Category: Economy

MIL-OSI: Gabelli Healthcare & WellnessRx Trust Declares First Quarter Distribution of $0.15 Per Share

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of The Gabelli Healthcare & Wellness^Rx Trust (NYSE:GRX) (the “Fund”) declared a $0.15 per share cash distribution payable on March 24, 2025 to common shareholders of record on March 17, 2025.

The Fund intends to pay a quarterly distribution of an amount determined each quarter by the Board of Trustees. In addition to the quarterly distributions, and in accordance with the minimum distribution requirements of the Internal Revenue Code for regulated investment companies, the Fund may pay an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the quarterly distributions for that year.

Each quarter, the Board of Trustees reviews the amount of any potential distribution and the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification or termination by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject up to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, the current distribution paid to common shareholders in 2025 would include approximately 1% from net investment income, 4% from net capital gains and 95% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

Bethany Uhlein
(914) 921-5546

About The Gabelli Healthcare & Wellness^RxTrust
The Gabelli Healthcare & Wellness^Rx Trust is a diversified, closed-end management investment company with $228 million in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE: GRX
CUSIP – 36246K103

Investor Relations Contact:
Bethany Uhlein
914.921.5546
buhlein@gabelli.com

The MIL Network –

February 14, 2025

MIL-OSI: Euronext publishes Q4 and full year 2024 results

Source: GlobeNewswire (MIL-OSI)

Euronext publishes Q4 and full year 2024 results

Euronext delivered double-digit revenue growth in 2024 thanks to its diversified revenue profile and confirms the achievement of its 2024 targets. Euronext reached record adjusted EPS in 2024 through cost discipline and strategic capital allocation. 2025 will be a year of investment for innovation and growth.

Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 13 February 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the fourth quarter and full year 2024.

Full year 2024 revenue and income was up +10.3% at €1,626.9 million:
- Non-volume related revenue and income represented 58% of total revenue and income (compared to 60% in 2023) and covered 153% of underlying operating expenses, excluding D&A0F¹ (vs. 145% in 2023):
  - Custody and Settlement revenue grew to €270.5 million (+8.7%), driven by higher assets under custody, dynamic settlement activity and strong growth of value-added services;
  - Advanced Data Services revenue grew to €241.7 million (+7.5%), driven by continued demand for fixed income trading data, power trading data and dynamic retail usage. Revenue was supported by the acquisition of GRSS, a leading provider of services to benchmark administrators;
  - Listing revenue grew to €231.9 million (+5.1%), despite headwinds from the NOK1F² depreciation. This reflects the continued strong performance of corporate solutions and resilient listing revenue. With 53 new equity listings and over 14,700 new bond listings in 2024, Euronext confirms its leading European position in equity listing and its worldwide leadership in debt listing;
  - Technology Solutions reported €106.2 million of revenue (-3.4%), reflecting the termination of Borsa Italiana legacy services in March 2024 following the migration to Optiq®.

Trading revenue grew to €559.4 million (+14.2%), driven by record results in fixed income, FX and power trading and solid growth in cash trading revenue;
Clearing revenue grew to €144.3 million (+19.0%), powered by the European expansion of Euronext Clearing, dynamic fixed income activity and the strong performance of commodities clearing. Net treasury income was at €56.8 million (+21.8%).

Underlying operating expenses excluding D&A¹were in line with the revised guidance of €620 million, at €620.5 million (+1.7% compared to 2023). Cost discipline, synergies, and positive one-off items partly offset growth investments and acquisition impacts.
Adjusted EBITDA¹was €1,006.4 million (+16.4%) and adjusted EBITDA margin was 61.9% (+3.3pts).
Adjusted net income¹was €682.5 million (+16.7%) and adjusted EPS was €6.59 (+19.6%).
Reported net income was €585.6 million (+14.0%), despite the negative comparison base related to the €41.6 million capital gain received in 2023 for the disposal of Euronext’s 11.1% stake in LCH SA.
Net debt to EBITDA2F³was at 1.4x at the end of December 2024, within Euronext’s target range. Euronext’s S&P rating was upgraded to ‘A-, Stable Outlook’ in February 2025.
Achievement of 2024 financial targets is confirmed. Euronext revenue reached +4.7% CAGR_2020PF-2024, above the +3% to +4% targeted. Euronext attained an adjusted EBITDA growth of +6.4% CAGR_2020PF-2024, above the +5% to +6% targeted.
Key figures for full year 2024:

In €m, unless stated otherwise	2024	2023	% var	% var l-f-l3F⁴
Revenue and income	1,626.9	1,474.7	+10.3%	+10.0%
Underlying operational expenses excluding D&A²	(620.5)	(610.0)	+1.7%	+1.0%
Adjusted EBITDA	1,006.4	864.7	+16.4%	+16.3%
Adjusted EBITDA margin	61.9%	58.6%	+3.3pts	+3.4pts
Net income, share of the parent company shareholders	585.6	513.6	+14.0%
Adjusted net income, share of the parent company shareholders	682.5	584.7	+16.7%
Adjusted EPS (basic, in €) (share count differs between the two periods4F⁵)	6.59	5.51	+19.6%
Reported EPS (basic, in €) (share count differs between the two periods)	5.65	4.84	+16.7%
Adjusted EPS (diluted, in €) (share count differs between the two periods)	6.56	5.50	+19.3%
Reported EPS (diluted, in €) (share count differs between the two periods)	5.63	4.83	+16.6%

Dividend proposal to the 2025 Annual General Meeting

A dividend of €292.8 million will be proposed to the Annual General Meeting on 15 May 2025. This represents 50% of 2024 reported net income, in line with Euronext’s dividend policy. This dividend represents an increase of +14.0% compared to 20235F⁶.

Euronext continues its cost discipline and invests in strategic growth

In 2024, Euronext reported underlying expenses (excl. D&A) in line with the revised guidance of €620 million. This compares to an initial guidance of €625 million, which did not take into account the impact of any acquisitions executed over the course of 2024.

2024 normalised underlying expenses (excl. D&A) were at approximately €640 million, taking into account approximately €8 million of positive one-off items and the full-year impact of bolt-on acquisitions.

Euronext expects its total underlying expenses (excl. D&A) for 2025 to be around €670 million. Euronext expects its 2025 underlying expenses (excl. D&A) to be stable at around €640 million compared to 2024 normalised underlying expenses (excl. D&A), as savings and synergies are expected to entirely offset inflationary impacts. In addition, Euronext plans to invest around 5% of its normalised underlying expenses (excl. D&A) to deliver strategic growth projects, as highlighted during the Investor Day on 8 November 2024.

Progress with the delivery of “Innovate for Growth 2027”
- Euronext will accelerate the delivery of its power futures ambition with the contemplated acquisition of Nasdaq’s Nordic power futures business, announced on 28 January 2025.
- Euronext continues to leverage its clearing house to launch innovative derivatives products. Euronext will launch fixed income derivatives on major European government bonds, including the first-ever cash-settled mini futures in September 2025, delivering unparalleled accessibility and flexibility to investors.
- Euronext announced a strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering. This collaboration is a major enabler of Euronext’s ambition to expand its leading Italian repo clearing franchise to a large range of European government bonds.

Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:

“In 2024, we delivered double-digit topline growth thanks to the solid performance of non-volume related activities, excellent performance of FICC trading, and the successful clearing expansion in Europe. For the first time, Euronext reached the significant threshold of over €1 billion in adjusted EBITDA, an increase of +16.4% compared to last year. Our notable adjusted net income growth of +16.7% compared to last year, to €682.5 million underscores our profitability and our robust financial health. Adjusted EPS (basic) was up +19.6% in 2024, at €6.59 per share, compared to €5.51 per share in 2023. This increase reflects Euronext’s strong performance and a lower number of outstanding shares over 2024 due to Euronext’s share repurchase programme.

In 2024, Euronext achieved several key milestones that allowed us to expand our presence across the entire capital markets value chain, as we have finalised the integration of the Borsa Italiana Group. We have exceeded our 2024 financial targets for revenue and EBITDA growth. We have also strengthened our non-volume business with strategic acquisitions such as GRSS, Substantive Research, and Acupay.

In 2025, we are building the foundations to achieve our 2027 growth targets and we are investing to innovate for growth. We have already begun with the announced acquisition of Nasdaq’s Nordic power futures business6F⁷. This addition will significantly contribute to the growth of our FICC trading and clearing business. We are pleased to announce the most significant innovation in financial derivatives in recent years, the launch of cash-settled mini futures on European government bonds. Finally, we have made a first major step in the expansion of our Repo clearing franchise through a strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering. Euronext has promising growth opportunities ahead, which will further reinforce our position as the leading capital market infrastructure in Europe.”

2024 financial performance

In €m, unless stated otherwise	FY 2024	FY 2023	% var	% var (like-for-like, constant currencies)
Revenue and income	1,626.9	1,474.7	+10.3%	+10.0%
Listing	231.9	220.6	+5.1%	+5.4%
Trading revenue, of which	559.4	490.0	+14.2%	+14.3%
Cash trading	284.0	265.4	+7.0%	+7.0%
Derivatives trading	53.1	54.2	-2.0%	-2.0%
Fixed income trading	145.5	107.4	+35.5%	+35.5%
FX trading	31.7	25.6	+24.2%	+24.2%
Power trading	45.1	37.4	+20.4%	+22.6%
Investor Services	14.1	11.4	+24.2%	+14.8%
Advanced Data Services	241.7	224.8	+7.5%	+5.3%
Post-Trade, of which	414.7	370.2	+12.0%	+11.9%
Clearing	144.3	121.3	+19.0%	+19.0%
Custody and Settlement	270.5	248.9	+8.7%	+8.8%
Euronext Technology Solutions & Other	106.2	109.9	-3.4%	-3.3%
NTI through CCP business	56.8	46.7	+21.8%	+21.8%
Other income	2.0	1.4	+45.5%	+44.5%
Transitional revenues	–	(0.2)	N/A	N/A
Underlying operational expenses excl. D&A	(620.5)	(610.0)	+1.7%	+1.0%
Adjusted EBITDA	1,006.4	864.7	+16.4%	+16.3%
Adjusted EBITDA margin	61.9%	58.6%	+3.3pts	+3.4pts
Operating expenses excl. D&A	(651.3)	(688.3)	-5.4%	+1.0%
EBITDA	975.6	786.4	+24.1%	+9.9%
Depreciation & Amortisation	(188.7)	(170.1)	+10.9%	+11.2%
Total Expenses (incl. D&A)	(840.1)	(858.5)	-2.1%	-2.6%
Adjusted operating profit	922.9	790.4	+16.8%	+16.7%
Operating Profit	786.8	616.2	+27.7%
Net financing income / (expense)	17.5	(0.2)
Results from equity investments	34.7	83.1	-58.3%
Profit before income tax	839.1	699.1	+20.0%
Income tax expense	(218.4)	(162.7)	+34.2%
Share of non-controlling interests	(35.1)	(22.8)	+53.7%
Net income, share of the parent company shareholders	585.6	513.6	+14.0%
Adjusted Net income, share of the parent company shareholders7F⁸	682.5	584.7	+16.7%
Adjusted EPS (basic, in €)	6.59	5.51	+19.6%
Reported EPS (basic, in €)	5.65	4.84	+16.7%
Adjusted EPS (diluted, in €)	6.56	5.50	+19.3%
Reported EPS (diluted, in €)	5.63	4.83	+16.6%

Share count differs between the two periods.

2024 revenue and income

In 2024, Euronext’s revenue and income was €1,626.9 million, up +10.3% compared to 2023. This resulted from solid organic growth in non-volume related businesses, a dynamic trading environment across asset classes, and the positive contribution of the Euronext Clearing European expansion.

On a like-for-like basis and at constant currencies, Euronext consolidated revenue and income was up +10.0% in 2024, at €1,618.2 million, compared to 2023.

Non-volume related revenue accounted for 58% of underlying Group revenue in 2024, compared to 60% in 2023. This reflects the strong growth in trading and post-trade revenue, and solid performance of non-volume-related revenue. Non-volume-related revenue covered 153% of underlying operating expenses excluding D&A, compared to 145% in 2023.

2024 adjusted EBITDA

Underlying operational expenses excluding depreciation and amortisation increased slightly to €620.5 million, up +1.7%, in line with the revised guidance of €620 million, and lower than the initial guidance of €625 million. Cost discipline, FX impacts and positive one-offs (around €8.3 million) partly offset growth investments and acquisitions impacts.

On a like-for-like basis at constant currencies, underlying operational expenses excluding depreciation and amortisation increased by +1.0% compared to 2023, which highlights the impact of acquisitions on a reported basis.

Consequently, adjusted EBITDA for the year totalled €1,006.4 million, up +16.4% compared to 2023. This represents an adjusted EBITDA margin of 61.9%, up +3.3 points compared to 2023. On a like-for-like basis, adjusted EBITDA for 2024 was up +16.3%, to €1,003.2 million, and adjusted EBITDA margin was 62.0%, up +3.4 points compared to 2023.

2024 net income, share of the parent company shareholders

Depreciation and amortisation accounted for €188.7 million in 2024, up +10.9%, resulting from migration projects and acquisitions. PPA related to acquired businesses accounted for €81.2 million and is included in depreciation and amortisation.

2024 adjusted operating profit was €922.9 million, up +16.8% compared to 2023 adjusted operating profit.

€136.1 million of non-underlying expenses, including depreciation and amortisation, were reported in 2024, related to the implementation of the ‘Growth for Impact 2024’ strategic plan and the PPA of acquired businesses.

Net financing income for 2024 was €17.5 million, compared to a net financing expense of €0.2 million in 2023. This increase resulted from higher interest income due to higher interest rates and strong cash generation, offsetting the cost of debt in 2024.

Results from equity investments amounted to €34.7 million in 2024, including €23.4 million of dividend received from Euroclear and the €10.1 million of dividend earned from Sicovam. In 2023, Euronext reported €83.1 million of results from equity investments. This was a result of the capital gain on the disposal of Euronext’s stake in LCH SA and the disposal of Euronext’s investment in Tokeny, as well as the dividend received from Euroclear and Sicovam.

Income tax for 2024 was €218.4 million. This translated into an effective tax rate of 26.0% for 2024. In 2023, the income tax rate was 23.3%, positively impacted by non-taxable income. Income tax amounted to €162.7 million.

Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €35.1 million in 2024.

As a result, the reported net income, share of the parent company shareholders, increased by +14.0% for 2024 compared to 2023, to €585.6 million. This represents a reported EPS of €5.65 basic and €5.63 diluted in 2024, compared to €4.84 basic and €4.83 diluted in 2023. This increase reflects the strong results and a lower number of shares over 2024 compared to 2023.

Adjusted net income, share of the parent company shareholders was up +16.7% to €682.5 million. Adjusted EPS (basic) was up +19.6% in 2024, at €6.59 per share, compared to an adjusted EPS (basic) of €5.51 per share in 2023.

The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.

In 2024, Euronext reported a net cash flow from operating activities of €708.6 million, compared to €826.1 million in 2023. The difference results from higher profit before tax, higher income tax, lower results from equity investments and negative changes in working capital. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 72.3% of EBITDA in 2024.

2024 business highlights

In €m, unless stated otherwise	FY 2024	FY 2023	% change
Revenue	231.9	220.6	+5.1%
Equity	106.6	105.1	+1.4%
o/w Annual fees	72.4	69.0	+5.0%
o/w Follow-ons	18.7	20.8	-10.1%
o/w IPOs	15.5	15.4	+0.9%
Debts	40.4	36.0	+12.2%
ETFs, Funds & Warrants	24.0	23.3	+3.0%
Corporate Solutions	50.3	45.4	+10.7%
ELITE and Other	10.2	10.8	-5.8%


Money raised (€m)	FY 2024	FY 2023	% change
Equity listings	3,840	2,481	+54.8%
Follow-ons	15,782	20,177	-21.8%
Bonds	1,190,154	1,156,035	+3.0%

Listed securities	FY 2024	FY 2023	% change
New equity listings over the period	53	64	-17.2%

Money raised from follow-ons has been restated for previous periods.

Listing revenue was €231.9 million in 2024, an increase of +5.1% compared to 2023, driven by the resilience of the offering and sustained leadership in listing, partially offset by the NOK depreciation.

Euronext recorded 33% of equity listings in Europe8F⁹ with 53 new equity listings.

Euronext Corporate Solutions revenue grew by +10.7% compared to 2023 to €50.3 million, thanks to a strong performance of the SaaS and advisory offering.

Debt listing revenue grew by +12.2% compared to 2023 to €40.4 million, driven by dynamic bond issuance activity.

On a like-for-like basis at constant currencies, listing revenue increased by +5.4% compared to 2023.

Trading
- Cash trading

	FY 2024	FY 2023	% change
Cash trading revenue (€m)	284.0	265.4	+7.0%
ADV Cash market (€m)	10,405	10,053	+3.5%

Cash trading revenue increased by +7.0% to €284.0 million in 2024, supported by efficient yield management and higher volumes.

Over the year, Euronext cash trading yield was 0.53 bps, up from 0.52 bps in 2023 despite continued high order sizes. Euronext market share of cash trading averaged 64.8% in 2024.

On a like-for-like basis at constant currencies, cash trading revenue was up +7.0%.

Derivatives trading

	FY 2024	FY 2023	% change
Derivatives trading revenue (€m)	53.1	54.2	-2.0%
ADV Derivatives market (in lots)	619,833	619,244	+0.1%
ADV Equity & Index derivatives (in lots)	503,506	528,368	-4.7%
ADV Commodity derivatives (in lots)	116,328	90,876	+28.0%

Derivatives trading revenue decreased by -2.0% to €53.1 million in 2024, reflecting the continuing trend of lower volatility for equity and index derivatives, offset by very dynamic commodity trading. Euronext revenue capture on derivatives trading was €0.33 per lot for the year. On a like-for-like basis at constant currencies, derivatives trading revenue was down -2.0% in 2024 compared to 2023.

Fixed income trading

	FY 2024	FY 2023	% change
Fixed income trading revenue (€m)	145.5	107.4	+35.5%
o/w MTS Cash	103.1	67.1	+53.7%
o/w MTS Repo	26.5	25.2	+4.9%
ADV MTS Cash (€m)	37,021	23,026	+60.8%
TAADV MTS Repo (€m)	483,247	436,039	+10.8%
ADV other fixed income (€m)	1,612	1,266	+27.4%

Fixed income revenue reached €145.5 million in 2024, up +35.5% compared to 2023. MTS Cash reached record results, driven by strategic positioning of the solutions provided to market participants and issuers and favourable market conditions. On a like-for-like basis at constant currencies, fixed income trading revenue was up +35.5% compared to 2023.

FX trading

	FY 2024	FY 2023	% change
Spot FX trading revenue (€m)	31.7	25.6	+24.2%
ADV spot FX Market (in $m)	26,493	22,450	+18.0%

FX trading revenue was €31.7 million in 2024, up +24.2% compared to 2023. This reflects growing volumes, bolstered by a favourable volatility environment and commercial expansion. On a like-for-like basis at constant currencies, FX trading revenue was up +24.2% compared to 2023.

Power trading

	FY 2024	FY 2023	% change
Power trading revenue (€m)	45.1	37.4	+20.4%
ADV Day-ahead power market (in TWH)	2.74	2.74	+0.3%
ADV Intraday power market (in TWH)	0.31	0.20	+55.0%

Power trading revenue reached €45.1 million in 2024, up +20.4% compared to 2023, reflecting continued strong growth of intraday volumes. This strong result was partially offset by the depreciation of the NOK. On a like-for-like basis at constant currencies, power trading revenue was up +22.6% compared to 2023.

Investor Services

Investor Services reported €14.1 million revenue in 2024, representing a +24.2% increase compared to 2023, supported by continued commercial expansion and the contribution of Substantive Research, acquired on 17 September 2024. On a like-for-like basis at constant currencies, Investor Services revenue was up +14.8% compared to 2023.

Advanced Data Services

Advanced Data Services revenue reached €241.7 million in 2024, up +7.5% from 2023, driven by continued demand for fixed-income and power trading data and dynamic retail usage. It was also supported by the contribution of GRSS, acquired as announced on 3 June 2024, and rapid expansion of advanced data solutions. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +5.3% compared to 2023.

