NewzIntel.com

Category: Economy

  • MIL-OSI Economics: Denis Beau: The foundations of trustworthy AI in the financial sector

    Source: Bank for International Settlements

    Ladies and gentlemen,

    First of all, I’d like to thank the organizers for their invitation to launch this event focusing on the Paris financial centre’s AI strategy: just days before the international AI Action Summit, this gives me the opportunity to reiterate our determination at the Banque de France and the ACPR to take action on this major issue for the industry – and to do so in concert with all financial sector players. The summit will also be an opportunity for the Banque de France to reaffirm its commitment by organising a side event on 11 February, featuring a round table discussion on ethical and inclusive AI.

    AI – as you are already well aware, is being increasingly used in the financial sector, whether to assess credit risk, set insurance rates or estimate asset volatility. For a supervisor, its impact is potentially double-edged: while AI is a source of opportunities for the sector – including for its supervisor – it is also a new vector of risk. This ambivalent impact partly explains the regulatory framework that has just been introduced in Europe.

    The European Union has proven itself a pioneer in this area by adopting the AI Act in the summer of 2024. However, this legislation raises legitimate questions, especially for the financial sector: is there not a risk of hampering innovation in the name of controlling risk? I would like to reiterate, before you today, a strongly held conviction that may seem iconoclastic in the current environment: in the long run, regulating AI-related risks is good for competitiveness in both Europe and France. Without regulation, there can be no trust – and therefore no sustainable innovation.

    Because my opening remarks this morning are from a supervisor’s perspective, I will discuss the opportunities and risks (I), then the conditions necessary for effective regulation of AI in the financial sector (II).

    I/ To get a bit of perspective on things, I would like to revisit an initial observation: AI, combined with an abundance of available data, is a powerful vector of transformation for the financial sector.

    1/ Our observations show that AI is increasingly being used by financial institutions along all segments of the value chain: i) to improve the “user experience”, ii) to automate and streamline internal processes, and iii) to control risks, particularly in the battle against fraud and against money laundering and the financing of terrorism.

    The emergence of generative AI two years ago has triggered a revolution in the accessibility of AI technology, thanks to the possibility of interacting with algorithms using natural language – via Large Language Models (LLMs) – which makes adoption considerably easier. Generative AI is also boosting innovation within companies as computer code can now be written by a much broader group of people.

    If harnessed properly, AI can therefore boost the efficiency of financial institutions, increase their revenues and provide them with risk management solutions.

    2/ However, there is a downside, and the power of the solutions developed is accompanied by significant risks, both for each of the players in the financial system and for the stability of the system as a whole. I would like to mention three of these risks.

    The first is that these technologies may be put to improper use. The complexity and newness of certain modelling techniques can result in more errors, either in systems design or use. This poses a risk not only for customers, but also for institutions’ financial health, as a poorly calibrated model could generate systematic losses. These risks are compounded by two factors. First, the adjustment of the parameters of certain models in real-time, which is one of their strengths, can also result in rapid drift. Second, certain AI systems are particularly opaque, generating a “black box” phenomenon.

    The second risk I would like to highlight is cyber risk, which has become the number one operational risk in the financial sector over the past few years. AI amplifies this risk – both in terms of the danger posed by attackers and because it represents a new area of vulnerability. Conversely, we should be aware that AI can also enhance IT security, for example, by helping to detect suspicious behaviour.

    Lastly, I’d like to highlight a third risk, which could become increasingly significant in the future, namely environmental risk. In the absence of reliable data provided by businesses or a commonly accepted basis of calculation, quantification of this risk is still subject to considerable variability. Nevertheless, it is clear that training the most recent generative AI models is a very energy-intensive process… and that if current trends continue, their regular use by billions of customers will be even more so. These factors naturally suggest that AI should be used rather frugally. In other words, AI systems should only be used when necessary.

    II/ I would now like to turn to aspects of regulation, legislation and control, and primarily to the European AI Act. This will mainly concern the financial sector for two use cases: creditworthiness assessment for granting loans to individuals, and risk assessment and pricing in health and life insurance. The main impacts of this legislation will be felt from August 2026, and as market surveillance authority, the ACPR should be responsible for ensuring that it is properly applied.

    With this in mind, I would like to share two simple messages with you this morning: i) the risks linked to AI can essentially be handled within the existing risk management frameworks; ii) however, we should not underestimate certain new AI-related technical challenges.

    1/ The AI Act will not lead to any major upheaval in the way risks are managed in the financial sector.

    Financial institutions have a sound risk management culture, as well as robust governance and internal control systems. The Digital Operational Resilience Act (DORA), which has just come into force, rounds out the traditional regulatory framework with specific rules on operational resilience and IT risk management. The financial sector is therefore well equipped to meet the challenge of complying with the new regulations.

    Admittedly, the objectives of the AI Act – first and foremost the protection of fundamental rights – and those of sectoral regulation – financial stability and the ability to meet commitments to customer– differ. But operationally, when the AI Act requires “high-risk systems” to have data governance, traceability and auditability, or guarantees of robustness, accuracy and cyber-security throughout the lifecycle, clearly, we are not in uncharted waters.

    Rather, I would like to reiterate that the usual principles of sound risk management and governance continue to apply under the AI Act. Naturally these will guide the ACPR in assessing systems compliance when it is called upon to exercise its role of market surveillance authority. More specifically, our vision for deploying this new mission will be underpinned by three simple principles: (i) implementing “market surveillance” in accordance with the AI Act, i.e. primarily aimed at identifying systems likely to pose compliance problems; (ii) defining supervision priorities using a risk-based approach to ensure that the resources deployed are proportionate to the expected outcomes; and (iii) unlocking all possible synergies with prudential supervision. I believe that this was the intention of the European legislator when it entrusted national financial supervisors with the role of “market surveillance authority”. It is also the best way of ensuring that we don’t make the regulations any more complex at a time when our common objective should be to simplify them.

    Naturally, the principles of good governance and internal control also apply to algorithms not considered high-risk by the AI Act, if they pose risks to the organisations concerned – think of the use of AI systems in market activities, for example. Here, lessons learned from implementing the AI Act and the resulting best practices will be invaluable for both supervisors and supervised entities.

    2/ Nevertheless, the challenges posed by the use of AI should not be underestimated

    Some of the issues raised by this technology are definitely new. Let me give you two examples. Firstly, explainability: with each advance in this field, artificial intelligence algorithms have become increasingly opaque and in a regulated sector like the financial sector, this is a problem. More specifically, day-to-day users of AI tools need to have a sufficient understanding of how they work and of their limitations if they are to make appropriate use of them and avoid the twin pitfalls of either blindly trusting the machine or systematically mistrusting it.

    The second example is fairness. AI can accentuate biases present in data. Indeed, one of the aims of the AI Act is to detect and prevent such biases before they cause harm to citizens. This is a technically complex issue, as banning the use of certain protected variables is not enough to guarantee safe algorithms. This is particularly true for activities such as granting loans or pricing insurance, where customer segmentation is part of normal business and risk management practices in a competitive environment.

    To address these new challenges and comply with the various regulatory requirements, financial institutions will need to acquire new human and technical resources and upskill. As market surveillance authority and prudential regulator, the ACPR will ensure that risks are effectively managed. Compliance with the AI Act will have to be more than just an internal administrative labelling exercise, and financial institutions will have to ensure that the algorithms are managed and monitored by competent people who understand their inner workings.

    This means that the financial supervisor itself has to upskill and adapt its tools and methods. The ACPR has already published certain proposals in the past concerning the issue of explainability. It will eventually have to establish a doctrine on this topic as well as on algorithm fairness. We will also need to develop a specific methodology for auditing AI systems.

    We cannot and must not take this methodological step forward alone. In addition to unlocking synergies with other AI supervisors in France and Europe, we need to cooperate with the financial sector. Supervisors and supervised entities share many challenges and they will overcome them more effectively if they are able to move forward together.

    Events like today provide an opportunity to channel our collective efforts into a widely shared project. It is by working together that we will be able to lay the foundations for trustworthy AI in the financial sector.
    I wish you fruitful discussions throughout this morning.

    MIL OSI Economics –

  • MIL-OSI Economics: Christine Lagarde: European Parliament plenary debate on the European Central Bank Annual Report

    Source: Bank for International Settlements

    It is a great pleasure to take part in this plenary session and discuss your draft resolution on the ECB’s Annual Report.

    At the ECB, we are deeply committed to transparency and accountability, particularly in how we communicate with the public and their elected representatives in the European Parliament. In fact, in the last parliamentary term we interacted with this Parliament even more frequently than in previous terms.1

    At the same time, we greatly value the opportunity to hear the Parliament’s views. Your resolution and debate are an important pillar of the ECB’s accountability framework and a key channel for you to share your views with us – and we listen. For instance, next week will mark ten years since the ECB started publishing the accounts of the Governing Council’s monetary policy meetings2, a major step in enhancing our monetary policy communication and one that this Parliament had called for.

    This year’s draft resolution covers key issues that are central to the ECB’s mandate and the future of the euro area, including our response to inflation, the digital euro and the ECB’s role in supporting the EU’s broader economic policies. It also reflects the dynamic challenges we face in Europe today, and I look forward to hearing your thoughts on all of these issues and having a constructive dialogue with you.

    But let me first start by outlining our view on the current economic situation in the euro area and our monetary policy stance. I will then address the broader economic challenges we are facing and their implications for monetary policy.

    The euro area economy and the ECB’s monetary policy

    The euro area economy grew modestly in 2024. While output stagnated in the fourth quarter, it was still 0.9% higher than at the end of 2023. Surveys indicate that manufacturing continues to contract while services activity is expanding. Consumer confidence is fragile and, despite rising real incomes, households are hesitant to spend more.

    Nevertheless, the conditions for a recovery remain in place. A solid job market and higher incomes should strengthen consumer confidence and allow spending to rise. More affordable credit should boost consumption and investment over time. Exports should also support the recovery as global demand rises, although this is conditional on developments in international trade policies.

    Inflation stood at 2.5% in January and has recently developed broadly in line with staff projections. Core inflation has remained at 2.7% in recent months, reflecting a sideways movement in both services and goods inflation. Wage growth is moderating as expected, although it remains elevated, while profits are partially buffering the impact of wage increases on inflation.

    Inflation is set to return to our 2% medium-term target in the course of this year, with risks on both the upside and the downside. Greater friction in global trade would make the euro area inflation outlook more uncertain.

    In total, the ECB has lowered interest rates by 125 basis points since last June, and the deposit facility rate – the rate through which we steer the monetary policy stance – now stands at 2.75%. At our last meeting in January, we decided to lower our key interest rates by 25 basis points, based on an updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. In particular, the disinflation process in the euro area is well on track. Most measures of underlying inflation suggest that inflation will settle at around our target on a sustained basis. And while financing conditions continue to be tight, our recent interest rate cuts are gradually making borrowing less expensive.

    We are determined to ensure that inflation stabilises sustainably at our 2% medium-term target. We will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. We are not pre-committing to a particular rate path.

    A challenging economic environment for monetary policy

    Let me now turn to the broader economic environment and its implications for monetary policy.

    Europe has faced a series of unprecedented challenges in recent years, each with its own far-reaching impact. From the COVID-19 pandemic to surging energy prices and the geopolitical upheaval caused by Russia’s invasion of Ukraine, we have navigated our way through a storm of supply shocks. As we look ahead, the frequency of these shocks is likely to remain high.

    While we have weathered these crises, the past few years have also revealed missed opportunities and underinvestment in areas such as the digital transformation and the green transition – and the uncertainty surrounding trade and economic policy continues to weigh on consumption and investment.3 As a result, and as highlighted in reports by Enrico Letta and Mario Draghi, Europe finds itself lagging behind international competitors in productivity and growth.

    In a world driven by shifting global dynamics and rapid technological change, Europe must strike a delicate balance between achieving strategic autonomy and preserving its openness to the global economy. As President Ursula von der Leyen and I highlighted in a recent article, Europe’s response to these challenges must be bold and strategic. While the outlook may seem daunting, the prospects are more promising than they might appear.4

    One of Europe’s first priorities should be to deepen the Internal Market. By removing remaining barriers within the Single Market – barriers that effectively function like tariffs – we can unlock economies of scale, encourage innovation and reduce costs for consumers and producers alike. We are already home to a wealth of ideas and innovators. Our challenge is to transform these ideas into technologies that fuel economic growth. To do so, we need to reduce administrative burdens and foster an innovation-friendly environment.

    Another critical area is enhancing Europe’s autonomy in payments, which form the backbone of our economy and our single currency. At present, a few foreign providers dominate Europe’s payments landscape, leaving us vulnerable to external pressures. As we face an increasingly digital future, we must prepare the ground for a digital euro. This will ensure the resilience and public good nature of our payment systems. It will also provide a platform for private innovation in digital payments.

    With substantial savings at its disposal, Europe must channel more resources into private investment and scale up financing to support its innovators. A genuine capital markets union designed for citizens and businesses alike will be instrumental here.

    More broadly, investment must be the cornerstone of Europe’s economic transformation. The focus must be on investing in physical and digital infrastructure, research and development, and green technologies. These are not optional but essential investments required to drive productivity and guarantee Europe’s competitiveness on the global stage. Moreover, they will address our energy dependence and help us meet our climate goals – both pressing imperatives.

    In this regard, we welcome the European Commission’s Competitiveness Compass as a concrete roadmap for action, which will also support the ECB in maintaining price stability by reducing Europe’s susceptibility to supply shocks.

    That said, the ECB is not standing idle. We are committed to learning from the experiences of recent years. As part of the ongoing assessment of our monetary policy strategy, we are preparing for the risk of an increasingly volatile future. We are taking stock of a changed inflation environment and economic context. We are also focusing on the implications for monetary policy, our experiences with our evolving policy toolkit, our reaction function and how to better deal with risk and uncertainty in policy setting and communications. While the ECB continuously evaluates and adapts its economic models – a topic raised in your resolution – assessing new analytical needs will be one component of this assessment.

    Conclusion

    Let me conclude.

    The challenges facing Europe are immense, but solutions are within our reach. Our opportunity lies in more Europe.

    As Konrad Adenauer said 70 years ago, “European unity was the dream of a few. It became the hope for many. Today it is a necessity for all of us.” This sentiment rings true today more than ever.

    To jointly tackle Europe’s challenges, I am counting on the Parliament’s commitment. Within its mandate, the ECB will play its part. Ever since the introduction of the euro, the ECB has continuously adapted to changing economic environments to fulfil its mandate. We remain fully committed to delivering on this mandate. We are equally committed to maintaining our active and meaningful dialogue with the Parliament.

    Thank you for your attention. 

    MIL OSI Economics –

  • MIL-OSI Russia: The number of self-employed in Moscow has exceeded 1.9 million

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    In the capital, the number of payers of the professional income tax at the beginning of 2025 exceeded 1.9 million people. This was reported by Maria Bagreeva, Deputy Mayor of Moscow, Head of the Department of Economic Policy and City Development.

    “Moscow’s large consumer market and the support measures provided by the city allow entrepreneurs to develop their businesses in the directions and formats that are attractive to them. In 2024, the number of self-employed people working in the capital increased by almost 350 thousand and exceeded 1.9 million people. 16 percent of Russian registered professional income taxpayers work in Moscow. Over the entire period of this tax regime, which has been in effect in the capital since January 1, 2019, they have earned almost 1.5 trillion rubles, including 536 billion rubles in 2024,” noted Maria Bagreeva.

    Last year, the self-employed transferred 15.1 billion rubles to the Moscow budget – 46 percent more than in 2023. Over the entire period of the special tax regime, more than 39 billion rubles in professional income tax have already been received by the capital’s budget.

    In 2024, 181 million checks were issued to clients — twice as many as the year before. This indicates an increase in business activity among the self-employed in Moscow. At the same time, the average check size at the end of 2024 was 3,152 rubles.

    The advantages of this tax regime are the ease of registration and the automated mode of transferring information about the income received. In addition, the self-employed person is not required to submit tax reports or use cash registers.

    According to the Federal Tax Service, in 2024, the most popular types of activity among the capital’s self-employed, which they indicated during registration, were passenger and freight transportation, delivery, apartment rental, construction, advertising and marketing.

    Moscow has a developed modern infrastructure for professional self-realization, including those who choose the entrepreneurial scenario. On Shchepkina Street (house 38, building 1) there is a center for innovative personnel services “Professions of the Future”Here you can master one of 75 in-demand specialties in various sectors of the economy, get help in finding a job or start your own business. All this will take a maximum of 3.5 months.

    At the flagship center “My work” (Shabolovka Street, Building 48) a unique full-cycle ecosystem, “Self-Employment in Hands,” has been created. Here you can get advice on starting your own business, take part in career guidance classes and develop entrepreneurial skills.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/149931073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Moscow entrepreneurs used the service of targeted selection of financial support measures more than five thousand times in 2024

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    In 2024, using the service “Targeted selection of financial support measures”, accessible on the portal State Budgetary Institution “Small Business of Moscow” (MBM), entrepreneurs attracted over two billion rubles from the federal budget to develop their projects. This was reported inDepartment of Entrepreneurship and Innovative Development the city of Moscow.

    MBM specialists help entrepreneurs find suitable financial support measures at the federal level, and also explain in detail the procedure for obtaining them. In 2024, more than five thousand requests for the service were received from current entrepreneurs and aspiring businessmen.

    The most popular were preferential lending programs, which accounted for 59 percent of the total amount of attracted financing. Another 32 percent were guarantees and sureties, the remaining nine percent were subsidies, grants and investments. The main recipients of support were manufacturing companies (53 percent) and enterprises in the innovation sector (10 percent).

    State Budgetary Institution “Small Business of Moscow”, subordinate to the capital’s Department of Entrepreneurship and Innovative Development, helps residents open and develop their own businesses in the city. In business service centers, everyone can learn about financial and non-financial measures of state support. Entrepreneurs can attend free seminars, forums and trainings that will improve their professional skills and establish business contacts.

    More detailed information can be found on the portal MBM.Mos.ru or by phone: 7 495 225-14-14.

