Category: Economy

  • MIL-OSI: Remitly Announces Upcoming Investor Conference Participation

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, Feb. 26, 2025 (GLOBE NEWSWIRE) — Remitly Global, Inc. (NASDAQ: RELY) (“Remitly”), a trusted provider of digital financial services that transcend borders, today announced that its management team will present at the following investor conferences:

    The Citizens JMP Technology Conference
    Date: Tuesday, March 4, 2025
    Time: 11:30 a.m. Eastern Time / 8:30 a.m. Pacific Time

    Wolfe FinTech Forum
    Date: Tuesday, March 11, 2025
    Time: 9:20 a.m. Eastern Time / 6:20 a.m. Pacific Time

    The presentations will be webcast live from Remitly’s investor relations website at https://ir.remitly.com/. After the presentation, a replay of the events will be available on the investor relations website.

    About Remitly
    Remitly is a trusted provider of digital financial services that transcend borders. With a global footprint spanning more than 170 countries, Remitly’s digitally native, cross-border payments app delights customers with a fast, reliable, and transparent money movement experience. Building on its strong foundation, Remitly is expanding its suite of products to further its vision and transform lives around the world.

    Investor Relations Contact:
    Stephen Shulstein
    Vice President of Investor Relations
    stephens@remitly.com

    Media Contact:
    Kendall Sadler
    kendall@remitly.com

    SOURCE Remitly Global, Inc.

    The MIL Network

  • MIL-OSI: Ambarella, Inc. Announces Fourth Quarter and Fiscal Year 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) — Ambarella, Inc. (NASDAQ: AMBA), an edge AI semiconductor company, today announced fourth quarter and full year fiscal 2025 financial results for the period ended January 31, 2025.

    • Revenue for the fourth quarter of fiscal 2025 was $84.0 million, up 62.8% from $51.6 million in the same period in fiscal 2024. For the fiscal year ended January 31, 2025, revenue was $284.9 million, up 25.8% from $226.5 million for the fiscal year ended January 31, 2024.
    • Gross margin under U.S. generally accepted accounting principles (GAAP) for the fourth quarter of fiscal 2025 was 60.0%, compared with 59.8% for the same period in fiscal 2024. For the fiscal year ended January 31, 2025, GAAP gross margin was 60.5%, compared with 60.4% for the fiscal year ended January 31, 2024.
    • GAAP net loss for the fourth quarter of fiscal 2025 was $20.2 million, or loss per diluted ordinary share of $0.48, compared with a GAAP net loss of $60.6 million, or loss per diluted ordinary share of $1.50, for the same period in fiscal 2024. GAAP net loss for the fiscal year ended January 31, 2025 was $117.1 million, or loss per diluted ordinary share of $2.84. This compares with GAAP net loss of $169.4 million, or loss per diluted ordinary share of $4.25, for the fiscal year ended January 31, 2024.

    Financial results on a non-GAAP basis for the fourth quarter and full year fiscal 2025 are as follows:

    • Gross margin on a non-GAAP basis for the fourth quarter of fiscal 2025 was 62.0%, compared with 62.5% for the same period in fiscal 2024. For the fiscal year ended January 31, 2025, non-GAAP gross margin was 62.7%, compared with 63.3% for the fiscal year ended January 31, 2024.
    • Non-GAAP net profit for the fourth quarter of fiscal 2025 was $4.8 million, or earnings per diluted ordinary share of $0.11. This compares with non-GAAP net loss of $9.8 million, or loss per diluted ordinary share of $0.24, for the same period in fiscal 2024. Non-GAAP net loss for the fiscal year ended January 31, 2025 was $6.8 million, or loss per diluted ordinary share of $0.16. This compares with non-GAAP net loss of $33.1 million, or loss per diluted ordinary share of $0.83, for the fiscal year ended January 31, 2024.

    Based on information available as of today, Ambarella is offering the following guidance for the first quarter of fiscal year 2026, ending April 30, 2025:

    • Revenue is expected to be between $81.0 million and $87.0 million
    • Gross margin on a non-GAAP basis is expected to be between 61.0% and 62.5%
    • Non-GAAP operating expenses are expected to be between $50.0 million and $53.0 million

    Ambarella reports gross margin, net income (loss) and earnings (losses) per share in accordance with GAAP and, additionally, on a non-GAAP basis. Non-GAAP financial information excludes the impact of stock-based compensation, acquisition-related costs and restructuring expense adjusted for the associated tax impact, which includes the effect of any benefits or shortfalls recognized. Non-GAAP financial information also excludes the impact of the recognition or release of a valuation allowance on certain deferred tax assets. A reconciliation of the GAAP to non-GAAP gross margin, net income (loss) and earnings (losses) per share for the periods presented, as well as a description of the items excluded from the non-GAAP calculations, is included in the financial statements portion of this press release.

    Total cash, cash equivalents and marketable debt securities on hand at the end of the fourth quarter of fiscal 2025 was $250.3 million, compared with $226.5 million at the end of the prior quarter and $219.9 million at the end of the same quarter a year ago.

    “We finished fiscal 2025 with strong results and are starting the new year with positive momentum. We exited the year with more than 70% of our total revenue from edge AI, representing both a quarterly and annual record. Cumulatively, we have shipped about 30 million edge AI processors, with each SoC integrating our proprietary deep learning AI accelerator,” said Fermi Wang, President & CEO. “In fiscal 2026, we anticipate mid to high teens revenue growth, led by our 5nm products, including the ongoing ramp in the CV5 family and now the CV7 family, which generated production revenue for the first time in Q4. Together with a focus on efficient operations, we intend to continue to drive positive operating leverage.”

    Quarterly Conference Call

    Ambarella plans to hold a conference call at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time today with Fermi Wang, President and Chief Executive Officer, and John Young, Chief Financial Officer, to discuss the fourth quarter of fiscal year 2025 results. A live and archived webcast of the call will be available on Ambarella’s website at http://www.ambarella.com/ for up to 30 days after the call.

    About Ambarella

    Ambarella’s products are used in a wide variety of human vision and edge AI applications, including video security, advanced driver assistance systems (ADAS), electronic mirror, drive recorder, driver/cabin monitoring, autonomous driving and robotics applications. Ambarella’s low-power systems-on-chip (SoCs) offer high-resolution video compression, advanced image and radar processing, and powerful deep neural network processing to enable intelligent perception, fusion and planning. For more information, please visit www.ambarella.com.

    “Safe harbor” statement under the Private Securities Litigation Reform Act of 1995

    This press release contains forward-looking statements that are not historical facts and often can be identified by terms such as “outlook,” “projected,” “intends,” “will,” “estimates,” “anticipates,” “expects,” “believes,” “could,” “should,” or similar expressions, including the guidance for the first quarter of fiscal year 2026 ending April 30, 2025, and the comments of our CEO relating to our expectation of future revenue growth, customer demand and the growth potential for our edge AI inference products, including our CV5 and CV7 families of products, and our ability to generate positive operating leverage in future periods. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. Our actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of our future performance.

    The risks and uncertainties referred to above include, but are not limited to, global economic and political conditions; changes in government policies, including possible trade tariffs and restrictions; revenue being generated from new customers or design wins, neither of which is assured; the commercial success of our customers’ products; our customers’ ability to manage their inventory requirements; our growth strategy; our ability to anticipate future market demands and future needs of our customers, particularly for AI inference applications; our ability to introduce, and to generate revenue from, new and enhanced solutions; our ability to develop, and to generate revenue from, new advanced technologies, such as computer vision, AI functionality and advanced networks, including vision-language models and GenAI; our ability to retain and expand customer relationships and to achieve design wins; the expansion of our current markets and our ability to successfully enter new markets, such as the OEM automotive and robotics markets; anticipated trends and challenges, including competition, in the markets in which we operate; risks associated with global health conditions and associated risk mitigation measures; our ability to effectively manage growth; our ability to retain key employees; and the potential for intellectual property disputes or other litigation.

    Further information on these and other factors that could affect our financial results is included in the company’s Annual Report on Form 10-K for our 2024 fiscal year, which is on file with the Securities and Exchange Commission. Additional information will also set forth in the company’s quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings the company makes with the Securities and Exchange Commission from time to time, copies of which may be obtained by visiting the Investor Relations portion of our web site at www.ambarella.com or the SEC’s web site at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. The results we report in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025 could differ from the preliminary results announced in this press release.

    Ambarella assumes no obligation and does not intend to update the forward-looking statements made in this press release, except as required by law.

    Non-GAAP Financial Measures

    The company has provided in this release non-GAAP financial information, including non-GAAP gross margin, net income (loss), and earnings (losses) per share, as a supplement to the consolidated financial statements, which are prepared in accordance with generally accepted accounting principles (“GAAP”). Management uses these non-GAAP financial measures internally in analyzing the company’s financial results to assess operational performance and liquidity. The company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting and analyzing future periods. Further, the company believes these non-GAAP financial measures are useful to investors because they allow for greater transparency with respect to key financial metrics that the company uses in making operating decisions and because the company believes that investors and analysts use them to help assess the health of its business and for comparison to other companies. Non-GAAP results are presented for supplemental informational purposes only for understanding the company’s operating results. The non-GAAP information should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from non-GAAP measures used by other companies.

    With respect to its financial results for the fourth quarter of fiscal year 2025, the company has provided below reconciliations of its non-GAAP financial measures to its most directly comparable GAAP financial measures. With respect to the company’s expectations for the first quarter of fiscal year 2026, a reconciliation of non-GAAP gross margin and non-GAAP operating expenses guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability and low visibility with respect to the charges excluded from these non-GAAP measures. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.

    AMBARELLA, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share and per share data)
    (unaudited)
                     
        Three Months Ended January 31,   Twelve Months Ended January 31,
          2025       2024       2025       2024  
             
    Revenue   $ 84,015     $ 51,616     $ 284,865     $ 226,474  
                     
    Cost of revenue     33,634       20,763       112,535       89,657  
    Gross profit     50,381       30,853       172,330       136,817  
                     
    Operating expenses:                
    Research and development     56,823       51,992       226,109       215,052  
    Selling, general and administrative     18,911       20,575       72,816       76,325  
                     
    Total operating expenses     75,734       72,567       298,925       291,377  
                     
    Loss from operations     (25,353 )     (41,714 )     (126,595 )     (154,560 )
                     
    Other income, net     2,360       2,107       8,867       6,030  
                     
    Loss before income taxes     (22,993 )     (39,607 )     (117,728 )     (148,530 )
                     
    Provision (benefit) for income taxes     (2,759 )     21,000       (602 )     20,887  
                     
    Net loss   $ (20,234 )   $ (60,607 )   $ (117,126 )   $ (169,417 )
                     
    Net loss per share attributable to ordinary shareholders:              
    Basic   $ (0.48 )   $ (1.50 )   $ (2.84 )   $ (4.25 )
    Diluted   $ (0.48 )   $ (1.50 )   $ (2.84 )   $ (4.25 )
    Weighted-average shares used to compute net loss per share              
    attributable to ordinary shareholders:                
    Basic     41,828,944       40,384,743       41,303,287       39,878,872  
    Diluted     41,828,944       40,384,743       41,303,287       39,878,872  
                     

    The following tables present details of stock-based compensation, acquisition-related costs and restructuring expense included in each functional line item in the consolidated statements of operations above:

      Three Months Ended January 31,   Twelve Months Ended January 31,
        2025       2024       2025       2024  
      (unaudited, in thousands)
    Stock-based compensation:              
    Cost of revenue $ 931     $ 647     $ 3,270     $ 3,341  
    Research and development   18,372       17,950       73,025       72,759  
    Selling, general and administrative   8,245       9,923       31,748       35,216  
                   
    Total stock-based compensation $ 27,548     $ 28,520     $ 108,043     $ 111,316  
      Three Months Ended January 31,   Twelve Months Ended January 31,
        2025       2024       2025       2024  
      (unaudited, in thousands)
    Acquisition-related costs:              
    Cost of revenue $ 757     $ 757     $ 3,028     $ 3,028  
    Research and development                      
    Selling, general and administrative   456       520       2,016       2,080  
                   
    Total acquisition-related costs $ 1,213     $ 1,277     $ 5,044     $ 5,108  
      Three Months Ended January 31,   Twelve Months Ended January 31,
        2025       2024       2025       2024  
      (unaudited, in thousands)
    Restructuring expense:              
    Cost of revenue $     $     $     $ 66  
    Research and development         36             708  
    Selling, general and administrative         68             182  
                   
    Total restructuring expense $     $ 104     $     $ 956  
                   

    The difference between GAAP and non-GAAP gross margin was 2.0% and 2.7%, or $1.7 million and $1.4 million, for the three months ended January 31, 2025 and 2024, respectively. The difference between GAAP and non-GAAP gross margin was 2.2% and 2.9%, or $6.3 million and $6.4 million, for the fiscal years ended January 31, 2025 and 2024, respectively. The differences were due to the effect of stock-based compensation, amortization of acquisition-related costs and restructuring expense.

    AMBARELLA, INC.
    RECONCILIATION OF GAAP TO NON-GAAP DILUTED EARNINGS (LOSSES) PER SHARE
    (in thousands, except share and per share data)
                   
      Three Months Ended January 31,   Twelve Months Ended January 31,
        2025       2024       2025       2024  
      (unaudited)
    GAAP net loss $ (20,234 )   $ (60,607 )   $ (117,126 )   $ (169,417 )
                   
    Non-GAAP adjustments:              
    Stock-based compensation expense   27,548       28,520       108,043       111,316  
    Acquisition-related costs   1,213       1,277       5,044       5,108  
    Restructuring expense         104             956  
    Income tax effect   (3,760 )     20,881       (2,744 )     18,971  
    Non-GAAP net income (loss) $ 4,767     $ (9,825 )   $ (6,783 )   $ (33,066 )
                   
    GAAP – diluted weighted average shares   41,828,944       40,384,743       41,303,287       39,878,872  
    Non-GAAP – diluted weighted average shares   42,533,654       40,384,743       41,303,287       39,878,872  
                   
    GAAP – diluted net loss per share $ (0.48 )   $ (1.50 )   $ (2.84 )   $ (4.25 )
    Non-GAAP adjustments:              
    Stock-based compensation expense   0.66       0.71       2.62       2.79  
    Acquisition-related costs   0.03       0.03       0.12       0.13  
    Restructuring expense                     0.02  
    Income tax effect   (0.09 )     0.52       (0.06 )     0.48  
    Effect of Non-GAAP – diluted weighted average shares   (0.01 )                  
    Non-GAAP – diluted net income (loss) per share $ 0.11     $ (0.24 )   $ (0.16 )   $ (0.83 )
                   
    AMBARELLA, INC.
    CONSOLIDATED BALANCE SHEETS
    (unaudited, in thousands)
           
      January 31,   January 31,
        2025       2024  
           
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 144,622     $ 144,914  
    Marketable debt securities   105,643       75,013  
    Accounts receivable, net   29,767       24,950  
    Inventories   34,428       29,043  
    Restricted cash   7       7  
    Prepaid expenses and other current assets   6,084       6,230  
    Total current assets   320,551       280,157  
           
    Property and equipment, net   9,084       10,439  
    Intangible assets, net   47,279       55,136  
    Operating lease right-of-use assets, net   5,188       5,250  
    Goodwill   303,625       303,625  
    Other non-current assets   3,241       3,048  
           
    Total assets $ 688,968     $ 657,655  
           
    LIABILITIES AND SHAREHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable   21,775       28,503  
    Accrued and other current liabilities   80,781       48,598  
    Operating lease liabilities, current   2,829       3,443  
    Income taxes payable   1,383       1,541  
    Deferred revenue, current   14,226       894  
    Total current liabilities   120,994       82,979  
           
    Operating lease liabilities, non-current   2,436       1,896  
    Other long-term liabilities   4,126       12,909  
           
    Total liabilities   127,556       97,784  
           
    Shareholders’ equity:      
    Preference shares          
    Ordinary shares   19       18  
    Additional paid-in capital   813,683       694,967  
    Accumulated other comprehensive loss   (233 )     (183 )
    Accumulated deficit   (252,057 )     (134,931 )
    Total shareholders’ equity   561,412       559,871  
           
    Total liabilities and shareholders’ equity $ 688,968     $ 657,655  

    Contact:

    Louis Gerhardy
    408.636.2310
    lgerhardy@ambarella.com

    The MIL Network

  • MIL-OSI: Genie Energy to Report Fourth Quarter and Full Year 2024 Results 

    Source: GlobeNewswire (MIL-OSI)

    NEWARK, NJ, Feb. 26, 2025 (GLOBE NEWSWIRE) — Genie Energy Ltd., (NYSE: GNE), a leading retail energy and renewable energy solutions provider, will announce financial and operational results for the fourth quarter and full year 2024 on Monday, March 10, 2025.

    Genie Energy will issue an earnings release over a wire service and post it in the “Investors” section of the Genie Energy website (https://genie.com/investors/quarterly-earnings/) at 7:30 AM Eastern. The release also will be filed in a current report (Form 8-K) with the SEC.

    At 8:30 AM Eastern, Genie Energy’s management will host a conference call to discuss financial and operational results, business outlook, and strategy. The call will begin with management’s remarks followed by Q&A with investors.

    To participate in the conference call, dial 1-888-506-0062 (toll-free from the US) or 1-973-528-0011 (international) and provide the following participant access code: 481357.

    Approximately three hours after the call, a call replay will be accessible by dialing 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and providing the replay passcode: 52066. The replay will remain available through Monday, March 24, 2025. In addition, a recording of the call will be available for playback on the “Investors” section of the Genie Energy website. 

    In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate, “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise. 

    About Genie Energy Ltd.: 

    Genie Energy Ltd., (NYSE: GNE) is a leading retail energy and renewable energy solutions provider. The Genie Retail Energy division (GRE) supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Renewables division (GREW) is a vertically-integrated provider of community and utility-scale solar energy solutions. For more information, visit Genie.com.

    Contact: 
    Genie Energy Investor Relations
    Bill Ulrey
    E-mail: wulrey@genie.com 

    # # # 

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

    Total Revenue up 4% & Contribution ex-TAC(1)up 9% in Fourth Quarter

    Contribution ex-TAC(1)from CTV Grows 23% in Fourth Quarter

    Adjusted EBITDA Margin(2)of 42% in Fourth Quarter

    NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) —  Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company, today reported its results of operations for the fourth quarter and year ended December 31, 2024.

    Recent Highlights:

    • Revenue of $194.0 million for Q4 2024, up 4% from Q4 2023
    • Contribution ex-TAC(1) of $180.2 million for Q4 2024, an increase of 9% from Q4 2023
    • Contribution ex-TAC(1) attributable to CTV for Q4 2024 of $77.9 million, which exceeded guidance of $75 to $77 million, and was up 23% year-over-year
    • Contribution ex-TAC(1) attributable to DV+ for Q4 2024 of $102.3 million, an increase of 1% year-over-year
    • Net income for Q4 2024 of $36.4 million, or $0.24 per diluted share, compared to net income of $30.9 million, or $0.16 per diluted share for Q4 2023
    • Adjusted EBITDA(1) of $76.5 million in Q4 2024 representing a 42% Adjusted EBITDA margin(2), compared to Adjusted EBITDA(1) of $70.4 million for Q4 2023
    • Non-GAAP diluted earnings per share(1) of $0.34 for Q4 2024, compared to non-GAAP diluted earnings per share(1) of $0.29 for Q4 2023
    • Operating cash flow(3) in Q4 2024 of $64.4 million
    • Contribution ex-TAC(1) attributable to CTV for the full-year 2024 of $260.2 million, an increase of 19% year-over-year, representing 43% of total Contribution ex-TAC(1)
    • Adjusted EBITDA(1) for the full-year 2024 of $196.9 million, an increase of 15% from the full-year 2023
    • Ended 2024 with $483.2 million in cash and cash equivalents

    Expectations:

    • Total Contribution ex-TAC(1) for Q1 2025 to be between $140 and $144 million
    • Contribution ex-TAC(1) attributable to CTV for Q1 2025 to be between $61 and $63 million
    • Contribution ex-TAC(1) attributable to DV+ for Q1 2025 to be between $79 and $81 million
    • Adjusted EBITDA operating expenses(4) for Q1 2025 to be between $111 and $113 million
    • Total Contribution ex-TAC(1) growth above 10% for the full-year 2025
    • Excluding political, total 2025 Contribution ex-TAC(1) growth in the mid-teens
    • Adjusted EBITDA margin(2) expansion of at least 100 basis points for 2025
    • Mid-teens percentage growth of Adjusted EBITDA(1) for 2025
    • High-teens to 20% growth in free cash flow(5) for 2025

    “CTV performed well above expectations based on strength from our partnerships with many of the largest industry players. Our DV+ business grew modestly in Q4 due to marketers pausing campaigns after the election, but has rebounded since the start of 2025 and resumed growth in the mid-to-high single digits. We are very encouraged with partner and agency traction to start 2025, and have also made strides to improve efficiency across our business.” said Michael G. Barrett, CEO of Magnite. “We look forward to a solid growth year in 2025, despite a mixed ad spend environment and political comps. We continue to balance top-line growth and profitability to drive free cash flow, which is reflected in our outlook for 2025. Key areas of investment will be live sports, ClearLine, agency marketplaces, curation, AI and overall platform efficiency.”

                         
    Magnite Fourth Quarter 2024 Results Summary
    (in millions, except per share amounts and percentages)
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      Change
    Favorable/
    (Unfavorable)
      December 31,
    2024
      December 31,
    2023
      Change
    Favorable/
    (Unfavorable)
    Revenue $194.0    $186.9   4%   $668.2     $619.7   8%
    Gross profit $126.2    $116.9   8%   $409.3     $209.8   95%
    Contribution ex-TAC(1) $180.2    $165.3   9%   $606.9     $549.1   11%
    Net income (loss) $36.4    $30.9   18%   $22.8     ($159.2)   NM
    Adjusted EBITDA(1) $76.5    $70.4   9%   $196.9     $171.4   15%
    Adjusted EBITDA margin(2)  42%    43%   (1) ppt    32%      31%   1 ppt
    Basic earnings (loss) per share $0.26   $0.22   18%   $0.16     ($1.17)   NM
    Diluted earnings (loss) per share $0.24   $0.16   50%   $0.16     ($1.17)   NM
    Non-GAAP earnings per share(1) $0.34   $0.29   17%   $0.71     $0.54   31%
                             

    NM = Not meaningful

    Notes:
    (1)   Contribution ex-TAC, Adjusted EBITDA, and non-GAAP earnings per share are non-GAAP financial measures. Please see the discussion in the section called “Non-GAAP Financial Measures” and the reconciliations included at the end of this press release.
    (2)   Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Contribution ex-TAC.
    (3)   Operating cash flow is calculated as Adjusted EBITDA less capital expenditures.
    (4)   Adjusted EBITDA operating expenses is calculated as Contribution ex-TAC less Adjusted EBITDA.
    (5)   Free cash flow is defined as operating cash flow (Adjusted EBITDA less capital expenditures) less net interest expense.
         

    Fourth Quarter 2024 Results Conference Call and Webcast:

    The Company will host a conference call on February 26, 2025 at 1:30 PM (PT) / 4:30 PM (ET) to discuss the results for its fourth quarter of 2024.

       
    Live conference call  
    Toll free number: (844) 875-6911 (for domestic callers)
    Direct dial number: (412) 902-6511 (for international callers)
    Passcode: Ask to join the Magnite conference call
    Simultaneous audio webcast: http://investor.magnite.com, under “Events and Presentations”
       
    Conference call replay  
    Toll free number: (877) 344-7529 (for domestic callers)
    Direct dial number: (412) 317-0088 (for international callers)
    Passcode: 1991482
    Webcast link: http://investor.magnite.com, under “Events and Presentations”

    About Magnite
    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising platform. Publishers use our technology to monetize their content across all screens and formats, including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile-high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    Forward-Looking Statements:
    This press release and management’s prepared remarks during the conference call referred to above include, and management’s answers to questions during the conference call may include, forward-looking statements, including statements based upon or relating to our expectations, assumptions, estimates, and projections. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “anticipate,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms, and similar expressions. Forward-looking statements may include, but are not limited to, statements concerning the Company’s guidance or expectations with respect to future financial performance; acquisitions by the Company, or the anticipated benefits thereof; macroeconomic conditions or concerns related thereto; the growth of ad-supported programmatic connected television; our ability to use and collect data to provide our offerings; the scope and duration of client relationships; the fees we may charge in the future; key strategic objectives; anticipated benefits of new offerings; business mix; sales growth; benefits from supply path optimization; our ability to adapt to advancements in artificial intelligence; the development of identity solutions; client utilization of our offerings; the impact of requests for discounts, rebates or other fee concessions; our competitive differentiation; our market share and leadership position in the industry; market conditions, trends, and opportunities; certain statements regarding future operational performance measures; and other statements that are not historical facts. These statements are not guarantees of future performance; they reflect our current views with respect to future events and are based on assumptions and estimates and subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements.

    We discuss many of these risks and additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this press release and in other filings we have made and will make from time to time with the Securities and Exchange Commission, or SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings. These forward-looking statements represent our estimates and assumptions only as of the date of the report in which they are included. Unless required by federal securities laws, we assume no obligation to update any of these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated, to reflect circumstances or events that occur after the statements are made. Without limiting the foregoing, any guidance we may provide will generally be given only in connection with quarterly and annual earnings announcements, without interim updates, and we may appear at industry conferences or make other public statements without disclosing material nonpublic information in our possession. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. Investors should read this press release and the documents that we reference in this press release and have filed or will file with the SEC completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

    Non-GAAP Financial Measures and Operational Measures:

    In addition to our GAAP results, we review certain non-GAAP financial measures to help us evaluate our business on a consistent basis, measure our performance, identify trends affecting our business, establish budgets, measure the effectiveness of investments in our technology and development and sales and marketing, and assess our operational efficiencies. These non-GAAP financial measures include Contribution ex-TAC, Adjusted EBITDA, Non-GAAP Income (Loss), and Non-GAAP Earnings (Loss) per share, each of which is discussed below.

    These non-GAAP financial measures are not intended to be considered in isolation from, as substitutes for, or as superior to, the corresponding financial measures prepared in accordance with GAAP. You are encouraged to evaluate these adjustments, and review the reconciliation of these non-GAAP financial measures to their most comparable GAAP measures, and the reasons we consider them appropriate. It is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies. See “Reconciliation of Revenue to Gross Profit to Contribution ex-TAC,” “Reconciliation of net income (loss) to Adjusted EBITDA,” “Reconciliation of net income (loss) to non-GAAP income (loss),” and “Reconciliation of GAAP earnings (loss) per share to non-GAAP earnings (loss) per share” included as part of this press release.

    We do not provide a reconciliation of our non-GAAP financial expectations for Contribution ex-TAC and Adjusted EBITDA, or a forecast of the most comparable GAAP measures, because the amount and timing of many future charges that impact these measures (such as amortization of future acquired intangible assets, acquisition-related charges, foreign exchange (gain) loss, net, stock-based compensation, impairment charges, provision or benefit for income taxes, and our future revenue mix), which could be material, are variable, uncertain, or out of our control and therefore cannot be reasonably predicted without unreasonable effort, if at all. In addition, we believe such reconciliations or forecasts could imply a degree of precision that might be confusing or misleading to investors.

    Contribution ex-TAC:

    Contribution ex-TAC is calculated as gross profit plus cost of revenue, excluding traffic acquisition cost (“TAC”). Traffic acquisition cost, a component of cost of revenue, represents what we must pay sellers for the sale of advertising inventory through our platform for revenue reported on a gross basis. Contribution ex-TAC is a non-GAAP financial measure that is most comparable to gross profit. We believe Contribution ex-TAC is a useful measure in facilitating a consistent comparison against our core business without considering the impact of traffic acquisition costs related to revenue reported on a gross basis.

    Adjusted EBITDA:

    We define Adjusted EBITDA as net income (loss) adjusted to exclude stock-based compensation expense, depreciation and amortization, amortization of acquired intangible assets, impairment charges, interest income or expense, and other cash and non-cash based income or expenses that we do not consider indicative of our core operating performance, including, but not limited to foreign exchange gains and losses, acquisition and related items, gains or losses on extinguishment of debt, other debt refinancing expenses, non-operational real estate and other expenses (income), net, and provision (benefit) for income taxes. We also track future expenses on an Adjusted EBITDA basis, and describe them as Adjusted EBITDA operating expenses, which includes total operating expenses. Total operating expenses include cost of revenue. Adjusted EBITDA operating expenses is calculated as Contribution ex-TAC less Adjusted EBITDA. We adjust Adjusted EBITDA operating expenses for the same expense items excluded in Adjusted EBITDA. We believe Adjusted EBITDA is useful to investors in evaluating our performance for the following reasons:

    • Adjusted EBITDA is widely used by investors and securities analysts to measure a company’s performance without regard to items such as those we exclude in calculating this measure, which can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired.
    • Our management uses Adjusted EBITDA in conjunction with GAAP financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of performance and the effectiveness of our business strategies, and in communications with our board of directors concerning our performance. Adjusted EBITDA is also used as a metric for determining payment of cash incentive compensation.
    • Adjusted EBITDA provides a measure of consistency and comparability with our past performance that many investors find useful, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.

    Although Adjusted EBITDA is frequently used by investors and securities analysts in their evaluations of companies, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results of operations as reported under GAAP. These limitations include:

    • Stock-based compensation is a non-cash charge and will remain an element of our long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period.
    • Depreciation and amortization are non-cash charges, and the assets being depreciated or amortized will often have to be replaced in the future, but Adjusted EBITDA does not reflect any cash requirements for these replacements.
    • Impairment charges are non-cash charges related to goodwill, intangible assets and/or long-lived assets.
    • Adjusted EBITDA does not reflect certain cash and non-cash charges related to acquisition and related items, such as amortization of acquired intangible assets, merger, acquisition, or restructuring related severance costs, and changes in the fair value of contingent consideration.
    • Adjusted EBITDA does not reflect cash and non-cash charges and changes in, or cash requirements for, acquisition and related items, such as certain transaction expenses.
    • Adjusted EBITDA does not reflect cash and non-cash charges related to certain financing transactions such as gains or losses on extinguishment of debt or other debt refinancing expenses.
    • Adjusted EBITDA does not reflect certain non-operational real estate and other (income) and expense, net, which consists of transactions or expenses that are typically by nature non-operating, one-time items, or unrelated to our core operations.
    • Adjusted EBITDA does not reflect changes in our working capital needs, capital expenditures, or contractual commitments.
    • Adjusted EBITDA does not reflect cash requirements for income taxes and the cash impact of other income or expense.
    • Other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

    Our Adjusted EBITDA is influenced by fluctuations in our revenue, cost of revenue, and the timing and amounts of the cost of our operations. Adjusted EBITDA should not be considered as an alternative to net income (loss), income (loss) from operations, or any other measure of financial performance calculated and presented in accordance with GAAP.

    Non-GAAP Income (Loss) and Non-GAAP Earnings (Loss) per Share:
    We define non-GAAP earnings (loss) per share as non-GAAP income (loss) divided by non-GAAP weighted-average shares outstanding. Non-GAAP income (loss) is equal to net income (loss) excluding stock-based compensation, cash and non-cash based merger, acquisition, and restructuring costs, which consist primarily of professional service fees associated with merger and acquisition activities, cash-based employee termination costs, and other restructuring activities, including facility closures, relocation costs, contract termination costs, and impairment costs of abandoned technology associated with restructuring activities, amortization of acquired intangible assets, gains or losses on extinguishment of debt, non-operational real estate and other expenses or income, foreign currency gains and losses, interest expense associated with Convertible Senior Notes, other debt refinance expenses, and the tax impact of these items. In periods in which we have non-GAAP income, non-GAAP weighted-average shares outstanding used to calculate non-GAAP earnings per share includes the impact of potentially dilutive shares. Potentially dilutive shares consist of stock options, restricted stock units, performance stock units, and potential shares issued under the Employee Stock Purchase Plan, each computed using the treasury stock method, and the impact of shares that would be issuable assuming conversion of all of the Convertible Senior Notes, calculated under the if-converted method. We believe non-GAAP earnings (loss) per share is useful to investors in evaluating our ongoing operational performance and our trends on a per share basis, and also facilitates comparison of our financial results on a per share basis with other companies, many of which present a similar non-GAAP measure. However, a potential limitation of our use of non-GAAP earnings (loss) per share is that other companies may define non-GAAP earnings (loss) per share differently, which may make comparison difficult. This measure may also exclude expenses that may have a material impact on our reported financial results. Non-GAAP earnings (loss) per share is a performance measure and should not be used as a measure of liquidity. Because of these limitations, we also consider the comparable GAAP measure of net income (loss).

