Category: Economy

  • MIL-OSI: FloQast Enhances Financial Efficiency Across APAC with Xero Integration

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, Feb. 17, 2025 (GLOBE NEWSWIRE) — FloQast, an Accounting Transformation Platform created by accountants for accountants, today announced a direct integration with Xero, the global small business platform, for customers in the Australia-Pacific (APAC) region. The integration offers a vital solution for high-growth businesses, multi-entity organizations, and geographically dispersed teams using Xero, helping them streamline their financial processes and enhance operational efficiency with minimal disruption. The integration is also ideal for accounting firms in the Client Accounting Services (CAS) segment that manage multiple clients on the Xero platform.

    “We’re excited to bring this integration to the APAC market, where Xero plays a vital role in supporting a large segment of the accounting industry,” said Jason Toshack, Managing Director of FloQast Australia. “As the region continues to grow, we’re committed to delivering a solution that not only improves financial efficiency but also aligns with our mission to provide a smooth, disruption-free transformation process for accountants.”

    The FloQast and Xero integration empowers organisations to transform their accounting operations, enhancing visibility and efficiency in the monthly close process by automating reconciliation and streamlining workflows. Through the integration, teams close faster and with greater confidence. Additional features include:

    • Out-of-the-Box Convenience: FloQast’s integration with Xero offers a seamless, ready-to-use solution, allowing general ledger trial balances to flow directly into FloQast for efficient account reconciliation and discrepancy analysis as part of the recurring close process.
    • Automated Data Flow: Once the initial setup is complete, the integration runs effortlessly in the background, leveraging advanced technology to eliminate the need for manual intervention. This allows accounting teams to focus on higher-value tasks while ensuring financial accuracy.
    • Real-Time Balance Refresh: Within the FloQast application, users can easily initiate real-time pulls of account balances from Xero with just a few clicks, ensuring up-to-date financial data whenever necessary.

    For more information about the FloQast and Xero integration:

    About FloQast

    FloQast, an Accounting Transformation Platform created by accountants for accountants, enables organizations to automate a variety of accounting operations. Trusted by more than 3,000 global accounting teams – including Bunnings, 2XU, Harris Farms, DoorDash, and Snowflake – FloQast enhances the way accounting teams work, enabling customers to automate close management, account reconciliations, accounting operations, and compliance activities. With FloQast, teams can utilize the latest advancements in AI technology to manage aspects of the close, reduce their compliance burden, stay audit-ready, and improve accuracy, visibility, and collaboration overall. FloQast is consistently rated #1 across all user review sites. Learn more at FloQast.com.

    Contact:

    Kyle Cabodi
    FloQast Director of Corporate Communications
    kyle.cabodi@floqast.com

    The MIL Network

  • MIL-OSI: Transocean Ltd. Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

     

      Three months ended         Three months ended      
      December 31,    September 30,      sequential   December 31,       year-over-year
      2024   2024   change   2023   change
    (In millions, except per share amounts, percentages and backlog)                            
    Contract drilling revenues $ 952     $ 948     $ 4     $ 741     $ 211  
    Adjusted contract drilling revenues $ 952     $ 948     $ 4     $ 748     $ 204  
    Revenue efficiency (1)   93.5 %     94.5 %           97.0 %      
    Operating and maintenance expense $ 579     $ 563     $ (16 )   $ 569     $ (10 )
    Net income (loss) attributable to controlling interest $ 7     $ (494 )   $ 501     $ (104 )   $ 111  
    Basic earnings (loss) per share $ 0.01     $ (0.56 )   $ 0.57     $ (0.13 )   $ 0.14  
    Diluted loss per share $ (0.11 )   $ (0.58 )   $ 0.47     $ (0.13 )   $ 0.02  
                                 
    Adjusted EBITDA $ 323     $ 342     $ (19 )   $ 122     $ 201  
    Adjusted EBITDA margin   33.9 %     36.0 %           16.3 %      
    Adjusted net income (loss) $ 27     $ 64     $ (37 )   $ (74 )   $ 101  
    Adjusted diluted earnings (loss) per share $ (0.09 )   $     $ (0.09 )   $ (0.09 )   $  
                                 
                                 
    Backlog as of the February 2025 Fleet Status Report $ 8.3 billion                      
                                 

    STEINHAUSEN, Switzerland, Feb. 17, 2025 (GLOBE NEWSWIRE) — Transocean Ltd. (NYSE: RIG) today reported net income attributable to controlling interest of $7 million, or loss of $0.11 per diluted share, for the three months ended December 31, 2024.

    Fourth quarter results included $20 million, $0.02 per diluted share, discrete tax items, net. After consideration of these unfavorable items, fourth quarter 2024 adjusted net income was $27 million, or loss of $0.09 per diluted share.

    Contract drilling revenues for the three months ended December 31, 2024, increased sequentially by $4 million to $952 million, primarily due to increased utilization for one rig that returned to work after undergoing a special periodic survey in the third quarter and higher reimbursement revenues, partially offset by lower revenue efficiency across the fleet.

    Operating and maintenance expense was $579 million, compared with $563 million in the prior quarter. The sequential increase was the result of higher in-service maintenance costs across our fleet, partially offset by a settlement with insurance carriers.

    General and administrative expense was $56 million, up from $47 million in the third quarter due primarily to increased legal and professional fees.

    Interest expense net of capitalized amounts was $152 million, compared to $154 million in the prior quarter, excluding the favorable adjustment of $61 million and $74 million in the fourth and third quarter, respectively, for the fair value of the bifurcated exchange feature related to the 4.625% exchangeable bonds. Interest income was $10 million, compared to $11 million in the prior quarter.

    The Effective Tax Rate(2) was 89.0%, up from 6.0% in the prior quarter. The increase was primarily due to higher income and increases in valuation allowance. The Effective Tax Rate excluding discrete items was 56.7% compared to 22.5% in the previous quarter.

    Cash provided by operating activities was $206 million during the fourth quarter of 2024, representing an increase of $12 million compared to the prior quarter. The sequential increase was primarily due to timing of interest payments and decreased payments for accounts payable, partially offset by reduced collections from customers.

    Fourth quarter 2024 capital expenditures of $29 million, compared to $58 million in the prior quarter, were related to capital upgrades for certain rigs in our fleet.

    “In 2024, we continued to advance our position as the technological leader in offshore drilling by, among other things, executing the first two 20K subsea completions in the history of the industry,” said Chief Executive Officer Jeremy Thigpen. “We also introduced and implemented other technologies that enhance our operational performances and further differentiate our fleet. This commitment to innovation, along with our reputation for delivering safe, reliable, and efficient operations, is clearly recognized by our customers, as demonstrated by the $2.4 billion in backlog we secured during the year.”

    Thigpen continued, “With industry-leading contract coverage well into 2026, our primary objective will be strong operational execution and an intense focus on cost control to ensure we maximize the conversion of our backlog to cash, enabling us to continue de-leveraging our balance sheet.”

    Full Year 2024

    For the year ended December 31, 2024, net loss attributable to controlling interest totaled $512 million, $0.76 per diluted share. Full year results included $458 million, $0.50 per diluted share, net unfavorable items as follows:

    • $755 million, $0.82 per diluted share, loss on impairment of assets; and
    • $5 million, $0.01 per diluted share, loss on impairment of our investments in unconsolidated affiliates; partially offset by,
    • $161 million, $0.18 per diluted share, gain on retirement of debt; and
    • $141 million, $0.15 per diluted share, related to discrete tax items, net.

    After consideration of these net unfavorable items, adjusted net loss for 2024 was $54 million, $0.26 per diluted share.

    Non-GAAP Financial Measures

    We present our operating results in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). We believe certain financial measures, such as Adjusted Contract Drilling Revenues, EBITDA, Adjusted EBITDA and Adjusted Net Income, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under U.S. GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP.

    All non-GAAP measure reconciliations to the most comparative U.S. GAAP measures are displayed in quantitative schedules on the company’s website at: www.deepwater.com.

    About Transocean

    Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services, and operates the highest specification floating offshore drilling fleet in the world.

    Transocean owns or has partial ownership interests in and operates a fleet of 34 mobile offshore drilling units, consisting of 26 ultra-deepwater floaters and eight harsh environment floaters.

    For more information about Transocean, please visit: www.deepwater.com.

    Conference Call Information

    Transocean will conduct a teleconference starting at 9 a.m. EST, 3 p.m. CET, on Tuesday, February 18, 2025, to discuss the results. To participate, dial +1 785-424-1116 and refer to conference code 540196 approximately 15 minutes prior to the scheduled start time.

    The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. Supplemental materials that may be referenced during the teleconference will be available at: www.deepwater.com, by selecting Investors, Financial Reports.

    A replay of the conference call will be available after 12 p.m. EST, 6 p.m. CET, on Tuesday, February 18, 2025. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-1152, passcode 540196. The replay will also be available on the company’s website.

    Forward-Looking Statements

    The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as “possible,” “intend,” “will,” “if,” “expect,” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company’s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2023, and in the company’s other filings with the SEC, which are available free of charge on the SEC’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.

    This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

    Notes

    (1) Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations. See the accompanying schedule entitled “Revenue Efficiency.”
    (2) Effective Tax Rate is defined as income tax expense or benefit divided by income or loss before income taxes. See the accompanying schedule entitled “Supplemental Effective Tax Rate Analysis.”
       

    Analyst Contact:
    Alison Johnson
    +1 713-232-7214

    Media Contact:
    Pam Easton
    +1 713-232-7647

    TRANSOCEAN LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In millions, except per share data)
    (Unaudited)
                     
      Years ended December 31, 
      2024        2023        2022  
                     
    Contract drilling revenues $ 3,524     $ 2,832     $ 2,575  
                     
    Costs and expenses                
    Operating and maintenance   2,199       1,986       1,679  
    Depreciation and amortization   739       744       735  
    General and administrative   214       187       182  
        3,152       2,917       2,596  
                     
    Loss on impairment of assets   (772 )     (57 )      
    Loss on disposal of assets, net   (17 )     (183 )     (10 )
    Operating loss   (417 )     (325 )     (31 )
                     
    Other income (expense), net                
    Interest income   50       52       27  
    Interest expense, net of amounts capitalized   (362 )     (646 )     (561 )
    Gain (loss) on retirement of debt   161       (31 )     8  
    Other, net   45       9       (5 )
        (106 )     (616 )     (531 )
    Loss before income tax expense (benefit)   (523 )     (941 )     (562 )
    Income tax expense (benefit)   (11 )     13       59  
                     
    Net loss   (512 )     (954 )     (621 )
    Net income attributable to noncontrolling interest                
    Net loss attributable to controlling interest $ (512 )   $ (954 )   $ (621 )
                     
    Loss per share                
    Basic $ (0.60 )   $ (1.24 )   $ (0.89 )
    Diluted $ (0.76 )   $ (1.24 )   $ (0.89 )
                     
    Weighted-average shares outstanding                
    Basic   850       768       699  
    Diluted   925       768       699  
                           
    TRANSOCEAN LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In millions, except share data)
    (Unaudited)
               
      December 31, 
      2024        2023  
    Assets          
    Cash and cash equivalents $ 560     $ 762  
    Accounts receivable, net   564       512  
    Materials and supplies, net   439       426  
    Assets held for sale   343       49  
    Restricted cash and cash equivalents   381       233  
    Other current assets   165       144  
    Total current assets   2,452       2,126  
               
    Property and equipment   22,417       23,875  
    Less accumulated depreciation   (6,586 )     (6,934 )
    Property and equipment, net   15,831       16,941  
    Contract intangible assets         4  
    Deferred tax assets, net   45       44  
    Other assets   1,043       1,139  
    Total assets $ 19,371     $ 20,254  
               
    Liabilities and equity          
    Accounts payable $ 255     $ 323  
    Accrued income taxes   31       23  
    Debt due within one year   686       370  
    Other current liabilities   691       681  
    Total current liabilities   1,663       1,397  
               
    Long-term debt   6,195       7,043  
    Deferred tax liabilities, net   499       540  
    Other long-term liabilities   729       858  
    Total long-term liabilities   7,423       8,441  
               
    Commitments and contingencies          
               
    Shares, $0.10 par value, 1,057,879,029 authorized, 141,262,093 conditionally authorized, 940,828,901 issued          
    and 875,830,772 outstanding at December 31, 2024, and CHF 0.10 par value, 1,021,294,549 authorized,          
    142,362,093 conditionally authorized, 843,715,858 issued and 809,030,846 outstanding at December 31, 2023   87       81  
    Additional paid-in capital   14,880       14,544  
    Accumulated deficit   (4,545 )     (4,033 )
    Accumulated other comprehensive loss   (138 )     (177 )
    Total controlling interest shareholders’ equity   10,284       10,415  
    Noncontrolling interest   1       1  
    Total equity   10,285       10,416  
    Total liabilities and equity $ 19,371     $ 20,254  
    TRANSOCEAN LTD. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In millions)
    (Unaudited)
                     
      Years ended December 31, 
      2024        2023        2022  
                     
    Cash flows from operating activities                
    Net loss $ (512 )   $ (954 )   $ (621 )
    Adjustments to reconcile to net cash provided by operating activities:                
    Amortization of contract intangible asset   4       52       117  
    Depreciation and amortization   739       744       735  
    Share-based compensation expense   47       40       29  
    Loss on impairment of assets   772       57        
    Loss on disposal of assets, net   17       183       10  
    Amortization of debt-related balances, net   53       51       33  
    (Gain) loss on adjustment to bifurcated compound exchange feature   (214 )     127       157  
    (Gain) loss on retirement of debt   (161 )     31       (8 )
    Loss on impairment of investment in unconsolidated affiliates   5       5        
    Deferred income tax expense   (42 )     18       46  
    Other, net   (7 )     43       44  
    Changes in deferred revenues, net   45       70       (20 )
    Changes in deferred costs, net   (2 )     (190 )     1  
    Changes in other operating assets and liabilities, net   (297 )     (113 )     (75 )
    Net cash provided by operating activities   447       164       448  
                     
    Cash flows from investing activities                
    Capital expenditures   (254 )     (427 )     (717 )
    Investment in loans to unconsolidated affiliates   (3 )     (3 )     (5 )
    Investment in equity of unconsolidated affiliates         (10 )     (42 )
    Proceeds from disposal of assets, net of costs to sell   101       10       7  
    Cash acquired in acquisition of unconsolidated affiliates   5       7        
    Net cash used in investing activities   (151 )     (423 )     (757 )
                     
    Cash flows from financing activities                
    Repayments of debt   (2,103 )     (1,717 )     (554 )
    Proceeds from issuance of debt, net of issue costs   1,770       1,983       175  
    Proceeds from issuance of shares, net of issue costs               263  
    Proceeds from issuance of warrants, net of issue costs               12  
    Other, net   (17 )     (3 )     (8 )
    Net cash provided by (used in) financing activities   (350 )     263       (112 )
                     
    Net increase (decrease) in unrestricted and restricted cash and cash equivalents   (54 )     4       (421 )
    Unrestricted and restricted cash and cash equivalents, beginning of period   995       991       1,412  
    Unrestricted and restricted cash and cash equivalents, end of period $ 941     $ 995     $ 991  
                                     
    TRANSOCEAN LTD. AND SUBSIDIARIES
    FLEET OPERATING STATISTICS
     
      Three months ended     Years ended  
      December 31,    September 30,   December 31,      December 31,    December 31,   
    Contract Drilling Revenues (in millions) 2024    2024    2023      2024    2023   
    Ultra-deepwater floaters $ 675   $ 668   $ 536     $ 2,518   $ 2,072  
    Harsh environment floaters   277     280     205       1,006     760  
    Total contract drilling revenues $ 952   $ 948   $ 741     $ 3,524   $ 2,832  
      Three months ended     Years ended  
      December 31,    September 30,   December 31,      December 31,    December 31,   
    Average Daily Revenue (1) 2024    2024    2023      2024    2023   
    Ultra-deepwater floaters $ 428,200   $ 426,700   $ 432,100     $ 428,000   $ 393,700  
    Harsh environment floaters   452,600     464,900     354,700       435,900     354,300  
    Total fleet average daily revenue $ 434,700   $ 436,800   $ 407,800     $ 430,100   $ 382,300  
      Three months ended     Years ended
      December 31,    September 30,   December 31,      December 31,    December 31, 
    Revenue Efficiency (2) 2024   2024   2023     2024    2023
    Ultra-deepwater floaters 92.0 %   92.5 %   96.8 %     93.4 %   96.5 %
    Harsh environment floaters 97.6 %   100.1 %   97.6 %     97.5 %   97.8 %
    Total fleet average revenue efficiency 93.5 %   94.5 %   97.0 %     94.5 %   96.8 %
      Three months ended     Years ended
      December 31,     September 30,    December 31,      December 31,     December 31, 
    Utilization (3) 2024   2024   2023     2024   2023
    Ultra-deepwater floaters 64.3 %   60.7 %   46.8 %     57.3 %   49.4 %
    Harsh environment floaters 75.0 %   75.0 %   66.7 %     71.1 %   59.1 %
    Total fleet average rig utilization 66.8 %   63.9 %   51.6 %     60.5 %   51.9 %
                                   
    (1) Average daily revenue is defined as operating revenues, excluding revenues for contract terminations, reimbursements and contract intangible amortization, earned per operating day. An operating day is defined as a day for which a rig is contracted to earn a dayrate during the firm contract period after operations commence.
                                   
    (2) Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations.
                                   
    (3) Rig utilization is defined as the total number of operating days divided by the total number of rig calendar days in the measurement period, expressed as a percentage.
     
