Category: Economy

  • MIL-OSI Global: Making sex deadly for insects could control pests that carry disease and harm crops

    Source: The Conversation – USA – By Bill Sullivan, Professor of Microbiology and Immunology, Indiana University

    In the toxic male technique, genetically engineered male insects would implant semen containing toxic venom into the female insects during mating. Madugrero/Wikimedia Commons, CC BY-SA

    Insects do a lot more harm than ruining picnics. Some insects spread devastating diseases, while others cause staggering economic losses in agriculture. To control some of these pests, scientists are developing males that make sex a deadly event.

    The stakes are high. Mosquitoes carry viruses such as dengue, West Nile and Zika, as well as parasites that cause malaria. Researchers estimate that mosquitoes have caused the deaths of 52 billion people overall – nearly half of all the humans that have ever lived.

    Other insects cause major crop damage, jeopardizing the food supply and driving up prices. According to the Food and Agriculture Organization of the United Nations, 20% to 40% of global crop production is lost to pests annually at a cost of US$70 billion.

    Pesticides have been the front-line defense against insects, but many bugs have evolved resistance to these chemicals. Some pesticides can indiscriminately kill beneficial insects, harm the environment and endanger human and animal health. Some researchers worry that certain pesticides can cause cancer or have damaging effects on human nervous and endocrine systems.

    I’m a microbiology researcher studying infectious disease. New solutions that do not harm humans and the environment to control disease-carrying insects and agricultural pests could lead to fewer people contracting dangerous diseases. In the past few years, a variety of genetic engineering approaches have emerged as promising tactics to combat problematic insects.

    Genetically modified insects

    To avoid the problems associated with pesticides, scientists have devised new approaches that genetically alter the insects themselves in ways that cause their population to crash or render them incapable of transmitting disease – a strategy called genetic biocontrol.

    Genetic biocontrol entails genetically modifying insects to curb their populations.

    The idea to suppress an insect population by flooding it with sterile males has been around for decades. Since the 1950s, scientists have been using radiation to create infertile male mosquitoes. These sterile males mate with females but produce no offspring. Since females are engaged in a lot of unproductive mating, the overall population tends to decline.

    In the past two decades, genetic engineering has been used to introduce dominant lethal genes into insect populations. In this approach, the offspring of genetically modified males inherit a gene that kills them before they reach reproductive age. A field trial in Brazil found that this strategy reduced the target mosquito population up to 95%. Another approach on the horizon involves releasing insects genetically modified to be poor carriers of pathogens that cause disease.

    Despite these advances, a key shortcoming to current genetic biocontrol methods is that they take time. At least one generation needs to be born before the population suppression begins. This means the female insects continue to be a disease vector or agricultural pest until they die a natural death. An ideal technique would neutralize the females immediately, especially during outbreaks.

    A faster approach

    Biologists Samuel Beach and Maciej Maselko at Macquarie University in Australia sought to solve this dilemma by genetically engineering male insects to make poisonous semen. The poisonous semen would kill the female quickly, reducing the population faster than previous biocontrol methods.

    To test this idea, the team used fruit flies called Drosophila melanogaster, which are easy to genetically modify and study in the lab.

    The Brazilian wandering spider, Phoneutria nigriventer.
    Rodrigo Tetsuo Argenton/Wikimedia Commons, CC BY-SA

    The researchers transferred venom genes from the Brazilian wandering spider (Phoneutria nigriventer) and the Mediterranean snakelocks sea anemone (Anemonia sulcata) into the genomes of fruit flies.

    The genetically modified fly produces and stores venom proteins in its male accessory gland – a fly’s prostate – along with other seminal fluid proteins. Upon mating, the fly deposits the venomous semen into the female’s reproductive tract. The researchers named this approach the toxic male technique.

    The Mediterranean snakelocks anenome, Anemonia viridis.
    Diego Delso

    After mating, the seminal toxins seep into the female’s body and attack her central nervous system. The toxins bind to proteins called ion channels on cellular membranes, which nerve cells use to communicate with one another. This quickly leads to paralysis and respiratory arrest. You could say these genetically engineered Romeos literally take her breath away.

    The lifespan of female flies that mated with toxic males decreased – up to 64%. A computer simulation of the toxic male technique for Aedes aegypti, a mosquito that transmits several viruses, predicted that this approach could work better than current methods.

    Safety and effectiveness

    While promising and innovative, there are some important challenges that researchers developing the toxic male technique will need to overcome. For example, the technique has been shown to work only in fruit flies. Whether it will work in mosquitoes or other insect pests remains an open question.

    In addition, the technique reduced the female lifespan by only 37% to 64%. To improve the rate of killing, the researchers suggested that other venom formulations might work better. Researchers could try thousands of venom genes from spiders, snakes, scorpions and centipedes. Each new venom they try will require tests to ensure the modified males tolerate them – if they become weak, unmodified males may outcompete them for mating opportunities.

    As with all genetic biocontrol methods, this technique may be too expensive to implement for low-income countries. Nations would need to finance the costs of breeding and deploying the mosquitoes safely.

    Insects also pollinate plants and serve as food sources for other animals, such as bats. If these insects vanish, the ecosystem could face unforeseen adverse effects. Monitoring these potential effects on the environment will also be expensive.

    Other researchers are experimenting with using venom toxins to control parasites that female insects spread through biting. Called paratransgenesis, this technique alters an insect’s gut bacteria to produce a toxin that kills the parasite, leaving the insect unharmed. Since the insect population remains unaltered, paratransgenesis may pose less risk to ecosystems.

    Insects tend to adapt quickly to the methods humans use to control them, so it is advantageous to have multiple strategies at our disposal. The toxic male technique may one day become a valuable new weapon in the arsenal to combat insect pests.

    Bill Sullivan receives funding from the National Institutes of Health.

    ref. Making sex deadly for insects could control pests that carry disease and harm crops – https://theconversation.com/making-sex-deadly-for-insects-could-control-pests-that-carry-disease-and-harm-crops-248723

    MIL OSI – Global Reports

  • MIL-OSI: American Rebel Holdings, Inc. (NASDAQ: AREB) CEO Andy Ross Promotes the American Dream and Patriotic Products on NBC KSHB 41 Kansas City Morning Show KC Spotlight

    Source: GlobeNewswire (MIL-OSI)

    Nashville, TN, Feb. 21, 2025 (GLOBE NEWSWIRE) — American Rebel Holdings, Inc. (NASDAQ: AREB) (“American Rebel” or the “Company”), creator of American Rebel Light Beer (americanrebelbeer.com), and a designer, manufacturer, and marketer of branded safes and personal security and self-defense products (americanrebel.com), proudly announces that CEO Andy Ross will appear on the local NBC television affiliate, KSHB 41, in his home state, promoting the values of the American Dream and the Company’s patriotic products.

    Hometown “American Rebel” Andy Ross appears on Kansas City NBC affiliate KSHB 41

    NBC affiliate KSHB 41 (KSHB 41 Kansas City: News, Weather, Chiefs, Traffic and Sports), home of the Kansas City Chiefs and known for its award winning news, is owned by the E.W. Scripps Company and is the Kansas City market’s fastest growing news outlet. The segment featuring American Rebel Andy Ross is schedule to air Friday, February 20, 2025, at some point during the 11 am Central hour-long broadcast.

    “We believe in the American Dream, and our products reflect the values and pride that come with it,” said Andy Ross – CEO American Rebel Holdings, Inc. “I’m thrilled to share our story on KSHB 41, the home of my favorite team, the Kansas City Chiefs, and with the people of Kansas. I’ve spent my time in Kansas City visiting key accounts to ensure that American Rebel Light Beer is readily available to those who appreciate quality and patriotism.”

    American Rebel Holdings, Inc. Focuses on Media Exposure to Expand America’s Patriotic Beer in New Markets

    A key strategic focus at American Rebel is to continually share America’s Patriotic Brand Story as told by our CEO – Andy Ross. To truly expand America’s Patriotic Brand, we needed to have a product that reaches the masses and is consumable. American Rebel Beer has always been at the top of the list and due to current events and opportunities that have opened up in the market, American Rebel is well positioned to continue to expand into new markets that allow our consumers to enjoy America’s Patriotic Beer (americanrebelbeer.com).

    The American Rebel Brand Story is all about chasing the American Dream as a NASDAQ company

    “I have been blessed to turn my passions into success. On my show, Maximum Archery World Tour, I bowhunted the world for 10 years on outdoor TV. By incorporating my music into the show, and with the emergence of digital music distribution, I had a springboard to develop a great music career. In 2015 a decision was made to build a brand around my song ‘American Rebel,’ and America’s Patriotic Brand was born. In February 2022, we became a publicly traded company on NASDAQ, symbol: AREB.” – Andy Ross, CEO American Rebel Holdings

    American Rebel Light Beer positioned for success throughout Kansas and the Kansas City Area

    During his appearance, Mr. Ross passionately discussed the inspiration behind American Rebel Light Beer, a premium light lager that embodies the spirit of America’s Patriotic, God-Fearing, Constitution-Loving, National Anthem-Singing, Stand Your Ground Beer. He also highlighted Champion Safe Co., a wholly-owned subsidiary of American Rebel Holdings known for its American-made safes designed to protect what matters most to American families. Champion Safe Co. manufactures Champion, Superior and American Rebel branded safes.

    In addition to his media appearance, Mr. Ross has been actively focusing on expanding American Rebel Beer’s presence in the eastern Kansas area. With the support of distribution partner Standard Beverage, the Company is strategically targeting key accounts to enhance both on-premise and off-premise locations. This effort is part of a larger initiative to bring American Rebel’s exceptional products to a wider audience.

    Mr. Ross’s recent meetings with several key accounts in Kansas have yielded promising results, further solidifying the Company’s growth plans in the region. By leveraging the strength of the Standard Beverage distribution network, American Rebel is poised to make a significant impact in the Kansas market.

    Premium Safes, Concealed Carry Backpacks and Apparel at our Overland Park, Kansas store.

    We build American Rebel Safes – one of the most desirable residential safes on the market. We are also the proud owners of Champion Safe Co. Our safes are specifically designed to meet the needs of homeowners and gun aficionados.

    In a time when National Spirit is being rekindled, American Rebel positions itself as “America’s Patriotic Brand. We are proud advocates of the 2nd Amendment and encourage safe and responsible gun ownership.

    American Rebel’s store is located at 8500 Marshall Drive in Overland Park, Kansas, next to the Bushnell Factory Outlet conveniently located right off I-35.

    For more information about American Rebel Holdings, Inc. and its products, please visit americanrebel.com, championsafe.com and americanrebelbeer.com.

    About American Rebel Holdings, Inc.

    American Rebel Holdings, Inc. (NASDAQ: AREB) has operated primarily as a designer, manufacturer, and marketer of branded safes and personal security and self-defense products and has recently transitioned into the beverage industry through the introduction of American Rebel Light Beer. The Company also designs and produces branded apparel and accessories. To learn more, visit americanrebel.com and americanrebelbeer.com. For investor information, visit americanrebel.com/investor-relations.

    About American Rebel Light Beer

    Produced in partnership with AlcSource, American Rebel Light Beer (americanrebelbeer.com) is a premium domestic light lager celebrated for its exceptional quality and patriotic values. It stands out as America’s Patriotic, God-Fearing, Constitution-Loving, National Anthem-Singing, Stand Your Ground Beer.

    American Rebel Light is a Premium Domestic Light Lager Beer – All Natural, Crisp, Clean and Bold Taste with a Lighter Feel. With approximately 100 calories, 3.2 carbohydrates, and 4.3% alcoholic content per 12 oz serving, American Rebel Light Beer delivers a lighter option for those who love great beer but prefer a more balanced lifestyle. It’s all natural with no added supplements and importantly does not use corn, rice, or other sweeteners typically found in mass produced beers.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc. (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our,” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts,” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include benefits of marketing outreach efforts, actual placement timing and availability of American Rebel Beer, success and availability of the promotional activities, our ability to effectively execute our business plan, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as may be required by law.

    Media Inquiries:
    Matt Sheldon
    Precision Public Relations
    Matt@PrecisionPR.co
    917-280-7329

    Attachment

    The MIL Network

  • MIL-OSI Asia-Pac: Paul Y liquidation impact monitored

    Source: Hong Kong Information Services

    In response to Paul Y Engineering Group’s application for provisional liquidation, the Development Bureau today said it is believed the impact of Paul Y’s situation on relevant public works projects is manageable and it will closely monitor the situation.

    The Government noted that an application was made by Paul Y to the court recently to appoint a provisional liquidator for its five subsidiaries to handle debts and formulate a restructuring plan, and the court approved the application today.

    As there have been market rumours and media reports of financial difficulties and layoffs at Paul Y for some time, the Government has been paying close attention to the situation and making preparations to reduce the impact on works projects and subcontractors and assist the affected employees.

    Paul Y’s subsidiaries are undertaking the construction of 13 public works contracts, among which 12 are undertaken by Paul Y and other construction companies by way of joint venture.

    These contracts are managed by government departments including the Civil Engineering & Development Department, the Architectural Services Department, the Electrical & Mechanical Services Department, the Highways Department, the Drainage Services Department, the Water Supplies Department and the Environmental Protection Department.

    As the majority of the contracts are undertaken by joint ventures, regardless of whether Paul Y is liquidated eventually, the other participants of the joint venture contracts must complete the remaining works in accordance with the contract requirements.

    The bureau has assessed that the joint venture participants concerned are capable of undertaking the remaining works, and they have also expressed that they will continue to execute the contracts. The only project solely undertaken by Paul Y has largely entered the completion stage.

    On the other hand, Paul Y has also undertaken works projects of other public organisations, some of which are undertaken by joint ventures. The bureau said it is believed the impact is manageable.

    For other projects solely undertaken by Paul Y, the public sector owners have replaced the main contractor of most of the projects in accordance with the established mechanism to ensure their smooth completion. Owners of a few other projects are also carrying out such arrangements to minimise the impact on the projects.

    The bureau said that as the majority of the government and public sector projects will be undertaken by other participants of the joint ventures or have the main contractor replaced in accordance with the mechanism, if Paul Y is liquidated by the court eventually, the succeeding contractor will follow the Government and public sector owners’ request to try to accommodate the situation of existing subcontractors and workers so that they can continue to work on the projects for the sake of maintaining continuity.

    Employees of Paul Y and its subcontractors who have enquiries on their employment rights and benefits may call the Labour Department’s dedicated hotline at 3580 8721 or visit the branch offices of its Labour Relations Division.

    MIL OSI Asia Pacific News

  • MIL-OSI: DMG Blockchain Solutions Inc. Announces First Quarter 2025 Earnings Release Date and Conference Call Details

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Feb. 21, 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 will release financial results for its first quarter 2025 ending December 31, 2024 on Monday, March 3, 2025 after the market close.