     
    MAGNITE, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (unaudited)
     
      December 31, 2024   December 31, 2023
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 483,220     $ 326,219  
    Accounts receivable, net   1,200,046       1,176,276  
    Prepaid expenses and other current assets   19,914       20,508  
    TOTAL CURRENT ASSETS   1,703,180       1,523,003  
    Property and equipment, net   68,730       47,371  
    Right-of-use lease asset   50,329       60,549  
    Internal use software development costs, net   26,625       21,926  
    Intangible assets, net   21,309       51,011  
    Goodwill   978,217       978,217  
    Other assets, non-current   6,378       6,729  
    TOTAL ASSETS $ 2,854,768     $ 2,688,806  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable and accrued expenses $ 1,466,377     $ 1,372,176  
    Lease liabilities, current   16,086       20,402  
    Debt, current   3,641       3,600  
    Other current liabilities   9,880       5,957  
    TOTAL CURRENT LIABILITIES   1,495,984       1,402,135  
    Debt, non-current, net of debt issuance costs   550,104       532,986  
    Lease liabilities, non-current   38,983       49,665  
    Other liabilities, non-current   1,479       2,337  
    TOTAL LIABILITIES   2,086,550       1,987,123  
    STOCKHOLDERS’ EQUITY      
    Common stock   2       2  
    Additional paid-in capital           1,433,809       1,387,715  
    Accumulated other comprehensive loss   (4,421 )     (2,076 )
    Accumulated deficit   (661,172 )     (683,958 )
    TOTAL STOCKHOLDERS’ EQUITY   768,218       701,683  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 2,854,768     $ 2,688,806  
     
     
    MAGNITE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Revenue $ 193,968     $ 186,932     $ 668,170     $ 619,710  
    Expenses (1)(2):              
    Cost of revenue   67,786       70,025       258,838       409,906  
    Sales and marketing   40,628       37,575       166,142       173,982  
    Technology and development   22,262       23,183       95,243       94,318  
    General and administrative   23,074       21,025       96,860       89,048  
    Merger, acquisition, and restructuring costs                     7,465  
    Total expenses   153,750       151,808       617,083       774,719  
    Income (loss) from operations   40,218       35,124       51,087       (155,009 )
    Other expense:              
    Interest expense, net   5,433       8,100       27,032       32,369  
    Foreign exchange (gain) loss, net   (6,303 )     3,495       (5,083 )     1,953  
    (Gain) loss on extinguishment of debt         (8,348 )     7,706       (26,480 )
    Other income   (1,170 )     (1,287 )     (5,052 )     (5,304 )
    Total other (income) expense, net   (2,040 )     1,960       24,603       2,538  
    Income (loss) before income taxes   42,258       33,164       26,484       (157,547 )
    Provision for income taxes   5,851       2,250       3,698       1,637  
    Net income (loss) $ 36,407     $ 30,914     $ 22,786     $ (159,184 )
    Net earnings (loss) per share:              
    Basic $ 0.26     $ 0.22     $ 0.16     $ (1.17 )
    Diluted $ 0.24     $ 0.16     $ 0.16     $ (1.17 )
    Weighted average shares used to compute net earnings (loss) per share:              
    Basic   141,106       138,212       140,557       136,620  
    Diluted   152,434       143,793       146,810       136,620  
     
    (1) Stock-based compensation expense included in our expenses was as follows:
      Three Months Ended   Year Ended
    December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Cost of revenue $ 423   $ 436   $ 1,924   $ 1,809
    Sales and marketing   7,473     6,394     31,436     27,263
    Technology and development   3,617     4,624     18,210     20,542
    General and administrative   5,845     5,701     24,949     22,860
    Merger, acquisition, and restructuring costs               143
    Total stock-based compensation expense $ 17,358   $ 17,155   $ 76,519   $ 72,617
     
    (2) Depreciation and amortization expense included in our expenses was as follows:
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Cost of revenue $ 13,538   $ 13,901   $ 47,570   $ 211,956
    Sales and marketing   2,473     2,628     10,157     27,584
    Technology and development   88     188     460     779
    General and administrative   71     103     323     501
    Total depreciation and amortization expense $ 16,170   $ 16,820   $ 58,510   $ 240,820
     
       
    MAGNITE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (unaudited)
       
      Year Ended
      December 31, 2024   December 31, 2023
    OPERATING ACTIVITIES:      
    Net income (loss) $ 22,786     $ (159,184 )
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
    Depreciation and amortization   58,510       240,820  
    Stock-based compensation   76,519       72,617  
    (Gain) loss on extinguishment of debt   7,706       (26,480 )
    Provision for doubtful accounts   587       4,666  
    Amortization of debt discount and issuance costs   4,119       6,279  
    Non-cash lease expense   (4,772 )     (1,712 )
    Deferred income taxes   95       (2,379 )
    Unrealized foreign currency (gain) loss, net   (7,001 )     1,266  
    Other items, net   23       3,007  
    Changes in operating assets and liabilities:      
    Accounts receivable   (26,024 )     (220,102 )
    Prepaid expenses and other assets   1,980       1,004  
    Accounts payable and accrued expenses   97,380       294,677  
    Other liabilities   3,293       (112 )
    Net cash provided by operating activities   235,201       214,367  
    INVESTING ACTIVITIES:      
    Purchases of property and equipment   (32,810 )     (26,764 )
    Capitalized internal use software development costs   (14,260 )     (10,619 )
    Other investing activities   (432 )      
    Net cash used in investing activities   (47,502 )     (37,383 )
    FINANCING ACTIVITIES:      
    Proceeds from the Term Loan B Facility refinancing and repricing activities, net of debt discount   413,463        
    Repayment of the Term Loan B Facility from refinancing and repricing activities   (403,113 )      
    Payment for debt issuance costs   (4,547 )      
    Repayment of debt   (1,823 )     (3,600 )
    Repurchase of Convertible Senior Notes         (165,518 )
    Proceeds from exercise of stock options   572       2,166  
    Proceeds from issuance of common stock under employee stock purchase plan   3,589       3,513  
    Taxes paid related to net share settlement   (22,472 )     (11,814 )
    Purchase of treasury stock   (14,573 )      
    Repayment of finance leases         (276 )
    Payment of indemnification claims holdback         (2,313 )
    Net cash used in financing activities   (28,904 )     (177,842 )
    EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH   (1,794 )     575  
    CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   157,001       (283 )
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period   326,219       326,502  
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period $ 483,220     $ 326,219  
     
       
    MAGNITE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-(Continued)
    (In thousands)
    (unaudited)
       
      Year Ended
      December 31, 2024   December 31, 2023
    SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION:      
    Cash paid for income taxes $ 3,870   $ 5,357
    Cash paid for interest $ 36,863   $ 37,028
    Capitalized assets financed by accounts payable and accrued expenses and other liabilities $ 6,742   $ 1,690
    Capitalized stock-based compensation $ 2,459   $ 2,012
    Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 13,628   $ 4,017
    Operating lease right-of-use assets reduction and corresponding adjustment to operating lease liabilities from lease terminations $ 4,622   $
    Non-cash financing activity related to Amendment No. 1 to the 2024 Credit Agreement $ 311,974   $
               
     
    MAGNITE, INC.
    CALCULATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE
    (In thousands, except per share data)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
       
    Basic and Diluted Earnings (Loss) Per Share:              
    Net income (loss) $ 36,407   $ 30,914     $ 22,786   $ (159,184 )
    Weighted-average common shares outstanding used to compute basic earnings (loss) per share   141,106     138,212       140,557     136,620  
    Basic earnings (loss) per share $ 0.26   $ 0.22     $ 0.16   $ (1.17 )
                   
    Diluted Earnings (Loss) Per Share:              
    Net income (loss) $ 36,407   $ 30,914     $ 22,786   $ (159,184 )
    Adjustments:              
    Interest expense, Convertible Senior Notes, net of tax   517     508            
    Gain on extinguishment of debt, net of tax       (8,151 )          
    Net income (loss) for calculation of diluted income (loss) $ 36,924   $ 23,271     $ 22,786   $ (159,184 )
                   
    Weighted-average common shares used in basic earnings (loss) per share   141,106     138,212       140,557     136,620  
    Dilutive effect of weighted-average restricted stock units   5,044     545       3,731      
    Dilutive effect of weighted-average common stock options   2,012     1,156       1,811      
    Dilutive effect of weighted-average performance stock units   1,037           669      
    Dilutive effect of weighted-average ESPP shares   25     15       42      
    Dilutive effect of weighted-average convertible notes   3,210     3,865            
    Weighted-average shares used to compute diluted net earnings (loss) per share   152,434     143,793       146,810     136,620  
    Diluted net earnings (loss) per share $ 0.24   $ 0.16     $ 0.16   $ (1.17 )
     
     
    MAGNITE, INC.
    RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC
    (In thousands)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Revenue $ 193,968   $ 186,932   $ 668,170   $ 619,710
    Less: Cost of revenue   67,786     70,025     258,838     409,906
    Gross Profit   126,182     116,907     409,332     209,804
    Add back: Cost of revenue, excluding TAC   54,016     48,373     197,610     339,343
    Contribution ex-TAC $ 180,198   $ 165,280   $ 606,942   $ 549,147
                   
     
    MAGNITE, INC.
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
    (In thousands)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Net income (loss) $ 36,407     $ 30,914     $ 22,786     $ (159,184 )
    Add back (deduct):              
    Depreciation and amortization expense, excluding amortization of acquired intangible assets   8,698       9,198       28,376       38,330  
    Amortization of acquired intangibles   7,472       7,622       30,134       202,490  
    Stock-based compensation expense   17,358       17,155       76,519       72,617  
    Merger, acquisition, and restructuring costs, excluding stock-based compensation expense                     7,322  
    Non-operational real estate and other expense, net   1,597       20       1,579       310  
    Interest expense, net   5,433       8,100       27,032       32,369  
    Foreign exchange (gain) loss, net   (6,303 )     3,495       (5,083 )     1,953  
    (Gain) loss on extinguishment of debt         (8,348 )     7,706       (26,480 )
    Other debt refinancing expense               4,103        
    Provision for income taxes   5,851       2,250       3,698       1,637  
    Adjusted EBITDA $ 76,513     $ 70,406     $ 196,850     $ 171,364  
     
     
    MAGNITE, INC.
    RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP INCOME (LOSS)
    (In thousands)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Net income (loss) $ 36,407     $ 30,914     $ 22,786     $ (159,184 )
    Add back (deduct):              
    Merger, acquisition, and restructuring costs, including amortization of acquired intangibles and excluding stock-based compensation expense   7,472       7,622       30,134       209,812  
    Stock-based compensation expense   17,358       17,155       76,519       72,617  
    Non-operational real estate and other expense, net   1,597       20       1,579       310  
    Foreign exchange (gain) loss, net   (6,303 )     3,495       (5,083 )     1,953  
    Interest expense, Convertible Senior Notes   421       508       1,686       2,620  
    (Gain) loss on extinguishment of debt         (8,348 )     7,706       (26,480 )
    Other debt refinancing expense               4,103        
    Tax effect of Non-GAAP adjustments(1)   (5,339 )     (10,218 )     (32,806 )     (23,740 )
    Non-GAAP income $ 51,613     $ 41,148     $ 106,624     $ 77,908  
     
    (1) Non-GAAP income (loss) includes the estimated tax impact from the reconciling items reconciling between net income (loss) and non-GAAP income (loss).
       
     
    MAGNITE, INC.
    RECONCILIATION OF GAAP EARNINGS (LOSS) PER SHARE TO NON-GAAP EARNINGS PER SHARE
    (In thousands, except per share amounts)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    GAAP net earnings (loss) per share (1):              
    Basic $ 0.26   $ 0.22   $ 0.16   $ (1.17 )
    Diluted $ 0.24   $ 0.16   $ 0.16   $ (1.17 )
                   
    Non-GAAP income (2) $ 51,613   $ 41,148   $ 106,624   $ 77,908  
    Non-GAAP earnings per share $ 0.34   $ 0.29   $ 0.71   $ 0.54  
                   
    Weighted-average shares used to compute basic net earnings (loss) per share   141,106     138,212     140,557     136,620  
    Dilutive effect of weighted-average common stock options, RSAs, RSUs, and PSUs   8,093     1,701     6,211     3,258  
    Dilutive effect of weighted-average ESPP shares   25     15     42     31  
    Dilutive effect of weighted-average Convertible Senior Notes   3,210     3,865     3,210     4,981  
    Non-GAAP weighted-average shares outstanding (3)   152,434     143,793     150,020     144,890  
     
    (1) Calculated as net income (loss) divided by basic and diluted weighted-average shares used to compute net income (loss) per share as included in the consolidated statement of operations.
    (2) Refer to reconciliation of net income (loss) to non-GAAP income (loss).
    (3) Non-GAAP earnings per share is computed using the same weighted-average number of shares that are used to compute GAAP net income (loss) per share in periods where there is both a non-GAAP loss and a GAAP net loss.
     
     
    MAGNITE, INC.
    CONTRIBUTION EX-TAC BY CHANNEL
    (In thousands, except percentages)
    (unaudited)
     
      Contribution ex-TAC
      Three Months Ended
      December 31, 2024   December 31, 2023
       
    Channel:              
    CTV $ 77,923   43 %   $ 63,530   38 %
    Mobile   71,660   40       71,566   44  
    Desktop   30,615   17       30,184   18  
    Total $ 180,198   100 %   $ 165,280   100 %
     
      Contribution ex-TAC
      Year Ended
      December 31, 2024   December 31, 2023
       
    Channel:              
    CTV $ 260,159   43 %   $ 218,494   40 %
    Mobile   242,018   40       226,826   41  
    Desktop   104,765   17       103,827   19  
    Total $ 606,942   100 %   $ 549,147   100 %

    The MIL Network

  • MIL-OSI: Horizon Bancorp, Inc. Announces Retirement of Craig Dwight as Chairman and Enhancements to Board of Directors Structure

    Source: GlobeNewswire (MIL-OSI)

    MICHIGAN CITY, Ind., Feb. 26, 2025 (GLOBE NEWSWIRE) — (NASDAQ GS: HBNC) Horizon Bancorp, Inc. (“Horizon” or the “Company”) announced that Craig Dwight, Chairman of Board, will retire from the Board of Directors effective at the expiration of his current term on May 1, 2025. Mr. Dwight provided written notice of his decision on February 24, 2025, which was accepted by the Board on February 25, 2025. Concurrently, the Board of Directors elected Eric Blackhurst to serve as an Independent Chairperson, effective upon Mr. Dwight’s retirement. Mr. Blackhurst has served as a Company Director for over seven years during which time his leadership has been instrumental, notably as Chairperson of Corporate Governance and as a member of the Compensation Committee. Mr. Blackhurst recently retired from an esteemed 35-year career at The Dow Chemical Company where he served as Associate General Counsel, Corporate Transactions and Latin America. His is currently interim president of Alma College. Additionally, with Horizon’s transition to an Independent Chairperson, the role of Independent Lead Director, currently held by Michele Magnuson, will be retired. Ms. Magnuson will remain on the Board and continue to serve on the Compensation and Governance Committees.

    “On behalf of the Board of Directors, Executive Leadership, and Horizon’s Advisors, it is my privilege to thank and congratulate Craig who will retire from the Board upon the expiration of his term in May. For more than 25 years Craig drove the success of Horizon by fostering a winning culture centered on placing client needs first, strengthening the communities Horizon calls home, and delivering significant value for Horizon’s shareholders. His legacy of servant leadership has positively impacted all who have had the pleasure to work with him. We wish Craig and his family the best as he enjoys this richly earned new chapter in life,” said Thomas Prame, Horizon’s President and Chief Executive Officer. “I am also pleased to announce the Board’s election of Eric Blackhurst to Independent Chairperson. Eric’s strategic vision, character and experience make him ideally suited to seamlessly transition into the role of Chairperson. I look forward to our continued positive working relationship and the value he will bring to Horizon in this important new role. Additionally, we would like to thank Michele Magnuson for her impactful stewardship as independent Lead Director over the last 3 years. We are fortunate to have Michele as a Board member, and we look forward to the positive contributions she continues to bring to the Board and organization.”

    In addition to the changes to Horizon’s director roles, Horizon welcomes Larry Magnesen to the Horizon Bank’s Board of Directors effective February 25, 2025. Mr. Magnesen brings to the Bank Board significant experience in marketing and corporate communications resulting from his 20 plus-year career at Fifth Third Bank in various senior leadership roles. “Larry has a vast experience in financial services marketing and corporate communications that will benefit Horizon Bank’s strategic objective of profitably expanding our core banking relationships,” Prame added. “Larry brings a great understanding of attracting and retaining core clients that is combined with an intimate knowledge of our local markets through his former leadership roles. I look forward to the immediate contributions Larry will bring to Horizon’s strategic outlook and the valuable skillset he adds to our already very talented Bank Board.”

    About Horizon Bancorp, Inc.

    Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the nearly 8 billion–asset bank holding company for Horizon Bank, which serves customers across attractive Midwestern markets through convenient digital tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential, indirect auto, and other secured consumer lending, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in–market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.com.

    Contact: Thomas Prame
    Chief Executive Officer and President
    Phone: (219) 814-5983
    Date: February 26, 2025

    The MIL Network

  • MIL-OSI: ARKO Corp. Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    RICHMOND, Va., Feb. 26, 2025 (GLOBE NEWSWIRE) — ARKO Corp. (Nasdaq: ARKO) (“ARKO” or the “Company”), a Fortune 500 company and one of the largest convenience store operators in the United States, today announced financial results for the fourth quarter and the full year ended December 31, 2024.

    Fourth Quarter and Full Year 2024 Key Highlights (vs. Year-Ago Period)1,2

    • Net loss for the quarter was $2.3 million compared to net income of $1.1 million.  For the year, net income was $20.8 million compared to $34.6 million.
    • Adjusted EBITDA for the quarter was $56.8 million compared to $61.8 million.  For the year, Adjusted EBITDA was $248.9 million compared to $276.3 million. 
    • Merchandise margin rate for the quarter increased to 33.0% compared to 32.9%.  For the year, merchandise margin rate increased to 32.8% compared to 31.8%.
    • Merchandise contribution for the quarter was $134.9 million compared to $146.8 million; more than half of the merchandise contribution decline for the quarter was associated with the Company’s accretive dealerization program.  For the year, merchandise contribution was $579.6 million compared to $585.1 million.
    • Retail fuel margin for the quarter was 38.7 cents per gallon compared to 39.2 cents per gallon, resulting from macroeconomically-driven lower fuel prices and reduced price volatility. For the year, retail fuel margin increased to 39.6 cents per gallon compared to 38.8 cents per gallon.
    • Retail fuel contribution for the quarter was $100.2 million compared to $109.3 million. For the year, retail fuel contribution was $428.2 million compared to $435.3 million.

    Other Key Highlights

    • As part of the Company’s developing transformation plan, the Company converted 153 retail stores to dealer sites during the year ended December 31, 2024, including approximately 100 stores converted in the fourth quarter of 2024. The Company expects to convert a meaningful number of additional stores throughout 2025, including another approximately 100 retail stores by the end of the first quarter of 2025. The stores converted to dealer locations in 2024 are expected to produce an annualized benefit to combined wholesale segment and retail segment operating income of approximately $8.5 million. The Company now expects that, at scale, its channel optimization will yield a cumulative annualized benefit of operating income in excess of $20 million. This channel optimization is also expected to enable the Company to better focus and prioritize future investments in its remaining retail stores.
    • In 2024, the Company expanded its planned pipeline of NTI (new-to-industry) stores to eight, including two stores that opened in 2024 and an additional two stores opened in the first quarter of 2025. The Company expects to open the four remaining NTI locations over the course of 2025.
    • The Board declared a quarterly dividend of $0.03 per share of common stock to be paid on March 21, 2025 to stockholders of record as of March 10, 2025.

    1 See Use of Non-GAAP Measures below.
    2 All figures for fuel costs, fuel contribution and fuel margin per gallon exclude the estimated fixed margin or fixed fee paid to the Company’s wholesale fuel distribution subsidiary, GPM Petroleum LP (“GPMP”) for the cost of fuel (intercompany charges by GPMP).

    “We navigated a challenging macroeconomic environment in 2024, while advancing the development of our multi-year transformation plan,” said Arie Kotler, Chairman, President, and CEO of ARKO. “We made progress with our dealerization program by strategically refining our retail footprint, strengthening merchandising initiatives, and enhancing customer engagement through value-driven promotions for in-store merchandise and, more recently, a more aggressive value offer at the pump. Our focus on operational efficiencies and the dealerization program allowed us to manage through industry-wide headwinds while making strategic investments in high-growth areas, such as food service and other tobacco products to meet evolving customer preferences.”

    Mr. Kotler continued: “Looking ahead to 2025, we remain committed to driving sustainable long-term growth and value creation for our stakeholders. We plan to strengthen our competitiveness by continuing to invest in higher-growth categories, delivering further value to our customers and further optimizing our store portfolio. We are acutely focused on delivering innovative, value-driven solutions that enhance the customer experience while maximizing profitability and expanding revenue opportunities.”

    Fourth Quarter and Full Year 2024 Segment Highlights

    Retail

      For the Three Months
    Ended December 31,
        For the Year
    Ended December 31,
     
      2024     2023     2024     2023  
      (in thousands)  
    Fuel gallons sold   258,856       279,035       1,080,990       1,122,321  
    Same store fuel gallons sold decrease (%) 1   (4.4 %)     (7.5 %)     (6.1 %)     (5.3 %)
    Fuel contribution 2 $ 100,212     $ 109,336     $ 428,216     $ 435,322  
    Fuel margin, cents per gallon 3   38.7       39.2       39.6       38.8  
    Same store fuel contribution 1,2 $ 96,830     $ 104,262     $ 403,503     $ 422,090  
    Same store merchandise sales (decrease) increase (%) 1   (4.3 %)     (2.8 %)     (5.4 %)     0.4 %
    Same store merchandise sales excluding cigarettes (decrease) increase (%) 1   (2.1 %)     (1.8 %)     (3.8 %)     2.5 %
    Merchandise revenue $ 408,826     $ 446,727     $ 1,767,345     $ 1,838,001  
    Merchandise contribution 4 $ 134,873     $ 146,773     $ 579,569     $ 585,122  
    Merchandise margin 5   33.0 %     32.9 %     32.8 %     31.8 %
    Same store merchandise contribution 1,4 $ 129,376     $ 135,532     $ 543,368     $ 560,321  
    Same store site operating expenses 1 $ 179,302     $ 181,527     $ 736,727     $ 737,158  
                           
    Same store is a common metric used in the convenience store industry. The Company considers a store a same store beginning in the first quarter in which the store had a full quarter of activity in the prior year. Refer to Use of Non-GAAP Measures below for discussion of this measure.  
    Calculated as fuel revenue less fuel costs; excludes the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel.  
    Calculated as fuel contribution divided by fuel gallons sold.  
    Calculated as merchandise revenue less merchandise costs.  
    Calculated as merchandise contribution divided by merchandise revenue.  
       

    Merchandise contribution for the fourth quarter of 2024 decreased $11.9 million, or 8.1%, compared to the fourth quarter of 2023, while merchandise margin increased to 33.0% in the fourth quarter of 2024 compared to 32.9% in 2023. The decrease in merchandise contribution was due to a decrease in same store merchandise contribution of $6.2 million and a decrease of $7.7 million related to underperforming retail stores that were closed or converted to dealers, partially offset by an increase in merchandise contribution of $2.0 million from the SpeedyQ acquisition that closed in April 2024.  Merchandise contribution at same stores decreased in the fourth quarter of 2024 primarily due to lower contribution from several core destination categories and cigarettes, partially offset by higher contribution from other tobacco products.

    For the year ended December 31, 2024, merchandise contribution decreased $5.6 million, or 0.9%, compared to the year ended December 31, 2023, while merchandise margin increased to 32.8% in 2024 from 31.8% in 2023. The decrease in merchandise contribution was due to a decrease in same store merchandise contribution of $17.0 million and a decrease in merchandise contribution of $11.6 million related to underperforming retail stores that were closed or converted to dealers, partially offset by incremental merchandise contribution from recent acquisitions of $21.7 million.

    For the fourth quarter of 2024, retail fuel contribution decreased $9.1 million to $100.2 million compared to the prior year period, with a same store fuel contribution decrease of $7.4 million attributable to gallon demand declines reflecting the challenging macro-economic environment. Fuel margin of 38.7 cents per gallon was down 0.5 cents per gallon compared to the fourth quarter of 2023, resulting from lower fuel costs and reduced price volatility this year. In addition, a decrease in retail fuel contribution of $3.7 million was related to underperforming retail stores that were closed or converted to dealers, partially offset by incremental fuel contribution from the SpeedyQ acquisition of approximately $1.8 million. 

    For the year ended December 31, 2024, fuel contribution decreased $7.1 million, or 1.6%, compared to the year ended December 31, 2023, while fuel margin per gallon increased. Same store fuel margin per gallon for 2024 increased to 39.7 cents per gallon from 39.0 cents per gallon for 2023. Incremental fuel contribution from recent acquisitions of approximately $16.8 million was more than offset by a decrease in same store fuel contribution of $18.6 million. In addition, a decrease in fuel contribution of $6.1 million was related to underperforming retail stores that were closed or converted to dealers compared to 2023.

    Wholesale

      For the Three Months
    Ended December 31,
        For the Year
    Ended December 31,
     
      2024     2023     2024     2023  
      (in thousands)  
    Fuel gallons sold – fuel supply locations   201,317       199,861       794,796       801,260  
    Fuel gallons sold – consignment agent locations   38,563       40,144       154,560       168,005  
    Fuel contribution – fuel supply locations $ 12,004     $ 11,499     $ 47,930     $ 48,396  
    Fuel contribution – consignment agent locations $ 10,270     $ 10,101     $ 42,420     $ 44,512  
    Fuel margin, cents per gallon – fuel supply locations   6.0       5.8       6.0       6.0  
    Fuel margin, cents per gallon – consignment agent locations   26.6       25.2       27.4       26.5  
                           
    Calculated as fuel revenue less fuel costs; excludes the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel.  
    Calculated as fuel contribution divided by fuel gallons sold.  
       

    Fuel contribution was approximately $22.3 million for the fourth quarter of 2024 compared to $21.6 million for the fourth quarter of 2023. Fuel contribution for the fourth quarter of 2024 at fuel supply locations increased by $0.5 million, and fuel contribution at consignment agent locations increased by $0.2 million, as compared to the prior year period, with fuel margin increases of 0.2 cents per gallon and 1.4 cents per gallon, respectively. For the fourth quarter of 2024, other revenues, net, increased by approximately $1.8 million, while site operating expenses increased by $0.6 million compared to the prior year period, resulting from the retail stores that were converted to dealers.

    For the year ended December 31, 2024, wholesale operating income increased $0.8 million, compared to 2023. An increase of approximately $3.4 million in other revenues, net, was partially offset by a decrease in fuel contribution of approximately $2.6 million in 2024 compared to 2023. At fuel supply locations, fuel contribution decreased by $0.5 million, and fuel margin per gallon remained consistent with 2023, primarily due to decreased prompt pay discounts related to lower fuel costs and lower volumes at comparable wholesale sites, which was partially offset by incremental contribution from recent acquisitions and the retail stores converted to dealers. At consignment agent locations, fuel contribution decreased $2.1 million while fuel margin per gallon increased for 2024 compared to 2023, primarily due to incremental contribution from recent acquisitions and the retail stores converted to dealers, which was offset by lower rack-to-retail margins and decreased prompt pay discounts related to lower fuel costs.

    Fleet Fueling

      For the Three Months
    Ended December 31,
        For the Year
    Ended December 31,
     
      2024     2023     2024     2023  
      (in thousands)  
    Fuel gallons sold – proprietary cardlock locations   32,888       33,285       136,104       130,995  
    Fuel gallons sold – third-party cardlock locations   3,239       3,201       12,814       9,832  
    Fuel contribution – proprietary cardlock locations $ 15,823     $ 13,146     $ 62,612     $ 54,685  
    Fuel contribution – third-party cardlock locations $ 509     $ 245     $ 1,677     $ 1,215  
    Fuel margin, cents per gallon – proprietary cardlock locations   48.1       39.5       46.0       41.7  
    Fuel margin, cents per gallon – third-party cardlock locations   15.8       7.6       13.1       12.4  
                           
    Calculated as fuel revenue less fuel costs; excludes the estimated fixed fee paid to GPMP for the cost of fuel.  
    Calculated as fuel contribution divided by fuel gallons sold.  
       

    For the fourth quarter of 2024, fuel contribution increased by $2.9 million compared to the fourth quarter of 2023. At proprietary cardlocks, fuel contribution increased by $2.7 million, and fuel margin per gallon also increased for the fourth quarter of 2024 compared to the fourth quarter of 2023. At third-party cardlock locations, fuel contribution increased by $0.3 million, and fuel margin per gallon also increased for the fourth quarter of 2024 compared to the fourth quarter of 2023.

    For the year ended December 31, 2024, fuel contribution increased by $8.4 million compared to the year ended December 31, 2023. At proprietary cardlocks, fuel contribution increased by $7.9 million, and fuel margin per gallon also increased for the year ended December 31, 2024, compared to the year ended December 31, 2023. At third-party cardlock locations, fuel contribution increased $0.5 million, and fuel margin per gallon also increased for 2024 compared to 2023. These changes were primarily due to higher volumes and the cardlocks acquired in the Company’s acquisition of certain sites from WTG Fuels Holdings, LLC in 2023.

    Site Operating Expenses

    For the quarter ended December 31, 2024, convenience store operating expenses decreased $13.0 million, or 6.5%, compared to the prior year period primarily due to a decrease of $14.3 million from underperforming retail stores that were closed or converted to dealers and a decrease in same store operating expenses of $2.2 million, or 1.2%. The decrease in convenience store operating expenses was partially offset by incremental expenses related to the SpeedyQ acquisition that closed in April 2024.

    For the year ended December 31, 2024, convenience store operating expenses increased $11.2 million, or 1.4%, as compared to the year ended December 31, 2023, primarily due to $33.1 million of incremental expenses related to recent acquisitions. The increase in site operating expenses was partially offset by a decrease in same store operating expenses of $0.4 million, and $22.1 million of reduced expenses for underperforming retail stores that were closed or converted to dealers.

    Liquidity and Capital Expenditures

    As of December 31, 2024, the Company’s total liquidity was approximately $841 million, consisting of approximately $262 million of cash and cash equivalents and approximately $579 million of availability under lines of credit. Outstanding debt was $881 million, resulting in net debt, excluding lease related financing liabilities, of approximately $619 million. Capital expenditures were $36.1 million, and $113.9 million for the quarter and year ended December 31, 2024, respectively. 

    Quarterly Dividend and Share Repurchase Program

    The Company’s ability to return cash to its stockholders through its cash dividend program and share repurchase program is consistent with its capital allocation framework and reflects the Company’s confidence in the strength of its cash generation ability and strong financial position.

    The Board declared a quarterly dividend of $0.03 per share of common stock to be paid on March 21, 2025 to stockholders of record as of March 10, 2025.

    There was approximately $25.7 million remaining under the share repurchase program as of December 31, 2024. 

    Company-Operated Retail Store Count and Segment Update

    The following tables present certain information regarding changes in the retail, wholesale and fleet fueling segments for the periods presented:

      For the Three Months
    Ended December 31,
        For the Year
    Ended December 31,
     
    Retail Segment 2024     2023     2024     2023  
    Number of sites at beginning of period   1,491       1,552       1,543       1,404  
    Acquired sites               21       166  
    Newly opened or reopened sites   1             3       4  
    Company-controlled sites converted to                      
    consignment or fuel supply locations, net   (102 )     (3 )     (153 )     (16 )
    Sites closed, divested or converted to rentals   (1 )     (6 )     (25 )     (15 )
    Number of sites at end of period   1,389       1,543       1,389       1,543  
                                   
      For the Three Months
    Ended December 31,
        For the Year
    Ended December 31,
     
    Wholesale Segment 1 2024     2023     2024     2023  
    Number of sites at beginning of period   1,832       1,825       1,825       1,674  
    Acquired sites                     190  
    Newly opened or reopened sites 2   9       25       39       83  
    Consignment or fuel supply locations converted                      
    from Company-controlled or fleet fueling sites, net   102       2       153       15  
    Closed or divested sites   (21 )     (27 )     (95 )     (137 )
    Number of sites at end of period   1,922       1,825       1,922       1,825  
                           
    Excludes bulk and spot purchasers.  
    Includes all signed fuel supply agreements irrespective of fuel distribution commencement date.  
       
      For the Three Months
    Ended December 31,
        For the Year
    Ended December 31,
     
    Fleet Fueling Segment 2024     2023     2024     2023  
    Number of sites at beginning of period   281       295       298       183  
    Acquired sites                     111  
    Newly opened or reopened sites         2       1       6  
    Fleet fueling locations converted                      
    from fuel supply locations, net         1             1  
    Closed or divested sites   (1 )           (19 )     (3 )
    Number of sites at end of period   280       298       280       298  
                                   

    First Quarter and Full Year 2025 Guidance

    The Company currently expects first quarter 2025 Adjusted EBITDA to range between $27 million and $33 million, with an assumed range of average retail fuel margin from 37.0 to 39.0 cents per gallon. The Company currently expects full year 2025 Adjusted EBITDA to range between $233 million and $253 million, with an assumed range of average retail fuel margin from 39.5 to 41.5 cents per gallon.   

    The Company is not providing guidance on net income at this time due to the volatility of certain required inputs that are not available without unreasonable efforts, including future fair value adjustments associated with its stock price, as well as depreciation and amortization related to its capital allocation as part of its focus on accelerating organic growth.

    Conference Call and Webcast Details

    The Company will host a conference call today, February 26, 2025, to discuss these results at 5:00 p.m. Eastern Time. Investors and analysts interested in participating in the live call can dial 877-605-1792 or 201-689-8728.

    A simultaneous, live webcast will also be available on the Investor Relations section of the Company’s website at https://www.arkocorp.com/news-events/ir-calendar. The webcast will be archived for 30 days.

    About ARKO Corp.

    ARKO Corp. (Nasdaq: ARKO) is a Fortune 500 company that owns 100% of GPM Investments, LLC and is one of the largest operators of convenience stores and wholesalers of fuel in the United States. Based in Richmond, VA, our highly recognizable Family of Community Brands offers delicious, prepared foods, beer, snacks, candy, hot and cold beverages, and multiple popular quick serve restaurant brands. We operate in four reportable segments: retail, which includes convenience stores selling merchandise and fuel products to retail customers; wholesale, which supplies fuel to independent dealers and consignment agents; fleet fueling, which includes the operation of proprietary and third-party cardlock locations, and issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites; and GPM Petroleum, which sells and supplies fuel to our retail and wholesale sites and charges a fixed fee, primarily to our fleet fueling sites. To learn more about GPM stores, visit: www.gpminvestments.com. To learn more about ARKO, visit: www.arkocorp.com.

    Forward-Looking Statements

    This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, the Company’s expected financial and operational results and the related assumptions underlying its expected results. These forward-looking statements are distinguished by use of words such as “accretive,” “anticipate,” “aim,” “believe,” “continue,” “could,” “estimate,” “expect,” “guidance,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and the negative of these terms, and similar references to future periods. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to, among other things, changes in economic, business and market conditions; the Company’s ability to maintain the listing of its common stock and warrants on the Nasdaq Stock Market; changes in its strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; expansion plans and opportunities; changes in the markets in which it competes; changes in applicable laws or regulations, including those relating to environmental matters; market conditions and global and economic factors beyond its control; and the outcome of any known or unknown litigation and regulatory proceedings. Detailed information about these factors and additional important factors can be found in the documents that the Company files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. The Company does not undertake an obligation to update forward-looking information, except to the extent required by applicable law.

    Use of Non-GAAP Measures

    The Company discloses certain measures on a “same store basis,” which is a non-GAAP measure. Information disclosed on a “same store basis” excludes the results of any store that is not a “same store” for the applicable period. A store is considered a same store beginning in the first quarter in which the store had a full quarter of activity in the prior year. The Company believes that this information provides greater comparability regarding its ongoing operating performance. Neither this measure nor those described below should be considered an alternative to measurements presented in accordance with generally accepted accounting principles in the United States (“GAAP”).

    The Company defines EBITDA as net income before net interest expense, income taxes, depreciation and amortization. Adjusted EBITDA further adjusts EBITDA by excluding the gain or loss on disposal of assets, impairment charges, acquisition and divestiture costs, share-based compensation expense, other non-cash items, and other unusual or non-recurring charges. Both EBITDA and Adjusted EBITDA are non-GAAP financial measures.

    The Company uses EBITDA and Adjusted EBITDA for operational and financial decision-making and believe these measures are useful in evaluating its performance because they eliminate certain items that it does not consider indicators of its operating performance. EBITDA and Adjusted EBITDA are also used by many of its investors, securities analysts, and other interested parties in evaluating its operational and financial performance across reporting periods. The Company believes that the presentation of EBITDA and Adjusted EBITDA provides useful information to investors by allowing an understanding of key measures that it uses internally for operational decision-making, budgeting, evaluating acquisition targets, and assessing its operating performance.

    EBITDA and Adjusted EBITDA are not recognized terms under GAAP and should not be considered as a substitute for net income or any other financial measure presented in accordance with GAAP. These measures have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of its results as reported under GAAP. The Company strongly encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

    Because non-GAAP financial measures are not standardized, same store measures, EBITDA and Adjusted EBITDA, as defined by the Company, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare the Company’s use of these non-GAAP financial measures with those used by other companies.

