“Iron-clad” and “non-negotiable” is how UK prime minister Keir Starmer recently described the country’s fiscal rules. The government has been coming under pressure to relax the rules and cut itself some financial slack. But according to the PM, these self-imposed restrictions are vital for maintaining UK economic stability.
What Starmer is referring to is notably the “stability” rule, which says that the UK will balance day-to-day public spending with tax receipts, rather than by borrowing, over the course of the parliament.
But the volatility unleashed by US president Donald Trump’s tariff plans has challenged this rule. US tariffs could have a significant economic impact on the UK and the world economies.
Indeed, the International Monetary Fund (IMF) estimates that 10% across-the-board tariffs, if they ultimately result in retaliation from China and the EU, could cut global economic growth by 0.5% in 2026.
Unsurprisingly, the UK’s independent economic forecaster, the Office for Budget Responsibility (OBR), estimates a similar impact on the UK. It predicts that if the trade wars result in 20% tariff rates between the US and the rest of the world, it could reduce economic growth by as much as 1%. This, it says, could slash the expected UK budget surplus in 2029-30 to “almost zero”.
And herein lies the challenge for the UK’s fiscal rules. Due to the stability rule, a cut to GDP growth would reduce the tax take. That would require either raising taxes or cutting public spending, due to the rule that this cannot be funded by borrowing.
Fear that the government’s nearly £10 billion spending buffer will disappear by the end of the parliament puts pressure on the government to say how it would continue to stick to its fiscal rule. If it did result in spending cuts or tax rises, this could dampen economic growth and negatively affect people’s lives. And the decisions would have been taken on the basis of economic forecasts that may not come to pass.
This is particularly true when the forecasts are based on US tariffs that were imposed and then paused in the space of just a week.
This problem was also evident in the spring statement in March, when the chancellor of the exchequer, Rachel Reeves, announced spending cuts because the GDP growth forecast had been halved from 2% to 1% for this year.
And the vast swaths of tariffs later announced by US president Donald Trump could have a similar impact on the UK’s growth rate.
If the UK were to relax or abolish its fiscal rules, that may ease the pressure to react to a potential growth downgrade – which may or may not happen given the volatile nature of the US tariffs announced so far.
The debt burden
But the prime minister and the chancellor have both resisted this change. They are concerned about the UK’s credibility in the eyes of its creditors, who buy government debt in the bond markets based on their assessment of the fiscal position of the British government.
The UK, like other advanced economies, borrows from bond markets to fund its budget deficits. The government is concerned that with a debt-to-GDP ratio of more than 95%, creditors may be reluctant to lend to the UK. To do so, they might want to charge more.
A higher interest rate on the UK’s national debt would of course reduce the amount available for public spending.
The UK spends more than £100 billion a year on debt interest payments. This is more than it spends on education or investment.
The amount increased rapidly in recent years due to the global financial crisis and the COVID pandemic. And, relatively speaking, the UK spends more money on paying interest on its debt than other G7 economies (3.3% of its GDP compared with the G7 average of 1.7% in 2022).
Part of this is due to the UK having more inflation-linked debt than comparable economies. About one-quarter of the UK’s debt repayment is linked to inflation, which is double that of Italy, the next highest in the G7, at 12%. And, as everyone in the UK has experienced, inflation has been high in the past few years.
High inflation over the past few years has squeezed consumers – as well as the government. Edinburghcitymom/Shutterstock
This makes the UK particularly susceptible to movements in bond markets. For instance, if the UK’s borrowing costs were to decline by one percentage point, that would save £21 billion over five years. That’s double the current “fiscal headroom” (effectively the government’s spending buffer) that is at risk from US tariffs.
Without knowing for sure how bond markets would react, it would be challenging for the government to change its fiscal rules. But it’s also challenging to apply the stability rule during times of high volatility like this. Given the unpredictable nature of the US tariff regime, this debate is likely to go on for some time.
Linda Yueh does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
A pumping station and oil pipeline north of Fairbanks, Alaska, are part of the existing fossil fuel industry in the state.AP Photo/Al Grillo
The second Trump administration has launched the next stage in the half-century-long battle between commerce and conservation over Alaskan oil and gas development. But its moves are delivering a mixed message to the petroleum industry.
President Donald Trump says he wants to grow oil and gas production and advance the goal of what he calls U.S. “energy dominance.” The White House says that term means both reducing the amount of energy imported from other countries and increasing the amount of energy exported from the U.S., especially to allies.
Trump’s efforts seek to boost U.S. production to still greater heights by expanding access to areas for drilling and building related infrastructure. But as a former petroleum geoscientist and industry observer, I would suggest his various actions, taken as a whole, may have more limited effects than he seems to hope.
Returned to leasing
In one of his first executive orders after retaking office on Jan. 20, 2025, Trump declared that the U.S. would develop Alaska’s petroleum resources “to the fullest extent possible.”
Trump moved quickly to reverse all these bans, describing them as an “assault on Alaska’s sovereignty and its ability to responsibly develop (its) resources for the benefit of the Nation.” And Trump went farther, expanding the available land by an additional 6 million acres in the petroleum reserve and another 1.1 million acres of the wildlife refuge.
For the petroleum industry, I expect these actions are both welcome and irrelevant. Reopening the northeastern portion of the petroleum reserve creates a real opportunity: Exploration has found a significant amount of oil and gas in that area, and indications are that there may be more yet to discover.
But prospects on the land in the wildlife refuge and the shallow waters of the Bering Sea are not likely of much interest to drilling companies unless oil prices rise significantly from their levels in early 2025. There is no established production in either area at present. And, though the refuge has oil and gas potential, there are no roads or pipelines, and Arctic drilling is especially expensive.
In fact, the last two attempts by the government to lease oil development rights in the wildlife refuge drew very little interest. In 2020, the first Trump administration teamed with Republicans in Congress to overcome long-standing legal and political opposition to leasing in the refuge. But the 2021 lease sale was a bust, with none of the top oil producers in the state participating.
The Trans-Alaska Pipeline runs 800 miles from the North Slope to the port of Valdez, Alaska. Mario Tama/Getty Images
Pipe dreams that could come true
A strong gain for the petroleum industry would be a major new pipeline to carry natural gas more than 800 miles south from the Prudhoe Bay area on the Arctic coast to a port near Anchorage on south-central Alaska’s Cook Inlet.
The idea has its own decades-long history, and has been both pushed forward and set back over the years by changing economics, government plans, and tribal interest and opposition.
The main challenge is that there is no way to transport natural gas off the North Slope. Since drilling began in the late 1970s, some has been used locally for heating and running equipment, with the vast majority being reinjected into oil reservoir rock to help maintain oil production.
Rising demand and elevated prices in Asia, however, suggest the project could be profitable, despite the current cost estimate of US$44 billion. Project plans indicate most of it would go to build a liquefied natural gas export terminal near Anchorage, with the rest spent to construct an 807-mile pipeline paralleling the existing Trans-Alaska Pipeline, and a plant at Prudhoe Bay that would capture carbon from the atmosphere, compress it and inject it into oil-producing reservoirs to boost production.
The pipeline is designed to carry 3.3 billion cubic feet of natural gas each day, which would make it one of the largest pipelines in North America. The export terminal, to be built near the town of Nikiski on Cook Inlet, would have a capacity of roughly 1 trillion cubic feet per year, enough to heat about 15 million homes for a year.
The pipeline could take as little as two to three years to build, but the terminal and carbon-capture plant would take longer – five years or so. The exports from Alaska could go to other ports in the U.S., but they could also fetch higher prices in Japan, South Korea, Taiwan and possibly China.
However, no company or foreign government has yet agreed to foot the bill, and despite the support of the Trump White House, there’s no indication the federal government will do so either.
In addition, uncertainty about the permanence of tariffs or other restrictions on international trade are now widespread and directly affect the oil industry. Lower gas and oil prices and less stability make any project less attractive.
It’s true that Trump exempted oil and gas from his most recent tariffs. But that matters less than the broader effect the trade war is already having, with analysts projecting it is driving the global economy toward recession. Less economic activity means less demand for oil and gas, and therefore less incentive for companies to drill new wells and build new pipelines.
To top everything off, the White House slapped heavy tariffs on Japan, South Korea and Taiwan, the very countries that might be inclined to help fund the pipeline project. Even before the trade war, they were hesitant about supporting it. The potential suspension, or reinstatement, or adjustment of tariffs is not likely to help them view the situation as more stable.
Those who favor oil and gas development in Alaska may be wondering whether the president is truly on their side. It remains to be seen whether their hopes might end up a casualty of White House economic policy.
Scott L. Montgomery does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Many companies will find that returning to past polluting ways isn’t in their best interest. Over 60% of chief financial officers surveyed by global management firm Kearney in December 2024 signaled that they intended to invest at least 2% of their revenue in sustainability in 2025.
These companies may maintain a low profile about climate change while the Trump administration is in power, but they have strong financial incentives to continue to reduce their emissions and their own climate risks.
We study privateenvironmentalgovernance – the ways companies and organizations work outside government to improve the nation’s sustainability and reduce environmental damage. Our work finds that, in this polarized era, addressing climate and sustainability challenges is not just a matter of government action. That’s because a lot of climate and sustainability progress is underway in the private sector.
When McDonald’s faced public pressure to reduce waste in the late 1980s, the company teamed up with the Environmental Defense Fund to analyze the problem. It was able to reduce its waste by 30% over the following decade, saving the company US$6 million a year. This early risk-taking by McDonald’s opened the door for other environmental groups to help businesses understand how to reduce their environmental impact, including emissions, while boosting the companies’ profitability.
The shipping company Maersk expects to cut emissions and boost productivity at the same time with better logistics and low-emissions ships like this one, which runs on methanol. Axel Heimken/picture alliance via Getty Images
Maersk, the logistics giant responsible for nearly a quarter of global shipping, has responded to pressure from its corporate customers with a plan to reduce carbon emissions by one-third from 2022 to 2030 and reach net-zero emissions by 2045. It expects the combination of low-emissions vessels and a more efficient delivery network with hubs and shuttles to help meet its climate goals while increasing productivity.
Microsoft and Amazon are responding to massive new power demand by trying to locate data centers near existing nuclear power plants for cleaner energy supplies.
Thousands of companies report emissions via private systems
Another sign of companies’ continuing commitment to sustainability is how many of them measure and report their greenhouse gas emissions even when governments do not require them to do so.
California has its own formal reporting requirements designed to encourage companies to reduce their greenhouse gas emissions. And other states are considering setting climate disclosure rules. The Trump administration has promised to challenge them, and announced that it also plans to cut federal greenhouse gas reporting standards, but companies will likely still face reporting rules in the future.
Managing supply chains with climate and environmental risks in mind can also help businesses increase their efficiency and reduce the risk that climate change will disrupt their operations.
The supply chain is the largest source of the average company’s emissions and may be particularly vulnerable to climate shocks. A storm can easily disrupt vital production or shipping, and droughts or heat waves can damage crops, stop work and increase costs. Companies estimate climate-related supply chain risks at $162 billion, nearly three times the cost of mitigating those risks. Many companies therefore have incentives to reduce emissions and their exposure to related hazards.
Walmart eliminated 1 billion tons of carbon emissions from its supply chain in less than seven years by sharing its expertise with suppliers and working with them to reduce their emissions. Walmart’s global director of sustainable retail noted in 2024 that the effort made its suppliers more efficient, too.
Keeping employees and customers happy
Companies also face pressure from average people − both employees and customers.
The outdoor clothing company Patagonia ranked third out of over 300 brands in a 2024 customer experience survey, in part because of its reputation for sustainable practices. Many of the over 10,000 respondents cited the company’s sustainable practices as the leading reason for their support.
Many companies also face pressure from lenders and insurers who want to reduce climate risks to their own bottom lines. Dozens of insurers have committed to ending or restricting underwriting for new fossil fuel projects. Others use incentives, such as lower premiums for companies that reduce emissions or invest in climate adaptation.
Media attention and interest group advocacy is often focused on government actions, but decisions made in boardrooms and through initiatives with nonprofits have created an important kind of private climate governance.
As companies respond to their own economic risks and incentives, they help buy time to avoid the worst impacts of climate change until the political system recognizes the financial risks posed to the entire country.
Zdravka Tzankova receives funding from the National Science Foundation.
Ethan I. Thorpe and Michael Vandenbergh do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –
Over the year and a half of the existence of the discussion club “You have the floor!” many interesting people have become its guests. But it is especially pleasant when such a guest is not just a successful and bright person, but also a graduate of the Polytechnic University. So, the eleventh hero of the project was the founder and chairman of the board of directors of the RBI Group Eduard Tiktinsky.
Eduard Saulevich graduated from the economics department of the Leningrad Polytechnic Institute and the advanced courses in economics and privatization of the European Bank for Reconstruction and Development. His company is engaged in development activities in the field of residential and commercial construction. More than 80 projects have been implemented.
Eduard Tiktinsky is an honorary builder of Russia, recipient of the Order of Merit in Construction, member of the Board of Trustees of the World Club of Petersburgers, initiator and ideological inspirer of the social project for talented youth “School of Leaders of the Future”, holder of the title “Expert of the Year” in the nominations “Expert in Business and Innovation” (2017) and “Expert in Education” (2021). In 2024, he entered the top 50 most famous people in St. Petersburg according to Sobaka.ru magazine. According to the Person 2024 rating from RQ Index and Urban, he is the first in management efficiency among CEOs of development companies in Russia.
At the meeting at the Polytechnic, Eduard Tiktinsky thanked the organizers for the opportunity to speak to students and emphasized that his goal was not to limit himself to a simple dialogue, but to convey to the audience truly valuable knowledge that could help them in the future.
This is what Eduard Tiktinsky said.
On the influence of parents
— My parents gave me a lot of freedom of choice and independence. From an early age I understood that I had to rely on myself, and I started earning money at 19. My parents also gave me a good education: I studied at an English school, then, until the 8th grade, at an English boarding school in Pushkin, and the 9th and 10th grades — at a good physics and mathematics school. As a child, I didn’t say that I would be an entrepreneur, because there was no such profession in the USSR, but I dreamed of becoming a lawyer, it seemed to me that it was such a competitive independent profession.
About student life at the Polytechnic
— When I was studying, it was a completely different era. Interesting, with a lot of challenges. It implied a lot of opportunities and an empty market that was slowly filling up, and the window of opportunity was slowly closing. So I will honestly say that I spent little time at the Polytechnic. Only in the first year, and then I came to take exams. And at the same time I studied at advanced training courses held by the European Bank for Reconstruction and Development, it was a high level and a powerful impetus.
And now times have changed, and the university years seem extremely important to me. For you, student years are a period of establishing social connections, refining some hypotheses, an opportunity to try and figure out what you want. Plus an element of a carefree life.
About starting a business in the 90s
— The vast majority of entrepreneurs who started their activities in the late 80s — early 90s will not tell you that it was a difficult period. It was a romantic period, a time of a free market, weak competition, where many things had to be built from scratch: inventing new schemes, literally creating industries — it was an interesting challenge. And the most difficult thing — and nothing has changed here today — is to go through your own crises. Everyone faces them, but if you are an entrepreneur, then your crises, as a rule, concern not only you, but also your business and the people you are responsible for. My crises were difficult, but useful, they gave the greatest impetus for further development. When you cope with this, you seem to be renewed, you become a little — or not a little — a different person.
On how to choose your path
— I am often asked: how to determine what to do in the future? I used to answer that you need to get to know yourself as early as possible, understand how you are structured, where your strengths are, where your weaknesses are — developmental books, various courses, psychology can help with this. And once we answered this question together with the outstanding world entrepreneur Len Blavatnik, and he said: you need to try a lot. He spoke about his experience, and he is also right. I had no forks or doubts about which path to choose, but if they are, then you need to try a lot.
On the difficulties of development activities in a museum city
— Now that we have dozens of cultural heritage sites behind us, there are no such difficulties. In our work, we need to be open, tell people about our completed projects — this creates trust and the opportunity to have a constructive dialogue with urban conservationists. I think that “urban conservationist” is a good word, for example, Mikhail Borisovich Piotrovsky is an urban conservationist, he and the “World Club of Petersburgers” helped us a lot when we were restoring the Levashovsky Bakery and building our Futurist facility on Barochnaya Street and Levashovsky Prospekt. But it can be difficult to negotiate with those people who only call themselves urban conservationists: they often do not accept any arguments, they simply implement their request for aimless social activity. But we love our city, what we do is our life’s work, this is why we came to this world.
About digital products and artificial intelligence
— For the development business, AI projects are still secondary things. But we don’t realize how quickly the world will change. As a physicist friend of mine used to say: At bifurcation points, all events happen much faster. We are at such a point now, and if we talk about key industries, then in the “robotics and artificial intelligence” bundle, the world will change very soon and very much. We still need to “pump up the muscle”, track everything that appears, and teach people to use these tools.
About a place of power and living life to the fullest
— My place of power now is the Central Park of Culture and Leisure. I hold meetings with colleagues and friends there, we walk and discuss things. Another place of power is the dacha. Whatever you do, it is important to live a full life: diverse, complex, multi-component. A person can achieve unrealistically great success by doing only one thing. But will such a person be happy? I have big doubts. It is very important to devote time to loved ones, communicate with friends, attend cultural events, play sports — this is what I call living to the fullest.