Post Trade

in €m, unless stated otherwise	FY 2024	FY 2023	% change
Post-trade revenue (excl. NTI)	414.7	370.2	+12.0%
Clearing	144.3	121.3	+19.0%
o/w Revenue from LCH SA	62.8	71.8	-12.5%
o/w Revenue from Euronext Clearing	81.5	49.5	+64.5%
o/w Derivatives	18.1	5.6	+221.2%
o/w Equities	24.4	16.6	+47.1%
o/w Bonds	14.9	13.6	+10.0%
o/w Other	24.1	13.7	+75.8%
Custody, Settlement and other Post-Trade activities	270.5	248.9	+8.7%

Number of transactions and lots cleared	FY 2024	FY 2023	% change
Shares (number of contracts – single counted)	234,777,332	83,486,969	+181.2%
Bonds – Wholesale (nominal value in €bn – double counted)	29,717	27,177	+9.3%
Bonds – Retail (number of contracts – double counted)	15,133,264	13,732,528	+10.2%
Derivatives9F¹⁰	65,536,847	25,244,669	+159.6%

Clearing revenue was up +19.0% to €144.3 million in 2024, reflecting the successful and timely execution of the last steps of the pan-Europeanisation of Euronext Clearing. Non-volume related clearing revenue (including membership fees, treasury income received from LCH SA prior to the migration) accounted for €41.9 million of the total clearing revenue in 2024. On a like-for-like basis at constant currencies, clearing revenue was up +19.0% compared to 2023.

Net treasury income

Net treasury income for Euronext Clearing was at €56.8 million in 2024, up +21.8% compared to 2023. The increase was driven by higher collateral following the completion of the derivatives clearing migration on 7 September 2024 and a positive comparison base in Q1 2023 due to the disposal of the Euronext Clearing portfolio.

Custody, Settlement and other Post-Trade activities

Euronext Securities activity	FY 2024	FY 2023	% change
Number of settlement instructions over the period	134,287,470	123,587,470	+7.8%
Assets under Custody (in €bn), end of period	7,065	6,663	+6.0%

Revenue from Custody, Settlement and other Post-Trade activities was €270.5 million in 2024, posting a strong growth of +8.7% compared to 2023. This reflects growing assets under custody, dynamic issuance activities and higher settlement activity. Euronext Securities’ value-added services business continued to post strong growth, supported by the acquisition of Acupay as announced on 2 October 2024. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +8.8% compared to 2023.

Technology Solutions and Other revenue

Euronext Technologies and Other revenue was €106.2 million in 2024, down -3.4% from 2023, reflecting the termination of double-run connectivity revenues and Borsa Italiana legacy services following the migration to Optiq®, passing on synergies to clients. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was down -3.3% compared to 2023.

Q4 2024 financial performance

In €m, unless stated otherwise	Q4 2024	Q4 2023	% var	% var (like-for-like, constant currencies)
Revenue and income	415.8	374.1	+11.1%	+9.9%
Listing	59.4	56.2	+5.8%	+5.9%
Trading revenue, of which	141.4	124.5	+13.5%	+13.5%
Cash trading	70.9	64.1	+10.6%	+10.6%
Derivatives trading	12.9	12.8	+0.3%	+0.3%
Fixed income trading	37.8	30.6	+23.7%	+23.7%
FX trading	8.5	6.7	+27.7%	+26.4%
Power trading	11.3	10.4	+8.8%	+10.1%
Investor Services	4.2	3.0	+39.8%	+13.0%
Advanced Data Services	61.1	56.1	+8.9%	+4.8%
Post Trade, of which	102.8	94.6	+8.6%	+7.0%
Clearing	32.9	32.3	+1.8%	+1.8%
Custody and Settlement	69.9	62.3	+12.2%	+10.1%
Euronext Technology Solutions & Other	28.4	27.6	+3.1%	+3.2%
NTI through CCP business	17.9	11.7	+53.3%	+53.3%
Other income	0.6	0.5	+37.5%	+0.0%
Underlying operational expenses excl. D&A	(163.2)	(157.8)	+3.4%	+1.1%
Adjusted EBITDA	252.6	216.3	+16.7%	+16.4%
Adjusted EBITDA margin	60.7%	57.8%	+2.9pts	+3.4pts
Operating expenses excl. D&A	(174.4)	(173.3)	+0.6%	-1.5%
EBITDA	241.4	200.8	+20.2%	+19.8%
Depreciation & Amortisation	(49.6)	(45.6)	+8.7%	+8.6%
Total Expenses (incl. D&A)	(224.0)	(218.9)	+2.3%	+0.6%
Adjusted operating profit	231.1	196.3	+17.7%	+17.3%
Operating Profit	191.8	155.2	+23.6%
Net financing income / (expense)	6.5	4.7	+38.2%
Results from equity investments	10.1	17.0	-40.8%
Profit before income tax	208.4	176.9	+17.8%
Income tax expense	(55.5)	(40.0)	+38.8%
Share of non-controlling interests	(8.2)	(6.4)	+29.2%
Net income, share of the parent company shareholders	144.6	130.6	+10.8%
Adjusted Net income, share of the parent company shareholders10F¹¹	172.3	148.2	+16.3%
Adjusted EPS (basic, in €)	1.66	1.42	+16.9%
Reported EPS (basic, in €)	1.40	1.25	+12.0%
Adjusted EPS (diluted, in €)	1.66	1.41	+17.7%
Reported EPS (diluted, in €)	1.39	1.24	+12.1%

Share count differs between the two periods

Q4 2024 revenue and income

In Q4 2024, Euronext’s revenue and income amounted to €415.8 million, up +11.1% compared to Q4 2023, driven by record performance in fixed income trading, robust results in non-volume related businesses and the positive contribution of the Euronext Clearing European expansion at the end of November 2023.

On a like-for-like basis and at constant currencies, Euronext revenue and income were up +9.9% in Q4 2024 compared to Q4 2023, to €411.1 million.

Non-volume related revenue accounted for 59% of Group revenue in Q4 2024, compared to 60% in Q4 2023, reflecting continued strong performance of trading and post-trade in Q4 2024. The underlying operating expenses excluding D&A coverage by non-volume related revenue ratio was at 151% in Q4 2024, compared to 141% in Q4 2023.

Q4 2024 adjusted EBITDA

Underlying operational expenses excluding depreciation and amortisation increased by +3.4% to €163.2 million, reflecting investments in growth and the impact of acquisitions. On a like-for-like basis, underlying operational expenses excluding depreciation and amortisation increased by +1.1% compared to Q4 2023, reflecting mainly the impact of acquisitions on a reported basis.

Consequently, adjusted EBITDA for the quarter totalled €252.6 million, up +16.7% compared to Q4 2023. This represents an adjusted EBITDA margin of 60.7%, up +2.9 points compared to Q4 2023. On a like-for-like basis, adjusted EBITDA for Q4 2024 was up +16.4%, to €251.5 million, and adjusted EBITDA margin was 61.2%, up +3.4 points compared to the same perimeter in Q4 2023.

Q4 2024 net income, share of the parent company shareholders

Depreciation and amortisation accounted for €49.6 million in Q4 2024, +8.7% more than in Q4 2023 due to the impact of migration projects and acquisitions. PPA related to acquired businesses accounted for €20.7 million and is included in depreciation and amortisation.

Adjusted operating profit was €231.1 million, up +17.7% compared to Q4 2023. On a like-for-like basis, adjusted operating profit was up +17.3% compared to Q4 2023, at €230.1 million.

€39.3 million of non-underlying expenses, including depreciation and amortisation, were reported in Q4 2024, related to the final steps of the Borsa Italiana Group integration and the PPA of acquired businesses.

Net financing income for Q4 2024 was €6.5 million, compared to €4.7 million in Q4 2023. This increase results from higher interest income due to higher interest rates and strong cash generation, offsetting the cost of debt.

Results from equity investments amounted to €10.1 million in Q4 2024, representing the dividend received from Sicovam. As a reminder, in Q4 2023, Euronext reported €17.0 million of results from equity investments due to the capital gain related to the disposal of the stake in Tokeny and the dividend received from Sicovam.

Income tax for Q4 2024 was €55.5 million. This translated into an effective tax rate of 26.6% for the quarter. (Q4 2023: €40.0 million and 22.6% respectively, reflecting the positive impact of the tax-exempted one-off capital gain from the disposal of the Tokeny stake).

Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €8.2 million in Q4 2024.

As a result, the reported net income, share of the parent company shareholders, increased by +10.8% for Q4 2024 compared to Q4 2023, to €144.6 million. This represents a reported EPS of €1.40 basic and €1.39 diluted in Q4 2024, compared to €1.25 basic and €1.24 diluted in Q4 2023. Adjusted net income, share of the parent company shareholders was up +16.3% to €172.3 million. Adjusted EPS (basic) was up +16.9% in Q4 2024, at €1.66 per share, compared to an adjusted EPS (basic) of €1.42 per share in Q4 2023. This increase reflects higher profit and a lower number of outstanding shares over the fourth quarter of 2024 compared to the fourth quarter of 2023.

The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.

In Q4 2024, Euronext reported a net cash flow from operating activities of €175.0 million, compared to €194.5 million in Q4 2023, reflecting negative changes in working capital from short-term movement in outstanding power sales customers’ and suppliers’ invoices related to Nord Pool CCP activities and higher income tax. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 64.3% of EBITDA in Q4 2024.

Q4 2024 business highlights

in €m, unless stated otherwise	Q4 2024	Q4 2023	% change
Listing revenue	59.4	56.2	+5.8%
Equity	26.6	26.6	-0.1%
o/w Annual fees	18.0	17.1	+5.2%
o/w Follow-ons	4.6	5.8	-19.2%
o/w IPOs	3.9	3.7	+4.6%
Debts	9.8	9.1	+7.7%
ETFs, Funds & Warrants	6.1	5.9	+3.5%
Corporate Solutions	14.0	12.3	+13.6%
ELITE and Other	2.9	2.2	+31.9%

Listing revenue was €59.4 million in Q4 2024, an increase of +5.8% compared to Q4 2023 driven by dynamic listing and follow-on activity and strong performance of corporate solutions, partially offset by the depreciation of the NOK.

On a like-for-like basis at constant currencies, listing revenue increased by +5.9% compared to Q4 2023.

Money raised (€m)	Q4 2024	Q4 2023	% change
Equity listings	164	247	-33.7%
Follow-ons	2,556	6,667	-61.7%
Bonds	244,356	290,524	-15.9%

Listed securities	Q4 2024	Q4 2023	% change
New equity listings over the period	16	13	+23.1%
Number of ETFs listed, end of period	4,018	3,821	+5.2%
Number of Bonds listed, end of period	55,804	55,098	+1.3%

Euronext ranked as the leading listing venue in Europe with 30% of European listings. Equity listing revenue was solid at €26.6 million.

Euronext Corporate Solutions revenue grew +13.6% compared to Q4 2023 to a new record level of €14.0 million, resulting from the strong performance of its SaaS products and events.

Debt listing activity was strong with revenue at €9.8 million, supported by dynamic bond listing activity and favourable market conditions.

Trading
- Cash trading

	Q4 2024	Q4 2023	% change
Cash trading revenue (€m)	70.9	64.1	+10.6%
ADV Cash market11F (€m)	10,545	9,558	+10.3%

Cash trading revenue increased by +10.6% to €70.9 million in Q4 2024, driven by a more positively geared volume environment.

Over the fourth quarter of 2024, Euronext cash trading yield was 0.52 bps, reflecting more dynamic volumes and high average order sizes. Euronext market share on cash trading averaged 64.4% in Q4 2024.

On a like-for-like basis at constant currencies, cash trading revenue was up +10.6%.

Derivatives trading

	Q4 2024	Q4 2023	% change
Derivatives trading revenue (€m)	12.9	12.8	+0.3%
ADV Derivatives market (in lots)	580,555	598,894	-3.1%
ADV Equity derivatives (in lots)	463,920	506,716	-8.4%
ADV Commodity derivatives (in lots)	116,634	92,178	+26.5%

Derivatives trading revenue increased by +0.3% to €12.9 million in Q4 2024. The strong performance of Euronext commodity derivatives, supported by new product launches, partly offset the continued low volatility environment for equity derivatives. Euronext revenue capture on derivatives trading was €0.35 per lot for the fourth quarter of 2024.

On a like-for-like basis at constant currencies, derivatives trading revenue was up +0.3% in Q4 2024 compared to Q4 2023.

Fixed income trading

	Q4 2024	Q4 2023	% change
Fixed income trading revenue (€m)	37.8	30.6	+23.7%
o/w MTS Cash	27.0	19.6	+37.8%
o/w MTS Repo	6.7	6.3	+5.9%
ADV MTS Cash (€m)	39,381	27,741	+42.0%
TAADV MTS Repo (€m)	516,173	469,134	+10.0%
ADV other fixed income (€m)	1,656	1,504	+10.1%

Fixed income recorded record revenue at €37.8 million in Q4 2024, up +23.7% compared to Q4 2023, reflecting record quarterly volumes in MTS Cash and Repo driven by an economic environment favouring money markets and supportive volatility, and strong growth in repo and other fixed income trading.

On a like-for-like basis at constant currencies, fixed income trading revenue was up +23.7% compared to Q4 2023.

FX trading

	Q4 2024	Q4 2023	% change
Spot FX trading revenue (€m)	8.5	6.7	+27.7%
ADV spot FX Market (in $m)	26,475	23,943	+10.6%

FX trading revenue was €8.5 million in Q4 2024, up +27.7% compared to Q4 2023 thanks to favourable market volatility and commercial expansion.

On a like-for-like basis at constant currencies, FX trading revenue was up +26.4% compared to Q4 2023.

Power trading

	Q4 2024	Q4 2023	% change
Power trading revenue (€m)	11.3	10.4	+8.8%
ADV Day-ahead power market (in TWH)	2.99	3.10	-3.4%
ADV Intraday power market (in TWH)	0.32	0.25	+27.1%

Power trading revenue reached €11.3 million in Q4 2024, up +8.8% compared to Q4 2023, reflecting continued strong growth in intraday volumes and lower day-ahead volumes due to milder temperatures.

On a like-for-like basis at constant currencies, power trading revenue was up +10.1% compared to Q4 2023. This reflects the negative impact from the NOK depreciation on a reported basis.

Investor Services

Investor Services reported €4.2 million revenue in Q4 2024, up +39.8% compared to Q4 2023, resulting from continued commercial expansion and the full-quarter contribution from Substantive Research, acquired as announced in September 2024.

On a like-for-like basis at constant currencies, Investor Services revenue was up +13.0% compared to Q4 2023.

Advanced Data Services

Advanced Data Services revenue was €61.1 million in Q4 2024, up +8.9% from Q4 2023, driven by a solid performance of the core data business, solid demand for analytic products and diversified datasets and from retail investors. It also reflects the positive contribution of GRSS, acquired as announced in June 2024. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +4.8% compared to Q4 2023.

Post Trade

in €m, unless stated otherwise	Q4 2024	Q4 2023	% change
Post-trade revenue (excl. NTI)	102.8	94.6	+8.6%
Clearing	32.9	32.3	+1.8%
o/w Revenue from LCH SA	–	17.8
o/w Revenue from Euronext Clearing	32.9	14.6	+126.2%
o/w Derivatives	14.3	1.4	+940.3%
o/w Equities	6.4	5.2	+21.9%
o/w Bonds	3.8	3.7	+3.4%
o/w Other	8.4	4.2	+98.5%
Net treasury income through CCP business	17.9	11.7	+53.3%
Custody, Settlement and other Post-Trade activities	69.9	62.3	+12.2%

Number of transactions and lots cleared	Q4 2024	Q4 2023	% change
Shares (#contracts – single counted)	60,645,852	30,675,375	+97.7%
Bonds – Wholesale (nominal value in €bn – double counted)	7,580	7,118	+6.5%
Bonds – Retail (# contracts – double counted)	4,340,444	3,888,898	+11.6%
Derivatives (# contracts – single counted)	37,154,815	5,691,338	+552.8%

Clearing revenue was up +1.8% to €32.9 million in Q4 2024, reflecting the increase in equity clearing volumes following the expansion of Euronext Clearing in November 2023, as well as dynamic commodity and retail bond clearing volumes, offset by the low volatility environment for equity derivatives. Euronext has internalised the clearing and net treasury income related to its derivatives flows in September 2024. Euronext therefore no longer receives revenue and net treasury income from LCH SA, previously recorded under non-volume related clearing revenue. Non-volume related clearing revenue, mostly related to membership fees, accounted for €8.4 million of the total clearing revenue in Q4 2024. On a like-for-like basis at constant currencies, clearing revenue was up +1.8% compared to Q4 2023.

Net treasury income

Net treasury income amounted to €17.9 million in Q4 2024. The +53.3% increase compared to Q4 2023 reflects the increased level of cash collateral posted to the CCP following the migration of derivatives clearing for all Euronext markets to Euronext Clearing.

Custody, Settlement and other Post-Trade activities

Euronext Securities activity	Q4 2024	Q4 2023	% change
Number of settlement instructions over the period	34,122,913	30,507,967	+11.8%
Assets under Custody (in €bn), end of period	7,065	6,663	+6.0%

Revenue from Custody, Settlement and other Post-Trade activities was €69.9 million in Q4 2024, up +12.2% compared to Q4 2023, reflecting higher assets under custody, a growing number of settlement instructions and continued growth of the services offering, supported by the acquisition of Acupay on 2 October 2024. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +10.1% compared to Q4 2023.

Technology Solutions and Other revenue

Euronext Technologies and Other revenue grew to €28.4 million in Q4 2024, up +3.1% from Q4 2023, supported by Technology Solutions provided through Nord Pool and the launch of Euronext Wireless Network in July 2024, which offset the termination of Borsa Italiana legacy services following the migration of Italian markets to Optiq®. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was up +3.2% compared to Q4 2023.

Corporate highlights since 1 January 2025

Euronext to acquire Nasdaq’s Nordic power futures business

On 28 January 2025, Euronext and Nasdaq announced the signing of a binding agreement under which Euronext will acquire Nasdaq’s Nordic power futures business, subject to receipt of applicable regulatory approvals.
The agreement entails the transfer of existing open positions in Nasdaq’s Nordic power derivatives, currently held in Nasdaq Clearing, to Euronext Clearing, with approval of the members. Trading of power futures will be operated from Euronext Amsterdam and will be cleared through Euronext Clearing. Nasdaq Clearing AB, Nasdaq Oslo ASA, and their respective infrastructure are not included in the sale. Nasdaq will continue to operate its European Markets Services business and multi-asset clearing house.
The anticipated combination of Euronext Nord Pool’s market initiative with Nasdaq’s Nordic power futures business is fully aligned with Euronext’s “Innovate for Growth 2027” strategic priority to expand in power and accelerates the delivery of Euronext’s power futures ambitions. The transaction complies with Euronext’s capital allocation policy and will be fully financed with existing cash.

Euronext upgraded to A-, stable outlook, by S&P

On 3 February 2025, Euronext welcomed the decision of S&P to upgrade Euronext from ‘BBB+, Positive Outlook’ to ‘A-, Stable Outlook’.
S&P’s decision reflects the completion of the integration of the Borsa Italiana Group, the successful expansion of Euronext Clearing and the continued deleveraging thanks to the Group’s strong cash flow generation.

Ongoing share buyback programme

On 7 November 2024, Euronext announced a share repurchase programme for a maximum amount of €300 million. This programme is enabled by Euronext’s strong cash generation capabilities and demonstrates Euronext’s rigorous capital allocation strategy. Weekly reporting updates about the share repurchase programme are being published in the Share Buyback Programme section of our website. As of 7 February 2025, a total of 1,821,023 shares had been repurchased, representing 65.3% of the repurchase programme.

Fixed income derivatives status update

Euronext announces the launch of fixed income derivatives on major European government bonds, marking a significant innovation in financial derivatives. This new offering includes the first-ever mini futures to be cash-settled on European government bonds, designed to provide greater accessibility and flexibility for retail investors, asset managers, and private investors. Powered by the Optiq® trading platform and supported by dedicated market makers and Euronext Clearing, these derivatives will be introduced on the Euronext Derivatives Milan market in September 2025.