    Company Contact
    Jordan Mann
    ARKO Corp.
    investors@gpminvestments.com

    Investor Contact
    Sean Mansouri, CFA
    Elevate IR
    (720) 330-2829
    ARKO@elevate-ir.com

      Consolidated Statements of Operations  
      For the Three Months
    Ended December 31,
        For the Year Ended
    December 31,
     
      2024     2023     2024     2023  
      (in thousands)  
    Revenues:                      
    Fuel revenue $ 1,556,185     $ 1,759,216     $ 6,858,919     $ 7,464,372  
    Merchandise revenue   408,826       446,727       1,767,345       1,838,001  
    Other revenues, net   27,098       27,217       105,698       110,358  
    Total revenues   1,992,109       2,233,160       8,731,962       9,412,731  
    Operating expenses:                      
    Fuel costs   1,416,234       1,613,230       6,271,696       6,876,084  
    Merchandise costs   273,953       299,954       1,187,776       1,252,879  
    Site operating expenses   209,906       222,751       875,272       860,134  
    General and administrative expenses   39,690       38,102       162,920       165,294  
    Depreciation and amortization   33,989       32,648       132,414       127,597  
    Total operating expenses   1,973,772       2,206,685       8,630,078       9,281,988  
    Other expenses, net   3,962       1,168       7,858       12,729  
    Operating income   14,375       25,307       94,026       118,014  
    Interest and other financial income   4,229       2,197       30,591       20,273  
    Interest and other financial expenses   (23,942 )     (25,099 )     (97,752 )     (91,516 )
    (Loss) income before income taxes   (5,338 )     2,405       26,865       46,771  
    Income tax benefit (expense)   2,995       (1,317 )     (6,144 )     (12,166 )
    Income (loss) from equity investment   45       38       124       (39 )
    Net (loss) income $ (2,298 )   $ 1,126     $ 20,845     $ 34,566  
    Less: Net income attributable to non-controlling interests         48             197  
    Net (loss) income attributable to ARKO Corp. $ (2,298 )   $ 1,078     $ 20,845     $ 34,369  
    Series A redeemable preferred stock dividends   (1,445 )     (1,449 )     (5,750 )     (5,750 )
    Net (loss) income attributable to common shareholders $ (3,743 )   $ (371 )   $ 15,095     $ 28,619  
    Net (loss) income per share attributable to common shareholders – basic $ (0.03 )   $ (0.00 )   $ 0.13     $ 0.24  
    Net (loss) income per share attributable to common shareholders – diluted $ (0.03 )   $ (0.00 )   $ 0.13     $ 0.24  
    Weighted average shares outstanding:                      
    Basic   115,771       116,638       116,139       118,782  
    Diluted   115,771       116,638       116,949       119,605  
                                   
      Consolidated Balance Sheets  
      December 31, 2024     December 31, 2023  
      (in thousands)  
    Assets          
    Current assets:          
    Cash and cash equivalents $ 261,758     $ 218,120  
    Restricted cash   30,650       23,301  
    Short-term investments   5,330       3,892  
    Trade receivables, net   95,832       134,735  
    Inventory   231,225       250,593  
    Other current assets   97,413       118,472  
    Total current assets   722,208       749,113  
    Non-current assets:          
    Property and equipment, net   747,548       742,610  
    Right-of-use assets under operating leases   1,386,244       1,384,693  
    Right-of-use assets under financing leases, net   157,999       162,668  
    Goodwill   299,973       292,173  
    Intangible assets, net   182,355       214,552  
    Equity investment   3,009       2,885  
    Deferred tax asset   67,689       52,293  
    Other non-current assets   53,633       49,377  
    Total assets $ 3,620,658     $ 3,650,364  
    Liabilities          
    Current liabilities:          
    Long-term debt, current portion $ 12,944     $ 16,792  
    Accounts payable   190,212       213,657  
    Other current liabilities   159,239       179,536  
    Operating leases, current portion   71,580       67,053  
    Financing leases, current portion   11,515       9,186  
    Total current liabilities   445,490       486,224  
    Non-current liabilities:          
    Long-term debt, net   868,055       828,647  
    Asset retirement obligation   87,375       84,710  
    Operating leases   1,408,293       1,395,032  
    Financing leases   211,051       213,032  
    Other non-current liabilities   223,528       266,602  
    Total liabilities   3,243,792       3,274,247  
                   
    Series A redeemable preferred stock   100,000       100,000  
               
    Shareholders’ equity:          
    Common stock   12       12  
    Treasury stock   (106,123 )     (74,134 )
    Additional paid-in capital   276,681       245,007  
    Accumulated other comprehensive income   9,119       9,119  
    Retained earnings   97,177       96,097  
    Total shareholders’ equity   276,866       276,101  
    Non-controlling interest         16  
    Total equity   276,866       276,117  
    Total liabilities, redeemable preferred stock and equity $ 3,620,658     $ 3,650,364  
                   
      Consolidated Statements of Cash Flows  
      For the Three Months
    Ended December 31,
        For the Year
    Ended December 31,
     
      2024     2023     2024     2023  
      (in thousands)  
    Cash flows from operating activities:                      
    Net (loss) income $ (2,298 )   $ 1,126     $ 20,845     $ 34,566  
    Adjustments to reconcile net (loss) income to net cash provided by operating activities:                      
    Depreciation and amortization   33,989       32,648       132,414       127,597  
    Deferred income taxes   (9,136 )     (652 )     (12,796 )     (4,680 )
    Loss on disposal of assets and impairment charges   1,661       660       6,798       6,203  
    Foreign currency (gain) loss   (6 )     (101 )     35       29  
    Gain from issuance of shares as payment of deferred consideration related to business acquisition               (2,681 )      
    Gain from settlement related to business acquisition               (6,356 )      
    Amortization of deferred financing costs and debt discount   669       661       2,669       2,518  
    Amortization of deferred income   (4,351 )     (1,840 )     (14,477 )     (8,142 )
    Accretion of asset retirement obligation   661       709       2,532       2,399  
    Non-cash rent   3,530       3,750       14,335       14,168  
    Charges to allowance for credit losses   112       244       845       1,265  
    (Income) loss from equity investment   (45 )     (38 )     (124 )     39  
    Share-based compensation   4,077       1,777       12,339       15,015  
    Fair value adjustment of financial assets and liabilities   (222 )     842       (10,985 )     (10,785 )
    Other operating activities, net   (627 )     352       125       2,631  
    Changes in assets and liabilities:                      
    Decrease (increase) in trade receivables   21,946       44,550       38,058       (17,937 )
    Decrease (increase) in inventory   5,262       15,373       22,689       (2,013 )
    (Increase) decrease in other assets   (16 )     (957 )     13,893       (29,386 )
    Decrease in accounts payable   (18,032 )     (35,836 )     (24,169 )     (6,169 )
    (Decrease) increase in other current liabilities   (20,664 )     (8,002 )     (2,820 )     990  
    Decrease in asset retirement obligation   (634 )     (69 )     (917 )     (23 )
    Increase in non-current liabilities   6,852       2,090       29,606       7,809  
    Net cash provided by operating activities   22,728       57,287       221,858       136,094  
    Cash flows from investing activities:                      
    Purchase of property and equipment   (36,133 )     (35,561 )     (113,914 )     (111,164 )
    Purchase of intangible assets                     (45 )
    Proceeds from sale of property and equipment   2,196       3,134       53,549       310,240  
    Business and asset acquisitions, net of cash         33       (54,549 )     (494,871 )
    Prepayment for acquisitions         (1,000 )           (1,000 )
    Loans to equity investment, net   14       18       56       18  
    Net cash used in investing activities   (33,923 )     (33,376 )     (114,858 )     (296,822 )
    Cash flows from financing activities:                      
    Receipt of long-term debt, net         20,810       47,556       99,643  
    Repayment of debt   (5,794 )     (5,640 )     (26,357 )     (22,157 )
    Principal payments on financing leases   (1,360 )     (1,260 )     (4,940 )     (5,497 )
    Early settlement of deferred consideration related to business acquisition               (17,155 )      
    Proceeds from sale-leaseback                     80,397  
    Payment of Additional Consideration   (3,354 )     (3,505 )     (3,354 )     (3,505 )
    Payment of Ares Put Option                     (9,808 )
    Common stock repurchased         (8,495 )     (31,989 )     (33,694 )
    Dividends paid on common stock   (3,473 )     (3,497 )     (14,015 )     (14,272 )
    Dividends paid on redeemable preferred stock   (1,445 )     (1,449 )     (5,750 )     (5,750 )
    Net cash (used in) provided by financing activities   (15,426 )     (3,036 )     (56,004 )     85,357  
    Net (decrease) increase in cash and cash equivalents and restricted cash   (26,621 )     20,875       50,996       (75,371 )
    Effect of exchange rate on cash and cash equivalents and restricted cash   18       106       (9 )     23  
    Cash and cash equivalents and restricted cash, beginning of period   319,011       220,440       241,421       316,769  
    Cash and cash equivalents and restricted cash, end of period $ 292,408     $ 241,421     $ 292,408     $ 241,421  
                                   

    Supplemental Disclosure of Non-GAAP Financial Information

      Reconciliation of EBITDA and Adjusted EBITDA  
      For the Three Months
    Ended December 31,
        For the Year
    Ended December 31,
     
      2024     2023     2024     2023  
      (in thousands)  
    Net (loss) income $ (2,298 )   $ 1,126     $ 20,845     $ 34,566  
    Interest and other financing expenses, net   19,713       22,902       67,161       71,243  
    Income tax (benefit) expense   (2,995 )     1,317       6,144       12,166  
    Depreciation and amortization   33,989       32,648       132,414       127,597  
    EBITDA   48,409       57,993       226,564       245,572  
    Acquisition and divestiture costs (a)   1,249       1,099       5,168       9,079  
    Loss on disposal of assets and impairment charges (b)   1,661       660       6,798       6,203  
    Share-based compensation expense (c)   4,077       1,777       12,339       15,015  
    (Income) loss from equity investment (d)   (45 )     (38 )     (124 )     39  
    Fuel and franchise taxes received in arrears (e)               (1,427 )      
    Adjustment to contingent consideration (f)   978       68       (20 )     (604 )
    Other (g)   519       230       (438 )     956  
    Adjusted EBITDA $ 56,848     $ 61,789     $ 248,860     $ 276,260  
                           
    Additional information                      
    Non-cash rent expense (h)   3,530       3,750       14,335       14,168  
                           
    (a) Eliminates costs incurred that are directly attributable to business acquisitions and divestitures (including conversion of retail stores to dealer sites) and salaries of employees whose primary job function is to execute the Company’s acquisition and divestiture strategy and facilitate integration of acquired operations. 
                           
    (b) Eliminates the non-cash loss from the sale or disposal of property and equipment, the loss recognized upon the sale of related leased assets, and impairment charges on property and equipment and right-of-use assets related to closed and non-performing sites. 
                           
    (c) Eliminates non-cash share-based compensation expense related to the equity incentive program in place to incentivize, retain, and motivate employees, certain non-employees and members of the Board. 
                           
    (d) Eliminates the Company’s share of (income) loss attributable to its unconsolidated equity investment. 
                           
    (e) Eliminates the receipt of historical fuel and franchise tax amounts for multiple prior periods. 
                           
    (f) Eliminates fair value adjustments to the contingent consideration owed to the seller for the 2020 Empire acquisition. 
                           
    (g) Eliminates other unusual or non-recurring items that the Company does not consider to be meaningful in assessing operating performance. 
                           
    (h) Non-cash rent expense reflects the extent to which GAAP rent expense recognized exceeded (or was less than) cash rent payments. GAAP rent expense varies depending on the terms of the Company’s lease portfolio. For newer leases, rent expense recognized typically exceeds cash rent payments, whereas, for more mature leases, rent expense recognized is typically less than cash rent payments. 
     

    Supplemental Disclosures of Segment Information

    Retail Segment

      For the Three Months
    Ended December 31,
        For the Year
    Ended December 31,
     
      2024     2023     2024     2023  
      (in thousands)  
    Revenues:                      
    Fuel revenue $ 779,352     $ 913,534     $ 3,509,935     $ 3,858,777  
    Merchandise revenue   408,826       446,727       1,767,345       1,838,001  
    Other revenues, net   15,768       17,104       65,264       74,406  
    Total revenues   1,203,946       1,377,365       5,342,544       5,771,184  
    Operating expenses:                      
    Fuel costs 1   679,140       804,198       3,081,719       3,423,455  
    Merchandise costs   273,953       299,954       1,187,776       1,252,879  
    Site operating expenses   187,981       200,952       790,645       779,448  
    Total operating expenses   1,141,074       1,305,104       5,060,140       5,455,782  
    Operating income $ 62,872     $ 72,261     $ 282,404     $ 315,402  
                           
    Excludes the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel.  
       

    The table below shows financial information and certain key metrics of the SpeedyQ acquisition in the Retail Segment for which there is no comparable information for any of the prior periods.

      For the Three Months
    Ended December 31, 2024
        For the Year
    Ended December 31, 2024
     
      SpeedyQ 1  
      (in thousands)  
    Date of Acquisition: April 9, 2024  
    Revenues:          
    Fuel revenue $ 11,359     $ 38,937  
    Merchandise revenue   6,469       20,719  
    Other revenues, net   311       809  
    Total revenues   18,139       60,465  
    Operating expenses:          
    Fuel costs 2   9,580       33,455  
    Merchandise costs   4,473       14,709  
    Site operating expenses   3,373       9,760  
    Total operating expenses   17,426       57,924  
    Operating income $ 713     $ 2,541  
    Fuel gallons sold   3,768       11,865  
    Fuel contribution 3 $ 1,779     $ 5,482  
    Merchandise contribution 4 $ 1,996     $ 6,010  
    Merchandise margin 5   30.9 %     29.0 %
               
    Acquisition of seven Speedy’s retail stores.  
    Excludes the estimated fixed margin paid to GPMP for the cost of fuel.  
    Calculated as fuel revenue less fuel costs.  
    Calculated as merchandise revenue less merchandise costs.  
    Calculated as merchandise contribution divided by merchandise revenue.  
       

    Wholesale Segment

      For the Three Months
    Ended December 31,
        For the Year
    Ended December 31,
     
      2024     2023     2024     2023  
      (in thousands)  
    Revenues:                      
    Fuel revenue $ 652,016     $ 700,026     $ 2,799,869     $ 3,039,904  
    Other revenues, net   8,681       6,909       29,140       25,775  
    Total revenues   660,697       706,935       2,829,009       3,065,679  
    Operating expenses:                      
    Fuel costs 1   629,742       678,426       2,709,519       2,946,996  
    Site operating expenses   10,997       10,400       39,679       39,703  
    Total operating expenses   640,739       688,826       2,749,198       2,986,699  
    Operating income $ 19,958     $ 18,109     $ 79,811     $ 78,980  
                           
    Excludes the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel.  
       

    Fleet Fueling Segment

      For the Three Months
    Ended December 31,
        For the Year
    Ended December 31,
     
      2024     2023     2024     2023  
      (in thousands)  
    Revenues:                      
    Fuel revenue $ 117,196     $ 136,801     $ 515,462     $ 530,937  
    Other revenues, net   2,131       2,616       9,135       7,818  
    Total revenues   119,327       139,417       524,597       538,755  
    Operating expenses:                      
    Fuel costs 1   100,864       123,410       451,173       475,037  
    Site operating expenses   6,056       6,259       24,917       22,298  
    Total operating expenses   106,920       129,669       476,090       497,335  
    Operating income $ 12,407     $ 9,748     $ 48,507     $ 41,420  
                           
    Excludes the estimated fixed fee paid to GPMP for the cost of fuel.  

    The MIL Network

  • MIL-OSI: Encore Capital Group Announces Fourth Quarter and Full-Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Favorable U.S. market for portfolio supply continues
    • Global portfolio purchases in 2024 up 26% to record $1.35 billion
    • Global collections in 2024 up 16% to $2.16 billion
    • Actions taken to resolve Cabot issues resulted in a loss for the quarter and the year

    SAN DIEGO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Encore Capital Group, Inc. (NASDAQ: ECPG), an international specialty finance company, today reported consolidated financial results for the fourth quarter and full year ended December 31, 2024.

    “2024 was a year of significant growth for Encore,” said Ashish Masih, Encore’s President and Chief Executive Officer. “Our global portfolio purchases increased by 26% to an all-time high for us and global collections increased by 16% compared to 2023. Higher portfolio purchasing in recent years is a key driver of our growth in collections and ultimately cash generation growth of 20% for the year.”

    “In the U.S. in 2024, continued growth in bank lending, coupled with rising delinquencies and charge-offs, led to record supply for non-performing loan portfolios and a continuation of the favorable purchasing environment in the U.S. market. As a result, our largest business, MCM, increased U.S. portfolio purchases in 2024 by 23% to a record $1 billion. In addition, anchored by stable consumer payment behavior throughout the year, MCM collections increased by 20% compared to 2023.”

    “For our Cabot business in the U.K. and Europe, 2024 was a year of progress, but also significant restructuring to resolve certain persistent issues and enable future success. Cabot portfolio purchases increased by 36% compared to 2023, driven by exceptional Q4 purchases of $200 million that included large spot-market portfolio purchases at attractive returns. For the year, Cabot collections increased by 8% compared to 2023. Despite these successes, Cabot’s business environment continued to be highly competitive and impacted by macroeconomic factors such as subdued lending growth and low charge-offs. In 2024, we took certain restructuring actions including the exit from two underperforming markets, beginning with the Spanish secured non-performing loan (NPL) market in Q3 followed by the Italian NPL market in Q4. We also made adjustments to Cabot’s estimated remaining collections (ERC), particularly in the fourth quarter. These actions resulted in a $101 million goodwill charge in Q4.”

    “We believe our reported financial results in 2024, and in particular our net loss of $139 million, or ($5.83) per share, are not indicative of the operational performance of our business due to certain non-cash charges, the largest of which were the goodwill impairment related to our Cabot business and the adjustments to Cabot’s ERC in Q4, which reduced earnings for the quarter and the year. We believe these Cabot ERC adjustments, in addition to other actions taken during the year, place Cabot on a more solid footing. We expect Cabot’s future performance to align closely with its rebased ERC.”

    “Looking ahead, guided by our three pillar strategy, we remain committed to our long-standing financial objectives and our capital allocation priorities. We anticipate our global portfolio purchases in 2025 to exceed the $1.35 billion of purchases we made in 2024. We expect global collections in 2025 to increase by 11% to $2.4 billion. As a result of our continued growth in cash generation and its impact on our improving leverage, we plan to resume share repurchases in 2025. We also remain committed to the critical role we play in the consumer credit ecosystem and to helping consumers restore their financial health,” said Masih.

       
    Financial Highlights for the Full Year of 2024:
       
      Year Ended December 31,
    (in thousands, except percentages and earnings per share)   2024       2023     Change
    Collections $ 2,162,478     $ 1,862,567     16 %
    Revenues $ 1,316,361     $ 1,222,680     8 %
    Portfolio purchases(1) $ 1,352,035     $ 1,073,812     26 %
    Estimated Remaining Collections (ERC) $ 8,501,370     $ 8,191,913     4 %
    Operating expenses $ 1,159,031     $ 1,206,145     (4 )%
    GAAP net loss $ (139,244 )   $ (206,492 )   NM
    GAAP loss per share $ (5.83 )   $ (8.72 )   NM

    __________________

    (1) Includes U.S. purchases of $998.9 million and $814.6 million, and Europe purchases of $353.2 million and $259.3 million in 2024 and 2023, respectively.
       
    Financial Highlights for the Fourth Quarter of 2024:
       
      Three Months Ended December 31,
    (in thousands, except percentages and earnings per share)   2024       2023     Change
    Collections $ 554,595     $ 458,350     21 %
    Revenues $ 265,619     $ 277,387     (4 )%
    Portfolio purchases(1) $ 495,144     $ 292,497     69 %
    Operating expenses $ 399,809     $ 494,580     (19 )%
    GAAP net loss $ (225,307 )   $ (270,762 )   NM
    GAAP loss per share $ (9.42 )   $ (11.40 )   NM

    __________________

    (1) Includes U.S. purchases of $295.3 million and $208.5 million, and Europe purchases of $199.8 million and $84.0 million in Q4 2024 and Q4 2023, respectively.
       
    Key Impacts from Cabot Actions and other items for the Fourth Quarter of 2024:
       
      Three Months Ended
    December 31,
    (in thousands, except earnings per share impact)   2024     EPS Impact(1)
    Cabot changes in expected future recoveries $ (129,128 )   $ (5.40 )
    Goodwill impairment $ (100,600 )   $ (4.21 )
    Cabot IT-related asset impairment $ (18,544 )   $ (0.78 )
    Loss on extinguishment of debt $ (7,832 )   $ (0.28 )
    Cabot restructuring charges $ (6,087 )   $ (0.25 )
    Total $ (262,191 )   $ (10.92 )

    __________________

    (1) Basic share count was used to calculate EPS impacts.
       

    Conference Call and Webcast

    The Company will host a conference call and slide presentation today, February 26, 2025, at 2:00 p.m. Pacific time / 5:00 p.m. Eastern time to discuss fourth quarter and full year results.

    Members of the public are invited to access the live webcast via the Internet by logging in on the Investor Relations page of Encore’s website at www.encorecapital.com. To access the live conference call by telephone, please pre-register using this link. Registrants will receive confirmation with dial-in details.

    For those who cannot listen to the live broadcast, a replay of the webcast will be available on the Company’s website shortly after the call concludes.

    Non-GAAP Financial Measures

    This news release includes certain financial measures that exclude the impact of certain items and therefore have not been calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company has included information concerning adjusted EBITDA because management utilizes this information in the evaluation of its operations and believes that this measure, when added to collections applied to principal balance, is a useful indicator of the Company’s ability to generate cash collections in excess of operating expenses through the liquidation of its receivable portfolios. Adjusted EBITDA has not been prepared in accordance with GAAP and should not be considered an alternative to, or more meaningful than, net income as an indicator of the Company’s operating performance. Further, this non-GAAP financial measure, as presented by the Company, may not be comparable to similarly titled measures reported by other companies. The Company has attached to this news release a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

    About Encore Capital Group, Inc.

    Encore Capital Group is an international specialty finance company that provides debt recovery solutions and other related services for consumers across a broad range of financial assets. Through its subsidiaries around the globe, Encore purchases portfolios of consumer receivables from major banks, credit unions, and utility providers. 

    Encore partners with individuals as they repay their debt obligations, helping them on the road to financial recovery and ultimately improving their economic well-being. Encore is the first and only company of its kind to operate with a Consumer Bill of Rights that provides industry-leading commitments to consumers. Headquartered in San Diego, Encore is a publicly traded NASDAQ Global Select company (ticker symbol: ECPG) and a component stock of the Russell 2000, the S&P Small Cap 600 and the Wilshire 4500. More information about the company can be found at http://www.encorecapital.com.

    Forward Looking Statements
    The statements in this press release that are not historical facts, including, most importantly, those statements preceded by, or that include, the words “will,” “may,” “believe,” “projects,” “expects,” “anticipates” or the negation thereof, or similar expressions, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). These statements may include, but are not limited to, statements regarding our future operating results (including portfolio purchase volumes, collections and cash generation), performance, business plans or prospects as well as statements regarding future supply, consumer behavior, or macroeconomic environment. For all “forward-looking statements,” the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. Such forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company and its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are discussed in the reports filed by the Company with the Securities and Exchange Commission, including the most recent reports on Form 10-K, as it may be amended from time to time. The Company disclaims any intent or obligation to update these forward-looking statements.

    Contact:
    Bruce Thomas
    Encore Capital Group, Inc.
    Vice President, Global Investor Relations
    bruce.thomas@encorecapital.com

    SOURCE: Encore Capital Group, Inc.

    FINANCIAL TABLES FOLLOW

           
    ENCORE CAPITAL GROUP, INC.
    Consolidated Statements of Financial Condition
    (In Thousands, Except Par Value Amounts)
           
      December 31,
    2024
      December 31,
    2023
    Assets      
    Cash and cash equivalents $ 199,865     $ 158,364  
    Investment in receivable portfolios, net   3,776,369       3,468,432  
    Property and equipment, net   80,597       103,959  
    Other assets   225,090       293,256  
    Goodwill   507,808       606,475  
    Total assets $ 4,789,729     $ 4,630,486  
    Liabilities and Equity      
    Liabilities:      
    Accounts payable and accrued liabilities $ 233,545     $ 189,928  
    Borrowings   3,672,762       3,318,031  
    Other liabilities   116,091       185,989  
    Total liabilities   4,022,398       3,693,948  
    Commitments and contingencies      
    Equity:      
    Convertible preferred stock, $0.01 par value, 5,000 shares authorized, no shares issued and outstanding          
    Common stock, $0.01 par value, 75,000 shares authorized, 23,691 shares and 23,545 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively   237       235  
    Additional paid-in capital   19,297       11,052  
    Accumulated earnings   909,927       1,049,171  
    Accumulated other comprehensive loss   (162,130 )     (123,920 )
    Total stockholders’ equity   767,331       936,538  
    Total liabilities and stockholders’ equity $ 4,789,729     $ 4,630,486  
                   

    The following table presents certain assets and liabilities of consolidated variable interest entities (“VIEs”) included in the consolidated statements of financial condition above. Most assets in the table below include those assets that can only be used to settle obligations of consolidated VIEs. The liabilities exclude amounts where creditors or beneficial interest holders have recourse to the general credit of the Company.

           
      December 31,
    2024
      December 31,
    2023
    Assets      
    Cash and cash equivalents $ 23,875   $ 24,472
    Investment in receivable portfolios, net   895,704     717,556
    Other assets   3,699     19,358
    Liabilities      
    Accounts payable and accrued liabilities   2,946     1,854
    Borrowings   599,830     494,925
    Other liabilities   887     2,452
               
               
           
    ENCORE CAPITAL GROUP, INC.
    Consolidated Statements of Operations
    (In Thousands, Except Per Share Amounts)
           
      (Unaudited)
    Three Months Ended
    December 31,
      Year Ended
    December 31,
        2024       2023       2024       2023  
    Revenues              
    Revenue from receivable portfolios $ 336,666     $ 304,892     $ 1,302,567     $ 1,204,437  
    Changes in recoveries   (95,760 )     (52,476 )     (89,740 )     (82,530 )
    Total debt purchasing revenue   240,906       252,416       1,212,827       1,121,907  
    Servicing revenue   20,525       19,650       84,783       83,136  
    Other revenues   4,188       5,321       18,751       17,637  
    Total revenues   265,619       277,387       1,316,361       1,222,680  
    Operating expenses              
    Salaries and employee benefits   104,616       96,760       422,910       391,532  
    Cost of legal collections   68,989       56,727       259,298       224,252  
    General and administrative expenses   52,019       36,809       163,847       144,862  
    Other operating expenses   37,786       29,315       130,802       111,179  
    Collection agency commissions   8,288       9,074       30,596       35,657  
    Depreciation and amortization   8,967       8,969       32,434       41,737  
    Goodwill impairment   100,600       238,200       100,600       238,200  
    Impairment of assets   18,544       18,726       18,544       18,726  
    Total operating expenses   399,809       494,580       1,159,031       1,206,145  
    (Loss) income from operations   (134,190 )     (217,193 )     157,330       16,535  
    Other expense              
    Interest expense   (68,498 )     (54,501 )     (252,545 )     (201,877 )
    Loss on extinguishment of debt   (7,832 )           (7,832 )      
    Other income (expense)   541       (2 )     6,832       5,078  
    Total other expense   (75,789 )     (54,503 )     (253,545 )     (196,799 )
    (Loss) income before income taxes   (209,979 )     (271,696 )     (96,215 )     (180,264 )
    (Provision) benefit for income taxes   (15,328 )     934       (43,029 )     (26,228 )
    Net loss $ (225,307 )   $ (270,762 )   $ (139,244 )   $ (206,492 )
                   
    Loss per share:              
    Basic $ (9.42 )   $ (11.40 )   $ (5.83 )   $ (8.72 )
    Diluted $ (9.42 )   $ (11.40 )   $ (5.83 )   $ (8.72 )
                   
    Weighted average shares outstanding:              
    Basic   23,916       23,741       23,873       23,670  
    Diluted   23,916       23,741       23,873       23,670  
                                   
                                   
       
    ENCORE CAPITAL GROUP, INC.
    Consolidated Statements of Cash Flows
    (In Thousands)
       
      Year Ended December 31,
        2024       2023       2022  
    Operating activities:          
    Net (loss) income $ (139,244 )   $ (206,492 )   $ 194,564  
    Adjustments to reconcile net (loss) income to net cash provided by operating activities:          
    Depreciation and amortization   32,434       41,737       46,419  
    Other non-cash interest expense, net   16,325       17,160       15,875  
    Stock-based compensation expense   14,012       13,854       15,402  
    Deferred income taxes   (22,280 )     (55,916 )     46,410  
    Goodwill impairment   100,600       238,200        
    Impairment of assets   18,544       18,726       4,075  
    Changes in recoveries   89,740       82,530       (93,145 )
    Other, net   17,880       (2,259 )     18,798  
    Changes in operating assets and liabilities          
    Other assets   (28,245 )     15,894       (6,722 )
    Accounts payable, accrued liabilities and other liabilities   56,402       (10,443 )     (30,995 )
    Net cash provided by operating activities   156,168       152,991       210,681  
    Investing activities:          
    Purchases of receivable portfolios, net of put-backs   (1,336,442 )     (1,060,206 )     (790,569 )
    Collections applied to investment in receivable portfolios, net   859,911       658,130       709,176  
    Purchases of real estate owned   (212 )     (26,901 )     (39,340 )
    Purchases of property and equipment   (29,007 )     (24,807 )     (37,224 )
    Proceeds from sale of real estate owned   56,396       52,636       27,722  
    Other, net   8,924       (793 )      
    Net cash used in investing activities   (440,430 )     (401,941 )     (130,235 )
    Financing activities:          
    Payment of loan and debt refinancing costs   (21,418 )     (13,707 )     (1,659 )
    Proceeds from credit facilities   2,031,470       1,196,046       779,513  
    Repayment of credit facilities   (1,868,111 )     (989,627 )     (515,703 )
    Proceeds from senior secured notes   1,000,000       104,188        
    Repayment of senior secured notes   (789,106 )     (39,080 )     (39,080 )
    Proceeds from issuance of convertible senior notes         230,000        
    Repayment of convertible senior notes         (212,480 )     (221,153 )
    Payments to settle derivative instruments   (40,038 )            
    Repurchase and retirement of common stock               (87,006 )
    Other, net   4,977       (7,040 )     (22,357 )
    Net cash provided by (used in) financing activities   317,774       268,300       (107,445 )
    Net increase (decrease) in cash and cash equivalents   33,512       19,350       (26,999 )
    Effect of exchange rate changes on cash and cash equivalents   7,989       (4,898 )     (18,734 )
    Cash and cash equivalents, beginning of period   158,364       143,912       189,645  
    Cash and cash equivalents, end of period $ 199,865     $ 158,364     $ 143,912  
               
    Supplemental disclosures of cash flow information:          
    Cash paid for interest $ 210,580     $ 163,815     $ 131,391  
    Cash paid for income taxes, net of refunds   67,091       68,522       71,276  
    Supplemental schedule of non-cash investing and financing activities:          
    Investment in receivable portfolios transferred to real estate owned $ 5,966     $ 7,957     $ 1,903  
                           
                           
           
    ENCORE CAPITAL GROUP, INC.
    Supplemental Financial Information
    Reconciliation of Non-GAAP Metrics
           
    Adjusted EBITDA    
           
    (in thousands, unaudited) Three Months Ended
    December 31,
      Year Ended
    December 31,
      2024       2023       2024       2023  
    GAAP net loss, as reported $ (225,307 )   $ (270,762 )   $ (139,244 )   $ (206,492 )
    Adjustments:              
    Interest expense   68,498       54,501       252,545       201,877  
    Loss on extinguishment of debt   7,832             7,832        
    Interest income   (1,971 )     (1,364 )     (7,008 )     (4,746 )
    Provision (benefit) for income taxes   15,328       (934 )     43,029       26,228  
    Depreciation and amortization   8,967       8,969       32,434       41,737  
    Net loss (gain) on derivative instruments(1)         342       (267 )     (3,170 )
    Stock-based compensation expense   2,281       2,837       14,012       13,854  
    Acquisition, integration and restructuring related expenses(2)   6,087       827       10,451       7,401  
    Goodwill Impairment(3)   100,600       238,200       100,600       238,200  
    Impairment of assets(3)   18,544       18,726       18,544       18,726  
    Adjusted EBITDA $ 859     $ 51,342     $ 332,928     $ 333,615  
    Collections applied to principal balance(4) $ 337,464     $ 213,769     $ 1,004,230     $ 776,280  

    ________________________

    (1) Amount represents gain or loss recognized on derivative instruments that are not designated as hedging instruments or gain or loss recognized on derivative instruments upon dedesignation of hedge relationships. We adjust for this amount because we believe the gain or loss on derivative contracts is not indicative of ongoing operations.
    (2) Amount represents acquisition, integration and restructuring related expenses. We adjust for this amount because we believe these expenses are not indicative of ongoing operations; therefore, adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors’ results.
    (3) During the years ended December 31, 2024, and 2023, we recorded a non-cash goodwill impairment charge of $100.6 million and $238.2 million, respectively. We recorded a non-cash impairment of long-lived assets of $18.5 million and a non-cash impairment of intangible assets of $18.7 million during the years ended December 31, 2024, and 2023, respectively. We believe these non-cash impairment charges are not indicative of ongoing operations, therefore adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors’ results. Refer to “Note 15: Goodwill and Identifiable Intangible Assets” and “Note 5: Composition of Certain Financial Statement Items” to our consolidated financial statements for further details.
    (4) Amount represents (a) gross collections from receivable portfolios less (b) debt purchasing revenue, plus (c) proceeds applied to basis from sales of real estate owned (“REO”) assets and exit activities. A reconciliation of “collections applied to investment in receivable portfolios, net” to “collections applied to principal balance” is available in the Form 10-K for the period ending December 31, 2024.

    The MIL Network

  • MIL-OSI: Nasdaq Announces Mid-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date February 14, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) — At the end of the settlement date of February 14, 2025, short interest in 3,121 Nasdaq Global MarketSM securities totaled 12,649,030,702 shares compared with 12,170,722,591 shares in 3,109 Global Market issues reported for the prior settlement date of January 31, 2025. The mid-February short interest represents 2.64 days compared with 2.69 days for the prior reporting period.

    Short interest in 1,629 securities on The Nasdaq Capital MarketSM totaled 2,531,037,044 shares at the end of the settlement date of February 14, 2025, compared with 2,410,655,463 shares in 1,621 securities for the previous reporting period. This represents a 1.00 day average daily volume; the previous reporting period’s figure was 1.00.

    In summary, short interest in all 4,750 Nasdaq® securities totaled 15,180,067,746 shares at the February 14, 2025 settlement date, compared with 4,730 issues and 14,581,378,054 shares at the end of the previous reporting period. This is 1.89 days average daily volume, compared with an average of 1.88 days for the prior reporting period.

    The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller.

    For more information on Nasdaq Short interest positions, including publication dates, visit http://www.nasdaq.com/quotes/short-interest.aspx or http://www.nasdaqtrader.com/asp/short_interest.asp.

    About Nasdaq:
    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com

    Media Contact:
    Camille Stafford
    camille.stafford@nasdaq.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3329bc77-fd0d-4905-ad89-d74de596b45b

    NDAQO

    The MIL Network

  • MIL-OSI: MARA Announces Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Record-high Revenue, Net Income, and Adjusted EBITDA for the full year and Q4 2024
    $28.8K direct energy cost per bitcoin for 2024 from owned sites
    BTC yield per share of 62.9% for 2024

    Fort Lauderdale, FL, Feb. 26, 2025 (GLOBE NEWSWIRE) — MARA Holdings, Inc. (NASDAQ: MARA) (“MARA” or the “Company”), a global leader in leveraging digital asset compute to support the energy transformation, today announced its fourth quarter and full year 2024 financial results in a letter to shareholders.

    Investors are invited to access the fourth quarter 2024 shareholder letter at MARA’s website at ir.mara.com. A copy of the letter will also be furnished to the Securities and Exchange Commission on a Form 8-K.

    MARA will hold a webcast and conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to discuss these financial results. To register to participate in the conference call, please use this link. The webcast will also be available for replay via the investor relations section of the Company’s website.

    Earnings Webcast and Conference Call Details
    Date: Wednesday, February 26, 2025
    Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
    Registration link: LINK

    If you have any difficulty connecting to the conference call, please contact MARA’s investor relations team at ir@mara.com.

    About MARA
    MARA (NASDAQ: MARA) is a global leader in digital asset compute that develops and deploys innovative technologies to build a more sustainable and inclusive future. MARA secures the world’s preeminent blockchain ledger and supports the energy transformation by converting clean, stranded, or otherwise underutilized energy into economic value.

    For more information, visit www.mara.com, or follow us on:

    Twitter: @MARAHoldings
    LinkedIn: www.linkedin.com/company/MARAHoldings
    Facebook: www.facebook.com/MARAHoldings
    Instagram: @maraholdingsinc

    MARA Company Contact:
    Telephone: 800-804-1690
    Email: ir@mara.com

    MARA Media Contact:
    Email: mara@wachsman.com

    The MIL Network

  • MIL-OSI: Triumph Financial to Acquire Greenscreens.ai

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Feb. 26, 2025 (GLOBE NEWSWIRE) — Triumph Financial, Inc. (Nasdaq: TFIN), a financial and technology company specializing in payments, factoring, banking and intelligence solutions for the transportation industry, has agreed to acquire Greenscreens.ai.

    Greenscreens.ai is a pricing solution for the logistics industry that delivers short-term freight market pricing intelligence and business insights. Using machine learning, their solutions help customers make data-informed pricing and purchasing decisions.

    “The acquisition of Greenscreens.ai marks another significant step in our strategy to transform data into actionable intelligence for the freight industry,” said Aaron P. Graft, founder, vice chairman and chief executive officer of Triumph Financial. “With our recent acquisition of Isometric Technologies, we laid the groundwork for performance-based intelligence. The acquisition of Greenscreens.ai will expand our capabilities into pricing intelligence.”

    Dawn Salvucci-Favier, chief executive officer of Greenscreens.ai, added, “Joining Triumph is an exciting opportunity for Greenscreens.ai. Since day one, our mission has been to provide the industry’s leading neutral platform for pricing and revenue optimization. As a part of Triumph, we can broaden our impact and accelerate innovation in freight pricing.”

    “This acquisition strengthens Triumph’s ability to deliver validated, high-quality data that enhances decision-making and drives efficiency,” Graft said. “As we expand our Intelligence segment, we remain committed to giving customers in our network access to actionable insights into the freight industry so they can transact confidently.”

    Under the terms of the agreement, Triumph will acquire Greenscreens.ai for $140 million in cash and $20 million in TFIN stock. The acquisition is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to close during the second quarter of 2025. J.P. Morgan is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal counsel to Triumph Financial in connection with the transaction. DLA Piper is acting as legal counsel to Greenscreens.ai in connection with the transaction.

    About Triumph
    Triumph Financial, Inc. (Nasdaq: TFIN) is a financial holding company focused on payments, factoring, banking and intelligence. Headquartered in Dallas, Texas, its diversified portfolio of brands includes TriumphPay, Triumph, TBK Bank and LoadPay.

    About Greenscreens.ai
    Greenscreens.ai is transforming how the freight industry buys and sells freight through a collaborative and dynamic approach driven by clean data and innovative technology. Leveraging sophisticated machine learning algorithms, Greenscreens.ai provides market intelligence via an intuitive and integrated platform, empowering users to quickly adjust their freight strategies based on powerful real-time data insights. With two distinct products—one serving shippers and one serving brokers—customers buy and sell with confidence, unveil markets, and build resilience.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph Financial’s expected financial results or other plans are subject to a number of risks and uncertainties. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the ability of Triumph Financial to consummate the pending acquisition of Greenscreens.ai, including the possibility that the expected benefits related to the pending acquisition may not materialize as expected; the pending acquisition of Greenscreens.ai may not be timely completed, if completed at all; prior to the completion of the pending acquisition of Greenscreens.ai, Greenscreens.ai’s business could experience disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers, other business partners or governmental entities; Triumph Financial may be unable to successfully implement integration strategies or to achieve expected synergies and operating efficiencies with Greenscreens.ai within Triumph Financial management’s expected timeframes or at all; the ability to satisfy the closing conditions to the Greenscreens.ai transaction in a timely basis or at all; the ability of Triumph Financial or Greenscreens.ai to retain and hire key personnel; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of TBK Bank and Greenscreens.ai to terminate the merger agreement; and the outcome of any legal proceedings that may be instituted against Triumph Financial, Greenscreens.ai or their respective directors, officers or employees. For a discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 11, 2025. Forward-looking statements speak only as of the date made and Triumph Financial undertakes no duty to update the information.

    Source: Triumph Financial, Inc.

    The MIL Network

  • MIL-OSI Australia: Why Productivity Matters

    Source: Reserve Bank of Australia

    Introduction

    Thank you for the opportunity to speak here today at the Australian Business Economists’ Annual Forecasting Conference. There has been lots of discussion about productivity in recent years. In some economies this discussion has been about subdued growth in overall productivity, including in Australia since just before the pandemic. There has also been discussion about the outlook for productivity. For example, the extent to which artificial intelligence, quantum computing and other technologies will support future productivity growth. These are important issues that I expect will come up in discussions today.

    In my remarks I’m going to focus on a different question: why does productivity matter? At the central bank we’re not experts in how to improve productivity. But trends in productivity are very important for the macroeconomy. In the context of the Australian economy, I will discuss how stronger productivity growth can support growth in aggregate supply, incomes and aggregate demand. I will then spend some time discussing recent productivity outcomes in Australia and how we’ve been thinking about those in our assessment of economic conditions.

    But first, what is productivity? When we talk about productivity, we’re talking about how much output we get relative to what we put in. At an individual level, I increase my own productivity by making a shopping list before I buy groceries, so I don’t forget anything and avoid multiple trips to the supermarket. At the firm level, productivity might be improved by implementing customer relationship management software to streamline communication with clients and automate routine tasks. At the economy-wide level – which is what matters for the central bank and our dual mandate of full employment and low and stable inflation – productivity reflects a multitude of decisions like these. Ultimately it’s about how efficiently capital and labour are employed across the economy to produce goods and services.