                                             
    TRANSOCEAN LTD. AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
    ADJUSTED NET INCOME (LOSS) AND ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE
    (in millions, except per share data)
                                             
      YTD   QTD   YTD   QTD   YTD   QTD   YTD
      12/31/24   12/31/24   09/30/24   09/30/24   06/30/24   06/30/24    03/31/24
    Adjusted Net Income (Loss)                                        
    Net income (loss) attributable to controlling interest, as reported $ (512 )   $ 7     $ (519 )   $ (494 )   $ (25 )   $ (123 )   $ 98  
    Loss on impairment of assets, net of tax   755             755       617       138       138        
    Loss on impairment of investment in unconsolidated affiliates   5             5             5       4       1  
    Gain on retirement of debt   (161 )           (161 )     (21 )     (140 )     (140 )      
    Discrete tax items   (141 )     20       (161 )     (38 )     (123 )     (2 )     (121 )
    Net income (loss), as adjusted $ (54 )   $ 27     $ (81 )   $ 64     $ (145 )   $ (123 )   $ (22 )
                                             
    Adjusted Diluted Earnings (Loss) Per Share:                                        
    Diluted earnings (loss) per share, as reported $ (0.76 )   $ (0.11 )   $ (0.65 )   $ (0.58 )   $ (0.03 )   $ (0.15 )   $ 0.11  
    Loss on impairment of assets, net of tax   0.82             0.82       0.64       0.17       0.17        
    Loss on impairment of investment in unconsolidated affiliates   0.01             0.01                          
    Gain on retirement of debt   (0.18 )           (0.18 )     (0.02 )     (0.17 )     (0.17 )      
    Discrete tax items   (0.15 )     0.02       (0.18 )     (0.04 )     (0.15 )           (0.14 )
    Diluted earnings (loss) per share, as adjusted $ (0.26 )   $ (0.09 )   $ (0.18 )   $     $ (0.18 )   $ (0.15 )   $ (0.03 )
                                             
      YTD   QTD   YTD   QTD   YTD   QTD   YTD
      12/31/23     12/31/23    09/30/23     09/30/23    06/30/23    06/30/23    03/31/23
    Adjusted Net Loss                                        
    Net loss attributable to controlling interest, as reported $ (954 )   $ (104 )   $ (850 )   $ (220 )   $ (630 )   $ (165 )   $ (465 )
    Loss on impairment of assets   57       (1 )     58       5       53       53        
    Loss on disposal of assets, net   169             169             169             169  
    Loss on impairment of investment in unconsolidated affiliate   5       5                                
    Loss on conversion of debt to equity   27       24       3             3       3        
    (Gain) loss on retirement of debt   31       (1 )     32             32             32  
    Discrete tax items   (74 )     3       (77 )     (65 )     (12 )     (1 )     (11 )
    Net loss, as adjusted $ (739 )   $ (74 )   $ (665 )   $ (280 )   $ (385 )   $ (110 )   $ (275 )
                                             
    Adjusted Diluted Loss Per Share:                                        
    Diluted loss per share, as reported $ (1.24 )   $ (0.13 )   $ (1.13 )   $ (0.28 )   $ (0.85 )   $ (0.22 )   $ (0.64 )
    Loss on impairment of assets   0.07             0.08       0.01       0.07       0.07        
    Loss on disposal of assets, net   0.22             0.23             0.23             0.23  
    Loss on impairment of investment in unconsolidated affiliate   0.01       0.01                                
    Loss on conversion of debt to equity   0.04       0.03                                
    (Gain) loss on retirement of debt   0.04             0.04             0.04             0.04  
    Discrete tax items   (0.10 )           (0.10 )     (0.09 )     (0.01 )           (0.01 )
    Diluted loss per share, as adjusted $ (0.96 )   $ (0.09 )   $ (0.88 )   $ (0.36 )   $ (0.52 )   $ (0.15 )   $ (0.38 )
                                               
    TRANSOCEAN LTD. AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
    ADJUSTED CONTRACT DRILLING REVENUES
    EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION AND RELATED MARGINS
    (in millions, except percentages)
                                               
                                               
        YTD   QTD   YTD   QTD   YTD   QTD   YTD
         12/31/24   12/31/24   09/30/24   09/30/24   06/30/24   06/30/24   03/31/24
                                               
    Contract drilling revenues   $ 3,524     $ 952   $ 2,572     $ 948     $ 1,624     $ 861     $ 763  
    Contract intangible asset amortization     4           4             4             4  
    Adjusted Contract Drilling Revenues   $ 3,528     $ 952   $ 2,576     $ 948     $ 1,628     $ 861     $ 767  
                                               
    Net income (loss)   $ (512 )   $ 7   $ (519 )   $ (494 )   $ (25 )   $ (123 )   $ 98  
    Interest expense, net of interest income     312       81     231       69       162       60       102  
    Income tax expense (benefit)     (11 )     55     (66 )     (31 )     (35 )     156       (191 )
    Depreciation and amortization     739       180     559       190       369       184       185  
    Contract intangible asset amortization     4           4             4             4  
    EBITDA     532       323     209       (266 )     475       277       198  
                                               
    Loss on impairment of assets     772           772       629       143       143        
    Loss on impairment of investment in unconsolidated affiliates     5           5             5       4       1  
    Gain on retirement of debt     (161 )         (161 )     (21 )     (140 )     (140 )      
    Adjusted EBITDA   $ 1,148     $ 323   $ 825     $ 342     $ 483     $ 284     $ 199  
                                               
                                               
    Profit (loss) margin     (14.5 ) %   0.7 %   (20.2 ) %   (52.0 ) %   (1.5 ) %   (14.3 ) %   12.9 %
    EBITDA margin     15.1   %   33.9 %   8.1   %   (28.1 ) %   29.2   %   32.2   %   25.8 %
    Adjusted EBITDA margin     32.5   %   33.9 %   32.0   %   36.0   %   29.7   %   33.0   %   26.0 %
                                             
      YTD   QTD   YTD   QTD   YTD   QTD   YTD
      12/31/23   12/31/23   09/30/23   09/30/23   06/30/23   06/30/23   03/31/23
                                             
    Contract drilling revenues $ 2,832     $ 741     $ 2,091     $ 713     $ 1,378     $ 729     $ 649  
    Contract intangible asset amortization   52       7       45       8       37       19       18  
    Adjusted Contract Drilling Revenues $ 2,884     $ 748     $ 2,136     $ 721     $ 1,415     $ 748     $ 667  
                                             
    Net loss $ (954 )   $ (104 )   $ (850 )   $ (220 )   $ (630 )   $ (165 )   $ (465 )
    Interest expense, net of interest income   594       (13 )     607       220       387       157       230  
    Income tax expense (benefit)   13       21       (8 )     (43 )     35       (16 )     51  
    Depreciation and amortization   744       184       560       192       368       186       182  
    Contract intangible asset amortization   52       7       45       8       37       19       18  
    EBITDA   449       95       354       157       197       181       16  
                                             
    Loss on impairment of assets   57       (1 )     58       5       53       53        
    Loss on disposal of assets, net   169             169             169             169  
    Loss on impairment of investment in unconsolidated affiliate   5       5                                
    Loss on conversion of debt to equity   27       24       3             3       3        
    (Gain) loss on retirement of debt   31       (1 )     32             32             32  
    Adjusted EBITDA $ 738     $ 122     $ 616     $ 162     $ 454     $ 237     $ 217  
                                             
                                             
    Loss margin   (33.7 ) %   (14.0 ) %   (40.7 ) %   (30.9 ) %   (45.7 ) %   (22.6 ) %   (71.6 )%
    EBITDA margin   15.6   %   12.7   %   16.6   %   21.8   %   13.9   %   24.2   %   2.4 %
    Adjusted EBITDA margin   25.6   %   16.3   %   28.9   %   22.5   %   32.1   %   31.7   %   32.5 %
                                             
    TRANSOCEAN LTD. AND SUBSIDIARIES
    SUPPLEMENTAL EFFECTIVE TAX RATE ANALYSIS
    (in millions, except tax rates)
                                 
      Three months ended   Years ended
      December 31,       September 30,      December 31,    December 31,    December 31, 
      2024        2024        2023     2024     2023  
                                 
    Income (loss) before income taxes $ 62     $ (525 )   $ (83 )   $ (523 )   $ (941 )
    Loss on impairment of assets         629       (1 )     772       57  
    Loss on disposal of assets, net                           169  
    Loss on impairment of investment in unconsolidated affiliates               5       5       5  
    Loss on conversion of debt to equity               24             27  
    (Gain) loss on retirement of debt         (21 )     (1 )     (161 )     31  
    Adjusted income (loss) before income taxes $ 62     $ 83     $ (56 )   $ 93     $ (652 )
                                 
                                 
    Income tax expense (benefit) $ 55     $ (31 )   $ 21     $ (11 )   $ 13  
    Loss on impairment of assets         12             17        
    Loss on disposal of assets, net                            
    Loss on impairment of investment in unconsolidated affiliates                            
    Loss on conversion of debt to equity                            
    (Gain) loss on retirement of debt                            
    Changes in estimates (1)   (20 )     38       (3 )     141       74  
    Adjusted income tax expense (benefit) $ 35     $ 19     $ 18     $ 147     $ 87  
                                 
    Effective Tax Rate (2)   89.0     6.0     (25.0 )%      2.2     (1.4 )%
                                 
    Effective Tax Rate, excluding discrete items (3)   56.7     22.5     (30.0 )%      159.1     (13.3 )%
                                 
                                 
    (1) Our estimates change as we file tax returns, settle disputes with tax authorities, or become aware of changes in laws, operational changes and rig movements that have an effect on our (a) deferred taxes, (b) valuation allowances on deferred taxes and (c) other tax liabilities.
                                 
    (2) Our effective tax rate is calculated as income tax expense or benefit divided by income or loss before income taxes.
                                 
    (3) Our effective tax rate, excluding discrete items, is calculated as income tax expense or benefit, excluding various discrete items (such as changes in estimates and tax on items excluded from income before income taxes), divided by income or loss before income taxes, excluding gains and losses on sales and similar items pursuant to the accounting standards for income taxes related to estimating the annual effective tax rate.
                                             
    TRANSOCEAN LTD. AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
    FREE CASH FLOW AND LEVERED FREE CASH FLOW
    (in millions)
                                             
      YTD   QTD   YTD   QTD   YTD   QTD   YTD
      12/31/24   12/31/24   09/30/24   09/30/24   06/30/24   06/30/24   03/31/24
                                             
    Cash provided by (used in) operating activities $ 447     $ 206     $ 241     $ 194     $ 47     $ 133     $ (86 )
    Capital expenditures   (254 )     (29 )     (225 )     (58 )     (167 )     (84 )     (83 )
    Free Cash Flow   193       177       16       136       (120 )     49       (169 )
    Debt repayments   (2,103 )     (30 )     (2,073 )     (258 )     (1,815 )     (1,664 )     (151 )
    Debt repayments, paid from debt proceeds   1,748             1,748       99       1,649       1,649        
    Levered Free Cash Flow $ (162 )   $ 147     $ (309 )   $ (23 )   $ (286 )   $ 34     $ (320 )
                                             
                                             
                                             
      YTD   QTD   YTD   QTD   YTD   QTD   YTD
      12/31/23   12/31/23   09/30/23   09/30/23   06/30/23   06/30/23   03/31/23
                                             
    Cash provided by (used in) operating activities $ 164     $ 98     $ 66     $ (44 )   $ 110     $ 157     $ (47 )
    Capital expenditures   (427 )     (220 )     (207 )     (50 )     (157 )     (76 )     (81 )
    Free Cash Flow   (263 )     (122 )     (141 )     (94 )     (47 )     81       (128 )
    Debt repayments   (1,717 )     (10 )     (1,707 )     (139 )     (1,568 )     (4 )     (1,564 )
    Debt repayments, paid from debt proceeds   1,156             1,156             1,156             1,156  
    Levered Free Cash Flow $ (824 )   $ (132 )   $ (692 )   $ (233 )   $ (459 )   $ 77     $ (536 )
                                             
                                             
                                             
      YTD   QTD   YTD   QTD   YTD   QTD   YTD
      12/31/22   12/31/22   09/30/22   09/30/22   06/30/22   06/30/22   03/31/22
                                             
    Cash provided by (used in) operating activities $ 448     $ 178     $ 270     $ 230     $ 40     $ 41     $ (1 )
    Capital expenditures   (717 )     (409 )     (308 )     (87 )     (221 )     (115 )     (106 )
    Free Cash Flow   (269 )     (231 )     (38 )     143       (181 )     (74 )     (107 )
    Debt repayments   (554 )     (101 )     (453 )     (196 )     (257 )     (92 )     (165 )
    Debt repayments, paid from debt proceeds                                        
    Levered Free Cash Flow $ (823 )   $ (332 )   $ (491 )   $ (53 )   $ (438 )   $ (166 )   $ (272 )

    The MIL Network

  • MIL-OSI Australia: Housing Delivery Authority fast tracks 6,400 new homes

    Source: New South Wales Premiere

    Published: 18 February 2025

    Released by: The Premier, Minister for Planning and Public Spaces


    The Minister for Planning and Public Spaces has declared eleven housing proposals State Significant Development (SSD) creating capacity for 6,400 new well-located homes, following recommendations from the Housing Delivery Authority (HDA).

    The proposals were recommended for State Significance following the first meeting of the HDA, which was established by the Minns Labor Government to speed up assessment timeframes, with the option of concurrent rezoning and assessment, rather than being assessed by councils.

    The HDA has received over 160 expressions of interest (EOIs) since it invited proposals in mid-January 2025. This meeting examined the first 28 proposals received.

    Some applicants submitted proposals that are already well progressed along another, more suitable assessment pathway. These have been advised that they are on the right pathway for their proposal.

    The HDA has resolved to meet fortnightly to consider further EOIs in a timely manner.

    The Department of Planning, Housing and Infrastructure will now provide clear advice and guidance to HDA applicants on the next steps to take with their development proposal.

    In some cases, this advice includes recommending an alternative planning pathway for major housing projects that may require a concurrent rezoning but do not satisfy the criteria of the HDA pathway.

    High-quality housing projects that have detailed plans submitted within nine months and can begin construction within 12 months of approval and deliver affordable housing were given priority by the HDA, to set a clear benchmark for future EOI submissions.

    This is part of the Minns Labor Government’s plan to build a better NSW with more homes and services, so young people, families and key local workers have somewhere to live and in the communities they choose.

    The HDA builds on the Minns Government’s recent reforms to the planning system to speed up the delivery of more homes, including:

    ·       The development of the NSW Pattern Book and accelerated planning pathway for those who use the pre-approved patterns.

    ·       The largest rezoning in NSW history around transport hubs.

    ·       The largest ever investment in the delivery of social and affordable housing in NSW.

    ·       $200 million in financial incentives for councils that meet the new expectations for development applications, planning proposals and strategic planning. 

    ·       $450 million to build new apartments for essential workers including nurses, paramedics, teachers, allied health care workers, police officers and firefighters. 

    Recommendations from the HDA are published as required under the Environmental Planning and Assessment Act 1979 before the SSD declaration. For more information visit Housing Delivery Authority | Planning

    Premier of New South Wales Chris Minns said: 

    “These changes that we have implemented are making it easier and faster to increase housing supply near existing infrastructure, critical to delivering thousands of much needed homes for young people, families and workers.

    “This new authority that is fast tracking the approval of new homes is a major but necessary change to cut through the red tape and delays that have haunted the NSW planning system for well over a decade.

    “This is an important step that is helping to deliver thousands of new homes for those who need them, but we know that work does not stop here to increase housing supply.” 

    Minister for Planning and Public Spaces Paul Scully said:

    “The Minns Labor Government is reforming the planning system to deliver more market and affordable housing across NSW because everyone having access to a home – either to rent or buy – is a foundation of social and economic participation.

    “The Housing Delivery Authority not only encourages new housing proposals by asking for expressions of interest, but it also allows existing proposals to receive fast track consideration by being assessed by the State rather than the local Council.

    “The Minns Labor Government is delivering on its commitment to streamline the planning system to create more homes. In just the first meeting, we have the potential for 6,400 homes. That is thousands of families, workers and grandparents finding a home.”

    MIL OSI News

  • MIL-OSI Australia: New Sydney Fish Market’s iconic floating roof now complete

    Source: New South Wales Premiere

    Published: 18 February 2025

    Released by: The Premier, Minister for Planning and Public Spaces


    The new Sydney Fish Market has reached a major milestone with the final roof panel installed on top of the 200-metre-long floating roof canopy, forming the iconic building’s crowning glory.

    With the unique and spectacular roof now completed, Sydney’s skyline is set to change forever with this new architectural marvel, just as the Opera House did when it was built in 1973.  

    This marks a pivotal moment in the project, as the focus shifts from structural work to internal finishes, bringing the building one step closer to construction completion.

    The roof’s supporting structure is comprised of 594 timber roof beams – with the longest beams up to 32 metres in length – and was completed in December 2024.

    Combined with over 400 roof panels, the roof weighs a staggering 2,500 tonnes. The roof requires some finishing touches including waterproofing, which will follow in the weeks ahead.

    Since construction began, the project has provided a major boost to the local economy with delivery partner Multiplex awarding more than $670 million in contracts to Australian suppliers for services including maritime piling, steel reinforcement and installation of the roof cassettes.

    The new Sydney Fish Market will offer a vibrant mix of retail, dining, and community spaces, including fresh seafood market, restaurants, and a seafood school. The new market will create a dynamic hub for both locals and tourists, celebrating Sydney’s reputation as a global seafood destination.

    The new Sydney Fish Market is key to the transformation of Blackwattle Bay, which will unlock a connected waterfront promenade from Rozelle Bay to Woolloomooloo, 1,100 homes on the old fish market site and more than 6,000 square metres of public space, improving pedestrian and cycling links.

    The project is also supporting over 700 jobs during construction, and a further 700 jobs once operational.

    For more information about the new Sydney Fish Market visit: new Sydney Fish Market.

    NSW Premier Chris Minns said:

    “The revamped market will be truly spectacular, offering a world-class, authentic seafood for an expected 6 million annual local and international visitors – ensuring it remains one of the most popular tourist destinations on offer in our harbour city.”

    “Excitement around the new Sydney Fish Market is growing every day as this spectacular new building, now with a completed roof, comes to life at the head of Blackwattle Bay.

    Minister for Lands and Property Steve Kamper said:

    “Today marks a significant milestone with the completion of the roof at the new Sydney Fish Market, a testament to world-class engineering and design.

    “The roof not only enhances the market’s aesthetic with its magnificent wave-like form now in place, but also the environmental sustainability of the building.

    “It is incredibly exiting to have reached this stage in the build and start work on finishes. We’re on the home stretch now and getting closer to being able to set foot in the new Sydney Fish Market, which will be an icon for Sydney and a destination for all.”

    NSW Regional Director Daniel Murphy at Multiplex said:

    “This milestone is a testament to the hard work and dedication of our construction team and partners. We can’t wait to see visitors enjoying this impressive building when it opens to the public.”

