Category: Economy

  • MIL-OSI: DYOR Partners with Ava Labs, Announces Major Developments With Matt Dyor Joining as Advisor Plus Acquisition of DYOR.com

    Source: GlobeNewswire (MIL-OSI)

    Boston, MA, Jan. 27, 2025 (GLOBE NEWSWIRE) — DYOR, the innovative cryptocurrency research and analytics platform, has announced a listing partnership with Ava Labs, the company behind the Avalanche blockchain and AVAX coin, to launch on January 25th. The collaboration coincides with Ava Labs’ decision to reduce gas fees on Avalanche by one-twenty-fifth, a 96% decrease and a significant move to further drive blockchain adoption and accessibility.

     The announcement also marks a series of exciting developments for DYOR, including the acquisition of the premium domain DYOR.com and the appointment of Matt Dyor as an advisor. Dyor, who has held key roles at Google, Amazon, Microsoft and other leading tech companies, brings a wealth of expertise in scaling technology platforms and user-focused innovation.

    What excites me the most is DYOR’s focus on bringing new users into crypto,” said Matt Dyor. “The most exciting aspect is how DYOR addresses real-world financial needs—going beyond just buying and holding crypto. By enabling smart contracts, decentralized trust, and seamless, automated payments, DYOR is bridging the gap between Web3 and traditional finance in a truly impactful way.

    The partnership with Ava Labs underscores DYOR’s mission to empower crypto enthusiasts and institutional users with transparent tools to make informed decisions. Avery Bartlett, Head of Business Development at Ava Labs, expressed enthusiasm about the collaboration: “Avalanche has some of the smartest devs building some of the most forward thinking applications in crypto. What we’ve been needing more of is cutting edge trader tooling for the on-chain degens that make this industry so exciting. DYOR is moving at the speed of light to deliver on some of the tooling this chain deserves. Excited for them.”

    The acquisition of DYOR.com further cements the platform’s position as a trusted resource for crypto research and education, making it more discoverable and user-friendly for audiences worldwide.

    DYOR Labs is redefining DeFi with a cutting-edge platform that empowers traders and developers alike. Offering real-time insights, advanced token data, and customizable workflows, users benefit from unmatched speed and cost efficiency. With features like fiat on/off ramps, cross-chain swaps, a native DEX, and Team Dashboards for transparency and project management, DYOR ensures seamless trading and trust-building across blockchains. Looking ahead, DYOR is set to launch AI-powered insights, gamified user engagement, on-chain ad auctions, and integrated social feeds, solidifying its position as a leader in DeFi innovation.

    As DYOR continues to expand its capabilities and partnerships, this collaboration sets the stage for a new era of transparency, accessibility, and utility in the cryptocurrency space.

    About DYOR:
    DYOR is a leading research platform dedicated to helping users make informed decisions in the cryptocurrency market. By providing verified data, analytics, and user-friendly tools, DYOR simplifies blockchain research and empowers investors, traders, and enthusiasts.

    About Ava Labs:
    Ava Labs is the team behind Avalanche, an open-source platform for launching highly decentralized applications, new financial primitives, and interoperable blockchains. The network’s speed, scalability, and eco-friendliness make it a preferred choice for Web3 developers.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network

  • MIL-OSI: Forbion BioEconomy Fund I surpasses €150 million target, raising €164.5 million with strong institutional LP support

    Source: GlobeNewswire (MIL-OSI)

    • Forbion’s BioEconomy Fund I has raised €164.5 million to date, exceeding its €150 million target in just over a year, since launching in November 2023.
    • Institutional investors, include KfW Capital, Novo Holdings, Rentenbank, Aurae Impact and most recently ABN AMRO Bank and EIFO.
    • The fund focuses on biotech-enabled, B2B solutions that deliver sustainability at price parity or better across Food, Agriculture, Materials, and Environmental Technologies.

    NAARDEN, The Netherlands, Jan. 27, 2025 (GLOBE NEWSWIRE) — Forbion, a leading venture capital firm with deep biotech expertise in Europe and the US, announces that its BioEconomy Fund I has raised €164.5 million. This exceeds the fund’s €150 million target, underscoring growing investor interest in the commercial potential of biotech innovations that address global sustainability challenges.

    BioEconomy Fund I is supported by top-tier institutional investors, including KfW Capital, Novo Holdings, Rentenbank, and Aurae Impact, alongside new backers ABN AMRO Bank and EIFO. The BioEconomy Fund I anticipates a final close at or close to the hard cap of €200 million, demonstrating the growing confidence in biotech innovations that address global sustainability challenges.

    Launched in November 2023, the Forbion BioEconomy Fund I is a planetary health fund that targets business-to-business (B2B) solutions that replace unsustainable products with scalable, cost-effective alternatives. A key pillar of the fund’s strategy is ensuring these innovations achieve price parity with incumbent solutions, enabling wide-scale adoption across the fund’s four target sectors: Food, Agriculture, Materials, and Environmental Technologies industries.

    Sander Slootweg, Managing Partner and co-founder of Forbion, stated, “Exceeding €150 million in just over a year reflects the strength of our team and strategy and the confidence our investors have in our ability to execute. Their support for BioEconomy Fund I demonstrates the growing demand for scalable, cost-competitive biotech solutions that deliver both sustainability and strong returns.”

    Alex Hoffmann, General Partner, added, “Investors recognize the transformative potential of scalable biotech solutions to meet the needs of industries seeking to adopt sustainable practices. Their support empowers us to help companies scale and deliver meaningful change.”

    About Forbion BioEconomy Fund I
    BioEconomy Fund I’s focus on using biotechnology and green chemistry to deliver sustainable B2B solutions in Food, Agriculture, Materials, and Environmental Technologies is best exemplified by its initial investments in Solasta Bio and Novameat. These portfolio companies illustrate Forbion’s commitment to scalable, biotech-enabled innovation. Solasta Bio develops sustainable insect control solutions as alternatives to chemical insecticides, while Novameat advances plant-based meat production with proprietary technology designed for scalability and high-quality texture. By building on Forbion’s expertise in biotechnology, the fund aligns its investments with UN Sustainable Development Goals, including SDG 9 (industry, innovation, and infrastructure), SDG 12 (responsible consumption and production), and SDG 13 (climate action). Forbion BioEconomy Fund I aims to deliver strong financial returns while driving impactful solutions to pressing planetary challenges. Forbion announced the first close of BioEconomy Fund I at €75 million on 20 June 2024.

    About Forbion
    Forbion is a leading global venture capital firm with deep expertise in Europe and the US with offices in Naarden, The Netherlands, Munich, Germany and Boston, USA. Forbion invests in innovative biotech companies, managing approximately €5 billion across multiple fund strategies that cover all stages of (bio-) pharmaceutical drug development. In addition, Forbion leverages its biotech expertise beyond human health to address ‘planetary health’ challenges through its BioEconomy fund strategy, which invests in companies developing sustainable solutions in food, agriculture, materials, and environmental technologies. Forbion’s team consists of over 30 investment professionals that have built an impressive performance track record since the late nineties with 128 investments across 11 funds. Forbion’s record of sourcing, building and guiding life sciences companies has resulted in many approved breakthrough therapies and valuable exits. Forbion typically selects impactful investments that will positively affect the health and well-being of people and the planet, as well as meet its financial return objectives. The firm is a signatory to the United Nations Principles for Responsible Investment. Forbion operates a joint venture with BGV, the manager of seed and early-stage funds, especially focused on Benelux and Germany.

    For more information, please contact:

    Forbion Investor Relations
    Email: Robbert.van.de.Griendt@forbion.com
    General Partner IR & Impact

    Forbion Communications
    Email: laura.asbjornsen@forbion.com
    Head of Communications

    The MIL Network

  • MIL-OSI: Franklin Electric Declares Payment of Increased Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    FORT WAYNE, Ind., Jan. 27, 2025 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that its Board of Directors declared a quarterly cash dividend of $0.265 per share payable February 20, 2025, to shareholders of record on February 6, 2025. This represents a 6 percent increase from the prior quarterly dividend. This dividend will mark the 33rd consecutive year that Franklin Electric has increased its dividend, demonstrating its commitment to returning cash to shareholders and confidence in the outlook of the business.

    About Franklin Electric
    Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be named in Newsweek’s lists of America’s Most Responsible Companies and Most Trustworthy Companies for 2024 and America’s Climate Leaders 2024 by USA Today.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

    The MIL Network

  • MIL-OSI: Navigating Opportunities and Risks in Web3 Investment: Bybit at Invest Web3 Forum

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Jan. 27, 2025 (GLOBE NEWSWIRE) —

    Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has been rising to the challenge of shifts in the global regulatory landscape to capture AI opportunities in Web3, Bybit Web3’s Jase Zhang said at a panel at the Invest Web3 Forum in Dubai on Jan. 16, 2025. 

    The panel navigated the status quo of Web3 investment landscape, exploring the intersection of Web3 and AI technologies and how the convergence could take the sector forward. During the 30-minute discussion moderated by Glass Ventures Managing Partner Cinderella Amar, Law Blocks Co-Founder Ashish Baphana, and Bybit Web3 Product Manager Jase Zhang, the panelists exchanged insights on high-growth areas within Web3, and shed light on strategies for navigating investment opportunities as well as the regulatory landscape. The conversation covered venture capital’s evolution in the decentralized space and risk mitigation approaches for investors. 

    AI Meets Web3 
    “One of the most exciting trends in Web3 is the integration of AI and Web3 combination, especially through tools like most trending DefAI and AI Agents. These innovations will change how users interact with the onchain world. Users engage with decentralized finance by combining smart decision-making, natural language interaction, and automated execution,” said Jase Zhang, Web3 Product Manager at Bybit. “At Bybit, we’re closely following market trends, such as our Web3 Swap latest token categories, recent cex listings and AI products like TradeGPT, and continuously exploring new ways to combine Web3 and AI. Moving forward, we’ll keep focusing on high-growth areas and provide more innovative AI + Web3 products and services to meet evolving market demands,” he added. 

    Exchanges and Regulators: Goals Aligned 
    Zhang also identified regulatory uncertainty as one of the biggest risks in Web3 but was hopeful it was manageable. One of the risk factors includes the absence of a uniform regulatory framework, compounded by the fast-changing nature of the industry, which created challenges for compliance and long-term planning. 

    Zhang expanded on Bybit’s commitment to fostering industry growth through regulatory compliance and collaboration with local authorities, aiming to build a secure trading environment for users. The exchange tripled its user base in 2024, increasing its contact surface with global regulators and policymakers. By working closely with regulators in Dubai, Georgia, and the Netherlands, to name a few, Bybit has strengthened its regulatory posture to meet licensing requirements, reinforcing its commitment to providing a secure and advanced trading platform for its global user base of over 60 million.

    “We aim to adapt to changes while helping shape a sustainable framework for the industry. Bybit’s approach shows that regulatory collaboration isn’t just about compliance—it’s about building trust and fostering responsible innovation,” Zhang said of the shared goals of Bybit and regulators.

    The Invest Web3 Forum successfully concluded at In5 Tech, Dubai, attended by high-profile industry leaders and Web3 visionaries who gathered at the heart of Web3 innovation in the GCC.  

    Jase Zhang, Web3 Product Manager at Bybit at the Invest Web3 Forum in Dubai on Jan. 16, 2025

    #Bybit / #TheCryptoArk / #BybitWeb3

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

    For more details about Bybit, please visit Bybit Press
    For media inquiries, please contact: media@bybit.com 
    For updates, please follow: Bybit’s Communities and Social Media
    DiscordFacebookInstagramLinkedInRedditTelegramTikTokXYoutube

    Contact

    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d2e1d1d7-6a00-48aa-af70-11c0f980f815

    The MIL Network

  • MIL-OSI Economics: RBI imposes monetary penalty on The Kheralu Nagrik Sahakari Bank Limited, Dist. Mehsana, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 24, 2025, imposed a monetary penalty of ₹1.50 lakh (Rupees One Lakh Fifty Thousand only) on The Kheralu Nagrik Sahakari Bank Limited, Dist. Mehsana, Gujarat (the bank) for non-compliance with directions issued by RBI on ‘Investment by Primary (Urban) Co-operative Banks’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had:

    1. breached the prescribed ceiling of total investments held under Held to Maturity (HTM) category; and

    2. failed to carry out periodic review of risk categorization of certain accounts at least once in six months.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2016

    MIL OSI Economics

  • MIL-OSI Economics: RBI imposes monetary penalty on Marketyard Commercial Cooperative Bank Limited, Unjha, Dist. Mehsana, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 23, 2025, imposed a monetary penalty of ₹5.50 lakh (Rupees Five Lakh Fifty Thousand only) on Marketyard Commercial Cooperative Bank Limited, Unjha, Dist. Mehsana, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Donations / Contributions for public /charitable purposes out of profits of UCBs’, ‘Donations to Trusts and Institutions where Directors, their relatives hold position or are interested’, ‘Loans and advances to directors, their relatives, and firms / concerns in which they are interested’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred on RBI, under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had:

    1. made donation to trusts in excess of prescribed ceiling;

    2. made donations to certain trusts in which the bank’s directors were interested;

    3. sanctioned certain director related loans; and

    4. failed to carry out periodic review of risk categorization of certain accounts at least once in six months.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2015

    MIL OSI Economics

  • MIL-OSI Europe: ASIA/PHILIPPINES – A cap on the price of rice: the government’s measure to prevent speculation

    Source: Agenzia Fides – MIL OSI

    Manila (Agenzia Fides) – In an effort to curb the rise in rice prices, the Manila government has set a limit of 58 pesos per kilogram for imported rice, after carrying out “extensive consultations” with importers, retailers and government agencies. The measure, which came into effect on January 20, provides for a gradual reduction in the cost of rice. The Minister of Agriculture, Francisco Tiu Laurel Jr., explained that the initial recommended selling price will be 58 pesos per kilo, focused mainly on containing prices in the metropolitan area of Manila. Subsequently, the price will be reduced progressively: to 55 pesos on February 5, to 52 pesos on February 15 and, finally, to 50 pesos on March 1, with the expectation of reaching 49 pesos if international prices remain stable.According to Minister Laurel, “the gradual reduction will allow for an orderly transition in the market, avoiding destabilization of the rice sector and ensuring that companies can adapt without major disruption.” The recommended price of the staple food will be reviewed every month to take into account new factors affecting cereal prices. On the one hand, the Government wants to ensure that “the price of rice is fair and affordable”; on the other, it wants to ensure that the rice industry remains profitable, but avoiding speculation: “We cannot allow the greed of a few to endanger the well-being of an entire nation,” he said. The Agriculture Minister has reiterated plans to distribute subsidies to rice farmers during the planting season to increase local production of palay (unhulled rice) by 2025. The “Rice Competitiveness Enhancement Fund” is a government fund dedicated to rice farmers, the amount of which has been tripled to reach 30 billion pesos by 2025. This has come about following the Rice Tariff Law, enacted in 2018 and amended by Congress last December, to expand funding for the modernization of the rice industry. About 6 billion of the initial 10 billion will go to agricultural mechanization, and 4 billion to seeds. Other components to be funded include solar irrigation, diversification and financial aid to rice farmers. The aim is to help farmers get agricultural support during the planting season, including timely delivery of seeds and fertilizers, which will ensure efficient planting and increase productivity. National rice production this year is expected to be 20 million tons, compared to the 19.3 million tons estimated for the end of 2024. In the Philippines, rice production is a key aspect of the country’s food supply and economy. There are an estimated 2.4 million rice farmers in the country. “They are the backbone of the country and provide basic food for everyone. It is important to protect their work and ensure that the population can benefit from rice at a fair price,” explain the priests of the Diocese of San Jose, in the province of Nueva Ecija, in the north of the Philippines. They point out that “if rice is overpriced, it is above all the poor and the less well-off who suffer.” In the area, known as the “rice field of the Philippines”, the local Catholic Church has always supported farmers and, in recent years, has also launched training programs to teach organic farming techniques. (PA) (Agenzia Fides, 27/1/2024)
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    MIL OSI Europe News

  • MIL-OSI Economics: Identity fraud: BaFin warns consumers about the company Interactive Assets

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Interactive Assets and the services it is offering. BaFin suspects the unknown operators of the website interactiveassets.pro of offering consumers financial, investment and cryptoasset services without the required authorisation.