    How do we measure productivity? Economists typically focus on two measures: labour productivity, which measures how much output is produced for every hour worked; and multifactor productivity (MFP), which reflects how efficiently all inputs to production – such as labour, capital, energy and raw materials – are combined to produce output.

    In a simple production function framework where a firm produces output using two inputs – labour and capital – labour productivity depends on two things. The first is how much capital each person has to work with. Providing workers with more or better capital – like machines or faster computers – can increase the amount of output each worker produces. This is referred to as ‘capital deepening’. The second is MFP. Improving MFP involves finding new ways to combine labour and capital to produce more output. For example, by reorganising a production line or using GPS technology to precisely guide machinery for planting, fertilising and harvesting. In this respect, labour productivity is not just about labour efficiency; it depends on firms’ decisions about how much capital to employ and how efficiently labour and capital work together to produce output.

    In thinking about the relationship between productivity and aggregate supply, incomes and demand, I will focus mainly on labour productivity. This is because labour productivity most closely aligns with measures of economic living standards. It’s also easier to measure than MFP.

    As you might sense, productivity is not about working harder, but working smarter. Many of the biggest productivity improvements have come from things that have made our lives easier, like computers, robots, the internet and smartphones – though personally I’m still questioning whether smartphones are productivity enhancing or a productivity sapping distraction.

    Economists talk about productivity a lot. So I’ll now turn to the question of why productivity matters.

    Productivity and supply

    If productivity increases, the economy can produce more goods and services from all the available economic inputs. As such, productivity is a key driver of growth in the supply capacity of the economy, or potential output.

    Productivity in Australia has been volatile in recent years but, looking through the volatility, is around the same level as in the few years before the pandemic. Productivity growth has also been consistently below the RBA’s projections for some time now (Graph 1). This has generated internal discussions about what trend labour productivity growth might look like in the period ahead, and what that means for estimates of potential output growth over the forecast period. The current assumption is that annual labour productivity growth will pick up to around one per cent in the medium term, which is close to its longer run average. This could be consistent with, for example, the rapid adoption of technology across many industries leading to higher productivity outcomes. However, the projected pick-up in productivity growth has not materialised in recent years and staff are currently assessing whether weak productivity outcomes are likely to persist.

    Weak productivity growth in recent years has contributed to slower growth in the supply capacity, or potential output, of the economy than otherwise. Graph 2 shows one of our estimates of potential output, which is based on actual productivity outcomes observed in the data. The graph also shows a counterfactual path where productivity growth in recent years was higher, at its average rate in the two decades prior to the pandemic. This suggests that the size of the economy is a lot smaller than it would have been, had productivity growth been more like in the past (all else equal).

    It’s important to keep in mind that, in this counterfactual world where supply capacity was much higher, incomes and demand would also have been higher too. Let me turn to that now.

    Productivity, incomes and wages

    While productivity growth contributes to growth in the supply capacity of the economy, it also contributes to growth in incomes and demand.

    At times, labour productivity (output per hour worked) and real income per hour track one another closely (Graph 3). Looking through the volatility, both are currently around similar levels as in the period prior to the pandemic.

    Other factors besides productivity can affect growth in incomes per hour. For example, higher prices for Australian exports can generate higher incomes domestically. So the terms of trade – the prices we receive for our exports relative to the prices we pay for our imports – can also be an important driver of incomes in the domestic economy. We can see this in the decade from the early 2000s: despite the slowing in productivity growth, real incomes per hour continued to increase, partly owing to substantial increases in the prices received for Australian exports like iron ore and coal. The surge in demand for our exports, particularly from China, supported profits in the mining industry and related parts of the Australian economy, as well as demand for labour and wages growth.

    Over the longer run, labour productivity and real wages – as measured by average earnings from the national accounts – also tend to move together (Graph 4). Over the inflation targeting period, labour productivity has grown at an average annual rate of 1.1 per cent and real labour earnings have grown at 0.9 per cent. So, higher productivity not only benefits firms, it also benefits workers by increasing their purchasing power. The Productivity Commission has previously pointed to the productivity of bakers as a reason we can consume more bread or spend that extra money elsewhere – in 1901 it took 18 minutes of the average worker’s time to afford a loaf of bread, while today it’s just 4 minutes. There must be a joke in there somewhere about how we spend our dough.

    In the short run, however, growth in real wages and labour productivity can and do diverge as the economy adjusts to economic shocks. For example, and as noted previously, increases in the prices received for Australian exports can have an impact on domestic profits and wages (and without an increase in labour productivity). Ultimately, however, it is very hard for an economy to support real wages growth in the longer run without productivity growth.

    Productivity and consumption

    Productivity growth also tends to support consumption growth. When productivity and incomes are growing more strongly, people are able to spend more and consumption grows more quickly. Weak growth in consumption per capita over recent years has coincided with weak growth in productivity, real incomes and real wages (Graph 5).

    Similar patterns have been evident in other economies, where subdued productivity growth has been associated with slower growth in household incomes and consumption (Graph 6). The exception is the United States, where growth in both productivity and consumption has been relatively strong.

    Recent trends in productivity

    So far I’ve focused on the importance of productivity growth for aggregate supply, incomes and demand over the longer run. I’ll now turn to recent trends in productivity growth in Australia and some potential implications for the near-term economic outlook.

    Discerning recent trends in productivity is difficult because of volatility in the data associated with the pandemic and other supply disruptions. Looking through the volatility, labour productivity growth has been low, averaging 0.2 per cent per year between 2017/18 and 2023/24 (Graph 7).

    Reverting to the simple production function framework that I noted earlier, the slow growth in labour productivity over recent years has reflected slow growth in both MFP and the amount of capital available to each worker.

    MFP growth averaged 0.2 per cent per year between 2017/18 and 2023/24, which was well below its historical average. Some have argued that slower MFP growth could reflect temporary factors. For example, tight labour market conditions over recent years have been associated with large numbers of individuals entering the workforce or changing jobs; this may have weighed on productivity as some individuals were trained or retrained and some firms adapted production processes to accommodate strong employment growth. If this was the case, MFP growth could pick up as the economy adjusts. However, work by some RBA staff finds that temporary factors like these have not been the primary cause of slow MFP growth, suggesting that structural factors could be weighing on productivity growth.

    Slow growth in the amount of capital available for each worker in the Australian economy – or a lack of ‘capital deepening’ – has also contributed to slow growth in labour productivity (Graph 8). Capital per worker was broadly unchanged for around five years leading up to the pandemic and – looking through the volatility in the data during the pandemic – is currently a bit below those levels. In other words, overall investment has not kept pace with the strong growth in employment recently.

    To help understand the recent slow growth in productivity, I’ll look at productivity outcomes in various parts of the economy.

    I’ll start with the non-market sector – which includes the health care, education and public administration industries – where employment growth has been very strong over recent years. The level of measured productivity in some parts of the non-market sector is low relative to the aggregate economy. So, as the non-market sector has become a larger share of the economy in recent years, this has weighed on overall productivity growth in the economy. Our estimates suggest that the rising share of non-market employment lowered the economy-wide measure of labour productivity growth by around 0.3 percentage points per year on average from 2017/18 to 2023/24, as shown by the yellow bars in Graph 9. This compares with around 0.15 percentage points per year over the previous decade, and so the recent effects have been a bit larger than in the past.

    But there is more to the story about productivity and the non-market sector. I have emphasised measured productivity because it is very difficult to measure output – and therefore productivity – in parts of the non-market sector. The central measurement problem is a lack of meaningful prices for some non-market output, such as public hospital services provided to public patients. This makes it very difficult to accurately identify quantities of output, which are needed to measure productivity. For example, research by the Productivity Commission suggests that productivity in the health care industry is higher than official estimates. As such, the drag on productivity from the non-market sector may be overstated.

    Noting the challenges of measuring productivity in the non-market sector, what’s been going on in the rest of the economy? Labour productivity growth in the market sector averaged around 0.6 per cent per year from 2017/18 to 2023/24 – below its average of 1.6 per cent over the previous two decades – though it picked up in 2023/24.

    Table 1: Growth in Labour Productivity

    Average annual growth rates (per cent)(a)

    Sector 1998/99 to 2017/18 2017/18 to 2023/24
    All industries 1.3 0.2
    Non-farm 1.1 0.1
    Market sector 1.6 0.6
    Market sector ex mining 1.4 1.0

    (a) Average growth rates calculated between financial years.

    Sources: ABS; RBA.

    While the level of productivity in the mining industry in Australia is higher than in other industries, productivity growth in that industry has declined over recent years. Excluding mining, productivity growth in the market sector since 2017/18 has averaged 1 per cent per year, though this is still lower than its average over the preceding two decades and well below the rates recorded during the high productivity growth period in the 1990s.

    More generally, a range of explanations have been provided for the slowing in productivity growth globally since the 1990s. A well-documented one for Australia is declining ‘economic dynamism’ – it now takes longer for inputs to production to move to higher productivity firms, and it also takes longer for firms to catch up to the global frontier of performance and technology. Evidence suggests that at least part of the decline in economic dynamism relates to declining competition in the economy. Regulatory barriers also appear to have played a role in Australia, notably in the construction industry. Other explanations include slowing human capital accumulation, declining trade integration, and mismeasurement.

    What does the recent subdued growth in productivity mean for our assessment of economic conditions? While productivity growth is associated with growth in incomes and wages over the longer run, in the short run there can be material divergences between these variables. Over the past year or so, real average hourly earnings in the economy have grown faster than labour productivity. This exerts upward pressure on firms’ unit labour costs and is consistent with our assessment that labour market conditions are still tight, notwithstanding some easing in those conditions over the past couple of years.

    What will happen from here? Our latest forecasts in the Statement on Monetary Policy incorporate a pick-up in productivity growth over the next couple of years, which would add to the economy’s supply capacity and help alleviate cost pressures. But there is considerable uncertainty around this projection. If productivity growth remains weak, the near-term outlook will depend critically on how the economy adjusts. If growth in demand is also weaker and wages adjust quickly to this slower growth in the supply capacity of the economy, there might not be a material impact on cost pressures. But if demand picks up as expected or wages adjust slowly to continued weak productivity outcomes, cost pressures could be higher than we expect. We will continue to monitor these developments carefully, alongside the full range of indicators we use to assess current economic conditions.

    Concluding remarks

    To conclude, productivity matters because it is a key driver of economic living standards. Over the longer run, higher productivity growth expands the supply capacity of the economy and supports growth in incomes, wages and aggregate demand. In the short run, however, there can be meaningful divergences in the growth rates of these important macroeconomic variables. Recent weak growth in productivity has constrained growth in aggregate supply. Whether productivity growth improves from here and how the economy adjusts are important questions for the economic outlook.

    Thank you for your time today. I look forward to your questions.

    MIL OSI News

  • MIL-OSI USA: Capito Votes to Confirm Jamieson Greer as U.S. Trade Representative

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.) issued the following statement after voting to confirm Jamieson Greer to serve as United States Trade Representative (USTR):
    “West Virginia workers and businesses count on the USTR to advocate for them and secure the best deal possible around the world. Our West Virginia economy, especially in the manufacturing sector, needs someone ready to help us compete at every level in every market. I believe that Jamieson Greer is that person and holds the knowledge and skills that this position demands. I look forward to partnering with him and the Trump administration to deliver on the president’s agenda and to put West Virginia’s needs front and center,” Senator Capito said.
    Senator Capito met with Greer earlier this month to discuss his nomination and learn more about his leadership vision as USTR.

    MIL OSI USA News

  • MIL-OSI USA: Welch Introduces Vermont Dairy Farmer During Agriculture Committee Hearing on Farmer and Rancher Views of the Economy

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) today introduced Mr. Harold Howrigan, a Vermont dairy farmer and Board Member of the National Milk Producers Federation, as he testified before the Senate Agriculture Committee. Senator Welch highlighted obstacles facing farmers and producers and asked witnesses about how President Trump’s illegal federal funding freeze has impacted rural economies and Vermont’s specialty crop growers. 
    “Farmers are the lifeblood of our local rural communities, and nobody works harder,” said Senator Welch. “Mr. Howrigan is here from the dairy capital of the United States of America: Sheldon, Vermont. And we are glad to have him, Harold, and his wife, Bet—she’s an elementary teacher—are the sixth generation on their family farm…I am delighted to have you here representing Vermont dairy, it’s just wonderful, and we’re going to see a great farmer.” 
    Watch Senator Welch’s full remarks below: 
    Read key excerpts from Senator Welch’s exchange with witnesses: 
    Senator Welch asked witnesses: “I’m just shocked that where there have been agreements made—and we have farmers in Vermont who under the Inflation Reduction Act, made an agreement—and in response to that agreement borrowed money. And then did the work they promised to do—it might be solar, it might be streambed protection—and now got an email saying the federal government’s going to stiff them. You know, what I so admire about farmers: a promise made is a promise kept. I mean, this is like impossible for the folks who do this farming to imagine that you have an agreement and then it’s violated. So, my hope is that the committee would weigh in here and insist that these deals that have been signed—and where our farmers now have put the money out, done the work, and are getting stiffed—that we really strongly object and call on the administration to reverse that.  
    “I just want to ask some questions about specialty crops…My view is we need more, not less of the specialty crops. A lot of our specialty crop farmers got really hurt by the floods we had in July of 2023 in July of 2024, and our crop insurance program really needs to be improved…My question is, what can we do to provide specialty crop growers the support they need to ensure the continuation of their family farms with all the changes in weather?  
    Dr. Tim Boring, Director of the Michigan Department of Agriculture and Rural Development responded: “I think that’s an excellent question…I think we need more certainty for specialty crop growers. I think so much of the questions, the issues we’re talking about today come down to providing more certainty for producers. And, in some ways, better evaluating the impacts of what these crops are, not only for farms but for the rural economies that process so many of them, that the communities that they feed. We’ve touched on some points around revisions to crop insurance, certainly. We need better management tools so that we can deal with increasingly extreme and erratic weather. I think there’s promise about looking at how we broaden out conservation practices and the impact of resiliency there.” 
    Sen. Welch: “I think we need to have more emphasis on them, because the real opportunity is, it’s local, it’s nutritious. The people in the communities really support it, and it’s an entry point for some younger farmers that doesn’t have as many financial barriers.  
    “You know, just as an example, the USDA has a specialty crop block grant program, and Vermont received $334,000. That’s not a lot of money in the scheme of things, but it did a lot in Vermont. With a $56,000 grant, one USDA recipient in Vermont was able to expand the market opportunities for 60 local farmers. And a lot of this is like the farm stand type of situation. This is tiny compared to the $6.3 billion that we spend on the commodity crop program…So, tell me, how has the federal funding freeze affected our specialty crop growers?  
    Dr. Boring: “It creates uncertainty. And I think that’s the biggest question of what those risk mitigation tools are going to be into the future of the reliability and access to markets when crops might be harvested later this fall. There’s uncertainty on the research front as researchers are working on this. So, in essence, uncertainty.” 
    ■■■
    Mr. Harold Howrigan and his family are sixth-generation dairy farmers. His four family farms in Fairfield and Fairfax, Vermont, milk 1,400 herds and crop around 3,400 acres in Northern Vermont. The family also has a large maple sugaring operation. Mr. Howrigan serves as treasurer of the New England Dairy Promotion Board and is also a board member of Dairy Management Inc. and United Dairy Industry Association. He was recently inducted into the Vermont Agricultural Hall of Fame. Read Mr. Howrigan’s full testimony here. 

    MIL OSI USA News

  • MIL-OSI Global: Anti-DEI guidance from Trump Administration misinterprets the law and guts educators’ free speech rights

    Source: The Conversation – USA – By Paul M. Collins Jr., Professor of Legal Studies and Political Science, UMass Amherst

    The Trump administration letter aims to stop teachers from discussing many topics with students. Hill Street Studios, DigitalVision/Getty Images

    The Trump administration’s attacks on diversity, equity and inclusion have continued in the form of a “Dear Colleague” letter from the Department of Education to educational institutions – from preschools through colleges and universities.

    This letter demands that schools abandon what the Trump administration refers to as “DEI programs” and threatens to withhold federal funding if schools don’t comply.

    According to President Donald Trump, these so-called DEI programs – found in the government, corporate and educational sectors and intended to reduce discrimination and promote the equitable treatment of people – are a form of antiwhite racism that hurt national unity and violate antidiscrimination laws.

    Although the letter does not have the force of law, it nonetheless signals how the Trump administration plans to aggressively take legal and financial action against educational institutions that refuse to comply, starting on Feb. 28.

    As a result, the Trump administration’s threat to remove federal funding, which both public and private educational institutions rely heavily on, is likely to coerce compliance, at least to some degree.

    As the letter explains, “The Department will vigorously enforce the law on equal terms as to all preschool, elementary, secondary, and postsecondary educational institutions, as well as state educational agencies, that receive financial assistance.”

    Thus, these directives have the potential to fundamentally change education in America.

    As professors of legal studies, we’ve taken a close look at the “Dear Colleague” letter. Here’s how the letter infringes on free speech, misunderstands the law and undermines education.

    Will professors still be able to teach about America’s history of racism?
    Jeff Gritchen/Digital First Media/Orange County Register via Getty Images

    Restricting free speech

    The First Amendment to the Constitution protects the right of the people to express viewpoints without fear of punishment by the government.

    The Trump administration’s attacks on DEI are part of a broader assault on freedom of speech in which Trump targets media, businesses and everyday Americans the president disagrees with.

    By directing schools, colleges and universities to stop DEI policies, the “Dear Colleague” letter clearly restricts free speech rights. That’s the case because creating and pursuing DEI policies is a type of freedom of expression. Banning DEI practices is a form of viewpoint discrimination, which is prohibited by Supreme Court precedent that covers the speech of educational institutions as well as their faculty and staff.

    For instance, the letter aims to prevent educational institutions from pursuing missions and policies that promote the concepts of DEI. Such missions are common in higher education and can be found in universities from the conservative Brigham Young University to the liberal University of Vermont.

    Frequently, these missions are pursued by requiring students to take courses that encourage them to learn about perspectives or cultures that are different from their own.

    While the letter is not clear about which courses it would consider a problem, targeting any topics serves to suppress the free speech rights and academic freedom of faculty, including their freedom to design and teach courses.

    This vagueness may be part of the threat. After all, if teachers aren’t sure what they might get punished for, they may be extra cautious and censor themselves.

    Misunderstanding the law

    Aside from being vague, the letter also seems to willfully misrepresent the 2022 Supreme Court decision ending race-based affirmative action in higher education, Students for Fair Admissions v. Harvard College.

    In that case, Chief Justice John Roberts wrote a narrow majority opinion declaring simply that university admissions policies could not aim to create incoming classes with particular racial balances.

    Roberts’ opinion was silent on any other type of educational policy. It also states explicitly that “nothing in this opinion should be construed as prohibiting universities from considering an applicant’s discussion of how race affected his or her life, be it through discrimination, inspiration, or otherwise,” so long as they are evaluated for admission as an individual.

    And yet, the “Dear Colleague” letter takes this decision and runs with it in multiple different directions. First, it falsely claims that the decision prohibits schools from eliminating standardized testing in their admissions process, something many schools have chosen to do in recent years.

    Second, the letter falsely states, in contradiction with the ruling’s own text, that the decision applies much more broadly than the context of admissions, to “hiring, promotion, compensation, financial aid, scholarships, prizes, administrative support, discipline, housing, graduation ceremonies, and all other aspects of student, academic, and campus life.”

    Thus, according to the letter, any program that targeted a particular group for differential treatment based on their race would come under government scrutiny, including programs designed to assist students of color, to house students according to affinity groups, and to diversify university faculty.

    There is simply no reading of the Students for Fair Admissions decision that suggests such an encroachment on the inner workings of educational institutions. Roberts’ majority opinion says only that students should be evaluated as individuals when applying to colleges and universities.

    Effort to undermine education

    What history will the Trump administration letter stop from being taught?
    Tomasz Śmigla, iStock/Getty Images Plus

    In sum, the letter places educators, especially those of us who teach about American law and government, in an impossible position.

    It states that “educational institutions have toxically indoctrinated students with the false premise that the United States is built upon ‘systemic and structural racism,’” suggesting that the U.S. does not have such a history.

    But, for example, in order to teach why affirmative action is now unconstitutional, we would have to explain the concept of strict scrutiny to our students. Strict scrutiny is when a court examines a law very carefully to make sure that it does not promote an unconstitutional racial or religious classification. It is a kind of review that is used routinely and appropriately by courts, and was used to strike down affirmative action in Students for Fair Admissions.

    That level of judicial review exists because, in the words of Roberts in Students for Fair Admissions, “for almost a century after the Civil War, state-mandated segregation was in many parts of the Nation a regrettable norm. This Court played its own role in that ignoble history, allowing in Plessy v. Ferguson the separate but equal regime that would come to deface much of America.”

    In other words, the Supreme Court created strict scrutiny as a judicial antidote to the systemic racism that it had helped perpetuate.

    Even more basically, it is impossible to teach constitutional law without acknowledging the Three-Fifths Compromise or the Fugitive Slave Clause, both of which embedded the property rights of slaveowners into the founding documents of this country, denying enslaved people full citizenship and its rights.

    To not teach students about such topics is, we believe, to fail in our role as educators. To forbid teaching it is an attack on the core mission of educational institutions in a democracy. And even more, this letter aims to prevent teachers from critiquing what the letter itself says and from explaining its own context and history.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Anti-DEI guidance from Trump Administration misinterprets the law and guts educators’ free speech rights – https://theconversation.com/anti-dei-guidance-from-trump-administration-misinterprets-the-law-and-guts-educators-free-speech-rights-250574

    MIL OSI – Global Reports

  • MIL-OSI USA: Announcing $80 Million to Support Resiliency Initiatives

    Source: US State of New York

    Governor Kathy Hochul today announced $80 million in new grant funding available to communities across New York State for climate resiliency projects. The grants, funded through the $4.2 billion Clean Water, Clean Air and Green Jobs Environmental Bond Act of 2022, will support nature-based and green infrastructure projects designed to reduce flood risk and enhance community resilience to extreme weather.

    “Making New York more resilient in the face of increasingly devastating storms and other extreme weather emergencies is a top priority for our state,” Governor Hochul said. “With $80 million now available from the Environmental Bond Act, communities statewide will be able to take necessary steps to protect flood-prone areas, safeguard infrastructure, and ensure the safety of their homes, businesses, and critical infrastructure. These investments will not only strengthen our ability to withstand future storms but also create healthier, more sustainable communities for future generations.”

    The funding will be distributed through three new grant programs, each focused on investing in adaptation and improvements that will protect lives and minimize the financial burden of recovering from future extreme weather events. The projects represent a proactive approach to emergency preparedness, prioritizing investments that mitigate the effects of extreme weather driven by climate change.

    The three resiliency related grant programs are:

    • Resilient Watersheds Grant Program: $45 million will be made available through the Department of Environmental Conservation (DEC), building on the success of the Resilient NY program and advancing the State’s goal of strengthening infrastructure and protecting New Yorkers from the impacts of extreme weather.
    • Coastal Rehabilitation and Resilience Projects Program: $20 million will be made available through the Department of State (DOS) for coastal communities. The program prioritizes projects using nature-based solutions to enhance community resilience while also delivering environmental, economic and social benefits.
    • Inland Flooding and Local Waterfront Revitalization Implementation Projects Program: $15 million will be made available through DOS for implementation projects that improve waterfront and watershed resiliency and reduce climate impacts, particularly flooding.

    DEC Interim Commissioner Sean Mahar said, “Through Governor Hochul’s leadership and historic Environmental Bond Act investments, New York State is improving community resilience to extreme weather events driven by climate change. Leveraged with comprehensive Executive Budget proposals, DEC and our State agency partners are advancing comprehensive flood risk reduction projects across the state that will restore our environment, improve water quality and safeguard communities.”

    Environmental Facilities Corporation (EFC) President and CEO Maureen A. Coleman said, “By helping municipalities protect their critical water infrastructure from extreme weather events, we are investing in a safer, healthier, and more livable future for New Yorkers. EFC is pleased to partner with DEC to further Governor Hochul’s coordinated efforts to tackle water quality issues statewide and ensure equitable access to clean, safe water.”

    Secretary of State Walter T. Mosley said, “The Environmental Bond Act is a historic and transformative investment in the future of the Empire State that will pay dividends for generations to come. These essential programs and projects will have far reaching economic, social and environmental benefits for people and businesses, protecting lives, livelihoods and properties from the ravages of climate change and restoring critical habitats and ecosystems.”

    Resilient Watersheds Grant Program
    The goal of the Resilient Watersheds Grant program is to implement projects that take a comprehensive approach to building community resilience. This competitive statewide grant program is open to local governments, Indian Nations, County Soil and Water Conservation Districts, state agencies, and not-for-profit corporations.

    Projects will promote flood risk and ice jam reduction and restoration, enhance flood and climate resilience, implement natural and nature-based feature construction, or ecologically sustainable projects while supporting healthy riparian habitats. Projects are funded to the extent of available funds based on the evaluation criteria.

    Projects identified by existing and future Resilient NY Program studies are eligible to apply for the program. Additional eligibility information can be found here: Flood Recovery And Resilience – NYSDEC

    Coastal Rehabilitation and Resilience Projects Program
    The program supports the implementation of projects that increase resilience with an emphasis on natural processes that provide environmental, economic, and social benefits to communities within the New York State Coastal area and the Coastal Nonpoint Source boundary.

    Complete information on this DOS program can be found here: https://dos.ny.gov/funding-bid-opportunities

    Inland Flooding and Local Waterfront Revitalization Program Implementation Projects Program
    The program supports implementation projects that improve waterfront and watershed resiliency and reduce climate impacts, particularly flooding.

    Complete information on this DOS program can be found here: https://dos.ny.gov/funding-bid-opportunities

    Webinar and How to Apply
    DEC, DOS and EFC will co-host a webinar for all three funding opportunities on March 12, 2025, from 10 to 11 a.m. To register for the webinar, click here.

    Applications for all three funding opportunities can be submitted through the Consolidated Funding Application (CFA) portal at https://apps.cio.ny.gov/apps/cfa/. Applications are due by 4 p.m. on Friday, June 6, 2025.

    New York State continues to advance resiliency initiatives and investments that are helping to protect communities. Today’s announcement complements Governor Hochul’s Executive Budget proposal to invest more than $1 billion to help fund a more sustainable and affordable future. The ambitious proposal is the single-largest climate investment in state history, generating thousands of jobs, slashing energy bills for households, and cutting harmful pollution.

    The announcement today also demonstrates the ways New York State’s continued commitment can be achieved, by working with local communities to identify and address potential future climate impacts related to storm surges, rising sea levels, and other conditions. The Executive Budget also includes $108 million for climate resiliency initiatives that support coastal resiliency and additional funding for Green Resiliency Grants and continues a record $400 million for Environmental Protection Fund programs that include measures to adapt and mitigate climate impacts. Progress also continues in administering the $4.2 billion Clean Water, Clean Air and Green Jobs Environmental Bond Act, which has allocated approximately $1.25 billion, or 25 percent, of Bond Act funds to date.

    New York State’s Climate Agenda
    New York State’s climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments, and directs a minimum of 35 percent of the benefits to disadvantaged communities. New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation, and waste sectors.

    MIL OSI USA News

  • MIL-OSI USA: Rep. Simpson Cosponsors Bill to Repeal Death Tax on Family-Owned Farms and Ranches

    Source: US State of Idaho

    WASHINGTON—Idaho Congressman Mike Simpson cosponsored the Death Tax Repeal Act. This bill would permanently repeal the unfair death tax, providing relief to family-owned businesses, farms, and ranches from being hit by the hefty tax that occurs on the transfer of property or other assets from a deceased family member. 
    This legislation is led by Rep. Feenstra (R-IA) with support from more than 170 cosponsors in the House of Representatives. This legislation is also supported by over 230 organizations.   
    “The punishing and burdensome death tax has crushed Idaho family farms, ranches, and small businesses for too long,” said Rep. Simpson, an original cosponsor. “Repealing the death tax will assist farmers, ranchers, small business owners, and grandparents who have worked their whole lives to pass something on from generation to generation. I am proud to cosponsor this critical bill to support Idaho’s multi-generational farms and small businesses, grow the economy, and protect Idahoans from devastating tax hikes.”
    “The death tax is an egregious double tax that unfairly targets American family farms and small businesses and directly threatens long-held farming traditions in rural Iowa and across the country. It is ridiculous that the federal government sends grieving families a massive tax bill when a loved one passes away,” said Rep. Feenstra. “I introduced the Death Tax Repeal Act to put an end to this double taxation, help our farmers and small business owners pass their businesses onto the next generation, and ensure that we can keep our family traditions alive across America. By permanently repealing the death tax, my bill will offer financial relief when it’s most needed and ensure that our families, farmers, and small businesses can keep more of their hard-earned money — just as it should be.”
    U.S. Senate Majority Leader John Thune (R-SD) has introduced companion legislation in the U.S. Senate.
    The full text of the legislation is available here.

    MIL OSI USA News

  • MIL-OSI Security: Pitt County Man Pleads Guilty in Multi-Million Dollar Ponzi Scheme that Defrauded Eastern North Carolina Investors

    Source: Office of United States Attorneys

    WILMINGTON, N.C. – Willard Timothy Sutton, age 64, pled guilty to one count of mail fraud today for running a Ponzi scheme that resulted in more than 60 investors suffering net losses in excess of $8 million.  At sentencing later this year, Sutton faces a statutory maximum sentence of 20 years, a $250,000 fine, and three years of supervised release.  Sutton will also be required to pay restitution to victims.

    According to court documents and other information presented in court, between approximately 2019 and 2023, Sutton operated a largescale Ponzi scheme in connection with an investment program offered through Greenville Auto World, LLC (GAW), a car dealership located in Greenville.  GAW was a “buy here pay here” (BHPH) dealership.  BHPH dealerships enable customers with poor or no credit history to finance the purchase of a vehicle directly through the dealership, rather than through a bank or credit union.  Such loans typically carry significantly higher interest rates than traditional car loans.  Between approximately 2012 and 2023, as part of an investment program sponsored, promoted, and administered by GAW, Sutton sold BHPH finance contracts to outside investors through direct solicitation, referrals, and word-of-mouth advertisement.

    Beginning in approximately 2019, Sutton falsely and fraudulently led BHPH investors to believe that their investments were safe and secure, and that GAW was collecting sufficient repayments from loan customers to be able to fully pay the principal and interest owed to them.  In truth, GAW was collecting millions from investors, but it did not have the means to service the debt through BHPH revenue or any legitimate business income.  Between approximately October 2018 and August 2023, the FBI estimates that GAW collected investor funds in excess of $60 million.  However, GAW’s gross receipts were a small fraction of the total.

    In order to conceal GAW’s financial condition, and avoid the collapse of the business, Sutton operated the BHPH program as a Ponzi scheme in which he would (in a typical transaction) sell a legitimate loan contract to one investor and then sell one or more false and fabricated versions of that same contract to other investors without their knowledge.  Sutton then used the proceeds of the fraudulent sales to pay off earlier investors.  Among other things, Sutton forged loan customer signatures to the fake contracts and, in some instances, provided fake title documents to investors to convince them that their investments were appropriately secured.   

    In approximately 2022, in order to generate additional funds to meet GAW’s mounting debts to investors, Sutton solicited some BHPH investors to help finance GAW’s vehicle inventory.  Sutton falsely and fraudulently represented to these investors that he was using their funds to purchase vehicles when, in fact, Sutton was using their funds to conceal and perpetuate the Ponzi scheme.

    “Over the course of years, instead of helping so-called investors, this defendant bilked his victims out of millions of dollars of their hard earned money,” said Acting U.S. Attorney Daniel P. Bubar. “Fraudsters should know that they will be held accountable for their crimes in the Eastern District of North Carolina.”

    “Mr. Sutton ran a local business for many years, purporting to help those with poor or no credit get much needed vehicle loans. When he ran into financial trouble, rather than admitting his business was failing, he resold those loans over and over again to outside investors to protect his own reputation at the expense those who trusted he was legitimately investing their hard earned money,” said Robert M. DeWitt the FBI Special Agent in Charge in North Carolina.    

    Daniel P. Bubar, Acting United States Attorney for the Eastern District of North Carolina, made the announcement after Chief Judge Richard E. Myers, II accepted the plea. The Federal Bureau of Investigation, Charlotte Field Office, investigated the case.  Assistant United States Attorney Adam F. Hulbig prosecuted the case.

    Related court documents and information can be found on the website of the U.S. District Court for the Eastern District of North Carolina or on PACER by searching for Case No. 4:24-CR-83-M.

    ###

    MIL Security OSI

  • MIL-OSI Security: Texas Woman Pleads Guilty to Student Loan Fraud Conspiracy

    Source: Office of United States Attorneys

    Shelbra Long Admitted to Fraudulently Causing the Award of Over $466,000 in Education Benefits

    ALBANY, NEW YORK – Shelbra Long, age 58, of Edinburg, Texas, pled guilty today to conspiring to commit mail fraud and wire fraud.  Acting United States Attorney Daniel Hanlon and Acting Special Agent in Charge Isabel Douroupis, of the U.S. Department of Education Office of Inspector General (ED OIG) – Eastern Regional Office, made the announcement.

    Long admitted to engaging in a decade-long scheme to apply for admission and financial aid to online colleges in the names of purported students who had their identities stolen.  After the Department of Education disbursed the financial aid to a school, Long and her coconspirators withdrew the purported student from enrollment. The schools refunded the balance of the financial aid that had not been used to bank accounts controlled by the conspirators.  The Department of Education awarded $466,430 in aid based on the scheme, of which it disbursed $211,820.

    Long faces up to 20 years in prison, a fine of up to $250,000, and a term of supervised release of up to 3 years, when she is sentenced on June 26, 2025. Long has agreed to pay $211,820 in restitution to the Department of Education and to forfeit an additional $52,304.  A defendant’s sentence is imposed by a judge based on the particular statute the defendant is charged with violating, the U.S. Sentencing Guidelines and other factors.

    ED OIG investigated the case, which Assistant U.S. Attorney Jonathan S. Reiner is prosecuting.

    MIL Security OSI

  • MIL-OSI Security: New Jersey Man Sentenced to 3 Years for Alien Smuggling

    Source: Office of United States Attorneys

    ALBANY, NEW YORK – Kenneth Moore, age 42, of New Jersey, was sentenced yesterday to serve 3 years in prison after being convicted at trial of two counts of alien smuggling for private financial gain. Acting United States Attorney Daniel Hanlon and Chief Patrol Agent Robert N. Garcia, United States Border Patrol, Swanton Sector, made the announcement.

    At trial in October 2024, the government established that on June 20, 2023, Moore traveled from New Jersey to an area just south of the border in Clinton County, New York, to pick up several aliens who had illegally crossed into the United States at a place other than a Port of Entry. Moore anticipated being paid $3,000 for his services but was quickly apprehended by agents from the United States Border Patrol.

    Jurors could not reach a verdict on one count of conspiracy to commit alien smuggling, and that count was dismissed at sentencing.

    In addition to the 36-month prison term, Moore was sentenced to a 3-year term of supervised release.

    United States Border Patrol investigated this case with assistance from the Royal Canadian Mounted Police.  Assistant U.S. Attorneys Allen J. Vickey and Joseph S. Hartunian prosecuted this case.

    MIL Security OSI

  • MIL-OSI: Partners Value Split Corp. Increases Size of Public Offering of Class AA Preferred Shares, Series 15 to $200 Million

    Source: GlobeNewswire (MIL-OSI)

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

    TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Partners Value Split Corp. (the “Company”) announced today that as a result of strong investor demand for its previously announced offering, it has agreed to increase the size of the offering and sell 8,000,000 Class AA Preferred Shares, Series 15 (the “Series 15 Preferred Shares”) to a syndicate of underwriters led by Scotiabank, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and TD Securities Inc. on a bought deal basis.

    The Series 15 Preferred Shares will be issued at a price of $25.00 per share, for gross proceeds of $200,000,000. The Series 15 Preferred Shares will carry a fixed coupon of 5.15% and will have a final maturity of March 31, 2031. The Series 15 Preferred Shares have a provisional rating of Pfd-2 from DBRS Limited. The net proceeds of the offering will be used by the Company to pay a special dividend on the Company’s capital shares.

    Closing of the offering is expected to occur on or about March 5, 2025.

    The Company owns a portfolio consisting of approximately 119 million Class A Limited Voting Shares of Brookfield Corporation and approximately 30 million Class A Limited Voting Shares of Brookfield Asset Management Ltd. (collectively, the “Brookfield Securities”), which are expected to yield quarterly dividends that are sufficient to fund quarterly fixed cumulative preferential dividends for the holders of the Company’s preferred shares and to enable the holders of the Company’s capital shares to participate in any capital appreciation of the Brookfield Securities.

