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Category: Economy

  • MIL-OSI USA: RI Delegation Demands Answers from Trump’s Pick to Lead Commerce About DOGE Storming NOAA & Attempting to Downsize the Agency’s Critical Capabilities

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – U.S. Senators Jack Reed and Sheldon Whitehouse along with Congressmen Seth Magaziner and Gabe Amo today sent a letter to President Trump’s pick to lead the U.S. Department of Commerce, demanding answers about the Trump Administration’s ongoing efforts to drastically reduce the National Oceanic and Atmospheric Administration’s (NOAA) workforce and budget. 

    NOAA is a critical federal agency charged with researching ocean systems, marine life, and the Earth’s climate; forecasting weather; monitoring atmospheric conditions; and mapping the seas; among other critical tasks.  The federal agency has its own fleet of research and survey vessels and specialized aircraft, operated by a combination of NOAA Corps officers and civilians.

    “We write to express concern about ongoing efforts to drastically reduce the National Oceanic and Atmospheric Administration’s (NOAA) workforce and budget.  These actions have severe consequences for Rhode Island and the nation, undermining NOAA’s ability to fulfill its vital mission of safeguarding our economy, environment, and national security,” Rhode Island’s Congressional delegation wrote to Howard Lutnick, who Trump picked to run the Commerce Department.

    The U.S. Senate is preparing to vote in the coming days on Mr. Lutnick’s nomination.  During his confirmation before the Senate Committee on Commerce, Science, and Transportation, Mr. Lutnick verbally pledged not to try and dismantle NOAA or break up and privatize the agency.  However, he then backtracked on that sentiment in his written responses to the committees questions: “During your January 29, 2025, nomination hearing before the Senate Committee on Commerce, Science, and Transportation, when asked if you agreed about a Project 2025 proposal suggesting NOAA should be dismantled, many of its functions eliminated, sent to other agencies, privatized, or placed under the control of states and territories, you responded with a simple: “No.”  However, when asked for the record whether NOAA should be dismantled, you wrote: “It is premature to discuss any specific recommendations,” the four members of Rhode Island’s Congressional delegation wrote. 

    Recent press reports indicate that the Trump Administration is already taking steps to downsize and degrade NOAA’s ability to carry out its core missions and that staffers from the so-called DOGE task force have already entered NOAA facilities, locked out career staff, and demanded access to sensitive information technology systems.

    “We are alarmed by recent reports that staffers from the Department of Government Efficiency (DOGE) have been given access to NOAA’s offices and that NOAA employees have been told to expect a 50% reduction in staff and budget cuts of 30%.  If carried out, these threats will have real impacts for our constituents – undermining NOAA’s ability to provide accurate, timely, and free weather forecasts, putting lives at risk during hurricanes and other severe weather events, and have ripple effects on national defense, emergency response, and economic stability,” the four lawmakers wrote.

    NOAA has a strong presence in Rhode Island, thanks in part to Senator Reed’s successful effort to bring Marine Operations Center – Atlantic (MOC-A) to Naval Station Newport.  Construction of the $150 million shoreside NOAA hub and complimentary pier infrastructure has been underway for over a year and is expected to be completed in 2027.

    The delegation’s letter also notes that NOAA services play a critical role in coastal and marine research, fisheries management, weather forecasting, and climate monitoring.  These services are particularly important in Rhode Island, where the Blue Economy is a major driver of jobs and economic growth. 

    Full text of the letter follows:

    February 11, 2025

    The Honorable Howard Lutnick

    Chairman and CEO 

    Cantor Fitzgerald, L.P.

    110 East 59th Street

    New York, NY 10022

    Dear Mr. Lutnick:

    We write to express concern about ongoing efforts to drastically reduce the National Oceanic and Atmospheric Administration’s (NOAA) workforce and budget.  These actions have severe consequences for Rhode Island and the nation, undermining NOAA’s ability to fulfill its vital mission of safeguarding our economy, environment, and national security.

    NOAA services play a critical role in coastal and marine research, fisheries management, weather forecasting, and climate monitoring.  These services are particularly important in Rhode Island, where the blue economy is a major driver of jobs and economic growth.  Further, NOAA’s aviation weather services are critical for air travel safety, and its oceanographic research supports the U.S. Navy and Coast Guard in ensuring maritime security, detecting underwater threats, and advancing strategic ocean intelligence.  

    We are alarmed by recent reports that staffers from the Department of Government Efficiency (DOGE) have been given access to NOAA’s offices and that NOAA employees have been told to expect a 50% reduction in staff and budget cuts of 30%.  If carried out, these threats will have real impacts for our constituents – undermining NOAA’s ability to provide accurate, timely, and free weather forecasts, putting lives at risk during hurricanes and other severe weather events, and have ripple effects on national defense, emergency response, and economic stability.

    During your January 29, 2025, nomination hearing before the Senate Committee on Commerce, Science, and Transportation, when asked if you agreed about a Project 2025 proposal suggesting NOAA should be dismantled, many of its functions eliminated, sent to other agencies, privatized, or placed under the control of states and territories, you responded with a simple: “No.”  However, when asked for the record whether NOAA should be dismantled, you wrote: “It is premature to discuss any specific recommendations.”  

    In order to fully understand your plans and objectives if confirmed as Secretary of Commerce, we ask that you clarify your response to these critical questions and how, if confirmed as Secretary, you would uphold NOAA’s congressionally-mandated service.

    Thank you in advance for your attention to this important matter.  We look forward to your prompt response.

    Sincerely,

    MIL OSI USA News –

    February 13, 2025
  • MIL-OSI USA: ICYMI: Tuberville in Yellowhammer: President Trump’s tariffs are Making America Great Again

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    “President Trump is keeping his promises to strengthen and revitalize our nation’s economy”

    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) penned an op-ed in Yellowhammer praising President Donald Trump’s recent implementation of reciprocal tariffs to ensure fairness and bolster our national security.

    Read excerpts from the piece below or here. 

    “The media is in full meltdown mode after President Trump imposed duties and retaliatory tariffs this week on countries who have been ripping us off for decades. Apparently, globalists and Democrats are just fine with other countries imposing tariffs on U.S. exports. But, when it comes to President Trump trying to establish a level playing field for domestic producers, well, that’s a bridge too far.

    No one should be remotely surprised by President Trump’s actions. He campaigned on this platform three times and has been crystal clear on his intentions – now he is following through on his promises. He views tariffs both as a negotiating tool to get other countries to bend to his will and as a way to boost American manufacturing and put America First. 

    President Trump has his work cut out for him after the disastrous past four years under President Biden. The Biden administration made it clear to our friends and foes alike that the globalist agenda would take precedent over the safety and wellbeing of the American people. 

    Thankfully, those days are over. The American people gave President Donald J. Trump a clear mandate to restore our country’s superpower status and put America First. That starts with securing our borders. That’s why President Trump threatened to impose 25% tariffs on Mexico and Canada last week unless they start working with the U.S. to secure our borders and stop the flow of fentanyl into our nation. 

    Over the past four years, the Mexican government turned a blind eye while caravans of illegal aliens flowed through Mexico into the United States. Thousands of women and children were trafficked and raped along the way. Drug cartels were uninhibited from smuggling illicit drugs across the border. That is, until President Trump re-entered the White House on January 20. 

    President Trump correctly understands that Mexico’s economy is heavily dependent on its trade relationship with the U.S. In fact, more than 80 percent of Mexico’s exports come to the United States. Mexico’s economy would almost instantly feel the effects of a 25 percent tariff, leaving Mexico’s President Claudia Sheinbaum no choice but to come to the negotiating table with master dealmaker Donald Trump. As a result, within hours of President Trump’s announcement, Mexico caved by agreeing to start helping the United States secure the border and crack down on the cartel issue.

    Our neighbor to the North also caved to President Trump after a 25 percent tariff was threatened on Canadian imports. Not only are illicit drugs like fentanyl coming into our country from Mexico, but there has also been a 2,050 percent increase from FY 2023 in drugs coming across our Northern Border. In the last fiscal year alone, enough fentanyl was seized at our Northern Border to kill 9.8 million Americans. This is a serious problem.

    Thanks to President Trump, our North American neighbors to the North and South are making changes that will protect American citizens from deadly drugs, criminals, and human traffickers.

    In addition to using tariffs as a negotiating tool, President Trump also views tariffs as a way to right the wrongs of past, ineffective trade deals. That’s why this week he is imposing a 25 percent tariff on steel and aluminum. Contrary to what the media would tell you, this isn’t unprecedented. […]

    The tariffs being imposed this week are an important step in President Trump’s plan to restore fairness to trade, boost domestic manufacturing and put American consumers and producers first. America has some of the best and brightest manufacturers, producers, farmers, and businesses. We shouldn’t be going to other countries for products we can make right here at home.

    Three weeks into his presidency, President Trump is keeping his promises to strengthen and revitalize our nation’s economy, stem the flow of illicit drugs and illegal immigration, and make sure our trade deals are fair for taxpayers and the American worker. President Trump is utilizing every tool at his disposal, including tariffs, to usher in the Golden Age of America.”

    MORE:
    Tuberville Speaks On Importance Of Boosting U.S. Economy To Help Struggling Seniors
    Tuberville Praises President Trump For Making Tariffs Great Again
    ICYMI: Tuberville Joins “The Bottom Line” on Fox Business
    Tuberville Calls for Increase in Agricultural Exports
    Tuberville Introduces Bill to End Reliance on Russia, Boost Alabama Businesses and Workers
    Tuberville Cosponsors Legislation to Protect American Manufacturing
    Tuberville Continues Advocating for Alabama’s Ag Interests in Farm Bill Hearing

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

    MIL OSI USA News –

    February 13, 2025
  • MIL-OSI Russia: Building Resilience and Boosting Growth in Asia

    Source: IMF – News in Russian

    Opening Remarks by Deputy Managing Director Kenji Okamura at the 7th IMF-JICA Conference, Tokyo, Japan

    February 13, 2025

    Honorable Ministers and Governors, President Tanaka, Vice Minister Mimura, and Ladies and Gentlemen:

    Welcome to the 7th IMF-JICA Conference. I am so pleased to be here. Let me first express my gratitude to our co-organizer, JICA, and to the Japanese authorities for their generous support. My thanks also to the JICA and IMF staff who have been working for months to organize this event.

    Let me start with the good news. Despite the shocks of recent years, the global economy has remained surprisingly resilient. Our global projections released in January suggest global growth will hold steady at 3.3 percent this year and next.

    Having said that, divergences across countries are widening. The U.S. is outperforming its advanced economy peers with stronger growth than projected. By contrast, growth in the Euro area will increase only modestly due to weak momentum and high energy prices.

    For emerging market economies, growth projections remain at 4.2 percent and 4.3 percent this year and next. We revised up our growth forecast for China slightly for this year and next. But growth remains slower than in past years and is now more like that of other emerging market economies.

    These forecasts could easily change. There is tremendous uncertainty. The world is changing rapidly: global trade and capital flows are shifting; AI is fast advancing.

    Policymakers will need to be agile and focused on building resilience and lifting growth, which is key to raising living standards and creating jobs. We will discuss how to do that in some of the topics covered today but let me focus on three priorities.

    First, implementing reforms to lift productivity. There is no one-size-fits-all approach, but measures that improve the business environment and encourage entrepreneurship, like cutting red tape and deepening capital markets are important. And through our surveillance, we will work with you to identify the right approach with granular and tailored policy advice.

    The second priority is to rebuild fiscal buffers. Public debt and debt servicing ratios in Asia are well above pre-pandemic levels, especially in many Pacific Island countries and emerging markets. Well-designed and growth-friendly fiscal consolidation can reduce debt risks, and create the fiscal space needed to deal with shocks and challenges like ageing or climate change. The Fund can provide useful capacity development in this area, including through peer-to-peer learning.

    Finally, strengthening cooperation. By working together, Asian countries can leverage their collective strengths. In a changing world, this can help buffer against shocks and heightened uncertainty.

    Among Asian countries, cooperation in the areas of AI, digital connectivity, and cross-border digital payments is moving fast, and could be a big boost to growth.

    Let me add one more point as an important message from my end. The IMF continues to play its part at the center of the Global Financial Safety Net (GFSN). My goal—as the Deputy Managing Director that oversees the Fund’s finances—is to ensure that the IMF remains financially strong and sound well into the future. We are also committed to helping Regional Financing Arrangements (RFAs) in Asia be important elements of the GFSN.

    In conclusion, I hope that today’s sessions can contribute to strengthening our ties, as we all navigate these uncertain times together.

    Thank you.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER:

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2025/02/13/sp021325-building-resilience-and-boosting-growth-in-asia

    MIL OSI

    MIL OSI Russia News –

    February 13, 2025
  • MIL-OSI USA: Kaine & Colleagues Press Rubio for Answers on Impact of Foreign Assistance Cuts in the Western Hemisphere

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine
    WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine (D-VA), Ranking Member of the Senate Foreign Relations Subcommittee on the Western Hemisphere, led his colleagues in sending a letter to Secretary of State Marco Rubio pressing him for answers on the Trump Administration’s cuts to U.S. foreign assistance programs and its harmful impact on U.S. national security, including the abrupt curtailment of efforts to mitigate narcotics trafficking, migration, and cartel violence in the Western Hemisphere. The letter comes after Secretary Rubio made his first trip as Secretary of State to Panama, El Salvador, Costa Rica, Guatemala, and the Dominican Republic.
    “We welcomed your decision to visit key Latin American countries from February 1-6, 2025 – Panama, El Salvador, Costa Rica, Guatemala and the Dominican Republic – for your first trip as Secretary of State,” wrote the senators. “All five countries are also home to important U.S. foreign assistance programs and USAID missions that manage much of this funding.”
    “These programs are fundamental to advancing the exact national security priorities you highlighted as the trip’s themes: bolstering regional cooperation, preventing large-scale irregular migration, curtailing cartel activity, countering China and deepening economic partnerships. However, all five countries continue to be subject to a blanket freeze, including on critical national security assistance programming and the suspension of USAID activities on January 24,” they continued.
    The senators then provided several examples of how U.S. foreign assistance in Panama, El Salvador, Costa Rica, Guatemala, and the DR has helped counter migration and drug trafficking, strengthen democratic institutions and the rule of law, and boost economic growth in the region. They also emphasized the critical role of U.S. foreign assistance in countering China, which has made significant investments in the region over the past decade in an effort to exert influence and control.  
    The senators continued, “During your confirmation hearing, you affirmed that our foreign policy should make America safer, stronger and more prosperous. This freeze in foreign assistance runs contrary to your stated goals and only helps the U.S’s  adversaries. We urge you to closely consider the disruption caused to U.S. security interests by the blanket freezing of these programs, and by the efforts of Elon Musk and the Trump Administration to destroy USAID.”
    “Now that you have returned from your historic trip, we urge you to reflect on the role of U.S. foreign assistance in solidifying our partnerships and advancing our national security interests in Panama, El Salvador, Costa Rica, Guatemala, and the Dominican Republic, as well as throughout the world, and quickly reverse this short-sighted and damaging freeze,” the senators concluded.
    In addition to Kaine, the letter is cosigned by U.S. Senators Chuck Schumer (D-NY), Cory Booker (D-NJ), Chris Van Hollen (D-MD), Peter Welch (D-VT), Mazie K. Hirono (D-HI), John Hickenlooper (D-CO), Richard Blumenthal (D-CT), and Alex Padilla (D-CA).
    Full text of the letter is available here and below:
    Dear Secretary Rubio:
    We welcomed your decision to visit key Latin American countries from February 1-6, 2025 – Panama, El Salvador, Costa Rica, Guatemala and the Dominican Republic – for your first trip as Secretary of State. This decision reflects our mutual understanding of the critical role of our Western Hemisphere partnerships in U.S. national security.
    All five countries are also home to important U.S. foreign assistance programs and USAID missions that manage much of this funding. These programs are fundamental to advancing the exact national security priorities you highlighted as the trip’s themes: bolstering regional cooperation, preventing large-scale irregular migration, curtailing cartel activity, countering China and deepening economic partnerships. However, all five countries continue to be subject to a blanket freeze, including on critical national security assistance programming and the suspension of USAID activities on January 24.
    During your stop in El Salvador, you visited the Aeroman aeronautics plant and used this location as a venue for disparaging the work of USAID and its employees. Although you touted Aeroman as an example of private sector innovation, you may be interested to learn that Aeroman itself is a longstanding beneficiary of USAID’s Bridges to Employment program.
    Other examples include:
    Migrant return programs supported by USAID have helped El Salvador, Guatemala and Honduras receive and process nearly 150,000 returned migrants. Prior to January 24, USAID fostered the sustainable reintegration of these migrants into their communities, significantly reducing repeat migration. At a time in which the Trump administration is pushing these countries to accept more and more deportees, these programs are no longer active. 
    In Panama, U.S. foreign assistance has supported projects to enhance border security and boost Panama’s ability to counter narcotrafficking routes and networks. The Darien Gap, on Panama’s southern border with Colombia, is the only land route for migrants traveling north from South America. These programs are no longer active.
    In El Salvador, Congress has appropriated funds for programs to address the security, economic, and social drivers of irregular migration and to strengthen democratic institutions. With poverty around 30 percent over the last five years and with an economy highly dependent on remittances, mass deportations to El Salvador as well as political instability risk an explosion of gang violence. These programs are no longer active.
    In Costa Rica, U.S. foreign assistance has supported Costa Rican law enforcement efforts to dramatically reduce the influence of drug cartels and mitigate other destabilizing security threats – to include helping the country house migrants who would otherwise travel north to the U.S. border. U.S. economic assistance programming has also fostered a ripe investment climate for U.S. firms, including a major Intel computer chip factory that is essential to efforts to counter China’s chipmaking capacity. These programs are no longer active.
    In Guatemala, U.S. foreign assistance has promoted democratic resilience and political stability, including the provision of cost-effective development assistance to support job creation and fostering opportunities for foreign direct investment. This has played a major role in stemming migration and creating economic incentives for migrants and Guatemalans to stay in Guatemala rather than traveling north to the U.S. border. As a result of active U.S. partnership, Guatemala remains one of 12 countries to recognize Taiwan, despite significant pressure from China. These programs are no longer active.
    In the Dominican Republic, U.S. assistance has supported health programs that have limited the spread of infectious diseases – in a country geographically very close to the United States – and has served to mitigate migrant outflows. These programs are no longer active.
    As must have been clear during your trip, U.S. national security interests in every location you visited have been directly advanced by the thoughtful execution of U.S. foreign assistance programming.
    Throughout your Congressional career you were a forceful advocate for curtailing Chinese influence globally and advancing the interests of the American people. You spoke eloquently about the essential role of foreign assistance in advancing U.S. interests. You have also rightly asserted that although foreign assistance represents less than 1 percent of the U.S. budget, it is a major force multiplier that keeps our adversaries at bay. During your confirmation hearing, you affirmed that our foreign policy should make America safer, stronger and more prosperous. This freeze in foreign assistance runs contrary to your stated goals and only helps the U.S’s  adversaries. We urge you to closely consider the disruption caused to U.S. security interests by the blanket freezing of these programs, and by the efforts of Elon Musk and the Trump Administration to destroy USAID.
    What is further clear is that Elon Musk – who maintains deep financial connections to China and engages in secret meetings with Russian officials – does not share your priorities or those of the United States. China and Russia are already moving rapidly to exploit the weaknesses created by the Trump Administration’s global retreat.
    The United States is best able to project power around the world when we are comfortable in our own hemisphere. We are safer and more prosperous when our neighbors are safer and more prosperous. Now that you have returned from your historic trip, we urge you to reflect on the role of U.S. foreign assistance in solidifying our partnerships and advancing our national security interests in Panama, El Salvador, Costa Rica, Guatemala, and the Dominican Republic, as well as throughout the world, and quickly reverse this short-sighted and damaging freeze.
    Sincerely,

    MIL OSI USA News –

    February 13, 2025
  • MIL-OSI USA: Kennedy champions bill to repeal woke CFPB rule forcing banks to collect data on sex, ethnicity from small businesses

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    WASHINGTON – Sen. John Kennedy (R-La.) today introduced a bill to repeal the Biden administration’s Consumer Financial Protection Bureau (CFPB) rule that would implement Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 1071 amends the Equal Credit Opportunity Act (ECOA) to require financial institutions to collect certain personal information on small businesses when they seek a loan.

    In 2023, Congress passed Kennedy’s joint resolution of disapproval under the Congressional Review Act to reverse the Biden administration’s rule, which requires banks to report to the CFPB on small business owners’ race, ethnicity and sex; and whether a business is minority-owned, women-owned or LGBT-owned. However, President Joe Biden vetoed the resolution, and the rule remains in effect.

    “President Biden’s woke CFPB put small business owners’ information at risk by requiring their personal details to be exposed online. My bill would repeal the last administration’s misguided regulation so that job creators’ private information isn’t public, and government doesn’t stand in the way of Main Street’s access to loans,” Kennedy said.

    Rep. Roger Williams (R-Texas) introduced the bill in the House of Representatives.