    Support for entrepreneurs in the capital is provided within the framework of the federal project “Small and medium entrepreneurship and support for individual entrepreneurial initiative”, which is part of the national project “Efficient and competitive economy”.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/149910073/

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Director General David Cheng-Wei Wu and Mrs. Wu Attended the Grand Opening of OMMI DON Chatswood

    Source: Republic Of China Taiwan 2

    irector General David Cheng-Wei Wu and Mrs. Wu attended the grand opening of OMMI DON Chatswood, joining @Tim James MP, Shadow Minister for Small Business, Willoughby Deputy Mayor Angelo Rozos, Councillor Michelle Chuang, and Liberal candidate for Bradfield @Gisele Kapterian for the ribbon-cutting ceremony. They also took part in the traditional eye-dotting ritual, celebrating this exciting new milestone for Ommi’s .
    DG Wu praised Omar’s inspiring journey—overcoming challenges and taking Ommi’s Food & Catering to new heights. His resilience embodies the spirit of Taiwan and its people, and his success is a great example of how a Taiwanese business can thrive and become an integral part of the local community. It also reflects the diversity and vibrancy of Australia’s multicultural economy.
    We wish Omar and his team continued success and fulfillment in this exciting new chapter.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Director General David Cheng-Wei Wu Celebrates 2025 Lunar New Year with Ryde City in Eastwood

    Source: Republic Of China Taiwan 2

    The 2025 Lunar New Year Festival at Eastwood Oval, hosted by the City of Ryde, was a great success. Thousands gathered at Eastwood Oval to enjoy the spectacular dragon dance and high-pole lion dance.Director General David Cheng-Wei Wu was honoured to join the Grand Opening and Lion Eye-Dotting Ceremony alongside Mayor Trenton Brown, Prime Minister Anthony Albanese, NSW Premier Chris Minns, NSW Opposition Leader Mark Speakman, and VIPs from Federal and NSW Parliaments, Ryde City Council, academia, the cultural industry, and the NSW Consular Corps.
    PM Albanese emphasized that “people” are Australia’s most valuable asset. He highlighted that Australia’s diverse communities are not only the backbone of society and co-authors of the Australian story but also play a key role in connecting Australia to the world, strengthening its international image and influence.
    Mayor Trenton Brown and NSW Premier Chris Minns expressed their gratitude to communities of all ethnic and cultural backgrounds for their contributions. They recognized the energy and vibrancy these communities bring to the economy and how they embody Australia’s spirit of diversity and inclusivity.
    The Taiwanese community once again seized the opportunity to showcase Taiwan’s unique cultural traditions. We were proud to see the Taiwanese Indigenous group “Formosa”, in collaboration with DCS International of NSW and Australia, deliver a stunning performance that earned resounding applause.

    MIL OSI Asia Pacific News –

  • MIL-OSI Africa: International Monetary Fund (IMF) Staff Completes 2025 Article IV Consultation with Morocco

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

    RABAT, Morocco, February 11, 2025/APO Group/ —

    • Economic growth is accelerating thanks to strong domestic demand, amid a new investment cycle in many sectors.
    • Tax reforms have allowed the fiscal deficit in 2024 to be lower than expected while also funding spending measures. Going forward, saving part of the revenue windfall would help strengthen the fiscal buffers. The current monetary policy stance is appropriate and should remain data dependent.
    • Structural reforms should focus on strengthening job creation, including by better targeting active labor market polices, consolidating programs to support small and medium firms, and removing regulatory distortions that hinder firms’ growth.

    An International Monetary Fund (IMF) staff team led by Roberto Cardarelli conducted discussions with the Moroccan authorities in Rabat on the 2025 Article IV Consultation from January 27 to February 7. At the conclusion of the visit, Mr. Cardarelli issued the following statement:

    “Economic activity is expected to have grown by 3.2 percent in 2024 and to accelerate to 3.9 percent in 2025, as agricultural output rebounds after the recent droughts and the nonagricultural sector continues to expand at a robust pace amid strong domestic demand. Higher growth is expected to increase the current account deficit towards its estimated medium-term norm of around 3 percent, while inflation is expected to stabilize at around 2 percent. The risks to the outlook are broadly balanced, with significant uncertainty regarding the economic impact of geopolitical tensions and changing climate conditions.

    “With inflation expectations anchored around 2 percent and little signs of demand pressures, the current broadly neutral monetary policy stance is appropriate, and staff agrees with Bank Al-Maghrib that future changes of policy rates should remain data dependent. With inflation back to around 2 percent, Bank Al-Maghrib should continue its preparation to adopt an inflation-targeting framework.”

    “Recent reforms to the tax system and tax administration have helped expand the tax base while lowering the tax burden. As a result, tax revenues in 2024 have been greater than expected. With only a small part of the additional tax revenues being saved, the central government’s deficit for the year was 4.1 percent of GDP compared to the 4.3 announced in the 2024 Budget. While the 2025 Budget confirms the gradual pace of fiscal adjustment projected last year, higher-than-expected revenues should be used to accelerate the pace of debt reduction to levels closer to pre-pandemic. In addition, continuing to finance structural reforms may require further efforts to expand the tax base and rationalize spending, including by reducing transfers to state-owned enterprises as part of the ongoing reform of the sector and expanding the use of the Unified Social Registry to all social programs.

    “Staff welcomes the ongoing reform of the Organic Budget Law that should introduce a new fiscal rule based on a medium-term debt anchor. Good progress has been made in the Medium-Term fiscal framework to include an assessment of the risk from climate change. Staff encourages the authorities to build on this progress by adding more information on the impact of new policy measures and a quantification of the risks from the increased reliance on public-private partnership (PPP) projects.

     “Stronger job creation requires a novel approach to active labor market policies, focusing on labor displaced from the agricultural sector due to the sequence of droughts. A special focus should be placed on encouraging the growth of small and medium size enterprises (SME)  and favoring their integration into sectoral value chains. Staff welcomes the progress in the operationalization of the Mohammed VI Investment Fund that should help SMEs access equity financing. Measures that may encourage the development of a more buoyant private sector include strengthening the support for SMEs under the new Charter of Investment, strengthening regional investment centers so they can better help SMEs access the financial and technical resources needed for their growth, and reviewing the labor code, tax system, and regulatory and governance frameworks so as remove the distortion that incentivize firms to remain small or informal. It will also be necessary that the ongoing SOE reform effectively pursues market neutrality between public and private sector firms.

    “The IMF team held discussions with senior officials of the government of Morocco, Bank Al-Maghrib, and representatives of the public and private sectors. The team thanks the Moroccan authorities and other stakeholders for their hospitality and candid and productive discussions.”

    MIL OSI Africa –

  • MIL-OSI Russia: Dialogue between science and government

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    A working meeting of representatives of regional executive authorities with a delegation of the Association of Innovative Regions of Russia (AIRR) was held in the Government of St. Petersburg. The event was dedicated to discussing issues of developing intellectual property, innovation and support for high-tech projects in the regions.

    Key government and business representatives addressed the participants with welcoming remarks. Deputy Chairman of the Committee for Industrial Policy, Innovation and Trade of St. Petersburg Dmitry Prozherin emphasized the importance of developing innovative infrastructure and protecting intellectual property for the region’s economic growth. Deputy of the Legislative Assembly of St. Petersburg, Chairman of the specialized commission on investments and the city branch of “Business Russia” Dmitry Panov noted the need to create favorable conditions for investment and the introduction of new technologies.

    Head of the Center for Strategic Communications of the Federal State Budgetary Institution “Federal Institute of Industrial Property” Daria Shipitsyna spoke about measures of state support in the field of intellectual property.

    Head of the regional direction of AIRR Dmitry Mitroshin gave a report on the development of the intellectual property system at the regional and federal levels. He emphasized the importance of integrating efforts to create a unified strategy in this area. Representatives of various regions of Russia shared their experience in intellectual property management, as well as successful cases of implementing innovative solutions.

    Of particular interest was the speech by the director of the SPbPU Center for Intellectual Property and Technology Transfer Ismail Kadiev. He proposed creating a regional center for intellectual property and technology transfer, which would become a platform for interaction between science, business and government. The initiative was supported and enshrined in the final document of the meeting.

    Natalia Petrova, Chairperson of the Board of the Intellectual Property Development Fund and CEO of the Patent and Legal Firm NEVA-PATENT LLC, spoke about the implementation of effective mechanisms for regulating intellectual property in the country’s regions. She noted that competent management of intellectual assets helps to increase the competitiveness of regions and attract investment.

    The delegation visited the innovation infrastructure facilities of St. Petersburg, including JSC Technopark of St. Petersburg. The participants familiarized themselves with the work of the Prototyping Center, the regional engineering center for electronic instrumentation, the laboratory of the regional engineering center for active pharmaceutical substances (RIC APS), and the demonstration site of Russian vendors.

    The event was an important step in strengthening cooperation between regions and federal structures in the field of intellectual property and innovation. Participants expressed confidence that such initiatives will contribute to the development of high-tech industries and increase the competitiveness of the Russian economy.

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

    MIL OSI Russia News –

  • MIL-OSI Economics: Adriana D Kugler: Entrepreneurship and aggregate productivity

    Source: Bank for International Settlements

    Thank you, Jon, and thank you for the opportunity to speak to you today. It is such a pleasure to be back in Miami, a city I have seen grow and become ever more dynamic over the decades, as I have come many times to visit my large extended family here ever since the 1980s.

    As I discussed in my final speech of 2024, two positive supply shocks have significantly benefited the U.S. economy over the past two years and have also affected the conduct of monetary policy.

    The first of these has been the surge in population over the past few years that has helped bring labor supply into balance with labor demand and, thus, also helped move inflation toward the Federal Open Market Committee’s (FOMC) 2 percent goal. The other positive supply shock, which I outlined in my remarks in December, has been a step-up in aggregate productivity growth since 2020, which is an increase in the amount of economic output, across the economy, per hour worked or some other unit of labor. Although productivity growth, measured quarterly, can be quite volatile, over the past five years this acceleration is quite evident. While productivity grew by about 1.5 percent a year from 2005 to 2019, starting in 2020 it has grown about 2 percent a year. This difference may not look dramatic, but because of compounding year-over-year, the consequences of an additional 1/2 percentage point in growth over the past five years are significant for workers and the U.S. economy. When workers are more productive, it effectively means that businesses can produce more without needing to add workers, and that they can pay workers more without needing to raise prices. When they are more productive, it can also serve as an incentive for businesses to expand. Across the economy, higher productivity growth means that real wages and living standards for workers can rise faster without putting upward pressure on inflation.

    And that is exactly what has been happening recently, a period when inflation has been falling while the economy is expanding. While fast growth in wages was one of the factors driving inflation in 2021 and 2022, most likely some of that increase was due to productivity growth and, hence, was not inflationary. If productivity continues to grow at an accelerated pace, it would support the FOMC’s efforts to keep unemployment low and return inflation to a sustained level of 2 percent. For that reason, I would like to spend the balance of my remarks exploring some of the possible reasons why productivity has accelerated, and the prospects that this fortunate development will continue.

    MIL OSI Economics –

  • MIL-OSI Economics: Tiff Macklem: Structural change, supply shocks and hard choices

    Source: Bank for International Settlements

    Good afternoon. I’m pleased to be able to join you virtually to talk about the challenges that lie ahead for central banks. There’s a lot to discuss.

    But my first order of business is to congratulate and thank Agustín Carstens for his leadership as General Manager of the Bank for International Settlements (BIS). Your term, Agustín, has been marked by significant global upheaval-from pandemic shutdowns to war in Europe and double-digit inflation. These past few years have not been easy.

    Through it all, you have been a source of unwavering wisdom. Your clear thinking in the face of the unknown, your long view and your deep understanding of our global interdependence-all combined with the experience and pragmatism of a former minister of finance and then central bank governor-have made you an invaluable leader.

    More than that, through the BIS, you’ve brought us together with your friendship and your ability to get directly to the heart of the issue. You’ve helped us learn from each other. And you’ve made us better together.

    I know there will be an opportunity to celebrate you in Basel as your retirement in June approaches. But I wanted to recognize your exceptional leadership in your home country. For those of us in the Americas, your special interest in our region has been deeply appreciated. Whatever you do next, I know Mexico and the Americas will be an important part. Thank you, my friend.

    Now, let me turn to the challenges ahead. We are facing a global economic landscape that has shifted in recent years, and this shift has important implications for central banks.

    As Agustín has highlighted in a series of insightful speeches, the structural tailwinds of peace, globalization and demographics are turning into headwinds-and the world looks increasingly shock-prone.

    Higher long-term interest rates, elevated sovereign debt, slower economic growth and lagging productivity make all of our economies more vulnerable. Compounding these vulnerabilities are war, rising trade protectionism and economic fragmentation. In addition, new technologies-including artificial intelligence-are set to disrupt existing industries and create new ones. And we are seeing more frequent catastrophic weather events as the impacts of climate change become more pervasive.

    As 2025 begins, we are facing new uncertainty with a shift in policy direction in the United States. President Donald Trump’s threats of new tariffs are already affecting business and household confidence, particularly in Canada and Mexico. The longer this uncertainty persists, the more it will weigh on economic activity in our countries.

    If significant broad-based tariffs are indeed imposed, they will test the resilience of our economies in the short run and reduce long-run prosperity. Tariffs mean economies work less efficiently. There will be less investment and lower productivity. That means our countries will produce less and earn less. Monetary policy can’t change that.

    What monetary policy can do is help with the short-run adjustment. But even here, monetary policy has to strike a balance. Significant, broad-based tariffs will sharply reduce demand for our exports. At the same time, a weaker exchange rate, retaliatory tariffs and supply chain disruptions will raise import prices, putting upward pressure on inflation.   

    With a single instrument-our policy interest rate-central banks can’t lean against weaker output and higher inflation at the same time. So we will need to carefully assess the downward pressure on inflation from weaker economic activity, and weigh that against the upward pressures from higher input prices and supply chain disruptions.

    Other structural headwinds pose similar challenges for monetary policy. They’ll impact both demand and supply, slowing growth while adding cost. Monetary policy cannot address these headwinds directly or offset their economic consequences.

    In a world with more structural change and more negative supply shocks, central banks will be faced with harder choices. And harder choices bring risks of public disappointment and frustration. We will face criticism about our decisions-and about how well monetary policy is seen to have worked when confronted with forces that are mostly out of our hands. We will be called ineffective or criticized for not doing enough. And some will challenge our independence.

    So, what can all of us do?

    First, we can be humble about what we don’t know, but also confident in the effectiveness of our frameworks. We didn’t get everything right through the pandemic. And elevated inflation and higher interest rates have been difficult for our citizens. But in Canada, as in many other countries, inflation has come down. And we restored low inflation without causing a recession or major job losses.

    Guided by our frameworks, we can maintain confidence in price stability.

    Second, we can be just as clear about what monetary policy cannot do. There will always be forces beyond our influence, and while we need to understand those forces, we should also be clear that understanding is not the same as controlling. And we need to avoid the temptation to overload monetary policy by expecting more of it than it can deliver.

    Third, we can recognize that the world has changed. Structural headwinds and supply shocks require different types of information and analysis. This means investing in richer information about the supply side of the economy and building models that can analyze sectoral shocks and their transmission. It means reaching out and listening to households and businesses. It means looking at our economies through different lenses, regularly challenging our assumptions, and using scenarios to help manage uncertainty.

    Fourth, let’s acknowledge that working together has never been easy and it’s getting harder. But let’s also remember that it’s important. We are more effective if we confront our shared challenges together. The shared resolve of central banks to fight the post-pandemic surge in inflation helped all of us bring inflation down. This was a positive international spillover and, together, we can generate other positive international spillovers.

    Finally, we need to remain evidence-based, technocratic and professional, and free of political influence. We need to be open, accountable and transparent. And we need to be learning institutions-when faced with valid criticism, we should critically evaluate our policy actions and be willing to improve. Being independent and accountable and continuously learning is how we build trust.

    The world is a tougher place today than it was a few short years ago. And facing the headwinds before us will not be easy. But that’s why we have independent central banks-we are designed for tough times.

    I look forward to hearing from my esteemed colleagues on this panel.

    MIL OSI Economics –

  • MIL-OSI Africa: Secretary-General’s message on the International Day of Women and Girls in Science [scroll down for French version]

    Source: United Nations – English

    en years ago, the first International Day of Women and Girls in Science recognized a fundamental truth: women’s participation is essential for building a better world through science and technology. I saw that enormous potential firsthand when I was teaching engineering, and I saw the remarkable talent, creativity, and determination of countless women scientists.

    Yet today, women still represent just one-third of the global scientific community. Deprived of adequate funding, publishing opportunities and leadership positions in universities, women and girls continue to face an uphill battle in building careers in science, technology, engineering and math (STEM).

    Look no further than the development of new digital technologies. Men dominate the field at every level—including in Artificial Intelligence. The result is a surge of biased algorithms and embedded inequality, risking a new era of digital chauvinism.

    The more that women are excluded from STEM, the more we limit our collective power to address urgent global challenges, from climate change and food security to public health and technological transformation.

    We can and must do more to level the playing field

    By expanding scholarships, internships and mentorship opportunities to open doors for women and girls in STEM; creating workplaces that attract, retain and advance women in science; encouraging girls’ engagement in STEM from an early age; championing women leaders in science through the media; and dismantling gender stereotypes.

    The Pact for the Future, agreed last September by Member States, gives renewed momentum to these goals by committing to address barriers preventing the full, equal and meaningful access for women and girls in scientific fields.  

    On the tenth anniversary of this important day, and as we reflect on 30 years since the Beijing Declaration, let’s help pave a path to STEM careers that women and girls deserve – and our world needs.

    ***
    Il y a dix ans, la première Journée internationale des femmes et des filles de science consacrait une vérité fondamentale : la participation des femmes est essentielle pour bâtir un monde meilleur grâce à la science et à la technologie. J’ai pu constater par moi-même l’incroyable potentiel des femmes lorsque j’enseignais l’ingénierie, et j’ai vu le talent, la créativité et la détermination remarquables d’innombrables femmes de science.

    Or, à l’heure actuelle, les femmes ne représentent qu’un tiers des scientifiques dans le monde. Privées de financements adéquats, de possibilités de publication et de postes de direction dans les universités, les femmes et les filles ont encore d’innombrables obstacles à surmonter pour faire carrière dans le domaine des sciences, de la technologie, de l’ingénierie et des mathématiques (STIM).

