Category: Economy

  • MIL-OSI: Futu to Report Fourth Quarter and Full Year 2024 Financial Results on March 13, 2025

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Feb. 25, 2025 (GLOBE NEWSWIRE) — Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced that it will report its financial results for the fourth quarter and full year ended December 31, 2024, before U.S. markets open on March 13, 2025.

    Futu’s management will hold an earnings conference call on Thursday, March 13, 2025, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time).

    Please note that all participants will need to pre-register for the conference call, using the link
    https://register.vevent.com/register/BIb8967ae69ba64a7eab0c02d765ce1339.

    It will automatically lead to the registration page of “Futu Holdings Ltd Fourth Quarter and Full Year 2024 Earnings Conference Call”, where details for RSVP are needed.

    Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

    Additionally, a live and archived webcast of this conference call will be available at https://ir.futuholdings.com/.

    About Futu Holdings Limited

    Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering fully digitalized financial services. Through its proprietary digital platforms, Futubull and moomoo, the Company provides a full range of investment services, including trade execution and clearing, margin financing and securities lending, and wealth management. The Company has embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders. The Company also provides corporate services, including IPO distribution, investor relations and ESOP solution services.

    Investor Contact

    Investor Relations
    Futu Holdings Limited
    ir@futuholdings.com

    The MIL Network

  • MIL-OSI China: Private sector encouraged to invest in major energy projects

    Source: China State Council Information Office

    As the country’s energy sector is shifting toward greater market-driven dynamics, private companies will be further encouraged to invest in energy development, utilization and infrastructure construction, according to China’s top energy authority.

    The government will continue promoting private sector involvement in major energy projects this year, including nuclear power, energy storage and smart grids, to deliver a more efficient and smooth operation of the market, according to the National Energy Administration.

    The administration will continue encouraging private enterprises to participate in the nuclear power industry’s supply chain and to invest in nuclear power projects. Furthermore, the government will continue to support private companies in various forms of oil and gas exploration, power infrastructure construction and other projects, it said.

    There will be an emphasis on supporting private businesses to invest in and build new technologies such as new energy storage, smart microgrids and innovative business models.

    Private companies are expected to spur more technological innovation and increased efficiency within the energy sector, enhancing its overall competitiveness and sustainability, said Lin Boqiang, head of the China Institute for Studies in Energy Policy at Xiamen University.

    The energy sector requires substantial long-term investment for expansion, especially in emerging fields such as new energy storage and smart grids, he said.

    China vows to further deepen its energy market reform this year, working to improve mechanisms where energy prices are mainly determined by the market, legally regulate the energy market order and strengthen the construction of a unified national market.

    Zhu Gongshan, chairman of GCL (Group) Holdings Co Ltd, China’s largest private power conglomerate, said a more market-driven energy sector could lead to increased efficiency in the allocation of resources.

    China’s solar power sector, from upstream silicon production to downstream photovoltaic power station construction, exemplifies the growing role of China’s private economy in energy transformation, he said.

    To deepen market-oriented price reforms of new energies, the National Development and Reform Commission and the National Energy Administration issued a notice recently to promote the integration of new energy sources like wind and solar power into the electricity market.

    This means that around 80 percent of China’s power consumption and generation will be transacted through competitive markets, significantly up from the 61 percent traded in 2024, according to Deng Simeng, a senior analyst for renewables and power research at global consultancy Rystad Energy.

    GCL Group said the company is very optimistic about the virtual power plant market in China, which, according to estimates by Huatai Securities, is projected to reach 10.2 billion yuan ($1.4 billion) this year and further grow to over 100 billion yuan by 2030.

    A virtual power plant is a network of decentralized energy resources that are controlled via software to function as a single, flexible power source. It allows these dispersed resources to operate in a way that mimics the behavior of a traditional power plant, providing electricity to the grid or responding to changes in demand.

    MIL OSI China News

  • MIL-OSI: Aktsiaselts Infortar Unaudited Consolidated Interim Report for fourth quarter and 12 months of 2024

    Source: GlobeNewswire (MIL-OSI)

    Aktsiaselts Infortar (Infortar) will organize a webinar for introducing fourth quarter 2024 results today. Please join the webinar via the following links:

    25 February 2025 at 12:00 (EET) Estonian webinar

    25 February 2025 at 14:00 (EET) English webinar

    Estonia’s largest investment holding company, Infortar assets increased from €1.4 billion to €2.7 billion following the acquisition of a majority shareholding in Tallink Group (Tallink) and the purchase of a gas sale- and distribution company in Poland. Infortar’s stock price raised by 70% in its first year on the Tallinn stock exchange, raising the company’s total valuation from €548 million to €916 million.

    “Over the past few years, our investments have amounted to nearly half a billion euros. We have grown into one of Estonia’s largest companies in terms of assets within a year. We will continue seeking growth opportunities across the region,” said Ain Hanschmidt, Chairman of the Management Board of Infortar.

    “Today, changes in corporate competitiveness and energy policy across Estonia, Europe, and the United States recognize an increasing role for natural gas as a supporter of renewable energy and a provider of controllable capacity. The outlook for the maritime transport sector is set to improve,” Hanschmidt added.

    Major events

    Maritime transportation

    In the summer, Infortar invested €110 million in acquiring Tallink shares, increasing its shareholding in Tallink to 68.5%.

    The total number of passengers in 2024 reached 5.6 million. As of the end of the financial year, Tallink operated 14 vessels. Three vessels were chartered out during the year. The number of transported cargo units exceeded 303,000, and passenger vehicles transported totaled 777,000.

    Energy

    Infortar’s subsidiary, Elenger Group (Elenger), signed a €120 million agreement with the German energy conglomerate EWE AG to acquire EWE Group’s business operations in Poland. The transaction included natural gas assets, a distribution network in Western Poland, and all energy sales segments.

    In 2024, Elenger sold a total of 18.4 TWh of energy (15.9 TWh in 2023). Sales in Estonia accounted for 16% of the total energy sales in 2024. The company’s market share in gas sales across the Finland-Baltic gas market for the year was 24.3%.

    Real estate

    Infortar’s real estate portfolio has expanded from 100,000 to 141,000 square meters over the past year. At the end of last year, the Rimi logistics center in Saue received its occupancy permit. This summer, a new bridge in Pärnu will be completed, followed by the opening of Lasnamäe’s second DEPO store in Estonia next year. In early 2028, the Kangru-Saku section of the Rail Baltica main route will also be completed.

    Key figures of financial year

    Key figures Q4 2024 Q4 2023 12 months 2024 12 months 2023
    Sales revenue, m€ 446.168 337.734 1 371.775 1 084.626
    Gross profit, m€ 34.871 42.235 128.629 149.473
    EBITDA, m€ 27.892 37.418 145.415 143.283
    EBITDA margin (%) 6.3% 11.1% 10.6% 13.2%
    Net profit, EBIT, m€ -6.792 28.967 77.025 123.628
    Total profit(-loss), m€ -11.988 24.206 175.351 293.830
    Net profit (-loss) holders of the Parent m€ -11.188 24.232 172.934 293.778
    EPS (euros)* -0.54 1.18 8.46 14.62
    Total equity m€ 1 166.222 820.210 1 166.222 820.210
    Total liabilities m€ 1 223.287 441.160 1 223.287 441.160
    Net debt m€ 1 055.708 354.045 1 055.708 354.045
    Investment loans to EBITDA (ratio) 3.0x 1.7x 3.0x 1.7x

    Earnings per share (EPS) in euros is calculated using the following formula: the profit attributable to the parent company’s owners is divided by the weighted average number of ordinary shares (20,443,629 as of 31.12.2024 and 20,100,000 as of 31.12.2023). The number of shares, 20,443,629, is determined as follows: Infortar has a total of 21,166,239 issued ordinary shares, from which 722 610 own shares are deducted. These own shares were issued under the employee stock option program and have not been exercised.

    Revenue

    2024. financial year, the group´s consolidated sales revenue increased by 287.149 million euros reaching 1 371.775 million euros (compared to 1 084.626 million euros in 2023). A significant impact was made by the consolidation of Tallink Grupp’s results into Infortar’s consolidated financial statements starting from August 1, 2024.

    EBITDA and Segment Reporting

    Maritime transport Segment: The EBITDA for the maritime transport segment in 2024 financial year was 175.181 million euros (compared to 214.528 million euros in the 2023 financial year). In segment reporting 100% Tallink results are presented.

    Tallink´s financial results were affected by difficult economic environment across all our home markets, and the lowest consumer confidence levels in a decade.

    Energy Segment: The EBITDA for the energy segment of the 2024 financial year was 77.235 million euros (compared to 135.999 million euros in 2023). Warmer winter led to a decrease in sales volumes, which in turn impacted profitability in the fourth quarter.

    Real Estate Segment: The profitability assessment considers the EBITDA of individual real estate companies. The EBITDA for the real estate segment of the 2024 financial year was 13.567 million euros (compared to 12.39 million euros in 2023). Three new buildings at Liivalaia 9, Tähesaju 9, and Tähesaju 11 were included in the accounting for the 2023 financial year.

    Net Profit

    The consolidated net profit for the 2024 financial year was 175.351 million euros (compared to 293.83 million euros in 2023 financial year). One-time significant transactions impacting the net profit calculation for the 2023 financial year included the effects related to the acquisition of the Latvian gas distribution network company, Gaso.

    The consolidated operating profit for the 2024 financial year was 77.025 million euros (compared to 123.628 million euros in the 2023 financial year).

    Investments

    Infortar entered the agricultural sector by acquiring one of Estonia’s largest dairy farms in Halinga and began constructing a biogas plant next to the farm for local gas production. Infortar invested 110 million euros in purchasing Tallink shares, increasing its shareholding in Tallink to 68,5%.

    Infortar subsidiary Elenger signed a 120 million euros agreement with the German energy group EWE AG to acquire EWE Group’s entire Polish business. The transaction includes the natural gas distribution network in Western Poland as well as all energy sales operations.

    In the fourth quarter Infortar Group’s total investments amounted to approximately 140 million euros, reaching 279 million euros over twelve months.

    Financing

    Loan and lease liabilities amounted to 1 223.287 million euros in 2024 financial year (compared to 441.16 million euros in 2023 financial year). Significant increase in the 2024 financial year is primarily due to the line-by-line consolidation of Tallink Grupp, which resulted in the full inclusion of Tallink’s liabilities among the group’s obligations. Proportionally to the growth in assets, Infortar’s net debt increased by 701.663 million euros, reaching 1 055.708 million euros (compared to 354,045 million euros in 2023 financial year). The net debt to EBITDA ratio was 3.4.

    Dividends

    According to the dividend policy, the objective is to pay dividends of at least 1 euro per share per finiancial year. Dividend payments are made semi-annually. Infortar Group’s management proposes to pay a dividend of 3 euros per share for the 2024 financial year results. According to the proposal, the first payout is planned to be made no later than July, and the second payout in December 2025. The dividend consists of three parts:

    1 euro per share, as per the dividend policy.

    Carried-over dividend from AS Tallink Grupp, which is rounded upwards.

    Additional dividend based on the high deliveries of the financial results in 2024.

    AS Infortar has a total of 21,166,239 shares, of which 722 610 are company´s own shares. Dividends are therefore paid for 20,443,629 shares, which amounts to approximately 61 million euros.

    Consolidated statement of profit or loss and other comprehensive income

    (in thousands of EUR) Q4 2024 Q4 2023 12 months 2024 12 months 2023
    Revenue 446 168 337 734 1 371 775 1 084 626
    Cost of goods (goods and services) sold -411 237 -295 439 -1 243 033 -934 811
    Write-down of receivables -60 -60 -113 -342
    Gross profit 34 871 42 235 128 629 149 473
    Marketing expenses -12 459 -511 -21 086 -1 620
    General administrative expenses -22 759 -9 522 -50 438 -22 085
    Profit (loss) from biological assets -156 0 -139 0
    Profit (loss) from the change in the fair value of the investment property -6 749 -4 074 -9 640 -4 074
    Unsettled gain/loss on derivative financial instruments 2 098 902 26 672 1 969
    Other operating revenue -767 1 458 4 682 2 523
    Other operating expenses -871 -1 521 -1 655 -2 558
    Operating profit -6 792 28 967 77 025 123 628
             
    (in thousands of EUR) Q4 2024 Q4 2023 12 months 2024 12 months 2023
    Profit (loss) from investments accounted for by equity method 846 1 938 22 974 39 639
    Financial income and expenses        
    Other financial investments 269 54 72 789 -4
    Interest expense -13 808 -8 569 -38 274 -22 573
    Interest income 760 465 4 979 2 765
    Profit (loss) from changes in exchange rates -56 -13 100 -173
    Other financial income and expenses 16 287 -58 15 892 159 158
    Total financial income and expenses 3 452 -8 121 55 486 139 173
    Profit before tax -2 494 22 784 155 485 302 440
    Corporate income tax -9 494 1 422 19 866 -8 610
    Profit for the financial year -11 988 24 206 175 351 293 830
    including:        
    Profit attributable to the owners of the parent company -11 188 24 232 172 934 293 778
    Profit attributable to non-controlling interest -800 -26 2 417 52
             
    Other comprehensive income     12 months 2024 12 months 2023
    Revaluation of risk hedging instruments -46 786 -58 233
    Exchange rate differences attributable to foreign subsidiaries 53 -42
    Total of other comprehensive income -46 733 -58 275
    Total income, including:     128 618 235 555
    including:        
    Comprehensive profit attributable to the owners of the parent company 126 201 235 503
    Comprehensive profit attributable to non-controlling interest 2 417 52
    Ordinary earnings per share (in euros per share) 8,46 14,26
    Diluted earnings per share (in euros per share) 8,16 14,10

    Consolidated statement of financial position

    (in thousands of EUR) 31.12.24 31.12.23
    Current assets    
    Cash and cash equivalents 167 579 87 115
    Short term financial investments 1 0
    Derivative financial assets 8 333 28 728
    Settled derivative receivables 676 5 958
    Other prepayments and receivables 155 351 162 575
    Prepayments for taxes 3 831 925
    Trade and other receivables 38 517 20 185
    Prepayments for inventories 2 498 3 493
    Inventories 215 914 146 884
    Biological assets 941 0
    Total current assets 593 641 455 863
         
    Non-current assets 31.12.24 31.12.23
    Investments to associates 16 603 346 014
    Long-term derivative instruments 3 214 1 125
    Long-term loans and other receivables 35 163 9 072
    Investment property 67 931 176 024
    Property, plant and equipment 1 909 458 446 748
    Intangible assets 38 874 14 366
    Right-of-use assets 47 598 11 300
    Biological assets 2 753 0
    Total non-current assets 2 121 594 1 004 649
    TOTAL ASSETS 2 715 235 1 460 512
         
    (in thousands of EUR) 31.12.24 31.12.23
    Current liabilities    
    Loan liabilities 477 162 184 259
    Rental liabilities 9 020 1 766
    Payables to suppliers 87 941 74 751
    Tax obligations 49 354 32 822
    Buyers’ advances 31 126 3 099
    Settled derivatives 8 728 1 463
    Other current liabilities 63 431 10 851
    Short term derivatives 27 704 3 659
    Total current liabilities 754 446 312 670
         
    Non-current liabilities 31.12.24 31.12.23
    Long-term provisions 9 946 8 399
    Deferred taxes 2 816 33 233
    Other long-term liabilities 43 209 30 679
    Long-term derivatives 1 471 186
    Loan-liabilities 696 670 246 410
    Rental liabilities 40 435 8 725
    Total non-current liabilities 794 547 327 632
    TOTAL LIABILITIES 1 549 013 640 302
         
    (in thousands of EUR) 31.12.24 31.12.23
    Equity    
    Share capital 2 117 2 105
    Own shares -72 -95
    Share premium 32 484 29 344
    Reserve capital 212 205
    Option reserve 6 223 3 864
    Hedging reserve* 7 455 24 118
    Unrealised currency translation differences 1 113 -39
    Employment benefit reserve -44 -44
    Retained earnings 698 914 466 140
    Net profit of the financial year 172 934 293 778
    Total equity attributable to equity holders of the Parent 921 336 819 376
    Minority interests 244 886 834
    Total equity 1 166 222 820 210
         
    TOTAL LIABILITIES AND EQUITY 2 715 235 1 460 512

    Consolidated statement of cash flows

    Cash flows from operating activities    
    (in thousands of EUR) 12 months
    2024
    12 months
    2023
    Profit for the financial year 175 351 293 830
    Adjustments:    
    Depreciation, amortization, and impairment of non-current assets 58 611 15 581
    Change in the fair value of the investment property 9 640 4 074
    Equity profits/losses -156 863 -39 639
    Change in the value of derivatives 20 888 54 309
    Other financial income/expenses -827 -161 965
    Calculated interest expenses 38 274 22 573
    Profit/loss from non-current assets sold -953 -91
    Income from grants recognized as revenue 2 984 784
    Corporate income tax expense -19 866 8 610
    Income tax paid -10 551 -267
    Change in receivables and prepayments related to operating activities 52 022 54 539
    Change in inventories -12 830 -61 915
    Change in payables and prepayments relating to operating activities -22 278 -591
    Change in biological assets -322 0
    Total cash flows from operating activities 133 280 189 832
         
    Cash flows from investing activities 12 months
    2024
    12 months
    2023
    Purchases of associates 0 -10 314
    Purchases of subsidiaries -155 313 -103 414
    Received dividends 20 862 0
    Given loans 1 918 6 652
    Interest gain 4 953 2 691
    Purchases Investment property -5 071 -18 304
    Purchases of property, plant and equipment -38 332 -18 143
    Proceeds from sale of property 1 559 -252
    Total cash flows used in investing activities -169 424 -141 084
         
    Cash flows used in financing activities 12 months
    2024
    12 months
    2023
    Changes in overdraft 12 863 14 349
    Proceeds from borrowings 358 733 130 567
    Repayments of borrowings -151 790 -155 808
    Repayment of finance lease liabilities -6 222 -2 233
    Interest paid -39 153 -22 224
    Dividends paid -60 997 -15 750
    Gain from share emission 3 174 29 464
    Total cash flows used in financing activities 116 608 -21 635
      0 0
    TOTAL NET CASH FLOW 80 464 27 113
    Cash at the beginning of the year 87 115 60 002
    Cash at the end of the period 167 579 87 115
    Net (decrease)/increase in cash 80 464 27 113

    Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% stake in Tallink Grupp, a 100% stake in Elenger Grupp and a versatile and modern real estate portfolio of approx. 141,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 110 companies belong to the Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,228 people.

    Additional information:

    Kadri Laanvee
    Investor Relations Manager
    Phone: +372 5156662
    e-mail: kadri.laanvee@infortar.ee
    www.infortar.ee/en/investor

    Attachments

    The MIL Network

  • MIL-OSI: Agillic publishes its annual results 2024 in line with preliminary results published on 6 February 2025

    Source: GlobeNewswire (MIL-OSI)

    Announcement no. 03 2025

    Copenhagen – 25 February 2025 – Agillic A/S

    Agillic has today published its annual results 2024 in line with the preliminary results published on 6 February 2025. The guidance for 2025 is also maintained.

    Christian Samsø, CEO, comments on the results: “In 2024, sales were affected by higher uncertainty and limited appetite for tech investments in the market. Client portfolio changes, driven mainly by mergers and acquisitions, where clients were forced onto other platforms as part of new global contracts and commitments, affected Agillic. However, on a positive note, several new clients chose Agillic as their customer engagement platform in 2024. In 2024, we finally closed the year-long tax credit dispute with the Danish Tax Authorities and in Agillic’s favour, positively impacting both the net result and liquidity. 2025 will undoubtedly present it’s challenges too, but with a refocused strategy and a new and committed management team, we feel confident to deliver on our ambitions for growth and profitability.”

