NewzIntel.com

    • Checkout Page
    • Contact Us
    • Default Redirect Page
    • Frontpage
    • Home-2
    • Home-3
    • Lost Password
    • Member Login
    • Member LogOut
    • Member TOS Page
    • My Account
    • NewzIntel Alert Control-Panel
    • NewzIntel Latest Reports
    • Post Views Counter
    • Privacy Policy
    • Public Individual Page
    • Register
    • Subscription Plan
    • Thank You Page

Category: Economy

  • MIL-OSI USA News: Remarks by President Trump Before Cabinet Meeting

    Source: The White House

    class=”has-text-align-center”>Cabinet Room

    11:42 A.M. EST

         THE PRESIDENT:  Okay.  Thank you very much.  We appreciate you being here.  And we’ve put together a great Cabinet.  And we’ve had tremendous success.  We’ve been given a lot of credit for having a very successful first month, and we want to make that many months — and years, actually.  But we’re going to have many good months, and we’re going to have many good years, I hope.  And we’re going to solve a lot of problems. 

         We’re doing very well with Russia-Ukraine.  President Zelenskyy is going to be coming on Friday.  It’s now confirmed.  And we’re going to be signing an agreement, which will be a very big agreement.  And I want to thank Howard and Scott for the job you guys did in putting it together.  Really did an amazing job.  And that’ll be on rare earth and other things. 

         And as you know, we’re in for, probably, $350 billion and Europe is in for $100 billion.  And that’s a big difference.  So, we’re in for, probably, three times as much.  And yet, it’s very important to everybody, but Europe is very close.  We have a big ocean separating us.  So, it’s very important for Europe.  And they, hopefully, will step up and do maybe more than they’re doing and maybe a lot more.

         The previous administration put us in a very bad position, but we’ve been able to make a deal where we’re going to get our money back and we’re going to get a lot of money in the future.  And I think that’s appropriate, because we have taxpayers that are — shouldn’t be footing the bill, and they shouldn’t be footing the bill at more than the Europeans are paying. 

         So, it’s all been worked out.  We’re happy about it.  And I think that, very importantly, we’re going to be able to make a deal. 

         Most importantly, by far, we’re going to make a deal with Russia and Ukraine to stop killing people.  They’ll stop killing young Russian soldiers and young Ukrainian soldiers and other people, in addition, in the towns and cities.  And we will consider that a very important thing and a big accomplishment, because it was going nowhere until this administration came in.  They hadn’t spoken to President Putin in two years.  And so, we’ll keep you advised.

         Before we begin the Cabinet, I’d like to have Scott

    and a couple of people say a few things.  But most importantly — where are you?

         SECRETARY TURNER:  I’m right here, sir.

         THE PRESIDENT:  This is a gentleman who’s going places — the head of HUD.  And he’s going to say — you all know him.  And you’re going to say grace —

         SECRETARY TURNER:  Yes, sir.

         THE PRESIDENT:  — and then we’ll have our meeting, right?

    SECRETARY TURNER:  Yes.

         THE PRESIDENT:  Thank you very much. 

         SECRETARY TURNER:  Thank you, Mr. President.  Let’s pray.

         Father, we thank you for this awesome privilege, Father, to be in your presence.  God, thank you that you’ve allowed us to see this day.  The Bible says that your mercies are new every morning.  And, Father God, we give you the glory and the honor.  Thank you, God, for President Trump, Father, for appointing us.  Father God, thank you for anointing us to do this job.  Father, we pray you’ll give the president and the vice president wisdom, Father God, as they lead. 

         Father, I pray for all of my colleagues that are here around the table and in this room.  Lord God, we pray that we would lead with a righteous clarity, Father God, and as we serve the people of this country and every perspective agency, every job that we have, Father, we would humble ourselves before you that we would lead in a manner that you’ve called us to lead and to serve. 

         Father, the Bible says the blessed is the nation whose God is the Lord.  But, Father, we today honor you.  And in your rightful place, Father, thank you for giving us this opportunity to restore faith in this country and be a blessing to the people of America.  And, Lord God, today in our meeting, we pray that you will be glorified in our conversation.
        
         In Jesus’ name, amen.

         PARTICIPANTS:  Amen.

         THE PRESIDENT:  Scott, that was a very good job you did.  You’ve done that before, haven’t you?  (Laughter.)  Wow. 

         So, Scott Turner is a terrific young guy.  He’s heading up HUD, and he’s going to make us all very proud, right?

         SECRETARY TURNER:  Thank you, Mr. President.  Yes, sir.

         THE PRESIDENT:  Thank you very much.  Great job. 

         In just over one month, illegal border crossings have plummeted by numbers that nobody has actually ever seen before.  It’s much more than 100 percent. 

    And we’ve unleashed American energy at levels that will soon be reported, but we think we’re going to get it going very quickly.  We have incredible people on the energy front. 

    I think we have really great people on every front.  I’ll let you know if they’re not good, but I think they really are. 

    And we’re fighting every day to get the prices down.  The inflation is stopping slowly, but part of the reason it’s stopping is because of high interest rates and other problems that we inherited.  But we have to get the prices down — not the inflation down — the prices of eggs and various other things.  Eggs are a disaster. 

         The secretary of Agriculture is going to be showing you a chart that’s actually mindboggling what’s happened — how low they were with us and how high they are now.  But I think we can do something about it —

         SECRETARY ROLLINS:  Yes, sir.

         THE PRESIDENT:  — Madam Secretary.

         SECRETARY ROLLINS:  Yes, sir.

         THE PRESIDENT:  And I think you’re going to do a fantastic job in that position. 

    One of the most important initiatives is DOGE, and we have cut billions and billions and billions of dollars.  We’re looking to get it maybe to a trillion dollars.  If we can do that, we’re going to start getting to be at a point where we can think in terms of balancing budgets, believe it or not, something you haven’t heard in many, many years — decades, actually.  And it’s a big — whether it’s this year or next year, I think we’ll be very close to balancing budgets.  And the DOGE is very important. 

    And Elon is here to give you a summary of what’s happening, some of the things they found — some of the horrible things they found — some of the theft and fraud, and we call it waste and abuse, but a lot of fraud, and probably some fraud that we’re not going to be able to prove is fraud, but when you hear the names and the places where this money is going, it’s a disgrace. 

         But we’ve requested that a lot of people — we want to make sure that the people are working.  So, letters were sent out, and I think everyone at this table is very much behind it.  And if they aren’t, I’d want them to speak up.  But they’re very much behind it. 

         Letters were sent out to people just to find out, if the people exist, do they work?  Who do they work for?  Where are they?  You know, where have they been working?  Have they been working for other companies or other entities at all and being paid by the government, so they have two jobs, but they’re supposed to have one? 

    And the letter asks some simple questions like, “What have you done lately?”  And if they can answer that — because I can.  I can tell you everything I’ve done for the last long period of time — a lot more than a week. 

    And in many cases, we haven’t gotten responses.  Usually that means that maybe that person doesn’t exist or that person doesn’t want to say they’re working for another company while being paid by the United States government. 

    So, there’s a lot of interesting things.  It’s very unique, but we have a very unique situation because we have a lot of people that were scamming our country.  We have a lot of dishonest people.  We have a lot of people that took advantage of a lot of different situations, and we’re not going to let that happen. 

    So, I’m going to ask, if it’s possible, to have Elon get up first and talk about DOGE, because it seems to be of great interest to everyone. 

    I will say that there is a large group of people in this country that have such admiration for what we’re doing.  I got elected with a tremendous vote — winning every swing state, winning the popular vote, winning the counties by thousands of counties.  I think it was 2,800 to 500.  2,800 counties to 500 counties.  Think of that. 

    And so, we have a mandate to do this, and this is part of the reason I got elected.  I got elected based on taxes and based on many things, the border, but also based on balancing budgets and getting our country back into shape, and this is a big part of it. 

    So, Elon, if you could get up and explain where you are, how you’re doing, and how much we’re cutting.  And it’s an honor to have you.  He’s been a tremendously successful guy.  He’s really working so hard.  And he’s got businesses to run.  And in many ways, they say, “How do you do this?”  And, you know, he’s sacrificing a lot and — getting a lot of praise, I’ll tell you, but he’s also getting hit.  And we would expect that, and that’s the way it works. 

    So, I’d like to have Elon Musk please say a few words.

         MR. MUSK:  Well, tha- — thank you —
        
         THE PRESIDENT:  Thank you, Elon.

    MR. MUSK:  Thank you, Mr. President.  Well, I a- — I actually just call myself humble tech support here — (laughter) — because this is actually — as crazy as it sounds, that — that is almost a literal description of the work that the DOGE team is doing is helping fix the government computer systems.  Many of these systems are extremely old.  They don’t communicate.  There are a lot of mistakes in the systems.  The software doesn’t work.  The — so, we are actually tech support.  It’s — it’s a — it’s ironic, but it’s true.

    The — the overall goal here with the DOGE team is to help address the enormous deficit.  We simply cannot sustain, as a country, $2 trillion deficits.  The interest rates — just the interest on the national debt now exceeds the Defense Department spending. 

    We spend a lot on the Defense Department, but we’re spending, like, over a trillion dollars on interest.  If this continues, the country will go — become de facto bankrupt.  It’s — it’s not an optional thing.  It is an essential thing.  That — that’s — that’s the reason I’m here and taking a lot of flak and getting a lot of death threats, by the way.  I can, like, stack them up, you know.

    But if we don’t do this, America will go bankrupt.  That’s why it has to be done.  And I’m confident, at this point — knock on wood, you know — knock on my wooden head — (laughter) — the — there’s a lot of wood up there — that we can actually find a trillion dollars in savings.  That would be roughly 15 percent of the $7 trillion budget.

    And obviously, that can only be done with the support of everyone in this room.  And I’d like to thank everyone for — for your support.  Thank you very much this.  This — this can only be done with — with your support.

    So, this is — it’s really — DOGE is a support function for the president and for the — the agencies and departments to help achieve those savings and to effect- — effectively find 15 percent in reduction in fraud and — and waste.

    And — and we bring the receipts.  So, people say, like, “Well, is this real?”  Just go to DOGE.gov.  We l- — we — line item by line item, we specify each item.  So — and w- — and I — I should say, we — also, we will make mistakes.  We won’t be perfect.  But when we make mistake, we’ll fix it very quickly. 

    So, for example, with USAID, one of the things we accidentally canceled, very briefly, was Ebola — Ebola prevention.  I think we all wanted Ebola prevention.  So, we restored the Ebola prevention immediately, and there was no interruption.

    But we do need to move quickly if we’re — if we’re to achieve a trillion-dollar deficit reduction in tw- — in — in financial year 2026.  It requires saving $4 billion per day, every day from now through the end of September.  But we can do it, and we will do it.

    Thank you. 

    THE PRESIDENT:  Well, do you have any questions of Elon while we’re on the subject of DOGE?  Because we’ll finish off with that.  And if you would have any questions, please ask — you could ask me or Elon.

    Go ahead, please. 

    Q    Thank you, Mr. President.  Thank you, Mr. Musk.  I just wanted to ask you, the — President Trump put out a Truth Social today saying that everybody in the Cabinet was — was happy with you.  I just wondered if that — if you had heard otherwise, and if you had heard anything about members of the Cabinet who weren’t happy with the way things were going.  And if so, what are you doing to address those — any dissatisfaction?

    MR. MUSK:  To the best of —

    THE PRESIDENT:  Hey, Elon, let the Cabinet speak just for a second.  (Laughter.) 

         Is anybody unhappy with Elon?  If you are, we’ll throw them out of here.  (Laughter.)  Is anybody unhappy?  (Applause.)

    They are — they have a lot of respect for Elon and that he’s doing this.  And some disagree a little bit, but I will tell you, for the most part, I think everyone is not only happy, they’re thrilled. 

    So, go ahead, Elon.

    SECRETARY ROLLINS:  And grateful.

    MR. MUSK:  And President Trump has put together, I think, the best cabinet ever, literally.  So, I — and I do not give false praise.  This — this is an incredible group of people.  I don’t think such a talented team has actually ever been assembled.  I think it’s literally the best cabinet that the country has ever had.  And I think the companies should be incredibly appreciative of the people in this room.

    Q    Mr. President —

    THE PRESIDENT:  Please.  Yeah.  Go ahead.

    Q    Mr. President, thank you.  Mr. Musk.  Are there — about half of the government employees so far appear to have responded to your request for what they’ve been doing over the past week.  Is there a timeline in place for next moves for people being fired?  And when can the American people expect to see results from that?

    MR. MUSK:  Yes.  Well, to be — to be clear, like, the — I think that email, perhaps, was misinterpreted as a performance review, but actually it was a pulse check review.  “Do you have a pulse?”  (Laughter.)  “Do you have a pulse and two neurons?”  (Laughter.)  So, if you have a pulse and two neurons, you can reply to an email.

    This is, you know, I think, not a high bar, is what I’m saying.  This is a — should be — anyone could accomplish this. 

    But what we are trying to get to the bottom of is we think there are a number of people on the government payroll who are dead, which is probably why they can’t respond, and — and some people who are not real people, like they’re literally fictional individuals that are collecting payche- — well, somebody is collecting paychecks on a fictional individual.  So, we’re just literally trying to figure out are these people real, are they alive, and can they write an email, which I think is a reasonable expectation for the Amer- — you know, the American public would have at least that expectation of someone in the public sector.

    Q    Mr. Musk —

    Q    Mr. Musk —

    Q    — roughly a million employees —

    MR. MUSK:  (Laughs.)  This is not a — this is not a high bar, guys.  Come on.  (Laughter.)

    Q    Roughly a million employees have responded so far to this email.  Does that mean that the remaining 1 million or so federal employees now risk being terminated?  And is it your understanding and expectation when you post a directive on X that the Cabinet secretaries will follow that order?  Because several agencies have instructed employees that this is voluntary or not to respond.

    MR. MUSK:  Yeah.  Well, I mean, to be cl — so, I guess there was a — like, last week, the president en- — encouraged me, via Truth Social and also via phone call, to be more aggressive.  And I was like, “Okay.”  You know, “Yes, sir, Mr. President.  We will indeed do that.”  The president is the commander in chief.  I — I do what the president asks.

    So — and I said, “Can we send out an email to everyone, just saying, ‘What did you get done last week?’”  The president said yes.  So, I — I did that. 

    And, you know, we — we got a partial response.  But we — we’re going to send another email.  But we — our — our goal is not to be capricious or — or unfair.  It’s — we want to give people every opportunity to send an email and the email could simply be “What I’m working on is too sensitive or classified to — to describe.”  Like, literally, just re- — that would be sufficient.  We’re — we’re — you know, I think this is just common sense. 

    Q    And what is your target number for — for how many workers, employees you’re looking to cut total?

    MR. MUSK:  We — we wish to keep everyone who is doing a job that is essential and doing that job well.  But if — if they’re — if the job is not essential or they’re not doing the job well, they obviously should not be on the public payroll. 

    (Cross-talk.)

    THE PRESIDENT:  No, I have to — I would like to add —

    (Cross-talk.)

    Wait a minute.  Wait.  Wait.  I’d like to add that those million people that haven’t responded, though, Elon, they are on the bubble.  You know, I wouldn’t say that we’re thrilled about it.  You know, they haven’t responded.  Now, maybe they don’t exist.  Maybe we’re paying people that don’t exist.

    Don’t forget, we just got here.  This group just got here.  But those people are on the bubble, as they say.  You know, maybe they’re going to be gone.  Maybe they’re not around.  Maybe they have other jobs.  Maybe they moved and they’re not where they’re supposed to be.  A lot of things could have happened.

    I wouldn’t say that Biden ran a very tight administration.  They spent money like nobody has ever spent money before, wasted money — the Green New Scam, all of the different things they spent money on. 

    And you’ve seen that.  You’ve seen that with some of the things that I read in speeches.  I read them, and people can’t believe, when I read them, $20 million here, $30 million here for, you know, a little educational course on something.  Circumcision, right?  Circumcision.  $20 million to inform the people of such-and-such a country on other things and other things other than that.

    So, yeah, those people are — right now, we’re trying to find out who those people are that haven’t responded.  Now, there’ll be some agencies — like Marco has people within State that are right now doing very classified, very confidential work.  And we understand that, and we’ve talked.  And, you know, we’re being a little more surgical. 

    And Marco is doing a lot of things himself.  He’s — and some of the secretaries are.  We’re going to be going to them.  We’re going to be talking about it today.  We’re going to ask them to do their own DOGE.  In other words, they’ll look in their group and who —

    I spoke with Lee Zeldin, and he thinks he’s going to be cutting 65 or so percent of the people from Environmental, and we’re going to speed up the process, too, at the same time.  He had a lot of people that weren’t doing their job — they were just obstructionists — and a lot of people that didn’t exist, I guess, Lee, too.  You found a lot of empty spots that the people weren’t there.  They didn’t exist.

    And I think Education is going to be one of those.  You go around Washington, you see all these buildings — the Department of Education.  We want to move education back to the states, where it belongs.  Iowa should have education.  Indiana should run their own education.  You’re going to see education go way up.

    Right now, we’re ranked at the very bottom of the list, but we’re at the top of the list in one thing: the cost per pupil.  We spend more money per pupil than any other country in the world, and yet it’s Denmark and Norway, Sweden.  And I — you hate to say this — and, you know, we’re going to get along very well with China, but it’s a competitor: They’re at the top of the list.  They’re among the top 10, usually.  And they’re a very big country, so we can’t use that as an excuse — right? — because we’re a very big country too.

    But we’re – we were ranked last time — under Biden, we were ranked 40 out of 40.  They do the 40 certain nations that they’ve done for a long time.  It seems to be 40, for whatever reason.  And we were ranked number 40.  A year ago, we were 38.  Then we were 39.  We’re — we hit 40.  And so, we’re last in that, and we’re first in cost per pupil.  So, I would say that’s unacceptable.

    Lawrence, do you have something?  Go ahead.

    Q    So, Mr. President, I know you like competition, and I know it’s early.  So, which department are you most impressed with? 

    And then, to Mr. Mu- — (laughter).  That’s the first one.  And, Mr. Musk, which department have you received the most resistance from? 

         Mr. President, you first.

    THE PRESIDENT:  Well, I think both of those questions are a little bit — well, you’re a pretty controversial guy.  (Laughter.)  Look, it’s very early.  Right now, I think I’m impressed with everybody.  So far, everybody.  If I wasn’t, in the first month, we’d — and some of them just got here.  They just got approved two days ago, right?

    But I think I’m very impressed with everybody.  So far, I’m very happy with all of the choices.

    I think that Elon has done incredibly with some groups.  And some groups are much easier than others.  It is true: State is a, you know, very difficult situation.  We’re right now negotiating very successfully, I think, with Russia and with Ukraine, and we have a lot of countries involved.  And we have to be a little bit careful what we do and who we’re terminating.  But Marco is doing that very — I think he’s going to be very precise.  It’s going to be —

    We’re cutting down government.  We’re cutting down the size of government.  We have to.  We’re bloated.  We’re sloppy.  We have a lot of people that aren’t doing their job.  We have a lot of people that don’t exist. 

         You look at Social Security as an example.  I mean, you have so many people in Social Security where, if you believe it, they’re 200 years old.  And what we’re doing is finding out: Are checks going out for that and is somebody cashing those checks who’s maybe 35 years old?  Okay? 

         So, there’s a lot of dishonesty.  There’s a lot of fraud. 

         But I think at this moment, I’ll take Elon off the spot.  I think that he’s impressed — he said it very well –better than I can say it — that he’s impressed with the people in this room.  Very impressed.  And I am too.  And it’s too early to say, but I think everybody is on board.  They all know — we want to balance a budget.  We want to have a balanced budget within a reasonably short period of time, meaning maybe by next year or the year after, but maybe — maybe even sooner than that. 

         Q    Mr. President, your — your number one issue was the border.  We just got new information that they’re doxing our federal agents.  They’re putting their personal information out there, these activists, and they’re disrupting the operations.  So, you got Tren de Aragua running all across the country —

         THE PRESIDENT:  Well, we have activists.  That’s true.  And a lot of those —

         Q    So, what are we going to do about the activists —

         THE PRESIDENT:  Yeah.  A lot of those activists are acting illegally.  And we’ll give that to our attorney general, and she’ll take a look at that very strongly.  But we’re also having tremendous support from Border Patrol, from ICE.  The ICE agents have been unbelievable.  Border Patrol — their leadership at Border Patrol has been incredible, and they’re working very well. 

         And, as you know — and I saw you reporting it this morning, actually — we set records on the least number of illegal aliens coming in, migrants coming into our country that we’ve had in more than 50 years.  And we did this all within a period of weeks, because we took over a mess.  The world was pouring in.  And remember, they were coming in from jails and prisons and mental institutions and insane asylums, and they were gang members and drug dealers.  Anybody who wanted to come in, they came.  And from not just South America, from all over the world.  So, it’s amazing what they’ve done. 

         And Kristi and — and Tom Homan, the job they’ve done has been absolutely amazing.  We set records for — and we want people to come into our country, by the way, but they want to come in — they have to come in legally. 

         I want that to be really understood.  We want people in our country, but they have to come in legally. 

         Q    Can I follow on that, Mr. President?

    Q    Mr. President.

    Q    About the — the Trump gold card idea —

         THE PRESIDENT:  Yeah.

         Q    — that you unveiled yesterday.

         THE PRESIDENT:  I hope you liked it.  (Laughter.)

         Q    I await more information.  But the question is: Does this reflect a view, on your part, that the American immigration system has never been properly monetized as you feel it should be?
        

         THE PRESIDENT:  Well, not so much monetized.  It hasn’t been properly run.  I get calls from, as an example, companies where they want to hire the number one student at a school.  A person comes from India, China, Japan, lots of different places, and they go to Harvard, the Wharton School of Finance.  They go to Yale.  They go to all great schools.  And they graduate number one in their class, and they are made job offers, but the offer is immediately rescinded because you have no idea whether or not that person can stay in the country.  I want to be able to have that person stay in the country. 

         These companies can go and buy a gold card, and they can use it as a matter of recruitment. 

         At the same time, the company is using that money to pay down debt.  We’re going to — we’re going to pay down a lot of debt with that.

         Q    Are they going to have to —

         THE PRESIDENT:  And I think the gold card is going to be used by — not only for that.  I mean, they’ll be used by companies.  I mean, I could see Apple — I’ve spoken with Tim Cook — and, by the way, he’s going to make a $500 billion investment in the country only because of the results of the election and, I think, because of tariffs.  He’s going to want to be in the country because of tariffs.  Because if you’re in the country, there is no tariff.  If you’re out of the country, you got to pay tariffs.  And that’s going to be a great investment, I think, that he’s making.  I know it’s going to be a great investment. 

         But we have to be able to get people in the country, and we want people that are productive people.  And I will tell you, the people that can pay $5 million, they’re going to create jobs.  They’re going to spend a lot of money on jobs.  They’re going to have to pay taxes on that too.  So, they’re going to be hiring people, they’re going to be bringing people in and companies in.  And, I don’t know, maybe it will sell like crazy.  I happen to think it’s going to sell like crazy.  It’s a bargain.

         But we’ll —

         Q    Will they have to commit to a certain number?

         THE PRESIDENT:  — know fairly soon.  I think Howard and — and Scott — a few of you, really, are responsible for it.  But, Howard, if you want to discuss that for a couple of minutes, I think I’d like to have you.  I think it’s going to be a very successful program.

         SECRETARY LUTNICK:  Sure.

         THE PRESIDENT:  This is Commerce.

         SECRETARY LUTNICK:  So, the EB-5 program, which has been around for many years, had investment of a million dollars into projects in America.  And those projects were often suspect, they didn’t really work out, there wasn’t any oversight of it.  And so, for a million-dollar investment, you got a visa, and then you came into the country and ended up with a green card. 

         So, it was poorly overseen, poorly executed.  Then you had our border open, where millions of people came through. 

         So, the idea is we will have a proper business.  We will modify the EB-5 agreement.  Kristi and I are working on it together.  For $5 million, they’ll get a license from the Department of Commerce.  Then they’ll make a proper investment on the EB-5, right?  And we think Scott and I will design the EB-5 investment model, because Scott and I are the best people together to do that.  So, this is joint. 

         This is exactly the Trump administration.  We all work together.  We work it out to be the best.  And if we sell — just remember — 200,000 — there’s a line for EB-5 of 250,000 right now — 200,000 of these gold green cards is $1 trillion

    to pay down our debt, and that’s why the president is doing it, because we are going to balance this budget, and we are going to pay off the debt under President Trump. 

         Q    Mr. —

    Q    And to qualify, do you have to promise and make commitments to create a certain number of jobs here in the U.S.?

         THE PRESIDENT:  No.  No.  Because not all these people are going to be job builders.  They’ll be successful people, or they’ll be people that were hired from colleges, like — sort of like paying an athlete a bonus.  I mean, Apple or one of the companies will go out and they’ll spend five mil- — they’ll buy five of them, and they’re going to get five people. 

         Look, I’ve had the complaint where — I’ve had the complaint from a lot of companies where they go out to hire people, and they can’t hire them b- — out of colleges.  And you know what they do?  They go back to India, or they go back to the country where they came, and they open up a company, and they become billionaires.  They become — and they’re employing thousands and there are a lot of examples. 

    There are some really big examples where they were forced out of the country.  They graduated top in their class at a great school, and they weren’t able to stay.  This is all the time you hear it. 

    And the biggest complaint I get from companies, other than overregulation, which we took care of, but we’re going to have to take care of it here, because a lot of that was put back on by Biden.  But the biggest complaint is the fact that they can’t have any longevity with people.  This way, they have pretty much unlimited longevity. 

    Also, with the $5 million, you know, that’s a path to citizenship.  So, that’s going to be — it’s sort of a green card-plus, and it’s a path to citizenship.  We’re going to call it the gold card.  And I think it’s going to be very treasured.  I think it’s going to do very well.  And we’re going to start selling, hopefully, in about two weeks.

    Now, just so you understand, if we sell a million — right? — a million, that’s $5 trillion.  Five trillion.  Howard was using a different number, but that’s $5 trillion.  If we sell 10 million, which is possible — 10 million highly productive people coming in or people that we’re going to make productive — they’ll be young, but they’re talented, like a talented athlete — that’s $50 trillion. 

    That means our debt is totally paid off, and we have $15 trillion above that.  And — now, I don’t know that we’re going to sell that many.  Maybe we won’t so many at all.  But I think we’re going to sell a lot, because I think there’s — there really is a thirst. 

    No other country can do this, because people don’t want to go to other countries.  They want to come here.  Everybody wants to come here, especially since November 5th.  (Laughter.)

    (Cross-talk.)

    SECRETARY LUTNICK:  They’ll all be vetted, by the way.  All these people will be vetted. 

    Q    How?

    SECRETARY LUTNICK:  Okay?  They’ll be vetted.

    Q    Mr. President, on Ukraine.  Can you talk a lot — a little bit about what type of security guarantees you’re willing to make?

    THE PRESIDENT:  Well, I’m not going to make security guarantees beyond very much.  We’re going to have Europe do that, because it’s in — you know, we’re talking about Europe is their next-door neighbor.  But we’re going to make sure everything goes well. 

    And as you know, we’ll be making a — we’ll be really partnering with Ukraine in terms of rare earth.  We very much need rare earth.  They have great rare earth.  We’ll be working with Secretary Burgum and with Chris.  You’ll be working on that together. 

    And we’re going to be able to have tremendous — I mean, this gives us — because we don’t have that much of it here.  We have some, but we don’t have that much, and we need a lot more to really propel us to the next level of — to lead in every way.  We’re leading right now with AI.  We’re leading with everything right now, but we have to — we need resources. 

    We have to double our electric capacity.  We have to do many things.  We have to really triple, if you think of it, the electric capacity from what we have right now, if you can believe it.  (Laughter.) 

    Q    But will the United States — can I —

    THE PRESIDENT:  So, I just say this.  So, the deal we’re making gets us — it brings us great wealth.  We get back the money that we spent, and we hope that we’re going to be able to settle this up. 

    We want to settle it.  We want to stop — I tell you what.  I’m doing it for two reasons, but the number one reason, by far, is to watch — all these people being killed.  I see pictures every week from — I assume satellite pictures, mostly, but there’s some pictures on site of thousands of soldiers that are being killed.  They’re being decimated, because equipment today — military equipment is so powerful and so devastating.  And, number one, I want to see people stop. 

    And they’re not from here.  They’re from primarily two other countries. 

    And then, by the way, let’s talk about the Middle East.  We got to solve that problem too.  And that’s come a long way.  We’re doing very well in that also.  A lot of things are happening on that.  But I’m watching soldiers being killed — Ukrainian and Russian soldiers being killed.  My number one thing is to get that stopped. 

    My number two thing is I don’t want to have to pay any more money, because we’ve — Biden has spent $350 billion without any chance of getting it back.  Now we’re going to be getting all of that money back, plus a lot more.  And we provided a great thing.  I mean, we’ve provided something very important, and we’ll be working with Ukraine and — because we’ll be taking that — we’re going to be taking what we’re entitled to take. 

    Now, they spent $350 billion, and Europe spent $100 billion.  Now, does anybody really think that’s fair?  But then we find out, a little while ago — not so long ago, a few months ago, I found out that the money they spent, they get back, but the money we spent, we don’t get back.  I said, “Well, we’re going to get it back.” 

    And we’ll be able to make a deal.  And again, President Zelenskyy is coming to sign the deal.  And it’s a great thing.  It’s a great deal for Ukraine, too, because they get us over there, and we’re going to be working over there.  We’ll be on the land.  And, you know, in that way, it’s — there’s sort of automatic security, because nobody’s going to be messing around with our people when we’re there.  And so, we’ll be there in that way. 

    But Europe will be watching it very closely.  I know that UK has said and France has said that they want to put — they volunteered to put so-called peacekeepers on the site.  And I think that’s a good thing.

    (Cross-talk.)

    Q    Mr. President, you had mentioned the high cost of eggs, and we’ve seen consumer confidence this week have a sharp drop from last month — the biggest dip in, I believe, three years.  Why is that — your assessment, why is that the case and is there anything you can do? 

    THE PRESIDENT:  Well, I think that consumer confidence — if you look at confidence in the nation, it had the biggest increase in the history of the chart.  It went up 42 points in a period of, like, days after the election, since the election.  So, since the election, the confidence in our nation — including right track, wrong track — the first time it’s ever happened, where we were on the right track, because this country has been on the wrong track for a long time. 

    So, the confidence in business, confidence in the country has reached an all-time high.  We have never reached levels like we are right now.

    Okay.

    (Cross-talk.)

    Q    Mr. President, you said — Mr. President, you’ve been very clear in saying that as long as you’re president, Iran will never get a nuclear weapon. 

    THE PRESIDENT:  That’s true. 

    Q    Is it also your policy that as long as you’re president, China will never take Taiwan by force?

    THE PRESIDENT:  I never comment on that.  I don’t comment on any — because I don’t want to ever put myself in that position.  And if I said it, I certainly wouldn’t be saying it to you.  I’d be saying it to other people, maybe people around this table — (laughter) — and very specific people around this table.  

    Q    Is it a concern (inaudible)?

    THE PRESIDENT:  So, I don’t want to put myself in that position.  But I can tell you what, I have a great relationship with President Xi.  I’ve had a great relationship with him.  We want them to come in and invest. 

    I see so many things saying that we don’t want China in this country.  That’s not right.  We want them to invest in the United States.  That’s good.  That’s a lot of money coming in.  And we’ll invest in China.  We’ll do things with China. 

    The relationship we’ll have with China would be a very good one.  I see all of these phony reports that we don’t want their money; we don’t want anything to do with them.  That’s wrong. 

    We’re going to have a good relationship with China, but they won’t be able to take advantage of us.  What they did to Biden was — he didn’t know what was happening.  He didn’t know what he was doing.  The administration didn’t know what they were doing.  It was very sad to watch. 

         But we’re going to have a good relationship with China and Russia and Ukraine and the Middle East.  We’re doing things that —

    Look, when I left, we had no wars.  We had defeated ISIS totally.  We had no inflation.  We didn’t have the Afghanistan withdrawal — the worst withdrawal anybody has ever seen.  I think that’s one of the reasons that President Putin looked at that.  He said, “Wow, these guys are a paper tiger.  Look at” — we’re no paper tiger. 

    Don’t forget: We got rid of ISIS in three weeks.  People said it would take five years.  We did it, because when I came in, I let them do what they had to do.  And the man that headed that operation is now going to be your — your chairman, right?

    SECRETARY HEGSETH:  Yes, sir.

    THE PRESIDENT:  Chairman of the Joint Chiefs. 

    SECRETARY HEGSETH:  Yes, sir.

    THE PRESIDENT:  And — “Razin” Caine.  I liked him right from the beginning.  As soon as I heard his name, I said, “That’s my guy.” 

    Okay.  Any other questions?

    (Cross-talk.)

    Q    Mr. President, has there been enough de- — decreases in crossings at the border for you to continue the pause on tariffs against Mexico and Canada?  And, if not —

    THE PRESIDENT:  No, no.  I’m going to — I’m not stopping the tariffs, no.  Millions of people have died because of the fentanyl that comes over the border. 