    Pour s’en convaincre, il suffit d’observer le développement des nouvelles technologies numériques. Les hommes dominent le secteur à tous les niveaux, notamment dans l’intelligence artificielle. Il en résulte un déferlement d’algorithmes biaisés qui perpétuent des inégalités bien ancrées et risquent d’ouvrir une nouvelle ère de machisme numérique.

    Plus les femmes sont exclues des STIM, plus nous limitons notre capacité collective de relever les défis urgents qui se posent dans le monde, qu’il s’agisse des changements climatiques, de la sécurité alimentaire, de la santé publique ou de la transformation technologique.

    Nous pouvons et devons en faire plus pour que les femmes aient véritablement les mêmes chances que les hommes :

    Il nous faut élargir les programmes de bourses d’études, de stage et de mentorat afin d’ouvrir aux femmes la porte des STIM ; créer dans ce secteur des lieux de travail qui attirent et retiennent les femmes et dans lesquels elles peuvent progresser ; encourager les filles à s’engager sur la voie des STIM dès leur plus jeune âge ; promouvoir, dans les médias, le leadership des femmes dans le domaine de la science ; venir à bout des stéréotypes de genre.

    Le Pacte pour l’avenir, adopté par les États Membres en septembre dernier, crée une nouvelle dynamique pour la réalisation de ces objectifs. En effet, les États Membres s’y sont engagés à lever les obstacles qui empêchent les femmes et les filles d’accéder pleinement et véritablement, dans des conditions d’égalité, aux filières scientifiques.

    En ce jour où nous célébrons, pour la dixième année, cette importante journée, et alors que nous réfléchissons aux 30 années qui se sont écoulées depuis l’adoption de la Déclaration de Beijing, agissons pour que les femmes et les filles puissent mener, dans le domaine des STIM, les carrières qu’elles méritent – et dont le monde a besoin.

    MIL OSI Africa –

  • MIL-OSI: International Petroleum Corporation Announces 2024 Year-End Financial and Operational Results and 2025 Budget, Reserves and Guidance

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) — International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operating results and related management’s discussion and analysis (MD&A) for the three months and year ended December 31, 2024. IPC is also pleased to announce its 2025 budget, including that IPC continues to progress the development of the Blackrod Phase 1 project in Canada in line with schedule and budget. IPC previously announced the renewal of the normal course issuer bid (NCIB) under which IPC may acquire a further 5.3 million common shares up to December 2025, in addition to the 2.2 million common shares already purchased for cancellation under the NCIB in December 2024 and January 2025. IPC’s 2025 capital and decommissioning expenditure budget is USD 320 million and its 2025 average daily production guidance is between 43,000 and 45,000 barrels of oil equivalent (boe) per day (boepd). 2024 year-end proved plus probable (2P) reserves are 493 million boe (MMboe) and best estimate contingent resources (unrisked) are 1,107 MMboe.(1)(2)

    William Lundin, IPC’s President and Chief Executive Officer, comments: “We are very pleased to announce that IPC achieved strong operational results in 2024. Our average net production was 47,400 boepd for the full year, with very strong operational and ESG performance across all our areas of operation. 2024 was a very significant investment year for our Blackrod Phase 1 development project, and we have spent over two-thirds of the forecast capital expenditure by the end of 2024. We generated strong cash flows from our business, and we returned USD 102 million to shareholders through share buybacks in 2024. With gross cash resources of USD 247 million at 2024 year-end, we continue to be well positioned to deliver on our three strategic pillars of Organic Growth, Stakeholder Returns, and M&A that drive value creation for our stakeholders.(1)(3)

    On Organic Growth, we are very pleased with the progress of the development of Phase 1 of the Blackrod project, Canada, which remains in line with schedule and budget. Phase 1 of the Blackrod project continues to forecast first oil in late 2026, with peak production planned to increase to 30,000 bopd by 2028. In 2024, IPC achieved over 250% reserves replacement ratio, ending the year with 493 MMboe of 2P reserves, the highest in our history.(1)(2)

    On Stakeholder Returns, we completed the 2023/2024 NCIB program, purchasing and cancelling 8.3 million IPC common shares over the period of December 5, 2023 to December 4, 2024, representing approximately 6.5% of the common shares outstanding at the start of that program. We immediately recommenced purchasing under the renewed 2024/2025 NCIB, purchasing for cancellation 0.8 million common shares during December 2024 and over 1.4 million common shares during January 2024. We are permitted to purchase up to a further 5.3 million common shares by early December 2025, which will represent a 6.2% reduction in the number of shares common outstanding at the beginning of the 2024/2025 NCIB.

    On M&A, we continue to review potential opportunities in Canada and internationally. IPC’s principal focus continues to be on progressing the Blackrod Phase 1 development as well as developing our existing asset base in Canada, France and Malaysia.

    IPC is well-positioned for 2025 and beyond as our Blackrod Phase 1 project is progressing according to plan, our existing production operations continue to generate strong cash flows, and our balance sheet is strong. At the same time, we continue return value to our shareholders by repurchasing and cancelling our common shares under the NCIB. I look forward to another exciting year at IPC with our high quality assets and our highly skilled and motivated teams across all areas of operation.”

    2024 Business Highlights

    • Average net production of approximately 47,400 boepd for the fourth quarter of 2024 was in line with the guidance range for the period (51% heavy crude oil, 15% light and medium crude oil and 34% natural gas).(1)
    • Full year 2024 average net production was 47,400 boepd, above the mid-point of the 2024 annual guidance of 46,000 to 48,000 boepd.(1)
    • Development activities on Phase 1 of the Blackrod project progressed in 2024 on schedule and on budget, with forecast first oil in late 2026. All major third-party contracts have been executed and construction is advancing according to plan, including construction of the central processing facility (CPF) and well pad facilities, finalization of the midstream agreements for the input fuel gas, diluent and oil blend pipelines, and advancement of drilling operations. As at the end of 2024, over two-thirds of the forecast Blackrod Phase 1 development capital expenditure of USD 850 million has been spent since project sanction in early 2023.
    • Drilling activity at the Southern Alberta assets in Canada continued with a total of thirteen wells drilled during 2024.
    • Successful completion of planned maintenance shutdowns at Onion Lake Thermal (OLT) in Canada and the Bertam field in Malaysia during 2024.
    • 8.3 million common shares purchased and cancelled from December 2023 to early December 2024 under IPC’s 2023/2024 NCIB and a further 2.2 million common shares purchased for cancellation during December 2024 and January 2025 under the renewed 2024/2025 NCIB.
    • In Q3 2024, published IPC’s fifth annual Sustainability Report.

    2024 Financial Highlights

    • Operating costs per boe of USD 18.2 for the fourth quarter of 2024 and USD 17.0 for the full year, in line with the most recent 2024 guidance of less than USD 18.0 per boe for the full year.(3)
    • Strong operating cash flow (OCF) generation for the fourth quarter and full year 2024 amounted to MUSD 78 and MUSD 342, respectively.(3)
    • Capital and decommissioning expenditures of MUSD 129 for the fourth quarter and MUSD 442 for the full year 2024, in line with the full year guidance of MUSD 437.
    • Free cash flow (FCF) generation for the full year 2024 of negative MUSD 135, with negative FCF generation of MUSD 61 for the fourth quarter in line with expectations and taking into account the significant capital expenditures during the quarter in respect of the Blackrod project. FCF for the full year 2024, before 2024 Blackrod Phase 1 development expenditure of MUSD 351, was MUSD 216.(3)
    • Net debt of MUSD 209 and gross cash of MUSD 247 as at December 31, 2024.(3)
    • Net result of MUSD 0.4 for the fourth quarter of 2024 and MUSD 102 for the full year 2024.
    • Entered into a letter of credit facility in Canada during 2024 to cover operational letters of credit, giving full availability under IPC’s undrawn CAD 180 million Revolving Credit Facility.

    Reserves and Resources

    • Total 2P reserves as at December 31, 2024 of 493 MMboe, with a reserve life index (RLI) of 31 years.(1)(2)
    • Contingent resources (best estimate, unrisked) as at December 31, 2024 of 1,107 MMboe.(1)(2)
    • 2P reserves net asset value (NAV) as at December 31, 2024 of MUSD 3,083 (10% discount rate).(1)(2)(5)(6)

    2025 Annual Guidance

    • Full year 2025 average net production forecast at 43,000 to 45,000 boepd.(1)
    • Full year 2025 operating costs forecast at USD 18 to 19 per boe.(3)
    • Full year 2025 OCF guidance estimated at between MUSD 210 and 280 (assuming Brent USD 65 to 85 per barrel).(3)
    • Full year 2025 capital and decommissioning expenditures guidance forecast at MUSD 320, including MUSD 230 relating to Blackrod capital expenditure.
    • Full year 2025 FCF ranges from approximately MUSD 80 to 150 (assuming Brent USD 65 to 85 per barrel) before taking into account proposed Blackrod capital expenditures, or negative MUSD 150 to 80 including proposed Blackrod capital expenditures.(3)

    Business Plan Production and Cash Flow Guidance

    • 2025 – 2029 business plan forecasts:
      • average net production forecast approximately 57,000 boepd.(1)(8)
      • capital expenditure forecast of USD 8 per boe, including USD 3 per boe for growth expenditure.(8)
      • operating costs forecast of USD 18 to 19 per boe.(3)(8)
      • FCF forecast of approximately MUSD 1,200 to 2,000 (assuming Brent USD 75 to 95 per barrel).(3)(8)
    • 2030 – 2034 business plan forecasts:
      • average net production forecast of approximately 63,000 boepd.(1)(8)
      • capital expenditure forecast of USD 5 per boe.(8)
      • operating costs forecast of USD 18 to 19 per boe.(3)(8)
      • FCF forecast of approximately MUSD 1,600 to 2,600 (assuming Brent USD 75 to 95 per barrel).(3)(8)
      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023
    Revenue 199,124   198,460     797,783   853,906
    Gross profit 42,774   39,955     210,171   250,514
    Net result 415   29,710     102,219   172,979
    Operating cash flow (3) 78,158   73,634     341,989   353,048
    Free cash flow (3) (61,476 ) (64,688 )   (135,497 ) 2,689
    EBITDA (3) 76,184   66,284     335,488   350,618
    Net Cash / (Debt) (3) (208,528 ) 58,043     (208,528 ) 58,043
                     

    IPC was launched in 2017 by way of spinning off the non-Norwegian assets from Lundin Energy. The strategy and vision from the outset was to be the international E&P growth vehicle for the Lundin Group by pursuing growth organically and through acquisitions. The foundation of this strategy was and is predicated on maximising long-term stakeholder value through responsible business operations focused on operational excellence and financial resilience to underpin optimal capital allocation decision-making.

    We are very pleased with the track record of value creation achieved by the company to date. IPC’s production, reserves, resources and cash flow exposure has increased materially through accretive acquisitions supplemented by base business investment. Excluding the growth capital expenditure assigned to the Blackrod Phase 1 development, over USD 1.5 billion in free cash flow (FCF) has been generated and over USD 0.5 billion has been returned to shareholders in the form of share buybacks since inception. IPC’s current shares outstanding are less than 5% higher than the original shares outstanding upon the formation of the company. IPC is determined to build on the historical success and the growth outlook has never been brighter.(3)

    2024 was a milestone year for the company through successfully delivering the largest capital investment campaign in its history. The record investment was accompanied by strong safety, operational and financial performance. IPC returned USD 102 million of value to shareholders in the year through share repurchases, whilst maintaining a strong balance sheet.

    Oil prices were rangebound in 2024 between Brent USD 70 to 90 per barrel, with a full year Brent average of USD 81 per barrel, in line with our original oil price sensitivities guided at CMD. The fourth quarter 2024 Brent price averaged USD 75 per barrel, the lowest quarterly price average in the year. The downward trend in benchmark oil prices through the second half of 2024 has been slightly reversed in current time as continuous crude inventory draws, strong demand, underwhelming non-OPEC production growth and continued OPEC production curtailments have supported the market balance. A new administration in the White House presents uncertainty for the oil market, as looming tariffs and sanctions pose a risk to global supply chain systems and trade flows. Around 40% of our 2025 Dated Brent and WTI exposure is hedged at USD 76 per barrel and USD 71 per barrel respectively.

    The fourth quarter 2024 WTI to WCS price differentials averaged less than USD 13 per barrel, around USD 2 per barrel lower than the full year average of USD 15 per barrel. The fourth quarter differential was the lowest quarterly average since the Covid pandemic in 2020 when benchmark oil prices were more than USD 30 per barrel less than current levels. The TMX pipeline is driving the tighter differentials with excess take-away capacity in the Western Canadian Sedimentary Basin (WCSB) relative to supply. Close to 50% of our 2025 WCS to WTI differential exposure is hedged at USD 14 per barrel, which should assist in mitigating adverse effects of potential US tariffs on Canadian production.

    Natural gas prices averaged CAD 1.5 per Mcf for 2024 and in the fourth quarter. Western Canada gas storage levels continue to sit above the five-year range. This is in part due to delays of the LNG Canada start-up project which was supposed to be onstream at end 2024, start-up is now anticipated for mid-2025. IPC has around 9,600 Mcf per day hedged at CAD 2.6 per Mcf for 2025.

    Fourth Quarter and Full Year 2024 Highlights

    During the fourth quarter of 2024, IPC’s assets delivered average net production of 47,400 boepd, in line with guidance for the quarter. Full year 2024 average net production of 47,400 boepd was above the 2024 mid-point guidance range of 46,000 to 48,000 boepd.(1)

    IPC’s operating costs per boe for the fourth quarter of 2024 was USD 18.2. Full year 2024 operating costs per boe was USD 17.0, in line with the most recent 2024 annual guidance of less than USD 18 per boe.(3)

    Operating cash flow (OCF) generation for the fourth quarter of 2024 was USD 78 million. Full year 2024 OCF was USD 342 million in line with the most recent guidance of USD 335 to 342 million.(3)

    Capital and decommissioning expenditure for the fourth quarter of 2024 was USD 129 million. Full year 2024 capital and decommissioning expenditure of USD 442 million was in line with guidance of USD 437 million.

    Free cash flow (FCF) generation was in line with guidance at negative USD 61 million during the fourth quarter of 2024, reflecting the higher level of capital expenditure on the Blackrod Phase 1 development project. Full year 2024 FCF generation was negative USD 135 million, in line with the most recent guidance of negative USD 140 to 133 million.(3)

    As at December 31, 2024, IPC’s net debt position was USD 209 million. IPC’s gross cash on the balance sheet amounts to USD 247 million which provides IPC with significant financial strength to continue progressing its strategies in 2025, including advancing the Blackrod development project, returning value to shareholders through the 2024/2025 NCIB, and remaining opportunistic to mergers and acquisitions activity.(3)

    Blackrod Project

    The Blackrod asset is 100% owned by IPC and hosts the largest booked reserves and contingent resources within the IPC portfolio. After more than a decade of pilot operations, subsurface delineation and commercial engineering studies, IPC sanctioned the Phase 1 Steam Assisted Gravity Drainage (SAGD) development in the first quarter of 2023. The Phase 1 development targets 259 MMboe of 2P reserves, with a multi-year forecast capital expenditure of USD 850 million to first oil planned in late 2026. The Phase 1 development is planned for plateau production of 30,000 bopd which is expected by early 2028.(1)(2)

    As at the end of 2024, USD 591 million of cumulative growth capital, has been spent on the Blackrod Phase 1 development since sanction with a peak annual investment of USD 351 million incurred in 2024. Significant progress has been made across all key scopes of the project including but not limited to: detailed engineering, procurement, fabrication, drilling, construction, third party transport pipelines, commissioning and operations planning. Site health and safety control has been excellent with zero lost time incidents since commercial development activities commenced.

    Looking forward, USD 230 million is planned to be spent in 2025 mainly relating to advancing the remaining fabrication, construction and substantial completion of the Central Processing Facility (CPF) for the Phase 1 development. The remaining growth capital expenditure to first oil is forecast to be spent in 2026 on drilling, completions and commissioning of the CPF with first steam anticipated by end Q1 2026.

    IPC is strongly positioned to deliver within plan with a clear line of sight to start-up. The Blackrod Phase 1 project is expected to generate significant value for all our stakeholders. And with over 1 billion barrels of best estimate contingent resources (unrisked) beyond Phase 1, IPC is pleased to announce a resource maturation plan that sees significant volume maturation into reserves through low cost of less than USD 0.15 per barrel. The 2P reserves attributable to Phase 1 has increased by 40 MMboe to 259 MMboe from year end 2023 to year end 2024.(2)

    As at the end of 2024, 70% of the Blackrod Phase 1 development capital had been spent since the project sanction in early 2023. All major work streams are progressing as planned and the focus continues to be on executing the detailed sequencing of events as facility modules are safely delivered and installed at site. The total Phase 1 project guidance of USD 850 million capital expenditure to first oil in late 2026 is unchanged. IPC intends to fund the remaining Blackrod Phase 1 development costs with forecast cash flow generated by its operations and cash on hand.

    Stakeholder Returns: Normal Course Issuer Bid

    During the period of December 5, 2023 to December 4, 2024, IPC purchased and cancelled an aggregate of approximately 8.3 million common shares under the 2023/2024 NCIB. The average price of shares purchased under the 2023/2024 NCIB was SEK 131 / CAD 17 per share.

    In Q4 2024, IPC announced the renewal of the NCIB, with the ability to repurchase up to approximately 7.5 million common shares over the period of December 5, 2024 to December 4, 2025. Under the 2024/2025 NCIB, IPC repurchased and cancelled approximately 0.8 million common shares in December 2024. By the end of January 2025, IPC repurchased for cancellation over 1.4 million common shares under the 2024/2025 NCIB. The average price of common shares purchased under the 2024/2025 NCIB during December 2024 and January 2025 was SEK 135 / CAD 17.5 per share.

    As at February 7, 2025, IPC had a total of 117,781,927 common shares issued and outstanding, of which IPC holds 508,853 common shares in treasury.

    Under the 2024/2025 NCIB, IPC may purchase and cancel a further 5.3 million common shares by December 4, 2025. This would result in the cancellation of 6.2% of shares outstanding as at the beginning of December 2024. IPC continues to believe that reducing the number of shares outstanding while in parallel investing in material production growth at Blackrod will prove to be a winning formula for our stakeholders.