    Key financial and SaaS highlights (DKK million)

    INCOME STATEMENT (DKK million) FY 2024 FY 2023 Change Q4 2024 Q4 2023 Change
    Revenue subscriptions 50.0 52.4 -5% 13.0 12.2 7%
    Revenue transactions 10.2 12.0 -15% 2.8 2.9 -3%
    Other revenue 0.0 0.3 -100% 0.0 0.3 -100%
    Total revenue 60.2 64.7 -7% 15.8 15.4 3%
    Gross profit  48.8 52.2 -7% 12.7 12.6 1%
    Gross margin 81% 80% 80% 82%
    Other operating income 0.8 0.6 33% 0.2 0.1 100%
    Employee costs -34.5 -36.8 6% -10.8 -10.8 0%
    Operational costs -14.1 -14.1 0% -2.9 -3.5 17%
    EBITDA 1.0 1.9 -47% -0.8 -1.6 50%
    Net profit -3.3 -27.5 88% -4.5 -22.4 80%
                 
    FINANCIAL POSITION            
    Cash 6.4 9.8 -35% 6.4 9.8 -35%
                 
    ARR DEVELOPMENT (DKK million)            
    ARR subscriptions 54.3 57.8 -6% 54.3 57.8 -6%
    ARR transactions 11.2 12.3 -9% 11.2 12.3 -9%
    Total ARR 65.5 70.1 -7% 65.5 70.1 -7%
    Change in ARR (DKK) -4.6 -6.6 2.4 -6.6
    Change in ARR % -7% -9% 4% -9%
    Reclassification between other operating income, employee costs, and operational costs is updated in 2023 figures.

     
     

    ARR
    At the end of 2024, ARR from subscriptions was DKK 54.3 million compared to DKK 57.8 million as of 2023, a decrease of DKK 3.5 million corresponding to a decrease of 6% with a decline in ARR from transactions from DKK 12.3 million to DKK 11.2 million. At the end of 2024, total ARR was DKK 65.5 million, compared to DKK 70.1 million as of 2023, a decrease of DKK 5.6 million. 

    Income statement
    The revenue from subscriptions decreased by 5% to DKK 50.0 million (2023: DKK 52.4 million) with a total revenue of DKK 60.2 million (2023: DKK 64.7 million). Gross profit was DKK 48.8 million (2023: DKK 52.2 million) with a gross profit margin of 81% (2023: 80%).

    Despite the decrease in gross profit of DKK 3.2 million as well as one-time costs for consultancy fees and severance costs of total DKK 3.1 million, EBITDA ended positive at DKK 1.0 million (2023: DKK 1.9 million).

    Cash
    As of 31 December 2024, cash at bank amounted to DKK 6.4 million compared to DKK 9.8 million as of 31 December 2023. Cash flow from operating activities increased to DKK 12.2 million (2023: DKK -6.5 million) primarily because of a reduction in working capital from trade payables, other payables, and deferred income. Cash flow from investing activities amounted to DKK -10.9 million (2023: DKK -11.7 million) primarily related to investments in developing the Agillic customer engagement platform.

    Financial guidance 2025 (unchanged)

    Revenue DKK 60-63m
    EBITDA DKK 5-8m
    ARR Subscriptions DKK 56-60m

     
      
      
    For further information, please contact:
    Christian Samsø, CEO
    +45 24 88 24 24
    Christian.samsoe@agillic.com

    Claus Boysen, CFO
    +45 28 49 18 46
    claus.boysen@agillic.com

    Certified Adviser
    HC Andersen Capital
    Pernille Friis Andersen

      
    Appendix: Financial development per quarter

    DKK million 2024   2023   2022
    INCOME STATEMENT Q4 Q3 Q2 Q1   Q4 Q3 Q2 Q1   Q4 Q3 Q2 Q1
    Revenue subscriptions 13.0 12.1 12.3 12.6   12.2 13.6 13.5 13.1   13.5 13.1 12.2 11.1
    Revenue transactions 2.8 2.7 2.5 2.2   2.9 3.0 2.9 3.2   6.0 4.8 3.3 2.6
    Other revenue 0.0 0.0 0.0 0.0   0.3 0.0 0.0 0.0   0.0 0.0 0.1 0.3
    Total revenue 15.8 14.8 14.8 14.8   15.4 16.6 16.4 16.3   19.5 17.9 15.6 14.0
    Gross profit  12.7 11.7 12.1 12.3   12.6 13.4 13.2 13.0   15.5 11.4 11.7 11.0
    Gross margin 80% 79% 82% 83%   82% 81% 80% 80%   80% 63% 75% 78%
    Other operating income 0.2 0.2 0.2 0.2   0.1 0.2 0.2 0.1   0.3 0.0 0.0 0.0
    Employee costs -10.8 -7.1 -8.0 -8.6   -10.8 -7.9 -9.4 -8.7   -9.2 -7.3 -8.0 -8.0
    Operational costs -2.9 -3.6 ½ -3.3   -3.5 -3.2 -3.0 -4.4   -5.1 -2.7 -3.7 -4.8
    EBITDA -0.8 1.2 0.0 0.6   -1.6 2.5 1.0 0.0   1.5 1.4 0.0 -1.8
    Net profit -4.5 -2.4 7.0 -3.4   -22.4 -0.4 -1.8 -2.9   -2.0 -1.2 -2.7 -4.7
                                 
    BALANCE SHEET                            
    Cash 6.4 3.7 4.4 7.2   9.8 11.5 18.3 26.9   7.4 1.8 12.6 7.5
    Total assets 44.2 42.8 45.8 51.5   47.2 64.9 69.0 75.8   52.8 54.0 58.7 55.4
    Equity -22.3 -17.8 -16.0 -23.3   -20.2 1.5 1.8 3.4   -15.0 -13.2 -12.0 -9.6
    Borrowings 19.0 19.1 21.4 24.3   23.8 23.0 24.2 25.7   24.3 23.7 26.1 26.4
                                 
    CASH FLOW                            
    Cash flow from operations 5.5 4.1 2.6 0.0   -0.6 -2.8 -4.3 1.2   7.3 -4.9 9.0 -8.3
    Cash flow from investments -2.5 -2.6 -2.7 -3.0   -2.1 -3.1 -3.2 -3.3   -3.3 -3.3 -3.7 -3.2
    Cash flow from financing -0.3 -2.2 -2.7 0.4   1.0 -0.9 -1.1 21.6   1.6 -2.6 -0.2 -1.6
    Net cash flow 2.7 -0.7 -2.8 -2.6   -1.7 -6.8 -8.6 19.5   5.6 -10.8 5.1 -13.1
                                 
    EMPLOYEES & CLIENTS                        
    Employees end of period 42 40 39 41   50 50 50 46   48 47 51 47
    Clients end of period 118 114 113 116   122 120 120 118   118 111 108 105
                                 
    ARR & SAAS METRICS                        
    ARR subscriptions 54.3 52.5 51.7 52.2   57.8 56.8 54.9 54.2   54.1 50.3 49.6 48.5
    ARR transactions 11.2 10.6 10.0 8.9   12.3 12.1 11.5 17.3   22.6 19.6 14.6 10.3
    Total ARR 65.5 63.1 61.7 61.1   70.1 68.9 66.4 71.5   76.7 69.9 64.2 58.8
    Change in ARR (DKK) 2.4 1.4 0.6 -9.0   1.2 2.5 -5.1 -5.2   6.8 5.7 5.4 3.1
    Change in ARR % 4% 2% 1% -13%   2% 4% -7% -7%   10% 9% 9% 6%
    Average ARR 0.6 0.6 0.5 0.5   0.6 0.6 0.6 0.6   0.6 0.6 0.6 0.6
    Yearly CAC 0.5         0.3         0.1      
    Months to recover CAC 12         7         3      

    Definitions

    • Cash is defined as available funds less bank overdraft withdrawals.
    • ARR: the annualised value of subscription agreements and transactions at the end of the actual reporting period.
    • Average ARR: the average Total ARR per client.
    • Customer Acquisition Costs (CAC): the sales and marketing costs (inclusive of salaries, commissions, direct and share of costs of office) divided by the number of new clients. CAC is calculated end of year.
    • Months to recover CAC: the period in months it takes to generate sufficient gross profit from a client to cover the acquisition cost.

    Disclaimer
    The forward-looking statements regarding Agillic’s future financial situation involve factors of uncertainty and risk, which could cause actual developments to deviate from the expectations indicated. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the presented outlook. Furthermore, some of these expectations are based on assumptions regarding future events, which may prove incorrect. Please also refer to the overview of risk factors in the ‘risk management’ section of the annual report.

    About Agillic A/S
    Agillic A/S (Nasdaq First North Growth Market Denmark: AGILC) is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create, automate, and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark. For further information, please visit agillic.com.  

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    The MIL Network

  • MIL-OSI Russia: Dmitry Chernyshenko: World-class research centers ensure rapid entry of technologies to the market

    Translartion. Region: Russians Fedetion –

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

    Previous news Next news

    A meeting on the results of the activities of world-class scientific centers was held under the chairmanship of Dmitry Chernyshenko

    A meeting on the results of the activities of world-class scientific centers (WCSC) was held at the Government Coordination Center under the chairmanship of Deputy Prime Minister Dmitry Chernyshenko. The meeting presented the results of the WCSC’s work over the five years of the program’s implementation – from 2020 to 2024.

    “World-class research centers were created in 2020 as part of the national project “Science and Universities”, the implementation of which was completed last year. On the instructions of President Vladimir Putin, a new stage of the centers’ development will be implemented as part of the state program “Scientific and Technological Development of the Russian Federation”. Over time, they were reoriented from fundamental centers to applied tasks, while showing high results. NCMUs ensure the rapid entry of in-demand technologies into the market. Today, we see good indicators of their extra-budgetary financing – 34% of the budget part, which indicates their demand in the market,” the Deputy Prime Minister emphasized.

    Last year, President Vladimir Putin clarified the strategic goal-setting in the field of science. Dmitry Chernyshenko noted that it is especially important to concentrate efforts on the tasks set by the head of state. In accordance with current challenges, the country’s strategic priorities in the field of science and technology have been updated. State support measures will be focused on them.

    The competition for support of world-class scientific centers will be announced this week.

    “This year’s competition will be aimed at creating centers of the same format as the existing ones, but with an eye on the development and implementation of the most important science-intensive technologies up to and including the sixth level of technological readiness. The Ministry of Education and Science has carried out work to take into account the areas of the humanitarian and social profile,” said Dmitry Chernyshenko.

    The head of the Ministry of Education and Science, Valery Falkov, paid special attention to attracting young specialists to world-class scientific centers. According to him, the NCMU creates opportunities for young researchers to manage scientific projects, thereby motivating talented young people to engage in science and increasing the prestige of the scientific profession. Thus, 38% of the research conducted by the centers was carried out under the supervision of young (under 39 years of age) promising researchers.

    The NCMU employees have been awarded the highest level of prizes and awards for the results they have created. In particular, Irek Mukhamatdinov, a senior researcher at the NCMU “Rational Development of Liquid Hydrocarbon Reserves of the Planet”, became a laureate of the Russian Presidential Prize in Science and Innovation for Young Scientists for 2022.

    Representatives of world-class scientific centers also spoke about developments that have practical significance.

    Rector of Peter the Great St. Petersburg Polytechnic University Andrey Rudskoy reported that the National Center for Advanced Digital Technologies has created a platform for the development and application of digital twins CML-Bench®. Compared to traditional approaches, the development of products and goods based on digital twin technology can reduce time, financial and other resource costs by 10 times or more. The prototype of the digital platform has been demonstrated and tested in operational conditions.

    In addition, technologies have been developed for producing metal-matrix composite materials using additive manufacturing. This is a reserve for the production of lithium-ion batteries with controlled three-dimensional micro- and macrostructure, improved energy capacity characteristics.

    Rector of the Russian State Agrarian University – Moscow Timiryazev Agricultural Academy Vladimir Trukhachev reported that the NCMU “Agrotechnologies of the Future” created 11 new varieties of peas using genetic technologies that accelerated the ripening process twice as much as traditional selection. Several large Russian producers have already begun to purchase peas of the new varieties.

    Vice-Rector of Kazan (Volga Region) Federal University Danis Nurgaliev noted that the National Center for Mining and Metallurgical Research “Rational Development of Liquid Hydrocarbon Reserves of the Planet” has implemented industrial scaling of in-situ oil refining technology using catalysts that can increase well flow rates by 20–100% and reduce the content of toxic metals in oil within the formation.

    A number of effective technologies of the NCMU are currently being replicated not only in Russian but also in foreign companies and act as import substitutes for products of such companies as Shell and Schlumberger.

    More than 20 low-tonnage chemical products developed by the center to improve the efficiency of oil field development are already being successfully used in practice.

    Efim Khazanov, chief researcher at the Gaponov-Grekhov Institute of Applied Physics of the Russian Academy of Sciences, reported that the Center for Photonics has developed a fractional rejuvenation device based on a powerful ytterbium fiber laser used in medical cosmetology for skin rejuvenation by laser exposure. In 2024, serial production of a cosmetology device based on a laser developed at the center was launched.

    Kirill Sypalo, Director General of the Central Aerohydrodynamic Institute named after Professor N.E. Zhukovsky, said that the NCMU “Supersonic” has created a unique infrastructure to support work on the layout of a supersonic passenger aircraft. The use of such optimal layouts will reduce operating costs per flight by three to four times (in relation to first-generation supersonic passenger aircraft).

    Intelligent systems for monitoring and ensuring cybersecurity of onboard equipment and systems of supersonic passenger aircraft have also been developed.

    Leonid Gokhberg, First Vice-Rector of the National Research University Higher School of Economics, noted that the Center for Interdisciplinary Research of Human Potential has created 40 unique databases on human potential development, half of which are international. The total number of users is more than 20 thousand people worldwide. The databases are used to evaluate family, demographic and economic policies and international research.

    In conclusion, Dmitry Chernyshenko instructed world-class scientific centers, together with the Ministry of Education and Science, federal authorities – curators and industrial partners, to present plans for the further use of the results obtained within the framework of the centers’ programs.

    The meeting was also attended by Vice President of the Russian Academy of Sciences Stepan Kalmykov, representatives of the Ministry of Labor and Social Protection, the Ministry of Agriculture, the Ministry of Industry and Trade, the Ministry of Digital Development, the Ministry of Energy, the Federal Agency for Subsoil Use and others.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News

  • MIL-OSI: BlackLine Expands Bengaluru Operations to Drive Global Growth and Innovation

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Feb. 25, 2025 (GLOBE NEWSWIRE) — BlackLine, Inc. (Nasdaq: BL), the intelligent financial data platform that powers the modern Office of the CFO, announced today the expansion of its presence in Bengaluru, India, reinforcing its commitment to global growth, operational scalability, and continuous, best-in-class customer support.

    Scaling to Meet Growing Demand

    Since establishing operations in Bengaluru in 2022, BlackLine has steadily expanded its teams in the region to meet increasing demand for its solutions. The new 50,000-square-foot office strengthens BlackLine’s ability to provide continuous service, accelerate product development, enhance operational efficiencies, and support coverage across multiple time zones.

    “Our Bengaluru expansion represents a critical step in our continued commitment to scaling our global operations and enhancing support for customers worldwide,” said Therese Tucker, Founder and co-CEO at BlackLine. “India’s deep talent pool and thriving technology ecosystem make it an ideal location to drive innovation, expand our capabilities, and accelerate our global impact to meet growing customer demand.”

    Enhancing Innovation and Customer Support

    The expanded facility includes a Network Operations Center (NOC) to enhance system monitoring and support BlackLine’s global infrastructure, strengthening the company’s already-leading ability to provide real-time assistance to customers across different regions. The space also serves as a hub for BlackLine’s engineering, customer success, and operations teams, fostering greater collaboration and agility in delivering new solutions.

    “Bengaluru has been an essential part of BlackLine’s global strategy, and this new office reflects our commitment to innovation and operational excellence,” said Raghu Dwarakanath, Managing Director, India. “With this expansion, we are better positioned to enhance customer engagement, drive product advancements, and strengthen our ability to support finance and accounting teams as they transform their financial operations.”

    Customer Perspective: Strengthening Local Support & Innovation

    Leading organizations in the region are already seeing the benefits of BlackLine’s expanded presence.

    “With BlackLine’s expanded presence in Bengaluru, we look forward to even greater collaboration, faster innovation, and stronger local support to drive our finance transformation efforts”, said Mr. Narottam Sharma, CIO, Jubilant FoodWorks.”

    Commitment to Global Growth

    The launch of the Bengaluru office marks the latest step in BlackLine’s broader strategy to strengthen its global presence and innovation capabilities. With an expanded footprint in India, the company is well-positioned to drive customer success, accelerate product innovation, scale its world-class support, and further its mission to inspire, power, and guide digital finance transformation worldwide.

    About BlackLine

    BlackLine is the intelligent financial data platform that powers the modern Office of the CFO. As the central nervous system for financial data, BlackLine seamlessly connects systems, automates workflows, and orchestrates the complex flow of financial information across the enterprise. By transforming raw transactions into strategic insights, BlackLine empowers finance & accounting teams to achieve future-ready financial operations that are accurate, efficient, and intelligent.

    Media Contact

    Samantha Darilek
    VP, Communications
    P. 877-777-7750
    E: samantha.darilek@blackline.com

    The MIL Network

  • MIL-OSI Economics: Secretary-General of ASEAN to participate in the 31st AEM Retreat

    Source: ASEAN

    At the invitation of H.E. Tengku Zafrul Tengku Abdul Aziz, Chair of the ASEAN Economic Ministers’ (AEM) Meeting for 2025, and Minister of Investment, Trade and Industry of Malaysia, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will lead the delegation of the ASEAN Secretariat to participate in the 31st AEM Retreat, scheduled to be held in Johor, Malaysia, on 28 February 2025. This year’s Retreat will consider and discuss Malaysia’s Priority Economic Deliverables (PEDs) for its Chairmanship in 2025 under the theme “Inclusivity and Sustainability,” as well as a number of key initiatives to further integrate ASEAN’s economy, including the ongoing negotiations for the ASEAN Trade in Goods Agreement (ATIGA) upgrade and ASEAN Digital Economy Framework Agreement (DEFA), as well as Timor-Leste’s accession to ASEAN economic agreements, among others. The Retreat will also include an open session with the ASEAN Business Advisory Council (ASEAN-BAC), the Economic Research Institute for ASEAN and East Asia (ERIA), and McKinsey.
    The post Secretary-General of ASEAN to participate in the 31st AEM Retreat appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI USA: Grassley, Johnson Demand National Archives Fulfill Request for Biden Records

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and Permanent Subcommittee on Investigations Chairman Ron Johnson (R-Wis.) are renewing their request for the National Archives and Records Administration (NARA) to provide records related to former-President Joe Biden’s mishandling of classified documents and use of pseudonyms and personal email addresses for official business during his time as Vice President. 

    “Since 2021, we have conducted oversight of Joe Biden’s use of multiple pseudonyms and personal email addresses for official government business when he served as Vice President. Despite our multiple requests for information, the Biden White House failed to respond,” the senators wrote

    “Although former President Biden is no longer in office, and he pardoned his son Hunter and other family members, we believe it is of importance to review these records so the American people have a full accounting of Joe Biden and his family’s activities while Joe Biden was in government,” they concluded

    Read the full letter HERE. 

    A timeline of Grassley and Johnson’s prior requests to NARA follows: 

    • August 2023: Letter to then-NARA Archivist Colleen Shogan regarding Biden’s use of pseudonyms and personal email addresses 
    • March 2023: Letter to then-NARA Acting Archivist Debra Steidel Wall regarding Biden’s mishandling of classified documents 
    • February 2023: Letter to then-NARA Acting Archivist Debra Steidel Wall regarding Biden’s mishandling of classified documents 
    • January 2023: Letter to then-Secret Service Director Kimberly Cheatle regarding Biden’s mishandling of classified documents 
    • January 2023: Letter to then-NARA Acting Archivist Debra Steidel Wall regarding Biden’s mishandling of classified documents 
    • January 2023: Letter to then-White House Counsel Richard Sauber regarding Biden’s mishandling of classified documents 
    • June 2022: Letter to then-White House Counsel Richard Sauber regarding Biden’s use of pseudonyms and personal email addresses 
    • July 2021: Letter to then-White House Counsel Dana Remus regarding Biden’s use of pseudonyms and personal email addresses 
    • June 2021: Letter to then-NARA Archivist David Ferriero regarding Biden’s foreign financial dealings 

    -30-

    MIL OSI USA News

  • MIL-OSI: Inbank unaudited financial results for Q4 and 12 months of 2024

    Source: GlobeNewswire (MIL-OSI)

    In 2024, Inbank exhibited strong growth in total net income and net profit, and completed a landmark significant risk transaction (SRT) with the European Investment Bank Group (EIB). 

