publishing house, Inkani Books. Its mission is to amplify the voices of African women, cisgender and transgender, writing about history, politics and current affairs from a left perspective.

    For me as a literary historian who has been preoccupied with archives of marginal historical figures, this activation of Blouin powerfully highlights her legacy. It also invites new engagement with her work.

    Who was Andrée Blouin?

    Blouin was born in 1921 in Central African Republic but from the age of three she was placed in an orphanage in neighbouring Congo Brazzaville. She ran away when she was 14 and so began a life of rebellion.

    She would grow up to be a formidable political operator. Her reach touches many parts of Africa. For her, the struggle was not just local, it was everywhere. As a multilingual person, she spoke a dozen languages, a gift that allowed her to easily move between places and political contexts.

    Her political awakening was deeply personal – she was radicalised by her son’s death from malaria in a colonial hospital in 1942. He had been denied life-saving medication. Colonialism, she realised, was not just her own misfortune but a system of evil suffocating African lives.

    Verso Books

    Today history is vindicating this fascinating historical figure. This is happening through the wealth of archival material – photographs, videos, interviews and texts – that places her at the centre of political action. The image of African liberation tends to be men in suits. And yet a smiling Blouin can be seen with them, side by side, even addressing large crowds.

    It is thanks to the refusal of this archive to be repressed that we can review moments that shaped African liberation history. And appreciate the roles that women like Blouin played.

    Behind the prize

    African literary prizes have seen significant growth in recent years, both in number and influence. They play an important role in promoting African literature, offering recognition and financial support to writers, and shaping the literary canon.

    They can also address the need for dedicated platforms that amplify underrepresented voices.

    Inkani Books describes itself as a “people’s movement-driven publishing house”. It is introducing The Andrée Blouin Prize in her honour. The impetus for the prize, according to Inkani’s publishing director Efemia Chela, was to directly challenge erasure of women in history and in political writing.

    She explains:

    This prize is not just an accolade; it is a reclamation of space, a declaration that African revolutionary women’s narratives will no longer be sidelined.

    The publishing house, established less than five years ago, has been reissuing popular books about revolutionary figures. These include the likes of Thomas Sankara, Kwame Nkrumah, Amílcar Cabral and Frantz Fanon. These men are often celebrated for their heroism and intellectual contributions to pan-African ideas about freedom, politics and revolution.

    Blouin in Time magazine, 1960. Time/Terence Spencer/Courtesy Eve Blouin

    The Andrée Blouin Prize is a bold act of reclamation, ensuring that the narratives of African revolutionary women are no longer overlooked but recognised, celebrated and centred.

    In fact, this is an invitation for contemporary women to write themselves into literary history.

    The inaugural winner will receive a $2,000 advance and a publishing contract with Inkani. The prize is open to all women across Africa and is dedicated to showcasing and celebrating the continent’s diverse and vibrant experiences.

    It is part of a broader movement challenging historical exclusions in African publishing. Literary production is dominated by big multinational publishing companies that determine reading tastes and trends.

    Last year, Nigeria-based Cassava Republic Press launched the Global Black Women’s Non-Fiction Manuscript Prize to spotlight exceptional works by Black women.


    Read more: African literary prizes are contested – but writers’ groups are reshaping them


    While African publishing has not always been welcoming to women writers, a shift is underway. Writers like Nigeria’s Chimamanda Ngozi Adichie, Zimbabwe’s NoViolet Bulawayo, Uganda’s Jennifer Nansubuga Makumbi, and Zambia’s Namwali Serpell are now among the most influential voices shaping African literature today.

    – Africa’s newest book prize is named after Andreé Blouin: who was she?
    – https://theconversation.com/africas-newest-book-prize-is-named-after-andree-blouin-who-was-she-250828

    MIL OSI Africa

  • MIL-OSI NGOs: Global: Failure to consult Indigenous Peoples on future pandemics will further harm children’s education

    Source: Amnesty International –

    The failure of governments around the world to consult Indigenous Peoples on Covid-19 school closures and other emergency pandemic responses violated their rights, as children continue to feel the effects five years after the first global lockdown, Amnesty International said in a new report today.

    Indigenous leaders interviewed by Amnesty International for its report What If Indigenous Consent Is Not Respected?, testified to sharp and sustained increases in post-pandemic absenteeism and school dropout rates, of more than 80 per cent in some cases, among Indigenous children in more than 10 countries. Indigenous leaders and activists also voiced concerns that the often discriminatory, desultory or non-existent response by authorities to the educational needs of Indigenous children during the pandemic worsened long-standing inequities faced by Indigenous communities – with Indigenous girls and children with disabilities particularly disadvantaged. Going forward, the organization is calling for Indigenous Peoples to be consulted during future pandemics.  

    The Indigenous leaders and activists we spoke to felt completely ignored by governments during the pandemic.

    Chris Chapman, Amnesty’s researcher on Indigenous rights

    “The Indigenous leaders and activists we spoke to felt completely ignored by governments during the pandemic, which had an enduring and damaging impact on their rights and prospects,” said Chris Chapman, Amnesty International’s Researcher on Indigenous Rights.

    “They said that remote learning solutions were often unavailable to Indigenous children. Those in rural areas, where Indigenous communities often lacked devices, internet connections, electricity and the technological knowledge or capacity to participate in virtual classes or remote learning, were worst affected.”

    When lower-tech solutions such as printed materials were distributed to other groups, Indigenous communities in several different countries said they were passed over, ignored, or asked to pay for them.

    Indigenous campaigner Sylvia Kokunda said: “For the most part these materials were distributed by the local government, since it can be easier for the village chairperson to identify the people in this community. However, local officials would not give the materials to these Batwa people, they would give only to their people.”

    Radio or television-based educational broadcasting during the pandemic was often unavailable in Indigenous languages. An Ogiek activist said that although Sogoot FM 97.1, an Ogiek language radio station, was used to reach the community to inform them about Covid-19 and its impacts, it was not used for school coursework.  

    The report is based on data and more than 80 interviews or collected responses that Amnesty International gathered to explore how Indigenous students around the world were impacted by pandemic-related school closures, including in Democratic Republic of Congo, India, Kenya, Mexico, Nepal, Russia, Taiwan and Uganda. There are 476 million Indigenous people worldwide in more than 90 countries, belonging to 5,000 different Indigenous groups and speaking more than 4,000 languages.

    Technology, discrimination and dropout rates

    Where Indigenous families had limited access to technology for remote learning during the pandemic, boys were often prioritized.

    According to Indigenous women activists from Nepal,“If some families have a mobile, then only one or two will use it. And if there are more children in the house, one has to sacrifice their education. When it comes to the sacrifice, the girls are sacrificed more.”

    Even if Indigenous students had devices capable of being used for remote learning, their families were sometimes unable to afford sufficient data. In addition, remote teaching was rarely provided in Indigenous languages.

    Children with learning difficulties or disabilities which required specialist teaching, for instance through use of sign language or braille, were often excluded, including among Indigenous communities.

    Interviewees in many states said there was often little or no government monitoring, or consideration of the effectiveness of alternative learning initiatives for Indigenous communities. Information on how to access education when schools closed – and they stayed shut for more than 18 months in some countries – was rarely provided in Indigenous languages.

    “Boys who had begun working as motorcycle taxi drivers to earn money for their families also dropped out.

    Indigenous activist from Kenya

    Students with little or no access to education during the pandemic often worked instead, and never returned to schools when they reopened. Those who did return when schools reopened, often found that they had fallen behind their classmates. If they were unwilling to retake a year, or could not be supported financially, they too dropped out.

    In Kenya, the majority of dropouts of Ogiek students were girls, especially girls who got pregnant during Covid-19 or were subjected to early marriage. However, it affected boys too. An Indigenous activist from Kenya said: “Boys between the ages of 12 and 18 who had begun working in jobs such as motorcycle taxi drivers or farm workers to earn money for themselves and their families also dropped out.”

    Some schools across many states never reopened, further reducing access to education for Indigenous children, Indigenous activists reported.

    Asked to reply to Amnesty’s findings, the Mexican government stated that it responded to the “unprecedented challenge of Covid-19″ by working with Indigenous schools and teachers to roll out a set of measures including distributing materials in five Indigenous languages, sometimes in printed formats where access to internet or devices was restricted, developing new digital educational materials, and capacity-building for schools and parents to use digital platforms.

    Recommendations

    “Significantly more resources are now required to safeguard, restore and improve the educational opportunities and rights of Indigenous communities,” Chris Chapman said.

    “States must work with Indigenous communities to immediately restore and enhance the right to education for all Indigenous children including a focus on re-enrolling Indigenous girls, and Indigenous students with disabilities.”  

    Alongside the report, Amnesty International has shared a guide for researchers who wish to investigate the extent to which the human right to participate effectively in decision-making has been violated, especially when it comes to Indigenous communities.  

    “Governments must consult with Indigenous Peoples on Covid-19 response measures and other pandemic and emergency response measures, otherwise they risk violating their right to consultation, and their right to give or withhold their consent to decisions affecting them. Our study highlights the risks of failing to take into account the realities, cultures and rights of Indigenous Peoples,” said Chris Chapman.

    “While our report sets out the devastating impact of this lack of inclusion, it’s hoped that Amnesty’s guide will ensure Indigenous people are included in discussions that affect them in the future. Every child has the right to free, high-quality primary education. States must therefore ensure that no child is left behind.”

    MIL OSI NGO

  • MIL-OSI United Nations: UN Secretary-General meets with the Joint Inspection Unit

    Source: United Nations – Geneva

    The JIU Chairperson, Carolina Fernandez Opazo and JIU Executive Secretary, Uren Pillay met with the UN Secretary-General, Antonio Guterres on Wednesday, 26 February 2025. 

    The Secretary-General expressed his appreciation for the work of the JIU and committed the organization to the implementation of the Unit’s recommendations.

    He commended the JIU for its attention to topics that are relevant and timely and made special note of the report on mutual recognition and the report on mental health and wellbeing.   

    Inspector Fernandez Opazo emphasized the Unit’s dedication to improving system-wide efficiency and effectiveness.

    Note to Editors

    The Joint Inspection Unit is the only independent external oversight body of the United Nations system mandated to conduct system-wide evaluations, inspections and investigations. It seeks to ensure the optimum use of available resources by the United Nations system, and to enhance the efficiency of its administrative and financial functioning. The Unit also seeks to identify best practices, propose benchmarks, and facilitate information-sharing across the system.

    The curricula vitae of all JIU Inspectors are available on the JIU website (www.unjiu.org). The website also contains information on the statute of the Unit, its mandate, reports, notes and management letters issued by the Unit and other relevant material.

    To learn more, go to http://www.unjiu.org

    Contact

    For questions relating to this press release, please contact

    The Joint Inspection Unit of the United Nations system

    Tel: (+41) 22 917 30 70

    Email: jiucommunications@un.org 

    MIL OSI United Nations News

  • MIL-OSI United Nations: 28 February 2025 Donors making a difference: community engagement to promote, provide and protect the health and well-being of all

    Source: World Health Organisation

    WHO defines community engagement as “a process of developing relationships that enable stakeholders to work together to address health-related issues and promote well-being to achieve positive health impact and outcomes”.

    WHO’s partners and donors support the Organization to work in this area as there are undeniable benefits to engaging communities in promoting health and well-being. At its core, community engagement enables changes in behaviour, environments, policies, programmes and practices within communities.

    Below are some country stories that demonstrate the breadth of community engagement work that WHO conducts, resulting in more positive health outcomes for the people in these communities than before.

    Uganda trains district health workers on community-based approach to Ebola

    Uganda trains Community Health workers from Kole, Mukono and Wakiso districts on community-based approach to Ebola. Photo by: WHO/Sadat Kamugisha 

    Uganda’s Ministry of Health conducted a training on Ebola disease detection and management for Community Health Workers representatives from Kole, Wakiso, and Mukono districts. Participants focused on multi-sectoral action to safeguard communities from emerging zoonotic diseases with pandemic potential such as Ebola.

    Communities play an integral role in raising awareness, supporting case identification, tracing contacts, and maintaining essential health services. The emphasis on collaboration with local leaders, volunteers, and health workers is vital for effective responses to public health emergencies. Building on lessons learned from past health crises, Uganda has already made substantial advancements in emergency preparedness.

    The three-day event was supported by WHO, and the UK Public Health Rapid Support Team (UK-PHRST), which is a UK aid project funded by the Department of Health and Social care. The community protection approach is a central component of WHO’s new Health emergency prevention, preparedness, response, and resilience framework.

    Visit the WHO/Uganda web page to read the full story.

    Community engagement for access to health services in Lao PDR

    CONNECT team members discuss community health priorities in Khammouane Province, Lao PDR. Photo by: WHO/Enric Catala

    Developed by the Lao Ministry of Health and Ministry of Home Affairs in response to COVID-19 with the support of WHO and partners, the CONNECT initiative enhances local governance and community engagement for equitable access to public services, particularly health.

    Supported by USAID, the Australian Government and Luxembourg, as of July 2024, CONNECT reached over 230 villages across 10 provinces (including Vientiane Capital) and support already in-place for expansion to all provinces.

    An external evaluation of implementation in 12 villages found an increase in essential service uptake for maternal health and improved attitudes towards using primary care; increased trust in health providers; increased sense of ownership of health at community level; and increased vaccination uptake and confidence, especially among ethnic groups and previously unreached communities.

    Visit the WHO/WPRO web page to read the full story.