    MIL OSI News

  • MIL-OSI New Zealand: Preparing more PhD students to lift productivity

    Source: New Zealand Government

    A new university programme will help prepare PhD students for world-class careers in science by building stronger connections between research and industry, Science, Innovation and Technology Minister Dr Shane Reti says.

    “Our Government is laser focused on growing New Zealand’s economy and to do that, we must realise the potential of our science, innovation and technology sector,” says Dr Reti.

    “New Zealand’s PhD programmes are excellent at preparing students for a career in academia. What they are not doing is giving students the skills to use that cutting-edge science to grow Kiwi businesses.”

    The new applied doctorate scheme will be hosted by the University of Auckland, Victoria University of Wellington, University of Otago and Massey University, in partnership with New Zealand’s science, innovation and technology industry.

    “This scheme will equip PhD students in STEM subjects with the practical skills they need to apply their knowledge to real-world problems within ambitious businesses, alongside their core advanced research skills,” Dr Reti says.

    “This scheme will incorporate practical training and opportunities for students to apply their knowledge and develop strong relationships with the science, innovation and technology industry.

    “With more hands-on experiences that businesses need, such as project management, finance and the ability to commercialise intellectual property, a greater range of career options will open up for PhD students.

    “Businesses will benefit from improved access to advanced researchers, who have the skills to jump straight in and apply their knowledge, and students will be equipped with the skills they need to help grow New Zealand’s economy.”

    $20 million over the next five years will support up to 30 students each year to access the scheme.  

    The host universities will work through details of the scheme and contracting with MBIE, with the aim to invite applications for the first PhD students later in 2025. 

    MIL OSI New Zealand News

  • MIL-OSI: Archrock Announces Timing for Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 17, 2025 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE:AROC) (“Archrock”) will host a conference call on Tuesday, February 25, 2025, to discuss its fourth quarter and full-year 2024 financial and operating results as well as annual 2025 guidance. The call will begin at 9:00 a.m. Eastern Time. Archrock will release its fourth quarter 2024 earnings report prior to the conference call.

    To listen to the call via a live webcast, please visit Archrock’s website at www.archrock.com. The call will also be available by dialing 1 (800) 715-9871 in the United States, or 1 (646) 307-1963 for international calls. The access code is 4749623. A replay of the webcast will be available for 90 days on Archrock’s website shortly after the call.

    About Archrock

    Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how the Company embodies its purpose, WE POWER A CLEANER AMERICATM, visit www.archrock.com.

    SOURCE: Archrock, Inc.

    For information, contact:

    Megan Repine
    Vice President, Investor Relations
    (281) 836-8360
    investor.relations@archrock.com

    The MIL Network

  • MIL-OSI United Nations: Use Upcoming Tenth Anniversary of Minsk Accord’s Signing to Renew Diplomatic Efforts towards De-escalation in Ukraine, Assistant Secretary-General Urges Security Council

    Source: United Nations MIL OSI b

    The Minsk Agreements show that the signing of a peace pact alone does not ensure a durable end to conflict, the Security Council heard today as it met a decade after the adoption of Council resolution 2202 (2015), which called for the full implementation of those accords.

    The international community must use the 10-year anniversary as an opportunity to “recall past diplomatic efforts towards de-escalation” as well as reflect “on what happens when peacemaking fails”, Miroslav Jenča, Assistant Secretary-General for Europe, Central Asia and Americas in the Departments of Political and Peacebuilding Affairs and Peace Operations, said.  He noted that in one week, it will be “three tragic years” since the Russian Federation’s full-scale invasion of Ukraine.

    Highlighting the crucial role of regional and subregional organizations, he praised the Organization for Security and Cooperation in Europe (OSCE) Special Monitoring Mission for monitoring ceasefire violations and helping to maintain dialogue for “eight difficult years”.  Any peaceful settlement must respect the sovereignty, independence and territorial integrity of Ukraine, he said, welcoming all initiatives with the full participation of Ukraine and the Russian Federation.  Ensuring the conflict does not reoccur or escalate requires genuine political will and understanding of its “multidimensional complexity”, he said.

    Peace Activist Haunted by Dead Ukrainian, Russian Soldiers, Says War Could Have Been Avoided through Diplomacy

    “The people of Ukraine are divided – they are either pro- or anti-Russian,” stated Roger Waters, civil peace activist, who also addressed the Council today.  To those questioning his credentials, he said:  “I’m here to talk about war and peace and love, and my credentials are firmly in place.” “Hundreds of thousands of dead Ukrainian and Russian soldiers […] are in this room with us today [and] they haunt me,” he said. 

    Recalling the Maidan protests in Kyiv, he stressed that this is one of the problems with regime change — “dead bodies, they are somebody’s loved one”. Immediately after the Government change in 2014, Crimea seceded from Ukraine and joined the Russian Federation. “Did it secede or was it annexed?” he asked, pointing to a referendum held at the time, in which 95 per cent of Ukrainians in Crimea voted to secede. 

    The agreements — Minsk I, signed in September 2014, and Minsk II, in February 2015 — outlined steps for ending the conflict in eastern Ukraine through a political settlement.  The latter accord stipulated a ceasefire in certain areas of the Donetsk and Luhansk regions and the withdrawal of military equipment by both sides.  It also included a commitment by Kyiv to organize local elections and grant special status to the separatist-held areas in eastern Ukraine and the reinstatement of Ukraine’s full control over its border.

    Mr. Waters said that despite campaigning on the promise to resume Minsk II, Ukraine President Volodymyr Zelenskyy, who came to power in 2019, did not do so, and in 2022, Russian troops crossed the border to Ukraine. This war could have been avoided through diplomacy, he insisted, adding that President Zelenskyy had started talking to Russian President Vladimir Putin and by the end of April 2014, a ceasefire agreement had been agreed upon in Istanbul.  The war could have been a stillborn, but then United Kingdom Prime Minister Boris Johnson arrived in Kyiv with the message that the war should be continued as it “suits the Americans” — “the longer it takes, the better”. 

    Citing the telephone talks between United States President Donald Trump and President Putin as a potential move in the right direction, he concluded:  “Maybe there is a glimmer of light at the end of this dark tunnel of war — it comes three years and hundreds of thousands of priceless lives too late, but maybe it’s a start.”

    United States Committed to Ending Carnage, Restoring Europe’s Stability, its Speaker Says 

    Washington, D.C., is committed to ending the carnage and restoring Europe’s stability, the representative of the United States said, adding:  “We want a sovereign and prosperous Ukraine but we must start by recognizing that returning to Ukraine’s pre-2014 borders is an unrealistic objective.”  Further, he added:  “Chasing this illusionary goal will only prolong the war and cause more suffering.” At the same time, he underscored that the Russian Federation has consistently undermined the Minsk Agreement; therefore, a durable peace for Ukraine must include robust security guarantees to ensure the war will not begin again.  Describing Moscow’s illegal war of conquest as “a strategic error”, he said that “the easy way out is through negotiations”.  If Moscow, instead, “chooses the hard way”, it will incur greater and escalating costs to its economy and losses on the battlefield, he warned. 

    New United States Administration Has Created Space for Diplomacy, Russian Federation’s Representative Says 

    For his part, the Russian Federation’s delegate said that “the entry into office of the Republican United States Administration” has created space for the emergence of diplomacy.  Those who seized power in Ukraine, following the 2014 anti-constitutional coup, had no intention of implementing the Minsk Agreements, he said.  Citing statements by various Ukrainian officials who described the Agreements as “a noose on the neck” and “not binding in nature”, he said the Agreements were “a smokescreen” for Western countries while they provided Ukraine armaments. 

    Outlining lessons to draw from the failure of the Minsk process, he said European Union countries and the United Kingdom are “unfaithful to their word and they cannot be a party to any future agreement”.  Also stressing the need to provide autonomy to the east of Ukraine and guarantees for its Russian language population, he said that President Zelenskyy “is deathly afraid of elections and is doing everything possible to drag them out”.  A future Ukraine needs to be “a demilitarized neutral State, not a part of any blocs or alliances,” he said, adding that it was the prospect of the entry of Ukraine into the North Atlantic Treaty Organization (NATO) that triggered the crisis.

    Entire History of Minsk Agreement “Long List of Violations’ by Moscow”, Ukraine’s Delegate Says

    However, Ukraine’s delegate countered that the entire history of the Minsk Agreements “was a long list of violations” by Moscow.  In 2022, “on this very day”, “in this very chamber”, when her country expressed concern about the buildup of troops along its border and other developments, the Russian Federation had underscored that there is no alternative to the Minsk Agreements, she recalled.  Four days later, that country recognized the so-called independence of the Donetsk and Luhansk regions of Ukraine.  Among others, it never implemented paragraph 4 of the Minsk Protocol, concerning the establishment of a security area in the border regions of the two countries, she said.

     “It is because people of Ukraine are pro-Ukrainian [that] the Russian Federation has failed,” she added.  Any future arrangement involving the Kremlin must include enforcement mechanisms and preventive measures, she stressed, adding:  “What responsible States see as commitments to be upheld, the Russian Federation treats as a tactical ploy.”  Ukraine is working with its partners to find strong solutions, she said, stressing:  “Weak agreements will not bring real peace; they will only lead to the greater war.” 

    Other Council Members Weigh In

    Denmark’s delegate described the current meeting as “part of an ongoing disinformation campaign” to try and distract the international community from the subjugation of Ukraine.  Welcoming Ukraine’s ratification of the Rome Statute, she expressed support for a special tribunal to investigate crimes conducted in that country.  While “no one wants this war to end more than Ukraine”, the United Kingdom’s delegate said, President Putin’s preconditions for talks have been that Ukraine withdraws from large swathes of its own sovereign territory and abandons its right to choose its alliances.  “No country could accept this,” she said, reaffirming that London will provide concrete support for Ukraine for as long as needed. 

    “The Minsk Agreements were a diplomatic initiative designed to prevent further bloodshed and establish a political pathway to peace in Ukraine,” said Germany’s representative, adding that Moscow obstructed its implementation and chose to pursue expansionist conquest.  “This war should not have been started in the first place,” she stressed, calling on all States to unite behind the draft General Assembly resolution on advancing peace in Ukraine.  Along similar lines, France’s delegate highlighted the tireless mediation by Paris and Berlin, to enable Ukraine and Russian Federation to find common ground. However, Moscow chose war, he said, while Greece’s delegate stressed that “no interpretation of the Minsk Agreements can ever justify the invasion of Ukraine”.

    “We need something more than Minsk III,” Slovenia’s delegate said, adding that the abstract nature of the Agreements allowed for multiple interpretations.  Any future accord must be much be more specific with clear timelines, defined sequencing and a monitoring mechanism, he stressed.  Similarly, Somalia’s delegate underscored the importance of clarity, particularly in diplomatic tools, and said the implementation of ceasefire provisions requires robust and impartial verifying mechanisms.  The Republic of Korea’s delegate stressed that “the entire world is well aware of who is aggressor and who is the victim,” also adding that the Democratic People’s Republic of Korea’s support of the Russian Federation, with troops and munitions, is a grave violation of the Organization’s resolutions. 

    Several speakers expressed concern about the failure of diplomacy, while others called on the international community to rally behind new diplomatic efforts.  Since the onset of the Ukraine crisis, Beijing has been calling for a political solution through dialogue and has been actively engaged in diplomatic mediations, China’s representative, Council President for the month, said in his national capacity.  The legitimate security concerns of all countries should be taken seriously, he said, welcoming the Washington, D.C.-Moscow agreement to start peace talks. 

    “We have been consistent in our calls for restraint,” said Pakistan’s delegate, as he expressed regret that the Minsk Agreement could not reach just and lasting peace in the region.  “We must learn from the past so we do not commit the same errors,” Panama’s delegate added, stressing that dialogue and diplomacy is the only path to peace. 

    “The failed implementation of the Minsk Agreement cannot be the reason to prolong this war,” said Guyana’s delegate, reiterating calls for an end to the hostilities and for the withdrawal of Russian Federation’s forces from Ukraine’s territory.  “Until this day more and more civilians are losing their lives, including women and children,” pointed out Algeria’s representative, while Sierra Leone’s delegate underscored that “the conflict in Ukraine will not be resolved by military means”.

    MIL OSI United Nations News

  • MIL-OSI: Bybit Introduces the Physical Card for International Users: Simplifying Cryptocurrency Spending Worldwide

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Feb. 17, 2025 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has unveiled its latest innovation in crypto-friendly spending — the Bybit Physical Card. This development makes spending cryptocurrency more accessible and convenient for users, combining global reach with features tailored for both new and experienced crypto users.

    Simplified Global Spending

    Issued by Bybit Limited, the entity regulated by the Astana Financial Services Authority (AFSA) and in collaboration with S1LKPAY, the new Bybit Physical Card is now available to eligible international users. It allows seamless spending of cryptocurrency wherever Mastercard is accepted, making it a practical choice for frequent travelers and international payments.

    Key Benefits

    The Bybit Physical Card offers several features and enhanced user experience:

    • Free Card Issuance and Delivery for VIPs: VIP users get free issuance and delivery, while non-VIPs can obtain the card for $29.99. The card delivery period is five working days.
    • No Annual or Monthly Fees: No hidden fees or recurring charges.
    • 2% Cashback in USDT, AVAX: Cardholders earn rewards in popular cryptocurrencies with every eligible purchase.
    • Up to 8% APR: The competitive APR adds extra value for holders.
    • Samsung Pay Integration and Google Pay Integration: The card can be linked to Samsung Pay and Google Pay for faster and more convenient digital payments. 

    How It Works

    To get the Bybit Physical Card, users first apply for a Virtual Card. The Physical Card is designed to complement the Virtual Card by offering added flexibility and benefits for real-world transactions.

    New Bybit Card cardholders can enjoy 10% cashback, capped at up to $300. 

    About Bybit

    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

    For more details about Bybit, please visit Bybit Press

    For media inquiries, please contact: media@bybit.com 

    For updates, please follow: Bybit’s Communities and Social Media

    Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c3a2b6ba-1e4e-48ac-b4f0-396f2b7b84ce

    The MIL Network

  • MIL-OSI New Zealand: Sport and recreation facilities funding round opens

    Source: Auckland Council

    Indoor facilities, courts, changing rooms – these are just a few examples of the essential infrastructure needed to provide an optimal sport and recreation experience for Aucklanders.

    The sports organisations across Tāmaki Makaurau who want to develop their facilities can now apply for a slice of $9.5 million funding through Auckland Council’s Sport and Recreation Facilities Investment Fund (SRFIF).

    Councillor Angela Dalton, chair of the council’s Community Committee says the funding will lead to a boost in the number of Aucklanders participating in sport and recreation activities across the region.

    “Over the summer, we’ve seen Aucklanders at great facilities all over the region participating in their chosen sports, having fun and connecting – and this will continue with winter sports in the coming months.

    “The fund supports the development of sport and recreation facilities that create opportunities for Aucklanders to get active.

    Applications for the 2025/2026 Sport and Recreation Facilities Investment Fund open from 18 February 2025 to 18 March 2025.

    Kenneth Aiolupotea, General Manager Community Wellbeing welcomes applications to the fund.

    “Grassroots sports organisations play an important role in the Tāmaki Makaurau sport and recreation network.

    “Sports organisations that need help to finance building or infrastructure work are encouraged to apply through the fund.

    “A range of sports organisations, including football, rugby and league, bowls and kartsport received funding through the last

    contestable funding round.

    Who should apply? 

    The SRFIF is a contestable grant and open to non-council organisations for significant facility development. 

    It has a focus on communities that are in the greatest need of investment and large-scale community sport facility development projects that can leverage additional investment. 

    The guidelines that outline full eligibility and funding priorities are explained here.

    Key dates 

    The 2025/26 funding round will be open for applications between 18 February 2025 and 18 March 2025.

    Funding decisions will be made by the Community Committee in July 2025.

    More information on the council’s grants programme that supports Aucklanders’ aspirations for a great city, including the Sport and Recreation Facilities Investment Fund can be found on the Auckland Council website.

    MIL OSI New Zealand News

  • MIL-OSI Australia: How far would you trust AI to make important decisions?

    Source: University of South Australia

    18 February 2025

    Would you trust AI to choose your medical treatment?

    From tailored Netflix recommendations to personalised Facebook feeds, artificial intelligence (AI) adeptly serves content that matches our preferences and past behaviours. But while a restaurant tip or two is handy, how comfortable would you be if AI-algorithms were in charge of your medical expert or new hire?

    Now, a new study from the University of South Australia shows that most people are more likely to trust AI in situations where the stakes are low, such as music suggestions, but less likely to trust AI in high-stakes situations, such as medical decisions.

    However, those with poor statistical literacy or little familiarity with AI were just as likely to trust algorithms for trivial choices as they were for critical decisions.

    Assessing responses from nearly 2000 participants across 20 countries, researchers found that statistical literacy affects trust differently. People who understand that AI-algorithms work through pattern-based predictions (but also have risks and biases) were more sceptical of AI in high-stakes situations, but less so in low-stakes situations.

    They also found that older people and men were generally more cautious of algorithms, as were people in highly industrialised nations like Japan, the US, and the UK.

    Understanding how and when people trust AI-algorithms is essential, particularly as society continues to introduce and adopt machine-learning technologies.

    AI adoption rates have increased dramatically with 72% of organisations now using AI in their business.

    Lead author and human and artificial cognition expert, Dr Fernando Marmolejo-Ramos, says the speed at which smart technologies are being used to outsource decisions is outpacing our understanding to successfully integrate them into society.

    “Algorithms are becoming increasingly influential in our lives, impacting everything from minor choices about music or food, to major decisions about finances, healthcare, and even justice,” Dr Marmolejo-Ramos says.

    “But the use of algorithms to help make decisions implies that there should be some confidence in their reliability. That’s why it’s so important to understand what influences people’s trust in algorithmic decision-making.

    “Our research found that in low-stakes scenarios, such as restaurant recommendations or music selection, people with higher levels of statistical literacy were more likely to trust algorithms.

    “Yet, when the stakes were high, for things like health or employment, the opposite was true; those with better statistical understanding were less likely to place their faith in algorithms.”

    UniSA’s Dr Florence Gabriel says there should be a concentrated effort to promote statistical and AI literacy among the general population so that people can better judge when to trust algorithmic decisions.