    Background:

    • On March 30, 2023, the CFPB promulgated the final rule implementing Section 1071 of the Dodd-Frank Act, which amends the ECOA. The rule was published in the Federal Register on May 31, 2023.
    • Section 1071 requires covered financial institutions to collect and report certain personal information on small business loan applicants and report that to the CFPB. The CFPB may then make certain parts of that information public, including data that could publicly identify the small business credit applicant.
    • In order to comply with the Biden CFPB rule, financial institutions would have to collect information about applicants, including the applicant’s census tract, North American Industry Classification System and years in business, among other personal information.
    • The rule applies to financial institutions that originated at least 100 small business loans in each of the two preceding calendar years.
    • Based on the number of credit transactions for small businesses, covered financial institutions must comply with the final rule beginning Oct. 1, 2024; April 1, 2025; or Jan. 1, 2026.
    • A small business is defined as a company with $5 million or less in revenue from the previous fiscal year. 
    • Among the many concerns about the CFPB’s collecting and storing such personal information is that the agency recently experienced a data breach including the personally identifiable information of 256,000 consumers and failed to properly inform them for two months.
    • The implementation of this rule may reduce the availability and accessibility of small business credit by increasing compliance costs of lenders.

    Sens. Cindy Hyde-Smith (R-Miss.), Joni Ernst (R-Iowa), John Boozman (R-Ark.), Roger Wicker (R-Miss.), John Barrasso (R-Wyo.), Mike Rounds (R-S.D.), Steve Daines (R-Mont.) and Ted Cruz (R-Texas) cosponsored the bill.

    Text of the bill is here.

    MIL OSI USA News –

    February 13, 2025
  • MIL-OSI China: China remains appealing to foreign investors

    Source: People’s Republic of China – State Council News

    SHANGHAI, Feb. 12 — Despite geopolitical tensions and rising trade protectionism, international businesses are deepening their commitments in China as 2025 unfolds, demonstrating the country’s appeal to those seeking to stay competitive globally.

    U.S. automaker Tesla’s Megafactory in Shanghai began producing energy storage batteries on Tuesday. Earlier this month, Toyota announced plans to establish a wholly owned electric vehicle plant in the eastern Chinese economic hub. In January, construction started on Siemens Healthineers’ new manufacturing and research facility in south China’s Shenzhen.

    The rationale behind these investments by global industry leaders is clear: China remains a vital market with significant growth potential.

    With its expanding middle class, China’s position as a global economic powerhouse makes its vast market hard to ignore. In 2024, the country’s gross domestic product (GDP) reached a record 134.91 trillion yuan (about 18.81 trillion U.S. dollars), marking a 5-percent year-on-year increase. As the world’s second-largest economy, China offers opportunities that are difficult to find elsewhere.

    China’s supply chain has become increasingly sophisticated and complete. Its highly competitive and advanced manufacturing ecosystem continues to attract high-value, technology-intensive investments.

    Additionally, China’s talent pool, particularly its abundance of engineers, bolsters multinational corporations’ confidence in establishing global research and development centers here. The country’s transformation into an innovation hub is particularly evident in industries such as electric vehicles and lithium-ion batteries. As China builds a modern industrial system, it accelerates efforts to develop new quality productive forces, creating fresh opportunities for global companies.

    China remains committed to opening up and fostering win-win cooperation. The nation’s market has become increasingly accessible, and a series of measures have been taken to encourage foreign investment. In recent years, China has made significant strides in promoting high-standard openness, including reducing the negative list for foreign investment, eliminating all restrictions on foreign investors in manufacturing, and expanding unilateral opening to the least-developed countries. The results of these efforts are reflected in the 9.9-percent increase in the number of newly established foreign-funded enterprises in China last year.

    Furthermore, Chinese authorities have made expanding high-standard economic openness a key priority for 2025. During an executive meeting on Monday, the State Council approved an action plan to stabilize foreign investment this year. The meeting called for more practical and effective measures to attract foreign capital, underscoring China’s commitment to creating a business-friendly environment.

    Despite challenges posed by the politicization of economic and trade issues in the West and sluggish global investment, China’s high-level openness, economic vitality, and expanding consumer base continue to make it a top investment destination.

    According to the 2024 Kearney Foreign Direct Investment Confidence Index, which measures investor expectations for FDI over the next three years, China jumped from seventh to third place in global rankings, leading all emerging markets.

    As many multinational executives have noted, “The next China is still China.” In an era of uncertainty and instability, one thing remains clear: Investing in China is a strategic move for those looking to secure their future.

    MIL OSI China News –

    February 13, 2025
  • MIL-OSI Australia: NAB welcomes new scam prevention legislation

    Source: National Australia Bank

    NAB today welcomed the passing of the Government’s Scam Prevention Framework (SPF) legislation as a positive step to better protect Australian consumers and businesses.

    NAB Chief Financial Crime Risk Officer Paul Jevtovic said: “What makes Australia’s Scam Prevention Framework world-leading is a laser focus on prevention and stopping the crime from occurring in the first place. We need to shut Australia’s door on the criminals.

    “Scams are a global epidemic and this legislation will help the fight to better protect Australians and make our country a much harder place for these criminals to target.

    “Banks can’t stop dodgy text messages, impersonation phone calls or bogus investment schemes on social media, the same way telcos or social media platforms can’t put added measures around payments.

    “Working together and lifting measures across these sectors we can have a much greater impact on driving scammers out of Australia.

    “We look forward to continued consultation with Government and regulators on the establishment of SPF rules and the industry codes.”

    Customers, banking & finance

    SEE ALL TOPICS

    Media Enquiries

    For all media enquiries, please contact the NAB Media Line on 03 7035 5015

    MIL OSI News –

    February 13, 2025
  • MIL-OSI: Community Hospital Corporation and CarePilot Forge Strategic Partnership Following Successful Pilot of Ambient AI Technology

    Source: GlobeNewswire (MIL-OSI)

    KANSAS CITY, Mo. and PLANO, Texas, Feb. 12, 2025 (GLOBE NEWSWIRE) — CarePilot, a leader in AI-driven medical documentation for community healthcare, today announced a new strategic partnership with Plano, TX based Community Hospital Corporation (CHC) following a successful pilot of CarePilot’s ambient AI technology in several CHC facilities. Under this partnership, CHC plans to deploy and distribute CarePilot’s AI scribe solution across their managed and affiliated hospitals nationwide.

    • CarePilot’s ambient AI technology transforms spoken clinical conversations into comprehensive, structured documentation, enabling clinicians to focus on delivering patient care rather than on administrative tasks. This partnership is expected to streamline clinical workflows and ultimately enhance the patient experience throughout CHC’s extensive network.

    “We’re excited to work with CarePilot to bring AI to community health care and improve the experience for our patients and providers,” said Joe Ford, Regional Vice President of Information Technology at CHC.

    CHC is renowned for its support of community-based hospitals nationwide. The organization is either directly responsible for or supports the day-to-day operations of 23 hospitals across the country.  Additionally, CHC Consulting, CHC IT management, Telecom and Supply chain programs extend its influence to over 200 network hospitals. This broad reach positions CHC as a pivotal force in enhancing community health care delivery across diverse regions. By integrating CarePilot’s AI solution, the partnership aims to reduce administrative burdens on clinicians, optimize clinical documentation, and foster more meaningful interactions between healthcare providers and their patients.

    “We’re committed to bringing cutting-edge technology to rural and community hospitals. Our collaboration with CarePilot and their ambient AI platform is a testament to that commitment. By automating documentation in ambulatory, ED, and inpatient settings, and ensuring seamless compatibility with various EHRs, we’re not only improving operational efficiency, but also making this advanced technology accessible to our dedicated healthcare professionals, ultimately driving better patient outcomes in the communities we serve.”

    About CarePilot
    CarePilot is at the forefront of AI-driven documentation solutions for community healthcare. Its cutting-edge AI scribe technology converts clinical conversations into detailed clinical notes, reducing the administrative burden on providers and allowing them to focus on what truly matters—patient care. Designed for seamless integration into existing clinical workflows, CarePilot’s solution is transforming the landscape of clinical documentation across community health settings.

    About CHC Community Hospital Corporation
    Community Hospital Corporation owns, manages and consults with hospitals through CHC Hospitals, CHC Consulting and CHC ContinueCARE with the purpose to collaborate with partners and bring innovative solutions to support the vibrancy and accessibility of community healthcare. Based in Plano, Texas, CHC provides the resources and experience community hospitals need to improve quality outcomes, patient satisfaction and financial performance.

    For more information, please visit www.carepilot.com or www.chc.com.

    CONTACT:
    Joseph Tutera, CEO
    sales@carepilot.com
    6550 Sprint Parkway
    Suite 200
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    The MIL Network –

    February 13, 2025
  • MIL-OSI USA: Warren, Markey Slam Trump Administration for Causing “Chaos and Upheaval” at Massachusetts Research Institutions, Demand Answers from NIH and NSF

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    February 12, 2025
    “Trump Administration actions are endangering life-saving research and economic growth in Massachusetts and across the country.”
    “The chaos caused by the Trump administration is unacceptable—and you owe researchers and patients in Massachusetts and beyond an explanation about what is going on at your agencies.” 
    Text of Letter (PDF) 
    Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Edward J. Markey (D-Mass.) wrote to the National Institutes of Health (NIH) and the National Science Foundation (NSF) with concerns about the ongoing Trump Administration funding cuts at Massachusetts research institutions. 
    The NIH and NSF are the largest public funders of research in the United States — fueling the development of lifesaving treatments for diseases like cancer, heart disease, and diabetes, tools for the early detection of Alzheimer’s disease, and more. This funding is particularly indispensable in Massachusetts, where dozens of world-renowned universities, hospitals, and research institutions rely on NIH and NSF grants to support cutting-edge research that benefits the U.S. economy and patients around the world.
    Within days of taking office, the Trump Administration called for an immediate pause on all public communications from HHS, NIH’s parent organization, and one week later, paused all activities related to the disbursement of funds. This pause was blocked by a federal judge, but the Trump administration has refused to fully comply with the order to unfreeze funds. 
    On February 7, the NIH announced that all new and existing research awards would face major cuts, due to reduction in the “indirect cost rate.” Following a legal challenge by 22 state attorneys general, led by Massachusetts Attorney General Campbell, a federal judge issued a temporary order blocking the cut within those states. Still, researchers, students, and institutions are facing huge budget cuts and continued uncertainty.
    These “Trump Administration actions are endangering life-saving research and economic growth in Massachusetts and across the country,” wrote the lawmakers. 
    “The chaos caused by the Trump administration is unacceptable—and you owe researchers and patients in Massachusetts and beyond an explanation about what is going on at your agencies,” continued the lawmakers.
    The Senators’ offices conducted interviews with institutions who are among the top recipients of NIH and NSF funding in Massachusetts about the impact these cuts would have on researchers’ projects, careers, and on the local economy. These interviews revealed that: 
    The funding freezes and cuts at NIH and NSF have caused chaos and confusion at Massachusetts research institutions. Representatives at Massachusetts research institutions described a “hunger for clear guidance on what is impacted and what isn’t” as investigators scramble to save their work and plan for the years and months ahead. They are concerned about existing grants being clawed back, afraid to ask for clarification for fear they’ll have a “target on their back,” and in some instances even unable to “buy a book or a pencil.” 
    The funding cut offs are impeding research carried out by Massachusetts institutions that enable critical, lifesaving care. NIH and NSF funding saves Americans’ lives by sponsoring life-saving clinical trials, many of which are conducted at Massachusetts institutions. Thus, for some, the consequences of the funding pauses could be life or death: “if you’re a cancer patient in a clinical trial, it is not a theoretical undertaking, it is treatment.”
    Federal funding disruptions at Massachusetts institutions puts the future of a highly skilled STEM workforce at risk.Nearly half of all science and engineering doctoral recipients graduating from U.S. research institutions have received federal research funding during their graduate studies. According to conversations with Massachusetts research institution representatives, “higher education is a big industry in Massachusetts, we’re training the workforce at every level;” pulling back this funding risks “a situation where you can only earn a PhD if you’re already wealthy.” 
    Freezes and cuts in federal research funding at Massachusetts institutions will be a critical hit to the innovation that has cemented the United States as a vanguard in healthcare.Massachusetts scientists are using NIH grants to create new cancer drugs; develop new technologies—like the bionic pancreas—to treat disease; study ways to combat the opioid epidemic; and identify risk factors for heart disease, among other critical endeavors. As representatives from Massachusetts-based research institutions said, “if anyone in the world has a serious disease and they want to come to the US – they want to come to Boston.” 
    Federal funding disruptions will harm the Massachusetts and United States economies.The NIH is the largest single public funder of biomedical and behavioral research in the world, and in fiscal year 2023 NIH funding generated over $90 billion in economic activity in the United States. In Massachusetts along that same year, the NIH awarded $3.5 billion in grants in contracts that directly supported 28,842 jobs and nearly $7.5 billion in economic activity. 
    “The unprecedented actions taken by the Trump Administration will undermine the United States’ research edge—whether through abandoned research projects, staffing shortages, or a “brain drain” in our biotech workforce as young, budding scientists opt for other careers and countries with greater certainty,” concluded the lawmakers. 
    The senators urged the agencies to end the funding freeze and threats to cut grant expenditures and provide clarity on their directive-issuing processes and the rationale behind the indirect cost cap reduction by February 26, 2025. In 2017, following President Trump’s budget proposal seeking massive cuts to the NIH, Senator Warren released a report detailing the importance of NIH funding to Massachusetts. 

    MIL OSI USA News –

    February 13, 2025
  • MIL-OSI USA: Baldwin, Bipartisan Group of Colleagues Introduce Bill to Protect Great Lakes

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) joined a bipartisan group of her colleagues in introducing legislation to extend federal funding and protections for the Great Lakes. The Great Lakes Restoration Initiative Act of 2025 would reauthorize the Great Lakes Restoration Initiative (GLRI) through 2031 and increase the program’s annual funding. The GLRI is the most significant investment to restore and protect our Great Lakes.

    “Wisconsin’s Great Lakes not only play a vital role in shaping our way of life, but they also drive economic activity in countless communities up and down the Fresh Coasts and help move our Made in Wisconsin economy forward,” said Senator Baldwin. “I am proud to once again work with my Democratic and Republican colleagues to continue protecting these natural resources for the next generation of Wisconsin families, businesses, and visitors.”

    The GLRI combines federal and nonfederal efforts to stop the spread of carp and other invasive species, restore coastline and habitats connecting streams and rivers, clean up environmentally damaged Areas of Concern, and prevent future contamination. While providing vital support for these efforts, the GLRI also helps ensure we can address new and emerging threats to the Great Lakes. One independent economic study found that for every dollar the Great Lakes Restoration Initiative invests, it produces an additional $3.35 of economic activity

    Since its inception, the GLRI has spurred tremendous progress throughout the Great Lakes region including nearly half of a million acres of habitat protected, restored, or enhanced, a five-fold increase in the successful cleanup and delisting of Areas of Concern (AOCs), a ten-fold increase in the remediation of environmental and public health impairments, and reducing the threat of harmful algal blooms. The GLRI’s efforts have also resulted in economic returns of more than 3 to 1 across the region. Senator Baldwin has been a strong supporter of the GLRI program, leading the introduction and passage of the Great Lakes Restoration Initiative Act of 2019, and as a member of the Appropriations Committee, works to secure continued funding in the annual budget process.

    Wisconsin is home to four existing AOCs, the St. Louis River on Lake Superior and the Fox River, Sheboygan River and Milwaukee Estuary on Lake Michigan. Because of previous investments to restore its waters through the Great Lakes Restoration Initiative, the Lower Menominee River on Lake Michigan was removed in 2020. Senator Baldwin supported a $1 billion investment into address AOC’s in the Bipartisan Infrastructure Law, which the Environmental Protection Agency projects will remove 22 of 25 remaining Great Lakes “Areas of Concern” by 2030, including all remaining sites in Wisconsin.

    This legislation is led by Senators Gary Peters (D-MI) and Todd Young (R-IN), and co-sponsored by Amy Klobuchar (D-MN), Bernie Moreno (R-OH), Jon Husted (R-OH), Dick Durbin (D-IL), Tina Smith (D-MN), Kirsten Gillibrand (D-NY), John Fetterman (D-PA), Elissa Slotkin (D-MI), Chuck Schumer (D-NY), and Tammy Duckworth (D-IL).

    The legislation also shares broad support among Great Lakes advocates, including the Council of Great Lakes Governors, Great Lakes Fishery Commission, American Great Lakes Ports Association, Great Lakes and St. Lawrence Cities Initiative, American Sportfishing Association, Ducks Unlimited, Trout Unlimited, Congressional Sportsmen’s Foundation, League of Conservation Voters, National Wildlife Federation, Sierra Club, National Parks Conservation Association, Theodore Roosevelt Conservation Partnership, National Audubon Society – Great Lakes, Environmental Law & Policy Center, MI League of Conservation Voters, Save the Dunes, Citizens Campaign for the Environment, Clean Wisconsin, Ohio Environmental Council, Western Reserve Land Conservancy, and Minnesota Environmental Partnership.

    MIL OSI USA News –

    February 13, 2025
  • MIL-OSI United Nations: Deputy Secretary-General’s remarks to 2025 European Union Ambassadors Conference: “How the EU Can Better Leverage Its Unique Partnership with the UN System at the Country Level” [as prepared for delivery]

    Source: United Nations secretary general

    Excellencies,

    Ladies and gentlemen,

    I thank the High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission, Kaja Kallas for her invitation. It is a pleasure to be back following my participation in this conference in 2022.

    Let me begin by congratulating the new EU leadership and welcoming the EU Commissioners. Your leadership comes at a critical juncture, and I look forward to working closely with you to strengthen the vital and strong partnership between our institutions.
    Excellencies,

    There is no doubt that the world we face today is more complex and uncertain than when we last met in 2022.

    We are seeing that geopolitical tensions, economic uncertainty, and a growing climate crisis are reshaping our global landscape. We are seeing key global players redefining their foreign policy and adding uncertainty to what is already a highly volatile political and economic environment.

    A few years ago, who would have imagined the war in Ukraine? Yet here we are, still grappling with the aftermath.

    I hope that we will be able to restore peace and stability in Ukraine, returning to a state of security that transcends the borders that have been so deeply affected.  We must also recognise that the greatest impact of these conflicts is felt by the people— not just in Ukraine but also in Gaza, Sudan, and the Sahel— people who are desperately searching for hope.

    The human toll is immeasurable, and this pressure on humanitarian support—where the European Union has been a generous leader—only adds to the challenges we face in achieving our Sustainable Development Goals.

    Excellencies,
     When we adopted the 2030 Agenda in 2015, we had a vision, but today, with five years to go, the road to realising our SDGs has become much more difficult. However, this does not mean we should abandon these Goals. Quite the opposite – they are now more urgent than ever.

    When we look at the poverty agenda, the inclusion agenda, human rights, climate, and the need for stronger institutions to support these goals, it becomes clear that we must intensify our collective efforts.

     But to get there, we would need stronger, not weaker, international cooperation reinforced by leadership. In September, our Member States came together to adopt the Pact for the Future, reaffirming our commitment to the 2030 Agenda and highlighting four areas of shared concern.

    First, we must tackle the peace and security agenda, recognising the rapid pace of technological advancements and the importance of staying ahead.

    Second, there’s the matter of AI and quantum computing—fields where we are making strides and where we must establish clear guardrails and work collaboratively. The European Union has taken commendable steps in this area, and we value the leadership you’ve shown. We look forward to deepening this cooperation.

    Third, we must address the urgent need to reform the international financial architecture. Many developing countries are grappling with overwhelming debt burdens and limited fiscal space. The combination of rising interest rates—unexpected, partly due to the war in Ukraine—and the aftermath of COVID-19 has put these countries in a difficult position. They are often forced to choose between funding essential services like education or health and servicing their debt. This is not just about managing a crisis; it is about shifting the conversation toward investment—investing in people, the future, and resilience.

    While Official Development Assistance (ODA) is undeniably vital, we must ensure it is strengthened so that it can truly fulfil its promise. ODA alone won’t be enough to meet the scale of the challenges we face. That’s why we must also find innovative ways to harness domestic resources and create an environment that attracts private sector investment.
    As many countries prioritise industrialisation and the growth of small and medium-sized enterprises, it is crucial that we also create the conditions that allow these efforts to flourish. We need to ensure that there is a favourable environment for domestic resources to be better utilised and for private sector investment to flow in. This way, we are giving countries a fair chance at financing their own development and creating sustainable, long-term solutions that go beyond ODA alone.

    Last but certainly not least, the Pact for the Future calls upon us to consider the future generations that will inherit the world we shape today. It emphasises the importance of keeping climate action at the centre of our efforts. As we move forward, we must ensure that these future constituencies are included in the decisions we make now.

    Excellencies,
    The values that underpin our global stability – and on which the UN-EU partnership is rooted are under attack: solidarity, peace, justice, tolerance, human rights, and a rules-based international order.

    We see the EU as an indispensable partner in defending these values.

    As we look ahead to 2025, this is a crucial moment to reflect on the path ahead. What are the EU’s priorities, and how can it balance work within Europe while nurturing the global partnerships that contribute to a more stable Europe and a more peaceful world?

    These partnerships are fundamental, as they not only support Europe’s security and prosperity but also promote the shared values that we all hold dear. This aligns with our UN Charter, which calls for a future built on peace, dignity, and prosperity for all.

