NewzIntel.com

Category: Economy

  • MIL-OSI China: US Fed keeps interest rates unchanged at 4.25-4.5 pct

    Source: China State Council Information Office

    U.S. Federal Reserve Chair Jerome Powell attends a press conference in Washington, D.C., the United States, on March 19, 2025. [Photo/Xinhua]

    The U.S. Federal Reserve on Wednesday left target range for the federal funds rate unchanged at 4.25 percent to 4.5 percent, amid rising inflation concerns due to the Trump administration’s tariff policies.

    “Uncertainty around the economic outlook has increased. The Committee is attentive to the risks to both sides of its dual mandate,” the Federal Open Market Committee (FOMC), the central bank’s policy-setting body, said in a statement after a two-day meeting.

    “In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent,” the statement said.

    Beginning in April, the FOMC will slow the pace of decline of its securities holdings, indicating that the Fed is choosing not to reduce its balance sheet as quickly — a measure taken during times when the economy might need more support or liquidity.

    According to the Fed’s latest quarterly summary of economic projections released Wednesday, the median projection for personal consumption expenditures (PCE) inflation among Fed officials is 2.7 percent by year-end, up from 2.5 percent in the December projection. Median projection for core PCE inflation among Fed officials is 2.8 percent by year-end, up from 2.5 percent in the December projection.

    When asked how much of the expected higher inflation is due to tariffs, Fed Chair Jerome Powell said at a press conference Wednesday afternoon, “a good part of it,” while noting that it would be “very difficult” to have a precise assessment of how much of inflation is coming from tariffs.

    “Looking ahead, the new Administration is in the process of implementing significant policy changes in four distinct areas: trade, immigration, fiscal policy, and regulation. It is the net effect of these policy changes that will matter for the economy and for the path of monetary policy,” Powell told reporters.

    “While there have been recent developments in some of these area, especially trade policy, uncertainty around the changes and their effects around the economic outlook is high,” said the Fed chief.

    The Fed’s latest summary of economic projections also showed that median projection for gross domestic product (GDP) growth in 2025 is 1.7 percent, down from 2.1 in the December projection, indicating that Fed officials now anticipate slower economic growth amid higher uncertainty.

    As the tariff turmoil escalates and the risks of inflation rise once again, economists and market participants are increasingly concerned about whether the U.S. economy will fall into a recession.

    When asked about recession risks, Powell said that a number of forecasters have raised their possibility of a recession somewhat, but “still at relatively moderate levels.”

    MIL OSI China News –

  • MIL-OSI China: Roadshow in Milan highlights China Int’l Supply Chain Expo

    Source: China State Council Information Office

    David Doninotti, secretary general of the Italian Association of Foreign Trade, speaks during a roadshow of the third China International Supply Chain Expo (CISCE) in Milan, Italy, on March 18, 2025. [Photo/Xinhua]

    A roadshow of the third China International Supply Chain Expo (CISCE) was held Tuesday in Milan, Italy, with bilateral cooperation highlighted and cooperation agreements signed.

    More than 200 representatives from trade and investment promotion institutions, business associations and enterprises of China and Italy participated in the event.

    Ren Hongbin, chairman of the China Council for the Promotion of International Trade (CCPIT), noted the steady progress achieved in bilateral cooperation since the establishment of diplomatic relations between China and Italy 55 years ago.

    Ren also urged further collaboration in traditional sectors while expanding partnerships in emerging fields such as electric vehicles, artificial intelligence, and the digital economy.

    The Italian representatives emphasized the strong bilateral relations between Italy and China. Amid increasing geopolitical challenges and global economic uncertainties, they expect platforms like CISCE to help foster closer supply chain cooperation, contributing to the long-term development of China-Italy and China-Europe economic and trade relations.

    The third CISCE, scheduled on July 16-20 in Beijing, is expected to focus on supply chains of advanced manufacturing, clean energy, smart vehicles, digital technology, healthy life and green agriculture. 

    MIL OSI China News –

  • MIL-OSI China: China introduces new measures to facilitate travel, residency for HK, Macao, Taiwan residents on mainland

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

    China introduces new measures to facilitate travel, residency for HK, Macao, Taiwan residents on mainland

    BEIJING, March 20 — China’s central government announced Thursday that two new measures aimed at facilitating travel and residency for residents of Hong Kong, Macao and Taiwan on the mainland took effect on Thursday.

    Under the new policy, Hong Kong, Macao and Taiwan residents who lose, damage, or forget to carry their travel permits can apply for a temporary electronic permit valid for seven days, allowing them to board flights and trains within mainland cities, the National Immigration Administration (NIA) said.

    The NIA has also launched a verification service linking travel and residence permits.

    Individuals can request proof of their permit association via the NIA’s online platform or obtain an official paper document from any immigration office at or above the county level nationwide.

    Government agencies and businesses serving Hong Kong, Macao and Taiwan residents can integrate their systems with the NIA’s authentication platform for automatic verification.

    The NIA has already implemented over 40 service measures for Hong Kong, Macao and Taiwan residents across 10 sectors, including transportation, finance and telecommunications, benefiting those residents through free real-time verification services.

    The administration pledged to further enhance immigration policies, expand service accessibility, and offer more tailored support to facilitate the life and development of Hong Kong, Macao and Taiwan residents on the mainland.

    MIL OSI China News –

  • MIL-OSI: Enerflex Ltd. Announces Leadership Transition

    Source: GlobeNewswire (MIL-OSI)

    MARC ROSSITER STEPS DOWN AS PRESIDENT, CEO, AND DIRECTOR

    PREET DHINDSA NAMED INTERIM CEO

    REAFFIRMS 2025 OUTLOOK AND CONCURRENTLY ANNOUNCES EXPANSION OF DIRECT SHAREHOLDER RETURNS

    CALGARY, Alberta, March 19, 2025 (GLOBE NEWSWIRE) — Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (“Enerflex” or the “Company”) today announced that Marc Rossiter has stepped down as President, CEO, and Director, effective immediately.

    Preet Dhindsa, Enerflex’s current Senior Vice President and CFO, will serve as Interim Chief Executive Officer. Mr. Dhindsa joined Enerflex in October 2023 and is a seasoned executive with more than 25 years of experience, primarily in the energy and financial services industries.

    Joe Ladouceur, Vice President Treasury, Tax & Insurance, will serve as Interim CFO.

    The Board is undertaking a comprehensive search to identify the Company’s next CEO and has retained a leading executive search firm to assist with this process.

    Kevin Reinhart, Chair of the Board of Directors, stated, “As we look to the future and position Enerflex to create shareholder value over the long-term, the Board decided that now is the right time to undertake a leadership transition. We thank Marc for his more than 25 years of dedicated service and commitment to Enerflex, including the last six years as CEO, and wish him the best in his future endeavors.”

    Mr. Rossiter said, “Leading Enerflex has been a true privilege, and I’m incredibly proud of all that we’ve accomplished together to propel the business forward over the past six years. Thanks to the dedication of a talented team, Enerflex is well-positioned to build on its positive momentum and I believe the Company has a bright future.”

    Mr. Reinhart added, “Preet has been instrumental in Enerflex’s efforts to “Simplify, Optimize, and Grow” and we are fortunate to have him serve as Interim Chief Executive Officer. With the support and collaboration of a deep bench of executive talent, we are confident in Preet’s ability to lead Enerflex in this interim period as we complete our search for a permanent CEO.

    Enerflex’s near-term priorities remain unchanged and include: (1) enhancing the profitability of core operations; (2) leveraging the Company’s leading position in core operating countries to capitalize on expected increases in natural gas and produced water volumes; and (3) maximizing free cash flow to further strengthen Enerflex’s financial position, provide direct shareholder returns, and invest in selective customer supported growth opportunities.”

    Mr. Dhindsa commented, “I am excited to continue working closely with the Board, management, and our colleagues across the Company. Our focus remains on generating sustainable free cash flow, further improving balance sheet health, and positioning the Company for long-term growth and value creation. With the Company operating within its target leverage range, Enerflex is positioned to increase direct shareholder returns, as reflected by (1) the previously announced 50% increase of the Company’s quarterly dividend and (2) today’s concurrent announcement of the Company’s intention to implement a normal course issuer bid.”

    OUTLOOK

    All amounts presented are in U.S. Dollars (“USD”) unless otherwise stated.

    Enerflex is reaffirming its outlook for 2025, which reflects:

    1. Steady demand across the Company’s business lines and geographic regions, although Enerflex continues to closely monitor geopolitical tensions across North America, including the potential impact of tariffs. Based on currently available information, the direct impact of tariffs on Enerflex’s business is expected to be mitigated by the Company’s diversified operations and proactive risk management.
    2. Approximately 65% of the Company’s gross margin before depreciation and amortization is generated by the highly contracted Energy Infrastructure product line and the recurring nature of its After-Market Services business.
    3. The expectation that Engineered Systems’ gross margin before depreciation and amortization will be more consistent with the historical long-term average for this business line and that near-term revenue is expected to remain steady.
    4. A disciplined capital program in 2025, with total capital expenditures of $110 million to $130 million. Growth capital spending of $40 million to $60 million will focus on customer supported opportunities in the US and Middle East.

    About Preet Dhindsa

    Since joining Enerflex, Preet has spearheaded several corporate initiatives including improving balance sheet health and enhancing the global finance function. Prior to joining Enerflex, Preet served as Executive Vice President and Chief Financial Officer at ENMAX Corporation, a regulated utility with energy generation and retail lines of business. Prior thereto, Preet was Senior Vice President and Chief Financial Officer, Global Banking & Markets (GBM), at Scotiabank, leading international finance teams. Preet began his career as a professional accountant with KPMG and holds a Bachelor of Science degree in Mathematics & Statistics from Western University and a Graduate Diploma in Accounting from Wilfrid Laurier University. Preet is a Chartered Professional Accountant and Chartered Director.

    About Joe Ladouceur

    Prior to joining Enerflex, Joe served as President and CEO of Platinum Energy Services Ltd. until he successfully managed its sale in 2022. With over 30 years of experience in the finance and energy industries, Joe has held numerous executive leadership roles with Canadian E&P, energy services, and equipment fabrication companies. He began his career with Royal Bank of Canada and RBC Dominion Securities, where he was involved in corporate banking and global energy projects. Joe holds an Honors Business Administration degree with a major in finance from the Ivey Business School in London, Ontario, a Master of Business Administration from KU Leuven in Belgium, and an Honorary Fellowship from St. Mary’s University in Calgary.

    ADVISORY REGARDING FORWARD-LOOKING INFORMATION

    This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with “forward-looking information”, “FLI”) within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are FLI. The use of any of the words “anticipate”, “believe”, “could”, “estimate”, “expect”, “future”, “intend”, “may”, “plan”, “potential”, “predict”, “should”, “will” and similar expressions, (including negatives thereof) are intended to identify FLI.

    In particular, this news release includes (without limitation) forward-looking information and statements pertaining to:

    • the Company’s near-term priorities and its positioning for long-term growth and value creation;
    • the CEO transition and the CEO search, including with respect to the time it will take to complete the CEO search and the impact the CEO search and the CEO transition may have on the Company and its operations;
    • the Company’s intention to implement a normal course issuer bid, the terms and conditions of such bid, the anticipated receipt of all required regulatory approvals, and the timing associated therewith;
    • disclosures under the heading “Outlook” including:
      • expectations for steady demand across the Company’s business lines and geographic regions;
      • the potential impact of tariffs and the expectation that such impact will be mitigated by the Company’s diversified operations and proactive risk management;
      • the highly contracted Energy Infrastructure product line and the recurring nature of After-Market Services will, together, account for approximately 65% of Enerflex’s gross margin before depreciation and amortization;
      • the expectation that Engineered Systems gross margin before depreciation and amortization will be more consistent with the historical long-term average for this business line and that near term revenue will remain steady;
      • total capital expenditures in 2025 being $110 million to $130 million with growth capital spending of $40 million to $60 million focused on customer supported opportunities in the US and Middle East; and
    • the ability of Enerflex to continue to pay a sustainable quarterly cash dividend.

    FLI reflects management’s current beliefs and assumptions with respect to such things as the impact of general economic conditions; commodity prices; the markets in which Enerflex’s products and services are used; general industry conditions, forecasts, and trends; changes to, and introduction of new, governmental regulations, laws, and income taxes; increased competition; availability of qualified personnel; political unrest and geopolitical conditions; and other factors, many of which are beyond the control of Enerflex. More specifically, Enerflex’s expectations in respect of its FLI are based on a number of assumptions, estimates and projections developed based on past experience and anticipated trends, including but not limited to:

    • Enerflex has the financial capacity, regulatory compliance, and board approval necessary to pursue a normal course issuer bid and that market conditions will support such a buyback program within the anticipated timeframe;
    • any tariffs imposed will have a manageable impact on our operations and cost structure and increased domestic energy production will offset any negative effects of such tariffs;
    • market dynamics, including increased energy demand, infrastructure development, and production activity, will drive growth in natural gas and produced water volumes across Enerflex’s core operating countries;
    • market conditions, customer activity, and industry fundamentals will support stable demand across our business lines and geographic regions throughout 2025;
    • the high level of contractual commitments within the Energy Infrastructure product line and the predictable, recurring revenue from After-Market Services will continue;
    • existing customer contracts within the Energy Infrastructure product line will remain in effect and with no material cancellations or renegotiations over their remaining terms;
    • Enerflex will maintain sufficient cash flow, profitability, and financial flexibility to support the ongoing payment of a sustainable quarterly cash dividend, subject to market conditions, operational performance, and board approval.

    As a result of the foregoing, actual results, performance, or achievements of Enerflex could differ and such differences could be material from those expressed in, or implied by, the FLI. The principal risks, uncertainties and other factors affecting Enerflex and its business are identified under the heading “Risk Factors” in: (i) Enerflex’s Annual Information Form for the year ended December 31, 2024, dated February 27, 2025; and (ii) Enerflex’s Annual Report dated February 26, 2025, copies of which are available under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    The FLI included in this news release are made as of the date of this news release and are based on the information available to the Company at such time and, other than as required by law, Enerflex disclaims any intention or obligation to update or revise any FLI, whether as a result of new information, future events, or otherwise. This news release and its contents should not be construed, under any circumstances, as investment, tax, or legal advice.

    The outlook provided in this news release is based on assumptions about future events, including economic conditions and proposed courses of action, based on Management’s assessment of the relevant information currently available. The outlook is based on the same assumptions and risk factors set forth above and is based on the Company’s historical results of operations. The outlook set forth in this news release was approved by Management and the Board of Directors. Management believes that the prospective financial information set forth in this news release has been prepared on a reasonable basis, reflecting Management’s best estimates and judgments, and represents the Company’s expected course of action in developing and executing its business strategy relating to its business operations. The prospective financial information set forth in this news release should not be relied on as necessarily indicative of future results. Actual results may vary, and such variance may be material.

    ABOUT ENERFLEX

    Enerflex is a premier integrated global provider of energy infrastructure and energy transition solutions, deploying natural gas, low-carbon, and treated water solutions – from individual, modularized products and services to integrated custom solutions. With over 4,600 engineers, manufacturers, technicians, and innovators, Enerflex is bound together by a shared vision: Transforming Energy for a Sustainable Future. The Company remains committed to the future of natural gas and the critical role it plays, while focused on sustainability offerings to support the energy transition and growing decarbonization efforts.

    Enerflex’s common shares trade on the Toronto Stock Exchange under the symbol “EFX” and on the New York Stock Exchange under the symbol “EFXT”. For more information about Enerflex, visit www.enerflex.com.

    For investor and media enquiries, contact:

    Preet S. Dhindsa
    Interim Chief Executive Officer
    E-mail: PDhindsa@enerflex.com

    Jeff Fetterly
    Vice President, Corporate Development and Capital Markets
    E-mail: JFetterly@enerflex.com

    The MIL Network –

  • MIL-OSI: Enerflex Ltd. Announces Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 19, 2025 (GLOBE NEWSWIRE) — Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (“Enerflex” or the “Company”) today announced Board approval to implement a Normal Course Issuer Bid (“NCIB”).

    The Company intends to make an application to the Toronto Stock Exchange (“TSX”) to implement a NCIB that would permit the Company to purchase for cancellation, through the facilities of the TSX, alternative Canadian trading systems or the New York Stock Exchange, common shares representing up to 5% of the public float over a period of twelve months. The NCIB is subject to acceptance by the TSX and will be conducted in accordance with the rules and policies of the TSX and applicable securities laws.

    Preet Dhindsa, Enerflex’s  Interim CEO stated, “With the Company operating within its target leverage range, Enerflex is positioned to increase direct shareholder returns. This is reflected through: (1) the previously announced 50% increase of the Company’s quarterly dividend; and (2) today’s announcement of the Company’s intention to implement a NCIB.”

    Enerflex believes that: (1) the repurchase of common shares would be an effective use of its cash resources and in the best interests of Enerflex and its shareholders; and (2) the current market price of its common shares does not fully reflect their underlying value.

    Further details regarding the NCIB will be provided following TSX approval.

    ADVISORY REGARDING FORWARD-LOOKING INFORMATION

    This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with “forward-looking information”, “FLI”) within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are FLI. The use of any of the words “intend”, “will”, “may”, and similar expressions, are intended to identify FLI. In particular, this news release includes (without limitation) FLI and statements pertaining to the Company’s intention to implement a NCIB, the terms and conditions of such bid, the anticipated receipt of all regulatory approvals including the approval of the TSX, and the timing associated therewith and the Company’s positioning to increase direct shareholder returns.

    FLI reflects management’s current beliefs and assumptions with respect to such things as the impact of general economic conditions; commodity prices; the markets in which Enerflex’s products and services are used; general industry conditions, forecasts, and trends; changes to, and introduction of new, governmental regulations, laws, and income taxes; increased competition; availability of qualified personnel; political unrest and geopolitical conditions; and other factors, many of which are beyond the control of Enerflex. More specifically, Enerflex’s expectations in respect of its FLI are based on a number of assumptions, estimates and projections developed based on past experience and anticipated trends, including that Enerflex has the financial capacity, regulatory compliance, and board approval necessary to pursue a NCIB and that market conditions will support such a buyback program within the anticipated timeframe. As a result of the foregoing, actual results, performance, or achievements of Enerflex could differ and such differences could be material from those expressed in, or implied by, the FLI. The principal risks, uncertainties and other factors affecting Enerflex and its business are identified under the heading “Risk Factors” in: (i) Enerflex’s Annual Information Form for the year ended December 31, 2024, dated February 27, 2025; and (ii) Enerflex’s Annual Report dated February 26, 2025, copies of which are available under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    Readers are cautioned that the foregoing list of assumptions and risk factors should not be construed as exhaustive. The FLI included in this news release are made as of the date of this news release and are based on the information available to the Company at such time and, other than as required by law, Enerflex disclaims any intention or obligation to update or revise any FLI, whether as a result of new information, future events, or otherwise. This news release and its contents should not be construed, under any circumstances, as investment, tax, or legal advice.