    Côte d’Ivoire community radios boost public awareness on mpox outbreak

    Community radios, pillar of the fight against mpox. Photo by: WHO/Toiherou De Marfere Sidibe

    A network of community radio stations, known as Radio Santé, comprises 350 stations in West African, with over half based in Côte d’Ivoire. Launched in 2020 during the COVID-19 pandemic with major support from WHO, Radio Santé has become a preferred channel for disseminating reliable, verified health information. It brings together nearly 1000 journalists and communications specialists.

    Radio Santé is an interactive and accessible tool for mobilizing communities around health issues, throughout Côte d’Ivoire and across borders. Health authorities use Radio Santé to counter rumours and misinformation, and to strengthen community engagement, which is crucial to curbing the spread of diseases such as mpox.

    After WHO declared mpox as a public health emergency of international concern in August 2024, Radio Santé devoted its health talk show to mpox. 185 Ivorian community radio stations have since broadcasted messages on mpox. Over 50 programmes have been produced and broadcast in eight countries: Benin, Burkina Faso, Chad, Guinea, Mali, Niger, Senegal and Togo.

    Visit the WHO/Côte d’Ivoire web page to read the full story.

    Bolivia strengthens social participation in health for indigenous population

    Indigenous organizations are clear about their requests. They want free and equitable access to health care, an improved indigenous health network, incorporation of traditional medicine, and the consideration of the indigenous population’s culture, customs, and practices. Photo by: WHO/PAHO

    The Ministry of Health and Sports of Bolivia is engaging indigenous populations in community participation processes, creating space for them to discuss health topics, share concerns, and contribute to a health improvement plan.

    The meaningful inclusion and engagement of indigenous populations in health policy planning, taking into account the social determinants of health, is critical to ensure context-specific interventions, uptake of guidance and services, and positive health outcomes for all.

    PAHO/WHO, through the Universal Health Coverage Partnership, has supported the Ministry of Health and Sports of Bolivia in this endeavour since 2021. The UHC Partnership operates in over 125 countries, representing over 3 billion people. It is supported and funded by Belgium, Canada, the European Union, France, Germany, Ireland, Luxembourg, Japan, the United Kingdom of Great Britain and Northern Ireland, and WHO

    Visit the PAHO/AMRO web page to read the full story.

    Weaving hope in Honduras: the community wisdom that saves lives

    Maternal health in Honduras Hermelinda shares her experience. Photo by: WHO/Honduras

    In Honduras, high rates of maternal and neonatal mortality are often the result of multiple factors, including socioeconomic barriers, lack of access to adequate healthcare services, gaps in education and awareness about maternal and child health, and cultural differences.

    Hermelinda Hernández, who is familiar with the local practices and beliefs of her community and also recognizes the value of professional medical interventions, participated in the “Knowledge Dialogues Methodology” workshop organized by the Honduran Ministry of Health with the support of PAHO/WHO and funded by Global Affairs Canada.

    The workshop aimed to promote mutual understanding between midwives and healthcare providers to reach agreements that improve the health of women, and adolescent girls in situations of vulnerability within the community.

    Visit the PAHO/AMRO web page to read the full story.

    Grassroots heroes in Cambodia

    Mrs Say Sa with her Baby in Cambodia’s Principal of Health Centre Kok Chuk. Photo by: Aforative media

    In Cambodia, village chiefs stepped up to create a healthier future for their communities. In villages across 25 provinces, 2000 village chiefs and nearly 5400 village health support groups received trainings, organised by the Ministry of Heath with support from WHO and the EU.

    This equipped the chiefs with knowledge and skills necessary to control transmission of COVID-19, influenza, and other respiratory diseases, and collaborate with authorities more closely on health issues facing their communities.

    The chiefs then shared their newfound knowledge during community dialogues, which then transformed how community members adopted healthier practices. Empowered with accurate information, communities embraced protective measures during times of high COVID-19 transmission.

    Visit the WHO/WPRO web page to read the full story, and more on EU’s support to WHO in ASEAN region.

    Bolstering public awareness to help curb mpox spread in Uganda

    Dr Kenneth Kabali, WHO Field Coordinator for Busoga Sub-region sensitizes the community on mpox in Mayuge district, Eastern Uganda. Photo by: WHO/Abdu Mutwalibu Seguya

    Uganda witnessed an upsurge in mpox cases, with laboratory-confirmed cases increasing from 24 as of 21 September to 413 as of 7 November 2024. Health authorities, with support from WHO and partners, worked closely with communities to raise awareness about the dangers of the disease and how to stay safe, and address misinformation and stigma.

    The risk communication and community engagement team reached more than 100 fishmongers, fisherfolk, boda boda (motorbike taxi) riders, 8000 school children and 30 sex workers. In addition, 500 teachers in the district have been oriented on mpox.

    WHO is also using mass media to expand the reach of mpox response communication. With funding from USAID, WHO has contracted 10 regional radio stations and 2 national TV stations to raise awareness and promote preventative behaviour.

    Visit the WHO/AFRO web page to read the full story.

    Combating measles: a comprehensive community-centred approach in Ethiopia

    Combating measles, a comprehensive community-centred approach in Ethiopia. Photo by: WHO/Hassen Ali

    In the districts of Sidama, Central, and South Ethiopia, access to healthcare is often challenging, exacerbated by various health emergencies. A community-led initiative made remarkable progress in combating measles, malaria, and malnutrition through collaborative efforts between local health facilities, community health workers, and government agencies.

    The initiative received significant financial support from the European Civil Protection and Humanitarian Aid Operations (ECHO) bolstering community-based intervention efforts.

    By leveraging collaboration between healthcare facilities, community health workers, and local communities, this initiative represents a beacon of hope in improving healthcare access and outcomes in regions of Ethiopia.

    Visit the WHO/Ethiopia web page to read the full story.

    WHO races to contain malaria resurgence in southeastern Iran

    Malaria resurgence in Iran. Photo by: WHO/Iran

    A race against time is underway in southeastern Iran, where the resurgence of malaria threatens to undo years of progress. The dramatic rise in cases has been attributed to the devastating floods in neighbouring Pakistan in September 2022 which led to an expansion of malaria breeding sites.

    WHO, with crucial support from the Government of Japan, is on the ground in Sistan and Baluchestan Province, battling this public health emergency and working to protect vulnerable communities. Japan’s generous contribution provided 4902 mosquito dome tents offering families protection from infected mosquitos, 50 000 malaria rapid diagnostic tests enabling health care workers to quickly identify and treat infected individuals, and 1655 kg of insecticides, deployed to contain mosquito populations at their source. The combined resources are estimated to benefit 77 400 people in the province.

    In December 2024, a WHO mission observed a proactive approach to malaria control demonstrated by local health workers as they conducted house-to-house screenings, distributed mosquito nets and educated communities on how to use them.

    Visit the WHO/Iran web page to read the full story.

    Mali: screening for malnutrition in affected children to avoid complications

    Screening for malnutrition in affected children to avoid complications, Mali. Photo by: WHO/Razzack Saizonou

    Malnutrition among children is one of the main health problems that the affected populations of Ségou had to face after severe floods hit Mali between July and October 2024. Having lost everything including their food reserves and their means of subsistence, people found themselves in a very precarious situation.

    Among the more than 370,000 people affected by these floods, children, who represent 45% of the affected population, are particularly vulnerable. To enable access to health care, WHO, with thanks to the Central Emergency Response Fund, supported the deployment of mobile clinics on relocation sites.

    In the Ségou region, three sites were set up and equipped with medical tents. Medical staff go there five times a month. Between July and October 2024, nearly 700 children suffering from malnutrition were identified in the three health districts of the Ségou region.

    Visit the WHO/Mali web page to read the full story in French.

    Effective community engagement saving lives in Tanzania during cholera outbreak

    Abdul Zachari, a young man is washing his hands. Photo by: WHO/Clemence Eliah

    The recurrence of Cholera outbreaks has been a threat to many lives in the United Republic of Tanzania for decades now. In mid-2024, situation reports from the Ministry of Health indicated that, the outbreak have been reported in 19 regions of Tanzania Mainland. Thanks to flexible funding available for responding to outbreaks such as this, WHO has been able to support the Government’s efforts to control cholera outbreaks. Risk Communications and Community Engagement (RCCE) Experts worked on the ground delivering an intensive community sensitization in over 92 households and 32 villages . The joint and community-based action plan against Cholera outbreak was built jointly, this way enhancing 54 community members and local authorities from the affected wards and districts. The community engagement strategies adopted generate local solutions tailored to control and prevent further transmissions in these areas. In addition, WHO applied behavioral science approaches to guide tailored interventions to community protection and resilience – and as a result, enhancing many lives in Tanzania.

    Visit the WHO/Tanzania web page to read the full story.

    * * * *

    Read more about the WHO’s community engagement work.

    The donors and partners acknowledged in this story are (in alphabetical order) Australia, Belgium, Canada, the European Union (ECHO), France, Germany, Ireland, Luxembourg, Japan, the United Kingdom of Great Britain and Northern Ireland, United Nations Central Emergency Response Fund, and the USA Agency for International Development.

    WHO’s work is made possible through all contributions of our Member States and partners. WHO thanks all donor countries, governments, organizations and individuals who are contributing to the Organization’s work, with special appreciation for those who provide fully flexible contributions to maintain a strong, independent WHO.

    MIL OSI United Nations News

  • MIL-OSI Europe: ASIA/SOUTH KOREA – Fertility rate reverses trend: Church community works to restore hope

    Source: Agenzia Fides – MIL OSI

    Foto di sq lim su Unsplash

    Seoul (Agenzia Fides) – The number of newborns and the fertility rate in South Korea are bucking the trend and rising for the first time in nine years of steady decline. According to the 2024 demographic trends, data released by the Korea Institute of Statistics, the number of births last year was 238,300, 8,300 more than the previous year, representing the first increase in the number of births since 2015. The fertility rate, i.e. the number of children a woman has in her lifetime, meanwhile rose to 0.75, an increase of 0.03 compared to the previous year. However, according to the report, Korea’s fertility rate is still well below the average of 1.51 for member countries of the Organization for Economic Cooperation and Development (OECD). According to the Institute of Statistics, there are three reasons for the increase in the number of births: an increase in the population in the fertile age group, an increase in marriages that have been delayed by the pandemic, and also the beginning of a “cultural” shift in young people’s values regarding marriage. Joo Hyung-hwan, vice chairman of the government’s Low Birth Rate and Aging Society Committee, which was set up specifically to deal with these phenomena, said, “This year, the number of newborns will increase by 10,000 compared to last year, to about 250,000, and the total fertility rate will be about 0.79,” referring to the number of pregnancy and childbirth registrations received at workplaces. “The positive changes are obvious,” he said, emphasizing “that this is the result of the joint efforts of not only the government, but also companies and local authorities.” To counter the low birth rate, the government plans to expand parental leave for men, increase tax support for companies that excel in balancing work and family life, and require companies to raise awareness among their employees about work-life balance.In 2024, President Yoon Suk Yeol, currently under impeachment, proposed a new ministry to address the “national demographic crisis,” taking a more comprehensive approach that would not only focus on financial support and childcare, but also – as a broad national debate has shown – address the culture so that a balance between work and family can be found. To this end, companies would be encouraged to encourage their employees to become parents. In June 2024, the committee announced a package of “measures to reverse the trend of low birth rates.” A change in social practices and the work system could prove crucial in a country where the birth rate has fallen to the lowest in the world over the past decade.Sociologists have noted that Korean women have prioritized career advancement over marriage or parenthood, and another contributing factor has been the rising cost of housing and living and the cost of raising a child. But now, economists say, the demographic crisis has become the biggest risk to the growth of Asia’s fourth-largest economy and its social security system, as the population of 51 million could halve by the end of the century if the trend is not reversed.Father Oh Seok-jun, head of the Seoul Archdiocese Committee for Life, urged people not to view the low birth rate as “just a matter of numbers,” nor as a phenomenon that can be tackled with reproductive technologies, as some claim. It is necessary to “look at the issue from a spiritual and hopeful point of view”: “A child is a gift of grace granted by the Lord through the perfect union of love between a man and a woman. This is why the Catholic Church, in its pastoral care with young people and couples, invites them to look to the future with hope.” This is an approach that also characterizes the Holy Year under the motto “Pilgrims of Hope.” In this context, the Yeokchon-dong parish of the Archdiocese of Seoul held a “Blessing Ceremony for Families with Three or More Children” on February 23 to sensitize couples to the protection of life and to overcome the serious crisis of the low birth rate in Korea. Yuliana Kim Min-jeong, head of the family department in the parish, said: “It was good for the faithful to see how couples with three children live a life of faith and turn to the Lord in these rough times. We hope that their testimony will have a positive influence and give encouragement and hope to young couples.” At the level of mentality and social trends, a culture that tends towards individualism and questions the couple relationship must also be overcome. According to the census conducted by the Korea Statistics Institute, the percentage of single-person households in Korea exceeded 35 percent in 2023. In 2000, there were 2.2 million single-person households in the country, in 2015 there were over 5 million, and in 2023 there were 7.8 million. The Catholic Church, especially in the context of pastoral care for young adults, plays an active role in supporting those who, after entering the world of work, choose to live alone and create a “single” household: the aim is to propose to them forms of positive socialization that allow them to open up to others and develop interpersonal relationships, looking at their lives from the perspective of self-giving and not only from the perspective of self-interest. (PA) (Agenzia Fides, 28/2/2025)
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    MIL OSI Europe News

  • MIL-OSI Asia-Pac: HKMA announces participating banks for RMB Trade Financing Liquidity Facility

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:

         The Hong Kong Monetary Authority (HKMA) announced today (February 28) the list of banks for the RMB Trade Financing Liquidity Facility (RMB TFLF) in Phase 1 (see Annex), effective from today.
          
