NewzIntel.com

Category: Economy

  • MIL-OSI Economics: CNB ends the first phase of its monetary policy review with an international workshop and will now start work on developing a new forecasting model

    Source: Czech National Bank

    The first phase of the review of the CNB’s monetary policy analytical and modelling framework has been completed successfully. The CNB brought this phase to a close today with an international workshop attended by top foreign economists led by Claudio Borio, the former Head of the Monetary and Economic Department at the Bank for International Settlements. In the next step, the central bank will develop a new forecasting model to supplement its existing tools. It will also put into practice other recommendations made by domestic and foreign experts who have evaluated the CNB’s past monetary policy. The aim is to enhance the CNB’s analytical and modelling framework so that, among other things, it can better withstand the current environment of unexpected economic shocks.

    The CNB is now entering the second phase of its monetary policy review. This will build on the first phase, which the CNB began by having its analytical and modelling framework assessed independently for the first time ever. Based on the experts’ recommendations, it then strengthened the role of research in the Research and Statistics Department and made other organisational changes to prepare the CNB for the key period ahead. At an international workshop in Prague today, CNB representatives presented the steps taken so far and the outlook for the future. They also discussed the way forward with leading foreign economists with experience of monetary policy reviews in other countries.

    “Looking ahead, the toughest challenges for monetary policy regimes may well be still to come. For one, the political environment is becoming less conducive to a stability-oriented monetary policy. Over time, a dangerous expectations gap has been developing between what monetary policy can deliver and what it is expected to deliver. But inflation targeting regimes cannot afford to stay still,” said Claudio Borio, the former Head of the Monetary and Economic Department at the Bank for International Settlements, who also attended the CNB workshop.

    In the second phase, the CNB will put into practice the recommendations contained in the assessments prepared by expert teams led by Professor John Muellbauer from the University of Oxford, Roman Šustek from Queen Mary University of London and Professor Martin Mandel and Associate Professor Karel Brůna from the Prague University of Economics and Business. These assessments identified deficiencies in the CNB’s current modelling framework and emphasised the need to strengthen the role of economic research at the central bank and to increase the emphasis on the use of available data sources. “Theories and models are valuable to a central bank only to the extent that they facilitate an informed and sufficiently comprehensive debate – one that helps us understand the evolving economic story in the short, medium and long run,” said CNB Deputy Governor Jan Frait. In his opinion, the reviews have shown that the CNB’s current tools cannot fulfil this role to the full.

    “We need analyses that are not only technically accurate, but also sensitive to economic, social and political realities – analyses that reflect emotions as well as facts and figures. To achieve this, we should be open to different points of view, be prepared to reassess our positions when major changes occur, and invest in people who are able to come up with new approaches and ideas based on knowledge of cutting-edge economic research,” added Deputy Governor Frait.

    The main innovation will be an alternative macroeconomic forecasting model to be developed by the Research and Statistics Department at the CNB. The Department was established on 1 January 2025 through the merger of the Economic Research Division of the Monetary Department and the Financial Research Division of the Financial Stability Department with the then Statistics and Data Support Department. “The CNB is currently an outlier internationally. Most other central banks rely on two or more models for monetary policy purposes, whereas we currently use only one central DSGE model. Where a central bank does have a single model, with few exceptions, it is not a DSGE one,” said CNB Deputy Governor Eva Zamrazilová, giving one of the reasons for supplementing the central DSGE model with another powerful forecasting tool.

    The Czech National Bank expects the initial results of the development of the alternative model to emerge before the end of this year. However, according to Eva Zamrazilová, it could take two to three years to complete the entire process, including testing and validation of the proper functioning of the new tool. “We don’t want to rush anything. We will put the emphasis on top quality, not speed, because this is a major step as regards Czech monetary policy,” added Deputy Governor Zamrazilová.

    In addition to the development of an alternative model, the monetary policy review will be reflected in practice on other levels, such as research. According to Bank Board member Jan Kubíček, the expert assessments have not only identified problem areas in the existing modelling framework, but are also an illuminating source of inspiration for the future development of the CNB. “Major advancements have been made around the world in the field of analytical instruments. The monetary policy review gives us an opportunity to take them and use them to our advantage,” said Jan Kubíček, adding that via the CNB, all individuals and companies in the Czech Republic stand to benefit from the results of the monetary policy review in the future.

    Jakub Holas
    Director, Communications Division

    Programme

    9.00 Opening Remarks
    Aleš Michl, Governor, Czech National Bank
    9.05 Keynote Speech: Adjusting Inflation Targeting Frameworks
    Claudio Borio, former Head of Monetary and Economic Department, Bank for International Settlements
    10.05 Panel Discussion: Analytical and Forecasting Frameworks for Inflation Targeting: Lessons Learned
    Chair: Eva Zamrazilová, Deputy Governor, Czech National Bank
    Panellists:
    Óscar Arce, Director General Economics, European Central Bank
    Huw Pill, Chief Economist, Bank of England
    Jan Kubíček, Board Member, Czech National Bank
    11.45 Panel Discussion: Chair: Jan Frait, Deputy Governor, Czech National Bank
    Panellists:
    John Muellbauer, Nuffield College, Oxford University & INET, Oxford
    Roman Šustek, Queen Mary University of London & Centre for Macroeconomics (LSE)
    Jakub Matějů, Deputy Executive Director, Monetary Department, Czech National Bank

    Related links

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Car industry settles competition law case

    Source: United Kingdom – Executive Government & Departments

    Press release

    Car industry settles competition law case

    Car manufacturers and industry bodies have reached a settlement with the CMA after admitting to breaking competition law in relation to vehicle recycling, and related advertising claims.

    • Ten manufacturers – BMW, Ford, Jaguar Land Rover, Peugeot Citroen, Mitsubishi, Nissan, Renault, Toyota, Vauxhall and Volkswagen – and 2 trade bodies have been fined a total of £77,688,917
    • These manufacturers illegally agreed not to compete against one another when advertising what percentage of their cars can be recycled
    • The manufacturers also illegally colluded to avoid paying third parties to recycle their customers’ scrap cars

    Following an investigation by the Competition and Markets Authority (CMA), 10 manufacturers and 2 trade bodies have admitted their involvement in the illegal behaviour and agreed to pay fines totalling over £77 million.

    Mercedes-Benz, which was also involved in these agreements, is exempt from paying a financial penalty as it alerted the CMA to its participation via the authority’s leniency policy.

    The European Commission (EC) launched a parallel probe alongside the CMA in March 2022. The EC has today issued its own decision imposing fines for breaches of EU law.

    Advertising claims

    Amongst other sustainability information, manufacturers are legally required to include details on recyclability in their advertising materials, so customers can take this into account when considering a vehicle’s green credentials before buying.

    In this case, the CMA found that all manufacturers illegally agreed that they would not advertise if their vehicles went above the minimum recyclability requirement of 85% (even if the actual percentage was higher). With the exception of Renault, the manufacturers also agreed not to share information with their customers about the percentage of recycled material used in their vehicles.

    Failing to compete against one another in this way is illegal. It also meant customers buying a car from one of these manufactures were unable to fully compare the green credentials of vehicles when buying, which could have affected their choice.  This kind of behaviour may also lower the incentive for companies to invest in green initiatives.

    Most manufacturers took part in this practice from May 2002 to September 2017, with Jaguar Land Rover joining in September 2008. The agreement was set out in a document called the ‘ELV Charta’ – sometimes referred to as a “gentleman’s agreement” – and sought to “avoid a competitive race” amongst the manufacturers in relation to advertising claims of this kind. This agreement was referenced in emails, internal documents and meeting minutes, and certain manufacturers challenged others when they breached this agreement.

    Buyers’ cartel

    Vehicle manufactures must offer their customers a free service for recycling their old or written-off vehicles having no or negative market value (known in the industry as ‘end-of-life vehicles’ or ELVs), and this service is regularly outsourced to third parties.

    The CMA’s investigation revealed that certain manufacturers were involved in what is known as a ‘buyers’ cartel’ in relation to this service.

    From April 2004 to May 2018, 8 manufacturers – BMW, Ford, Mercedes-Benz, Peugeot Citroen, Renault, Toyota, Vauxhall and Volkswagen – agreed amongst themselves that they would not pay companies to handle the recycling of their customers’ ELVs. This effectively meant the companies providing this service were unable to negotiate a price with manufacturers.

    While companies supplying this recycling service can often make money from ELVs, for example, by retrieving and selling the used parts and raw materials, how profitable it is can vary depending on the price of scrap metal at any given time.

    Other companies and bodies later joined the unlawful agreement, including the European Automobile Manufacturers’ Association (ACEA), the Society of Motor Manufacturers & Traders (SMMT), Nissan and Mitsubishi in 2006, and Jaguar Land Rover in 2016.

    Colluding to agree prices in this manner is illegal. It can impact the incentives for other companies to invest – for example, in better and greener technologies.

    Trade association involvement

    Two trade associations, ACEA and the SMMT, were involved in both illegal agreements.

    The manufacturers used ACEA meetings to facilitate these arrangements, with the association itself chairing meetings and intervening when manufacturers acted outside of the terms.

    The SMMT also attended these meetings and likewise became involved by settling a handful of disputes.

    Lucilia Falsarella Pereira, Senior Director of Competition Enforcement at the CMA, said:

    Agreeing with competitors the prices you’ll pay for a service or colluding to restrict competition is illegal and this can extend to how you advertise your products. This kind of collusion can limit consumers’ ability to make informed choices and lower the incentive for companies to invest in new initiatives.   

    Today’s fines show our commitment to taking action when competition law is broken. In accordance with our leniency policy, we’ve given discounts to those who came forward with information and co-operated at an early stage, which helps to get the swiftest outcomes.

    We recognise that competing businesses may want to work together to help the environment – in those cases our door is open to help them do so.

    Settlement and fines

    All of the car makers and industry bodies, except for Mercedes-Benz (which has been granted immunity from penalties), have now settled with the CMA – meaning they have admitted to taking part in illegal behaviour and agreed to pay fines totalling £77,688,917.

    Following the launch of the CMA’s investigation, the SMMT, Stellantis (the current owner of Peugeot Citroen, Vauxhall and Opel) and Mitsubishi approached the CMA for leniency and, as a result, have received a percentage reduction to their fines.  

    The fines for each company/industry body are:

    Car manufacturer / Industry body Fine for advertising infringement Fine for buyers’ cartel infringement Total (including any % reductions for leniency and/or settlement)
    BMW £10,660,781 £400,144 £11,060,925 (20% settlement reduction)
    Ford £12,949,433 £5,592,496 £18,541,929 (20% settlement reduction)
    Jaguar Land Rover £4,575,812 £50,592 £4,626,404 (20% settlement reduction)
    Peugeot Citroen (and owner Stellantis) £2,952,867 £2,237,080 £5,189,948 (45% leniency reduction and 20% settlement reduction)
    Mitsubishi £746,465 £152,066 £898,531 (25% leniency reduction and 20% settlement reduction)
    Nissan and Renault (formerly the same business group) £6,348,132 (shared fine); £2,800,646 (sole liability for Nissan) £3,631,695 (shared fine) £9,979,826 (shared total) and £2,800,646 (sole liability for Nissan) (20% settlement reduction)
    Toyota £3,941,996 £560,764 £4,502,760 (20% settlement reduction)
    Vauxhall and Opel £1,510,715 £670,412 £2,181,127 (45% leniency reduction and 20% settlement reduction)
    Vauxhall and Opel (and former owner General Motors) (GM is fined only as owner of both firms during part of the infringement) £1,829,904 £1,037,145 £2,867,049 (45% leniency reduction and 20% settlement reduction)
    Vauxhall and Opel (and owner Stellantis) (Stellantis is fined only as owner of both firms during part of the infringement) £22,704 £100,369 £123,072 (45% leniency reduction and 20% settlement reduction)
    Volkswagen £13,472,404 £1,283,496 £14,755,900 (20% settlement reduction)
    ACEA £91,200 £22,800 £114,000 (20% settlement reduction)
    SMMT £31,200 £15,600 £46,800 (35% leniency reduction and 20% settlement reduction)
        TOTAL £77,688,917

    The manufacturers and industry bodies have until 2 June 2025 to pay their fines.

    Notes to editors

    1. In its decision, the CMA has found a single and continuous ‘by object’ infringement of section 2(1) of the Competition Act 1998 (i.e. that the conduct had, as its object, the restriction or distortion of competition within the UK). The CMA has not made any finding as to whether the conduct at issue had the effect of preventing, restricting or distorting competition, or any effect on customers.
    2. The CMA’s decision concerns the restriction of competition in the UK, whereas the EC’s decision is concerned with the restriction of competition in the EU (excluding the UK). The EC’s investigation focused on the same parties as the CMA, but did not include the SMMT.
    3. Under the CMA’s leniency policy, a business that has been involved in cartel activity may be granted immunity from penalties or a reduction in penalty in return for reporting the cartel activity and assisting the CMA with its investigation.
    4. When deciding the financial penalties, the CMA took into account a number of factors, including the seriousness of the illegal behaviour, its duration and each manufacturer’s size and UK turnover in the relevant market. Importantly, differences in fines should not be taken to indicate relative culpability.
    5. A buyers’ cartel is where members of a cartel – or companies buying a service or product – agree amongst themselves how they will individually interact with suppliers. In this case, the manufacturers involved mutually agreed the price that they would each individually pay for recycling services (zero), thereby preventing the providers of recycling services from negotiating a higher price.
    6. All trade associations must operate within the law and the CMA created guidance to help them navigate their obligations – more information can be found here: What do trade associations need to know about competition law?
    7. During the period of the agreements, Renault and Nissan formed part of the same business group. Since 8 November 2023, they no longer form part of the same business group. They are therefore jointly and severally liable for part of the fine, with Nissan being solely liable for an additional amount (in relation to the advertising infringement).
    8. The CMA has created guidance on how competing businesses can collaborate within the law, specifically when it comes to green agreements: Green Agreements Guidance.
    9. Anyone who has information about a cartel is encouraged to call the CMA cartels hotline on 020 3738 6888 or email cartelshotline@cma.gov.uk.
    10. All enquiries from journalists should be directed to the CMA press office by email on press@cma.gov.uk or by phone on 020 3738 6460.
    11. All enquiries from the general public should be directed to the CMA’s General Enquiries team on general.enquiries@cma.gov.uk or 020 3738 6000.

    Updates to this page

    Published 1 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Security: Nigerian National Pleads Guilty to Laundering Millions in Criminal Proceeds Linked to Romance Scams and Business Email Compromise Schemes

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    CHARLOTTE, N.C. – Olumide Olorunfunmi, 39, a Nigerian national, appeared in federal court in Charlotte today and pleaded guilty to money laundering conspiracy for laundering millions in criminal proceeds linked to romance scams and business email compromise schemes, announced Russ Ferguson, U.S. Attorney for the Western District of North Carolina.  According to documents filed with the court and today’s plea hearing, the scheme caused more than 125 victims to transfer over $4.5 million of proceeds stemming from illegal activities.

    Robert M. DeWitt, Special Agent in Charge of the Federal Bureau of Investigation in North Carolina, joins U.S. Attorney Ferguson in making today’s announcement.

    Two of Olorunfunmi’s co-conspirators, both Nigerian nationals, have also pleaded guilty to federal charges and are awaiting sentencing. Specifically, Samson Amos, 53, pleaded guilty to conspiracy to operate an unlicensed money transmitting business. Emmanuel Unuigbe, 42, pleaded guilty to money laundering conspiracy and conspiracy to operate an unlicensed money transmitting business.

    As Olorunfunmi admitted in court today, from 2020 through 2023, Olorunfunmi conspired with Amos, Unuigbe, and others to launder the criminal proceeds of various illegal activities, including romance scams that typically targeted elderly victims, and business email compromise schemes (BECs). Court records show that the victims of the schemes were directed to transfer funds into domestic and international bank accounts controlled by Olorunfunmi and his co-conspirators. Upon receiving the fraud proceeds, Olorunfunmi and his co-conspirators transferred the funds to other bank accounts, in the U.S. and overseas.

    Olorunfunmi, Amos and Unuigbe profited by keeping a portion of the criminal proceeds obtained through the schemes. They also profited by agreeing to “pay” for the domestic deposits received by others by transferring Nigerian Naira from accounts the co-conspirators controlled in Nigeria to other accounts in Nigeria, based upon a “black market” exchange rate for United States Dollars to Naira.

    The charge of money laundering conspiracy carries a maximum sentence of 20 years in prison. A sentencing date has not been set.

    In making today’s announcement, U.S. Attorney Ferguson thanked the FBI for the investigation of the case.

    Assistant U.S. Attorney Daniel Ryan with the U.S. Attorney’s Office in Charlotte is in charge of the prosecution.

    Business Email Compromise Schemes

    BEC schemes, also referred to as “cyber-enabled financial fraud,” are sophisticated scams that often target individuals, employees, or businesses involved in financial transactions or that regularly perform wire transfer payments. Fraudsters are usually part of larger criminal networks

    operating in the United States and abroad. There are many variations of BEC schemes. Generally, the schemes involve perpetrators gaining unauthorized access to legitimate email accounts or creating email accounts that closely resemble those of individuals or employees associated with the targeted businesses or involved in business transactions with the victim businesses. The scammers then use the compromised or fake email accounts to send false wiring instructions to the targeted businesses or individuals, to dupe the victims into sending money to bank accounts controlled by perpetrators of the scheme. Generally, the money is quickly transferred to other accounts in the United States or overseas. More information on BEC schemes can be found here.

    Romance Scams

    In romance scams, fraudsters use a fake online identity to gain a victim’s affection and trust. The fraudsters then use the illusion of a romantic or close relationship to manipulate and/or steal from the victim. The fraudsters want to establish a relationship as quickly as possible, endear themselves to the victim, and gain trust. Fraudsters may propose marriage and make plans to meet in person, but that will never happen. Eventually, they will ask for money. The fraudsters who carry out romance scams are experts at what they do and will seem genuine, caring, and believable, and are present on most dating and social media sites. They also claim to be in the building or construction industry and/or are engaged in projects outside the U.S. That makes it easier to avoid meeting in person and more plausible when they ask for money for a medical emergency or unexpected legal fees. More information on romance scams can be found here.