Euronext volumes for January 2025

In January 2025, the average daily transaction value on the Euronext cash order book stood at €11,538 million, up 23.1% compared to the same period last year. The overall average daily volume on Euronext derivatives stood at 606,267 lots, up +5.1%% compared to January 2024, and the open interest was 23,064,793 contracts at the end of January 2025, up +4.5% compared to January 2024. The average daily volume on Euronext FX’s spot foreign exchange market stood at $27.7 billion, up +11.2% compared to the same period last year.
MTS Cash average daily volumes were up +57.5% to €50.8 billion in January 2025, MTS Repo term adjusted
average daily volume stood at €467.6 billion, up +3.5% compared to the same period last year.
Euronext Clearing cleared 23,472,063 shares in January 2025, +20.9% compared to January 2024. €2,782.6 billion of wholesale bonds were cleared in January 2025 (double counted), up +2.8% compared to the same period in 2024. 1,464,522 bond retail contracts were cleared in January 2025 (double counted), up +11.9% compared to January 2024. The number of derivatives contracts cleared was 13,337,872, +606.4% compared to January 2024 (single counted). This strong increase is due to the fact that the commodity derivatives of Euronext legacy markets have been integrated following the Euronext Clearing expansion that occurred on 15 July 2024, and financial derivatives of Euronext legacy markets have been integrated following the Euronext Clearing expansion that occurred on 9 September 2024. Euronext Securities reported 13,048,702 settlement instructions in January 2025, up +14.9% compared to the same period last year. The total Assets Under Custody reached over €7 trillion in January 2025, up +7.2%.

Euronext announces strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering

On 11 February 2025, Euronext announced a new collaboration with Euroclear to support the development of Euronext Clearing’s collateral management services for repo and other asset classes. This collaboration is a first major step to enable Euronext’s ambition to expand its leading Italian repo clearing franchise to a large range of European government bonds bringing an efficient value offering to European and international clients. This collaboration will pave the way for the rollout of Euronext’s new repo clearing offering in June 2025, enabling the onboarding of clients including international banks, with an updated risk framework. Clients will be able to use Euroclear as a triparty agent for repo clearing.

Agenda

A conference call and a webcast will be held on 14 February 2025, at 09:00 CET (Paris time) / 08:00 GMT (London time):

Conference call:

To connect to the conference call, please dial:

UK Number:	+44 33 0551 0200	NO Number:	+47 2 156 3318
FR Number:	+33 1 70 37 71 66	PT Number:	+351 3 0880 2081
NL Number:	+31 20 708 5073	IR Number:	+353 1 436 0959
US Number:	+1 786 697 3501	IT Number:	+39 06 8336 0400
BE Number:	+32 2 789 8603	DE Number:	+49 30 3001 90612

Password: Euronext

Live webcast:

For the live audio webcast go to: Euronext Q4/FY 2024 Results

The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.

ANALYSTS & INVESTORS – ir@euronext.com

Investor Relations	Aurélie Cohen
	Judith Stein	+33 6 15 23 91 97

MEDIA – mediateam@euronext.com

Europe	Aurélie Cohen	+33 1 70 48 24 45
	Andrea Monzani	+39 02 72 42 62 13
Belgium	Marianne Aalders	+32 26 20 15 01
France, Corporate	Flavio Bornancin-Tomasella	+33 1 70 48 24 45
Ireland	Andrea Monzani	+39 02 72 42 62 13
Italy	Ester Russom	+39 02 72 42 67 56
The Netherlands	Marianne Aalders	+31 20 721 41 33
Norway	Cathrine Lorvik Segerlund	+47 41 69 59 10
Portugal	Sandra Machado	+351 91 777 68 97
Corporate Solutions	Coralie Patri	+33 7 88 34 27 44

About Euronext

Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway, and Portugal.

As of December 2024, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway, and Portugal host over 1,800 listed issuers with around €6 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

For the latest news, go to euronext.com or follow us on X and LinkedIn.

Disclaimer

This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. The figures in this document have not been audited or reviewed by our external auditor. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

Appendix

The figures in this appendix have not been audited or reviewed by our external auditor.

Non-IFRS financial measures

For comparative purposes, the company provides unaudited non-IFRS measures including:

Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding depreciation and amortisation;
EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin.

Non-IFRS measures are defined as follows:

Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses;
Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses, excluding non-recurring costs;
Underlying revenue and income as the total of revenue and income, excluding non-recurring revenue and income;

Non-underlying items as items of revenue, income and expense that are material by their size and/or that are infrequent and unusual by their nature or incidence are not considered to be recurring in the normal course of business and are classified as non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the ongoing sustainable performance of the Group. These items can include:
- integration or double-run costs of significant projects, restructuring costs and costs related to acquisitions that change the perimeter of the Group;
- one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments;
- amortisation and impairment of intangible assets which are recognised as a result of acquisitions and mostly comprising customer relationships, brand names and software that were identified during purchase price allocation (PPA);
- tax related to non-underlying items.

Adjusted operating profit as the operating profit adjusted for any non-underlying revenue and income and non-underlying costs, including PPA of acquired businesses;
EBITDA as the operating profit before depreciation and amortisation;
Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-underlying operational expenses excluding depreciation and amortisation;
EBITDA margin as EBITDA divided by total revenue and income;
Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income;
Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying items and related tax impact.

Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.

Non-volume related revenue definition

Non-volume related revenue includes Listing excluding IPOs, Advanced Data Services, Custody & Settlement and other Post-Trade, fixed revenue from Clearing activities (including for instance NTI and membership fees), Investor Services, Technology Solutions, Other Income and Transitional Revenue.

Adjusted EPS definition

	Q4 2024	Q4 2023	FY 2024	FY 2023
Net income reported	144.6	130.6	585.6	513.6
EPS reported	1.40	1.25	5.65	4.84
Adjustments
of which Operating expenses excl. D&A	(11.2)	(15.5)	(30.9)	(78.3)
of which Depreciation and amortisation	(28.1)	(25.6)	(105.2)	(95.9)
of which Net financing expense	–	–	–	(0.2)
of which results from equity investments	–	11.4	1.2	53.0
of which Minority interest	1.1	1.1	2.5	4.1
Tax related to adjustments	10.5	11.1	35.5	46.2
Adjusted net income	172.3	148.2	682.5	584.7
Adjusted EPS	1.66	1.42	6.59	5.51

Consolidated income statement

	Q4 2024			Q4 2023
in € million, unless stated otherwise	Underlying	Non-underlying	Reported		Underlying	Non-underlying	Reported
Revenue and income	415.8	–	415.8		374.1	–	374.1
Listing	59.4	–	59.4		56.2	–	56.2
Trading revenue, of which	141.4	–	141.4		124.5	–	124.5
Cash trading	70.9	–	70.9		64.1	–	64.1
Derivatives trading	12.9	–	12.9		12.8	–	12.8
Fixed income trading	37.8	–	37.8		30.6	–	30.6
FX trading	8.5	–	8.5		6.7	–	6.7
Power trading	11.3	–	11.3		10.4	–	10.4
Investor services	4.2	–	4.2		3.0	–	3.0
Advanced data services	61.1	–	61.1		56.1	–	56.1
Post Trade, of which	102.8	–	102.8		94.6	–	94.6
Clearing	32.9	–	32.9		32.3	–	32.3
Custody & Settlement and other	69.9	–	69.9		62.3	–	62.3
Euronext Technology Solutions & other revenue	28.4	–	28.4		27.6	–	27.6
Net Financing Income through CCP business	17.9	–	17.9		11.7	–	11.7
Other income	0.6	–	0.6		0.5	–	0.5
Operating expenses excluding D&A	(163.2)	(11.2)	(174.4)		(157.8)	(15.5)	(173.3)
Salaries and employee benefits	(90.0)	(5.4)	(95.4)		(85.6)	(7.8)	(93.3)
Other operational expenses, of which	(73.2)	(5.8)	(79.0)		(72.2)	(7.8)	(80.0)
System & communication	(25.7)	(0.1)	(25.8)		(23.1)	(2.0)	(25.1)
Professional services	(15.5)	(4.8)	(20.3)		(12.8)	(4.7)	(17.5)
Clearing expense	(0.4)	–	(0.4)		(8.8)	–	(8.8)
Accommodation	(4.1)	(0.1)	(4.2)		(6.0)	(0.2)	(6.2)
Other operational expenses	(27.6)	(0.8)	(28.4)		(21.5)	(0.9)	(22.3)
EBITDA	252.6	(11.2)	241.4		216.3	(15.5)	200.8
EBITDA margin	60.7%		58.1%		57.8%		53.7%
Depreciation & amortisation	(21.5)	(28.1)	(49.6)		(20.0)	(25.6)	(45.6)
Total expenses	(184.7)	(39.3)	(224.0)		(177.8)	(41.1)	(218.9)
Operating profit	231.1	(39.3)	191.8		196.3	(41.1)	155.2
Net financing income / (expense)	6.5	–	6.5		4.7	–	4.7
Results from equity investment	10.1	–	10.1		5.6	11.4	17.0
Profit before income tax	247.7	(39.3)	208.4		206.6	(29.7)	176.9
Income tax expense	(66.0)	10.5	(55.5)		(51.0)	11.1	(40.0)
Non-controlling interests	(9.3)	1.1	(8.2)		(7.4)	1.1	(6.4)
Net income, share of the parent company shareholders	172.3	(27.7)	144.6		148.2	(17.6)	130.6
EPS (basic, in €)	1.66		1.40		1.42		1.25
EPS (diluted, in €)	1.66		1.39		1.41		1.24

	FY 2024			FY 2023
in € million, unless stated otherwise	Underlying	Non-underlying	Reported		Underlying	Non-underlying	Reported
Revenue and income	1,626.9	–	1,626.9		1,474.7	–	1,474.7
Listing	231.9	–	231.9		220.6	–	220.6
Trading revenue, of which	559.4	–	559.4		490.0	–	490.0
Cash trading	284.0	–	284.0		265.4	–	265.4
Derivatives trading	53.1	–	53.1		54.2	–	54.2
Fixed income trading	145.5	–	145.5		107.4	–	107.4
FX trading	31.7	–	31.7		25.6	–	25.6
Power trading	45.1	–	45.1		37.4	–	37.4
Investor services	14.1	–	14.1		11.4	–	11.4
Advanced data services	241.7	–	241.7		224.8	–	224.8
Post Trade, of which	414.7	–	414.7		370.2	–	370.2
Clearing	144.3	–	144.3		121.3	–	121.3
Custody & Settlement and other	270.5	–	270.5		248.9	–	248.9
Euronext Technology Solutions & other revenue	106.2	–	106.2		109.9	–	109.9
Net Financing Income through CCP business	56.8	–	56.8		46.7	–	46.7
Other income	2.0	–	2.0		1.4	–	1.4
Transitional revenues	–	–	–		(0.2)	–	(0.2)
Operating expenses excluding D&A	620.5	30.9	651.3		(610.0)	(78.3)	(688.3)
Salaries and employee benefits	(330.2)	(11.5)	(341.6)		(319.5)	(12.9)	(332.4)
Other operational expenses, of which	(290.3)	(19.4)	(309.7)		(290.6)	(65.4)	(355.9)
System & communication	(99.2)	(3.1)	(102.3)		(94.9)	(7.8)	(102.6)
Professional services	(57.7)	(12.8)	(70.6)		(58.3)	(18.2)	(76.5)
Clearing expense	(23.2)	(1.1)	(24.3)		(34.5)	–	(34.5)
Accommodation	(16.0)	(0.9)	(16.9)		(17.9)	(0.8)	(18.7)
Other operational expenses	(94.1)	(1.4)	(95.5)		(85.0)	(38.6)	(123.6)
EBITDA	1,006.4	(30.9)	975.6		864.7	(78.3)	786.4
EBITDA margin	61.9%		60.0%		58.6%		53.3%
Depreciation & amortisation	(83.5)	(105.2)	(188.7)		(74.2)	(95.9)	(170.1)
Total expenses	(704.0)	(136.1)	(840.1)		(684.3)	(174.2)	(858.5)
Operating profit	922.9	(136.1)	786.8		790.4	(174.2)	616.2
Net financing income / (expense)	17.5	–	17.5		0.1	(0.2)	(0.2)
Results from equity investment	33.5	1.2	34.7		30.0	53.0	83.1
Profit before income tax	973.9	(134.9)	839.1		820.5	(121.4)	699.1
Income tax expense	(253.8)	35.5	(218.4)		(208.9)	46.2	(162.7)
Non-controlling interests	(37.6)	2.5	(35.1)		(26.9)	4.1	(22.8)
Net income, share of the parent company shareholders	682.5	(96.9)	585.6		584.7	(71.1)	513.6
EPS (basic, in €)	6.59		5.65		5.51		4.84
EPS (diluted, in €)	6.56		5.63		5.50		4.83

Consolidated comprehensive income statement

	Q4 2024	Q4 2023
Profit for the period	152.9	136.9

Other comprehensive income
Items that may be reclassified to profit or loss:
– Exchange differences on translation of foreign operations	8.7	(2.0)
– Income tax impact on exchange differences on translation of foreign operations	(1.5)	0.5
– Change in value of debt investments at fair value through other comprehensive income	–	0.5
– Income tax impact on change in value of debt investments at fair value through other comprehensive income	–	(0.2)

Items that will not be reclassified to profit or loss:
– Change in value of equity investments at fair value through other comprehensive income	85.0	–
– Income tax impact on change in value of equity investments at fair value through other comprehensive income	(0.7)	–
-Remeasurements of post-employment benefit obligations	(1.0)	(4.2)
– Income tax impact on remeasurements of post-employment benefit obligations	0.1	0.5
Other comprehensive income for the period, net of tax	90.6	(4.8)
Total comprehensive income for the period	243.5	132.1

Comprehensive income attributable to:
– Owners of the parent	235.9	125.6
– Non-controlling interests	7.6	6.5

	FY 2024	FY 2023
Profit for the period	620.7	536.4

Other comprehensive income
Items that may be reclassified to profit or loss:
– Exchange differences on translation of foreign operations	(27.9)	(57.8)
– Income tax impact on exchange differences on translation of foreign operations	2.0	6.3
– Change in value of debt investments at fair value through other comprehensive income	0.7	7.1
– Income tax impact on change in value of debt investments at fair value through other comprehensive income
	(0.2)	(2.0)
Items that will not be reclassified to profit or loss:
– Change in value of equity investments at fair value through other comprehensive income	91.5	11.9
– Income tax impact on change in value of equity investments at fair value through other comprehensive income	(2.1)	(3.1)
– Remeasurements of post-employment benefit obligations	0.6	(1.4)
– Income tax impact on remeasurements of post-employment benefit obligations	(0.1)	0.2
Other comprehensive income for the period, net of tax	64.6	(38.9)
Total comprehensive income for the period	685.3	497.5

Comprehensive income attributable to:
– Owners of the parent	651.8	475.7
– Non-controlling interests	33.5	21.8

Consolidated balance sheet

in € million	31 December 2024	31 December 2023
Non-current assets
Property, plant and equipment	106.2	114.4
Right-of-use assets	57.5	55.7
Goodwill and other intangible assets	6,096.2	6,108.2
Deferred income tax assets	30.4	31.3
Investments in associates and joint ventures	0.8	1.3
Financial assets at fair value through OCI	357.0	262.7
Other non-current assets	3.5	4.5
Total non-current assets	6,651.6	6,578.0

Current assets
Trade and other receivables	412.9	333.6
Income tax receivable	11.4	15.512F¹²
CCP clearing business assets	200,575.5	183,715.2
Other current financial assets	63.8	103.1
Cash & cash equivalents	1,673.5	1,448.8
Total current assets	202,737.0	105,616.2

Total assets	209,388.6	192,194.2

Equity
Shareholders’ equity	4,245.2	3,945.7
Non-controlling interests	156.8	139.7
Total Equity	4,402.0	4,085.3

Non-current liabilities
Borrowings	2,537.0	3,031.6
Lease liabilities	46.2	37.3
Other non-current financial liabilities	3.5	–
Deferred income tax liabilities	496.8	531.9
Post-employment benefits	21.0	22.7
Contract liabilities	56.4	60.0
Other provisions	7.2	7.3
Total Non-current liabilities	3,168.2	3,690.8

Current liabilities
Borrowings	516.5	17.3
Lease liabilities	15.8	22.2
Derivative financial instruments	0.1	–
CCP clearing business liabilities	200,644.7	183,832.2
Income tax payable	91.1	46.1
Trade and other payables	464.3	415.8
Contract liabilities	80.1	79.3
Other provisions	5.9	5.2
Total Current liabilities	201,818.4	184,418.0

Total equity and liabilities	209,388.6	192,194.2

The Group adjusted the comparative period figures downwards by €43.1 million for both income tax receivables and income tax payables, to adjust for the netting of taxes in the Italian fiscal sub-group.

Consolidated statement of cash flows

in € million	FY 2024	FY 2023
Profit before tax	839.1	699.1
Adjustments for:
– Depreciation and amortisation	188.7	170.1
– Share based payments	15.6	14.4
– Results from equity investments	(33.3)	(23.5)
– Gain on sale of associate	(1.2)	(53.0)
– Share of profit from associates and joint ventures	(0.2)	(6.5)
– Changes in working capital	(89.5)	155.5

Cash flow from operating activities	919.2	956.1
Income tax paid	(210.6)	(130.0)
Net cash flows from operating activities	708.6	826.1

Cash flow from investing activities
Business combinations, net of cash acquired	(65.2)	–
Proceeds from sale of subsidiary	–	(0.2)
Purchase of financial assets at FVOCI	(2.8)	(1.3)
Proceeds from sale of associate	0.9	122.4
Proceeds from disposal of equity investment at FVOCI	–	0.2
Purchase of current financial assets	(27.7)	(72.3)
Redemption of current financial assets	65.9	155.5
Purchase of property, plant and equipment	(18.0)	(27.7)
Purchase of intangible assets	(69.3)	(75.3)
Interest received	45.7	25.3
Dividends received from equity investments	33.3	23.5
Dividends received from associates	0.1	7.8
Net cash flow from investing activities	(37.1)	157.9

Cash flow from financing activities
Interest paid	(29.4)	(28.7)
Payment of lease liabilities	(20.8)	(28.4)
Transactions in own shares	(106.7)	(219.1)
Transactions with non-controlling interests	(0.1)	(2.5)
Withholding tax paid at vesting of shares	(1.6)	(1.0)
Dividends paid to the company’s shareholders	(257.3)	(237.2)
Dividends paid to non-controlling interests	(25.8)	(5.3)
Net cash flow from financing activities	(441.7)	(522.2)

Total cash flow over the period	229.9	461.8
Cash and cash equivalents – Beginning of period	1,448.8	1,001.1
Non cash exchange gains/(losses) on cash and cash equivalents	(5.2)	(14.1)
Cash and cash equivalents – End of period	1,673.5	1,448.8

in € million	Q4 2024	Q4 2023
Profit before tax	208.4	176.9
Adjustments for:
– Depreciation and amortisation	49.6	45.6
– Share based payments	5.2	3.9
– Results from equity investments	(10.0)	(5.6)
– Gain on sale of associate	–	(11.4)
– Share of profit from associates and joint ventures	(0.1)	–
– Changes in working capital	(8.8)	44.1

Cash flow from operating activities	244.3	253.5
Income tax paid	(69.2)	(59.1)
Net cash flows from operating activities	175.0	194.5

Cash flow from investing activities
Business combinations, net of cash acquired	(18.3)	–
Purchase of financial assets at FVOCI	(2.8)	–
Proceeds from sale of associate	–	11.4
Purchase of current financial assets	(2.3)	(3.7)
Redemption of current financial assets	–	71.4
Purchase of property, plant and equipment	(7.4)	(12.0)
Purchase of intangible assets	(23.4)	(17.5)
Interest received	13.7	12.0
Dividends received from equity investments	10.0	5.6
Net cash flow from investing activities	(30.5)	67.2

Cash flow from financing activities
Interest paid	(0.5)	–
Payment of lease liabilities	(5.9)	(7.2)
Acquisitions of own shares	(95.2)	(138.0)
Transactions with non-controlling interests	(0.1)	(2.5)
Withholding tax paid at vesting of shares	0.2	–
Dividends paid to non-controlling interests	(3.0)	(1.4)
Net cash flow from financing activities	(104.5)	(149.0)

Total cash flow over the period	40.0	112.6
Cash and cash equivalents – Beginning of period	1,630.3	1,336.5
Non cash exchange gains/(losses) on cash and cash equivalents	3.1	(0.2)
Cash and cash equivalents – End of period	1,673.5	1,448.8

Volumes for the fourth quarter and full year of 2024

Cash markets

	Q4 2024	Q4 2023	%var
Number of trading days	64	63
Number of transactions (buy and sells, incl. reported trades)
Total Cash Market	153,172,698	145,907,592	+5.0%
ADV Cash Market	2,393,323	2,315,994	+3.3%
Transaction value (€ million, single counted)
Total Cash Market	674,892	602,148	+12.1%
ADV Cash Market	10,545	9,558	+10.3%

Listings
Number of Issuers on Equities
Euronext	1,812	1,888	-4.0%
SMEs	1,433	1,493	-4.0%
Number of Listed Securities
Funds	2,319	2,434	-4.7%
ETFs	4,018	3,821	+5.2%
Bonds	55,804	55,098	+1.3%