About sources of inspiration and energy
— I get my inspiration from the fact that I love my job very much. I try to do only what I like, what gives me strength and energy. And I am proud of what we do, although we are far from perfect. We measure customer loyalty, the willingness to recommend us, at six stages: buying an apartment, waiting, moving in, renovation, living up to five years, and living after five years. And at the living stage, the loyalty index drops because various everyday difficulties arise. And we get upset if something is not good enough, we try to improve: in the Futurist house, some residents are unhappy with the size of the gym, in our next house “MIR” the gym will be twice as big.
On the solution to the problem of the “gray belt” of St. Petersburg
— The “Grey Belt” is a serious conceptual project. There should be an understanding of how much the enterprises there can be modernized, how environmentally neutral they are, whether they can be left in a residential area. And if so, then that’s great, because we need short “transport shoulders”, we don’t need people to go one way in the morning, and then drive kilometers in the other direction in the evening, get stuck in traffic jams. Housing, production, and recreation areas need to be connected.
On the “excellent strategy” of real estate sales, or how the company plans to stand out from other developers
— I like your expression “excellent strategy”. Our strategy as premium developers is an outstanding product and outstanding service. When you come to us to buy an apartment, in our sales department you find yourself in an atmosphere of beauty, exquisite aromas, jazz music. You are treated to craft coffee and an exclusive dessert. One of our regular customers recently came to us again to buy an apartment, and he was offered a cheesecake, and he remembered that a year ago he was treated to some unforgettable golden eclairs. And he was a little upset that they were not available today. Then colleagues contacted the manufacturer of these eclairs, found out that they were no longer making them, but somehow agreed to make us a few as an exception. And they delivered a box of golden eclairs to the client in the evening. This is what I call outstanding service. Doing everything for the client and a little more, exceeding expectations.
At the end of the meeting, Eduard Tiktinsky was traditionally presented with a branded Lepota project T-shirt with number 11. Now we have a full football team, joked the host of the meeting, the head of the news portal department, Evgeny Gusev. And on the second T-shirt, which remained at the Polytechnic, the hero of the evening left an autograph and, apparently inspired by the last question, the following wish: “Become better than yesterday.”
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
HARRISBURG- The United States Attorney’s Office for the Middle District of Pennsylvania announced that Waylon Wilcox, age 45, of Dillsburg, Pennsylvania, appeared in federal court April 9, 2025, before Senior United States District Judge Malachy E. Mannion, and pled guilty to a two-count criminal information charging him with filing false individual income tax returns.
According to court documents and statements made in court, on April 10, 2022, in Cumberland County, Wilcox filed a false individual income tax return for tax year 2021 that underreported his income for tax year 2021 by approximately $8,511,238 and reduced Wilcox’s tax then due and owing by approximately $2,180,452. On October 10, 2023, in Cumberland County, Wilcox filed a false individual income tax return for tax year 2022 that underreported Wilcox’s income for tax year 2022 by approximately $4,599,532 and reduced Wilcox’s tax then due and owing by approximately $1,098,623.
Wilcox obtained most of this unreported income after acquiring and selling 97 pieces of digital artwork from the “CryptoPunks” collection of 10,000 unique art characters. Individual pieces from the digital artwork collection were referred to as “Punks.”
Each Punk was unique and contained digital proof of ownership that could be tracked on a blockchain, a digitally distributed, decentralized, public ledger. Two Punks from the same blockchain could look identical but were not interchangeable, meaning they were non-fungible. These so-called “non-fungible tokens” (or NFTs) could be traded and sold for money or cryptocurrency.
In 2021, Wilcox sold approximately 62 Punks for a total of approximately $7,402,935. In 2022, Wilcox sold approximately 35 Punks for a total of approximately $4,899,180. On his 2021 individual income tax return, Wilcox falsely answered “no” to the question “At any time in 2021, did you receive, sell, exchange, or otherwise dispose of financial interest in any virtual currency?” On his 2022 individual income tax return, Wilcox falsely answered “no” to the question “At any time during 2022, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, gift or otherwise dispose of a digital asset (or a financial interest in a digital asset)?”
When a taxpayer sells an NFT, including a Punk, then the taxpayer must report sales proceeds and any gains or losses from the sale of the NFT on their tax return.
“IRS Criminal Investigation is committed to unraveling complex financial schemes involving virtual currencies and non-fungible token (NFT) transactions designed to conceal taxable income,” said Philadelphia Field Office Special Agent in Charge Yury Kruty. “In today’s economic environment, it’s more important than ever that the American people feel confident that everyone is playing by the rules and paying the taxes they owe.”
The case was investigated by the Internal Revenue Service, Criminal Investigation. Assistant U.S. Attorney David C. Williams is prosecuting the case.
The total maximum penalty under federal law for these offenses is up to six years of imprisonment, a term of supervised release following imprisonment, and a fine. A sentence following a finding of guilt is imposed by the Judge after consideration of the applicable federal sentencing statutes and the Federal Sentencing Guidelines.
Source: Africa Press Organisation – English (2) – Report:
ABIDJAN, Ivory Coast, April 11, 2025/APO Group/ —
The African Development Bank Group’s (www.AfDB.org) 2025 Annual Meetings next month will take a deep dive into how Africa can better harness its wealth of capital and address current issues such as heavy debt burdens, climate change and rising tariffs in a complex geopolitical landscape, the institution’s Secretary General and Chief Economist said on Wednesday.
Prof. Vincent Nmehielle, Secretary General of the African Development Bank Group and Prof. Kevin Urama, Chief Economist and Vice President for Economic Governance addressed journalists at the traditional press briefing which takes place ahead of the institution’s annual meetings.
The hybrid meeting took place at the Bank’s headquarters in Abidjan and online, with the participation of over 100 representatives of news organisations worldwide.
Nmehielle, speaking in his capacity as Secretary to the respective Boards of Governors of the Bank and the African Development Fund as well as the Boards of Directors, said the meetings would take place from the 26th to the 30th of May 2025, at the Sofitel Abidjan Hotel Ivoire in Abidjan, Côte d’Ivoire.
The Secretary General ran through the objectives and the agenda of the annual meetings and noted that a key session would be the election of the next president of the Bank, following the end of the 10-year term of current president, Dr Akinwumi Adesina.
The new president would be selected out of five candidates from five African countries, by the Bank Group’s 81 governors through a double majority—50 plus one percent of the vote of all the 81 shareholders and 50 plus 1 percent of the regional member countries. The new president would be sworn in on 1st September, Nmehielle said.
Harnessing Africa’s capital for its development needs
Speaking on the theme of this year’s annual meetings: “Making the Most of Africa’s Capital to Foster Its Development,” Urama said the focus was clear—harnessing better what Africa has already to drive development in Africa, through its rich fiscal, human capital, natural and business capital.
Discussion with heads of state, ministers, civil society, experts and the bank’s development partners during the four major knowledge events, as well as a presidential dialogue, would ensure a thorough dissection of the theme of this year’s meetings and concrete proposals to address the how of what needs to be done, Urama said.
The African Development Bank’s 2025 African Economic Outlook report to be released during the annual meetings would address the changing global economic landscape, debt burdens and resource mobilisation to assist African countries to build effective institutions, he added.
Journalists asked questions on topics ranging from ongoing trade tariffs imposed by the United States, the loss of USAID financing and procedural questions on the election of a new president for the African Development Bank.
Urama noted that a point raised about trade wars aligned well with the overall theme of this year’s conference—making Africa’s capital work better for Africa’s development—and that discussions would look at business capital, including issues around tariffs.
“The impact of trade tariffs on economies are well known, but also it depends on how countries respond to the domestic policies of those with whom they trade,” Urama said, adding that this subject would be dealt with in the report as he extended an invitation to journalists to attend.
Nmehielle said dwindling aid and higher tariffs should encourage Africans to look inward for their solutions.
“Africa’s capital should work for Africa, tell our leaders that they have to look inward and let our capital work for Africa,” he told the journalists.
Media partners can help tell Africa’s development story
Both leaders urged journalists to tell the continent’s development story in a clear and unbiased manner with a focus on facts and not just the negatives. “Narratives matter and you are the best people to create positive narratives… Africa has enough… let’s not bemoan the decline in aid… let’s focus our narrative on what Africa can do,” Urama said.
“You as journalists are a part and parcel of making our institution’s work. The whole essence of your work is also about accountability,” Nmehielle said urging journalists to call out institutions for not working. “You can help exposing inefficient institutions … it’s the responsibility of everyone,” Nmehielle said.
African Development Bank president Adesina has been highly critical of the “Africa premium” that countries pay when accessing capital markets, despite data showing that Africa’s default rates are lower than those of other regions. He has made repeated calls for an end to this risk perception, which he said leads to higher borrowing costs for African nations.
During the Annual Meetings of the African Development Bank Group, its Boards of Governors, as the highest decision-making and oversight organs of the Bank and the Fund, review the annual report on the finances, operations and other activities of the Bank and the Fund during the preceding financial year.
Watch the recording of the press conference here (https://apo-opa.co/42syjVR) for anything you missed.
More information about the 2025 Annual Meetings is available here https://apo-opa.co/3GidCV1.
Sudan’s war, now entering its third year, has taken another unexpected turn. In March 2025, the Rapid Support Forces (RSF), also known as the Janjaweed, withdrew from Khartoum, abandoning the presidential palace and airport.
This retreat marks a significant contrast to the paramilitary group’s earlier victory when troops stormed the capital in April 2023.
The fall of Khartoum is a turning point. But, based on my research into Sudan’s political turmoil over the past three decades, I don’t believe recent developments mark the war’s final chapter.
What began as a power struggle between two military factions is now transforming into a much wider conflict, marked by deepening fragmentation and the rise of armed civilian groups. Across the country, new militias are emerging, many formed by civilians who once had no part in the war.
The army encouraged civilians to fight, but now it faces a growing number of independent armed groups. In cities and rural areas alike, civilians have taken up arms.
Some are fighting alongside the army, answering calls from the military leadership, including army chief Abdel Fattah al-Burhan, to defend their neighbourhoods and families. Others have formed self-defence units to protect against looting and violence. Some have joined breakaway militias that have their own agendas.
These groups don’t share a single goal. Some fight for self-defence, others for political power. Some for revenue and wealth. Others are seeking ethnic control – Sudan’s population has 56 ethnic groups and 595 sub-ethnic groups. This is what makes Sudan’s war even more dangerous: fragmentation is creating multiple mini-wars within the larger conflict.
How the Rapid Support Forces lost Khartoum
Several key factors forced the RSF to retreat from Khartoum after it claimed control of the Sudanese capital city two years earlier.
Internal fractures: The RSF, built on tribal loyalty, struggled to hold together as the war dragged on. Many factions felt sidelined by its leader, Mohamed Hamdan Dagalo, known as Hemedti.
Civilian resistance: The RSF’s reliance on brutality backfired, alienating even those who might have supported them. Instead of consolidating control, they turned civilians into enemies. The RSF relied on terror – looting, mass killings and sexual violence. Instead of gaining control, they provoked fierce resistance. Armed civilians, originally taking up arms in self-defence, have become an informal militia network working against the RSF.
Foreign intervention:Reports suggest Egyptian airstrikes and tactical support helped the army take Khartoum. Additionally, Turkish-made Bayraktar drones weakened RSF positions. With supply lines cut, the RSF had no choice but to retreat.
Khartoum was not just a battlefield defeat for the RSF. It was a turning point in how the war is fought – it’s no longer a military struggle but a battle involving armed civilians across Sudan.
Based on reports from humanitarian organisations, conflict monitors and local testimonies, a clearer picture has emerged of a growing number of armed groups operating across Sudan. These groups have formed in response to the escalating conflict.
Recent analyses highlight that arms trafficking and intensified community mobilisation have accelerated within the past two years.
Neighbourhood defence units have emerged in urban areas like El-Gezira in central Sudan, El-Fasher in North Darfur, Al-Dalang in South Kordofan, El-Obeid in North Kordofan, Babanusa in West Kordofan and Khartoum. They were initially formed to protect residential zones from the RSF but have since expanded their roles and increasingly operate outside the oversight of the army.
Tribal and regional militias have also become more prominent, particularly in Darfur and Kordofan. In these regions, entrenched ethnic and political rivalries have intertwined with the current war. Some of these militia groups have aligned with the army. Others remain independent, pursuing their own agendas, which include securing territory.
In Darfur, growing anger at Hemedti’s favouritism towards his own tribe (Rizeigat) led to defections. Internal divisions within the RSF have played a major role in its recent losses. Some former RSF fighters have formed their own militias. The RSF was never a unified force, but a tribal alliance dominated by the Dagalo family and Rizeigat elites. Initially, gold revenues secured loyalty, but as the war has dragged on, internal fractures have deepened.
Another ethnic-linked group is the Sudan People’s Liberation Movement-North. It has expanded its control in Kordofan and Blue Nile, two resource-rich regions in southern Sudan. The group allied with the RSF to push its own agenda, which includes securing greater autonomy for these regions and promoting a secular political framework that challenges Khartoum’s Islamist-leaning governance. Other ethnic militias also operate in eastern Sudan, supported by neighbouring countries such as Eritrea, further escalating the situation.
Islamist-linked militias are also on the rise. The main example of these groups is El Baraa Ibn Malik Brigade, which emerged as a key player supporting the army against the RSF. Reports link the group to remnants of the Omar al-Bashir regime (1993-2019) – the dissolved Popular Defence Forces. This was a paramilitary group established in the mid-1980s to defend Arab tribes and support the military. It flourished under the al-Bashir regime.
What next?
While the RSF’s retreat from Khartoum is a major victory for the Sudanese army, it doesn’t mean stability is returning. Instead, Sudan is now facing a dangerous new reality: the rise of civilian militarisation.
If not reined in, these groups could evolve and establish de facto warlord-run territories where local commanders wield unchecked power. This would undermine any prospects for centralised governance in Sudan.
– Sudan’s war isn’t nearly over – armed civilian groups are rising – https://theconversation.com/sudans-war-isnt-nearly-over-armed-civilian-groups-are-rising-254100
Source: People’s Republic of China – State Council News
BEIJING, April 11 — China will continue to beef up financial support for the sports industry in a bid to promote high-quality development of the sector, according to a guideline jointly issued by four government departments.
The document, jointly issued by the People’s Bank of China, the General Administration of Sport and other departments, proposes 16 specific supportive measures, including increasing financial support for the construction of sports infrastructure, and the development of sports venues, ice and snow sports facilities, and outdoor sports destinations.
China will reinforce financial supply for the manufacturing of sports goods, leverage the financial sector’s role in promoting sports consumption and improve financial services to empower the ice and snow economy, according to the guideline.
Efforts will also be made to forge diversified financial services for sports industry, including leveraging the financing role of bonds market and enhancing the insurance sector’s coverage for the sports industry, the guideline stated.
Ningbo, China, April 11, 2025 (GLOBE NEWSWIRE) — Skycorp Solar Group Limited (the “Company” or “PN”), a reputable solar PV product provider engaged in the manufacture and sale of solar cables and solar connectors, today announced the appointment of Feng Shibo to the Company’s Board of Directors (“the Board”) and as Chair of the Audit Committee, effective April 08, 2025.
Mr. Feng is currently CFO of China Forestry Treasury Center Limited, where he manages financing, internal controls, and financial systems. Previously, he served as Senior Vice President at Shandong Hi-Speed Resources Fund, overseeing financing for large real estate projects. He also worked at Guotai Junan Securities Co. Ltd. and managed audits for major clients during his time at PricewaterhouseCoopers LLP, accumulating over a decade of diverse financial advisory experience. Mr. Feng holds a Bachelor’s degree in Finance and a Master’s degree in Professional Accounting.
Li Baosong has resigned as an Independent Director of the Board for personal reasons, effective April 08, 2025.
Mr. Weiqi Huang, Chairman and CEO of the Company commented: “We are thrilled to welcome Shibo to the Board of Directors. His strategic vision and rich experience in corporate financing will bring invaluable perspective as we execute our business growth plan and drive shareholder value creation. Mr. Feng will combine strategic planning with practical execution, consistently delivering value in capital operations, risk management, and financial optimization, with both international insight and local expertise. His appointment underscores the continued commitment to recruit new independent and highly qualified directors to deliver long-term shareholder returns.”
About Skycorp Solar Group Limited
Skycorp Solar Group Limited is a solar photovoltaic (PV) product provider focused on manufacturing and selling solar cables and connectors. We also partner with various IC chip manufacturers to offer new and used GPU and HPC servers. Our operations are managed through our subsidiaries, including Ningbo Skycorp Solar Co., Ltd., in China.
The Company’s mission is to become a green energy solutions provider for data centers by utilizing solar power and delivering eco-friendly solar PV products. By leveraging the Company’s expertise in solar technologies and relationships with HPC server clients, it aims to expand offerings of solar PV products and server solutions for enterprise customers. For more information, please visit: https://www.skycorp.com.
Forward-Looking Statement
This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
Investor Relations WFS Investor Relations Inc. Connie Kang Partner Email: ckang@wealthfsllc.com Tel: +86 1381 185 7742 (CN)
MOUNTAIN GROVE, Mo., April 11, 2025 (GLOBE NEWSWIRE) — First Bancshares, Inc. (OTCQX: FBSI) (“Company”), the holding company for Stockmens Bank (“Bank”), today announced its unaudited financial results for the quarter ended March 31, 2025.