    The unknown operators are contacting consumers, claiming that their offer is from Baden-Württembergische Wertpapierbörse GmbH or Börse Stuttgart GmbH. In addition, when advertising its services, the company claims to be supervised by BaFin. However, none of this information is correct. This is a case of identity fraud. Moreover, BaFin does not supervise Interactive Assets.

    BaFin is issuing this information on the basis of section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG) and section 10 (7) of the German Cryptomarkets Supervision Act (Kryptomaerkteaufsichtsgesetz).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics

  • MIL-OSI Africa: Lighting Up Africa: The Transformative Power of Mission 300 (By Kevin Kariuki)

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

    ABIDJAN, Ivory Coast, January 27, 2025/APO Group/ —

    By Kevin Kariuki, Vice President for Power, Energy, Climate, and Green Growth at the African Development Bank Group (www.AfDB.org/en)

    Across Africa, nearly 600 million people live in energy poverty, deprived of reliable access to electricity—a fundamental prerequisite for modern life. This staggering statistic represents more than just a lack of power.  Significantly, it translates to limited opportunities for education, healthcare, gender equality, and economic growth. Mission 300, a bold initiative championed by the African Development Bank Group and the World Bank Group in collaboration with key partners, seeks to change this narrative by providing first time electricity access to 300 million Africans by 2030.  A key milestone in this effort, branded Mission 300, is the Africa Energy Summit scheduled for Dar es Salaam, 27/28 January 2025.

    The Significance of Energy Access

    Energy is the engine of development. Without affordable, reliable, and sustainable electricity, Africa cannot achieve its developmental aspirations or secure its rightful place in the global economy. Energy access is the cornerstone of economic transformation, opening doors to education, healthcare, and income generation. Moreover, it fosters gender equality by reducing the time women spend on labour and time-intensive tasks such as cooking with traditional fuels or collecting for firewood. Mission 300’s success is therefore not just about electrification; it is about saving and empowering lives as well as communities.  It is also about reducing greenhouse gas emissions and safeguarding biodiversity.

    Yet, the path ahead is daunting. At the current pace of electrification, coupled with Africa’s rapid population growth, the number of people living without access to electricity could remain largely unchanged. Action is therefore an imperative, and Mission 300 provides the roadmap to achieve universal energy access by 2030, consistent with the United Nations’ Sustainable Development Goal 7 and the African Union’s Agenda 2063.

    The Role of Mission 300

    Mission 300 will invest in new and rehabilitation of generation capacity, transmission systems, including intra- and regional interconnections, as well as distribution grids to build robust and reliable power systems.  It will be complemented by reforms in the energy sector to ensure affordability and sustainability of electricity service, and financially viable utilities while partnerships with the private sector will assist in mobilizing funding at the required speed and scale

    In addition to providing electricity access from interconnected power systems, through Mission 300’s transformative vision, mini-grids, and stand-alone solar home systems will be prioritized to provide electricity to underserved regions and communities, including in fragile and remote areas where extending the interconnected grid is impracticable.  These Distributed Renewable Energy (DRE) solutions are amenable to easy and speedy roll-out, cost-effective, modular, sustainable, and can ensure that no community is left behind in the Mission 300 journey.  DRE solutions are projected to account for more that 50% of new connections by 2030.

    A Defining Moment: The Africa Energy Summit

    The upcoming Africa Energy Summit in Dar es Salaam will be a pivotal moment in Mission 300 journey. Hosted by the Government of the United Republic of Tanzania, the African Union, the African Development Bank Group, the World Bank Group, as well as the African Union, the summit will bring together over 25 Heads of State and Governments, Heads of international Organisation, including Banks, energy experts, and private sector leaders to forge a common path toward universal energy access.

    The principal outcomes of the summit comprise of the adoption of the Dar es Salaam Energy Declaration by the entire continent and twelve country energy compacts co-created between countries and the Mission 300 partners.  The Dar es Salaam Energy Declaration will outline commitments to reforms and actions necessary to achieve Mission 300 while twelve country energy compacts, will expound on the principles of the Dar es Salaam Energy Declaration to establish tangible country specific actions and measures for accelerated electricity access such as least-cost power expansion plans, providing last-mile access through grid and distributed renewables, building financially viable energy systems, regional interconnection and promotion of private sector participation in the energy sector.  The twelve countries that will submit energy compacts account for almost half of the global population without access to electricity.

    Another important outcome will be the enlisting of additional partners to the Mission 300 bus.  Several partners are expected to announce additional financial resources and technical assistance in furtherance of the Mission 300 goal. 

    Why Now?

    Firstly, is the unity of purpose and visionary leadership of African Development Bank Group and the World Bank Group Presidents that has led to the forging of a structured approach to definitively address the electricity deficit problem in Africa, in collaboration with other development partners.

    Secondly, the continent is blessed with abundant energy resources, including renewable energy, such as 60% of the world’s best solar potential, of which only a tiny proportion has been harnessed.

    Thirdly the cost of renewable energy technology, particularly wind and solar, has reduced dramatically in the recent past making electricity generation from these sources cost competitive compared to sources of conventional power.  Moreover, access to information communication technology, and digitization thereof, currently enables payment platforms that support distributed renewable energy solution.

    When combined, the foregoing provides unprecedented opportunities for addressing the continent’s energy access deficit while also espousing a low-carbon growth trajectory, to support Africa’s climate goals.

    A Call to Action

    Mission 300 is more than an energy initiative; it is a moral imperative. It represents a collective commitment to uplift millions from poverty, foster inclusive economic growth, and create a resilient, green future. But its success hinges on robust support from all stakeholders—governments, development partners, the private sector, and civil society. Together, we must prioritize reforms, mobilize investments, and leverage partnerships to transform Africa’s energy landscape.

    Let us seize this defining moment.  The Africa Energy Summit must not just a platform for discussion on energy.  It must constitute a watershed moment for energy access in Africa.   Let us therefore work to actualize Mission 300 and literally light up the lives of millions, thereby creating lasting change that will evoke enormous pride on future generations.

    In conclusion, “the road ahead may be challenging, but it is also filled with opportunity.  With determination, innovation, and collaboration, we can achieve universal energy access in Africa.  This is our moment to make history.”

    MIL OSI Africa

  • MIL-OSI: Greenbacker secures nearly $1 billion financing to support acquisition and construction of largest solar project in New York State

    Source: GlobeNewswire (MIL-OSI)

    • Greenbacker, together with Hecate Energy, has completed the development of its largest clean energy project to date. After acquiring the project from Hecate, Greenbacker closed on construction financing in conjunction with commencing construction.
    • Greenbacker partnered with six of the world’s leading project finance banks and financial institutions to secure $869 million in construction-to-term, letter of credit, and tax equity bridge loan financing and with a global investment manager for an additional $81 million development loan facility.
    • The 674 MWdc solar project is expected to power over 120,000 New York homes, support hundreds of green jobs.

    NEW YORK, Jan. 27, 2025 (GLOBE NEWSWIRE) — Greenbacker Renewable Energy Company LLC (“Greenbacker”), an independent power producer and energy transition-focused investment manager, today announced it has secured $950 million in aggregate financing to support the acquisition, construction, and operation of its largest clean energy project to date. When complete, the 674 MWdc / 500 MWac utility-scale solar farm (“Cider”) will be the largest solar project in the state of New York.

    Greenbacker acquired Cider from Hecate Energy LLC (“Hecate”), one of the largest renewable energy developers in the US. The two companies initially entered into a development partnership in 2021 to bring the project through development, financing, and the commencement of construction.

    Following the acquisition, Greenbacker closed on an $869 million financing composed of a construction-to-term loan, a tax equity bridge loan, and letters of credit. The financing was led collectively by six Coordinating Lead Arrangers: MUFG, KeyBanc Capital Markets, ING Capital LLC (“ING”), Intesa Sanpaolo S.p.A., New York Branch (“Intesa Sanpaolo”), Societe Generale, and Wells Fargo. MUFG and KeyBanc Capital Markets served as the Co-Documentation Agents and Co-Administrative Agents; ING, Intesa Sanpaolo, and Societe Generale, served as Co-Syndication Agents; ING and Wells Fargo served as Co-Green Structuring Agents. ING, Intesa Sanpaolo, and Societe Generale acted as Bookrunners.

    Greenbacker also successfully closed on an $81 million development loan with Voya Investment Management (“Voya IM”). The development loan with Voya IM was utilized to support Cider’s late-stage development, preliminary construction activities, and equipment procurement.

    With committed funds totaling nearly $1 billion, Cider represents another milestone for Greenbacker—its largest project financing to date.

    “Greenbacker has called New York home for 14 years, and we’re proud to be both the owner of the largest solar energy project in the state’s history and a driving force in accelerating its ambitious clean energy goals,” said Charles Wheeler, CEO of Greenbacker. “This substantial achievement—the result of successful collaboration across a group of top-tier institutions, including our long-time development partner Hecate—will create hundreds of green jobs, deliver affordable clean power, and help continue to build a sustainable future for New Yorkers.”

    Cider also marks the third clean energy collaboration between Greenbacker and Hecate. Over the past several years, Greenbacker has acquired over 70 MWac of utility-scale solar in New York from the developer.

    “Hecate is proud to once again partner with Greenbacker to complete the development of the Cider Project, which represents a landmark accomplishment for renewable energy development in the state,” said Nick Bullinger, Hecate’s Chief Operating Officer. “This project embodies Hecate’s mission to make impact at scale building out clean generation to power our future.”

    “This is the latest in a long history of project financing transactions with Greenbacker, highlighting our ongoing commitment to deploying capital with high-quality partners to help grow the clean energy industry,” said Gregory Berman, Director KeyBanc Capital Markets.

    “This transaction reflects our strong partnership with Greenbacker, belief in its sustainability mission, and commitment to advancing clean energy in New York and nationwide,” said Alberto Mihelcic Bazzana, Director at MUFG.

    Cider will utilize approximately 2,500 acres of land in Genesee County, where it began construction in late 2024. The project is expected to generate enough annual clean electricity to power approximately 120,000 average New York households.1

    “Greenbacker’s successful closing on this development loan facility and the bank syndicate’s construction and long-term facility is a pivotal achievement for our organization,” said Carl Weatherley-White, Greenbacker’s Head of Capital Markets. “Finalizing $950 million in capital to build the largest solar project in New York is a testament to the deep expertise and dedication of all parties involved.”

    Sheppard Mullin and Barclay Damon served as counsel for Greenbacker; Winston & Strawn LLP served as counsel for Hecate; Winston & Strawn LLP and Rath, Young, and Pignatelli, PC served as counsel for the bank syndicate; Latham & Watkins LLP served as counsel for Voya.

    Greenbacker is committed to empowering a sustainable world by connecting individuals and institutions with investments in clean energy. As of September 30, 2024, the company’s fleet of clean energy projects have produced over 10 million MWh of clean energy since 2016, abating more than 7 million metric tons of carbon2 and supporting thousands of green jobs.3

    About Greenbacker Renewable Energy Company
    Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides asset management services to other renewable energy investment vehicles. We seek to acquire and operate high-quality projects that sell clean power under long-term contracts to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. Greenbacker conducts its asset management business through its wholly owned subsidiary, Greenbacker Capital Management, LLC, an SEC-registered investment adviser. We believe our focus on power production and asset management creates value that we can then pass on to our shareholders—while facilitating the transition toward a clean energy future. For more information, please visit https://greenbackercapital.com.

    About Hecate Energy
    Hecate Energy was founded in 2012 by a team of energy industry veterans and has successfully developed 4.1 GWs of projects to construction or operations. Hecate believes in establishing beneficial, sustainable, and collaborative partnerships with the host communities where its projects are located and tailors each renewable energy project it develops to better meet the needs of project stakeholders.
    Hecate Energy has entered over 6 GWac of renewable power purchase agreements (PPAs) across 55 PPAs with 24 counterparties as well as projects that are selling through merchant markets. Projects that Hecate has developed and that are constructed or are under construction include over 4 GWac of solar projects and 103 MWac of battery storage projects totaling over $6 billion in asset value. Hecate has an active development pipeline of over 43.7 GWac of renewable projects.

    About MUFG and MUFG Americas
    Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,100 locations in more than 50 countries. MUFG has nearly 160,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to be “the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges.

    MUFG’s Americas operations, including its offices in the U.S., Latin America, and Canada, are primarily organized under MUFG Bank, Ltd. and subsidiaries, and are focused on Global Corporate and Investment Banking, Japanese Corporate Banking, and Global Markets. MUFG is one of the largest foreign banking organizations in the Americas. For locations, banking capabilities and services, career opportunities, and more, visit www.mufgamericas.com.

    About Voya Investment Management
    Voya Investment Management (IM) has approximately $392 billion in assets under management and administration as of Sept. 30, 2024, across public and private fixed income, equities, multi-asset solutions and alternative strategies for institutions, financial intermediaries and individual investors, drawing on a 50-year legacy of active investing and the expertise of 300+ investment professionals. Voya IM has cultivated a culture grounded in a commitment to understanding and anticipating clients’ needs, producing strong investment performance, and embedding diversity, equity and inclusion in its business.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.

    Greenbacker media contact
    Chris Larson
    Media Communications
    646.569.9532
    c.larson@greenbackercapital.com

    MUFG media contact
    Alicia Faugier
    Corporate Communications
    afaugier@mufg.jp


    1Governor Hochul Announces Siting Approval of New York’s Largest Solar Facility to Date, governor.ny.gov.
    2EPA Greenhouse Gas Equivalencies Calculator. September 30, 2024.
    3 Data is as of September 30, 2024. Green jobs calculated using The National Renewable Energy Laboratory (NREL) State Clean Energy Employment Projection Support, nrel.gov.

    The MIL Network

  • MIL-OSI: Blackford Capital Acquires Ace Controls, Expanding PACIV, its Industrial Automation Platform

    Source: GlobeNewswire (MIL-OSI)

    GRAND RAPIDS, Mich., Jan. 27, 2025 (GLOBE NEWSWIRE) — Blackford Capital (“Blackford”), a leading lower middle market private equity firm, announced today the acquisition of Ace Controls, a Houston, Texas-based company renowned for designing and building industrial control panels. This acquisition diversifies Blackford’s Industrial Automation Platform, PACIV, to service a broader range of customers. Terms of the transaction are not being disclosed.

    Ace Controls is the third acquisition for the PACIV platform since its establishment in June 2023, following its add-on acquisitions of Data Science Automation in January 2024, and Eight12 Automation in May 2024. PACIV has already established a strong presence in the healthcare and life science industries, and the addition of Ace Controls brings a new focus on industrial applications in the water and wastewater industry, and also further expands the platform’s control panel capabilities. Ace Controls has a 95% repeat business rate from its customers, who represent the equipment manufacturing, electrical contracting, and general contracting sectors.

    Martin Stein, Founder and Managing Director of Blackford Capital, said, “Entering an additional highly regulated, strict tolerance end market with high entry barriers will enable PACIV to scale and diversify its business. Our PACIV platform thesis is to be a multi-dimensional industrial automation enterprise catering to life sciences, food and beverage, and water and wastewater companies.”

    Ace Controls President Agmed Aguirre founded the company in 2005 with a vision to serve the water and wastewater industries by building and distributing high-quality wholesale control panels designed with the end user in mind. Under his leadership over the past 20 years, Ace Controls has flourished, earning recognition as an industry leader. Agmed’s wife Lindsey Aguirre joined the business in 2006, playing a crucial role in administration and bookkeeping, which has helped to build a solid foundation for the company. The entire management team and all employees will remain with the PACIV platform post-acquisition.

    “We are excited to join the PACIV platform and are eager to gain access to new customers, receive additional services, and collaboratively achieve significant growth,” said Mr. Aguirre.