    Q    Even with the 90 percent drop in border crossings, though, this —

    THE PRESIDENT:  Well, that’s — well —

    Q    — last month compared to about a year ago?

    THE PRESIDENT:  Yeah, they’ve been good, but that’s also due to us.  Mostly due to us.  I mean —

    Q    Mr. President —

         Q    Mr. President, on CBS — 

    THE PRESIDENT:  — it’s very hard.  It’s, right now, very hard to come through the border.  But the — look, the damage has been done.  We’ve lost millions of people due to fentanyl.  It comes mostly from China, but it comes through Mexico, and it comes through Canada. 

    Q    Mr. Presi- —

    THE PRESIDENT:  And I have to tell you that, you know, on April 2nd — I was going to do it on April 1st, but I’m a little bit superstitious, so I made it April 2nd — the tariffs go on, not all of them but a lot of them.  And I think you’re going to see something that’s going to be amazing. 

    We’ve been taken advantage of as a country for a long period of time.  We’ve been — we’ve been tariffed, but we didn’t tariff.  Now, I did.  When I was here, I tariffed.  We took in $700 billion from China — $700 billion.  Not one president in this — in the history of our country took in 10 cents from China.  At the same time, China respected us. 

    Now, when COVID came in, that was a different deal.  I used to call it the China virus.  I guess I can call it the China virus again, but, you know, it was — it’s an accurate term, but I won’t do that out of respect to China.  Okay?

    (Cross-talk.)

    Say it again.  What?

    Q    On Gaza.  I just wondered if there’s any progress towards the second phase of the ceasefire that you can tell us about.

    THE PRESIDENT:  Well, I’m very disappointed when I see four — four bodies came in today.  These are young people.  Young people don’t die.  Okay?  Young people don’t die.  These are young people.  Four bodies came in today.  They think they’re doing us a favor by sending us bodies. 

    So, look, that’s a decision that has to be made by Israel, by Bibi, but Israel has to make that decision.  We got a lot of hostages back, but it’s very sad what happened to those people.  I mean, you had a young lady with her hand practically blown off.  You know why it blew up?  Because she put up her hand to try and stop a bullet that was coming her way, and it hit her hand and blew off her fingers, big part of her hand. 

    This is a vicious group of people, and Israel is going to have to decide what they’re doing.  Phase one is going to be ending.  Think of it: Today, they sent in four bodies.  Bodies. 

    And I will say one thing, though.  I’ve spoken to a lot of the parents and a lot of the people involved.  They want those bodies almost as much and maybe even just as much as they wanted their son or their daughter.  Amazing.  “Please, sir.  Please.  My son is dead, but they have his body.  Please can you get it for us?”  They — it’s the biggest thing.  It’s incredible the level — they want the bodies of these people.  They’re dead.  They’re dead. 

    And, you know, when I saw the ones that came in two weeks ago, they looked like they just got out of a concentration camp.  Then, the following week, a group came in, and they weren’t as bad — in as bad of shape.

    But Israel is going to have to make a decision.  You’re right, phase one, and now phase two has started.  And today, we got some, you know, very, very sad — we knew they were dead, by the way.  We knew they were going to be bodies, as opposed to people that were living.  But it’s a very sad situation. 

    At some point, somebody is going to say we got to do something about this.

    (Cross-talk.)

    Q    Mr. President, you were just talking about Afghanistan and the botched withdrawal.  Have all the generals or command staff that were involved with the withdrawal been fired or relieved of duty?

    THE PRESIDENT:  Well, that’s a great idea.  It’s — (laughter) — sorry, I’m not going to tell this man what to do, but I will say that.  If I had his place, I’d fire every single one of them, Pete.  Pete, that’s a very good question. 

    SECRETARY HEGSETH:  Well, it’s a question we’ve thought a lot about.  We’re doing a complete review of every single aspect of what happened with the botched withdrawal of Afghanistan and plan to have full accountability.  It’s one of the first things we announced at the Defense Department for that reason, sir. 

    Certainly General “Razin” Caine, who’s on his way in, was not a part of that.  Instead, was a part of leading the effort against ISIS by untying the hands of war fighters and finishing the job properly and then bringing our troops home. 

    So, we’re taking a very different view, obviously, than the previous administration, and there will be full accountability. 

    THE PRESIDENT:  I don’t see big promotions in that group.  (Laughter.)  And I think they’re going to be largely gone.  I know the man on my left.  I think they’re going to be largely gone. 

    That was a horrible display.  And, you know, I’ve dealt with the parents and the family of the 13 that were killed.  But, you know, nobody ever talks about the 40 that were so badly hurt, with the arms and the legs and the face and the whole thing — the missing arms and legs.  It was so terrible, the way that was handled.

    And it should have been gone through Bagram.  We have a big base with big fences that nobody can get in, and you have, you know, hundreds of acres, instead of a little local airport where the whole place went crazy.  That was so badly handled.  And I would think that most of those people are going to be gone. 

    Q    Are we going to take Bagram back?

    THE PRESIDENT:  So, I’ll tell you what has bothered me very much — very, very much: We give billions of dollars to Afghanistan.  Nobody knows that.  Nobody knew that.  Do you know we give billions of dollars to Afghanistan?  And yet we left behind all of that equipment, which wouldn’t have happened. 

    You know, we were getting out under me.  I’m the one that got it down to 5,000 people.  We were going to get out, but we were going to keep Bagram, not because of Afghanistan but because of China, because it’s exactly one hour away from where China makes its nuclear missiles. 

    So, we were going to keep Bagram.  We were going to keep a small force on Bagram.  We were going to have Bagram Air Base, one of the biggest air bases in the world.  One of the biggest runways, one of the most powerful runways, in the sense that it was very heavy concrete and steel.  You could carry about anything.  You could land anything on those runways. 

    We gave it up.  And you know who’s occupying it right now?  China.  China.  Biden gave it up.  So, we’re going to keep that, and we’re going to have a withdrawal, and we’re going to take our equipment.  We’re going to do it properly.  We’re going to do it very — we’re going to keep the equipment. 

         Well, they ran out.  It was — what happened there was a — in fact, you know, in all fairness to Putin, when he saw that, he said, “Well, this is our time to go and go into Ukraine,” I guess, because it was — the timing seemed to be about right. 

         But we send them billions of dollars in aid, which nobody knows.  If they — if the American public knew that — they know it now.  And if we’re doing that, I think they should give our equipment back.  And I told Pete to study that. 

    But we left billions — tens of billions of dollars’ worth of equipment behind.  Brand-new trucks.  You see them display it every year on their little roadway someplace where they have a road and they drive the — you know, waving the flag and talking about America.  Beautiful equipment that’s all — I mean, the top-of-the-line stuff, brand-new stuff.  Now it’s getting older. 

         But you know what?  We’re going to pay them.  I think we should get a lot of that equipment back. 

         You know that Afghanistan is one of the biggest sellers of military equipment in the world.  You know why?  They’re selling the equipment that we left.  We’re first.  They were second or third.  Can you believe it?  They’re selling 777,000

    rifles, 70,000 armor-plated — many of them were armor-plated trucks and vehicles — 70,000. 

         If you think of a used car lot, the biggest one in the country, you have — I would say, JD, if somebody had 500 cars, that would be a lot. 

    THE VICE PRESIDENT:  Yeah, that would be quite a lot.

    THE PRESIDENT:  This is 70,000 vehicles we had there, and we left it for them.  I think we should get it back.

         (Cross-talk.)

         Q    Mr. President, the spending bill that passed last night aims to cut $2 trillion.

         THE PRESIDENT:  Right.

         Q    Can you guarantee that Medicare, Medicaid, Social Security will not be touched?

         THE PRESIDENT:  Yeah.  I mean, I have said it so many times, you shouldn’t be asking me that question.  Okay?  This will not be “read my lips.”  It won’t be “read my lips” anymore: We’re not going to touch it.

         Now, we are going to look for fraud.  I’m sure you’re okay with that, like people that shouldn’t be on, people that are illegal aliens and others — criminals, in many cases.  And that’s with Social Security.  We have a lot of people — you see that immediately.  When you see people that are 200 years old that are being sent checks for Social Security — some of them are actually being sent checks. 

    So, we’re tracing that down, and I have a feeling that Pam is going to do a very good job with that.  But you have a lot of fraud. 

         But, no, I’m not — we’re not doing anything on that.

         Q    Mr. President, part of your mission, sir —

         Q    Mr. President — Mr. President, on CBS News.  Mr. President, you’re in litigation —
        
         Q    Part of your mission has been — thank you.  I’m sorry. 

         Part of your mission has been to restore executive control over the executive branch.  Is it your view of your authority that you have the power to call up any one of or all of the people seated at this table and issue orders that they’re bound to follow?

         THE PRESIDENT:  Oh, yeah.  They’ll follow the orders.  Yes, they will. 

         Q    No exceptions? 

         THE PRESIDENT:  No except- — well, let’s see.  Let me think.  Oh, yeah.  Yeah.  She’ll have an exception.  (The president points at Secretary Rollins.)  (Laughter.)

         Of course, no exceptions.  You know that.

         Q    Mr. President, can you clarify the Canada/Mexico tariffs.  You had put that 30-day pause. 

    THE PRESIDENT:  Yeah.

    Q    You just referred to —

         THE PRESIDENT:  It’s 25 percent.

         Q    Twenty-five percent.  When does it go into effect?

         THE PRESIDENT:  April 2nd. 

         Q    April 2nd for Canada and Mexico?

         THE PRESIDENT:  Correct.  And for —

         Q    And for the reciprocal?

         THE PRESIDENT:  — and for everything. 

         SECRETARY LUTNICK:  Well, we have the — the — fentanyl-related is a pause.  If they can prove to the president they’ve done an excellent job, that’s what they first do in 30 days.

         Q    Have you guys seen any changes?

         SECRETARY LUTNICK:  But then the overall is April 2nd.  So, the big transaction is April 2nd, but the fentanyl-related things, if they’re working hard on the border, at the end of that 30 days, they have to prove to the president that they’ve satisfied him to that regard.  If they have —

         THE PRESIDENT:  It’s going to be hard to satisfy.

         SECRETARY LUTNICK:  — then we’ll give them a pause or he won’t. 

         THE PRESIDENT:  It’s going to be hard to satisfy.

         SECRETARY LUTNICK:  But that’s up to him to see.

         THE PRESIDENT:  We lose 300,000 people a year to fentanyl.  Not 100-, not 95-, not 60-, like you read.  You know, you’ve been reading it for years. 

         We lost, in my opinion, over the last couple of years, on average, maybe close to 300,000 people dead, and the families are ruined.  You know, when they lose a daughter, when they lose a son, the families are never the same.  You’re never going to be the same.  So, you’re talking about a million people. 

         But when the daughters die, I see it — daughters die and the sons die because of fentanyl.  And in some cases, they don’t even know they’re taking it.  They — they’re buying something else, and it’s laced with fentanyl, and they end up dying.  And I’ve known many people who have lost children to fentanyl and for other reasons, but to fentanyl.  It’s such a big killer.  And those people are never the same people. 
        
         I mean, I’ve seen people that — for the rest of their lives, they’re not the same people.  They’re so different, it’s not even believable.  Dynamic people, happy people that are — they die a miserable death.  And that’s because of the crap that comes in through China and through Mexico and through Canada.  A lot of it comes through Canada. 

         The — Canada — look, we support Canada $200 billion a year in subsidies one way or the other.  We let them make millions of cars.  We let them send us lumber.  We don’t need their lumber.  We’re going to free up our lumber.  Lee is going to do — the head of environmental.  We’re going to free up our lumber.  We have the best lumber there is.  We don’t need their lumber.  What do we need their lumber for?

         When you look at the — we subsidize them $200 billion a year.  Without us, Canada can’t make it.  You know, Canada relies on us 95 percent.  We rely on them 4 percent.  Big difference.  And I say Canada should be our 51st state.  There’s no tariffs, no nothing. 
        
         And — and I say that, we give them military protection.  They have a very small military.  They spend very little money on military.  Or NATO, they’re just about last in terms of payment, because they say, “Why should we spend on military?”  That’s a tremendous cost.  Most nations can’t afford to even think about it.  “Why should we spend on military?  The United States protects us.” 

         And I would say that’s largely true.  We protect Canada.  But it’s not fair.  It’s not fair that they’re not paying their way.  And if they had to pay their way, they couldn’t exist. 

         When I spoke to — let’s call it the prime minister, rather than the governor.  (Laughter.)  But when I spoke to him, I said, “Why are we giving you $200 billion a year?”  He was unable to answer the question.  I said, “Why are we letting you make millions of cars and send them in?”  He was unable to answer the question — Justin Trudeau, a nice guy.  I think he’s a very good guy.  I call him Governor Trudeau. 

         He should be governor, because the fact is that if we don’t give them cars — we don’t have to give them cars.  The c- — tariffs will make it impossible for them to sell cars into the United States.  The tariffs will make it impossible to — for them to sell lumber or anything else into the United States. 

    And all I’m asking to do is break even or lose a little bit, but not lose $200 million.  And we love Canada.  I love Canada.  I love the people of Canada.  And — but, honestly, it’s not fair for us to be supporting Canada.  And if we don’t support them, they don’t subsist as a — as a nation. 

    Okay.

    Q    Mr. President, when you were talking to Elon —

    Q    Mr. President, on the EU tariffs.  Mr. President, have you made a decision on what level you will seek on tariffs on the European Union?

    THE PRESIDENT:  We have made a decision, and we’ll be announcing it very soon.  And it’ll be 25 percent, generally speaking, and that’ll be on cars and all other things. 

    And European Union is a different case than Canada — different kind of case.  They’ve really taken advantage of us in a different way.  They don’t accept our cars.  They don’t accept, essentially, our farm products.  They use all sorts of reasons why not.  And we accept everything of them, and we have about a $300 billion deficit with the European Union. 

    Now, I love the countries of Europe.  I guess I’m from there at some point, a long time ago, right?  (Laughter.)  But indirectly — well, pretty directly, too, I guess.  But I love the countries of Europe.  I — I love all countries, frankly.  All different.

    But European Union has been — it was formed in order to screw the United States.  I mean, look, let’s be honest.  The European Union was formed in order to screw the United States.  That’s the purpose of it, and they’ve done a good job of it, but now I’m president.

    Q    What will happen if these countries or the EU retaliate?

    THE PRESIDENT:  They can’t.  I mean, they can try, but they can’t. 

    Q    China did.  They imposed tariffs —

    Q    They are pledging to, sir.

    Q    — that are — went into effect, China’s retaliatory tariffs —

    THE PRESIDENT:  That’s right.  That’s right.  But —

    Q    — on the — the 10th of February.  Has there been any —

    THE PRESIDENT:  That’s right.

    Q    — impact that you’ve been able to observe?

    THE PRESIDENT:  That’s right.  No, they can do it, and they can try, but the numbers can never equal what ours, because we can go off.  We are the pot of gold.  We’re the one that everybody wants.  And they can retaliate, but it cannot be a successful retaliation, because we just go cold turkey.  We don’t buy anymore.  And if that happens, we win. 

    Q    Are you talking to Erik Prince about privatat- —

    THE PRESIDENT:  No.

    Q    — privatizing deportations?

    THE PRESIDENT:  No, I haven’t.  I haven’t.

    Q    Mr. President, you’re in litigation with CBS News.  Is this a case that you’d like to see go to trial, or are you open a settelm- —

    THE PRESIDENT:  With who?

    Q    CBS, the — “60 Minutes.”

    THE PRESIDENT:  CBS?

    Q    Yes.

    THE PRESIDENT:  Well, CBS did something that was amazing.  Kamala was unable to answer a question properly, and they took the question that they asked, and they inserted an answer.  They gave her an answer.  This was two days before the election, right before — the Sunday night before the election.  And they wrote out a — they put her words from another question that was asked about a half an hour later, and they put that into the question. 

    Nobody’s ever even heard of it before.  Nobody’s ever heard of anything like this before.  But they then did it, they say, on numerous occasions.  And the FCC is looking at it very strongly, and everybody’s looking at it, and I’m — but nobody’s ever seen anything. 

    Think of it.  They took her answers, and they changed them.  And I don’t mean they changed a word or two, or they cut off a half a sentence, or they cut off a couple of words.  I mean, I’ve had that happen too.  But that, you — you just say — you know, then they say, “Well, we want brevity.  You know, we wanted to do it for time.” 

    Q    Would — would you encourage —

    THE PRESIDENT:  They took out her answer, and they inserted an entirely different answer that made her sound competent.  And they did this, and nobody’s ever — I thought I’ve heard of everything when it comes to that stuff.  No — I’ve never heard of it.  Nobody has ever seen.  So, we sued, and we are in discussions of settlement. 

    Q    What would a number be?  Like a hu- — what — what’s a number that you would think would be appropriate?

    THE PRESIDENT:  I think it’s a lot.  (Laughter.) 

    Q    What’s the timeline and process —

    THE PRESIDENT:  No, I mean, it — look, it could have — it probably did affect the election.  I mean, we won by a lot.  As I said, “Too big to rig.”  But it probably did affect the election.  Yeah, probably could have won by more, but I could have lost the election because of that. 

    It’s — we have to get to honest elections.  We have to go back to paper ballots.  We have to go back to voter ID.  One-day election, ideally, or short term, not these 48-day and 61-day elections where boxes are put in a room, and, “Oh, let’s move the boxes, because we’re putting in a new air conditioning system.”  Then you see the boxes move, and then you say, “Well, where are all the boxes?”  You know, —

    Q    But would you —

    THE PRESIDENT:  “What happened to the boxes that never came back?” 

    No, our elections are extremely dishonest.  We’re the only country in the world that has mail-in voting and all of these different things that we put in.  Nobody — no other country in the world has it. 

    You know, France went to — they had some of the things that we had, and they went to same-day voting, all paper.  And, you know, paper is very sophisticated now.  It’s a very sophisticated — it’s a very sophisticated form of voting right now.  It’s a very safe form of voting. 

    You know, the other thing is for the governors.  I wish the governors would do it, because the paper ballots will cost 9 percent of the machines, and they’re 100 percent.  You know, they’re — I don’t — nothing’s foolproof, but they’re as close as you get.  So, we’ll see what happens. 

    But on the “60 Minute” thing, nobody’s ever seen anything like it. 

    Q    And would you link the FCC action to the litigation?  I mean, does it make se- —

    THE PRESIDENT:  I don’t think it’s linked, but probably the lawyers look at it, you know, because I know it’s going along.  FCC is headed by a very competent person, and you have some very competent people on the board, and so I think they’re looking at it very seriously. 

    Yeah.

    Q    Mr. President —

    Q    Sir, of all the deals that you’ve done in your life, all the people you’ve sat across from and negotiated with, is President Putin distinct in any way?

    THE PRESIDENT:  He’s a very smart guy.  He’s a very cunning person.  But I’ve dealt with some people that — I’ve dealt with some really bad people.  But I will tell you, as far as this is concerned, we’ve — you have to understand, he was — he had no intention, in my opinion, of settling this war.  I think he wanted the whole thing. 

    When I got elected, we spoke, and I think we’re going to have a deal.  I can’t guarantee you that.  You know, a deal is a deal.  Lots of crazy things happen in deals, right?  But I think we’re going to have a deal. 

    If I didn’t get elected, I believe he would have just continued to go through Ukraine, and over a period of time, a lot of people — a lot of people would have been killed.  It would have lasted for a period of time. 

    And the reason that Ukraine — and I give — I have great respect for the Ukraine as fighters.  They have great fighters.  But without our equipment, that war would have been over, like people said, in a very short period of time. 

    Q    Is there a timeline (inaudible) — 

    THE PRESIDENT:  And if you remember, I gave the Javelins, and the Javelins are the things that knocked out those tanks right at the beginning of the war.  They said that — that Obama, at the time, gave sheets, and Trump gave Javelins.  Well, I was the one that did that.  But I want to see it come to an end. 

    Q    Will he have to make concessions — President Putin?

    THE PRESIDENT:  Yeah, he will.  He will.  He’s going to have to.  And —

    Q    Can you preview that?

    THE PRESIDENT:  And I think — I believe that, because we got elected, that war will come to an end.  And I also believe, if we didn’t get elected, if this administration didn’t win the election by a lot, that that war would go on for a long time, and he would want to take the whole thing. 

    Q    What concessions?  What concessions?

    Q    On the — on the —

    THE PRESIDENT:  The big question I had is: Does he want to take the whole thing?  But the reason — and — and the Ukrainians are good fighters, I have to say, but without the equipment — without our equipment — we have the best equipment in the world.  We have the best military equipment in the world.  Without our equipment, that would have been over very quickly. 

    Q    What concessions would you like to see? 

    Q    On the (inaudible), sir?  On — on the —

    Q    What concessions would you like to see?

    THE PRESIDENT:  Oh, I don’t want to tell right now.  But I can tell you that NATO, you can forget about.  That’s been — I think that’s probably the reason the whole thing started.  And I think, JD, we can say that. 

    What — do you have a statement on that?  You’ve been very much involved. 

    THE VICE PRESIDENT:  (Laughs.)

    THE PRESIDENT:  I gave him the beauty.

    THE VICE PRESIDENT:  Great.  You gave me the — the hardest question, sir. 

    Q    Concessions from Russia.

    THE VICE PRESIDENT:  I mean, look, as the president said, we’re not going to do the negotiation in public with the American media.  He’s going to do it in private with the president of — of Russia, with the president of Ukraine, and with other leaders.  And I think that’s how this has to go. 

    I think the — I just want to push back against some of the criticism I’ve seen in the administration on this, because every single time the president engages in diplomacy, you guys preemptively accuse him of conceding to Russia.  He hasn’t conceded anything to anyone.  He’s doing the job of a diplomat, and he is, of course, the diplomat in chief as the president of the United States. 

    Q    On the gold cards, sir.  Can you talk a little bit more about the vetting process, you know —

    THE PRESIDENT:  They’ll go through a process.  The process is being worked out right now, and we’re going to be — we’re going to be very careful. 

    Q    And will there be restrictions on, for instance, can Chinese nationals get one? 

    THE PRESIDENT:  No, we’re not going to restrict. 

    Q    Can Iranian nationals get —

    THE PRESIDENT:  We’re probably not going to be restricting too much in — in terms of countries, but maybe in terms of individuals.  We want to make sure we have people that love our country and are capable of loving the country.

    Q    Is there a process, sir —

    Q    Mr. President, there is a measles outbreak in Texas at the moment in which a child is reported to have died.  Do you have concerns about that?  And have you asked Secretary Kennedy to look into that outbreak? 

    THE PRESIDENT:  Well, why don’t we — Bobby, do you want to speak on that, please?

    SECRETARY KENNEDY:  We are following the measles epidemic every day.  I think there’s 124 people who have contracted measles at this point, mainly in Gaines County, Texas; mainly, we’re told, in the Mennonite community. 

    There are two people who have died, but the — we’re watching it.  And there — there are about 20 people hospitalized, mainly for quarantine. 

    We’re watching it.  We put out a post on it yesterday, and we’re going to continue to follow it. 

    Q    Mr. President —

    SECRETARY KENNEDY:  Inci- — incidentally, there have been four measles outbreaks this year in this country.  Last year, there were 16.  So, it’s not unusual.  We have measles outbreaks every year. 

    Q    You sound a little under the weather yourself right now.  Are you all right?

    SECRETARY KENNEDY:  I just — I have a permanently bad throat. 

    Q    (Inaudible) coughing.

    Q    Mr. President, would you — would you send U.S. peacekeepers to just — to support the — the European peacekeepers?  Would you do any sort of U.S. —

    THE PRESIDENT:  No, we’re going to support Europe, yeah. 

    Q    And how would we do that?  How would the United States do that?

    THE PRESIDENT:  We’re very friendly with Europe.  We have a great relationship with Europe.  I mean, you could ask — you could talk about France.  You could talk about any of them.  Yeah, we have a great relationship with Europe. 

    Q    But how will we — how will the United States do that?  Would there be boots on —

    THE PRESIDENT:  Well, how?  I mean, you’re asking me a question: What are we doing in the — let’s worry — I hope we have that problem, where we can worry about peacekeeping.  We got to get there first.

    (Secretary Lutnick knocks on the table.)

    But I hope we have the problem of worrying about peacekeeping.  That’ll be the easiest problem, I think, JD, that we’ve ever had.  (Laughter.)

    THE VICE PRESIDENT:  I think so, sir.

    Q    That would be part of the deal, presumably, that the Ukrainians —

    THE PRESIDENT:  We’ll — we’re —

    Q    — would want —

    THE PRESIDENT:  We’ll do it at the time, but we’ll — peacekeeping is very easy.  It’s making the deal that’s very tough. 

    And, again, nobody was speaking to Russia at all.  And, you know, probably a million and a half soldiers have been killed — close to a million and a half soldiers, not to mention a treme- — I will tell you, the — the thing with that horrible war that should have never started — it would have never started if I were president, and it didn’t start for four years, and it was not even thought about starting.  But the thing with that war is that you’re highly underestimating the number of people that have been killed.  Far more people have been killed in that war than you talk about.  You know, you like to talk about numbers, like, a million people.  Well, they had much more than a million soldiers killed.

    But you have a lot of cities that have been knocked to the ground.  They’re demolition sites.  Literally, demolition sites.  Every single building is knocked to the ground, and a lot of people were killed in those buildings.  And you’ll hear a report, “Two people were minorly injured” or “just injured a little bit.”  No.  No.  People were killed by the thousands.

    And there are a lot more people killed in that war than the media wants to talk about, because Biden did a horrible, horrible job.  He should have prevented that war.  He could have prevented that war. 

    Putin would have never gone in.  I’ll tell you one thing: He would have never gone in.  That war would never have taken place if I were president. 

    Q    I think what people are trying to understand, Mr. President —

    Q    Mr. President —

    Q    — is how would the United States — what would you be willing to do to support this European peacekeeping effort?  Would there be —

    THE PRESIDENT:  Again, you’re asking me the same question?  (Laughter.)

    Q    I’m just trying —

    THE PRESIDENT:  How many times do you have to answer it?  You’re talking about after we make peace.  Let me make peace first. 

    Once we make peace, I’ll give you all the answers you want.  But how many times can you ask the same question?

    Q    Mr. President, on the Middle East.  Did you receive —

    Q    Is loosening the sanctions on —

    THE PRESIDENT:  Yeah, go ahead.  Behind.

    Q    Is loosening the sanctions on Russia a potential option as part of an overall deal?

    THE PRESIDENT:  Not now, no.  No.  We have sanctions on Russia.  No, I want to see if we make a deal first.  But I think we will.  I’ve had very —

    Q    But is it a bargaining chip, I’m asking.

    THE PRESIDENT:  I’ve had very good conversations with President Putin.  I’ve had very good conversations with President Zelenskyy.  And until four weeks ago, nobody had conversations with anybody.  It wasn’t even a consideration.  Nobody thought you could make peace.  I think you can. 

    Q    Mr. President, just —

    Q    But if Mr. Putin gets to keep his —

    Q    — just to bring this —

    Q    — the land that was claimed by force, if the Russians get to keep the territory that they — they claimed by force, doesn’t that send a dangerous message, let’s say, to China about Taiwan?

    THE PRESIDENT:  Oh, okay.  You try and take it away, right?  We’re going to do the best we can.  (Laughter.)  We’re going to do the best we can to make the best deal we can for both sides.  But for Ukraine, we’re going to try very hard to make a good deal so that they can get as much back as possible.  We want to get as much back as possible. 

    Q    Mr. President, just to bring this full —

    THE PRESIDENT:  And we’ll — we’ll cut it out after maybe this question.  Go ahead.

    Q    To bring this full circle, back to —

    THE PRESIDENT:  Unless it’s a bad question, and then we’ll (inaudible).  (Laughter.)

    Q    And back to —

    THE PRESIDENT:  You always like to finish on a good one.

    THE VICE PRESIDENT:  But, sir, they want you to negotiate with them instead of President Putin.

    THE PRESIDENT:  I know.  I know.

    Q    Back to the question about the —

    THE PRESIDENT:  They want to continue to talk about the peacekeepers.  (Laughter.)  They’re — you have a lot of confidence in us, because you assume there’s going to be peace.  You know, it’s possible it doesn’t work out.  There is possibility. 

         Q    And I had —

         THE PRESIDENT:  But I hope it does, for the sake of humanity, because if you look at the pictures that I’ve looked at, you don’t want to look at them. 

         Go ahead.

         Q    I had a question back on these cuts to the federal workforce.  You mentioned you — you’re interested in doing another round of this email.  When would you like to

    see that?  What would be the deadline?  And —

         THE PRESIDENT:  I — I’m not — I think —

         Q    — this time, would it be mandatory?

         THE PRESIDENT:  I think Elon — I think Elon wants to.  And I think it’s a good idea because, you know, those people, as I said before, they’re on the bubble.  You got a lot of people that have not responded, so we’re trying to figure out, do they exist?  Who are they?  And it’s possible that a lot of those people will be actually fired. 

         Q    And —

         THE PRESIDENT:  And if that happened, that’s okay, because that’s what we’re trying to do. 

         This country has gotten bloated and fat and disgusting and incompetently run. 

         I think we had the worst president in the history of our country.  He just left office.  I think he’s a disgrace.  What he’s done to our country by allowing millions of people to come into our country like that and all of the other things — the inflation, which he caused because of energy and stupid spending.  To spend hundreds of millions, trillions and trillions of dollars on the Green New Scam — a total scam.  I have the best energy people, the best environmental people in the world around this table, and they — they can’t even believe he got away with it. 

         And then, in leaving office, to send $20 billion here and $20 million there and $10 million and $5 million, and they couldn’t spend the money fast enough, and “Let’s get it out before Trump gets in.  Let’s just get it out to anybody.”  This is a disgrace to our nation.

         And you don’t write the fair thing.  But, look, you know the good news?  The people see it, and that’s why we won the election by so much. 

         Thank you very much, everybody.  I appreciate it.  Thank you.  Thank you.   

         Q    Thank you, Mr. President.

         THE PRESIDENT:  Thank you very much, Doug.  Pulitzer Prize.

         THE VICE PRESIDENT:  Sir, how many peacekeepers are you going to send to — (laughter) —

         THE PRESIDENT:  “What will you do?”  “How will it be?”  (Laughter.)

         SECRETARY LUTNICK:  “How will you address this?”

                                    END            12:47 P.M. EST

    MIL OSI USA News –

    February 27, 2025
  • MIL-OSI: ThreeD Capital Inc. Releases Results for the Three and Six Months Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — ThreeD Capital Inc. (“ThreeD” or the “Company”) (CSE:IDK / OTCQX:IDKFF) a Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors, is pleased to announce its unaudited results as at and for the three and six months ended December 31, 2024.

    As at December 31, 2024, the Company had cash, investments and digital assets of $42.3 million.

    As at December 31, 2024, net asset value per share was $0.76 as compared to $0.86 as at June 30, 2024. (See “Use of Non-GAAP Financial Measures” elsewhere)

    Financial Highlights for the three and six months ending December 31, 2024 with comparatives:

     Operating Results Three months ended
    December 31,
    Six months ended
    December 31,
        2024     2023     2024     2023  
     Net investment and digital assets gains (losses) $ (1,391,161 ) $ (4,251,307 ) $ (1,509,862 ) $ 3,374,507  
     Operating, general and administrative expenses   (953,520 )   (598,753 )   (1,996,968 )   (1,521,414 )
     Net income (loss) for the period   (2,216,578 )   (4,600,755 )   (3,315,158 )   2,193,938  
     Total comprehensive income (loss) for the period   (2,217,226 )   (4,600,361 )   (3,315,555 )   2,193,956  
     Basic income (loss) per common share   (0.04 )   (0.09 )   (0.06 )   0.04  
     Diluted income (loss) per common share   (0.04 )   (0.09 )   (0.06 )   0.04  
     Consolidated statement of financial position highlights December 31,
    2024
    June 30,
    2024
     Cash $ 49,110   $ 482,146  
     Investments, at fair value   39,833,331     51,577,705  
     Digital assets, at fair value less cost to sell   2,415,173     3,156,065  
     Total assets   43,875,042     56,174,715  
     Total liabilities   864,916     11,455,313  
     Share capital, contributed surplus, warrants   153,179,771     151,573,492  
     Foreign currency translation reserve   874,705     875,102  
     Deficit   (111,044,350 )   (107,729,192 )

    Sheldon Inwentash, Chairman and CEO, stated “We are optimistic that the digital assets and investments within ThreeD’s portfolio will generate future economic growth to the Company. As global markets continue to experience uncertainty, we see tremendous opportunities for innovation and sustainable growth as we continue to invest in emerging companies that align with our strategic vision.”

    Additionally, ThreeD announces that it will no longer be releasing its unaudited net asset value per share (“NAV”) on a monthly basis. Instead, the Company will include the NAV within its quarterly financial results press releases to aid shareholders with analysis of Company performance that can be analyzed with the Company’s quarterly unaudited financial statements.

    Use of Non-GAAP Financial Measures:

    This press release contains references to “net asset value per share” (“NAV”) which is a non-GAAP financial measure. NAV is calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable GAAP financial measure presented in ThreeD’s consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure. The Company believes that the measure provides information useful to its shareholders in understanding our performance, and may assist in the evaluation of the Company’s business relative to that of its peers.