    ABOUT ENERFLEX

    Enerflex is a premier integrated global provider of energy infrastructure and energy transition solutions, deploying natural gas, low-carbon, and treated water solutions – from individual, modularized products and services to integrated custom solutions. With over 4,600 engineers, manufacturers, technicians, and innovators, Enerflex is bound together by a shared vision: Transforming Energy for a Sustainable Future. The Company remains committed to the future of natural gas and the critical role it plays, while focused on sustainability offerings to support the energy transition and growing decarbonization efforts.

    Enerflex’s common shares trade on the Toronto Stock Exchange under the symbol “EFX” and on the New York Stock Exchange under the symbol “EFXT”. For more information about Enerflex, visit www.enerflex.com.

    For investor and media enquiries, contact:

    Preet S. Dhindsa
    Interim Chief Executive Officer
    E-mail: PDhindsa@enerflex.com

    Jeff Fetterly
    Vice President, Corporate Development and Capital Markets
    E-mail: JFetterly@enerflex.com

    The MIL Network –

  • MIL-Evening Report: If NZ wants to decarbonise energy, we need to know which renewables deliver the best payback

    Source: The Conversation (Au and NZ) – By Alan Brent, Professor and Chair in Sustainable Energy Systems, Te Herenga Waka — Victoria University of Wellington

    Getty Images

    A national energy strategy for Aotearoa New Zealand was meant to be ready at the end of last year. As it stands, we’re still waiting for a cohesive, all-encompassing plan to meet the country’s energy demand today and in the future.

    One would expect such a plan to first focus on reducing energy demand through improved energy efficiency across all sectors.

    The next step should be greater renewable electrification of all sectors. However, questions remain about the cradle-to-grave implications of investments in these renewable resources.

    We have conducted life-cycle assessments of several renewable electricity generation technologies, including wind and solar, that the country is investing in now. We found the carbon and energy footprints are quite small and favourably complement our current portfolio of renewable electricity generation assets.

    Meeting future demand

    The latest assessments provided by the Ministry of Business, Employment and Innovation echo earlier work by the grid operator Transpower. Both indicate that overall demand for electricity could nearly double by 2050.

    Many researchers believe these scenarios are an underestimate. One study suggests the power generation capacity will potentially need to increase threefold over this period. Other modelling efforts project current capacity will need to increase 13 times, especially if we want to decarbonise all sectors and export energy carriers such as hydrogen.

    This is, of course, because we want all new generation to come from renewable resources, with much lower capacity factors (the percentage of the year they deliver power) associated with their variability.

    Additional storage requirements will also be enormous. Following the termination of work on a proposed pumped hydro project, other options need investigating.

    Wind and solar are becoming the primary renewable technologies.
    Shutterstock/Kyohei Miyazaki

    Building renewable generation

    The latest World Energy Outlook published by the International Energy Agency (IEA) shows that wind and solar, primarily photovoltaic panels, are quickly taking over as the primary renewable technologies.

    This is also true in Aotearoa New Zealand. An updated version of the generation investment survey, commissioned by the Electricity Authority, shows most of the committed and actively pursued projects (to be commissioned by 2030) are solar photovoltaic and onshore wind farms.

    Offshore wind projects are on the horizon, too, but have been facing challenges such as proposed seabed mining in the same area and a lack of price stabilisation measures typical in other jurisdictions. New legislation aims to address some of these challenges.

    Distributed solar power (small-scale systems to power homes, buildings and communities) has seen near-exponential growth. Our analysis indicates wind (onshore and offshore) and distributed solar will make an almost equal contribution to power generation by 2050, with a slightly larger share by utility-scale solar.

    Cradle-to-grave analyses

    The main goal is to maintain a stable grid with secure and affordable electricity supply. But there are other sustainability considerations associated with what happens at the end of renewable technologies’ use and where their components come from.

    The IEA’s Global Critical Minerals Outlook shows the fast-growing global demand for a suite of materials with complex supply chains. We have also investigated the materials intensity of taking up these technologies in Aotearoa New Zealand, and discussed the greater dependence on those supply chains.

    The challenges in securing these metals in a sustainable manner include environmental and social impacts associated with the mining and processing of the materials and the manufacturing of different components that need to be transported for implementation here. There are also operating and maintenance requirements, including the replacement of components, and the dismantling of the assets in a responsible manner.

    We have undertaken comprehensive life-cycle assessments, based on international standards, of the recently commissioned onshore Harapaki wind farm, a proposed offshore wind farm in the South Taranaki Bight, a utility-scale solar farm in Waikato and distributed solar photovoltaic systems, with and without batteries, across the country.

    The usual metrics are energy inputs and carbon emissions because they describe the efficiency of these technologies. They are considered a first proxy of whether a technology is appropriate for a given context.

    Beyond that, we used the following specific metrics, as summarised in the table below:

    • GWP: global warming potential (carbon emissions during a technology’s life cycle per energy unit delivered).

    • CPBT: carbon payback time (how long a technology needs to be operational before its life cycle emissions equal the avoided emissions, either using the grid and its associated emissions or conventional natural gas turbines).

    • CED: cumulative energy demand over the life cycle of a technology.

    • EPBT: energy payback time (how long a technology needs to be operational before the electricity it generates equals the CED).

    • EROI: energy return on investment (the amount of usable energy delivered from an energy source compared to the energy required to extract, process and distribute that source, essentially quantifying the “profit” from energy production).

    There is much debate about the minimum energy return on investment that makes an energy source acceptable. A value of more than ten is generally viewed as positive.

    Life cycle assessment metrics of wind and solar power in Aotearoa New Zealand.
    Te Herenga Waka Victoria University of Wellington, CC BY-SA

    For all technologies we assessed, the overall greenhouse gas emissions are lower than the grid emissions factor. Because of New Zealand’s already low-emissions grid, the carbon payback time is around three to seven years for utility-scale generation. But for small-scale, distributed generation it can be up to 13 years. If the displacement of gas turbines is considered, the payback is halved.

    Energy return on investment is above ten for all technologies, but utility-scale generation is better than distributed solar, with values of between 30 and 75.

    To put this into perspective, the energy return on investment for hydropower, if operated for 100 years, is reported to be 110. Utility-scale wind and solar being commissioned now have an operational life of 30 years but are typically expected to be refurbished.

    This means their energy return on investment is becoming comparable to hydropower.

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

    – ref. If NZ wants to decarbonise energy, we need to know which renewables deliver the best payback – https://theconversation.com/if-nz-wants-to-decarbonise-energy-we-need-to-know-which-renewables-deliver-the-best-payback-251819

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Ahead of Expected Executive Order Abolishing Department of Education, Senator Murray, Seattle School Board President, Parents, Advocates Raise Alarm Over Trump Dismantling Ed, Spell Out Harms to WA Students

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    WA STATE FACT SHEET on how Department of Education supports WA students and schools

    ICYMI: Murray, Top Appropriators Demand Detailed Answers on Trump Admin’s Sweeping Mass Firings at Department of Education

    ***PHOTOS, B-ROLL HERE***

    ***WATCH HERE***

    Washington, D.C. — Today, as reporting indicates President Trump will sign an Executive Order aimed at eliminating the Department of Education tomorrow, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former Chair of the Senate Health, Education, Labor and Pensions (HELP) Committee, held a roundtable discussion with Seattle School Board President Gina Topp and parents and educators laying out how President Trump’s moves to dismantle the Department of Education are a serious threat to students, educators, and public schools throughout Washington state.

    Last week, the Department of Education announced that it was firing more than 1,300 workers as part of Trump and Elon Musk’s indiscriminate mass layoffs across the federal workforce. This and other administration actions to date will cut the Department’s workforce in half and effectively gut the agency. While outright abolishing the Department would require an act of Congress, President Trump has said repeatedly that he intends to do everything possible to achieve that goal and is expected to issue an executive order tomorrow that seeks to eliminate the Department and move its functions to other agencies. On Monday, Senator Murray led a letter demanding detailed answers from the Department about the mass firings it has conducted and how it is carrying out requirements of federal law and its critical responsibilities despite the sweeping reductions in force.

    “Trump and Musk are taking a wrecking ball to the U.S. Department of Education and firing half its staff—we’re talking about the people who make sure federal funds get to our kids and schools, help students fill out the FAFSA and get Pell Grants and financial aid, protect students from predatory for-profit colleges, enforce our civil rights laws, and so much more. What’s the end goal here? Destroying public education in America—and robbing our students and families of critical funding while Trump and Musk enrich themselves,” said Senator Murray. “The effects of Trump and Musk’s slash and burn campaign will be felt across our state—by students and families who suffer from the loss of Department staff working to ensure their rights under federal law, school districts who have to lay off teachers, students who can’t get the help they need to get financial aid, and families who get ripped off because the watchdogs were fired. This issue is personal for me, and for every single family. We cannot relent in this fight—and we should never underestimate the power of our own voices.”

    The Department of Education provides critical funding and support to students, teachers, and schools in Washington state, including providing $301 million annually in IDEA funding for 152,000 students with disabilities—15 percent of Washington’s student population—and $307 million annually in Title I funding for schools enrolling 511,000 from low-income backgrounds—reflecting 46 percent of Washington’s student population, among so much else. Another central responsibility of the Department is to identify, investigate, and resolve school violations of civil rights laws. A record number of civil rights complaints (22,687) were filed in Fiscal Year 2024; 35 percent of cases were based on disability discrimination. Trump’s plans for the Department of Education are extremely unpopular; 58 percent of voters across the political spectrum oppose eliminating the Department.

    “Seattle Public Schools, like districts across the country, depends on federal funding to ensure every student has access to a high-quality education. These funds aren’t extras—they provide essential support for students from low-income families, English learners, and students with disabilities, breaking down barriers that stand in the way of opportunity. Cutting these programs doesn’t just hurt students today—it weakens our entire community and our future. Any cuts to these programs would undercut our collective future,” said Gina Topp, Seattle Public Schools Board President.

    “ED enforces civil rights laws that prohibit discrimination in the educational environment. These three main laws are Title IX, which prohibits sex discrimination; Title VI, which prohibits racial discrimination; and Section 504, which prohibits disability discrimination. These laws help students in Washington State and across the county every single day…I help represent the Office for Civil Rights when offices are sued for how they’ve handled a discrimination complaint or when the office is sued over a new regulation or piece of guidance that OCR has published. I work with incredible, dedicated, hard-working public servants. Many of them have spent decades, or for some their entire careers, working for ED. The level of experience and knowledge that they bring to their work is simply irreplaceable,” said Rebecca Yates, an attorney for the Department of Education, Office of Civil Rights, participating in the discussion in her personal capacity. “Last Tuesday night, like hundreds of ED employees across the country, I received an email informing me that my entire division was being abolished, and my position was being eliminated. I’m upset about losing my job, but I’m devastated about what’s happening to the Department of Education, and deeply concerned about the future of the Department—and the future of public education in this country.”

    “Because my children received appropriate early intervention, IEP services, and accommodations, my oldest son was able to graduate from college and secure his first job. That success would not have been possible without federally funded programs that helped level the playing field for students like him. I once believed I could provide all the necessary support on my own—I even earned a PhD in my effort to do so—but I quickly learned that specialized services, trained professionals, and a strong federal commitment to disability education are essential,” said Lanya McKittrick, PhD, a special education researcher and family support professional, and the parent of four kids with special needs. “As a family support professional working with parents of children with low-incidence disabilities, I see the impact of these programs every day. Families are already struggling with devastating budget cuts that have stripped away services. If we allow this to continue, we risk undoing over 30 years of progress in disability rights and education.”

    “I am deeply concerned about the administration’s recent staffing cuts and plans to dismantle the Education Department,” said Heather Schwindt, an advocate for kids with special needs and parent of two kids with disabilities, one of whom relies on an Individualized Education Program (IEP) plan to succeed in school. “This decision will set back public education and harm students with disabilities. A primary concern is the potential loss of funding for essential services and programs supporting students with disabilities. These services, mandated by federal laws such as the IDEA and Section 504 of the Rehabilitation Act, are crucial for ensuring that students with disabilities receive a free and appropriate public education. Reduced staffing, larger special education caseloads, and reduced capacity for delivering specialized services will result in a reduction of federal funding for Special Education… 60 years ago, children with disabilities were often denied the right to attend school. We’ve made progress with Section 504, IDEA, and the Department of Education and there is more progress to be made. The Department of Education is vital with the investments it makes in providing research to practice models, providing data on student outcomes nationally, and helping our state and others continue to push to do better for all children.”

    A senior member and former chair of the HELP Committee, Senator Murray has championed students and families at every stage of her career—fighting to help ensure every child in America can get a high-quality public education. Among other things, Senator Murray negotiated the bipartisan Every Student Succeeds Act (ESSA), landmark legislation that she got signed into law, replacing the broken No Child Left Behind Act. As a longtime appropriator, she has successfully fought to boost funding to support students and invest in our nation’s K-12 schools, and she has secured significant increases to the Pell Grant so that it goes further for students pursuing a higher education. Senator Murray also successfully negotiated the FAFSA Simplification Act, bipartisan legislation to reform the financial aid application process, simplify the FAFSA form for students and parents, and significantly expand eligibility for federal aid.

    On Monday, Senator Murray led a letter demanding detailed answers from the Department of Education about the mass firings and other detrimental actions which risk major reductions in support for and oversight of federal investments in our nation’s K-12 schools and institutions of higher education and threaten vital support for students with disabilities, access to Pell Grants and other financial aid, oversight of student loan servicers, scrutiny of for-profit colleges, and more. The letter follows an earlier March 6 letter Senator Murray sent alongside colleagues demanding answers about the chaotic, harmful actions taken by ED since January—which the Department has yet to respond to. During Secretary Linda McMahon’s confirmation hearing, Senator Murray pressed McMahon on whether she will ensure approved funding gets out to serve students as the law requires and whether she would protect students’ data from DOGE. She also asked McMahon to name a single requirement of ESSA—and McMahon couldn’t name any. Ahead of McMahon’s confirmation, Senator Murray spoke out on the Senate floor against her nomination and sounded the alarm over President Trump and Elon Musk’s plans to dismantle the U.S. Department of Education.

    A fact sheet outlining how the Department of Education supports students in Washington state is HERE.

    MIL OSI USA News –

  • MIL-OSI Australia: Murchison Green Hydrogen Project given a headstart

    Source: Australian Renewable Energy Agency

    Overview

    • Category

      News

    • Date

      20 March 2025

    • Classification

      Hydrogen energy

    The Australian Renewable Energy Agency (ARENA) has announced the first recipient from its Hydrogen Headstart Program, with $814 million in funding allocated under round 1 to Copenhagen Infrastructure Partners’ (CIP) 1,500 MW Murchison Green Hydrogen Project in Western Australia.

    ARENA CEO, Darren Miller said Australia has immense potential when it comes to hydrogen projects, however, many projects face challenges due to the current gap between the market price for renewable hydrogen and production costs.

    “At the time it was announced, Hydrogen Headstart was the largest government investment in Australia’s developing renewable hydrogen industry. ARENA’s support will help Australia’s first large-scale projects get to financial close and deliver on Australia’s promise as a provider of clean energy to decarbonise industry in Australia and globally,” Mr Miller said.

    “The Hydrogen Headstart Program commits funding to bridge the current commercial gap in the form of a production credit, meaning funding is only provided once projects are constructed and operational.”

    “Enabling hydrogen projects through Hydrogen Headstart is essential to ensure our economic prosperity as the world transitions to cleaner forms of energy especially in hard to abate sectors such as ammonia, iron and alumina.”

    “CIP’s Murchison project is an example of how we can leverage Australia’s high quality solar and wind resources to produce low-cost renewable hydrogen and ammonia at scale, increasing export opportunities and embedding Australia as a key enabler of global decarbonisation,” Mr Miller said.

    Hydrogen Headstart recipient Murchison must now satisfy a number of development conditions and achieve commercial operations before the funding is released. Funding under the program is paid based on production volumes over a 10-year operating period.

    To date, ARENA has provided over $370 million to 65 renewable hydrogen projects from early-stage research to deployment projects.

    According to analysis by the Department of Climate Change, Energy, the Environment and Water (DCCEEW), Australia’s hydrogen industry could unlock over $50 billion in additional private sector investment and create up to 16,000 new jobs by 2030.

    Murchison Green Hydrogen CEO, Shohan Seneviratne said: “CIP is honoured to receive Hydrogen Headstart funding, which reinforces our shared vision with the Australian Government to establish a leading green hydrogen industry in Australia. We are committed to contributing to Australia’s green hydrogen ambitions by creating local jobs, supporting skills development and sharing project benefits with local communities, including First Nations.”

    “We appreciate the support from the Australian Government, Minister Bowen, and ARENA and commend their leadership, vision and collaboration to make Murchison and the Australian hydrogen industry a reality.”

    Further information concerning Hydrogen Headstart Round 1 outcomes will be announced in due course.

    Murchison Green Hydrogen project summary:

    The Murchison Green Hydrogen project is being developed by Copenhagen Infrastructure Partners through its Energy Transition Fund I (ETF I), with the project team based locally in Perth. Murchison involves large-scale production of renewable hydrogen and ammonia in the Mid West of Western Australia. The project will be located approximately 15 km north of the coastal town of Kalbarri and will include up to 1.5 GW of electrolysis and 3,600 tonnes per day of Haber-Bosch ammonia production capacity. The facility will operate completely off-grid, powered by approximately 1.2 GW of solar photovoltaic and approximately 1.7 GW of onshore wind new build generation with a 600 MW /1,200 MWh battery energy storage system and water sustainably sourced through a new desalination facility. Renewable ammonia is expected to be exported to support global decarbonisation.

    CIP’s ETF I is the world’s largest dedicated renewable hydrogen fund with approximately AUD 5 billion available for investment in decarbonising hard-to-abate industries such as steel-making, co-firing, chemical production, agriculture and transportation.

    To find out more, visit: murchisonrenewables.com.au

    ARENA media contact:

    media@arena.gov.au

    Download this media release (PDF 143KB)

    MIL OSI News –

  • MIL-Evening Report: More young people are caring for a loved one with dementia. It takes a unique toll

    Source: The Conversation (Au and NZ) – By Katya Numbers, Postdoctoral Research Fellow & Lecturer, Centre for Healthy Brain Ageing, UNSW Sydney

    Miljan Zivkovic/Shutterstock

    Dementia is a growing health problem, affecting more than 55 million people around the world.

    In Australia, an estimated 433,300 people are living with dementia. This figure is projected to rise to 812,500 by 2054.

    Dementia refers to brain disorders that are not a normal part of ageing. These disorders, including Alzheimer’s disease, cause a decline in cognitive function and changes in mood, memory, thinking and behaviour. Ultimately they affect a person’s ability to carry out everyday tasks.

    In Australia, around 75% of people with dementia live at home.