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

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

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

    This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and regulations. The words “expected”, “will”, “agreed” and “enable” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters or identify forward-looking information. Forward-looking information in this news release includes statements with regard to the provisional rating on the Series 15 Preferred Shares, which is not a final rating, the use of proceeds of the offering and quarterly dividends from the Company’s portfolio of Brookfield Securities which are expected to fund quarterly fixed cumulative preferential dividends for holders of the Company’s preferred shares and to enable holders of its capital shares to participate in any capital appreciation of the Brookfield Securities. Although the Company believes that the anticipated future results or achievements expressed or implied by the forward-looking information and statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on the forward-looking information and statements because they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking information and statements. Factors that could cause actual results to differ materially from those contemplated or implied by the forward-looking information and statements include: the behaviour of financial markets, including fluctuations in interest and exchange rates, availability of equity and debt financing and other risks and factors detailed from time to time in the Company’s other documents filed with the Canadian securities regulators. We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as may be required by law, the Company undertakes no obligation to publicly update or revise any forward-looking information or statements, whether written or oral, that may be as a result of new information, future events or otherwise. Reference should be made to the Company’s short form base shelf prospectus dated September 19, 2024 for a description of the major risk factors.

    The MIL Network

  • MIL-OSI: Trian Comments on Solventum’s Sale of its Purification & Filtration Business

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) — Trian Fund Management, L.P. (“Trian”), which beneficially owns ~5% of Solventum Corporation (NYSE: SOLV) (“Solventum” or the “Company”) and is the Company’s largest active shareholder, commented on Solventum’s recently announced sale of its Purification & Filtration business to Thermo Fisher Scientific Inc (NYSE: TMO) (“Thermo Fisher”). Trian issued the following statement:

    “Trian commends Solventum on the announced sale of its Purification & Filtration business and believes this is an important first step in the Company’s value creation journey. We believe that part of what attracted strategic interest at such a high valuation multiple was the division’s differentiated technology and material science – attributes inherited from 3M which are present at Solventum’s remaining businesses, and which we believe remain underappreciated by the market today.

    Notably, in conjunction with the acquisition, Thermo Fisher issued public comments which Trian believes confirm that there is a meaningful cost reduction opportunity at Solventum:

    “Excluding financing costs, the transaction is expected to be accretive by $0.28 in that period. This reflects the very strong day one cost synergies when Solventum’s allocated segment costs are replaced by lower run rate costs within Thermo Fisher.”

    Thermo Fisher’s release goes on to suggest that it believes it can more than double the profitability of Purification & Filtration under its corporate umbrella, relative to the business’ current profit as part of Solventum, with much of that improvement driven by lower allocated costs.

    Trian, in its January letter to shareholders, highlighted that Solventum has a significant opportunity to right size costs and realize higher margins while reinvesting more in growth.

    Inside of 3M, Solventum averaged 3-4% organic growth and a 26-27% EBIT margin. Trian believes that Solventum should be able to deliver faster organic growth and higher margins as a focused, standalone company. Trian looks forward to the Company delivering a Long Range Plan that reflects the business’ potential when it hosts its investor day in March.”

    About Trian Fund Management, L.P.
    Founded in 2005, Trian Fund Management, L.P. (“Trian”) is a multi-billion dollar investment management firm. Trian is a highly engaged shareowner that combines concentrated public equity ownership with operational expertise. Leveraging the 50+ years’ operating experience of our Founding Partners, Nelson Peltz and Peter May, Trian seeks to invest in high quality but undervalued and underperforming public companies and to work collaboratively with management teams and boards to help companies execute operational and strategic initiatives designed to drive long-term sustainable earnings growth for the benefit of all shareholders.

    Media Contacts:
    Anne A. Tarbell
    (212) 451-3030
    atarbell@trianpartners.com

    Paul Caminiti / Pamela Greene / Jacqueline Zuhse
    Reevemark
    (212) 433-4600
    Trian@reevemark.com

    Investor Contact:
    Matt Underhill
    (212) 451-3171
    munderhill@trianpartners.com

    Disclaimer

    Except as otherwise set forth in this press release, the views expressed in this press release reflect the opinions of Trian Fund Management, L.P. and its affiliates (“Trian”), and are based on publicly available information with respect to Solventum Corporation (the “Company”). Trian recognizes that there may be confidential information in the possession of the Company that could lead it or others to disagree with Trian’s conclusions. Trian reserves the right to change any of its opinions expressed herein at any time as it deems appropriate and disclaims any obligation to notify the market or any other party of any such change, except as required by law. Trian disclaims any obligation to update the information or opinions contained in this press release. For the avoidance of doubt, this press release is not affiliated with or endorsed by the Company.

    This press release is provided merely as information and is not intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any security nor as a recommendation to purchase or sell any security. Funds managed by Trian currently beneficially own shares of the Company. These funds are in the business of trading – buying and selling– securities and intend to continue trading in the securities of the Company. You should assume such funds may from time to time sell all or a portion of their holdings of the Company in open market transactions or otherwise (including via short sales), buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps or other derivative instruments relating to such shares.

    Some of the materials in this press release contain forward-looking statements. All statements contained herein that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words “anticipate,” “believe,” “expect,” “potential,” “could,” “opportunity,” “estimate,” “plan,” and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained herein that are not historical facts are based on current expectations, speak only as of the date of these materials and involve risks, uncertainties and other factors that may cause actual results, performances or achievements to be materially different from any future results, performances or achievements expressed or implied by such projected results and statements. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Trian.

    Certain financial projections and statements made herein have been derived or obtained from filings made with the Securities and Exchange Commission (“SEC”) or other regulatory authorities and from other third-party reports. Trian shall not be responsible or have any liability for any misinformation contained in any third-party, SEC or other regulatory filing or third-party report.

    There is no assurance or guarantee with respect to the prices at which any securities of the Company will trade, and such securities may not trade at prices that may be implied herein. The estimates, projections and potential impact of the opportunities identified by Trian herein are based on assumptions that Trian believes to be reasonable as of the date of this press release, but there can be no assurance or guarantee (i) that any of the proposed actions set forth in this press release will be completed, (ii) that the actual results or performance of the Company will not differ, and such differences may be material, or (iii) that any of the assumptions provided in this press release are accurate.  This press release does not recommend the purchase or sale of any security.

    The MIL Network

  • MIL-OSI: AlphaSavings Unveils Hands-Free Investing with Fully Managed Wealth Solutions

    Source: GlobeNewswire (MIL-OSI)

    London, UK, Feb. 26, 2025 (GLOBE NEWSWIRE) — AlphaSavings, a leading provider of innovative financial solutions, has launched its fully managed wealth solutions, offering investors a hands-free approach to stock and bond investing. With an advanced portfolio management system that integrates professional expertise and real-time market analytics, AlphaSavings is transforming how individuals and institutions manage their investments.

    As financial markets become increasingly complex, many investors struggle to allocate their assets effectively while keeping up with market shifts. AlphaSavings’ hands-free investment solutions provide a seamless experience, allowing clients to enjoy professionally managed stock and bond portfolios without the need for constant monitoring or decision-making.

    A New Era of Hands-Free Investing

    AlphaSavings’ fully managed wealth solutions are designed for individuals who seek stable, long-term financial growth without the complexity of active trading. By leveraging expert portfolio management, real-time market adjustments, and data-driven investment strategies, AlphaSavings enables investors to maximize returns while minimizing risk exposure.

    How Hands-Free Investing Works at AlphaSavings:

    • Personalized Portfolio Construction – Investments are tailored to individual financial goals, risk tolerance, and market conditions.
    • Automated Asset Allocation – Portfolios maintain an optimal mix of stocks and bonds, adjusting dynamically based on economic trends.
    • Real-Time Market Monitoring – AI-enhanced analytics track stock and bond markets 24/7, ensuring timely investment decisions.
    • Risk-Managed Growth – Strategies are designed to minimize volatility while maximizing long-term wealth accumulation.
    • No Manual Trading Required – Investors no longer need to analyze markets, pick stocks, or make buy/sell decisions—the system does it all.

    What Sets AlphaSavings Apart from Traditional Investing?

    Traditional investment methods often require active involvement, whether through stock trading, bond selection, or frequent portfolio rebalancing. AlphaSavings removes these challenges by offering a fully automated, expert-managed investment experience.

    Key Benefits of Hands-Free Investing with AlphaSavings:

    • Stress-Free Wealth Growth – No need for clients to spend time researching or managing investments.
    • Consistent, Market-Beating Performance – AlphaSavings’ expert portfolio managers use data-driven strategies to deliver high returns.
    • Diversified Stock & Bond Portfolios – Investments are spread across multiple asset classes to ensure risk-adjusted growth.
    • Smart Rebalancing – Portfolios are adjusted regularly to maintain optimal performance and respond to market fluctuations.
    • Transparency & Control – Clients can track their portfolio’s progress without needing to make investment decisions themselves.

    Bringing Institutional-Grade Investment Management to Everyday Investors

    Historically, fully managed investment services were reserved for high-net-worth individuals and institutional investors. AlphaSavings is democratizing access to these expert-guided wealth solutions, ensuring that everyday investors can benefit from hands-free, data-driven portfolio management.

    By integrating advanced financial modeling, AI-driven risk assessments, and human expertise, AlphaSavings provides the same level of sophisticated asset management that top hedge funds and wealth managers use.

    How AlphaSavings’ Fully Managed Wealth Solutions Work

    Step 1: Tailored Investment Strategy Development

    Clients answer a few questions about their financial goals, investment horizon, and risk tolerance. AlphaSavings then designs a personalized, diversified portfolio suited to their individual needs.

    Step 2: Smart Asset Allocation & Investment Execution

    AlphaSavings selects a mix of high-growth stocks and stable bonds to ensure both capital appreciation and risk mitigation. Investments are automatically adjusted in response to market trends.

    Step 3: Continuous Market Monitoring & Risk Management

    Unlike traditional investment firms that rebalance portfolios quarterly or annually, AlphaSavings monitors investments in real-time, making instant adjustments when necessary to protect investor capital.

    Step 4: Hands-Free Wealth Growth & Performance Tracking

    Clients can track their investment performance through AlphaSavings’ intuitive platform, receiving updates on returns, portfolio adjustments, and market insights.

    Who Can Benefit from Hands-Free Investing?

    • Professionals & Business Owners – Those who lack the time to research or actively manage investments.
    • First-Time Investors – Individuals who want to grow their wealth without the complexity of trading.
    • Retirement Planners – Investors looking for stable, long-term asset appreciation.
    • High-Net-Worth Individuals – Those seeking professional wealth management with minimal involvement.
    • Institutional Investors – Companies and organizations looking for expertly managed investment strategies.

    A Smarter, Safer Approach to Stock & Bond Investing

    Stock and bond markets are often unpredictable, with interest rate changes, inflation concerns, and geopolitical factors influencing market performance. AlphaSavings’ hands-free investment system ensures clients stay ahead of market shifts while protecting their capital from excessive volatility.

    By combining expert-driven financial strategies with automated portfolio adjustments, AlphaSavings reduces risks associated with emotional decision-making, market timing, and investment mismanagement.

    How AlphaSavings Mitigates Market Volatility:

    • Adaptive Portfolio Strategies – The investment team dynamically adjusts asset allocations to reduce risk exposure.
    • Diversification Across Asset Classes – Stocks, bonds, and fixed-income securities are balanced to ensure stability.
    • AI-Powered Predictive Analytics – Market trends are analyzed in real-time to anticipate potential downturns before they occur.
    • Automatic Stop-Loss & Risk Controls – The system prevents excessive losses by reallocating assets in response to market turbulence.

    Regulatory Compliance & Transparency

    AlphaSavings adheres to industry best practices, regulatory guidelines, and fiduciary responsibilities to provide investors with a secure, trustworthy investment experience. Clients receive:

    • Regular financial reports detailing portfolio growth and market performance.
    • Full visibility into investment allocations, risk assessments, and wealth management strategies.
    • Transparent pricing with no hidden fees or commissions.

    The Future of Wealth Management: Hands-Free, Data-Driven Investing

    As financial technology evolves, hands-free investing is becoming the future of wealth management. Investors are shifting away from traditional, manual stock and bond selection processes toward AI-driven portfolio management and automated financial strategies.

    AlphaSavings is at the forefront of this transformation, providing a scalable, intelligent investment solution that eliminates the stress of daily portfolio management while delivering superior long-term results.

    Get Started with Hands-Free Investing Today

    For those looking to grow their wealth with minimal effort, AlphaSavings offers the perfect solution. Clients can access fully managed stock and bond portfolios, backed by expert analysis, automated market insights, and risk-optimized investment strategies.

    Visit AlphaSavings today to explore fully managed wealth solutions designed for long-term financial success.

    About AlphaSavings

    AlphaSavings is a leading provider of fully managed stock and bond investment solutions, offering hands-free investing for individuals and institutions. By combining expert-driven portfolio management with automated market insights, AlphaSavings delivers stress-free wealth growth with market-beating returns.

    The MIL Network

  • MIL-OSI Economics: Trade Facilitation Agreement: Eight years of cutting trade costs and boosting growth for all members

    Source: World Trade Organization

    The WTO Trade Facilitation Agreement (TFA) has been a game-changer for international trade. As the first major multilateral trade agreement added to the WTO rulebook since the Uruguay Round in 1995, it has already boosted trade by more US$ 230 billion across the globe. Since taking effect in 2017, the TFA has simplified customs procedures, cut through red tape and increased regulatory transparency — making cross-border trade faster, cheaper and more predictable for businesses of all sizes.

    The benefits of trade facilitation are broadly enjoyed across the full WTO membership, creating more opportunities for resilient, secure and efficient trade and supply chains for developed and developing members alike.

    Streamlining trade

    Trade inefficiencies are not just an inconvenience: they impose substantial economic costs. Delays in transit can account for up to 44 per cent of transport costs, resulting from storage charges, bottlenecks at weighbridges, police checks and border crossings. Every hold-up chips away at competitiveness and increases costs. This can cost businesses valuable contracts and revenue. 

    A single trade transaction on average involves as many as 36 original documents and 240 copies. This administrative burden not only increases costs but also discourages micro, small and medium-sized enterprises (MSMEs) from participating in global trade.

    • Since its entry into force, the TFA has expedited the movement, release and clearance of goods and enhanced the transparency of trade regulations and procedures. It has also reduced excessive paperwork, unnecessary delays and inefficiencies at borders, and has fostered cooperation between customs authorities and other stakeholders.
    • TFA implementation has cut trade costs worldwide by an average of 1 to 4 per cent, leading to an increase in trade of over US$ 230 billion, with the most significant gains observed in agriculture. Developing and least-developed country (LDC) members have gained the most, demonstrating the Agreement’s capacity to foster efficient trade systems worldwide and creating opportunities for more people to benefit. 

    Many WTO members have reported that TFA-driven targeted reforms have led to notable reductions in the time and costs involved in border crossings, demonstrating the tangible impact of trade facilitation measures.

    For example, Montenegro has increased express shipments released within one hour of arrival from 25 to 53 per cent, while Indonesia has reduced import licence processing time by an average of four days. Ecuador has cut processing times by 67 per cent annually, while Brazil has cut export costs by an ad valorem equivalent of 9 per cent and import costs by 7 per cent. Jordan has slashed processing time by as much as 75 per cent, saving US$ 15 per unit.

    Infrastructure improvements stimulated by the TFA have also played a crucial role in enhancing efficiency. One-stop border posts have significantly reduced waiting times at borders, cutting customs processing time and queuing delays by 62 per cent at the Kenya-Uganda border and by 87 per cent at the Kenya-Tanzania border, creating more incentives for intra-African trade as well as African trade with the rest of the world. These examples illustrate how targeted reforms, digitalization and improved border coordination are helping WTO members streamline trade processes and unlock economic benefits.

    TFA implementation is well underway but technical assistance is needed to ensure its full benefits

    When implementing the TFA, developing and LDC members can categorize their commitments, giving them flexibility in putting the Agreement’s provisions into practice. Category A commitments must be implemented immediately, whereas commitments under categories B and C can be implemented later. Category C allows members capacity-building support to undertake the commitment. To clarify their commitments, members underwent a notification process, which has concluded. The focus now is on-the-ground implementation.

    Figure 1: Number of Category B measures due to be implemented yearly

    Source: TFA Database

    Most Category B commitments have now been implemented, with only four still to be implemented by 2030 (see Figure 1). Meanwhile, 196 Category C measures are scheduled for implementation this year (see Figure 2). While Category C measures due for implementation will gradually decline from 2026 onwards, the timeline continues well into the 2040s. The magnitude of these commitments underscores the scale of technical assistance and capacity-building support required by many developing and LDC members to fully unlock the benefits of the TFA.

    Figure 2: Number of Category C measures due to be implemented yearly

    Source: TFA Database

    Figure 3 highlights the provisions registering the greatest number of Category C commitments over the next two years. These measures are often some of the most complex to implement as they require not only regulatory changes but also significant investment in infrastructure, technology and inter-agency coordination.

    Figure 3: Top five Category C measures due for implementation in 2025-26

    Source: TFA Database

    For instance, single window systems — a single platform to collect and process import, export, or transit information in an efficient and cost-effective manner — demand extensive digitalization efforts, requiring the integration of various agencies and the streamlining of data-sharing processes. Border agency cooperation to align procedures across multiple institutions can be challenging due to differences in mandates, resources and regulatory frameworks. In addition, risk management necessitates advanced data analytics and compliance verification mechanisms. These may be difficult to establish without sustained technical assistance and capacity-building support.

    As implementation progresses, sustained support will be essential to ensure that all members can fully reap the benefits of the TFA. Full implementation of the Agreement promises to deliver significant gains in trade efficiency and cost reduction, but only if there is ongoing investment in developing expertise, infrastructure and regulatory reforms. The 2025 peak in Category C commitments demonstrates the urgent need for targeted interventions to address persistent structural and financial barriers.

    The WTO’s Trade Facilitation Agreement Facility (TFAF) plays a key role in helping developing and LDC members mobilize the technical assistance and capacity-building support they need to implement the TFA. Since its establishment, the TFAF has been instrumental in supporting developing and LDC members through their ratification of the Agreement and their submission of more than 130 notifications within agreed deadlines.

    It has also assisted 46 developing members, including 18 LDCs, in securing assistance from development partners — either by sharing information or by providing project preparation grants. Thanks to TFAF support, ten developing members, including two LDCs, have successfully partnered with donors to meet their TFA capacity-building needs.

    With more than 500 commitments still due for implementation over the next five years, the TFAF remains a critical mechanism for channelling resources and ensuring that technical assistance aligns with members’ evolving needs.

    How improvements in trade facilitation efforts can be leveraged

    Digitalization offers ways to further enhance efficiency, transparency and coordination at borders. While approaches to using digital trade facilitation differ, members are discussing its role in shaping the future of trade procedures.

    In 2024, members decided to use the WTO Committee on Trade Facilitation to share experiences on the impact of digitalization on TFA implementation. Discussions have highlighted both successes and challenges, with some members showcasing innovative digital solutions, and others emphasizing the need for capacity-building to bridge the digital divide across economies with different levels of development. Digitalization will continue to be on the Committee’s agenda throughout 2025.

    At the domestic level, national trade facilitation committees (NTFCs) provide a critical institutional framework to drive effective implementation of the TFA. These committees coordinate efforts among government agencies, often in collaboration with private sector stakeholders, to ensure a holistic approach to trade facilitation reforms. NTFCs are key to identifying implementation bottlenecks, streamlining regulatory processes and aligning technical assistance with national priorities. As members navigate the complex reforms required for full TFA implementation, NTFCs will be instrumental in ensuring that trade facilitation improvements translate into tangible economic benefits.

    Value of full TFA implementation for all members

    Eight years after its entry into force, the TFA continues to reduce trade costs, improve customs efficiency and expand market opportunities for all members. As full implementation progresses, the benefits for businesses and economies will accelerate.

    While the benefits of trade facilitation are often highlighted in the context of developing and LDC members, the advantages extend across the entire WTO membership, including developed members. As more WTO members implement the TFA, businesses in developed members also benefit from smoother, more predictable trade flows, less red tape and fewer costly delays at borders.

    Lower trade costs and greater efficiency enhance global supply chain resilience, minimizing disruptions and ensuring more secure and reliable access to products. Ultimately, continued implementation of the TFA strengthens global trade networks, making trade more inclusive, efficient and resilient to external shocks.

    With sustained engagement from WTO members and development partners, trade facilitation will be a key driver of global trade efficiency and economic growth for years to come.

    MIL OSI Economics

  • MIL-OSI Economics: DDG Ellard: Accepting fish subsidies agreement can give boost to global trading system

    Source: WTO

    Headline: DDG Ellard: Accepting fish subsidies agreement can give boost to global trading system

    Thank you, Marion, distinguished ladies, and gentlemen.
    Thank you to the OECD Secretariat for inviting me to today’s launch of the 2025 edition of the OECD Review of Fisheries. As with previous editions, this year’s report brings together and analyses a broad range of valuable data on the health of our fish resources, fisheries management systems, and government support policies. The invaluable resource highlights some of the key threats and challenges facing the fisheries sector, and also identifies possible solutions and opportunities for improving its economic and environmental sustainability.
    As the report makes clear, fisheries management regimes and public support measures, when guided by informed decision-making, have the potential to work as two sides of the same coin, complementing each other to ensure that our oceans continue to serve the millions of fishers around the world whose livelihoods depend upon their health.
    By adopting the Agreement on Fisheries Subsidies in June 2022, WTO Members took one important step in this direction. As many of you are aware, the landmark Agreement on Fisheries Subsidies prohibits subsidies to fishing activities considered to be among the most harmful to the sustainability of our oceans, including subsidies to vessels involved in illegal, unreported, and unregulated (IUU) fishing, and fishing of overfished stocks. The 2025 Review of Fisheries recognizes that the provision of subsidies for such activities is among the major challenges facing sustainable fisheries practices. The Agreement on Fisheries Subsidies offers WTO Members a powerful tool to address this devastating and accelerating problem.
    However, the AFS will begin to deliver its benefits for sustainable fisheries only when it enters into force, which requires two-thirds of WTO Members (111) to deposit their instruments of acceptance.
    To date, 89 Members have done so, leaving us with only 22 ratifications left for the Agreement to enter into force.
    WTO Members have set the ambitious goal of achieving this objective as soon as possible. What a thrill it would be to celebrate the entry into force of the Agreement on Fisheries Subsidies with the international ocean community at the UN Ocean Conference in June – that’s our goal.
    Almost all OECD Members, and a good share of its accession candidate countries and key partners, have already ratified the Agreement. But not all of you have done so. So, I urge those that have not yet deposited their instruments of acceptance to accelerate as much as possible your domestic ratification processes and join your fellow Members and partners that have already ratified. And I urge those of you that have finished to serve as a helpful source of information and assistance to those who have not.
    Depositing your instruments of acceptance will not only demonstrate your commitment to the sustainability of our oceans, but it will also serve as an important boost to the multilateral trading system at an important and challenging time.
    Entry into force of the Agreement will also unlock access to technical assistance and capacity-building provided through the WTO Fish Fund for the developing country Members that have ratified the Agreement. Thanks to the significant financial support of our Members, the WTO Fish Fund is now ready to become fully operational upon entry into force. And I take this opportunity to sincerely thank OECD Members for their generous contributions to this Fund, which represent more than 90% of the near USD 15 million in donations and pledges received so far.
    But our work does not end with the entry into force of the Agreement on Fisheries Subsidies. As you know, WTO Members are engaging in a second wave of negotiations with a view to agreeing on a set of additional disciplines regulating subsidies that are generally considered to contribute to overcapacity and overfishing.
    The extraordinary work of OECD Members and its Secretariat in producing the 2025 and previous editions of the Review of Fisheries report, and especially the Fisheries Support Estimates, has been welcomed and is helping WTO Members to have more informed and factual discussions of the issues at stake.
    In this regard, I have observed that one of the encouraging findings of this year’s Review of Fisheries is that the balance of risks posed by government support measures has improved significantly since 2010, with a marked reduction in policies that pose the highest risk (e.g., fuel subsidies) in favour of policies where the risk posed is less direct (e.g., income support). In addition, the Review shows that OECD Members have increased their spending on fisheries management, monitoring, control, and surveillance – all measures that are essential to improving and maintaining the health of fish stocks.
    Despite these apparent advances in the sector, this year’s Review also finds that 65% of all support to fishing activities still presents a risk of encouraging unsustainable fishing in the absence of effective management. This is a particularly salient conclusion for WTO Members as they pursue the second wave of negotiations because the draft disciplines currently on the table tie the use of subsidies that may contribute to overcapacity and overfishing with effective management measures.
    Evidence-based findings and analyses of the kind contained in the 2025 Review of Fisheries are why I see the mission of the WTO and mission of the OECD to be complementary, and mutually reinforcing. In different but essential ways, the work of each of our organizations is contributing to fisheries subsidies reform, paving a path for the elimination of harmful subsidies, and ultimately the sustainability of our oceans.

    Thank you.

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  • MIL-OSI Economics: New WTO publication “Trade for Peace: Pathways to Sustainable Trade and Peace” launched

    Source: WTO

    Headline: New WTO publication “Trade for Peace: Pathways to Sustainable Trade and Peace” launched

    The book launch highlighted how the Trade for Peace publication “Pathways to Sustainable Trade and Peace” supports the work of policymakers, academics and practitioners by providing an in-depth exploration of the complex relationship between trade and peace.
    The publication is composed of 16 chapters written by 31 authors, representing more than nine partner institutions, including the Institute for Economics and Peace (IEP), the International Labour Organization (ILO), the International Monetary Fund (IMF), the International Trade Centre (ITC), Interpeace, the Peterson Institute for International Economics (PIIE), the United Nations Development Programme (UNDP), the United Nations Economic Commission for Africa and the World Economic Forum.
    “Trade is an indispensable part of building the secure, sustainable, and inclusive world we want and need,” notes WTO Director-General Ngozi Okonjo-Iweala in the publication’s foreword. “For trade to yield peace dividends, particularly in the difficult context of FCS, the trade community needs to work with other partners. It is my hope that this volume can help lay the groundwork for such collaboration to advance a 21st century vision of Trade for Peace,” she adds.
    WTO Deputy Director-General Xiangchen Zhang delivered the opening remarks, highlighting the importance of the publication in the current challenging times. “This book is a concrete output from the research pillar of the Trade for Peace Programme, which aims at deepening the understanding of the trade-peace nexus and addressing the gap in literature on the interlinkages between trade and peace in its various dimensions. It is the first WTO publication on the topic with the goal of providing insights on how trade and peace interact and how governments and other stakeholders can leverage trade to foster economic development and stability,” he said. His remarks are available here.
    Panellists included the co-editor of the publication Mustapha Sadni Jallab, Chief of the Knowledge Management Section at the WTO, and five authors — Alan W. Wolff, Distinguished Visiting Fellow at PIIE and former WTO Deputy Director-General, Itonde Kakoma, President and CEO of Interpeace, Franck Bousquet, Deputy Director of the Institute for Capacity Development at the IMF, Barbara Ramos, Chief of Strategies and Policies for Trade and Investment at the ITC, and Serge Stroobants, Director of Europe and the Middle East and North Africa (MENA) region at the IEP.
    Participants in the hybrid event also included Maika Oshikawa, Director of the WTO Accessions Division, co-editors Patrick Low, former Chief Economist at the WTO, and Roberta Piermartini, Chief of the Applied Economic Research Section at the WTO, as well as several other authors featured in the publication.
    Moderated by Amanda Miashiro, Legal/Economic Affairs Officer at the WTO Accessions Division and co-editor of the publication, the event discussed the complexity of trade and peace in light of a changed global political landscape. Panellists emphasized that fragility worldwide is increasing, with the average levels of peace at historical lows.
    The discussion raised key questions about which legal frameworks and conditions must be in place for trade to be a driver of peace and stability and how to transform the capacity of actors operating in fragile and conflict-affected contexts to not only be conflict-sensitive but also to actively contribute to peace outcomes. The recording of the event is available here.
    Panellists further recalled that peace is intertwined with the history of the multilateral trading system. They also highlighted the role of the g7+ WTO Group in advancing the Trade for Peace agenda for FCS. Shedding light on how fragility issues deeply affect societies, small and medium-sized enterprises and the economy, panellists stressed the importance of understanding conflict drivers and specificities of fragile regions to be able to fortify macroeconomic policies and state capacity, improve competitiveness and contribute to socioeconomic recovery.
    According to IEP data, the global economic impact of violence was more than US$ 19.1 trillion in 2023, which prompted a discussion on how trade could play a more effective role in reducing the cost and impact of economic violence by promoting peace. The full publication is available here.
    In addition to the publication launch, this session unveiled the Trade for Peace Research and Knowledge Database. This hub is dedicated to collecting ongoing research studies and other resources on the linkages between trade and peace, serving as a tool for stakeholders to support evidence-based policy development and strategy.
    For more information, see WTO Trade for Peace, 4th edition of Trade for Peace Week

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    MIL OSI Economics

  • MIL-Evening Report: Australia could make it easier for consumers to fight back against anti-competitive behaviour. Here’s how

    Source: The Conversation (Au and NZ) – By Mel Marquis, Deputy Associate Dean and Senior Lecturer in Law, Monash University

    From the supermarket to the petrol pump, many Australians are concerned about the power of large corporations. Are consumers getting a fair deal? Do they have enough choice?

    This week, the Australian Competition and Consumer Commission (ACCC) is due to hand the government the final report from its inquiry into Australia’s supermarket sector. They have already said the sector is highly concentrated, with just a few sellers controlling prices and exploiting small suppliers.

    This advocacy highlights a key source of pressure on wallets. The ACCC is also pursuing consumer law claims against the big supermarkets for creating the “illusion” of discounted prices.

    But across the economy, it is unlikely consumer interests are being protected as much as they could be. Further reforms in competition law would help.

    In some countries, consumers can band together to sue private companies and demand compensation if they’ve been harmed by anti-competitive behaviour.

    Australian consumers can sue companies too – but it can be burdensome, expensive and complicated. In fact, consumer suits seeking damages for such conduct are rare. Australia could make it easier to fight back.

    The problem

    Treasury will wrap up a major review of competition law in August.

    Two areas of reform have rightly been given particular attention: a merger law for the whole economy, and special rules for large digital platforms.

    The ACCC is Australia’s competition regulator and consumer law advocate.
    Jarretera/Shutterstock

    The merger reform has led to amendments to help the ACCC protect markets and a consultation on regulating platforms which has recently concluded.

    Treasury is considering other reforms as well. However, putting consumers in a better position to claim damages for anti-competitive conduct is not on the agenda.

    That is unfortunate. Consumers should feel more secure using competition law to demand compensation for anti-competitive harm. As the ACCC has said, the annual damage caused by cartels could amount to hundreds of millions of dollars, a staggering figure.

    Even when the ACCC and the Commonwealth Director of Public Prosecutions succeed in bringing cartellists to court to obtain penalties or even criminal sentences, it is a way to punish and deter. It does not make victims whole.

    Overseas solutions

    Australia lags behind its global counterparts.

    In 2005, the European Union launched a debate on this subject. Laws were passed to ensure victims of anti-competitive conduct have a right to full compensation.

    The European Union has seen a growth in private competition law actions.
    MDart10/Shutterstock

    Since then, it appears to have become easier for consumers there to seek damages. From 2014 to 2019, one study showed a fivefold increase in the number of cases lodged in the EU, from 50 up to 239 private claims seeking compensation.

    In the United States, private antitrust enforcement thrives due to large class actions, where consumers with a similar grievance come together to take action against corporate defendants.

    US antitrust law allows treble damages, which means consumers can in theory receive three times the value of any harm suffered plus the costs of the lawsuit. In reality they recover less than that, but with large classes of claimants, the incentives to pursue claims through litigation and settlements are strong.

    The Australian situation

    On paper, private enforcement of competition law already exists in Australia. However, incentives appear weaker here.

    In the EU and US, class actions are designed to encourage claimants to seek compensation for anti-competitive harm, but the rarity of such claims in Australia suggests the settings aren’t quite right.

    Google is currently subject to antitrust action in Australia.
    JHVEPhoto/Shutterstock

    A class action against major banks for allegedly rigging exchange rates, and a recently lodged class action against Google relating to its AdTech operations, are the exceptions, not the rule.

    A 2012 article in the UNSW Law Journal said it was “time for an Australian debate”, but little has happened since.

    What now? Here are some possible reforms

    Various reforms and initiatives could bolster private enforcement in Australia, including:

    1. Reviewing evidence rules to allow judges to order the disclosure of documents collected during investigations, provided the public interest is not compromised. If evidence is too hard to access, victims of cartels have no chance of proving their case.

    2. Making it easier for a willing defendant to settle out of court. Sometimes, one defendant in a cartel case may be open to settling out of court but the other defendants are not. In such a case, to make it easier for the willing defendant to settle, it could be clarified that the non-settling defendants – if eventually ordered to pay the claimants – cannot then reclaim part of those damages as a “contribution” from the defendant that did settle.

    Without this assurance, individual defendants that would otherwise be ready to settle may hesitate for fear of paying more than their share.

    3. The ACCC could also more aggressively seek redress for consumers, which would reduce the need for damages actions. So far, the ACCC and the Commonwealth Director of Public Prosecutions have not made enough use of their ability to seek orders granting such compensation in cartel cases.

    Competition law is not just about promoting dynamism and productivity growth, and fairer prices and potential wage growth, though these are clearly desirable.

    Competition law should also be about securing relief for victims to make them whole, and to boost their trust in markets. Facilitating private rights of action for consumers can help to elevate justice in this area of the law.

    Mel Marquis has in the past received research grants funded by the Commonwealth of Australia and administered by the ACCC. He is a member of the Competition and Consumer Committee of the Law Institute of Victoria. The views expressed are personal to the author.

    ref. Australia could make it easier for consumers to fight back against anti-competitive behaviour. Here’s how – https://theconversation.com/australia-could-make-it-easier-for-consumers-to-fight-back-against-anti-competitive-behaviour-heres-how-250505

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: We analysed almost 1,000 social media posts about 5 popular medical tests. Most were utterly misleading

    Source: The Conversation (Au and NZ) – By Brooke Nickel, NHMRC Emerging Leader Research Fellow, University of Sydney

    C-R-V/Shutterstock

    When Kim Kardashian posted on Instagram about having had a full-body MRI, she enthused that the test can be “life saving”, detecting diseases in the earliest stages before symptoms arise.

    What Kardashian neglected to say was there’s no evidence this expensive scan can bring benefits for healthy people. She also didn’t mention it can carry harms including unnecessary diagnoses and inappropriate treatments.

    With this post in mind, we wanted to explore what influencers are telling us about medical tests.

    In a new study published today in JAMA Network Open, we analysed nearly 1,000 Instagram and TikTok posts about five popular medical tests which can all do more harm than good to healthy people, including the full-body MRI scan.

    We found the overwhelming majority of these posts were utterly misleading.

    5 controversial tests

    Before we get into the details of what we found, a bit about the five tests included in our study.

    While these tests can be valuable to some, all five carry the risk of overdiagnosis for generally healthy people. Overdiagnosis is the diagnosis of a condition which would have never caused symptoms or problems. Overdiagnosis leads to overtreatment, which can cause unnecessary side effects and stress for the person, and wasted resources for the health system.

    As an example, estimates suggest 29,000 cancers a year are overdiagnosed in Australia alone.

    Overdiagnosis is a global problem, and it’s driven in part by healthy people having tests like these. Often, they’re promoted under the guise of early screening, as a way to “take control” of your health. But most healthy people simply don’t need them.

    These are the five tests we looked at:

    The full-body MRI scan claims to test for up to 500 conditions, including cancer. Yet there is no proven benefit of the scan for healthy people, and a real risk of unnecessary treatment from “false alarm” diagnoses.

    The “egg timer” test (technically known as the AMH, or anti-mullarian hormone test) is often falsely promoted as a fertility test for healthy women. While it may be beneficial for women within a fertility clinic setting, it cannot reliably predict the chance of a woman conceiving, or menopause starting. However, low results can increase fear and anxiety, and lead to unnecessary and expensive fertility treatments.

    Multi-cancer early detection blood tests are being heavily marketed as the “holy grail of cancer detection”, with claims they can screen for more than 50 cancers. In reality, clinical trials are still a long way from finished. There’s no good evidence yet that the benefits will outweigh the harms of unnecessary cancer diagnoses.

    The gut microbiome test of your stool promises “wellness” via early detection of many conditions, from flatulence to depression, again without good evidence of benefit. There’s also concern that test results can lead to wasted resources.

    Testosterone testing in healthy men is not supported by any high-quality evidence, with concerns direct-to-consumer advertising leads men to get tested and take testosterone replacement therapy unnecessarily. Use of testosterone replacement therapy carries its own risk of potential harms with the long-term safety in relation to heart disease and mortality still largely unknown.

    Multi-cancer early detection blood tests are heavily marketed.
    Yuri A/Shutterstock

    What we found

    Together with an international group of health researchers, we analysed 982 posts pertaining to the above tests from across Instagram and TikTok. The posts we looked at came from influencers and account holders with at least 1,000 followers, some with a few million followers. In total, the creators of the posts we included had close to 200 million followers.

    Even discounting the bots, that’s a massive amount of influence (and likely doesn’t reflect their actual reach to non-followers too).

    The vast majority of posts were misleading, failing to even mention the possibility of harm arising from taking one of these tests. We found:

    • 87% of posts mentioned test benefits, while only 15% mentioned potential harms

    • only 6% of posts mentioned the risk of overdiagnosis

    • only 6% of posts discussed any scientific evidence, while 34% of posts used personal stories to promote the test

    • 68% of influencers and account holders had financial interests in promoting the test (for example, a partnership, collaboration, sponsorship or selling for their own profit in some way).

    Further analysis revealed medical doctors were slightly more balanced in their posts. They were more likely to mention the harms of the test, and less likely to have a strongly promotional tone.