    About ThreeD Capital Inc.

    ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors. ThreeD’s investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the Company’s ecosystem.

    For further information:

    Matthew Davis, CPA
    Chief Financial Officer
    davis@threedcap.com
    Phone: 416-941-8900

    The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

    Forward-Looking Statements

    This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of Canadian securities laws including, without limitation, statements with respect to the future investments by the Company. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward- looking statements will not occur. Although the Company believes that the expectations reflected in the forward-looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company’s actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward- looking statements contained herein are expressly qualified by this cautionary statement.

    The MIL Network –

    February 27, 2025
  • MIL-OSI Economics: Newest models in Microsoft’s Phi family empower developers with advanced AI capabilities

    Source: Microsoft

    Headline: Newest models in Microsoft’s Phi family empower developers with advanced AI capabilities

    We are excited to announce Phi-4-multimodal and Phi-4-mini, the newest models in Microsoft’s Phi family of small language models (SLMs). These models are designed to empower developers with advanced AI capabilities.

    We are excited to announce Phi-4-multimodal and Phi-4-mini, the newest models in Microsoft’s Phi family of small language models (SLMs). These models are designed to empower developers with advanced AI capabilities. Phi-4-multimodal, with its ability to process speech, vision, and text simultaneously, opens new possibilities for creating innovative and context-aware applications. Phi-4-mini, on the other hand, excels in text-based tasks, providing high accuracy and scalability in a compact form. Now available in Azure AI Foundry, HuggingFace, and the NVIDIA API Catalog where developers can explore the full potential of Phi-4-multimodal on the NVIDIA API Catalog, enabling them to experiment and innovate with ease. 

    What is Phi-4-multimodal?

    Phi-4-multimodal marks a new milestone in Microsoft’s AI development as our first multimodal language model. At the core of innovation lies continuous improvement, and that starts with listening to our customers. In direct response to customer feedback, we’ve developed Phi-4-multimodal, a 5.6B parameter model, that seamlessly integrates speech, vision, and text processing into a single, unified architecture.

    By leveraging advanced cross-modal learning techniques, this model enables more natural and context-aware interactions, allowing devices to understand and reason across multiple input modalities simultaneously. Whether interpreting spoken language, analyzing images, or processing textual information, it delivers highly efficient, low-latency inference—all while optimizing for on-device execution and reduced computational overhead.

    Redefining what’s possible with SLMs

    Natively built for multimodal experiences

    Phi-4-multimodal is a single model with mixture-of-LoRAs that includes speech, vision, and language, all processed simultaneously within the same representation space. The result is a single, unified model capable of handling text, audio, and visual inputs—no need for complex pipelines or separate models for different modalities.

    The Phi-4-multimodal is built on a new architecture that enhances efficiency and scalability. It incorporates a larger vocabulary for improved processing, supports multilingual capabilities, and integrates language reasoning with multimodal inputs. All of this is achieved within a powerful, compact, highly efficient model that’s suited for deployment on devices and edge computing platforms.

    This model represents a step forward for the Phi family of models, offering enhanced performance in a small package. Whether you’re looking for advanced AI capabilities on mobile devices or edge systems, Phi-4-multimodal provides a high-capability option that’s both efficient and versatile.

    Unlocking new capabilities

    With its increased range of capabilities and flexibility, Phi-4-multimodal opens exciting new possibilities for app developers, businesses, and industries looking to harness the power of AI in innovative ways. The future of multimodal AI is here, and it’s ready to transform your applications.

    Phi-4-multimodal is capable of processing both visual and audio together. The following table shows the model quality when the input query for vision content is synthetic speech on chart/table understanding and document reasoning tasks. Compared to other existing state-of-the-art omni models that can enable audio and visual signals as input, Phi-4-multimodal achieves much stronger performance on multiple benchmarks.

    Figure 1: Phi-4-multimodal audio and visual benchmarks.

    Phi-4-multimodal has demonstrated remarkable capabilities in speech-related tasks, emerging as a leading open model in multiple areas. It outperforms specialized models like WhisperV3 and SeamlessM4T-v2-Large in both automatic speech recognition (ASR) and speech translation (ST). The model has claimed the top position on the Huggingface OpenASR leaderboard with an impressive word error rate of 6.14%, surpassing the previous best performance of 6.5% as of February 2025. Additionally, it is among a few open models to successfully implement speech summarization and achieve performance levels comparable to GPT-4o model. The model has a gap with close models, such as Gemini-2.0-Flash and GPT-4o-realtime-preview, on speech question answering (QA) tasks as the smaller model size results in less capacity to retain factual QA knowledge. Work is being undertaken to improve this capability in the next iterations.

    Figure 2: Phi-4-multimodal speech benchmarks.

    Phi-4-multimodal with only 5.6B parameters demonstrates remarkable vision capabilities across various benchmarks, most notably achieving strong performance on mathematical and science reasoning. Despite its smaller size, the model maintains competitive performance on general multimodal capabilities, such as document and chart understanding, Optical Character Recognition (OCR), and visual science reasoning, matching or exceeding close models like Gemini-2-Flash-lite-preview/Claude-3.5-Sonnet.

    Figure 3: Phi-4-multimodal vision benchmarks.

    What is Phi-4-mini?

    Phi-4-mini is a 3.8B parameter model and a dense, decoder-only transformer featuring grouped-query attention, 200,000 vocabulary, and shared input-output embeddings, designed for speed and efficiency. Despite its compact size, it continues outperforming larger models in text-based tasks, including reasoning, math, coding, instruction-following, and function-calling. Supporting sequences up to 128,000 tokens, it delivers high accuracy and scalability, making it a powerful solution for advanced AI applications.

    To understand the model quality, we compare Phi-4-mini with a set of models over a variety of benchmarks as shown in Figure 4.

    Figure 4: Phi-4-mini language benchmarks.

    Function calling, instruction following, long context, and reasoning are powerful capabilities that enable small language models like Phi-4-mini to access external knowledge and functionality despite their limited capacity. Through a standardized protocol, function calling allows the model to seamlessly integrate with structured programming interfaces. When a user makes a request, Phi-4-Mini can reason through the query, identify and call relevant functions with appropriate parameters, receive the function outputs, and incorporate those results into its responses. This creates an extensible agentic-based system where the model’s capabilities can be enhanced by connecting it to external tools, application program interfaces (APIs), and data sources through well-defined function interfaces. The following example simulates a smart home control agent with Phi-4-mini.

    At Headwaters, we are leveraging fine-tuned SLM like Phi-4-mini on the edge to enhance operational efficiency and provide innovative solutions. Edge AI demonstrates outstanding performance even in environments with unstable network connections or in fields where confidentiality is paramount. This makes it highly promising for driving innovation across various industries, including anomaly detection in manufacturing, rapid diagnostic support in healthcare, and enhancing customer experiences in retail. We are looking forward to delivering new solutions in the AI agent era with Phi-4 mini.
     
    —Masaya Nishimaki, Company Director, Headwaters Co., Ltd. 

    Customization and cross-platform

    Thanks to their smaller sizes, Phi-4-mini and Phi-4-multimodal models can be used in compute-constrained inference environments. These models can be used on-device, especially when further optimized with ONNX Runtime for cross-platform availability. Their lower computational needs make them a lower cost option with much better latency. The longer context window enables taking in and reasoning over large text content—documents, web pages, code, and more. Phi-4-mini and multimodal demonstrates strong reasoning and logic capabilities, making it a good candidate for analytical tasks. Their small size also makes fine-tuning or customization easier and more affordable. The table below shows examples of finetuning scenarios with Phi-4-multimodal.

    Tasks Base Model Finetuned Model Compute
    Speech translation from English to Indonesian 17.4 35.5 3 hours, 16 A100
    Medical visual question answering 47.6 56.7 5 hours, 8 A100

    For more information about customization or to learn more about the models, take a look at Phi Cookbook on GitHub. 

    How can these models be used in action?

    These models are designed to handle complex tasks efficiently, making them ideal for edge case scenarios and compute-constrained environments. Given the new capabilities Phi-4-multimodal and Phi-4-mini bring, the uses of Phi are only expanding. Phi models are being embedded into AI ecosystems and used to explore various use cases across industries.

    Language models are powerful reasoning engines, and integrating small language models like Phi into Windows allows us to maintain efficient compute capabilities and opens the door to a future of continuous intelligence baked in across all your apps and experiences. Copilot+ PCs will build upon Phi-4-multimodal’s capabilities, delivering the power of Microsoft’s advanced SLMs without the energy drain. This integration will enhance productivity, creativity, and education-focused experiences, becoming a standard part of our developer platform.

    —Vivek Pradeep, Vice President Distinguished Engineer of Windows Applied Sciences.

    1. Embedded directly to your smart device: Phone manufacturers integrating Phi-4-multimodal directly into a smartphone could enable smartphones to process and understand voice commands, recognize images, and interpret text seamlessly. Users could benefit from advanced features like real-time language translation, enhanced photo and video analysis, and intelligent personal assistants that understand and respond to complex queries. This would elevate the user experience by providing powerful AI capabilities directly on the device, ensuring low latency and high efficiency.
    2. On the road: Imagine an automotive company integrating Phi-4-multimodal into their in-car assistant systems. The model could enable vehicles to understand and respond to voice commands, recognize driver gestures, and analyze visual inputs from cameras. For instance, it could enhance driver safety by detecting drowsiness through facial recognition and providing real-time alerts. Additionally, it could offer seamless navigation assistance, interpret road signs, and provide contextual information, creating a more intuitive and safer driving experience while connected to the cloud and offline when connectivity isn’t available.
    3. Multilingual financial services: Imagine a financial services company integrating Phi-4-mini to automate complex financial calculations, generate detailed reports, and translate financial documents into multiple languages. For instance, the model can assist analysts by performing intricate mathematical computations required for risk assessments, portfolio management, and financial forecasting. Additionally, it can translate financial statements, regulatory documents, and client communications into various languages and could improve client relations globally.

    Microsoft’s commitment to security and safety

    Azure AI Foundry provides users with a robust set of capabilities to help organizations measure, mitigate, and manage AI risks across the AI development lifecycle for traditional machine learning and generative AI applications. Azure AI evaluations in AI Foundry enable developers to iteratively assess the quality and safety of models and applications using built-in and custom metrics to inform mitigations.

    Both models underwent security and safety testing by our internal and external security experts using strategies crafted by Microsoft AI Red Team (AIRT). These methods, developed over previous Phi models, incorporate global perspectives and native speakers of all supported languages. They span areas such as cybersecurity, national security, fairness, and violence, addressing current trends through multilingual probing. Using AIRT’s open-source Python Risk Identification Toolkit (PyRIT) and manual probing, red teamers conducted single-turn and multi-turn attacks. Operating independently from the development teams, AIRT continuously shared insights with the model team. This approach assessed the new AI security and safety landscape introduced by our latest Phi models, ensuring the delivery of high-quality capabilities.

    Take a look at the model cards for Phi-4-multimodal and Phi-4-mini, and the technical paper to see an outline of recommended uses and limitations for these models.

    Learn more about Phi-4

    We invite you to come explore the possibilities with Phi-4-multimodal and Phi-4-mini in Azure AI Foundry, Hugging Face, and NVIDIA API Catalog with a full multimodal experience. We can’t wait to hear your feedback and see the incredible things you will accomplish with our new models. 

    Azure AI Foundry

    Design, customize, and manage AI apps and agents at scale.

    MIL OSI Economics –

    February 27, 2025
  • MIL-OSI China: China remains attractive investment destination: report

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

    GUANGZHOU, Feb. 26 — The American Chamber of Commerce in South China (AmCham South China) released on Wednesday its 2025 Special Report on the State of Business in South China, which highlighted that the world’s second-largest economy continues to be an attractive investment destination.

    This year’s report, the 21st in the series, provides a comprehensive and quantitative analysis of the business community, offering valuable insights into development trends in South China. A total of 316 companies participated in the latest survey in 2024.

    The report highlights China’s leading position in global investment priorities, with 58 percent of foreign companies surveyed ranking it among their top three investment priorities. Looking ahead to 2025, 76 percent of the companies intend to reinvest in China, with a notable 74 percent of American companies planning reinvestments, up 11 percentage points year on year.

    The surveyed companies are mainly from the U.S., China, and the European Union. More than half of them are wholly foreign-owned, and over 30 percent are American-invested. The proportion of companies that generated over 60 percent of their global revenue from China increased by 5 percentage points, reaching a total of 31 percent, said the report.

    ExxonMobil China is a testament to the increasing confidence foreign investors have in the country, with the company recently launching trial production at a new petrochemical project in Guangdong’s Huizhou. Additionally, it will open a cutting-edge technology center in the province to bolster its research and development capabilities to support global customers.

    “China is a key part of our growth strategy, and Guangdong is an outstanding partner. We strongly value its professional and efficient government, well-developed infrastructure and business-friendly environment, and skilled workforce,” said Jean-Marc Taton, chairman of ExxonMobil China.

    Growth potential of the Chinese market continues to be the primary driver for increasing investments in China or shifting investments from other markets to China, followed by the industrial cluster effect and preferential policies, according to Harley Seyedin, Chairman and President of AmCham South China.

    In 2024, China’s GDP reached a record 134.91 trillion yuan (about 18.81 trillion U.S. dollars), marking a 5-percent year-on-year increase. This robust economic performance continues to attract global investors. Additionally, the ongoing policy incentives from China have also boosted the confidence of foreign enterprises.

    In February, China issued an action plan to stabilize foreign investment, with efforts to expand opening-up in sectors like telecommunication, biotechnology and medical services, and offering comprehensive services for foreign-invested projects.

    It encourages foreign investment in the high-tech and animal husbandry industries, and in services such as health care and finance. The plan also lifts restrictions on loans for foreign firms and ensures equal participation in government procurement for both foreign and domestic companies.

    “China is in the process of moving up the value chain, and we believe the Chinese consumer market will continue to grow exponentially,” Seyedin said. He noted that over 73 percent of AmCham’s member companies in south China are no longer focused on exports; instead, they are primarily involved in importing or producing goods and services for the Chinese market.

    Last September, China’s National Development and Reform Commission and the Ministry of Commerce jointly issued the 2024 version of the negative list for foreign investment access, announcing the removal of all restrictions on foreign investment in the manufacturing sector.

    This move is viewed favorably by a substantial proportion of the companies surveyed, with some optimistic that the policy will create greater investment opportunities and broader market access, thereby facilitating expansion and growth.

    Seyedin told Xinhua that lifting all restrictions on manufacturing investment in China could lead to a 30-percent increase in investment activities and an expansion of the country’s manufacturing capabilities.

    It is estimated that the member companies of AmCham South China have set aside a total of 14.59 billion U.S. dollars from their profits in China for reinvestment over the next three to five years. This will be used to expand existing operations and capture additional market share, representing a 33.18-percent increase compared to the previous reinvestment figure.

    “Businesses are increasing their commitments in China to secure a stronger foothold in this critical market. The reinvestment surge signals confidence in China’s future, and their hope for U.S.-China increased cooperation,” Seyedin said.

    MIL OSI China News –

    February 27, 2025
  • MIL-OSI United Nations: Transform Finance-Development Relationship from Vicious Cycle into Virtuous One, Deputy Secretary-General Urges Group of 20

    Source: United Nations MIL OSI b

    Following is UN Deputy Secretary-General Amina Mohammed’s message, as prepared for delivery, on the occasion of the Group of 20 (G20) Finance Ministers and Central Banks Meeting Session II:  International Financial Architecture, held in Cape Town, South Africa, today:

    Let me begin by thanking our South African hosts for their warm hospitality and leadership.  Cape Town — this vibrant city where two oceans meet — could not be a more fitting location for a presidency that aims to bridge divides.

    South Africa takes the helm of the G20 at a testing time.  Global gross domestic product (GDP) this year is projected to fall below pre-pandemic averages.  Poor countries are no longer converging towards the income levels of rich countries. 

    This “new normal” of low growth affects the possibilities of developing countries to navigate the energy transition, and build resilient, fair societies.  It ultimately affects whether people will fulfill their potential or not — and whether the promise of the Sustainable Development Goals (SDGs) will be kept.

    We are especially worried about the halting effect of high uncertainty on investment, the possibility of a new inflationary shock resulting from trade disruptions, and the scope for higher-for-longer interest rates that would exacerbate the debt crisis affecting developing economies.

    To face these challenges, we need an international financial architecture that can support economies to grow, liberating them from a vicious cycle where high debt leads to low investment, low investment to low growth, and low growth back to high debt.

    We need an architecture where the cost of capital to developing countries is low, enabling capital to flow where it can be most productive.  The G20 has a unique responsibility to lead this reform.  Three key actions are essential.

    First, we must further strengthen multilateral development banks.  The G20 Roadmap for Better, Bigger and More Effective Multilateral Development Banks points us in the right direction.  Now we must accelerate.  A successful replenishment of the African Development Fund will be a crucial milestone.

    Second, we need a comprehensive approach to the debt crisis.  Member States have put forward important structural proposals in advance of the fourth International Conference on Financing for Development, which we look to the G20 to support.

    Third, we must strengthen the global financial safety net, with the International Monetary Fund (IMF) at its core, to shield all economies in a shock-prone world.  We must channel special drawing rights to where they are most needed. We urge the G20 to use its voice to support the progress and reform developing countries need.

    With the right reforms, and with sufficient political will, we can transform the relationship between finance and development from a vicious cycle into a virtuous one.  This is the promise of South Africa’s G20 presidency — and of your leadership.

    MIL OSI United Nations News –

    February 27, 2025
  • MIL-OSI Canada: Bridging to Retirement Program update

    The Bridging to Retirement Program has played a critical role in helping forestry workers and contractors transition to retirement.

    The program is now fully subscribed and is no longer accepting applications as of Wednesday, Feb. 26, 2025.

    With the threat of U.S. tariffs that could affect the entire economy, government is focused on defending B.C.’s workers, businesses and economy. This includes working with Ottawa on supports for workers and filling in the gaps as needed.

    Since the program was created in October 2019, it has supported nearly 2,220 workers, approving more than $92 million in funding. In November 2021, the program was renewed with a three-year funding commitment to assist workers 55 and older who are affected by challenges in the forestry sector.

    Government will continue to provide updates on the provincial response to tariffs.

    MIL OSI Canada News –

    February 27, 2025
  • MIL-Evening Report: Quantum navigation could transform how we travel. So what is it, and how does it work?

    Source: The Conversation (Au and NZ) – By Allison Kealy, Director, Innovative Planet Institute, Swinburne University of Technology

    Triff/Shutterstock

    Quantum technology is no longer confined to the lab – it’s making its way into our everyday lives. Now, it’s about to transform something even more fundamental: how we navigate the world.

    Imagine submarines travelling beneath the ocean, never needing to surface for location updates. Planes flying across continents with unshakeable precision, unaffected by signal disruptions.

    Emergency responders could navigate smoke-filled buildings or underground tunnels with flawless accuracy, while autonomous vehicles chart perfect courses through dense urban environments.

    These scenarios might sound like science fiction, but they can all be made possible with an emerging approach known as quantum navigation.

    This game-changing tech will one day redefine movement, exploration and connectivity in ways we’re only just beginning to imagine. So, what is it?

    Satellite navigation is at the heart of many things

    Global navigation satellite systems, like GPS, are deeply embedded in modern society. We use them daily for navigation, ordering deliveries and tagging photo locations. But their impact goes far beyond convenience.

    Timing signals from satellites in Earth’s orbit authenticate stock market trades and help balance the electricity grid. In agriculture, satellite navigation guides autonomous tractors and helps muster cattle.

    Emergency services rely on navigation satellite systems for rapid response, reducing the time it takes to reach those in need.

    Despite their benefits, systems like GPS are quite vulnerable. Satellite signals can be jammed or interfered with. This can be due to active warfare, terrorism or for legitimate (or illegitimate) privacy concerns. Maps like GPSJAM show real-time interference hotspots, such as those in the Middle East, areas around Russia and Ukraine, and Myanmar.

    The environment of space isn’t constant, either. The Sun regularly ejects giant balls of plasma, causing what we know as solar storms. These emissions slam into Earth’s magnetic field, disrupting satellites and GPS signals. Often these effects are temporary, but they can also cause significant damage, depending on the severity of the storm.

    An outage of global navigation satellite systems would be more than an inconvenience – it would disrupt our most critical infrastructure.

    Estimates suggest a loss of GPS would cost just the United States economy about US$1 billion per day (A$1.5 billion), causing cascading failures across interconnected systems.

    Quantum navigation to the rescue

    In some environments, navigation signals from satellites don’t work very well. They don’t penetrate water or underground spaces, for example.

    If you’ve ever tried to use Google Maps in a built-up city with skyscrapers, you may have run into issues. Tall buildings cause signal reflections that degrade accuracy, and signals are weakened or completely unavailable inside buildings.

    This is where quantum navigation could step in one day.

    Quantum science describes the behaviour of particles at scales smaller than an atom. It reveals mind-boggling effects like superposition – particles existing in multiple states simultaneously – and entanglement (when particles are connected through space and time in ways that defy classical understanding).

    These effects are fragile and typically collapse under observation, which is why we don’t notice them in everyday life. But the very fragility of quantum processes also lets them work as exquisite sensors.

    A sensor is a device that detects changes in the world around it and turns that information into a signal we can measure or use. Think automatic doors that open when we walk near them, or phone screens that respond to our touch.

    Quantum sensors are so sensitive because quantum particles react to tiny changes in their environment. Unlike normal sensors, which can miss weak signals, quantum sensors are extremely good at detecting even the smallest changes in things like time, gravity or magnetic fields.

    Their sensitivity comes from how easily quantum states change when something in their surroundings shifts, allowing us to measure things with much greater accuracy than before.

    This precision is critical for robust navigation systems.

    Our team is researching new ways to use quantum sensors to measure Earth’s magnetic field for navigation. By using quantum effects in diamonds, we can detect Earth’s magnetic field in real time and compare the measurements to pre-existing magnetic field maps, providing a resilient alternative to satellite navigation like GPS.

    Since magnetic signals are unaffected by jamming and work underwater, they offer a promising backup system.

    A quantum magnetometer used in our research.
    Swinburne University/RMIT/Phasor

    The future of navigation

    The future of navigation will integrate quantum sensors to enhance location accuracy (via Earth’s magnetic and gravitational fields), improve orientation (via quantum gyroscopes), and enable superior timing (through compact atomic clocks and interconnected timekeeping systems).

    These technologies promise to complement and, in some cases, provide alternatives to traditional satellite-based navigation.

    However, while the potential of quantum navigation is clear, making it a practical reality remains a significant challenge. Researchers and companies worldwide are working to refine these technologies, with major efforts underway in academia, government labs and industry.

    Startups and established players are developing prototypes of quantum accelerometers (devices that measure movement) and gyroscopes, but most remain in early testing phases or specialised applications.

    Key hurdles include reducing the size and power demands of quantum sensors, improving their stability outside of controlled laboratory settings, and integrating them into existing navigation systems.

    Cost is another barrier – today’s quantum devices are expensive and complex, meaning widespread adoption is still years away.

    If these challenges can be overcome, quantum navigation could reshape everyday life in subtle but profound ways. While quantum navigation won’t replace GPS overnight, it could become an essential part of the infrastructure that keeps the world moving.

    Allison Kealy is affiliated with Quantum Australia as a board member.

    Allison Kealy is a research collaborator with RMIT University and Phasor Quantum.

    – ref. Quantum navigation could transform how we travel. So what is it, and how does it work? – https://theconversation.com/quantum-navigation-could-transform-how-we-travel-so-what-is-it-and-how-does-it-work-250285

    MIL OSI Analysis – EveningReport.nz –

    February 27, 2025
  • MIL-OSI USA: Welch Delivers Remarks on Trump’s National Energy Emergency: “The president is going all in on fossil fuels and casting aside the opportunities that come with clean energy.” 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.), Ranking Member of the Senate Agriculture Subcommittee on Rural Development, Energy, and Credit, today joined his colleagues on the Senate floor to slam President Trump’s Executive Order declaring a national energy emergency, which will kill jobs in the clean energy sector that are vital to producing less expensive power. In his remarks, Senator Welch highlighted how the President’s Executive Order undermines Congress’ authority and the system of checks and balances. 
    “There’s only two explanations that explain the actions of the administration. One is they just favor fossil fuels, no matter what. A lot of truth to that. The other is there’s a lack of confidence on the administration about the capacity of the American people, the American innovators, the American entrepreneurs to take full advantage of solving the issue of climate change by building out clean energy by doing efficiency. That really, really works. And you know, a confident person, a confident country, doesn’t deny problems exist. They acknowledge them, face them squarely, and then solve them. And in the process of doing that, they all end up better and you have a stronger economy as well,” said Senator Welch.  
    “So, there is no emergency. We must stand first for the separation of powers and the authority of Congress and not allow us to be stripped of that by an executive. And second, we have to have a wise policy that is going to create jobs to be sustainable for our economy and for our future.” 
    Watch Senator Welch’s speech below: 

    Read the Senator’s remarks as delivered here. 
    Learn more about Senator Welch’s work by visiting his website or by following him on social media. 

    MIL OSI USA News –

    February 27, 2025
  • MIL-OSI Australia: Independent experts selected to advise Government on investments from Regional Development Trust

    Source: New South Wales Government 2

    Headline: Independent experts selected to advise Government on investments from Regional Development Trust

    Published: 27 February 2025

    Released by: Minister for Regional NSW


    Six independent experts across regional and rural economics, primary industries, natural resources, and Aboriginal economic development have been appointed to help guide the NSW Government as it invests in new regional businesses and job creation projects throughout NSW.

    The NSW Government’s Regional Development Trust and its Advisory Council are part of the Minns Labor Government’s long-term commitment to regional NSW, jobs creation and businesses development and a direct response to a decade of pork barrelling and poor decision making by the previous National Liberal Government.

    The 2025 Regional Development Advisory Council has been appointed by the Minister for Regional NSW, Tara Moriarty, to ensure regional and rural communities continue to be placed at the centre of government investment decision making.

    Through the Advisory Council the Minns Government has restored integrity to how government funds are used, ensuring they reflect the needs of regional communities and deliver real outcomes.

    The Council provides independent and strategic advice to support investment decisions made from the Regional Development Trust, ensuring independent oversight and transparency for the allocation of public funds.

    Since the Regional Development Trust was announced in September 2023 more than $37 million has been invested in strategic initiatives that are evidence-based, meet regional needs and achieve real outcomes for communities, including:

    • $15 million to upgrade airstrips in Deniliquin, Bourke and White Cliffs to future proof access to essential services in these communities.
    • $10 million to improve workforce participation in Western NSW by supporting increased childcare availability and service upgrades in Bourke, Broken Hill and Cobar.
    • $5 million to support Aboriginal businesses and organisations in regional NSW to expand and reach their potential, delivering improved economic and employment outcomes.
    • $5 million for alow interest loans pilot program to enable eligible small and medium enterprises in the food and beverage manufacturing sectors to increase productivity and create jobs in regional NSW.
    • $2 million to support the continuation of subsidised commercial flights to Cobar, Bourke, Walgett and Lightning Ridge.

    In addition, a further $50 million is currently being assessed to fund regional projects and programs. Successful applicants will be announced within the coming months following advice from the new Advisory Council.

    The 2025 Advisory Council members have been appointed for a 12-month term following an extensive public expression of interest process.

    Regional Development Advisory Council members

    Professor Alison Sheridan – Chairperson  

    Professor Alison Sheridan is Emeritus Professor at the University of New England (UNE). Professor Sheridan holds a Bachelor of Agricultural Economics (Hons) from the University of Sydney and PhD in Management from the University of New England (UNE).

    Professor Sheridan has been based in regional NSW for 35 years and was previously head of UNE’s Business School. In this role, she led the establishment of the UNE Smart Region Incubator and co-led the development of the Master of Economic and Regional Development course.

    Alison Stone – Member

    Alison Stone is an executive leader with 40 years’ experience working across rural and regional communities in the public sector, board and advisory roles. Ms Stone specialises in land and infrastructure management and development, fire and emergency management and primary industries at state and national levels. Ms Stone is also the first statutory Agriculture Commissioner for NSW.  

    David Harding – Member

    David Harding is Executive Director at Business NSW. In this role, he provides leadership and a voice to businesses across metropolitan and regional NSW.  Mr Harding is experienced in policy and major projects development working with all three levels of government.

    Dianna Somerville – Ex-Officio member

    Dianna Somerville is Chairperson of Regional Development Australia Riverina. She holds a Bachelor of Arts from the Australian Defence Force Academy University of New South Wales.

    Mrs Somerville has extensive experience working across the public and not-for-profit sectors including with defence industries.

    Phil Usher – Member

    Phil Usher is a Wiradjuri man, born and raised on Gomeroi Country. 

    Mr Usher is the CEO of First Nations Foundation, which works to build capacity and financial prosperity of Aboriginal organisations, businesses and communities. 

    Thomas McKeon – Member

    Thomas McKeon is an accomplished professional with over 40 years of experience in the agriculture, asset, and investment management industries.

    Based in South East NSW, and having strong connections to regional areas and communities, Mr McKeon has an extensive background in senior and executive management roles both in Australia and internationally.

    For more information visit the Regional Development Advisory Council webpage.

    Minister for Regional NSW Tara Moriarty said:

    “The Regional Development Advisory Council and the Regional Development Trust Fund ensure NSW Government investments are made where they are needed most in regional NSW.”

    “The 2025 Advisory Council members have been appointed following an extensive public expression of interest process. I congratulate all the members on their appointment and look forward to working with them for the next year.”

    “I’d also like to congratulate the Interim Council who helped steer the Trust investment decisions over the course of its 12-month term.”

    “The Regional Development Trust and its Advisory Council marks a completely new direction in the way the NSW Government supports rural and regional development in NSW.”

    “After a decade of waste and poor decision making by the former Government, the establishment of the Regional Development Advisory Council is an important step towards the provision of independent and expert advice on what projects and programs should be funded.”

    “Our intention is to ensure rural, remote and regional communities receive their fair share and money is spent on projects that are actually needed and will be delivered.”

    Advisory Council Chairperson Professor Alison Sheridan said:

    “This is a wonderful opportunity to deliver robust and sustainable investment for regional and rural NSW, knowing how important strategic investment is for achieving real outcomes for our communities.”

    MIL OSI News –

    February 27, 2025
  • MIL-OSI United Kingdom: Growth and security at heart of Prime Minister’s meeting with President Trump

    Source: United Kingdom – Executive Government & Departments

    Press release

    Growth and security at heart of Prime Minister’s meeting with President Trump

    The Prime Minister will be focused on delivering prosperity and security for the British people, when he meets President Trump today (Thursday 27 February) in Washington D.C.

    • Prosperity and security for working people focus of Prime Minister’s meeting with President Trump.   

    • Special relationship between UK and US critical to deliver growth and security, with further collaboration on AI and tech.    

    • Prime Minister to reiterate shared US-UK commitment to reaching a durable and lasting peace in Ukraine, and the need for Europe to step up to the challenge.

    The Prime Minister will be focused on delivering prosperity and security for the British people, when he meets President Trump today (Thursday 27 February) in Washington D.C.

    The UK and the US share a unique and historic relationship, based on shared values and a mutual commitment to economic and defence cooperation.  

    The UK and the US have one of the biggest trading relationships of any two countries in the world, worth around 400 billion dollars and supporting over 2.5 million jobs across both countries.     

    This visit comes just days after the third anniversary of Russia’s illegal invasion of Ukraine. The Prime Minister and President Trump share a commitment to delivering lasting peace in Ukraine, and the Prime Minister will reiterate the UK’s commitment to securing a just and enduring peace, bringing an end to Russia’s illegal war.     

    The Prime Minister will be clear that there can be no negotiations about Ukraine, without Ukraine and will recognise the need for Europe to play its part on global defence and step up for the good of collective European security.    

    On Tuesday, the Prime Minister announced that defence spending will increase to 2.5% of GDP from April 2027, with an ambition to reach 3% in the next parliament. This will drive economic growth and create jobs across the UK, while bolstering national security and protecting borders.   

    Prime Minister Keir Starmer said:    

    The world is becoming ever more dangerous, and it is more important than ever that we are united with our allies.     

    A stable economy, secure borders and national security are the foundations of my Plan for Change, and the US-UK relationship is integral to delivering them. These principles will be at the heart of discussions with President Trump today.     

    There are huge opportunities for us to deepen our special relationship, deliver growth and security, and improve the lives of working people in both our great nations.

    Both countries are world leaders in AI and advanced technologies, and the Prime Minister will be looking to build on these strong foundations to create jobs and economic growth.     

    The discussion will have a particular focus on the opportunities that further technology and AI partnerships could deliver. These include a proposal of high-ambition shared moonshot missions across top technologies including quantum and AI, and a deeper partnership on space.     

    The US and UK are the only two allied countries with trillion-dollar technology eco-systems, and the Prime Minister will make the case for further integration between the two countries’ tech sectors to make them the most efficient, ambitious technology sectors in the world.     