    Environmental, Social and Governance (ESG) Performance

    As part of IPC’s commitment to operational excellence and responsible development, IPC’s objective is to reduce risk and eliminate hazards to prevent occurrence of accidents, ill health, and environmental damage, as these are essential to the success of our business operations. During the fourth quarter and for the full year 2024, IPC recorded no material safety or environmental incidents.

    As previously announced, IPC targets a reduction of our net GHG emissions intensity by the end of 2025 to 50% of IPC’s 2019 baseline and IPC remains on track to achieve this reduction. During 2024, IPC announced the commitment to remain at end 2025 levels of 20 kg CO2/boe through to the end of 2028.(4)

    Reserves, Resources and Value

    As at the end of December 2024, IPC’s 2P reserves are 493 MMboe. During 2024, IPC replaced 251% of the annual 2024 production. The reserves life index (RLI) as at December 31, 2024, is approximately 31 years.(1)(2)

    The net present value (NPV) of IPC’s 2P reserves as at December 31, 2024 was USD 3.3 billion. IPC’s net asset value (NAV) was USD 3.1 billion or SEK 287 / CAD 37 per share as at December 31, 2024.(1)(2)(5)(6)(7)

    In addition, IPC’s best estimate contingent resources (unrisked) as at December 31, 2024 are 1,107 MMboe, of which 1,025 MMboe relate to future potential phases of the Blackrod project.(1)(2)

    2025 Budget and Operational Guidance

    IPC is pleased to announce its 2025 average net production guidance is 43,000 to 45,000 boepd. IPC forecasts operating costs for 2025 between USD 18 and 19 per boe.(1)(3)

    IPC’s 2025 capital and decommissioning expenditure budget is USD 320 million, with USD 230 million forecast relating to Blackrod capital expenditure. The remainder of the 2025 budget in Canada includes drilling and ongoing optimization work at Onion Lake Thermal and Suffield Area assets. IPC also plans to advance the next phase of infill drilling and complete well maintenance works at the Bertam field in Malaysia. IPC expects to conduct technical studies for future development potential in France. In all of IPC’s areas of operation, IPC has significant flexibility to control its pace of spend based on the development of commodity prices during 2025.

    Notwithstanding a modest production decline expected in 2025, IPC’s production per share metric remains largely unchanged relative to 2024 and 2023. IPC has prioritised capital allocation to the transformational Blackrod Phase 1 development and share buybacks as opposed to further increasing its base business investment to preserve balance sheet strength and maximise long- term shareholder value.

    Further details regarding IPC’s proposed 2025 budget and operational guidance will be provided at IPC’s Capital Markets Day presentation to be held on February 11, 2025 at 15:00 CET. A copy of the Capital Markets Day presentation will be available on IPC’s website at www.international-petroleum.com.

    Notes:

    (1) See “Supplemental Information regarding Product Types” in “Reserves and Resources Advisory” below. See also the material change report (MCR) available on IPC’s website at www.international-petroleum.com and filed on the date of this press release under IPC’s profile on SEDAR+ at www.sedarplus.ca.
    (2) See “Reserves and Resources Advisory“ below. Further information with respect to IPC’s reserves, contingent resources and estimates of future net revenue, including assumptions relating to the calculation of NPV, are described in the MCR. The reserve life index (RLI) is calculated by dividing the 2P reserves of 493 MMboe as at December 31, 2024 by the mid-point of the 2025 CMD production guidance of 43,000 to 45,000 boepd. Reserves replacement ratio is based on 2P reserves of 468 boe as at December 31, 2024, sales production during 2024 of 16.6 MMboe, net additions to 2P reserves during 2024 of 41.7 MMboe, and 2P reserves of 493 MMboe as at December 31, 2024.
    (3) Non-IFRS measure, see “Non-IFRS Measures” below and in the MD&A.
    (4) Emissions intensity is the ratio between oil and gas production and the associated carbon emissions, and net emissions intensity reflects gross emissions less operational emission reductions and carbon offsets.
    (5) Net present value (NPV) is after tax, discounted at 10% and based upon the forecast prices and other assumptions further described in the MCR. See “Reserves and Resources Advisory” below.
    (6) Net asset value (NAV) is calculated as NPV less net debt of USD 209 million as at December 31, 2024.
    (7) NAV per share is based on 119,059,315 IPC common shares as at December 31, 2024, being 119,169,471 common shares outstanding less 110,156 common shares held in treasury and cancelled in January 2025. NAV per share is not predictive and may not be reflective of current or future market prices for IPC common shares.
    (8) Estimated FCF generation is based on IPC’s current business plans over the periods of 2025 to 2029 and 2030 to 2034, including net debt of USD 209 million as at December 31, 2024, with assumptions based on the reports of IPC’s independent reserves evaluators, and including certain corporate adjustments relating to estimated general and administration costs and hedging, and excluding shareholder distributions and financing costs. Assumptions include average net production of approximately 57 Mboepd over the period of 2025 to 2029, average net production of approximately 63 Mboepd over the period of 2030 to 2034, average Brent oil prices of USD 75 to 95 per bbl escalating by 2% per year, and average Brent to Western Canadian Select differentials and average gas prices as estimated by IPC’s independent reserves evaluator and as further described in the MCR. IPC’s market capitalization is at close on January 31, 2025 (USD 1,557 million based on 146.8 SEK/share, 117.7 million IPC shares outstanding (net of treasury shares) and exchange rate of 11.10 SEK/USD). IPC’s current business plans and assumptions, and the business environment, are subject to change. Actual results may differ materially from forward-looking estimates and forecasts. See “Forward-Looking Statements” and “Non-IFRS Measures” below.

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50    		       Or       Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15
             

    This information is information that International Petroleum Corporation is required to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact persons set out above, at 07:30 CET on February 11, 2025. The Corporation’s audited condensed consolidated financial statements (Financial Statements) and management’s discussion and analysis (MD&A) for the three months and year ended December 31, 2024 have been filed on SEDAR+ (www.sedarplus.ca) and are also available on the Corporation’s website (www.international-petroleum.com).

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”.

    Forward-looking statements include, but are not limited to, statements with respect to:

    • 2025 production ranges (including total daily average production), production composition, cash flows, operating costs and capital and decommissioning expenditure estimates;
    • Estimates of future production, cash flows, operating costs and capital expenditures that are based on IPC’s current business plans and assumptions regarding the business environment, which are subject to change;
    • IPC’s financial and operational flexibility to navigate the Corporation through periods of volatile commodity prices;
    • The ability to fully fund future expenditures from cash flows and current borrowing capacity;
    • IPC’s intention and ability to continue to implement its strategies to build long-term shareholder value;
    • The ability of IPC’s portfolio of assets to provide a solid foundation for organic and inorganic growth;
    • The continued facility uptime and reservoir performance in IPC’s areas of operation;
    • Development of the Blackrod project in Canada, including estimates of resource volumes, future production, timing, regulatory approvals, third party commercial arrangements, breakeven oil prices and net present values;
    • Current and future production performance, operations and development potential of the Onion Lake Thermal, Suffield, Brooks, Ferguson and Mooney operations, including the timing and success of future oil and gas drilling and optimization programs;
    • The potential improvement in the Canadian oil egress situation and IPC’s ability to benefit from any such improvements;
    • The ability of IPC to achieve and maintain current and forecast production in France and Malaysia;
    • The intention and ability of IPC to acquire further common shares under the NCIB, including the timing of any such purchases;
    • The return of value to IPC’s shareholders as a result of the NCIB;
    • IPC’s ability to implement its GHG emissions intensity and climate strategies and to achieve its net GHG emissions intensity reduction targets;
    • IPC’s ability to implement projects to reduce net emissions intensity, including potential carbon capture and storage;
    • Estimates of reserves and contingent resources;
    • The ability to generate free cash flows and use that cash to repay debt;
    • IPC’s continued access to its existing credit facilities, including current financial headroom, on terms acceptable to the Corporation;
    • IPC’s ability to identify and complete future acquisitions;
    • Expectations regarding the oil and gas industry in Canada, Malaysia and France, including assumptions regarding future royalty rates, regulatory approvals, legislative changes, and ongoing projects and their expected completion; and
    • Future drilling and other exploration and development activities.

    Statements relating to “reserves” and “contingent resources” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and that the reserves and resources can be profitably produced in the future. Ultimate recovery of reserves or resources is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

    Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

    These include, but are not limited to general global economic, market and business conditions, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; and changes in legislation, including but not limited to tax laws, royalties, environmental and abandonment regulations.

    Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in the MD&A (See “Risk Factors”, “Cautionary Statement Regarding Forward-Looking Information” and “Reserves and Resources Advisory” therein), the Corporation’s material change report dated February 11, 2025 (MCR), the Corporation’s Annual Information Form (AIF) for the year ended December 31, 2023, (See “Cautionary Statement Regarding Forward-Looking Information”, “Reserves and Resources Advisory” and “Risk Factors”) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR+ website (www.sedarplus.ca) or IPC’s website (www.international-petroleum.com).

    Management of IPC approved the production, operating costs, operating cash flow, capital and decommissioning expenditures and free cash flow guidance and estimates contained herein as of the date of this press release. The purpose of these guidance and estimates is to assist readers in understanding IPC’s expected and targeted financial results, and this information may not be appropriate for other purposes.

    Estimated FCF generation is based on IPC’s current business plans over the periods of 2025 to 2029 and 2030 to 2034, including net debt of USD 209 million as at December 31, 2024, with assumptions based on the reports of IPC’s independent reserves evaluators, and including certain corporate adjustments relating to estimated general and administration costs and hedging, and excluding shareholder distributions and financing costs. Assumptions include average net production of approximately 57 Mboepd over the period of 2025 to 2029, average net production of approximately 63 Mboepd over the period of 2030 to 2034, average Brent oil prices of USD 75 to 95 per bbl escalating by 2% per year, and average Brent to Western Canadian Select differentials and average gas prices as estimated by IPC’s independent reserves evaluator and as further described in the MCR. IPC’s current business plans and assumptions, and the business environment, are subject to change. Actual results may differ materially from forward-looking estimates and forecasts.

    Non-IFRS Measures
    References are made in this press release to “operating cash flow” (OCF), “free cash flow” (FCF), “Earnings Before Interest, Tax, Depreciation and Amortization” (EBITDA), “operating costs” and “net debt”/”net cash”, which are not generally accepted accounting measures under International Financial Reporting Standards (IFRS) and do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable with similar measures presented by other public companies. Non-IFRS measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

    The definition of each non-IFRS measure is presented in IPC’s MD&A (See “Non-IFRS Measures” therein).

    Operating cash flow
    The following table sets out how operating cash flow is calculated from figures shown in the Financial Statements:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Revenue 199,124   198,460     797,783   853,906  
    Production costs and net sales of diluent to third party1 (119,371 ) (126,414 )   (447,481 ) (491,303 )
    Current tax (1,595 ) 1,588     (8,313 ) (14,457 )
    Operating cash flow 78,158   73,634     341,989   348,146  
                       

    1 Include net sales of diluent to third party amounting to USD 737 thousand for the fourth quarter of 2024 and the year ended December 31, 2024.

    The operating cash flow for the year ended December 31, 2023 including the operating cash flow contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 353,048 thousand.

    Free cash flow
    The following table sets out how free cash flow is calculated from figures shown in the Financial Statements:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Operating cash flow – see above 78,158   73,634     341,989   348,146  
    Capital expenditures (126,256 ) (128,825 )   (434,713 ) (312,729 )
    Abandonment and farm-in expenditures1 (3,364 ) (1,516 )   (8,302 ) (9,199 )
    General, administration and depreciation expenses before depreciation2 (3,569 ) (5,762 )   (14,814 ) (16,886 )
    Cash financial items3 (6,445 ) (2,219 )   (19,657 ) (5,812 )
    Free cash flow (61,476 ) (64,688 )   (135,497 ) 3,520  

    1 See note 19 to the Financial Statements
    2 Depreciation is not specifically disclosed in the Financial Statements
    3 See notes 5 and 6 to the Financial Statements

    The free cash flow for the year ended December 31, 2023 including the free cash flow contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 2,689 thousand. Free cash flow is before shareholder distributions and financing costs.

    EBITDA
    The following table sets out the reconciliation from net result from the consolidated statement of operations to EBITDA:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Net result 415   29,710     102,219   172,979  
    Net financial items 35,767   6,509     59,709   22,736  
    Income tax 3,852   4,691     33,325   55,362  
    Depletion and decommissioning costs 32,087   30,434     128,392   101,922  
    Depreciation of other tangible fixed assets 2,430   1,309     8,933   7,812  
    Exploration and business development costs 1,725   348     2,069   2,355  
    Depreciation included in general, administration and depreciation expenses1 308   389     1,241   1,569  
    Sale of assets2 (400 ) (7,106 )   (400 ) (19,018 )
    EBITDA 76,814   66,284     335,488   345,717  

    1 Item is not shown in the Financial Statements
    2 Sale of assets is included under “Other income/(expense)” but not specifically disclosed in the Financial Statements

    The EBITDA for the year ended December 31, 2023 including the EBITDA contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 350,618 thousand.

    Operating costs
    The following table sets out how operating costs is calculated:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Production costs 120,108   126,414     448,218   491,303  
    Cost of blending (36,036 ) (44,473 )   (152,735 ) (172,996 )
    Change in inventory position (4,633 ) 1,427     (1,473 ) 3,655  
    Operating costs 79,439   83,368     294,010   321,962  
                       

    The operating costs for the year ended December 31, 2023 including the operating costs contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 328,763 thousand.

    Net cash / (debt)
    The following table sets out how net cash / (debt) is calculated from figures shown in the Financial Statements:

    USD Thousands December 31, 2024   December 31, 2023  
    Bank loans (5,121 ) (9,031 )
    Bonds1 (450,000 ) (450,000 )
    Cash and cash equivalents 246,593   517,074  
    Net cash / (debt) (208,528 ) 58,043  

    1 The bond amount represents the redeemable value at maturity (February 2027).

    Reserves and Resources Advisory
    This press release contains references to estimates of gross and net reserves and resources attributed to the Corporation’s oil and gas assets. For additional information with respect to such reserves and resources, refer to “Reserves and Resources Advisory” in the MD&A and the MCR. Light, medium and heavy crude oil reserves/resources disclosed in this press release include solution gas and other by-products. Also see “Supplemental Information regarding Product Types” below.

    Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in Canada are effective as of December 31, 2024, and are included in the reports prepared by Sproule Associates Limited (Sproule), an independent qualified reserves evaluator, in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101) and the Canadian Oil and Gas Evaluation Handbook (the COGE Handbook) and using Sproule’s December 31, 2024 price forecasts.

    Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in France and Malaysia are effective as of December 31, 2024, and are included in the report prepared by ERC Equipoise Ltd. (ERCE), an independent qualified reserves auditor, in accordance with NI 51-101 and the COGE Handbook, and using Sproule’s December 31, 2024 price forecasts.

    The price forecasts used in the Sproule and ERCE reports are available on the website of Sproule (sproule.com) and are contained in the MCR. These price forecasts are as at December 31, 2024 and may not be reflective of current and future forecast commodity prices.

    The reserve life index (RLI) is calculated by dividing the 2P reserves of 493 MMboe as at December 31, 2024 by the mid-point of the 2025 CMD production guidance of 43,000 to 45,000 boepd. Reserves replacement ratio is based on 2P reserves of 468 MMboe as at December 31, 2023, sales production during 2024 of 16.6 MMboe, net additions to 2P reserves during 2024 of 41.7 MMboe and 2P reserves of 493 MMboe as at December 31, 2024.

    The reserves and resources information and data provided in this press release present only a portion of the disclosure required under NI 51-101. All of the required information will be contained in the Corporation’s Annual Information Form for the year ended December 31, 2024, which will be filed on SEDAR+ (accessible at www.sedarplus.ca) on or before April 1, 2025. Further information with respect to IPC’s reserves, contingent resources and estimates of future net revenue, including assumptions relating to the calculation of net present value and other relevant information related to the contingent resources disclosed, is disclosed in the MCR available under IPC’s profile on www.sedarplus.ca and on IPC’s website at www.international-petroleum.com.

    IPC uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). A BOE conversion ratio of 6:1 is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a 6:1 conversion basis may be misleading as an indication of value.

    Supplemental Information regarding Product Types

    The following table is intended to provide supplemental information about the product type composition of IPC’s net average daily production figures provided in this press release:

      Heavy Crude Oil
    (Mbopd)    		 Light and Medium Crude Oil (Mbopd) Conventional Natural Gas (per day) Total
    (Mboepd)
    Three months ended        
    December 31, 2024 24.3 7.1 95.9 MMcf
    (16.0 Mboe)    		 47.4
    December 31, 2023 25.7 6.6 103.8 MMcf
    (17.3 Mboe)    		 49.6
    Year ended        
    December 31, 2024 23.9 7.7 95.1 MMcf
    (15.8 Mboe)    		 47.4
    December 31, 2023 25.8 8.1 102.8 MMcf
    (17.1 Mboe)    		 51.1
             

    This press release also makes reference to IPC’s forecast total average daily production of 43,000 to 45,000 boepd for 2025. IPC estimates that approximately 55% of that production will be comprised of heavy oil, approximately 12% will be comprised of light and medium crude oil and approximately 33% will be comprised of conventional natural gas.

    Currency
    All dollar amounts in this press release are expressed in United States dollars, except where otherwise noted. References herein to USD mean United States dollars. References herein to CAD mean Canadian dollars.

    The MIL Network –

  • MIL-OSI: Unaudited financial results of LHV Group for Q4 and 12 months of 2024

    Source: GlobeNewswire (MIL-OSI)

    The year-end was a successful one for LHV, supported by strong loan issue and deposit taking. The company met the profit target set in the financial plan.

    In 2024, AS LHV Group generated net revenue of 338.3 million euros, i.e., 11% more than in the previous year, thanks to strong business growth. Annual net interest income increased to 273.3 million euros (+8%) and net fee and commission income to 60.3 million euros (+24%). Consolidated expenditure for 2024 totalled 146.9 million euros, i.e., 14% higher than the previous year. The consolidated net profit of AS LHV Group in 2024 was 150.3 million euros, i.e., 9.4 million euros more than in 2023 (+7%).