         About RMB50 billion of the total size of RMB100 billion of this facility has been allocated to the participating banks. A specific quota is assigned to each bank based on the pipelines as expected by the bank, and referencing the bank’s existing scale of relevant business, among other factors. The banks can now apply for RMB funds from the HKMA from today through the RMB TFLF based on their provision of RMB trade finance to corporate customers within the assigned quota.
          
         The HKMA will closely review the implementation of the RMB TFLF, including its operation, banks’ RMB trade finance activities and facility usage, as well as market development needs. Subject to the operation of the facility and market demand, we plan to proceed to the next phase of quota allocation around the middle of this year. Banks not yet ready in Phase 1 are encouraged to continue developing their RMB trade finance business so as to be ready to join in later phases. Terms and operation details of the RMB TFLF are found in this Circular.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Views on green transit plan received

    Source: Hong Kong Information Services

    The Government announced today that it received 27 expressions of interest (EOIs) submissions for the Smart & Green Mass Transit System (SGMTS) project in the Hung Shui Kiu/Ha Tsuen and Yuen Long South New Development Areas (NDAs).

    The Transport Department explained that it, together with the Transport & Logistics Bureau, invited relevant system suppliers and operators to submit EOIs for the SGMTS project in the NDAs on December 20 last year.

    The department said that the EOIs, after analysis, will serve as a reference for firming up the specific requirements and designs of the SGMTS and the relevant infrastructure, as well as ascertaining the delivery mode and financial arrangements of the project.

    Once it makes reference to the views gathered, the Government can explore various procurement options and review the feasibility of shortening the overall programme of the project, the department added.

    The Government plans to invite tenders for the project in 2026 and award the contract in 2027.

    MIL OSI Asia Pacific News

  • MIL-OSI: OTC Markets Group Welcomes White Pearl Technology Group AB to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 28, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced White Pearl Technology Group AB (Nasdaq First North Growth Market Stockholm: WPTG; OTCQX: WPTGF), a global technology company specialising in digital transformation solutions, has qualified to trade on the OTCQX® Best Market.

    White Pearl Technology Group AB begins trading today on OTCQX under the symbol “WPTGF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Trading on the OTCQX Market offers companies efficient, cost-effective access to the U.S. capital markets. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

    Marco Marangoni, CEO of White Pearl Technology Group, commented: “We are thrilled to begin trading on OTCQX, which represents an important milestone in our growth strategy. This opportunity enhances our visibility within the U.S. investment community and provides a convenient way for North American investors to trade our shares in their local market and currency. As we continue to expand our global footprint, particularly with our strategic focus on the North American market, trading on OTCQX will support our efforts to diversify our shareholder base and increase our international presence.”

    About White Pearl Technology Group AB
    White Pearl Technology Group AB (WPTG) is a global technology company specializing in digital transformation solutions. With a presence in over 30 countries and a team of more than 650 experts, WPTG helps organisations navigate the complexities of the digital age, offering services ranging from ICT and system integration to business software and digital innovation.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network

  • MIL-OSI: Boralex reports net earnings of $74 million for fiscal 2024 and continues construction of its large-scale projects in Québec, Ontario and the United Kingdom

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, Feb. 28, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the three-month period and year ended December 31, 2024.

    Highlights
    Financial results

    • EBITDA(A)1, operating income and net earnings under pressure in Q4-2024 owing to adverse wind and hydropower conditions
      • Production 16% (11% on a Combined1 basis)2 lower than in Q4-2023 and 16% (12%) below anticipated production1, due primarily to the adverse climate conditions. For fiscal 2024 overall, production was 5% (2%) lower than in 2023 and 10% (8%) below anticipated production.
      • EBITDA(A) of $169 million ($191 million) for Q4-2024, down $33 million ($38 million) from Q4-2023. For fiscal 2024, EBITDA(A) was $581 million ($670 million), up $3 million (down $5 million) from 2023. The decrease in production was partly offset by the contribution of newly commissioned sites in France and the positive impact of the electricity selling price optimization strategy.
      • Operating income of $78 million ($53 million) for Q4-2024, down $20 million ($66 million) from Q4-2023. For fiscal 2024, operating income totalled $226 million ($267 million), unchanged (down $39 million) from 2023.
      • Net loss of $2 million in Q4-2024, down $60 million from T4-2023. For fiscal 2024, net earnings amounted to $74 million, $41 million lower than in 2023. Excluding the impairment of an asset, net earnings would have been $6 million higher in fiscal 2024 compared to fiscal 2023.
    • Lower cash flow related to operating activities for the quarter but balance sheet remains strong
      • Net cash flows related to operating activities of $31 million for Q4-2024 and $215 million for fiscal 2024, compared to $107 million for Q4-2023 and $496 million for fiscal 2023.
      • Discretionary cash flows1 of $47 million for Q4-2024 and $158 million for fiscal 2024, down $44 million from Q4-2023 and $26 million from fiscal 2023.
      • Boralex has $592 million in cash and cash equivalents and $523 million in available cash resources and authorized financing1 as at December 31, 2024.
      • A record of nearly $1.2 billion in project financing, bridge financing and letter of credit facilities obtained in 2024.

    Update on development and construction activities

    • Portfolio of projects under development and growth path totalling 8,005 MW in the high growth potential markets of Canada, the United States, the United Kingdom and France, 1,227 MW or 18% higher than in 2023
    • Progress in under-construction and ready-to-build projects
      • Start of electrification of the Limekiln wind farm in the United Kingdom (106 MW) in February 2025, with full commissioning planned for early April, and work continues on the Apuiat wind farm in Quebec (total 200 MW, Boralex’s share 100 MW), with commissioning planned for the first half of 2025.
      • Construction of the Hagersville (300 MW) and Tilbury (80 MW) storage projects in Ontario progressing on schedule, with commissioning planned for the fourth quarter of 2025. Financings closed in December 2024.
      • Start of work on the Des Neiges Sud wind project in Quebec (total 400 MW, Boralex’s share 133 MW), with commissioning scheduled for 2026.
    • Acquisition of the Clashindarroch Wind Farm Extension project in the United Kingdom, with an installed capacity of 145 MW, and the adjacent battery energy storage system (BESS) with a maximum capacity of 50 MW, for a total capacity of 195 MW. Boralex has a 50% interest, but has control over the project and will fully consolidate the results in the financial statements.
    1 EBITDA(A) is a total of segment measures. Anticipated production is an additional financial measure. “Combined,” “discretionary cash flows” and “available cash resources and authorized financing” are non-GAAP financial measures and do not have a standardized definition under IFRS. Consequently, these measures may not be comparable to similar measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section of this press release.
    2 Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis.
       

    “The year 2024 proved to be full of challenges, which our employees met head-on. I would highlight in particular the significant effort our team invested in 2024 to secure nearly $1.2 billion in financing, a record for Boralex, on very good terms. Despite high volatility in the financial markets and pressure on the stock prices of renewable energy companies, notably in the wake of the American elections, we are convinced that renewable energy development will continue in many regions. Strong growth in electricity demand is expected in the regions where we are developing wind and solar farms and battery storage systems, namely Canada, the United Kingdom, the United States and France,” said Patrick Decostre, President and Chief Executive Officer of Boralex.

    Renewable energy, which is the most competitive type of energy, can be brought on line to meet demand much faster than other types of energy. Boralex is in a position to capitalize on its project pipeline and growth path, which now represent more than 8 GW of power, and will continue to develop key projects with rates of return in line with its targets.

    “Boralex saw its financial results decline in fiscal 2024, mainly as a result of adverse wind conditions in France and to a lesser extent in Canada, as well as impairment of an asset. During the year, we continued to implement our various initiatives aimed at optimizing administrative, financial and development costs. We ended our 2024 financial year with net earnings of $74 million, a strong balance sheet and good financial flexibility, with over $500 million in available cash resources and authorized financing,” Mr. Decostre added.

    Boralex continues to excel on the corporate social responsibility front. In 2024, the Corporation announced that it was one of the few in the industry to have had its greenhouse gas emission reduction targets validated by the Science Based Targets initiative (SBTi). This recognition shows Boralex’s commitment to achieving net zero emissions by 2050. In addition, Boralex ranked 94th out of the 215 S&P/TSX Composite Index companies and trusts analysed as part of The Board Games, with a score of 80/100, while in 2023 it was 102nd with a score of 76. Finally, Boralex placed 15th in the ranking of Canada’s 50 best corporate citizens, out of the 340 leading Canadian organizations analysed.

    4th quarter highlights

    Three-month periods ended December 31

      Consolidated Combined
    (in millions of Canadian dollars, unless otherwise specified)   2024     2023 Change   2024     2023 Change
            $   %           $   %  
    Power production (GWh)1   1,520     1,814   (294 ) (16 )   2,099     2,351   (252 ) (11 )
    Revenues from energy sales and feed-in premium   228     315   (87 ) (28 )   258     345   (87 ) (25 )
    Operating income   78     98   (20 ) (21 )   53     119   (66 ) (55 )
    EBITDA(A)   169     202   (33 ) (17 )   191     229   (38 ) (17 )
    Net earnings (loss)   (2 )   58   (60 ) >(100   (2 )   58   (60 ) >(100 )
    Net earnings (loss) attributable to shareholders of Boralex   (16 )   37   (53 ) >(100   (16 )   37   (53 ) >(100 )
    Per share – basic and diluted   ($0.15 ) $0.36   ($0.51 ) >(100   ($0.15 ) $0.36   ($0.51 ) >(100 )
    Net cash flows related to operating activities   31     107   (76 ) (71 )            
    Cash flows from operations2   105     161   (56 ) (35 )            
    Discretionary cash flows   47     91   (44 ) (48 )            
                                             

    In the fourth quarter of 2024, Boralex produced 1,520 GWh (2,099 GWh) of power, 16% (11%) less than the 1,814 GWh (2,351 GWh) produced in the same quarter of 2023. The decrease was mainly attributable to adverse weather conditions. As a result, Boralex ended the quarter with total production that was 16% (12%) below anticipated production.

    Revenues from energy sales and feed-in premiums for the three-month period ended December 31, 2024, amounted to $228 million ($258 million), 28% (25%) lower than in the fourth quarter of 2023. The decrease was mainly attributable to the lower production. EBITDA(A) amounted to $169 million ($191 million), down 17% (17%) from the fourth quarter of 2023. The decline in production was partly offset by the contribution of new assets commissioned in France and the positive impact of the electricity selling price optimization strategy. Operating income totalled $78 million ($53 million), compared to $98 million ($119 million) for the same quarter of 2023. The Company posted a net loss of $2 million, which represents a $60 million decrease from the $58 million in net earnings reported for the fourth quarter of 2023.

    1 Power production includes the production for which Boralex received financial compensation following power generation limitations as management uses this measure to evaluate the Corporation’s performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed-in premium.
    2 The cash flows from operations is a non-GAAP financial measure and does not have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section of this press release.
       

    Years ended December 31

      Consolidated Combined

    (in millions of Canadian dollars, unless otherwise specified)

      2024   2023 Change   2024   2023 Change
            $   %           $   %  
    Power production (GWh)1   5,691   5,973   (282 ) (5 )   7,845   8,020   (175 ) (2 )
    Revenues from energy sales and feed-in premium   817   994   (177 ) (18 )   933   1,104   (171 ) (15 )
    Operating income   226   226         267   306   (39 ) (12 )
    EBITDA(A)   581   578   3       670   675   (5 ) (1 )
    Net earnings   74   115   (41 ) (35 )   74   115   (41 ) (35 )
    Net earnings attributable to shareholders of Boralex   36   78   (42 ) (54 )   36   78   (42 ) (54 )
    Per share – basic and diluted $0.35 $0.76 ($0.41 ) (54 ) $0.35 $0.76 ($0.41 ) (54 )
    Net cash flows related to operating activities   215   496   (281 ) (57 )          
    Cash flows from operations   415   445   (30 ) (7 )          
    Discretionary cash flows   158   184   (26 ) (14 )          
      As at
    Dec. 31
    As at
    Dec. 31
    Change As at
    Dec. 31
    As at
    Dec. 31
    Change
            $   %           $   %  
    Total assets   7,604   6,574   1,030   16     8,476   7,304   1,172   16  
    Debt – principal balance   4,032   3,327   705   21     4,588   3,764   824   22  
    Total project debt   3,608   2,844   764   27     4,166   3,281   885   27  
    Total corporate debt   424   483   (59 ) (12 )   424   483   (59 ) (12 )
                                         

    For the year ended December 31, 2024, Boralex produced 5,691 GWh (7,845 GWh) of power, less than the 5,973 GWh (8,020 GWh) produced during the same period in 2023. Revenues from energy sales and feed-in premiums for the financial year ended December 31, 2024, amounted to $817 million ($933 million), down $177 million ($171 million) or 18% (15%) from the same period in 2023.

    EBITDA(A) amounted to $581 million ($670 million), up $3 million (down $5 million) from the same period last year. Operating income totalled $226 million ($267 million), essentially unchanged (down $39 million) from the same period in 2023. Overall, Boralex posted net earnings of $74 million ($74 million) for the financial year ended December 31, 2024, compared to $115 million ($115 million) for fiscal 2023.

    1 Power production includes the production for which Boralex received financial compensation following power generation limitations imposed by its customers since management uses this measure to evaluate the Corporation’s performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed-in premiums.
       