    While dementia care at home has traditionally been associated with older spouses or middle-aged children, it seems an increasing number of young adults in their 20s and 30s, and even teenagers, are stepping into this role to care for grandparents, parents or other loved ones.

    In Australia, 3 million people (11.9% of the population) are carers. This includes 391,300 under 25 – a sharp rise from 235,300 in 2018.

    How many young carers are specifically caring for a loved one with dementia is unclear, and something we need more data on. Young dementia carers remain largely invisible, with minimal recognition or support.

    Unique challenges and the burden of responsibility

    Unlike older carers, who may have more financial stability and free time, young carers often must balance caregiving with university, early-career pressures, and personal development, including maintaining social relationships, pursuing hobbies, and prioritising mental welling.

    In Australia, where 51% of men and 43% of women aged 20–24 still live with their parents, many young carers will have limited experience in managing a household independently.

    They’re often thrust into complex responsibilities such as cooking, housework, managing the family budget, coordinating medical appointments and administering medications.

    Beyond that, they may need to provide physical care such as lifting or helping their loved one move around, and personal care such as dressing, washing, and helping with toileting.

    Young carers often must balance caregiving with other responsibilities.
    Iris Wang/Unsplash

    All this can leave young carers feeling unprepared, overwhelmed and isolated.

    While general support groups exist for dementia carers and young carers more broadly, few cater specifically to young adults caring for someone with dementia.

    This lack of targeted support is likely to heighten feelings of isolation, as the young person’s friends struggle to relate to the emotional and practical burdens young carers face.

    The demanding nature of caregiving, combined with the difficulty of sharing these experiences with peers, means young dementia carers can become disconnected socially.

    The psychological toll

    These challenges take a profound psychological toll on young carers.

    Research shows young carers are 35% more likely to report mental health issues than their non-caregiving peers. These can include depression, anxiety and burnout.

    Again, we don’t have data on mental health outcomes among young dementia carers specifically. But in Australia, 75% of dementia carers reported being affected physically or emotionally by their caring role. Some 41% felt weary or lacked energy, and 31% felt worried or depressed.

    Also, there are negative stereotypes about ageing – that people turn forgetful, frail, and need constant care. For young carers whose loved ones have dementia, these stereotypes can be reinforced by their experience. This could shape young carers’ perceptions of their own future health and wellbeing and increase anxiety about ageing.

    Caregiving may also affect physical health. Research suggests carers often sacrifice healthy habits such as exercise and a balanced diet. What’s more, carers report symptoms including poor sleep, fatigue, headaches and back pain due to the physical demands of caregiving.

    Caring for a parent – a role reversal

    This emotional burden is particularly acute for those caring for a parent. These young carers are likely to experience the progressive loss of parental support, while simultaneously assuming the demanding role of caregiver.

    A significant portion of young dementia carers support parents with young-onset dementia, a form of dementia diagnosed before age 65. These young carers face the shock of a diagnosis that defies typical expectations of ageing.

    The burden may be compounded by fears of genetic inheritance. Young onset dementia often has a hereditary component.

    This means young carers may have a higher risk of developing the condition themselves – a concern spousal carers don’t have. This fear can fuel health anxiety, alter life planning, and create a pervasive sense of vulnerability.

    A significant portion of young dementia carers support parents with young-onset dementia.
    VisualProduction/Shutterstock

    How we can better support young dementia carers

    Despite their growing numbers, young dementia carers remain largely overlooked in research, policy and support services. This is partly due to the challenges in engaging this demographic in research, as these young people juggle busy lives balancing caregiving with education and work.

    Many young carers also don’t self-identify as carers, hindering their access to support and resources. This could be because of the stigmatising label, or a feeling they’re not doing enough to qualify as a carer. It could even be because of cultural norms which can frame caregiving as a family obligation, rather than a distinct role.

    Nonetheless, young dementia carers require targeted support beyond generic caregiving resources.

    This support might include specialised peer networks, educational programs, and practical skills training. Tailored programs and resources should ideally be co-designed with young dementia carers to ensure they meet their unique needs and preferences.

    With dementia cases in Australia and elsewhere projected to increase, the demand for informal carers – including young adults – will continue to grow.

    Without intervention, these young carers risk burnout, social isolation, and long-term health consequences. We must ensure flexible, age-appropriate support for this often invisible group. Investing in young dementia carers is not just a moral imperative – it’s a crucial step toward a sustainable, compassionate care system for the future.

    Dementia Australia offers a national helpline, information sessions, and a peer-to-peer connection platform for carers.

    The Young Carers Network, run by Carers Australia, offers mental health resources, financial guidance, and respite care information, plus bursaries young carers can apply for to reduce financial pressure.

    Katya is a co-founder of Y-Care of Dementia, a support network for Australians in their 20s and 30s who are caring for someone living with dementia.

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

    – ref. More young people are caring for a loved one with dementia. It takes a unique toll – https://theconversation.com/more-young-people-are-caring-for-a-loved-one-with-dementia-it-takes-a-unique-toll-249361

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Reining in water price increases for Aucklanders

    Source: New Zealand Government

    Increases in water charges for Auckland consumers this year will be halved under the Watercare Charter which has now been passed into law, Local Government Minister Simon Watts and Auckland Minister Simeon Brown say.
    The charter is part of the financial arrangement for Watercare developed last year by Auckland Council with the support of the Government under Local Water Done Well. 
    “Last year, the Government quickly progressed legislation to restore local control of water assets, overturning Labour’s Three Water reforms which were expensive and creating problems across the country. This included putting in place preliminary arrangements for the transition to safe, resilient, reliable, environmentally sound, and customer responsive water services at the least cost,” Mr Watts says.
    “The charter will help keep Auckland’s water services affordable, saving households about $899 million over four years while ensuring improved service quality and record infrastructure investment averaging $1.3 billion a year to unlock housing growth in Auckland.
    “By easing this financial pressure, Aucklanders can keep more money in their household budgets, allowing them to spend it on other essential expenses such as groceries and healthcare.”
    Under Auckland Council’s draft 2024-2034 long-term plan (LTP), Watercare charges for drinking water and wastewater connected residential consumers would have risen by an average of 14.6 percent on 1 July 2025. Under the charter, the increase will be 7.2 percent. This follows last year’s increase, also of 7.2 percent compared with the 25.8 percent increase proposed in the draft LTP for 1 July 2024.
    Auckland Minister Simeon Brown says the Government is committed to delivering affordable water charges for Aucklanders through the Local Water Done Well solution for Watercare, while ensuring that there is ongoing investment in critical infrastructure maintenance and growth. 
    “The high cost of living remains a top concern for Aucklanders, and our Government is committed to reducing unnecessary charges and taxes to provide relief. The Government’s Local Water Done Well solution for Watercare has prevented large increases in Aucklanders’ water rates while ensuring we keep investing in the water infrastructure our city will need,” Mr Brown says.
    Mr Watts says the charter will ensure Watercare faces incentives to invest in replacing and upgrading assets, improve efficiency, and provide water services at a quality that reflects consumer expectations. Importantly, it means that the benefits of efficiency improvement will be shared with consumers,” Mr Watts says
    “The Commission’s regulatory oversight of Watercare means greater transparency and accountability regarding water and wastewater network performance, customer service, and cost to consumers.
    “Infrastructure is vital for our cities to thrive, and because this Government listened and worked with Auckland Council, we delivered a solution that ensures Watercare has the flexibility and revenue certainty to fund future water infrastructure projects.
    “This approach also frees up Auckland Council’s own balance sheet to support it to invest in other critical infrastructure, supporting growth across the city.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Efforts pay off with economic growth

    Source: ACT Party

    “It’s official: the economy is growing,” says ACT Leader David Seymour in response to new gross domestic product figures from Stats NZ showing 0.7 percent growth in the three months to December.

    “Firms, farms, and families have made tough sacrifices in a cost-of-living crisis, but now they’re starting to see the fruits of their efforts. Inflation is under control, interest rates are getting lower.

    “The economy returned to growth last year and is growing further. The Government must keep saving so there’s more for everyone to spend.

    “As households have more money to spend, and businesses gain confidence to invest and employ, we’ll see more growth, better paying jobs, and more reasons for the next generation to build families and careers in New Zealand.

    “With ACT in Government, we’re doing our part to speed along the recovery, cutting waste in Wellington and stripping back red tape that stops Kiwis from being productive. Let’s stay the course.”

    MIL OSI New Zealand News –

  • MIL-OSI China: EU unveils white paper on defense amid US uncertainty

    Source: China State Council Information Office

    The European Commission on Wednesday introduced a comprehensive plan to enhance the European Union’s (EU) defense capabilities, aiming to bolster military readiness and reduce reliance on non-EU allies amid uncertainty over future U.S. support for NATO.

    “The security architecture that we relied on can no longer be taken for granted. Europe is ready to step up. We must invest in defense, strengthen our capabilities, and take a proactive approach to security,” Commission President Ursula von der Leyen said in a statement.

    At the core of the plan is the White Paper for European Defence – Readiness 2030, and a defense package providing financial levers to EU member states for boosting investment in defense capabilities. These are part of the ReArm Europe Plan/Readiness 2030, the Commission said.

    The white paper outlines key priorities, including addressing critical defense gaps identified by EU member states and strengthening Europe’s defense industry through increased joint procurement efforts.

    It also emphasizes the need to increase military support for Ukraine and expand the EU-wide defense market by streamlining regulations to improve efficiency and cooperation. Currently, EU nations operate a wide array of different weapons systems, limiting interoperability and efficiency.

    As part of the ReArm Europe Plan/Readiness 2030, the Commission has set limits on fiscal flexibility for defense spending, capping financial deviations by EU member states at a maximum of 1.5 percent of GDP per year during the activation of the national escape clause, for a period of up to four years.

    Earlier this month, von der Leyen introduced an 800-billion-euro (874.64 billion U.S. dollars) plan to significantly boost defense spending across the bloc. The plan established a 150-billion-euro loan program to help EU countries invest jointly in critical military assets, with the Commission committed to mobilizing an additional 650 billion euros.

    EU leaders had agreed to activate the national escape clause under the Stability and Growth Pact in a coordinated manner, which allows increased defense spending and provides immediate budgetary flexibility across member states.

    The new blueprint was unveiled ahead of a summit of EU government leaders, where European defense remains a top agenda topic. (1 euro = 1.09 U.S. dollars) 

    MIL OSI China News –

  • MIL-OSI New Zealand: Tax Reform – New poll shows public don’t want corporate tax cuts

    Source: Tax Justice Aotearoa

    Tax Justice Aotearoa welcomes the latest Horizon poll which shows poll only 9% of respondents support a cut to corporate tax rates. (ref. https://www.stuff.co.nz/politics/360621413/poll-suggests-few-support-corporate-tax-breaks )

    TJA chair Glenn Barclay said the findings aligned with a recent petition organised by Tax Justice Aotearoa in which 13,000 people called on Christopher Luxon and Nicola Willis to say NO to corporate tax cuts, in response to their earlier suggestions New Zealand’s corporate tax rates were too high.

    “These signatures were collected in little over three weeks which is an indication of the level of public opposition to corporate tax cuts,” Mr Barclay said.

    “Corporate tax cuts will do little to boost the economy but will instead end up costing us a lot of money – with a 1 percentage point reduction in corporate tax equal to $650m.

    “$650m is nearly the same as Te Whatu Ora’s deficit and is the equivalent of 1,187 hospital bed nights a year.

    “$650m would more than fully fund the School Lunch Programme over two years, or could be used to employ up to 6,300 nurses

    “It is also enough to maintain benefits’ link to wages for four years,” Mr Barclay said.

    “This is money we need when important public services, such as healthcare and school lunches, are under pressure.

    “We also welcome the strong support for a capital gains tax and a wealth tax in this survey, which aligns with surveys we conducted in 2023.

    “We strongly call on the government not to introduce cuts to corporate taxes in this year’s budget.”

    MIL OSI New Zealand News –

  • MIL-OSI: Crédit Mutuel Alliance Fédérale expands in Germany with the acquisition of OLB, making TARGOBANK a universal bancassurer

    Source: GlobeNewswire (MIL-OSI)

                                                    

    Strasbourg and Düsseldorf, March 20, 2025

    Crédit Mutuel Alliance Fédérale expands in Germany with the acquisition of OLB, making TARGOBANK a universal bancassurer

    Crédit Mutuel Alliance Fédérale has reached a major milestone in the development of its banking and insurance model in Europe with the signature of an agreement to acquire 100% of German bank Oldenburgische Landesbank (OLB) via its subsidiary TARGO Deutschland GmbH (TARGOBANK).

    This transaction, on a scale not seen since the acquisition of Citibank in Germany in 2008 (renamed TARGOBANK), demonstrates the solidity and ambitions of Crédit Mutuel Alliance Fédérale. Already present in Germany, the mutual banking group is strengthening its foothold in Europe’s largest economy.

    This move accelerates TARGOBANK’s path to becoming a universal bancassurance player in Germany, following the model of its parent company. The consolidated group will become the tenth largest bank in Germany in terms of assets, with a comprehensive offering in corporate financing serving Mittelstand companies and in retail banking.

    The estimated impact of the transaction is -115 basis points on Crédit Mutuel Alliance Fédérale’s CET1. This transaction is subject to the approval of the regulatory authorities, in particular the European Central Bank (ECB) and the competition authorities.

    Germany, the mutual banking group’s second-largest domestic market

    Crédit Mutuel Alliance Fédérale aims to become a leading bancassurer in Europe. While it was the fifth largest banking group and tenth largest insurer in France in 2024, the group already generated 20% of its revenues internationally.

    Germany is the group’s second-largest domestic market, where it operates through several of its subsidiaries, in particular TARGOBANK, ACM Deutschland, and CIC. Thanks to its financial solidity, operating performance and technological edge, the group has major advantages to enable it to succeed in this consolidating market.

    OLB, a leading bank in Germany

    Founded in Lower Saxony, one of Germany’s largest states, where it has a strong foothold, OLB is a universal bank with operations throughout Germany. Thanks to an effective strategy of sustained growth over the past ten years, it serves one million customers. With more than €30 billion in assets, it is one of the leading financial institutions in Germany.

    OLB is active in two buoyant markets. It offers strong expertise in private banking and wealth management, providing a full range of banking and insurance services to individuals and professionals. It also stands out for its expertise in corporate financing (corporate, commercial real estate) and business acquisitions (LBO and acquisition finance).

    Togetherness Performance Solidarity: a successfully launched plan in its second year

    After the first year of the Togetherness, Performance, Solidarity strategic plan which closed with very high 2024 results for Crédit Mutuel Alliance Fédérale, 2025 marks a major turning point for the mutual banking group.

    TARGOBANK’s acquisition of OLB will enable it to significantly amplify its transformation as a universal bancassurer in Germany, complementing the launch of ACM Deutschland’s commercial activities in the second half of 2025. In addition to offering rapid growth prospects for its retail mortgage lending business, TARGOBANK will be able to strengthen its position in the SME and mid-cap markets (Mittelstand companies), in wealth management and specialized financing, with the potential for synergies in revenue and cost efficiency for the medium term.

    With this transaction, TARGOBANK becomes the tenth largest bank in Germany. The consolidated group serves 4.8 million customers with total balance sheet of €79 billion.

    “The acquisition of OLB, marks a major milestone for Crédit Mutuel Alliance Fédérale, fully aligned with its strategic plan Togetherness Performance Solidarity. We have the ambition to expand our activities in Europe, and specifically in Germany, largest European economy. With our subsidiaries TARGOBANK, which will integrate OLB, and ACM Deutschland, we are committed to become a bancassurer across the Rhine” said Daniel Baal, Chairman of Crédit Mutuel Alliance Fédérale:

    “Our group’s history shows that it has the ability to successfully complete external growth transactions, in particular those of CIC, and, more recently, TARGOBANK and Cofidis. This strategic investment reflects our determination to become a leading bancassurer in Europe by integrating the resources and values of OLB into TARGOBANK. We are building for the long run.” added Éric Petitgand, Chief Executive Officer of Crédit Mutuel Alliance Fédérale.

    “This acquisition marks a decisive step in Crédit Mutuel Alliance Fédérale’s development in Germany. The respective and complementary expertise of TARGOBANK and OLB’s employees will enable us to significantly speed up our transformation as a universal bancassurer in the strategic German market. There is significant business and customer growth potential among individuals, professionals and businesses,” adds Isabelle Chevelard, Chairwoman of the Executive Board of TARGOBANK and Head of the German market for Crédit Mutuel Alliance Fédérale.

    Stefan Barth, CEO of OLB, welcomes the transaction: “Over the past few years, OLB has pursued a dynamic growth strategy with remarkable results. We are proud to join Crédit Mutuel Alliance Fédérale, with which we share common values, to build together a stronger banking group.”

    Acquisition by Crédit Mutuel Alliance Fédérale,
    via TARGO Deutschland GmbH,of Oldenburgische Landesbank AG (OLB)

    The Crédit Mutuel Alliance Fédérale and TARGOBANK teams, in accordance with the applicable competition laws, will work closely with the OLB teams to facilitate completion of the transaction in the interest of customers, members, elected representatives and employees.

    This project is subject to the usual conditions precedent and in particular the approval of the competent regulatory and competition authorities. The transaction is expected to be completed in the first half of 2026.

    About OLB

    OLB is a universal bank that operates nationwide in Germany, and has over 150 years of experience in Lower Saxony. Under the OLB and Bankhaus Neelmeyer brands, the bank advises more than a million customers, in the retail, business, corporate and diversified lending segments. OLB has a network of 80 branches and nearly 1,700 employees.

    Thanks to a solid acquisition strategy over the last ten years (private banking operator Bankhaus Neelmeyer in 2017; Bremer Kreditbank, formerly KBC Bank Deutschland, in 2018; Wüstenrot Bank AG Pfandbriefbank in 2019 and more recently Degussa Bank in 2024), OLB has diversified its activities (retail banking, corporate banking serving Mittelstand companies, private banking, project finance, Pfandbrief refinancing, etc.) to become a universal bank.

    At December 31, 2024, OLB had net banking income of nearly €750 million, a cost/income ratio of less than 43%, and net income after tax of €270 million. OLB also saw its balance sheet assets surpass the €30 billion threshold, enabling it to become, in early 2025, a major financial institution supervised as such by the European Central Bank.

    Press contacts
    Crédit Mutuel Alliance Fédérale: Aziz Ridouan – +33 (0)6 01 10 31 69 – aziz.ridouan@creditmutuel.fr
    Corporate Communication Department: +33 (0)3 88 14 84 00 – com-alliancefederale@creditmutuel.fr
    TARGOBANK: pressestelle@TARGOBANK.de
    OLB: presse@olb.de

    About Crédit Mutuel Alliance Fédérale

    One of France’s leading bancassurers with 77,000 employees serving 31 million customers, Crédit Mutuel Alliance Fédérale has 4,200 branches which offer a diversified range of services to private individuals, local professionals and companies of all sizes.