    Of the subsidiaries, AS LHV Pank earned a total of 140.5 million euros in net profit in 2024, UK Bank Limited 5.8 million euros, AS LHV Varahaldus 1.6 million euros, and AS LHV Kindlustus 1.2 million euros.

    By the end of 2024, the consolidated assets of LHV Group increased to 8.74 billion euros, growing by 23% year-on-year, i.e., 1.64 billion euros. In Q4, the volume of assets increased by 12%.

    The consolidated loan portfolio of LHV increased by 990 million euros to 4.55 billion euros (+28%) in 2024. In Q4, the loan portfolio increased by 10%, i.e., 426 million euros. Corporate loans increased by 328 million euros over the quarter and retail loans by 98 million euros.

    The Group’s consolidated deposits grew by 1.18 billion euros over the year to 6.91 billion euros (+21%). In Q4, deposits increased by 624 million euros, i.e., 10%, while deposits of regular clients increased by 134 million euros.

    The total volume of funds managed by LHV increased by 39 million euros to 1.56 billion euros (+3%) over the year. In the last quarter of the year, the volume of funds increased by 37 million euros (+2%).

    The number of processed payments related to clients that were financial intermediaries amounted to 74.8 million payments in 2024 (+51% compared to 49.5 million payments in 2023). In Q4, 19.8 million such payments were made, i.e., 6% more than in Q3.

    In Q4 of 2024, AS LHV Group’s consolidated net profit amounted to 36.3 million euros, which is 1.6 million euros more than in Q3 (+5%). On a year-on-year basis, quarterly profit increased by 11%. AS LHV Pank earned 34.8 million euros in net profit in Q4. In the last quarter of the year, LHV Bank Ltd earned a net profit of 640 thousand euros, AS LHV Varahaldus 509 thousand euros, and AS LHV Kindlustus 68 thousand euros. The return on equity attributable to the shareholders of the Group was 22% in Q4.

    The Group’s consolidated net income increased by 2% in Q4 compared to the previous quarter of the year to 84.9 million euros. Net income was 1% higher than last year. Net interest income was generated at 66.6 million euros, and net fee and commission income at 17.3 million euros. Consolidated operating expenses were 40.8 million euros in Q4, which is 14% higher than in Q3 and 13% higher than a year earlier.

    Income statement, EUR thousand Q4-2024 Q3-2024 Q4-2023
       Net interest income 66 556 67 426 67 670
       Net fee and commission income 17 324 14 630 14 264
       Net gains from financial assets -198 799 480
       Other income 1 190 354 1 243
       Result from insurance activities 49 357 371
    Total revenue 84 921 83 566 84 029
       Staff costs -22 831 -19 499 -17 765
       Office rent and expenses -715 -801 -872
       IT expenses -4 270 -3 612 -4 067
       Marketing expenses -2 086 -1 298 -1 117
       Other operating expenses -10 885 -10 702 -12 366
    Total operating expenses -40 786 -35 911 -36 187
    EBIT 44 136 47 655 47 841
    Earnings before impairment losses 44 136 47 655 47 841
       Impairment losses on loans and advances -1 085 -7 277 -9 430
       Income tax -6 733 -5 681 -5 643
    Net profit 36 318 34 698 32 768
       Profit attributable to non-controlling interest 566 312 231
       Profit attributable to share holders of the parent 35 752 34 386 32 537
           
       Profit attributable to non-controlling interest 0.11 0.11 0.10
       Profit attributable to share holders of the parent 0.11 0.10 0.10
    Balance sheet, EUR thousand Dec 2024 Sep 2024 Dec 2023
       Cash and cash equivalents 3 818 305 3 376 016 3 119 394
       Financial assets 309 804 259 933 340 341
       Loans granted 4 591 906 4 168 778 3 591 517
       Loan impairments -39 813 -42 543 -29 725
       Receivables from customers 5 367 10 598 49 505
       Other assets 50 742 47 567 54 559
    Total assets 8 736 311 7 820 348 7 125 590
          Demand deposits 4 855 101 4 160 516 3 808 162
          Term deposits 2 055 009 2 125 844 1 922 843
          Loans received 927 686 679 550 563 634
       Loans received and deposits from customers 7 837 795 6 965 910 6 294 639
       Other liabilities 93 601 108 605 147 934
       Subordinated loans 126 257 106 079 126 652
    Total liabilities 8 057 653 7 180 595 6 569 225
    Equity 678 657 639 754 556 365
       Minority interest 8 571 8 006 7 937
    Total liabilities and equity 8 736 311 7 820 348 7 125 590

    LHV Group continued its rapid growth in 2024. The strong end to the year was influenced by a good level of client activity and higher than previous fee and commission income. The decline in interest income was mitigated by strong growth in the loan portfolio. Thanks to the good quality of the portfolio and the improvement in the macroeconomic situation, LHV reduced write-downs. The updated financial plan was accurately fulfilled by the end of the year.

    The number of clients of LHV Pank increased by 10,900 to 455 thousand clients in Q4. Over the year, the number of the bank’s clients increased by 38,000, i.e., more than 9%. At the end of the year, clients also actively used LHV’s banking services, and the decrease in interest income was offset by better fee and commission income, especially from investment banking. As interest income continues to be under pressure, the bank is paying attention to limiting costs by increasing efficiency. In this regard, LHV Pank announced layoffs in December, reducing the workforce by 44 people.

    The loan issue intensified in the last months of the year and, in Q4, the loan portfolio of LHV Pank increased by 300 million euros. The quality of the loan portfolio has remained stronger than planned, and write-downs on loans were reduced. The deposits of LHV Pank increased by 577 million euros in the last quarter of the year, of which 180 million euros came from deposits of regular clients and 450 million euros from financial intermediaries, and platform deposits were reduced. The bank is still keeping the focus on growing deposits. At the beginning of October, the bank also issued 250 million euros worth of covered bonds.

    At the beginning of December, The Banker magazine of the Financial Times declared LHV the best bank of the year in Estonia. Furthermore, Q4 included a review of several important cooperation projects: LHV will be the main sponsor of both Estonian football and the biathlon in the coming years.

    The loan portfolio of LHV Bank operating in the United Kingdom grew by more than half for the second quarter in a row. The loan portfolio increased by 126 million euros, while another 119 million euros of loans have been approved but not issued by the Credit Committee. The quality of the loan portfolio is generally strong. The volume of the deposits of LHV Bank increased by 70 million euros, with a total of nearly 11,600 depositors being involved. The volume of payments by financial intermediaries rose to record levels at the end of the year.

    In December, LHV Bank opened a new mobile bank for its first clients, through which private persons can open an account and make payments. Further, the offer and app will continue to be improved, and their wider introduction to the market will be held in order to attract deposits directly from retail clients.

    By the end of the year, the number of active clients of LHV Varahaldus making monthly contributions was 114,000. Nearly 14,000 of them submitted applications for larger contributions to the II pillar. Seasonally, contributions to the III pillar were actively made again. Operating income and expenses for the quarter remained at the level of the previous quarter. The profit was affected by a more modest financial income from the growth of the funds’ own units than before, but the financial plan still managed to be outpaced.

    The stock markets had a strong quarter driven by tech stocks and the U.S. market. The quarterly rate of return of the pension funds M and L managed by LHV was 1.0% and 0.6%, respectively, while XL decreased by 1.4% against the background of a weak December. The rate of return of the more conservative funds XS and S is 0.8% and 1.2%, respectively. Pensionifond Indeks increased by 4.2%; Pensionifond Roheline lost 5.7% in value over the quarter.

    For LHV Kindlustus, strong sales results, but also seasonally increased loss events, set the tone at the end of the year. The number of policies in force and clients is in a stable growth trend. A good sales result was shown by most types of insurance. Revenue from the insurance service continued to grow, while operating expenses increased. Gross losses increased a little faster compared to earned income. For the year as a whole, LHV Kindlustus earned 1.2 million from net profit and, thus, outperformed the financial plan.

    LHV Group’s annual cost/income ratio turned out to be 43.4%, and return on equity 24.5%. The Group’s liquidity and capitalisation remain strong. In November, LHV Group conducted a successful offering of subordinated bonds, raising 20 million euros in capital from investors. LHV Group will publish the 2025 financial plan and five-year forecast on 13 February.

    Comment by Madis Toomsalu, Chairman of the Management Board at LHV Group:
    “The changes taking place in the world are probably the biggest in the last half century. We are witnessing the growth of geopolitical ambitions, structural changes in the economy, the decline of free trade, and the exponential growth of technological development.

    Despite the different directions, 2024 was a successful year for LHV. After the supervisory exchange, we were able to restore the historically ambitious growth in business volumes. With a strong growth of 1 billion euros, i.e., 28% of the loan portfolio and a higher base interest rate, we achieved the highest business volumes and financial results in history.

    In Estonia, we have grown into the second largest bank in terms of corporate loans. At the same time, the volume of home loans and the insurance business are also growing rapidly. The number of the Estonian bank’s clients increased by 38,000 and activity increased in all the important areas. In the United Kingdom, the corporate loan portfolio already exceeded 300 million euros by the end of the year, which is why we are increasing our long-term expectations. This is also reflected in the mobile app launched at the end of the year.”

    To access the reports of AS LHV Group, please visit the website at: https://investor.lhv.ee/en/reports/.

    In order to present the financial results, LHV Group will organise an investor meeting via the Zoom webinar platform. The virtual investor meeting will take place on 11 February at 9.00, before the market opens. The presentation will be in Estonian. We kindly ask you to register at the following address: https://lhvbank.zoom.us/webinar/register/WN_UP-IqHxNSRSVeoKeUcTOfQ.

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,200 people. As at the end of December, LHV’s banking services are being used by nearly 460,000 clients, the pension funds managed by LHV have 114,000 active clients, and LHV Kindlustus is protecting a total of 170,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee 

    Attachments

    The MIL Network –

  • MIL-OSI United Nations: Secretary-General’s message on the International Day of Women and Girls in Science [scroll down for French version]

    Source: United Nations secretary general

    Ten years ago, the first International Day of Women and Girls in Science recognized a fundamental truth: women’s participation is essential for building a better world through science and technology. I saw that enormous potential firsthand when I was teaching engineering, and I saw the remarkable talent, creativity, and determination of countless women scientists.

    Yet today, women still represent just one-third of the global scientific community. Deprived of adequate funding, publishing opportunities and leadership positions in universities, women and girls continue to face an uphill battle in building careers in science, technology, engineering and math (STEM).

    Look no further than the development of new digital technologies. Men dominate the field at every level—including in Artificial Intelligence. The result is a surge of biased algorithms and embedded inequality, risking a new era of digital chauvinism.

    The more that women are excluded from STEM, the more we limit our collective power to address urgent global challenges, from climate change and food security to public health and technological transformation.

    We can and must do more to level the playing field

    By expanding scholarships, internships and mentorship opportunities to open doors for women and girls in STEM; creating workplaces that attract, retain and advance women in science; encouraging girls’ engagement in STEM from an early age; championing women leaders in science through the media; and dismantling gender stereotypes.

    The Pact for the Future, agreed last September by Member States, gives renewed momentum to these goals by committing to address barriers preventing the full, equal and meaningful access for women and girls in scientific fields.  

    On the tenth anniversary of this important day, and as we reflect on 30 years since the Beijing Declaration, let’s help pave a path to STEM careers that women and girls deserve – and our world needs.

    ***
    Il y a dix ans, la première Journée internationale des femmes et des filles de science consacrait une vérité fondamentale : la participation des femmes est essentielle pour bâtir un monde meilleur grâce à la science et à la technologie. J’ai pu constater par moi-même l’incroyable potentiel des femmes lorsque j’enseignais l’ingénierie, et j’ai vu le talent, la créativité et la détermination remarquables d’innombrables femmes de science.

    Or, à l’heure actuelle, les femmes ne représentent qu’un tiers des scientifiques dans le monde. Privées de financements adéquats, de possibilités de publication et de postes de direction dans les universités, les femmes et les filles ont encore d’innombrables obstacles à surmonter pour faire carrière dans le domaine des sciences, de la technologie, de l’ingénierie et des mathématiques (STIM).

    Pour s’en convaincre, il suffit d’observer le développement des nouvelles technologies numériques. Les hommes dominent le secteur à tous les niveaux, notamment dans l’intelligence artificielle. Il en résulte un déferlement d’algorithmes biaisés qui perpétuent des inégalités bien ancrées et risquent d’ouvrir une nouvelle ère de machisme numérique.

    Plus les femmes sont exclues des STIM, plus nous limitons notre capacité collective de relever les défis urgents qui se posent dans le monde, qu’il s’agisse des changements climatiques, de la sécurité alimentaire, de la santé publique ou de la transformation technologique.

    Nous pouvons et devons en faire plus pour que les femmes aient véritablement les mêmes chances que les hommes :

    Il nous faut élargir les programmes de bourses d’études, de stage et de mentorat afin d’ouvrir aux femmes la porte des STIM ; créer dans ce secteur des lieux de travail qui attirent et retiennent les femmes et dans lesquels elles peuvent progresser ; encourager les filles à s’engager sur la voie des STIM dès leur plus jeune âge ; promouvoir, dans les médias, le leadership des femmes dans le domaine de la science ; venir à bout des stéréotypes de genre.

    Le Pacte pour l’avenir, adopté par les États Membres en septembre dernier, crée une nouvelle dynamique pour la réalisation de ces objectifs. En effet, les États Membres s’y sont engagés à lever les obstacles qui empêchent les femmes et les filles d’accéder pleinement et véritablement, dans des conditions d’égalité, aux filières scientifiques.

    En ce jour où nous célébrons, pour la dixième année, cette importante journée, et alors que nous réfléchissons aux 30 années qui se sont écoulées depuis l’adoption de la Déclaration de Beijing, agissons pour que les femmes et les filles puissent mener, dans le domaine des STIM, les carrières qu’elles méritent – et dont le monde a besoin.

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: Experts chosen for electricity market review

    Source: New Zealand Government

    The Government has appointed independent experts to review the performance of the electricity markets, Energy Minister Simon Watts and Associate Energy Minister Shane Jones say.

    “The power crisis we experienced last winter highlighted how important affordable and secure electricity at internationally competitive prices is to the economic growth and prosperity of Kiwi households and businesses alike,” Mr Watts says.

    “Energy security is a top priority for the Coalition Government as the economy electrifies and we work to double New Zealand’s renewable electricity generation. We expect to see market-led approaches to energy security throughout the transition, and we want to make sure the markets are performing effectively.

    “This review will help ensure our regulatory settings can deliver on the long-term interests of consumers, keep prices down for Kiwis and keep the lights on.

    “From the review’s inception, we were clear that we needed experts capable of bringing a fresh perspective to the complex challenges facing our markets. Those chosen are well-qualified with significant expertise in international electricity market design, risk management, competition policy and financial instruments.”

    Mr Jones says New Zealand cannot afford another winter like 2024 in which businesses shut down, manufacturing ground to a halt, and cheap coal was brought in from overseas kept the lights on.

    “If we are to grow the economy, we cannot allow a shortage of power to stunt that growth. We are a resourceful nation and our businesses have to be able to continue without worrying whether they can afford the power bill or having to choose between shutting down production or keeping staff.”

    Global consultancy Frontier Economics will be the lead reviewer, addressing the seven questions specified in the review’s terms of reference.

    The two peer review roles will be taken on by a team of international experts in energy economics with particular expertise in market design. The peer reviewers will provide an added layer of quality assurance and accuracy to ensure the review reports are robust and reliable.

    New Zealand-based Concept Consulting will act as New Zealand expert advisor, responsible for ensuring Frontier Economics has solid awareness and understanding of the New Zealand context.

    “Collectively, these independent experts bring a wealth of experience, insight, and the fresh perspectives needed for this type of review,” Mr Watts says.

    Ministers expect the review’s final reports to be delivered by the end of June, after which Cabinet will make decisions on next steps.

    MIL OSI New Zealand News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Restores American Competitiveness and Security in FCPA Enforcement

    Source: The White House

    ELIMINATING UNDUE BARRIERS TO U.S. SUCCESS: Today, President Donald J. Trump signed an Executive Order to restore American competitiveness and security by ordering revised, reasonable enforcement guidelines for the Foreign Corrupt Practices Act (FCPA) of 1977.

    • The Order directs the Attorney General to pause FCPA actions until she issues revised FCPA enforcement guidance that promotes American competitiveness and efficient use of federal law enforcement resources.
      • Past and existing FCPA actions will be reviewed.
      • Future FCPA investigations and enforcement actions will be governed by this new guidance and must be approved by the Attorney General.

    AMERICAN SECURITY REQUIRES AMERICAN ECONOMIC STRENGTH: American national security depends on America and its companies gaining strategic commercial advantages around the world, and President Trump is stopping excessive, unpredictable FCPA enforcement that makes American companies less competitive.

    • U.S. companies are harmed by FCPA overenforcement because they are prohibited from engaging in practices common among international competitors, creating an uneven playing field.
    • Strategic advantages in critical minerals, deep-water ports, and other key infrastructure or assets around the world are critical to American national security.
    • FCPA overenforcement infringes upon the President’s Article II authority to conduct foreign affairs, necessitating this review and new enforcement policies.
    • Over time, FCPA interpretation and enforcement by U.S. prosecutors has broadened, imposing a growing cost on our Nation’s economy.
      • In 2024, the DOJ and SEC filed 26 FCPA-related enforcement actions, and at least 31 companies were under investigation by year end.
      • Over the past decade, there has been an average of 36 FCPA-related enforcement actions per year, draining resources from both American businesses and law enforcement.

    PUTTING AMERICA FIRST: President Trump is committed to prioritizing American economic and security interests and ensuring U.S. businesses have the tools to succeed globally.

    Since returning to office, President Trump has signed several executive actions aimed at enhancing American economic competitiveness, including an Executive Order to strengthen U.S. leadership in artificial intelligence (AI) and tariffs on Mexico, Canada, and China to protect the American people.   a 10-to-1 deregulation initiative, ensuring every new rule is justified by clear benefits

    President Trump renegotiated trade deals, including the United States-Mexico-Canada Agreement (USMCA) to secure better terms for American workers and businesses.

    President Trump has worked to cut burdensome regulations that hinder U.S. businesses, ensuring they can operate efficiently and competitively on the world stage.

