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Category: Economy

  • MIL-OSI Russia: The Vice-Rector of the State University of Management discussed the prospects for the development of the labor market at the Abalkinsky Readings forum

    Translartion. Region: Russians Fedetion –

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

    On February 11, 2025, the Congress Hall of the Free Economic Society of Russia hosted the scientific forum “Abalkin Readings” on the topic: “Prospects for the Development of the Labor Market in Russia”, in which the Vice-Rector of the State University of Management Dmitry Bryukhanov took part.

    According to the results of the first three quarters of 2024, the unemployment rate in the country was at a historically low level of 2.6% (1.9 million people). During a meeting of the Council on Science and Education, Russian President Vladimir Putin emphasized that “the acute and sensitive shortage of personnel for Russian enterprises requires non-standard solutions.” Finding these solutions became one of the goals of the “Abalkin Readings.”

    Opening the scientific forum, the President of the Russian Economic Society, Corresponding Member of the Russian Academy of Sciences Sergei Bodrunov emphasized that the labor shortage is one of the key internal risks for the development of the Russian economy.

    “Resolving the problem of personnel shortage will allow realizing the growth potential of the Russian economy. This problem is structural in nature; in some industries, the labor shortage is felt very acutely. Among its causes are not only factors related to negative demographic trends. The sectors of the economy that employ a large number of low-skilled specialists have been greatly affected by the mass outflow of migrants. The shortage of employees is aggravated, among other things, by the forced structural restructuring of the economy. One of the solutions to the problem of personnel shortage is to increase labor productivity. Accordingly, investments in high technologies are necessary,” noted Sergei Bodrunov.

    According to estimates by the Institute of Economic Forecasting of the Russian Academy of Sciences, annual growth in labor productivity could amount to 3.4% in the long term up to 2050.

    “Russia has enormous potential for growth in labor productivity. In such activities as finance and insurance, the average annual growth rate of labor productivity up to 2035 could be 6% per year,” believes Alexander Shirov, Director of the Institute of Economic Forecasting of the Russian Academy of Sciences, Corresponding Member of the Russian Academy of Sciences, and Member of the Presidium of the Russian VEO.

    There is a great need for workers and mid-level specialists in key sectors of the economy. According to experts, increasing the prestige of blue-collar jobs and developing secondary vocational education will help overcome the shortage of personnel in the short term.

    “According to statistics, two-thirds of school graduates receive higher education, and one-third – secondary specialized education. There is a shortage of personnel in blue-collar jobs. From the point of view of production and the labor market, this is the most important resource for reducing the labor shortage,” says Andrey Klepach, chief economist of the state development corporation VEB.RF and member of the Board of the VEO of Russia.

    Summing up the discussion, the head of the economics section of the Department of Social Sciences of the Russian Academy of Sciences, academician of the Russian Academy of Sciences Boris Porfiryev noted that the problem of labor shortage is complex, therefore a comprehensive, systemic approach is required from experts and politicians and their effective interaction so that the labor market is balanced and meets the needs of dynamic and sustainable development of the country’s economy in the long term.

    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 Economics: Envisioning Tomorrow: The Role of CBDCs in Europe’s Digital Financial Ecosystem | Frankfurt Digital Finance Conference

    Source: Bundesbank

    Check against delivery.

    1 Introduction

    Good morning ladies and gentlemen and thank you very much for your warm welcome.

    I am honoured to have been invited back to this year’s Frankfurt Digital Finance Conference in this wonderful building here in Frankfurt’s Palmengarten and to have been asked to hold a keynote to kick off today’s event.

    Allow me to begin my keynote this morning with a quote attributed to Oscar Wilde: The future belongs to those who recognise opportunities before they become obvious. These words, ladies and gentlemen, could not be any better suited to our financial ecosystem. 

    And it is precisely opportunities that I wish to address in my keynote today – the opportunities provided by central bank digital currencies, or CBDCs for short. A subject that is as timely as it is significant.

    2 The future is digital

    We are at the cusp of a new era. One in which the digitalisation of the financial sector is not just an option but a necessity. New technologies are venturing into the realm of payments and new forms of money, such as digital central bank currencies and stablecoins, are also emerging as alternatives to physical cash.

    These developments all pose new challenges for central banks. Ultimately, central banks must continue to ensure secure and efficient payments in line with their mandate and redefine their role in an increasingly digitalised world in order to maintain the public’s trust in our monetary system.

    The question that we therefore now face is: how do we respond to these technological challenges?

    And that is precisely why we in the Eurosystem – by that I mean the European Central Bank and the national central banks of the euro-area member states, including the Bundesbank – are taking a proactive approach to actively help shape the future of Europe’s digital financial ecosystem.

    3 What are we aiming to achieve with the introduction of a digital euro?

    One could argue that the Eurosystem already offers enough sufficiently well-functioning products, be it physical banknotes and coins or cashless payment instruments. After all, these have proven their worth for decades. Yet at the same time, we cannot simply ignore the evolving world around us. In an increasingly digitalised society, we must adapt to the changing needs and demands of consumers and rethink our payment services. 

    Let me outline the three key motivations behind the possible introduction of a retail CBDC in Europe – a digital euro, which we sometimes like to summarise as resilience, autonomy and efficiency.

    Let me first start with resilience. The foundation of an independent and efficient monetary policy is the adoption and use of the euro. By providing our common currency – the euro – in its form as legal tender and as a modern “all-in-one” digital payment solution, we are paving the way for our currency to enter the digital age, making it “future-proof” and fit for purpose in an increasingly digital society.

    The digital euro would thereby help to preserve the euro’s fulfilment of the core monetary functions and shield the euro area from competing foreign currencies as well as foreign – and potentially unregulated – stablecoins by safeguarding the anchor function of central bank money.

    Second, the digital euro is necessary to improve the autonomy of the European payment system. In its current form, the European payments landscape is highly dependent on non-European providers. Almost 25 years after the introduction of the euro, we still do not have a digital payment solution that can be used across the entire euro area and that runs on a European infrastructure, which, in my view, is not compatible with the concept of a single European market. Although a small number of successful payment innovations have emerged across the euro area over the past years, such as iDEAL in the Netherlands or BIZUM in Spain, the reach of these payment solutions usually ends at national borders.

    As a result, payments in Europe are largely dependent on international schemes, primarily those in the United States. At present, just under two thirds of all card payments in the euro area are processed by non-European providers. And I believe that Europe’s dependencies in the digital age are likely to increase if we do not fundamentally take matters into our own hands. 

    Third, is the issue of efficiency. By creating a pan-European payment rail in a technically modern form, we would foster competition and innovation in payments across Europe, which we believe is the best path towards efficiency in payments. The payment initiatives we have today, such as BIZUM or WERO, would be able to integrate the digital euro into their payment applications, thereby enabling them to gain instant European reach.

    4 What would a digital euro be for the common citizen?

    Although the issues I have just touched upon are very important, they are not necessarily of primarily relevance for the daily life of a majority of citizens in Europe. Hence, what would the digital euro be from the perspective of the customer?

    I believe that the digital euro would not just be a commitment to Europe’s autonomy, increase the resilience of our payment system and foster competition and innovation, it would also improve payments and make life easier for the 350 million residents of the euro area.

    The digital euro would serve as an additional means of payment alongside cash. As a digital upgrade of banknotes and coins, it would be an “all-in-one payments solution”, as we like to call it, which means it can be used in almost all everyday payment situations, including at retail checkouts, transactions among family and friends, online purchases, and payments to or from public authorities. Furthermore, it would be the first digital currency which could be used both online and offline. That is to say, also in the event of a loss of internet reception.

    Moreover, the design of the digital euro would ensure that it would offer the highest possible level of user privacy, comparable only to cash. No other digital means of payment in Europe currently offers all these features.

    Despite the many benefits the digital euro would bring for Europe as a whole, we must, nevertheless, proceed with caution. The introduction of a digital euro raises important questions about privacy, security, and the impact on financial stability and monetary policy. We must ensure that the digital euro upholds the highest standards of data protection, that it is resilient against cyber threats, and that it does not have a negative impact on financial stability.

    5 Wholesale CBDC

    Digitalisation raises questions not only in terms of how we intend to continue providing access to central bank money for our European citizens in future, but also in terms of how we intend to supply money to our wholesale customers. It is and will remain essential that we are able to settle digital transactions using new and innovative technologies, such as distributed ledger technology (DLT) in central bank money. An entire ecosystem is currently evolving around the tokenisation of securities, which involves all parts of the financial system.

    Like other financial players, the Bundesbank, and also the Eurosystem as a whole, see the significant benefits that the use of these new technologies can bring. The advantages of DLT, such as automated settlement by means of smart contracts and reduced reconciliation needs, are clear.

    But to fully harness this potential, we also need an innovative settlement mechanism for the cash leg – one which settles transactions in central bank money. We are therefore working on developing wholesale solutions that enable banks to settle DLT–based financial market transactions in central bank money. 

    The Eurosystem recently completed an exploration phase together with the market, which ran from May to November 2024, during which we tested various new technologies for wholesale central bank money settlement using real transactions. The Bundesbank also participated in this exploration phase with its “Trigger solution”, which builds a bridge between DLT platforms and the conventional TARGET payment system. The feedback we have received from the market so far has been very positive. I think we can already say that the exploration phase was a complete success.

    The anticipated benefits of DLT are seen as having the potential to address and overcome the ecosystem’s current shortcomings, such as fragmentation, complexity, over-intermediation, and technological inefficiencies, which hinder the growth of a digital capital markets union. 

    By developing a new ecosystem from the ground up, it could be made more integrated and harmonised, featuring a “common set of rails” – a shared ledger or a network of fully interoperable ledgers – that would guarantee reachability, open access, and compatibility across the services of all participants.

    Our primary focus is now on implementing a short-term wholesale solution to meet the immediate and growing demands of the market. This will buy us some much-needed time to continue working on a vision for a long-term solution for wholesale CBDC. A solution which must ultimately go hand in hand with the evolving financial market ecosystem.

    6 Business-to-business (B2B) payments

    Alongside its work into the possible introduction of a digital euro and the exploration of wholesale CBDC, the ECB, together with the Eurosystem, has also been turning its focus to another area of payments – one which is increasingly gaining traction: business-to-business payments, or B2B payments for short.

    To fully leverage the potential of the evolving payments landscape in the area of CBDCs, last October the ECB organised a special focus workshop on innovations in B2B payments and the role central bank money could play. 

    This workshop provided a one-of-a-kind platform to learn more about the potential use cases out there in the market. Given the high level of interest shown in the first focus workshop, I’m sure this will not be the last one of its kind.

    7 Outlook

    Ladies and gentlemen,

    The introduction of the digital euro and the exploration of wholesale CBDC and B2B use cases are not just a technical exercise, but a clear commitment to the innovative strength and competitiveness of Europe.

    The Bundesbank and the Eurosystem are determined to play an active role in shaping this digital transformation.

    It is, however, crucial that we continue working together and pool our resources and expertise in order to fully exploit the opportunities offered by digitalisation to create a strong, stable and future-proof digital financial ecosystem for Europe.

    Thank you for your attention.

    MIL OSI Economics –

    February 14, 2025

  • MIL-OSI Economics: Frank Elderson: From concept to delivery: accounting for climate and nature in maintaining price stability and keeping banks safe and sound

    Source: European Central Bank

    Introductory remarks by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the MNI Webcast on Climate Change: Impact on Monetary Policy and Bank Supervision

    Frankfurt am Main, 12 February 2025

    Central banks and supervisors are not climate and nature policymakers.

    Central banks and supervisors are climate and nature policy takers.

    And we face an ever-increasing volume of climate and nature-related factors that we must take into account in order to successfully deliver on our mandate.

    This is the fundamental principle that underpins all our climate and nature-related activities at the European Central Bank.

    It is a principle grounded in irrefutable facts established by the scientific community and transposed to make their implications clear for the economy and financial system. At the ECB, we have translated this principle into our monetary policy and supervisory work as a strategic commitment to account for the ongoing climate and nature crises, irrespective of shifts in the macroeconomic tides and no matter what direction the political winds may blow.

    This is why, both in our monetary policy and in our banking supervision, we have meticulously formulated strategies that are robust and resilient in all weathers. In the face of changing climates, be they macroeconomic, political or indeed at the level of our planetary ecosystem, we will continue to deliver on our mandate to keep prices stable and ensure Europe’s banks are safe and sound.

    Climate and nature in monetary policy

    Let me start with what we our doing when it comes to accounting for climate and nature in our monetary policy.

    When the ECB concluded its strategy review in the summer of 2021, our new strategy explicitly acknowledged the profound implications of climate change for the economy and therefore its relevance for monetary policy. In our strategy, we also formulated a concrete action plan, and we are delivering on that plan.

    First, we have made significant progress in improving our ability to take climate considerations into account in the macroeconomic analyses that inform our policy discussions.

    Second, with respect to our monetary policy instruments, we started tilting our purchases of corporate bonds towards issuers with a better climate performance to avoid undue exposures to climate-related risks. While the last remaining purchases were suspended at the start of this year, if any corporate bond purchases were to be needed for monetary policy purposes in the future, the established direction of the tilt would set the minimum benchmark. With respect to the collateral we require for our lending operations, further technical work on incorporating climate change collateral considerations is still ongoing.

    Our current actions aim to support a high degree of confidence in the alignment of our activities, within our mandate, with the goals set by the Paris Agreement. We have committed to regularly reviewing all our measures to assess their impact. If necessary, we will adapt them to ensure they continue to fulfil their monetary policy objectives and support the decarbonisation path to reach the goals set by the Paris Agreement and the EU’s climate neutrality objectives. Within our mandate, we will also look into addressing additional nature-related challenges.

    Climate and nature in banking supervision

    Let me move to the steps we have taken in banking supervision.

    Our supervisory strategy was formulated after we learnt in 2019 that less than a quarter of the banks under our supervision had demonstrably reflected on how the climate and nature crises were affecting their risk management. This observation was obviously concerning, so in 2020 we published a guide setting out our supervisory expectations. These expectations outline the ECB’s understanding of the safe and prudent management of climate and nature-related risks under the prevailing prudential framework. Since then, we have consistently taken these risks into account in our supervisory work.

    Considering the requirements clearly set out in the Capital Requirements Directive as implemented in national law, and the need for banks to implement a regular process for identifying all material risks, banks must ensure that practices are in place for the sound management of climate and nature-related risks. They had to achieve this by the end of last year and, in the run-up to that deadline, we also set interim deadlines for banks to remediate certain shortcomings related to the management of these risks. These deadlines were informed by what the banks themselves considered reasonable when we first started discussing climate and nature-related risk management with them.

    We are still following up on the two earlier interim deadlines while we begin assessing banks’ practices in light of their final end-2024 deadline.

    After the first interim deadline back in March 2023, we saw that many banks still had not implemented an adequate materiality assessment of the impact of climate and nature-related risks across their portfolios. The ECB imposed binding supervisory decisions on 28 banks, with 22 of them being told that if they did not remedy their shortcomings by a certain date, they would incur a periodic penalty payment for each day they remained in breach of our requirements. Encouragingly, almost all banks submitted an adequate materiality assessment in time, which shows that our supervisory efforts have been effective in almost all cases. For a few banks, the process to determine whether penalties have been incurred is ongoing.

    For the second interim deadline of the end of 2023, we asked banks to clearly include climate and nature-related risks in their governance, strategy and risk management. As with the first interim deadline, we found weaknesses in banks’ practices that we communicated to them in the form of further feedback letters. In a small group of outliers, foundational elements for the adequate management of climate and nature-related risks are still missing. These banks received binding supervisory decisions in autumn 2024, again outlining the potential imposition of periodic penalty payments if they fail to meet the requirements in a timely manner.

    To avoid any doubt, we will proceed in exactly the same way with respect to the third and final deadline that fell due at the turn of the year. We want to see evidence that banks’ risk management practices ensure the sound management of climate and nature-related risks across all areas of our supervisory expectations. For instance, this means that banks need to consider these risks in their stress-testing frameworks, including in plausible baseline and adverse scenarios that are in line with scientific evidence. Thereafter, banks will have to keep updating their practices in accordance with advances in data availability, methodologies and legislative and regulatory requirements. Banks need to ensure that their risk management practices remain commensurate with the magnitude of the climate and nature-related risks that they face. As supervisors, it is our job to make sure they do. To deliver on this, we will use – obviously always in a proportionate way – all supervisory instruments that we have at our disposal.

    Conclusion

    Let me conclude.

    While the fundamental principle – that climate and nature are relevant for both monetary policy and banking supervision and, therefore, must be taken into account in the exercise of our tasks – is independent of the actions of climate and nature policymakers, the intensity and configuration of the risks that will ultimately materialise is not. The choices that climate and nature policymakers make will determine what combination of transition and physical risks materialises in the years to come. Regrettably, the prevailing consensus among climate scientists is that the goal of limiting global heating to 2 degrees Celsius, as set out in the Paris Agreement, is not currently being met. Last October the UN Emissions Gap Report concluded that the world is on track for an average increase of 3.1 degrees.[1] And even that dramatic number will only be achieved if all governments stick with their current policies. The physical risks of climate and nature hazards are currently materialising at an ever-increasing scale and frequency.[2] These physical risks will continue increasing or transition policies will have to be implemented more abruptly to secure a timely transition which will cause an increase in transition risks.

    To identify climate and nature-related risks, central banks, supervisors and the banks we supervise are reliant on good data. Reporting requirements in the EU’s sustainable finance framework will improve the availability of reliable and comparable data that are needed to identify and manage financial risks. This is essential to ensure that the broader sustainable finance framework can serve its purpose of unlocking finance for the green transition and thereby contributing to Europe’s competitiveness agenda.