    As the first French banking group to adopt the status of a mission-driven company, Crédit Mutuel Alliance Fédérale is made up of the following Crédit Mutuel federations: Centre Est Europe (Strasbourg), Sud-Est (Lyon), Ile-de-France (Paris), Savoie-Mont Blanc (Annecy), Midi-Atlantique (Toulouse), Loire-Atlantique et Centre-Ouest (Nantes), Centre (Orléans), Normandie (Caen), Dauphiné-Vivarais (Valence), Méditerranéen (Marseille), Anjou (Angers), Massif Central (Clermont-Ferrand), Antilles-Guyane (Fort-de-France) and Nord Europe (Lille).

    Crédit Mutuel Alliance Fédérale also includes Caisse Fédérale de Crédit Mutuel, Banque Fédérative du Crédit Mutuel (BFCM) and all its subsidiaries, in particular CIC, Euro-Information, Assurances du Crédit Mutuel (ACM), TARGOBANK, Cofidis, Beobank in Belgium, Banque Européenne du Crédit Mutuel (BECM), Banque Transatlantique, Banque de Luxembourg and Homiris.

    Find out more at creditmutuelalliancefederale.fr

    About TARGOBANK

    TARGOBANK has almost 100 years of experience in the German banking market. It serves 3.8 million private, business and corporate customers.

    TARGOBANK offers simple and attractive banking products with high quality service so as to build a long term relationship with its customers. With a network of 340 branches spread in more than 250 cities in Germany aswell as a service accessible online and by telephone around the clock, TARGOBANK combines the benefits of a digital bank as well as local support whether in the local branch or at the customer’s home.

    TARGOBANK is headquartered in Düsseldorf. It employs 7,400 people throughout Germany, including 2,000 working for its customer center in Germany. There are also administrative buildings in Mainz (Factoring), Düsseldorf (Leasing & Investment Finance) and Frankfurt (Corporate & Institutional Banking).

    As a subsidiary of Crédit Mutuel Alliance Fédérale, one of the strongest banks in Europe, TARGOBANK is a reliable partner for its customers.

    Further information: www.TARGOBANK.de

                                                    

    Strasbourg and Düsseldorf, March 20, 2025

    Crédit Mutuel Alliance Fédérale expands in Germany with the acquisition of OLB, making TARGOBANK a universal bancassurer

    Crédit Mutuel Alliance Fédérale has reached a major milestone in the development of its banking and insurance model in Europe with the signature of an agreement to acquire 100% of German bank Oldenburgische Landesbank (OLB) via its subsidiary TARGO Deutschland GmbH (TARGOBANK).

    This transaction, on a scale not seen since the acquisition of Citibank in Germany in 2008 (renamed TARGOBANK), demonstrates the solidity and ambitions of Crédit Mutuel Alliance Fédérale. Already present in Germany, the mutual banking group is strengthening its foothold in Europe’s largest economy.

    This move accelerates TARGOBANK’s path to becoming a universal bancassurance player in Germany, following the model of its parent company. The consolidated group will become the tenth largest bank in Germany in terms of assets, with a comprehensive offering in corporate financing serving Mittelstand companies and in retail banking.

    The estimated impact of the transaction is -115 basis points on Crédit Mutuel Alliance Fédérale’s CET1. This transaction is subject to the approval of the regulatory authorities, in particular the European Central Bank (ECB) and the competition authorities.

    Germany, the mutual banking group’s second-largest domestic market

    Crédit Mutuel Alliance Fédérale aims to become a leading bancassurer in Europe. While it was the fifth largest banking group and tenth largest insurer in France in 2024, the group already generated 20% of its revenues internationally.

    Germany is the group’s second-largest domestic market, where it operates through several of its subsidiaries, in particular TARGOBANK, ACM Deutschland, and CIC. Thanks to its financial solidity, operating performance and technological edge, the group has major advantages to enable it to succeed in this consolidating market.

    OLB, a leading bank in Germany

    Founded in Lower Saxony, one of Germany’s largest states, where it has a strong foothold, OLB is a universal bank with operations throughout Germany. Thanks to an effective strategy of sustained growth over the past ten years, it serves one million customers. With more than €30 billion in assets, it is one of the leading financial institutions in Germany.

    OLB is active in two buoyant markets. It offers strong expertise in private banking and wealth management, providing a full range of banking and insurance services to individuals and professionals. It also stands out for its expertise in corporate financing (corporate, commercial real estate) and business acquisitions (LBO and acquisition finance).

    Togetherness Performance Solidarity: a successfully launched plan in its second year

    After the first year of the Togetherness, Performance, Solidarity strategic plan which closed with very high 2024 results for Crédit Mutuel Alliance Fédérale, 2025 marks a major turning point for the mutual banking group.

    TARGOBANK’s acquisition of OLB will enable it to significantly amplify its transformation as a universal bancassurer in Germany, complementing the launch of ACM Deutschland’s commercial activities in the second half of 2025. In addition to offering rapid growth prospects for its retail mortgage lending business, TARGOBANK will be able to strengthen its position in the SME and mid-cap markets (Mittelstand companies), in wealth management and specialized financing, with the potential for synergies in revenue and cost efficiency for the medium term.

    With this transaction, TARGOBANK becomes the tenth largest bank in Germany. The consolidated group serves 4.8 million customers with total balance sheet of €79 billion.

    “The acquisition of OLB, marks a major milestone for Crédit Mutuel Alliance Fédérale, fully aligned with its strategic plan Togetherness Performance Solidarity. We have the ambition to expand our activities in Europe, and specifically in Germany, largest European economy. With our subsidiaries TARGOBANK, which will integrate OLB, and ACM Deutschland, we are committed to become a bancassurer across the Rhine” said Daniel Baal, Chairman of Crédit Mutuel Alliance Fédérale:

    “Our group’s history shows that it has the ability to successfully complete external growth transactions, in particular those of CIC, and, more recently, TARGOBANK and Cofidis. This strategic investment reflects our determination to become a leading bancassurer in Europe by integrating the resources and values of OLB into TARGOBANK. We are building for the long run.” added Éric Petitgand, Chief Executive Officer of Crédit Mutuel Alliance Fédérale.

    “This acquisition marks a decisive step in Crédit Mutuel Alliance Fédérale’s development in Germany. The respective and complementary expertise of TARGOBANK and OLB’s employees will enable us to significantly speed up our transformation as a universal bancassurer in the strategic German market. There is significant business and customer growth potential among individuals, professionals and businesses,” adds Isabelle Chevelard, Chairwoman of the Executive Board of TARGOBANK and Head of the German market for Crédit Mutuel Alliance Fédérale.

    Stefan Barth, CEO of OLB, welcomes the transaction: “Over the past few years, OLB has pursued a dynamic growth strategy with remarkable results. We are proud to join Crédit Mutuel Alliance Fédérale, with which we share common values, to build together a stronger banking group.”

    Acquisition by Crédit Mutuel Alliance Fédérale,
    via TARGO Deutschland GmbH,of Oldenburgische Landesbank AG (OLB)

    The Crédit Mutuel Alliance Fédérale and TARGOBANK teams, in accordance with the applicable competition laws, will work closely with the OLB teams to facilitate completion of the transaction in the interest of customers, members, elected representatives and employees.

    This project is subject to the usual conditions precedent and in particular the approval of the competent regulatory and competition authorities. The transaction is expected to be completed in the first half of 2026.

    About OLB

    OLB is a universal bank that operates nationwide in Germany, and has over 150 years of experience in Lower Saxony. Under the OLB and Bankhaus Neelmeyer brands, the bank advises more than a million customers, in the retail, business, corporate and diversified lending segments. OLB has a network of 80 branches and nearly 1,700 employees.

    Thanks to a solid acquisition strategy over the last ten years (private banking operator Bankhaus Neelmeyer in 2017; Bremer Kreditbank, formerly KBC Bank Deutschland, in 2018; Wüstenrot Bank AG Pfandbriefbank in 2019 and more recently Degussa Bank in 2024), OLB has diversified its activities (retail banking, corporate banking serving Mittelstand companies, private banking, project finance, Pfandbrief refinancing, etc.) to become a universal bank.

    At December 31, 2024, OLB had net banking income of nearly €750 million, a cost/income ratio of less than 43%, and net income after tax of €270 million. OLB also saw its balance sheet assets surpass the €30 billion threshold, enabling it to become, in early 2025, a major financial institution supervised as such by the European Central Bank.

    Press contacts
    Crédit Mutuel Alliance Fédérale: Aziz Ridouan – +33 (0)6 01 10 31 69 – aziz.ridouan@creditmutuel.fr
    Corporate Communication Department: +33 (0)3 88 14 84 00 – com-alliancefederale@creditmutuel.fr
    TARGOBANK: pressestelle@TARGOBANK.de
    OLB: presse@olb.de

    About Crédit Mutuel Alliance Fédérale

    One of France’s leading bancassurers with 77,000 employees serving 31 million customers, Crédit Mutuel Alliance Fédérale has 4,200 branches which offer a diversified range of services to private individuals, local professionals and companies of all sizes.

    As the first French banking group to adopt the status of a mission-driven company, Crédit Mutuel Alliance Fédérale is made up of the following Crédit Mutuel federations: Centre Est Europe (Strasbourg), Sud-Est (Lyon), Ile-de-France (Paris), Savoie-Mont Blanc (Annecy), Midi-Atlantique (Toulouse), Loire-Atlantique et Centre-Ouest (Nantes), Centre (Orléans), Normandie (Caen), Dauphiné-Vivarais (Valence), Méditerranéen (Marseille), Anjou (Angers), Massif Central (Clermont-Ferrand), Antilles-Guyane (Fort-de-France) and Nord Europe (Lille).

    Crédit Mutuel Alliance Fédérale also includes Caisse Fédérale de Crédit Mutuel, Banque Fédérative du Crédit Mutuel (BFCM) and all its subsidiaries, in particular CIC, Euro-Information, Assurances du Crédit Mutuel (ACM), TARGOBANK, Cofidis, Beobank in Belgium, Banque Européenne du Crédit Mutuel (BECM), Banque Transatlantique, Banque de Luxembourg and Homiris.

    Find out more at creditmutuelalliancefederale.fr

    About TARGOBANK

    TARGOBANK has almost 100 years of experience in the German banking market. It serves 3.8 million private, business and corporate customers.

    TARGOBANK offers simple and attractive banking products with high quality service so as to build a long term relationship with its customers. With a network of 340 branches spread in more than 250 cities in Germany aswell as a service accessible online and by telephone around the clock, TARGOBANK combines the benefits of a digital bank as well as local support whether in the local branch or at the customer’s home.

    TARGOBANK is headquartered in Düsseldorf. It employs 7,400 people throughout Germany, including 2,000 working for its customer center in Germany. There are also administrative buildings in Mainz (Factoring), Düsseldorf (Leasing & Investment Finance) and Frankfurt (Corporate & Institutional Banking).

    As a subsidiary of Crédit Mutuel Alliance Fédérale, one of the strongest banks in Europe, TARGOBANK is a reliable partner for its customers.

    Further information: www.TARGOBANK.de

    Attachments

    The MIL Network –

  • MIL-OSI United Kingdom: UK Tech Secretary to bang the drum for closer AI partnership with the US

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    UK Tech Secretary to bang the drum for closer AI partnership with the US

    Technology Secretary Peter Kyle will set out Britain’s credentials as the global hub for AI investment on a visit to the United States this week (18th-25th March).

    Strengthening UK-US ties to boost AI investment.

    UK Technology Secretary Peter Kyle will set out Britain’s credentials as the global hub for AI investment during his visit to the United States this week (18 to 25 March), highlighting how both countries can evolve their special relationship in the age of AI as the UK government puts the technology at the heart of its Plan for Change.  

    Speaking at Nvidia’s annual conference in San Jose (20th March), Peter Kyle will outline how the government is “rewiring” Britain’s economy to run on AI, paving the way for communities across the country to seize on the transformative opportunities presented by the technology and moving wealth creation away from just Silicon Valley and London.  

    Addressing business leaders, developers and innovators, the Technology Secretary will lay out his vision for how AI and advanced technologies are being put to work to help solve some of our most complex shared challenges, as Britain becomes a by-word for innovation.

    The technology is already being harnessed in the UK to improve public services and spark fresh economic growth – a central pillar of the government’s Plan for Change. Peter Kyle will now outline how the UK’s AI sector – valued at over $92 billion and projected to surpass $1 trillion by 2035 – will position Britain as the second leading AI nation in the democratic world, with a wealth of investment opportunities now being opened to US companies and financial backers alike. 

    Central to his message will be Britain’s readiness for AI investment, with a particular focus on how ‘the relics of economic eras past will be transformed into the UK’s innovative AI Growth Zones’.

    A key component of the AI Opportunities Action Plan, these are strategically designated areas designed to rapidly attract large-scale AI investment through streamlined regulations and dedicated infrastructure.

    These hotbeds of AI development represent a pipeline of new opportunities for companies to scale up and innovate, with the Technology Secretary to call for investors to step forward and participate in a new kind of partnership.  

    Speaking at Nvidia’s annual conference, the Technology Secretary is expected to set out how these Growth Zones, with access to large power connections, and a planning system designed to cut the time it takes to start up construction, will help to build a compute infrastructure which the UK ‘has never seen before’. 

    The government has already received hundreds of proposals from local leaders nationwide and industry, underscoring Britain’s readiness to leverage artificial intelligence to rejuvenate communities and drive economic growth across the country. 

    This will drive higher living standards across the UK – a primary focus for the government over the next four years – with AI Growth Zones poised to deliver the jobs, investment, and the thriving business environment which will put more money in people’s pockets and realise its Plan for Change.

    At the Nvidia conference, the Technology Secretary is expected to say: 

    In empty factories and abandoned mines, in derelict sites and unused power supplies, I see the places where we can begin to build a new economic model. 

    A model completely rewired around the immense power of artificial intelligence. 

    Where, faced with that power, the state is neither a blocker nor a shirker – but an agile, proactive partner. 

    In Britain, we want to turn the relics of economic eras past into AI Growth Zones.

    As part of the visit, Peter Kyle will also meet with key companies in the US tech sector including Open AI, Anthropic, Nvidia, and Vantage – banging the drum for more companies to set up shop in the UK as their Silicon Valley home from home. 

    Additionally, the Technology Secretary is expected to say: 

    There is a real hunger for investment in Britain, and people who are optimistic about the future, and hopeful for the opportunities which AI will bring for them and their families.

    States owe it to their citizens to support it. Not through diktat or directive, but through partnership.

    The Prime Minister and the President of the United States have placed AI at the heart of the trans-Atlantic relationship. Visiting the White House last month, the Prime Minister confirmed both nations are setting to work on a new economic deal which will put advanced technologies at its heart.  

    Since laying out its new vision for AI at the start of the year and giving the technology a frontline role in delivering the government’s Plan for Change, the UK has already seen a wealth of backing from American investors who are looking to set up a home from home on British shores.  

    Major recent investments include a £12 billion commitment from Vantage Data Centers to significantly expand Britain’s data infrastructure, creating approximately 11,500 jobs. Last month, the UK Government also formalised a partnership with Anthropic to enhance collaboration on leveraging AI to improve public services nationwide. 

    By deepening these partnerships with leading US tech firms and investors, the UK’s AI sector is poised for sustained growth as it continues removing barriers to innovation.

    Updates to this page

    Published 20 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: PM: Barrow a blueprint for positive impact of defence spending across the country

    Source: United Kingdom – Government Statements

    Press release

    PM: Barrow a blueprint for positive impact of defence spending across the country

    Barrow is a blueprint for how defence spending can boost communities up and down the country, the Prime Minister will say while on a visit to the town today.

    • Keir Starmer joins Vanguard Class submarine crew returning home from nuclear deterrent patrol to thank them for their silent service
    • Comes as he visits Barrow to lay the keel of the next generation Dreadnought submarine, the next generation of the UK’s nuclear deterrent.
    • Prime Minister announces His Majesty The King will confer the ‘Royal’ title to the Port of Barrow in recognition of the town’s unique and critical contribution to national security
    • New £28 million funding package for T-Levels set to benefit Furness College in Barrow to support submarine builders of the future.

    Barrow is a blueprint for how defence spending can boost communities up and down the country, the Prime Minister will say while on a visit to the town today.

    It comes as he announces the King has agreed to confer the ‘Royal’ title to the Port of Barrow in recognition of the town’s unique and critical contribution to national security as home of nuclear submarine building in the UK.

    The visit follows the Prime Minister secretly joining submariners returning home to loved ones a few days ago, hearing firsthand the ‘hot’ debrief of their long operational tour keeping the UK and NATO Allies safe.

    The Prime Minister boarded the boat as it returned to UK waters, known as ‘a Day Zero’, to thank submariners for their months of silent service deep under water. He is the first Prime Minister to join a Day Zero since 2013.

    The Prime Minister also met families waiting for their relatives to return from sea, many of which had experienced significant life milestones while their loved ones were on deployment, including four submariners who returned home to newborn children.

    Since 1969, the nuclear deterrent has been the cornerstone of UK security and continuously delivered by the Royal Navy – with at least one nuclear-armed ballistic missile submarine patrolling the seas undetected at all times. 

    The keel for the first nuclear-armed ballistic missile submarine was laid in Barrow in 1959, before its launch in 1960. Two years later, the UK declared its nuclear capability to NATO.

    And this afternoon, the Prime Minister will lay the keel to the first boat of the next generation nuclear armed submarines, knowns as the Dreadnought class. 

    Dreadnought will deliver the next generation of our nuclear deterrent, to protect our people and allies from the most extreme threats to our national security and way of life for decades to come.

    It is also expected to support more than 30,000 jobs across the country, from the heart of BAE Systems in Barrow, to small and medium enterprises up and down the country. 

    Barrow will also play a vital role in delivering the AUKUS programme – a joint endeavour between Australia, the United States and the UK – with the first SSN-AUKUS attack submarines being built at the BAE Systems site.

    Last month, the Prime Minister announced that this government will increase defence spending to 2.5% of GDP from 2027, with an ambition to reach 3% in the next parliament.

    That will equate to an extra £13.4 billion on defence, allowing this government to go further than ever to make sure the benefit of that investment is felt in British people’s pockets. 

    The Barrow submarine workforce alone has grown by more than 1000 people in the past six months, with those working in the defence nuclear sector earning approximately 20% above the national average wage.

    Prime Minister Keir Starmer said:

    When I say that our Plan for Change is delivering security for working people and renewal for our country, there is no better blueprint than Barrow.

    Defence spending here is supporting highly skilled jobs, driving opportunities for young people and delivering world class capabilities to keep us all safe, but it’s also crucially putting money in the pockets of hardworking people.

    This week, I saw firsthand the sacrifice our submariners are making every day to keep our country safe, but I know they are only able to do that because of the support of the town of Barrow.