    The vast majority of posts we looked at were misleading.
    DimaBerlin/Shutterstock

    As all studies do, ours had some limitations. For example, we didn’t analyse comments connected to posts. These may give further insights into the information being provided about these tests, and how social media users perceive them.

    Nonetheless, our findings add to the growing body of evidence showing misleading medical information is widespread on social media.

    What can we do about it?

    Experts have proposed a range of solutions including pre-bunking strategies, which means proactively educating the public about common misinformation techniques.

    However, solutions like these often place responsibility on the individual. And with all the information on social media to navigate, that’s a big ask, even for people with adequate health literacy.

    What’s urgently needed is stronger regulation to prevent misleading information being created and shared in the first place. This is especially important given social media platforms including Instagram are moving away from fact-checking.

    In the meantime, remember that if information about medical tests promoted by influencers sounds too good to be true, it probably is.

    Brooke Nickel receives fellowship funding from the National Health and Medical Research Council (NHMRC). She is on the Scientific Committee of the Preventing Overdiagnosis Conference.

    Joshua Zadro receives fellowship funding from the National Health and Medical Research Council (NHMRC).

    Ray Moynihan has received research funding from the National Health and Medical Research Council.

    ref. We analysed almost 1,000 social media posts about 5 popular medical tests. Most were utterly misleading – https://theconversation.com/we-analysed-almost-1-000-social-media-posts-about-5-popular-medical-tests-most-were-utterly-misleading-247362

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: Cornyn, Blumenthal Introduce Bill to Ensure U.S. Victims of Terrorism Receive Compensation

    US Senate News:

    Source: United States Senator for Texas John Cornyn

    Cornyn, Blumenthal Introduce Bill to Ensure U.S. Victims of Terrorism Receive Compensation

    WASHINGTON – U.S. Senators John Cornyn (R-TX) and Richard Blumenthal (D-CT) today introduced the American Victims of Terrorism Compensation Act, which would strengthen the Justice for United States Victims of State Sponsored Terrorism (USVSST) Act to provide financial compensation to Americans injured in acts of international state-sponsored terrorism and their families:
    “It’s unacceptable that many victims and their families are still without justice for the tremendous trauma they have experienced at the hands of terrorists,” said Sen. Cornyn. “This bipartisan legislation would help ensure these brave Americans receive compensation when terrorist defendants refuse to pay for their heinous acts, and I’m glad to lead my colleagues in introducing it to show each and every American victim of terrorism they are not alone.”
    “This measure will help ensure victims of state-sponsored terrorism are justly compensated,” said Sen. Blumenthal. “The existing law is in dire need of an update, as the fund intended for the victims has not achieved its goals. This bill will start to correct course, providing victims of terror with the compensation they deserve and setting up a mechanism to help new victims.”
     The legislation is cosponsored by Sens. Kevin Cramer (R-ND), Chuck Schumer (D-NY), and Adam Schiff (D-CA) and led by Congressmen Mike Lawler (NY-17) and Josh Gottheimer (NJ-05) in the House of Representatives.
    Background:
    Enacted in 2015, the Justice for United States Victims of State Sponsored Terrorism (USVSST) Act provided American victims who hold court judgments against state sponsors of terrorism a mechanism to recover on those judgments given the terrorist defendants’ refusal to pay. However, the fund created by the Justice for USVSST Act has made few distributions since its inception.
    The USVSST fund depends almost exclusively on fines and penalties collected by the U.S. Department of Justice (DOJ) against wrongdoers who have violated U.S. sanctions by doing business with state sponsors of terrorism. Due to the DOJ’s decreased enforcement actions, narrow interpretation of the statute, and diversion of funds to other buckets, the USVSST fund has left victims without meaningful distributions for many years.
    The American Victims of Terrorism Compensation Act would ensure there is a clear path to help compensate victims for the losses and harms they’ve suffered by:
    Providing an immediate distribution in 2025 and providing a mechanism to ensure that the USVSST fund has a backstop for regular, consistent, and predictable distributions in the future;
    Establishing a sustainable mechanism to help new victims seek and receive judgments against state sponsors of terrorism;
    And ensuring that existing uses and pending claims for asset forfeiture are covered before any funds can be transferred to the USVSST fund. 
    The legislation is endorsed by American victims of the October 7th terrorist attack by Hamas on Israel, IED attacks on U.S. military in Afghanistan, Syria, and Iraq, the 2016 Bastille Day attack in Nice, France, the September 11th terrorist attacks, the 2000 U.S.S. Cole attack, the 1998 East African Embassy bombings, the 1996 Khobar Towers bombing, the passengers of TWA Flight 847 hijacked in 1985 by Iran-backed Hezbollah terrorists while on route to the United States, the 1983 and 1984 U.S. Embassy and Embassy Annex bombings in Beirut, the 1983 Beirut Marine Barracks bombing, the 1979 hostage taking of Americans at the diplomatic compound in Tehran, and the 1968 U.S.S. Pueblo attack.

    MIL OSI USA News

  • MIL-OSI Europe: Hearings – Public Hearing on the future of the Capital Markets Union (CMU) – 16-01-2025 – Committee on Economic and Monetary Affairs

    Source: European Parliament

    © Image used under license from Adobe Stock; © Images used under license from Enrico Letta and Christian Noyer

    Enrico Letta and Christian Noyer, authors of the reports “Much more than a market” and “Developing European capital markets to finance the future” respectively, appeared before the ECON Committee to present the Capital Markets Union- related aspects of their recently published reports on Thursday, 16 January, from 09:00 to 10:30.

    The debate provided an opportunity for ECON Members and invited speakers to shed a light on the future of the Capital Markets Union.
    Please find below links to the reports and to briefing as well as the final programme of the hearing.

    MIL OSI Europe News

  • MIL-OSI Europe: REPORT on human rights and democracy in the world and the European Union’s policy on the matter – annual report 2024 – A10-0012/2025

    Source: European Parliament

    MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

    on human rights and democracy in the world and the European Union’s policy on the matter – annual report 2024

    (2024/2081(INI))

    The European Parliament,

     having regard to the Charter of Fundamental Rights of the European Union,

     having regard to the European Convention on Human Rights,

     having regard to Articles 2, 3, 8, 21 and 23 of the Treaty on European Union (TEU),

     having regard to Articles 17 and 207 of the Treaty on the Functioning of the European Union (TFEU),

     having regard to the Universal Declaration of Human Rights and other United Nations human rights treaties and instruments,

     having regard to the International Covenant on Civil and Political Rights,

     having regard to the International Covenant on Economic, Social and Cultural Rights,

     having regard to the Geneva Convention relative to the Treatment of Prisoners of War,

     having regard to the United Nations 1951 Refugee Convention and the 1967 Protocol thereto,

     having regard to the United Nations Convention on the Prevention and Punishment of the Crime of Genocide of 1948 and United Nations Human Rights Council Resolution 43/29 of 22 June 2020 on the prevention of genocide,

     having regard to the United Nations Convention on the Elimination of All Forms of Discrimination against Women of 18 December 1979,

     having regard to the United Nations Convention against Torture and other Cruel, Inhuman or Degrading Treatment or Punishment  of 10 December 1984 and the Optional Protocol thereto, adopted on 18 December 2002,

     having regard to the United Nations Convention on the Rights of Persons with Disabilities  of 12 December 2006 and the Optional Protocol thereto, adopted on 13 December 2006,

     having regard to the International Convention on the Suppression and Punishment of the Crime of Apartheid of 1976,

     having regard to the Declaration on the Elimination of All Forms of Intolerance and of Discrimination Based on Religion or Belief, proclaimed by United Nations General Assembly Resolution 36/55 of 25 November 1981,

     having regard to the United Nations Declaration on the Rights of Persons Belonging to National or Ethnic, Religious and Linguistic Minorities of 18 December 1992,

     having regard to the United Nations Declaration on Human Rights Defenders, adopted by consensus by the United Nations General Assembly Resolution 53/144 on 9 December 1998,

     having regard to the United Nations Declaration on the Rights of Indigenous Peoples of 13 September 2007,

     having regard to the United Nations Declaration on the Rights of Peasants and Other People Working in Rural Areas of 28 September 2018,

     having regard to the Programme of Action of the Cairo International Conference of Population and Development in 1994 and its review conferences,

     having regard to the United Nations Convention on the Rights of the Child of 20 November 1989 and the two Optional Protocols thereto, adopted on 25 May 2000,

     having regard to the United Nations Arms Trade Treaty, which entered into force on 24 December 2014, and the EU Code of Conduct on Arms Exports of 5 June 1998,

     having regard to the United Nations Beijing Declaration and Platform for Action of September 1995 and its review conferences,

     having regard to the United Nations 2030 Agenda for Sustainable Development adopted on 25 September 2015, in particular goals 1, 3, 4, 5, 8, 10 and 16 thereof,

     having regard to the United Nations Global Compact for Safe, Orderly and Regular Migration adopted on 19 December 2018 and the United Nations Global Compact on Refugees adopted on 17 December 2018,

     having regard to the Rome Statute of the International Criminal Court adopted on 17 July 1998, which entered into force on 1 July 2002,

     having regard to the Agreement between the European Union and the International Criminal Court on cooperation and assistance of 10 April 2006[1],

     having regard to the Council of Europe Conventions of 4 April 1997 for the Protection of Human Rights and Dignity of the Human Being with regard to the Application of Biology and Medicine, and the Additional Protocols thereto, of 16 May 2005 on Action against Trafficking in Human Beings, and of 25 October 2007 on the Protection of Children against Sexual Exploitation and Sexual Abuse,

     having regard to the Council of Europe Convention of 11 May 2011 on preventing and combating violence against women and domestic violence (the Istanbul Convention), which not all Member States have ratified but which entered into force for the EU on 1 October 2023,

     having regard to Protocols Nos 6 and 13 to the Council of Europe Convention of 28 April 1983 for the Protection of Human Rights and Fundamental Freedoms concerning the Abolition of the Death Penalty,

     having regard to Council Regulation (EU) 2020/1998 of 7 December 2020 concerning restrictive measures against serious human rights violations and abuses[2],

     having regard to Regulation (EU) 2021/947 of the European Parliament and of the Council of 9 June 2021 establishing the Neighbourhood, Development and International Cooperation Instrument – Global Europe[3],

     having regard to the Council conclusions of 22 January 2024 on EU Priorities in UN Human Rights Fora in 2024,

     having regard to the EU Action Plan on Human Rights and Democracy 2020-2024, adopted by the Council on 17 November 2020 and its Mid-term Review adopted on 9 June 2023,

     having regard to the Council conclusions of 27 May 2024 on the alignment of the EU Action Plan on Human Rights and Democracy 2020-2024 with the Multiannual Financial Framework 2021-2027,

     having regard to the EU Gender Action Plan (GAP) III – an ambitious agenda for gender equality and women’s empowerment in external action (JOIN(2020)0017),

     having regard to the EU Gender Equality Strategy 2020-2025 (COM(2020)0152),

     having regard to the EU LGBTIQ Equality Strategy 2020-2025 (COM(2020)0698),

     having regard to the EU strategy on the rights of the child (COM(2021)0142),

     having regard to the EU Strategy for the Rights of Persons with Disabilities 2021-2030 (COM(2021)0101),

     having regard to the EU anti-racism action plan 2020-2025 (COM(2020)0565),

     having regard to the EU Roma strategic framework for equality, inclusion and participation (COM(2020)0620),

     having regard to the EU Guidelines on human rights defenders, adopted by the Council on 14 June 2004 and revised in 2008, and the second guidance note on the Guidelines’ implementation, endorsed in 2020,

     having regard to the EU Guidelines on violence against women and girls and combating all forms of discrimination against them, adopted by the Council on 8 December 2008,

     having regard to the EU Guidelines on promoting compliance with international humanitarian law (IHL) of 2005, as updated in 2009,

     having regard to the EU Guidelines on the death penalty, as updated by the Council on 12 April 2013,

     having regard to the EU Guidelines to promote and protect the enjoyment of all human rights by LGBTI persons, adopted on 24 June 2013,

     having regard to the EU Guidelines on the promotion and protection of freedom of religion or belief, adopted by the Council on 24 June 2013,

     having regard to the EU Guidelines on freedom of expression online and offline, adopted by the Council on 12 May 2014,

     having regard to the EU Guidelines on non-discrimination in external action, adopted by the Council on 18 March 2019,

     having regard to the EU Guidelines on safe drinking water and sanitation, adopted by the Council on 17 June 2019,

     having regard to the revised EU Guidelines on EU policy towards third countries on torture and other cruel, inhuman or degrading treatment or punishment, adopted by the Council on 16 September 2019,

     having regard to the revised EU Guidelines on human rights dialogues with partner/third countries, approved by the Council on 22 February 2021,

     having regard to the revised EU Guidelines on children and armed conflict, approved by the Council on 24 June 2024,

     having regard to the Commission communication of 12 September 2012 entitled ‘The roots of democracy and sustainable development: Europe’s engagement with Civil Society in external relations’ (COM(2012)0492),

     having regard to the Council conclusions of 10 March 2023 on the role of the civic space in protecting and promoting fundamental rights in the EU,

     having regard to Directive (EU) 2024/1760 of the European Parliament and of the Council of 13 June 2024 on corporate sustainability due diligence and amending Directive (EU) 2019/1937 and Regulation (EU) 2023/2859[4],

     having regard to the Commission proposal of 14 September 2022 for a regulation of the European Parliament and the Council on prohibiting products made with forced labour on the Union market (COM(2022)0453),

     having regard to the joint proposal from the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 3 May 2023 for a Council regulation on restrictive measures against serious acts of corruption (JOIN(2023)0013),

     having regard to the 2023 EU Annual Report on Human Rights and Democracy in the World,

     having regard to its Sakharov Prize for Freedom of Thought, which in 2024 was awarded to María Corina Machado, as the leader of the democratic forces in Venezuela, and President-elect Edmundo González Urrutia, representing all Venezuelans inside and outside the country fighting for the reinstitution of freedom and democracy,

     having regard to its resolution of 15 January 2019 on EU Guidelines and the mandate of the EU Special Envoy on the promotion of freedom of religion or belief outside the EU[5],

     having regard to its resolution of 23 October 2020 on Gender Equality in EU’s foreign and security policy[6],

     having regard to its resolution of 19 May 2021 on human rights protection and the EU external migration policy[7],

     having regard to its resolution of 8 July 2021 on the EU Global Human Rights Sanctions Regime (EU Magnitsky Act)[8],

     having regard to its resolution of 28 February 2024 on human rights and democracy in the world and the European Union’s policy on the matter – annual report 2023[9], and to its previous resolutions on earlier annual reports,

     having regard to its resolutions on breaches of human rights, democracy and the rule of law (known as urgency resolutions), adopted in accordance with Rule 150 of its Rules of Procedure, in particular those adopted in 2023 and 2024,

     having regard to Rule 55 of its Rules of Procedure,

     having regard to the opinion of the Committee on Women’s Rights and Gender Equality,

     having regard to the report of the Committee on Foreign Affairs (A10-0012/2025),

    A. whereas the EU is founded on the values of respect for human dignity, freedom, democracy, equality, the rule of law and respect for human rights, as set out in Articles 2 and 21 TEU; whereas the EU’s action worldwide must be guided by the universality and indivisibility of human rights and by the fact that the effective protection and defence of human rights and democracy is at the core of the EU’s external action;

    B. whereas consistency and coherence across the EU’s internal and external policies are key for achieving an effective and credible EU human rights policy, and in defending and supporting freedom and democracy;

    C. whereas democratic systems are the most suitable to guarantee that every person has the ability to enjoy their human rights and fundamental freedoms; whereas effective rules-based multilateralism is the best organisational system to defend democracies;

    D. whereas the EU strongly believes in and fully supports multilateralism, a rules-based global order and the set of universal values, principles and norms that guide the UN member states and that the UN member states have pledged to uphold, in accordance with the UN Charter; whereas a world of democracies, understood as a world of political systems that defend and protect human rights worldwide, is a safer world, as democracies have significant checks and balances in place to prevent the unpredictability of autocracies;

    E. whereas the rise in authoritarianism, totalitarianism and populism threatens the global rules-based order, the protection and promotion of freedom and human rights in the world, as well as the values and principles on which the EU is founded;

    F. whereas in December 2023, the Universal Declaration of Human Rights celebrated its 75th anniversary; whereas today, more than ever since the UN’s foundation, totalitarian regimes challenge the UN Charter’s basic principles, seek to rewrite international norms, undermine multilateral institutions and threaten peace and security globally;

    G. whereas in November 2024, the United Nations Convention on the Rights of the Child celebrated its 35th anniversary;

    H. whereas the United Nations Beijing Declaration and Platform for Action is regarded as a turning point for the global agenda on gender equality and will celebrate its 30th anniversary in 2025;

    I. whereas the legitimacy and functioning of the international rules-based order are dependent on compliance with the orders of, and respect for, international bodies, such as United Nations General Assembly and Security Council resolutions and orders and decisions of the International Court of Justice and the International Criminal Court (ICC); whereas multilateralism is being challenged by increasing global threats, such as terrorism and extremism, which threaten compliance with such orders and decisions, as well as, generally, with provisions of international law, human rights law and international humanitarian law in emerging and ongoing conflict situations; whereas international institutions, their officials, and those cooperating with them, are the subject of attacks and threats; whereas the international community, including the EU, has a responsibility to uphold the international rules-based order by enforcing universal compliance, including by its partners;

    J. whereas the Rome Statute of the International Criminal Court establishes a framework of accountability for genocide, crimes against humanity and war crimes; whereas the independence of the ICC is vital to ensure that justice is delivered impartially and without political interference;

    K. whereas the 2023 Mid-term Review of the EU Action Plan on Human Rights and Democracy 2020-2024, now extended to 2027, has shown that, despite the progress achieved so far, more needs to be done, in cooperation with like-minded democratic partners, especially in the context of the unprecedented challenges the world has experienced since its adoption;

    L. whereas human rights defenders (HRDs) and civil society organisations (CSOs) are crucial partners in the EU’s efforts to safeguard and advance human rights, democracy and the rule of law, as well as to prevent conflicts globally; whereas state and non-state actors around the world are increasingly censoring, silencing and harassing, among others, HRDs, CSOs, journalists, religious communities, opposition leaders and other vulnerable groups in their work, shrinking the civil space ever further; whereas this behaviour includes measures encompassing strategic lawsuits against public participation (SLAPPs), restrictive government policies, transnational repression, defamation campaigns, discrimination, intimidation and violence, including extrajudicial and extraterritorial killings, abductions, and arbitrary arrests and detention; whereas attacks on HRDs are increasingly extending to their families and communities, including those living in exile;

    M. whereas gender equality is a core EU value, and the human rights of women and girls, including their sexual and reproductive rights, continue to be violated across the world; whereas women experience unique and disproportionate impacts from conflicts, climate change and migration, including increased risks of gender-based violence, economic marginalisation and barriers to accessing resources; whereas women HRDs and CSOs continue to experience shrinking space for their critical work, as well as threats of violence, harassment and intimidation;

    N. whereas the past year has been marked by a further proliferation of laws on ‘foreign agents’ or foreign influence, including in countries with EU candidate status, targeting CSOs and media outlets and attempting to prevent them from receiving financial support from abroad, including from the EU and its Member States, fostering a climate of fear and self-censorship;

    O. whereas in 2024, more than half the world’s population went to the polls, and many of these elections were marked by manipulation, disinformation and attempts at interference from inside or outside the country;

    P. whereas the 2024 World Press Freedom Index by Reporters Without Borders (RSF) warns of a decline in the intent of states and other political forces to protect press freedom; whereas, according to RSF, 47 journalists and media workers have been killed, most of them in conflict zones, and 573 have been imprisoned since 1 January 2024;

    Q. whereas 251 million children and young people are deprived of their fundamental right to education and remain out of school, according to the UNESCO Global Education Monitoring Report 2024; whereas girls and women are affected not only by poverty but also by cultural norms, gender bias, child marriage and violence through official, discriminatory policies that prevent them from accessing education and the labour market and attempt to erase them from public life;

    R. whereas at least one million people are unjustly imprisoned for political reasons, among them several laureates and finalists of Parliament’s Sakharov Prize for Freedom of Thought;

    S. whereas environmental harm and the impacts of climate change are intensifying precariousness, marginalisation and inequality, and increasingly displacing people from their homes or trapping them in unsafe conditions, thereby heightening their vulnerability and jeopardising their human rights;

    Global challenges to democracy and human rights

    1. Reasserts the universality, interdependence, interrelatedness and indivisibility of human rights and the inherent dignity of every human being; reaffirms the duty of the EU and its Member States to promote and protect democracy and the universality of human rights around the world; calls for the EU and its Member States to lead by example, in line with its values, to promote and strictly uphold human rights and international justice;

    2. Insists that respect, protection and fulfilment of human rights and fundamental freedoms must be the cornerstone of the EU’s external policy, in line with its founding principles; strongly encourages the EU and its Member States, to that end, to strive for a continued ambitious commitment to make freedom, democracy and human rights and their protection a central part of all EU policies in a streamlined manner and to enhance the consistency between the EU’s internal and external policies in this field, including through all of its international agreements;

    3. Stresses that the EU must be fully prepared to counter the rise of authoritarianism, totalitarianism and populism, as well as the increasing violations of the principles of universality of human rights, democracy and international humanitarian law;

    4. Condemns the increasing trend of violations and abuses of human rights and democratic principles and values across the world, such as, among others, threats of backsliding on human rights, notably women’s rights, as well as executions, extrajudicial killings, arbitrary arrests and detentions, torture and ill treatment, gender-based violence, clampdowns on civil society, political opponents, marginalised and vulnerable groups including children and elderly people, migrants, refugees and asylum seekers, and  ethnic and religious minorities; condemns, equally, slavery and forced labour, excessive use of violence by public authorities, including violent crackdowns on peaceful protests and other assemblies, systematic and structural discrimination, instrumentalisation of the judiciary, censorship and threats to independent media, including threats in the digital sphere such as online surveillance and internet shutdowns, political attacks against international institutions and the rules-based international order, and increasing use of unlawful methods of war in grave breach of international humanitarian law and human rights law; deplores the weakening of the protection of democratic institutions and processes, and the shrinking space for civil societies around the world; denounces the transnational repression, by illiberal regimes, of citizens and activists who have sought refuge abroad, including on EU soil;

    5. Notes with deep concern the ongoing international crisis of accountability and the challenge to the pursuit of ending impunity for violations of core norms of international human rights and humanitarian law in conflicts around the world; reaffirms the neutrality and importance of humanitarian aid in all conflicts and crises; underlines the serious consequences of discrediting and attacking the organisations of multilateral forums, such as the UN, which can foster a culture of impunity and undermine the trust in and functioning of the UN system; calls for the EU to uphold the international legal system and take effective measures to enforce compliance;

    6. Notes with satisfaction that there are also ‘human rights bright spots’ within this context of major challenges to human rights worldwide; highlights, in particular, the work of CSOs and HRDs; underlines the need for a more strategic communication on human rights and democracy by spreading news about positive results, policies and best practices; supports the Good Human Rights Stories initiative[10] as a way of promoting positive stories about human rights and recommends that it be updated; underlines the role of the EU’s public and cultural diplomacy, as well as international cultural relations, in the promotion of human rights, and calls for the Strategic Communication and Foresight division of the European External Action Service (EEAS) to increase its efforts in this regard;

    Strengthening the EU’s toolbox for the promotion and protection of human rights and democracy around the world

    7. Notes with concern the increasing divide worldwide; stresses the shared responsibility of the EU to continue defending democratic values and principles and human rights, international justice, peace and dignity around the world, which are even more important to defend in the current volatile state of global politics; calls upon the EU to keep communication channels open with different stakeholders and to continue to develop a comprehensive toolbox to strengthen human rights and democracy globally;

    EU action plan on human rights and democracy

    8. Observes that the EU and its Member States have made substantial progress in implementing the EU action plan on human rights and democracy, although they have not reached all of its goals, in part also due to the unprecedented challenges the world has experienced since its adoption; welcomes, in this sense, the extension of the action plan until 2027, with a view to maximising the synergies and complementarity between human rights and democracy at local, national and global levels;

    EU Special Representative (EUSR) for Human Rights

    9. Fully supports the work of the EUSR for Human Rights in contributing to the visibility and coherence of the EU’s human rights actions in its external relations; upholds the EUSR’s central role in the EU’s promotion and protection of human rights by engaging with non-EU countries and like-minded partners; underlines the need for close cooperation between the EUSR for Human Rights and other EUSRs and Special Envoys in order to further improve this coherence, and calls for greater visibility for the role of the EUSR for Human Rights; calls for the EUSR to be supported in his work with increased resources and better coordination with EU delegations around the world; regrets, despite continuous calls, Parliament’s exclusion from the process of selecting the EUSR; insists on the need for the EUSR to report back to Parliament regularly;

    Neighbourhood, Development and International Cooperation Instrument – Global Europe and the human rights and democracy thematic programme

    10. Recalls the fundamental role of the Neighbourhood, Development and International Cooperation Instrument (NDICI) – Global Europe, including its thematic programme on human rights and democracy, as a flagship EU instrument in promoting and protecting human rights and democracy around the world; highlights the need to engage with civil society in all the EU’s relevant external activities, including the Global Gateway Strategy which is financed through the NDICI-Global Europe; reiterates the importance of streamlining a human-rights based approach in the EU’s external action instruments; underlines Parliament’s role in the instrument’s programming process and calls on the Commission and the EEAS to share all relevant information in a timely manner in order to enable Parliament to play its role accordingly, in particular during high-level geopolitical dialogues with the Commission and in the mid-term review process as well as in its resolutions; calls on the EEAS and the Commission to ensure that a response is provided to the recommendation letters following each geopolitical dialogue and each resolution; urges the Commission to develop and launch a comprehensive, centralised website dedicated to the NDICI-Global Europe, including information on all the multiannual indicative programmes, detailing their respective budgets, associated actions and the financial allocations they are backing, organised both by country and by theme; notes that the NDICI-Global Europe and all future instruments must focus on the fundamental drivers of ongoing challenges, including the need to strengthen the resilience of local communities and democracy support activities by supporting economic development;

    11. Calls for independent, ex ante assessments to determine the possible implications and risks of projects with regard to human rights, in line with Article 25(5) of  Regulation (EU) 2021/947; calls for independent human rights monitoring throughout the implementation of projects in third countries, especially in relation to projects entailing a high risk of violations; calls for a suspension of projects that (in)directly contribute to human rights violations in non-EU countries; reiterates the prohibition on allocating EU funds to activities that are contrary to EU fundamental values, such as terrorism or extremism; calls on the Commission to share all human rights-related assessments with Parliament in a proactive manner;

    EU trade and international agreements

    12. Reiterates its call to integrate human rights assessments and include robust clauses on human rights in agreements between the EU and non-EU countries, supported by a clear set of benchmarks and procedures to be followed in the event of violations; calls on the Commission and the EEAS to ensure that the human rights clauses in current international agreements are actively monitored and effectively enforced and to improve their communication with Parliament concerning considerations and decisions regarding this enforcement; reiterates that in the face of persistent breaches of human rights clauses by its partner countries, including those related to the Generalised Scheme of Preferences Plus programme, the EU should react swiftly and decisively, including by suspending the agreements in question if other options prove ineffective; calls for the EU Ombudsman’s recommendation concerning the creation of a complaint-handling portal to be implemented, within the framework of EU trade and financial instruments, or for the Commission’s Single Entry Point to be adapted to allow complaints regarding failure to comply with human rights clauses to be submitted; calls on the EU institutions to engage regularly with the business community and civil society in order to strengthen the links between international trade, human rights and economic security; calls for the EU to ensure human rights promotion and protection through its Global Gateway investments and projects, by ensuring that they do no harm;

    EU human rights dialogues

    13. Stresses the important role of human rights dialogues within the EU’s human rights toolbox and as a key vehicle for the implementation of the EU action plan on human rights and democracy; highlights that these dialogues must address the overall situation of human rights and democracy with the relevant countries; notes that human rights dialogues should be seen as a key element of sustained EU engagement and not as a free-standing instrument, and that the persistent failure of non-EU countries to genuinely engage in dialogues and to implement key deliverables should lead to the use of other appropriate foreign policy tools; recalls that these dialogues need to be used in conjunction and synergy with other instruments, using a more-for-more and a less-for-less approach; reiterates the need to raise individual cases, in particular those of Sakharov Prize laureates and those highlighted by Parliament in its resolutions, and ensure adequate follow-up; calls on the EEAS and EU delegations to increase the visibility of these dialogues and their outcomes, ensuring that they are results-oriented and based on a clear set of benchmarks that can be included in a published joint press statement, and to conduct suitable follow-up action on it; calls for the enhanced and meaningful involvement of civil society in the dialogues; stresses that genuine CSOs must not be impeded from participating in human rights dialogues and that any dialogue must include all genuine CSOs without any limitations;

    EU Global Human Rights Sanctions Regime (GHRSR – EU Magnitsky Act)

    14. Welcomes the increasing use of the EU GHRSR as a key political tool in the EU’s defence of human rights and democracy across the world; regrets, however, that its use has continued to be limited, especially in the current geopolitical landscape; notes, however, the challenges that the requirement of unanimity poses in the adoption of sanctions and reiterates its call on the Council to introduce qualified majority voting for decisions on the GHRSR; recalls, in this regard, the formal request submitted by Parliament to the Council in 2023, on calling an EU reform convention, with the aim, among others, of increasing the number of decisions taken by qualified majority; calls for a stronger use of the GHRSR and other ad hoc sanctions regimes on those responsible for serious violations of human rights and international humanitarian law, including high-level officials; fully supports the possibility of imposing targeted anti-corruption sanctions within the EU framework in this regard, which has been a long-standing priority of Parliament, whether through its inclusion in the GHRSR or under a different regime; highlights the need for the complete enforcement of sanctions and calls for circumventions to be tackled;

    Democracy support activities

    15. Reiterates its concern regarding the increasing attacks by authoritarian and illiberal regimes on democratic principles, values and pluralism; stresses that the defence and support of democracy around the world is increasingly becoming of geopolitical and strategic interest; emphasises the importance of Parliament’s efforts in capacity-building for partner parliaments, promoting mediation and encouraging a culture of dialogue and compromise, especially among young political leaders, and empowering women parliamentarians, HRDs and representatives from civil society and independent media; reiterates its call on the Commission to continue and expand its activities in these areas by increasing funding and support for EU bodies, agencies and other grant-based organisations; stresses the critical importance of directly supporting civil society and persons expressing dissenting views, particularly in the current climate of growing global tensions and repression in increasing numbers of countries; reiterates the importance of EU election observation missions and Parliament’s contribution to developing and enhancing their methodology; calls for the development of an EU toolbox to be used in cases of disputed or non-transparent election results in order to prevent political and military crises in the post-election environment; calls for enhanced EU action to counter manipulative and false messages against the EU in election campaigns, in particular in countries that receive significant EU humanitarian and development assistance and in countries that are candidates for EU membership; calls for enhanced collaboration between Parliament’s Democracy Support and Election Coordination Group, the relevant Commission directorates-general and the EEAS;

    EU support for human rights defenders

    16. Is extremely concerned by the continuing restriction of civil society space and rising threats to the work of HRDs and members of CSOs, as well as their families, communities and lawyers, and finds particularly concerning the increasingly sophisticated means used to persecute them; strongly condemns their arbitrary detentions and killings; deplores the harassment of CSOs through legislative provisions such as foreign agents laws and similar, and other restrictions they face; deplores the fact that women HRDs continue to face relentless and ever more sophisticated violations against them, including targeted killings, physical attacks, disappearances, smear campaigns, arrests, judicial harassment and intimidation; notes with concern that these attacks seem designed to systematically silence women HRDs and erase their voices from the public sphere; supports wholeheartedly the work of HRDs and EU action to ensure their protection worldwide; underscores the pressing need for a comprehensive and timely revision of the EU Guidelines on HRDs, with a view to addressing the emerging challenges and threats, and to ensuring their applicability and effectiveness in the protection of HRDs globally, while integrating gender-sensitive and intersectional approaches in the updated Guidelines, reflecting the diverse backgrounds and experiences of HRDs, and taking into account the specific vulnerabilities they may face; calls for the complete and consistent application of the EU Guidelines on HRDs by the EU and its Member States; calls for efforts to enhance communication strategies to increase the visibility of EU actions and channels for the protection of and the support mechanisms for HRDs;

    17. Raises serious concerns over the increasing phenomenon of transnational repression against HRDs, journalists and civil society; calls for the formulation of an EU strategy harmonising national responses to transnational repression;

    18. Expresses deep concern regarding the increasingly precarious financial landscape faced by HRDs and communities advocating for rights, particularly within a global context characterised by intensifying repression; notes that, as a result of the current geopolitical context, HRDs’ need for support has increased; calls, therefore, for the EU and its Member States to make full use of their financial support for HRDs, ensuring the establishment of flexible, accessible and sustained funding mechanisms that enable these defenders to continue their vital work in the face of mounting challenges;

    19. Insists that the EEAS, the Commission and the EU delegations pay particular attention to the situation of the Sakharov Prize laureates and finalists at risk and take resolute action, in coordination with the Member States and Parliament, to ensure their well-being, safety or liberation;

    20. Welcomes the update of the EU Visa Code Handbook in relation to HRDs and calls for its full and consistent application by the Member States; reiterates its call for the Commission to take a proactive role in the establishment of a coordinated approach among the Member States for HRDs at risk, for instance streamlining visa procedures and promoting harmonisation in the EU’s visa application process;

    Combating impunity and corruption

    21. Underlines that both impunity and corruption enable and aggravate human rights violations and abuses and the erosion of democratic principles; welcomes the anti-corruption actions in EU external policies in the joint communication from the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 3 May 2023 on the fight against corruption (JOIN(2023)0012); supports the anti-corruption provisions included in the EU trade agreements with non-EU countries; stresses the important role of civil society and journalists in non-EU countries in the oversight of the fight against impunity and corruption; calls for the EU and its Member States to increase their efforts in justice reforms, the fight against impunity, and the improvement of transparency and of anti-corruption institutions in non-EU countries; encourages the EU and its Member States to coordinate more closely with allies and partners wherever possible in order to counter systemic corruption that enables autocrats to maintain power, deprives societies of key resources and undermines democracy, human rights and the rule of law;

    22. Insists on the need for the EU to take clear steps to recognise the close link between corruption and human rights violations in order to target economic and financial enablers of human rights abusers;

    EU actions at multilateral level

    23. Reaffirms that promoting the respect, protection and fulfilment of human rights around the world requires strong international cooperation at a multilateral level; underlines the particularly important role of the UN and its bodies as the main forum which must be able to effectively advance efforts for peace and security, sustainable development and respect for human rights and international law; calls for the EU and its Member States to continue supporting the work of the UN, its agencies and special procedures, both politically and financially, to ensure that it is fit for purpose, and to push back against the influence of authoritarian and totalitarian regimes; stresses that the current multilateral order needs to fully incorporate into its architecture the new global actors, especially those focusing on democracy and human rights; reiterates the need for the EU and its Member States to speak with one voice at the UN and in other multilateral forums in order to effectively tackle global challenges to human rights and democracy in multilateral forums and to support the strongest possible language in line with international human rights standards; calls, to this end, for progress in ensuring that the EU has a seat in international organisations, including the UN Security Council, in addition to the existing Member States’ seats; calls for EU delegations to play a stronger role in multilateral forums, for which they should have appropriate resources available;

    24. Is deeply concerned by growing attacks against the rules-based global order by authoritarian and totalitarian regimes, including through unprovoked and unjustified aggression against peaceful neighbours and through the undermining of the functioning of UN bodies, namely the abuse of veto power at the UN Security Council; underlines that the diminished effectiveness of these bodies brings with it real costs in terms of conflicts, lives lost and human suffering, and seriously weakens the general ability of countries to deal with global challenges; calls on the Member States and like minded partners to develop a robust strategy and to intensify their efforts to reverse this trend and to send a united and strong message of support to those organisations when they are attacked or threatened; believes that the UN, its bodies, and other multilateral organisations are in need of reform, in order to address these growing challenges and threats;

    25. Reiterates the strong support of the EU for the International Court of Justice and the ICC as essential, independent and impartial jurisdictional institutions amid a particularly challenging time for international justice; recalls that a well-funded ICC is essential for the effective prosecution of serious international crimes; welcomes the political and financial support the EU has given to the ICC, including the Office of the Prosecutor (OTP) of the ICC, and the launch of the ‘Global initiative to fight against impunity for international crimes’ offering financial support to CSOs dedicated to fostering justice and accountability for international crimes and serious human rights violations, including by facilitating survivors’ participation in legal proceedings; calls for the EU and its Member States to continue and intensify their support to the ICC – including to the ICC Trust Fund for Victims – with the necessary means, including resources and political backing, and to use all instruments at their disposal to combat impunity worldwide and enable the ICC to fulfil its mandate effectively; calls on all the Member States to respect and implement the actions and decisions of the International Court of Justice and all organs of the ICC, including the OTP and the Chambers, to urge other countries to join and cooperate with the court, including to enforce ICC arrest warrants, and to support their work as an independent and impartial international justice institution everywhere in the world; regrets the failure of some ICC member states to execute ICC arrest warrants, thereby undermining the court’s work; calls for the EU to urge non-EU countries, including its major partners, to recognise the ICC and become a state party to the Rome Statute;

    26. Stresses the importance of not politicising the ICC, as trust in the court is eroded if its mandate is misused; condemns, in particular and in the most critical terms, the political attacks, sanctions and other coercive measures introduced or envisaged against the ICC itself and against its staff; calls on the Member States and the EU institutions to cooperate to work on solutions in order to protect the institution of the ICC and its staff from any future sanctions that would threaten the functioning of the court;