    First Quarter 2025 Results Conference Call Details

    The Company will host a conference call to review its results and provide a corporate update on Tuesday, March 4, 2025 at 4:30 PM ET. Participants should register for the call via the registration link.

    In addition to a live Q&A session via chat, management will also address pre-submitted questions. Those wishing to submit a question may do so via email at investors@dmgblockchain.com, using the subject line ‘Conference Call Question Submission,’ through 2:00 PM ET on March 4, 2025.

    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 filing of the first quarter 2025 results and hosting a conference call, 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: Corporate and Municipal CUSIP Request Volumes Decline in January

    Source: GlobeNewswire (MIL-OSI)

    NORWALK, Conn., Feb. 21, 2025 (GLOBE NEWSWIRE) — CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for January 2025. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found a monthly decrease in request volume for new corporate and municipal identifiers.

    North American corporate CUSIP requests totaled 4,505 in January, which is down 36.9% on a monthly basis. On an annualized basis, North American corporate requests were down 24.2% over January 2024 totals. The monthly decrease in volume was driven by a 32.6% decline in request volume for U.S. corporate debt identifiers. Request volumes for short-term certificates of deposit (-27.1%) and longer-term certificates of deposit (-14.8%) also fell in January.

    The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 14.1% versus December totals. On a year-over-year basis, overall municipal volumes were up 1.8%. Texas led state-level municipal request volume with a total of 78 new CUSIP requests in January, followed by California and New York, each of which had 59 new municipal CUSIP requests in the first month of the year.

    “Monthly CUSIP request volume may appear to be off to a slow start when compared to the strong volumes we saw in the second half of 2024, but most major asset classes are seeing gains versus year-ago totals,” said Gerard Faulkner, Director of Operations for CGS. “While it’s still early in the year, and there is no shortage of uncertainty about the future of interest rates and the broader economy, issuers are likely to enter the markets at a historically brisk pace.”

    Requests for international equity CUSIPs fell 19.5% in January and international debt CUSIP requests rose 14.0%. On an annualized basis, international equity CUSIP requests were down 13.0% and international debt CUSIP requests were up 33.3%.

    To view the full CUSIP Issuance Trends report for January, please click here.

    Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through January 2025:


    Asset Class
    2025 YTD 2024 YTD YOY Change

    Long-Term Municipal
    Notes
    37 8 362.5%

    Canada Corporate
    Debt & Equity
    562 378 48.7%

    International Debt
    520 390 33.3%

    U.S. Corporate Equity
    1,161 914 27.0%

    Syndicated Loans
    197 173 13.9%

    Municipal Bonds
    610 579 5.4%

    Private Placement
    Securities
    266 253 5.1%

    U.S. Corporate Debt
    1,605 1,540 4.2%

    International Equity
    120 138 -13.0%

    CDs > 1-year Maturity
    539 724 -25.6%

    CDs < 1-year Maturity
    542 763 -29.0%

    Short-Term Municipal
    Notes
    59 86 -31.4%


    About CUSIP Global Services

    CUSIP Global Services (CGS) is the global leader in securities identification. The financial services industry relies on CGS’ unrivaled experience in uniquely identifying instruments and entities to support efficient global capital markets. Its extensive focus on standardization over the past 50 plus years has helped CGS earn its reputation as the industry standard provider of reliable, timely reference data. CGS is also a founding member of the Association of National Numbering Agencies (ANNA) and co-operates ANNA’s hub of ISIN data, the ANNA Service Bureau. CGS is managed on behalf of the American Bankers Association (ABA) by FactSet Research Systems Inc., with a Board of Trustees that represents the voices of leading financial institutions. For more information, visit www.cusip.com.

    About The American Bankers Association

    The American Bankers Association is the voice of the nation’s $24.2 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19.1 trillion in deposits and extend $12.6 trillion in loans.

    For More Information:

    John Roderick
    john@jroderick.com
    +1 (631) 584.2200

    The MIL Network

  • MIL-OSI: FIRST BANCSHARES, INC. ANNOUNCES ANNUAL CASH DIVIDEND OF $0.40 PER SHARE

    Source: GlobeNewswire (MIL-OSI)

    MOUNTAIN GROVE, Mo., Feb. 21, 2025 (GLOBE NEWSWIRE) — First Bancshares, Inc. (OTCQX: FBSI), the holding company for Stockmens Bank (“Bank”), Colorado Springs, Colorado, announced today that its Board of Directors declared an annual cash dividend of $0.40 per share on the Company’s outstanding common stock. The cash dividend will be payable on April 15, 2025 to shareholders of record as of the close of business on April 1, 2025.

    About the Company

    First Bancshares, Inc. is the holding company for Stockmens Bank, a FDIC-insured commercial bank chartered by the State of Colorado that conducts business from its home office in Colorado Springs, Colorado, and eight full-service offices in the Missouri cities of Mountain Grove, Marshfield, Ava, Kissee Mills, Gainesville, Hartville, Crane and Springfield, as well as full-service offices in Akron, Colorado and Bartley, Nebraska.

    Cautionary Note Regarding Forward-Looking Statements

    The Company and its wholly owned subsidiary, Stockmens Bank, may from time to time make written or oral “forward-looking statements” in its reports to shareholders and in other communications by the Company. These forward-looking statements are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.

    These forward-looking statements include statements with respect to the Company’s beliefs, expectations, estimates and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company’s control. Such statements address the following subjects: future operating results; customer growth and retention; loan and other product demand; earnings growth and expectations; new products and services; credit quality and adequacy of reserves; results of examinations by our bank regulators; technology; and our employees. The following factors, among others, could cause the Company’s financial performance to differ materially from the expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; inflation, interest rate, market, and monetary fluctuations; the timely development and acceptance of new products and services of the Company and the perceived overall value of these products and services by users; the impact of changes in laws and regulations applicable to financial services companies; technological changes; acquisitions; changes in consumer spending and savings habits; and the success of the Company at managing and collecting assets of borrowers in default and managing the risks of the foregoing.

    The foregoing list of factors is not exclusive. The Company does not undertake, and expressly disclaims any intent or obligation, to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

    Contact: Robert M. Alexander, Chairman and CEO – (719) 955-2800

    The MIL Network

  • MIL-OSI USA: Rosen, Cortez Masto Demand Department of Veterans Affairs Provides Answers Regarding Mass Employee Terminations

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    WASHINGTON, DC – Today, U.S. Senators Jacky Rosen (D-NV) and Catherine Cortez Masto (D-NV) sent a letter to U.S. Department of Veterans Affairs (VA) Secretary Doug Collins demanding he provide answers on the mass terminations of personnel across the VA, specifically those in Nevada. The Senators expressed concern that these staff reductions would have detrimental impacts for veterans in Nevada and across the United States.
    “We are writing to express our concerns with recent terminations of employment at Nevada’s Department of Veterans Affairs (VA) facilities, including all affected employees and the proportion of those employees who are veterans,” wrote the Senators. “The VA plays a critical role in ensuring that our nation’s veterans receive the care, benefits, and support they have earned through sacrifice. A significant reduction in staff could have serious consequences for both VA operations and our veterans in Nevada.”
    Nevada is home to nearly 220,000 veterans who depend on VA facilities in Las Vegas, Reno, and rural communities. The terminations at the VA could lead to increased wait times for medical care, delays in processing disability claims, and disruptions in the delivery of essential support services our veterans need.
    “The VA has long served as an important source of employment for those who have sacrificed for this country, offering them a structured and mission-driven career path,” the Senators continue. “Many of these employees have service-connected disabilities or other conditions that make VA employment particularly vital to their financial and personal stability. Any significant reduction in the number of veterans employed by the VA risks worsening unemployment rates among former service members and may contribute to broader issues such as homelessness and economic instability within the veteran community.”
    Specifically, the Senators requested the following information about the terminated employees:

    The total number of Veterans Affairs employees, located in Nevada, who have been terminated.
    The number of these employees who were veterans.
    The number of these employees who are veterans with service-connected disabilities.
    The number of employees who were terminated as probationary employees, but who had many years at VA in a different position.
    A description of the position and responsibilities of each terminated employee.

    A detailed explanation of the rationale behind these terminations, including any financial, policy, or strategic considerations.
    Any assessments or analyses conducted to evaluate the potential impact of these terminations on VA services.
    Any measures being taken to mitigate the consequences of these terminations, particularly concerning veteran employees and the delivery of essential services.

    The full text of the letter can be found here.
    Senators Rosen and Cortez Masto are champions for our service members and their families, as well as America’s veterans. In a previous letter to VA Secretary Collins, they demanded the Secretary take immediate action to secure veterans’ personal information provided by VA or other agencies to Elon Musk and the Department of Government Efficiency (DOGE). Last year, the Senators passed legislation to officially authorize construction of a new VA hospital in Reno.

    MIL OSI USA News

  • MIL-OSI: The Binary Holdings Launches BNRY Game Labs to Distribute Games Instantly To 169 Million Players

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Feb. 21, 2025 (GLOBE NEWSWIRE) — The Binary Holdings, Web3 distribution infrastructure, is expanding into the gaming market with the launch of BNRY Game Labs. This innovative distribution platform enables gaming studios from all genres to upload their content and immediately access The Binary Holdings’ extensive ecosystem of 169 million users within the largest telcos of South East Asia. Gaming studios can rapidly drive adoption of their games and earn potentially millions of dollars within weeks due to extensive access to a large user base which is expected to grow to a billion users in 2025. Players engaging with these games will earn $BNRY tokens, serving as loyalty points, redeemable within the ecosystem for a variety of products and services.

    BNRY Game Labs stands out as one of the few game distribution platforms capable of accommodating both Web2 and Web3 gaming projects seeking to broaden their user base. By giving game studios instant access to 169 million targeted users within telecommunication ecosystems Indonesia and the Philippines, BNRY Game Labs offers a powerful solution to boost profitability, Return on Ad Spend (ROAS), and customer Life Time Value (LTV). This expansive user base enables studios to extend the shelf life of their games while minimizing costs associated with user acquisition and operational overhead. With a CPM of as low as $0.000005 and a subscription cost significantly lower than traditional Go-To-Market (GTM) budgets, developers can achieve higher profitability while enhancing engagement and retention metrics.

    Developers on BNRY Game Labs also benefit from advanced analytics that increase profitability and enhance user engagement. These tools deliver actionable insights into player behavior, revenue performance, and technical optimization, empowering studios to make data-driven decisions that maximize a game’s chances for success. These features enable developers to make data-driven decisions, enhancing game performance and user satisfaction.

    Addressing Industry Challenges with Innovative Solutions

    The gaming industry faces significant challenges, including rising development and testing costs. The global game testing service market, valued at $772.09 million in 2021, is projected to reach $2.02 billion by 2031, growing at a CAGR of 10.11%. This increase reflects the escalating complexity and quality demands in game development.

    Additionally, many games struggle with adoption due to market saturation and high user acquisition costs. BNRY Game Labs addresses these issues by providing developers with immediate access to a vast user base of 169 million users and comprehensive tools to monitor and enhance game performance, reducing the financial and operational burdens typically associated with game testing and marketing. The Binary Holding’s user base is expected to grow to one billion users in 2025, providing explosive growth to gaming studios.

    This streamlined process allows developers to focus on creating compelling gaming experiences while leveraging The Binary Holdings’ robust infrastructure and user community.

    “BNRY Game Labs is more than a platform—it’s a gateway to the future of gaming,” said Manit Parikh, CEO of The Binary Holdings. “Our mission is to empower developers with the tools, audience, and incentives they need to thrive. By seamlessly integrating gaming with our distribution layer network, we’re unlocking new possibilities for growth and engagement, and ultimately bringing more people into the Web3 world.”

    For more information, visit BNRY Game Labs

    About BNRY Game Labs

    BNRY Game Labs is a marketplace designed to connect game developers with a vast user base, providing tools and analytics to enhance game performance and user engagement. By integrating with The Binary Holdings’ ecosystem, BNRY Game Labs offers unique opportunities for growth and monetization in the GameFi sector.

    About The Binary Holdings

    The Binary Holdings (TBH) provides Web3 infrastructure solutions for telecommunication companies and banks in emerging economies. With over 169 million current users, TBH offers indispensable scalable, cost-effective, and efficient infrastructure services crucial for driving adoption of tokenized and Web3 solutions, facilitated by its native utility token, $BNRY, which powers all transactions and interactions within The Binary Holdings Ecosystem.

    Contact:
    Shahab Ahmed
    Shahab@thebinaryholdings.com

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ca61a7be-0035-4c40-9805-7e368fea3bed

    The MIL Network

  • MIL-OSI: The Agents are here! What is Decentralized AI and how will it impact the world according to new research from Alpha Sigma Capital Research

    Source: GlobeNewswire (MIL-OSI)

    Tampa, FL, Feb. 21, 2025 (GLOBE NEWSWIRE) — Alpha Sigma Capital Research has released an in-depth report entitled DeFAI Unleashed, highlighting the rise of AI agents in the crypto world, capturing headlines and fueling both excitement and skepticism.  

    Report highlights:

    • Examines the rise of DeFAI
    • Analyzes market trends and adoption challenges
    • Evaluates long-term impact of AI agents on crypto

    DeFAI transforms decentralized finance:

    • AI agents serve as intelligent facilitators
    • Utilize natural language processing for seamless on-chain transactions
    • Eliminates clunky interfaces and intimidating protocols
    • Provides frictionless access to DeFi

    Current market landscape:

    • Over 1,380 AI agent projects cataloged on platforms like Cookie.fun
    • Collective market cap: $8.29 billion
    • Recent market dip, but activity remains strong
    • Industry leaders view this as a foundational shift despite trader caution

    Future outlook:

    • AI agents gaining real use cases in DeFi
    • More than just a trend—marks the next phase of crypto’s evolution

    Access your complimentary copy of DeFAI Unleashed here.

    Stay connected with ASC Research on Substack. Subscribe at Alpha Sigma Capital Research | Substack.

    About Alpha Transform Holdings
    Alpha Transform Holdings (ATH) is a leading digital asset investment firm, combining strategic advisory, research, and capital investment to drive innovation in Web3 and blockchain.

    About Alpha Sigma Capital Research
    Active Investing in the Blockchain Economy.™
    Alpha Sigma Capital Research is provided by Alpha Sigma Capital Advisors, LLC, the Investment Manager for the Alpha Blockchain/Web3 Fund and Alpha Liquid Fund.  Alpha Sigma Capital (ASC) investment funds are focused on emerging blockchain companies that are successfully building their user-base, demonstrating real-world uses for their decentralized ecosystems, and moving blockchain technology towards mass-adoption. ASC is focused on companies leveraging blockchain technology to provide value-add in areas such as fintech, AI, supply chain, and healthcare. Apply to receive research at www.alphasigma.fund/research.