    It is inevitable that climate and nature-related risks will increase. Concealing them will not make them disappear. And ignoring them will not make them less threatening for monetary policy and banking supervision. This is why we are delivering on our strategic commitment to take them into account in our work.

    Robust to any shifting tides or changing winds.

    Faithful to our mandate.

    Thank you for your attention.

    MIL OSI Economics –

    February 14, 2025

  • MIL-OSI United Kingdom: Business Secretary sets out ambition for further, faster growth

    Source: United Kingdom – Government Statements

    Business Secretary Jonathan Reynolds spoke at Samsung KX in London on 13 February 2025.

    Good morning, and thank you very much for that warm introduction, Alan, and my sincere thanks to the whole team here at Samsung for so generously hosting us, today. 

    It’s actually quite emotional to be honest, it would have been someone like my grandfather who dug out that coal, sent it down here, and a few generations later I get to be on this stage doing this.

    But Samsung is a company synonymous with the best in cutting-edge design and innovation;  and much of it is on full display here within these four walls. 

    It is a fitting venue to discuss this government’s ambition to go further and faster in our growth mission…ensuring that your investments that you outlined here in the UK pay dividends. 

    Three years ago, I gave my first speech as the then Shadow Business Secretary – and I promised we would be both a pro-business and a pro-worker party…  

    …A party rooted not just in the experience of working people, but which recognises, above all else, that you cannot rebuild an economy without a flourishing private sector; backed by an unapologetically pro-business government.  

    I committed to partnering with you in making our offer to the country one you could get behind.  

    And you gave us the ideas, energy and, in some cases, explicit support that was needed to win a strong majority and an even stronger mandate from the British people. A mandate to deliver our Plan for Change.  

    Today, I want to reflect on the progress that we have made as a government. I want to talk candidly about what I believe we need to do; 

    …And I want to provide a clear direction, some reassurance and – I hope – some excitement and optimism about the future.  

    Now I am extremely proud of the work that my department has done in the first seven months of this Government.  

    That includes our record-breaking International Investment Summit…where we secured £63bn of inward investment commitments for the UK… 

    …that was where we published our Industrial Strategy Green Paper… 

    …and where we launched our Industrial Strategy Council expertly led by Clare Barclay. I’m so glad Clare could join us ahead of the council’s meeting later today.  

    Building on from the investment summit, at Davos last month, the Chancellor and I sent a clear message to the international community: that the UK is a great place to invest and do business. We have the lowest corporation tax in the G7, uncapped R&D tax credits, and 100% full expensing on capital allowances.  

    And ahead of our Trade Strategy’s publication, we are leveraging our relationships with Europe, China, India and the Gulf and beyond so businesses can make the UK their base to connect with global markets.  

    And this is important, because in response to the announcements made by the US this week, I want to reiterate that under this government, the UK will always champion free, fair and open trade. That is what is in our national interest. 

    And where we have seen the opportunity for an active government to bring business and workers together, my department has always been on the pitch… 

    …Whether that’s securing a better deal for the workforce at Port Talbot

    …engaging on the takeover of Royal Mail…  

    …Or the renegotiated deal that saw Navantia acquiring Harland and Wolff and protect 1,000 jobs at shipyards across the UK. I will always roll up my sleeves and get involved.

    But – being candid – none of this work in itself is sufficient, if it does not lead across the board to improved business confidence, to greater investment, and to higher household income, in every part of the country. 

    And on that I, and the whole government, recognise the challenge, and we accept it. 

    In the Budget the government had a responsibility to fix the foundations and restore economic stability.  

    And while I recognise that the Budget capped corporation tax, extended capital allowances, and raised the employment allowance threshold from this April, I know it asked a great deal of business. I don’t underestimate that for a second.  

    We will never take that contribution – your contribution – for granted. 

    You are playing your part in fixing this country, in stabilising the public finances, in investing in our people and helping us rebuild our crumbling infrastructure.   

    And we know it is imperative that therefore we clear the path for the private sector to thrive… that we deliver the right conditions for growth.  

    It’s why, on top of the £100 billion of investment unveiled at the Budget, this Government has thrown its full support behind a third runway at Heathrow. 

    It’s why we’re making the Oxford Cambridge growth corridor a success with the right transport and public services to foster growth. 

    It’s why through our expanded Office for Investment and the National Wealth Fund we will be supporting transformative investments throughout the country from West Yorkshire to the West Midlands, and Glasgow and Greater Manchester. 

    The challenges we face as government make all the things we promised to do even more critical.  

    And I relish that. 

    And I don’t believe there are easy answers to complex problems. 

    But I do believe that good policy, good strategies, and good government working hand-in-hand with the private sector, can make a difference. 

    And I want my constituents to feel, and to be, better off. 

    And only a pragmatic, business-orientated government can deliver that. 

    And that to me is what being pro-worker, and pro-business means. 

    And I believe this national UK Government is able to deliver on this mission because, fundamentally, we can offer what no-one else can:  

    First of all, political stability – sadly, a rare commodity in many countries these days. 

    Secondly, openness to the rest of the world – at a time where that is clearly coming under pressure. 

    And most importantly of all, we are offering a willingness to use our mandate in Parliament to transform the business and investor environment. 

    And we are using our Industrial Strategy to ensure that our policies are made with business, for business. 

    As you know, in October last year, we consulted on our Industrial Strategy Green Paper; our blueprint to channel investment and support into our country’s high-growth sectors and high potential places. 

    In that green paper, we posed a series of questions, and you answered in great detail. You told us that you need access to a high-skilled workforce.  

    And that is why we have launched Skills England, bringing in flexibilities for the Growth and Skills levy, allowing for shorter apprenticeships and giving employers more control over training. 

    Meanwhile our Great Britain Working White Paper has already set out detailed plans to support people back into work.  

    And for key sectors such as AI and life sciences, we’ve committed to looking at visa routes for the most highly skilled, ensuring those routes continue to work for the UK. The upcoming Immigration White Paper will set out plans to make our immigration, skills, and visa systems work better and more coherently.   

    You told us that planning has become a by-word for inefficiency.   

    So, we’re making it quicker and simpler for developers to build on brownfield land. 

    We’re making it much easier to build laboratories, gigafactories, data centres, and digital network grid connections.  

    And we’re preventing campaigners from repeatedly launching hopeless legal challenges against planning decisions.   

    You have also told us that access to capital needs drastic improvement.  

    Here again we’re listening and we’re responding. That is why the Government is creating pension megafunds, unlocking billions of pounds of investment. At the same time, we’re delivering on Lord Hill’s Listing Review to allow the FCA to rewrite the UK’s Prospectus Regime for faster fund-raising.

    And, finally, you told us that we need a ‘regulation reset’ in this country.  

    Day in, day out I hear from business leaders who say to me that regulation and regulators are too cumbersome.  

    They’re too slow.  

    They’re too focused on theoretical issues, with little understanding of how businesses and markets actually operate. 

    And I’ve heard that message loud and clear.  

    One of our foremost regulators, the Competition and Markets Authority, has recently made great strides in addressing some of these issues. 

    And today, my department is publishing a consultation on a new Strategic Steer for the CMA to accelerate this work.  

    This isn’t about meaningless platitudes – about the ‘cutting of red tape.’  

    It’s about effective consumer protection, competition law and digital market powers so that we create a level-playing field for businesses to compete on. We need to address genuine harm done by those who are not playing by the rules.  

    Our Strategic Steer asks the CMA to minimise uncertainty for business – by being proactive, transparent, timely, predictable and responsive in its engagement.  

    And I know, under Sarah Cardell and the new Interim Chair, Doug Gurr, the CMA has already taken significant steps in adopting this approach…in always having growth and investment in mind.  

    Its extensive work around the merger of Vodafone and Three is a fantastic example of that…as is the CMA’s launch of a Growth and Investment Council to identify opportunities for greater competition.  

    And there is more to come. 

    I know Sarah and the CMA have set out their plans to deliver real, meaningful reforms to the merger control processes already today. Its eyes are trained firmly on more direct engagement with businesses. On speeding up its decision-making to deliver more certainty for investors. On adopting a faster, more agile approach to protecting competition.  

    I fully endorse these measures because this Government believes in effective, independent institutions. In promoting competition and protecting competition – that is fundamental to our growth mission. And with the current CMA team in place, we want to support them every step of the way in the changes they’re making.  

    I want to see that same level of ambition from our other regulators because right now, I don’t think our regulatory environment is doing enough to drive investor confidence and support growth.  

    So, I’m taking this first step today but watch this space.  

    I’m serious about delivering our wider regulatory reform over the coming weeks and months… 

    …I’m also serious about building the pro-innovation, pro-worker, pro wealth creation economy that we promised at the general election. I know you in the room share that commitment, too. 

    I’m proud of the reforms that we’ve set out in the Employment Rights Bill – of the opportunities they will afford working class families and working-class communities like the one I grew up in.  

    I want everyone to benefit from the stronger economy I know we can have.

    But I always said, however, that we would work with – and not against – business to deliver these generational reforms.  

    I said that we would never introduce changes that would make it harder for firms to hire with confidence.  

    And this is precisely why my department is consulting on many of the key aspects of our Make Work Pay reforms – not least on probationary periods.  

    I want a statutory probation period that lets businesses get a good sense of how new employees are performing.  

    And it’s common sense to ensure that there are lighter touch standards for dismissal during those initial months of people starting a job. 

    I know how important this is for employers. And I get it.  

    It’s why my department will continue to engage face-to-face with business to develop a sensible, balanced proposal before we go out for formal consultation.  

    And we will also consult on the length of the statutory probation period, with our preference being 9 months.  

    We have also made clear that the changes we make to unfair dismissal will come into effect no sooner than the autumn of next year.  

    I want there to be a buffer – a proper, business readiness period – so employers fully understand the details of our reforms, and can prepare long before they enter into force.  

    That is the right thing to do – for both employers and employees.  

    So, let there be no doubt – we are still the party of business.  

    And we are willing to do the difficult things.  

    Be that a third runway at Heathrow, a step change at the CMA, or stopping endless court challenges over the job-creating projects this country needs. 

    We can share our ideas and ambition with each other. 

    Take the big bets.         

    Take some risks.

    Be the disruptors.

    My desire to be your champion in government has never wavered.  

    And it is as resolute now as ever. 

    We have to go further and faster in driving growth.  

    And, friends, together, I know that we will.   

    Thank you very much.

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom –

    February 14, 2025

  • MIL-OSI: Bitget’s Protection Fund Average Hits $648M in January 2025

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 13, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced that its Protection Fund achieved a valuation of $648 million in January 2025, reflecting sustained growth and stability in the crypto market. The fund, designed to provide financial security for users during volatile market conditions, continues to demonstrate its resilience and importance as Bitcoin and other digital assets experience significant price movements.

    In January 2025, Bitget’s Protection Fund reached a peak valuation of $690 million, maintaining its upward trajectory as Bitcoin traded within a range of $87,000 to $105,000. Throughout January, the Protection Fund maintained an average valuation of approximately $648 million, playing its vital role as a reliable safeguard for user assets amid fluctuating market conditions.

    “The consistent growth of our Protection Fund aligns with our focus on advancing security and building user trust,” said Gracy Chen, CEO of Bitget. “As the crypto market evolves, we remain committed to providing a secure and transparent environment for our users, enabling them to navigate the market with confidence.”

    Launched in 2022 with an initial commitment of $300 million, the Protection Fund has grown steadily, offering users enhanced security during periods of market volatility. This latest valuation reflects Bitget’s robust risk management framework, which ensures the fund remains well-capitalized to protect user assets even during heightened market activity. The fund’s performance in January aligns with broader market trends, including increased institutional interest and regulatory developments that continue to shape the crypto landscape.

    In addition to the Protection Fund, Bitget’s Proof of Reserves maintains a 1:1 reserve ratio, further reinforcing transparency and trust. Recently Bitget was announced on the list of top trusted crypto platforms by Forbes. These initiatives collectively position Bitget as a leading exchange that prioritizes user security and confidence in an ever-changing market environment.

    For detailed Protection Fund and Proof of Reserves reports, visit here.

    About Bitget

    Established in 2018, Bitget is a leading cryptocurrency exchange and Web3 company, serving over 100 million users across 150+ countries and regions. The Bitget exchange is dedicated to empowering users with innovative trading solutions, including its pioneering copy trading feature, while providing real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet offering comprehensive Web3 solutions, including wallet functionality, token swaps, an NFT marketplace, and a DApp browser.

    Bitget continues to drive crypto adoption through strategic partnerships, including its role as the Official Crypto Partner of LALIGA in the EASTERN, SEA, and LATAM markets, as well as its collaboration with Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist), and İlkin Aydın (Volleyball national team). These partnerships aim to inspire global communities to embrace the future of cryptocurrency.

    For more information, visit: 

    Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: 

    media@bitget.com

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

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d2b64ea6-fbca-44ae-9700-7e5940d7e572

    https://www.globenewswire.com/NewsRoom/AttachmentNg/57c8be45-47b5-4832-a5b8-4a0be2096c4e

    The MIL Network –

    February 14, 2025

  • MIL-OSI: Abaxx Will Expand Battery Metals Product Suite with Launch of Lithium Carbonate Futures on March 7, 2025

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 13, 2025 (GLOBE NEWSWIRE) — Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, indirect majority shareholder of Abaxx Singapore Pte Ltd. (“Abaxx Singapore”), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, today announced that it will be expanding its battery metals product suite with the launch of 3 regional physically-deliverable Lithium Carbonate futures on March 7, 2025.

    Abaxx Lithium Carbonate futures mark a significant development as the world’s first physically deliverable lithium carbonate contracts priced in US dollars. These new contracts provide market participants with standardized and globally accessible pricing benchmarks, better aligning trade flows with physical market realities. By introducing a reliable and transparent mechanism for price discovery, the contracts enhance participants’ ability to manage risk in an increasingly dynamic and critical market. Each regional contract is a US dollar-denominated, DAP contract representing 1 tonne of lithium carbonate and is deliverable at ports in either Singapore, Rotterdam, or Baltimore.

    “The launch of Abaxx’s Lithium Carbonate futures introduces much-needed, physically deliverable benchmarks that reflect real market conditions, providing traders with a precise hedging instrument and greater optionality in managing supply chains,” said Sacha Lifschitz, Director of Metals Markets at Abaxx Exchange. “With contracts deliverable in Singapore, Rotterdam, and Baltimore, we’re aligning with global trade flows to offer more effective risk management and price transparency in a rapidly evolving battery metals market.”

    About Abaxx Technologies
    Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is an indirect majority-owner of subsidiaries Abaxx Exchange and Abaxx Clearing, recognized by MAS as a “recognised market operator” (RMO) and “approved clearing house” (ACH), respectively.

    Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.

    For more information please visit abaxx.tech, abaxx.exchange and smartermarkets.media.

    For more information about this press release, please contact:

    Steve Fray, CFO
    Tel: +1 647-490-1590

    Media and investor inquiries:

    Abaxx Technologies Inc.
    Investor Relations Team
    Tel: +1 246 271 0082
    E-mail: ir@abaxx.tech

    Cautionary Statement Regarding Forward-Looking Information

    This press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx’s future plans, objectives, or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward-looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information.

    Forward-looking information related to Abaxx in this press release includes, but is not limited to: Abaxx’s objectives, goals or future plans; completion and timing of the launch of its lithium carbonate contracts; benefits of the introduction of its lithium carbonate contracts; introduction of new battery materials products; and, positive impacts from the growth of global battery metal demand. Such factors impacting forward-looking information include, among others: risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; acquiring and maintaining regulatory approvals for Abaxx’s products and operations; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, third-party risk; clearinghouse risk, malicious actor risks, third- party software license risk, system failure risk, risk of technological change; dependence of technical infrastructure; and changes in the price of commodities, capital market conditions, restriction on labor and international travel and supply chains, and the risk factors identified in the Company’s most recent management discussion and analysis filed on SEDAR+. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

    Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. Cboe Canada does not accept responsibility for the adequacy or accuracy of this press release.

    The MIL Network –

    February 14, 2025

  • MIL-OSI: Bitget Lists Story Protocol (IP) with Exclusive Launchpool Rewards and Spot Trading

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 13, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of Story Protocol (IP) on its platform, with trading available on the spot market and the launch of an exclusive Launchpool rewards campaign.

    Spot trading for IP will go live on 13 February 2025, 9:00 (UTC) under the IP/USDT pair, allowing users to trade the token seamlessly. In addition, the Launchpool campaign, starting from 13 February 2025, 12:00 (UTC) to 15 February 2025, 12:00 (UTC), will enable users to lock BGB and earn a share of 554,500 IP in rewards. Users can lock a maximum of 30,000 BGB while adhering to a minimum requirement of 5 BGB. Airdrops for both pools are calculated on an hourly basis, determined by each participant’s locked volume in relation to the total locked volume of the pool. This real-time distribution mechanism ensures fairness and transparency throughout the campaign.

    Story is a Layer1 Blockchain that empowers creators by enabling them to register their IP on-chain, ensuring control over their work while streamlining licensing and monetization processes. IP is the native cryptocurrency of Story’s ecosystem. This token is the key to securing the network, processing transactions, and allowing users to participate in governance decisions. With Story, from artists and scientists to businesses and AI developers can fairly and efficiently exchange IP without intermediaries.

    Bitget continues to solidify its role as a top-tier cryptocurrency exchange, offering over 800 listed tokens across spot and derivatives markets. The addition of IP to Launchpool highlights Bitget’s ongoing effort to support innovative projects that value and protect creators’ work in the digital future. Launchpool participants can stake specific tokens to unlock early access to IP, showcasing the platform’s commitment to delivering valuable assets and fostering active engagement.