    Excellencies,
    The SDGs offer a valuable framework for engaging with our partners across sectors—civil society, government, academia, business, and beyond. Investing in the SDGs should not be viewed as a burden but as a strategic opportunity—one that will drive future markets, social cohesion, resilience, and security, not least for the European Union itself.

    Goals 7 to 15 represent critical areas where economic investments and equality must be prioritized. By addressing these, we unlock dividends for the first six SDGs—providing governments with the resources to fund critical programs such as social protection, education, health, and women’s empowerment.

    However, these goals also depend on robust partnerships and strong institutions. Investing in governance and institutions may take longer to yield results, but it is the foundation for lasting change. The work is difficult, but it is vital if we are to secure a future where no one is left behind.

    To make this a reality, we must find ways to accelerate action on the SDGs together. That is why we have invested in strengthening our strategic UN-EU partnership, not just at the global level but critically – in countries. 

    Over the past years, and with the impulse provided by the Joint Guidance that was shared with you and the UN Resident Coordinators in 2023. We have seen our partnership grow in scope and impact, yielding results in joint advocacy, policy, and programmatic collaboration.

    Together, we have engaged in significant reflection on how to sharpen our focus and ensure that our efforts on the ground deliver greater impact. The UN has established a strong presence, but should we aim for even greater coordination and coherence? Absolutely. We continue to strive for that, and with recent policy decisions by some of our larger donors, we need to leverage these efforts to accelerate action on the ground.

    This is a crucial moment for us to also focus on the regional level—how we can deploy from HQ to the regions and ensure that the countries most in need can come together. The UN has the expertise, but is it sufficient? Can we deliver at the scale and speed that development demands?

    Right now, the answer is no. We need more investment—investment that can drive real change. To do that, we need to work more effectively together with the EU, multilateral development banks, national development banks, and regional institutions so that we can all pull in the same direction. Only by working together can we achieve the progress we need.

    Excellencies,
    In Guatemala, we jointly support the national digital transformation agenda, leveraging the joint SDG Fund digital track—where the EU is the most significant contributor—to scale up innovation and modernize public services.

    In Ghana, our focus is similar, with a special emphasis on empowering women and young people through digital transformation.

    In Bosnia and Herzegovina, joint UN-EU teams are tackling shared priorities, from energy and green transition to digital transformation, human rights, and gender equality. And we are enhancing our programmatic and policy collaboration.

    In Nepal, the focus is on climate resilience, where the melting glaciers are a stark reminder of the climate challenges we face.

    In Zambia, we are focusing on human rights, governance, and emergency response—especially in the wake of climate-related events.

    These are just a few examples of our growing cooperation at the country level. New areas for collaboration are being identified, and we are looking to scale up the work already being done. For example, in the context of food systems and investments, we are identifying synergies that can create a multiplier effect.

    We know that issues like food systems are as important to Europe as they are to Africa, Asia, and SIDS. We are looking at enhancing connectivity and energy access, particularly for small and medium-sized enterprises. This will help empower women, young people, and the agricultural sector by ensuring that businesses can access energy and financial services.
    Trade also plays a key role in this. By improving connectivity and access to e-commerce, we can help women and young people thrive economically. The intersection between education, technology, and the climate agenda is crucial for transforming societies.

    The Global Gateway Strategy and EU priorities, such as infrastructure investments, are vital in this regard. We must ensure we’re better aligned and able to deliver scalable, impactful change. The example of the M300 project, which aims to connect 300 million people to power in Africa, shows great promise—but we need to ensure that these connections are linked with other investments to amplify their impact.

    Excellencies,
    With UN Resident Coordinators and EU Ambassadors in 122 countries where we share presence in partner countries, we can achieve significant development impact that speaks to the ambition of the 2030 Agenda.

    You lead Teams Europe, while our Resident Coordinators steer the UN country teams. Each is making a difference. But by working together, we can aim for large-scale transformation.
    In most countries, we are already consulting each other on the development of our respective country strategies. But we see scope to expand opportunities for you and Resident Coordinators to co-lead regular strategic dialogues that enable the advancement of shared priorities and investment pathways to accelerate the implementation of the SDGs.

    Such pathways – or transitions – range from increasing energy access to transforming food systems, to advancing decent jobs, social protection, health and education, to expanding digital connectivity, to tackling the triple planetary crisis of climate change, biodiversity loss and pollution.

    Excellencies,
    Our institutions are transforming rapidly.

    Just as the EU is reshaping its development cooperation approach, including through the Global Gateway Strategy and the Team Europe approach, the UN development system is also enhancing its impact, coherence and efficiency.

    The UN development system reform spearheaded by the Secretary-General is bearing fruit. The feedback received from developing countries on how the UN is responding to their development needs is very clear.

     In 2023, 96 percent of host governments said that UN teams on the ground are effectively responding to national priorities for SDG delivery. And 92 percent of host governments said that UN Resident Coordinators effectively lead the delivery of strategic support for national plans and priorities, compared to 79 percent in 2019.

    By leveraging our respective expertise and capacities, we can maximise synergies between Global Gateway priorities and the key transitions required for SDG acceleration.
    In complex settings, your leadership, alongside that of the Resident Coordinators, is equally critical to strengthening the coherence between humanitarian, development and peacebuilding action to enable early development investments and to help countries return to a development path.

    Together, we can promote development partners’ coordination mechanisms that are adapted to the country’s context and enable alignment of development investments with national priorities and the SDGs.

    By leveraging our respective convening power, we can scale up collaboration with governments and the national financing ecosystems, as well as International Financing Institutions and multilateral development banks – using existing tools such as the Integrated National Financing Frameworks.

    By challenging business as usual, beyond siloed or project-based models, we can — and we must— develop multistakeholder platforms for innovative financing and policy support.

    Excellencies,
    The challenges are immense but not insurmountable.

    Our strong partnership with the EU gives me hope.

    By strengthening our partnership even further, we can turn the Pact for the Future’s ambition for the SDGs into concrete, life-changing results across the globe.

    But the time for acceleration is now.

    Let us act boldly for a more equitable, resilient, and sustainable future where no one is left behind.

    Thank you.

    .

    .
     

    MIL OSI United Nations News –

    February 13, 2025
  • MIL-OSI: Precision Drilling Announces 2024 Fourth Quarter and Year End Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 12, 2025 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, gain on acquisition, loss on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals and depreciation and amortization), Funds Provided by (Used in) Operations, Net Capital Spending, Working Capital and Total Long-term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this news release.

    Financial Highlights and 2025 Capital Allocation Plans

    • Revenue in the fourth quarter was $468 million, an 8% decrease from 2023 as activity increases in Canadian drilling, well servicing, and international were more than offset by lower activity and day rates in the U.S.
    • Adjusted EBITDA(1) was $121 million in the quarter and included $15 million of share-based compensation charges, $4 million for rig reactivation costs and $4 million of non-recurring charges. In 2023, fourth quarter Adjusted EBITDA was $151 million and included share-based compensation charges of $13 million.
    • Net earnings attributable to shareholders was $15 million or $1.06 per share in the fourth quarter compared to $147 million or $10.42 per share as net earnings in 2023 included an income tax recovery of $69 million and a gain on acquisition of $26 million.
    • In 2024, we invested $217 million into our fleet and infrastructure, including multiple contracted rig upgrades and the strategic purchase of drill pipe for use in 2025. We expect to invest $225 million into our fleet and infrastructure in 2025, which may fluctuate with activity levels and customer contract upgrade opportunities.
    • For the year ended December 31, 2024, we achieved our annual debt reduction and return of shareholder capital targets, reducing debt by $176 million and repurchasing $75 million of common shares while building cash by $20 million. Precision has consistently met or exceeded its capital allocation goals since implementation in 2016.
    • For 2025, we expect to reduce debt by at least $100 million in 2025 and have increased our long-term debt reduction target to $700 million and extended our debt reduction period to 2027. In 2025, we plan to increase direct shareholder returns to 35% to 45% of free cash flow, before debt repayments. To the extent excess cash is generated these allocations may be increased.

    Operational Highlights

    • Demand for our services continues to be strong and in 2024 our Canadian and international drilling rig utilization days increased 12% and 37%, respectively, while our well servicing rig operating hours increased 26% over 2023.
    • In the fourth quarter, Canada’s activity averaged 65 active drilling rigs versus 64 in the same quarter last year. Our Super Triple and Super Single rigs remain in high demand and are nearly fully utilized. Canadian revenue per utilization day was $35,675, up from $34,616 in the fourth quarter of 2023.
    • Our U.S. activity has remained relatively consistent since mid-2024. We averaged 34 drilling rigs in the fourth quarter with revenue per utilization day of US$30,991 versus 45 drilling rigs at US$34,452 in 2023’s fourth quarter.
    • International activity increased 6% over the same period last year while revenue per utilization day was US$49,636 compared to US$49,872 in the fourth quarter of 2023.
    • Service rig operating hours in the fourth quarter totaled 59,834, representing a 6% increase over the same quarter last year partially driven by the CWC Energy Services Corp. (CWC) acquisition in November of 2023.

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    MANAGEMENT COMMENTARY

    “Through 2024 Precision demonstrated remarkable market resilience despite weaker than expected U.S. customer demand and late year customer budget exhaustion in Canada. We continued our long-term record of meeting or exceeding our capital allocation targets every year since 2016 with $176 million of debt reduction, $75 million of share buybacks, while increasing our cash balance by $20 million. In the fourth quarter, approximately $8 million of reactivation costs and non-recurring items impacted our financial results, along with slightly lower than expected Canadian customer demand. Despite these fourth quarter headwinds we continued investing in our core business lines, including purchasing approximately $18 million of drill pipe in advance of potential tariffs, investing $3 million to begin reactivating two idle Canadian Super Single rigs to meet demand in 2025, and upgrading one rig for Canadian heavy oil pad drilling opportunities.

    “The outlook for Canada remains very strong given robust heavy oil activity following the startup of the Trans Mountain pipeline expansion in May 2024 and the imminent startup of LNG Canada in mid-2025. My enthusiasm is further underpinned by the pace of rig reactivations following the seasonal Christmas break and the stable winter activity we have experienced to date with 81 rigs working since mid-January. The uncertainty introduced by potential U.S. tariffs on Canadian oil and gas exports, has been tempered and we have not experienced any change in customer demand or their longer-term capital spending plans.

    “In Canada, our drilling utilization days increased 12% over 2023 and our Super Triple and Super Single rigs, which represent approximately 80% of our Canadian fleet, are nearly fully utilized. Demand for our Super Triple fleet, which is the preferred rig for Montney drilling, is driven by robust condensate fundamentals and the startup of LNG Canada this year. Demand for our Super Single fleet is driven by increased activity in heavy oil targeted areas as customers are benefiting from improved commodity pricing, following the startup of Trans Mountain, and a softening Canadian dollar.

    “Internationally, our drilling utilization days increased 37% in 2024 following the recertification and reactivation of four rigs in 2023. In 2024, we had eight rigs working on term contracts, five in Kuwait and three in the Kingdom of Saudi Arabia. The majority of these rigs are under five-year term contracts that extend into 2027 and 2028, providing predictable cash flow for the next few years.

    “In our Completion and Production Services business, our well servicing operating hours increased 26% over 2023 levels following the successful integration of CWC, where we achieved significant operating synergies. Our Completion and Production Services Adjusted EBITDA increased 30% year over year, which was slightly below our expectation due to late year customer budget exhaustion impacting our activity and rental business. I am very pleased with how we have transformed our Completion and Production Services business with two strategic tuck-in acquisitions. The High Arctic and CWC acquisitions more than doubled our Completion and Production revenue and Adjusted EBITDA since 2021 and solidified Precision as the premier well service provider in Canada.

    “During the year, Precision generated $482 million of cash provided by operations, allowing us to meet our capital return targets and invest $217 million into our fleet and infrastructure, which included multiple drilling rig upgrades and the strategic purchase of drill pipe for use in 2025. We expect to invest approximately $225 million in 2025, which reflects a weaker Canadian dollar and includes expected customer funded upgrades across our North American operations, including approximately $30 million in US fleet upgrades for customers targeting extended reach laterals.

    “With sustained free cash flow as a key differentiator of our business, we remain focused on reducing debt and increasing direct returns to shareholders. In 2025, we expect to reduce debt by at least $100 million, reinforcing our commitment to achieving a sustained Net Debt to Adjusted EBITDA ratio(1) of below 1.0 times. As we continue to realize the benefits of lower debt levels, we have increased our long-term debt reduction target by $100 million to $700 million and extended the debt reduction period by one year to 2027. In 2025, our goal is to increase our direct capital returns to shareholders by allocating 35% to 45% of free cash flow, before debt repayments, while continuing to move towards 50% of free cash flow thereafter, with excess cash potentially used to increase these allocations.

    “I would like to thank our employees for their dedication and commitment to serving our customers, and our shareholders for their continued support. With positive long-term fundamentals associated with global oil and natural gas demand and particularly the unique fundamentals driving drilling activity in our core geographic markets, I am confident we will continue to drive shareholder value,” concluded Mr. Neveu.

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    SELECT FINANCIAL AND OPERATING INFORMATION
    Financial Highlights

      For the three months ended
    December 31,
        For the year ended
    December 31,
     
    (Stated in thousands of Canadian dollars, except per share amounts)   2024       2023     % Change       2024       2023     % Change  
    Revenue   468,171       506,871       (7.6 )     1,902,328       1,937,854       (1.8 )
    Adjusted EBITDA(1)   120,526       151,231       (20.3 )     521,221       611,118       (14.7 )
    Net earnings   14,930       146,722       (89.8 )     111,330       289,244       (61.5 )
    Net earnings attributable to shareholders   14,795       146,722       (89.9 )     111,195       289,244       (61.6 )
    Cash provided by operations   162,791       170,255       (4.4 )     482,083       500,571       (3.7 )
    Funds provided by operations(1)   120,535       145,189       (17.0 )     463,372       533,409       (13.1 )
                                       
    Cash used in investing activities   61,954       57,627       7.5       202,986       214,784       (5.5 )
    Capital spending by spend category(1)                                  
    Expansion and upgrade   21,565       24,459       (11.8 )     52,066       63,898       (18.5 )
    Maintenance and infrastructure   37,335       54,388       (31.4 )     164,632       162,851       1.1  
    Proceeds on sale   (8,570 )     (3,117 )     174.9       (30,395 )     (23,841 )     27.5  
    Net capital spending(1)   50,330       75,730       (33.5 )     186,303       202,908       (8.2 )
                                       
    Net earnings attributable to shareholders per share:                                  
    Basic   1.06       10.42       (89.8 )     7.81       21.03       (62.8 )
    Diluted   1.06       9.81       (89.2 )     7.81       19.53       (60.0 )
    Weighted average shares outstanding:                                  
    Basic   13,982       14,084       (0.7 )     14,229       13,754       3.5  
    Diluted   13,987       15,509       (9.8 )     14,234       15,287       (6.9 )

    (1) See “FINANCIAL MEASURES AND RATIOS.”
    Operating Highlights

      For the three months ended
    December 31,
        For the year ended
    December 31,
     
      2024     2023     % Change     2024     2023     % Change  
    Contract drilling rig fleet   214       214       –       214       214       –  
    Drilling rig utilization days:                                  
    U.S.   3,084       4,138       (25.5 )     12,969       17,961       (27.8 )
    Canada   6,018       5,909       1.8       23,685       21,156       12.0  
    International   736       693       6.2       2,928       2,132       37.3  
    Revenue per utilization day:                                  
    U.S. (US$)   30,991       34,452       (10.0 )     32,531       35,040       (7.2 )
    Canada (Cdn$)   35,675       34,616       3.1       34,797       33,151       5.0  
    International (US$)   49,636       49,872       (0.5 )     51,227       50,840       0.8  
    Operating costs per utilization day:                                  
    U.S. (US$)   21,698       21,039       3.1       22,009       20,401       7.9  
    Canada (Cdn$)   21,116       19,191       10.0       20,424       19,225       6.2  
                                       
    Service rig fleet   170       183       (7.1 )     170       183       (7.1 )
    Service rig operating hours   59,834       56,683       5.6       254,224       201,627       26.1  

    Drilling Activity

      Average for the quarter ended 2023   Average for the quarter ended 2024  
      Mar. 31     June 30     Sept. 30     Dec. 31     Mar. 31     June 30     Sept. 30     Dec. 31  
    Average Precision active rig count(1):                                              
    U.S.   60       51       41       45       38       36       35       34  
    Canada   69       42       57       64       73       49       72       65  
    International   5       5       6       8       8       8       8       8  
    Total   134       98       104       117       119       93       115       107  

    (1) Average number of drilling rigs working or moving. 

    Financial Position

    (Stated in thousands of Canadian dollars, except ratios) December 31, 2024     December 31, 2023(2)  
    Working capital(1)   162,592       136,872  
    Cash   73,771       54,182  
    Long-term debt   812,469       914,830  
    Total long-term financial liabilities(1)   888,173       995,849  
    Total assets   2,956,315       3,019,035  
    Long-term debt to long-term debt plus equity ratio (1)   0.33       0.37  

    (1) See “FINANCIAL MEASURES AND RATIOS.”
    (2) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”

    Summary for the three months ended December 31, 2024:

    • Revenue decreased to $468 million compared with $507 million in the fourth quarter of 2023 as a result of lower U.S. activity and day rates, partially offset by higher Canadian and international activity.
    • Adjusted EBITDA was $121 million in the quarter and included $15 million of share-based compensation charges, $4 million for rig reactivation costs and $4 million of non-recurring charges. In 2023, fourth quarter Adjusted EBITDA was $151 million and included share-based compensation of $13 million. Please refer to “Other Items” later in this news release for additional information on share-based compensation charges.
    • Adjusted EBITDA as a percentage of revenue was 26% as compared with 30% in 2023.
    • Net earnings attributable to shareholders was $15 million compared to $147 million in the same quarter last year as net earnings in 2023 included an income tax recovery of $69 million and a gain on acquisition of $26 million.
    • Generated cash provided by operations of $163 million, reduced debt by $25 million through the partial redemption of our 2026 unsecured senior notes and repayment of our U.S. Real Estate Credit Facility, repurchased $25 million of common shares under our Normal Course Issuer Bid (NCIB), and ended the quarter with $74 million of cash and more than $575 million of available liquidity.
    • U.S. revenue per utilization day, excluding the impact of idle but contracted rigs was US$30,813 compared with US$32,819 in 2023, a decrease of 6%. Sequentially, revenue per utilization day, excluding idle but contracted rigs, was down 6% compared with the third quarter of 2024. Fourth quarter U.S. revenue per utilization day was US$30,991 compared with US$34,452 in 2023. The decrease was primarily the result of lower fleet average day rates, idle but contracted rig revenue and recoverable costs. We recognized US$1 million of revenue from idle but contracted rigs in the quarter as compared with US$7 million in 2023.
    • U.S. operating costs per utilization day increased to US$21,698 compared with US$21,039 in 2023. The increase was mainly due to higher rig operating costs and fixed costs spread over lower activity, offset by lower recoverable costs and repairs and maintenance. Sequentially, operating costs per utilization day were down 2% due to lower recoverable costs.
    • Canadian revenue per utilization day was $35,675, an increase from the $34,616 realized in 2023 due to higher average day rates and recoverable costs. Sequentially, revenue per utilization day increased $3,350 due to higher boiler revenue and higher fleet-wide average day rates.
    • Canadian operating costs per utilization day increased to $21,116, compared with $19,191 in 2023, resulting from higher repairs and maintenance, rig reactivation costs and impact of labour rate increases. Sequentially, daily operating costs increased $1,668 and were the result of higher labour expenses due to rate increases, recoverable expenses and repairs and maintenance.
    • Internationally, fourth quarter revenue increased 6% from 2023 as we realized revenue of US$37 million versus US$35 million in the prior year. Our higher revenue was primarily the result of a 6% increase in activity, which was negatively impacted by a planned rig recertification accounting for 21 non-billable utilization days in October. International revenue per utilization day was US$49,636 compared with US$49,872 in 2023.
    • Completion and Production Services revenue was $69 million, an increase of $6 million from 2023, as our fourth quarter service rig operating hours increased 6%, reflecting the successful integration of the CWC acquisition in November 2023.
    • General and administrative expenses were $35 million as compared with $39 million in 2023 primarily due to lower non-recurring costs associated with our CWC acquisition in 2023, partially offset by higher share-based compensation charges.
    • Net finance charges were $16 million, a decrease of $3 million compared with 2023 as a result of lower interest expense on our outstanding debt balance.
    • Capital expenditures were $59 million compared with $79 million in 2023 and by spend category included $22 million for expansion and upgrades and $37 million for the maintenance of existing assets, infrastructure, and intangible assets.
    • Income tax expense for the quarter was $6 million as compared with a recovery of $69 million in 2023. During the fourth quarter, we continue to not recognize deferred tax assets on certain international operating losses.