    DISCLAIMER
    This is for informational use only. This is not investment advice. Other than disclosures relating to Alpha Transform Holdings (ATH) and Alpha Sigma Capital (ASC) this information is based on current public information that we consider reliable, but we do not represent it as accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our information as appropriate.

    Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this press release.

    The information on which the information is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, the company website, the company white paper, pitchbook, and any other sources. While Alpha Sigma Capital has obtained data, statistics, and information from sources it believes to be reliable, Alpha Sigma Capital does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
    Unless otherwise provided in a separate agreement, Alpha Sigma Capital does not represent that the contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Alpha Sigma Capital and its officers, directors, and employees shall not be responsible or liable for any trading decisions, damages, or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.

    Crypto and/or digital currencies involve substantial risk, are speculative in nature, and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

    All amounts in U.S. dollars unless otherwise stated

    TORONTO, Feb. 21, 2025 (GLOBE NEWSWIRE) — Onex Corporation (TSX: ONEX) today announced its financial results for the fourth quarter and year ended December 31, 2024.

    “Our focus, every day, is growing long-term shareholder value,” said Bobby Le Blanc, CEO and President. “In private equity, we are investing in strategies and verticals that have the strongest potential for future risk-adjusted returns. Overall, the PE teams raised over $1.5 billion in 2024. Our Structured Credit platform had another active quarter and an outstanding year, having raised or extended more than $13 billion of fee-generating assets during 2024 while growing fee related earnings. Shareholders continue to benefit from our strong balance sheet and liquidity position, and most recently through our substantial issuer bid.”  

    Financial Results
    ($ millions except per share amounts)

    Quarter Ended Dec. 31

    Year Ended Dec. 31

      2024   2023   2024   2023  
    Net earnings (loss) $ (2 ) $ 373   $ 303   $ 529  
    Net earnings (loss) per diluted share $ (0.02 ) $ 4.81   $ 4.00   $ 6.65  
                     
    Investing segment net earnings $ 29   $ 326   $ 344   $ 815  
    Asset management segment net earnings   18     46     21     2  
    Total segment net earnings (1) $ 47   $ 372   $ 365   $ 817  
    Total segment net earnings per fully diluted share(2) $ 0.62   $ 4.80   $ 4.74   $ 10.23  
    Asset management fee-related earnings(3) $ 6   $ 3   $ 6   $ 12  
    Total fee-related earnings (loss)(4) $ (1 ) $ (2 ) $ (21 ) $ (14 )
    Distributable earnings(5) $ 231   $ 139   $ 617   $ 797  


    Highlights

    • Onex had approximately $8.3 billion of investing capital, or $113.70 (C$163.54) per fully diluted share(6) at December 31, 2024. Onex’ investing capital per fully diluted share returned 6% for the year ended December 31, 2024 or 15% in Canadian dollars. Over the last five years, investing capital per fully diluted share has had a compound annual return of 13%.
    • Onex’ private equity investments had net gains of $11 million in the fourth quarter of 2024 (Q4 2023: net gains of $250 million). Investments in Credit strategies generated net gains of $16 million in the fourth quarter of 2024 (Q4 2023: net gains of $66 million).
    • Onex raised approximately $2.8 billion in fee-generating capital across its Private Equity and Credit platforms in the fourth quarter and $8.8 billion in fiscal 2024.
    • The Onex Partners Opportunities Fund has raised aggregate commitments of approximately $1.2 billion, including affiliated vehicles and Onex’ commitment of $400 million. The Fund completed its second acquisition in December.
    • ONCAP V has reached aggregate commitments of approximately $1.1 billion, including Onex’ commitment of $250 million, with a final close expected at the end of Q1 2025. In December, ONCAP II and ONCAP III completed the sale of PURE Canadian Gaming.  
    • Collectively, our private equity teams returned approximately $3.0 billion of capital to Limited Partners in 2024, including approximately $1.0 billion to Onex.
    • Onex Credit raised or extended a total of $13.0 billion of fee-generating assets across its CLO platform in 2024. Fee-generating assets under management (FGAUM) within the Structured Credit platform increased 34% in 2024. Activity in Q4 includes closing of five new CLOs for approximately $2.6 billion in new fee-generating assets. The Credit platform contributed $27 million of fee-related earnings (FRE) in 2024, with year-end run-rate FRE of $40 million.
    • Onex repurchased 2,277,722 Subordinate Voting Shares (SVS) in the fourth quarter for a total cost of $185 million (C$266 million) or an average cost per share of $81.18 (C$116.82). Onex repurchased 5,693,741 SVS in 2024, capturing approximately $215 million of value for remaining shareholders.
    • Onex had $35.2 billion of FGAUM at December 31, 2024, a 17%(7) increase over the last 12 months. Run-rate management fees(8) increased to $195 million at December 31, 2024.
    • Unrealized carried interest from funds managed by Onex was $286 million at December 31, 2024.
    • Onex’ cash and near-cash(9) balance was $1.6 billion or 19% of Onex’ investing capital as of December 31, 2024 (December 31, 2023 – $1.5 billion or 17%).

    Dividend Declaration

    The Board of Directors has declared a first quarter dividend of C$0.10 per Subordinate Voting Share payable on April 30, 2025, to shareholders of record on April 10, 2025.

    Webcast

    Onex management will host a webcast to review Onex’ fourth quarter 2024 results on Friday, February 21, 2025 at 11:00 a.m. ET. The webcast will be available in listen-only mode from the Presentations and Events section of Onex’ website, https://www.onex.com/events-and-presentations. A 90-day on-line replay will be available shortly following the completion of the event.

    Additional Information

    Enclosed are supplementary financial schedules related to Onex’ consolidated net earnings, investing capital, fee-related earnings (loss), distributable earnings, and cash and near-cash changes for the three and 12 months ended December 31, 2024. The financial statements prepared in accordance with IFRS Accounting Standards, including Management’s Discussion and Analysis of the results, are posted on Onex’ website, www.onex.com, and are also available on SEDAR+ at www.sedarplus.ca. A supplemental information package with additional information is available on Onex’ website, www.onex.com.

    About Onex

    Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately $51.1 billion in assets under management, of which $8.3 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.

    Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedarplus.ca.

    Forward-Looking Statements

    This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

    Non-GAAP Financial Measures

    This press release contains non-GAAP financial measures which have been calculated using methodologies that are not in accordance with IFRS Accounting Standards. The presentation of financial measures in this manner does not have a standardized meaning prescribed under IFRS Accounting Standards and is therefore unlikely to be comparable to similar financial measures presented by other companies. Onex management believes these financial measures provide useful information to investors. Reconciliations of the non-GAAP financial measures to information contained in the consolidated financial statements have been presented where practical.

    For Further Information:

    Jill Homenuk
    Managing Director – Shareholder
    Relations and Communications
    Tel: +1 416.362.7711
    Zev Korman
    Vice President, Shareholder
    Relations and Communications
    Tel: +1 416.362.7711


    Supplementary Financial Schedules

        Quarter ended December 31
        2024(i) 2023(i)
     
    ($ millions except per share amounts)   Investing     Asset Management     Total   Total
     
    Segment income $ 29   $ 70   $ 99   $ 435  
    Segment expenses       (52 )   (52 )   (63 )
    Segment net earnings $ 29   $ 18   $ 47   $ 372  
                     
    Stock-based compensation expense             (33 )   (33 )
    Amortization of property, equipment and intangible assets, excluding right-of-use assets (3 )   (4 )
    Restructuring expenses, net       (10 )   (6 )
    Unrealized carried interest included in segment net earnings – Credit   (5 )   (6 )
    Realized performance fees previously recognized in segment net earnings   2     5  
    Contingent consideration recovery       42  
    Impairment reversal of property and equipment       2  
    Integration expenses       (1 )
    Other   1     2  
    Earnings (loss) before income taxes   (1 )   373  
    Provision for income taxes   (1 )    
    Net earnings (loss)           $ (2 ) $ 373  
                     
    Segment net earnings per fully diluted share $ 0.38   $ 0.24   $ 0.62   $ 4.80  
    Net earnings (loss) per share                
    Basic           $ (0.02 ) $ 4.82  
    Diluted           $ (0.02 ) $ 4.81  

    (i) Refer to pages 27 and 28 of Onex’ 2024 Annual MD&A for further details concerning the composition of segmented results.

        Year ended December 31
        2024(i) 2023(i)
     
    ($ millions except per share amounts)   Investing     Asset Management     Total   Total
     
    Segment income $ 344   $ 252   $ 596   $ 1,098  
    Segment expenses       (231 )   (231 )   (281 )
    Segment net earnings $ 344   $ 21   $ 365   $ 817  
                     
    Stock-based compensation expense             (36 )   (75 )
    Amortization of property, equipment and intangible assets, excluding right-of-use assets (15 )   (24 )
    Restructuring expenses, net       (21 )   (46 )
    Carried interest from Falcon Funds previously recognized in segment net earnings   25      
    Unrealized carried interest included in segment net earnings – Credit   (10 )   (17 )
    Unrealized performance fees included in segment net earnings   (3 )    
    Impairment of goodwill, intangible assets and property and equipment       (162 )
    Contingent consideration recovery       42  
    Integration expenses       (4 )
    Other       1  
    Earnings before income taxes   305     532  
    Provision for income taxes   (2 )   (3 )
    Net earnings           $ 303   $ 529  
                     
    Segment net earnings per fully diluted share $ 4.45   $ 0.29   $ 4.74   $ 10.23  
    Net earnings per share                
    Basic           $ 4.01   $ 6.66  
    Diluted           $ 4.00   $ 6.65  

    (i) Refer to pages 27 and 29 of Onex’ 2024 Annual MD&A for further details concerning the composition of segmented results.

    Investing Capital(i)

    ($ millions except per share amounts)

    December 31, 2024
      December 31, 2023
     
    Private Equity            
    Onex Partners Funds $ 4,072   $ 4,445  
    ONCAP Funds   795     929  
    Other Private Equity   587     407  
    Carried Interest   264     252  
        5,718     6,033  
    Private Credit          
    Investments   924     904  
    Carried Interest   22     29  
        946     933  
               
    Real Estate       18  
    Cash and Near-Cash   1,578     1,466  
    Other Net Assets (Liabilities)   31     (17 )
    Investing Capital $ 8,273   $ 8,433  
    Investing Capital per fully diluted share (U.S. dollars)(ii) $ 113.70   $ 107.82  
    Investing Capital per fully diluted share (Canadian dollars)(ii) $ 163.54   $ 142.61  

    (i) Refer to the glossary in Onex’ Q4 2024 Annual MD&A for further details concerning the composition of investing capital.

    (ii) Fully diluted shares for investing capital per share were 72.8 million at December 31, 2024.

    Fee-Related Earnings (Loss) and Distributable Earnings

    ($ millions) Quarter Ended
    December 31, 2024
      Quarter Ended
    December 31, 2023
     
    Private Equity
    Management and advisory fees

    $

    25

     

    $

    26

     
    Total fee-related revenues from Private Equity $ 25   $ 26  
    Compensation expense   (17 )   (24 )
    Support and other net expenses   (8 )   (10 )
    Net contribution $   $ (8 )
             
    Structured Credit        
    Management and advisory fees $ 21   $ 16  
    Total fee-related revenues from Structured Credit $ 21   $ 16  
    Compensation expense   (6 )   (5 )
    Support and other net expenses   (3 )   (1 )
    Net contribution $ 12   $ 10  
             
    Other Credit
    Management and advisory fees
    Performance fees
    $ 4
    1
      $ 15
    4
     
    Total fee-related revenues from Other Credit $ 5   $ 19  
    Compensation expense   (6 )   (9 )
    Support and other net expenses   (5 )   (9 )
    Net contribution $ (6 ) $ 1  
             
    Asset management fee-related earnings $ 6   $ 3  
             
    Public Company and Onex Capital Investing        
    Compensation expense $ (3 ) $ (1 )
    Other net expenses   (4 )   (4 )
    Total expenses $ (7 ) $ (5 )
             
    Total fee-related earnings (loss) $ (1 ) $ (2 )
             
    Realized carried interest(i) $ 2   $ 7  
    Net realized gain on corporate investments   230     134  
    Distributable earnings $ 231   $ 139  

    (i) Includes realized carried interest from the Falcon Funds, when applicable.

    ($ millions) Year Ended
    December 31, 2024
      Year Ended
    December 31, 2023
     
    Private Equity
    Management and advisory fees
    $ 93   $ 112  
    Total fee-related revenues from Private Equity $ 93   $ 112  
    Compensation expense   (76 )   (85 )
    Support and other net expenses   (38 )   (39 )
    Net contribution $ (21 ) $ (12 )
             
    Structured Credit
    Management and advisory fees
    Performance fees
    $ 76
    4
      $ 61
     
    Total fee-related revenues from Structured Credit $ 80   $ 61  
    Compensation expense   (24 )   (22 )
    Support and other net expenses   (12 )   (9 )
    Net contribution $ 44   $ 30  
             
    Other Credit
    Management and advisory fees
    Performance fees
    $ 31
    4
      $ 79
    13
     
    Other income   2     2  
    Total fee-related revenues from Other Credit $ 37   $ 94  
    Compensation expense   (23 )   (48 )
    Support and other net expenses   (31 )   (52 )
    Net contribution $ (17 ) $ (6 )
             
    Asset management fee-related earnings $ 6   $ 12  
             
    Public Company and Onex Capital Investing        
    Compensation expense $ (13 ) $ (11 )
    Other net expenses   (14 )   (15 )
    Total expenses $ (27 ) $ (26 )
             
    Total fee-related earnings (loss) $ (21 ) $ (14 )
             
    Realized carried interest(i) $ 19   $ 16  
    Net realized gain on corporate investments   619     795  
    Distributable earnings $ 617   $ 797  

    (i) Includes realized carried interest from the Falcon Funds, when applicable.

    Fee-related earnings (loss) and distributable earnings are non-GAAP financial measures. The tables below provide reconciliations of Onex’ net earnings (loss) to fee-related earnings (loss) and distributable earnings during the quarters and years ended December 31, 2024 and 2023.