    “An AI-generated algorithm is only as good as the data and coding that it’s based on,” Dr Gabriel says.

    “We only need to look at the recent banning of DeepSeek to grasp how algorithms can produce biased or risky data depending on the content that it was built upon.

    “On the flip side, when an algorithm has been developed through a trusted and transparent source, such as the custom-build EdChat chatbot for South Australian schools, it’s more easily trusted.

    “Learning these distinctions is important. People need to know more about how algorithms work, and we need to find ways to deliver this in clear, simple ways that are relevant to the user’s needs and concerns.

    “People care about what the algorithm does and how it affects them. We need clear, jargon-free explanations that align with the user’s concerns and context. That way we can help people to responsibly engage with AI.”

    …………………………………………………………………………………………………………………………

    Contacts for interview: Dr Florence Gabriel E: Florence.Gabriel@unisa.edu.au
    Dr Fernando Marmolejo-Ramos (now at Flinders University) E: fernando.marmolejoramos@flinders.edu.au
    Media contact:
    Annabel Mansfield M: +61 479 182 489 E: Annabel.Mansfield@unisa.edu.au

    Other articles you may be interested in

    MIL OSI News

  • MIL-Evening Report: Is Australia’s GST a tax or a tariff? And why has it become a target in the trade wars?

    Source: The Conversation (Au and NZ) – By Felicity Deane, Professor, Queensland University of Technology

    Australian beef exports to the United States are GST-free and should not be subject to any retaliatory tariff. William Edge/Shutterstock

    The latest round of proposed tariffs from US President Donald Trump includes a response to what the White House describes as “unfair” taxes – specifically, value-added taxes such as Australia’s Goods and Services Tax (GST).

    Most economically advanced countries have a value-added tax (VAT) or sales tax on consumption. This applies to domestic goods and services as well as to imports. The United States is one of the few countries that does not impose a sales tax, though many of the states impose their own sales tax.

    So the argument, according to the White House, is these taxes apply to imported goods, but not to exports.

    Is the GST a tax or a tariff?

    The GST is a broad-based consumption tax of 10%. It applies to most goods and services that are consumed in Australia, regardless of their origin.

    An import tariff – sometimes called an import duty – is imposed exclusively on imported goods as a condition of market access.

    Tariffs are not imposed on domestically produced goods at all. This is the main point of difference with a domestic consumption tax. The GST applies equally to imported and domestically produced goods, adhering to long-agreed international trade rules.

    It remains unclear how the Trump administration intends to implement a tariff that is equivalent to the 10% GST. In effect, this becomes a tax on US consumers if they buy Australian goods.




    Read more:
    What’s a trade war?


    Such an indirect tax would be regressive, which means it falls more heavily on lower-income consumers. The expansion of tariffs to include other nations’ VAT systems also represents a significant overreach into national sovereignty. It has long been accepted that sovereign nations have the right to tax their citizens and businesses as they see fit.

    Indeed, Australia’s GST is among the lowest among economically advanced nations, for which the average is 19%, so the wider impact on US consumers will be even greater.

    Goods that are exported to the US face a new round of tariffs.
    Shutterstock

    Trump is clearly (and unapologetically) seeking to reinvigorate US manufacturing. But the reality is that US labour costs are high. It is also inefficient for any country to produce all the goods and services its population requires. This is particularly the case in such a high-consumption nation as the US.

    The US has been described as a consumer of last resort
    because strong consumer demand has been filled by ever rising imports from other countries. The mutually beneficial relationship between the US and China has enabled the rise of the middle class in China. Trump’s tariffs may shift this, causing geopolitical tensions and economic instability.

    Australia’s response: pausing the digital services tax

    While these tariffs primarily harm US consumers, Australian businesses will also feel the effects. However, it is unclear to what extent. Notably, one main export to the US, unprocessed agricultural products such as beef, are GST-free and should not be subject to any retaliatory tariff.

    However, many other Australian exports could be disadvantaged. Trump’s policies will raise the cost of Australian imported goods in the US market, potentially making them less appealing to US consumers.

    The threat of these tariffs is clearly a problem for a federal government facing an impending election, and Prime Minister Anthony Albanese has so far responded cautiously. While a diplomatic approach may secure a minor concession, it’s in stark contrast to Canada’s firm stance, which included immediate threats of retaliatory measures.




    Read more:
    Whether we carve out an exemption or not, Trump’s latest tariffs will still hit Australia


    Trump’s use of tariff threats as a negotiating tactic does appear to be having the desired effect, with a potential suspension of Australia’s proposed big tech levy. This proposal would have imposed a tax on major tech firms such as Meta and Google if they did not reach a direct agreement with local media companies.

    Reports indicate the government has put this proposal on hold due to the risk of retaliatory tariffs from the US. Such a tax would likely have invoked the wrath of the US administration, with the digital services levies of Canada and France specifically referenced in the most recent White House tariff announcement.

    It is fair to say the White House statement deliberately misleads any reader into thinking that tariff percentages directly impact on trade volumes.

    This statement ignores a fundamental principle that has made international trade so appealing since World War II – and why economists have argued in support of it for hundreds of years. Countries produce and trade the goods and services at which they are efficient. Efficiency leads to lower costs which, all else being equal, means consumers are better off.

    The statement from the White House, together with Trump’s past pronouncements, demonstrate that all rules to do with international taxation and fairness have been thrown out.

    This does not appear to be the main concern, however, with Australian negotiators potentially willing to put on hold a crucial policy to ensure the long-term viability of local journalism.

    This is just the beginning. Anyone who felt some comfort and safety in the strength of our own democracy should carefully consider the overreach that is occurring through these threats.

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

    ref. Is Australia’s GST a tax or a tariff? And why has it become a target in the trade wars? – https://theconversation.com/is-australias-gst-a-tax-or-a-tariff-and-why-has-it-become-a-target-in-the-trade-wars-250041

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Should you be allowed to sue a judge? The High Court says no

    Source: The Conversation (Au and NZ) – By Stephen Parker, Honorary Professorial Fellow, Melbourne CSHE, The University of Melbourne

    Shutterstock

    Judges in Australian courtrooms have a lot of power. They can decide on someone’s guilt and the punishment for it, including lengthy prison time.

    But what if they get it badly wrong? Should you be able to sue a judge for damages?

    For several centuries the answer has been no in a “superior” court, such as a state Supreme Court, but possibly yes in an “inferior” court, such as a magistrates, district or county court, where most cases are actually heard.

    The High Court of Australia has now ruled that judges are immune from being sued for damages in every court and for all purposes. It is absolute, even if you have been falsely imprisoned.

    But how did this decision come to be, and what does it mean for fair judicial processes?

    The High Court case

    The story behind the ruling began with a legal property dispute between a couple called the Stradfords.

    Judge Salvatore Vasta in the Federal Circuit Court ordered that Mr Stradford should make “full and frank disclosure” of various financial documents. Mrs Stradford complained repeatedly that the disclosure was not complete.

    Judge Vasta adjourned proceedings briefly to allow them to discuss settlement. To give Mr Stradford something to think about, he said he hoped Mr Stradford had brought his toothbrush with him.

    Later that day, Judge Vasta sentenced Mr Stradford to 12 months’ imprisonment for contempt of court in disobeying the disclosure order. Judge Vasta mistakenly assumed a previous judge had already decided Mr Stradford was in contempt.

    Mr Stradford appealed the contempt conviction in the Full Court of the Family Court. It allowed the appeal, concluding “the processes employed [by Judge Vasta] were so devoid of procedural fairness […] and the reasons for judgment so lacking in engagement with the issues of fact and law to be applied” that it would be an “affront to justice” to permit the contempt declaration and the imprisonment order to stand.

    Armed with this finding, Mr Stradford sued Judge Vasta for damages for false imprisonment and won. Judge Vasta then appealed to the High Court, arguing that he was immune from being sued. In its ruling last week, the High Court agreed with him.

    Why can’t judges be sued?

    Immunity from being sued helps protect judicial independence, said the High Court.

    If, at the back of their mind, a judge thinks they might be sued for damages should they make a wrong decision, they might be swayed by that, rather than objectively and impartially applying the law to the facts.

    Immunity also helps to achieve finality in court proceedings and “quell disputes”. Finality is a consideration in all legal systems, and is the reason why some claims are time-barred if not brought within a specified period. You don’t want the same cases dragging on forever.

    The High Court noted that a disappointed litigant can appeal against a decision, but once all appeal avenues have been exhausted, that is that.

    The High Court has ruled judges can’t be sued for their decisions.
    Shutterstock

    If a judge has committed a crime, such as accepting a bribe, then the criminal law can be applied.

    But in the more likely case where the unsuccessful party argues there has been a mistake, or even that the judge was motivated by bias or malice, the only recourse is to appeal. They can’t sue the judge.

    The High Court noted also that a judge can be removed by parliament for misbehaviour or incapacity.

    But there are counter-arguments to which the court didn’t give much attention.

    For those who feel the outcome was wrong, appealing against a decision is very expensive. It’s simply not open to most people, due to the near-disappearance of legal aid in civil cases.

    And the removal of judges by parliaments is extremely rare, while not helping the litigant anyway.

    Is this good public policy?

    In other walks of professional life, indemnity insurance exists. If judges could be sued, but were insured, they would normally not pay compensation personally. And if they could not find insurance, perhaps something needs investigating.

    A compromise position would be possible. Any legal action against a judge could have to exceed a certain threshold of severity to proceed.

    For example, a plaintiff might have to obtain prior permission, and for that they might have to prove malice on the part of the judge or an error so extreme that the judge had been reckless, not merely negligent.

    But courts are different, it seems. Litigants do not make a contract with courts and are not consumers of a court’s services. They are engaging in a public process, where bigger issues are in play.

    The public policy arguments so resoundingly endorsed by the High Court aren’t based on data about what the public thinks, or would necessarily think if all the arguments were presented to them.

    None of this has improved Mr (or Mrs) Stradford’s financial position. No one is going to compensate them.

    Courts are, in a very real sense, a law unto themselves.

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

    ref. Should you be allowed to sue a judge? The High Court says no – https://theconversation.com/should-you-be-allowed-to-sue-a-judge-the-high-court-says-no-249939

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI United Nations: Thailand Business News

    Source: UNISDR Disaster Risk Reduction

    Mission

    Thailand Business News is a comprehensive news service about Thailand with a business and financial perspective edited in Bangkok by Siam News Network.

    Thailand Business News provides reliable and timely information on the Thai economy, markets, and business sectors. Its mission is to help investors, entrepreneurs, and policymakers make informed decisions and stay updated on the latest trends and opportunities in Thailand.

    MIL OSI United Nations News

  • MIL-OSI USA: Governor Stein Announces $102 Million Expansion for Domestic Transformer Manufacturer in Raeford

    Source: US State of North Carolina

    Headline: Governor Stein Announces $102 Million Expansion for Domestic Transformer Manufacturer in Raeford

    Governor Stein Announces $102 Million Expansion for Domestic Transformer Manufacturer in Raeford
    lsaito

    Raleigh, NC

    Today, Governor Josh Stein announced a major expansion for Pennsylvania Transformer Technology, LLC (PTT), a domestic manufacturer of power and distribution transformers, to add 217 new jobs in Hoke County. The company will invest more than $102.5 million to expand its manufacturing footprint in the City of Raeford.

    “PTT’s expansion is an outstanding economic development win for Hoke County and the entire state of North Carolina,” said Governor Josh Stein. “North Carolina is home to the largest manufacturing workforce in the Southeast and a central East Coast location, setting up our rural communities for more success.”

    Headquartered in Canonsburg, Pennsylvania, with a nearly-century-old history, PTT is a leading domestic manufacturer of power and distribution transformers for the electric utility, municipal power, renewable energy and industrial markets. With plans to build an additional 300,000 square feet across two new state-of-the-art facilities in Raeford, PTT’s expansion is designed to increase its manufacturing capacity of transformers in the United States and contribute to reducing domestic supply chain shortages of critical transformer equipment. 

    “We built our first factory in Hoke County, North Carolina back in 1992 and have been proudly manufacturing power transformers in this community for over 30 years,” said Sandeep Chakravarty, President of PTT. “We are thrilled to further invest in and expand our operations in Hoke County. This new state-of-the-art facility will not only enhance our production capacity, it will provide economic benefits to the community by creating additional well-paying, high-quality jobs and more broadly, contribute to the country’s economic growth and the energy transition.” 

    “This major investment is more proof that North Carolina is indeed the best state to do business,” said N.C. Commerce Secretary Lee Lilley. “When companies that currently operate in our state reinvest here, it validates our efforts to provide a quality pool of skilled talent, and business friendly environment where companies can grow and thrive.” 

    While salaries for the new positions will vary, the average annual salary is expected to be $64,949, exceeding the Hoke County average of $42,659. These new jobs could create a potential positive aggregate annual payroll impact of more than $14 million to the local economy.

    A performance-based grant of $800,000 from the One North Carolina Fund will support the company’s expansion in Hoke County. The OneNC Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All OneNC grants require a matching participation from local governments and any award is contingent upon that condition being met.

    “This is outstanding news for Raeford and Hoke County,” said N.C. Senator Danny Earl Britt, Jr. “These new jobs and millions of investments are the right sparks to energize our community, and our people stand ready to support the company in its next phase of growth.

    “PTT has been a fantastic corporate citizen in Raeford for more than 30 years,” said N.C. Representative Garland E. Pierce. “This continued partnership gives us a great vote of confidence in our ability to support such a transformative company as they execute its strategic plan for decades to come.”

    In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, North Carolina Department of Transportation and its Rail Division, North Carolina Community College System, North Carolina Railroad Company, Aberdeen & Rockfish Railroad, Golden LEAF Foundation, North Carolina’s Southeast, Hoke County, Raeford/Hoke Economic Development, City of Raeford, and Piedmont Natural Gas. 

    Feb 17, 2025

    MIL OSI USA News

  • MIL-OSI Economics: WTO and OECD release expanded dataset on trade in services covering over 200 economies

    Source: World Trade Organization

    The data on regional trade flows of digitally deliverable services shows that, in Europe, 62% of these exports were to economies within the region (see Chart 1). In contrast, North America exported 82% of its digitally deliverable services to economies outside the region. Regions such as the Middle East, South and Central America and the Caribbean, and Africa likewise focused on external markets.

    Chart 1: Regional exports of digitally deliverable services by destination, 2023
    % share based on balanced values

    Source: WTO estimates (2025). Balanced Trade in Services dataset (BaTIS) in the WTO Global Services Trade Data Hub.

    * CIS refers to the Commonwealth of Independent States, including certain associate and former member states.

    Note: Digitally deliverable services in the chart include financial and insurance services, telecommunications, computer and information services, other business services, charges for the use of intellectual property n.i.e., services, as well as personal, cultural and recreational services, such as audiovisual services.

    An in-depth analysis of digitally deliverable services further shows that the share of Africa’s exports of computer services to Europe rose from 47.6% in 2019 to 51.4% in 2023. Increased regionalization was observed in Asia as well as in North America and in South and Central America and the Caribbean, but it was less pronounced, over the same period.

    Chart 2: Computer services exports by origin and destination, 2023
    % shares based on balanced values

    1 CIS refers to the Commonwealth of Independent States, including certain associate and former member states.
    2 Includes the Caribbean.
    Source WTO estimates (2025). Balanced Trade in Services dataset (BaTIS) in the WTO Global Services Trade Data Hub.

    BaTIS data also sheds light on exports of “other business services,” including diverse professional, management, and technical services, from groups such as Small, Vulnerable Economies (SVEs). In 2023, SVE exports reached primarily major markets such as the United States (14%), the United Kingdom (12%) and Japan (8%) among others.

    Chart 3: Small and Vulnerable Economies (SVEs) exports of “Other business services” by destination, 2023
    % share based on balanced values

    Source: WTO estimates (2025). Balanced Trade in Services dataset (BaTIS) in the WTO Global Services Trade Data Hub.

    The BaTIS dataset, available for download, contains (i) reported bilateral data by economies, (ii) reported data including adjustments and estimates to fill data gaps, and (iii) the final balanced values to reconcile asymmetrical exports and imports.

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    MIL OSI Economics

  • MIL-OSI Economics: 4th Trade for Peace Week opens with high-level session on private sector’s role in stability

    Source: World Trade Organization

    The opening session, titled “Building Resilience through Trade: Private Sector Engagement for Sustainable Peace”, highlighted the private sector’s capacity to drive post-conflict economic recovery and long-term stability.

    WTO Director-General Ngozi Okonjo-Iweala delivered the opening remarks via video message , highlighting the significance of trade in advancing peace, especially in light of increasing global uncertainty. “Promoting peace and prosperity through trade was a founding goal of the multilateral trading system 80 years ago,” she stated. “For trade to deliver tangible dividends for peace in conflict-affected regions, we need partnerships that bridge trade, peace and development. That is what the Trade for Peace Programme is about.”

    A key highlight of the session was Somalia’s reaffirmation of its commitment to leveraging trade for stability, coinciding with the country’s first Working Party meeting on WTO accession. Salah Ahmed Jama, Deputy Prime Minister of the Federal Republic of Somalia, emphasized Somalia’s vision for trade-driven peace. “Somalia’s WTO accession is more than an economic milestone — it is a strategic move towards sustainable peace,” he said. “By fostering an inclusive and rules-based trade system, we are not only integrating into the global economy but also creating opportunities that reduce conflict drivers.”

    Moderated by Itonde Kakoma, President of Interpeace (an international organization that prevents violence and builds lasting peace), the high-level session convened representatives from international organizations, policymakers and private sector leaders.

    Speakers included Idris Abdul Rahman Al Khanjari, Ambassador of Oman to the United Nations Office in Geneva, Vepa Hajiyev, Ambassador of Turkmenistan to the United Nations Office in Geneva, Dorothy Tembo, Deputy Executive Director of the International Trade Centre (ITC), Andrew Wilson, Deputy Secretary-General of the International Chamber of Commerce (ICC), and  Frank Clary, Vice-President of Sustainability at Agility (a global leader in supply chain services, infrastructure and innovation and a pioneer in emerging markets). Their interventions highlighted innovative strategies for bridging trade and peacebuilding, emphasizing how responsible investment and market-driven solutions can contribute to long-term stability.