For the first quarter of 2025, the Company reported after-tax net income of $1,692,000 or $0.71 per share-diluted compared to $1,653,000 or $0.68 per share-diluted for the same period in 2024. Net income for the first quarter of 2025 represents an after-tax return on average assets of 1.26% and an after-tax return on equity of 11.19%. The Company has again effectively overcome stubborn inflationary pressures on non-interest expenses by building net interest margin to 4.50%, reducing cost of funds to 1.80%, and increasing yield on earning assets to 6.34%.
Since March 31, 2024, consolidated total assets decreased $7.1 million to $532.4 million through a $26.4 million outflow of cash and cash equivalents, most of which was deployed into an additional $19.2 million in loans receivable. Total deposits decreased $14.0 million to $464.1 million, and stockholders’ equity increased $6.2 million to $61.4 million, boosted by a reduction in the unrealized loss position on the Bank’s miniscule available for sale securities portfolio.
During the first quarter of 2025, the Bank continued a trend of funding operations through core deposits, preserving robust earnings ratios, maintaining stellar asset quality, and strengthening of tier 1 capital to over 11% through organic means. During one of the most tumultuous economic periods in recent history, the Company is equipped to take advantage of opportunities as they arise in 2025.
The Bank meets all regulatory requirements for “well-capitalized” status.
About the Company
First Bancshares, Inc. is the holding company for Stockmens Bank, a FDIC-insured commercial bank chartered by the State of Colorado that conducts business from its home office in Colorado Springs, Colorado, and eight full-service Missouri offices in Mountain Grove, Marshfield, Ava, Kissee Mills, Gainesville, Crane, Hartville and Springfield, and full-service offices in Bartley, Nebraska and Akron, Colorado.
The Company and its wholly owned subsidiary, Stockmens Bank, may from time to time make written or oral “forward-looking statements” in its reports to shareholders, and in other communications by the Company, which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include statements with respect to the Company’s beliefs, expectations, estimates and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company’s control. Such statements address the following subjects: future operating results; customer growth and retention; loan and other product demand; earnings growth and expectations; new products and services; credit quality and adequacy of reserves; results of examinations by our bank regulators, technology, and our employees. The following factors, among others, could cause the Company’s financial performance to differ materially from the expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; inflation, interest rate, market, and monetary fluctuations; the timely development and acceptance of new products and services of the Company and the perceived overall value of these products and services by users; the impact of changes in financial services’ laws and regulations; technological changes; acquisitions; changes in consumer spending and savings habits; and the success of the Company at managing and collecting assets of borrowers in default and managing the risks of the foregoing.
The foregoing list of factors is not exclusive. The Company does not undertake, and expressly disclaims any intent or obligation, to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.
Contact: Robert M. Alexander, Chairman and CEO – (719) 955-2800
First Bancshares, Inc. and Subsidiaries
Financial Highlights
(unaudited)
(In thousands, except per share amounts)
Quarter Ended
Quarter Ended
Quarter Ended
March 31,
December 31,
March 31,
2025
2024
2024
Operating Data:
Total interest income
$
7,965
$
8,161
$
8,141
Total interest expense
2,310
2,398
2,798
Net interest income
5,655
5,763
5,343
Provision for credit losses
178
241
202
Net interest income after provision for credit losses
NEW YORK and ARLINGTON, Va., April 11, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) and Summit Ridge Energy, LLC (“Summit Ridge Energy” or “Summit Ridge”), one of the nation’s leading commercial solar companies, today announced that Apollo-managed funds (the “Apollo Funds”) have committed up to $400 million for a new joint venture partnership with Summit Ridge to jointly own and operate a portfolio of commercial solar assets across Illinois.
Summit Ridge Energy is one of the largest owner-operators of commercial solar assets in the United States, with over 2GW of solar projects operating and in development across Illinois, Maryland, Virginia, New York, Delaware, Pennsylvania and Maine, providing energy savings to more than 40,000 homes and businesses while contributing to American energy independence. In 2022, Apollo Funds previously made a $175 million strategic investment in Summit Ridge.
Apollo Partner Corinne Still said, “We are pleased to expand our relationship with Summit Ridge Energy and enter this new partnership, which we believe represents a compelling opportunity to invest in solar projects poised to contribute domestic power generation capacity to meet growing electricity demands for households and businesses alike. Apollo is committed to serving as a leading capital provider enabling the new industrial renaissance and is excited to continue our support of Summit Ridge’s mission to deliver a more secure, self-reliant energy future for communities across the country.”
“As we expand our footprint of solar assets, Summit Ridge Energy is advancing a more reliable and locally driven energy system—bolstering the U.S. electric grid while delivering savings to businesses and households and helping to create thousands of American jobs,” said Adam Kuehne, Chief Investment Officer of Summit Ridge Energy. “We’re proud to partner with the Apollo team as we continue driving the nation toward greater energy independence.”
Over the past five years, Apollo-managed funds and affiliates have committed, deployed or arranged approximately $58 billioni of climate and energy transition-related investments, supporting companies and projects across clean energy and infrastructure.
Orrick, Herrington & Sutcliffe LLP served as legal counsel to the Apollo Funds.
____________________ i As of December 31, 2024. The firmwide targets (the “Targets”) to deploy, commit, or arrange capital commensurate with Apollo’s proprietary Climate and Transition Investment Framework (the “CTIF”), are (1) $50 billion by 2027 and (2) more than $100 billion by 2030 The CTIF, which is subject to change at any time without notice, sets forth certain activities classified by Apollo as sustainable economic activities (“SEAs”), and the methodologies used to calculate contribution towards the Targets. Only investments determined to be currently contributing to an SEA in accordance with the CTIF are counted toward the Targets. Under the CTIF, Apollo uses different calculation methodologies for different types of investments in equity, debt and real estate. For additional details on the CTIF, please refer to our website here: https://www.apollo.com/strategies/asset-management/real-assets/sustainable-investing-platform.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.
About Summit Ridge Energy
As the nation’s leading commercial solar company, Summit Ridge Energy merges financial innovation and industry-leading execution to deliver locally generated energy via a more resilient and secure electric grid. This has made Summit Ridge one of the fastest-growing energy companies in America, with over 2 GW of solar power operating and in development.
Since launching in 2017, Summit Ridge has raised over $5B in project capital to finance 200+ solar farms, providing energy savings to more than 40,000 homes and businesses while contributing to American energy independence. Learn more at srenergy.com and connect with us on LinkedIn.
Contacts
For Apollo:
Noah Gunn Global Head of Investor Relations Apollo Global Management, Inc. 212-822-0540 ir@apollo.com
Joanna Rose Global Head of Corporate Communications Apollo Global Management, Inc. 212-822-0491 communications@apollo.com
VICTORIA, Seychelles, April 11, 2025 (GLOBE NEWSWIRE) — MEXC has achieved a net inflow of $77.5 million over the past 7 days, positioning itself as one of the few major centralized exchanges (CEXs) to demonstrate positive momentum during a widespread market decline, according to DeFiLlama. The exchange’s total monthly net inflow reached $1.79 billion, a 12.4% rise from the previous month, highlighting its resilience and consistent growth amid cautious user behavior across the broader market.
DeFiLlama data also ranks MEXC among the top 3 exchanges for monthly inflows, with $84.25 million recorded in April alone and a total value locked (TVL) of $2.8 billion as of April 9, 2025. This performance reflects MEXC’s growing credibility and ability to attract liquidity despite ongoing market volatility.
Exchange
7-Day Net Inflow
30-Day Net Inflow
Binance
+$888 million
+$3.7 billion
Bybit
+$564.9 million
+$3.2 billion
MEXC
+$77.5 million
+$1.79 billion
Kucoin
−$40 million
−$893.5 million
HTX
+$402.1 million
+$464.9 million
Net Inflow Trends Across Major CEXs (Source: https://defillama.com/cexs) MEXC’s standout performance over the past month can be attributed to its strategic focus on trading initiatives and ecosystem development. The key drivers behind this success include the following:
Strategic Initiatives: Through its “Zero Trading Fee” campaign, MEXC significantly boosted trading volume and user engagement.
BNB Chain Ecosystem Focus: MEXC’s targeted approach to CZ/BNB-Chain concept tokens, coupled with high returns and trading volumes of popular tokens, further drove user fund inflows.
Capturing High-Potential Tokens: As the first platform to list CZ/BNB-Chain concept tokens like MUBARAK, MEXC created opportunities for low-cost entry and high returns, drawing significant user capital.
Launch of DEX+: The launch of DEX+, a hybrid centralized-decentralized trading platform, lowered the barriers to on-chain trading, enhancing MEXC’s appeal to users and boosting fund inflows.
1. Zero Trading Fee Strategy Significantly Boosts Trading Activity
During its March Zero Trading Fee campaign, MEXC introduced trading pairs such as SOL/USDT, HYPE/USDT, and S/USDT, resulting in a 17.8% month-over-month increase in the number of traders and a remarkable 170.2% surge in trading volume. Notably, SOL/USDT saw a 185.62% increase in trading volume, with its average daily trading volume accounting for 19.0% of MEXC’s total futures trading volume – a growth rate of 189.69%—making it the standout pair of the quarter. ADA/USDT recorded the highest growth, with a 369.44% increase in trading volume and a 393.05% rise in its share of MEXC’s daily futures trading volume. Additionally, DOGE/USDT and SUI/USDT saw trading volume increases of 82.87% and 70.84%, respectively.
0 Trading Fee strategy also significantly enhanced MEXC’s market share. Trading pairs such as AIXBT/USDT, DOGE/USDT, and SOL/USDT led market share growth with increases of 331%, 283%, and 209%, respectively. DOGE/USDT and SOL/USDT achieved market shares of 30.5% and 30.3%, respectively, ranking first among the same pairs on CoinMarketCap (CMC), while ADA/USDT secured the second spot with a 20.6% market share. These figures demonstrate that the 0 Trading Fee campaign effectively ignited user trading enthusiasm, driving substantial fund inflows to the platform.
2. Strategic Focus on BNB Chain Ecosystem Fuels Hot Token Trading
The BNB Chain ecosystem has emerged as a new hotspot for on-chain assets over the past month, and MEXC’s strategic focus on this ecosystem has paid off. In March, BNB Chain ecosystem tokens accounted for 50.8% of new token spot trading users, a 30.1% month-over-month increase, while their trading volume share soared to 56.6%, reflecting a 63.5% month-over-month growth. This made the BNB Chain ecosystem a core driver of March’s trading surge.
The top five BNB Chain ecosystem tokens delivered an average return of 3,760%, creating significant profit opportunities for users while fueling a trading frenzy. Star tokens like MUBARAK, BUBB, and TUT led the charge with gains of 10,900%, 4,168%, and 2,000%, respectively, contributing 17%, 4%, and 7% to new token trading volume. MUBARAKAH and BMT also performed strongly, contributing 4% and 3% to trading volume, respectively. The robust trading activity of BNB Chain ecosystem tokens further attracted user fund inflows, injecting fresh momentum into MEXC’s growth.
3. First-Mover Advantage in Token Launches Makes MEXC a Go-To Platform for Low-Cost Entry
MEXC demonstrated industry-leading prowess in launching CZ-concept tokens. On March 14, 2025, at 12:35:00 (UTC+8), MEXC became the first exchange to list MUBARAK, outpacing all other platforms. Within 24 hours of its launch, MUBARAK surged by 1,377.5%, reaching a peak price of $0.22—a staggering 10,900% increase from its listing price. By the close of March 18, MUBARAK’s average daily trading volume had grown by 197% compared to March 15–16, with the number of traders rising by 76% month-over-month, reflecting sustained user enthusiasm.
4. DEX+ Launch Enhances User Experience and Fund Attraction Through Innovation
In March, MEXC introduced DEX+, a hybrid centralized-decentralized trading platform that allows users to engage in decentralized trading without leaving the MEXC app or website, providing access to a wide range of on-chain assets. Currently, DEX+ supports over 15,000 tokens across the Solana and BNB Chain ecosystems, covering a broad spectrum of on-chain assets. This innovative model not only enhances trading convenience but also strengthens MEXC’s appeal to on-chain trading users, further driving fund inflows.
Conclusion
With $1.79 billion in fund inflows over the past month and a 63.9% fund inflow efficiency, MEXC has demonstrated its competitive strength among global cryptocurrency exchanges. Whether through its 0 Trading Fee campaign to boost trading activity, its strategic focus on the BNB Chain ecosystem, its first-mover advantage in launching high-potential tokens, or the innovative launch of DEX+, MEXC has leveraged innovation to drive rapid fund inflows. Looking ahead, as the crypto market continues to evolve, MEXC is well-positioned to attract more global users and solidify its market standing by further enhancing user experience and expanding its market presence.
About MEXC Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 36 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday 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 Website｜ X ｜ Telegram ｜How to Sign Up on MEXC
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Sudan’s war, now entering its third year, has taken another unexpected turn. In March 2025, the Rapid Support Forces (RSF), also known as the Janjaweed, withdrew from Khartoum, abandoning the presidential palace and airport.
This retreat marks a significant contrast to the paramilitary group’s earlier victory when troops stormed the capital in April 2023.
The fall of Khartoum is a turning point. But, based on my research into Sudan’s political turmoil over the past three decades, I don’t believe recent developments mark the war’s final chapter.
What began as a power struggle between two military factions is now transforming into a much wider conflict, marked by deepening fragmentation and the rise of armed civilian groups. Across the country, new militias are emerging, many formed by civilians who once had no part in the war.
The army encouraged civilians to fight, but now it faces a growing number of independent armed groups. In cities and rural areas alike, civilians have taken up arms.
Some are fighting alongside the army, answering calls from the military leadership, including army chief Abdel Fattah al-Burhan, to defend their neighbourhoods and families. Others have formed self-defence units to protect against looting and violence. Some have joined breakaway militias that have their own agendas.
These groups don’t share a single goal. Some fight for self-defence, others for political power. Some for revenue and wealth. Others are seeking ethnic control – Sudan’s population has 56 ethnic groups and 595 sub-ethnic groups. This is what makes Sudan’s war even more dangerous: fragmentation is creating multiple mini-wars within the larger conflict.
How the Rapid Support Forces lost Khartoum
Several key factors forced the RSF to retreat from Khartoum after it claimed control of the Sudanese capital city two years earlier.
Internal fractures: The RSF, built on tribal loyalty, struggled to hold together as the war dragged on. Many factions felt sidelined by its leader, Mohamed Hamdan Dagalo, known as Hemedti.
Civilian resistance: The RSF’s reliance on brutality backfired, alienating even those who might have supported them. Instead of consolidating control, they turned civilians into enemies. The RSF relied on terror – looting, mass killings and sexual violence. Instead of gaining control, they provoked fierce resistance. Armed civilians, originally taking up arms in self-defence, have become an informal militia network working against the RSF.
Foreign intervention:Reports suggest Egyptian airstrikes and tactical support helped the army take Khartoum. Additionally, Turkish-made Bayraktar drones weakened RSF positions. With supply lines cut, the RSF had no choice but to retreat.
Khartoum was not just a battlefield defeat for the RSF. It was a turning point in how the war is fought – it’s no longer a military struggle but a battle involving armed civilians across Sudan.
Based on reports from humanitarian organisations, conflict monitors and local testimonies, a clearer picture has emerged of a growing number of armed groups operating across Sudan. These groups have formed in response to the escalating conflict.
Recent analyses highlight that arms trafficking and intensified community mobilisation have accelerated within the past two years.
Neighbourhood defence units have emerged in urban areas like El-Gezira in central Sudan, El-Fasher in North Darfur, Al-Dalang in South Kordofan, El-Obeid in North Kordofan, Babanusa in West Kordofan and Khartoum. They were initially formed to protect residential zones from the RSF but have since expanded their roles and increasingly operate outside the oversight of the army.
Tribal and regional militias have also become more prominent, particularly in Darfur and Kordofan. In these regions, entrenched ethnic and political rivalries have intertwined with the current war. Some of these militia groups have aligned with the army. Others remain independent, pursuing their own agendas, which include securing territory.
In Darfur, growing anger at Hemedti’s favouritism towards his own tribe (Rizeigat) led to defections. Internal divisions within the RSF have played a major role in its recent losses. Some former RSF fighters have formed their own militias. The RSF was never a unified force, but a tribal alliance dominated by the Dagalo family and Rizeigat elites. Initially, gold revenues secured loyalty, but as the war has dragged on, internal fractures have deepened.
Another ethnic-linked group is the Sudan People’s Liberation Movement-North. It has expanded its control in Kordofan and Blue Nile, two resource-rich regions in southern Sudan. The group allied with the RSF to push its own agenda, which includes securing greater autonomy for these regions and promoting a secular political framework that challenges Khartoum’s Islamist-leaning governance. Other ethnic militias also operate in eastern Sudan, supported by neighbouring countries such as Eritrea, further escalating the situation.
Islamist-linked militias are also on the rise. The main example of these groups is El Baraa Ibn Malik Brigade, which emerged as a key player supporting the army against the RSF. Reports link the group to remnants of the Omar al-Bashir regime (1993-2019) – the dissolved Popular Defence Forces. This was a paramilitary group established in the mid-1980s to defend Arab tribes and support the military. It flourished under the al-Bashir regime.
What next?
While the RSF’s retreat from Khartoum is a major victory for the Sudanese army, it doesn’t mean stability is returning. Instead, Sudan is now facing a dangerous new reality: the rise of civilian militarisation.
If not reined in, these groups could evolve and establish de facto warlord-run territories where local commanders wield unchecked power. This would undermine any prospects for centralised governance in Sudan.