    ($ millions) Quarter Ended
    December 31, 2024
      Quarter Ended
    December 31, 2023

     
    Net earnings (loss) $ (2 ) $ 373  
    Provision for income taxes   1      
    Earnings (loss) before income taxes   (1 )   373  
    Stock-based compensation expense   33     33  
    Amortization of property, equipment and intangible assets, excluding right-of-use assets 3     4  
    Restructuring expenses, net   10     6  
    Unrealized carried interest included in segment net earnings – Credit 5     6  
    Realized performance fees previously recognized in segment net earnings (2 )   (5 )
    Contingent consideration recovery     (42 )
    Impairment reversal of property and equipment     (2 )
    Integration expenses     1  
    Other   (1 )   (2 )
    Total segment net earnings   47     372  
    Investing segment net earnings   (29 )   (326 )
    Net gain from carried interest(i)   (19 )   (48 )
    Total fee-related earnings (loss)   (1 )   (2 )
    Realized carried interest(i)   2     7  
    Realized gain on corporate investments   230     134  
    Total distributable earnings $ 231   $ 139  

    (i) Includes carried interest Onex is entitled to from the Falcon Funds.

    ($ millions) Year Ended
    December 31, 2024
      Year Ended
    December 31, 2023

     
    Net earnings $ 303   $ 529  
    Provision for income taxes   2     3  
    Earnings before income taxes   305     532  
    Stock-based compensation expense   36     75  
    Amortization of property, equipment and intangible assets, excluding right-of-use assets 15     24  
    Restructuring expenses, net   21     46  
    Carried interest from Falcon funds previously recognized in segment net earnings (25 )    
    Unrealized carried interest included in segment net earnings – Credit 10     17  
    Unrealized performance fees included in segment net earnings 3      
    Impairment of goodwill, intangible assets and property and equipment     162  
    Contingent consideration recovery     (42 )
    Integration expenses     4  
    Other       (1 )
    Total segment net earnings   365     817  
    Investing segment net earnings   (344 )   (815 )
    Net gain from carried interest(i)   (42 )   (16 )
    Total fee-related earnings (loss)   (21 )   (14 )
    Realized carried interest(i)   19     16  
    Realized gain on corporate investments   619     795  
    Total distributable earnings $ 617   $ 797  

    (i) Includes carried interest Onex is entitled to from the Falcon Funds.

    Cash and Near-Cash

    The table below provides a breakdown of cash and near-cash at Onex as at December 31, 2024 and December 31, 2023.

    ($ millions) December 31, 2024
      December 31, 2023
     
    Cash and cash equivalents – Investing segment(i) $ 840   $ 142  
    Management fees and recoverable fund expenses receivable(ii)   464     615  
    Cash and cash equivalents within Investment Holding Companies(iii)   156     398  
    Treasury investments   83      
    Subscription financing and short-term loan receivable(iv)   35     114  
    Treasury investments within Investment Holding Companies       197  
    Cash and near-cash $ 1,578   $ 1,466  

    (i) Excludes cash and cash equivalents allocated to the asset management segment related to accrued incentive compensation ($89 million (December 31, 2023 – $108 million)). The December 31, 2023 balance also excludes $15 million of cash and cash equivalents allocated to the asset management segment concerning the contingent consideration related to the 2020 acquisition of Onex Falcon.

    (ii) Includes management fees and recoverable fund expenses receivable from certain funds which Onex has elected to defer cash receipt from.

    (iii) Cash and cash equivalents is reduced by Onex’ share of uncalled expenses payable by the Investment Holding Companies of $36 million (December 31, 2023 – $35 million) and $2 million payable by the Investment Holding Companies for Onex’ management incentive programs related to a private equity realization (December 31, 2023 – less than $1 million). The December 31, 2023 balance also includes $22 million of restricted cash and cash equivalents for which the Company can readily remove the external restriction or for which the restriction will be removed in the near term.

    (iv) Includes $35 million of subscription financing receivable, including interest receivable, attributable to third-party investors in Onex Partners V and ONCAP V Funds (December 31, 2023 – $77 million attributable to third-party investors in certain Credit Funds, Onex Partners V and ONCAP V Funds). The December 31, 2023 balance also includes $37 million related to a short-term loan receivable from an Onex Partners operating company, which was repaid during 2024.

    The table below provides a reconciliation of the change in cash and near-cash from December 31, 2023 to December 31, 2024.

    ($ millions)    
    Cash and near-cash at December 31, 2023 $ 1,466  
    Private equity realizations and distributions   1,009  
    Private equity investments   (409 )
    Net private credit strategies investment activity   56  
    Repurchase of share capital of Onex Corporation (417 )
    Net stock-based compensation paid (60 )
    Cash dividends paid (23 )
    Reversal of Onex Falcon contingent consideration 15  
    Net other, including cash flows from asset management activities, operating costs and changes in working capital   (59 )
    Cash and near-cash at December 31, 2024 $ 1,578  

    (1) Refer to pages 27, 28 and 29 of Onex’ 2024 Annual MD&A for further details concerning the composition of segment net earnings. A reconciliation of total segment net earnings to net earnings (loss) is provided in the supplementary financial schedules in this press release.
    (2) Refer to the glossary in Onex’ 2024 Annual MD&A for details concerning the composition of fully diluted shares.
    (3) Asset management fee-related earnings excludes Onex’ public company expenses and other expenses associated with managing Onex’ investing capital and is a component of total fee-related earnings (loss).
    (4) Total fee-related earnings (loss) is a non-GAAP financial measure that does not have a standardized meaning prescribed under International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). Therefore, it may not be comparable to similar financial measures disclosed by other companies. The most directly comparable financial measure under IFRS Accounting Standards to fee-related earnings (loss) is Onex’ net earnings (loss). Refer to the 2024 Results & Activity section of Onex’ 2024 Annual MD&A and the supplementary financial schedules in this press release for further details concerning fee-related earnings (loss).
    (5) Distributable earnings is a non-GAAP financial measure that does not have a standardized meaning prescribed under IFRS Accounting Standards. Therefore, it may not be comparable to similar financial measures disclosed by other companies. The most directly comparable financial measure under IFRS Accounting Standards to distributable earnings is Onex’ net earnings (loss). Refer to the 2024 Results & Activity section of Onex’ 2024 Annual MD&A and the supplementary financial schedules in this press release for further details concerning distributable earnings.
    (6) Refer to the glossary in Onex’ 2024 Annual MD&A for details concerning the composition of investing capital per fully diluted share. The percentage changes in investing capital per share exclude the impact of capital deployed in Onex’ asset management segment, where applicable, and dividends paid by Onex.
    (7) Adjusted to exclude the impact from the transfer of Onex Falcon.
    (8) Refer to the glossary in Onex’ 2024 Annual MD&A for details concerning the composition of run-rate management fees.
    (9) Cash and near-cash is a non-GAAP financial measure calculated using methodologies that are not in accordance with IFRS Accounting Standards. The presentation of this measure does not have a standardized meaning prescribed under IFRS Accounting Standards and therefore might not be comparable to similar financial measures presented by other companies. The most directly comparable financial measure under IFRS Accounting Standards to cash and near-cash is Onex’ consolidated cash and cash equivalents balance, which was $929 million at December 31, 2024 (December 31, 2023 – $265 million). Refer to the Cash and Near-Cash section of Onex’ 2024 Annual MD&A and the supplementary financial schedules in this press release for further details concerning Onex’ cash and near-cash.

    The MIL Network

  • MIL-OSI: 2025’s The Showdown 5 Sets Sales Pace Record

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 21, 2025 (GLOBE NEWSWIRE) — With just over one month until kick-off, The Showdown 5, in association with StoneX Group Inc., has achieved its fastest-ever sales rate. More than 45,000 tickets have already been sold for the pivotal London derby between Saracens Rugby Club and Harlequins F.C. at the Tottenham Hotspur Stadium on Saturday, 22 March.

    This exceptional demand highlights the excitement for one of the Premiership’s biggest games of the season, featuring international stars like Maro Itoje, Jamie George, Ben Earl, Elliot Daly, Danny Care, and Marcus Smith.

    Last year’s Showdown 4 saw Saracens shine in a convincing 52-7 victory over Harlequins, in what proved to be Owen Farrell’s 250th appearance for Saracens. March’s upcoming Showdown promises to reignite one of London’s most intense rivalries, with the Sarries seeking to replicate their dominant display while Harlequins look for sporting revenge. The stage is set for a battle for crucial points, with both teams currently chasing the pack in the Premiership.

    Following last year’s event, which drew 61,000 fervent fans to the state-of-the-art Tottenham Hotspur Stadium, 2025’s Showdown 5 promises an even greater sporting spectacle. Attendees can look forward to an expanded five-hour entertainment programme including live music and a spectacular fireworks display. Plus, the venue is host to Europe’s longest bar and in-house brewery.

    About StoneX Group Inc.

    StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders, and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high-touch service, and deep expertise. The group strives to be the one trusted partner to its clients, providing its network, products, and services to enable them to pursue trading opportunities, manage market risks, make investments, and improve business performance. A Fortune 100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ: SNEX), StoneX Group Inc. and its 4,300+ employees serve more than 54,000 commercial, institutional, and global payments clients, as well as more than 400,000 retail accounts, from more than 80 offices spread across six continents.

    The MIL Network

  • MIL-OSI Economics: Quarterly BSR-1: Outstanding Credit of Scheduled Commercial Banks – December 2024

    Source: Reserve Bank of India

    Today, the Reserve Bank released its web publication entitled ‘Quarterly Basic Statistical Returns (BSR)-1: Outstanding Credit of Scheduled Commercial Banks (SCBs)1 – December 20242 on its ‘Database on Indian Economy’ portal (https://data.rbi.org.in Homepage > Publications). It captures various characteristics of bank credit such as occupation/activity and organisational sector of the borrower, type of account and interest rates based on account-level reporting3. Data reported by SCBs {excluding Regional Rural Banks (RRBs)} are presented for bank groups, population groups4 and states.

    Highlights:

    • Bank credit growth (y-o-y) decelerated to 11.8 per cent in December 2024 from 12.6 per cent in September 2024; all population groups (viz., rural, semi-urban, urban and metropolitan branches of banks) maintained double digit growth, though with some moderation, which was experienced by both public sector and private sector banks.

    • Personal loans, which have large share (31.5 per cent) in total credit, recorded moderation in annual growth to 13.7 per cent (15.2 per cent a quarter ago); credit to agriculture and industry sectors also recorded some tempering in the growth.

    • Bank lending for trade, finance and professional/ other services accelerated during Q3:2024-25.

    • Lending to public sector organisations accelerated to 5.4 per cent in December 2024 as compared with 0.3 per cent in the previous quarter; its share in total credit stood at 13.6 per cent.

    • Nearly two per cent of the bank loans were in terms of bills purchased/ discounted.

    • Bank charged 8 per cent to less than 10 per cent interest rate on over half of the loan amount and nearly 16 per cent of the loans were bearing less than 8 per cent interest rate; the remaining loans were bearing 10 per cent or above interest rate.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2227


    MIL OSI Economics

  • MIL-OSI NGOs: Amnesty International responds to B.C. court ruling in Indigenous land defenders’ trial

    Source: Amnesty International –

    Amnesty International will consider prisoner-of-conscience designations in the cases of three Indigenous land defenders in Canada whose convictions were upheld by a British Columbia court.

    Sleydo’ (Molly Wickham), a Wing Chief (Cas Yikh house) of the Gidimt’en Clan of the Wet’suwet’en Nation, Shaylynn Sampson, a Gitxsan woman with Wet’suwet’en family connections, and Corey “Jayohcee” Jocko, a Kanien’kehá:ka (Mohawk), had asked the court to void their convictions on constitutional grounds. They argued that their arrests during – and detention after – a highly militarized November 2021 police raid on unceded Wet’suwet’en territory violated their rights under the Canadian Charter of Rights and Freedoms.

    On Tuesday, a British Columbia judge ruled that the conduct, including anti-Indigenous racist statements, of some Royal Canadian Mounted Police (RCMP)/Community Industry Response Group (C-IRG) members during the raid did indeed violate the defenders’ Charter rights. The ruling validates both the experiences of these land defenders and the broader experience of colonial violence that Indigenous Peoples have faced for more than 100 years from the RCMP. However, the judge refused to stay all charges against the defenders and said he would instead consider reduced sentences.

    Amnesty International is reviewing the implications of Tuesday’s decision. Should they receive a sentence that arbitrarily deprives them of their liberty, Amnesty will designate the affected land defenders as prisoners of conscience.

    “We are heartened by Justice Tammen’s stern condemnation of the racist and violent treatment Sleydo’, Shaylynn Sampson and Corey ‘Jayohcee’ Jocko endured during their arrests. Unfortunately, the systematic racism that led to their arrests remains unaddressed”

    -Ketty Nivyabandi, Secretary General of Amnesty International Canada’s English-speaking section

    “We are heartened by Justice Tammen’s stern condemnation of the racist and violent treatment Sleydo’, Shaylynn Sampson and Corey ‘Jayohcee’ Jocko endured during their arrests,” said Ketty Nivyabandi, Secretary General of Amnesty International Canada’s English-speaking section. “Unfortunately, the systematic racism that led to their arrests remains unaddressed. B.C. and Canada must take immediate steps to stop the criminalization of Indigenous land defenders in the first place. No one should be intimidated, harassed, or arrested, let alone convicted in a criminal court case, for exercising their constitutionally protected rights and protecting the natural environment we all share.

    France-Isabelle Langlois, general director of Amnistie internationale Canada francophone, declared: “Peaceful actions were taken by the Indigenous land defenders with the aim of protecting natural ecosystems that lessen the impacts of climate change. In this global context of the climate crisis, to punish them is preposterous, to say the least, no matter how small the sentence. These actions need to be widely applauded rather than scrutinized by the Court.

    “The Court’s decision to uphold the convictions of the three land defenders is part of a broader context of shrinking civic space in Canada, where Indigenous land defenders, environmentalists, and human right defenders are frequently the victims of political or police repression,” she added. “It is disappointing that we must remind the country and its institutions of their obligations under international law since Canada prides itself on being a leader in human rights.”

    “Peaceful actions were taken by the Indigenous land defenders with the aim of protecting natural ecosystems that lessen the impacts of climate change. In this global context of the climate crisis, to punish them is preposterous, to say the least, no matter how small the sentence. These actions need to be widely applauded rather than scrutinized by the Court”

    -France-Isabelle Langlois, general director of Amnistie internationale Canada francophone

    Amnesty International has vehemently condemned the criminalization of Wet’suwet’en and other land defenders opposed to the construction of Coastal GasLink (CGL) liquefied natural gas pipeline through the Nation’s unceded, ancestral territory. Construction on the 670-kilometre pipeline began without the free, prior and informed consent of the Wet’suwet’en Hereditary Chiefs, on behalf of their clans. This violates Canadian and international human rights law and standards, including the UN Declaration on the Rights of Indigenous Peoples, which was legislated into Canadian law on June 21, 2021.