    Outlook

    Boralex’s 2025 Strategic Plan is built around the same four strategic directions as the plan launched in 2019 – growth, diversification, customers and optimization – and six corporate targets. The details of the plan, which also sets out Boralex’s corporate social responsibility strategy, are found in the Corporation’s annual report. Highlights of the main achievements for the 2024 financial year in relation to the 2025 Strategic Plan can be found in the 2024 Annual Report, in the Investors section of the Boralex website.

    In the coming quarters, Boralex will continue to work on its various initiatives under the strategic plan, including project development, analysis of acquisition targets and optimization of power sales and operating costs. The Corporation will present a new plan for the period to 2030 during the course of 2025.

    Finally, to fuel its organic growth, the Corporation has a portfolio of projects under development and growth path based on clearly identified criteria, totalling more than 8 GW of wind, solar and energy storage projects.

    About Boralex

    At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to over 3.1 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

    For more information, visit www.boralex.com or www.sedarplus.ca. Follow us on Facebook and LinkedIn.

    Non-IFRS measures
    Performance measures

    In order to assess the performance of its assets and reporting segments, Boralex uses performance measures. Management believes that these measures are widely accepted financial indicators used by investors to assess the operational performance of a company and its ability to generate cash through operations. The non-IFRS and other financial measures also provide investors with insight into the Corporation’s decision making as the Corporation uses these non-IFRS financial measures to make financial, strategic and operating decisions. The non-IFRS and other financial measures should not be considered as substitutes for IFRS measures.

    These non-IFRS and other financial measures are derived primarily from the audited consolidated financial statements, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies. Non-IFRS and other financial measures are not audited. They have important limitations as analytical tools and investors are cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS financial measures.

    Non-IFRS financial measures
    Specific financial
    measure
    Use Composition Most directly
    comparable IFRS
    measure
    Financial data – Combined (all disclosed financial data) To assess the operating performance and the ability of a company to generate cash from its operations and investments in joint ventures and associates. Results from the combination of the financial information of Boralex Inc. under IFRS and the share of the financial information of the Interests.

    Interests in the Joint Ventures and associates, Share in earnings (losses) of the Joint Ventures and associates and Distributions received from the Joint Ventures and associates are then replaced with Boralex’s respective share in the financial statements of the Interests (revenues, expenses, assets, liabilities, etc.)

    Respective financial data – Consolidated
    Discretionary cash flows To assess the cash generated from operations and the amount available for future development or to be paid as dividends to common shareholders while preserving the long-term value of the business.

    Corporate objectives for 2025 from the strategic plan.

    Net cash flows related to operating activities before “change in non-cash items related to operating activities,” less
    (i) distributions paid to non-controlling shareholders;
    (ii) additions to property, plant and equipment (maintenance of operations);
    (iii) repayments on non-current debt (projects) and repayments to tax equity investors;
    (iv) principal payments related to lease liabilities;
    (v) adjustments for non-operational items; plus
    (vi) development costs (from the statement of earnings).
    Net cash flows related to operating activities
    Cash flows from operations To assess the cash generated by the Company’s operations and its ability to finance its expansion from these funds. Net cash flows related to operating activities before changes in non-cash items related to operating activities. Net cash flows related to operating activities
    Non-IFRS financial measures
    Specific financial
    measure
    Use Composition Most directly
    comparable IFRS
    measure
    Available cash and cash equivalents To assess the cash and cash equivalents available, as at balance sheet date, to fund the Corporation’s growth. Represents cash and cash equivalents, as stated on the balance sheet, from which known short-term cash requirements are excluded. Cash and cash equivalents
    Available cash resources and authorized financing To assess the total cash resources available, as at balance sheet date, to fund the Corporation’s growth. Results from the combination of credit facilities available to fund growth and the available cash and cash equivalents. Cash and cash equivalents
    Other financial measures – Total of segments measure
    Specific financial measure Most directly comparable IFRS measure
    EBITDA(A) Operating income
    Other financial measures – Supplementary Financial Measures
    Specific financial measure Composition
    Credit facilities available for growth The credit facilities available for growth include the unused tranche of the parent company’s credit facility, apart from the accordion clause, as well as the unused tranche credit facilities of subsidiaries which includes the unused tranche of the credit facility- France and the unused tranche of the construction facility.
    Anticipated production For older sites, anticipated production by the Corporation is based on adjusted historical averages, planned commissioning and shutdowns and, for all other sites, on the production studies carried out.
       

    Combined

    The following tables reconcile Consolidated financial data with data presented on a Combined basis:

        2024     2023  
    (in millions of Canadian dollars) Consolidated   Reconciliation(1)   Combined   Consolidated  Reconciliation(1) Combined  
    Three-month periods ended December 31:              
    Power production (GWh)(2) 1,520   579   2,099   1,814 537 2,351  
    Revenues from energy sales and feed-in premium 228   30   258   315 30 345  
    Operating income 78   (25 ) 53   98 21 119  
    EBITDA(A) 169   22   191   202 27 229  
    Net earnings (loss) (2 )   (2 ) 58 58  
    Years ended December 31:                    
    Power production (GWh)(2) 5,691   2,154   7,845   5,973 2,047 8,020  
    Revenues from energy sales and feed-in premiums 817   116   933   994 110 1,104  
    Operating income 226   41   267   226 80 306  
    EBITDA(A) 581   89   670   578 97 675  
    Net earnings 74     74   115 115  
      As at December 31, 2024
      As at December 31, 2023
     
    Total assets 7,604   872   8,476   6,574 730 7,304  
    Debt – Principal balance 4,032   556   4,588   3,327 437 3,764  
    (1) Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS. This contribution is attributable to the North America segment’s wind farms and includes corporate expenses of $2 million under EBITDA(A) for the year ended December 31, 2024 ($2 million as at December 31, 2023). 
    (2) Includes compensation following electricity production limitations.
       

    EBITDA(A)

    EBITDA(A) is a total of segment financial measures and represents earnings before interest, taxes, depreciation and amortization, adjusted to exclude other items such as acquisition and integration costs, other losses (gains), net loss (gain) on financial instruments and foreign exchange loss (gain), with the last two items included under Other.

    EBITDA(A) is used to assess the performance of the Corporation’s reporting segments.

    EBITDA(A) is reconciled to the most comparable IFRS measure, namely, operating income, in the following table:

      2024       2023   Change 2024 vs 2023
    (in millions of Canadian dollars) Consolidated Reconciliation(1) Combined Consolidated Reconciliation(1) Combined Consolidated   Combined
     
    Three-month periods ended December 31:            
    EBITDA(A) 169   22   191   202   27   229   (33 ) (38 )
    Amortization (73 ) (15 ) (88 ) (75 ) (14 ) (89 ) 2   1  
    Impairment   (47 ) (47 ) (20 ) (1 ) (21 ) 20   (26 )
    Other gains (losses) (3 )   (3 ) 1   (1 )   (4 ) (3 )
    Share in earnings of joint ventures and associates (3 ) 3     (17 ) 17     14    
    Change in fair value of a derivative included in the share in earnings of a joint venture       7   (7 )   (7 )  
    Impairment included in the share in earnings of a joint venture (12 ) 12           (12 )  
    Operating income 78   (25 ) 53   98   21   119   (20 ) (66 )
                 
    Years ended December 31:            
    EBITDA(A) 581   89   670   578   97   675   3   (5 )
    Amortization (297 ) (59 ) (356 ) (293 ) (58 ) (351 ) (4 ) (5 )
    Impairment (5 ) (47 ) (52 ) (20 ) (1 ) (21 ) 15   (31 )
    Other gains 5     5   1   2   3   4   2  
    Share in earnings of joint ventures and associates (46 ) 46     (59 ) 59     13    
    Change in fair value of a derivative included in the share in earnings of a joint venture       19   (19 )   (19 )  
    Impairment included in the share in earnings of a joint venture (12 ) 12           (12 )  
    Operating income 226   41   267   226   80   306     (39 )
    (1) Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS.
       

    Cash flow from operations and discretionary cash flows

    The Corporation computes the cash flow from operations and discretionary cash flows as follows:

      Consolidated
      Three-month periods ended Years ended
      December 31 December 31
    (in millions of Canadian dollars) 2024   2023   2024   2023  
    Net cash flows related to operating activities 31   107   215   496  
    Change in non-cash items relating to operating activities 74   54   200   (51 )
    Cash flows from operations 105   161   415   445  
    Repayments on non-current debt (projects)(1) (53 ) (50 ) (240 ) (232 )
    Adjustment for non-operating items(2) 5   2   7   6  
      57   113   182   219  
    Principal payments related to lease liabilities(3) (6 ) (4 ) (19 ) (17 )
    Distributions paid to non-controlling shareholders(4) (17 ) (33 ) (52 ) (57 )
    Additions to property, plant and equipment (maintenance of operations)(5) (3 ) 2   (10 ) (6 )
    Development costs (from statement of earnings)(6) 16   13   57   45  
    Discretionary cash flows 47   91   158   184  
    (1) Includes repayments on non-current debt (projects) and repayments to tax equity investors, and excludes VAT bridge financing, early debt repayments and repayments under the construction facility – Boralex Energy Investments portfolio and the CDPQ Fixed Income Inc. term loan.
    (2) For the years ended December 31, 2024 and December 31, 2023, favourable adjustment consisting mainly of acquisition, integration and other non-operating miscellaneous items.
    (3) Excludes the principal payments related to lease liabilities for projects under development and construction.
    (4) Comprises distributions paid to non-controlling shareholders as well as the portion of discretionary cash flows attributable to the non-controlling shareholder of Boralex Europe Sàrl.
    (5) Excludes the additions to the property, plant and equipment of regulated assets (treated as assets under construction since they are regulated assets for which investments in the plant are considered in the setting of its electricity selling price). During the fourth quarter of 2023, an amount of $4 million was reclassified as new property, plant, and equipment under construction.
    (6) During Q1-2024, the Corporation reclassified the employee benefits for 2023 and 2024 related to its incentive plans, which were reported in full under Operating expenses in the consolidated statements of earnings. To better allocate these expenses to the Corporation’s various functions and thus provide more relevant information to users of the financial statements, the Corporation is now allocating these costs to Operating, Administrative and Development expenses in the consolidated statements of earnings according to the breakdown of staff. This change resulted in a $1 million increase in development costs for the three-month period ended December 31, 2023 and $5 million increase for the year ended December 31, 2023.
       

    Available cash and cash equivalents and available cash resources and authorized financing

    The Corporation defines available cash and cash equivalents as well as available cash resources and authorized financing as follows:

      Consolidated
      As at December 31   As at December 31  
    (in millions of Canadian dollars) 2024   2023  
    Cash and cash equivalents 592   478  
    Cash and cash equivalents held by entities subject to project debt agreement and restrictions(1) (526 ) (388 )
    Bank overdraft (5 ) (6 )
    Available cash and cash equivalents 61   84  
    Credit facilities available for growth 462   463  
    Available cash resources and authorized financing 523   547  
    (1) This cash can be used for the operations of the respective projects, but is subject to restrictions for non-project related purposes under the credit agreements.
       

    Disclaimer regarding forward-looking statements

    Certain statements contained in this release, including those related to results and performance for future periods, installed capacity targets, EBITDA(A) and discretionary cash flows, the Corporation’s strategic plan, business model and growth strategy, organic growth and growth through mergers and acquisitions, obtaining an investment grade credit rating, payment of a quarterly dividend, the Corporation’s financial targets, the projects commissioning dates, the portfolio of renewable energy projects, the Corporation’s Growth Path, the bids for new storage and solar projects and its Corporate Social Responsibility (CSR) objectives are forward-looking statements based on current forecasts, as defined by securities legislation. Positive or negative verbs such as “will,” “would,” “forecast,” “anticipate,” “expect,” “plan,” “project,” “continue,” “intend,” “assess,” “estimate” or “believe,” or expressions such as “toward,” “about,” “approximately,” “to be of the opinion,” “potential” or similar words or the negative thereof or other comparable terminology, are used to identify such statements.

    Forward-looking statements are based on major assumptions, including those about the Corporation’s return on its projects, as projected by management with respect to wind and other factors, opportunities that may be available in the various sectors targeted for growth or diversification, assumptions made about EBITDA(A) margins, assumptions made about the sector realities and general economic conditions, competition, exchange rates as well as the availability of funding and partners. While the Corporation considers these factors and assumptions to be reasonable, based on the information currently available to the Corporation, they may prove to be inaccurate.

    Boralex wishes to clarify that, by their very nature, forward-looking statements involve risks and uncertainties, and that its results, or the measures it adopts, could be significantly different from those indicated or underlying those statements, or could affect the degree to which a given forward-looking statement is achieved. The main factors that may result in any significant discrepancy between the Corporation’s actual results and the forward-looking financial information or expectations expressed in forward-looking statements include the general impact of economic conditions, fluctuations in various currencies, fluctuations in energy prices, the risk of not renewing PPAs or being unable to sign new corporate PPA, the risk of not being able to capture the US or Canadian investment tax credit, counterparty risk, the Corporation’s financing capacity, cybersecurity risks, competition, changes in general market conditions, industry regulations and amendments thereto, particularly the legislation, regulations and emergency measures that could be implemented for time to time to address high energy prices in Europe, litigation and other regulatory issues related to projects in operation or under development, as well as certain other factors considered in the sections dealing with risk factors and uncertainties appearing in Boralex’s MD&A for the fiscal year ended December 31, 2024.