    Jeff Johnson, Managing Director and Chairman of the Board of PACIV, said, “We welcome the Ace Controls team to PACIV, who impressed us with their strong culture of continuous improvement, dedication to cost control, and customer service. We believe that by expanding PACIV’s control panel offerings we can achieve our ’one-stop’ goal for the platform and create a truly synergistic portfolio company.”

    The platform is headquartered in ​San Juan, Puerto Rico with offices in Indiana, Pennsylvania, California, Ireland, and now Texas.

    Generational Group served as exclusive financial advisor and Lancaster | Helling served as legal advisor to Ace Controls. Varnum LLP served as legal advisor and RSM US LLP served as the financial and tax advisor to Blackford and PACIV. Mercantile Bank provided debt financing, and Rush Street Capital provided financing advisory services in support of the transaction.

    About Blackford Capital
    Founded in 2010, Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. Blackford acquires, manages, and builds founder and family-owned, lower middle-market companies, with a focus on the manufacturing, industrial and distribution industries. Blackford has a track record of exceptional returns, a disciplined and relentless approach to value creation, and a focus on operational excellence and a compelling culture. In 2023 and 2024, Blackford Capital was named to Inc’s list of Founder-Friendly Investors, was recognized by ACG Detroit with the 2023 M&A Dealmaker of the Year Award and awarded the 2023 Small Markets Deal of the Year award by both Buyouts Magazine and the Global M&A Network Atlas Awards. For more information, visit www.blackfordcapital.com.

    About Ace Controls
    Established in January 2005, Ace Controls leverages over 30 years of combined expertise in control panel design, fabrication, and integration to deliver reliable and cost-effective solutions. Serving the water and wastewater industries, as well as the oil and gas industries, Ace Controls caters to manufacturers of process equipment such as pumps, compressors, blowers, conveyors, mixers, and clarifiers, making Ace Controls a trusted partner in these critical sectors.

    Media Contact:
    Lambert by LLYC
    Jennifer Hurson
    (845) 729-3100
    jhurson@lambert.com

    Jackson Lin
    (646) 717-4593
    jlin@lambert.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/72daeb91-d04c-4f9e-a1d3-5374ce84b9fb

    The MIL Network

  • MIL-OSI: QXO Launches $11 Billion Tender Offer to Acquire Beacon Roofing Supply for $124.25 Per Share in Cash

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Jan. 27, 2025 (GLOBE NEWSWIRE) — QXO, Inc. (NYSE: QXO) today announced that it is commencing an all-cash tender offer to acquire all outstanding shares of Beacon Roofing Supply, Inc. (Nasdaq: BECN) for $124.25 per share. This price implies a 37% premium above Beacon’s 90-day unaffected volume-weighted average price of $91.02 per share as of November 15, 2024. The total transaction enterprise value is approximately $11 billion.

    QXO intends to complete the acquisition quickly after the tender offer expires in 20 business days, subject to the terms of the offer. The proposed transaction is not subject to any contingencies related to financing or due diligence. QXO expects that the waiting periods under the Hart-Scott-Rodino Act and the Canadian Competition Act will have expired or been waived by the time the tender offer expires.

    Brad Jacobs, chairman and chief executive officer of QXO, said, “Our compelling offer would get cash into the hands of Beacon shareholders immediately at a significant premium to the unaffected share price. We believe that Beacon would be a strong fit for QXO and a key part of our plan to become a forward-looking leader in building products distribution.”

    In addition, QXO reiterates that it intends to pursue all options to complete a transaction, including nominating directors for election at Beacon’s Annual Meeting.

    Secured Financing in Place
    QXO has secured full financing commitments from Goldman Sachs, Morgan Stanley, Citi, Credit Agricole, Wells Fargo and Mizuho. The proceeds from the financing commitments, together with QXO’s cash on hand, will be sufficient to pay 100% of the purchase consideration, any required refinancing of Beacon’s debt, and associated transaction fees and expenses.

    Terms
    The offer and withdrawal rights are scheduled to expire at 12:00 midnight, New York City time, at the end of February 24, 2025, unless the offer is extended. The full terms, conditions and other details of the tender offer are set forth in the offering documents that QXO is filing today with the Securities and Exchange Commission (the “SEC”).

    Morgan Stanley & Co. LLC is acting as lead financial advisor to QXO, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel.

    About QXO

    QXO provides technology solutions, primarily to clients in the manufacturing, distribution and service sectors. The company provides consulting and professional services, including specialized programming, training and technical support, and develops proprietary software. As a value-added reseller of business application software, QXO offers solutions for accounting, financial reporting, enterprise resource planning, warehouse management systems, customer relationship management, business intelligence and other applications. QXO plans to become a tech-forward leader in the $800 billion building products distribution industry. The company is targeting tens of billions of dollars of annual revenue in the next decade through accretive acquisitions and organic growth. Visit QXO.com for more information.

    Forward-Looking Statements

    This communication contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets, goals, regulatory approval timing and nominating directors are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Such factors include but are not limited to: the ultimate outcome of any possible transaction between QXO and Beacon, including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any definitive agreement will be materially different from those proposed; uncertainties as to whether Beacon will cooperate with QXO regarding the proposed transaction; the ultimate result should QXO commence a proxy contest for election of directors to Beacon’s board of directors; QXO’s ability to consummate the proposed transaction with Beacon; the conditions to the completion of the proposed transaction, including the receipt of any required shareholder approvals and any required regulatory approvals; QXO’s ability to finance the proposed transaction; the substantial indebtedness QXO expects to incur in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; the possibility that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; QXO’s ability to retain certain key employees; and general economic conditions that are less favorable than expected. QXO cautions that forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. QXO does not assume any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.

    Important Additional Information and Where to Find It

    This communication is for informational purposes only and does not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell Beacon securities. QXO and Queen MergerCo, Inc. (the “Purchaser”) filed a Tender Offer Statement on Schedule TO with the SEC on January 27, 2025, and Beacon will file a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer with the SEC. Investors and security holders are urged to carefully read the Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as each may be amended or supplemented from time to time), and the Solicitation/Recommendation Statement when available, as these materials contain important information that investors and security holders should consider before making any decision regarding tendering their common stock, including the terms and conditions of the tender offer. The Tender Offer Statement, Offer to Purchase, Solicitation/Recommendation Statement and related materials are filed with the SEC, and investors and security holders may obtain a free copy of these materials and other documents filed by QXO and Beacon with the SEC at the website maintained by the SEC at www.sec.gov. In addition, the Tender Offer Statement and other documents that QXO and the Purchaser file with the SEC will be made available to all investors and security holders of Beacon free of charge from the information agent for the tender offer: Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, NY 10022, toll-free telephone: +1 (888) 750-5834.

    QXO and the other participants intend to file a preliminary proxy statement and accompanying WHITE universal proxy card with the SEC to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 annual meeting of stockholders of Beacon. QXO strongly advises all stockholders of Beacon to read the preliminary proxy statement, any amendments or supplements to such proxy statement, and other proxy materials filed by QXO with the SEC as they become available because they will contain important information. Such proxy materials will be available at no charge on the SEC’s website at www.sec.gov and at QXO’s website at investors.qxo.com. In addition, the participants in this proxy solicitation will provide copies of the proxy statement, and other relevant documents, without charge, when available, upon request. Requests for copies should be directed to the participants’ proxy solicitor.

    Certain Information Concerning the Participants

    The participants in the proxy solicitation are anticipated to be QXO, Brad Jacobs, Ihsan Essaid, Matt Fassler, Mark Manduca and individuals nominated by QXO (the “QXO Nominees”). QXO expects to determine and announce the QXO Nominees prior to the nomination deadline for the 2025 annual meeting of stockholders of Beacon. As of the date of this communication, other than 100 shares of common stock of Beacon beneficially owned by QXO, none of the participants that have been identified has any direct or indirect interest, by security holdings or otherwise, in Beacon.

    Media Contacts

    Joe Checkler
    joe.checkler@qxo.com
    203-609-9650

    Steve Lipin / Lauren Odell
    Gladstone Place Partners
    212-230-5930

    Investor Contacts ‍

    Mark Manduca
    mark.manduca@qxo.com
    203-321-3889

    Scott Winter / Jonathan Salzberger
    Innisfree M&A Incorporated
    212-750-5833

    The MIL Network

  • MIL-OSI: Gadfin Ltd. and Israel Acquisitions Corp. Announce Entry into Definitive Business Combination Agreement, Bringing the Unmanned Aerial Delivery Company to Nasdaq

    Source: GlobeNewswire (MIL-OSI)

    TEL-AVIV, Israel, Jan. 27, 2025 (GLOBE NEWSWIRE) — Israel Acquisitions Corp. (NASDAQ: ISRL, ISRLU, ISRLW), (“ISRL”), a publicly-traded special purpose acquisition company, and Gadfin Ltd. (“Gadfin”), an Israeli technology company specializing in all-weather, long range, heavy-duty, drone delivery for essential cargo, today announced the entry into a definitive business combination agreement reflecting a total equity value of Gadfin of up to $200 million USD (the “Business Combination Agreement”). The combined company will trade on Nasdaq and leverage Gadfin’s innovative technology augmented with the expertise of the ISRL team.

    Through Gadfin’s patented technology, its unmanned aerial vehicles which are powered by hydrogen fuel cells can deliver medical supplies and other heavy-duty cargo to long-range destinations and in harsh weather conditions. Gadfin’s technology makes it possible to significantly improve logistics delivery in both civil uses and combat zones. Gadfin is well-positioned to be a leading player in drone cargo delivery.

    Upon completion of the transaction, Gadfin aims to achieve a great growth plan based on existing contracts and potential new wins.

    Transaction Details:

    • The Board of Directors of both ISRL and Gadfin have unanimously approved the Business Combination Agreement and signed voting support agreements in favor of the transaction.
    • Minimum net cash condition precedent to closing of $15 million.
    • The combined company’s staggered Board of Directors will initially be comprised of up to seven directors, of which one director will be nominated by ISRL and up to four directors will be nominated by Gadfin. Up to two additional directors will be mutually agreed. Existing Gadfin management will operate the combined company.
    • The parties anticipate completing the business combination in the second half of 2025, contingent upon satisfying all closing conditions, including shareholder approvals, regulatory consents, and compliance with legal and tax requirements.
    • Gadfin’s officers, directors, and >5% shareholders, as well as ISRL’s sponsor will enter into a 6-month lock-up agreement, followed by a gradual release mechanism, from the closing of the business combination.
    • At the closing of the transaction, Gadfin will be listed on Nasdaq in the United States.

    Izhar Shay, Chairman of ISRL’s Board of Directors: “This business combination agreement marks a significant milestone, aligning well with the vision we set forth when launching our SPAC. Gadfin’s innovative hydrogen-powered drones, capable of long-range, zero-emission deliveries, position the company to seize numerous growth opportunities in the drone logistics industry, both in the U.S. and globally. We believe this is an exceptional company to take to the Nasdaq.”

    Eyal Regev, Gadfin’s Founder and CEO: “We are thrilled to announce this business combination, marking a pivotal milestone for Gadfin and underscoring the confidence placed in us by leaders in the hi-tech and financial sectors in Israel and the United States. We deeply appreciate the trust and business expertise of the ISRL team, particularly Ziv Elul and Izhar Shay, whose strategic guidance and proven ability to scale businesses will be invaluable in driving Gadfin’s growth. Together, we are committed to accelerating technological innovation and expanding Gadfin’s global presence. Our gratitude also extends to the dedicated teams at Gadfin and ISRL for their tireless efforts in advancing this merger.”

    Advisors:

    Tiberius Capital Markets, a division of Arcadia Securities is acting as financial advisor to Israel Acquisitions Corp, with Reed Smith LLP, and Stuarts Humpries acting as legal advisors.

    Herzog, Fox, and Neeman is acting as legal advisor to Gadfin.

    About Gadfin Ltd.:

    Gadfin is a pioneering technology company revolutionizing the logistics and cargo delivery industry with its innovative hydrogen-powered drones. Specializing in long-range, heavy-duty, zero-emission aerial delivery, Gadfin provides cutting-edge solutions for time-critical, essential cargo transport, especially to less accessible areas. Gadfin’s proprietary technology is designed to address the evolving needs of sectors such as healthcare, logistics, and industrial supply chains, enabling efficient, sustainable, and reliable deliveries across urban and remote areas.

    Led by Eyal Regev, one of the earliest pioneers of the vertical take-off and landing (“VTOL”) cargo delivery vision, Gadfin’s comprehensive approach includes innovative VTOL design, state-of-the-art drone manufacturing, advanced operational platforms, and tailored support services, ensuring seamless integration into its clients’ logistics frameworks. Headquartered in Israel, Gadfin is pioneering the way in transforming how goods are transported, helping its partners meet the demands of the modern world while reducing environmental impact. Backed by prominent investors, SIBF VC (www.sibf.vc) and Gehr Group (www.gehr.com), Gadfin is poised to lead the charge in sustainable and efficient logistics solutions.

    About Israel Acquisitions Corp.:

    Israel Acquisitions Corp is a Cayman Islands exempted company incorporated as a blank-check company. Formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company intends to focus on high-growth technology companies that are domiciled in Israel, and that either carry out all or a substantial portion of their activities in Israel or have some other significant Israeli connection. The management team is led by Chairman, Izhar Shay, Chief Executive Officer, Ziv Elul, and Chief Financial Officer, Sharon Barzik Cohen.

    Forward-Looking Statements:

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding the proposed business combination ISRL and Gadfin, ISRL and Gadfin’s ability to consummate the transaction, the expected closing date for the transaction, the benefits of the transaction and the public company’s future financial performance following the transaction, as well as ISRL’s and Gadfin’s strategy, future operations, financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used herein, including any oral statements made in connection herewith, the words “anticipates,” “approximately,” “believes,” “continues,” “could,” “estimates,” “expects,” “forecast,” “future, ” “intends,” “may,” “outlook,” “plans,” “potential,” “predicts,” “propose,” “should,” “seeks,” “will,” or the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by both ISRL and its management, and Gadfin and its management, as the case may be, are inherently uncertain. Except as otherwise required by applicable law, ISRL disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. ISRL cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of ISRL. There may be additional risks that neither ISRL nor Gadfin presently know of or that ISRL or Gadfin currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Author and any of their affiliates, directors, officers and employees expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement to reflect events or circumstances after the date on which such statement is being made, or to reflect the occurrence of unanticipated events.

    Additional Information and Where to Find It:

    Additional information about the proposed business combination, including a copy of the business combination agreement, is disclosed in the Current Report on Form 8-K that ISRL filed with the SEC on January 27, 2025 and is available at www.sec.gov. In connection with the proposed transaction, the Company intends to file a registration statement, which will include a preliminary proxy statement/prospectus with the SEC. The proxy statement/prospectus will be sent to the stockholders of the Company. The Company and Gadfin also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of the Company are urged to read the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.

    No Offer or Solicitation:

    This communication is for informational purposes only and shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.

    Investor Contact:

    contact@israelspac.com

    The MIL Network

  • MIL-OSI: First commercial launch of biometric payment cards in Japan with LIFE CARD and IDEX Biometrics

    Source: GlobeNewswire (MIL-OSI)

    Oslo, Norway and Tokyo, Japan – 27 January 2025 – IDEX Biometrics enters a new market, together with LIFE CARD, Japan’s most innovative credit card issuer. This marks the market introduction of biometric payment cards in Japan. LIFE CARD is targeting commercial deployment in the first half of 2025.

    Japan is one of the largest payment markets in Asia, with a very advanced acceptance landscape which is ready for biometric smart cards. Credit cards have emerged to become the most popular alternative to cash in Japan, with 314 million cards issued. Accounting for more than 80% percent of cashless transactions, credit cards are used far more than any other digital payment instrument in Japan1.

    As a credit card issuer of Visa and Mastercard, LIFE CARD is commercializing premium, corporate and student card programs. Biometric payment cards will be a key differentiator and amplifier as LIFE CARD continues to lead innovation in the market.