    Based in part on witness testimony of four large-scale RCMP raids on Wet’suwet’en territory, Amnesty’s 2023 report ‘Removed from our land for defending it’: Criminalization, Intimidation and Harassment of Wet’suwet’en Land Defenders found that Wet’suwet’en land defenders and their supporters were arbitrarily detained for peacefully defending their land against the construction of the CGL pipeline and exercising their Indigenous rights and their right to peaceful assembly.

    In June and July 2022, the B.C. Prosecution Service (BCPS) charged 20 land defenders, including Sleydo’, Sampson and Jocko, with criminal contempt for disobeying an injunction order to stay away from pipeline construction sites, an order that unduly restricted the human rights of the land defenders and the Indigenous rights of the Wet’suwet’en Nation. Seven of the 20 land defenders pleaded guilty because of restrictive bail conditions, as well as the familial, psychological and financial impacts that the criminal proceedings imposed on them. Five other defenders had their charges dropped, and five more are awaiting trial.

    “This whole process has been a violation of my rights and responsibilities as an Indigenous person and my responsibility to the health and wellness of future generations and the Yintah,” Sleydo’ said during a news conference after the decision was handed down on Tuesday afternoon. “The colonial courts are not where our ability to live out our laws and ways of life should be determined. And yet here we are, over three years later, in a showdown between Wet’suwet’en law and colonial law after years of police violence and repression by the C-IRG, with no accountability. I refuse to allow the colonial courts to dehumanize and criminalize me. I belong to my land, my ancestors, and my people.

    “I am a mother, a daughter, a sister, an auntie, a good friend, and a leader. I am a singer, a hunter, a teacher, and a revolutionary. I am following the footsteps of my ancestors, and I carry their teachings with me in everything that I do.”

    “This whole process has been a violation of my rights and responsibilities as an Indigenous person and my responsibility to the health and wellness of future generations and the Yintah. (…) I refuse to allow the colonial courts to dehumanize and criminalize me. I belong to my land, my ancestors, and my people”

    -Sleydo’

    If Amnesty International names Sleydo’, Sampson and Jocko prisoners of conscience, it will be the second time the organization has applied that designation to a person held by Canada. In July 2024, Amnesty declared another Wet’suwet’en land defender – Likhts’amisyu Clan Wing Chief Dsta’hyl – a prisoner of conscience after the British Columbia court sentenced him to 60 days of house arrest. Like Sleydo’, Sampson and Jocko, Chief Dsta’hyl was charged and later convicted for allegedly violating the terms of the B.C. court injunction banning land-defence actions near the CGL pipeline, including in areas of the Wet’suwet’en Nation’s territory.

    “If the Canadian state decides to unjustly criminalize and confine Sleydo’, Shaylynn, and Corey, Amnesty International will not hesitate to designate them as prisoners of conscience,” said Ana Piquer, Americas director at Amnesty International. “Canada is on the sadly long list of countries in the Americas where land defenders remain at risk for their essential work.”

    “If the Canadian state decides to unjustly criminalize and confine Sleydo’, Shaylynn, and Corey, Amnesty International will not hesitate to designate them as prisoners of conscience. Canada is on the sadly long list of countries in the Americas where land defenders remain at risk for their essential work”

    -Ana Piquer, Americas director at Amnesty International

    The criminalization of Wet’suwet’en land defenders has sparked an international outcry and calls for Canada to respect Indigenous rights. Last year, Sleydo’, Sampson and Jocko were a featured case in Write for Rights, Amnesty International’s annual global letter-writing campaign. Since the fall, thousands of people around the world have sent letters and signed petitions calling on Canada to drop the charges against the three defenders.

    MIL OSI NGO

  • MIL-OSI Video: Russia: What Next? | World Economic Forum Annual Meeting 2025

    Source: World Economic Forum (video statements)

    In 2024 Russia overtook Japan as the world’s fourth largest economy in purchasing power parity terms, yet there is a deteriorating fiscal context and faltering economic stability as a sharp downturn looms.

    On foreign policy, Moscow has doubled down on efforts to consolidate a counterweight to the G7, even as it faces setbacks in the Middle East.

    How will Russia and its place in the world fare in 2025?

    Speakers: Ravi Agrawal, Valdis Dombrovskis, Elisabeth Svantesson

    The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

    This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/
    X ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    #Davos2025 #WorldEconomicForum #wef25

    https://www.youtube.com/watch?v=Q5GbGmQrnHY

    MIL OSI Video

  • MIL-OSI: AGF Investments Announces February 2025 Cash Distributions for AGF Enhanced U.S. Equity Income Fund, AGF Total Return Bond Fund and AGF Systematic Global Infrastructure ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 21, 2025 (GLOBE NEWSWIRE) — AGF Investments Inc. (AGF Investments) today announced the February 2025 cash distributions for AGF Enhanced U.S. Equity Income Fund*, AGF Total Return Bond Fund* and AGF Systematic Global Infrastructure ETF, which pay monthly distributions. Unitholders of record on February 28, 2025 will receive cash distributions payable on March 6, 2025.

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

    ETF Ticker Exchange  Cash Distribution Per Unit ($)
    AGF Enhanced U.S. Equity Income Fund* AENU Cboe Canada Inc.  $0.141900
    AGF Total Return Bond Fund* ATRB Cboe Canada Inc.  $0.081000
    AGF Systematic Global Infrastructure ETF QIF Cboe Canada Inc.  $0.142787

    *AGF Enhanced U.S. Equity Income Fund and AGF Total Return Bond Fund are mutual funds with an ETF series option.

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

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

    AGF ETFs are ETFs offered by AGF Investments Inc. ETFs are listed and traded on organized Canadian exchanges and may only be bought and sold through licensed dealers.

    About AGF Management Limited

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

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

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

    About AGF Investments

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

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

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

    Media Contact

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

    The MIL Network

  • MIL-OSI: StoneX Payments to Showcase Cross-Border FX Capabilities at BAFT Europe Bank-to-Bank Forum 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 21, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (“StoneX”; NASDAQ: SNEX) announced that its Payments Division (“StoneX Payments”) will participate as a sponsor and speaker at the 2025 BAFT Europe Bank-to-Bank Forum in Amsterdam. The event brings together senior banking executives, regulators, and industry experts to discuss the evolving landscape of cross-border payments and banking relationships.

    StoneX Payments will highlight its institutional-grade infrastructure, which enables banks, credit unions, and financial institutions to execute efficient, transparent international payments across more than 140 currencies and 180 countries.

    Expanding Access to Cross-Border FX Solutions

    StoneX Payments continues to strengthen its position as a trusted partner for financial institutions looking to enhance their FX payment capabilities. By leveraging its network of nearly 400 correspondent banks and deep market expertise, StoneX provides seamless currency flows, competitive pricing, and full principal protection to clients operating in complex financial environments.

    As part of the event’s agenda, David Willacy, Head of Trading EMEA – Payments FX at StoneX, will deliver a presentation on cross-border FX transactions in emerging and lesser-traded currencies, focusing on key challenges such as liquidity, settlement risks, and regulatory constraints.

    Session: “Navigating the Complexities of Cross-border FX Payments in Exotic Currencies: Opportunities for European Corporates and Banks”
    Date: March 11, 2025 | Time: 16:40 – 17:00
    Speaker: David Willacy, Head of Trading EMEA – Payments FX, StoneX

    Enhancing Financial Institutions’ Payment Strategies

    Banks and financial institutions face a growing demand for faster, lower-cost, and more transparent international transactions. StoneX Payments works closely with clients to eliminate inefficiencies, reduce transaction costs, and ensure seamless cross-border payments, even in traditionally hard-to-access markets.

    Connect with StoneX Payments at BAFT Europe

    StoneX Payments representatives will be available for one-on-one discussions about customized strategies to improve cross-border payment capabilities for financial institutions. To schedule a meeting, email payments@stonex.com.

    About StoneX Group Inc.

    StoneX Group Inc. (NASDAQ: SNEX) is a Fortune 100 global financial services company that provides execution, risk management, advisory, and market access solutions across commodities, securities, global payments, and foreign exchange. Headquartered in New York City, StoneX and its 4,300+ employees serve more than 54,000 commercial, institutional, and global payments clients, as well as 400,000+ retail accounts, from over 80 offices spanning six continents.

    For additional information about StoneX Payments and its participation in BAFT Europe Bank-to-Bank Forum 2025, click here.

    NASDAQ: SNEX

    www.stonex.com

    The MIL Network

  • MIL-OSI Economics: RBI imposes monetary penalty on JM Financial Home Loans Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 17, 2025, imposed a monetary penalty of ₹1.50 lakh (Rupees One lakh fifty thousand only) on JM Financial Home Loans Limited (the company) for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 52A of the National Housing Bank Act, 1987.

    The statutory inspection of the company was conducted by the National Housing Bank with reference to its financial position as on March 31, 2022 and March 31, 2023. Based on the supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

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

    The company failed to disclose, the approach for gradation of risk and rationale for charging different rate of interest to different categories of borrowers, to its customers in the application forms and also did not communicate the same explicitly in the sanction letters.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2225

    MIL OSI Economics

  • MIL-OSI Economics: RBI imposes monetary penalty on Asirvad Micro Finance Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 20, 2025, imposed a monetary penalty of ₹6.20 lakh (Rupees Six Lakh Twenty Thousand only) on Asirvad Micro Finance Limited (the company) for non-compliance with certain provisions of the ‘Master Direction – Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022’, and ‘Appointment of Internal Ombudsman by Non-Banking Financial Companies’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934.

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

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

    1. The company failed to report the household income of certain borrowers to Credit Information Companies;

    2. The company failed to provide factsheets to certain gold loan customers; and

    3. The company failed to establish a system of auto-escalation of all complaints that were partly or wholly rejected by its internal grievance redress mechanism to the Internal Ombudsman for a final decision.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2226

    MIL OSI Economics

  • MIL-OSI United Kingdom: Solar power set to boost energy levels at city’s leisure centre

    Source: City of Norwich

    Work to install more than 600 solar panels over the car park and on the roof of Riverside Leisure Centre will begin on Monday 24 February, thanks to a project backed by Sport England.

    The initiative, which received planning permission last year, will enhance the centre’s long-term sustainability while minimising its environmental impact.

    By producing renewable energy on-site, the project is set to reduce the electricity bills of the building by 33 percent and cut 75 tonnes of carbon emissions a year. These financial and carbon savings will help secure the future of this venue, as well as supporting Norwich City Council’s efforts to reach net zero. New trees will also be planted in the carpark area to further boost these eco credentials.

    The venue, which has been run by Places Leisure on behalf of the city council since 2013, received 350,000 visits last year.

    As part of the project, the centre’s car park will be closed for six weeks to facilitate essential construction. While there will be some short-term disruption, these efforts are aimed at future-proofing the centre and significantly reducing its carbon footprint. Blue-badge spaces will be made available from Tuesday 25 February, so only unavailable for one day. Places Leisure have contacted members and customers directly.

    The new energy system is expected to start producing power from April, with full project completion anticipated by this summer. From April onwards, disruption should be minimal, ensuring that visitors and members can continue enjoying the facilities with ease.

    Funding of £520,000 has been secured from the government and Sport England’s £60m Swimming Pool Support Fund, while the remaining £375,000 is being paid for by the city council.

    At the time funding was awarded, Councillor Emma Hampton, cabinet member for climate change, said:

    “I’m delighted that we have been able to secure funding to install such a large solar array at Riverside Leisure Centre, future proofing the venue by reducing emissions and ensuring that we can continue to provide these much-loved community facilities for years to come.

    “By placing solar panels on the roof and in the car park, we’re putting that empty space to good use – something we should aim to do more and more across the city as we work towards a net zero Norwich by 2045.”

    This project underscores the city council’s dedication to sustainability, ensuring a more energy-efficient future. We appreciate the patience and support of both users of the centre and residents living nearby during this time.

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: India Japan partnership rooted in brotherhood, democracy,culture and economic cooperation: Union Commerce and Industry Minister Piyush Goyal

    Source: Government of India (2)

    India Japan partnership rooted in brotherhood, democracy,culture and economic cooperation: Union Commerce and Industry Minister Piyush Goyal

    The partnership reflects a unique fusion of Sushi and Spices, distinct yet complementary: Shri Goyal

    Posted On: 21 FEB 2025 5:07PM by PIB Delhi

    Union Minister of Commerce and Industry, Shri Piyush Goyal stated that India and Japan share a globally recognized strategic partnership rooted in brotherhood, democracy, culture, and economic cooperation. This was stated by the Minister at his keynote address at the India-Japan Economy and Investment Forum today.

    The Minister highlighted that the Seven Lucky Gods of Japan have origins in Indian tradition, underscoring the deep cultural ties between the two nations. He noted that the relationship between India and Japan reflected Sushi and spices, a fusion of distinct yet complementary elements, contributing to an extraordinary partnership. Japan has been a key ally in India’s economic growth, with Foreign Direct Investment (FDI) from Japan exceeding $43 billion between 2000 and 2024, making it India’s fifth-largest source of foreign investment, added the Minister.

    The Minister highlighted that the Comprehensive Economic Partnership Agreement (CEPA) signed in 2011 has significantly strengthened bilateral trade, with over 1,400 Japanese companies operating in India and 11 industrial townships across eight states hosting Japanese enterprises. He pointed out that major infrastructure projects such as the Mumbai-Ahmedabad High-Speed Rail and metro systems in Delhi, Ahmedabad, Bengaluru, and Chennai reflect Japan’s active participation in India’s development. He expressed optimism about the commencement of the Shinkansen bullet train service between Mumbai and Ahmedabad in the near future.

    The Minister stated that under the leadership of Prime Minister Shri Narendra Modi, the ‘Make in India’ initiative launched in 2014 has provided a significant boost to India’s manufacturing sector. He stated that India and Japan are collaborating to build globally competitive brands, citing the example of Maruti exporting vehicles to various countries, including Japan. He reiterated the objective of increasing the share of manufacturing in India’s GDP to 25%, with Japan playing a crucial role in achieving this target.The Minister cited the Prime Minister, emphasizing that trade, technology, tourism, and investment will remain key pillars of India’s international economic strategy, with the partnership with Japan playing a crucial role in strengthening economic ties.

    He also noted India’s commitment to fostering a business-friendly environment, emphasizing that ease of doing business improvements are being implemented at both central and state levels. Infrastructure development, public-private partnerships in innovation, and a strengthened R&D ecosystem, supported by recent budget announcements, reflect the government’s strategic focus on economic growth. He underscored that India has the world’s largest number of STEM graduates, with women accounting for 43% of them, contributing to the country’s skilled workforce.