    • In 2024, total net income reached 75.5 million euros, increasing by 26% year-on-year, driven by expanding margins and growing portfolio volumes across both the Baltics and CEE regions.
    • The consolidated net profit for the year amounted to 12.2 million euros, growing 20% year-on-year and return on equity (ROE) was 9%. These results were impacted by one-off items, including a 2.46 million euro cost from closing Inbank’s credit card business, 1.34 million euros in capitalised growth advisory and capital raising fees, and extraordinary profit of 0.66 million euros from the sale of stake in financial technology start-up Paywerk. Excluding all these one-off items, Inbank’s normalised net profit for the year grew by 51% year-on-year to 15.4 million euros, resulting in a normalised ROE of 11.3%.  
    • The loan and rental portfolio reached 1.15 billion euros increasing 11% year-on-year, while the deposit portfolio grew by 8% to 1.17 billion euros. At the end of 2024, Inbank’s total assets stood at 1.44 billion euros growing 9% year-on-year.
    • In 2024, Inbank reached a record sales volume of 715 million euros and the company’s Gross Merchandise Value (GMV) grew by 4%. 
    • In 2024, Inbank’s car finance portfolio became the largest product segment growing by 43% to 350 million euros. In terms of GMV the merchant solutions remain Inbank’s largest sales engine, delivering 255 million euros of new volume. Buy-now-pay-later (BNPL) nearly tripled its sales year-on-year to 45 million euros, becoming a mainstream product among Baltic online merchants and PSPs.
    • In 2024 Inbank increased the Effective Interest Rate (EIR) on the portfolio from 10.80% in 2023 to 11.28% in 2024. During the year, Inbank’s funding cost slightly decreased to 4.40% compared to 4.46% a year earlier. As a result, total income margin reached 5.37%, a 23 basis point improvement from 2023.
    • Despite high inflation and a higher interest rate burden for customers over the last couple of years, Inbank’s credit quality has remained stable. The impairment losses to the average credit portfolio increased slightly to 1.65%, which is mostly related to changes in the company’s provisioning methodology.
    • By the end of 2024, Inbank had 872,000 active customer contracts and over 6,000 active retail partners. 

    Results for Q4 2024

    • In Q4 2024, total net income reached a record 20.7 million euros increasing by 28% year-on-year. 
    • The net profit for Q4 declined to 1.4 million euros, which is lower 50% year-on-year, impacted by extraordinary expenses due to closure of credit card business and write-off of advisory fees. The quarterly ROE was 3.7%. However, normalized net profit, excluding one-off items, reached 4.4 million euros, demonstrating a 59% year-on-year growth. The quarterly normalized ROE was 11.9%.
    • The GMV for Q4 reached 191 million euros, marking a 14% increase year-on-year. Quarterly sales growth was primarily driven by the car finance segment, which reached 58.1 million euros, marking a 46% year-on-year increase. Rental services, led by full-service car rentals, also showed strong growth, rising 36% to a quarterly GMV of 21.1 million euros. Merchant solutions remained Inbank’s largest sales segment, with a GMV of 64.2 million euros, although declining 10% year-on-year. 
    • As a result of consistent repricing efforts, Inbank’s loan portfolio EIR reached to 11.63%, compared to 10.83% a year ago. Also, as interest rates declined throughout the year, Inbank’s Q4 funding cost decreased to 4.28% from 4.58% a year ago. Over the year, the company’s margins improved by 70 basis points, with net interest margin rising to 5.77% and the total income margin, which includes rental business, reached 5.63%.  
    • In Q4, Inbank’s impairment losses stood at 2.01%, primarily influenced by slight adjustments in impairment loss modeling methodology during Q3 and Q4. Despite these changes, the underlying portfolio quality remains stable, with no significant changes in the distribution of overdue days compared to previous periods. 

    Priit Põldoja, Chairman of the Management Board, comments on the results:

    “Inbank closed 2024 with a record revenue and sales result. Our GMV for the fourth quarter ended on a strong note, reaching an all-time sales record of 191 million euros, marking a 14% increase year-on-year. We also achieved a record quarterly total income of 20.7 million euros, up 28% from the same period last year. 

    For the full year Inbank recorded a net profit of 12.2 million euros in 2024, which is 20% higher than a year earlier. These results include several one-off events which impacted our annual profit significantly. During the year we focused on improving margins and streamlined our product portfolio by exiting credit card business. Without one-off events Inbank profit increased by 51% to 15.4 million euros. 

    In November, Inbank signed a synthetic securitization transaction with the European Investment Bank Group (EIB). The 147 million euro deal was backed by Inbank’s solar panel loans to private individuals in Poland, marking the first transaction of its kind in the Polish market. This initiative provided Inbank with 11 million euros in CET1 capital relief at the time of execution. Combined with the equity rise in August, Inbank has significantly strengthened its capital base to support future growth.

    As a result of the work done during 2024, Inbank business is more focused, our organization is better aligned and our capital base is stronger entering 2025. In anticipation of a more favorable interest rate environment, and growing consumer confidence in our key markets, we remain committed to driving growth and improving our financial performance in coming years.”

    Key financial indicators as of 31.12.2024 and for Q4

    Total assets EUR 1.44 billion 
    Loan and rental portfolio EUR 1.15 billion 
    Deposit portfolio EUR 1.17 billion 
    Total equity EUR 148 million
    Net profit EUR 1.4 million
    Return on equity 3.7%

    Consolidated income statement (in thousands of euros)

      Q4 2024 Q4 2023 12 months 2024 12 months 2023
    Interest income calculated using effective interest method 32,495 27,249 121,441 98,723
    Interest expense -13,662 -12,841 -53,949 -45,331
    Net interest income 18,833 14,408 67,492 53,392
             
    Fee and commission income 51 114 366 473
    Fee and commission expenses -1,053 -1,137 -4,690 -4,199
    Net fee and commission income/expenses -1,002 -1,023 -4,324 -3,726
             
    Rental income 9,004 6,869 32,435 23,905
    Sale of assets previously rented to customers 3,735 3,571 15,849 14,155
    Other operating income -762 220 42 769
    Cost of rental services -5,729 -4,808 -21,107 -15,896
    Cost of assets sold previously rented to customers -3,558 -3,303 -15,243 -12,556
    Net rental income/expenses 2,690 2,549 11,976 10,377
             
    Net gains/losses from financial assets measured at fair value 186 -90 9 -14
    Foreign exchange rate gain/losses -17 341 365 128
    Net gain/losses from financial items 169 251 374 114
             
    Total net interest, fee and other income and expenses 20,690 16,185 75,518 60,157
             
    Personnel expenses -5,260 -4,476 -19,986 -16,628
    Marketing expenses -885 -848 -3,071 -3,266
    Administrative expenses -5,263 -2,960 -14,547 -11,033
    Depreciations, amortization -2,807 -1,406 -8,513 -6,007
    Total operating expenses -14,215 -9,690 -46,117 -36,934
             
    Share of profit from associates 0 -72 663 250
    Impairment losses on loans and receivables -5,197 -3,235 -16,355 -13,203
    Profit before income tax 1,278 3,188 13,709 10,270
             
    Income tax 100 -412 -1,497 -68
    Profit for the period 1,378 2,776 12,212 10,202
             
    Other comprehensive income that may be reclassified subsequently to profit or loss        
    Currency translation differences -16 -403 -288 -415
    Total comprehensive income for the period 1,362 2,373 11,924 9,787

    Consolidated statement of financial position (in thousands of euros)

      12/31/24 12/31/23
    Assets    
    Cash and cash equivalents 153,191 172,921
    Mandatory reserves at central banks 25,156 21,020
    Investments in debt securities 46,724 33,581
    Financial assets measured at fair value through profit or loss 27 79
    Loans and receivables 1,041,542 942,056
    Investments in associates 0 141
    Other financial assets 4,569 5,268
    Tangible fixed assets 98,069 75,206
    Right of use assets 20,551 26,716
    Intangible assets 31,560 30,906
    Other assets 9,718 8,185
    Deferred tax assets 4,707 4,505
    Total assets 1,435,814 1,320,584
         
    Liabilities    
    Customer deposits 1,171,359 1,081,566
    Financial liabilities measured at fair value through profit or loss 503 50
    Other financial liabilities 59,135 60,927
    Current tax liability 62 311
    Deferred tax liability 533 204
    Other liabilities 4,620 3,691
    Subordinated debt securities 52,046 49,745
    Total liabilities 1,288,258 1,196,494
         
    Equity    
    Share capital 1,152 1,086
    Share premium 54,849 43,563
    Statutory reserve 109 103
    Other reserves 1,329 1,543
    Retained earnings 90,117 77,795
    Total equity 147,556 124,090
         
    Total liabilities and equity 1,435,814 1,320,584

    Inbank is a financial technology company with an EU banking license that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with more than 6,000 merchants, Inbank has 872,000+ active contracts and collects deposits across 7 markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.

    Additional information:
    Styv Solovjov
    AS Inbank
    Head of Investor Relations
    +372 5645 9738
    styv.solovjov@inbank.ee

    Attachment

    The MIL Network

  • MIL-Evening Report: The major parties want 9 in 10 GP visits bulk billed by 2030. Here’s why we shouldn’t aim for 100%

    Source: The Conversation (Au and NZ) – By Yuting Zhang, Professor of Health Economics, The University of Melbourne

    Drazen Zigic/Shutterstock

    Unaffordable GP visits has become a pressing issue amid the increasing cost-of-living crisis. About 30% of Australians delayed or didn’t see a GP in 2023–24.

    To solve this problem, Labor has proposed extending bulk billing incentives to all Australians. It hopes to increase bulk billing from 78% to 90% by 2030.

    The Coalition has promised to match Labor’s plan.

    Why not aim for 100%? It might seem a worthy goal to make GP care free for everyone, for every visit. But the evidence suggests there’s benefit to getting those on higher incomes to contribute a small amount to the cost of seeing a GP.

    GP care should be free for these Australians

    We should aim for access to GP care to be affordable and equitable. For some people, this should mean they can access the services for free.

    Appointments for children should be free. Making health checks regular and accessible during childhood is an effective long-term investment which can delay the onset of disease.

    GP visits should also be free for people with low incomes. Free primary care can mean people who would otherwise avoid seeing a GP can have their ongoing conditions managed, undergo preventive health checks, and fill prescriptions.

    When people skip GP visits and can’t afford to fill their prescriptions, their conditions can worsen. This can reduce the person’s quality of life, and require higher-cost emergency department visits and hospital care.

    Appointments in rural and remote areas should also be free. Australians living in rural and remote areas currently pay more to see a GP, have less access to care when they need it, and experience poorer health outcomes and shorter lives than their city counterparts.

    Making GP visits free for rural and remote Australians would help reduce this rural–urban gap.

    Rural Australians find it harder to see a GP when they need one.
    Michael Leslie/Shutterstock

    However, providing free GP care for everyone can cause unnecessary strain on health budgets and make the policy unsustainable in the long run.

    What can happen if you make care free for all?

    In general, when the price is low, or something is free, people use these services more. This includes medical care and medications. Free GP care may encourage more people to see their GP more than is necessary.

    Previous research showed that free care increased the use of health care but does not necessarily improve health outcomes, especially for those who are relatively healthy.

    If people are using GP services when they’re not really needed, this takes limited resources from those who really need them and can increase waiting times.

    Australia is already experiencing a GP shortage. Higher patient volumes could leave existing GPs overwhelmed and overstretched. This can reduce the quality of care.

    Countries that have made primary health care free for all, such as Canada and the United Kingdom, still report issues with access and equity. In Canada, 22% of Canadian adults do not have access to regular primary care. In the United Kingdom, people who live in poor areas struggle to get access to care.

    Make co-payments more affordable

    To balance affordability for patients with the financial viability of primary care, Australians who can afford to contribute to the cost of their GP care should pay a small amount.

    However, the A$60 many of us currently pay to visit a GP is arguably too expensive, as it may prompt some to forego care when they need it.

    A relatively smaller co-payment in the range of around $20 to $30 to visit the GP would help discourage unnecessary visits when resources are limited, but be less likely to turn patients off seeking this care.

    Providing free GP visits for all may not be efficient or sustainable, but making it more affordable and equitable can lead to a more efficient and sustainable care system and doing so is within our reach.




    Read more:
    Should we aim to bulk-bill everyone for GP visits? We asked 5 experts


    Yuting Zhang has received funding from the Australian Research Council (future fellowship project ID FT200100630), Department of Veterans’ Affairs, the Victorian Department of Health, and National Health and Medical Research Council. In the past, Professor Zhang has received funding from several US institutes including the US National Institutes of Health, Commonwealth fund, Agency for Healthcare Research and Quality, and Robert Wood Johnson Foundation. She has not received funding from for-profit industry including the private health insurance industry.

    Karinna Saxby has previously received funding from the Department of Health and Aged Care,

    ref. The major parties want 9 in 10 GP visits bulk billed by 2030. Here’s why we shouldn’t aim for 100% – https://theconversation.com/the-major-parties-want-9-in-10-gp-visits-bulk-billed-by-2030-heres-why-we-shouldnt-aim-for-100-249605

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Australia: Transcript – media conference – Eastern Creek Truck Stop

    Source: Australian Ministers for Regional Development

    CHRIS BOWEN [FEDERAL MEMBER FOR MCMAHON]: Well, thanks for coming, everyone. Australia lives on trucking, and western Sydney relies on trucking more than anywhere else because western Sydney is the industrial heartland of Sydney, the home to the biggest industrial estate in the southern hemisphere, the Smithfield Wetherill Park, Erskine Park Industrial Estate. Even more so with the development of the M7, of course, which has made our area a distribution centre for New South Wales. And the M7, M4 is the first freeway to freeway intersection in Australia. And of course, just as we rely on our truckers, our truckers deserve nothing but the best. We rely on them and they rely on us to provide world class facilities.

    So I’m very, very excited for this announcement today here in my community, but one which has implications beyond this community for truckers to ensure they’re getting the very best support so that they can stay on the road safely and can keep our economy moving. So I’m delighted to welcome my friend Catherine King to my community, together with John Graham, for a very significant announcement. Catherine.

    CATHERINE KING [MINISTER]: Thanks, Chris, and it’s terrific to be here in your part of the world, but also here alongside my state colleague John Graham, who’s been doing terrific work. Can I also acknowledge the state MPs who are here with us as well, as well as Senator Glenn Sterle and Senator Tony Sheldon, who know very well how important this is. Well, this is a terrific announcement, not just for western Sydney. You can see just how busy the M4 is. With the amount of freight that is moving on, it is one of the busiest freight networks in the country. But this is actually important for the whole country. We know how important it is for truck drivers to be able to rest. We know that there is no dedicated rest area for truck drivers along this incredibly busy stretch of this freight route. And what we also know is that when truck drivers have access to decent rest areas, decent areas to shower and to toilet and to eat, that they are much safer driving on our roads. So this is very much a win for road safety as well. Our roads, our trucks, are truck drivers’ workplaces and they deserve to have safe, proper places that they can actually rest and safe workplaces in the same way every single other working Australian does.

    This announcement today that an Albanese Labor Government will be partnering with the New South Wales Government, 40 million from us, 40 million from the New South Wales Government here at Eastern Creek, at the intersection of the M4 and M7, building the first dedicated truck rest stop area. Hard stand shade areas, showers, toileting facilities for a substantial number of trucks into this region making sure that we actually provide the safety that truck drivers need. This is very much part of our over $18 billion of investment that is coming from the Albanese Labor Government into infrastructure in western Sydney. We know that our freight task is only going to be increasing and actually investing here, investing in this truck rest stop area is incredibly important.

    I want to particularly acknowledge Senator Glenn Sterle and Senator Tony Sheldon, but also all of the truck drivers in our country. When we came to government, we set up a fund to look at how can we better get rest stops on our great freight networks. And Glenn has been sharing that alongside. He called together truck drivers and trucking companies because they are the people who will use these areas and they know where they need to stop and where the rest areas are best located. This is very much part of the advocacy that we’ve had, trying to bring truck drivers in to make sure that we actually build these where people will stop, and that we make sure that our freight routes are as safe as possible.

    I’m going to hand over to John, and then I think we’re going to hear from TWU, from Glenn and also the representative of the freight truck industry here in New South Wales as well. And then we’ll be happy to take some questions. Thank you.

    JOHN GRAHAM [NSW ROADS MINISTER]: Thanks so much, Catherine. I’m here with Kylie Wilkinson, with Karen McKeown and Stephen Bali from the state parliament. You can see how important this announcement is from the support it’s got today. People turning up backing in this plan for a rest stop here in the heart of Sydney. I want to thank firstly, the Federal Government, Minister Catherine King and the team, Glenn Sterle, Tony Sheldon and Chris Bowen. As soon as we raised this with the federal government, they were instinctively on board. They could see how important this was to Sydney. And there is a big problem. Sydney’s got a reputation as the least friendly city for truckies in the country, and that’s something that we want to change. You can understand why. It’s not just the tolls and the traffic. You expect those, but you also expect to be able to find a toilet. And the truth is, you can’t do that between Wyong and Pheasants Nest. That’s a couple hours’ drive. That’s 180 kilometres between dedicated rest stops for truck drivers moving through Sydney. That’s not safe. It’s not dignified. It needs to change. You can see why Sydney’s got that reputation. It’s the least friendly city for trucks in the country.

    We’re going to change that. This will be a crucial part of that plan to change that. Having this large site with dedicated stopping areas. We’ve talked about 800 members of the freight community to be able to work out what’s required here. And it really is a place to stop and sleep, toilets, a hot shower, maybe a little bit of shade. These are reasonable things to ask for, but they’re things that simply don’t exist in a place that can be used in the Sydney Basin. And that has to change. That’s why I’m so excited to be here with the federal government working hand in hand to really change that.

    I particularly want to give a shout out to Tony Sheldon and to Glenn Sterle. Glenn in particular, during COVID, led the fight to make sure that drivers were able to pull over and get access to restrooms up and down New South Wales, also around the country. It was a real moment to realise just how the basics matter, and we’ll deliver on the basics here. It’ll make a real difference not just to these drivers but also to the community around these areas. This will mean trucks off suburban streets in western Sydney. That’s great news for the residents and the community as well.

    So thanks to the Federal Government, thanks to Richard Olsen and the TWU team who’ve argued the case for this strongly, passionately over a long period. Simon O’Hara from Road Freight New South Wales. This has been a call for a long time. Finally, we’re delivering on it.

    SENATOR GLENN STERLE: Thank you very much, John. Thank you. Catherine, can I just come to- have the opportunity to share this with you as a semi-retired, long distance interstate truck driver, I cannot stress the importance of this announcement. I want to sincerely thank Minister Graham. John, when you were in opposition alongside Premier- now Premier Chris Minns, you had made it very clear in the lead up to the election, not just in the last couple of days, how important it was to progress proper facilities for long distance truckies to get the rest they need. So John, thank you so much and thank you for carrying the can.

    To Minister King, Catherine, my very dear friend and close colleague. I can’t thank you, Catherine, enough. Not only the work that you’ve done, bringing the voice of the Australian truck driver and the voice of the Australian truck operator to the halls of that great place down in Canberra, where you’ve created the opportunity for truckies and trucking operators to share with you, Minister, where we need these rest areas. I do applaud you. Thank you so much.

    I tell you what, I’m so jealous. I’m from Western Australia, but I know in 2025 we still expect men and women in the trucking industry to carry around a roll of toilet paper and to try and just find a bush somewhere here in Sydney or Melbourne in our capital cities. This facility will provide up to 100 truck drivers a safe haven to pull over and manage their fatigue.

    So once again to the New South Wales Government, once again to the Federal Government, and special call out: Simon O’Hara. Simon, the work that you and I did together in the pandemic, mate, yes, it seemed like it was- where are you, Simon? It was you and I against the world where we actually realised just how important our truckies are and our transport operators and our supply chains and our logistics operators to the betterment of this nation. We were shut out of toilets. We were not allowed to even use them to have a shower. And didn’t that highlight in 2022 at the time, Simon, just how disrespected we were as an industry. Well, thank goodness we’ve got the grown-ups in charge. Thank goodness we’ve got magnificent state and federal governments now putting an end to that. I applaud you. And please can we roll you out to Western Australia, South Australia, Queensland, Victoria, the Northern Territory, and heck even Tasmania? Thank you John. Thank you Catherine.