    The T4P Week will feature interactive sessions, panel discussions and strategic dialogues, bringing together key stakeholders in the field of trade and peace. A major highlight of the week will be the High-Level Book Launch, “Pathways to Sustainable Trade and Peace”, on 20 February, where experts and contributors will present research findings on how trade can serve as a tool for economic resilience and peacebuilding in fragile regions.

    The Trade for Peace Research and Knowledge Database, a comprehensive platform that compiles research studies and other resources on the linkages between trade and peace, will also be launched during the week. The database serves as a practical tool to assist governments, policymakers and researchers in data analysis, policymaking and informed decision-making.

    With over ten dedicated sessions bringing together policy experts, business leaders and peace practitioners, the T4P Week provides an opportunity to explore the synergies between trade and peace. Participants are encouraged to join the discussions, share insights and engage with experts shaping the future of trade and peace.

    For more information see: WTO Trade for Peace.

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    MIL OSI Economics

  • MIL-OSI New Zealand: Shuttering govt entities? Public service boss’s comments welcomed

    Source: ACT Party

    “ACT enthusiastically welcomes a debate on shuttering redundant government entities,” says ACT Public Service spokesperson Todd Stephenson after the Public Service Commissioner raised the prospect publicly.

    “For households and businesses in an economic slump, cancelling old subscriptions is a financial no-brainer, and it’s time for the Government to run the ruler over its own redundant commitments.

    “For starters, we could close ministries focused on serving specific demographic groups, and instead spend the funding based on need, through the Social Investment Agency.

    “We could scrap the Human Rights Commission and instead strengthen the Human Rights Review Tribunal – the body that can actually act on human rights breaches.

    “We could abolish the Energy Efficiency and Conservation Authority, and the Climate Change Commission, and just let the emissions trading scheme do its job.

    “If we’re serious about growing the economy, we need to shrink the scope of the government, focus on doing the basics well, and return savings to taxpayers. We need to transfer power and resources away from Wellington and back to the firms, farms, and families doing the real work to pull us out of recession.”

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: NHRC, India organized a meeting of the core group in hybrid mode on ‘Recognizing progressive disabilities – Adopting a holistic approach to disability rights’

    Source: Government of India (2)

    NHRC, India organized a meeting of the core group in hybrid mode on ‘Recognizing progressive disabilities – Adopting a holistic approach to disability rights’

    NHRC, India Chairperson, Justice Shri V Ramasubramanian said that the improvement in disability-related laws, policies and their implementation need to be clearly understood

    Among various suggestions, encouragement for collaborative efforts with the private sector to provide quality employment for PwDs emphasized

    Need to revisit the 40% mark for benchmark disabilities to ensure a wide range of disability-suffering people get access to quality healthcare services

    Posted On: 17 FEB 2025 9:00PM by PIB Delhi

    The National Human Rights Commission (NHRC), India organised a core group meeting in hybrid mode on ‘Recognizing progressive disabilities- Adopting a holistic approach to disability rights’ in New Delhi today. It was chaired by NHRC, India Chairperson, Justice Shri V Ramasubramanian in the presence of Member, Justice (Dr) Bidyut Ranjan Sarangi, Secretary General, Shri Bharat Lal, Shri Rajesh Aggrawal, Secretary, Dept. of Empowerment of Persons with Disability, other senior officers from the government and NHRC, domain experts and medical professionals.

    Justice Ramasubramanian noted that it took 30 years for the world to adopt a human rights approach to disability rights. Recalling the evolution of laws and policies related to seeking the welfare of disabled persons in the world, he said that in India, parallel to the international developments included the 1987 Mental Healthcare Act, the 1995 Persons with Disabilities Act, and the 2016 Rights of Persons with Disabilities Act.

    However, he said there may be a scope for improvement in disability-related laws, policies and their implementation. For this, he said that all the stakeholders needed to prioritise their suggestions for the improvement in disability-related laws, policies and their implementation requiring the intervention of the Parliament, NHRC and judiciary need to be segregated into three categories to evolve a clear action plan.

    NHRC, India Member, Justice (Dr) Bidyut Ranjan Sarangi said that there is a need to strategise and find ways to improve the lives of persons with disabilities. Therefore, all the stakeholders including the Government need to come together and give them moral support to survive in a dignified manner. The issue of medical expenses needs to be taken into consideration and made available to the person.

    NHRC, India Secretary General, Shri Bharat Lal while setting the agenda for discussion, said that the Commission engages with many stakeholders including government officials, domain experts, researchers, academicians, and people working on the ground. He gave an overview of the three technical sessions- Defining and classifying progressive disabilities, Legal & policy framework for addressing disabilities and Promoting inclusive & equitable support services.

    Shri Rajesh Aggarwal, Secretary, Dept. of Empowerment of Persons with Disabilities, Union Ministry of Social Justice & Empowerment said that the 2011 Census reports 2.2% of India’s population as having disabilities. However, at times stigma leads to under-reporting, especially among the elderly, as disabilities in old age are often considered normal. While polio cases are decreasing due to institutional deliveries and improved care, disabilities from accidents and autism are rising, resulting in changes in the nature of disability orders. He said that regarding rights, there is a 4% reservation in government and PSU jobs and 5% in education for persons with disabilities (PwDs). He emphasized the need for better accessibility in buildings, transport, and digital platforms. India lags behind European countries in physical accessibility, though toilet facilities for PwDs have improved. Digital accessibility is relatively better.

    He stressed that education accessibility, equal opportunity, and reasonable accommodation can help 95% of people, which should be society’s priority. If there is a chance that a disability will improve or progress, a temporary certificate is given to them despite having a 5% or 80% disability. But if the disability remains the same or worsens, a permanent certificate will be given. Presently, more than 70% of certificates in the country are permanent.

    The participants included Dr Sunita Mondal, Additional Director General, Directorate General of Health Services, Ministry of Health and Family Welfare, Dr. Rupali Roy, Assistant Director General, Ministry of Health and Family Welfare, Shri Rajive Raturi, Consultant, Ms. Shivani Jadhav Representative, National Centre for Promotion of Employment for Disabled People (NCPEDP), Dr Satendra Singh, Director-Professor of Physiology, University College of Medical Sciences & GTB Hospital, Ms Purva G. Mittal, Asst. Prof, University of Delhi, Shri Akhil S. Paul, Director, Sense International (India), Dr Vaibhav Bhandari, Founder, Swavlamban Foundation, Shri Vikas Trivedi, Member Secretary Rehabilitation Council of India, New Delhi, NHRC DG(I), Shri R Prasad Meena, Registrar (Law), Shri Joginder Singh, Director, Lt Col. Virender Singh among others.

    Some of the suggestions emanated from the discussions included:

    1. Encourage collaborative efforts with the private sector to provide quality employment for PwDs;
    2. Need to revisit the 40% mark for benchmark disabilities, as this holds back many beneficiaries from being able to access quality healthcare services and even a disability certificate;
    3. Create adequate healthcare and rehabilitation provisions, particularly for those requiring high support needs, consequently, alleviating the burden of caregivers;
    4. Necessity of establishing a clear and comprehensive definition of progressive disabilities and promoting the development and accessibility of assistive technologies;
    5. Need for more inclusive and comprehensive health insurance regimes and schemes, along with increased attention to financial accessibility;
    6. Need for prenatal and pro-natal diagnosis for early intervention;
    7. Reduce the cost of medical expenses;
    8. Enhance local production of medicines to make them more cost-effective;
    9. Awareness and training for doctors, and community-based workers including ASHA workers needs to be increased for proper care of PwDs;
    10. Ensure the availability of AI products to assist persons with disabilities;
    11. Better healthcare, policies, treatments, screenings, financial aid, psychological support;
    12. Create awareness against workplace discrimination;

    The Commission will further deliberate upon the suggestions and more inputs from different stakeholders to finalize its recommendations ensuring the protection of rights of the persons with disabilities.

    ***

    NSK

    (Release ID: 2104230) Visitor Counter : 38

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: ECI bids farewell to Shri Rajiv Kumar, the 25th CEC of India

    Source: Government of India

    Posted On: 17 FEB 2025 8:30PM by PIB Delhi

    The Election Commission of India today bid farewell to Shri Rajiv Kumar who will be demitting the office of Chief Election Commissioner on 18.02.2025.

    Shri Rajiv Kumar had joined ECI as Election Commissioner on September 1st, 2020 and assumed charge as the 25th Chief Election Commissioner of India on May 15, 2022. His tenure spanning 4.5 years in the Commission was characterized by silent yet deep-rooted reforms across various domains spanning structural, technological,        capacity development, communication, international cooperation and administration. Shri Kumar during his tenure has completed one full electoral cycle with conduct of elections in 31 States/UTs, the Presidential and Vice-Presidential elections 2022, Lok Sabha elections 2024 and Rajya Sabha renewals -a rare and monumental feat in electoral management. The elections were conducted peacefully with near zero repolls and incidents of violence.

    In his farewell address, CEC Shri Rajiv Kumar thanked the 15 million polling officials for their dedication to uphold democratic values. He asserted that the trust of close to nearly a billion voters is unfazed by motivated and uncorroborated attacks on India’s democratic institutions. As a proponent of technology, Shri Kumar outlined a path for strengthening conduct of elections while guarding against the threats of cyber-attacks and misinformation on social media. He lauded the voters for their vibrant participation especially women voters and said that the electoral process is marching towards more inclusivity. His full speech is annexed.

    The Election Commissioners Shri Gyanesh Kumar and Dr. Sukhbir Singh Sandhu conveyed their appreciation for the inclusive, transformative and purpose driven leadership of CEC Shri Rajiv Kumar, that has strengthened electoral processes and has raised India’s stature globally in the field of election management.

    CEC Shri Kumar’s tenure was marked by a slew of electoral reforms, including operationalizing four qualifying dates for voter registration with advanced application facility for 17+ youngsters; simplified forms for voter registration; redefining electoral boundaries with delimitation in Assam;

    ensuring voting by polling personnel at Voter Facilitation Centre to avoid any intimidation, delays and wrong doing. These initiatives were aimed at empowering every eligible citizen while modernizing election administration.

    Shri Kumar championed technology-driven electoral reforms to enhance efficiency, transparency, and accessibility. Under his leadership, ERONET 2.0, managing largest electoral databases, strengthened voter roll management with multi-layered security, seamless, and real-time application processing. Shri Kumar also established mechanisms to tackle the challenge of misinformation and fake news on social media platforms. A myth vs reality register was launched during Lok Sabha Elections 2024.

    Shri Kumar’s contributions were both systemic and profoundly human. His hands-on leadership was evident in his actions. On the global stage, his efforts amplified India’s voice in advancing democratic values, with the Election Commission spearheading ‘Cohort on Election integrity’ and training officials from many election management bodies.

    Beyond institutional reforms and global leadership, his tenure was defined by deeply personal and compassionate gestures that embodied the human spirit of democracy. He believed every voter, regardless of age or ability, deserved recognition and respect. For an inclusive election, efforts were made to enrol marginalised sections like PVTGs and third genders. While conveying his respect, he wrote personalized letters to over 2.5 lakh centenarian voters for their contribution to democracy. He also called upon Youth and Urban voters to get inspired and engage actively in the electoral process.  He consistently raised and pursued innovative measures like establishment of polling stations in high rise societies to address the rising trend of youth and urban apathy in the election process.

    A passionate trekker, he undertook a strenuous journey to one of India’s most remote polling stations to understand challenges faced by polling personnel, inspired innovations like specially designed EVM carry bags for easier transport in tough terrains. Route rationalization and near removal of P-3 polling stations. Known for his poetic expressions, CEC Kumar used shayari to make complex electoral issues relatable, engaging the public and reinforcing trust in the democratic process. A lover of Indian vocal classical and devotional music, Shri Kumar also practices meditation.

    ***

    PK/GDH/RP

    Annexure

    Farewell speech of Sh Rajiv Kumar, the 25th Chief Election Commissioner on 17 Feb 2025

    Executive summary:

    Unwavering faith in democracy and the wisdom of close to a billion Indian voters is a guarantee that democratic values will only grow stronger. The commitment of 15 million polling personnel ensures free and fair elections, reinforcing public confidence in the system. Motivated and uncorroborated attacks on democratic institutions will not shake their trust, which is paramount and is a legacy built over 75 years. The increasing participation of women voters, surpassing male turnout in many states, marks a historic shift, strengthening democratic engagement. However, urban voter apathy remains a pressing concern despite outreach efforts. For a more inclusive electoral engagement, remote voting mechanisms for migrants and enabling NRIs to vote must be prioritized.

    Technology is transforming conduct of elections. Innovations like biometric authentication and the totalizer system will strengthen the process. AI can revolutionize conduct of elections, but safeguards against cyber threats and disinformation are crucial. Social media companies must introspect and act responsibly by not letting their algorithms propagate fake narratives. Media and social media platforms must ensure that truth prevails over misinformation.

    1. transparency in the functioning of political parties is essential. The Integrated Election Expenditure Management System has been a step forward, but mandatory e-compliance for political party funding and expenditure is necessary. Misuse of Registered Unrecognized Political Parties (RUPPs) for tax evasion must be curbed with vigilant monitoring. Political parties must ensure that promises in manifestos are backed by clear financial disclosures to prevent fiscal mismanagement and timely court order will facilitate.

    The Model Code of Conduct has upheld electoral fairness, ensuring responsible campaigning without restricting political debate. However, political parties must take accountability for their star campaigners’ rhetoric and strive for constructive, issue-based debates.

    The rising trend of misleading narratives during peak polling or counting hours is a deliberate attempt to distort facts and mislead voters. Casting doubt on outcomes after active and full participation in the process is undesirable. While the Commission exercises constitutional restraint, such tactics are better avoided in the interest of a mature democracy. The judiciary’s role in upholding electoral integrity remains vital. In the course of judicial proceedings, due consideration to election timelines must be maintained.

    India’s expertise in election management system is globally respected and is one of the biggest soft-power of the country. As the leadership transitions, the Election Commission remains committed to strengthening democracy through transparency, innovation, and inclusivity.

    As I bid farewell to this esteemed institution, which has been nothing short of a place of worship, I extend my deepest gratitude to all those who have been part of this incredible journey.

    First and foremost, my heartfelt thanks to the Indian voters, whose numbers have surged to almost a billion. Their unwavering faith in democracy has been the cornerstone of my strength. It is always inspiring to witness democracy in action, the strength of inclusivity and demographic diversity at the polling stations with diverse mosaic of electors including women, youngsters, PwDs, elderly voters, PVTGs, third genders, etc. This also reflects a profound message of hope in Indian democracy. The very essence of democracy lies in its inclusivity, ensuring that every voice, regardless of age, gender, or ability, is heard and valued.

    The sight of long voter queues in places like Jammu and Kashmir and Left-Wing Extremism-affected areas speaks volumes about the people’s faith in the electoral process.  A peaceful, violence free election in these regions is not just an achievement; it is a testament to the power of the vote in shaping the nation’s future, victory of ballot over bullet.

    Our voters are our biggest asset.  I salute the wisdom and maturity of our voters, who can discern truth from misinformation. Their awareness and commitment to democratic values reflect their readiness to shape a just and progressive future. I firmly believe that our voters’ wisdom and active engagement at all layers of democracy guarantee that our nation will prosper, democratic values will only grow stronger, designed and uncorroborated attacks on democratic institutions will not shake their trust. India will continue to create democratic surpluses for the democracy’s world over.

    I also want to convey my gratitude to the women voters who turned out in large numbers, surpassing male turnout in many states, and finally in 2024 Lok Sabha election as well. They have created a new chapter in electoral history, showcasing their vital role in shaping the future of this nation.

     I thank the young and first-time voters who came out to vote, as they are the future and the true ambassadors of our democracy.  Your participation is not just a right but a responsibility. It can bring change, build a better future, and make a real impact. Exercise your franchise wisely, for every vote contributes to a stronger democracy. It becomes an anxiety if you do not step forward.

    While the nation takes pride in conducting one of the largest elections in the world, the lack of voter participation in major urban center’s raises pressing concerns. The trend of urban voter apathy is highly disconcerting. The vibrant hustle of city life often masks a troubling silence at polling booths reflecting a democracy deficit in making. Despite massive outreach and better access to polling stations, facilities, and even scheduling of elections mid-week, urban voters often neglect their responsibility to vote. Continued engagement with urban voters is a must.

    A heartfelt gratitude to the vast family of polling personnel and security staff, the foot soldiers of the Election Commission of India. Their numbers surged to an incredible 15 million during the last Lok Sabha elections, yet their dedication to upholding democracy has never wavered. Their relentless efforts ensure the seamless conduct of elections, time and again. And I am confident that as long as our foot soldiers continue to perform their duties with transparency and impartiality, engaging political parties and the media at every step, no one can weaken the strong democracy of our country regardless of any insinuations that come their way.

    I extend my gratitude to my fellow Commissioners, past and present, whose wisdom and collaboration have enriched the Commission’s work. To my colleagues at Nirvachan Sadan and Chief Electoral Officers across states, your commitment has been instrumental in carrying forward the mission of free and fair elections. Conducting elections in the world’s largest democracy is no small task, and it has been an honor to work alongside such dedicated and selfless colleagues.

    Internationally, it has been an honour to engage with Election Management Bodies worldwide, exchanging ideas to strengthen democratic processes across borders. I was overwhelmed by the respect that India attracts in conduct of free, and fair elections in the largest democracy in the world and the expectations that global election management community has to learn from the Indian experience.

    Conducting elections in the world’s largest democracy is an immense responsibility, one that requires constant innovation and vigilance. As I pass the baton to my successors, leaving the commission in experienced and competent hands, I acknowledge the evolving challenges ahead. The future of elections will be shaped by a complex and multifaceted blend of technological advancements, voter engagement, influx of fake narratives and the balancing of transparency with privacy. The Election Commission has to remain steadfast in preserving the trust of voters while adapting to these new realities.

    The Model Code of Conduct has played a crucial role in maintaining a delicate balance between allowing robust political debate and ensuring responsible campaigning. While it has been leveraged effectively to uphold electoral fairness, we must remain mindful that any overreach could stifle genuine political expression, just as unchecked violations could undermine the sanctity of elections. The challenge ahead lies in carefully calibrating the MCC’s enforcement, ensuring it remains an effective tool for ethical campaigning without becoming an undue constraint on democratic expression. The Commission on many occasions in the past tread upon a fine line which required the balancing of proactive actions with constitutional wisdom and restraint in the interest of allowing for the fullest and vibrant electoral participation by parties and candidates alike, while not overrun the legal judicial process. Political Parties and their presidents must also take responsibility for the utterance of their star campaigners and leaders.