    The Minister pointed out five key drivers of India’s economic growth—decisive leadership, demographic dividend, democracy, diversity, and demand generated by 1.4 billion people—stating that these factors collectively shape India’s growing economy. He reiterated that large-scale investments will coexist in India with MSMEs to provide global solutions.

    Quoting Prime Minister Narendra Modi “ Today’s India inspires confidence in the world”, Shri Goyal added that  with a young and skilled workforce India today is a destination to invest and a destination to source goods and services.

    On quality standards, the Minister stated that Japan serves as a benchmark for excellence and that India seeks to adopt similar high standards in manufacturing. He noted that Indian manufacturers are being encouraged to embrace ‘Kaizen’ (continuous improvement) and Lean Six Sigma principles to enhance quality and efficiency. He further stated that efforts are being made to balance trade between India and Japan, with a focus on increasing Indian exports to ensure reciprocal benefits.The Minister invited participation in India’s growth story, particularly in green energy, renewable energy, high-tech manufacturing of semiconductors, electronic goods, and artificial intelligence. He emphasized that digital technologies will drive progress towards prosperity, reinforcing India’s commitment to innovation and sustainable development.

    ***

    Abhishek Dayal/ Abhijith Narayanan

    (Release ID: 2105293) Visitor Counter : 120

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  • MIL-OSI Asia-Pac: India’s intervention in Employment Working Group (EWG) in First G20 Employment Working Group Meeting under South African Presidency

    Source: Government of India (2)

    India’s intervention in Employment Working Group (EWG) in First G20 Employment Working Group Meeting under South African Presidency
    Secretary (L&E) outlines India’s achievement in leveraging technology and presented case studies on NCS and e-Shram portal as global best practices

    Bilateral held with ILO & OECD to expedite the feasibility study on International reference Classification of Occupations and Skills

    Bilateral held with Germany on collaboration in the field of AI and its impact on Jobs, OSH related knowledge exchange and strengthening labour administration under Joint Declaration of Intent

    Bilateral held with Netherlands on living wages and its alignment with India’s Multidimensional Poverty index

    Posted On: 21 FEB 2025 4:22PM by PIB Delhi

    The first G20 Employment Working Group (EWG) Meeting under South African Presidency concluded today on 21st Feb, 2025 at Port Elizabeth, South Africa. The EWG priorities (i) Inclusive Growth & Youth Empowerment and (ii) Social Security & Digitalisation for an Inclusive Future of Work, as was discussed in the working sessions of EWG meeting.

    During the four-days, delegates of G20 Members and invited states made interventions and presentations on key focus areas of the G20 Labour & Employment track.  Ms. Sumita Dawra, Secretary (Labour & Employment) led the Indian delegation and made interventions from Indian side on both the priorities. Secretary took an evidence-based approach on increased social security coverage in India, rising workforce in employment, as well as presented case studies on NCS and eShram to emphasize harnessing of technology by India for labour welfare.

    Secretary Labour highlighted India’s transformative use of technology to (i) onboard workers in unorganised sector and build a national database on EShram, and further utilise the portal for building access of workers to various social security schemes; (ii) Use of National Career Service (NCS) Portal to bridge the supply-demand in labour market through convergence of various stakeholders- employers, job-seekers, counselling and skilling services, etc. Case studies were presented on both EShram and NCS, both of which drew much interest of delegates of G20 member states on India’s strides in harnessing technology for the labour market.

    Case Study 1: eShram Portal

    India presented the eShram Portal as a case study, showcasing its role as a comprehensive national database for unorganized and platform workers, for ensuring seamless access to social security benefits as a ‘one-stop-solution.’ Available in 22 languages and powered by Bhashini, the portal assigns a Universal Account Number (UAN) to each worker, enhancing transparency and accountability. Further, the platform workers’ module, launched on December 12, 2024, enables aggregators to onboard workers and share engagement details, facilitating intelligent mapping to their employers. This initiative strengthens last-mile delivery of social security benefits, empowering millions in the informal sector and exemplifying India’s commitment to leveraging technology for inclusive welfare.

    Case Study 2: National Career Service (NCS) Portal

    India’s effort on leveraging technology to bridge the Jobs-Skills gap was presented through case study on NCS Portal. The Portal had mobilized over 440 million vacancies and registered 4 million employers, bridging the gap between job seekers and employers. NCS is also integrated with the Skill India Digital Hub (SIDH). Upskilling initiatives in green jobs, AI, and the platform economy were prioritized to meet future workforce demands. The QS World Future Skills Index 2025 recognized India’s strength in ‘ready-to-recruit’ markets for digital, AI and green jobs.

    Bilateral with ILO, OECD

    Follow-up on India’s G20 2023 Presidency with respect to developing an international framework for mutual recognition of skills and qualifications has been prioritised by the delegation. Accordingly, on the side-lines of 1st G20 EWG meeting, India held bilateral discussions with ILO, OECD and Germany regarding skill gap mapping feasibility study, its work plan and time-lines.

    Secretary briefed on the latest updates regarding funding, status of agreement with ILO to complete the study, and collaboration with concerned stakeholders. It was agreed that feasibility study will focus on three key sectors: IT, Green Jobs, and Care-related roles.

    Given India’s demographic dividend, and the projection of India to increasingly meet incremental global workforce requirements over the next decade, this study assumes great significance for facilitation of international mobility of qualified Indians.

    Bilateral with Netherlands

    A bilateral discussion was held with the Netherlands, focusing on India’s Multidimensional Poverty Index (MPI) and its alignment with global efforts to address poverty through the concept of ‘Living Wages,’ thus improving living standards. Collaboration with the Netherlands and the ILO was highlighted as critical to advancing living wages, with proposals for exchange of best practices and technical discussion on estimation of living wages. India reiterated its dedication to collaborating with international partners to advance decent work, sustainable wage systems, and enhanced livelihoods for workers.

    Bilateral with Germany

    During bilateral discussion with Germany, the importance of the Joint Declaration of Intent (JDI) entered by India with Germany in the month of October 2024 was highlighted. The JDoI is important for enhancing cooperation in work in global supply chains, human-centric AI and its impact on Jobs, developing Gig economy, a global skills referencing framework, etc. India reaffirmed its commitment to deepening collaboration with Germany, fostering innovative projects and a shared vision for an inclusive and equitable future of work.

    *****

    Himanshu Pathak

    (Release ID: 2105272) Visitor Counter : 148

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  • MIL-OSI Asia-Pac: Gender participation in governance is fundamental to bring about equality and to cut into inequities: Vice President of India, Dr Jagdeep Dhankhar

    Source: Government of India

    Gender participation in governance is fundamental to bring about equality and to cut into inequities: Vice President of India, Dr Jagdeep Dhankhar

    India is trying to leverage its technology for empowering people, to mitigate the suffering and to cut corruption and to generate transparency and accountability: Vice President

    Vice President of India, Dr Jagdeep Dhankhar addressed the conference of African-Asian Rural Development Organization

    Posted On: 21 FEB 2025 4:47PM by PIB Delhi

    Addressing the delegates at the conference of African-Asian Rural Development Organization in New Delhi today the Vice President of India, Dr Jagdeep Dhankhar said that the gender participation in governance is fundamental to bring about equality and to cut into inequities. India perhaps the only country in the world that has constitutionally structured participation of women in governance. He said that in village and municipal one third seats has been reserved for women. Pertaining to women empowerment he said that his government has taken initiatives that women at all level right from the Panchayat to be empowered. He informed that lakhs of women are frequently being elected through the election process in Panchayat, Cooperative etc. level. They are heading challenges of governance at village Panchayat and district level. He said that elections have been fortified in the constitution it’s a legal framework of functioning of various democratic institution, where the participation of women has been given priority.

    Dr Jagdeep Dhankhar informed that in a country of 1.5 billion people, drastic change is seen in every field in last one decade, education, economy and other basic immunity providing sectors like internet, electricity, cocking gas, toilet etc. He said that massive transformative steps have been taken through two aspects by the government that has helped the country with enormously benefited people. Of them one is education and the second is empowering of the people, when it comes to internet uses per capita India is more than USA & China.

    He said that when it comes to formalization of economy or digital transfer, we account more than 50 percent of the global communities. In decade ago, our economy had only double digit in global bench mark and now we are fifth position in the world and on the way to becoming third economic power of the world in next two years. He said that our nation is set for target that India would be a developed nation by 2047; there was a time our nation has to deposit its gold with Banks in Switzerland to sustain our fiscal credibility by then the foreign exchange reserve was only 11 billion US dollar, if it can be compared to the present situation the volume has gone to 7 hundred billion US dollar. Dr Dhankhar said that India is an example for the rest of the world that what could be impacts of the good initiatives in the field of rural development; empowerment of people etc. This convergence is a significant mile stone that would take the nation to a new height. Vice President said that this conference of African-Asian Rural Development Organization would go a long way in defining the stability of the world, he said that if World’s stability is to be defined then growth of rural sector, agriculture and corporative sector etc.  are top most important. 

    He said that the world is facing challenges for its safe existence. Indicating climate change the Vice President Shri Dhankhar said that it’s a menace created only by us by reckless exploitation of natural resources of which we are not the owner.  He said that we thought that this planet is meant for only human being not for others but there are also other challenges that include hunger, poverty. In one hand we have exploited technology to its maximum extent and on the other hand we have problem like hunger & poverty. In such a situation India is trying to leverage its technology for empowering people, to mitigate the suffering and to cut the corruption and to generate transparency and accountability.

    *****

    MG/NR

    (Release ID: 2105287) Visitor Counter : 51

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  • MIL-OSI Asia-Pac: LegCo Spring Luncheon (with photos)

    Source: Hong Kong Government special administrative region

    LegCo Spring Luncheon (with photos)
    LegCo Spring Luncheon (with photos)
    ***********************************

    The following is issued on behalf of the Legislative Council Secretariat:    The President of the Legislative Council (LegCo), Mr Andrew Leung, hosted a spring luncheon today (February 21) in the Dining Hall of the LegCo Complex for the Chief Executive, Mr John Lee, Executive Council Members, senior Government officials and LegCo Members. Nearly 200 guests and Members attended the luncheon to celebrate the Chinese New Year.     Mr Leung said that as Hong Kong navigates a complex international geopolitical environment while addressing a financial deficit, Hong Kong must promote our innovation development and economic transformation by all means and at full speed. He added that the LegCo will continue to fully support the Government in swiftly implementing all development plans that benefit Hong Kong. He also expressed his wish for the country and Hong Kong to successfully overcome challenges and thrive in the Year of the Snake.     Before attending the luncheon, Mr Lee, accompanied by Mr Leung, visited the PANDA GO! FEST HK exhibition in the Main Lobby of the LegCo Complex and took photos with the panda sculptures.

     
    Ends/Friday, February 21, 2025Issued at HKT 18:50

    NNNN

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  • MIL-OSI Asia-Pac: Government responds to provisional liquidation of Paul Y Engineering Group Limited

    Source: Hong Kong Government special administrative region

         In response to the application for provisional liquidation by Paul Y Engineering Group Limited (Paul Y), a Government spokesman today (February 21) gave the following response:
          
         The Government noted that an application was made by Paul Y to the court recently to appoint a provisional liquidator for its five subsidiaries to handle debts and formulate a restructuring plan, and that the court held a hearing and approved the application today. Since it was a corporate decision of Paul Y to submit the application, and legal proceedings are underway, it is inappropriate for the Government to comment on the details.
          
         The Government spokesman said that any enterprise encountering financial difficulties has its own reasons, and the enterprise has to find a suitable solution based on its actual circumstances. As there have been market rumours and media reports of financial difficulties and layoffs at Paul Y for some time, the Government has been paying close attention to the situation and making preparations to reduce the impact on relevant works projects and subcontractors and to assist affected employees.
          
         Regarding public works projects, Paul Y’s subsidiaries are undertaking the construction of 13 public works contracts, among which 12 contracts are undertaken by Paul Y and other construction companies by way of joint venture. These contracts are managed by various government departments separately, including the Civil Engineering and Development Department, the Architectural Services Department, the Electrical and Mechanical Services Department, the Highways Department, the Drainage Services Department, the Water Supplies Department and the Environmental Protection Department. As the majority of the contracts are undertaken by joint ventures, regardless of whether Paul Y is liquidated eventually, the other participants of the joint venture contracts must complete the remaining works in accordance with the contract requirements. The Development Bureau (DEVB) has assessed that the joint venture participants concerned are capable of undertaking the remaining works, and they have also expressed that they will continue to execute the contracts. The only project solely undertaken by Paul Y has largely entered the completion stage. Overall, the DEVB believes that the impact of the situation of Paul Y on relevant public works projects is manageable, and will closely monitor the situation.
          
         On the other hand, Paul Y has also undertaken works projects of other public organisations, some of which are undertaken by joint ventures. As aforementioned, it is believed that the impact is manageable. For other projects solely undertaken by Paul Y, the public sector owners have replaced the main contractor of most of the projects in accordance with the established mechanism to ensure the smooth completion of the projects. Owners of a few other projects are also carrying out such arrangements with a view to minimising the impact on the projects.
          
         As the majority of the Government and public sector projects will be undertaken by other participants of the joint ventures or have the main contractor replaced in accordance with the mechanism, if Paul Y is liquidated by the court eventually, the succeeding contractor will follow the request made by the Government and public sector owners to try to accommodate the situation of existing subcontractors and workers so that they can continue to work on the relevant projects for the sake of maintaining continuity.
          
         In respect of Paul Y’s debt matters, the affected subcontractors or suppliers can apply for claims through legal means. The Government, including the Hong Kong Monetary Authority (HKMA), has been in contact with the construction industry and the banking sector. If subcontractors or suppliers face cash-flow pressure due to the Paul Y incident, the HKMA and the DEVB, together with the Construction Industry Council, will communicate with the Hong Kong Association of Banks so that banks can consider providing assistance on a case-by-case basis. Relevant enterprises can proactively contact lending banks and provide all relevant information so that the banks can understand the actual circumstances of the enterprises in a timely manner and provide flexible arrangements as far as feasible.
          
         In respect of employment rights and benefits, the Labour Department (LD) has all along been requiring Paul Y to pay wages and provide statutory rights to its employees in accordance with the Employment Ordinance (EO) and fulfil its obligations under the EO as a main contractor to pay the first two months’ unpaid wages of an employee who is employed by its subcontractors. The LD will continue to maintain contact with Paul Y, its subcontractors and relevant stakeholders to co-ordinate assistance for employees. Employees of Paul Y and its subcontractors who have enquiries on their employment rights and benefits may call the LD’s dedicated hotline at 3580 8721 or visit 10 branch offices of the Labour Relations Division in the territory.