    RICHARD OLSEN [NSW FREIGHT TRANSPORT ADVISORY COUNCIL]:  Thank you so much. And I’ll just answer that question, Glenn, no. We’re here in New South Wales and we are delighted to be a part of this announcement. We’ve been advocating, as has been previously said, and we’ve been working hard behind the scenes for many years and decades to get where we’re at today and today is a remarkable day for the transport industry as a whole. We have been subject to- having to drive as has been previously stated from Pheasants Nest up to Wyong in a truck that is three hours plus on any given bad day on our freeways, expressways, transurban ways if you like, and that needed to stop. That put a whole amount of pressure on the driver in relation to their fatigue and rest in which they are required to have by law, and what they are required to have because they are in charge of 60 to 80 tonne of equipment.

    When you’re driving along that, you want to know that the truck driver has been given a decent rest and is free of fatigue as far as reasonably possible, and that we can do and we can do that now in this great city of Sydney when this establishment opens very shortly. It’s been waiting here for quite a while, a long time for us to get to this base. And we don’t want to waste a minute in getting this established, and get it so that the drivers both coming through this great state or this city, but also local drivers who need to utilise this space as well. It’s for everyone within the transport industry, and I’m very delighted to be a part, and partnering up with both federal and state government, employer organisations. This is the transport community coming together and winning for drivers. Thank you so much.

    SIMON O’HARA [CEO, ROAD FREIGHT NSW]: Good morning all, and thank you Richard Olsen. It’s with such delight that we’re here today. This is a really positive announcement about the announcement relating to the heavy vehicle rest area here in western Sydney. This is a terrific development. For generations, the trucking industry has sought a rest area within metro Sydney, and now we’re looking at an announcement that will make that a reality. This is a terrific announcement today. This means that truckies will be able to rest. We’ve got members who come in from Wagga, come in, go out every day. This allows them to be able to rest, get some food, use the toilet facilities, have a shower. Over the course of the next couple of years, this will lead to greater results in terms of road safety on the roads.

    This means as well that truckies particularly- and Glenn mentioned before the point about dignity and respect. We are absolutely committed to dignity and respect for truckies. This is part and parcel of a key step to being able to make that a reality. During COVID, we had a lot to say, particularly around truckies not having any rest areas, having to keep moving all the time. And what this does today- and I’d like to particularly acknowledge Minister Graham, Minister King, Minister Bowen, Senator Sterle and Senator Tony Sheldon, this makes what we’ve been seeking for some time- we’ve advocated for this for a significant amount of time. This makes it a reality. Thanks very much.

    CATHERINE KING: Happy to take questions, for John or me. No one?

    JOURNALIST: Question for Minister Graham. What were the other sites being considered and why did this one get the nod?

    JOHN GRAHAM: Yeah. So we’ve done a big search across the Sydney basin to look at a range of sites, and we’ve also talked extensively to the freight community, 800 people involved in that consultation. The key really was accessibility. It’s no use having the best site in the world that’s too far from the M4 and the M7. So we’ve looked intensively around this area for the best site. And here we are five minutes from the M7, ten minutes from the M4. That really is the key to be able to allow drivers to get off those freeways, rest, and then get back on their journey as fast as possible. Of course, there’s a limited number of sites- their sites had a premium. That’s why this hasn’t happened before, but that’s why we’re so pleased that we’ve now found the site and this process can unfold.

    JOURNALIST: One more question. Sorry. In ‘22, you came out and said Sydney was the worst city in Australia for truckies. And here we are in ’25, we’ve got an announcement but still no work. Why did it take so long?

    JOHN GRAHAM: Oh look, this has been a tough problem to crack for generations. This has been a call from the industry. Now we’re here, where truckies will be resting as they come off the M4, come off the M7 as they’re delivering to the communities around Sydney. Even better news, they won’t be parked on suburban streets in these communities. So this isn’t an easy problem to solve. We never said it would be, but I’m so pleased to get to this moment today.

    CATHERINE KING: All good. Beautiful. Thank you.

    MIL OSI News

  • MIL-OSI Global: The gold price has surged to record highs. What’s behind the move?

    Source: The Conversation – Global Perspectives – By Dirk Baur, Professor of Finance, The University of Western Australia

    The gold price has surged to a new all-time high above US$2,900 (A$4,544) an ounce this month.

    It has risen by 12% since the start of the year and clearly outperformed US and Australian stock markets. The US stock index S&P500 is up 4% and the ASX 200 has gained just 2% in that time.

    That follows an extraordinary run in 2024, when the precious metal surged 27%, the biggest rise in 14 years.

    The drivers behind this surge include heightened uncertainty and fear of inflation that has been stoked by US President Donald Trump’s threats of tariffs, together with increased demand from central banks.



    What explains gold’s recent rally?

    There are many factors at play.

    The supply of gold through gold mine production and recycling is relatively constant over time. But the demand is more variable, and consists of four major components: jewellery, technology, investment and central banks.

    In 2024, jewellery accounted for about 50% of total demand, technology or industrial demand was 5%, investment demand was 25% and central bank demand was 20%.

    Investment demand refers to investors who buy gold as an asset. Central banks generally buy gold to diversify their reserve holdings.

    As all four demand components vary over time (some more than others), gold price movements are sometimes driven by jewellery demand, sometimes by investor demand, and sometimes – as has happened recently – by central bank demand.

    What adds to the difficulty is that both the gold supply and gold demand are global. The supply comes from gold mines across the globe, from emerging countries in Africa and industrial countries such as Australia and Canada.

    The same is true for demand. While China and India dominate jewellery demand, the demand comes from many countries, as does investment demand. Central bank demand stems from large and small central banks around the world.

    Why is there demand for gold?

    One key reason for the popularity of gold is that it is considered to be a store of value. This means gold rises with inflation and maintains its value in the long run.

    In other words, an ounce of gold buys the same basket of goods (or more) today than 20 years ago. This is not the case for money (or fiat currency) such as the US or Australian dollars.

    Due to inflation, the value of money is not constant but depreciates over time. Because gold holds its value, it is also called an inflation hedge.

    While the store of value property holds in the long run, there is another important property that is more short-lived and particularly relevant during crisis periods.

    Gold is seen as a safe haven in troubled times

    The safe haven property of gold means gold prices increase when investors seek shelter in response to a shock or crisis. For example, investors bought gold in reaction to the September 11 2001 terrorist attacks, the start of the global financial crisis in 2008, and the outbreak of COVID in 2020.

    The safe haven effect of gold is generally short-lived, often resulting in falling gold prices after about 15 days.

    Russia’s invasion of Ukraine in February 2022, and the subsequent sanctions on Russia – especially the freeze of Russia’s foreign government bond holdings abroad – has highlighted the risk to governments of losing access to foreign currency holdings.

    It appears some governments or central banks reacted to this with increased gold purchases. This led to a record high of 1,082 tonnes of central bank gold purchases in 2022.

    2023 saw the second-highest annual purchase in history at 1,051 tonnes, followed by 1,041 tonnes in 2024.

    The potential reaction of central banks to the Russian invasion of Ukraine is akin to investors seeking a safe haven, but is a rather new phenomenon for central banks.



    There is an additional, secondary, effect of such central bank purchases and rebalancing from US dollars to gold.

    Selling US dollars for gold implies a weakening US dollar, which increases the price of gold. (If the US dollar weakens, you need more US dollars to buy gold.) The inverse relationship between gold prices and currencies also makes gold a currency hedge. That means gold can protect investors from potential losses due to fluctuating exchange rates. This effect is particularly strong for rather volatile currencies such as the Australian dollar.

    In contrast to the shock caused by the Russian invasion of Ukraine, the more recent increase in gold prices is harder to associate with a single shock.

    Broader economic worries

    The election of Trump has not only increased the risk of higher inflation due to tariffs and a trade war, it has also increased geopolitical risk as the US government reassesses its alliances with other countries.

    The relative unpredictability of Trump compared with his predecessors and with politicians more generally may have increased uncertainty and gold prices.
    The recent gold price trend highlights that “gold loves bad news”.

    Gold prices may anticipate geopolitical shocks or higher inflation. Gold prices rose well before inflation increased after the pandemic and started to fall when inflation had peaked in 2022.

    It is not clear exactly why gold has risen to all-time highs in 2025, but it’s possibly not good news for the world economy.

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

    ref. The gold price has surged to record highs. What’s behind the move? – https://theconversation.com/the-gold-price-has-surged-to-record-highs-whats-behind-the-move-250391

    MIL OSI – Global Reports

  • MIL-Evening Report: The gold price has surged to record highs. What’s behind the move?

    Source: The Conversation (Au and NZ) – By Dirk Baur, Professor of Finance, The University of Western Australia

    The gold price has surged to a new all-time high above US$2,900 (A$4,544) an ounce this month.

    It has risen by 12% since the start of the year and clearly outperformed US and Australian stock markets. The US stock index S&P500 is up 4% and the ASX 200 has gained just 2% in that time.

    That follows an extraordinary run in 2024, when the precious metal surged 27%, the biggest rise in 14 years.

    The drivers behind this surge include heightened uncertainty and fear of inflation that has been stoked by US President Donald Trump’s threats of tariffs, together with increased demand from central banks.



    What explains gold’s recent rally?

    There are many factors at play.

    The supply of gold through gold mine production and recycling is relatively constant over time. But the demand is more variable, and consists of four major components: jewellery, technology, investment and central banks.

    In 2024, jewellery accounted for about 50% of total demand, technology or industrial demand was 5%, investment demand was 25% and central bank demand was 20%.

    Investment demand refers to investors who buy gold as an asset. Central banks generally buy gold to diversify their reserve holdings.

    As all four demand components vary over time (some more than others), gold price movements are sometimes driven by jewellery demand, sometimes by investor demand, and sometimes – as has happened recently – by central bank demand.

    What adds to the difficulty is that both the gold supply and gold demand are global. The supply comes from gold mines across the globe, from emerging countries in Africa and industrial countries such as Australia and Canada.

    The same is true for demand. While China and India dominate jewellery demand, the demand comes from many countries, as does investment demand. Central bank demand stems from large and small central banks around the world.

    Why is there demand for gold?

    One key reason for the popularity of gold is that it is considered to be a store of value. This means gold rises with inflation and maintains its value in the long run.

    In other words, an ounce of gold buys the same basket of goods (or more) today than 20 years ago. This is not the case for money (or fiat currency) such as the US or Australian dollars.

    Due to inflation, the value of money is not constant but depreciates over time. Because gold holds its value, it is also called an inflation hedge.

    While the store of value property holds in the long run, there is another important property that is more short-lived and particularly relevant during crisis periods.

    Gold is seen as a safe haven in troubled times

    The safe haven property of gold means gold prices increase when investors seek shelter in response to a shock or crisis. For example, investors bought gold in reaction to the September 11 2001 terrorist attacks, the start of the global financial crisis in 2008, and the outbreak of COVID in 2020.

    The safe haven effect of gold is generally short-lived, often resulting in falling gold prices after about 15 days.

    Russia’s invasion of Ukraine in February 2022, and the subsequent sanctions on Russia – especially the freeze of Russia’s foreign government bond holdings abroad – has highlighted the risk to governments of losing access to foreign currency holdings.

    It appears some governments or central banks reacted to this with increased gold purchases. This led to a record high of 1,082 tonnes of central bank gold purchases in 2022.

    2023 saw the second-highest annual purchase in history at 1,051 tonnes, followed by 1,041 tonnes in 2024.

    The potential reaction of central banks to the Russian invasion of Ukraine is akin to investors seeking a safe haven, but is a rather new phenomenon for central banks.



    There is an additional, secondary, effect of such central bank purchases and rebalancing from US dollars to gold.

    Selling US dollars for gold implies a weakening US dollar, which increases the price of gold. (If the US dollar weakens, you need more US dollars to buy gold.) The inverse relationship between gold prices and currencies also makes gold a currency hedge. That means gold can protect investors from potential losses due to fluctuating exchange rates. This effect is particularly strong for rather volatile currencies such as the Australian dollar.

    In contrast to the shock caused by the Russian invasion of Ukraine, the more recent increase in gold prices is harder to associate with a single shock.

    Broader economic worries

    The election of Trump has not only increased the risk of higher inflation due to tariffs and a trade war, it has also increased geopolitical risk as the US government reassesses its alliances with other countries.

    The relative unpredictability of Trump compared with his predecessors and with politicians more generally may have increased uncertainty and gold prices.
    The recent gold price trend highlights that “gold loves bad news”.

    Gold prices may anticipate geopolitical shocks or higher inflation. Gold prices rose well before inflation increased after the pandemic and started to fall when inflation had peaked in 2022.

    It is not clear exactly why gold has risen to all-time highs in 2025, but it’s possibly not good news for the world economy.

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

    ref. The gold price has surged to record highs. What’s behind the move? – https://theconversation.com/the-gold-price-has-surged-to-record-highs-whats-behind-the-move-250391

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Asia-Pac: President Lai meets Japanese House of Representatives Member Tamaki Yuichiro

    Source: Republic of China Taiwan

    Details
    2025-02-21
    President Lai meets Abe Akie, wife of late Prime Minister Abe Shinzo of Japan
    On the morning of February 21, President Lai Ching-te met with Abe Akie, the wife of late Prime Minister Abe Shinzo of Japan. In remarks, President Lai thanked Mrs. Abe for carrying on the legacy of former Prime Minister Abe, being a benevolent and determined force for regional peace and prosperity, and calling on all parties to continue to place attention on peace in the Taiwan Strait. The president stated that Taiwan will carry on the legacy and spirit of former President Lee Teng-hui and former Prime Minister Abe, safeguard the values of freedom and democracy, and deepen the Taiwan-Japan friendship. A translation of President Lai’s remarks follows: Last May, Mrs. Abe came to Taiwan to attend the inauguration ceremony for myself and Vice President Bi-khim Hsiao, and we reminisced about the past here at the Presidential Office. I would like to warmly welcome her back today. I am also delighted to be meeting with all guests in attendance. Yesterday, Mrs. Abe and I attended the opening of the very first Halifax Taipei forum, for which Mrs. Abe also delivered a keynote speech earlier today. In her speech, she offered valuable input on global security and democratic development. I would like to thank Mrs. Abe for making this special trip to Taiwan to take part, showing her strong support for Taiwan. Former Prime Minister Abe pioneered the vision of a free and open Indo-Pacific, and called on the international community to pay attention to peace and stability in the Taiwan Strait and Indo-Pacific. These have become common strategic goals of democratic countries around the world and will have a far-reaching influence over international developments and Taiwan’s security. They were important contributions that former Prime Minister Abe made in regard to the Taiwan Strait and the Indo-Pacific region. Recently, current Prime Minister of Japan Ishiba Shigeru and United States President Donald Trump held a meeting and jointly reiterated the importance of peace and stability across the Taiwan Strait, as well as opposed unilateral changes to the status quo by force or coercion. They also expressed support for Taiwan’s participation in international organizations. This shows that Prime Minister Ishiba is furthering the legacy of former Prime Minister Abe. We are very grateful for the former prime minister’s friendship toward Taiwan, and to Mrs. Abe for carrying on his legacy. Mrs. Abe is a benevolent and determined force for regional peace and prosperity, and has called on all parties at numerous public venues to continue to place attention on peace in the Taiwan Strait. Last December, for instance, she traveled at the invitation of President Trump and his wife to the US, where she addressed cross-strait issues and spoke up for Taiwan. We were deeply moved by this. As authoritarian states continue to expand, Taiwan will keep working alongside like-minded nations such as Japan and the US, as well as the European Union, to jointly contribute to regional and global peace and prosperity. I look forward to continued advancement of regional peace and prosperity with the help of Mrs. Abe’s efforts. Mrs. Abe will also be meeting with daughter of former President Lee and Lee Teng-hui Foundation Chairperson Annie Lee (李安妮) tomorrow. Former President Lee and former Prime Minister Abe were both fully devoted to promoting Taiwan-Japan relations. We will carry on their legacy and spirit, safeguard the values of freedom and democracy, and deepen the Taiwan-Japan friendship. In closing, I wish you all a smooth and successful visit. Mrs. Abe then delivered remarks, first expressing her sincere thanks to President Lai for taking the time to meet. She said that former Prime Minister Abe hailed from Yamaguchi Prefecture, and that accompanying her that day were House of Councillors Member Kitamura Tsuneo, Yamaguchi Prefecture Governor Muraoka Tsugumasa, Yamaguchi Prefectural Assembly Deputy Speaker Shimata Noriaki, and many other important figures from Yamaguchi. If former Prime Minister Abe’s spirit could look upon this scene, she said, he would certainly be very pleased. Mrs. Abe recalled that when the former prime minister passed away, then-Vice President Lai traveled to their official residence to express his condolences and pay tribute. She said that she will never forget such a gesture of deep friendship, heartfelt condolences, and care. The year before last, she indicated, a memorial photo exhibition for former Prime Minister Abe was held in Taiwan, and many Taiwanese people from all walks of life came to view it. Last year, Mrs. Abe continued, she had the privilege of attending President Lai’s inauguration ceremony, where she met with many friends from Taiwan and personally felt the close and beautiful ties that Taiwan and Japan share. Mrs. Abe stated that she will carry out the wishes of former Prime Minister Abe and do her utmost to help raise Taiwan-Japan relations to new heights, saying that she looks forward to hearing the advice that President Lai and all those present have to offer. The delegation also included Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

    Details
    2025-02-21
    President Lai attends opening of 2025 Halifax Taipei forum
    On the afternoon of February 20, President Lai Ching-te attended the opening of the 2025 Halifax Taipei forum. In remarks, President Lai thanked the Halifax International Security Forum for their strong support for Taiwan, and for having chosen Taiwan as the first location outside North America to hold a forum. Noting that we face a complex global landscape, the president called on the international community to take action. He said that as authoritarianism consolidates, democratic nations must also come closer in solidarity, and called on the international community to create non-red global supply chains, as well as unite to usher in peace. President Lai emphasized that Taiwan will work toward maintaining peace and stability in the Taiwan Strait, and collaborate with democratic partners to form a global alliance for the AI chip industry and together greet a bright, new era. A transcript of President Lai’s remarks follows: To begin, I want to give a warm welcome to all the distinguished guests here at the very first Halifax Taipei forum. The Halifax International Security Forum, held every year in Canada, has been an important gathering for freedom-loving nations worldwide. I would like to thank Halifax and President [Peter] Van Praagh for their strong support for Taiwan. Every year since 2018, Taiwan has been invited to participate in the forum. Last year, former President Tsai Ing-wen was invited to speak, and this year, Halifax has chosen Taiwan as the first location outside North America to hold a forum. As President Van Praagh has said, “While the security challenges ahead are too big for any single country to solve alone, there is no challenge that can’t be met when the world’s democracies work together.” Today, we have world leaders and experts who traveled from afar to be here, showing that they value and support Taiwan. It demonstrates solidarity among democracies and the determination to take on challenges as one. I would like to express my gratitude and admiration to all of you for serving as defenders of freedom. At this very moment, Russia’s invasion of Ukraine is still ongoing. Authoritarian regimes including China, Russia, North Korea, and Iran continue to consolidate. China is hurting economies around the world through its dumping practices. We face grave challenges to global economic order, democracy, freedom, peace, and stability. Taiwan holds a key position on the first island chain, directly facing an authoritarian threat. But we will not be intimidated. We will stand firm and safeguard our national sovereignty, maintain our free and democratic way of life, and uphold peace and stability across the Taiwan Strait. Taiwan cherishes peace, but we also have no delusions about peace. We will uphold the spirit of peace through strength, using concrete actions to build a stronger Taiwan and bolster the free and democratic community. I sincerely thank the international community for continuing to attach importance to the situation in the Taiwan Strait. Recently, US President Donald Trump and Japan’s Prime Minister Ishiba Shigeru issued a joint leaders’ statement expressing their firm support for peace and stability across the Taiwan Strait, and for Taiwan’s participation in international affairs. As we face a complex global landscape, I call on the international community to take the following actions: First, as authoritarianism consolidates, democratic nations must also come closer in solidarity. Just a few days ago, the top diplomats of the US, Japan, and South Korea held talks, underlining the importance of maintaining peace and stability across the Taiwan Strait. They also conveyed their stance against “any effort to destabilize democratic institutions, economic independence, and global security.” On these issues, Taiwan will also continue to contribute its utmost. I recently announced that we will prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP.  Soon after I assumed office last year, I formed the Whole-of-Society Defense Resilience Committee at the Presidential Office. This committee aims to combine the strengths of government and civil society to enhance our resilience in national defense, economic livelihoods, disaster prevention, and democracy. We will also deepen our strategic partnerships in the democratic community to mutually increase defense resilience, demonstrate deterrence, and achieve our goal of peace throughout the world. Second, let’s create non-red global supply chains.  For the democratic community to deter the expansion of authoritarianism, it must have strong technological capabilities. These can serve as the backbone of national defense, promote industrial development, and enhance economic resilience. So, in addressing China’s red supply chain and the impact of its dumping, Taiwan is willing and able to work with global democracies to maintain the technological strengths among our partners and build resilient non-red supply chains. As a major semiconductor manufacturing nation, Taiwan will introduce an initiative on semiconductor supply chain partnerships for global democracies. We will collaborate with our democratic partners to form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. The achievements of today’s semiconductor industry in Taiwan can be attributed to our collective efforts. Government, industry, academia, and research institutions had to overcome various challenges over the last 50 years for us to secure this position.  We hope Taiwan can serve as a base for linking the capabilities of our democratic partners so that each can play a suitable role in the semiconductor industry chain and develop its own strengths, deepening our mutually beneficial cooperation in technology. This benefits all of us. Moreover, it allows us to further enhance deterrence and maintain global security. Third, let’s unite to usher in peace. China has not stopped intimidating Taiwan politically and militarily. Last year, China launched several large-scale military exercises in the Taiwan Strait. Its escalation of gray-zone aggression now poses a grave threat to the peace and stability of the Indo-Pacific region. As a responsible member of the international community, Taiwan will maintain the status quo. We will not seek conflict. Rather, we are willing to engage in dialogue with China, under the principles of parity and dignity, and work toward maintaining peace and stability in the Taiwan Strait. As the agenda of this forum suggests, democracy and freedom create more than just opportunities; they also bring resilience, justice, partnerships, and security. Taiwan will continue working alongside its democratic partners to greet a bright, new era. Once again, a warm welcome to all of you. I wish this forum every success. Thank you. Also in attendance at the event were Mrs. Abe Akie, wife of the late former Prime Minister Abe Shinzo of Japan, and Halifax International Security Forum President Van Praagh.