    Each and every person living and working in Barrow is contributing to our nation’s defence, whether that is building our world-class submarine programme, or supporting the workforce here through vital public services or proud family businesses.

    The Prime Minister will also announce that His Majesty the King has agreed to confer the title ‘Royal’ to the Port of Barrow in recognition of the town’s undue role in guaranteeing the nation’s security.

    The title is a recognition of the dedication and commitment of the people of Barrow in delivering the submarines that protect the nation, now and for decades to come. His Majesty hopes to visit the town in due course to mark the town’s proud heritage and prosperous future. 

    As part of recognising that contribution, and ensuring the community is able to continue delivering the nuclear deterrent for generations to come, new funding to support the wider community will be announced by the Prime Minister.

    That will include a new £28 million funding package for T-Levels, delivered by providers across England including Furness College in Barrow.

    The funding will help to equip and inspire students to be the next generation of submarine builders, with industry-relevant skills and knowledge, and leading to skilled employment, apprenticeships, or higher education both in the defence sector and beyond.

    This is on top of the Barrow Transformation Fund, a £200 million government package to strengthen the local economy, support sustainable growth and boost opportunities for the people of Barrow.

    As part of that fund, a £5 million pot to invest in schools to boost aspiration and support the needs of the young people of Barrow will also be opened.

    The funding priorities will be co-designed with representative leaders from across Barrow’s schools, ensuring the money is spent by the people who know best about how to improve the future of young people in the town.

    The fund also delivers on the government’s commitment to ensure those on the frontline of public services are empowered in decision making.

    A further £5 million will be provided for grants to community and voluntary organisations to allow local people to improve their local area.

    Defence Secretary John Healey said:

    Today’s keel laying is a demonstration of our government delivering for defence and fulfilling our first duty: to keep the British people safe.

    Our triple lock pledge for Britain’s nuclear deterrent will see all four Dreadnought-class submarines built in Royal Barrow – a generational commitment that is transforming this town. This is one of the most complex projects ever undertaken in this country, representing the very best of British engineering.

    Our commitment to the nuclear deterrent is unshakeable – it is the ultimate guarantor of our national security and the security of our NATO allies. And this national endeavour is also an engine for jobs and growth in Barrow and beyond.

    Updates to this page

    Published 20 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Councils backed with over £500m to restore family services

    Source: United Kingdom – Government Statements

    Press release

    Councils backed with over £500m to restore family services

    Funding for preventive services doubled to over half a billion pounds to drive restoration in family and parenting support across every English council.

    More vulnerable children will be prevented from falling through the cracks as the government restores vital family support services, delivering on its plan for change to give every child the best start in life. 

    New guidance sets a clear expectation on all councils and their partners to reform family support services to enable earlier intervention and better protect children from harm.  

    Key reforms include introducing a single ‘front door’ to support services in every local area. This will make it clear to families struggling with complex needs such as mental health issues, disabilities and substance misuse, where and how they can access help. 

    This could mean embracing digital services or bringing different teams and services into an existing setting, such as a family hub. Bringing help from health visitors, housing support teams and mental health specialists into one place, will make it clear to parents where to access help and improve join up with existing universal support. 

    Thousands more family help leads will be matched with families to coordinate support and resources, taking responsibility for getting them the support they need to stop issues escalating. This will importantly end the frustrating experience of vulnerable families being passed from team to team, forced to tell their story time and time again.  

    These radical reforms are all backed by over half a billion pounds for councils in 2025/2026 – double their allocation in previous years – rebuilding the vital support infrastructure needed to reduce the number of children going into care.  These changes are urgently needed, with eight in ten parents unable to access the services they need in their child’s early years.  

    The measures build on the landmark Children’s Wellbeing and Schools Bill to better support vulnerable children. Representing the single biggest piece of child protection legislation in a generation, the bill paves the way for a unique child identifier, like an NHS number, a register of children not in school, and a requirement for every council to have multi-agency child safeguarding teams.

    Minister for Children and Families, Janet Daby said: 

    For too long, vulnerable children and families have been left to struggle – battling fragmented services and receiving support when it’s too late.  

    Backed by over £500m and delivering our Plan for Change, we’re putting an end to this injustice and building back crumbling family support services, to keep children safe and enable more families to achieve and thrive together. 

    Whether seeking help with supporting a child’s development or for substance misuse, families can feel assured that they will get the right help at the right stage, as this government delivers the real change that matters to families.

    The government inherited a broken system, with children and families facing poor outcomes and barriers to opportunity. 

    While spending on services for families at crisis point – which local authorities have a legal duty to provide – has skyrocketed by £4 billion since 2013, investment in early preventative support which isn’t statutory has plummeted by £900m. 

    At the same time, those known to children’s services are seven times more likely to face permanent exclusion from school and care-experienced young people making up around a quarter of the adult prison population. 

    Minister for Children and Families, Janet Daby, visited a children’s centre in Redbridge to hear about the implementation of reforms so far.

    One parent said:

    I want to be the best father I can be for my children, but I was struggling to parent and build meaningful bonds.

    I self-referred myself after finding out about the services online. The team facilitated a plan for me, which included attending a parenting programme to learn more parenting skills and understand how I can improve my relationship with my children. So far, it’s taught me a lot and had a really positive impact on my family.

    Reflecting on their experience, another local parent said:

    After being referred by our school, my family was matched with a coordinator to support challenges with my children’s disabilities. I was facing a lot of red tape and struggling to navigate the system. After providing us with a whole-family plan, my coordinator has made this much smoother and really helped to bridge our relationship with the school. They’ve also made sure I have access to support for lots of other challenges, including mentoring and housing.

    I was hitting lots of walls trying to get help, but the service has really transformed by experience – I wish I’d known about this sooner so I could have referred myself.

    These reforms will driver greater collaboration between agencies, bringing together professionals with different expertise and backgrounds to ensure children don’t fall through the cracks.  

    From the point parents are expecting a baby, support services such as parenting skills, domestic abuse counselling and financial advice will be wrapped around the family, with the needs of the whole family considered throughout their journey.  

    Chief Executive Officer at the National Children’s Bureau, Anna Feuchtwang, said:

    The Families First Partnership Programme has enormous potential to provide earlier support and better address the needs of children within their family networks.

    With further investment in preventative services, shared workforce development and stability, these reforms present a huge opportunity to reorient child and family services towards enabling and supporting wellbeing.

    It is critical that roll out is informed by the ongoing evidence from the FFC pathfinders and that all children, including those with disabilities, are able to benefit.

    Updates to this page

    Published 20 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Australia: New pilot program to strengthen regional manufacturing

    Source: New South Wales Premiere

    Published: 20 March 2025

    Released by: Minister for Industry and Trade, Minister for Regional NSW, Minister for Western New South Wales

    The NSW Government is continuing its commitment to rebuild the state’s manufacturing industry with the launch of an $800,000 pilot program aimed at boosting productivity, reducing costs and increasing competitiveness.

    The Lean Manufacturing Pilot Program will provide small-to-medium-sized manufacturers across regional NSW with funding to undertake audits by professional consultants that will identify ways to re-organise their manufacturing operations.

    Lean manufacturing is an internationally recognised business management process that revolves around the principles of continuous improvement, waste elimination, and a customer-centric approach.

    It focuses on creating products more efficiently by eliminating unnecessary steps, saving time and using fewer materials in the production process. This approach helps businesses produce goods with fewer resources, without compromising on quality.

    More efficient processes mean production lines manufacture fewer products with defects, which in turn reduces operating costs related to providing returns and waste disposal.

    For example, a regional food manufacturer might reorganise production lines to improve efficiency, implement preventative maintenance to reduce equipment breakdowns and implement just-in-time inventory management to reduce excess stock and waste.

    The audits, undertaken as part of the program, will offer tailored recommendations to help businesses identify inefficiencies, streamline operations, reduce waste and increase productivity, while also highlighting training opportunities for staff.

    Several major companies have successfully implemented lean manufacturing to improve efficiency, reduce waste, and enhance productivity over the past decades including Toyota, Ford Motor Company, Boeing, General Electric and Nike.

    Many regional NSW companies such as the Bega Group in Bega, Donaldson Australia on the Central Coast, Belmore Engineering at Tamworth, Flavourtech in Griffith and Tyree Transformers at Braemar have also successfully used lean manufacturing principles.

    Manufacturing is a key driver of the NSW economy, contributing nearly 30 per cent of Australia’s total manufacturing output.

    In regional NSW, the sector generates $32 billion in sales and employs 84,000 workers, reinforcing the need for continued support to strengthen and future-proof the industry.

    Industry research by Binder Dijker Otte (BDO) suggests that adopting lean manufacturing can boost small-to-medium-sized businesses’ profit margins by up to three times, depending on their size and turnover.

    The NSW Department of Primary Industries and Regional Development designed the pilot program following in-depth industry consultation, which highlighted the need for more support in adopting lean manufacturing principles to ensure regional manufacturers remain globally competitive.

    The Lean Manufacturing Pilot Program is part of the NSW Government’s ongoing commitment to supporting manufacturing industries across the state as they navigate rising costs and market challenges.

    Expressions of interest for the audits are now open to eligible manufacturers and will close at 4pm on Monday 31 March 2025, with funding allocated on a first-come, first-served basis.

    For more information about the program, including guidelines and Expression of Interest details, go to www.nsw.gov.au/LMPP or email economic.programs@dpird.nsw.gov.au.

    Minister for Regional NSW and Western NSW Tara Moriarty, said:

    “The Lean Manufacturing Pilot Program is an important part of our ongoing support for regional manufacturers across the state, helping them overcome the challenges posed by rising supply chain, energy and labour costs.

    “This program is an important step towards ensuring the long-term success of our regional manufacturers.

    “We know that by supporting regional businesses to improve their operations, we’re strengthening the entire economy of regional NSW, creating more local jobs and enhancing the long-term sustainability of our regions.”

    Minister for Industry and Trade, Anoulack Chanthivong said:

    “NSW manufacturing fell in nine out of 12 years under the previous Liberal-National Government, and the Lean Manufacturing Pilot Program is a prime example of how the Minns Labor Government is working to rebuild local manufacturing right across the state.

    “Support for local manufacturing is also an integral part of the Minns Labor Government’s recently released Industry Policy.

    “Central to the Industry Policy are three new local manufacturing targets, which demonstrate a real commitment to supporting local manufacturing to promote a dynamic, sustainable, and diversified economy.”

    HunterNet Chief Executive Officer Ivan Waterfield said:

    “Lean manufacturing plays a crucial role in the future of the NSW manufacturing sector. By focusing on eliminating waste and improving efficiency, it helps manufacturers reduce costs and enhance productivity.

    “In a time of scarce resources, a strong Lean culture helps manufacturing companies improve their efficiency and their P&L.

    “The Lean Manufacturing Pilot Program by the NSW Government is a significant step towards supporting regional manufacturers in becoming more competitive on a global scale and is something that HunterNet fully supports and endorses.”

    MIL OSI News –

  • MIL-OSI New Zealand: Q&A: What is a blue-green network?

    Source: Auckland Council

    A blue-green network is a system of waterways (blue) and parks (green) that give stormwater space to flow and help reduce flooding where people live.

    After severe weather events in 2023, Auckland Council prioritised blue-green projects to better protect our communities from flooding.

    As part of our Making Space for Water 10-year flood resilience programme, we identified 12 focus areas around the region that could benefit the most from a blue-green project.

    What has the council been doing to reduce flood risk in Auckland?

    We have been working hard to assess all the potential project areas to decide if there is an infrastructure solution that can deliver significant flood reduction to the community and that is affordable for ratepayers.

    These assessments are very complex, they involve multiple stages of research, analysis and decision making before a feasible solution can be presented to the council’s Governing Body and central government funding partners for approval. If approved, further stages of design, consenting and engagement are undertaken before a project is ready to construct. This process before construction generally takes 2-3 years.

    Why has the amount of funding allocated to these projects changed?

    Following major 2023 storms, a co-funding package with the Government has given us the opportunity to ‘retreat’ high-risk homes and deliver some key resilience projects sooner than expected.

    Within this funding package, buy-outs have been the first priority to get high-risk homeowners out of harm’s way. Now that we understand more which high-risk areas still need mitigations, and how much funding we have remaining from the package, we can start prioritising flood resilience projects.

    What is the process for delivering the blue green projects?

    While we are working as quickly as possible, we can’t progress all projects at the same time, so they’ll be developed and delivered across several years.

    Central and local government representatives will work together to guide each project through a five-stage process. At each stage decisions will need to be made which will determine whether the project can proceed to the next stage.

    Our staged approach is crucial due to the scale of these projects – they’re expensive and can be disruptive. We want to ensure value for Aucklanders.

    As these projects are made up of a number of connected works and they will make a huge difference to those that live in the area, we will be working together with iwi and the community in prioritised project areas and setting up opportunities in the coming months to meet and start to gather their input to help shape the designs.

    What stage is each project at?

    Two projects in Māngere have already been prioritised, with construction starting soon, because they could be delivered in a reasonable timeframe to reduce the risk to life for local homes.

    Feasibility assessments have been completed for all 12 areas originally identified in the blue-green networks initiative.

    In Ōpoutūkeha / Cox’s Creek, Grey Lynn and Meola-Epsom, much of the flood risk has been managed through the voluntary buy-out programme. Removing these houses will give sufficient space for water to flow.

    Finding a suitable solution to reduce flooding for the Kumeū River catchment has been challenging. The council, with engineering experts, has thoroughly explored several options including building stop banks, extending a flood way, diverting the river, and creating detention ponds upstream.

    Although a lot of work has gone into these ideas, none are feasible due to high costs, environmental impacts, and the high level of residual flood risk faced by the community. We are now working with other council teams and the government to find the best solutions for the community.

    The remaining blue-green projects will take longer to develop as they will need to be funded by the council through the Long-term Plan process. We will aim to deliver these projects over the following 10 years. In areas where larger scale projects cannot be funded right now, we will look for ways to accelerate smaller works that may help to reduce the impacts of lower-level flooding.

    Blue-Green project status

    Project area funding source status

    Project area funding source status

    Project area funding source status

    ·       Harania Creek, Māngere

    ·       Te Ararata Stream, Māngere.

    Crown / Auckland Council

    Funding approved, community engagement underway.

    Construction expected to start April/ May 2025.

    ·       Rānui / Clover Drive

    Crown / Auckland Council

    Council funding approved, pending crown business case approval.

    ·       Wairau Valley

    Crown / Auckland Council

    Community engagement underway.

    Business case being developed.

    ·       Whangapouri (Pukekohe)

    ·       Te Auaunga (Mt Roskill)

    TBC (currently unfunded)

    Early design and modelling underway.

    ·       Whau Stream (Blockhouse Bay / Lynfield)

    ·       Opanuku Stream (Henderson)

    ·       Porter’s Stream

    TBC (currently unfunded)

    Potential options identified.

    ·       Cox’s Creek

    ·       Epsom

    ·       Kumeū

    N/A

    Not progressing through blue-green networks initiative.

    Alternative projects may be scoped in future if required.


    What are the current priorities for development?

    Projects in Harania Creek and Te Ararata Stream are underway and expected to start construction later this year.

    A detailed prioritisation analysis has determined that Clover Drive in Rānui is the next area proposed to progress. Auckland Council’s Transport, Resilience and Infrastructure Committee approved funding in February 2025.

    This area was identified as the next priority based on several criteria due to its potential for reducing risk to life, improving community health and wellbeing, and delivering economic benefits to residents and businesses. Addressing flooding risks in this area also stands to lead to improved water quality and broader environmental benefits. Approval to progress is also required from Crown, with a decision expected in March.

    How does Wairau Valley fit into the overall plan?

    Given the Wairau Valley’s size and the complexity of required mitigations, addressing flooding issues requires a phased approach. This will involve significant long-term investment, community input, and collaboration. The council will be promoting opportunities for the community to participate and provide input into early designs to maximise local benefits before submitting a detailed business case in the coming months. A catchment-wide approach will ensure optimal outcomes for the community.

    This flood resilience work will bring many additional benefits to the community, including better water quality, more open space, improved biodiversity, and better connectivity. We look forward to working together to develop and deliver these improvements.

    What else is being done to reduce flooding in blue-green areas in the meantime?

    We understand that residents may feel anxious about more storms and heavy rain, especially if they were seriously affected in the 2023 storms.

    For those areas that have not been prioritised in this phase but are still included in the blue-green programme, early design and modelling is underway so that projects are ready to progress as soon as funding can be allocated.

    Maintenance and monitoring of critical waterways and infrastructure has been increased to help to improve water flow during smaller storms. We are also looking at other opportunities such as flood intelligence and flood warning systems that will help to reduce risks from severe weather events. Alongside this we continue to update our flood modelling data so that we can base our decisions and recommendations on the most up-to-date information and better prepare and support Aucklanders when future weather events occur.

    Guides offering property level advice to reduce the impacts of flooding in multiple languages can be found on Flood Viewer and in libraries across the region.

    What are the plans for the vacant land once Category 3 houses are cleared?

    More than 1,200 high-risk Auckland properties are expected to be purchased by Auckland Council before the end of 2025 – making it one of the largest land acquisition programmes undertaken in New Zealand.

    We are carefully deciding what to do with this storm-affected land, with decisions expected to take years.

    We want to ensure Auckland’s land is used effectively to provide homes and maintain strong communities, while managing risk and reducing the financial impact to ratepayers.

    If we keep the land, options for use could include:

    • flood resilience and stream management

    • adding it to neighbouring parkland or bush

    • managing it as high-hazard land.

    If we don’t keep the land, options could include:

    • sale for safe redevelopment

    • sale with conditions to manage the risk (such as converting ground floor units to storage)

    • sale to neighbours for extra backyard space.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Release: Kiwis still struggling as economy stumbles along

    Source: New Zealand Labour Party

    Kiwis aren’t feeling any better off despite figures showing a very slight growth in GDP in the December quarter.

    “Let’s not pretend this means life is getting easier for most people, New Zealand’s economy still shrank overall in 2024,” Labour finance spokesperson Barbara Edmonds said.

    “The construction sector, which is crucial for jobs and housing, shrank another 3.1 percent last quarter and is down 7.3 percent in 2024. That’s the direct result of National’s cuts to infrastructure and housing projects. Its decisions have put 13,000 construction workers out of a job and left more families struggling to find an affordable home.

    “New Zealanders are working harder but still not getting ahead. This is a Government that talks big, but many Kiwis are worse off than they were before National took office.

    “Unemployment remains high and people’s wages still aren’t keeping up with rising costs. If National was serious about growing the economy, they’d focus on jobs, health, and homes, rather than cutting infrastructure projects, freezing public sector wages, and leaving New Zealanders to struggle with rising costs,” Barbara Edmonds said.

    Stay in the loop by signing up to our mailing list and following us on Facebook, Instagram, and X.