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  • MIL-OSI Asia-Pac: TRAI releases Recommendations on ‘Framework for Service Authorisations for provision of Broadcasting Services under the Telecommunications Act, 2023’

    Source: Government of India

    Posted On: 21 FEB 2025 3:28PM by PIB Delhi

    The Telecom Regulatory Authority of India (TRAI) has today released Recommendations on ‘Framework for Service Authorisations for provision of Broadcasting Services under the Telecommunications Act, 2023’.

    As per the extant guidelines for various broadcasting services, licenses/permissions/ registrations are issued by Ministry of Information and Broadcasting (MIB) under Section 4 of the Indian Telegraph Act, 1885 for provision of broadcasting services, like, television channel uplinking/downlinking (including Teleport), SNG/DSNG, DTH, HITS, IPTV, FM Radio, and Community Radio Stations (CRS).

    The Government has notified the Telecommunications Act, 2023 in the Gazette of India, which repeals the Indian Telegraph Act, 1885. However, the appointed date for various sections of the Telecommunications Act, 2023 is yet to be notified. Section 3(1)(a) of the Telecommunications Act, 2023 mandates authorisation for those intending to provide telecommunication services, subject to the terms and conditions, including fees or charges, as may be prescribed.

    MIB, vide its letter dated 25th July 2024, has sought recommendations of TRAI under Section 11(1)(a) of TRAI Act, 1997 on the terms and conditions, including fees or charges; for authorisation to provide broadcasting services, aligning it to the Telecommunications Act, 2023 and harmonizing the terms and conditions across various service providers.

    Accordingly, on 30th October 2024, the Authority initiated a consultation process by releasing a Consultation Paper titled ‘Framework for Service Authorisations for provision of Broadcasting Services under the Telecommunications Act, 2023‘ and sought stakeholder’s comments. In response, the comments and counter comments received from the stakeholders were uploaded on TRAI’s website. As part of the consultation process, Open House Discussion (OHD) was held on 18th December 2024.

    Based on the comments and counter-comments received from stakeholders as well as inputs gathered during OHD, examination of the existing provisions of various broadcasting policy guidelines, taking into account relevant earlier recommendations of TRAI that are under consideration of the Government, and its own analysis, TRAI has collated and restructured the terms and conditions into a simplified authorisation framework. The terms and conditions are aligned to the relevant provisions of the Telecommunications Act, 2023. Accordingly, TRAI has finalized its Recommendations on ‘Framework for Service Authorisations for provision of Broadcasting Services under the Telecommunications Act, 2023. The recommendations aim to promote growth and enhance ease of doing business in the sector.

    The recommended authorisation framework provides for two distinct sets of terms and conditions, the first set, for the applicant entity intending to obtain authorisation for broadcasting services; and the second set, to comply with by the authorised entity for service provisioning during the period of authorisation.

    These two sets of terms and conditions should be adopted while framing the Rules, namely, ‘The Broadcasting (Grant of Service Authorisations) Rules’ and ‘The Broadcasting (Television Channel Broadcasting, Television Channel Distribution, and Radio Broadcasting) Services Rules’.

    The recommended authorisations for broadcasting services include those for Television Channel Broadcasting (Satellite-based/Ground-based), News Agency for Television Channel(s), Teleport/Teleport Hub, Uplinking of Live event/news/footage by Foreign Channel/News Agency, Direct to Home (DTH) Service, Head End in the Sky (HITS) Service, Terrestrial Radio Service, Community Radio Stations and Low Power Small Range Radio Service.

    Salient points of the recommendations are given below:

      • Broadcasting service authorisations shall be granted under Section 3(1)(a) of the Telecommunications Act, 2023, in place of the extant practice of issuing license/permission under Section 4 of the Indian Telegraph Act, 1885. Terms and conditions for service authorisations shall be notified as Rules under Section 56 of the Telecommunications Act, 2023.
      • Grant of service authorisation under Section 3(1)(a) should be in the form of an authorisation document containing essential details pertaining to the service. The format of the authorisation document has been recommended.
      • The terms and conditions for ‘Grant of Service Authorisations’ have been harmonized for similar services and covers eligibility criteria, application process and other relevant details/information required by an applicant entity before applying for service authorisation.
      • Migration of existing licensee/permission holder to new authorisation regime shall be voluntary, till the expiry of their license/permission. Further, no processing fee or entry fee will be required for migration, in case of broadcasting services. However, the validity period of the respective service authorisation should be from the effective date of migration to the authorisation regime, irrespective of the validity period of existing license/permission.
      • Addition of new services, namely, ‘Ground-based Broadcasting of a Television Channel’ and ‘Low Power Small Range Radio Service’, based on earlier recommendations of the Authority.
      • The terms and conditions for service provisioning encompasses two parts, namely, ‘Common Terms and Conditions’ applicable to all broadcasting service authorisations in a harmonized manner and ‘Specific Terms and Conditions’ applicable to service specific authorisations.
      • To protect the interests of service providers, it has been recommended that amendments to terms and conditions of service authorisations (except for reasons of National Security) shall require TRAI’s recommendations.
      • Mandatory co-location should be removed for authorised entities of Radio Broadcasting Services.
      • Infrastructure sharing, on voluntary basis, among broadcasting service providers as well as with the telecom service providers/infrastructure providers, wherever technically and commercially feasible, has been recommended.
      • Authorised entities of ‘Television Channel Distribution Services’ shall endeavour to adopt interoperable STBs to enhance consumer choice and reduce electronic waste.
      • TEC to prepare and notify standards for interoperable STBs and television sets with inbuilt STB functionality.
      • The minimum net worth requirement of Rs. 100 crore for the Internet Service Providers to provide IPTV Service is recommended to be removed and the same should be aligned with the provisions contained in the authorisation for Internet Services to be issued by DoT.
      • Terms and conditions for Radio Broadcasting Service have been made technology agnostic enabling adoption of digital technology.
      • Service authorisation for ‘Terrestrial Radio Service’ to be delinked from frequency assignment and the auction of spectrum for frequency assignment for Terrestrial Radio Service shall be done separately.
      • In addition to broadcasting of radio channel(s), the authorised entities for Terrestrial Radio Service should be allowed streaming the same content through internet concurrently without any user control.
      • MIB should prescribe separate Programme Code and Advertisement Code for radio broadcasting service providers.
      • The terms and conditions including fees and charges for various broadcasting services, particularly in the ‘Television Channel Distribution Services’, have been harmonized with the provisions in the Telecommunications Act, 2023. Salient recommended terms and conditions are as under:

     

    Conditions

    Existing

    Recommended

    Authorisation Fees (erstwhile License Fee) for DTH services

    8% of AGR

    3% of AGR, to be reduced to ‘zero’. No authorisation fee after the end of FY 2026-27

    Authorisation Fees (erstwhile Annual Fee) for Radio Broadcasting Services

    • 4% of GR or 2.5% of NOTEF, whichever is higher;
    • 2% of GR or 1.25% of NOTEF for NE states, J&K and island territories during initial 3 years, thereafter as above
    • 4% of AGR for all the cities;
    • 2% of AGR for NE states, J&K and island territories during initial 3 years, thereafter as above

    Bank Guarantee for

    DTH Service

    Rs. 5 crore initial, thereafter License Fee of two quarters

    Rs. 5 crore or 20% of Authorisation Fee for two quarters, whichever is higher

    Bank Guarantee for

    HITS Service

    Rs. 40 crore for initial 3 years

    Rs. 5 crore for the validity of authorisation

    Processing Fees of

    HITS Service

    Rs. 1 Lac

    Rs. 10000

    Validity Period of

    HITS Service

    10 years initially, no provision for renewal

    20 years with renewal by 10 years at a time

    Renewal Period for Terrestrial Radio Service

    No provision for renewal in FM Radio

    Renewal by 10 years at a time

     

    In addition to harmonization of financial requirements, harmonization of common terms and conditions, roll out obligations for similar services (DTH and HITS), provisions enabling infrastructure sharing, provisions applicable in case of emergency/disaster, monitoring and inspection, contravention of rules, applicable Program Code and Advertisement Code for television broadcasting /distribution services and that for all Radio broadcasting services has been recommended.

    The Recommendations have been placed on the TRAI’s website (www.trai.gov.in). For any clarification/information Dr. Deepali Sharma, Advisor (Broadcasting and Cable Services), TRAI may be contacted at Telephone Number +91-11-20907774.

    ****

    Samrat/Dheeraj/Allen

    (Release ID: 2105251) Visitor Counter : 65

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  • MIL-OSI Asia-Pac: Biodiversity to Bioeconomy

    Source: Government of India (2)

    Biodiversity to Bioeconomy

    How Biotechnology is Transforming North East India

    Posted On: 21 FEB 2025 2:53PM by PIB Delhi

    Nestled in the lap of the Himalayas and blessed with lush biodiversity, India’s North East Region (NER) is a land of hidden treasures. Its vibrant landscapes, rich culture, and vast  pool of resources offer immense potential for innovation. Now, with the transformative power of biotechnology, the NER is not just preserving its natural heritage but also scripting a new chapter of growth and sustainability.

    Imagine a region where farmers cultivate medicinal plants that fuel both health industries and local incomes, where young researchers develop resilient crop varieties that withstand changing climates, and where bio-entrepreneurs thrive by transforming indigenous knowledge into global products. This vision is steadily turning into reality, thanks to the Department of Biotechnology’s North Eastern Programme. The main objectives of the programme are:

    Since 2010, DBT has consistently allocated 10% of its annual budget to specialized programmes in the NER, aiming to bridge the gap between potential and prosperity. These initiatives focus on harnessing endemic bioresources, promoting biotech education, and creating employment opportunities through bio-based entrepreneurship.

    North Eastern Programme timeline

     

    Biotechnology thrives on knowledge and innovation. Recognizing this, the DBT has launched multiple educational and training programmes focused on NER:

    Twinning R&D Programme for NER

    The programme was initiated in 2010-2011 towards developing core competence and capacity in various areas of biotechnology through collaboration of Institutes from North East India with other leading Institutes across the country. The programme has catalyzed vibrant collaborations between 65+ institutions from NER and those from the rest of India in various spheres of biotechnology, where close to 650 R&D projects has been supported benefitting around 450 researchers and 2000 young researchers / students.

    Collaborations under the DBT- Twinning R&D Programme

     

    Establishment of Biotech Hubs across NER

    Since 2011, a network of 126 Biotech Hubs were established across NER, providing necessary infrastructure in universities/ colleges/ institutions and the required training in sophisticated technologies to support and promote biological sciences / biotechnology education and research. In the Phase-II, 54 Biotech have been supported for focused Research & training on local issues.

     

    Biotechnology Labs in Senior Secondary schools (BLiSS) of NER 

    To create awareness among school students about biological sciences at the school level and also to provide an environment of access to a well-equipped laboratory, DBT initiated a programme for establishing “Biotechnology Labs in Senior Secondary Schools (BLiSS)” in NER in 2014.

    Visiting Research Professorship (VRP) programme

    The Programme was initiated in 2015, to utilize the expertise of outstanding scientists for bringing advancements in the Biotechnology and Life Science related activities in various institutions of research and higher learning in the NE States of India.

    Specialized training programmes for NE researchers by National Institutions

    Chemical Ecology Programme between NER and Bangalore Institutes  (NCBS, UAS and IISc.) initiated in 2015, trained and equipped young scientists from  the NER to produce quality research outcomes by providing tailormade interdisciplinary training to Ph.D. students and postdoctoral fellows recruited under collaborative projects in the field of chemical ecology.

     

    Enhancing Capacity in Genomics-Driven Research in Human Health & Disease in the North-East Region by DBT-NIBMG, Kaylani.

    The programme, initiated in 2016 provided comprehensive training to scientists, research students and clinicians belonging to the NER, engaged in “Biomedical Research”. Short-term training programme included workshops on various aspects of molecular and genetics-based analyses, handling clinical materials such as blood and tissue samples and/or cell lines.

    The following Human Resource Development focused programmes are being implemented in the North Eastern Region:

    Programmes to support locals

    To emphasise services to farmers, and academics, the “DBT-North East Centre for Agricultural Biotechnology (DBT-NECAB): Phase III” project has been supported. Similarly, to strengthen Citrus research in NER, facilities were established at Institute of Horticulture Technology (IHT), Mandira, Assam, for the generation of certified scion material from Khasi mandarin (Citrus reticulata) and sweet orange. Rootstocks free from Citrus greening bacteria (CGB) and Citrus tristeza virus have been developed.

    In view of promoting sustainable bioresources, a total area of 64.1 acres was covered for captive cultivation of selected medicinal crops like Curcuma caesia and compound-rich lemongrass (elemicinrich and methyl-eugenol-rich). About 649 farmers and entrepreneurs from NER benefited from the training and awareness program. Additionally, an essential oil distillation unit has been installed at Mudoi village, Arunachal Pradesh, to support farmers in revenue generation. Furthermore, the Docynia indica, commonly known as Assam apple or wild apple, has been successfully explored towards making value-added products such as pickles, jam, candy, juice, etc., and the knowledge is being popularized among the tribal communities of Assam and Meghalaya through awareness campaigns and meetings

    The major outcomes of the North Eastern programmes are:

     

    • Bacterial Blight resistant introgressed rice variety “Patkai”: A rice variety has been developed by AAU- Assam using introgressing blight resistant from improved samba mahsuri (ISM) into Ranjeet Sub1 background. This variety was notified by Central Variety Release Committee (CVRC)
    • Lateral flow assay for the rapid detection of brucellosis: A chimeric protein conjugate based Lateral Flow Assay (LFA) for the detection of anti-brucella antibodies in multiple livestock was standardized. The analytical sensitivity considering iELISA test as gold standard with sera sample revealed significant positivity in lateral flow tests.
    • Mobile app – Pig Disease Diagnosis Expert System (PDDES), a Computer-based application to assist in the diagnosis of pig diseases or medical conditions was developed. Using PDDES, veterinarians, farmers, and other swine industry professionals can quickly identify and treat diseases to minimize their impact on pig production and profitability. The application is available in Google playstore.

    By harnessing the region’s rich biodiversity and empowering local communities through education, research, and entrepreneurship, the Department of Biotechnology’s initiatives are not only preserving cultural and ecological heritage but also driving sustainable economic growth. As North East India continues to evolve into a hub of bio-innovation, it sets a remarkable example of how science and tradition can coexist to shape a prosperous and sustainable future.