Mohamed Saad does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Accelsius and AeroFlexx started generating revenue with expectations to grow in 2025
Founded fourth company, Refinity, to commercialize cost-effective conversion of mixed plastic wastes to petrochemical feedstocks in collaboration with The Dow Chemical Company
ORLANDO, Fla., April 11, 2025 (GLOBE NEWSWIRE) — Innventure, Inc. (NASDAQ: INV) (“Innventure”), a technology commercialization platform, today announced financial results for the quarter and year ended December 31, 2024.
“2024 was a seminal year for Innventure, highlighted by commercial delivery of product for both Accelsius and AeroFlexx, the October close of our business combination and subsequent public listing, and the launch of our fourth operating company, Refinity, in mid-December.” said Bill Haskell, Innventure’s Chief Executive Officer. “Momentum has continued into 2025 and we expect even more exciting developments throughout the year as we continue our journey as a publicly traded technology commercialization platform.”
Conference Call and Webcast
A conference call to discuss these results has been scheduled for 11:00 a.m. ET on April 11, 2025. The event will be webcasted live via Innventure’s investor relations website https://ir.innventure.com/ or via this link.
After registering, you will be provided dial in details and a unique dial-in PIN. Registration is open through the live call, but to ensure you are connected for the full call, we suggest registering in advance.
Innventure will also post a slide presentation to accompany the prepared remarks to its investor relations website https://ir.innventure.com/ shortly before the of the start of the event.
About Innventure
Innventure founds, funds, and operates companies with a focus on transformative, sustainable technology solutions acquired or licensed from multinational corporations. As owner-operators, Innventure takes what it believes to be breakthrough technologies from early evaluation to scaled commercialization utilizing an approach designed to help mitigate risk as it builds disruptive companies it believes have the potential to achieve a target enterprise value of at least $1 billion. Innventure defines ‘‘disruptive’’ as innovations that have the ability to significantly change the way businesses, industries, markets and/or consumers operate.
Non-GAAP Financial Measures
We use certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (GAAP) to supplement our consolidated financial statements. These non-GAAP financial measures provide additional information to investors to facilitate comparisons of past and present operating results, identify trends in our underlying operating performance, and offer greater transparency on how we evaluate our business activities. These measures are integral to our processes for budgeting, managing operations, making strategic decisions, and evaluating our performance.
Our primary non-GAAP financial measures are EBITDA and Adjusted EBITDA. We define EBITDA as net income before interest, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash items, non-recurring expenses, and other items that are not indicative of our core operating activities. These may include stock-based compensation, acquisition costs, and other financial items. We believe Adjusted EBITDA is valuable for investors and analysts as it provides additional insight into our operational performance, excluding the impacts of certain financing, investing, and other non-operational activities. This measure helps in comparing our current operating results with prior periods and with those of other companies in our industry. It is also used internally for allocating resources efficiently, assessing the economic outcomes of acquisitions and strategic decisions, and evaluating the performance of our management team.
There are limitations to Adjusted EBITDA, including its exclusion of cash expenditures, future requirements for capital expenditures and contractual commitments, and changes in or cash requirements for working capital needs. Adjusted EBITDA also omits significant interest expenses and related cash requirements for interest and payments. While depreciation and amortization are non-cash charges, the associated assets will often need to be replaced in the future, and Adjusted EBITDA does not reflect the cash required for such replacements. Additionally, Adjusted EBITDA does not account for income or other taxes or necessary cash tax payments.
Investors should use caution when comparing our non-GAAP measure to similar metrics used by other companies, as definitions can vary. Adjusted EBITDA should not be considered in isolation or as a substitute for GAAP financial measures.
In presenting Adjusted EBITDA, we aim to provide investors with an additional tool for assessing the operational performance of our business. It serves as a useful complement to our GAAP results, offering a more comprehensive understanding of our financial health and operational efficiencies.
Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Innventure’s (the “Company’s”) future financial or operating performance, expectations regarding new contractual arrangements, anticipated product line expansions and product testing and market acceptance, and these statements may refer to projections and forecasts. Forward-looking statements are often identified by future or conditional words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “will,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current assumptions and expectations of future events that are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the Company’s public filings made with the Securities and Exchange Commission and the following: (a) the Company’s and its subsidiaries’ ability to execute on strategies and achieve future financial performance, including their respective future business plans, expansion and acquisition plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and the Company’s and its subsidiaries’ ability to invest in growth initiatives; (b) the implementation, market acceptance and success of the Company’s and its subsidiaries’ business models and growth strategies; (c) the Company’s and its subsidiaries’ future capital requirements and sources and uses of cash; (d) the Company’s access to funds under the Standby Equity Purchase Agreement with YA II PN, Ltd. (“YA”) or the Securities Purchase Agreement and related convertible debentures with YA due to certain conditions, restrictions and limitations set forth therein; (e) certain restrictions and limitations set forth in the Company’s debt instruments, which may impair the Company’s financial and operating flexibility; (f) the Company and its subsidiaries ability to generate liquidity and maintain sufficient capital to operate as anticipated; (g) the Company’s and its subsidiaries’ ability to obtain funding for their operations and future growth and to continue as going concerns; (h) the risk that the technology solutions that the Company and its subsidiaries license or acquire from third parties or develop internally may not function as anticipated or provide the benefits anticipated; (i) developments and projections relating to the Company’s and its subsidiaries’ competitors and industry; (j) the ability of the Company and its subsidiaries to scale the operations of their businesses; (k) the ability of the Company and its subsidiaries to establish substantial commercial sales of their products; (l) the ability of the Company and its subsidiaries to compete against companies with greater capital and other resources or superior technology or products; (m) the Company and its subsidiaries’ ability to meet, and to continue to meet, applicable regulatory requirements for the use of their respective products and the numerous regulatory requirements generally applicable to their businesses; (m) the outcome of any legal proceedings against the Company or its subsidiaries; (o) the Company’s ability to find future opportunities to license or acquire breakthrough technology solutions from multinational corporations or other third parties (“Technology Solutions Provider”) and to satisfy the requirements imposed by or to avoid disagreements with its current and future Technology Solutions Providers; (p) the risk that the launch of new companies distracts the Company’s management from its other subsidiaries and their operations; (q) the risk that the Company may be deemed an investment company under the Investment Company Act, which would impose burdensome compliance requirements and restrictions on its activities; (r) the ability of the Company and its subsidiaries to sufficiently protect their intellectual property rights and to avoid or resolve in a timely and cost-effective manner any disputes that may arise relating to its use of the intellectual property of third parties; (s) the risk of a cyber-attack or a failure of the Company’s or its subsidiaries’ information technology and data security infrastructure; (t) geopolitical risk and changes in applicable laws or regulations; (u) potential adverse effects of other economic, business, and/or competitive factors; (v) operational risks related to the Company and its subsidiaries that have limited or no operating history; and (w) limited liquidity and trading of the Company’s securities.
Except to the extent required by applicable law or regulation, the Company undertakes no obligation to update statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
Media Contact: Laurie Steinberg, Solebury Strategic Communications press@innventure.com
Innventure, Inc. and Subsidiaries Consolidated Balance Sheets (in thousands, except share and per share amounts)
Successor
Predecessor
December 31, 2024
December 31, 2023
Assets
Cash, cash equivalents and restricted cash
$
11,119
$
2,575
Accounts receivable
283
—
Due from related parties
4,536
2,602
Inventories
5,178
—
Prepaid expenses and other current assets
3,170
487
Total Current Assets
24,286
5,664
Investments
28,734
14,167
Property, plant and equipment, net
1,414
637
Intangible assets, net
182,153
—
Goodwill
667,936
—
Other assets
766
1,096
Total Assets
$
905,289
$
21,564
Liabilities and Stockholders’ Deficit
Accounts payable
$
3,248
$
93
Accrued employee benefits
9,273
3,779
Accrued expenses
2,477
1,009
Related party payables
—
347
Related party notes payable – current
14,000
1,000
Notes payable – current
625
912
Patent installment payable – current
1,225
775
Obligation to issue equity
4,158
—
Warrant liability
34,023
—
Other current liabilities
318
253
Total Current Liabilities
69,347
8,168
Notes payable, net of current portion
13,654
999
Convertible promissory note, net
—
1,120
Convertible promissory note due to related party, net
—
3,381
Embedded derivative liability
—
1,994
Earnout liability
14,752
—
Stock-based compensation liability
1,160
—
Patent installment payable, net of current
12,375
13,075
Deferred income taxes
27,893
—
Other liabilities
355
683
Total Liabilities
139,536
29,420
Commitments and Contingencies (Note 19)
Mezzanine Capital
Redeemable Class I Units, no par value, 1,000,000 units authorized, issued and outstanding as of December 31, 2023
—
2,912
Redeemable Class PCTA Units, no par value, 3,982,675 units authorized, issued and outstanding as of December 31, 2023
—
7,718
Stockholders’ Equity / Unitholders’ Deficit
Class B Preferred Units, no par value, 4,639,557 units authorized, and 4,109,961 units issued and outstanding as of December 31, 2023
—
38,122
Class B-1 Preferred Units, no par value, 2,600,000 units authorized, and 342,608 units issued and outstanding as of December 31, 2023
—
3,323
Class A Units, no par value, 10,975,000 units authorized, and 10,875,000 units issued and outstanding as of December 31, 2023
—
1,950
Class C Units, no par value, 1,585,125 units authorized, and 1,570,125 units issued and outstanding as of December 31, 2023
—
844
Preferred Stock, $0.0001 par value, 25,000,000 shares authorized, and 1,102,000 shares issued and outstanding as of December 31, 2024
—
—
Common Stock, $0.0001 par value, 250,000,000 shares authorized, and 44,597,154 shares issued and outstanding as of December 31, 2024
4
—
Additional paid-in capital
502,865
—
Accumulated other comprehensive gain (loss)
909
—
Accumulated deficit
(78,802
)
(64,284
)
Total Innventure, Inc., Stockholders’ Equity/ Innventure LLC Unitholders’ Deficit
424,976
(20,045
)
Non-controlling interest
340,777
1,559
Total Stockholders’ Equity/ Unitholders’ Deficit
765,753
(18,486
)
Total Liabilities, Mezzanine Capital and Equity
$
905,289
$
21,564
See accompanying notes to consolidated financial statements.
Innventure, Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except share and per share amounts)
Successor
Predecessor
October 2, 2024 through December 31, 2024
January 1, 2024 through October 1, 2024
Year ended December 31, 2023
Revenue
$
456
$
764
$
1,117
Operating Expenses
Cost of sales
3,752
777
—
General and administrative
29,652
26,608
17,589
Sales and marketing
2,009
4,178
3,205
Research and development
5,340
5,978
4,001
Total Operating Expenses
40,753
37,541
24,795
Loss from Operations
(40,297
)
(36,777
)
(23,678
)
Non-operating (Expense) and Income
Interest expense, net
(1,132
)
(1,300
)
(1,224
)
Net gain (loss) from investments
—
11,547
(6,448
)
Net (loss) gain on investments – due to related parties
—
(468
)
232
Change in fair value of financial liabilities
(20,946
)
(478
)
766
Equity method investment (loss) income
(902
)
893
(632
)
Loss on conversion of promissory notes
—
(1,119
)
—
Write-off of loan commitment fee asset
(10,041
)
—
—
Miscellaneous other expense
(57
)
(64
)
—
Total Non-operating (Expense) Income
(33,078
)
9,011
(7,306
)
Loss before Income Taxes
(73,375
)
(27,766
)
(30,984
)
Income tax expense (benefit)
(2,742
)
432
—
Net Loss
(70,633
)
(28,198
)
(30,984
)
Less: net loss attributable to
Non-redeemable non-controlling interest
(8,339
)
(11,762
)
(139
)
Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders
(62,294
)
(16,436
)
(30,845
)
Basic and diluted loss per share
$
(1.42
)
Basic and diluted weighted average common shares
43,951,279
Other comprehensive income, net of taxes:
Unrealized gain on available-for-sale debt securities – related party
909
62
—
Total other comprehensive loss, net of taxes
909
62
—
Total comprehensive loss, net of taxes
(69,724
)
(28,136
)
(30,984
)
Less: comprehensive income attributable to
Non-redeemable non-controlling interest
(8,339
)
(11,762
)
(139
)
Net Comprehensive Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders
$
(61,385
)
$
(16,374
)
$
(30,845
)
See accompanying notes to consolidated financial statements.
Innventure, Inc. and Subsidiaries
Consolidated Statements of Changes in Mezzanine Capital (Predecessor)
(in thousands, except share and per share amounts)
Class I Amount
Class PCTA Amount
Total
December 31, 2022
$
2,984
$
12,882
$
15,866
Proceeds from capital calls to unitholders
130
—
130
Accretion of redeemable units to redemption value
(202
)
(5,164
)
(5,366
)
December 31, 2023
2,912
7,718
10,630
Accretion of redeemable units to redemption value
1,565
10,385
11,950
October 1, 2024
$
4,477
$
18,103
$
22,580
See accompanying notes to consolidated financial statements.
Innventure, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity
(in thousands, except share and per share amounts)
Class B Preferred
Class B-1 Preferred
Class A
Class C
Accumulated Deficit
Accumulated OCI
Non-Controlling Interest
Total Unitholders’ Deficit
December 31, 2022 (Predecessor)
$
20,803
$
3,323
$
1,950
$
639
$
(38,564
)
$
—
$
656
$
(11,193
)
Net loss
—
—
—
—
(30,845
)
—
(139
)
(30,984
)
Non-controlling interest acquired
—
—
—
—
—
—
337
337
Issuance of units, net of issuance costs
17,319
—
—
—
—
—
—
17,319
Unit-based compensation
—
—
—
205
—
—
705
910
Distributions to unitholders
—
—
—
—
(241
)
—
—
(241
)
Accretion of redeemable units to redemption value
—
—
—
—
5,366
—
—
5,366
December 31, 2023 (Predecessor)
38,122
3,323
1,950
844
(64,284
)
—
1,559
(18,486
)
Net loss
—
—
—
—
(16,436
)
—
(11,762
)
(28,198
)
Other comprehensive loss, net of taxes
—
—
—
—
—
62
—
62
Units issued to non-controlling interest
—
—
—
—
—
—
13,921
13,921
Issuance of units, net of issuance costs
13,561
—
—
—
—
—
—
13,561
Unit-based compensation
—
—
—
137
—
—
919
1,056
Issuance of units to non-controlling interest in exchange of convertible promissory notes
—
—
—
—
—
—
8,443
8,443
Accretion of redeemable units to redemption value
—
—
—
—
(11,950
)
—
—
(11,950
)
October 1, 2024 (Predecessor)
$
51,683
$
3,323
$
1,950
$
981
$
(92,670
)
$
62
$
13,080
$
(21,591
)
See accompanying notes to consolidated financial statements.
Innventure, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity
(in thousands, except share and per share amounts)
Series B Preferred Stock
Common Stock
Shares
Amount
Shares
Amount
Additional Paid-In Capital
Accumulated Deficit
Accumulated OCI
Non-Controlling Interest
Total Stockholders’ Equity
October 2, 2024 (Successor)
—
$
—
—
$
—
$
11,342
$
(15,845
)
$
—
$
—
$
(4,503
)
Effect of acquisition of Innventure LLC
—
—
43,589,850
4
461,064
—
—
343,030
804,098
Reclassification of warrants from liability to equity
—
—
—
—
1,265
—
—
—
1,265
Issuance of common shares, net of issuance costs
—
—
160,000
—
2,083
—
—
—
2,083
Issuance of preferred shares, net of issuance costs
1,102,000
—
—
—
9,965
—
—
—
9,965
Issuance of common shares from warrant exercises
—
—
259,309
—
2,982
—
—
—
2,982
Net loss
—
—
—
—
—
(62,294
)
—
(8,339
)
(70,633
)
Other comprehensive gain, net of taxes
—
—
—
—
—
—
909
—
909
Non-controlling interest acquired
—
—
—
—
—
—
—
4,129
4,129
Distributions to Stockholders
—
—
—
—
—
(663
)
—
—
(663
)
Vesting of contingent at risk sponsor shares
—
—
587,995
—
—
—
—
—
—
Stock-based compensation
—
—
—
—
14,381
—
—
1,957
16,338
Accrued preferred dividends
—
—
—
—
(217
)
—
—
—
(217
)
December 31, 2024 (Successor)
1,102,000
$
—
44,597,154
$
4
$
502,865
$
(78,802
)
$
909
$
340,777
$
765,753
See accompanying notes to consolidated financial statements.