    “LIFE CARD provides innovative, secure and frictionless payment solutions to our growing consumer base. Introducing the latest biometric technology and security to the Japanese market, will reinforce our market positioning, as we attract new customers and increase transactions and customer lifetime value” says Keiji Masui, President at LIFE CARD.

    “LIFE CARD and IDEX Biometrics are bringing more seamless and secure payments to consumers, confirming Japan’s technology and innovation leadership in payments. IDEX is committed to make card payments easier, more secure and accessible for Japanese consumers”, shared Catharina Eklof, Chief Executive Officer at IDEX Biometrics.

    1Source: Statista

    For further information contact:
    Marianne Bøe, Head of Investor Relations, + 47 91800186
    Kristian Flaten, CFO, +47 95092322
    E-mail:ir@idexbiometrics.com

    About IDEX Biometrics
    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

    For more information, please visit www.idexbiometrics.com

    About LIFE CARD Co., Ltd.
    Since its inception in 1952, LIFE CARD has been at the forefront of pioneering advancements in Japan’s credit system. Leveraging its rich legacy of expertise and industry insights, LIFE CARD is dedicated to providing unparalleled support and service toits partners as well as customers.
    As a proud member of the esteemed AIFUL Group, one of the largest non-bank financial institutions in the nation, LIFE CARD remains steadfast in its commitment to driving financial inclusivity and empowerment across diverse sectors.

    Through synergistic collaborations within the group, LIFE CARD endeavors to spearhead the development of multifaceted financial ecosystems, catering to the evolving needs of its partners and clientele.

    For more information, please visit www.lifecard.co.jp

    Trademark Statement
    IDEX, IDEX Biometrics and the IDEX logo are trademarks owned by IDEX Biometrics ASA. All other brands or product names are the property of their respective holders.

    About this notice:
    This notice discloses inside information pursuant to the EU Market Abuse Regulation and was issued by Marianne Bøe, Head of Investor Relations, on 27 January 2025 at 13:02 CET on behalf of IDEX Biometrics ASA. The notice is published in accordance with section 5-12 the Norwegian Securities Trading Act.

    The MIL Network

  • MIL-OSI Economics: RBI announces measures to manage liquidity conditions

    Source: Reserve Bank of India

    On a review of current liquidity and financial conditions, the Reserve Bank has decided to conduct the following operations to inject liquidity into the banking system:

    1. OMO purchase auctions of Government of India securities for an aggregate amount of ₹60,000 crore in three tranches of ₹20,000 crore each to be held on January 30, 2025, February 13, 2025, and February 20, 2025

    2. 56-day Variable Rate Repo (VRR) auction for a notified amount of ₹50,000 crore to be held on February 7, 2025

    3. USD/INR Buy/Sell Swap auction of USD 5 billion for a tenor of six months to be held on January 31, 2025

    2. Detailed instructions for each operation shall be issued separately.

    3. The Reserve Bank will continue to monitor evolving liquidity and market conditions and take measures as appropriate to ensure orderly liquidity conditions.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2013

    MIL OSI Economics

  • MIL-OSI Asia-Pac: Immigration Department Review 2024 (with photos)