    Unless otherwise specified by the Corporation, forward-looking statements do not take into account the effect that transactions, non-recurring items or other exceptional items announced or occurring after such statements have been made may have on the Corporation’s activities. There is no guarantee that the results, performance or accomplishments, as expressed or implied in the forward-looking statements, will materialize. Readers are therefore urged not to rely unduly on these forward-looking statements.

    Unless required by applicable securities legislation, Boralex’s management assumes no obligation to update or revise forward- looking statements in light of new information, future events or other changes.

    For more information:

    The MIL Network

  • MIL-OSI: TeraWulf Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Announced strategic expansion into AI-driven HPC hosting with long-term data center leases expected to generate $1 billion in cumulative revenue over initial 10-year contract terms

    Annual revenue and non-GAAP adjusted EBITDA increase 102% and 89% year-over-year, respectively

    Expanded self-mining operating capacity by 94% year-over-year to 9.7 EH/s as compared to 5.0 EH/s in 2023

    Strengthened the Balance Sheet with cash and bitcoin holdings of $275 million as of December 31, 2024

    Proactively repaid legacy term loan debt ahead of schedule and financed HPC hosting growth with new 2.75% convertible notes issuance due 2030

    Authorized $200 million share repurchase program and executed over $150 million of repurchases equivalent to over 24 million shares of Common Stock to date

    EASTON, Md., Feb. 28, 2025 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, next-generation digital infrastructure primarily powered by zero-carbon energy, today announced its financial results for the fourth quarter and full year ended December 31, 2024.

    Management Commentary

    “In 2024, TeraWulf achieved significant financial and operational milestones, further solidifying our leadership in sustainable digital infrastructure,” said Paul Prager, Chief Executive Officer of TeraWulf. “We expanded our self-mining capacity to 9.7 EH/s, secured long-term data center lease agreements with a credit-worthy counterparty that are expected to generate significant recurring revenue, providing a stable foundation for long-term growth, and enhanced our financial flexibility through strategic asset monetization and capital raises. As the scarcity of digital infrastructure intensifies, we believe we are exceptionally well-positioned to scale our high-performance compute (HPC) hosting and colocation services by 100-150 MW annually.”

    Patrick Fleury, Chief Financial Officer, added, “Our disciplined financial management was reflected in our $500 million oversubscribed convertible debt offering, which strengthened our liquidity and funded our initial expansion into HPC hosting. The $85 million sale of our 25% equity interest in Nautilus allowed us to monetize an asset with a declining value at peak pricing and reinvest in Lake Mariner’s HPC hosting capabilities. Demonstrating confidence in our long-term growth, we also strategically repurchased over $150 million in shares in late 2024 and early 2025 while maintaining a strong liquidity position.”

    Paul Prager concluded, “Looking ahead, our focus is on executing the 72.5 MW of HPC hosting capacity set for delivery in 2025. With strong demand for AI-driven compute infrastructure, we see a significant opportunity to leverage our low-cost, predominantly zero-carbon energy infrastructure platform to meet this growing need. TeraWulf sits at the convergence of bitcoin mining and HPC hosting, reinforcing our role as a leader in next-generation digital infrastructure.”

    Full Year 2024 Operational and Financial Highlights

    Key financial and operational highlights for the fiscal year ended December 31, 2024 include:

    • Revenue increased 102% to $140.1 million in 2024, as compared to $69.2 million in fiscal 2023, driven by increased bitcoin production and higher average realized bitcoin prices during the period.
    • Cost of revenue, exclusive of depreciation, increased 129% to $62.6 million in 2024, as compared to $27.3 million in fiscal 2023, driven by increased bitcoin mining capacity due to infrastructure constructed and placed in service during 2024, a near doubling of network difficulty and the impacts of the bitcoin halving in April 2024, and, to a lesser extent, an increase in realized power prices during 2024 as compared to 2023.
    • Non-GAAP adjusted EBITDA increased by $28.5 million to $60.4 million in 2024, as compared to $31.9 million in fiscal 2023.
    • Reported cash and cash equivalents of $274.1 million as of December 31, 2024, as compared to $54.4 million at fiscal year-end 2023.
    • The Company’s legacy term loan debt was eliminated in 2024, as compared to $139.4 million at fiscal year-end 2023, significantly improving strategic and financial flexibility.

    Expansion into HPC Hosting

    In 2024, TeraWulf expanded into the rapidly growing digital infrastructure market with a focus on AI and HPC hosting, backed by long-term customer agreements.

    A pivotal milestone in this expansion was achieved on December 23, 2024, when TeraWulf signed long-term data center lease agreements with Core42, securing 72.5 MW of hosting capacity at Lake Mariner for GPU cloud compute workloads. These lease agreements are expected to commence at various dates in 2025 and include an option to expand by an additional 135 MW.

    To support this diversification of its business, the Company has upgraded its digital infrastructure at Lake Mariner, incorporating advanced liquid cooling systems and Tier 3 redundancy to optimize high-density compute workloads. This cutting-edge infrastructure further strengthens TeraWulf’s ability to attract hyperscale and enterprise customers.

    Fiscal Year 2024 Financial Results

    Revenue for the year ended December 31, 2024 increased 102% to $140.1 million compared to $69.2 million in fiscal 2023. The increase in revenue is primarily attributable to a 129% increase in the average price of bitcoin year-over-year. The Company increased its mining capacity at Lake Mariner to 195 MW as of December 31, 2024, as compared to 110 MW as of December 31, 2023. Despite industry-wide headwinds from the April 2024 halving and network hashrate increases, TeraWulf maintained strong mining margins, leveraging its low-cost, predominantly zero-carbon infrastructure.

    Cost of revenue, exclusive of depreciation, increased 129% to $62.6 million compared to $27.3 million in fiscal 2023. These increases were driven by increased bitcoin mining capacity due to infrastructure constructed and placed in service during 2024, the impacts of the bitcoin halving in April 2024 and, to a lesser extent, an increase in realized power prices during 2024 as compared to 2023.

    Non-GAAP adjusted EBITDA for the year ended December 31, 2024 was $60.4 million, as compared to $31.9 million for the year ended December 31, 2023.

    Liquidity and Capital Resources

    As of December 31, 2024, the Company held $274.5 million in cash and cash equivalents and bitcoin on its balance sheet. As of the same period, the Company had outstanding indebtedness of approximately $500 million related to the 2.75% convertible senior notes due 2030. As of February 26, 2025, TeraWulf had 383,137,722 common shares outstanding.

    Investor Conference Call and Webcast

    As previously announced, TeraWulf will host its fourth quarter and full year 2024 earnings call and business update for investors today, Friday, February 28, 2025, commencing at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time). Prepared remarks will be followed by a question-and-answer session with management.

    The conference call will be broadcast live and will be available for replay via “Events & Presentations” under the “Investors” section of the Company’s website at https://investors.terawulf.com/events-and-presentations/.

    About TeraWulf

    TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for bitcoin mining and hosting HPC workloads. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through bitcoin mining, leveraging predominantly zero-carbon energy sources, including hydroelectric and nuclear power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) the ability to mine bitcoin profitably; (2) our ability to attract additional customers to lease our HPC data centers; (3) our ability to perform under our existing data center lease agreements (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) the ability to implement certain business objectives, including its bitcoin mining and HPC data center development, and to timely and cost-effectively execute related projects; (6) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (7) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (10) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

    Non-GAAP Measures

    We have not provided reconciliations of preliminary and projected Adjusted EBITDA to the most comparable GAAP measure of net income/(loss). Providing net income/(loss) is potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items that are included in net income/(loss), including but not limited to asset impairments and income tax valuation adjustments. Reconciliations of this non-GAAP measure with the most comparable GAAP measure for historical periods is indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance. Please reference the “Non-GAAP financial information” accompanying our quarterly earnings conference call presentations on our website at www.terawulf.com/investors for our GAAP results and the reconciliations of these measures, where used, to the comparable GAAP measures.

    Investors:
    Investors@terawulf.com 

    Media:
    media@terawulf.com 

    CONSOLIDATED BALANCE SHEETS
    AS OF December 31, 2024 AND 2023
    (In thousands, except number of shares, per share amounts and par value)

      December 31, 2024   December 31, 2023
    ASSETS      
    CURRENT ASSETS:      
    Cash and cash equivalents $ 274,065     $ 54,439  
    Digital currency   476       1,801  
    Prepaid expenses   2,493       4,540  
    Other receivables   3,799       1,001  
    Other current assets   598       806  
    Total current assets   281,431       62,587  
    Equity in net assets of investee         98,613  
    Property, plant and equipment, net   411,869       205,284  
    Operating lease right-of-use asset   85,898       10,943  
    Finance lease right-of-use asset   7,285        
    Other assets   1,028       679  
    TOTAL ASSETS   787,511       378,106  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    CURRENT LIABILITIES:      
    Accounts payable   24,382       15,169  
    Accrued construction liabilities   16,520       1,526  
    Accrued compensation   4,552       4,413  
    Other accrued liabilities   4,973       4,766  
    Share based liabilities due to related party         2,500  
    Other amounts due to related parties   1,391       972  
    Current portion of operating lease liability   25       48  
    Current portion of finance lease liability   2        
    Insurance premium financing payable         1,803  
    Current portion of long-term debt         123,465  
    Total current liabilities   51,845       154,662  
    Operating lease liability, net of current portion   3,427       899  
    Finance lease liability, net of current portion   292        
    Long-term debt         56  
    Convertible notes   487,502        
    TOTAL LIABILITIES   543,066       155,617  
           
    Commitments and Contingencies (See Note 12)      
           
    STOCKHOLDERS’ EQUITY:      
    Preferred stock, $0.001 par value, 100,000,000 authorized at December 31, 2024 and 2023; 9,566 shares issued and outstanding at December 31, 2024 and 2023; aggregate liquidation preference of $12,609 and $11,423 at December 31, 2024 and 2023, respectively.   9,273       9,273  
    Common stock, $0.001 par value, 600,000,000 and 400,000,000 authorized at December 31, 2024 and 2023, respectively; 404,223,028 and 276,733,329 issued and outstanding at December 31, 2024 and 2023, respectively.   404       277  
    Additional paid-in capital   685,261       472,834  
    Treasury Stock at cost, 18,568,750 and 0 at December 31, 2024 and 2023, respectively   (118,217 )      
    Accumulated deficit   (332,276 )     (259,895 )
    Total stockholders’ equity   244,445       222,489  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 787,511     $ 378,106  
     

    CONSOLIDATED STATEMENTS OF OPERATIONS
    FOR THE YEAR ENDED December 31, 2024, 2023 AND 2022
    (In thousands, except number of shares and loss per common share)

      Year Ended December 31,
        2024       2023       2022  
    Revenue $ 140,051     $ 69,229     $ 15,033  
               
    Costs and expenses:          
    Cost of revenue (exclusive of depreciation shown below)   62,608       27,315       11,083  
    Operating expenses   3,387       2,116       2,038  
    Operating expenses — related party   4,262       2,773       1,248  
    Selling, general and administrative expenses   57,883       23,693       22,770  
    Selling, general and administrative expenses — related party   12,695       13,325       13,280  
    Depreciation   59,808       28,350       6,667  
    Gain on fair value of digital currency, net   (2,200 )            
    Realized gain on sale of digital currency         (3,174 )     (569 )
    Impairment of digital currency         3,043       1,457  
    Loss on disposals of property, plant, and equipment, net   17,824       1,209        
    Loss on nonmonetary miner exchange               804  
    Total costs and expenses   216,267       98,650       58,778  
               
    Operating loss   (76,216 )     (29,421 )     (43,745 )
    Interest expense   (19,794 )     (34,812 )     (24,679 )
    Loss on extinguishment of debt   (6,300 )           (2,054 )
    Other income   3,927       231        
    Loss before income tax and equity in net income (loss) of investee   (98,383 )     (64,002 )     (70,478 )
    Income tax benefit               256  
    Equity in net income (loss) of investee, net of tax   3,363       (9,290 )     (15,712 )
    Gain on sale of equity interest in investee   22,602              
    Loss from continuing operations   (72,418 )     (73,292 )     (85,934 )
    Loss from discontinued operations, net of tax         (129 )     (4,857 )
    Net loss $ (72,418 )   $ (73,421 )   $ (90,791 )
               
    Loss per common share:          
    Continuing operations $ (0.21 )   $ (0.35 )   $ (0.78 )
    Discontinued operations               (0.04 )
    Basic and diluted $ (0.21 )   $ (0.35 )   $ (0.82 )
               
    Weighted average common shares outstanding:          
    Basic and diluted   351,315,476       209,956,392       110,638,792  
     

    CONSOLIDATED STATEMENTS OF CASH FLOWS
    FOR THE YEAR ENDED December 31, 2024, 2023 AND 2022
    (In thousands)