    Summary for the year ended December 31, 2024:

    • Revenue for the year was $1,902 million, comparable with 2023.
    • Adjusted EBITDA was $521 million as compared with $611 million in 2023. Our lower Adjusted EBITDA was primarily attributed to decreased U.S. drilling results and $13 million of higher share-based compensation, partially offset by the strengthening of Canadian and international results.
    • Net earnings attributable to shareholders was $111 million compared to $289 million in the prior year. Our lower current year net earnings was due to the impact of decreased U.S. drilling results, higher income tax expense of $67 million and the gain on acquisition of $26 million recognized in 2023.
    • Cash provided by operations was $482 million as compared with $501 million in 2023. Funds provided by operations were $463 million, a decrease of $70 million from the comparative period.
    • General and administrative costs were $132 million, an increase of $10 million from 2023 primarily due to higher share-based compensation charges.
    • Net finance charges were $70 million, $14 million lower than 2023 due to our lower interest expense on our outstanding debt balance.
    • Capital expenditures were $217 million in 2024, a decrease of $10 million from 2023. Capital spending by spend category included $52 million for expansion and upgrades and $165 million for the maintenance of existing assets, infrastructure, and intangible assets.
    • Reduced debt by $176 million from the partial redemption of our 2026 unsecured senior notes and repayment of our Canadian and U.S. Real Estate Credit Facilities.
    • Repurchased $75 million of common shares under our NCIB.

    STRATEGY

    Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. We work toward this vision by defining and measuring our results against strategic priorities that we establish at the beginning of every year.

    Below we summarize the results of our 2024 strategic priorities:

    1. Concentrate organizational efforts on leveraging our scale and generating free cash flow.
      • Generated cash provided from operations of $482 million, allowing us to meet our debt reduction and share repurchase goals and build our cash balance by $20 million.
      • Increased utilization of our Super Single and tele double rigs, driving Canadian drilling activity up 12% over 2023.
      • Successfully integrated our 2023 CWC acquisition, increasing Completion and Production Services operating hours and Adjusted EBITDA 26% and 30%, respectively, year over year. Achieved our $20 million annual synergies target from the acquisition.
      • Internationally, increased our activity 37% year over year and realized US$150 million of contract drilling revenue compared to US$108 million in 2023.
    2. Reduce debt by between $150 million and $200 million and allocate 25% to 35% of free cash flow before debt repayments for share repurchases.
      • Reduced debt by $176 million and ended the year with a Net Debt to Adjusted EBITDA ratio of approximately 1.4 times. On track to achieve a sustained Net Debt to Adjusted EBITDA ratio of below 1.0 times.
      • Returned $75 million to shareholders through share repurchases, achieving the midpoint of our target range.
      • Renewed our NCIB in September, allowing repurchases of up to 10% of the public float.
    3. Continue to deliver operational excellence in drilling and service rig operations to strengthen our competitive position and extend market penetration of our AlphaTMand EverGreenTMproducts.
      • Increased our Canadian drilling rig utilization days and well service rig operating hours year over year, maintaining our position as the leading provider of high-quality and reliable services in Canada.
      • Invested $52 million in expansion and upgrade capital to enhance our drilling rigs.
      • Nearly doubled our EverGreenTM revenue year over year.
      • Continued to expand our EverGreenTM product offering on our Super Single rigs with LED mast lighting and hydrogen injection systems.

    2025 Strategic Priorities

    1. Maximize free cash flow through disciplined capital deployment and strict cost management.
    2. Enhance shareholder returns through debt reduction and share repurchases.
      1. Reduce debt by at least $100 million in 2025 and debt by $700 million between 2022 and 2027, while remaining committed to achieving a sustained Net Debt to Adjusted EBITDA ratio of below 1.0 times.
      2. Allocate 35% to 45% of free cash flow, before debt repayments, directly to shareholders and continue moving direct shareholder capital returns toward 50% of free cash flow thereafter.
      3. Grow revenue in existing service lines through contracted upgrades, optimized pricing and utilization, and opportunistic consolidating tuck-in acquisitions.
      4. OUTLOOK

        The long-term outlook for global energy demand remains positive with rising demand for all types of energy including oil and natural gas driven by economic growth, increasing demand from third-world regions, and emerging energy sources of power demand. Oil prices are constructive as OPEC+ continues to honour its production quotas, producers remain committed to returning capital to shareholders versus increasing production, and geopolitical issues continue to threaten supply. In Canada, the Trans Mountain pipeline expansion, which became operational in May of 2024, combined with the imminent startup of LNG Canada are projected to provide significant tidewater access for Canadian crude oil and natural gas, supporting additional Canadian drilling activity. In the U.S., the next wave of Liquefied Natural Gas (LNG) export terminals is expected to add approximately 11 bcf/d of export capacity from 2025 to 2028, supporting additional U.S. natural gas drilling activity. Coal retirements and a build-out of artificial intelligence data centers could provide further support for natural gas drilling.

        Our Canadian drilling activity continues to be robust in 2025 and we currently have 81 rigs operating and expect this activity level to continue until spring breakup. Our Super Single fleet is near full utilization as heavy oil customers are benefiting from improved commodity pricing and a weak Canadian dollar. Our Super Triple fleet, the preferred rig for Montney drilling, is also nearly fully utilized, and with the expected startup of LNG Canada in mid-2025, rig demand could exceed supply. Overall, we expect our Canadian drilling activity to be up year over year with near full utilization of our Super Series rigs, which should support day rates and increase demand for term contracts as customers secure rigs to ensure fulfillment of their development programs. The uncertainty introduced by potential U.S. tariffs on Canadian oil and gas exports, has been tempered and we have not experienced any change in customer demand or their longer-term plans.

        In the U.S., we currently have 34 rigs earning revenue, which has been relatively consistent since mid-2024. Drilling activity growth remains constrained as producers continue to focus on shareholder returns rather than growth, while volatile commodity prices, customer consolidation, and drilling and completion efficiencies have restricted activity growth. If commodity prices remain stable and around today’s level, we expect drilling demand to begin to improve in the second half and gain momentum through the remainder of 2025 as new LNG export capacity is added and customers seek to maintain or possibly increase production levels.

        Internationally, we have eight rigs working on term contracts, five in Kuwait and three in the Kingdom of Saudi Arabia. The majority of these rigs are under five-year term contracts that extend into 2027 and 2028, providing predictable cash flow for the next few years. We continue to bid our remaining idle rigs within the region and remain optimistic in our ability to secure rig reactivations.

        As the premier well service provider in Canada, the outlook for this business remains positive. We expect the Trans Mountain pipeline expansion and LNG Canada to drive more service-related activity, while increased regulatory spending requirements are expected to result in more abandonment work. Customer demand should remain strong, and with continued labour constraints, we expect firm pricing into the foreseeable future.

        Contracts

        The following chart outlines the average number of drilling rigs under term contract by quarter as at February 12, 2025. For those quarters ending after December 31, 2024, this chart represents the minimum number of term contracts from which we will earn revenue. We expect the actual number of contracted rigs to vary in future periods as we sign additional term contracts.

        As at February 12, 2025   Average for the quarter ended 2024     Average     Average for the quarter ended 2025     Average  
            Mar. 31     June 30     Sept. 30     Dec. 31     2024     Mar. 31     June 30     Sept. 30     Dec. 31     2025  
        Average rigs under term contract:                                                            
        U.S.     20       17       17       16       18       15       13       8       6       11  
        Canada     24       22       23       23       23       20       19       18       14       18  
        International     8       8       8       8       8       8       8       7       7       8  
        Total     52       47       48       47       49       43       40       33       27       37  


        SEGMENTED FINANCIAL RESULTS

        Precision’s operations are reported in two segments: Contract Drilling Services, which includes our drilling rig, oilfield supply and manufacturing divisions; and Completion and Production Services, which includes our service rig, rental and camp and catering divisions.

          For the three months ended December 31,     For the year ended December 31,  
        (Stated in thousands of Canadian dollars)   2024     2023     % Change       2024     2023     % Change  
        Revenue:                                  
        Contract Drilling Services   402,610       446,503       (9.8 )     1,617,735       1,704,265       (5.1 )
        Completion and Production Services   68,830       62,459       10.2       294,817       240,716       22.5  
        Inter-segment eliminations   (3,269 )     (2,091 )     56.3       (10,224 )     (7,127 )     43.5  
            468,171       506,871       (7.6 )     1,902,328       1,937,854       (1.8 )
        Adjusted EBITDA:(1)                                  
        Contract Drilling Services   125,683       162,459       (22.6 )     532,345       630,761       (15.6 )
        Completion and Production Services   15,895       12,193       30.4       66,681       51,224       30.2  
        Corporate and Other   (21,052 )     (23,421 )     (10.1 )     (77,805 )     (70,867 )     9.8  
            120,526       151,231       (20.3 )     521,221       611,118       (14.7 )

        (1) See “FINANCIAL MEASURES AND RATIOS.”

        SEGMENT REVIEW OF CONTRACT DRILLING SERVICES

          For the three months ended
        December 31,
            For the year ended
        December 31,
         
        (Stated in thousands of Canadian dollars, except where noted)   2024       2023     % Change       2024       2023     % Change  
        Revenue   402,610       446,503       (9.8 )     1,617,735       1,704,265       (5.1 )
        Expenses:                                  
        Operating   264,858       270,303       (2.0 )     1,041,068       1,030,053       1.1  
        General and administrative   12,069       13,741       (12.2 )     44,322       43,451       2.0  
        Adjusted EBITDA(1)   125,683       162,459       (22.6 )     532,345       630,761       (15.6 )
        Adjusted EBITDA as a percentage of revenue(1)   31.2 %     36.4 %           32.9 %     37.0 %      

        (1) See “FINANCIAL MEASURES AND RATIOS.”

        United States onshore drilling statistics:(1) 2024     2023  
          Precision     Industry(2)     Precision     Industry(2)  
        Average number of active land rigs for quarters ended:                      
        March 31   38       602       60       744  
        June 30   36       583       51       700  
        September 30   35       565       41       631  
        December 31   34       569       45       603  
        Year to date average   36       580       49       670  

        (1) United States lower 48 operations only.
        (2) Baker Hughes rig counts.

        Canadian onshore drilling statistics:(1) 2024     2023  
          Precision     Industry(2)     Precision     Industry(2)  
        Average number of active land rigs for quarters ended:                      
        March 31   73       208       69       221  
        June 30   49       134       42       117  
        September 30   72       207       57       188  
        December 31   65       194       64       181  
        Year to date average   65       186       58       177  

        (1) Canadian operations only.
        (2) Baker Hughes rig counts.

        SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES

          For the three months ended
        December 31,
            For the year ended
        December 31,
         
        (Stated in thousands of Canadian dollars, except where noted)   2024       2023     % Change       2024       2023      % Change  
        Revenue   68,830       62,459       10.2       294,817       240,716       22.5  
        Expenses:                                  
        Operating   50,714       48,297       5.0       217,842       181,622       19.9  
        General and administrative   2,221       1,969       12.8       10,294       7,870       30.8  
        Adjusted EBITDA(1)   15,895       12,193       30.4       66,681       51,224       30.2  
        Adjusted EBITDA as a percentage of revenue(1)   23.1 %     19.5 %           22.6 %     21.3 %      
        Well servicing statistics:                                  
        Number of service rigs (end of period)   170       183       (7.1 )     170       183       (7.1 )
        Service rig operating hours   59,834       56,683       5.6       254,224       201,627       26.1  
        Service rig operating hour utilization   38 %     38 %           42 %     42 %      

        (1) See “FINANCIAL MEASURES AND RATIOS.”

        OTHER ITEMS

        Share-based Incentive Compensation Plans

        We have several cash and equity-settled share-based incentive plans for non-management directors, officers, and other eligible employees. Our accounting policies for each share-based incentive plan can be found in our 2023 Annual Report.

        A summary of expense amounts under these plans during the reporting periods are as follows:

          For the three months ended
        December 31,
            For the year ended
        December 31,
         
        (Stated in thousands of Canadian dollars) 2024     2023     2024     2023  
        Cash settled share-based incentive plans   14,018       11,972       42,828       32,063  
        Equity settled share-based incentive plans   1,071       697       4,588       2,531  
        Total share-based incentive compensation plan expense   15,089       12,669       47,416       34,594  
                               
        Allocated:                      
        Operating   3,709       2,765       11,868       9,497  
        General and Administrative   11,380       9,904       35,548       25,097  
            15,089       12,669       47,416       34,594  


        FINANCIAL MEASURES AND RATIOS

        Non-GAAP Financial Measures
        We reference certain Non-Generally Accepted Accounting Principles (Non-GAAP) measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
        Adjusted EBITDA We believe Adjusted EBITDA (earnings before income taxes, gain on acquisition, loss on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, loss on asset decommissioning, gain on asset disposals and depreciation and amortization), as reported in our Condensed Interim Consolidated Statements of Net Earnings and our reportable operating segment disclosures, is a useful measure because it gives an indication of the results from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.

        The most directly comparable financial measure is net earnings.

          For the three months ended
        December 31,
            For the year ended
        December 31,
         
        (Stated in thousands of Canadian dollars)   2024       2023       2024       2023  
        Adjusted EBITDA by segment:                      
        Contract Drilling Services   125,683       162,459       532,345       630,761  
        Completion and Production Services   15,895       12,193       66,681       51,224  
        Corporate and Other   (21,052 )     (23,421 )     (77,805 )     (70,867 )
        Adjusted EBITDA   120,526       151,231       521,221       611,118  
        Depreciation and amortization   82,210       78,734       309,314       297,557  
        Gain on asset disposals   (1,913 )     (8,883 )     (16,148 )     (24,469 )
        Loss on asset decommissioning   —       9,592       —       9,592  
        Foreign exchange   1,487       (773 )     2,259       (1,667 )
        Finance charges   16,281       19,468       69,753       83,414  
        Gain on repurchase of unsecured notes   —       —       —       (137 )
        Loss on investments and other assets   1,814       735       1,484       6,810  
        Gain on acquisition   —       (25,761 )     —       (25,761 )
        Incomes taxes   5,717       (68,603 )     43,229       (23,465 )
        Net earnings   14,930       146,722       111,330       289,244  
        Non-controlling interests   135       —       135       —  
        Net earnings attributable to shareholders   14,795       146,722       111,195       289,244  
               
        Funds Provided by (Used in) Operations     We believe funds provided by (used in) operations, as reported in our Condensed Interim Consolidated Statements of Cash Flows, is a useful measure because it provides an indication of the funds our principal business activities generate prior to consideration of working capital changes, which is primarily made up of highly liquid balances.

        The most directly comparable financial measure is cash provided by (used in) operations.

               
        Net Capital Spending     We believe net capital spending is a useful measure as it provides an indication of our primary investment activities.

        The most directly comparable financial measure is cash provided by (used in) investing activities.

        Net capital spending is calculated as follows:

            For the three months ended
        December 31,
            For the year ended
        December 31,
         
        (Stated in thousands of Canadian dollars)     2024       2023       2024       2023  
        Capital spending by spend category                        
        Expansion and upgrade     21,565       24,459       52,066       63,898  
        Maintenance, infrastructure and intangibles     37,335       54,388       164,632       162,851  
              58,900       78,847       216,698       226,749  
        Proceeds on sale of property, plant and equipment     (8,570 )     (3,117 )     (30,395 )     (23,841 )
        Net capital spending     50,330       75,730       186,303       202,908  
        Business acquisitions     —       646       —       28,646  
        Proceeds from sale of investments and other assets     —       —       (3,623 )     (10,013 )
        Purchase of investments and other assets     718       61       725       5,343  
        Receipt of finance lease payments     (208 )     (191 )     (799 )     (255 )
        Changes in non-cash working capital balances     11,114       (18,619 )     20,380       (11,845 )
        Cash used in investing activities     61,954       57,627       202,986       214,784  
        Working Capital We define working capital as current assets less current liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

        Working capital is calculated as follows:

          December 31,     December 31,  
        (Stated in thousands of Canadian dollars)   2024       2023  
        Current assets   501,284       510,881  
        Current liabilities   338,692       374,009  
        Working capital   162,592       136,872  
        Total Long-term Financial Liabilities We define total long-term financial liabilities as total non-current liabilities less deferred tax liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

        Total long-term financial liabilities is calculated as follows:

          December 31,     December 31,  
        (Stated in thousands of Canadian dollars)   2024       2023  
        Total non-current liabilities   935,624       1,069,364  
        Deferred tax liabilities   47,451       73,515  
        Total long-term financial liabilities   888,173       995,849  
        Non-GAAP Ratios
        We reference certain additional Non-GAAP ratios that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
               
        Adjusted EBITDA % of Revenue     We believe Adjusted EBITDA as a percentage of consolidated revenue, as reported in our Condensed Interim Consolidated Statements of Net Earnings, provides an indication of our profitability from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.
               
        Long-term debt to long-term debt plus equity     We believe that long-term debt (as reported in our Condensed Interim Consolidated Statements of Financial Position) to long-term debt plus equity (total shareholders’ equity as reported in our Condensed Interim Consolidated Statements of Financial Position) provides an indication of our debt leverage.
               
        Net Debt to Adjusted EBITDA     We believe that the Net Debt (long-term debt less cash, as reported in our Condensed Interim Consolidated Statements of Financial Position) to Adjusted EBITDA ratio provides an indication of the number of years it would take for us to repay our debt obligations.
         
        Supplementary Financial Measures
        We reference certain supplementary financial measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
               
        Capital Spending by Spend Category     We provide additional disclosure to better depict the nature of our capital spending. Our capital spending is categorized as expansion and upgrade, maintenance and infrastructure, or intangibles.
               

        CHANGE IN ACCOUNTING POLICY

        Precision adopted Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants – Amendments to IAS 1, as issued in 2020 and 2022. These amendments apply retrospectively for annual reporting periods beginning on or after January 1, 2024 and clarify requirements for determining whether a liability should be classified as current or non-current. Due to this change in accounting policy, there was a retrospective impact on the comparative Statement of Financial Position pertaining to the Corporation’s Deferred Share Unit (DSU) plan for non-management directors which are redeemable in cash or for an equal number of common shares upon the director’s retirement. In the case of a director retiring, the director’s respective DSU liability would become payable and the Corporation would not have the right to defer settlement of the liability for at least twelve months. As such, the liability is impacted by the revised policy. The following changes were made to the Statement of Financial Position:

      • As at January 1, 2023, accounts payable and accrued liabilities increased by $12 million and non-current share-based compensation liability decreased by $12 million.
      • As at December 31, 2023, accounts payable and accrued liabilities increased by $8 million and non-current share-based compensation liability decreased by $8 million.

      The Corporation’s other liabilities were not impacted by the amendments. The change in accounting policy will also be reflected in the Corporation’s consolidated financial statements as at and for the year ending December 31, 2024.

      PARTNERSHIP

      On September 26, 2024, Precision formed a strategic Partnership with two Indigenous partners to provide well servicing operations in northeast British Columbia. Precision contributed $4 million in assets to the Partnership. Profit attributable to Non-Controlling Interests (NCI) was $0.1 million in 2024.

      Precision holds a controlling interest in the Partnership and the portions of the net earnings and equity not attributable to Precision’s controlling interest are shown separately as NCI in the Consolidated Statements of Net Earnings and Consolidated Statements of Financial Position.

      CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

      Certain statements contained in this release, including statements that contain words such as “could”, “should”, “can”, “anticipate”, “estimate”, “intend”, “plan”, “expect”, “believe”, “will”, “may”, “continue”, “project”, “potential” and similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information and statements”).

      In particular, forward-looking information and statements include, but are not limited to, the following:

      • our strategic priorities for 2025;
      • our capital expenditures, free cash flow allocation and debt reduction plans for 2025 through to 2027;
      • anticipated activity levels, demand for our drilling rigs, day rates and daily operating margins in 2025;
      • the average number of term contracts in place for 2025;
      • customer adoption of AlphaTM technologies and EverGreenTM suite of environmental solutions;
      • timing and amount of synergies realized from acquired drilling and well servicing assets; and
      • potential commercial opportunities and rig contract renewals.

      These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

      • our ability to react to customer spending plans as a result of changes in oil and natural gas prices;
      • the status of current negotiations with our customers and vendors;
      • customer focus on safety performance;
      • existing term contracts are neither renewed nor terminated prematurely;
      • our ability to deliver rigs to customers on a timely basis;
      • the impact of an increase/decrease in capital spending; and
      • the general stability of the economic and political environments in the jurisdictions where we operate.

      Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

      • volatility in the price and demand for oil and natural gas;
      • fluctuations in the level of oil and natural gas exploration and development activities;
      • fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;
      • our customers’ inability to obtain adequate credit or financing to support their drilling and production activity;
      • changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;
      • shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;
      • liquidity of the capital markets to fund customer drilling programs;
      • availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;
      • the impact of weather and seasonal conditions on operations and facilities;
      • competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;
      • ability to improve our rig technology to improve drilling efficiency;
      • general economic, market or business conditions;
      • the availability of qualified personnel and management;
      • a decline in our safety performance which could result in lower demand for our services;
      • changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas;
      • terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;
      • fluctuations in foreign exchange, interest rates and tax rates; and
      • other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions.

      Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2023, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

      CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

      (Stated in thousands of Canadian dollars)   December 31,
      2024
          December 31,
      2023(1)
          January 1,
      2023(1)
       
      ASSETS            
      Current assets:                  
      Cash   $ 73,771     $ 54,182     $ 21,587  
      Accounts receivable     378,712       421,427       413,925  
      Inventory     43,300       35,272       35,158  
      Assets held for sale     5,501       —       —  
      Total current assets     501,284       510,881       470,670  
      Non-current assets:                  
      Income tax recoverable     —       682       1,602  
      Deferred tax assets     6,559       73,662       455  
      Property, plant and equipment     2,356,173       2,338,088       2,303,338  
      Intangibles     12,997       17,310       19,575  
      Right-of-use assets     66,032       63,438       60,032  
      Finance lease receivables     4,806       5,003       —  
      Investments and other assets     8,464       9,971       20,451  
      Total non-current assets     2,455,031       2,508,154       2,405,453  
      Total assets   $ 2,956,315     $ 3,019,035     $ 2,876,123  
                         
      LIABILITIES AND EQUITY                  
      Current liabilities:                  
      Accounts payable and accrued liabilities   $ 314,355     $ 350,749     $ 404,350  
      Income taxes payable     3,778       3,026       2,991  
      Current portion of lease obligations     20,559       17,386       12,698  
      Current portion of long-term debt     —       2,848       2,287  
      Total current liabilities     338,692       374,009       422,326  
                         
      Non-current liabilities:                  
      Share-based compensation     13,666       16,755       47,836  
      Provisions and other     7,472       7,140       7,538  
      Lease obligations     54,566       57,124       52,978  
      Long-term debt     812,469       914,830       1,085,970  
      Deferred tax liabilities     47,451       73,515       28,946  
      Total non-current liabilities     935,624       1,069,364       1,223,268  
      Equity:                  
      Shareholders’ capital     2,301,729       2,365,129       2,299,533  
      Contributed surplus     77,557       75,086       72,555  
      Deficit     (900,834 )     (1,012,029 )     (1,301,273 )
      Accumulated other comprehensive income     199,020       147,476       159,714  
      Total equity attributable to shareholders     1,677,472       1,575,662       1,230,529  
      Non-controlling interest     4,527       —       —  
      Total equity     1,681,999       1,575,662       1,230,529  
      Total liabilities and equity   $ 2,956,315     $ 3,019,035     $ 2,876,123  

      (1) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”

      CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (UNAUDITED)

          Three Months Ended December 31,     Year Ended December 31,  
      (Stated in thousands of Canadian dollars, except per share amounts)   2024     2023     2024     2023  
                               
                               
      Revenue   $ 468,171     $ 506,871     $ 1,902,328     $ 1,937,854  
      Expenses:                        
      Operating     312,303       316,509       1,248,686       1,204,548  
      General and administrative     35,342       39,131       132,421       122,188  
      Earnings before income taxes, loss on investments and
      other assets, gain on acquisition, gain on repurchase
      of unsecured senior notes, finance charges, foreign
      exchange, loss on asset decommissioning, gain on
      asset disposals, and depreciation and amortization
          120,526       151,231       521,221       611,118  
      Depreciation and amortization     82,210       78,734       309,314       297,557  
      Gain on asset disposals     (1,913 )     (8,883 )     (16,148 )     (24,469 )
      Loss on asset decommissioning     —       9,592       —       9,592  
      Foreign exchange     1,487       (773 )     2,259       (1,667 )
      Finance charges     16,281       19,468       69,753       83,414  
      Gain on repurchase of unsecured senior notes     —       —       —       (137 )
      Gain on acquisition     —       (25,761 )     —       (25,761 )
      Loss on investments and other assets     1,814       735       1,484       6,810  
      Earnings before income taxes     20,647       78,119       154,559       265,779  
      Income taxes:                        
      Current     2,811       486       7,470       4,494  
      Deferred     2,906       (69,089 )     35,759       (27,959 )
            5,717       (68,603 )     43,229       (23,465 )
      Net earnings   $ 14,930     $ 146,722     $ 111,330     $ 289,244  
      Attributable to:                        
      Shareholders of Precision Drilling Corporation   $ 14,795     $ 146,722     $ 111,195     $ 289,244  
      Non-controlling interests   $ 135     $ —     $ 135     $ —  
      Net earnings per share attributable to
      shareholders:
                             
      Basic   $ 1.06     $ 10.42     $ 7.81     $ 21.03  
      Diluted   $ 1.06     $ 9.81     $ 7.81     $ 19.53  


      CONDENSED
      INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

          Three Months Ended December 31,     Year Ended December 31,  
      (Stated in thousands of Canadian dollars)   2024     2023     2024     2023  
      Net earnings   $ 14,930     $ 146,722     $ 111,330     $ 289,244  
      Unrealized gain (loss) on translation of assets and liabilities of operations denominated in foreign currency     89,412       (36,755 )     119,821       (33,433 )
      Foreign exchange gain (loss) on net investment hedge with U.S. denominated debt     (49,744 )     22,679       (69,027 )     21,195  
      Tax related to net investment hedge of long-term debt     750       —       750       —  
      Comprehensive income   $ 55,348     $ 132,646     $ 162,874     $ 277,006  
      Attributable to:                        
      Shareholders of Precision Drilling Corporation   $ 55,213     $ 132,646     $ 162,739     $ 277,006  
      Non-controlling interests   $ 135     $ —     $ 135     $ —  


      CONDENSED
      INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

          Three Months Ended December 31,     Year Ended December 31,  
      (Stated in thousands of Canadian dollars)   2024     2023     2024     2023  
      Cash provided by (used in):                        
      Operations:                        
      Net earnings   $ 14,930     $ 146,722     $ 111,330     $ 289,244  
      Adjustments for:                        
      Long-term compensation plans     4,398       (2,541 )     18,888       6,659  
      Depreciation and amortization     82,210       78,734       309,314       297,557  
      Gain on asset disposals     (1,913 )     (8,883 )     (16,148 )     (24,469 )
      Loss on asset decommissioning     —       9,592       —       9,592  
      Foreign exchange     1,477       (853 )     2,442       (866 )
      Finance charges     16,281       19,468       69,753       83,414  
      Income taxes     5,717       (68,603 )     43,229       (23,465 )
      Other     (392 )     (9 )     (272 )     (229 )
      Loss on investments and other assets     1,814       735       1,484       6,810  
      Gain on acquisition     —       (25,761 )     —       (25,761 )
      Gain on repurchase of unsecured senior notes     —       —       —       (137 )
      Income taxes paid     (1,617 )     (708 )     (6,459 )     (3,103 )
      Income taxes recovered     27       17       85       24  
      Interest paid     (2,806 )     (3,335 )     (72,241 )     (83,037 )
      Interest received     409       614       1,967       1,176  
      Funds provided by operations     120,535       145,189       463,372       533,409  
      Changes in non-cash working capital balances     42,256       25,066       18,711       (32,838 )
      Cash provided by operations     162,791       170,255       482,083       500,571  
                               
      Investments:                        
      Purchase of property, plant and equipment     (58,900 )     (78,582 )     (216,647 )     (224,960 )
      Purchase of intangibles     —       (265 )     (51 )     (1,789 )
      Proceeds on sale of property, plant and equipment     8,570       3,117       30,395       23,841  
      Proceeds from sale of investments and other assets     —       —       3,623       10,013  
      Business acquisitions     —       (646 )     —       (28,646 )
      Purchase of investments and other assets     (718 )     (61 )     (725 )     (5,343 )
      Receipt of finance lease payments     208       191       799       255  
      Changes in non-cash working capital balances     (11,114 )     18,619       (20,380 )     11,845  
      Cash used in investing activities     (61,954 )     (57,627 )     (202,986 )     (214,784 )
                               
      Financing:                        
      Issuance of long-term debt     17,078       —       27,978       162,649  
      Repayments of long-term debt     (41,813 )     (86,699 )     (204,319 )     (375,237 )
      Repurchase of share capital     (25,023 )     (17,004 )     (75,488 )     (29,955 )
      Issuance of common shares from the exercise of options     —       —       686       —  
      Debt amendment fees     (46 )     —       (1,363 )     —  
      Lease payments     (3,266 )     (3,010 )     (13,271 )     (9,423 )
      Funding from non-controlling interest     —       —       4,392       —  
      Cash used in financing activities     (53,070 )     (106,713 )     (261,385 )     (251,966 )
      Effect of exchange rate changes on cash     1,700       (798 )     1,877       (1,226 )
      Increase in cash     49,467       5,117       19,589       32,595  
      Cash, beginning of period     24,304       49,065       54,182       21,587  
      Cash, end of period   $ 73,771     $ 54,182     $ 73,771     $ 54,182  


      CONDENSED
      INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

          Attributable to shareholders of the Corporation              
      (Stated in thousands of Canadian dollars)   Shareholders’
      Capital
          Contributed
      Surplus
          Accumulated
      Other
      Comprehensive
      Income
          Deficit     Total     Non-
      controlling
      interest
          Total
      Equity
       
      Balance at January 1, 2024   $ 2,365,129     $ 75,086     $ 147,476     $ (1,012,029 )   $ 1,575,662     $ —     $ 1,575,662  
      Net earnings for the period     —       —       —       111,195       111,195       135       111,330  
      Other comprehensive income for the period     —       —       51,544       —       51,544       —       51,544  
      Share options exercised     978       (292 )     —       —       686       —       686  
      Settlement of Executive Performance and Restricted Share Units     21,846       (1,479 )     —       —       20,367       —       20,367  
      Share repurchases     (86,570 )     —       —       —       (86,570 )     —       (86,570 )
      Redemption of non-management directors share units     346       (346 )     —       —       —       —       —  
      Share-based compensation expense     —       4,588       —       —       4,588       —       4,588  
      Funding from non-controlling interest     —       —       —       —       —       4,392       4,392  
      Balance at December 31, 2024   $ 2,301,729     $ 77,557     $ 199,020     $ (900,834 )   $ 1,677,472     $ 4,527     $ 1,681,999  
          Attributable to shareholders of the Corporation              
      (Stated in thousands of Canadian dollars)   Shareholders’
      Capital
          Contributed
      Surplus
          Accumulated
      Other
      Comprehensive
      Income
          Deficit     Total     Non-
      controlling
      interest
          Total
      Equity
       
      Balance at January 1, 2023   $ 2,299,533     $ 72,555     $ 159,714     $ (1,301,273 )   $ 1,230,529     $ —     $ 1,230,529  
      Net earnings for the period     —       —       —       289,244       289,244       —       289,244  
      Other comprehensive income for the period     —       —       (12,238 )     —       (12,238 )     —       (12,238 )
      Acquisition share consideration     75,588       —       —       —       75,588       —       75,588  
      Settlement of Executive Performance and Restricted Share Units     19,206       —       —       —       19,206       —       19,206  
      Share repurchases     (29,955 )     —       —       —       (29,955 )     —       (29,955 )
      Redemption of non-management directors share units     757       —       —       —       757       —       757  
      Share-based compensation expense     —       2,531       —       —       2,531       —       2,531  
      Balance at December 31, 2023   $ 2,365,129     $ 75,086     $ 147,476     $ (1,012,029 )   $ 1,575,662     $ —     $ 1,575,662  


      2024 FOURTH QUARTER AND YEAR-END RESULTS CONFERENCE CALL AND WEBCAST

      Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 11:00 a.m. MT (1:00 p.m. ET) on Thursday, February 13, 2025.

      To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.

      https://register.vevent.com/register/BI9168b4c0516f4409ab4f297340994ebc

      The call will also be webcast and can be accessed through the link below. A replay of the webcast call will be available on Precision’s website for 12 months.

      https://edge.media-server.com/mmc/p/8hij84aa

      About Precision

      Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha™ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen™ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

      Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

      Additional Information

      For further information, please contact:

      Lavonne Zdunich, CPA, CA
      Vice President, Investor Relations
      403.716.4500

      800, 525 – 8th Avenue S.W.
      Calgary, Alberta, Canada T2P 1G1
      Website: www.precisiondrilling.com

      The MIL Network –

    February 13, 2025
  • MIL-OSI USA: Grassley, Ernst Work to Protect Farm Families’ Access to Higher Education

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    WASHINGTON – Sen. Chuck Grassley (R-Iowa), a lifelong family farmer, joined Sen. Joni Ernst (R-Iowa) and Michael Bennet (D-Colo.) in introducing bipartisan legislation to protect farm families’ access to higher education. The Family Farm and Small Business Exemption Act would amend the FAFSA Simplification Act to restore the original exemption of non-liquid, farm and small business assets when determining a family’s FAFSA eligibility.  
    “Farm assets can’t be cashed out in the same way traditional investments can,” Grassley said. “Last Congress, I worked with the Department of Education to ensure the FAFSA asset test is only applied to investment farms, not family farms. Our bipartisan legislation would codify this guidance to ensure farm kids and other small business operators get a fair shake when applying for need-based financial aid.” 
    “No one should have to sell off the farm – or their small business – to afford college. As a farm kid myself, I know the enormous impacts grants and financial aid have on rural students’ decision to go to college,” Ernst said. “I’m fighting for Iowa families, so unfair policies don’t hold them back from investing in their child’s education.” 
    Additional cosponsors include Sens. Roger Marshall (R-Kan.), Jim Justice (R-W.Va.), Jerry Moran (R-Kan.), John Hoeven (R-N.D.), Mike Rounds (R-S.D.), John Boozman (R-Ark.) and Thom Tillis (R-N.C.). 
    Download audio of Grassley discussing the bill HERE.  
    Find bill text HERE. 
    Background:
    Under the original FAFSA contribution formula, the expected family contribution didn’t factor in the non-liquid assets of family farms and small businesses with fewer than 100 employees. However, the 2020 FAFSA Simplification Act, which went into effect last year, created a new formula that didn’t explicitly exempt family farms and small businesses from declaration.
    The value of a farm family’s assets – including land, buildings, livestock, unharvested crops and machinery – could total millions of dollars, but the family’s annual salary is significantly less. Per Iowa College Aid, if the value of family farms is included in the FAFSA asset test, a family making $60,000 a year could face over $41,000 in annual college tuition costs, compared to $7,600 previously. 
    Grassley has voiced strong concerns about the new FAFSA contribution formula’s impact on Iowa families. An overview of Grassley’s FAFSA-related efforts follows: 
    -30-

    MIL OSI USA News –

    February 13, 2025
  • MIL-OSI USA: Grassley, Cantwell Reintroduce Bills to Lower Prescription Drug Prices, Drive PBM Accountability

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    WASHINGTON – Sen. Chuck Grassley (R-Iowa), Chairman of the Senate Judiciary Committee and former Chairman of the Senate Finance Committee, and Sen. Maria Cantwell (D-Wash.), Ranking Member of the Senate Commerce Committee, are reintroducing two bipartisan bills to combat the high cost of prescription drugs and provide greater transparency of pharmacy benefit managers (PBMs).
    “Iowans are fed up with the skyrocketing cost of prescription drugs and eager for Congress to act to put a stop to pharmacy benefit managers’ shady practices. These bipartisan legislative solutions will bring much-needed transparency to prescription drug pricing and ensure the federal government can effectively target the abusive practices that unfairly drive up drug costs,” Grassley said.  
    “For too long, Americans have been left in the dark while PBMs – the mysterious middlemen – manipulate prescription drug prices. We need to hold PBMs accountable for skyrocketing drug costs. With these bipartisan bills, I’m continuing to fight for accountability and transparency in the drug market so we can shine a light on unfair practices and make sure patients get a fair deal on the medications they need,” Cantwell said.
    Prescription Pricing for the People Act:
    This bill requires the Federal Trade Commission (FTC) to complete a 6(b) study examining the effects of consolidation on pricing in the PBM industry, as well as other potentially abusive behavior by PBMs. The bill instructs the FTC to provide policy recommendations to Congress to improve competition and protect consumers.
    Grassley has welcomed the FTC’s interim staff reports on opaque PBM practices. The interim staff reports are a direct result of Grassley’s prior requests for a 6(b) study on potential anti-competitive practices in the prescription drug industry, as well as his bipartisan demands for a status update in light of FTC’s significant delays. Once passed, this legislation will bring the FTC 6(b) study to completion. The bill falls within the jurisdiction of the Senate Judiciary Committee.
    Additional cosponsors are Sens. Roger Marshall (R-Kan.), Peter Welch (D-Vt.), Tommy Tuberville (R-Ala.), Chris Coons (D-Del.), Thom Tillis (R-N.C.), Richard Blumenthal (D-Conn.), Shelley Moore Capito (R-W.Va.), Mazie Hirono (D-Hawaii) and James Lankford (R-Okla.).
    The bipartisan proposal is supported by the AARP, AIDS Healthcare Foundation, American Pharmacists Association, Biotechnology Innovation Organization, Community Oncology Alliance, National Community Pharmacists Association and National Association of Specialty Pharmacy.
    Pharmacy Benefit Manager (PBM) Transparency Act:
    This bill bans deceptive and unfair pricing schemes, prohibits arbitrary claw backs of payments made to pharmacies, and requires PBMs to report to the FTC on how much money they make through spread pricing and pharmacy fees. The bill falls within the jurisdiction of the Senate Commerce Committee.
    Additional cosponsors are Sens. Joni Ernst (R-Iowa), Peter Welch (D-Vt.), Shelley Moore Capito (R-W.Va.), Jeanne Shaheen (D-N.H.), Roger Marshall (R-Kan.), Martin Heinrich (D-N.M.), Jerry Moran (R-Kan.), Cindy Hyde-Smith (R-Miss.), Thom Tillis (R-N.C.) and Mike Rounds (R-S.D.).
    The bipartisan proposal is supported by the AARP, AIDS Healthcare Foundation, American Pharmacists Association, Association for Clinical Oncology, Association of Mature American Citizens, Autoimmune Association, Biotechnology Innovation Organization, Crohn’s & Colitis Foundation, Community Oncology Alliance, National Community Pharmacists Association and National Association of Specialty Pharmacy.
    “AARP, which advocates for the more than 100 million Americans aged 50 and over, is pleased to support the Prescription Pricing for the People Act of 2025 and Pharmacy Benefit Manager (PBM) Transparency Act of 2025. We value your ongoing bipartisan efforts to lower drug prices for consumers and taxpayers. It is outrageous that Americans pay the highest prices in the world for prescription drugs,” said Bill Sweeney, Senior Vice President, Government Affairs, AARP.
    “APhA supports Senators Grassley’s and Cantwell’s reintroduction of the Pharmacy Benefit Manager Transparency Act, which would go a long way toward addressing PBMs’ anticompetitive business practices putting many independent pharmacies out of business and creating ‘pharmacy deserts’ in rural and underserved communities, where the neighborhood pharmacy may be the only health care provider for miles. We also support the Prescription Pricing for the People Act directing the FTC to report on ways to enforce antitrust and consumer protection laws. APhA stands ready to work with Senators Grassley and Cantwell and the FTC to not only examine PBMs’ anticompetitive business practices but to take the necessary actions to end them,” said the American Pharmacists Association.
    “The Community Oncology Alliance (COA) commends Senators Grassley and Cantwell for once again taking an early lead in introducing pharmacy benefit manager (PBM) legislation in the 119th Congress. The Prescription Pricing for the People Act (S.113 in the 118th Congress) and the Pharmacy Benefit Manager (PBM) Transparency Act (S.127 in the 118th Congress) lit the fuse for additional legislation in both the Senate and the House to stop the top PBMs from harming patients, especially those with cancer. We thank Senators Grassley and Cantwell for their leadership in reintroducing these bills in the 119th Congress. Americans face medication delays and denials, as well as higher costs and waste, at the hands of the top PBMs, especially CVS/Caremark, Cigna/Express Scripts, and United/Optum Rx, which control 80 percent of the prescription drug market. They have to be stopped from harming cancer patients and others with serious diseases. It’s time for Congress to act now!” said Ted Okon, Executive Director, Community Oncology Alliance (COA).
    “Increased transparency into PBM operations is critical to understanding the many ways their underhanded tactics lead to increased costs, delayed access to care, and an unfair marketplace for independent pharmacies – tactics that need swift, significant reforms. The PBMs’ attempt to block every action to increase transparency in the drug delivery system should concern everyone from patients to policymakers. We’re grateful to our allies in Congress like Sens. Grassley and Cantwell for keeping these bills on their agenda and pushing for accountability and change. PBM reform cannot wait,” said B. Douglas Hoey, CEO, National Community Pharmacists Association.
    “IBD patients deserve to understand why PBMs are making the decisions that they do, and whether these decisions are financially motivated or based on science. They should also share in any cost savings achieved by PBMs. The Pharmacy Benefit Manager Transparency Act would make great strides in revealing the true motives and operating practices of PBMs, and in aligning their incentives with increased patient access to medications,” said Erin McKeon, Director, Federal Advocacy, Crohn’s & Colitis Foundation.
    “The Pharmacy Benefit Manager Transparency Act of 2025 would prevent anti-competitive practices and require PBMs to operate with full transparency. This bill ensures that PBMs can no longer manipulate pricing, prioritize profits over patients, or exploit loopholes that drive up costs. AMAC Action is committed to protecting seniors from predatory pricing schemes and ensuring they have access to affordable prescription medications. We commend you both for leading this bipartisan effort and urge Congress to swiftly pass this legislation to bring long-overdue transparency and accountability to the PBM industry,” said Andrew J. Mangione Jr., Senior Vice President, AMAC Action.
    About Pharmacy Benefit Managers
    PBMs were initially formed in the 1960s to process claims and negotiate lower drug prices with drug makers. Now, PBMs administer prescription drug plans for hundreds of millions of Americans.
    Today, three PBMs control nearly 80 percent of the prescription drug market. They serve as middlemen, managing every aspect of the prescription drug benefits process for health insurance companies, self-insured employers, unions and government programs.
    They operate out of the view of regulators and consumers — setting prescription costs, deciding what drugs are covered by insurance plans and how they are dispensed, pocketing unknown sums that might otherwise be passed along as savings to consumers, and undercutting local independent pharmacies.
    This lack of transparency makes it impossible to fully understand if and how PBMs might be manipulating the prescription drug market to increase profits and drive-up drug costs for consumers.
    Background:
    Grassley has long championed efforts to reduce the cost of prescription drugs. Three pieces of legislation authored and coauthored by Grassley have been signed into law to combat anticompetitive practices and stop drug makers from reaping profits at the expense of taxpayers and consumers. Grassley has also led in-depth congressional investigations to expose those responsible for prescription drug price gouging.  
    Other actions include:
    January 2025: Grassley welcomed the FTC’s second interim staff report on PBMs and urged congressional and executive branch action.
    July 2024: Grassley welcomed the FTC’s interim staff report on PBMs and urged congressional and executive branch action.
    January 2024: Grassley sent a letter urging the FTC to complete its investigation into the health care industry’s most powerful prescription drug middlemen.
    November 2023: The Finance Committee adopted a Grassley-led provision to strengthen oversight of CMS and hold PBMs accountable. 
    July 2023: The Finance Committee adopted several Grassley-led PBM accountability provisions. 
    March 2023: The Senate Commerce Committee passed a Grassley-backed bill to hold PBMs accountable for unfair practices driving up costs for consumers.
    February 2023: The Senate Judiciary Committee — which Grassley currently chairs — passed five Grassley-led bills to boost competition in the pharmaceutical industry and improve patients’ access to more affordable prescription drugs.
    October 2022: Grassley led a bipartisan letter urging the FTC to complete its investigation into PBMs to shine light on drug pricing practices.
    January 2021: Grassley and Senate Finance Committee Ranking Member Ron Wyden (D-Ore.) released a two-year bipartisan investigation into insulin price gouging.
    August 2018: Grassley requested the FTC assess pharmaceutical supply chain intermediaries.
    Learn more about Grassley’s persistent efforts to lower prescription drug costs HERE.