Innventure, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands, except share and per share amounts)
Successor
Predecessor
October 2, 2024 through December 31, 2024
January 1, 2024 through October 1, 2024
Year ended December 31, 2023
Cash Flows Used in Operating Activities
Net loss
$
(70,633
)
$
(28,198
)
$
(30,984
)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Stock-based compensation
16,338
1,056
910
Interest income on debt securities – related party
(106
)
(110
)
—
Change in fair value of financial liabilities
20,946
478
(766
)
Change in fair value of payables due to related parties
—
468
(232
)
Write-off of loan commitment fee asset
10,041
—
—
Non-cash interest expense on notes payable
248
351
487
Net (gain) loss on investments
—
(11,547
)
6,448
Equity method investment gain (loss)
902
(893
)
632
Loss on conversion of promissory notes
—
1,119
—
Deferred income taxes
(2,760
)
432
—
Depreciation and amortization
5,455
146
8
Payment of patent installment
—
(250
)
—
Non-cash rent costs
63
185
192
Accrued unpaid interest on note payable
69
930
—
Changes in operating assets and liabilities:
Accounts receivable
(166
)
(117
)
—
Prepaid expenses and other current assets
(1,301
)
(1,353
)
(218
)
Inventory
(2,354
)
(2,824
)
—
Accounts payable
(11,211
)
6,013
9
Accrued employee benefits
1,656
3,838
3,181
Accrued expenses
(484
)
674
1,230
Stock-based compensation liability
1,160
—
—
Other current liabilities
(77
)
(146
)
(155
)
Obligation to issue equity
3,000
10,920
—
Other assets
—
(20
)
(218
)
Net Cash Used in Operating Activities
(29,214
)
(18,848
)
(19,476
)
Cash Flows Provided by (Used in) Investing Activities
Purchase of shares in equity method investee
—
—
(2,000
)
Contributions to equity method investee
—
—
(130
)
Investment in debt securities – equity method investee
—
(7,400
)
(2,600
)
Advances to equity method investee
(4,240
)
(135
)
—
Acquisition of property, plant and equipment
(266
)
(736
)
(645
)
Acquisition of intangible assets
(30
)
—
—
Acquisition of net assets, net of cash acquired, through business combination
16
—
—
Proceeds from sale of investments
—
2,314
708
Cash withdrawn from trust as a result of business combination
11,342
—
—
Net Cash Provided by (Used in) Investing Activities
6,822
(5,957
)
(4,667
)
Cash Flows Provided by Financing Activities
Proceeds from issuance of equity, net of issuance costs
15,383
13,122
16,009
Proceeds from the issuance of equity to non-controlling interest, net of issuance costs
4,169
13,859
337
Proceeds from the issuance of convertible promissory note
—
—
2,000
Proceeds from issuance of debt securities, net of issuance costs
19,455
—
—
Payment of debts
(250
)
(540
)
(65
)
Receipt of Capital from Class I Unitholder
—
—
130
Distributions to Stockholders
(663
)
—
(241
)
Proceeds from the issuance of promissory notes to related parties
—
12,000
1,004
Repayment of promissory note
(4,628
)
—
—
Cash Flows Provided by Financing Activities
33,466
38,441
19,174
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash
11,074
13,636
(4,969
)
Cash, Cash Equivalents and Restricted Cash Beginning of period
45
2,575
7,544
Cash, Cash Equivalents and Restricted Cash End of period
$
11,119
$
16,211
$
2,575
See accompanying notes to consolidated financial statements.
Successor
Predecessor
October 2, 2024 through December 31, 2024
January 1, 2024 through October 1, 2024
Year ended December 31, 2023
Supplemental Cash Flow Information
Cash paid for interest
$
991
$
1,070
$
297
Supplemental Disclosure of Noncash Financing Information
Accretion of redeemable units to redemption value
—
11,950
5,366
Debt discount and embedded derivative upon issuance
—
—
1,119
Issuance of units to non-controlling interest in exchange of convertible promissory notes
—
7,324
—
Conversion of working capital loans to equity method investees into investments in debt securities – related party
—
2,600
—
Transfer of liability warrants to equity warrants in the Business Combination
1,265
—
—
Initial recognition of loan commitment fee
16,190
—
—
Transfer of loan commitment fee asset
6,694
—
—
See accompanying notes to consolidated financial statements.
Innventure, Inc. and Subsidiaries
Non-GAAP Financial Measures
(in thousands, except share and per share amounts)
Successor
Predecessor
S/P Combined (Non-GAAP)
Predecessor
Period from October 2, 2024 through December 31, 2024
Period from January 1, 2024 through October 1, 2024
Year ended December 31, 2024
Year ended December 31, 2023
Net Loss
(70,633
)
(28,198
)
(98,831
)
(30,984
)
Interest expense, net(1)
11,173
1,300
12,473
1,224
Depreciation and amortization expense
5,455
146
5,601
8
Provision for income taxes
2,742
(432
)
2,310
—
EBITDA
(51,263
)
(27,184
)
(78,447
)
(29,752
)
Transaction and other related costs(2)
2,309
9,414
11,723
3,452
Change in fair value of financial liabilities(3)
20,946
478
21,424
(766
)
Stock based compensation(4)
16,338
1,056
17,394
910
Adjusted EBITDA
(11,670
)
(16,236
)
(27,906
)
(26,156
)
(1) Interest expense, net – For the combined twelve months ended December 31, 2024, interest expense, net includes interest incurred on our various borrowing facilities and the amortization of debt issuance costs. Additional debt issuance cost associated with a loan commitment fee asset in the amount of $10,041 was written off in combined twelve months ended December 31, 2024 and has also been included in this adjustment. This amount is representative of the asset associated with the second and third tranches of the WTI facility. When it became known that we would not be able to draw on these subsequent tranches based on certain metrics contained within the WTI Facility agreement, we immediately wrote this asset off. For the Predecessor year ended December 31, 2023, this balance is comprised entirely of interest incurred on our various borrowing facilities. (2) Transaction and other related costs – For the combined twelve months ended December 31, 2024 and for the Predecessor year ended December 31, 2023 this is comprised entirely of consulting, legal, and other professional fees related to the business combination with Learn CW Investment Corporation (the “Business Combination”). (3) Change in fair value of financial liabilities – For the combined twelve months ended December 31, 2024 the change in fair value of financial liabilities primarily consists of the change in fair value of the warrant liability, change in fair value of the earnout liability, and the change in the fair value of the embedded derivative associated with convertible notes prior to extinguishment. For the Predecessor year ended December 31, 2023, this is comprised entirely of the change in fair value of the embedded derivative associated with the convertible notes. (4) Stock based compensation – For the combined twelve months ended December 31, 2024 stock based compensation primarily consisted of awards in the 2024 Equity and Incentive Plan entered into on October 2, 2024 subsequent to the Business Combination. These awards consisted of Stock Options, Restricted Stock Units, and Stock Appreciation Rights. Further, a portion of this expense was related to share based payment employee incentive plans in existence at Innventure LLC and other subsidiaries. For the Predecessor year ended December 31, 2023, stock based compensation was comprised wholly of share based payment employee incentive plans in existence at Innventure LLC and other subsidiaries.
Deteriorating Human Rights situation in Georgia: Joint Statement to the OSCE, April 2025.
UK and other OSCE participating States express concern over the deteriorating human rights situation and call on Georgia to open an inclusive dialogue with political parties, civil society and the OSCE institutions.
Thank you, Madam Chair,
I am delivering this statement on behalf of Albania, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Canada, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxemburg, Malta, Montenegro, the Netherlands, North Macedonia, Norway, Poland, Portugal, Moldova, Romania, Slovenia, Spain, Sweden, Switzerland, the United Kingdom, Ukraine and my own country, Germany.
As OSCE participating States, we have committed to upholding and defending fundamental human rights, democracy, and the rule of law—not only within our own borders, but across our shared OSCE region. This commitment carries a responsibility: to hold each other accountable when we witness signs of democratic backsliding.
It is in this spirit that we express again our deep concern over the deteriorating human rights situation in Georgia. Since our last discussion in February, we have regretfully witnessed Georgian authorities taking further steps away from their democratic and human rights commitments.
Madam Chair,
Our main concerns are threefold: the legislative restriction of civic space, the targeting of independent media, and the continued lack of accountability for excessive use of force by police, the use of indiscriminate violence by unidentified groups against peaceful protesters as well as unnecessarily long pre-trial detention periods and the reported ill-treatment of those in pre-trial detention.
The Foreign Agents Registration Act requires all individuals and organisations receiving foreign funding to register as so-called “Foreign Agents,” with financial sanctions and criminal penalties imposed on those who refuse. We share ODIHR’s concern that “this law, along with other recent legislative initiatives, could further curtail the activities of civil society organizations and human rights defenders by removing the safeguards needed for them to carry out their work”. This law lacks the legal safeguards that prevent civil society, media and private individuals from being branded as instruments of foreign influence based solely on funding sources, which strongly suggests that this law is not about transparency, but about suppressing dissent and tightening the grip on civil society. This is of particular concern in view of the upcoming local elections.
We are also closely monitoring recent amendments to Georgia’s electoral legislation. It is essential that any changes to the electoral framework enhance transparency and public trust, and that reforms are developed through inclusive dialogue and in line with OSCE commitments. Relatedly, we are concerned about legislative amendments undermining freedom of peaceful assembly, including the amendments to the Criminal and Administrative Offences Codes and the Law on Assemblies and Manifestations. The amendments undermine the principle of equal suffrage and restrict freedom of assembly, as stated in relevant ODIHR’s and Venice Commission latest opinions. We urge the Georgian authorities to implement their recommendations.
Madam Chair,
We are alarmed by the escalating threats and intimidation faced by journalists in Georgia. The Public Defender’s 2024 Human Rights Report highlights a significant decline in media freedom, exacerbated by restrictive laws—such as the recent amendments to the Law on Broadcasting—and growing hostility toward journalists.
Notably, there have been incidents where journalists were being targeted by police while covering protests, including physical assaults and equipment seizures. Furthermore, reports of targeting journalists in exile and negative rhetoric from high-ranking officials and politicians have further eroded media freedom and increased risks for journalists.
We call for the immediate cessation of these practices and the immediate release of all arbitrarily detained journalists, including Mzia Amaghlobeli, who remains in detention on charges of up to 7 years in prison.
Finally, we remain deeply troubled by the persistent lack of accountability for police violence. We have seen no evidence of credible efforts by the Georgian authorities to investigate reports of disproportionate use of force against peaceful protesters, arbitrary detentions, excessive over-reliance on long pre-trial detention periods, and mistreatment of detainees.
We call on the Georgian authorities to take immediate action to protect the rights of those exercising their fundamental freedoms and to conduct a thorough investigation of the use of police force during peaceful protests since 28 November 2024 in order to hold those responsible for human rights violations to account. Failure to do so further undermines public trust in Georgia’s institutions.
Madam Chair,
Despite repeated statements by Georgia reaffirming their commitment to dialogue and the OSCE principles and commitments, we have yet to see any concrete and genuine steps toward meaningful engagement. Instead, recent actions by the Georgian authorities have moved Georgia further away from democracy. We call on the Georgian authorities to open an inclusive dialogue with all political parties and civil society organisations in order to find peaceful and democratic solutions to the ongoing crisis.
We welcome recent statements by ODIHR and RFoM and strongly urge Georgia to continue to constructively engage with OSCE institutions and make use of their expertise. As fellow OSCE participating States, we will explore all available tools and mechanisms within the OSCE context going forward. In this spirit, we call on Georgian authorities to implement recommendations by ODIHR with regard to the upcoming elections.
Our unwavering commitment to Georgia’s sovereignty and territorial integrity remains unchanged. We stand steadfast in our support for the Georgian people and their pursuit of a democratic, stable and European future, and we remain ready to work with Georgia to ensure it upholds its international obligations and ensures that human rights and fundamental freedoms are fully respected.
LONDON, April 11, 2025 (GLOBE NEWSWIRE) — mcl finance has announced the renewal and expansion of its partnership with Shawbrook.
Shawbrook Bank, a UK-based specialist lender and savings provider, has renewed its senior debt facility with mcl finance. This renewal builds on a partnership that, since December 2022, has provided access to credit for over 1,000 UK SMEs.
mcl finance was founded by CEO Dovi David in 2019 and has successfully scaled, with the business consistently doubling in size year on year, due to its investment in proprietary tech, credit risk profiling and product development. The growth trajectory involves increased deal flow, international expansion, and continuous product innovation — all supported by the facility’s expansion.
As a testament to the strong underlying performance of the book and the ongoing success of the relationship, the renewal sees increases in the advance rate, borrowing base and overall facility size.
Liam McGall, Associate Director of Speciality Finance at Shawbrook, said: “mcl provide fast and flexible finance options for the underserved SME market and continue to go from strength to strength in this market. The growth demonstrated since our relationship commenced in 2022 in all aspects is a key driver for our continued support.
“At Shawbrook, we pride ourselves on supporting existing businesses to reach their growth potential by constantly improving our funding lines, with this increase to mcl an example. We are excited to watch their continued success.”
Joseph Tucker, CFO at mcl finance, said: “We are committed to supporting the SME sector by making access to finance faster and smoother. The expansion of the funding line with Shawbrook will allow us to do exactly that, as we continue to innovate and find smarter ways to provide working capital to businesses. We value our relationship with the Shawbrook team and appreciate their continued support and belief in our vision as we go to market with a shared growth ambition.”
THE WOODLANDS, Texas, April 11, 2025 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today provided an update concerning its Board of Directors (the “Board”), including the retirement of Ms. Regina Roesener effective April 14, 2025 and the appointment of Ms. Carla Tharp to the Board effective April 14, 2025 who will serve as an independent Director.
Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “It has been a pleasure to work closely with Regina as a fellow Director. She joined our Board in 2019 and her financial markets and board governance experience was greatly valued. On behalf of the entire Board, I want to thank Regina for the strong strategic guidance and oversight she consistently provided in support of Ring’s stockholders, and we wish her all the best in retirement.”
About Ms. Carla Tharp
Ms. Tharp is the CEO of Apoyar Energy, an upstream oil and gas exploration and production company focused on international assets. She most recently served as President of C.T. Tharp & Co., an independent consulting firm concentrating on global acquisitions and divestitures. Ms. Tharp served in multiple key positions at APA Corporation (formerly Apache Corporation) from 2020 through 2023 leading multi-disciplinary teams, including as Vice President of New Business & Commercial, Vice President of Corporate Development, and Vice President of Reserves. Prior to Apache, she served as Managing Director of Energy Investment Banking at Raymond James Financial, Inc., as well as Director of Acquisitions and Divestitures at Citigroup Inc. and Lantana Energy Advisors. Ms. Tharp graduated from Texas A&M University with a Bachelor of Science in Petroleum Engineering before working as a reservoir engineer in transactions and reserves reporting, senior and mezzanine debt finance and in a private equity portfolio company. She is a licensed professional engineer in Texas and has held Series 79 and 63 FINRA licenses.
Mr. McKinney concluded, “We look forward to Carla’s contributions to the Board as she brings an extensive and impressive technical and financial background in the upstream oil and gas business that complements the skills and expertise of our other Directors. Her proven multi-decade track record of sourcing, evaluating, and executing significant organic and external value-enhancing opportunities will prove invaluable as Ring continues to execute its proven strategy designed to further position the Company for long-term success.”
ABOUT RING ENERGY, INC.
Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com.
SAFE HARBOR STATEMENT
This 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. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company’s strategy and prospects, regarding the composition of the Company’s board of directors, and the expectation that Ms. Tharp will help Ring execute its strategy designed to further position the Company for long-term success. The forward-looking statements include the Company’s ability execute its proven strategy designed to further position the Company for long-term success. Forward-looking statements are based on current expectations and subject to numerous assumptions and analyses made by Ring and its management considering their experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the fiscal year ended December 31, 2024, and its other SEC filings. Ring undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.
CONTACT INFORMATION
Al Petrie Advisors Al Petrie, Senior Partner Phone: 281-975-2146 Email: apetrie@ringenergy.com
Source: Africa Press Organisation – English (2) – Report:
ABUJA, Nigeria, April 11, 2025/APO Group/ —
Multilateral Bank African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has officially commissioned its first Afreximbank African Trade Centre (AATC) today in Abuja, Nigeria, ushering in a transformative era for trade and investment in Africa.
During the grand commissioning ceremony, speakers, including Hon. Dr. George Akume, Secretary to the Government of Federation, Nigeria representing H. E. Bola Ahmed Tinubu GCFR, President and Commander-in-Chief of the Armed Forces, The Federal Republic of Nigeria, highlighted the AATC’s strategic importance, its pivotal role in shaping Africa’s economic future and the significant impact it is poised to make on Africa’s trade and investment landscape.
Speaking at the Ceremony, Dr. Akume stated, “Afreximbank African Trade Centre (AATC) is a landmark project that embodies our shared commitment to advancing Intra-African Trade, fostering economic integration and unlocking a vast potential of our continent. This occasion is a realisation of a bold vision for Africa’s economic future. AATC stands as a testament to the power of collaboration, resilience and forward-thinking leadership. It is more than a physical structure; it is the beginning of innovation, a hub for entrepreneurship and a catalyst for sustainable development.
He added, “This centre will serve as a critical platform for trade facilitation, capacity building and investment promotion – key pillars of Africa’s economic transformation. Afreximbank’s role in shaping Africa’s trade landscape cannot be overstated because the institution has consistently demonstrated its commitment to breaking down barriers, bridging financing gaps and empowering African businesses to be competitive. All these have been accomplished through flagship projects such as the AfCFTA adjustment fund that is managed by Afreximbank’s subsidiary, Fund for Export Development in Africa (FEDA), PAPSS and other Trade Finance Programmes. The AATC located in Abuja represents yet another milestone in this journey and this aligns perfectly with Nigeria’s strategic priorities under the Federal Government’s eight-point agenda, particularly in the areas of job creation, economic diversification, and regional integration. As we commission this remarkable edifice today, let us renew our resolve to be the stronger, more interconnected and prosperous Africa.”
Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, echoed this sentiment, remarking, “The Abuja AATC is the first of several AATCs being developed across Africa and the Caribbean. Some would be Afreximbank owned while others would be supported through a franchise-scheme. With these, we expect to create a sizeable network of AATCs that will act as the lighthouses to guide the interconnections and flow of trade and investments within continental Africa and between Africa and Caribbean regions. This AATC Abuja has been a 41-month journey, one built on hope and determination. Like the other AATCs, the Abuja AATC would serve a multi-purpose goal; it will serve as a platform for fostering deeper regional and continental integration and house Afreximbank’s permanent regional office, bringing a three-decade-old aspiration to fruition. This AATC will also offer a technology incubation hub, an SME incubation facility, a Digital Africa Trade Gateway, a conference and exhibition facility and a business hotel.”
Prof. Orama thanked the Federal Government of Nigeria for its support noting that the relationship between the Bank and Nigeria has been truly mutually beneficial and most cordial. “Over the last three decades, successive governments have accorded unflinching support to Afreximbank, responding most positively to capital calls, creating a congenial environment for its smooth operations while providing the Bank significant domestic policy support that helped to execute many of the development programmes in Nigeria.” He said.
With the opening of the Abuja AATC, Afreximbank continues its mission to promote intra-African trade and investment opportunities, laying the groundwork for a more prosperous and integrated African economy.
Over 500 distinguished guests attended the commissioning ceremony, notably, Hon. William F. Duguid, J.P. Senior Minister, Prime Minister’s Office, Republic of Barbados, Hon. Sylvester Grisby, Minister of State for Presidential Affairs, Liberia, Hon. Adebayo Olawale Edun, Minister of Finance and Coordinating Minister of the Economy, Nigeria and his counterpart, Hon. Dr. Jumoke Oduwole MFR, Minister of Trade and Investment, Federal Ministry of Trade and Investment, Nigeria as well as Nigeria’s former Vice President Hon. Namadi Sambo. Hon. Bockaire Kalokoh, Deputy Minister of Finance of Sierra Leone and Hon. Sheilla Chikomo, Deputy Minister Foreign Affairs and International Trade, Zimbabwe represented their respective countries. The event was also well attended by business leaders led by billionaire entrepreneur Mr. Aliko Dangote, Founder and Chief Executive of the Dangote Group, Mr Tony Elumelu, Chairman of Transcorp Group, policymakers, pan-African CEOs, and entrepreneurs.
Their presence showcased a shared vision and determination to enhance trade across Africa, as they pledged to work together to leverage the AATC for the continent’s economic transformation.
The Abuja AATC comprises two interconnected nine-storey towers. One tower features world-class commercial A-grade office spaces, a trade and exhibition centre, a conference centre, a technology and SME incubator, a Digital Trade Gateway and a trade information services hub. The adjoining tower boasts a 148-room business hotel, seminar and meeting rooms, a wellness centre, a restaurant and other ancillary facilities. These features are designed to provide a comprehensive ecosystem for trade and business activities, catering to the diverse needs of African businesses. It will also host office spaces for local and international financial institutions and policy organisations, ensuring a complete support system for trade and business activities.
The AATC building is expected to achieve gold – and potentially platinum – Leadership in Energy and Environmental Design (LEED) certification by the United States Green Building Council (USGBC), a globally recognised standard for sustainable building design and construction. This certification will make the Abuja AATC one of the few certified buildings in Nigeria and West Africa, underscoring its commitment to environmental sustainability.
The global architect Messrs SVA International developed a multifaceted global design, drawing inspiration from the concept of a bazaar, which reflects the vibrant feature of daily life in many African cities. Construction of the USD120 million project commenced in November 2021 on a prime piece of land measuring 5,856 square meters and achieved completion in 41 months.
The Abuja Afreximbank African Trade Centre (Abuja AATC) is the first of seven planned AATCs across Africa, including Kampala, Uganda, Harare, Zimbabwe, Cairo, Egypt, Yaoundé, Cameroon, Tunis, Tunisia, and Kigali, Rwanda. In addition, Afreximbank recently broke ground in Bridgetown, Barbados, to construct the first AATC outside of Africa. Through franchising and licensing arrangements, the Bank intends to partner with relevant institutions and economic development organizations to establish non-Bank owned ATCs in the rest of Global Africa. These AATCs will serve to link buyers, sellers, suppliers, service providers, enterprises, governments, chambers of commerce, financial institutions, economic development organisations and the general African and global trade and investment community.
I am pleased to convey my heartfelt greetings to the g7+ Ministerial meeting as you mark your 15th anniversary in Dili – where your inspiring journey began.
This city, like many of your countries, symbolizes both the wounds of conflict and the strength and resolve it takes to overcome them – and I was deeply moved by your wonderful hospitality as we marked the 25th anniversary of the independence referendum last year.
Your people understand better than most the heavy cost of fragility – and the daily work of rebuilding lives with dignity and hope.
Your organization was born from that spirit of resilience and purpose – and the shared recognition that lasting peace is the foundation of progress.
Over the years, you have championed cooperation, solidarity, and country-led solutions.
You have also made a difference at the global level – including through your leadership in helping to secure Sustainable Development Goal 16 – on peace, justice, and strong institutions.
Yet, fragilities are deepening around the world.
Protracted conflicts, widening inequalities, and a raging climate crisis are fueling displacement and instability – with your nations often bearing the heaviest burden, despite contributing least to these crises.
These plights cannot be ignored.
The world cannot let your calls go unanswered.
We need solidarity for solutions – and that is the spirit of the Pact for the Future that you helped shape.
The Pact charts a course to reform peace and security cooperation – prioritizing conflict prevention, mediation, and peacebuilding.
It seeks to strengthen coordination, including South-South cooperation, to develop innovative approaches, and expand opportunities for women and young people.
The Pact also calls for reform of the global financial architecture through:
Bigger and bolder Multilateral Development Banks;
Effective debt relief for fragile economies;
An annual SDG Stimulus of $500 billion;
And better access to concessional finance – recognizing vulnerabilities through the Multidimensional Vulnerability Index.
We must push the world to deliver on those commitments – including at the Fourth Financing for Development Conference in June.
And we must push for climate justice.
Many of you are on the frontlines – watching as rising seas and extreme weather threaten lives and livelihoods.
As we prepare for COP30, we need to see countries turn promises into action.
Developed countries must scale-up adaptation finance. We need meaningful contributions to the Fund for loss and damage. And we need confidence the $1.3 trillion will be delivered.
Excellencies,
Your journey over the past fifteen years shows us that solidarity is a common responsibility.
As we work to tackle global challenges and implement the Pact for the Future, your voices will be vital – to strengthen multilateralism, prevent conflict, and forge a future of dignity and sustainable development for all.
China stands ready to build a comprehensive strategic partnership with greater strategic focus and development vitality with Spain, Chinese President Xi Jinping said when meeting with Spanish Prime Minister Pedro Sanchez in Beijing on Friday. Noting that this year marks the 20th anniversary of the establishment of a comprehensive strategic partnership between China and Spain, Xi said China will work with Spain to enhance the well-being of the two peoples, inject impetus into China-EU relations, and make greater contributions to promoting world peace, stability and development. He called on the two sides to continue to consolidate the political foundation of mutual support, trust and respect, and support each other on issues involving their core interests and major concerns, especially in safeguarding sovereignty and territorial integrity. Xi said the consumption demand and industrial transformation potential of China’s more than 1.4 billion people will provide a strong impetus for the world economy, adding that China is willing to make good use of mutually beneficial and complementary cooperation advantages with Spain, give full play to the roles of economic, trade, scientific and technological cooperation mechanisms, and tap the potential of cooperation in new energy, high-tech manufacturing, smart cities and other fields, so as to achieve more mutually beneficial cooperation outcomes. The two countries should continue the traditional friendship and strengthen understanding between the two peoples, and expand student exchange initiatives, he added. Noting that both China and Spain are positive forces supporting multilateralism and open cooperation, Xi said the two countries should promote the building of a fair and equitable global governance system, safeguard world peace and security, and promote common development and prosperity. Sanchez said that over the past 20 years since establishing a comprehensive strategic partnership, Spain and China have consistently maintained mutual respect and friendly cooperation, with bilateral relations continuing to deepen and develop steadily. Spain attaches great importance to its relations with China, unswervingly adheres to the one-China policy, and is willing to maintain high-level exchanges with China and deepen mutually beneficial cooperation and exchanges in various fields to push bilateral relations to a new level, Sanchez said. Noting that China is an important partner of the EU, he said Spain has always supported the stable development of EU-China relations.
Source: Hong Kong Government special administrative region
Streamlining procedures to encourage effective use of public spaces in commercial developments The Lands Department will implement several new measures under the pilot scheme, including:
(i) Streamlining the application procedure for waivers: The waivers, once approved, will remain valid for one year, thus allowing “one application for multiple uses” within the validity period. This means that within a year, events (regardless of their nature or content) can be hosted in the same location without a need for separate applications for each event.
(ii) Adopting a simplified and concessionary fee arrangement: A concessionary fixed fee of about $17,000 will be charged for each application, which includes the administrative fee and waiver fee for the first month. If the activity is to be held in other months within the year, an additional HK$5,000 will be charged per month. Compared to the current practice where each event requires an individual application and incurs a fee of HK$60,000 or more, the fee has been significantly reduced. The fixed fee also obviates the need for case-by-case fee assessment, offering greater transparency and certainty. Non-commercial activities will continue to be exempt from application fees.
(iii) Relaxation of area restriction: The permissible area for the use of “Public Open Spaces in Private Development” for commercial activities has been doubled from the original 10 per cent to 20 per cent of the open space, provided that the activities do not affect pedestrian access or safety. Activities that are organised or co-organised by the Government with commercial elements will be considered as non-commercial activities and will not be subject to this restriction.
(iv) Streamlining the consultation process: Through streamlined arrangement, the processing time for application approvals will be reduced from about two to three months in the past to about one month. For activities planned for the upcoming Easter holiday and the Labour Day Golden Week, the Lands Department will expedite processing of applications.
A spokesperson from the Development Bureau said, “Through the pilot scheme, we aim to remove barriers and restrictions, enabling various sectors to make full use of indoor and outdoor spaces in shopping malls or other commercial developments to host a wide range of activities. This will enhance visitor experience, attract patronage, boost consumption, and inject more vitality into Hong Kong’s economy.”
Disco fever is set to hit City Square this summer with the return of an exciting outdoor events space.
After a hugely successful debut last year, THOR’S tipi will return to the square on May 16 with a glamourous new disco theme, including glitter balls, the best disco music and themed activities.
The square, which last year was transformed by one of the city’s most ambitious ever transport projects, will see THOR’S providing a selection of cocktails and street food, along with disco-themed games, drinks inspired by nostalgic ice lollies, and live acoustic sessions every Thursday.
Amanda Monaghan, director at THOR’S said “We’re thrilled to be bringing THOR’S back to City Square after such a successful debut year last year, when people really got into the spirit.
“Bringing the party to such a brilliant space was fantastic and we can’t wait to get the party started in May with a new disco theme. It’s sure to be a summer to remember with some classic music, food and drinks.”
This summer will also see the arrival of a new pop-up park on City Square, with additional seating for people to enjoy the space and sunshine.
The park is designed to make the most of the perdestrianised area provided by the City Square improvement works, which have seen an eye-catching new traffic free gateway to the city created along with a new public space.
Little Bird Made will also be returning this year, hosting a monthly pop-up market on City Square.
Councillor Jonathan Pryor, Leeds City Council’s executive member for economy, transport and sustainable development, said: “One of our key aims for the City Square project was to create an attractive, welcoming gateway to the city and a new public space that people living, visiting or working in the city could enjoy.
“Last summer’s events programme really brought this space to life in a whole new way and it was fantastic to see people making the most of this landmark new addition to the city’s public realm.
“We’re really looking forward to welcoming people back to the square this summer for more events and activities and hopefully some sunshine too.”
THOR’S Tipi will be on City Square from May 16 until August 25 and will be delivered at no cost to the council.
The Magic of Indian Silk From Sericulture to Masterpiece
Posted On: 11 APR 2025 1:16PM by PIB Delhi
Silk connects India’s history, tradition and art, evident in iconic silk sarees like Kanchipuram and Banarasi.
Silk is made from silkworms that eat mulberry leaves. The silkworms spin cocoons, which are then turned into silk threads and woven into fabric.
India is the second-largest producer and consumer of silk globally.
India’s raw silk production increased from 31,906 MT in 2017-18 to 38,913 MT in 2023-24.
The area under mulberry plantations grew from 223,926 ha in 2017-18 to 263,352 ha in 2023-24.
Silk and silk goods exports grew from ₹1,649.48 crores in 2017-18 to ₹2,027.56 crores in 2023-24.
Introduction
Silk is a thread that connects India’s history, tradition and art. From the rich, bright colors of Kanchipuram sarees to the earthy beauty of Bhagalpur Tussar, every silk saree tells a story. They are made from pure mulberry silk, woven with care and skill by artisans. This craft has been passed down through generations. As the loom hums with the rhythm of their hands, the silk saree comes to life—not just as clothing, but as a symbol of India’s diverse and vibrant soul, stitched together by the art of silk.
India’s Journey of Sericulture
Life Cycle of Moth
Sericulture is the process of farming silkworms to make silk. Silkworms are raised on mulberry, oak, castor, and arjun leaves. After about a month, they spin cocoons. These cocoons are collected and boiled to soften the silk. The silk threads are then pulled out, twisted into yarn, and woven into fabric. This careful process turns small silkworms into shiny silk.
Economic Role of Silk in Developing India
India is the second largest producer of silk and also the largest consumer of silk in the world. In India, mulberry silk is produced mainly in the states of Karnataka, Andhra Pradesh, Tamil Nadu, Jammu & Kashmir and West Bengal, while the non-mulberry silks are produced in Jharkhand, Chattisgarh, Orissa and north-eastern states.
Mulberry silk comes from silkworms that eat only mulberry leaves. It is soft, smooth, and shiny with a bright glow, making it perfect for luxury sarees and high-end fabrics. 92% of the country’s total raw silk production comes from mulberry.
Non-mulberry silk (also known as Vanya silk) comes from wild silkworms that feed on leaves from trees like oak, castor and arjun. This silk has a natural, earthy feel with less shine but is strong, durable, and eco-friendly.
Silk is a high value but low volume product accounting for only 0.2 % of world’s total textile production. Silk production is regarded as an important tool for economic development. The developing countries rely on it for employment generation, especially in rural sector and also as a means to earn the foreign exchange.
India’s Silk Market Overview
India’s raw silk production has experienced steady growth, rising from 31,906 MT in 2017-18 to 38,913 MT in 2023-24.
This growth is supported by the expansion of mulberry plantations from 223,926 ha in 2017-18 to 263,352 ha in 2023-24, which boosted mulberry silk production from 22,066 MT in 2017-18 to 29,892 MT in 2023-24.
Total raw silk production increased from 31,906 MT in 2017-18 to 38,913 MT in 2023-24.
Exports of silk and silk goods rose from ₹1,649.48 crores in 2017-18 to ₹2,027.56 crores in 2023-24.
As per Directorate General of Commercial Intelligence and Statistics (DGCIS) reports, the country exported 3348 MT of silk waste in 2023-24.
Silk waste consists of leftover or imperfect silk from the production process, such as broken fibers or pieces of cocoons. While it’s regarded as waste, it can still be repurposed to create lower-quality products like silk yarn or fabric, or even recycled into new silk items.
Government Schemes in Silk Development
Government schemes play a crucial role in the growth of the silk industry in India. These initiatives provide financial support and resources for various activities related to sericulture:
The Silk Samagra Scheme is an important initiative by the government to improve the sericulture industry across India. Its objective is to scale up production by improving the quality and productivity and to empower downtrodden, poor & backward families through various activities of sericulture in the country.
The scheme comprises four (4) major Components:
Research & Development, Training, Transfer of Technology and I.T. Initiatives,
Seed Organizations,
Coordination and Market Development and
Quality Certification Systems (QCS) / Export Brand Promotion and Technology Up-gradation.
Silk Samagra-2 is an extension of this effort with a budget of Rs. 4,679.85 crore for the period 2021-22 to 2025-26. These interventions help improve the entire silk production process, from raising silkworms to producing quality silk fabrics.
So far, Rs. 1,075.58 crore has been provided in central assistance, benefiting over 78,000 people.
Financial support has been given to Andhra Pradesh (Rs. 72.50 crore) and Telangana (Rs. 40.66 crore) for the last three years to help with Silk Samagra-2 components.
In addition to Silk Samagra-2, there are other schemes that support the silk and handloom sector:
Raw Material Supply Scheme (RMSS): The Yarn Supply Scheme (YSS) with partial modification and renamed as Raw Material Supply Scheme (RMSS) has been approved for implementation during period from 2021-22 to 2025-26. To make available quality yarn & their blends to the eligible Handloom weavers at subsidized rates. Total 340 lakh kg of yarn has been supplied during financial year 2023-2024 under the Scheme.
National Handloom Development Programme (NHDP): The National Handloom Development Programme (NHDP), running from 2021-22 to 2025-26, aims to support weavers in the handloom sector, including silk fabric producers. The scheme takes a need-based approach to foster the integrated development of handlooms and improve the welfare of handloom weavers. It provides support for raw materials, design, technology upgrades, and marketing through exhibitions. Additionally, it helps create permanent infrastructure like Urban Haats and marketing complexes, benefiting weavers both within cooperatives and in Self-Help Groups.
Scheme for Capacity Building in Textile Sector Scheme (SAMARTH): Launched by the Ministry of Textiles, it is a demand-driven and placement-oriented program. Extended for 2 years (FY 2024-25 & 2025-26) with a budget of Rs. 495 crore to train 3 lakh people. Scheme focuses on entry-level training, as well as upskilling and reskilling in Apparel & Garmenting, handloom, handicraft, silk, and jute.