    MIL OSI New Zealand News –

  • MIL-OSI Security: Brockport woman awaiting sentencing for committing fraud, charged once again with bank fraud and making false statements

    Source: Office of United States Attorneys

    ROCHESTER, N.Y. – U.S. Attorney Michael DiGiacomo announced today that Patricia Hutchins, 53, of Brockport, NY, was charged by criminal complaint with making a false statement and bank fraud, which carry a maximum penalty of 30 years in prison.

    Assistant U.S. Attorney Meghan K. McGuire, who is handling the case, stated that according to the complaint, in July 2021, U.S. Postal Inspectors executed a search warrant at Hutchins’ Rochester and seized documents, cash, and electronic devices that were either used in or derived from various wire fraud schemes, including Unemployment Insurance fraud, Paycheck Protection Program (PPP) loan fraud, and elder fraud. In October 2022, Hutchins was arrested on charges of mail fraud, wire fraud, and money laundering. On May 1, 2024, she pleaded guilty to conspiracy to commit wire fraud, and is awaiting sentencing on that charge, which is scheduled for April 15, 2025. As part of her plea agreement, Hutchins must pay restitution to two victims: $20,052.00 to reimburse a financial institution for a fraudulent PPP loan disbursement $25,100.00 to an elderly individual who had been duped into “paying off a debt for a friend” by sending that money to Hutchins.

    On October 16, 2024, Hutchins appeared in federal court for sentencing. At that time, she stated that she had invested the entire proceeds of her home sale in a retirement account and did not have any money for restitution. As a result, her sentencing was delayed. On December 4, 2024, Hutchins appeared once again for sentencing. This time, she advised the court that she had given all of her money to an individual whom she believed to be country music recording artist Kenny Chesney, who had agreed to invest it for her. Hutchins had already used this excuse—that she was scammed by a person whom she believed was Kenny Chesney—twice before. Hutchins ultimately pleaded guilty to conspiring to commit wire fraud with the individual whom she claimed to believe was Kenny Chesney.

    According to the latest complaint against Hutchins, the proceeds from the sale of her residence were deposited into her bank account, approximately one month before her scheduled sentencing on October 16, 2024. In the month leading up to the sentencing, she pulled approximately $15,000.00 out of the account, making numerous $250.00 gift card purchases at merchants such as Walgreens, Tops, Wegman’s, Lowe’s, and Home Depot. After the original sentencing was adjourned, and she was directed by the Court to gather funds to pay restitution, Hutchins continued to make regular gift card purchases totaling approximately $8,500.00. As of November 29, 2024, there was approximately $1,000 left in her account. In addition, Hutchins is accused of fraud involving two credit card accounts.

    The complaint is the result of an investigation by the U.S. Postal Inspection Service, under the direction of Inspector in Charge Ketty Larco-Ward, Boston Division.

    The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.

    # # # #

    MIL Security OSI –

  • MIL-OSI: North American Construction Group Ltd. Announces Results for the Fourth Quarter and Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    ACHESON, Alberta, March 19, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG”) (TSX:NOA/NYSE:NOA) today announced results for the fourth quarter and year ended December 31, 2024. Unless otherwise indicated, figures are expressed in Canadian dollars with comparisons to prior periods ended December 31, 2023.

    Fourth Quarter 2024 Highlights:

    • Combined revenue of $372.7 million, compared to $405.4 million in the same period last year. Reported revenue of $305.6 million, compared to $328.3 million in the same period last year, was generated by our wholly owned subsidiaries as incremental scopes and strong equipment utilization of 82% in Australia were more than offset by lower demand for our Canadian heavy equipment fleet when comparing to 2023 Q4.
    • Our net share of revenue from equity consolidated joint ventures was $67.1 million in 2024 Q4 and compared to $77.1 million in the same period last year as the consistency in the Fargo and MNALP joint ventures were offset by lower scopes being completed within the Nuna Group of Companies.
    • Adjusted EBITDA of $103.7 million and margin of 27.8% compared favorably to the prior period operating metrics of $101.1 million and 24.9%, respectively, as operational excellence in both Australia and Canada drove margin improvements.
    • Combined gross profit for the quarter was $54.3 million and a margin of 14.6%. When adjusting for $10.1 million of integration costs incurred and $8.9 million of claims extinguished to secure long-term contracts, the resulting 19.7% reflects operational performance and compares favorably to 18.3% posted in the same period last year.
    • Cash flows generated from operating activities of $97.0 million were lower than the $168.6 million generated in the prior period as higher cash generation from the strong EBITDA was offset by the temporary impact of changes to working capital in the quarter.
    • Free cash flow generated in the quarter was $50.5 million as operational earnings were offset by routine capital maintenance and cash interest expenses with working capital and capital work in process balances generating positive cash in the quarter.
    • Net debt was $856.2 million at December 31, 2024, a decrease of $26.3 million from September 30, 2024, as free cash flow generation and the impact of a stronger CAD/AUD exchange rate were offset by growth spending, the NCIB program, and the dividend payment .
    • Additional highlights include: i) in November, we were awarded a $125 million heavy civil construction project primarily to construct diversion channels; ii) in December, we announced an extended and amended regional services contract, valued at $500 million, with a major producer in the oil sands region; iii) also in December, we were awarded a $100 million early works contract by a copper producer in the Australian state of New South Wales; iv) by the end of the year, we surpassed the 60% completion mark at the Fargo-Moorhead flood diversion project; and v) completed go-live activities for the ERP system in Australia during the quarter.

    Joe Lambert, President and CEO, stated, “Once again, I would like to thank our operations team for their safe and efficient performance this quarter. The recent contract awards in Australia and Canada speak for themselves but are a testament to the quality and reputation of our operating teams. We’re off to a fast and robust start this year, and we couldn’t be more excited about completing the work our customers have awarded us. We see opportunities and tailwinds in the heavy civil infrastructure and mining industries in Australia and North America and are diligently advancing efforts to win scopes based on the reputation we have in the respective regions.”

    Consolidated Financial Highlights
        Three months ended   Year ended
        December 31,   December 31,
    (dollars in thousands, except per share amounts)     2024       2023       2024       2023  
    Revenue   $ 305,590     $ 328,282     $ 1,165,787     $ 964,680  
    Cost of sales     218,834       220,672       789,056       678,528  
    Depreciation     44,765       41,990       166,683       131,319  
    Gross profit   $ 41,991     $ 65,620     $ 210,048     $ 154,833  
    Gross profit margin     13.7 %     20.0 %     18.0 %     16.1 %
    General and administrative expenses (excluding stock-based compensation)(i)     13,696       18,702       47,245       41,016  
    Stock-based compensation expense     5,625       (496 )     8,706       15,828  
    Operating income     22,544       45,944       153,330       96,330  
    Interest expense, net     14,401       14,007       59,340       36,948  
    Net income     4,808       17,646       44,085       63,141  
                     
    Adjusted EBITDA(i)     103,714       101,136       390,258       296,963  
    Adjusted EBITDA margin(i)(ii)     27.8 %     24.9 %     27.6 %     23.2 %
                     
    Per share information                
    Basic net income per share   $ 0.18     $ 0.66     $ 1.65     $ 2.38  
    Diluted net income per share   $ 0.19     $ 0.58     $ 1.52     $ 2.09  
    Adjusted EPS(i)   $ 1.00     $ 0.87     $ 3.73     $ 2.83  

    (i) See “Non-GAAP Financial Measures”.
    (ii)Adjusted EBITDA margin is calculated using adjusted EBITDA over total combined revenue.

        Three months ended   Year ended
        December 31,   December 31,
    (dollars in thousands)     2024       2023       2024       2023  
    Consolidated Statements of Cash Flows                
    Cash provided by operating activities   $ 96,989     $ 168,569     $ 217,607     $ 278,090  
    Cash used in investing activities     (75,764 )     (137,756 )     (274,683 )     (244,879 )
    Effect of exchange rate on changes in cash     1,400       (4,532 )     353       (5,994 )
    Add back of growth and non-cash items included in the above figures:                
    Acquisition of MacKellar(i)     —       51,671       —       51,671  
    Acquisition costs     —       5,934       —       7,095  
    Buyout of BNA Remanufacturing LP     4,210       —       4,210       —  
    Growth capital additions(ii)     23,646       35,941       84,633       40,416  
    Capital additions financed by leases(ii)     —       (931 )     (14,157 )     (28,159 )
    Free cash flow(ii)   $ 50,481     $ 118,896     $ 17,963     $ 98,240  

    (i)Acquisition of MacKellar is the purchase price less cash acquired.
    (ii)See “Non-GAAP Financial Measures”.

    Results for the Three Months Ended December 31, 2024

    Revenue from wholly-owned entities was $305.6 million, down from $328.3 million in the same period last year. The quarter-over-quarter reduction reflects a reduction in overall work scopes in the Heavy Equipment – Canada segment due to a reduction in equipment utilization to 54%, compared to 65% in 2023 Q4, largely offset by improved performance in the Heavy Equipment – Australia segment. Revenue generated in that segment of $160.3 million includes a strong contribution from MacKellar of $155.4 million, up from $122.5 million in Q4 of last year, as the group commences work on new contracts and increases equipment utilization at existing sites. Eliminations in the quarter largely relate to equipment maintenance performed by the Heavy Equipment – Canada segment on MacKellar equipment.

    Gross profit was $42.0 million, representing 13.7% of revenue, compared to $65.6 million and a 20.0% gross margin in the same period last year. The decline was primarily driven by lower contributions from the Heavy Equipment – Canada segment. Cost of sales for the quarter totaled $218.8 million, down from $220.7 million in the prior-period, reflecting lower overall revenue levels. Gross profit in the Heavy Equipment – Canada segment was impacted by the $8.9 million customer claim extinguishment as part of a four-year $500 million contract extension executed in December 2024. Gross profit in the Heavy Equipment – Australia segment was impacted by $10.1 million of integration costs, primarily transportation of haul trucks from North America to Australia.

    General and administrative expenses (excluding stock-based compensation expense) were $13.7 million, or 4.5% of revenue, for the three months ended December 31, 2024, down from $18.7 million, or 5.7% of revenue, in the same period last year. The current year decrease is due to the inclusion of non-recurring MacKellar acquisition costs totaling $5.9 million in the prior year, offset by spend related to increased activity levels in the Heavy Equipment – Australia segment.

    Cash related interest expense of $13.7 million represents an average cost of debt of 6.7% (compared to $13.2 million and 8.8%, respectively, for the three months ended December 31, 2023). The increase in interest expense is primarily attributed to a higher balance on the Credit Facility, along with greater equipment financing—mainly from the addition of MacKellar—partially offset by the elimination of our customer supply chain financing arrangement late in Q3.

    Net income of $4.8 million in Q4 2024, compared to $17.6 million in the same period last year, was lower due to the lower gross profit factors discussed above, partially offset by lower general and administrative expenses and improved results from the equity joint ventures.

    Free cash flow in the quarter was $50.5 million, driven primarily by adjusted EBITDA of $103.7 million less sustaining capital spending of $47.7 million and cash interest paid of $13.7 million.

    Liquidity

    Including equipment financing availability and factoring in the amended Credit Facility agreement, total available capital liquidity of $275.3 million includes total liquidity of $170.6 million, $86.7 million of unused finance lease borrowing availability, and $17.9 million of unused other borrowing availability as at December 31, 2024. Liquidity is primarily provided by the terms of our $522.6 million credit facility which allows for funds availability based on a trailing twelve-month EBITDA as defined in the agreement, and is now scheduled to expire in October 2027.

    Business Updates

    Strategic Focus Areas for 2025

    • Safety – maintain our uncompromising commitment to health and safety while elevating the standard of excellence in the field, particularly with regards to front-line leadership training;
    • Operational excellence – put into action practical and experienced-based protocols to ensure predictable high-quality project execution in Australia;
    • Execution – enhance equipment availability in Canada through improved fleet maintenance, equipment telematics and reliability programs, technical improvements and management systems;
    • Integration – utilize recently implemented ERP at MacKellar Group to optimize business processes to lower overall costs and improve working capital management;
    • Organic growth – based on strong site operating performance, leverage customer satisfaction to earn contract extensions and expansions;
    • Diversification – pursue diversification of customers and resources through strategic partnerships, industry expertise and investment in Indigenous joint ventures; and
    • Sustainability – further develop and deliver into our environmental, social and governance goals.

    Outlook for 2025

    The following table provides projected key measures for 2025 and actual results of 2024 and 2023. The measures for 2025 are predicated on contracts currently in place, including expected renewals and the heavy equipment fleet that we own and operate.

    Key measures   2023 Actual   2024 Actual   2025 Outlook
    Combined revenue(i)   $1.3B   $1.4B   $1.4 – $1.6B
    Adjusted EBITDA(i)   $297M   $390M   $415 – $445M
    Sustaining capital(i)   $169M   $166M   $180 – $200M
    Adjusted EPS(i)   $2.83   $3.73   $3.70 – $4.00
    Free cash flow(i)   $90M   $18M   $130 – $150M
                 
    Capital allocation            
    Growth spending(i)   $40M   $85M   $65 – $75M
    Net debt leverage(i)   1.7x   2.2x   Targeting 1.7x

    (i)See “Non-GAAP Financial Measures”.

    Conference Call and Webcast

    Management will hold a conference call and webcast to discuss our financial results for the three months and year ended December 31, 2024, tomorrow, Thursday, March 20, 2025, at 9:00 am Eastern Time (7:00 am Mountain Time).

    The call can be accessed by dialing:

    Toll free: 1-800-717-1738
    Conference ID: 71653

    A replay will be available through April 20, 2025, by dialing:

    Toll Free: 1-888-660-6264
    Conference ID: 71653
    Playback Passcode: 71653

    A slide deck for the webcast will be available for download the evening prior to the call and will be found on the company’s website at www.nacg.ca/presentations/

    The live presentation and webcast can be accessed at:

    https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=70DEA77D-C2B3-4C4B-80EF-A1303C5C95BF

    A replay will be available until April 20, 2025, using the link provided.

    Basis of Presentation

    We have prepared our consolidated financial statements in conformity with accounting principles generally accepted in the United States (“US GAAP”). Unless otherwise specified, all dollar amounts discussed are in Canadian dollars. Please see the Management’s Discussion and Analysis (“MD&A”) for the three months and year ended December 31, 2024, for further detail on the matters discussed in this release. In addition to the MD&A, please reference the dedicated 2024 Q4 Results Presentation for more information on our results and projections which can be found on our website under Investors – Presentations.

    Change in significant accounting policy – Basis of presentation

    During the first quarter of 2024, we changed our accounting policy for the elimination of its proportionate share of profit from downstream sales to affiliates and joint ventures to record through equity earnings in affiliates and joint ventures on the Consolidated Statements of Operations and Comprehensive Income. Prior to this change, we eliminated our proportionate share of profit on downstream sales to affiliates and joint ventures through revenue and cost of sales. The change in accounting policy simplifies the presentation for downstream profit eliminations and has no cumulative impact on retained earnings. We have accounted for the change retrospectively in accordance with the requirements of US GAAP Accounting Standards Codification (“ASC”) 250 by restating the comparative period. For details of retrospective changes, refer to note 25 in the consolidated financial statements.

    Accounting pronouncements recently adopted

    Segment reporting

    The Company adopted the new standard for segment reporting that is effective for the fiscal year beginning January 1, 2024. In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures. This accounting standard update was issued to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company has updated its disclosures to reflect the additional requirements.

    Recent accounting pronouncements not yet adopted

    Joint venture formations

    In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations. This accounting standard update was issued to create new requirements for valuing contributions made to a joint venture upon formation. This standard is effective January 1, 2025, with early adoption permitted. We are assessing the impact the adoption of this standard may have on its consolidated financial statements.

    Income taxes

    In December 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures. This accounting standard update was issued to increase transparency by improving income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard is effective for the fiscal year beginning January 1, 2025, with early adoption permitted. We are assessing the impact the adoption of this standard may have on its consolidated financial statements.

    Stock compensation

    In March 2024, the FASB issued ASU 2024-01, Compensation – Stock Compensation. This accounting standard update was issued to reduce complexity in determining if profit interest awards are subject to Topic 718 and to reduce diversity in practice. This standard is effective for annual statements for the fiscal year beginning January 1, 2025. The Company is assessing the impact the adoption of this standard may have on its consolidated financial statements.

    Debt with conversion options

    In November 2024, the FASB issued ASU 2024-04, Debt – Debt with Conversion and Other Options. This accounting standard update was issued to improve the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20. This standard is effective for annual statements for the fiscal year beginning January 1, 2026. The Company is assessing the impact the adoption of this standard may have on its consolidated financial statements.

    Expense disaggregation

    In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures. This accounting standard update was issued to require public entities to disclose additional information about specific expense categories in the notes to financial statements. This standard is effective for annual statements for the fiscal year beginning January 1, 2027. We are assessing the impact the adoption of this standard may have on its consolidated financial statements.

    Forward-Looking Information

    The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “anticipate”, “believe”, “expect”, “should” or similar expressions and include guidance with respect to financial metrics provided in our outlook for 2025.

    The material factors or assumptions used to develop the above forward-looking statements include, and the risks and uncertainties to which such forward-looking statements are subject, are highlighted in the MD&A for the three months and year ended December 31, 2024. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. Undue reliance should not be placed upon forward-looking statements and NACG undertakes no obligation, other than those required by applicable law, to update or revise those statements. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.ca and on our company website at www.nacg.ca.

    Non-GAAP Financial Measures

    This press release presents certain non-GAAP financial measures, non-GAAP ratios, and supplementary financial measures that may be useful to investors in analyzing our business performance, leverage, and liquidity. A non-GAAP financial measure is defined by relevant regulatory authorities as a numerical measure of an issuer’s historical or future financial performance, financial position or cash flow that is not specified, defined or determined under the issuer’s GAAP and that is not presented in an issuer’s financial statements. A “non-GAAP ratio” is a ratio, fraction, percentage or similar expression that has a non-GAAP financial measure as one or more of its components. Non-GAAP financial measures and ratios do not have standardized meanings under GAAP and therefore may not be comparable to similar measures presented by other issuers. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. A “supplementary financial measure” is a financial measure disclosed, or intended to be disclosed, on a periodic basis to depict historical or future financial performance, financial position or cash flows that does not fall within the definition of a non-GAAP financial measure or non-GAAP ratio. The non-GAAP financial measures and ratios we present include, “adjusted EBIT”, “adjusted EBITDA”, “adjusted EBITDA margin” “adjusted EPS”, “adjusted net earnings”, “backlog”, “capital additions”, “capital expenditures, net”, “capital inventory”, “capital work in progress”, “cash liquidity”, “cash related interest expense”, “cash provided by operating activities prior to change in working capital”, “combined backlog”, “combined gross profit”, “combined gross profit margin”, “equity investment depreciation and amortization”, “equity investment EBIT”, “equity method investment backlog”, “free cash flow”, “general and administrative expenses (excluding stock-based compensation)”, “growth capital”, “growth spending”, “invested capital”, “margin”, “net debt”, “net debt leverage”, “share of affiliate and joint venture capital additions”, “sustaining capital”, “total capital liquidity”, “total combined revenue”, and “total debt”. We also use supplementary financial measures such as “gross profit margin” and “total net working capital (excluding cash and current portion of long-term debt)” in our MD&A. Each non-GAAP financial measure used in this press release is defined under “Financial Measures” in our Management’s Discussion and Analysis filed on EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.ca and on our company website at www.nacg.ca.