    MIL OSI USA News –

    February 13, 2025
  • MIL-OSI USA: Risch, Cortez Masto Introduce Legislation to Protect Critical Mineral Production in the West

    US Senate News:

    Source: United States Senator for Idaho James E Risch

    WASHINGTON – U.S. Senators Jim Risch (R-Idaho) and Catherine Cortez Masto (D-Nev.) today introduced the Mining Regulatory Clarity Act to allow critical mineral production to continue in the West.

    This legislation would provide clarity that mine support activities, like waste storage or processing, can proceed on lands that do not contain economically valuable minerals. Recent litigation has upended the long-held interpretation of the Mining Law and, without congressional action, will significantly impede critical mineral production on public lands across the West.

    “Domestic mineral production is critical to everyday energy, technology, and national security needs,” said Risch. “For too long, Idaho’s minerals have been tied up in red tape, preventing responsible use of our natural resources. The Mining Regulatory Clarity Act ensures mining projects in Idaho and across the West can proceed and provide invaluable support to our communities and country.” 

    “We need to streamline our federal permitting process to unleash the full potential of Nevada’s critical mineral economy,” said Cortez Masto. “I’m continuing my bipartisan push to pass this commonsense bill that will cut red tape, protect mining jobs in Nevada, help support clean energy projects nationwide.”

    MIL OSI USA News –

    February 13, 2025
  • MIL-OSI USA: Sens. Moran, Scott Join Colleagues in Introducing Legislation to Ease Burdens on Small Businesses

    US Senate News:

    Source: United States Senator for Kansas – Jerry Moran

    WASHINGTON. – U.S. Senators Jerry Moran (R-Kan.) and Tim Scott (R-S.C.) joined nine of their Senate colleagues in introducing legislation to ease burdens and shield small businesses from excessive legal red tape. The Protect Small Businesses from Excessive Paperwork Act of 2025 would extend the filing deadline for businesses to report beneficial ownership information (BOI) until January 1, 2026, giving the U.S. Department of Treasury more time to educate business owners on the new reporting requirements, assess Biden administration BOI decisions and make certain small businesses are not overburdened or penalized for violating unclear and unnecessarily complicated regulations.

    The senators were joined by Sens. Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), Katie Boyd Britt (R-Ala.), Pete Ricketts (R-Neb.), Jim Banks (R-Ind.), Kevin Cramer (R-N.D.) and James Lankford (R-Okla.).

    “Small businesses are the backbone of our rural communities, and with limited staff and resources, the current reporting requirements place an unnecessary burden on our businesses,” said Sen. Moran. “Extending the filing deadline allows small businesses the additional time they need to comply with updated guidelines and avoid harmful penalties.”

    “Small businesses are the backbone of our economy, and we need to ensure they have the necessary time and information to comply with reporting requirements from the federal government,” said Sen. Scott. “This commonsense bill will ensure small businesses are protected and not overly burdened by unclear and unnecessarily complicated regulations – allowing them to focus on serving their customers while following the law.”

    Representative Zach Nunn (R-Iowa) led companion legislation in the House, which passed on Monday by a vote of 408-0.

    BACKGROUND:

    • The Corporate Transparency Act was signed into law as part of the FY21 National Defense Authorization Act and established new reporting requirements around beneficial ownership for businesses.
    • During implementation of the rule, the U.S. Department of Treasury Financial Crimes Enforcement Network (FinCEN) failed to notify small businesses of the new reporting requirements. According to a survey by the National Federation of Independent Businesses (NFIB), 80% of NFIB members have never heard of the new reporting requirements.
    • On January 23, 2025, the U.S. Supreme Court declined to block the enforcement of these filing requirements. Now, small businesses across the country are expected to comply immediately or face harsh penalties.

    MIL OSI USA News –

    February 13, 2025
  • MIL-OSI United Kingdom: New industry bonus opens to support good jobs and low carbon manufacturing factories

    Source: United Kingdom – Government Statements

    Industrial heartlands and coastal areas will receive a major economic boost as the government backs renewable energy firms investing in industrial communities.

    • Government launches new investment to support clean energy manufacturing, and highly skilled jobs in industrial towns and cities
    • offshore wind developers can now bid for financial support if they drive investment in UK’s most deprived regions, build low carbon factories, or support net zero supply chains
    • the bonus will kickstart growth and support good jobs – delivering the mission to become a clean energy superpower through the government’s Plan for Change

    Industrial heartlands and coastal areas will receive a major economic boost as the government backs renewable energy firms investing in industrial communities – backing good jobs through the government’s Plan for Change. 

    The application window has opened for the Clean Industry Bonus, which provides financial support for offshore wind developers, on the condition they prioritise their investment in areas that need it most, including traditional oil and gas communities – supporting highly skilled jobs such as engineers, electricians or welders.

    The support also rewards developers who build more sustainable low carbon factories, offshore wind blades, cables and ports to reduce industrial emissions across the clean energy supply chain.

    By encouraging developers to use less polluting suppliers, the bonus will help tackle the climate crisis while also addressing supply chain blockages in renewable technologies driven by Russia’s invasion of Ukraine – supporting industry on the transition to clean, secure, homegrown energy that Britain controls.

    The UK produces more offshore wind than any other European country, making it the backbone for plans to deliver a clean power system by 2030 and become a clean energy superpower. This bonus will help accelerate the drive for clean power – incentivising developers to build the infrastructure the country needs to end reliance on unstable fossil fuel markets and help keep energy bills down for good.   

    Since July, the government has seen £34.8 billion of private investment into UK’s clean energy industries. In November, the government launched its carbon capture and storage industry supporting 4,000 jobs in the North West and Teesside. ScottishPower awarded a £1 billion turbine contract for its East Anglia TWO offshore windfarm to Siemens Gamesa, including blade production at its Hull blade factory – the company employ over 1,300 people in Humberside.

    Energy Secretary Ed Miliband said:   

    We are backing our proud manufacturing, coastal and oil and gas communities with good jobs, skills and private sector investment – delivering on the government’s Plan for Change.

    This is our clean energy superpower mission in action, kickstarting growth, delivering energy security and transforming towns and cities as part of the transition – from the ports of Nigg and Leith to the manufacturing hubs of Blyth and Hull. 

    Steve Foxley, Chief Executive of the Offshore Renewable Energy (ORE) Catapult, said: 

    This news is an important signal from government to industry of intent to grow our offshore wind sector in a way that benefits both our climate and our economy, supporting expansive regional job creation and bolstering national energy security.  

    Alongside innovating to develop next-generation technologies, delivering the right levels of future deployment and fulfilling the ambitions of the Industrial Growth Plan for offshore wind, it will drive up confidence in our ability to secure the clean investments we need in the years to come.

    Dan McGrail, CEO of RenewableUK, said:  

    The offshore wind industry already employs over 34,000 people in the UK, but there’s an opportunity to treble this number by the end of the decade if we grow the sector’s supply chain. Government initiatives like the Clean Industry Bonus, coupled with industry initiatives to support innovation and the upcoming Industrial Strategy, could drive hundreds of millions of pounds of private investment into new manufacturing. 

    Whilst we’re right to focus on securing investment in manufacturing new turbine foundations, blades and cables, we shouldn’t forget that there are also thousands of jobs in the construction and maintenance of wind farms too. You can go to places across the country like Grimsby and Great Yarmouth and Buckie on the Moray Firth and see boats full of engineers ensuring our wind farms operate at maximum efficiency. 

    Dhara Vyas, Energy UK, Chief Executive, said:  

    Offshore wind is set to become the backbone of a decarbonised power system. To build an industry that is resilient to supply chain challenges, we need a framework that supports sustainable deployment, while fostering investment in the UK’s industrial heartlands. 

    The Clean Industry Bonus will help to unlock economic growth, create job opportunities, and maintain the UK’s position as a global leader in offshore wind. 

    Alongside the development of a broader industrial strategy, the Clean Industry Bonus will play an important role in strengthening the Contracts for Difference mechanism. Clarity will be critical in ensuring we can deliver Allocation Round 7, which is likely to be the single most important auction to achieving the Clean Power goal.

    The UK is already home to the world’s first floating offshore wind farm and has the highest deployment of offshore wind in Europe. As a result, the UK’s offshore wind industry is supporting thousands of highly skilled jobs across the country. 

    This latest boost for renewable developers comes after the government delivered the most successful renewables auction round in history last year, securing contracts for Europe’s largest and second largest offshore wind farm projects. 

    The bonus will come with an initial £27 million per gigawatt of offshore wind projects. That means if developers commit to 7-8 GW of offshore wind, up to £200 million of funding could be made available. 

    Funding will be allocated competitively with the results announced by the Energy Secretary in the summer.

    Notes to editors

    The Clean Industry Bonus will apply to all offshore wind projects bidding for funding through this year’s renewable energy auction, Allocation Round 7 of the Contracts for Difference scheme, which is the main mechanism for securing clean energy infrastructure for Britain. September’s auction secured 5 GW for offshore wind, enough to power the equivalent of around 8 million homes.

    The funding will come through the government’s Contract for Difference mechanism. The scheme is designed to protect billpayers from high costs with the lowest price bids successful, ensuring value for money.

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    Published 13 February 2025

    MIL OSI United Kingdom –

    February 13, 2025
  • MIL-OSI USA: In Forceful Senate Floor Speech, Murray Lays Out Real Dangers of Confirming RFK Jr., Calls on Colleagues to “Show Some Courage,” Reject Anti-Vaccine Conspiracy Theorist as Top Health Official

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    Murray: “If you think RFK Jr. will change who he is, you are lying to yourself… If you do not draw a line somewhere, you will cross every line you could ever imagine. You will be pushed further and further into accepting things you never thought you would—things you never thought you could.”
    ICYMI: In Senate Hearing, RFK Jr. Refuses to Say HPV Vaccine is Safe to Sen. Patty Murray, Pressed on Credible Accusation of Sexual Assault
    Murray, a longtime congressional leader on health care who has led hearings on addressing vaccine hesitancy, has been a leading vocal opponent of RFK Jr.’s nomination—speaking out on the Senate floor, holding events, raising the alarm after meeting with him
    *** VIDEO of Senator Murray’s floor speech HERE***
    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), a senior member and former Chair of the Senate Health, Education, Labor, and Pensions (HELP) Committee, took to the Senate floor to warn of the very real dangers that lie ahead if Republicans insist on confirming RFK Jr. as Secretary of the U.S. Department of Health and Human Services (HHS) and urge her colleagues to “show some courage… show some conscience” and vote against this nomination.
    Murray laid out the many ways RFK Jr. could undermine vaccines as HHS Secretary—as well as so much else that’s at stake with his confirmation. Murray pointed out that, if confirmed, there will be nothing stopping RFK Jr. from firing the CDC’s entire vaccine advisory committee—responsible for making recommendations about vaccines and indirectly determines which vaccines must be covered by insurance—and replacing them all with vaccine skeptics. RFK Jr. will also oversee FDA, another agency he has repeatedly tried to discredit and attack—and where he has said he plans to fire hundreds of scientists on Day One.
    “My colleagues should know better. They do know better,” said Murray on the Senate floor. “But they are looking the other way. They are choosing to pretend like it is in any way believable that RFK Jr. won’t use his new power to do exactly the thing he has been trying to do for decades—undermine vaccines.”
    Murray spoke about how RFK Jr. will also have jurisdiction over NIH, where he could redirect funds away from promising cures, or make good on his plan to fire hundreds of researchers and pause infectious disease research. Pointing to Donald Trump and Elon Musk’s’ recent attacks on NIH biomedical research funding, Murray said: “At a time when lifesaving research like this is already under attack from the President and the richest man in the world, no one who truly values medical research should vote to install one of the biggest attackers of medical science as the Secretary of Health and Human Services.”
    Murray also spoke about health insurance—another huge responsibility for HHS. “Last time Trump was in office, we saw millions of people lose their health coverage,” Murray said. “The uninsured rate went up after years of hard-won progress, and we all know he still wants to rip up the Affordable Care Act—driving up costs and kicking people off their coverage. And there’s no reason to think Mr. Kennedy will stand up to that effort. Indeed, there is no reason to think he has the experience and understanding of the system to do so. During his committee hearings, RFK Jr. confused Medicare and Medicaid—basic stuff—and failed to describe the components of Medicare.”
    Murray also hammered how RFK Jr. poses an enormous risk to reproductive health care in America—pointing out that not only did RFK Jr. confess to having no real understanding of the Department’s role in enforcing Americans’ right to emergency care, but he showed he will be totally open to Republicans’ efforts to rip away access to medication abortion nationwide.
    Also noting the danger of putting RFK Jr. in charge of pandemic threats, Murray emphasized that “We cannot take this man at his word—something he has changed and gone back and forth on time and again. But we can take him at his record—which is that he has consistently undermined vaccine confidence and even profited from it.”
    “I cannot tell my colleagues enough: this isn’t a game, this is not a political role without consequence, the Health Secretary has real power over whether Americans can get basic information and care that impacts whether they live or die,” Murray continued.
    “So if my colleagues are feeling the pressure from President Trump or if they are feeling the weight of the richest man in the world on their backs, I would warn them: this will certainly not be the last test we face here in the Senate… If you do not draw a line somewhere, you will cross every line you could ever imagine. You will be pushed further and further into accepting things you never thought you would—things you never thought you could.
    “I think most of my colleagues know what is really at stake here. I think most of my colleagues know what sort of man RFK Jr. is and what sort of damage he could do if confirmed. There are political realities, we all get that—but there is also right and wrong… So, I urge all my colleagues to show some courage. I urge them to show some conscience. I urge them to join me in voting NO on RFK Jr.’s nomination,” Murray concluded.
    When President-elect Donald J. Trump first announced his intention to select Robert F. Kennedy Jr. as Secretary of HHS, Murray immediately and forcefully condemned the move—and she has consistently spoken out and laid out for her colleagues the case against his nomination since, including in a lengthy Senate floor speech earlier this month—VIDEO HERE. Murray met with RFK Jr. on January 15th and released a statement afterward reiterating her opposition to his nomination and urging her colleagues, “to be honest with themselves about the stakes of putting one of the anti-vaccine movement’s loudest, proudest champions in charge of HHS and join me in opposing RFK Jr.’s nomination.” In December, Murray held a roundtable discussion at UW Medicine on the importance of scientific research and vaccines—especially for children—and spoke about how having RFK Jr. lead HHS would threaten Americans’ health and safety. At the hearing on his nomination before the Senate HELP Committee, Senator Murray pressed RFK Jr. to acknowledge that the HPV vaccine was safe and effective—he would not—and respond to credible accusations of sexual assault.
    As a longtime appropriator and former Chair of the Senate HELP Committee, Murray has long fought to boost biomedical research, strengthen public health infrastructure, and make health care more affordable and accessible. Over her years as a senior member of the Appropriations Committee, she has secured billions of dollars in increases for biomedical research at the National Institutes of Health, and during her time as Chair of the HELP Committee she established the new ARPA-H research agency as part of her PREVENT Pandemics Act to advance some of the most cutting-edge research in the field. As Chair of the HELP Committee, Murray was also instrumental in crafting the American Rescue Plan Act, including its landmark investments in public health and health care. Senator Murray was also the lead Democratic negotiator of the bipartisan 21st Century Cures Act, which delivered a major federal investment to boost NIH research, among many other investments. Murray is also the lead sponsor of the Public Health Infrastructure Saves Lives Act (PHISLA), legislation to establish $4.5 billion in dedicated, annual funding for a grant program to build up and maintain the nation’s public health system across the board. 
    In 2019, Senator Murray co-led a bipartisan hearing in the HELP Committee on vaccine hesitancy and spoke about the importance of addressing vaccine skepticism and getting people the facts they need to keep their families and communities safe and healthy. Ahead of the hearing, as multiple states were facing measles outbreaks in under-vaccinated areas, Murray sent a bipartisan letter with former HELP Committee Chair Lamar Alexander (R-TN) pressing the Centers for Disease Control and Prevention (CDC) Director and HHS Assistant Secretary for Health on their efforts to promote vaccination and vaccine confidence.
    Senator Murray’s full remarks on the Senate floor, as delivered are below and HERE:
    “Mr. President, the American people are watching now with alarm—because the vast majority of people know: vaccines are safe, they’re effective, they are lifesaving.
    But we are now on the verge of confirming, as our nation’s highest health official, a man who has spent considerable time, money, and effort undermining that basic fact.
    “A man who has abused his platform by refusing to acknowledge the well-established science that shows that vaccines arenot linked to autism. Fear about that point—fueled by RFK Jr. and others peddling misinformation—is a leading reason that parents do not get their kids vaccinated against preventable, dangerous diseases.
    “That’s why elevating a man like RFK Jr. to lead HHS would be so dangerous. Just giving him any platform to spread vaccine doubt is dangerous. But to give him one of the biggest megaphones in the world? It is truly shameful that we even are debating this.
    “My colleagues should know better. They actually do know better. They are looking the other way. They are choosing to pretend like it is in any way believable that RFK Jr. won’t use his new power to do exactly the thing he has been trying to do for decades—undermine vaccines.
    “Never mind the fact that CDC has already modified webpages with information about vaccines and other vital public health information—which a federal judge has now ordered the Trump Administration to restore.
    “Never mind that the Trump administration is also, reportedly, planning widespread and significant layoffs—layoffs—at CDC and across HHS.
    “This is how RFK Jr. substitutes his own beliefs for science. So, when the vaccine conspiracies start swirling—and RFK Jr. turns HHS into ground zero for misinformation—‘I had no idea’ is not going to be an excuse for confirming him.
    “Because at the HELP Committee hearing, the Chair pressed him repeatedly about the debunked claim that vaccines cause autism. And when RFK Jr. said he needed to ‘see the evidence,’ he was shown the evidence. But, to no one’s surprise, he did not keep his word, admit he’d been wrong, and spread the good news that vaccines do not cause autism.
    “He has had two weeks since that hearing to look at the same settled science as everyone else—crickets. But he won’t hesitate to quote the latest anti-vax conspiracy. He is totally up to speed on that front.
    “Are my colleagues really buying this guy will take an impartial look at the science?
    “If you think RFK Jr. will change who he is, you are lying to yourself. He has given no evidence to suggest that—and all the evidence in the world to the contrary.
    “Given his long, and growing track record, we cannot just pretend if RFK Jr. finally gets power to undermine vaccines—a cause that he has dedicated a considerable amount of time and effort to—that he’ll just give it up. That is not believable.
    “And I know I’ve been talking a lot about vaccines—because it is so obviously alarming—but the responsibility he would have goes far beyond that.
    “So, let’s break some of this down—both the ways he could undermine vaccines as HHS Secretary, and the other responsibilities that would be at stake.
    “To start with, the CDC is under HHS. That means that the Secretary directly appoints people to CDC’s vaccine advisory board. That board is responsible for making recommendations about vaccines—and it is those recommendations that determine whether or not certain vaccines have to be covered by insurance.
    “So, simply put: changing those recommendations will change what vaccines millions of Americans, including kids, will be able to get from their health care provider.
    “If he is confirmed, there would be nothing stopping RFK Jr. from firing the entire board and replacing them all with vaccine skeptics.
    “After all, he has said many times, and in many ways, he thinks CDC is corrupt and bought by pharma—as usual, by the way, without any evidence.
    “RFK. Jr. would also oversee the Food and Drug Administration; that is another agency he has repeatedly tried to discredit and attack—where he says he plans to fire—fire!—hundreds of scientists on Day One. And an agency that plays the crucial role of making sure our drugs and our treatments—including vaccines—are safe and effective.
    “Not only would Mr. Kennedy have a key perch from which he could undermine vaccines on a scale like never seen before, he could also use his platform to peddle quack treatments with no basis in science.
    “RFK Jr. would also have jurisdiction over NIH. That alone means influence over billions of dollars in medical research—research that is responsible for a significant portion of our economy, and more importantly, research that patients are desperately hoping will help them find cures. 
    “But RFK Jr. could redirect those funds to promote his favorite pet conspiracies instead of promising cures.
    “Or he could make good on his plan to fire hundreds of researchers and pause infectious disease research—for eight years. It should go without saying: viruses aren’t going to take a break.
    “And here’s the thing—the attacks on medical research are now already happening under Trump. From his day one Executive Orders, President Trump has already been threatening medical research.
    “Suddenly, all of our grants are at risk because they are looking at addressing ‘barriers to care’ or understanding why Black and Native American women have higher maternal death rates.
    “And now—President Trump also is trying to illegally, arbitrarily, and suddenly change NIH guidelines to set an unrealistically low cap on indirect cost rates. That would mean researchers are laid off, studies canceled—including lifesaving clinical trials—and kids are not able to get the treatment they need.
    “All because President Trump and Elon Musk don’t seem to understand how we actually fund important research, and couldn’t even be bothered to find out before taking an axe to medical research labs.
    “At a time when lifesaving research like this is already under attack from the President, and the richest man in the world, no one who truly values medical research should vote to install one of the biggest attackers of medical science as the Secretary of Health and Human Services.
    “And, M. President, insurance is another huge portfolio for HHS. Last time Trump was in office, we saw millions of people lose their health care coverage. The uninsured rate went up after years of hard-won progress, and we all know he still wants to rip up the Affordable Care Act—which will drive up costs and kick people off their coverage.
    “There’s no reason to think Mr. Kennedy will stand up to that effort. Indeed, there is no reason to think he has the experience and understanding of the system to actually do so.
    “During his committee hearings, RFK Jr. confused Medicare and Medicaid—this is basic stuff! He failed to describe the components of Medicare. 
    “And yes, Mr. President, I also absolutely have to talk about abortion care. This is of grave importance—especially right now.
    “In his hearings, not only did RFK Jr. confess to having no real understanding of EMTALA—that is a law which requires patients have access to lifesaving emergency care including, in some cases, abortion care—he also showed that he will be totally open to Republicans’ fact-free efforts to rip away access to medication abortion.
    “Like so many other issues that RFK Jr. is simply wrong about, the science on that has been settled for many years now.
    “Mr. Kennedy made clear though, he is very open to revisiting access to the abortion pill, based on a Republican argument against the science that basically boils down to: ‘Nuh uh, nuh uh!’
    “Putting up barriers to accessing the abortion pill—or ripping it off the market completely, as Republicans have made very clear they want to do—would be absolutely devastating.
    “And let’s not forget about pandemic threats. The lies that RFK Jr. spread during the last pandemic already make clear he is not the man to do this job. But if that weren’t enough, when there was a pandemic threat response planning session for this new Administration—he skipped it! He didn’t go! It would almost be comical if this wasn’t so serious.
    “Mr. President, everywhere you look, everything about this nominee is so concerning.
    “We cannot take this man at his word—something he has changed and gone back and forth on time and time again. But we can take him on his record—which is that he has consistently undermined vaccine confidence and, by the way, note: he even profited from that.
    “And we can take the threat of what he might do seriously, especially given the alarming things that are already happening.
    “If RFK Jr. gives you his word of honor, that he won’t freeze research—well guess what? We are already seeing the Trump Administration totally upend medical research. Thanks to the Trump funding freeze, NIH hasn’t issued any grant awards in weeks!
    “If RFK Jr. swears that he is not going to take down information about vaccines, that he is not going to silence experts, well don’t look now—but the Trump Administration has already taken down or changed CDC pages about vaccines. They have already silenced public health experts.
    “If RFK Jr. pinky promises you that he won’t undermine medical science or studies, and he won’t ignore global health threats, well, you might want to sit down for this—but President Trump has completely demolished our global health aid work. He has already completely demolished it.
    “The fallout is utterly heart wrenching. Already we know of a woman who died—because the USAID-supported hospital she went to for oxygen was forced to discharge her because they got a ‘stop-work’ order from the Trump administration.
    “It is not clear if she was the first death caused by Trump’s complete freeze, but there is no question, she will not be the last.
    “And Mr. President—let me make a really important point here: it is not just people across the world who will be affected by this.
    “There was a study being done on a new HIV treatment with thousands of volunteers, a study being done already having a thousand volunteers doing the treatment. But now, without their regular injections, which are cut off because of Trump’s move, there is going to be too little of the drug in their system to protect those people from HIV—but enough of the drug that if they contract HIV, it could mutate to become drug resistant.
    “So, for all the absolutely unhinged conspiracies we have heard about medical research from RFK Jr. and the like, where is the concern for this actual risk, in this actual study, happening right now all because President Trump cut off foreign assistance?
    “RFK Jr. has been silent about that risk, silent about how wrong that is—and so, even as he is making these empty promises on one hand to some of our colleagues, he is already standing by as President Trump breaks them on the other hand.
    “Oh, and here’s one more—if RFK Jr. says he is going to consult you on health care personnel, please do not be fooled.
    “Look, I don’t know why my colleagues need me to tell them this—I like to think we have some pretty smart people around here—but this vote, RFK Jr.’s own nomination, this is your consultation on health care personnel. Not some made up promise for later. This is the point you have the most power.
    “Whatever he might say, you don’t get to choose who RFK Jr. will appoint to this or that—heck, he doesn’t get to choose who President Trump appoints. 
    “The decision you get to make, all of us on this floor get to make, is the decision on this floor before us right now. You get to choose who you vote to confirm. And you will have to live with that decision.
    “And, if you ignore the warning signs, and confirm RFK Jr.—then, when the wheels fall off the wagon, you may try to tell yourself you were lied to, but you knew who you were dealing with. You knew who you were dealing with. You knew what he has said before, and what he has refused to say.
    “You had all the knowledge you needed to do the right thing.
    “I cannot tell my colleagues enough: this is not a game, this is not a political role without consequence. The Health Secretary has real power over whether Americans can get basic information and care that impacts whether they live or die.
    “As I have tried to drive home throughout this process—vaccines save lives. That is not a question. It is not a slogan. It is a fact.
    “If, when parents look to you, worried about their newborn, wanting to do what is best for their baby, and trusting your advice as a public health leader—if you cannot tell them the same truth that centuries of science and experience tells us, which is that vaccines are safe, effective, and lifesaving, then you have absolutely no business leading the Department of Health and Human Services. None. 
    “And so, just as I did at the hearing, I want to warn all of my colleagues: by merely voting to confirm Mr. Kennedy, we would be telling our constituents he is worth listening to on vaccines. That alone will get people killed—before he even lifts a finger.
    “Because he does not even need the levers of power to get people killed—all he needs is a megaphone.
    “To affirm his views by voting to confirm him as our highest health official—let’s not mince words about what that will mean.
    “When babies die from whooping cough because parents weren’t sure the vaccine was safe—will you be able to look them in the eye? When the flu sweeps our nursing homes, when measles sweeps through our communities—will it be worth it?
    “Mr. President, I will end on this—I’m sure there are plenty of members who know perfectly well just how dangerous it would be to confirm RFK Jr. They don’t need to hear it from me—in fact, some of them may even know the danger better than I do.
    “But here’s what I do know: conscience is a muscle. Courage is a muscle. The less you use them, the more they fade away.
    “So if my colleagues are feeling the pressure from President Trump or if they are feeling the weight of the richest man in the world on their backs on this vote, I would warn them: this will certainly not be the last test we face here in the Senate.
    “Giving into pressure now won’t make it go away. It won’t soften the pressure you face later, and it will not strengthen your resolve when the stakes are higher. It will just show: pressure works.
    “If you do not draw a line somewhere, you will cross every line you could ever imagine. You will be pushed further and further into accepting things you never thought you would—things you thought you never could.
    “I think most of my colleagues know what is really at stake here. I think most of my colleagues knowwhat sort of man RFK Jr. is, and what sort of damage he could do if confirmed.
    “There are political realities, we all get that—but there is also right and wrong. There is also fact and fiction.
    “There is people staying healthy, and people dying pointlessly—kids dying pointlessly—from diseases that we can prevent, because they thought Congress took its job vetting our health secretary seriously.
    “So, M. President, I urge all my colleagues to show some courage. I urge them to show some conscience. I urge them to vote NO on RFK Jr.’s nomination.”