    In October, US tech firms announced a £6.3 billion package of investment to support UK data centres – a central pillar of the government’s plan to ramp up the country’s AI capacity. In January a further £12 billion investment from Vantage Data Centers created over 11,500 jobs as the government published its AI Opportunities Action Plan.   

    These investments represent just one facet of the deepening science, innovation, and technology collaboration between both countries. In AI, researchers from both sides of the Atlantic have dedicated research exchange programmes to share knowledge and expertise in delivering the next wave of cutting-edge innovations that improve people’s lives in areas such as personalised care, autonomous surgeries, and cancer diagnosis – on top of a broader AI partnership which has also been signed by the AI Institutes of both countries. 

    On a visit to the West Coast at the end of last year Technology Secretary Peter Kyle met a range of companies to bang the drum for further investment in the UK’s technology sector. Just two weeks ago, he also put pen to paper on a new partnership with leading AI firm Anthropic which will explore how the technology can be put to work to transform the public services that UK citizens rely on, and deliver on the government’s Plan for Change.   

    The Prime Minister will join President Trump at the White House on Thursday, where he will be greeted by the President before signing the White House Guest Book and a tete a tete at the Oval Office. This will be followed by a bilateral lunch, and a joint press conference. He will also carry out a defence focused visit.   

    On arrival on Wednesday night, he will meet a select group of CEOs from large US businesses to discuss their existing and growing presence in the UK, and the importance of UK-US trade and investment. He will outline the strength of the UK offer to investors: policy stability; an active partnership with government; an open, trading economy; and a reform agenda focused on making it easier to do business.   

    The Prime Minister will be accompanied by the Foreign Secretary David Lammy, who will join the Prime Minister’s programme at the White House.

    Share this page

    The following links open in a new tab

    • Share on Facebook (opens in new tab)
    • Share on Twitter (opens in new tab)

    Updates to this page

    Published 26 February 2025

    MIL OSI United Kingdom –

    February 27, 2025
  • MIL-OSI Australia: Appointments to National Gallery of Australia Council

    Source: Australian Ministers for Regional Development

    The Australian Government has appointed Mrs Penny Fowler AM and Mr Jay Weatherill AO and reappointed Ms Ilana Atlas AO as members of the Council of the National Gallery of Australia for three-year terms.

    The Council is responsible for overseeing the Gallery’s strategic and organisational goals and positioning it for the future so it can continue to deliver on its aim to inspire all Australians through art.

    Minister for the Arts, Tony Burke, congratulated the new and returning appointees.

    “Ilana has been serving on the Council since 2022 and was appointed as Deputy Chair by the Council in November 2023 and we’re thankful she’s agreed to continuing lending her talents. 

    “I’d also like to welcome Jay and Penny. As former Premier of South Australia and Minister for the Arts, Jay was a strong advocate for the sector and will be an excellent addition to the board. 

    “Penny has been the Chair of the National Portrait Gallery Board and understands the important role institutions have in preserving and showcasing some of our nation’s greatest treasures.”

    The National Gallery is dedicated to collecting, sharing and celebrating art from Australia and the world. It is home to the country’s most valuable collection of art, with 155,000 works worth around $7 billion. This includes the world’s largest collection of Aboriginal and Torres Strait Islander art.

    Ms Ilana Atlas AO has served on the National Gallery of Australia Council since March 2022 and was elected Deputy Chair by Council members in November 2023. She is Chair of Jarwun Limited and Scentre Group Limited and is a non-executive director of Origin Energy Limited, the Paul Ramsay Foundation and is also a Panel Member of Adara Partners and a director of Adara Development. Her previous non-executive director roles include Chairman of the Bell Shakespeare Company and Coca-Cola Amatil Limited and Director of ANZ Banking Group and the Human Rights Law Centre. Prior to serving on these Boards, Ms Atlas had a 10 year career at Westpac. Ms Atlas was also a partner in law firm Mallesons Stephen Jaques (now known as King & Wood Mallesons). In 2020 she was appointed an Officer of the Order of Australia for distinguished service to the financial and manufacturing sectors, to education, and to the arts.

    Mr Jay Weatherill AO is the former Premier of South Australia from 2011 to 2018. He currently leads the Thrive by Five campaign within the Minderoo Foundation and is an Ambassador for Reggio Children. He will soon join the Susan McKinnon Foundation pursuing their democracy reform agenda. Previously Mr Weatherill worked as a lawyer between 1987 to 1995 becoming the founder and principal  of his own firm between 1995 and 2002. In 2002 he became a member for the Parliament of South Australia and later Premier where he oversaw various portfolios including Minister for the Arts. Following his term Mr Weatherill became an Industry Professor at the University of South Australia from 2019 to 2024. He serves on several government and industry and philanthropic boards. In 2021 Mr Weatherill was appointed an Officer of the Order of Australia for distinguished service to the people and Parliament of South Australia, particularly as Premier, and to early childhood and tertiary education.

    Mrs Penny Fowler AM is Chairman of the Herald & Weekly Times and is News Corp Australia’s Community Ambassador. Mrs Fowler has been a member of the National Portrait Gallery Board since March 2016 and served as Chair since January 2022 (her term will end on 8 March 2025). She chairs the Royal Children’s Hospital Good Friday Appeal, the Royal Botanic Gardens Victoria and the Tourism Australia Board. She is also on the Advisory Board of Visy/Pratt USA and is a board member of Tech Mahindra & the Bank of Melbourne (St. George) Foundation. Mrs Fowler is a member of Chief Executive Women and an Ambassador for the Australian Indigenous Education Foundation and SecondBite. In 2024 Mrs Fowler was appointed a Member of the Order of Australia for significant service to the community through a range of organisations.

    MIL OSI News –

    February 27, 2025
  • MIL-OSI: Aktia launches an acceleration programme to implement its revised strategic plan with new long-term financial targets and updates its dividend policy

    Source: GlobeNewswire (MIL-OSI)

    Aktia Bank Plc
    Stock Exchange Release
    27 February 2025 at 1.00 a.m.

    Aktia launches an acceleration programme to implement its revised strategic plan with new long-term financial targets and updates its dividend policy

    Aktia Bank Plc’s Board of Directors has approved the company’s updated strategy with new long-term financial targets and an updated dividend policy. An acceleration programme is being launched to drive the implementation of the strategic plan focusing on organic growth in wealth management.

    The core of Aktia’s growth strategy is to accelerate our journey towards becoming a unique, leading wealth manager empowered by a strong banking heritage. Aktia has a strong customer base and high customer satisfaction in the core segments, Premium and Private Banking, demonstrating the value of our personalised advisory services and product quality.

    During the strategic plan period 2025–2029, we will strengthen our focus on the strategic customer segments Premium, Private Banking, small and medium-sized enterprises (SMEs), and institutions. In these customer segments, we aim for growth and an excellent customer experience. Efficiency and outstanding processes are ensured, for example, through investments in digital development. Aktia stands out by high-quality, personal, and attentive service and comprehensive financial solutions offered to a growing customer base.

    Programme for accelerated strategy implementation

    An acceleration programme is launched to strengthen the implementation of the revised strategic plan and strategic priorities. The objective of the programme is to generate comparable operating profit annualised run rate improvements of approximately EUR 7 million by the end of 2025, and a total of approximately EUR 20 million by the end of 2026 – aligned with, Aktia’s new long-term financial targets. The programme is expected to generate one-off costs, which do not affect the comparable operating result, of approximately EUR 6 million in 2025. The costs relate mainly to external advisory services and are dependent on the financial performance of the programme.

    “Our three strategic priorities are active wealth management, growth in our core segments and a first-class customer experience – enabled by investments in digital development, streamlining our business processes, and developing the Aktia way of working. A cornerstone of our revised strategic plan is to increase the availability of personal service and wealth management solutions for a wider customer base. We intend to go beyond the established segment borders in the market and democratise private banking services. In this way, we want to give more customers the opportunity to benefit from our award-winning asset management, our peak competence in wealth management and our unique customer experience. With a robust financial basis, a unique market position, skilled employees and an ambitious leadership team, we are well equipped to deliver results and drive profitable growth. I strongly believe in our ability to achieve our new financial targets, especially with the acceleration programme now launched to implement our strategic plan,” says Aleksi Lehtonen, CEO of Aktia.

    Aktia’s strategic priorities are:

    1. Active Wealth Management

    As wealth transitions across generations, customers need accessible, sustainable financial solutions. Aktia helps customers grow and transfer wealth with clear, long-term plans and a holistic approach.

    2. Winning in Strategic Segments

    Finland’s growth relies on bold investments, cross-generational legacies and work, and thriving communities. Aktia takes an active role by driving success in Premium, Private Banking, small and medium-sized enterprises (SMEs), and institutional segments.

    3. The Aktia Experience

    We will stand out by specialising in attentive personal service for a growing customer base and by bringing them the Aktia experience. Skilled and committed employees work together to deliver tailored solutions and to respond to the customers’ financial needs and goals.

    Key enabler: Powered by Data and Technology​

    Enhancing our IT setup to enable growth in a scalable and efficient way.

    Long-term financial targets for 2029:

    • Comparable return on equity (ROE) over 15 per cent by 2029
    • Assets under management over EUR 25 billion* by 2029
    • Organic net commission income growth over 5 per cent per year
    • Common Equity Tier 1 (CET1) ratio 2–4 percentage points above the regulatory requirement.

    * This figure reflects gross AuM, corresponding to all AuM in the asset management business for which Aktia receives fee commissions. In the future, Aktia will report both gross and net AuM, rather than only net.

    Updated dividend policy:

    Aktia’s goal is to offer its shareholders a competitive total return, including dividends, the amount of which depends on the Group’s profit development as well as growth and investment needs. In addition, Aktia wants to ensure sufficient capital adequacy in changing market circumstances. Aktia’s capital and dividend policy has been updated.

    Updated dividend policy: Aktia intends to pay a dividend of approximately 60 per cent of the profit for the reporting period to its shareholders.

    In addition, excess capital may be distributed to shareholders using e.g. extra dividends or share buy-backs.

    (Previous dividend policy:  Aktia intends to pay out a dividend of approximately 60 per cent of the profit for the reporting period to its shareholders.)

    Investor Event 27 February 2025:

    Aktia invites investors, analysts and media representatives to an investor event on 27 February 2025 at 12:30 p.m. During the investor event, CEO Aleksi Lehtonen, together with other members of Aktia’s Executive Committee, will present the company’s updated strategic priorities and an overview of the acceleration programme for the implementation of the strategic plan with new financial targets. The event will be held in English.

    You can follow the investor event via a live webcast or a post-event recording on https://aktia.events.inderes.com/2025-investor-event. Participants will have the opportunity to ask questions of Aktia’s Executive Committee during the event. The presentation will be available on Aktia’s website www.aktia.com prior to the event.

    Aktia Bank Plc

    For more information, please contact:
    Oscar Taimitarha, Director of Investor Relations, tel. +358 40 562 2315, ir (at) aktia.fi

    Distribution:
    Nasdaq Helsinki Ltd
    Mass media
    www.aktia.com

    Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 850 people around Finland. Aktia’s assets under management (AuM) on 31 December 2024 amounted to EUR 14.0 billion, and the balance sheet total was EUR 11.9 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

    The MIL Network –

    February 27, 2025
  • MIL-OSI NGOs: Greenpeace USA supports the Polluters Pay Climate Superfund Act in California

    Source: Greenpeace Statement –

    WASHINGTON, DC (February 26, 2025)— In response the introduction of the Polluters Pay Climate Superfund Act in California’s State Assembly and Senate, a common sense law that would require fossil fuel corporations to pay for the climate devastation they have fueled, Zachary Norris, Greenpeace USA’s California Climate Campaign Director said: 

    “California must seize this opportunity to protect workers and communities from the devastating impacts of the climate crisis. For decades, the oil and gas industry has polluted without consequence, raking in massive profits while leaving our communities to suffer — it’s time to make polluters pay for the damage they’ve caused. This landmark law will safeguard vulnerable communities and ensure Californians are not left alone to pay for climate disasters.”

    This Act was introduced after the devastating January firestorm in Los Angeles County that damaged or destroyed over 7,800 structures in the Palisades Fire, almost 10,500 structures in the Eaton Fire, and claimed the lives of 29 Californians. The Polluter Pay Superfund Act of 2025, SB 684 and AB 1243, was introduced by Senator Caroline Menjivar (D- San Fernando Valley) and Assemblymember Dawn Addis (D- Morro Bay).

    “We applaud the authors of this bill and hope that every other legislator will seriously consider and support this common sense law. True leaders not only know the climate crisis is real and caused by polluters, but they take action to end the financial injustice imposed on California families by climate disasters.”


    Contact: Gigi Singh, Communications Manager at Greenpeace USA
    (+1)  631-404-9977, [email protected]  

    Greenpeace USA is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org/usa.

    MIL OSI NGO –

    February 27, 2025
  • MIL-OSI New Zealand: State of the Planet speeches, 2025

    Source: Green Party

    At this year’s State of the Planet address, Green Party co-leaders Marama Davidson and Chlöe Swarbrick announced the party’s plans to deliver a Green Budget this year to offer an alternative vision to the Government’s trickle-down economics and austerity politics.   

    Chlöe’s speech:

    Mihi atu ki a koutou e pupuri tonu ana ki te mana o te whenua nei, tēnā koutou Ngāti Whātua.

    Tēnā koutou, Auckland Central to the world.

    Across the past year, I have been in front of dozens of audiences like this, and time and again, I have asked people one simple question.

    I’ve asked people to raise their hand if they are excited about the future.

    Every single time, fewer than half a dozen people in a sea of hundreds put their hand up. 

    This, my friends, is our problem.

    Trickle-down politicians and their donors have spent at least forty years coming after our public services, our media and our democracy, but it’s clear now more than ever that their real target has been our hope.

    The hope that better is possible.

    These guys want you exhausted and angry and disillusioned. It means you’re disempowered. Too exhausted to think at the end of the work day.

    Too angry to see the problem clearly.

    Too disempowered to look around and see all the other exhausted and angry people, and to understand that if we all spent a moment to find our common problems and common solutions, everything could change.

    So, conveniently, all across the world, after decades of privatising and underfunding the public services people need to live healthy lives and participate in society, after decades of creating the conditions of poverty and extreme vulnerability and isolation and mental ill health… After creating this exhaustion and anger and despair, the right wing knows those feelings have to go somewhere.

    So they’ve painted targets.

    Those painted targets are not the people actually responsible for causing poverty and homelessness and unemployment and understandable, deep rage.

    No.

    The chosen targets are indigenous peoples, fighting for survival after centuries of injustice and violent theft. Those chosen targets are our rainbow communities, who every day prove that all these social norms are just made up. The chosen targets are migrants – regular people, like you and me, who just want to provide for themselves, their families and their community.

    Let me be crystal clear: if you’re struggling to get by, your beef isn’t with someone else struggling to get by.

    Your beef is with the system that forces almost everyone you know into a life of struggle, and, more precisely, your beef is with those who profit from it.

    It’s Pride Month. We’ve seen some of the most aggressive and intentional targeting of our takatapui, rainbow and queer community in a long time. Some of that has been driven by a self-declared apostle who

    lives in a mansion and drives nice cars, funded by huge tithing from people without much to spare.

    The followers of this self-declared apostle have been rejected from most of regular society time and again. Some of them have been scooped up into the flock after exiting prison, because after decades of successive Governments giving up on real rehabilitation, there simply isn’t anything or anywhere else.

    So people who have nothing else, and nowhere else to belong, are given refuge.

    And internal pain is warped outwards.

    Instead of being channelled towards dismantling the rules that allow a handful of people to take an immense amount of wealth off the back of our collective work, that anger is – so conveniently for those profiteering from the status quo – channelled towards people just trying to live their own quite regular or quite fabulous, lives.

    These extreme microcosms of hatred can teach us a lot about where we’re at as a society. More importantly, I think, when we peel back the distractions, it lays bare the solutions.

    We cannot give up on our fellow human beings.

    You do not get human rights because someone deems you worthy or good. You get human rights because you are human.

    When we uphold each other’s basic dignity, no matter what, we create the conditions for connection and true justice.

    We all need somewhere to belong, and human history tells us there’s almost always a politician or self-appointed apostle willing to capitalise on and warp rejection and fear and anger for their own personal gain.

    The anger comes from a real place of material deprivation: housing insecurity, food insecurity, income insecurity. Straight up insecurity.

    That anger can either destroy us as we fight each other, much to the entertainment of those laughing their way to the bank, or it can be turned into the solidarity necessary to change the rules of this game.

    Our country is considered one of the wealthiest in the world on a per person basis.

    So why can’t regular people afford to go to the dentist?

    It’s not because of the gays, or the migrants, or tangata whenua.

    It’s because that wealth isn’t fairly shared.

    It’s because way back when the public health system was being created, the lobby was already so strong to privatise dentistry.

    Why can’t regular people afford decent housing?

    Because over decades, politicians and property speculators – sometimes one in the same – have made intentional decisions to sell off your human right to housing to the highest bidder.

    And why is the planet that all of this is happening on being allowed to burn while billionaires pile up ill-gotten treasure?

    Because almost everybody’s focus, understandably, is on just trying to get by. It’s hard to think about, let alone contend with, how a handful of people are ransacking the climate necessary for our collective survival in order to make a quick buck. You’re just out here trying to survive.

    That’s what we mean when we say that the same economic system that’s exploiting people is also exploiting the planet.

    What’s a right-wing government’s response to this exploitation and exhaustion? Well, obviously, it’s more exploitation and exhaustion. It’s more punishing beneficiaries and tax cuts for the rich.

    It’s fast-tracking offshore profits plundered from our natural environment.

    It’s banging the ‘growth’ drum while intentionally being silent on what kind of growth, and for whom.

    Seriously. Just last week when we were in Parliament, I asked the Prime Minister why after decades of this “growth” he’s so fixated on, 10% of the people in this country own 60% of our nation’s wealth.

    It will shock you to learn Christopher Luxon didn’t answer the question.

    Instead, he went on and on about celebrating successful people.

    That would maybe make sense if we were talking about people in isolation, which the right wing so desperately wants us to do.

    But we’re not, and we can’t, because, my friends, we live in a society.

    Poverty, and all the social ills that stem from it, don’t come from nowhere.

    It comes from a tolerance of extreme inequality.

    If you’re totally sweet with 311 households holding more wealth than the bottom two and a half million New Zealanders, you’re totally sweet with the child deprivation, homelessness and poor health that comes with it.

    Inequality and poverty aren’t just connected: deep inequality creates poverty.

    Where would all this pent-up anger go if it wasn’t directed to other people just struggling to get by? If hustle culture didn’t teach us to lap it all up in self loathing?

    What if we realised our shared power in working together, instead of fighting each other?

    If we ensured the wealthy paid their fair share, instead of swallowing trickle-down fairytales?

    We don’t live in a game of Monopoly. We can and should change the rules when they don’t work for the majority of people.

    In the last year alone, we have seen tens of thousands of people turn up in the streets to prove our country’s values of care for each other and the planet we live on. For Te Tiriti.

    2024 was the year of activism. 2025 must be the year of organising. Of channelling that energy into a shared goal: to change this Government, to uproot the trickle-down nightmare and to build an economy that supports life, instead of exhausting it.

    In December, the Greens released He Ara Anamata, our Emissions Reduction Plan. We showed how to reduce emissions five times faster than the Government’s proposal. We proved you can not only reduce emissions and the cost of living, but also improve quality of life.

    Today, I am proud to announce that in May, the Greens will be releasing the Budget we would be rolling out in Government.

    Our budget will not be a defence of the status quo.

    Our budget will show you how we already have everything we need to ensure everyone enjoys our basic rights to a clean environment and stable climate. Everyone is housed, everyone gets healthcare, everyone gets education. Everyone gets the genuine opportunity for a good life.

    That’s because we believe in the public good. And we’re sick of this Government’s pathetic pandering to privatisation.

    Forty years ago, a few politicians made the decision to shred our social safety net. They began selling off the things we all used to own and look after together. They privatised profit and socialised cost.

    The problems we are confronted with today are not natural. Humans made the system that created them, and we can recreate it.

    The gap between an economy that exploits people and the planet and one that supports us both is collective action. As long as regular people are suspicious of and fighting each other, a handful of powerful people will get incredibly rich at all of our expense.

    Nobody is coming to save us. We are the ones we’ve been waiting for.

    It’s time to claim your hope – to claim your power. Look to your fellow New Zealanders with curiosity and kindness. The pathway to our freedom is intertwined.

    So, raise your hand: who here is excited about the future?

    And are you willing to work for it?

    Are you willing to believe in and work to uphold the dignity of your fellow New Zealanders, even and especially those who you have not met? Those not even born yet?

    Solidarity doesn’t require us to be the same. It simply requires you to see in someone else our shared humanity, and to behave accordingly.

    Together, we are unstoppable.

    I am so honoured to introduce you all now to my wonderful co-leader – the Honourable Marama Davidson. Nau mai, hoki mai Marama!

    —

    Marama’s speech:

    Mā te oranga o te taiao, ka ora ai te iwi. Mō te takitini, kāore mō te torutoru anake.

    E te whānau, I am so grateful to be here today. I am well, and feeling better each day.

    My mokopuna are rongoā. My mokopuna, just by being the embodiment of my ancestors – are a reminder of all that we love. Of all that we must protect.

    Over the many months of cancer treatment, one of the most profound experiences of healing was daytime nana naps with my moko babies. Where I had any assortment of my three babies, asleep and at peace with the shared vibrations of our heartbeats and gentle breathing. Getting to enjoy this has been a precious blessing.

    I am grateful to the wonderful health care professionals who have been there for me each step of the way.

    I am grateful to my whānau, who are my rock. And to every single person who reached out with aroha and support. To the breast cancer community, thank you for being there for all of us. To those who are going through treatment or have just heard the worst news of their lives – nunui te aroha kia koutou.

    I haven’t spoken publicly about this before, but today I’m going to let you in on a secret. I was diagnosed with breast cancer a few days before the State of the Planet speech last year. I remember standing at this exact podium – knowing I would need to step away from public life for a bit. Taking leave when my voice was needed the most was one of the hardest things I’ve ever had to do.

    This job is and continues to be an enormous privilege. To be able to come back to it, blows my mind.

    But the space to recover and put my health and whānau first was both necessary, and something I am beyond grateful for. Not everyone has the support I had. I will never take that for granted and I will always work to embed the political change we need so that everyone can put health first. Like better pay and conditions for our health workers, decent income support, and secure housing for all.

    Ehara taku tū i te tū takitahi, ehara taku toa i te toa takitahi, ehara taku taumaha i te taumaha takitahi. We all depend on each other when times are rough. People want to care for each other – manaakitanga is what makes us human. Within whānau and communities, to care and be cared for is the basis of connection.

    These are the values the Green Party wants to bring to politics as well.

    Being on the sidelines of politics last year was surreal. When the hikoi for te Tiriti happened, it was during medical treatments and I needed to stay home. But seeing people come together with such vibrant unity, made me so proud that I grabbed my ‘tino’ flag and took a photo in my garden so I could feel part of the movement.

    While the hīkoi was in response to a Government that continues to disregard the promises this country was founded on, it was so much more than a protest. It was the ultimate example of how to show up: with our tūpuna, for our mokopuna and for each other. The wairua shown at the hīkoi is the best of us.

    As Moana Jackson said, te Tiriti o Waitangi is about the rightness that comes from people accepting their obligations to each other. This is a profound vision on which to build a country. Aotearoa can be a place where everyone is supported to thrive, and no one is left behind – including Papatūānuku.

    And I take inspiration from this vision not only here in Aotearoa, but globally.

    The world feels like a bit of a scary place right now. I worry for the future of my three mokopuna, and all the mokopuna to come. My heart breaks for children in Gaza, for all children growing up in war zones, for children in detention centers, and for children and their whānau throughout the world who are hungry, cold and homeless.

    At a time when the world needs to be coming together to solve climate change – the greatest challenge humanity has ever faced – instead we can barely come together to solve easy challenges like making sure every child has healthy kai.

    We can do better. Our mokopuna deserve better.

    Last year was the hottest year on record. That means that my mokopuna, and all the babies of the world today, will never see a normal climate. They have been born into climate change. And no matter where they are born, here in Aotearoa or far across the sea, they need us – their adults – to step up to this challenge right now. They deserve to inherit a thriving planet, not a destroyed one.

    Now I want to draw this back to Te Tiriti, because these things are connected. Te Tiriti is a promise that carries through the generations. Te Tiriti is an enduring guarantee of iwi and hapū sovereignty over taonga like our lakes, rivers, seas, soils and native forests. And that means protecting those living systems for our mokopuna – so they too can exercise tino rangatiratanga.

    Te Tiriti is the best defence Aotearoa has against the plundering of our environment for the profit of the few. This is why the far right is so intent on ripping it up and pretending it doesn’t matter. But that short term exploitation only enriches the pockets of a tiny group of people, while destroying nature for the rest of us.

    When our gorgeous conservation land is trampled for mining, when our rivers become too polluted to swim in, when we can’t go down to the moana to harvest kai because there aren’t enough fish left – everyone misses out. And when a tiny group of oil executives are more interested in a growing balance sheet than a stable climate, every single child in the world misses out.

    Our mokopuna deserve better!

    At the heart of the political change we seek is manaakitanga, collective caring for people and planet. And crucially, the humility to understand that common human experiences are much more important than any flash job title or made-up markers of status. A serious illness throws that into sharp relief. Because what matters most when things are tough is our care for one another. I know that people are doing the best they can with what they have.

    But the dominating economic system, means that wealth and power are not shared equally. These inequities further divide communities when instead we need to come together. By making sure everyone gets the care they need, we can ensure nobody is left behind to fall through the cracks. Care and justice for ALL people is what binds us together and helps us build a future where all of us thrive. This vision will be at the centre of our Green Budget.

    This is what our politics should reflect. A politics of care. A hunger for doing what is just. This is the legacy of our late and great friend, Green MP Fa’anānā Efeso Collins whose one year anniversary of passing we have been reflecting on over the past week. Gone too soon our friend, we miss you deeply.

    Efeso spent his life building bridges between the Pacific communities he loved and the rest of Aotearoa.

    During Efeso’s maiden speech in Parliament, he shared with us his translation of a saying in Sāmoan: E le tu fa’amauga se tagata. No one stands alone, no one succeeds alone — and, for him, and the Green Party, no one suffers alone.

    This is manaakitanga.

    And this is what inspires me e te whānau. This is the hope for our mokopuna.

    But collective care is not part of this government’s plan. They are showing us each day they stand for the few and not for the many. They are completely out of touch with the community.

    We have seen this in the choices to gut school lunches. To gut housing for those who need it the most. To gut our health system and put more and more pressure on our health workers. To gut benefits so that more and more children fall through the cracks and below the poverty line. For absolute shame!

    Our mokopuna deserve better.

    We can deliver better by channeling community power and finally putting people and planet ahead of profit.

    This country can afford to feed our tamariki nutritious kai. We could choose to provide lunches in every school – using fresh local kai and made by people who are connected to that school. We could choose to make sure every person in this country has a safe, warm home. Poverty is a political choice and we can choose to end it.

    We can do all of this by putting our values of manaakitanga at the heart of political decisions. By honouring te Tiriti o Waitangi and the promises of kotahitanga and care as the foundation this country was built on.

    And when we do that, we will show the world what it looks like to put care for people and planet first. Together, we can build the future all our mokopuna deserve.

    And that mahi is why I am so so grateful to be back with you all. Kia kaha tatau – ka whawhai tonu, mō te whenua, mō te taiao, mō ngā mokopuna – ake, ake, ake

    MIL OSI New Zealand News –

    February 27, 2025
  • MIL-OSI Australia: Australian Deputy PM: Appointments to National Gallery of Australia Council

    Source: Minister of Infrastructure

    The Australian Government has appointed Mrs Penny Fowler AM and Mr Jay Weatherill AO and reappointed Ms Ilana Atlas AO as members of the Council of the National Gallery of Australia for three-year terms.

    The Council is responsible for overseeing the Gallery’s strategic and organisational goals and positioning it for the future so it can continue to deliver on its aim to inspire all Australians through art.

    Minister for the Arts, Tony Burke, congratulated the new and returning appointees.

    “Ilana has been serving on the Council since 2022 and was appointed as Deputy Chair by the Council in November 2023 and we’re thankful she’s agreed to continuing lending her talents. 

    “I’d also like to welcome Jay and Penny. As former Premier of South Australia and Minister for the Arts, Jay was a strong advocate for the sector and will be an excellent addition to the board. 

    “Penny has been the Chair of the National Portrait Gallery Board and understands the important role institutions have in preserving and showcasing some of our nation’s greatest treasures.”

    The National Gallery is dedicated to collecting, sharing and celebrating art from Australia and the world. It is home to the country’s most valuable collection of art, with 155,000 works worth around $7 billion. This includes the world’s largest collection of Aboriginal and Torres Strait Islander art.

    Ms Ilana Atlas AO has served on the National Gallery of Australia Council since March 2022 and was elected Deputy Chair by Council members in November 2023. She is Chair of Jarwun Limited and Scentre Group Limited and is a non-executive director of Origin Energy Limited, the Paul Ramsay Foundation and is also a Panel Member of Adara Partners and a director of Adara Development. Her previous non-executive director roles include Chairman of the Bell Shakespeare Company and Coca-Cola Amatil Limited and Director of ANZ Banking Group and the Human Rights Law Centre. Prior to serving on these Boards, Ms Atlas had a 10 year career at Westpac. Ms Atlas was also a partner in law firm Mallesons Stephen Jaques (now known as King & Wood Mallesons). In 2020 she was appointed an Officer of the Order of Australia for distinguished service to the financial and manufacturing sectors, to education, and to the arts.

    Mr Jay Weatherill AO is the former Premier of South Australia from 2011 to 2018. He currently leads the Thrive by Five campaign within the Minderoo Foundation and is an Ambassador for Reggio Children. He will soon join the Susan McKinnon Foundation pursuing their democracy reform agenda. Previously Mr Weatherill worked as a lawyer between 1987 to 1995 becoming the founder and principal  of his own firm between 1995 and 2002. In 2002 he became a member for the Parliament of South Australia and later Premier where he oversaw various portfolios including Minister for the Arts. Following his term Mr Weatherill became an Industry Professor at the University of South Australia from 2019 to 2024. He serves on several government and industry and philanthropic boards. In 2021 Mr Weatherill was appointed an Officer of the Order of Australia for distinguished service to the people and Parliament of South Australia, particularly as Premier, and to early childhood and tertiary education.

    Mrs Penny Fowler AM is Chairman of the Herald & Weekly Times and is News Corp Australia’s Community Ambassador. Mrs Fowler has been a member of the National Portrait Gallery Board since March 2016 and served as Chair since January 2022 (her term will end on 8 March 2025). She chairs the Royal Children’s Hospital Good Friday Appeal, the Royal Botanic Gardens Victoria and the Tourism Australia Board. She is also on the Advisory Board of Visy/Pratt USA and is a board member of Tech Mahindra & the Bank of Melbourne (St. George) Foundation. Mrs Fowler is a member of Chief Executive Women and an Ambassador for the Australian Indigenous Education Foundation and SecondBite. In 2024 Mrs Fowler was appointed a Member of the Order of Australia for significant service to the community through a range of organisations.

    MIL OSI News –

    February 27, 2025
  • MIL-OSI USA: Florida Financial Advisor Pleads Guilty to Promoting Illegal Tax Shelter and Stealing Client Funds

    Source: US State Government of Utah

    Defendant Helped Clients in Mississippi and Elsewhere File False Tax Returns That Caused Nearly $40M in Tax Loss to the IRS

    A Florida man pleaded guilty today to orchestrating a nearly decade-long scheme to promote an illegal tax shelter and commit wire fraud. He also pleaded guilty to assisting in the preparation of false tax returns for tax shelter clients.

    According to court documents and statements made in court, Stephen T. Mellinger III, of Delray Beach, was a financial advisor, insurance salesman, and securities broker operating in Florida, Michigan, Mississippi, and elsewhere. Beginning in late 2013, Mellinger conspired with others to promote an illegal tax shelter whereby clients would claim false tax deductions for so-called “royalty payments” to fraudulently reduce their taxes.

    In reality, as Mellinger knew, the “royalty payments” were merely a circular flow of money designed to give the appearance of genuine business expenses. Typically, a client would send money to bank accounts controlled by Mellinger and other co-conspirators, who then sent the money — less a fee — right back to a different bank account that the client controlled. In this way, tax shelter participants retained control of the money they transferred, while falsely deducting the transfers as business expenses on their tax returns.

    In total, Mellinger and his co-conspirators helped clients prepare tax returns that claimed over $106 million in false tax deductions, which caused a tax loss to the IRS of approximately $37 million.

    Mellinger and a co-conspirator who was a relative, collectively earned approximately $3 million in fees from promoting the scheme.

    In January 2016, Mellinger learned that several of his clients were being investigated and that the United States had started seizing their funds. Mellinger and a relative subsequently stole more than $2.1 million of funds from some of those clients, some of which he used to buy a home in Delray Beach.

    Mellinger is scheduled to be sentenced on Sept. 16, and faces a maximum penalty of five years in prison for conspiring to defraud the IRS and commit wire fraud, and three years in prison for aiding in the preparation of false tax returns. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, and Acting U.S. Attorney Patrick A. Lemon for the Southern District of Mississippi made the announcement.