    If you have been the victim of an online scam or know someone who has been victimized, it is important to report it to law enforcement. Please visit ic3.gov, the FBI’s Internet Crime Complaint Center (IC3), to file a complaint. 

    MIL Security OSI –

  • MIL-OSI: Director/PDMR Notification

    Source: GlobeNewswire (MIL-OSI)

    OCTOPUS APOLLO VCT PLC

    DIRECTOR / PDMR NOTIFICATION

     
    Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
    1. Details of the person discharging managerial responsibilities/person closely associated
    (a)    Name Murray Steele 
    2. Reason for the notification
    (a) Position/status Non-Executive Director
    (b) Initial notification /Amendment Initial notification
    3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
    (a) Name OCTOPUS APOLLO VCT PLC
    (b) Legal Entity Identifier 213800Y3XEIQ18DP3O53
    4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
    (a) Description of the financial instrument, type of instrument Ordinary shares of 0.1p each in OCTOPUS APOLLO VCT PLC
    Identification code GB00B17B3479
    (b) Nature of the transaction Purchase of ordinary shares
    (c) Price(s) and volume(s) Price(s) Volume(s)
    £0.535 per share 60,279
    (d) Aggregated information  Not applicable – single transaction
    – Aggregated volume
    – Price
    (e) Date of the transaction 1 April 2025
    (f) Place of the transaction London Stock Exchange, Main Market (XLON)

    Rachel Peat
    Octopus Company Secretarial Services Limited
    Tel: +44 (0)80 0316 2067

    LEI: 213800Y3XEIQ18DP3O53

    The MIL Network –

  • MIL-OSI: Announcement of the total number of voting rights as at 31 March 2025

    Source: GlobeNewswire (MIL-OSI)

    Regulated information, Leuven, 1 April 2025 (17.40 hrs CEST)

    Announcement of the total number of voting rights as at 31 March 2025

    In application of Article 15 of the Act of 2 May 2007 on the disclosure of major shareholdings in issuers whose shares are admitted to trading on a regulated market, KBC Ancora publishes on its website and via a press release on a monthly basis the total capital, the movements in the total number of voting shares and the total number of voting rights, in so far as these particulars have changed during the preceding month.

    Situation as at 31 March 2025
    Total capital :         EUR 3,158,128,455.28
    Total number of voting shares :            77,011,844
    Number of shares with double voting rights :        39,777,114
    Total number of voting rights (= denominator) :        116,788,958

    The total number of voting rights (the ‘denominator’) serves as the basis for the disclosure of major shareholdings by shareholders.

    On the basis of this information, shareholders of KBC Ancora can verify whether they are above or below one of the thresholds of 3% (threshold set by the Articles of Association), 5%, 10%, and so on (in multiples of five) of the total voting rights, and whether there is therefore an obligation to notify the company that they have exceeded this threshold.

    ———————————

    KBC Ancora is a listed company which holds 18.6% of the shares in KBC Group and which together with Cera, MRBB and the Other Permanent Shareholders ensures the shareholder stability and further development of the KBC group. As core shareholders of KBC Group, they have to this end signed a shareholder agreement.

    Financial calendar:
    29 August 2025                         Annual press release for the financial year 2024/2025
    23 September 2025                  Annual report 2024/2025 available
    31 October 2025                       General Meeting of Shareholders

    This press release is available in Dutch, French and English on the website www.kbcancora.be.

    KBC Ancora Investor Relations & Press contact: Jan Bergmans
    tel.: +32 (0)16 27 96 72 – e-mail: jan.bergmans@kbcancora.be or mailbox@kbcancora.be

    Attachment

    The MIL Network –

  • MIL-OSI: CentralReach Named to Inc. Magazine’s 2025 List of Fastest-Growing Private Companies in the Southeast for 5th Time

    Source: GlobeNewswire (MIL-OSI)

    Fort Lauderdale, FL, April 01, 2025 (GLOBE NEWSWIRE) — CentralReach, a leading provider of Autism and IDD Care software for ABA, multidisciplinary, and special education, today was named to the Inc. Regionals: Southeast list, the most prestigious ranking of the fastest-growing private companies in the Southeast, which includes South Carolina, Kentucky, Tennessee, Georgia, Arkansas, Alabama, Mississippi, Louisiana, Florida, and Puerto Rico. An extension of the national Inc. 5000 list, the Regionals offer a unique look at the most successful companies within the Southeast economy’s most dynamic segment–its independent small businesses.

    CentralReach provides a leading software and services platform to help children and adults diagnosed with autism and related IDDs – and those who serve them – unlock potential, achieve better outcomes, and live more independent lives. The company offers purpose-built solutions for all the settings where care and learning are provided – in homes, clinics, schools, and the workplace.

    The companies on this list show a remarkable rate of growth across all industries in the Southeast. Between 2021 and 2023, these 192 private companies had a median growth rate of 114 percent; by 2023, they’d also added 11,493 jobs and $8.1 billion to the region’s economy.

    “The honorees on this year’s Inc. Regionals list are true trailblazers driving economic growth in their respective regions, industries, and beyond. This list celebrates their achievements and tells the stories of remarkable companies that are fueling growth and adding jobs in local economies throughout the country,” said Bonny Ghosh, editorial director at Inc.

    Inc. has also recognized CentralReach in several of its other awards programs including naming the company a Best in Business honoree for the last two years, Best Workplace for the last three years, and an Inc. 5000 honoree for the last five years. 

    For the complete results of this year’s Inc. Regionals: Southeast winners, including company profiles, visit: https://www.inc.com/regionals/southeast.

    About CentralReach

    CentralReach is a leading provider of autism and IDD care software, providing a complete, end-to-end software and services platform that helps children and adults diagnosed with autism spectrum disorder (ASD) and related intellectual and developmental disabilities (IDD) – and those who serve them – unlock potential, achieve better outcomes, and live more independent lives. With its roots in Applied Behavior Analysis, the company is revolutionizing how the lifelong journey of autism and IDD care is enabled at home, school, and work with powerful and intuitive solutions purpose-built for each care setting.

    Trusted by more than 200,000 professionals globally, CentralReach is committed to ongoing product advancement, market-leading industry expertise, world-class client satisfaction, and support of the autism and IDD community to propel autism and IDD care into a new era of excellence. For more information, please visit CentralReach.com or follow us on LinkedIn and Facebook.

    About Inc.

    Inc. is the leading media brand and playbook for the entrepreneurs and business leaders shaping our future. Through its journalism, Inc. aims to inform, educate, and elevate the profile of its community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating the future of business. Inc. is published by Mansueto Ventures LLC, along with fellow leading business publication Fast Company. For more information, visit www.inc.com.

    The MIL Network –

  • MIL-OSI: FS Bancorp, Inc. and 1st Security Bank Announce the Promotion of Phillip Whittington to Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    MOUNTLAKE TERRACE, Wash., April 01, 2025 (GLOBE NEWSWIRE) — FS Bancorp, Inc. (“Company”) (NASDAQ: FSBW), the holding company for 1st Security Bank of Washington (“1st Security Bank” or “Bank”) announced today that it has named Phillip Whittington as Chief Financial Officer of both the Bank and the Company effective May 1, 2025. Matthew D. Mullet, who previously served as Chief Financial Officer and President will continue to serve as the President for both the Company and the Bank.

    “We are delighted to announce Phil’s promotion to Chief Financial Officer,” said Joe Adams the Bank’s CEO. “I am confident his knowledge of the Bank’s accounting, treasury management and financial reporting requirements makes him the ideal person for this position.”

    Phillip Whittington has served as the Controller of the Bank since January 2020. Prior to joining 1st Security Bank, he was as a manager at the accounting firm of Elliott Davis located in Columbia, South Carolina. Mr. Whittington, a Certified Public Accountant, received his Bachelor of Science in Accounting from the College of Charleston and his Master of Accountancy from the University of South Carolina.

    About 1st Security Bank of Washington

    1st Security Bank offers a range of loan and deposit services primarily to small- and middle-market businesses and individuals in Washington and Oregon. It operates through twenty-seven Bank branches, and one headquarters office that provide loan and deposit services, and loan production offices in various suburban communities in the greater Puget Sound area, the Kennewick-Pasco-Richland metropolitan area of Washington, also known as the Tri-Cities, and in Vancouver, Washington. Additionally, the Bank services home mortgage customers throughout the Northwest predominantly in Washington State including Puget Sound, Tri-Cities and Vancouver.

    Note Regarding Forward Looking Statements

    This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as “may,” “expected,” “anticipate”, “continue,” or other comparable words. In addition, all statements other than statements of historical facts that address activities that 1st Security expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to read the Securities and Exchange Commission reports of FS Bancorp, particularly its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, for meaningful cautionary language discussing why actual results may vary materially from those anticipated by management.

    Contacts:

    Joseph C. Adams
    Chief Executive Officer

    Matthew D. Mullet
    President and Chief Financial Officer
    (425) 771-5299
    www.FSBWA.com

    The MIL Network –

  • MIL-OSI USA: Rep. Sara Jacobs, Sen. Tammy Duckworth Introduce IVF for Military Families Act

    Source: United States House of Representatives – Congresswoman Sara Jacobs (D-CA-53)

    April 01, 2025

    Rep. Sara Jacobs (CA-51), Sen. Tammy Duckworth (D-IL), Sen. Patty Murray (D-WA), and Rep. Rick Larsen (WA-02) introduced the IVF for Military Families Act, which would require TRICARE to cover infertility diagnosis and treatment, including IVF – and end the differing levels of reproductive health care coverage between active duty service members and their dependents and Members of Congress and their staff. 

    Beginning this year, Members of Congress and their staff who obtain health insurance through the DC Health Exchange have access to plans that include coverage for infertility diagnosis and treatment, including IVF and standard fertility preservation services. Meanwhile, TRICARE coverage currently only covers fertility services for those who can prove a service connection to injury or illness. In practice, this leaves about a quarter of service members and spouses who report infertility to pay tens of thousands of dollars in out-of-pocket costs for fertility treatment. Passing the IVF for Military Families Act would strengthen recruitment, retention, and readiness efforts and ensure that service members can access the family-building services they deserve.

    Rep. Sara Jacobs said: “Our military families have sacrificed so much for our safety and security – they shouldn’t also sacrifice their dream to build a family. But for too many service members, the lack of TRICARE coverage of IVF has left them with only a few choices: beat the odds and prove that their infertility is directly related to their service, pay tens of thousands of dollars out-of-pocket for a chance at a family, forgo having children, or leave the military. This is wrong. That’s why I’m proud to introduce the IVF for Military Families Act with Senator Duckworth to give them every opportunity to build their families. To my colleagues: We now have access to this level of health care coverage, and we shouldn’t deny that same standard to those who wear our country’s uniform. And to President Trump: calling yourself the father of IVF is meaningless – take some action and support our bill.”

    “After all the tremendous sacrifices they make, our brave women and men in uniform should never have to make the impossible and unjust choice between serving their country or facing financial ruin just to start a family,” said Senator Duckworth. “It was extremely disappointing that our IVF provision—which would have simply ensured that our servicemembers and their families have access to the same level of IVF coverage as Members of Congress—was removed from the final defense bill behind closed doors last year, even after so many of my Republican colleagues continue to loudly and publicly claim to support IVF. President Trump pledged to voters on the campaign trail that he would go even further by making IVF free if elected and has repeated the bold-faced lie that he is governing on the principle of ‘Promises made, promises kept.’ Republicans can now help him partially fulfill his broken IVF promise by joining our commonsense legislation that would make sure those who answer the call to serve have access to the care they need to build their family.”

    “Servicemembers who risk their lives to protect our families deserve all the support they need to grow theirs,” said Senator Murray. “Federal employees have access to comprehensive infertility treatment, including IVF – and TRICARE should cover those same services for our servicemembers, full stop. Struggling with infertility is painful enough without having to worry about the cost of treatment. I’ve worked for over a decade to expand access to IVF and other fertility treatment for veterans and servicemembers who need it, and am proud to be joining Senator Duckworth to introduce the IVF for Military Families Act to continue fighting to ensure our servicemembers never have to sacrifice their ability to start a family.”

    “One in four military families experience infertility. Congress should take the long-overdue step of overturning outdated limitations on IVF to give service members access to the reproductive health care they deserve,” said Congressman Larsen. “Women and men in uniform should not have to choose between serving their country and starting a family.”

    “MOAA supports the IVF for Military Families Act that would expand TRICARE coverage of assisted reproductive technology (ART) for currently serving families. We appreciate Rep. Sara Jacobs’ and Sen. Tammy Duckworth’s leadership on this issue. Servicemembers have earned a top tier benefit in recognition of the risks and sacrifices they face.  Most large employer sponsored plans – including those covering federal employees and members of Congress – now offer ART/IVF coverage. Addressing this TRICARE parity gap will not only fulfill our nation’s commitment to the currently serving but also ensure TRICARE remains an effective component of the compensation and benefits package that sustains the all-volunteer force,” said Lt. Gen. Brian Kelly USAF (Ret), MOAA President & CEO.

    “The majority of Americans–85%–support access to IVF, one of the most effective medical treatments for those struggling to build their family,” said Barbara Collura, President/CEO, RESOLVE: The National Infertility Association. “Yet so many people are shut out of accessing this care, including the brave Americans who serve in the military. They assume they will have the best medical care possible, yet we make it so hard for them to start or grow their family while serving our country. This injustice can be fixed by passing the IVF for Military Families Act, a bill that simply provides parity to the comprehensive IVF coverage that Members of Congress and their staff have now. There is no need to wait–let’s get this passed.” 

    “The American Society for Reproductive Medicine (ASRM) is proud to support the IVF for Military Families Act. With higher rates of infertility impacting the military due the dangers of the job and the unique family building challenges our men and women in uniform face, it is a no brainer that TRICARE should cover fertility treatments like IVF,” said Sean Tipton ASRM Chief Advocacy & Policy Officer. “For decades, ASRM has championed increasing access to fertility treatment for all Americans, including federal employees. This is why we thank Senators Duckworth and Murray and Congresswoman Jacobs and Congressman Larsen for their leadership on legislation to ensure that military families have no less than the same fertility benefits available to Members of Congress. This should be a bipartisan issue, and we are hopeful the administration will look closely at this bill as it considers ways to expand access and reduce out of pocket costs for IVF.”

    Background: As the representative of San Diego, the country’s largest military community, Rep. Sara Jacobs has led the effort to expand reproductive health care for service members and military families. Last year, she championed a similar effort to expand TRICARE to cover assisted reproductive technology, including IVF, for active duty service members and their dependents. This provision received bipartisan support when it was included unanimously in the National Defense Authorization Act (NDAA) committee mark and in the House-passed version of the NDAA. Unfortunately, the provision was ultimately stripped from the conference report despite versions being included in both the House and Senate NDAAs. The Congresswoman also successfully secured a demonstration program on cryopreservation to reimburse active duty service members for the cost of freezing, shipping, and storing their gametes and to eliminate the co-pay on contraception for all TRICARE beneficiaries in the final version of the FY 2025 NDAA.

    ###

    MIL OSI USA News –

  • MIL-OSI Global: From barriers to belonging: How supporting inclusivity enhances the well-being of people with disabilities

    Source: The Conversation – Canada – By Mohsen Rasoulivalajoozi, PhD candidate, Individualized Program, Faculty of Fine Arts, Concordia University

    To create truly inclusive cities, policy-makers and experts need to go beyond minimum standards and critically examine how our urban spaces continue to exclude people with disabilities. (Shutterstock)

    What does it mean for a city to be accommodating to all its citizens?

    This requires understanding how individuals feel included and valued in the places they live, and responding to their needs by emphasizing genuine inclusivity. For people with mobility challenges, it means feeling no different from others. This applies both to navigating urban spaces and engaging in social interactions.

    Despite efforts to improve accessibility in Canada, many urban spaces still fall short, leaving wheelchair users facing subtle but persistent barriers. We wanted to understand the different challenges and barriers people with disabilities face when using mobility aids.

    To do this, we interviewed 12 experienced physiotherapists in Iran to identify gaps in how mobility aid serve the needs of those who use them, and offer recommendations based on their extensive interactions with users.

    Given the universal needs of mobility aid users — emotional well-being, social integration and functional independence — and the common challenges they face accessing health-care systems around the world, our findings can are relevant for many people around the world, including in Canada.

    Inclusive design

    To create truly inclusive cities, it is vital for policymakers and experts to go beyond minimum standards and critically examine how our urban spaces continue to exclude people with disabilities.

    Marketing professors Vanessa Patrick and Candice Hollenbeck have developed the DARE framework — design, appraisal, response and experience — and propose three levels of inclusive design aimed to make spaces more inclusive for people with disabilities.

    Level 1 ensures accessibility through industry regulations, meeting minimum standards. Level 2 fosters engagement and equity, rooted in social justice principles, by validating user experiences and emphasizing empathy. Level 3 aims to minimize mismatches between users and design, promoting human flourishing through seamless interaction among individuals, the design and their environment.

    Our study outlines how people perceive the inclusivity of mobility aids based on the cost, how they are built and how effective they are in different environments.

    We also considered perceptions of trustworthiness, support and contextual factors, including the social interpretations and representations of these devices. We highlight gaps in users’ needs and provide recommendations to address them. Through this analysis, we identified four key themes that offer valuable insights for enhancing inclusivity.

    Financial burden

    For some, mobility aids can be an added financial burden. Financial constraints may limit access to mobility aids, often forcing users to seek alternatives or delay rehabilitation, potentially worsening their conditions. For example, individuals might resort to second-hand mobility aids which may not be fitted correctly for them.

    Globally, only five to 35 per cent of the 80 million people who need a wheelchair have access to one depending on where they live, with high costs being a primary barrier.

    The high cost of advanced electric wheelchairs further restrict access. This marks a gap at the first level of inclusivity in the DARE framework, where market-driven prices fall short of meeting mobility aid users’ needs.