    MIL OSI USA News –

    February 13, 2025
  • MIL-OSI United Kingdom: expert reaction to study looking at hormonal contraceptives and stroke and heart attack risk

    Source: United Kingdom – Executive Government & Departments

    February 12, 2025

    A study published in the BMJ looks at hormonal contraceptives and the risk of heart attacks and strokes.

    Dr Sonya Babu-Narayan, Clinical Director at the British Heart Foundation and consultant cardiologist, said:

    “You shouldn’t be overly alarmed by these findings if you are using or considering starting hormonal contraception.  The additional risk of heart attack and stroke is very low for the vast majority – it’s equivalent to one extra heart attack for every 10,000 women using hormonal contraception for a year.  And pregnancy itself also increases your risk of developing blood clots, stroke and heart attack.

    “When considering hormonal contraception options, you will be able to discuss the risks and benefits with your GP so that you can make an informed decision about what is best for you.  This could include discussion and management of your existing cardiovascular risk factors like high blood pressure, diabetes, smoking, or if you are living with obesity.

    “The study lends weight to previous evidence of an association between hormonal contraception use and a small increase in the number of heart attacks and strokes.  The researchers made use of a wealth of long-term electronic healthcare information from over 2 million people in Denmark – this scale and breadth makes the findings more reliable and complete than previous studies and enables study of even rare complications like these.

    “However, the study is observational so it can’t prove cause and effect, and there may be other factors at play driving the links seen that aren’t sufficiently accounted for.

    “This latest study supports the current practice of recommending the option of a progestin intrauterine device – the hormonal coil – for those already living with high cardiovascular risk, as this wasn’t linked to more heart attacks and strokes.”

    Dr Becky Mawson, NIHR Clinical Lecturer in Primary Care, and GP with special interest in sexual and reproductive health, University of Sheffield, said:

    “Please do not stop using contraception based on this study!  The risk of stroke and heart attack in pregnancy and postnatal period is significantly higher than the risks reported in this study for contraceptives.  For those using contraceptives for treatment of health conditions, the slightly increased risk needs to be balanced with the benefit in quality of life for those suffering debilitating gynaecological and hormonal conditions.

    “Saying that, if you have other risk factors for strokes and heart disease, then it is worth discussing with your healthcare team to look at the safest options like the hormonal coil.  This observational study looks at relationships in data, not causes.  It adds to previous studies within the same database looking at increased blood clot risk.

    “While it remains true as it has done for years that we need to find better, risk-free alternatives to prevent pregnancy, in my view this study hasn’t changed that and should not cause alarm but does add to growing knowledge in this area.”

    Dr Clare Arnott, Conjoint Associate Professor, Cardiologist and Head of Cardiovascular Program, The George Institute for Global Health, and UNSW Sydney, said:

    “This is an interesting, timely and important study.  It is wonderful to see sex-specific cardiovascular risk factors given appropriate attention in medical research.

    “The study identified twice the risk of stroke and heart attack in those exposed to the combined oral contraceptive pill (and around 1.5x the risk for progestin only formulations).  Interestingly, while risk was also increased for the combined vaginal ring and patch (with relative risks higher with these preparations), no increased risk was observed for the progestin-only IUD.  Also of note, and clinical relevance, duration of use did not appear to impact risk.

    “While these relative risks are important, particularly at a public health/population level, it should be noted that absolute risk remains low in this patient population of young women.  It is also important to note that this study excluded women with a history of arterial thrombosis – a high risk group, and thus these results cannot be extrapolated to that population.

    “The study is strengthened by a large cohort size, which is nationally representative, long patient follow up period, and is adequately powered with respect to the number of events recorded.  Of course, as the authors rightly acknowledge, this is observational research, and correlation is not the same as causation.

    “Nonetheless, it is valuable information that should be routinely communicated to women to allow them, in conjunction with their healthcare provider, to make informed decisions about their health.  These data are also very important at a public health/ population level given the >200 million women worldwide using hormonal contraception, and thus public health clinicians and policy makers should take note.”

    Prof Angela Clerk, Professor of Biomedical Science, University of Reading, said:

    “The study appears to be comprehensive and rigorous, representing the whole of the Danish population.  There should be some caution in extrapolating to other populations with different ethnicities, since genetic background and cultural variation could affect cardiovascular risk, and some ethnicities not fully covered by the Danish population could have greater vulnerability.

    “This is clearly an important study but, while the focus is on the potential negative effects of contraception on cardiovascular risk, it is also clear that any increase in risk is actually very small.  This emphasises the overall safety of the drugs, particularly when balanced against the negative effects of unwanted pregnancies resulting from a lack of contraception.  Yes, there should be informed choice of the type of contraception, but perhaps lifestyle choices need to take greater precedence.  Though I am past that stage, this study would not stop me from using any of these forms of contraception over not using one and facing an unplanned pregnancy.”

    Dr Channa Jayasena, Consultant in Reproductive Endocrinology, Imperial College London, said:

    “Contraceptive medication is a vital healthcare option, which offers lower chances of accidental pregnancy compared with barrier contraceptive methods.  Contraceptives work by using high doses of female hormones like oestrogen and / or progesterone to temporarily ‘switch off’ the ovaries and womb.  Oestrogen is a ‘sticky’ hormone because it makes blood more likely to clot.  It is well-known that The Pill increases blood clot risk.  Increased blood clot risk increases risks of related problems like stroke and heart attack.  The current study helps to define the risks of different types of contraceptive medication.

    “The study is well designed because looks at health records from 2 million women of reproductive age living in Denmark.  The authors were careful to adjust for factors which might have affected the results.  The findings confirm that The Pill is associated with increased risks of stroke and heart attack.  Observational studies like this one cannot conclude that the Pill has caused stroke and heart attack; but our prior knowledge of how the pill works makes this likely.

    “My biggest criticism is the way that the results are presented.  Only 3 per 1000 women were affected by a stroke or heart attack; the risk among those on the pill was about 6-10 per 1000.  The absolute risk of having a stroke or heart attack on The Pill is still very low.

    “Women should take away the importance of smoking cessation, healthy eating, and exercise to minimise the (small) increased risk of stroke or heart attack associated with being on the pill.  Women who have high risks of stroke or heart attack that cannot be reduced should strongly consider a hormonal coil, because of its lack of associated increased stroke or heart attack risk.”

    ‘Stroke and myocardial infarction with contemporary hormonal contraception: real-world, nationwide, prospective cohort study’ by Harman Yonis et al. was published in the BMJ at 23:30 UK time on Wednesday 12 February 2025.

    DOI: 10.1136/bmj-2024-082801

    Declared interests

    Dr Sonya Babu-Narayan: “No conflicts of interests to declare.”

    Dr Becky Mawson: “Current project with South Yorkshire Digital Health Hub – The Hormone Effect – developing an app to collect data on side effects of contraception.

    Research lead (unpaid and no financial benefits) – The Lowdown Women’s Health Platform.”

    Dr Clare Arnott: “None to declare.”

    Prof Angela Clerk: “I no conflict of interest under any of the categories below with respect to industry funding.  I have no conflict of interest with any of my own research under these categories either.  I am a woman, however.”

    Dr Channa Jayasena: “No conflicts to declare.”

    MIL OSI United Kingdom –

    February 13, 2025
  • MIL-OSI New Zealand: Release: Willis’ supermarket announcement all talk, no plan

    Source: New Zealand Labour Party

    Nicola Willis’ latest supermarket announcement is painfully weak with no new ideas, no real plan, and no relief for Kiwis struggling with rising grocery costs.

    “New Zealanders struggling with the cost of their weekly grocery shopping don’t need more vague promises from Nicola Willis, they need real action,” Labour commerce and consumer affairs spokesperson Arena Williams said. 

    “When Labour was in government, we took bold action to break up the supermarket duopoly. We banned restrictive land covenants, enforced mandatory wholesale access, and introduced a Grocery Commissioner to hold the industry to account. We didn’t just talk about competition, we legislated for it.

    “If National was serious about tackling the supermarket duopoly it would build on the real progress Labour made. Instead, all Nicola Willis is offering is no new ideas, no deadlines, and no clear policies.

    “It’s a smokescreen for a government that is floundering when it comes to the cost of living,” Arena Williams said.

    “Nicola Willis talks about ‘growth’, but the only growth we’ve seen is in the number of job losses, the number of Kiwis leaving, and the number of homeless Kiwis,” Labour finance spokesperson Barbara Edmonds said.

    “Willis’ announcement is part of a troubling trend of all talk and no action. This government has failed to deliver on their FamilyBoost promises, they’re failing on ferries, and now they’re failing to seriously address grocery prices.”


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    MIL OSI New Zealand News –

    February 13, 2025
  • MIL-OSI New Zealand: Fiscal indicators in line with expectations

    Source: New Zealand Government

    The latest financial statements show the Government’s books are tracking broadly as expected, with some indicators in better shape than forecast at the Half Year Economic and Fiscal Update last year.
    The Interim Financial Statements of the Government of New Zealand for the six months ended 31 December 2024 were published by Treasury today.
    Treasury reports a $400 million improvement in the Government’s headline operating balance indicator, OBEGALx, compared to what was forecast. Net core Crown debt is $700 million lower than forecast.
    “The Government is committed to returning OBEGALx to surplus and to bringing net core Crown debt below 40 per cent of GDP,” Finance Minister Nicola Willis says.
    “Prudence with taxpayers’ money supports the Government’s work to grow the economy, invest in things that matter most to New Zealanders and build resilience to future shocks.”
    The publication of the statements coincides with the launch of the Government’s Going for Growth progress report, which lays out the work already underway, as well as the work planned, to grow New Zealand’s economy.
    “Economic growth supports the ability and speed with which we can rectify the Government’s financial position.”

    MIL OSI New Zealand News –

    February 13, 2025
  • MIL-OSI: CarePilot and Community Hospital Corporation Forge Strategic Partnership Following Successful Pilot of Ambient AI Technology

    Source: GlobeNewswire (MIL-OSI)

    KANSAS CITY, Mo. and PLANO, Texas, Feb. 12, 2025 (GLOBE NEWSWIRE) — CarePilot, a leader in AI-driven medical documentation for community healthcare, today announced a new strategic partnership with Plano, TX based Community Hospital Corporation (CHC) following a successful pilot of CarePilot’s ambient AI technology in several CHC facilities. Under this partnership, CHC plans to deploy and distribute CarePilot’s AI scribe solution across their managed and affiliated hospitals nationwide.

    • CarePilot’s ambient AI technology transforms spoken clinical conversations into comprehensive, structured documentation, enabling clinicians to focus on delivering patient care rather than on administrative tasks. This partnership is expected to streamline clinical workflows and ultimately enhance the patient experience throughout CHC’s extensive network.

    “We’re excited to work with CarePilot to bring AI to community health care and improve the experience for our patients and providers,” said Joe Ford, Regional Vice President of Information Technology at CHC.

    CHC is renowned for its support of community-based hospitals nationwide. The organization is either directly responsible for or supports the day-to-day operations of 23 hospitals across the country.  Additionally, CHC Consulting, CHC IT management, Telecom and Supply chain programs extend its influence to over 200 network hospitals. This broad reach positions CHC as a pivotal force in enhancing community health care delivery across diverse regions. By integrating CarePilot’s AI solution, the partnership aims to reduce administrative burdens on clinicians, optimize clinical documentation, and foster more meaningful interactions between healthcare providers and their patients.

    “We’re committed to bringing cutting-edge technology to rural and community hospitals. Our collaboration with CarePilot and their ambient AI platform is a testament to that commitment. By automating documentation in ambulatory, ED, and inpatient settings, and ensuring seamless compatibility with various EHRs, we’re not only improving operational efficiency, but also making this advanced technology accessible to our dedicated healthcare professionals, ultimately driving better patient outcomes in the communities we serve.”

    About CarePilot
    CarePilot is at the forefront of AI-driven documentation solutions for community healthcare. Its cutting-edge AI scribe technology converts clinical conversations into detailed clinical notes, reducing the administrative burden on providers and allowing them to focus on what truly matters—patient care. Designed for seamless integration into existing clinical workflows, CarePilot’s solution is transforming the landscape of clinical documentation across community health settings.

    About CHC Community Hospital Corporation
    Community Hospital Corporation owns, manages and consults with hospitals through CHC Hospitals, CHC Consulting and CHC ContinueCARE with the purpose to collaborate with partners and bring innovative solutions to support the vibrancy and accessibility of community healthcare. Based in Plano, Texas, CHC provides the resources and experience community hospitals need to improve quality outcomes, patient satisfaction and financial performance.

    For more information, please visit www.carepilot.com or www.chc.com.