    President Trump: “We have to save our country. Every policy must be geared toward that which supports the American worker, the American family, and businesses, both large and small, and allows our country to compete with other nations on a very level playing field…”

    MIL OSI USA News –

  • MIL-Evening Report: Whether we carve out an exemption or not, Trump’s latest tariffs will still hit Australia

    Source: The Conversation (Au and NZ) – By Scott French, Senior Lecturer in Economics, UNSW Sydney

    US President Donald Trump and Prime Minister Anthony Albanese have stated an exemption for Australia from Trump’s executive order placing 25% tariffs on all steel and aluminium imported into the US is “under consideration”. But prospects remain uncertain.

    Albanese would do well to secure an exemption using similar arguments as then-Prime Minister Malcolm Turnbull did in 2018.

    If Australia cannot obtain a carve-out from the tariffs, the main group affected will be the Australian producers of steel and aluminium. But the size of the hit they will take is difficult to predict.

    Regardless of whether Australia gets an exemption, the world economy – and Australians – will be affected by Trump’s latest round of tariffs.

    Producers will be hit

    If ultimately imposed by the US, these tariffs will make steel and aluminium produced in Australia more expensive for US manufacturers relative to domestically produced alternatives. This will certainly result in reduced demand for the Australian products.

    However, three factors will help limit the effects:

    1. The price of metals produced in the US will rise

    It will take time to ramp up US production to fill the gap of reduced imports, and the extra production will likely come from less efficient domestic producers. This means that US manufacturers will continue to buy imported metals, despite the higher prices.

    2. The US is not a huge market for Australian steel and aluminium

    Australia produced A$113 billion of primary and fabricated metal in the 2022-23 financial year, according to the ABS.

    By comparison, less than $1 billion of steel and aluminium was exported to the US in 2023, according to data from UN Comtrade, consisting of about $500 million of aluminium and less then $400 million of steel. Exports to the US account for about 10% of Australia’s total exports of these metals.

    3. Major markets

    If major markets such as China and the European Union enact retaliatory tariffs on US metals, this could make Australian metals more competitive in these markets.

    Some stand to benefit

    While workers in Australian steel and aluminium plants will be watching the news with trepidation, some of Australia’s biggest manufacturing companies may be less concerned.

    For example, BlueScope Steel has significant US steel operations, and saw its share price increase on news of the tariffs.

    US-based Alcoa, which owns alumina refineries in Western Australia and an aluminium smelter in Victoria, will also expect to see its US operations benefit.

    And Rio Tinto will be most concerned about its substantial Canadian operations. Its Canadian hub is responsible for close to half of its global aluminium production.

    Demand for iron ore could fall

    The US tariffs will also have wider ranging effects on the Australian economy, regardless of whether Australia’s products are directly targeted.

    While aluminium is Australia’s top manufacturing export, it still makes up only about 1% of total exports, and steel makes up less than half that.

    Iron ore, by contrast, makes up more than 20% of Australia’s exports, with aluminium ores making up an additional 1.5%.

    This means the effect of the tariffs on demand for the raw materials to make steel and aluminium may have the largest detrimental effect on the Australian economy.

    Because the tariffs will make steel and aluminium more expensive to US manufacturers, they will seek to reduce their use of them. This means global demand for the metals, and the ores used to produce them, will decline.

    Investors appear to be betting on this, with shares of Australian miners like Rio Tinto and BHP falling since Trump announced the tariffs.

    Imported goods will become more expensive

    Many of the things Australians buy are likely to get more expensive.

    All US products that use steel and aluminium at any stage of the production process will also become more expensive. Tariffs will raise the cost of steel and aluminium for US manufacturers, both directly and by reducing overall productivity in the US.

    About 11% of Australia’s imports come from the US. And about half of this consists of machinery, vehicles, aircraft, and medical instruments, which typically contain steel and aluminium. Further, these goods are used by manufacturers around the world to produce and transport many of the other things Australians buy.

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

    – ref. Whether we carve out an exemption or not, Trump’s latest tariffs will still hit Australia – https://theconversation.com/whether-we-carve-out-an-exemption-or-not-trumps-latest-tariffs-will-still-hit-australia-249493

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: American Primeval includes brutal displays of Mormon violence, but the reality was arguably worse

    Source: The Conversation (Au and NZ) – By Brenton Griffin, Casual Lecturer and Tutor in History, Indigenous Studies, and Politics, Flinders University

    American Primeval/Netflix

    On January 24, leaders of the Church of Jesus Christ of Latter-day Saints, more commonly known as the Mormon Church, penned a statement condemning the Netflix series American Primeval.

    This historical fiction depicts the Mountain Meadows Massacre of 1857, as well as broader hostilities between the US government and Mormons at Salt Lake City during the Utah War of 1857–58.

    The church has criticised the series for its portrayal of the Mormon prophet Brigham Young, who it claims is “egregiously mischaracterized as a villainous, violent fanatic”. It also says the series

    inaccurately portrays [the Mountain Meadows Massacre] as reflective of a whole faith group, [when] the Church has long acknowledged and condemned this horrific tragedy.

    The reality of the massacre was arguably even grimmer than what American Primeval shows. Contrary to what is depicted in the series, there were no adult survivors. Official sources state up to 150 people were killed. Only 17 children under the age of six were spared, who were then discreetly adopted into Mormon families.

    A (nuanced) history of violence

    Although onscreen depictions of Mormon violence are common, most of these fail to explain the roots of this violence in both theological belief and history.

    Canonised Mormon scripture, including in the Book of Mormon and The Doctrine and Covenants, and pronouncements from leaders such as Joseph Smith and Brigham Young, argue some violence is appropriate and required as per God’s commandment. Justifications for violence had been used against both outsiders and insiders since the religion was founded in 1830 by Joseph Smith (who himself was assassinated in 1844).

    The other driver is the lived experiences of Mormons. Throughout their history, Mormons had been forcefully removed from wherever they have settled, most prolifically under the Missouri “extermination order” of 1838.

    This resulted in the slaughter, rape and violent relocation of Mormons from Missouri to their temporary home in Illinois, before they further migrated to Zion – a religious community established by Young and his followers in Utah – in 1847.

    The Mormons’ establishment of Salt Lake City and surrounding cities in 1847 was based on the violent dispossession of Indigenous communities. As shown in American Primeval, the Utah War and the period surrounding it was dominated by violence.

    This included violence from Mormons and other settlers against Native Americans whose lands were being dispossessed, from Native Americans defending their lands, and from the US government against Mormons and Native Americans.

    In the Mountain Meadows Massacre, Mormons and Native Americans allied against US emigrants travelling to California.

    A depiction of the 1857 Mountain Meadows Massacre.
    Shutterstock

    The two threads of theology and history are integral to understanding the way Mormon violence has been both enacted and represented.

    Portrayals in 19th-century media

    Mormonism first reached Australia’s shores in 1840 and remained a small religious minority in the 19th and 20th centuries. Converts were encouraged to migrate to Utah to help build Zion.

    Australian newspapers reported widely on the Mountain Meadows Massacre of 1857. These articles were mostly reprints of the same information. They were largely accurate, but inflated the number of victims.

    The articles explained how the slaughter had originally been assigned solely to Native Americans, but was later discovered to have been orchestrated by the Mormons, with assistance from some Indigenous tribes.

    Interest began to wane in the 1860s, but picked up again in 1877 following the execution of perpetrator John D. Lee. However, in his book and “confession”, Mormonism Unveiled (1877), Lee claimed he had been scapegoated by Young and other leaders.

    Photographs from 1877 show officers, soldiers and spectators at Mountain Meadows, Utah, following the execution of John D. Lee.
    Library Of Congress

    Spotlight on the Danites

    Interest in Mormon violence wasn’t confined to the Mountain Meadows Massacre. Australian newspapers also discussed the Danites, a band of religiously motivated vigilantes involved in Mormon hostilities in Missouri and Illinois in the 1830s.

    These vigilantes were inspired by Smith’s theological claims and a goal to defend Mormons from harm. They participated in both aggressive and defensive violence against their non-Mormon neighbours.

    Historians have debated the extent of the Danites’ existence, with official church statements claiming they ceased to exist in 1838. Yet in 1858, Brigham Young threatened, “if men come here and do not behave themselves, they will […] find the Danites, whom they talk so much about”.

    The group is first mentioned in Australian media by the late 1850s, with descriptions of Danite “atrocities” disseminated widely, though largely uncorroborated.

    By the 1870s and ‘80s, this had progressed to portrayals in popular culture, including in Australian theatres and Arthur Conan Doyle’s 1887 novel Sherlock Holmes: A Study In Scarlet.

    Media representations of Mormon violence continued into the 20th century. The 1917 American film A Mormon Maid focused on theocratic violence and polygamy, which had been allowed in Mormonism until its ban in 1890.

    A 1952 article in Queensland’s The Truth recounting the Mountain Meadow Massacre.
    Trove

    The modern Mormon

    Our collective fascination with Mormonism today is augmented by the religion’s marginal yet undeniable presence, both in Australia and overseas.

    There are about 17 million Mormons worldwide. Of these, an estimated 157,000 are in Australia (about 0.6% of the population) compared with almost seven million in the United States (about 2% of the population).

    Modern portrayals of Mormonism have tended towards the humorous (The Book of Mormon musical), scandalous (The Secret Lives of Mormon Wives), and even sympathetic (Heretic).

    Even recent representations of Mormon violence, such as in Under the Banner of Heaven (2022), have focused on breakaway fundamentalists rather than the mainstream Mormon church.

    Outrage towards Mormons has focused on the religion’s extreme wealth, influence over political issues such as opposition to same-sex marriage, and the rise of Mormon “tradwife” influencers.

    But I argue these are divergences from the more prominent historical trend of painting Mormons as violent zealots (or in some cases as sexually amoral heretics). And despite these, the spectre of Mormon violence remains – reinforced periodically over nearly 200 years of popular culture and media.

    Brenton Griffin was raised as a member of the Church of Jesus Christ of Latter-day Saints, but is no longer a practising member of the church. His PhD research is focused on the religion’s place in Australian and New Zealand popular culture, politics, and society from the nineteenth century to present.

    – ref. American Primeval includes brutal displays of Mormon violence, but the reality was arguably worse – https://theconversation.com/american-primeval-includes-brutal-displays-of-mormon-violence-but-the-reality-was-arguably-worse-249377

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Dongfeng, Changan revamp to give global edge to automakers

    Source: China State Council Information Office

    The planned restructuring of Wuhan, Hubei province-headquartered Dongfeng Motor Corp and Chongqing-based Changan Automobile is expected to create a more integrated and competitive automaker capable of competing with global giants like Toyota, Volkswagen and Tesla in the coming years, said analysts on Monday.

    A number of listed subsidiaries of State-owned Dongfeng Motor and CSGC, the parent company of Changan Automobile, including Dongfeng Automobile Co and Harbin Dongan Auto Engine Co, announced possible changes to their controlling shareholders on Sunday.

    The listed companies under CSGC announced that they had received a notice from their parent company regarding ongoing restructuring plans with other State-owned enterprises.

    They said that while the restructuring could result in changes to their controlling shareholders, it would not affect the ultimate controlling entity. They also emphasized that the plan remains subject to approval from the relevant authorities.

    Even though Dongfeng Motor and CSGC have not explicitly named each other as restructuring partners, market watchers said that there is a high possibility of integration among China’s State-owned automakers’ passenger vehicle businesses.

    Currently, Changan Automobile, in partnership with Chinese technology company Huawei Technologies Co, maintains a leading position in the transition to new energy vehicles and intelligent mobility development, said Zhang Xiang, an auto industry researcher at the Beijing-based North China University of Technology.

    “Therefore, it is expected that Changan Automobile will play a leading role in the future integration of the passenger vehicle businesses owned by centrally administered SOEs,” Zhang said.

    Dongfeng Motor reported vehicle sales of 2.48 million units in 2024, reflecting a 2.5 percent year-on-year increase, according to information released by the State-owned Assets Supervision and Administration Commission of the State Council, the country’s Cabinet.

    Meanwhile, Changan Automobile achieved total sales of 2.68 million vehicles last year, marking a 5.1 percent growth compared to the previous year. Notably, the company’s NEV sales surpassed 734,000 units, representing a 52.8 percent year-on-year surge.

    Based on their production capacity, the restructuring will effectively enhance the competitiveness of Chinese vehicle brands on the global stage, Zhang added.

    In terms of component integration, the restructuring of these two SOEs will significantly expand the procurement scale, enhancing their bargaining power with component suppliers. This is expected to cut procurement costs and improve the overall efficiency of the supply chain, said Ding Rijia, a professor specializing in industrial economy at the China University of Mining and Technology in Beijing.

    Further, if both companies integrate their component technologies, it will enhance the technical sophistication and performance of vehicle components, Ding said.

    Speaking at a news conference in Beijing last month, Lin Qingmiao, head of the SASAC’s bureau of enterprise reform, said the government’s key focus will be on the restructuring and integration of central SOEs this year, in order to further promote the optimization of the State-owned economy’s structural adjustment going forward.

    Lin said that China will speed up the allocation of State capital to critical industries related to national security and the lifeline of national economy, public services, emergency response capabilities, public welfare and strategic emerging industries.

    Eager to enrich user experience, Dongfeng Motor announced last week the successful integration of the full range of DeepSeek’s open-source large language model. Its brands, such as M-Hero and Nano Box, are set to incorporate and deploy this technology in their vehicles soon.

    Among these, the intelligent cockpit of the M-Hero 917, one of Dongfeng Motor’s luxury models, has already integrated the DeepSeek-R1 model, with an over-the-air update scheduled for April 2025.

    Through continuous customized model distillation and AI training, M-Hero owners will enjoy a significantly enhanced smart cockpit, featuring faster voice recognition, improved semantic understanding and humanlike responses, as well as expanded functionality for offroad driving scenarios, said Dongfeng Motor.

    MIL OSI China News –

  • MIL-OSI China: Tesla battery Megafactory in Shanghai launches production

    Source: China State Council Information Office 3

    This photo shows a production launch ceremony of U.S. carmaker Tesla’s Megafactory in Shanghai, east China, Feb. 11, 2025. [Photo/Xinhua]

    U.S. carmaker Tesla’s new Megafactory in Shanghai, dedicated to manufacturing its energy-storage batteries, known as Megapacks, launched production on Tuesday, marking a significant expansion of the company’s presence in China.

    With an initial annual production capacity of 10,000 units, or roughly 40 gigawatt-hours of energy storage, this Megafactory is set to significantly contribute to Tesla’s global energy storage goals. The company anticipates a year-on-year increase of 50 percent in energy storage deployments in 2025.

    Covering an area of approximately 200,000 square meters, the new Shanghai plant represents a total investment of about 1.45 billion yuan (around 202 million U.S. dollars), according to the administration of the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone, where this Tesla facility is located.

    Notably, mass production at the factory commenced just eight months after construction began, serving as a new example of “Tesla speed” in China, with the Shanghai Gigafactory, Tesla’s first plant in the country’s eastern financial hub, having been built and inaugurated within a year in 2019.

    “We’ve witnessed the incredible speed of Shanghai and Tesla once again. I’m excited to have this factory kick off an exciting year for Tesla,” said Mike Snyder, vice president of Tesla, at the launch ceremony on Tuesday, expressing confidence that the new factory will become a cornerstone of Tesla’s global production network. 

    An aerial drone photo shows U.S. carmaker Tesla’s Megafactory in Shanghai, east China, Feb. 8, 2025. [Photo/Xinhua]

    This photo shows a commercial energy-storage system at U.S. carmaker Tesla’s Megafactory in Shanghai, east China, Feb. 11, 2025. [Photo/Xinhua]

    This photo shows U.S. carmaker Tesla’s Megafactory in Shanghai, east China, Feb. 8, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI New Zealand: Heritage – Frozen in time – National Lamb Day celebrations at Totara Estate

    Source: Heritage New Zealand

    Totara Estate near Ōamaru will play a prime role in this year’s National Lamb Day celebrations on February 15.
    The historic farmstead, a Tohu Whenua cared for by Heritage New Zealand Pouhere Taonga, sent the first-ever shipment of frozen export meat from New Zealand to Britain in 1882, an event that created the multi-billion dollar industry that changed New Zealand’s economy forever.
    February 15 commemorates the exact day 143 years ago when the ship Dunedin left Port Chalmers for the three-month voyage to London carrying just under 5000 sheep and lamb carcasses that had been freshly processed at Totara Estate.
    “This was a significant moment in New Zealand’s history and Totara Estate was at the epicentre of it. It’s very appropriate that this place is a central part of National Lamb Day celebrations,” says Totara Estate Property Lead Jacqui Allison.
    Celebrations will be particularly fitting for the occasion, with New Zealand’s rich agricultural heritage featuring prominently.
    “We’re looking forward to inspiring people with live demonstrations by local experts who will showcase a range of farm-related talents including knife skills, butchery, blade shearing, spinning and other wool crafts,” she says.
    “Visitors will also be able to engage their minds with some captivating live readings and entertaining talks that bring history and culture to life – or just ‘chill’ to the sounds of local musicians who will create the perfect festive mood.”
    And if that wasn’t enough, a range of outdoor games for kids, and older people with a finely developed inner child, promise laughter and smiles all around.
    People can bring their own picnic, or support some of the local businesses who will be there on the day, including Mark from That Food Guy and Barb from Brews and Bites.
    “We’re looking forward to hosting the community in what is shaping up to be a fantastic celebration of a very important date in New Zealand’s history,” says Jacqui.

    Totara Estate would like to acknowledge the support of Gallaway Cook Allan , the National Lamb Day team and The Better Drinks Company in putting together this event.
    From minus zero to hero
    It was a big gamble sending a load of frozen meat from New Zealand to London in 1882.
    Besides the huge investment of actually prepping the first export shipment, the sheer size of the cargo versus the logistics of carrying coal for the long trip made a steam-powered ship impractical, and so the cargo had to travel for three months under sail. Success of the mission depended on the onboard refrigeration system running well.
    Fortunately the man at the helm of the Dunedin was Captain John Whitson, who had taken the time to read up on refrigeration prior to leaving New Zealand. A good thing too. On the way, the ship was becalmed in the tropics and the crew noticed that the cold air in the hold was not circulating, endangering the meat.
    Whitson crawled into the hold, sawed some extra air holes to improve the flow of cold air in order to keep the temperature low, though almost froze to death in the process. Thankfully the crew managed to haul him out of the freezer and resuscitate him.
    As a result of Whitson’s determination, the ship arrived with its cargo in excellent condition. Only one carcass had to be condemned. 