    Initiatives like the European Union’s Rehabilitation Policy Action Framework have called for increased governmental financial support for mobility aid users. This framework offers 48 options across six domains to translate political goals into action, such as reallocating health-care funds to expand rehabilitation and improve inclusivity.

    Mobility aid users, like all individuals, deserve equal consideration in design and planning.
    (Shutterstock)

    Mismatches between users and mobility aids

    In using mobility aids, a user will typically evaluate two aspects: the design features of the aids themselves and how well they function in their environment.

    If the mobility aid is slightly mismatched with their requirements, the user may find alternative solutions, such as adding padding to a wheelchair to relieve pressure. However, severe mismatches can lead to negative outcomes and result in unmet mobility needs. Furthermore, inadequate anthropometric and ergonomic adjustments can lead to discomfort.

    Similarly, environmental mismatches, such as barriers that disrupt navigation, can reinforce negative stereotypes and condescending attitudes. These barriers can hinder a person’s mobility and ultimately deter them from going out and engaging in social activities.

    New developments and technologies can not only address and mitigate certain mismatches but also positively impact users’ psychological and social needs. However, integrating new technologies requires careful consideration, as assistive devices can also attract social stigma.

    Therefore, it is important to identify which technological or esthetic features of mobility aids evoke positive emotions and minimize stigma.

    Mobility aid users, like everyone, deserve equal consideration in design and planning. Programs like Europe’s Design for All (DfA) and Singapore’s Barrier-Free Accessibility (BFA) promote barrier-free design for all abilities and socioeconomic backgrounds.

    Improving trust

    Trustworthiness is a critical factor in the use of mobility aids, particularly in unfamiliar settings where users may feel uncertain.

    To address this, users seek continuous reassurance about the reliability of their aids, often depending on the support of physiotherapists to navigate mismatches between their needs and their surroundings. Such professional support enhances confidence and mental well-being. Physiotherapists, as trusted experts, can remarkably shape users’ perceptions and acceptance of mobility aids.

    Ensuring trustworthy designs is also crucial, as perceived fragility can undermine user trust. Validating experiences, building trust across environments — including trust in physiotherapists and mobility aid products — is essential to alleviating doubts about how effective they might be.

    Sociocultural influences

    Sociocultural context and the causes of a disability play a significant role in shaping perceptions of mobility aids.

    Regardless of users’ personal experiences, others tend to view mobility aids through the lens of prevailing societal attitudes toward disability. For some, mobility aids may reinforce stereotypes about disabilities. This highlights the critical role of esthetics in shaping public perceptions and social interactions.

    For example, incorporating esthetic refinements into the design can help counter negative perceptions. By addressing negative representations and promoting designs that reflect dignity and inclusivity, interventions can align with inclusively goals and enhance positive social engagement.

    Raising public awareness is key to challenging stereotypes and building empathy. To create an inclusive society, design and planning should consider both the physical and social barriers to accessibility. Achieving this requires a multi-disciplinary effort, and the active participation of people who use mobility aids.

    This article was co-authored by Morteza Farhoudi, an inclusive designer specializing in public transportation studies.

    Mohsen Rasoulivalajoozi receives funding from Social Sciences and Humanities Research Council of Canada.

    Carmela Cucuzzella receives funding from Social Sciences and Humanities Research Council of Canada.

    – ref. From barriers to belonging: How supporting inclusivity enhances the well-being of people with disabilities – https://theconversation.com/from-barriers-to-belonging-how-supporting-inclusivity-enhances-the-well-being-of-people-with-disabilities-249339

    MIL OSI – Global Reports –

  • MIL-OSI USA: Congressman Valadao Introduces Bill to Protect Americans from Romance Scams

    Source: United States House of Representatives – Congressman David G. Valadao (California)

    WASHINGTON – Congressman David Valadao (CA-22) joined Reps. Reps. Brittany Pettersen (CO-07), Tom Suozzi (NY-03), and Craig Goldman (TX-12) to introduce the Romance Scam Prevention Act. This bipartisan, bicameral bill enhances user safety on online dating platforms by requiring service providers to issue fraud ban notifications to users who have interacted with a person removed from the app. Senators Marsha Blackburn (R-TN) and John Hickenlooper (D-CO) introduced the companion bill in the Senate.

    “Online dating has become an increasingly common way for people to connect, but unfortunately, it’s also a tool for scammers looking to take advantage of unsuspecting users,” said Congressman Valadao. “Romance scammers use fake identities to build trust and exploit their victims financially, which has cost Americans over a billion dollars per year. This bipartisan, bicameral bill provides transparency, empowers users to make informed decisions, and reinforces best practices to prevent online scams. I’m proud to help lead the effort to make online dating safer and protect Americans of all ages from financial fraud.

    “Dating apps are still a new frontier for criminals and scammers looking to exploit vulnerable individuals online and regulations are lagging behind,” said Rep. Pettersen. “Notifying users if they have been in contact with a potential scammer is a basic security feature that every online dating service should provide. This bill is a great step towards reducing online crime and keeping Americans safe.”

    “The exploitation of users on online dating apps is emblematic of the dark side of the digital age,” said Rep. Suozzi. “As Americans increasingly turn to online applications, lawmakers across chambers and across the aisle have a responsibility to crack down on scammers who use the internet for extortion, fraud, and other malign purposes.”

    “As millions of Americans turn to online dating services for meaningful connections, a troubling report finds that fraudulent accounts have deceived and exploited innocent Americans out of more than a billion dollars,” said Rep. Goldman. “I’m proud to support Rep. David Valadao’s Romance Scam Prevention Act, which requires online dating services to implement stronger safeguards to prevent these devastating scams. It’s important to protect Americans from malicious online users who seek to defraud them.”

    Background:

    Over 60 million Americans reported using an online dating service in 2023. As Americans continue to go online to find meaningful relationships, scammers are following suit. The Federal Trade Commission reported that romance scams resulted in victims losing over $1.1 billion in 2023 alone.

    Criminals have become exceptionally sophisticated when it comes to finding and exploiting their victims online. They use false names and stories to lure individuals into conversation before manipulating them to give up sensitive information. When an online dating service provider becomes aware of a user committing fraudulent activity, like illegally obtaining money, the online dating service provider immediately deactivates the fraudulent user’s account. However, individuals who meet online often take their conversations to other communication platforms, so even when a fraudulent account is removed, an individual might not know they are still communicating with someone who has been banned from the dating platform.

    This bill was written to ensure no part could interfere with an active law enforcement investigation. Fraud ban notifications are already active in Vermont, Utah, Colorado, Arizona, and New York.

    Read the full bill here.

    ###

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Libraries take another step in digital transformation with Wi-Fi printing

    Source: City of Stoke-on-Trent

    Published: Tuesday, 1st April 2025

    Wi-Fi printing is now available in libraries across Stoke-on-Trent – making it easier for residents to access printing facilities.

    The city council was awarded £300,000 from the Libraries Improvement Fund, which is funded via Arts Council England, and part of this project has involved improving the printing facilities across the city’s six libraries.

    There were 248,276 visits to the libraries in the years 2023/24 and the council is now on track to achieve its target of 250,000 this financial year. Improving library facilities is an important step forward in helping the city’s residents make full use of the library spaces they are using daily.

    By having Wi-Fi printing, users will now be able to print from their own device instead of relying on computer libraries and documents will be available to collect from any library.

    Customer experience will be easier and quicker and it will be a source of support for people who do not have access to printing at home.

    Councillor Alastair Watson, cabinet member for financial sustainability and corporate services at Stoke-on-Trent City Council, said: “I am pleased to see these improvements to our library printing facilities come to fruition thanks to this grant funding.

    “By installing Wi-Fi printing, it forms part of our digital transformation by providing extra support to those without printing at home, whilst freeing up staff time, so they assist customers who struggle with I.T. I hope residents make good use of these facilities and keep enjoying the library space.”

    Wi-Fi printing in libraries will be available from Tuesday, 1 April 2025. Library staff are on hand to support anyone that needs assistance.

    Any customer wanting to access Wi-Fi from home printing can visit www.stoke.gov.uk/printatyourlibrary. Customers then sign in using their library card details. Once logged in they can book to use a computer in a library or send their documents to print in any Stoke-on-Trent library.

    MIL OSI United Kingdom –

  • MIL-OSI: Waton Financial Limited Announces Pricing of Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, April 01, 2025 (GLOBE NEWSWIRE) — Waton Financial Limited (“WTF” or the “Company”), a British Virgin Islands-incorporated holding company that provides of securities brokerage and financial technology services primarily through its Hong Kong subsidiaries, Waton Securities International Limited and Waton Technology International Limited, today announced the pricing of its initial public offering of an aggregate of 4,375,000 ordinary shares, no par value per share (the “Ordinary Shares”), at a public offering price of $4.00 per share (the “Offering”).

    In addition, the Company has granted the underwriters of the Offering a 45-day option to purchase up to an additional 656,250 Ordinary Shares at the initial public offering price (the “Over-allotment”), less underwriting discounts and commissions. The gross proceeds to WTF from the Offering (assuming that the Over-allotment is not exercised), before deducting underwriting discounts and commissions and estimated offering expenses payable by WTF, is expected to be approximately $17,500,000.

    The Ordinary Shares are expected to begin trading on the Nasdaq Capital Market under the ticker symbol “WTF” on April 1, 2025. The Offering is expected to close on April 2, 2025, subject to customary closing conditions.

    The Offering is conducted on a firm commitment basis. CATHAY SECURITIES, INC. is acting as representative of the underwriters for the offering, with Dominari Securities LLC acting as co-underwriter (collectively, the “Underwriters”). Carey Olsen Singapore LLP, Han Kun Law Offices LLP and Hunter Taubman Fischer & Li LLC are acting as British Virgin Islands legal counsel, Hong Kong legal advisers and U.S. securities counsel, respectively, to the Company. Kaufman & Canoles, P.C. is acting as U.S. securities counsel to the Underwriters for the Offering.

    The Offering is being conducted pursuant to the Company’s Registration Statement on Form F-1 (File No. 333-283424) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on March 31, 2025. The Offering is being made only by means of a prospectus. Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. You may get these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, electronic copies of the prospectus relating to the Offering may be obtained from CATHAY SECURITIES, INC. at 40 Wall Street, Suite 3600, New York, NY 10005, or by telephone at +1 (855) 939-3888. 

    This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, and no sale of these securities may be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    Certain statements in this press release are “forward-looking statements” as defined under the federal securities laws, including, but not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can find many (but not all) of these statements by the use of words such as “believe”, “plan”, “expect”, “intend”, “should”, “seek”, “estimate”, “will”, “aim” and “anticipate”, or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    About Waton Financial Limited (“Waton”)

    Waton Financial Limited is a British Virgin Islands-incorporated holding company with operations primarily conducted through its wholly-owned subsidiaries in Hong Kong, Waton Securities International Limited and Waton Technology International Limited. Waton provides a suite of financial services, including securities brokerage, asset management, and software licensing and other support services, catering to a diverse clientele of retail and institutional investors. Waton leverages technology and a client-centric approach with the aim to deliver innovative and reliable financial solutions.

    For further information, please contact:

    Waton Financial Limited 
    Investor Relations Department
    Email: ir@waton.com

    The MIL Network –

  • MIL-OSI: Greenbacker delivers 2024 results

    Source: GlobeNewswire (MIL-OSI)

    Key Takeaways

    • Amid challenging market conditions, including inflationary pressures and macro uncertainty, Greenbacker announces decrease in NAV.
    • Charles Wheeler retires as CEO; Dan de Boer assumes position of interim CEO; Robert Brennan appointed Chairman of the Board.
    • Company institutes additional cost saving measures, including 10% reduction in workforce; operating expenses expected to reduce by $12 million, or 20%, by 2026.
    • Board of Directors authorizes review of strategic alternatives to enhance shareholder value.
    • Total operating revenue in 2024 increased by 16% year-over-year, to $210 million.
    • Operating fleet grew by 8%, with 22 new solar energy assets in operation representing 117 MW of additional power production capacity.
    • Annual power production increase of 23% driven by new solar assets combined with Company’s milestone wind repowers.
    • Greenbacker’s fleet of clean energy assets generated 2.7 billion kilowatt-hours of power, enough to power 250,000 US homes.

    NEW YORK, April 01, 2025 (GLOBE NEWSWIRE) — Greenbacker Renewable Energy Company LLC (“Greenbacker,” “GREC,” or the “Company”), an energy transition-focused investment manager and independent power producer, has announced financial results for 2024, including year-over-year increases in annual revenue, operating capacity, and clean energy generation.¹

    Market conditions, inflationary pressures, and re-underwriting process determined adjusted NAV

    With the renewable energy sector at a critical juncture, during 2024 Greenbacker initiated a detailed, multi-quarter re-underwriting process prior to releasing its December 31, 2024 net asset value (“NAV”), in which the Company evaluated the expected future performance of the assets in its portfolio relative to their historical performance, while also taking into account the impact of current market conditions. As a result, GREC adjusted its aggregate NAV as of December 31, 2024 to $5.03 per share, a 35.5% decrease relative to the September 30, 2024 NAV of $7.81 per share.

    Several factors contributed to the Company’s NAV revision. Inflationary pressures, supply chain imbalances, and increasing insurance costs due to heightened climate risk contributed to a significant increase in operating costs. New clean energy generation projections from independent engineers based on recent industry data have provided additional insight, replacing earlier projections that had been obtained during a period with limited historical data available and diverged relative to actual production. Additionally, there continues to be uncertainty around potential changes to the Inflation Reduction Act and the threat of additional tariffs, both of which are impacting the near-term outlook for renewables.

    These headwinds contributed to a challenging market environment and downward pressure in renewable energy asset pricing across the sector, which Greenbacker saw reflected through both market sale processes and a comprehensive asset-by asset-review.

    At the project level, the Company continues to maintain financial stability, resulting in strong financial coverage ratios. Additionally, at the firm level, Greenbacker continues to maintain sufficient overall liquidity and receive ongoing support from its leading project financing partners.

    Organizational restructuring executed to increase operational efficiencies

    Greenbacker is announcing an organizational restructuring designed to streamline operations, reduce costs, and better position the Company to capitalize on future market opportunities and deliver value to shareholders.

    As part of these changes, Charles Wheeler is retiring from his role as Chief Executive Officer (“CEO”) and Chairman of the Greenbacker Board of Directors (“Board”), effective April 1, 2025. Chief Investment Officer and Head of Infrastructure Dan de Boer has been named interim CEO, effective April 1, 2025, and Director Robert Brennan has been appointed Chairman of the Board. The Greenbacker Board is considering both external and internal candidates for the role of a permanent CEO, which is expected to be confirmed no later than the end of Q2 2025. Wheeler will continue to serve as a member of the Board until the earlier of December 31, 2025 and the date on which a permanent replacement CEO has been appointed.

    Wheeler, who is also one of Greenbacker’s Co-Founders, spoke about his retirement and Greenbacker’s future:

    “14 years ago, with a group of like-minded individuals, I created Greenbacker with the goal of providing an investment vehicle that would enable ordinary American investors to participate in the renewable energy revolution. We’ve built Greenbacker into a business that is contributing to the transition to clean energy with hundreds of projects representing more than 3.6 gigawatts² of clean power generation capacity across the country.

    Given current market conditions, changes are needed to best position Greenbacker to benefit from future market opportunities. I believe that Dan and Greenbacker’s other leaders are the right team to guide us through this period while promoting our mission to empower a sustainable world.”

    De Boer has been with Greenbacker since 2023 and brings nearly two decades of experience in private equity and renewable energy investing, with prior leadership roles and positions at Allianz Capital Partners, Onyx Renewable Partners within Blackstone Energy Partners, and D.E. Shaw Renewable Investments.

    In addition to restructuring the leadership team, the Company has progressed several cost savings initiatives, including a reduction of approximately 10% of its workforce, effective March 31, 2025. Greenbacker anticipates that the reduction in force and other operational efficiency efforts that began in mid-2024 will reduce overhead expenses by $12 million, or 20%, by 2026.

    “We want to recognize the impact that this decision has on the careers and lives of the individuals at Greenbacker,” said interim CEO, Dan de Boer. “We value our people and employed care and thoughtfulness as we attempted to balance our business requirements with any adverse impact to our team. While difficult, we believe that taking these measures will better position the firm to achieve long-term growth.”

    Additionally, the Company has identified opportunities to recycle capital within the portfolio by pursuing targeted non-core asset sales.

    Annual total operating revenue topped $210 million, as Company continued to move assets into operation, contributing to year-over-year production increase of 23%

    During 2024, Greenbacker increased total operating revenue³ by $29 million, or 16% year-over-year, to over $210 million.

    Revenue from the sale of clean energy within Greenbacker’s independent power producer (“IPP”) business segment totaled $185.2 million in 2024, of which $155.0 million, or approximately 84%, came from the Company’s long-term power purchase agreements (“PPAs”).

    For 2024, the net loss attributable to Greenbacker was $(242.3) million and Adjusted EBTIDA⁴ was $59.8 million, representing year-over-year changes of (205)% and 88%, respectively. The net loss was primarily the result of goodwill impairment charges, driven by a deterioration in macroeconomic conditions, as well as by depreciation, amortization, and other impairment charges in the period.

    GREC increased its operating fleet size by 8% in 2024, which included placing 22 new solar energy assets into operation, accounting for 117 MW of additional power production.⁵ Additionally, the three wind assets strategically taken offline during portions of 2023 for repowering (i.e., retrofitting with new, more efficient equipment) had all returned to full operation producing power by early 2024.