    Technology has been a powerful enabler in our electoral processes, helping refine voter rolls, streamline operations, and engage citizens more effectively. We are at the forefront of adopting technology in our electoral operations. The suite of more than 20 applications provides the perfect ecosystem for rolling the giant wheel of the electoral system from Registration to Results.

    ERONET is a web-based platform for Electoral officials, supporting 14 languages and 11 scripts to manage the country’s largest electoral database safely. It standardizes form processing, database structure, and E-Roll printing while automating voter registration, verification, and decision support. Used across all States/UTs, it ensures a seamless, integrated electoral roll management system on a national-level infrastructure. Using facial recognition software’s, our electoral rolls have been further purified.

    However, innovations like biometric authentication may further help prevent impersonation and multiple voting, ensuring that every vote belongs to the rightful voter. Additionally, emerging technologies hold great potential for more efficient management of movement of man and material, AI enabled capacity building modules, enhancing transparency and security in elections, etc.

    Presently in the system of counting of votes, the result is retrieved from each EVM, then the votes polled in respect of each candidate is totaled and result is declared. The demerit of this system of counting is that the candidates can know from where they have received how much vote. This leads to the problem of post-election violence, victimization and exclusion of the supporters of opposition parties from developmental activities. To address this, technologies like the totalizer, already developed by the Commission would ensure that the votes polled by each candidate- polling station wise is not disclosed. I believe that this matter should be explored, political consensus attempted and tested on a pilot basis to enhance voter secrecy and protect the integrity of the electoral process.

    The Election Commission has always worked to make elections more inclusive, ensuring that every voter can exercise their franchise. However, with nearly 300 million electors not engaging in the electoral process, due to reasons including migration- domestic and external, it is imperative to move forward with pilot programs for Remote Voting Mechanisms.  ECI has explored the option of using a modified version of the existing model of M3 EVMs to enable voting at remote polling stations i.e. polling stations outside home constituency, for domestic migrants. A Concept Note for on the matter of improving voter participation of domestic migrants using remote voting was also shared with all Recognized National and State Political Parties, ahead of all party consultation held on 16.01.2023. Efforts to build consensus among various stakeholders must continue to bring the ballot closer to those who cannot reach polling stations.

    India’s growing aspirations for its rightful place in world order, require to show deep commitment to Commission’s moto of “ No voter to be left behind”. It is right time to enable our Non-Resident Indians to vote from outside the country. Commission has developed necessary mechanisms required. The Government should take a final decision swiftly to enfranchise those who contribute significantly to our nation from afar.

    Financial transparency in elections remains a vital pillar of democratic integrity and level playing field. The introduction of the Integrated Election Expenditure Management System (IEMS) has been a significant step for an online compliance framework for financial reporting by political parties. However, as the compliance was voluntary, most of the major parties continue to use offline mode, despite IEMS being user friendly with lots of pre-populated data fields and facility to directly upload csv files. Therefore, Commission in future may consider bringing the full political party compliance and engagement ecosystem online and making e-compliance mandatory in future.

    Political parties must uphold transparency in both fundraising and expenditure. Certain RUPPs had become instruments for tax evasion by way of bogus donation rackets and thereby misused enabling provisions of the Income-tax Act and R.P. Act. The Commission while doing the massive verification exercise of RUPPs also verified the financial compliance status of RUPPs. The exercise not only resulted in delisting/ declaring inactive of non-compliant RUPPs, it also flagged the issue of misuse of exemption provision under the income-tax Act. CBDT, since then has been taking necessary enforcement actions to curb this misuse of RUPPs. However, as the RUPPs make their compliance before respective CEOs, the offices of CEOs need to be more sensitized towards various aspects of financial compliances by political parties. Transparency and accountability must remain at the heart of political financing reforms.

    The Commission remains steadfast in its commitment to addressing concerns surrounding unchecked freebies and overpromising manifestos. While the matter related to freebies is currently sub-judice, and I hope for a timely decision from the court, it is imperative in the interim that political promises are backed by clear disclosures on their financial viability and their effect on the fiscal health of the state.  We had also prescribed formats to ensure that political parties transparently display the financial implications of their promises against well-defined, quantifiable parameters like quantum of funds required to fulfill promise, availability of fiscal space, means to fulfill promise by cutting expenditure or augmenting revenue,  revenue deficit, fiscal deficit, requirement of any additional borrowings, impact on fiscal deficit, etc. to let voter know the feasibility of fulfilling the promise within the available State or Union financial space.

    Additionally, emerging technologies hold great potential for more efficient management of polling logistics and operation, AI-enabled capacity building modules and enhancing transparency and security in elections. AI can inter alia be leveraged to ensure that voter information, and voting instructions are available in multiple languages and that voting mechanisms are accessible to all voters.

    While the integration of AI and digital tools holds great promise, we must also guard against their misuse. The rise of cyber threats and disinformation campaigns necessitates stronger safeguards and strategic countermeasures. The unchecked use of bots, fake SM content, and AI-generated content during campaigns can distort public opinion and polarize societies. The Election Commission of India’s has recently issued advisory to political parties mandating the clear labeling of AI-generated content on social media. This is a significant step in the direction of protecting democratic discourse.

    Social media companies must introspect on their role in upholding free speech while ensuring it does not become a casualty of their own algorithmic shortcomings. The very freedom they champion should not be compromised by their failure to detect even the most obvious fake content. Timely detection and labeling of misinformation are crucial before it spreads unchecked.

    We have also seen many digital portals propagating misleading narratives and half-truths. While the Commission is generally restrained in reaction, I urge CEOs of various states to not only respond to such issues but also to preempt and actively dispel such notions.

    As a nation celebrating 75 years of its Republic, it is worth reflecting on the nature of election campaigns. A concerning trend has emerged in recent years, with political discourse increasingly becoming such that scars are left even after campaign period. This not only lowers the quality of debate but also risks disillusioning our youth with the electoral process. Should we not strive for a more constructive and dignified dialogue? Should political parties not focus on issue-based debates? Should political parties not take responsibility for encouraging youth participation through their campaigns? These are the questions political parties must introspect.

    I have observed a pattern in the timing of certain narratives. During peak polling or counting hours, a wave of fake allegations and rumors begins to spread across media and social media, misleading people and creating confusion. Narratives are deliberately set to distort facts. However, the Commission follows a policy of restraint, choosing not to respond while the election process is underway, ensuring that focus remains on the integrity and smooth conduct of the elections. The live reporting of hearing of the long pending cases at critical junctures, sometimes fuel distrust that the petitioner intends to create. It would be beneficial if such proceedings are scheduled with due consideration to the election period, ensuring that the electoral process remains smooth and undisturbed. This is a specific expectation of India’s esteemed constitutional Courts. I say this while recording my gratitude for the higher judiciary of the country which has consistently acted as the guardian spirit of India’s electoral process and system.

    The Commission, as an institution, often finds itself unfairly blamed by those unwilling to accept electoral outcomes. A pressing concern is the growing tendency to target election officials in the aftermath of electoral contests. It is perceived as a convenient scapegoat. All candidates and parties are involved in every stage of the process with utmost transparency. Having participated in each step, without raising objections or filing appeals during the process, then attempting to create doubt afterward is undesirable.  Dialogue should always be the preferred approach and while the Commission reacts with sagacity, stoicism and restraint, this is a disturbing trend and should be abandoned soon. 

    The media is playing a crucial role in ensuring transparency and accountability in the electoral process. All out efforts must continue to involve them at every stage of electoral cycle so that in the rush to break news first, misinformation and false narratives do not gain undue prominence. 

    India stands as a global beacon of democracy with one of the largest and most transparent election systems, India’s democratic framework has the quality to inspire nations worldwide and thus a soft power to be adequately leveraged.

    Lastly, as I step away, I do so know that the responsibility we carry is greater than of any one individual but is upheld by each of you every day. I hope the Commission continues to strengthen this great institution, uphold its values. I am confident that I am leaving Commission in more competent, committed and professional hands.

    Thank you, and my best wishes to all of you.

    *********

    (Release ID: 2104214) Visitor Counter : 33

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Pradhan Mantri Fasal Bima Yojana turns Nine

    Source: Government of India (2)

    Pradhan Mantri Fasal Bima Yojana turns Nine

    Empowering Annadata & Protecting Livelihoods

    Posted On: 17 FEB 2025 6:55PM by PIB Delhi

    Introduction

    On February 18, 2025, Pradhan Mantri Fasal Bima Yojana marks its nine-year anniversary, celebrating close to a decade of empowering the farmers of India. Launched in 2016 by Prime Minister Shri Narendra Modi, the scheme offers a comprehensive shield against crop losses caused by unpredictable natural hazards. This protection not only stabilizes farmers’ income but also encourages them to adopt innovative practices.

    Crop insurance is an important risk mitigation tool to protect farmers from natural calamities. It aims at providing financial support to farmers suffering crop loss/damage arising out of natural calamities like hailstorm, drought, floods, cyclones, heavy and unseasonal rains, attack of disease and pests etc.

    Witnessing the success and potential of the scheme, the Union Cabinet in January 2025 approved the continuation of Pradhan Mantri Fasal Bima Yojana and Restructured Weather Based Crop Insurance Scheme till 2025-26 with a total budget of ₹69,515.71 crore.

    Restructured Weather Based Crop Insurance Scheme (RWBCIS) is a weather index-based scheme, which was introduced along with PMFBY. The basic difference between the PMFBY and RWBCIS is in its methodology for calculation of admissible claims to the farmers.

    Technological Advancements

    • Pradhan Mantri Fasal Bima Yojana (PMFBY) envisages use of improved technology including satellite imagery, drones, Unmanned Aerial Vehicle (UAV) and remote sensing.
    • This is for various applications such as crop area estimation and yield disputes and also promote the use of remote sensing and other related technology for Crop Cutting Experiments (CCEs) planning, yield estimation, loss assessment, assessment of prevented sowing areas and clustering of districts.
    • This enables more transparency, accountability and accuracy in loss assessment and timely payment of claims.
    • Capturing crop yield data/Crop Cutting Experiments (CCEs) via the CCE-Agri App for direct upload to the National Crop Insurance Portal (NCIP), allowing insurance companies to witness the conduct of CCEs, and integrating state land records with the NCIP.
    • Further, for timely and transparent loss assessment as well as timely settlement of admissible claims YES-TECH (Yield Estimation System Based on Technology) has been introduced from Kharif 2023 after discussions with stakeholders and technical consultations. YES-TECH enables large scale adoption of technology-based yield estimates for yield loss and insurance claim assessments under PMFBY. The purpose is to blend the technology-based yield estimates with manual yield estimates and reduce the dependence on manual system gradually.

    Key Benefits

    • Affordable Premiums: The maximum premium payable by the farmer will be 2% for the Kharif food and oilseed crops. For rabi food and oilseeds crop, it is 1.5% and for yearly commercial or horticultural crops it will be 5%. The remaining premium is subsidized by the government.
    • Comprehensive Coverage: The scheme covers natural disasters (droughts, floods), pests, and diseases, along with post-harvest losses due to local risks like hailstorms and landslides.
    • Timely Compensation: PMFBY aims to process claims within two months of the harvest to ensure that farmers get the compensation quickly, preventing them from falling into debt traps.
    • Technology-Driven Implementation: PMFBY integrates advanced technologies like satellite imaging, drones, and mobile apps for precise estimation of crop loss, ensuring accurate claim settlements.

     

    Risks Covered

    • Yield Losses (Standing Crops): The Government provides this insurance coverage for yield losses that fall under the non-preventable risks such as Natural Fire and Lightning, Storm, Hailstorm, Tornado, Flood, Inundation and Landslide, Pests/ Diseases, Drought etc.
    • Prevented Sowing: Cases may arise where most of the farmers (insured) of notified areas may want to plant or sow. In such cases, they have to bear the expenditure for that cause and are restricted from planting or sowing insured crops because of unfavourable weather conditions. These farmers will then become eligible for the indemnity claims of up to a maximum of 25% of the sum insured.
    • Post-harvest Losses: The Government provides for post-harvest losses on an individual farm basis. The Government offers coverage of up to 14 days (maximum) from harvesting for crops that are stored in “cut and spread” condition.
    • Localised Calamities: The Government provides for localised calamities on an individual farm basis. Risks such as loss or damage arising from identified localised hazards, such as hailstorms, landslides, and inundation impacting separated farmlands in the notified area comes under this coverage.

    Strengthening the Pradhan Mantri Fasal Bima Yojana

    The Government has made several interventions for ensuring better transparency, accountability, timely payment of claims to the farmers since its launch in 2016. As a result of which, the area and farmers covered under the scheme in 2023-24 are at all-time high. The scheme is now the largest in the world in terms of farmer applications. Some States have further waived off farmer’s share of premium due to which there is very less burden on the farmers.

    Eligibility

     

    Though the scheme is voluntary for farmers, non-loanee farmers’ coverage has increased to 55% of the total coverage under the scheme during 2023-24, which shows the voluntary acceptability/popularity of the scheme.

    Application Process

    https://sansad.in/getFile/loksabhaquestions/annex/184/AU269_UCTI1z.pdf?source=pqals

    Conclusion

    Over the past nine years, the Pradhan Mantri Fasal Bima Yojana (PMFBY) has transformed Indian agriculture by providing farmers with a comprehensive safety net against crop losses due to natural calamities. By leveraging advanced technology, the scheme has improved transparency, accuracy, and efficiency in crop loss assessment and claim settlement. With affordable premiums and extensive risk coverage—including yield losses, post-harvest losses, and localised calamities—the scheme has become a crucial support system for farmers, ensuring timely compensation and stabilizing their income. The increased voluntary participation, particularly among non-loanee farmers, highlights the growing trust and acceptance of the scheme. As the PMFBY moves into its next phase, it continues to empower farmers and strengthen India’s agricultural resilience.

    References:

    Kindlly find the pdf file 

    ***

    Santosh Kumar/ Sarla Meena/ Ritu Kataria/ Kritika Rane

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  • MIL-OSI Asia-Pac: India-Qatar Joint Business Forum on the sidelines of the visit of His Highness Sheikh Tamim Bin Hamad Al-Thani, The Amir of the State of Qatar to Enhance Economic Cooperation

    Source: Government of India (2)

    Posted On: 17 FEB 2025 6:52PM by PIB Delhi

    India and Qatar are set to strengthen their economic and trade ties with the India-Qatar Joint Business Forum, scheduled for February 18, 2025, in New Delhi.Joint Business Forum will be organized by the Confederation of Indian Industry (CII) in collaboration with the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Government of India, which will convene top business leaders, policymakers, and industry stakeholders to explore investment opportunities, technological collaboration, and economic partnerships.

    The event takes place on the sidelines of the visit of H.H. Sheikh Tamim bin Hamad Al Thani, the Amir of Qatar, to India from February 17-18, 2025. The business forum will be graced by H.E. Sheikh Faisal bin Thani bin Faisal Al Thani, Hon’ble Minister of Commerce and Industry, State of Qatar, and Shri Piyush Goyal, Hon’ble Minister of Commerce and Industry, Government of India, who will deliver keynote addresses. The high-level Qatari delegation includes leading enterprises from energy, infrastructure, finance, technology, food security, logistics, advanced manufacturing, and innovation.

    The forum will feature three panel discussions on:

    • Investment as a vehicle to build long – term strategic partnership between India and Qatar
    • Cooperating and leveraging competencies in the fields of logistics, advanced manufacturing and food security
    • Promoting and strengthening cooperation in futuristic areas (AI, innovation, sustainability, etc.)

    These discussions will enable Indian and Qatari businesses to explore joint ventures, foreign direct investment (FDI), technology partnerships, and policy-driven collaborations. Representatives from both governments and leading industry players will contribute in shaping a forward-looking trade and investment framework.

    India and Qatar enjoy a robust economic partnership, with bilateral trade expanding across multiple sectors. Qatari firms have invested in India’s technology, infrastructure, and manufacturing sectors, while Indian companies have established a strong presence in Qatar. The forum will highlight strategic investment opportunities aligned with Make in India, Aatmanirbhar Bharat, and India’s infrastructure growth initiatives. Key areas for investment include logistics, warehousing, ports, airports, railways and highways, semiconductors, food security, tech and innovation, space, biosciences, banking and fintech, smart cities, pharmaceuticals, electric vehicles, and renewable energy. Additionally, the India-Qatar Startup Bridge is fostering innovation-driven partnerships in AI, fintech, and deep tech, strengthening bilateral economic cooperation.

    With India emerging as a global hub for manufacturing, technology, and entrepreneurship, this forum serves as a crucial platform to enhance business-to-business (B2B) and government-to-business (G2B) engagements. It aims to:

    • Deepen industry collaboration between Indian and Qatari businesses.
    • Facilitate foreign direct investment (FDI) and joint ventures.
    • Promote technology transfer and innovation partnerships.
    • Strengthen trade through policy reforms and strategic agreements.

    This forum underscores the shared vision of India and Qatar for long-term economic cooperation, reinforcing their commitment to fostering trade, investment, and innovation across key sectors.

    ***

    Abhishek Dayal /  Abhijith Narayanan

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  • MIL-OSI Asia-Pac: Text of Vice-President’s Address at Indian Institutes of Science Education and Research (IISER), Mohali (Excerpts)

    Source: Government of India

    Posted On: 17 FEB 2025 6:48PM by PIB Delhi

    Good afternoon all of you. If there has been some disruption in your normal activity, because as Vice-President of the country, I take it as my prime obligation to connect with young minds and important institutions. It is from that perspective I solicited this invitation.

    I am grateful that it was accepted. Professor Anil Kumar Tripathi, Director IISER, a man who brings on the table huge experience, commitment, and in his brief address he has revealed the object, the performance and the potential. Professor Renu Vig, Vice-Chancellor, Punjab University, has two distinctions.