    References

    https://dbtindia.gov.in/scientific-directorates/advanced-biofuels-sustainability-ner/ner#

    Annual Report 2023-24 https://dbtindia.gov.in/about-us/annual-report/dbt

    Biotechnology Support in the North Eastern Region (2010-2021) pdf

    https://dbtindia.gov.in/publications

    Click here to see PDF:

    Santosh Kumar/Sarla Meena/ Madiha Iqbal

    (Release ID: 2105241) Visitor Counter : 63

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: India Assumes Chairmanship of Bay of Bengal Inter-Governmental Organisation at the 13th Governing Council Meeting in Malé, Maldives

    Source: Government of India

    India Assumes Chairmanship of Bay of Bengal Inter-Governmental Organisation at the 13th Governing Council Meeting in Malé, Maldives

    Pledges Stronger Regional Cooperation for Strengthening Blue Economy and Protection of Marine Ecosystems

    Posted On: 21 FEB 2025 5:21PM by PIB Delhi

    In a historic move, India assumed Chairmanship of Bay of Bengal (BOB) Inter-Governmental Organisation from Bangladesh at the 13th Governing Council Meeting at Malé, Maldives today, in the presence of senior government representatives from Sri Lanka, Maldives and Bangladesh. The event was part of the high-level conference ‘Policy Guidance for Mainstreaming Ecosystem Approach to Fisheries Management (EAFM) in Small-Scale Fisheries’, hosted by the Ministry of Fisheries & Ocean Resources of the Maldives government, in collaboration with the Bay of Bengal Programme Inter-Governmental Organisation (BOBP-IGO), that has been successfully convened from February 20 to 22, 2025, in Lankanfinolhu, Maldives.  

       

    The Indian delegation, led by Dr. Abhilaksh Likhi, Secretary, Department of Fisheries, Government of India (GoI) assumed the Chair during the event. Secretary, Department of Fisheries highlighted that India is committed to upholding and building upon the achievements of the Bay of Bengal Programme Inter-Governmental Organisation (BOBP-IGO) as the leadership transitions from Bangladesh to India. He assured that the Department of Fisheries (GoI) would diligently work towards elevating the success of BOBP- IGO to newer heights and will be forthcoming in providing definitive guidance for all future endeavours for the development of fisheries sector across all member countries.

     

    Further, Dr. Abhilaksh Likhi underscored the importance of regional collaboration, and the crucial role India and other countries are playing in advancing the interests of the developing nations. Key areas of focus for increased regional co-operation include marine resource management, training & capacity building programs, research & policy advocacy, addressing Illegal, Unreported, and Unregulated (IUU) fishing, resolving regional issues etc.  As India remains optimistic about receiving continued support and collaboration from Food and Agriculture Organization (FAO), Southeast Asian Fisheries Development Center (SEAFDEC), United Nations Office on Drugs and Crime (UNODC), and other relevant organizations, Secretary, Department of Fisheries (GoI) urged all member nations to enhance and foster mutual support through exchange of knowledge, technology, experiences, data and best practices. The collaborations are expected to strengthen region’s blue economy, harmonize economic development along with protection of marine ecosystem and help in poverty alleviation. During the meeting, Secretary, Department of Fisheries (GoI) highlighted India’s developmental policies aimed at improving the well-being of small-scale fisheries and the sustainability measures being implemented under its various schemes and programs.

    With the successful culmination of this important event and India assuming Chair of the BoBP-IGO, it will be the endeavour of the Department of Fisheries, under the Ministry of Fisheries, Animal Husbandry and Dairying to not only lead the member nations in the most effective and efficient manner through collaborative efforts but also ensure that significant progress is made in the development of Small-scale fisheries (SSF) in the region. This achievement not only bestows international leadership and responsibilities on India, it is also expected to bring in multifaceted advancements for achieving the national goal of ‘Viksit Bharat 2047’.

    India’s Thrust on Small Scale Fisheries & The Way Forward

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    Aditi Agrawal

    (Release ID: 2105308) Visitor Counter : 59

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Speech by SCST at Sports Law Conference (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Culture, Sports and Tourism, Miss Rosanna Law, at the Sports Law Conference today (February 21):
          
    President Roden Tong (President of the Law Society of Hong Kong), Mrs Regina Ip (Convenor of the Non-official Members of the Executive Council and Member of Legislative Council), Vivian, gold medal winner of Paris 2024 Olympic Games (Ms Vivian Kong), distinguished guests, ladies and gentlemen,
          
         Good morning. It is my great honour to address you at today’s Sports Law Conference. First of all, I would like to thank the Law Society of Hong Kong for organising the first mega conference on sports law in Hong Kong. 
          
         Today, we gather here to discuss and explore the enormous opportunities that the sports industry may present to both the legal profession and the business community in Hong Kong. I am glad that we have such a big and distinguished group of speakers from the business sector, legal practitioners, and sports professionals, both local and from abroad, to share with us their valuable insights on various aspects of sports.
          
         Hong Kong has always been a city that is passionate about sports. Sports not only promote physical health and well-being but also foster social cohesion. The Government is committed to developing sports in the community, nurturing sports talent, hosting mega sports events, promoting professionalism and developing sports as an industry. Our commitment is evident in the increasing resources that we have devoted to this policy area. In 2024-25, we are spending about $7.9 billion, which is double of the annual spending of $3.9 billion 10 years ago.
          
         Our efforts in sports development have borne fruit as we take pride in our athletes’ achievements on the global stage. Last summer, Hong Kong athletes achieved remarkable results by capturing two gold and two bronze medals in fencing and swimming at the Paris Olympic Games, attaining the best results in the history of Hong Kong, China thus far. Vivian Kong is here with us today and deserves a big round of applause from us. Our para-athletes also won three gold, four silver, and one bronze medal at the Paralympic Games, setting our best results since 2012.
          
         Earlier this month, I attended with the Chief Executive of Hong Kong the Asian Winter Games at Harbin. I am still overwhelmed by the achievements of our Hong Kong, China team, which made a lot of breakthroughs. Participating in curling and alpine skiing at the Games for the first time, our men’s curling team historically made the fourth, and an alpine skier achieved a record 10th place out of a total of 58 participants. The men’s ice hockey team also reached the quarterfinals stage for the first time. Although our athletes could not make it to the podium just as yet, I am sure all of us in this room are proud of their success and in particular the sportsmanship, professionalism and sports ethics demonstrated.
          
         As we celebrate our athletes’ achievements, it is important to recognise that their success represents more than just their talents. It reflects also the values that sports can bring to our community. These values go beyond medals, records and scores and can bring a positive impact to the society of Hong Kong. Now, let’s take a look at how sports can unlock important values for the Hong Kong community.
          
         First of all, perseverance is the key in the sports world. Our athletes encounter challenges, including injuries, defeats, and intense competitions throughout their career. Only through years of perseverance could they finally reach the international sporting arena. Vivian will agree with me that many of our athletes had to cope with recurring injuries while they gave it their all in the Paris Olympic Games. Having gone through these hardships, our athletes deserve fully our cheers and appreciation. Their perseverance has become an inspiration to many, and the athletes are setting an important role model, encouraging our youths not to give up in the face of obstacles. This is the spirit that empowers us and makes our society more resilient.
          
         Secondly, we promote friendship through sports. Sports serve as a powerful medium for building friendship that transcends cultural, ethnical and geographical barriers. It is through sports that people from around the world come together to promote mutual respect, inclusivity and friendship.
              
         It is also through sports that we take pride in our country and foster a stronger sense of national identity and belonging. As our national athletes continue to excel on the international stage, more and more people in Hong Kong are rooting for them and sharing in their joy of achievements as they bring triumph to the entire nation. We were particularly excited about the Mainland Olympians’ visit to Hong Kong after the Paris Olympic Games, where we had the invaluable opportunity to appreciate their sporting skills up close. As the public celebrated our country’s achievements together, our national identity and sense of belonging to our country are fortified.
          
         Another important value that we recognise is the commercial opportunities that the sports industry presents. Investments in sports infrastructure, sponsorships, and merchandising contribute to the job creation and business development of Hong Kong. As we promote sports events and activities, we can attract local and international brands, fostering partnerships that add impetus to our economy.
          
         To encourage the commercialisation of sports events, the Government provides matching funds under the “M” Mark System to provide incentives for event organisers to seek sponsorship from commercial organisations. By making the best use of market resources, we believe that the quality of events can be further enhanced, which will help attract more commercial players to the sports ecosystem. This is also conducive to the sustainable development of the sports industry in the long run.
          
         Sports broadcasting is another important aspect in commercialising the sports industry. Given the rise of digital media, the broadcasting right of sports events has become even more valuable. The broadcasting of sports events does not only generate revenue and sponsorships but also increases the visibility of our athletes and the sports themselves. The Government’s purchase of the broadcasting right of the Paris Olympic Games and Paralympic Games last year enabled members of the public to enjoy the games on television free of charge and to cheer for the athletes. This undoubtedly has helped generate greater interest in sports in the community.
          
         Meanwhile, sports have played an increasingly important role in driving tourism in Hong Kong. Major sports events, such as the Hong Kong Rugby Sevens hosted every year, attract hundreds of thousands of visitors from around the world, showcasing our city’s culture, hospitality, and vibrant spirit. By positioning Hong Kong as a centre for major international sports events, we strive to bring in high-level, high-profile sports competitions and support the invitation of star athletes to Hong Kong, which in turn promotes tourism by attracting families, event personnel and officials, as well as spectators from outside Hong Kong to participate in major sports events.
          
         I am sure that, like me, you are all looking forward to the formal opening of Kai Tak Sports Park, KTSP, on the 1st of March, that is, just a week away. And in fact, I just did two phone interviews about Kai Tak Sports Park this morning, on top of the one I gave yesterday. That is why I came a little bit late; I am very sorry about that. As Hong Kong’s largest sports infrastructure ever, KTSP will fully unleash the strengths and potential of Hong Kong in hosting high-profile mega sports events and entertainment programmes. Hong Kong sports teams will also have ample opportunities to compete at home turf. Additionally, KTSP will help develop peripheral products, including merchandise sales, venue management, refereeing, training, event co-ordination, etc. We will surely capitalise on the world-class facilities in KTSP in driving the sports development of Hong Kong.
          
         We recognise the importance of fostering sports exchanges and collaborations with the Mainland. This year, in November, Hong Kong will cohost the 15th National Games, and the 12th National Games for Persons with Disabilities and the 9th National Special Olympic Games jointly with Guangdong Province and the Macao SAR (Special Administrative Region). Apart from attracting audiences from the Mainland and overseas to Hong Kong, the National Games series of events will allow Hong Kong citizens to participate in and support our team as home spectators. The preparation work of the Games is now in full swing. We will continue to leverage the opportunities to organise more sports exchanges with our Mainland counterparts.
          
         Sports are certainly an exciting area in Hong Kong full of different potential. As the sports industry continues to grow, there is a need to develop a robust legal system that supports fair play and resolves conflicts effectively, thereby promoting professionalism and accountability within the sector. The Chief Executive announced in 2024 Policy Address that the Government would support the industry to launch a pilot scheme on sports dispute resolution in Hong Kong. The availability of a sports dispute resolution mechanism would help preserve the integrity of sports and maintain a sustainable sporting environment. It is also essential to the advancement of sports development in Hong Kong, where a delay in handling of conflict may have a drastic impact on an athlete’s career. My bureau fully supports this initiative, and we look forward to your support and contribution to the pilot scheme.
          
         Ladies and gentlemen, sports have the potential to unlock a wide range of different values that enrich our community and contribute to the growth of Hong Kong. The potential for sports development is truly immense. My team will continue to work with the sports, legal and business sectors to ensure that the sports industry thrives. I am confident that through sports, we can build a stronger, healthier, and more united Hong Kong.
          
         Before I close, I would once again like to extend my heartfelt gratitude to Roden and the Law Society of Hong Kong for organising this conference, and all speakers for sharing your insights, which are essential for creating a brighter future for the sports industry.
          
         I wish the conference a big success and your experience here truly rewarding. Thank you.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: New York ETO celebrates Year of Snake with Georgia (with photos)

    Source: Hong Kong Government special administrative region

    New York ETO celebrates Year of Snake with Georgia (with photos)
    New York ETO celebrates Year of Snake with Georgia (with photos)
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         ​The Hong Kong Economic and Trade Office in New York (New York ETO) celebrated the Year of the Snake with Atlanta, Georgia, at the Hong Kong Spring Reception on February 19 (Atlanta time).           In her welcome remarks, the Director of New York ETO, Ms Maisie Ho, emphasised the strong ties between Hong Kong and Atlanta and the state of Georgia.           “Last year, total exports from Georgia to Hong Kong reached US$980 million, a 14.5 per cent year-on-year increase. This makes Georgia the fifth largest exporter to Hong Kong among all 50 US states in 2024,” she said.           Ms Ho also highlighted Hong Kong’s resilience in navigating global uncertainties, noting that the city’s GDP growth of 2.5 per cent last year is a testament to its ability to maintain stability and leverage its strategic position as a gateway between East and West.           “Looking ahead, we remain committed to enhancing our existing strengths, including our competitiveness as an international financial centre,” she added. “We are also exploring and investing in emerging sectors, such as fintech, biotech, and green energy. These sectors are not only reshaping our economic landscape but also paving the way for sustainable growth and innovation.”           Some 200 guests from Atlanta’s academic, business, diplomatic, finance, and political sectors, as well as students from Hong Kong, attended the annual event cohosted by New York ETO and the Hong Kong Association of Atlanta. Ms Ho encouraged them to visit Hong Kong and experience first-hand the city’s vibrant offerings – from delectable culinary delights and iconic skyline to its breathtaking natural scenery and the dynamic arts and cultural scene, which seamlessly blend East and West.           To further showcase Hong Kong’s vibrant culture and culinary flair, the event featured two inflatable installations designed by popular Hong Kong creative brand Chocolate Rain, as well as two Hong Kong-themed cocktails.

     
    Ends/Friday, February 21, 2025Issued at HKT 11:30

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  • MIL-OSI Asia-Pac: United Nations Sanctions (Central African Republic) Regulation 2020 (Amendment) Regulation 2025 gazetted

    Source: Hong Kong Government special administrative region

         â€‹The Government today (February 21) gazetted the United Nations Sanctions (Central African Republic) Regulation 2020 (Amendment) Regulation 2025 (the Amendment Regulation), which came into operation today.
          
         “The Amendment Regulation amends the United Nations Sanctions (Central African Republic) Regulation 2020 to give effect to certain decisions relating to sanctions in the United Nations Security Council (UNSC) Resolution 2745 in respect of the Central African Republic,” a Government spokesman said.
          
         The amendments renew the travel ban and financial sanctions, and amend the time-limited arms-related sanctions measures.
          
         The Hong Kong Special Administrative Region Government has all along been implementing fully the sanctions imposed by the UNSC. The Amendment Regulation aims to give effect to the instructions by the Ministry of Foreign Affairs for fulfilling the international obligations of the People’s Republic of China as a Member State of the United Nations.

    MIL OSI Asia Pacific News