    For more details on IP Launchpool, users can visit here.

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

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

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

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

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

    Contact

    Simran Alphonso
    media@bitget.com

    A photo accompanying this announcement is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/104236c4-8b97-45fc-9786-6da4fc56ceda

    The MIL Network –

    February 14, 2025

  • MIL-OSI Economics: RBI imposes monetary penalty on The Mumbai Mahanagarpalika Shikshan Vibhag Sahakari Bank Ltd., Mumbai

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 11, 2025, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on The Mumbai Mahanagarpalika Shikshan Vibhag Sahakari Bank Ltd., Mumbai (the bank) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had failed to carry out periodic review of risk categorisation of accounts at least once in six months.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2149

    MIL OSI Economics –

    February 14, 2025

  • MIL-Evening Report: Eugene Doyle: Will New Zealand invade the Cook Islands to stop China? Seriously

    Report by Dr David Robie – Café Pacific. –

    The New Zealand government and the mainstream media have gone ballistic (thankfully not literally just yet) over the move by the small Pacific nation to sign a strategic partnership with China in Beijing this week.

    It is the latest in a string of island nations that have signalled a closer relationship with China, something that rattles nerves and sabres in Wellington and Canberra.

    The Chinese have politely told the Kiwis to back off.  Foreign Ministry spokesperson Guo Jiakun told reporters that China and the Cook Islands have had diplomatic relations since 1997 which “should not be disrupted or restrained by any third party”.

    “New Zealand is rightly furious about it,” a TVNZ Pacific affairs writer editorialised to the nation. The deal and the lack of prior consultation was described by various journalists as “damaging”, “of significant concern”, “trouble in paradise”, an act by a “renegade government”.

    Foreign Minister Winston Peters, not without cause, railed at what he saw as the Cook Islands government going against long-standing agreements to consult over defence and security issues.

    “Should New Zealand invade the Cook islands?” . . . New Zealand Herald columnist Matthew Hooton’s view in an “oxygen-starved media environment” amid rattled nerves. Image: New Zealand Herald screenshot APR

    ‘Clearly about secession’
    Matthew Hooton, who penned the article in The Herald, is a major commentator on various platforms.

    “Cook Islands Prime Minister Mark Brown’s dealings with China are clearly about secession from the realm of New Zealand,” Hooton said without substantiation but with considerable colonial hauteur.

    “His illegal moves cannot stand. It would be a relatively straightforward military operation for our SAS to secure all key government buildings in the Cook Islands’ capital, Avarua.”

    This could be written off as the hyperventilating screeching of someone trying to drum up readers but he was given a major platform to do so and New Zealanders live in an oxygen-starved media environment where alternative analysis is hard to find.

    The Cook Islands, with one of the largest Exclusive Economic Zones in the world — a whopping 2 million sq km — is considered part of New Zealand’s backyard, albeit over 3000 km to the northeast.  The deal with China is focused on economics not security issues, according to Cooks Prime Minister Mark Brown.

    Deep sea mining may be on the list of projects as well as trade cooperation, climate, tourism, and infrastructure.

    The Cook Islands seafloor is believed to have billions of tons of polymetallic nodules of cobalt, copper, nickel and manganese, something that has even caught the attention of US Secretary of State Marco Rubio. Various players have their eyes on it.

    Glen Johnson, writing in Le Monde Diplomatique, reported last year:

    “Environmentalists have raised major concerns, particularly over the destruction of deep-sea habitats and the vast, choking sediment plumes that excavation would produce.”

    All will be revealed
    Even Cook Island’s citizens have not been consulted on the details of the deal, including deep sea mining.  Clearly, this should not be the case. All will be revealed shortly.

    New Zealand and the Cook Islands have had formal relations since 1901 when the British “transferred” the islands to New Zealand.  Cook Islanders have a curious status: they hold New Zealand passports but are recognised as their own country. The US government went a step further on September 25, 2023. President Joe Biden said:

    “Today I am proud to announce that the United States recognises the Cook Islands as a sovereign and independent state and will establish diplomatic relations between our two nations.”

    A move to create their own passports was undermined by New Zealand officials who successfully stymied the plan.

    New Zealand has taken an increasingly hostile stance vis-a-vis China, with PM Luxon describing the country as a “strategic competitor” while at the same time depending on China as our biggest trading partner.  The government and a compliant mainstream media sing as one choir when it comes to China: it is seen as a threat, a looming pretender to be South Pacific hegemon, replacing the flip-flopping, increasingly incoherent USA.

    Climate change looms large for island nations. Much of the Cooks’ tourism infrastructure is vulnerable to coastal inundation and precious reefs are being destroyed by heating sea temperatures.

    “One thing that New Zealand has got to get its head round is the fact that the Trump administration has withdrawn from the Paris Climate Accord,” Dr Robert Patman, professor of international relations at Otago University, says. “And this is a big deal for most Pacific Island states — and that means that the Cook Islands nation may well be looking for greater assistance elsewhere.”

    Diplomatic spat with global coverage
    The story of the diplomatic spat has been covered in the Middle East, Europe and Asia.  Eyebrows are rising as yet again New Zealand, a close ally of Israel and a participant in the US Operation Prosperity Guardian to lift the Houthi Red Sea blockade of Israel, shows its Western mindset.

    Matthew Hooton’s article is the kind of colonialist fantasy masquerading as geopolitical analysis that damages New Zealand’s reputation as a friend to the smaller nations of our region.

    Yes, the Chinese have an interest in our neck of the woods — China is second only to Australia in supplying much-needed development assistance to the region.

    It is sound policy not insurrection for small nations to diversify economic partnerships and secure development opportunities for their people. That said, serious questions should be posed and deserve to be answered.

    Geopolitical analyst Dr Geoffrey Miller made a useful contribution to the debate saying there was potential for all three parties to work together:

    “There is no reason why New Zealand can’t get together with China and the Cook Islands and develop some projects together,” Dr Miller says. “Pacific states are the winners here because there is a lot of competition for them”.

    I think New Zealand and Australia could combine more effectively with a host of South Pacific island nations and form a more effective regional voice with which to engage with the wider world and collectively resist efforts by the US and China to turn the region into a theatre of competition.

    We throw the toys out
    We throw the toys out of the cot when the Cooks don’t consult with us but shrug when Pasifika elders like former Tuvalu PM Enele Sopoaga call us out for ignoring them.

    In Wellington last year, I heard him challenge the bigger powers, particularly Australia and New Zealand, to remember that the existential threat faced by Pacific nations comes first from climate change. He also reminded New Zealanders of the commitment to keeping the South Pacific nuclear-free.

    To succeed, a “Pacific for the peoples of the Pacific” approach would suggest our ministries of foreign affairs should halt their drift to being little more than branch offices of the Pentagon and that our governments should not sign up to US Great Power competition with China.

    Ditching the misguided anti-China AUKUS project would be a good start.

    Friends to all, enemies of none. Keep the Pacific peaceful, neutral and nuclear-free.

    Eugene Doyle is a community organiser and activist in Wellington, New Zealand. He received an Absolutely Positively Wellingtonian award in 2023 for community service. His first demonstration was at the age of 12 against the Vietnam War. This article was first published at his public policy website Solidarity and is republished here with permission.

    This article was first published on Café Pacific.

    MIL OSI Analysis – EveningReport.nz –

    February 14, 2025

  • MIL-OSI Video: Secretary-General/African Union Summit, France, Yemen & other topics – Daily Press Briefing

    Source: United Nations (Video News)

    Noon briefing by Farhan Haq, Deputy Spokesperson for the Secretary-General.

    Highlights:
    – Secretary-General/African Union Summit
    – Secretary-General/France
    – Yemen
    – Namibia
    – Security Council/Syria
    – Occupied Palestinian Territory
    – Democratic Republic of Congo/Peacekeeping
    – Democratic Republic of Congo/Humanitarian
    – Bangladesh
    – International Day
    – Guest Tomorrow
    – Financial Contribution

    SECRETARY-GENERAL/AFRICAN UNION SUMMIT
    On Thursday morning, the Secretary-General will arrive in Addis Ababa, in Ethiopia, to take part in the 38th African Union Summit.  While there, he is scheduled to hold bilateral meetings with the leadership of the African Union Commission, Ethiopian authorities as well as Heads of State and Government from the continent.
    On Friday, he is also scheduled to take part in meetings of the AU Peace and Security Council at the level of Heads of State and Government, concerning the situations in Sudan and the Eastern Democratic Republic of the Congo.
    On Saturday morning, the Secretary-General will attend the opening session of the African Union Summit. He will deliver remarks, during which he will reaffirm that the partnership between the United Nations and the African Union has never been stronger.
    He is also expected to reiterate his calls for reforms of the international financial architecture, as well as for permanent representation of African countries at the Security Council.
    On Saturday, the Secretary-General is also scheduled to hold a press conference. 

    SECRETARY-GENERAL/FRANCE
    Before leaving Paris for Addis Ababa to attend the African Union Summit, the Secretary-General visited the headquarters of Reporters Sans Frontières, where he met with its Director General, Thibaut Bruttin.
    Addressing the staff, the Secretary-General said that organizations like RSF are on the front line in the common fight for truth against fiction, for science against conspiracy, and for the fight against impunity when journalists face violence and even death. 
    The Secretary-General said the struggle to defend freedom of the press and the journalists themselves is essential to preserve our democracies.

    YEMEN
    The Secretary-General strongly condemned the death in detention on 10 February of a World Food Programme (WFP) colleague who had been arbitrarily detained by the Houthi de facto authorities since 23 January 2025. The circumstances surrounding this deplorable tragedy remain unclear, and the United Nations is urgently seeking explanations from the Houthi de facto authorities.
    The Secretary-General has called for an immediate, transparent and thorough investigation and for those responsible to be held accountable. In his statement, he said that the continued arbitrary detention of dozens of personnel from the United Nations, national and international non-governmental organizations, civil society organizations, and diplomatic missions, is unacceptable. He renewed his call for their immediate and unconditional release.

    Full Highlights: https://www.un.org/sg/en/content/ossg/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=12+February+2025

    https://www.youtube.com/watch?v=u2VnzpsJw4U

    MIL OSI Video –

    February 14, 2025

  • MIL-OSI United Kingdom: Statement on Northbrook House and Windale House

    Source: City of Oxford

    Northbrook House and Windale House were originally built in the 1960s as sheltered accommodation and are two of the oldest schemes now used for over-60s housing.  

    We told residents in 2018 our long-term plans were to demolish both buildings and redevelop the sites for new council homes. 

    The condition of both buildings is deteriorating, including lifts and communal areas. While neither is yet at the end of its viable life, both blocks would require substantial and subsequent ongoing investment to prolong their current use. 

    The blocks do not meet modern design and accessibility standards. Some homes are bedsits which we have been phasing out across our housing as they are no longer popular housing options. It also means they are not big enough for a wet room and their doors are not wide enough to provide wheelchair access. 

    It would not be possible to bring Northbrook House and Windale House up to modern accessibility standards – including wheelchair access, bathroom design and adaptable kitchen layouts – without demolishing and rebuilding them.  

    The housing crisis 

    Northbrook House and Windale House are currently designated as housing for the over-60s, with areas like communal lounges built to 1960s requirements. In 2025, many people over the age of 60 don’t want to live in that type of communal setting and this is reflected in lower demand for this type of housing. 

    We have a number of blocks of flats for the over-60s and the waiting period is often just a few months. In contrast, most people wait years for general needs council housing and there is no guarantee of a council home however long you spend on the list. 

    In the last few years, the cost of living, record private rent rises and the delay in delivering a ‘no fault’ eviction ban first promised in 2019 have fuelled a sharp rise in homelessness in Oxford and across the country. 

    We are dealing with spiralling demand for temporary accommodation for people who become homeless in Oxford. In January alone, we provided temporary accommodation for a further 63 households. We have had to house more than 120 households in bed and breakfast or budget hotels as there is not enough temporary housing available. 

    There are more than 3,500 people on the housing register waiting for a settled home.  

    It would be better for us to invest our limited resources in meeting these urgent needs than in temporarily extending the life of both blocks in a piecemeal and increasingly expensive way. 

    Supporting people to move to a suitable new home 

    We met with tenants at both blocks on Monday 3 February to discuss our plans and address concerns about their future. While some people had understandable concerns about the upheaval this would mean, many residents took up our offer of one-to-one conversations about the support available to help them move. 

    We will support everyone to move to in a responsible, planned way, ensuring their new home is suitable and meets their needs.  

    This means somewhere with the same or similar secure tenancy rights and is therefore likely to be a council or housing association home through our transfer list. 

    Two officers are providing onsite specialist support to help people move. Residents will be given high priority to bid for a new home of their choice and supported through every stage of the process. 

    All residents will receive a statutory Home Loss payment and we will provide extra financial and practical help with packing, moving and fitting out their new homes.  

    Where people need support with other options like extra care housing, we will arrange this. 

    What happens next? 

    We aim to help everybody move out of Northbrook House and Windale House by the end of April 2026.  

    When both blocks are empty – and not before – we will put them to meanwhile use as temporary accommodation while we make plans to redevelop the sites for new council homes. 

    Who gets housed in temporary accommodation? 

    We provide temporary accommodation to people who become homeless in Oxford – for example, because of a ‘no fault’ eviction from a private rented tenancy.  

    With very few exceptions, we can only offer temporary accommodation to people with a local connection. This usually means they must live in or have a recent history of living in Oxford, have a job here or close family in the city.  

    People in asylum hotels are the responsibility of the Home Office, which provides them with accommodation.  

    Oxford City Council is not legally allowed to provide asylum seekers with temporary accommodation or a council tenancy. 

    Northbrook House and Windale House will not be used by the Home Office. 

    MIL OSI United Kingdom –

    February 14, 2025

  • MIL-OSI Asia-Pac: SZ-HK financial meeting held

    Source: Hong Kong Information Services

    Secretary for Financial Services & the Treasury Christopher Hui led a delegation to attend the second meeting of the Shenzhen-Hong Kong Financial Co-operation Committee in Qianhai, Shenzhen, today.

    The meeting echoed the aspirations expressed by CPC Central Committee Hong Kong & Macao Work Office Director and State Council Hong Kong & Macao Affairs Office Director Xia Baolong during the discussion session he hosted on February 9 for more reciprocal co-operation and collaborative development within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

    The meeting was co-chaired by Mr Hui and Shenzhen Vice Mayor and Director General of the Office of the Financial Affairs Committee of the CPC Shenzhen Municipal Committee Luo Huanghao.

    The committee discussed the latest developments of the financial markets and financial co-operation initiatives of Shenzhen and Hong Kong. It also explored suggestions on further enhancing the development of a collaborative market.

    On collaborations in terms of financial professional services and talent, Mr Hui announced a list of Hong Kong accounting firms capable of supporting Mainland enterprises in going global, and expressed his hope that Hong Kong’s high-quality and international professional services could facilitate the high-level opening of the country’s financial markets.

    The committee also arranged an experience-sharing session by two Hong Kong students who participated in the GBA Fintech Two-way Internship Scheme for Post-secondary Students to encourage the industry to provide more opportunities for young people from Shenzhen and Hong Kong to foster talent exchanges in the financial realm.

    Mr Hui said that Hong Kong and Shenzhen were both core cities and key engines for driving the development of the GBA, noting that it is anticipated that Hong Kong will continue its close collaboration with Shenzhen for co-ordinated development.

    As Mr Hui said at the discussion session hosted by Xia Baolong, the further strengthening of co-operation between Hong Kong and the GBA in the areas of financial markets and services would better reinforce national development strategies.

    MIL OSI Asia Pacific News –

    February 14, 2025

  • MIL-OSI Europe: Press release – MEPs want to suspend EU-Rwanda deal on sustainable value chains for critical raw materials

    Source: European Parliament 3

    The Rwandan government must withdraw its troops from the Democratic Republic of Congo’s territory and cease cooperation with the M23 rebels, Parliament says.

    In a resolution adopted on Thursday, 13 February, MEPs strongly condemn the occupation of Goma and other territories in eastern Democratic Republic of Congo (DRC) by M23 rebels and the Rwandan defence forces as an anacceptable breach of the DRC’s sovereignty and territorial integrity.

    MEPs denounce the indiscriminate attacks involving explosive weapons as well as unlawful killing, rape, and other apparent war crimes in populated areas of North Kivu by all parties. They deplore the use of forced labour, forced recruitment, and other abusive practices, by M23 with the support of Rwanda’s military, and by the Congolese Armed Forces (FARDC).

    Critical humanitarian situation

    Calling for an immediate end to the violence, particularly the mass killings and the use of rape as a strategic weapon of war, Parliament urges the DRC and Rwanda to investigate and prosecute those responsible for war crimes, including sexual violence, under the principle of command responsibility. MEPs also say that any attack on United Nations-mandated forces is inexcusable and may be considered a war crime.

    MEPs are extremely concerned about the critical humanitarian situation in the country and demand the immediate reopening of Goma airport and the creation of humanitarian corridors to re-establish humanitarian operations in eastern DRC.

    Immediate suspension of EU Memorandum of Understanding with Rwanda

    Parliament regrets the European Union’s failure to take appropriate measures to address the crisis and pressure Rwanda to end its support for M23. It urges the European Commission and the Council to immediately suspend the EU’s Memorandum of Understanding on Sustainable Raw Materials Value Chains with Rwanda, until the country ceases all interference in the DRC, including exporting minerals mined from M23-controlled areas.