    Reconciliation of total reported revenue to total combined revenue
        Three months ended   Year ended
        December 31,   December 31,
    (dollars in thousands)     2024     2023(ii)     2024       2023(ii)  
    Revenue from wholly-owned entities per financial statements   $ 305,590     $ 328,282     $ 1,165,787     $ 964,680  
    Share of revenue from investments in affiliates and joint ventures     134,348       169,662       517,137       686,299  
    Elimination of joint venture subcontract revenue     (67,200 )     (92,522 )     (267,595 )     (369,891 )
    Total combined revenue(i)   $ 372,738     $ 405,422     $ 1,415,329     $ 1,281,088  

    (i) See “Non-GAAP Financial Measures”.
    (ii)The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

    Reconciliation of reported gross profit to combined gross profit
        Three months ended   Year ended
        December 31,   December 31,
    (dollars in thousands)     2024   2023(ii)     2024   2023(ii)
    Gross profit from wholly-owned entities per financial statements   $ 41,991   $ 65,620   $ 210,048   $ 154,833
    Share of gross profit from investments in affiliates and joint ventures     12,283     8,670     49,455     49,638
    Combined gross profit(i)   $ 54,274   $ 74,290   $ 259,503   $ 204,471

    (i) See “Non-GAAP Financial Measures”.
    (ii)The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

    Reconciliation of net income to adjusted net earnings, adjusted EBIT and adjusted EBITDA
        Three months ended   Year ended
        December 31,   December 31,
    (dollars in thousands)     2024       2023       2024       2023  
    Net income   $ 4,808     $ 17,646     $ 44,085     $ 63,141  
    Adjustments:                
    Stock-based compensation expense (benefit)     5,625       (496 )     8,706       15,828  
    Loss on disposal of property, plant and equipment     126       1,470       767       1,659  
    Write-down on assets held for sale     —       —       4,181       —  
    Change in fair value of contingent obligation from adjustments to estimates     9,464       —       36,049       —  
    (Gain) loss on derivative financial instruments     (4,797 )     916       (3,952 )     (6,063 )
    Equity investment (gain) loss on derivative financial instruments     (201 )     (713 )     2,633       (1,362 )
    Equity investment restructuring costs     —       —       4,517       —  
    Loss on equity investment customer bankruptcy claim settlement     —       —       —       759  
    Loss on extinguishment of customer claim     8,866       —       8,866       —  
    Post-acquisition asset relocation and integration costs     10,111       —       10,111       —  
    Acquisition costs     —       5,934       —       7,095  
    Tax effect of the above items     (7,197 )     (1,589 )     (16,169 )     (5,829 )
    Adjusted net earnings(i)   $ 26,805     $ 23,168     $ 99,794     $ 75,228  
    Adjustments:                
    Tax effect of the above items     7,197       1,589       16,169       5,829  
    Interest expense, net     14,401       14,007       59,340       36,948  
    Equity investment EBIT(i)(iii)     5,076       1,622       12,228       24,929  
    Equity earnings in affiliates and joint ventures(iii)     (5,754 )     (2,236 )     (15,299 )     (25,199 )
    Change in fair value of contingent obligations     4,797       4,681       17,157       4,681  
    Income tax expense     (375 )     10,930       15,950       22,822  
    Adjusted EBIT(i)   $ 52,147     $ 53,761     $ 205,339     $ 145,238  
    Adjustments:                
    Depreciation and amortization     45,093       42,277       167,937       132,516  
    Write-down on assets held for sale     —       —       (4,181 )     —  
    Equity investment depreciation and amortization(i)     6,474       5,098       21,163       19,209  
    Adjusted EBITDA(i)   $ 103,714     $ 101,136     $ 390,258     $ 296,963  
    Adjusted EBITDA margin(i)(ii)     27.8 %     24.9 %     27.6 %     23.2 %

    (i) See “Non-GAAP Financial Measures”.
    (ii)Adjusted EBITDA margin is calculated using adjusted EBITDA over total combined revenue.
    (iii)The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

    Reconciliation of equity earnings in affiliates and joint ventures to equity investment EBIT
        Three months ended   Year ended
        December 31,   December 31,
    (dollars in thousands)     2024     2023(ii)     2024       2023(ii)  
    Equity earnings in affiliates and joint ventures   $ 5,754     $ 2,236     $ 15,299     $ 25,199  
    Adjustments:                
    Gain on disposal of property, plant and equipment     (237 )     (22 )     (595 )     (57 )
    Interest expense (income), net     460       (268 )     (877 )     (1,183 )
    Income tax (recovery) expense     (901 )     (324 )     (1,599 )     970  
    Equity investment EBIT(i)   $ 5,076     $ 1,622     $ 12,228     $ 24,929  

    (i) See “Non-GAAP Financial Measures”
    (ii)The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

    About the Company

    North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Australia, Canada, and the U.S. For over 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.

    For further information contact:

    Jason Veenstra, CPA, CA
    Chief Financial Officer
    North American Construction Group Ltd.
    (780) 960.7171
    ir@nacg.ca
    www.nacg.ca

    Consolidated Balance SheetsAs at December 31
    (Expressed in thousands of Canadian Dollars)
          2024       2023  
    Assets        
    Current assets        
    Cash   $ 77,875     $ 88,614  
    Accounts receivable     166,070       97,855  
    Contract assets     4,135       35,027  
    Inventories     74,081       64,962  
    Prepaid expenses and deposits     7,676       7,402  
    Assets held for sale     683       1,340  
          330,520       295,200  
    Property, plant and equipment     1,246,584       1,142,946  
    Operating lease right-of-use assets     12,722       12,782  
    Investments in affiliates and joint ventures     84,692       81,435  
    Intangible assets     9,901       6,971  
    Other assets     9,845       7,144  
    Total assets   $ 1,694,264     $ 1,546,478  
    Liabilities and shareholders’ equity        
    Current liabilities        
    Accounts payable   $ 110,750     $ 146,190  
    Accrued liabilities     77,908       72,225  
    Contract liabilities     1,944       59  
    Current portion of long-term debt     84,194       81,306  
    Current portion of contingent obligations     39,290       22,501  
    Current portion of operating lease liabilities     1,771       1,742  
          315,857       324,023  
    Long-term debt     719,399       611,313  
    Contingent obligations     88,576       93,356  
    Operating lease liabilities     11,441       11,307  
    Other long-term obligations     44,711       41,001  
    Deferred tax liabilities     125,378       108,824  
          1,305,362       1,189,824  
    Shareholders’ equity        
    Common shares (authorized – unlimited number of voting common shares; issued and outstanding – December 31, 2024 – 27,704,450 (December 31, 2023 – 27,827,282))     228,961       229,455  
    Treasury shares (December 31, 2024 – 1,000,328 (December 31, 2023 – 1,090,187))     (15,913 )     (16,165 )
    Additional paid-in capital     20,819       20,739  
    Retained earnings     156,125       123,032  
    Accumulated other comprehensive loss     (1,090 )     (407 )
    Shareholders’ equity     388,902       356,654  
    Total liabilities and shareholders’ equity   $ 1,694,264     $ 1,546,478  
    Consolidated Statements of Operations and
    Comprehensive Income    For the years ended December 31
    (Expressed in thousands of Canadian Dollars, except per share amounts)
          2024       2023(i)  
    Revenue   $ 1,165,787     $ 964,680  
    Cost of sales     789,056       678,528  
    Depreciation     166,683       131,319  
    Gross profit     210,048       154,833  
    General and administrative expenses     55,951       56,844  
    Loss on disposal of property, plant and equipment     767       1,659  
    Operating income     153,330       96,330  
    Equity earnings in affiliates and joint ventures     (15,299 )     (25,199 )
    Interest expense, net     59,340       36,948  
    Change in fair value of contingent obligations     53,206       4,681  
    Gain on derivative financial instruments     (3,952 )     (6,063 )
    Income before income taxes     60,035       85,963  
    Current income tax (benefit) expense     (3,280 )     6,841  
    Deferred income tax expense     19,230       15,981  
    Net income     44,085       63,141  
    Other comprehensive income        
    Unrealized foreign currency translation loss     683       713  
    Comprehensive income   $ 43,402     $ 62,428  
             
    Per share information        
    Basic net income per share   $ 1.65     $ 2.38  
    Diluted net income per share   $ 1.52     $ 2.09  

    (i)The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

    The MIL Network –

  • MIL-OSI USA: Commerce Committee Passes Two Bipartisan Bills Led by Peters to Bolster Domestic Semiconductor Supply Chains and Strengthen U.S. Manufacturing Policy

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    WASHINGTON, DC – The Senate Commerce, Science, and Transportation Committee passed two bipartisan bills authored by U.S. Senator Gary Peters (MI) that aim to bolster domestic semiconductor supply chains and strengthen U.S. manufacturing policy.    
    “To support manufacturers in Michigan and throughout the United States, we need our industry partners, economic developers, and lawmakers reading from the same playbook,” said Senator Peters. “These bipartisan bills would help build a coordinated effort to attract new investments in our manufacturing sector, create good-paying jobs, and reduce our reliance on foreign adversaries for the semiconductor technologies that help power our economy.” 
    Peters’ Securing Semiconductor Supply Chains Act – which he introduced with U.S. Senators Marsha Blackburn (R-TN) and Rick Scott (R-FL) – would help to strengthen federal efforts to expand domestic manufacturing of semiconductor chips. The bill would direct the U.S. Department of Commerce’s SelectUSA program, in collaboration with other federal agencies and state economic development organizations, to develop strategies that would attract investment in U.S. semiconductor manufacturers and supply chains. Peters’ bill – which previously passed the Senate with unanimous support – would help address the ongoing global shortage of semiconductor technologies that has disrupted a range of industries in recent years including manufacturers and automakers in Michigan.    
    “We appreciate Senator Peters’ continued commitment to strengthening our national security and economic resilience by building up the semiconductor industry and supply chain here in America,” said Quentin Messer, Jr., CEO of the Michigan Economic Development Corporation. “As technology evolves and integrates further into every aspect of our lives, this industry remains poised for growth. Senator Peters’ understands that it is imperative we continue to collaborate in a bipartisan manner at the state, regional, and federal level on behalf of American workers, and especially future generations of innovative Michiganders.”  
    “American Automakers are grateful to Senator Peters for his leadership on this bipartisan legislation, which will boost domestic semiconductor manufacturing and strengthen our nation’s supply chains,” said Governor Matt Blunt, President of the American Automotive Policy Council. “This legislation is vital for U.S. automakers and their supplier partners, helping to foster economic growth throughout the U.S. auto sector.”    
    The committee also passed Peters’ National Manufacturing Advisory Council for the 21st Century Act, which would establish a National Manufacturing Advisory Council within the U.S. Department of Commerce. The Advisory Council would bring together leaders in manufacturing, labor, and education to advise both Congress and the Secretary of Commerce on how best to ensure the United States remains the top destination globally for investment in manufacturing. It would serve as a bridge between the manufacturing sector and federal government to improve communication and collaboration, and better support the industry and its workforce. The bill – which he introduced with U.S. Senator Marsha Blackburn (R-TN) – passed the Senate with unanimous support last Congress.    
    “This initiative, the National Manufacturing Advisory Council Act, is designed to improve the resources and support for our nation’s small and medium-size manufacturers, which are a truly vital driver of our economy. I applaud Senator Peters for his steadfast, unwavering commitment to American manufacturing,” said Ingrid Tighe, President of the Michigan Manufacturing Technology Center, the Michigan representative of the Hollings Manufacturing Extension Partnership (MEP) program, part of the National Institute of Standards and Technology (NIST).   
    “We applaud Senator Gary Peters for introducing this bill to improve the federal government’s planning and coordination of efforts to strengthen domestic manufacturing,” said Scott Paul, President of the Alliance for American Manufacturing. “Recent supply chain disruptions have made clear that it is time for the United States to shore up its critical manufacturing capabilities, which will not only better prepare us for the next crisis but also create jobs and boost the economy. This increased coordination between the many programs designed to support our manufacturers and their workers is an important step towards rebuilding our industrial base. We are grateful to Senator Peters for his efforts to bolster American manufacturing.”   
    “The Association of Equipment Manufacturers applauds Senator Gary Peters and Senator Marsha Blackburn for their continued leadership on behalf of the manufacturing sector and for introducing legislation that will prioritize a national strategy focused on ensuring American manufacturing policy can rapidly respond to changes in the global marketplace,” said Kip Eideberg, AEM Senior Vice President of Government and Industry Relations. “Our economic prosperity and national security depend on a strong manufacturing sector, and establishing a National Manufacturing Advisory Council will help unleash innovation and mobilize a comprehensive, coordinated, and competent national effort in support of the manufacturing sector and its workforce.”     
    “We commend Senator Gary Peters (D-MI) and Senator Marsha Blackburn (R-TN) for introducing legislation to establish a National Manufacturing Advisory Council,” said Ana Meuwissen, Senior Vice President of Government Affairs for MEMA, The Vehicle Suppliers Association. “This council will be a forum for manufacturers and other key stakeholders to provide input to the Department of Commerce (DOC) on important long-range issues such as workforce, supply chain, technology, and defense industrial base. The NMAC legislation would also foster better coordination of federal manufacturing policy in the DOC and across the federal government. When this legislation is enacted, it will be an asset to assist in retaining U.S. competitiveness in critical manufacturing sectors like motor vehicle parts.”     
    Peters has made expanding domestic manufacturing and strengthening U.S. supply chains a top priority. Peters helped craft and pass into law the CHIPS and Science Act, which includes a provision Peters secured funding to support the domestic production of mature semiconductor technologies and ensure that projects supporting critical manufacturing industries, such as the auto industry, are given priority status. This funding was in addition to $50 billion already in the bill to incentivize the production of semiconductors of all kinds in the U.S. – for a total of $52 billion.   
    The CHIPS and Science Act also included Peters’ bipartisan Investing in Domestic Semiconductor Manufacturing Act, which ensures federal incentives to boost domestic semiconductor manufacturing include U.S. suppliers that produce the materials and manufacturing equipment that enable semiconductor manufacturing. Peters’ provision directly supports Michigan manufacturers like Hemlock Semiconductor (HSC) in Hemlock, Michigan which was recently awarded up to $325 million in CHIPS and Science Act funding to build a new, state-of-the-art manufacturing facility. The project will allow the company to expand production of hyper-pure polysilicon needed to manufacture semiconductor chips and is expected to create 180 good-paying manufacturing jobs, as well as thousands of construction jobs, in Michigan.        
    Peters additionally supported and helped pass the Inflation Reduction Act, which will strengthen domestic manufacturing, onshore our supply chains, combat the climate crisis and create millions of American jobs.  

    MIL OSI USA News –

  • MIL-OSI USA: Shaheen Tours Furniture Manufacturer in Lisbon to Discuss Energy Efficiency Upgrades, Visits Mount Cabot Maple in Lancaster During Maple Month

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Lancaster, NH) – U.S. Senator Jeanne Shaheen (D-NH), Ranking Member of the U.S. Senate Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration and Related Agencies, toured DCI Furniture in Lisbon to learn more about how the business is using federal funding to make energy efficiency upgrades. Later, Shaheen visited Mount Cabot Maple in Lancaster to celebrate Maple Month and hear about the challenges facing the Granite State’s maple industry. Photos from today’s events can be found here.

    In Lisbon, Shaheen visited DCI Furniture, a family-owned furniture manufacturing company, to learn more about how the business is using federal funding to install a new combined heat and power system that uses wood waste for fuel. The project will improve energy efficiency, decrease costs and reduce emissions at the facility.

    “Efficiency is the cheapest, fastest way to meet our energy needs, and DCI Furniture is a poster child for thinking about energy in a smart way,” said Senator Shaheen. “I was pleased to see firsthand how DCI is using federal funding that I’ve championed to make energy efficiency upgrades that will save money, reduce emissions and benefit the local forest-based economy—it’s just the kind of made-in-New Hampshire project we need to see more of.”

    The project has been awarded funding through programs Shaheen champions, including the U.S. Department of Agriculture’s (USDA) Rural Energy for America Program, the U.S. Forest Service’s Community Wood Grant program and Bipartisan Infrastructure Law funding from the U.S. Department of Energy. Shaheen was a lead negotiator of the Bipartisan Infrastructure Law, which made huge investments in energy efficiency, including $550 million for Industrial Research and Assessment Centers and assistance for small- and medium-sized manufacturers to implement efficiency upgrades based upon her longstanding bipartisan legislation with former U.S. Senator Rob Portman. Shaheen also helped introduce legislation to enhance the Forest Service’s Community Wood  Grant program that is providing funding for this project. 

    Later in Lancaster, Shaheen visited Mount Cabot Maple to hear more about how the farm has benefitted from federal funding from USDA Natural Resources Conservation Service and underscore the challenges facing the Granite State’s maple industry in the wake of the Trump Administration’s tariffs on Canada and Mexico and federal funding freeze.

    “Our maple syrup producers are an integral and delicious part of New Hampshire’s identity,” said Senator Shaheen. “It was great to visit Mount Cabot Maple today during Maple Month to tour the farm and learn more about how this North Country staple is weathering the impacts of Trump’s funding chaos and tariffs on Canada.”

    Shaheen co-leads the Market Access, Promotion and Landowner Education Support for Your Regionally Underserved Producers (MAPLE SYRUP) Act with Senator Chris Murphy (D-CT) to extend and expand the federal maple support program, which supports the U.S. maple syrup industry through research and education, natural resource sustainability and the marketing of maple syrup and maple-sap products.

    Shaheen has also been outspoken against the Trump Administration’s reckless tariffs on Canada and Mexico and chaotic funding freeze and cuts. Recently, Shaheen forced a vote in the Senate on her Protecting Americans from Tax Hikes on Imported Goods Act to limit the President’s ability to levy sweeping tariffs that increase costs for American consumers and families. Shaheen has also hosted a series of roundtables and discussions with Granite Staters to better understand and highlight the direct consequences of the Trump administration’s funding chaos and uncertainty. Following the Trump administration’s decision to freeze grants and loans disbursed by the federal government in January, Shaheen immediately condemned the move and spoke on the Senate floor against the decision to freeze federal grants and loans that families, seniors and small businesses rely on for critical, often life-saving services. 