    One, she is the first ever woman Vice-Chancellor of the Punjab University, a very prestigious university. I am sure we can applaud her, and, she is the 14th Vice-Chancellor, appointed by a Chancellor, who happens to be the 14th Vice-President of the country, that’s myself. Both of us missed number 13 very narrowly. Professor R.P. Tiwari, Vice-Chancellor, Central University of Punjab. Have you noticed something unique here? There are three Vices. So, Professor Anil Kumar Tripathi can be happy and delighted. Unless he says that prefix of Vice does not mean vice as it is defined in the dictionary, I would not reflect upon myself. But I can assure you, Vice-Chancellor Renu Vig and Vice-Chancellor R.P. Tiwari have no Vices.

    This is a unique Institution and 7 being in number. Having been Governor in the State of West Bengal for three years, I am aware of these Institutions and the seminal role they play in the evolution of the heart. Every institution is defined by the faculty, and I greet members of the faculty who are very distinguished and are futuristic in their outlook, whatever little I have gathered. We as a nation can take pride that we have an unparalleled legacy unknown to other nations. That long, and if we traverse our civilisational journey of 5000 years, we will find Bharat had been glory of the world,epicenter of knowledge and culture. People from all over the world flocked in pursuit of knowledge. That is your motto. What a motto you have picked up. Nalanda, Taxila, people came from all over the world in search of knowledge, shared knowledge and wisdom.

    We at the moment are at a very critical juncture, and I say so with some amount of nostalgia. I got into the seat of governance 35 years ago when I was elected to Parliament (Lok Sabha) and had the good fortune to be a Minister. I know the situation there. The mood of the nation. Our worrisome foreign exchange disturbed Jammu and Kashmir. I saw it all around, and our government didn’t last long, not because of me. And what I see now, 180 degree difference. The nation has an environment of hope and possibility. Our global image is very high.

    Leadership of the Prime Minister is globally acknowledged. And we have traversed against heavy winds. Difficult terrain. From fragile five economies to the world’s largest five economies at the moment. Ahead of those who ruled us for centuries, the Great Britain. It is a matter of time. That we will be marching ahead of Japan and Germany also to be the third largest in about a year or so. Such a jump. When I was elected first in parliament I had no courage to dream. Then that was the time, young boys and girls, where a Member of Parliament felt really an authority because he or she could give 50 gas connections or 50 telephone connections in a year. Imagine where we have come. In the shortest possible time, 550 million people of the country benefited from banking inclusions. They never had that account.

    Over 100 million households have toilets. Cooking gas in every house, electricity in every house, internet in every remote corner, health centres and education centres around, road connectivity, everything is happening. World class infrastructure we are seeing of global benchmark, and therefore, as I said this morning also, no nation in the world has grown as fast in the last 10 years as Bharat. This has created a challenge. A challenge of aspirational youth. They want more. They are entitled to more because they have tasted development. They see it on the ground. They know that per capita internet consumption of India is more than that of US and China taken together, that speaks of our access to technology and adaptability of technology.

    When it comes to direct transfers, a service delivery driven by technology, our direct digital transactions are four times the combined transactions of USA, UK, France and Germany. We are a nation where global entities, International Monetary Fund, World Bank are appreciating us. I recall my days in 1990 as a minister.

    Our gold had to be shipped in an aeroplane to be placed to two banks in Switzerland because our foreign exchange was around 1 billion US dollars. Now it is 700 times. And not a cause of concern, and therefore, the challenge is how do we meet aspirations of our young minds and my message to young minds. Seriously, look around, the opportunity basket which for you is getting larger and larger by the day. Come out of these silos and groove that are defined jobs only with the government or working in a corporate.

    Startups, unicorns are doing wonders. Let me tell you, IITs and IIMs have given these unicorns. But about 50% are from other institutes. I know the potential this country has because I have been to ISRO. Seen for myself. I have seen emerging space economy, there I came to learn for the first time when our rocket had to be put in space. It was not from Indian soil, and now we put rockets of other countries, USA also, developed countries also, Singapore also, from our and make money. Good value for money. Chandrayaan, Gaganyaan – They are defining us.

    I had the good occasion to have discussion with S. Somnathan, ISRO chairman, he was till recently, now V. Narayanan. Their fire, their zeal, their commitment, very different. In Bangalore, Govindan Rangarajan, Indian Institute of Science, and Dr. Clyde Shelby. I had the occasion to see personally what kind of innovations are being done for larger public welfare by scientific and industrial research. I say so because a country’s reputation, image, power is to be defined by research.

    Research is the bedrock of economic supremacy and global distinction. There was a time when we did not bestow attention on research and we thought somebody will give it to us with a price. And that someone will decide how much to give, on what terms to give but now, we have changed that. Nations that lead in research have global respect in economy, in strategy. And countries depend on them. Just imagine how far we have gone when it comes to meteorological predictions. We are one of the best in the world. As Governor-General of West Bengal, and the state is prone to cyclones, super cyclones, there was no mortality on high seas. The prediction was very accurate. Scientific prowess defines strategic prowess. Conventional wars are gone.

    And we have an ancient legacy of having been researchers, discoverers, giving to the world right from zero in arithmetic or mathematics. Aryabhatta, Brahmagupta laid foundations of global mathematics. Our scientific pantheon, Raman known by Raman effect, Bose, Sarabhai, Chandrasekhar, Shah, Bhatnagar, and our former president, they define India’s research mind, orientation. They exemplify commitment to research. And look at those days, we were in colonial shackles. Raman effect discovered against colonial scepticism.

    It stands as a testament to our Indian scientific beliefs. Cutting edge research is demand of the times. And the research has to correlate to fulfil the needs of the society. A research that is to be put on the shelf, a research that is for the self, a research that embellishes the profile, a research that contributes only to credentials is not the research. A research that only scratches the surface is not the research. The research has to be authentic.

    The research must create a wave. It must have positive, cascading impact on the lives of the people. Industries, business, trade and commerce are driven by research. At the moment, boys and girls, we are living in times we never imagined. You are facing those times as much as I am doing. We call them Artificial Intelligence, Internet of Things, Blockchain, Machine Learning and the kind. Blockchain for some may be Blockchain. Machine Learning may be Machine Learning only. But look at the power these technologies have.

    And these technologies are known as disruptive technologies. But these technologies come with enormous challenges that can uproot us. But they come also with a basket of opportunities. And we must focus on unleashing opportunity out of these disruptive technologies. Our research has to come up to that mark. It is our good fortune that the government is alive to the situation.

    And we as a nation, home to one sixth of humanity, are at the moment focussing on these technologies. Our quantum computing. There is a reflection by the director. About 6 lakh or 8 lakh jobs will be created out of investment of 6 lakh crores. Quantum computing, there is allocation of 6,000 crores and 18,000 crores for green hydrogen mission. These are the opportunities for you people. Space economy, blue economy. These are the opportunities for you.

    And therefore research has to facilitate life of the ordinary person. To improve our industry, our administration. A nation of 1.4 billion and a rich human resource unrivalled in the world. If it is catalysed and activated by temperament of research, the results will be exponential, geometric and revolutionary. Because now Bharat is no longer a nation with a potential. Our rise is unstoppable for last few years.

    It is incremental. And therefore, there has to be a greater commitment that research in the country is in the big league, in the Platinum category. And for that, the faculty has to brainstorm. We cannot have satisfying moments. As reflected by a Greek philosopher much before Socrates’ era, Heraclitus, Boys and Girls, now we are having change every moment. Paradigm shift.

    We are virtually at an industrial revolution. Unknown to the humanity before. And if nations have to go ahead of others, we have to focus on research. There was a time in Silicon Valley otherwise we could hardly see an Indian. And there is now hardly a global corporate that doesn’t have an Indian man or woman at the peak. Our demographic dividend now requires universalist engineering, mathematics. And that is why, after more than three decades, a game-changing education policy was introduced. And that was to give you enough room so that you can go after your aptitude and distance from the package of just degrees.

    I will take the occasion to appeal to corporates that they must come forward to drive the engines of research. Liberally contribute because ultimately they are the beneficiaries. Alongside the government they should be making liberal contributions beyond their CSR funds. If you look at the global corporates, how much they invest you will be surprised. We take pride in the last five years. We have increased our research fiscal commitment in the corporates to 50% above.

    From 0.89% of their revenue to 1.32% of their revenue. I find it deficient. Investment has to be many times more. We take pride also because earlier things were not moving. Now things are moving. When things are moving, we notice a change. Patents have nearly more than doubled in the last ten years. But our patents must be in consonance with our demographic participation in the world. One-sixth we must have. Because we are one-sixth of humanity. And this one-sixth of humanity qualitatively is very different than one-sixth. And therefore, taking note of technology access and adaptability, we need to be in optimal performance mindset.

    Imagine a country where 100 million farmers, three times a year, get direct banking transfers. Young boys and girls were not aware, there was a time when corruption was the password for opportunity, recruitment or business licence. Power corridors were leveraged by lies and agents. All this neutralised. And neutralised also through technological applications. Because middlemen have been shown the door. So when I look at your institute, Director, science, education and research, the triangle, this defines your role. Pursuit of knowledge. It starts with education. Because education as a transformative vehicle is very powerful. It brings about equality. Any one of you can have unicorn and be in the big league of industry. You don’t have to look to the situation. That yes, my father was in the industry, that’s true. We need to fight by technology. That’s the sin we are facing. So education. In education, science is important.

    Because science unfolds your mind to generate creativity, innovation. And then the next step is research. A combination of these will unlock the enormous potential of Indian mind. Will make available avenues and vistas to our population. Every nation hopes to be self-reliant. But we as a nation are very large. Complex on occasions. When the nation is growing so fast, some of us, the number is very small. The traction is large. Put personal interest, commercial interest, political interest, above national interest. This can’t be allowed. This is unfair to boys and girls.

    This is unfair to everyone, because if in our democracy there is someone as a class more serious, significant stakeholder in democracy and growth, than any one of us sitting here, is the youth of the country. Because as we march for Viksit Bharat after 2047, you are the driving force behind engines of growth. And therefore we have to give new dimension now. Make in India, start up India. And look at technology. It has to get into healthcare.

    Technology has to get into education. Technology can catalyse that quality health and quality education is available to one and all. And if that happens, Bharat will be what it has been for centuries.Our lean period started in 12th century. Then marauders came, invaders came, recklessly destroyed our culture. They sacrileged our religious places to an extent that they put their own at the same place. Then came the Britishers who did not give us the education to rule ourselves. They gave us education and taught us history as suited to them. Now things have changed. We are much ahead of UK in economy. We have a bunch of institutions now all over the country. IITs, IIMs, Institutions like yours, and therefore we must have this ecosystem with ears and eyes on the ground. The litmus test is changing the life of the ordinary man. We all stand committed to that because that is our preamble.

    We the people of India want these things. I conclude for time constraint. What Vivekananda said, “Arise, awake, stop not till the goal is achieved”. A motto which you must have. From my side I can give it to you. Have no tension, Have no stress, Never fear failure. Failure is natural. Sometimes you will be surprised, Oh he has succeeded, he should not have succeeded, take it in stride. System is transparent, there will be aberrations. Sometimes you will find, Oh! my own success is unjustified. These are situations natural to us, and then Dr. Kalam whose heart was always in education. I recollect when he met his maker. He was with the students in the North East, and what he said I quote,

    “Dreams transform into thoughts, and thoughts result in action” and therefore my ultimate plea with you, If an idea occurs to you don’t allow your mind to be a parking ground for that idea because you fear you may fail. Get rid of it. Failure is a myth because there is no one who has not failed but they never took failure as failure. Chandrayaan 2 was failure for some who are critics, who are recipe for negativity. Chandrayaan II did not fail, It went that far, and Chandrayaan III did the rest. Let your innovations catalyse India’s scientific renaissance, and advance human progress because we are a country that believes in ‘Vasudhaiva Kutumbakam’ – One Earth, One Family, One Future, that was our motto to the entire world.

    Once again, I am grateful to the Director for making available this opportunity to me at a very short notice. I understand that there has been some inconvenience, I would urge that you overlook it.
    Thank you so much.

    *****

    JK/RC/SM

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  • MIL-OSI Asia-Pac: India Energy Week 2025

    Source: Government of India

    India Energy Week 2025

    Driving Global Energy Innovation and Collaboration for a Sustainable Future

    Posted On: 17 FEB 2025 6:47PM by PIB Delhi

    India is driving not only its growth but also the growth of the world, with the energy sector playing a significant role.

    -Prime Minister Shri Narendra Modi

    A Global Energy Confluence

    India Energy Week (IEW) 2025, held from February 11 to 14, 2025, at the Yashobhoomi Convention Centre, New Delhi, is a premier global event in the energy sector. The event held under the patronage of the Ministry of Petroleum and Natural Gas and organized by the Federation of Indian Petroleum Industry (FIPI) has grown into the world’s second-largest energy conference.

    A Hub of Innovation and Transformation

    The India Energy Week exhibition has grown exponentially to become the world’s new meeting place for energy professionals, with millions of dollars of business conducted onsite, positioning it at the very heart of international business.

    A key facilitator of dialogue between international and regional producers, the event provides international exhibitors with the opportunity to network with key buyers from over 120 countries across the full energy value chain. Exhibitors will have the opportunity to showcase cutting-edge technologies that drive sustainable energy solutions, forge strategic partnerships, and explore opportunities to shape the future of energy.

    Defining Achievements of IEW 2025

     Key Focus Areas of IEW 2025

    • Energy Transition & Green Future: Major focus on biofuels, flex-fuel vehicles, ethanol blending, and green hydrogen. India is steadily progressing toward its goal of producing 5 million metric tons (MMT) of green hydrogen annually by 2030.
    • Exploration & Production (E&P) Reforms: Launch of Open Acreage Licensing Program (OALP) Round X, covering 200,000 sq. km, along with regulatory changes to boost investment in oil and gas exploration.
    • India-US Energy Cooperation: Strengthening LNG supply partnerships and increasing natural gas consumption in India’s energy mix from 6% to 15%.
    • Global Energy Investments: Expanding investments in oil and gas assets across Brazil, Venezuela, Russia, and Mozambique while benefiting from emerging oil sources.
    • Startup & Innovation Recognition: The Avinya’25 – Energy Startup Challenge, led by the Ministry of Petroleum and Natural Gas, awarded innovative startups for breakthroughs in CO₂ capture, ESG solutions, and renewable energy. The Vasudha – Oil and Gas Startup Challenge recognized overseas startups revolutionizing the upstream oil and gas sector with AI-driven solutions.

    Navigating the Nine Thematic Zones

    IEW 2025 introduced nine thematic zones, each focusing on different aspects of the energy sector:

    1. Hydrogen Zone – Hosted by Oil India Limited, showcasing cutting-edge innovations in hydrogen fuel generation.
    2. Biofuels Zone – Highlighting India’s advancements in Biodiesel, Bioethanol, Compressed Biogas, and Sustainable Aviation Fuel.
    3. Renewable Energy Zone – Featuring innovations in solar, wind, and other renewable energy technologies.
    4. LNG EcoSystem – Hosted by Petronet LNG, focusing on India’s downstream LNG supply chain and eco-friendly fuel solutions.
    5. Make in India Zone – Hosted by Engineers India Limited, highlighting indigenous energy manufacturing capabilities.
    6. City Gas Distribution Zone – Hosted by GAIL, emphasizing India’s rapid progress towards a gas-based economy.
    7. Petrochem Zone – Hosted by ONGC, showcasing advancements in petrochemical technologies and sustainable solutions.
    8. Innovation Zone – Featuring emerging startups and breakthrough technologies in energy.
    9. Digitalisation Zone – Showcasing AI, IoT, and automation in optimizing energy production and distribution.

    India: The Rising Energy Powerhouse

    India, the world’s third-largest energy consumer, is poised for the highest energy demand growth. Under PM Narendra Modi’s leadership, the nation is advancing towards a greener future with significant investments in secure, sustainable, and affordable energy. India Energy Week 2025 will serve as a key platform for global collaboration, driving discussions on energy security, innovation, and sustainability.

     

    A dynamic energy landscape

    India’s Path to Sustainability

    As a rapidly advancing economic powerhouse, India faces the twin challenge of surging energy demand while mitigating its carbon footprint. In response, Hon’ble Prime Minister Shri Narendra Modi launched the concept of “Panchamrit” at COP 26, representing a blend of five essential elements. “Panchamrit” underscores India’s commitment to addressing climate change and fostering sustainable growth on a global scale.

    Panchamrit: India’s Five Point Pledge Towards Climate Change

    1. India will take its non-fossil energy capacity to 500 GW by 2030
    2. By 2030, India will reduce the carbon intensity of its economy by less than 45%
    3. India will meet 50% of its energy requirements from renewable energy by 2030
    4. By the year 2070, India will achieve target of net-zero
    5. India will reduce the total projected carbon emissions by one billion tonnes till 2030

    Conclusion

    India Energy Week 2025 serves as a pivotal platform for global energy stakeholders to exchange ideas, foster partnerships, and witness India’s leadership in energy transition. As Shri Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas, highlighted, IEW 2025 will act as a catalyst for groundbreaking projects in green hydrogen, solar advancements, and exploration technologies, reinforcing India’s commitment to sustainability and innovation. With a focus on transformative collaboration and investment, the event will shape the global energy agenda, positioning India at the forefront of energy security, technological progress, and a sustainable future.

    References

    Download in PDF

    ***

    Santosh Kumar/ Sarla Meena/ Anchal Patiyal

    (Release ID: 2104168) Visitor Counter : 19

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  • MIL-OSI Asia-Pac: Union Finance and Corporate Affairs Minister launches Mutual Credit Guarantee Scheme for MSMEs in Mumbai today

    Source: Government of India

    Union Finance and Corporate Affairs Minister launches Mutual Credit Guarantee Scheme for MSMEs in Mumbai today

    Smt. Nirmala Sitharaman also inaugurates first ‘Sachal Aaykar Seva Kendra’ virtually

    FM Smt. Nirmala Sitharaman addresses and interacts with stakeholders in a post-budget meeting in Mumbai

    Increased capex, focus on reducing fiscal deficit and boosting consumption, saving and investment by the citizens: Union Finance Minister

    Posted On: 17 FEB 2025 5:56PM by PIB Mumbai

    : Mumbai, February 17, 2025

    Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman launched the Mutual Credit Guarantee Scheme for MSMEs (MCGS – MSME) for facilitating loans upto Rs. 100 crore to MSMEs for purchase of machinery or equipment without collateral, in pursuance of the Union Budget 2024-25 announcement, at the post-budget stakeholders’ interaction in Mumbai, today.