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Money Market Operations as on February 10, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,66,515.61 6.28 5.00-6.75
         I. Call Money 12,879.97 6.32 5.15-6.45
         II. Triparty Repo 3,80,693.90 6.25 5.95-6.35
         III. Market Repo 1,71,142.14 6.35 5.00-6.60
         IV. Repo in Corporate Bond 1,799.60 6.53 6.40-6.75
    B. Term Segment      
         I. Notice Money** 1,280.50 5.92 5.90-6.35
         II. Term Money@@ 597.50 – 6.35-6.60
         III. Triparty Repo 724.60 6.34 6.20-6.45
         IV. Market Repo 328.11 6.36 6.35-6.40
         V. Repo in Corporate Bond 585.00 8.00 8.00-8.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Mon, 10/02/2025 1 Tue, 11/02/2025 2,01,310.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Mon, 10/02/2025 1 Tue, 11/02/2025 4,125.00 6.50
    4. SDFΔ# Mon, 10/02/2025 1 Tue, 11/02/2025 67,439.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       1,37,996.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Fri, 07/02/2025 56 Fri, 04/04/2025 50,010.00 6.31
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,328.42  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     58,338.42  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     1,96,334.42  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on February 10, 2025 9,13,487.07  
         (ii) Average daily cash reserve requirement for the fortnight ending February 21, 2025 9,12,240.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 10, 2025 1,25,736.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on January 24, 2025 -34,103.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2024-2025/2013 dated January 27, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2125

    MIL OSI Economics –

  • MIL-Evening Report: Byelections show Labor is in trouble in Victoria – but how much will Peter Dutton benefit?

    Source: The Conversation (Au and NZ) – By Paul Strangio, Emeritus Professor of Politics, Monash University

    Is history repeating itself in Labor’s fortress state of Victoria?

    At the 1990 federal election, Bob Hawke’s Labor government had a near-death experience when it lost nine seats in Victoria. A furious Hawke laid the blame squarely at the feet of John Cain’s state Labor government, which was listing badly in its third term due especially to a series of financial calamities.

    Less than six months later, a broken Cain, one of Victoria’s great reformist premiers, resigned. His successor was Joan Kirner, the state’s first woman leader. Despite battling gamely, she was unable to avert a landslide Labor defeat in 1992.

    Wind forward to the present and there are some eerily similar dynamics. Anthony Albanese’s government will shortly head to the polls at a time when Jacinta Allan’s ageing Labor administration is in deep political strife in a state groaning under mountainous public debt.

    Labor decline

    Saturday’s twin byelection results highlight state Labor’s parlous position. In the inner urban seat of Prahran, the ALP was so accepting of its lack of competitiveness that it didn’t field a candidate.

    The Liberal Party achieved a modest primary vote swing of 4.8%, which was enough to snatch the decade-long held Greens seat.

    In the outer western suburban seat of Werribee, Labor’s primary vote collapsed by more than 16%. But the Liberal Party only increased its first vote by a relatively paltry 3.7%. To put that in perspective, the Victorian Socialists enjoyed an equivalent lift in support.

    Inevitably, much ink is being spilt trying to divine what these byelection results portend for the Albanese government. In short, whether the unpopularity of the Allan government threatens to unseat federal Labor and open the door to a Peter Dutton prime ministership.

    State stronghold

    Victoria has been a citadel for the ALP, both state and federal, for decades. John Howard’s dubbing of the state as the “Massachusetts of Australia” has become almost cliched so often it is invoked by journalists as a shorthand way of describing Victoria’s predisposition for left-of-centre voting behaviour. It is a label first ascribed to Victoria in the 19th century showing how long it has been known for its progressive political temperament. It is a trait coiled in the state’s political DNA.

    Following the 2022 federal election, the Coalition held only 11 out of 39 seats in Victoria. The Liberals were nearly banished entirely from metropolitan Melbourne, where they now hold just two electorates, Deakin and Menzies (the fringe outer suburban seats of Casey and La Trobe are classified by the AEC as rural and provincial respectively).

    To compound matters, boundary redistributions have since wiped out the Liberals’ margin in Deakin and turned Menzies into a notional Labor seat. All of this means that the federal Coalition must perform substantially better in Victoria, and specifically Melbourne, if its to have a viable path to power.

    State Labor’s political doldrums have offered some hope to Dutton, who is targeting four seats in Victoria, and at a stretch, five: Aston, Chisholm, Goldstein (held by the Teal, Zoe Daniel), McEwen and Dunkley. Notably, only three of those seats – Aston, McEwen and Dunkley – are outer suburban. And the latter is considered the least likely to fall.

    Dutton’s pitch to the suburbs

    Nonetheless, the outer suburbs are a key to Dutton’s election strategy. It’s where he is seeking a major realignment of Australia’s electoral politics by pillaging traditional Labor working class and lower middle class voters.

    This strategy isn’t unprecedented. The so-called “battler” vote was a component, albeit exaggerated, of John Howard’s formula for electoral success as he reoriented the Liberal Party towards conservative populism. Dutton is aggressively doubling down on that pivot.

    The Werribee result, however, can hardly be construed as a harbinger of Liberals storming the ramparts of the outer suburbs. The party’s primary vote in the byelection was only 29%, indicating voters in such areas, which are characterised by breakneck growth and a tsunami of demographic change, are still wary of the local Liberals.

    That scepticism is understandable. For years now, the Victorian Liberal party has been deeply dysfunctional. It has been consumed by ideological and personal feuds, out of sync with the state’s progressive attitudes, low on talent, and seemingly habituated to reposing in opposition rather than presenting as a serious alternative government.

    But, even allowing for such Victorian specific factors (and it is far from the only under-performing Liberal division across the country – think of South Australia and Western Australia), the Werribee result suggests Dutton’s outer suburban focus will not easily yield sizeable dividends, and certainly not in one electoral cycle. It will be a slow burn at best.

    In the meantime, if the Liberals are to win government, they will need to make up ground in inner and middle metropolitan electorates, including Teal-held seats, to which Dutton is far less attuned.

    Major party disenchantment

    What Saturday’s byelections mostly underscored is the dissatisfaction with all of the established parties, including the Greens, whose vote flat-lined in both Prahran and Werribee.

    The disenchantment was expressed in the approximate one third of votes that went to a melange of other parties or independent candidates. This is consistent with the trend that so dramatically materialised at the 2022 federal election when a fractious public voted along increasingly fragmented lines.

    Rather than any party enjoying a grand sweep of the outer suburbs or elsewhere, that is what we can expect at the impending federal election: volatility and unpredictability which is confirmed as the new normal.

    In the past, Paul Strangio received funding from the Australian Research Council.

    – ref. Byelections show Labor is in trouble in Victoria – but how much will Peter Dutton benefit? – https://theconversation.com/byelections-show-labor-is-in-trouble-in-victoria-but-how-much-will-peter-dutton-benefit-249479

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Explainer: what does it actually mean to ‘firm’ renewables?

    Source: The Conversation (Au and NZ) – By Peta Ashworth, Professor and Director, Curtin Institute for Energy Transition, Curtin University

    Large power grids are among the most complicated machines humans have ever devised. Different generators produce power at various times and at various costs. A generator might fail and another fills the gap. Demand soars in the evenings and on hot days. In Australia, eastern and southern states trade power across borders. Meanwhile, Western Australia has two grids and the Northern Territory has several.

    But these complicated machines are undergoing major change, as we shift from large fossil fuel plants to cleaner forms of power. Wind and sun are now the cheapest way to produce electricity. These renewable sources will soon overtake coal and gas – they’re already averaging 40% of power flowing through the national grid.

    Solar and wind are often called “variable” renewable energy sources. Variable, here, refers to the fact the sun doesn’t always shine and the wind doesn’t always blow. On sunny, windy days we get lots of cheap power. But on still nights, we might get little.

    This is where “firming” comes in. To firm renewables is to convert this cheap but variable source of power into what we really want: a reliable supply of electricity, there when we need it. Big battery projects are one way to do it. But there are others.

    Solar and wind are often called ‘variable’ renewable energy sources.
    Damitha Jayawardena/Shutterstock

    How does firming work?

    Storage is the best known way to firm renewables. As floods of cheap power come in, you can store it for later use.

    Storage can be performed by grid-scale batteries, where the power is stored directly. But it can also be done by pumped hydro, where water is pumped uphill when power is cheap and plentiful and run back downhill, through turbines, when power is harder to source.

    Firming can also be done by virtual power plants – aggregated fleets of smaller batteries in homes and electric vehicles.

    Gas peaking plants are another way of firming renewables. In the future, gas plants will go from being a mainstay to the equivalent of a backup generator, fired up only when needed.

    Generally, energy storage facilities offer either short- or long-term firming. As more renewable power enters Australia’s grids, we will need both. This is because they offer different levels of storage and response times.

    Short term can be as short as seconds to a few hours. Batteries are a common way to provide short-term firming, because they can ramp up very quickly to tackle sudden fluctuations in supply or demand. These fast-response systems help stabilise the grid by smoothing out spikes caused by changing weather.

    Long-term firming can be for hours, days or even weeks. This includes large-scale battery storage or back-up generators such as gas plants. Long-term options are crucial to maintain power supply during extended periods of low renewable generation, such as still, cold days and nights in winter.

    Firming turns cheap solar and wind into reliable, stable power.
    Taras Vyshnya/Shutterstock

    How are we tracking with firming renewables?

    In recent years, large-scale battery announcements have ramped up. Almost 8 gigawatts of battery capacity is now in progress or anticipated to start construction shortly. But the pipeline of future projects is much larger: 75 gigawatts of firming will be required.

    While renewable power is cheap, to make it useful and reliable in addition to storage, we need transmission lines to connect large renewable zones to cities and towns. All this adds extra costs.

    As the level of renewables in our power grids inches higher, firming costs increase. This is especially true when a grid goes from 95% to 100% renewables, when there’s a sudden jump in cost.

    This is why experts have argued for keeping a few gas peaking plants. While they are not emission-free, they are flexible and can start up much more rapidly than coal. They will likely play a key role in firming the grid during renewable droughts and extreme demand – an estimated 5% of the year. That sounds small, but they will be essential.

    Eventually, gas peaking plants could switch to hydrogen, if the fuel becomes cost effective. This would cut emissions further.

    Firming – at home?

    Homes with batteries can also help firm the network by joining a virtual power plant. These networks of batteries can be digitally coordinated to function as a single power plant, helping stabilise the grid.

    If a home owner signs up to a virtual power plant program, they hand over some control in return for income. Technologies such as this can support grid stability by charging or discharging in response to supply fluctuations.

    These networks are a flexible energy resource. They can inject power to the grid instantly if there’s a sudden drop in solar or wind generation. They can also soak up surplus energy.

    These aren’t hypothetical. Several are running or in development in Australia, such as the AGL virtual power plant in South Australia, SolarHub in New South Wales and the new ARENA-funded Project Jupiter in Western Australia, which will commence soon.

    Is firming helping?

    Firming technologies are already helping in high-renewable grids overseas. Big batteries now allow California’s grid to absorb more renewables, by soaking up daytime solar and releasing it at evening peak.

    Power from renewables such as solar need to be firmed to maximise use in the grid.
    The Desert Photo/Shutterstock

    We’re seeing the benefits of firming locally, too.

    On January 20 this year, a heatwave in Western Australia triggered a new record for peak electricity demand – 4.4 gigawatts – in the state’s main electricity network, the South West Interconnected System.

    In response, recently built battery storage at Kwinana, Collie, and Cunderdin stored excess power and discharged it at peak times.

    The next day, dense clouds swept in, slashing solar output and reducing peak demand. In response, gas generators increased output to firm the grid.

    Firming technologies are already playing a vital role in keeping our electricity supply stable, reliable and resilient – and it’s just the start.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Explainer: what does it actually mean to ‘firm’ renewables? – https://theconversation.com/explainer-what-does-it-actually-mean-to-firm-renewables-248134

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: 11 February 2025 Kāinga Ora tackles rent debt As part of its reset, Kāinga Ora is changing its approach to managing rent debt to speed up repayment and address some historic issues. Chief Executive Matt Crockett outlines the changes that are being made and the reasons for them.

    Source: New Zealand Government Kainga Ora

    Over the past 12 months, our frontline teams have been working with tenants to reduce their rent debt. This has resulted in total rent debt falling from $21.6 million in January 2024 to $16.1 million at the same time this year.

    But we want the amount owed to fall faster and to make sure we keep rent debt down in the future. So we are making changes as part of the broader reset of Kāinga Ora to address this.

    New policy

    We’re going to reduce debt by taking a firmer approach with tenants who are behind on their rent. We will be fair and reasonable – but rent must be paid.

    We will continue to support households who fall on hard times but are making genuine attempts to get back on track with their rent. We’re a social housing landlord so that’s the right thing to do.

    But, through our new rent debt policy, we are drawing a line on how patient we can be. We don’t want to end tenancies, but we will if tenants are not meeting their obligations to reduce their rent debt, are skipping rent payments or refusing to work with us.

    We’re also taking action to prevent large debts in future. Our new approach seeks to ensure that tenants will not have accumulated more than 12 weeks’ worth of rent debt when their tenancy is ended. This means we will begin the process of ending a tenancy earlier than in the past. This provides clarity about what will happen, and when, to both our tenants and our frontline.

    Partial debt forgiveness

    A small number of Kāinga Ora tenants – less than 3% – have accumulated more than 12 weeks’ worth of rent debt. There are a range of reasons for this, including social and economic events over the past five years and the steps Kāinga Ora took to respond to government policy, particularly during the pandemic.

    We’re going to help those tenants get on top of their rent debt faster by reducing the amount owed to a level that is more realistic for them to repay in full. We’ll only do this for tenants who are consistently paying their rent and making reasonable payments to reduce their debt. In return for this one-off help, tenants must continue reducing their debt.

    This will provide a clear incentive to tenants who are not currently meeting their obligations to change their behaviour and speed up repaying what they owe. If they consistently do this, they will be eligible to have part of their debt forgiven. But if they do not, we will take steps to end their tenancy.

    We expect to forgive up to $8.3 million of the $16.17 million we’re owed. This is already provisioned for on our balance sheets as it is regarded as doubtful debt, so there will be no impact on our financial performance.

    We think this is the right thing to do. The likelihood of collecting all this debt is low, given the time it will take tenants to pay it off and the significant costs associated with chasing it. We’re also conscious that during the pandemic the steps we took to respond to government policy meant we didn’t chase debt in the way we normally would, so we carry a measure of responsibility.

    We’re being pragmatic. We think we’re better off focusing on recovering the remaining debt faster and ensuring current tenants do not get into too much debt.

    All tenants whose debt is reduced will still have a significant amount to repay. And they’ll have a strong incentive to do this under our new policy, which it makes it clear we will end tenancies if tenants do not meet their rent obligations.

    Looking ahead

    It’s important we strike the right balance between supporting households in difficult circumstances and ensuring that our tenants meet their obligations. We will be closely monitoring the impact of both the new rent debt policy and partial rent debt forgiveness to ensure we have the right balance. If necessary, we will make further adjustments.

    Page updated: 11 February 2025

    MIL OSI New Zealand News –

  • MIL-OSI USA: Merkley, Wyden Raise the Alarm Over Oregon Community Health Centers’ Delays in Accessing Federal Funding

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    February 10, 2025

    Washington, D.C. – Oregon’s U.S. Senators Jeff Merkley and Ron Wyden joined an effort led by Virginia Senators Tim Kaine and Mark Warner to press the Trump Administration about reports that community health centers are experiencing significant delays in accessing funding.

    There are 34 Federally Qualified Health Centers in Oregon, including two Look-Alikes, operating more than 270 sites—a majority of which serve rural areas with limited access to medical care across the state. Merkley and Wyden are hearing immense concern from several centers in the state, including the La Pine Health Center in Central Oregon laying off 11 percent of its workforce to prepare due to the funding uncertainty.

    The lawmakers pressed U.S. Department of Health and Human Services (HHS) Acting Secretary Dorothy A. Fink, M.D. after an Office of Management and Budget (OMB) memo that suspended all federal grant and loan funding. The memo has since been rescinded following pressure from Democratic members of Congress and the public, but many grantees that rely on federal funding are still experiencing confusion and uncertainty and have received little to no guidance from the Trump Administration about their funding.

    “As safety net providers operating on razor-thin margins, health centers need certainty to provide care in underserved communities,” the lawmakers pointed out. “When health centers close, people with chronic conditions miss appointments, pregnant women miss prenatal visits, and behavioral health services are interrupted, worsening outcomes and increasing costs to the entire health care system.

    “Despite a judge’s order blocking the funding freeze, we are troubled by reports that health centers are unable to access funding duly appropriated by Congress through the PMS. To compound this issue, our offices have heard troubling reports that since the Trump Administration’s executive orders and funding freeze, funding that has already been appropriated and directed by Congress is still being restricted, and standing webinars, briefings, and meetings are being cancelled at the last minute,” the lawmakers stated. “Health centers are receiving little communication regarding these cancellations and changes, and the communication they have received from HRSA has been unclear, directing actions that may conflict with current court orders.”

    Wyden and Merkley signed the letter led by Kaine and Warner, alongside additional signers U.S. Senators Richard Blumenthal (D-CT), Lisa Blunt Rochester (D-DE), Chris Coons (D-CT), John Hickenlooper (D-CO), Angus King (I-ME), Ben Ray Luján (D-NM), Jack Reed (D-RI), Bernie Sanders (I-VT), Rev. Raphael Warnock (D-GA), Elizabeth Warren (D-MA), and Peter Welch (D-VT). The letter is also signed by U.S. Representatives Bobby Scott (D-VA-02), Gerry Connolly (D-VA-11), Don Beyer (D-VA-08), Jennifer McClellan (D-VA-04), Eugene Vindman (D-VA-07), Suhas Subramanyam (D-VA-10), and Sarah McBride (D-DE-At-Large).

    The full text of the letter is available here and below.