    MIL OSI USA News –

  • MIL-OSI USA: Leader of Multi-Year ‘Operation Fox Hunt’ Repatriation Campaign Directed by the People’s Republic of China Sentenced to 20 Months in Prison

    Source: US State Government of Utah

    Defendant Repeatedly Harassed U.S. Resident and His Family to Coerce Repatriation to the PRC

    Earlier today, in federal court in Brooklyn, defendant Quanzhong An, 58, of Roslyn Heights, New York, was sentenced to 20 months in prison for acting as an illegal agent of the government of the People’s Republic of China (PRC), for his participation in a scheme to cause the coerced repatriation of a U.S. resident (the U.S. Resident) to the PRC as part of the PRC government’s international extralegal repatriation effort known as “Operation Fox Hunt.” In addition to the term of imprisonment, An was ordered to pay a financial penalty of approximately $5 million, including approximately $1.3 million in restitution to the U.S. Resident and his family, as well as a $50,000 fine. An pleaded guilty in May 2024 and was charged in October 2022.

    As set forth in the government’s sentencing memoranda and other court filings, An was a leading member of an international campaign to threaten, harass, and intimidate the U.S. Resident and his family members, with the goal of coercing the U.S. Resident to repatriate to the PRC. An participated in the multi-year scheme to elevate his status within the PRC government as a means of furthering his own economic interests.

    An’s involvement in the repatriation scheme began in 2017, when he attempted to locate the U.S. Resident by visiting the home of the U.S. Resident’s adult son, without notice or invitation. The following year, An sent his daughter, as well as two PRC government officials, to the home of the U.S. Resident’s son. An subsequently met with the U.S. Resident’s son on numerous occasions, during which time An served as a mouthpiece for the PRC by conveying threatening messages on behalf of the PRC government. For example, An said he did not want to pronounce “ruthless words” from the PRC government but stated that PRC officials would “keep pestering [the U.S. Resident’s son], [and] make [his] daily life uncomfortable” if the son was unable to convince his father to repatriate to the PRC. An’s harassment continued unabated from 2017 until his arrest in 2022. An’s conduct intimidated individuals living in the United States and their loved ones in the PRC – just as it was intended to do – for the benefit of the PRC government.

    At sentencing, Judge Matsumoto considered that An participated in additional criminal conduct. Specifically, he perpetrated a bank fraud and money laundering scheme to defraud U.S. financial institutions so that he could enjoy continued access to U.S.-based bank accounts. As part of this scheme, he moved millions of dollars from the PRC into the United States, deliberately deceiving U.S. financial institutions regarding the source and purpose of the funds.

    The FBI has created a website for victims to report efforts by foreign governments to stalk, intimidate, or assault people in the United States. If you believe that you are or have been a victim of transnational repression, please visit the FBI’s website.

    Supervisory Official Sue Bai, head of the Justice Department’s National Security Division, U.S. Attorney John J. Durham for the Eastern District of New York, and Acting Assistant Director in Charge Leslie R. Backshies of the FBI New York Field Office made the announcement.

    Assistant U.S. Attorneys Alexander Solomon, Meredith A. Arfa, and Antoinette N. Rangel for the Eastern District of New York are prosecuting the case, with assistance from Trial Attorney Scott Claffee of the National Security Division’s Counterintelligence and Export Control Section. Claire S. Kedeshian of the Eastern District of New York’s Asset Recovery Section is handling forfeiture matters and Madeline O’Connor and Daniel Saavedra of the Eastern District of New York’s Financial Litigation Program are assisting with restitution matters. 

    MIL OSI USA News –

  • MIL-OSI USA: Federal Jury Convicts Florida Resident for Operating Mass Mailing Fraud Scheme Targeting Elderly and Vulnerable Victims

    Source: US State Government of Utah

    A federal jury in Central Islip, New York, convicted Hallandale Beach, Florida resident Phillip Priolo, 61, of conspiracy to commit mail fraud and four counts of mail fraud.

    In November 2021, Priolo was charged with operating a mass mailing fraud scheme that tricked thousands of victims, many of whom were elderly, into providing the defendants with money by falsely promising prizes. Evidence presented at trial showed that, from March 2015 to December 2016, Priolo and his co-conspirators mailed millions of prize notices that falsely represented that the victims had been specifically chosen to receive a large cash prize and would receive the prize if they paid a fee. Victims who paid the requested fee, however, did not receive the promised cash prize. Although the notices appeared to be personalized correspondence, they were merely mass-produced, boilerplate documents that were bulk mailed to recipients whose names and addresses were on mailing lists.

    “The Department of Justice’s Consumer Protection Branch is committed to pursuing criminals who prey upon our elder citizens through fraudulent schemes like fake prize scams,” said Acting Assistant Attorney General Yaakov Roth of the Justice Department’s Civil Division. “I thank the Postal Inspection Service for their partnership in this matter and for conducting a thorough and successful investigation.”

    “Here, the defendant targeted and defrauded older individuals, the most vulnerable of populations, through a mass-mailing scheme,” said Inspector in Charge Eric Shen of the U.S. Postal Inspection Service’s Criminal Investigations Group. “The U.S. Postal Inspection Service is deeply committed to protecting older Americans from fraudulent schemes. This conviction underscores the Postal Inspection Service’s and the Department of Justice’s dedication and determination to keep susceptible communities safe from financial exploitation and bring criminals to justice.”

    Priolo will be scheduled for sentencing later this year, in Central Islip before U.S. District Judge Nusrat Jahan Choudhury of the Eastern District of New York. The defendant faces a maximum penalty of 20 years in prison for each count of conviction. The court will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The trial resulted from a multi-year investigation conducted by the U.S. Postal Inspection Service. The case is being prosecuted by trial attorneys Charles Dunn, Ann Entwistle, and Jason Feldman of the Civil Division’s Consumer Protection Branch.

    The department’s extensive and broad-based efforts to combat elder fraud seeks to halt the widespread losses seniors suffer from fraud schemes. The best method for prevention, however, is by sharing information about the various types of elder fraud schemes with relatives, friends, neighbors and other seniors who can use that information to protect themselves.

    If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This U.S. Department of Justice hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish and other languages are available.

    More information about the Department’s efforts to help American seniors is available at its Elder Justice Initiative webpage. For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints may be filed with the FTC at https://reportfraud.ftc.gov. The Department of Justice provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.

    MIL OSI USA News –

  • MIL-OSI Security: Federal Jury Convicts Florida Resident for Operating Mass Mailing Fraud Scheme Targeting Elderly and Vulnerable Victims

    Source: United States Attorneys General 6

    A federal jury in Central Islip, New York, convicted Hallandale Beach, Florida resident Phillip Priolo, 61, of conspiracy to commit mail fraud and four counts of mail fraud.

    In November 2021, Priolo was charged with operating a mass mailing fraud scheme that tricked thousands of victims, many of whom were elderly, into providing the defendants with money by falsely promising prizes. Evidence presented at trial showed that, from March 2015 to December 2016, Priolo and his co-conspirators mailed millions of prize notices that falsely represented that the victims had been specifically chosen to receive a large cash prize and would receive the prize if they paid a fee. Victims who paid the requested fee, however, did not receive the promised cash prize. Although the notices appeared to be personalized correspondence, they were merely mass-produced, boilerplate documents that were bulk mailed to recipients whose names and addresses were on mailing lists.

    “The Department of Justice’s Consumer Protection Branch is committed to pursuing criminals who prey upon our elder citizens through fraudulent schemes like fake prize scams,” said Acting Assistant Attorney General Yaakov Roth of the Justice Department’s Civil Division. “I thank the Postal Inspection Service for their partnership in this matter and for conducting a thorough and successful investigation.”

    “Here, the defendant targeted and defrauded older individuals, the most vulnerable of populations, through a mass-mailing scheme,” said Inspector in Charge Eric Shen of the U.S. Postal Inspection Service’s Criminal Investigations Group. “The U.S. Postal Inspection Service is deeply committed to protecting older Americans from fraudulent schemes. This conviction underscores the Postal Inspection Service’s and the Department of Justice’s dedication and determination to keep susceptible communities safe from financial exploitation and bring criminals to justice.”

    Priolo will be scheduled for sentencing later this year, in Central Islip before U.S. District Judge Nusrat Jahan Choudhury of the Eastern District of New York. The defendant faces a maximum penalty of 20 years in prison for each count of conviction. The court will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The trial resulted from a multi-year investigation conducted by the U.S. Postal Inspection Service. The case is being prosecuted by trial attorneys Charles Dunn, Ann Entwistle, and Jason Feldman of the Civil Division’s Consumer Protection Branch.

    The department’s extensive and broad-based efforts to combat elder fraud seeks to halt the widespread losses seniors suffer from fraud schemes. The best method for prevention, however, is by sharing information about the various types of elder fraud schemes with relatives, friends, neighbors and other seniors who can use that information to protect themselves.

    If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This U.S. Department of Justice hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish and other languages are available.

    More information about the Department’s efforts to help American seniors is available at its Elder Justice Initiative webpage. For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints may be filed with the FTC at https://reportfraud.ftc.gov. The Department of Justice provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.

    MIL Security OSI –

  • MIL-OSI New Zealand: Sisters, aunties, daughters and mothers to celebrate Myers Park  

    Source: Auckland Council

    HER festival is hosting a celebration of Myers Park.

    Bring your daughters, mothers, aunties and female friends! Sparkling with new light projections, art, birdsong, dancing, inspiration and 344 trees (24 newly planted), the park is the venue for Into the Night on Saturday 5 April from 4pm until 10.30pm.

    With enhanced park lighting and acclaimed artwork Waimahara already uplifting the park, HER festival director Ella Mizrahi will weave further light and sound elements through the park, creating a nature haven for women to gather and hear music.

    Ella Mizrahi says this is the second Into the Night event for HER festival.

    “Expect amazing mother-daughter performances, mind blowing projection-mapped buildings, sound installations and an amazing line up of DJs. Bring your mum, bring your daughter. See you there!” she says.

    DJ Mittzy.

    In collaboration with ZAP Productions, Into the Night will showcase a diverse line-up of female musicians across genres – collaborating with local artists, supporting the creative sector and stimulating the local economy. 

    Promoted as five days of education, arts and inspiration, HER runs from 2 to 6 April with venues including Q Theatre, Basement Theatre and Myers Park.

    Councillor Julie Fairey welcomes HER festival to Myers Park.

    “I’m glad we are showcasing Myers Park with a friendly evening event for anyone who identifies as female, as the upgrade at the northern end of the park focused on safety as a priority. 

    “I remember being in the park late at night in the early 2000s and it was dark and scary to be in, particularly as a woman. The underpass has gone from being a disused rundown space to a place of light and beauty, with a connection to mana whenua. This end of Myers Park has not only become safer, it has become an ideal venue option for festivals like this, allowing more women to start to reclaim this public space,” she says. 

    Myers Park.

    Auckland Council Head of Arts and Culture Emily Trent says: “I’m thrilled to see the HER festival taking place in the newly upgraded Myers Park.

    “The space has been beautifully transformed, creating a renewed sense of safety and wellbeing. I encourage women in Tāmaki Makaurau to join us for an inspiring evening of dance and art in the park – a wonderful experience for festival goers,” she says.

    Auckland Council is joining Creative NZ to help fund this alcohol-free event with support from the city centre targeted rate.

    The big picture

    Waitematā Local Board, Auckland Council, and the Auckland City Centre Advisory Panel have a keen interest in enhancing the visitor experience in Myers Park; making it a place all people and communities can enjoy and use in safety.

    The renewal of the northern end of the park – including boardwalk, wetland gardens, a new stairway from Queen Steet and a redeveloped underpass entry / exit – completes the redevelopment of Myers Park which was supported by the city centre targeted rate.

    Watch a video about the transformation here and learn more about the climate resilience aspects of the Myers Park upgrade here.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Universities – Canadian philanthropist announces $4m donation to endow NZ scholarships – UoA

    Source: University of Auckland (UoA)

    A $4 million donation from Canadian philanthropist John McCall MacBain has boosted a major scholarship programme for exceptional postgraduate students with the potential to be future leaders for New Zealand. It will ensure the programme can continue long-term, potentially forever.

    The endowed donation was announced at the launch of the 2025 Kupe Leadership Scholarship programme, held at the University of Auckland on 19 March.

    Established in 2018 with funding from the McCall MacBain Foundation, the programme aims to shape future leaders across many disciplines and fields. Students come from universities throughout New Zealand and are selected for their academic excellence and leadership potential.  The scholarships, for postgraduate study at the University of Auckland, provide $22,000 in financial support and a comprehensive mentoring programme, matching students with prominent leaders in their fields.

    So far, 111 students have participated in the programme, 35 funded by the McCall MacBain Foundation, with a further 76 funded by various donors who have each funded one or more scholars.

    Past scholars of the programme have gone on to roles across a wide cross section of careers and to further study. Three have since been awarded prestigious Rhodes Scholarships to Oxford University, with one awarded a Gates Fellowship to Cambridge University.

    “The vision for the programme was to create something truly exceptional, that would emulate the finest programmes on the world stage,” says John McCall MacBain. “It was to ignite a new generation of visionary leaders, driven to shape a better future for New Zealand and the world through bold action, community impact and transformative leadership. As the seventh cohort is being celebrated, I am so proud of how the programme has grown and excited to announce the next stage in our commitment to its growth.”

    With the announcement of the new gift, the McCall MacBain Foundation has committed more than $6.5 million to the Kupe Leadership Scholarship programme. The new funding will mean five of the scholarships awarded each year will be fully funded in perpetuity. This is in addition to the funding from the McCall MacBain Foundation and from donors in New Zealand for year-by-year use. Up to 20 scholarships are awarded each year, with the ultimate goal to have ten of them funded in perpetuity.
     
    “We are deeply grateful to the McCall MacBain Foundation for its ongoing and exceptional commitment,” says University of Auckland Vice-Chancellor Professor Dawn Freshwater.  “The Foundation was an important part of the inspiration and the impetus for the programme from the beginning. Its announcement of endowment funding is transformative, giving the programme a permanence and making it an asset for New Zealand forever.”

    MIL OSI New Zealand News –

  • MIL-OSI Security: Leader of Multi-Year “Operation Fox Hunt” Repatriation Campaign Directed by the People’s Republic of China Sentenced to 20 Months in Prison

    Source: Office of United States Attorneys

    Defendant Repeatedly Harassed U.S. Resident and His Family to Coerce Repatriation to the PRC

    BROOKLYN, NY – Earlier today, in federal court in Brooklyn, defendant Quanzhong An was sentenced by United States District Judge Kiyo A. Matsumoto to 20 months in prison for acting as an illegal agent of the government of the People’s Republic of China (the “PRC”), for his participation in a scheme to cause the coerced repatriation of a U.S. resident (the “U.S. Resident”) to the PRC as part of its international extralegal repatriation effort known as “Operation Fox Hunt.”  In addition to the term of imprisonment, Judge Matsumoto ordered An to pay a financial penalty of approximately $5 million, including approximately $1.3 million in restitution to the U.S. Resident and his family, as well as a $50,000 fine.  An pleaded guilty in May 2024 and was charged in October 2022.

    John J. Durham, United States Attorney for the Eastern District of New York, Sue Bai, Supervisory Official and head of the Justice Department’s National Security Division and Leslie R. Backschies, Acting Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (“FBI”) announced the sentences.

    “Quanzhong An acted at the direction of the PRC government to harass and intimidate individuals living on U.S. soil as part of a pernicious scheme to force their repatriation to the PRC,” stated United States Attorney Durham.  “Thanks to our collective efforts, the scheme failed, and the defendant has been brought to justice.  Our Office remains steadfast in its efforts to protect both U.S. national security interests and individuals living in our District from transnational repression schemes perpetrated by hostile foreign powers.”

    Mr. Durham expressed his appreciation to the Internal Revenue Service, Criminal Investigations for its work on the case.

    “For years, Quanzhong An threatened, harassed, and attempted to intimidate a U.S. resident and his family at the behest of the People’s Republic of China, with the ultimate goal of strong-arming the individual into leaving the United States and returning to China to face an unknown fate.  Today’s sentencing represents justice for this victim and his family, and demonstrates to others that the FBI is committed to protecting all victims of transnational repression,” stated FBI Acting Assistant Director in Charge Backschies.  “Threats, harassment, and intimidation – whether perpetrated by individuals or nation states – will not be tolerated in this country, and the FBI will continue to lead the charge to protect all individuals who are threatened and harassed on U.S. soil.”

    As set forth in the government’s sentencing memoranda and other court filings, An was a leading member of an international campaign to threaten, harass, and intimidate the U.S. Resident and his family members, with the goal of coercing the U.S. Resident to repatriate to the PRC.  An participated in the multi-year scheme to elevate his status within the PRC government as a means of furthering his own economic interests.

    An’s involvement in the repatriation scheme began in 2017, when he attempted to locate the U.S. Resident by visiting the home of the U.S. Resident’s adult son, without notice or invitation.  The following year, An sent his daughter, as well as two PRC government officials, to the home of the U.S. Resident’s son.  An subsequently met with the U.S. Resident’s son on numerous occasions, during which time An served as a mouthpiece for the PRC by conveying threatening messages on behalf of the PRC government.  For example, An said he did not want to pronounce “ruthless words” from the PRC government but stated that PRC officials would “keep pestering [the U.S. Resident’s son], [and] make [his] daily life uncomfortable” if the son was unable to convince his father to repatriate to the PRC.  An’s harassment continued unabated from 2017 until his arrest in 2022.  An’s conduct intimidated individuals living in the United States and their loved ones in the PRC – just as it was intended to do – for the benefit of the PRC government.

    At sentencing, Judge Matsumoto considered that An participated in additional criminal conduct.  Specifically, he perpetrated a bank fraud and money laundering scheme to defraud U.S. financial institutions so that he could enjoy continued access to U.S.-based bank accounts.  As part of this scheme, he moved millions of dollars from the PRC into the United States, deliberately deceiving U.S. financial institutions regarding the source and purpose of the funds.

    The FBI has created a website for victims to report efforts by foreign governments to stalk, intimidate, or assault people in the United States.  If you believe that you are or have been a victim of transnational repression, please visit https://www.fbi.gov/investigate/counterintelligence/transnational-repression.

    The government’s case is being handled by the Office’s National Security and Cybercrime Section. Assistant United States  Attorneys Alexander Solomon, Meredith A. Arfa, and Antoinette N. Rangel are in charge of the prosecution, with assistance from Trial Attorney Scott A. Claffee of the National Security Division’s Counterintelligence and Export Control Section.  Assistant United States Attorney Claire S. Kedeshian of the Office’s Asset Recovery Section is handling forfeiture matters and Assistant United States Attorneys Madeline O’Connor and Daniel Saavedra of the Office’s Financial Litigation Program are assisting with restitution matters.

    The Defendant:

    QUANZHONG AN
    Age: 58
    Roslyn Heights, New York

    E.D.N.Y. Docket No. 22-CR-460 (KAM)

    MIL Security OSI –