    The Union Minister also virtually inaugurated the first ‘Sachal Aaykar Seva Kendra’ at Mumbai, to be operational in Navy Nagar Colaba from 18th and 19th February, 2025, and is designed to facilitate access to digital services, provide assistance for grievance redressal and to promote tax awareness.

    At the same function, Smt. Sitharaman also handed over ceremonial keys to the home owners benefitted by the SWAMIH Investment Fund of SBI Ventures Ltd. Union MoS (Finance) Shri Pankaj Chaudhary, Secretary (Finance) Shri Tuhin Kanta Pandey, Secretary (DEA) Shri Ajay Seth, Secretary (Dept. of Expenditure) Dr. Manoj Govil, Secretary (Dept. of Financial Services) Shri M. Nagaraju, Secretary (DIPAM) Shri Arunish Chawla, CBDT Chairman Shri Ravi Agrawal and CBIC Chairman Shri Sanjay Kr. Agarwal were also present on the occasion.

    In her keynote address, Smt. Sitharaman stated that Government continues its post-COVID capital and asset-building strategy, with increased allocations for capital expenditure to drive infrastructure development. The Finance Minister outlined the major takeaways from the Budget 2025-26, emphasizing economic growth, responsible fiscal management, and key structural reforms aimed at realising the vision of Viksit Bharat.

    Increased Capital Expenditure

    Government’s emphasis post Covid for public expenditure in asset building continues and hence, capex is 10.2 percent more in Budget 2025-26 than last budget (Vote-on-account 2024-25).  The capex budget has been significantly increased and stands at around Rs. 16 lakh crore, stated the Finance Minister.

    Boost to R& D and STEM

    Highlighting the importance of research and development, the Finance Minister noted that significant steps have been taken to support R&D, especially in STEM fields, with private sector participation being encouraged. She also reaffirmed the Government’s commitment to ongoing reforms in manufacturing, Ease of Doing Business (EODB), and social infrastructure to strengthen economic foundations.

    Focus on Fiscal Consolidation, Reduction of Fiscal Deficit 

    The Government remains steadfast in its commitment to fiscal consolidation, with a clear roadmap to bring the fiscal deficit below 4.5%. Borrowings are focused on capital asset creation, ensuring sustainable economic growth. She assured, “We are on track to bring the Debt-to-GDP ratio down to 50% by FY 2030-31. This reflects our disciplined approach towards financial stability without compromising on education, healthcare, or infrastructure investments.”

    Boosting Consumption, Saving and Investment by the citizens

    “This Budget focuses on boosting consumption while ensuring economic momentum. By providing tax concessions, we are enabling taxpayers to spend, save and invest, giving them the freedom to make financial decisions that best suit their needs.”

    New I-T Act

    The Income Tax Act, 1961, is set to be replaced by the new law which is currently under review by the Select Committee. With 60,000 inputs received, it is one of the most comprehensive tax reform exercises undertaken and reflects the spirit of Jan-bhagidaari. The new law will reduce complexity by consolidating provisions, reducing the number of sections from 800 to 500, and simplifying language for better interpretation. “FAQs The Finance Minister praised the CBDT for completing this monumental task within six months, stating, “This is a landmark effort towards simplification and transparency in taxation. Our aim is to make compliance easier and more efficient for every taxpayer.”

    Opening up newer sectors for investments – Space, Energy, Nuclear Energy, Critical Minerals

    Newer sectors such as space and nuclear energy have been opened up for investments, ensuring global competitiveness and technological advancement. Stressing the importance of energy security, she remarked, “With the rise in data centers and industrial expansion, our energy sector must scale accordingly”, stated the Finance Minister. The MSME Loan Guarantee scheme now extends to critical minerals, with the Government signing MoUs with multiple countries for import of important critical minerals. Additionally, full exemption of Customs Duties on 25 Critical Minerals have been announced in the union budget. This will benefit sectors like space, defence, telecommunications, high-tech electronics, nuclear energy and renewable energy, where these rare earth minerals are critical.

    Education and Health

    Education and health remain key priorities, with more universities being considered for student loan support to enhance accessibility to higher education. The insurance sector has been opened up with necessary safeguards, ensuring broader participation while maintaining financial security. Union Budget 2025 increased the sectoral cap of insurance sector to 100% from 74%.

    PM Dhan Dhaanya Krishi Yojana for better agricultural productivity

    Addressing food security, the Finance Minister highlighted the introduction of PM Dhan Dhaanya Krishi Yojana, which aims to improve agricultural productivity across 100 districts known for low agricultural output. This programme will help 1.7 crore farmers to enhance agricultural productivity, improve irrigation facilities and facilitate long-term and short-term credit “Strengthening food security in rural India is paramount, and this initiative will uplift our farmers and boost productivity where it is needed most,” she said.

    The interaction with stakeholders was followed by a press conference, the proceedings of which may be accessed here. 

     

    Rabee/ Sriyanka /Dhanalaxmi/PM

    Follow us on social media:  @PIBMumbai     /PIBMumbai     /pibmumbai   pibmumbai[at]gmail[dot]com

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    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Written question – New own resources – E-000475/2025

    Source: European Parliament

    Question for written answer  E-000475/2025
    to the Commission
    Rule 144
    Jean-Marc Germain (S&D)

    The coming months will be decisive for the future of the EU. Faced with multiple threats to our continent, our only choice is a strong Europe. However, we cannot achieve that without substantial financial resources.

    The 2020 Interinstitutional Agreement covered new own resources, but the proposals have remained on the table ever since. With June 2025 being the deadline set in the agreement, now, more than ever, is the time to deliver on our promises. It is up to Member States, under the Polish Presidency of the Council, to bring this work to fruition.

    During his hearing, Commissioner Serafin expressed his wish to take up the 2023 Commission proposal. On the other hand, the Polish Prime Minister, Donald Tusk, in his speech to Parliament, questioned the relevance of greenhouse gas emission trading schemes, which are a key part of new own resources.

    What measures does the Commission intend to take to facilitate Council discussions and clear the way for an agreement between Member States on new own resources, given that an agreement is vital if we are to meet the challenges we face at this make-or-break moment at the start of this year?

    Submitted: 4.2.2025

    Last updated: 17 February 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Russian gas imports into the EU – P-000637/2025

    Source: European Parliament

    Priority question for written answer  P-000637/2025
    to the Commission
    Rule 144
    Liudas Mažylis (PPE)

    After Russia launched its full-scale war against Ukraine in 2022, the EU set itself the objective of stopping all imports of Russian fossil fuels by 2027 as part of its sustainability efforts. However, imports from Russia were higher in 2024 than in 2023, and imports of natural gas, including liquefied natural gas (LNG), continued to grow in 2025. The European Parliament has made clear its political will not to finance the Russian war machine, in particular through the purchase of LNG.

    Could the Commission answer the following questions:

    • 1.How does the Commission intend to address the problem of increasing Russian gas imports into the EU, and what specific measures does it intend to take in this regard?
    • 2.Does the Commission not feel that LNG trade restrictions should be included in a regular sanctions package against Russia?

    Submitted: 11.2.2025

    Last updated: 17 February 2025

    MIL OSI Europe News

  • MIL-OSI: Bitget Lists Pi Network (PI) with Rewards Worth 150,000 PI

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 17, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of the trending memecoin Pi Network (PI) on its platform. The listing is now live with trading available under the PI/USDT pair, allowing users to engage with PI through various market activities, including deposits, trading, and a unique airdrop promotion.

    The CandyBomb promotional event offers Bitget users the chance to earn PI through deposits and trading activity. A total of 150,000 PI tokens have been allocated for this campaign, which runs from 16 February, 2025, 04:00 (UTC) to 27 February, 2025, 08:00 (UTC). Participants can join the CandyBomb page, where valid deposit and trading activity will automatically count toward the PI airdrop, divided into net deposits and spot trading pools. The 50,000 PI will be distributed based on net deposits, while new spot traders will have exclusive access to the remaining 100,000 PI, providing a significant incentive for both experienced and new traders alike.

    Pi Network is a smartphone-based mining project launched in 2019, enabling users to earn Pi tokens with the single tap of a button in its mobile app without energy-intensive hardware and a lot of energy. This solution simplifies the mining process and makes crypto accessible to more people. Pi Network’s strong user referral mechanism has led to a large userbase of the ecosystem. Currently, 19 million Pioneers have successfully completed the procedures, while 10 million have migrated to the mainnet.

    This listing positions PI within Bitget’s expanding portfolio of assets available in the Innovation, Web3, and Public Chain Zone, underlining the platform’s commitment to offering users access to the most trending digital assets. As PI gains traction in both centralized and decentralized trading venues, this listing on Bitget will allow a broader audience to participate in its ecosystem. With a vibrant community and large userbase, PI presents an opportunity for users interested in emerging mining and public chain projects in the blockchain space.

    Bitget has consistently expanded its market share in both spot and derivatives trading among centralized exchanges. With an extensive selection of over 800 cryptocurrency pairs and a commitment to broaden its offerings to more than 900 trading pairs, Bitget connects users to various ecosystems, including Bitcoin, Ethereum, Solana, Base, and TON.

    For more information on PI CandyBomb, users can visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA, and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, users can visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, users can contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, users can refer to the Terms of Use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6da908c5-8b15-431b-b9c1-801c046b5db0

    The MIL Network

  • MIL-OSI Video: Noon Briefing Guest Tomorrow, Secretary-General/African Union & other topics – Daily Press Briefing

    Source: United Nations (Video News)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    – Noon Briefing Guest Tomorrow
    – Secretary-General/African Union
    – Security Council

    NOON BRIEFING GUEST/TOMORROW
    Tomorrow, noon briefing guest will be Muhannad Hadi, the UN Deputy Special Coordinator for the Middle East Peace Process, Resident Coordinator and Humanitarian Coordinator. He will join virtually from Jerusalem and will brief reporters on the situation in Gaza.

    SECRETARY-GENERAL/AFRICAN UNION
    The Secretary-General is back in New York after attending the African Union summit in Addis Ababa.
    In a press conference as he departed on Saturday, the Secretary-General said that over three days in Addis Ababa, he had met many leaders from across the continent to discuss challenges across the spectrum. And he emphasizes that despite the many tests facing Africa, we start from a position of strength. 
    At the same time, the Secretary-General drew attention to a United Nations Security Council where Africa still inexplicably lacks permanent representation and an international financial architecture where the power and place of Africa is not fairly at the table.

    SECURITY COUNCIL
    This morning, the Security Council held a briefing on threats to international peace and security. Briefing Council members, Miroslav Jenča, the Assistant Secretary-General for Europe, Central Asia, and the Americas, noted that in one week, we will mark three tragic years since Russia’s full-scale invasion of Ukraine, launched in violation of the UN Charter and international law. In this context, Mr. Jenča said, today’s ten-year anniversary of Security Council resolution 2202 – that called for the full implementation of the now defunct Minsk agreements – is an opportunity to recall past diplomatic efforts towards de-escalation and a peaceful settlement of the conflict.
    He noted that the Secretary-General has underlined, time and again, that any peaceful settlement must respect the sovereignty, independence and territorial integrity of Ukraine, in line with the UN Charter, international law and resolutions of the General Assembly. Mr. Jenča said that the UN encourages dialogue among all stakeholders and welcomes all genuine efforts and initiatives, with the full participation of Ukraine and the Russian Federation, that would alleviate the impact of the war on civilians and de-escalate the conflict.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=17%20February%202025

    https://www.youtube.com/watch?v=l-n3KMw0ysQ

    MIL OSI Video

  • MIL-OSI: Marex Group plc to Announce Fourth Quarter and Full Year 2024 Results on March 6, 2025 with an Investor Day on April 2, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 17, 2025 (GLOBE NEWSWIRE) — Marex Group plc (NASDAQ: MRX) today announced that it will release its 2024 fourth quarter and full year results before market open on Thursday, March 6, 2025. The earnings release and supplementary materials will be available through the “Investors” section of the Marex website at https://ir.marex.com/.

    A conference call to discuss the results will take place at 9am ET the same day. Analysts and investors who wish to participate in the live conference call can register using the link here: https://edge.media-server.com/mmc/p/59s7enfq

    Marex will also hold an investor day on Wednesday, April 2, 2025 in New York City.

    About Marex:

    Marex Group plc (NASDAQ: MRX) is a diversified global financial services platform providing essential liquidity, market access and infrastructure services to clients across energy, commodities and financial markets. Enabling access to 60 exchanges, the Group provides coverage across four core services: Clearing, Agency and Execution, Market Making and Hedging, and Investment Solutions. It has a leading franchise in many major metals, energy and agricultural products, serving over 4,000 active clients and executing around 129 million trades and clearing 856 million contracts in 2023. The Group provides access to the world’s major commodity markets, covering a broad range of clients that include some of the largest commodity producers, consumers and traders, banks, hedge funds, and asset managers. Headquartered in London with more than 40 offices worldwide, the Group has over 2,000 employees across Europe, Asia and the Americas. For more information visit www.marex.com.

    The MIL Network

  • MIL-OSI Africa: African Development Bank: New report highlights Africa’s strengthening economic growth amid global challenges

    Source: Africa Press Organisation – English (2) – Report:

    ABIDJAN, Ivory Coast, February 17, 2025/APO Group/ —

    • Growth rates above 5 percent expected in close to half of the continent’s countries in 2025; 12 of world’s 20 fastest growing economies will be African

    Africa’s economic performance is showing signs of improvement but remains vulnerable to global shocks, according to the 2025 Macroeconomic Performance and Outlook (MEO) report released by the African Development Bank (www.AfDB.org/en) on Friday.

    The report, unveiled on the sidelines of the 38th Ordinary Session of the African Union Assembly in Addis Ababa, projects real GDP growth to accelerate to 4.1 percent in 2025 and 4.4 percent in 2026. The forecast is attributed to economic reforms, declining inflation, and improved fiscal and debt positions.

    Despite the positive trajectory, the report highlights that Africa’s growth remains below the 7 percent threshold required for substantial poverty reduction. The continent also continues to grapple with geopolitical tensions, structural weaknesses, climate-related disasters, and prolonged conflicts in regions such as the Sahel and the Horn of Africa. It estimated Africa’s average real GDP growth to be 3.2 percent in 2024, slightly higher than the 3.0 percent recorded in 2023.

    The report notes that while inflationary pressures persist, Africa’s average inflation rate is expected to decline from 18.6 percent in 2024 to 12.6 percent in 2025-2026 due to tighter monetary policies. Fiscal deficits have widened slightly from 4.4 percent of GDP in 2023 to 4.6 percent in 2024 but are projected to narrow to 4.1 percent by 2025-2026. Public debt levels have stabilized but remain above pre-pandemic levels, with nine countries in debt distress and eleven at high risk of distress.

    The MEO, published by the Bank biannually in the first and fourth quarters, responds to a critical need for timely economic data amid global uncertainty. It serves policymakers, development partners, global investors, researchers, and other stakeholders.

    The 2025 report identifies 24 African nations, including Djibouti, Niger, Rwanda, Senegal, and South Sudan, as poised to exceed 5 percent GDP growth in 2025. Additionally, Africa remains the world’s second-fastest-growing region after Asia, with 12 of the 20 fastest-growing economies projected to be on the continent.

    Ethiopia’s Finance Minister, Ato Ahmed Shide, praised the report’s depth of analysis. “It underscores the fragility of Africa’s economic growth, which is projected to hover around 4 percent in the near term,” he said, emphasizing the need for proactive policy measures to sustain growth and stability. 

    He said Ethiopia has taken bold steps to restore macroeconomic stability, build resilience, and accelerate growth, with the government prioritizing economic liberalization, private sector empowerment, and fiscal discipline.

    Strengthening Africa’s Resilience

    In her remarks at the report’s launch, Nnenna Nwabufo, Vice President for Regional Development, Integration, and Business Delivery at the African Development Bank, highlighted the continent’s potential for driving global economic expansion but said achieving this requires decisive and well-coordinated policies.

    “As Africa navigates an increasingly complex economic landscape, policymakers must adopt a forward-looking approach to reinforce resilience and drive sustainable growth. Africa’s economic resilience and growth prospects remain strong, but challenges persist,” said Nwabufo, who represented the Bank Group’s President, Dr. Akinwumi Adesina.

    Presenting the report, Prof. Kevin Urama, the Bank Group’s Chief Economist and Vice President for Economic Governance & Knowledge Management, underscored the need for stronger coordination between monetary and fiscal policies to manage inflation while fostering economic expansion.

    He urged countries to strengthen foreign reserves to shield economies from external shocks and currency depreciations, alongside pre-emptive debt restructuring to prevent defaults and enhance financial stability.  

    Medium- to long-term strategies should include increasing investments in integrated infrastructure to drive economic transformation and diversification. Governments must work to enhance the business environment through regulatory reforms and long-term strategies to attract private investment, Urama said.

    The 2025 MEO report outlines key policy recommendations, including implementing pre-emptive debt restructuring to enhance financial stability, investing in integrated infrastructure to support economic diversification and improving the business environment through regulatory reforms and investment strategies.

    Path Forward

    Panel discussions following the report’s launch underscored the importance of fully implementing continental development initiatives such as the African Continental Free Trade Area agreement. Discussions also focused on accelerating new initiatives like the proposed Africa Credit Rating Agency and the African Financial Stability Mechanism.

    The panel, moderated by Dr Victor Oladokun, Senior Advisor (Communications and Stakeholder Engagement) to the Bank Group President, included contributions from the African Risk Capacity Group, represented by its chair, Dr. Mothae Maruping. Gambian Finance Minister Seedy Keita highlighted the African Development Bank’s support in implementing the country’s fiscal reforms and domestic revenue mobilization.

    African Union Trade Commissioner Albert Muchanga called on the private sector to do more to support the African Continental Free Trade Area, including through increased investments in logistics and manufacturing. “What I would expect [African businesses] to do is come up with logistics centers and warehouses across Africa; I would also expect the African private sector to start planning to develop an African shipping line… We are sitting on potential; the business sector has not responded,” Muchanga said.

    Click here (https://apo-opa.co/3CYp6fd) for the 2025 MEO report.

    MIL OSI Africa