      Year Ended December 31,
        2024       2023       2022  
    CASH FLOWS FROM OPERATING ACTIVITIES:          
    Net loss $ (72,418 )   $ (73,421 )   $ (90,791 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
    Amortization of debt issuance costs, commitment fees and accretion of debt discount   11,382       19,515       11,676  
    Related party expense to be settled with respect to common stock         2,917       2,083  
    Common stock issued for interest expense         26       82  
    Stock-based compensation expense   30,927       5,859       1,568  
    Depreciation   59,808       28,350       6,667  
    Amortization of right-of-use asset   1,373       1,001       303  
    Revenue recognized from digital currency mining and hosting services   (139,278 )     (63,877 )     (10,810 )
    Gain on fair value of digital currency, net   (2,200 )            
    Realized gain on sale of digital currency         (3,174 )     (569 )
    Impairment of digital currency         3,043       1,457  
    Proceeds from sale of digital currency   97,559       83,902       9,739  
    Digital currency paid as consideration for services   370              
    Loss on disposals of property, plant, and equipment, net   17,824       1,209        
    Loss on nonmonetary miner exchange               804  
    Loss on extinguishment of debt   6,300             2,054  
    Deferred income tax benefit               (256 )
    Equity in net loss of investee, net of tax   (3,363 )     9,290       15,712  
    Gain on sale of equity interest in investee   (22,602 )            
    Loss from discontinued operations, net of tax         129       4,857  
    Changes in operating assets and liabilities:          
    Decrease (increase) in prepaid expenses   2,047       555       (3,601 )
    Decrease in amounts due from related parties               815  
    Increase in other receivables   (2,774 )     (1,001 )      
    Decrease (increase) in other current assets   288       (215 )     (46 )
    (Increase) decrease in other assets   (466 )     310       (994 )
    Increase (decrease) increase in accounts payable   740       (7,272 )     10,197  
    Increase (decrease) in accrued compensation and other accrued liabilities   694       (931 )     5,916  
    Increase (decrease) increase in other amounts due to related parties   480       (2,013 )     700  
    (Decrease) increase in operating lease liability   (11,113 )     (42 )     175  
    Net cash (used in) provided by operating activities from continuing operations   (24,422 )     4,160       (32,262 )
    Net cash (used in) provided by operating activities from discontinued operations         103       (1,804 )
    Net cash (used in) provided by operating activities   (24,422 )     4,263       (34,066 )
               
    CASH FLOWS FROM INVESTING ACTIVITIES:          
    Investments in joint venture, including direct payments made on behalf of joint venture         (2,845 )     (46,172 )
    Reimbursable payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner               (11,741 )
    Reimbursement of payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner               11,716  
    Proceeds from sale of equity interest in investee   86,086              
    Purchase of and deposits on plant and equipment   (267,940 )     (75,168 )     (61,116 )
    Proceeds from sales of property, plant and equipment   23,324              
    Proceeds from sale of net assets held for sale               13,266  
    Proceeds from sale of digital currency   67,371              
    Net cash used in investing activities   (91,159 )     (78,013 )     (94,047 )
               
    CASH FLOWS FROM FINANCING ACTIVITIES:          
    Proceeds from issuance of long-term debt, net of issuance costs paid of $0, $0 and $38               22,462  
    Principal payments on long-term debt   (139,401 )     (6,599 )      
    Payments of prepayment fees associated with early extinguishment of long-term debt   (1,261 )            
    Principal payments on finance lease   (941 )            
    Proceeds from insurance premium and property, plant and equipment financing   211       2,513       7,041  
    Principal payments on insurance premium and property, plant and equipment financing   (2,103 )     (2,738 )     (4,924 )
    Proceeds from issuance of promissory notes to stockholders               3,416  
    Proceeds from issuance of common stock, net of issuance costs paid of $663, $1,051 and $142   188,715       135,917       47,326  
    Proceeds from exercise of warrants   4,808       2,500       5,700  
    Purchase of capped call   (60,000 )            
    Purchase of treasury stock   (118,217 )            
    Payments of tax withholding related to net share settlements of stock-based compensation awards   (23,654 )     (2,013 )      
    Proceeds from issuance of preferred stock               9,566  
    Proceeds from issuance of convertible notes, net of issuance costs paid of $12,950, $0, and $0   487,050              
    Proceeds from issuance of convertible promissory note         1,250       14,700  
    Principal payments on convertible promissory note               (15,306 )
    Payment of contingent value rights liability related to proceeds from sale of net assets held for sale         (10,964 )      
    Net cash provided by financing activities   335,207       119,866       89,981  
               
    Net change in cash, cash equivalents and restricted cash   219,626       46,116       (38,132 )
    Cash, cash equivalents and restricted cash at beginning of year   54,439       8,323       46,455  
    Cash, cash equivalents and restricted cash at end of year $ 274,065     $ 54,439     $ 8,323  
               
    Cash paid during the year for:          
    Interest $ 6,957     $ 19,572     $ 13,989  
    Income taxes $     $     $  
                           

    Non-GAAP Measure

    The Company presents Adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“U.S. GAAP”). The Company defines non-GAAP “Adjusted EBITDA” as net loss adjusted for: (i) impacts of interest, taxes, depreciation and amortization; (ii) stock-based compensation expense, amortization of right-of-use asset and related party expense to be settled with respect to common stock, all of which are non-cash items that the Company believes are not reflective of its general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) one-time, non-recurring transaction-based compensation expense related to the 2030 Convertible Notes (iv) equity in net income (loss) of investee, net of tax, related to Nautilus and the gain on sale of interest in Nautilus; (v) other income which is related to interest income or income for which management believes is not reflective of the Company’s ongoing operating activities; (vi) loss on extinguishment of debt and net losses on disposals of property, plant and equipment, net, which are not reflective of the Company’s general business performance and (vii) losses from discontinued operations, net of tax, which is not be applicable to the Company’s future business activities. The Company’s Adjusted EBITDA also includes the impact of distributions from investee received in bitcoin related to a return on the Nautilus investment, which management believes, in conjunction with excluding the impact of equity in net income (loss) of investee, net of tax, is reflective of assets available for the Company’s use in its ongoing operations as a result of its investment in Nautilus.

    Management believes that providing this non-GAAP financial measure allows for meaningful comparisons between the Company’s core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management’s internal use of non-GAAP Adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company’s performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company’s bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, directors and consultants. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company’s bitcoin related revenue.

    The Company’s Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in the Company’s industry, as other companies in the Company’s industry may calculate non-GAAP financial results differently. The Company’s Adjusted EBITDA is not a measurement of financial performance under U.S. GAAP and should not be considered as an alternative to operating loss or any other measure of performance derived in accordance with U.S. GAAP. Although management utilizes internally and presents Adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by U.S. GAAP financial results. Accordingly, Adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company’s consolidated financial statements, which have been prepared in accordance with U.S. GAAP.

    The following table is a reconciliation of the Company’s non-GAAP Adjusted EBITDA to its most directly comparable U.S. GAAP measure (i.e., net loss) for the periods indicated (in thousands):

      Year Ended December 31,
        2024       2023  
    Net loss $ (72,418 )   $ (73,421 )
    Adjustments to reconcile net loss to non-GAAP Adjusted EBITDA:      
    Loss from discontinued operations, net of tax         129  
    Gain on sale of equity interest in investee   (22,602 )      
    Equity in net (income) loss of investee, net of tax, related to Nautilus   (3,363 )     9,290  
    Distributions from investee, related to Nautilus   22,776       21,949  
    Income tax benefit          
    Other income   (3,927 )     (231 )
    Loss on extinguishment of debt   6,300        
    Interest expense   19,794       34,812  
    Loss on disposals of property, plant, and equipment, net   17,824       1,209  
    Depreciation   59,808       28,350  
    Amortization of right-of-use asset   1,373       1,001  
    Stock-based compensation expense   30,927       5,859  
    Transaction-based compensation expense   3,885        
    Related party expense to be settled with respect to common stock         2,917  
    Non-GAAP adjusted EBITDA $ 60,377     $ 31,864  

    The MIL Network

  • MIL-OSI: Cheems Memecoin Surpasses 80,000 Holders, Solidifying Its Place as a Leading Meme Token on BNB Chain

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 28, 2025 (GLOBE NEWSWIRE) — The Cheems memecoin ($CHEEMS), one of the most prominent and beloved tokens on the BNB Chain inspired by the namesake meme, has officially surpassed 80,000 token holders, marking a major milestone in its journey as a community-driven digital asset. With 85,205 holders and over 1.8 million total transfers, Cheems continues to gain traction as a dominant force in the memecoin market.

    From Meme to Movement
    What began as a viral meme has transformed into a full-fledged movement. The Cheems IP has transcended internet culture, evolving into a rallying symbol for crypto enthusiasts navigating market cycles. With over 40 million TikTok views on recent campaigns and strong engagement across digital platforms, Cheems is more than just a token—it’s a revolution.

    Built on the principles of fun, inclusivity, and strong community engagement, Cheems has demonstrated remarkable growth since its inception. The token’s on-chain market capitalization currently stands at $188.4 million, with a circulating supply market cap of $178.9 million. As a testament to its widespread appeal, Cheems has become a cornerstone of the BNB Chain memecoin ecosystem, fostering a passionate and rapidly expanding community of supporters worldwide.

    Christian, Founder of Infini, a major Cheems tokenholder and spokesperson, expressed his excitement about this milestone:

    “Cheems is more than just a memecoin—it’s a movement. Surpassing 80,000 holders is a testament to the power of decentralized communities and the limitless potential of the BNB Chain ecosystem. The Cheems Army is growing stronger every day, and this is just the beginning. We’re committed to building a long-term, sustainable project that continues to engage and reward our holders.”

    The CHEEMS Advantage
    Built on the Binance Smart Chain’s scalable and efficient infrastructure, CHEEMS is a fully decentralized, community-owned token featuring:

    • Zero transaction taxes
    • 100% burned liquidity pool
    • No team allocations
    • Fully decentralized governance

    Strengthening the BNB Ecosystem
    The Binance listing comes after months of collaboration with the BNB Chain ecosystem, including:

    • Liquidity pool enhancements
    • Co-branded marketing initiatives
    • Ecosystem development grants

    Philanthropy & Real-World Impact
    Beyond blockchain, CHEEMS remains committed to giving back, aligning with its CryptoForGood initiative:

    • 100% of merchandise proceeds donated to animal welfare charities
    • Collaborations with Cheems’ real-life owner Kathy on global aid initiatives
    • Over 5,500 meals funded through viral TikTok challenges

    With a max total supply of 219,776,051,832,670.73 tokens and an ever-growing user base, Cheems is well-positioned for continued expansion. As the memecoin sector evolves, Cheems remains committed to leading the charge, embracing innovation, and solidifying its status as the “Lord Cheems” of BNB Chain.

    For more details and to join the Cheems movement, visit: https://linktr.ee/lordcheems_bsc

    About Cheems:
    Cheems is a community-driven memecoin built on the BNB Chain. Designed to bring fun and engagement to the crypto space, Cheems has grown into one of the most recognized and celebrated tokens in the memecoin sector. With a strong and dedicated holder base, Cheems continues to shape the future of meme-based digital assets.

    Media Contact:
    Cheems Foundation
    contact@cheems.pet

    Join the Cheems Community:

    • Twitter: @lordcheems_bsc
    • Telegram: t.me/LordCheems_Bsc
    • Contract: 0x0df0587216a4a1bb7d5082fdc491d93d2dd4b413

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f4fe2fec-9459-4491-9a77-c24c46f6e005

    The MIL Network

  • MIL-OSI: Boralex Launches Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, Feb. 28, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) today announced that it has authorized, and the Toronto Stock Exchange (the “TSX”) has approved, a normal course issuer bid (the “NCIB”) to purchase for cancellation up to 8,669,245 Class A shares of Boralex (the “Common Shares”) over the twelve-month period commencing on March 4, 2025, and ending no later than March 3, 2026, representing approximately 10% of the “public float” (as defined in the TSX Company Manual) of the Common Shares issued and outstanding as at February 19, 2025. As of such date, there were 102,766,580 Common Shares issued and outstanding. Subject to the required regulatory approvals, the NCIB will be conducted through the facilities of the TSX or alternative trading systems in Canada, if eligible, or outside the facilities of the TSX pursuant to exemption orders issued by securities regulatory authorities. Common Shares will be acquired under the NCIB at the prevailing market price at the time of acquisition, plus brokerage fees, except that any purchases made under an issuer bid exemption order will be at a discount to the prevailing market price as per the terms of the order. Any Common Share purchased under the NCIB will be canceled.

    Under the NCIB, other than purchases made under block purchase exemptions, Boralex will be allowed, subject to applicable securities laws, to purchase daily a maximum of 72,088 Common Shares representing 25% of the average daily trading volume of 288,355 Common Shares, as calculated per the TSX rules for the six-month period ended on January 31, 2025.

    In connection with the NCIB, Boralex will also enter into an automatic share purchase plan (“ASPP”) on the date hereof with the designated broker responsible for the NCIB. The ASPP will allow for the purchase for cancellation of Common Shares under the NCIB, subject to certain trading parameters, by the designated broker at times when Boralex would ordinarily not be permitted to purchase its securities due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, before entering into a blackout period, Boralex may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with certain purchasing parameters. Such purchases will be made by the designated broker based on such purchasing parameters, without further instructions by Boralex, in compliance with the rules of the TSX, applicable securities laws and the terms of the ASPP.

    Boralex believes that its Common Shares are trading from time to time at levels generally below the underlying value of the Company’s business and that the introduction of an NCIB will provide an additional tool to optimize its use of funds and create long-term value for its shareholders. This program will provide greater flexibility to carry on Boralex financial strategy without altering investments planned to seize development opportunities. Furthermore, the purchases are expected to benefit all persons who continue to hold Boralex Common Shares by increasing their equity interest in Boralex when such repurchased Common Shares are canceled.

    The decisions regarding the timing and size of purchases under the NCIB are subject to management’s discretion and will be based on various factors, including the Company’s capital and liquidity positions, accounting and regulatory considerations, the Company’s financial and operational performance, alternative uses of capital, the trading price of the Common Shares and general market conditions. The NCIB does not obligate Boralex to acquire a specific dollar amount or number of shares and may be modified or discontinued at any time. Boralex has not repurchased any of its outstanding Common Shares under a normal course issuer bid in the past 12 months.