    MEPs also call on the Commission, EU member states and international financial institutions to freeze direct budget support for Rwanda until it allows for humanitarian access to the crisis area and breaks all links with M23. The Commission and EU countries should also halt their military and security assistance to the Rwandan armed forces to avoid contributing directly or indirectly to abusive military operations in eastern DRC.

    MEPs are concerned about the consequences of Russian interference in the conflict, as well as the increasing presence of Chinese actors in the DRC’s mining sector and in wider region and working without respect for economic and social responsibility.

    Support for peace negotiations

    Parliament welcomes the joint SADC and EAC peace summit held in Dar es Salaam on 8 February and expresses its full support for the Luanda and Nairobi peace processes. MEPs call on all countries in the Great Lakes region, in particular the DRC and Rwanda, to urgently pursue negotiations under these frameworks.

    The resolution was adopted with 443 votes in favour, 4 against and 48 abstentions.

    MIL OSI Europe News –

    February 14, 2025

  • MIL-OSI: Profila unleashes DOGE on Big AdTech: Slashes costs, pays customers 80% of revenues in ZEKE

    Source: GlobeNewswire (MIL-OSI)

    LUZERN, Switzerland, Feb. 13, 2025 (GLOBE NEWSWIRE) — Profila is revolutionizing the advertising industry by eliminating data-harvesting middlemen and redirecting ad revenues straight to users. With its Web3-powered platform, Profila compensates individuals for their data and attention, offering up to 80% of ad spend in its native ZEKE token. The groundbreaking ZEKE token sale is now live.

    For years, surveillance-driven tech giants and ad intermediaries have exploited user data, accumulating billions while delivering questionable engagement and widespread ad fraud. Profila’s model disrupts this outdated system by enabling direct brand-to-user advertising, ensuring transparency, fairness, and real engagement.

    ZEKE token sale is live!

    Why ZEKE is a game-changer

    • Massive buy pressure – Brands fuel the system, while users cash out in ZEKE.
    • Next-generation privacy – No tracking, no exploitation—just ethical, user-driven engagement.
    • Web3 security – Built on Cardano for enhanced security, fairness, and transparency.
    • Big tech disruption – Eliminates intrusive ads and manipulative algorithms.
    • Limited-time rewards – Up to 200,000 ADA in ZEKE bonuses available.

    “This isn’t just another token launch—it’s a reckoning for the entire ad industry,” said Shawn Jensen, CEO of Profila. “Users should be the ones benefiting from their data, not tech giants profiting behind their backs.”

    About Profila

    Profila is redefining the digital marketing landscape by aligning brand engagement with user privacy. Through its innovative platform, brands achieve 100% engagement with real customers, eliminating wasteful ad spending and ensuring ethical, preference-driven interactions.

    Learn More

    Disclaimer: This content is provided by Profila. 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.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/44411ea2-2322-493f-9e85-0e8a60fc7ff7

    The MIL Network –

    February 14, 2025

  • MIL-OSI: Sidetrade announces alliance with Interpath

    Source: GlobeNewswire (MIL-OSI)

    Sidetrade, the global leader in AI-powered Order-to-Cash applications, and Interpath, the international advisory firm, have announced an alliance relationship that has been designed to accelerate digital transformation efforts, empowering businesses to harness AI from Sidetrade’s dedicated Order-to-Cash Data Lake and adapt more effectively to the demands of a rapidly changing economy.

    Interpath is a fast-growing firm that supports clients with advisory and restructuring services and has operations in the UK, France, Ireland, Germany, Austria, Bermuda, Cayman Islands, BVI, and Algeria. The alliance with Sidetrade will support the firm’s continued growth and further enhance its ability to create, defend, preserve, sustain and grow value for its clients through working capital optimization. In turn, Sidetrade will be able to draw on Interpath’s advisory capabilities across a wide range of markets and channels to help more leadership teams transform their Order-to-Cash operations.

    Kevin Schafer, AVP Partners Europe, at Sidetrade, commented: “We are excited to join forces with Interpath to extend the reach of Aimie, Sidetrade’s AI assistant, to a wider spectrum of organizations. By combining Interpath’s industry expertise with our advanced technology, we are creating a powerful synergy to help businesses unlocking new efficiencies in optimizing working capital and driving sustainable cash flow growth.”

    The new alliance is set to reshape the way businesses tackle working capital challenges. It aims to empower organizations with digitally transformative solutions, delivering tangible results in an increasingly dynamic financial environment.

    Sidetrade has consistently been recognized as a leader in the global Order-to-Cash the market, thanks to its powerful AI technology powered by the Sidetrade Data Lake which processes $6.1 trillion in B2B payment transactions real-time daily in Sidetrade’s cloud to provide users with a unique market view. Sidetrade has been positioned as a Gartner® Magic Quadrant™ Leader since 2022. It was also named a Leader in the IDC MarketScape: Worldwide Accounts Receivable Automation Applications for the Enterprise 2024 Vendor Assessment (doc #US51740924, December 2024).

    Hope Rosenbaum, Chief Growth Officer, Head of Alliances at Interpath, commented: “Sidetrade offers a world-class Order-to-Cash solution that leverages AI and cloud technology to make a transformational impact, complementing the work we do every day to help clients improve their financial performance and create value. The alliance couldn’t be timelier as businesses look for ways to make their cashflow work for them and find a more sustainable financial future. We look forward to working with Sidetrade as we leverage the technology and harness the expertise that we both hold to make a real difference for businesses we support across our international networks.”

    Gartner, Magic Quadrant for Invoice-to-Cash Applications, 6 May 2024, Tamara Shipley Et Al.
    Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
    GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

    Media relations @Sidetrade
    Becca Parlby               +44 7824 5055 84           bparlby@sidetrade.com

    About Sidetrade (www.sidetrade.com)
    Sidetrade (Euronext Growth: ALBFR.PA) provides a SaaS platform designed to revolutionize how cash flow is secured and accelerated. Leveraging its next-generation AI, nicknamed Aimie, Sidetrade analyzes $6.1 trillion worth of B2B payment transactions daily in its Cloud, thereby anticipating customer payment behavior and the attrition risk of more than 38 million buyers worldwide. Aimie recommends the best operational strategies, dematerializes and intelligently automates Order-to-Cash processes to enhance productivity, results and working capital across organizations.
    Sidetrade has a global reach, with 400+ talented employees based in Europe, the United States and Canada, serving global businesses in more than 85 countries. Amongst them: Bidcorp, Biffa, Bunzl, Engie, Expedia, Inmarsat, KPMG, Lafarge, Manpower, Opentext, Page, Randstad, Saint-Gobain, Securitas, Sodexo, Tech Data, UGI, and Veolia.
    Sidetrade is a participant of the United Nations Global Compact, adhering to its principles-based approach to responsible business. 
    For further information, visit us at www.sidetrade.com and follow @Sidetrade on LinkedIn. 
    In the event of any discrepancy between the French and English versions of this press release, only the English version is to be taken into account

    Attachment

    • Sidetrade announces alliance with Interpath

    The MIL Network –

    February 14, 2025

  • MIL-OSI: Coop Pank held an investor webinar to introduce unaudited results of Q4 and 12 month of 2024

    Source: GlobeNewswire (MIL-OSI)

    Today, on 13 February 2024 at 9 am (EET), Coop Pank held an investor webinar, where the Chairman of the Board Margus Rink and Chief Financial Officer Paavo Truu introduced the bank’s Q4 and 12 month of 2024 unaudited financial results. Webinar was held in Estonian language.  

    Coop Pank would like to thank all participants. Webinar recording is available here:
    https://youtu.be/XHWdTjDnFbo?si=-aAiISEtqk0FGk7G

    Coop Pank’s report for unaudited results of Q4 and 12 month of 2024 and the presentation is available here:
    https://view.news.eu.nasdaq.com/view?id=1342555&lang=en

    Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking has reached 208,000. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti comprising 320 stores.

    Additional information:
    Katre Tatrik
    Communication Manager
    Tel: +372 5151 859
    E-mail: katre.tatrik@cooppank.ee

    The MIL Network –

    February 14, 2025

  • MIL-OSI: Brookfield Wealth Solutions Announces Year End 2024 Results and Declares Quarterly Distribution Increase

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, NEWS, Feb. 13, 2025 (GLOBE NEWSWIRE) — Brookfield Wealth Solutions (NYSE, TSX: BNT) today announced financial results for the three months and year ended December 31, 2024.

    Sachin Shah, CEO of Brookfield Wealth Solutions, stated, “Our strong results for 2024 underscore our growth over the past year having doubled the size of the business in that time. Our scalable North American annuity platform, coupled with our leading investment capabilities, will serve as the foundation for our business as we expand internationally in 2025.”

    Unaudited
    As of and for the periods ended December 31
    (US$ millions, except per share amounts)    		 Three Months Ended   Year Ended
      2024       2023       2024       2023  
    Total assets $ 140,460     $ 61,643     $ 140,460     $ 61,643  
    Adjusted equity1   12,872       8,969       12,872       8,969  
    Distributable operating earnings1   427       258       1,374       745  
    Net income   576       453       1,247       797  
    Net income per each class A share $ 0.08     $ 0.07     $ 0.32     $ 0.28  

    1.   See Non-GAAP and Performance Measures on page 6 and a reconciliation from net income and reconciliation from equity on page 5.

    2024 Highlights

    • Completed the acquisition of American Equity Investment Life Holding Company (“AEL”), doubling the size of our business
    • Deployed more than $17 billion across our investment portfolio at strong risk-adjusted returns
    • Generated $19 billion in annuity and pension risk transfer (“PRT”) sales across the business, consisting of approximately $14 billion of retail annuity sales, inclusive of a full twelve months of activity at AEL, and $5 billion of PRT deals
    • We closed our first U.K. reinsurance transaction, reinsuring £1.0 billion ($1.3 billion) of pension liabilities

    Operating Update
    We recognized $427 million and $1.4 billion of distributable operating earnings (“DOE”) for the three months and year ended December 31, 2024, respectively, compared to $258 million and $745 million in the prior year periods. The increase in earnings for the current period reflects contributions from our acquisition of AEL as well as higher net investment income resulting from progress made in repositioning assets into higher yielding investment strategies. DOE further benefitted from strong annuity sales during the year.

    We recorded net income of $576 million and $1.2 billion for the three months and year ended December 31, 2024, respectively, compared to net income of $453 million and $797 million in the prior year periods. Net income in the current period is the result of strong operating performance and contributions from our DOE, as well as favorable movement on reserves due to interest rate and equity market movements.

    Today, we are in a strong liquidity position, with approximately $31 billion of cash and short-term liquid investments across our investment portfolios, and another $21 billion of long-term liquid investments. These liquid assets will support the ongoing rotation of our portfolio into higher yielding investment strategies, while ensuring we have sufficient liquidity coverage for our liabilities in the case of any stress events impacting the broader market.

    Regular Distribution Declaration
    The Board declared a 13% increase in the Company’s quarterly return of capital to $0.09 per class A share and class B share (representing $0.36 per annum), payable on March 31, 2025 to shareholders of record as at the close of business on March 14, 2025. This distribution is identical in amount per share and has the same payment date as the quarterly distribution announced today by Brookfield Corporation on the Brookfield class A shares.

    Brookfield Corporation Operating Results
    An investment in class A shares of our company is intended to be, as nearly as practicable, functionally and economically, equivalent to an investment in the Brookfield class A shares. A summary of Brookfield Corporation’s fourth quarter and full year operating results is provided below:

    Unaudited
    For the periods ended December 31
    (US$ millions, except per share amounts)    		 Three Months Ended   Years Ended
      2024       2023       2024       2023  
    Net income of consolidated business1 $ 101     $ 3,134     $ 1,853     $ 5,105  
    Net income attributable to Brookfield shareholders2   432       699       641       1,130  
    Distributable earnings before realizations2,3   1,498       1,209       4,871       4,223  
    – Per Brookfield class A share2,3   0.94       0.76       3.07       2.66  
    Distributable earnings2,3   1,606       1,312       6,274       4,806  
    – Per Brookfield class A share2,3   1.01       0.83       3.96       3.03  

    1.   Consolidated basis – includes amounts attributable to non-controlling interests.
    2.   Excludes amounts attributable to non-controlling interests.
    3.   See Reconciliation of Net Income to Distributable Earnings on page 5 and Non-IFRS and Performance Measures section on page 8 of Brookfield Corporation’s press release dated February 13, 2025.

    Brookfield Corporation net income above is presented under IFRS. Given the economic equivalence, we expect that the market price of the class A shares of our company will be impacted significantly by the market price of the Brookfield class A shares and the business performance of Brookfield as a whole. In addition to carefully considering the disclosure made in this news release in its entirety, shareholders are strongly encouraged to carefully review Brookfield Corporation’s letter to shareholders, supplemental information and its other continuous disclosure filings. Investors, analysts and other interested parties can access Brookfield Corporation’s disclosure on its website under the Reports & Filings section at bn.brookfield.com.

    CONSOLIDATED BALANCE SHEETS

    Unaudited     December 31
    		             December 31  
    (US$ millions)       2024               2023  
    Assets                  
                       
    Insurance invested assets                  
    Cash and cash equivalents $ 12,243         $ 4,308      
    Investments   92,966           39,838      
    Reinsurance funds withheld   1,517           7,248      
    Accrued investment income   860       107,586       280       51,674  
    Reinsurance recoverables and deposit assets       13,195               3,388  
            120,781               55,062  
                       
    Deferred policy acquisition costs       10,696               2,468  
    Other assets       8,983               4,113  
    Total assets       140,460               61,643  
                       
    Liabilities and equity                  
                       
    Policy and contract claims       7,659               7,288  
    Future policy benefits       14,088               9,813  
    Policyholders’ account balances       83,079               24,939  
    Deposit liabilities       1,502               1,577  
    Market risk benefits       3,655               89  
    Unearned premium reserve       1,843               2,056  
            111,826               45,762  
                       
    Corporate borrowings       1,022               1,706  
    Subsidiary borrowings       3,329               1,863  
    Funds withheld for reinsurance liabilities       3,392               83  
    Other liabilities       7,815               3,380  
                       
    Junior preferred shares       —               2,694  
    Non-controlling interest   850           146      
    Class A and class B   1,470           1,591      
    Class C   10,756       13,076       4,418       6,155  
    Total liabilities and equity     $ 140,460             $ 61,643  

    CONSOLIDATED STATEMENTS OF OPERATIONS

    Unaudited
    For the periods ended December 31
    US$ millions    		 Three Months Ended   Year Ended
      2024       2023       2024       2023  
    Net premiums and other policy revenue $ 4,307     $ 1,432     $ 9,048     $ 4,550  
    Net investment income, including funds withheld   1,325       621       4,440       2,121  
    Net investment gains (losses), including funds withheld   115       176       615       241  
    Total revenues   5,747       2,229       14,103       6,912  
                   
    Benefits and claims paid on insurance contracts   (4,003 )     (1,194 )     (8,162 )     (3,939 )
    Interest sensitive contract benefits   (710 )     (355 )     (1,874 )     (687 )
    Amortization of deferred policy acquisition costs   (370 )     (180 )     (1,237 )     (632 )
    Changes in fair value of insurance-related derivatives and embedded derivatives   396       210       234       41  
    Changes in fair value of market risk benefits   299       85       (107 )     166  
    Other reinsurance expenses   (6 )     (5 )     (26 )     (21 )
    Operating expenses   (332 )     (244 )     (1,356 )     (777 )
    Interest expense   (96 )     (68 )     (362 )     (249 )
    Total benefits and expenses   (4,822 )     (1,751 )     (12,890 )     (6,098 )
    Net income before income taxes   925       478       1,213       814  
    Income tax recovery (expense)   (349 )     (25 )     34       (17 )
    Net income for the period $ 576     $ 453     $ 1,247     $ 797  
                   
    Attributable to:              
    Class A and class B shareholders1 $ 4     $ 2     $ 14     $ 5  
    Class C shareholder   559       453       1,200       791  
    Non-controlling interest   13       (2 )     33       1  
      $ 576     $ 453     $ 1,247     $ 797  

    1.   Class A shares receive distributions at the same amount per share as the cash dividends paid on each Brookfield class A share.

    SUMMARIZED FINANCIAL RESULTS

    RECONCILIATION OF NET INCOME TO DISTRIBUTABLE OPERATING EARNINGS

    Unaudited
    For the periods ended December 31
    US$ millions    		 Three Months Ended   Year Ended
      2024       2023       2024       2023  
    Net income $ 576     $ 453     $ 1,247     $ 797  
    Unrealized net investment gains, including funds withheld   (115 )     (176 )     (615 )     (241 )
    Mark-to-market on insurance contracts and other net assets   (367 )     (104 )     589       105  
        94       173       1,221       661  
    Deferred income tax expense (recovery)   260       47       (195 )     14  
    Transaction costs   32       24       213       40  
    Depreciation   41       14       135       30  
    Distributable operating earnings1 $ 427     $ 258     $ 1,374     $ 745  

    RECONCILIATION OF EQUITY TO ADJUSTED EQUITY

    Unaudited
    As of December 31
    US$ millions    		   2024       2023  
    Equity $ 13,076     $ 6,155  
    Add:      
    Accumulated other comprehensive (income) loss   (204 )     120  
    Junior preferred shares   —       2,694  
    Adjusted equity1 $ 12,872     $ 8,969  

    1.   Non-GAAP measure – see Non-GAAP and Performance Measures on page 6.


    Additional Information

    The statements contained herein are based primarily on information that has been extracted from our financial statements for the quarter and year ended December 31, 2024, which have been prepared using generally accepted accounting principles in the United States of America (“US GAAP” or “GAAP”).