    Source: Hong Kong Government special administrative region

         The Director of Immigration, Mr Kwok Joon-fung, held a press conference today (January 27) to review the work of the Immigration Department (ImmD) over the past year and look ahead to the future. The following is a summary of the department’s major activities in 2024 and its outlook:      Staying committed to its mission and safeguarding national security      The Safeguarding National Security Ordinance took effect upon gazettal in 2024. Together with the Hong Kong National Security Law, a comprehensive legal system and enforcement mechanism for safeguarding national security have been established in the Hong Kong Special Administrative Region (HKSAR). With a crucial role to play in safeguarding national security, the department has been guarding the country’s southern gateway rigorously with patriotism, and acts in accordance with all applicable laws and prevailing immigration policies to protect Hong Kong’s national sovereignty, security and development interests. Staying principled and innovative, the Government actively seeks reforms so that Hong Kong can advance from stability to prosperity and better integrate into the national development. It also strives to consolidate and enhance Hong Kong’s status as an international financial, shipping and trade centre. The ImmD continues to render full support to the HKSAR Government in its policy directions and measures, with a view to contributing to the prosperity and stability of Hong Kong.      Enhancing efficiency and facilitating connections and integration (A) Passenger traffic at control points      In 2024, a total of around 298 million passengers passed through Hong Kong’s control points, representing an increase of about 41 per cent over 2023 and a return to the 300 million level in 2019. The total number of visitor arrivals was around 44.5 million, representing an increase of about 31 per cent as compared with that of 2023, of which Mainland visitor arrivals were around 34.04 million, representing an increase of about 27 per cent when compared with that of 2023. Meanwhile, the number of arrivals of other visitors in 2024 was around 10.46 million, representing an increase of about 44 per cent over 2023. Among the visitor arrivals in 2024, around 9.86 million visitors travelled through the Airport Control Point, while around 32.81 million visitors and around 1.84 million visitors passed through land control points and sea control points respectively. (B) Enabling people movement (1) Enhancing handling capacity of control points      The ImmD has been taking various measures, including flexible deployment of manpower, optimisation of workflow and effective use of information technology, etc, to continuously enhance the handling capacity and efficiency of control points. Among them, the Heung Yuen Wai Boundary Control Point has seen a continuous increase in users since its passenger clearance services commenced operation in February 2023. To further enhance the clearance capacity, the ImmD set up 10 additional mobile counters in the arrival hall of the Heung Yuen Wai Boundary Control Point and completed the enhancement works in early June 2024 to replace some of the conventional counters with e-Channels, thereby increasing the number of e-Channels in the arrival hall from the existing 14 to 18. Furthermore, to enhance the handling capacity and efficiency of the Express Rail Link West Kowloon Control Point, in addition to the existing 22 e-Channels, 19 extra e-Channels were installed in phases in the arrival hall, which were then put into service progressively starting from June 26, 2024. (2) Extension of e-Channel service            The ImmD launched the Contactless e-Channel service in 2021 to allow registered Hong Kong residents to undergo self-service immigration clearance using an encrypted QR code generated by the “Contactless e-Channel” mobile application and facial recognition technology. As at the end of 2024, around 5 million Hong Kong residents had registered for the service and the number of passengers who used the service reached around 150 million, accounting for nearly 75 per cent of the daily number of Hong Kong residents using the e-Channels. On July 19, 2024, the ImmD launched the Mutual Use of QR Code between HKSAR and Macao SAR Clearance Service in collaboration with the relevant authorities of Macao. Eligible Hong Kong residents who have registered for using the Macao Automated Passenger Clearance Service may use the encrypted QR code generated by the “Contactless e-Channel” mobile application for self-service immigration clearance in Macao. Similarily, eligible Macao permanent residents may also use the encrypted QR code generated by the “Macao One Account” mobile application for self-service immigration clearance through the e-Channels in Hong Kong. As at the end of 2024, the numbers of Hong Kong residents and Macao residents who used the service were around 400 000 and 210 000 respectively. (3) Cancelling the requirement for visitors to furnish arrival or departure cards      To further streamline immigration procedures, the ImmD has cancelled the requirement for visitors to furnish an arrival or departure card with effect from October 16, 2024. All passengers are no longer required to complete and furnish an arrival or departure card, thereby facilitating a faster and more convenient immigration clearance process.      Attracting talent by building Hong Kong into an international hub for talent      In support of the Government’s initiatives to attract and retain talent, as well as building Hong Kong into an international hub for talent, the ImmD continued to implement the various enhanced talent admission schemes and deployed additional manpower and streamlined the system to speed up the processing of relevant applications. Meanwhile, technology was also utilised to enhance electronic services, making the submission of visa applications more convenient and efficient. (For details of the numbers of applications for visas/entry permits/extensions of stay received and approved under various admission schemes/policies, please refer to the Annex.) (A) Enhancing talent admission schemes (1) Enhancing the assessment criteria and arrangements for the General Points Test under the Quality Migrant Admission Scheme      With effect from November 1, 2024, the General Points Test (GPT) under the Quality Migrant Admission Scheme (QMAS) has been enhanced by adopting clearer and more objective scoring criteria, as well as streamlining the application and selection process. The enhanced GPT replaced the original item-by-item scoring system with an assessment questionnaire comprising 12 assessment criteria across six major aspects, namely age, academic qualifications, language proficiency, work experience, income and business ownership. Applicants may submit applications if they meet a minimum of six assessment criteria. The ImmD will pass the eligible applications to an assessment panel chaired by the Secretary for Labour and Welfare. The assessment panel will then provide advice to the Director of Immigration according to the selection results. There is no annual quota under the enhanced GPT. (2) Expanding the list of eligible universities under the Top Talent Pass Scheme and extending the validity period of the first visa for Category A applications      To further expand the network for attracting talent, starting from November 1, 2024, 13 top Mainland and overseas universities/institutions have been added to the list of eligible universities under the Top Talent Pass Scheme (TTPS). The aggregate list currently covers a total of 199 eligible institutions after the annual update. In addition, with effect from October 16, 2024, the validity period of the first visa of applicants approved under Category A of the TTPS has also been extended from two years to three years to facilitate their advance planning for relocation to Hong Kong with their families. The new measure also applies to Category A applicants whose applications were approved before the aforementioned date. (3) Extending the immigration arrangements for graduates from the Greater Bay Area campuses of Hong Kong universities      In late 2022, the Immigration Arrangements for Non-local Graduates was expanded to include graduates from the Greater Bay Area (GBA) campuses of Hong Kong universities on a pilot basis for two years. The HKSAR Government announced in October 2024 that the arrangements would be extended for two years to the end of 2026. (B) Temporarily exempting full-time non-local undergraduate students from restrictions on taking up part-time jobs      Starting from November 1, 2024, full-time non-local undergraduate students have been temporarily exempted from the restrictions on taking up part-time jobs to enhance their personal experience of working in Hong Kong, thereby increasing their incentive to stay in Hong Kong for development after graduation. Eligible full-time non-local undergraduate students are allowed to take up part-time employment within the duration of their studies, with no restrictions on the number of working hours and location. (C) Implementation of New Capital Investment Entrant Scheme      The New Capital Investment Entrant Scheme was launched on March 1, 2024, with the aim to further enrich the talent pool and attract more new capital to Hong Kong. An eligible applicant must invest a minimum of HK$30 million in the permissible investment assets. Invest Hong Kong is responsible for assessing whether the applications fulfil the financial requirements, and the ImmD is responsible for assessing the applications for visa and entry permits and extensions of stay, etc. (D) Relaxation of visa arrangements for nationals of Cambodia, Laos, Myanmar and Vietnam      To foster closer ties with countries of the Association of Southeast Asian Nations (ASEAN), following the relaxation of criteria for Vietnamese nationals applying for multiple-entry visas for travel or business in 2023, the relaxation measure has been extended to include nationals of Cambodia, Laos and Myanmar starting from October 16, 2024. Meanwhile, the validity period of multiple-entry visas for nationals of these four ASEAN countries has also been extended from two years to three years. The ImmD has put in place a fast-track arrangement for group visitors from ASEAN countries who submit their visa applications via local travel agents, so that the processing time of the visa applications can be significantly shortened.      Be people-oriented and improve their livelihood in pursuit of happiness (A) Commissioning of the new Immigration Headquarters      Located at the Tseung Kwan O town centre, the new Immigration Headquarters officially commenced operation on June 11, 2024, marking a new milestone in the development of the department. Not only is the new headquarters equipped with better facilities and infrastructure, it also houses the Tseung Kwan O Marriage Registry and Tseung Kwan O Births Registry, delivering quality public services to citizens. The marriage hall of the Tseung Kwan O Marriage Registry features an innovative design with special wall panels, a lighting system that can be set to different colours, as well as various photo-taking spots. Since its opening on June 26, the hall has been popular among the public. As at the end of 2024, more than 1 300 weddings were held there. (B) New submission and collection kiosks for personal documentation      The Registration of Persons (Amendment) Regulation 2024 came into effect on December 13, 2024. On the same day, the ImmD introduced self-application services for identity cards (ICs), expanding the service scope of the Personal Documentation Submission Kiosks to cover IC applications, in addition to HKSAR passport applications. The new services cover three types of replacement applications of IC holders who are aged 18 or above holding a locally issued smart IC, i.e. (i) replacement for an adult IC for persons reaching the age of 18; (ii) replacement for a permanent IC for persons having their eligibility for a permanent IC verified; and (iii) replacement for a new smart identity card for persons holding a valid old form of smart identity IC. Eligible applicants may apply for an IC replacement in a self-service manner and submit their HKSAR passport applications in one go. For collection of documents, members of the public may also collect their ICs and HKSAR passports in a self-service manner through the Personal Documentation Collection Kiosks. A total of 54 new personal documentation kiosks are provided in the new headquarters. The service hours of some of the kiosks have been further extended until 10pm to enable eligible applicants’ access to the services beyond office hours. In addition, starting from December 13, 2024, the processing time for new smart ICs has been shortened from the current seven working days to five working days. Members of the public may collect their new ICs on the next working day upon completion of application processing by the ImmD. (C) Conclusion of Territory-wide Identity Card Replacement Exercise      Following the conclusion of the Territory-wide Identity Card Replacement Exercise on March 3, 2023, the Smart Identity Card Replacement Centres ceased operation. Residents who have yet to replace their smart identity cards can visit the four designated Registration of Persons (ROP) Offices during the extended service hours or the ROP – Kwun Tong (Temporary) Office for identity card replacement. As at the end of 2024, a total of some 7.32 million identity card holders had replaced their smart identity cards, representing a replacement rate of about 91 per cent. The Secretary for Security has made the Registration of Persons (Invalidation of Identity Cards) Order 2024 under section 7C of the Registration of Persons Ordinance (Cap. 177), declaring that the old form of smart identity cards issued before November 26, 2018, will be invalidated in two phases in 2025. Moreover, the On-site Identity Card Replacement Service (On-site Service), which had been temporarily suspended for over two years due to the pandemic, resumed in November 2022 to provide on-site identity card replacement service to eligible residents of residential care homes (RCHs). As at the end of 2024, the outreach teams had visited around 1 100 RCHs to complete the replacement procedures for over 45 200 residents. It is anticipated that the On-site Service will conclude in the first quarter of 2025. (D) Granting of visa-free access for HKSAR passport holders      In 2024, the ImmD issued a total of more than 900 000 HKSAR passports. Since July 2024, the period of visa-free entry for HKSAR passport holders to Thailand has been extended from up to 30 days to 60 days. As at the end of 2024, 171 countries or territories had granted visa-free access or visa-on-arrival for HKSAR passport holders. The ImmD will continue to lobby more countries or territories to grant visa-free access or visa-on-arrival for HKSAR passport holders to provide travel convenience. (E) Services and support for Hong Kong residents in distress outside Hong Kong (1) Assistance to Hong Kong residents in distress outside Hong Kong      The ImmD’s Assistance to Hong Kong Residents Unit (AHU) has been making every effort to provide practical assistance to Hong Kong residents in distress outside Hong Kong. The AHU maintains close ties with the Office of the Commissioner of the Ministry of Foreign Affairs in the HKSAR (OCMFA), Chinese diplomatic and consular missions overseas and other relevant HKSAR government departments to provide all practicable help and support to assistance seekers. To step up its services and support for Hong Kong residents in distress outside Hong Kong, the ImmD introduced the 1868 WeChat assistance hotline and 1868 Chatbot on March 18, 2024. Along with the existing options, Hong Kong residents may contact the AHU through a total of six different channels for assistance. In 2024, the AHU handled 3 302 requests for assistance in total, most of which involved loss of travel documents, hospitalisation, casualties, etc outside Hong Kong. Among the requests received, there were cases of Hong Kong residents suspected of having been lured to Southeast Asian countries and detained to engage in illegal work. The ImmD has provided appropriate advice and practicable assistance to the persons concerned or their families according to their wishes. In the light of the situation in Lebanon and Israel, the ImmD has also maintained close contact with the OCMFA and relevant Chinese Embassies to follow up as appropriate. With the assistance of the Embassy, three Hong Kong residents were safely evacuated from Lebanon by vessel and flight under the national arrangements. (2) Publicity on consular protection and outbound travel safety     In June 2024, the ImmD and the OCMFA co-organised the Consular Protection Month to widely disseminate information on consular protection and outbound travel safety through a series of activities, including holding the launching ceremony of the Consular Protection Month at Hong Kong International Airport (HKIA), organising roving exhibitions on consular protection across the territory, setting up booths at the International Travel Expo and conducting joint seminars with the OCMFA. Meanwhile, the “Consular Protection and Outbound Travel Safety” online exhibition was launched to enable members of the public to learn more about consular protection and outbound travel safety through various activities. (F) Mainland Travel Permits for Hong Kong and Macao Residents (Non-Chinese Citizens)      The Exit and Entry Administration of the People’s Republic of China started to issue Mainland Travel Permits for Hong Kong and Macao Residents (Non-Chinese Citizens) (Permits) from July 10, 2024, onwards. To apply for the Permit, applicants are required to apply for a Notice of Application for Access to Information (Notice) from the ImmD. The Notice will normally be made available within 10 days upon receipt of the request. As at the end of 2024, a total of about 87 000 applications in relation to the Notice had been received, among which 99 per cent had been processed.      Stringent law enforcement and securing social stability (A) Law enforcement           The ImmD is dedicated to combating immigration-related crimes. Its Cybercrime and Forensics Investigation Group has been actively conducting targeted cyber patrols and taking enforcement actions against those who organise, arrange or incite the public to commit serious crimes such as employing illegal workers through social media or instant messaging software, with a view to tackling illegal employment and protecting the job opportunities of local workers. (1) Combating illegal employment      In 2024, the ImmD conducted a total of 17 906 operations against illegal employment and arrested 4 172 illegal workers and 513 local employers altogether. In particular, a total of 444 non-ethnic Chinese illegal workers and 146 local employers who employed them were arrested during the enforcement operations against non-ethnic Chinese illegal workers. Employing illegal workers is a serious offence. A dishwashing service company licensee was convicted for employing illegal workers and sentenced to 19 months’ imprisonment in February 2024. In July and August 2024, under the co-ordination of the Exit and Entry Administration of the People’s Republic of China, the ImmD mounted a cross-boundary joint operation with the Exit and Entry Administration Offices of the public security authorities of Guangxi and Guangdong and the Shenzhen Frontier Inspection Station, cracking down on a cross-boundary forgery syndicate that specialised in soliciting Mainlanders to take up illegal employment in Hong Kong, resulting in the arrest of a total of 201 persons and the seizure of a large quantity of forgery equipment and forged documents. In regards to the Hong Kong side, the ImmD mounted an operation codenamed “Vanguard” and arrested a total of 97 persons, including a syndicate mastermind and serveral core members, as well as a number of suspected illegal workers and employers suspected of employing them. (2) Strengthening counter-terrorism preparedness, combating illegal transnational migration and document fraud      Officers of the ImmD intercepted suspicious persons at immigration control points in light of terrorist threat assessments and actual circumstances, and kept visitors in suspected association with terrorist activities under surveillance to prevent such persons from attempting to enter Hong Kong. In 2024, the ImmD conducted a total of 13 664 related inspection operations at various immigration control points, and intercepted 32 551 passengers in total for enquiries. To enhance its preparedness and response capability for emergencies and terrorist attacks, the ImmD participated in a large-scale interdepartmental counter-terrorism exercise codenamed “Wisdomlight” at the Kai Tak Sports Park in December 2024. During the exercise, the ImmD showcased its recently commissioned mobile identification tactical unit, while the Emergency Response Team of the Castle Peak Bay Immigration Centre (CIC) demonstrated how to quell a disturbance. Moreover, the ImmD has been working with different law enforcement agencies to combat illegal transnational migration, with the focus on investigation into document fraud, in order to prevent anyone from entering Hong Kong or travelling to other countries or territories via Hong Kong with forged travel documents. The ImmD’s Anti-Illegal Migration Agency conducted a total of 30 438 operations against forgery activities, including joint operations with overseas and local law enforcement agencies against illegal transnational migration. A total of 23 693 passengers were intercepted for enquiries. (B) Handling non-refoulement claims (1) Combating illegal entry of non-ethnic Chinese      The ImmD has commenced dedicated operations with Mainland and local law enforcement agencies since 2016 in order to take sustained enforcement action against illegal immigration activities of non-ethnic Chinese. While a sharp increase in the number of non-ethnic Chinese illegal immigrants intercepted in the second half of 2023 was once noted, the situation has improved significantly following the strengthened enforcement actions through concerted efforts of enforcement agencies. The number of interceptions plummeted by 84 per cent from the peak of 364 in October 2023 to a monthly average of 57 in 2024. The ImmD will continue to step up intelligence exchanges with enforcement agencies on the Mainland and in Macao to further combat illegal immigration precisely. (2) Advance Passenger Information System      To meet the aviation security requirements of the Convention on International Civil Aviation and to align Hong Kong with other aviation hubs worldwide, as well as to enable the ImmD to further enhance its clearance and enforcement capabilities to prevent undesirables, including potential non-refoulement claimants, from boarding flights heading to Hong Kong, the ImmD implemented the Advance Passenger Information (API) System on September 3, 2024, requiring airlines to transmit advance information to the ImmD about flights and passengers heading to Hong Kong through the API System when checking in travellers, and act upon the direction given through the system to allow or not allow specific travellers to board the aircraft heading to Hong Kong. To allow sufficient time for over 100 airlines to connect to the API System and to ensure that the system will run in a smooth and orderly manner, the rollout will be carried out in phases. A transitional period of around 12 months will also be provided. The offences and defences, and the miscellaneous provisions relating to the API System under Cap. 115Q, Laws of Hong Kong will come into effect after the transitional period, namely starting from September 1, 2025. (3) Stepping up the screening process      The ImmD continued to speed up the screening of non-refoulement claims with flexible staff deployment and optimised workflow. In 2024, the ImmD determined over 2 700 non-refoulement claims. As at the end of last year, there were about 850 claims pending screening by the ImmD. Under the unified screening mechanism, over 95 per cent of the claimants rejected by the ImmD lodged appeals against the decisions. As at the end of 2024, there were about 750 claimants who had lodged appeals pending decision by the Torture Claims Appeal Board/Non-refoulement Claims Petition Office. (4) Better management of detainees      To enhance security and management efficiency, the CIC is pressing ahead with a number of enhancement projects, including overhauling the CCTV surveillance system; launching an RFID (radio frequency Identification) Equipment Management System; and installing a Contactless Vital Sign Monitoring System to remotely monitor the vital signs of detainees. The CIC has also deployed small unmanned aircraft to carry out patrol duties from time to time to eliminate potential security threats. In addition to the CIC, the HKSAR Government included the Tai Tam Gap Correctional Institution and the Nei Kwu Correctional Institution (NKCI) as places of detention of the ImmD in 2021 and 2023 respectively, thereby increasing the number of detention places for detaining non-refoulement claimants to three. When the in-situ expansion of the NKCI is completed in 2025, the overall detention capacity of the three detention places will increase to 940. (5) Enhancing efficiency of removing unsubstantiated claimants      The ImmD has been committed to promptly removing unsubstantiated non-refoulement claimants from Hong Kong. In 2024, the ImmD removed 2 219 unsubstantiated claimants from Hong Kong, representing a rise of 24 per cent when compared with that in 2023. Under the updated removal policy effective from December 7, 2022, the ImmD may generally proceed with the removal of an unsubstantiated claimant whose judicial review case has been dismissed by the Court of First Instance of the High Court, thereby enhancing the efficiency of and efforts in removing unsubstantiated claimants. Since the implementation of the policy till the end of 2024, the ImmD removed a total of 4 070 unsubstantiated claimants from Hong Kong, including 314 claimants who were removed under the updated removal policy.      Nurturing young people and strengthening patriotic teams (A) Hong Kong will prosper when its young people thrive (1) Immigration Department Youth Leaders Corps      The ImmD formed the Immigration Department Youth Leaders Corps (IDYL) to provide systematic and regular disciplinary and leadership training for members by sending dedicated training officers to secondary schools with the aim of nurturing them to become pillars of society who love the country and Hong Kong. There is also a post-secondary student team, IDYL Plus, members of which have already been admitted to post-secondary institutes. They will be the experienced leaders to pass the values of the IDYL and their personal experiences to younger members. To celebrate the 75th anniversary of the founding of the People’s Republic of China, the IDYL organised a Shanghai summer exchange tour in July for 75 members to learn about the history of the motherland and have an in-depth exchange of ideas with local young people. As at the end of 2024, a total of over 950 students participated in the IDYL. (2) Immigration Department Youth Ambassador Programme      The ImmD launched the Immigration Department Youth Ambassador Programme in November 2023 and used the Immigration Divisions of the Mainland Offices of the HKSAR Government (Mainland Offices) as bases to recruit young people from Hong Kong who are studying and living in various provinces on the Mainland as Youth Ambassadors. Since the launch of the Programme, the ImmD has appointed 32 Youth Ambassadors in Beijing, Guangzhou, Shanghai and Wuhan. The appointed Youth Ambassadors will have diverse learning opportunities provided by the ImmD during the one-year term and collaborate with the Mainland Offices in disseminating the latest information and in briefing the public on the business scope of the department. The ImmD expects that the Programme will broaden the Youth Ambassadors’ horizons and lay solid groundwork for their different future positions in society. (B) Staff training and continuous development (1) Recruitment of service members      The ImmD launched a new round of in-service appointments and open recruitment of Immigration Officers in May 2024, while the open recruitment of Immigration Assistants continued to be all year round. During the recruitment exercises in 2024, the department recruited about 100 Immigration Officers and 210 Immigration Assistants. (2) National studies     In 2024, a total of 366 members of the Immigration Service were arranged to attend training courses in various Mainland institutes, including the National Academy of Governance, the First Standing Force of the Exit and Entry Administration of the People’s Republic of China, the China Foreign Affairs University, and the China People’s Police University. Moreover, in order to reinforce the concept of national security among newly recruited Immigration Officers, deepen their understanding of the history and development of the motherland as well as enhance their knowledge of the country’s immigration regime, with the staunch support of the Ministry of Public Security and the China People’s Police University, the ImmD has arranged 200 Immigration Officer trainees to participate in the National Affairs and Immigration Control Training Course for Immigration Officer Trainees at the China People’s Police University (Guangzhou) since October 2023. The ImmD will actively co-ordinate with relevant Mainland authorities so that newly recruited Immigration Assistants can also receive training in the Mainland.      Vision for 2025      Utilising technologies to enhance service standards (A) New milestone of e-Channel service      Since the launch of the first e-Channel at the Lo Wu Control Point in December 2004, the total number of users of e-Channels has exceeded 2 billion. Over the past two decades, the ImmD has been striving for innovation in enhancing the clearance efficiency of e-Channels and expanding the service target group in order to provide immigration services of the highest quality to members of the public and visitors. To further enhance service quality, the ImmD has set two key directions for the future development of e-Channels, namely “simplicity” and “efficiency”. While ensuring information security, the ImmD will introduce more innovative technologies for e-Channel users to perform immigration clearance in a more convenient and faster manner. (1) Extension of applicable age of e-Channel service      At present, Hong Kong permanent residents aged 11 or above holding a smart identity card can use e-Channels for self-service immigration clearance. To enhance clearance efficiency, the ImmD will adjust the applicable age of the e-Channel service for Hong Kong permanent residents from the first quarter of 2025 onwards so that children aged 7 or above holding a valid HKSAR passport and a Hong Kong permanent identity card can undergo self-service immigration clearance with a smart identity card using facial recognition technology at e-Channels. The implementation date will be announced later. (2) Introduction of new e-Channel      The ImmD plans to introduce the new e-Channel at the Arrival Hall of HKIA in the third quarter of 2025, which will enable eligible Hong Kong residents to experience hassle-free self-service immigration clearance through verification of identity by facial recognition technology at the new e-Channel upon arrival without prior enrolment or presenting travel documents or QR codes. (3) Innovative proposal for the application of technologies in handling immigration clearance for private cars      The ImmD and the Hong Kong Applied Science and Technology Research Institute (ASTRI) signed a Memorandum of Understanding in April 2024 to explore an innovative proposal for the application of technologies in four areas, i.e. Innovative Immigration Control Operation, Biometric Identification and Authentication, Artificial Intelligence Assisted Immigration Application and Collaborative Robotics Technology. Currently, the ImmD is making substantial efforts in a collaborative project relating to the Innovative Immigration Control Operation with ASTRI, actively researching whether a technology solution underpinned by facial recognition technology can be used to handle immigration clearance of private car passengers, with a view to further enhancing passenger clearance experience. (B) Upgrading infrastructure of boundary control points (1) Redevelopment of Huanggang Port      To tie in with the Guangdong-Hong Kong-Macao Greater Bay Area development blueprint and enable smooth and efficient people and cargo flows within the area, the HKSAR Government has been forging ahead with a series of measures to further enhance the capacity of control points and the clearance efficiency, with the redevelopment of the Huanggang Port as one of the key projects. The new Huanggang Port will implement the “co-location arrangement” and adopt a new clearance mode of “collaborative inspection and joint clearance”, making it the first boundary control point between Guangdong Province and the HKSAR adopting such a clearance mode. Currently, Hong Kong and Shenzhen are taking forward the construction works of the new Huanggang Port building and specific immigration clearance arrangements. The target is to strive for basic completion of the new Huanggang Port building by the end of 2025. The ImmD will continue to maintain close liaison with the authorities of both Hong Kong and the Mainland, and proactively implement all relevant preparatory work. (2) Airport Terminal 2      With the full commissioning of the Three-Runway System (3RS) of HKIA in 2024, the capacity of HKIA will be substantially enhanced. Terminal 2 (T2) under the 3RS project is undergoing expansion. Upon completion, it will provide full-fledged terminal services with additional immigration facilities, which include a total of 137 immigration clearance counters and 60 e-Channels. T2 will be opened in phases based on passenger traffic demand. The ImmD will maintain close ties with the Airport Authority Hong Kong and other relevant HKSAR government departments to ensure the smooth commissioning and running of T2. (C) Providing immigration facilitation to the 15th National Games      The ImmD fully supports the 15th National Games, and the 12th National Games for Persons with Disabilities and the 9th National Special Olympic Games to be held in 2025, whereby special immigration lanes will be provided in the closed areas of designated control points on Hong Kong side to provide faster and more convenient clearance services for athletes from the Mainland and Macao and their accompanying staff. (D) Commencement of study of Fourth Information Systems Strategy (ISS-4)      To further work in tandem with the HKSAR Government’s smart city initiative and proactively seize the opportunities of innovative technology and artificial intelligence technology, the ImmD has appointed a consultant in August 2024 to conduct a new round of reviews on information systems and formulate the ISS-4 as the department’s long-term information technology development blueprint. The research for the ISS-4 is expected to be completed in the second quarter of 2025. (E) Enhancing various measures for attracting talent      The ImmD will continue to fully support the HKSAR Government’s measures for attracting and retaining talent. A new channel will be introduced under the General Employment Policy and the Admission Scheme for Mainland Talents and Professionals in 2025 to allow young and experienced non-degree talent with relevant professional and technical qualifications to apply for entry into Hong Kong to join the skilled trades facing acute manpower shortage. There will be a quota under such an arrangement. Moreover, a new mechanism will be introduced under the QMAS in 2025 to proactively invite top-notch and leading talent to come to Hong Kong for development, promoting Hong Kong as the focal point of international high-calibre talent.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: CBDC requires interoperability, privacy protection, robust infrastructure, and clear benefits of use to become currency in future, says GlobalData

    Source: GlobalData

    CBDC requires interoperability, privacy protection, robust infrastructure, and clear benefits of use to become currency in future, says GlobalData

    Posted in Banking

    Retail central bank digital currency (CBDC) development projects continue to face significant hurdles before achieving large-scale implementation. Key challenges include ensuring system interoperability with existing payment methods and currencies worldwide, addressing privacy concerns in advanced economies, and overcoming infrastructure limitations in emerging economies, according to GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “The State of Central Bank Digital Currencies in 2025 and Beyond,” highlights that retail CBDCs fail to address real consumer needs or pain points meaningfully. Furthermore, they offer no clear tangible benefits that would drive user adoption.