These schemes have helped improve the quantity and quality of raw silk produced, contributing to the growth of the silk industry in India.
Conclusion
India’s silk industry has grown well with help from schemes like Silk Samagra and Silk Samagra-2. These have supported farmers, weavers and rural families. With more focus on training, new ideas, and better markets, India can become a global leader in silk. This will also help keep our silk traditions alive.
Plastic Parks in India Accelerating Growth of the Polymer-Based Industrial Ecosystem
Posted On: 11 APR 2025 1:03PM by PIB Delhi
Introduction
The Department of Chemicals and Petro-Chemicals is implementing the Scheme for Setting up of Plastic Parks under the umbrella scheme of New Scheme of Petrochemicals, to support setting up need-based Plastic Parks, with requisite state-of-the-art infrastructure, enabling common facilities through cluster development approach, to consolidate the capacities of the domestic downstream plastic processing industry. The objective is to consolidate and synergize the capacities of downstream plastic processing industry to help increase investment, production and export in the sector as well as generate employment. Under the scheme, the government of India provides grant funding up to 50% of the project cost subject to a ceiling of Rs.40 crore per project.
A plastic park is an industrial zone specifically designed for plastic-related businesses and industries. It aims to consolidate and synergize the capacities of the plastic processing industry, promoting investment, production, and exports while generating employment. These parks also focus on achieving environmentally sustainable growth through waste management and recycling initiatives.
Plastic Parks have emerged as an integral part of India’s strategy for managing plastic waste, promoting recycling, and supporting the chemical industry. 10 Plastic Parks have been approved so far in different States. Details of funds released to these Plastic Parks during the last five years are:
Plastic Park Location
Approval Year
Total Project Cost
(₹ crore)
Approved Grant-in-aid
(₹ crore)
Amount Released
(₹ crore)
Tamot, Madhya Pradesh
2013
108.00
40.00
36.00
Jagatsinghpur, Odisha
2013
106.78
40.00
36.00
Tinsukia, Assam
2014
93.65
40.00
35.73
Bilaua, Madhya Pradesh
2018
68.72
34.36
30.92
Deoghar, Jharkhand
2018
67.33
33.67
30.30
Tiruvallur, Tamil Nadu
2019
216.92
40.00
22.00
Sitarganj, Uttarakhand
2020
67.73
33.93
30.51
Raipur, Chhattisgarh
2021
42.09
21.04
11.57
Ganjimutt, Karnataka
2022
62.77
31.38
6.28
Gorakhpur, Uttar Pradesh
2022
69.58
34.79
19.13
Background and Objectives
India stands 12th in the world export of plastics, as per the 2022 World Bank estimates. It has grown exponentially from 2014, when it was worth just 8.2 million thousand USD, as compared to the 2022 estimates, where it reached 27 million thousand USD. This growth has been a result of the constant efforts by the Indian government to promote the production and export of plastics, like setting up Plastic Parks.
The Indian plastics industry was large but highly fragmented with dominance of tiny, small and medium units and thus lacks the capacity to tap this opportunity. The Department of Chemicals & Petrochemicals formulated this scheme with a view to synergize and consolidate the capacities through cluster development and enhance India’s plastic production and export capabilities. The scheme has the following objectives:
Increase the competitiveness, polymer absorption capacity and value addition in the domestic downstream plastic processing industry through adaptation of modern, research and development led measurers.
Increase investments in the sector through additions in capacity and production, creating quality infrastructure and other facilitation to ensure value addition and increase in exports.
Achieve environmentally sustainable growth through innovative methods of waste management, recycling, etc.
Adopt a cluster development approach to achieve the above objectives owing to its benefits arising due to optimization of resources and economies of scale.
Process of setting up a Plastic Park
For the purpose of setting up Plastic Parks, the Department of Chemicals and Petrochemicals seeks preliminary proposals from state governments, highlighting the proposed location, financial details, broad cost estimates etc. Following in-principle approval from the Scheme Steering Committee, the State implementing agency is required to submit a Detailed Project Report (DPR) to the Department, which is evaluated and final approval is given by the Scheme Steering Committee based on the viability of the proposed project.
For example, in November, 2020, the Department invited proposals from the state governments for establishing two new Plastic Parks. Proposals were received from the state governments of Bihar, Uttar Pradesh (02 proposals), Karnataka and Himachal Pradesh. These were examined by an Expert Committee, based on which the setting up of Plastic Parks at Gorakhpur, Uttar Pradesh, and at Ganjimutt, Karnataka, was approved in July, 2022 and January, 2022 respectively.
The Government provides grants-in-aid for the establishment of the Plastic Parks. The implementation of these projects as well as the process of getting them populated by industrial units is largely in the hands of the Special Purpose Vehicles set up by the State Government or State Industrial Development Corporation or their agencies. The respective States have taken several steps to promote private sector participation in these Plastic Parks, including conducting awareness and sensitization programmes for the industry, providing plots at competitive rates, giving tax incentives etc.
Under the Scheme, common infrastructure for the sustainability and eco-friendliness of industrial units is provided including effluent treatment plant, solid/ hazardous waste management, facilities for plastic recycling, incinerator etc. Some of the Plastic Parks have also established in-house recycling sheds for recycling of plastic waste.
Other Government Initiatives for promoting Plastic Production in India
The other initiatives taken by the Government to enhance plastics processing are:
Centres of Excellence (CoE): To promote the research and development in polymer and plastics the department has established 13 Centres of Excellence in various national level institutes.
Location of the Centre of Excellence (CoE)
Title of Centre of Excellence
Date of Approval
National Chemical Laboratory, Pune
Sustainable Polymer Industry to Research & Innovation
15.04.2011
Central Institute of Plastic Engineering & Technology (CIPET), Chennai
Green Transport Network (GREET)
01.04.2011
CIPET, Bhubaneswar
Sustainable Green Materials
06.04.2013
Indian Institute of Technology (IIT), Delhi
Advanced Polymeric Materials
15.03.2013
IIT, Guwahati
Sustainable Polymers (Sus-Pol)
April 2013
IIT, Roorkee
Process Development, Wastewater Management in Petrochemical Industries
12.02.2019
CIPET, Bhubaneswar
Bio-engineered Sustainable Polymeric Systems
12.02.2019
National Chemical Laboratory, Pune
Specialty Polymers for Customized Applications
12.02.2019
CSIR – North East Institute of Science & Technology (CSIR-NEIST)
Polymers, Their Composites and Polymeric Membranes for Sustainable Development of Petroleum Industries
04.12.2020
CSIR-IICT, Hyderabad
Polymer Coatings for Decorative, Protective and Strategic Applications
04.12.2020
CIPET, Bhubaneswar
Manufacturing of Next Generation Bio-Medical Devices
04.12.2020
IIT, Guwahati
Sustainable & Innovative Design and Manufacturing of Polymer-based Products
February 2022
IRMRA, Thane
Design and Development for Value added Toys of Rubber and Allied Finished Products
February 2022
These CoEs focus on various aspects such as sustainable polymers, advanced polymeric materials, bio-engineered systems, and process development for wastewater management in petrochemical industries. They aim to drive innovation, improve technology, and promote environmentally sustainable development within the sector.
Skilling of Workforce:Central Institute of Petrochemical Engineering and Technology is conducting many short term and long-term courses in Plastics processing and Technology to cater to the skilling requirement of the industry.
Indian Plastic Industry and Environment Sustainability
The Government of India has taken several steps to ensure that the development of the plastic industry is environmentally sustainable and aligned with global sustainability standards.
The Extended Producer Responsibility (EPR) Regulations for plastic packaging mandate targets for minimum level of reuse, recycling and use of recycled content. This ensures accountability for waste collection, recycling, and reuse. Certainsingle-use plastics have been banned, with a focus on reducing plastic waste. The regulations also mandate to utilize minimum amount of recycled material in packaging products.
The Hazardous Waste Management Rules seek to ensure proper disposal of hazardous chemicals and promote waste minimization and resource recovery.
The Government promotes the adoption of circular economy principles in the plastic industry, including recycling and the use of biodegradable alternatives. In order to promote the latest technologies and products for circular economy, the Department supports and encourages industry in organizing discussions and exhibitions to showcase the latest technologies and machinery for waste management, recycling and up-cycling as well as the innovative products made from recycled material.
India engages with international organizations such as the World Trade Organization (WTO) and the United Nations Environment Programme (UNEP) to enable compliance with global sustainability standards. Further, India actively participates in meetings of the International Organization for Standardization (ISO) which formulates international standards for plastic products.
Conclusion
The Plastic Parks scheme, under the Department of Chemicals and Petrochemicals, represents a comprehensive and forward-looking initiative that addresses both the industrial growth and environmental sustainability of the Indian plastics sector. By providing state-of-the-art infrastructure, fostering cluster-based development, and encouraging private sector participation, the scheme not only strengthens India’s downstream plastic processing capabilities but also attracts investment, boosts exports, and generates employment. As India continues to rise in global plastic trade rankings, the Plastic Parks scheme and allied measures will remain crucial to ensuring that this growth is sustainable, inclusive, and innovation-driven.
Prime Minister Shri Narendra Modi lays foundation stone, inaugurates development works worth over Rs 3,880 crore in Varanasi,Uttar Pradesh In the last 10 years, the development of Banaras has gained a new momentum: PM
Mahatma Jyotiba Phule and Savitribai Phule ji worked throughout their lives for the welfare of women empowerment, their self-confidence and the welfare of the society: PM
Banas Dairy has changed both the image and destiny of thousands of families in Kashi: PM
Kashi is now becoming the capital of Good Health: PM
Today, whoever goes to Kashi, praises its infrastructure and facilities: PM
India today is carrying forward both development and heritage together, Our Kashi is becoming the best model for this: PM
Uttar Pradesh is no longer just a land of possibilities but of competence and accomplishments!: PM
Posted On: 11 APR 2025 12:56PM by PIB Delhi
The Prime Minister Shri Narendra Modi laid the foundation stone and inaugurated various development projects worth over Rs 3,880 crore today in Varanasi, Uttar Pradesh. Addressing the gathering, he highlighted his deep connection to Kashi, expressing heartfelt gratitude to the people of his family and the region for the blessings and acknowledged the love and support that has been extended to him. He emphasized his indebtedness to this love, stating that Kashi is his, and he belongs to Kashi. Noting that tomorrow is the auspicious occasion of Hanuman Janmotsav, Shri Modi expressed his honor at having the opportunity to visit Sankat Mochan Maharaj in Kashi. He highlighted how, ahead of Hanuman Janmotsav, the people of Kashi have gathered together to celebrate the festival of development.
“In the last 10 years, the development of Banaras has gained a new momentum”, exclaimed the Prime Minister, adding that Kashi has embraced modernity, preserved its heritage, and adopted a bright future. He remarked that Kashi is no longer just ancient but also progressive, now positioned at the center of Purvanchal’s economic map. He further noted that the Kashi guided by Lord Mahadev himself is now driving the chariot of Purvanchal’s development.
Mentioning the inauguration and foundation laying of numerous projects connected to Kashi and various parts of Purvanchal earlier in the event, Shri Modi emphasized the strengthening of connectivity through infrastructure projects, the campaign to provide tap water to every household, and the expansion of education, health, and sports facilities. He remarked on the commitment to provide better amenities to every region, family, and youth, stating that these initiatives will serve as milestones in transforming Purvanchal into a developed region. He noted that every resident of Kashi will benefit greatly from these schemes and extended congratulations to the people of Banaras and Purvanchal for these development efforts.
The Prime Minister marked the occasion of Mahatma Jyotiba Phule’s birth anniversary today, recognizing his and Savitribai Phule’s lifelong dedication to the welfare of society and the empowerment of women. He highlighted the ongoing efforts to advance their vision and commitment to women’s empowerment. He further stated that their Government treads on the mantra of ‘Sabka saath, Sabka Vikas’. He extended congratulations to the livestock-rearing families of Purvanchal, particularly the hardworking women, who have set a new example for the region. He remarked that trust, when placed in these women, has created history. The Prime Minister noted the distribution of bonuses to livestock-rearing families associated with Uttar Pradesh’s Banas Dairy Plant. He emphasized that this bonus, exceeding ₹100 crore, is not a gift but a reward for their hard work and dedication, reflecting the value of their labor and perseverance.
Emphasising the transformative impact of Banas Dairy in Kashi, which has reshaped the lives and destinies of thousands of families, Shri Modi highlighted how the dairy has rewarded hard work and given wings to aspirations. He proudly noted that the efforts have enabled many women in Purvanchal to become “Lakhpati Didis,” transitioning from concerns of sustenance to a path of prosperity. He remarked that this progress is evident not only in Banaras and Uttar Pradesh but across the country. “India has become the largest milk producer globally, with a nearly 65% increase in milk production over the past decade”, he highlighted, attributing this success to millions of farmers and livestock owners, recognizing that such achievements are the result of continuous efforts over the last ten years. He pointed out the initiatives undertaken to advance the dairy sector in mission mode, including linking livestock owners to Kisan Credit Card facilities, increasing loan limits, and introducing subsidy programs. The Prime Minister also mentioned the free vaccination program against Foot and Mouth Disease to protect livestock, as well as efforts to revive over 20,000 cooperative societies for organized milk collection, incorporating lakhs of new members. He underlined the focus on developing indigenous cattle breeds and improving their quality through scientific breeding under the Rashtriya Gokul Mission. These initiatives aim to connect livestock owners with new development pathways, better markets, and opportunities. He lauded the Banas Dairy complex in Kashi for advancing this vision across Purvanchal and noted that Banas Dairy has distributed Gir cows in the region, with their numbers steadily increasing, and has begun arrangements for animal feed in Banaras. He commended the dairy for collecting milk from nearly one lakh farmers in Purvanchal, empowering them and strengthening their livelihoods.
The Prime Minister mentioned the privilege of distributing Ayushman Vay Vandana Cards to several senior citizens. He highlighted the sense of satisfaction evident on their faces, calling it a testament to the scheme’s success. He acknowledged the concerns families have had for their elders’ healthcare and recalled the difficulties faced across Purvanchal 10-11 years ago regarding medical treatment. Noting the drastic improvements in the region, he stated “Kashi is now becoming a health capital”. He remarked that advanced hospitals, once limited to cities like Delhi and Mumbai, are now accessible near people’s homes. He emphasized that this is the essence of development—bringing facilities closer to the people.
Emphasising the significant strides made in healthcare over the past decade, not only increasing the number of hospitals but also enhancing the dignity of patients, Shri Modi highlighted the Ayushman Bharat scheme as a boon for the poor, providing not just treatment but also instilling confidence. He remarked that thousands in Varanasi and lakhs across Uttar Pradesh have benefited from the scheme, with every treatment, operation, and relief marking a new beginning in their lives. He further noted that the Ayushman Bharat scheme has saved crores of rupees for lakhs of families in Uttar Pradesh, as the government has taken responsibility for their healthcare. Recalling his promise of free treatment for senior citizens, which led to the launch of the Ayushman Vay Vandana scheme, the Prime Minister highlighted that this initiative ensures free treatment for every senior citizen above 70 years of age, regardless of their income. He remarked that Varanasi has issued the highest number of Vay Vandana cards, with nearly 50,000 cards distributed. He emphasized that this is not just a statistic but a commitment to service, eliminating the need for families to sell land, take loans, or face helplessness for medical treatment. He assured that with the Ayushman card, the government now bears the financial responsibility for their healthcare.
The Prime Minister highlighted the remarkable transformation of Kashi’s infrastructure and facilities, which have earned widespread praise from visitors. He noted that millions of people visit Banaras daily, offering prayers to Baba Vishwanath and bathing in the sacred Ganga, with many remarking on the city’s significant changes. He emphasized the challenges Kashi would have faced if its roads, railways, and airport had remained in the same condition as a decade ago. He recalled the traffic jams during small festivals, where travelers had to navigate through the entire city, enduring dust and heat. He remarked on the construction of the Phulwariya flyover, which has shortened distances, saved time, and brought relief to daily life. The Prime Minister also highlighted the benefits of the Ring Road, which has drastically reduced travel time for residents of rural areas in Jaunpur and Ghazipur, as well as those from Ballia, Mau, and Ghazipur districts heading to the airport, eliminating hours of traffic congestion.
Underlining the improved connectivity in the region which has led to faster and convenient travel to cities like Ghazipur, Jaunpur, Mirzapur, and Azamgarh with widened roads, Shri Modi remarked that areas once plagued by traffic jams are now witnessing the speed of development. He emphasized the investment of approximately ₹45,000 crore over the past decade in enhancing connectivity in Varanasi and surrounding regions. He stated that this investment has transformed not just infrastructure but also trust, benefiting Kashi and neighboring districts. He announced the expansion of infrastructure projects, including the foundation laying of projects worth thousands of crores. The Prime Minister highlighted the ongoing expansion of Lal Bahadur Shastri Airport and the construction of a six-lane underground tunnel near the airport to improve connectivity. He noted the initiation of projects connecting Bhadohi, Ghazipur, and Jaunpur, as well as the long-awaited construction of flyovers at Bhikharipur and Manduadih. He expressed happiness over the fulfillment of these demands. He also announced the construction of a new bridge connecting Banaras city and Sarnath, which will eliminate the need for travelers from other districts to enter the city while heading to Sarnath.