    Brookfield Wealth Solutions’ Board of Directors have reviewed and approved this document, including the summarized unaudited consolidated financial statements prior to its release.

    Information on our distributions can be found on our website under Stock & Distributions/Distribution History.

    Brookfield Wealth Solutions Ltd. (NYSE, TSX: BNT) is focused on securing the financial futures of individuals and institutions through a range of wealth protection and retirement services, and tailored capital solutions. Each class A exchangeable limited voting share of Brookfield Wealth Solutions is exchangeable on a one-for-one basis with a class A limited voting share of Brookfield Corporation (NYSE, TSX: BN). For more information, please visit our website at bnt.brookfield.com or contact:

    Communications & Media:
    Kerrie McHugh
    Tel: (212) 618-3469
    Email: kerrie.mchugh@brookfield.com    		   Investor Relations:
    Rachel Schneider
    Tel: (416) 369-3358
    Email: rachel.schneider@brookfield.com

    Non-GAAP and Performance Measures

    This news release and accompanying financial statements are based on US GAAP, unless otherwise noted.

    We make reference to Distributable operating earnings. We define distributable operating earnings as net income after applicable taxes excluding the impact of depreciation and amortization, deferred income taxes related to basis and other changes, and breakage and transaction costs, as well as certain investment and insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits, and change in market risk benefits, and is inclusive of returns on equity invested in certain variable interest entities and our share of adjusted earnings from our investments in certain associates. Distributable operating earnings is a measure of operating performance. We use distributable operating earnings to assess our operating results. We also make reference to Adjusted equity. Adjusted equity represents the total economic equity of our Company through our class A, B and C shares, excluding Accumulated other comprehensive income, and the junior preferred shares issued by our Company. We use adjusted equity to assess our return on our equity.

    We provide additional information on key terms and non-GAAP measures in our filings available at bnt.brookfield.com.

    Notice to Readers

    Brookfield Wealth Solutions Ltd. (“Brookfield Wealth Solutions” or “our” or “we”) is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.

    This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws, “forward-looking statements” within the meaning of Canadian provincial securities laws, “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, and “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, assumptions and expectations regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield Wealth Solutions, Brookfield Corporation and their respective subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods. Particularly, statements regarding international expansion plans and future capital markets initiatives, including statements relating to the redeployment of capital into higher yielding investments constitute forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “foresees,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” In particular, the forward-looking statements contained in this news release include statements referring to the growth of our business, international expansion, investment opportunities and expected future deployment of capital and financial earnings. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable estimates, assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Wealth Solutions or Brookfield Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) investment returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates and heightened inflationary pressures; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including acquisitions and dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations and sanctions; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, including but not limited to, earthquakes, hurricanes, epidemics and pandemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments; and (xxv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the foregoing risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such forward-looking information. Except as required by law, Brookfield Wealth Solutions undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

    Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to the historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of investment opportunities or otherwise).

    Certain of the information contained herein is based on or derived from information provided by independent third-party sources. While Brookfield Wealth Solutions believes that such information is accurate as of the date it was produced and that the sources from which such information has been obtained are reliable, Brookfield Wealth Solutions does not make any assurance, representation or warranty, express or implied, with respect to the accuracy, reasonableness or completeness of any of the information or the assumptions on which such information is based, contained herein, including but not limited to, information obtained from third parties, and undue reliance should not be put on them.

    The MIL Network –

    February 14, 2025

  • MIL-OSI: YieldMax™ Unveils New Weekly Pay 0DTE Covered Call Strategy ETF on the Nasdaq 100 Index

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, MILWAUKEE and NEW YORK, Feb. 13, 2025 (GLOBE NEWSWIRE) — YieldMax™ announced the launch today of the following ETF:

    YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF (Nasdaq: QDTY)

    QDTY Overview        
    QDTY follows an active management approach that utilizes a synthetic covered call strategy designed to generate weekly income while also providing exposure to the price return of an Index.

    • QDTY is designed to generate weekly income, while also providing exposure to the price return of the Nasdaq 100 Index (the “Index”).
    • QDTY seeks to generate income primarily by utilizing zero days to expiry (“0DTE”) options on the Index and/or passively managed ETFs that tracks the Index’s performance (the “Index ETFs”).

    Index
    The Nasdaq 100 Index is a benchmark index comprising 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization. This large-cap index, heavily weighted towards the technology sector, represents various industries, including consumer discretionary, healthcare, communication services, and industrials, reflecting Nasdaq’s historical strength.

    QDTY’s Option Strategy

    QDTY employs a synthetic covered call strategy by selling and purchasing call options on the Index or Index ETFs. Each business day, typically at market open, the Fund sells out-of-the-money (OTM) call options with zero days to expiration (“0DTE”), which expire the same day they are sold. OTM options have a strike price above the current Index value. QDTY’s synthetic covered call strategy is established by combining the call options sold to generate income with buying call options for exposure to the Index.

    QDTY’s Return Profile and Index Performance

    QDTY earns income by selling out-of-the-money 0DTE call options daily. The premiums from these options add to income but limit participation in Index gains. If the Index rises past the strike price, losses on sold options can offset gains. This strategy balances income generation with limited Index upside exposure while premiums can help mitigate losses if the Index declines.

    QDTY’s Distribution Schedule
    Like all YieldMax™ ETFs, QDTY aims to generate income for investors. With respect to distributions, QDTY aims to make distributions on a weekly basis, and its first weekly distribution is expected to be announced on February 26, 2025.

    Why Invest in QDTY?

    • QDTY seeks to generate weekly income, which is not dependent on the value of the Index (or the Index ETFs).
    • QDTY aims to participate in a portion of the Index gains, which may be capped.

    Important Information

    Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about each Fund, visit our website at www.YieldMaxETFs.com. Read the prospectus or summary prospectus carefully before investing.

    There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures

    Investing involves risk. Principal loss is possible.

    Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

    The Nasdaq 100 Index Risks. The Index’s major risks stem from its high concentration in the technology sector and significant exposure to high-growth, high-valuation companies. A downturn in the tech industry, whether from regulatory changes, shifts in technology, or competitive pressures, can greatly impact the index.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other Index (or ETFs that track the Index’s performance)holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary Index (or ETFs that track the Index’s performance) securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time.

    High Index (or Index ETF) Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high Index (or Index ETF) turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group or YieldMax™ ETFs.

    © 2025 YieldMax™ ETFs

    The MIL Network –

    February 14, 2025

  • MIL-OSI: Defiance ETFs Launches Battleshares™ ETFs, Introducing ELON (Tesla vs. Ford) as Flagship Fund

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Feb. 13, 2025 (GLOBE NEWSWIRE) — Defiance ETFs is excited to introduce Battleshares™ Exchange-Traded Funds (ETFs), an innovative suite of ETFs designed to capture competitive market dynamics and capitalize on strategic market rivalries within leading industries. The suite will feature a range of distinct ETFs, each crafted to help investors benefit from evolving market competition.

    Introducing ELON: The First in the Battleshares™ Series
    The first ETF in the Battleshares™ lineup is the Battleshares™ TSLA vs. F ETF (Ticker: ELON). This actively managed fund embodies market competition, highlighting the dynamic rivalry between what the advisor believes to be an industry disruptor Tesla (TSLA) and legacy competitor Ford (F). The Fund’s strategy involves a leveraged long position in TSLA, generally targeting +200% of the Fund’s net assets, paired with a leveraged short position in F, generally targeting -100% of the Fund’s net assets. ELON provides investors with a unique opportunity to gain exposure to the ongoing transformation within the automotive sector, capitalizing on the divergence between innovation and tradition.

    A Competitive Edge for Forward-Thinking Investors
    Battleshares™ ETFs employ a unique long/short investment strategy, going long on industry innovators while shorting their legacy competitors. This approach enables the funds to potentially generate returns across various market conditions while focusing on single-stock opportunities. The funds will cover sectors such as technology, retail, financial services, and automotive.

    “We are thrilled to introduce Battleshares™ ETFs, starting with ELON,” said Sylvia Jablonski, Chief Executive Officer & CIO of Defiance ETFs. “This suite is designed to empower investors with strategic tools that harness industry disruption and market evolution.”

    Key Features of the Battleshares™ ETFs:

    • Actively Managed Strategies: A long/short investment approach to capitalize on market dynamics.
    • Industry-Specific Focus: Targeting sectors including semiconductors, financial services, and renewable energy.
    • Leveraged Exposure: Structured to magnify returns through leveraged long and short positions.
    • Innovation-Driven: Funds such as ELON prioritize transformative market trends and technological advancements.

    The Battleshares™ TSLA vs. F ETF (Ticker: ELON) will be listed on the NYSE, offering investors a unique opportunity to participate in the competitive dynamics of transformational growth sectors.

    About Defiance ETFs
    Established in 2018, Defiance leads in ETF innovation. Our pioneering leveraged ETFs enable investors to amplify positions in innovative strategies, offering precise leveraged exposure without requiring a margin account.

    For more information about Battleshares™ ETFs and the Battleshares™ TSLA vs. F ETF (Ticker: ELON), please visit https://www.battle-shares.com.

    Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (866) 532-3886 or visit our website at www.battle-shares.com. Read the prospectus or summary prospectus carefully before investing.

    None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of TSLA or F. THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH TESLA, INC. or FORD MOTOR COMPANY.

    Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single industry or country, may be subject to a higher degree of risk. There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment.

    TSLA Risk (Long Position). The Fund invests in TSLA either directly or indirectly through derivative instruments (i.e., via options and swaps). Through its long position, the Fund is subject to the risk that TSLA’s share price decreases. If the share price of TSLA decreases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. Therefore, as a result of the Fund’s exposure to the value of TSLA, the Fund may also be subject to the following risks: Indirect Investment in TSLA Risk. Tesla, Inc. is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of Tesla, Inc. but will be exposed to the performance of TSLA (the underlying stock). Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the underlying stock but will be subject to declines in the performance of the underlying stock. Tesla, Inc. Performance Risk. Tesla, Inc. may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of TSLA to decline. Electric Vehicles Risk. The future growth and success of Tesla, Inc. are dependent upon consumers’ demand for electric vehicles, and specifically, its vehicles in an automotive industry that is generally competitive, cyclical and volatile. If the market for electric vehicles in general and Tesla, Inc. vehicles in particular does not develop as Tesla, Inc. expects, develops more slowly than it expects, or if demand for its vehicles decreases in its markets or its vehicles compete with each other, the business, prospects, financial condition and operating results of Tesla, Inc. may be harmed.

    Ford Price Appreciation Risk (Short Position). As part of the Fund’s short strategy, the Fund may sell F shares short, either directly or through the use of derivatives. By virtue of the Fund’s indirect inverse exposure to changes in the share price of F, the Fund is subject to the risk that F’s share price increases. If the share price of F increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: Ford’s ability to gain market share in the electric vehicle market may enhance its market position and result in increased stock prices. Market share gains against key competitors, such as TSLA, in the electric vehicle market may further support Ford’s stock performance. Moreover, strategic partnerships and successful acquisitions could drive significant growth and lead to stock appreciation. Favorable macroeconomic and industry conditions, including strong global demand for automobiles, may contribute to robust financial performance for Ford. Ford may benefit from favorable geopolitical developments, including advantageous trade policies or improved relations with key markets, such as China, which could positively impact its operations and stock performance. Conversely, any significant challenges faced by competitors, such as product delays or supply chain issues, may reduce competition and contribute to Ford’s stock outperformance.

    Leveraging Risk. The Fund’s use of leverage amplifies both potential gains and potential losses, which can result in significant volatility and higher risk for investors. Specifically, TSLA, the Fund’s leveraged long position (“Long Position”) and, F, leveraged short position (“Short Position”) expose the Fund to heightened risk if the Long Position performs poorly while the Short Position performs well. If the value of the Long Position declines, the Fund’s leveraged exposure could result in losses that are magnified by the leverage factor, potentially exceeding the losses that would occur in an unleveraged position. For example, if the Fund’s Long Position is at +200% of net assets, a 10% decline in the value of the Long Position could translate into a 20% loss for the Fund’s net asset value attributable to that position. Conversely, if the value of the Short Position increases, the Fund’s leveraged short exposure could also lead to magnified losses. If the Short Position is at -100% of net assets, a 10% rise in the value of the Short Position could result in a 10% loss for the Fund’s net asset value attributable to that position.

    Derivatives Risk. The Fund’s derivative investments carry risks such as an imperfect match between the derivative’s performance and its underlying assets, and the potential for loss of principal, which can exceed the initial investment.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

    New Fund Risk. As of the date of the prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. Brokerage Commissions may be charged on trades.

    Distributed by Foreside Fund Services, LLC.

    The MIL Network –

    February 14, 2025

  • MIL-OSI: CareCloud Transfers Funds for Preferred Stock Dividends

    Source: GlobeNewswire (MIL-OSI)

    SOMERSET, N.J., Feb. 13, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology and generative AI solutions, today announced that it has transferred the funds for the January 2025 dividend payments on its Series A and Series B Cumulative Redeemable Perpetual Preferred Stock.

    As previously disclosed, holders of Series A Preferred Stock will receive 22.917 cents per share, while holders of Series B Preferred Stock will receive 18.229 cents per share based on a record date of January 31, 2025. These payments are expected to be reflected in shareholders’ brokerage accounts between February 18 and February 20, 2025.

    “We appreciate the continued support of our shareholders and remain focused on maintaining financial stability,” said Norman Roth, Interim Chief Financial Officer of CareCloud. “The timely payment of these dividends reflects our commitment to responsible fiscal management and ongoing progress in strengthening our financial position.”

    Dividend details:

    • Expected reflection in accounts: February 18 – February 20, 2025
    • Record date: January 31, 2025
    • Series A Dividend: 22.917 cents per share
    • Series B Dividend: 18.229 cents per share

    Dividends for both Series A and Series B Preferred Stock are cumulative and payable monthly, in arrears, on the 15th of each month or the next business day if the 15th of the month is a bank holiday or weekend. In February, President’s Day is observed on Monday the 17th, therefore the first business day after February 15th is February 18th.

    Shareholders who do not see their dividend payment in their brokerage account by the end of next week are encouraged to contact their broker for assistance. For further inquiries, the CareCloud Investor Relations team can be reached at ir@carecloud.com.

    About CareCloud

    CareCloud brings disciplined innovation to the business of healthcare. Our suite of AI and technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care, while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at www.carecloud.com.

    Follow CareCloud on LinkedIn, X and Facebook.

    Forward-Looking Statements

    This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could,” “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “forecasts,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.

    Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.

    These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies’ products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.

    The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    SOURCE CareCloud

    Company Contact:
    Norman Roth
    Interim Chief Financial Officer and Corporate Controller
    CareCloud, Inc.
    nroth@carecloud.com

    Investor Contact:
    Stephen Snyder
    Co-Chief Executive Officer
    CareCloud, Inc.
    ir@carecloud.com

    The MIL Network –

    February 14, 2025

  • MIL-OSI: OTC Markets Group Welcomes Concurrent Technologies Plc to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 13, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Concurrent Technologies Plc (LSE: CNC; OTCQX: COTGF), a designer and manufacturer of leading-edge computer products, systems, and mission-critical solutions used in high-performance markets by some of the world’s major OEMs, has qualified to trade on the OTCQX® Best Market. Concurrent Technologies Plc upgraded to OTCQX from the Pink® market.

    Concurrent Technologies Plc begins trading today on OTCQX under the symbol “COTGF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors.  For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

    Miles Adcock, CEO of Concurrent Technologies Plc commented: “Located in LA and Boston, and with a fast-growing employee base, America is a key home market for the company.  It is also our largest and fastest growing region for sales. Offering domestic investors and employees access to our stock is an important step in aligning all interests to our continued success.”

    About Concurrent Technologies Plc
    Concurrent Technologies Plc develops and manufactures high-end embedded plug-in cards and systems for use in a wide range of high-performance, long-life cycle applications within the telecommunications, defense, security, telemetry, scientific and aerospace markets, including applications within extremely harsh environments. The processor products feature Intel processors, including the latest generation embedded Intel Core processors, Intel Xeon and Intel Atom processors. The products are designed to be compliant with industry specifications and support many of today’s leading embedded operating systems. The products are sold world-wide.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

    February 14, 2025

  • MIL-OSI: Calian Reports Results for the First Quarter

    Source: GlobeNewswire (MIL-OSI)

    (All amounts in release are in Canadian dollars)

    OTTAWA, Ontario, Feb. 13, 2025 (GLOBE NEWSWIRE) — Calian® Group Ltd. (TSX:CGY), a diverse products and services company providing innovative healthcare, communications, learning and cybersecurity solutions, today released its results for the first quarter ended December 31, 2024.

    Q1-25 Highlights:

    • Revenue up 3% to $185 million
    • Gross margin at 31.8%, slightly down from 32.5% last year
    • Adjusted EBITDA1 of $18 million, down from $21 million last year
    • Operating free cash flow1 of $13 million, down from $17 million last year
    • Net debt to adjusted EBITDA1 ratio of 0.6x
    • Repurchased 101,350 shares in consideration of $4.9 million
    • Guidance reiterated
    • Announced new U.S. subsidiary to focus on U.S. government and defence
       
    Financial Highlights Three months ended
    (in millions of $, except per share & margins) December  31,
      2024   20232   %
    Revenue 185.0   179.2   3 %
    Adjusted EBITDA1 17.8   21.4   (17) %
    Adjusted EBITDA %1 9.6 % 11.9 % (230)bps
    Adjusted Net Profit1 10.5   14.0   (25) %
    Adjusted EPS Diluted1 0.88   1.17   (25) %
    Operating Free Cash Flow1 13.1   17.2   (24) %
           
           

    1 This is a non-GAAP measure. Please refer to the section “Reconciliation of non-GAAP measures to most comparable IFRS measures” at the end of this press release.
    2 Certain comparative figures have been reclassified to align with the current year’s presentation. For more information, please see the selected consolidated financial information section of the management discussion and analysis.