Capital raised on primary and secondary market
Total Euronext, (€ million)
Number of new equity listings	16	13
Money Raised – New equity listings (incl. over-allotment)	163.9	247.2	-33.7%
Money Raised – Follow-ons on equities	2,556	6,667	-61.7%
Money Raised – Bonds	244,356	290,524	-15.9%
Total Money Raised	247,076	297,438	-16.9%

of which SMEs
Number of new equity listings	14	12
Money Raised – New equity listings (incl. over- allotment)	163.9	247.2	-33.7%
Money Raised – Follow-ons on equities	1,655	4,474	-63.0%
Money Raised – Bonds	2,779	1,671	+66.3%
Total Money Raised	4,598	6,393	-28.1%

	FY 2024	FY 2023	%var
Number of trading days	256	255
Number of transactions (buy and sells, inc. reported trades)
Total Cash Market	603,696,978	625,895,768	-3.5%
ADV Cash Market	2,358,191	2,454,493	-3.9%
Transaction value ( € million, single counted)
Total Cash Market	2,663,692	2,563,560	+3.9%
ADV Cash Market	10,405	10,053	+3.5%

Capital raised on primary and secondary market
Total Euronext, in €m
Number of new equity listings	53	64
Money Raised – New equity listings (incl. over-allotment)	3,839.5	2,480.8	+54.8%
Money Raised – Follow-ons on equities	15,782	20,177	-21.8%
Money Raised – Bonds	1,190,154	1,156,035	+3.0%
Total Money Raised	1,209,776	1,178,693	+2.6%
of which SMEs
Number of new equity listings	47	59
Money Raised – New equity listings (incl. over-allotment)	872	1,275	-31.7%
Money Raised – Follow-ons on equities	9,071	9,176	-1.1%
Money Raised – Bonds	4,384	3,160	+38.7%
Total Money Raised	14,326	13,612	+5.2%

Fixed income markets

	Q4 2024	Q4 2023	%var
Transaction value (€ million, single counted)
MTS
ADV MTS Cash	39,381	27,741	+42.0%
TAADV MTS Repo	516,173	469,134	+10.0%
Other fixed income
ADV Fixed income	1,656	1,504	+10.1%

	FY 2024	FY 2023	% var
Transaction value (€ million, single counted)
MTS
ADV MTS Cash	37,021	23,026	+60.8%
TAADV MTS Repo	483,247	436,039	+10.8%
Other fixed income
ADV Fixed income	1,612	1,266	+27.4%

FX markets

	Q4 2024	Q4 2023	% var
Number of trading days		64
FX volume ($m, single counted)
Total Euronext FX	1,720,896	1,532,340	+12.4%
ADV Euronext FX	26,475	23,943	+10.6%

	FY 2024	FY 2023	% var
Number of trading days		259
FX volume ($m, single counted)
Total Euronext FX	6,888,292	5,814,512	+18.5%
ADV Euronext FX	26,493	22,450	+18.0%

Power markets

	Q4 2024	Q4 2023	% var
Number of trading days	92	92
Power volume (in TWh)
ADV Day-ahead Power Market	2.99	3.10	-3.4%
ADV Intraday Power Market	0.32	0.25	+27.1%

	FY 2024	FY 2023	% var
Number of trading days	365	365
Power volume (in TWh)
ADV Day-ahead Power Market	2.74	2.74	+0.3%
ADV Intraday Power Market	0.31	0.20	+55.0%

Derivatives markets

		Q4 2024		Q4 2023	% var
Number of trading days		64		63
Derivatives Volume (in lots)
Equity		29,690,908		31,923,088	-7.0%
Index		11,183,641		13,517,515	-17.3%
Futures		6,723,915		7,914,354	-15.0%
Options		4,459,726		5,603,161	-20.4%
Individual Equity		18,507,267		18,405,573	+0.6%
Futures		1,485,833		498,969	+197.8%
Options		17,021,434		17,906,604	-4.9%

Commodity		7,464,607		5,807,238	+28.5%
Futures		7,133,617		5,478,945	+30.2%
Options		330,990		328,293	+0.8%

Total Euronext		37,155,515		37,730,326	-1.5%
Total Futures		15,343,365		13,892,268	+10.4%
Total Options		21,812,150		23,838,058	-8.5%

Derivatives ADV (in lots)
Equity		463,920		506,716	-8.4%
Index		174,744		214,564	-18.6%
Futures		105,061		125,625	-16.4%
Options		69,683		88,939	-21.7%
Individual Equity		289,176		292,152	-1.0%
Futures		23,216		7,920	+193.1%
Options		265,960		284,232	-6.4%

Commodity		116,634		92,178	+26.5%
Futures		111,463		86,967	+28.2%
Options		5,172		5,211	-0.8%

Total Euronext		580,555		598,894	-3.1%
Total Futures		239,740		220,512	+8.9%
Total Options		340,815		378,382	-5.0%

	FY 2024		FY 2023		% var
Number of trading days	256		255
Derivatives Volume (in lots)
Equity	128,897,410		134,733,803		-4.3%
Index	50,472,727		55,863,644		-9.7%
Futures	28,946,677		34,664,423		-16.5%
Options	21,526,050		21,199,221		+1.5%
Individual Equity	78,424,683		78,870,159		-0.6%
Futures	6,237,384		1,955,140		+219.0%
Options	72,187,299		76,915,019		-6.1%

Commodity	29,779,883		23,173,370		+28.5%
Futures	27,953,600		21,113,163		+32.4%
Options	1,826,283		2,060,207		-11.4%

Total Euronext	158,677,293		157,907,173		+0.5%
Total Futures	63,137,661		57,732,726		+9.4%
Total Options	95,539,632		100,174,447		-4.6%

Derivatives ADV (in lots)
Equity	503,506		528,368		-4.7%
Index	197,159		219,073		-10.0%
Futures	113,073		135,939		-16.8%
Options	84,086		83,134		+1.1%
Individual Equity	306,346		309,295		-1.0%
Futures	24,365		7,667		+217.8%
Options	281,982		301,628		-6.5%

Commodity	116,328		90,876		+28.0%
Futures	109,194		82,797		+31.9%
Options	7,134		8,079		-11.7%

Total Euronext	619,833		619,244		+0.1%
Total Futures	246,631		226,403		+8.9%
Total Options	373,202		392,841		-5.0%

Derivatives open interest

	31 December 2024	31 December 2023	% var
Open interest (in lots)

Equity	18,723,119	18,567,344	+0.8%
Index	869,625	1,000,267	-13.1%
Futures	410,598	517,679	-20.7%
Options	459,027	482,588	-4.9%
Individual Equity	17,853,494	17,567,077	+1.6%
Futures	251,452	153,607	+63.7%
Options	17,602,042	17,413,470	+1.1%

Commodity	979,545	876,380	+11.8%
Futures	787,929	656,667	+20.0%
Options	191,616	219,713	-12.8%

Total Euronext	19,702,664	19,443,724	+1.3%
Total Futures	1,449,979	1,327,953	+9.2%
Total Options	18,252,685	18,115,771	+0.8%

¹ Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
² Norwegian Krone
³ Full year 2024 reported and adjusted EBITDA
⁴ Like-for-like basis at constant currency
⁵ The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.
⁶ Euronext is currently performing a €300 million share repurchase programme. The repurchased shares will be cancelled, subject to shareholders’ approval at the upcoming annual general meeting on 15 May 2025. The repurchased shares will be excluded from the payment of the dividend.
⁷ Subject to receipt of applicable regulatory approvals
⁸ For the total adjustments performed please refer to the Appendix of this press release.
⁹ According to data from Dealogic
¹⁰ Euronext Clearing was expanded to Euronext legacy markets commodity derivatives on 15 July 2024 and Euronext legacy markets financial derivatives on 9 September 2024.
¹¹ For the total adjustments performed please refer to the Appendix of this press release.
¹² Income tax receivables and payables were restated by -€43.1m for Italian tax netting

Attachment

2025_Euronext_PR_Q42024

The MIL Network –

February 14, 2025

MIL-OSI: Gamco Global Gold, Natural Resources & Income Trust Declares Monthly Distributions of $0.03 per Share

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of GAMCO Global Gold, Natural Resources & Income Trust (NYSE American:GGN) (the “Fund”) approved the continuation of its policy of paying monthly cash distributions. The Board of Trustees declared cash distributions of $0.03 per share for each of April, May, and June 2025. Based on current dynamics, the Fund may make distributions in excess of the Fund’s earnings. It is currently expected that distributions to common shareholders in 2025 will primarily constitute a return of capital for tax purposes.

Distribution Month Record Date Payable Date Distribution Per Share

April April 15, 2025 April 23, 2025 $ 0.03

May May 15, 2025 May 22, 2025 $ 0.03

June June 13, 2025 June 23, 2025 $ 0.03

Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

Because the Fund’s current monthly distributions are subject to modification by the Board of Trustees at any time and the Fund’s income will fluctuate, there can be no assurance that the Fund will pay distributions at a particular rate or frequency. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution.

Short-term capital gains, qualified dividend income, ordinary income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. There are no capital loss carryforwards for book purposes. Therefore the Fund, on a book basis, may be distributing short term gains generated from option premiums that will not be taxable in 2025 because of the capital loss carryforwards available on a tax basis. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the monthly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

Molly Marion
(914) 921-5681

The Fund’s NAV per share will fluctuate with changes in the market value of the Fund’s portfolio securities. Stocks are subject to market, economic, and business risks that cause their prices to fluctuate. Investors acquire shares of the Fund on a securities exchange at market value, which fluctuates according to the dynamics of supply and demand. When Fund shares are sold, they may be worth more or less than their original cost. Consequently, you can lose money by investing in the Fund.

Covered Call and Other Option Transaction Risks. There are several risks associated with writing covered calls and entering into other types of option transactions. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, resulting in a given transaction not achieving its objectives. In addition, a decision as to whether, when, and how to use covered call options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful because of market behavior or unexpected events. As the writer of a covered call option, the Fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the exercise price of the call option, but has retained the risk of loss should the price of the underlying security decline.

About The GAMCO Global Gold, Natural Resources & Income Trust
The GAMCO Global Gold, Natural Resources & Income Trust is a non-diversified, closed-end management investment company with $735 million in total net assets whose primary investment objective is to provide a high level of current income. The Fund invests primarily in equity securities of gold and natural resources companies and intends to earn income primarily through a strategy of writing (selling) primarily covered call options on equity securities in its portfolio. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE American – GGN
CUSIP – 36465A109

The MIL Network –

February 14, 2025
MIL-OSI: GAMCO Natural Resources, Gold & Income Trust Declares Monthly Distributions of $0.04 per Share

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of GAMCO Natural Resources, Gold & Income Trust (NYSE:GNT) (the “Fund”) approved the continuation of its policy of paying monthly cash distributions. The Board of Trustees declared cash distributions of $0.04 per share for each of April, May, and June 2025. Based on current dynamics, the Fund may make distributions in excess of the Fund’s earnings. It is currently expected that distributions to common shareholders in 2025 will primarily constitute a return of capital for tax purposes.

The Board of Trustees increased the annual distribution 33% to $0.48 per share, which will be paid $0.04 per share monthly, commencing with the October 2024 monthly distribution.

Distribution Month Record Date Payable Date Distribution Per Share

April April 15, 2025 April 23, 2025 $0.04

May May 15, 2025 May 22, 2025 $0.04

June June 13, 2025 June 23, 2025 $0.04

Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

Because the Fund’s current monthly distributions are subject to modification by the Board of Trustees at any time and the Fund’s income will fluctuate, there can be no assurance that the Fund will pay distributions at a particular rate or frequency. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution.

Short-term capital gains, qualified dividend income, ordinary income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. There are no capital loss carryforwards for book purposes. Therefore the Fund, on a book basis, may be distributing short term gains generated from option premiums that will not be taxable in 2025 because of the capital loss carryforwards available on a tax basis. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the monthly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

David Schachter
(914) 921-5057

The Fund’s NAV per share will fluctuate with changes in the market value of the Fund’s portfolio securities. Stocks are subject to market, economic, and business risks that cause their prices to fluctuate. Investors acquire shares of the Fund on a securities exchange at market value, which fluctuates according to the dynamics of supply and demand. When Fund shares are sold, they may be worth more or less than their original cost. Consequently, you can lose money by investing in the Fund.

Covered Call and Other Option Transaction Risks. There are several risks associated with writing covered calls and entering into other types of option transactions. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, resulting in a given transaction not achieving its objectives. In addition, a decision as to whether, when, and how to use covered call options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful because of market behavior or unexpected events. As the writer of a covered call option, the Fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the exercise price of the call option, but has retained the risk of loss should the price of the underlying security decline.

About The GAMCO Natural Resources, Gold & Income Trust
The GAMCO Natural Resources, Gold & Income Trust is a diversified, closed-end management investment company with $142 million in total net assets whose primary investment objective is to provide a high level of current income. The Fund invests primarily in equity securities of gold and natural resources companies and intends to earn income primarily through a strategy of writing (selling) primarily covered call options on equity securities in its portfolio. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE – GNT
CUSIP – 36465E101

Investor Relations Contact:
David Schachter
(914) 921-5057
dschachter@gabelli.com

The MIL Network –

February 14, 2025
MIL-OSI USA: Sen. Scott Leads Effort to Ease Burdens on Small Businesses

US Senate News:

Source: United States Senator for South Carolina Tim Scott
WASHINGTON — U.S. Senator Tim Scott (R-S.C.), chairman of the Senate Banking, Housing and Urban Affairs Committee, introduced commonsense legislation to ease burdens and shield small businesses from excessive legal red tape. The Protect Small Businesses from Excessive Paperwork Act of 2025 would extend the filing deadline for businesses to report beneficial ownership information (BOI) until January 1, 2026, giving the U.S. Department of Treasury more time to educate business owners on the new reporting requirements, assess Biden administration BOI decisions, and ensure small businesses are not overburdened – and potentially held liable – with unclear and unnecessarily complicated regulations.
Senate Banking Committee members, including Senators Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), Katie Boyd Britt (R-Ala.), Pete Ricketts (R-Neb.), Jim Banks (R-Ind.), and Kevin Cramer (R-N.D.), joined Senator Scott on the legislation. Senators Jerry Moran (R-Kan.) and James Lankford (R-Okla.) also signed onto the bill.
“Small businesses are the backbone of our economy, and we need to ensure they have the necessary time and information to comply with reporting requirements from the federal government. This commonsense bill will ensure small businesses are protected and not overly burdened by unclear and unnecessarily complicated regulations – allowing them to focus on serving their customers while following the law,” said Senator Scott.
“The beneficial ownership reporting requirements of the Corporate Transparency Act (CTA) are excessive and overly burdensome, particularly for small businesses,” said Senator Tillis. “This commonsense legislation delays these unreasonable standards until January 1, 2026 for small business owners, providing further time for the courts to continue their examination of the constitutionality of the CTA.”
“Wyoming’s small businesses are the cornerstone of our state’s economy, yet Biden-era red tape continues to threaten Main Street,” said Senator Lummis. “It’s time for us to dethrone Biden’s unelected bureaucrats and cut red tape to create an environment where small businesses thrive, not drown in a sea of regulations.”
“Alabama’s small businesses do more than just keep our state running — they employ our friends and neighbors, provide invaluable goods and services, and make our communities and state so special,” said Senator Britt. “This commonsense legislation would pare back unnecessary and costly regulations while providing needed clarity and reprieve to job creators across Alabama and the nation.”
“Small businesses create jobs and power our economy,” said Senator Ricketts. “They deserve fair and clear rules, not burdensome and costly regulations. This bill cuts red tape and ensures our job creators can focus on growing their businesses, not navigating bureaucratic hurdles.”
“Small businesses are the backbone of our rural communities, and with limited staff and resources, the current reporting requirements place an unnecessary burden on our businesses,” said Senator Moran. “Extending the filing deadline allows small businesses the additional time they need to comply with updated guidelines and avoid harmful penalties.”
Representative Zach Nunn (R-Iowa) led companion legislation in the House, which passed on Monday by a vote of 408-0.
“Iowa’s economy is driven by small businesses – more than half of Iowans are employed by Main Street,” said Representative Nunn. “D.C. bureaucrats insist businesses comply with onerous red tape without considering the burden it puts on business operations. That has to change. Thank you, Chairman Scott, for joining me in this fight to roll back unnecessary regulations and simplify requirements for job creators while still adhering to the law.”
BACKGROUND: The Corporate Transparency Act was signed into law as part of the FY21 National Defense Authorization Act and established new reporting requirements around beneficial ownership for businesses.
During implementation of the rule, the U.S. Department of Treasury Financial Crimes Enforcement Network (FinCEN) failed to notify small businesses of the new reporting requirements. According to a survey by the National Federation of Independent Businesses (NFIB), 80% of NFIB members have never heard of the new reporting requirements. Complicating matters further, according to the National Small Business Association (NSBA), the average small business owner will spend nearly $8,000 to comply with these new reporting requirements in the first year alone.
On January 23, 2025, the U.S. Supreme Court declined to block the enforcement of these filing requirements. Now, small businesses across the country are expected to comply immediately or face harsh penalties. The Protect Small Businesses from Excessive Paperwork Act of 2025 would extend the filing deadline until January 1, 2026.

MIL OSI USA News –

February 14, 2025
MIL-OSI Global: How Asian immigrants to the U.S. resisted pressures to assimilate, creating a vibrant American suburbia

Source: The Conversation – Canada – By Bianca Mabute-Louie, Sociology PhD candidate, Rice University

This article is adapted from UNASSIMILABLE: An Asian Diasporic Manifesto for the 21st Century by Bianca Mabute-Louie (HarperCollins, January 2025).

I grew up in San Gabriel Valley — also referred to as SGV or the 626. SGV is an ethnoburb — an ethnic enclave — that grew out of the 1970s, with its own economy and ecosystem that includes banks, grocery stores, hair salons and restaurants.

Since many early Asian immigrants to this country were barred from accessing white institutions, working together to build and protect this ethnic ecosystem was a matter of survival and necessity.

Wei Li, a Chinese American geographer, first proposed the term “ethnoburb” to describe the hybridity of ethnic enclaves and middle-class suburbs: suburban ethnic clusters of people and businesses.

The ethnoburb demonstrates that we can create our own power and belonging — without learning English, without participating in white institutions, and Americanizing. It is a communal endeavour, one that requires everybody’s imagination and care.

The ‘Chinese Beverly Hills’

Fuelled by foreign capital, ethnoburb immigrants redefined the entire landscape of the suburb and instigated an economic boom. The growth of Chinese American banking institutions, along with the political and economic factors that prompted the migration of wealthy ethnic Chinese from Taiwan and Hong Kong, played an important role in facilitating the Chinese economic growth in Monterey Park, a city in San Gabriel Valley.

With their resources, Chinese immigrants bought homes and started businesses with distinct Chinese and Vietnamese language signs to cater to fellow Asian transplants. Valley Boulevard, which runs through 10 cities in San Gabriel Valley, became home to Asian-owned malls, commercial plazas, office complexes, shops, hotels and industrial plants, often with trilingual signage in Chinese, Vietnamese and English.

Asian immigrants transformed neglected strip malls into prosperous Asian marketplaces and forged a sense of permanence and community. Monterey Park, and eventually the rest of San Gabriel valley, began to be referred to as “Little Taipei” or the “Chinese Beverly Hills” by journalists and Chinese diasporic media.

By the 1980s, Monterey Park was known as “the first suburban Chinatown,” converting San Gabriel Valley from predominantly white suburbs into an Asian-majority ecosystem with a conspicuous and diverse first-generation, unassimilated immigrant presence.

Bypassing urban Chinatowns for the suburbs

The ethnoburb troubles the American construction of the suburbs as static sites of whiteness and socioeconomic mobility.

The majority of new immigrants, especially those with resources, bypassed urban ethnic enclaves like Chinatown that previously served as immigrant gateway cities and settled immediately into suburbs instead.

Min Zhou, a professor of sociology and Asian American Studies at UCLA, argues that the deliberate preservation of ethnic values, ties and institutions is what actually acclimates non-white immigrants to the U.S.

Zhou also says the direct insertion of new Asian immigrants into traditionally white middle-class suburbs offends the conventional understanding of immigration and assimilation. Ethnoburb immigrants were non-white, didn’t always speak English, made considerably less effort to acculturate into whiteness, and many of them were already educated and affluent. They broke the bounds of the American imagination of an immigrant.