    IRS Criminal Investigation and the Department of Defense, Office of Inspector General, Defense Criminal Investigative Service are investigating the case.

    Trial Attorneys Richard J. Hagerman, William Montague, and Matthew Hicks of the Tax Division, Assistant U.S. Attorney Charles W. Kirkham for the Southern District of Mississippi, and Trial Attorneys Emily Cohen and Jasmin Salehi Fashami of the Criminal Division’s Money Laundering and Asset Recovery Section (MLARS) are prosecuting the case.

    MIL OSI USA News –

    February 27, 2025
  • MIL-OSI Security: Florida Financial Advisor Pleads Guilty to Promoting Illegal Tax Shelter and Stealing Client Funds

    Source: United States Attorneys General 1

    Defendant Helped Clients in Mississippi and Elsewhere File False Tax Returns That Caused Nearly $40M in Tax Loss to the IRS

    A Florida man pleaded guilty today to orchestrating a nearly decade-long scheme to promote an illegal tax shelter and commit wire fraud. He also pleaded guilty to assisting in the preparation of false tax returns for tax shelter clients.

    According to court documents and statements made in court, Stephen T. Mellinger III, of Delray Beach, was a financial advisor, insurance salesman, and securities broker operating in Florida, Michigan, Mississippi, and elsewhere. Beginning in late 2013, Mellinger conspired with others to promote an illegal tax shelter whereby clients would claim false tax deductions for so-called “royalty payments” to fraudulently reduce their taxes.

    In reality, as Mellinger knew, the “royalty payments” were merely a circular flow of money designed to give the appearance of genuine business expenses. Typically, a client would send money to bank accounts controlled by Mellinger and other co-conspirators, who then sent the money — less a fee — right back to a different bank account that the client controlled. In this way, tax shelter participants retained control of the money they transferred, while falsely deducting the transfers as business expenses on their tax returns.

    In total, Mellinger and his co-conspirators helped clients prepare tax returns that claimed over $106 million in false tax deductions, which caused a tax loss to the IRS of approximately $37 million.

    Mellinger and a co-conspirator who was a relative, collectively earned approximately $3 million in fees from promoting the scheme.

    In January 2016, Mellinger learned that several of his clients were being investigated and that the United States had started seizing their funds. Mellinger and a relative subsequently stole more than $2.1 million of funds from some of those clients, some of which he used to buy a home in Delray Beach.

    Mellinger is scheduled to be sentenced on Sept. 16, and faces a maximum penalty of five years in prison for conspiring to defraud the IRS and commit wire fraud, and three years in prison for aiding in the preparation of false tax returns. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, and Acting U.S. Attorney Patrick A. Lemon for the Southern District of Mississippi made the announcement.

    IRS Criminal Investigation and the Department of Defense, Office of Inspector General, Defense Criminal Investigative Service are investigating the case.

    Trial Attorneys Richard J. Hagerman, William Montague, and Matthew Hicks of the Tax Division, Assistant U.S. Attorney Charles W. Kirkham for the Southern District of Mississippi, and Trial Attorneys Emily Cohen and Jasmin Salehi Fashami of the Criminal Division’s Money Laundering and Asset Recovery Section (MLARS) are prosecuting the case.

    MIL Security OSI –

    February 27, 2025
  • MIL-OSI: SEACOR Marine Announces Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 26, 2025 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its fourth quarter ended December 31, 2024.

    SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2024 were $69.8 million, operating income was $10.6 million, and direct vessel profit (“DVP”)(1) was $23.1 million. This compares to consolidated operating revenues of $73.1 million, operating income of $22.6 million, and DVP of $29.8 million in the fourth quarter of 2023, and consolidated operating revenues of $68.9 million, operating loss of $6.5 million, and DVP of $16.0 million in the third quarter of 2024.

    Notable fourth quarter items include:

    • 4.5% decrease in revenues from the fourth quarter of 2023 and a 1.3% increase from the third quarter of 2024.
    • Average day rates of $18,901, a 4.8% increase from the fourth quarter of 2023, and flat from the third quarter of 2024.
    • 72% utilization, an increase from 71% in the fourth quarter of 2023 and from 67% in the third quarter of 2024.
    • DVP margin of 33.1%, a decrease from 40.8% in the fourth quarter of 2023 and an increase from 23.2% in the third quarter of 2024, due in part to $3.5 million of drydocking and major repairs during the fourth quarter of 2024 compared to $1.7 million in the fourth quarter of 2023 and $8.3 million in the third quarter of 2024, all of which are expensed as incurred.
    • Refinancing of $328.7 million of principal indebtedness under multiple debt facilities, including $125.0 million previously due in 2026, into a single new credit facility due in the fourth quarter of 2029.
    • In connection with the refinancing, recognized a one-time loss of $31.9 million on debt extinguishment, of which $28.3 million was non-cash and primarily comprised of extinguishment of unamortized debt discounts.
    • Completed the sale of two anchor handling towing supply vessels (“AHTS”) for total proceeds of $22.5 million and a gain of $15.6 million, the proceeds of which will be used to partially fund the construction payments for two new PSVs.

    For the fourth quarter of 2024, net loss was $26.2 million ($0.94 loss per basic and diluted share). This compares to a net income for the fourth quarter of 2023 of $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share). Sequentially, the fourth quarter 2024 results compare to a net loss of $16.3 million ($0.59 loss per basic and diluted share) in the third quarter of 2024.

    Chief Executive Officer John Gellert commented:

    “The fourth quarter results reflect a substantial improvement in operating performance compared with the prior quarters of 2024. This performance improvement was due mostly to fewer out-of-service days for repairs and drydockings which translated into improved utilization across most segments. We also benefited from having all our premium liftboats available and employed most of the quarter and currently plan to commence the permanent repairs of one of our U.S. flag premium liftboats at the end of the third quarter of 2025, which should provide us the opportunity to maximize utilization on these liftboats as seasonal activity improves in the Gulf of America. During the quarter, we did see soft market conditions in the North Sea as well as customer delays in programmed activities in Mexico and the U.S.

    Looking at the rest of 2025, we continue to see a healthy level of inquiries across most of our international markets with the notable exception of the North Sea and Mexico, where regulatory or financial hurdles are subduing demand for oil and gas services. In the U.S., we see significant challenges for offshore wind in the near term, but the backlog of mandatory maintenance and decommissioning activity in the Gulf of America should ultimately lead to increased levels of activity on the shelf. Although we are not immune to the mid-cycle lull in offshore drilling activity worldwide, I remain optimistic that our fleet mix is well positioned to meet current demand expectations.

    As previously announced, during the fourth quarter we entered into a new senior secured term loan of up to $391.0 million with an affiliate of EnTrust Global, which significantly simplified our debt capital structure into a single credit facility maturing in 2029. Importantly, this new credit facility addressed $125.0 million of near-term maturities previously due in 2026 to The Carlyle Group, inclusive of $35.0 million of convertible debt, eliminating approximately 10% of dilution overhang on the Company’s common stock. It also provided us with up to $41.0 million of borrowing capacity to finance the construction of two new PSVs, which we ordered during the fourth quarter of 2024. We had to fully amortize all debt discounts and issuance costs on the refinanced debt, including the shipyard financing with affiliates of COSCO, generating a $31.9 million one-time loss, of which $28.3 million was non-cash, but, in my view, the benefits of the refinancing and its support for the Company’s order for two new PSVs far outweigh the one-time loss.

    I am particularly excited about this PSV order as we expand and complement our fleet of modern and fuel efficient PSVs. This is a continuation of our asset rotation strategy aimed at renewing our fleet with high-specification, environmentally efficient assets. The vessels are scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027, respectively. We will partly fund this new construction program with the $22.5 million of proceeds from the sale of our last remaining AHTS vessels, marking our exit from the AHTS asset class effective January 2025.”
    _______________

    (1) Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.
       

    SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

    Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

    Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
    For all other requests, contact InvestorRelations@seacormarine.com

     
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except share data)
     
        Three Months Ended December 31,     Year ended December 31,  
        2024     2023     2024     2023  
    Operating Revenues   $ 69,808     $ 73,083     $ 271,361     $ 279,511  
    Costs and Expenses:                        
    Operating     46,726       43,269       197,252       159,650  
    Administrative and general     10,888       11,547       44,713       49,183  
    Lease expense     347       679       1,678       2,748  
    Depreciation and amortization     12,879       13,022       51,628       53,821  
          70,840       68,517       295,271       265,402  
    Gains on Asset Dispositions and Impairments, Net     11,624       18,057       13,481       21,409  
    Operating Income (Loss)     10,592       22,623       (10,429 )     35,518  
    Other Income (Expense):                        
    Interest income     372       222       1,768       1,444  
    Interest expense     (10,001 )     (10,444 )     (40,627 )     (37,504 )
    Loss on debt extinguishment     (31,923 )     —       (31,923 )     (2,004 )
    Derivative (losses) gains, net     (536 )     608       (908 )     608  
    Foreign currency gains (losses), net     1,308       (1,276 )     (1,049 )     (2,133 )
    Other, net     187       —       121       —  
          (40,593 )     (10,890 )     (72,618 )     (39,589 )
    (Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies     (30,001 )     11,733       (83,047 )     (4,071 )
    Income Tax (Benefit) Expense     (2,345 )     6,378       (2,615 )     8,799  
    (Loss) Income Before Equity in Earnings of 50% or Less Owned Companies     (27,656 )     5,355       (80,432 )     (12,870 )
    Equity in Earnings of 50% or Less Owned Companies     1,430       374       2,308       3,556  
    Net (Loss) Income   $ (26,226 )   $ 5,729     $ (78,124 )   $ (9,314 )
                             
    Net (Loss) Earnings Per Share:                        
    Basic   $ (0.94 )   $ 0.21     $ (2.82 )   $ (0.34 )
    Diluted   $ (0.94 )   $ 0.20     $ (2.82 )   $ (0.34 )
    Weighted Average Common Stock and Warrants Outstanding:                        
    Basic     27,773,200       27,182,496       27,655,289       27,082,391  
    Diluted     27,773,200       28,400,684       27,655,289       27,082,391  
                                     
               
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
     (in thousands, except statistics and per share data)
               
              Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    Time Charter Statistics:                                
    Average Rates Per Day   $ 18,901     $ 18,879     $ 19,141     $ 19,042     $ 18,031    
    Fleet Utilization     72 %     67 %     69 %     62 %     71 %  
    Fleet Available Days (2)     4,870       5,026       4,994       5,005       5,170    
    Operating Revenues:                                
    Time charter   $ 66,095     $ 63,313     $ 65,649     $ 59,263     $ 66,498    
    Bareboat charter     364       372       364       364       368    
    Other marine services     3,349       5,231       3,854       3,143       6,217    
          69,808       68,916       69,867       62,770       73,083    
    Costs and Expenses:                                
    Operating:                                
    Personnel     20,365       21,940       21,566       21,670       22,080    
    Repairs and maintenance     10,433       9,945       10,244       9,763       7,604    
    Drydocking     2,467       6,068       6,210       6,706       2,561    
    Insurance and loss reserves     2,473       2,584       3,099       1,738       2,944    
    Fuel, lubes and supplies     4,884       6,574       3,966       4,523       3,683    
    Other     6,104       5,796       4,435       3,699       4,397    
          46,726       52,907       49,520       48,099       43,269    
    Direct Vessel Profit (1)     23,082       16,009       20,347       14,671       29,814    
    Other Costs and Expenses:                                
    Lease expense     347       364       486       481       679    
    Administrative and general     10,888       11,019       10,889       11,917       11,547    
    Depreciation and amortization     12,879       12,928       12,939       12,882       13,022    
          24,114       24,311       24,314       25,280       25,248    
    Gains (Losses) on Asset Dispositions and Impairments, Net     11,624       1,821       37       (1 )     18,057    
    Operating Income (Loss)     10,592       (6,481 )     (3,930 )     (10,610 )     22,623    
    Other Income (Expense):                                
    Interest income     372       358       445       593       222    
    Interest expense     (10,001 )     (10,127 )     (10,190 )     (10,309 )     (10,444 )  
    Derivative (losses) gains, net     (536 )     67       104       (543 )     608    
    Loss on debt extinguishment     (31,923 )     —       —       —       —    
    Foreign currency gains (losses), net     1,308       (1,717 )     (560 )     (80 )     (1,276 )  
    Other, net     187       29       —       (95 )     —    
          (40,593 )     (11,390 )     (10,201 )     (10,434 )     (10,890 )  
    (Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies     (30,001 )     (17,871 )     (14,131 )     (21,044 )     11,733    
    Income Tax (Benefit) Expense     (2,345 )     (513 )     (682 )     925       6,378    
    (Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (27,656 )     (17,358 )     (13,449 )     (21,969 )     5,355    
    Equity in Earnings (Losses) of 50% or Less Owned Companies     1,430       1,012       966       (1,100 )     374    
    Net (Loss) Income   $ (26,226 )   $ (16,346 )   $ (12,483 )   $ (23,069 )   $ 5,729    
                                     
    Net (Loss) Earnings Per Share:                                
    Basic   $ (0.94 )   $ (0.59 )   $ (0.45 )   $ (0.84 )   $ 0.21    
    Diluted   $ (0.94 )   $ (0.59 )   $ (0.45 )   $ (0.84 )   $ 0.20    
    Weighted Average Common Stock and Warrants Outstanding:                                
    Basic     27,773       27,773       27,729       27,344       27,182    
    Diluted     27,773       27,773       27,729       27,344       28,401    
    Common Shares and Warrants Outstanding at Period End     28,950       28,950       28,941       28,906       28,489    

     _______________

    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
       
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    United States, primarily Gulf of America                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 26,116     $ 17,188     $ 22,356     $ 28,156     $ 22,584    
    Fleet utilization     45 %     42 %     37 %     27 %     50 %  
    Fleet available days     920       920       921       927       1,152    
    Out-of-service days for repairs, maintenance and drydockings     75       116       179       137       61    
    Out-of-service days for cold-stacked status (2)     184       175       127       182       254    
    Operating Revenues:                                
    Time charter   $ 10,744     $ 6,593     $ 7,697     $ 6,957     $ 12,929    
    Other marine services     1,114       1,188       480       1,026       5,346    
          11,858       7,781       8,177       7,983       18,275    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel     6,097       6,297       6,284       5,781       6,906    
    Repairs and maintenance     1,680       1,655       1,879       1,404       819    
    Drydocking     1,451       2,615       2,570       1,968       303    
    Insurance and loss reserves     854       799       943       396       1,297    
    Fuel, lubes and supplies     854       964       866       667       1,032    
    Other     229       225       226       (171 )     475    
          11,165       12,555       12,768       10,045       10,832    
    Direct Vessel Profit (Loss) (1)   $ 693     $ (4,774 )   $ (4,591 )   $ (2,062 )   $ 7,443    
    Other Costs and Expenses:                                
    Lease expense   $ 136     $ 140     $ 141     $ 138     $ 141    
    Depreciation and amortization     3,196       3,194       3,194       2,750       3,479    
                                     
    Africa and Europe                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 16,895     $ 18,875     $ 18,580     $ 15,197     $ 15,233    
    Fleet utilization     73 %     77 %     74 %     76 %     82 %  
    Fleet available days     1,856       1,990       1,969       1,775       1,748    
    Out-of-service days for repairs, maintenance and drydockings     180       203       203       238       124    
    Out-of-service days for cold-stacked status     —       58       91       91       92    
    Operating Revenues:                                
    Time charter   $ 22,999     $ 28,809     $ 27,047     $ 20,555     $ 21,791    
    Other marine services     1,027       3,048       1,028       169       189    
          24,026       31,857       28,075       20,724       21,980    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel     5,654       6,083       4,969       5,181       6,007    
    Repairs and maintenance     3,712       3,455       3,161       3,209       2,807    
    Drydocking     835       681       1,226       2,032       1,298    
    Insurance and loss reserves     577       599       819       334       416    
    Fuel, lubes and supplies     2,226       2,514       1,170       1,287       623    
    Other     3,748       3,975       2,801       2,199       2,267    
          16,752       17,307       14,146       14,242       13,418    
    Direct Vessel Profit (1)   $ 7,274     $ 14,550     $ 13,929     $ 6,482     $ 8,562    
    Other Costs and Expenses:                                
    Lease expense   $ 82     $ 75     $ 172     $ 178     $ 289    
    Depreciation and amortization     4,477       4,540       4,565       3,915       3,747    

     _______________

    (1) See full description of footnote above.
    (2) Includes one liftboat and one FSV cold-stacked in this region as of December 31, 2024.
       
           
    SEACOR MARINE HOLDINGS INC.
     UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
    (in thousands, except statistics)
           
        Three Months Ended  
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023  
    Middle East and Asia                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 17,337     $ 17,825     $ 17,083     $ 16,934     $ 17,590  
    Fleet utilization     88 %     71 %     82 %     71 %     69 %
    Fleet available days     1,266       1,288       1,296       1,365       1,461  
    Out-of-service days for repairs, maintenance and drydockings     30       229       168       224       360  
    Operating Revenues:                              
    Time charter   $ 19,385     $ 16,411     $ 18,073     $ 16,477     $ 17,729  
    Other marine services     635       375       619       350       539  
          20,020       16,786       18,692       16,827       18,268  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     5,470       5,769       6,930       5,963       5,522  
    Repairs and maintenance     3,574       3,318       3,443       2,712       2,590  
    Drydocking     (226 )     832       707       1,483       624  
    Insurance and loss reserves     804       927       798       618       1,022  
    Fuel, lubes and supplies     840       1,043       1,103       1,198       1,242  
    Other     1,305       1,131       989       1,000       1,133  
          11,767       13,020       13,970       12,974       12,133  
    Direct Vessel Profit (1)   $ 8,253     $ 3,766     $ 4,722     $ 3,853     $ 6,135  
    Other Costs and Expenses:                              
    Lease expense   $ 72     $ 73     $ 71     $ 85     $ 158  
    Depreciation and amortization     3,272       3,261       3,247       3,496       3,643  
                                   
    Latin America                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 21,390     $ 21,984     $ 22,437     $ 28,308     $ 20,745  
    Fleet utilization     73 %     63 %     71 %     58 %     84 %
    Fleet available days (2)     828       828       808       938       809  
    Out-of-service days for repairs, maintenance and drydockings     20       94       41       1       —  
    Operating Revenues:                              
    Time charter   $ 12,967     $ 11,500     $ 12,832     $ 15,274     $ 14,049  
    Bareboat charter     364       372       364       364       368  
    Other marine services     573       620       1,727       1,598       143  
          13,904       12,492       14,923       17,236       14,560  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     3,144       3,791       3,383       4,745       3,645  
    Repairs and maintenance     1,467       1,517       1,761       2,438       1,388  
    Drydocking     407       1,940       1,707       1,223       336  
    Insurance and loss reserves     238       259       539       390       209  
    Fuel, lubes and supplies     964       2,053       827       1,371       786  
    Other     822       465       419       671       522  
          7,042       10,025       8,636       10,838       6,886  
    Direct Vessel Profit (1)   $ 6,862     $ 2,467     $ 6,287     $ 6,398     $ 7,674  
    Other Costs and Expenses:                              
    Lease expense   $ 57     $ 76     $ 102     $ 80     $ 91  
    Depreciation and amortization     1,934       1,933       1,933       2,721       2,153  

     _______________

    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
       
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    AHTS                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 10,410     $ 10,316     $ 8,125     $ 8,538     $ 8,937    
    Fleet utilization     79 %     46 %     49 %     75 %     64 %  
    Fleet available days     178       334       364       364       368    
    Out-of-service days for repairs, maintenance and drydockings     28       87       29       —       41    
    Out-of-service days for cold-stacked status     —       58       91       91       92    
    Operating Revenues:                                
    Time charter   $ 1,465     $ 1,576     $ 1,459     $ 2,331     $ 2,102    
    Other marine services     —       13       219       —       6    
          1,465       1,589       1,678       2,331       2,108    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 595     $ 981     $ 1,045     $ 1,064     $ 944    
    Repairs and maintenance     128       239       465       220       612    
    Drydocking     5       436       280       68       58    
    Insurance and loss reserves     49       66       97       43       73    
    Fuel, lubes and supplies     25       90       69       616       375    
    Other     210       263       230       287       295    
          1,012       2,075       2,186       2,298       2,357    
    Other Costs and Expenses:                                
    Lease expense   $ 7     $ 4     $ 164     $ 171     $ 253    
    Depreciation and amortization     122       175       175       175       175    
                                     
    FSV                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 13,643     $ 13,102     $ 12,978     $ 11,834     $ 11,841    
    Fleet utilization     72 %     81 %     80 %     72 %     74 %  
    Fleet available days     2,024       2,024       2,002       2,002       2,105    
    Out-of-service days for repairs, maintenance and drydockings     118       96       128       216       337    
    Out-of-service days for cold-stacked status     92       83       36       91       92    
    Operating Revenues:                                
    Time charter   $ 19,992     $ 21,606     $ 20,698     $ 17,081     $ 18,502    
    Other marine services     416       1,012       516       126       163    
          20,408       22,618       21,214       17,207       18,665    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 5,078     $ 5,637     $ 5,829     $ 5,649     $ 5,320    
    Repairs and maintenance     4,480       4,378       4,572       3,093       2,691    
    Drydocking     426       448       457       1,869       1,710    
    Insurance and loss reserves     422       532       546       277       507    
    Fuel, lubes and supplies     1,586       1,962       993       1,051       1,441    
    Other     2,456       2,238       1,850       1,649       1,632    
          14,448       15,195       14,247       13,588       13,301    
    Other Costs and Expenses:                                
    Depreciation and amortization   $ 4,746     $ 4,744     $ 4,746     $ 4,744     $ 4,879    
                                               
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    PSV                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 17,912     $ 21,819     $ 20,952     $ 19,133     $ 19,778    
    Fleet utilization     72 %     58 %     66 %     53 %     77 %  
    Fleet available days (1)     1,932       1,932       1,900       1,911       1,902    
    Out-of-service days for repairs, maintenance and drydockings     117       349       291       307       109    
    Operating Revenues:                                
    Time charter   $ 24,865     $ 24,488     $ 26,390     $ 19,390     $ 29,140    
    Bareboat charter     364       372       364       364       368    
    Other marine services     1,561       2,855       2,266       416       595    
          26,790       27,715       29,020       20,170       30,103    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 8,999     $ 9,360     $ 8,979     $ 8,850     $ 9,017    
    Repairs and maintenance     4,101       3,798       3,151       4,393       3,520    
    Drydocking     1,046       2,629       2,616       3,386       472    
    Insurance and loss reserves     618       636       1,037       395       690    
    Fuel, lubes and supplies     2,379       3,594       1,575       1,889       1,027    
    Other     2,566       2,821       1,850       1,395       1,922    
          19,709       22,838       19,208       20,308       16,648    
    Other Costs and Expenses:                                
    Lease expense   $ —     $ (3 )   $ 3     $ —     $ —    
    Depreciation and amortization     4,122       4,117       4,128       4,073       4,073    

     _______________

    (1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
       
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    Liftboats                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 39,326     $ 36,423     $ 43,204     $ 53,506     $ 40,181    
    Fleet utilization     68 %     58 %     54 %     53 %     52 %  
    Fleet available days     736       736       728       728       795    
    Out-of-service days for repairs, maintenance and drydockings     41       109       143       78       60    
    Out-of-service days for cold-stacked status     92       92       91       91       162    
    Operating Revenues:                                
    Time charter   $ 19,773     $ 15,643     $ 17,102     $ 20,461     $ 16,754    
    Other marine services     1,177       1,142       666       1,772       4,666    
          20,950       16,785       17,768       22,233       21,420    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 5,678     $ 5,926     $ 6,842     $ 6,140     $ 5,316    
    Repairs and maintenance     1,722       1,531       2,054       2,035       769    
    Drydocking     990       2,555       2,857       1,383       321    
    Insurance and loss reserves     1,384       1,334       1,482       1,282       1,554    
    Fuel, lubes and supplies     894       928       1,329       967       838    
    Other     860       473       519       343       531    
          11,528       12,747       15,083       12,150       9,329    
    Other Costs and Expenses:                                
    Depreciation and amortization     3,866       3,866       3,865       3,866       3,867    
                                     
    Other Activity                                
    Operating Revenues:                                
    Other marine services   $ 195     $ 209     $ 187     $ 829     $ 787    
          195       209       187       829       787    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 15     $ 36     $ (1,129 )   $ (33 )   $ 1,483    
    Repairs and maintenance     2       (1 )     2       22       12    
    Insurance and loss reserves     —       16       (63 )     (259 )     120    
    Fuel, lubes and supplies     —       —       —       —       2    
    Other     12       1       (14 )     25       17    
          29       52       (1,204 )     (245 )     1,634    
    Other Costs and Expenses:                                
    Lease expense   $ 340     $ 363     $ 319     $ 310     $ 426    
    Depreciation and amortization     23       26       25       24       28    
                                               
     
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)
     
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    ASSETS                                
    Current Assets:                                
    Cash and cash equivalents   $ 59,491     $ 35,601     $ 40,605     $ 59,593     $ 67,455    
    Restricted cash     16,649       2,263       2,255       2,566       16,676    
    Receivables:                                
    Trade, net of allowance for credit loss     69,888       76,497       70,770       58,272       63,728    
    Other     7,913       7,841       6,210       12,210       11,049    
    Tax receivable     1,601       983       983       983       983    
    Inventories     2,760       3,139       3,117       2,516       1,609    
    Prepaid expenses and other     4,406       4,840       5,659       3,425       2,686    
    Assets held for sale     10,943       —       500       500       500    
    Total current assets     173,651       131,164       130,099       140,065       164,686    
    Property and Equipment:                                
    Historical cost     900,414       921,445       921,443       919,139       918,823    
    Accumulated depreciation     (367,448 )     (362,604 )     (349,799 )     (337,001 )     (324,141 )  
          532,966       558,841       571,644       582,138       594,682    
    Construction in progress     11,904       11,935       11,518       13,410       10,362    
    Net property and equipment     544,870       570,776       583,162       595,548       605,044    
    Right-of-use asset – operating leases     3,436       3,575       3,683       3,988       4,291    
    Right-of-use asset – finance leases     36       19       28       29       37    
    Investments, at equity, and advances to 50% or less owned companies     3,541       2,046       2,641       3,122       4,125    
    Other assets     1,577       1,864       1,953       2,094       2,153    
    Total assets   $ 727,111     $ 709,444     $ 721,566     $ 744,846     $ 780,336    
    LIABILITIES AND EQUITY                                
    Current Liabilities:                                
    Current portion of operating lease liabilities   $ 606     $ 494     $ 861     $ 1,285     $ 1,591    
    Current portion of finance lease liabilities     17       17       26       33       35    
    Current portion of long-term debt     27,500       28,605       28,605       28,605       28,365    
    Accounts payable     29,236       22,744       17,790       23,453       27,562    
    Other current liabilities     27,683       28,808       23,795       21,067       19,533    
    Total current liabilities     85,042       80,668       71,077       74,443       77,086    
    Long-term operating lease liabilities     2,982       3,221       3,276       3,390       3,529    
    Long-term finance lease liabilities     20       4       5       —       6    
    Long-term debt     317,339       272,325       277,740       281,989       287,544    
    Deferred income taxes     22,037       26,802       30,083       33,873       35,718    
    Deferred gains and other liabilities     1,369       1,416       1,447       2,285       2,229    
    Total liabilities     428,789       384,436       383,628       395,980       406,112    
    Equity:                                
    SEACOR Marine Holdings Inc. stockholders’ equity:                                
    Common stock     287       287       286       286       280    
    Additional paid-in capital     479,283       477,661       476,020       474,433       472,692    
    Accumulated deficit     (180,600 )     (154,374 )     (138,028 )     (125,609 )     (102,425 )  
    Shares held in treasury     (8,110 )     (8,110 )     (8,110 )     (8,071 )     (4,221 )  
    Accumulated other comprehensive income, net of tax     7,141       9,223       7,449       7,506       7,577    
          298,001       324,687       337,617       348,545       373,903    
    Noncontrolling interests in subsidiaries     321       321       321       321       321    
    Total equity     298,322       325,008       337,938       348,866       374,224    
    Total liabilities and equity   $ 727,111     $ 709,444     $ 721,566     $ 744,846     $ 780,336    
     
               
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
               
              Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    Cash Flows from Operating Activities:                                
    Net (Loss) Income   $ (26,226 )   $ (16,346 )   $ (12,483 )   $ (23,069 )   $ 5,729    
    Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:                                
    Depreciation and amortization     12,879       12,928       12,939       12,882       13,022    
    Deferred financing costs amortization     254       298       297       295       279    
    Stock-based compensation expense     1,622       1,604       1,587       1,645       1,510    
    Debt discount amortization     1,799       2,061       1,993       1,926       1,862    
    Allowance for credit losses     59       101       39       3       266    
    (Gains) losses from equipment sales, retirements or impairments     (11,624 )     (1,821 )     (37 )     1       (18,057 )  
    Losses on debt extinguishment     28,252       —       —       —       —    
    Derivative losses (gains)     536       (67 )     (104 )     543       (608 )  
    Interest on finance lease     2       —       1       —       1    
    Settlements on derivative transactions, net     —       —       —       164       —    
    Currency (gains) losses     (1,308 )     1,717       560       80       1,276    
    Deferred income taxes     (4,766 )     (3,281 )     (3,790 )     (1,845 )     2,640    
    Equity (earnings) losses     (1,430 )     (1,012 )     (966 )     1,100       (374 )  
    Dividends received from equity investees     —       1,498       1,418       —       166    
    Changes in Operating Assets and Liabilities:                                
    Accounts receivables     5,448       (7,411 )     (6,928 )     4,291       (3,472 )  
    Other assets     1,338       1,032       (2,395 )     (1,290 )     733    
    Accounts payable and accrued liabilities     1,693       9,325       (4,378 )     (3,895 )     (6,456 )  
    Net cash provided by (used in) operating activities     8,528       626       (12,247 )     (7,169 )     (1,483 )  
    Cash Flows from Investing Activities:                                
    Purchases of property and equipment     (3,010 )     (210 )     (658 )     (3,416 )     (3,644 )  
    Proceeds from disposition of property and equipment     22,441       2,331       86       —       36,692    
    Net cash provided by (used in) investing activities     19,431       2,121       (572 )     (3,416 )     33,048    
    Cash Flows from Financing Activities:                                
    Payments on long-term debt     (2,479 )     (7,770 )     (6,533 )     (7,530 )     (6,173 )  
    Payments on debt extinguishment     (328,712 )     —       —       —       —    
    Payments on debt extinguishment cost     (3,671 )     —       —       —       —    
    Proceeds from issuance of long-term debt, net of debt discount and issue costs     345,192       —       —       —       87    
    Payments on finance leases     (13 )     (10 )     (9 )     (9 )     (9 )  
    Proceeds from issuance of common stock, net of issue costs     —       —       —       —       24    
    Proceeds from exercise of stock options and warrants     —       38       102       —       —    
    Tax withholdings on restricted stock vesting     —       —       (39 )     (3,850 )     —    
    Net cash provided by (used in) financing activities     10,317       (7,742 )     (6,479 )     (11,389 )     (6,071 )  
    Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents     —       (1 )     (1 )     2       1    
    Net Change in Cash, Restricted Cash and Cash Equivalents     38,276       (4,996 )     (19,299 )     (21,972 )     25,495    
    Cash, Restricted Cash and Cash Equivalents, Beginning of Period     37,864       42,860       62,159       84,131       58,636    
    Cash, Restricted Cash and Cash Equivalents, End of Period   $ 76,140     $ 37,864     $ 42,860     $ 62,159     $ 84,131    
     
     
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED FLEET COUNTS
     
        Owned     Leased-in     Managed     Total  
    December 31, 2024                        
    AHTS     —       —       2       2  
    FSV     22       —       1       23  
    PSV     21       —       —       21  
    Liftboats     8       —       —       8  
          51       —       3       54  
    December 31, 2023                        
    AHTS     3       1       —       4  
    FSV     22       —       3       25  
    PSV     21       —       —       21  
    Liftboats     8       —       —       8  
          54       1       3       58  

    The MIL Network –

    February 27, 2025
  • MIL-OSI: ArrowMark Financial Corp. Releases Month End Estimated Net Asset Value as of January 2025

    Source: GlobeNewswire (MIL-OSI)

    DENVER, Feb. 26, 2025 (GLOBE NEWSWIRE) — ArrowMark Financial Corp., (NASDAQ: BANX) (“ArrowMark Financial”), today announced that BANX’s estimated and unaudited Net Asset Value (“NAV”) as of January 31, 2025, was $22.11.

    This estimated NAV is not a comprehensive statement of our financial condition or results for the month January 31, 2025.

    About ArrowMark Financial Corp.
    ArrowMark Financial Corp. is an SEC registered non-diversified, closed-end fund listed on the NASDAQ Global Select Market under the symbol “BANX.” Its investment objective is to provide shareholders with current income. BANX pursues its objective by investing primarily in regulatory capital securities of financial institutions. BANX is managed by ArrowMark Asset Management, LLC. To learn more, visit ir.arrowmarkfinancialcorp.com, or contact Destra at 877.855.3434 or by email at BANX@destracapital.com.