    Caution Regarding Forward-Looking Statements

    Some of the statements contained in this press release, including, without limitation, those regarding the NCIB and ASPP and the intended purchase for cancellation of Common Shares thereunder, are forward-looking statements based on current expectations, within the meaning of securities legislation. Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measure it adopts could differ materially from those indicated by or underlying these statements or could have an impact on the degree of realization of a particular forward-looking statement. Unless otherwise specified by the Company, the forward-looking statements do not take into account the possible impact on its activities, transactions, non-recurring items or other exceptional items announced or occurring after the statements are made. There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events, or other changes.

    About Boralex

    At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to over 3.1 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

    For more information, visit boralex.com or sedarplus.com. Follow us on Facebook and LinkedIn.

    For more information

    Source: Boralex inc.        

    The MIL Network

  • MIL-OSI: AGF Investments Announces Proposed Fund and ETF Terminations

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 28, 2025 (GLOBE NEWSWIRE) —

    ETF Terminations

    AGF Investments Inc. (AGF Investments) today announced the proposed termination of AGF Systematic Global Multi-Sector Bond ETF (ticker: QGB), AGF Systematic International Equity ETF (ticker: QIE) and AGF Systematic US Equity ETF (ticker: QUS) (each an “AGF Investments ETF” and collectively, the “AGF Investments ETFs”) effective at the close of business on or about April 29, 2025 (the “ETF Termination Date”).

    Accordingly, AGF Investments will also request to voluntarily de-list the units of the AGF Investments ETFs from Cboe Canada Inc. and the Toronto Stock Exchange (TSX) at the close of business on or about April 28, 2025 (the “Delisting Date”), with all units still held by securityholders being subject to a mandatory redemption as of the ETF Termination Date.

    Securityholders of the AGF Investments ETFs will be able to sell their units through the facilities of the applicable stock exchanges until the Delisting Date. Effective as of the close of business on February 28, 2025, no further direct subscriptions (i.e. primary market creations of new ETF units) for units of the AGF Investments ETFs will generally be accepted.

    Any remaining securityholders of an AGF Investments ETF as at the ETF Termination Date will receive the net proceeds from the liquidation of the assets of the AGF Investments ETF, less all liabilities and all expenses incurred in connection with the dissolution of the AGF Investments ETF, on a pro rata basis.

    AGF Investments will issue an additional press release on or about the ETF Termination Date confirming final details of the terminations, including final distributions, if any.

    As a result of the proposed terminations, AGF Investments is also announcing today ad hoc distributions for AGF Systematic Global Multi-Sector Bond ETF (ticker: QGB), AGF Systematic International Equity ETF (ticker: QIE) and AGF Systematic US Equity ETF (ticker: QUS), which usually pay quarterly/annual distributions. Unitholders of record on March 7, 2025 will receive cash distributions payable on March 13, 2025.

    Please note: Additional ad hoc distributions will be announced on or about April 2.

    Details regarding the final “per unit” distribution amounts are as follows:

    ETF Ticker Exchange Cash Distribution Per Unit ($)
    AGF Systematic Global Multi-Sector Bond ETF QGB Cboe Canada Inc. $0.149364
    AGF Systematic International Equity ETF QIE Toronto Stock Exchange $0.020788
    AGF Systematic US Equity ETF QUS Toronto Stock Exchange $0.069762

    Further information about the AGF Investments ETFs can be found at AGF.com.

    Mutual Fund Termination

    AGF Investments is also today announcing the proposed termination of AGF Emerging Markets Bond Fund (the “Fund”) effective on or about April 29, 2025 (the “Fund Termination Date”).

    Effective as of the close of business today, units of the Fund are no longer available for purchase and AGF Investments will stop accepting purchases and switches into the Fund, including systematic purchase and switch plans.

    AGF Investments is waiving the management fee that is normally applicable to the Fund from the close of business on February 28, 2025 until the Fund Termination Date. Note that there may be distributions paid by the Fund prior to the termination.

    Unitholders can transfer their investments into another AGF Fund or redeem their units prior to the Fund Termination Date.

    Investors who remain holding units of the Fund in client-name registered plans will have their units transferred to the same series and purchase option of AGF Canadian Money Market Fund, effective on or about April 29, 2025. Investors who remain holding units of the Fund in client-name non-registered plans and/or any nominee/intermediary-held accounts (both registered and non-registered) will have their units redeemed on or about April 29, 2025, without any redemption fees or sales charges applied.

    AGF Investments strongly encourages unitholders to consult with their financial advisor to discuss their individual circumstances, including possible tax consequences, and determine the solution that best meets their investment needs.

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $54 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    About AGF Investments

    AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

    AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

    AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

    Disclaimer

    ETFs are listed and traded on organized Canadian exchanges and may only be bought and sold through licensed dealers. Commissions, management fees and expenses all may be associated with investing in ETFs. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. There is no guarantee that ETFs will achieve their stated objectives and there is risk involved in investing in the ETFs. Before investing you should read the prospectus or relevant ETF Facts and carefully consider, among other things, each ETF’s investment objectives, risks, charges and expenses. A copy of the prospectus and ETF Facts is available on AGF.com.

    This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    Media Contact

    Amanda Marchment
    Director, Corporate Communications
    416-865-4160
    amanda.marchment@agf.com

    The MIL Network

  • MIL-OSI Economics: RBI imposes monetary penalty on IIFL Samasta Finance Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 24, 2025, imposed a monetary penalty of ₹33.10 lakh (Rupees Thirty Three Lakh Ten Thousand only) on IIFL Samasta Finance Limited (the company) for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016‘ and ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016‘ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934.

    The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the company’s reply to the notice, oral submissions made during the personal hearing and additional submissions made by it, RBI found, inter alia, that the following charges against the company were sustained, warranting imposition of monetary penalty:

    1. The company charged interest on loans for a period prior to the date of actual disbursement of loan / issuance of cheque to certain borrowers in contravention of RBI directions on ‘Fair Practices Code’;

    2. The company failed to classify certain loan accounts with overdues of 90 days or more as Non-Performing Assets (NPAs);

    3. It classified certain loan accounts which were NPA as ‘standard asset’ without realisation of entire arrears of interest and principal amount due; and

    4. It allotted multiple customer identification codes to certain individual customers instead of a Unique Customer Identification Code (UCIC) to each individual customer.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2281

    MIL OSI Economics

  • MIL-OSI Global: Africa’s newest book prize is named after Andreé Blouin: who was she?

    Source: The Conversation – Africa – By Tinashe Mushakavanhu, Research Associate, University of Oxford

    Andrée Blouin was a political activist and writer from the Central African Republic. Until recently, her name hardly ever appeared in the grand narratives of Africa’s liberation.

    When she died in 1986, her passing was hardly in the news – a stark contrast to her pivotal role as an adviser and campaign strategist to newly independent African leaders in Algeria, both Congos, Côte d’Ivoire, Mali, Guinea and Ghana.

    She was more than a participant. She was an organising force, an architect of resistance, a strategist who shaped the fight against colonial rule. Yet, like many women in African history, her contributions faded into the margins, overshadowed by the men she helped empower.

    Interest in Blouin has been rekindled. She is featured in the Oscar-nominated documentary Soundtrack to a Coup d’État about DRC independence leader Patrice Lumumba. She worked as his speechwriter and chief of protocol.

    And her memoir My Country, Africa: Autobiography of the Black Pasionaria, long out of print, was re-released and is now widely available.

    Now a new annual book award called the Andrée Blouin Prize has been launched in her honour by a South Africa-based publishing house, Inkani Books. Its mission is to amplify the voices of African women, cisgender and transgender, writing about history, politics and current affairs from a left perspective.

    For me as a literary historian who has been preoccupied with archives of marginal historical figures, this activation of Blouin powerfully highlights her legacy. It also invites new engagement with her work.

    Who was Andrée Blouin?

    Blouin was born in 1921 in Central African Republic but from the age of three she was placed in an orphanage in neighbouring Congo Brazzaville. She ran away when she was 14 and so began a life of rebellion.

    She would grow up to be a formidable political operator. Her reach touches many parts of Africa. For her, the struggle was not just local, it was everywhere. As a multilingual person, she spoke a dozen languages, a gift that allowed her to easily move between places and political contexts.

    Her political awakening was deeply personal – she was radicalised by her son’s death from malaria in a colonial hospital in 1942. He had been denied life-saving medication. Colonialism, she realised, was not just her own misfortune but a system of evil suffocating African lives.

    Today history is vindicating this fascinating historical figure. This is happening through the wealth of archival material – photographs, videos, interviews and texts – that places her at the centre of political action. The image of African liberation tends to be men in suits. And yet a smiling Blouin can be seen with them, side by side, even addressing large crowds.

    It is thanks to the refusal of this archive to be repressed that we can review moments that shaped African liberation history. And appreciate the roles that women like Blouin played.

    Behind the prize

    African literary prizes have seen significant growth in recent years, both in number and influence. They play an important role in promoting African literature, offering recognition and financial support to writers, and shaping the literary canon.

    They can also address the need for dedicated platforms that amplify underrepresented voices.

    Inkani Books describes itself as a “people’s movement-driven publishing house”. It is introducing The Andrée Blouin Prize in her honour. The impetus for the prize, according to Inkani’s publishing director Efemia Chela, was to directly challenge erasure of women in history and in political writing.

    She explains:

    This prize is not just an accolade; it is a reclamation of space, a declaration that African revolutionary women’s narratives will no longer be sidelined.

    The publishing house, established less than five years ago, has been reissuing popular books about revolutionary figures. These include the likes of Thomas Sankara, Kwame Nkrumah, Amílcar Cabral and Frantz Fanon. These men are often celebrated for their heroism and intellectual contributions to pan-African ideas about freedom, politics and revolution.

    The Andrée Blouin Prize is a bold act of reclamation, ensuring that the narratives of African revolutionary women are no longer overlooked but recognised, celebrated and centred.

    In fact, this is an invitation for contemporary women to write themselves into literary history.

    The inaugural winner will receive a $2,000 advance and a publishing contract with Inkani. The prize is open to all women across Africa and is dedicated to showcasing and celebrating the continent’s diverse and vibrant experiences.

    It is part of a broader movement challenging historical exclusions in African publishing. Literary production is dominated by big multinational publishing companies that determine reading tastes and trends.

    Last year, Nigeria-based Cassava Republic Press launched the Global Black Women’s Non-Fiction Manuscript Prize to spotlight exceptional works by Black women.




    Read more:
    African literary prizes are contested – but writers’ groups are reshaping them


    While African publishing has not always been welcoming to women writers, a shift is underway. Writers like Nigeria’s Chimamanda Ngozi Adichie, Zimbabwe’s NoViolet Bulawayo, Uganda’s Jennifer Nansubuga Makumbi, and Zambia’s Namwali Serpell are now among the most influential voices shaping African literature today.

    Tinashe Mushakavanhu does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. Africa’s newest book prize is named after Andreé Blouin: who was she? – https://theconversation.com/africas-newest-book-prize-is-named-after-andree-blouin-who-was-she-250828

    MIL OSI – Global Reports

  • MIL-OSI Asia-Pac: HKETO, Brussels celebrates Chinese New Year across Europe and highlights Hong Kong’s exciting year ahead (with photos)

    Source: Hong Kong Government special administrative region

         The Hong Kong Economic and Trade Office in Brussels (HKETO, Brussels) hosted vibrant Chinese New Year receptions across various European countries, marking the beginning of the Year of the Snake. The receptions, held in Luxembourg (February 12), Lisbon, Portugal (February 17), The Hague, the Netherlands (February 20), and Bucharest, Romania (February 25), were well-received by distinguished guests and partners.

         The receptions provided an opportunity to reflect on Hong Kong’s achievements and share the city’s vision. HKETO, Brussels emphasised Hong Kong’s dynamic calendar of world-class events that solidify its reputation as “Events Capital of Asia”.  Stepping into 2025 with great dynamism and enthusiasm, Hong Kong is set to host an array of high-profile events spanning business, sports, arts, and culture. “Hong Kong is entering the new year with energy and glamour, full of exciting events that highlight our dynamic cosmopolitan spirit,” stated the Special Representative for Hong Kong Economic and Trade Affairs to the European Union, Ms Shirley Yung.

         In 2024, Hong Kong recorded 45 million international arrivals, nearly 10 000 foreign and Mainland companies, 2 700 family offices and 4 700 start-ups, demonstrating that Hong Kong remains a magnet for visitors and businesses alike. Hong Kong is poised for further success with upcoming initiatives, such as a lowered liquor tax, to enhance its appeal to international visitors and fulfil its role as the international financial, trade and shipping centre.

         “Hong Kong’s distinct advantages were recognised in the latest international rankings,” Ms Yung said during the receptions, noting that Hong Kong is ranked among the world’s top three international financial centres, the freest economy in the world, and among the top five in global competitiveness. Ms Yung elaborated that global investors continue to have confidence in Hong Kong, as evidenced by the continuous inflow of funds and growth in bank deposits. The asset and wealth management sector in Hong Kong is also handling over US$4 trillion, representing more than a 30 per cent increase in six years.