In addition to higher levels of education and incomes, many ethnoburb immigrants also possessed expansive and transnational social networks that shaped their reluctance to acculturate. They did not need to learn English or go through the ethnic enclave to reach a middle-class dream of financial stability.

The ethnoburb was not a “staging ground” for somewhere better or whiter. The ethnoburb was the final desired destination.

In actuality, contrary to popular conceptions, the ethnoburb was not apolitical or insular at all. It was and remains a site of resistance against the confining, white imagination of suburbia. With the emergence of Monterey Park as an Asian ethnoburb, questions over group identity, spatial boundaries, and the character of Monterey Park became politicized.

White hostility in an ‘all-American’ city

Nativist white residents were at the forefront of erecting boundaries of belonging that stigmatized first-generation immigrants. In addition to Asian businesses changing the esthetic and cultural identity of Monterey Park, Asian immigrants took on local politics. This direct insertion of unassimilated Asian immigrants into traditionally white suburbs and its institutions troubled conventional American understandings of who an immigrant is, the norms they should follow, and how they should behave.

Lily Lee Chen’s official portrait as mayor of Monterey Park, California, 1983. The Huntington Library, Art Museum, and Botanical Gardens.

On Nov. 8, 1983, Lily Lee Chen, a first-generation immigrant from Taiwan, was inaugurated in Monterey Park as the first Chinese American mayor in the nation. Chen was relatable, charismatic, and not assimilated. The Los Angeles Times described Chen’s speech as “accented with pauses and grammatical errors, characteristic of someone speaking in their second language.”

In another Times article from 1985, Chen told the reporter that she enjoyed dressing in bright reds and jade greens, despite being told by her consultant to look more subdued because her bright colours made her appear “aggressive.” During her campaign, she was met with fierce resistance from white residents, who commonly took down her neighbourhood campaign signs.

As a response, Chen worked tirelessly on voter engagement among Asian Americans and Latinos, publishing multilingual voter handbooks, registering voters, and building relationships with ethnic communities, including working with Cesar Chavez to support the Latinos in Southern California.

The same year as Chen’s election, Monterey Park’s five-member city council became multiethnic, with two Mexican Americans, one Filipino American, one Chinese American, and one white council member.

As Monterey Park became touted as a “successful suburban melting pot” by journalists and even won an “All-American City” award in 1985 for its civic engagement and racial diversity, white flight accelerated and resentment festered among the minority of white residents.

The large influx and increasing influence of Chinese immigrants over a short period of time caused racial tension to build, with mounting struggles over cultural differences, language barriers, and explicit mistrust of immigrants. Chinese businesses, political candidates, religious institutions, and entrepreneurs became racialized targets of nativist animus.

A particularly contentious conflict emerged over the proliferation of business signs in languages other than English. In 1986, white hostility among the remaining white residents swept the council members of colour out of office, and replaced them with three long-established white residents, who promptly launched an anti-immigrant, “English-only” campaign attacking the proliferation of business signage in Chinese.

A scene from the 2010 play by Annette Lee about the English only movement from the 80s. 17-year-old Scarlett Wong, an ‘all-American teenager’ struggles with her neighbors who don’t speak English.
Angry Asian Man/Annette Lee

The “English-only” movement in Monterey Park reflects the struggle to control the identity and narrative of a built environment. It represents the tension between America’s idea of how immigrants should assimilate, and how ethnoburb immigrants instead created their own unassimilable institutions and communities.

Frank Arcuri, one of the Monterey Park residents and community activists who started the “English-only” petition campaign, insisted, “Immigrants are welcome here, but they must realize that English is the language we use in America… They must realize they are making a negative impact on our city. They must adapt to our ways. They must use our language and respect our culture.”

The nativist, inflammatory rhetoric Arcuri employed to speak about immigrants is as American as apple pie, comparable to replacement theory touted by white nationalist conspiracists today.

The English-only conflict illustrates the deeper, ideological tensions behind an increasingly diverse and polyglot constituency, composed of politically active immigrants, and nostalgic white residents desperately (and at times violently) clinging on to institutional power and a homogeneous past.

Asian immigrants defied assimilation theories

Traditionally, sociologists of immigration and assimilation theorists believed that all immigrant groups would eventually assimilate and integrate into white Protestant American institutions, culture, and society. They argued that doing so would be in the best interests of immigrants. They were also all white scholars. For the most part, what they theorized was true for European immigrants.

However, Asian immigrants in the ethnoburb remained proudly unassimilable and trans-national. While the ethnoburb was their final destination, they maintained diasporic ties. Many with socioeconomic privilege shuttled back and forth to their home countries.

It is our diasporic connections to our motherlands and our ethnic communities, not necessarily our assimilation into whiteness, that help us thrive in the U.S.

Bianca Mabute-Louie is affiliated with Asian Texans for Justice.

– ref. How Asian immigrants to the U.S. resisted pressures to assimilate, creating a vibrant American suburbia – https://theconversation.com/how-asian-immigrants-to-the-u-s-resisted-pressures-to-assimilate-creating-a-vibrant-american-suburbia-247184

MIL OSI – Global Reports –

February 14, 2025
MIL-OSI United Nations: UNECE issues guidance to tackle methane emissions from coal mine ventilation systems
Source: United Nations Economic Commission for Europe

In the fight against climate change, emissions of methane – which has a warming effect over 80 times greater than CO2 over a 20-year timeframe – from coal mines remain a significant source of greenhouse gases (GHG). Coal mines account for over 10% of methane emissions from human activity. As long as coal’s share in the global energy mix remains significant, mitigating large emissions associated with its extraction presents an under-exploited and under-capitalized opportunity to deliver near-term GHG emissions cuts.

Gassy underground coal mines employ large-scale ventilation systems that pump fresh air into the workings to dilute and remove methane released during mining operations. This ventilation air, discharged through dedicated (ventilation) shafts, contains methane in concentrations typically ranging from 0.1% to 1.0% by volume, known as Ventilation Air Methane (VAM). While removing methane from the mine is necessary for maintaining safe underground working conditions, the continuous discharges of large volumes of VAM constitute a significant source of greenhouse gas emissions.

A new UNECE report developed by the UNECE Group of Experts on Coal Mine Methane and Just Transition sheds light on the urgency of tackling VAM emissions. A single ventilation shaft in an operating coal mine can expel up to 50,000 tonnes of methane annually – equivalent to the emissions (CO2e) generated by 2 million cars. Since coal mines are expected to continue to operate for at least the next two decades, reducing these emissions presents an immediate and effective way to slow down climate change, complementing scaled-up decarbonization efforts.

The report “Best Practice Guidance on Ventilation Air Methane Mitigation” highlights the cost-effectiveness of VAM mitigation. Advanced technologies, such as Regenerative Thermal Oxidation (RTO), have been successfully deployed in large-scale, long-term projects, proving the technical viability of VAM mitigation. RTO installations are actively reducing methane emissions at coal mines in the United States and China. For such projects to be economically sustainable, the value of emission reductions must reach approximately USD 20 per tonne of CO2e – an economically feasible target when compared to other climate mitigation efforts.

The cost of a VAM mitigation plant is all about the volume of air being processed, and therefore the methane content in the ventilation air to be processed is a key factor determining the revenue and thus also the economic viability of the plant. A plant processing VAM concentration of 0.2% will have a total cost per mitigated tCO2e around USD $20. Where such mechanisms exist, this cost could be balanced by Carbon Emission Reduction Credits, or by avoided emissions penalty.

Despite its potential, VAM mitigation faces technical challenges. Methane concentrations in ventilation air are often very low, and mine shafts release vast volumes of air. The report emphasizes that only one technology, RTO, has consistently reduced methane emissions from coal mines, though other catalytic processes are emerging.

The report aligns with global efforts to address methane emissions, including the Paris Agreement and the Global Methane Pledge, which aims to cut methane emissions by 30% by 2030. In this context, VAM mitigation could play a key role in achieving these ambitious objectives.

This Best Practice Guidance on VAM serves as a call to action for the mining industry and policymakers, underscoring the significant potential of VAM mitigation as a cost-effective solution to reduce emissions.

The report provides practical guidance on securing financial support, assessing the feasibility of VAM mitigation plants, and understanding the key aspects of technology integration. It also offers a clear 8-step model for preparing potential VAM projects, making this complex topic accessible and actionable.

For further information and/or to access the Best Practice Guidance report, please visit https://unece.org/sustainable-energy/publications/best-practice-guidance-ventilation-air-methane-mitigation

———————————-

In addition to the Best Practice Guidance, the UNECE Group of Experts on Coal Mine Methane and Just Transition – through its Task Force on Methane Emissions Reduction – has developed complementary resources to further support methane monitoring and mitigation efforts. These include:
- Template for Estimating Emissions from Underground Coal Mines – A user-friendly tool designed to improve emissions data collection for policymakers and companies. This template streamlines the tracking of methane emissions, destruction, and off-site transportation, and accounts for avoided methane emissions and CO2 emissions resulting from these processes.
Join the Discussion at the UNECE Resource Management Week 2025

The UNECE Resource Management Week 2025 (24–28 March, Geneva), and particularly the meeting of the Group of Experts on Coal Mine Methane and Just Transition, will provide a platform to discuss methane mitigation strategies, including the VAM Best Practice Guidance, which will be presented for endorsement.

Bringing together policymakers, industry representatives, and experts, the event will facilitate discussions on innovative solutions, financing mechanisms, and regulatory approaches to support methane emission reductions.

Register here.

MIL OSI United Nations News –
February 14, 2025
MIL-OSI: Proto Hologram names Todd Bouman as CEO

Source: GlobeNewswire (MIL-OSI)

Los Angeles, CA, Feb. 13, 2025 (GLOBE NEWSWIRE) — Proto Inc., the original hologram and spatial compute company, announced today that Todd Bouman has taken the role of CEO. The electronics industry veteran was handpicked by Proto inventor, and founding CEO, David Nussbaum, who steps up into the new position of Chairman.

Bouman was most recently President, CEO and Chair of Sharp/NEC Display Solutions, Americas. There he crafted a transformative strategy that established the company as a dominant player in the global electronics and software display industry resulting in sizable increases in revenue and doubling of profits. Under his continued leadership, Bouman was instrumental in leading the joint-venture integration of the America’s business with Sharp Electronics.

Bouman is tasked with driving exponential growth for hologram-sector creator Proto, drawing from his vast experiences working at global tech companies in the consumer and commercial hardware and services industry to drive exponential growth for Proto.

Nussbaum will continue to be the company’s visionary, shaping strategy and driving more of the innovation that created an entire industry of hologram communications and no-headset spatial compute. He will focus on fundraising, brand development, strategic alliances, content collaborations, and elevating Proto’s presence through thought leadership and presentations at top industry events.

The change comes at an extraordinary time for Proto after a record year for revenue, the successful launch of its next generation hologram devices – the full-size Proto Luma and desk-top sized M2 – and rapidly increasing adoption of its AI tools across many industries including finance, enterprise, healthcare, education, retail, hospitality, sports and entertainment. Proto is launching its Series B fundraise in Q2 to accelerate new development initiatives and market growth.

“As the founder, Proto is like a child to me,” said David Nussbaum, Founder and Chairman of Proto Inc. “Entrusting it to someone else wasn’t a decision I took lightly. I needed absolute confidence that the new leader had the experience and proven ability to take my vision for Proto to the next level. Todd Bouman is that person. With his dynamic leadership, I’m confident he’ll help fulfill my mission of making Proto Hologram technology an essential part of daily life. Proto has already accomplished more than I could have dreamed when I was back in my living room trying to invent something people said would only happen in the future. Todd is the kind of transformational leader who can make sure that future is now.”

In addition to his successful transformation of Sharp/NEC’s display business, Bouman possesses a wealth of experience from previous roles with Samsung and HP in bringing new technologies to market, driving exponential growth and pioneering strategic shifts across global tech landscapes. At Samsung, Bouman led key product growth initiatives propelling Samsung into the consumer and commercial notebook market and accelerating brand growth in the B2B industry. At HP, Bouman was instrumental in managing and growing HP’s ultralight notebook product category into key commercial verticals. His proven track record in executive leadership, business development, and technology integration makes him an ideal fit for Proto’s ambitious goals.

“Proto is poised as an industry leader to revolutionize the way we interact with digital content,” said Todd Bouman, CEO of Proto Inc. “I am thrilled to lead this extraordinarily innovative company as it scales its transformative technology to new heights. My experience in driving growth and innovation will help us accelerate Proto’s mission – and David’s original futuristic vision – of making holographic technology accessible to everyone.”

Proto has had a steady flow of news in recent months including the beginning of the first ever actual doctor-patient hologram appointments, announced at UC Berkeley and already expanding across the network of clinics run by West Cancer Center. The deployment of the first hologram ad network at 30 premier Simon mall locations and growing to 100 by Q4 also made headlines. Proto has been singled out as one of the most important companies at CES, NRF and AWS re:Invent, where it demonstrated another first, an autonomous conversation between AI hologram agents.

In addition, Proto continues to grow its business with all the pro sports leagues; expansion into more top universities; massive media saturation including projects that reach super-influencer MrBeast’s following of nearly 500 million; and deepening partnerships with companies such as AARP, Accenture, BestBuy, CBS, Christie’s, HPE, PwC, and Verizon.

“Proto is all about bringing people together – giving them real presence when they can’t be together across space or time – remember, William Shatner called Proto a Time Machine,” said Nussbaum. “We’ve got our Series B raise approaching, exciting collaborations with some of the most well known companies on earth, and a roadmap of development that will make Proto the solution for even more needs. Whether you’re a partner, customer, investor or just someone who is excited by discovering what’s changing the world next, we’ll keep hustling to impress you.”

Follow Proto on all platforms at @ProtoHologram for updates.

For photos, videos, demos or interviews contact: owen@protohologram.com

About Proto Inc.: Proto Inc. is the patented leader in hologram technology and AI spatial computing. Proto devices and its platform are in use across enterprise, finance, healthcare, education, retail, hospitality, sports and entertainment. Invented in Los Angeles and with showrooms and distribution partners around the globe, Proto distributes the large Proto Epic and Proto Luma, the desktop-sized Proto M, and a suite of hologram AI and spatial computing services. Learn more at protohologram.com

Attachments

The MIL Network –

February 14, 2025
MIL-OSI: The GDL Fund Declares First Quarter Distribution of $0.12 Per Share

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of The GDL Fund (NYSE:GDL) (the “Fund”) declared a $0.12 per share cash distribution payable on March 24, 2025 to common shareholders of record on March 17, 2025.

The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

The Fund makes annual distributions of its realized net long-term capital gains and quarterly cash distributions of all or a portion of its investment company taxable income to common shareholders. A portion of the distribution may be a return of capital and various factors will affect the level of the Fund’s income, such as its asset mix and use of merger arbitrage strategies. To permit the Fund to maintain more stable distributions, the Fund may distribute more than the entire amount of income earned in a particular period. Because the Fund’s current quarterly distributions are subject to modification by the Board of Trustees at any time and the Fund’s income will fluctuate, there can be no assurance that the Fund will pay distributions at a particular rate or frequency.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Short-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Long-term capital gains, if any, are distributed in the final distribution of the year. Based on the accounting records of the Fund currently available, the current distribution paid to common shareholders in 2025 would be deemed 100% from paid-in capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

Laurissa Martire
(914) 921-5399

About The GDL Fund
The GDL Fund is a diversified, closed-end management investment company with $167 million in total net assets whose investment objective is to achieve absolute returns in various market conditions without excessive risk of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE – GDL
CUSIP – 361570104

Investor Relations Contact:
Laurissa Martire
(914) 921-5399
lmartire@gabelli.com

The MIL Network –

February 14, 2025
MIL-OSI: Gabelli Equity Trust 10% Distribution Policy Reaffirmed and Declared First Quarter Distribution of $0.15 Per Share

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Directors of The Gabelli Equity Trust Inc. (NYSE:GAB) (the “Fund”) reaffirmed and satisfied its 10% distribution policy by declaring a $0.15 per share cash distribution payable on March 24, 2025 to common stock shareholders of record on March 17, 2025.

The Fund intends to pay a minimum annual distribution of 10% of the average net asset value of the Fund within a calendar year or an amount sufficient to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The average net asset value of the Fund is based on the average net asset values as of the last day of the four preceding calendar quarters during the year. The net asset value per share fluctuates daily.

Each quarter, the Board of Directors reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Directors will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification by the Board of Directors at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, the current distribution paid to common shareholders in 2025 would include approximately 4% from net capital gains and 84% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

Molly Marion
(914) 921-5681

About The Gabelli Equity Trust
The Gabelli Equity Trust Inc. is a diversified, closed-end management investment company with $2.0 billion in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE – GAB
CUSIP – 362397101

Investor Relations Contact:
Molly Marion
(914) 921-5681
mmarion@gabelli.com

The MIL Network –

February 14, 2025
MIL-OSI United Kingdom: Diversifying income with planting for wood products at Grascott Farm
Source: United Kingdom – Executive Government & Departments

Case study

Diversifying income with planting for wood products at Grascott Farm

Find out how Grascott Farm diversified their business to generate income through timber, biomass, wood products and recreation.
Forester Sam Whatmore reflects on his 85 hectare woodland creation project that has allowed local wildlife to thrive whilst also bringing long-term value to his business.

Grascott Farm facts

location: Devon

size: 212 acres

type: conifer woodland with areas of broadleaf

species: predominantly Douglas fir, together with Sitka spruce, field maple, ash, chestnut and oak

date established: 1998-2000

grants: Forestry Commission woodland grant and South West Forest grant

main objective: grow high-quality Douglas fir to produce timber and wood fuel, combined with delivery of multi-objective and continuous cover management principles

An aerial view of woodland on Grascott Farm. Copyright Grascott Farm.

Establishing a thriving forest

Set in over 85 hectares within the North Devon UNESCO Biosphere Reserve, Grascott Farm boasts a thriving woodland that is home to barn owls, badgers and elusive otters, as well as providing a steady income through timber, biomass, and recreation. But it hasn’t always been like this – so what is the story behind Grascott Farm’s success?

Over 25 years ago, expert forester Sam Whatmore was determined to create his own forest. Having spent years managing other people’s woodlands with short-term objectives, Sam wanted to focus on a longer-term goal: maintaining continuity of forest management to see the fruits of his labour in the years to come. When the opportunity arose to purchase an initial 25 acres of woodland in 1993, Sam jumped at the chance, supplementing his holding with the addition of a larger mixed farm in 1998.

The primary objective of the forest was to grow high-quality Douglas fir to produce timber and other wood products. Following extensive woodland planning, trees were planted during the 1998-99 and 1999-00 planting seasons, as part of the then South West Forest, taking advantage of Forestry Commission grants and local incentives.

With over 150,000 trees to put in the ground, this was no mean feat. Devon has ideal growing conditions for Douglas fir with the warm and wet climate, and the landholding has sloping freely draining soils to support establishment. Slightly wetter soils around the site were more appropriate for Sitka spruce, and broadleaves were planted to complement and diversify the conifer species. Careful management was critical particularly in the first 5 years of establishment, with a lot of time dedicated to weeding, pest control, and beating up, to ensure full stocking.

Sam Whatmore, Owner, Grascott Farm said:

The most important thing for forestry is continuity of management.

Watch the video on how Sam Whatmore diversified his business to generate income from timber.

Opportunity and innovation

Establishing a woodland brings challenges, with innovative thinking required to fill the income gap between tree establishment and future returns to turn those challenges into opportunities. Holiday cottages were built in the early years on Grascott Farm to generate revenue through recreation. Deer stalking led to the creation of a successful venison business, selling high-quality burgers and sausages at shows across the county.

In 2000, the biomass renewable energy market was only just emerging, and with it the development of a whole new avenue for the forestry sector. Aiming to be ahead of the curve, Sam installed a biomass boiler in 2003 – the third in the UK – providing heat to the holiday cottages. From this point onwards, Sam was at the forefront of wood fuel development as it grew into an established market, changing the face of the UK forestry economy. Alongside delivering hundreds of seminars across the country, Sam set up his own wood fuel business in 2006.

This start-up evolved into the biggest biomass supply company in the UK, and has since merged with an international energy company that continues to flourish to this day.

Sam Whatmore, Owner, Grascott Farm said:

I absolutely love the woodland! It is my total pleasure in life and key to my wellbeing.

Top tips for timber production

Consider stocking density if you’re looking to grow high-quality timber, a greater density will result in straighter trees.

Woodland management is essential for creating a well-stocked forest: the more work you put in during establishment, the greater your future returns.

Think outside the box to generate income, anything is possible.

Remember the impact trees have on wellbeing!