    Details
    2025-02-21
    President Lai meets British-Taiwanese All-Party Parliamentary Group delegation
    On the morning of February 18, President Lai Ching-te met with a delegation from the British-Taiwanese All-Party Parliamentary Group (APPG). In remarks, President Lai thanked the delegation members, the Parliament of the United Kingdom, and the UK government for continuing to demonstrate support for Taiwan through a variety of means. He also stated that Taiwan-UK relations have advanced significantly in recent years, noting that the Taiwan-UK Enhanced Trade Partnership (ETP) is the first institutionalized economic and trade framework signed between Taiwan and any European country. The president said he looks forward to continuing to deepen Taiwan-UK relations and jointly maintaining regional and global peace and stability, and indicated that together, we can create win-win developments for both Taiwan and the UK and Taiwan and European nations. A translation of President Lai’s remarks follows: This is the first UK parliamentary delegation of the current session to visit Taiwan. On behalf of the people of Taiwan, I extend my sincerest welcome to you all. APPG Chair Sarah Champion visited Taiwan last May to attend the inauguration ceremony of myself and Vice President Bi-khim Hsiao. In July, she also attended the annual summit of the Inter-Parliamentary Alliance on China (IPAC), which was held in Taipei. I am delighted that we are meeting once again. Taiwan-UK relations have advanced significantly in recent years. I would especially like to thank our distinguished guests, as well as the UK Parliament and government, for continuing to demonstrate support for Taiwan through a variety of means. For example, the House of Commons held a debate on Taiwan’s international status last November. After the debate, a motion was unanimously passed affirming that United Nations General Assembly (UNGA) Resolution 2758 does not mention Taiwan. Responding to the motion, Parliamentary Under-Secretary of State Catherine West stated that the UK opposes any attempt to broaden the interpretation of the resolution to rewrite history. This highlighted concrete progress in Taiwan-UK bilateral relations. I would also like to thank the UK Parliament and government for openly opposing on multiple occasions any unilateral change to the status quo across the Taiwan Strait, and for emphasizing that the security of the Indo-Pacific and transatlantic regions is closely intertwined. We look forward to continuing to deepen Taiwan-UK relations and jointly maintaining regional and global peace and stability. Together, we can create win-win developments for both Taiwan and the UK and Taiwan and European nations. For example, the Taiwan-UK ETP is the first institutionalized economic and trade framework signed between Taiwan and any European country. We hope to swiftly conclude negotiations on signing sub-arrangements on investment, digital trade, and energy and net-zero transition. This will facilitate even more exchanges and cooperation between Taiwan and the UK. We also hope that the UK will continue to support Taiwan’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Together, we can build even more resilient global supply chains and further contribute to global prosperity and development. I believe that this visit adds to a strong and solid foundation for future Taiwan-UK cooperation. Thank you once again for backing Taiwan. I wish you a fruitful and successful visit. Chair Champion then delivered remarks, thanking President Lai for his warm welcome and for the hospitality he has shown to her and the delegation, and thanking Taiwan’s excellent team of officials for their care and attention. Chair Champion expressed that she thinks the IPAC conference held in Taiwan at the end of July last year was very significant, with legislators from 23 countries coming to show support for Taiwan, adding that that is something they have built on since the conference. She stated that she is also very proud that the UK Parliament supported the motion which made very clear that UNGA Resolution 2758 is specific to China and only to China, expressing that it was important and powerful that they recognize that. The chair went on to say that after the UK’s general election, more than half of the members of parliament are now new. She said she is very proud that there are new MPs as part of the delegation, and that she hopes it gives President Lai reassurance that their commitment to Taiwan is still there.  Chair Champion emphasized that the all-party group is important because it is indeed all-party, and that they work together for their common interests, stating that the common interest for the UK and for the world is to maintain Taiwan’s sovereignty. She also noted that the United States has now come out very much in support of Taiwan, which she said she hopes encourages other countries around the world to do the same. Chair Champion said that the UK will be going into the 27th trade negotiation with Taiwan, and that they hope the partnership that develops is very fruitful. The chair closed by saying that it is wonderful for the delegation to be meeting President Lai, as well as legislators and ministers, and to be understanding more about the culture of Taiwan so that they can build a deeper, longer-lasting friendship. The delegation also included Lord Purvis of Tweed of the House of Lords and Members of Parliament Ben Spencer, Helena Dollimore, Noah Law, and David Reed. The delegation was accompanied to the Presidential Office by Political and Communications Director at the British Office in Taipei Natasha Harrington.  

    Details
    2025-02-21
    President Lai meets former United States Deputy National Security Advisor Matthew Pottinger
    On the morning of February 17, President Lai Ching-te met with a delegation led by former United States Deputy National Security Advisor Matthew Pottinger. In remarks, President Lai thanked the delegation for demonstrating staunch support for Taiwan through their visit. The president pointed out that increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. He emphasized that only by bolstering our defense capabilities can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. The president stated that moving forward, Taiwan will continue to enhance its self-defense capabilities. He also expressed hope of strengthening the Taiwan-US partnership and jointly building secure and resilient non-red supply chains so as to ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. A translation of President Lai’s remarks follows: I am delighted to welcome our good friends Mr. Pottinger and retired US Rear Admiral Mr. Mark Montgomery to Taiwan once again. Last June, Mr. Pottinger and Mr. Ivan Kanapathy came to Taiwan to launch their new book The Boiling Moat. During that visit, they also visited the Presidential Office. We held an extensive exchange of views on Taiwan-US relations and regional affairs right here in the Taiwan Heritage Room. Now, as we meet again eight months later, I am pleased to learn that Mr. Kanapathy is now serving on the White House National Security Council. The Mandarin translation of The Boiling Moat is also due to be released in Taiwan very soon. This book offers insightful observations from US experts regarding US-China-Taiwan relations and valuable advice for the strengthening of Taiwan’s national defense, security, and overall resilience. I am sure that Taiwanese readers will benefit greatly from it. I understand that this is Mr. Montgomery’s fourth visit to Taiwan and that he has long paid close attention to Taiwan-related issues. I look forward to an in-depth discussion with our two friends on the future direction of Taiwan-US relations and cooperation. Increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. One notion we all share is peace through strength. That is, only by bolstering our defense capabilities and fortifying our defenses can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. Moving forward, Taiwan will continue to enhance its self-defense capabilities. We also hope to strengthen the Taiwan-US partnership in such fields as security, trade and the economy, and energy. In addition, we will advance cooperation in critical and innovative technologies and jointly build secure and resilient non-red supply chains. This will ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. We believe that closer Taiwan-US exchanges and cooperation not only benefit national security and development but also align with the common economic interests of Taiwan and the US. I want to thank Mr. Pottinger and Mr. Montgomery once again for visiting and for continuing to advance Taiwan-US exchanges, demonstrating staunch support for Taiwan. Let us continue to work together to deepen Taiwan-US relations. I wish you a smooth and fruitful visit.  Mr. Pottinger then delivered remarks, first congratulating President Lai on his one-year election anniversary and on the state of the economy, which, he added, is doing quite well. Mentioning President Lai’s recent statement pledging to increase Taiwan’s defense budget to above 3 percent of GDP, Mr. Pottinger said he thinks that the benchmark is equal to what the US spends on its defense and that it is a good starting point for both countries to build deterrence. Echoing the president’s earlier remarks, Mr. Pottinger said that peace through strength is the right path for the US and for Taiwan right now at a moment when autocratic, aggressive governments are on the march. He then paraphrased the words of former US President George Washington in his first inaugural address, saying that the best way to keep the peace is to be prepared at all times for war, which captures the meaning of peace through strength. In closing, he said he looks forward to exchanging views with President Lai.

    Details
    2025-02-21
    President Lai meets Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini
    On the afternoon of February 11, President Lai Ching-te met with a delegation led by Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini. In remarks, President Lai thanked Eswatini for continuing to support Taiwan’s international participation at international venues. The president stated that Taiwan and Eswatini work closely in such areas as agriculture, the economy and trade, education, and healthcare, and expressed hope that the two countries will continue to support each other on the international stage and strive together for the well-being of both peoples.  A translation of President Lai’s remarks follows: I warmly welcome our distinguished guests to the Presidential Office. Deputy Prime Minister Dladla previously visited Taiwan while serving as minister of foreign affairs. This is her first time leading a delegation here as deputy prime minister. I want to extend my sincerest welcome. Deputy Prime Minister Dladla has earned a high degree of recognition and trust from His Majesty King Mswati III. She was not only Eswatini’s first woman foreign minister, but is also the second woman to have held her current key position. She shows an active interest in people’s welfare, and has a reputation for being deeply devoted to her compatriots. I have great admiration for this. I am truly delighted to meet with Deputy Prime Minister Dladla today. I would like to take this opportunity to once again express my gratitude to His Majesty the King for leading a delegation to attend the inauguration ceremony for myself and Vice President Bi-khim Hsiao last year. This demonstrated the close diplomatic ties between our countries. I also want to thank Eswatini for continuing to support Taiwan’s international participation at international venues. I would ask that when Deputy Prime Minister Dladla returns to Eswatini, she conveys Taiwan’s greetings and gratitude to His Majesty the King and Her Majesty the Queen Mother Ntombi Tfwala. Diplomatic ties between Taiwan and Eswatini have endured for over half a century. Our two nations have continued to work closely in such areas as agriculture, the economy and trade, education, and healthcare. Our largest collaboration to date has been assisting Eswatini in the construction of a strategic oil reserve facility. We will continue to push forward with this project, and look forward to achieving even greater results in all areas. I understand that Deputy Prime Minister Dladla is very concerned about issues regarding gender equality and women’s empowerment. During her term as foreign minister, she facilitated bilateral cooperation in those areas. Now, as deputy prime minister, she is actively attending to the disadvantaged and advancing social welfare. These policies are very much in line with the priorities of my administration. I look forward to strengthening cooperation with Deputy Prime Minister Dladla for the benefit of both our societies. Taiwan and Eswatini are peace-loving nations. Faced with a constantly changing international landscape and the growing threat posed by authoritarianism, we hope that our two countries will continue to support each other on the international stage and strive together for the well-being of both our peoples. In closing, I wish Deputy Prime Minister Dladla and our distinguished guests a pleasant and successful visit. Deputy Prime Minister Dladla then delivered remarks, first greeting President Lai on behalf of the King, the Queen Mother, and the people of Eswatini, and extending gratitude for the warm reception afforded to her and her delegation, which underscores the strong bonds of friendship between our two nations. The deputy prime minister stated that, in reflecting on the fruits of our partnership, the evidence of Taiwan’s commitment to Eswatini is all around us. The strategic oil reserve project launching in April, she indicated, will redefine Eswatini’s energy security, and the Central Bank complex and electrification project stand as monuments of Taiwan’s vision for Eswatini’s progress and indicate that our partnerships are very strong. Deputy Prime Minister Dladla pointed out that education is the foundation of any nation’s progress, and that Taiwan’s contribution to Eswatini’s education sector cannot be overstated. Through Ministry of Foreign Affairs scholarship programs, she said, Eswatini has sent numerous students to Taiwan, where they’ve received world-class education in various disciplines, including engineering, business, and medicine. In turn, she said, these graduates are now contributing to the development of Eswatini. The deputy prime minister stated that Taiwan has also strengthened Eswatini’s industrial and technological sectors, with collaborations and partnerships that create new opportunities for employment and innovation, and that Taiwan’s technical and medical assistance has strengthened Eswatini’s healthcare systems and uplifted the expertise of its professionals. Deputy Prime Minister Dladla also congratulated President Lai once again on his presidency, which she stated will lead Taiwan to new heights, adding that His Majesty coming to Taiwan personally for the inauguration was a resounding declaration of Eswatini’s enduring support for Taiwan’s sovereignty, stability, and rightful place on the world stage. She emphasized that Eswatini stands with Taiwan always and unwaveringly. In conclusion, the deputy prime minister stated that Eswatini fully agrees with Taiwan that we must all safeguard our national sovereignty and protect the lives and property of our people. She said that our common enemy will always be poverty and natural disasters, but against all odds, we will stand united, and we shall remain united and be one. The delegation was accompanied to the Presidential Office by Eswatini Ambassador Promise Sithembiso Msibi.

    Details
    2025-02-14
    President Lai holds press conference following high-level national security meeting
    On the morning of February 14, President Lai Ching-te convened the first high-level national security meeting of the year, following which he held a press conference. In remarks, President Lai announced that in this new year, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. He stated that the government will also continue to reform national defense, reform our legal framework for national security, and advance our economic and trade strategy of being rooted in Taiwan while expanding globally. The president also proposed clear-cut national strategies for Taiwan-US relations, semiconductor industry development, and cross-strait relations. President Lai indicated that he instructed the national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches outlined. He also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. He expressed hope that as long as citizens remain steadfast in their convictions, are willing to work hand in hand, stand firm amidst uncertainty, and look for ways to win within changing circumstances, Taiwan is certain to prevail in the test of time yet again. A translation of President Lai’s remarks follows: First, I would like to convey my condolences for the tragic incident which occurred at the Shin Kong Mitsukoshi department store in Taichung, which resulted in numerous casualties. I have instructed Premier Cho Jung-tai (卓榮泰) to lead the relevant central government agencies in assisting Taichung’s municipal government with actively resolving various issues regarding the incident. It is my hope that these issues can be resolved efficiently. Earlier today, I convened this year’s first high-level national security meeting. I will now report on the discussions from the meeting to all citizens. 2025 is a year full of challenges, but also a year full of hope. In today’s global landscape, the democratic world faces common threats posed by the convergence of authoritarian regimes, while dumping and unfair competition from China undermine the global economic order. A new United States administration was formed at the beginning of the year, adopting all-new strategies and policies to address challenges both domestic and from overseas. Every nation worldwide, including ours, is facing a new phase of changes and challenges. In face of such changes, ensuring national security, ensuring Taiwan’s indispensability in global supply chains, and ensuring that our nation continues to make progress amidst challenges are our top priorities this year. They are also why we convened a high-level national security meeting today. At the meeting, the national security team, the administrative team led by Premier Cho, and I held an in-depth discussion based on the overall state of affairs at home and abroad and the strategies the teams had prepared in response. We summed up the following points as an overall strategy for the next stage of advancing national security and development. First, for overall national security, so that we can ensure the freedom, democracy, and human rights of the Taiwanese people, as well as the progress and development of the nation as we face various threats from authoritarian regimes, Taiwan must resolutely safeguard national sovereignty, strengthen self-sufficiency in national defense, and consolidate national defense. Taiwan must enhance economic resilience, maintain economic autonomy, and stand firm with other democracies as we deepen our strategic partnerships with like-minded countries. As I have said, “As authoritarianism consolidates, democratic nations must come closer in solidarity!” And so, in this new year, we will focus on the following three priorities: First, to demonstrate our resolve for national defense, we will continue to reform national defense, implement whole-of-society defense resilience, and prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. Second, to counter the threats to our national security from China’s united front tactics, attempts at infiltration, and cognitive warfare, we will continue with the reform of our legal framework for national security and expand the national security framework to boost societal resilience and foster unity within. Third, to seize opportunities in the restructuring of global supply chains and realignment of the economic order, we will continue advancing our economic and trade strategy of being rooted in Taiwan while expanding globally, strengthening protections for high-tech, and collaborating with our friends and allies to build supply chains for global democracies. Everyone shares concern regarding Taiwan-US relations, semiconductor industry development, and cross-strait relations. For these issues, I am proposing clear-cut national strategies. First, I will touch on Taiwan-US relations. Taiwan and the US have shared ideals and values, and are staunch partners within the democratic, free community. We are very grateful to President Donald Trump’s administration for their continued support for Taiwan after taking office. We are especially grateful for the US and Japan’s joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community,” as well as their high level of concern regarding China’s threat to regional security. In fact, the Democratic Progressive Party government has worked very closely with President Trump ever since his first term in office, and has remained an international partner. The procurement of numerous key advanced arms, freedom of navigation critical for security and stability in the Taiwan Strait, and many assisted breakthroughs in international diplomacy were made possible during this time. Positioned in the first island chain and on the democratic world’s frontline countering authoritarianism, Taiwan is willing and will continue to work with the US at all levels as we pursue regional stability and prosperity, helping realize our vision of a free and open Indo-Pacific. Although changes in policy may occur these next few years, the mutual trust and close cooperation between Taiwan and Washington will steadfastly endure. On that, our citizens can rest assured. In accordance with the Taiwan Relations Act and the Six Assurances, the US announced a total of 48 military sales to Taiwan over the past eight years amounting to US$26.265 billion. During President Trump’s first term, 22 sales were announced totaling US$18.763 billion. This greatly supported Taiwan’s defensive capabilities. On the foundation of our close cooperation with the past eight years’ two US administrations, Taiwan will continue to demonstrate our determination for self-defense, accelerate the bolstering of our national defense, and keep enhancing the depth and breadth of Taiwan-US security cooperation, along with all manner of institutional cooperation. In terms of bilateral economic cooperation, Taiwan has always been one of the US’s most reliable trade partners, as well as one of the most important cooperative partners of US companies in the global semiconductor industry. In the past few years, Taiwan has greatly increased both direct and indirect investment in the US. By 2024, investment surpassed US$100 billion, creating nearly 400,000 job opportunities. In 2023 and 2024, investment in the US accounted for over 40 percent of Taiwan’s overall foreign investment, far surpassing our investment in China. In fact, in 2023 and 2024, Taiwanese investment in China fell to 11 percent and 8 percent, respectively. The US is now Taiwan’s biggest investment target. Our government is now launching relevant plans in accordance with national development needs and the need to establish secure supply systems, and the Executive Yuan is taking comprehensive inventory of opportunities for Taiwan-US economic and trade cooperation. Moving forward, close bilateral cooperation will allow us to expand US investment and procurement, facilitating balanced trade. Our government will also strengthen guidance and support for Taiwanese enterprises on increasing US investment, and promote the global expansion and growth of Taiwan’s industries. We will also boost Taiwan-US cooperation in tech development and manufacturing for AI and advanced semiconductors, and work together to maintain order in the semiconductor market, shaping a new era for our strategic economic partnership. Second, the development of our semiconductor industry. I want to emphasize that Taiwan, as one of the world’s most capable semiconductor manufacturing nations, is both willing and able to address new situations. With respect to President Trump’s concerns about our semiconductor industry, the government will act prudently, strengthen communications between Taiwan and the US, and promote greater mutual understanding. We will pay attention to the challenges arising from the situation and assist businesses in navigating them. In addition, we will introduce an initiative on semiconductor supply chain partnerships for global democracies. We are willing to collaborate with the US and our other democratic partners to develop more resilient and diversified semiconductor supply chains. Leveraging our strengths in cutting-edge semiconductors, we will form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. Through international cooperation, we will open up an entirely new era of growth in the semiconductor industry. As we face the various new policies of the Trump administration, we will continue to uphold a spirit of mutual benefit, and we will continue to communicate and negotiate closely with the US government. This will help the new administration’s team to better understand how Taiwan is an indispensable partner in the process of rebuilding American manufacturing and consolidating its leadership in high-tech, and that Taiwan-US cooperation will benefit us both. Third, cross-strait relations. Regarding the regional and cross-strait situation, Taiwan-US relations, US-China relations, and interactions among Taiwan, the US, and China are a focus of global attention. As a member of the international democratic community and a responsible member of the region, Taiwan hopes to see Taiwan-US relations continue to strengthen and, alongside US-China relations, form a virtuous cycle rather than a zero-sum game where one side’s gain is another side’s loss. In facing China, Taiwan will always be a responsible actor. We will neither yield nor provoke. We will remain resilient and composed, maintaining our consistent position on cross-strait relations: Our determination to safeguard our national sovereignty and protect our free and democratic way of life remains unchanged. Our efforts to maintain peace and stability in the Taiwan Strait, as well as our willingness to work alongside China in the pursuit of peace and mutual prosperity across the strait, remain unchanged. Our commitment to promoting healthy and orderly exchanges across the strait, choosing dialogue over confrontation, and advancing well-being for the peoples on both sides of the strait, under the principles of parity and dignity, remains unchanged. Regarding the matters I reported to the public today, I have instructed our national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches I just outlined. I have also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. My fellow citizens, over the past several years, Taiwan has weathered a global pandemic and faced global challenges, both political and economic, arising from the US-China trade war and Russia’s invasion of Ukraine. Through it all, Taiwan has persevered; we have continued to develop our economy, bolster our national strength, and raise our international profile while garnering more support – all unprecedented achievements. This is all because Taiwan’s fate has never been decided by the external environment, but by the unity of the Taiwanese people and the resolve to never give up. A one-of-a-kind global situation is creating new strategic opportunities for our one-of-a-kind Taiwanese people, bringing new hope. Taiwan’s foundation is solid; its strength is great. So as long as everyone remains steadfast in their convictions, is willing to work hand in hand, stands firm amidst uncertainty, and looks for ways to win within changing circumstances, Taiwan is certain to prevail in the test of our time yet again, for I am confident that there are no difficulties that Taiwan cannot overcome. Thank you.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: F. Cleo Kawawaki Appointed as Director General for ADB’s New Sectors Department 2

    Source: Asia Development Bank

    MANILA, PHILIPPINES (25 February 2025) — The Asian Development Bank (ADB) has appointed F. Cleo Kawawaki as Director General for the newly-formed Sectors Department 2, which will manage operations for the agriculture, food, nature, rural development, water, urban development, and digital sectors. 