    Disclaimer and Risk Factors:
    There is no assurance that ArrowMark Financial will achieve its investment objective. ArrowMark Financial is subject to numerous risks, including investment and market risks, management risk, income and interest rate risks, banking industry risks, preferred stock risk, convertible securities risk, debt securities risk, liquidity risk, valuation risk, leverage risk, non-diversification risk, credit and counterparty risks, market at a discount from net asset value risk and market disruption risk. Shares of closed-end investment companies may trade above (a premium) or below (a discount) their net asset value. Shares of ArrowMark Financial may not be appropriate for all investors. Investors should review and consider carefully ArrowMark Financial’s investment objective, risks, charges and expenses. Past performance does not guarantee future results.

    The Annual Report, Semi-Annual Report and other regulatory filings of the Company with the SEC are accessible on the SEC’s website at www.sec.gov and on the BANX’s website at ir.arrowmarkfinancialcorp.com.

    Contact:
    BANX@destracapital.com

    The MIL Network –

    February 27, 2025
  • MIL-OSI USA: Baldwin Demands Trump’s USDA Restart Payments Guaranteed to 88 Wisconsin Dairy Farmers

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin
    WASHINGTON, D.C. – Today, U.S. Senator Tammy Baldwin (D-WI) demanded the United States Department of Agriculture (USDA) restart payments already committed to Wisconsin Dairy Business Innovation (DBI) Initiative recipients. Baldwin’s call comes as bipartisan federal funding that was approved by Congress, signed into law, and already awarded to farmers has been halted at the direction of the Trump Administration – leaving 88 dairy businesses in Wisconsin waiting on a collective $6.5 million for reimbursement.
    “The uncertainty surrounding DBI funding is incredibly alarming because it threatens the future of many dairy businesses that were promised this support to grow and remain competitive,” wrote Senator Baldwin in a letter to Secretary Rollins. “Many of the farmers and processors operate with limited resources and cannot afford disruptions in funding. Therefore, this unnecessary and ill-advised disruption could have widespread economic consequences, particularly, for small dairy operations in Wisconsin that drive our rural economies”
    In addition to the 88 dairy businesses in Wisconsin waiting on a collective $6.5 million in reimbursements for funds appropriated in Fiscal Year 2023, the Wisconsin Initiative has been told they may not receive funding they were guaranteed for Fiscal Year 2024 – despite having already expended nearly $500,000.
    “Given the importance of this program to dairy businesses across the country, I urge you to provide immediate clarification on the status of DBI Initiatives funding to the program’s stakeholders, as well as ensure that funds are reimbursed expeditiously,” Baldwin concluded.
    Senator Baldwin successfully created the DBI program in the 2018 Farm Bill. To date, the Baldwin-backed program has supported over 250 dairy farmers and processors in the Midwest, including 109 in Wisconsin. Earlier this month, Senators Baldwin and Blackburn (R-TN) introduced the Dairy Business Innovation Act of 2025, bipartisan legislation that builds on the support for regional dairy research and innovation centers across the country by raising the program’s annual authorization from $20 million to $36 million.
    A full version of Baldwin’s letter is available here and below.
    Dear Secretary Rollins,
    I am writing to express my deep concern that the United States Department of Agriculture (USDA) has halted payments promised to farmers and processors through the Dairy Business Innovation (DBI) Initiatives. This federal funding commitment to dairy businesses has been approved by Congress and signed into law. The program has bipartisan support because of the critical role it plays in supporting small- to medium-sized dairy processors and family farm operations in the development, production, marketing, and distribution of dairy products. I urge you to restart these payments without delay, as farmers in my state wait to be repaid for investments they have already made in line with the active grant awards.
     The Dairy Business Innovation Act has become, and remains, a success story for the dairy industry since its enactment into law in the 2018 Farm bill. I have been proud to lead a bipartisan coalition to secure annual appropriations dedicated to the four DBI Initiatives that provide services across the country, including in Wisconsin. To date, the program has supported over 100 dairy farmers and processors in Wisconsin and over 250 across the Midwest.
     I understand that funding appropriated in Fiscal Year (FY) 2023 for Dairy Business Innovation Initiatives has not been reimbursed to the Wisconsin Initiative at the direction of the Trump Administration. This means that 88 dairy businesses in Wisconsin are waiting on a collective $6.5 million for reimbursement. The Wisconsin Initiative has now been told they may not be reimbursed for FY2024 at all after expending nearly $500,000, even after USDA’s earlier directive for the Centers to move forward with selecting awards with those appropriated funds. This federal funding has been promised to dairy farmers who anticipated using the funds to help grow their businesses, and many have already made financial commitments based on this expected support. It is imperative that these commitments are honored to avoid undue financial hardship for these farmers and their family-owned small businesses.
     At a time when it is needed most, the DBI Initiatives have been a vital lifeline to farmers and processors because they are designed to strengthen the dairy industry by:
    Diversifying dairy product markets to reduce risk and create higher-value uses for dairy products.
    Promoting business development strategies that increase farmer income through processing and marketing innovations.
    Encouraging the use of regional milk production to strengthen local economies.
    These initiatives support dairy farmers and processors through direct farm technical assistance, business consulting, strategic planning, marketing, product development, and distribution. Additionally, a significant portion of DBI funds are dedicated as small dollar grants to small- and medium-sized, family-owned businesses.
    The uncertainty surrounding DBI funding is incredibly alarming because it threatens the future of many dairy businesses that were promised this support to grow and remain competitive. Many of the farmers and processors operate with limited resources and cannot afford disruptions in funding. Therefore, this unnecessary and ill-advised disruption could have widespread economic consequences, particularly, for small dairy operations in Wisconsin that drive our rural economies.
    Given the importance of this program to dairy businesses across the country, I urge you to provide immediate clarification on the status of DBI Initiatives funding to the program’s stakeholders, as well as ensure that funds are reimbursed expeditiously. I appreciate your urgent attention on this matter.
    Sincerely,
    An online version of this release is available here.

    MIL OSI USA News –

    February 27, 2025
  • MIL-OSI Security: Tajik National Arrested in Brooklyn for Conspiring to Provide Material Support to ISIS

    Source: Office of United States Attorneys

    A criminal complaint was unsealed today in federal court in Brooklyn charging Mansuri Manuchekhri with conspiring to provide material support to the Islamic State of Iraq and al-Sham (ISIS) and to the Islamic State-Khorasan Province (ISIS-K), possessing firearms while unlawfully in the United States and immigration fraud.  Manuchekhri was arrested today and made his initial appearance this afternoon before United States Magistrate Judge Robert M. Levy who ordered the defendant detained.

    John J. Durham, United States Attorney for the Eastern District of New York, Sue Bai, head of the Justice Department’s National Security Division, James E. Dennehy, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI) and Jessica S. Tisch, Commissioner, New York City Police Department (NYPD), announced the arrest and charges.

    “As alleged, the defendant, who was in the United States illegally, not only facilitated tens of thousands of dollars in contributions to ISIS extremists overseas, but trained with assault rifles at shooting ranges in the United States and declared his readiness to ISIS,” stated United States Attorney Durham.  “Protecting the homeland and prosecuting evildoers who assist terrorist organizations by funding their violent and hateful agenda, here and abroad, will always be a priority of this Office.”   

    Mr. Durham praised the outstanding investigative work of the FBI’s New York Joint Terrorism Task Force, which consists of investigators and analysts from the FBI, the NYPD and over 50 other federal, state and local agencies.

    “The Justice Department will relentlessly pursue those who fund and support terrorists,” stated Sue Bai, head of the Justice Department’s National Security Division.  “We will not allow our immigration or financial systems to be exploited. Our country will not be a safe haven for those who try to harm Americans.”

    “Today’s arrest demonstrates the FBI’s commitment to protecting the American people from the threat of terrorism,” stated FBI Assistant Director in Charge Dennehy.  “As alleged in the complaint, the defendant not only violated our immigration laws, but while unlawfully in the United States also provided substantial financial support to violent extremists affiliated with a designated foreign terrorist organization. In his promotion of violence and praise for terrorist attacks on U.S. soil, the defendant made clear his desire to support violent extremism, and I am grateful to all our folks on the Joint Terrorism Task Force for their vigilance and dedication to disrupting this threat and putting him behind bars.”

    “The NYPD will stop at nothing to protect New Yorkers from those who support and pledge loyalty to violent ISIS extremists,” stated NYPD Commissioner Tisch.  “I commend the NYPD investigators and all of our local, state, and federal law enforcement partners for identifying and arresting this gun-toting fraudster, and for thwarting the dangerous domestic threat he posed to our communities.”

    As alleged in the complaint, Manuchekhri traveled to the United States from Tajikistan in June 2016 on a non-immigrant tourist visa and remained in the country after his visa expired in December 2016.  In March 2017, Manuchekhri paid an American citizen to enter into a sham marriage with him so that he could obtain legal status in the United States.  However, he failed to provide certain supporting documentation that was requested by the government and his petition was never granted. 

    From approximately December 2021 through April 2023, while residing in Brooklyn, Manuchekhri facilitated approximately $70,000 in payments to ISIS-affiliated individuals in Turkey and Syria, including to an individual who was later arrested by Turkish authorities for his alleged involvement in a January 2024 terrorist attack on a church in Istanbul for which ISIS-K publicly claimed responsibility.  Manuchekhri expressed his support for ISIS to others by praising past ISIS attacks in the United States and by collecting jihadi propaganda videos promoting violence and martyrdom.

    The complaint further alleges that Manuchekhri possessed and used firearms and made frequent visits to shooting ranges even though he was prohibited from doing so as an alien unlawfully in the United States.  In February 2022, Manuchekhri recorded himself firing an assault rifle at a shooting range in New Jersey and sent the video to one of the ISIS-affiliated individuals in Turkey with the message, “Thank God, I am ready, brother.”        

    The charges in the complaint are allegations, and the defendant is presumed innocent unless and until proven guilty.  If convicted, Manuchekhri faces a maximum sentence of 45 years’ imprisonment.

    The government’s case is being handled by the Office’s National Security and Cybercrime Section.  Assistant United States Attorneys Robert M. Pollack and Andrew D. Reich are in charge of the prosecution with assistance from Trial Attorneys John Cella and Andrea Broach of the National Security Division’s Counterterrorism Section and Paralegal Specialist Wayne Colón.

    The Defendant:

    MANSURI MANUCHEKHRI
    Age: 33
    Sheepshead Bay, Brooklyn

    E.D.N.Y. Docket No. 25-MJ-64

    MIL Security OSI –

    February 27, 2025
  • MIL-OSI: Constellation Software Inc. and Topicus.Com Inc. Announce Results for Topicus.com Inc. for the Fourth Quarter and Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Topicus.com Inc. (TSXV:TOI) in a joint release with Constellation Software Inc. (TSX:CSU) today announced financial results for Topicus.com Inc. (“Topicus” or the “Company”) for the fourth quarter and year ended December 31, 2024. Please note that all amounts referred to in this press release are in Euros unless otherwise stated.

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

    Q4 2024 Headlines:

    • Revenue increased 18% (5% organic growth) to €364.9 million compared to €309.7 million in Q4 2023.
    • Net income increased 32% to €56.2 million (€0.40 on a diluted per share basis) from €42.5 million (€0.31 on a diluted per share basis) in Q4 2023.
    • Acquisitions were completed for aggregate cash consideration of €47.9 million (which includes acquired cash). Deferred payments associated with these acquisitions have an estimated value of €6.7 million resulting in total consideration of €54.6 million.
    • Cash flows from operations (“CFO”) increased 28% to €79.6 million compared to €62.4 million in Q4 2023.
    • Free cash flow available to shareholders1 (“FCFA2S”) increased 27% to €36.6 million compared to €28.9 million in Q4 2023.

    2024 Headlines:

    • Revenue increased 15% (5% organic growth) to €1,294.9 million compared to €1,125.0 million in 2023.
    • Net income increased 30% to €149.5 million (€1.11 on a diluted per share basis) from €115.4 million (€0.88 on a diluted per share basis) in 2023.
    • A number of acquisitions were completed for total consideration of €153.4 million including holdbacks and contingent consideration.
    • Cash flows from operations (“CFO”) increased 41% to €347.6 million compared to €246.6 million in 2023.
    • Free cash flow available to shareholders1 (“FCFA2S”) increased 44% to €177.4 million compared to €123.4 million in 2023.

    Total revenue for the quarter ended December 31, 2024 was €364.9 million, an increase of 18%, or €55.2 million, compared to €309.7 million for the comparable period in 2023. For the year ended December 31, 2024 total revenues were €1,294.9 million, an increase of 15%, or €169.9 million, compared to €1,125.0 million for the comparable period in 2023. The increase for both the three months and 12 months ended December 31, 2024 compared to the same periods in the prior year is primarily attributable to growth from acquisitions as the Company experienced organic growth of 5% for each of the periods. Organic growth is not a standardized financial measure and might not be comparable to measures disclosed by other issuers.

    Net income for the quarter ended December 31, 2024 increased €13.7 million to €56.2 million compared to €42.5 million for the same period in 2023. On a per share basis, this translated into net income per basic and diluted share of €0.40 in the quarter ended December 31, 2024 compared to €0.31 for the same period in 2023. For the twelve months ended December 31, 2024 net income increased €34.1 million to €149.5 million compared to €115.4 million for the same period in 2023. On a per share basis, this translated into net income per basic and diluted share of €1.11 in the twelve months ended December 31, 2024 compared to €0.88 for the same period in 2023.

    For the quarter ended December 31, 2024, CFO increased €17.2 million to €79.6 million compared to €62.4 million for the same period in 2023 representing an increase of 28%. Many of the businesses invoice customers for annual software maintenance fees in Q1 each year resulting in a disproportionate amount of cash being received in the first quarter as compared to the remaining three quarters. For the twelve months ended December 31, 2024, CFO increased €101.1 million to €347.6 million compared to €246.6 million for the same period in 2023 representing an increase of 41%.

    For the quarter ended December 31, 2024, FCFA2S increased €7.7 million to €36.6 million compared to €28.9 million for the same period in 2023 representing an increase of 27%. For the twelve months ended December 31, 2024, FCFA2S increased €54.0 million to €177.4 million compared to €123.4 million for the same period in 2023 representing an increase of 44%.

    1. See Non-IFRS measures.

    Forward Looking Statements

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

    Non-IFRS Measures

    Free cash flow available to shareholders ‘‘FCFA2S’’ refers to net cash flows from operating activities less interest paid on lease obligations, interest paid on other facilities, credit facility transaction costs, repayments of lease obligations, dividends paid to redeemable preferred securities holders, and property and equipment purchased, and includes interest and dividends received, and the proceeds from sale of interest rate caps. The portion of this amount applicable to non-controlling interests is then deducted. Topicus believes that FCFA2S is useful supplemental information as it provides an indication of the uncommitted cash flow that is available to shareholders if Topicus does not make any acquisitions, or investments, and does not repay any debts. While Topicus could use the FCFA2S to pay dividends or repurchase shares, Topicus’ objective is to invest all of our FCFA2S in acquisitions which meet Topicus’ hurdle rate.

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

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

          Three months ended
    December 31,
          Year ended
    December 31,
     
          2024 2023       2024 2023  
        (€ in millions)   (€ in millions)
                         
    Net cash flows from operating activities     79.6   62.4         347.6   246.6    
    Adjusted for:                    
    Interest paid on lease obligations     (0.6 ) (0.4 )       (2.1 ) (1.4 )  
    Interest paid on other facilities     (5.7 ) (4.4 )       (21.1 ) (15.8 )  
    Proceeds from sale of interest rate cap     –   –         –   4.8    
    Credit facility transaction costs     (0.3 ) (0.0 )       (1.3 ) (0.3 )  
    Payments of lease obligations     (6.5 ) (5.5 )       (24.6 ) (21.8 )  
    Property and equipment purchased     (1.9 ) (2.5 )       (8.3 ) (7.8 )  
                         
          64.5   49.5         290.3   204.3    
    Less amount attributable to                    
      non-controlling interests     (27.9 ) (20.6 )       (112.9 ) (81.0 )  
                         
    Free cash flow available to shareholders     36.6   28.9         177.4   123.4    
                         
    Due to rounding, certain totals may not foot.                    
     

    About Topicus.com Inc.

    Topicus’ subordinate voting shares are listed on the Toronto Venture Stock Exchange under the symbol “TOI”. Topicus acquires, manages and builds vertical market software businesses.

    About Constellation Software Inc.

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

    For further information:
    Jamal Baksh
    Chief Financial Officer
    jbaksh@csisoftware.com
    info@topicus.com
    www.topicus.com

    SOURCE: TOPICUS.COM INC.

     
    Topicus.com Inc.
    Consolidated Statements of Financial Position        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
               
               
            December 31, 2024 December 31, 2023
               
    Assets        
               
    Current assets:        
      Cash     206,157 179,059
      Accounts receivable     142,791 134,079
      Unbilled revenue     45,415 44,838
      Inventories     4,930 4,517
      Other assets     55,107 55,250
            454,400 417,742
               
    Non-current assets:        
      Property and equipment     23,245 20,030
      Right of use assets     75,666 61,066
      Deferred income taxes     19,905 16,412
      Other assets     11,983 13,824
      Intangible assets 950,670 903,709
            1,081,470 1,015,042
               
    Total assets     1,535,870 1,432,784
               
    Liabilities and Shareholders’ Equity        
               
    Current liabilities:        
      Topicus Revolving Credit Facility and current portion of term and other loans 225,718 161,077
      Accounts payable and accrued liabilities     250,361 211,423
      Deferred revenue     166,593 138,854
      Provisions     2,582 1,708
      Acquisition holdback payables     13,073 12,292
      Lease obligations     23,629 20,614
      Income taxes payable     18,233 20,068
            700,189 566,035
               
    Non-current liabilities:        
      Term and other loans     49,300 64,615
      Deferred income taxes     145,911 137,155
      Acquisition holdback payables     10,061 1,339
      Lease obligations     53,188 41,524
      Other liabilities     45,825 29,632
            304,285 274,266
               
    Total liabilities     1,004,474 840,301
               
               
    Shareholders’ Equity:        
      Capital stock     39,412 39,412
      Accumulated other comprehensive income (loss)     5,584 2,390
      Retained earnings     266,281 297,382
      Non-controlling interests     220,119 253,299
            531,396 592,483
               
               
               
    Total liabilities and shareholders’ equity     1,535,870 1,432,784
               
    Topicus.com Inc.          
    Consolidated Statements of Income (Loss)        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
               
             
               
          Year ended December 31,
          2024     2023  
               
    Revenue          
    License     43,507     35,458  
    Professional services     326,877     297,669  
    Hardware and other     24,819     18,045  
    Maintenance and other recurring     899,659     773,801  
          1,294,862     1,124,973  
    Expenses          
    Staff     706,579     625,200  
    Hardware     16,851     12,068  
    Third party license, maintenance and professional services   100,085     88,074  
    Occupancy     10,951     8,351  
    Travel, telecommunications, supplies, software and equipment   50,382     43,639  
    Professional fees     20,722     15,318  
    Other, net     13,427     15,422  
    Depreciation     34,088     30,586  
    Amortization of intangible assets     135,499     121,124  
          1,088,584     959,782  
               
    Impairment of intangible and other non-financial assets   617     –  
    Bargain purchase (gain)     (517 )   –  
    Finance and other expenses (income)     22,705     20,426  
          22,804     20,426  
               
    Income (loss) before income taxes     183,474     144,766  
               
    Current income tax expense (recovery)     62,413     53,098  
    Deferred income tax expense (recovery)     (28,410 )   (23,759 )
    Income tax expense (recovery)     34,004     29,338  
               
    Net income (loss)     149,470     115,427  
               
    Net income (loss) attributable to:          
    Equity holders of Topicus     91,994     71,753  
    Non-controlling interests     57,476     43,674  
    Net income (loss)     149,470     115,427  
               
    Weighted average shares          
    Basic shares outstanding     82,766,336     81,889,764  
    Diluted shares outstanding     129,841,819     129,841,819  
               
    Earnings (loss) per common share of Topicus          
    Basic     1.11     0.88  
    Diluted     1.11     0.88  
               
               
    Topicus.com Inc.          
    Consolidated Statements of Comprehensive Income (Loss)        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
               
             
             
          Year ended December 31,
          2024   2023
               
    Net income (loss)     149,470   115,427
               
    Items that are or may be reclassified subsequently to net income (loss):        
               
    Foreign currency translation differences from foreign operations and other   7,241   2,344
               
    Other comprehensive (loss) income for the period, net of income tax   7,241   2,344
               
    Total comprehensive income (loss) for the period   156,711   117,771
               
    Total other comprehensive income (loss) attributable to:        
    Equity holders of Topicus     3,193   1,201
    Non-controlling interests     4,048   1,143
    Total other comprehensive income (loss)     7,241   2,344
               
    Total comprehensive income (loss) attributable to:        
    Equity holders of Topicus     95,187   72,954
    Non-controlling interests     61,524   44,817
    Total comprehensive income (loss)     156,711   117,771
                 
    Topicus.com Inc.            
    Consolidated Statement of Changes in Shareholders’ Equity        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
                   
                   
    Year ended December 31, 2024            
             
        Capital Stock Accumulated other
    comprehensive
    (loss) income
    Retained
    earnings
      Total   Non-controlling
    interests
      Total equity  
                   
    Balance at January 1, 2024 39,412 2,390 297,382   339,185   253,299   592,483  
                   
    Total comprehensive income (loss) for the period:            
                   
    Net income (loss) – – 91,994   91,994   57,476   149,470  
                   
    Other comprehensive income (loss)            
                   
    Foreign currency translation differences from            
      foreign operations and other, net of income tax – 3,193 –   3,193   4,048   7,241  
                   
    Total other comprehensive income (loss)            
      for the period – 3,193 –   3,193   4,048   7,241  
                   
    Total comprehensive income (loss) for the period – 3,193 91,994   95,187   61,524   156,711  
                   
    Transactions with owners, recorded directly in equity            
                   
      Other movements in non-controlling interests and equity – – (251 ) (251 ) (369 ) (620 )
                   
      Exchange of Topicus Coop ordinary units held by non-controlling interests to subordinate voting shares of Topicus – – 4,797   4,797   (4,797 ) –  
                   
      Dividends paid to shareholders of the Company – – (127,641 ) (127,641 ) –   (127,641 )
                   
      Return of capital to non-controlling interests         (9,048 ) (9,048 )
                   
      Dividends paid to non-controlling interests – – –   –   (80,489 ) (80,489 )
                   
    Balance at December 31, 2024 39,412 5,584 266,281   311,277   220,119   531,396  
                   
    Topicus.com Inc.            
    Consolidated Statement of Changes in Shareholders’ Equity        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
                   
                   
    Year ended December 31, 2023            
                   
             
        Capital Stock Accumulated other
    comprehensive
    (loss) income
      Retained
    earnings
      Total Non-controlling
    interests
      Total equity  
                   
    Balance at January 1, 2023 39,412 (232 ) 226,919   266,099 201,685   467,784  
                   
    Total comprehensive income (loss) for the period:            
                   
    Net income (loss) – –   71,753   71,753 43,674   115,427  
                   
    Other comprehensive income (loss)            
                   
    Foreign currency translation differences from            
      foreign operations and other, net of income tax – 1,201   –   1,201 1,143   2,344  
                   
    Total other comprehensive income (loss) for the period – 1,201   –   1,201 1,143   2,344  
                   
    Total comprehensive income (loss) for the period – 1,201   71,753   72,954 44,817   117,771  
                   
                   
    Transactions with owners, recorded directly in equity            
                   
      Other movements in non-controlling interests and equity – 1,422   (1,290 ) 131 (203 ) (72 )
                   
      Contribution by non-controlling interests – –   –   – 9,617   9,617  
                   
      Acquisition of non-controlling interests – –   –   – (803 ) (803 )
                   
      Dividends paid to non-controlling interests – –   –   – (1,814 ) (1,814 )
                   
    Balance at December 31, 2023 39,412 2,390   297,382   339,185 253,299   592,483  
                   
    Topicus.com Inc.        
    Consolidated Statements of Cash Flows        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
                 
             
                 
            Year ended December 31,
            2024     2023  
                 
    Cash flows from (used in) operating activities:        
      Net income (loss)   149,470     115,427  
      Adjustments for:        
        Depreciation   34,088     30,586  
        Amortization of intangible assets   135,499     121,124  
        Impairment of intangible and other non-financial assets   617     –  
        Bargain purchase (gain)   (517 )   –  
        Finance and other expenses (income)   22,705     20,426  
        Income tax expense (recovery)   34,004     29,338  
      Change in non-cash operating assets and liabilities        
        exclusive of effects of business combinations   27,106     (20,062 )
      Income taxes (paid) received   (55,344 )   (50,281 )
      Net cash flows from (used in) operating activities   347,627     246,558  
                 
    Cash flows from (used in) financing activities:        
      Interest paid on lease obligations   (2,054 )   (1,422 )
      Interest paid on other facilities   (21,124 )   (15,779 )
      Proceeds from sale of interest rate cap   –     4,809  
      Net increase (decrease) in Topicus Revolving Credit Facility   65,000     25,000  
      Proceeds from issuance of term and other loans   30,238     37,010  
      Increase (decrease) in bank indebtedness   7,873     –  
      Repayment of loan from CSI   –     (29,878 )
      Increase (decrease) in loan from Vela Software Group   (300 )   1,342  
      Contribution from Vela Software Group into GeoSoftware and Geoactive   –     9,617  
      Return of capital to non-controlling interests   (9,048 )   –  
      Repayments of term and other loans   (47,786 )   (84,226 )
      Credit facility transaction costs   (1,321 )   (278 )
      Payments of lease obligations   (24,594 )   (21,784 )
      Other financing activities   (356 )   (573 )
      Dividends paid to non-controlling interests   (80,489 )   (1,814 )
      Dividends paid to shareholders of the Company   (127,641 )   –  
      Net cash flows from (used in) in financing activities   (211,602 )   (77,977 )
                 
    Cash flows from (used in) investing activities:        
      Acquisition of businesses   (112,952 )   (113,846 )
      Cash obtained with acquired businesses   35,532     12,291  
      Post-acquisition settlement payments, net of receipts   (22,385 )   (17,622 )
      Purchases of other investments   –     (248 )
      (Increase) decrease in restricted cash   (2,128 )   –  
      Property and equipment purchased   (8,283 )   (7,778 )
      Net cash flows from (used in) investing activities   (110,217 )   (127,203 )
                 
    Effect of foreign currency on        
      cash and cash equivalents   1,291     909  
                 
    Increase (decrease) in cash   27,099     42,287  
                 
    Cash, beginning of period   179,059     136,772  
                 
    Cash, end of period   206,157     179,059  

    The MIL Network –

    February 27, 2025
  • MIL-OSI: TRC Announces Termination of the Tender Offer for Canadian Natural Resources Limited

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — TRC Capital Investment Corporation (“TRC”) announced today that it has terminated its previously announced cash tender offer to purchase up to 2,500,000 common shares (the “Shares”) of Canadian Natural Resources Limited. All Shares that have been validly tendered (and not validly withdrawn) will be returned promptly to the respective holders thereof without any action required on the part of the holders. No consideration will be paid in the Tender Offer for any tendered Shares.

    Consummation of the Tender Offer was subject to the satisfaction or waiver of the conditions set forth in the offer to purchase dated January 15, 2025 (the “Offer to Purchase”), including the general political, market, economic or financial condition described therein, which was not satisfied. TRC has decided to withdraw this transaction. This notice confirms the termination of the Tender Offer.

    This notice is neither an offer to purchase nor a solicitation of an offer to sell any Shares or any other securities. Persons with questions regarding the Tender Offer should contact the information agent, CNRA Financial Services Inc. at (416) 861-9446.

    For further information, contact:
    Contact: Lorne H. Albaum, President
    Phone: (416) 304-1474

          
            

    The MIL Network –

    February 27, 2025
  • MIL-OSI: Urgently Announces Capital Structure Improvements and Secures up to $20 Million in New Financing

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., Feb. 26, 2025 (GLOBE NEWSWIRE) — Urgent.ly Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, announced today that it has reached an agreement with its lenders resulting in significant capital structure improvements. Urgently has entered into a new credit agreement for an asset-based revolving credit facility for up to $20 million with MidCap Financial, which will be used to repay existing indebtedness to its first lien lenders and to help the Company advance its mission to transform the legacy roadside assistance market and to develop and define the new market for connected mobility assistance services for automotive, insurance, fleet, logistics, new mobility and technology transportation companies.

    “We are pleased to have announced our new credit facility, as well as the repayment of a significant amount of debt to our existing lenders,” said Tim Huffmyer, Chief Financial Officer of Urgently. “The new debt facility will support the business as we continue to transform the legacy roadside assistance market and to develop new connected mobility assistance services on a global scale. We appreciate MidCap Financial’s partnership and relationship-oriented approach.”

    Garrett Fletcher, President of Structured Finance at MidCap Financial, commented, “Urgently is a leading mobility services platform that utilizes technology to improve the consumer roadside experience. Given their continued improvement in financial performance, we are excited to partner with Urgently and support their ongoing efforts to capitalize and further strengthen their business.”

    Certain funds managed by Highbridge Capital Management, LLC (“Highbridge”), Onex Credit and Whitebox Advisors have also agreed to forego the repayment of certain fees under the company’s second lien agreements in exchange for the issuance of 1,358,073 shares of Urgently’s common stock and an extension of its second lien term loans until July 31, 2026.

    “We appreciate the support of Highbridge, Onex Credit and Whitebox Advisors as they extend their partnership with the Urgently team,” said Matt Booth, CEO of Urgently. “Their continued support is indicative of the confidence that exists among leading financial, automotive, mobility and strategic investors in the strong business we’ve built. These capital structure improvements will allow us to strengthen our commitment to our partners, service providers and consumers, as we continue to transform the market with our market-leading digital platforms, products and solutions.”

    Chardan served as exclusive financial advisor to Urgently to support the transaction.

    About Urgently

    Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

    For media and investment inquiries, please contact:

    Press: media@geturgently.com

    Investor Relations: investorrelations@geturgently.com

    About MidCap Financial

    MidCap Financial is a middle-market focused, specialty finance firm that provides senior debt solutions to companies across all industries. As of December 31, 2024, MidCap Financial provides administrative or other services for over $53 billion of commitments*. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc, pursuant to an investment management agreement. Apollo had assets under management of approximately $751 billion as of December 31, 2024, in credit, private equity and real assets funds. 

    For more information about MidCap Financial, please visit http://www.midcapfinancial.com.

    For more information about Apollo, please visit http://www.apollo.com.

    *Including commitments managed by MidCap Financial Services Capital Management LLC, a registered investment adviser, as reported under Item 5.F on Part 1 of its Form ADV

    Forward-Looking Statements

    This press release contains or may contain “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Urgently’s future financial or operating performance. Such statements are based upon current plans, estimates and expectations of management of Urgently in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Forward-looking terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “predict,” “target,” “believe,” “continue,” “estimate” or “expect” or the negative of these words or other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than historical facts, including, without limitation, statements regarding Urgently’s ability to successfully deploy the capital from the new debt facility and repay its new and existing debt facilities, are based on the current assumptions of Urgently’s management and are neither promises nor guarantees, but involve a significant number of factors that may cause our actual performance or achievements to be materially different from any future performance or achievements stated or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”), including in our annual report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 29, 2024, our quarterly reports on Form 10-Q, including our quarterly report on Form 10-Q for the quarter ended September 30, 2024, which was filed with the SEC on November 13, 2024, and other filings and reports that we may file from time to time with the SEC. All forward-looking statements reflect Urgently’s beliefs and assumptions only as of the date of this press release. Urgently undertakes no obligation to update forward-looking statements to reflect future events or circumstances.

    The MIL Network –

    February 27, 2025
  • MIL-OSI: Element Reports Fourth Quarter and Record 2024 Financial Results; Reaffirms Full-Year 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    Amounts in US$ unless otherwise noted
     
    • Record 2024 net revenue of $1.1 billion driving record adjusted operating income, adjusted earnings per share and adjusted free cash flow per share
    • Record performance in 2024 underpinned by an 18% year-over-year increase in services revenue, and a 9% year-over-year increase in net financing revenue associated with higher net earning assets
       
    • Strong performance allowed for acceleration of strategic investments to position us for future success while delivering full-year adjusted operating margins within guidance range
       
    • Robust client demand, strong and growing pipeline, and a high-recurring-revenue business model, combined with the benefits of investments made in 2024, to drive continued growth across key financial metrics
       
    • Reaffirming 2025 guidance for net revenue growth of 6.5 to 8.5%, positive adjusted operating leverage, and high single- to low double-digit growth in each of adjusted operating income, adjusted EPS, and adjusted free cash flow per share

    TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announced financial and operating results for the three months ended December 31, 2024 and record results for full-year 2024.  The following table presents Element’s selected financial results.