The Prime Minister remarked that in the coming months, once the ongoing projects are completed, commuting in Banaras will become even more convenient, stressing that this progress will boost both speed and business activities in the region. He highlighted the enhanced ease for those visiting Banaras for livelihood and healthcare purposes. He also mentioned the commencement of the trial for the city ropeway in Kashi, which will position Banaras among the select cities globally to offer such a facility.
Underscoring that every development and infrastructure project in Varanasi benefits the youth of Purvanchal, Shri Modi highlighted the government’s focus on providing continuous opportunities for Kashi’s youth to excel in sports. He remarked on the construction of new stadiums in Banaras and the development of excellent facilities for young athletes. He noted the opening of a new sports complex, where hundreds of players from Varanasi are undergoing training. He also mentioned that participants in the MP Sports Competition have had the opportunity to showcase their talent on these grounds.
Emphasising India’s journey of balancing development and heritage, highlighting Kashi as the finest example of this model, the Prime Minister remarked on the flow of the Ganga and the consciousness of India, describing, “Kashi is the most beautiful representation of India’s soul and diversity”. He noted the unique culture in every neighborhood and the distinct colors of India visible in every lane of Kashi and expressed happiness over initiatives like the Kashi-Tamil Sangamam, which continue to strengthen the threads of unity. He announced the upcoming Ekta Mall in Kashi, which will showcase India’s diversity under one roof, offering products from various districts across the country.
The Prime Minister highlighted the transformation in Uttar Pradesh over recent years, noting that the state has not only changed its economic landscape but also its outlook. He remarked that Uttar Pradesh is no longer just a land of possibilities but has become a land of capability and achievements. He stressed on the growing resonance of ‘Made in India’ globally, with Indian-made products now becoming global brands. He noted the recognition of several products with Geographical Indication (GI) tags, describing these tags as more than just labels—they are certificates of identity for the land. He remarked that GI tags signify that a product is a creation of its soil, and wherever GI tags reach, they open pathways to greater market success.
Underscoring Uttar Pradesh’s leading position in GI tagging across the country, Shri Modi mentioned the growing international recognition of the state’s art, crafts, and skills. He noted that over 30 products from Varanasi and its surrounding districts have received GI tags, describing them as a passport of identity for these items. He listed products from the region that have been recognized, such as Varanasi’s tabla, shehnai, wall paintings, thandai, stuffed red chili, red peda, and tiranga barfi. He also mentioned that products like Jaunpur’s imarti, Mathura’s sanjhi art, Bundelkhand’s kathiya wheat, Pilibhit’s flute, Prayagraj’s moonj art, Bareilly’s zardozi, Chitrakoot’s woodcraft, and Lakhimpur Kheri’s Tharu zardozi have recently been awarded GI tags. “The fragrance of Uttar Pradesh’s soil is now crossing borders, spreading its legacy far and wide”, he added.
Remarking that preserving Kashi means safeguarding the soul of India, the Prime Minister concluded by emphasising the collective commitment to continually empower Kashi and to keep it beautiful and connect its ancient spirit with a modern identity.
The Governor of Uttar Pradesh, Smt Anandiben Patel, the Chief Minister of Uttar Pradesh, Shri Yogi Adityanath were present among others at the event.
Background
Prime Minister laid the foundation stone and inaugurated various development projects worth over Rs 3,880 crore in Varanasi. In line with his commitment to infrastructure development, particularly enhancing road connectivity in Varanasi, he inaugurated and laid the foundation stone for various road projects in the region. Furthermore, he laid the foundation stone for a road bridge between Varanasi Ring Road and Sarnath, flyovers at Bhikharipur and Manduadih crossings of the city and a highway underpass road tunnel on NH-31 at the Varanasi International Airport worth over Rs 980 crore.
Giving a boost to the electricity infrastructure, Prime Minister inaugurated two 400 KV and one 220 KV transmission substations and associated transmission lines of Jaunpur, Chandauli and Ghazipur districts of Varanasi division worth over Rs 1,045 crore. He also laid the foundation stone of a 220 KV transmission substation at Chaukaghat, Varanasi, a 132 KV transmission substation in Ghazipur and augmentation of the Varanasi city electricity distribution system worth over Rs 775 crore.
Prime Minister inaugurated a Transit Hostel at the Police Line and barracks at PAC Ramnagar Campus, to improve facilities for the security personnel. He also laid the foundation stone of new administrative buildings at various police stations and a residential hostel in Police Line.
In line with his vision to ensure education for all, Prime Minister inaugurated projects including a Government Polytechnic College at Pindra, Sardar Vallabhbhai Patel Government College at village Barki, 356 rural libraries and 100 Anganwadi centres also. He also laid the foundation stone for renovation of 77 primary school buildings under the Smart City Mission and the construction of a new building for Kasturba Gandhi School at Cholapur, Varanasi. Promoting sports infrastructure in the city, Prime Minister laid the foundation stone for a synthetic hockey turf with floodlights and spectator gallery at Uday Pratap College and a mini stadium at Shivpur.
Prime Minister also inaugurated the redevelopment of Samne Ghat and Shastri Ghat at Ganga river, 130 rural drinking water schemes under the Jal Jeevan Mission worth over Rs 345 crore, improvement of six municipal wards of Varanasi and landscaping and sculpture installations at various sites of Varanasi.
Prime Minister also laid the foundation stone for MSME Unity Mall for artisans, infrastructure development works of Transport Nagar Scheme at Mohansarai, 1 MW solar power plant at WTP Bhelupur, Community halls in 40 Gram panchayats and beautification of various parks in Varanasi.
Prime Minister presented Geographical Indication (GI) certificates to various local items and products including tabla, painting, thandai, tiranga barfi among others. He also transferred over Rs 105 crore bonus to milk suppliers of Uttar Pradesh associated with Banas Dairy.
काशी का तेजी से चहुंमुखी विकास हो रहा है। इसी कड़ी में आज विभिन्न विकास परियोजनाओं का लोकार्पण-शिलान्यास करना मेरे लिए सौभाग्य की बात है। https://t.co/6vY4qCCLYp
महात्मा ज्योतिबा फुले और सावित्री बाई फुले जी ने जीवन भर नारी शक्ति के हित, उनके आत्मविश्वास और समाज के कल्याण के लिए काम किया: PM @narendramodipic.twitter.com/m0hui2d0Xh
Source: Hong Kong Government special administrative region
InvestHK concludes fruitful Middle East visit to deepen international exchanges and co-operation (with photo) During the visit, Mr Ng met with business leaders, family office representatives and industry stakeholders across Saudi Arabia and the United Arab Emirates, including representatives from Investopia. He also attended a series of high-level business roundtables entitled Hong Kong Growth Dialogues: Building Asia’s Future Super-Corridor, co-organised with Asia House. He also met with local media and elaborated on Hong Kong’s business advantages.
Mr Ng said, “Hong Kong, as a global financial centre, an innovation and technology base, and a ‘super connector’ between Mainland China and international markets, offers abundant business opportunities from recent key developments, including the Northern Metropolis, the Airport City Skytopia and West Kowloon Cultural District, etc. We welcome businesses from the Middle East to capitalise on the opportunities our city offers.”
He added, “Hong Kong’s strategic position in Asia, coupled with the Middle East’s long-term strategies, such as Saudi Vision 2030 and UAE Centennial 2071, fosters collaboration and shared economic growth. By leveraging Hong Kong’s business advantages, we can strengthen co-operation in various areas, including finance, technology, trade, sustainability and tourism amid a fast-changing global economic landscape.”
Hong Kong and the Middle East are deepening financial and economic ties, creating powerful synergies for cross-border investment and shared growth. Recent developments, including cross-listed ETFs (exchange-traded funds) and the recognition of key Middle Eastern stock exchanges as Recognised Stock Exchanges, underscore the growing integration of capital markets between two regions. During the visit, Mr Ng also promoted Hong Kong’s Islamic finance capabilities, citing its successful issuance of three government sukuk and a level playing field for Shariah-compliant products through tax neutrality measures.
Participants at the events expressed keen interest in Hong Kong’s business environment and connectivity. Vice President of the Logistics Division at Yusuf bin Ahmed Kanoo Group Mrs Saffia Abdulla Kanoo said, “I gained valuable insights into Hong Kong and its key sectors through the roundtable discussions. I was particularly impressed by the city’s robust financial infrastructure, strong rule of law, and its role as a hub for innovation and capital flows. The session was highly informative and engaging, inspiring me to further explore the opportunities available in Hong Kong.” Issued at HKT 15:35
SHANGHAI, April 11, 2025 (GLOBE NEWSWIRE) — Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today published a circular (the “AGM Circular”) to provide shareholders with information on the proposals that will be put forward at the Company’s annual general meeting of the shareholders (the “AGM”) for shareholders’ approval and a notice of the AGM (the “AGM Notice”). The AGM will be held at Building 3, Guozheng Center, No. 485 Zhengli Road, Yangpu District, Shanghai, People’s Republic of China on June 20, 2025 at 4:30 p.m. (Hong Kong time), to consider and vote on the resolutions set forth in the AGM Notice. The AGM Circular, AGM Notice and form of proxy for the AGM are available on the Company’s investor relations website at http://ir.bilibili.com.
Holders of record of ordinary shares of the Company at the close of business on May 13, 2025, Hong Kong time, are entitled to attend and vote at the AGM and any adjourned meeting thereof. Holders of the Company’s American depositary shares as of the close of business on May 13, 2025, New York time, who wish to exercise their voting rights for the underlying Class Z ordinary shares of the Company must act through the depositary of the Company’s American depositary share program, Deutsche Bank Trust Company Americas.
Bilibili has filed its annual report on Form 20-F, including its audited financial statements, for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission. Bilibili’s Form 20-F can be accessed on the Company’s investor relations website at http://ir.bilibili.com and on the SEC’s website at http://www.sec.gov.
About Bilibili Inc.
Bilibili is an iconic brand and a leading video community with a mission to enrich the everyday lives of young generations in China. Bilibili offers a wide array of video-based content with All the Videos You Like as its value proposition. Bilibili builds its community around aspiring users, high-quality content, talented content creators and the strong emotional bonds among them. Bilibili pioneered the “bullet chatting” feature, a live comment function that has transformed our users’ viewing experience by displaying the thoughts and feelings of audience members viewing the same video. The Company has now become the welcoming home of diverse interests among young generations in China and the frontier for promoting Chinese culture across the world.
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,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions. Statements that are not historical facts, including but not limited to statements about Bilibili’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 those included in the Company’s filings with the U.S. Securities and Exchange Commission and The Stock Exchange of Hong Kong Limited. All information provided in this announcement and in the attachments is as of the date of this announcement, and the Company undertakes no duty to update such information, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
Bilibili Inc. Juliet Yang Tel: +86-21-2509-9255 Ext. 8523 E-mail: ir@bilibili.com
Piacente Financial Communications Helen Wu Tel: +86-10-6508-0677 E-mail: bilibili@tpg-ir.com
£1.5 million fund to support Windrush compensation applicants
A dedicated community support will deliver justice for victims of the Windrush scandal, ensure they have their voices heard and receive deserved compensation.
Victims of the Home Office Windrush scandal will receive crucial support to access the compensation they deserve under a £1.5 million fund launched by the government today.
The Windrush Compensation Advocacy Support Fund (WCASF) will provide claimants with dedicated advocates from community organisations to work alongside them throughout the compensation application process.
Many victims have reported that while this process is not legally complex, the emotional toll of revisiting traumatic experiences can make it difficult to navigate alone.
Delivered over the next three years and offered alongside existing support for Windrush Compensation Scheme applicants, the WCASF will break down barriers to justice by ensuring victims’ voices are heard and their experiences fully documented.
The fund delivers on the government’s manifesto commitment to provide additional support and work more closely with affected communities and forms part of the wider Plan for Change to deliver justice for Windrush victims.
Minister for Migration and Citizenship, Seema Malhotra MP said:
The Home Office Windrush scandal was an appalling injustice that should never have happened. People who had built their lives here and contributed so much to our country were wrongly treated as illegal immigrants in the place they called home.
This £1.5 million fund is a decisive step in our mission to right these wrongs. By providing dedicated advocacy support, we’re breaking down barriers and ensuring victims have a voice through every step of the compensation process.
We are determined that Windrush communities will finally receive the recognition and justice they deserve.
Advocates will help applicants gather supporting evidence, provide signposting to additional services, and create a trusted environment so no victim has to face the system by themselves.
The additional support will be of immense importance to victims. For many, the scandal resulted in loss of employment, denial of healthcare, threats of deportation, and in some cases, actual deportation from a country they had every right to call home. These experiences led to severe financial hardship, deteriorating mental health, broken families, and shattered trust in government institutions.
The fund has been shaped by extensive consultation with more than 20 organisations, all serving different segments of the Windrush community.
Advocates funded through this initiative will understand applicants’ cultural background and support them to articulate their stories in a safe environment. It aims to ensure applications fully capture the impact of the scandal on individuals’ lives, livelihoods, and wellbeing.
Since coming into office, the government has re-established the Windrush Unit to oversee the department’s response to the scandal and embed permanent cultural change across the Home Office – keeping the voices of victims at the heart of all work undertaken to address the scandal.
Recruitment is currently underway for the vital role of Windrush Commissioner, who will represent victims’ views at the highest levels of government and drive lasting change. The appointment is expected by summer 2025.
Virtual information sessions for organisations interested in applying to the WCASF will be held on 14 and 15 April. To attend, you must register via email to WCSAdvocacySupportFund@homeoffice.gov.uk
All applications must be submitted via the Find and Apply Grant portal by 5pm on 9 May 2025.
Source: State University Higher School of Economics – State University Higher School of Economics –
Moving to a big city does not always radically change daily habits. A study by the Higher School of Economics showed that an adult’s leisure preferences are largely determined in childhood and depend on where he spent his school years. This is the conclusion reached by an employee Faculty of Economic Sciences HSE Sergey Korotayev after studying the leisure habits of more than 5,000 Russians.
The environment in which a person lives shapes his daily habits: how he spends his leisure time, what cultural and social activities he chooses. However, as the employee found out Laboratories for comparative analysis of the development of post-socialist societies Faculty of Economic Sciences of the National Research University Higher School of Economics Sergey Korotaev in the newresearch, lifestyle is influenced not only by the current place of residence. The home town where a person graduated from school also plays an important role.
The study is based on a data set from the project “Social Differences in Modern Russia” and covers more than 5,000 respondents aged 24 to 55. The questionnaires took into account various activity indicators: visiting theaters, exhibitions or sports activities, drinking alcohol together, reading books in libraries and playing computer games. This approach allowed us to record a wider range of everyday behavior patterns.
The results were then divided into three axes: activity versus passivity, cultural practices versus philistine ones, and real actions versus virtual ones. Based on these data, four behavioral clusters were identified: from people with minimal involvement in leisure to those actively attending cultural events. The analysis showed that a higher level of income, education, and professional qualifications is associated with active and cultural lifestyles. Family also influences the choice of leisure in many ways: for example, having a higher education among parents increases the likelihood of cultural and active leisure, both in megacities and in small towns.
However, it is not only social status that influences behavioral style. Researchers have tracked how leisure time changed for those who moved from one type of settlement to another. It turned out that the habits formed are more than a third explained by where a person lived during their school years. Residents of megacities, as a rule, attend cultural events four times more often than those who grew up in small towns or villages.
“It can be assumed that moving itself affects leisure. For example, those who moved to a large city will value new opportunities more, and their leisure will be even more diverse and intense. However, the study showed that this does not happen: the habits of those who moved to large cities are in the middle between the habits of the natives of their hometown and the new one,” comments Sergei Korotayev, an employee of the Faculty of Economic Sciences.
“The context of the move is important: was it related to getting an education or to finding a job in adulthood. This can have a significant impact on what kind of imprint a person’s spatial trajectory leaves on them. But to take this into account, a more complex model and more data are needed,” noted Sergey Korotayev.
These findings raise important questions for regional policy and urban development. Understanding how leisure habits are formed can help to more effectively develop cultural infrastructure and offer residents of different areas and ages the most suitable leisure formats. The researcher emphasizes that in order to influence people’s daily activity, it is necessary to take into account not only their current environment, but also their biographical context.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Eight MEPs will be in Paris from Monday, meeting France’s economy minister, top central bank and treasury officials, and representatives of numerous other public and private organisations.
The delegation of MEPs from the European Parliament’s economic and monetary affairs committee will be headed by Aurore Lalucq (S&D, FR), the committee’s Chair. She will be accompanied by:
During the meetings on Monday, MEP Pascal CANFIN (Renew, FR) will also accompany the delegation.
Meetings
The primary objective of this mission is to visit the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA), as well as representatives of the French government, regulatory authorities and stakeholders in the areas of finance and economics, to discuss issues related to economic developments, economic governance, financial services legislation and the creation of clusters, as well as taxation and competition issues.
Among others, the delegation will meet with France’s Minister for Economy and Finance, Eric Lombard and the Director General of the French Treasury, Bertrand Dumont, as well as the Governor of the Banque de France, François Villeroy de Galhau and the President of the French Court of Audit, Pierre Moscovici. Discussions are also expected to take place with the Secretary General of the OECD and the Chair of the French competition and prudential authorities. MEPs will also take part in roundtable discussions on ECON-related topics, such as the Savings and Investments Union, with academics and industry representatives.
Press conference
A press conference open to all journalists will be held by the leader of the delegation, Ms Lalucq on Wednesday at 15.00. To participate you are invited to fill in this form. The press conference is in physical presence only.