Delivering value through woodlands

The principle of using woodlands to deliver long-term value to people and society is central to Sam’s management plan; generating products that people need and use. Grascott Farm now has a healthy turnover as a successful business, incorporating:

timber and firewood: no part of the tree goes to waste, with saw logs going to the sawmill, smaller roundwood being used as firewood, and the canopy woodchip feeding the biomass boiler, which in turn is used to heat both the holiday cottages and the kiln to dry the firewood

biomass, supported by the Renewable Heat Incentive scheme

4 prospering holiday lets for recreation and tourism

innovative forest products: from wooden poles for glamping tepee construction and window displays for large retailers, to a ship’s mast and foliage for florists, to sawdust for horse bedding and pokers for the steel industry – the opportunities are endless

Alongside delivering economic benefits and valuable wood products, Grascott Farm has boosted local biodiversity, with springtime carpets of bluebells and orchids, and even a family of lively otters.

A bridleway running through the heart of the woodland provides public access for the local community to enjoy and explore, and visitors to the holiday cottages are spoilt with nature trails, lakes, and cycle paths on their doorstep.

The enterprise is also involved in delivering wider benefits such as educational activities and seminars, and working in collaboration with Forest Research through ongoing sample plots and experiments across the forest.

View the brochure for this case study: Grascott Farm: innovating with timber, biomass, and wood products (PDF, 1.02 MB, 3 pages).

Find out how the Forestry Commission can help you create woodland, visit our Tree planting and woodland creation overview.

Updates to this page

Published 13 February 2025
MIL OSI United Kingdom –
February 14, 2025
MIL-OSI: ATC Managers, LLC Closes $51 Million Loan for Multifamily Portfolio Acquisition and Refinance

Source: GlobeNewswire (MIL-OSI)

BAKERSFIELD, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) — ATC Managers, LLC, a direct private lender specializing in flexible real estate financing, is pleased to announce the successful closing of a $51 million loan for the acquisition and refinance of a multifamily portfolio spanning Los Angeles, Miami, Dallas, Phoenix and Atlanta.

The portfolio includes a strategic mix of properties in five cities:

Dallas: 200 units of Class C Garden-Style Apartments, valued at $18 million, priced at $90K per unit with a 7.8% cap rate. The property focuses on increasing operational efficiencies and rent growth in affordable housing areas.

Los Angeles: 100 units of Class B Workforce Housing, valued at $22 million, priced at $220K per unit with a 5.3% cap rate. Located in rapidly appreciating neighborhoods like Inglewood and North Hollywood, this property presents both stabilized and value-add opportunities.

Miami: 150 units of Value-Add Mid-Rise properties, valued at $11 million, priced at $73K per unit with a 6.0% cap rate. Situated in high-demand areas such as Little Havana and Wynwood, these properties offer strong potential for renovations and upgrades.

Phoenix: 120 units of Class B Garden-Style Apartments, valued at $8 million, priced at $67K per unit with a 6.2% cap rate. Located in areas with strong population growth and a demand for workforce housing, this property presents an opportunity for both operational improvements and rent increases.

Atlanta: 90 units of Class C Workforce Housing, valued at $6 million, priced at $66K per unit with a 7.3% cap rate. This property, located in a rapidly growing suburban area, offers significant value-add potential with renovations and rent growth opportunities.

The loan is structured with a fixed interest rate of 8.5% over a 5-year term, providing the borrower with the flexibility to execute their investment strategy, focusing on renovations, operational enhancements, and holding for long-term appreciation. This customized financing solution offers a more efficient, streamlined path to maximizing returns, without the restrictions typically associated with traditional bank financing.

“At ATC Managers, LLC, we pride ourselves on offering flexible, tailored financing solutions that meet the specific needs of our clients,” said Vanmatre Wilbur, CEO of ATC Managers, LLC. “This $51 million deal is a prime example of how we can customize our services to accommodate the diverse needs of real estate investors. By providing 100% financing for both acquisition and refinance, we’re helping our clients optimize their portfolios without the constraints of traditional lending options.”

For more information, please contact:

Reisman Joel

Loan Officer

ATC Managers, LLC

(661) 238-7997

R.Joel@atcmanagers.com

www.ATCManagers.com

About ATC Managers, LLC

ATC Managers, LLC is a direct private lender offering specialized real estate financing solutions for investors and developers. With loans starting at $5 million, ATC Managers provides customized capital for acquisitions, refinancing, and development projects across the United States.

The MIL Network –

February 14, 2025
MIL-OSI Russia: Fine Arts students were the first to defend their theses at the State University of Management

Translartion. Region: Russians Fedetion –

Source: State University of Management – Official website of the State –

On February 12, 2025, the Institute of Distance Education of the State University of Management awarded diplomas to bachelors who completed their studies in the accelerated program “Human Resources Management”.

The students of the Institute of Distance Education, who studied in their field after technical schools, colleges or received a second higher education, passed the final certification tests at the State University of Management earlier than others. For three and a half years, they combined their studies at the university with work in institutions and enterprises of various sectors of the economy and are now ready to continue their career in a new capacity.

At the award ceremony, the bachelor’s degree students were congratulated by the Director of the Institute of Distance Education, Sergei Lenshin, the Institute’s staff, and representatives of the Distance Learning Student Council, who wished the graduates not to stop there, to realize themselves in their professions, and to continue their education in the university’s Master’s program.

We wish that the acquired education will help our graduates in their career growth, and that the knowledge obtained at the State University of Management will become the basis and a serious bid for a successful life.

Subscribe to the TG channel “Our GUU” Date of publication: 02/13/2025

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

MIL OSI Russia News –

February 14, 2025
MIL-OSI Security: Spokane Bank Robber Sentenced to Federal Prison

Source: Federal Bureau of Investigation (FBI) State Crime News

Spokane, Washington – On February 11, 2025, United States District Judge Mary K. Dimke sentenced Dustin T. Perrin, age 41, of Spokane, Washington, to 96 months in prison for several bank robberies. Judge Dimke also imposed 3 years of supervised release and restitution of $9,224.00.

According to court documents and information presented at the sentencing hearing, on October 13, 2023, Perrin entered the First Interstate Bank brank at 57^th Avenue and Regal in Spokane. Perrin was wearing a wig under his hat. Perrin handed a bank teller a bag and a handwritten note demanding the teller put cash in a bag. Perrin also warned the teller about activating the silent alarm. The teller handed Perrin $1,986 in cash, and Perrin left the bank on a bike and headed north.

Perrin left the note at the bank. It was collected by law enforcement and sent to the Washington State Patrol Crime Laboratory. DNA analysis later confirmed Perrin’s DNA on the note.

On November 17, 2023, Perrin rode his bike to the Numerica Credit Union branch on South Regal Street in Spokane, just a half mile from the bank Perrin robbed one month earlier. Perrin entered the bank, handed two bank tellers one bag each, and demanded the tellers put money in the bags. The tellers handed Perrin a total of $5,238 in cash. Perrin then left the bank on his bike.

Perrin went to a Wal-Mart store that night. A security camera recorded him spreading out a large amount of cash while making a purchase.

On January 22, 2024, Perrin rode his bike to a Washington Trust Bank branch located at 27 E. Indiana Avenue in Spokane. Perrin entered the bank wearing a blond wig. Perrin handed the teller a small bag and told the teller to put money in the bag. Perrin also warned the teller he had a gun and “not to do anything stupid,” while he pointed at a lump in his jacket. The teller handed Perrin $2,000 in cash, and Perrin left the bank on his bike.

“For the people of Eastern Washington, their banks should be places of trust and security – not fear,” stated Acting U.S. Attorney Rich Barker. “Mr. Perrin’s repeated acts of intimidation and theft put innocent employees and community members at risk. As today’s sentence makes clear, violent crime will not be tolerated in Eastern Washington, and the U.S. Attorney’s Office will continue working alongside our federal, state, local, and Tribal law enforcement partners to hold offenders accountable and protect the safety if neighborhoods and communities in Spokane and throughout Eastern Washington.”

“Today we, together with our law enforcement partners, are holding Mr. Perrin responsible for stealing from three different federally insured financial institutions,” said W. Mike Herrington, Special Agent in Charge of the FBI Seattle field office. “We are grateful no one was hurt, but this kind of violent crime terrorizes our communities nonetheless and is completely unacceptable.”

“Today’s successful prosecution of Mr. Perrin is a testament to the strong partnership of our local, state, and federal law enforcement partners and our commitment to keep our community safe,” stated Spokane County Sheriff John Nowels.

This case was investigated by the FBI Spokane Regional Safe Streets Task Force and the Spokane County Sheriff’s Office. It was prosecuted by Assistant United States Attorney Nowles Heinrich.

2:24-cr-00075-MKD

MIL Security OSI –

February 14, 2025
MIL-OSI: Ai-gruppe.com Safeguards Financial Information with Encryption Protocols

Source: GlobeNewswire (MIL-OSI)

FRANKFURT, Germany, Feb. 13, 2025 (GLOBE NEWSWIRE) — Ai-gruppe.com, a financial related services platform, is committed to ensuring that financial information remains secure through encryption protocols. The company applies financial security measures that support confidentiality and data protection, ensuring that financial details are safeguarded at all times. Ai-gruppe.com review highlights the company’s approach to financial security, focusing on encryption protocols.

The company prioritizes financial safety and security measures that align with financial industry standards. It ensures that financial information is protected through encryption protocols that reinforce data safety. Ai-gruppe.com review recognizes the importance of applying security methods in financial operations, ensuring that data remains safeguarded.

The platform applies encryption measures to provide financial data protection. Through well-organized security measures, the company ensures that financial transactions and records are handled with confidentiality. Ai-gruppe.com review reflects the company’s ability to integrate security protocols that contribute to financial data safety.

By focusing on financial security, it implements structured data protection systems that align with industry requirements. The company applies encryption methodologies that minimize security risks, ensuring that financial information remains protected. Ai-gruppe.com review demonstrates the effectiveness of structured encryption protocols in safeguarding financial data.

It continuously reinforces financial data protection through encryption measures that align with financial security protocols. By ensuring that security measures are structured, the company enhances financial data safety. Ai-gruppe.com review emphasizes the company’s approach to structured financial security, ensuring a well-protected financial environment.

About Ai-gruppe.com

Ai-gruppe.com is a company that focuses on structured financial security. The company applies encryption methodologies to ensure that financial information remains protected, minimizing security risks. The platform ensures that financial data is handled through structured security measures that reinforce confidentiality.

It prioritizes financial security by implementing advanced encryption protocols to safeguard sensitive information. By utilizing structured security measures, the company ensures that financial data remains protected against unauthorized access. Ai-gruppe.com review highlights the commitment to maintaining confidentiality through secure encryption methods that align with industry standards.

Company Details

Company Name: Ai-gruppe
Email Address: media@ai-gruppe.com
Company Address: Grosse Gallussstrasse 16-18/1st floor, 60312 Frankfurt am Main, Germany.
Company Website: https://ai-gruppe.com/
Disclaimer: This content is provided by Ai-gruppe. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before investing in or trading cryptocurrency and securities .Please conduct your own research and invest at your own risk.

The MIL Network –

February 14, 2025

MIL-OSI: Gabelli Utility Trust Continues Monthly Distributions, Declares Distributions of $0.05 Per Share

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of The Gabelli Utility Trust (NYSE:GUT) (the “Fund”) approved the continuation of its policy of paying fixed monthly cash distributions. The Board of Trustees declared cash distributions of $0.05 per share for each of April, May, and June 2025.

Distribution Month	Record Date	Payable Date	Distribution Per Share
April	April 15, 2025	April 23, 2025	$0.05
May	May 15, 2025	May 22, 2025	$0.05
June	June 13, 2025	June 23, 2025	$0.05

Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. If necessary, the Fund will pay an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the monthly distributions for that year to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The Fund’s distribution policy is subject to modification by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund. The Gabelli Utility Trust has paid a distribution to shareholders every month since October 1999.

The Fund’s shares are currently trading at a premium to net asset value. The Board of Trustees believes that the premium at which the Fund shares trade relative to net asset value is not likely to be sustainable. Shareholders participating in the Fund’s dividend reinvestment plan should note that at the current market price, the reinvestment of distributions occurs at a premium to net asset value.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2025 would include approximately 1% from net investment income and 99% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the monthly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

David Schachter
(914) 921-5057

About The Gabelli Utility Trust
The Gabelli Utility Trust is a diversified, closed-end management investment company with $327 million in total net assets whose primary investment objective is to seek long-term growth of capital and income by investing primarily in utility companies involved in the generation and distribution of electricity, gas, and water. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE – GUT
CUSIP – 36240A101

THE GABELLI UTILITY TRUST

Investor Relations Contact:
David Schachter
(914} 921-5057
dschachter@gabelli.com

The MIL Network –

February 14, 2025

MIL-OSI USA: ICYMI from Bloomberg: “Markwayne Mullin’s Personal Bond Propels Him to Trump Confidant”

US Senate News:

Source: United States Senator MarkWayne Mullin (R-Oklahoma)

ICYMI from Bloomberg: “Markwayne Mullin’s Personal Bond Propels Him to Trump Confidant”

Washington, D.C. – ICYMI, Bloomberg Government published the following story this morning crediting U.S. Senator Markwayne Mullin (R-OK) as, “one of the most influential lawmakers in Trump’s second term.” Bloomberg notes Mullin’s position as a powerful nexus lawmaker among the White House, GOP House majority, and the Republican-led Senate. The story also includes that Mullin, “played a pivotal role” in getting some of Trump’s cabinet nominees across the finish line, including Defense Secretary Pete Hegseth and HHS pick Robert F. Kennedy Jr., among others.
Read the full Mullin profile story from Bloomberg Government HERE and below:
Markwayne Mullin’s Personal Bond Propels Him to Trump ConfidantBy Ian Kullgren | February 13, 2025 5:00AM ET
Sen. Markwayne Mullin (R-Okla.) is an unconventional leading ally for President Donald Trump. As Trump prepared to return to Washington, plenty of Republicans with higher profiles and deeper pockets were jockeying to be his congressional facilitator-in-chief.
To understand Mullin’s rise from congressman to senator to Trump confidant, it must be recognized this isn’t a relationship built on politics — rather one forged in the deeply personal throes of a tragedy deferred.
In early 2020, Mullin’s 15-year-old son, Jim, suffered a life-threatening blow to the head while wrestling, his pulse faint as paramedics airlifted him to a Tulsa hospital. When Trump learned what Mullin’s family was facing, he began calling.
He never stopped.
“He was at rehab for 18 months,” Mullin said in an interview with Bloomberg Government on Capitol Hill. “The president called every week. He flew to Bakersfield, California, to see him. He offered to help us financially, which we didn’t need, but he offered to help us financially with it. He still asks about him. Every time we talk, he still asks how my boy is doing.”
“You just see a different side of the guy. Not everybody sees it.”
‘Significant Relationship’
Mullin’s bond with the president has positioned him to be one of the most influential lawmakers in Trump’s second term, with both a direct line to the president and congressional ties to help shape his legislative agenda. He stuck by Trump during the times when the president’s political career seemed over — through Jan. 6, a second impeachment, and the barrage of criminal charges. In doing so, as Trump returned to the White House, Mullin had demonstrated the attribute he values above all: loyalty.
“There’s no question he has a significant relationship with the president,” Rep. Jason Smith (R-Mo.), Mullin’s close friend and roommate in Washington, told Bloomberg Government. “I know that to be certain.”
On the surface, Trump and Mullin look like opposites. Trump, as a boy in New York, had a chauffeur, while Mullin grew up with six siblings in rural Oklahoma.
The Oklahoman wears square-toed cowboy boots, a look his male staffers copy but one Trump wouldn’t be caught dead in. “And no, I don’t play golf,” Mullin said.
Despite lacking the name recognition of some of Trump’s other allies, his close ties to the House — where he served for a decade before becoming one of the youngest senators at 45 years old in 2023 — give him a level of influence across the Capitol few senators have.
Mullin still leads a bipartisan workout group at 6:30 a.m. in the House gym, a group that included former Rep. Tulsi Gabbard (D-Hawaii), who was confirmed on Wednesday as Trump’s director of National Intelligence, and former House Speaker Kevin McCarthy. It has become his forum for maintaining relationships and building new ones, Smith said.
“There’s not one senator over there that has better relationships with as many House members as Markwayne, and there is not a senator over there that campaigned more for Donald Trump,” Smith said.
Frequent Fighter
At the same time, he’s one of Trump’s most effective attack dogs. He posts on X frequently — often more than a dozen times a day — defending the administration’s policies, talking up his nominees, and slapping down the “woke” mob out to get Trump.
He spent weeks on the road campaigning for Trump last fall, and as a citizen of the Cherokee Nation, he’s one of the few Native Americans in Congress — an attribute that has made him a credible attack dog in Trump’s anti-DEI crusade.
“I grew up in Indian Country, living on the same land my ancestors were forced to move to,” Mullin posted on X last month. “I was born with bowed [legs] and a bad speech impediment. I lived in a barn. I NEVER let that be an excuse.”
Mullin also played a pivotal role in getting some of Trump’s nominees across the line, including Defense Secretary Pete Hegseth and Robert F. Kennedy, Jr. for Secretary of Health and Human Services, according to a senior White House official who spoke on the condition of anonymity to discuss internal strategy. The official described him as working tirelessly and being “energetic” in advancing Trump’s goals.
“President Trump loves people who are fighters,” said Rep. Kevin Hern (R-Okla.). “Clearly, Markwayne Mullin is a fighter.”
Mullin’s pugilistic nature was on show in 2023 when he threatened to fight Teamsters President Sean O’Brien during a committee hearing. The two nearly came to blows until Sen. Bernie Sanders (I-Vt.) intervened. The clip went viral on social media, raising the profile of both men.
As far as the president is concerned, Mullin has distinguished himself as a resource, Justin Clark, a former Trump White House official who later worked for Mullin’s campaign, said. He is one of a few senators who had direct access to Trump, meaning he can call him directly rather than go through handlers, and has established a regular back-and-forth where the two exchange ideas.
Yet despite that access, Mullin doesn’t over-communicate — even as countless others constantly fight to get in the president’s ear.
Mullin said he talks to Trump a few times a week. The two had spoken that morning, he said. However, Mullin wouldn’t say what was discussed — offering a hint at why the relationship has blossomed.
“There’s a trust factor there, too,” he said.

MIL OSI USA News –

February 14, 2025
MIL-OSI Europe: European Law and Algorithmic Bias

Source: Universities – Science Po in English

Your work includes an analysis of algorithmic discrimination and of challenges in combatting it. What do you mean by this?

Algorithmic discrimination stems from a process that may seem simple at first glance, but that raises some thorny questions. Algorithms draw on vast quantities of data (so-called big data), from which they make recommendations, predictions, rankings and risk assessments, or provide answers to questions they are asked, among other things.

But data is obviously not neutral; it reflects existing discrimination and inequalities. Let’s take the case of hiring for a role in a traditionally male-dominated profession, such as information technology (IT). Analysis of existing data (from previous hiring, for example) would bring forth male applicants and might lead an algorithm trained on this data to favour male applicants in the future. Eliminating this bias is not impossible, but the process uncovers other biases, since the over-representation of men in IT results from their over-representation in this discipline in higher education, and it is difficult to disregard qualifications when hiring.

The cases are legion: by using statistical data and profiling based on gender, finances, addresses, and user health and age, some algorithms might block users’ access to a given good or service, or offer them worse conditions without any examination of their actual characteristics.

A decision not to use certain discriminating parameters generally requires the use of other parameters that appear neutral but are, in fact, strongly correlated with sensitive data. For example, even if a salary criterion is jettisoned to avoid socioeconomic discrimination, an address could provide the algorithm with indications of an individual’s social class. This phenomenon, known as redundant encoding, can create discrimination by proxy, that is, arising from data that is a priori non-discriminatory but that actually encodes certain inequalities.

Furthermore, bias affects not only the data, but also every stage in the deployment of an algorithm, from the formulation of the problem to be addressed to the interpretation of its results. These examples, and many others, show that eschewing bias in algorithms would require freeing society as a whole of bias.

MIL OSI Europe News –

February 14, 2025
MIL-OSI United Kingdom: More red tape slashed to reduce apprenticeship bureaucracy
Source: United Kingdom – Government Statements

Reforms to apprenticeship training provider payment system and End Point Assessments will cut bureaucracy and enable focus on high quality training.
The government is slashing more red tape to ensure businesses and apprenticeship training providers are able to focus even more of their time on apprentices, the Skills Minister announced today, unlocking opportunity and driving growth under the government’s Plan for Change.