      Q4 20241 Q3 20241 Q4 20231 QoQ YoY 2024   2023   YoY
    In US$ millions, except percentages and per share amount       % %     %
    Selected results – as reported                
    Net revenue 270.9   279.6   245.1   (3)% 11% 1,087.6   959.1   13%
    Pre-tax income 121.4   134.0   103.4   (9)% 17% 513.6   448.9   14%
    Pre-tax income margin 44.8 % 47.9 % 42.2 % (310) bps 260  bps 47.2 % 46.8 % 40  bps
    Earnings per share (EPS) [basic] 0.23   0.24   0.20   (1)% 3% 0.96   0.84   12%
    EPS [basic] [$CAD] 0.32   0.33   0.27   (3)% 19% 1.31   1.13   16%
    Adjusted results (excludes one-time strategic project costs in  2024)1                
    Adjusted net revenue2 270.9   279.6   245.1   (3)% 11% 1,087.6   959.1   13%
    Adjusted operating income (AOI)2 143.3   161.4   134.9   (11)% 6% 601.2   530.5   13%
    Adjusted operating margin2 52.9 % 57.7 % 55.0 % (480) bps (210) bps 55.3 % 55.3 % — bps
    Adjusted EPS2 [basic] 0.27   0.29   0.25   (7)% 8% 1.12   0.98   14%
    Adjusted EPS2[basic] [$CAD] 0.37   0.40   0.33   (8)% 12% 1.53   1.32   16%
    Other highlights:                
    Adjusted free cash flow per share2(FCF/sh) 0.30   0.36   0.29   (17)% 3% 1.38   1.24   11%
    Adjusted2 (FCF/sh) [$CAD] 0.41   0.49   0.40   (16)% 2% 1.89   1.67   13%
    Originations 1,498   1,716   1,490   (13)% 1% 6,732   6,340   6%
                               
    1. Strategic project costs totaled $20 million, of which $14 million was incurred in 2023 and $6 million in 2024, These costs were, attributable to leasing initiatives in Ireland, and were $2 million below planned investment as previously communicated. These costs for the quarterly periods in the above table were as follows: Q4 2023 ($11 million), Q3 2024 ($2 million), and Nil in Q4 2024. Additionally, Q3 2024 also included $7 million in acquisition-related costs, including severance, in connection with the Autofleet transaction.
    2. Adjusted results are non-GAAP or supplemental financial measures, which do not have any standard meaning prescribed by GAAP  under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the “IFRS to Non-GAAP Reconciliations” section in this earnings release. The Company uses “Adjusted Results” because it believes that they provide useful information to investors regarding its performance and results of operations.

    “In 2024, we continued to execute our global growth strategy that builds on our considerable business momentum, delivering record results and value to clients, team members, and our shareholders. At the core of our efforts is a digital-first mindset and an unwavering commitment to operational excellence and prioritizing client success,” said Laura Dottori-Attanasio, Chief Executive Officer of Element. “Our robust performance relative to our plan allowed us to accelerate strategic investments aimed at enhancing our client experience, modernizing operations through digitization and automation, and strengthening our teams and culture. We achieved this while delivering within our full-year adjusted operating margin guidance and exceeding other key financial metrics. With these investments, we are building a stronger, more agile, and more innovative foundation to lead in defining the future of mobility. 

    Dottori-Attanasio continued, “We expect expense growth to moderate considerably in 2025 as the acceleration and benefits of this year’s investments begin to materialize. By optimizing costs and driving operational efficiencies through digital innovation, our disciplined approach to strategic investing in the areas that are critical to client success positions us well to both deliver on our financial targets and sustain success well into the future.”

    Net revenue growth

    Element grew 2024 net revenue 13% over 2023 (“year-over-year”) to $1.1 billion led largely by double-digit services revenue growth and higher net financing revenue.

    Q4 2024 net revenue increased $26 million or 11% on a year-over-year basis led largely by robust services revenue growth.  Q4 2024 net revenue decreased $9 million or 3% from a record Q3 2024 led largely by lower net financing revenue, lower syndication revenue and seasonal factors impacting Gains on Sale (“GOS”). This was partly offset by higher services revenue quarter-over-quarter.

    Service revenue

    Element’s largely unlevered services revenue is the key pillar of its capital-light business model, which also improves the Company’s return on equity profile.

    2024 services revenue increased a strong 18% year-over-year to $596 million driven primarily by higher penetration and utilization rates of our service offerings from new and existing clients and higher origination volumes.

    Q4 2024 services revenue grew a robust 25% year-over-year and  10% quarter-over-quarter driven primarily by higher penetration and utilization rates.

    Net financing revenue

    2024 net financing revenue grew $38 million or 9% year-over-year led largely by higher net earning assets resulting from higher originations across all geographies. This increase was partly offset by higher funding costs, including higher interest expense largely associated with financing the redemptions of our preferred shares (previously recorded below the AOI line). GOS was largely unchanged year-over-year, as increased volumes of vehicles for sale continue to mitigate used vehicle price normalization.

    Q4 2024 net financing revenue increased $1 million or 1% year-over-year led largely by the same reasons cited in the full-year 2024 explanation above. This increase was partly offset by a year-over-year decrease in GOS, and higher funding costs. A higher volume of vehicles for sale was more than offset by a decrease in used vehicle pricing in Mexico and ANZ.

    Q4 2024 net financing revenue decreased $13 million or 11% from Q3 2024. This quarter-over-quarter decrease was materially led by seasonal factors affecting GOS and for the same reasons cited directly above. Lower net earning assets and higher interest expense associated with financing the redemption of our preferred shares on September 30, 2024, and the impact of incremental debt due to the acquisition of Autofleet also contributed to the decrease.

    Syndication volume

    The Company syndicated a record $3.5 billion of assets in 2024, an increase of $984 million or 40% from 2023, and $1.0 billion in Q4 2024 – $330 million or 47% higher than Q4 2023. This growth was largely associated with higher origination volume, the Company’s ongoing focus on its capital lighter model, and management of its tangible leverage.  Overall, investor demand remains robust.

    2024 syndication revenue decreased $3 million or 6% year-over-year led largely by the bulk syndication of a Canadian lease portfolio in December 2024 (the “Bulk Sale”) in the amount of $346 million (CAD$474 million). This Bulk Sale further diversified our funding sources. Initial sale and setup costs impacted yields. Yields were further impacted by the Company’s syndication mix and scheduled reduction in bonus depreciation driving lower net yields. Gross yield, which is a measure of the value and demand for our core syndication product, was relatively unchanged from 2023. For further information on the Bulk Sale, please refer to the Element announces new strategic funding relationship section in this press release.

    Q4 2024 syndication revenue decreased $7 million or 55% year-over-year for the same reasons cited above for the full year 2024, and $11 million or 64% quarter-over-quarter largely due to lower net yields and setup costs associated with the sale of the Canadian portfolio. 

    Adjusted operating income and adjusted operating margins

    AOI was a record $601 million in 2024, an increase of $71 million or 13% year-over-year. This resulted in adjusted EPS of $1.12 in 2024, which is a 14% increase year-over-year. 2024 adjusted operating margin was 55.3%, unchanged from last year and at the mid-point of the Company’s revised 2024 guidance range between 55.0 to 55.5%. Excluding Autofleet, adjusted operating margins would have expanded 30 basis points year-over-year to 55.6%.

    Q4 2024 AOI was $143 million, an increase of $8 million or 6% year-over-year. Q4 2024 adjusted operating margin was 52.9% influenced by accelerated strategic investments, seasonal factors impacting GOS, $3 million in Autofleet operating costs, and the impact of the bulk sale of a portfolio of Canadian leases, which the Company believes will benefit 2025 and beyond. Excluding Autofleet, Q4 2024 adjusted operating margin was 54.1%.  

    Q4 2024 AOI decreased $18 million or 11% quarter-over-quarter led largely by the same reasons cited in the preceding paragraph. 

    Originations

    Element originated $6.7 billion of assets in 2024, which is a $392 million or 6% increase year-over-year led by growth across all regions. 

    Q4 2024 originations of $1.5 billion increased $8 million or 1% year-over-year; however, originations decreased $218 million or 13% quarter-over-quarter led largely by seasonal factors including historically slower client order volume during the summer months.

    Order volumes increased significantly in the last four months of 2024, reaching a record monthly high in December. This momentum, bolstered by improvements made through our U.S. & Canada Leasing strategic initiative based in Ireland, is expected to drive solid origination volumes in the first half of 2025.

    The table below sets out the geographic distribution of Element’s originations for 2024 and 2023:

    (in US$000’s for stated values) December 31, 2024 December 31, 2023
      $ % $ %
    United States and Canada 5,206,339 77.34 % 4,850,411 76.50  %
    Mexico 1,035,249 15.38 % 1,028,165 16.22 %
    Australia and New Zealand 489,960 7.28 % 461,451 7.28 %
    Total 6,731,548 100.00 % 6,340,027 100.00 %
                 

    Adjusted free cash flow per share and returns to shareholders

    On an adjusted basis, Element generated $1.38 of adjusted free cash flow (“FCF”) per share in 2024; up 11% year-over-year driven by growth in net revenues and higher originations, while investing approximately $77 million in total capital investments during the year. In Q4 2024, Element accelerated approximately $47 million of tax payments to the Australian Tax Office relating to the 2025 to 2027 taxation years. The tax payments relate to cash tax timing benefits received due to temporary accelerated depreciation available during the pandemic, effectively providing the Company with a tax deferral. The accelerated payment allows for future adjusted free cash flow to better represent the cash taxes that would be paid in the normal course of operations during those future years. This acceleration of Australian cash taxes is excluded from adjusted free cash flow per share.

    Element returned $336 million of cash to shareholders through common share dividends, common share buybacks and preferred share redemptions in 2024.

    Common dividend and share repurchases

    On February 26, 2025, the Board of Directors (the “Board”) authorized and declared a quarterly cash dividend of CAD$0.13 per common share of Element for the first quarter of 2025. The dividend will be payable on April 15, 2025 to shareholders of record as at the close of business on March 31, 2025.

    The Company’s common dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

    In furtherance of the Company’s return of capital plan, Element renewed its normal course issuer bid (the “NCIB”) for its common shares. Under the NCIB, the Company has approval from the TSX to purchase up to 40,386,699 common shares during the period from November 20, 2024, to November 19, 2025. The Company intends to be more active under its NCIB in 2025. The actual number of the Company’s common shares, if any, that may be purchased under the NCIB, and the timing of any such purchases, will be determined by the Company, subject to applicable terms and limitations of the NCIB (including any automatic share purchase plan adopted in connection therewith). There cannot be any assurance as to how many common shares, if any, will ultimately be purchased pursuant to the NCIB. Any subsequent renewals of the NCIB will be in the discretion of the Company and subject to further TSX approval.

    During 2024, the Company purchased 630,657 Common Shares for cancellation under its normal course issuer bids, for an aggregate amount of approximately $11 million at a volume weighted average price of CAD$23.77 per Common Share. During Q4 2024, the Company purchased 175,357 Common Shares under its NCIB, for cancellation, for an aggregate amount of approximately $4 million at a volume weighted average price of CAD$28.51 per Common Share.  During January and February 2025, the Company purchased 1.1 million Common Shares under its latest NCIB, for cancellation, for an aggregate amount of approximately $22 million at a volume weighted average price of CAD $28.75 per Common Share.

    Element applies trade date accounting in determining the date on which the share repurchase is reflected in the consolidated financial statements. Trade date accounting is the date on which the Company commits itself to purchase the shares.

    Preparing Element for the future

    In 2024, Element was purposeful in accelerating strategic investments in support of future growth.  The Company prioritized initiatives that elevate the client experience, modernize operations through digitization and automation, strengthen its teams and culture, and emphasized these efforts through the acquisition of Autofleet. While pursuing these strategic advancements, the Company exercised operational discipline to ensure that financial targets were achieved, maintaining operating margins within its 2024 guidance range of 55.0 to 55.5%. The Company expects expense growth to moderate considerably in 2025 as the benefits of these investments begin to materialize.

    Notable achievements include:

    • Centralizing accountability for its U.S. and Canadian leasing operations in Ireland and establishing a strategic sourcing presence in Singapore, with these initiatives expected to generate between $30 – $45 million of run-rate net revenue, and between $22 – $37 million of run-rate adjusted operating income (“AOI”), by full-year 2028. Both units are fully operational with an expected payback period from the Company’s investments at less than 2.5 years. 
       
    • Acquiring Autofleet’s robust and highly scalable fleet optimization technology platform to substantially accelerate its digitization and automation initiatives, enhance the client experience and accelerate operational scalability, unlocking new growth and value creation potential.  The integration of Autofleet will enhance the Company’s position in the evolving mobility and vehicle connectivity landscape. Priorities include developing a Digital Driver Experience app, building a digital client reporting portal, and gradually migrating Element’s applications to Autofleet’s cloud and AI-based platform.
       
    • Launching an Acceleration Office, to fast-track and prioritize strategic initiatives like our holistic digital and data analytics transformation, and our expansion into both Insurance and the Small-to Medium-Sized Fleets space.
       
    • In January 2025, the Company expanded beyond its core by announcing a new Insurance Risk solution – a fully integrated insurance and risk management offering. This new service, launched in a strategic partnership with Hub International Limited (“HUB”), a leading global insurance brokerage and financial services firm servicing commercial fleets, is designed to transform how clients insure and manage commercial fleets. The new service bundles insurance coverage solutions, including accident management, subrogation, driver safety programs, and telematics, to deliver a seamless, vehicle life-cycle experience for clients.

    Guidance

    Full-year 2024 Guidance

    Element delivered full-year 2024 results within or above the high end of its previously provided guidance ranges on key metrics, with the exception of originations. The following table highlights our full-year 2024 guidance (as was updated alongside its Q2 2024 results release) compared to the full-year 2024 results.

    In US$, except per share amounts Full-year 2024 Guidance Full-year 2024 Actuals
    Net revenue $1.060 – $1.080 billion $1.088 billion
    YoY Growth 11-13 % 13%
    Adjusted operating margin1 55.0% – 55.5% 55.3%
    Adjusted operating income $575 – 595 million $601 million
    YoY Growth 8-12 % 13%
    Adjusted EPS [basic] $1.07 – $1.11 $1.12
    YoY Growth 9-13 % 14%
    Adjusted free cash flow per share $1.32 – 1.36 1.38
    YoY Growth 6-10 % 11%
    Originations $7.0 – 7.4 billion $6.7 billion
    YoY Growth 11-17 % 6%

     1. Excluding Autofleet, adjusted operating margin was 55.6% in 2024; representing adjusting operating margin expansion of 30 basis points year-over-year.     

    Certain year-over-year growth amounts shown in this table may not calculate exactly due to rounding.

    Full-year 2025 Guidance

    The Company expects to see continued growth in its client base and net revenue, driven by the ongoing transition to self-managed fleets and robust demand for its services and solutions. Strong order volumes over the last four months of 2024, bolstered by enhancements made through our U.S. and Canada leasing initiative in Ireland, is expected to drive solid originations volume in the first half of 2025. Originations are preceded by vehicle orders, which are binding commitments by clients to lease or purchase vehicles from Element.

    Element is committed to generating positive operating leverage in 2025, and expects to begin realizing the benefits of the investments undertaken in 2024.

    In US$, except per share amounts Full-year 2025 Initial  Guidance Full-year 2025 Guidance
    Net revenue 6.5 – 8.5% $1.160 – $1.185 billion
    Adjusted operating income High-single to low-double digit $645 – $670 million
    Adjusted operating margins   55.5 – 56.5%
    Adjusted EPS [basic] High-single to low-double digit $1.20 – $1.25
    Adjusted free cash flow per share High-single to low-double digit $1.48- $1.53
    Originations Low- to mid-single digit $6.9 – $7.1 billion

    The Company’s guidance for 2025 incorporates the effects of several anticipated revenue headwinds, including the depreciation of the Mexican Peso (the Company has assumed an MXN-to-USD exchange rate of 20.5:1), higher interest expenses due to increased local Peso funding in 2025, and financing the redemption of the preferred shares. In addition, the scheduled reduction in bonus depreciation in the U.S. is likely to impact syndication yields. We also anticipate that our 2025 effective tax rate will average between 24.5% to 26.5%.

    The above ranges are prior to any further material foreign exchange fluctuations, and any adverse impact related to changes in the trade agreements between the U.S., Mexico, and Canada.

    Simplified capital structure

    To further optimize the Company’s balance sheet and simplify its capital structure, the Company redeemed the following during 2024: (1) all of its 5,126,400 issued and outstanding 6.21% Cumulative 5-Year Rate Reset Preferred Shares Series C (the “Series C Shares”) on June 20, 2024, at a price of CAD$25.00 per Series C Share for an aggregate total amount of approximately US$91.2 million; (2) all of its 5,321,900 issued and outstanding 5.903% Cumulative 5-Year Rate Reset Preferred Shares Series E (the “Series E Shares”) on September 30, 2024, at a price of CAD$25.00 per Series E Share for an aggregate amount of US$95 million approximately; and (3) all of its remaining outstanding 4.25% Convertible Unsecured Subordinated Debentures due June 30, 2024 for consideration of approximately 14.6 million Common Shares, issued from Treasury and delivered to beneficial holders.

    Following the redemption of its Series E preferred shares, the Company no longer has any preferred shares outstanding.

    As at December 31, 2024, total Common Shares issued and outstanding were 404.5 million.

    Element announces new strategic funding relationship

    In December 2024, Element established a new strategic funding relationship with affiliates of Blackstone’s Infrastructure & Asset-Based Credit Group (“Blackstone”) involving a portfolio of Canadian fleet lease receivables valued at approximately $346 million (CAD$474 million). This initial transaction, which took place on December 20, 2024, has characteristics similar to that of a bulk syndication. Through this arrangement Element benefits from substantial derecognition of these finance lease receivables, diversifying and optimizing its funding profile, validating the high-quality of its asset origination platform, and supporting the Company’s continued growth. 

    This transaction further assists in diversifying the Company’s funding sources, reducing leverage and driving our capital lighter model. However, due to the initial sale, overall yield was negatively impacted by setup costs. These costs are not expected to recur in future transactions. Consequently, the Company expects higher syndication yields in 2025, while also benefiting from the derecognition of finance lease receivables that similar transactions would offer.

    Transitioning to debt-to-capital vs. tangible leverage ratio (“TLR”)

    In Q4 2024, in collaboration with its partners, the Company changed its banking covenants from TLR to debt-to-capital, which the Company believes is a more meaningful measure of its leverage. Commencing in Q4 2024, the Company will prioritize the reporting and management of debt-to-capital metrics, though TLR will be still disclosed this quarter for consistency. The bank covenants are set at 80% of debt-to-capital, and the Company targets a range between 73% to 77%. The Company remains committed to maintaining a strong investment grade balance sheet and will continue to monitor TLR as a key internal metric, but it will be of reduced importance as an operating constraint.

    At December 31, 2024, the Company’s debt-to-capital ratio was 74.1% (December 31, 2023 72%) and its TLR was 7.56:1 (December 31, 2023 5.99:1).

    Conference call and webcast

    A conference call to discuss these results will be held on Thursday, February 27, 2025 at 8:00 a.m. Eastern Time.

    The conference call and webcast can be accessed as follows:

    A taped recording of the conference call may be accessed through March 27, 2025 by dialing 1-855-669-9658 (Canada/U.S. Toll Free) or 1-412-317-0088 (International Toll) and entering the access code 3917835.

    IFRS to Non-GAAP Reconciliations, Non-GAAP Measures and Supplemental Information

    The Company’s audited consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and the accounting policies we adopted in accordance with IFRS. These audited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly our financial position as at December 31, 2024 and December 31, 2023, the results of operations, comprehensive income and cash flows for the three- and 12-month periods-ended December 31, 2024 and December 31, 2023.

    Non-GAAP and IFRS key annualized operating ratios and per share information of the operations of the Company:

        As at and for the three-month
     period ended
    For the year ended
    (in US$000’s except ratios and per share amounts or unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
                 
    Key annualized operating ratios            
                 
    Leverage ratios            
    Financial leverage ratio P/(P+R)   74.1 %   74.3 %   72.4 %   74.1 %   72.4 %
    Tangible leverage ratio P/
    (R-K)
      7.56     7.00     5.98     7.56     5.99  
    Average financial leverage ratio Q/(Q+V)   75.0 %   75.1 %   72.6 %   74.7 %   71.6 %
    Average tangible leverage ratio Q/(V-L)   7.60     6.80     5.75     6.72     5.53  
                 
    Other key operating ratios            
    Allowance for credit losses as a % of total finance receivables before allowance F/E   0.08 %   0.08 %   0.08 %   0.08 %   0.08 %
    Adjusted operating income on average net earning assets B/J   7.31 %   8.01 %   7.20 %   7.53 %   7.57 %
    Adjusted operating income on average tangible total equity of Element D/(V-L)   39.34 %   37.91 %   29.34 %   35.76 %   30.08 %
                 
    Per share information            
    Number of shares outstanding W   404,502     403,609     389,169     404,502     389,169  
    Weighted average number of shares outstanding [basic] X   404,578     403,609     389,115     396,880     390,297  
    Pro forma diluted average number of shares outstanding Y   404,726     403,768     404,068     404,164     405,242  
    Cumulative preferred share dividends during the period Z   —     1,434     4,418     7,222     17,625  
    Other effects of dilution on an adjusted operating income basis AA $ —   $ 0   $ 1,184   $ 2,412   $ 4,859  
    Net income per share [basic] (A-Z)/X $ 0.23   $ 0.24   $ 0.20   $ 0.96   $ 0.84  
    Net income per share [diluted]   $ 0.23   $ 0.24   $ 0.19   $ 0.95   $ 0.82  
                 
    Adjusted EPS [basic] (D1)/X $ 0.27   $ 0.29   $ 0.25   $ 1.12   $ 0.99  
    Adjusted EPS [diluted] (D1+AA)/Y $ 0.27   $ 0.29   $ 0.24   $ 1.10   $ 0.96  
                                     

    Management also uses a variety of both IFRS and non-GAAP and Supplemental Measures, and non-GAAP ratios to monitor and assess their operating performance. The Company uses these non-GAAP and Supplemental Financial Measures because they believe that they may provide useful information to investors regarding their performance and results of operations.

    The following table provides a reconciliation of certain IFRS to non-GAAP measures related to the operations of the Company and other supplemental information.

                                For the three-month period ended For the year ended
    (in US$000’s  except per share amounts or unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
    Reported results   US$ US$ US$ US$ US$
    Services income, net     161,461     146,903     129,657     595,540     502,659  
    Net financing revenue     103,453     116,090     102,211     449,130     410,853  
    Syndication revenue, net     5,976     16,643     13,261     42,890     45,587  
    Net revenue     270,890     279,636     245,129     1,087,560     959,099  
    Operating expenses     141,234     139,367     134,085     544,681     481,749  
    Operating income     129,656     140,269     111,044     542,879     477,350  
    Operating margin     47.9 %   50.2 %   45.3 %   49.9 %   49.8 %
    Total expenses     149,463     145,669     141,716     574,003     510,153  
    Income before income taxes     121,427     133,967     103,413     513,557     448,946  
    Net income     92,057     98,565     81,567     387,137     345,599  
    EPS [basic]   $ 0.23   $ 0.24   $ 0.20   $ 0.96   $ 0.84  
    EPS [diluted]   $ 0.23   $ 0.24   $ 0.19   $ 0.95   $ 0.82  
    Adjusting items            
    Impact of adjusting items on operating expenses:            
    Strategic initiatives costs – Salaries, wages, and benefits     —     4,633     5,329     5,593     5,329  
    Strategic initiatives costs – General and administrative expenses     —     4,283     5,437     7,806     8,342  
       Share-based compensation     13,687     12,242     12,346     43,435     36,429  
       Amortization of convertible debenture discount     —     —     772     1,517     3,038  
    Total impact of adjusting items on operating expenses     13,687     21,158     23,884     58,351     53,138  
    Total pre-tax impact of adjusting items     13,687     21,158     23,884     58,351     53,138  
    Total after-tax impact of adjusting items     10,265     15,667     17,667     43,763     27,478  
    Total impact of adjusting items on EPS [basic]     0.03     0.04     0.05     0.11     0.07  
    Total impact of adjusting items on EPS [diluted]     0.03     0.04     0.04     0.11     0.06  
                                     
                                For the three-month period ended For the year ended
    (in US$000’s  except per share amounts or unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
    Adjusted results   US$ US$ US$ US$ US$
    Adjusted net revenue     270,890     279,636     245,129     1,087,560     959,099  
    Adjusted operating expenses     127,547     118,209     110,201     486,330     428,611  
    Adjusted operating income     143,343     161,427     134,928     601,230     530,488  
    Adjusted operating margin     52.9 %   57.7 %   55.0 %   55.3 %   55.3 %
    Provision for income taxes     29,370     35,402     21,846     126,420     103,347  
    Adjustments:            
    Pre-tax income     5,481     6,213     8,184     22,465     21,153  
    Foreign tax rate differential and other     985     275     5,092     1,474     5,607  
    Provision for taxes applicable to adjusted results     35,836     41,890     35,122     150,359     130,107  
    Adjusted net income     107,507     119,537     99,806     450,871     400,381  
    Adjusted EPS [basic]   $ 0.27   $ 0.29   $ 0.25   $ 1.12   $ 0.98  
    Adjusted EPS [diluted]   $ 0.27   $ 0.29   $ 0.24   $ 1.10   $ 0.96  
                                     

    The following table summarizes key statement of financial position amounts for the periods presented.

    Selected statement of financial position amounts                           For the three-month period ended For the year ended
    (in US$000’s unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
        US$ US$ US$ US$ US$
    Total Finance receivables, before allowance for credit losses E 7,576,386   7,612,881   7,225,093   7,576,386   7,225,093  
    Allowance for credit losses F 6,168   6,069   5,539   6,168   5,539  
    Net investment in finance receivable G 4,968,294   5,251,679   4,964,175   4,968,294   4,964,175  
    Equipment under operating leases H 2,435,430   2,537,369   2,646,158   2,435,430   2,646,158  
    Net earning assets I=G+H 7,403,724   7,789,048   7,610,333   7,403,724   7,610,333  
    Average net earning assets J 7,848,023   8,059,992   7,494,361   7,980,144   7,008,655  
    Goodwill and intangible assets K 1,672,701   1,581,560   1,596,323   1,672,701   1,596,323  
    Average goodwill and intangible assets L 1,675,336   1,581,776   1,589,182   1,607,766   1,590,290  
    Borrowings M 8,463,789   8,472,130   8,018,132   8,463,789   8,018,132  
    Unsecured convertible debentures N —   —   127,816   —   127,816  
    Less: continuing involvement liability O (132,683 ) (125,225 ) (81,851 ) (132,683 ) (81,851 )
    Total debt P=M+N-O 8,331,106   8,346,905   8,064,097   8,331,106   8,064,097  
    Cash and restricted funds P1 408,621   337,247   350,637   408,621   350,637  
    Total net debt P2 = P-P1 7,922,485   8,009,658   7,713,460   7,922,485   7,713,460  
    Average debt Q 8,313,527   8,582,383   7,829,218   8,473,105   7,361,960  
    Total shareholders’ equity R 2,774,315   2,774,502   2,943,828   2,774,315   2,943,828  
    Preferred shares S —   —   181,077   —   181,077  
    Common shareholders’ equity T=R-S 2,774,315   2,774,502   2,762,751   2,774,315   2,762,751  
    Average common shareholders’ equity U 2,768,504   2,781,421   2,713,843   2,770,044   2,664,760  
    Average total shareholders’ equity V 2,768,504   2,843,024   2,949,789   2,868,593   2,921,281  
                           

    Throughout this press release, management uses the following terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other organizations. Non-GAAP measures are reported in addition to, and should not be considered alternatives to, measures of performance according to IFRS.

    Adjusted operating expenses

    Adjusted operating expenses are equal to salaries, wages and benefits, general and administrative expenses, and depreciation and amortization less adjusting items impacting operating expenses. The following table reconciles the Company’s reported expenses to adjusted operating expenses.

                              For the three-month period ended For the year ended
    (in US$000’s except per share amounts or unless otherwise noted) December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
      US$ US$ US$ US$ US$
    Reported Expenses 149,463 145,669   141,716 574,003 510,153
    Less:          
    Amortization of intangible assets from acquisitions 7,819 6,970   6,971 28,734 27,912
    Loss (gain) on investments 410 (668 ) 660 588 492
    Operating expenses 141,234 139,367   134,085 544,681 481,749
    Less:          
      Amortization of convertible debenture discount — —   772 1,517 3,038
      Share-based compensation 13,687 12,242   12,346 43,435 36,429
      Strategic initiatives costs – Salaries, wages and benefits — 4,633   5,329 5,593 5,329
      Strategic initiatives costs – General and administrative expenses — 4,283   5,437 7,806 8,342
    Total adjustments 13,687 21,158   23,884 58,351 53,138
    Adjusted operating expenses 127,547 118,209   110,201 486,330 428,611
                 

    Adjusted operating income or Pre-tax adjusted operating income

    Adjusted operating income reflects net income or loss for the period adjusted for the amortization of debenture discount, share-based compensation, amortization of intangible assets from acquisitions, provision for or recovery of income taxes, loss or income on investments, and adjusting items from the table below.

    The following tables reconciles income before taxes to adjusted operating income.

                              For the three-month period ended For the year ended
    (in US$000’s except per share amounts or unless otherwise noted) December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
      US$ US$ US$ US$ US$
    Income before income taxes 121,427 133,967   103,413 513,557 448,946
    Adjustments:          
    Amortization of convertible debenture discount — —   772 1,517 3,038
    Share-based compensation 13,687 12,242   12,346 43,435 36,429
    Amortization of intangible assets from acquisition 7,819 6,970   6,971 28,734 27,912
    Loss (gain) on investments 410 (668 ) 660 588 492
    Adjusting Items:          
    Strategic initiatives costs – Salaries, wages and benefits — 4,633   5,329 5,593 5,329
    Strategic initiatives costs – General and administrative expenses — 4,283   5,437 7,806 8,342
    Total pre-tax impact of adjusting items — 8,916   10,766 13,399 13,671
    Adjusted operating income 143,343 161,427   134,928 601,230 530,488
                 

    Adjusted operating margin

    Adjusted operating margin is the adjusted operating income before taxes for the period divided by the net revenue for the period.

    After-tax adjusted operating income

    After-tax adjusted operating income reflects the adjusted operating income after the application of the Company’s effective tax rates.

    Adjusted net income

    Adjusted net income reflects reported net income less the after-tax impacts of adjusting items. The following table reconciles reported net income to adjusted net income.

                              For the three-month period ended For the year ended
    (in US$000’s except per share amounts or unless otherwise noted) December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
      US$ US$ US$ US$ US$
    Net income 92,057   98,565   81,567   387,137   345,599  
    Amortization of convertible debenture discount —   —   772   1,517   3,038  
    Share-based compensation 13,687   12,242   12,346   43,435   36,429  
    Amortization of intangible assets from acquisition 7,819   6,970   6,971   28,734   27,912  
    Loss (gain) on investments 410   (668 ) 660   588   492  
    Strategic initiatives costs – Salaries, wages and benefits —   4,633   5,329   5,593   5,329  
    Strategic initiatives costs – General and administrative expenses —   4,283   5,437   7,806   8,342  
    Provision for income taxes 29,370   35,402   21,846   126,420   103,347  
    Provision for taxes applicable to adjusted results (35,836 ) (41,890 ) (35,122 ) (150,359 ) (130,107 )
    Adjusted net income 107,507   119,537   99,806   450,871   400,381  
                         

    After-tax adjusted operating income attributable to common shareholders

    After-tax adjusted operating income attributable to common shareholders is computed as after-tax adjusted operating income less the cumulative preferred share dividends for the period.

    About Element Fleet Management

    Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business. For more information, please visit: https://www.elementfleet.com

    This press release includes forward-looking statements regarding Element and its business. Such statements are based on management’s current expectations and views of future events. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding Element’s financial performance, enhancements to clients’ service experience and service levels; expectations regarding client and revenue retention trends; management of operating expenses; increases in efficiency; Element’s ability to achieve its sustainability objectives; Element achieving its digital platform ambitions; the Autofleet acquisition enabling the Company to scale its business more quickly, achieve operational efficiencies, increase client and shareholder value and unlock new revenues streams; EV strategy and capabilities; global EV adoption rates; dividend policy and the payment of future dividends; the costs and benefits of strategic initiatives; creation of value for all stakeholders; expectations regarding syndication; growth prospects and expected revenue growth; level of workforce engagement; improvements to magnitude and quality of earnings; executive hiring and retention; focus and discipline in investing; balance sheet management and plans and expectations with respect to leverage ratios;  and Element’s proposed share purchases, including the number of common shares to be repurchased, the timing thereof and TSX acceptance of the NCIB and any renewal thereof. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause Element’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Such risks and uncertainties include those regarding the fleet management and finance industries, economic factors, regulatory landscape and many other factors beyond the control of Element. A discussion of the material risks and assumptions associated with this outlook can be found in Element’s annual MD&A, and Annual Information Form for the year ended December 31, 2023, each of which has been filed on SEDAR+ and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

    The MIL Network –

    February 27, 2025
  • MIL-OSI: Kneat Achieves Record Revenue for Fourth Quarter and Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    LIMERICK, Ireland, Feb. 26, 2025 (GLOBE NEWSWIRE) — kneat.com, inc. (TSX: KSI) (OTC: KSIOF) (“Kneat” or the “Company”) a leader in digitizing and automating validation and quality processes, today announced financial results for the three- and twelve-month periods ended December 31, 2024. All dollar amounts are presented in Canadian dollars unless otherwise stated.