         HKETO, Brussels also highlighted Hong Kong as a hub for international cultural exchange, where East meets West. In Lisbon, guests experienced a unique cultural fusion centred on ballet that blends classical technique with contemporary sensibility, performed by Lam Chun-wing, a well-known Hong Kong-born ballet dancer, and an original transcription of Debussy’s “Prélude” for piano solo by the renowned French pianist Alexandre Tharaud. The performance was accompanied by breathtaking video projections specifically produced for the occasion, showcasing Hong Kong’s lesser-known natural landscapes and revealing a side of Hong Kong far removed from its urban reputation as a bustling financial hub of skyscrapers and dense modernity.

         In The Hague, an ensemble of talented Hong Kong musicians presented a vibrant mix of popular cantopop songs and moving opera arias. The outstanding performance by the soprano and tenor singers, accompanied by keyboard, won enthusiastic applause from the audience.

         The receptions in Luxembourg, Lisbon, The Hague and Bucharest brought together 700 guests, including officials from national governments, consulates and embassies, financial and business sectors, academia, cultural and creative sectors, media and the Chinese community. They were co-organised with Invest Hong Kong and the Hong Kong Trade Development Council; the Luxembourg Chamber of Commence and the China-Luxembourg Chamber of Commercefor the reception in Luxembourg, the Netherlands Hong Kong Business Association for the reception in The Hague, with the support of The Portugal-Hong Kong Chamber of Commerce and Industry for the reception in Lisbon, and the National Confederation for Female Entrepreneurship for the reception in Bucharest.                                          

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Unified Payments Interface (UPI) provides an opportunity to other countries to learn from the Indian experience – Professor Carlos Montes, Cambridge Business School

    Source: Government of India

    Unified Payments Interface (UPI) provides an opportunity to other countries to learn from the Indian experience – Professor Carlos Montes, Cambridge Business School

    UPI transactions in month of January, 2025 surpassed 16.99 billion and the value exceeded ₹‎23.48 lakh crore, marking the highest number recorded in any month

    Posted On: 27 FEB 2025 11:01PM by PIB Delhi

    Prof. Carlos Montes, who is on a tour to India for attending and speaking at the NXT event at the Bharat Mandapam tomorrow, was briefed about the working and achievements of UPI system, today.

    Prof. Carlos leads the Innovation Hub for Prosperity at the Cambridge University Business School.

    A presentation on UPI was given by the DFS and NPCI Team to Prof. Carlos Montes about the functioning,  success and trends of UPI in India. In the briefing, senior officers  from the Department of Financial Services (DFS),  M/o Finance including Shri  Sudhir Shyam    (Economic Adviser) and Shri  Jignesh Solanki (Director)  were present among  others.

    Unified Payments Interface (UPI) provides an opportunity to other countries to learn from the Indian experience and get ideas on how to adopt it in their own countries, said Professor Carlos Montes, Lead Innovation Hub, University of Cambridge Business School 

    For the first time, UPI transactions in the month of January, 2025 surpassed 16.99 billion and the value exceeded ₹‎23.48 lakh crore marking the highest number recorded in any month.

    After the demonstration, Prof. Montes said that he was glad to see the success of the UPI payment system. The growth of UPI shows that the government is making sure that the technology that they develop is user friendly for citizens, and that there is a regular and constant innovation in the same which explains the high adoption rate of UPI in India, Prof. Montes added. He further said that it  also has potential for other countries to learn from the experience and get ideas on how to adopt it in their own countries.

    For FY 2023-24, the digital payments landscape has demonstrated remarkable expansion. UPI remains the cornerstone of India’s digital payment ecosystem contributing to 80% of the retail payments across the country. The total transaction volume exceeded 131 billion and the value exceeded 200 lakh crore for the FY 2023-24. Its ease of use, combined with a growing network of participating banks and fintech platforms, has made UPI the preferred mode of real-time payments for millions of users across the country.

    As of Jan, 2025, 80+ UPI Apps , 641 banks  are currently live on UPI ecosystem. In FY 24-25 (till Jan, 2025), the P2M transactions contribute 62.35% and P2P transactions contribute 37.65% of the overall UPI volume. The contribution of P2M transactions reached 62.35% in Jan, 2025 where 86% of these transactions are upto a value of INR 500. This indicates the trust that UPI enjoys among citizens for making low value payments.

    UPI: Transactions (by Volume in mn) for Jan’2025

     

     

    UPI Global Expansion:

    Shri Sudhir Shyam, Economic Adviser at Department of Financial Services (DFS) said that India’s digital payments revolution is extending beyond its borders. UPI is rapidly expanding globally, enabling seamless cross-border transactions for Indians traveling abroad. Currently, UPI is live in over 7 countries, including key markets such as [UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius], allowing Indians to make payments internationally. This expansion will further bolster remittance flows, improve financial inclusion, and elevate India’s stature in the global financial landscape.

    Sh. Sundar also said that some other countries have also shown interest in UPI.

    Demonstration of UPI

    Sh. Jignesh Solanki added that while volume of total online transactions have increased massively over the years, the share is taken by UPI mainly due to ease and low cost of the transactions. Government is focussed on bringing new innovations that will help UPI expand in uncovered areas as well.

    The session ended with a small demonstration of working of UPI to the delegation as well.

    ******

    NB/AD

    (Release ID: 2106794) Visitor Counter : 23

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Strengthening India-EU Cooperation: WCD Minister Smt. Annpurna Devi Meets European Commissioner for Equality, Preparedness & Crisis Management, Ms.Hadja Lahbib

    Source: Government of India

    Strengthening India-EU Cooperation: WCD Minister Smt. Annpurna Devi Meets European Commissioner for Equality, Preparedness & Crisis Management, Ms.Hadja Lahbib

    Meeting marked a significant step towards reinforcing India-EU ties in promoting policies for women empowerment and collaborative efforts for the welfare of women and children

    Posted On: 27 FEB 2025 10:03PM by PIB Delhi

    The Union Minister of Women and Child Development, Smt. Annpurna Devi, met with Ms. Hadja Lahbib, European Commissioner for Equality, Preparedness, and Crisis Management, today at Shastri Bhawan, New Delhi. The meeting was part of the high-level visit of the President of the European Commission, Ms. Ursula von der Leyen, who is accompanied by the College of Commissioners, comprising 26 Ministers, during their visit to India from 27th to 28th February 2025.

    During their discussions, Union  Minister Smt. Annpurna Devi and Commissioner Ms. Hadja Lahbib explored avenues to strengthen India-EU collaboration in the areas of women’s empowerment, and child welfare. Both leaders reaffirmed their commitment to fostering inclusive policies that enhance the well-being of women and children, particularly those from vulnerable and marginalized communities.

    Smt. Annpurna Devi highlighted key initiatives of the Government of India, including Mission Shakti, Beti Bachao Beti Padhao, and various other schemes & programs aimed at financial and digital inclusion, entrepreneurship, and increasing women’s participation in decision-making and leadership roles. She emphasized India’s unwavering commitment to building a safe and inclusive society where women and children can thrive.

    Ms. Hadja Lahbib commended India’s progress in women empowerment and reiterated the European Union’s commitment to strengthening partnerships in this domain. She underscored the importance of international cooperation in addressing global challenges related to women empowerment and crisis response.

    The meeting marked a significant step towards reinforcing India-EU ties in promoting policies for women empowerment and collaborative efforts for the welfare of women and children.

    Union  Minister Smt. Annpurna Devi also emphasized that India, under the visionary leadership of  Prime Minister Shri Narendra Modi, is advancing with the vision of Women-Led Development to realize the goal of Viksit Bharat.

    ****

    SS/MS

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    MIL OSI Asia Pacific News

  • MIL-OSI: Castellum, Inc. Announces 2024 Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., Feb. 28, 2025 (GLOBE NEWSWIRE) — Castellum, Inc. (NYSE-American: CTM) (“Castellum” or “the Company”), a cybersecurity, electronic warfare, and software services company focused on the federal government, announces certain unaudited highlights of its operating results for its year ended December 31, 2024.

    Revenue for 2024 was $44.8 million, down slightly from $45.2 million in 2023. Operating loss was ($7.2 million) versus ($16.7 million) in 2023, which included $6.9 million of non-cash charges for goodwill impairment.

    Management uses a Non-GAAP measure, Adjusted EBITDA, as an important measure of the Company’s operating performance. Adjusted EBITDA was $0.8 million for 2024 and excludes non-cash charges, such as stock-based compensation expense of $5.4 million, and depreciation and amortization of $2.2 million, compared to $0.2 million for 2023. See the reconciliation to GAAP in the chart below.

    Cash flow provided by operating activities for 2024 was $1.1 million versus ($2.3 million) in 2023.

    Total cash as of December 31, 2024, was $12.3 million versus $1.8 million as of December 31, 2023. Debt as of December 31, 2024, was $10.7 million versus $12.4 million as of December 31, 2023.

    Castellum’s fully audited financial results for the year ended December 31, 2024, are expected to be filed on or before March 15, 2025, on Form 10-K, available at www.sec.gov.

    “I’m encouraged by the progress we made in 2024, particularly since I assumed the role of CEO this past July,” said Glen Ives, President and Chief Executive Officer of the Company. “While we produced solid revenue and gross profit in 2024, 2025 will be our year of growth as new contract wins and continued execution on our existing contracts should lead to strong year-over-year growth in revenue and adjusted EBITDA. Our decreased debt and dramatic increase in cash from our offerings, combined with our recent IDIQ wins have really positioned us well for 2025.”

    About Castellum, Inc.:

    Castellum, Inc. (NYSE-American: CTM) is a cybersecurity, electronic warfare, and software engineering services company focused on the federal government – http://castellumus.com.

    Cautionary Statement Concerning Forward-Looking Statements:

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the Company’s expectations or beliefs concerning future events and can generally be identified by the use of statements that include words such as “estimate,” “project,” “believe,” “anticipate,” “shooting to,” “intend,” “plan,” “foresee,” “likely,” “will,” “would,” “appears,” “goal,” “target” or similar words or phrases. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations for revenue growth and new customer opportunities, improvements to cost structure, and profitability. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations for revenue growth and new customer opportunities, including opportunities arising from its contracts with NAVAIR and other customers, improvements to cost structure, and profitability. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, among others: the Company’s ability to compete against new and existing competitors; its ability to effectively integrate and grow its acquired companies; its ability to identify additional acquisition targets and close additional acquisitions; the impact on the Company’s revenue due to a delay in the U.S. Congress approving a federal budget, operating under a prolonged continuing resolution, government shutdown, or breach of the debt ceiling, as well as the imposition by the U.S. government of sequestration in the absence of an approved budget; the ability of the U.S. federal government to unilaterally cancel a contract with or without cause, and more specifically, the potential impact of the U.S. DOGE Service Temporary Organization on government spending and terminating contracts for convenience.. For a more detailed description of these and other risk factors, please refer to the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”) which can be viewed at www.sec.gov. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. The Company expressly disclaims any intent or obligation to update any of the forward-looking statements made in this release or in any of its SEC filings except as may be otherwise stated by the Company.

    Non-GAAP Financial Measures and Key Performance Metrics

    This press release contains Non-GAAP Adjusted EBITDA, which is a Non-GAAP financial measure that is used by management to measure the Company’s operating performance. A reconciliation of this measure to the most directly comparable GAAP financial measure is contained herein. To the extent required, statements disclosing this measure’s definition, utility, and purpose are also set forth herein.

    Definition:

    Adjusted EBITDA is a Non-GAAP measure, calculated as the Company’s earnings before (not including expenses related to) interest, taxes, depreciation, and amortization, also adjusted for other non-cash items such as stock-based compensation, and other non-recurring, cash items, such as expenses for a one-time policy change.

    Utility and Purpose:

    The Company discloses Non-GAAP Adjusted EBITDA because this Non-GAAP measure is used by management to evaluate our business, measure its operating performance, and make strategic decisions. We believe Non-GAAP Adjusted EBITDA is useful for investors and others in understanding and evaluating our operating results in the same manner as its management. However, Non-GAAP Adjusted EBITDA is not a financial measure calculated in accordance with GAAP and should not be considered as a substitute for GAAP operating loss or any other operating performance measure calculated in accordance with GAAP. Using this Non-GAAP measure to analyze our business would have material limitations because the calculations are based on the subjective determination of management regarding the nature and classification of events and circumstances that investors may find significant. In addition, although other companies in our industry may report a measure titled Non-GAAP Adjusted EBITDA, this measure may be calculated differently from how we calculate this Non-GAAP financial measure, which reduces its overall usefulness as a comparative measure. Because of these inherent limitations, you should consider Non-GAAP Adjusted EBITDA alongside other financial performance measures, including net loss and our other financial results presented in accordance with GAAP.

    Castellum, Inc.
    Reconciliation of unaudited Non-GAAP Adjusted EBITDA to Operating Income/ (Loss)
    The Year Ended December 31, 2024, and 2023
        2024     2023  
    Revenues $ 44,764,852   $ 45,243,812  
    Gross Profit   18,266,415     18,675,327  
    Loss from operations before other income (expense)   (7,244,627 )   (16,668,825 )
         
    Add back:    
    Depreciation and amortization   2,220,185     2,528,815  
         
    Adjust for non-cash and one-time charges:    
    Stock based compensation   5,426,985     7,495,759  
    Goodwill Impairment       6,919,094  
    Change in FV of earnout       (92,000 )
    Non-recurring charges   445,007      
    Total non-cash charges   5,871,992     14,322,853  
         
    Non-GAAP Adjusted EBITDA $ 847,550   $ 182,843  
                 

    Contact:
    Glen Ives
    President and Chief Executive Officer
    Phone: (703) 752-6157
    info@castellumus.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d022e960-9912-4701-8fdb-fcb3ed07050a

    The MIL Network