    Blandina Szalay, Banking and Payments Analyst at GlobalData, comments: “The very limited uptake of CBDC in countries where it fully launched – in the Bahamas, Jamaica, the Eastern Caribbean Currency Union, and Nigeria – can be attributed to the lack of compelling incentives for consumers to switch to CBDCs from the payment methods they are already used to.”

    With habit and convenience being the dominant factors influencing payment tool choices globally for both in-person and online payments, central banks will require either robust incentive schemes or mandates to achieve a widespread adoption of their digital currencies. In countries already operating CBDCs, consumers have expressed that using CBDCs and their associated wallets has introduced additional friction to existing payment processes without offering sufficient benefits. Critics from other CBDC-piloting countries echo these sentiments.

    Szalay continues: “Achieving critical mass in CBDC adoption, however, will be necessary to reap any advantages initially proposed by central banks. These could include driving domestic payment system innovation, improving cross-border payment efficiencies, fostering financial inclusion, and newfound financial and monetary stability in emerging economies by formalizing their economies via CBDC.”

    Most recently, the Bank of England (BoE) unveiled its digital pound lab, a testing sandbox aimed at addressing key challenges such as interoperability, or absence of clear use cases and lack of viable business models. These issues are set to be tackled throughout 2025, before the decision on a wider launch is made.

    Szalay concludes: “As national governments keep allocating resources towards their ongoing CBDC projects, they should also consider the level of their citizens’ openness and willingness to use the central bank’s digital currency in their everyday lives. Should incentives prove insufficient, and governments have to turn to mandates, it will only reinforce critics’ concerns that CBDCs are a tool for asserting domestic and international control.”

    MIL OSI Economics

  • MIL-OSI Economics: Hydrogen economy development enters critical phase, says GlobalData

    Source: GlobalData

    Hydrogen economy development enters critical phase, says GlobalData

    Posted in Oil & Gas

    The hydrogen economy has recently experienced some hiccups in its growth story. Apparently, demand for this commodity is not rising at the pace it was envisaged back in 2020 when companies had aggressively announced their energy transition plans. As more industries, such as steel, transportation, and power, try to decarbonize their operations, the demand for low-carbon hydrogen is expected to grow. Nevertheless, the hydrogen economy is currently in its critical phase of its development, says GlobalData, a leading data and analytics company.

    GlobalData’s thematic report, “Hydrogen,” reveals that about 83% of the low carbon hydrogen capacity coming online by 2030, is expected to come from green hydrogen plants, while the remainder is from blue hydrogen. Purple and turquoise hydrogen capacities are anticipated to be miniscule. Only about 2% of the total expected capacity by 2030 is currently operational.

    Ravindra Puranik, Oil and Gas Analyst at GlobalData, comments: “Low-carbon hydrogen is set to occupy a crucial role in the decarbonization efforts of several energy-intensive industry verticals. As hydrogen is an essential feedstock in downstream oil and gas processes, switching to low-carbon hydrogen would help companies reduce their emissions footprint. It also has massive potential in the transportation sector, especially in marine and heavy vehicle applications, due to its energy density properties.”

    Conventionally, hydrogen has been consumed in the oil and gas industry as a reagent in the refining sector and as a feedstock in the petrochemical sector. The demand from the oil and gas industry will remain the dominant driver for hydrogen in the foreseeable future. Additional demand for this commodity is expected to emerge from industries such as metallurgy, power generation, and transportation.

    Puranik continues: “There has been a significant jump in low-carbon hydrogen project announcements in the last few years as industries unveiled plans to decarbonize their operations. Nearly 75% of these projects are in the feasibility stage of development. This reflects the momentum in new plant announcements within this market to reap from the global energy transition.”

    Blue and green hydrogen production offers particularly promising growth potential for oil and gas companies pursuing energy transition. Companies are investing in this energy source for their long-term goals, with a preference for green hydrogen.

    Puranik concludes: “Several oil and gas companies have announced new blue and green hydrogen plants, which are expected to be operational by 2030. Nevertheless, there is a need for the hydrogen distribution network to expand at scale, which includes the addition of new pipelines. The current scenario signals a critical phase for the development of the global hydrogen economy. Its fate and momentum in the coming years will be decided by how things pan out in the near future.”

    MIL OSI Economics

  • MIL-OSI United Kingdom: Solar Together returns – residents can boost renewable energy generation, cut carbon emissions and save on bills with solar panel initiative

    Source: St Albans City and District

    Publication date:

    Residents of Hertfordshire are coming together to invest in renewable energy sources through a group-buying scheme for solar panels and battery storage.

    Solar Together helps homeowners feel confident they are paying the right price for a high-quality installation from qualified installers.

    Residents, including those from St Albans District, can join the group-buying scheme which offers solar panels with optional battery storage and EV charge points.

    There is also an option to acquire retrofit battery storage for residents who have already invested in solar panels and are looking to get more from the renewable energy they generate. 

    The scheme allows homeowners to increase their independence from the national grid. 

    It is free to register here from Monday 27 January and there is no obligation to go ahead with an installation.

    St Albans City and District Council (SADC) is working in partnership with Hertfordshire County Council and  iChoosr, experts in sustainable energy transition, to make the move to clean energy as cost-effective and hassle-free as possible. 

    Councillor Raj Visram, SADC’s Lead for Climate, said:

    One of our priorities as a Council is to tackle the climate emergency and encourage the District to become net zero by 2030.

    Our involvement with the Solar Together scheme is one of the many actions we are taking to achieve these goals.

    The feedback we have received from residents who have taken advantage of the offer in previous years has been highly positive. Residents in St Albans District have been among the most enthusiastic in the county.

    I urge any interested householder who has yet to make a Solar Together enquiry, to do so now. They can potentially cut harmful emissions and save money on their energy bills at the same time.

    SADC and other Councils enable the scheme and do not benefit financially in any way. 

    Solar Together, which has already proven to be a hit across the county, operates like this:

    1. Householders can register online to become part of the group for free and without obligation. 

    2. Approved UK solar PV suppliers participate in a reverse auction. They are able to offer competitive pricing as the volume and geographic concentration makes it possible for them to realise greater efficiencies, which they pass on with lower prices for installations. 

    3. After the auction, registered households will be emailed a personal recommendation which is specific to the details they submitted in their registration. 

    4. If they choose to accept their recommendation, the specifics of their installation will be confirmed with a technical survey after which a date can be set for the installation of their solar PV system. 

    5. Telephone and email help desks are on-hand throughout the whole process which, together with information sessions, will allow households to make an informed decision in a safe and hassle-free environment. 

    Marie-Louise Abretti, Solar Together UK Business Manager, said:

    With energy prices continuing to fluctuate, residents of Hertfordshire are looking for opportunities to reduce their carbon emissions, save on energy bills, and increase their independence from the grid. 

    The Solar Together group-buying scheme offers a straightforward way to make an informed decision and to access a competitive offer from a trusted, vetted provider.

    iChoosr has been collaborating with UK councils since 2015 on its Solar Together scheme, aiming to accelerate the energy transition nationwide. The initiative aims to encourage residents to partake in the collective purchase of solar PV and battery storage systems.

    To date, Solar Together has installed over 16,480 solar panels in Hertfordshire, reducing carbon emissions by 31,180 tonnes over 25 years – equivalent to 17,000 cars off the road in that time.

    iChoosr’s schemes have been delivered in partnership with local authorities in five countries. More than 200 schemes have led to 185,000 residents installing solar PV systems. 

    Media contact:  John McJannet, Principal Communications Officer: 01727- 819533; john.mcjannet@stalbans.gov.uk.
     
    About Solar Together

    The Solar Together scheme, delivered by iChoosr, is a group-buying initiative that enables households and businesses to purchase solar panels at a competitive price. By teaming up with local authorities, the scheme is able to leverage the collective buying power of residents to negotiate better rates from trusted solar panel providers. This not only helps to make solar energy more accessible and affordable but also supports the UK’s goal of achieving net-zero emissions by 2050. Solar Together is currently responsible for 10% of MCS-certified (Microgeneration Certification Scheme) solar panel installations in England – the independent certification scheme that certifies microgeneration (renewable energy) products and installers.

    MIL OSI United Kingdom

  • MIL-OSI Economics: Identity fraud: BaFin warns consumers against offers on websites zinsify.de and smbcgroup.asia

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority BaFin warns consumers against offers on websites zinsify.de and smbcgroup.asia. According to information available to BaFin, banking transactions and financial services are being provided on these websites without the required authorisation. The services are not actually offered by SMBC Bank EU AG. This is a case of identity fraud by unknown perpetrators.

    Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the required authorisation. Information on whether companies have been authorised by BaFin can be found in BaFin’s database of companies.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics

  • MIL-OSI Security: Criminals operating an illegal financial service to launder millions of euros busted

    Source: Eurojust

    Investigations into the group began in 2023 when border police in Spain noticed suspicious trips from their airports transporting large sums of money. The trips to Cyprus by members of the criminal group were used to deliver criminal profits, which were then laundered. Authorities stopped the criminals from travelling and seized more than EUR 1.8 million.

    The authorities discovered that the group was running a sophisticated money laundering service for other criminal organisations. The group acted as a financial service to transfer criminal profits internationally. Cryptocurrencies were used to move cash profits between criminal organisations. To dispose of the cash profits, money was transported on commercial flights, mainly to Cyprus, and by public transport to neighbouring countries of Spain. The group was able to carry out four to six money laundering transactions per week. 

    Running this financial service required a professionally structured organisation consisting of at least 52 members, operating mostly from Spain and Cyprus. The group worked with contacts outside of their organisation to liaise with clients and receive the cash to be laundered. Their contacts are linked to several commercial companies around the world. 

    As the financial service was used throughout Europe, authorities had to work together to stop the criminal group. An international investigation was launched by setting up a joint investigation team (JIT) at Eurojust between Spanish, Cypriot and German authorities, Eurojust and Europol. Through the JIT, information from tax and judicial authorities was exchanged that led to the takedown of the criminal group. Europol supported this international operation with experts specialised in financial crime, fighting high-risk criminal networks, unravelling money laundering structures, and tracing cryptocurrency flows.

    A series of actions were carried out to stop the financial service. In October 2024, actions were carried out in Spain, France and Cyprus to dismantle the criminal group. This was followed by actions in November 2024 that targeted actors working with the criminal group. A total of 91 searches were carried out, 77 in Spain, 1 in France and 13 in Cyprus. Twenty suspects were arrested in Spain, one in France and two in Slovenia. Authorities seized a total of EUR 8 million in cash, 2 million in bank accounts and froze EUR 27 million in cryptocurrency. Investigations into the group and its financial service continue.

    The following authorities were involved in the actions:

    • Spain: Investigating Judge no 2 of El Prat de Llobregat; Public Prosecution Office of Barcelona; Guardia Civil Special Central Unit 3, Destabilizing Threat Group-UCO
    • Cyprus: Attorney General’s Office; MOKAS (Unit for Combating Money Laundering); Criminal Investigation Department (CID) (in collaboration with other police departments)
    • Germany: Public Prosecutor’s Office, Landshut; Customs Investigation Office, München
    • France: Judicial Court of Marseille, Interregional Specialised Jurisdiction against organised crime (JIRS) ; National Anti-Fraud Office (ONAF), Marseille/Nice. 

    MIL Security OSI

  • MIL-OSI: Range Announces Conference Call to Discuss Fourth Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    FORT WORTH, Texas, Jan. 27, 2025 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) announced today that its fourth quarter 2024 financial results news release will be issued Tuesday, February 25 after the close of trading on the New York Stock Exchange.

    A conference call to review the financial results is scheduled on Wednesday, February 26 at 9:00 a.m. ET (8:00 a.m. CT). A webcast of the call may be accessed at www.rangeresources.com. The webcast will be archived for replay on the Company’s website until March 26, 2025.

    RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent natural gas and NGL producer with operations focused in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.

    SOURCE: Range Resources Corporation

    Range Investor Contacts:

    Laith Sando, Vice President – Investor Relations
    817-869-4267
    lsando@rangeresources.com

    The MIL Network

  • MIL-OSI: Finding the Best Wireless Modem for Rural America: Results are in, and Nomad Air 2 is 10X faster than Local DSL

    Source: GlobeNewswire (MIL-OSI)

    NEW BRAUNFELS, Texas, Jan. 27, 2025 (GLOBE NEWSWIRE) — Nomad Internet, a leader in providing high-speed internet solutions for rural America, has announced breakthrough results from a rigorous modem testing initiative led by Jaden Garza, CINO at Nomad Internet & Jessica Garza, Chief Operating Officer of Nomad Internet. The company’s new Nomad Air 2 Wireless Modem outperformed local DSL networks by over 10 times, achieving blazing-fast download speeds of 513 Mbps compared to the local DSL average of 39.6 Mbps in real-world rural environments.

    The tests, conducted in areas with zero traditional cell service, were designed to evaluate the performance of over a dozen wireless modems from leading manufacturers under real-world rural conditions. The results proved that the Nomad Air 2 is the best option for rural communities and a significant step forward in closing the digital divide.

    “This is game-changing for rural America,” said Jaden Garza, CINO at Nomad Internet. “We pushed these modems to their limits in places with no urban network advantages, and the Nomad Air 2 consistently delivered speeds faster than even some fiber networks. It’s a testament to our commitment to bringing high-speed, reliable internet to the last mile.”

    Real-World Results, Real Impact

    The testing process included hours of rigorous analysis and optimization by Garza and his team, with the Nomad Air 2 achieving a download speed of 513 Mbps—outshining all other modems tested.
    “This modem is a game-changer for rural or underserved people. It levels the playing field, providing access to affordable, high-speed internet for people who traditional providers have left behind,” added Jessica Garza.

    Partnerships Driving Innovation

    Nomad Internet credited partners like Inseego Corp, whose modem technology played a pivotal role in delivering these speeds, and Ookla, which provided the tools to measure this breakthrough.
    “We are grateful for the incredible work of Inseego Corp and partners like Ookla, whose technology makes advancements like this possible,” Mr. Garza said.

    Closing the Digital Divide

    The Nomad Air 2 represents Nomad Internet’s mission to close the digital divide, empowering rural communities with faster, more reliable, and more affordable connectivity than ever before. Whether it’s for work, education, or entertainment, this modem ensures no one is left behind.

    A Look Back at All the New Launches by Nomad Internet in 2025

    While the record-breaking modem speeds have taken center stage, Nomad Internet is also introducing new products and initiatives to enhance connectivity and customer engagement further.

    Nomad Omni Data

    One of the company’s most anticipated launches, Nomad Omni Data, redefines rural internet connectivity by offering simultaneous access to two of America’s largest networks.

    Key Features of Nomad Omni Data:

    • Dual-Network Access: The modem transitions to the most rapid and robust network signal.
    • Unlimited Data: Users experience limitless browsing, streaming, and gaming without concerns about data limits or throttling.
    • Blazing Speeds: Boasting download speeds reaching 1 Gbps, users enjoy smooth streaming, swift downloads, and gaming without interruptions.
    • Affordable Upgrade: For only $19.95/month, users can access the complete capabilities of dual-network power.

    This feature is ideal for rural families, digital nomads, and gamers who demand reliable, high-speed internet regardless of location.

    Unlimited Power Plan

    The Unlimited Power Plan has been designed by Nomad Internet for customers seeking unparalleled connectivity at an unbeatable value. This plan caters to modern, mobile lifestyles priced at $119.95 per month with a lifetime discount of $30.