Reforms to the payment system have long been called for by training providers. They will cut red tape by stopping the need for providers to log the same data multiple times, saving valuable time currently wasted on duplicating records, ensuring consistency across systems.

The move comes during National Apprenticeship Week and will mean training providers can focus on what matters most – breaking down barriers to opportunity through helping apprentices to develop their skills to enter well-paid careers and drive economic growth in key sectors.

Today the government also announced changes to End Point Assessments (EPAs), making the system simpler and more flexible while ensuring apprentices prove their competence for skilled work.

Where appropriate, apprentices will be assessed on some things during their apprenticeship rather than all at the end, and training providers may be able to deliver elements of the assessment, rather than having to rely on external assessors.

The government is also ensuring apprentices don’t have to be re-tested on the same skills they have already demonstrated, such as by taking a mandatory industry exam, to avoid wasting apprentices’ time.

This will deliver more timely assessments while retaining rigour, and ensure that apprentices are assessed on what matters most to employers, removing unnecessary burdens to career opportunities and getting skilled workers into key industries to support growth.

Skills Minister, Baroness Jacqui Smith, said:

Employers and providers are burdened with needless red tape which makes it harder to train and recruit apprentices.

We have heard time and again from training providers, apprentices and employers that this needs to change, and we are determined to deliver this so they can focus on what they do best – creating jobs and driving growth.

Businesses should rest assured this National Apprenticeship Week that this government is determined to work with them to make apprenticeships work better, helping to grow the economy.

Mike Blakeley, Executive Director of Partnerships & Apprenticeships at Exeter College, said:

Employer voice is very important to us here at Exeter College, and being invited to contribute to shaping some of these changes has allowed us to share concepts and ideas to make the learner and employer journey easier to navigate.

We thank DfE for not only listening but actioning a range of simplifications to the system that will ease the burden on employers and providers alike. These measures will be welcomed across the sector and will be a significant boost to an already brilliant National Apprenticeship Week.

Rob Nitsch, CEO of the Federation of Awarding Bodies (FAB), said:

Seven years into apprenticeship standards, it is right and natural that we should be stepping back to see how end-point assessment can be optimised for the benefit of apprentices, employers and those involved in delivery.

The Federation welcomes the principles-based methodology that the Department has proposed and the inclusive approach that has been adopted; FAB and its members are pleased to have contributed to the refinement of the principles already and look forward to working with DfE and other stakeholders to take them forward to the next stage and moving to implement the Review at pace.

This builds on reforms announced earlier in National Apprenticeship Week by the DfE. These included shorter apprenticeships with the minimum time for completion reduced to eight months, and making English and Maths requirements for completing an apprenticeship more flexible to boost recruitment in sectors like construction and healthcare.

Existing assessment plans will be rewritten on a standard-by-standard basis to reflect these changes, with the first plans being revised from April 2025.

New assessment principles for apprenticeships will be published this week, and will be available here.

DfE media enquiries

Central newsdesk – for journalists 020 7783 8300

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Published 13 February 2025
MIL OSI United Kingdom –
February 14, 2025
MIL-OSI Russia: IMF Staff Completes SMP Discussion Mission to Zimbabwe

Source: IMF – News in Russian

February 13, 2025

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.

Harare, Zimbabwe: Following the request for a Staff-Monitored Program (SMP) by the authorities in 2023, an International Monetary Fund (IMF) staff team led by Mr. Wojciech Maliszewski conducted a mission to Harare from January 30 to February 13, 2024, to advance discussions on the SMP.

At the conclusion of the IMF mission, Mr. Maliszewski issued the following statement:

“Zimbabwe’s economic activity has started recovering after the El Niño-induced drought. Growth slowed from 5.3 percent to an estimated 2 percent in 2024, as the drought lowered agricultural output by 15 percent. This was compounded by reduced electricity production and declining prices for key mineral exports (platinum and lithium). That said, strong remittances continued supporting activity in domestic trade, services, and construction, and improved the current account surplus to an estimated US$500 million (1.4 percent of GDP) in 2024. The ZiG willing-buyer willing-seller (WBWS) exchange rate was stable from the ZiG’s introduction in April 2024—with the ZiG month-on-month inflation averaging 2.3 percent—until September, when the currency weakened. Relative stability returned with the tightening of monetary policy since September, and the WBWS and parallel market exchange rates have stabilized, and the gap between these rates has narrowed. Meanwhile, fiscal pressures intensified—owing, in large part, to the transfer of the RBZ’s quasi-fiscal operations to the Treasury. Strong revenue collection helped limit the 2024 budget deficit to an estimated 1 percent of GDP, but fiscal pressures resulted in an accumulation of domestic expenditure arrears, leading to the government implementing emergency spending cuts. Going forward, growth in 2025 is projected to increase to 6 percent, with the recovery in agriculture output due to better climate conditions and the projected improvement in the terms-of-trade.

“Against this background, the Zimbabwe authorities had requested an SMP to support their efforts to stabilize the economy and re-engage with the international community on the arrears clearance and debt resolution process. The main objective of the SMP would be to durably anchor macroeconomic stability, building on policy recommendations from the 2024 Article IV consultation.

“Building on progress achieved during the mission on the ongoing SMP discussions, Fund staff will continue working closely with the authorities on defining the key parameters and modalities of the program. Discussions include (1) adjusting the fiscal position to avoid a recourse to monetary financing and new arrears and building foundations for a durable fiscal consolidation; (2) fiscal risks residing off-budget (including from the operations of the Mutapa Investment Fund); (3) the effectiveness of the monetary policy framework for the ZiG; and (4) reforms to strengthen economic governance.

“International reengagement remains critical for debt resolution and arrears clearance, which would open the door for access to external financing. The authorities’ reengagement efforts, through the Structured Dialogue Platform (SDP), are key for attaining debt sustainability and gaining access to concessional financial support. In this context, the SMP will help in enhancing policy credibility and advancing the reform agenda embedded in the SDP.

“The IMF continues to provide policy advice and extensive technical assistance in the areas of revenue mobilization, expenditure control, financial supervision, debt management, economic governance, as well as macroeconomic statistics. However, the IMF is currently precluded from providing financial support to Zimbabwe due to its unsustainable debt situation—based on the IMF’s Debt Sustainability Analysis (DSA)—and official external arrears. An IMF financial arrangement would require a clear path to comprehensive restructuring of Zimbabwe’s external debt, including the clearance of arrears and a reform plan that is consistent with durably restoring macroeconomic stability; enhancing inclusive growth; lowering poverty; and strengthening economic governance.

“The IMF mission held meetings with the Minister of Finance, Economic Development and Investment Promotion Hon. Professor Mthuli Ncube, his Permanent Secretary Mr. George Guvamatanga; the Reserve Bank of Zimbabwe Governor Dr. John Mushayavanhu; the Chief Secretary to the President and Cabinet Dr. Martin Rushwaya, other senior government and RBZ officials, honorable members of Parliament, representatives of the private sector, civil society, and Zimbabwe’s development partners.

“The IMF staff wishes to express its gratitude to the Zimbabwean authorities and stakeholders for the constructive and open discussions and support during the mission.”

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Kwabena Akuamoah-Boateng

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/02/13/pr-2535-zimbabwe-imf-completes-smp-discussion-mission

MIL OSI

MIL OSI Russia News –

February 14, 2025
MIL-OSI United Nations: Online consultation – Accelerating the Transition Towards a Circular Economy in the Agri-Food Sector in the Republic of Serbia

Source: United Nations Economic Commission for Europe

Background, context and objective

To increase the sustainability of food systems and ensure enough food for growing populations, the agri-food sector needs to become more productive, environmentally sustainable, and resource-use efficient. A circular economy, with resource-use efficiency and bioeconomy at its core, can help improve the sustainability of food systems. The concept is built on the premise of eliminating waste and pollution, circulating products and materials at their highest value, and regenerating nature.

The Republic of Serbia is committed to increasing the circularity of its economy. In 2021 a Roadmap for Circular Economy in Serbia was developed, which identifies agriculture and food as one of the four preliminary priority sectors for a circular economy transition in Serbia.1
Under the project “Accelerating the Transition towards a Circular Economy in UNECE Region” (2021-2024), UNECE has been working to support the transition to a circular economy in the UNECE region. In Serbia, the focus has been on the agri-food sector.

The objective of the meeting is to present and discuss key recommendations and suggested actions contained in the draft roadmap for circularity in agri-food with a focus on food loss and waste reduction and management developed under the project, aiming to validate the findings and invite additional suggestions by key Ministries of the Government of Serbia.

MIL OSI United Nations News –

February 14, 2025
MIL-OSI Security: U.S. Attorney’s Office Collects $23.5 Million in Civil and Criminal Actions in Fiscal Year 2024

Source: Office of United States Attorneys

ST. LOUIS – U.S. Attorney Sayler A. Fleming announced today that the Eastern District of Missouri collected $23.5 million in criminal and civil actions in Fiscal Year 2024. Of this amount, $11 million was collected in criminal actions and $12.5 million was collected in civil actions.

Additionally, the Eastern District of Missouri worked with other U.S. Attorney’s Offices and components of the Department of Justice to collect $16.9 million in cases pursued jointly by these offices, the majority of which was collected in civil actions.

Among the civil settlements were two cases involving allegations of false claims for medical services. Total Access Urgent Care (TAUC) paid $9.1 million and a Festus pain management doctor, Dr. Nehal Modh paid $1.2 million.

Nearly $1 million of the total collected in criminal actions came from a continuing case against two Jefferson County chiropractors who aided their clients in committing disability fraud. So far, 27 patients have pleaded guilty and been ordered to repay their fraudulently-obtained disability payments. The chiropractors are currently in prison, and have also been ordered to pay restitution.

More than $880,000 was recovered in fiscal year 2024 from the garnishment of the retirement accounts belonging to two doctors who pleaded guilty in separate criminal cases. About $628,000 was recovered from Dr. Amy Swegan, who admitted accepting kickbacks from telemedicine companies involved in a nationwide fraud scheme. Nearly $255,000 was collected from Dr. Ashu Joshi, who distributed child pornography involving the daughter of a former patient.

“These cases show that our Financial Litigation Unit will aggressively pursue restitution for victims and taxpayers, even if it takes years after a case is resolved,” said U.S. Attorney Sayler A. Fleming.

The U.S. Attorneys’ Offices, along with the department’s litigating divisions, are responsible for enforcing and collecting civil and criminal debts owed to the U.S. and criminal debts owed to federal crime victims. The law requires defendants to pay restitution to victims of certain federal crimes who have suffered a physical injury or financial loss. While restitution is paid to the victim, criminal fines and felony assessments are paid to the department’s Crime Victims Fund, which distributes the funds collected to federal and state victim compensation and victim assistance programs.

Additionally, the U.S. Attorney’s office, working with partner agencies and divisions, collected $5.6 million in asset forfeiture actions in FY 2024. Forfeited assets deposited into the Department of Justice Assets Forfeiture Fund are used to restore funds to crime victims and for a variety of law enforcement purposes.

MIL Security OSI –

February 14, 2025
MIL-OSI Security: Boston Woman Sentenced for Fraudulently Obtaining COVID-Relief Funds

Source: Office of United States Attorneys

BOSTON – A Boston woman was sentenced in federal court in Boston for a scheme to fraudulently obtain pandemic-related relief funds from the Paycheck Protection Program (PPP).

Jameela Gross, 28, was sentenced by U.S. District Court Judge William G. Young to time served (one day) to be followed by three years of supervised release. Gross has also been ordered to pay $18,750 in restitution. In September 2024, Gross pleaded guilty to one count of wire fraud. Gross was arrested in February 2024 along with over 40 Heath Street Gang members/associates, who were charged with racketeering conspiracy, drug trafficking, firearms charges and financial frauds, including COVID-related fraud.

Among other relief programs, the Coronavirus Aid, Relief, and Economic Security Act created the PPP, a temporary loan program directed at small businesses. PPP loans were processed and funded by participating lenders and guaranteed by the U.S. Small Business Administration. If the small business used the loan funds for permissible expenses, the loan could be forgiven.

In April 2021, Gross submitted a fraudulent PPP loan application on behalf of her purported photography business. The application contained multiple false statements, including false representations regarding the fictitious business’s income in 2020 and the purpose of the loan. Gross also submitted false tax records in support of her loan application. Based on the fraudulent application, Gross received approximately $18,750.

United States Attorney Leah B. Foley; Boston Police Commissioner Michael Cox; Jonathan Mellone, Special Agent in Charge of Department of Labor, Office of Inspector General; and Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service Criminal Investigations made the announcement today. Assistant U.S. Attorneys Sarah Hoefle and Lucy Sun of the Criminal Division prosecuted the case.

This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

MIL Security OSI –

February 14, 2025
MIL-OSI Security: FBI Takes Action to Protect Your Hard-Earned Money
Source: Federal Bureau of Investigation FBI Crime News (b)

As cryptocurrency investment fraud scams blanket the nation, causing unprecedented financial and psychological hardship to tens of thousands of Americans, the FBI is stepping up with a hands-on measure to protect the public.

Operation Level Up is a proactive initiative to identify and notify victims of cryptocurrency investment fraud. Using sophisticated techniques, the FBI identifies victims who are actively being defrauded and promptly intervenes by contacting those victims.

Since the start of Operation Level Up over a year ago, the FBI has notified more than 4,300 victims spanning all 50 states. Of these victims, 76 percent were not aware they were being scammed. Through these notification efforts, the FBI has saved victims more than $285 million.

“The FBI is committed to protecting citizens from cryptocurrency investment fraud schemes,” said FBI Criminal Investigative Division Assistant Director Chad Yarbrough. “Unfortunately, we continue to see these scams grow and evolve every day. It doesn’t matter where the subjects are—we will use every tool at our disposal to stop them from targeting U.S. citizens. By raising awareness, we can prevent countless people from losing their savings and send a clear message to criminals that these schemes will not be tolerated.”

Cryptocurrency investment frauds are elaborate schemes that often involve unsolicited online contact, a long period of trust building, fake investment opportunities, and a false sense of urgency to send money, perpetrated by individuals typically located overseas who target victims in the United States.

In Operation Level Up, specially trained FBI and U.S. Secret Service Agents are contacting victims directly to prevent further victimization and financial loss. Agents also explain how these crimes work and how to avoid them in the future, outline how to file a report with federal law enforcement, and provide access to mental health and other resources to assist with the impacts of these crimes.

In numerous instances, victims told the FBI that the notification stopped them from liquidating their entire retirement accounts, selling their homes, or taking out costly loans to continue investing in fake cryptocurrency applications. Due to the profound emotional toll these scams can have, dozens of victims contacted through Operation Level Up were referred to the FBI Victim Services Division and provided direct support and lifesaving measures.

The FBI also works through our legal attaché offices located around the world to collaborate with international law enforcement partners and share hundreds of foreign victims identified through Operation Level Up for intervention. Information about illicit applications, websites, and social media accounts are also collected from victims and shared with technology companies for their awareness.

Below are some tips to help protect yourself from these scams:
- Do not release any financial or personal identifying information and do not send any money to someone you met online.
- Do not invest solely based on the advice of someone you met online.
- Do not download or use any unfamiliar applications or click on any links sent to you by someone you met online.
- Do not pay any additional fees or taxes to withdraw money you have invested in a potential scheme.
- Do not pay for services that claim to be able to recover lost funds, as these are often scams as well.
The FBI knows some individuals involved in criminal activity may try to discourage victims from heeding our warnings. It’s important to stay vigilant and cautious if someone advises you to disregard communications from the FBI or provides you with instructions on how to respond to the FBI.

The FBI is launching this public awareness campaign to educate the public, so no one falls victim to these fast-evolving schemes. We also want the public to have information readily available in case they are contacted by the FBI.

If an FBI agent contacts you via phone or email, the FBI will never ask for money, or ask to move communications to private messaging applications, or request bank account details or personal identifying information, other than confirming your identity with information already possessed. When they call or email, agents will provide you with methods you can use to confirm they are truly FBI agents. When in doubt, visit or call your local FBI field office for further clarification.

If you think you may be a potential victim, you should stop sending money immediately and file a report with the FBI’s Internet Crime Complaint Center at ic3.gov or call 1-800-CALL-FBI.

For more information about Operation Level Up and what to look out for, please visit fbi.gov/levelup and fbi.gov/scams.

MIL Security OSI –
February 14, 2025
MIL-OSI Security: Operation Level-Up: How the FBI Is Saving Victims from Cryptocurrency Investment Fraud

Source: Federal Bureau of Investigation FBI Crime News (b)

Protecting and preventing

Prevention and education are the keys to stopping these scammers. We know that some victims are reluctant to trust unsolicited warnings when they are initially contacted by the FBI. When victims receive these calls, FBI agents will offer ways to confirm their identities. The FBI will never ask you for your personally identifying information, for money, or to move your assets to a new account.

The FBI also knows some individuals involved in criminal activity may try to discourage victims from heeding our warnings. It’s important to stay vigilant and cautious if someone advises you to disregard communications from the FBI or provides you with instructions on how to respond to the FBI.

Operation Level Up outreach also helps the FBI gather additional leads and information about the criminals perpetrating these frauds. In addition to warning and helping victims, the FBI is pursuing a multi-pronged investigative approach to address the financial, infrastructure, and organized crime components operating the schemes.

The FBI will continue to work with domestic and international partners to identify, target, and disrupt criminal organizations facilitating these cryptocurrency confidence fraud schemes. In addition, the FBI shares illicit domains and accounts identified by Operation Level Up with the private sector so they can take any action they deem appropriate.

MIL Security OSI –

February 14, 2025
MIL-OSI United Kingdom: Preserve the house of William Blake as a national cultural centre
Source: Mayor of London

William Blake, author of ‘Jerusalem’, regarded as the unofficial national anthem, is internationally revered as a Poet, Artist, and Visionary. He lived at 17 South Molton Street in London for 17 years in two humble rooms in which he produced his most famous and influential illustrated works.

Today, the London Assembly has called for the site to become a cultural and educational hub and visitor centre, boosting the local and London economy.

Marina Ahmad AM, who proposed the motion, said:

“Preserving our heritage is vital to our cultural identity, well-being, and economic growth. William Blake—renowned poet, artist, and visionary—lived and created some of his most influential works at 17 South Molton Street. Yet, this historic home is at risk of being lost.

“We have a unique opportunity to transform Blake’s last remaining London residence into a world-class cultural and educational hub, honouring his legacy while boosting the local economy. The homes of Mozart, Rembrandt, and Burns are thriving visitor attractions – let’s do the same with William Blake’s house.

“I ask the mayor to meet with the William Blake Fellowship, engage with the Grosvenor Group, and rally key stakeholders to support this vision. If action is not taken now, we risk losing this opportunity forever. Let’s secure Blake’s legacy for generations to come.”

The full text of the motion is:

This Assembly recognises that preserving our heritage is important to the cultural, well-being and economic growth of our country.

William Blake, author of ‘Jerusalem’, regarded as the unofficial national anthem and sung at the 2012 Olympics and by all main political parties, is internationally revered as a Poet, Artist and Visionary.

Last year international Blake exhibitions in Los Angeles, the Fitzwilliam Museum, Cambridge and in Europe attracted thousands of visitors. Blake is on the National Curriculum taught in UK Primary and Secondary schools.

William Blake lived in 17 South Molton Street in London for 17 years in two humble rooms in which he produced his most famous and influential illustrated works, now in 56 galleries and private collections around the world. The home is a Georgian townhouse similar to Handel House or Charles Dickens’ houses and has been cherished as The House of William Blake even when Blake still lived there in 1803, all the way up to present day.

The building is listed with English Heritage as ‘more than of special interest’ to the nation and since the 1970’s has had a City of London blue plaque. Blake’s unique contribution to the arts and humanity should be proudly celebrated by his home city with this site becoming a cultural and educational hub and visitor centre which would boost the local and London economy.

The William Blake Fellowship has been liaising for many months with the company who owns the property. The company’s plan is to renovate it as a private residence sold on the commercial market. It is instead now the time for this property to become a cultural hub, honouring and celebrating the life and works of William Blake.

This would draw from the success of long standing historic houses in other European cities such as Mozart’s House in Vienna, Rembrandt’s House in Amsterdam, Dante’s House in Florence, nearby Handel House in London and Robert Burns’s House in Scotland, the legacy of which generates £200 million a year to the Scottish economy. The Fellowship has produced ample evidence of the social, cultural and economic value of this property being repurposed as a world class cultural visitor centre.