    “With climate change, the private sector shift, and digitization as ADB’s priorities, I am excited and honored by this assignment and the opportunity to help ensure that these shifts contribute to the sustainable growth of our developing member countries,” said Ms. Kawawaki. “As ADB strives to achieve its ambitious corporate Strategy 2030, my task will be to ensure maximum efficiency and effectiveness in delivering benefits to our member countries that have a lasting positive impact on communities and economies utilizing the full menu of solutions that ADB has under one roof.”

    Ms. Kawawaki has more than 35 years of professional work experience, including over 24 years at ADB and 11 years in investment banking. She will continue to head ADB’s Office of Markets Development and Public-Private Partnership, which supports private sector-led growth in the region. She is a former Deputy Director General of ADB’s Southeast Asia Department and has held senior roles in ADB’s Central and West Asia Department including energy sector director.

    ADB introduced a new operating model in 2022 to better serve the rapidly changing needs of its developing member countries. To support this mandate, the Sectors Group was restructured into three distinct Sector Departments, ensuring a balanced spread of responsibilities. The realignment will enhance managerial oversight, improve operational efficiency, and ensure more effective leadership across all functions.

    ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—49 from the region.

    MIL OSI Economics

  • MIL-OSI Economics: Money Market Operations as on February 24, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 5,96,672.53 6.26 5.00-6.53
         I. Call Money 16,262.22 6.33 5.15-6.45
         II. Triparty Repo 4,15,094.95 6.24 6.00-6.50
         III. Market Repo 1,63,441.16 6.29 5.00-6.53
         IV. Repo in Corporate Bond 1,874.20 6.45 6.45-6.46
    B. Term Segment      
         I. Notice Money** 249.35 6.19 5.70-6.35
         II. Term Money@@ 537.00 6.40-7.25
         III. Triparty Repo 4,250.00 6.40 6.33-6.45
         IV. Market Repo 1,940.23 6.44 6.35-6.61
         V. Repo in Corporate Bond 400.00 6.72 6.72-6.72
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Mon, 24/02/2025 1 Tue, 25/02/2025 36,775.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Mon, 24/02/2025 1 Tue, 25/02/2025 2,400.00 6.50
    4. SDFΔ# Mon, 24/02/2025 1 Tue, 25/02/2025 78,791.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -39,616.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 21/02/2025 14 Fri, 07/03/2025 41,046.00 6.26
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Fri, 21/02/2025 45 Mon, 07/04/2025 57,951.00 6.26
      Fri, 14/02/2025 49 Fri, 04/04/2025 75,003.00 6.28
      Fri, 07/02/2025 56 Fri, 04/04/2025 50,010.00 6.31
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,095.71  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     2,33,105.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     1,93,489.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on February 24, 2025 9,08,199.10  
         (ii) Average daily cash reserve requirement for the fortnight ending March 07, 2025 9,22,740.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 24, 2025 36,775.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on February 07, 2025 -1,973.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2024-2025/2013 dated January 27, 2025, Press Release No. 2024-2025/2138 dated February 12, 2025, and Press Release No. 2024-2025/2209 dated February 20, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2248

    MIL OSI Economics

  • MIL-OSI: Intchains Group Limited to Present at the 37th Annual ROTH Conference

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 24, 2025 (GLOBE NEWSWIRE) — Intchains Group Limited (Nasdaq: ICG) (“we,” or the “Company”), a provider of integrated solutions, including altcoin mining products, strategic acquisition and holding of ETH-based cryptocurrencies, and the active development on innovative Web3 applications, today announces that Company CFO Charles Yan, will be presenting at the 37th Annual ROTH Conference.

    Event 37th Annual ROTH Conference
    Date March 16~18, 2025
    Location Dana Point, CA, United States

    This year’s event will consist of 1-on-1 / small group meetings, analyst-selected fireside chats, industry keynotes and panels with executive management attending from approximately 450 private and public companies in a variety of growth sectors including: Business Services, Consumer, Healthcare, Industrial Growth, Insurance, Resources, Sustainability and Technology, Media & Entertainment.

    To learn more and submit a registration request, visit https://ibn.fm/Roth2025Registration

    About Intchains Group Limited

    Intchains Group Limited is a provider of integrated solutions, including altcoin mining products, strategic acquisition and holding of ETH-based cryptocurrencies, and the active development on innovative Web3 applications. For more information, please visit the Company’s website at: https://intchains.com/.

    About ROTH

    ROTH is a relationship-driven investment bank focused on serving growth companies and their investors. Their full service platform provides capital raising, high impact equity research, macroeconomics, sales and trading, technical insights, derivatives strategies, M&A advisory, and corporate access. Headquartered in Newport Beach, California, ROTH is a privately-held, employee owned organization and maintains offices throughout the U.S. For more information, please visit www.roth.com.

    Contacts:

    Intchains Group Limited

    Investor relations
    Email: ir@intchains.com

    Redhill

    Belinda Chan
    Tel: +852-9379-3045
    Email: belinda.chan@creativegp.com

    The MIL Network

  • MIL-OSI Video: You ask, we answer: careers, inflation and cooperation

    Source: European Central Bank (video statements)

    Your questions answered: whether it’s about careers at the ECB, how our work affects people and businesses, or how we plan to tackle global challenges, we tackle listeners’ questions in this #AskECB episode of The ECB Podcast.

    Join our host Stefania Secola as she talks to colleagues Eglantine Devaux and Gabriel Glöckler.

    The views expressed are those of the speakers and not necessarily those of the European Central Bank.

    Published on 25 February 2025 and recorded on 20 February 2025.

    In this episode:
    00:36 Your questions answered
    You, our listeners, sent us your burning questions on social media. What did you want to know? And who do we have onboard to answer your questions?

    01:54 Working at the European Central Bank
    What does it take to join the team? How do we nurture and grow talent? And what are the advantages of working in such a diverse environment?

    08:34 Small businesses and consumers
    How do our monetary policy decisions affect small businesses and consumers? How does this relate to our mission? We tackle these questions by looking at the example of a garden centre.

    08:54 Stable, predictable changes in prices
    How do we keep prices stable? What tools do we have available? And how does our price stability objective help motivate us?

    14:47 Facing global economic challenges
    What challenges lie ahead? How can we respond to uncertainty, geopolitical tensions and a changing climate?

    16:19 The challenge posed by tariffs
    How will tariffs impact our economies, and what about inflation?

    18:27 Europe’s potential
    What opportunities can we harness as Europeans? And what could they mean for our economy?

    22:43 Communication among central banks worldwide
    How do we work together? Are there particular structures in place? And what topics do we discuss?

    27:49 Our guests’ hot tips
    Eglantine and Gabriel share their hot tips with our listeners.

    Further reading:
    ECB vacancies
    https://talent.ecb.europa.eu/careers

    Graduate programme
    https://www.ecb.europa.eu/careers/what-we-offer/graduate/html/index.en.html

    Traineeship
    https://www.ecb.europa.eu/careers/what-we-offer/traineeship/html/index.en.html

    What we offer
    https://www.ecb.europa.eu/careers/what-we-offer/benefits/html/index.en.html

    IMF – Ask an Economist https://m.youtube.com/playlist?list=PLmYAE4wV1YQzDbnDZlNJoqMhIDUQpEPTZ

    IMF – Back to Basics https://m.youtube.com/playlist?list=PLmYAE4wV1YQyRb6H1_XJWY73HJVdR6oBX

    IMF- Analyze This! https://m.youtube.com/playlist?list=PLmYAE4wV1YQz_LzOLaKTpDWyH93SNuF7x

    IMF – Charts in Motion https://m.youtube.com/playlist?list=PLmYAE4wV1YQz6xXWx5eB7uT9zE-4KcmAZ

    ECB – Espresso Economics
    https://www.youtube.com/@Espresso_Economics

    ECB Instagram
    https://www.instagram.com/europeancentralbank/

    European Central Bank
    www.ecb.europa.eu

    ECB Banking Supervision
    https://www.bankingsupervision.europa.eu/home/html/index.en.html

    https://www.youtube.com/watch?v=N9slWx4FR28

    MIL OSI Video

  • MIL-OSI: DMG Blockchain Solutions Inc. Announces MOU to Purchase 10-Megawatt Data Center Infrastructure

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Feb. 24, 2025 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and data center technology company, announces it has signed a memorandum of understanding (MOU) with an undisclosed counterparty (“Counterparty”) to purchase the infrastructure for a prefabricated 10-megawatt air-cooled data center (“PDC”) that meets Sensitive Compartmented Information Facility (SCIF) specifications (which is generally a military requirement) for its deployment of Generative Artificial Intelligence (Gen AI) computation facilities. DMG and Counterparty have agreed to work towards a definitive agreement within the next 90 days, during which time DMG will perform its due diligence as a follow-up to its already performed initial inspection of the PDC at Counterparty’s site. DMG will issue an additional news release related to the final structure and terms of the potential transaction, and other material information if and when it becomes available.

    Upon execution of the definitive agreement, DMG would pay Counterparty for the PDC US$5 million as an upfront payment and the balance of the to-be-agreed-upon price based on future DMG revenue resulting from Gen AI computing off-take agreements as part of vendor financing being offered to DMG. Revenue from off-take agreements may be derived from either GPUs that DMG purchases or the colocation of customer-purchased GPUs. DMG is currently focused on securing off-take agreements, which may be sourced from entities that require SCIF requirements, such as federal government agencies/departments, non-governmental entities (potentially with enterprise SCIF requirements), Counterparty and/or with other parties with whom the Company has a relationship to develop Gen AI business opportunities, which may be outside of Canada.

    DMG intends to deploy the PDC at one or more locations, as the PDC can be partitioned into smaller units due to its modular nature. While the infrastructure forms the basis for a Gen AI data center, it does not include medium-voltage power distribution, battery storage or backup power generation, the configuration and amount of which have yet to be determined. Additionally, the PDC is not facilitated with computing, networking nor storage systems, all of which will need to be installed to realize revenue from off-take agreements.

    DMG’s CEO Sheldon Bennett stated, “This MOU catalyzes our entry into Generative AI in a very meaningful way. Not only does the PDC shorten our time to deployment by at least a year, but it also gives us the needed credibility as a new AI entrant to secure off-take agreements in a timely manner. Given the SCIF (military-grade) nature of the infrastructure, we will be focused on off-take opportunities that prioritize this need, as we believe we can garner a revenue premium for offering this capability. This MOU also enables us to proceed with our Gen AI strategy in a most-capital efficient manner, helping us to maximize our return to shareholders.”

    About DMG Blockchain Solutions Inc.

    DMG is a publicly traded and vertically integrated blockchain and data center technology company that manages, operates and develops end-to-end digital solutions to monetize the digital asset and artificial intelligence compute ecosystems. Systemic Trust Company, a wholly owned subsidiary of DMG, is an integral component of DMG’s carbon-neutral Bitcoin ecosystem, which enables financial institutions to move bitcoin in a sustainable and regulatory-compliant manner.

    For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
    Follow @dmgblockchain on X and subscribe to DMG’s YouTube channel.

    For further information, please contact:

    On behalf of the Board of Directors,

    Sheldon Bennett, CEO & Director
    Tel: +1 (778) 300-5406
    Email: investors@dmgblockchain.com
    Web: www.dmgblockchain.com

    For Investor Relations:
    investors@dmgblockchain.com

    For Media Inquiries:
    Chantelle Borrelli
    Head of Communications
    chantelle@dmgblockchain.com

    Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

    Cautionary Note Regarding Forward-Looking Information

    This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include the execution of a definitive agreement for the MDC and the timing thereof, the expected benefits and outcomes of the MDC including the potential Gen AI computing off-take agreements, the Company’s strategy for growth, the planned monetization of certain product and service offerings, developing and executing on the Company’s products, services and business plans, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.

    Future changes in the Bitcoin network-wide mining difficulty or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate and mining difficulty.

    Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoin; security threats, including a loss/theft of DMG’s bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.

    Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.

    The MIL Network

  • MIL-OSI New Zealand: Evolution Traffic Management collapse highlights NZ’s impending infrastructure crisis

    Source: First Union

    Financial pressures, Government inaction and the changing nature of work have proved insurmountable for Evolution Traffic Management and have ultimately led to the company’s liquidation and the loss of over 100 jobs, FIRST Union said today.
    Workers across three Evolution Traffic Management sites in Auckland, Hamilton and Taupo were informed on Friday last week that the business’s liquidation will result in job losses for over 100 employees, marking a difficult and uncertain future ahead.
    “The company’s collapse is a direct casualty of the shutdown of rebuilds, the slowdown in roading and infrastructure development, and the sluggish pace of the National Government’s commitment to infrastructure,” said Justin Wallace, FIRST Union organiser.
    “Delays in critical projects have forced hundreds of skilled and unskilled infrastructure workers to leave the country, creating a significant risk to New Zealand’s development and growth.”
    Mr Wallace said the union is supporting members through the process and pursuing entitlements and redundancy compensation for workers as a first priority for the company ahead of any other creditors and commitments: “There’s a lot of stress and anxiety, and a real fear that workers will walk away with nothing if we don’t prioritise their wellbeing.”
    Mr Wallace warned that Evolution Traffic Management will not be the last to fall.
    “The slowdown in infrastructure investment is putting entire sectors at risk. The Government has already dropped the ball on manufacturing, and now it seems we’re letting infrastructure slip through our fingers as well,” said Mr Wallace.
    “Across the industry, there is a clear and urgent warning: if the Government does not act to give infrastructure companies like Evolution some certainty about future projects and their financial viability, we will continue to lose more workers overseas where their experience and talent are more highly valued and compensated.”
    “New Zealand is experiencing an exodus of workers who are seeking better opportunities abroad – a trend exacerbated by the Government’s failure to deliver on its “Back on Track” commitments to working New Zealanders.”
    “Instead of putting the country back on track, the current trajectory looks more like an impending derailment.”
    “The inability to secure and sustain critical infrastructure jobs is having long-term economic consequences that will take years to recover from if left unaddressed.”
    “The loss of skilled workers, the stagnation of infrastructure development, and the ongoing economic instability pose a significant threat to the country’s future. It is time for this Government to get its priorities right to prevent further damage and restore confidence in the sector.”

    MIL OSI New Zealand News

  • MIL-OSI Security: Former Stanford Research Coordinator Convicted For Unlawfully Accessing And Altering Breast Cancer Study Database Hours After She Was Fired

    Source: Office of United States Attorneys

    SAN JOSE – A federal jury convicted Naheed Mangi, 66, a former employee of Stanford University, of accessing a clinical research database for a multisite breast cancer study after her authorization was revoked and altering patient records in the database.  The jury reached its verdict late afternoon on Friday, Feb. 21, 2025, following a two-week trial before Senior U.S. District Judge Edward J. Davila.

    According to court documents and evidence presented at trial, Mangi was employed as a clinical research coordinator in the Cancer Clinical Trials Office at Stanford’s National Cancer Institute from September 2012 until August 2013.  Mangi worked with doctors and patients in the clinical research program, reporting significant patient events, monitoring research, assisting with scheduling patient appointments, and entering data into clinical dataset.

    Mangi was assigned to a Genentech-sponsored study being conducted at Stanford for breast cancer patients that was referred to as the “Velvet Breast Cancer MO27782 Study.”  The study sought to determine the safety and efficacy of a new, experimental pharmaceutical treatment for patients with metastatic or locally advanced breast cancer. Among other duties, Mangi was responsible for reporting any serious adverse events that a patient may experience during the course of the study and accurately entering patient medical data into the study database.  

    On Aug. 19, 2013, Mangi was terminated from her employment with Stanford and Mangi’s supervisor attempted to revoke her Stanford-related computer access and privileges.  The supervisor emailed Genentech to terminate Mangi’s access to the clinical database, but Mangi’s credentials were not disabled until the following day.  

    The jury found that later in the evening on Aug. 19, after Stanford had revoked her access, Mangi logged into the clinical database and altered data in the Velvet Breast Cancer MO27782 Study, replacing patient medical data with erroneous information and insults about her former supervisor.  As a result of Mangi’s unauthorized actions, Stanford undertook an internal investigation, reentered all of the data about its participants in the study from source documents into the study database, and reported the incident to local and federal regulatory authorities, including the FDA.  In addition, Mangi’s criminal conduct caused thousands of dollars in financial loss to Stanford University and the Stanford School of Medicine.  

    “Naheed Mangi intentionally tampered with a breast cancer research database by entering false information and personal insults.  Her senseless actions undermined a study into the safety and efficacy of a new treatment for breast cancer patients,” said Acting United States Attorney Patrick D. Robbins. “The jury’s verdict holds the defendant accountable for her crimes.”

    “Naheed Mangi’s actions jeopardized important cancer research and caused thousands in financial loss to Stanford University. The U.S. Secret Service continues to work diligently to investigate these types of crimes to ensure those responsible are held accountable,” said U.S. Secret Service Special Agent in Charge Shawn Bradstreet.

    Mangi, who was convicted of two counts of Intentional Damage to a Protected Computer in violation of 18 U.S.C. § 1030(a)(5)(A) and one count of Accessing a Protected Computer Without Authorization in violation of 18 U.S.C. § 1030(a)(2)(C), will be sentenced on July 21, 2025.  She faces a maximum penalty of 10 years in prison as to each conviction for Intentional Damage to a Protected Computer and one year in prison as to the conviction for Accessing a Protected Computer Without Authorization.  Any sentence will be imposed by the Court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

    Assistant U.S. Attorneys Nikhil Bhagat and Matthew Chang are prosecuting the case with the assistance of Nina Burney, Mimi Lam, Susan Kreider, Sahib Kaur, Fernanda Gonzalez, Maureen French, and Bella Schou. The prosecution is the result of an investigation by the Secret Service. 
     