    CONTACT:
    Joseph Tutuera, CEO
    sales@carepilot.com
    6550 Sprint Parkway
    Suite 200
    Overland Park, Kansas, 66211, USA

    The MIL Network –

    February 13, 2025
  • MIL-OSI Global: Inflation is heating up again, putting pressure on Trump to cool it on tariffs

    Source: The Conversation – USA – By Jason Reed, Associate Teaching Professor of Finance, University of Notre Dame

    Inflation is building again; but the housing industry may find it harder to do so as a result of Trump tariffs. Win McNamee/Getty Images

    Inflation figures released on Feb. 12, 2025, will come as a disappointment to Americans who hoped President Donald Trump would be true to his word on bringing down prices “on Day One.” It will also put pressure on the new administration to be wary of policies that may heat up inflation – and that includes tariffs.

    The consumer price index, which measures the change in prices paid by consumers for a representative basket of goods and services, rose unexpectedly from December to January by 0.5%. It means consumers are paying around 3% more on item prices than they were a year ago.

    Economists had been expecting the pace of inflation to slow in January.

    The news isn’t good for anyone concerned. It means inflation remains above the Federal Reserve’s long-run target of 2% – making it harder for the central bank to cut rates at its next meeting on March 19. At its last meeting, the rate-setting Federal Open Market Committee kept its benchmark federal funds rate unchanged at a range of 4.25-4.50%.

    Following the release of the latest inflation data, markets have a stronger conviction that the Fed will again hold rates steady when it meets in March.

    It also means more pain for consumers. Higher interest rates set by the Fed play a large role in determining rates for mortgages, credit cards and auto loans. If January’s rate of inflation were to continue throughout 2025, consumers would see a painful 6.2% annualized inflation rate.

    And although it would be churlish to link the latest jump in inflation to an administration just weeks old, it does put into focus the current slate of Trump economic policies. Economists have long warned that imposing tariffs on imports and cutting taxes does little to curb inflation – rather, they may contribute to faster price increases.

    Already, China has been hit by a 10% tariff on all products. Trump has also proposed a 25% tariff on all steel and aluminum imports, and he mulled imposing new tariffs on Canada and Mexico – two of the United States’ largest trading partners.

    I believe that if these wide-ranging tariffs come into effect, the Federal Reserve will have no choice but to keep rates elevated for the remainder of 2025.

    Revving up for higher car costs

    One of the largest drivers of inflation in January was rent increases, which accounted for nearly 30% of all items increase. Rents jumped 4.6% from a year earlier.

    If Trump’s tariffs on Canadian imports, like lumber, take effect, Americans can expect continued price increases in the homebuilding sector. Supply and demand imbalances remain a key driver for higher prices, so fewer houses being built due to higher materials cost will likely lead to higher rents.

    Consumers saw better news on new vehicle prices, which remained flat over the month and showed slight declines from a year ago.

    This is even as demand for new cars increased 2.5% over 2024. In January 2025, the number of new vehicles sold topped the same month a year earlier for the fifth month in a row.

    But as with homebuilding, any tariffs on the import of car parts or materials will impact the auto industry. Carmakers may have breathed an immediate breath of relief when Trump delayed new tariffs on Canada and Mexico. But if deals aren’t reached by the March 1 deadline, industry analysts expect immediate impacts on top sellers.

    And any higher cost of new cars will have a knock-on effect on used cars, which saw prices jump 2.2% in January – it’s largest increase since May 2023.

    Increased prices are no yoke! (groan)

    Of course, not all inflationary pressures are in the purview of government.

    The transportation sector, which includes insurance and parking fees, increased by 8% over the year. Insurance prices soared almost 12%, on the back of last year’s 20.6% increase in prices, while parking fees increased by almost 5% as a result of more expensive repairs and more dangerous driving behaviors.

    Meanwhile, with bird flu continuing to spread, egg prices rose a shocking 15.2% in January, and are 53% more expensive than at this time last year.

    All in all, voters who cited inflation as the main reason they were backing Trump may be feeling a little uneasy – the administration is only a few weeks old, but for one reason or other, Americans are experiencing ever higher prices with little relief in sight.

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

    – ref. Inflation is heating up again, putting pressure on Trump to cool it on tariffs – https://theconversation.com/inflation-is-heating-up-again-putting-pressure-on-trump-to-cool-it-on-tariffs-249815

    MIL OSI – Global Reports –

    February 13, 2025
  • MIL-OSI Russia: Five best articles in Russian for 12.02.2025

    MIL Analysis : Here are the top five Russian language articles published today. The analysis consists of five articles that are prioritized at the moment.

    Today’s analysis shows economic productivity and the hot topic of cybersecurity of citizens from fraudsters.

    Rosneft is expanding contactless fuel payment and has already introduced this system at gas stations in Khakassia. The Moscow subway held the first training sessions with guide dogs this year, 12 future service dogs started their training. Also, free cyber sports tournaments will be held in Moscow, in which everyone can take part.

    You can read one of the articles below.

    1. Financial news: February 14 at 15:00 will be held a press conference on the results of the meeting of the Board of Directors on monetary policy.

    The event will be attended by the Chairman of the Bank of Russia Elvira Nabiullina and Deputy Chairman of the Bank of Russia Alexei Zabotkin.

    Elvira Nabiullina will make a statement on monetary policy and medium-term forecast.

    2. Financial news: Interview with German Zubarev “Komsomolskaya Pravda”.

    “Safe accounts” to save money does not exist

    One hundred million rubles. That’s how much financial fraudsters swindle from Russians every day. And this is only official data. Last year, the law that will allow to limit the losses started to work. Cellular operators block suspicious numbers, banks suspend payments and freeze accounts. But criminals still find the keys to our piggy banks.

    3. “Rosneft” introduced contactless fuel payment services at its filling stations in Khakassia.

    “Rosneft continued joint work with the Yandex Fueling Service to expand the geography of contactless fuel payment. The service became available at all Rosneft filling stations in the Republic of Khakassia. It is already possible to refuel a car using the mobile application at 95% of the network’s stations in almost all regions where the Company operates.

    4. Moscow Metro held the first classes with guide dogs this year.

    Moscow Metro

    The Moscow Metro held the first training sessions with guide dogs this year, with 12 future service dogs starting their training.

    Since 2014, more than 400 guide dogs have been trained in the subway under the guidance of inspectors from the Passenger Mobility Center and specialists from the Guide Dog Training School of the All-Russian Society for the Blind.

    5. “Moscow cybersport”: free online tournaments begin in the capital.

    Free online cybersport tournaments are starting in Moscow. During 2025 at least 135 online competitions will be held on the cybermos.ru platform. The first meetings are scheduled for February 14-16.

    Learn more about MIL’s content and data services by visiting milnz.co.nz.

    Regards MIL!

    MIL OSI Russia News –

    February 13, 2025
  • MIL-OSI New Zealand: Science reforms: Save Science Coalition releases latest toll of science roles in wake of further cuts at Callaghan Innovation

    Source: Save Science

    Over 200 science roles have been cut from the sector since July last year, bringing the total number of roles lost in the government science sector to approximately 570. That is despite the Government trumpeting science as a key to economic growth.
    New figures released by the Save Science Coalition, a group of 30 scientific societies and unions, include an additional proposed 63 roles to be disestablished at Callaghan Innovation as the latest casualties of Government cuts. Staff at Callaghan Innovation were made aware of the proposal on Wednesday.
    “The latest cuts at Callaghan Innovation are a direct result of Government decisions to remove the majority of the organisation’s funding by 30 June this year,” explained Dr Lucy Stewart, spokesperson for the Save Science Coalition.
    “This isn’t stopping – we are expecting hundreds of additional jobs to be lost. We are aware of continuing restructuring occurring at Callaghan Innovation, AgResearch and Manaaki Whenua. This is on top of the Government’s proposed restructure of the science sector, which may result in yet further job losses unless the Government makes a clear plan to retain staff through this process.”
    “The Science System Advisory Group report highlighted that retention of the skilled workforce in this sector was of utmost importance. So far, it is difficult to see how the Government is upholding this principle when we are seeing job cuts continue even after the publication of the much-awaited report.”
    The Save Science Coalition also emphasised that funding the sector is critically important.
    “The Science System Advisory Group announcements included no additional funding for the sector, either to fund the reform programme or the ongoing science. While the reforms may help reduce unproductive competition between agencies, which is a positive thing, the benefits of the changes can only fully be realised if there is appropriate funding made available,” explained Stewart.
    “Merging and rebranding institutions costs money, but according to Cabinet papers the proposed changes are to be funded out of existing allocations. Furthermore, there is no commitment to retaining current scientific expertise, at the same time as the Government talks about wanting to attract new talent to our country. We know many researchers have already been forced to relocate offshore.”
    “The Cabinet papers noted that Aotearoa New Zealand receives a return of $3.50 for each dollar invested in science, innovation and technology. For science to be the solution to New Zealand’s economy, as the Prime Minister has so keenly told us, then he needs to front up and invest in it.”
    The Save Science Coalition has written to Science Minister Dr Shane Reti to discuss these matters.
    The Save Science Coalition was set up in May 2024 and completed a report documenting the cuts to science funding and staffing which was released in July 2024. The group has now released an update to the report, detailing additional cuts made between July 2024 and February 2025. The Coalition has also published its collective response to the reforms announced in January 2025.
    The Save Science Coalition’s goals are:
    – to oppose cuts to science funding and science staff across government institutions
    – to highlight and catalogue what is being lost through the current cuts
    – to defend support for world-leading indigenous research including mātauranga Māori
    – to make the case for a foundation of support for public science and re-committing to a target of 2% of GDP to be invested in research and development in Aotearoa New Zealand.
    Current Save Science Coalition member organisations are:

    MIL OSI New Zealand News –

    February 13, 2025
  • MIL-OSI New Zealand: BusinessNZ – Growth plan endorsed

    Source: BusinessNZ

    BusinessNZ has endorsed the Going for Growth plan released by the Minister for Economic Growth, outlining actions to be taken or underway to lift economic and productivity growth.
    BusinessNZ Chief Executive Katherine Rich said the proposed reform of taxation, savings and competition policy offered potential for invigorating the economy, and individual businesses stood to gain from the reforms.
    “For example, efforts towards promoting global trade and investment will be a significant boost for NZ exporters, while domestic businesses will gain from the reform of procurement rules that will give more ability for firms to tender for government business.”
    Katherine Rich said the plan’s focus on innovation and AI was well-placed.
    “Recent analysis by Accenture and Microsoft indicates the potential for annual GDP growth of up to $100 billion by 2038, based on greater uptake of AI by NZ businesses.
    “We would expect the Going for Growth plan to stimulate a more productive business environment, allowing businesses to invest in digital and AI technologies, to drive even further productivity and economic growth,” Mrs Rich said.
    The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

    MIL OSI New Zealand News –

    February 13, 2025
  • MIL-OSI New Zealand: Business – Ruling out compensation for Golden Mile businesses will put Wellingtonians’ jobs at risk

    Source: Business Central

    The decision to rule out compensation for businesses on the Golden Mile will put jobs and livelihoods at risk, the Wellington Chamber of Commerce warns.
    A three-year redevelopment of Courtenay Place is set to begin in April, the Wellington City Council confirmed today. In doing so, the Council rejected calls to offer compensation or rent relief while major construction is taking place.
    Wellington Chamber of Commerce CEO Simon Arcus says it’s far too early to rule out forms of business support:
    “Businesses are the heartbeat of our central city – without them, there would be no Golden Mile at all.
    “We all know the city centre needs an upgrade, but construction of this size and scale will pose huge risks to businesses – and that means jobs will be at stake.
    “It’s hugely concerning to hear the Council say they won’t consider compensation for business. The lesson of the City Rail Link in Auckland is that projects like this drive businesses to the brink.
    “That’s why Auckland offers compensation to business in the form of rent relief,” Arcus said.
    The $12m Targeted Hardship Fund was set up in 2021 to help businesses affected by construction. Arcus said it offers a proven model Wellington City Council could adopt.
    “We already have the solution. Let’s get together and make it work,” Arcus said.
    “The question always comes down to funding, but central city businesses already pay millions of dollars into a fund for moments like this.”
    The Downtown Targeted Rate – also known as the Downtown Levy – is an extra charge on central city businesses worth more than $17m a year.
    “That fund was set up at the request of business to help the central city economy,” said Arcus.
    “Instead, it’s being used to subsidise Council facilities like Tākina Convention Centre and the Carter Observatory. Is that really the right way to use that money at a time when businesses are at risk?
    “It’s also troubling read reports the Council is planning to let out empty shopfronts on a month-to-month basis. We should be doing all we can to keep people in business, not planning what to do when they’re gone.
    “We do believe Golden Mile needs a refresh, and we want to work with the Council on a vision we can all get behind,” he said. 

    MIL OSI New Zealand News –

    February 13, 2025
  • MIL-OSI: Partners Value Investments Inc. Announces Normal Course Issuer Bids

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 12, 2025 (GLOBE NEWSWIRE) — Partners Value Investments Inc. (the “Corporation”) (TSXV: PVF.WT. PVF.PR.V), a subsidiary of Partners Value Investments L.P. announced today that it has received approval from the TSX Venture Exchange (the “Exchange”) for normal course issuer bids (the “Bids”) to purchase up to 1,396,407 of its share purchase warrants (the “Warrants”), representing approximately 5% of its currently outstanding Warrants; and to purchase up to 3,533,558 of its Class A preferred shares, series 1 (the “Preferred Shares”), representing approximately 5% of its currently outstanding Preferred Shares. The Bids will be effective from February 14, 2025 to February 13, 2026, or such earlier date that the Corporation completes its purchases.

    Purchases by the Corporation pursuant to the Bids will be made by its designated broker, RBC Capital Markets, through the facilities of the Exchange, other designated exchanges and alternative trading systems in Canada. The price which the Corporation will pay for any Warrants or Preferred Shares purchased will be the market price of the Warrants and Preferred Shares at the time of acquisition. Any Warrants and Preferred Shares acquired through the Bids will be cancelled. As of January 31, 2025, there were 27,928,149 Warrants and 70,671,137 Preferred Shares outstanding.

    The Corporation believes that, from time to time, the market price of the Warrants and Preferred Shares may not adequately reflect their value. In such circumstances, the Corporation believes that its outstanding Warrants and Preferred Shares may represent an appropriate and desirable use of its available funds.

    In connection with the Bids, the Corporation will enter into an automatic purchase plan with its designated broker on February 13, 2025. The automatic purchase plan will allow for the purchase of Warrants and Preferred Shares when the Corporation would not ordinarily be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Outside of these periods, Warrants and Preferred Shares will be repurchased in accordance with management’s discretion and in compliance with applicable law.

    For further information, contact Investor Relations at ir@pvii.ca or 416‐643-7621.

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. Expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking information and forward-looking statements.

    Although the Corporation believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable 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 its control, which may cause the actual results, performance or achievements of the 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 and information include, but are not limited to: the financial performance of Brookfield Corporation and Brookfield Asset Management Ltd., the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws, catastrophic events, such as earthquakes, hurricanes, or pandemics/epidemics; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Partnership’s documents filed with the securities regulators in Canada.

    The Corporation cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Corporation’s forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or otherwise.

    The MIL Network –

    February 13, 2025
  • MIL-OSI New Zealand: Economy – NZ Treasury: Interim Financial Statements of the Government of New Zealand for the six months ended 31 December 2024

    Source: The Treasury

    The Interim Financial Statements of the Government of New Zealand for the six months ended 31 December 2024 were released by the Treasury today.

    The December results are reported against forecasts based on the Half Year Economic and Fiscal Update 2024 (HYEFU 2024), published on 17 December 2024, and the results for the same period for the previous year.

     


      

      Year to date Full Year
    December
    2024
    Actual1
    $m
    December

    2024
    HYEFU 2024
    Forecast1
    $m
    Variance2
    HYEFU 2024
    $m
    Variance
    HYEFU 2024
    %
    June
    2025
    HYEFU 2024
    Forecast3
    $m
    Core Crown tax revenue 59,944 59,715 229 0.4 120,623
    Core Crown revenue 66,575 66,284 291 0.4 134,038
    Core Crown expenses 68,879 69,322 443 0.6 144,638
    Core Crown residual cash (11,206) (10,722) (484) (4.5) (16,610)
    Net core Crown debt4 185,834 186,575 741 0.4 192,810
              as a percentage of GDP 44.1% 44.2%     45.1%
    Gross debt 199,099 193,413 (5,685) (2.9) 206,558
              as a percentage of GDP 47.2% 45.9%     48.3%
    OBEGAL excluding ACC (OBEGALx) (3,501) (3,885) 384 9.9 (12,868)
    OBEGAL (4,571) (4,878) 307 6.3 (17,317)
    Operating balance (excluding minority interests) (348) (1,464) 1,116 76.2 (10,161)
    Net worth 187,459 186,373 1,086 0.6 177,492
              as a percentage of GDP 44.5% 44.2%     41.5%
    1. Using the most recently published GDP (for the year ended 30 September 2024) of $421,702 million (Source: Stats NZ).
    2. Favourable variances against forecast have a positive sign and unfavourable variances against forecast have a negative sign.
    3. Using HYEFU 2024 forecast GDP for the year ending 30 June 2025 of $427,252 million (Source: The Treasury).
    4. Net core Crown debt excludes the NZS Fund and core Crown advances. Net core Crown debt may fluctuate during the year largely reflecting the timing of tax receipts.

    Core Crown tax revenue at $59.9 billion was $0.2 billion (0.4%) higher than forecast, with the largest variance in GST being $0.3 billion (1.5%) above forecast.

    Core Crown expenses at $68.9 billion were $0.4 billion (0.6%) below forecast. The variance is mostly timing in nature and was spread across a range of functional spending areas.

    The operating balance before gains and losses excluding ACC (OBEGALx) was a deficit of $3.5 billion, $0.4 billion less than the forecast deficit. When including the revenue and expenses of ACC, the OBEGAL deficit was $4.6 billion, $0.3 billion less than the deficit forecast.

    The operating balance deficit of $0.3 billion was $1.1 billion less than the deficit forecast. This is largely owing to the variances to forecast in net gains and losses for the six months to December 2024, with net losses on non-financial instruments being $1.4 billion lower than forecast, partly offset by net gains on financial instruments being $0.8 billion lower than forecast.

    The core Crown residual cash deficit of $11.2 billion was $0.5 billion more than the deficit forecast and was largely timing in nature with personnel and operating payments occurring earlier than anticipated.

    Net core Crown debt at $185.8 billion (44.1% of GDP), was broadly in line with forecast ($186.6 billion or 44.2% of GDP). While the core Crown residual cash deficit was higher than forecast, its impact on net core Crown debt was more than offset by higher than forecast net gains on financial instruments and the Reserve Bank’s issuance of circulating currency.

    Gross debt at $199.1 billion (47.2% of GDP) was $5.7 billion higher than forecast largely owing to higher than forecast derivatives in loss and issuances of Euro Commercial Paper. However, this increase in gross debt was broadly offset by a corresponding increase in financial assets therefore this has not flowed through to the net core Crown debt measure or to net worth.

    Net worth at $187.5 billion (44.5% of GDP), was $1.1 billion higher than forecast largely reflecting the operating balance results. Net worth consisted of total Crown assets of $597.9 billion ($13.0 billion higher than forecast) and total Crown liabilities of $410.5 billion ($11.9 billion higher than forecast).

    MIL OSI New Zealand News –

    February 13, 2025
  • MIL-OSI NGOs: Greenpeace projections blanket city days before trial of the $300M lawsuit filed by Dallas-based Energy Transfer

    Source: Greenpeace Statement –

    Greenpeace USA brought a powerful visual campaign to the streets of Dallas, projecting messages around Dallas to highlight the growing threat to free speech and peaceful protest. The projections come just days before Dallas-based Energy Transfer’s $300 million lawsuit against Greenpeace USA and Greenpeace International is set to go to trial. The February 24th trial represents a blatant attempt to silence dissent and intimidate those who fight for climate justic
    © Greenpeace

    DALLAS, TX (February 12, 2024) – In response to the growing threat against free speech and peaceful protest, last night, Greenpeace USA lit up Dallas with bold projections of resistance and solidarity onto iconic city locations. The projections come just days before the $300 million lawsuit brought by Dallas-based Energy Transfer (ET) against Greenpeace USA and Greenpeace International is set to go to trial. 

    Photos and videos from the projections are available here.

    Rolf Skar, Greenpeace USA Campaigns Director, said: “This fight is bigger than Greenpeace. This lawsuit is a blatant attempt to silence critics and hide destructive practices. Standing up to corporate bullies like Energy Transfer requires courage, solidarity, and people power – things no courtroom or judgment can erase. These projections are a testament to that resilience, shining a light on the truth and reminding everyone fighting for a just and livable future that we will not back down.”

    The Energy Transfer case, set to go to trial February 24th is a classic example of a SLAPP lawsuit – not filed to rectify a legitimate grievance but to silence dissent and intimidate those fighting for climate justice. This lawsuit makes outrageous allegations that have far-reaching implications for organizations far beyond Greenpeace.. However, as everyone saw last night: #WeWillNotBeSilenced.


    Contact: Madison Carter, Greenpeace USA Senior Communications Specialist, [email protected]

    Greenpeace USA is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org/usa.

    MIL OSI NGO –

    February 13, 2025
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