    Access the full report on the Calian Financials web page.
    Register for the conference call on Thursday, February 13, 2025, 8:30 a.m. Eastern Time.

    “We closed the quarter as expected and are seeing positive momentum across our diverse end markets, while continuing to benefit from the strong contributions of our recent acquisitions in UK, the U.S. and Canada,” said Kevin Ford, Calian CEO. “The accelerating global demand for defence solutions positions Calian’s expanding footprint to play a critical role in the years ahead. Additionally, discussions among Canadian leaders about increasing military investment and accelerating initiatives are a welcome development. We remain on track to deliver another record year and are making progress against our long-term objectives.”

    First Quarter Results

    Revenues increased 3%, from $179 million to $185 million, representing the highest first quarter revenue on record. Acquisitive growth was 8% and was generated by the acquisitions of Decisive Group, the nuclear assets from MDA Ltd and Mabway. Organic growth was down 5%, as growth generated in global Defence was offset by declines in the pace of domestic Defence training and delays in large projects in its Space and IT infrastructure markets.

    Gross margin stood at 31.8% and represents the 11th quarter above the 30% mark. Adjusted EBITDA1 stood at $18 million, down 17% from $21 million last year, primarily impacted by revenue mix and increased investments in our sales and delivery capacity. As a result, adjusted EBITDA1 margin decreased to 9.6%, from 11.9% last year.

    Net profit stood at $(1) million, or $(0.08) per diluted share, down from $6 million, or $0.46 per diluted share last year. This decrease in profitability is primarily due to increases in accounting charges related to amortization and deemed compensation expenses from acquisitions as well as increased operating expenses, which was offset by higher gross profit. Adjusted net profit1 was $10 million, or $0.88 per diluted share, down from $14 million, or $1.17 per diluted share last year.

    Liquidity and Capital Resources

    “In the first quarter we generated $13 million in operating free cash flow1, representing a 73% conversion rate from adjusted EBITDA1,” said Patrick Houston, Calian CFO. “We used our cash and a portion of our credit facility to pay contingent earn out liabilities for $11 million and make capital expenditure investments for $1 million. We also provided a return to shareholders in the form of dividends for $3 million and share buybacks for $5 million. We ended the quarter with a net debt to adjusted EBITDA1 ratio of 0.6x, well-positioned to pursue our growth objectives,” concluded Mr. Houston.

    Normal Course Issuer Bid

    In the three-month period ended December 31, 2024, the Company repurchased 101,350 shares for cancellation in consideration of $4.9 million.

    Announced U.S. Subsidiary to Focus on U.S. Government and Defence

    On December 4, 2024, Calian announced the launch of an independent U.S.-focused subsidiary, Calian US, Inc. It is committed to securing U.S. government contracts by ensuring full compliance with all relevant regulations. To facilitate this, Calian US will be established as an independent subsidiary and will pursue the necessary certifications to operate effectively within the U.S. market.

    Quarterly Dividend

    On February 12, 2025, Calian declared a quarterly dividend of $0.28 per share. The dividend is payable March 12, 2025, to shareholders of record as of February 26, 2025. Dividends paid by the Company are considered “eligible dividend” for tax purposes.

    Guidance Reiterated

    The table below presents the FY25 guidance based on the new definition of adjusted EBITDA.

      Guidance for the year ended September 30, 2025 FY24 Results   YOY Growth at Midpoint
    (in thousands of $) Low   Midpoint   High    
    Revenue 800,000   840,000   880,000   746,611   12 %
    Adj. EBITDA1 96,000   101,000   106,000   92,159   10 %
                       
                       

    This guidance includes the full-year contribution from the Decisive Group acquisition, closed on December 1, 2023, the nuclear asset acquisition from MDA Ltd., closed on March 5, 2024 and the Mabway acquisition, closed on May 9, 2024. It does not include any other further acquisitions that may close within the fiscal year. The guidance reflects another record year for the Company and positions it well to achieve its long-term growth targets.

    At the midpoint of the range, this guidance reflects revenue and adjusted EBITDA1 growth of 12% and 10%, respectively, and an adjusted EBITDA1 margin of 12.0%. It would represent the 8th consecutive year of double-digit revenue growth and record revenue and adjusted EBITDA1 levels.

    About Calian

    www.calian.com

    We keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integrity, innovation, respect and teamwork to engineer reliable solutions that solve complex challenges. That’s Confidence. Engineered. A stable and growing 40-year company, we are headquartered in Ottawa with offices and projects spanning North American, European and international markets. Visit calian.com to learn about innovative healthcare, communications, learning and cybersecurity solutions.

    Product or service names mentioned herein may be the trademarks of their respective owners. 

    Media inquiries:
    media@calian.com
    613-599-8600

    Investor Relations inquiries:
    ir@calian.com

    —————————————————————————–
    DISCLAIMER

    Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.

    Calian · Head Office · 770 Palladium Drive · Ottawa · Ontario · Canada · K2V 1C8
    Tel: 613.599.8600 · Fax: 613-592-3664 · General info email: info@calian.com

    CALIAN GROUP LTD.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
    As at December 31, 2024 and September 30, 2024
    (Canadian dollars in thousands, except per share data)
                   
      December 31,   September 30,
      2024   2024
    ASSETS              
    CURRENT ASSETS              
    Cash and cash equivalents $ 61,040     $ 51,788  
    Accounts receivable   157,542       157,376  
    Work in process   20,205       20,437  
    Inventory   29,442       23,199  
    Prepaid expenses   23,805       23,978  
    Derivative assets   31       32  
    Total current assets   292,065       276,810  
    NON-CURRENT ASSETS              
    Property, plant and equipment   41,234       40,962  
    Right of use assets   41,746       36,383  
    Prepaid expenses   7,157       7,820  
    Deferred tax asset   3,376       3,425  
    Investments   3,875       3,875  
    Acquired intangible assets   123,297       128,253  
    Goodwill   213,925       210,392  
    Total non-current assets   434,610       431,110  
    TOTAL ASSETS $ 726,675     $ 707,920  
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
    CURRENT LIABILITIES              
    Accounts payable and accrued liabilities $ 123,945     $ 124,884  
    Provisions   2,454       3,075  
    Unearned contract revenue   40,263       41,723  
    Lease obligations   5,556       5,645  
    Contingent earn-out   29,709       39,136  
    Derivative liabilities   169       92  
    Total current liabilities   202,096       214,555  
    NON-CURRENT LIABILITIES              
    Debt facility   115,750       89,750  
    Lease obligations   39,425       33,798  
    Unearned contract revenue   17,256       14,503  
    Contingent earn-out   2,773       2,697  
    Deferred tax liabilities   23,738       25,862  
    Total non-current liabilities   198,942       166,610  
    TOTAL LIABILITIES   401,038       381,165  
                   
    SHAREHOLDERS’ EQUITY              
    Issued capital   227,561       225,747  
    Contributed surplus   4,555       6,019  
    Retained earnings   84,038       91,268  
    Accumulated other comprehensive income (loss)   9,483       3,721  
    TOTAL SHAREHOLDERS’ EQUITY   325,637       326,755  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 726,675     $ 707,920  
    Number of common shares issued and outstanding   11,765,055       11,802,364  
    CALIAN GROUP LTD.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF NET PROFIT
    For the three months ended December 31, 2024 and 2023
    (Canadian dollars in thousands, except per share data)
           
      Three months ended
      December  31,
      2024     2023
    Revenue $ 185,047     $ 179,179  
    Cost of revenues   126,246       120,961  
    Gross profit   58,801       58,218  
           
    Selling, general and administrative   38,105       34,145  
    Research and development   2,896       2,719  
    Share based compensation   1,091       1,190  
    Profit before under noted items   16,709       20,164  
           
    Restructuring expense   692       —  
    Depreciation and amortization   11,540       9,006  
    Mergers and acquisition costs   2,320       1,980  
    Profit before interest income and income tax expense   2,157       9,178  
           
    Interest expense   1,783       1,547  
    Income tax expense   1,350       2,106  
    NET PROFIT (LOSS) $ (976)     $ 5,525  
           
    Net profit (loss) per share:      
    Basic $ (0.08)     $ 0.47  
    Diluted $ (0.08)     $ 0.46  
    CALIAN GROUP LTD.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    For the three months ended December 31, 2024 and 2023
    (Canadian dollars in thousands)
               
      Three months ended
      December 31,
        2024       2023  
    CASH FLOWS GENERATED FROM (USED IN) OPERATING ACTIVITIES          
    Net profit $ (976 )   $ 5,525  
    Items not affecting cash:          
    Interest expense   1,295       1,098  
    Changes in fair value related to contingent earn-out   558       726  
    Lease obligations interest expense   488       449  
    Income tax expense   1,350       2,106  
    Employee share purchase plan expense   174       162  
    Share based compensation expense   917       1,013  
    Depreciation and amortization   11,540       9,006  
    Deemed compensation   1,563       604  
        16,909       20,689  
    Change in non-cash working capital          
    Accounts receivable   (167 )     (11,189 )
    Work in process   232       (898 )
    Prepaid expenses and other   (2,739 )     (74 )
    Inventory   (6,241 )     (2,590 )
    Accounts payable and accrued liabilities   (858 )     15,516  
    Unearned contract revenue   1,294       206  
        8,430       21,660  
    Interest paid   (1,783 )     (1,547 )
    Income tax paid   (2,265 )     (2,575 )
        4,382       17,538  
    CASH FLOWS GENERATED FROM (USED IN) FINANCING ACTIVITIES          
    Issuance of common shares net of costs   881       694  
    Dividends   (3,292 )     (3,314 )
    Draw on debt facility   26,000       56,000  
    Payment of lease obligations   (1,442 )     (1,171 )
    Repurchase of common shares   (4,926 )     (1,357 )
        17,221       50,852  
    CASH FLOWS USED IN INVESTING ACTIVITIES          
    Business acquisitions   (11,215 )     (47,457 )
    Property, plant and equipment   (1,136 )     (2,400 )
        (12,351 )     (49,857 )
               
    NET CASH INFLOW (OUTFLOW) $ 9,252     $ 18,533  
    CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD   51,788       33,734  
    CASH AND CASH EQUIVALENTS, END OF PERIOD $ 61,040     $ 52,267  
                   

    Reconciliation of Non-GAAP Measures to Most Comparable IFRS Measures

    These non-GAAP measures are mainly derived from the consolidated financial statements, but do not have a standardized meaning prescribed by IFRS; therefore, others using these terms may calculate them differently. The exclusion of certain items from non-GAAP performance measures does not imply that these are necessarily nonrecurring. From time to time, we may exclude additional items if we believe doing so would result in a more transparent and comparable disclosure. Other entities may define the above measures differently than we do. In those cases, it may be difficult to use similarly named non-GAAP measures of other entities to compare performance of those entities to the Company’s performance.

    Management believes that providing certain non-GAAP performance measures, in addition to IFRS measures, provides users of the Company’s financial reports with enhanced understanding of the Company’s results and related trends and increases transparency and clarity into the core results of the business. Adjusted EBITDA excludes items that do not reflect, in our opinion, the Company’s core performance and helps users of our MD&A to better analyze our results, enabling comparability of our results from one period to another.

    Adjusted EBITDA

         
        Three months ended
        December 31,
        2024       20231  
    Net profit $ (976 )   $ 5,525  
    Share based compensation   1,091       1,190  
    Restructuring expense   692       —  
    Depreciation and amortization   11,540       9,006  
    Mergers and acquisition costs   2,320       1,980  
    Interest expense   1,783       1,547  
    Income tax   1,350       2,106  
    Adjusted EBITDA $ 17,800     $ 21,354  
                   

    Adjusted Net Profit and Adjusted EPS

         
        Three months ended
        December 31,
        2024       20231  
    Net profit $ (976 )   $ 5,525  
    Share based compensation   1,091       1,190  
    Restructuring expense   692       —  
    Mergers and acquisition costs   2,320       1,980  
    Amortization of intangibles   7,334       5,325  
    Adjusted net profit   10,461       14,020  
    Weighted average number of common shares basic   11,773,465       11,812,574  
    Adjusted EPS Basic   0.89       1.19  
     Adjusted EPS Diluted $ 0.88     $ 1.17  
                   

    Operating Free Cash Flow

         
        Three months ended
        December 31,
        2024       20231  
    Cash flows generated from operating activities (free cash flow) $ 4,382     $ 17,538  
    Adjustments:          
    M&A costs included in operating activities   199       650  
    Change in non-cash working capital   8,479       (971)  
    Operating free cash flow $ 13,060     $ 17,217  
    Operating free cash flow per share – basic   1.11       1.46  
    Operating free cash flow per share – diluted   1.10       1.44  
    Operating free cash flow conversion   73 %     81 %
                   

    Net Debt to Adjusted EBITDA

       
       
      December 31,     September 30,
        2024       20231  
    Cash $ 61,040     $ 52,267  
    Debt facility   115,750       93,750  
    Net debt (net cash)   54,710       41,483  
    Trailing twelve month adjusted EBITDA   88,602       65,987  
    Net debt to adjusted EBITDA   0.6       0.6  
                   

    Operating free cash flow measures the company’s cash profitability after required capital spending when excluding working capital changes. The Company’s ability to convert adjusted EBITDA to operating free cash flow is critical for the long term success of its strategic growth. These measurements better align the reporting of our results and improve comparability against our peers. We believe that securities analysts, investors and other interested parties frequently use non-GAAP measures in the evaluation of issuers. Management also uses non-GAAP measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. Non-GAAP measures should not be considered a substitute for or be considered in isolation from measures prepared in accordance with IFRS. Investors are encouraged to review our financial statements and disclosures in their entirety and are cautioned not to put undue reliance on non-GAAP measures and view them in conjunction with the most comparable IFRS financial measures. The Company has reconciled adjusted profit to the most comparable IFRS financial measure as shown above.

    The MIL Network –

    February 14, 2025

  • MIL-OSI Asia-Pac: THE STATUS OF IMPLEMENTATION OF THE NATIONAL ELECTRIC MOBILITY MISSION PLAN

    Source: Government of India (2)

    Posted On: 13 FEB 2025 5:08PM by PIB Delhi

    The National Electric Mobility Mission Plan (NEMMP) 2020 provides a roadmap for the adoption and manufacturing of electric vehicles in India, aiming to enhance national fuel security and promote environmentally friendly transportation. As part of NEMMP 2020, the Ministry of Heavy Industries (MHI) implemented the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) Scheme in 2015 to promote the adoption of electric/hybrid vehicles.

    1. Phase-I was implemented up to 31 March 2019 with a budget of ₹895 crore.
    2. Phase-II was implemented for five years from 1 April 2019, with an outlay of ₹11,500 crore.

    Further, MHI is implementing the following schemes on pan-India basis to strengthen electric vehicle (EV) ecosystem and accelerate adoption of electric vehicle in the country.

    1. Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry in India (PLI-Auto): The Government approved this scheme on 23rd September 2021 for Automobile and Auto Component Industry in India for enhancing India’s manufacturing capabilities for advanced automotive technology (AAT) products with a budgetary outlay of ₹25,938 Crore. The scheme proposes financial incentives to boost domestic manufacturing of AAT products with minimum 50% Domestic Value Addition (DVA) and attract investments in the automotive manufacturing value chain.
    2. PLI Scheme for Advanced Chemistry Cell (ACC): The Government on 12th May, 2021 approved PLI Scheme for manufacturing of ACC in the country with a budgetary outlay of Rs.18,100 crore. The scheme aims to establish a competitive domestic manufacturing ecosystem for 50 GWh of ACC batteries.
    3. PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme: This scheme with an outlay of Rs.10,900 crore was notified on 29th September 2024. It is a two-year scheme which aims to support electric vehicles including e-2W, e-3W, e-Trucks, e-buses, e-Ambulances, EV public charging stations and upgradation of testing agencies.
    4. PM e-Bus Sewa-Payment Security Mechanism (PSM) Scheme: This Scheme notified on 28.10.2024, has an outlay of Rs.3,435.33 crore and aims to support deployment of more than 38,000 electric buses. The objective of scheme is to provide payment security to e-bus operators in case of default by Public Transport Authorities (PTAs).
    5. Scheme for Promotion of Manufacturing of Electric Passenger Cars in India (SPMEPCI) was notified on 15th March 2024 to promote the manufacturing of electric cars in India. This requires applicants to invest a minimum of Rs.4150 crore and to achieve a minimum DVA of 25% at the end of the third year and DVA of 50% at the end of the fifth year.

    Other Ministries of the Government of India are also taking initiatives to promote EVs such as:

    1. Road Tax Exemption: States are advised to waive road tax on EVs to reduce their initial cost.
    2. Green License Plates: Battery-operated vehicles are given green license plates and are exempted from permit requirements.