    MIL Security OSI

  • MIL-OSI: Nasdaq, Inc. Announces Early Results of Cash Tender Offers for Up to $218 Million Outstanding Debt Securities

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 24, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) (“Nasdaq” or the “Company”) announced today the early results of its previously announced offers to purchase for cash up to an aggregate principal amount of $218,053,000 (the “Aggregate Notes Cap”) (reflecting an $18,053,000 increase from the previously announced cap of $200,000,000) of its outstanding Notes, comprised of (i) up to $41,360,000 aggregate principal amount (the “2028 Notes Cap”) of the Company’s 5.350% Senior Notes due 2028 (the “2028 Notes”), (ii) up to $57,583,000 aggregate principal amount (the “2034 Notes Cap”) of the Company’s 5.550% Senior Notes due 2034 (the “2034 Notes”) and (iii) up to $119,110,000 aggregate principal amount (the “2052 Notes Cap”) of the Company’s 3.950% Senior Notes due 2052 (the “2052 Notes”). The 2028 Notes, the 2034 Notes and the 2052 Notes are referred to collectively herein as the “Notes,” such offers to purchase are referred to collectively herein as the “Tender Offers” and each a “Tender Offer,” and the 2028 Notes Cap, the 2034 Notes Cap and the 2052 Notes Cap are referred to collectively herein as the “Series Notes Caps” and each a “Series Notes Cap.” The Tender Offers are being made upon the terms and subject to conditions described in the Offer to Purchase, dated February 10, 2025 (as it may be amended or supplemented from time to time, the “Offer to Purchase”), which sets forth a detailed description of the Tender Offers. The Company refers investors to the Offer to Purchase for the complete terms and conditions of the Tender Offers.

    As of 5:00 p.m., New York City time, on February 24, 2025 (such date and time, the “Early Tender Date”), according to information provided by D.F. King & Co., Inc., the tender and information agent for the Tender Offers, the aggregate principal amount of each series of Notes listed in the table below has been validly tendered and not validly withdrawn in each Tender Offer. Withdrawal rights for the Notes expired at 5:00 p.m., New York City time, on the Early Tender Date.

      Title of
    Security
    Security
    Identifiers
    Principal Amount
    Outstanding
    Series Notes Cap Principal
    Amount
    Tendered at
    Early Tender
    Date
    Principal
    Amount
    Accepted
    Approximate
    Proration
    Factor
    2028
    Tender
    Offer
    5.350%
    Senior
    Notes
    due 2028
    CUSIP:
    63111X AH4
    ISIN:
    US63111XAH44
    $921,360,000 $41,360,000 $356,599,000 $41,360,000 12%
    2034
    Tender
    Offer
    5.550%
    Senior
    Notes
    due 2034
    CUSIP:
    63111X AJ0
    ISIN:
    US63111XAJ00
    $1,187,583,000 $57,583,000 $448,646,000 $57,583,000 13%
    2052
    Tender
    Offer
    3.950%
    Senior
    Notes
    due 2052
    CUSIP:
    631103 AM0
    ISIN:
    US631103AM02
    $549,105,000 $119,110,000 $244,562,000 $119,110,000 49%

    All conditions were satisfied or waived by the Company at the Early Tender Date. The Company has elected to exercise its right to make payment for Notes that were validly tendered on or prior to the Early Tender Date and that are accepted for purchase on February 27, 2025 (the “Early Settlement Date”).

    The Tender Offers for the Notes will continue to expire at 5:00 p.m., New York City time, on March 11, 2025, or any other date and time to which the Company extends the applicable Tender Offer, unless earlier terminated.

    As the aggregate principal amount of the Notes validly tendered and not validly withdrawn on or prior to the Early Tender Date exceeds the Aggregate Notes Cap, the Company will accept for purchase the Notes on a prorated basis and will not accept for purchase any Notes validly tendered after the Early Tender Date. The applicable consideration (the “Total Consideration”) for each $1,000 principal amount of the Notes validly tendered (and not validly withdrawn) on or prior to the Early Tender Date and accepted for purchase pursuant to each Tender Offer will be calculated in the manner described in the Offer to Purchase by reference to the applicable fixed spread for such Notes plus the applicable yield based on the bid-side price of the applicable U.S. Treasury Reference Security at 10:00 a.m., New York City time, on February 25, 2025 (the “Price Determination Date”) (excluding Accrued Interest (as defined below)). The Total Consideration includes an early tender premium of $30.00 per $1,000 principal amount of Notes accepted for purchase (the “Early Tender Premium”).

    In addition to the consideration described above, all holders of Notes accepted for purchase in the Tender Offers will receive accrued and unpaid interest on such Notes from the last interest payment date with respect to such Notes to, but not including, the Early Settlement Date (“Accrued Interest”).

    Promptly after the Price Determination Date, the Company will issue a press release specifying, among other things, the Total Consideration for each series of Notes.

    The Company intends to fund the purchase of validly tendered and accepted Notes with available cash on hand and other sources of liquidity.

    Information Relating to the Tender Offers

    The complete terms and conditions of the Tender Offers are set forth in the Offer to Purchase. J.P. Morgan Securities LLC is serving as dealer manager in connection with the Tender Offers. Investors with questions regarding the terms and conditions of the Tender Offers may contact the dealer manager as follows:

    J.P. Morgan Securities LLC
    383 Madison Avenue
    New York, New York 10179
    United States
    Attention: Liability Management Group
    U.S. Toll-Free: (866) 834-4666
    Collect: (212) 834-7489

    D.F. King & Co., Inc. is the Tender and Information Agent for the Tender Offers. Any questions regarding procedures for tendering Notes or request for copies of the Offer to Purchase should be directed to D.F. King & Co., Inc. by any of the following means: by telephone at (866) 342-4881 (toll-free) or (212) 269-5550 (collect) or by email at nasdaq@dfking.com.

    This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders with respect to, the Notes. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Tender Offers are being made solely pursuant to the Offer to Purchase made available to holders of the Notes. None of the Company or its affiliates, their respective boards of directors, the dealer manager, the tender and information agent or the trustee with respect to any series of Notes is making any recommendation as to whether or not holders should tender or refrain from tendering all or any portion of their Notes in response to the Tender Offers. Holders are urged to evaluate carefully all information in the Offer to Purchase, consult their own investment and tax advisors and make their own decisions whether to tender Notes in the Tender Offers, and, if so, the principal amount of Notes to tender.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence.

    Cautionary Note Regarding Forward Looking Statements

    This press release contains forward-looking information that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. When used in this communication, words such as “enables,” “intends,” “will,” and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Forward-looking statements in this press release include, among other things, statements about the proposed Tender Offers and the expected source of funds. Risks and uncertainties include, among other things, risks related to the ability of Nasdaq to consummate the Tender Offers on the terms and timing described herein, or at all, Nasdaq’s ability to implement its strategic vision, initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s reports filed on Forms 10-K, 10-Q and 8-K and in other filings Nasdaq makes with the SEC from time to time and available at www.sec.gov. These documents are also available under the Investor Relations section of the Company’s website at http://ir.nasdaq.com. The forward-looking statements included in this communication are made only as of the date hereof. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law.

    Media Relations Contacts:

    Nick Jannuzzi
    +1.973.760.1741
    Nicholas.Jannuzzi@Nasdaq.com

    Nick Eghtessad
    +1.929.996.8894
    Nick.Eghtessad@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    NDAQF

    The MIL Network

  • MIL-OSI Economics: New Development Bank and Bank of Communications Financial Leasing Co., Ltd. sign USD 150 mln Equivalent in RMB Loan Agreement for the LNG Transportation Project

    Source: New Development Bank

    The New Development Bank (NDB) and the Bank of Communications Financial Leasing Co., Ltd. (BCFL) are pleased to announce the signing of a USD 150 mln equivalent in RMB 1,069.23 mln loan agreement aimed to acquire at least three liquified natural gas (LNG) carriers, addressing the significant increase in demand for LNG in China and closing the gap between demand and supply of LNG carrier capacity. The signing took place in the headquarters of NDB on February 21, 2025. Mr. Vladimir Kazbekov, NDB Vice President and Chief Operating Officer, and Mr. Jiuyong Yin, Vice President of Bank of Communications and Mr. Bin Xu, Chairman of BCFL participated in the signing.

    This is the first non-sovereign loan granted by NDB to a non-banking financial institution in China. The relationship between the Bank of Communications (BoCom) and NDB, both headquartered in Shanghai, reflects a longstanding and strategic partnership formalised with a Memorandum of Understanding signed in 2016. The partnership reached another significant milestone with NDB granting its first non-sovereign loan to a non-banking financial institution in China – BCFL, BoCom’s wholly owned subsidiary. This achievement highlights NDB’s dedication to supporting a diverse range of financial institutions and strengthening local markets.

    Under the terms of the loan agreement, NDB will provide USD 150 mln equivalent in RMB 1,069.23 mln loan to BCFL to acquire at least three LNG carriers, resulting in the expansion of its green leasing portfolio. The imports of LNG will help reduce China’s coal consumption and related Greenhouse Gas (GHG) emissions, which is in alignment with the “2030 Agenda for Sustainable Development” issued by the Chinese Government. Meanwhile, this batch of LNG carriers will be equipped with advanced propulsion systems, representing a significant improvement in the shipping industry in terms of efficiency, economies of scale and environmental performance.

    Aligned with the NDB’s General Strategy for 2022–2026, this loan promotes private sector participation in addressing infrastructure gaps and scaling up infrastructure investments, with a focus on enhancing development impact in the local market. Additionally, the loan reflects NDB’s commitment to supporting cleaner energy solutions, as it is tied to LNG-related projects that contribute to a lower-carbon energy mix. By utilizing local currency for financing, NDB reaffirms its strategic focus on expanding local currency operations over the 2022–2026 strategy cycle.

    “The non-sovereign loan provided by the New Development Bank to BCFL will significantly enhance its liquefied natural gas transportation capacity. It demonstrates NDB’s dedication to supporting China in reaching a peak in its carbon dioxide (CO2) emissions before 2030 and achieving carbon neutrality by 2060. This transaction will further strengthen the strategic partnership between NDB and BoCom. The LNG Transportation Project is aligned with NDB’s focus on supporting clean energy and energy efficiency projects as well as the Bank’s commitment to scale up non-sovereign operations,” said Mr. Vladimir Kazbekov, NDB VP & COO.

    “Thanks to NDB for choosing BoCom Financial Leasing, a subsidiary of BoCom, to cooperate. This loan is closely related to the national strategy of green and sustainable development and further consolidates the long-term strategic relationship between NDB and BoCom. As financial institutions both in Shanghai, we hope that the two parties will continue to cooperate in more areas such as bond underwriting, financial markets, and international business in the future,” said Mr. Ying, Vice President of BoCom.

    “We would like to thank NDB for its recognition and trust in BoCom Financial Leasing. BCFL continues to work on green and sustainable financial development, and the proportion of green leasing keeps growing. The loan funds from this cooperation will be used for the company’s three LNG ships built by Hudong-Zhonghua Shipbuilding Co., LTD. We take this as an important cooperation for the strategic partnership between BoCom and NDB,” stated Mr. Xu, Chairman of BCFL.

    Background Information

    New Development Bank

    NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.

    For more information on NDB, please visit www.ndb.int

    Bank of Communications Financial Leasing

    BCFL was founded as a wholly owned subsidiary of BoCom in 2007 with the headquarter in Shanghai, China. It is one of the leading financial leasing companies in China and was one of five pilot financial leasing entities approved by the State Council of China. With the support from BoCom, it has grown rapidly since its incorporation and has become one of largest financial leasing companies in China. It operates in various sectors including aviation, shipping, and traditional leasing business.

    For more information on BCFL, please visit www.bocommleasing.com

    MIL OSI Economics

  • MIL-Evening Report: Want a side of CO₂ with that? Better food labels help us choose more climate-friendly foods

    Source: The Conversation (Au and NZ) – By Yi Li, Senior Lecturer in Marketing, Macquarie University

    udra11, Shutterstock

    When you’re deciding what to eat for lunch or dinner, do you consider the meal’s greenhouse gas emissions? How do you compare the carbon footprint of a beef sandwich with that of a falafel wrap?

    Most people can’t tell what’s better for the climate. Even those who care deeply about making sustainable food choices can struggle.

    In Australia, meat products are responsible for almost half (49%) the greenhouse gas emissions of products consumed at home. Switching from these high-emission foods to lower-emission foods, such as plant-based meals, can significantly reduce household emissions. But a lack of knowledge may be stopping people doing the right thing.

    The good news is my colleagues and I have a simple solution. Highlighting the source of the food as animal- or plant-based on carbon labels makes a big difference to consumer choices. In our latest research, we show this new carbon label encourages switching from animal-based to plant-based foods.

    Closing the knowledge gap

    Previous research has shown consumers consistently underestimate the vast difference in greenhouse gas emissions between animal- and plant-based foods. For instance, producing one kilogram of beef emits 60kg of greenhouse gases, whereas producing the same quantity of peas emits just 1kg of greenhouse gases. However, most people think the gap between the two is much smaller.

    This matters because collectively, our food choices have a big impact on climate change. Agriculture generates almost a third of global greenhouse gas emissions, with animal products the biggest contributors.

    Making carbon labels more informative

    A “carbon footprint” refers to the greenhouse gas emissions associated with a product.

    Globally, there is increasing interest in carbon food labelling, given its potential to nudge consumers towards more sustainable food choices. In Australia, such labelling is voluntary and not yet widespread.

    Most carbon labels follow a similar approach. They typically display a number representing greenhouse gas emissions, and a traffic-light system indicating the level of environmental impact from green (low) to red (high). But such labels do not indicate whether the food is animal- or plant-based. So a high carbon score does not help people identify the source of the emissions.

    Our label maps the carbon footprint to the source of the food, whether plant or animal, along with information about the greenhouse gas emissions.
    Romain Cadario, Yi Li, Anne-Kathrin Klesse, (2025) Appetite., CC BY

    We designed a new type of label. It clearly displays whether the food is sourced mainly from animals or plants, along with the standard emissions score and traffic-light colour code. This approach is especially useful for the growing segment of pre-prepared and packaged foods such as soups and other ready-to-eat meals, which often contain a mix of meat and plant-based food.

    Our label creates a mental link between a food source and its carbon impact. When a consumer sees high carbon scores and red traffic lights appearing more frequently on meat and other animal products, they begin to make the connection between those products and higher emissions. This is key to addressing a lack of knowledge around food carbon emissions.

    We tested our label against the existing labels in a series of experiments with 1,817 everyday consumers from Australia, the United States and the Netherlands.

    One experiment involved soup. Compared with the group exposed to the standard carbon label, the group exposed to our label learned to associate animal-based soups with higher greenhouse gas emissions more effectively. They were more accurate at estimating the greenhouse gas emissions of a second batch of soups without labels.

    This improved knowledge also translates to more climate-friendly food choices. In another experiment with Australian consumers, we encouraged participants to choose five meals from ten options. Five were animal-based and five were plant-based.

    Half the participants saw the meal options with our carbon labels, and the other half did not see the carbon labels. The group exposed to our carbon labels chose fewer animal-based options in their weekly meal plan. In this case, we don’t know whether a third group exposed to the standard label would also make more climate-friendly choices, but our earlier experiments suggested our label was more effective.

    In the final experiment conducted in the Netherlands, displaying our carbon label made university students more likely to choose the plant-based snack option rather than the animal-based option.

    Providing information about the source of the food, whether plant or animal, influenced choices of meal plans.
    Romain Cadario, Yi Li, Anne-Kathrin Klesse, (2025) Appetite., CC BY

    When knowledge isn’t enough

    While people who care most about sustainable eating may think they know better than others, we found that is not the case. These people were not better able than other participants to tell the difference in greenhouse gas emissions between animal- and plant-based foods without seeing our carbon label.

    But they were better learners. When confronted with the facts about the differences between animal and plant-based foods on our labels, they were more likely to change their choices and switch to plant-based foods.

    What this means for consumers and businesses

    A simple change to food labels could help consumers make more informed environmental choices. For businesses and policymakers, it shows displaying only carbon numbers isn’t enough – the food source is crucial.

    Some forward-thinking restaurants and food companies are already experimenting with adding carbon labels to the menu to encourage diners to choose climate-friendly dishes. Our research suggests this approach could be more effective when combined with the new carbon labels we designed.

    Meat products make a significant contribution to climate change.
    Valmedia, Shutterstock

    Implications for climate action

    As Australia grapples with meeting its climate commitments, helping consumers understand the environmental impact of their food choices will become increasingly important.

    The challenge for businesses, policymakers and researchers isn’t convincing people to care about sustainability – they already do. Almost half of Australian shoppers (46%) say sustainability is important to them and influences their purchases, despite cost-of-living pressures.

    But most sustainable actions in retail involve recyclable packaging, products and materials, and local produce. The carbon emission implications of these actions, sadly, are far less than reducing animal-based food consumption.

    Instead, we need to focus on giving people the tools to make their environmental concerns count. Our carbon labels could be the key to helping consumers turn their sustainable intentions into meaningful climate action.

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

    ref. Want a side of CO₂ with that? Better food labels help us choose more climate-friendly foods – https://theconversation.com/want-a-side-of-co-with-that-better-food-labels-help-us-choose-more-climate-friendly-foods-250513

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Calculating the economic cost of climate change is tricky, even futile – it’s also a distraction

    Source: The Conversation (Au and NZ) – By Dennis Wesselbaum, Associate Professor, Department of Economics, University of Otago

    Piyaset/Shutterstock

    Climate change is no longer a distant threat. It’s here, it’s real and it increasingly affects us all.

    But predicting climate change and its associated costs, particularly over long periods of time, is inherently uncertain. And based on the best available evidence from organisations such as the United Nations’ Intergovernmental Panel on Climate Change, the economic costs of climate change appear to be small – making this a relatively weak argument for environmental action.

    At its most basic, climate is the long-term average of the weather we experience. Or, as former president of the American Meteorological Society, Marshall Shepherd, famously put it, “weather is your mood, and climate is your personality”.

    It’s widely accepted that climate change refers to a shift in long-term weather patterns, typically driven by human activities.

    But the impact of climate change, ranging from rising temperatures and extreme weather events to health impacts and disruptions to food and water supply, varies greatly. Some areas experience more extreme impacts than others, exacerbating social and economic disparities.

    There also appears to be a false sense about our state of knowledge. For example, many believe climate change already causes more frequent and intense storms, but the evidence for this is inconclusive.

    Trying to predict the unpredictable

    To understand the economic costs of climate change, we must first grasp how climate affects socioeconomic outcomes.

    The relationship between temperature and socioeconomic outcomes can be modelled using a “dose-response” function, which shows how much a given change in temperature (the “dose”) influences the outcome (for example, temperature-related mortality).

    A key challenge is to understand the shape of the dose-response function. Is the relationship between temperature and mortality linear or is it more complex? Does it have thresholds beyond which the effects substantially change? Is there only one function or are there different ones for different populations?

    As climate change shifts the distribution of weather variables, it alters the outcomes as well. Yet, predicting how these distributions will evolve is difficult.

    The further into the future we look, the harder it is to make reliable predictions about both weather and the associated economic costs.

    If you were asked in 1925 to predict the economy in 2000, for example, how accurate would you have been? In 1925 you drove a Ford Model T, used coal-fired steam trains and passenger ships for travel, and a trip from London to Auckland took up to eight weeks by sea. You used a telegraph for long-distance communication and a radio for entertainment.

    Compare that with the globalised, interconnected economy of the year 2000. Given the technological advancements, would your prediction have been even close?

    Rather than focusing on the uncertain future economic costs of climate change, we should be addressing how it is affecting human life now.
    James Andrews1/Shutterstock

    Cost estimates

    There are a wide range of estimates on the economic costs of climate change. But one of the most reliable has come from the UN’s Intergovernmental Panel on Climate Change.

    The panel’s latest assessment report avoids quantifying the economic costs of climate change. So, to understand the economic costs of climate change, we can use the best estimate based on the previous report and the insights from meta studies. These analyses posit a temperature rise of 3.7°C will reduce global gross domestic product (GDP) by about 2.6% (ranging from 0.5 to 8.2%) by 2100.