    In total, GREC’s new operating solar assets and repowered wind portfolio drove an annual power production increase of 23% year-over-year,⁶ as the Company’s fleet of clean energy assets generated 2.7 billion kilowatt-hours of power, enough to power over 250,000 US homes.⁷

    GREC Operating Fleet 2024 2023 YoY Increase
    (total)    		 YoY Increase
    (%)
    Clean power produced by solar assets (MWh) 1,504,580 1,256,183 248,397 20%
    PPA revenue generated by solar assets ($M) $ 87.8 $ 74.1 $ 13.6 18%
    Clean power produced by wind assets (MWh) 1,236,431 978,236 258,195 26%
    PPA revenue generated by wind assets ($M) $ 65.8 $ 53.9 $ 11.9 22%
    Total clean power generated by wind and solar assets (MWh) 2,741,011 2,234,419 506,592 23%
    Total PPA operating revenue generated by wind and solar assets ($M) $ 153.5 $ 128.0 $ 25.5 20%

    Some figures may not add to stated totals due to rounding. Total clean power generated does not include power generated from biomass facility during 2023 and a portion of 2024, nor does it include assets in which the Company holds a preferred equity position.

    Greenbacker secures nearly $1 billion financing for largest solar farm in New York State; completes $437 million financing for milestone wind repowers; and completes targeted non-core asset sale

    Throughout 2024, Greenbacker made substantial progress on one of its core objectives: securing the capital necessary for the construction of its remaining pre-operating assets—and converting those projects into revenue-generating operating assets selling electricity. The Company also continued to receive robust support from its project finance partners, enabling it to reach significant milestones over the year.

    In particular, Greenbacker secured nearly $1 billion in financing for the acquisition, construction and operation of its 674 MW Cider solar farm, the largest solar energy project in the state of New York to date. Cider also represents both Greenbacker’s largest clean energy asset to date and the largest project financing in Company history (for which it was awarded Proximo Infrastructure’s 2024 Solar Deal of the Year).

    The construction financing represented $869 million from six of the world’s top financial institutions, including ongoing Greenbacker partners MUFG, KeyBanc Capital Markets and Wells Fargo, as well as first-time partnerships with ING Capital LLC, Intesa Sanpaolo S.p.A., New York Branch and Societe Generale. The Company also closed on an $81 million development loan with Voya Investment Management, its first partnership with the global investment manager.

    Greenbacker additionally completed $437 million in financing for its wind repower portfolio. GREC was able to create additional value from existing assets by updating the turbine blades, hubs, and nacelles at three wind projects in its Midwestern fleet. To finance the repowering, the Company collaborated with lending partner Bayerische Landesbank to secure $81.5 million in construction bridge loan facilities, as well as long-term debt and tax equity financing from Huntington National Bank, via sales leasebacks totaling $355.7 million.

    Also in 2024, Greenbacker completed the sale of its 54 MW Panther Creek pre-operating wind asset to an affiliated sustainable infrastructure-focused platform. The asset sale illustrated GREC’s ability to develop large clean energy assets through late-stage development, a key component of its go-forward strategy, while its affiliate platform viewed the project as an opportunity to add a fully developed, high cash-yielding asset, in line with its investment mandate.

    Long-term contracted cash flows with investment-grade counterparties

    As of December 31, 2024, the Greenbacker operating fleet represented approximately 1.6 gigawatts of total clean power generation and storage capacity, spanning over 30 states, territories, districts and provinces. Due to its size and geographic footprint, GREC’s operating fleet was listed among Solarplaza’s 2025 Top 50 Operating Solar Portfolios in North America.

    At the end of 2024, over 93% of Greenbacker’s entire portfolio of operating and pre-operating clean energy projects were currently, or will be when completed, selling power to investment-grade counterparties, including utilities, municipalities, and corporations, under long-term power purchase agreements (“PPAs”). The portfolio had approximately 17.4 years of contracted cash flows associated with these PPAs.

    Review of strategic alternatives

    In addition to the other measures to reduce costs, operate more efficiently, and promote a path to better outcomes for its investors, the Greenbacker Board has authorized the Company to conduct a comprehensive review of strategic alternatives.

    In regard to this review, the Board will consider a full range of operational and financial alternatives. A strategic review may result in Greenbacker securing additional capital to continue executing on its business plan: acquiring, owning, and operating a fleet of sustainable infrastructure assets that the Company efficiently manages to create both value and potential liquidity options for its shareholders.

    “During 2024, Greenbacker closed on the Cider deal, completed our milestone wind repowers, and brought 117 MW of additional capacity online, showcasing how we can utilize additional capital while continuing to deliver on our core focus,” de Boer said. “We believe current valuations in the renewables sector do not align with the supportive fundamentals driving the energy transition, leading to a compelling inflection point for renewable infrastructure investment. In short: we believe this is one of the better times to be investing in the energy transition.”

    Company’s investments produce power, abate carbon emissions, conserve water, and support green jobs

    As of December 31, 2024, Greenbacker’s clean energy assets had cumulatively produced more than 11 million MWh of clean power since January 2016, abating over 7 million metric tons of carbon⁸ and saving nearly 8 billion gallons of water.⁹ Greenbacker’s fleet of operating and pre-operating projects currently support, or are expected to support, thousands of green jobs.¹⁰

    Additional information regarding the Company’s impact can also be found in Greenbacker’s latest impact report.

    Forward-Looking Statements
    This press release contains forward-looking statements, including those that relate to our search for a permanent Chief Executive Officer, our strategy and initiatives and our expectations for growth, within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. The potential risks and uncertainties that could cause our actual results, performance or achievements to differ from the predicted results, performance or achievements include, among others, difficulties or delays we encounter in identifying a permanent Chief Executive Officer; our ability to execute on, and achieve the expected benefits from, our operational and strategic initiatives; our inability to realize the expected reduction in overhead expenses as a result of our reduction in force; volatility of the global financial markets and uncertain economic conditions, including changes in interest rates, inflationary pressures, recessionary concerns or global supply chain issues; public response to and changes in the local, state and federal regulatory framework affecting renewable energy projects; risks associated with changes in the fair value of our investments and the methods we use to estimate the fair value of our assets; and other risks and uncertainties discussed in our most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.

    Non-GAAP Financial Measures
    In addition to evaluating the Company’s performance on a U.S. GAAP basis, the Company utilizes certain non-GAAP financial measures to analyze the operating performance of our segments as well as our consolidated business. Each of these measures should not be considered in isolation from or as superior to or as a substitute for other financial measures determined in accordance with U.S. GAAP, such as net income (loss) or operating income (loss). The Company uses these non-GAAP financial measures to supplement its U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting its operations.

    Adjusted EBITDA
    Adjusted EBITDA is a non-GAAP financial measure that the Company uses as a performance measure, as well as for internal planning purposes. We believe that Adjusted EBITDA is useful to management and investors in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis, as it includes adjustments relating to items that are not indicative on the ongoing operating performance of the business.

    Adjusted EBITDA is a performance measure used by management that is not calculated in accordance with U.S. GAAP. Adjusted EBITDA should not be considered in isolation from or as superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP. Additionally, our calculations of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

    Funds From Operations (FFO)
    FFO is a non-GAAP financial measure that the Company uses as a performance measure to analyze net earnings from operations without the effects of certain non-recurring items that are not indicative of the ongoing operating performance of the business. FFO is calculated using Adjusted EBITDA less the impact of interest expense (excluding the non-cash component) and distributions to tax equity investors under the financing facilities associated with our IPP segment. 

    The Company believes that the analysis and presentation of FFO will enhance our investor’s understanding of the ongoing performance of our operating business. The Company considers FFO, in addition to other GAAP and non-GAAP measures, in assessing operating performance and as a proxy for growth in distribution coverage over the long term.

    FFO should not be considered in isolation from or as a superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP.

    General Disclosure
    This information has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, or to participate in any trading or investment strategy. The information presented herein may involve Greenbacker’s views, estimates, assumptions, facts, and information from other sources that are believed to be accurate and reliable and are, as of the date this information is presented, subject to change without notice.

     
    GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (in thousands, except per share data)
        December 31, 2024   December 31, 2023
             
    Assets        
    Current assets:        
    Cash and cash equivalents   $ 120,057     $ 96,872  
    Restricted cash, current     38,403       85,235  
    Accounts receivable, net     27,103       23,310  
    Derivative assets, current     17,632       24,062  
    Other current assets     28,586       62,429  
    Total current assets     231,781       291,908  
    Noncurrent assets:        
    Restricted cash     3,128       5,568  
    Property, plant and equipment, net     2,232,486       2,133,877  
    Intangible assets, net     362,352       453,214  
    Goodwill     —       221,314  
    Investments, at fair value     74,136       94,878  
    Derivative assets     98,495       118,106  
    Other noncurrent assets     242,667       140,740  
    Total noncurrent assets     3,013,264       3,167,697  
    Total assets   $ 3,245,045     $ 3,459,605  
    Liabilities, Redeemable Noncontrolling Interests and Equity        
    Current liabilities:        
    Accounts payable and accrued expenses   $ 69,464     $ 79,288  
    Shareholder distributions payable     —       7,606  
    Contingent consideration, current     15,293       16,546  
    Current portion of long-term debt     88,901       82,855  
    Current portion of failed sale-leaseback financing and deferred ITC gain     45,868       69,436  
    Other current liabilities     8,767       7,997  
    Total current liabilities     228,293       263,728  
    Noncurrent liabilities:        
    Long-term debt, net of current portion     1,001,654       935,397  
    Failed sale-leaseback financing and deferred ITC gain, net of current portion     201,601       169,829  
    Contingent consideration, net of current portion     300       42,307  
    Deferred tax liabilities, net     35,316       58,696  
    Operating lease liabilities     196,911       108,406  
    Out-of-market contracts, net     180,640       194,785  
    Other noncurrent liabilities     59,261       53,492  
    Total noncurrent liabilities     1,675,683       1,562,912  
    Total liabilities   $ 1,903,976     $ 1,826,640  
    Redeemable noncontrolling interests   $ 1,851     $ 2,179  
    Redeemable common shares, par value, $0.001 per share, nil and 873 outstanding as of 2024 and 2023, respectively     —       1  
    Redeemable common shares, additional paid-in capital     —       7,245  
    Equity:        
    Preferred shares, par value, $0.001 per share, 50,000 authorized; none issued and outstanding     —       —  
    Common shares, par value, $0.001 per share, 350,000 authorized, 199,326 and 197,749 outstanding as of 2024 and 2023, respectively     199       198  
    Additional paid-in capital     1,773,758       1,770,060  
    Accumulated deficit     (584,733 )     (306,525 )
    Accumulated other comprehensive income     34,937       45,932  
    Noncontrolling interests     115,057       113,875  
    Total equity     1,339,218       1,623,540  
    Total liabilities, redeemable noncontrolling interests and equity   $ 3,245,045     $ 3,459,605  
             
             
    GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share data)
        Year ended December 31,
          2024       2023  
    Revenue        
    Energy revenue   $ 185,225     $ 159,301  
    Investment Management revenue     18,757       13,490  
    Other revenue     6,085       8,434  
    Contract amortization, net     (14,301 )     (8,060 )
    Total net revenue   $ 195,766     $ 173,165  
             
    Operating expenses        
    Direct operating costs     124,681       105,586  
    General and administrative     52,552       60,617  
    Change in fair value of contingent consideration     (39,348 )     (603 )
    Depreciation, amortization and accretion     81,953       125,743  
    Gain on deconsolidation, net     (5,622 )     —  
    Impairment of goodwill     221,314       —  
    Impairment of long-lived assets, net and project termination costs     88,410       59,294  
    Total operating expenses     523,940       350,637  
             
    Operating loss     (328,174 )     (177,472 )
             
    Interest expense, net     (7,612 )     (20,328 )
    Change in fair value of investments, net     (14,701 )     932  
    Income from sale-leaseback transfer of tax benefits     22,764       —  
    Other income (expense), net     2,436       (267 )
             
    Loss before income taxes     (325,287 )     (197,135 )
    Benefit (expense) from income taxes     19,378       21,548  
    Net loss   $ (305,909 )   $ (175,587 )
    Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests     (63,609 )     (96,116 )
    Net loss attributable to Greenbacker Renewable Energy Company LLC   $ (242,300 )   $ (79,471 )
             
    Earnings per share        
    Basic   $ (1.22 )   $ (0.40 )
    Diluted   $ (1.22 )   $ (0.40 )
             
    Weighted average shares outstanding        
    Basic     199,313       199,293  
    Diluted     199,313       199,293  
             
             
    GREENBACKER RENEWABLE ENERGY COMPANY LLC AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
        Year ended December 31,
          2024       2023  
    Cash Flows from Operating Activities        
    Net loss   $ (305,909 )   $ (175,587 )
    Adjustments to reconcile Net loss to Net cash provided by operating activities:        
    Depreciation, amortization and accretion     96,254       133,803  
    Gain on deconsolidation, net     (5,622 )     —  
    Impairment of goodwill     221,314       —  
    Impairment of long-lived assets, net     74,782       59,294  
    Loss on sale of Illinois Winds LLC     12,656       —  
    Share-based compensation expense     378       11,248  
    Changes in fair value of contingent consideration     (39,348 )     (603 )
    Amortization of financing costs and debt discounts     6,261       6,711  
    Amortization of interest rate swap contracts     (1,055 )     6,750  
    Change in fair value of interest rate swaps, net     (44,748 )     (17,763 )
    Gain on interest rate swaps, net     (1,356 )     (2,428 )
    Change in fair value of investments     14,701       (932 )
    Deferred income taxes     (19,378 )     (21,548 )
    Interest expense on failed sale-leaseback financing and deferred ITC gain     7,549       —  
    Income from sale-leaseback transfer of tax benefits     (22,764 )     —  
    Other     3,565       5,743  
    Changes in operating assets and liabilities:        
    Accounts receivable     (4,864 )     (2,959 )
    Current and noncurrent derivative assets     52,602       56,696  
    Other current and noncurrent assets     9,416       (10,661 )
    Accounts payable and accrued expenses     14,164       14,891  
    Operating lease liabilities     (1,543 )     (1,290 )
    Other current and noncurrent liabilities     420       1,036  
    Net cash provided by operating activities     67,475       62,401  
             
    Cash Flows from Investing Activities        
    Purchases of property, plant and equipment     (287,822 )     (360,650 )
    Net deposits returned (paid) for property, plant and equipment     8,155       8,138  
    Proceeds from sale of Illinois Winds LLC     36,563       —  
    Purchases of investments     (734 )     (5,298 )
    Return of capital on investments     6,775       3,906  
    Loans made to other parties     (19,742 )     —  
    Receipts from notes receivable     46,204       30,725  
    Net cash used in investing activities     (210,601 )     (323,179 )
             
    Cash Flows from Financing Activities        
    Shareholder distributions     (37,196 )     (87,597 )
    Return of collateral paid for swap contract     —       1,735  
    Repurchases of common shares     (6,428 )     (82,719 )
    Shares withheld related to net share settlement of equity awards     (1,880 )     —  
    Deferred shareholder servicing fees     (3,150 )     (3,486 )
    Contributions from noncontrolling interests     110,216       144,895  
    Distributions to noncontrolling interests     (17,850 )     (17,498 )
    Proceeds from borrowings     404,580       425,532  
    Payments on borrowings     (320,174 )     (351,764 )
    Proceeds from failed sale-leaseback     111,453       240,969  
    Payments on failed sale-leaseback     (87,089 )     —  
    Payments for loan origination costs     (34,698 )     (11,447 )
    Other capital activity     (745 )     (865 )
    Net cash provided by financing activities     117,039       257,755  
    Net decrease in Cash, cash equivalents and Restricted cash     (26,087 )     (3,023 )
    Cash, cash equivalents and Restricted cash at beginning of period*     187,675       190,698  
    Cash, cash equivalents and Restricted cash at end of period   $ 161,588     $ 187,675  
             
    *Cash, cash equivalents and Restricted cash as of May 18, 2022 includes all consolidated subsidiaries of the Company upon the change in status.


    Non-GAAP Reconciliations

    Adjusted EBITDA

    Adjusted EBITDA is a non-GAAP financial measure that the Company uses as a performance measure as well as for internal planning purposes. We believe that Adjusted EBITDA is useful to management and investors in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis as it includes adjustments relating to items that are not indicative of the ongoing operating performance of the business.

    The Company defines Adjusted EBITDA as net income (loss) before: (i) interest expense; (ii) income taxes; (iii) depreciation expense; (iv) amortization expense (including contract amortization); (v) accretion; (vi) impairment of long-lived assets; (vii) amounts attributable to our redeemable and non-redeemable noncontrolling interests; (viii) unrealized gains and losses on financial instruments; (ix) gains and losses for asset dispositions; (x) other income (loss); and (xi) foreign currency gain (loss). Additionally, the Company further adjusts for the following items described below:

    • Share-based compensation is excluded from Adjusted EBITDA as it is different from other forms of compensation as it is a non-cash expense and is highly variable. For example, a cash salary generally has a fixed and unvarying cash cost. In contrast, the expense associated with an equity-based award is generally unrelated to the amount of cash ultimately received by the employee, and the cost to the Company is based on a share-based compensation valuation methodology and underlying assumptions that may vary over time;
    • The change in fair value of contingent consideration, which is related to the Acquisition, is excluded from Adjusted EBITDA, if any such change occurs during the period. The non-cash, mark-to-market adjustments are based on the expected achievement of revenue targets that are difficult to forecast and can be variable, making comparisons across historical and future quarters difficult to evaluate;
    • Beginning 2024, start-up costs associated with new investment strategies is excluded from Adjusted EBITDA. The Company evaluates new investment strategies on a regular basis and excludes start-up cost from Adjusted EBITDA until such time as a new strategy is determined to form part of the Company’s core investment management business.
    • Beginning 2024, placement fees, including internal sales commissions, related to fundraising efforts based on the capital raised, are excluded from Adjusted EBITDA. By excluding these fundraising-related fees from Adjusted EBITDA, we focus on core operational performance, separate from capital raising efforts, which might vary significantly from period to period.
    • Other costs that are not consistently occurring, not reflective of expected future operating expense and provide no insight into the fundamentals of current or past operations of our business are excluded from Adjusted EBITDA. This includes costs such as professional services and legal fees, and other non-recurring costs unrelated to the ongoing operations of the Company.

    Adjusted EBITDA is a performance measure used by management that is not calculated in accordance with U.S. GAAP. Adjusted EBITDA should not be considered in isolation from or as superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP. Additionally, our calculations of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

    FFO

    FFO is a non-GAAP financial measure that the Company uses as a performance measure to analyze net earnings from operations without the effects of certain non-recurring items that are not indicative of the ongoing operating performance of the business.