    The progress in developing necessary infrastructure for EVs, such as nation-wide charging stations is detailed below:

    1. Under Phase II of the FAME India Scheme, ₹1,000 crore was allocated for the development of charging infrastructure. MHI sanctioned ₹800 crore as capital subsidy to Oil Marketing Companies (OMCs) for establishing 7,432 public EV charging stations. Further, in March 2024, MHI sanctioned an additional ₹73.50 crore under FAME II to OMCs for upgrading 980 public fast charging stations by installing new chargers across the country. Subsidy of ₹51.45 crore has already been released to OMCs. In addition, 400 charging stations have also been sanctioned which were allotted through EOI to other entities in various states. Further, as per the information received from the Ministry of Petroleum & Natural Gas, as of 01.01.2025, OMCs have installed 4,523 number of EVCS at their Retails Outlets (ROs) under FAME-II Scheme out of which 251 EVCS have been energized. In addition to this, OMCs have set up 20,035 EVCS at their Retail outlet from their own funds as per details provided at Annexure.
    2. PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme: Under this scheme, ₹2,000 crore has been allocated for installation of EV Public Charging Stations (PCS).
    3. Ministry of Power has issued “Guidelines for Installation and Operation of Electric Vehicle Charging Infrastructure-2024”, dated 17.09.2024. These guidelines outline standards and protocols to create connected & interoperable EV charging infrastructure network, which includes Battery Swapping/Charging stations. The salient features of the guidelines are as follows:
    1.  Setting up of Charging Stations declared as a delicensed activity.
    2. DISCOMs to provide electricity connections up to 150 kW with expedited timelines and clear Standard Operating Procedure (SOP) to charging stations.
    3. Public land offered to Government/Public entity on a revenue-sharing model at Rs.1.0/ kWh for 10 years; and public land allocation to private entities via bidding with the same floor price (i.e. Rs.1.0 / kWh).
    4. Public tendering involving government land for setting up of charging station shall be technology agnostic.
    5. State Governments to ensure necessary permissions for round the clock operations.
    6. Provision of a single-part tariff capped at Average Cost of Supply (ACoS) till 31.03.2028, with a 30% discount during solar hours and a 30% surcharge during non-solar hours.
    7. Operators to provide data for mapping of charging stations on EV Yatra portal.

     

    1.  Green Energy Open Access Rules, 2022: The Ministry of Power notified these rules to accelerate renewable energy adoption, ensuring access to affordable and reliable green energy.
    2. Amendment of Model Building Bye-Laws: The Ministry of Housing and Urban Affairs has amended building bye-laws to include charging stations in private and commercial buildings.

    This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Rajya Sabha.

    *****

    TPJ/NJ

    -4-

                ANNEXURE

    Details of EVCS installed / energized by PSU OMCs in States / UTs

    S. N.

    State/ UTs

    EV Charging Stations under FAME-II Subsidy Scheme

    Total No. of EV charging stations installed by OMCs from their own funds as on 01.01.2025

    No. of EV Charger installed as on 01.01.2025

    No. of EV Charging Stations energized as on 01.01.2025

     

    1

    Andaman & Nicobar

    0

    0

    6

    2

    Andhra Pradesh

    354

    20

    912

    3

    Arunachal Pradesh

    2

    0

    52

    4

    Assam

    83

    2

    448

    5

    Bihar

    58

    2

    517

    6

    Chandigarh

    0

    0

    23

    7

    Chhattisgarh

    30

    1

    498

    8

    Delhi

    41

    5

    316

    9

    Goa

    9

    0

    70

    10

    Gujarat

    312

    50

    1104

    11

    Haryana

    366

    3

    1068

    12

    Himachal Pradesh

    21

    0

    136

    13

    Jammu & Kashmir

    23

    0

    170

    14

    Jharkhand

    116

    0

    349

    15

    Karnataka

    370

    3

    1516

    16

    Kerala

    208

    0

    679

    17

    Ladakh

    0

    0

    11

    18

    Lakshadweep

    0

    0

    1

    19

    Madhya Pradesh

    154

    6

    1114

    20

    Maharashtra

    431

    121

    1595

    21

    Manipur

    8

    0

    57

    22

    Meghalaya

    25

    0

    54

    23

    Mizoram

    2

    0

    16

    24

    Nagaland

    10

    0

    41

    25

    Odisha

    114

    0

    661

    26

    Puducherry

    7

    1

    27

    27

    Punjab

    151

    2

    828

    28

    Rajasthan

    351

    7

    1482

    29

    Sikkim

    1

    0

    12

    30

    Tamil Nadu

    444

    6

    1448

    31

    Telangana

    238

    1

    1051

    32

    Tripura

    1

    0

    55

    33

    Uttar Pradesh

    269

    10

    2561

    34

    UT of Dadar and Nagar Haveli and Daman and Diu

    3

    0

    12

    35

    Uttarakhand

    41

    4

    212

    36

    West Bengal

    280

    7

    933

    TOTAL

    4523

    251

    20035

    *******

    (Release ID: 2102783) Visitor Counter : 60

    MIL OSI Asia Pacific News –

    February 14, 2025

  • MIL-OSI Asia-Pac: FAME PHASE-II SCHEME

    Source: Government of India (2)

    Posted On: 13 FEB 2025 5:06PM by PIB Delhi

    Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) Scheme Phase-II was implemented for a period of five years from 1st April, 2019 with a total budgetary support of Rs. 11,500 crore. The scheme-incentivized e-2Ws, e-3Ws, e-4Ws, e-buses and EV public charging stations. Under FAME India Scheme Phase-II, as on 31.12.2024, the following number of electric vehicles (EV) have been supported : –

    Sl. No.

    EV Segment

    Total No. of EVs supported

    1.

    2 wheeler

    14,28,009

    2.

    3 wheeler

    1,64,180

    3.

    4 wheeler

    22,548

    Total

    16,14,737

    MHI has implemented the following schemes on pan-India basis to strengthen electric vehicle (EV) ecosystem and accelerate adoption of electric vehicle in the country.

    1. Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry in India (PLI-Auto): The Government approved this scheme on 23rd September 2021 for Automobile and Auto Component Industry in India for enhancing India’s manufacturing capabilities for advanced automotive technology (AAT) products with a budgetary outlay of ₹25,938 Crore. The scheme proposes financial incentives to boost domestic manufacturing of AAT products with minimum 50% Domestic Value Addition (DVA) and attract investments in the automotive manufacturing value chain.
    2. PLI Scheme for Advanced Chemistry Cell (ACC): The Government on 12th May, 2021 approved PLI Scheme for manufacturing of ACC in the country with a budgetary outlay of Rs.18,100 crore. The scheme aims to establish a competitive domestic manufacturing ecosystem for 50 GWh of ACC batteries.
    3. PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme: This scheme with an outlay of Rs.10,900 crore was notified on 29th September 2024. It is a two-year scheme which aims to support electric vehicles including e-2W, e-3W, e-Trucks, e-buses, e-Ambulances, EV public charging stations and upgradation of testing agencies.
    4. PM e-Bus Sewa-Payment Security Mechanism (PSM) Scheme: This Scheme notified on 28.10.2024, has an outlay of Rs. 3,435.33 crore and aims to support deployment of more than 38,000 electric buses. The objective of scheme is to provide payment security to e-bus operators in case of default by Public Transport Authorities (PTAs).
    5. Scheme for Promotion of Manufacturing of Electric Passenger Cars in India (SPMEPCI) was notified on 15th March 2024 to promote the manufacturing of electric cars in India. This requires applicants to invest a minimum of Rs.4150 crore and to achieve a minimum DVA of 25% at the end of the third year and DVA of 50% at the end of the fifth year.

    This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Rajya Sabha.

    *****

    TPJ/NJ

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    MIL OSI Asia Pacific News –

    February 14, 2025

  • MIL-OSI Asia-Pac: Speech by SCED at HKGCC Chinese New Year Dinner 2025 (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the HKGCC Chinese New Year Dinner 2025 today (February 13):
     
    Agnes (Chairman of the Hong Kong General Chamber of Commerce, Ms Agnes Chan), Commissioner Pan Yundong (Deputy Commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the Hong Kong Special Administrative Region (HKSAR)), Deputy Director-General Zhou Qiang (Deputy Director-General of the Economic Affairs Department and Head of the Commercial Office of the Liaison Office of the Central People’s Government (LOCPG) in the HKSAR), Deputy Director-General Xu Xiaolin (Deputy Director-General of the Coordination Department of the LOCPG in the HKSAR), distinguished guests, ladies and gentlemen,
     
         Good evening. It gives me great pleasure to join you all tonight. This festive occasion gives us a time to reflect on the past year and look forward with hope to the new one.
     
         In 2024, Hong Kong demonstrated to the world our resilience in times of uncertainties. Our city is ranked as the world’s third-largest financial centre, the world’s freest economy, and is at the fifth place in the global competitiveness ranking. We now have nearly 10 000 companies from the Mainland and overseas, as well as 4 700 start-ups. Both numbers are the highest that we have ever seen. These are signs of confidence in Hong Kong’s status as a prime business destination.
     
         But challenges will keep coming. In addition to conflicts in Europe and the Middle East, we also need to brace the rapid changes in the operating environment. The United States (US)’ imposition of tariffs will affect many economies and companies. On this, the HKSAR Government strongly disapproves. It rattles the fundamentals of a rule-based multilateral trade system, which took the whole world decades to build. As far as the tariffs on Hong Kong are concerned, we have decided to file a complaint to the World Trade Organization. We have always been a staunch supporter of free trade, and we will continue to hold tight to our beliefs.
     
         Risk management is key to a successful business. I am sure many of you saw the uncertainties coming from years ago. I was told that a lot of companies have already modified their business plans, the supply chains, asset distributions, etc, in anticipation of the changing external environment. I encourage you to continue to do the same.
     
         For Hong Kong, this term of Government attaches a lot of importance to exploring new markets. The US and Europe are traditionally among our largest trading partners, and they will probably continue to be so. We are happy with the businesses that we do with each other, which are mutually beneficial. But more importantly, we must not lose sight of the business potential in other markets. The Association of Southeast Asian Nations (ASEAN), for example, if taken as a bloc, is now Hong Kong’s second-largest trading partners. Other emerging regions, such as the Middle East, are also catching up fast.
     
         In the past two years or so, we have led business delegations to ASEAN and the Middle East. We will continue to do so in the coming year. We will also step up our efforts to forge new trade and investment agreements with rising trading partners. Increasing our trade and investment with new markets will inject new impetus into Hong Kong’s economy. It will also help us mitigate the risks arising from geopolitics.
     
         Looking closer to home, we spare no efforts to drive changes to our economic structure. The Government sees the need to develop silver economy. The growing elderly population in Hong Kong is becoming an important consumer group, creating considerable demand for such products and services as medical and healthcare, leisure and recreation, and home and personal care catered for the elderly. These products and services also enhance the quality of life for the elderly of Hong Kong, which is equally important for us.
     
         We also encourage Hong Kong companies to embrace electronic commerce (e-commerce). This is a global trend in consumption pattern that is irreversible. To help our small and medium enterprises to upgrade their business models, we launched the “E-commerce Easy” under the Dedicated Fund on Branding, Upgrading and Domestic Sales last year to provide funding support. The Hong Kong Trade Development Council, the HKTDC, also organised the first Hong Kong Shopping Festival to showcase consumer products and brands on Mainland e-commerce platforms. The Festival was a huge success. We will organise the second edition this year. The HKTDC will also step up efforts in providing advisory support to enterprises in need when exploring the e-commerce market.
     
         I spent all my life in Hong Kong. In my entire career, I witnessed Hong Kong going through ups and downs. The world today is so different than the world I was in when I was in my twenties. One of Hong Kong’s biggest appeal is the “can-do” spirit of Hong Kong people. We are flexible, adaptive, determined, forward-looking, and we fight hard. We will rise above the challenges and come out on top.
     
         I would like to thank the Hong Kong General Chamber of Commerce for all the good you do to our business community. As we enter the Year of the Snake, let us draw inspiration from its attributes of versatility, intelligence and agility, and work together to build a better future for Hong Kong. I wish you all a year with good health, success and happiness. Thank you.

    MIL OSI Asia Pacific News –

    February 14, 2025

  • MIL-OSI Asia-Pac: Union Minister Shri George Kurian inaugurates symposium on “Aquatic Animal Diseases – Addressing emerging challenges and preparedness”

    Source: Government of India

    Union Minister Shri George Kurian inaugurates symposium on “Aquatic Animal Diseases – Addressing emerging challenges and preparedness”

    Union Minister underlines the importance of nutrition and biosecurity in aquaculture

    Shri Kurian emphasizes the need for continuous research and innovation in aquatic animal health management

    Posted On: 13 FEB 2025 4:43PM by PIB Delhi

    Union Minister of State for Fisheries, Animal Husbandry and Dairying Shri George Kurian has inaugurated the symposium on ‘Aquatic Animal Diseases: Emerging Challenges and Preparedness’ organised at the ICAR Convention Centre, Pusa Campus, New Delhi today. The symposium was organised as part of the 14th Asian Fisheries and Aquaculture Forum (14AFAF) meet being held here from 12-15 February, 2025 with the theme “Greening the Blue Growth in Asia-Pacific.

    Speaking on the occasion, Shri George Kurien said appreciated ICAR for its initiative in organizing the symposium and emphasized the “One Earth – One Family” approach, stressing the importance of nutrition and biosecurity in aquaculture. He highlighted that sustainable aquaculture practices are key to ensuring food security, livelihoods, and economic growth in India. He acknowledged the efforts made under various government initiatives such as PMMSY and emphasized the need for continuous research and innovation in aquatic animal health management. He called for a multi-stakeholder approach, involving government agencies, research institutions, and industry players, to work together towards strengthening disease surveillance, enhancing biosecurity protocols, and improving diagnostic and therapeutic measures.

     

    Dr. J.K. Jena, DDG (Fisheries Science), ICAR, and Convener of the symposium, provided an overview of the event, thanking the Government of India and Network of Aquaculture Centers in the Asia Pacific for their support. He emphasized about the need of strong biosecurity measures and discussed the ongoing NSPAAD Phase II and INFAR project, which aim to develop strategies for better disease control in aquaculture. He emphasized the Network project on Fish Health as a crucial initiative for advancing disease research and control in aquaculture. which focuses on disease management and early response mechanisms to mitigate potential risks in fish farming. Furthermore, he stressed that disease management will be critically important for the future in light of the diversification of aquaculture with introduction of new species, new systems, and the expansion of aquaculture. He also highlighted the importance of diagnostics, therapeutics, and vaccines for effective disease management in aquaculture.

    Shri Sagar Mehra, Joint Secretary, Department of Fisheries, Ministry of Fisheries and Animal Husbandry and Dairying in his address, highlighted the vital role of fisheries in supporting livelihoods and the economy. He stressed the importance of national, regional, and local-level strategies to combat disease outbreaks effectively. He underscored the need for proactive response mechanisms, recognizing that disease transmission is often linked to live animal movement. He called for enhanced biosecurity measures and early detection systems to safeguard the sustainability and economic viability of the aquaculture industry.

    Dr B.K. Behera, Chief Executive, NFDB emphasized the need to institutionalize fish disease surveillance programs in India to ensure systematic disease monitoring, early detection, and effective control. He highlighted the importance of establishing disease-free zones in key aquaculture areas to prevent the spread of infections and enhance biosecurity measures. Institutionalizing surveillance would require integrating it into national aquaculture policies, strengthening regulatory frameworks, and ensuring sustained funding and implementation across states.

    Dr. Eduardo Leano, NACA, Thailand provided insights into NACA’s mission since 1990, operating in 20 countries and spearheading five key disease surveillance programs. He highlighted the growing risk of antimicrobial resistance (AMR) in aquaculture and stressed the urgent need for a sustainable, internationally coordinated approach to aquatic biosecurity.

    Earlier Dr. B.K. Das, Director of ICAR-CIFRI, delivered the welcome address, highlighting aquaculture advancements and the importance of strengthening disease management. He emphasized the Network project on fish health under National Surveillance Programme for Aquatic Animal Diseases (NSPAAD) as a key initiative for improving disease surveillance and fostering innovation in aquatic health solutions.

    Dr. P.K. Sahoo, Director, ICAR-CIFA, delivered the Vote of thanks, acknowledging the contributions of all dignitaries and participants.

    The Asian Fisheries and Aquaculture Forum (AFAF) is a triennial event of the Asian Fisheries Society with its Headquarters in Kuala Lumpur, Malaysia. This 14AFAF is being jointly organized by the Asian Fisheries Society (AFS), Kuala Lumpur; Indian Council of Agricultural Research (ICAR), New Delhi; the Department of Fisheries (DoF), Government of India; and the Asian Fisheries Society Indian Branch (AFSIB), Mangalore. This prestigious event is being hosted in India for the 2nd time after the 8AFAF held at Kochi in 2007.