    For New Zealand, this is equivalent to about NZ$11 billion, or twice the cost of Auckland’s City Rail Link.

    However, this comparison is extremely misleading. The value of 2.6% today will differ substantially from 2.6% in 75 years.

    The New Zealand economy grew at a compound annual rate of 1.4% between 1960 and 2000. Using this same average growth rate, New Zealanders will have a 184% higher standard of living in 2100. If nothing is done to address climate change, and given the best cost estimate, our standard of living would still be 176% higher than it is now.

    Reporting costs

    There are also issues with how some people report costs. For instance, while the total damage caused by floods and hurricanes in the United States has gone up in dollar amounts, it has not actually increased as a percentage of peoples’ incomes.

    In this context, it is crucial to distinguish between the damage caused by climate change and that resulting from human activities – such as the construction of more houses, higher property prices and river management practices.

    The economic costs of climate change based on the best available evidence appear to be small and highly uncertain.

    Shifting the focus

    Even if we accept our best estimates, economic costs are not the issue, but saving the environment is.

    Instead of focusing the debate of climate change around economic costs, we need to refocus the debate on tangible impacts happening right now: retreating glaciers, species extinction, shifting seasons and coastal erosion, to name a few.

    Addressing these issues is costly, but action will be needed to save the environment and ensure a liveable world into the future.

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

    ref. Calculating the economic cost of climate change is tricky, even futile – it’s also a distraction – https://theconversation.com/calculating-the-economic-cost-of-climate-change-is-tricky-even-futile-its-also-a-distraction-248862

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: BitMart Research: BNB Chain’s Rise and the Activation of the MEME Track Competition Landscape

    Source: GlobeNewswire (MIL-OSI)

    Mahe, Seychelles, Feb. 24, 2025 (GLOBE NEWSWIRE) — BitMart Research, the research arm of BitMart Exchange, has released a detailed report on BNB Chain’s recent rise and the competitive MEME token landscape. This report explores BNB Chain’s strategic initiatives, its growing influence in the MEME sector, and the implications for investorsdevelopers, and the broader crypto ecosystem.

    I. BNB Chain’s Three Major Strategies: CZ Traffic Diversion, Infrastructure Optimization, and Wealth Effect Creation

    In the context of a sluggish overall market, CZ successfully brought a new wave of traffic and market discussion to BNB Chain. The recent surge in popularity of BNB Chain is largely attributed to CZ’s continuous topic creation through high-frequency Twitter interactions and controversial token listing decisions, such as TST and Broccoli events, which generated FOMO emotions and attracted investors’ attention, thereby driving traffic to BNB Chain.
    Simultaneously, BNB Chain announced its development plans for 2025, further creating an environment for users to trade MEME tokens. Notably, BNB Chain has made significant upgrades in Gas fees, including reducing Gas fees, supporting multiple tokens for Gas payments, and introducing a feature that allows project teams to sponsor users’ Gas fees. These measures aim to lower the barriers for users to enter the Web3 ecosystem and enhance user experience.

    II. Recent Major Events in BNB Chain

    1. TST: From a Teaching Token to a Market FOMO Wave
      On February 6, the BNB Chain team accidentally exposed the contract address of the example token TST in a teaching video on the Four.meme platform. Chinese community KOLs quickly hyped it, causing its market capitalization to soar from less than 500K to52 million. Despite CZ clarifying multiple times that TST was not an official token and that the team did not hold any shares, market enthusiasm continued to rise. On February 9, Binance announced the listing of TST spot and futures trading, and its market capitalization surged 100 times in just three days, breaking through $500 million, becoming a “star asset” in the BNB Chain ecosystem. After this event, BNB Chain’s popularity briefly surpassed Solana, and Four.meme’s traffic surged, becoming one of the core platforms for MEME token issuance.

    2. BNB Chain Announces 2025 Strategic Roadmap
    On February 11, CZ stated that it was time for the BNB Chain to break free from constraints. Subsequently, on February 12, BNB Chain announced its 2025 ecosystem construction goals, revealing several network upgrades. Following this announcement, BNB broke through 640,reaching peak 725, significantly increasing market enthusiasm.

    • Low Latency and High Throughput: Plans to reduce block generation time from 3 seconds to less than 1 second while maintaining the ability to process 100 million transactions per day, enhancing Web3 speed, smoothness, and scalability.
    • Gas Fee-Free Transaction Mechanism: Introducing BNB Chain Paymaster, allowing users to pay Gas fees with any BEP-20 token (not BNB or stablecoins) and introducing a corporate sponsorship Gas model, similar to SUI and Aptos.
    • Anti-MEV Protection Mechanism: To address the over $1.3 billion in MEV losses in 2024, BNB Chain will hide transaction details until block confirmation to combat sandwich attacks and front-running robots. Establishing private transaction pool relay systems, implementing punishment and blacklist mechanisms for violating validators, and expelling MEV abusers through community governance.
    • Smart Wallet Upgrade: Compatible with EIP-7702 standard, supporting batch transactions and one-click operations (such as cross-chain swaps). Future integration of AI assistants to provide portfolio management, MEV risk warnings, and trading strategy optimization.
    • AI-Priority Infrastructure: Auditing smart contract vulnerabilities through code assistants (Code Copilot), reducing development barriers; DataDAOs supporting users in monetizing private data; Trusted Execution Environments (TEEs) providing a secure sandbox for AI agents in DeFi.
    • MEME Token Ecosystem Support: Launching no-code token issuance tools and liquidity solutions to replicate Solana’s MEME fever, while reducing fraud risks through review mechanisms.

    3. Broccoli: CZ Pushes BNB Chain’s Popularity to a Peak
    After the TST price surge following CZ’s mention, CZ’s actions became the focus of MEME players. On February 13, CZ tweeted about the operation mechanism of MEME tokens, asking if creating a token only required sharing a pet’s name and photo. After understanding the mechanism, CZ expressed interest in how it worked. On February 14, CZ announced a pet dog named Broccoli without providing an official contract address, leading to thousands of tokens with the same name appearing on the BSC chain overnight. Countless players rushed to trade on BNB Chain, causing congestion and website crashes on Four.meme. CZ later stated that this “pressure test” exposed technical issues that still needed optimization on the BSC chain. Although CZ repeatedly emphasized that he did not issue any tokens, Binance Alpha listed three Broccoli-related projects on February 19, indirectly indicating his tacit approval of the MEME fever-driven traffic dividend.

    4. SHELL: Chain Staking Activity Triggers a Capital Siphon
    On February 13, BNB Chain, in collaboration with Binance Wallet and PancakeSwap, launched a public offering event for MyShell token SHELL. Backed by Binance Labs’ investment background, the event oversubscribed by 105 times, attracting over 130,000 BNB for subscription. This event not only boosted BNB Chain’s popularity but also drainage Binance Wallet.

    III. Analysis of BNB Chain’s Current Situation and Future Challenges

    1. Competitive Analysis
      BNB Chain vs. Solana According to Nansen’s on-chain data, since early February when CZ drove traffic to BNB Chain through high-frequency tweets, the chain’s active address count has shown explosive growth. On February 18, the single-day active address count exceeded 2.8 million, setting a historical peak in the past 12 months, while Solana’s active address count declined by 36% during the same period. However, Solana’s daily active address count still remains above 4 million.

    (Data Source: Nansen)

    Four.meme vs. Pump.fun According to Dune’s data, Pump.fun platform maintained a monopoly position with over 100,000 new accounts per day before February due to its first-mover advantage. However, with Four.meme leveraging the traffic dividend from the BNB Chain ecosystem, the industry landscape has undergone a significant reshuffle. By February 17, Pump.fun’s new account count had halved to 50,000/day, while Four.meme’s count soared from less than 500 to over 20,000/day. Although Four.meme’s current scale is only 40% of Pump.fun’s, its weekly growth rate of 325% has made it one of the important MEME launch platforms.

     
    (Data Source: Dune)

    (Data Source: Dune)

    2. BNB Chain Drives a New Round of MEME Fever in the Short Term
    More significantly, on February 14, when CZ disclosed the pet dog “Broccoli,” causing a frenzy of imitation tokens, BNB Chain’s network Gas fees surged to $0.43 in an instant, setting a new high since January 2022. This data confirms the success of CZ’s traffic diversion strategy, bringing new active users to the previously sluggish BNB Chain. Combining CZ’s recent actions and BNB’s innovative plans, it can be inferred that MEME will be one of the main development goals for BNB Chain in 2023. Currently, under the influence of Binance’s traffic, BNB Chain has initiated the first phase of MEME fever. In the current market lacking new narrative drivers, BNB Chain may continue to rely on MEME token popularity to maintain market attention, and high-return MEME projects may still emerge in the BNB Chain ecosystem in the short term.

    (Data Source: BNB Chain)

    3. Future Challenges
    However, BNB Chain faces multiple challenges in replicating Solana’s MEME fever. The main challenge is the recent trust crisis in the MEME track. Due to MEME tokens launched by Trump and Argentine President couples causing significant user losses, frequent token launches by presidents and celebrities have harvested a large amount of liquidity from the crypto market and severely damaged market confidence. It may be difficult to restore investor trust in the future. Additionally, the current crypto market is affected by Trump’s transaction cooling down, macroeconomic conditions, and policies, showing a general trend of continuous volatility and downward movement. Following the Adjustment of BTC, altcoins have experienced significant declines. Previously popular Ai Age tokens have also seen significant price drops.

     4. Potential Impact
    With BNB Chain regaining market attention through strategic upgrades and the MEME craze, Solana, which previously dominated the MEME sector almost single-handedly, now faces a new competitor. The rapid rise of the BNB Chain has put unprecedented competitive pressure on Solana, potentially driving it to accelerate technological upgrades and ecosystem reforms. Furthermore, BNB Chain’s success has demonstrated new opportunities for other blockchain ecosystems. More chains may adopt BNB Chain’s “event-driven marketing + technical upgrades + wealth effect” strategy to promote their own ecosystems, potentially sparking a new wave of market enthusiasm.

    About BitMart
    BitMart is the premier global digital asset trading platform. With millions of users worldwide and ranked among the top crypto exchanges on CoinGecko, it currently offers 1,700+ trading pairs with competitive trading fees. Constantly evolving and growing, BitMart is interested in crypto’s potential to drive innovation and promote financial inclusion. To learn more about BitMart, visit their Website, follow their X (Twitter), or join their Telegram for updates, news, and promotions. Download BitMart App to trade anytime, anywhere. 

    Risk Warning
    Note: All cryptocurrency investments, including yield products, are highly speculative and involve significant risks. Past performance of products cannot guarantee future results. Cryptocurrency markets are highly volatile, and before making any investment decisions, you should carefully assess whether it is suitable for trading or holding digital currencies based on your investment objectives, financial situation, and risk tolerance, and consult a professional financial advisor. The information in this article is for reference only and does not constitute any investment, legal, or tax advice. The author and publisher do not assume responsibility for any losses incurred due to the use of this information.

    The MIL Network

  • MIL-OSI: MMP Capital Opens up New Satellite Office in New Hampshire

    Source: GlobeNewswire (MIL-OSI)

    Photo Credit MMP Capital

    PORTSMOUTH, N.H., Feb. 24, 2025 (GLOBE NEWSWIRE) — MMP Capital, a Long Island-based private lending company specializing in equipment financing, and small business lending in general, has announced the opening of its first satellite office in Portsmouth, New Hampshire. This expansion is a significant milestone for the company, which has operated exclusively out of its Long Island headquarters for the past 12 years.

    The new office will be led by industry veteran George Atkins, who joins MMP Capital with a mission to diversify the company into new verticals while maintaining its reputation for excellence in healthcare finance. 

    John-Paul Smolenski, founder and CEO of MMP Capital, speaks on the importance of this expansion, “Opening our Portsmouth office is about both growth and returning to our roots, positioning ourselves for long-term success. George Atkins is the perfect person to lead this effort. His skill and vision will be instrumental as we continue to expand our reach and capabilities.

    George Atkins, regarded as one of the most influential figures in equipment finance, brings decades of experience to his new role at MMP Capital. His leadership is expected to drive development and open new opportunities for the company. He says, “The Portsmouth NH area has some of the most talented equipment finance reps anywhere, and we expect to grow the MMP brand and customer base rapidly and successfully with a great team of tenured professionals.

    Jim Siederman, Executive Vice President at MMP Capital, likened Atkins’ addition to a game-changing moment, “George Atkins is hands down on the Mount Rushmore of Equipment Finance in the 21st Century. His work ethic, discipline, and passion for greatness personify everything we stand for at MMP Capital.

    Establishing a presence in Portsmouth reflects MMP Capital’s commitment to expanding its footprint while staying true to its core values. The company aims to use Atkins’ leadership to explore emerging opportunities and further solidify its reputation.

    Smolenski further elaborates on how this move aligns with the company’s broader strategy, “This expansion is an essential part of our financial planning as we look ahead into 2025 and beyond. Having flexible capital and experienced leadership like George Atkins makes sure that we can meet growing demand without losing the high standards our clients expect.

    About MMP Capital 

    MMP Capital was founded in 2013 with a mission to be the gold standard in healthcare equipment finance in the U.S. Led by a management team with vast experience in sales, credit, and operations from several banks, leasing companies, and funding institutions, MMP Capital is uniquely equipped as a hybrid lender to lend directly or utilize a vast syndication outlet. Our financing options for equipment financing, leasing, and unsecured capital offer U.S. businesses the opportunity to invest in their future, update outdated technology, or offer new services to customers.  

    For Employment Opportunities In the New Hampshire Area Contact:

    Gina Stallone

    Human Resources Manager

    MMP Capital

    gstallone@mmpcapital.com

    Media Contact: 

    Contact Person: Jamie O’Connor, Director of Marketing & Branding

    Organization: MMP Capital

    Email: JOConnor@MMPCapital.com

    Website: www.mmpcapital.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/057a5e21-82e3-41c6-9540-1f99bece85a7

    The MIL Network

  • MIL-OSI China: US stocks waver amid renewed tariff concerns from Trump administration

    Source: China State Council Information Office

    U.S. stocks ended mixed on Monday, as investors assessed the potential impact of U.S. President Donald Trump’s tariff policies while shifting their attention to Nvidia’s upcoming earnings report.

    The Dow Jones Industrial Average edged up by 33.19 points, or 0.08 percent, to 43,461.21. In contrast, the S&P 500 declined by 29.88 points, or 0.50 percent, to 5,983.25, while the Nasdaq Composite fell by 237.08 points, or 1.21 percent, to 19,286.92.

    Among the 11 primary sectors in the S&P 500, six ended lower, with technology and consumer discretionary stocks leading the losses, falling by 1.43 percent and 0.87 percent, respectively. Meanwhile, health and financials were the top gainers, rising by 0.75 percent and 0.45 percent, respectively.

    During a press conference on Monday, Trump reaffirmed that tariffs on Mexico and Canada would proceed as scheduled following a one-month delay, which is set to expire next week.

    Trump, announcing the new agreements on Truth Social on Feb. 3, said the tariffs on Canadian goods would be paused for 30 days while the duties on Mexican imports would be postponed for one month.

    Meanwhile, AI chipmaker Nvidia, set to report quarterly results on Wednesday, recently lost 3.09 percent after a decline of more than 4 percent on last Friday, as its shares bounced between gains and losses throughout the day.

    “If Nvidia comes out on Wednesday with an amazing earnings report,” said Larry Tentarelli, chief technical strategist for Blue Chip Daily Trend Report, “then that could turn these AI stocks up. But right now, the market has been rotating out of AI and tech.”

    Apple gained 0.63 percent following an announcement that it will invest over 500 billion dollars in the United States over the next four years. Among other major tech stocks, both Meta Platforms and Broadcom dropped by more than 2 percent, while Microsoft, Amazon, and Tesla each lost about 1 percent, and Alphabet managed to post gains.

    Although Monday’s earnings calendar was relatively light, it is expected to pick up in the coming days with quarterly reports from Home Depot, Lowe’s, Salesforce, and Dell Technologies, with Dell shares falling by more than 2 percent this afternoon.

    The yield on the 10-year U.S. Treasury, which is sensitive to interest rate expectations, was trading at 4.4 percent as of 4:30 p.m., slightly down from 4.42 percent at the close of last week and near its lowest level for the month. 

    MIL OSI China News

  • MIL-OSI China: China rebukes US over new investment curbs, vows to defend interests

    Source: China State Council Information Office

    An aerial drone photo shows U.S. carmaker Tesla’s Megafactory in Shanghai, east China, Feb. 8, 2025. [Photo/Xinhua]

    By shutting out Chinese enterprises and the Chinese market, the United States will end up hurting its own economic interests and international credibility, foreign ministry spokesperson Lin Jian said on Monday.

    Lin made the remarks at a regular press briefing while commenting on a memorandum released by the United States on Friday, which outlined further restrictions on two-way investment with China.

    The memorandum listed China as a “foreign adversary” on national security grounds and imposed various discriminatory measures, Lin said. “We strongly deplore and firmly oppose this and have lodged serious protests with the U.S. side.”

    The tightening of security reviews targeting Chinese investments in the United States severely hits the confidence of Chinese companies in investing in the United States and undermines the U.S. business environment. Increasing restrictions on U.S. investment in China is artificially interfering with the independent decision-making of U.S. companies and distorting the flow of investment exchanges between the two countries, Lin said.

    “China urges the United States to abide by international investment and trade rules, respect the laws of market economy, and stop politicizing and weaponizing economic and trade issues,” the spokesperson said.

    China also calls on the United States to stop undermining China’s legitimate development rights, he added, stressing that China would take all necessary measures to firmly safeguard its legitimate rights and interests.

    In response to U.S. restrictions on China’s shipbuilding industry and other related sectors, Lin said that the United States, driven by domestic political interests, had abused the Section 301 investigation mechanism, thereby seriously violating WTO rules and further damaging the multilateral trading system. “China is strongly dissatisfied with this and firmly opposes it,” Lin said.

    “We urge the United States to respect facts and multilateral rules, and immediately stop its wrong actions. China will take necessary measures to defend its legitimate rights and interests,” Lin added.

    MIL OSI China News

  • MIL-OSI China: Chinese researchers develop system for quantum direct communication

    Source: China State Council Information Office 2

    A team of Chinese researchers proposed a theory of one-way quantum direct communication and successfully developed a practical system, advancing quantum direct communication from a concept to the stage of practical application.
    According to a study recently published in Science Advances, researchers from the Beijing Academy of Quantum Information Sciences, Tsinghua University, and North China University of Technology set a record in a standard optical fiber communication test with a transmission distance of 104.8 km. They achieved stable transmission at a rate of 2.38 kilobit per second for 168 consecutive hours.
    Quantum direct communication was previously proposed by a team led by Long Guilu from Tsinghua University, one of the corresponding authors of the study paper. It enables secure communication by utilizing quantum states and features characteristics such as eavesdropping detection and prevention, compatibility with existing networks, simplified management processes, and covert transmission.
    The core challenge in this field is achieving secure and reliable communication using quantum states with extremely low energy. These states are highly susceptible to interference in quantum channels characterized by high noise, high loss, and the risk of eavesdropping.
    Previous research used bidirectional protocols, in which both communicating parties had to transmit quantum states back and forth. This resulted in significant system loss and severely limited communication performance improvement.
    “In 2022, we set a world record for quantum direct communication over 100 kilometers, but the rate was only 0.5 bit per second, which allowed transmission of messages with very few characters,” Long recalled.
    He explained that one-way transmission could halve the distance of quantum state transmission, significantly reducing loss, which is the key to improving the performance of quantum direct communication.
    The researchers developed high-noise and high-loss channel coding and other key technologies to propose a theoretical method for one-way quantum direct communication. They resolved the technical challenges and completed the development of the communication terminal.
    The new system’s communication rate has increased by 4,760 times compared with the one developed in 2022, significantly enhancing the performance of quantum direct communication.
    According to Long, quantum direct communication systems are expected to be widely applied in fields with extremely high requirements for information security, such as government affairs and finance.
    There are two main types of quantum secure communication. One is quantum key distribution, which uses quantum states to generate keys while transmitting encrypted information through classical communication. Its advantage is the high transmission rate.
    The other is quantum direct communication, which directly transmits information using quantum states. In the event of eavesdropping, the quantum states can self-destruct to ensure information security. 

    MIL OSI China News