    27. Recognises universal jurisdiction as an important tool of the international criminal justice system to prevent and combat impunity and promote international accountability; calls on the Member States to apply universal jurisdiction in the fight against impunity;

    28. Calls for the EU and its Member States to lead the global fight against all forms of extremism and welcomes the adoption of an EU strategy to this end; demands that the fight against terrorism be at the top of the EU’s domestic and foreign affairs agenda;

    Upholding international humanitarian law

    29. Notes with concern the increasing disregard for international humanitarian law and international human rights law, particularly in the form of ongoing conflicts around the world; strongly condemns the increase in deliberate, indiscriminate and disproportionate attacks on civilians and civilian objects in multiple conflict settings; underlines that it is of the utmost importance that all UN and humanitarian aid agencies are able to provide full, timely and unhindered assistance to all people in vulnerable situations and calls on all parties to armed conflicts to fully respect the work of these agencies and ensure they can meet the basic needs of civilians without interference; denounces attempts to undermine UN agencies delivering humanitarian aid; urges all parties to armed conflicts to protect civilian populations, humanitarian and medical workers, and journalists and media workers; calls on all parties to armed conflicts to respect the legitimacy and inviolability of UN peacekeeping missions; calls on all states to unconditionally and fully conform with international humanitarian law; calls on the international community, and the Member States in particular, to promote accountability and the fight against impunity for grave breaches of international humanitarian law; calls for the systematic creation of humanitarian corridors in regions at war and in combat situations, whenever necessary, in order to allow civilians at risk to escape conflicts, and strongly condemns any attacks on them; demands unhindered access for humanitarian organisations monitoring and assisting prisoners of war, as provided for in the Geneva Convention on Prisoners of War; expects international organisations to abide by international law regarding the treatment of prisoners of war; calls for international cooperation and assistance in the return of forcibly deported persons, in particular children and hostages;

    30. Reiterates its call on the Member States to help contain armed conflicts and serious violations of human rights or international humanitarian law by strictly abiding by the provisions of Article 7 of the UN Arms Trade Treaty of 2 April 2013 on Export and Export Assessment and Council Common Position 2008/944/CFSP of 8 December 2008 defining common rules governing control of exports of military technology and equipment;

    31. Given the gendered impacts of armed conflicts, deplores the insufficient priority and focus given to sexual and gender-based violence and to sexual and reproductive health and rights (SRHR) across the EU’s humanitarian and refugee response; reiterates that humanitarian crises intensify SRHR- and gender-related challenges and recalls that in crisis zones, particularly among vulnerable groups such as refugees and migrants, women and girls are particularly exposed to sexual violence, sexually transmitted diseases, sexual exploitation, rape as a weapon of war and unwanted pregnancies; calls on the Commission and the Member States to give high priority to gender equality and SRHR in their humanitarian aid and refugee response, as well as accountability and access to justice and redress for sexual and reproductive rights violations and gender-based violence, including in terms of training for humanitarian actors, and existing and future funding;

    Team Europe approach

    32. Recognises the potential for stronger alignment in approaches to human rights protection and promotion between EU institutions, Member States’ embassies and EU delegations in non-EU countries, particularly in encouraging those countries to comply with their international obligations and to refrain from harassment and persecution of critical voices; emphasises the opportunity for Member States’ embassies to take an increasingly active role in advancing and safeguarding human rights, while also supporting civil society in these countries; calls for the EU and its Member States to use all possible means to urge countries to release political prisoners; highlights the importance of shared responsibility between Member States and EU delegations in these efforts; calls for the EU and its Member States to intensify their collective efforts to promote the respect, protection and fulfilment of human rights and to support democracy worldwide; encourages careful monitoring and assessment of the capacity of EU delegations to ensure that each one has a designated point of contact for cases of human rights violations, and that this mandate is allocated sufficient resources to respond in an effective and timely manner; reiterates, in this context, the importance, for the EU delegations, of existing EU guidelines related to specific areas of human rights;

    Responding to universal human rights and democracy challenges

    Right to freedom from torture and other cruel, inhuman or degrading treatment or punishment

    33. Condemns any action or attempt to legalise, instigate, authorise, consent or acquiesce to torture and other cruel, inhuman or degrading treatment or punishment methods under any circumstances; condemns the increasing reports of the use of torture by state actors in many different contexts, including in custodial and extra-custodial settings – of political prisoners, among others – and in conflict situations around the world, notably in violation of the Geneva Convention on Prisoners of War, as well as the killing of prisoners of war, which amounts to a war crime, and reiterates the non-derogable nature of the right to be free from torture or other forms of inhuman or degrading treatment; reiterates the EU’s zero-tolerance policy to torture and other ill-treatment and calls on the relevant institutions, including the European Court of Human Rights, to take a thorough stance on any such case;

    34. Reiterates its calls for universal ratification of the UN Convention against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment and its Optional Protocol thereto, and for the need for states to bring their national provisions in this respect in line with international standards; reiterates, in accordance with the revised Guidelines on the EU’s policy towards third countries on torture and other cruel, inhuman or degrading treatment or punishment, adopted by the Council on 16 September 2019, the importance of engaging with relevant stakeholders in the fight to eradicate torture, and to monitor places of detention;

    Right to freedom of peaceful assembly and association

    35. Reiterates the need to protect the EU democratic space and the exercise of fundamental freedoms therein, particularly freedoms of assembly and association; highlights the growing violent repression of protest and peaceful assemblies within the EU civic space, with cases of torture and ill-treatment resulting in deaths and other serious violations; underscores the need to strengthen this fundamental right in conjunction with the absolute prohibition of torture and ill-treatment;

    Right to food, water and sanitation

    36. Recalls that the right to food, including having physical and economic access to adequate food or the means to its procurement, is a human right; is extremely concerned about the challenges to the right to food worldwide, especially in situations of war and conflicts; condemns the increasing reports of the weaponisation of food in situations of armed conflict; calls for the EU and its Member States to promote mandatory guidelines on the right to food without discrimination within the UN system; urges the EU and the Member States to fully support, politically and financially, organisations and agencies working to secure the right to food in conflict zones; recalls the importance of the UN Declaration on the Rights of Peasants and Other People Working in Rural Areas in view of attaining food security; commends the work of the UN World Food Programme, in this regard;

    37. Reaffirms the rights to safe drinking water and to sanitation as human rights, both rights being complementary; underlines that access to clean drinking water is indispensable to a healthy and dignified life and is essential for the maintenance of human dignity; highlights the fact that the right to water is a fundamental precondition for the enjoyment of other rights, and as such must be guided by a logic grounded in the public interest, and in common public and global goods; underscores the importance of the EU Guidelines on safe drinking water and sanitation, and urges the EU institutions and the Member States to implement and promote their application in non-EU countries and in multilateral forums;

    Climate change and the environment

    38. Highlights that climate change and its impact on the environment has direct effects on the effective enjoyment of all human rights; recognises the important work of CSOs, indigenous peoples and local communities, land and environmental HRDs and indigenous activists for the protection of a clean, healthy and sustainable environment, including access to land and water sources; deplores the risks that environmental HRDs and indigenous activists face and calls for their effective protection to be guaranteed; notes that communities contributing the least to climate change are the ones more likely to be affected by climate risks and natural disasters and calls, in this regard, for increasing support to the most vulnerable groups; recalls that indigenous peoples and local communities play an important role in the sustainable management of natural resources and the conservation of biodiversity; recalls that the transition to clean energy must be fair and respect everyone’s fundamental rights; reiterates the importance of the achievement of the UN sustainable development goals (SDGs) for the protection of the human rights of present and future generations;

    39. Notes with deep concern the increasing threats to a clean, healthy and sustainable environment posed by the deployment of weapons of mass destruction and other forms of warfare that adversely and disproportionately affect the environment; stresses the need to effectively address the displacement of people caused by environmental destruction and climate change, which increases the risk of human rights violations and heightens vulnerabilities to different forms of exploitation; recognises that children face more acute risks from climate-related disasters and are also one of the largest groups to be affected; calls for the EU to focus on addressing the impacts of climate change on the enjoyment of the rights of the child;

    Rights of the child

    40. Calls for a systematic and consistent approach to promoting and defending children’s rights, including for those most marginalised and those in the most vulnerable situations, through all of the EU’s external policies; calls for more concerted efforts to promote the respect, protection and fulfilment of children’s rights in crisis or emergency situations; condemns the decline in respect for the rights of the child and the increasing violations and abuses of these rights, including through violence, early and forced marriage, sexual abuse including genital mutilation, trafficking, child labour, honour killings, recruitment of child soldiers, lack of access to education and healthcare, malnutrition and extreme poverty; further condemns the increase in deaths of children in situations of armed conflict and stresses the need for effective protection of children’s rights in active warfare; calls for new EU initiatives to promote and protect children’s rights, with a view to rehabilitating and reintegrating conflict-affected children, ensuring that they have a protected, family- and community-based environment as a natural context for their lives, in which assistance and education are fundamental elements; reiterates its call for a systematic and consistent approach to promoting and defending children’s rights through all EU external policies; calls on all countries to ratify the UN Convention on the Rights of the Child as a matter of urgency, in order to allow for the universal ratification of this foundational instrument;

    41. Stresses the importance of closing the financing gap that would enable countries to meet their SDG 4 targets on quality education and ensure access to education for all children and young people; reiterates its calls to address cultural norms and gender biases that prevent girls and women from receiving an education and urges the creation of gender-responsive education systems worldwide;

    42. Stresses that education represents the starting point for cultivating principles and values that contribute to the personal development of children, as well as to social cohesion and democracy, and the rule of law around the world; to that end calls for the EU to promote its values through supporting access to education and learning for women and girls;

    Rights of women and gender equality

    43. Stresses that women’s rights and gender equality are indispensable and indivisible human rights, as well as a basis for the rule of law and inclusive resilient democracies; deplores the fact that millions of women and girls continue to experience discrimination and violence, especially in the context of conflicts, post-conflict situations and displacements, and are denied their dignity, autonomy and even life; condemns the impunity with which perpetrators commit violations against women HRDs; is appalled by the use of rape and sexual violence as a weapon of war and stresses the need to shed light on these instances, and for better international cooperation on fighting impunity for these crimes; calls for the EU, its Member States and like-minded partners to step up their efforts to ensure the full enjoyment and protection of women’s and girls’ human rights, and to incorporate a gender mainstreaming approach across all policies, taking into account the differentiated impacts of global challenges such as climate change or conflicts; condemns in the strongest terms the increasing attacks on SRHR around the world, as well as gender-based violence; strongly deplores cases of female genital mutilation, honour killings, child marriages and forced marriages; welcomes the accession of the EU to the Istanbul Convention and strongly encourages the remaining EU Member States to ratify the Istanbul Convention without further delay; calls for the EU and its international partners to strengthen their efforts to ensure that women fully enjoy human rights and are treated equally to men; emphasises the importance of safeguarding the rights of women, ensuring that their health, safety and dignity are protected, particularly in the context of healthcare access and workplace protections; underlines the need to keep opposing and condemning, in the strongest terms, anti-abortion laws that punish women and girls with decades-long jail sentences, even in cases of rape, incest or when the life of the pregnant woman is at risk; stresses the need to pursue efforts to fully eradicate the practice of female genital mutilation; fully supports the role of the EU Ambassador for Gender and Diversity;

    44. Recognises that gender apartheid constitutes a systematic and institutionalised form of oppression, depriving women and girls of fundamental rights solely on the basis of their gender; notes with deep concern the entrenchment of gender apartheid in certain regions, where women face extensive restrictions on education, employment, healthcare and freedom of movement, often underpinned by legal and cultural frameworks that reinforce gender-based discrimination; urges the EU and the Member States to proactively address gender apartheid through strengthened diplomatic efforts, targeted economic measures and accountability mechanisms that support civil society organisations advocating for gender equality; calls for the formal recognition of gender apartheid as a distinct human rights violation and for support for international initiatives for its classification as a crime against humanity, thus contributing to the establishment of a global accountability standard;

    Rights of refugees and asylum seekers

    45. Denounces the erosion of the human rights and the safety of refugees, asylum seekers and forcibly displaced persons; reaffirms their inalienable human rights and fundamental right to seek asylum; recalls the obligation of states to protect them in accordance with international law; underlines the importance of identification and registration of individuals, including children, as a key tool for protecting refugees and ensuring the integrity of refugee protection systems, preventing human trafficking and the recruitment of children into armed militias; calls for the EU and its Member States to effectively uphold their rights in the EU’s asylum and migration policy and in the EU’s cooperation with partner countries in this regard; deplores the increasing xenophobia, racism and discrimination towards migrants, as well as the different forms of violence they face, including during their displacement, and the many barriers they face, including in access to healthcare; condemns the instrumentalisation of migration at EU borders by foreign actors, which constitutes hybrid attacks against the Member States as well as a dehumanisation of migrants; stresses that the EU should step up its efforts to acknowledge and develop ways to address the root causes of irregular migration and forced displacement, building the resilience of migrants’ communities of origin and helping them offer their members the possibility to enjoy a decent life in their home country; calls for the EU and its Member States to continue and, where possible, step up their support for countries hosting the most refugees, as well as for transit countries; reiterates that close cooperation and engagement with non-EU countries, with full respect for fundamental rights, remain key to preventing migrant smuggling; stresses, in this regard, that the dissemination of information and awareness-raising campaigns on the risks of smuggling are crucial, as well as of the migration laws of the destination countries, in order to prevent the undertaking of unnecessarily risky journeys by those who do not have grounds for asylum; calls for EU-funded humanitarian operations to take into consideration the specific needs and vulnerabilities of children and to ensure their protection while they are displaced; underlines the importance of developing an effective framework of safe and legal pathways to the EU and welcomes, in this regard, the Commission communication on attracting skills and talent to the EU[11], including the development of talent partnerships with partner countries; calls for respect for the principle of non-refoulement to countries where the life and liberty of people would be threatened; calls for the EU and its Member States to discuss the phenomenon of instrumentalised migration orchestrated by authoritarian regimes and organised crime groups, and emphasises the need to conduct a comprehensive analysis of this phenomenon, develop effective countermeasures, and consider its implications for the human rights framework;

    46. Reaffirms that no agreement with a non-EU country designated as a transit country should be concluded without Parliament’s scrutiny, and calls on the Commission and the Member States to include robust human rights clauses, monitoring mechanisms and impact assessments therein; reiterates its call on the Commission to integrate ex ante human rights impact assessments into such agreements;

    Rights of LGBTIQ+ persons

    47. Deplores the human rights violations, including discrimination, persecution, violence and killings, against lesbian, gay, bisexual, trans, non-binary, intersex and queer (LGBTIQ+) persons around the world; is extremely concerned by the spreading of hatred and anti-LGBTIQ+ narratives and legislation that target LGBTIQ+ persons and HRDs; calls for the adoption of policies that protect LGBTIQ+ people and give them the tools to safely report a violation of their rights, in line with the EU Guidelines to Promote and Protect the Enjoyment of all Human Rights by LGBTI Persons; expresses special concern over LGBTIQ+ people living under non-democratic regimes or in conflict situations, and calls for rapid response mechanisms to protect them as well as their defenders; reiterates its calls for the full implementation of the LGBTIQ Equality Strategy 2020-2025 as the EU’s tool for improving the situation of LGBTIQ+ people around the world; calls for  the use of the death penalty to be rejected under all circumstances, including any legislation that would impose the death penalty for homosexuality; calls for the EU and its Member States to further engage the countries with such legislation in reconsidering their position on the death penalty; notes further that the imposition of the death penalty on the basis of such legislation is arbitrary killing per se, and a breach of Article 6 of the International Covenant on Civil and Political Rights;

    Rights of persons with disabilities

    48. Is concerned by the challenges to the full enjoyment of the rights of persons with disabilities; reiterates its calls for the EU to assist partner countries in the development of policies in support of carers of persons with disabilities; calls for the raising of social awareness and the combating of discriminatory behaviours against persons with disabilities; points to the additional complications faced by persons with disabilities in conflict situations and natural disasters, as they are more vulnerable to violence and often do not receive adequate support; urges all parties to conflict situations worldwide to take adequate measures to mitigate the risks to them as much as possible; emphasises the need to safeguard children with disabilities from any form of exploitation; calls for the EU, in its external policy, to make use of the strategy for the rights of persons with disabilities 2021-2030 as a tool to improve the situation of persons with disabilities, particularly concerning poverty and discrimination, but also problems with access to education, healthcare and employment, and participation in political life; encourages the EU to support partner countries in developing inclusive economic policies that promote accessible vocational training and employment opportunities for persons with disabilities, fostering their full and active economic participation;

    Rights of elderly people

    49. Reiterates its call for the EU and its Member States to develop new avenues to strengthen the rights of elderly people, taking into account the multiple challenges they face, such as age-based discrimination, poverty, violence and a lack of social protection, healthcare and other essential services, as well as barriers to employment; calls for the implementation of specific measures to combat the risk of poverty for older women through increased social support; underlines the work of the UN Open-ended Working Group on Ageing on a legally binding instrument to strengthen the protection of the human rights of older people and calls for the EU and its Member States to consider actively supporting that work; stresses the need for a cross-cutting intergenerational approach in EU policies, in order to build and encourage solidarity between young people and elderly people;

    Right to equality and non-discrimination

    50. Reiterates its condemnation of all forms of racism, intolerance, antisemitism, Islamophobia, persecution of Christians, xenophobia and discrimination on the basis of race, ethnicity, nationality, social class, disability, caste, religion, belief, age, sexual orientation or gender identity; condemns the growing international threat of hate speech and speech that incites violence, including online; reiterates the crucial role of education and dialogue in promoting tolerance, understanding and diversity; calls for the adoption or the strengthening of mechanisms for reporting discriminatory behaviours as well as access to effective legal remedies, to help end the impunity of those who engage in this behaviour;

    Right to life: towards the universal abolition of the death penalty

    51. Reiterates its principled opposition to the death penalty, which is irreversible and incompatible with the right to life and with the prohibition of torture, and a cruel, inhuman and degrading punishment; stresses that the EU must be relentless in its pursuit of the universal abolition of the death penalty as a major objective of its human rights foreign policy; notes that despite the trend in some non-EU countries to take steps towards abolishing the death penalty, significant challenges in this regard still exist; deplores the fact that in other non-EU countries the number of death sentences that have been carried out has reached its highest level in the last five years; reiterates its call for all countries to completely abolish the death penalty or establish an immediate moratorium on the use of the death penalty (sentences and executions) as a first step towards its abolition; urges, in this regard, the EU to intensify diplomatic engagement with countries that continue to practise the death penalty, encouraging dialogue and cooperation on human rights issues and providing support for the development of judicial reforms that could lead towards its abolition;

    Right to freedom of thought, conscience, religion and belief

    52. Reiterates its concern regarding violations of the right to freedom of thought, conscience, religion and belief; is concerned about the worldwide increase in intolerance towards different religious communities; deplores the instrumentalisation of religious or belief identities for political purposes and the exclusion of persons belonging to religious and belief minorities and religious communities, including from political participation, as well as the destruction and vandalism of sites and works of art of cultural and historical value, in certain non-EU countries; stresses that the freedom to choose one’s religion, to believe or not to believe is a human right that cannot be punished; condemns, therefore, the existence and implementation of so-called apostasy laws and blasphemy laws that lead to harsh penalties, degrading treatment and, in some cases, even to death sentences; calls for the abolition of apostasy laws and blasphemy laws; stresses that the Special Envoy for the promotion and protection of freedom of religion or belief outside the EU should be granted more resources so that he can efficiently carry out his mandate; highlights the need for the Special Envoy to continue to work closely and in a complementary manner with the EUSR for Human Rights and the Council Working Party on Human Rights; calls for the EU and its Member States to step up their efforts to protect the right to freedom of thought, conscience, religion or belief, to raise these issues at UN human rights forums and to continue working with the relevant UN mechanisms and committees; calls for the EU to request and consolidate reports by EU delegations on the state of freedom of thought, conscience, religion and belief;

    53. Recalls that most of the drivers of violent conflicts worldwide involve minority grievances of exclusion, discrimination and inequalities linked to violations of the human rights of minorities, as observed by the UN Special Rapporteur on minority issues; stresses the need to mainstream the protection of the rights of minorities and for the development of protection mechanisms at the level of the UN; recalls the obligations of states to protect the rights of their national, ethnic, cultural, religious or linguistic minorities within their respective territories; calls on the Commission to support the protection of the rights of persons belonging to minorities worldwide, including this as a priority under the human rights and democracy thematic programme of the EU’s NDICI-Global Europe;

    Right to freedom of expression, academic freedom, media freedom and the right to information

    54. Emphasises the critical significance of freedom of expression and access to trustworthy and diverse sources of information for sustaining democracy and a thriving civic space; recalls that democracies can only function when citizens have access to independent and reliable information, making journalists key players in the safeguarding of democracy; is therefore seriously concerned about the increasing restrictions on freedom of expression in numerous countries worldwide, particularly for journalists, through censorship, enforced self-censorship, so-called foreign agents laws and the misuse of counter-terrorism or anti-corruption laws to suppress journalists and civil society groups; is concerned by the use of hate speech against journalists, both online and offline, leading to a deterrent effect; raises concerns, additionally, about the physical security of journalists and media workers and their being targeted in conflict zones; notes the number of journalists killed in conflict situations in 2023, according to the Committee to Protect Journalists, has increased alarmingly – by 85 % – since 2022;

    55. Calls urgently for the EU to back trustworthy media and information outlets that promote the accountability of authorities and support democratic transitions, while stressing the need to preserve the principles of pluralism, transparency and independence; highlights the role played by fact checkers in the media landscape, ensuring that the public can trust the information they receive; is concerned that they are therefore major targets for attacks by illiberal regimes that originate and disseminate disinformation, propaganda and fake news; condemns the extensive use of SLAPPs to silence journalists, activists, trade unionists and HRDs globally; welcomes, in this context, the directive designed to shield journalists and HRDs from abusive legal actions and SLAPPs; encourages lawmakers in non-EU countries to develop legislation with the same goal, as part of broader efforts to promote and protect media freedom and pluralism; requests that attacks on media freedom, as well as the persistent and systematic erosion of the right to information, be taken into account in the EU’s monitoring of the compliance of international agreements;

    56. Welcomes the Commission’s plan to finance initiatives that support journalists on legal and practical matters, including beyond the EU, through the European Democracy Action Plan; calls for the EU to strengthen its efforts to aid targeted journalists globally, recalling that independent journalists are on the frontline of the fight against disinformation, which undermines democracies; acknowledges the contribution to achieving this goal of programmes such as the now-defunct Media4Democracy and other EU-funded activities, including those of the European Endowment for Democracy; urges the EU to help make reliable news sources available to more people living in countries that restrict press freedom;

    57. Remains deeply concerned by the deteriorating state of press freedom around the world; condemns the censorship of journalists, HRDs and CSOs through the application of so-called foreign agents laws, as well as other legislative and non-legislative measures adopted by authoritarian and illiberal regimes;

    58. Reaffirms its commitment to protecting and promoting academic freedom as a key component of open and democratic societies; underlines the attacks to academic freedom not only by authoritarian and totalitarian regimes, but also by extreme and populist forces worldwide; calls for the development of benchmarks for academic freedom into institutional quality assurance within academic rankings, procedures and criteria;

    59. Notes with concern that more than half of the world’s population lives within environments of completely or severely restricted levels of academic freedom, which has severe consequences for the right to education, the enjoyment of the benefits of scientific progress and the freedom of opinion and expression; urges the EU and its Member States to step up their efforts to halt censorship, threats or attacks on academic freedom, and especially the imprisonment of scholars worldwide; welcomes the inclusion of academics at risk in the EU Human Rights Defenders Mechanism; calls on the Commission to ensure continued high-level support for the Global Campus of Human Rights, which has provided a safe space for students and scholars who had to flee their countries for defending democracy and human rights;

    Rights of indigenous peoples

    60. Notes with regret that indigenous peoples continue to face widespread and systematic discrimination and persecution worldwide, including forced displacements; condemns arbitrary arrests and the killing of human rights and land defenders who stand up for the rights of indigenous peoples; stresses that the promotion of the rights of indigenous peoples and their traditional practices are key to achieving sustainable development, combating climate change and conserving biodiversity; urges governments to pursue development and environmental policies that respect economic, social and cultural rights, and that are inclusive of indigenous peoples and local populations, in line with the UN SDGs; reiterates its call for the EU, its Member States and their partners in the international community to adopt all necessary measures for the recognition, protection and promotion of the rights of indigenous people, including as regards their languages, lands, territories and resources, as set out in the UN Declaration on the Rights of Indigenous Peoples, including the principle of free, prior and informed consent; calls on all states to ensure that indigenous peoples and local communities are included in the deliberations and decision-making processes of international climate diplomacy; encourages the Commission to continue to promote dialogue and collaboration between indigenous peoples and the EU;

    Right to public participation

    61. Deplores that the right to participate in free and fair elections is not respected in authoritarian, illiberal, and totalitarian regimes; highlights that these regimes conduct fake elections with the aim of entrenching their power, as they lack real political contestation and pluralism; is alarmed by current trends in electoral processes, such as the increasing decline in electoral participation and democratic performance or the growing disputes concerning the credibility of elections; highlights with deep concern the growing interference by some states in other countries’ elections through hybrid tactics; reaffirms the necessity of increasing political representation of women, young people and vulnerable groups and to guarantee the public participation of minorities; underlines that distrust in the electoral process can be exacerbated not only by irregularities but also by public statements, including from participants; emphasises that public perception of electoral process is as crucial as the process itself, as its manipulation can lead to polarisation or targeted attacks; calls on non-EU countries to reinforce their efforts to clearly communicate all the steps of their respective electoral processes and systems, as well as the existing accountability mechanisms in case of irregularities; calls on the EEAS and the Commission to analyse and report to Parliament their initiatives to tackle the challenges posed by articifical intelligence (AI) in electoral processes;

    Human rights, business and trade

    62. Stresses the role of trade as a major instrument to promote and improve the human rights situation in the EU’s partner countries; urges the Commission to improve coordination between the EU’s trade, investment and development policies and prioritise and promote the development of human rights through EU trade policies, including the Generalised Scheme of Preferences Plus; notes, however, that there has been little to no improvement in some of the countries concerned; stresses the responsibilities of states and other actors, such as corporations, to mitigate the effects of climate change, prevent their negative impact on human rights and promote appropriate policies in compliance with human rights obligations; deplores the detrimental effects of some excessive and exploitative business activities on human rights and democracy; welcomes the harmonisation resulting from the adoption of the Directive on corporate sustainability due diligence with binding EU rules on responsible corporate behaviour with regard to human, labour and environmental rights; further welcomes the Regulation on prohibiting products made with forced labour on the Union market[12] and calls for its swift implementation at Member State level; calls for the implementation of the EU Ombudsman’s recommendation concerning the creation of a complaint-handling portal, within the framework of EU trade and financial instruments, and for the adaptation of the Commission’s Single Entry Point to allow for the submission of complaints regarding failures to comply with human rights clauses, which should be accessible, citizen-friendly and transparent; calls for the EU to continue its efforts to eliminate child labour, and forced and bonded labour; stresses the importance of remediation and access to justice measures that are in line with the UN Guiding Principles on Business and Human Rights, including financial and non-financial measures in consultation with the victims; calls on the Council to adopt an ambitious mandate for the EU to engage in the ongoing negotiations on the UN legally binding instrument on business and human rights as soon as possible;

    63. Highlights that in many regions of the world, micro-, small and medium-sized enterprises (MSMEs) are often the driving force of local economies with an increasing number of women running them; underlines that MSMEs account for 90 % of businesses, 60 to 70 % of employment and 50 % of gross domestic product worldwide; highlights the importance of MSMEs in their contribution to the 2030 Agenda and the achievement of the SDGs, namely those on the eradication of poverty and decent working conditions for all;

    Human rights and digital technologies

    64. Is concerned by the threat that AI can pose to democracy and human rights, especially if it is not duly regulated; highlights the need for oversight, robust transparency and appropriate safeguards for new and emergent technologies, as well as a human-rights based approach; welcomes the Council conclusions on Digital Diplomacy of 26 June 2023 to strengthen the EU’s role and leadership in global digital governance, in particular its position as a shaper of the global digital rulebook based on democratic principles; welcomes, in this regard, the adoption of the EU Artificial Intelligence Act which aims to harmonise the rules on AI for protecting human rights, and the advantages that AI can bring to human wellbeing; is deeply concerned about the harmful consequences of the misuse of AI and deepfakes, particularly for women and children; notes with concern the adverse effects of the ‘fake content industry’ on the right to information and press freedom, including the rapid development of AI and the subsequent empowerment of the disinformation industry[13]; condemns the use of new and emerging technologies, such as facial recognition technology and digital surveillance, as coercive instruments and their use in the increasing harassment, intimidation and persecution of HRDs, activists, journalists and lawyers; calls on the Council for the listing under the EUGHRSR of state and non-state actors that are engaging in these practices; notes with concern the rapid development of AI in military applications, as well as the potential development and deployment of autonomous systems that could make life-or-death decisions without human input;

    65. Recalls that the international trade in spyware to non-EU countries where such tools are used against human rights activists, journalists and government critics, is a violation of the fundamental rights enshrined in the Charter;

    66. Welcomes the adoption in May 2024 of the first Council of Europe Framework Convention on Artificial Intelligence and Human Rights, Democracy and the Rule of Law, aimed at ensuring that activities within the entire life cycle of AI systems are fully consistent with human rights, democracy and the rule of law; reiterates the need for greater legislative attention to be paid to the profound changes arising from activities within the life cycle of AI systems, which have the potential to promote human prosperity, individual and social well-being, sustainable development, gender equality, and the empowerment of all women and girls, but also pose the risk of creating or exacerbating inequalities and incentivising cyber and physical violence, including violence experienced by women and individuals in vulnerable situations;

    67. Stresses that the internet should be a place where freedom of expression prevails; considers, nevertheless, that the rights of individuals need to be respected; is of the opinion that, where applicable, what is considered to be illegal offline, should be considered illegal online; expresses concern for the growing number of internet shutdowns; highlights that internet shutdowns are often used by authoritarian regimes, among others, to silence political dissidence and curb political freedom; calls urgently for the EU to combat this alarming phenomenon, including considering allowing EU-based providers to offer safe communication tools to people who have been thereby deprived of online access; urges the EU to take a firm stance against any attempts by tech giants to circumvent or undermine national legal systems and independent court decisions, and to protect democratic principles and implement measures to maintain the integrity of elections, as well as to protect the right to information, especially during electoral periods;

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    68. Instructs its President to forward this resolution to the Council, the Commission, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the European Union Special Representative for Human Rights, the governments and parliaments of the Member States, the United Nations Security Council, the United Nations Secretary-General, the President of the 79th session of the United Nations General Assembly, the President of the United Nations Human Rights Council, the United Nations High Commissioner for Human Rights and the European Union Heads of Delegation.

    EXPLANATORY STATEMENT

    Each year, the European Parliament adopts three annual reports on the EU’s foreign, security and defence, and human rights policies.

     

    The three reports are on:

     

     the implementation of the Common Foreign and Security Policy – annual report 2024 (based on the report of the High Representative of the Union for Foreign Policy to the European Parliament on the Common Foreign and Security Policy) – competence of the AFET Committee,

     Human Rights and Democracy in the world and the European Union’s policy on the matter – annual report 2024 (based on the EU Annual report on Human Rights and Democracy in the World) – competence of the DROI Subcommittee, and

     the implementation of the Common Security and Defence Policy – annual report 2024 (based on the report of the High Representative of the Union for Foreign Policy to the European Parliament on the Common Foreign and Security Policy) – competence of the SEDE Subcommittee.

     

    These reports monitor and assess the implementation of the Common Foreign and Security Policy, including the EU policy on Human Rights and the Common Security and Defence Policy. They are a key component of the European Parliament’s contribution to EU foreign policy making, most notably in regard to the strengthened right of scrutiny conferred to the European Parliament by the Treaty of Lisbon. It is essential that the European Parliament responds to the annual reports issued by other institutions as soon as they are published.

    ANNEX I: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur declares that she has received input from the following entities or persons in the preparation of the report, until the adoption thereof in committee:

    Entity and/or person

    European Partnership for Democracy/International Dalit Solidarity Network

    Clean Clothes Campaign

    Protection International

    Race & Equality

    FIDH – International Federation for Human Rights

    International Partnership for Human Rights

    Cairo Institute for Human Rights Studies

    Front Line Defenders

    Save the Children

    Avocats Sans Frontières

    Center for Reproductive Rights

    Reporters without Borders

    End FGM European Network

     

    The list above is drawn up under the exclusive responsibility of the rapporteur.

     

    Where natural persons are identified in the list by their name, by their function or by both, the rapporteur declares that she has submitted to the natural persons concerned the European Parliament’s Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do ), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

     

    ANNEX II: INDIVIDUAL CASES RAISED BY THE EUROPEAN PARLIAMENT FROM DECEMBER 2023 TO JANUARY 2025

     

    COUNTRY

     

    Individual

    BACKGROUND

    ACTION TAKEN BY THE PARLIAMENT

    AFGHANISTAN

     

    Manizha Seddiqi Ahmad Fahim Azimi

    Sediqullah Afghan, Fardin Fedayee  Ezatullah Zwab

    Manizha Seddiqi, Ahmad Fahim Azimi, Sediqullah Afghan, Fardin Fedayee and Ezatullah Zwab are human rights defenders who have been detained in Afghanistan.

    In its resolution of 14 March 2024, the European Parliament:

     

    – Condemns the arbitrary detention of human rights defenders, including Manizha Seddiqi, Ahmad Fahim Azimi, Sediqullah Afghan, Fardin Fedayee and Ezatullah Zwab;

     

    – Calls for victims of violence against women and girls to be released from prison, where they are being held in inhumane conditions to the detriment of their mental and physical health.

     

    ALGERIA

     

    Boualem Sansal

    French-Algerian writer Boualem Sansal was detained on 16 November 2024 by the Algerian authorities, his whereabouts remained unknown for over a week, during which time he was denied access to his family and legal counsel; he was subsequently charged with national security-related offences under Article 87bis of the Algerian Penal Code, and he is awaiting trial.

    In its resolution of 23 January 2025, the European Parliament:

     

    – Condemns the arrest and detention of Boualem Sansal and calls for his immediate and unconditional release;

     

    – Equally condemns the arrests of all other activists, political prisoners, journalists, human rights defenders and others detained or sentenced for exercising their right to freedom of opinion and expression, including journalist Abdelwakil Blamm and writer Tadjadit Mohamed, and calls for their release;

     

    – Reiterates, as enshrined in the EU-Algeria Partnership Priorities, the importance of the rule of law in order to consolidate freedom of expression; stresses that renewing this agreement must be based upon continued and substantial progress in the aforementioned domains and underscores that all future disbursements of EU funds should consider the progress made in this regard.

     

    AZERBAIJAN

     

    Dr Gubad Ibadoghlu

    Ilhamiz Guliyev

    Ulvi Hasanli Sevinj Vagifgizi

    Nargiz Absalamova

    Hafiz Babali,

    Elnara Gasimova Aziz Orujov

    Rufat Muradli

    Avaz Zeynalli

    Elnur Shukurov

    Alasgar Mammadli

    Farid Ismayilov

     

    Gubad Ibadoghlu, a political economist and opposition figure, was arrested by Azerbaijani authorities in July 2023 and remained in detention until 22 April 2024, when he was transferred to house arrest; his health has deteriorated significantly since his arrest, as a result of torture, inhumane detention conditions and refusal of adequate medical care, thus endangering his life.

     

    Ilhamiz Guliyev, a human rights defender, was arbitrarily arrested on 4 December 2023 on dubious accusations of drug trafficking after he testified as whistleblower about the police tampering with evidence against government critics; he is facing up to 12 years in prison.

     

    Tofig Yagublu, Akif Gurbanov, Bakhtiyar Hajiyev are political prisoners, and Ulvi Hasanli, Sevinj Vagifgizi, Nargiz Absalamova, Hafiz Babali, Elnara Gasimova, Aziz Orujov, Rufat Muradli, Avaz Zeynalli, Elnur Shukurov, Alasgar Mammadli, Farid Ismayilov are human rights defenders and journalists.

    In its resolution of 25 April 2024, the European Parliament:

     

    – Urges Azerbaijan to immediately and unconditionally release Ilhamiz Guliyev; notes that Gubad Ibadoghlu has been released and placed under house arrest and calls on the authorities to lift the travel ban and drop all charges against him; calls on Azerbaijan to urgently ensure that he receives an independent medical examination by a doctor of his own choosing and to allow him to receive treatment abroad;

     

    – Urges Azerbaijan to immediately and unconditionally release all other political prisoners, including Tofig Yagublu, Akif Gurbanov, Bakhtiyar Hajiyev, human rights defenders and journalists Ulvi Hasanli, Sevinj Vagifgizi, Nargiz Absalamova, Hafiz Babali, Elnara Gasimova, Aziz Orujov, Rufat Muradli, Avaz Zeynalli, Elnur Shukurov, Alasgar Mammadli, Farid Ismayilov, as well as EU and other nationals.

     

    AZERBAIJAN

     

    Dr Gubad Ibadoghlu, Anar Mammadli, Kamran Mammadli, Rufat Safarov and Meydan TV

    Political prisoner and 2024 Sakharov Prize finalist Gubad Ibadoghlu remains under house arrest; the European Court of Human Rights ruled that his health condition is critical, requiring hospitalisation and urgent heart surgery.