    FFO is calculated using Adjusted EBITDA less the impact of interest expense (excluding the non-cash component) and distributions to Tax Equity Investors under the financing facilities associated with our IPP segment. The Company excludes these distributions as these are not recorded within Adjusted EBITDA and is therefore not a component of our earnings from operations.

    The Company believes that the analysis and presentation of FFO will enhance our investors’ understanding of the ongoing performance of our operating business. The Company considers FFO, in addition to other GAAP and non-GAAP measures, in assessing operating performance and as a proxy for growth in distribution coverage over the long-term.

    Adjusted EBITDA and FFO should not be considered in isolation from or as a superior to or as a substitute for net income (loss), operating income (loss) or any other measure of financial performance calculated in accordance with U.S. GAAP.

    The following table reconciles Net loss attributable to Greenbacker Renewable Energy Company LLC to Adjusted EBITDA and FFO:

        Three months ended December 31,   Year ended December 31,
    (in thousands)     2024       2023       2024       2023  
    Net loss attributable to Greenbacker Renewable Energy Company LLC   $ (176,623 )   $ (15,822 )   $ (242,300 )   $ (79,471 )
    Add back or deduct the following:                
    Net loss attributable to noncontrolling interests and redeemable noncontrolling interests     (14,635 )     (30,307 )     (63,609 )     (96,116 )
    Benefit (expense) from income taxes     (16,799 )     (7,393 )     (19,378 )     (21,548 )
    Interest expense, net     (27,546 )     28,240       7,612       20,328  
    Depreciation, amortization and accretion(1)     25,310       15,589       97,056       134,647  
    EBITDA   $ (210,293 )   $ (9,693 )   $ (220,619 )   $ (42,160 )
    Share-based compensation expense     (12,602 )     1,255       378       11,248  
    Change in fair value of contingent consideration     (35,584 )     3,500       (39,348 )     (603 )
    Change in fair value of investments, net     15,357       (2,200 )     14,701       (932 )
    Income from sale-leaseback transfer of tax benefits     (22,764 )     —       (22,764 )     —  
    Other income (expense), net     (1,808 )     512       (2,436 )     267  
    Gain on deconsolidation, net     100       —       (5,622 )     —  
    Loss on asset disposition     12,932       —       12,932       —  
    Impairment of goodwill     221,314       —       221,314       —  
    Impairment of long-lived assets, net and project termination costs     55,700       8,632       88,410       59,294  
    Non-recurring professional services and legal fees     1,560       468       8,654       3,388  
    Non-recurring salaries and personnel related expenses(2)     2,491       —       4,150       1,250  
    Adjusted EBITDA   $ 26,403     $ 2,474     $ 59,750     $ 31,752  
    Cash portion of interest expense     (7,828 )     (7,869 )     (30,217 )     (27,473 )
    Distributions to tax equity investors     (4,327 )     (2,449 )     (18,848 )     (15,748 )
    FFO   $ 14,248     $ (7,844 )   $ 10,685     $ (11,469 )
                     
    (1) Includes contract amortization, net in the amount of $4.9 million, $5.8 million, $14.3 million, and $8.1 million for the three months ended December 31, 2024 and 2023 and the years ended December 31, 2024 and 2023, respectively, which are included in Contract amortization, net on the Consolidated Statements of Operations; also includes certain other amortization costs included in Direct operating costs and General and administrative on the Consolidated Statements of Operations.
                     
    (2) Non-recurring salaries and personnel related expenses for 2024 include start-up costs which primarily include salaries and personnel related expenses of incremental employees hired in advance to launch new investment strategy initiatives. Given the nature and scale of the related costs and activities, management does not view these as normal, recurring operating expenses, but rather as non-recurring investments to initially develop our new funds. Therefore, we believe it is useful and necessary for investors to understand our core operating performance in current and future periods by excluding the impact of these start-up costs as incurred. Non-recurring salaries and personnel related expenses for 2024 also include placement fees, including internal sales commission.

    Adjusted EBITDA for the year ended December 31, 2024 has not been adjusted for the charges of $16.6 million incurred as part of a settlement agreement with a third-party vendor due to the termination of the existing purchase contract in order to acquire the solar panels needed for our development and construction pipeline from a different vendor with significantly better economic proposition due to reduced expected cash outlays.

    The following table reconciles total Segment Adjusted EBITDA to Net loss attributable to Greenbacker Renewable Energy Company LLC: 

        Three months ended December 31,   Year ended December 31,
    (in thousands)     2024       2023       2024       2023  
    Segment Adjusted EBITDA:                
    IPP Adjusted EBITDA   $ 26,532     $ 6,721     $ 81,197     $ 62,180  
    IM Adjusted EBITDA     3,033       1,601       2,051       (2,674 )
    Total Segment Adjusted EBITDA   $ 29,565     $ 8,322     $ 83,248     $ 59,506  
                     
    Reconciliation:                
    Total Segment Adjusted EBITDA   $ 29,565     $ 8,322     $ 83,248     $ 59,506  
    Unallocated corporate expenses     (3,162 )     (5,848 )     (23,498 )     (27,754 )
    Total Adjusted EBITDA     26,403       2,474       59,750       31,752  
                     
    Less:                
    Share-based compensation expense     (12,602 )     1,255       378       11,248  
    Change in fair value of contingent consideration     (35,584 )     3,500       (39,348 )     (603 )
    Gain on deconsolidation, net     100       —       (5,622 )     —  
    Loss on asset disposition     12,932       —       12,932       —  
    Impairment of goodwill     221,314       —       221,314       —  
    Impairment of long-lived assets, net and project termination costs     55,700       8,632       88,410       59,294  
    Depreciation, amortization and accretion(1)     25,310       15,589       97,056       134,647  
    Non-recurring professional services and legal fees     1,560       468       8,654       3,388  
    Non-recurring salaries and personnel related expenses(2)     2,491       —       4,150       1,250  
    Operating loss   $ (244,818 )   $ (26,970 )   $ (328,174 )   $ (177,472 )
                     
    Interest expense, net     27,546       (28,240 )     (7,612 )     (20,328 )
    Change in fair value of investments, net     (15,357 )     2,200       (14,701 )     932  
    Income from sale-leaseback transfer of tax benefits     22,764       —       22,764       —  
    Other income (expense), net     1,808       (512 )     2,436       (267 )
    Loss before income taxes   $ (208,057 )   $ (53,522 )   $ (325,287 )   $ (197,135 )
                     
    Benefit from income taxes     16,799       7,393       19,378       21,548  
    Net loss   $ (191,258 )   $ (46,129 )   $ (305,909 )   $ (175,587 )
                     
    Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests     (14,635 )     (30,307 )     (63,609 )     (96,116 )
    Net loss attributable to Greenbacker Renewable Energy Company LLC   $ (176,623 )   $ (15,822 )   $ (242,300 )   $ (79,471 )
                     
    (1) Includes contract amortization, net in the amount of $4.9 million, $5.8 million, $14.3 million, and $8.1 million for the three months ended December 31, 2024 and 2023 and the years ended December 31, 2024 and 2023, respectively, which are included in Contract amortization, net on the Consolidated Statements of Operations; also includes certain other amortization costs included in Direct operating costs and General and administrative on the Consolidated Statements of Operations.
                     
    (2) Non-recurring salaries and personnel related expenses for 2024 include start-up costs which primarily include salaries and personnel related expenses of incremental employees hired in advance to launch new investment strategy initiatives. Given the nature and scale of the related costs and activities, management does not view these as normal, recurring operating expenses, but rather as non-recurring investments to initially develop our new funds. Therefore, we believe it is useful and necessary for investors to understand our core operating performance in current and future periods by excluding the impact of these start-up costs as incurred. Non-recurring salaries and personnel related expenses for 2024 also include placement fees, including internal sales commission.


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

    About Greenbacker Capital Management
    Greenbacker Capital Management LLC is an SEC registered investment adviser that provides advisory and oversight services related to project development, acquisition, and operations in the renewable energy, energy efficiency, and sustainability industries. For more information, please visit www.greenbackercapital.com.

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

    ____________________________________________
    ¹ The financial and portfolio metrics set forth herein are unaudited and subject to change. Data as of December 31, 2024. Total assets and megawatts statistics include those projects where we have contracted for the acquisition of the project pursuant to a Membership Interest Purchase Agreement (“MIPA”).
    ² Includes pre-operating and operating assets across combined GREC and GREC II portfolios. Data as of December 31, 2024.
    ³ Total operating revenue excludes non-cash contract amortization, net.
    ⁴ Adjusted EBITDA is a non-GAAP financial measure that the Company uses as a performance measure, as well as for internal planning purposes. We believe that Adjusted EBITDA is useful to management and investors in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis, as it includes adjustments relating to items that are not indicative on the ongoing operating performance of the business. See “Non-GAAP Financial Measures” for additional discussion. Adjusted EBITDA is unaudited. See the Company’s 10-K filed with the SEC for additional financial information and important related disclosures.
    ⁵ Data as of December 31, 2024. Total assets and megawatts statistics include those projects where we have contracted for the acquisition of the project pursuant to a Membership Interest Purchase Agreement (“MIPA”). The financial and portfolio metrics set forth herein are unaudited and subject to change
    ⁶ Does not include power generated from biomass facility during 2023 and a portion of 2024, and also does not include assets in which the Company holds a preferred equity position
    ⁷ Frequently Asked Questions (FAQs) – U.S. Energy Information Administration (EIA)
    ⁸ Data is as of December 31, 2024. When compared with a similar amount of power generation from fossil fuels. Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the Avoided Emissions and generation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions.
    ⁹ Data is as of December 31, 2024. Water saved by Greenbacker’s clean energy projects is compared to the amount of water needed to produce the same amount of power by burning coal. Gallons of water saved are calculated based on Operational water consumption and withdrawal factors for electricity generating technologies: a review of existing literature – IOPscience, J Macknick et al 2012 Environ. Res. Lett. 7 045802.
    ¹⁰ Data is as of December 31, 2024. Green jobs calculated using The National Renewable Energy Laboratory (NREL) State Clean Energy Employment Projection Support, nrel.gov.

    The MIL Network –

  • MIL-OSI USA: Wyden, Merkley, Colleagues Introduce Honor Farmer Contracts Act

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    April 01, 2025
    Washington D.C.—U.S. Senators Ron Wyden, D-Ore., and Jeff Merkley, D-Ore., said today they have joined Senate colleagues to introduce legislation that would release funding illegally withheld by the Trump administration for all contracts and agreements previously entered into by the U.S. Department of Agriculture (USDA). 
    “The unlawful freezing of federal funding has inflicted chaos on nearly every part of our lives, and this funding can make the difference between whether farms in Oregon and nationwide can stay in business or not,” Wyden said. “Agriculture plays a huge part in Oregon’s economy, and it’s absolutely essential for the federal government to fulfill its end of the deal with farmers’ promised reimbursement. The Honor Farmer Contracts Act would reverse the Trump administration’s reckless actions and ensure farmers can trust that the federal government won’t stiff them.”
    “The USDA’s failure to honor its commitments is hurting farmers and rural communities in Oregon and across the country,” said Merkley. “The Honor Farmer Contracts Act is about restoring trust and ensuring farmers get the Congressionally authorized funding they were promised. The Trump Administration’s illegal federal funding cuts violate contracts, jeopardize livelihoods, and weaken our food system. It’s time to restore critical funding and support the farmers who feed our communities.”
    Trump’s Agriculture Department has refused to make reimbursement payments to fulfill signed contracts, without any indication of when or whether farmers will be paid the money they laid out and are owed. Farmers and the organizations that serve them operate on tight margins and cannot be left waiting for weeks and months without funding they rightfully planned for and need to keep operating. Similarly, farmer-serving organizations—which farmers rely upon to connect to local markets and implement practices that make them more productive and less resource intensive—are facing imminent funding crises from not being reimbursed for completed or in-progress contracted work. This legislation would require the USDA to pay farmers all past due payments as quickly as possible to prevent them from having to shut down their operations. 
    The Honor Farmer Contracts Act would:
    Require USDA to unfreeze all signed agreements and contracts;
    Require USDA to make all past due payments as quickly as possible;
    Prohibit USDA from cancelling agreements or contracts with farmers or organizations providing assistance to farmers unless there has been a failure to comply with the terms and conditions of the agreement or contract.
    Prohibit USDA from closing any Farm Service Agency county office, Natural Resources Conservation Service field office or Rural Development Service Center without providing 60 days prior notice and justification to Congress.
    The Honor Farmer Contacts was led by U.S Senator Cory Booker, D-N.J. In addition to Wyden and Merkley, the legislation is cosponsored by U.S. Senators Tammy Duckworth, D-Ill., Peter Welch, D-Vt., Adam Schiff, D-Calif., Chris Van Hollen, D-Md., Martin Heinrich, D-N.M., Kirsten Gillibrand, D-N.Y., Angus King, I-Maine, Tina Smith, D-Minn., Ed J. Markey, D-Mass., Dick Durbin, D-Ill., Richard Blumenthal, D-Conn., Tammy Baldwin, D-Wis., Sheldon Whitehouse, D-R.I., and Bernie Sanders, I-Vt. U.S. Representative Gabe Vasquez, D-N.M., will introduce companion legislation in the House.
    The full text of the bill is here.
    To see the full list of organizations endorsing the Honor Farmer Contracts Act, click here.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Cheshire builder sentenced after taking payments from customer for work he did not complete

    Source: United Kingdom – Executive Government & Departments

    Press release

    Cheshire builder sentenced after taking payments from customer for work he did not complete

    The director took pre-payments from his victim despite knowing his company was on the brink of insolvency

    • Gary Roberts accepted payments from a customer for a home extension in Cheshire which he should have known he was not going to be able to fulfil 

    • Roberts persuaded his victim to pay £17,000 but left a large section of the rear of her house knocked down, with rubble in the garden 

    • His company, GR Developments 1 Ltd, was in financial difficulties at the time, which Roberts knew as he sought professional advice on placing the company into liquidation just weeks later 

    • Roberts also transferred more than £11,000 of company money to his own personal bank account 

    A Cheshire builder who left a woman with a gaping hole where her kitchen once stood has been handed a suspended jail sentence. 

    Gary Roberts told the victim to pay more than £17,000 for new windows and a rear extension in 2021 which he never completed. 

    The 60-year-old also paid himself more than £11,000 in funds from his GR Developments 1 Ltd company at the time it was entering liquidation. 

    Roberts, of Old Spot Way, Winsford, was sentenced to six months in prison, suspended for two years, at Chester Magistrates’ Court on Monday 31 March. 

    He was also ordered to complete 20 days of community rehabilitation activity, pay £1,000 in costs, and a £154 surcharge. 

    David Snasdell, Chief Investigator at the Insolvency Service, said:

    Gary Roberts left his victim in a state of utter desperation after wrecking her home. He never should have even signed a contract with her, as he knew his company was in financial trouble.

    The back of the victim’s house was completely exposed to the elements, having been knocked down from the kitchen. Roberts and his company also left a huge mess in her garden, with debris and rubble everywhere.

    Protecting the public from rogue traders such as Roberts is something the Insolvency Service takes extremely seriously. Fraudulent behaviour which causes clear financial harm to innocent people will be thoroughly investigated by the agency.

    Roberts signed a contract with his customer at the start of May 2021, promising to complete an extension to the rear of her property. 

    Within one week, the victim had paid Roberts £10,000 as a deposit. A further payment of £7,000 was made at the end of June in that year. 

    However Roberts never finished the project. The victim completed her extension in April 2022 after employing other tradesmen and lost out on the £17,000 she had handed over to Roberts. 

    In May 2021, just weeks after signing the contract with his victim, Roberts received advice from professionals about placing GR Developments into liquidation. 

    He also paid himself £11,513 in company money during May and July 2021 when he knew that GR Developments was insolvent. 

    GR Developments was eventually dissolved in January 2023. 

    Roberts was subsequently banned as a company director for 10 years for his misconduct at GR Developments, with the disqualification in place until February 2034. He was also ordered to pay his victim more than £10,000 in compensation.

    Further information 

    Updates to this page

    Published 1 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Europe: ​EBA’s platform contributes to successful execution of the NBSG crisis simulation exercise

    Source: European Banking Authority

    ​The European Banking Authority (EBA) contributed to the successful execution of the Nordic-Baltic Stability Group’s (NBSG) crisis simulation exercise. This is according to a report published today by the authorities involved in the NBSG, following their joint autumn 2024 exercise. 

    ​Over a period of five days in the autumn of 2024, the Nordic-Baltic Stability Group (NBSG1) conducted a financial crisis simulation exercise across its 8 member countries. The goal of the exercise was to test collaboration and coordination across authorities in the region during a fictitious financial crisis, in order to further improve the resiliency of crisis management frameworks in the Nordic Baltic region. 

    ​In line with the EBA work programme for 2024-2026, the EBA maintains a high focus on crisis simulation exercises. During this exercise, the EBA supported the NBSG through its platform that enabled the secure and efficient sharing of confidential documents and information in a secured way. The platform performed well, with no downtime or issues and was praised by the exercise participants for its effectiveness and reliability. 

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Cheshire builder sentenced after taking payments from customer for work he could not complete

    Source: United Kingdom – Executive Government & Departments

    Press release

    Cheshire builder sentenced after taking payments from customer for work he could not complete

    The director took pre-payments from his victim despite knowing his company was on the brink of insolvency

    • Gary Roberts accepted payments from a customer for a home extension in Cheshire which he should have known he was not going to be able to fulfil 

    • Roberts persuaded his victim to pay £17,000 but left a large section of the rear of her house knocked down, with rubble in the garden 

    • His company, GR Developments 1 Ltd, was in financial difficulties at the time, which Roberts knew as he sought professional advice on placing the company into liquidation just weeks later 

    • Roberts also transferred more than £11,000 of company money to his own personal bank account 

    A Cheshire builder who left a woman with a gaping hole where her kitchen once stood has been handed a suspended jail sentence. 