    Dear Acting Secretary Fink,

    We are writing to express serious concerns regarding reports that Health Resources and Services Administration (HRSA) grantees, such as Community Health Centers (health centers), continue to experience significant delays in accessing funding to support services, as well as restrictions on regular communications with agency staff as a result of the Trump Administration’s January 20, 2025 executive orders to pause external communication from federal agencies, and subsequent memorandum directing all federal departments and agencies to freeze all financial assistance.

    Community Health Centers provide high-quality primary and preventive care, dental care, behavioral health and substance use disorder services, and low-cost prescription drugs to more than 32 million Americans annually, serving one in five rural Americans and one in three people living in poverty. Nationally, more than 1,400 health centers operate over 15,000 service sites across every state and Territory, employing more than 500,000 individuals and generating nearly $85 billion in economic output.

    Despite the critical role health centers play in addressing health inequities, many centers struggle to keep up with the growing demand for services and rising costs to deliver high-quality care in their communities. While nearly 70 percent of health center revenue comes from payments from Medicaid, Medicare, commercial insurance, and self-pay patients, health centers rely on their regular federal grant funding to meet payroll obligations and keep their doors open. Beginning in late January, health centers started reporting issues accessing the Payment Management System (PMS) – getting “locked out”, being denied funding they had been awarded, and experiencing long delays in funding being released. As a result, health centers across the country are experiencing panic, unsure how to pay their staff and keep their doors open. Due to delays in funding, health centers have reported:

    1. “We have put off signing a contract to replace our mammography machine, which has reached end of life, because of this freeze and the uncertainty.”
    2. “I’m also now getting providers asking if they should be looking for a new job. Without any understanding and guidance, I’m pretty limited with how much I can actually assure them to do other than tighten our belts…”
    3. “Any services that are directly funded by federal funds will be placed on hold…”
    4. “We had to use all reserves in 2024. We will not make payroll or any other payments next week without access to this federal funding. Staff will be dismissed without access to federal funds.”
    5. “If everything stays the same…the best guess is that we could be fully operational for six months.”
    6. “We have the ability to sustain current or full operations for 60 days…Outreach and case management staff…would be in the first wave of layoffs. Unfortunately, those positions rely on federal support as they are typically not reimbursable through third-party payors. In a short period of time, this has had a profound impact on our staff. [Staff are] concerned that we will lose valuable staff members as they are concerned about the stability of the organization.”
    7. “We will step back on hiring and likely implement hiring pause unless this is resolved quickly.”
    8. “We have enough in reserve to cover two payroll periods.”
    9. “The pause in grant funding would create a deficit for us…We would likely need to start reducing staff and healthcare services to the…patients we serve…within the next couple of weeks if the freeze persists.”

    As safety net providers operating on razor-thin margins, health centers need certainty to provide care in underserved communities. In Virginia alone, ongoing delays in accessing funding have caused health centers to close their doors and cancel patient appointments. When health centers close, people with chronic conditions miss appointments, pregnant women miss prenatal visits, and behavioral health services are interrupted, worsening outcomes and increasing costs to the entire health care system.

    Despite a judge’s order blocking the funding freeze, we are troubled by reports that health centers are unable to access funding duly appropriated by Congress through the PMS. To compound this issue, our offices have heard troubling reports that since the Trump Administration’s executive orders and funding freeze, funding that has already been appropriated and directed by Congress is still being restricted, and standing webinars, briefings, and meetings are being cancelled at the last minute. Health centers are receiving little communication regarding these cancellations and changes, and the communication they have received from HRSA has been unclear, directing actions that may conflict with current court orders.

    We request that you provide answers to the following questions in writing no later than Wednesday, February 12, 2025.

    1. How many health centers have draw-down requests pending in the PMS?
      1. How has that number changed, daily, since January 27, 2025?
      2. What is the average wait time from submission of a draw-down request to disbursement of funds prior to January 27, 2025 and after January 27, 2025?
    1. How many health center draw-down requests have been denied since January 27, 2025?
      1. What is the rationale for these denials?
    1. What is the exact timeline for ensuring the PMS is fully operational and disbursing all pending health center draw-down requests?
    2. What specific authority and under which executive action did HRSA or the Department of Health and Human Services use to restrict health center access to the PMS and funding that they had been previously awarded?
    3. Please provide a list of regular standing calls or meetings between HRSA staff and HRSA grantees that have been cancelled since January 20, 2025. Please include the following:
      1. A description of the grantees impacted, including the type of grantees and number of grantees.
      2. Whether funds appropriated by Congress for the purpose of the grant are being withheld from being awarded to the grantees.
    1. Please provide a list of webinars, briefings, information sessions, and trainings that have been cancelled since January 20, 2025. Please include the following:
      1. A description of the purpose of each webinar, briefing, information session, or training.
      2. Whether or not the webinar, briefing, information session, or training is required by statute and if so, provide the corresponding citation.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Shaheen, Hassan, Pappas Join Ribbon-Cutting Ceremony for New Portsmouth Naval Shipyard Facility to Increase Efficiency and Support Shipyard Workforce

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    ** Shaheen secured full authorization for the Shipbuilding Infrastructure Optimization Program (SIOP) projects at Portsmouth Naval Shipyard in the Fiscal Year 2025 NDAA**

    (Portsmouth, NH) – Today, U.S. Senator Jeanne Shaheen (D-NH), a senior member of the U.S. Senate Armed Services Committee, U.S. Senator Maggie Hassan (D-NH) and U.S. Representative Chris Pappas (NH-01) delivered remarks at the ribbon-cutting ceremony for the Portsmouth Naval Shipyard’s new Waterfront Production Facility. The facility will house training and production facilities at the shipyard and construction was funded through the Navy’s Shipyard Infrastructure Optimization Program (SIOP). This and other projects under SIOP will increase maintenance capacity at public shipyards. Shaheen secured full authorization for SIOP projects at Portsmouth Naval Shipyard in the Fiscal Year (FY) 2025 NDAA. You can view photos from the event here.  

    “One of the real advantages we have over our adversaries is our attack submarines, and we want to make sure that those nuclear submarines are on the water as much as possible. This new facility makes our shipbuilding workforce more efficient, saving time and money, which is exactly what we need to strengthen our national security,” said Senator Shaheen. “It also reaffirms the key role that Portsmouth Naval Shipyard plays not only in our local economy, but also in our nation’s shipbuilding industry, bringing and keeping good-paying jobs for Granite Staters.” 

    “With the construction of the new Waterfront Production Facility, the Portsmouth Naval Shipyard remains equipped to meet the challenges of the 21st century,” said Senator Hassan. “The Portsmouth Naval Shipyard is an indispensable pillar of our national security and today’s ribbon cutting marks the latest chapter in the history of Portsmouth helping keep America safe, secure, and free.” 

    “I was pleased to take part in the ribbon cutting of this state-of-the-art facility that will help the Portsmouth Naval Shipyard continue to achieve America’s national security goals well into the future while preserving this installation’s storied history. It is an honor to represent the Shipyard and the men and women who serve there in Congress, and I remain committed to ensuring that they always have the support and resources needed to do the job and complete the mission,” said Congressman Pappas.

    Senator Shaheen has long advocated for New England’s shipbuilding industry and workforce, including through authorizing funding and workforce development for Portsmouth Naval Shipyard. Through the FY 2025 National Defense Authorization Act, Shaheen secured full authorization for the Shipbuilding Infrastructure Optimization Program (SIOP) projects at Portsmouth Naval Shipyard, which will expand the Shipyard’s capacity to maintain America’s fast-attack submarine fleet. As a member of the U.S. Senate Appropriations and Armed Services Committees, Senator Shaheen helped secure this funding beginning in the FY 2019 funding legislation, which she has continued in ensuing years. Additionally, in the FY 2025 government funding bills, Shaheen worked to include a $9.5 million Congressionally Directed Spending add for a new parking structure at the Portsmouth Naval Shipyard—which will contribute to quality of life for Shipyard’s workforce. 

    MIL OSI USA News –

  • MIL-OSI USA: Hassan, Shaheen Help Reintroduce Bipartisan SHRED Act to Keep Ski Fees Local, Support New Hampshire Recreation Management

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan

    (Washington, DC) – U.S. Senators Jeanne Shaheen (D-NH) and Maggie Hassan (D-NH) helped reintroduce the Ski Hill Resources for Economic Development (SHRED) Act, led by U.S. Senators Michael Bennet (D-CO) and John Barrasso (R-WY). The bipartisan bill would fuel investment in outdoor recreation in mountain communities by enabling National Forests like the White Mountain National Forest to retain a portion of the annual fees paid by ski areas operating within their boundaries. 

    “During the winter, New Hampshire’s stunning White Mountains and impressive ski slopes attract Granite State residents and tourists alike – making it a key pillar of our outdoor recreation economy,” said Shaheen. “This bipartisan bill will reinvest ski fees to improve ski areas and support overall recreation in the White Mountain National Forest. I’ll continue supporting commonsense investments in our recreation economy to benefit local communities and preserve our landscapes for generations to come.”    

    “New Hampshire’s ski resorts are cornerstones of our winter tourism industry and our state’s economy,” said Hassan. “The SHRED Act is a commonsense, bipartisan bill that will help strengthen our local communities by ensuring that ski fees are invested in maintaining and improving the places that make New Hampshire a premier destination for winter sports. This legislation will benefit both our local communities and the millions of visitors who come to experience the Granite State’s natural beauty.” 

    In exchange for using some of America’s most stunning forestlands, the 124 ski areas operating on Forest Service lands across the country pay fees to the Forest Service that average over $40 million annually. The SHRED Act would establish a framework for local National Forests to retain a portion of ski fees to offset increased recreational use and support local ski permit and program administration. The SHRED Act also provides the Forest Service with flexibility to direct resources where they are needed the most.  

    Specifically, the SHRED Act would invest in the Granite State by:  

    • Keeping Ski Fees Local: By establishing a Ski Area Fee Retention Account to retain the fees that ski areas pay to the Forest Service. For National Forests that generate ski fees, 80 percent of those fees are available for authorized uses at the local National Forest. The remaining 20 percent of those fees would be available to assist any National Forests with winter or broad recreation needs.   
    • Supporting Winter Recreation: In each forest, 75 percent of the retained funds are directly available to support the Forest Service Ski Area Program and permitting needs, process proposals for ski area improvement projects, provide information for visitors and prepare for wildfire. Any excess funds can be directed to other National Forests with winter or broad recreation needs. 
    • Addressing Broad Recreation Needs: In each forest, 25 percent of the retained funds are available to support a broad set of year-round local recreation management and community needs, including special use permit administration, visitor services, trailhead improvements, facility maintenance, search and rescue activities, avalanche information and education, habitat restoration at recreation sites and affordable workforce housing. This set-aside would dramatically increase some Forest Service unit’s budgets to meet the growing visitation and demand for outdoor recreation.  

    Shaheen and Hassan have long led efforts in Congress that support and invest in New Hampshire’s tourism and travel industries that fuel local economies across the state. Shaheen led her bipartisan Outdoor Recreation Jobs and Economic Impact Act into law to require the federal government to measure the impact of the outdoor recreation on the economy. In November 2024, Shaheen applauded the release of an annual report showing a $1.2 trillion economic contribution by the outdoor recreation sector in 2023, including adding $3.9 billion to New Hampshire’s economy. In New Hampshire, outdoor recreation accounts for 3.4% of gross domestic product (GDP) and employs 32,000 people, which is a 2.9% increase in jobs. 

    Shaheen and Hassan led efforts to help secure full funding and permanent authorization for the Land and Water Conservation Fund (LWCF), which has helped protect more than 2.5 million acres of land and supported tens of thousands of state and local outdoor recreation projects throughout the nation. In 2020, the Senators helped lead the Great American Outdoors Act into law to permanently fund the LWCF and provide mandatory funding for deferred maintenance on public lands.   

    MIL OSI USA News –

  • MIL-OSI USA: Hagerty Introduces Legislation to Hold NGOs Accountable for Facilitating Illegal Immigration

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty
    WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations Committee, today introduced the Fixing Exemptions for Networks Choosing to Enable Illegal Migration (FENCE) Act, legislation to revoke the tax-exempt status of organizations that engage in a consistent pattern of providing financial assistance, benefits, services, or other forms of material support to individuals they know to be unlawfully present in the United States.
    “It’s absurd that our federal government has been giving tax exemptions and federal funding to NGOs that have helped facilitate record illegal immigration and carry out the far-left’s agenda, while cloaked as charities,” said Senator Hagerty. “President Trump’s executive order requiring a review of federal funding to NGOs will expose this malpractice that has occurred for too long. I’m pleased to introduce this legislation that will augment the President’s work to hold these NGOs accountable by revoking their tax-exempt statuses.”
    Background:
    The Biden Administration’s immigration policies have drawn significant attention to the role of non-governmental organizations (NGOs) in facilitating illegal immigration. Many of these organizations have been involved in efforts to transport and harbor illegal aliens, actions that undermine the Department of Homeland Security (DHS) and its ability to enforce federal immigration laws. In numerous cases, these activities have also raised concerns about risks to American citizens’ safety and security.
    Despite their tax-exempt status and, in many cases, access to hundreds of millions of dollars in federal funding, these NGOs continue to play a significant role in aiding illegal migration into the United States. Taxpayers have been double-funding these organizations, once through resettlement grants and again through tax exemption.
    In March 2024, Hagerty forced the Senate to take a vote to stop taxpayer dollars from going to NGOs who were facilitating resettlement of illegal aliens in American cities. Unfortunately, every Senate Democrat voted against the proposal, which would have shifted funding away from NGOs flying illegal aliens into U.S. cities and toward deportation flights to send them back to their country of origin.
    Full text of the legislation can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: At CFPB Headquarters, Warren Sounds Alarm on Elon Musk’s Attack against Consumer Financial Protection Bureau

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    February 10, 2025

    “Donald Trump ran his campaign on lowering costs for working families…now he and his co-president, Elon Musk, have tried to shut down the agency that has delivered $21 billion to hardworking families.”

    “Congress built [the CFPB], and no one other than Congress — not Donald Trump, not Elon Musk, no one – can fire the financial cops.”

    Video of Remarks

    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs (BHUA), delivered remarks at the headquarters of the Consumer Financial Protection Bureau (CFPB) in defense of the agency. The rally comes in response to billionaire Elon Musk and Project 2025 architect Russ Vought attempting to shut down the CFPB. 

    Transcript: Rally to Defend the Consumer Financial Protection Bureau
    February 10, 2025 
    As Delivered

    Senator Elizabeth Warren: I am so glad to be here with you today. My name is Elizabeth Warren, and I’m here with you to fight for our Consumer Financial Protection Bureau. 

    The CFPB is the cop on the beat, and that cop is the one that caught the crooks and, so far, has made them give back $21 billion. 

    That cop is the one that put that $21 billion right back into the hands of the American people who got cheated.  

    That cop is the one who has worked, day by day, to get your money back when some slimeball decided they could cheat you and there wouldn’t be anything you can do about it.

    Now, the CFPB is the little agency that has fought for us, and we’re here today to fight for the CFPB. Let’s give a huge cheer for the CFPB!  

    Donald Trump ran his campaign on lowering costs for working families. Yeah, now, he and his co-president, Elon Musk, have tried to shut down the agency that has delivered $21 billion to hardworking families. $21 billion to people who got cheated—and Trump and Musk want to just take that agency away.   

    Donald Trump and Elon Musk have told the financial cops at the CFPB to stand down. Now, think about this – I want you to think about this for a minute – no matter how big the scam, no matter how bold the trap, they have said just stand by and let the Wall Street boys take your money.  

    Well, we are here to fight back! We want our financial cops back on the beat! 

    This is a fight – and I want you to watch who this fight is between – this is a fight between millions of hardworking people, who just don’t want to get cheated, and a handful of billionaires like Elon Musk who want the chance to cheat them. 

    So here’s how we have to think about this: for every person who wants to buy a home without getting scammed, this fight is your fight.

    For every family that doesn’t want to get put out on the street in an illegal foreclosure, this is your fight.

    For every student who wants to borrow money to go to school without getting defrauded, this is your fight.

    For every member of our military who doesn’t want to get trapped by some sleazy payday lender – say it with me: this is your fight. 

    For every person who borrows money to buy a car and doesn’t want to get trapped in the fine print, this is your fight.

    For every American who doesn’t want to see Wall Street crash our economy again, this is your fight.  

    And for every American who doesn’t want some weird Elon Musk suck-up searching through your personal, private data, this is your fight.

    Your fight, my fight, our fight—and we will win this fight!

    Because, understand this – this fight is about more than one little agency.

    This fight is about more than just our financial rules and regulations.

    This fight is about more than just Democrat versus Republican politics. 

    This fight is about hardworking people versus the billionaires who want to squeeze more and more and more money out of them. And now, now is our time to put a stop to this!

    Look, these damn billionaires are making their moves right out in the open. Look at Elon. Please. No, just look. He invested $288 million to buy an election for Donald Trump. And now he is right here to collect on that investment.  

    Elon Musk owns “X,” which has been losing money like crazy. So Elon has a plan for a new payment platform called “X Money”. Elon wants X Money to touch every part of your financial life. 

    But Elon has got a problem: the financial cops. The CFPB is there to make sure that Elon’s new project can’t scam you or steal your sensitive personal data. So Elon’s solution? Get rid of the cops. Kill the CFPB. 

    This is like a bank robber trying to fire the cops and turn off the alarms just before he strolls into the lobby.

    We are here to fight back!  

    So I’ve got to ask: are you ready to stand up to the scammers?

    Are you ready to push back against the fraudsters?

    Are you ready to say no to Elon Musk?

    Look, after the 2008 financial crash and the big bank bailout, Congress created the CFPB to protect people from getting swindled.  

    Congress built it, and no one other than Congress — not Donald Trump, not Elon Musk, no one can fire the financial cops. 

    We are fighting back, and understand this: there is power in fighting back. Real power. We, the people, not Elon Musk, we the people have the real power in this country—and we are going to use that power.  

    So here it is: are you ready to fight for the little agency that fights for us? Are you ready to fight the billionaires who are trying to take over this country? Are you ready to say no to Elon Musk? 

    We will fight it out in Congress. We will fight it out in the courts. We will fight it out all across this country—and I promise you, we will win.  

    MIL OSI USA News –