                                                                ****

    MG/RN/KSR

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    MIL OSI Asia Pacific News –

    February 14, 2025

  • MIL-OSI Asia-Pac: SFST leads delegation to Qianhai in Shenzhen for second meeting of Shenzhen-Hong Kong Financial Co-operation Committee (with photos)

    Source: Hong Kong Government special administrative region

    SFST leads delegation to Qianhai in Shenzhen for second meeting of Shenzhen-Hong Kong Financial Co-operation Committee (with photos)
    SFST leads delegation to Qianhai in Shenzhen for second meeting of Shenzhen-Hong Kong Financial Co-operation Committee (with photos)
    ******************************************************************************************

         The Secretary for Financial Services and the Treasury, Mr Christopher Hui, led a delegation to attend the second meeting of the Shenzhen-Hong Kong Financial Co-operation Committee (Committee) in Qianhai, Shenzhen, today (February 13). The meeting echoed the aspirations expressed by the Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office of the State Council, Mr Xia Baolong, during the discussion session he hosted on Sunday (February 9) for more reciprocal co-operation and collaborative development within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).      The meeting was co-chaired by Mr Hui and the Vice-Mayor of the Shenzhen Municipal People’s Government and Director General of the Office of the Financial Affairs Committee of the CPC Shenzhen Municipal Committee, Mr Luo Huanghao.  The Committee discussed the latest developments of the financial markets and financial co-operation initiatives of Shenzhen and Hong Kong. It also explored suggestions on further enhancing the development of a collaborative market.      On collaborations in terms of financial professional services and talent, Mr Hui announced a list of Hong Kong accounting firms capable of supporting Mainland enterprises in “going global”, and expressed his hope that Hong Kong’s high-quality and international professional services could facilitate the high-level opening of the country’s financial markets. The Committee also arranged an experience-sharing session by two Hong Kong students who participated in the GBA Fintech Two-way Internship Scheme for Post-secondary Students to encourage the industry to provide more opportunities for young people from Shenzhen and Hong Kong to foster talent exchanges in the financial realm.      Mr Hui said that Hong Kong and Shenzhen were both core cities and key engines for driving the development of the GBA. It is anticipated that Hong Kong will continue its close collaboration with Shenzhen for co-ordinated development. As Mr Hui said at the discussion session hosted by Director Xia, the further strengthening of co-operation between Hong Kong and the GBA in the areas of financial markets and services would better reinforce national development strategies, thereby contributing to the nation’s development into a financial powerhouse and creating more development opportunities for Hong Kong and the GBA.      Mr Luo said, “The Shenzhen-Hong Kong Financial Co-operation Committee is an important platform for implementing the ‘one country, two systems’ principle and reinforcing Hong Kong’s status as an international financial centre.  Moving forward, favourable policies and connectivity of the financial infrastructure will act as key pillars and help provide breakthroughs for the continuous enhancement to the connectivity of Shenzhen-Hong Kong financial infrastructure.  We will work in co-ordination with Hong Kong in providing financial services for enterprises to “go global”, supporting the efficient flow of capital, credit and data across the boundary.”      Established in June 2024, the Shenzhen-Hong Kong Financial Co-operation Committee brings together official members from the Central Authorities, Shenzhen and Hong Kong, as well as industry leaders in both places as non-official members to provide insights on Shenzhen-Hong Kong financial co-operation and the development of the GBA’s financial infrastructure. The first meeting was held in mid-June last year in Hong Kong.

     
    Ends/Thursday, February 13, 2025Issued at HKT 18:38

    NNNN

    MIL OSI Asia Pacific News –

    February 14, 2025

  • MIL-OSI Asia-Pac: Government and 28 large corporates jointly launch new round of HYAB Scheme on Corporate Summer Internship on the Mainland and Overseas

    Source: Hong Kong Government special administrative region

    Government and 28 large corporates jointly launch new round of HYAB Scheme on Corporate Summer Internship on the Mainland and Overseas
    Government and 28 large corporates jointly launch new round of HYAB Scheme on Corporate Summer Internship on the Mainland and Overseas
    ******************************************************************************************

         ​The Government today (February 13) announced the launch of the HYAB Scheme on Corporate Summer Internship on the Mainland and Overseas 2025 in collaboration with 28 large corporates, providing young people of Hong Kong with quality summer internship placements on the Mainland and overseas to jointly promote youth development.           In the 2024 Policy Address, the Chief Executive emphasised that the Government would sustain its efforts in strengthening support for youth development. This includes continuing to implement various exchange and internship programmes on the Mainland and overseas to encourage young people to gain a deeper understanding of national development and global development trends. In this regard, the Home and Youth Affairs Bureau forged partnerships with large corporates to launch the HYAB Scheme on Corporate Summer Internship on the Mainland and Overseas to provide internship placements at the corporates’ Mainland and overseas operations, with the aim of cultivating a cohort of young talent with a good understanding of the country’s development and a global perspective. The Scheme provides young people with exposure to the work culture in large corporates in different parts of the world, and an opportunity to establish interpersonal networks outside Hong Kong, enabling them to seize national development opportunities.           The number of companies participating in the new round of the Scheme has increased to 28, and internship placements are offered in multiple Mainland provinces and cities, including various Mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area, Beijing, Shanghai, Chengdu and Hangzhou, as well as overseas countries including Indonesia, Malaysia, Singapore, Thailand and Australia. The internship placements cover different industries, such as financial services, innovation and technology, logistics, property development, construction, retail, hospitality, entertainment and utilities (please refer to Annex for details of the internship placements). Applicants should be (i) a full time post-secondary student (including sub-degree, undergraduate, or postgraduate) holding a Hong Kong permanent identity card; or (ii) a local full-time post-secondary student (including sub-degree, undergraduate, or postgraduate) holding a Hong Kong identity card. The internship will take place between June and September this year. Participating companies will sponsor the interns for major expenses including transportation and accommodation costs, and assign dedicated personnel to provide training and support to the interns.           Details of the Scheme and internship placements are available on the dedicated webpage (www.ydc.gov.hk/scsi/en). Interested young people should submit their applications through the centralised application platform on the dedicated webpage on or before March 10. Each person can apply for up to three companies in one application. Upon receiving the applications, participating companies will contact suitable applicants directly for the assessment and selection process, and make placement arrangements for selected interns.

     
    Ends/Thursday, February 13, 2025Issued at HKT 17:50

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    MIL OSI Asia Pacific News –

    February 14, 2025

  • MIL-OSI Asia-Pac: Towards a Cancer-Free India

    Source: Government of India

    Towards a Cancer-Free India

    Commitment to Prevention, Treatment & Innovation

    Posted On: 13 FEB 2025 3:31PM by PIB Delhi

    “In Cancer Care, collaboration is essential for cure. An integrated approach encompassing prevention, screening, diagnosis, and treatment is essential to reduce the burden of cancer.”

    • Prime Minister Shri Narendra Modi

     

    Introduction

    Cancer is one of the leading causes of death worldwide. In 2022, about 20 million new cancer cases were reported, and 9.7 million people died from the disease globally. Cancer also remains a critical public health challenge in India, with cases projected to rise significantly. In India, around 100 out of every 1 lakh people are diagnosed with cancer. According to the Indian Council of Medical Research (ICMR), the estimated number of incidences of cancer cases was more than 14 lakhs in 2023 in India.

    The National Cancer Registry Programme (NCRP) under ICMR has been tracking cancer incidence, burden, and trends since 1982, playing a vital role in gathering and analyzing data, enabling evidence-based policy decisions. The National Institute of Cancer Prevention & Research (NICPR) is the nodal agency research and screening guidelines under NPCDCS.

    The Government of India has introduced robust policies, strategic interventions, and financial assistance schemes to enhance prevention, early detection, treatment, and patient care nationwide. This article outlines cancer prevalence, government efforts, financial aid, research, and budget commitments to strengthen cancer care in India.

    Union Budget 2025-26: Prioritizing Cancer Care

    The Ministry of Health and Family Welfare has been allocated a total of Rs.99,858.56 crore, with Rs. 95,957.87 crore designated for the Department of Health and Family Welfare and Rs. 3,900.69 crore for the Department of Health Research.

    The Union Budget 2025-26 underscores the Government of India’s dedication to enhancing cancer care through several key initiatives:

    • Day Care Cancer Centres: The government plans to establish Day Care Cancer Centres in all district hospitals over the next three years, with 200 centres slated for 2025-26.
    • Customs Duty Exemptions:
    • To alleviate treatment costs, 36 lifesaving drugs and medicines for treating cancer, rare diseases and chronic diseases fully exempted from Basic Customs Duty (BCD)
    • Six lifesaving medicines to attract concessional customs duty of 5%
    • Furthermore, specified drugs and medicines under Patient Assistance Programmes run by pharmaceutical companies fully exempted from BCD.

    Holistic Cancer Control: A Policy-Driven Approach

    1. National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases and Stroke (NPCDCS) – The NPCDCS is a flagship initiative under the National Health Mission (NHM) focuses on controlling non-communicable diseases (NCDs), including cancer. Three most common types of cancers (oral cancer, breast cancer and cervical cancer) are an integral part of NPCDCS. It is aimed at strengthening cancer control efforts, focusing on health promotion, early detection, and treatment infrastructure for cancer.

    Components

    • Cancer screening: For oral, breast, and cervical cancers at the community level.
    • Early detection & awareness: Through health workers and digital platforms.
    • Strengthening infrastructure: Establishment of tertiary cancer centers (TCCs) and state cancer institutes (SCIs).

    Under this program, the government has established

    • 770 District NCD Clinics
    • 233 Cardiac Care Units
    • 372 District Day Care Centres
    • 6,410 Community Health Centre NCD Clinics

    These facilities provide accessible and affordable cancer screenings, particularly for oral, breast, and cervical cancers.

    2.  Strengthening of Tertiary Care for Cancer Scheme

    It enhances specialized cancer care facilities with aims to decentralize cancer treatment, making services more accessible across states.

    Tertiary Cancer Care Network Strengthening

    • India has significantly expanded its cancer treatment ecosystem, with the establishment of:
      19 State Cancer Institutes (SCIs)
    • 20 Tertiary Care Cancer Centres (TCCCs)

    The National Cancer Institute (NCI) in Jhajjar, Haryana, and the second campus of Chittaranjan National Cancer Institute (CNCI) in Kolkata are playing a pivotal role in providing cutting-edge cancer treatment and research opportunities.

    3. Ayushman Bharat Yojana – Launched in 2018, Ayushman Bharat is a landmark health initiative designed to provide universal health coverage, particularly for rural and vulnerable populations. The scheme plays an important role in ensuring timely treatment of cancer patients within 30 days. The scheme covers chemotherapy, radiotherapy, and surgical oncology for cancer treatment for economically vulnerable families. Till 2024, over 90% of registered cancer patients have commenced treatment under this scheme, reducing out-of-pocket expenses and ensuring financial protection for millions.

    4. The Health Minister’s Cancer Patient Fund (HMCPF): The Health Minister’s Cancer Patient Fund under Rashtriya Arogya Nidhi (RAN) provides financial aid up to ₹5 lakh for cancer treatment to patients below the poverty line. The maximum financial assistance admissible under the Scheme will be ₹15 Lakh. It covers treatment at 27 Regional Cancer Centres (RCCs), with ₹50 lakh revolving funds allocated to each center. Established in 2009, the scheme ensures accessible and affordable cancer care for underprivileged patients.

    5. National Cancer Grid (NCG): The National Cancer Grid (NCG) was established in 2012 to ensure high-quality, standardized cancer care across India. Eight years later, it has grown into the world’s largest cancer network with 287 members, comprising cancer centres, research institutes, patient advocacy groups, charitable organizations and professional societies. Between the member organizations of the NCG, the network treats over 750,000 new patients with cancer annually, which is over 60% of all of India’s cancer burden. The NCG also works closely with Ayushman Bharat – PMJAY to provide affordable, evidence-based cancer treatment and streamline costs under the scheme. It has also played a key role in shaping the National Digital Health Mission (NDHM) by contributing to the development of electronic patient health records.

    Advancing Cancer Research and Treatment

    1. India’s First Indigenous CAR-T Cell Therapy: NexCAR19 – A Breakthrough in Cancer Treatment

    In April 2024, India achieved a historic milestone in cancer care with the launch of NexCAR19, the nation’s first indigenously developed CAR-T cell therapy, created through a groundbreaking collaboration between IIT Bombay, Tata Memorial Centre, and ImmunoACT. This cutting-edge innovation offers a highly effective, next-generation treatment for blood cancers, bringing hope to thousands of patients. Designed to be affordable and accessible, NexCAR19 marks a critical step towards self-reliance in oncology care, reducing dependence on expensive imported therapies and strengthening India’s position in advanced cancer treatment and biotechnology research.

    2. Quad Cancer Moonshot Initiative

    In Sep 2024, India, in partnership with the US, Australia, and Japan, has launched the Quad Cancer Moonshot to eliminate cervical cancer across the Indo-Pacific region. This initiative aims to scale up screening and vaccination programs, advance cutting-edge research, and strengthen global collaboration to ensure early detection, effective treatment, and improved survival rates.

    3. Expansion of ACTREC

    In January 2025, the Advanced Centre for Treatment, Research, and Education in Cancer (ACTREC), a key arm of Tata Memorial Centre (TMC), embarked on a major expansion to revolutionize cancer research, treatment, and patient care. This initiative aims to accelerate clinical breakthroughs, enhance oncology care, and establish cutting-edge therapeutic facilities, reinforcing India’s leadership in advanced cancer treatment and innovation.

    Awareness Generation

    The Indian government is working to raise awareness about cancer prevention and treatment in several ways:

    1. Community Awareness – Preventive aspect of Cancer is strengthened under Comprehensive Primary Health Care through Ayushman Aarogya Mandir by promotion of wellness activities and targeted communication at the community level.
    2. Media Campaigns – Print, electronic and social media are used to increase public awareness. Healthy lifestyle is promoted through observation of National Cancer Awareness Day and World Cancer Day.               
    3. Government Support – The National Programme for Non-Communicable Diseases (NP-NCD) provides funds to states for awareness programs under the National Health Mission (NHM).
    4. Healthy Eating Promotion – The Eat Right India campaign by the Food Safety and Standards Authority of India (FSSAI) encourages nutritious food choices.
    5. Fitness Initiatives – The Fit India Movement by the Ministry of Youth Affairs and Sports promotes physical activity, while the Ministry of AYUSH conducts yoga programs for better health.

    These efforts aim to educate people on leading a healthy lifestyle, preventing cancer, and seeking timely medical care.

    Conclusion

    India has made significant strides in cancer prevention, treatment, and research through policy reforms, expanded healthcare infrastructure, and financial assistance schemes. The Union Budget 2025-26 emphasizes strengthening cancer care with initiatives like Day Care Cancer Centres and customs duty exemptions on life-saving drugs. Programs such as NPCDCS, PMJAY, and HMCPF ensure affordable treatment and early detection, while research initiatives like NexCAR19 and the National Cancer Grid are advancing oncology care.  Despite progress, challenges remain in equitable access, early detection, and rising cancer cases. Greater investment in awareness, lifestyle interventions, and technology-driven solutions is crucial. With a multi-sectoral approach and sustained government efforts, India aims to build a comprehensive and inclusive cancer care system, improving patient outcomes nationwide.

    References

    Kindly find the pdf file 

    ***

    Santosh Kumar/ Sarla Meena / Vatsla Srivastava

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    MIL OSI Asia Pacific News –

    February 14, 2025

  • MIL-OSI Asia-Pac: “Specific plans/projects in North Eastern Region”

    Source: Government of India (2)

    Posted On: 13 FEB 2025 2:02PM by PIB Delhi

    The Government of India is implementing various flagship and other schemes for the development of the North Eastern Region through the respective Line Ministries/Departments.

    Under 10% GBS, an expenditure of Rs.5.74 lakh crores has been incurred by these Central Ministries/Departments since financial year 2014-15, the year–wise details are at Annexure-I.

    The Ministry of DoNER is also implementing five schemes under which development projects are posed by the  State Governments of NER as well as by the Central Ministries/Agencies for implementation in the region. The timeline for the implementation of projects sanctioned under the schemes varies from project to project depending on the sector, geographical location, cost etc. The list of the schemes of MDoNER, the budget outlay and the sectors covered under these schemes are at Annexure- II.

    This information was given by the Minister of State of the Ministry of Development of North Eastern Region Dr. Sukanta Majumdar in a written reply to a question in Rajya Sabha today.

    *****

    Samrat/Dheeraj/Allen: donerpib[at]gmail[dot]com 

     

    Annexure-I

    Year-wise summary of allocation and utilization of budgets under 10% GBS (2014-15 to 2024-25)

    (Figures in Rs. Crore)

    Sl.

    Financial Year

    Budget Estimate (BE)*

    Revised Estimate (RE)

    Actual Expenditure (AE)

    1

    2014-15

    36,108

    27,359

    24,819

    2

    2015-16

    29,088

    29,669

    28,674

    3

    2016-17

    29,125

    32,180

    29,368

    4

    2017-18

    43,245

    40,972

    39,753

    5

    2018-19

    47,995

    47,088

    46,055

    6

    2019-20

    59,370

    53,374

    48,534

    7

    2020-21

    60,112

    51,271

    48,564

    8

    2021-22

    68,020

    68,440

    70,874

    9

    2022-23

    76,040

    72,540

    82,690

    10

    2023-24

    94,680

    91,802

    1,02,749

    11

    2024-25

    100893.23

    87735.96

    52357.74

     

    Total

    6,44,676

    6,02,431

    5,74,438

    ****

     

    Annexure- II

    List of the schemes of MDoNER, the budget outlay and the sectors covered

    S.No.

    Scheme

    Outlay for sanction of new projects till 31.03.2026

    RE for 2024-25

    Sectors

    1

    PM-DevINE

    6600.0

    1394
    • Agriculture & Allied
    • Livelihood
    • Education
    • Healthcare
    • Irrigation, Flood Control & Watershed Management
    • Tourism & Culture
    • Science and Technology
    • Information, Public Relation and Culture
    • Industries
    • Power
    • Water supply
    • Civil Aviation Infrastructure
    • Telecommunication
    • Sports

    2

    NESIDS(Roads)

    2718.00

    850

    3

    NESIDS(OTRI)

    3795.91

    650
    • Primary and Secondary Education
    • Primary and Secondary Healthcare
    • Industries
    • Power
    • Water supply
    • Civil Aviation Infrastructure
    • Telecommunication
    • Sports

    4

    Schemes of NEC

    1978.77

    800
    • Agriculture & Allied
    • Livelihood
    • Higher Education
    • Tertiary Healthcare
    • Irrigation, Flood Control & Watershed Management
    • Tourism & Culture
    • Science and Technology
    • Information, Public Relation and Culture

    5

    Special Packages

    1250.0

    202

    As per Memorandum of Settlement of Government of India with the Territorial Councils

    ****

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Twenty Twenty-Five

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