    Gary Roberts told the victim to pay more than £17,000 for new windows and a rear extension in 2021 which he never completed. 

    The 60-year-old also paid himself more than £11,000 in funds from his GR Developments 1 Ltd company at the time it was entering liquidation. 

    Roberts, of Old Spot Way, Winsford, was sentenced to six months in prison, suspended for two years, at Chester Magistrates’ Court on Monday 31 March. 

    He was also ordered to complete 20 days of community rehabilitation activity, pay £1,000 in costs, and a £154 surcharge. 

    David Snasdell, Chief Investigator at the Insolvency Service, said:

    Gary Roberts left his victim in a state of utter desperation after wrecking her home. He never should have even signed a contract with her, as he knew his company was in financial trouble.

    The back of the victim’s house was completely exposed to the elements, having been knocked down from the kitchen. Roberts and his company also left a huge mess in her garden, with debris and rubble everywhere.

    Protecting the public from rogue traders such as Roberts is something the Insolvency Service takes extremely seriously. Fraudulent behaviour which causes clear financial harm to innocent people will be thoroughly investigated by the agency.

    Roberts signed a contract with his customer at the start of May 2021, promising to complete an extension to the rear of her property. 

    Within one week, the victim had paid Roberts £10,000 as a deposit. A further payment of £7,000 was made at the end of June in that year. 

    However Roberts never finished the project. The victim completed her extension in April 2022 after employing other tradesmen and lost out on the £17,000 she had handed over to Roberts. 

    In May 2021, just weeks after signing the contract with his victim, Roberts received advice from professionals about placing GR Developments into liquidation. 

    He also paid himself £11,513 in company money during May and July 2021 when he knew that GR Developments was insolvent. 

    GR Developments was eventually dissolved in January 2023. 

    Roberts was subsequently banned as a company director for 10 years for his misconduct at GR Developments, with the disqualification in place until February 2034. He was also ordered to pay his victim more than £10,000 in compensation.

    Further information 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Russia to be placed on Foreign Influence Registration Scheme

    Source: United Kingdom – Executive Government & Departments 3

    News story

    Russia to be placed on Foreign Influence Registration Scheme

    The Russian state will be specified under the enhanced tier of the Foreign Influence Registration Scheme, as regulations laid in Parliament for implementation.

    Russia is to be put on the enhanced tier of the Foreign Influence Registration Scheme (FIRS), meaning anyone working for the Russian state in the UK will need to declare what they are doing or risk jail, the government announced today.

    Introduced under the National Security Act 2023, FIRS is a tool to help protect our democracy, economy and society from covert, deceptive or otherwise harmful activities against UK interests. The enhanced tier has been specifically designed to shed light on activities directed by particular foreign powers which pose a threat to the safety or interests of the UK.

    Russia is the second country to be placed on the enhanced tier, following the announcement in March that Iran would be specified. The government will designate all parts of the Russian state – including its president, its parliament, all Russian ministries and their agencies, and the Russian intelligence services. 

    The specification of the Russian state is in response to the significant and persistent threat Russia poses to the UK and our interests, which has only increased in recent years. Russian hostile acts on UK soil have ranged from the use of a deadly nerve agent in Salisbury, malign cyber incidents – which included targeting UK parliamentarians through spear-phishing campaigns – as well as espionage and arson.   

    Less than 4 weeks ago, 3 people living in the UK were found guilty of carrying out espionage activity on behalf of the Russian state, in an operation which police described as “highly sophisticated” and at “industrial scale.” A further 3 members of the same group had already pleaded guilty to espionage charges before the trial.     

    Meanwhile, Russia continues to wage its unprovoked and illegal war against Ukraine, a war which Russia could end by tomorrow by withdrawing its forces. The UK remains committed to a just and lasting peace in Ukraine and will continue to exert maximum economic pressure to stop Russia from threatening and undermining Ukraine’s sovereignty, territorial integrity and independence, and to help ensure Russia pays for the damage it has caused.   

    Home Secretary, Yvette Cooper, said: 

    For too long, the Kremlin has been responsible for unacceptable threats to our national security – from damaging cyber-attacks, malign attempts to interfere in our democratic processes and attempted assassinations in this country.

    Our new Foreign Influence Registration Scheme gives us the power to take much stronger action against any Russian threat. The new measures will make it harder for Russia to conduct hostile acts against us in future and demonstrate once again this government’s unshakable commitment to keep our country and our people safe, as outlined in the Plan for Change.

    Foreign Secretary, David Lammy, said:

    Over the past few years, Russia has pursued increasingly hostile policies against the UK and its interests – harassing British diplomats, attempting to undermine British politics through malign interference and cyber operations, and recruiting spies to undertake acts of arson and sabotage on UK soil.   

    We’ve responded robustly, tightening up our visa laws for the Kremlin’s cronies, and withdrawing the accreditation of several Russian diplomats. We’ve unleashed unprecedented sanctions against the Russian regime following its illegal invasion of Ukraine. Today we’re going even further, holding Russia to account and exposing its shady attempts at interference to sunlight for all to see.

    The UK has already taken strong action to combat Russia’s threats against UK interests, expelling over 20 Russian intelligence officers since the Salisbury poisonings in 2018, revoking the accreditation of several Russian diplomats in response to the harassment and expulsion of British diplomats, removing diplomatic status from Russian properties believed to be used in intelligence activities, and limiting the length of visas granted to Russian diplomats. 

    Following Russia’s invasion of Ukraine, the UK and our international partners have implemented the most severe package of sanctions ever imposed on a major economy. Since March 2022, we have sanctioned over 2,000 individuals and entities, leading the charge against the Shadow Fleet and eroding Russia’s war machine.

    In Parliament, the Security Minister also announced that statutory instruments to enable the wider scheme have been laid, which will enable it to commence on 1 July 2025. This includes regulations to implement the political influence tier of the scheme, which applies to all states; will allow the UK to be better informed about the nature, scale and extent of foreign influence in the UK’s political system; and will strengthen our resilience against all covert foreign influence.  

    The political tier requires the registration of any arrangement to carry out political influence activities in the UK at the direction of any foreign power. 

    Security Minister, Dan Jarvis said: 

    The political tier of the Foreign Influence Registration Scheme will make it easier to identify covert influence and better protect against it.  

    It will also mean that MPs can verify if someone they are considering talking to is acting on behalf of a foreign government, so they can make an informed choice about whether to engage. 

    National security is the foundation of our Plan for Change, and it is our responsibility to protect the safety and interests of the UK. Now is the right time to boost transparency about foreign-directed activities, ensuring we can act swiftly and effectively.

    The tool provides transparency and will have the ability to prosecute individuals for non-compliance. 

    By laying these regulations today, the government will be giving sectors 3 months to help them prepare for the scheme. During that time, the government will work closely with the relevant sectors – including academia and business – to ensure they understand their obligations. Comprehensive guidance to help anyone who may need to register to understand their responsibilities under the scheme has been published online.

    Updates to this page

    Published 1 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Welch Statement Ahead of Trump’s Next Round of Tariffs, a Tax Hike on American Families

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C.—As President Trump reportedly prepares to enact blanket tariffs that will impact trade globally and plunge the economy into chaos, U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, released the following statement: 
    “It is obvious that Trump ‘couldn’t care less’ about the American people feeling the pain of his reckless tariffs. President Trump needs to get real: this half-baked trade war will only raise prices for consumers. Trump’s so-called ‘liberation day’ will throw the global economy into turmoil and leave Americans holding the bag,” said Senator Peter Welch. “I can support tariffs that demand accountability from bad actors like China, but it must be done in a multilateral, smart way. We should not impose sweeping tariffs on our allies and longtime partners in trade. America’s close economic ties with our trading partners are based on trust. These on-again, off-again tariffs are extremely destructive and totally unnecessary. President Trump is sticking it to our farmers, our businesses, and everyday working people.” 
    More than 18,600 Vermonters work in industries targeted by retaliatory tariffs, and thousands more will see higher costs for food, fuel, and energy. A new poll from AP-NORC found that a majority of voters—60% disapprove—of the president’s handling of trade negotiations, and 58% disapprove of his handling of the economy. 
    Senator Welch has blasted Trump’s tariffs and trade war and shared stories from constituents about how President Trump’s economic policies have impacted their businesses, farms, and communities. In March, Senator Welch hosted a roundtable in Newport with Vermont and Canadian business leaders to discuss President Trump’s Trade War. He has also held events in St. Albans and virtually to hear directly from impacted Vermonters.  

    MIL OSI USA News –

  • MIL-OSI: Aditude Ranks No. 7 on Inc. Magazine’s List of Fastest-Growing Companies in the Northeast Region with 705% Revenue Growth

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 01, 2025 (GLOBE NEWSWIRE) — Inc., the leading media brand and playbook for the entrepreneurs and business leaders shaping our future, today revealed that Aditude is No. 7 on its fifth annual Inc. Regionals: Northeast list, the most prestigious ranking of the fastest-growing private companies in the Northeast, which includes Pennsylvania, New York, Vermont, New Hampshire, Maine, Massachusetts, Connecticut, Rhode Island, and New Jersey.

    “Our journey at Aditude has been nothing short of incredible. Being ranked No. 7 in the Northeast is a testament to our team’s hard work, passion, and expertise. We are proud of our impact on publishers and the ad tech industry, and this recognition from Inc. Magazine fuels our drive to push even further,” said Jared Siegal, CEO of Aditude. “To our team, publishers, and partners—thank you for trusting us. We’re only going up from here.”

    The companies on this list show a remarkable rate of growth across all industries in the Northeast. Between 2021 and 2023, these 154 private companies had a median growth rate of 100 percent; by 2023, they’d also added 9,114 jobs and $6.7 billion to the region’s economy.

    “The honorees on this year’s Inc. Regionals list are true trailblazers driving economic growth in their respective regions, industries, and beyond. This list celebrates their achievements and tells the stories of remarkable companies that are fueling growth and adding jobs in local economies throughout the country,” said Bonny Ghosh, editorial director at Inc.

    From 2021 to 2023, Aditude experienced substantial growth—expanding our team across North America and Europe, significantly increasing revenue, and rapidly growing our publisher network. This momentum set the stage for an ambitious 2024, during which we acquired CPMStar and Hashtag Labs within a six-month span. These strategic acquisitions aligned perfectly with our mission to help publishers thrive, further strengthening our ad tech capabilities, enhancing our managed services, and expanding the scale and impact of our offerings.

    About Aditude

    Aditude is a leading ad tech platform designed to put publishers in control. Unlike walled gardens, we provide publishers with an open and flexible platform that provides comprehensive control and unrestricted, transparent access to demand. From header bidding wrapper to dynamic flooring to data-driven insights, Aditude simplifies ad operations and maximizes revenue. Our flexible SaaS and rev-share models let publishers choose what works best for them. Learn more at aditude.com.

    More about Inc. and the Inc. Regionals

    Methodology

    The 2025 Inc. Regionals are ranked according to percentage revenue growth over two years. To qualify, companies must have been founded and generating revenue by March 31, 2021. They had to be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2023. (Since then, a number of companies on the list may have gone public or been acquired.) The minimum revenue required for 2021 is $100,000; the minimum for 2023 is $1 million. As always, Inc. reserves the right to decline applicants for subjective reasons.

    About Inc.

    Inc. is the leading media brand and playbook for the entrepreneurs and business leaders shaping our future. Through its journalism, Inc. aims to inform, educate, and elevate the profile of its community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating the future of business. Inc. is published by Mansueto Ventures LLC, along with fellow leading business publication Fast Company. For more information, visit www.inc.com.

    Trish Manrique
    trish@aditude.io

    The MIL Network –

  • MIL-OSI: Solomon Partners Hires Jon Pritti as a Partner in the Healthcare Group

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 01, 2025 (GLOBE NEWSWIRE) — Solomon Partners, a leading financial advisory firm and independent affiliate of Natixis, today announced the appointment of Jon Pritti as a new Partner in its Healthcare Group, where he will lead the firm’s expansion into the fast-growing Healthcare Technology sub-sector.

    “Jon’s experience and industry expertise will be invaluable to our growing Healthcare team and expand Solomon’s coverage in the Healthcare Technology space,” said Solomon Partners’ CEO Marc Cooper.

    Mr. Pritti joins Solomon with over two decades of investment banking experience, most recently serving as a Senior Managing Director in the Private Equity Advisory group at Guggenheim Securities. Prior to that role, he served as Managing Director in the Healthcare Investment Banking practice and Head of Healthcare Technology at Houlihan Lokey. Mr. Pritti earned a BBA from Emory University and an MBA from Columbia Business School.

    “We are incredibly fortunate to welcome a banker with Jon’s background and extensive network. Jon will be a critical addition to the team as we continue to expand our capabilities to deliver exceptional service to our clients,” said Jon Hammack, a Partner and Head of Solomon’s Healthcare Group.

    “I have been impressed by Solomon’s collaborative, client-centric approach,” Mr. Pritti said. “This is an exciting era for Healthcare Technology, and I look forward to working with my new partners to help Solomon expand its services in this part of the healthcare ecosystem.”

    About Solomon Partners

    Founded in 1989, Solomon Partners is a leading financial advisory firm with a legacy as one of the oldest independent investment banks. Our difference is unmatched industry knowledge in the sectors we cover, creating superior value with unrivaled wisdom for our clients. We advise clients on mergers, acquisitions, divestitures, restructurings, recapitalizations, capital markets solutions and activism defense across a range of verticals. These include Business Services, Consumer Retail, Distribution, Financial Institutions, FinTech, Financial Sponsors, Healthcare, Grocery, Pharmacy & Restaurants, Healthcare, Industrials, Infrastructure, Power & Renewables, Media and Technology. Solomon Partners is an independently operated affiliate of Natixis, part of Groupe BPCE. For further information, visit solomonpartners.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/97f1532a-940b-4b92-ac42-dc71d170c0a4

    The MIL Network –

  • MIL-OSI: WTW acquires Michigan-based Global Commercial Credit

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 01, 2025 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company, today announced the acquisition of Global Commercial Credit, LLC (GCC) into Willis, a WTW business. This strategic acquisition will accelerate performance by expanding into specialized businesses that align with the company’s technical, industry-structured and expertise-driven growth plan.

    Founded in Michigan in 1995 with a primary focus on developing custom-tailored credit risk management solutions for clients, GCC has developed a strong foundation in specialized products including trade credit and political risk insurance, as well as credit information services. The addition of GCC will enhance Willis’ diversification across industries, further expanding the business’ footprint across targeted, strategic sectors. This acquisition provides geographic expansion in a key growth area of the North American market.

    As part of its acquisition of GCC, WTW will also acquire ProfitGuard, a specialized credit risk management service that is complementary to trade credit insurance and can be scaled to provide added value for Willis’ global clients.

    Scott Burnett, Head of Corporate Mergers & Acquisitions for WTW’s Risk & Broking business commented, “This acquisition is one of the ways WTW is investing strategically to optimize our portfolio and pursue scaled and high-growth broking businesses, accelerating our specialization strategy in selected industries, and expanding our capabilities and reach across the insurance value chain. The acquisition of GCC significantly enhances our scale and growth potential for our credit and political risk business in North America. It also diversifies our client base across industries, strengthens our sales capabilities nationwide and opens opportunities to introduce complementary products to WTW’s global clients. With this deal, Willis will become one of North America’s leading trade credit insurance specialists, with deep financial institution and industry expertise.”

    “GCC is a highly specialized business with a strong trade credit market penetration throughout the nation,” said Evan Freely, WTW’s Global Head of Financial Solutions. “With technical expertise and industry-specific knowledge as the footing for the company’s specialized credit products, GCC’s business strategy aligns perfectly with WTW’s own business plan. This is a very exciting development that will help us accelerate our growth and enhance our footprint in strategic industry sectors. I am delighted to welcome Victor and the GCC team to WTW, and I look forward to the positive impact their expertise will bring to the business.”

    Victor Sandy, President and CEO of GCC, noted, “I am excited about the opportunity to align with WTW and bring our time-tested, integrated credit risk management solutions to a broader market. Effective credit risk management is essential for the success of every company. In an increasingly volatile world, more companies are recognizing the value of timely and reliable credit information and the ability to hedge open credit exposure. WTW and GCC are uniquely positioned to deliver custom-tailored solutions to the US marketplace. We look forward to significant growth.”

    About WTW

    At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

    Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com.

    Media Contacts

    Douglas Menelly
    Douglas.Menelly@wtwco.com +1 (516) 972-0380

    Arnelle Sullivan
    Arnelle.Sullivan@wtwco.com +1 (718) 208-0474

    The MIL Network –

  • MIL-OSI: YPF SA reports

    Source: GlobeNewswire (MIL-OSI)

    BUENOS AIRES, Argentina, April 01, 2025 (GLOBE NEWSWIRE) — YPF SA announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the US Securities and Exchange Commission, including audited financial statements.

    The document is available on the YPF website at http://www.ypf.com in the Investor Relations section and can also be downloaded from the SEC’s website at http://www.sec.gov.

    In accordance with the applicable rules, YPF is filing the interactive Data with this report.

    About YPF

    YPF is the largest energy company of Argentina, producing approximately 36% of the total oil and 29% of the total natural gas in the country (1)and supplying 56% (2)of the fuel markets through a network of more than 1600 service stations and other assets. YPF is one of the largest shale operators outside the United States and, as an integrated energy company, generates a large offering consisting of fuels, natural gas, electricity, petrochemicals, lubricants and products for agriculture, among others.

    Media Relations
    Prensa@ypf.com

    Investor Relations
    inversoresypf@ypf.com

    (1) Source: IAPG, as of 2024.
    (2) Source: Secretary of Energy, as of 2024.

    Note: According with Section 203.01 (New York Stock Exchange Listed Company Manual) a copy of the 20F is available in our web site. Additionally, shareholders, holders of American Depositary Shares and bondholders of YPF S.A. may request a hard copy of our audited financial statements ended December 31.2024, free of charge upon request.