     

    Civil society leader Anar Mammadli has been in pre-trial detention since April 2024 on bogus charges, with his health deteriorating due to denied healthcare.

     

    In early December 2024, the Azerbaijani authorities arrested MeydanTV journalists Aynur Ganbarova, Aytaj Ahmadova, Khayala Agayeva, Natig Javadli and Aysel Umudova, and journalists Ramin Jabrayilzade and Ahmad Mukhtar; they also arrested Baku Journalism School deputy director Ulvi Tahirov, political leader Azer Gasimli and human rights defender Rufat Safarov; all face unfounded, politically motivated charges.

     

    In its resolution of 19 December 2024, the European Parliament:

     

    – Urges the Azerbaijani authorities to immediately end the crackdown on all dissident groups and unconditionally release and drop all charges against human rights defenders, journalists and political and other activists prosecuted under fabricated, politically motivated charges;

     

    – Demands that the authorities immediately lift the travel ban on Ibadoghlu, unconditionally drop all charges against him and allow him to receive urgent treatment abroad; deplores the fact that Ibadoghlu was not allowed to attend the Sakharov Prize ceremony or connect remotely;

     

    – Calls on Azerbaijan to lift undue restrictions on independent media by aligning its laws on the registration and funding of non-governmental groups and media with Venice Commission recommendations; demands that the authorities end the repression of MeydanTV, ToplumTV, Abaz Media and Kanal13;

     

    – Calls for EU sanctions under its global human rights sanctions regime to be imposed on Azerbaijani officials responsible for serious human rights violations, including Fuad Alasgarov, Vilayat Eyvazov and Ali Naghiyev.

     

    BELARUS

     

    Marina Adamovich, Mikalai Statkevich  Tatsiana Seviarynets, Pavel Seviarynets Daria Losik

    Ihar Losik

    Mikalai Kazlou

    Ryhor Kastusiou Mikalai Statkevich Pavel Seviarynets

    Marina Adamovich, wife of Mikalai Statkevich (political prisoner), Tatsiana Seviarynets, mother of Pavel Seviarynets (political prisoner), and earlier-arrested Daria Losik, wife of Ihar Losik (political prisoner), have suffered interrogations and detentions by the KGB. 

     

    Mikalai Kazlou, Ryhor Kastusiou, Mikalai Statkevich and Pavel Seviarynets, all political prisoners, face isolation, torture, denial of medical care and forced labour.

    In its resolution of 14 December 2023, the European Parliament:

     

    – Strongly condemns the recent wave of mass arrests in Belarus and urges the illegitimate Lukashenka regime to cease repression, especially any gender-based persecution, and reminds the regime of its international obligations;

     

    – Calls for the immediate unconditional release and compensation of all more than 1 400 political prisoners, as well as their families and arbitrarily detained persons, while restoring their full rights.

     

    BELARUS

     

    Mikola Statkevich

    Ales Bialiatski

    Maria Kalesnikava Siarhei Tsikhanouski Viktar Babaryka Maksim Znak

    Pavel Sevyarynets Palina Sharenda-Panasiuk

    Andrzej Poczobut  Ihar Losik

    Former presidential candidate and 2020 Sakharov Prize laureate Mikola Statkevich has been imprisoned on politically motivated charges for 14 years; he is kept in solitary confinement under maximum security; his health is deteriorating and his lawyers and family have been denied information and contact for over 300 days.

     

    Prominent Belarusian political prisoners, including Ales Bialiatski, Maria Kalesnikava, Siarhei Tsikhanouski, Viktar Babaryka, Maksim Znak, Pavel Sevyarynets, Palina Sharenda-Panasiuk, Andrzej Poczobut and Ihar Losik, have been subjected to similar isolation.

    In its resolution of 8 February 2024, the European Parliament:

     

    – Demands the immediate, unconditional release of Mikola Statkevich and all 1 500 political prisoners; calls for the withdrawal of all charges against them, their full rehabilitation and financial compensation for the damage suffered as a result of being deprived of liberty;

     

    – Insists that the prisoners must receive proper medical assistance and access to lawyers, family, diplomats and international organisations, which can assess their condition and provide aid; regrets the inaction of the International Committee of the Red Cross (ICRC) in Belarus;

     

    – Strongly condemns the unjustified, politically motivated sentences and continued repression of Belarusian democratic forces, civil society, human rights defenders, trade unionists, journalists, clergy, political activists and their family members.

     

    CHINA

     

    Ding Yuande

    Ma Ruimei

     

    On 12 May 2023 Falun Gong practitioners Mr Ding Yuande and his wife Ms Ma Ruimei were arrested without a warrant; Ms Ma was released on bail, but was then intimidated by police because of a rescue campaign launched by their son abroad.

     

    Mr Ding was detained with no family visits for eight months; on 15 December 2023 he was sentenced to three years in prison with a CNY 15 000 fine.

    In its resolution of 18 January 2024, the European Parliament:

     

    – Strongly urges the PRC to immediately end the persecution of Falun Gong practitioners and other minorities, including Uyghurs and Tibetans; demands the immediate and unconditional release of Mr Ding and all Falun Gong practitioners in China;

     

    – Calls for the PRC to end domestic and transnational surveillance and control and the suppression of religious freedom; urges the PRC to abide by its obligations under international law and its own constitution to respect and protect human rights.

     

    CHINA

     

    Ilham Tohti

    Gulshan Abbas

    In 2014 Ilham Tohti was convicted of politically motivated charges of ‘separatism’ and sentenced to life imprisonment; he worked to foster dialogue between Uyghurs and Han Chinese; he was awarded the 2019 Sakharov Prize. Gulshan Abbas has been serving a 20-year sentence on fallacious terrorism-related charges relating to activities of her sister, a defender of the human rights of persecuted Uyghurs in the PRC.

     

     

    Gulshan Abbas, is a Uyghur retired doctor, who was forcibly disappeared in retaliation of her sisters public criticism of the treatment of Uyghurs. She has received a 20-year sentence in 2020, for participating in a terrorist organisation.

     

    In its resolution of 10 October 2024, the European Parliament:

     

    – Strongly condemns the PRC’s violations of the human rights of Uyghurs and people in Tibet, Hong Kong, Macau and mainland China;

     

    – Urges the PRC to immediately and unconditionally release Ilham Tohti and Gulshan Abbas, as well as those arbitrarily detained in China and those mentioned by the EU during the 57th session of the UN Human Rights Council, guarantee their access to medical care and lawyers, provide information on their whereabouts and ensure family visiting rights; calls for the EU and the Member States to apply pressure in this respect at every high-level contact;

     

    – Demands that the PRC authorities halt their repression and targeting of Uyghurs with abusive policies, including intense surveillance, forced labour, sterilisation, birth prevention measures and the destruction of Uyghur identity, which amount to crimes against humanity and a serious risk of genocide; calls for the closure of all internment camps;

     

    – Strongly condemns the PRC for not implementing the recommendations of the Office of the High Commissioner for Human Rights (OHCHR); calls on the PRC to allow the OHCHR independent access to XUAR and invites the OHCHR to issue a comprehensive situational update and an action plan for holding the PRC accountable;

     

    – Welcomes the EU’s forced labour regulation and insists on its full implementation; calls on businesses operating in the PRC, particularly in XUAR, to comply with their HR due diligence obligations.

     

    CUBA

     

    José Daniel Ferrer Garcia

     

    Human rights defender and opposition leader José Daniel Ferrer García was detained on 11 July 2021 in the context of widespread protests in Cuba, and has been held in isolation since 14 August 2021; the Cuban regime has imprisoned, harassed and intimidated him for over a decade for his peaceful political activism; since March 2023, he has been held incommunicado and his family have received no information about his health and have been denied the right to visit him.

    In its resolution of 19 September 2024, the European Parliament:

     

    – The Cuban regime holds political prisoners in the most appalling conditions; whereas reports indicate that José Daniel Ferrer is in a critical condition and has been held without access to medical treatment, with inadequate food and in unsanitary conditions, which constitute forms of torture, inhuman or degrading treatment;

     

    – The human rights situation in Cuba is alarming, particularly for dissidents, who are subjected to worrying levels of surveillance and arbitrary detention; whereas the number of political prisoners is unknown but reliable sources state that the regime holds over a thousand prisoners, including minors; whereas among the many political prisoners are Luis Manuel Otero Alcántara and Lizandra Gongora, whose health condition is critical;

     

    – Urges the Cuban regime to immediately and unconditionally release José Daniel Ferrer and all persons politically and arbitrarily detained for exercising their rights to freedom of expression and peaceful assembly;

     

    – Condemns the torture and inhuman, degrading and ill-treatment perpetrated by the Cuban authorities against José Daniel Ferrer and the other political prisoners; calls for the families of victims of the regime’s persecution to be granted immediate access to them, pending their release, and for the victims to be given medical care.

     

    CRIMEA

    Iryna Danylovych, Tofik Abdulhaziiev and Amet Suleymanov

    Crimean journalist and human rights defender Iryna Danylovych was abducted in 2022, accused of possessing explosives and sentenced to 6 years and 11 months of imprisonment; NGO activist Tofik Abdulhaziiev was arrested in 2019 and sentenced to 12 years in a maximum security prison on trumped-up charges, and since 2023 is being held in a prison some 2 700 km away from Crimea; citizen journalist Amet Suleymanov was sentenced to 12 years of prison in 2021.

     

    In its resolution of 19 December 2024, the European Parliament:

     

    – Condemns Russia’s continuous targeting of ethnic Ukrainians and systematic persecution of indigenous Crimean Tatars, which aims to erase their identity, heritage and culture, echoing, for the Crimean Tatars, the genocidal deportations of 1944; considers that Crimea’s future is tied to its recognition as the Crimean Tatars’ historic homeland;

     

    – Condemns the persecution of journalists, civil society activists and human rights defenders and the deportation of civilians including political prisoners from Crimea to penitentiary institutions across Russia, contrary to international law;

     

    – Demands the immediate and unconditional release of Iryna Danylovych, Tofik Abdulhaziiev and Amet Suleymanov and other political prisoners; calls for immediate medical care to be provided; denounces the upholding of verdicts against seriously ill individuals, which constitutes a blatant violation of international human rights standards; calls on the International Committee of the Red Cross and the UN to establish the whereabouts of civilian detainees from Crimea.

     

    DEMOCRATIC REPUBLIC OF THE CONGO

     

    Jean-Jacques Wondo

    Jean-Jacques Wondo, a Belgian-Congolese security, military and political expert, was arrested following a failed coup on 19 May 2024, for which he was accused of being the ‘intellectual perpetrator’, on 13 September 2024, Wondo and 36 others were sentenced to death by a military court.

     

    In its resolution of 23 January 2025, the European Parliament:

     

    – Strongly condemns the sentencing to death of Wondo and others and the grave violations of their right to a fair trial;

     

    – Urges the DRC Government to immediately overturn the death sentences, reinstate a moratorium on executions and take steps towards the full abolition of the death penalty;

     

    –  Expresses deep concern about Wondo’s deteriorating health, calls for him to be given immediate access to medical treatment and insists on his immediate release;

     

    – Calls for systemic reforms to be implemented in the DRC to rebuild the judiciary into an independent, fair and efficient institution that guarantees due process and the protection of fundamental rights.

     

    GREECE

     

    George Karaivaz

    George Karaivaz was a journalist who have been murdered on 9 April 2021.

    In its resolution of 7 February 2024, the European Parliament:

     

    – Is deeply concerned by the failure of law enforcement and the judicial authorities in Greece to make progress in the investigation into the murder of the Greek journalist George Karaivaz on 9 April 2021; notes that two suspects were arrested in April 2023, but otherwise there has not been any discernible activity in the police investigation; strongly urges the authorities to take all the necessary steps towards conducting a thorough and effective investigation, and to bring those involved in the murder, at any level, to justice; urges the authorities to request assistance from Europol.

     

    HONG KONG

     

    Andy Li

    Joseph John

    Andy Li, a pro-democracy activist and key witness in Jimmy Lai’s trial, allegedly confessed, under torture, to conspiracy and collusion with foreign entities.

     

    Joseph John, a HK-Portuguese dual national, is the first extraterritorial application of the NSL to an EU citizen; John was arrested for allegedly posting anti-China social media content and committing, from Europe, incitement to ‘secession’, and was sentenced on 11 April 2024 to five years’ imprisonment.

    In its resolution of 25 April 2024, the European Parliament:

     

    – Urges the HK Government to immediately and unconditionally release Li, John, Lai, Kok Tsz-lun and all other pro-democracy representatives and activists detained for exercising their freedoms and democratic rights, and to drop all charges against them;

     

    – Highlights the SNSO’s undermining of press freedoms; calls on the authorities to stop harassing and prosecuting journalists.

     

    HONG KONG/ CHINA

     

    Jimmy Lai

    Jimmy Lai has been detained since 2020 on trumped-up charges; his trial started in 2023 after various delays; he denied these charges and faces life imprisonment; his British lawyer has been refused permission to represent him. Jimmy Lai a British national since 1996, is a Hong Kong media tycoon, and a known pro- democracy supporter.  Political prisoners in HK endure difficult conditions, often affecting their health, throughout lengthy pre-trial detentions, as with 76-year-old Lai, who has diabetes and has been denied Communion in prison.

     

    45 pro-democracy politicians, activists and journalists were sentenced for subversion, in the ‘Hong Kong 47’ case, for organising unofficial election primaries; their trials were the largest national security trials to date;

     

    In its resolution of 28 November 2024, the European Parliament:

     

    – Condemns the sentencing of pro-democracy activists on national security charges, in violation of international law; calls for the repeal of the NSL and the SNSO; denounces the degradation of basic freedoms in HK;

     

    – Urges the HK Government to immediately and unconditionally release all pro-democracy activists, including Lai and Chung, and to drop all charges against them;

     

    – Calls on the EEAS and the Member States to warn China that its actions in HK will have consequences for EU-China relations; calls on the Council to review its 2020 conclusions on HK and to impose targeted sanctions on John Lee and other HK and Chinese officials responsible for human rights violations, to revoke HK’s favourable customs treatment and review the status of the HK Economic Trade Office in Brussels; urges the Member States to file an ICJ case against China’s decision to impose the NSL on HK and Macau.

     

    IRAN

     

    Pakhshan Azizi and Wrisha Moradi

    Kurdish activists, social worker Pakhshan Azizi and advocate for women’s rights Verisheh (Wrisha) Moradi were sentenced to death for ‘armed rebellion against the state’.

    In its resolution of 23 January 2025, the European Parliament:

     

    – Denounces the Iranian regime’s unrestrained repression of human rights, in particular the targeting of women activists; strongly condemns the death sentence against Pakhshan Azizi and Wrisha Moradi; demands that Iran immediately and unconditionally release all unjustly imprisoned human rights defenders and political prisoners, including Pakhshan Azizi, Wrisha Moradi and at least 56 other political prisoners on death row;

     

    – Calls for the EU and its Member States to increase support for Iranian human rights defenders and expresses its full support and solidarity with Iranians united in the ‘Woman, Life, Freedom’ movement;

     

    – Urges the Iranian authorities to immediately release, safely repatriate and drop all charges against EU nationals, including Olivier Grondeau, Cécile Kohler, Jacques Paris and Ahmadreza Djalali; strongly condemns Iran’s use of hostage diplomacy; calls for the EU and its Member States to undertake joint diplomatic efforts and work collectively towards their release;

     

    – Strongly condemns the murder of Jamshid Sharmahd; urges the Islamic regime in Iran to provide details of the circumstances of his death and for his remains to be immediately returned to his family;

     

    – Reiterates its call on the Council to designate the Islamic Revolutionary Guard Corps a terrorist organisation and to extend EU sanctions to all those responsible for human rights violations, including Supreme Leader Ali Khamenei, President Masoud Pezeshkian, Judiciary Chief Gholam-Hossein Mohseni-Eje’i, Prosecutor-General Mohammad Movahedi-Azad and Judge Iman Afshari;

     

    – Urges the Iranian authorities to provide the UN Special Rapporteur on the human rights situation in Iran and the UN fact-finding mission with full, unimpeded access to enact their mandates.

     

    KYRGYZSTAN

     

    Temirlan Sultanbekov

    Temirlan Sultanbekov is the leader of the Kyrgyzstan Social Democrats party (SDK), he and other party officials have been arrested for vote-buying allegations, with an audiotape of unknown origin serving as the primary evidence, for which the judicial authorisation is unclear and its connection with the detainees unknown.

    In its resolution of 19 December 2024, the European Parliament:

     

    – Urges the Kyrgyz authorities to immediately release Mr Sultanbekov and other party officials and adopt alternative measures to detention, while respecting their right to due process in line with the civil and political rights guaranteed under the Kyrgyz constitution and international obligations; calls on the authorities to ensure his safety and well-being;

     

    – Urges the Kyrgyz government to halt its campaign of intimidation and legal persecution against opposition parties, independent media outlets and journalists; is concerned by the adoption of the Russian-style ‘foreign agents’ law; urges the Kyrgyz authorities to drop all charges against human rights defenders, including Makhabat Tazhibek Kyzy, Azamat Ishenbekov, Aktilek Kaparov and Ayke Beishekeeva, journalists from the Temirov Live and Ait Ait Dese channels.

     

    RUSSIA

     

    Alexei Navalny

    Vladimir Kara-Murza

    Yuri Dmitriev

    Ilya Yashin

    Alexei Gorinov

    Lilia Chanysheva Ksenia Fadeeva, Vadim Ostanin

    Daniel Kholodny Vadim Kobzev

    Igor Sergunin

    Alexei Liptser Viktoria Petrova Maria Ponomarenko Alexandra Skochilenko

    Svetlana Petriychuk Evgenia Berkovich Dmitry Ivanov

    Ioann Kurmoyarov Igor Baryshnikov Dmitry Talantov Alexei Moskalev

    Oleg Orlov

    Boris Kagarlitsky

    Ivan Safronov

     

    Alexei Navalny, a prominent Russian political figure and the 2021 laureate of the Sakharov Prize for Freedom of Thought, perished in a Siberian penal colony north of the Arctic Circle while serving a unfounded, politically motivated prison sentence. He had been in detention since 17 January 2021, the date on which he returned to Russia following medical rehabilitation after an attempted state-sponsored assassination using the internationally banned nerve agent Novichok; he had previously been detained and arrested many times and had been sentenced, on fabricated and politically motivated grounds, to long prison terms in evident attempts to stop his political activities and anti-corruption campaigns.

     

    Vladimir Kara-Murza, Yuri Dmitriev, Ilya Yashin, Alexei Gorinov, Lilia Chanysheva, Ksenia Fadeeva, Vadim Ostanin, Daniel Kholodny, Vadim Kobzev, Igor Sergunin, Alexei Liptser, Viktoria Petrova, Maria Ponomarenko, Alexandra Skochilenko, Svetlana Petriychuk, Evgenia Berkovich, Dmitry Ivanov, Ioann Kurmoyarov, Igor Baryshnikov, Dmitry Talantov, Alexei Moskalev, Oleg Orlov, Boris Kagarlitsky and Ivan Safronov are political prisoners.

     

    In its resolution of 29 February 2024, the European Parliament:

     

    – Strongly condemns the murder of Alexei Navalny; expresses its wholehearted condolences to his family, associates and colleagues, and to his countless supporters across Russia; expresses its full support to Yulia Navalnaya in her determination to continue the work started by Alexei Navalny with her support, and to the Anti-Corruption Foundation founded by Navalny, which is continuing its work under the new circumstances;

     

    – Calls on the Russian authorities to drop all arbitrary charges and to immediately and unconditionally release all political prisoners and arbitrarily detained persons.

    TAJIKISTAN

     

    Abdullo Ghurbati Daler Imomali Zavqibek Saidamini Abdusattor Pirmuhammadzoda Ulfatkhonim Mamadshoeva Khushruz Jumayev Khurshed Fozilov

    Manuchehr Kholiknazarov Buzurgmehr Yorov

     

    Abdullo Ghurbati, Daler Imomali, Zavqibek Saidamini, Abdusattor Pirmuhammadzoda, Ulfatkhonim Mamadshoeva, Khushruz Jumayev and Khurshed Fozilov are journalists who have been sentenced to between seven and over 20 years in prison in retaliation for their coverage of social issues and human rights abuses, including in GBAO.

     

    Manuchehr Kholiknazarov and Buzurgmehr Yorov  are human rights lawyers who have been detained.

    In its resolution of 18 January 2024, the European Parliament:

     

    – Strongly condemns the ongoing crackdown, including anti-extremism legislation, against independent media, government critics, human rights activists and independent lawyers; condemns the closure of independent media and websites, including the online media outlets Pamir Daily News, New Tajikistan 2 and Akhbor.com;

     

    – Condemns all politically motivated trials and the lack of fair and public hearings by independent courts; urges the authorities to stop persecuting journalists, immediately and unconditionally release those who have been arbitrarily detained and drop all charges against them, stop the persecution of lawyers defending government critics and release human rights lawyers Manuchehr Kholiknazarov and Buzurgmehr Yorov;

     

    – Urges the government to ensure that detainees have access to adequate healthcare; calls for a thorough investigation into allegations of mistreatment in custody and forced confessions, and those responsible to be brought to justice.

     

    TÜRKIYE

     

    Bülent Mumay

    Bülent Mumay is a Turkish journalist and coordinator of the Istanbul bureau of Deutsche Welle’s Turkish editorial office, was sentenced to 20 months in prison for social media posts about a pro-government company’s seizure of Istanbul Municipality’s subway funds during the AKP administration; his appeal was rejected, and his tweets removed.

    In its resolution of 10 October 2024, the European Parliament:

     

    – Condemns the sentence against Bülent Mumay, which follows a broader pattern of silencing critical journalism; calls on the Turkish authorities to drop the charges against Bülent Mumay, and all arbitrarily detained media workers and journalists, as well as political opponents, human rights defenders, civil servants and academics;

     

      Is deeply concerned about the ongoing deterioration of democratic standards in Türkiye, relentless crackdown on any critical voices and targeting of independent journalists, activists and opposition members amid frequent reports of legal intimidation, censorship and financial coercion as ways to suppress criticism and investigative journalism.

     

    VENEZUELA

     

    Rocío San Miguel

    General Hernández Da Costa 

    Ronald Ojeda

    María Corina Machado

    Juan Freites

    Luis Camacaro Guillermo Lopez Emil Brandt

     

    Rocío San Miguel is a lawyer and human rights activist with Spanish nationality, who got kidnapped by the Venezuelan regime on 9 February 2024, and sentenced on politically motivated grounds of suspected conspiracy against Nicolás Maduro and his regime; she is currently being detained in El Helicoide prison, which is known for human rights abuses, including torture.

     

    Hernández Da Costa has been a political prisoner since August 2018; on 19 February 2024, he was forcibly transferred to El Rodeo 1 prison, designed to detain political prisoners; an unknown number of prisoners, including some EU citizens, were also transferred; the general suffers from medical ailments that require constant treatment, which he is being denied.

     

    Ronald Ojeda was a former political prisoner who escaped the Maduro regime, and got murdered in Chile.

     

    Juan Freites, Luis Camacaro, Guillermo Lopez and Emil Brandt are four campaign coordinators working for the opposition to the regime’s presidential candidate, and have been detained on political grounds.

     

    In its resolution of 14 March 2024, the European Parliament:

     

    – Demands the immediate unconditional release of all political prisoners and arbitrarily detained persons, and the full restoration of their rights; exhorts the regime to cease its policy of repression and attacks on civil society and the opposition;

     

    – Strongly condemns the Maduro regime for imprisoning hundreds of political prisoners;

     

    – Calls on the international community to support a return to democracy in Venezuela, particularly in the light of the upcoming elections, in which the leader of the opposition to the regime, María Corina Machado, must be allowed to fully participate.

    VENEZUELA

     

    Maria Corina Machado

    Juan Freites

    Luis Camacaro Guillermo López

    Maria Corina Machado was selected as the presidential candidate of the democratic opposition to the regime, winning with 92,35 % of the votes in the primary elections. She got a disqualification of 15 years.

     

    For several months, members of María Corina Machado’s campaign team – including Juan Freites, Luis Camacaro and Guillermo López, who were unlawfully detained and have since been reported missing.

    In its resolution of 8 February 2024, the European Parliament:

     

    – Calls for the immediate and unconditional release of all the arbitrarily arrested political and social leaders, including three campaign staffers of the presidential candidate of the opposition to the regime María Corina Machado, namely Juan Freites, Luis Camacaro and Guillermo Lopez;

     

    – Strongly condemns the attempts to disqualify the presidential candidate of the democratic opposition to the regime, María Corina Machado, and others, such as Henrique Capriles, from holding public office;

     

    – Urges the Venezuelan regime to immediately stop the persecution of the primary winner and thus fully legitimate candidate of the opposition to the regime, María Corina Machado, and other opposition politicians.

     

     

     

     

    ANNEX III: LIST OF SAKHAROV PRIZE LAUREATES AND FINALISTS IMPRISONED AND DEPRIVED OF LIBERTY

     

    Year of Sakharov Prize award

    Name and surname

    Laureate / Finalist

    Country

    Situation (Detention / house arrest / temporarily released)

    Length of prison sentence

    Start date of detention

    2024

    Gubad Ibadoghlu

    Finalist

    Azerbaijan

    Under travel ban

     

    A court rejected Ibadoglu’s appeal against the travel ban on 3/12/2024

    2021

    Alexei Navalny

    Laureate

     

    Russia

    Deceased in prison on 16/2/2024

     

    3,5 + 9 + 19 years

    Last detained 17/2/21, last sentenced 4/8/23

    2020

    Siarhei Tsikhanouski

     

    Maryia Kalesnikava

     

    Mikola Statkevich

     

     

    Ales Bialiatski

    Laureate

     

    Laureate

     

    Laureate

     

     

    Laureate

    Belarus

     

    Detention

     

    Detention

     

    Detention

     

     

    Detention

    18 years

     

    11 years

     

    14 years

     

     

    10 years

     

    Detained 29/5/20, sentenced 14/12/21

    Detained 07/9/20, sentenced 06/9/21

    Last detained 31/5/20, last sentenced 14/12/21

    Last detained 15/7/21, last sentenced 03/03/23

    2020

    Porfirio Sorto Cedillo, José Avelino Cedillo, Orbin Naún Hernández, Kevin Alejandro Romero, Arnold Javier Aleman, Ever Alexander Cedillo, Daniel Marquez and Jeremías Martínez Díaz

    Finalists

    Honduras

    Detention

    Unknown

    1/9/2019, released on 24/2/2022, after a ruling by the Supreme Court of Honduras

    2019

    Ilham Tohti

    Laureate

    China

    Detention

    Unknown

    23/9/2014

    2018

    Nasser Zefzafi

     

    Finalist

    Morocco

    Detention

    20 years

    5/4/2019

    2017

    Dawit Isaak

    Finalist

    Eritrea

    Incommunicado detention

    Unknown

    23/9/2001

    2015

    Raif Badawi

    Laureate

    Saudi Arabia

    Released on 11/3/2022, since then under a 10-year travel ban

     

    10 years

    First sentenced on 17/12/2012, but announced on 30/3/2013

    2012

    Nasrin Sotoudeh

     

     

     

     

     

     

    Jafar Panahi

    Laureate

     

     

     

     

     

     

    Laureate

    Iran

     

     

     

     

     

     

    Iran

    Detention, on temporary medical furlough since July 2021, arrested again 29/10/2023 and released 15/11/2023

     

    Detained in 2022,

    released on 3/2/2023 after hunger strike

    38 years

     

     

     

     

     

     

    6 years

    6/3/2019 (most recent)

     

     

     

     

     

    compelled in July 2022 to serve a 10-years old prison sentence

    2011

    Razan Zaitouneh

    Laureate

    Syria

    Kidnapped in 2013. Presumptions of detention and death.

     

    9/12/2013

    2009

    Memorial – Oleg Orlov

    Laureate

     

     

    Russia

    Released on 1/8/2024 as part of a prisoner exchange with the US and Germany

    2.5 years

    Latest sentence in February 2024. Memorial as legal entity liquidated in January 2022.

     

     

    ANNEX IV: LIST OF RESOLUTIONS

    List of resolutions adopted by the European Parliament from December 2023 to January 2025 and related directly or indirectly to human rights violations in the world

     

     

    Country/Region

    Date of adoption in plenary

     

    Title

    Africa

     

     

    Algeria

    23.01.2025

    The case of Boualem Sansal in Algeria

    Democratic Republic of the Congo

    23.01.2025

    The case of Jean-Jacques Wondo

     

    Gambia

     

    25.04.2024

    On the proposed repeal of the law banning female genital mutilation in The Gambia

    Nigeria

    08.02.2024

    On the recent attacks on Christmas Eve in Plateau State in Nigeria

    Sudan

    18.01.2024

    On the threat of famine following the spread of the conflict in Sudan

    Tanzania

    14.12.2023

    On the Maasai Communities in Tanzania

    Americas

     

     

    Cuba

    29.02.2024

    On the critical situation in Cuba

    Cuba

    19.09.2024

    The case of José Daniel Ferrer García in Cuba

    Guatemala

    14.12.2023

    On the attempt at a coup d’état in Guatemala

    Venezuela

    08.02.2024

    On further repression against the democratic forces in Venezuela: attacks on presidential candidate María Corina Machado

     

    Venezuela

     

    14.03.2024

    On the case of Rocío San Miguel and General Hernández Da Costa, among other political prisoners in Venezuela

    Venezuela

    19.09.2024

    Situation on Venezuela

    Venezuela

    23.01.2025

    Situation in Venezuela following the usurpation of the presidency on 10 January 2025

    Asia

     

     

     

    Afghanistan

     

     

    14.03.2024

    On the repressive environment in Afghanistan, including public executions and violence against women

    Afghanistan

    19.09.2024

    The deteriorating situation of women in Afghanistan due to the recent adoption of the law on the “Promotion of Virtue and Prevention of Vice”

     

    Azerbaijan

     

    25.04.2024

    On Azerbaijan, notably the repression of civil society and the cases of Dr Gubad Ibadoghlu and Ilhamiz Guliyev

    Azerbaijan

    19.12.2024

    Continued repression of civil society and independent media in Azerbaijan and the cases of Dr Gubad Ibadoghlu, Anar Mammadli, Kamran Mammadli, Rufat Safarov and Meydan TV

    Cambodia

    28.11.2024

    The shrinking space for civil society in Cambodia, in particular the case of the labour rights organisation CENTRAL

     

    China

     

    18.01.2024

    On the ongoing persecution of Falun Gong in China, notably the case of Mr Ding Yuande

    China

     

    10.10.2024

    The cases of unjustly imprisoned Uyghurs in China, notably Ilham Tohti and Gulshan Abbas

    China/ Taiwan

    24.10.2024

    Misinterpretation of UN resolution 2758 by the People’s Republic of China and its continuous military provocations around Taiwan

     

    Hong Kong

     

    25.04.2024

    On the new security law in Hong Kong and the cases of Andy Li and Joseph John

    Hong Kong/ China

     

    28.11.2024

    Hong Kong, notably the cases of Jimmy Lai and the 45 activists recently convicted under the national security law

    Kyrgyzstan

    19.12.2024

    Human rights situation in Kyrgyzstan, in particular the case of Temirlan Sultanbekov

    Tajikistan

    18.01.2024

    On Tajikistan: state repression against the independent media

     

    Tibet

     

    14.12.2023

    On the abduction of Tibetan children and forced assimilation practices through Chinese boarding schools in Tibet

    Middle East

     

     

     

    Iran/Israel

     

    25.04.2024

    On Iran’s unprecedented attack against Israel, the need for de-escalation and an EU response

     

    Iran

     

    08.02.2024

    On the increased number of executions in Iran, in particular the case of Mohammad Ghobadlou

    Iran

    28.11.2024

    The increasing and systematic repression of women in Iran

    Iran

    23.01.2025

    Systematic repression of human rights in Iran

    Iraq

    10.10.2024

    Iraq, notably the situation of women’s rights and the recent proposal to amend the Personal Status Law

     

    Palestine

     

    18.01.2024

    On the humanitarian situation in Gaza, the need to reach a ceasefire and the risks of regional escalation

     

    Palestine

     

    14.03.2024

    On the immediate risk of mass starvation in Gaza and the attacks on humanitarian aid deliveries

    Europe and Eastern Partnership countries

     

     

     

    Azerbaijan/Armenia

     

    13.03.2024

    On closer ties between the EU and Armenia and the need for a peace agreement between Azerbaijan and Armenia

    Azerbaijan/ Armenia

    24.10.2024

    Situation in Azerbaijan, violation of human rights and international law and relations with Armenia

     

    Belarus

     

    14.12.2023

    On the unknown status of Mikola Statkevich and the recent attacks on Belarusian politicians’ and activists’ family members

     

    Belarus

     

    08.02.2024

    on the new wave of mass arrests in Belarus of opposition activists and their family members

    Belarus

    19.09.2024

    The severe situation of political prisoners in Belarus

    Belarus

    22.01.2025

    Actions to address the continued oppression and fake elections in Belarus

    Crimea

    19.12.2024

    11th year of the occupation of the Autonomous Republic of Crimea and the city of Sevastopol by the Russian Federation and the deteriorating human rights situation in occupied Crimea, notably the cases of Iryna Danylovych, Tofik Abdulhaziiev and Amet Suleymanov

     

    Georgia

     

    25.04.2024

    On attempts to reintroduce a foreign agent law in Georgia and its restrictions on civil society

    Georgia

    09.10.2024

    The democratic backsliding and threats to political pluralism in Georgia

    Georgia

    28.11.2024

    Georgia’s worsening democratic crisis following the recent parliamentary elections and alleged electoral fraud

    Greece

    07.02.2024

    On the rule of law and media freedom in Greece

     

    Hungary

     

    24.04.2024

    On ongoing hearings under Article 7(1) TEU regarding Hungary to strengthen the rule of law and its budgetary implications

    Hungary

    18.01.2024

    On the situation in Hungary and frozen EU funds

    Moldova

    09.10.2024

    Strengthening Moldova’s resilience against Russian interference ahead of the upcoming presidential elections and a constitutional referendum on EU integration

     

    Russia

     

    29.02.2024

    On the murder of Alexei Navalny and the need for EU action in support of political prisoners and oppressed civil society in Russia

     

    Russia

     

    08.02.2024

    On Russiagate: allegations of Russian interference in the democratic processes of the European Union

     

     

    Russia

     

     

    25.04.2024

    On new allegations of Russian interference in the European Parliament, in the upcoming EU elections and the impact on the European Union

     

    Russia

     

    25.04.2024

    On Russia’s undemocratic presidential elections and their illegitimate extension to the occupied territories

    Russia

     

    14.11.2024

    EU actions against the Russian shadow fleets and ensuring a full enforcement of sanctions against Russia

    Russia

     

    23.01.2025

    Russia’s disinformation and historical falsification to justify its war of aggression against Ukraine

    Russia/ North Korea

    28.11.2024

    Reinforcing EU’s unwavering support to Ukraine against Russia’s war of aggression and the increasing military cooperation between North Korea and Russia

    Serbia

    08.02.2024

    On the situation in Serbia following the elections

     

    Slovakia

     

    17.01.2024

    On the planned dissolution of key anti-corruption structures in Slovakia and its implications for the rule of law

    Türkiye

    10.10.2024

    European Parliament resolution of 10 October 2024 on the case of Bülent Mumay in Türkiye

    Cross-cutting issues

     

     

    Children liberty

    13.12.2023

    On the situation of children deprived of liberty in the world

     

    LGBTIQ rights

     

    08.02.2024

    On the implementation of the EU LGBTIQ Equality Strategy 2020-2025

     

     

    Protection of journalists

     

     

    27.02.2024

    On the proposal for a directive of the European Parliament and of the Council on protecting persons who engage in public participation from manifestly unfounded or abusive court proceedings

     

    Human rights and democracy

     

    28.02.2024

    Human rights and democracy in the world and the European Union’s policy on the matter – annual report 2023

    Foreign and security policy

    28.02.2024

    Implementation of the common foreign and security policy – annual report 2023

     

     

    Media freedom

     

     

    13.03.2024

    On the proposal for a regulation of the European Parliament and of the Council establishing a common framework for media services in the internal market

     

     

    Forced labour

     

     

    23.04.2024

    On the proposal for a regulation of the European Parliament and of the Council on prohibiting products made with forced labour on the Union market

    Right of abortion

    11.04.2024

    On including the right to abortion in the EU Fundamental Rights Charter

     

     

    Due diligence

     

     

    24.04.2024

    On the proposal for a directive of the European Parliament and of the Council on Corporate Sustainability Due Diligence and amending Directive

     

    Fundamental rights

     

    18.01.2024

    On the situation of fundamental rights in the European Union – annual report 2022 and 2023

    Hate speech

    18.01.2024

    On extending the list of EU crimes to hate speech and hate crime

     

     

    Business and human rights

     

     

    18.01.2024

    On shaping the EU’s position on the UN binding instrument on business and human rights, in particular on access to remedy and the protection of victims

    Freedom of scientific research

    17.01.2024

    On promotion of the freedom of scientific research in the EU

    Citizens, equality, rights and values

    16.01.2024

    On the implementation of the Citizens, Equality, Rights and Values programme 2021-2027

     

     

    Violence against women

     

     

    24.04.2024

    On the proposal for a directive of the European Parliament and of the Council on combating violence against women and domestic violence

     

    Human beings traffic

     

    23.04.2024

    On preventing and combating trafficking in human beings and protecting its victims

     

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