    Features of the Unlimited Power Plan:

    • 500 Mbps Speeds: Say goodbye to buffering and enjoy ultra-fast connections for video calls, streaming, and more.
    • 8K Streaming: Experience unparalleled clarity for entertainment and content creation.
    • Low Latency: Competitive gamers can enjoy smooth, lag-free gameplay.

    The Unlimited Power Plan highlights Nomad Internet’s dedication to providing affordable, flexible solutions that enable users to remain connected regardless of location.

    #NomadSpeedChallenge

    Nomad Internet has introduced the #NomadSpeedChallenge to commemorate its progress, encouraging customers to post their internet speed results to win a year of complimentary Nomad Internet service.

    How to Participate:

    1. Test the Speed: Run a speed test using tools like Ookla or Fast.com.
    2. Capture the Results: Take a screenshot or record the speed test.
    3. Share the Experience: Post the results on social media platforms like X, Facebook, Instagram, or TikTok using the hashtags #NomadSpeedChallenge and #NomadInternet, and tag @NomadInternet.
    4. Submit the Entry: Upload the speed test and social media link to the official contest page.

    This initiative celebrates Nomad Internet’s achievements and builds a sense of community among users who rely on its services to power their digital lives.

    Empowering Connectivity in the Digital Age

    The industry leader in rural connectivity, Nomad Internet, released the Nomad Air 2 gadget and additional products, starting with the Unlimited Power Plan and Nomad Omni Data. Nomad Internet is dedicated to breaking down digital connectivity barriers and empowering individuals in rural and remote areas to enjoy the high-speed internet they need to succeed in today’s digital landscape.

    Jessica Garza emphasized that Nomad Internet delivers high-speed internet to the communities that need it most. “We are transforming possibilities for rural and nomadic populations through unprecedented modem speeds, creative data plans, or customer initiatives such as the #NomadSpeedChallenge.”

    About Nomad Internet

    Nomad Internet is America’s leading wireless internet provider for rural communities, delivering high-speed, reliable, and affordable connectivity to those in areas where traditional services fall short.

    For more information, visit www.nomadinternet.com.

    Media Contact

    Company Name: Nomad Internet

    Contact Person: Manish Roshan

    Email: manish@nomadinternet.com

    Website: https://nomadinternet.com

    Phone: +1 281 800 1000

    Disclaimer: This content is provided by the Nomad Internet. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/b9f5723c-5676-4c59-9960-f213d8175c52

    https://www.globenewswire.com/NewsRoom/AttachmentNg/738a6ea2-75fe-4998-8d85-0eb2ad6e1e7b

    https://www.globenewswire.com/NewsRoom/AttachmentNg/3d225766-a42d-4881-9678-5cb04c297ea1

    The MIL Network

  • MIL-OSI: Embrace Change Acquisition Corp. Announces Entering into a Definitive Merger Agreement with Tianji

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Jan. 27, 2025 (GLOBE NEWSWIRE) — Embrace Change Acquisition Corp. (“Embrace Change”) (NASDAQ: EMCG, EMCGU, EMCGR), a publicly traded special purpose acquisition company, and Tianji Tire Global (Cayman) Limited (“Tianji,” or the “Company”), a leading tire manufacturer with operations mainly conducted by its subsidiaries based in mainland China, today announced that they have entered into a definitive merger agreement (the “Merger Agreement”) that will result in Tianji becoming a publicly listed company upon the closing of the transaction contemplated there in (the “Proposed Transaction”) on January 26, 2025. Upon closing, the combined company will be renamed “Tianji Tire Global Group (Cayman) Limited” (the “Combined Company”) and expects to list its Class A ordinary shares on Nasdaq.

    Tianji is a leading tire manufacturer with operations mainly conducted by its subsidiaries based in mainland China, specializing in the design, research and development, production and sales of tires, with a primary focus on all-steel, tubeless radial tires for medium- and short-distance transportation.

    Key Transaction Terms

    As provided in the Merger Agreement, the merger consideration is $450 million, payable by newly-issued securities of the Combined Company valued at $10.00 per share.

    Cash proceeds raised will consist of Embrace Change’s approximately $26 million in trust (assuming no redemptions by Embrace Change’s existing public shareholders) which is anticipated to support the Company’s growth capital needs and to be used for general working capital purposes. After the closing, Tianji shareholders are expected to retain a majority of the outstanding shares of the Combined Company and Tianji will designate a majority of proposed directors for the Combined Company’s board.

    The Tianji management team, led by its CEO Hailong Cheng, will continue to run the Combined Company after the closing of the Proposed Transaction.

    The boards of directors of Tianji, Embrace Change and Embrace Change’s two merger subsidiaries have unanimously approved the Proposed Transaction, which is expected to be completed in mid–2025, subject to, among other things, approval by Embrace Change’ and Tianji’ shareholders, and satisfaction (or waiver, as applicable) of the conditions provided in the Merger Agreement, including regulatory approvals and other customary closing conditions, including a registration statement in connection with the Proposed Transaction being declared effective by the U.S. Securities and Exchange Commission (the “SEC”).

    Additional information about the Proposed Transaction, including a copy of the Merger Agreement, will be provided in a Current Report on Form 8-K to be filed by Embrace Change with the SEC and available at www.sec.gov. Additional information about the Proposed Transaction will be described in the Registration Statement, which Embrace Change and/or its subsidiary will file with the SEC.

    Advisors

    Loeb & Loeb LLP, Ogier (Cayman) LLP and Beijing Dacheng Law Offices, LLP are serving as legal advisor to Embrace Change. Han Kun Law Offices LLP and Harney Westwood & Riegels are serving as legal advisor to Tianji.

    About Tianji

    Tianji is a leading tire manufacturer with operations mainly conducted by its subsidiaries based in mainland China, specializing in the design, research and development, production and sales of tires, with a primary focus on all-steel, tubeless radial tires for medium- and short-distance transportation. The Company’s collection of tires is curated under six renowned brands, namely the premium brand SEMES, the mid- to high-end brand Tianxin, the mass-market brands Lunaite, Aoben and GFT Rider, as well as the brand Kuangshan Jiuhao designed specifically for mining transportation. Each of these brands stands out in quality and technical performance characteristics with distinctive features and precise identities.

    Founded in 2020, Tianji has successfully established an extensive presence in China, and is continuing to expand its footprint nationwide to reach more potential customers.

    About Embrace Change Acquisition Corp.

    Embrace Change Acquisition Corp. is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.

    Additional Information and Where to Find It

    In connection with the Proposed Transaction, Embrace Change and/or its subsidiary will file with the SEC a Registration Statement on Form F-4 (as amended, the “Registration Statement”), which will include a proxy statement/prospectus. After the Registration Statement is declared effective, Embrace Change will send the proxy statement/prospectus and other relevant documents to its shareholders. This press release is not a substitute for the proxy statement/prospectus. INVESTORS AND SECURITY HOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT HAVE BEEN FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TIANJI, EMBRACE CHANGE, THE PROPOSED TRANSACTION AND RELATED MATTERS. The Registration Statement and any other relevant filed documents (when they are available) can be obtained free of charge from the SEC’s website at www.sec.gov. These documents (when they are available) can also be obtained free of charge from Embrace Change at https://www.Embrace Change.com/insights or upon written request at Embrace Change Acquisition Corp., 5186 CARROLL CANYON RD, SAN DIEGO, CA, 92121.

    Forward-Looking Statements

    This press release contains certain “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended. Statements that are not historical facts, including statements about the pending transactions described herein, and the parties’ perspectives and expectations, are forward-looking statements. Such statements include, but are not limited to, statements regarding the proposed transaction, including the anticipated initial enterprise value and post-closing equity value, the benefits of the proposed transaction, integration plans, expected synergies and revenue opportunities, anticipated future financial and operating performance and results, including estimates for growth, the expected management and governance of the combined company, and the expected timing of the transactions. The words “expect,” “believe,” “estimate,” “intend,” “plan” and similar expressions indicate forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties, assumptions (including assumptions about general economic, market, industry and operational factors), known or unknown, which could cause the actual results to vary materially from those indicated or anticipated.

    Such risks and uncertainties include, but are not limited to: (i) risks related to the expected timing and likelihood of completion of the pending business combination, including the risk that the transaction may not close due to one or more closing conditions to the transaction not being satisfied or waived, such as regulatory approvals not being obtained, on a timely basis or otherwise, or that a governmental entity prohibited, delayed or refused to grant approval for the consummation of the transaction or required certain conditions, limitations or restrictions in connection with such approvals; (ii) risks related to the ability of Embrace Change and the Company to successfully integrate the businesses; (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the applicable transaction agreements; (iv) the risk that there may be a material adverse change with respect to the financial position, performance, operations or prospects of the Company or Embrace Change; (v) risks related to disruption of management time from ongoing business operations due to the Proposed Transaction; (vi) the risk that any announcements relating to the Proposed Transaction could have adverse effects on the market price of Embrace Change’s securities; (vii) the risk that the Proposed Transaction and its announcement could have an adverse effect on the ability of the Company to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally; (viii) the Company’s estimates of expenses and profitability; and (ix) risks relating to the Combined Company’s ability to enhance its services and products, execute its business strategy, expand its customer base and maintain stable relationship with its business partners.

    A further list and description of risks and uncertainties can be found in the Prospectus filed on August 9, 2022 relating Embrace Change’s initial public offering and in the Registration Statement and proxy statement that will be filed with the SEC by Embrace Change and/or its subsidiary in connection with the proposed transactions, and other documents that the parties may file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and Embrace Change, the Company and their subsidiaries undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

    No Offer or Solicitation

    This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the transactions described above and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Embrace Change or the Company, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

    Participants in the Solicitation

    Embrace Change and the Company, and certain shareholders of Embrace Change, and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies from the holders of Embrace Change ordinary shares in respect of the proposed transaction. Information about Embrace Change’s directors and executive officers and their ownership of Embrace Change ordinary shares is set forth in the Prospectus filed on August 9, 2022 and filed with the SEC as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of that filing. Other information regarding the interests of the participants in the proxy solicitation will be included in the Registration Statement/proxy statement pertaining to the proposed transaction when it becomes available. These documents can be obtained free of charge from the sources indicated above.

    Tianji and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Embrace Change in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be included in the Registration Statement/proxy statement pertaining to the proposed transaction when it becomes available for the proposed business combination.

    Contacts:

    Embrace Change Acquisition Corp.
    contact@embracechange.top

    Tianji Tire Global (Cayman) Limited
    Ray Jin
    ray966@msn.com 

    The MIL Network

  • MIL-OSI: MEXC’s Insurance Fund Account Provides $414M+ to Mitigate Traders’ Bankruptcy Losses

    Source: GlobeNewswire (MIL-OSI)

     

    VICTORIA, Seychelles, Jan. 27, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, has provided over $414 million through its Insurance Fund Account to cover deficits that occur when users’ losses during liquidation exceed their available margin as of January 23, 2025. This impressive figure underscores MEXC’s commitment to asset security and risk mitigation. Combined with Proof of Reserve, MEXC offers traders robust protection against extreme market fluctuations.

     

    How MEXC’s Insurance Fund Account Mitigates Risk for Traders
    The MEXC Insurance Fund Account, launched in November 2024, is specifically designed to protect traders from extreme market fluctuations, such as those experienced during a bull run, where rapid price swings can lead to a user’s account value to dip below the required margin level, triggering a liquidation. Should the liquidation price be worse than expected, resulting in losses that exceed than the available margin (a scenario known as bankruptcy), the Insurance Fund steps in to cover these excess losses, thus facilitating a smoother liquidation process.

    The fund is continually replenished by surpluses generated from liquidation orders executed at better-than-expected prices, ensuring its stability and ongoing protection during periods of high volatility.

    In line with its commitment to transparency, MEXC provides users with direct access to both current and historical insurance fund amounts for various cryptocurrencies on the platform.

    In addition, MEXC provides Proof of Reserve to ensure asset safety and maintain transparency for its users. This allows users to trade with confidence, free from concerns about withdrawal runs. The reserve rates are updated every two months. As of Dec 1, 2024, the latest reserve rates for various cryptocurrencies are as follows:

    • USDT: 104.52%
    • USDC: 116.52%
    • BTC: 105.88%
    • ETH: 105.65%

     

    By offering high leverage alongside an Insurance Fund Account and Reserve Rate exceeding 100%, MEXC ensures multiple layers of protection to safeguard traders’ positions and ensure asset security.

    The Go-To Platform for Seamless Crypto Trading
    In addition to implementing robust safety measures to ensure a secure trading environment, the platform offers a variety of features and services designed to enhance the user experience. These features help traders minimize costs and maximize returns. MEXC is committed to empowering traders by enabling investments across the widest range of assets, ensuring safe and seamless transactions regardless of market conditions.

    • M – Most Trending Tokens: MEXC is known for its rapid token listings and diverse selection of popular tokens, helping users capitalize on emerging opportunities. To date, over 3,000 tokens have been listed on the platform.
    • E – Everyday Airdrops: MEXC makes it easy for users to engage in daily airdrop events and receive substantial rewards without complex procedures. In 2024, the platform completed 2,293 airdrop events, distributing over $136 million in rewards.
    • X – Xtremely Low Fees: MEXC offers highly competitive trading fees, helping users reduce costs and maximize their growth potential.
    • C – Comprehensive Liquidity: Backed by strong liquidity and market depth, MEXC ensures the efficient and seamless execution of every transaction, minimizing slippage even during volatile conditions.

    These features have helped MEXC attract over 30 million users across over 170 countries, establishing it as the platform of choice for an increasing number of traders around the world.

    Learn more about the MEXC Insurance Fund Account.

    About MEXC
    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 30 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

    MEXC Official WebsiteXTelegramHow to Sign Up on MEXC

    Risk Disclaimer:
    The information provided in this article about cryptocurrencies does not represent MEXC’s official stance or investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully evaluate market fluctuations, project fundamentals, and potential financial risks before making any trading decisions.

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/e38abd1a-038c-4b15-9bd1-930ea95076bd
    https://www.globenewswire.com/NewsRoom/AttachmentNg/7973d05e-acf0-4aee-95b0-a1fb0e6c4a71
    https://www.globenewswire.com/NewsRoom/AttachmentNg/78296b51-e6d1-48cd-a47f-a0fbd90dd493

    The MIL Network

  • MIL-OSI: Gate Ventures Joins Morph VC Collective to Accelerate Mainstream Blockchain Solutions

    Source: GlobeNewswire (MIL-OSI)

    PANAMA CITY, Jan. 27, 2025 (GLOBE NEWSWIRE) — Gate Ventures, the venture capital arm of Gate.io, is proud to announce its membership in the newly launched Morph Venture Capital Collective, a prestigious network of top-tier venture capital firms supporting cutting-edge consumer blockchain projects. This strategic partnership will enable Gate Ventures to further expand its portfolio in the blockchain space, particularly within the Morph ecosystem, which focuses on fostering the mass adoption of blockchain technology.

    The Morph VC Collective aims to connect promising blockchain projects with a diverse group of reputable venture capitalists, including Pantera Capital, Spartan Group, Foresight Ventures, and now, Gate Ventures. By joining this collaborative initiative, Gate Ventures will contribute to the collective’s mission to support sustainable growth for consumer blockchain applications, offering funding, strategic partnerships, and mentorship to accelerate the development and market access of emerging projects.

    “We’re excited to be part of the Morph VC Collective, a key initiative that aligns with our mission to support blockchain innovation,” said Kevin Yang, Managing Partner of Gate Ventures. “By collaborating with other leading VCs, we’re helping bridge the gap between groundbreaking blockchain projects and the resources they need to succeed. Morph’s ecosystem is primed to drive the next wave of consumer adoption, and we are proud to be part of this transformative movement.”

    Morph’s initiative will provide blockchain projects building in its ecosystem with invaluable exposure to top-tier investors and guidance to navigate the early stages of growth. Projects will be assessed based on technical feasibility, team composition, scalability, market potential, and more, ensuring that the most promising applications receive the support they need to thrive.