The House of William Blake’s proposal is supported by the Deputy Mayor for Culture and the Creative Industries Justine Simons OBE, Lord Vaizey of Didcot, Rachel Blake, MP for Cities of London and Westminster, Westminster Council, Dee Corsi, Chief Executive Officer of New West End Company, a business partnership of 600 UK and international retailers, Mayfair residents and English Heritage.

The Fellowship has submitted an application for Neighbourhood Community Infrastructure Levy funding and are soon meeting with Westminster Council to discuss its pre-app planning submission for the process of changing the use of the building from a private residence to a cultural centre.

However, the current owners of the building, although also supportive of the proposal in principle, are continuing with their planned renovation and marketing of Blake’s home as a private residence.

The Fellowship retains the ambition to open a centre in 2027, which would mark both 200 years since Blake’s death and 270 years since his birth. If the property is continued to be developed as a luxury apartment, the opportunity to create a dedicated centre to William Blake at his last remaining London home will be lost for good.

This Assembly resolves to:
- Call on the Mayor to meet with the William Blake Fellowship to be updated on the current status of plans for the House of William Blake.
- Convey the importance and need for this venture to the Grosvenor Group and board, as well as their Chair, the Duke of Westminster, and request the pausing of the ongoing commercial renovation work so that the House of William Blake proposal can continue to the next stages of development.
- Call for Grosvenor Group to develop and work with the relevant public and private partnerships to enable the creation of the centre to go forward.
- Call a meeting with key stakeholders (listed above) to discuss working together in the same way that the Government, councils and institutions of other major European cities have partnered to create the houses of Rembrandt, Mozart and Robert Burns as international cultural visitor attractions.
- Write to the Secretary of State for Culture, Media and Sport, Lisa Nandy MP, and the Minister for Creative Industries, Arts and Tourism, Sir Chris Bryant MP, to convey the importance of the House of William Blake being preserved as a national cultural centre.
The meeting can be viewed via webcast or YouTube.

Follow us @LondonAssembly
MIL OSI United Kingdom –
February 14, 2025
MIL-OSI: Integration of Emerging Technologies for Military Drone Market Presenting a Significant Growth Opportunity

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., Feb. 13, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The surge in global defense budgets has had a significant impact on the Global Military Drone Market. As political tensions rise worldwide, nations are investing in cutting-edge unmanned aerial systems (UAS) to bolster their defense and security capabilities. Increased defense expenditure has allowed countries like the United States, China, and other NATO members to allocate substantial funds to advanced drone programs, enhancing surveillance, supporting combat missions, and improving autonomous drone features. A recent report from an industry expert said that: “The growing demand for real-time intelligence in dynamic, complex military environments has significantly increased the need for sophisticated drones equipped with advanced surveillance and reconnaissance capabilities. Military drones are now integrated with cutting-edge technologies such as high-resolution cameras, infrared sensors, and other advanced systems that enhance situational awareness for both tactical operations and comprehensive intelligence gathering. For instance, the Northrop Grumman RQ-4 Global Hawk is capable of surveying over 40,000 square miles in a single day, providing extensive monitoring of large areas. This level of surveillance is invaluable for sustained military operations in regions like Ukraine and other conflict zones, where real-time intelligence is crucial for strategic decision-making and operational effectiveness.” Active Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), AeroVironment (NASDAQ: AVAV), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), L3Harris Technologies (NYSE: LHX), Unusual Machines (NYSE: UMAC).

The article continued: “The integration of emerging technologies into military drones presents a significant growth opportunity for the market. Technologies such as artificial intelligence (AI), machine learning, autonomous navigation systems, and advanced sensors are revolutionizing the capabilities of military drones. AI-driven systems, for instance, can enable drones to analyze vast amounts of real-time data, enhancing decision-making and targeting accuracy. Autonomous navigation allows drones to operate with minimal human intervention, improving operational efficiency and reducing the risk to personnel. For example, the U.S. military has incorporated AI into its MQ-9 Reaper drones to enhance autonomous targeting and surveillance capabilities, allowing for more precise missions in complex environments.”

ZenaTech (NASDAQ:ZENA) ZenaDrone Subsidiary Develops and Tests Proprietary Drone Communications System Enabling Secure and Reliable Communications for US Defense Applications – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that its subsidiary ZenaDrone has developed and is currently testing a proprietary drone communications management system called “DroneNet” that enables direct and secure drone communications in situations without reliable internet, cellular or satellite communications. The internally developed system is specifically built for use with the Company’s ZenaDrone 1000 and IQ series of drone products. A drone communications system is a two-way link between a drone and its base station used to direct the drone and relay real-time drone video and sensor data.

“We believe our proprietary DroneNet communications system will improve both the reliability and performance of our drones ensuring we are not dependent on third-party products with compatibility issues. This internal development ensures we gain more customization of our products, cost management, and control of our supply chain, all of which results in what we believe to be superior drone solutions. Once we’ve tested this initial version, our plan for future advancements includes developing and testing our own microchips with multilayer encryption suitable for NDAA-compliant use required for US Defense applications,” said CEO Shaun Passley, Ph.D.

Drones used by the military for intelligence, surveillance and reconnaissance applications require reliable communications systems for uninterrupted data transmission, mission effectiveness, and operational security. Drones must relay real-time video, sensor data, and telemetry to command centers, allowing defense operators to make time-sensitive decisions. This is especially critical for Beyond Visual Line of Sight (BVLOS) operations, where drones operate over longer distances often in harsh or contested environments. Without secure and resilient communications links, drones risk losing control, can face signal jamming, or data latency, which can compromise mission success. Advanced proprietary communication solutions, using satellite and 4G help ensure connectivity in GPS-denied or high-interference environments and can safeguard data against jamming and cyber threats.

The ZenaDrone 1000 is an autonomous drone, in a VTOL (Vertical Takeoff and Landing) quadcopter design with eight rotors; it is considered a medium-sized drone measuring 12X7 feet in size. It is designed for stable flight, maneuverability, heavy lift capabilities up to 40 kilos, incorporating innovative software technology, AI, sensors, and purpose-built attachments, along with compact and rugged hardware engineered for industrial and defense use. Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

Other recent developments in the markets include:

AeroVironment (NASDAQ: AVAV), through its wholly owned subsidiary Arcturus UAV, has recently been awarded a contract by the Danish Defense Acquisition and Logistics Organization (DALO) with a contract ceiling value of $181 million to deliver the JUMP^® 20 medium uncrewed aircraft system (UAS) to the Danish Armed Forces. This 10-year program of record will equip the Danish Army with JUMP 20 systems to enhance intelligence, surveillance, and reconnaissance (ISR) operations, reinforcing AV’s position as a global leader in advanced autonomous solutions.

JUMP 20 is a vertical take-off and landing (VTOL), fixed-wing UAS with 13+ hours of endurance and an operational range of 185 km (115 mi). Runway independent, the system is easily storable and transportable, and can autonomously launch and land at speed without personnel intervention, making it ideal for on-the-move operations.

Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a Technology Company in Defense, National Security and Global Markets, recently announced a $34,856,449 award modification to a previously awarded cost-plus-fixed-fee contract from the U.S. Marine Corps. The expanded scope is to support the XQ-58A Unmanned Aerial Systems mission systems and subsystems integration for the Marine Air-Ground Task Force Unmanned Aerial System Expeditionary (MUX) Tactical Aircraft (TACAIR).

Since 2022, Kratos and its industry partner, Northrop Grumman, have been working with the U.S. Marine Corps to define operational requirements for the MQ-58 Valkyrie variant. The team recently demonstrated advanced collaborative capabilities during the Penetrating Affordable Autonomous Collaborative Killer Portfolio (PAACK-P) program, which is transitioning to MUX TACAIR in 2025. The modification contract provides the additional non-recurring engineering and material to support the planned spiral developmental efforts, as well as additional flight tests for the continuing capability enhancement of the Valkyrie system.

L3Harris Technologies (NYSE: LHX) has recently introduced AMORPHOUS™, its new software that features a single user interface to operate thousands of autonomous assets simultaneously. Designed with an open architecture, this software enables the United States and allied militaries to control a mix of uncrewed platforms, payloads and systems, even if another manufacturer produces them.

AMORPHOUS, which stands for Autonomous Multi-domain Operations Resiliency Platform for Heterogeneous Unmanned Swarms, includes an intuitive and distributed command-and-control interface to give operators the flexibility to conduct a wider array of intricate military missions. This collaborative autonomy at scale will provide warfighters with a decisive overmatch capability.

Unusual Machines (NYSE: UMAC) has recently announced the signing of a binding agreement to acquire of Aloft Technologies, Inc. (https://www.aloft.ai/), the leading FAA-approved provider of unmanned aerial system (UAS) services to enterprise, public safety, and government customers. The acquisition is almost all in stock, valued at $14.5M.

The proposed acquisition brings together companies that share commitment to strengthening the U.S. drone industry. Aloft Technologies has long been recognized as the leader in the drone fleet and airspace management sector, powering more than 70% of all FAA-approved Low Altitude Authorization and Notification Capability (LAANC) airspace authorizations in the United States. Aloft has provided more than more than 1.6 million authorizations in total, with 400,000 authorizations provided in 2024.

Aloft has been able to leverage the data collected through millions of safe flights and airspace interactions to launch Air Boss, their new real-time UAS air traffic management (UTM) software. With the FAA forecasting more than 3 million drones in the airspace by 2028, outnumbering traditional aircraft more than 10-to-1, the coordination and integration of all aircraft is critical to national security and the national economy.

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The MIL Network –

February 14, 2025
MIL-OSI Russia: AI in Science: Research and Development

Translartion. Region: Russians Fedetion –

Source: State University Higher School of Economics – State University Higher School of Economics –

Print version

The Institute for Statistical Studies and Economics of Knowledge at the National Research University Higher School of Economics, based on statistical data and a specialized survey called “Making Science in Russia,” analyzes the prevalence of practices in scientific organizations and universities in the country that use AI solutions to carry out research and development.

Reference: The “Doing Science in Russia” study is a continuation of the Doing Science project (the first two waves were conducted in 2017 and 2022). As part of the third wave (October-November 2024), representatives of 719 scientific organizations and universities (heads or their deputies for research activities) were asked to rate on a five-point scale the level of provision with AI systems for research and development.

This issue of the series “Artificial Intelligence” was prepared within the framework of the project “Monitoring scientific support for measures to achieve technological leadership of the Russian Federation” of the thematic plan of research work provided for by the State assignment of the National Research University Higher School of Economics.

Modern AI-based technologies are changing the usual way of life in all areas of activity, and science is no exception. SurveyA 2023 Nature study found that more than a quarter of scientists already using AI in their research expect the technology to become an essential tool for their field in the next 10 years, with another 47% believing it will be very useful. Related study Oxford University Press shows that we won’t have to wait that long: 75% of surveyed scientists publishing in leading journals have already used various AI tools in 2024, including machine translation services (49%), chatbots (43%) and search engines (25%). According to respondents, AI-based solutions are useful at all stages of the research cycle and for a wide range of tasks: 41% of respondents used them to search for literature, about 35% – for its generalization and/or editing of text (e.g., an article manuscript), 25% – for idea generation, data collection and/or its analysis.

According to statistics, the implementation of AI solutions in the field of science in Russia is only gaining momentum. In 2023, about 5% of scientific organizations and about 10% of universities used AI for their purposes, but these figures do not fully reflect the real scale of the use of this technology by scientists, since they characterize only the practices of the organizations themselves, and not their employees.

In the future, we should expect the expansion of AI implementation in the field of science and higher education: every second organization sees prospects for further use of relevant tools in their activities here. In addition, almost 25% of scientific organizations and 38% of universities that are already using AI believe that such technologies will radically change internal processes in science in the coming years; many of them consider intelligent decision support technologies to be the most promising for these tasks (33%).

It is obvious that the possibility of realizing these expectations largely depends on the level of development of the necessary digital infrastructure. As shown by a survey of 719 scientific organizations and universities conducted by the HSE ISSEK as part of the Doing Science in Russia project (October-November 2024), access to AI systems for research and development is still difficult. The surveyed executives rated the availability of such foreign-developed systems (ChatGPT, Trinka, Mendeley, Scite, Google Jax, etc.) at 2.71 points out of a possible five, and domestic systems (GigaChat, GitVerse, YaLM, SOVA, RAZUM AI, GOLEM, NeuroMark, AI BAUM PLATFORM, NNWizard, etc.) even lower, at 2.60 points. The situation is somewhat better in universities than in other organizations (Fig. 1).

Against the background of restrained assessments of the current situation, forecasts for the next three years look more optimistic: organizations of all types expect a significant increase in the use of AI systems for research and development. Of course, to ensure such dynamics, it is necessary to remove barriers that hinder the spread of AI in science. Among the most significant of them, universities and scientific organizations note: a shortage of financial resources, a shortage of qualified personnel, an insufficiently developed ICT infrastructure, a shortage/low quality of big data for the implementation of AI. Half of the universities and about 40% of scientific organizations point to the influence of these restraining factors.

Overcoming barriers to the spread of AI in Russian science could be facilitated by a special program that would provide for the development of research standards using AI; grants for young scientists and research teams studying and using AI in their work (with priority given to those areas of science where such technologies are rarely used); support for the development of AI applications for scientific tasks; compensation for the costs of universities and research organizations for the purchase of big data for the purposes of training and development of generative models.

This HSE ISSEK material may be reproduced (copied) or distributed in full only with prior consent from HSE (please contact Issek@mse.ru). It is permitted to use parts (fragments) of the material provided that the source and an active link to the HSE ISSEK website are indicated (Issek.hse.ru), as well as the authors of the material. Use of the material beyond the permitted methods and in violation of the specified conditions will result in a violation of copyright.

Suggested citation:

Streltsova E. A., Popov E. V., Gershman M. A. (2025) Artificial Intelligence in Science. Moscow – ISSEK HSE. Access mode: https://issek.hse.ru/news/1015931860.html.

Previous issue series “Artificial Intelligence”:“Big Data for AI”

See also:

Express information from ISSEK HSE

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

MIL OSI Russia News –

February 14, 2025
MIL-OSI: Pipe Continues International Expansion to Canada Through Partnership with Housecall Pro
Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO and SAN DIEGO, Feb. 13, 2025 (GLOBE NEWSWIRE) — Pipe, a fintech company partnering with software platforms to deliver embedded financial solutions for SMBs, today announced its expansion to Canada through a partnership with Housecall Pro, the go-to software platform for over 45,000 home service companies. Together, the two companies are dramatically improving financial access for the industry by delivering Pipe’s embedded capital through the Housecall Pro platform. The move accelerates Pipe’s strategy of providing capital access to SMBs globally from within the software they already use to run their businesses. With this expansion, Pipe is now live in the U.S., the UK, and Canada, with additional geographies planned in the near future.

According to a recent study¹, 87% of Canadian SMBs are confident in their performance, yet two-thirds struggle with cash flow, and many lack access to capital, hindering their growth and expansion. The situation in Canada is consistent with SMB markets in the United States and the UK, where Pipe Capital is being adopted rapidly to fill the hole left by banks and other traditional capital providers.

Housecall Pro offers an industry-leading SaaS operating platform combined with modern financial services to help home service professionals, or “Pros,” run all aspects of their business. Traditionally, businesses like the ones served by Housecall Pro have struggled to access the financing needed to grow — running into long application processes, credit checks, and excessive paperwork. With Pipe Capital, Housecall Pro can surface personalized offers to Pros embedded in the same platform they use to run their business. Through the partnership, Pipe is able to assess risk and deliver personalized offers to Pros based on live platform data on revenue streams, cash flow, and business performance.

Key capabilities of the embedded offering in the Housecall Pro platform include:
- Customer-friendly financing without requiring credit checks or personal guarantees. No minimum monthly payments are required, and payments align with a Pro’s revenue.
- Multiple ways to top up and boost financing offers, delivering similar benefits to a line of credit.
- Access to capital in a few clicks with tailored go-to-market support.
“At Housecall Pro, we are dedicated to giving home service businesses the tools and resources they need to thrive and grow. Pipe’s customer-friendly capital solution aligns well with that mission,” said Valentina Durand, VP Strategy & Growth, Housecall Pro. “By offering our Canadian customers easy access to capital based on their present and future revenue, we’re helping them knock down common financial hurdles and invest in their growth. This streamlined solution increases our value proposition for customers, increases satisfaction and loyalty for Housecall Pro, and strengthens our position as a leading platform for home service professionals.”

“By partnering with an industry leader like Housecall Pro in Canada, we’re continuing to expand our global footprint to reach hundreds of thousands of small businesses that need capital to achieve their entrepreneurial dreams,” said Luke Voiles, CEO, Pipe. “The home services industry has historically been underserved by traditional financial organizations. Combining Housecall Pro’s unmatched technology and expertise in supporting this market with Pipe’s tailored risk models, together we’re able to provide the capital these SMBs need to grow and prosper.”

About Pipe
Pipe makes customer-friendly capital and smart financial tools accessible to growing businesses inside the software they use every day. Our embedded solutions are built to scale and give business builders across industries the power to grow on their own terms. To learn more, visit www.pipe.com or follow us on X @pipe.

About Housecall Pro
Housecall Pro is a top-rated business solution that helps home service professionals save time, sell bigger jobs, and provide best-in-class service. With easy-to-use tools for scheduling, dispatching, payments, and more, Housecall Pro enables Pros to manage every aspect of their business all in one place. The software is available through a mobile app and web portal for Pros across the United States and Canada. Founded in 2013, Housecall Pro has been championing Pros through streamlined solutions and strong community support for over nine years. Housecall Pro’s brand portfolio includes BuildBook, construction management software for builders and remodelers, and CONQUER, a business coaching solution for home service businesses.

Media Contact
Merrill Freund
merrill@freundpr.com

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¹ “State of SMB Finance in Canada” survey, conducted at the close of Q3 2024 by Float Financial

The MIL Network –
February 14, 2025
MIL-OSI: FloQast Announces Winners of the 2024 Global Partner of the Year Awards

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Feb. 13, 2025 (GLOBE NEWSWIRE) — FloQast, an Accounting Transformation Platform created by accountants for accountants, is proud to announce the winners of its 2024 Global Partner of the Year Awards. These awards honor partners who have demonstrated exemplary dedication to collaboration and innovation, a commitment to outstanding delivery and implementations, and the creation of exceptional value for mutual customers. This year’s awardees have set new standards in harnessing FloQast’s Accounting Transformation Platform to drive operational excellence and organizational change with month-end close management, compliance, and other critical accounting and finance processes. Winners include:

Americas Partner of the Year: CFGI
CFGI receives this award for its steadfast commitment to partnership, consistency, and excellence throughout 2024. Its strategic go-to-market engagement with the FloQast sales organization has led to significant revenue impact and enhanced value for shared customers.

Breakout Partner of the Year: Accordion
Accordion has rapidly identified strategic avenues to strengthen its alliance with FloQast, delivering impactful results and significant value to shared clients. Aligned with FloQast’s vision and committed to excellence, Accordion has established itself as a trusted and innovative partner. Its embrace of the FloQast vision and commitment to excellence has rapidly driven impactful results, created substantial customer value, and laid a strong foundation for future success and growth.

Implementation Partner of the Year: CFGI
Renowned for delivering seamless implementations, CFGI has set a benchmark for excellence through exceptional collaboration with FloQast’s sales and customer success teams, a high volume of successful deployments, and outstanding customer satisfaction. Its unwavering dedication to delivering the best outcomes is reflected in both the quality of its work and consistently high satisfaction scores.

EMEA Partner of the Year: PwC UK
PwC UK is honored for its outstanding contributions to growth and measurable value in the EMEA market. Its localized expertise, strategic collaboration, and consistent execution have established a new standard for success in the region.

Elite Partner Tier Achievements: CFGI, Accordion, Connor Group, Crowe, CrossCountry Consulting

The Elite Tier celebrates partners like Accordion, CFGI, Connor Group, Crowe, and CrossCountry for their exceptional performance, unwavering commitment to excellence, and the significant impact they’ve made on mutual customers. Through their work, these distinguished partners have not only aligned with FloQast’s mission but also delivered transformative results, driving success and adding value to clients across industries. Their dedication to achieving shared goals has fostered stronger client relationships and best-in-class business outcomes.

Our partners play a crucial role in FloQast’s mission of driving accounting transformation and delivering outstanding value to our customers,” said Mike Whitmire, CEO and co-founder of FloQast, CPA. “Their dedication, teamwork, and innovative mindset help us push both business and geographic boundaries and develop solutions that are changing the face of accounting. We’re proud to recognize their efforts and excited to continue moving forward together.”

For more information about the FloQast Global Partner Program, click here.

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 Twilio, Los Angeles Lakers, Zoom, 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 –

February 14, 2025

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