    • Total revenue reaches $13.7 million in the fourth quarter, an increase of 40% year over year
    • Fourth-quarter gross profit grew 48% year over year to $10.4 million
    • Annual Recurring Revenue (ARR)1 at December 31, 2024, reaches $59.7 million, an increase of 60% year over year

    “Our sustained revenue growth, expanding margins and solid traction across all areas of Validation demonstrate the durability of our business model. With companies throughout the Life Sciences adopting new technologies to drive business value, Validation’s transition to digital is set to continue, with Kneat leading the way.”

    – said Eddie Ryan, Chief Executive Officer of Kneat. 

    Q4 2024 Highlights

    • Total revenues increased 40% to $13.7 million in the fourth quarter of 2024, compared to $9.8 million for the fourth quarter of 2023.
    • SaaS revenue for the fourth quarter of 2024 grew 41% to $12.5 million, versus $8.9 million for the fourth quarter of 2023.
    • Fourth-quarter 2024 gross profit was $10.4 million, up 48% from $7.0 million (adjusted)2 in gross profit for the fourth quarter of 2023.
    • Gross margin in the fourth quarter of 2024 was 75%, compared to 71% (adjusted)2 for the fourth quarter of 2023.
    • EBITDA3 in the fourth quarter of 2024 was $1.1 million, compared with ($0.1) million (adjusted)2 for the fourth quarter of 2023.
    • Adjusted EBITDA3 in the fourth quarter of 2024 was $2.6 million, compared with ($0.3) million (adjusted)2 for the fourth quarter of 2023.
    • Total ARR1, which includes SaaS license and recurring maintenance fees, was $59.7 million at December 31, 2024, an increase of 60% from $37.4 million at December 31, 2023.
    • SaaS ARR1, the proportion of ARR attributable to SaaS licenses, was $59.6 million at December 31, 2024, an increase of 60% from $37.3 million at December 31, 2023.

    Full Year 2024 Highlights

    • Total revenues for the full year 2024 increased 43% to $48.9 million, compared to $34.2 million for 2023.
    • SaaS revenue grew 48%, reaching $44.6 million for the full year 2024, versus $30.1 million for 2023.
    • Full-year 2024 gross profit was $36.8 million, an increase of 59% compared to $23.1 million (adjusted)2 for the full year 2023.
    • Gross margin for the full year 2024 was 75%, compared to 68% (adjusted)2 for all of 2023.
    • EBITDA3 for the full year 2024 was $5.6 million, compared with ($5.7) million (adjusted)2 for all of 2023.
    • Adjusted EBITDA3 for the full year 2024 was $7.0 million, compared with ($3.2) million (adjusted)2 for all of 2023.
    • Net Revenue Retention Rate (NRR)1, which reflects the expansion of ARR by customers on the platform at the start of 2024 over the course of the year, was 151% for the year ended December 31, 2024.

    2024 Business Highlights

    • Over the course of 2024, Kneat announced the addition of five large strategic customers, including a consumer products company; a critical care company; pharmaceutical company; a contract development and manufacturing organization; and a medical device maker.
    • In 2024, Kneat formalized its partner program further, exceeded its goal of new partner additions, and welcomed two large strategic partners, Körber and ALTEN Group, which plan to leverage Kneat Gx to digitize their own processes as well as those of their customers.
    • Throughout 2024, a number of business functions within Kneat leveraged AI tools to enhance productivity, including Customer Success, Support and R&D. Concurrently, our product team have been evaluating the potential for AI to enhance the efficiency of the Kneat Gx platform, and we expect to incorporate some AI capabilities into it this year.
    • Kneat completed two equity financings in 2024, in February and October. In total, 13,653,880 common shares of the Company were sold for aggregate gross proceeds of $55,625,110.
    • For the fourth consecutive year, Kneat was recognized as one of Ireland’s fastest-growing technology companies. At the 2024 Deloitte Technology Fast 50 Awards, which ranks the 50 fastest-growing technology companies across Ireland, Kneat was also honoured with the 2024 Scale Ireland award for global expansion.

    Kneat’s business momentum continues into 2025:

    • In January 2025, Kneat announced that it has partnered with Capgemini. The collaboration brings together Capgemini’s expertise in enterprise IT systems integration with Kneat’s digital validation platform, Kneat Gx. The partnership is designed to enable life sciences companies to seamlessly deploy Kneat Gx enterprise-wide; connect with core systems such as ERP, QMS, and DMS; and scale digital validation processes with ease.
    • Also in January 2025, Kneat announced that a European-headquartered leader in specialty therapeutics selected Kneat to digitize its validation processes.
    • In February 2025, Kneat announced that a European-headquartered global consumer products company selected Kneat to digitize its validation processes within a specialized health sciences division.

    “We expected 2024 to be a year of material progress toward profitability, and it was. Gross profit grew at almost four times the rate of operating expense in 2024 as our land and expand strategy continued to deliver. We enter 2025 with a solid balance sheet and well-positioned to invest in ways that best serve the needs of companies looking to modernize their data-intensive work processes.”

    – said Hugh Kavanagh, Chief Financial Officer of Kneat. 

    _______________
    1 ARR, SaaS ARR, and NRR are supplementary measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the “Supplementary and Non-IFRS Measures” section of this news release.
    2 The Company has adjusted the comparative consolidated financial information for immaterial errors related to the accounting for share-based compensation. Refer to note 21 to the audited consolidated financial statements for the year ended December 31, 2024 for further details.
    3 EBITDA and Adjusted EBITDA are non-IFRS measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the “Supplementary and Non-IFRS Measures” section of this news release.

    Quarterly Conference Call

    Eddie Ryan, Chief Executive Officer of Kneat, and Hugh Kavanagh, Chief Financial Officer of Kneat, will host a conference call to discuss Kneat’s fourth-quarter and full-year 2024 results and hold a Q&A session for analysts and investors via webcast on February 27, 2025, at 9:00 a.m. ET.

    Interested parties can register for the live webcast via the following link:

    Register Here

    Supplementary and Non-IFRS Financial Measures

    The Company uses supplementary financial measures as key performance indicators in its MD&A and other communications. Management uses both IFRS measures and supplementary, non-IFRS financial measures as key performance indicators when planning, monitoring and evaluating the Company’s performance.

    Annual Recurring Revenue (“ARR”)

    ARR is used by Kneat to assess the expected recurring annual revenues from the customers that are live on the Kneat Gx platform at the end of the period. ARR is calculated as the licenses delivered to customers at the period end, multiplied by the expected customer retention rate of 100% and multiplied by the full agreed annual SaaS license or maintenance fee. Since many of the customer contracts are in currencies other than the Canadian dollar, the Canadian dollar equivalent is calculated using the related period end exchange rate multiplied by the contracted currency amount.

    Software-as-a-Service Annual Recurring Revenue (“SaaS ARR”)

    SaaS ARR is a component of ARR that is used by Kneat to assess the expected recurring revenues exclusively from license subscriptions to the Kneat Gx platform at the end of the period. SaaS ARR is calculated as the SaaS licenses delivered to customers at the period end, multiplied by the expected customer retention rate of 100% and multiplied by the full agreed SaaS license fee. Since many of the customer contracts are in currencies other than the Canadian dollar, the Canadian dollar equivalent is calculated using the related period end exchange rate multiplied by the contracted currency amount.

    Net Revenue Retention Rate (“NRR”)

    We believe that our Net Revenue Retention Rate is a key measure to provide insight into the long-term value of our customers and our ability to retain and expand revenue from our customer base over time. Our Net Revenue Retention Rate is calculated over a trailing twelve-month period by considering the cohort of customers on our platform as of the beginning of the period and dividing the ARR attributable to this group of customers at the end of the period by the ARR at the beginning of the period. By implication, this ratio excludes any ARR from new customers acquired during the period but includes revenue changes for this cohort base of customers during the period being measured. This measure provides insight into customer expansions, downgrades, and churn, and illustrates the level of scaling by those customers.

    Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)

    EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

    Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)

    Adjusted EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization, foreign exchange loss (gain), and stock-based compensation expense. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of Adjusted EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

    About Kneat

    Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show a 40% or more reduction in validation cycle times, nearly 20% faster speed to market, and 80% reduced changeover time. For more information visit www.kneat.com.

    Cautionary and Forward-Looking Statements

    Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, the relationship between Kneat and the customer, Kneat’s business development activities, the use and implementation timelines of Kneat’s software within the customer’s validation processes, the ability and intent of the customer to scale the use of Kneat’s software within the customer’s organization, our ability to win business from new customers and expand business from existing customers, our expected use of the net proceeds from the IPF Facility and the public equity financing completed in both February and October 2024 and the anticipated effects thereof on the business and operations of the company, and the compliance of Kneat’s platform under regulatory audit and inspection. These and other assumptions, risks and uncertainties may cause Kneat’s actual results, performance, achievements and developments to differ materially from the results, performance, achievements or developments expressed or implied by forward-looking statements.

    Material risks and uncertainties relating to our business are described under the headings “Cautionary Note Regarding Forward-Looking Statements and Information” and “Risk Factors” in our MD&A dated February 26, 2025, under the heading “Risk Factors” in our Annual Information Form dated February 26, 2025 and in our other public documents filed with Canadian securities regulatory authorities, which are available at www.sedarplus.ca. Forward-looking statements are provided to help readers understand management’s expectations as at the date of this release and may not be suitable for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements. Kneat assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by law. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investor’s own risk.

    For further information:

    Katie Keita, Kneat Investor Relations
    P: + 1 902-706-9074
    E: katie.keita@kneat.com

    kneat.com, inc.
    Consolidated Statements of Loss and Comprehensive Loss
    (expressed in Canadian dollars)
     
      Three-month period ended   Year ended
      December 31, 2024   December 31, 2023   December 31, 2024   December 31, 2023
          (Adjusted)       (Adjusted)
    Revenue              
    SaaS License fees   12,537,109       8,922,491       44,569,846       30,066,905  
    On-premise license fees   –       –       –       436,126  
    Maintenance fees   123,667       46,819       322,335       277,199  
    Professional services and other   1,072,835       844,689       4,046,238       3,443,178  
    Total Revenue   13,733,611       9,813,999       48,938,419       34,223,408  
                   
    Cost of Revenue   (3,372,387 )     (2,811,181 )     (12,179,880 )     (11,091,576 )
    Gross Profit   10,361,224       7,002,818       36,758,539       23,131,832  
    Gross Margin   75 %     71 %     75 %     68 %
                   
    Expenses              
    Research and development   (4,545,776 )     (3,733,887 )     (17,268,722 )     (15,387,726 )
    Sales and marketing   (4,828,335 )     (4,500,992 )     (17,163,189 )     (14,266,739 )
    General and administrative   (1,823,992 )     (1,925,415 )     (8,273,995 )     (7,411,540 )
    Total Expenses   (11,198,103 )     (10,160,294 )     (42,705,906 )     (37,066,005 )
                   
    Operating Loss   (836,879 )     (3,157,476 )     (5,947,367 )     (13,934,173 )
                   
    Finance Expense   (1,034,424 )     (629,794 )     (3,665,098 )     (1,081,853 )
    Interest income   298,308       621       678,388       6,635  
    Foreign exchange loss/(gain)   (828,354 )     1,083,675       1,399,547       545,776  
                   
    Income (loss) before income taxes   (2,401,349 )     (2,702,974 )     (7,534,530 )     (14,463,615 )
    Income tax expense   (61,907 )     (47,342 )     (192,598 )     (55,891 )
                   
    Net loss for period   (2,463,256 )     (2,750,316 )     (7,727,128 )     (14,519,506 )
                   
    Other comprehensive loss              
    Foreign currency translation adjustment to presentation currency   411,921       750,382       (995,322 )     (263,950 )
                   
    Comprehensive loss for the period   (2,051,335 )     (1,999,934 )     (8,722,450 )     (14,783,456 )
                   
    Loss per share – Basic and diluted $ (0.03 )   $ (0.04 )   $ (0.09 )   $ (0.19 )
                   
    Weighted Average Number of Common Shares Outstanding – Basic and diluted   93,005,493       78,093,350       86,545,119       77,833,268  
                   
    Reconciliation:              
    Total income (loss) for the period   (2,463,256 )     (2,750,316 )     (7,727,128 )     (14,519,506 )
    Interest expense   863,766       629,794       3,494,441       1,081,853  
    Interest income   (298,308 )     (621 )     (678,388 )     (6,635 )
    Income taxes   61,907       47,342       192,598       55,891  
    Depreciation expense   174,751       192,038       745,639       786,085  
    Amortization expense   2,791,627       1,803,172       9,560,000       6,889,552  
    EBITDA   1,130,487       (78,591 )     5,587,162       (5,712,760 )
                   
    Adjustments to EBITDA              
    Foreign exchange (gain) loss   828,354       (1,083,675 )     (1,399,547 )     (545,776 )
    Stock-based compensation expense   669,201       834,569       2,785,906       3,049,967  
    Adjusted EBITDA   2,628,042       (327,697 )     6,973,521       (3,208,569 )
                                   
    kneat.com, inc.
    Consolidated Statements of Financial Position
    (expressed in Canadian dollars)
                   
      December 31,     December 31,  
      2024     2023  
              (Adjusted)  
    Assets              
                   
    Current assets              
    Cash   58,889,572       15,252,526  
    Amounts receivable   18,377,009       11,601,558  
    Prepayments   1,870,095       1,138,382  
        79,136,676       27,992,466  
    Non-current assets              
    Amounts receivable   2,368,006       1,650,795  
    Property and equipment   6,782,179       7,209,953  
    Intangible assets   36,290,869       29,005,092  
                   
    Total Assets   124,577,730       65,858,306  
                   
    Liabilities              
                   
    Current liabilities              
    Accounts payable and accrued liabilities   8,580,104       7,874,332  
    Contract liabilities   21,631,416       13,647,071  
    Loan payable and accrued interest   4,116,723       –  
    Lease liabilities   434,096       535,832  
        34,762,339       22,057,235  
    Non-current liabilities              
    Contract liabilities   33,393       41,084  
    Lease liabilities   5,671,952       5,976,380  
    Loan payable and accrued interest   19,038,203       21,657,423  
                   
    Total Liabilities   59,505,887       49,732,122  
                   
    Equity              
    Shareholders’ equity   65,071,843       16,126,184  
                   
    Total Liabilities and Equity   124,577,730       65,858,306  
                   
    kneat.com, inc.
    Consolidated Statement of Cash Flows
    (expressed in Canadian dollars)
    For the years ended
           
      December 31,   December 31,
        2024       2023  
          (Adjusted)
    Operating activities      
    Net loss for the year   (7,727,128 )     (14,519,506 )
    Charges to loss not involving cash:      
    Depreciation of property and equipment   745,639       786,085  
    Share-based compensation   3,825,512       3,998,749  
    Interest Expense   3,494,441       1,081,853  
    Tax expense   192,598       55,891  
    Amortization of the intangible asset   9,389,343       6,828,213  
    Amortization of loan issuance costs   171,593       61,164  
    Write-off of property and equipment   –       26,721  
    Impact of lease termination   –       (67,600 )
    Foreign exchange (gain)   (1,399,547 )     (545,776 )
    Decrease in non-current contract liabilities   (9,436 )     (905,846 )
    Net change in non-cash working capital related to operations   1,107,145       2,868,609  
    Net cash provided by/(used in) operating activities   9,790,160       (331,443 )
           
    Financing activities      
    Payment of principal and interest on loans payable   (2,475,283 )     (630,410 )
    Proceeds from the exercise of stock options   2,086,699       295,350  
    Repayment of lease liabilities   (744,061 )     (752,802 )
    Proceeds received from loan financing   –       21,978,000  
    Issuance costs associated with loan financing   –       (624,596 )
    Proceeds received from public equity financing   55,625,110       –  
    Share issuance costs associated with public equity financing   (3,869,212 )     –  
    Net cash provided by financing activities   50,623,253       20,265,542  
           
    Investing activities      
    Additions to the intangible asset   (19,716,562 )     (17,879,014 )
    Collection of research and development tax credits   2,360,342       1,185,720  
    Additions to property and equipment   (165,592 )     (181,358 )
    Net cash used in investing activities   (17,521,812 )     (16,874,652 )
           
    Effects of exchange rates on cash   745,445       (89,399 )
           
    Net change in cash during the year   43,637,046       2,970,048  
           
    Cash – Beginning of year   15,252,526       12,282,478  
           
    Cash – End of year   58,889,572       15,252,526  
                   
                   

    The MIL Network –

    February 27, 2025
  • MIL-OSI Economics: IMF Executive Board Concludes Annual Discussions on CEMAC Common Policies and Common Policies in Support of Member Countries Reform Programs

    Source: International Monetary Fund

    February 26, 2025

    • The CEMAC economy lost momentum in 2023 due to a contraction in hydrocarbon production, while the external position weakened.
    • The commitment expressed at the extraordinary Heads of State Summit in December 2024 to address macroeconomic imbalances, strengthen regional institutions, and prioritize structural reforms offers hope for a more resilient medium-term outlook.
    • Implementing fiscal consolidation in line with these commitments and accelerating structural reforms will be critical to bolstering economic diversification and resilience.

    Washington, DC: On February 24, 2025, the IMF Executive Board concluded the annual discussions with the Central African Economic and Monetary Community (CEMAC) on Common Policies of Member Countries and Common Policies in Support of Member Countries Reform Programs.[1]

    The CEMAC economy slowed in 2023, driven by a decline in hydrocarbon production, with real GDP growth decelerating to 2.5 percent. The external position weakened as the accumulation of foreign exchange (FX) reserves slowed, leaving them below adequate levels. Economic activity is estimated to have gained some momentum in 2024, with real GDP expanding by 3.2 percent, supported by a rebound in hydrocarbon output. However, regional policy assurances on the net foreign assets (NFA) for end-June 2024 (EUR 4.5 billion) were not met, falling short by EUR 4.43 billion. Preliminary data also suggest that the end-December 2024 policy assurances on NFA are unlikely to have been met. This reflects a weakening external position due to lower oil prices and fiscal slippages. Inflation remained persistently high at 4.3 percent in September 2024, exceeding the regional convergence criterion.

    While regional authorities maintained an appropriate monetary policy stance, progress on the reform agenda has slowed somewhat. At its September 2024 meeting, the Central Bank (BEAC) kept the policy rate unchanged at 5 percent and continued its weekly liquidity injections through its main refinancing window to mitigate increased volatility of liquidity conditions in the banking system. BEAC also advanced the enforcement of the FX regulations. BEAC and the Banking Commission of Central Africa (COBAC) remained engaged with banks structurally dependent on BEAC’s refinancing, ensuring they submit credible refinancing plans. The CEMAC Commission has sustained its regional surveillance consultations across member States, while the Permanent Secretariat of CEMAC’s Economic and Financial Reform Program (PREF-CEMAC) has continued implementing the region’s structural reforms action matrix.

    The outlook remains clouded by high uncertainty. Its trajectory depends on the effective implementation of corrective measures by member states, consistent with the commitment made at the extraordinary Heads of State Summit in December 2024 to address macroeconomic imbalances, strengthen regional institutions, and advance structural reforms. In the near term, real GDP growth is projected to slow to 2.8 percent in 2025, primarily due to weaker oil output. Inflation is projected to decline further to 3.1 percent by end-2025, reflecting the lagged effects of past policy tightening and lower global commodity prices. Significant downside risks remain, including delays in addressing fiscal slippages, declining commodity prices, tighter financial conditions, heightened political uncertainty amid a busy 2025 election calendar, persistent inflation, financial instability, slow structural reform progress, food insecurity, domestic conflicts, and climate-related disruptions.

    In the medium term, growth is projected to strengthen to 3.6 percent by 2029, mainly owing to a rebound in the non-oil sector. Structural reforms aimed at improving governance, enhancing the business climate, and expanding access to finance are expected to bolster potential output. Member states are anticipated to implement sustained fiscal consolidation, with public debt projected to decline to 42 percent of GDP by 2029, down from 50.9 percent of GDP in 2024. The current account balance is projected to deteriorate to -2.2 percent of GDP by 2029, from about -1.2 percent of GDP in 2024, driven mainly by lower hydrocarbon export receipts and production. Member states’ adjustment efforts are expected to stabilize reserve coverage at around 4.3 months of prospective imports in the medium term, slightly below staff’s adequacy metrics for a resource-rich monetary union (5 months).

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They noted the loss of economic momentum due to a contraction in hydrocarbon production and slower non-oil growth. Given the weakening external position, large fiscal imbalances, heightened stress in the regional debt market, and elevated uncertainty, they underscored the urgency of a well calibrated macroeconomic policy mix and sustained reform efforts to enhance resilience to shocks and preserve macroeconomic and financial stability.

    Directors welcomed the commitment made at the extraordinary Heads of State Summit in December 2024 to address macroeconomic imbalances, strengthen regional institutions, and prioritize structural reforms to ensure equitable adjustment burden sharing and enhance the monetary union’s external stability. They urged CEMAC authorities to swiftly implement fiscal consolidation in line with these commitments, noting the need to enhance non-oil tax revenues and improve expenditure efficiency, including completing energy subsidy reforms, while ensuring targeted social safety nets for the most vulnerable. Strengthening public financial management, reinforcing debt management, and addressing arrears will also be critical.

    Directors concurred that BEAC should maintain a tightening monetary policy bias and only reduce interest rates if there is clear evidence of inflation converging toward the regional convergence criterion and diminishing risks to external stability. Considering persistent tight liquidity conditions, BEAC should sustain liquidity providing operations while continuing efforts to address fragmentation within the banking system. Continued enforcement of FX regulations also remains crucial.

    Directors reiterated the need for strong collective action from national and regional authorities to preserve financial stability. Efforts should focus on strengthening COBAC’s supervisory capacity, strictly enforcing regulations for noncompliance, resolutely recapitalizing or resolving weak banks, ensuring that banks adequately account for sovereign exposure, addressing new risks posed by digital payments and assets, and strengthening the AML/CFT framework.

    Directors reiterated the importance of strengthening the regional surveillance framework and called for further efforts towards the adoption of the draft sanction mechanism for breaches of regional surveillance rules.

    Directors stressed the importance of accelerating structural reforms to strengthen governance and regulation, human capital, climate adaptation, and regional trade and infrastructure, which would help boost potential growth, economic diversification, and resilience.

    Directors regretted that BEAC did not meet the authorities’ policy assurance on NFA for June 2024, and that the December 2024 target is unlikely to be met, as committed in June 2024. They assessed that the authorities undertook and committed to sufficient corrective action to address the shortfall during the December 2024 Heads of State meeting and endorsed the authorities’ policy assurance on NFA accumulation for end March 2025 and end June 2025 as committed in February 2025. Directors also supported the new policy assurances on financial stability. They emphasized that implementation of these assurances is critical for the success of Fund supported programs with CEMAC member countries.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. In the context of these bilateral Article IV consultations, staff hold separate annual discussions with the regional institutions responsible for common policies in four currency unions—the Euro Area, the Eastern Caribbean Currency Union, the Central African Economic and Monetary Union, and the West African Economic and Monetary Union. For each of the currency unions, staff teams visit the regional institutions responsible for common policies in the currency union, collects economic and financial information, and discusses with officials the currency union’s economic developments and policies. On return to headquarters, staff prepares a report, which forms the basis of discussion by the Executive Board. Both staff’s discussions with the regional institutions and the Board discussion of the annual staff report will be considered an integral part of the Article IV consultation with each member.

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’ authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm .

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Tatiana Mossot

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    MIL OSI Economics –

    February 27, 2025
  • MIL-Evening Report: Cook Islands needs to ‘stand on our own two feet,’ says Brown – wins confidence vote

    RNZ Pacific

    Prime Minister Mark Brown has survived a motion in the Cook Islands Parliament aimed at ousting his government, the second Pacific Island leader to face a no-confidence vote this week.

    In a vote yesterday afternoon (Tuesday, Cook Islands time), the man who has been at the centre of controversy in the past few weeks, defeated the motion by 13 votes to 9. Two government ministers were absent for the vote.

    The motion was put forward by the opposition MP Teariki Heather, the leader of the Cook Islands United Party.

    Ahead of the vote, Heather acknowledged that Brown had majority support in Parliament.

    However, he said he was moving the motion on principle after recent decisions by Brown, including a proposal to create a Cook Islands passport and shunning New Zealand from deals it made with China, which has divided Cook Islanders.

    “These are the merits that I am presenting before this House. We have the support of our people and those living outside the country, and so it is my challenge. Where do you stand in this House?” Heather said.

    Brown said his country has been so successful in its development in recent years that it graduated to first world status in 2020.

    ‘Engage on equal footing’
    “We need to stand on our own two feet, and we need to engage with our partners on an equal footing,” he said.

    “Economic and financial independence must come first before political independence, and that was what I discussed and made clear when I met with the New Zealand prime minister and deputy prime minister in Wellington in November.”

    Brown said the issues Cook Islanders faced today were not just about passports and agreements but about Cook Islands expressing its self-determination.

    “This is not about consultation. This is about control.”

    “We cannot compete with New Zealand. When their one-sided messaging is so compelling that even our opposition members will be swayed.

    “We never once talked to the New Zealand government about cutting our ties with New Zealand but the message our people received was that we were cutting our ties with New Zealand.

    “We have been discussing the comprehensive partnership with New Zealand for months. But the messaging that got out is that we have not consulted.

    ‘We are not a child’
    “We are a partner in the relationship with New Zealand. We are not a child.”

    He said the motion of no confidence had been built on misinformation to the extent that the mover of the motion has stated publicly that he was moving this motion in support of New Zealand.

    “The influence of New Zealand in this motion of no confidence should be of concern to all Cook Islands who value . . . who value our country.

    “My job is not to fly the New Zealand flag. My job is to fly my own country’s flag.”

    Last week, hundreds of Cook Islanders opposing Brown’s political decisions rallied in Avarua, demanding that he step down for damaging the relationship between Aotearoa and Cook Islands.

    The Cook Islands is a self-governing state in free association with New Zealand. It is part of the Realm of New Zealand, sharing the same Head of State.

    This year, the island marks its 60th year of self-governance.

    According to Cook Islands 2021 Census, its population is less than 15,000.

    New Zealand remains the largest home to the Cook Islands community, with over 80,000 Cook Islands Māori, while about 28,000 live in Australia.

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –

    February 27, 2025
  • MIL-OSI United Nations: Deputy Secretary-General’s remarks at the G20 Finance Ministers and Central Bank Meeting Session II: Int’l Financial Architecture [as prepared for delivery]

    Source: United Nations secretary general

    Excellencies,
    Let me begin by thanking our South African hosts for their warm hospitality and leadership. 
    Cape Town – this vibrant city where two oceans meet – could not be a more fitting location for a presidency that aims to bridge divides.
    South Africa takes the helm of the G20 at a testing time. 
    Global GDP this year is projected to fall below pre-pandemic averages. 
     Poor countries are no longer converging towards the income levels of rich countries. 
    This “new normal” of low growth affects the possibilities of developing countries to navigate the energy transition, and build resilient, fair societies. 
    It ultimately affects whether people will fulfill their potential or not – and whether the promise of the Sustainable Development Goals will be kept.
    We are especially worried about the halting effect of high uncertainty on investment, the possibility of a new inflationary shock resulting from trade disruptions, and the scope for higher-for-longer interest rates that would exacerbate the debt crisis affecting developing economies. 
    Excellencies,
    To face these challenges, we need an International Financial Architecture that can support economies to grow, liberating them from a vicious cycle where high debt leads to low investment, low investment to low growth, and low growth back to high debt.
    We need an architecture where the cost of capital to developing countries is low, enabling capital to flow where it can be most productive.
    The G20 has a unique responsibility to lead this reform. 
    Three key actions are essential:
    First, we must further strengthen Multilateral Development Banks. The G20 Roadmap for Better, Bigger, and more Effective MDBs points us in the right direction. Now we must accelerate. A successful replenishment of the African Development Fund will be a crucial milestone. 
    Second, we need a comprehensive approach to the debt crisis. Member States have put forward important structural proposals in advance of the Fourth International Conference on Financing for Development, which we look to the G20 to support.
    Third, we must strengthen the global financial safety net, with the IMF at its core, to shield all economies in a shock-prone world. We must channel SDRs to where they are most needed. We urge the G20 to use its voice to support the progress and reform developing countries need. 
    Excellencies,
    With the right reforms, and with sufficient political will, we can transform the relationship between finance and development from a vicious cycle into a virtuous one. This is the promise of South Africa’s G20 presidency – and of your leadership. 
    Thank you.
    [END]
     

    MIL OSI United Nations News –

    February 27, 2025
  • MIL-OSI New Zealand: Interim Report: increased capital investment in Auckland

    Source: Auckland Council

    Auckland Council’s Interim Report shows the group invested significantly to strengthen the physical resilience of Auckland and manage growth, while meeting its financial targets.

    The council delivered $1.9 billon of capital investment in the six months to December 2024 – a record for a six-month period and an increase of $474 million on the six months to the end of December 2023.

    In line with Auckland Council’s Long-term Plan 2024-2034, this investment was prioritised in transport, water and enabling local boards to better respond to the needs of their communities.

    Auckland Council group chief financial officer Ross Tucker said the Interim Report highlights the increased investment in the region’s infrastructure likes roads, pipes and stormwater assets.

    “Of the total capital invested in the six months, 38 per cent has been invested in roading and public transport – $727 million to improve our region’s roads, buses and trains, such as the City Rail Link project,” says Mr Tucker.

    “Another 29 per cent – or over $552 million – has been invested into Auckland’s water supply, wastewater and stormwater, delivering new and improved infrastructure that improves existing services and will support Aucklanders for generations to come.

    “We’ve also prioritised the buy-out of category three properties, spending $392 million on close to 400 properties that had an intolerable risk to life. We know the risk category three buy-outs are higher than originally anticipated, however it is being closely and carefully managed as part of making Auckland a more resilient region.”

    The buyout funding includes a 50-50 agreement between Auckland Council and central government, secured in October 2023.

    Major projects delivered

    In its first six months, the council delivered a number of major projects in Auckland, both in communities and with region-wide benefits.

    These include the Central Interceptor reaching the three-quarter completion mark, refitting a fourth low emission ferry vessel and getting it into operation, and continued progress on the City Rail Link with overhead line equipment and switch rooms commissioned at Britomart.

    “Our half year results are in line with expectations. We are getting on with delivering the physical and financial resilience we planned, while ensuring value for Aucklanders.”

    This includes progress on the Auckland Future Fund. In December 2024, the fund sold Auckland Council’s remaining shares in Auckland International Airport Limited for $1.32 billion.

    The fund will use the sale proceeds to diversify the council’s major financial investments across different sectors and geographic regions, with expected stronger annual returns to council to help fund services and infrastructure.

    The full Interim Report is available via the main Auckland Council website. 

    Auckland Council Group highlights – six months to December 2024

    • Operating revenue increased 15 percent to $5.4 billion, compared to the six months to 31 December 2023. This includes revenue to pay for the services we provide and invest in maintaining and renewing our assets.

    • The operating surplus was $2 billion, an increase on $571 million in 2023.

    • The group’s capital investment in infrastructure and community assets totalled $1.9 billion – 33 percent more than the prior period.

    • Net debt increased to $13.2 billion, from $12.3 billion in June 2024. This increased debt was primarily used to fund investment in new assets, spreading the cost of these assets over the generations that will use them.

    Key capital highlights include:

    • Providing funding, alongside the Crown, to City Rail Link Limited which continued work on New Zealand’s largest infrastructure project. One of the significant milestones was achieving permanent power to the stations’ high voltage rooms and main switchboards.

    • Bringing the Pukekohe Water Treatment Plant back into service after it was damaged in the 2023 severe weather events which enabled the community to increase water usage by six million litres a day at a time when water demand is at its peak.

    • Achievement of a major milestone on the Central Interceptor project, with Hiwa-i-te-Rangi Tunnel Boring Machine breaking through into a shaft in Western Springs, which enabled a tunnel to be built which collects wastewater and stormwater overflows from Mount Albert.

    • Significant progress made on the Eastern Busway project with the completion of the new bus station at Botany Town Centre

    • Completion of the Port of Auckland Outfall Upgrade project which improves the stormwater network and mitigates significant flooding risk at Britomart

    • Construction and renewal of many local and regional parks, sporting and leisure facilities such as refurbishment of Te Pae o Kura – Kelston Community Centre and renewal of Windmill Park with upgraded kiosk space, toilet facilities, a first aid room and storage.

    MIL OSI New Zealand News –

    February 27, 2025
←Previous Page
1 … 1,074 1,075 1,076 1,077 1,078 … 1,544
Next Page→
NewzIntel.com

NewzIntel.com

MIL Open Source Intelligence

  • Blog
  • About
  • FAQs
  • Authors
  • Events
  • Shop
  • Patterns
  • Themes

Twenty Twenty-Five

Designed with WordPress