    As part of this collaboration, Gate Ventures will also have access to a curated pipeline of high-potential projects within the Morph ecosystem, further strengthening its commitment to identifying and nurturing the next generation of blockchain applications.

    “We’re excited to welcome Gate Ventures to the Morph VC Collective. Their addition further strengthens our network of strategic partners working to accelerate mainstream blockchain adoption. Together with our growing coalition of leading VCs, we’re building a robust support system that empowers teams to create impactful consumer applications.” said Cecilia Hsueh, CEO of Morph.

    With a strong focus on mass adoption, Morph’s innovative platform is designed to cater to mainstream audiences, including gamers and social media users, making it a perfect match for Gate Ventures’ investment philosophy. Together, the two entities aim to drive the widespread use of blockchain technology and revolutionize the way decentralized applications interact with everyday users.

    For more information on Gate Ventures’ involvement in the Morph VC Collective and the opportunities it provides to blockchain projects, visit www.gate.io/ventures.

    About Gate Ventures

    Gate Ventures, the venture capital arm of Gate.io, is focused on investments in decentralized infrastructure, middleware, and applications that will reshape the world in the Web 3.0 age. Working with industry leaders across the globe, Gate Ventures helps promising teams and startups that possess the ideas and capabilities needed to redefine social and financial interactions.

    About Morph

    Morph is the pioneering consumer layer, acting as the distribution hub for the resources builders need to launch and scale for the mass market. It leverages a hybrid solution of ZK and Optimistic roll-up technology and a decentralized sequencer to enable limitless possibilities within mainstream audiences, making it a user-friendly option for developers who require a chain to build these types of apps.

    Media Contact:
    Elaine Wang at elaine.w@gate.io

    Disclaimer
    The content herein does not constitute any offer, solicitation, or recommendation. You should always seek independent professional advice before making any investment decisions. Please be noted that Gate.io and/or Gate Ventures may restrict or prohibit the use of all or a portion of the services from restricted locations. For more information, please read its applicable user agreement.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aaa70831-c1f4-4497-bdbb-4ef3b74f8192

    The MIL Network

  • MIL-OSI United Kingdom: Festival Gardens development partner set for Spring shortlisting

    Source: City of Liverpool

    The search for a new development partner for the Festival Gardens scheme is set to move up a gear, with Liverpool City Council (LCC) and Montagu Evans announcing a shortlist of candidates will be confirmed in Spring this year.

    Following the launch of this unique opportunity in October 2024, dialogue is ongoing with a number of high-calibre parties who are expected to shortly return Outline Solutions.

    An invitation to shortlisted parties will be issued in March, and the selection of a preferred bidder remains on track for September.

    £53m has already been invested into the prime waterfront site and surrounding area to de-risk and accelerate delivery on this remediated brownfield land.

    Remediation and infrastructure installation has been completed by VINCI which also led to the creation of Liverpool’s first public park of the century.

    Previous development partner ION Property Development’s exclusivity has also now expired and a mutually agreeable settlement with the Council has been agreed.

    The decision to undertake a new procurement was in no way a reflection on ION’s competency or ability to deliver but was driven by the constraints of the land sale method that both parties, in good faith, pursued together. 

    Part of a wider 36 ha site, Festival Gardens’ Development Zone extends to 11 ha (27 acres), 5 km from Liverpool city centre.

    Its landmark waterfront location benefits from outstanding green and blue infrastructure with the Festival Gardens parkland, including formal Chinese and Japanese gardens, and River Mersey immediately adjacent.

    The Development Zone will become a thriving, sustainable, healthy and inclusive neighbourhood with a strong identity and sense of community, developed using innovative design and building techniques to meet local housing need.

    Development will be centred on phased, residential-led plans and multigenerational living with a range of housing types and tenures, maximising delivery and including more than 20% affordable housing.

    Montagu Evans is leading on the procurement for the Council as part of a multi-disciplinary team comprised of global programme and project delivery consultant and construction expert Mace, architecture and urban design group Metropolitan Workshop and architectural practice Shedkm. The project has the backing of Homes England and the Liverpool City Region Combined Authority.

    Councillor Nick Small, Liverpool Council’s Cabinet member for Economy and Growth, said: “The Festival Gardens development zone is a once in a generation opportunity and we’re keen to ensure a scheme that befits its amazing location. We’ve had some very positive conversations with a number of high-quality developers and we now look forward to seeing their visions in detail on they seek to transform the housing offer in this area.

    “We’re entering an incredibly exciting time and the shortlisting of candidates this Spring is a huge step in making this in-demand, thriving community a reality. The Council would also like thank ION for all their work on this scheme and we wish them well in their future endeavours.”

    Montagu Evans Partner, Oliver Maury, said: “The development partner procurement process is in a good place. We have received positive responses from a number of high-quality partners who are ambitious for the opportunity and would bring expertise, enthusiasm and solid financial credentials. We are now focussed on continuing the selection process as planned to make sure the preferred bidder is right for this iconic site and the task ahead.”

    More information including a Development Brief is also available here: www.investliverpool.com/festival-gardens/

    MIL OSI United Kingdom

  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Albania

    Source: IMF – News in Russian

    January 27, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Albania on January 17, 2025.

    The Albanian economy has turned in a strong performance in recent years, underpinned by prudent macroeconomic policies. Output is now well above its pre-pandemic trend thanks to a booming tourism sector. Prudent fiscal policies contributed to a remarkable reduction in public debt while proactive monetary policy, falling global commodity prices, and lek appreciation have facilitated disinflation. External imbalances have shrunk considerably.

    Growth prospects are expected to remain robust. Following an expansion of 3.9 percent in 2023, real GDP growth is projected to average around 3½ percent in 2024–2029, driven by domestic consumption, tourism, and construction activity. End-of-year inflation in 2024 is expected at around 2 percent, below the Bank of Albania’s (BoA) 3 percent target. Although base effects from a significant month-on-month drop in early 2024 will temporarily push up inflation in the first half of 2025, a sustained return to target is not expected before 2026, given the high degree of inertia in the inflation process in Albania.

    The authorities are expected to outperform their 2024 budget target. With revenues on track, thanks to the favorable conjuncture, and capital spending execution lagging, the primary surplus is projected at around 0.5 percent of GDP in 2024, marginally higher than the
    0.3 percent of GDP budget target. The 2025 budget aims for a zero primary balance. The public debt ratio, expected at around 56 percent at end-2024, is expected to decline to around 50 percent in 2029 and is assessed to be sustainable over the medium-term.

    Systemic vulnerabilities in the financial system appear broadly contained. The banking sector remains well-capitalized and liquid with average prudential ratios well above regulatory requirements. However, banks’ large-borrower and sovereign exposures represent sources of risk, as does the rapid expansion of banks’ lending to the real estate sector, which has seen continued price increases and accounts for two-thirds of unhedged FX loans.

    Notwithstanding the upbeat macroeconomic picture, considerable structural challenges remain. GDP per capita stands at just around a quarter of the U.S. and EU-15 levels, amid rapid aging and emigration. Wide-ranging reforms, including to enhance governance and public financial management frameworks, boost human capital and productivity, are needed to catalyze lasting higher growth and convergence. 

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Albania’s recent strong economic performance, underpinned by prudent macroeconomic policies and booming tourism. Directors concurred that the outlook remains favorable with broadly balanced risks, but noted structural challenges related to rapid population aging, emigration, low productivity, and governance shortcomings. They emphasized the importance of preserving macroeconomic stability while advancing reforms to accelerate convergence with the EU and promote sustainable and inclusive growth.

    Directors considered that maintaining a modest annual primary surplus alongside continued efforts to strengthen debt management would reinforce fiscal resilience. While welcoming the progress on the authorities’ medium‑term revenue strategy, they emphasized that sustained revenue administration and tax policy reforms will be needed to address rising spending needs. Directors stressed that public investment and fiscal risk management reforms, especially related to state‑owned enterprises and public‑private partnerships, remain critical to fiscal transparency.

    Directors agreed that uncertainty around the outlook calls for a continued data‑dependent approach to monetary policy. As the sustained lek appreciation is assessed to be largely driven by fundamentals, Directors emphasized that the exchange rate should be allowed to adjust more flexibly, with intervention serving as a complementary tool to address non‑fundamental fluctuations. Carefully weighing the costs and benefits of further reserve accumulation would also be important.

    Directors concurred that continued supervisory vigilance is vital given pockets of vulnerability in the financial sector related to credit growth in the real estate sector as well as banks’ large borrower and sovereign exposures. They encouraged the authorities to ensure strict regulatory compliance and greater alignment with EU standards, and to enhance the macroprudential toolkit. Deepening financial markets and improving oversight of non‑bank financial institutions are key to enhancing resilience and preserving integrity.

    Directors emphasized that deeper reforms are needed to maximize the gains from the EU accession process. Policies should focus on enhancing productivity by fostering global value chain integration, removing barriers to firm growth, and promoting access to bank lending. Further efforts to update education and training programs, advance on the digital agenda, boost female labor force participation, and diversify renewable energy sources would also be important. Directors emphasized that continued infrastructure investments and governance reforms—including the implementation of the 2024–30 Anticorruption Strategy and further implementation of AML/CFT international standards—are key priorities.

     

    Albania: Selected Economic Indicators

    Population: 2.8 million (2023)

    Per capita GDP ($): 8300 (2023)

    Life expectancy (years): 76.8 (2023)

    Literacy rate: 99% (2022)

    Nominal GDP ($bn): 23.0 (2023)

    Poverty rate: 21.7% (2023)

    Quota: SDR 139.3 million (0.03 percent of total)

     

    2023

    2024

    2025

    2026

     

    Proj.

    Output

    Real GDP growth (%)

    3.9

    3.6

    3.5

    3.5

    Output gap (%)

    0.5

    0.3

    0.1

    0.0

    Prices

          Inflation (%, average)

    4.8

    2.2

    2.8

    2.8

          Inflation (%, end-period)

    3.9

    2.0

    2.2

    3.0

    General government finances

    Revenues (% GDP)

    27.2

    28.1

    27.9

    27.9

    Expenditures (% GDP)

    28.5

    29.8

    30.4

    30.5

    Fiscal balance (% GDP)

    -1.3

    -1.7

    -2.5

    -2.6

    Public debt (% GDP) 1/ 2/

    58.4

    56.4

    55.5

    54.5

    Primary balance (% GDP)

    0.7

    0.5

    0.0

    0.0

    Money and credit

    Broad money (% change)

    2.0

    7.1

    5.4

    6.6

    Credit to the private sector (% change)

    5.0

    10.7

    5.4

    6.6

    Balance of payments

    Current account (% GDP)

    -1.2

    -3.4

    -3.7

    -3.9

    FDI (% GDP)

    5.7

    6.0

    6.0

    5.8

    Reserves (months of imports)

    7.3

    6.3

    6.2

    6.3

    External debt (% GDP)

    46.2

    41.0

    39.8

    38.7

    Sources: Albanian authorities, World Bank, UNDP, and IMF staff estimates and projections.

    1/ Public debt refers to the general government and includes all public domestic and external guarantees as well as arrears from central and local government and VAT refund arrears.

    2/ The 2021 SDR allocation equivalent at present to $170 million is recorded with the Bank of Albania and is used as a credit line.

               

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva Graf

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

    https://www.imf.org/en/News/Articles/2025/01/24/pr25016-albania-imf-executive-board-concludes-2024-article-iv-consultation

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI Asia-Pac: Batch II of Funding Scheme for Public Engagement Projects of Built Heritage Conservation Fund approves four projects

    Source: Hong Kong Government special administrative region

    Batch II of Funding Scheme for Public Engagement Projects of Built Heritage Conservation Fund approves four projects
    Batch II of Funding Scheme for Public Engagement Projects of Built Heritage Conservation Fund approves four projects
    ******************************************************************************************

         The Development Bureau announced today (January 27) that four projects were approved under Batch II of the Funding Scheme for Public Engagement Projects of the Built Heritage Conservation Fund, involving a total amount of about $7.2 million.           Centred on the themes of “Looking After Our Historic Buildings”, “Engaging Young People in Heritage Conservation” and “Our Built Heritage and Our Community: Education, Religion and Heritage”, a variety of activities will be organised under the four funded projects to raise public awareness of built heritage in several schools and their surrounding communities, historic buildings in the Causeway Bay area, the conservation of chapels and historic village houses on the Sai Kung Peninsula, and the use of aerial photographs in historic building research and conservation.           The Government launched Batch I of the Funding Scheme as a pilot initiative in 2017 to provide financial support for public education, community involvement and publicity activities pertaining to built heritage conservation. Applications were invited from professional institutes closely involved in the conservation of built heritage, and the approved projects have been completed. The eligibility for Batch II of the Funding Scheme has been extended to local non-profit-making organisations with experience in built heritage conservation, with a maximum funding of $2 million per project.           Details of the approved projects are available on the website of the Commissioner for Heritage’s Office (www.heritage.gov.hk).

     
    Ends/Monday, January 27, 2025Issued at HKT 18:12

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI: Aurora Mobile’s GPTBots.ai Integrates DeepSeek R1 LLM

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, Jan. 27, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that its leading enterprise AI agent platform, GPTBots.ai, has integrated the innovative DeepSeek R1 large language model (LLM). This addition further enhances GPTBots.ai’s robust ecosystem of AI capabilities, which already includes some of the most advanced LLMs in the market, such as OpenAI, Azure, Meta Llama, Mistral AI, Anthropic Claude, Google Gemini, Ali Qwen and Zhipu GLM, etc.

    The integration of DeepSeek R1 underscores GPTBots.ai’s commitment to providing businesses with cutting-edge AI solutions tailored to enterprise needs. Known for its exceptional performance in complex reasoning tasks, DeepSeek R1 brings a new level of efficiency, adaptability, and cost-effectiveness to the platform, making it an invaluable tool for enterprises seeking to optimize their operations.

    A Comprehensive Ecosystem of Leading LLMs

    With the addition of DeepSeek R1, GPTBots.ai now offers one of the most comprehensive selections of LLMs in the industry. Enterprises can choose from a diverse range of models, including:

    • OpenAI GPT Series: Known for its unparalleled natural language understanding and generation capabilities.
    • Anthropic Claude: A model designed for safety and reliability in enterprise applications.
    • Meta Llama: A powerful open-source model for multilingual and multi-modal tasks.
    • Google Gemini: Renowned for its cutting-edge AI capabilities and integration with Google’s ecosystem.
    • Mistral AI and Zhipu GLM: High-performance models optimized for specific enterprise use cases.

    This extensive lineup ensures that GPTBots.ai users can select the most suitable LLM for their unique business needs, whether it’s customer service automation, data analysis, or marketing optimization.

    “The integration of DeepSeek R1 aligns perfectly with our mission to empower enterprises with advanced AI solutions and unmatched flexibility,” said Jerry Yin, VP of GPTBots.ai. “With this addition, we’re enabling businesses to tackle complex challenges with greater efficiency and flexibility, while maintaining the highest standards of enterprise performance.”

    About GPTBots.ai

    GPTBots.ai is a complementary general-purpose LLM AI bot featuring private data input and continuous fine-tuning, which can replace ‘rule-based’ chatbots, improve user experience, and reduce costs. GPTBots.ai aims to provide users with an end-to-end business platform that can seamlessly integrate robots into existing applications and workflows via plug-ins. GPTBots.ai also allow users to have great access to, and more efficiently and effectively using, AIGC to improve overall corporate productivity and output quality.

    To know more, please visit https://www.gptbots.ai.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited

    E-mail: ir@jiguang.cn

    Christensen

    In China

    Ms. Xiaoyan Su

    Phone: +86-10-5900-1548

    E-mail: Xiaoyan.Su@christensencomms.com

    In U.S.

    Ms. Linda Bergkamp

    Phone: +1-480-614-3004

    Email: linda.bergkamp@christensencomms.com

    The MIL Network