            

    The MIL Network –

  • MIL-OSI United Kingdom: Foreign Influence Registration Scheme implementation

    Source: United Kingdom – Executive Government & Departments

    Oral statement to Parliament

    Foreign Influence Registration Scheme implementation

    Government announces the implementation of regulations of Foreign Influence Registration Scheme, specifying Russia under the enhanced tier.

    With permission Madam Deputy Speaker, I will make a statement on the Foreign Influence Registration Scheme.

    The Foreign Influence Registration Scheme – or FIRS – is a fundamental component of the National Security Act, which this House passed in 2023.

    The act was a response to the evolving threat of hostile activity from states targeting the UK.

    Parts 1 to 3 of the act came into force in December 2023 and have been transformative for our operational partners, with 6 charges already brought against those conducting activity for, or on behalf of, foreign states acting within the UK.

    A further 5 individuals involved in these cases have been charged with other offences.

    FIRS provides crucial additional powers to protect our democracy, economy and society. It does 3 things:

    First, transparency – FIRS provides transparency of foreign state influence in the UK.

    Second, disruption – FIRS gives the police and MI5 a critical new disruptive tool, with criminal offences for those who fail to comply with the scheme.

    Third, deterrence – FIRS will deter those who seek to harm the UK. They will face a choice – either tell the government about their actions, or face arrest and imprisonment.

    Given the benefits of the scheme, I can tell the House today that FIRS will go live on the 1 July.

    Political tier

    The political influence tier of the scheme, which applies to all states, will allow the UK to be better informed about the nature, scale and extent of foreign influence in the UK’s political system. It will strengthen our resilience against covert foreign influence.

    The political tier requires the registration of arrangements to carry out political influence activities in the UK at the direction of any foreign power.

    Registrations under this tier will, in most cases, be made available on a public register.

    For the first time, members of this House, will now be able to check if anyone seeking to influence them, is doing so at the direction of a foreign power.

    A move which I am sure will be welcomed right across this House.

    Enhanced tier

    The enhanced tier of the scheme has been specifically designed to shed light on activities directed by those foreign powers or entities whose activities pose a threat to the safety and interests of the UK.

    It enables the government to specify those foreign powers who pose the greatest threat to our society to ensure transparency of a much broader range of activities than just the political tier.

    It will provide an important tool for the detection and disruption of harmful activity against our country.

    Last month, I set out our intention to specify Iran under this tier of the scheme.

    And I can announce today that we will also specify Russia under the scheme. 

    Russia presents an acute threat to UK national security. In recent years, its hostile acts have ranged from the use of a deadly nerve agent in Salisbury, espionage, arson and cyber-attacks, including the targeting of UK parliamentarians through spear-phishing campaigns.

    And clearly Russia’s illegal invasion of Ukraine has highlighted its intent to undermine European and global security.

    To ensure we are responding to the whole of state threat Russia poses, the government intends to specify the head of the state of Russia, their government, agencies and authorities – which will include their armed forces, intelligence services and police forces, parliaments and their judiciaries. 

    We also intend to specify several political parties which are controlled by Russia, including the United Russia Party.

    What this means is that any person – either an individual or an entity such as a company – that is carrying out activity as part of any arrangement with those Russian entities will have to register with FIRS. 

    Should any of these foreign power-controlled entities – such as political parties – carry out activity in the UK directly, they would also have to register with FIRS.

    Madam Deputy Speaker, I hope it will be clear what a powerful tool this is.

    Implementing the scheme

    Turning to implementation. It is clear that FIRS has the potential to provide greater protection for our security, our democracy and our economy, but we must get implementation right.

    In support of the scheme, the government has today laid draft regulations specifying Russia and Iran, introducing new exemptions from the scheme and making provision for the publication of information.

    Both this House and the other place will have the opportunity to consider and debate these regulations, under the affirmative procedure. The government has also laid a further set of regulations in relation to the collection and disclosure of information under the scheme.

    To support the consideration of the regulations and to assist potential registrants and others to better understand their responsibilities under the scheme, the government has published comprehensive guidance online.

    By bringing the scheme into force on the 1 July, the government will be giving sectors 3 months’ notice to help them prepare for the scheme. During that time, the government will work closely with the relevant sectors – including academia and business to ensure they understand their obligations. Taken together, this package will ensure that there is strong compliance with the scheme from day one.

    There will also be a 3-month grace period to register existing arrangements.

    I know that right honourable and honourable members on both sides of the chamber recognise the challenges posed to the UK by foreign interference.

    I hope that all members can support these further steps to keep our country safe.

    Of course, as with all national security issues we must stay agile. As I have said, FIRS will be kept under review and any new announcements will be made to the House in the usual away.

    Madam Deputy Speaker, it is our duty to defend the safety and interests of the UK.

    That is why we are commencing FIRS.

    That is why we are introducing greater protections for our democracy.

    And that is why we are clamping down on the threat from states that conduct hostile activities in and against the UK.

    I commend this statement to the House.

    Updates to this page

    Published 1 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Security: St. John’s — RCMP NL warns of fraud and scams, what to watch out for

    Source: Royal Canadian Mounted Police

    RCMP NL encourages the public to protect themselves and vulnerable family or friends in the community against fraud and scams. A number of various online and telephone scams remain in circulation, as well as local scams on buy and sell sites and reports of fraudulent credit card use.

    What to watch out for:

    • Police will never ask for money
    • Courts may ask for money, but you need to pay in person
    • You never have to pay to claim a prize
    • Be suspicious of “winning” a prize in a contest you never entered
    • Use reputable or first party websites when booking hotels or call the company directly
    • Never send cash in the mail to people you don’t know

    Remember, if it seems too good to be true, it is. If you are unsure whether who you are speaking with on the phone, online, or even in person is legitimate or not, don’t be afraid to say no, leave the conversation, or get a second opinion.

    RCMP NL encourages the public to discuss financial and digital safety with elders and vulnerable adults in their family or community. For more information, visit the Canadian Anti-Fraud Centre at https://antifraudcentre-centreantifraude.ca/index-eng.htm

    MIL Security OSI –

  • MIL-OSI: FLG Partners Announces Andrea Persily as Returning Partner

    Source: GlobeNewswire (MIL-OSI)

    PALO ALTO, Calif., April 01, 2025 (GLOBE NEWSWIRE) — FLG Partners, a leading CFO and CEO consulting practice and Board advisory services firm serving over 500 clients from startups to Fortune 100, has announced the election of Andrea Persily as a Partner in the firm.

    Andrea worked as an FLG Partner from 2017 to 2019 before joining one of her clients in a full-time CFO capacity for over six years. “We are thrilled to welcome back Andrea to FLG,” said Managing Partner Jennifer Cho. “Andrea’s outstanding CFO credentials and deep breadth of financial and operational expertise make her a powerful addition to our already substantial bench of CFO expertise.”

    “I am proud to have this opportunity to return to FLG and rejoin this best-in-class team of top-tier CFOs,” shared Ms. Persily. “I look forward to joining my peers in delivering excellence and elevating the growth of our client partners.”

    Ms. Persily has significant experience as a CFO and COO in the Digital Content, Education, FinTech, Health & Wellness sectors. After beginning her career at Smith Barney, Ms. Persily joined Primedia, where she quickly grew to CFO of the Business to Business Group, overseeing strategy, financial planning, and analysis for a $350M division. She was later tapped to lead Prism Business Media (a subsidiary of Primedia) as COO, overseeing 300 employees. Later, as part of her work as CFO and COO of Spafinder Wellness, she led the spin out Booker.com, a SaaS appointment booking product, into a separate entity for which she helped obtain Series A funding. She also served as the Managing Director of WellTech Funding, a seed fund that invested in health and wellness tech startups. In 2017, Ms. Persily joined FLG Partners, bringing significant experience in M&A transactions, organizational design, and re-engineering while focusing on Media, FinTech, SaaS, and Health & Wellness. She joined FLG client Great Minds, a premier K-12 educational publisher, as a full-time CFO for over six years. There, she oversaw Finance, Accounting, Tax, Treasury, Operations, IT, and HR while converting the company’s organizational structure from a nonprofit to a public benefit corporation, setting up its first option plan.

    Ms. Persily holds a BA in Economics from Cornell University and an MBA in Finance/Strategic Management from The Wharton School.

    About FLG Partners
    Founded in 2004, FLG Partners is the leader in CFO solutions and CEO and Board advisory services in Silicon Valley and nationwide. FLG delivers financial and operational leadership to companies ranging from startups to multi-billion-dollar public and private companies across multiple industry sectors from technology, SaaS, life sciences, to consumer products and manufacturing. FLG Partners’ engagements span interim or permanent CFO and C-suite leadership roles, CFO consulting, board directorships, and board advisory and performance consulting. With a cumulative total of over 950 years of CFO experience, FLG partners bring outstanding expertise, independence and objective leadership and industry best practices to clients in business planning and execution; fundraising and financing; SEC reporting, tax and regulatory compliance; mergers, acquisitions and divestitures; and company turnarounds and restructurings. Throughout their careers, FLG’s partners have completed approximately 350 M&A transactions, 200+ IPOs and secondary offerings, 100+ divestiture transactions, and have raised $19 billion in equity and $12 billion in debt for their clients. For more information, visit flgpartners.com.

    Contact information:

    Melanie LoBue
    melanie@voyagercomms.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b3d8cf5d-8daf-4c9a-9220-d852e4733014

    The MIL Network –

  • MIL-OSI: StoneX Group Inc. Launches Shell Egg Contract to Address Price Volatility

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 01, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (NASDAQ: SNEX) today announced the launch of a new shell egg contract utilizing a global Price Reporting Agency (PRA) benchmark. The new contract provides egg producers, buyers, and food industry participants with a tool to help manage price risk and navigate ongoing market volatility.

    This first-of-its-kind offering combines StoneX’s deep expertise in commodity risk management and global derivatives access with a trusted industry Shell Egg benchmark, which is IOSCO-assured and widely used across the agrifood sector. It expands StoneX’s already robust suite of risk management tools, bringing enhanced pricing transparency and supply chain stability by allowing market participants to manage risk across the entire ingredient supply chain, including eggs.

    “We’re working every day to address our customers’ need for stable pricing in unpredictable market conditions,” said Ryan Turner, Regional Director of Kansas City Ag at StoneX. “This new contract is not just a win for StoneX, it’s a major step forward in how the entire food and ingredient industry manages financial risk.”

    The launch of this shell egg contract underscores StoneX’s origins in the egg industry – the Company was founded in 1924 by Saul Stone as an egg wholesaler – and its evolution into a global financial services leader. The addition of this new product not only deepens StoneX’s offerings but also provides food industry clients with a vital risk management tool, reinforcing the firm’s commitment to supporting their growth amid market volatility.

    “This initiative emphasizes our position as both a market leader and a pioneer in global financial services,” added Dave Smoldt, President of StoneX’s US/Canada Commodities Division. “The new contract reflects our focus on purposeful innovation – refining our approach, expanding our capabilities, and delivering smarter solutions for the clients we serve.”

    About StoneX Group Inc.

    StoneX Group Inc. is a Fortune 500 financial services company connecting businesses, institutions, traders, and investors to global markets. With a legacy dating back over a century to Saul Stone’s early work in egg wholesaling, StoneX has grown into a trusted provider of customized trading, risk management, and market intelligence solutions. Today, StoneX serves more than 54,000 commercial, institutional, and payments clients, along with over 400,000 retail accounts across five continents. For more information, visit www.stonex.com.

    For press inquiries please contact Dave Smoldt Dave.Smoldt@stonex.com.

    SNEX-G

    The MIL Network –

  • MIL-OSI: Sky Quarry Reports 4th Quarter and Fiscal Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    WOODS CROSS, Utah, April 01, 2025 (GLOBE NEWSWIRE) — Sky Quarry Inc. (NASDAQ: SKYQ) (“Sky Quarry” or “the Company”), an integrated energy solutions company committed to revolutionizing the waste asphalt shingle recycling industry, has reported its financial and operational results for the fourth quarter and fiscal year ended December 31, 2024.

    Key Financial and Operational Highlights

    • Q4 2024 Revenue of $4.2 million and $23.3 million for the year ended December 31, 2024.
    • Announced the signing of pivotal LOI with RB Residential Roofing, marking the start of a collaboration that targets integrating eco-friendly solutions into roofing services and helping Sky Quarry scale operations nationwide through the roofing company’s multiple locations.
    • Announced appointment of respected finance leader Leo Womack to the Company’s Board of Directors. He will also serve on the Audit and Nominating Committee and chair the Compensation Committee.
    • Announced the completion of its 2024 capital expenditure program for its flagship hydrocarbon extraction site, PR Spring.
    • Announced a national rollout plan for modular extraction facilities to expand the reach and scalability of the Company’s proprietary technology.
    • Announced the appointment of energy industry veteran Todd Palin to the Company’s Board of Directors.

    David Sealock, Chairman & Chief Executive Officer of Sky Quarry, reflected on a transformative year for the company:

    “2024 was a significant year for our company. Sky Quarry achieved several key milestones in 2024, including our NASDAQ listing for our shareholders, continued and steady revenue at our Foreland Refinery, and a stepwise capital investment program to keep our PR Spring and Asphalt Shingle Recycling (ASR) portfolios moving forward,” he said. “We believe that we are positioned to grow production and increase revenues with our portfolio expansion projects. These portfolio expansion opportunities focus on capitalizing on market shifts, strategic partnerships, and resource optimization. The primary opportunities are in the expansion of refining capacity, partnerships for sustainable asphalt shingle recycling, and the potential for strategic growth to aggressively increase our revenue.

    Looking ahead, we remain laser-focused on optimizing our asset base with the successful completion of our 2024 capital expenditure program at PR Spring and the recent refurbishment of our Foreland Refinery in anticipation of increased capacity in 2025. We are actively working towards expanding our national footprint through our recent LOI with RB Residential Roofing and advancing the national rollout of our Asphalt Shingle Recycling (“ASR”) modular extraction facilities, beginning with the deployment of our first facility in the 2025 fiscal year. Together, we believe that these initiatives set the stage for meaningful revenue growth, broader market reach, and long-term value creation for our shareholders.

    This quarter, we entered into a pivotal LOI with RB Residential Roofing with the goal of entering into an agreement to secure a steady supply of post-consumer shingles, ensuring a steady supply of feedstock for our recycling operations. We believe that a partnership with RB Residential Roofing will generate consistent tipping fee revenue and accelerate Sky Quarry’s national expansion by leveraging RB’s extensive network of locations. By transforming waste into recycled content for new products, we believe entering into an agreement with RB Residential Roofing will not only support our mission to build a circular economy but also position Sky Quarry at the forefront of sustainable innovation in the roofing industry, helping to drive broader industry adoption.

    In the 2025 fiscal year, we anticipate completing the build-out of our first Asphalt Shingle Recycling (“ASR”) Facility. Designed as a modular, scalable system, the facility will recover valuable components such as bitumen, granules, aggregate, limestone, and fiberglass. The first front-end module has already been fabricated, with two additional modules planned for deployment later in the year. We are currently evaluating two potential sites for the initial rollout, based on waste volume and proximity to industry partners. These facilities are expected to generate multiple revenue streams from tipping fees, recycled material sales, and byproduct recovery, contributing to meaningful top-line growth as deployment accelerates.

    Operationally, we expect to begin refining blended sustainable oil in 2025, with plans to ramp up production at our Nevada-based Foreland Refinery, which has a processing capacity of up to 5,000 barrels per day. This comes at a critical time, as we anticipate a growing fuel supply crisis in the Western U.S., driven by California refinery shutdowns, tightening regulations, and potential import tariffs that threaten supply stability.

    Foreland has served as a strategic energy asset in Nevada for over two decades, and we believe it is well-positioned to enhance regional fuel security. Once heavy oil sourced from our Utah-based PR Spring facility, produced from recycled asphalt shingles, is integrated at the Foreland refinery, we can not only expand our sustainable product offerings but also reinforce our presence in the energy sector. With broadened capabilities and strategic positioning, we anticipate stronger revenue and improved cash flow in the coming quarters.

    In conclusion, we recently welcomed Leo Womack and Todd Palin to our Board of Directors. Mr. Womack brings significant strategic, business, and financial expertise, while Mr. Palin’s operational experience will be instrumental as Sky Quarry ramps up production at our Nevada refinery. Both additions strengthen our leadership team as we enter our next phase of growth in 2025.”

    Fourth Quarter and Fiscal Year 2024 Financial Results

    Revenues for the year ended December 31, 2024, totaled $23.3 million, a decrease of 54% compared to $50.7 million in 2023. This decline was primarily driven by a combination of lower WTI oil prices and the refurbishment of the Company’s Foreland Refinery.

    Gross profit for the year was a loss of $1.4 million, representing a gross margin of (6.0)%, compared to a gross profit of $2.3 million, or 4.6% of revenues, in the prior year.

    Total operating expenses increased to $6.1 million in 2024, up from $3.7 million in 2023, reflecting an increase of $2.4 million year-over-year.

    As a result, the Company reported a net loss of $14.7 million for the year ended December 31, 2024, compared to a net loss of $4.4 million in 2023.

    About Sky Quarry Inc.

    Sky Quarry Inc. (NASDAQ:SKYQ) and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit skyquarry.com.

    Forward-Looking Statements

    This press release may include ”forward-looking statements.” All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond our control. These are subject to a number of risks, uncertainties, and factors, including but not limited to those described in our disclosures. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and the Company’s other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in the Company’s Form 10-K as filed with the SEC on March 31, 2025. Forward-looking statements speak only as of the date of the document in which they are contained.

    Investor Relations
    Jennifer Standley
    Director of Investor Relations
    Ir@skyquarry.com

    Company Website
    www.skyquarry.com

     
     
    Sky Quarry Inc.
    Consolidated Balance Sheets
    As of December 31, 2024 and December 31, 2023
     
        2024       2023  
           
    ASSETS      
           
    Current assets:      
    Cash and cash equivalents $                 385,116     $                 326,822  
    Accounts receivables                   1,123,897                       3,517,469  
    Prepaid expenses and other assets                   339,124                       114,387  
    Inventory                   3,149,236                       2,437,181  
    Total current assets                   4,997,373                       6,395,859  
           
    Property, plant, and equipment, net                   6,160,318                       6,287,351  
    Oil and gas properties                   8,534,967                       7,745,205  
    Restricted cash and cash equivalents                   2,929,797                       4,354,014  
    Right-of-use asset                   1,115,785                       184,548  
    Goodwill                   3,209,003                       3,209,003  
           
    Total assets $                 26,947,243     $                 28,175,980  
           
    LIABILITIES AND SHAREHOLDERS’ EQUITY      
           
    Current liabilities:      
    Accounts payable and accrued expenses $                 4,046,319     $                 4,904,121  
    Current portion of operating lease liability                   38,422                       69,777  
    Current portion of finance lease liability                   16,120                       –  
    Warrant liability                   459,067                       –  
    Lines of credit                   1,260,727                       3,061,698  
    Current maturities of notes payable                   6,578,017                       4,835,567  
    Total current liabilities                   12,398,672                       12,871,163  
           
    Notes payable, less current maturities, net of debt issuance costs                   2,000,560                       2,100,514  
    Operating lease liability, net of current portion                   77,824                       116,246  
    Finance lease liability, net of current portion                   971,690                       –  
    Total liabilities                   15,448,746                       15,087,923  
           
    Commitments and contingencies      
           
    Shareholders’ Equity:      
    Preferred stock $0.001 par value: 25,000,000 shares authorized; 0 and 246,000 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively                   –                       246  
    Common stock $0.0001 par value: 100,000,000 shares authorized: 19,027,208 and 16,323,091 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively                   1,903                       1,630  
    Additional paid in capital                   35,674,391                       22,527,264  
    Accumulated other comprehensive loss                   (209,708 )                     (201,505 )
    Accumulated deficit                   (23,968,089 )                     (9,239,578 )
    Total shareholders’ equity                   11,498,497                       13,088,057  
           
    Total liabilities and shareholders’ equity $                 26,947,243     $                 28,175,980  
       
    Sky Quarry Inc.
    Consolidated Statements of Operations and Comprehensive Loss
    For the Years Ended December 31, 2024 and 2023
       
        2024       2023  
    Net sales $                 23,364,188     $                 50,731,889  
           
    Cost of goods sold                   24,759,530                       48,391,724  
    Gross profit (loss)                   (1,395,342 )                     2,340,165  
           
    Operating expenses:      
    General and administrative                   6,121,955                       3,702,743  
    Depreciation and amortization                   5,889                       5,303  
    Total operating expenses                   6,127,844                       3,708,046  
           
    Loss from operations                   (7,523,186 )                     (1,367,881 )
           
    Other income (expense):      
    Gain on warrant valuation                   1,477,870                       –  
    Other income                   35,637                       26,008  
    Gain (loss) on sale of assets                   (25,075 )                     564,811  
    Loss on extinguishment of debt                   (241,311 )                     (205,425 )
    Loss on issuance of private placement warrants                   (1,935,934 )                     –  
    Interest expense                   (6,516,512 )                     (3,639,520 )
    Other expense, net                   (7,205,325 )                     (3,254,126 )
           
    Loss before benefit from income taxes                   (14,728,511 )                     (4,622,007 )
           
    Provision for income tax benefit                   –                       185,535  
           
    Net loss                   (14,728,511 )                     (4,436,472 )
           
    Other comprehensive loss      
           
    Foreign currency translation adjustment      
                        (8,203 )                     (24,185 )
           
    Comprehensive loss $                 (14,736,714 )   $                 (4,460,657 )
           
    Loss per common share      
    Basic and diluted $                 (0.77 )   $                 (0.27 )
    Weighted average shares outstanding      
    Basic and diluted                   19,027,208                       16,323,103  
     
    Sky Quarry Inc.
    Consolidated Statements of Cash Flows
    For the Years Ended December 31, 2024 and 2023
     
        2024       2023  
    CASH FLOWS FROM OPERATING ACTIVITIES      
    Net loss $                 (14,728,511 )   $                 (4,436,472 )
    Adjustments to reconcile net loss to cash and restricted cash and cash equivalents used in operating activities:      
    Share based compensation                   632,205                       634,783  
    Depreciation and amortization                   793,449                       564,639  
    Amortization of debt issuance costs                   4,465,636                       2,568,523  
    Amortization of right-of-use asset                   90,990                       37,925  
    Loss on issuance of warrants                   1,936,937                       –  
    Gain on revaluation of warrant liabilities                   (1,477,870 )                     –  
    Loss on extinguishment of debt                   241,311                       205,425  
    Loss (gain) on sale of assets                   25,075                       (564,811 )
    Changes in operating assets and liabilities:      
    Accounts receivable                   2,393,572                       719,595  
    Prepaid expenses and other assets                   (224,738 )                     155,114  
    Inventory                   (712,055 )                     1,004,383  
    Accounts payable and accrued expenses                   (857,802 )                     (1,040,860 )
    Operating lease liability                   (69,777 )                     (36,450 )
    Deferred tax benefit                   –                       (187,856 )
    Net cash and restricted cash and cash equivalents used in operating activities                   (7,491,578 )                     (376,062 )
           
    CASH FLOWS FROM INVESTING ACTIVITIES      
           
    Proceeds from sale of assets                   –                       961,400  
    Purchase of property, plant, and equipment                   (691,491 )                     (1,028,781 )
    Purchase of oil and gas development assets                   (789,762 )                     (664,556 )
    Net cash and restricted cash and cash equivalents used in investing activities                   (1,481,253 )                     (731,937 )
           
    CASH FLOWS FROM FINANCING ACTIVITIES      
    Proceeds on lines of credit                   36,645,980                       61,499,106  
    Payments on lines of credit                   (38,446,951 )                     (58,437,408 )
    Proceeds from note payable                   19,483,052                       17,721,772  
    Payments on note payable                   (17,032,995 )                     (12,905,339 )
    Debt discount on note payable                   (2,546,660 )                     (3,588,539 )
    Payments on finance leases                   (34,417 )                     –  
    Proceeds on issuance of preferred stock                   308,000                       614,804  
    Preferred stock offering costs                   (40,874 )                     (474,681 )
    Proceeds on issuance of common stock                   11,341,641                       28,739  
    Common stock offering costs                   (2,061,665 )                     –  
    Net cash and restricted cash and cash equivalents generated by financing activities                   7,615,111                       4,458,454  
           
    Effect of exchange rate on cash                   (8,203 )                     (24,185 )
           
    Increase (decrease) in cash and restricted cash and cash equivalents                   (1,365,923 )                     3,326,270  
    Cash and cash equivalents and restricted cash, beginning of the period                   4,680,836                       1,354,566  
           
    Cash and restricted cash and cash equivalents, end of the period $                 3,314,913     $                 4,680,836  

    The MIL Network –

  • MIL-OSI Africa: Nigeria’s illegal gold trade – elites and bandits are working together

    Source: The Conversation – Africa – By Oluwole Ojewale, Research Fellow, Obafemi Awolowo University, Regional Coordinator, Institute for Security Studies

    Illegal mining activities in Nigeria are devastating the country’s economy, as well as fuelling violence.

    Strategic minerals mined in the country’s north-west region include granite, gypsum, kaolin, laterite, limestone, phosphate, potash, silica sand and gold.

    The Nigeria Extractive Industries Transparency Initiative has estimated that the legal mining sector contributed N814.59 billion (US$527 million) in 15 years. Earnings were highest in 2021.

    Nigeria’s Minister of Solid Minerals, Dele Alake, asserted in late 2024 that powerful individuals engaged in illegal mining were sponsoring banditry in the country. Recently, Edo North senator Adams Oshiomhole also alleged that retired military officers coordinated illegal mining activities nationwide.

    In a recent paper I examined the links between banditry, gold mining, violence and elite collusion in two states in the north-west of Nigeria.

    My research involved qualitative interviews with 17 respondents from 11 gold mining communities of Katsina and Zamfara states. The individuals included miners, community leaders, commercial drivers, residents and security agents.

    They told me that bandits colluded with elites to engage in illegal gold mining and undermine peace. The paper also analysed how the elites weaponised access to mineral resources and the impact this had on violence in the region. I looked at the state’s response to illegal gold mining too and offered some reflections on pathways to durable peace.

    The history

    My study shows that for more than four decades, gold mining has been done by wealthy and influential people in communities. Intense competition between the owners of the mine fields led them to hire bandits to guard their mine fields from their competitors.

    This pattern has become entrenched over the past two decades. My study shows that minefield owners today provide bandits with weapons, arms, drugs, food and logistics. In return, the armed groups protect their gold pits.

    A number of the wealthy mine owners wield influence in local politics. Some research participants also said there were miners who were working for politicians and traditional rulers and that a number of politicians had acquired gold mines.

    Interviewees also said that some individuals were employed by influential figures in government or business. They however did not mention names of the influential government figures for safety reasons.

    Violence arises from competition over mining locations, funding of armed groups’ activities, and taking control from civilians.

    With access to funds, bandits can expand their influence, recruit new members and carry out attacks.

    According to the Armed Conflict Location and Event Data I drew on, 1,615 incidents and 4,201 deaths were recorded due to banditry from 2010 to 2023 in Katsina and Zamfara states.

    Map of Nigeria showing Katsina and Zamfara states. Source: Authors’ design through Google earth software

    How it works

    Generally, gold trading in Nigeria occurs within a network of buyers, sellers and brokers, forming a small ecosystem compared to other commodities. Most participants in the gold market are familiar with each other.

    My study respondents said criminals involved in illegal mining had strong connections in the gold market, both domestically and internationally. The transnational supply chain of the illicit economy extends through Chad, Niger, Libya and Algeria.

    Foreign networks also operate in the criminal supply chain.

    Bandits sell gold to gold merchants and traders. Some of these traders are business elites from other states in Nigeria who typically sell the gold in the Diffa region in Chad, or in Agadez (Niger), Tripoli (Libya) and Algiers (Algeria). Some gold traders transport the mineral to Benin.

    What can be done

    The government’s handling of the illicit gold trade and banditry has consistently fallen short of what is needed. This is clear from the government’s failure to adequately monitor the actions of miners.

    Mining sites are supposed to be overseen by the government, ensuring that only licensed miners and ancillary service providers are active there. But this isn’t happening.

    Based on my findings, I make the following recommendations if there is to be a lasting solution to banditry and the criminal gold mining economy in Nigeria’s north-west.

    Firstly, it requires enforcing the law and strengthening accountability.

    Large areas of north-west Nigeria are ungoverned. The federal government should enhance border policing and law enforcement capabilities by upgrading security and intelligence gathering infrastructure.

    Nigeria should also introduce advanced contraband-detection technologies, such as spectroscopy, at land borders. These techniques analyse the chemical composition of materials. They can identify specific substances and detect trace amounts of contraband.

    And individuals with ties to illegal gold trade and supporting criminal activities must be identified, apprehended and prosecuted.

    Secondly, it requires reforming the gold mining and security sector. The mainstay of Nigeria’s economy is oil production in the country’s Niger Delta. One of the consequences is that other sectors of the economy have been largely neglected. The mining sector is not well regulated and the state doesn’t show much interest in it.

    Thirdly, any steps taken by the government must involve the participation of people living in the affected communities. The security agencies can foster community partnerships to source human intelligence on the activities of bandits, illegal miners and mineral smugglers.

    Lastly, the government should consider tackling elite collusion through targeted sanctions and asset freezing. This could disrupt their ability to finance and perpetuate violence.

    This approach has been used in Nigeria and in South Africa, among other countries in the world.

    – Nigeria’s illegal gold trade – elites and bandits are working together
    – https://theconversation.com/nigerias-illegal-gold-trade-elites-and-bandits-are-working-together-250169

    MIL OSI Africa –

  • MIL-OSI Africa: Zimbabwe’s economy crashed – so how do citizens still cling to myths of urban and economic success?

    Source: The Conversation – Africa – By Kristina Pikovskaia, Leverhulme Early Career Research Fellow, University of Edinburgh

    It is common for nations to have myths, or narratives, that form the basis of their nationalism, or their ideas of themselves as a political community. Such popular narratives are often rooted in a romanticised or idealised view of the past. This is certainly the case in Zimbabwe, where national myths about its urban modernity and economic exceptionalism have stood the test of time in contrast with the reality.

    The idea of urban modernity has its roots in colonial times. At the time of independence in 1980, following a liberation war from 1965 to 1979, Zimbabwe’s economy was looking strong. Urban residents, especially, could think of themselves as modern: they had middle- and working-class lifestyles, social protection, social mobility opportunities and fixed working hours. Urban modernity meant order, steady employment, education.

    Zimbabwe’s economy was exceptional in sub-Saharan Africa: diversified and robust.

    However, rapid socio-economic changes followed in the 1990s and 2000s. Zimbabwe was hit by a series of economic, financial and political crises. This led to the collapse of urban middle- and working-class modernity and the rise of visible informal economic activities in the urban space. By 2004, over 80% of people had informal livelihoods in Zimbabwe.

    My PhD thesis (2021) examined Harare’s shift to informality and the impact of this on people’s everyday experiences of citizenship. The respondents in interviews carried out between 2016 and 2018 included vendors, cross-border traders, manufacturers, residents’ associations, informal sector organisations, local authorities and urban planners.

    These interviews also form the basis of my recent research paper. My analysis sought to examine how people deal with the fact that current circumstances don’t support their myths of urban nationalism.

    During a crisis, people rethink old ideas and adjust them to fit their new situation. As they do this, their notions of urban modernity and economic exceptionalism change. At the same time, they remember a past when their country was economically successful. This memory shapes how they think about the country’s future – and it also makes them question the government, which hasn’t lived up to those past ideals.

    So, what do the myths of urban modernity and economic exceptionalism mean in Zimbabwe today? Some people cling to the early postcolonial notions nurtured by the government. Others reluctantly accept economic informality while seeking to upgrade the idea of the informal sector. But there are others who challenge altogether the view that street vending is not modern and formal enough.

    The prevalent informality was seen as a temporary phenomenon which would end soon. Then the country would return to having a modern urban lifestyle and strong economy.

    Grappling with informality

    To many of the respondents in 2016-2018, “working” and “having a job” meant being employed and having regular wages, job security and social protection.

    At the same time, people also reluctantly accepted economic informality and some of the changes it made to their lives, while seeking to upgrade the idea of the informal sector. Some informal sector associations, for example, attempted to teach their members to see their activities as businesses and themselves as business people, as I reported in another paper.

    Read more: How informal sector organisations in Zimbabwe shape notions of citizenship

    Some respondents drew a line between economic activities that were acceptable in the city centre and those that were not. These were similar to the early postcolonial notions enforced by the government. They suggested, for example, that street vending had no place in the city centre. It should only occur in limited designated spaces, and in residential areas.

    Some street vendors, though, defied the notion of street vending not being modern and formal enough. They dressed smartly to emphasise that street vending could also be done in a “modern” way and be a part of the mainstream economy.

    The history of the urban modernity myth

    At the beginning of colonial rule in the late 19th and early 20th centuries, the colonisers planned for the cities to remain “white”. Unless Africans lived in their employers’ facilities, they were required to live in dedicated areas.

    At the same time, the colonial administration introduced and enforced the concept of “order” in Salisbury, now Harare, the capital. It punished poor, marginalised and homeless people. The same with economic and social activities it deemed undesirable.

    Today, over 32% of Zimbabweans live in urban areas.

    The establishment in the 1930s of the African middle class was an important part of the urban modernity project. Those who sought to belong to it largely used education as their primary social mobility tool.

    Read more: Education in Zimbabwe has lost its value: study asks young people how they feel about that

    After independence in 1980, the cities were deracialised. Everyone was free to enter and use the urban space. But the new government still held tight control and dictated who had the right to the city.

    Numerous operations were conducted from the 1980s to clear the street of “undesirable” people and activities. For example, informal settlements were removed. Many women were arrested on the pretext of clearing the city of prostitution. The most notorious clean-up operation was the 2005 Operation Murambatsvina. It effectively punished all those considered “unproductive” and not deserving to be in the city.

    Read more: Dogs in the city: on the scent of Zimbabwe’s urban history

    Those high and, frankly, brutal standards of urban modernity have a long history in Zimbabwe and became a part of its urban nationalism.

    Economic exceptionalism

    Colonial and early postcolonial Zimbabwe had an exceptional and diversified economy with strong mining, agricultural, and industrial sectors. Zimbabwe’s manufacturing sector contributed 25% to GDP by 1974.

    Despite the economic decline, it is still a common narrative that Zimbabwe’s industrial sector was second only to South Africa’s in sub-Saharan Africa and that Zimbabwe was “the breadbasket” of Africa.

    Zimbabwe launched the ZiG currency in April 2024 to tackle sky-high inflation and stabilise the floundering economy. Jekesai Njikizana/AFP via Getty Images

    However, manufacturing in colonial Zimbabwe benefited a small number of white industrialists. Black Zimbabweans did not have the opportunities. They could not own profitable manufacturing businesses or access finance.

    After independence, the government made considerable efforts to deracialise the economy and public services.

    The present

    The early postcolonial ideas about urban modernity and economic exceptionalism were severely undermined in Zimbabwe. But people try to give new meanings to these ideas in the changed social and economic circumstances. There is ongoing reluctance to accept that informality altered Zimbabwe for good. And many of my respondents wanted to find ways that the myths of modernity and economic exceptionalism could keep their meaning in the changed circumstances.

    Continuity and change in the myths of urban nationalism also raise the questions of legitimacy. In this case, it is about legitimacy of informal economic practices and legitimacy of the government that did not uphold the myths.

    Ideas can be very powerful in explaining people’s understanding of the political community they belong to. And when such ideals cannot be upheld, people will find new meanings in their material reality that let them hold on to old ideas or reinterpret them.

    – Zimbabwe’s economy crashed – so how do citizens still cling to myths of urban and economic success?
    – https://theconversation.com/zimbabwes-economy-crashed-so-how-do-citizens-still-cling-to-myths-of-urban-and-economic-success-247114

    MIL OSI Africa –